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SUBORDINATION AGREEMENT
NOTICE: "THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN
Tf IE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE
LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT.
TIJIS AGREEMENT, made this day of 2014 by 290, LLC, a Wyoming limited liability
company owner of the and hereinafter described and hereinafter referred to as "Owner," and James M.
Hobbs II present owner and holder of thc Commercial Security Agreement hereinafter described and
hereinafter referred to as "Secured Party;"
WITNESSETH
THAT WI IEREAS, Stephen Check did execute a Commercial Security Agreement (security agreement)
dated November 12, 2009 to James M. Hobbs II as secured party, covering:
Sec 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, 11
which security agreement was recorded November 12, 2009 in Book 735PR, Page 592, Official Records
of said county; and
WI ILREAS has executed, or is about to execute, a mortgage and note in thc sum of
5 '�2 Q dated hlt S r 201'4' in favor of The Bank of Star Valley P.O. Box 8007, Afton,
WY 83110 hereinafter referred to as "Lender," payable with interest and upon the terms and conditions
described therein, which mortgage n1ortgage.is4 e bore ocdcd eonvmrontl)L kw-with; and
is recorded May 12, 2014 in Book 832PR, Page 200,
WI- IEREAS, 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 hereinbcfore described,
prior and superior to the lien or charge of the security agreement first above mentioned; and
WHEREAS, AS, 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 Iicn or charge of the security agreement first above mentioned to the lien or charge of the
mortgage in favor of Lender;
WIIERIEAS, 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, TEIFRL O
:F RE in consideration of the mutual benefits accruing to the panics 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 hcreinbefore
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.
976901 6/4/2014 2:58 PM
LINCOLN COUNTY FEES: $27.00 PAGE 1 OF 6
BOOK: 833 PAGE: 439 AGREEMENT
JEANNE WAGNER, LINCOLN COUNTY CLERK
1111111111111111111111111 I 11 I0 IIM II 111
Subordination Agreement
Page 2
Mortgagee declares, agrees and acknowledges that
(a) Ile 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, sec 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 I
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, i
and in consideration of, this waiver, relinquishment and subordination specific loans and t
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 Tien or
charge ()Idle mortgage in favor of the Lender above referred to.
NOTICE: Ti IIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICI -i ALLOWS
THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A
LOAN A PORTION OF Wl IICI I MAY BE EXPENDED FOR OTHER PURPOSES
THAN IMPROVEMENT OF THE LAND.
i
Secured Party: Owner:
►LC
ir i I Al/ Avit..:....' ar
mcs M. Ho bs t
NW SSo u,n
STATE OF W1 1
)ss T,
COUNTY OF
The foregoing Instrument was acknowledged before me by 3 a I1 1 kb5j:
Manager(s) of 290, LI.,C, a Wyoming limited liability company this SttliA day of. i1T, 2014.
Witness my hand and official seal. a
/I
Notary Public
My Commission Expires: 1-}'-(0_ yp' LORI A.
o�PR... l%B�',
NOTARY 0.. My Commission Expires
I April 10, 2017
STATE OF G ..(.3 4 SEAL
Danl., )ss QkVit Commi #136 3540
COUNTY OF i
The foregoing Instrument was acknowledged before me by James M. Hobbs II this �Q day of,Elpr+1, e
2014. iTrAi
1
Witness my hand and official seal
Notary Public r
My Commission Expires: '1 I�"o����
Y P LORI A. BRODERICK
My Commission Expires
NOTARY Apri110, 2017
SEAL
74,• Clinton County
OF M�, Commission #1363540
i
t
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EXHIBIT "A"
A parcel of land located in the N /2 of Section 26 and the VA 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 Comer 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
NO °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 paint being the southeast comer 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 6 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 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 N00 °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 1'/" aluminum cap, PLS 580;
thence NO °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'/"
aluminum cap, PLS 580.
thence N0 °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 1W aluminum
cap, LS 6263;
thence 886 °33'05 "E, 50.19 feet to the southeast corner of said Questar Gas Metering Parcel, where is
found a 1W 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 S86 °21'38" I;, 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.
5 at Filing;
thence S3 °48'04 "W, 80.73 feet to the southwest corner of said Lot 9, Block 3 where Is found a 11"
aluminum cap, LS 482.
The following eleven (11) courses being along the south boundary line of said L.H. 5 st 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"
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
1'/" aluminum cap, LS 482;
thence N3 6 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 'A" 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 1Wix" 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;
F
(continued)
Exhibit "A" 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 578 °20'12 "E, 4.07 feet to the northwest corner of Lot 9, Block 2 of the Lincoln Heights el
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 "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 75 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 613 where is found a CCI
cap;
thence N67 °39'56 "E, 75.03 feet to the common corner of Lots 6A and 68 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 871°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; y=
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 872 °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
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 T21N 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 SO °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 S 1 °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
CCt 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 $23 °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 '/4 corner common to Sections 22 and 23 of the resurvey of T21N 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 T21N 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
CC1 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 SO °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.