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RECEIVED
LINCOLN COUNTY CLERK
01~ ¢IPR -6 PH 3:53
,J E A N N E W A G N E R
BOOK
SUBORDINATION AGREEMENT
WHEN RECORDED MAIL TO: SPACE ABOVE FOR RECORDERS USE
MSN SV-79/DOCUMENT CONTROL DEPT.
P.O. BOX 10266
VAN NLIyS CALIFORNIA 91410-0266
LOAN#: 21451248
ESCROW/CLOSING#:
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.
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT is made this Eighth day of March, 2004, by Countrywide
Home Loans, Inc. ("Subordinated Lienholder"), with a place of business at 4500 PARK GRANADA,
CALABASAS, CA 91302-1613.
WHEREAS, GAYNELL M MUNDS and CHRISTOPER H P. MUNDS executed and
delivered to Subordinated Lienholder, a Deed of Trust/Mortgage (the "Existing and Continuing Security
Instrument") in the sum of $25,000.00 dated 02/21/2003 , and recorded in Book Volume 513PR, Page_597, as
Instrument No. n/a, in the records of LINCOLN County, State of WY, as security for a loan (the "Existing and
Continuing Loan"), which Existing and Continuing Security Instrument is a valid and existing lien on the real
property located at 608 Alford Way, Thayne, WY 83127 and further described on Exhibit "A,' attached.
WHEREAS, GAYNELL M. MUNDS and CHRISTOPER H. P. MUNDS ("Borrower") executed and
delivered to Megastar Financial Corporation, ISAOA, ("Lender"), a deed of trust/mortgage in the sum of
$147,000.00, which deed of trust/mortgage (the "New Security Instrument") is intended to be recorded
herewith in the records of LINCOLN Countyl State of WY as security for a loan (the "New Loan"); '
WHEREAS, it is a Condition precedent to obtaining the New Loan that the lien of the New Loan shall
unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and
superior to the lien of the Existing and Continuing Loan; and
Vv~-IEREAS, Lender is willing to make said loan provided the lien securing the New Loan is a lien or
charge upon the described property prior and superior to the lien of the Existing and Continuing Loan and
provided that Subordinating Lender will specifically and unconditionally subordinate the lien of the Existing and
Continuing Loan to the lien of the New Loan; and
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such a loan to Borrower; and
Subordinating Lender is willing that the lien securing the New Loan shall, when recorded, constitute a lien or
charge upon said land which is unconditionally prior and superior to the lien securing the Existing and Continuing
Loan.
NOW, THEREFORE, in consideration of the mutual 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 as follows:
(I)' That the New Security Instrument, 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 Existing
and Continuing Security Instrument.
(2) That Lender would not make the New Loan'without this subordination agreement.
(3) That this agreement shall be the whole and only. agreement with regard to the subordination of
the Existing and Continuing Security Instrument to the New Security Instrument and shall supersede and
cancel, but only insofar as would affect the priority between the security instruments hereinbefore
specifically described, any prior agreements as to such subordination including, but not limited to, those
provisions, if any, contained in the Existing and Continuing Security Instrument above mentioned, which
provide for the subordination °fthe lien to another security instrument, deed of trust or mortgage.
Subordinating Lender declares, agrees and acknowledges that
(a) It consents to and approves (i) all provision of the note and New Security Instrument in favor of
Lender above referred to, and (ii) all agreements, including but not limited to any loan or escrow
agreementsl between Borrower and Lender for the disbursement of the proceeds of the New Loan;
(b) Lender 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; and
(c) It intentionally and unconditionally waives, relinquishes and subordinates the lien of the Existing and
Continuing Security Instrument in favor of the lien or charge upon said land of the New Security
Instrument and understands that in reliance upon, and in consideration of, this waiver, relinquish and
subordinate 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.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOW 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 THE LAND.
Abraham Bartamian, Assistant Secretary
EXHIBIT "A"
?09
Lot 7 of the Lost Creek Ranchettes Subdivision as shown by the Official
Plat thereof filed April 5, 1972 as Filing No. 437793 in the office of
the Clerk of Lincoln County, WYoming.
CERTIFICATE OF ACKNOWLEDGMEN~}S~j3~_ O
STATE OF .CALIFORNIA
COUNTY OF VENTURA
On this day of ,/~.d~ ~'~k~' , 2004, before me, J. Leonard, Notary Public,
personally appeared Abraham Bartamian, personally known to me to be the person(s) whose
name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s)
on the instrument the person(s), or entity upon behalf of which the person(s) acted, executed the
instrument.
WITNESS my hand and official seal.
Notary Public - Commission No. 1343593
Commission ExPires: Feb 17, 2006