HomeMy WebLinkAbout957703Recording Requested By /Return To:
Wells Fargo
P.O. Box 31557
MAC B6955 -013
Billings, MT 59107 -90900
This Instrument Prepared by:
Wells Fargo
P.O. Box 4149 MAC P6051 -019
Portland, OR 97208 -4149
1- 800 945 -3056
Parcel /UPI 37181910500200
Account Number: XXX- XXX- XXX8287 -1998
Effective Date: 1/5/2011
Owner(s): COLLINS L BEERY
PAMELA SIMONS
Senior Lender: Morgan Stanley Credit Union
[Space Above This Line for Recording Data]
Property Address: 841 ALPINE VILLAGE LOOP, ALPINE, WY 83128
RECEIVED 1/19/2011 at 11:47 AM
RECEIVING 957703
BOOK: 761 PAGE: 53
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Reference Number: 497340602123
SUBORDINATION AGREEMENT FOR
MODIFICATION OF LINE OF CREDIT MORTGAGE
Current Line of Credit Recorded Commitment $73,139.00 being reduced to $46,000.00.
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0000000000188960
Ord 44O53
Subordinating Lender: Wells Fargo Bank, N.A.
If Wells Fargo Bank, N.A. is subordinating to Wells Fargo Bank, N.A., this document is notice that the lien securing
the loan or line of credit serviced by the Wells Fargo Bank Home Equity Group is subordinated to the first lien loan
being originated or modified by the Wells Fargo Hone Mortgage Group.
THIS AGREEMENT (the "Agreement effective as of the Effective Date above, is made by and among the
Subordinating Lender, Owners and the Senior Lender named above.
COLLINS L. BEERY, WHO AQUIRED TITLE AS COLLINS BEERY AND PAMELA SIMONS, HUSBAND
AND WIFE AS TENANTS BY THE ENTIRETIES (individually and collectively the "Owner own the real
property located at the above Property Address (the "Property").
The Subordinating Lender has an interest in the Property by virtue of a Line Of Credit Mortgage (the "Existing
Security Instrument given by the Owner, covering that real property, more particularly described as follows:
which document is dated the 19th day of June 2006, which was filed in Book 628 at page 20 (or as No. 920704)
of the Official Records in the Office of the Recorder of the County of LINCOLN, State of Wyoming. The Existing
Security Instrument secures repayment of a debt evidenced by a note or a line of credit agreement extended to
COLLINS L BEERY, PAMELA SIMONS (individually and collectively "Borrower by the Subordinating
Lender.
The Senior Lender has agreed to make a new loan or amend an existing loan in the original principal amount NOT
to exceed $260,000.00 (the "New Loan or Amended Loan provided that the New Loan or Amended Loan is
secured by a first lien mortgage on the Property (the "New Security Instrument in favor of the Senior Lender. If
the New Loan or Amended Loan exceeds this amount, the Subordination Agreement is VOID.
The Subordinating Lender is willing to subordinate the lien of the Existing Security Instrument to the lien of the
New Security Instrument under the terms set forth in this Agreement.
NOW, THEREFORE, for and in consideration of the above recitals, the covenants herein contained, and for good
and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:
A. Agreement to Subordinate
B. Agreement to Change Credit Limit
See Exhibit A
Subordinating Lender hereby subordinates the lien of the Existing Security Instrument, and all of its
modifications, extensions and renewals, to the lien of the New Security Instrument. This Agreement is effective
as to any sum whose repayment is presently secured or which may in the future be secured by the Existing
Security Instrument.
Change in Line of Credit Agreement
The Subordinating Lender's agreement to subordinate is conditioned on the reduction in the Borrower's
revolving Line of Credit from $73,139.00 to $46,000.00.
By signing this Agreement below, the Borrower agrees to this change.
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0000000000188960
Change in Security Interest
The lien evidenced by the Existing Security Instrument is hereby reduced from $73,139.00 to $46,000.00.
C. General Terms and Conditions
Binding Effect This Agreement shall be binding upon and inure to the benefit of the respective heirs, legal
representatives, successors and assigns of the parties hereto and all of those holding title under any of them.
