HomeMy WebLinkAbout957926RECORDING REQUESTED BY:
First American Title .Insurance Company
National Lenders Advantage -NTP
PREPARED BY- ANB-WISEN
First American Title Insurance
Company National Lenders
Advantage -NTP
1591 Galbraith Avenue, Suite 200
Grand Rapids, MI, 49546
A.P.N: 3519 251 -03- 120 -00
File No: 6767045n
SUBORDINATION AGREEMENT
(Existing to New)
THIS AGREEMENT, made this I LP day of 0-e(' 11' I t Y 2010 by
LARRY S. ROBINSON, AN UNMARRIED PERSON
Owner of land hereinafter described and hereinafter referred to as "Owner and
APN 3519 251 -03- 120 -00
WITNESSETH
1
RECEIVED 2/3/2011 at 2:44 PM
RECEIVING 957926
BOOK: 761 PAGE: 832
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
000832
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.
Mortgage Electronic Registration Systems, Inc., as Nominee for GMAC Mortgage Corporation, its successors and
assigns
Present Owner and Holder of the Mortgage and Note first hereinafter described and hereinafter referred to as
"Beneficiary",
THAT WHEREAS, LARRY S. ROBINSON, AN UNMARRIED PERSON has executed a Mortgage dated SEPTEMBER
01, 2007, to GMAC MORTGAGE, LLC covering:
LOT 43 OF PRATER CANTON ESTATES UNIT 4, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL
PLAT FILLED ON JULY 06, 1970 AS INSTRUMENT NO. 423838 OF THE RECORDS OF THE LINCOLN COUNTY
CLERK.
To secure a Note in the sum of $14,300.00, dated SEPTEMBER 01, 2007, in favor of Mortgage Electronic
Registration Systems, Inc., as Nominee for GMAC Mortgage Corporation, its successors and assigns,
which Mortgage was recorded SEPTEMBER 27, 2007 in Docket /Book 673PR, Page 549, of said County; and
WHEREAS, Owner has executed, or is about of execute, a Mortgage and Note in the sum of $264,188.21, (NOT
TO EXCEED THIS AMOUNT), dated 1 1 in favor of ALLY BANK, hereinafter 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 Beneficiary will specifically and unconditionally subordinate the lien or charge upon said land which
is unconditionally prior and superior to the lien or charge of the Mortgage above mentioned. 000833
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 renewals or extensions
thereof, shall unconditionally be and remain at all times a lien prior 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 Mortgage hereinbefore specifically described
any prior agreement as to such subordination including, but not limited to, these provisions,
if any, contained in the Mortgage first above mentioned, which provide for the subordination
of the lien or charge thereof to another deed or deed of trust or to another mortgage or
mortgages.
Beneficiary declares, agrees and acknowledges that
1. He 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;
2. 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 or in part;
3. 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 and 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
4. An endorsement has been placed upon the note secured by 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 THE LAND.
BENEFICIARY: Mortgage Electronic Registration Systems, Inc., as Nominee for GMAC Mortgage Corporation, its
successors and assigns
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2
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES
CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO
COUNTY OF DODUI
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appeared
STATE OF
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Signature
My Commission Ex
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satisfactory evidence) to 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) and that
his /her /their signature(s) on the instrument to the person(s) or the entity upon behalf of which the person(s)
acted executed the instruments.
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
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This area for official notarial seal.
3
Form No. 3301 (6/00)
Short Form Commitment, EAGLE
SUPER EAGLE
The land referred to in this policy is situated in the STATE OF WYOMING, COUNTY OF
LINCOLN, CITY OF THAYNE, and described as follows:
SITUATED IN THE COUNTY OF LINCOLN AND STATE OF WYOMING: LOT 43 OF PRATER
CANYON ESTATES UNIT 4, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE
OFFICIAL PLAT THEREOF, TOGETHER WITH ALL BUILDINGS, IMPROVEMENTS AND
APPURTENANCES THEREON SITUATE OR IN ANYWISE APPERTAINING THERETO.
APN 36( *5. C)_ IcLC1 (OC)
IIIlI1Ill lilI1U ROBINSON
43177644
FIRST AMERICAN ELS
SUBORDINATION AGREEMENT
MIS II II NI II l 1111111111111111111111111111 1111 1 111 1 1111 a 111
WY
Exhibit "A"
ORDER NO: 6767045
FILE NO: 6011019519ET
LENDER REF: 000687663703
WHEN RECORDED, RETURN TO:
FIRST AMER ICAN MORTGAGE SERVICES
1100 SUPERIOR AVENUE, SUITE 200
CLEVELAND, OHIO 44114
NATIONAL RECORDING
00 ,835