HomeMy WebLinkAbout906148 NI::UI:IVED 1/28/2005 at 2:21 PM
R EC E,V,NC, 5! iiji S 4S
BOOK: 578 PAGE: 51
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
A
SUBORDINATION ~REEMENT
NOTICE: THIS SUBORDINATION A~REEMENT RESULTS IN YOUR ~ECURITY
I~TEREST IN THE PROPERTY ~ECO~IN~ SUBJECT TO AND OF LOWER
PRIORITY THAN THE LIEN OF SOME OTHER OR LATE~ SECURITY
INSTRUMENT.
T~IS AGREEMENT, made t~is ~-- day of
owner of the land hereinafter described and hereinafter referred to
as "Owner," and
present owner and holder of the mortgage and note first hereinafter
described and hereinafter referred to as "Mortgagee;"
WITNE~SETH
did e~ecute a mor.~gage dated
as mortgagee, covering: ~
to secure a note in, the su
in fauor of h~co[~-
which mortg.age was recorded
Page ]3~ , Official Reco
WREREAS, Owner has
note in the ~um of $
favor of
hereinaf, ter referred to a;
the terms and conditions
)o, ooo
of said county; and
?
or is about to execute, a mortgage and
~ , dated [{~ {- ~00 '{ , in
"Lendez "payable with interest and upon
therein, which mortgage is ~e
'-~ recorded in BOok 476PR on paEe 514; and
, dated ~-Ct3- ~o°
, in Book qlq~£
W~ERF~,.'S, it is a cond on precedent to obtaining said loan that
said .Nortgage last abc e mentioned shall unconditionally be and
remain/ at all times a .ien or charge upon the land hereinbefore
described, prior and su erior to the lien or charge of the mortgage
first above mentioned; and
W~ERF~.S, Lender is willing to make said loan provided the mortgage
securing the same is a lien or charge upon the above described
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~':::':~i,,9~ty prior and superior ~o ~e lien
'~irs~ above ~en~ioned and provided th~ Kor~9a9ee
and uncondi onaZly subordinate lien or c arge of aor gage
iirs~ above nen~ioned ~o ~he lien or ~ar9e oi the mortgage ~n
iavor of Lender; and
W~EREAS, 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 said land which is unconditionally prior and
superior to the lien or charge 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 said mortgage securing said'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 described, prior and
superior to the lien or e of the mortgage first
above mentioned.
That Lender would not its loan above described
without this subordinat )n agreement.
That this agreement sh~ be the whole and only agreement
with regard to the sub~ of the lien or ckarge of
the mortgage first ab~ ~e mentioned to the lien or charge
of the mortgage in fa
shall supersede and
affect the priority
specifically desc!
subordination in¢]
provisions, if any,
of Lender above referred to and
:ancel, but only insofar as would
the mortgages hereinbefore
, any prior agreement as to such
, but not limited to, those
in the mortgage first above
mentioned, which 'ovide for 'the subordination of the
lien or charge the ~of to another mortgage or mortgages.
Mortgagee declares, agrees and acknowledges that
(a)
He consents to and approves (i) all provisions of the
note and mortgage in favor of Lender above referred to,
and.(ii) all agreements,, including, but not limited to,
any loan or escrow agreements, between Owner and Lender
for the disbursement of the proceeds of Lender's loan;
'~nder in 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
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2tq£Ii YANIfl 6~9 68/ lOC I,,~ !~O:gI IO/!io/II
0 06:1.4
005 °
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;
He 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 said
land of the mortgage in favor of Lender above referred to
and understands that in reliance upon, and in
consideration of, this waiver, relinquishment and
subordination 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; and
An endorsement has been placed upon the note secured by
the mortgage first above mentioned that said mortgage has
by this instrument been subordinated to the lien or
charge of the mortgage in favor of Lender above referred
to.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH
EXPENDED FOR OTHER PURPOSES T~ I~ROV~ENT OF THE L~.
~ ' ~':-~ ~ / Owner
~he. f-~egoing instrument was acknowledged before me by
this ~'~' day 'of ~k&~<)~k~ ,
wit~e~s ~v_hand a~d official meal.
sooo/~ooo~
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