HomeMy WebLinkAbout89555180000185186491001
SR Number: 1-14863616
WHEN REcoRDED MAIL TO:
8955,51
RECEIVED
LINCOLN COUNTY CLERK
03N v26 PH 2:39
J E A N'v WA .
GM Family First
500 Enterprise Road
Horsham, PA 19044
AIl-N: Latasha Cotton
OOKSRZ
PR PAGE
SUB ORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT, made November 6, 2003, present owner and holder
of the Mortgage and Note Fast hereinafter described and hereinafter referred to as GMAC Mortgage
Corporation.
WITI~ESSETH:
THAT WHEREAS DONALD R. HAGAN and JANICE H. HAGAN, Husband and Wife, residing at
PO BOX 10666, JACKSON WY 83002,,
did execute a Mortgage dated 7/17/2002 to GMAC MORTGAGE CORPORATION covering:
SEE ATTACHED
To Secure a Note in the sum of $ 21,000.00 dated 7/17/2002 in favor of GMAC Moth, age Corporation
which Mortgage was recorded as Recordiog Book No. ~ and Page No. ~ ~.~./~ .
WI{EREAS, Owner has executed, or is about to execUte, a Mortgage and Note in the sum of
$ 168,000.00 dated 11/21/03 in favor of GMAC MORTGAGE CORPORATION, here in
after referred to as "Lender", payable with interest and upon the terms and conditions described therein,
which mortgage is to be recorded concurrently herewith; and
WHEREAS, it is a condition precedent to obtahfing said loan that Lender's mortgage last above
mentioned shall unconditionally be and remain at all times a lien or charge-upon the land herein before
described, prior and superior to the lien or charge of GMAC MORTGAGE CORPORATION mortgage
'first above mentioned.
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
h~duce Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows:
(1)That said mortgage securing said note in favor of Lender, shall unconditionally be and
remain at all times a lien or charge on the property therein described, prior and superior
to the lien or charge of GMAC MORTGAGE CORPORATION mortgage first above
mentioned, including any and all advances made or to be made under the note secured by
GMAC MORTGAGE CORPORATION mortgage F~st above mentioned.
(2)Nothing herein contained shall affect the validity or enforceability of GMAC
MORTGAGE CORPOIL4TION mortgage and lien except for the subordination as
aforesaid.
588
WITNESSED BY:
By: ~ x ~--.,o,.~~'
.TI ,NA BOURNE
,~. MIRIAM COLON
By:
"-J T~A BOULE
By:
. . Mi~cOEON
COMMONWEALTH OF PENNSYLVANIA
~k..._.....~' M.D_.g, hz~Chie fflRTGAGE
Title: Linfited Signing Officer
CORPORATION
Attest:
Title:
COUNTY OF MONTGOMERY
.'SS
:
Sean Flanagan
Limited Signing Officer
~,unty and tate, personally appeared Debra Chieffe personally known to me (or proved to me on the
basis of satisfactory evidence) to be the Limited Signing Officer, and Sean Flanagan personally known to
me (or proved to me on the basis of satisfactory evidence) to be the Limited Signing Officer of the
Corporation that executed the within instrument, and known to me to be the persons who executed the
within instrument on behalf of the corporation therein named, and acknowledged to me that such
executed the' same, p. ursuant to its bylaws, or a resolution of its Board of Directors.
corporat /n .
W~ /~~~l~smy nd an offic' seal.'
' '"L n R Frazier, Notary Pu?c . |
yn .
Homharn Twp., Montgomery t;oa'~_ _
My Commission Expires July 16,
Member. PennsW;an!a Assoda~n Of Notsdes
LEGAL DESCRIPTION
5,89
Lot 3 of Rees Subdivision, Lincoln County, Wyoming as described on the official plat thereof.