HomeMy WebLinkAbout928188
000659
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WHEN RECORDED MAIL TO
Bar K, Inc.
201 Lafayette Circle, 2nd floor
Lafayette CA 94549
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RECEIVED 4/6/2007 at 2:34 PM
RECEIVING # 928188
BOOK: 653 PAGE: 659
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Loan #C0390
SPACE ABOVE THIS LINE FOR RECORDER'S USE
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT is dated for identification purposes as of March 30,
2007, and is made by BAR K, INC., a California corporation and BARNEY J. NG, AS SOLE
TRUSTEE OF THE BARNEY J. NG LIVING TRUST ( collectively "Junior Lender"), in favor ofR.E.
LOANS LLC, a California limited liability company ("Lender"), with reference to the following:
RECITALS
WHEREAS, Lender is the mortgagee under the Wyoming Commercial Real Estate Mortgage
and Security Agreement dated December 22, 2004, made by CANYON CLUB, INC., a Wyoming
corporation ("CCI") and 144 ACRE PARCEL, LLC, a Wyoming limited liability company ("144AP"),
which mortgage was recorded in Book 576 of Photo, Pages 300-324, 1/7/05, records to Teton County,
Wyoming, and in Book 576 of Photo, Page 653, 1/7/05, records of Lincoln County, Wyoming
(collectively "Senior Mortgage"). The Mortgage initially encumbered the land and property situated in
Teton and Lincoln Counties, Wyoming, herein referred to as the "Property," which are more
particularly described as follows:
SEE EXHJBIT "A" A TT ACHED HERETO AND INCORPORATED
HEREIN BY THIS REFERENCE
WHEREAS, Junior Lender is the holder of a junior mortgage encumbering the Property
recorded in Book 576 of Photo, Pages 346-370, 1/7/05, records to Teton County, Wyoming, and in Book
576 of Photo, Page 678, 1/7/05, records of Lincoln County, Wyoming (collectively "Junior Mortgage")
encumbering the Property.
WHEREAS, Lender is about to cause the recordation of the FIRST MODIFICATION TO
WYOMING COMMERCIAL REAL ESTATE MORTGAGE AND SECURITY AGREEMENT of even
date herewith relating to the Senior Mortgage ("Modification").
WHEREAS, Lender will not agree to the Modification unless Junior Lender unconditionally
subordinates whatever interest or rights Junior Lender may have to the Property to the lien and charge of
the Senior Mortgage, as modified by the Modification.
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O~28188
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WHEREAS, Junior Lender will benefit, directly of indirectly, if Lender agrees to the
Modification.
SUBORDINATION
NOW, THEREFORE, in consideration of the benefits that will result from Lender's agreement
to the Modification, Junior Lender unconditionally agrees as follows:
1. Whatever interest that Junior Lender now has or may have in or to the Property, including
the lien of the Junior Mortgage, shall be unconditionally and irrevocably subordinate and junior in
priority in all respects to the lien of the Senior Mortgage, as modified by the Modification, including all
future renewals, modifications, and extensions thereof.
2. This subordination agreement shall be binding upon and inure to the benefit of the parties
hereto, including their heirs, administrators, estates, assigns, and successors in interest.
3. Junior Lender expressly acknowledge and agree that Lender shall have absolutely no
obligation or duty to insure that all or any portion of the proceeds of the loan evidenced by the Senior
Mortgage, as modified by the Modification, are used to improve or otherwise benefit or enhance to value
of the Property.
4. Junior Lender further expressly acknowledges and agrees that Lender shall have
absolutely no duty of any kind or nature to protect the interests of Junior Lender..
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
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0'928188
000661.
IN WITNESS WHEREOF, the parties have executed this agreement as their own free act and deed.
Bar K, Inc., a California corporation
STATE OF CALIFORNIA )
)ss.
COUNTY OF CONTRA COSTA )
On 11 &\/I,~ 3, r,} . "(2 £: ,before me Y; IJ It ~ µu..1t , a Notary
Public in and for said State and County, personally appeared B:ARNEY J. NG, personally known to me
(or proved to me on the basis of satisfactory evidence) to be the person( s) whose name( s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in
his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
VINCENT HUA
.@ Commllalon {I 1656362
-, Notary PublIc . CalIfornIa
. Contra COlla County
MyComm. expires May 2,2010
~MW7~
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O~Z8188
000662
EXHIBIT A
Parcel 1:
Lot 2 of Snake River Canyon Ranch, The Canyon Homes, Teton County, Wyoming, according to that plat recorded in
the Office of the Teton County Clerk on January 15, 2002, as Plat No.1 040.
TOGETHER WITH any appurtenant riparian lands.
Parcel 2:
Lots 19, 20, 21, 22, and 23 of Snake River Canyon Ranch, The River Homes, Teton County, Wyoming, according to
that plat recorded in the Office of the Teton County Clerk on September 18, 2001, as Plat NO.1 030.
