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Home My WebLink About959526Order No 6011119988ET 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 1 Bank 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 June 1, 2011, by Chad Cazier, owner(s) of the land hereinafter described and hereinafter referred to as `Owner', and W. Dale Cazier and Nelda C. Cazier, present owner and holder of the Mortgage and Note first hereinafter described and hereinafter referred to as `Beneficiary'; WITNESSETH: THAT, WHEREAS, Chad D. Cazier and G. Danyel Cazier did execute a Mortgage dated August 15, 1995 covering: PARCEL 1: In Township 32 North, Range 119 West, 6 Prime Meridian, Lincoln County, Wyoming. SECTION TWENTY -SEVEN (27); West half of the Northwest Quarter. PARCEL 1A: EXCEPTING Therefrom: the South 31 rods of the Southwest Quarter Northwest Quarter. PARCEL 2: Section TWENTY -EIGHT (28); Northeast Quarter of the Northeast Quarter, in Township 32 North, Range 119 West, 6 Prime Meridian, Lincoln County, Wyoming. PARCEL 2A; EXCEPTING Therefrom: the South 31 rods of the Southeast Quarter Northeast Quarter. PARCEL 2B: ALSO EXCEPTING Therefrom: the South 58 rods of the Southwest Quarter Northeast Quarter. PARCEL 2C: ALSO EXCEPTING Therefrom: the North 940 feet of the Northwest Quarter Northeast Quarter. 000573 PARCEL 2D: ALSO EXCEPTING Therefrom: Beginning at a point 16 rods South of the Northwest Corner of the Northeast Quarter Northeast Quarter of said Section 28, and running thence South 18 rods; thence East 147 feet, thence North 18 rods; thence West 147 feet to the point of beginning PARCEL 2E: EXCEPTING Therefrom: A 300 wide strip of land on the West edge of the above described Tract of Land, as described in the Deed of Record in Book 477PR Page 409, in the Office of the Lincoln County Clerk. PARCEL 2F: ALSO EXCEPTING Therefrom: A tract of land (the Danyel Tract) described as follows: Beginning at a point on the the East boundary line of the Southwest Quarter Northeast Quarter of Section 28, said point being due North a. distance of 957 feet (58 rods) from the Southeast corner of said Southwest Quarter Northeast Quarter and running thence due North a distance of 230.51 feet to the South right -of -way boundary line of Harmony Creek Lane: thence South 86 °30'00" West along right -of -way boundary, a distance of 824.11 feet; thence South 81 °28'39" West continuing along right -of -way boundary, a distance of 499.40 feet to the West boundary line of the said Southwest Quarter Northeast Quarter; thence South 0 °02'38" East along said West Boundary line, a distance of 122.51 feet; thence North 89 °17'22" East along a line 957 feet from, and parallel to the South boundary line of the said Southwest Quarter Northeast Quarter a distance of 1316.46 feet to the point of beginning. PARCEL 2G: EXCEPTING Therefrom: Land contained in Quitclaim Deed recorded May 4, 2011 in Book 766PR Page 266. RECEIVED 6/3/2011 at 3:07 PM RECEIVING 959526 BOOK: 767 PAGE: 573 JEANNE WAGNER 14Ir fs, AI /'./ll IA IT/ PSI rnv 1 /rIIIRA �n N L to secure a Note in the sum of $65,000.00, in favor of W. Dale Cazier and Nelda C. Cazier, which Mortgage was recorded on August 17, 1995 in Book 372PR, Page t i, records of Lincoln County, WY; and �4 WHEREAS, Owner has executed, a Mortgage and Note in the sum of': s 4r in favor of 1 Bank, hereinafter referred to as `Lender', which Mortgage was recorded on one ;3"� in Book Page. Sts 5 records of said County; and WHEREAS, It is a condition precedent to obtaining said loan that said Mortgage last above mentioned shall unconditionally be and remain at all tunes 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 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 Mortgage 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 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 remain at all tunes a lien or 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 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 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 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 in whole 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, 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, relinquislunent 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 in 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 of the land. Owner: Chad Cazier Beneficiary W. Dale Cazier Lender: 1" Bank Nelda C. Cazier Tristan Smith�.,� Vice President $82,609.68 0005''4 State of Wyoming County of Lincoln This Instrument was acknowledged before me on Chad Cazier, W. Dale Cazier and Nelda C. Cazier JILL H. L RSON County of Lincoln my CommiscJon "c State of Wyoming County of Lincoln ;A i'Y PUBLIC; •`f, ��'yu;oicf -'t.!1( l( 2,3••1 2• This Instrument was acknowledged before me on day of June, 2011 By Tristan Smith as Vice President of 1 Bank. JILL H. LAs t County of i State of 3 b Wyoming ray- ,n Juno ,.:w`r,.L C �ule:.r+ri ,.xawn:., a ��J 'V (S nature of Notarial Officer) My Commission Expires: cvo (Sig ure of Notarial Officer) My Commission Expires: 8•ao -09a 0005" S