HomeMy WebLinkAbout892451.892 51
705
RECEIVED
LINCOLN COUNTY 0LERK
03 ,~t. IG 13 PH 2:25
JEANNE WAGNER
KEr,,.q,.~ IR E R.
SUBORDINATION AGREEMENT
WHEN RECORDED MAIL TO:
MSN SV-79/DOCUMENT CONTROL DEPT.
P.O. BOX 10266
VAN NUYS CALIFORNIA 91410-0266
LOAN #: 7503969
ESCROW/CLOSING ~: FA 10524M/33074352
SPACE ABOVE FOR RECORDERS USE
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE
PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME
OTHER OR LATER SECURITY INSTRUMENT.
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT is made this Fourth day of August, 2003, by
COUNTRYWIDE HOME LOANS, INC. DBA AMERICA'S WHOLESALE LENDER ("Subordinated
Lienholder"), with a place of business at 4500 PARK GRANADA, CALABASAS, CA 91302-1613.
WHEREAS, KEITH L. ANDERSON and MERTA R. ANDERSON executed and
, ',i :;' ':? :::
delivered to Subordinated Lienholder, a Deed of Trust/Mortgage (the "Existing and Continuing
Security Instrument") in the sum of $38000.00 dated 03/30/2001 , and recorded in Book
Volume 462PR, Page_139, as Instrument No. , in the records of Lincoln County, State of
Wyoming, as security for a loan (the "Existing and Continuing Loan"), which Existing and
Continuing Security Instrument is a valid and existing lien on the real property located at 225
Alta Dr, Thayne, WY 83127 and further described on Exhibit "A," attached.
WHEREAS, KEITH L. ANDERSON and MERTA R. ANDERSON ("Borrower") executed and
delivered to COUNTRYWIDE HOME LOANS, INC., ("Lender"), a deed of trust/mortgage in the
sum of $146500.00, which deed of trust/mortgage (the "New Security Instrument") is intended
to be recorded herewith in the records of Lincoln County, State of Wyoming as security for a
loan (the "New Loan");
WHEREAS, it is a condition precedent to obtaining the New Loan that the lien of the New
Loan shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore
described, prior and superior to the lien of the Existing and Continuing Loan; and
WHEREAS, Lender is willing to make said loan prOvided the lien securing the New Loan is a
lien or charge upon the described property prior and superior to the lien of the Existing and
Continuing Loan and provided that Subordinating Lender will specifically and unconditionally
subordinate the lien of the EXisting and Continuing Loan to the lien of the New Loan; and
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such a loan to
Borrower; and Subordinating Lender is willing that the lien securing the New Loan shall, when
recorded, constitute a lien or charge upon said land which 'is unconditionally prior and superior to ·
the lien securing the Existing and Continuing Loan.
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto
and other valuable consideration, the receipt and sufficiency of which consideration 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:
(I) That the New Security Instrument, and any renewals or extensions thereof, shall
unconditionally be and remain at all times a lien or charge on the property therein
described, prior and superior to the Existing and Continuing Security Instrument.
(2) That Lender would not make the New Loan without this subordination agreement.
707
(3) That this agreement shall be the whole and only agreement with regard to the
subordination of the Existing and Continuing Security Instrument to the New Security
Instrument and shall supersede and cancel, but only insofar as would affect the priority
between the security instruments hereinbefore specifically described, any prior agreements
as to such subordination including, but not limited to, those provisions, if any, contained in
the Existing and Continuing Security Instrument above mentioned, which provide for the
subordination of the lien to another security instrument, deed of trust or mortgage.
Subordinating Lender declares, agrees and acknowledges that
(a) It consents to and approves (i) all provision of the note and New Security Instrument in
favor of Lender above referred to, and (ii) all agreements, including but not limited to any
loan or escrow agreements, between Borrower and Lender for the disbursement of the
proceeds of the New Loan;
(b) Lender making 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 made in whole or in part; and
(c) It intentionally' and unconditionally waives, relinquishes and subordinates the lien of the
Existing and Continuing Security Instrument in favor of the lien or charge upon said land of
the New Security Instrument and understands that in reliance upon, and in consideration
of, this waiver, relinquish and subordinate specific loans and advances are being and will
5e 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 this waiver, relinquishment and subordination.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOW 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.
Patricia Callander, First Vice President
708
EXHIBIT "A"
Lot 84 of Star Valley Ranch Plat 16, Lincoln County, Wyoming as dscribed on the official
plat thereof.
709
CORPORATE ACKNOWLEDGEMENT
LOAN #: 7503969
State of Texas
County of Collin
On 08/04/2003 before me, 'personally appeared Patricia Callander, First Vice President of
Countrywide Home Loans; Inc., personally known to me (~r~proved to me on the basis of
satisfactory evidence) t° be the person(s) wh, j~ name(s~.~lare subscribed to th,~(,ithin
instrument and acknowledged to me that.~_~/they executed the same in his(,_her~heir
authorized capacity(les'), and that by hi~eir signature(s) on the instrumentYl:ie person(s), or
the entity Upon behalf of which the person(s) acted, executed the instrument. ~
WITNESS my hand and official seal