HomeMy WebLinkAbout89127602017652
81400633826602001
SR Number: 1-9932829
WHEN RECORDED MAIL TO:
89 1 2'/G
REOEiVED
LINOOLN cOUNTY OLERK
GMAC Mortgage
500 Enterprise Road
Horsham, PA 19044
ATTN: Tamika Scott
.BOOK ~-~'~' -;' PR PAGE
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT, made May 14, 2003, present owner and holder of
the Mortgage and Note first hereinafter described and hereinafter referred to as Mortgage Electronic
Registration System, Inc.
WlTNESSETH:
THAT WltEREAS JOHN S HARTMAN and KAREN K HARTMAN, Husband and Wife, residing at
186 MORNINGSTAR DRIVE UNIT B, ALPINE WY 83128,,
did execute a Mortgage dated 2/14/02 to Mortgage Electronic Registration System, Inc2
covering:
SEE ATTACHED
To Secure a Note in the sum orS 13,550.00 dated 2/14/02 in favor of Mortgage Electronic Registration
System, Inc., which Mortgage was recorded 3/12/02 as Recording Book No. 485 and Page No. 142.
WHEREAS, Owner has executed, or is about to execute, a Mortgage and Note in the sum of
$ 93,000.00 dated 6/26/2003 in favor of TAYLOR, BEAN & WHITAKER, here in after
referred to as "Lender", payable with interest and upon the terms and conditions described therein, which
mortgage is to be recorded concurrently herewith; and
WHEREAS, it is a condition precedent to obtaimng said loan that Lender's mortgage last above
mentioned shall unconditionally be and remain at all times a lien or charge upon the land herein before
described, prior and superior to the lien or charge of Mortgage Electronic Registration System, Inc.
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 is hereby acknowledged, and in order to
induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows:
(1)That said mortgage securing said note in favor of Lender, 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 Mortgage Electronic Registration System, Inc. mortgage first
above mentioned, including any and all advances made or to be made under the note
secured by Mortgage Electronic Registration System, Inc. mortgage first above
mentioned.
743
(2)Nothing herein contained shall affect the validity or enforceability of Mortgage
Electronic Registration System, Inc. mortgage and lien except for the subordination as
aforesaid.
WITNESSED BY:
COMMONWEALTH OF PENNSYLVANIA
Mot~a&Electronic R
By:I V IL./"x~f~%/ tl /
[ ! IVh/rnessa Birc-~tt F'~/
Title': Asst. Secretary ' .7'
ll[le: vice vresloen[ ~ ~ :0 ~(';
1999
Zm"' 0 '"'~ ~
gllflllllllliBt~~
COUNTY OF MONTGOMERY :
On .~ 03 , before me I~(~(~ C c~
· v~ , the undersigned, a Notary
Public i~ a~d i'c~r said County and State, personally appeared M~me~a Birckett personally known to me (or
proved to me on the basis of satisfactory evidence) to be the Asst Secretary, and Sean Flanagan personally
known to me (or proved to me on the basis of satisfactory evidence) to be the Vice President of the
Corporation that executed the within instrument, and known to me to be the persons who executed the
within instrument on behalf of the corporation therein named, and acknowledged to me that such
corporation executed the same, pursuant to its bylaws, or a resolution of its Board of Directors.
VqlTNESS my hand and official seal.
Notary Public
Notarial Seal
Donna C. Buck. lay, Notary Public
Horsham Twp., Montgomery C.o~n~
My Commission Expires Dec. 26. 2005
Member, Pennsylvania Association of Notaries