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HomeMy WebLinkAbout926330 000::28 RECORDING REQUESTED BY: WHEN RECORDED MAIL TO: RECEIVED 1/25/2007 at 4:05 PM RECEIVING # 926330 BOOK: 647 PAGE: 228 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SPACE ABOVE THIS LINE FOR RECORDER'S USE -1 \ i SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT 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. THIS AGREEMENT, made this dÇ~ day January, 2007 by Stephanie Marie Lomelli- Mariani and David Lomeli, owner of the land hereinafter described and hereinafter referred to as "Owner," and Trail Creek Subdivision Homeowners Association, present owner and holder of the an Assessment Lien first hereinafter described and hereinafter referred to as "Association;" WITNESSETH :{ ( ;/ THAT WHEREAS, Trail Creek Homeowners Association does have an ongoing assessment lien by virtue of Declaration of Covenants, Conditions and Restriction recorded March 13, 2002 in Book 485PR on page 200 and by First Amended Declaration of Covenants, Conditions and Restrictions recorded June 17, 2002 in Book 492PR on page 30 covering all lots of Trail Creek Subdivision, Lincoln County, Wyoming and WHEREAS Stephanie Marie Lomeli-Mariani and David Lomeli did obtain a loan and execute a mortgage dated January 12, 2007 in favor of Mortgage Electronic Registration Systems, Inc., hereinafter referred to as "Lender", covering Lot 12 of Trail Creek Subdivision, Lincoln County, Wyoming, according to that plat filed April 3, 2002 as Instrument No. 880072 in the Office of the Lincoln County Clerk to secure $96,00.00 which mortgage is 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 assessment lien 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 assessment lien first above mentioned and provided the Association will specifically and conditionally subordinate the assessment lien first above mentioned to the lien or charge of the mortgage in favor of Lender; and F:SHARED/REG/UND1085 O~~263:~O OOO~29 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 assessment lien 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 or 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 assessment lien first above mentioned. 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 assessment lien 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 mortgage hereinbefore specifically described, any prior agreement as to such subordination including, but not limited to, those provisions, if any, contained in the assessment lien first above mentioned, which provide for the subordination of the lien or charge thereof to another mortgage or mortgages. Association 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 assessment lien 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 F:SHARED/REG/UND1085 2 O· Ü":»L' ~ ".' ¡p ".Ji".o U oJJ ....,¡, 'J OOO~30 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 NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON THE REAL PROPERTY SECURITY TO OBTAIN A LOAN, A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. STATE OF WYOMING ) )ss ) SETH C, JENKINS NOTARY PUBLIC COUNTY OF . STATE OF LINCOLN WYOMING ~ C ,at N eXPIRES JUNE 17 2009 COUNTY OF LINCOLN The foregoing instrument was acknowledged before me this z.ç+'--- day of January, 2007 by Mary Goody, President Trail Creek Homeowners Associati n. Witness my hand and official seal. My commission Expires: tJ. -~ l - 'Z-aöq , F:SHARED/REG/UND1085 3