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AG 17-003II RETURN TO: Jeri -Lynn Clark EXT: 2401 CITY OF FEDERAL WAY LAW DEPARTMENT ROUTING FORM 1. ORIGINATING 2. ORIGINATING 4. TYPE X CONTRACTOR ❑ PUBLIC ❑ PROFESSIONAL ❑ GOODS ❑ REAL ❑ ❑ CONTRACT X 5. PROJECT 6. NAME ADDRESS: E SIGNATURE 7. EXHIBITS 8. TERM: 9. TOTAL REIMBURSABLE IS SALES ❑ 10. DOCUMENT ❑ ❑ ❑ ❑ 11. COUNCIL 12. CONTRACT ❑ ❑ ❑ ❑ Gre ❑ ❑ ❑ COMMENTS: Homeowner DEPT./DIV: CDHS STAFF PERSON: JERI -LYNN CLARK EXT: 2401 3. DATE REQ. BY: 12/28/16 OF DOCUMENT (CHECK ONE): SELECTION DOCUMENT (E.G., RFB, RFP, RFQ) WORKS CONTRACT ❑ SMALL OR LIMITED PUBLIC WORKS CONTRACT SERVICE AGREEMENT ❑ MAINTENANCE AGREEMENT AND SERVICE AGREEMENT ❑ HUMAN SERVICES / CDBG ESTATE DOCUMENT ❑ SECURITY DOCUMENT (E.G. BOND RELATED DOCUMENTS) ORDINANCE ❑ RESOLUTION AMENDMENT (AG #): ❑ INTERLOCAL OTHER SUBORDINATION AGREEMENT NAME: SUBORDINATION AGREEMENT - GLADSTONE- BIGWOLF OF CONTRACTOR: FIRST AMERICAN TITLE 33600 6TH AVE S, STE. 105, FEDERAL WAY, WA 98003 TELEPHONE 253- 874 -0400 -MAIL: SAVANAH.STALEY @BANK2BANK.COM FAX: 866- 235 -1757 NAME: SAVANAH STALEY TITLE: MORTGAGE LOAN COORDINATOR AND ATTACHMENTS: ❑ SCOPE, WORK OR SERVICES ❑ COMPENSATION ❑ INSURANCE REQUIREMENTS /CERTIFICATE ❑ ALL OTHER REFERENCED EXHIBITS ❑ PROOF OF AUTHORITY TO SIGN ❑ REQUIRED LICENSES ❑ PRIOR CONTRACT /AMENDMENTS COMMENCEMENT DATE: UPON SIGNING COMPLETION DATE 12/6/19 COMPENSATION $9,959.03 (INCLUDE EXPENSES AND SALES TAX, IF ANY) (IF CALCULATED ON HOURLY LABOR CHARGE - ATTACH SCHEDULES OF EMPLOYEES TITLES AND HOLIDAY RATES) EXPENSE: ❑ YES ❑ NO IF YES, MAXIMUM DOLLAR AMOUNT: $ TAX OWED ❑ YES ❑ NO IF YES, $ PAID BY: ❑ CONTRACTOR ❑ CITY PURCHASING: PLEASE CHARGE TO: /CONTRACT REVIEW INITIAL / DATE REVIEWED INITIAL / DATE APPROVED PROJECT MANAGER DIRECTOR OM:NH /, RISK MANAGEMENT (IF APPLICABLE) LAW 7 YL C- 11310- APPROVAL (IF APPLICABLE) COMMITTEE APPROVAL DATE: COUNCIL APPROVAL DATE: SIGNATURE ROUTING SENT TO VENDOR/CONTRACTOR DATE SENT: DATE REC'D: ATTACH: SIGNATURE AUTHORITY, INSURANCE CERTIFICATE, LICENSE, EXHIBITS INITIAL / DATE SIGNED LAW DEPARTMENT CHIEF OF STAFF SIGNATORY (MAYOR OR DIRECTOR) - .QC,n CITY CLERK (/%% 0 I NO •E ASSIGNED AG# AG# /4 -063 SIGNED COPY RETURNED DATE SENT IV- 04/- /—/- refinancing and will have a lower interest and monthly payment. Changing from $921.04 a month to $754.64 a savings of $166.40 a month. This is an older account and is part of the forgivable loan program and will Have a zero balance on 12/6/19. Alexsander Gladstone - Bigwolf & Memorie Gladstone 804 SW 304th St Federal Way, WA 98023 Starting Total $ 12/6/2014 $ 12/6/2015 $ 12/6/2016 $ 9,959.03 9,959.03 8,810.37 7,661.71 12/6/2017 $ 6,513.07 12/6/2018 $ 5,364.41 12/6/2019 $ 4,215.75 1,991.81 Annual Amount AFTER RECORDING MAIL TO: First American Title Insurance Company 33600 Sixth Ave S, Ste 105 Federal Way, WA 98003 Filed for Record at Request of: First American Title Insurance Company Space above this line for Recorders use only SUBORDINATION AGREEMENT File No: 4204 - 2766942 (AT) Date: December 21, 2016 Abbreviated Legal: LOT 6, BLOCK 1, COUNTRY LANE DIV. NO. 3, VOL. 61, P. 56, KING COUNTY Additional Legal on page: Assessor's Tax Parcel No(s): 178870- 0030 -05 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. The undersigned subordinator and owner agrees as follows: 1. City of Federal Way referred to herein as "subordinator," is the owner and holder of a mortgage dated December 16, 2015 which is recorded under auditor's file no. 20151216000319, records of King County. 2. Bank2, and the Secretary of Housing and Urban Development of Washington, D.C. referred to herein as "lender," is the owner and holder of a mortgage dated * executed by Alexsander Gladstone - Bigwolf and Memorie Gladstone, husband and wife (which is recorded under auditor's file No. * *, records of King County) (which is to be recorded concurrently herewith). 3. Alexsander Gladstone - Bigwolf and Memorie Gladstone referred to herein as "owner," is the owner of all the real property described in the mortgage identified above in Paragraph 2. 