The URL can be used to link to this page

Home My WebLink About969556When recorded, return to: ATEC 169087 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 2013, by and among Kent L. Stevenson and Nancy R. Stevenson and their successors, Trustees, for the uses and purposes set forth in the Kent L. and Nancy R. Stevenson Revocable Living Trust dated July 28, 2008„ "Owner 1st Bank, "Existing Lienholder") and Wells Fargo Bank, New Lender A. Owner is the owner of fee title to that certain real property located in the county of Lincoln, State of WY more particularly described as follows (the "Property Part of Lot 3 of Block 14 of the Townsite of Afton, Lincoln County, Wyoming being more particularly described as follows: Beginning at a point in the Southerly line of said Lot 3, said point being 5 rods Westerly from the Southeast Corner of said Lot 3; thence running Northerly, parallel with the Easterly line of said Lot 3, 10 rods; thence running Westerly, parallel with the Southerly line of said Lot 3, 5 rods; thence Southerly, parallel with said Easterly line of said Lot 3, 10 rods to the Southerly line of said Lot 3; thence Easterly along last said Southerly line, 5 rods to the point of beginning. 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 Kent L. Stevenson and Nancy R. Stevenson and their successors, Trustees, for the uses and purposes set forth in the Kent L. and Nancy R. Stevenson Revocable Living Trust dated July 28, 2008, as grantor, in favor of 1st Bank, as beneficiary, dated March 31, 2008 and recorded April 7, 2008 as Instrument No. 938088, records of Lincoln County, Wyoming (the "Existing Mortgage C. New Lender has made, or is about to make, a loan to Owner in the amount of One Hundred Thirty One Thousand Five Hundred Dollars and No Cents Dollars ($131,500.00) (the "Loan secured by that certain Mortgag9 by Owner in favor of New Lender and recorded 9•/ as Instrument No. p57S" records of Lincoln County, State of 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 SUBORDINATION AGREEMENT Page 1 SUBORDINATION AGREEMENT RECITALS: 00001 RECEIVED 2/19/2013 at 3:31 PM RECEIVING 969556 BOOK: 805 PAGE: 1 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 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. 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 supersedes 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. 6 c�- atc 1i U- EXISTING LIENHOLDER: 1st Bank By: Its: SUBORDINATION AGREEMENT Page 2 t0 0 2 STATE OF WYOMING ss. County of Lincoln On this L day of c 4Q 2013, before me, the undersigned, a Notary Public in and for said State, personally appeared Kent L. Stevenson and Nancy R. Stevenson, Trustees of the Kent L. and Nancy R. Stevenson Revocable Living Trust dated July 28, 2008, 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. JILL H. LARSON NOTARY PUBLIC County of �!a State of Lincoln r Wyoming My Commission Expires June 20, 2015 STATE OF LA County of Lincoln s s. On this 28th day of January 2013 before me, the undersigned, a Notary Public in and for said state, personally appeared Roger J. Coles known or identified to me to be the Branch President 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. ROXIE JENKINS NOTARY PUBLIC County of Lincoln State of Wyoming My Commission Expires August 16, 2014 SUBORDINATION AGREEMENT Page 3 NO j1' Y PUBLIC for Residing at .,.,,,,c r)-1 My commission expires: 6 o 6 V S" ii�;f; Aq/ NOTARY P IC for Residin `at i My commission expires: ,V/4 /7_ 0OOO