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HomeMy WebLinkAbout976592WITNESSETH SUBORDINATION AGREEMENT 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. TIJIS AGREEMENT, made this day of April, 2014 by 290, LLC, a Wyoming limited liability company owner of the land hereinafter described and hereinafter referred to as "Owner," and James M. Hobbs II present owner and holder of the Commercial Security Agreement hereinafter described and hereinafter referred to as "Secured Party;" THAT WHEREAS, Jerry Greenfield did execute a Commercial Security Agreement (security agreement) dated November 12, 2009 to James M. Hobbs II as secured party, covering: See attached Exhibit A for Description. to secure a note in the sum of $172,697.32 dated November 12, 2009 in favor of James M. Hobbs, lI which security agreement was recorded November 12, 2009 in Book 735PR, Page 582, Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, a mortgage and note in the sum of gy p dated An i 2i ILI in favor of The Bank of Star Valley P.O. Box 8007, Afton, WY 3110 hereinafter referred I to as "Lender," payable with interest and upon the terms and conditions described therein, which mortgage is to be recorded concurrently herewith; and 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 security agreement 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 security agreement first above mentioned and provided that Secured Party will specifically and unconditionally subordinate the lien or charge of the security agreement first above mentioned to the lien or charge of the mortgage in favor of Lender; WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Mortgagee 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 security agreement 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: (1) 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 or the security agreement first above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the security agreement 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 mortgage and security agreement hereinbefore specifically described, any prior agreement as to such subordination including, but not limited to, those provisions, if any, contained in the security agreement first above mentioned, which provide for the subordination of the lien or charge thereof to another mortgage or mortgages. 976592 5/12/2014 2:27 PM LINCOLN COUNTY FEES: $27.00 PAGE 1 OF 6 BOOK: 832 PAGE: 212 AGREEMENT JEANNE WAGNER LINCOLN COUNTY CLERK IIIIIIIIIIIIIli IIIIIII I IIIIIIII IIM1 111111111111111111111111 Subordination Agreement Page 2 Mortgagee declares, agrees and acknowledges that (a) Secured Party: He consents to and approves (I) all provisions of the note and mortgage 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; (b) 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 whom 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; (c) He Intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the security agreement 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 (d) An endorsement has been placed upon the note secured by the security agreement first above mentioned that said security agreement has by this instrument been subordinated to the lien or charge of the mortgage in favor of the Lender above referred to. 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. STATE OFD COUNTY OF &ay. The foregoing Instrument was acknowledged before me by JOfrRs Ii i4i*x 11— Manger(s) of 290, LLC, a Wyoming limited liability company th s. (oh day of April, 2014. Witness my hand and official seal. My Commission Expires: )s s 1S %1,..r1 STATE OF-W COUNTY OF ®t6/PI )ss Witness my hand and official seal. My Commission Expires: oC I Nota Owner: Public OYp NOTARYG* q-. SEAL V LORI A. BRODERICK My Commission Expires April 10, 2017 Clinton County Commission #13693540 The foregoing Instrument was acknowledged before me by James M. Hobbs II this 1 C day of April, 2014. LORI A. BRODERICK My Commission Expires April 10, 2017 Clinton County Commission #13693540 1 EXHIBIT "A" A parcel of land located in the N1/2 of Section 26 and the S /2 of Section 23 and being part of Tracts 44, 45, 52, 53 and 54 all of the resurvey of T21 N R116W of the 6th P.M., City of Kemmerer, Lincoln County, Wyoming and being more particularly described as follows: Commencing at Corner No. 3 of