HomeMy WebLinkAbout968289SUBORDINATION OF Promissory Note
This AGREEMENT made November 21, 2012 between Bucato, LLC the undersigned hereinafter referred to as
First Party and Alvin Robinson hereinafter referred to as Second Party.
WHEREAS, the undersigned is presently the holder of a Promissory Note dated November 13, 2012
covering premises situated in the County of Lincoln State of Wyoming, to wit:
Beginning at a point 113.13 feet S2'23'41'W along the boundary of HES 116 from Comer No. 5 of the HES 116 Homestead Survey located in T34N,
R116W of Uncoln County, Wyoming as proceeding thence;
502 "W 574.77 feet along said boundary of HES 116, thence
S 87•24'00"W 18727 feet to the center of the US Forest ROW, thence
N 02'36'38"W 471.57 feet along the centerline of saki ROW, thence
N 73 °49'42"E 247.58 feet to the point of beginning.
and more fully described in said Promissory Note,
and WHEREAS, the present owner of the said premises, Greys River Ranch, LLC, a Wyoming Limited Liability
Company is about to execute and deliver to the Second Party, Note secured by a Mortgage or peed of Trust dated
N'N`vt•a t.. 9, 24, 12 and recorded in the office of the Recorder of Lincoln County, State of Wyoming,
on pe.r.6 p ii. 3 22. tz in Book '79e4 at Page 555 as Filing No. eJm82.131S in
the sum of $_100,000.00_, covering said premises, and
WHEREAS, the Second Party has refused to accept said Mortgage or Deed of Trust, unless the Promissory
Note described be subordinated in the manner herein after mentioned.
NOW, THEREFORE, in consideration of the premises and to induce the Second Party to accept the said Mortgage or Deed of Trust from
Crays River Ranch, LLC, a Wyoming Limited Liability Company and also in consideration of $1.00 paid to the undersigned, the receipt
whereof is hereby acknowledged, the undersigned hereby covenants and agrees with the Second Party that said Mortgage or Deed of Trust
owned and held by the undersigned be and shall continue to be subject and subordinate in lien to said Mortgage or Deed of Trust of the
Second Party as follows:
The Promissory Note in favor of the undersigned shall be completely subordinate to the new Mortgage or
Deed of Trust in favor of the Second Party.
and also to all advances heretofore made or which hereafter may be made thereon (including but not limited to all sums advanced for the
purpose of paying brokerage commissions, recording fees, fee for examination of title, surveys, and any other disbursements and charges in
connection therewith) to the extent of the last- mentioned amount and interest, and all such advances may be made without notice to the
undersigned, and to any extensions, renewals, and modifications thereof.
THIS AGREEMENT may not be changed or terminated orally. This Agreement shall bind and endure to the
benefit of the parties hereto, their respective heirs, personal representatives, successors and assigns.
IN WITNESS WHEREOF, the undersigned has duly executed this Agreement the day and year first above
written.
RECEIVED 12/3/2012 at 11:58 AM
RECEIVING 968289
BOOK: 799 PAGE: 602
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
State of 4164
County of 44?
ss:
On November2 j,2012 personally appeared before me Steven A. Bushman who, being by me duly
sworn, did say that he is the Manager/Member o ca o, LLC,
that the said instrument was signed on behalf of <'d Lim'
of Organization and Operating Agreement, and the aforesaid
executed the same.
BRUCE BARTLETT
NOTARY PUBLIC• STATE OF UTAH
COMMISSION# 606476
COBB. EXP. 02015
WITNESSETH
BY:
Bucato, LLC, a Wyoming Limited Liability
Company
By: Steven A. Bushman
ted Liability Company and
pany by the authority of its Articles
eknowledged to me that said Company
tll0
Notary Pu.
Commission Expires: Z '�f
LY v rva