HomeMy WebLinkAbout949715WHEN RECORDED, RETURN TO:
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1100 SUPERIOR AVENUE SUITE 200
CLEVEL4ND, OHIO 44114 '
NATIONALRECORDEVC - TEAM2
Accommodation Recording Per Ghent Request
rmcrAKrU BY WHEN
RECORDED MAIL TO:
First American Title Insurance
Company National Lenders
Advantage
1591 Galbraith Avenue, Suite 200
Grand Rapids, MI, 49546
RECEIVED 9/25/2009 at 2:58 PM
RECEIVING # 949715
BOOK: 732 PAGE: 633
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
C'06633
A.P.N:
File No: 6118169n
SUBORDINATION AGREEMENT
(Existing to New)
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.
-:7 Yk
THIS AGREEMENT, made this c4
1 v- day o f 71ik5rr- , 2009 , by
JOHN M. DEMELLO AND BRENDA M. DEMELLO
Owner of land hereinafter described and hereinafter referred to as "Owner", and
GMAC
Present Owner and Holder of the Mortgage and Note first hereinafter described and hereinafter referred to as
"Beneficiary",
WITNESSETH
THAT EREAS, JOHN M. DEMELLO AND BRENDA M. DEMELLO has executed a Mortgage
dated 0 to GMAC , covering:
LOT 57 OF AMENDED PLAT OF STAR VALLEY RANCH PLAT 1, LINCOLN COUNTY, WYOMING AS
DESCRIBED ON THE OFFICIAL PLAT FILED ON JANUARY 6, 1971 AS INSTRUMENT NO. 427346 OF
THE RECORDS OF THE LINCOLN COUNTY CLERK.
To secure a Note in the sum of $60,000.00, dated 02-06- P.009 , in favor of THE BANK OF STAR
VALLEY, which Mortgage was recorded FEBRUARY 17, 2009 in Docket/Book 715PR, Page 541 , of said
County; and
WHEREAS, Owner has executed, or is a poutoff execute, a Mortgage and Note in the sum of $411,250.00, (NOT
TO EXCEED THIS AMOUNT), dated . in favor of Ally Bank Corp, hereinafter referred to as "Lender",
payable with interest and upon the terms and conditions described therein, which Mortgage is to be recorded
concurrently herewith; and
L~.
WHERL.__,....:.. _s a condition precedent to obtaining _,an that said Mortgage last above m 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 Beneficiary will specifically and unconditionally subordinate the lien or charge upon said land which
is unconditionally prior and superior to the lien or charge of the Mortgage 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 renewals or extensions
thereof, shall unconditionally be and remain at all times a lien prior 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 Mortgage hereinbefore specifically described
any prior agreement as to such subordination including, but not limited to, these provisions,
if any, contained in the Mortgage first above mentioned, which provide for the subordination
of the lien or charge thereof to another deed or deed of trust or to another mortgage or
mortgages.
Beneficiary declares, agrees and acknowledges that
1. 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;
2. 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 or in part;
3. 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 and 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
4. An endorsement has been placed upon the note secured by 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.
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.
BENEFICIARY: GMAC
Print Name:
Title:
Print Name: :57_9;:0V,4-
Title: 5rtiiaP IV ze*-t
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES
CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO
STATE OF ~iiltio~sr )SS COUNTY OF
t~G~i~- )
On :F-,,Z6 -d&)q , before me, (2/teey l 8. 1`tX - personally
appeared .5" ✓ 4- .o,R7'w&I,& , personally known to me (or proved to me on the basis of
satisfactory evidence) to the person(s) whose name(s) is /are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies) and that
his/her/their signature(s) on the instrument to the person(s) or the entity upon behalf of which the person(s)
acted executed the instruments.
WITNESS my hgnd aM officiajlseal
Signature
c~~~eyL ~ ~6l1
My Commission -Expires:
This area for official notarial seal.
NOTARY PUBLIC
C14E YL B. RICH STATE OF
g STATE OF
C' INT OF WYOMING
LINEJt.N
MY COR,~„3Mj,,„510 A U It
Form No. 3301 (6%00) ORDER NO: 6118169
Short Form Commitment, `EAGLE FILE NO: 6010918127
SUPER EAGLE LENDER REF:. 000687292322
Exhibit "A" r N G36
The land referred to in this policy is situated in the STATE OF WYOMING, COUNTY OF
LINCOLN, CITY OF THAYNE, and described as follows:
Lot 57 of Amended Plat Of Star Valley Ranch Plat 1, Lincoln County, Wyoming as
described on the official plat filed on January 6, 1971 as instrument No. 427346 of the
records of the Lincoln County Clerk
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