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HomeMy WebLinkAbout88614702016949 RECORDATION REQUESTED BY: First Bank of Ida, ho feb First Bank of Idaho, feb 111 Main Street P.O Box 3239 Ketchum, ID 83340 WHEN RECORDED MAIL TO: First Bank of Idaho feb First Bank of Idaho, feb 111 Main Street P.O Box 3239 Ketchum, ID 83340 SEND TAX NOTICES TO: First Bank of Idaho feb First Bank of Idaho, feb 111 Main Street P.O Box 3239 Ketchumt ID 83340 886147 RECEIVED LINOOL~ CO[tNT¥ CLERK SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY NOTICE: THIS SUBORDINATION OF MORTGAGE 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. SUBORDINATION OF MORTGAGE THIS SUBORDINATION OF MORTGAGE dated December 3, 2002, is made and executed among George Todd Smith and Abbey Lee Smith ("Borrower"); First Bank of Idaho ("Mortgagee"); and First Bank of Idaho feb ("Lender"). SUBORDINATED INDEBTEDNESS. Mortgagee has extended the following described financial accommodations (the "Subordinated Indebtedness") to George Todd Smith and Abbey Lee Smith ("Mortgagor"): /_~ Note in the sum of $28,250.00 dated July. 17, 2001 in favor of First Bank of Idaho. SUBORDINATED MORTGAGE. The Subordinated Indebtedness is secured by a mortgage dated July 12, 2001 from Mortgagor to Mortgagee (the "Subordinated Mortgage") recorded in Lincoln County, State of Wyoming as follows: Recorded July 19, 2001 in the officer of the Lincoln County Clerk as Instrument No. 874655. REAL PROPERTY DESCRIPTION. The Subordinated Mortgage covers the following described real property located in Lincoln County, Sta~e of Wyoming: Lot 9 of Aspen Hill Subdivision, being part of the North half of Section 22, T36N R119W, 6th P.M. , Wyoming, according to the plat thereof as recorded in the Office of the County Clerk and Ex-Officio Register of Deeds of Lincoln County, Wyoming. The Real Property or its address is commonly known as 202 Aspen Hill Drive, Etna, WY 83118. The Real Property tax identification number is 36192210101200 REQUESTED FINANCIAL ACCOMMODATIONS. Bor.rower, who may or may not be the same person as Mortgagor, and Mortgagee each want Lender to provide financial accommodations to Borrower in the form of (A) new credit or loan advances, (B) an extension of time to pay or other compromises regarding all or part of Borrower's present indebtedness to Lender, or (C) other benefits to Borrower. Borrower and Mortgagee each represent and acknowledge to' Lender that Mortgagee will benefit as a result of these financial accommodations from Lender to Borrower, and Mortgagee acknowledges receipt of valuable consideration for entering into this Subordination. LENDER'S LIEN. As a condition to the granting of the requested financial accommodations, Lender has required that Lender's Lien be and remain superior to the Subordinated Mortgage. NOW THEREFORE THE PARTIES TO THIS SUBORDINATION HEREBY AGREE AS FOLLOWS: SUBORDINATION, The Subordinated Mortgage and the Subordinated indebtedness secured by the Subordinated Mortgage is and shall be subordinated in all respects to Lender's Lien and the Superior Indebtedness, and it is agreed that Lender's Lien shall be and remain, at all times, prior and superior to the lien of the Subordinated Mortgage. Mortgagee also subordinates to Lender's Lien all other Security Interests in the Real Property held by Mortgagee, whether now existing or hereafter acquired. MORTGAGEE'S REPRESENTATIONS AND WARRANTIES. Mortgagee represents and warrants to Lender that: (A) no representations or agreements of any kind have been made to Mortgagee which would limit or qualify in any way the terms of this Subordination; (B) this Subordination is executed at Borrower's request and not at the request of Lender; (C) Lender has made no representation to Mortgagee as to the creditworthiness of Borrower; and (D) Mertgagee has established adequate means of obtaining from Borrower on a continuing basis information regarding Borrower's financial condffion. Mortgagee agrees to keep adequately informed from such means of any facts, events, or circumstances which might in any way affect Mortgagee's risks under this Subordination, and Mortgagee further agrees that Lender shall have no obligation to disclose to Mortgagee information or material acquired by Lender in the course of its relationship with Borrower. MORTGAGEE WAIVERS. Mortgagee waives any right to require Lender: (A) to make, extend, renew, or modify any loan to Borrower or to grant any other financial accommodations to Borrower whatsoever; (B) to make any presentment, protest, demand, or notice of any k nd, including notice of any nonpayment of any Superior Indebtedness secured by Lender's Lien, or notice of any action or nonaction on the part of Borrower, Lender, any surety, endorser, or other guarantor in connection with the Superior Indebtedness, or in connection with the creation of new or additional indebtedness; (C) to resort for payment or to proceed directly or at once against any person, including Borrower; (D) to proceed directly against or exhaust any collateral held by Lender from Borrower, any other guarantor, or any other person; (E) to give notice of the terms, time, and place of any public or private sale of personal property security held by Lender from Borrower or to comply with any other ,applicable provisions of the Uniform Commercial Code; (F) to pursue any other remedy within Lender's power; or (G) to commit any act or omission of any kind, at any time, with respect to any matter whatsoever. LENDER'S RIGHTS. Lender may take or omit any and all actions with respect to Lender's Lien without affecting whatsoever any of Lender's rights under this Subordination. In