HomeMy WebLinkAbout8914187-- 3--03; 9:51AM
NOTICE:
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' BO01i PR PAGE
RECEIVED
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LiN,.,O,._N COUNTY CLER}(
THIS SUBORD'JNATION AGREEMENT RESULTS IN YOUR SEcURiTY'::
INTEREST IN THE PROPERTY BECOMING SUrtJI::CT TO AND OF
LOWER PRIORITY THAN THE LIEN OF SOME OTHI~R OR LATER
SECURITY INSTRUMENT.
THIS AGREEMENT, made this
by RODGER P, CROOK
3rd day of July, 2003
owner' of the land hereinafter described and I~erelnafter referred to as "Owner,"
arid CHARLES J. CROOK
present owner and holder or tile mortgage and note first herelnafter'."descrlbed
and hereinafter referred to as "Mortgagee;"
WITNESSETH
'THAT WHEREAS, RODG~R ?. ¢~OOK
did execute a mortgage deled OCTOBER 15. 1992 to
CHARLES J, CROOK '
as mortgagee, covering: ·
NWiNW¼, SECTION 31,' T31N RiiSW OF T~E 6TH P.M., LINCOLN COUNTY, WYOMING
EXCEPTING THEREFROM~ THE LAND CONTAINED IN WARRANTY DEED RECORDED MAY 11
1994 IN BOOK 350PR ON PAGE 454 OF THE RECORDS OF THE LCINOLN COUNTY CL, ERK.
to secur~ a note in the s.um of $ 10,000,00 dated OCTOBER 15, 1992 ,
Ir~ favor or CHAP, LES J, CROOK '
which mortgage was recorded DECEMBER 15, 1992 , In book 32~1~1~ ,
page 701 , Official Recoffds of said county; and '
WHF'REAS, Owner has executed, or is about to execute, a mortgage and note
In sum or 79, , Jat d I.
favor of FIRST NATIONAL B~K - WEST '
hereinafter referred to as "Lender," payable w.lth Intm'est and upon the terms
and conditions described therein, whlcl~ mortgage Is to be recorded concurrently
harawiU'~; anti ,
WHEREAS, It Is a condition precedent to obtaining said loan that sold mortgag~
last above mentioned shall unconditionally be and remain at all times a lien or
charge upon the land hereinbefore described, prior and super[or to the lisa
or charge of tile mortgage First above mentioned;, and
WHEREAS, Lender is willing to make s~ld loan provided the mortgage securing
tl~e 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 uncondlUonally subordinate l, he
Ilea or charge of tl~e mortgage rlrst above mentioned to th~ lien or charge of
the mortgage In favor Of Lender; and
3--03 9:51AM
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Subordlr,[~tlon Agreement -
Page 2
353
WHEREAS, It Is to the mutual benefit of the parties hereto that Lender
make such loan to Owner; and Morl:gagee Is willing that tile fnortgage
securing the same shall, when recorded, constitute a lien or charge' upon
said land which Is unconditionally prior and superior to the lien or cllarge
ef the mortgage first above mentioned
NOW, THEREFORE, in consideration of the mutual benefits accruit~9 to the
parties hereto and other ~'alual)le consideration, the receipt and sufficiency
of which consideration is hereby acknowledged, arid in order I.o induce
Lender to mal~e the loan above referred to, it Is hereby declared, understood
and agreed as follows:
That said mortgage securing said note In favor of Lender. and
any renewals or extensions thereof, shall uncondltlonally be a'nd
remain at all times a lien or charge on the property therein .'
described, prior and superior to the lien or charge of tt~e .-'
mortgage first above mentioned.
(2) That Lender would not make its loan above descr, ibed Without tills
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 tl~e mortgage In
favor of Lender above referred to and shall supersede and cancel,
but only insofar as would affect the priority between the mortgages
hereinbefore specifically described, any prior agreement as to such
subordination including, but not limited to, tho~e provisions, If any,
contained in the mortgage firs[ above mentioned,' w.hich provide for
the subordination of the lien or charge thereof to another mortgage
or mortgages.
Mortgagee declares,' agrees and acknowledges [Ilar
(a) I-lo consents to and approves [I) all provisions of the note and
mortgage In favor of Lender abe~e referred to, and (11) all
a.qreements, Including, but not Ilmlted to, any loan or escrow
agreements, between Owner and Lender for the disbursement of
[I'm proceeds of Lender's loan;
[b) Lender in m~klng 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 fnade In .whole or in part;
(c) He I'ntenUonally and unconditionally 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
mortgage In favor of Lender above referred to and understands
that in reliance upon, and In consideration of, this waiver,
rellnquishrnen[ and subordination specific loans and advances
are being and will be made and, as part and parcel thereof,
specific monetary and otl~er obligations are being and will be
entered into which wol.~ld not be made or entered into but rot
said reliance upon this wal.ver, rellnqulsl~ment and subordination;
and
(d) An endorsement has been placed upon the note' secured by the
mortgage first above mentioned thai: said mortgage has by this
instrument been subordinated to the llen or charge of the
mortgage In favor of Lender above referred to.
7-- S--03; 9: 5
30~ ~"?"A,- 9 6 0 2; #
SuborcllnaLIon AgreemerJt -
Page 3
NOTICE:
'rills SUBORDINATION AGREEMENT CONTAINS A PROVISION
WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL
PI'LOPERTY SECURITY TO OBTAIN A LOAN A PORTION OF
Wl-IICl-i MAY BE EXPENDED FOR OTHER PURPOSES THAN ·
IMPROVEMENT OF THE LAND.
RODGER P. CROOK
Mortgagee
STATE OF WYOMING'
COUNTY OF LINCOLN
SS
The Foregoing Instrument was
RODaER CROOK
JULy
acknowledged before me by
Witness my hand und official seal.
My Con,mission Expires:
, 2003 .
NOTARY PUBLIC
STATE OF WYOMING
SS
COUNTy OF LINCOLN
The Foregoing Instrumenl: was acknowledged berore me by
this _~ ._~ _ day o~' JULY , 2003
Witness rrly hand and orrlclal seal,.
NOTARY PUBLIC
My Commission Expires: ._~¢',