HomeMy WebLinkAboutSubordination Agreement (2) JULIE RODEWALD AM
San Luis Obispo County—Clerk/Recorder 911012013
Recorded al the request of 10:48 AM
RECEIVED
CITY CF ARROYO %d Public
13 SEP 2 4 PH 2:Order No.4417670—1-2.— D O C#: 2013052336 Titles: 1 Pages: 6
1 :I 29.00
Escrow No.10909-SY Tens 0.00
C Recortling requested by PAID 7.00
First American Title PAID $38.00
San Diego
WHEN RECORDED MAIL .
City of Arroyo Grande
300 E. Branch Street
Arroyo 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 this 22111 day of August, 2013 by Gayle Leaf, 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 February 9, 2008, Instrument No. 2008013143
to CIty of Arroyo Grande as trustee, covering:
SEE COMPLETE LEGAL DESCRIPTION
ATTACHED HERETO AS "EXHIBIT A" . . °
to secure performance under the Buyers Occupancy and Resale Agreement with Option to
Purchase, dated February 9.2008, In favor of Beneficiary;and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of
$144,000.00 dated August 22, 2013 in favor of Sierra Pacific Mortgage, Inc., 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.
Cti y o F Actcyo 6t-avda.
.1%./€ 14 .
5-fe✓e,ri t'Ida..41-,5 •
Beneficiary Owner
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
R IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION
AGREEMENT,THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO
CALIFORNIA ALL-PURPOSE
CERTIFICATE OF ACKNOWLEDGMENT
State of California
County of kalar1 LeLu 6 Ob lit fro
On )4(,t�t(5 4' off'),t3 dl"before me. Sect h n me ►2}7)the-e t9a�, /�lo ►uWAti
luJ "_ " "'I� //1� (Here insen name and title of the offitimb
personally appeared (,><u it f, Lea-P
who proved to me on the basis of satisfactory evidence to be the persona) whose name%) is/are subscribed to
the within instrument and acknowledged to me that helshe/ther executed the same in his/her/their authorized
capacityciee), and that by-his/her/their signature(s)on the instrument the person(e); 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.
WITNESS my hand and official seal. ;: , "aIECNaru t 1818296
,„-zzi L"%-'' NOTARY won .CMJOWw W
��` "� `,c�, COMM R Sae Liar Ono
VAtuval.,fin e s' w Wm W.JN N.10u T
Signature of Notary Public (Notary Seal)
• •
ADDITIONAL OPTIONAL INFORMATION
INSTRUCTIONS FOR COMPLETING THIS FORM
Any acknowledgment.completed in Cal fames must contain verbiage exactly at
DESCRIPTION OF THE ATTACHED DOCUMENT appears above rn the notary section or a separate acknowledgment form must be
,.I ;trs ,/y1_ 1 property completed and attached to that dononent The only exception a f a
?•NAI I � t74Yeeni en-I document is to be recorded outside of Cal fomsa In such instances,any alternative
(Title or description of attach oeument) acknowledgment verbiage as may be printed on such a document so long as the
verbiage does not require the notary to do something that is illegal for a notary m
California(Le. certifying the authorced capacity of the signer). Please check the
(Title or description of attached document continued) document carefully for proper notarial wording and attach this form(required.
aDocument Date ��� • State and County information must be the State and County where the document
Number of Pages N signer(s)personally appeared before the notary public for acknowledgment
• Date of notarization must be the date that the signer(s)personally appeared which
must also be the same date the acknowledgment is completed.
(Additional information) • The notary public must print his or her name as it appeals within his or her
commission followed by a comma and then your title(notary public).
• Print the name(s) of document signer(s)who personally appear at the time of
notarization.
CAPACITY CLAIMED BY THE SIGNER • Indicate the correct singular or plural forms by crossing off incorrect forms(i.e.
Individual(s) he'sheithey-is le.)or circling the correct forms.Failure to correctly indicate this
Fic information may lead to rejection of document recording.
C Corporate Officer • The notary seal impression must be clear and photographically reproducible.
Impression must not cover text or lines.If seal impression smudges,re-seal if a
(Title) sufficient area permits,otherwise complete a different acknowledgment form.
• Partner(s) • Signature of the notary public must match the signature on file with the office of
the cotmty clerk,
Attorney-in-Fact • Additional information is not required but could help to ensure this
❑ Trustee(s) acknowledgment is not misused or attached to a different document
O Other ♦> Indicate title or type of attached document,number of pages and date.
♦` Indicate the capacity chimed by the signer. If the claimed capacity is a
corporate officer,indicate the title(ie.CEO.CFO.Secretary).
• Securely attach this document to the signed document
2008 Version CAPA v12.10.07800-873-9865 xww.Notar)Classacom
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
ce-ctcetececto-z'.orcc', '.cetecccecececrcrercecetez tececreece-•crc�-`.crcrzeceze..crcecrcecrcecrcrcccrct
State of California
County of Dan Lal3 elkigeo 11
on D9—AI- /3 before me, .try f'Ia-fort no✓y Pub ha ,
Dale U
./� J Here Insert a
Name Da Te of the Mazer
personally appeared Site yeti- /g�%erri
Nazre(s)of Signer(s)
who proved to me on the basis of satisfactory evidence to
be the person(t') whose name(g) is/are subscribed to the
within instrument and acknowledged to me that
he/shaflkey executed the same in his/herflheir authorized
capacity(iee), and that by his/WerAheir signature(e) on the
instrument the person(ee, 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
,may Carmmisaion• 1924921 of the State of California that the foregoing paragraph is
1 Notary Public.Califomy I. true and correct.
Saa Luis Obispo Cooly
r
Comm resMar9.2015 WITNESS my hand and official seal.
