HomeMy WebLinkAboutOcean Oaks LLC (6)
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
City of Arroyo Grande
City Clerk
214 East Branch Street
Arroyo Grande, CA 93421
__ _ - __
JULIE RODE' `LD meL
San Luis Obispo~unty-Clerk/Recorder 12/28/2005
Becortled at the regeest of 2:22 PM
Public
0 o c # : 2005108001 Tai.B: ~ Peoes: 3
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SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY
APN: 007-771-072
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY
INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER
PRIORITY THAN AN OPEN-SPACE EASEMENT AGREEMENT.
This SUBORDINATION AGREEMENT is made this ~~i'~ day of 2ce,,.~' ,
2005, by OCEAN OAKS LLC, present owner of the land hereinafter described (hereinafter
referred to as "Owner'), and FIRST BANK OF SAN LUIS OBISPO, a banking and lending
corporation (hereinafter referred to as "Beneficiary)".
WITNESSETH
WHEREAS, Owners own certain real property located at 579 Camino Mercado in the
City of Arroyo Grande, State of California, and legally described in Exhibit "A" attached hereto
and incorporated herein by this reference (hereinafter referred to as the "Property"); and
WHEREAS, Owners have executed and recorded two (2) respective Deeds of Trust
dated June 16 and June 20, 2005 (hereinafter referred to as the "Deeds of Trust") and
identified as San Luis Obispo County Document Numbers 2005-058948 and 2005-058950,
encumbering the Property, in favor of Beneficiary; and
WHEREAS, Owners and Beneficiary desire that said Deeds of Trust be subordinated in
favor of an open-space easement agreement described as Open-Space Easement Agreement
(hereinafter described as "Open-Space Easement Agreement"), which shall be later recorded.
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties
hereto and for other valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, it is hereby declared, understood, and agreed that said Deeds of Trust shall
unconditionally be and remain at all times subordinated to the Open-Space Easement
Agreement.
t.
.~
IN WITNESS WHEREOF, this Subordination Agreement shall be deemed made as of
the date first set forth above.
OWNERS:
GARY, OU
MANAGING MEMBE ,
OCEAN OAKS LLC.
BENEFICIARY:
STATE OF CALIFORNIA )
ss.
COUNTY OF SAN LUIS OBISPO
O j~ -~Z 2005, before me,
~ivw J- ~ (s~~ ~f/>TZ.,~u >~.L,l,~ personally appeared GARY YOUNG,
pers Wally knownn tom ((' ) to be
the person whose name is subscribed to the within instrument and acknowledged to me
that he executed the same in his authorized capacity, and that by his signature on the
instrument, the person or the entity upon behalf of which the person acted executed the
instrument.
WITNESS my hand and official seal AMV J. OLSON
Commission # 1389134
z ti ~ Notary Public - CaII(ornla _~
Riverside County
Signature G Myc«rx,,,F,~r~~l~,~
STATE OF CALIFORNIA
ss.
COUNTY OF SAN LUIS OBISPO )
On UfLIEnBE'~ as"~ 2005, before me,
JgrES /NUazl~.l. H40~ NuTARy A~e~~~ personally appeared
G,45EV /+pPE~~ ,, personally known to me (or proved to me on
the basis of satisfactory evidence) to be the person whose name is subscribed to the
within instrument and acknowledged to me that he executed the same in his authorized
capacity, and that by his signature on the instrument, the person or the entity upon
behalf of which the person acted executed the instrument.
WITNESS my hand and official seal
,YIM{ MMII IMOE
CawnYMon i 1Mit10
~r ner • eaMara
~snurc~roocw~+lr
M1rCo~wrl.~rr~ra.
Signature M %h"~hl ~h~--
L.
Exhibit A
Legal Description.
.~
Real property in the City of Arroyo Grande, County of San Luis Obispo, State of
California, described as follows:
Lot 1 of Tract 2616, in the City of Arroyo Grande, County of San Luis Obispo, State of
California, according to map recorded July 19, 2005 in Book 26, Pages 81 through 82 of
Maps.
APN: 007-771-072
END OF DOCUMENT