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HomeMy WebLinkAbout951334RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: Christopher Hawks, PC Hawks Associates, LC P.O. Box 4430 Jackson, WY 83001 SPACE ABOVE THIS LINE FOR RECORDER'S USE SUBORDINATION AGREEMENT This Subordination Agreement "Agreement is dated as of the c L day of December, 2009, by and between Boyd W. Wilkes and Ione R. Wilkes, Trustees of the Boyd W. Wilkes and Ione R. Wilkes Revocable Trust Dated March 30, 1994, of P.O. Box 13, Afton, WY 83110 (the "Wilkes Mortgage and Susan Bateman Worton as Trustee of the Marlow and Susan Bateman Trust Dated December 20, 1996, of 244 Tom's Canyon Road, Auburn, WY 83111 (the "Bateman Mortgage (both of which are herein after also collectively referred to as the "Lender and Double L Ranch #3, LLC, a Wyoming limited liability company and Double L Ranch #4, LLC, a Wyoming Limited liability company (collectively hereinafter referred to as "Double L Recitals RECEIVED 12/30/2009 at 3:56 PM RECEIVING 951334 BOOK: 739 PAGE: 177 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 0061`17 WHEREAS, the Wilkes Mortgage is dated October 30, 2003, and was recorded on November 3, 2003 in Book 540 of Photo, at Page 752, records of Lincoln County, Wyoming and encumbers the real property described therein the "Wilkes Property and WHEREAS, the Bateman Mortgage is dated January 25, 2005, and was recorded on February 3, 2005 as Receiving 906277 in Book 578 of Photo, at Page 365, records of Lincoln County, Wyoming and encumbers the real property described therein the "Bateman Property and WHEREAS, Double L desires to record a set of restrictive covenants, conditions and restrictions (the "Declaration against the Wilkes Property and the Bateman Property and has requested the Lender to subordinate the lien of their mortgages to the provisions of the Declaration which will be recorded in the land records of Lincoln County, Wyoming as Receiving C I.5 %3, in Book 3 at Page /S4 and WHEREAS, Lender has agreed to subordinate the lien of the Wilkes Mortgage and the Bateman Mortgage to the Provisions of the Declaration; and WHEREAS, For the mutual benefit of Double L and Lender, Lender and Double L desire to enter into this Agreement to provide for the subordination of the Bates Mortgage and the Wilkes Mortgage to the Declaration. 4. All notices expressly provided hereunder to be given shall be in writing and shall be (i) hand delivered, effective upon receipt, (ii) sent by United States Express Mail or by private overnight courier, effective upon receipt, or (iii) served by certified mail. Any such notice or demand served by certified mail, return receipt requested, shall be deposited in the United States mail, with postage thereon fully prepaid and addressed to the party so to be served at its address above stated or at such other address of which said party shall have theretofore notified in writing, as provided above, the party giving such notice. Service of any such notice or demand so made shall be deemed effective on the day of actual delivery as shown by the addressee's return receipt or the expiration of three (3) business days after the date of mailing, whichever is the earlier in time. Notices to be served hereunder shall be addressed to the appropriate address set forth hereinbelow, or at such other place as Lender or Lender may from time to time designate in writing by ten (10) days prior written notice thereof: 006178 NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lender and Double L hereby agree as follows: 1. The recitals to this Agreement are incorporated herein and made a part hereof by this reference thereto. To the extent not otherwise defined herein, all capitalized terms shall have the meanings ascribed thereto in the Wilkes Mortgage, the Bateman Mortgage and the Declaration. 2. Lender hereby agrees that the liens, charges and security interests of the Wilkes Mortgage and the Bateman Mortgage are hereby made and shall at all times shall be wholly subordinate to the liens, charges and rights of the Declaration and Lender hereby subordinates and makes second, junior and inferior any and all rights, powers and prerogatives Lender may have under, pursuant to and by virtue of the Wilkes Mortgage and the Bateman Mortgage in and to the Wilkes Property and the Bateman Property and all other property, collateral, rights, entitlements, development rights, titles and interests covered by the Wilkes Mortgage and the Bateman Mortgage to all liens, rights, titles and interests of Double L and the Double L Ranch Homeowners Association, Inc., a Wyoming nonprofit corporation (the "Association pursuant to the Declaration. Lender further agrees that all liens, rights, titles, and interests of Double L and the Association pursuant to the Declaration shall be first, prior and superior to any and all rights, powers and prerogatives of Lender under, pursuant to and by virtue of the Wilkes Mortgage and the Bateman Mortgage. Lender further agrees that any and all liens, rights, titles and interests of Lender under, pursuant to and by virtue of the Wilkes Mortgage and the Bateman Mortgage shall be and remain expressly subordinate to the liens, rights, titles and interests of Double L and the Association pursuant to the Declaration and any renewal, extension, or modification thereof, unless otherwise agreed to in writing by Double L and the Association. 