Place Notary Seal Abo e Signature ��
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
Title or Type of Document:
Document Date: Number of Page •
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer's Name: Signer's Name:
❑ Individual ❑ Individual
❑ Corporate Officer—Title(s): 0 Corporate Officer—Title(s):
❑
Partner—0 Limited ❑Gen- . RIGHT THUMBPRINT ❑ Partner—❑ Limited ❑ General fncMrTMUnfsvtaNr
❑ Attorney in Fact Top of SIGNER mb here ❑Attorney in Fact Top of Numb here
❑ Trustee ❑Trustee
❑ Guardian or C•• ervator ❑Guardian or Conservator
❑ Other: ❑Other:
Signe s Representing: Signer Is Representing:
t-c�ct Naana'lNotary Ascs.. . 0warto Ave.. 4.www•u.GA 9I313-2wcwt-6.t-cLtI sy II.ti 15907 Ren l TDFree 111007
0200]N�uW Notary ASmaaam•9150 De Soto A•e,P.O B. 24@•CRaznaNtG 9f 0f 32a@•w-Na9vaPl�ryorg Il9n 15907 neoitler CaITaFFree 1-BOUB]6-®Zr
File Number: D1V4417670
Exhibit"A"
Legal Description
A.P.N.: 007-776-041
Real property in the City of Arroyo Grande, County of San Luis Obispo, State of California, described as
follows:
A CONDOMINIUM COMPRISED OF:
PARCEL 1:
AIRSPACE ENVELOPE NO. 41 OF TRACT 2616, IN THE CITY OF ARROYO GRANDE, COUNTY OF SAN LUIS
OBISPO, STATE OF CALIFORNIA, AS SHOWN AND PARTICULARLY DESCRIBED ON THE FIRST AMENDED
CONDOMINIUM PLAN FOR TRACT 2616, RECORDED JANUARY 11, 2007 AS INSTRUMENT NO. 2007-
002198 OF OFFICIAL RECORDS.
EXCEPTING AND RESERVING THEREFROM, A NON-EXCLUSIVE EASEMENT FOR ACCESS, INGRESS,
EGRESS, ENCROACHMENT, MAINTENANCE, REPAIR, DRAINAGE, SUPPORT AND FOR OTHER PURPOSES,
ALL AS DESCRIBED IN THE SECOND AMENDED AND RESTATED DECLARATION OF COVENANTS,
CONDITIONS AND RESTRICTIONS ESTABLISHING A PLAN OF CONDOMINIUM OWNERSHIP OF TRACT
2616("DECLARATION"), RECORDED MARCH 7, 2007 AS INSTRUMENT NO. 2007-015380 OF OFFICIAL
RECORDS.
PARCEL 2:
AN UNDIVIDED 1/61 INTEREST AS A TENANT IN COMMON IN THE UNDIVIDED INTEREST COMMON
AREA AS DEFINED IN THE DECLARATION, REFERRED TO ABOVE, WHICH UNDIVIDED INTEREST
COMMON AREA CONSISTS OF THE REAL PROPERTY DESCRIBED AS LOT 1 OF TRACT 2616, IN THE CITY
OF ARROYO GRANDE, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP
RECORDED JULY 19, 2005 IN BOOK 26, PAGES 81 AND 82 OF MAPS, IN THE OFFICE OF THE COUNTY
RECORDER OF SAID COUNTY, INCLUDING ANY UNDIVIDED INTEREST COMMON AREA DULY JOINED
THROUGH A DULY AUTHORIZED DECLARATION OF ANNEXATION PURSUANT TO THE DECLARATION.
EXCEPTING AND RESERVING THEREFROM,AIRSPACE ENVELOPES 1 THROUGH 61 INCLUSIVE, AND ANY
AND ALL IMPROVEMENTS THAT ARE OR WILL BE LOCATED THEREON. ALSO EXCEPTING AND
RESERVING THEREFROM, NON-EXCLUSIVE EASEMENTS FOR ACCESS, INGRESS, EGRESS,
ENCROACHMENT, MAINTENANCE, REPAIR, DRAINAGE, SUPPORT, AND FOR OTHER PURPOSES, ALL AS
DESCRIBED IN THE DECLARATION.
PARCEL 3:
DIV4417670 1 of 2
File No.: DIV-4417670 (12)
Date: August 09, 2013
AN EXCLUSIVE EASEMENT FOR STORAGE AND PARKING APPURTENANT TO PARCEL ONE, WHICH
STORAGE AREA AND PARKING AREA ARE DEFINED IN THE DECLARATION, FOR USE AS MAY BE
PERMITTED IN THE DECLARATION.
PARCEL 4:
NON-EXCLUSIVE RIGHTS APPURTENANT TO PARCEL ONE ABOVE, FOR ACCESS, INGRESS, EGRESS,
ENCROACHMENT, MAINTENANCE, REPAIR, DRAINAGE, SUPPORT AND FOR OTHER PURPOSES ALL AS
DESCRIBED IN THE DECLARATION REFERRED TO ABOVE.
DNi717670 2 of 2
END OF DOCUMENT