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Home My WebLink About898853\) REOF_IVED LINCOLN COUNTY OLERK 898853 ~OOff DOC ID SUBORDINATION AGREEM]ZNT #: 0006204907804004 TfflS SUBORDINATION AGRERM;BRqT is made th~ 22ND 2004 ,by UT~d=I ~ &LIGHT I~MI~LOYEE'S FCU day of APRIL ("Subordinated Lienholdcr"), with a place of bu.&incss at 1407 WEST NORTH TEMPLE SALT LAKE CITY, UT 84116 W;ffEPd:.AS. T. W%YN]B ¢ LISA executed and delivered [o Subordinated Lienholder, a Deexi of Trust/Mortgage (the "First Security Instrument") in the sum of. 18 ~ ,9¢Q. · 00 dated 021/_LO'Q3 , and recorded n_ ~./~ 4/03 in Book Volume 458PR , Page 750 , az sccufit7 for a loan (the "Itu. st Loan'), which F~'~[ S~curity Instrument is a valid and existing lien on thc r~al property described on Exhibit "A" attached hereto. WHE1ZEAS, T. WAXqqE & LISA M STI~ ("Borrower") executed and delivered to COLLIDE HO~ L&zLNS :LNC. ("~nder"), a ~ Of ~s~mo~ge in ~e ~m of 85,311. ~- f ' . , winch ~ o ~mongago is inmnd~ to ~ receded hemwi~ or is mco~d in Boo~ ~ Volm~ ~~e 61 ~ , ~ ~s~mcnt No. , in ~c rc~Ma of L~ C0~, Sram of ~ (~e "Second Se~ty ~ent") ~ ~ee~U for a loan (mc 'Se~ L~."); VCI~AS, it is a condition prece~nl to obtaining the Second Loan thai the lien of thc Second Loan stroll unconditionally be and r~'naln at all times a lien or charge upon the land hereinbefore demribcd, prior and supecior to the lien of the First Loan; and WI-iFAZEAS. Lender is willing to make said loan provided the lien securing the Second Lo~n is a lien or chacge upon ~e do~fi~d pw~ prior ~d ~pcfior to ~c ~en of ~o P~t LO~ ~d pw~ded ~at Su~fing ~der w~ sp~ifi~ly ~d un~n~fi~y ~Mina~ ~c li~ of ~e ~t L~ m ~e S~ood Lo~; ~d WlqEREA$, it is to thc mutual b~nefit of the parties hereto that L~nder make such a loan to Borrower; .and Subordinating Lenck:r is willing that the li~n securing the Second Loan ~all, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the li~n securing the Va-st Loan. · Subor~lnallon Agreerno~li ID742,XX [IP-/01) Page 2 of 4 s.mnH .p !/~,( J 3 UnO3-LUO ,I .f DOC ID #: 0006204907804004 NOW, THER.I~OILE, in c~nsideration of thc mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which ¢on~deration is hereby aclmowledlled, and in order to induce Lender to make the loan above referred [o, it is hereby declared, understood and agreed as follows: (1) That the Second Security hagtrument, 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 F~t Security Insmmaent. (2) That Lender would not make the Second Loan without {his subordination agreement (3) Thai this agreement shall be the whole and only agreement with regagd to the subordination of the First Security Instrument to the Second Security Insceument and shall supersede and cancel, but only insofar aa would affect tho priority between the .security instruments hereinbefore specifically described, any prior agreements as to such .subordination in¢lucling, hut not limited to, those provisions. if any. eontain~ in the First Security Lastmment above mentioned, which provide for the subordination of the lien to another security instrument, deed of trust or mortgage. Subordinating Lender declares, agrees and acloaowledge~ that (a) I£ consents 1o and approves 6) all provisions of the nota and Second Security Instrument in favor of Lender above rife'red to. and (ii) all agreements, including but not limited to any loan or escrow agreements, between Borrower and Lenaer for the disburgement of the proceeds of the Second Loan: Co) Lender making disbursements pursuant to any ouch agreement is under no obligation or duty to, nor has Lender represented that it will. see to the application of such proce¢(l.~ by the person or persons to whom Lender disbunes such proceeds md any application or u~e of such proceeds for purposes other than those provided for in such a~-eement or agreements shall not defeat the subordination herein made in whole oc in pan; and (e) It intentionally and unconditionally waives, relinquishes and subordinate~ the }jen of the First Seetcrity Instrument in favor of the lien or charge upon said land of the Second SecurityInstmment and ander.etands that in reliance upon. and in consideration of, this waiver, relinquish and subordinat~ specific loans and advances are being and will be made and. as part and pared thereof, specific monetary and other obltgalion~ 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. · Sub~eu~n Agreement 1074Z-XX (12/01) Page a o~ 4 In~3 . ':';?'; 08. 8853 625 DOC ID 9:0006204907804004 NOTICE: Tills SUBORDINATION AGI~h-~-MENT CONTAINS A PROVISION WHICH Af,f.OWS TH~ PEI~ON OBLIGATED ON YOUR RRAL PROPERTY SECURITY TO OBT,~IN A LOAN A PORTION OF VCH/C[-I MAY BB EXI~F-.ND]~D FOR OTHRR PURPOSF_.S ~ IMI~RO~ O1~ TH~ LAND. [NOTARY S~-AL AND · Subordination Agreement 1 D74z-XX (12/01) pege 4 of 4 " ii; . '":' >'> q;:: STATE OF UTAH i) 626 COUN~ O~ SAg~ L~g) On this 22nd of April, 2004, before me personally appeared Ryan Pollick to me personally known, who, being by me duly sworn, did say that he is the "ft c~. ,Or-~,s't~'e_r~p of Utah Power & Light Employees' Federal' Ch'edit Union and that said instrument was signed and scaled on behalf of said corporation by au~ority of its Board of Directors' and Said ,,.. . h.-e. _ acknowledged said instrument to be the free act and deed of said corpor~tion~ Given under my hand and notarial seal thir 22nd daY of April, 2004.' My Commission Expires: November 15, 2007 Notary Public [ (~...~ oANETTE FOX 1407 Wa~t NoAh T. mple, #120 Salt ~ke City, Utah ~116 My Com~sS~ Ex~ N~em~r t 5, 2~7 State of Utah 627 EXHIBIT A Lot 3 of Block 2 of Lincoln Heights 5th Addition, First Filing to the City of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof.