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HomeMy WebLinkAbout874939SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN TIIE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. TIJIS AGREEMENT, made this 25th day of July by Lance P. Robinson and Melanie Robinson owner of the land hereinafter described and hereinafter referred to as "Owner," and The Bank of Star Valley present owner and holder of the mortgage and note first hereinafter described and hereinafter referred to as "Mortgagee;" WITNESSET1 -1 THAT WHEREAS, Lance P. Robinson and Melanie Robinson did execute a mortgage dated June 7, 1999 to The Bank of Star Valley, P 0 Box 8007, Afton, WY 83110 as mortgagee, covering: 2001 Beginning at the Northeast Corner of the NW1 /4$E1 /4 of Section 25, T32N R119W of the 6th p.m., Lincoln County, Wyoming running thence South 46 2/3 rods; thence West 120 rods; thence North 46 2/3 rods; thence East 120 rods to the POINT OF BEGINNING. to secure a note in the sum of 50,000.00 dated June 7, 1999 in favor of The Bank of Star Valley which mortgage was recorded June 15, 1999 In book 431 page 507 Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, a mortgage and note in the sum of 126,000.00 dated July 25, 2001 In favor of Major Mortgage, A Wyoming Corporation 2020 Carey Ave Mezz. Level, Che y enne hereinaftrtr referred to as "Lender," payable with Interest and upon the terms and conditions described therein, which mortgage is to be recorded concurrently herewith; and WI IEREAS, it is a condition precedent to obtaining said loan that said mortgage last above mentioned shall unconditionally be and remain at all times a Ilen or charge upon the land hereinbefore described, prior and superior to the lien or charge of the mortgage first above mentioned; and WHEREAS, Lender is willing to make said loan provided the mortgage securing the same is a lien or charge upon the above described property prior and superior to the Tien or charge of the mortgage first above mentioned and provided that Mortgagee will specifically and unconditionally subordinate the lien or charge of the mortgage first above mentioned to the lien or charge of the mortgage in favor of Lender; and 8714939 BOOK 4E9_ PR 7ECE 1v0 L1i'i 1... 'd COUNTY I^Y C ERKC '"j 4 pt KEmmEE i::i 'WYOMING 0874939 Subordination Agreement Page 2 4 WHEREAS, It is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Mortgagee is willing that the rnortgage 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, 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 said mortgage securing said note in favor of Lender, 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 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 mortgages herelnbefore specifically described, any prior 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 mortgage or mortgages. Mortgagee declares, agrees and acknowledges that (a) He consents to and approves (1) all provisions of the note and rnortgage 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 Lender's loan; (b) 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 agreetents shall not defeat the subordination herein made in whole or in part; (c) He intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the mortgage first above mentioned in favor of the lien or charge upon said land of the mortgage in favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination 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; and (d) An endorsement has been placed upon the note secured by the mortgage first above mentioned that said mortgage has by this instrument been subordinated to the lien or charge of the mortgage in favor of Lender above referred to. 08'7 Subordination Agreement Page 3 NOTICE. THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WIIICII MAY BE EXPENDED FOR OTHER PURPOSES TAN P OV -M OF THE LAND. VFOL_TArdell. Land Ro:inson e? 1//'( Mortgagee js 0;17"( Owner A. William Ponciano, Exec. Vice Pres. Melanie Robinson STATE OF Wyoming COUNTY OF Lincoln The foregoing instrument was acknowledged before me by Lance P. Robinson and Melanie Robinson this 25th day of July Witness my hand and official seal. My Commission Expires: STATE OF Sharon Walker Notary Public County of l; State of Lincoln ;L, ^;i` Wyoming M Commission Ex Tres June 14, 2004 COUNTY OF Wyoming Lincoln The foregoing Instrument was acknowledged before me by Rod R. Jensen, President of The Bank of Star Valley and A. William 1onciano, Exec V this 25th day of July 2001 Witness my hand and official seal. Sharon Walker County of Lincoln Notary Public State of Wyoming M Commission Ex ic J une 14. 2004 My Commission Expires: l0 -/4 -off SS 2'0U1 SS 616;