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HomeMy WebLinkAbout898821RECORDATION REQUESTED BY: First Bank of Idaho fsb First Bank of Idaho fsbl dba First'Bank of the. Tetons 170 E. Broadway P.O. Box 12860 ~ ' ~.', :.':-' ~. Jackson, WY 83002. WHEN RECORDED MAIL TO: First Bank of Idahofsb . ' ... . First Bank of Idaho fsb, dba First Bank of the Tetons 170 E. Broadway P.O. Box 12860 : ' Jackson, WY 83002 .......... SEND TAX NoTicEs TO: ' First Bank of Idaho fsb First Bank of Idaho fsb, dba First Bank of the Tetons 170 E. Broadway P,O. Box 12860 " Jackson, WY 83002 ' ' 898821 RECEIVED "~" LINCOLN COUNTY (~'[.ERK 5O9 [Space Above This Line For Recording Datal NOTICE: THIS SUBORDINATION OF MORTGAGE RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY i~ INST.RUMENT. {~¢ ,/ SUBORDINATION OF MORTGAGE ~/'-~HIs SUBORDINATION OF MORTG. AGE dated Mar,c,h 9, 2004, is made 'and executed among Catheri,,ne {"Borrower"); Stephen JrC/~l/~[l~o~.oren Kapelow {'Mortgagee"); and First Bank of Idaho fsb {"Lender ). J' Crier SUBORDINATED INDEBTEDNESS Mortgagee has extended the following described financial accommodations (the "Subordinated Indebtedness") to Catherine Jr.Crier (,"Mortgagor"): : ':~ . An indebtedness in the original principal'amount of'"$500,000.00 da~ed February 22, 2000. ' SUBORDINATED MORTGAGE. The Subordinated. Indebtedness is secured by a mortgage dated February 22, 2000 from Mortgagor to Mortgagee (the "Subordinated Mortgage") recorded in. Lincoln County State of Wyoming as follows: Recorded February 25, 2000 in the office of the Lincoln County Clerk in Book 442PR on page 80. REAL PROPERTY DESCRIPTION. The Subordinated Mortgage covers the following described real property (the "Real Property") located in Lincoln County, State of Wyom rig: See Exhibit "A", which is attached, to this Subordination and made a part of this Subordination as if fully set forth herein. The Real Property or its address is commo8ly known as Rocking Horse Ranch, Thayne, WY 83~27. REQUESTED FINANCIAL ACCOMMODATIONS. Mortgagee, who may or may not be the same person or entity as Mortgagor, and Borrower each want Lender to provide financial accommodations to Borrower (the "Superior Indebtedness") in the form of (A) new credit or loan advances, (B) an extension of time to pay or Other compromises regarding all or part of Borrower's present indebtedness to Lender, or (C) other benefits to Borrower. Borrower and Mortgagee each represent and acknowledge to Lender that Mortgagee will benefit as a result of these Subordination.financial accommodations from Lender to Borrower, and MortGagee acknowledges receipt of valuable consideration for entering into this /~ LENDER'S LIEN. As a condition to the granting of the requested f nancial accommoda, ons, L]~ende, h,as required that its mortgage or NOWin Book 442PR_Page 70 and modification of same recorded March 29, 2ff0~ ~ook550PR Page 915, Lincoln Co ~y THEREFOR~ THE PARTIES TO THIS SUBORDINATION HEREBY AGREE AS FOLLOWS: SUBORDINATION. The Subordinated Mortgage and the Subordinated Indebtedness secured by the Subordinated Mortgage is and shall be subordinated in all respects to Lender's Lien and the Superior Indebtedness, and it is agreed that Lender's Lien shall be and remain, at all times, prior and superior to the lien of the Subordinated Mortgage. Mortgagee also subordinates to Lender's Lien all other Security Interests in the Real Property held by Mortgagee, whether now existing or hereafter acquired. The words "Security Interest" mean and include without limitation any type of collateral security, whether in the form of a lien, charge, mortgage, deed of trust, assignment, pledge, chattel mortgage, chattel trust, factor's lien, equipment trust, conditio0al sale, trust receipt, lien. or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever, .whether c'reated'by law, contract, or Otherwise. MORTGAGEE'S REPRESENTATIONS AND WARRANTIES. Mortgagee hereby represents and warrants to Lender that Mortgagee has heretofore delivered to Lender a true, correct and complete copy of the Lease, Which constitutes the entire agreement between the parties thereto and Mortgagee further acknoWledges that the Lease is in full force and effect and that no default by Mortgagee or, to Mortgagee's knowledge, by other party under the 'terms and provisions of the Lease exists as of the date hereof. MORTGAGEE WAIVERS. 'Mortgagee waives any right to require Lender: (A) to make, extend, renew, or modify any.loan to Borrower or to grant any other financial accommodations to Borrower whatsoever; (B) 'to make any presentment, protest, demand, or notice of any kind, including notice of any nonpayment of any Superior Indebtedness secured by Lender's Lien, or nonce of any action or nonaction on the part of Borrower, Lender, any surety, endorser, or other guarantor in connection with the Superior Indebtedness, or in c'onnection with the creation of new or additional indebtedness'; (C) to resort for payment or to proceed directly or at once against any person, including BorroWer; (D) proceed directly against or exhaust any collateral held by Lender from Borrower, any other guarantor, or any other person; (E) to give noticeof to the terms, time, and place of any public or private sale of personal property security held by Lender from Borrower or to comply with any other applicable provisions of the Uniform Commetcial Code; (F) to pursue any other remedy within Lender's power; or (G} to commit any act or omission of any kind, at any time, with respect to any matter whatsoever. LENDER'S RIGHTS. Lender may take or omit any and all actions with respect to Lender's Lien without affecting whatsoever any of Lender's rights under this Subordination. In particular, without limitation, Lender may, without notice of any kind to Mortgagee, (A) make one or more additional secured or unsecured loans to Borrower; (B) repeatedly alter, compromise, renew, extend, accelerate, or Orherwise ~hanGe the for payment or other terms of the Superior Indebtedness or any part of it, includin~ increases and decreases of the rate of interest on the Super or Indebtedness; extensions may be repeated and may be for longer than the original loan term; (C) take and hold collateral for the payment of the Superior Indebtedness, and exchange, enforce, waive, and release any such collateral, with or without the substitution of new collateral; (D) release, substitute, agree not to' sue, or deb with any one or more of Borrower's sureties, endorsers, or guarantors on any terms or manner Lender chooses; {E) determine how, when and what application of payments and cred(s,, shall be made or~. ~he Superior Indebtedness; (F) apply such security and direct the order or manner of sale of the security, as Lender in its discretion may determine; and (G) transfer this Subordination to another party. ' DEFAULT BY BORROWER. If Borrower becomes insolvent or bankrupt, this Subordination shall remain in full force and effect. Any default by Borrower under the terms of the Subordinated Indebtedness also shall Constitute an event of default under the terms of the Superior Indebtedness in favor of Lender. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are. a part of this Subordination: Amendments. 'What is written in this Subordination is Mortgagee's entire agreement with I~ender concerning the matters covered by this Subordination. To be effective, any change or amendment to this Subordination must be in writing and must be signed by whoever will be bound or obligated by the change or amendment. Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Subordination, Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the prbtection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall Loan No: 190014613 SUBORDINATION OF MORTGAGE (Continued) 0: 988;4 5.t 0 Page bear interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there il a lawsuit, including reasonable attorneys' fees and expenses for bankruptcy proceedings (includi'ng~effor'ts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services; the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees and title insurance, to the extent permitted by applicable law. Mortgagee also will pay any court costs, in addition to all other sums provided by law. Authority. The person who signs this Subordination as or on behalf of Mortgagee represents and warrants that he or she has authority