|
THIS SUBORDINATION AGREEMENT (the "Agreement ") is made
<br />and entered into this 28TH day of JUNE, 2001, by JASON J. ANDERSON, A
<br />SINGLE PERSON (the "Owner "), and WELLS FARGO BANK WEST, N.A. (the
<br />"Beneficiary ").
<br />RECITALS
<br />1. The Owner executed a mortgage (the "Beneficiary's Mortgage ")
<br />dated NOVEMBER 29TH, 2000 encumbering the following described real property
<br />(the "Property "):
<br />SEE ATTACHED LEGAL DESCRIPTION.
<br />to secure a promissory note in the sum of $21,000.00, dated NOVEMBER 29TH, 2000
<br />in favor of the Beneficiary, which Beneficiary's Deed of Trust was recorded
<br />as a?0Q0//dSV of the records of
<br />the County of HALL, State of NEBRASKA.
<br />2. The Owner has or will execute a new mortgage (the "New
<br />Lender's Mortgage ") and note in the sum of $ 70,000.00 dated
<br />20 0/, in favor of WELLS FARGO HOME MORTGAGE,
<br />INC. the "New Lender "), which will also encumber the Property and Which- will`also
<br />be recorded in HALL County, State of NEBRASKA.
<br />3. It is a condition precedent to obtaining the new loan (the "New
<br />Loan") from the New Lender that.the New Lender's Mortgage shall unconditionally be
<br />and remain at all times a liew-upon the Property that is prior and superior to the lien of
<br />the Beneficiary's Mortgage, and that the Beneficiary subordinates the Beneficiary's
<br />Mortgage to the New Lender's Mortgage.
<br />4. It is to the mutual benefit of the parties to this Agreement that the
<br />New Lender make the New Loan to the Owner, and the Beneficiary is willing to
<br />subordinate the Beneficiary's Mortgage to the New Lender's Mortgage.
<br />NOW, THEREFORE, in consideration of the mutual benefits accruing to
<br />the parties and other valuable consideration, the receipt and sufficiency of which
<br />consideration is hereby acknowledged, and in order to induce the New Lender to make
<br />the New Loan, the parties agree as follows:
<br />(1) That the New Lender's Mortgage, together with any renewals or
<br />extensions thereof, shall unconditionally be and remain at all times a lien or charge on
<br />the Property that is prior and superior to the lien or charge of the Beneficiary's Mortgage
<br />until the New Lender's -promissory note secured by the New Lender's Mortgage is paid.
<br />Notwithstanding anything to the contrary, this Agreement shall not extend to any
<br />principal advances made by the New Lender after the date of the New Loan, except that
<br />this Agreement shall extend to future advances made for taxes, insurance, fees, costs,
<br />and expenses required to protect the interests of the New Lender in connection with the
<br />New Loan;
<br />(2) That the New Lender would not make the New Loan without this
<br />Agreement; and
<br />T
<br />C m
<br />0 (� cD
<br />n i>
<br />X D Z =
<br />r C 1
<br />PIZ
<br />CO
<br />y
<br />V
<br />o
<br />ca (n
<br />-z
<br />CMD
<br />-1
<br />C:"
<br />200107276
<br />o"n
<br />r1a
<br />(�-
<br />Space above line for recording purposes.
<br />i n
<br />tp
<br />SUBORDINATION AGREEMENT
<br />-t
<br />-�
<br />Subordination of Mortgage
<br />C=)
<br />cry
<br />��
<br />C&
<br />cs
<br />a
<br />THIS SUBORDINATION AGREEMENT (the "Agreement ") is made
<br />and entered into this 28TH day of JUNE, 2001, by JASON J. ANDERSON, A
<br />SINGLE PERSON (the "Owner "), and WELLS FARGO BANK WEST, N.A. (the
<br />"Beneficiary ").
<br />RECITALS
<br />1. The Owner executed a mortgage (the "Beneficiary's Mortgage ")
<br />dated NOVEMBER 29TH, 2000 encumbering the following described real property
<br />(the "Property "):
<br />SEE ATTACHED LEGAL DESCRIPTION.
<br />to secure a promissory note in the sum of $21,000.00, dated NOVEMBER 29TH, 2000
<br />in favor of the Beneficiary, which Beneficiary's Deed of Trust was recorded
<br />as a?0Q0//dSV of the records of
<br />the County of HALL, State of NEBRASKA.
<br />2. The Owner has or will execute a new mortgage (the "New
<br />Lender's Mortgage ") and note in the sum of $ 70,000.00 dated
<br />20 0/, in favor of WELLS FARGO HOME MORTGAGE,
<br />INC. the "New Lender "), which will also encumber the Property and Which- will`also
<br />be recorded in HALL County, State of NEBRASKA.
<br />3. It is a condition precedent to obtaining the new loan (the "New
<br />Loan") from the New Lender that.the New Lender's Mortgage shall unconditionally be
<br />and remain at all times a liew-upon the Property that is prior and superior to the lien of
<br />the Beneficiary's Mortgage, and that the Beneficiary subordinates the Beneficiary's
<br />Mortgage to the New Lender's Mortgage.
<br />4. It is to the mutual benefit of the parties to this Agreement that the
<br />New Lender make the New Loan to the Owner, and the Beneficiary is willing to
<br />subordinate the Beneficiary's Mortgage to the New Lender's Mortgage.
<br />NOW, THEREFORE, in consideration of the mutual benefits accruing to
<br />the parties and other valuable consideration, the receipt and sufficiency of which
<br />consideration is hereby acknowledged, and in order to induce the New Lender to make
<br />the New Loan, the parties agree as follows:
<br />(1) That the New Lender's Mortgage, together with any renewals or
<br />extensions thereof, shall unconditionally be and remain at all times a lien or charge on
<br />the Property that is prior and superior to the lien or charge of the Beneficiary's Mortgage
<br />until the New Lender's -promissory note secured by the New Lender's Mortgage is paid.
<br />Notwithstanding anything to the contrary, this Agreement shall not extend to any
<br />principal advances made by the New Lender after the date of the New Loan, except that
<br />this Agreement shall extend to future advances made for taxes, insurance, fees, costs,
<br />and expenses required to protect the interests of the New Lender in connection with the
<br />New Loan;
<br />(2) That the New Lender would not make the New Loan without this
<br />Agreement; and
<br />
|