HomeMy WebLinkAbout893689Account Number 038005796
WHEN RECORDED MAIL TO:
Homecomings Financial Network, Inc.
2711 N: Haskell Avenue, Suite 900
Dallas, TX 75204
Attn.: Correspondence Department
893689
TIlE SUBORDINATION IS NOT VALID FOR RECORDING AFTER NINETY (90) DAYS FROM THE
DATE FIRST APPEARING BELOW. ANY CItANGES TO THIS DOCUMENT WITHOUT PRIOR
WRITTEN SUBORDINATING LENDER APPROVAL WILL RENDER THIS SUBORDINATION NULL
AND VOID.
SPACE ABOVE THIS LINE FOR RECORDER'S USE
Subordination Agreement
THIS SUBORDINATION AGREEMENT ("Agreement") is made this 10 September, 2003, by
The Chase Manhattan Bank as Indenture Trustee, Residential Funding Corporation, Attorney in
Fact ("Subordinating Lender").
WHEREAS, Larry J Deason and Ronda K Deason ("Borrower"), whether one or more, executed
a note in the original principal sum of $46,500.00 dated 02/12/1999, secured by a deed of trust or
mortgage of even date therewith in favor of FCMC INC. covering property located at 1505
Garnet Street, Kemmerer, WY 83101, ("Property") recorded on 03/23/1999, as Book~
Page 591, in Official Records of said County; and
WHEREAS, the note and deed of trust or mortgage have been assigned to Subordinating Lender;
and
WHEREAS, Borrower has executed, or is about to execute, a deed of trust or mortgage and note
not to exceed the sum of $67,100.00 ("New Loan") in favor of Wells Fargo Home
Mortgage, Inc. ("New Lender"); and
WHEREAS, New Lender is willing to make the New Loan provided the deed of trust or
mortgage securing same is a lien or charge upon the Property prior and superior to the lien or
charge of the deed of trust held by Subordinating Lender, and provided that Subordinating Lender
will specifically and unconditionally subordinate its lien to the lien or charge of the deed of trust
or mortgage in favor of New Lender; and
WHEREAS, it is to the mutual benefit of the Borrower, New Lender and Subordinating Lender
that New Lender make such New Loan to Borrower; and Subordinating Lender is willing that the
deed of trust or mortgage securing same shall, when recorded, constitute a lien or charge upon
said land which is unconditionally prior and superior to the lien or charge held by Subordinating
Lender.
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and
other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and in
order to induce New Lender to make the New Loan, it is hereby declared, understood and agreed
as follows:
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794
Account Number 038005796
Borrower Name Larry J Deason and Ronda K Deason
Subordination Agreement
Page 2 of 2
The deed of trust or mortgage securing the New Loan in favor of New Lender, and any
renewals or extensions thereof, shall unconditionally be and remain at all times a lien or
charge on the Property, prior and superior to Subordinating Lender's lien or charge.
2. New Lender would not make its New Loan without this Agreement.
3. This Agreement shall be the whole and only agreement with regard to the subordination of the
Subordinating Lender's lien or charge to the New Lender's lien or charge.
The Chase Manhattan Bank as Indenture Trustee, Residential Funding Corporation,
Attorney in Fact, by and through its attorney in fact, Residential Funding Corporation
By:
Scott G. Tenery ~-~
Assistant Vice President
ACKNOWLEDGMENT BY SUBORDINATING LENDER
State of Texas
County of Dallas
On this, the 10 September, 2003, before me, a Notary Public, personally appeared Scott G.
Tenery, personally known to me (or proved to me on the basis of satisfactory evidence) to be the
person whose name is subscribed to the within instrument and acknowledged to me that he/she
executed the same in her authorized capacity as Assistant Vice-President of Residential Funding
Corporation, for the purposes and consideration therein expressed, as the act and deed of said
corporation.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
Notary Public
(Notary Seal)