HomeMy WebLinkAboutThor E. Sorenson and Lydia M. Sorenson 120693 eXt f/4Hnins, /.,2,-67_9 3 qq 4
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1RANSAMERICA
TITLE INSURANCE COMPANY THIS SPACE PROVIDED FOR RECORDER'S USE:
FILED FOR RECORD AT REQUEST OF
E#9066-CS 42215-RB
Jefferson Title Company, Inc.
WHEN RECORDED RETURN TO
Jefferson County Planning Department
Name
P.O. Box 1220
Address
Port Townsend, WA 98368
City,Stated....#.299.81
Subordination 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.
The undersigned subordinator and owner agrees as follows:
1 Jefferson County, Washington referred to herein as"subordinator",
is the owner and holder of a mortgage dated August 6, , 19 9 3 which is recorded in volume 426
of Mortgages,page 216-2?trader auditor's file No 363250 ,records of Jefferson County.
2. InterWest Savings Bank referred to herein as"lender",is the
owner and holder of a mortgage dated , 19 ,executed by Thor E. & Lydia M.
Sorenson
(which is recorded in volume of Mortgages, page , under auditor's file No , records
of Jefferson County) (which is to be recorded concurrently herewith).
a Thor E. Sorenson and Lydia M, Sorenson referred to herein as"owner",is the
owner of all the real property described in the mortgage identified above in Paragraph 2.
4. In consideration of benefits to"subordinator" from"owner", receipt and sufficiency of which is hereby acknowledged, and to in-
duce"lender"to advance funds under its mortgage and all agreements in connection therewith, the "subordinator" does hereby
unconditionally subordinate the lien of his mortgage identified in Paragraph 1 above to the lien of "lender's" mortgage, identified
in Paragraph 2 above, and all advances or charges made or accruing thereunder,including any extension or renewal thereof.
5. "Subordinator" acknowledges that, prior to the execution hereof, he has had the opportunity to examine the terms of "lender's"
mortgage, note and agreements relating thereto, consents to and approves same, and recognizes that"lender" has no obligation to
"subordinator" to advance any funds under its mortgage or see to the application of "lender's" mortgage funds, and any applica-
tion or use of such funds for purposes other than those provided for in such mortgage, note or agreements shall not defeat the
subordination herein made in whole or in part.
6. It is understood by the parties hereto that "lender" would not make the loan secured by the mortgage in Paragraph 2 wiithout
this agreement.
7. This agreement shall be the whole and only agreement between the parties hereto with 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 "lender" above referred to and
shall supercede and cancel any prior agreements as to such, or any, subordination including, but not limited to, those provisions,
if any, contained in the mortgage first above mentioned, which provide for the subordination of the lien or charge thereof to a
mortgage or mortgages to be thereafter executed.
8. The heirs, administrators, assigns and successors in interest of the "subordinator" shall be bound by this agreement. Where the
v,rrd "mortgare" appears herein it shall be considered as "deed of trust",and gender and number of pronouns considered to con-
form to undersigned.
Executed this day of , 19 93
NOTICE: THIS S-IIBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE
PERSON OWA ATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF
WHICH AY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. IT
IS REC MM NDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT,
THE ARTIES CONSULT ITHITHEIR ATTORNEYS WITH RESPECT THERETO.
Jeffers°. • . • . - • •n
40
P • n ame a e: Ric,`ard E. Wojt, Chairman Board of County Commissioners
STATE OF WASHINGTON STATE OF WASHINGTON
ss. // fferson )t ss.
COUNTY OF 1 COUNTY OF ,
On this day personally appeared before me On this [S1 ' day of , 19 93
before me, the undersigned, a Notary Public in and for the State of Wash-
ington, duly co.- .isst ned and sworn, personally appeared
to me known to be the individual described in and /+I`(C{,R.Q ►/v czAT
who executed the within and foregoing instrument, 4,04
and acknowledged that signed the same to me known to be the Secretary,
as . fret' and voluntary act and deed, respectively,of Jefferson County, Washington
or tha' u,,r:; and purpose,' therein mentioned. the corporation that executed the foregoing instrument, and .o'L lr.L
the said instrument to Iae the flee
ation, for the uses and purpose.. .:...
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