HomeMy WebLinkAbout897049JUL-21-2003
NON 01: 1
FflX NO, .:--
P, 02/08 ,/3-
RECEIVED
LINCOLN COUNTY CLERK
897069 o ,rEr -3 s: Is
J E A N N E V,/A G N E R
~z~-~,~c"ml--['L ~,v,..,:-/~.,llbjr,
BOOK ~t~ ~PR PAGE "~ 7
SI)ace above llne for re¢ordioR purlm~e~,
10000118950
SUIIORBINATION AGREEMENT
NOTICE: Thi~ stlbordin}l(iOli allrcement results in your ~ccurity hitere~t in lhu properly becoming aubject lo a.d of lower priority
than Ihe lien of xome 01]I('l' Or later $ccuri£y In~;trutnt. nt
This Agreement is made this 21day of July 2003, by and between Bank of Star Valley
a national bank with its headquarters located at Alton, WY, (herein called "Lien Holder"),
and Wells Fargo Home Mortgage, Inc., with its main office located in the State of Iowa (herein
called the "I.ender").
RECITALS
Lien Holder is the bcneliciary/mortgagee under a deed of trust/mortgage, dated, March 21,
2003 executed by Ran Dean Tolman and Lola Sue Tohnan (the "Debtor") which was recorded
in the'comity of Lincol,, State of Wyomlng, as in Book 515pr on page 925 (tl~e "Subordinated
Instrument") covering real property located in A flon in the above-atoned county of Lincoln,
State o F Wyoming, as more particularly described in the Subordinated instrument (the
"Property").
pi,EAsE SEE ATTACIIED EXHIBIT "A" (Legal Dcscrip(ion)
Lender will make a loan to the Debtor seoui:ed by a deed of trust/mortgage on the Property
whicl~ will bc recorded (thc "Lender Instrument"). The Lender Instrument will secure a
promissory note/line of credit agreement in the amount of
$-5-5,-(_¢3g-r0g 55,411.00 recorded July 29, 2003 tn Book 528PR on page 390;
Lion Holder has agn'eed to execute and deliver this Subordination Agreement.
9/27101
JUL-2.1-2003 MON 01: 8 PM-- FaX NO.
P. 03/08
,388
ACCORDINGLY, in consideration o£the property and for other good and valuable
eonsideration, the receipt and stffficiency of which are hereby acknowledged, Lien
Holder hereby agrees with Lender as follows:
Regardless of any priority otherwise available to Lien Holder, tho lien of the
Subordinated Instrutncnt is, shall be and shall remain fully subordinate for all
purposes to the lien of the Lender Instrument, to the fifll extent of the sum
secured by tho 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 indcbtcdncss secured thereby, fi'ce and clear of
all liens, security interests and encumbrances.
This Agrcement is made under the laws of the State of Wyoming. It cannot be
waived or cleansed, 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, m~d 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.
Bank of Star Valley
NOTICE: This
subordination aflreoment contain~ a provision whlch allows
the pm'son obligated on your real property security {o
obtain a loan a portion of which may be expended for other
purpos~
JUL-21-2003 NON 01:16
FAX
,189
P, 04/08
)ss,
COUNTY OF
Tim for¢§oing h,stmment w.s acknowled~zcd before mc this 21 ~-I-day of c-,'~'~/k~
20 O~ , by ~¢ ~. 5eD~, Pr~i~fBank of St~ Valley
(bank o~fi~e,' name ~] title) J ' (name o~ ~ank of Siar Valley)
WITNESS my hand and official seal.
My commission expires: 6;~z./-~'7'
Notary Public
EXHIBIT A
Part of Section 1, T32N Rll9W of the 6th P.M., Lincoln County, Wyoming being more
particularly described as follows:
BEGINNING at the Southeast Corner of the SW ¼ SE t,~ of said Section 1
and running thence West 20 rods;
thence North 14 rods;
thence East 20 rods;
thence South 14 rods to the POINT OF BEGINNING.