Tract 45 of the resurvey of T2IN R116W, of the 6th P.M. City of Kemmerer, Lincoln County, Wyoming where is found a standard U.S.G.L.O. brass cap; thence N0 °00'00 "E, 2631.00 feet to Corner No. 4 of said Tract 45; thence S0 °02'21 "E, 371.50 feet to the Point of Beginning of this description. Said point being a point on the north right of way boundary of U.S. Highway 189 and being monumented with a 6" x 6" concrete post with a Wyoming Department of Transportation brass cap (herein after referred to as a standard highway R.O.W. marker). thence N77 °31'52 "W along said north right of way boundary of U.S. Highway 189, 182.46 feet to the PC of a curve to the left where is found a standard highway R.O.W. marker; thence continuing 452.43 feet along the arc of said curve to the left and said northerly right of way boundary to a point on the curve. Said point being monumented with a plastic cap on a 5/8" rebar, LS 2616. Said curve having a central angle of 29 °36'31 a radius of 878.51 feet and a chord of 447.42 feet which bears S87 °42'28 "W. Said point being the southeast corner of that particular parcel of land conveyed from P M to the Kemmerer /Diamondville Chamber of Commerce as recorded in Book 326PR on page 379 on file in the Lincoln County Clerk's office, herein after referred to as the Chamber of Commerce parcel. thence N16 °56'40 "W, 100.24 feet to the northeast corner of said Chamber of Commerce parcel where is found a 5/8" rebar with plastic cap LS 2616; thence S70 °32'40 "W, 79.13 feet to the northwest comer of said Chamber of Commerce parcel where is found a 5/8" rebar with a plastic cap LS 2616; thence S21 °32'35 "E, 99.99 feet to the southwest corner of said Chamber of Commerce parcel where is found a 5/8" rebar with a plastic cap, LS 2616. Said point also being a point on a curve to the left of the northerly right of way boundary of U.S. Highway 189; thence 523.91 feet along the arc of said curve to the left of the said northerly right of way boundary of U.S. Highway 189 to the PT of said curve. Said point being monumented by a standard highway marker. Said curve to the left having a central angle of 34 °10'09 a radius of 878.51 feet and a chord of 516.18 feet which bears S51 °17'39 "W; thence S34 °03'53 "W, 91.37 feet along said northerly right of way boundary of U.S. Highway 189 to a point where is found a standard highway R.O.W. marker; thence N 55 °37'35 "W, 39.94 feet along a jog in said northerly right of way boundary of U.S. Highway 189 to a point where is found a standard highway R.O.W. marker; thence S34 °08'05 "W, 189.92 feet along the northerly right of way boundary of said U.S. Highway 189 to the intersection of the north or east right of way boundary of U.S. Highway 30, Said point being monumented with a standard highway R.O.W. marker; the following three (3) courses along said north or east right of way boundary of U.S. Highway 30. thence N62 °06'13 "W, 51.45 feet to a point where is found a standard highway R.O.W. marker; thence N62 °20'05 "W, 751.15 feet to a point where is found a standard highway R.O.W. marker; (continued) Exhibit "A" continued thence N72 °03'25 "W, 696.34 feet to a point on the west boundary of said Tract 44 where is found a 5/8" diameter rebar with 2" diameter aluminum CCI PELS 5465 cap (herein after referred to as a rebar with CCI cap); thence NO0 °23'37 "W, 1444.64 feet along the westerly boundary of Tract 44 to a point. Said point being the southeast corner of Lot 4 of Section 23, as described on the Plat of Rolling Hills 1st Addition, monumented with a 11/2" aluminum cap, PLS 580; thence N0 °23'12 "W, 142.01 feet to corner No. 8 of said Tract 44 where is found a 3" aluminum cap, PE /LS 5465; thence N0 °23'12 "W, 1184.01 feet along the west boundary line of said Tract 54 to the southeast corner of Lot 4 of Section 23, as described on the Plat of Rolling Hills 1st Addition, monumented with a 1' /z" aluminum cap, PLS 580. thence ■0 °25'59 "W, 715.30 feet along the westerly boundary of said Tract 54 to the southwest corner of that particular parcel of land conveyed from The Pittsburg and Midway Mining Co. to Questar Gas Company as recorded in book 578PR on page 773 on file in the Lincoln County Clerk's office. Said parcel herein after referred to as the Questar Gas Metering Parcel, where is found a 11/2" aluminum cap, LS 