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HomeMy WebLinkAbout907599SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION. AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN'THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made this 6th by RODGER P. CROOK day of April, 2005 owner of the land hereinafter described and Ilerelnafter referred to as "Owner, and CHARLES J. CROOK present owner and holder of tile. mortgage and note first herelnafter;'descrlbed and hereinafter t-ererred to as "Mortgagee;" WITNESSETH THAT WHEREAS, RODCER ?. CROOK did execute a mortgage dated OCTOBER 15, 1992 , to CHARLES J. CROOK' as mortgagee, covering: NW~NWJ, SECTION 31,' T31N RllSW OF THE 6TH P.M., LINCOLN COUNTY, WYOMING EXCEPTING THEREFROM THE LAND CONTAINED IN WARRANTY DEED RECORDED MAY 11, 1994 IN BOOK .350PR ON PAGE 454 OF THE RECORDS OF THE LCINOLN COUNTY CLERK. to secure a note in the sum of $ iD,000.00 , dated OCTOBER 15, 1992 · In favor of CHARLES J. CROOK which mortgage was recorded DECEMBER 15, 1992 , In book 321PR , page 701 , Official Records of said county; and WHEREAS, Owner has executed, or iS about to execute, a mortgage and note in the sum of $ 129,435.32 , dated April 8, 2005 , In favor of FIRST NATIONAL BANK - WEST hereinafter referred to as "Lender," payable w.ith Interest and upon the terms and conditions described therein, which mortgage· is to be recorded concurrently I]erewith; and · WHEREAS, It is a condition precedent to obtaining said loan that said mortgage last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land he,-elnbefore described, prior and superior to the lien or charge of the mortgage first above mentioned: and WHEREAS, Lender is willing to make said loan provided the mo,'tgage securing the same is a lien or charge upon the above described property prior and superior to tl'~e lien or charge of the mortgage first above mentioned and provided that Mortgagee will spec!flcally 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 RECEIVED 4/11/2005 at 4:05 PM RECEIVING # 907599 BOOK: 582 PAGE: 825 JEANNE WAGNER LINCOLN COUNTY CLERK. KEMMERER. VVY Subordination Agreement - Page 2 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 llen or charge' upon said land which Is unconditionally prior and superior I.o 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 U~ereor, s!~all unconditionally be and remain at all times a lien or charge on the ProPerty therein described, prior and supe~:ior to the lien or charge of the mortgage first above mentioned. That Lender wo'uid not make its loan above described without this subordinatlon agreement. That this agreement shall be tPe whole and only agreement Wlth regard to the subordination of the lien or charge of the mortgage first above mentioned to the lien or charge of the mortgage in favor of Lende," 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 provislons, if any, contained in the mortgage first above mentioned,' which provide for the subordination of the lien or charge the,'eof to another mortgage or mortgages. Mortgagee declares,, agrees 'and acknowledges that (a} Fie consents to and approves [i) all provisions of the note and mortgage In favor of Lender above referred to, and (Il) all agreements, Including, but not limited to, any loan or escrow agreements, between Owner and Lender [or the disbursement of the proceeds of Lender's loan; (b) Lender in mai<lng 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 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 !~erein made in .whole or in part; [c) Fie 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 sald 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 subot'din'ation specific loans and advances are being and will be made and, as part and parcel thereof, speclflc 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 (d3 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 or Lender above referred to, Subordination Agreement - Page 3 '-.. 008'27 NOTICE= THIS SUBORDI. N^TION 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.' :.' ' ' Mortgagee .. owner - STATE OF ~r~Ol~7.NC ' " COUNTY OF LINCOLN The [or~going Instrument wa's'acknowledgec~ ~ODGF~ I~. C~OOK With . My Commission Expires: before me by , 2Q05 . The foregoing Instrument was acknowledged before me by C'BARLgS 3. Ct~3K this ~, day 6f ~r~-f' - '; ' , . 2005 Wl~ess my hand and o[flclal ~eal.. My Commission Expires: