HomeMy WebLinkAbout886483 ............ ..,,.,,. ~..: ... ~V.'(:',7
' RECEIVED
RECORDING REQUESTED BY: LINCOLN COUNTY CLERK
Morgan Stanley Dean Witter Credit Corporation8 8 6 8 3'
4909 East 26th Street 02 ~gC ~ ~ ~;"t ~0: ~
Sioux Falls, SD 57110 / ~his Space Rescue0 ~r~) ~ ..... ~,.
940-2-390-433095 ~:' L,2/,,,, ~ ~:i ,' ~'5 "~ ,?~,.~ L~ ?'-~
BOO ~0~PRPAO "~ q,
sUBORDINATION
AGREEMENT
This Agreement, made November 13, 2002 by Robert E ~one and Barbara J ~one, owner(s) of the land hereinafter
described ("Owner"), and Morgan Stanley Dean Witter Credit Corp., ("MSDWCC"), present owner and holder of the
Note and beneficiary of the Mortgage~eed first hereinafter described (MSDWCQ;
WHEREAS, In order to secure a loan in the principal amount of $50,000.00 plus interest thereon, Owner did
execute a Mortgage/Deed in favor of MSDWCC, dated April 16, 2001, which Mortgage/Deed was recorded on
04/20/2001, as Document Number 872759 (or in Book 462, Pages 742,) in the County of Lincoln, State of WY,
covering the premises at 176 Bear Lake Drive Thayne, WY 83127, more particularly described in Exhibit "A" attached
hereto and made a part thereof by reference.
WHEREAS, MSDW Credit Corp, ("Lender"), is about to loan the sum of $111,000.00 through a promissory
note to Owner, secured by a Mortgage/Deed on and covering the above-described premises; and
WHEREAS, Lender is willing to make such loan, provided that the Mortgage/Deed held by MSDWCC is
subordinated the the lien of the Mortgage/Deed about to be made in favor of Lender as set for'th above.
NOW THEREFORE, in consideration of the p~:emises and other valuable consideration, the receipt of which is
hereby acknowledged, IT IS HEREBY DECLARED, UNDERSTOOD AND AGREED as follows:
1. MSDWCC and Owner hereby covenant, consent and agree that the above mentioned Mortgage/Deed held by
MSDWCC is and shall continue to be subject and subordinate in lien to the lien of the Mortgage/Deed about to be made
in favor of Lender is and shall continue to be a lien prior to and superior to the lien of the Mortgage/Deed in favor of
MSDWCC.
2. MSDWCC and Owner declare and acknowledge that they intentionally subordinate the Mortgage/Deed in
favor of MSDWCC to the Mortgage/Deed in favor of Lender, and understand in reliance upon and in consideration
of this subordination, Lender will'make its loan to Owner and Lender would not make said loan but for this
subordination.
3. Such subordination shall be'for the principal sum of said note of Lender and accrued interest thereon, and other
costs and fees as set forth in Lender's Mortgage/Deed and said Note, but shall not apply to future advances whether
pursuant to a Future Advance clause or otherwise.
4. This Subordination Agreement contains the whole agreement between the parties hereto as to the priority of
the Mortgage/Deed of MSDWCC and the Mortgage/Deed about to be made in favor of Lender, and there are no other
agreements, written or oral, outside and separate from this Agreement, and all prior negotiations, if any, are merged
with this Agreement.
In WITNESS WHEREOF, MSDWCC and Owner have executed this instrument on the day and year first above
written.
SBAGR-SubAgreement-07/O1/02 940-2 -390-433095
· . TANL~E~T
MORGAN S
By: ( ~/7 ~f ~
Printed Name: ~BO~-I S. ~CHARDS
Its:
OWNER:
Printed Name:
OWNER:
Printed Name:
CORE
ROBERT E KRONE
· .:;9' , .,~ ~
BARBARA j KRONE
024
STATE OF SOUTH DAKOTA ) SS:
COUNTY OF MINNEHAHA )
On this / c( day of ~,] e, x/ , OD... <¥,o 'z_ before me the undersigned personally appeared Deborah S.
Richards known to me to be the Vice President, or proved to me on the basis of satisfactory evidence to be the individual
whose name is subscribed to the within instrument and acknowledged to me that he/she executed in his/her capacity,
and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted,
executed the instrument.
\
~' ' ~ l~ NOT~Y "UBLIC ~ t
Notary Public, State of South Dakota ~ S~H ~OTA ~
My comm]ssmn expires:" ~ l~2~(~is area for official notary seal)
STATE OF WY j . )
COUNTY 0'~' I',J,N,C~[ ~[ )
On this~[~ day 6f~;1~12~;) , ~5~-~.-. before me the undersigned personally appeared Robert E Krone
and Barbara J Krone personally.l~nopn to me, or proved to me on thebasis of satisfactory evidence to b'~ the individual
whose name is subscribed to th~ wfihin instrument and acknowledged to me that he/she executed in his/her capacity,
and thai by his/her signature 9fi thl~ instrument, the individual~ or the_p~0r, so. tu m,~}~'"a_%"~Z,?~4~n7~?~ ividual acted.
executdd the instrument I. / #'-----2.2.;,~i/~p-E~/i~'~NOTARYPUBLIO } '
WITI~S my hayr~t and o~'~al seal./~ t OOtlnt~. IJ~ ~,~ming t
Noldry Puffl~
My Commission Expires: q>2(~'21~)~ (This area for official notary seal)
SBAGR -SubAgreemem-07/01/02 940-2 -390-433095
EXHIBIT A
Legal Description
LOT 68 OF STAR VALLEY RANCH PLAT 21, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE
OFFICIAL PLAT THEREOF. APN# 12-3418-05-3-06-019.00
SBAGR -SubAgreemenl-07/01/02 940-2-390 -433095