3. This Agreement shall be the entire agreement with regard to the subordination of the Lender Mortgage to the Mortgage, and shall supersede and cancel any prior agreements as to such subordination. The execution of this Agreement by any party shall not constitute a default or event of default under the Lender Mortgage. 2 To Double L Ranch: Christopher Hawks, Esq. Hawks Associates, L.C. P.O. Box 4430 199 East Pearl Ave., Suite 102 Jackson, Wyoming 83002 Facsimile No.: (307) 733 -9437 To Wilkes: Boyd W. Wilkes P.O. Box 13 Afton, WY 83001 To Bateman: Susan Bateman Worton 244 Tom's Canyon Road Auburn, WY 83111 3 000199 5. This Agreement will be governed by, and construed and enforced in accordance with, the laws of the State of Wyoming. 6. This Agreement may be signed in multiple counterparts with the same effect as if all signatories had executed the same instrument. 7. Lender agrees to pay all costs, including reasonable attorneys' fee and expenses (and any allocated costs of in -house counsel), incurred by Double L or the Association in enforcing this Agreement in the event a court of competent jurisdiction determines that Lender breached this Agreement. 8. This Agreement shall be for the benefit of Double L and the Association, this, and there shall be no third party beneficiaries, intended or otherwise, of this Agreement, and no party hereunder shall be liable to any person not a party hereto for any obligations provided herein. 9. This Agreement shall be binding upon and inure to the benefit of Double L and the Association and their respective successors and assigns. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above. Signature Page to Subordination of Mortgage Boyd W. Wilkes and Ione R. Wilkes Revocable Trust dated March 30, 1994 Boyd W. Wilkes, Trustee Marlow and Susan Bateman Trust dated December 20, 1996 Susan Bateman Worton, Trustee t0UI$0 STATE OF WYOMING COUNTY OF LINCOLN Witness my hand and official seal. My commission expires: Witness my hand and official seal. My commission expires: ACKNOWLEDGMENT ss.: The foregoing instrument was acknowledged before me by Boyd W. Wilkes this day of December, 2009. STATE OF WYOMING ss.: COUNTY OF LINCOLN The foregoing instrument was acknowledged before me by Susan Bateman Worton this day of December, 2009. Notary Public RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: Christopher Hawks, PC Hawks Associates, LC P.O. Box 4430 Jackson, WY 83001 SPACE ABOVE THIS LINE FOR RECORDER'S USE Recitals eou ri 2 SUBORDINATION AGREEMENT This Subordination Agreement "Agreement is dated as of the day of December, 2009, by and between Boyd W. Wilkes and Ione R. Wilkes, Trustees of the Boyd W. Wilkes and Ione R. Wilkes Revocable Trust Dated March 30, 1994, of P.O. Box 13, Afton, WY 83110 (the "Wilkes Mortgage and Susan Bateman Worton as Trustee of the Marlow and Susan Bateman Trust Dated December 20, 1996, of 244 Tom's Canyon Road, Auburn, WY 83111 (the "Bateman Mortgage (both of which are herein after also collectively referred to as the "Lender and Double L Ranch #3, LLC, a Wyoming limited liability company and Double L Ranch #4, LLC, a Wyoming Limited liability company (collectively hereinafter referred to as "Double L WHEREAS, the Wilkes Mortgage is dated October 30, 2003, and was recorded on November 3, 2003 in Book 540 of Photo, at Page 752, records of Lincoln County, Wyoming and encumbers the real property described therein the "Wilkes Property and WHEREAS, the Bateman Mortgage is dated January 25, 2005, and was recorded on February 3, 2005 as Receiving 906277 in Book 578 of Photo, at Page 365, records of Lincoln County, Wyoming and encumbers the real property described therein the "Bateman Property and WHEREAS, Double L desires to record a set of restrictive covenants, conditions and restrictions (the "Declaration against the Wilkes Property and the Bateman Property and has requested the Lender to subordinate the lien of their mortgages to the provisions of the Declaration which will be recorded in the land records of Lincoln County, Wyoming as Receiving J33 in Book 9 at Page /95 and WHEREAS, Lender has agreed to subordinate the lien of the Wilkes Mortgage and the Bateman Mortgage to the Provisions of the Declaration; and WHEREAS, For the mutual benefit of Double L and Lender, Lender and Double L desire to enter into this Agreement to provide for the subordination of the Bates Mortgage and the Wilkes Mortgage to the Declaration. CCO61 3 NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lender and Double L hereby agree as follows: 1. The recitals to this Agreement are incorporated herein and made a part hereof by this reference thereto. To the extent not otherwise defined herein, all capitalized terms shall have the meanings ascribed thereto in the Wilkes Mortgage, the Bateman Mortgage and the Declaration. 