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RECEIVED
LINCOLN COUNTY CLERK
80000185186491001
SR Number: 1-14863616
0,3 NOV 26 PH 2:39
WHEN RECORDED MAIL TO:
GM Family First
500 Enterprise Road
Horsham, PA 19044
ATTN: Latasha Cotton
BOOK~4~'__PR PAOE
sUBORDINATION AGREEMENT
.587
RECEIVED
:LINCOLN COUNTY CLERK
THIS SUBORDINATION GRE Novembe 6, 2003, present owner and holder
of the Mortgage and Note first hereinafter described and hereinafter referred to as G~It~(,~ga$.e,,~ (~ N ~. [~
Corporation., :'BOOK.
5475V' P^ u'4 91'
WITNESSETH:
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 orS 21,000.00 dated 7/17/2002 in favor of GMAC Mortgage Corporation,
which Mortgage was recorded as Recording Book No. ~ and Page No. ~tf~ .
494PR 809
WHEREAS, 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 up0n.the terms, and conditions described therein,
which mortgage is to be recorded concurrently herewith'~aer~lorded in Book 542PR, Page 566
WHEREAS, it is a condition precedent to obtaining 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
induce 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 tmconditionally 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 fn:st above
mentioned, including any and all advances made or to be made under the note secured by
GMAC MORTGAGE CORPORATION mortgage first above mentioned.
(2)Nothing herein contained shall affect the validity or enforceability of GMAC
MORTGAGE CORPORATION mortgage and lien except for the subordination as
aforesaid.'
NOTE: This serves to correct that certain Subordination Agreement recorded
n v~ h
November 26, 2003 in Book 542PR on ,a,.. 587 of t e recordS of the
Ci;!;i:i ?!)i !i,, f; ;lerk - .,::;;':,:,,. . · ..
to correct.the recordi;}:j[j:i::'; formation of the mortgage be~.;~__;':'~iibordinated.
WITNESSED BY:
By:
.TI ,NA BO~
,--,MIRIAM COLON
~ TINA BOURN~
MIRIAM~COLON
COMMONWEALTH 'OF PENNSYLVANIA
Title: Linfited Signing Officer
Attest:
Title:
COUNTY OF MONTGOMERY
:
.'ss
uunty and t~te, 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
corporat/ln executed the same, p. ursuant to its bylaws, or a resolution of its Board of Directors.
~y~f~~m~']S my nd an offic' seal.
"Lynn R. Frazier, Nota[y punic I
Horsham Twp., Montgome¢/Count~__
My Commission Expires July 16, 2006 ~
Member. pennsyb/ania A~s~c~n Of Nota~s
5, 8 9
LEGAL 'DESCRIPTION ·" 4 9 3
Lot 3 of Rees Subdivision, Lincoln County, Wyoming as described on the official plat thereof.