HomeMy WebLinkAbout975724This Instrument Prepared by: Sharon Harper
First Tennessee Bank National Association, Grantor
P.O. Box 132
Memphis, TN 38101
975724 3 /27/2014 3:23 PM
LINCOLN COUNTY FEES: $21.00
BOOK: 829 PAGE: 570 AGREEMENT PAGE
JEANNE WAGNER, LINCOLN COUNTY CLERK
1 111/111111111 II /1 III IN 11111111 1111 111111111 1 /111 /1111 I /III 1111 I/ 1 III /III I III
SUBORDINATION AGREEMENT
RECITALS:
1 OF
WHEREAS, Jack Richins and Carrie Richins, Husband and Wife (hereinafter singly or
collectively "Borrower is the owner of the following described real property described below
or in Exhibit "A" attached hereto, and having a street address as follows (the "Property
296 Gallup Dr
Etna, WY 83118
AND WHEREAS, the said Borrower has made application for a closed —end mortgage loan
"New Loan in an amount not to exceed $236,000.00 from Nationstar Mortgage LLC (the
"Grantee whose address is: 2330 Commerce Park Drive N E Suite 2, Palm Bay, FL 32905
to be evidenced by a Deed of Trust Mortgage which shall be a lien or charge on the
Property.
AND WHEREAS, the undersigned, First Tennessee Bank National Association and its
divisions, FIRST HORIZON EQUITY LENDING and FIRST HORIZON MONEY CENTER
(collectively, "Grantor has an interest in or lien upon the Property as follows:
(Mortgage) As Mortgagee under a Mortgage Recorded October 5, 2007 at Book 674,
Page 764; Official Records of Lincoln County, State of Wyoming.
233
07- Feb -14
As a condition of making the New Loan, the Grantee has required the Borrower to execute a Deed of
Trust/Mortgage on the Property securing repayment of the New Loan (the "New Deed of
Trust/Mortgage"), which, upon execution and recordation of this Agreement, and subject to the conditions
and limitations set out below, shall have a superior lien position to that of Grantor on the Property.
Subordination Agreement
Revision 11.02 FHEL /FHMC
AGREEMENTS:
NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Grantor hereby agrees as follows:
1. Grantor hereby agrees to subordinate the lien of its Deed of Trust/Mortgage to the lien of the New
Deed of Trust/Mortgage, subject to the following conditions. This Subordination is limited solely to the
New Deed of Trust/Mortgage and is effective ONLY to the extent to which the New Deed of
Trust/Mortgage is a valid, enforceable and properly recorded mortgage lien instrument. This
Agreement shall be of no force and effect in the event Grantee or its agents fails to satisfactorily
perform all acts required to make the New Deed of Trust/Mortgage a valid and enforceable mortgage
loan, that is properly recorded in the appropriate land records.
2. This Subordination as described above shall not apply to any future advance of funds to or for the
benefit of the Borrower by the Grantee of the New Deed of Trust/Mortgage, except for advances
necessary to protect the security of the New Deed of Trust/Mortgage.
3. Nothing in this Agreement shall be deemed to constitute a novation with respect to the debt secured
by the Grantor Deed of Trust/Mortgage, nor an extension or modification thereof, nor otherwise affect
the rights, remedies or penalties under the Grantor Deed of Trust/Mortgage.
4. This Agreement shall be binding upon and shall inure to the benefit of Grantor and the Grantee and
their respective successors and assigns, and any purchaser at any foreclosure sale instituted
pursuant to the Grantor Deed of Trust/Mortgage or the New Deed of Trust/Mortgage.
5. This Agreement shall be construed in accordance with the laws of the State of
Tennessee.
IN WITNESS WHEREOF, Grantor has caused this Agreement tole executed �y �it�s duly authorized
day of f_ 2014.
representative and Trustee has executed this Agreement on this
First Tennessee Bank National Association (Grantor)
Side lI
Debra D. C. gham
Title: Limited Vice President Underwriter
Page 2 of 3
STATE OF TENNESSEE
COUNTY OF SHELBY
Before me, Sharon L Harper the state and county mentioned, personally appeared Debra D.
Cottingham, with whom I am personally acquainted (or proved to me on the basis of satisfactory
evidence), and who, upon oath, acknowledged such person to be the Limited Vice President Underwriter
of First Tennessee Bank National Association, the within named bargainer, a corporation, and that
he /she, as such Limited Vice President Underwriter, executed the foregoing instrument for the purpose
therein contained, by personally signing the name of the corporation as Limited Vice President
Underwriter.
WITNESS my hand and official seal on this
Prepared by: Sharon Harper
First Horizon /First Tennessee Bank
300 Court Avenue
Memphis, TN 38103
Subordination Agreement
Revision 11.02 FHEL /FHMC
ACKNOWLEDGMENT
ss:
day of ‘611, 20
My Commission expires:
Notary Public
Page 3 of 3
EXHIBIT A
Lot 190 of Nordic Ranches, Division No. 13, Lincon County, Wyoming as described on the official
plat thereof Known as: 296 Gallup Drive Etna, WY 83118