200904614 - Laserfiche WebLink

Browse

~. ~' c's cry av n ~ o -~ c~ N ~ ~~ ~ n rn ~ ~ ~ ~ ~ ~ r"r1 .P ,~ ~ ~ ~ cn W ~ C7] ~ ~ ~ ~ ~ H~-+ ~~ ,..~ cs> .,..~ ~~ ~ Z SUBORDINATION AGREEMENT '~-~ c~ 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 Subordination Agreement, made this May 23, 2009 by Wells Fargo Bank, N. A., who is the present owner and holder of the Deed of Trust first hereinafter described below as well as the promissory note secured by the same, (hereinafter referred to as the "Lender"), on one hand and Platte Valley State Bank, (hereinafter referred to as "New Lender"), on the other hand. WITNE$$ETW THAT WHEREAS, Shawn A Wheeler & Angela D Wheeler ,Husband & Wife As Joint Tenants & Not As Tenants In Common (hereinafter referred to as "Owner") did execute a Deed of Trust, dated July 26, 2006 to Wells Fargo Financial National Bank, as Trustee, covering that certain real property described as follows: THE LEGAL DESCRIPTION IS ATTACHED HERETO AND MADE A PART HEREOF APN: To secure a note in the sum of $14,000.00, dated July 26, 2006, in favor of Wells Fargo Bank, N. A., which Deed of Trust was recorded August 15, 2006, as 200607269, Official Records of Hall County. WHEREAS, Owner has executed, or is about to execute, a Deed of Trust or Mortgage (hereinafter referred to as "New Lender's Security Instrument") and Hate not to exceed the sum of $94,000.00, dated June 4 zooa , in favor of Platte Valley State Bank, its successors and/or assigns, payable with interest and upon the terms and conditions described therein, which New Lender's Security Instrument is to be recorded concurrently herewith; and ~[yr~ J(.~t.~ /(~ 'aC.ac~q ~£~ ~ ~Gr~~D~~~~ WHEREAS, It is a condition precedent to obtaining said loan that said New Lender's Security Instrument last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefare described, prior and superior to the lien or charge of the Deed of Trust first mentioned. Owner has requested Lender to subordinate their lien to the lien about to be taken by the New Lender; and WHEREAS, New Lender is willing to make said loan provided the New Lender's Security Instrument securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the Deed of Trust first above mentioned and provided that Lender will specifically and unconditionally subordinate the lien or charge of the Deed of Trust first above mentioned to the lien or charge of the New Lender's Security Instrument in favor of the New Lender; and 85085028200030001N5