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Home My WebLink About937915 -'v- . RECEIVED 3/31/2008 at 11:01 AM RECEIVING # 937915 BOOK: 690 PAGE' . 744 SUBORDINATION AGREEMENT JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, wY 000744 ".tkt .. _ '" ====- Iä.nd lìtle _C9mpðny SINCE 1904 (FORM A) 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 ~ day of February, 2008, by Patricio Brandon Sainz and Teri Lee Sainz (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 November 17, 2005 to First Interstate Bank as mortgagee, covering: 3 ¿~ A parcel ofland located in the Northeast quarter ofthe Northeast quarter, Section 13, Township 34 North, Range 119 West, of the 6th P.M., Lincoln County, Wyoming, being a portion of the record tract in Book 173 PR on page 147 in the Lincoln County Clerk's office and being more particularly described as follows: Beginning at the Northeast corner of said Section 13, where is found a survey cap and spike in the county road, witnesses 30.00 feet East and West by BLM type brass caps set by RLS 578; thence South 145 feet along the East line of Section 13; thence South 890 West, 306.25 feet; thence North 145 feet to a point on the North line of said Section 13; thence South 89032'00" East, 306.25 feet along said North line to the point of beginning. The basis bearing being South along East line of Section 13. to secure a note in the sum of $10,000, dated November 17, 2005, in favor of First Interstate Bank which mortgage was recorded November 21, 2005, in Book 605, Page(s) 377, Official Records of said county; and WHEREAS, Owner has executed a mortgage and note in the sum of $112,000, dated February ----ª-, 2008 in favor of First Interstate Bank, hereinafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which mortgage was recorded February 13, 2008, in Book 686 , Page(s) 516 Offici~l 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: (1) That said mortgage securing said note in favor of Lender, and any renewals and 000745 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 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 MAYBE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. G 6.~ G~~~~,-- Patti Patterson - Title: A VP-Lender First Interstate Bank (As subordinated lien holder) ~-- '¿.1·1 ~ -Ct¡ ~- c::::..--::" 4 Teri Lee Sainz (Gr "7 ---::::::::::;.. . . . ~-- (All Signatures Must Be Acknowledged) 000746 IT IS RECOMMENDED THAT PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. . STATE OF aß~f;) . )SS COUNTY OF (!2v7YJfJA ) The foregoing instrument was acknowledged before me by Patricio Brandon Sainz and Teri Lee Sainz, this Jj#c day of February, 2008. Witness my hand and official seal. ..I...............I.......~II.I.I....~ = D. Fenton - Notaly Public = : = = County of State of : = Uncoln Wyoming = - - :: My Commission Expires 10/11/2011 :: .....................................r ~ ~ Notary Public My Commission Expires: (tJ! ( !jð II STATE OF J 1ml ~ í ) )SS COUNTY OF- \¡~ ) 11--- On this ~ day of February, 2008, before me personally came, Patti Patte~o me known, who being by me duly sworn, did depose and say that he/she is the A VP-Lender of First Interstate Bank, the corporation described in the foregoing instrument and who executed the foregoing instrument, and that he/she signed his/her name thereto by order of the Board of Directors of said Corporation, and he/she acknowledges that this instrument is the free act and deed of the said Corporation. Witness my hand and official seal, My Commission Expires:ð2- -Oß· 2..6'''''''''-