HomeMy WebLinkAbout893022/9'-
BOOK ~'~Q".~'-. PRPAGE l ~ 5
893022
Prepared by: Cristie Sullivan
Wells Fargo Home Mortgage
7015 Vista Drive
West Des Moines, IA 50266
RECEIVED
LINCOL~,~ COUI',~Ty CLERK
~'~,~ !.~ ~-,'~
Account Number: 65465449048850001
SUBORDINATION AGREEMENT
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
This Agreement is made this 22nd day of August 2003, by Wells Fargo Bank, N.A.
a national bank with its headquarters located at 420 Montgomery Street, San Francisco,
California- (herein called "Lien Holder"), for the benefit of 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
November 13, 2002, executed by Ray L. Hyde and Mary & Hyde, Trustees in the Ray
L. Hyde and Mary J. Hyde Family Trust dated the 27th day of February, 1997 (the
"Debtor") which was recorded in the county of Lincoln, State of Wyoming in Book
506PR at Page_5_21 on December 9, 2002, (the "Subordinated Instrument") covering
real property located in Alton in the above-named county of Lincoln, State of Wyoming,
as more particularly described in the Subordinated Instrument (the "Property").
.... SEE LEGAL DESCRIPTION ATTACHED ....
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 $105,221.29. recorded
August 27, 2003 in Book 532PR on page 559
Lien Holder has agreed to execute and deliver this Subordination Agreement.
!96
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
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 °fWYoming. 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, N.A.
NOTICE: This subordination agreement contains a
provision which allows tho person obligated on your
property security to obtain a loan a portion of which may be
expended for other purposes than improvement of the land
By Patti Van Orden
Title: Vice President
Loan Documentation
!97
STATE OF IOWA )
)ss.
COUNTY OF pOLK~ )
On this 22"d day of August, 2003, before me personally appeared as Patti Van Orden,
Vice President Loan Documentation of Wells Fargo Bank, N.A.
[] personally known to me
[] proved to me on the basis of satisfactory evidence
To be the person(s) whose name(s) is/are subscribed to the
within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized
capacity(ies), and that by his/her/their signature(s) on the
instrument the person(s), or the ~ntity upon behalf of
which the person(s) acted, executed the instrument.
V77ITNEStS n)~hand and offi/~al seal,
Signature of NoJary Public
~--~... ,, KARILE L. TOMENSON
I~ ,~'~ Commission Number 720299
My commission expires: '
I o'"/~'¢'- January 9, 2006
×~UG-88-20~3 ~3:38 SOUTH!.,JEST::~ T~TLE CO ~ 38? 8?? ~82 P.08
ALTA COMMITMENT - 1982 - WY
Commitment No.' FA 10522 M
SCHEDULE C
The Iud re~rred to in ~is commitmem ~s situated in Me State of Wyoming, CounW of Lincoln, and is
described as ~llows:
/
A portion of the NE~NE~ of Section 12, T31N Rll9W of' the 6th P.M.,
Lincoln County, Wyoming more particularly described as follows:
COMMENCING at the Northeast Corner of said Section 12 and running thence
S 00°00' E along the East line of said Section 12, 667.28 feet to the
POINT OF BEGINNING;
thence N 90000, W, a distance of 693.0 feet;
thence ~ 00°00' E, a distance of 403.28 feet,
thence N 90000' E, a distance of 396.0 feet;
thence S 00°00' E0 a distance of 33.00 feet;
thence N 90000' E, a distance of 33.00 feet;
thence S 00°00'' E, a distance of 165.00 feet; .
thence N 90°00' E, a distance of 264.00 feet;
thence S 00000' E, a distance of 205.28 feet to'the POINT OF BEGINNING.
LESS AND EXCEPT the land described in Warranty Deed recorded March 11,
1982 in Book 185PR on page 382 of the records of the Lincoln County
Clerk