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HomeMy WebLinkAbout950995W14EN RECORDED MAIL TO: Western AgCredit, PCA P.O. Box 95850 South Jordan, Utah 84095 -0850 Customer Number: 0005301505 WAC 1240 Subordination Agreement -Real Property (11 -03) (Page 1 of 3) SUBORDINATION AGREEMENT WITNESSETH RECEIVED 12/9/2009 at 4:14 PM RECEIVING 950995 BOOK: 737 PAGE: 757 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Space Above This Line For Recorder's 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. THIS AGREEMENT, made November 17, 2009 by KENNETH R. PETERSEN and ANDRA L. PETERSEN, husband and wife, as tenants by the entireties, owner of the land hereinafter described and hereinafter referred to as "Owner and Western AgCredit, PCA, present owner and holder of the mortgage and note first hereinafter described and hereinafter referred to as "Beneficiary THAT WHEREAS, KENNETH R. PETERSEN and ANDRA L. PETERSEN, husband and wife, as tenants by the entireties did execute a mortgage, dated June 12, 2009, to Western AgCredit, PCA as mortgagee, covering: FOR DESCRIPTION OF REAL PROPERTY SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF to secure a note in the sum of $1,150,000.00 dated June 12, 2009, in favor of Western AgCredit, PCA,and a note in the sum of $215,000.00 dated June 12, 2009, in favor of Western AgCredit, PCA, and a note in the sum of $70,000.00 dated September 23, 2009, in favor of Western AgCredit, PCA, which mortgage was recorded June 29, 2009, Entry No. 948025, Book No. 726, Page No. 447, Official Records of Lincoln County, State of Wyoming; and WHEREAS, Owner has executed, or is about to execute, a mortgage and note in the sum of $1,094,000.00, dated June 10, 2009, in favor of Western AgCredit, FLCA, 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 WHEREAS, it is a condition precedent to obtaining said credit from Lender that said mortgage last above mentioned 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 extend said credit 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 of the mortgage first above mentioned to the lien or charge of the mortgage in favor of Lender; and WHEREAS, it is to the mutual benefit of the parties hereto that Lender extend said credit to Owner; and Beneficiary is willing that the mortgage securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the mortgage first above mentioned. OO'758 NOW THEREFORE, in consideration of the mutual benefit 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 extend said credit, it is hereby declared, understood and agreed as follows: (1) That said mortgage in favor of Lender 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 mortgage first above mentioned. (2) That the purpose of this agreement is to establish a lien priority for the Lender which will allow it to provide a continuing line of credit to Owner, and that this agreement is to continue in effect as to all credit extended to Owner, not exceeding in the aggregate outstanding at any one time (without including any amounts then repaid) $1,094,000.00 principal, plus interest thereon which may accrue at a variable or adjustable rate in accordance with the terms of the note, whether resulting from loans or advances heretofore or hereafter made. Said aggregate amount shall include all sums resulting from any extensions or renewals of such credit, and all costs and attorney's fees incurred in connection with such credit. (3) Owner: ANDRA L. PETERSEN 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 mortgages hereinbefore specifically described, any prior agreements as to such subordination, including but not limited to, those 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 deeds of trust or to another mortgage or mortgages. Beneficiary declares, agrees and acknowledges that: (a) Beneficiary 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; (b) 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 in whole or in part. (c) Beneficiary 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, 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. 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. