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Home My WebLink About942270 WHEN RECORDED MAIL TO: RECEIVED 9/15/2008 at 4:51 PM RECEIVING # 942270 BOOK: 704 PAGE: 870 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER. WY )v870 Western AgCredit, PCA P.O. Box 95850 South Jordan, Utah 84095-0850 Space Above This Line For Recorder's Use Customer Number: 0007000532 SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made August 26.2008 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"; 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 $567.000.00 dated February 29, 2008, and a note in the sum of $112,000.00 dated February 29. 2008 in favor of Western AgCredit. PCA, which mortgage was recorded April 2,2002, Entry No. 880035, Book No. 486, Page No. 534, OffIcial Records ofLincoIn County, State of Wyoming; and WHEREAS, Owner has executed, or is about to execute, a mortgage and note in the sum of 430,000.00, dated August 15, 2008 and February 29, 2008 respectively, in favor of Western AgCredit FLCA, hereinafter referred to as "Lender", payable with interest and upon the tenns and conditions described therein, which mortgage is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said credit from 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 :abovemeµ~¡on~Ç.r.". :",.:: ,)",:"" :' ~rr~,·-i">;:.:~~ That the purpose of this agreement is to establish a lien priority for the Lenderw,~ich will~itõ.\vi it tb'provide a continuing line of credit to Owner, and that this agreement is to continue in effect as to all àècÌìt exte#'¡feCl ~o Owner31òt exceeding in the aggregate outstanding at anyone time (without including any amounts then repaid) $43Ò~OOO.OOprin.cipal'Jplus interest thereon which may accrue at a variable or adjustable rate in accordance with the tenns of the note,"whetherresulting from loans or advances heretofore or hereafter made. Said aggregate amount shall include all sums resulting from any extensions or renewals of such credit, and all costs and attorney's fees incurred in connection with such credit. (2) WAC 1240 SuL,...u..."..vu Agreemen~Real Property (11-03) (Page 1 of3) (Wg7/ (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 Imòrtgage 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 subordimtion 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 PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. Owner: TEICHERT BROTHERS, LLC, a Wyoming Limited Liability Company ~..M!~~, Nutary Acknowledgment: STATE OF wy ss. COUNTY OF (,\.\..4-"\ On the ~ day of AI.A!I"r.4- . 20~ before me, the undersigned Notary Public in and for said County and State, personally appeared MAITHEW 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 operating agreement. WITNESS my hand and official seal SHAWN R. UNGERMIIN NOTARY PUBLIC COUNTVOF . STATE OF UINTA WYOMING MY COttIISSION EXPIRES MAY 12, 2008 WAC 1240 Subo ,'. '.greemen~Real Property (11-03) (Page 2 of3) ûOü872 STATE OF VV"i COUNTY OF U.,"'~ ss. On the .J!l.. day of A~f- 2008, 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 of organization and operating agreement. SHAWN A. UN8ERtMN NOTARY PUBLIC COUN1YOF . STATE OF UINTA WYOMING tit COMMISSION EXPtRE8 MAY 12, 2008 WITNESS my hand and official seal Not Beneficiary: /. G. BROWN, Vice President-Credit Services Notary Acknowledgment: STATE OF UTAH ss. COUNTY OF SALT LAKE On this d.-7 day of 2008, before me, the undersigned Notary Public in and for said County and State, personally appeared DAVID G. BROWN ersonally known to me to be the person who executed the within instrument as VICE PRESIDENT - CREDIT SERVICES, or on behalf ofth 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. (I) NOTARY PUBUC KATHRYN BYBEE 949 E ALPINE DR ALPINE. ur 84004 COMMISSION EXPIREI JULV 16. 2012 STATE OF urAH WAC 1240 Subordination Agreement-Real Property (11-03) (Page 3 of3)