HomeMy WebLinkAbout944601
6010817 408
SUBORDINATION AGREEMENT
COú655
FROM
First Interstate Bank., (hereinafter called "OLD LENDER")
TO
First Interstate Bank, with its primary office at 802 West Broadway, Jackson, WY
83001 (hereinafter called "NEW LENDER")
WHEREAS, OLD LENDER is the holder of a valid Mortgage/Deed of Trust granted
by Darren C. and Arlene L. Rudd, ("OWNER") covering certain real property owned
by OWNER and located in the county of Lincoln and the state of Wyoming and more
fully described as:
Lot 4 of Henry's Mountain Estates, Subdvision, Lincoln County, Wyoming as described
on the official plat filed on November 11, 1996 as instrument No. 828555 of the records
of the Lincoln County Clerk.
(hereinafter the "PROPERTY") which Mortgage/Deed of Trust was recorded on May 6,
2008, in the amount of $100,000.00, as Book 693 PR and page 839. Official Records of
said county (hereinafter the "PRIOR MORTGAGEIDEED OF TRUST"); and
WHEREAS, OWNER has granted NEW LENDER a MortgagelDeed of Trust on the
PROPERTY and NEW LENDER has executed, or is about to e)\ecute, a MortgagelDeed
of Trust in the Recorder's office of Lincoln County on I-t}· Ol'{ (date) in Book No
']' Q' , Page(s) (nq·;; ("NEW LENDER'S MORTGAGEIDEED OF TRUST")
in an amount of not more than $365,000.00 and
WHEREAS the OLD LENDER has agreed to subordinate the PRIOR
MORTGAGE/DEED OF TRUST to NEW LENDER'S MORTGAGEfDEED OF
TRUST.
NOW, THEREFORE, INTENDING TO BE LEGALLY BOUND and in
consideration of$1.00 (One Dollar) and other good and valuable consideration, receipt of
which is hereby acknowledged, the parties agree as follows:
1. Subordination of Lien: The OLD LENDER hereby subordinates the PRIOR
MORTGAGE/DEED OF TRUST and its lien position in and on the PROPERTY
to the NEW LENDER'S MortgagelDeed of Trust and the lien thereof, as if the
NEW LENDER'S MortgagelDeed of Trust had been recorded first in time to the
PRIOR MORTGAGEIDEED OF TRUST and so that all public records will
reflect NEW LENDER'S MORTGAGE/DEED OF TRUST to be superior in lien
to the PRIOR MORTGAGEIDEED OF TRUST.
RECEIVED 1/9/2009 at 4:11 PM
RECEIVING # 944601
BOOK: 712 PAGE: 655
JEANNE WAGNER
LINCOLN COUNTY CLERK. KEMME fY
OOû656
2. Subordination of Debt: OLD LENDER hereby subordinates payment of the debt
secured by the Prior MORTGAGEIDEED OF TRUST to payment of the debt
secured by the NEW LENDER'S MORTGAGE/DEED OF TRUST.
3. This Subordination shall be binding upon and inure to the benefit of the
respective heirs, successors, and assigns of OLD LENDER and NEW LENDER.
4. It is expressly understood and agreed, that except for this subordination, the
Mortgage/Deed of Trust held by the OLD LENDER and all tenns and conditions
thereof, shall be and will remain in full force and effect.
WITNESS the hand seal of the said OLD LENDER
First Interstate Bank
ð)n.W"-~ (SEAL)
Print Name: l:)em vur'\ rvt ~ yV"V1 ~
o
Title: \J? \l)~
State of
}
} SS.
}
County of
The fore ing instrument was acknowledged before me this (P %y of ~
2009 by ofPirst Interstate Bank, a Montana CorporatIOn, on be aIf
of the Corporation.
NO~C +-- ~
My Commission Expires: InJu d1, 2íOeP¡
~~'---"--'" .-. -'''''-''~''--'''--']
- KATHYLVONŠ .........-, - ÑOTÄR\ì¡;OOUõ
COUNTY OF . STAl'I: 01'
TETON WYOMING
.m I" 1Ut' \m'Septell~~r 21, 2000
_..........._,....~.......'"_,... ._. ,OP,.a, ,.........~. .'"4..""..."............