TOGETHER WITH any appurtenant riparian lands.
Parcel 3:
Lots 24, 25, 26 and 28 of Snake River Canyon Ranch, The Ranch Homes, Teton County, Wyoming, according to that
plat recorded in the Office of the Teton County Clerk on September 18, 2001, as Plat NO.1 031.
TOGETHER WITH any appurtenant riparian lands.
Parcel 4:
Homestead Entry Survey Number 57 located in Section 33, T39N, R116W, Teton County, Wyoming.
AND
Government Lot 4, Government Lot 5 and SE1/4SE1/4, Section 32, T39N, R116W, Teton County, Wyoming.
EXCEPTING THEREFROM Snake River Canyon Ranch, The Canyon Homes, Teton County, Wyoming, according to
that plat recorded in the Office of the Teton County Clerk on January 15, 2002, as Plat NO.1 040 AND Snake River
Canyon Ranch, The River Homes, Teton County, Wyoming, according to that plat recorded in the Office of the Teton
County Clerk on September 18, 2001, as Plat NO.1 030 AND Snake River Canyon Ranch, The Ranch homes, Teton
County, Wyoming, according to that plat recorded in the Office of the Teton County Clerk on September 18, 2001, as
Plat No. 1031.
TOGETHER WITH any appurtenant riparian lands.
Parcel 5:
LEGAL DESCRIPTION
OF
A PARCEL
WITHIN
SECTION 8,
HOMESTEAD ENTRY SURVEY NO. 187
AND HOMESTEAD ENTRY SURVEY NO. 127,
T38N, R116W, 6th P.M.
TETON COUNTY, WYOMING
A parcel of land located in Section 8, Homestead Entry Survey No. 187, and Homestead Entry Survey No. 127,
T38N, R116W, 6th P.M., Teton County, Wyoming, more particularly described as follows;
All of Homestead Entry Survey (H.E.S.) No. 187;
All of Homestead Entry Survey (H.E.S.) No. 127;
SEv..SEv.. and W'Y:1NEv..SEy.. of said Section 8;
Government Lots 2, 3, and 4, and part of Government Lot 1 of said Section 8;
ALL more particularly described as follows;
BEGINNING southeast corner of said Section 8, said point also being Corner 1 of said H.E.S. No. 127,
where is found a 2 inch diameter aluminum pipe with a 3-1/4 inch diameter aluminum cap inscribed "RLS 164" and
appropriate details;
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THENCE along the east line of said H.ES. No. 127, S 00000'15"E, 658.05 feet to Corner 2 of said H.ES.
where is found a 2 inch diameter galvanized pipe with a 3-1/4 inch diameter brass cap inscribed "PLS 6447" and
appropriate details, said point lying on the north line of said H.E.S. No. 187;
THENCE along the north line of said H.ES. No. 187, S 89°58'45"E, 321.38 feet to Corner 1 of said H.E.S.
where is found a 2 inch diameter aluminum pipe with a 3-1/4 inch diameter aluminum cap inscribed "RLS 164" and
appropriate details;
THENCE along the east line of said H.ES. No. 187, S 13°30'45"E, 3433.21 feet to Corner 2 of said H.ES.
where is found an original stone;
THENCE along the south line of said H.ES. No. 187, S 85°38'25"W, 1340.78 feet to Corner 3 of said
H.ES. where is found a 2 inch diameter aluminum pipe with a 3-1/4 inch diameter BLM-type aluminum cap
inscribed with appropriate details, said Corner 3 also being a meander corner on the left bank of the Snake River;
THENCE following the record meander line for said H.E.S. No. 187 through the following courses,
N 24°30'08"W, 880.09 feet;
N 15°09'45"W, 353.76 feet;
N 23°14'45"W, 681.12 feet;
N 16°16'45"W, 1026.96 feet;
N 26°02'45"W, 357.72 feet;
N 00039'13"E, 365.46 feet more or less to Corner 4 of said H.E.S. No. 187, said point being identical with
Corner 3 of said H.ES. No. 127, said Corner 4 also being a meander corner on the left bank of the Snake River;
THENCE following the west line of said H.E.S. No. 127, N 22°47'15"W, 714.66 feet to Corner 4 of said
H.E.S. where is found a 2 inch diameter aluminum cap with a 3-1/4 inch diameter BLM-type aluminum cap
inscribed with appropriate details, said point lies on the south line of Government Lot 4 of said Section 8, N
89°56'01"W, 337.24 feet from the southeast corner of said Government Lot 4;
THENCE along the south line of said Government Lot 4 of said Section 8, N 89°57'02"W,
105.51 feet to a 2 inch diameter aluminum cap with a 3-1/4 inch diameter BLM-type aluminum cap inscribed with
appropriate details, said point representing,a meander corner on the left bank of the Snake River;
