HomeMy WebLinkAboutSubordination Agreement (3) RECORDING REQUESTED BY 2017009314
TICOR TITLE
O+R '.NGE COUNTY BRANCH Tommy Gong
San Luis Obispo - County Clerk-Recorder
- Order No.00441170-007-JC2 02/28/2017 12:35 PM
Escrow No.00441170-007-MM1 Recorded at the request of:
Loan No.1609000000223 PUBLIC
Titles: 1 Pages: 7
Fees: $39.00
Requested by and Taxes: $0.00
WHEN RECORDED MAIL TO: Total: $39.00
i City of Arroyo Grande 'III PRMMl , 1l III
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 5th day of January _, 2017 by Ryan Wilson and
Valerie Wilson, Husband and Wife as Community Property With Right of Survivorship , 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 12/3/2007 , Instrument No.
2007078242 to City of Arroyo Grande as trustee, covering:
Lot 43 of Tract No.2310-2,in the City of Arroyo Grande,County of San Luis Obispo,State of California,
according to the Map recorded May 23, 2006 in Book 28, Page 45 of Maps, In the office of the County
Recorder of said County.
(APN: 077-255-044)
to secure performance under the Buyer's Occupancy and Resale Agreement with Option to
Purchase, dated 12/3/2007 , in favor of Beneficiary; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of
$ 218,449.00 dated c2-a 2-AO/ in favor of CoastHills Credit Union
hereinafterreferred 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
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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.
J0
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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 endo_rsement 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 'ICH M' BE 4:44 D FOR OTHER PURPOSES AT IMPROVEMENT OF LAND.
VA
ed ke _.1.. t/. Ran ilson, Owner
/ 'i! /`Cl' fnas l e/�'
o- i4ryo o t!jra�ek 1
Beneficiary Valerie Wilso , 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
•
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 California
County of San Luis Obispo )
On Z2 —/7 before me, Jose C Martinez, Notary Public
(insert name and title of the officer)
personally appeared tepAu ,9,v27 Go(4564
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.
WITNESS my hand and official seal. rE,PEk JOSE C. MARTINEZ?
V r.,.,� � COMM.#2116534
g. NOTARY PUBLIC-CALIFORNIA G)
24l, SAN LUIS OBISPO COUNTY 0
,, • COMM.EXPIRES JULY 18,2019 j
•
Signature - / /��.,;� (Seal) y v
1
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 j ] Ca /i{v i'GL.
County of 1 Zi Lbf b/5 OO
On[ ]oa—O3—db/7 before me, F 12D )1_t ffhila✓-, ,4e //C
DATE ll J NAME,TITLE OF p il�R-El,"JANE DOE,NOTA PUBLIC"
personally appeared F 1 /QO b�vfi A A . //4C 1/
NAME(S)OF SIGNERS)
who proved to me on the basis of satisfactory evidence to be the
person(s)whose name(s)is/aFe subscribed to the within instrument and
.;., KITTY NORTON acknowledged to me that he/she/xlley executed the•same in,his/leer/their
`- Commission 9 2099808 authorized capacity(ie&) and that by his/hcrftheir signature(&)on the
Public•CsIlfomis
Notu)r instrument the person(e), or the entityupon, behalf. ..of.:which the.;
z t"! Sin���OpUpo CounlK► persons}acted,executed the instrument.
Comm.EzPU s Mu 92018 Y.. :.-...`;
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 Le,�,/
OPTIONAL
Though the data below is not required by law,it may prove valuable to persons relying on the documents and could
prevent fraudulent reattachment of this form.
