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SUBORDINATI4 JV-rENT 0 1 ~l A Y _7 FTI' 2. f C
s
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN EF?
ING
INTEREST IN THE PROPERTY BECOMING SU13JECT
LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER
SECURITY INSTRUMENT.
T[IIS AGREEMENT, made this 23rd day of April 2001
by LAZY B MOTEL, LLC, a Wyoming Limited Liability Company
owner of the land hereinafter described and hereinafter referred to as "Owner,"
and
CATHERINE J. FRITZE
present owner and holder of the mortgage and note first hereinafter described
and hereinafter referred to as "Mortgagee;"
WITNESSETH
THAT WHEREAS, DIANE R. RILEY AND ROBERT P. WELKER
did execute a mortgage dated September 15, 1997 to
CATHERINE J. FRITZE
as mortgagee, covering:
Beginning at the Northwest Corner of Lot 2, Block 8 of the Afton Townsite
Lincoln County, Wyoming and running thence South 10 rods; thence East
167 feet; thence South 10 rods; thence East 163 feet; thence North 20 rods;
thence West 20 rods to the place of beginning.
to secure a note in the sum of $ 100,292.02 dated September 10, 199,7
in favor of CATHERINE J. FRITZE
which mortgage was recorded October 7, 1997 in book 402PR ,
page 691 , Official Records of said county; and
WHEREAS, Owner has executed, or is about to execute, a mortgage and note
in the sum of $ T50,600.00 , dated Apri:lc°23'. 2001 (n
favor of FIRST SECURITY BANK, N.A. OR WELLS FARGOBANK: WYOMING•, N.A.
hereinaftm- 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 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 above mentioned; 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 Mortgagee will specifically and unconditionally subordinate the
lien or charge of tiie mortgage first above mentioned to the lien or charge of
the mortgage in favor of Lender; and
M
Subordination Agreement -
Page 2
gjU
WHEREAS, It is to the mutual benefit of the parties hereto that Lender
make such loan to Owner; and Mortgagee 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 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 fir- t 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 tiie subordination of the lien or charge of tiie 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
hereinbefo.re specifically described, any prior agreement 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.
Mortgagee declares, agrees and acknowledges that
(a) He consents to and approves (1) 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) He 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;
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.
08,7 3" 12
Subordination Agreement -
Page 3
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 OTFIER PURPOSES THAN
IMPROVEMENT OF THE LAND.
CATHERINE FR TZE
911
LAZY MOTEL, LLC
Mortgagee
Owner
STATE OF /TL
~n\
COUNTY OF SS
The foregoing instrument was acknowledged before me by Catherine J. Fritze
t its day of April , 2001
Witness my hand and official seal.
DAN AN 800 T T'A r t.IO
County of
Lincoln etc of
I~'an~fng /
Comma
MY on m salon
STATE OF
COUNTY OF
SS
The foregoing instrument was acknowledged before me by Diane R. Riley
_ Managers of Lazy B Motel, LLC
tills a-yo f April 2001
Wit
rN OOT ARY PUSLBO 1 seal .
d-oL
ystift o of
Wyornir~ a: 4c°.! , 's g~lres SERT. 20, 2003
My Commission Expires: q-1Q0
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