HomeMy WebLinkAbout89267901018156
WHEN RECORDED 1MAIL TO
Wells Fargo Bank, N. A.
Attn: Doc. Management MAC B6955-011
PO Box 31557
Billings, MT 59107-1557
LoanNo, 654:654-1107267-0001 NV
SUBO
892:6'79'
RECEIVED
LINCOLN COUNTY CLERK
03J{lll~21 ~.Hll: 16
JEANNE WAGNER
PA~
~DINATION AGREEMENT
BILLINGS
I
NOTICE: THIS SUBORDINATION AGREEMENT R I~ gULTS IN YOUR SECURITY INTEREST IN THE
PROPERTY BECOMING SUBJECT TO AND OF I. Z;:VER PRIORITY THAN THE LIEN OF SOME
OTHER OR LATER SECURITY INSTRUMENT.
This Subordination Agreement, made this August .~: '2C.f~3 by WELLS FARGO BANK, N.A.
(hereinafter referred to as "Mortgagee"), present owner ard ~?older of the Mortgage and note first
hereafter described in favor of AMERICA'S WHOLESALE ~. ~!IDER, it's successors and/or assigns
(hereinafter referred to as "Lender");
WlTNES;f~;EVH:'
THAT WHEREAS, Derrick E. Jensen (hereinafter F~ferred to as "Owner") did execute a Mortgage,
dated November 9, 2001 to Wells Fargo Bank, N. A.,: ~; Mortgagee, covering that certain real property
described as follows: ....
THE LEGAL DESCRIPTION IS ATT/;cHED'.. ~ERETO AND MADE A PART HEREOF
APN: 37192930903400 i, .. '. "'
To secure a note in the sum of $15,000.00, dated November 9, 2001, in favor of Wells Fargo Bank, N. A.,
which Mortgage was recorded December 13, 2001, a$'::iOOK~479 PAGE#240, Official Records of
Lincoln county. Through subsequent agreements wittl ~he Owner, either recorded or unrecorded, the
current borrowing limit for said note has been amende~:~ to $15,000.00, and
WHEREAS, Owner has executed, or is about to eY:gcute, a Deed of Trust or Mortgage (hereinafter
referred to as "Lender's Security Instrument") and not6.inot tp exceed the sum of $87,000.00, dated
08/13/03 , in favor of Lender, payable with 'i~:erest and upon the terms and conditions
described therein, which Lender's Security Instrument :.:; to be recorded concurrently herewith; and
· WHEREAS, It is a condition precedent to obtainin(Zsaid loan that said Lender's Security Instrument
last above mentioned shall unconditionally be and rem~in at all times a lien or charge upon the land
hereinbefore described, prior and superior to the lien or charge of the Mortgage first mentioned, Owner
has requested Mortgagee to subordinate Mortgagee'siien to the lien about to be taken by the Lender;
and ~
WHEREAS, Lender is willing to make said loan ~ro-;:d~d the Lender's Security InstrUment securing
the same is a lien or charge upon the above described. ~,r(~perty prior and superior to the lien or charge of
the Mortgage first above mentioned and provided that ;V. ortgagee will specifically and unconditionally
subordinate the lien or charge of the Mortgage first abd' e mentioned to the lien or charge of the Lender's
Security Instrument in favor of the Lender; and "
' t
WHEREAS, It is to the mutual benefit of the parti~.~- hereto that Lender make such loan to Owner; and
Mortgagee is willing that the Lender's Security Ins rjment securing the same shall, when recorded,
constitute a lien or charge upon said land which is ,i!nd:tionally prior and superior to the lien or charge
of the Mortgage first above mentioned. ,uno
NOW, THEREFORE, in consideration of the mutu; ii benefits accruing to the parties hereto and other
valuable consideration, the receipt and sufficiency of w.:~.ich consideration is hereby acknowledged, and in
order to induce Lender to make the loan above referre., ~i :c, it is hereby declared, understood and agreed
to as follows:
(1) That said Lender's Security Instrument se;. J(ing said note in favor of Lender, and any
renewals or extensions thereof, shall ur~':::,~.:o, diti ~lally be and remain at all times a lien or charge
on the property therein described, prior .~r,d Su;:,. !rior to the lien or charge of the Modgage first
above mentioned. '
(2) That Lender would not make its loan ~;bc ~ ~ described without this subordination agreement.
