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HomeMy WebLinkAbout952267Recording Requested By: Martin J. Werner 2005 Aspen Springs Road Kemmerer, Wyoming 83101 WHEN RECORDED, RETURN TO: EQUITYLOANSERVICES' 1100 SUPERIOR AVENUE SUITE200 CLEVELAND, 01110 44114 NATIONAL RECORDING TEAM1 Accommodation Record* l'er Client Request Order 6362700 Assessor's Parcel No.: 12- 2115- 05 -3 -00- 005.00 SUBORDINATION AGREEMENT TITLE OF DOCUMENT 000812 RECEIVED 2/22/2010 at 2:59 PM RECEIVING 952267 BOOK: 742 PAGE: 812 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 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 Subordination Agreement, made this o_� day of JO \UI L I 20 V) by Bank of the West (hereinafter referred to as Beneficiary), present owner an h der of the Mortgage and note first hereafter described, and Ally Bank Corp. f /k /a GMAC Bank, its successors and or assigns as their respective interests may appear (hereinafter referred to as "Lender WITNESSETH THAT WHEREAS, Martin J. Werner and Stacy A. Werner, husband and wife as ten nts by the entireties, (hereinafter referred to as "Owner did execute a Mortgage, dated to Bank of the West as Mortgagee, covering that certain real property described as follows: SEE EXHIBIT "A" ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF. COMMONLY known as: 2005 Aspen Springs Road, Kemmerer, Wyoming 83101 b1as to to secure a note in the sum of $25,000.00 dated in favor of Bank of the West which Mortgage was recorded May 28, 2008, as BOOK 695PR, PAGE 592, Official Records of said county, and WHEREAS, Owner has executed, or is abo t to execute, a Mortgage and note not to exceed the sum of �aJ� 11`) dated `o I in favor of Lender, payable with interest and upon the terms and conditions described therein, which Mortgage is to be recorded concurrently herewith; and Loan No. 000813 WHEREAS, It is a condition precedent to obtaining said loan 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 mentioned, Owner has requested Beneficiary to subordinate Beneficiary's lien to the lien about to be taken by the Lender; 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 of the Mortgage first above mentioned to the lien or charge of the Mortgage in favor of the Lender; and WHEREAS, It is to the mutual benefit of the parties hereto that Lender make such loan 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. 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 to as follows: (1) That said Mortgage securing said note in favor of Lender, 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 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 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 mortgage or mortgages. Beneficiary declares, agrees and acknowledges that: (a) It 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. Loan No. 000814 (c) It intentionally 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 unto but for said reliance upon this waiver, relinquishment and subordination; and (d) An endorsement has been placed upon the note secured by the 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 LAND. Loan No. IN WITNESS THEREOF, the parties hereto have set their hands and seals hereto as of the date first above written BENEFICIARY: Bank of the West By: Q a t60 Printed Name Title: ,SIteipa,Kett STATE OF COUNTY OF The foregoing instrument was acknowledged 1r e me by of Bank of the as under the laws of the State of on of 20 NOTARY STAMP /SEAL 000815 a corporation organized and operating of the corporation this day ess my hand and official seal 4 Signature of Acknowledging Officer Printed Name of Acknowledging Officer Title (Rank) of Acknowledging Officer MY Commission Expires: IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. 4 R F, personally. appeared Signature of Notary Public California All- Purpose Acknowledgment State of California County of CONTRA COST ss. On JAN 2 5 2010 before me, WITNESS my hand and official seal. NINA RUDULPH 5 e. Croc.,KcA -N- rn,.ti.,.,on My 'r.-.. f IVIy VVI 11111fJ5l V! It cx�iI ct7 on: Name and Title of.Notary Public who proved to me on the basis of satisfactory evidence to be the person(s) whose 1 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-by El E l his /her /their signature(s) on the instrument the person(s), or the entity upon behalf f of which the person(s) acted, executed the instrument. I 0 I certify under PENALTY OF PERJURY under the laws of the State of California Rs i the foregoing paragraph is true and correct. a NINA RtIDULPH Commission 172833 Notary Public California Contra Costa County 11 MII� (Optional) Phone No.: 1 -800- 827 -7500 000816 t i0 EXHIBIT "A" LEGAL DESCRIPTION ©00817 The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows: PARCEL NO. 1: A parcel of land located in the South Half of Section 5, and a portion of the Northwest Quarter of the Northwest Quarter of Section 8, of the resurvey of Township 21 North, Range 115 West, P.M., Lincoln County, Wyoming, to wit; Beginning at the Southwest corner of said Section 5; thence North 00 °06'47" West 780.00 feet to a point; thence South 89 °11'54" East 2464.55 feet to a point; thence 119.95 feet along a curve to the right having a radius of 1668.96 feet and a long chord bearing South 0 °48 "46': East 119.92 feet to a point on a centerline having a 30 foot easement to the right and running parallel; thence along said easement line South 1 °14'46" West 171.16 feet to a point; thence along said easement line South 69 °59'41" West 421.35 feet to a point; thence along said easement line 206.33 feet along a curve to the right having a radius of 1145.91 feet and a long chord bearing South 75 °09'11" West 206.06 feet to a point; thence along said easement line South 80°18'41" West 326.54 feet to a point; thence along said easement line 149.16 feet along a curve to the left having a. radius of 1145.92 feet and a long chord bearing South 76 °34'56" West 149.04 feet to a point; thence along said easement line South 72 °51'12" West 463.68 feet to a point; thence along said easement line 119.87 feet along a curve to the right having a radius of 1146.28 feet and a long chord bearing South 75 °50'57" West 119.82 feet to a point; thence along said easement line South 78 °34'26" West 758.01 feet to a point; thence along said easement line 97.07 feet along a curve to the right having a radius of 247.11 feet and a long chord bearing South 88°54'18" West 96.45 feet to a point; thence leaving said easement line North 00 °05'05" East 149.99 feet to the Point of Beginning. PARCEL NO. 2 A parcel of land located in the Southwest Quarter of Section 5 of the resurvey of Township 21 North, Range 115 West, 6 P.M., Lincoln County, Wyoming, to wit: Commencing at the Southwest corner of said Section 5; thence North 00006447" West, 780.00 feet to the True Point of Beginning; thence North 00 °06'74" West 701.01 feet to a point; thence South 86 °48'16" East 2439.41 feet to a point; thence South. 2°52'18" East 600.25 feet to a point; thence North 89 °11'55" West 2464.55 feet to the True Point of Beginning. IIIIIIIIIIIIIIIIIIIIII WERNER 417 1808 FIRST AMERICAN ELS SUBORDINATION IIIIIIIIUIIIIIIIIIIIIIIIIIII 1111\\\11 II1111111IIIIIIIIII WY