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HomeMy WebLinkAbout887079RECEIVED r'~ "C; I~,,~TY CLERK Space above line for recording purposes. 'BOOK ;~.~l.._tJ~ PR PAGE__ 65465411508630001 SUBORDINATION AGREEMENT NOTICE: This subordination agreement results in your securily interest in the property becoming subject to and of lower priority than the lien of some other or later security instrument This Agreement is made this 10th day of January 2003, by and between Wells Fargo Bank, N.A. (Home Equity Charter Bank) a national bank with its headquarters located at 420 Montgomery Street, San Francisco, CA (herein called "Lien Holder"), and Wells Fargo Home Mortgage, Inc., with its main office located in the State of Iowa (herein called the "Lender"). RECITALS Lien Holder is the beneficiary/mortgagee under a deed of trust/mortgage dated December 11, 1998 executed by Kem T. Cazier and Beth P. Cazier (the "Debtor") which was recorded in the county of Lincoln, State of Wyoming as Book 423PR on page 310 on December 11, 1998 (the "Subordinated Instrument") covering real property located in Alton in the above-named county of Lincoln, State of Wyoming, as more particularly described in the Subordinated Instrument (the "Property"). SEE LEGAL DESCRIPTION ATTACHED Lender will make a loan to the Debtor secured by a deed of trust/mortgage on the Property which will be recorded (the "Lender Instrument"). The Lender Instrument will secure a promissory note/line of credit agreement in the amount of $73,800.00. Lien Holder has agreed to execute and deliver this Subordination Agreement. 9/27/01 200 ACCORDINGLY, in consideration of the property and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lien Holder hereby agrees with Lender as follows: Regardless of any priority otherwise available to Lien Holder, the lien of the Subordinated Instrument is, shall be and shall remain fully subordinate for all purposes to the lien of the Lender Instrument, to the full extent of the sum secured by the Lender Instrument, including not only principal and interest on the principal indebtedness secured thereby but all other sums secured by the Lender Instrument, excluding non-obligatory future advances. Lien Holder warrants to Lender that Lien Holder presently owns the Subordinated Instrument and indebtedness secured thereby, free and clear of all liens, security interests and encumbrances. This Agreement is made under the laws of the State of Nebraska. It cannot be waived or changed, except by a writing signed by the parties to be bound thereby. This Agreement is made between Lender and Lien Holder. It shall be binding upon Lien Holder and the successors and assigns of Lien Holder, and shall inure to the benefit of, and shall be enforceable by, Lender and its successors and assigns. Neither the Debtor nor any other person (except Lender, its successors and assigns), shall be entitled to rely on, have the benefit of or enforce this Agreement. IN WITNESS WHEREOF, this Subordination Agreement is executed on the day and year first above stated. WELLS FARGO BANK, N.A. (Home Equity Charter Bank) 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 By: Amta Peterson Title: Asst. Vice President 9/27/01 STATE OF Nebraska) )SS. COUNTY OF Douglas) The foregoing instrument was acknowledged before me this 9th day of January, 2002, by Amta Peterson, Asst. Vice President of Wells Fargo Bank, N.A. (bank officer name and title) (name of Wells Fargo Bank) WITNESS my hand and official seal. My commission expires: October 11, 2004 ~ GENERAL NOTARY-State ol Nebraska ] ~'~ ROXANNE L. CAMPBELL ] j...._..._ My Comm. Exp. OcL 11, 2004 J Roxanne L. Campbell Notary Public 9/27/01 Legal Description Part of Section 36, T32N Rll9W of the 6th P.M., Lincoln County, Wyoming more particularly described as follows: Beginning at a point which is 132 feet East of the Southwest Corner of the SE~SW~ of said Section 36 and running North 330 feet; thence East 132 feet; thence South 330 feet; thence West 132 feet to the point of beginning.