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HomeMy WebLinkAbout895405Drafted by Cherish Haskell Wells Fargo Home Modgage, Inc. 2701 Wells Fargo Way Minneapolis, Minnesota 55408 895 ,05 BOOKS~ ?RPAOE 078 RECEIVED LINOODI COUNTy CLERt( 03 1 9 3:2 8 Space above llne for recording porposes. 65465418927110001 SUBORDINATION AGREEMENT NOTICE: This stlbordiilatioll agreement results in your security interest in the property becomiug subject to and of lower priority tbau the lien of some otber or later security iustrument ~'~'J"~ This Agreement is made this 10th day of November 2003, by and bet~veen Wells Fargo Bank, N.A. a national bank with its headquarters located at 420 Montgomery Street, San FranciscO, California (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 March 22, 2002 executed by Kirby Joe Booth and Donna L. Booth (the "Debtor") which was recorded in the county of Lincoln, State of Wyoming, as Book 487PR, Page 227 on April 12, 2003 (the "Subordinated Instrument") covering real property located in AFTON 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 h~strument will secure a :promissory note/line of credit agreement not to exceed the amount of $104,000.00. Lien Holder has agreed to execute and deliver this Subordination Agreement. 079 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 Instrmnent, 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. 3. 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'fir~t'.above stated. WELLS FARGO BANK, N.A. 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 By: Brett Lambert Title: Assistant Vice President ..080 STATE OF Mim~esota ) )SS. COUNTY OF Hennepin ) The foregoing instrument ;vas acknowledged before me this 10th day of Nove~nber, 2003, by Brett Lambert, Assistant Vice President of Wells Fargo Bank , N.A. WITNESS my hand and official seal. My commission expires: January 31, 2008 Notary Public Notary Public Minnesota 081 EXHIBIT A Legal Description Lot 2 of Hialeah Subdivision, Lincoln County, Wyoming as described on the official plat thereof.