(3) That this agreement shall be the whol .: ~,:1 only agreement with regard to the subordination
of the lien or charge of the Mortgage first aL.' , mentioned to the lien or charge of the Lender's
Security Instrument in favor of Lender abov..i, Jerred to and shall supersede and cancel, but only
insofar as would affect the priority between i'r~..; !ien instruments hereinbefore specifically
described, any prior agreements as to such st~tlordination including, but not limited to, those
provisions, if any, contained in the Mortgage fi:'~t above mentioned, which provide for the
subordination of the lien or charge thereof to ~r;other deed or deeds of trust or to another
mortgage or mortgages~
Modgagee declares, agrees and acknowled§~,.~, that:
(a) It consents to and approves (i) all provisi~,~'s of the note and Lender's Security Instrument in
favor of Lender above referred to, and (ii) all a~eements, including but not limited to any loan or
escrow agreements, between Owner and Len~:l.~!r for the disbursement of the proceeds of
Lender's loan. ~
(b) Lender in making disbursements pu,'suaht to any such agreement is under no obligation or
duty to, nor has Lender represented that it will. ~ee to the application of such proceeds by the
person or persons to whom Lender disburses ~iJch proceeds and any application or use of such
proceeds for purposes other than those provk!.~d for in such agreement or agreements .shall not
defeat the subordination herein made n whole', ,i;r n part.
(c) It intentionally waives, relinquishes and ~:~)ordinates the lien or charge of the Modgage first
above mentioned in favor of the lien or cha:°oe ~Por. said land of the Lender's Security Instrument
in favor of Lender above referred to and un~r ~ands that in reliance upon, and in consideration
of, this waiver, relinquishment and subordinati,.,.~i specific loans and advances are being and will
be made and, as part and parcel thereof, spe:iii~ monetary and other obligations are being and
will be entered into which would not be made :.'.~entered into but for said reliance upon this
waiver, relinquishment and subordination; and,¥
(d) An endorsement has been placed upo ~. ti': '~ note secured by the Mortgage first above
mentioned that said Mortgage has by this ir st,"~ent been subordinated to the lien or charge of
the Lender's Security Instrument in favo;':¥' L. er ii!i~r ~lbove referred to.
NOTICE: THIS SUBORDINATION AGREEME!,~ / CC,,~i~'AINS A PROVISION WHICH ALLOWS THE
PERSON OBLIGATED ON YOUR REAL PROP~Ft'?'Y ~.ECURITY TO OBTAIN A LOAN A PORTION
OF WHICH MAY BE EXPENDED FOR OTHER F':.!F::.~,', )SES THAN IMPROVEMENT OF LAND.
676
?.!iORTGAGEE:
i WELLS FARGO BANK, N.A.
B'¢: ~
Authorized Signer
STATE OF: OREGON ) SS '~t'
COUNTY OF: WASHINGTON ) .~..
On August 8, 2003 before me the undersigned,, a N~tcry Public in and for said state personally appeared,
Barbara Edwards, Authorized Signer, perse~'.~.~ly k-:ow,-, to me (or proved to me on the basis of
satisfactory evidence) to be the person(s) wh::x:.a nar ~(~) is/are subscribed to the within instrument and
acknowledge to me that he/she/they executed ~he same in his/her/their authorized capacity(les), and that
by his/her/their signature(s) on the instrumem the p~rson(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Not~ary Publican and for said County,~d State
NOTARY STAMP OR SEAL