HomeMy WebLinkAbout891237Recording Requested By:
Prepared by Mary Snyder
Allied First Bank
387 ShumanBlvd. Suite 120W
Naperville, IL 60563
When recorded mail to:
Allied First Bank
387 Shuman Blvd. Suite 120W
Naperville, IL 60563
RECEIVED
'LINCOLN ,.,,ObNTY CLERK
552
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'BOOK ~.~ ;.:3 PR PAGE
SUBORDINATION OF LIEN
This Subordination Agreement dated June 25, 2003 by Allied First Bank, whose
mailing address is 387 Shuman Blvd. Suite 120W, Naperville, IL 60563.
Witnesseth:
Whereas, Allied First Bank is the owner and holder of certain indebtedness secured by a
mortgage or deed of trust, executed on the 12th day of March, 2002 by M. DANIEL
CAREY AND NANCY S. CAREY, HUSBAND AND WIFE ("Borrowers"), as Debtors
in favor of ALLIED FIRST BANK. Said Mortgage or Deed of Trust is recorded in the
official records of the Recorder of LiNCOLN County, Wyoming as Instrument 879873;
Book 485 PR Page 849 and is made a part hereof by reference; and
Whereas, Borrowers are the owners of that certain parcel of real estate commonly known
as 1055 Thayne Freedom Road, Thayne, WY 83127 and more specifically described as
follows:
Legal Description:
See Schedule A, attached hereto and made a part hereof.
Whereas, Allied First Bank, it's successors and/or assigns ("Mortgagee"), whose
mailing address is 387 Shuman Boulevard #120W, Naperville, IL 60563 has refused to
make a loan to the Borrowers of $196,000.00 except upon condition that the Mortgage or
Deed of Trust be subordinate to said Mortgage or Deed of Trust of Mortgagee.
Now therefore, in consideration of the sum of ten ($10.00) dollars in hand paid by each
of the parties hereto to the other, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged and in order to induce Mortgagee to
make the loan to borrowers, it is hereby mutually agreed, as follows:
That Allied First Bank covenants and consents that the lien of its Mortgage or
Deed of Trust shall be subject and subordinate to the lien of Mortgagee's
Mortgage or Deed of Trust dated June 25, 2003 reflecting and securing the
loan made by Mortgagee to Borrowers, in the amount of $196,000.00 dollars.
553
That this Subordination Agreement shall be binding upon the successors
and/or assigns of the undersigned and shall inure to the benefit of the
Mortgagee, or its successors and/or assigns.
Except as expressly described above, the terms of the original Mortgage or
Deed of Trust shall remain unchanged and in full force and effect. Consent by
Allied First Bank to this Subordination Agreement does not waive any rights
to require strict performance of the Mortgage or Deed of Trust as changed
above or obligate Allied First Bank to make any future agreement. Nothing
in this Subordination Agreement shall constitute a satisfaction of the
promissory note or other credit agreement secured by the Mortgage or Deed of
Trust (the "Note"). It is the intention of the Allied First Bank to retain as
liable all parties to the Mortgage or Deed of Trust and all parties, makers, and
endorsers to the note, including the accommodation parties, unless the Allied
First Bank, in writing, expressly releases a party.
All. ied First Bank by:
Mary Snyder, Loan Admitfiistrator
In Witness Whereof, Allied First Bank has executed this subordination agreement on
this 25th day of June, 2003. ~ ~
~ Linda Da'~s, Loan Officer
STATE OF ILLINOIS}
COUNTY OF DUPAGE}
The foregoing instrument was acknowledged before me this 25th day of June, 2003 by
Mary Snyder, Loan Administrator and Linda Davis, Loan Officer of Allied First Bank,
who are personally known to me and signed on behalf of the bank.
Mitchell D. Trier, Notary Public, State of Illinois
Notary Seal:
MITCHEI. L D. TRIER
SCHEDULE A
LEGAL DESCRIPTION
The land referred to in this commitment is situated in thc State of
Wyoming, County of Lincoln, and is described as follows:
The tract of land in the SE ¼ SW'¼ of Section 15, T34N R119W of the 6th
P.M., Lincoln County, Wyoming being more particularly described as follows:
BEGINNING at the Southwest comer of a tract of record found in Book
147PR on page 564 in the Office of the Lincoln County Clerk, and running
thence West 114.47 feet, along the North line of the Mark Larsen Tract
described in Warranty Deed recorded March 24, 1980 in Book 164PR on page
236 in said Office; thence North, 300 feet; thence East 214.47 feet; thence
South 300 feet more or less to the Southeast comer of the above described tract
of record in Book 147; thence West, along the South line of said tract of record
110.00 feet, more or less to the POINT OF BEGINNING.
Permanent Parcel Number: 12-3419-15-3 -00-204-00
SCHEDULE A
554
LEGAL DESCRIPTION
The land referred to in this commitment is situated in the State of
Wyoming, County of Lincoln, and is described as follows:
The tract of land in the SE ¼ SW ¼ of Section 15, T34N R119W of the 6m
P.M., LincOln County, Wyoming being more particularly described as follows:
BEGINNING at the Southwest comer of a tract of record found in Book
147PR on page 564 in the Office of the Lincoln County Clerk, and running
thence West 114.47 feet, along the North line of the Mark Larsen Tract
described in Warranty Deed recorded March 24, 1980 in Book 164PR on page
236 in said Office; thence North, 300 feet; thence East 214.47 feet; thence
South 300 feet more or less to the Southeast comer of the above described tract
of record in Book 147; thence West, along the South line of said tract of record
110.00 feet, more or less to the POINT OF BEGINNING.
Permanent Parcel Number: 12-3419-15-3 -00-204-00