6263; thence S86 °33'05 "E, 50.19 feet to the southeast corner of said Questar Gas Metering Parcel, where is found a 11/2" aluminum cap, LS 6263, thence N0 °57'39 "W, 75.02 feet to the northeast corner of said Questar Gas Metering Parcel, where is found a 11/2" aluminum cap, LS 6263. Said point being a point on the south boundary of Del Rio Drive to the City of Kemmerer; thence 586 °21'38 "E, 132.79 feet along the south boundary of Del Rio Drive to a point on the boundary of the Lincoln Heights 5th,lst Filing Addition to the City of Kemmerer. Herein after referred to as L.H. 5thlst Filing; thence S3 °48'04 "W, 80.73 feet to the southwest corner of said Lot 9, Block 3 where is found a 1 aluminum cap, LS 482. The following eleven (11) courses being along the south boundary line of said L.H. 5 Filing: thence S86 °49'38 "E, 109.53 feet to the southeast corner of lot 9, Block 3 where is found a CCI rebar with cap; thence S15 °45'16 "W, 41,79 feet to the southwest corner of Lot 8 of Block 3 where is found a 11/2" aluminum cap, LS 482. thence N88 °16'39 "E, 176.51 feet to the common corner of Lots 6 and 7 of said Block 3 where is found a 1'/" aluminum cap, LS 482. thence N76 °16'52 "E, 179.73 feet to the common corner of Lots 4 and 5 of Block 3, thence N80 °21 '31 "E, 92.35 feet to a deflection point on the south boundary of Lot 3 of said Block 3 where is found a CCI rebar with cap; thence N86 °55'22 "E, 192.75 feet to the south east corner of Lot 1 of said Block 3, where is found a 1W aluminum cap, LS 482; thence N3 °01'16 "W, 95.61 feet to the PC of a curve on the east boundary of said Lot 1, Block 3, where is found a 1 %2' aluminum cap LS 482; thence N 87 °06'45 "E, 52.94 feet to the PC of the curve on the west boundary of Lot 4 of Block 2 of said L.H, 5 1st Filing, where is found 11/2" aluminum cap, LS 482; thence S3 °04'30 "E, 93.49 feet to the southwest corner of said Lot 4, Block 2, where is found a 1 aluminum cap, LS 482; (continued) thence N86 °34'10 "E, 96.41 feet to a point on the south boundary of Lot 3, of said Block 2, where is found a CCI cap; thence S78 °20'12 "E, 4.07 feet to the northwest corner of Lot 9, Block 2 of the Lincoln Heights 5hlst Filing Addition to the City of Kemmerer; herein after referred to as L.H. 5 2nd Filing, where is found a 5/8" rebar with cap; The following four (4) courses being along the south or west boundary of said L.H. 5th, 2nd Filing Addition. thence S3 °12'10 "E, 145.64 feet to the angle point on the west boundary line of Lot 8 of said Block 2, where is found a 5/8" rebar; thence S3 °25'06 "W, 273.22 feet to the angle point on the west boundary line of Lot 6 of said Block 2, where is found a 5/8" rebar; thence S43 °23'02 "E, 397.14 feet to the southerly most corner of Lot 1 of said Block 2, where is found a 5/8" rebar; thence N46 °33'57 "E, 423.01 feet along the southerly boundary of said L.H. 5th, 2nd Filing to the southwest corner of Lots 6B Block 1. Said point also being the southwest corner of Lot 7B of Block 1 of said L.H, 5th, 1st Filing where is found a CCI rebar with cap; The following four (4) courses along the southeast boundary of said L.H, 5th, 1st Filing Addition. thence N46 °33'30 "E, 147.12 feet to the common corner of Lots 7A and 6B where is found a CCI cap; thence N67 °39'56 "E, 75.03 feet to the common corner of Lots 6A and 6B of said Block 1 where is found a CCI rebar with cap; thence N 44° 32'43 "E, 156.36 feet to the angle point of Lot 1 of said Block 1, where is found a 1 aluminum cap, LS 482; thence N 36 °41' 46 "E, 106.71 feet to the southerly most corner of said Lot I. Said point being a point on a curve to the left on the south or west right of way easement boundary of Canyon Road; The following three (3) courses being along said south or west right of way easement boundary of Canyon Road. thence 400.47 feet along the arc of said curve to the left to the PT of said curve where is found a CCI rebar with cap. Said curve to the left having a central angle of 36 °09'47 a radius of 634.50 feet and a chord of 393.86 feet which bears S71 °19'39 "E; thence S 89 °28'39 "E, 1139.27 feet to the PC of a curve to the right where is found a CCI cap; thence 113.39 feet along the arc of said curve to the right to the intersection of said south or west right of way easement boundary line of Canyon Road and that particular