to execute this Subordination and to subordinate the Subordinated Indebtedness and the Mortgagee's security interests in Mortgagee's property, if any. Caption Headings. Caption headings in this Subordination are for convenience purposes only and are not to be used to interpret or define the provisions of this Subordination. Governing Law. This Subordinatio~_~will be governed,by ahd interpreted in accordance with federal law and the laws of the State of Wyoming. This Subordination has been accepted by Lender in the State of Wyoming. Successors, This Subordination shall extend to and bind the respective heirs, person'al representatives, successors and assigns of ;~he parties to this Subordination, and the covenants of Mortgagee herein in favor of Lender shall extend to, include, and be enforceable by any transferee or endorsee to whom Lender may transfer any or all of the Superior Indebtedness. No Waiver by Lender. Mortgagee understands Lender will not give up any of Lender's rights under this Subordination unless Lender does so in writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree in writing to give up one of Lender's rights, that does not mean Mortgagee will not have to comply with the other provisions of this Subordination, Mortgagee also understands that if Lender does consent to a request, that does not mean that Mortgagee will not have to get Lender's consent again if the situation happens again. Mortgagee further understands that just because Lender consents to one or more of Mortgagee's reques'~s, that does not mean Lender will be required to consent to any of Mortgagee's future requests. Mortgagee waives presentment, demand for payment, protest, and notice of dishonor. Mortgagee waives all rights of exemption from execution or similar law in the Property, and Mortgagee agrees that the rights of Lender in the Property under this Subordination are prior to Mortgagee's rights while this Subordination remains in effect. 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 THE LAND. EACH PARTY TO THIS SUBORDINATION ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS SUBORDINATION, AND EACH PARTY AGREES TO ITS TERMS. THIS SUBORDINATION IS DATED MARCH 9, 2004. Catherine J. Crier MORTGAGEE: X Loren~ Authorized Officer STATE OF ~/(~(/U To(LV), ~(~[ ' INDIVIDUAL ACKNOWLEDGMENT ) I SS ) On this day before me, the undersigned Notary Public personally appeared Catherine J. Crier, to me known to be the individual described in and who executed the Subordination of Mortgage, and acknowledged that he or she signed the Subordination as his or her free and voluntary act and deed, for the uses and purposes therei~ mentioned. Given under my hand and official seal this / ~ day of Notaty Public i, ,nd for the State of ~ ~ {O*~ ~-~ , Mycommisslonexpites Loan No. 190014613 Page 3 - 51]. INDIVIDUAL ACKNOWLEDGEMENT STATE OF WYOMiNG COUNTY OF TETON SS. On this day before me the undersigned Notary Public, personally appeared Stephen Kapelow and Loren Kapelow, to me kmown to be the individual described in and who executed the Subordination of Mortgage, and acknowledged that they signed the Subordination as their own free and voluntary act and deed, for the uses and purPosed therein mentioned. Givep,...g.nd~r my hand and official seal this//,~ ~ay of March, 2004 Notary Public in and for the State of//Wyoming My commission expires: LEND ER ACKNOWLEDGEMENT STATE OF WYOMiNG COUNTY OF TETON SS. On this 18th day of MarC'lS, 2004, before me the undersigned Notary Public, personally appeared Patricia Ann McDonald and known to me to be the Assistant Vice President authorized agent for the lender that executed the within and foregoing instrument and acknowledged said instrument to be the free and voluntary act and deed of said lender, duly authorized by the Lender through its board of directors or otherwise, for the uses and purposes therein mentioned and on oath stated that she is authorized to execute this instrument. Notary Public for State of Wyoming My Commission Expires;; ~/~ - 00-- 512 EXHIBIT A T30N Rll9W of the 6th P.M., Lincoln County, WyominG Section 2: S~NW~, SW*~NE~, W~SE~, SW~, Lots 3 and 4; Section 3: E~SE~; W~SE~; Section 11: NW~NE~.