HomeMy WebLinkAbout904847SU BORDINATIOI'I AGREEMI:flT
NOTICE: THIS SUBORDINATION. AGREEMENT (F_SULTS IN YOUR SECURITY
INTEREST IN THE PROPERTY BECOMIII¢; SUBJECT TO AND OF
LOWER PRIORITY THAN THE LIEN OF 5OME OTItER OR LATER
SECURITY INSTRUMENT.
TI'IlS AGREEMENT, made this ~ ¢"---' day o[ t~ovember, 2004
by BART MYERS AND RITA [.IYi.],tS,
Husband and Wife
owner of tile land hereinafter described and hc'r,;i,n~fter rererred to as "Owner,"
and
FIRST INTERSTATE BANK
i)resent owner and holder of the mortgage and ~,,t~ first hereinafter described
and hereinafter referred to as "Mortgagee;"
WITNESSETH
THAT WHEREAS. BART MYERS AND RITA MYERS. tlusband and Wife
did execute a mortgage dated December 30, 2003 , to
FIRST INTERSTATE BALK
as mortgagee, covering '.
Part of Section 23, T34N Rl19W of the 6ti. r.H., Lincoln County, Wyoming
being more particularly described as
Beginning at a point on the E~ Section lln~, 58 rods west from the Northeast
corner of the SE~ of said Section 23 and running thence West 8 rods;
thence South 16' rods;
thence East 8 rods;
thence North 16 rods to the point of begimiing.
to secure a note In the sum of $ 40,000.00 . ch~ted December 30, 200:]
in favor of FIRST INTERSTATE BANK ~
which mOl-tgage was recorded January 13, 2004 , Il% bookQ~ ,
page 3 , Official P, ecords of said cou ~t),; and
WHEREAS, Owner has executed or is about to ,~×e£Llte. a mortgage and note
In tile sum of $ 117.,450.00 ' , dated November 16, 2004 , In
favor of AMERIQUEST MORTGAGE COMPANY
berelnafter referred to as "Lender," payable will, interest and upon the terms
and conclitlons described therein, which mortgatjt? is to be recorded concurrently
herewith; and
WHEREAS, it is a condition precedent to obtah,h,g said loan that said mortgage
last above mentioned shall unconditionally be ;n~d rumaln at all times a Lien or
charge upon the land hereinbefore descrlbe¢l, i,r~m' ~uld superior to the lien
or charge of the mortgage first above mentione~l; and
WHEREAS, Lender is willing to make said loan ,~ruvlcled the mortgage securing
the same is a lien o,- charge upon the above de~;,trlbed property prior and
superior to the lien or charge of the mortgage [trst above mentioned and
provided that Mortgagee will spec!flcally and uncundltlonally subordinate the
lien or charge of the mortgage first above mentio,,ed to the lien or charge of
the mortgage in favor of Lender; and
RECEIVED 11/29/2004 at 3:45 PM
RECEIVING # 904847
BOOK: 573 PAGE: 559
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, VVY
Subordination Agreement -
Page 2
WI-IEI~,~AS, it is to tile mutual benefit of Lbo parti,_,g i~uFeto that' Lender
make ~iach loan to Owner; and Mortgagee is willi~Li that tl~e mortgage
securing the same shall, when recorded,.constitutu a liu~ or charge upon
said land which Is uncondiHonally prior and S~l~.Fh.' ~o the lien dr charge
of th~ mortgage firs~ above mentiot~ed.
'NOW. THEREFORE. in consideration of the mutu;,I b,.,~,rlts accruing to the
partle~ hereto and other valuable conslderatio~, tl~u Fuc,~ipt and sufficiency
of which consideration is hereby acknowledged, a~d i~i order Io Induce
Lender to make the loan above referred to. it Is I~.Fuby declared, understood
and aBreed as follows;
(I) That said mortgage securing said nolo i,~ l~vor of Lender, and
any renewals or extensions thereof, shal u~conclitionally be and
remain al all times a lien or charge on tl~ I,FOpel'ty therein
described, prior and superior to the liu~ .F cl~aFge of the
mortgage first above mentioned.
