1997-04 Deed of Trust KIB/Kodiak BroadcastingKodiak Island Borough
Meeting of. February 6, 1997
ITEM NO. 12 A -1 -
Contract No. 97-04
Subordination of Reversionary Interest to Deed of Trust Between the Kodiak Island
Borough and Kodiak Public Broadcasting Co.
This agreement is necessary for KMXT to complete the loan on their new building with First
National Bank of Anchorage. The Borough attorney has reviewed and approved the agreement.
FISCAL NOTES
[XJ N/A Expenditure Amount: Amount Budgeted:
APPROVAL FOR AGENDA: ,�
JOEL H. BOLGER
ATTORNEY AT LAW
ADMRTED TO ALASKA
AND WASHINGTON BARS
E-MAIL: JOELOJESGKOD.COM
JAMIN, EBELL, BOLGER, &
A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
323 CAROLYN STREET
KODIAK, ALASKA 99815
TELEPHONE: (907) 498-8024
FACSIMILE: (907) 488-8112
REPLY TO KODIAK OFFICE
January 14, 1997
Jerome M. Selby, Mayor
Kodiak Island Borough
710 Mill Bay Road
Kodiak, AK 99615
Re:
Dear Mayor Selby:
GENTRY
ANCHORAGE OFFICE:
1200 I RRLR. SURL 704
ANCHORAGL. AWRA 99901
TLLVHONL AND FAL
(907) 278-6100
SEATTLE OFFICE:
300 MUTUAL LIFL BUILDING
603 FIRST AYLNUL
SGTTLL. WASHINGTON 96104
TIU L IONL: (106) 622.7634
FAGWIL6: (206) 623-7321
m
,IAN 2 11997
KODIAK ISLAND BOROUGH
OFFICE OF THE BOROUGH CLERK
Enclosed is a revised draft of the proposed subordination agreement affecting the
Kodiak Public Broadcasting Publication property. Please let me know if you need any
further assistance with this matter.
Sincerely,
JAMIN, EBELL, BOLGER & GENTRY
JHB:Isb
�'//Cc: Robin Heinrichs, Presiding Officer
4702\100L.014
SUBORDINATION OF REVERSIONARY INTEREST TO
DEED OF TRUST
The Kodiak Island Borough of 710 Mill Bay Road, Kodiak, Alaska, for and in
consideration of TEN DOLLARS ($10), and other good and valuable consideration, hereby
agrees that the reversionary interest it holds by virtue of its QUITCLAIM DEED dated
March 4, 1993 and recorded on March 16, 1993 at BOOK 0118, PAGE 604, Kodiak
Recording District, Third Judicial District, Kodiak, Alaska, concerning the following
described real property:
Lot 5A-2, Military Reserve, U.S. Survey 2438-A, according to
Plat #93-5 filed in the Kodiak Recording District, Third Judicial
District, State of Alaska,
shall be subsequent and subordinate to the lien of any deeds of trust up to a total
aggregate of $150,000 securing the First National Bank of Anchorage, as lender of funds
to the Kodiak Public Broadcasting Corporation of 718 Mill Bay Road, Kodiak, Alaska.
In consideration of the grant of the above subordination, Kodiak Public Broadcasting
Corporation hereby agrees that in the event lender instigates a Deed of Trust foreclosure
proceeding and the Kodiak Public Broadcasting Corporation fails to redeem the property,
then the Kodiak Public Broadcasting Corporation will quitclaim said property to the Kodiak
Island Borough at least 45 days prior to the date scheduled for the sale. Kodiak Public
Broadcasting Corporation will give Kodiak Island Borough immediate notice of any
foreclosure proceedings affecting the property.
DATED this day of January, 1997.
KODIAK ISLAND BOROUGH KODIAK PUBLIC BROADCASTING, CO.
0
Jerome M. Selby, Mayor
SUBORDINATION OF REVERSIONARY INTEREST TO DEED OF TRUST
Page 1 of 2
James Blackburn, President
STATE OF ALASKA )
) ss.
THIRD JUDICIAL DISTRICT )
THIS IS TO CERTIFY that on the day of January, 1997, before me,
the undersigned, a Notary Public in and for the State of Alaska, duly commissioned and
swom, personally appeared JEROME M. SELBY, to me known and known to me to be the
identical individual described in and who executed the within and foregoing document as
Mayor of Kodiak Island Borough, a Municipal corporation, and acknowledged to me that
he signed the same as Mayor of Kodiak Island Borough in the name of and for and on
behalf of said Municipality, freely and voluntarily and by authority of the Kodiak Island
Borough Assembly for the uses and purposes therein mentioned.
WITNESS my hand and notary seal the day and year first above written.
Notary Public, State of Alaska
My Commission Expires:
STATE OF ALASKA )
) ss.
THIRD JUDICIAL DISTRICT )
THIS IS TO CERTIFY that on the day of January, 1997, before me,
the undersigned, a Notary Public in and for the State of Alaska, duly commissioned and
swom, personally appeared JAMES BLACKBURN, to me known and known to me to be
the identical individual described in and who executed the within and foregoing document
as President of Kodiak Public Broadcasting Corporation, an Alaska corporation, and
acknowledged to me that he signed the same as President of Kodiak Public Broadcasting
Corporation, in the name of and for and on behalf of said corporation, freely and voluntarily
and by authority of its Board of Directors for the uses and purposes therein mentioned.
WITNESS my hand and notary seal the day and year first above written.
Notary Public in and for Alaska
My Commission Expires:
4702\100D.001
SUBORDINATION OF REVERSIONARY INTEREST TO DEED OF TRUST
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