HomeMy WebLinkAbout926169
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RECORDATIÔI\l \t~Q'(jÈSTED BY:
The Jackson State Bank & Trust
Main Office
P.O. Box 1788
112 Center Street
Jackson. WY 83001
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WHEN RECORDED MAIL TO:
The Jackson State Bank & Trust
Main Office
P.O. Box 1788 I
112 Center Str"et
Jackson. WY 83001
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SEND TAX NOTICES TO:
The Jackson State Bank & Trust
Main Office
P.O. Box 1788
112 Center Street
Jackson. WY 83001
00051i'~;
RECEIVED 1/18/2007 at 1:45 PM
RECEIVING # 926169
BOOK: 646 PAGE: 577
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
*000000000033118662%1125%11152006%000000000000000*
NOTICE: THIS SUBORDINATION OF MORTGAGE RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY
BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY
INSTRUMENT.
SUBORDINATION OF MORTGAGE
THIS SUBORDINATION OF MORTGAGE dated November 15. 2006. is made and executed among Clark T. Songer
and Alana A. Songer ("Borrower"); Mary E. Songer ("Mortgagee"); and The Jackson State Bank & Trust
("Lender").
SUBORDINATED INDEBTEDNESS. Mortgagee has extended the following described financial accommodations (the "Subordinated
Indebtedness") to Clark T. Songer and Alana A. Rohde ("Mortgagor"):
A Promissory Note in the sum of $55.000.00 dated July 8. 2004 In favor of Mary E. Songer of 2487 Odell Court. Rio Rancho. New Mexico
87124.
SUBORDINATED MORTGAGE. The Subordinated Indebtedness is secured by a mortgage dated July 8, 2004 from Mortgagor to Mortgagee (the
"Subordinated Mortgage") recorded in Uncoln County, State of Wyoming as follows:
Document Number 900942. Book 561 P.R. Page 494. Recorded with Lincoln County Clerk on July 12. 2004.
REAL PROPERTY DESCRIPTION. The Subordinated Mortgage covers the following described real property (the "Real Property") located in
Lincoln County, State of Wyoming:
lot 615-C lakeview Estates Subdivision as shown by the official plat thereof in the office of the Clerk of Uncoln County, Wyoming
The Real Property or its address is commonly known as 189 Trail Drive, Alpine, WY 83128.
REQUESTED FINANCIAL ACCOMMODAfIONS. Mortgagee, who mayor may not be the same person or entity as Mortgagor, and Borrower
each want Lender to provide financial accommodations to Borrower (the "Superior Indebtedness") in the form of (A) new credit or loan
advances, (B) an extension of time to payor other compromises regarding all or part of Borrower's present indebtedness to Lender, or (C)
other benefits to Borrower. Borrower and Mortgagee each represent and acknowledge to lender that Mortgagee will benefit as a result of these
financial accommodations from Lender to Borrower, and Mortgagee acknowledges receipt of valuable consideration for entering into thi$
Subordination.
LENDER'S LIEN. As a condition to the granting of the requested financial accommodations, Lender has required that its mortgage or other lien
on the Real Property ("Lender's Uen") be and remain superior to the Subordinated Mortgage.
NOW THEREFORE THE pARTIES TO THIS SUBORDINATION HEREBY AGREE AS FOLLOWS:
SUBORDINATION. The Subordinated Mortgage and the Subordinated Indebtedness secured by the Subordinated Mortgage is and shall be
subordinated in all respects to Lender's Uen and the Superior Indebtedness, and it is agreed that Lender's Lien shall be and remain, at all times,
prior and superior to the lien of the Subordinated Mortgage. Mortgagee also subordinates to Lender's Lien all other Security Interests in the Real
Property held by Mortgagee, whether now existing or hereafter acquired. The words "Security Interest" mean and include without limitation any
type of collateral security, whether in the form of a lien, charge, mortgage, deed of trust, assignment, pledge. chattel mortgage, chattel trust,
factor's lien, equipment trust, conditional sale, trust receipt. lien or title retention contract, lease or consignment intended as a security device,
or any other security or lien interest whatsoever, whether created by law. contract, or otherwise.
