HomeMy WebLinkAbout975177Recording Requested By:
LSI Title Company
5039 Dudley Blvd.
McClellan, CA 95652
Title Order No. 17680954
3 72 'k
Tax Account No.: 33183320100300
975177 2/4/2014 2:53 PM
LINCOLN COUNTY FEES: $21.00 PAGE 1 OF 4
BOOK: 827 PAGE: 775 MTG, SUBORDINATION OF
JEANNE WAGNER LINCOLN COUNTY CLERK
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SUBORDINATION AGREEMENT
WITNESSETH
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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.
h
THIS AGREEMENT, made.. 4 1 r 20 3, by JOHN BOWERS and TERI
BOWERS, husband and wife, Owners of the land hereinafter described and hereinafter referred to as "Owners
and THE BANK OF STAR VALLEY, present Owner and holder of the mortgage and note first hereinafter
described and hereinafter referred to as `Beneficiary
THAT WHEREAS, JOHN BOWERS and TERI BOWERS, husband and wife, did execute a mortgage covering
real property commonly known as 751 Grover North County Rd 120, Grover, WY 83122, in the County of Lincoln,
State of Wyoming:
SEE COMPLETE LEGAL DESCRIPTION ATTACHED AS EXHIBIT "A"
to secure a note in the original sum of $40,000.00, in favor of THE BANK OF STAR VALLEY, which the
original mortgage was recorded on 1/4/2005, in Book 576 Page 420 -424, Official Records of said county; and
WHEREAS, Owner has executed, or is about to execute, a mortgage and note in the sum not to exceed
$201,675.00, dated 0 r c0 J P/ in favor of CITIBANK, N.A., its successors and/or assigns,
hereinafter referred to as "Lender payable with interest and upon the terms and conditions described therein, which
deed of trust is to be recorded concurrently herewith; and
Tax Account No.: 33183320100300
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 Beneficiary will specifically and unconditionally subordinate the lien or charge of the mortgage first
above mentioned to the lien or charge of the mortgage in favor of Lender; and
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner: and Beneficiary 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:
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 of the mortgage above mentioned.
That Lender would not make its loan above described without this subordination agreement.
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, those provisions, if
any, contained in the mortgage first above mentioned, which provide for the subordination of the lien or charge
thereof to another deed or deeds of trust or to another mortgage or mortgages.
Beneficiary declares, agrees and acknowledges that
He /She /They consent(s) to and approves (i) all provisions of the note and deed of trust 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;
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 who 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;
He/She /They 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
An endorsement has been placed upon the note secured by the deed of trust first above mentioned that said mortgage
has by this instrument been subordinated to the lien or charge of the mortgage in favor of Lender above referred to.
Tax AccountNo.: 33183320100300
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.
IT IS RECOMMENDED THAT PRIOR TO THE EXECUTION OF THIS SUBORDINATION
AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.
By:
THE BANK OF ALLEY
Pr) ed Name Beneficiary
Title: CP Pae.4/oeiti
Beneficiary
d (ALL SIGNATURES MUST BE ACKNOWLEDGED)
gip`
STATE OF kr
COUNTY OF V 1 (ANA V\
On 1 O 2 Oi'7) before me, S1 I 1 C. (Litt( personally appeared
ej. -Q Il'I.c0.) who is the V aramman of THE BANK
OF STAR VALLEY who 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), and that by his /her /their signature(s) on the instrument the person(s), or entity
upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal,
Prepared By:
Kevin Huber, Esq.
4022 W. 39 Street
Casper, WY 82604
1- 866 878 -9765
5'- Ovi
Beneficiary
I certify under PENALTY OF PERJURY under the laws of the State of
the foregoing paragraph is true and correct
t o I that
JASMINE NEWELL
COUNTY OF
LINCOLN
NOTARY PUBLIC
STATE OF
WYOMING
MY COMMISSION EXPIRES NOVEMBER 20, 2017
213788
Parcel 1:
EXHIBIT "A"
A portion of Lot 3 of the Poplar Amended Subdivision, according to that plat filed April 12,
1983 as Instrument No. 595147 in the office of the Lincoln County Clerk more particularly
described as follows:
Beginning at the Northwest Corner of said Section 33, T 33 N, R 118 W, 6th P.M., Wyoming,
and running thence
North 88 °39.5' East (S89 °43' E Record) 198.42 feet, thence
South 00 °09' West 1309.60 feet, thence
North 89 °58.5' West 198 feet, thence
North 00 °08' East Base Bearing 1304.87 feet along West line of said Section 33 to the Corner of
Beginning.
EXCEPTING THEREFROM:
Part of Lot 3 of the Poplar Amended Subdivision, Lincoln County, Wyoming, being more
particularly described as follows:
BEGINNING at a point which is South 1305.00 feet from the Northwest Corner of said Section
33 and proceeding thence East 198 feet;
Thence North 220 feet;
Thence West 198 feet;
Thence South 220 feet to the Point of Beginning.
Parcel 2:
An easement for ingress and egress over and across the following described property:
The Westerly sixty feet (60') of that property described in the deed recorded in Book 268 PR,
Page 425, Instrument Number 696851, of the Official Records of the Lincoln County Clerk, in
and for the County of Lincoln, State of Wyoming, said easement being sixty feet (60') wide
running from Lincoln County Road 129 along the Westerly portion of that property described in
Book 268 PR, Page 425, Instrument Number 696851, recorded in the official records of Lincoln
County Clerk, in and for the County of Lincoln, State of Wyoming.
PIDN: 3318- 33 -2 -01- 003.00