HomeMy WebLinkAbout898136WHEN RECORDED MAIL TO
Wells Fargo Bank, N. A.
Attn: Doc. Management MAC B6955-011
PO Box 31557
Billings, MT 59107-1557
89
LoanNo. 654-654-9726489-1998 BP SUBO
RECEIVED
LIN00L ",! Cr)tl .!T't' CLERK
06O
DINATION'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 March 17, 2004 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 M & T MORTGAGE CORPORATION, it's successors and/or assigns
(hereinafter referred to as '!Lender'");
WITNESSETH
THAT WHEREAS, Hudson L. England And Carol England, Husband And Wife, As Tenants By The
Entireties (hereinafter referred to as "Owner") did execute a Mortgage, dated September 18, 2003 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: 311924300522.00 & .01
To secure a note in the sum of $30,000.00, dated September 18, 2003, in favor of Wells Fargo Bank, N.
A., which Mortgage was recorded November 19, 2003, as DOCUMENT NO. 895391, BOOK 5.4. 2.~.~__AGE
01_~7, Official Records of Lincoln County. Through subsequent agreements with the Owner, edher
recorded or unrecorded, the current borrowing limit for said note has been amended to $30,000.00, 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 $259,300.00, dated
Hatch 23 i 2004, 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 is a 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 Mortgage 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
Page I of 3
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 ~s unconditionally prior and superior to the lien or charge
of the Mortgage first above mentioned.
NOW, THEREFORE, in consideration of the mutua benefits accruing to the parties 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
modgage or modgages.
Mortgagee 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 persons 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 Modgage 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 REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION
OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF LAND,
Page
STATE OF: OREGON ) SS
COUNTY OF: WASHINGTON )
MORTGAGEE:
BY:
WELLS FARGO BANK, N.A.
Dobby Wirstlin/Operations Maria§er
On March 17, 2004 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/her/their authorized capacity(les), and that
by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
~ WITNESS my hand/~:~d-of~al seaL_
Notlary ~u~l~ ~n"~d f~sa~d ~ ~~
NOTARY STAMP OR SEAL
Page 3 of 3
FOR
HUDSON L. ENGLA~D AND CAROL £NGLARD
TRACT ~-2
To-wit: --
That parr of the SW~iSW~ of Section 24, T31N0 RllgW., Lincoln
County, Wyoming, described as follows:
BEOINNINQ at a point N2]o-58'-00"E.923.75 feet from the
;ouchwesc corner of said section ~4, found as described in the
Corner Record filed in said office;
thence GGlo-42,-22"E, 208.72 feet to a point;
thence N2;o-17,-2;"E, 417.42 feet to a point:
thence N63o-42'-22"W, 208.72 feet to a point;
thence S260-17'-2G,,W, 417.42 feet to the POINT OF'BEGINNING:
TOGETHER with the right of ~ngress and egress and pukl[c
utilities over and across a strip of land thirty feet in width.
with thu centerlin¢ described as follows;
BEGINNING at a spike S26'-17' -2~'~, ~3~.77 feet, from
easterly corner of =he above de~cr£bed
thence SBge-4¢'-O3"E, 63.79 £eet, to the beginning of a
circular curve to the right;
thence southeasterly, along said circular curve, 93.26 feet,
through a central angle of 56"-1¢'-4¢, with a radius o~ 95.08
[eeC;
thence S33°-29'-19#E, 143.45 ~eet, to ch'e beginning of a
circular curve to the left;
thence easterly, along said circular curve, 137.~1 feet,
through a central angle of ;80-33'-43" with a radius of 115.0~
feet;
thence N77"-S~'-SB"E, ~0.15 fee:, to the beginning of a
circular curve to the left;
thence northeasterly, along said circular curve, 7~.60 feet,
through a central angle of 29"-15'-17' with a radius of 150.00
feet;
thence N48"-41'-31"E, 80.10 feet, to the beginning of a
circular cur~e ~o the right;
thence northeasterly, along said circular curve, 40.72 feet,
through a central angle of 30'-15!'-06' with a radius of 77.12
feet. tn the westerly right-of-way line of Lancaster Lane
County Road Ho. ]2-147j
"lAodJlicalion in any way of Ihe Imesmn~ delcftp.on le;mlnates liabihiy ol Ibc t.rve¥of"
DESCRIPTION FOR
HUDSON L. ENGLAND ARD CAROL E~LAh'D
TRACT
PAGE T~O
the northerly and sau:herly right-ol-way lines of the above.
described easement &o ba shortened or lengthened ae necessary
Co meet the westerly right-ol-way line of said Lancaster Lane
County Road No. 12-147 and the southeasterly boundary line
the above described acre tract; ·
SUBJE~ to eaaementa of algh: and o~ record;
the BASE BEARING for Chis su~ey is the notch line.of :he WliSH~'
of said Secclon 2~, being
each "point" ~rked by a 5/B" x 24" a:eel reinforcing rod with
a 2" aluminum cap inscribed "SUR~¥OR SCHERBEL LTD
PLS 53~8,, wl~h appropriate de~aila;
each "spike" marked by a 3/8" x 12' steel spike referenced
~wo (2~ 5/8" x 24" a:eel reinforcing rode with 2" aluminum cap
inscribed "SURVEYC,R SCIiERBgL LTD BIG PIUEY WY
appropriace de:ails!
all ill accordance with the plat prepared :o be filed in che
Office of the Clerk of Lincoln County tlcled "PLAT ~ ACCOI4~IY
PARCEL DIUISION APPLICATION FOR HUDSON L. ENGI.AND ~ND CAROL
£UGLAND WI~IN THE WHSW~ S£~ION 2i TilN RllPW LINCOLN
HYOMIN~",