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Home My WebLink AboutSubordination Agreement (2) � . JULIE RODEWALD '" RECORDINGREQUESTEDBY: San Luis Obispo Counly—CIerWRecorde► 3/22/2013 FIDELITY NATIONAL TITLE 8:00 AM Necordea ai ine reque�t ol o.ee�r+o. 400io7689 Fidelity Title Company ioan No.� 400107689 CO p o c a : 2013016190 Titles: 1 Peges: '3 WNEN RECORDED MAIL TO: I IIII III III I II IIII III IIIIIIIII I TBY88 20.00 Others 7.00 PAID 527.00 City oi Arroyo Grande 300 E. Brench Street Anoyo Grande, CA 93420 Attn: City Clerk SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY 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 AGREEMENT, made thisl3ch day o(�rch' 20L'i, by Omar Jacobo , owner of the land hereina(ter described and hereina(ter refened to as"Owner, and The Citv of Arrovo Grende, present owner and holder of the deed oi trust first hereinafter described and hereinafter referred to as"Beneficiary°; WITNESSETH That whereas, Owner has executed a deed of trust,dated 03/28/20071nstrument No. 2007021775 to Ciri of Arrovo Grande as trustee, wvering: Lot 2�_o(Traet 2'i10-2 , In the City o(Arroyo Grande, County o(San Luis Oblapo, SWte of Callfornia, aecording to map reeorded OS/23/20061n Book 28 , Page 45 of Maps, in the oftlee o(the Counry Reeorder of sald County (APN:O��—�ss_n��l to secure pe►fortnence under the BuvePs Occupanev and Resale Anreement with Ootlon to Purchase, dated 03/28/07, in favor of Beneficiary; and WHEREAS, Owner has executed, or is about to execute, a deed ol trust and note in the sum of ?38 2 0.00 dated March 13. 2013 in favor of Welle �x�o B�k. N.A.hereinatter referred to as"Lender°, payable with interest and upon the terms and conditions described therein, which deed 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 first above mentioned and provided that Beneficiary will speafically and unwnditionally subordinate the lien or charge of the deed of trust first above mentioned to the lien or charge of said deed of trust in favor of Lender; and WHEREAS, it is to the mutual benefit ol the parties hereto that Lender make such loan to Owner; and Beneficiary is willing that the deed of trust securing the same shall, when recarded, constitule a lien or charge upon said land which is unwntlitionally prior and superior to the lien or charge of the deed of Vust first above mentioned. NOW THEREFORE, in wnsideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and suKciency of which consideration is hereby acknowledged, and in � order to induce Lender to make the loan above referced ta, it is hereby declared, understood, and agreed as follows: (1)That said deed of trust securing said nole in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien or charge of the tleed of trust first above mentioned. (2)That Lender would nol make its loan above described without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of lender above referred to and specifically described, any prior agreement as to such subordinatlon including, bul 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 thereot to another deed or deeds of trust or to another mortgage or mortgages. Beneficiary declares, agrees, and acknowledges that (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, between Owner and Lender for the disbursement of the proceeds of Lender's loan; (b) Lender in making disbursemenLs pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds and any application or use of such proceeds for purposes other than those provided lor in such agreement or agreements shall not defeat the subordinaGon herein made in whole or in part; (c) He intentionally and uneonditionally waives, relinquishes, 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 trust in favor of Lender above refened to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination specific loans and advances are being and will be made and, as paA and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and (d)An endorsement has been placed upon the deed of Vust 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 OF IAND. City of Arroyo Grande R�� ,�� '� , City Manager O�mar Ja o StG✓G✓r /�fal��+vs75 �� Bene(iciary Owner (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 . � State of Ca�i�v�J,'� . ) COUf1LYOf 'SaH / u,- 5 D�i�n/1 � On ✓ o� O before me, ✓ , Notary Public (here inse�me and title of the officer), oersonallv aooeared 5-f P v P ;�, �9- a vvi S —� - - � �� , who proved to me on the basis of satisfactory evidence to be the person(�j whose name(a�is/acesubscribed to the within instrument and acknowledged to me that he/sh�Ebey executed the same in his/becftkei� authorized capacity�ieej, and that by hisfheyfheir signature(�J on the instrument the person(.ej, or the entity upon behalf of which the person(�acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and corred. W1TNE55 my hand and official seal. NITTY NORTON Signature (Seal) Cammlae�on e 1924921 NOfEIy PYO11C-OBIIIOnl18 Ben LWe OOlspo Caaur 1 State of ��1'�-�r�/'-i�r.9 ) County of SAa.i l.uL� D�i s�� ) On �� '`r�. �!3 before me, /yILGGf�2a- �4 - Lu�vb , Notary Public(here insert name and title of the officer), personally appeared O/hA-�- cI A CDlS� who proved to me on the basis of satisfactory evidence to be the person(y)'whose name�s/�se subscribed to the within instrument and acknowledged to me that he/sl�eK+ieq-executed the same in his/heyfheir authorized capacity(ie�), and that by his/hes{Ehek signature�ajon the instrument the person(�;or the entity upon behalf of which the person�acted, executed the instrument. I certify under PENALTY O ERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WifNE55 my hand an o al. Signature (Seal) MICHAEL A. LUND Commissbn a18t5308 Notary Futuk CelROmla SAN LUIS OBISPO COUNTV �y'Can11u'Jon 6�m pcClEe�7Q 2011 (no[ary)(12-07) END OF DOCUMENT