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Home My WebLink AboutSubordination Agreement (2) RECORDSNGRE�UESTEDBY JULIE RODEINALD SN FIZ�T 4MERICAN TRIE San Luis Obispo Counry—CIerWRecorder 2/08/2013 fleoortleG at IAe raquest ot 10:55 AM First American Title Company obe�No u o c a : 2013007973 r�nas: � Pages: 5 Escrow No. Requ sted by anE I IIII II III I II IIIIII IIIII I III I I OU19 5 3.00 WHENRECORDEDMAILTO: PAID 529.00 City of Artoyo Grande 300 E. Branch Street ' Arroyo Grande, CA 93420 Attn: City Clerk SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY � SUBORDINATIOfV AGREEItilII�NT 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 15 day of Januarv �0l3 by Mlehael S.O'Donnal and Grieelda O'Donnal , owner of the land hereinafter described and hereinafter referred to as"Owner, and The Clty of Arrovo Grende, present owner and holder of the deed of trust first hereinafter described and hereinafter referred to as"Benefciary", WITNESSETH That whereas, Owner has executed a deed of lrust, daled June 13.2005 ,Recorded August 2, 2005 Instrument No. OS-63573 to Citv o1 Arrovo Grande as trustee, covering: LOT 30 OF TRACT N0. 2505, IN THE CITY OF ARROYO GRANDE, COUMY OF SAN LUIS OBISPO, SfATE OF CALIFORNIA, ACCORDING TO MAP RECORDED AUGUST 18, 2004 IN BOOK 24, PAGES 12, 13, 14 AND 15 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. APN: 077-128-008 to secure performance under the Buver's Occupancv and Resale Aareement with Ootlon to Purchase, dated June 73.2005, in favor of Beneficiary; and WHEREAS, Q::ner has executed, or is 3bout to execute, 2 deed of trust and note in the sum of 5755.404 dated in favor of Wells Farao Bank hereinafter referred to as"Lende�, payable with interesl and upon the Mrtns and wnditions described therein, which tleed of trust is also to be recorded concurrently herewith; and WHEREAS, Lender is willing to make said loan provided the deed of trust 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 frst above mentioned and provided lhat Beneficiary will specifically and unconditionally subordinete the lien or charge of the deed of Irust frst above mentioned to the lien or charge of said deed of trust in favor of Lender; and WHEREAS, il is to the mutual benefit of lhe paRies hereto that Lender make such loan to Owner, and Beneficiary is willing that the deed of trust securing the same shall, when recorded,constitute a Ilen or charge upon said land which is unconditionally prior and superior to the lien or charge of the deed of trust frstabove 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: (t)That said deed of trust securing said note in favor of Lender, and any renewals or eMensions thereof, shall unconditionally be and remain at all times a lien or charge on the propeRy therein described, prior and superior to the lien or charge of the deed of trust first above mentioned. , (2) That Lender would not make its loan above described withoul this subordination agreement. i (3)Thal this agreement shall be the whole and only agreement with regard to the subordination of the lien I or charge of the deed of trust first above mentioned lo the lien or charge of the deed of trust in fevor of lender above referred to and specifically described, any prior agreement as to such subordination including, but not limited to, those provisions, if any, contained in the deed of trust first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust or to i another mortgage or mortgages. � Beneficiary declares, agrees, and acknowledges lhat � (a) He consents to and approved (i) all provisions of the note and deed of trust in favor of Lender above referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, belween Owner and Lender for the disbursement of the proceeds of Lender's loan; (b) Lender in making disbursements pursuant to any such agreement is under no obligalion or duty lo, � nor has Lender represented that it will, see to the applica[ion of such proceeds by the person or persons ; to whom Lender dlsburses such proceeds ahd any application or use