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HomeMy WebLinkAbout9602396011119978 Recording Requested By/Return To: Wells Fargo P.O. Box 31557 MAC B6955 -013 Billings, MT 59107 -9900 This Instrument Prepared by: Wells Fargo P.O. Box 4149 MAC P6051 -019 Portland, OR 97208 -4149 1- 800 945 -3056 Parcel/UPI 3519131003 8800 Account Number: XXX- XXX- XXX8227 -1998 Effective Date: 6/23/2011 Owner(s): WALTER E PIERCE NANCY L PIERCE Current Lien Amount: $150,000.00. Senior Lender: Wells Fargo Bank, N.A. [Space Above This Line for Recording Data] Reference Number: 7037151129 SUBORDINATION AGREEMENT FOR SHORT FORM LINE OF CREDIT MORTGAGE 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 Home Mortgage Group. Property Address: 256 PIERCE DR, ETNA, WY 83118 -0000 RECEIVED 7/27/2011 at 12:18 PM RECEIVING 960239 BOOK: 770 PAGE: 37 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 0 00037 SUBORDINATION ONLY_WY10 -22 -10 Page 1 of 3 0000000000251508 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. WALTER E. PIERCE AND NANCY L. PIERCE, 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 Short Form 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 18th day of June, 2009, which was filed in Book 728 at page 128 (or as No. N /a) 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 WALTER E PIERCE and NANCY L PIERCE (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 $100,000.00 (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. General Terms and Conditions See Exhibit A OO003 8 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. 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. 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. C. Signatures and Acknowledgements The Subordinating Lender, through its authorized officer, has set its hand and seal as of the Effective Date above unless otherwise indicated. SUBORDINATION ONLY_WY10 -22 -10 Page 2 of 3 0000000000251508 SUBORDINATINGi DER: Wells Farg. Bank By i 6/23/2011 (Signature) Date Barbara A. Edwards (Printed Name) Work Director (Title) FOR NOTARIZATION OF LENDER PERSONNEL STATE OF Oregon, COUNTY OF Washington 000039 The foregoing Subordination Agreement was acknowledged before me, a notary public or other official qualified to administer oaths thi a o (t by Barbara A. Edwards, as Work Director of Wells �Y Y Fargo Bank, N.A., the Subordinating ender, on behalf of said Subordinating Lender pursuant to authority granted by its Board of Dir- _,ibis personally known to me or has produced satisfactory proof of his /her identity. SUBORDINATION ONLY_WY10 -22 -10 0000000000251508 (Notary Public) OFFICIAL SEAL NICOLE ANN MOORE NOTARY PUBLIC OREGON COMMISSION NO. 451794 MY COMMISSION EXPIRES AUGUST 26, 2014 Page 3 of 3 Exhibit A File 6011119978ET Description 000040 The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows: A portion of the North Half South Half Northeast Quarter of Section 13, Township 35 North, Range 119 West of the 6th P.M., Lincoln County, Wyoming, and being more particularly described as follows: Beginning at a point in the North line of said South Half South Half Northeast Quarter, said point being 649.80 feet South 89 °31'03" East from the B.L.B. type monument found marking the Northeast corner of said North Half South Half; thence South 89 °31'03" East 2015.61 feet, to the BLM type monument found marking the Northeast corner of said North Half South Half Northeast Quarter; thence South 0 °18'00" West 668.46 feet to a rebar with an aluminum cap found marking the Southeast corner of said North Half South Half Northeast Quarter; thence North 89 °33'52" West 2016.34 feet; thence North 0 °21'44" East 670.12 feet to the point of beginning.