The URL can be used to link to this page

Home My WebLink About958747Recording Requested By: LSI 5039 Dudley Blvd., Suite D McClellan, CA 95652 iServe Servicing, Inc. 222 W. Las Colinas Blvd., Suite 1252E Irving, TX 75039 Title Order No. 10739404 AFTER RECORDING RETURN TO: DOCUMENT PROCESSING SOLUTIONS, INC. 590 W. LAMBERT RD. BREA, CA 92821 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. APN: 12- 3619- 23 -3 -00- 196.00 131 u-DN SUBORDINATION AGREEMENT RECEIVED 4/5/2011 at 9:38 AM RECEIVING 958747 BOOK: 765 PAGE: 11 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000011 THIS AGREEMENT, made February 15, 2011, by JOSHUA C. SIMMS and KRISTI N. SIMMS, Owners of the land hereinafter described and hereinafter referred to as "Owners" and MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC. AS A NOMINEE FOR FIRST BANK OF IDAHO, FSB, DBA FIRST BANK OF THE TETONS, and was subsequently assigned to 2010 2 SFR Venture, LLC present Owner and holder of the mortgage and note first hereinafter described and hereinafter referred to as `Beneficiary WITNESSETH THAT WHEREAS, JOSHUA C. SIMMS and KRISTI N. SIMMS, did execute a deed of trust, dated 8/29/2007, in favor of MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC. AS A NOMINEE FOR FIRST BANK OF IDAHO, FSB, DBA FIRST BANK OF THE TETONS, and was subsequently assigned to 2010 SFR Venture, LLC covering real property at 150 Spur Loop, Etna, WY 83118, County of Lincoln, State of Wyoming: THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF LINCOLN, STATE OF WYOMING, AND IS DESCRIBED AS FOLLOWS: LOT 218 IN NORDIC RANCHES DIVISION NO. 13, LINCOLN COUNTY, WYOMING DESCRIBED ON THE OFFICIAL PLAT THEREOF. to secure a note in the original sum of $25,000.00 dated 8/29/2007, in favor of FIRST BANK OF IDAHO, FSB, DBA FIRST BANK OF THE TETONS which the original mortgage was recorded on 8/30/2007 in Book 670, Page 592, Instrument 932649 Official Records of said county; and WHEREAS, Owners have executed, or are about to execute, a deed of trust and note in the sum not to exceed $204,000.00, Loan x3357/ 5-17 dated 3-a5i in favor of BANK OF AMERICA, N.A., hereinafter referred to as "Lender payable with interest and upon the terms and conditions described therein, which deed of trust 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 APN: 12- 3619- 23 -3 -00- 196.00 000012 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 of the mortgage first above mentioned to the lien or charge of the deed of trust in favor of Lender; and WHEREAS, it is to the mutual benefit of the parties hereto that Lender 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, 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: That said deed of trust 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 above mentioned. That Lender would not make its loan above described without this subordination agreement. 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 deed of trust in favor of lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the deeds of trust hereinbefore specifically described, any prior agreement as to such subordination including, but not limited, those 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 deeds of trust or to another mortgage or mortgages. Beneficiary declares, agrees and acknowledges that They consent to and approves (i) all provisions of the note and deed of trust 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; 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 who 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; They intentionally and unconditionally waive, relinquish and subordinate the lien or charge of the mortgage first above mentioned in favor of the lien or charge upon said land of the deed of trust 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 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 deed of trust in favor of Lender above referred to. APN: 12-3619-23-3-00-196.00 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. IT IS RECOMMENDED THAT PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. 2010 -2 SFR Venture, LLC By; iSERVE SERVICING, INC., Its Attorney- In -Fact By: EY�C Nos•+ Beneficiary Title: /14,41.0( t JA6 I (�FC�JJt— Beneficiary (ALL SIGNATURES MUST BE ACKNOWLEDGED) STATE OF Texas COUNTY OF 0(1110S On Mare. Ac, k before me, G,,,, Le personally appeared E r ic Aainr.S' who is the A.., „c. Ci,hq Airr*e. cv of iSERVE SERVICING, INC., who proved to me on the basis of satisfactory evidence to be 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 by his/her /their signature(s) on the instrument the person(s), or entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of is true and correct Witness my hand and official seal, i)e\Yea% `3, 2012 Prepared By: tJ National Deed Network c/o Kevin Huber, Esq 4022 W. 39 Street Casper, WY 82604 Signature zxa S 00001.3 that the foregoing paragraph