HomeMy WebLinkAboutSubordination Agreement (3) JULIE RODEWALD ASK
San Luis Obispo County-Clerk/Recorder 8/20/2013
RECORDING REQUESTED BY: Recorded at the request of 8:00 AM
FIDELITY NATIONAL TITLE Fidelity Title Company
Order No. 400108104 AB Doc#: 2013035516 Titles: 1 Pages: 4
Escrow No. 400108104 CO
Loan No.
Requested by and 11111111111 11111 III Fees
Taxes
Others 23.00
WHEN RECORDED MAIL TO: PAID 530.00
City of Arroyo Grande
300 E. Branch Street
Arroyo Grande, CA 93420
Attn: City Clerk
goolovv l •C.o
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 this 7th day of'+..14ay , 2013 by Jose Camacho and Maria Leon
owner of the land hereinafter described and hereinafter referred to as"Owner, and The City of Arroyo
Grande, present owner and holder of the deed of trust first hereinafter described and hereinafter referred
to as"Beneficiary';
WITNESSETH
That whereas, Owner has executed a deed of trust, dated 9/25/07 , Instrument No. 2007064947 _
to City of Arroyo Grande as trustee, covering:
Lot 46 of Tract 2310-2 , in the City of Arroyo Grande, County of San Luis
Obispo, State of California,according to map recorded 5/23/06 in Book 28,
Page 45 of Maps, in the office of the County Recorder of said County
(APN: 077-255-047)
to secure performance under the Buyer's Occupancy and Resale Agreement with Option to
Purchase, dated.027/0;+in favor of Beneficiary; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of$743"000.00
dated June-12. 2013 in favor of hell]-;F 4look)Mtr,thereinafter 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 specifically and unconditionally 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 of the parties 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 lien or
charge upon said land which is unconditionally prior and superior to the lien or charge of the deed of trust
first above 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:
(1)That said deed of trust securing said note 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 deed of trust first above mentioned.
(2)That Lender would not 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 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
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 disbursements 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 for in such agreement or agreements shall not defeat the subordination herein made
in whole or in part;
(c) He intentionally and unconditionally 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 referred 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
part 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 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 OF LAND.
Steven Adams; City Manager Jo.tdLs&di
to
Beneficiary • fir.is Leon
(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 CALIFORNIA
COUNTY OF SAN LUIS OBISPO
On 6-12 -/3
before me, Lola L Wingate
a Notary Public, personally appeared
d
who proved to me on the basis of satisfactory evidence)to be the person(s)whose name(s)blare 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/theft slgnature(s)on the instrument the person(s),or the entity upon behalf of which the person(s)
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
correct.
MRMUS my hand and offldal seaL 0 e' LOLA L. WINGATE I
COMM. /1673201 to
NOTARYPAUFOpTIA v
OBISPO SAN WIS OBISP COUNTY
<<=-.15� My Conan Exp..Ian.9.2o14 I
Signature ilL/I
Lola L 'ing• e (805 •I-6•
•
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
..ti-..r- - - - .,e- %r- ..0 _.0 -.rc-.r..r..e- - ...CRC' .:r- =.r..*c ..r
State of California
County of 544.. Lui a Ok;'yo ✓ 1L Ji /1
On 06 -/7-/3 before me, /L/7 I 110 •s74It. fcl1 Sr 46//G ,
oxe ,C ll-- �/�G/7J Hemecert Narrw and>feau.eot�r
personally appeared STCVG`I r7 afrss5
Name(s)of$.gloms)
who proved to me on the basis of satisfactory evidence to
be the personA whose named) is/ate subscribed to the
within instrument and acknowledged to me that
he/she/hey executed the same in his/he., h0ir authorized
capacity(ies), and that by his/Ger/heir signature(e) on the
instrument the persort{e}, or the entity upon behalf of
which the person(e) acted, executed the instrument.
KITTY NORTON I certify under PENALTY OF PERJURY under the laws
Commission• 1924921 of the State of California that the foregoing paragraph is
'
• _'I Notary Pub&-Caffforttla true and correct.
San Luis Obispo County
Comm.6 ha Ihr 9.2015
WITNESS my hand and official seal.
I N�nSeal Albw Signature SUinature %�/
OPTIONAL
Though the information below is not required by law,it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached Document �A
Title or Type of Document: 54440,S44.21&401. /'Qljreetn ant
Document Date: /hay 7/ 00/3 Number of Pages: 02-
Signer(s)Other Than Named Above: 2-o Se Can-, Q fliier,et he ors`
Capacity(ies) Claimed by Signer(s)
Signer's Name: Signer's Name:
• Individual ❑ Individual
❑ Corporate Officer—Title(s): _- ❑Corporate Officer - s): - -_
❑ Partner—❑Limited 0 General RIGHT THUMBPRINT ❑Partner mited 0 General RIGHT THLIMBPRINT
❑ Attorney in Fact OF SIGNER C : '• ney in Fact OF SIGNER
❑ Trustee Top of thumb here ❑Trustee Top of thumb here
❑ Guardian or Conservator ❑Guardian or Conservator
❑ Other: ❑Other:
Signer Is Representin : Signer Is Representing:
02007 Cell Wary Aid-Dn•9350 De SOB Aw.,P.O.Oct 2402•Qasvlh CA 919132402•wvw.Nati'N30yerp Iles 45907 Reorder Ca]TO Free I-80876699
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