parcel of land conveyed to Harrower as recorded in Book 164PR on page 306 on file at the Lincoln County Court House (said parcel herein after known as the Harrower Parcel). Said point being monumented by a CCI cap. Said curve to the right having a central angle of 11°29'17", a radius of 565.50 feet and a chord of 113.20 feet which bears S83 °44'00 "E; The following four (4) courses being along the boundary of said Harrower Parcel. thence S72 °11'04" E, 31.81 feet to the northwest corner of Parcel A of said Harrower Parcel where is found a CCI cap; thence S7 °49'23 "W, 120.02 feet to the southwest comer of parcel of said Harrower Parcel where is found a CCI cap; thence S72 °10'52 "E, 159.98 feet to the southeast corner of parcel A of said Harrower Parcel, where is found a CCI cap; thence N7 °49'57 "E, 105.81 feet to the intersection of a curve to the right on said south or west right of way easement boundary of Canyon Road. Said point of intersection being monumented with a CCI cap; (Continued) Exhibit "A" continued Exhibit "A" continued thence 234.26 feet along the arc of said curve to the right of said south or west right of way easement boundary of Canyon Road to the intersection of the tract line between Tracts 52 and 50 of said resurvey of T21 N R116W where is found a CCI cap. Said curve to the right a central angle of 23 °44'05 a radius of 565.50 feet and a chord of 232.59 feet which bears S46 °16'45 "E; thence S0 °13'45 "E, 67.69 feet to corner No. 3 of Tract 50 of said resurvey of T21 N R116W; thence S0 °40'02 "E, 586.06 feet along the east boundary of said Tract 52 to a point on the west right of way easement boundary of Canyon Road where is found a CCI rebar with cap. The following seven (7) courses being along the west right of way easement boundary of said Canyon Road, thence S22 °32'16 "W, 523.46 feet to the PT of a curve to the left where is found a CCI rebar with cap; thence 265.78 feet along the arc of said curve to the left to the PC of said curve where is found a CCI rebar with cap. Said curve to the left having a central angle of 24 °00'00 a radius of 634.50 feet and a chord of 263.84 feet which bears S10 °32'09 "W; thence S1 °27'39 "E, 412.00 feet to the PT of a curve to the right where is found a CCI rebar with cap; thence 355.18 feet along the arc of said curve to the right to the PC of said curve where is found a CCI rebar with cap. Said curve to the right having a central angle of 35 °59'11 a radius of 565.50 feet and a chord of 349.37 feet which bears S16 °31'43 "W; thence S34 °31'21 "W, 460.00 feet to the PT of a curve to the left where is found a CCI rebar with cap; thence 241.77 feet along the arc of said curve to the left to the PC of said curve where is found a CCI rebar with cap. Said curve to the left having a central angle of 21°49'57", a radius of 634.50 feet and a chord of 240.31 feet which bears S23 °35'55 "W; thence S12 °41'15 "W, 462.93 feet to a point on the north right of way boundary of U.S. Highway 189 where is found a CCI rebar with cap. thence N77 °30'47 "W, 495.69 feet along said north right of way boundary of U.S. Highway 189, 495.69 feet to the point of beginning. EXCEPTING THEREFROM, a parcel of land located entirely within Parcel K2 also being a portion of Tract 54 of the resurvey of T21N R116W, 6 P.M., Lincoln County, Wyoming. Said parcel herein after referred to as the P &M Radio Tower Parcel and being more particularly described as follows: Commencing at the corner common to Sections 22 and 23 of the resurvey of T21 N R116W of the 6th P.M., Lincoln County, Wyoming; thence S 0 °13'58 "E along the west boundary of said Section 23, 2654.87 feet to the southwest corner of said Section 23; thence N18 °07'18 "E, 919.34 feet to the Point of Beginning of this description. Said point of beginning being a point on the west boundary of Tract 54 of the resurvey of T21 N R116W, 6th P.M., Lincoln County, Wyoming, where is found a CCI cap on a 5/8" rebar; thence N0 °23'12 "W, along the west boundary of said Tract 54, 50.00 feet to a point where is found a CCI cap on a 5/8" rebar; thence N89 °37'17 "E, 132.60 feet to a point where is found a CCI cap on a 5/8" rebar; thence S0 °21'06 "E, 49.98 feet to a point, where is found a CCI cap on a 5/8" rebar; thence N89 °36'39 "W, 132.57 feet to the point of beginning of this description.