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HomeMy WebLinkAbout887328BOoK ~ ~; , .L~,.,?,. PR PAGE ~:3 7 9 88'7,328 SUBORDINATION AGREEMENT RECEIVED !,~ ~,C,1'''?v CLERK LINu6L,,, ?-'-...~'~ ' NOTICE: THIS SUBORDINATION. AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN TI-IE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. TI-IlS AGREEMENT· made this 24th day of January, by :7'~,,RIGO CHAPARRO AND LISA CHAPARRo, HUSBAND AND WIFE · 2003 owner or the land hereinafter described and hereinafter referred to as "Owner, and THE BANK OF STAR VALLEY present owner and holder of the mortgage and note first hereinafter described and hereinafter referred to as "Mortgagee;," WITNESSETI-I THAT WHEREAS, Rigo Chaparr0 and Lisa Chaparro, did execute a mortgage dated September 27, 2001 The Bank of Star Valley as mortgagee, covering: Husband and Wife , to s~e;-.attached Exhibit A for Legal Description. to secure a note in tine sum of $ 21.8,513.49 , dated September 27, 2001. in favor of The Bank of Star Valley which mortgage was Fecorded October '1', 2001 , In book 473PR , page 978 , Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, a mortgage and note in the sum of $ 200,000.00 , dated January 24, 2003 , Ir] favoF of State Farm Financial Services, F.S.B. hereinafter referred to as "ten'Jet," payable with Interest and upon the terms and conditions described therein, which mortgage is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said Io~n that said mortgage last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore'described, prior and superior to the lien or charge or the mortgage.first above mentioned; and WllEREAS, Lender is willing to make said loan provided the mortgage securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the mortgage first above mentioned and providecl that Mortgagee will specifically and unconditionally subordinate the lien or charge of the mortgage first above mentioned to the lien or charge of the mortgage in favor of Lender; and f Subordination Agreement - Page 2 38O WHEREAS, it is to tile mutual benefit of tile parties hereto that Lender make such loan to Owner; and Mortgagee is willing that the mortgage securing tile same shall, when recorded, constitute a lien or charge upon said land which Is unconditionally prior and superior to the lien or charge of the mortgage first above mentioned. NOW, THEREFORE, in consideration of the mutual benefits 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 tile loan above referred to, it Is hereby declared, understood and agreed as follows: That said mortgage Securing said note in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property tllerein described, prior and superior to tl~e lien or charge of the mortgage first above mentioned. (2) That Lender would not make its loan above described Without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard .to the subordination of the lien or charqe of the mortgage first above mentioned to the lien or charge of t~e mortgage In favor of Lender above referred to anti shall supersede and cancel, but only insofar as would affect the priority between the mortgages berelnbefo, re specifically described., any prior agreement as to such subordination including,' but not limited to, those provisions, Ir any, contained in the mortgage first above mentioned,' which provide for the subordination of the lien or charge thereof to another mortgage or mortgages. Mortgagee declares, agrees and acknowledges that He consents to and approves (i) all provisions of tile note and mortgagein favor of Lender above referred to, and (ii) all agreements, including, but not limited to, any loan or escrow agreements, between Owner and Lender for the disbursement of the proceeds of Lender's loan; (b) (c) Lender in 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; He Intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the mortgage first above mentioned in favor of the lien or charge upon said lancl of the mortgage in favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination 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; and (d) An endorsement has been placed upon the note secured by the mortgage first above mentioned that said mortgage has by this instrument been subordinated I.o the lien or charge or the mortgage In favor or Lender above referred to. Subordination AgFeement - Page 3 NOTICE: IMPP, OVEMENT OF THE LAND. TIllS SUBOP, DINATION AGREEMENT CONTAINS A PROVISION WI-IICI-.I ALLOWS THE PERSON OBLIGAI'ED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICI-I MAY BE EXPENDED FOR OTIIER PURPOSES THAN MoFtgagee Rig~ L~~a r rL~e~~j STATE OF Wyoming COUNTY OF Lincoln The foregoing Instrument was acknowledged before me by and lisa Chaparro [his 27th day of January , 2003 Rigo Chaparro Witness my hand and orri.clal seal. My Commission Expires: STATE OF Wyoming November 4, 2006 COUNTY OF Lincoln SS Tile Foregoing instrument was acknowledged before of the Ban~ of Star Valley U'liS ~r~ clay of January , me by ,2003 Rod Jensen, President Witness my hand and official seal. My Commissi. o~ Expires: November 4, 2006 352 That part of the SI,~N¥~N1/2SW~,~NW~A of Section 19, T32N Rll8W of the 6th P.M., within the North Afton Water and Sewer District Annexation to the Town of Afton, Lincoln County, Wyoming, being part of that tract of record in the Office of the Clerk of Lincoln County in Book 379PR on page 508 described as follows: BEGINNING at point on the North line of said SI/2N1/~NV2SW gNW~,~, S 88°51'16'' E, 312.00 feet from the northwest comer of said SV2N1/2N1/2SW x~NW iA; thence S 00°17'00'' E, 165.24 feet, along a line parallel with the west line of said SV2NV2NI/~SW¼NW~,4, to a point on the south line of said S~,6N1/2N¥2SWI,~NW~,~; thence N 88o47'30'' E, 477.43 feet, along the said south line, to the southwest pipe of that tract of record in said Office in Book 385PR on page 505; thence N 00011'59" W, 165.76 feet, along the west line of said tract, to the northwest pipe thereof, on the north line of said S~AN¥2NI/2SWI/4NWl/4; thence N 88°51'16'' W, 477.65 feet, along said North line, to the CORNER OF BEGINNING. TOGETHER WITH the right of ingress and egress and utilities over, under and across a strip of land 30 feet in width, with the north line described as follows: Beginning at the northwest comer of said S 1AN IAN~A SW 1,4 NW 1,4; thence S 88°51'16'' E, 312.00 feet to the northwest point of the land described as Parcel B shown on Map of Parcel Division filed October 27, 2000 as Instrument No. 869314 of the records of the Lincoln County Clerk.