HomeMy WebLinkAbout957956RECEIVED 2/7/2011 at 11:47 AM
RECEIVING 957956
Order No.: 6011019654C0 BOOK: 762 PAGE: 31
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SUBORDINATION AGREEMENT
NOTICE: This subordination agreement results in your security interest in the property described
herein becoming subject to and of lower priority than the lien of some other or later Security
Instrument. It is recommended that, prior to the execution of this Subordination Agreement, the
parties consult with their attorneys with respect thereto.
THIS AGREEMENT, made on January 5, 2011, by Nicole Lyda Anglesey owner(s) of the land
hereinafter described and hereinafter referred to as `Owner', and The Bank of Star Valley, present owner
and holder of the Mortgage and Note first hereinafter described and hereinafter referred to as `Beneficiary';
WITNESSETH:
[THAT, WHEREAS, did execute a Mortgage dated 10 -22 -2007 covermg:
That part of GLO Lot 3 of Section 5, Township 30 North, Range 118 West of the 6th P.M.,
Lincoln County, Wyoming it being the intent to more correctly describe a part of that tract
of record in the Office of the Clerk of Lincoln County in Book 444PR on page 554 as
follows:
BEGINNING at a MAG -nail on the west line of said GLO Lot 3, South 00 °15'13" East,
245.93 feet from the northwest corner thereof;
Thence North 86 °55'25" East, 163.20 feet to a point on the east line of said tract;
Thence South 00 °15'13" East, 147.62 feet, along said east line of said tract;
Thence South 87 °38'36" West, 163.11 feet, along the south line of said tract, to a point
marked by a hole chiseled in a concrete gutter on the west line of said GLO Lot 3;
Thence North 00 °15'13" West, 140.57 feet, along the west line of said GLO Lot 3, to the
MAG -NAIL OF BEGINNING.
to secure a Note in the sum of $326,158.91, m favor of The Bank of Star Valley, which Mortgage was
recorded on 11 -14 -2007 as Instrument No. 934870, records of Lincoln County, WY; and
[Sr. Mortgage] n
REAS, Owner has e. uted Mo S d Note in the sum of C1 R(! (e 0 (1 w 00 m favor of
‘1/41(." k' 1Y1 '1'5Cl i j heremaf[er r to as `Lender',
which Mortgage was recorded on e '1 2 0 1 l as Instrument No. 1y7cic 3
records of said County; and
WHEREAS, It is a condition precedent to obtaining satd loan that said Mortgage last above mentioned
shall unconditionally be and remain at all times a lien or charge upon the land herembefore 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 same is a lien or charge
upon the above- described property pnor 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 of the Mortgage first above mentioned to the lien or charge of the Mortgage m favor of Lender; and
WHEREAS, it is to the mutual benefit of the parties hereto that Lander make such loan to Owner; and
Beneficiary 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, m consideration of the mutual benefits accruing to the parties hereto and other
valuable consideration, the receipt and sufficiency of which 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 remam at all times a lien or charge on the property therein descnbed,
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 msofar as would affect the
priority between the Deeds of Trust hereinbefore specifically described, any prior agreement as to
such subordination including, but not limited to, those provisions, if any, contained in the
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Mortgage first above mentioned, which provide for the subordination of the lien or charge thereof
to another Deed or Deeds of Trust or to another mortgage or mortgages.
Beneficiary declares, agrees, and acknowledges that:
1) He consents to and approves (i) of 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 Lenders loan;
2) Lender m 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 m such agreement or agreements shall not defeat the
subordination herein made in whole or in part;
3) He mtentionally 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
m favor of Lender above referred to and understands that m reliance upon, and in consideration o1
this waiver, relinquishment and subordination specific loans and advances 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 the Mortgage first mentioned that said
Mortgage has by this Instrument been subordinated to the lien or charge of the Mortgage m favor
of Lender above referenced.
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 the land.
State of Wyoming
County of Lincoln
This ins went was acknowledged before me on
By
PAM NEBEKER NOTARY PUBLIC
County of State of
Lincoln Wyoming
My Commission Expires March 13, 2014
State of Wyoming
County of Lincoln
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(Signature of Notari Officer)
My Commission Expires:
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This Instrument was acknowledged .efore me on
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(Signature of Notarial Officer)
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