HomeMy WebLinkAbout947161~~~;~/nA111 r-'
LandTitle
Company
SINCE 1904
SUBORDINATION AGREEMENT
FROM
First Interstate Bank, (hereinafter called "Old Lender")
TO
RECEIVED 5/14/2009 at 12:21 PM
RECEIVING # 947161
BOOK: 722 PAGE: 894
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
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
Grant A. Holladay and Kristen M. Galloway, Husband and Wife, and Steven J.
Landis and Sandra L. Landis, Husband and Wife, thereto, (Owners) covering certain
real property owned by OWNERS and located in the county of Lincoln and the State of
Wyoming and more fully described as:
Lot 40, Forest Meadow Subdivision, according to the official plat thereof, recorded in the
Office of the County Clerk, Lincoln County, Wyoming.
State Parcel ID No.: 37182830412100
(hereinafter the "PROPERTY") which Mortgage was recorded on March 14, 2007 in the
amount of $15,000.00 as Instrument No. 927589, Book 651, Page 236, Official Records
of said county, and
WHEREAS, OWNER has granted NEW LENDER a Mortgage/Deed of Trust on the
PROPERTY and NEW LENDER has executed, or is about to execute, a Mortgage/Deed
of Trust in the Recorder's office of Lincoln County on May 2009 in Book No
7 , Page(s) O~30 ("NEW LENDER'S MORTGAGE/DEED OF TRUST")
in an amount of not more than $15,000.00 and
WHEREAS the OLD LENDER has agreed to subordinate the PRIOR
MORTGAGE/DEED OF TRUST to NEW LENDER'S MORTGAGE/DEED OF
TRUST.
NOW, THEREFORE, INTENDING TO BE LEGALLY BOUND and in
consideration of $1.00 (One Dollar) and other good and valuable consideration, receipt of
which is hereby acknowledged, the parties agree as follows:
Subordination of Lien: The OLD LENDER hereby subordinates the PRIOR
MORTGAGE/DEED OF TRUST and its lien position in and on the PROPERTY
to the NEW LENDER'S Mortgage/Deed of Trust and the lien thereof, as if the
NEW LENDER'S Mortgage/Deed of Trust had been recorded first in time to the
MEMORANDUM OF AGREEMENT and so that all public records will reflect
C!, L 9 8 9 5
NEW LENDER'S MORTGAGE/DEED OF TRUST to be superior in lien to the
MEMORANDUM OF AGREEMENT.
2. Subordination of Debt: OLD LENDER hereby subordinates payment of the debt
secured by the prior MORTGAGE/DEED OF TRUST to payment of the debt
secured by the NEW LENDER'S MORTGAGE/DEED OF TRUST.
3. This Subordination shall be binding upon and inure to the benefit of the
respective heirs, successors, and assigns of OLD LENDER and NEW LENDER.
4. It is expressly understood and agreed, that except for this subordination, the
Mortgage/Deed of Trust held by the OLD LENDER and all terms and conditions
thereof, shall be and will remain in full force and effect.
WITNESS the hand seal of the said OLD LENDER
First
Print Name: C/7' `
Title: Q` ~od--e$
State of L_;-;~' }
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County of }
(SEAL)
The foregoing in a ..S led e before me this day of /V
2009 by (name) o First Interstate Bank, a Montana Corporation, on
behalf of the Co oration.
i
Notary ubli
My C mmission Expires: OZ -OY 2d/
PHYLLIS B FISCHER - NOTARY PUBLIC;
COUNTY OF STATE Of
(ETON ~~N 1'QMIN
MY Commission Expires 6Z