HomeMy WebLinkAbout878115 NOTICE: THIS SUBORDINATION,AGREEMENT RESULTS IN YOUR SECURITY
INTEREST IN 'FI-IF~ Pf'~.OPERTY BEcoMING SUBJECT TO AND OF
LOWER PRIORITY THAN TIlE LIEN OF SOME OTItER OR LATER
SECURITY INSTRUMENT.
THIS A'GREEMENT, made this day of December, 2001 , ,
by RIGO CHAPAI~R0 AND LISA CHAPARRO, HUSBAND AND WIFE
owner of the lancl her'einafter described and herelrmfter referred to [is "Owner,"
and THE BANK OF STAR VALLEY
present owner and holder of tim mortgage and note first hereinafter, described
and hereinafter I~eferved to as "Mo~*tgagee;"
WITNESSETH
THAT WHEREAS, Rfgo C~a~pa~0 a~d ~isa Chapa~o, husband a~ ~l~e
did execute a mortgage dated September 27, 2001 , to
The 3ank
as mortgagee, coverlng:
See at~ached gxhibtt A [or gegaZ Desc~t?tlon.
to secure a note in the sum of $ 218,513.49 , dated September 27, 2001
, il'l favor of The Bank of Star Valley
? .... which mol-tgac.:le was recorded October 1-, 2001 , In book 473PR ,
page 978 , Official Recorcls of said county; and .....
W[..IEIZEAS, Owner has executed, or is about to execute, a mortgage and note
i. the sum of $ 200.,000.00 , dated Decembe:
favor of State FArm Financial Services, F.S.B.
hereinafter ~eferred to as "Lender," payable with Interest and upon the terms
and conditions clesc~'ibed therein, which mortuaue is to be recorded concurrently
I~erewith; and
WHEREAS, it is a condition precedent to obtalnln'g said loan that saici mortgage
last above mentioned shall unconclitionally be anti remain at all times a lien or
charge uporl the land hereinbefore described, prior anct super'lot to the lien
or clmrge of the mortgag~ first above mentioned; and
WHEREAS, Lender is willing to make said loan provided the mortgage securing
the same is a lien m"clmr~e upon the above described property prior and
superior to the lien or charge of the mortgage first above, mentloned and
providecl that Mortgagee will specifically anti unconditlonally subordlnate the
lien o~~ charge of the mortgage first above mentioned to the lien or charge of
the mol-tuage in favor of Lenc_le~-', anci
£uberdination Agi-eement - ~ i'. '
WHEREAS, it is to the mutual benefit of the parties hereto that Lender
mare stJch loan to Owner; and Mortgagee is willing that tim mortgage
securing the same shall, when recorded, constitute a lien or charge upon
said land which Is ul~conditionally prior i~/cJ superior to the lien or ci~arge
of tile morluage first above mentionecl.
NOW, THEREFORE, in consideration of the mutual benefits nccruir~g lo the
parlles hereto and other valuable consideration, the receipt and sufficiency
of which consideration is hereloy ncl(nowleclged, and in order to induce
Lender to make the leith aloove referred to, it Is hereby declared, understood
and agreed as follows:
(1) That said mortgage securing said nete in laver of Lender, and
any renewals o~' extensions tl~ereor, shall unconditionally be and
remain at all times a lien or ct~arge on the property therein
described, prior and superior Lo the lien or charge of the :
mortgage first above mentioned.
(2) That Lencler~ woulcl not make its lean above described without ti'lis
subordination agreement.
[3) That this agreement shall be the whole and only agreement with
regard to tim subordination of l:he lien or charge of [he mortgage
first above mentioned to the lien or charge of the mortgage In
favor of Lender above referred to and shall supersecle ancl cancel,
but only insofar as would affect the~prlorlty between the mortgages
herelnbefere specifically described, any prior agreement as to such
suborctinatlon inchJcling,' but not limited to, those provisions, If any,
contained in the mortgage firsL above mentlonecl,' which provide for'
the subordination of the lien or charge tlmreof to another mortgage
or mortgages.
Mortgagee declares,, agrees and acknowledges that
(a) He consents to and approves (I) all provisions of the note and
mortgage in favor of Lende~ ahoye referred to, and (Ii} all
a~reements, including, but not limit~d to, any loan or escrow
agreements, between Owner and Lender for the disbursement of
._ the proceeds of Lencler~s loan;
(b) Lender in making disbursements pursuant t0 any such a¢reement
Is under: no obligation or duty to, nor has Lender represenled
that it will, see to the application of such proceeds by the person
or persons to wlqom Lender disburses such proceeds anti any
application or use of such proceeds for purposes other tha.p
those provided for in such .agreement oF agreements shall
not defeat the sul:~orclination !~erein made In wl~ole oF in part;
(c) fie Intentionally and unconditionally waives, relinquishes and
subordinates I:he lien or charge of the mor'tgage first above
mentlonect in favor of the lien or charge upon said land of the
mortgage in favor of Lender above referred to and unclerstands
that in reliance upon, and in consideration of, this waiver,
relinquishment and subordination specific loans and advances
are being aS~cl 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 tills 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
mortgage In favor of Lender above referred to.
NOTICE., THIS SUI3ORDINATION AGREEMENT CONTAINS A PROVISION
WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAl_
I~I1OI~ERTY SECURITY TO OBTAIN A LOAN A PORTION OF
WHICH MAY. BE EXPENDED I:OR OTHER PURPOSES THAN
IMPROVEMENT OF THE LAND~
STAT E
~ SS
COUNTY OF, h~a2n '."
The foregoing Instrument was ack mwledged before me by Rigo Chaparro
and Lisa Ch~parro
[l~[s 14th day or Dcember , 2001 ·
My Con,mission Expires: [--. ]A.~:~c~O[~ ·
STATE OF Wyoming
,SS
COUNTY OF Lincoln
The foregoing Instrument was acknowledged before me by Rod Jenser_z~_ President
of the Bank of Star Valley
this ,t~ f'/'t day of December 2001
Witness my hand and official seal.
My Commission Expires:
EXHIBIT A ti' 7 5 4'
Legal Description for
Rigo Chaparro and Lisa Chaparro
That part of the S1/2NI/2N1/2SW1/4NW¼ 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:
BEGIN NING at point on the North line of said S lA N 1/2 N 1/2 SW ¼ NW 13, S 88 ° 51' 16" E, 312.00
feet from the northwest corner of said SI/2N¥2N¥2SW¼NW1/4;
thence S 00°17'00'' E, 165.24 feet, along a line parallel with the west line of said
S1/=NIANI/2SWI/iNW¼, to a point on the south line of said S1/2N1/SN1/=SW¼NW¼;
thence N 88047'30'' E, 477.43 feet, along the said south liue, 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¥2NX/2N¥2SW¼NW¼;
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 corner of said S~AN¥2N¥2SW¼NW¼;
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.