AG 16-121IRETURN TO: Jeri -Lynn Clark
EXT: 2401
CITY OF FEDERAL WAY LAW DEPARTMENT ROUTING FORM
1. ORIGINATING DEPT./DIV: CDHS
2. ORIGINATING STAFF PERSON: JERI -LYNN CLARK
4. TYPE OF DOCUMENT (CHECK ONE):
X CONTRACTOR SELECTION DOCUMENT (E.G., RFB, RFP, RFQ)
EXT: 2401 3. DATE REQ. BY: 9/8/16
❑ PUBLIC WORKS CONTRACT
❑ PROFESSIONAL SERVICE AGREEMENT
❑ GOODS AND SERVICE AGREEMENT
❑ REAL ESTATE DOCUMENT
❑ ORDINANCE
❑ CONTRACT AMENDMENT (AG #):
X OTHER
❑ SMALL OR LIMITED PUBLIC WORKS CONTRACT
❑ MAINTENANCE AGREEMENT
❑ HUMAN SERVICES / CDBG
❑ SECURITY DOCUMENT (E.G. BOND RELATED DOCUMENTS)
❑ RESOLUTION
❑ INTERLOCAL
5. PROJECT NAME: DAVID LEMOS - SUBORDINATION AGREEMENT (NATIONSTAR MORTGAGE LLC)
6. NAME OF CONTRACTOR: DAVID LEMOS
ADDRESS: 2619 S 310Th ST, FEDERAL WAY, WA 98003
E -MAIL:
SIGNATURE NAME: DAVID LEMOS
TELEPHONE 253- 941 -0889
FAX:
TITLE: HOMEOWNER
7. EXHIBITS AND ATTACHMENTS: ❑ SCOPE, WORK OR SERVICES ❑ COMPENSATION ❑ INSURANCE REQUIREMENTS /CERTIFICATE ❑
ALL OTHER REFERENCED EXHIBITS ❑ PROOF OF AUTHORITY TO SIGN ❑ REQUIRED LICENSES ❑ PRIOR CONTRACT /AMENDMENTS
8. TERM: COMMENCEMENT DATE: 9/25/13 COMPLETION DATE 9/25/18
9. TOTAL COMPENSATION $5,743.28 (INCLUDE EXPENSES AND SALES TAX, IF ANY)
(IF CALCULATED ON HOURLY LABOR CHARGE - ATTACH SCHEDULES OF EMPLOYEES TITLES AND HOLIDAY RATES)
REIMBURSABLE EXPENSE: ❑ YES ❑ NO IF YES, MAXIMUM DOLLAR AMOUNT: $
IS SALES TAX OWED ❑ YES ❑ NO IF YES, $
❑ PURCHASING: PLEASE CHARGE TO:
10. DOCUMENT /CONTRACT REVIEW
❑ PROJECT MANAGER
❑ DIRECTOR
❑ RISK MANAGEMENT (IF APPLICABLE)
❑ LAW
PAID BY: ❑ CONTRACTOR ❑ CITY
INI AL / D • TE R VIEWED INITIAL / DATE APPROVED
'° S" ((f6
11. COUNCIL APPROVAL (IF APPLICABLE) COMMITTEE APPROVAL DATE:
12. CONTRACT SIGNATURE ROUTING
❑ SENT TO VENDOR/CONTRACTOR DATE SENT:
COUNCIL APPROVAL DATE:
DATE REC'D:
❑ ATTACH: SIGNATURE AUTHORITY, INSURANCE CERTIFICATE, LICENSE, EXHIBITS
INITIAL / DATE SIGNED
❑ LAW DEPARTMENT
❑ ..CHIEF OF STAFF
a/ SIGNATORY (MAYOR OR DIRECTOR)
❑ CITY CLERK
❑ ASSIGNED AG#
❑ SIGNED COPY RETURNED
_-
AG# i(Q / i
DATE SENT
COMMENTS:
Homeowner is refinancing mortgage and will lower monthly payments from $1,256.90 to $1,036.52 a savings
of $220.38 a month.
RECORDING REQUESTED BY
Nationstar Mortgage LLC,
AND WHEN RECORDED MAIL TO
Nationstar Mortgage LLC
P.O. Box 199000, Final Docs
Dallas, TX 75219 -9000
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY
INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER
PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY
INSTRUMENT.
THIS AGREEMENT, made this 1(0 day of S -444,4r 26!Ny David J. Lemos,
owner of the land hereinafter described and hereinafter referred to as "Owner ", and City of Federal
Way, present owner and holder of the deed of trust and note first hereinafter described and
hereinafter referred to as "Beneficiary";
WITNESSETH
THAT WHEREAS, Owner did on September 25, 2013, execute a deed of trust to
City of Federal Way, as trustee, covering:
See Attached Exhibit A
to secure a note in the sum of $5,743.28 dated September 25, 2013, in favor of beneficiary, which
deed of trust was recorded April 16, 2015 in Instrument Number 20150416000556, Official Records
of King County and is subject and subordinate to the deed of trust next hereinafter described; and
WHEREAS, Owner has executed, or is about to execute, a note in the amount not to
exceed $207,500.00, dated 5' /1(PI K/ , in favor of Nationstar Mortgage LLC, hereinafter
referred to as "Lender ", payable with interest and upon the terms and conditions
described therein, which note evidences an additional loan to be made by Lender to Owner under
the terms and provisions of, and secured by, said deed of trust in favor of Lender; and
WHEREAS, it is a condition precedent to obtaining said additional loan that said deed of
trust in favor of Lender, securing all obligations recited therein as being secured thereby, including
but not limited to said additional loan, shall unconditionally be and remain at all times a lien or charge
upon the land hereinbefore described, prior and superior to the lien or charge of the deed of trust
first above mentioned; and
WHEREAS, Lender is willing to make said additional loan provided the deed of trust
securing the same is a lien or charge upon said land prior and superior to the lien or charge of the
deed of trust first above mentioned and provided that Beneficiary will specifically and
unconditionally subordinate the lien or charge of the deed of trust first above mentioned to the lien
or charge of said deed of trust in favor of Lender; and
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make said additional
loan to Owner; and Beneficiary is willing that the deed of trust securing the same shall constitute a
lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the
deed of trust above mentioned.
