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Home My WebLink About893126893126 BOOK .r:~.""{.'-'{ PR PAGE 578 RECEIVED LINCOLN COUNTY CLERK 03er -I PH 1:06 /?- USDA Form RD 460-2 (Rev. 1-02) SUBORDINATION BY THE GOVERNMENT I~ne United States of America acting through the United Sta~ent of Agriculture (called the "Government") is the owner and holder of the following-described instruments executed by MICHAEL B. HEPWORTH and SUSAN S HEPWORTH, ofLiNCOLN Count, State of WYOMING DocumentFileor ~tleofIm~ument Date oflns~ument Date Filed OfficeFiled BookNo Page No. RE Hortgage 08/27/84 08/27/86 L±ncoln County 622020 22 218PR Clerk AND, Wej_Ls--F-a~:go Home Mortgage (called the "Lender") has agreed to loan the 15rincipal sttm of $ 35,579.36 ct to the borrower with interest at the per annum rate not to exceed 4. 750 percent for the following purposes only: Refinance debt with Wells Fargo Home Mortgage ct Any amount Which is in excess of this figure will not be covered by this Subordination. THEREFORE, in consideration the Lender's agreement to make such loan to the Borrower and.~ubject to the terms and conditions set forth below, the Government (1) consents to the Borrower obtaining the loan from the Lender for the above described purposes, and (2) agrees to and does subordinate in favor of the Lender and its successors and assigns its liens of security interests created or evidenced by the above-described instruments insofar as such Security Instrument is secured by the following-described property that will secure the Lenders Loan, provided the Lender perfects a lien on that property: ' See Exhibit A attatched. This subordination is limited to (1) the amount actually loaned by the Lender to the Borrower (principal and accrued interest) for the foregoing purposes, (2) future advances for taxes, insurance, and payments on liens prior to the Lender's lien, and (3) the amount actually advanced for foreclosure costs made by the Lender. Any amount in excess of such amount will not be covered by this subordination unless prior written consent was obtained fi-om the Government for incurring the expenditure in question. Page 1 of 3 The Lender must incorporate into the Borrower' s Promissory Note a statement that the Loan will be in default should any proceeds or,the Loan funds obtained as a result of this subordination be used (1) for a purpose that will contribute the excessive erosion of highly erodibl¢ land or to the conversion of wetlands to produce an agricultural commodity, provided by Exhibit M of Subpar~ G of Part 1940 Title 7, Code of Federal Regulations, or (2) for any purpose not provided for above. The parties further agree as follows: The Lender will not declare the Loan to be in default and the Loan will not be accelerated unless at least 30 days prior written notice has been provided to the Government: The Lender agrees that the Government may, at its option, cure any monetary default by the Borrower by paying the amount of the Borrower's delinquent payments to the Lender. If the Government obtains title to the real property which secured the Loan, whether by foreclosure or deed in lieu of foreclosure, the Lender consents to the transfer of such real property by the Government subject to the Lender's lien notwithstanding any prohibition in any of the Lender's security instruments to the contrary. Any notice to be given by either party to the other shall either be delivered in person or deposited in the United States mail, duly certified, with postage prepaid, and addressed to the party for whom intended. Each of the terms, covenants and conditions of this subordination shall extend to and be binding on the assigns of each party to this agreement. IN %UITNESS WH]EREOF, the parties hereto have executed this Subordination by the Government on this 28th day of August ,20 03 ' UNITED STATES OF AMERICA, By Title Rural Development Manager Title United States Department of Agriculture (NOTE TO LENDER: You are advised to obtain a perfected security interest on the above property. When the indebtedness has been satisfied please mark this form "PAID IN FULL" and return it to the Department of Agriculture at the following address: 625 S. Washington Ste. B, PO Box 190, Afton, WY 83110 .) Page 2 of 3 ACKNOWLEDGMENT STATE- OF WYOMING COUNTY OF. LINCOLN ~ $$: On this 28th day of August , 20 03 , before me personally appeared Linde L. Ziegler and known to me to be Rural Development Manager , United States Department of Agriculture, and the person(s) described in and who executed the foregoing Subordination By the Government, and acknowledged executed the same as. the free act and deed. l]xl TESTIMONY ~v'I-IEPdEOF, I have hereunto set my hand affixed my official seal in my office in Af ton , Wyoming the day and year fa'st x~a-itten above. (SEAJ.) My commission expires February 7, ~006 ~ ~/~. ~ BECKY M. COX Notary PubHc I C°unty°i ~ State°f ! ~ Uinta. ~ Wyoming My Commission g)~ ire', February 7, 2006 Page 3 of 3 ........ :,.--,.;,j.._. i That part of the NE~% of Section 35, T 33 N, R 119 W, Lincoln County, %%~.¢oming, be_ing !r~u-t of that tract of record in the Office of the Clerk of Lincoln County in Book 64 of .Photostatic Records on Page 82, described as fo]]c~: BEG]~I~4~ AT A POINT C~ THE North lime of the said ~ '~ ' ]~qE-,~.,,, $ 89°48.3 E,' 2228.82 fee't from the %~est one ~-qu. a~ter corner of said Section 35, described in the Certified LaDd ' iCorner Recordation CerTificate of record in said Office; lJ~e~$ 89°~8.3' E, 396.11 feet la]ong said North line to a point under the right-of-way fence of the ew, isting Worton Lane Road; thence coDt_inuing S 89°48.3' E, 30 feet, ~ore or ]ess, to the Northeast corner of the said NE~.qe¼ wjthin the right-of-way of said Road: thence S 00030.3' E, 110.5] fe~t along the said Fast line of the NE%S%~.~,; thence N 89°49.~' %~', 30 feet, more or ]ess, to a point under the said right-of-way fenice; thence continuing N 89°49.d' W, 396.12 :feet to a po_iht; thence N 00~30.3° 1~', 1]0.64 feet to the POINT OF BDS]I~']N~; encompassin.c aD a/'ea of ] .08 acres, more or ]ess; each "point" marked by a steel T-shaDed stake 24" ]ono. ~,ith me_ta] cap inscribed "PAUL N. SC_HE_P~Eb PJ_S164 SURV~-Y POll~"; SLm~]~CT to an ¢.~.~ _men. for the e_,:_{ sting roa~wa.y being the Fast t~J_rty feet, ~o~e or ]ess, of' the fo]'{.- o_'o~ng r~-act; TOS~H~_R ~,Jth a right of in_c~-ess and eqr. ess cranted to the Grantees, thei/ .he'_rs, successors and assigns a]ong the East thJ_rt-y feet ~f the said ;~E%~;¼ to it's pro- traction Southerly to an intersection with Third Not-cb Street *4est in the To~site of !Auburn, said thirty feet including the above described existing roa~fway; that it is the intent to convey a one acre tract abutting and lying ~ester]y of the West rJuht'of-~rav line of the Worton Lane public road together ~,itb that part of said road adjoining on~ the East of said ..tract and it is anticipated that said Worton Lane wi]] ~..o~_ a Count-3· Road; the base b~aring for this survey is the West line of the ~% of said Sect]on 35 be_ing North; ail in accordance with the plat prepared and to be_ fi]ed titled "/_ESTER G. Y~n~]NSTL%N MICHAEL HE,FORTH PL~T OF TRACT COL~I%', %~Y~-~INS" dated 50a]y 1984. EXHIBIT "A" l ! / ! ! /