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HomeMy WebLinkAbout895707o3ol??os (04) WHEN RECORDED MAIL TO Wells Fargo Bank, N. A. Attn: Doc. Management MAC B6955-011 PO Box 31557 Billings, MT 59107-1557 LoanNo. 654-654-1259702-0001 OM SUBO RECEIVED LINCOLN COLINTY CLERK 895707 13 PRPAG]E_ :.* 3 1...~ RDINATION AGREEMENT BILLINGS 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 Subordination Agreement, made this December 2, 2003 by WELLS FARGO BANK, N.A. (hereinafter referred to as "Mortgagee"), present owner and holder of the Mortgage and note first hereafter described, in favor of FIRST NATIONAL BANK-WEST, it's successors and/or assigns (hereinafter referred to as "Lender"); WlTNESSETH THAT WHEREAS, Eric Butler, a married person (hereinafter referred to as "Owner") did execute a Mortgage, dated December 19, 2001 to Wells Fargo Bank, N. A., as Mortgagee, covering that certain real property described as follows: THE LEGAL DESCRIPTION IS ATTACHED HERETO AND MADE A PART HEREOF APN: 37181940512900 To secure a note in the sum of $20,000.00, dated December 19, 2001, in favor of Wells Fargo Bank, N. A., which Mortgage was recorded January 11, 2002, as BOOK 481 P.R., PAGE 170, Official Records of Lincoln county. Through subsequent agreements with the Owner recorded or unrecorded, the current borrowing limit for said note has been amended to $20,000.00, and WHEREAS, Owner has executed, or is about to execute, a Deed of Trust or Mortgage (hereinafter referred to as "Lender's Security Instrument") and note not to exceed the sum of $91,000.00, dated ,June 26; 2003 ; in favor of Lender, payable with interest and upon the terms and conditions described therein, which Lender's Security Instrument is to be recorded concurrently herewith; and WHEREAS, It isa condition precedent to obtaining said loan that said Lender's Security Instrument last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the Mortgage first mentioned, Owner has requested Mortgagee to subordinate Mortgagee's lien to the lien about to be taken by the Lender; and WHEREAS, Lender is willing to make said loan provided the Lender's Security Instrument securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the Modgage first above mentioned and provided that Mortgagee will specifically and unconditionally subordinate the lien or charge of the Mortgage first above mentioned to the lien or charge of the Lender's Security Instrument in favor of the Lender; and : WHEREAS, It is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Mortgagee is willing that the Lender's Security Instrument securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the Mortgage first above mentioned. NOW, THEREFORE, in consideration of the mutual benefits accruing to the padies hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed to as follows: (1) That said Lender's Security Instrument securing said note in favor of Lender, and any renewals or extensions thereof, 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 the Mortgage first above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the Mortgage first above mentioned to the lien or charge of the Lender's Security Instrument in favor of Lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the lien instruments hereinbefore specifically described, any prior agreements as to such subordination including, but not limited to, those provisions, if any, contained in the. Mortgage first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or mortgages. Modgagee declares, agrees and acknowledges that: (a) It consents to and approves (i) all provisions of the note and Lender's Security Instrument in favor of Lender above referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, between Owner and Lender for the disbursement of the proceeds of Lender's loan. (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or person~ to whom Lender disburses such proceeds and any application or use of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination herein made in whole or in part. (c) It intentionally waives, relinquishes and subordinates the lien or charge of the Mortgage first above mentioned in favor of the lien or charge upon said land of the Lender's Security Instrument in favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and (d) An endorsement has been placed upon the note secured by the Mortgage first above mentioned that said Mortgage has by this instrument been subordinated to the lien or charge of the Lender's Security Instrument in favor of Lender above referred to. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REA1 PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF LAND. Page 2 of 3 ,:.33 STATE OF: OREGON ) SS COUNTY OF: WASHINGTON ) MORTGAGEE: WELLS FARGO BANK, N.A. Debby Wirstlin J Operations Manager On December 2, 2003 before me the undersigned, a Notary Public in and for said state personally appeared, Debby Wirstlin, Operations Manager, personally known to me (or proved to me on the basis of satisfactory evidence)'to be the person(s) whose name(s) is/are subscribed to the. within instrument and acknowledge to me that he/she/they executed the same in his/hedtheir authorized capacity(les), and that by his/hedtheir signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. (~,~/~~d and official seal. · - Notary Public in and for said County and State NOTARY STAMP OR SEAL Attached Legal Description Lot 48, Leon Livingston Subdivison as shown by the official plat of said Subdivision filed in the Office of the Clerk of Lincoln County, Wyoming and being situate in Section 19, Township 37 North, Range 118 West of the Sixth Principal Meridian.