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HomeMy WebLinkAbout887612 REOEIVED Ltl',!CO__l~,l C, OL,'NTY CLERK 8 7 12 ,' aoo 512 PRP^ _ 4 3 9 Space above line for recording purposes. 65465421890971 SUBORDINATION AGREEMENT NOTICE: This subordination agreement results in your securip,.' interest in the properS/becoming subject to and of lower priority than the lien of some other or later security instrument This Agreement is made this 04day of Feburary 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/mortgageeunder a deed of trust/mortgage, dated April 15, 2002 executed by James Daniel Keeley and Marlene A. Keeley (the "Debtor") which ;vas recorded in the county of Lincoln, State of Wyoming, as Book 488PR Page 821 on May 6, 2002 (the "Subordinated Instrument") covering real property located in SMOOT in the above- named county of LINCOLN, State of WYOMING, 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 $76450.00. Lien Holder has agreed to execute and deliver this Subordination Agreement. 9/27/01 440 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 WYOMING. 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 TANT VICE-PRESIDENT Title: JANICE MC CALLA 9/2 7/01 441 STATE OF NEBRASKA) )ss. COUNTY OF DOUGLAS) The foregoing instrument was acknowledged before me this 04 day of FEBURARY, 2003, by JANICE MC CALLA of Wells Fargo Bank N.A. (Home Equity Charter Bank) (bank officer name and title) (name of Wells Fargo Bank) WITNESS my hand and official seal. My commission expires: 10/11/04 I'~ ,~ GENERAL NOTARY-State ol Nebraska I 1)111 ROXANNE L. CAMPBELL [~_~"~"~ My Comm. Exp. OcL 11, 2004 Roxanne L. Campbell Notary Public 9/27/01 EXHIBIT A ~ 4 2 Legal Description for James D. Keeley and Marlene A. Keeley Lot 3 of the Cottonwood Subdivision Amended, Lincoln County, Wyoming as described on the official plat thereof.