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HomeMy WebLinkAbout960472Order No.; 601111 9947ET 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 6/ e// o> l by David C. Dahlberg and Michelle E. Dahlberg, Husband and Wife, owner(s) of the land hereinafter described and hereinafter referred to as `Owner', and Zions First National Bank, present owner and holder of the Mortgage and Note first hereinafter described and hereinafter referred to as `Beneficiary'; WITNESSETH: THAT, WHEREAS, David D lbe g and Michelle E. Dahlberg did execute a Mortgage dated 1f, 4' k.,11 covering: Lot 33 of Star Valley Ranch Plat 22, Lincoln County, Wyoming as described on the official plat filed on July 3, 1985 as instrument No. 639243 of the records of the Lincoln County Clerk. to secure a Note m the sum of $250,000.00, in favorof ions_Fjrs Bank, which Mortgage was recorded on March 9, 2011 as Instrument No. t�� records of Lincoln County, WY; and ON_ IdEREAS, Owner has executed, a Mortgage and Note m the sum of 5 ZS tX O in favor of .r r15 1=t Nr;hovlc i i 3 r1K liereinafteireftrredto as Lender, which Mortgage was recorded on '6 11 as Instrument No. q (pC) 7 records of said County; and Beneficiary declares, agrees, and acknowledges that: ©0069/ WHEREAS, It is a condition precedent to obtainmg 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 fast 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 m 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, nn 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 unconditionallybe 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 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, anypnor 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. RECEIVED 8/8/2011 at 4:44 PM RECEIVING 960472 BOOK: 770 PAGE: 691 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000692 i) 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 i n favor of the lien or charge upon said land of the Mortgage in favor of Lender above referred to and understands that 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, 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 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. w. l tP'.JR%YFi /1..I1eA el ;r'�atil �'g Cr Mi State of Wye W1) County of as ti ov06/1 vuf This Instrument was acknowled f(bAeeo By f�C�l(-l) BRYANT SEARLE NOTARY PUBLIC STATE OF IDAHO State of Wyo,., :..g O, County o f.1. O s' A✓Al� i This Instrument was acknowledged before me on By t^1 :a✓l1 .esLr as Ac Lie 0, N1 Bene i Zions Firs Nationl B k an (Sign u of Not: sal Officer My Commission Expires: LI-30 'o/S