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HomeMy WebLinkAboutSubordination Agreement RECORDING REQUESTED BY: TOMMY GONG �' FIR' ST AMERICAN TITLE COMPANY San Luis Obispo County—Clerk/Recorder ASK Recorded at the request of »123/2015 First American Title Company 8:00 AM Order No. Escrow No. 4906314-KL D 0 C#: 20�5059406 Titles: 1 Pages: Loan No. 5 . 111111111111111111111111111111111 Fees 26.00 W Taxes RECORDED MAIL TO: 0.00 Others 7.00 City of Arroyo Grande PAID 0 300 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 16th day of November, 2015 by Matt McElhenie, 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 14,2011, Instrument No.2011-21541 to City of Arroyo Grande as trustee, covering: Legal Description attached hereto as Exhibit"A" to secure performance under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated April 14,2011, in favor of Beneficiary; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $362,200.00 dated November 16,2015 in favor of Golden Empire Mortgage, Inc., dba EquitvReach Mortgage Solutions, 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 ai?ove 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 , _, _ B : /4r ■Nissa.— Di a�tr� lij• `SaYt.. - �_ Benefic•- y M-tt McElhenie - (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 Jam' 6tN Le 4;$ Ok 5/00 ) // • On 11-17- do!S before me, /c%7 nt r-71-ai, 11�'' /Dy4/i G , Date Here Insert Name and Title dllhe Officer - - --=personally appeared - - - Name(s)bf Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(e) is/ere subscribed to the within instrument and acknowledged to me that be/she/tgey executed the same in bie/her/their authorized capacity(i'es),and that by44s/herAlieir signature(s)on the instrument the person( or the entity upon behalf of which the person(e).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. KITTY NORTON COnnMabn 1 2099108 Signature �il fj:t� • Ndry o Pi.$IIC-CrlOrela > nature of Notary Public 0 I Son Luis Obispo County Comm. Ira Mu 9 2019 Place Notary Seal Above OPTIONAL Though_ this section is optional, completing this inform ation can deter alteration of ti document_or _ fraudulent reattachment of this form to an unintended doc t. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than N.• -d Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: ❑Corporate Officer — Title(s): ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ Ge - al ❑ Partner — ❑ Limited ❑General ❑ Individual ❑Attorn=- in Fact ❑ Individual ❑Attorney in Fact ❑Trustee ❑ G - dian or Conservator ❑Trustee ❑ Guardian or Conservator ❑Other: ❑ Other: Signer Is Repre - ting: Signer Is Representing: ©2014 National Notary Association •www.NationalNotary.org • 1-800-US NOTARY(1-800-876-6827) Item#5907 CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT 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 )SS COUNTY OF San Luis Obispo ) _ r On An)U67 la', 20 before me, PI/C-444-61--A-,- HMO , Notary Public,personally appeared Matt McElhenie who proved to me on the basis of satisfactory evidence to be the persori) whose name(,s1 is%subscribed to the within Instrument and acknowledged to me that he/shy executed the same in his/ lr authorized capacity(, and that by his/hrliths4r signature'on the instrument the personcV), or the entity upon behalf of which the personpf acted, executed the instrument. I certify under PENAL, OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand a i o. cial seal. ywunu ; xuuwu�wwru�unw�wuuunnauuxuuuuo�wu4um - ,:-�-•..;� MICHAEL A.LUND COMM.#2095159 z Signature ,, r" V" Notary Public=Californiai ' j s A, San Luis Obispo County i �PAy Comm.Expires Dec.30,2018 E Namemmismaimunimmiitannompining This area for official notarial seal. OPTIONAL SECTION - NOT PART'OF NOTARY ACKNOWLEDGEMENT CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below,doing so may prove invaluable to persons relying on the documents. x INDIVIDUAL CORPORATE OFFICER(S) TITLES) - PARTNER(S) ❑ LIMITED ❑ GENERAL fI ATTORNEY-IN-FACT TRUSTEE(S) I I GUARDIAN/CONSERVATOR _ _ _ __ _ _ __ _ _ _ _ OTHER SIGNER IS REPRESENTING: Name of Person or Entity Name of Person or Entity OPTIONAL SECTION - NOT PART OF NOTARY ACKNOWLEDGEMENT Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. THIS CERTIFICATE MUST BE ATTACHED TO THE DOCUMENT DESCRIBED BELOW TITLE OR TYPE OF DOCUMENT: Subordination Agreement NUMBER OF PAGES DATE OF DOCUMENT October 7, 2015 SIGNER(S) OTHER THAN NAMED ABOVE Reprod ked by First American Title Company 11/2007 - -- - - — 1 Exhibit"A" Legal Description A.P.N.: 007-019-025 -__ _ ___ Real property in the City of Arroyo Grande, County of San Luis Obispo, State of California, described as ___ __ follows: PARCEL 1: Parcel B of Parcel Map AGAL 10-0075, in the City of Arroyo Grande, County of San Luis Obispo, State of California, according to Map recorded October 26, 2010 in Book 74, Pages 48 through 50 of Parcel Maps, in the Office of the County Recorder of said County. Excepting therefrom an undivided 5/12th interest in and to all oil, gas and other hydrocarbon substances produced on said land as reserved by William Quaresma, Joseph Quaresma, Edward Quaresma, Eveline Lovacz, formerly Eveline Quaresma, Ernest Olive and Lucille Olive Simas, in deed dated January 3, 1952 and recorded January 28, 1952 in book 643, page 426 of official records. Said surface rights have been relinquished by certain documents recorded December 29, 1977 in Book 2036, Pages 749 through 752 of official records; recorded January 9, 1978 in book 2039, page 2 of official records and recorded August 17, 1979 in book 2178, page 840 of official records. PARCEL 2: A non-exclusive easement for ingress, egress, private water, sewer, drainage and public utility purposes over those certain portions of Parcel C of Parcel Map AGAL 10-0075 per map filed in Book 74 Pages 48 through 50 of Parcel Maps; Parcel A of Certificate of Compliance recorded April 11, 20 .1 as instrument 2011017722 and Parcel B of Certificate of Compliance recorded April 11,_2011as_instrjment 2011017723__ __ _ as said easement is shown and depicted on Parcel Map AGAL 10-0075 in the county of San Luis Obispo, State of California as per map filed in Book 74 Pages 48 through 50 of Parcel Maps in the office of the County Recorder of said county as "easement for reciprocal ingress, egress, private wter, sewer, drainage and P.U.E. per this map". PARCEL 3: A non-exclusive easement for access, ingress and egress as described in that certain Easement Grant Deed, recorded December 8, 2006 as Document No. 2006086701 of Official Records. Property Address: 205 Grace Lane, Arroyo Grande, CA 93420 END QFDOCUMENT