MORTGAGEE'S REPRESENTATIONS AND WARRANTIES. Mortgagee represents and warrants to lender that: (A) no representations or
agreements of any kind have been made to Mortgagee which would limit or qualify in any way the terms of this Subordination; (B) this
Subordination is executed at Borrower's request and not at the request of Lender; (C) Lender has made no representation to Mortgagee as to
the creditworthiness of Borrower; and (0) Mortgagee has established adequate means of obtaining from Borrower on a continuing basis
information regarding Borrower's financial condition. Mortgagee agrees to keep adequately informed from such means of any facts, events, or
circumstances which might in any way affect Mortgagee's risks under this Subordination, and Mortgagee further agrees that Lender shall have
no obligation to disclose to Mortgagee information or material acquired by Lender in the course of its relationship w.ith Mortgagee.
MORTGAGEE WAIVERS. Mortgagee waives any right to require Lender: (A) to make, extend, renew, or modify any loah to Borrower or to
grant any other financial accommodations to Borrower whatsoever; (B) to make any presentment, protest. demand, or notice of any kind,
including notice of any nonpayment of any Superior Indebtedness secured by Lender's Uen, or notice of any action or nonaction on the part of
Borrower, Lender, any surety, endorser. or other guarantor in connection with the Superior Indebtedness. or in connection with the creation of
new or additional indebtedness; (C) to resort for payment or to proceed directly or at once against any person, including Borrower; (D) to
proceed directly against or exhaust any collateral held by Lender from Borrower, any other guarantor, or any other person; (E) to give notice of
the terms, time, and place of any public or private sale of personal property security held by Lender from Borrower or to comply with any other
applicable provisions of the Uniform Commercial Code; (F) to pursue any other remedy within Lender's power; or (G) to commit any act or
omission of any kind, at any time, with respect to any matter whatsoever.
LENDER'S RIGHTS. Lender may take or omit any and all actions with respect to Lender's Uen without affecting whatsoever any of Lender's
rights under this Subordination. In particular, without limitation, Lender may, without notice of any kind to Mortgagee, (A) make one or more
additional secured or unsecured loans to Borrower; (B) repeatedly alter, compromise, renew, extend, accelerate, or otherwise change the time
for payment or other terms of the Superior Indebtedness or any part of it, including increases and decreases of the rate of interest on the
Superior Indebtedness; extensions may be repeated and may be for longer than the original loan term; (C) take and hold collateral for the
payment of the Superior Indebtedness, and exchange, enforce, waive, and release any such collateral, with or without the substitution of new
collateral; (0) release, substitute, agree not to sue, or deal with anyone or more of Borrower's sureties, endorsers, or guarantors on any terms
or manner Lender chooses; (E) determine how, when and what application of payments and credits, shall be made on the Superior
Indebtedness; (F) apply such security and direct the order or manner of sale of the security, as Lender in its discretion may determine; and (G)
transfer this Subordination to another party.
926169
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SUBORDINATION OF MORTGAGE
(Continued)
000578
Page 2
Loan No: 33118662
DEFAULT BY BORROWER. If Borrower becomes insolvent or bankrupt, this Subordination shall remain in full force and effect. Any default by
Borrower under the terms of the Subordinated Indebtedness also shall constitute an event of default under the terms of the Superior
Indebtedness in favor of Lender.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Subordination:
Amendments. What is written in this Subordination is Mortgagee's entire agreement with Lender concerning the matters covered by this
Subordination, To be effective, any change or amendment to this Subordination must be in writing and must be signed by whoever will be
bound or obligated by the change or amendment.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Subordination, Lender shall be entitled
to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action
is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any
time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall
bear interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation.
however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is
a lawsuit, including reasonable attorneys' fees after default and referral to an attorney not Lender's salaried employee and expenses for
bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment
collection services, the cost of searching records, obtaining title reports (including foreclosure reports). surveyors' reports, and appraisal
fees and title insurance, to the extent permitted by applicable law. Mortgagee also will pay any court costs, in addition to all other sums
provided by law.
Authority. The person who signs this Subordination as or on behalf of Mortgagee represents and warrants that he or she has authority to
execute this Subordination and to subordinate the Subordinated Indebtedness and the Mortgagee's security interests in Mortgagee's
property. if any.
Caption Headings. Caption headings in this Subordination are for convenience purposes only and are not to be used to interpret or define
the provision$ of this Subordination.
