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17-APPROVE RES AUTHORIZING EXECUTION OF SUBORDINATION OF LIEN TO LAMAR NATIONAL BANK REGARDING KENNETH WHITE DBA WHITE'S FLOORING
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17-APPROVE RES AUTHORIZING EXECUTION OF SUBORDINATION OF LIEN TO LAMAR NATIONAL BANK REGARDING KENNETH WHITE DBA WHITE'S FLOORING
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8/21/2012 4:06:33 PM
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1/23/2012 8:58:12 AM
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01/18/12 10:39AM LA24ARNkTLBANK 9037846222 <br />p.02 <br />'I`HE STATE OF TEXAS § <br />511BORDINATION AGRFEMENT <br />COUNTY OF LAMAR § <br />PROPOSED FIRST LIEN: <br />DESCRIPTION OF F1RST LIEN NOTE AND DEED OF TRUST: <br />DATE : THE DAY OF , 2012 <br />AMOUNT : $81,750.00 <br />MAKER : KENNETH WHITE <br />PAYEE : LAMAR NATIONAL BANK <br />TRUSTEE : DiCK SEVERSON <br />DEED OF TRUST RECORDING INFORMATiON: <br />TO BE RECORDED IN THE OFFICIAL PUBLIC RECORDS OF LAMAR COUNTY, <br />TEXAS. <br />SECOND LIEN: <br />DATE : APRIL 4, 2008 <br />AMOUNT : $60,000.00 <br />MAKER : KENNETH WHITE <br />PAYEE : THE CITY OF PARIS, TEXAS <br />TRUSTEE : JESSE JAMES FREELEN <br />DEED OF TRUST RECORDING INFORMATION: <br />OFFICIAL PUBLIC RECORDS OF LAMAR COUNTY, <br />NUMBER 058307-2008. <br />TEXAS, UNDER INSTRUMENT <br />WHEREAS, Lamar NaTional Bank is the present holder and owner ofa first lien note dated April <br />4, 2008, in the originai sum of $60,000.00, secured by a vendor's and deed of trust lien fully <br />described in deed of trust to Michael Rhodes, Trustee, of recard Under Instrument Number 058306- <br />2008, Official Public Records of I.amar County, "I'exas; and <br />WHEREAS, The City af Paris, Texas is the holder of the second lien note and deed of trust <br />above described; and <br />WHEREAS, Kennetli White, has reguested Lamar National Bank to advance an additional sum <br />of $30,000.00 upon his loan and Lamar National F3ank is willing ta do so only if The City of Paris, <br />Texas will subordinate their debt and lien to the entire amount that will be owing to I,amar National <br />Bank after the additional $30;000.00 advance; and <br />WHEREAS, the Amount show-n above on the Proposed First Lien is the amount of the new note <br />to Lamar National Bank, which includes the approximate balance owing upon the original first lien <br />note and the additionai $30,000.00 advance. <br />151 ~k ~I <br />EXHIBIT l~. <br />
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