HomeMy WebLinkAboutSubordination Agreement (2) = 2.0 16021092
Recording Requested By
gr er(FT$.National Title y Gong - County Clerk-Recorder
Escrow No. 05/11/2016b08:00 AM
Loan No.
FIDELITY at TITLE request of
Titles: 1 Pages: 4
Requested by and Fees: $0.00
WHEN RECORDED MAIL TO: Taxes: $0.00
Total: ,0.00
City of Arroyo Grande 'III tliffeliOreii,ipiirjE I
300 E. Branch Street,
Arroyo Grande, CA 9 3420
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 29thday of April , 2016 by Richard K. Hinckley and Toni G.
Hinckley, 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 4/19/2005 , Instrument No. 2005-031456
to City of Arroyo Grande as trustee, covering:
Lot 39 of Tract 2505, in the City of Arroyo Grande, County of San Luis Obispo,
State of California,according to map recorded August 18, 20004 in Book 24, Pages
12, 13, 14 and 15 of Maps, in the office of the County Recorder of said County
(APN: 077-128-017)
to secure performance underthe Buyer's Occupancy and Resale Agreement with Option to
Purchase, dated January 12,2005, in favor of Beneficiary; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of
$323,453.00 dated May 05, 2016 in favor of United Wholesale Mortgage, 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
^ j
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.
71. �. 7
D Ian n e Or lo S 0-L. Richard K. Hinckley
-
el 0 r VOyoGfr-ezr l J
Beneficary oni G. Hinckl y LAA/413
(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
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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 G'a//''Dv .',IGZ..
County of 54t4 444;45 0014/5/9D
On Dy- Al- o;D/(p before me, C t,/ "),"74e , Notary Public,
(here i ert
name and title of the officer)
personally appeared D 1 Q4 h£ -7 h ors.,"GYL.
who proved to me on-the basis of satisfactory evidence tote-the person(e)-whose name(.) is/ace-subscribed-to-- _ -_ - -
the within instrument and acknowledged to me that 44e/she/they executed the same in kris/her/t eic authorized
capacity(,ise), and that by lais/her/their signature(e) on the instrument the person furor the entity upon behalf of
which the person( 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 cial seal.
.720) (Seal)
Signature
KITTY NORTON
:;' ? Commission/209980/
Nowt Public•.COMMA
�r r :mom Opo o M Co n
019
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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 `rp1*3•
County of SY\ Lv's $: 13 Sty
On /i111A 'S, 20 t 6 before me, �` MA-An I, S , Notary Public,
1 , (here insert name and title of the officer)
personally appeared_ I �<<�ra+� K Hwv-Y4e-i
•
who proved to me on the basis of satisfactory evidence to-bethe person(s)whose na nAars(are subscribed-to
the within instrument and acknowledged to me that %ale/they executed the same in hIsIttedtheir authorized
capacity( ), and that by Rielher/their signaturets.1 on the instrument the personj), 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 official seal.
(Seal)
Signature
STEVE MATHIS
Commission#2030045
7c- ; J Notary Public-California
z TS'` San Luis Obispo County D
My Comm.Expires Jun 21_2017 C
END OF DOCUMENT