HomeMy WebLinkAbout950022SUBORDINATION AGREEMENT 000794
WHEREAS, the Wyoming Community Development Authority (hereinafter the "WCDA") is the present
owner and holder of two promissory notes and mortgages hereinafter described as the first mortgage and the down
payment mortgage; and
WHEREAS, the said mortgages were recorded out of order such that the down payment mortgage was filed
prior to the first mortgage and WCDA desires to correct the error in the recording; and
WHEREAS, Kristen Draney and Buckley Draney, as owners of the property described as a portion of the
SETA SW1/4 of section 34, T33N, R119W of the 60' P.M., Lincoln County, Wyoming being more particularly
described as follows: Beginning at an iron pipe set North 0019' 10" East, along the East Line of said SETA SW1/4,
502.66 feet from a brass cap monument marking the Southeast corner of said SE1/4 SWIA; Thence running North 89°
40' 50" West, 14.00 feet to an iron pipe set near and East-West fence line marking the true point of the beginning of the
description; Thence running North 89°40' 50" West, 367.16 feet to an iron pipe found near a fence corner post in the
Southwesterly fence line of a road; Thence North 38023' 01" East, along last said fence line, 177.92 feet; Thence South
89°40' 50" East 257.47 feet; Thence South 0°19' 10" West, 140.08 feet to the true point of beginning, commonly
known as 963 Stump Creek Road, Auburn, Wyoming executed a mortgage dated March 2, 2007 to secure a note in the
original principal sum of ONE HUNDRED FIFTY SEVEN THOUSAND SEVEN HUNDRED THIRTY ONE AND
00/100 ($157,731.00) dated March 2, 2007 which mortgage was recorded on the 8th day of March, 2007, as document
number 927481 in Book 650 at Page 846 in the office of the Lincoln County Clerk, Lincoln County, Wyoming,
hereinafter referred to as the first mortgage; and
WHEREAS, Kristen Draney and Buckley Draney, as owners of the property described as a portion of the
SE1/4 SWIA of section 34, T33N, R119W of the 6t' P.M., Lincoln County, Wyoming being more particularly
described as follows: Beginning at an iron pipe set North 0°19' 10" East, along the East Line of said SETA SW1/4,
502.66 feet from a brass cap monument marking the Southeast corner of said SETA SWIA; Thence running North 89"
40' 50" West, 14.00 feet to an iron pipe set near and East-West fence line marking the true point of the beginning of the
description; Thence running North 8940' 50" West, 367.16 feet to an iron pipe found near a fence corner post in the
Southwesterly fence line of a road; Thence North 3823' 01" East, along last said fence line, 177.92 feet; Thence South
89040' 50" East 257.47 feet; Thence South 0°19' 10" West, 140.08 feet to the true point of beginning, commonly
known as 963 Stump Creek Road, Auburn, Wyoming executed a mortgage dated March 2, 2007 to secure a note in the
original principal sum of SEVEN THOUSAND SIX HUNDRED AND 00/100 ($7,600.00) dated March 2, 2007 which
mortgage was recorded on the 8th day of March, 2007, as document number 927479 in Book 650 at Page 834 in the
µ office of the Lincoln County Clerk, Lincoln County, Wyoming, hereinafter referred to as the down payment mortgage;
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and
WHEREAS, it is a condition precedent to obtaining the loan secured by the first mortgage that it shall
unconditionally be and remain at all times a lien or charge upon the property subject to the mortgage and described
herein, prior to and superior to the lien or charge of the down payment mortgage.
NOW THEREFORE, in order to cure the error in the recording and to ensure that the condition precedent
for the loan, that the first mortgage is a lien or charge upon the property described herein prior to and superior to the lien
of the down payment mortgage, it is hereby declared, understood and agreed as follows:
(1) That the first mortgage securing the note in favor of WCDA, 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 lien or charge of the down payment mortgage first above mentioned.
(2) That this agreement shall be the whole and only agreement with regard to the subordination of the lien
or charge of the down payment mortgage above mentioned to the lien or charge of the first mortgage
in favor of the WCDA shall supersede and cancel, but only insofar as would affect the priority
between the mortgages herein before specifically described, any prior agreement as to such
subordination, including, but not limited to, those provisions, if any, contained in the down payment
mortgage, which provide for the subordination of the lien or charge thereof to another mortgage or
mortgages.
WCDA declares, agrees and acknowledges that:
(a) It intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the
down payment mortgage in favor of the lien or charge upon the land of the mortgage in favor of
WCDA; and
(b) An endorsement has been placed upon the note secured by the down payment mortgage that the
mortgage has by this instrument been subordinated to the lien or charge of the first mortgage.
This Subordination Agreement may be executed in any number of counterparts, each of which, when so executed and
delivered, shall be an original, but such counterparts shall together constitute but one and the same Subordination
Agreement, and in making proof of this Subordination Agreement, it shall not be necessary to produce or account for
more than one such counterpart.
RECEIVED 10/14/2009 at 10:40 AM
RECEIVING 950022
BOOK: 733 PAGE: 794
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
VCV795
Dated this 01j, day of (D(- 7L7(,~e P , 20 0c7 .
WYOMING COMMUNITY
DEVELOPMENT AUTHORITY
BY: aK e ,
DAVID M. HANEY,
EXECUTIVE DIREC OR
STATE OF WYOMING )
) SS.
COUNTY OF NATRONA )
o c n)ttex
This instrument was acknowledged before me on 9 , 20cq by David M. Haney, as Executive
Director of the Wyoming Community Development Authority.
NOTARY PU LIC
My Commission Expires:
~.AYLE L. A Dp rF NOTARY PUBLIC
Countyof p'.;' State M
Natrona Wyoming
My Commisslon Expires March 21, 2011