THENCE continuing N 89°57'02"W, 95.70 feet to the record position of said meander corner established
by the original survey shown on that plat approved April 2, 1903;
THENCE following the record left bank meander line of the Snake River shown on said plat through the
following courses,
N 02°47'47"W, 508.20 feet;
N 08°17'47"W, 171.60 feet;
N 05°17'47"W, 310.20 feet;
N 02°32'47"W, 244.20 feet;
N 17°17'47"W, 264.00 feet;
N 22°47'47"W, 316.80 feet;
N 29°02'47"W, 316.80 feet;
N 07°12'13"E, 69.20 feet;
THENCE departing said record meander line, N 80014'04"E, 30.42 feet to a 5/8 inch diameter steel rebar
with an aluminum cap inscribed "PLS 6447";
THENCE N OooOO'OO"E, 232.05 feet more or less to an intersection with said record meander line;
THENCE along said record meander line, N 07°12'13"E, 67.91 feet;
THENCE along said record meander line, N 15°17'47"W, 32.28 feet;
THENCE departing said record meander line, N OooOO'OO"E, 79.28 feet to a 5/8 inch diameter steel rebar
with an aluminum cap inscribed "PLS 6447";
THENCE N 45°24'32"W, 41.69 feet more or less to an intersection with said record meander line;
THENCE following said record meander line through the following courses,
N 15°17'47"W, 125.79 feet;
N 22°17'47"W, 231.00 feet;
N 35°32'4 7"W, 72.60 feet;
N 02°57'13"E, 356.40 feet;
N 01°02'47"W, 231.00 feet;
N 07°17'47"W, 349.80 feet;
N 31°02'47"W, 323.40 feet;
N 04°02'47"W, 131.10 feet;
THENCE departing said record meander line, N 75°19'06"E, 409.51 feet to a 5/8 inch diameter steel rebar
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with an aluminum cap inscribed "PLS 6447";
THENCE N 00°26'01 "W, 530.96 feet to a 5/8 inch diameter steel rebar with an aluminum cap inscribed
"PLS 6447";
THENCE N 90000'00"E, 171.02 feet to a 5/8 inch diameter steel rebar with an aluminum cap inscribed
"PLS 6447";
THENCE S 38°26'50"E, 1247.72 feet to the northeast 1/16 corner of said Section 8 where is found a 5/8
inch diameter steel rebar with an aluminum cap inscribed "PLS 6447";
THENCE along the east line of Government Lot 2 of said Section 8, S 00003'26"E, 1322.01
feat to the center-east 1/16 corner of said Section 8 where is found a 2 inch diameter galvanized pipe with a 3-1/4
inch diameter brass cap inscribed "PLS 6447" and appropriate details;
THENCE along the north line of said W1/2NE1/4SE1/4, S 89°43'08"E, 660.65 feet to the center-east-east
1/64 corner of said Section 8 where is found a 2 inch diameter aluminum pipe with a 3-1/4 inch diameter BLM-type
aluminum cap inscribed with appropriate details;
THENCE along the east line of said W1/2NE1/4SE1/4, S 00001'59"E, 1316.72 feet to the center-east-
southeast 1/64 corner of said Section 8 where is found a 5/8 inch diameter steel rebar with an aluminum cap
inscribed "PLS 6447";
THENCE along the north line of said SE1/4SE1/4, S 89°57'23"E, 660.40 feet to the south 1/16 corner
common to said Section 8 and Unsurveyed Section 9, T38N, R116W, 6th P.M., where is found a 2 inch diameter
aluminum pipe with a 3-1/4 inch diameter BLM-type aluminum cap inscribed with appropriate details;
THENCE along the east line of said SE1/4SE1/4, S 00002'03"E, 1316.62 feet to the POINT OF
BEGINNING;
000664
TOGETHER WITH any appurtenant riparian lands.
Parcel 6:
A parcel of land located in Sections 21,28 and 29, Township 38N, Range 116W, Teton County and Lincoln County,
Wyoming and more particularly described as follows:
Homestead Entry Survey 185.
TOGETHER WITH any appurtenant riparian lands.
Parcel
Number PIN Number
TETON COUNTY
1 (Lot 2) 22-39-16-32 -4-03-001
2 (Lot 19) 22-39-16-32-4-01-001
2 (Lot 20) 22-39-16-32-4-01-002
2 (Lot 21 ) 22-39-16-32-4-01-003
2 (Lot 22) 22-39-16-32-4-01-004
2 (Lot 23) 22 -39-16-32 -4-01-005
3 (Lot 24) 22-39-16-32-4-02-001
3 (Lot 25) 22-39-16-32-4-02-002
3 (Lot 26) 22-39-16-32-4-02-003
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3 (Lot 28) 22-39-16-32-4-02-005
4 22-39-16-32-4-00-001
5 22 -38-16-08-3-00-001
5 22-38-16-08-1-00-001
6 22-38-16-08-4-00-003
LINCOLN COUNTY
I 6 I 12-38-16-28-2-00-001 I
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