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<br />Recepti.on Number 3~694_ F.ile Da.te 9/30/96, 03: 15 PM Pacre <br />Ma.rlene I... Prui. tt. Sag-uac.he County Cl ark and Recorder - <br /> <br />1 of 4 <br /> <br />SUBORDINATION AGREEMENT <br /> <br />THIS AGREEMENT, made this 20th day of September, 1996, by <br />REMY LABROUCHE and RUTH A. LABROUCHE (the "Owner") and NORWEST <br />BANK COLORADO, NATIONAL ASSOCIATION, successor-in-interest to Norwest <br />Bank Grand Junction, National Association, (the "Beneficiary"), present owner and holder <br />of the deed of trust and note first hereinafter described. <br /> <br />WITNESSETH: <br /> <br />THAT WHEREAS, Remy Labrouche and Ruth A. Labrouche executed a <br />deed of trust dated August 11, 1992, to the Public Trustee of the County of Saguache <br />encumbering the following described real property (the "Property"): <br /> <br />See Exhibit A (aW d incorporated <br />herein by referenr~ legal description); <br /> <br />to secure a promissory note in the su~..$. 3~... >1i>1)~\..August 11, 1992, in favor of <br />the Beneficiary, which deed of tnlt" r~r3\eJ on August 25, 1992, at Reception <br />Number 298855, in Book Numb~ 8, at Page Number 401, County of Saguache, <br />Colorado records; and <br /> <br />WHEREAS, Owner has now or is about to execute a new deed of trust <br />and note not to exceed $635,000.00 dated September J,L, 1996, in favor of the State of <br />Colorado, for the use and benefit of the Department of Natural Resources, Colorado <br />Water Conservation Board (CWCB) (the "Lender"), payable with interest and upon the <br />terms and conditions described therein and which will also encumber the Property and <br />which wiH be recorded in the officiai records of said couniy; and <br /> <br />WHEREAS, it is a condition precedent to obtaining the new loan that the <br />new deed of trust last above mentioned shall unconditionally be and remain at all times a <br />lien or charge upon the land hereinbefore described, prior and superior to the lien or <br />charge of the deed of trust first above described; and <br /> <br />WHEREAS, Lender is willing to make said loan provided the deed of trust <br />securing the same is a lien or charge upon the Property prior and superior to the lien or <br />charge of the deed of trust first above described and provided that Beneficiary will <br />specifically and unconditionally subordinate the lien or charge of the deed of trust first <br />above described to the lien or charge of the deed of trust in favor of Lender; and <br />