4. In consideration of benefits to "subordinator" from "owner," receipt and sufficiency of which is hereby acknowledged, and to induce "lender to advance funds under its mortgage and all agreements in connection therewith, the "subordinator" does hereby unconditionally subordinate the lien of his mortgage identified in Paragraph 1 above to the lien of "lender's" mortgage, identified in Paragraph 2 above, and all advances or charges made or accruing thereunder, including any extension or renewal thereof. Page 1 of 3 LPB 35 -05 APN: 178870-0030-05 Subordination Agreement File No.: 4204 - 2766942 (AT) - continued Date: 12/21/2016 5. "Subordinator" acknowledges that, prior to the execution hereof, he has had the opportunity to examine the terms of "lender's" mortgage, note and agreements relating thereto, consents to and approves same, and recognizes that "lender" has no obligation to "subordinator" to advance any funds under its mortgage or see to the application of "lender's" mortgage funds, and any application or use of such funds for purposes other than those provided for in such mortgage, note or agreements shall not defeat the subordination herein made in whole or in part. 6. It is understood by the parties hereto that "lender" would not make the loan secured by the mortgage in Paragraph 2 without this agreement. 7. This agreement shall be the whole and only agreement between the parties hereto with regard to the subordination of the lien or charge of the mortgage first above mentioned to the lien or charge of the mortgage in favor of "lender" above referred to and shall supersede and cancel any prior agreements as to such, or any, subordination including, but not limited to, those provisions, if any, contained in the mortgage first above mentioned, which provide for the subordination of the lien or charge thereof to a mortgage or mortgages to be thereafter executed. 8. The heirs, administrators, assigns and successors in interest of the "subordinator" shall be bound by this agreement. Where the word "mortgage" appears herein it shall be considered as "deed of trust," and gender and number of pronouns considered to conform to undersigned. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS 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. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH HIS /HER/THEIR ATTORNEYS WITH RESPECT THERETO. Dated: SUBORDINATOR: City of FeiI Way By: Page 2 of 3 LPB 35 -05 APN: 178870-0030-05 STATE OF Washington COUNTY OF King Subordination Agreement File No.: 4204 - 2766942 (AT) - continued Date: 12/21/2016 ) -ss I certify that I know or have satisfactory evidence that , is /are the person(s) who appeared before me, and said person(s) acknowledged that he /she /they signed this instrument, on oath stated that he /she /they is /are authorized to execute the instrument and acknowledged it as the of to be the free and voluntary act of such party(ies) for the uses and purposes mentioned in this instrument. Dated: OWNER: Notary Public in and for the State of Washington Residing at: My appointment expires: Alexsander Gladstone - Bigwolf Memorie Gladstone Page 3 of 3 LPB 35 -05 American Land Title Association ALTA Settlement Statement — Borrower Adopted 05 -01 -2015 File No.: 4204- 2766942 Printed: 12/21/2016, 9:27 AM Officer /Escrow Officer: Amy Titialii /AT Settlement Location: 33600 Sixth Ave S, Ste 105, Federal Way, WA 98003 First American Title Insurance Company 33600 Sixth Ave S, Ste 105 • Federal Way, WA 98003 Phone: (253)874 -0400 Fax: (866)235 -1757 Estimated Settlement Statement First American Property Address: 808 SW 304th St, Federal Way, WA 98023 Borrower: Alexsander Gladstone - Bigwolf, Memorie Gladstone Lender: Bank2 Settlement Date: 12/29/2016 Disbursement Date: This is a summary of the closing transaction prepared by First American Title Insurance Company. This document is not intended to replace the Closing Disclosure form. Copyright 2015 American Land Title Association. All rights reserved Page 1 of 2 File fk 4204- 2766942 Printed on 12/21/2016 at 9:27 AM Borrower Description Debit Credit Financial Loan Amount - Bank2 173,398.00 Loan Charges Loan Charges to Bank2 Prepaid Interest 12/29/16 to 01/01/17 @$15.439500 /day 46.32 Origination Fee 995.00 0.625% of Loan Amount (Points) 1,083.74 Tax Service POC -L $79.00 Appraisal Fee to United Valuations 600.00 Credit Report to Factual Data 