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HomeMy WebLinkAbout973607SUBORDINATION AGREEMENT() SPACE ABOVE FOR RECORDERS USE 12r'..l'Al2LC f2 i Bank of America 4161 Piedmont Parkway NC4- 105 -01 -38 Attn Subordinations Greensboro NC 27410 Doc ID No.: 00018028XXXX2005N ESCROW /CLOSING At `,l %\a` RECEIVED 10/7/2013 at 10:47 AM RECEIVING 973607 BOOK: 822 PAGE: 87 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ASTER RBCOROINU i 1=TURN°r DOCUMENT PROC MINGS0LU1'10NS,INC. 890 W. LAMBERT RD. BREA, CA92821 FN -U; -lam' I 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. SUBORDINATION AGREEMENT MERS Phone: 1- 888 679 -6377 MIN: 100133700026627466 This Subordination Agreement "Agreement is made this Thirtieth day of August, 2013, by Mortgage Electronic Registration Systems, Inc. as nominee for Countrywide Bank, FSB, Its Successors and Assigns "Subordinating Lender a corporation whose address is NC4 105 01 38, 4161 Piedmont Parkway, Greensboro, NC 27410. WITNESSETH: WHEREAS, Subordinator is the beneficiary/mortgagee of that certain Deed of Trust/Mortgage "Security Document pursuant to that certain Security Document dated 10/13/2007 (the "Senior Lien and executed by WARREN J. HICKS and ALLISON M. HICKS and encumbering that certain real property located at 552 ALLRED RD, AFTON, WY 83110 (address) which is legally described on Exhibit "A" attached hereto and incorporated herein (the "Property which Security Document was recorded on 11/13/2007 in Official Records Book 678, Page 545, as Instrument No. 934831, of the Official Records of LINCOLN County, Wyoming, as the same may have been or is to be modified prior hereto or contemporaneously herewith. Q( 87 WHEREAS, Nations Lending Corporation #32416, ISAOA "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 amount of $322,983.00 "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 Senior 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 0088 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 0 8 9 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. Mortgag- 7• is Registration Systems, Inc. as nominee for Countrywide Bank, FSB, Its Successors and Assigns Jean Deborah Brown, Assistant Secretary CORPORATE ACKNOWLEDGEMENT STATE OF NORTH CAROLINA COUNTY OF GUILFORD 0 0111 tttttt (Personalized M st W" O� I A/ Cl) t 6)\ U6 L 6 C 2O G ova My commission expires 04/06/2014 ALL PURPOSE ACKNOWLEDGMENT Before me, the undersigned, a Notary Public on this day personally appeared Jean English, Assistant Secretary and Deborah Brown, Assistant Secretary known to me, to be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that the same was the act of the said corporation, and that he or she had executed the same as the act of such corporation for the purpose and consideration therein expressed, and in the capacity therein stated. Given under my hand and seal of office this 30 day of August, 2013. (Notary Public, State of North Carolina) Loretta M Saunders (Print Name of Notary Public here) Q FNTA File Number: WY -10141 EXHIBIT A LEGAL DESCRIPTION THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF LINCOLN, STATE OF Wyoming, AND IS DESCRIBED AS FOLLOWS: LESS AND EXCEPT THE LAND DESCRIBED IN WARRANTY DEED RECORDED SEPTEMBER 2, 2004 IN BOOK 566PR ON PAGE 359 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. 009 LOT 5 OF THE SUNSET SUBDIVISION SECOND FILING, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED ON MAY 14, 2007 AS INSTRUMENT NO. 929350 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. Be the same more or less but subject to all legal highways. Parcel Number: 12- 3219- 35 -4 -00- 221.00 Property also known as: 552 Allred Rd. South, Afton, WY 83110. Note: This title paper does not insure the acreage or quantity of land specified in the above described legal description.