HomeMy WebLinkAboutSubordination Agreement (2) JULIE RODEWALD ASK
San Luis Obispo County—Clerk/Recorder 7/02/2013
s Recorded at the request of 8:00 AM
RECORDLNG REQUESTED B1: First American Title Company
FIRST AMERICAN TITLE COMPANY p 0 C a: 2013038176 Titles: 1 Pages: 5
Order I -
Fees 28.00
o
Taxes
Loan No. III I III I � I D�II�II Others 0.00
PAID $33.00
Requested by and
WHEN RECORDED MAIL TO-
City of Arroyo Grande
300 E. Branch Street
Arroyo Grande, CA 93420
Ann: City Clerk
SPACE ABOVE THIS LINE FOR RECORDERS 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 23 day of May , 2013 by Carlos Bobo Bedla Ill ,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 August 26,2005, Instrument No. 2005-076061
to City of Arroyo Grande as trustee, covering:
Lot 47 of Tract 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, Page
12, 13,14,&15 of Maps,In the office of the County Recorder of said County
(APN:077-127-027)
to secure performance under the Buyer's Occupancy and Resale Agreement with Option to
Purchase, dated August 26.2005, in favor of Beneficiary;and
WHEREAS,Owner has executed, or is about to execute, a deed of trust and note in the sum of
5225,000.00 dated June 24.2013 In favor of Interbank Mortgage Company, hereinafter 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.
City of Arroyo Grande Carlos Bobo Bedia Ill
9-1-_but h/*da w&S , CI f I Mc� P r
ear
Ben ficiary eper
(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
SEE AITACHEDFORM FOR
NOTARY('ERT(FicATE
CALIFORNIA
ALL PURPOSE CERTIFICATE OF'ACKNOWLEDGEMENT
State of California
County of San Luis Obispo } SS.
On 11/40%`1 23 Zo I ) before me, M SanchP7 Notary Piihlin I
Qosert name and One of the officer)
personally appeared ( OL ( 'O$ Bobo E,2d t o i l l
who proved to me on the basis of satisfactory evidence to be the personcs) whose name((el is/
subscribed to the within instrument and acknowledged to me that he/,§tfePo3ey executed the same in
his/W-Sir authorized capacity(i ), and that by his/hpf/t it signature( 'on the instrument the
person] $, or the entity upon behalf of which the persons 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.
WITNESS my hand and official seal. •
M. SANCHEZ
Commission u 1914544
i .c n lit Notary Public - California i
_] . x'' San Luis Obispo County
)_ _ My Comm.Expires Nov 27.20141
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(signature of notary public)
PROFESSIONAL NOTARY ASSOCIATION OF AMERICA v2009.2 www.cafrfomianotaryseminars.com
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
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personally appeared 4./A h j4da,m_.5
Name)a Svav(s)
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
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carmaint•MIS which the person(s) acted, executed the instrument.
sun Psis-Caws
: -/ Srl��- I certify under PENALTY OF PERJURY under the laws
� • rMO r`lOt7� of the State of California that the foregoing paragraph is
true and correct.
WITNESS mfhan an official seal.
Race N ry Seal Above Signature
ot of Nei PILL
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 11
Title or Type of Document: SV bord l AAA,-Ot ■ m2 n+
Document Date: - a J- / 3 L Number of Pages:
Cot _ 2
Signer(s)Other Than Named Above: rips �obp I& 4' /It
Capacity(ies)Claimed by Signer(s)
Signer's Name: S-4:14(4/1--/\.J4.t1&.5 Signer's Name:
9 Individual ❑ Individual
❑ Corporate Officer—Title(s): ❑Corporate Officer—Title(s):
❑ Partner—❑ Limited ❑General RIGHT TM THUMBPRINT ❑Partner—❑ Limited ❑General MTMUUBPRwr
❑ Attorney in Fact OF SIGNER ❑Attorney in Fact OF SIGNER
❑ Trustee Tcp of thweb here ❑Trustee Top et thumb hero
❑ Guardian or Conservator ❑Guardian or Conservator
❑ Other: ❑Other:
Signer Is Representing: Signer Is Representing:
CA:it 0-F pr oyoGra 42,
02X7 NYSO1 Not ary Ammon•9350 De Sob fae..PO Bay 2402•CIV3bee B..CA 913102402•nw.NS:m¢tiy.mg tcn 45907 Reader:G7 T&-Fine 148008766827
Order Number: 0505-4363020
Page Number: 7
LEGAL DESCRIPTION
Real property in the City of Arroyo Grande, County of San Luis Obispo, State of California,
described as follows:
LOT 47 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.
APN: 077-127-027
First American Title
Page 7 of 14 END OF DOCUMINT