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HomeMy WebLinkAbout898558NOTICE: TI~S S~ORD~AT1ON AGREEMENT RESULTS IN YOUR SEC~ITY INTEREST IN THE PROPERTY BECOMING SUB~CT TO AND OF LOWER PR1ORIT~ }~4~e~l~J ~ SOME OTHER OR LATER INSTRUMENT. K::.MMERgFI. ~5;5'0O~NG THIS AGREEMENT, made ttfis 9th day of April , 2004 , by the WYOMING COMMUNITY DEVELOPMENT AUTHORITY the present owner and holder of the Mortgage and Note first hereinafter described and hereinafter referred to as "Mortgagee" and the WYOMING COMMUNITY DEVELOPMENT AUTHORITY , the present owner and holder ofthe Mortgage and Note second hereinafter described and hereinafter referred to as "Lender"; WITNESSETH That Whereas, Jeff Stoker and Christina Stoker, husban and wife , hereinafter described as "Owner", did execute a Mortgage dated August 30 ,20 02 , to the Wyoming Conununity Development Authority, covering: See Schedule "C" attached hereto and made a part hereof to secure a note in the sum of $ 4,300.00 , dated August 30 ,20 02 , in favor of Major Mortgage, recorded September 3, ,20 02 in Book 4~.~ , at Page 250, and assigned to Wyoming Community Development Authority by Assignment of Mortgage recorded September 10, in Book 2003, in Book 512, Page 279; of Official Records of Lincoln County; and, Whereas, the mortgagors have executed a Mortgage and Note in the sum of $ 89,203.00, Dated August 30 ,2002 , in favor of Major Mortgage , recorded September 11, 2002, in Book 498 , Page 759, and assigned to Wyoming Commtmity Development Authority by Assignment of Mortgage recorded February 10, in Book 2003, in Book 512, Page 277, of Official Records of Lincoln County, hereinafter referred to as "Lender", payable with interest and upon the terms and conditions described therein; and WHEREAS, it is a condition precedent to obtaining the loan that the 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 the mortgage first above mentioned; and WHEREAS, Lender is willing to make the loan, provided the mortgage 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 Mortgage in favor of Lender; and WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Mortgagee is willing that the Mortgage securing the same shall, when recorded, constitute a lien or charge upon the land which is unconditionally prior and superior to the lien or charges of the 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 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: (1) That the Mortgage securing the 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 his/her agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the mortgage above mentioned to the lien or charge of the Mortgage in favor of Lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the mortgages hereinbefore specifically described, any prior agreement 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 Mortgage or Mortgages. Mortgagee declares, agrees and acknowledges that: (a) Lender is making disbursement pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will see the application of such proceeds by the person and 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; (b) He/she intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the Mortgage first above mentioned in favor of the lien or charge upon the land of the Mortgage in (c) '48? favor of Lender above refen'ed to and understands that in reliance upon and in consideration of, this waiver, relh~quishment and subordination specific loans and advances are being and will be made and, as pan and parcel thereof, specific monetary and other obligations are being and will be entered into which would be made or entered into but for the reliance upon this waiver, relinquishment and subordination; and An endorsement has been placed upon the note secured by the mortgage first above mentioned that the mortgage has by this instrument been subordinated to the lien or charge of the mortgage 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 WHICtt MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. MORTGAGEE WYOMING COMMUNITY DEVELOPMENT AUTHORITY STATE OF WYOMING ) ) COUNTY OF NATRONA ) On this 9th day of April ,2004, before me personally appeared George D. Axlund to me personally known, who, being by me duly sworn, did say that he is the Executive Director of WYOMING COMMUNITY DEVELOPMENT AUTHORITY and that the seal affixed to the instrument is the corporate seal of said corporation, and that said instrument was signed and sealed on behalf of said cmporation by authority of its Board of Directors and said Executive Director acknowledged said instrument to be the free act and deed of said corporation. Given under my hand and notary semi this (/.,~ day of ~,~2/t~., ~, A.D. 2004 NOTARY (P~BLIC SCHEDULE C That part of Lot 2 of Block 17 of the Original Townsite of Afton, Lincoln County, Wyoming, being part of that trace of record in the Office of the Clerk of Lincoln County in Book 426PR on page 294, described as follows: Beginning at the northeast point of said tract, N 88°14'10'' W, 10.00 feet, from the northeast point of said Lot 2; thence N 88°14'10" W, 96.35 feet, along said north line, to a point; thence S 01°48'190" W, 107.66 feet, along an existing fence line, in part, to a point; thence S 03028'07" W, 57.36 feet, along said fence line, to a point on the south line of said tract; thence S 88°14'10" E, 98.13 feet, along said south line, to the southeast point of said tract; thence N 01046'02" E, 165.00 feet, along the ease line of said tract, to the Point of Beginning.