123.30 Flood Certification to CoreLogic Flood Services 14.50 Appraisal Review Fee to Altisource 60.00 Document Preparation Fee to EllieMae 105.00 Mortgage Insurance Premium to Housing & Urban Development 2,562.54 Tax Transcript to Corelogic 19.00 Impounds Aggregate Adjustment 213.00 Homeowner's Insurance 8 mo(s) @$71.00 /mo 568.00 County Property Taxes 5 mo(s) @$191.44/mo 957.20 Title Charges & Escrow / Settlement Charges Title - Lender's Title Insurance Policy: ALTA Lenders - 2006 EXT $460.00 Sales Tax: $44.16 to First American Title Insurance Company 504.16 Title - Escrow Fee Escrow /Closing Fee $450.00 Sales Tax: $42.75 to First American Title Insurance Company 492.75 Government Recording and Transfer Charges Record First Deed of Trust Record Deed of Trust -First to King County Recorder's Office 106.00 This is a summary of the closing transaction prepared by First American Title Insurance Company. This document is not intended to replace the Closing Disclosure form. Copyright 2015 American Land Title Association. All rights reserved Page 1 of 2 File fk 4204- 2766942 Printed on 12/21/2016 at 9:27 AM Our wire instructions do not change. If you receive an email or other communication that appears to be from us and contains revised wiring instructions, you should consider it suspect and you must call our office at an independently verified phone number. Do not inquire with the sender. 10164.'"ftriri%„. Escrow Officer: Amy Titialii This is a summary of the closing transaction prepared by First American Title Insurance Company. This document is not intended to replace the Closing Disclosure form. Copyright 2015 American Land Title Association. File # 4204- 2766942 All rights reserved Page 2 of 2 Printed on 12/21/2016 at 9:27 AM Borrower Description Debit Credit Record Subordination Agreement to King County Recorder's Office 76.00 Payoff(s) Lender: Bank2 Payoff Processing Principal Balance to Bank2 Payoff Processing 164,068.69 Interest on Payoff Loan 12/31/16 to 01/03/17 @$19.670000 /day to Bank2 Payoff Processing Recording Fee to Bank2 Payoff Processing 86.00 Int per Demand thru 12 -30 -16 @$19.67 per day to Bank2 Payoff Processing 1,168.48 Subtotals 173,636.68 173,611.00 Due From Borrower 25.68 Totals 173,636.68 173,636.68 Our wire instructions do not change. If you receive an email or other communication that appears to be from us and contains revised wiring instructions, you should consider it suspect and you must call our office at an independently verified phone number. Do not inquire with the sender. 10164.'"ftriri%„. Escrow Officer: Amy Titialii This is a summary of the closing transaction prepared by First American Title Insurance Company. This document is not intended to replace the Closing Disclosure form. Copyright 2015 American Land Title Association. File # 4204- 2766942 All rights reserved Page 2 of 2 Printed on 12/21/2016 at 9:27 AM OMB Approval No. 2577 -0200 (exp. 2/29/2016) Section 184 Loan Guarantee Program Borrower I Name: Memorie F Gladstone 184 Net Tangible Benefit Worksheet for Streamline and Credit Qualifying Rate & Term Refinances Borrower 2 Name: Alexsander C Gladstone- Bigwolf Lender: Bank2 Property Address: 808 SW 304th St Property City, State Zip: Federal Way, WA'98023 -8232 Loan Information Place X in Box to Left if reduction in term for new loan New Loan Previous Loan Section 184 Case #: 531 - 101593 531 - 028352 Proposed Loan Closing Date: 12/19/16 First Payment Date: 02/01/11 Loan Amount: 173398 184471 Loan Term (years): 30 30 Loan Maturity Date: 11/1/2046 1 / 1 /2041 Type of Loan: Fixed Rate Fixed Rate Interest Rate: 3.25% 4.38% Loan - to - Value: 64.47% N/A Monthly Payment (P +i): 754.64 921.04 Monthly Savings (Dollars): 166.4 Monthly Savings ( %): 18.067% Closing Costs Paid: 4491.02 Months to Benefit: 27 Closing Costs / Monthly Savings Warning: N.UD,.will prosecute false claims and statements. Conviction may result in criminal and /or civil penalties (18 U.S.C. 1001, 1010, 1012; 31 U.S.C) l herehy certify that all the information stated herein, as well as any information provided in the accompaniment herewith, is true and accurate. 1 x x Previous editions obsolete (Lender) date 12/15/2016 (Borrower) date (Co- borrower) date Form HUD -50132 (1;01114)