2026-000803 Klamath County, Oregon 01/27/2026 08:30:01 AM Fee: $107.00 When recorded, return to: WaFd Bank Attn: Records Management 425 Pike St Seattle, WA 98101 Assessor’s Parcel or Account Number: 885439 Abbreviated Legal Description: Lot 3, TRACT 1332 SCENIC VALLEY, according to the official plat thereof on file in the office of the County Clerk, Klamath County, Oregon [Space Above This Line For Recording Data] - 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. This SUBORDINATION AGREEMENT is made and entered into as of 12/18/2025 py and among _racy Ledgerwood and Martin Ledgenwood (collectively, “Borrower™), WaFd Bank, 2a Washington state chartered commercial bank (*Subordinatar™), and Lakeview Loan Servicing LLC . a Foreign Limited Liability Company (“Lender™). RECITALS: WHEREAS, Subaordinator is the beneficiary and holder of a Promissory Note secured by a Mortgage or Deed of Trust dated 05/03/2022 cgcorded under Instrument No. 2022—0061 09 records of Klamath County, State of Oregon (“Subordinate Lien™) for real property located at 11611 Ramirez Rd, Klamath Falls. OR 97603 ., with 1|Page Assessor's parcel |D 885439 , as more fully described with a complete legal description in the attached Exhibit “A” (the “Property”); WHEREAS, Borrower is the legal owner of record of the Property; AND WHEREAS, Borrower is also indebted or may become indebted to the Lender pursuant to that certain Promissory Note secured by a Mortgage or Deed of Trust dated as of 1~ 'V~ 30 3p , which will be executed and recorded contemporaneously with this Subordination Agreement and which covers all or a portion of the Property (“Senior Lien”). THEREFORE, in consideration of benefits to Subordinator from Qwner, the receipt and sufficiency of which is hereby acknowledged, and to induce Lender to advance funds under its Mortgage or Deed of Trust and all agreements in connection therewith, the undersigned parties hereby agree as follows: 1. The Subordinator does hereby uncenditionally subordinate its Subordinate Lien to Lender’s Senior Lien, and all advances or charges made or accruing thereunder, including any extension or renewal thereof. Subordinator acknowledges that, prior to the execution hereof; has had the opportunity to examine the terms of the Lender’s Mortgage, Note, and agreements relating to the Senior Lien, consents to and approves the same, and recognized 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 application 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 orin part. It is understood by the parties hereto that Lender would not make the loan secured by the Senior Lien of the Mortgage or Deed of Trust without this Subordination Agreement. This Subordination Agreement shall be the whole and only agreement between the parties hereto with regard to the subordination of the Subordinate Lien in favor of the Senior Lien of Lender and shall supersede and cancel any prior agreements as to such, or any, subordination of the Subordinate Lien inctuding, but not limited to, those provisions, if any, contained in the 2]Page Mortgage or Deed of Trust of the Subordinate Lien, which provide for the subordination of the lien or charge thereof to a Mortgage or Deed of Trustto be thereafter executed. 5. This Subordination Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, administrators, assigns and successors in interest. This Subordination Agreement may not be assigned by any party without the prior written consent of the other parties, except Lender may assign this Subordination Agreement in connection with an assignment of the indebtedness associated with the Senior Lien. 6. This Subordination Agreement shall be governed by and construed in accordance with the laws of the State of Washington, without regard to conflict of law principles. . L= "—L‘lr lanu&c? ;c?(,; Subordinator: WaFd Bank, a Washington state chartered commercial bank = JustinFord ] It’s: AVP /Loan Ops Post-Closing Supervisor Owner: p (2t ’,/ ye / f < g % L / ){,f 'F Trac.y ).eg@emood & 7 ?ate - Manf? Ledgew‘o? / /"‘/ cy Date 3|Page State of: dL. , . County of: K,l./’.m/\é’d On this day personally appeared before me 10 me known 1o be the individual party/parties described in and who executed the within and foregoing instrument and acknowledged that he/she/they signed the same as his/her/their free and voluntary act and deed, for the used and purposes therein mentioned. L | { GIVEN under my hand and official seal this (ZPL of AU 2487 ¢ . (Seal or Stamp) OFFICIAL STAMP L/\/\/VYIVIAN IRCHELLE GARCIA 4 NOTARY PUBLIC - OREGON N COMMISSION NO. 1054388 Notary Public in and for the State of _ Y 028 I{ ‘ el A ,: ' COMMISSION EXPIRES DECEMBER residing at ; ; b? s State of: Ldf’r County of: Ksr\j On this day personally appeared before me Joshn Fod to me known to be the individual described in and who executed the within and foregoing instrument, and acknowledged that he/she/they signed the same as his/her/their free and voluntary act and deed and was/were authorized to execute the instrument and acknowledged it as the A Hiype of Authority, e.g. Officer, Trustee) of WaFd Bank, a Washington state chartered commercial bank, for the uses and purpases therein mentioned. GIVEN under my hand and official seal this \Z_ of Q?ftf“'bif” , 2018 (Seal or Stamp) ‘“\Illlllln”, SRR WEL o, i b AN Notary Public in and for the State of WA . residing at E{JWLLdi LA 4iPage Exhibit “A” IC VALLEY, according to the official plat Lot 3, TRACT 1332 SCEN otfice of the County Clerk, Klamath County, thereof on Tle in the Oregon. 5|Page