of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination herein made in whole or in part; (c) He intentionally and unconditionally waives, relinqulshes, and subordinates the lien or charge of the deed of trust first above mentioned in favor of the lien or charge upon said land of the deed of trusl in � favor of Lender above referred lo and understands that in reliance upon, and in consideration oi, this waiver, relinquishment and subordination specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligalions are being and will be enlered into which would not be made or entered in[o but for said reliance upon this waiver, relinquishment and subordination; and (d)An endorsement has been placed upon the deed ot trust first above mentioned that said deed of trust has by this instrument been subordinated to the lien or charge of the deed of trust in favor of Lender above referred to. NOTICE: THIS SUBORDINATION 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 THAT IMPROVEMENT LAND. City reyaGr\ f �, / Owner-Michael S. O'Don S{��.vtr AaavnS C��,Nla �� f��`� Beneficiary �—��–� � Owne j fi�a O'Donnal (ALL SIGNATURES MUST BE ACKNOWLEDGED) IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT,THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO CALEF06iN1A ALL-PIJRPOSE AClCI�YOW�EDGNAENl4 State of Calitornia 1 County of C(h/Vl h,��S V 1U/ SDO 1 � I � I'� � �� , I L /� On �' L2 � � 3 beforeme, �`\�, �� (/II,V�`�'�U/�J Iv�"� �l��ir � b � lG , Dala Here Inserl Name An0 Ti119 0l lno OMicor personally appeared ��Q ✓� �d ovvi'� 5 eme�e)ol SiB^er�s� who proved to me on the basis oi satistactory evidence to be the person(e) whose name(ej is/aie subscribed to the within instrument and acknowledged to me that he/s#�ekhey executed the same in his/Fierltheir authorized capacity(ies), and that by hi��,e�ir;� signature� on the instrument the person(s), or the entity upon behalf of which the person(sj acted, executed the instrument. KELLY WETMORE Cammiseion s �837570 I certity under PENALTY OF PERJURY under the laws Notery PuDlit•Californle of the State of California that the foregoing paragraph is Sen Luis ODisDO Counfy true and correct. Comm.Ea irea Fen 21.2013� WITNESS my hand nd oHicial seal. Signature / �/ Plata Nolary Scel ADOVC B�ur0 01 NOlery Puq¢ OPTIONAL Though fhe inlormalion 6elow is nol required by law, il may prove valuable ro persons relying on the document and could prevent/raudulen(removal and reattechmenf ol lhis lorm ro another documenl. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: ❑ Individual ❑ Individual ❑ Corporate 011icer—Title(s): ❑Corporate Ot(icer—Title(s): ❑ Partner—O Limited ❑ General ❑ Partner—p Limitetl ❑ General ❑ Atlorney in Fact ❑Attorney in Fact • ❑ Trustee Top ol ihumb here p Trustee TOp 01 Ihumb hew ❑ Guardian or Conservator ❑Guartlian or Conservator ❑ Other: ❑Other: Signer Is Representing: Signer Is Representing: 02001NaiariolNOUryASSmiWn.9350DaSOiaAre.P.OBm2a02.CluuuaN.CF9�3�32a02.wwwNaWrielNOUrywg item�59p] RoorEOr.WOTW�Fr¢o�-BOPB]6-fi82) CALIFORNIA ALL-PURPOSE CERTIF[CATE OF ACKNOWLEDGEMENT State of California Countyof �(�.� ��S �ni�5� On �� a" �3 before me,Tricia Martinez, Notary Public personallyappeared Mic1�►ae( s• �� YI hCv( /LVtI� (�'�C2�(�C{ d�,�0{�vi0..Q who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is�are subscribed to the within instrument and acknowledged to me that he/she�they executed the same in his�her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s� acted,executed the instrument. 1 certify under PENAL7'Y OF PEI�JURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. TRICIA MARTINEZ •:: . CommLSSlon q1883167 Notary Publlt Callfomla SANC�LU�O�P��1NPOt3 � Signature (Seal� EXHIBIT 'A' File No.: 4204-4271509 (DT) Property: 1328]asmine Place, Arroyo Grande, CA 93420 LOT 30 OF TRACT NO. 2505, IN THE CITY OF ARROYO GRANDE, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED AUGUST 18, 2004 IN BOOK 24, PAGES 12, 13, 14 AND 15 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. A.P.N. 077-128-008 9209�4271509 1 0(1 END OF DOCUMENT