particular, without limitation, Lender may, without notice of any kind to Mortgagee, (A) make one or more additional secured or unsecured loans to Borrower; (B) repeatedly alter, compromise, renew, extend, accelerate, or otherwise change the time for payment or other terms of the Superior indebtedness or any part of it, including increases and decreases of the rate of interest on the Supe.rior Indebtedness; extensions may be repeated and may be for longer than the original loan term; (C) take and hold collateral for the payment of the Superior ~ndebtedness, and exchange, enforce, waive, and release, any such collateral, with or without the substitution Of new collateral; (D) release, substitute, agree not to sue, or deal with any one or more of Borrower's sureties, endorsers, or guarantors on any terms or manner Lender chooses; (E) determine how, when and what application of payments and credits, shall be made on the Superior indebtedness; (F) apply such security and direct the order or manner of sale of the security, as Lender in its discretion may determine; and (G) transfer this Subordination to another party. DEFAULT BY BORROWER. If Borrower becomes insolvent or bankrupt, this Subord nat or~ shal~'remaltl~'~..;ft~J'.fol~e~/{i~td.~'effect Any de'au t by Borrower under the terms of the Subordinated Indebtedness also shall constitute and. event ~0.f.~ut under,the tol'm~ of .the Superior Indebtedness in favor of Lender, ~. '~" ' ~'~ MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this ~ubordination: Amendments, What is written in this Subordination is Mortgagee's entire agreemen~'v~itt~.rehdet,Concerni/~g' the matters'covered by this Subordination, To be effective, any change or amendment to this Subordination must be in writing and must be signed by whoever will be bound or obligated by the change or amendment, Attorneys' Fees; Expenses, if Lender institutes any suit or action to enforce any of the terms of this Subordination, Lend'er shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action Loan No: 190019~t~?1z~ SUBORDINATION OF MORTGAGE (Continued) is involved, and'to the extent not prohibited by law, all reasonable expenses Lander incurs that in Lender's opinion are necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees after default and referral to an attorney not Lender's salaried employee and. expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay o.r injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees and title insurance, to the extent permitted by applicable law. Mortgagee also will pay any court costs, in addition to all other sums provided by law. Authority. The person who signs this SubOrdination as or on behalf of Mortgagee represents and Warrants that he or she has authority-to execute this Subordination and to subordinate the Subordinated Indebtedness and the Mortgagee's security interests in Borrower's property, if any. Caption Headings. Caption headings in this Subordination are. for convenience purposes only and are not to be used to interpret or define the provisions of this Subordination. Governing Law. This Subordination will be governed by and interpreted in accordance with federal law and the laws of the State of Wyoming. This Subordination has been accepted by Lender In the State of Wyoming. Successors. This Subordination shall extend to and bind the respective heirs, personal representatives, successors and assigns of the parties to this Subordination, and the covenants of Borrower and Mortgagee herein in favor of Lender shall extend to, include, and be enforceable by any transferee or endorsee to whom Lender may transfer any or all of the Superior Indebtedness. No Waiver by Lender. Mortgagee understands Lender will not give up any of Lender's rights under this Subordination unless Lender does so in writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree in writing to give up one of Lender's rights, that does not mean Mortgagee will not have to comply with the other provisions of this Subordination. Mortgagee also understands that if Lender does consent to a request, that does not mean that Mortgagee will not have to get Lender's consent again if the situation happens again. Mortgagee further understands that just because Lender consents to one or more of Mortgagee's requests, that does not mean Lender will be required to consent to any of Mortgagee's future requests. Mortgagee waives presentment, demand for payment, protest, and notice of dishonor. Mortgagee waives all rights of exemption from execution or similar law in the Property, and Mortgagee agrees that the rights of Lender in the Property under this Subordination are prior to Mortgagee's rights while this Subordination remains in effect. 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. EACH PARTY TO THIS SUBORDINATION ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS SUBORDINATION, AND EACH PARTY AGREES TO ITS TERMS. THIS SUBORDINATION IS DATED DECEMBER 3, 2002. BORROWER: /43/e6 r g e~/el'x~l/S mit h, Ind~ldually MORTGAGEE: .~.~~/ x Rrst ~(of Idaho, ,nfividua~/~ LENDER: INDIVIDUAL ACKNOWLEDGMENT STATE OF couNTY On this day before me, the undersigned Notarv Public, personally appeared George Todd Smith, to me known to be the individual described in and who executed the Subordination of Mortgage, and acknowledged that he or she signed the Subordination as his or her free and voluntary act and deed, for the uses and purposes therein mentioned. Given~ .~under my hand and o~qcial seal this /~'-~/(J day of ,~;~.~.~,.. , 20 ~~ ~'q Residing at ~~ ~ ~~ Notary Public in and for the State of My comm]sslen expires ~-~ -c~ ~ County of ,~ State of Teton t~ Wyoming