HomeMy WebLinkAbout897294 RECEIVED
LINOOLN COIJI'4TY
CLERK
89729[
80000185~86491001
SR Number: 1 ~ 148636.1 (~..~ r~
Boo__PR,PAGE ~ ~ --_
WHEN RECORDED MAIL TO:
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895551
RECEIVED
LINCOLN COUNTY CLERK
GM Family First BOOK54 ' __W P,m .587
500 Enterprise Road
Horsham, PA 19044 R E C'E IV E D
ATTN: Latasha Cotton L I N C 0 L N C 0 U N T Y C L E R K
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGRE d November 6, 2003, present owner and holder
of the Mortgage and Note first hereinafter described and hereinafter referred to as G~ ~I~[t~(,~ga~e,,{ G N [ [~
COrporation Y~- -- .
1
WI. TNESSETH:
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 211000.00 dated 7/17/2007 in favor of GMAC Mortgage Corporation,
which Mortgage was recorded as Recording Book No..X~ and Page No. }~-X~K .
494PR g00 828
WHEREAS, Owner has executed, or is about to execute, a Mortgage and Note in the sum of
$168,000.00 dated 1 1 / 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¢'~cdorded in BOok 5/42PR, 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 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 nmde 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~ 26, 2003 in Book 542PR on ,n~,~..587 of the records of the
Cd~i,~lerk to corr'ect the recordli:.;!?!!~!ii!i: ~ormationi:;: of the mortgage' be~'~L2~:~ordlnated.
588
WITNESSED BY
~TI ,NAB OURlxlE
By:/y
MIRIAM COLON
By:
~ T~A BO~
COMMONWEALTH OF PENNSYLVANIA
ORTGAGE CORPORATION
/
Title: Limited Signing Officer
Attest: ~
(Sean Flanagan X\,,~AB~tlltlltl~lll#lllh
Title: Limited Signing Officer ~,,,"~'r~GE CA"'"',,,
q
COUNTY OF MONTGOMERY
cOn I{/~lO3 ,beforeme_LYNNR. FRAZIER , the undersigned, a Notary Public in and for said
ounty aud 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.
my nd an offic' seal.
~.~(ary I ~oli~ k Y~ 3-
Notarial Seal
' L~n R. Frazier, No.fy Public
Horslmm Twp., Montgomeq/Count)t__
My Commission Expires July 10, 20o~.
Member. Penns~~ia Associalion Of Notades
LEGAL DESCRIPTION
Lot 3 of Rees Subdivision, Lincoln County, Wyoming as described on the official plat thereof,