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto
and other valuable consideration, the receipt and sufficiency of which consideration is hereby
acknowledged, and in order to induce Lender to make the additional loan above referred to, it is
hereby declared, understood, and agreed as follows:
(1) That said deed of trust in favor of Lender, as to said additional loan as well as all other
obligations recited as being secured thereby, and any renewals or extensions hereof, shall
unconditionally be and remain at all times a lien or charge on the property therein described,
prior and superior to the lien or charge of the deed of trust first above mentioned.
(2) That Lender would not make its additional loan above described without this
subordination agreement.
(3) That this agreement shall be the whole and only agreement with regard to the
subordination of the lien or charge of the deed of trust first above mentioned to the lien or
charge of the deed of trust in favor of Lender above referred to and shall supersede and
cancel, but only insofar as would affect the priority between the deeds of trust hereinbefore
specifically described, any prior agreements as to such subordination, including, but not
limited to, those provisions, if any, contained in the deed of trust first above mentioned,
which provide for the subordination of the lien or charge thereof to another deed or deeds of
trust or to another mortgage or mortgages.
Beneficiary declares, agrees, and acknowledges that
(a) He consents to and approves (i) all provisions of the note evidencing said additional loan
and the deed of trust securing same, and (n) all agreements, including but not limited to any
loan or escrow agreements, between Owner and Lender for the disbursement of the
proceeds of Lender's additional loan;
(b) Lender in making disbursements pursuant to any such agreement is under no obligation
or duty to, nor has Lender represented that it will, see to the application of such proceeds by
the person or persons to whom Lender disburses such proceeds and any application or use
of such proceeds for purposes other than those provided for in such agreement or
agreements shall not defeat the subordination herein made in whole or in part;
(c) He intentionally and unconditionally waives, relinquishes, and subordinates the lien or
charge of the deed of trust first above mentioned in favor of the lien or charge upon said
land of the deed of trust in favor of Lender, as to said additional loan as well as all other
obligations recited therein as being secured thereby, and understands that in reliance upon
and in consideration of this waiver, relinquishment and subordination specific loans and .
advances are being and will be made and, as part and parcel thereof, specific monetary and
other obligations are being and will be entered into which would not be made or entered into
but for said reliance upon this waiver, relinquishment and subordination; and
(d) An endorsement has been placed upon the note secured by the deed of trust first above
mentioned that said deed of trust has by this instrument been subordinated to the lien or
charge of the deed of trust in favor of Lender above referred to.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION
WHICH ALLOW THE PERSON OBLIGATED ON YOUR REAL PROPERTY
SECURITY TO OBTAIN A LOAN, A PORTION OF WHICH MAY BE EXPENDED
FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND.
City of Fee1ra1 Way
By:
Its:
CERTIFICATE OF ACKNOWLEDGEMENT OF NOTARY PUBLIC
STATE OF to Sk g'hwv ,
COUNTY OF `If1M8
On ave. 16 Zolle before me, --V( OA_ j Lac (here insert name and title
of the officer), personally appeared —S\ y % puyy{ I ( , who proved to me on the basis of
satisfactory evidence to be the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me
that he /she /they executed the same in his /her /their authorized capacity(ies), and that by his /her /their signature(s) on the
instrument the person(s), or the entity upon behalfofwhich the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of li30"DIA."Y g"-) that the foregoing
paragraph is true and correct.
_WITNESS my hand and official se
Signature
¢+4,.y1141t1-
111i(11N��►��``��
Form No. 3302 (01/08)
Short Form Commitment
ORDER NO: 8767430n
FILE NO: 8767430n
LENDER REF: 0406547265
Exhibit "A"
Real property in the City of Federal Way, County of King, State of Washington, described as follows:
LOT 6, BLOCK 3, STEEL LAKE TERRACE, ACCORDING TO THE PLAT THEREOF RECORDED IN
VOLUME 51 OF PLATS, PAGE 23, IN KING COUNTY, WASHINGTON.
APN #: 798440 - 0115 -09
Nationstar-
M O R T G A G
Current loan information:
Proposed loan information:
Current interest rate:
.DOD 7.
Proposed interest rate:
4 . ✓ I- s/-
Current Current Loan Term:
a evicy4t,
Proposed Loan Term:
31t, 6 wtovt: s
Current principal balance:
Proposed principal balance:
Current Principal & Interest payment:
1laG _cto
Proposed Principal and Interest payment:
4 11036 .S-2
Capitalized amount (taxes /insurance):
$41 IP .2q
Estimated closing date for refinancing
transaction:
IN/C114°
Current loan program:
rrytUethOrtaf _ iledo(r e_ .. _
Proposed mortgagee:
NATIONSTAR MORTGAGE LLC