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HomeMy WebLinkAbout893245 RECEIVED LINCOI_k, COUP, IT'( CLERK ??'I I: 5 5 "BOOK 534 PR PAGE 105 Space above line for recording purposes. 65465476303791998 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 2 day of September 2003, by and between Wells Fargo Bank N.A. (Home Equity Charter Bank) a national bank with its headquarters located at 420 Montgomery (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 April 30, 2003 executed by Kevin D.Hyde aka Kevin Daniel Hyde and Janice F. Hyde, husband and wife (the "Debtor") which was recorded in the county of Lincoln, State of Nebrasl~a, as Book 521 PR Page 238 on May 22, 2003 (the "Subordinated Instrument") covering real property located in Auburn in the above-named county of Lincoln, State of Wyoming, as more particularly described in the Subordinated Instrument (the "Property"). PLEASE SEE ATTACHED EXHIBIT "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 in the amount of $174263.00, recorded September 8, 2003 in Book 534PR on page 20; Lien Holder has agreed to execute and deliver this Subordination Agreement. 9/27/01 106 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 of Wyoming. 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. (HOme Equity Charter Bank) NOTICE: This subordination agreement contains a provision which allows 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 13~'(/J anice McCalla · Title: VP-Documentation 9/27/01 i07 STATE OF Nebraska) )SS. COUNTY OF Douglas) The foregoing instrument was acknowledged before me this 2 day of September, 2003, by Janice McCatla of Wells Fargo Bank N.A. (Home Equity Charter Bank) (bank officer name and title) (name of Wells Fargo Bank) WITNESS my hand and official seal. My commission expires: October 11, 2004 ._~'~_ ROXANNE L.. CAMPBELL ~ My Comm. Exp. OcL 11, 2004 Roxanne L. Campbell Notary Public 9/27/01 108 EXHIBIT A NE 'kNW 'ANW'~ of Section 34, T33N R119W of' the 6th P.M., Lincoln County, Wyoming.