00:1454
Nonwaiver This Agreement may not be changed or terminated orally. No indulgence, waiver, election or
non election by New Lender or the trustee(s) under the New Security Instrument or related documents shall
affect this Agreement.
Severability The invalidity or unenforceability of any portion of this Agreement shall not affect the
remaining provisions and portions of this Agreement.
D. Signatures and Acknowledgements
The Subordinating Lender, through its authorized officer, and the Borrower, have each set their hand and seal as of
the Effective Date above unless otherwise indicated.
SUBORDINA LENDER:
Wells,'ar .A.
B r 1/5/2011
(Signature) Date
Barbara Edwards
(Printed Name)
Work Director
(Title)
FOR NOTARIZATION OF LENDER PERSONNEL
5 i`ATE OF Ove90 9,
COUNTY OF Washington i 88.
O55
The foregoing Subordination Agreement was acknowledged before me, a notary public or other official qualified to
administer oaths thi -day of i/A,,._ 1 by Barbara Edwards, as Work Director of Wells Fargo
Bank, N.A., the Subordinating Lender, on behalf of said Subordinating Lender pursuant to authority granted by its
Board of Directors. S /he is personally known to me or has produced satisfactory proof of his /her identity.
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0000000000188960
btar Public)
OFFICIAL SEAL
I3AMBI B LUCK
NOTARY PUBLIC OREGON
COMMISSION NO. 451907
,ONMMISSION EXPIRES AUGUST 31, 2014
Page 3 of 5
BORROWER/ OWNER:
(Signature)
COLLINS L BEERY
(Printed Name)
(Signature)
PAMELA SIMONS
(Printed Name)
(Signature) (Date)
(Printed Name)
(Signature) (Date)
(Printed Name)
(Signature) (Date)
(Printed Name)
(Signature)
(Printed Name)
(Date)
(Signature) (Date)
(Printed Name)
(Signature) (Date)
(Printed Name)
1/4
(Date)
1/13 /4e1
(Date)
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0000000000188960
00J056
For An Individual Acting In His /Her Own Right:
State of (At(71[V0, "J
County of 1AT\ eA
This ed e
trument was ac before me on P, 2.0
by U(1 kn5, 1..- j Qe- r 4 a"A "I"C uvQ 6 1,41.0 h S
of persons).
(Seal, if any)
My Commission Expires:
9•4_ t
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0000000000188960
(date)
(name(s)
Exhibit "A"
That part of Lot 33 of the Alpine Village Subdivision No. 1, Plat 2 Amended of
record in the Office of the Clerk of Lincoln County as Plat No. 264 within the NE%
of Section 19, T37N, R118W, Lincoln County, Wyoming, being part of that tract of
record in the office of the Clerk of Lincoln County in Book 306 of Photostatic
Records on page 648, described as follows:
Beginning at the northwest corner of said Lot 33, identical with the intersection of
the southerly right -of -way line of Village Lane and the Southeasterly right -of -way
line of Alpine Village Loop;
thence N82 04'14 "E, the Base Bearing for this survey, 336.87 feet, along said
southerly right -of -way line, to a point;
thence S07 55.8'E, 247.77 feet to a point on a southerly boundary of said
subdivision, identical with the south line of said lot 33;
thence N89°-36.9'W, 157.52 feet, along said Subdivision boundary line, to the
northeast one sixteenth corner of said Section 19, found as described in the Certified
Land Corner Recordation Certificate filed in said office;
thence S00 4.6'E, 232.88 feet, along an easterly boundary of said Subdivision and
said Lot 33, to a corner common to said Lot 33 and Lot 34, of said Subdivision;
thence N61 48.4'W, 369.50 feet, along the lot line common to said lot 33 and Lot 34,
to an intersection with the southeasterly right -of -way line of said Alpine Village
Loop;
thence N28 01.7'E, 200.00 feet, along said southeasterly right -of -way line, to a
corner at the beginning of a circular curve to the left;
thence northeasterly, 83.12 feet along the arc of said curve through a central angle
of 26° -27.4' width a radius of 180.00 feet, to the Corner of Beginning.
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