HomeMy WebLinkAbout885447WHEN RECORDED, MAIL TO:
Wells Fargo Home Mortgage, Inc.
100 South 5th Street, Suite 1600
Minneapolis, MN 55402
885 7
; ....
',BOOK ~t~f)4' PR PAGE
RECEIVED
Lt~;COLt,i 00UNTY 0LERK
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
ANOTHER SECURITY INSRUMENT.
THIS AGREEMENT is made this ~r~') dayof ~{0 ~/L~ b~' ~,
. ~y and between Dale F. Turner and
Sheila Turner, owners of the property hereinafter described and hereinafter refen'ed to as "Borrower", and
Wells Fargo Home Mortgage, Inc, present owner and holder of the mortgage and note hcrcina£~cr described
and hereinafter referred to as "Subordinating Party".
WITNESSETH
WHEREAS, Borrower did execUte a mortgage in favor of Wells Fargo Home Mortgage, Inc., Upon
real estate described as follows:
SEE ATTACHED LEGAL DESCRIPTION
to secure a note in the sum of $10~000.00, dated Aoril 26, 2002 and recorded May l0t 2002 in Book 489PR.
WHEREAS, Borrower is about to execute a mortgage and note not to exceed $41~947.50 dated
11-01-02 in favor of Wells Fargo Home Mortgage, Inc., a California corporation, hereinafter
referred to as "Lender", paYable with interest and upon the terms and conditions described therein.
WHEREAS, Lender is willing to make such loan to Borrower provided that Lender obtains a first
lien on the Property and Subordinating Party unconditionally subordinates the lien of its Mortgage to the
lien in favor of Lender in the manner hereinafter described.
NOW, THEREFORE, in consideration of the sum of One Dollar ($1.00) and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by Subordinating Party, and to
induce Lender to make a loan to Borrower, subordinating Party hereby agrees with Lender that the
Mortgage securing the Note in favor of Lender, and any renewals, extensions or modifications of it will be
and shall remain a lien on the Property prior and superior to the lien in favor of Subordinating Party in the
same manner as if Lender's Mortgage has been executed and recorded prior in time to the execution and
recordation of the Subordinating Party's Mortgage.
Subordinating Party further declares, agrees, and acknowledges that:
(1) Subordinating Party will not exercise any foreclosure rights with respect to the Property, will not accept
a deed in lieu of foreclosure, and will not exercise or enforce any right or remedy which may be available to
Subordinating Party with respect to the property, without at least thirty (30) days' prior written notice to
Lender. All such notices shall be sent to: Wells Fargo Home Mortgage, Inc., its successors and/or assigns,
P.O. Box 6502, Springfield, OH 45501.
(2) Any future advance of funds or additional debt that may be secured by the Subordinating Party's
Mortgage including, without limitation, additional debt created by any shared appreciation or negative
amortization provisions the Subordinating Party's Mortgage (together, "Future Advances"), shall be subject
to' the provisions of this Mortgage Subordination Agreement. The Mortgage securing the Note in favor of
Lender, and any renewals, extensions, or modifications of it will be and shall remain a lien on the Property
prior and superior to any lien for Future Advances.
(3) This Agreement is made under the laws of the State in which the Property is located. It cannot be
waived, changed, or terminated, expect by a writing signed by both parties. This Agreement shall be
binding upon Subordinating Party and the heirs, representatives, successors and assigns of Subordinating
Party, and shall inure to the benefit of, and shall be enforceable by Lender and its successors and assigns.
Subordinating Party waives notice of Lender's acceptance of this Agreement.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE
PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN, ALL OF
WHICH MAY BE UNCONDITIONALLY EXPENDED FOR ANY PURPOSE WHATSOEVER.
IN WI~ ' CHEREO~the un/rsigned has caused
abo~~~
this instrument to be executed the day and year first
SUBORDINATING PARTY ACKNOWLEDGEMENT ~,---'~' ~,,, 1~ ,
T '}~ia;'fi'tlment was acknowledged before me this ~ day o~(~~ ~
~ rN ~~ ~~ ~ My Commission Expires:
NOTARY PUBLIC
STATE OF ~\¢k~C,.~J'~'d~,-. )
) SS.
This i~s~rument was acknow/leflg~! before me this
and/$1~e±la Turn,,9~. ~
STATE OF I4yom'lng )
COUNTY OF "Lincoln )
~002 .by Pete Hacker.
q~2~dayof November~ 2002 by, Dale F. Turner
My Commission Expires:
This instrument was prepared by:
Wells Fargo Home Mortgage, Inc.
100 South 5'h Street, Suite 1600
Minneapolis, MN 55402
LEGAL DESCRIPTION
Part of Section 14, T35N RI 19W of the 6th P.M., Lincoln County, Wyoming, more particularly
described as follows:
BEGINNING at the SOuthwest comer of the SW~ASE~A of said Section 14; and, running thence
North along the West boundary line of said SW ~,~ SE ~, 224 feet;
thence East, parallel to the South boundary line of said Section, 224 feet;
thence South, parallel to the West boundary line of said SW~,4SE~,4,224 feet, more or less, to
the South boundary line of said Section;
thence West, along said South boundary line 224 feet, more or less to the POINT OF
BEGINNING.