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HomeMy WebLinkAbout8918408'918t 0 RECEIVED :LINCOLN COUNTY CLERK 03 2 2 2:2 5 Space above line for recording porposes. 45167336380001 SUBORDINATION AGREEMENT NOTICE: This subordination agreement results in your security interest in the property becoming subject to and of lower priority than the llen of some other or later security instrument This Agreement is made this 16th day of July 2003, by and between Wells Fargo Bank West, N.A.(Equity Direct) a national bank with its headquarters located at 1740 Broadway, Denver CO (herein called "Lien Holder"), and Wells Fargo Home Mortgage, Inc., with its main office located in the State of Iowa (herein called the "Lender"). RECITALS Lien Holder is the beneficiary/mortgagee under a deed of trust/mortgage, dated December 10, 2001 executed by Catherine T. Hyde and E. Delane Hyde, wife and husband (the "Debtor") which was recorded in the county of Lincoln, State of Wyoming, as in Book 47~9-PR on page 570 on December 18, 2001 (the "Subordinated Instrument") covering real property located in Bedford in the above-named county of Lincoln, State of Wyoming, as more particularly described in the Subordinated Instrument (the "Property"). 'PLEASE SEE ATTACHED EXHIBIT "A" (Legal Description) Lender will make a loan to the Debtor secured by a deed of trust/mortgage on the Property which will be recorded (the "Lender Instrument"). The Lender Instrument will secure a promissory note/line of credit agreement in the amount of $83,000.00. Lien Holder has agreed to execute and deliver this Subordination Agreement. 9/2 7/01 ACCORDINGLY, in consideration of the property and for other good and valuable consideration, the receip[ and sufficiency of which are hereby acknowledged, Lien Holder hereby agrees with Lender as follows: Regardless of any priority otherwise available to Lien Holder, the lien of the Subordinated Instrument is, shall be and shall remain fully subordinate for all purposes to the lien of the Lender Instrument, to the full extent of the sum secured by the Lender Instrument, including not only principal and interest on the principal indebtedness secured thereby but all other sums secured by the Lender InstrUment, excluding non-obligatory future advances. Lien Holder warrants to Lender that Lien Holder presently owns the Subordinated Instrument and indebtedness secured thereby, free and clear of all liens, security interests and encumbrances. This Agreement is made under the laws of the State of Wyoming. It cannot be waived or changed, except by a writing signed by the parties to be bound thereby. This Agreement is made between Lender and Lien Holder. It shall be binding upon Lien Holder and the successors and assigns of Lien Holder, and shall inure to the benefit of, and shall be enforceable by, Lender and its successors and assigns. Neither the Debtor nor any other person (except Lender, its successors and assigns), shall be entitled to rely on, have the benefit of or enforce this Agreement. IN WITNEss WHEREOF, this Subordination Agreement is executed on the day and year first above stated. WELLS FARGO BANK WEST, N.A.(EQUITY DIRECT) 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 the land L. McCalla Title: Vice President Loan Documentation 08D1.840 STATE OF NEBRASKA) )ss. COUNTY OF DOUGLAS) My co~nmission expires: July 2, 2004 l ' 1~1 GENERAL NOTARY-State of NebrasltaI _,~'~'~,. ANN M. BURD ~-'-.h~'~~'~ My Comm. Exp. July 2. 2004 The foregoing instrument was acknowledged before me this 16TM day of July, 2003, by Janice L. McCalla, Vice President Loan Documentation of Wells Fargo Bank West, N.A.(Equity Direct) (bank officer name and title) (name of Wells Fargo Bank) WITNESS my hand and official seal. Ann M. Burd Notary Public 9/27/01 EXHORT A Part of Lot 4 of B~ock 12 of the Bedford Townske, Lincoln Count, Wyoming more particularly described as follows: Beginning a~ the Northwes~ corner of said Lot 4 and running thence South 242 feet; thence East 180 feet; thence North 242 feet; thence West 180 feet to the point of beginning.