HomeMy WebLinkAbout948119RECEIVED 7/2/2009 at 2:50 PM
RECEIVING # 948119
BOOK: 726 PAGE: 780
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
11; ir:
. c _ 2w,( SUBORDINATION AGREEMENT
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-WH1=N-RfeeRI3ED-MALL-TO: I SPACE ABOVE FOR RECORDERS USE
MSN-SV/ 79/ DOCUMENT CONS L-015PT.
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VAN,,plU LIFORNIA 91410-0266
LOAN 172177300
ESCROW/CLOSING#: 204134115
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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.
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT is made this Nineteenth day of June, 2009, by
MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, Inc. ("MERS") as nominee for
COUNTRYWIDE BANK, F.S.B. ("Subordinated Lienholder"), with a place of business at P.O. BOX
2026, FLINT, MI 48501-2026.
WHEREAS, MARK MORZOV and BRIANNA MORZOV executed and
delivered to Subordinated Lienholder, a Deed of Trust/Mortgage (the "Existing and Continuing Security
Instrument") in the sum of $61500.00 dated 08/15/2007 , and recorded in Book Volume 669, Page-253,
as Instrument No. 932260, in the records of LINCOLN County, State of Wyoming, as security for a loan
(the "Existing and Continuing Loan"), which Existing and Continuing Security Instrument is a valid and
existing lien on the real property located at 188 HAWTHORNE DRIVE, ALPINE, WY 83128 and further
described on Exhibit 'A" attached.
WHEREAS, MARK MORZOV and BRIANNA MORZOV ("Borrower") executed and delivered to
Bank of America, NA ("Lender"), a deed of trust/mortgage in the principal amount not to exceed
$330945.00, which deed of trust/mortgage (the "New Security Instrument") is intended to be recorded
herewith in the records of LINCOLN County, State of Wyoming as security for a loan (the "New Loan");
WHEREAS, it is a condition precedent to obtaining the New Loan that the lien of the New Loan
shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described,
prior and superior to the lien of the Existing and Continuing Loan; and
WHEREAS, Lender is willing to make said loan provided the lien securing the New Loan is a lien
or charge upon the described property prior and superior to the lien of the Existing and Continuing Loan
and provided that Subordinating Lender will specifically and unconditionally subordinate the lien of the
Existing and Continuing Loan to the lien of the New Loan; and
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such a loan to
Borrower; and Subordinating Lender is willing that the lien securing the New Loan shall, when recorded,
constitute a lien or charge upon said land which is unconditionally prior and superior to the lien securing
the Existing and Continuing Loan.
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 the New Security Instrument, and any renewals or extensions thereof, shall
unconditionally be and remain at all times a lien or charge on the property therein described,
prior and superior to the Existing and Continuing Security Instrument.
(2) That Lender would not make the New Loan without this subordination agreement.
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(3) That this agreement shall be the whole and only agreement with regard to the
subordination of the Existing and Continuing Security Instrument to the New Security Instrument
and shall supersede and cancel, but only insofar as would affect the priority between the security
instruments hereinbefore specifically described, any prior agreements as to such subordination
including, but not limited to, those provisions, if any, contained in the Existing and Continuing
Security Instrument above mentioned, which provide for the subordination of the lien to another
security instrument, deed of trust or mortgage.
Subordinating Lender declares, agrees and acknowledges that
(a) It consents to and approves (i) all provision of the note and New Security Instrument in favor
of Lender above referred to, and (ii) all agreements, including but not limited to any loan or
escrow agreements, between Borrower and Lender for the disbursement of the proceeds of the
New Loan;
(b) Lender 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; and
(c) It intentionally and unconditionally waives, relinquishes and subordinates the lien of the
Existing and Continuing Security Instrument in favor of the lien or charge upon said land of the
New Security Instrument and understands that in reliance upon, and in consideration of, this
waiver, relinquish and subordinate 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 ALLOW 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.
TRONIC REGISTRATION SYSTEMS, Inc. "MERS" as nominee for BANK OF
AME IC u
MORT 7z1e4'1r'8
ccessor by merger to COUNTRYWIDE BANK, F.S.B.
se f lannery, Vice President
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ALL PURPOSE ACKNOWLEDGMENT
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STATE OF Aalt
COUNTY OF c }
On 06/19/2009 before me, ~/l~-~<, P~^ (notary) personally appearec
hannon Lee Flannery, Vice President, of BANK OF ERICA, N.A., successor by merger tc
OUNTRYWIDE BANK, F.S.B. personally known to me (or proved to me on the basis of
atisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the withir
strument and acknowledged to me that he/she/they executed the same in his/her/their
uthorized capacity(ies), an that by his/her/their signature(s) on the instrument the person(s), of
le entity upon behalf of which the person(s) acted, executed the instrument.
ITNESS my hand and official seal. WWAIMMNEeRANBER
NOTARY PUBUO-MINNESOTA
W WMA~6610N k7T111®ONMO@
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nature
(NOTARY SEAL)
TTENTION NOTARY: Although the information requested below is OPTIONAL, it could prevent
fraudulent attachment of this certificate to another document.
IS CERTIFICATE MUST BE ATTACHED TO Title of Document Type
E DOCUMENT DESCRIBED AT RIGHT Number of Pages Date of Document
Signer(s) Other Than Named Above
EXHIBIT A . G
-D0784
The Land ref=ed to in this Comnitrnent is described as follows:
Lots 14 and 15 of Broken Wheel Ranch Subdivision, Lincoln County, Wyoming as
described on the official plat filed on February 2, 1972 as Instrument No. 436180 of the
records of the Lincoln County Clerk.
ADDRESS: 188 HAWTHORNE DR; ALPINE, WY 83128
2134 6/30/2009 75783646/2
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