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HomeMy WebLinkAboutSubordination Agreement (2) r FIRST AMERICAN TITLE Y TOMMY GONG RT San Luis Obispo County—Clerk/Recorder 5/20/2015 Recorded at the request of 8:00 AM Order No 4834512 First American Title Company Escrow No 4834512 D O C#• 2015024241 Titles: 1 Pages: 4 Loan No Fees 23.00 , Requested by and Taxes 0.00 I WHEN RECORDED MAIL TO. Others 7.00 I PAID $30.00 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 AGREE MENT--____= ------ 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 1st day of April, 2015 by Robert Crouch and Suzanne Crouch, 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 June 10, 2005, Instrument No. 2005-048542 to City of Arroyo Grande as trustee, covering. Lot 25 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, Pages 12 through 15 of Maps, in the office of the County Recorder of said County (APN: 077-128-003) to secure performance under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated June 10, 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 i 4141,500 dated May I2/2015 in favor of \Ne115 Far yi ?Dank NA _, 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 i 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 PER;ON OBLI . , • ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF '1HI -\' • . NDED FOR OTHER PURPOSES THAT IMPROVEMENT OF LAND. - ---ze e---e.---1-,.. ..____ INIgril • Nr 1 Robert Crouch /eo.er-1- / !� leri.'vl C al 1,,yer -et e 79_v. f <Benei�ary Suza . e Crouch (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 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE§ 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached,and not the truthfulness,accuracy,or validity of that document. State of California County of 5a. Lui 5 a6l5/4® 1 • On OS—/ —s}0/5 before me, Ki /'7 be.--/p1 1,)61-ewe.../ / -AIli.. Date ere Insert Name and Title o the Officer - J personally appeared /€0.6&//71— C f// Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(e) is/ace subscribed to the within instrument and acknowledged to me that he/acIthey executed the same in his/he4heir authorized capacity(iee),and that by his/her/their signature(s)on the instrument the person(6), 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. mksi NORTON•209 7. ConMNtsloa•2099108 Signature Notary Public•Mamie g Sig re of Notary Public z r-r % Son lids Obispo County Comm. Yar 2019 Place Notary Seal Above OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: •current Date: Number of Pages: Signer(s) Other Than Na •- Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: ❑Corporate Officer — Title(s): ❑Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑Ger- al ❑ Partner — ❑ Limited ❑General ❑ Individual ❑Attor•- in Fact ❑ Individual ❑Attorney in Fact ❑Trustee ❑ ardian or Conservator ❑Trustee ❑ Guardian or Conservator ❑Other: ❑ Other: Signer Is Representing: _ Signer Is Representing: ©2014 National Notary Association •www.NationalNotary.org • 1-800-US NOTARY(1-800-876-6827) Item#5907 CALIFORNIA ALL-PURPOSE CERTIFICATE OF ACKNOWLEDGMENT A notary public or other officer completing this ' certificate verifies only the identity of the individual who signed the document to which this certificate is attached,and not the truthfulness, -accuracy,-or validity-of-that-document. — - - State of Californi County ofS0M W I s 0 (011310-o On 06- (4' 15 before me, "i-Y'G(A IMa/ Yia2 (notary public) personally appeared Po G-e1/1- C ro u.cit. • } cSU2ct v kie C�uC J 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 which the person(s) acted, executed the instrument. I 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. ,ct" �•%,� TRICIA MARTINEZ .� . +w Commission#2038024 r. � 1 Notary Public 'f:j -`- - rep.:' I California SAN LUIS OBIS COUNTY U 7ff fill Signature (seal) 41W END OF DOCUMENT