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HomeMy WebLinkAbout964147Doc ID No.: 00019228XXXX2005N ESCROW /CLOSING W N REGARDED °IVPAJL TO: -Bank of America 4.1.61...Piedmont'Parkway NC4 -105- 01-34 Attn Subordination Greensboro NC 27410 SUBORDINATION AGREEMENT SUBORDINATION AGREEMENT WHEREAS, T L BIRDYSHAW JR and SANDRA P BIRDYSHAW executed and 00827 RECEIVED 4/17/2012 at 1:48 PM RECEIVING 964147 BOOK: 784 PAGE: 827 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SPACE ABOVE FOR RECORDERS USE When Recorded Return To: Ind; c omm Glob` i Services 2925 Country Drive St. Paul, MN 55117 .?"76.3 3 31 MERS Phone: 1- 888 679 -6377 MIN: 100133700032396627 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. THIS SUBORDINATION AGREEMENT is made this Fourth day of January, 2012, by Mortgage Electronic Registration Systems, Inc. as nominee for Countrywide Bank, FSB "Subordinated Lienholder with a place of business at 4500 PARK GRANADA, CALABASAS, CA 91302 -1613. delivered to Subordinated Lienholder, a Deed of Trust/Mortgage (the "Existing and Continuing Security Instrument in the sum of $148,000.00 dated 06/09/2008 and recorded in Book Volume 698, Page 399, as Instrument No. 940096, in the records of LINCOLN County, State of Wyoming, as security for a loan (the Existing and Continuing Loan which Existing and Continuing Security Instrument is a valid and existing lien on the real property located at 835 TRAIL RIDGE RD, ALPINE, WY 83128 and further described on Exhibit "A," attached. WHEREAS, T L BIRDYSHAW JR and SANDRA P BIRDYSHAW "Borrower executed and delivered to First Choice Loan Services, Inc, "Lender a deed of trust/mortgage in the principal amount not to exceed $396,000.00, which deed of trust/mortgage (the "New Security Instrument is intended to be recorded herewith in the records of LINCOLN County, State of Wyoming 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 lien 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: (I) 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. 00828 Kathy Cl Cris (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 land 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. rk, President iley, Wi Mortgage 1 le tonic Registration Systems, Inc. as nominee for Countrywide Bank, FSB Sherry /McCain Wiphess This is to certify that this instrument was prepared by a Bank of America associate. Bank of America, N.A. 00829 CORPORATE ACKNOWLEDGEMENT STATE OF NORTH CAROLINA COUNTY OF GUILFORD Before me, the undersigned, a Notary Public on this day personally appeared Kathy Clark known to me (or proved to me on the oath of Vice President to be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that the same was the act of the said corporation, and that he or she had executed the same as the act of such corporation for the purpose and consideration therein expressed, and in the capacity therein stated. Given under my hand and seal of office this 4th day of January, 2012. (Personalized Seal) TIr A BELL STORY NOTARY PUBLIC DAVIDSON COUNTY NORTH CAROUNA MY COMMISSION EXPIRES JA',.N. 17, 2016 My commission expires 1/17/2016 (Notary Public, State of North C lina) Tina Bell Story (Print Name of Notary Public here) 00830 THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF LINCOLN, STATE OF Wyoming, AND IS DESCRIBED AS FOLLOWS: LOT 20 OF SHADOW DANCER ESTATES SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Parcel ID: 12 -3619- 10 -4 -00- 478.00 Commonly known as 835 Trail Ridge Road, Alpine, WY 83128 However, by showing this address no additional coverage is provided 1 LEGAL DESCRIPTION EXHIBIT "A" 11 1 A 1 11 11 11 11 +UO2580573;- 7410 4/13/2012 77634331/3 Title No LIN- FCH- 114538 00831..