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HomeMy WebLinkAbout885573885573 RECEIVED LINCOLn.! OOUNT.Y CLERK 504 .PR P^o~. 601 SUBORDINATION AGREEMENT [Space Above This Line For Recording Data] RetumTo: COUNTRYWIDE HOME LOANS, INC. MS SV-?9 DOCUMENT PROCESSING 18DO'Tapo Canyon Simi Valley, .CA 93063-6712 Prep~edBy: M. SALAS 0002052112754079 NOTICE: THIS SUBORDINATION AGREElVFENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE I.Ig~N OF SOME, OTHER OR LATER SECURITY INSTRUMENT. I~ 8Ubardlt~allon Agtnem~nt 1D742tXX (121011 Page I "23.991 ' * 0205211'27000001D 742 * 60~ DOC ID ~ 0002052112754079 SUBORDINATION AGREEMENT THIS SUBORDINATION AGREEMENT is made this ("Subordinated Lienholder"). with a place of business at executed and delivered to Subordinated Lienholder. a Deed of Trust/Mortgage (the "First Security Instrument") in the sum of, ~.O.d.X~.t~ dated ll-Zff- T.,dO0 , and recorded ~- ~ - ZO0o in Book Volume ~' ling , Page t~t,~t. ~ , as security for a loan (the "First Loan"), which First Security Inslrumcnt is a valid and existing lien on the real property described on Exhibit "A" attached hereto. (]]Borrower") executed and delivered to ~,,n(~,~0; ~ %nl~/,~s , d,~, " . (Lender"). a deed of trust/mortgage in the sum~ ~t/,q t~ ? '" which deed of trust/mortpa~a i~ intended to ~orded h~ewith o~ i~ ~:o~dedi~ Boo;' ~ Volame ' ~ .X~g~, ~_~'°.~ !nstrt~en~o. ~ . in t~e~ecords o~ C-~. ~~ County. Sa~ (thc Second Security Instrument") as securi~ ~r a loan (the '*Second Loan"); - - 0 ..... WHEREAS. it is a condition precedent to obtaining thc Second Loan that the lien of the Second shall unconditionally be and remain at ali time~ a lien or charge upon the land hereinbefore described, prior and superior to the lien of the First Loan; and WHEREAS, Lender is willing to make said loan provided the lien securing the Second .Loan is a lien or charge upon the described property prior and superior to the lien of the First Loan and provided that Subordinating Lender will specifically and unconditionally subordinate the lien of the First Loan to the Second Loan; and WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such a loan to Borrower; and Subordinating Lender is willing that the lien securing the Sccond Loan shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien securing the First Loan. · SUbordll~allon Agreement 1D7422XX [12/01) Page Initial*,: 603 DOC ID t~ 0002052112754079 NOW, THEREFORE, in consideration, of the mutual banelits 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 the Second Security Instrument, 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 First Security Insuument. '~ (2) That Lender would not make the Second Loan without this subordinatiOn agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the First Security Instrument to the Second Security Instrument and shall supersede and cancel, but only insofar as would affect the priority between the security insa'uments hereinbefore specifically described. any prior agreements as to such subordination including, but not limited to, those provisions, if any, contained in the First Security Instrument above mentioned, which provide for the subordination of the lien to another security instrument, deed of trust or mortgage. Subordinating Lender declares, agrees and acknowledges that (a) It consents to and approves (i) ali provisions of the note'and Second Security Instrument in favor of Lender above referred to, anti (ii)' all agreements, including but not limited to any loan or escrow agreements, between Borrower and Lender for the disbursement of the proceeds of the Second Loan; Co) Lender 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; and (c) It intentionally and unconditionally waives, relinquishes and subordina~s thc lien of the First Security Instrument in favor of the lien or charge upon said land of the Second Security Instrument and understands that in reliance upon, and in consideration of, this waiver, relinquish and subordinate 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. 1D7423XX (12/01) Page 3 of 4 Inlllals: 604 I}0C ID ii 00020521127540?9 NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH At,I-OW$ TH~ P~RSON OBLIGATED ON YOUR REAL PROPERTY $I~CURITY TO OBTAIN A LOAN A PORTION OI~ WHICH MAY BE EX?ENDED FOR OTHER PURPO,~ES THAN IMPROVEMENT OF ~ LAND. [NOTARY SEAL AND FORM] · Subo.il~allon Agreement · ID7424XX [12/01) Page EXHIBIT "A" 605 Part of'the SWI/4NE1/4 of Section 6 of T32N R119W of the 6th P.M:, Lincoln County Wyoming being more Paticularly described as folloWs: Beginning at the. Northwest. corner of the SW1/4NE1/4 of said Section 6, 'and running thence South, along the quarter section line, 1046.0 'feet to the interseCtion with the centerline of the Stump Creek County Road No. 12-133; thence In a Northeasterly direction along the centerline of the said county road 440.7 feet-to a point which is 250 feet East from the' said quarter se...ctlon line; thence NOrth, parallel to and 250.0 feet from.the said quarter-section line, 683.2 feet to 'the Intersection. with 'the North boundary of the ssid SWl/4NE1/4 of Section 6, thence West,' along the said ' "~N0~h. b°ulndary, 250,0 feet, more or less, to the .Place of beginning. ~ The Rea! P~bperty or !ts address is commonly' knoWn asi2054 'STUMP.CREEK ROAD, AUBURN,.Wy 83.111..