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Home My WebLink About932238 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: RECEIVED 8/17/2007 at 2:09 PM RECEIVING # 932238 BOOK: 669 PAGE: 233 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Mario DeRose & Nora DeRose 817 Archer Street Salinas, CA 93901 ·000233 Space Above This Line for Recorder's Use Only SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREETMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURTIY INSTRUMENT. THIS AGREEMENT, made this 15th day of August, 2007, by MPM Development. Inc., owner(s) of the land hereinafter described and hereinafter referred to as "Owner," and Mario DeRose and Nora L. DeRose, Living Trust present owner and holder of the mortgage or deed of trust and related note first hereinafter described and hereinafter referred to as "Creditor." WITNESSETH THAT WHEREAS, Owner has executed a mortgage or deed of trust, dated on or about February 28, 2007, to Creditor, covering: That property in LINCOLN County, WYOMING, legally described as: LOT 7 IN ST AR VALLEY RANCH PLAT 14, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. To secure a note in the sum of$55.000.00, dated February 28, 2007, in favor of Creditor, which mortgage or deed of trust was recorded on March 12, 2007, in Book 651, Page572 and/or as Instrument No. 927677 in the Official Records of the Town and/or County of referred to above; and WHEREAS, Owner has executed, or is about to execute, a mortgage or deed of trust and a related note in a sum not greater than $100.000.00, to be dated no later than August 12, 2007, in favor ofE.U. Capital Venture. Inc.. a Nevada Corporation, hereinafter referred to as "Lender", payable with interest and upon the terms and conditions described therein, which mortgage or deed of trust is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan that said mortgage or deed of trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land herein before described, prior and superior to the lien or charge of the mortgage or deed of trust first above mentioned; and SUBORDINATION AGREEMENT CONTINUED ON NEXT PAGE This Document i. being recorded by Rocky Mount8in Title Inlurance Agency of Lincoln County .. . COURTESY only CONTINUATION OF SUBORDINATION AGREEMENT '000234' WHEREAS, Lender is willing to make said loan provided the mortgage or deed of trust securing the same is a lien of charge upon the above described property prior and superior to the lien of charge of the mortgage or deed of trust first above mentioned and provided that Creditor will specifically and unconditionally subordinate the lien or charge of the mortgage or deed of trust first above mentioned to the lien or charge of the mortgage or deed oftrust in favor of Lender; and WHEREAS, it is the mutual benefit of the parties hereto that Lender make such loan to Owner; and Creditor is willing that the mortgage or deed of trust 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 or deed of trust in favor of the Creditor 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 or deed of trust securing said note in favor of Lender 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 or deed of trust in favor of the Creditor 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 mortgage or deed of trust in favor of the Creditor first above mentioned to the lien or charge of the mortgage or deed of trust in favor of the Lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the mortgages or deeds of trust hereinbefore specifically described, any prior agreement as to such subordination including, but not limited to, those provisions, if any, contained in the mortgage or deed of trust in favor of the Creditor first above mentioned, which provide for the subordination of the lien or charge thereof to another mortgage or deed of trust to another mortgage or deed oftrust. Creditor declares, agrees and acknowledges that (a) It consents to and approves (i) all provisions of the mortgage or deed of trust and the related note 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 agreements shall not defeat the subordination herein made in whole or part; (c) It intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the mortgage or deed of trust in favor of the Creditor to the lien or charge upon said land of the mortgage or deed of trust 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) If requested by Lender, an endorsement has been placed upon the note secured by the mortgage or deed of trust first above mentioned in favor of the Creditor that said mortgage or deed of trust has by this instrument been subordinated to the lien or charge of the mortgage or deed of trust in favor of Lender above referred to. 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 MAYBE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. SUBORDINATION AGREEMENT CONTINUED ON NEXT PAGE CONTINUATION OF SUBORDINATION AGREEMENT CREDITOR: 000235 By /kI.~Q ~'LRa~ Printed Name Mario DeRose Title By ~-- ~ o&e¡(~ Printe Name Nora L. DeRose Title OWNER: MPM Development, Inc. L By Printed Name Title By Printed Name Title By Printed Name Title (ALL SIGNATURES MUST BE ACKNOWLEDGED) IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. STATE OF California) County of Monterey) SS. On ~+ ILQ I ';100'7, before me, Ä1\~\t1 Mt\Yk Ma\v'V\ " , Notary P lic, personally appeared Mario DeRos and Nora L. DeRose, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s)·islare subscribed to the within instrument and acknowledged to me that.ftefshe/they executed the same in ~their authorized capacity(ies), and that by ~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. ~~. Notary bhc III saId County and State Commission Number \15;2'11:;L- J.'T-·~:~~l I HoIafy ""* . CCIHfomIa I J,~~ '_~J. STATE OF California) County of Monterey) SS. On ÂIA0Ju.-st llo, :lOD' I before me, Angela Marie Malvini. Notary Public, personally appeared Stephen J. Malvini, personally known to me ("Ul IJlvvcd to mG 011 th.:. ba3is 6f3atisfaet6ry eyidøncc) to be the personÇlf) whose nameÇg) is/are-subscribed to the within instrument and acknowledged to me that he/she/tHey executed the same in hislher/their authorized capacity~iest and that by his/her/their signature~) on the instrument the personks'), or the entity upon behalf of which the personG6J acted, executed the instrument. OO(j236 Witness my hand and official seal. ~~~~ Notary ublic ill saId County and State Commission Number 1752912 j~~. -.¡ ~~~'ii~ ~t j~-_.~ I J. Mont.rey County . ~-~~~Jf~~