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O0O65
SUBORDINATION AGREEMENT
(FOP, M A)
NOTICE:
· THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY
INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OR
LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER
SECURITY INSTRUMENT.
THIS AGREEMENT, made this M"/'~I_ day of ~-f~{l,~'~', 2005, by Wesley M. Oglesby, a
single man, owner of the land hereinafter described ahd/hereinafter referred to as "Owner," and
First Interstate Bank, present owner and holder of the mortgage and note first hereinafter
described and referred to as "Mortgagee;" RECEIVED 8/30/2005 at 10:17 AM
RECEiViNG # 911367
BOOK: 596 PAGE: 6,5
WITNESSETH
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
THAT WHEREAS, Wesley M. Oglesby and Mary M Oglesby, husband and wide, did execute a
mortgage dated June 9th, 2004 to First Interstate Bank as mortgagee, covering:
Lot 23, of Southbro°k Ranches Subdivision, Lincoln County, Wyoming, according to that plat
recorded in the Office of the Lincoln County Clerk on September 5, 1990 as Plat No. 335-1 and
335-2.
to secure a note in the sum of $48,000.00, dated June 9th, 2004, in favor of First Interstate Bank
which mortgage was recorded June 11th, 2004, in Book 558 PR~age 454, Official Records of
said county; and
WHEREAS, Owner has e)~ecuJed, or is about to execute, a mortgage and note in the sum of
$272,500.00, dated ~'/,3.qt/oS"- , in favor of First Interstate Bank hereinafter referred
to as "Lender," payable wi' 'th interest and upon the terms and conditions described therein, which
mortgage is to. be recorded concurrently herewith; and
WHEREAS, it is a condition precedent to obtaining said loan that said mortgage last above
mentioned shall unconditionally be and remain at all times a lien or charge upon the land
hereinbefore described, prior and superior to the lien or charge of'the mortgage first above
mentioned; and
WHEREAS, Lender is willing to make said loan provided the mortgage securing the same is a
lien or charge .upon the above described property prior and superior to the lien or charge of the
mortgage first above mentioned and provided that Mortgagee will specifically and
unconditionally subordinate the lien or charge of the mortgage first above mentioned to the lien
or charge of the mortgage in favor of Lender; and
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to
Owner; and Mortgagee is willing that the mortgage securing the same shall, when recorded,
constitute a lien or charge upon said land which is unconditionally prior and superior to the lien
or charge of the mortgage first above mentioned.
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and
other valuable consideration, the receipt and sufficiency of which consideration is hereby
acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby
declared, understood and agreed as follows:
(1)
That said mortgage securing said note in favor of Lender, and any renewals and
· extensions thereof, shall unconditionally be and remain at all times a lien or
charge on the property therein described, prior and superior to the lien Or charge
of the mortgage first above mentioned.
.... 00066
(2)
That Lender would not make its loan above described without this subordination
agreement.
(3)
That this agreement shall be the whole and only agreement with regard to the
subordination of the lien or charge of the mortgage first above mentioned to the
lien or Charge of the mortgage in favor of Lender above referred to and shall
· supersede and cancel, but only insofar as would affect the priority between the
mortgages hereinbefore specifically described, and prior agreement as to such
subordination including, but not limited to, those provisions, if any, contained in
the mortgage first above mentioned, which provide for the subordination of the
lien or charge thereof to another mortgage or mortgages.
Mortgagee declares, agrees and acknowledges that
(a)
He consents to and approves (i) all provisions of the note and mortgage in favor
of Lender above referred to, and (ii) all agreements, including but not limited to,
any loan or escrow agreements, between Owner and Lender for the disbursement
of the proceeds of Lender's loan;
(b)
Lender in making disbursements pursuant to any such agreement is under no
obligation or duty to, nor has Lender represented that it will, see to the
application of such proceeds by the person or persons to whom Lender disburses
such proceeds and any application or use of such proceeds for purposes other than
those provided for in such agreement or agreements shall not defeat the
subordination herein made in whole or in part;
(c)
He intentionally and unconditionally waives, relinquishes and subordinates the
lien or charge of the mortgage first above mentioned in favor of the lien or charge
. upon said land of the mortgage in favor of Lender above referred to and
understands that in reliance upon, and in consideration of, this waiver,
relinquishment and subordination specific loans and advances are being and will
be made and, as part and parcel thereof, specific monetary and other obligations
are being and will be entered into which would not be made or entered into but for
said reliance upon this waiver, relinquishment and subordination; and
(d)
An endorsement has been placed upon the note secured by the mortgage first
above mentioned that said mortgage has by this instrument been subordinated to
the lien or charge of the mortgage in favor of Lender above referred to.
NOTICE:
Wesley ~. OglesSy /
THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH
ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY
SECURITY TO OBTAIN A LOAN, A PORTION OF WHICH MAY BE
EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE
LAND.
Richard Uhl ~
4[VP Real Estate
(All Signatures Must Be Acknowledged)
IT IS RECOMMENDED THAT PRIOR TO THE EXECUTION OF THIS SUBORDINATION
AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPET
THERETO.
STATE OF ~'~'"(o~'~k'~ )
)ss
COUNTY OF "-~'~'--,,, )
The fore.~qipg instrument w~ts acknowledged before me by Wesley M. Oglesby, a single man,
this ~ ~f..r~ day of ~(,.,~.~ rc(~'~-,2005.
Witness my hand and official seal.
~~~~ ~My Co~l~ ~pir~ July 21, ~
Notary Public
My Commission Expires:
STATE OF [~,%b~ql % )
)ss
COUNTY OF -¥e¥o w )
On this ~ day of ~,~t~,,,nt- ,2005, before me personally came, Richard Uhl to me
known, who being by me duly sxb~om, did depose and say that he is the AVP/Real Estate Lending
of First Interstate Bank, the corporation described in the foregoing instrument and who executed
the foregoing instrument, and that he signed his name thereto by order of the Board of Directors
of said Corporation, and he acknowledges that this instrument is the free act and deed of the said
Corporation.
Witness my hand and official seal.
Notary Public ~-'
My Commission Expires: