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Home My WebLink About931835 REc'EI\lED p:/3/2aen Qt 10;57 AM RECEIV, 931835 BOOK: 667 PAGE: 768 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SUBORDlNATION AGREEMENT 000768 THIS SUBORDINATION, made this 25 day of July ,2007, to. FIRST INTERSTATE BANK, whose address is 323 E Main Street, Riverton, Wyoming, 82501, fU'St hereinafter described and hereinafter referred to as Beneficiary; :fi:om BT A. Inc whose address is 642 S .l!'ederal Blvd. Ki vert:on , , Wyoming 82501 THAT, WHEREAS, Vosika King Limited Partnership , didexecute a Mortgage to B T. Inc , Mortgagee, dated J ul y 16. 1999 and recorded September 24, ] qqq , as Document No.Bk 436PR Pg 191, Lincoln County Wyoming, which secures the amount of $ 450.000. 00 plus any other amounts due there under. Said Mortgage encumbers the fol1owing described land: See Attached Exhibit "A & B" WHEREAS, Vosika King Limited Partnership, the owners of said land, have executed or are about to èxecute a Note and Mortgage in the amo.unt of $ 500,000.00 in favor ofFlRST INTERSTATE BANK, its successors and/or assigns, payable with interest and upon the tenns and conditions described therein, which Mortgage it 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 Mortg¡¡.ge first above mentioned; and WHEREAS, FIRST INTERSTATE BANK 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 BT, Inc. wil1 specifical1y and unconditional1y subordinate 'the'lien or charge of the Mortgage first above mentioned to the lien or charge of the Mortgage in favor of FIRST INTERSTATE BANK; and WHEREAS, it is to the mutual benefit of the parties hereto that FIRST INTERST ATE BANK Ínake such loan to the said owners; and FlRST INTERSTATE BANK is willing that the Mortgage securing the same shal1, when recorded, constitute a lien or charge upon said land which is unconditional1y 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 ofwhiçh consideration is hereby acknowledged, and in order to induce FIRST INTERSTATE BANK to make the loan above referred to, it is hereby declared, understood and agreed as fol1ows: (1) That said Mortgage securing said Note in favor ofFlRST INTERSTATE BANK, and any renewals or extensions thereof, shal1 unconditional1y be and remain at al1 times a lien or charge on the property therein described, prior and superior to the lien or charge of the Mortgage first above mentioned. (2) That FlRST INTERSTATE BANK would not make its loan above described without this Subordination Agreement. (3) That this Agreement shal1 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 FIRST INTERSTATE BANK above referred to and shall supersede and cancel, but only insofar as would affect the priority between the Mortgage hereinbefore specifical1y described, any prior agreement as to such subordination including, but not linúted 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. BY: Clifford Root ) ) ss. COUNTY OF FREMONT ) +1---. . On this -"7' day of ,2007, before me, a Notary Public in and for S~i~.· ate, personally appear~ L. \/ û¡;:r¡; oJ. . ' lœown to me to be the Otl:i('l(,).fß - ('() -~..::2 ofth corporation that cuted thís instrument and acknowledged to me that such corporation executed the same, IN WITNESS WHEREOF, I have hereunto set my hand and affIxed my official seal, the day and year in this certificate first above written. sARA R. FARRAR. NOTARY PUBLIC COUNTY OF STATE OF FREMONT WYOMING MY COMMISSION EXPIRES JULY 9, 2008 ~h~Ph~ otary Public q n'V'\ 3 My commission expires. ~ q \ ~ Exhibit "A" 000769 Parcel 1: A Parcel of land being fart of the $WXSE~ of Section 27 of the Resurvey 01 T21 Nt R116W, of the 6' P.M., City of Kemmerer, Lincoln County, Wyoming and being more particularly described as follows: BEGINNING at the South X comer of Section 27 where is found a standard U.S.G.1.,O. brass cap, said point also being the southeast comer of the K & G SUbdivision. Thence N 0"04'50" E, 675.13 feet (N 0°03' E, 675.0 feet record) along the East boundary line of said K & G Subdivision to the southeast comer of Lot 9 of said subdivision where Is found a rebar; Thence N 0"05'16" E, 572.31 feet (N0003' E, 645.0 feet record) along said East boundary line of the K & G SUbdivision to a point where Is found a 2" Dla. aluminum cap on a 5/8" Dla, rebar with the oap stamp ·CCI, PELS 5455, 2007" with other appropriate marking. Said monument herein after referred to as·a "CCI rebar w/cap". Thence S 89°52'59" E, 527,54 feet to a point on the West right of way boundary of the Cumberland Branch of the Oregon Short Line Rail Road where is found a CCI rebar wI cap; Thence S 29"33'18" E, along said West right of way of said RaIl Road, 1350,78 feet to the point of tangent to spiral of a spiral curve to the right. Said point being monumented by a CCI rebar w/cap. Thence 84.31 feet along the arc of said spiral curve to the right of said Rail Road right of way to the Intersection of said sþ/ral curve and the South boundary line of saicl Sectioo 27 where Is found a CCI rebar w/oap, Said spiral CLlrve to the right having a central angle of 1·26'50" and a chord of 84.31 feet which bears S 28"49'53" E._ Said spiral curve of the Rail Road right of way being offset 100,0 feet from the centerline Rail Road spiral ourve. Thence N 89°52'59" W along the South boundary line of said Section 27, 1236.31 feet to the POINT-OF BEGINNING. Said Parcel contains 25.27 acres more or less. LESS AND EXCEPTING from said parcel described above that portion of the Alleman Road (Lincoln County Road 12-302) passing through said parcel. Said Alleman Road being 60,0 feet wide, 30,0 feet each side of the following described centerline: COMMENCING at the South y.¡ corner of said Section 27 01 the Resurvey of T21 N, R116W, of the 6th P,M., City of Kemmerer, LincolnCourity, Wyoming where is found a standard U.S.G,L.Q, brass cap, thence S 89"52'59" E, 1053.96 feet to the POINT OF SEGINNING. Said Point of Beginning being a point on the centerline of said Alleman Road. Thence N 25°46'16" W, 770,19 feet (N 25°46' W 770.2 feet reoord); Thence S 87"29'45" W, 718.86 feet (S87Q28' W, 719.0 feet record) to the pOint of tennlnus, Said point of terminus being a point on the East boundary line of the K & G Subdivision. Said road right of way being 14S9.Q5 feet in length and containing 2.05 acres more or less. .....-: -. Exhibit "B" 000?70 Parcel 2: Lot 11 of Block 3 of the Lincoln Heights 4th Subdivision to the City of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof. Parcel 3: Lots 9 and 10 of the K&G Subdivision, Lincoln County, Wyoming as described on the official plat thereof.