That Lender would not make its loan ah~..,u described without this
subordination agreement.
[3)' Thai lhls agreement shall be lhe whole ,.HI only agreement wllh
regard tO the subordination of Ihe lien uF cl~aFge of the mortgage
first above menHoned to the lien or chaFg~ of Ihe morlgaga In
favor of Lender above referred [o and sl~;dl supersede and cancel.
but only insofar as would affec~ the i]rt.~lIy be[ween tho mortgages
hereinbefore specifically described, a~N, I.'ior agreement as ~o such
subordlnaHon Including, bul no[ lind[ed [~, H~ose provisions, If an~,
contained In the mortgage flrsl above, m~.,tionecl.' wl~lch provide for
lhe subordination of the lien or charge, tl..'e~ff ~o anolher morlgage
or mortgages.
Mortgagee declares, agrees'and acknowledges th.t
(a) He consenls to and approves (I) all i~r~,visi~.~s of the note and
mortgage.in Favor of Lender above referrud lo. and [11) all
agreements, including, but not limited t., any loan or escrow
agreements, between Owner and Lender f~r the disbursement of
the proceeds of Lender's loan;
Ih) Lender in maldng disbursements pursua~l to any such agreement
Is under no obligation or duty to, nor I~as I.ellder represented
lhat il will. see to lhe application of sucl~ pr,~ceeds by the perso~
or persons~o whom Lender disburses Stlcl~ i)Foceeds and any
application or use of such proceeds for IHU'l~OSes olher lhan
those provided for In such agreement of a[jFeelnelltS shall
not defeat the subordination l]ereln mad. 1~ whole or in peri;
(c] He Intentionally and unconditionally walw.;, relinquishes and
subordinates ~l~e lien or charge of the ,~rtgage first above
mentioned in favor of lhe lien or charg,~ tll~Ol~ said land of the
mortgage in favor of Lender above referred to and understands
thai in reliance upon. and In consldel'atl~.~ ~[. this waiver.
relinquishment and subordination specific: h~ans and advances
are being and will be made and. as par[ ;.,d parcel thereof.
specific monetary and other obligations ar~ being and will be
entered Into whlch would not be made uF ~.~tered into but for
said reliance upon this waiver, relinq~dsl..ent and subordlnatlon;
and
An endorsement has been placed upol~ tl~u ii(~te secured by tile
mortgage first above mentioned that said moFtgage has by this
Instrument been subordinated to the i.~ uF charge of the
mortgage In favor of Lender above rel~.'F.d to.
Subordination Agreement -
Page 3
NOTICE: TI-IlS SUBORDINATION AGREEMENT C:OIITAINS A PROVISION
WHICH ALLOWS THE PERSON OBLIGATKI) ON YOUR REAL
PROPERTY SECURITY TO OBi'AIN A t_()Af,l A PORTION OF
WHICH MAY BE EXPENDED FOR OTI-II_R I'UItI'OSES TI4AN
IMPROVEMENT OF THE LAND.
Mortgagee
BART HYERfi
STATE OF WYOMING
COUNTY OF TETON
SS
The forpgolng Instrument was acknowledged before ,,m by
il}is J,z · day or NOVEMBER 2004
Witness my hand and official seal.
/ Notary t'ub~ ic
My Commlsslon Exph'es: ~T~NER~OT~YPUBU6 -
J County of ~ .~tate pi
~ T~ ~ wyoming
SS
STATE OF WYOMING
couNTY
The foregoing Instrument was acknowledged befm'e Ine by
BAI~T MYERS AND RITA MYERS
this~[ day or November 2004
Witness ,ny hand and~offlclal seal.
My Commission Exph'es:
Nj:d:a r iY Pub] lc/