HomeMy WebLinkAbout891974Drafted by Cherish Haskell
Wells Fargo Home Mortgage, Inc.
2701 Wells Fargo Way
Minneapolis, Minnesota 55408
RECEIVED
LII,IOOLN 60UNTY OLERK
Space above line for recording purposes.
65465437266731998
SUBORDINATION AGREEMENT
NOTICE: Tbis subordination agreement results in your securiD' interest in the property becotning subject to and of lower priority
than the lien of some other or later security instrmnent
This Agreement is made this 13th day of June 2003, by and between Wells Fargo Bank,
N.A. a national bank with i;ts headquarters located at 420 Montgomery Street, San Francisco,
California (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 August 15,
2002 executed by Greg Knnz and Arvella Kurtz, husband and wife, as tenants by entireties
(the "Debtor") which was recorded in the county of LINCOLN, State of Wyoming, as Bk. 499
Pg. 742 on September 28, 2002 (the "Subordinated Instrument") covering real property located
in THAYNE in the above-named county of LINCOLN, State of Wyoming, as more
particularly described in the Subordinated Instrument (the "Property").
PLEASE SEE ATTACHED EXI-IIBIT "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 not to exceed the amount of
$106,081.00.
Lien Holder has agreed to execute and deliver this Subordination Agreement.
/'7.
ACCORDINGLY, in consideration of the property and for other good and valuable
consideration, the receipt 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 stuns 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, flee and clear of
all liens, securit, y 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 betxveen 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, N.A.
NOTIG£: This
subordination agreement contains a provision which al]ows
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
By: Brett Lambert
Title: Assistant Vice President
2?0
STATE OF Mim~esota )
)SS.
COUNTY OF Hennepin )
The foregoing instrument was acknowledged before me this 13th day of June,
2003, by Brett Lambert, Assistant Vice President of Wells Fargo Bank , N.A.
(bank officer name and title) (name of Wells Fargo Bank)
WITNESS my hand and official seal.
My conm~ission expires: January 31,200~' //~
,, Jen~l'er L. Nowlan
¢~~--~~~ ~ Notary Public
~~ My Co~]m~'ssion Exp res Jan 31 2005
Exhibit A
Lot 48 'of the Star Valley Ranch Plat 2, Linceln County,
Wyeming as described on the official plat thereef.