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HomeMy WebLinkAbout88733188'/,331 REO~-~,_ IVED LINCOL?,] OC)(2(lqly CLERK /L Space above Nine for recording purposes. BOOK 51--'l-PRPAOE 4 ! 7 81031309910001 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 some other or later security instrument This Agreement is made this 23rd day of January 2003, by and between Wells Fargo Bank Wyoming NAa national bank with its headquarters located at CY Avenue and Fairgrounds, Casper WY (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 February 25, 1998 executed by Robert M Saunders and Joyce S Saunders (the "Debtor") which was recorded in the county of Lincoln, State of WY, as Book 408PR Page 468 on March 3, 1998 (the "Subordinated Instrument") covering real property located in Thayne in the above-named county of Lincoln, State of WY, as more particularly described in the Subordinated Instrument (the "Property"). PLEASE SEE ATTACHED EXHIBIT "A" (Legal Description) 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 $85000.00. Lien Holder has agreed to execute and deliver this Subordination Agreement. 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 MN. 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 Wyoming NA 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 oses than improvement of the land Title: Asst. Secretary STATE OF Minnesota ) )ss. COUNTY OF Hennepin ) The foregoing instrument was acknowledged before me this 23rd day of January, 2003, by Dan Hower, Asst. Secretary of Wells Fargo Bank Wyoming NA (bank officer name and title) (name of Wells Fargo Bank) WITNESS my hand and official seal. My commission expires: 01/31/05 Sandra Kay Moseng Notary Public Exhibit A 4~0 Lot 68 of Star Valley Ranch Plat 12, Lincoln County, Wyoming as described on the official plat thereof.