HomeMy WebLinkAboutSubordination Agreement (2) T .f
2016049573
Recording Requested by: Tommy Gong
San Luis Obispo - County Clerk-Recorder
Fidelity National Title Company 09/30/2016 11:29 AM
OrderNo.FSLC-0091600440-DWL Recorded at the request of:
Escrow No.FSLC-0091600440-NC FIDELITY TITLE CO
Loan No.6884391843 Titles: 1 Pages: 6
Fees: $36.00
Taxes: $
Total: 0.0036.00
Requested by and 44pp �j,,� �,
WHEN RECORDED MAIL TO: IIID rl�I ii �I i' 'I II
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 2 day of September , 2016 by Suzanne D. Simpson , 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 21, 2011, Instrument No. 2011030009
to City of Arroyo Grande as trustee, covering:
See Legal Description attached hereto as Exhibit A
(APN: 007-019-033)
to secure performance under the Buyer's Occupancy and Resale Agreement with Option to
Purchase, dated June 21, 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
$311,000.00 dated September 26,2016 in favor of Caliber Home Loans, 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
PE-SON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION
• WHICH AY B NDED FOR OTHER PURPOSES THAT IMPROVEMENT OF LAND.
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=h ev/fry, 'C' �Q
C/ of Mr d a 64LLrde.
Bene iciary Suz_"e D. Simpson
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION
AGREMENT,THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO
r .
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 Ca/i Co✓v, la ,
County of .5a.it /_1415 Ohoi510o
On D9— O7- o2O/Co before me, A.. ' rry /0r-71.0 Notary Public,
,(hhere inserhfame and title of the officer)
personally appeared / c2 a 9 /
vf � . ,n G / ' il
s
who proved to me on the basis of satisfactory evidence to be the person() whose name(a).is/ape
subscribed to the within instrument and acknowledged to me that 14e/she/they executed the same in
his/heath&authorized capacity(ies), and that by his/heritheir signature(e)on the instrument the person(e}
or the entity upon behalf of which the person(st 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.
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(Seal)
Signatur
KITTY NORTON
.::11W--: ComNtsbn.•2099806
`:',4 ' Notary Public-California I
z V PI J SIR lull Obispo County
II_ _ _ _ __M Comm:Frites Mu 9`2019
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Notary Acknowledgment-General Printed: 09.02.16 @ 08:42 AM by AW
SSCORPD1863.doc/Updated: 08.03.16 CA-FT-FSLC-01500.072009-FSLC-0091600440
, i
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 C a- 1 I r n j
County of S On 1- U Is b b a S 1 -0
On Q-Lco-2_0 ( (.D before me, Cl2.+h 0.-19inf"OWI P , Notary Public,
(here insert name and title of the o cer)
personally appeared SIU 2-an f\ L b • s I M P S O.n
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 certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.
WITNES y hand and offici- --al.
�� (Seal)
. Si.W41"
e, ;., CATHARINA ROWLEY
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•
Notary Acknowledgment-General Printed: 09.02.16 @ 08:42 AM by AW
SSCORPD1863.doc/Updated: 08.03.16 CA-FT-FSLC-01500.072009-FSLC-0091600440
r 3
EXHIBIT A
Order No.: FSLC-0091600440
For APN/Parcel ID(s): 007-019-033
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF ARROYO GRANDE,
COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA AND IS DESCRIBED AS FOLLOWS:
PARCEL A:
PARCEL A OF CERTIFICATE OF COMPLIANCE FOR LOT LINE ADJUSTMENT NO. 10-004,
ACCORDING TO DOCUMENT RECORDED APRIL 11, 2011, AS INSTRUMENT NO. 2011017722, OF
OFFICIAL RECORDS IN THE OFFICE OF THE SAN LUIS OBISPO COUNTY RECORDER AND
MORE PARTICULARLY DESCRIBED AS FOLLOWS:
A PORTION OF PARCEL A OF PARCEL MAP AGAL 10-0075 IN THE CITY OF ARROYO GRANDE,
COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP FILED OCTOBER
26, 2010 IN BOOK 74 OF PARCEL MAPS AT PAGES 48 THROUGH 50, IN THE OFFICE OF THE
COUNTY RECORDER OF SAID COUNTY DESCRIBED AS FOLLOWS:
BEGINNING AT THE MOST NORTHERLY CORNER OF PARCEL A OF PARCEL MAP
AGAL-10-0075, SAID POINT BEING WITNESSED BY A 5/8" REBAR MONUMENT WITH CAP"LS
5693"; THENCE
1) SOUTH 35°37'20"WEST ALONG THE NORTHWEST LINE OF SAID PARCEL A A DISTANCE OF
63.16 FEET; THENCE
2) SOUTH 36°34'36" EAST ALONG THE SOUTHWEST LINE OF PARCEL A A DISTANCE OF 50.13
FEET; THENCE
3)SOUTH 67°44'43" EAST ALONG THE SOUTHWEST LINE OF PARCEL A A DISTANCE OF 33.41.
FEET TO THE MOST SOUTHERLY CORNER OF SAID PARCEL A BEING WITNESSED BY A PK
NAIL&TAG "LS 5693"SET IN PAVEMENT IN LIEU OF A 5/8" REBAR WITH CAP STAMPED "LS
5693" PER PARCEL MAP AGAL 10-0075; THENCE
4) NORTH 48°38'33" EAST A DISTANCE OF 68.01 FEET TO A POINT ON THE NORTHEAST LINE
OF PARCEL A WHICH BEARS SOUTH 51°41'04" EAST 95.66 FEET ALONG SAID LINE FROM THE
MOST NORTHERLY CORNER OF SAID PARCEL A; THENCE
5) NORTH 51°41'04"WEST ALONG THE NORTHEAST LINE OF SAID PARCEL A A DISTANCE OF
95.66 FEET TO THE POINT OF BEGINNING.
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.
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EXHIBIT A
(continued)
PARCEL 2:
A NON-EXCLUSIVE EASEMENT FOR INGRESS, EGRESS, PRIVATE WATER, SEWER, DRAINAGE
• AND PUBLIC UTILITY PURPOSES OVER THOSE CERTAIN PORTIONS OF PARCELS B AND C OF
PARCEL MAP AGAL 10-0075 PER MAP FILED IN BOOK 74 PAGES 48 THROUGH 50 OF PARCEL
MAPS AND PARCEL B OF CERTIFICATE OF COMPLIANCE RECORDED APRIL 11, 2011 AS
INSTRUMENT 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
WATER, 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.
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END OF DOCUMENT