The configuration of a semimonolithic continuous nondegenerate optical parameter oscillator consisting of an α-cut KTP crystal pumped by an intracavity frequency-doubled and frequency-stabilized Nd∶YAP laser is designed. Both two-mode quadrature-phase squeezing of 3.7dB and intensity-difference squeezing of 7dB have been generated from the cw-NOPO operating respectively below and above the oscillation threshold. The system can operate stably to generate the squeezed light for over half an hour.