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1997-04 Deed of Trust KIB/Kodiak BroadcastingITEM NO. 12.A_1 Kodiak Island Borough AGENDA ~TATEMENT Meeting of: February 6, 1997 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 [X] N/A Expenditure Amount: Amount Budgeted: APPROVAL FORAGENDA: ~ JOEL H. BOLGER E-MAIL: JOEL~J EEGKOD,C:OM JAMIN, EBELL, BOLGER, & GENTRY ATTORNEYS AT LAW :~2~ CAROLYN ~rREET REPLY TO KODIAK OFFICE Janua~ 14,1997 Jerome M. Selby, Mayor Kodiaklsland Borough 710 MillBay Road Kodiak, AK 99615 Re: KOOIAK IStANO BOROUGH OFFICE OF THE BOROUGH CtERK Dear Mayor Selby: 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:lsb ~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. I<.odiak 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. By: By: Jerome M. Selby, Mayor James Blackburn, President SUBORDINATION OF REVERSIONARY INTEREST TO DEED OF TRUST Page 1 of 2 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 sworn, 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 thc 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 sworn, 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. 4702~10GO.001 Notary Public in and for Alaska My Commission Expires: SUBORDINATION OF REVERSIONARY INTEREST TO DEED OF TRUST Page2~2