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HomeMy WebLinkAbout937406 WHEN RECORDED MAIL TO: RECEIVED 3/6/2008 at 10:30 AM RECEIVING # 937406 BOOK: 688 . PAGE: 780 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Western AgCredit, PCA P.O. Box 95850 South Jordan, Utah 84095-0850 Space Above This Line For Recorder's Use Customer Number: 0007000532 2¿ SUBORDINATION AGREEMENT I~ NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING It SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made February 29.2008 by TEICHERT BROTHERS. LLC. a Wyoming Limited Liability Company, owner of the land hereinafter described and hereinafter referred to as "Owner", and Western AgCredit. PCA, present owner and holder of the mortgage and note first hereinafter described and hereinafter referred to as "Beneficiary"; 7 c. '.(¡ :< , ~ ¿;1 WITNESSETH THAT WHEREAS, TEICHERT BROTHERS. LLC. a Wyoming Limited Liability Company did execute a mortgage, dated March 15.2002, to Western AgCredit. PCA as mortgagee, covering: FOR DESCRIPTION OF REAL PROPERTY SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF to secure a note in the sum of $700.000.00 dated February 29. 2008, and a note in the sum of $450.000.00 dated April 7. 2006, and a note in the sum of $100.000.00 dated March 23. 2007, and a note in the sum of$326.000.00 dated March 23. 2007, and a note in the sum of $567.000.00 dated February 29. 2008, and a note in the sum of $112.000.00 dated February 29. 2008, all in favor of Western AgCredit. PCA, which mortgage was recorded April 2. 2002, Entry No. 0880035, Book No. 486, Page No. 534, Official Records of Lincoln County, State of Wyoming; and WHEREAS, Owner has executed, or is about to execute, a mortgage and note in the sum of$917.000.00, dated February 29. 2008, in favor of Western A&Credit. FLCA, hereinafter referred to as "Lender", payable with interest and upon the terms and conditions described therein, which mortgage is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said credit trom Lender 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 extend said credit 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 Beneficiary 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 extend said credit to Owner; and Beneficiary 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 benefit 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 extend said credit, it is hereby declared, understood and agreed as follows: (1) That said mortgage 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 first above mentioned. (2) That the purpose of this agreement is to establish a lien priority for the Lender which will allow it to provide a continuing line of credit to Owner, and that this agreement is to continue in effect as to all credit extended to Owner, not exceeding in the aggregate outstanding at anyone time (without including any amounts then repaid) $917.000.00 principal, plus interest thereon which may accrue at a variable or adjustable rate in accordance with the terms of the note, whether resulting trom WAC 1240 Subordination Agreement-Real Property (11-03) (Page I of 3) ù007~ loans or advances heretofore or hereafter made. Said aggregate amount shall include all sums resulting ITom any extensions or renewals of such credit, and all costs and attorney's fees incurred in connection with such credit. (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 mortgages hereinbefore specifically described, any prior agreements 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 deed or deeds of trust or to another mortgage or mortgages. Beneficiary declares, agrees and acknowledges that: (a) Beneficiary 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) Beneficiary 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. 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 MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE P ARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. Owner: TEICHERT BROTHERS, LLC, a Wyoming Limited Liability Company ~~ ~--HE J.' HE , em.:1J B~ J1vl~ T' THY . ICHER, ember Notary Acknowledgment: r STATE OFLú~bh\....~ COUNTY OF Ut\.e.è>'" ~s. On the ~ day of _'V'f\~~C'..h , 2008, before me, the undersigned Notary Public in and for said County and State, personally appeared MATIHEW J. TEICHERT [( ) personally known to me] [( ) proved to me on the basis of satisfactory evidence] to be the person(s) who executed the within instrument as MEMBER, or on behalf of the limited liability company therein named, and acknowledged to me that the limited liability company executed the within instrument pursuant to its articles of organization and operati reement. CHERYLA. JONES - NOTARY PUBLIC county 01. SI8Ie 01 Uncotn Wyoming My commlnlQn ExpIres Feb. 4, 2009 WAC 1240 Subordination Agreement-Real Property (11-03) (Page 2 of3) , . \ r U"00782 STATE OFW~~'M\~) COUNTYOFG~~\V) ~s. On the ~ day of 'N\ctr&~ , 20Q8., before me, the undersigned Notary Public in and for said County and State, personally appeared TIMOTHY M. TEICHERT [( ) personally known to me] [( ) proved to me on the basis of satisfactory evidence] to be the person(s) who executed the within instrument as MEMBER, or on behalf of the limited liability company therein named, and acknowledged to me that the limited liability company executed the within instrument pursuant to its articles 0 anization and op ting a r ement. CHERYL A. JONES - NOTARY PUBlIC County Of. SIBle of UncoIn Wyom\Oll My Commission ExpIres Feb. 4. 2009 Beneficiary: :~t=~ Da~ Vice President - Credit Services Notary Acknowledgment: STATE OF UTAH ss. COUNTY OF SALT LAKE ) On this ~ day of ~h rw. ú ~ ' 2008, before me, the undersigned Notary Public in and for said County and State, personally appeared DAVID G. BR WN, person ly known to me to be the person who executed the wlthm mstrument as VICE PRESIDENT - CREDIT SERVICES, or on behalf of the corporation therein named, and acknowledged to me that the corporation executed the within instrument pursuant to its by-laws or a resolution of its board of directors. WITNESS my hand and official seal NOTARY PUBUO . C LEON NELSON 6162W10760 N .. HIGHLAND. UT 84003 ~ COMMISSION EXPIRES 07/03/2011 STATE OF UT, .----. WAC 1240 Subordination Agreement-Real Property (11-03) (Page 3 of3) EX~":~JIT nAil 000783 Parcel 1 Part of Tract 49, T27N R118W of the 6th' P.M.., Lincoln County, Wyoming said part· being more particularly described as follows: BEGINNING at Corner Number 9 of said Tract 49 and running thence S 89~SO' W, 1320.00 feet' along the South line thereof; ~hence N 05 ° 43' 2511 E, 1312.32 feet to Corner Number 3 of said Tract 4°·... . ~ , . thence N ~9°53'4B" E, 1318.92 feet to Corner Number 10 of såid Tract 49¡ . thence S 05°41' WI 1310.76 feet to the POINT OF BEGINNING. Parcel 2 The EM of Section 4 and the EM of Section 9, T26N Rl18W of the 6th P.M., Lincoln County, Wyoming. ALSO, that part of Tract No. 37 of Section 4, T26N Rl18W of the 6th . P . M. I LinGoln County, Wyoming being more particularly dèscribed as . follows ~ BEGINNING at a point N 52°31.5' W, 394.63 feet from the S~ corner of said Section 4 where' found a 1" iron pipe with brass cap inscribed "APi TR37 1932" and a 111 iron "pipe with brass cap in6cribedll~ 84/89 1932"; thence N 56°17.2' WI 491.57 feet to a point; thence N 01°33.2' W, 724'.97 feet to a point; thence N 89°15.3' E, 289.19 feet to a point; thence N 04°57.7' W, 645.71 feet to a point; . thence N 8]°00.3' E, 518.80 feet to a point on the East line of said Tract No. 37, \ thence S 00°17.3' W, 1500.63 feet along said east line to a point; thence N 69°46.7' W, 277.58 feet to a pOint; thence s 13°53.3' W,' 158.80 feet to the POINT OF. BEGINNING.