2. Lender hereby agrees that the liens, charges and security interests of the Wilkes Mortgage and the Bateman Mortgage are hereby made and shall at all times shall be wholly subordinate to the liens, charges and rights of the Declaration and Lender hereby subordinates and makes second, junior and inferior any and all rights, powers and prerogatives Lender may have under, pursuant to and by virtue of the Wilkes Mortgage and the Bateman Mortgage in and to the Wilkes Property and the Bateman Property and all other property, collateral, rights, entitlements, development rights, titles and interests covered by the Wilkes Mortgage and the Bateman Mortgage to all liens, rights, titles and interests of Double L and the Double L Ranch Homeowners Association, Inc., a Wyoming nonprofit corporation (the "Association pursuant to the Declaration. Lender further agrees that all liens, rights, titles, and interests of Double L and the Association pursuant to the Declaration shall be first, prior and superior to any and all rights, powers and prerogatives of Lender under, pursuant to and by virtue of the Wilkes Mortgage and the Bateman Mortgage. Lender further agrees that any and all liens, rights, titles and interests of Lender under, pursuant to and by virtue of the Wilkes Mortgage and the Bateman Mortgage shall be and remain expressly subordinate to the liens, rights, titles and interests of Double L and the Association pursuant to the Declaration and any renewal, extension, or modification thereof, unless otherwise agreed to in writing by Double Land the Association. 3. This Agreement shall be the entire agreement with regard to the subordination of the Lender Mortgage to the Mortgage, and shall supersede and cancel any prior agreements as to such subordination. The execution of this Agreement by any party shall not constitute a default or event of default under the Lender Mortgage. 4. All notices expressly provided hereunder to be given shall be in writing and shall be (i) hand delivered, effective upon receipt, (ii) sent by United States Express Mail or by private overnight courier, effective upon receipt, or (iii) served by certified mail. Any such notice or demand served by certified mail, return receipt requested, shall be deposited in the United States mail, with postage thereon fully prepaid and addressed to the party so to be served at its address above stated or at such other address of which said party shall have theretofore notified in writing, as provided above, the party giving such notice. Service of any such notice or demand so made shall be deemed effective on the day of actual delivery as shown by the addressee's return receipt or the expiration of three (3) business days after the date of mailing, whichever is the earlier in time. Notices to be served hereunder shall be addressed to the appropriate address set forth hereinbelow, or at such other place as Lender or Lender may from time to time designate in writing by ten (10) days prior written notice thereof: 2 To Double L Ranch: Christopher Hawks, Esq. Hawks Associates, L.C. P.O. Box 4430 199 East Pearl Ave., Suite 102 Jackson, Wyoming 83002 Facsimile No.: (307) 733 -9437 To Wilkes: Boyd W. Wilkes P.O. Box 13 Afton, WY 83001 To Bateman: Susan Bateman Worton 244 Tom's Canyon Road Auburn, WY 83111 3 e00184 0154 5. This Agreement will be governed by, and construed and enforced in accordance with, the laws of the State of Wyoming. 6. This Agreement may be signed in multiple counterparts with the same effect as if all signatories had executed the same instrument. 7. Lender agrees to pay all costs, including reasonable attorneys' fee and expenses (and any allocated costs of in -house counsel), incurred by Double L or the Association in enforcing this Agreement in the event a court of competent jurisdiction determines that Lender breached this Agreement. 8. This Agreement shall be for the benefit of Double L and the Association, this, and there shall be no third party beneficiaries, intended or otherwise, of this Agreement, and no party hereunder shall be liable to any person not a party hereto for any obligations provided herein. 9. This Agreement shall be binding upon and inure to the benefit of Double L and the Association and their respective successors and assigns. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above. Signature Page to Subordination of Mortgage 4�, O 0185 Boyd W. Wilkes and Ione R. Wilkes Revocable Trust dated March 30, 1994 Boyd W. Wilkes, Trustee Marlow and Susan Bateman Trust dated December 20, 1996 S tA-40., Susan Bateman Worton, Trustee STATE OF WYOMING ss.: COUNTY OF LINCOLN ACKNOWLEDGMENT E'0 The foregoing instrument was acknowledged before me by Boyd W. Wilkes this day of December, 2009. Witness my hand and official seal. My commission expires: STATE OF WYOMING COUNTY OF LINCOLN ss.: Notary Public The foregoing instrument was acknowledged before me by Susan Bateman Worton this day of December, 2009. Witness my hand and official seal. My commission expires: