HomeMy WebLinkAbout968292SUBORDINATION AGREEMENT
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 AGREEMENT, made this ZV day of A6 ./Lot er- 2012, by
MJJ, LLC, a Wyoming limited liability company
owner of the land hereinafter described and hereinafter referred to as "Owner,"
and Savit Associates, LLC, a Wyoming limited liability company
present owner and holder of the mortgage and note first hereinafter described and hereinafter referred to
as "Mortgagee;"
WITNESSETH
THAT WHEREAS, MJJ, LLC., a Wyoming limited liability company
did execute a mortgage dated July 5, 2010 to Savit Associates, LLC,
as mortgagee, covering:
Lots 3A and 3B of Block 2 of the Lincoln Heights 5th Addition, Second Filing to the City of
Kemmerer, Lincoln County, Wyoming as described on the official plat filed with Instrument No.
634486 of the records of the Lincoln County Clerk.
to secure a note in the sum of $735.675.86 dated March 3, 2010
in favor of Savit Associates, LLC
which mortgage was recorded, in book 743PR
page 287 Official Records of said county; and
WHEREAS, Owner has executed, or is about to execute, a mortgage and note
in the sum of $152,823.00 dated July 5, 2012
favor of The Bank of Star Valley, P.O. Box 8007, Afton, WY 83110
hereinafter referred to as "Lender," payable with Interest and upon the terms and conditions, described
therein, which mortgage is to be recorded concurrently herewith; or recorded September 28, 2012 in Book
795PR on page 169 and
WHEREAS, it is a condition precedent to obtaining said loan that said mortgage last above mentioned
shall unconditionally be and remain at all times a lien 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 lien or charge of the mortgage first
above mentioned and provided that Mortgagee first above mentioned to the lien or charge of the mortgage
in favor of Lender; and
1
0060
RECEIVED 12/3/2012 at 12:59 PM
RECEIVING 968292
BOOK: 799 PAGE: 603
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Suboi....,u..,,,1 Agreement
Page 2
WHEREAS, It is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and
Mortgagee is willing that the mortgage 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 or 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 hereinbefore 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 (I) all provisions of the note and mortgage 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 agreements 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 line or charge of the mortgage
in favor of Lender above referred to.
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00601
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 WHICH MAY BE
EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE
LAND.
LENDER:
Savit Associates, LLC
Wit
STATE OF WYOMING
COUNTY OF LINCOLN
)ss
The foregoing Instrument was acknowledged before me by Jerry Harmon and Jerry
Greenfield, managers of MJJ, LLC this Je day of 2012.
1
ROD R. JENSEN NOTARY PUBLIC
COUNTY OF C�� STATE OF
LINCOLN WYOMING
MY COMMISSION EXPIRES OCTOBER 31, 2016
My Commission Expires: (II (3‘ .70/6
STATE OF WYOMING
)ss
COUNTY OF T t
The foregoing Instrument was acknowledged before me by e T' 1 7 i kr wtl hi 5
gwkycir
Manager of Savit Associates, LLC, this 'A;114 day of J nv 2012.
o ficial seal.
LISA M. PADDLEFORD NOTARY PUBLIC
County of a�, State of
Teton Wyoming
My Commission Fxpires September 12, ?GI
My Commission Expires: 1•t2•2.01Cr
3
BORROWER:
MJJ, LLC
Notary Public
Manager
rry re field, anager
L;t41 M CVtfefa r'
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