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HomeMy WebLinkAbout97266889858 WHEN RECORDED MAIL TO: Document Pr TX2 -979- 4500 ng -19 on Carter Blvd orth, TX 76155 LOAN 093716258 ESCROW /CLOSI NG 247215025 Chicago Title ServiceLink Division 4000 Industrial Blvd Aliquippa, PA 1500 irA RECEIVED 8/14/2013 at 3:48 PM RECEIVING 972668 BOOK: 818 PAGE: 1 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SUBORDINATION AGREEMENT SUBORDINATION AGREEMENT WITNESSETH: SPACE ABOVE FOR RECORDERS USE MERS Phone: 1- 888 679 -6377 MIN: 100015700053281172 0001 NOTICE: THIS SUBORDINATION AGREEMENT MAY RESULT 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 "Agreement is made this Eighteenth day of June, 2013, by MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, Inc. "MERS as nominee for The Jackson State Bank Trust, a Wyoming banking corporation its successors and/or its assigns to BANK OF AMERICA, N.A., its successor merger to Countrywide Bank F.S.B. "Subordinating Lender a corporation whose address is P.O. BOX 2026, FLINT, MI 48501 -2026. WHEREAS, Subordinator is the beneficiary/mortgagee of that certain Deed of Trust/Mortgage "Security Document pursuant to that certain Security Document dated 06/30/2005 (the "Senior Lien and executed by TODD BARON and WENDI WALTON (together, the "Owner and encumbering that certain real property located at 206 W MILL CIRCLE, ALPINE, WY 83128 (address) which is legally described on Exhibit "A" attached hereto and incorporated herein (the "Property which Security Document was recorded on 07/05/2005 in Official Records Book 590, Page 155, as Instrument No. 0909709, of the Official Records of LINCOLN County, WY, as the same may have been or is to be modified prior hereto or contemporaneously herewith. 0002 WHEREAS, Bank of America, N.A. "Junior Lien Holder has been requested to make a loan, line of credit or other financial accommodation to Owner, to be secured by either a deed of trust, deed to secure debt or mortgage (collectively, the "Junior Lien covering without limitation, the Property and securing the indebtedness described therein including the payment of a promissory note or line of credit (together, the "Note made by Owner and /or others payable to the order of Junior Lien Holder, in the maximum principal face amount not to exceed $138400.00 "Principal Amount including provisions for acceleration and payment of collection costs (collectively, the "Loan and WHEREAS, Junior Lien Holder requires, as a condition to making the Loan, that the Junior Lien be superior to the Senior Lien; WHEREAS, it is to the mutual benefit of the Subordinator, Owner and Junior Lien Holder that Junior Lien Holder make the Loan to Owner; and Subordinator is willing to permit the Junior Lien, when recorded, to constitute a lien upon the Property that is unconditionally prior and superior to the Senior Lien. NOW THEREFORE, for valuable consideration and to induce Junior Lien Holder to make the Loan to Owner, Subordinator hereby subordinates the Senior Lien to the Junior Lien and any renewals or extensions thereof, and declares, agrees and acknowledges that: (1) The Junior Lien 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 Superior Lien. (2) That Junior Lien Holder would not make the Loan without this subordination agreement. (3) This Agreement is limited to the Principal Amount, plus interest and any additional amounts advanced pursuant to the provision of the Note or Junior Lien for payment of insurance premiums, taxes, cost of collection or protection of the value of the Property or Junior Lien Holder's rights in the Property. This Agreement shall inure to the benefit of Junior Lien Holder and be binding upon Subordinator, its successors and assigns and shall be binding upon any purchaser (at foreclosure or otherwise) of the Property, or any part thereof, and their respective heirs, personal representatives, successors and assigns. (4) This agreement shall be the whole and only agreement with regard to the subordination of the Senior Lien to the Junior Lien and shall supersede and cancel, but only insofar as would affect the priority between the security instruments described herein, any prior agreements as to such subordination including, but not limited to, those provisions, if any, contained in the Senior Lien, which provide for the subordination of the Senior Lien to another security instrument, deed of trust or mortgage. (5) It consents to and approves (i) all provisions of the Note and Junior Lien securing the loan, and (ii) all agreements, including but not limited to any loan or escrow agreements (collectively, the "Loan Agreements between Owner and Junior Lien Holder for the disbursement of the proceeds of the New Loan; (6) Junior Lien Holder making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Junior Lien Holder represented that it will, see to the application of such proceeds by the person(s) to whom Junior Lien Holder disburses such proceeds and any application or use of such proceeds other than those provided for in such Loan Agreement(s) shall not defeat the subordination herein made in whole or in part. (7) It intentionally and unconditionally waives, relinquishes and subordinates the Senior Lien in favor of the Junior Lien 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, 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 ALLOWS THE OWNER 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. MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, Inc. "MERS as nominee for The Jackson State Bank Trust, a Wyoming banking corporation its successors and /or its assigns to BANK OF AMERICA, N.A., its successor merger to Countrywide Bank F.S.B. Eric D Boulton, Assistant Vice President 0003 STATE OF 4 ,6i x C9 COUNTY OF C'.c y +r On C -24 7-0/3 (date) before me, 4 --s (notary public) personally appeared Eric D Boulton, of MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, Inc. "MERS as nominee for The Jackson State Bank Trust, a Wyoming banking corporation its successors and /or its assigns to BANK OF AMERICA, N.A., its successor merger to Countrywide Bank F.S.B. personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his /her /their authorized capacity(ies), an that by his /her /their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. ATTENTION NOTARY: ALL PURPOSE ACKNOWLEDGMENT 0004 r NICHOLAS OTARY PUBLIC rr STATE OF OHIO acorded in INO C�uyano l ga County My Comm. Exp. 10/22/14 Although the information requested below is OPTIONAL, it could prevent fraudulent attachment of this certificate to another document. THIS CERTIFICATE MUST BE ATTACHED TO Title of Document Type 5Zc.- ,j,/(/ J A../ THE DOCUMENT DESCRIBED AT RIGHT Number of Pages y e Date of Document _J? 74a /3 Signer(s) Other Than Named Above 0005 EXHIBT A Lot 69 of the Palis Park Subdivision, Lincoln County, Wyoming as described on the official plat filed on March 2, 1966 as Instrument No. 389848 of the records of the Lincoln County Clerk.