HomeMy WebLinkAbout890554WHEN RECORDED MAIL TO
.Requestefl By: Wells Fargo Home Equity
When Recorded Mail to:
Fidelity National -LPS
P.O. BOX 19523 IRVINE CA 92623-9523
WFSRP4
~Co i~o'7 11 7oo~3o I
BOOK ,}t~t PR PAGE
RECEIVED
,.~,,",~., ~.1 r~,, ?.!!t GLERK
'J_ 85
Loan No. 451-451-4657969-0001 BT
SUBORDINATION AGREEMENT
BILLINGS
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 Subordination Agreement, made this May 15, 2003 by WELLS FARGO BANK WEST, N. A.
(hereinafter referred to as "Mortgagee"), present owner and holder of the Mortgage and note first
hereafter described, in favor of WELLS FARGO HOME MORTGAGE, !NC., it's successors and/or
assigns (hereinafter referred to as "Lender");
WITNESSETH
THAT WHEREAS, Keith L Swenson, A Married Person And Janeve D Swenson, A Married Person
(hereinafter referred to as "Owner") did execute a Mortgage,.dated April 20, 2001 to Wells Fargo Bank
West, N. A., as Mortgagee, covering that certain real property described as follows:
THE LEGAL DESCRIPTION IS ATTACHED HERETO AND MADE A PART HEREOF
APN'
To secure a note in the sum of $35,000.00, dated April 20, 2001, in favor of Wells Fargo Bank West, N
A., which Mortgage was recorded May 8, 2001, as DOC. NO. 873165 BOOK 464 PAGE._Q62, Official
Records of Lincoln county. Through subsequent agreements with the Owner, either recorded or
unrecorded, the current borrowing limit for said note has been amended to $35,000.00, and
WHEREAS, Owner has executed, or is about to execute, a Deed of Trust or Mortgage (hereinafter
referred to as "Lender's Security Instrument") and note not to exceed the sum of $58,750.00, dated
..~-- }...I- (.,% , in favor of Lender, payable with interest and upon the terms and conditions
described therein, which Lender's Security Instrument is to be recorded concurrently herewith; and
WHEREAS, It is a condition precedent to obtaining said loan 'that said Lender's Security Instrument
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 of the Mortgage first mentioned, Owner
has requested Mortgagee to subordinate Mortgagee's lien to the lien about to be taken by the Lender;
and
WHEREAS, Lender is willing to make said loan provided the Lender's Security Instrument 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 provided that Mortgagee will specifically and unconditionally
subordinate the lien or charge of the Mortgage first'above mentioned to the lien or charge of the Lender's
Security Instrument in favor of the Lender; and
Page 1 of 3
WHEREAS, It is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and
Mortgagee is willing that the Lender's Security Instrument securing the 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 the loan above referred to, it is hereby declared, understood and agreed
to as follows:
(1) That said Lender's Security Instrument 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 therein described, prior and superior to the 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 charge of the Mortgage first above mentioned to the lien or charge of the Lender's
Security Instrument in favor of Lender above referred to and shall supersede and cancel, but only
insofar as would affect the priority between the lien instruments hereinbefore specifically
described, any prior agreements as to such subordination including, but not limited to, those
provisions, if any, contained in the Mortgage first above mentioned, which provide for the
subordination of the lien or charge thereof to another deed or deeds of trust or to another
mortgage or mortgages.
Mortgagee declares, agrees and acknowledges that:
(a) It consents to and approves (i) all provisions of the note and Lender's Security Instrument in
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) 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.
(c) It intentionally waives, relinquishes and subordinates the lien or charge of the Mortgage first
above mentioned in favor of the lien or charge upon said land of the Lender's Security Instrument
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 to the lien or charge of
the Lender's Security Instrument in favor of Lender above referred to.
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 LAND.
Page 2 of 3
STATE OF: OREGON ) SS
COUNTY OF: WASHINGTON )
MORTGAGEE:
WELLS FARGO BANK WEST, N. A.
BY: ~
Aaro~ns Manager
On May 15, 2003 before me the undersigned, a Notary Public in and for said state personally appeared,
Aaron Rogers, Operations Manager, personally known to me (or proved to me on the basis of satisfactory
evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledge
to me that he/she/they executed the same in hislherltheir authorized capacity(les), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s)
acted, executed the instrument.
WITNESS my hand and official seal.
/~a~y~'PL~blic'in/an~ fo'r said C'oun~y a~d State
NOTARY STAMP OR SEAL
OFFICIAL SEAL
CYNTHIA ~1. STROM
NOTARY PUBLIC-OREGON
COMMISSION NO. 353346
MY COM.M ~-ISSION EXPIRES JANUARY 8, 2006
Page 3 o!,3
Exhibit "A"
BEGINNING AT A POINT LOCATED N. 0 DEGREES 05 MINUTES, E. 969.4 FEET AND N.
89 DEGREES 34 MINUTES E. 1261.0 FEET FROM THE S.W. CORNER OF SECTION 7,.
TOWNSHIP 31 N. RANGE 118 WEST OF THE 6TH P.M. WYOMING, THENCE N. 0
DEGREES 05 MINUTES W, 264,0 FEET, THENCE N. 89 DEGREES 34 MINUTES E. 165.0
FEET, THENCE S. 0 DEGREES 05 MINUTES W. 264.0 FEET, THENCE S. 89 DEGREES 34
MINUTES W. 165.0 FEET THE THE POINT OF BEGINNING, CONTAINING 1 ACRE OF
LAND