Governing Law. This Subordination will be governed by federal law applicable to Lender and, to the extent not preempted by federal law,
the laws of the State of Wyoming without regard to its conflicts of law provisions. This Subordination has been accepted by Lender In the
State of Wyoming.
Choice of Venue. If there is a lawsuit, Mortgagee agrees upon Lender's request to submit to the jurisdiction of the courts of Teton County,
State of Wyoming.
Successors. This Subordination shall extend to and bind the respective heirs, personal representatives, successors and assigns of the
parties to this Subordination, and the covenants of Mortgagee herein in favor of Lender shall extend to, include, and be enforceable by any
transferee or endorsee to whom Lender may transfer any or all of the Superior Indebtedness.
No Waiver by Lender. Mortgagee understands Lender will not give up any of Lender's rights under this Subordination unless Lender does
so in writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does
agree in writing to give up one of Lender's rights, that does not mean Mortgagee will not have to comply with the other provisions of this
Subordination. Mortgagee also understands that if Lender does consent to a request, that does not mean that Mortgagee will not have to
get Lender's consent again if the situation happens again. Mortgagee further understands that just because Lender consents to one or
more of Mortgagee's requests, that does not mean Lender will be required to consent to any of Mortgagee's future requests. Mortgagee
waives presentment, demand for payment, protest, and notice of dishonor. Mortgagee waives all rights of exemption from execution or
similar law in the Property, and Mortgagee agrees that the rights of Lender in the Property under this Subordination are prior to Mortgagee's
right$ while this Subordination remains in effect.
NOTICE: 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.
EACH PARTY TO THIS SUBORDINATION ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS SUBORDINATION, AND EACH
PARTY AGREES TO ITS TERMS. THIS SUBORDINATION IS DATED NOVEMBER 15, 2006.
:ORRO~ 1
Clark T. Songer
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Ala a A. Songer,
MORTGAGEE:
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Mary E. Song
LENDER:
THE JACKSON STATE BANK & TRUST
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0926169
Loan No: 33118662
SUBORDINATION OF MORTGAGE
(Continued)
000579
Page 3
INDIVIDUAL ACKNOWLEDGMENT
STATE OF
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KATHY LYONS NOTARY PUBLIC
COUNTY OF . STATE OF
TETON WYOMING
. My Commission Expires September 21, 2009
COUNTY OF
On this day before me, the undersigned Notary Public, personally appeared Clark T. Songer and Alana A. Songer, to me known to be the
individuals described in and who executed the Subordination of Mortgage. and acknowledged that they signed the Subordination as their free
and voluntary act and deed, for the uses and p~~s th~n mentioned. 1 1
Given under my hand and ficial seal this 1:l1!--+ ~ day of f\llfl) efY\Jolý . 20 () & .
By Residing atl c:frr;t ~ .
uJ ~ My oomml..l.n "'p... ~ .)-(l';¡tv"!
INDIVIDUAL ACKNOWLEDGMENT
STATE OF OeLù rn.e K \ LJ..')
COUNTYO;Bp fí\ t1 r ~ \ ~()
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OFI-~CI/\L SEAL
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On this day before me, the undersigned Notary Public. personally appeared Mary E. Songer, to me known to be the individual described in and
who executed the Subordination of Mortgage, and acknowledged that he or she signed the Subordination as his or her free and voluntary act
and deed, for the uses and purpose$ therein mentio~~
Given under my hand and official seal this \' l
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Notary Public In and for the State of n'YV\
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LENDER ACKNOWLEDGMENT
STATE OF cOt(O(V1 1t1e>¡
COUNTYO~~
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On this I S day of N ð ,). ,20Ò~ ' before me, the ~derSigned~UbliC, personally
appeared~-A- 'i :;;;;r ð VI )\"S. (') Iî and known to me 0 be the lit' e... f'~S I
.- - , authorized agent for the Lender that executed the within and foregoing instrument and
acknowledged said instrument to be the free and voluntary act and deed of the said Lender, duly authorized by the Lender through its board of
directors or otherwise, for the uses and purposes therein mentioned, and on oath stated that he or she is authorized to execute this said
in ument and that the sea affixed i th c orate seal of said Lender.
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My commission expires ð 0' -;.¿ '7 '~() tJr
Residing at
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All RIght' Re,erved. . WY C:\CFI\LPL\0211.FC TR-11995 PR-48