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HomeMy WebLinkAbout952731SUBORDINATION AGREEMENT WHEN RECORDED MAIL TO: SPACE ABOVE FOR RECORDERS USE MSN SV -79/ DOCUMENT CONTROL DEPT. P.O. BOX 10266 VAN NUYS CALIFORNIA 91410 -0266 LOAN 164939266 ESCROW /CLOSING 219164397 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 Twenty -fifth day of March, 2010, by MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, Inc. "MERS as nominee for Countrywide Home Loans, Inc. "Subordinated Lienholder with a place of business at P.O. BOX 2026, FLINT, MI 48501 -2026. C OO728 WHEREAS, WILLIAM A ESPERSON executed and delivered to Subordinated Lienholder, a Deed of Trust/Mortgage (the "Existing and Continuing Security Instrument in the sum of $40000.00 dated 04/04/2007 and recorded in Book Volume -654, Page 000067-000072, as Instrument No. 92878, 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 326 SNAKE RIVER DRIVE, ALPINE, WY 83128 and further described on Exhibit "A," attached. WHEREAS, WILLIAM A ESPERSON "Borrower executed and delivered to Bank of America, N.A. "Lender a deed ottrust/mortgage in the principal amount not to exceed $264000.00, 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' dbbtaining 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 RECEIVED 3/31/2010 at 10:16 AM RECEIVING 952731 BOOK: 744 PAGE: 728 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Jj id T Itie .Company SINCE 1904 (2) That Lender would not make the New Loan without this subordination agreement. 0729 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. (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 supeirsede 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) alf 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 'orpersons to whom Lender disburses such proceeds and any application or use'tf such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination herein made in wl064or in part; and (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 Countr Home Loans, Inc. Pet e'F Craig Booga rd, Assistant Vice President CC0u730 ALL PURPOSE ACKNOWLEDGMENT STATE OF Lfr /-1- COUNTY OF u A H On 03/25/2010 before me, 'L¢ 5E1, ►A) (notary) personally appeared Peter Craig Boogaard,: Assistant Vice President, of MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, Inc. "MERS as nominee for Countrywide Home Loans, Inc. 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: Although the information requested below is OPTIONAL, it could prevent fraudulent attachment of this certificate to another document. THIS CERTIFICATE MUST BE ATTACHED Title of Document Type Svborcim t Yil; 4,,Qeme,4 TO THE DOCUMENT DESCRIBED AT N'urhl$er of+Pa eS q Date of Document 3 RIGHT g S�/ d Signel Than Named Above 00',1 (NOTARY SEAL)