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HomeMy WebLinkAboutSubordination Agreement p=_rk,; U r JULIE RODEWA>ile AB S ; A TITI ` : t 'r' ` d``' San Luis Obispo County— Clerk/Recorder 2124 /2009 c� Recorded at the request of 8:00 AM Order No. / iJIO Cuesta Title Company Escrow No. Loan No. D o C # : 20090 Titles: 1 Pages: 4 T F a e x e e s s 0. by and WHEN Requested ED MAIL TO: Ill Others 0.00 City of Arroyo Grande PAID $0.00 P.O. Box 550 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 thisGe day of February 2009, by the Housing Authority of the City of San Luis Obispo, 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 is taking title subject to a deed of trust, dated February 17, 2005, Instrument No. 2005014637 to City of Arroyo Grande as trustee, covering: Lot 11 of Tract 2505, in the City of Arroyo Grande, County of San Luis Obispo, State of California, according to map recorded August 18, 2004 in Book 24, Page 12,13,14, & 15 of Maps, in the office of the County Recorder of said County (APN: 077- 127 -012) to secure performance under the Buyer's Occupancy and Resaie Agreement with Option to Purchase, dated February 17, 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 $285,000.00 dated February 23, 2009 in favor of the San Luis Obispo County Housing Trust Fund, 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 PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAT IMPR• EMENT OF LAND. 'n^e c 1 '0.4- Pt r rt o 6 v and f M) 't] L.aok � Steven Adams, me- fivalkeolor \ �� k 1i ' itt• h AS Beneficiary Qwner xeastwe % tt or — f tou5 kV} f*V*k o4 -{�< Q (Ai o .{ Scat cui S (ALL SIGNATURES MUST BE ACKN WLEDGED) d b1Sfo 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 : �<, �., � �,.,: �.' rnt ,�- ..J,.cv ✓•v'�a.Y."�C.'�Yr<� < �< ����. 3ia•, �`.,< rt1• �o,. J,. iif�: �C'.: �>vaZT�a>,:a.,:�����a�<�t,�tsti �3L-.�.�:i ��,:�.en State of California /� County of &art hiS 0 430e /, . On 02/ before me, G' �/l t r D e Here Insert Name , and Title of the Officer personally appeared V P / 6f II / � �Qry1 -S Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(e) whose name,(a'J is/are subscribed to the within instrument and acknowledged to me that he/slieltgeyexecuted the same in his/Mr/their capacity{iesr; and that by his/her /theirsignature(e)'on the Commal 0A • l y instrument the person • (s), flat -Cane p (e), or the entity upon behalf of Herr which the person(a)'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 al y 7'/� /f " "'—' Place Notary Seal Above / Signature of Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. DeecriT Type of ce men t: Docume , �/ OK 4 tuL e t // Title orType of Docume� (' /,{ / g Q_r , `L�u Q- A_t d Document Date: o 42O /U / ® Number of Pages: og Signer(s) Other Than Named Above: c . pL'L e llen_ /Yam s Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: ❑ Individual ❑ Individual ❑ Corporate Officer — Title(s): ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General HIGHT THUMBPRINT ❑ Partner — ❑ Limited ❑ General RIGHT THUMBPRINT ❑ Attorney in Fact OF SIGNER ❑ Attorney in Fact OF SIGNER ❑ Trustee To of thumb here ❑ Trustee Top of thumb here ❑ Guardian or Conservator ❑ Guardian or Conservator ❑ Other: ❑ Other: Signer Is Representing: Signer Is Representing: 0 2007 National Notary Association• 9350 De Soto Ave., P.O.Box 2402 *Chatsworth, CA 91313 -2402• www.NationalNotaryorg Item #5907 Rem:ler:Call Toll -Free 1- 800 -876 -6827 CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT c�.. ��.: 3v/ �.< � nt. �`., t. �`.,<; a2; .= �.i s�- i.:3i�3i.:3.:3.:3C� ..,tom- .�<;�t;cifrsi�•.:3.: ?�< w�.�i�rLri� /-.i�: -�� /�� �< �t ��a� .:3. »ti:3f':c�t.- -.�- i.- -.�-<. \< s t.= :.:3i �t /c� State of California San rn / /1 1 County of a�nJ tal6 (fib / oz. [/ On fJ �/.A%/ U % before me, / %'✓ 7� (�d{ / `� N, __ 66ate Here Inserts Naance and Title th iob personally appeared __24°)_,/ /7 /G� % /2 tL I ' /2 /7/<t " / /// . `i • / Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to �.r.r be the person(s) whose name(s) mare subscribed to the -. 0. PAC within instrument and acknowledged to me that I 1. , t t � he/she /they executed the same in Walker/their authorized 1 ° '• % Notaty r,>ao - Cdlomm s �rh� Son tub0l>irpoCouryy capacity(ies), and that by Hisiher /their signature(s) on the My Canon Expires Ai27 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 m yhhan / d official seal L Place Notary Seal Above Signature w . ' Signature . otary Pc /l, OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document /' / Q� Title or Type of Document: 8 2244 /l / f , 1(�1 7 Document Date: d 2/ /'Jt99 Lq �//� Main NuYjbeer of Pages: Signer(s) Other Than Named Above: C ' j ? /.Cil f Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: ❑ Individual ❑ Individual ❑ Corporate Officer — Title(s): ❑ Corporate Officer — Title(s • ❑ Partner — ❑ Limited ❑ General RIGHT THUMBPRINT ❑ Partner — E Limit-• • General RIGHT THUMBPRINT ❑ Attorney in Fact OF SIGNER ❑ Attorney 1 - OF SIGNER ❑ Trustee Top of thumb here ❑ Tr : -e Top of thumb here ❑ Guardian or Conservator • Guardian or Conservator ❑ Other: ❑ Other: Signer Is Representing: Signer Is Representing: .< yw. �.< �w: c: �< �<: r<: i< �< ��.« �<`: cy< ��•< �c: H<. �<: �<. ��;<:. �<:., v<:_ v< ��. c`; s`:« �<:y <.- vc:H<:.� <:� «�<:�<:m<:�<: © 2007 National Notary Association• 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313 -2402• www.NatonalNotaryorg hem *5907 Reorder:Call Toll -Free 1- 800-876 -6827 END OF DOCUMENT