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Home My WebLink AboutSubordination Agreement:w Recording requested by FIRST RICAN TITLE CO. Escrow No.4439172 -RM. Requested by and WHEN RECORDED MAIL TO: City of Arroyo Grande 300 E. Branch Street Arroyo Grande, CA 93420 Attn: City Clerk JULIE RODEWALD AG San Luis Obispo County— Clerk/Recorder 8/22/2014 Recorded at the request of 1:55 PM First American Title Company DOC#: 2014034509 1111111111111111111111111111 SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY Titles: 1 P Pages: 4 Fees 2 23.00 Taxes 0 0.00 Others 7 7.00 PAID $ $30.00 —SUBORDINATION AGREEMENT- NOTICE: THISSUBORDINATION 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 12 day of August, 2014 by Virginia Ann Martinez, 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 April 09, 2008, Instrument No.- 2008 -18969 to City of Arroyo Grande as trustee, covering: Lot 27 of Tract 2310 -2, in the City of Arroyo Grande, County of San Luis Obispo, State of California, according to map recorded May 23, 2006 in Book 28, 1page 46 of Maps, in the office of the County Recorder of said County (APN: 077 - 255 -028) to secure performance under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated April 09 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 $221,300.00 dated _08`15-2014 in favor of Plaza Home - Mort'gage , 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 alien 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 Aza 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 (1) 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. e Vcvt 14o14 -p" :s e:�-'f f•>y �Iava9ev~ Benefic' 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 "::�7 Z7 1- " - 1 :i • • . CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of .5a-,01 Z-44i_-5 46i500 On O V — 9 D — / / before me, /C i 7VZt i'20 r'7�p� Date / Here Insert Name afid Title of the Officer personally appeared `fie y>o 147da,4," 5 Name(s) of Signer(s) KITTY NORTON Commission # 1924921 •: Notary Public - California z San Luis Obispo County My Comm. Expires Mar 9, 2015 Place Notary Seal Above who proved to me on the basis of satisfactory evidence to be the person(e) whose name(a� is /are' subscribed to the within instrument and acknowledged to me that he /sheAhey executed the same in his/i eir authorized capacity(4es), and that by his /he#ieir signature(,ej' on the instrument the person(&'), or the entity upon behalf of which the person(a) 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. Signature Signature of Notary Public 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: -Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Individual ❑ Corporate Officer — Title(s): ❑ Partner— ❑ Limited ❑ Ger ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Col ❑ Other: Signer Jw4epresenting: RIGHTTHUMBPRINT OF SIGNER Num�f Pages: Signer's Name: ❑ Individual ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: RIGHTTHUMBPRINT OF SIGNER .......... &W-4114 14 -• • 1 • 1 • 1 : 1 1 1• I . N STATE OF )SS COUNTY OF Q v7 On .� x.141 before e, /7r' Notary Public, pens nally appeared „ who proved to me on;the basis of satisfactory evidence to bet person(s) whose name( is /are ubscdbed to the within instrument and acknowledged to me that he /e /they executed the same in hi her /their authorized capacity(ies), and that by hi her their signature(s) on the strument the person(s), or the entity upon behalf of which the person(s) acted, exec utdd 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. my I-ommission expires: �, G. AK I tHliA r� COMM.# 1934929 rn N • NSANRLUPS yN �Ay COMM. EXP. MAY 30, 2015 "1 This area for official notarial seal F D OF DOCUMENT y,. / • � - -�. ` i� .i _ .. _