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HomeMy WebLinkAbout950579RECEIVED 11/16/2009 at 4:14 PM RECEIVING 950579 v .r-- BOOK: 736 PAGE: 61 r cc) JEANNE WAGNER eta c LINCOLN COUNTY CLERK, KEMMERER, WY iz m C i C c Cl. 006061 G Y 6010918476 WHEN RECORDED MAIL TO: MSN SV -79/ DOCUMENT CONTROL DEPT. P.O. BOX 10266 VAN NUYS CALIFORNIA 91410 -0266 LOAN 181127724 ESCROW /CLOSING 213448446 SUBORDINATION AGREEMENT SPACE ABOVE FOR RECORDERS USE 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 Ninth day of November, 2009, by MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, Inc. "MERS as nominee for Bank of America, N.A., successor by merger to Countrywide Bank, FSB "Subordinated Lienholder with a place of business at P.O. BOX 2026, FLINT, MI 48501 -2026. WHEREAS, NATHAN CRAIG HEISS and KATHY RENE HEISS executed and delivered to Subordinated Lienholder, a Deed of Trust/Mortgage (the "Existing and Continuing Security Instrument in the sum of $35318.00 dated 10/31/2007 and recorded in Book Volume 678, Page_257 as Instrument No. 934731, in the records of LINCOLN County, State of WY, 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 151 MAJESTIC MEADOW LANE, AFTON, WY 83110 and further described on Exhibit "A," attached. r" O6 WHEREAS, NATHAN CRAIG HEISS and KATHY RENE HEISS "Borrower executed and delivered to Bank of America, N.A. "Lender a deed of trust/mortgage in the principal amount not to exceed $272500.00, which deed of trust/mortgage (the "New Security Instrument is intended to be recorded herewith in the records of LINCOLN County, State of WY 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. (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 Assistant Vice President r k V4{S (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. MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, Inc. "MERS as nominee for Bank of A N.A., successor by merger t• Countrywide Bank, FSB STATE OF I/ 1: COUNTY OF VI: LA-101.QA On 11/09/2009 before me, /mac (notary) personally appeared RICIIAIW DAMS, Assistant Vice President, of MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, Inc. "MERS as nominee for Bank of America, N.A., successor by merger to Countrywide Bank, FSB personally known to me (or proved to me on the basis of satisfactory evidence) to be 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), an that by his /her /their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. Signature ATTENTION NOTARY: ALL PURPOSE ACKNOWLEDGMENT THIS CERTIFICATE MUST BE ATTACHED TO Title of Document Type BRE T P ALMER NOTARY UTAH ..._29OEAST 930 SOUTH C a EX PI R ES 1 .9 2 0 1 0 COMM. O (NOTARY SEAL) Although the information requested below is OPTIONAL, it could prevent fraudulent attachment of this certificate to another document. THE DOCUMENT DESCRIBED AT RIGHT Number of Pages Date of Document Signer(s) Other Than Named Above Exhibit A File 6010918476 Description The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows: That part of Section 27, Township 32 North, Range 119 West, Lincoln County, Wyoming, being part of that tract of record in the Office of the Clerk of Lincoln County in Paragraph 5 of Book 401 Photostatic Records on page 812, 813, described as follows: Beginning at a point on the East line of said tract North 00 °23'12" East, 816.83 feet from the Southeast corner of the Southwest Quarter of said Section 27; thence North 00 °23'12" East, 766.00 feet, along said East line, to a point; thence South 88 °36'49" West, 660.56 feet, to a point on the West line of said tract; thence South 00 °22'36" West, 766.00 feet, along said West line to a point; thence North 88 °36'49" East, 660.43 feet to the point of beginning.