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HomeMy WebLinkAbout960532MSN SV -79/ DOCUMENT CONTROL DEPT. P.O. BOX 10266 VAN NUYS CALIFORNIA 91410 -0266 LOAN 173370674 ESCROW/CLOSING#: 235522026 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. SUBORDINATION AGREEMENT SUBORDINATION AGREEMENT RECEIVED 8/11/2011 at 2:48 PM RECEIVING 960532 BOOK: 771 PAGE: 49 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY WHEN RECORDED, RETURN TO: FIRST AMERICAN MORTGAGE SERVICES 1100 SUPERIOR AVENUE, SUITE 200 CT,FVELAND, OHIO 44114 NATIONAL RECORDING MERS Phone: 1- 888 679 -6377 MIN: 100015700084939988 THIS SUBORDINATION AGREEMENT is made this Eighteenth day of July, 2011, by MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, Inc. "MERS as nominee for Bank of Jackson Hole its successors and /or its assigns to BANK OF AMERICA, N.A., its successor merger to Countrywide Bank F.S.B. "Subordinated Lienholder"), with a place of business at P.O. BOX 2026, FLINT, MI 48501 -2026. WHEREAS, TROY JANSEN executed and delivered to Subordinated Lienholder, a Deed of Trust/Mortgage (the "Existing and Continuing Security Instrument in the sum of $13200.00 dated 10/01/2007 and recorded in Book Volume 674 Page 000449 000453, as Instrument No. 933730, in the records of LINCOLN County, State of WY, as security for a loan (the "Existing and Continuing 000049 Loan which Existing and Continuing Security Instrument is a valid and existing lien on the real 000050 property located at 219 ADAMS STREET AFTON, WY 83110 and further described on Exhibit "A," attached. WHEREAS, TROY JANSEN "Borrower") executed and delivered to Bank of America, N.A. Lender a deed of trust/mortgage in the principal amount not to exceed $103900.00, which deed of trust/mortgage (the "New Security Instrument is intended to be recorded herewith in the records of LINCOLN County, State of WY as security for a loan (the "New Loan WHEREAS, it is a condition precedent to obtaining the New Loan that the lien of the New Loan shall unconditionally be and remain at all times a Tien or charge upon the land hereinbefore described, prior and superior to the'lien of the Existing and Continuing Loan; and WHEREAS, Lender is willing to make said loan provided the lien securing the New Loan is a lien or charge upon the described property prior and superior to the lien of the Existing and Continuing Loan and provided that Subordinating Lender will specifically and unconditionally subordinate the lien of the Existing and Continuing Loan to the lien of the New Loan; and WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such a loan to Borrower; and Subordinating Lender is willing that the lien securing the New Loan shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien securing the Existing and Continuing Loan. 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: (1) That the New Security Instrument, 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 Existing and Continuing Security Instrument. (2) That Lender would not make the New Loan without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the Existing and Continuing Security Instrument to the New Security Instrument and shall supersede and cancel, but only insofar as would affect the priority between the security instruments hereinbefore specifically described, any prior agreements as to such subordination including, but not limited to, those provisions, if any, contained in the Existing and Continuing Security Instrument above mentioned, which provide for the subordination of the lien to another security instrument, deed of trust or mortgage. Subordinating Lender declares, agrees and acknowledges that (a) It consents to and approves (i) all provision of the note and New Security Instrument in favor of Lender above referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, between Borrower and Lender for the disbursement of the proceeds of the New Loan; (b) Lender 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; and (c) It intentionally and unconditionally waives, relinquishes and subordinates the lien of the Existing and Continuing Security Instrument in favor of the lien or charge upon said and of the New Security Instrument and understands that in reliance upon, and in consideration of, this waiver, relinquish and subordinate 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. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOW 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. MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, Inc. "MERS as nominee for Bank of Jackson Hole its successors and /or its assigns to BANK OF AMERICA, N.A., its successor merger to Countrywide B- k F.S.B. Ki berly A j Gahee ssistant Se etary 000051 STATE OF TEXAS COUNTY OF COLLIN This Instrument was acknowl-.ged before me on 07/18/2011 (date) by Kimberly A McGahee Assistant Secretary (Title of Offi -r) of MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, Inc. "MERS as nomin -e for Bank of Jackson Hole its successors and /or its assigns to BANK OF AMERICA, N.A., its suc• -s r merger to Countrywide Bank F.S.B. (Name of Acknowledging) CuL.00„L>, (State of Incorporation) corporation, on'Iehalf of said corporation. TEXAS CORPORATE ACKNOWLEDGMENT Notary Public bctr_i K, A r Print Name: Darla K. Houser My Commission Expires: D 2 t 3 000052 DARLA. K. HOUSER Notary Public STATE OF TEXAS My Comm. Exp. 10 -02 -13 mu lm 1111 11(1 JANSEN 43911202 FIRST AMERICAN ELS SUBORDINATION AGREEMENT hill 111111111111111 i t ll l 11 l l 11 l 11111111 I1 II 111 11 111 111 111 WY EXHIBIT A 000053 Part of Lot 2 of Block 9 of the Afton Townsite, Lincoln County, Wyoming, described as follows: Beginning at a point which is five rods South of the Northwest corner of said Lot 2 and running thence East 10 rods; thence South five rods; thence West 10 rods; thence North five rods to the point of beginning.