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HomeMy WebLinkAbout955910Wells Fargo Home Mortgage 8480 Stagecoach Circle MAC X3802 -03A Frederick MD 21701 -4747 WITNESSETH. Recording RECEIVED 10/8 /2010 at 3:46 PM RECEIVING 955910 BOOK: 755 PAGE: 142 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Subordination Agreement THIS AGREEMENT is made and entered into onthis 16 day of August by The Jackson State Bank &Trust (hereinafter referred to as `Beneficiary") in favor of Bank of America N.A., it's successors and assigns (hereinafter referred to as "Lender WHEREAS, Wells Fargo Bank, N.A. did loan Steve Bell and Carrie Bell "Borrower the sum of $243,000.00 which loan is evidenced by a promissory note dated August 08, 2008 executed by Borrower in favor of Wells Fargo Home Mortgage and is secured by a Deed of Trust even date therewith (the "Deed of Trust covering the property described therein and recorded as Instrument 941347 Book 702 Page 492 of the real property records in the office of Lincoln County, State of Wyoming and 1.42 WHEREAS, Borrower has requested that Lender lend to it the sum of $417,000.00 the "loan such loan to be evidenced by the promissory note dated Stp 1 Zc�. executed by Borrower in favor of Lender and secured by a Mortgage of even date therewith (the "New Mortgage covering in whole or in part of the property covered by the Mortgage: and WHEREAS, Lender has agreed to make a loan to the Borrower, if, but only if, the New Mortgage shall be and remain a lien or charge upon the property covered thereby prior and superior to the lien or charge of the Mortgage and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the Mortgage to the lien or charge of the New Mortgage of Lender. NOW, THEREFORE, in consideration of One Dollar and in consideration for the premises and for other good and valuable consideration, the receipt and sufficiency all of which is hereby acknowledged, and in order to induce Lender to make the Loan above referred to, Beneficiary agrees as follows: 1. The New Mortgage and the note secured thereby and the debt evidenced by such and any and all renewals and interest payable on all of said debt and on any and all such renewals and extensions shall be and retain at all times a lien or charge on the property covered by the New Mortgage, prior and superior to the lien or charge of the Mortgage in favor of Beneficiary. 2. Beneficiary acknowledges that it intentionally waives, relinquishes, and subordinates the priority and superiority of the lien or charge of the Mortgage in favor of the lien or charge of the New Mortgage in favor of Lender and that it 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 by Lender which would not be made or entered into but for such reliance upon this waiver, relinquishment, and subordination. 3. This agreement contains the entire agreement between the parties hereto as to the loan secured by the Mortgage and the Loan secured by the New Mortgage, and the priority thereof, and there are no agreements, written or oral, outside or separate from this agreement and all prior negotiations are merged into this agreement. 4. This agreement shall insure to the benefit of and be binding upon the successors and assigns of the parties. This subordination agreement shall become invalid in the event that the new loan amount exceeds $417,000.00 State of Maryland The Jackson State Bank &Trust s/b /m BENEFICIARY: Wells Fargo Bank N.A. ITS: Vice President County of Frederick I, the undersigned authority, Notary Public in and for said County, in said State, hereby certify that Ralph L. Hall whose name as Vice President, of Wells Fargo Bank, NA is signed to the foregoing instrument, and who is known to me, acknowledged before me, on this day that, being informed of the contents of said instrument, (s) he as such officer and with full authority, executed the same voluntarily for and as the act of said National Association. Given under my hand and official seal this the August day of 16` otary Public (Gwen Smalley) My Commission Expires: 05/15/2013 "EXHIBIT A" Lot Seventeen (17) of Aspen Ridge Estates, Lincoln County, Wyoming according to that plat filed April 28,2004 in the Office of the Lincoln County Clerk as Plat No. 237 -B.