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. WAC 1240 Subordination Agreement -Real Property (11 -03) (Page 2 of 3) Notary Acknowledgment(s): STATE OF Wyoming COUNTY OF Lincoln On this 15 day of 4V01i,v4v personally appeared KENNETH R. PETERSEN person(s) whose name(s) is subscribed to this instn STATE OF Wyoming ss. COUNTY OF Lincoln On this a 5' day of J% 2009, before me, the undersigned Notary Public in and for said County and State, personally appeared ANDRA L. PETERSEN personally known to me] proved to me on the basis of satisfactory evidence] to be the person(s) whose name(s) is subscribed to this instrument and acknowledged to me that she executed it. WITNES'S' and of 6ia1 seal SS. Beneficiary: Western AgCreddiit, PCA By: D G. Brown, Vice President Credit Services Notary Acknowledgment: STATE OF UTAH ss. COUNTY OF SALT LAKE WAC 1240 Subordination Agreement Real Property (11 03) (Page 3 of 3) 2009, before me, the undersigned Notary Public in and for said County and State, p ersonally known to me] proved to me on the basis of satisfactory evidence] to be the ent and acknowledged to me that he executed it. WITNESS my hand NotaD d offic' l se'a _dalt/ in and for said County and State ublic in and for said County d On this 17th day of November, 2009, before me, the undersigned Notary Public in and for said County and State, personally appeared DAVID G. BROWN, personally known to me to be the person who executed the within instrument as VICE PRESIDENT CREDIT SERVICES or on the behalf of the corporation therein named, and acknowledged to me that the corporation executed the within instrument pursuant to its by -laws or a resolution of its board of directors. SOWN PUNIC WITNESS my h CINDY Ml MGM INNOSNcklm PoInt* S M070 COMMISSION EXPINli MARCH 77. SWEOFU H bli in £d S tate otary P tate and o 04W759 eal n. for said County PARCEL 1 -0 -00- 012.00 12- 2219- 18 -1 -00- 010.00 PARCEL 'B 1 EDIT •"A" 006760 60 BEING THE DESCRIPTION OF TWO PARCELS OF:LAND,:DESIGNATED HEREIN AS PARCEL "A" AND _PARCEL "B SITUATE IN. 13,24, AND25 OF TOWNSHIP 22 NORTH, RANGE 120 WEST, SECTIONS 18, 19 AND.30 OF TOWNSHIP 22 NORTH, RANGE 119 WEST, AND SECTION 7 OF TOWNSHIP 21 NORTH, .RANGE 119 WEST, ALL REFERRED TO THE SIXTH PRINCIPAL MERIDIAN AND ALL BEING SITUATE:INLTh COLN COUNTY, WYOMING AND DESCRIBED IN PARTICULAR AS FOLLOWS, TO- WIT: BEGINNING AT CORNERNO. 3 OF RESURVEY TRACT NO. "74; A POINT PLA11ED BYTHE GENERAL LAND Oh�.ICE OF THE UNITED STATES AS BEING SOUTH 66 °5T EAST.21.83 C}LAINS FROM THE SOUTHWEST CORNER OF SECTION24INPLACE AND AS DESCRIBED BY THE SURVEYOR GENERAL; THENCE NORTH 2020 CHAINS TO THEI,OCUS OF CORNERNO.4 OF SAID TRACT74, A LOST CORNER, TE-'ENCE EAST 14.98 CHAINS TO.APOINT SITUATE IN THE SE' /SW'/ OF SAID SECTION24, THENCE NORTH 02°15' EAST, .1_2.5:73 CHAINS TO A POINT SITUA .LE IN THE SE' /<NW'/ OF SAID :SECTION 13, THENCE 88 °26' EAST 100.1 CHAINS TO APOINT SITUA1b.IN THE•SW' /NEl/ OF SAID SECTION 18, THENCE CHAINS ALONG THE. EAST BOUNDARY OF TRACT 76 OF TOWNSHIP22 NORTH, RANGE 119 TO CORNER NO.2 THEREOF, A' STONE-IN PLACE AS DESCRIBED BY TIE SURVEYOR GENERAL, SITUAlE.IN THE SW' /SEl/ OF SAID SECTION 18, THENCENORTH 88 °34' WEST40.01 CHAINS TO APOINT SITUATE IN THE SE' /SW'/ OF SAID SECTION 18, THENCE:SOUTB 101.00 CHAINS TO CORNER NO.2 OF TRACT 74 OF TOWNSHIP 22 'NORTH. RANGE 119 WEST SITUAT IN TIE NW' NW'/ OF SAID SECTION 30,.A STONE.LNTLACE ASDESCRIBED BY THE GENERAL, THENCE WEST 80.00 CHAINS, ALONG THE SOUTH BOUNDARY OF TRACT TO CORNER NO. 3 THEREOF, A:STONEIN PLACE AS DESCRIBED BY THE SURVEYOR GENERAL, THE POINT OF BEGINNING-. TIE EASTERN ONE -HALF OF THE SOUTHERN ONE -HALF OPLOT 7 AND TI= EASTERN ONE -HALF OF THE NORTHERN ONE-HALF OF LOT 8 OF SECTION 7 OF TOWNSHIP 21 NORTH, RANGE 119 WEST OF THE 6T.H PRINCIPAL MERIDIAN, LINCOLN COUNTY, WYOMING, AS SURVEYED AND PLATTED UNDERDA L1.OF 5/29/ 12 BY THE GENERAL LAND 0J HCE OF THE UNITED STATES. TOGETHER WITH•688 SHARES of water stock in the WOODRUFF NARROWS RESERVOIR COMPANY. ALSO TOGETHER with .523 UNITS of LIMITED PARTNERSHIP INTEREST in the WOODRUFF NARROWS LIMITED PARTNERSHIP. ALSO TOGETHER with 165 UNITS of GENERAL PARTNERSHIP INTEREST in WOODRUFF NARROWS LIMITED P ARTNERSHLP. ALSO TOGETHER with 1102 SHARES of water stock in the BECKWITH QUINN CANAL CON2ANY. Form 1355 Page 1 oft 006761 ALSO TOGETHER with the following water Tights Tesistered with the State of Wyoming Department of Water Resources: Water.Permit Number(s): 8923 (56% ownership interest). and P140753W. Form 1355 Paze2 of''