CAPACITY CLAIMED BY SIGNED DESCRIPTION OF ATTACHED DOCUMENT
[0] INDIVIDUAL
[0] CORPORATE OFFICER SUBORD 0' ATION AGREEMENT
TLE OR TYPE OF DOCUMENT
F ]
TITLE(S)
[0] LIMITED PARTNER(S)
[0] GENERAL PARTNER(S) F ]
NUMBER OF PAGES
[0] ATTORNEY-IN-FACT
[0] TRUSTEE(S)
[0] GUARDIAN/ •NSERVATOR j 1/5/17 ]
DATE OF DOCUMENT
[0] OTHER: [ ]
[ ]
F l F ]
SIGNER(S)OTHER THAN NAMED ABOVE
SIGNER IS REPRESENTING:
NAME OF PERSON(S)OR ENTITY(IES)
[ 1
J 1
[ 1
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 f 1 Crkt-1 WR-P-tk
County of I ] Lk)1S (7)16ISPO
On f 1 1• Ie1 - l-1 before me, f 1 N1EL15SIk ` ekxelfA/ Int O `( PUB C_
DATE NAME,TITLE OF OFFICER-E.('i.,"JANE DOE,NOTARY PUBLIC"
personally appeared[ ] R`f R� V.[1 LS o NJ Rch V AL-ORE W l LS 0 tJ'
NAME(S)OF SIGNER(S)
who proved to me on the basis of satisfactory evidence to be the
person(s)whose name(s) is/are sub c e o e w t In Ins went and
7:7 MELISSA T vv".A acknowledged to me that he/she/t.ey exeutt e-Cyhq'igIe iT s/n 2thelr s.
' y�.'- COMM.#2170262 < authorized capacity(ies) and th by3+'1ti13ri11i 171ttheitmi�gna'ture `oIi t e
� `. NOTARY PUBLIC-CALIFORNIA i ''`;
instrument the person(s), or tl> e> tgs( i¢on�Il� hgl€+c#f ee c-e` the;f
SAN LUIS OBISPO COUNTY I.9 O$(J')(j') a4IJ ase
My Comm.Expire NovEYkM 30,2030 person(s)acted,executed the ins•'i p�ent:
I certify under PENALTY OF PY"Nirr' ' Uri a i g"of" ie State°`
of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signatur: _1I� )_
OPTIONAL
Though the data below is not required by law,it may prove valuable to persons relying on the documents and could
prevent fraudulent reattachment of this form.
CAPACITY CLAIMED BY SIGNED DESCRIPTION OF ATTACHED DOCUMENT
[0] INDIVIDUAL
[0] CORPORATE OFFICER f SUBORDINATION AGREEMENT 1
TITLE OR TYPE OF DOCUMENT
[ ]
TITLE(S)
[❑] LIMITED PARTNER(S)
[0] GENERAL PARTNER(S) I ]
NUMBER OF PAGES
[0] ATTORNEY-IN-FACT
[0] TRUSTEE(S)
[0] GUARDIAN/CONSERVATOR [ 1/5/17 ]
DATE OF DOCUMENT
[0] OTHER: 1 ]
1 1
L_ ]_ [ ]
SIGNER(S)OTHER THAN NAMED ABOVE
SIGNER IS REPRESENTING:
NAME OF PERSON(S)OR ENTITY(IES)
[
[
[
I declare under Penalty of Perjury that the
Page(s) of the Document to which
this statement is attached read(s) as follows
A notary public or other officer completing this certificate verifies only the identity of the individual who
signed the document to which this certificateisattached, andnot the truthfulness, accuracy, or validity of
that document.
State of
County of
On - , before me, -
(here insert name and title of the officer), personally appeared'
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 samein his/her/their
authorized capacity(ies), andthat 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.
WITNESS my hand and official seal.
Signature
(NOTARY)
(SEAL)
•
J
PRELIMINARY REPORT Ticor Title Company of California
.YOUR REFERENCE: 223
LEGAL DESCRIPTION
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF SAN LUIS OBISPO, STATE
OF CALIFORNIA,AND IS DESCRIBED AS FOLLOWS:
Lot 43 of Tract No. 2310-2, in the City of Arroyo Grande, County of San Luis Obispo, State of California,
according to the Map recorded May 23, 2006 in Book 28, Page 45 of Maps, In the office of the County Recorder
of said County.
APN: 077-255-044
CLTA Preliminary Title Report Printed: 11/7/2016 2:41 PM by MV2
IPrelm(DSI Rev.8/15/16) Page 3 Order No.: 00441170-007-MM1-JC2
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