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Home My WebLink About936933 SUBORDINATION AGREEMENT (FORM A) 0007:11. NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OR LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made this 31st day of January, 2008, by Mervyn E. Asher and Gloria G. Asher, husband and wife, as tenants by the entireties, (grantor) owner of the land hereinafter described and hereinafter referred to as "Owner," and First Interstate Bank, present owner and holder of the mortgage and note first hereinafter described and referred to as "Mortgagee;" WITNESSETH THAT WHEREAS, we did execute a mortgage dated March 23, 2004 to Mervyn E. Asher and Gloria G. Asher, husband and wife, as tenants by the entireties, covering: Lot 30, Forest Meadow Subdivision, according to the official plat thereof, recorded in the Office of the County Clerk, Lincoln County, Wyoming. PID 37182830100600 to secure a note in the sum of $90,000.00, dated March 23,2004, in favor of Mervyn E. Asher and Gloria G. Asher, husband and wife, as tenants by the entireties, which mortgage was recorded April 1, 2004, in Book 551, Page(s) 367, Official Records of said county; and WHEREAS, Owner has executed a mortgage and note in the sum of $ 140,000.00 , dated Feb. 15 , 2007 in favor of First Interstate Bank, hereinafter referred to as "Lender," payable with interest and upon the terms and c0njitiŒ1S described therein, which mortgage was recorded, Feb. 26 , 2007, in Book 649, Page(s) 666 , Official Records of said county; 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 mortgage 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 lien or charge of the mortgage first above mentioned and provided that Mortgagee will specifically and unconditionally subordinate the lien or charge of the mortgage first above mentioned to the lien or charge of the mortgage in favor of Lender; and 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 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 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: (I) That said mortgage securing said note in favor of Lender, and any renewals and 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 mortgage 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 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 ~ c:: W :2 c:: <C W '<I" ~ :2 ;Mt:ffirn ....-M··Z~ iiím~e>~ o:>M<C;:£C:: OO')[L;::>W o ...J ~_ Wü '<1".... z ""-e> zj: N~CDùSZ C~:.,::::I WW 0 >ü:;¿ ü üi~O 3 u 0 0 W en ü a: z ::J 000712 mortgages hereinbefore specifically described, and prior agreement as to such subordination including, but not limited 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. Mortgagee declares, agrees and acknowledges that (d) NOTICE: (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 mortgage 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 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 An endorsement has been placed upon the note secured by the mortgage first above mentioned that said mortgage has by this instrument been subordinated to the lien or charge of the mortgage in favor of Lender above referred to. 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. 777 ~ f. ~4f/-ï.- Mervyn E. Asher wiN;;, o!/ {~ Gloria G. Asher (All Signatures Must Be Acknowledged) 00071.3 IT IS RECOMMENDED THAT PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. STATE OF Wlð""" ~ )SS COUNTY OF leT() tJ ) The foregoing instrument was acknowledged before me by Mervyn E. Asher and Gloria G. Asher, husband and wife, as tenants by the entireties, this 31st day of January, 2008. Witness my hand and official seal. PHYLLIS B FISCHER - NOTARY PUBLIC COUNTY OF STATE OF ~ TETON _ w~~ .~ My Comml$$iùll Expires ÓZ PI . My Commission Expires: 02 . ð f· Z ð ó::;? STATE OF ~ COUNTY OF J ) )SS ) On this day before me, the undersigned Notary Public, personally appeared Mervyn E. Asher and Gloria G. Asher. to me known to be the individuals described in and who executed the Subordination Agreement, and acknowledged that they signed the Subordination Agreement as their free and voluntary act and deed, for the uses and purposes therein mentioned. Witness my hand and official seal. PHYLLIS B FISCHER - NOTARY PUBLIC 1 COUNTY 0r _.,,, .. ';r::1'1 .,. STATt 1.-, .. eo . .J.. t?1Y~~'; ~ i.. .1,:,\, ',':",i/:n/$t-,:I\.In Exp¡(e 5 12... .. .. " .., !:> . ""_"~'. ..,. ,i ~ ", :~ - - - -- - - ~If':~. ~ My Commission Expires: OZ -6 9'~oo-::;¡ State of Wyoming County of Teton On this day before me, the undersigned Notary Public, personally appeared RICHARD UHL, to me known to be the individual described in and who executed the Subordination Agreement, and acknowledged that he signed the Subordi . Agreement. PHYLLIS B FISCHER - NOTARY PUBLIC '" COUNTY OF ~ STATE OF ,TETON ~ ¿y~' My Commission Expires /)2 - -.2 ¡t(! ItJlIIlJI/>$'/N E;tpq,S æ-(f"~ I /