HomeMy WebLinkAbout961796112JJ,
When recorded, return to:
Zions Bank
1/30 S. 1300 E. STE 350
Midvale, Utah 84047 -5590
Attn: Tiffany Stiefel
SUBORDINATION AGREEMENT Rev. 8/24/2011
RECEIVED 11/8/2011 at 3:04 PM
RECEIVING 961796
BOOK: 775 PAGE: 803
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SUBORDINATION AGREEMENT
RECITALS:
Page 1 of 3
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 SUBORDINATION AGREEMENT, made this —day of November, 2011, by and
among Michelle E Dahlberg, "Owner Zions First National Bank, "Existing Lienholder") and
Zions First National Bank, New Lender
A. Owner is the owner of fee title to that certain real property located in the county of
Wyoming, State of Wyoming more particularly described as follows (the
"Property
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.
B. Existing Lienholder is the owner and holder of that certain Mortgage as a lien against the
Property, and the obligations secured thereby, executed by Michelle E Dahlberg, in favor
of Zions First National Bank, as Mortgagee, dated March 2 2011 and
recorded j( March 9, 2011 as Instrument No. 958409 records of Lincoln
County Wyoming
C. New Lender has made, or is about to make, a loan to Owner in the amount of Two
Hundred Twenty Nine Thousand Dollars and No Cents Dollars ($229,000.00) (the
"Loan secured by that certain Mortgage executed by Owner, in favor of New Lender, as
Mortgagee dated 2( I 4 r 1 and recorded), it-9, ti as Instrument No.
)(qt, records of Lincoln County, Wyoming (the "New Mortgage
D. It is a condition precedent to obtaining the Loan from New Lender that the New
Mortgage shall unconditionally be and remain at all times a lien or charge upon the
Property, prior and superior to the lien or charge of the Existing Mortgage
E. New Lender is only willing to make the Loan, provided the New Mortgage securing same
is a lien or charge upon the Property prior and superior to the lien or charge of the
Existing Mortgage and provided that Existing Lienholder will specifically and
unconditionally subordinate the lien or charge of the Existing Mortgage to the lien or
charge of the New Mortgage in favor of Lender.
F. It is to the mutual benefit of the parties hereto that New Lender make such loan to
Owner; and the Existing Lienholder is willing to agree that the New Mortgage securing
the loan from New Lender shall constitute a lien or charge upon the Property which is
unconditionally prior and superior to the lien or charge of the Existing Mortgage.
000804
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 New Lender to make the Loan, it is hereby declared, understood and agreed as follows:
1. The New Mortgage in favor of New Lender, and any renewals or extensions thereof, shall
unconditionally be and remain at all times a lien or charge on the Property, prior and
superior to the lien or charge of the Existing Mortgage.
2. The Existing Lienholder intentionally and unconditionally waives, relinquishes and
subordinates the lien or charge of the Existing Mortgage in favor of the lien or charge
upon the Property of the New Mortgage together with any renewals or extensions thereof
and any and all present or future advances secured thereby. The Existing Lienholder
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, relinquishment
and subordination and the Existing Mortgage is hereby subordinated and shall
unconditionally be and remain at all times a lien or charge on the Property junior and
subordinate to the lien or charge of the New Mortgage and any renewals or extensions
thereof and any and all present and future advances made by Lender secured thereby.
3. The parties acknowledge that the Lender would not make the Loan without this
Subordination Agreement.
4. The Existing Lienholder has reviewed and hereby consents to and approves (a) of all
provisions of the Existing Mortgage and the note and any other obligations secured
thereby, and (b) all other agreements between Owner and Lender, including, but not
limited to, any loan agreements or escrow agreements, indemnities, guaranties or
agreements for the disbursement of the proceeds of the Loan (collectively the "Loan
Agreements
5. The Existing Lienholder acknowledges and agrees that the Lender, in making
disbursements pursuant to any Loan Agreement, is under no obligation or duty to, nor
had 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 the Loan Agreement shall not defeat
the subordination herein made in whole or in part.
6. This Agreement contains the entire agreement between the Owner, Existing Lienholder
and New Lender and supercedes and replaces any prior agreements, negotiations or
understandings, written or oral, with respect to the subject matter hereof.
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:
Michelle E Dahlberg
EXISTING LIENHOLDER:
Zions First National Bank
By:
Its: ,Qs ef 041 /1-6
SUBORDINATION AGREEMENT Rev. 8/24/2011
Page 2 of 3
QAW
STATE OF OMING.
ss.
County of Am/el/ate
On this 0 day of t°n/ Y Y IZ- 2011, before me, the undersigned, a Notary Public in
and for said State, personally appeared A c 1 ct. PRA'( known or identified to
me to be the person whose name is subscribed to the within instrument, and acknowledged to me that
he /she executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and
year in this certificate first above written.
SUBORDINATION AGREEMENT Rev. 8/24/2011
PUBLIC for rig A
Residing at a'`?,.
My commission expires: !j) 24i
STATE OF IDAHO
ss.
County ofMcW0 i 1
On this day ofi 1DD1 1d r 2014_, before me, the undersigned, a Notary
Public in and for said state, personally appeared ip�f�q, known or identified to me to
be the ,Q of the corporation that executed the instrument or the person who
executed the instrument on behalf of said corporation, and acknowledged to me that such corporation
executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and
year in this certificate first above written.
NO(RY PUBL C for IDAHO
Resi mg at 96 �-IC C a�� `C (c=fi
My commission expires: \\z <t )c.1
Page 3 of 3
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