HomeMy WebLinkAboutSubordination Agreement (2) JULIE RODEWP I SN
RECORDING REQUESTED BY: ■•' San Luis Obispo Cos,¢ — Clerk/Recorder 5/03/2007
Cuesta Title 8:00 AM
Recorded at the request of
Cuesta Title Company
WHEN RECORDED MAIL TO:
City of Arroyo Grande, a municipal D 0 C # : 2007030183 T itles: 1 Pages:
5
PO Box 550
Arroyo Grande, CA 93421 11 II 1111111 II 11111 I I I I
Others hes 1 0.00 0.00
APN 077,127,012
ORDER NO. b7200171 — GA PAID $19.00
ESCROW NO. b7200171 - EG SPACE ABOVE THIS LINE FOR RECORDER'S USE
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 April 5, 2007, by Alfonso A. Vargas and Alejandra Vargas, husband and wife as joint
tenants, owner of the land hereinafter described and hereinafter referred to as "Owner ", and City of Arroyo Grande, a
municipal , present owner and holder of the deed of trust and note first hereinafter described and hereinafter
referred to as "Beneficiary";
WITNESSETH
THAT WHEREAS, Alfonso A. yargas and Alejandra Vargas, husband and wife as joint tenants, did execute a deed
of trust, dated February 17, 2005Fo City of Arroyo Grande as trustee, covering:
Lot 11 of Tract Map No. 2505, Jasmine Place, in the City of Arroyo Grande, County of San Luis Obispo, State of
California, according to map recorded August 18, 2004 in Book 24, Pages 12 through 15, inclusive of Maps.
Aztec -t o go z (2 Sloes ezoos 3
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of not to exceed
$325,300.00, dated April 20, 2007, in favor of Wells Fargo Bank, N.A..
WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall
unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien
or charge of the deed of trust first above mentioned; 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
tie lien or charge of the 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 fast above mentioned.
(CLTA SUBORDINATION FORM °A ")
(EXISTING DEED OF TRUST TO NEW DEED OF TRUST)
Page 1 of 3
NOW, THEREFORE, in consideratif the mutual benefits accruing to the parties h'reto 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 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 shall supersede and cancel, but only insofar as would affect the priority between the deeds of trust hereinbefore
specifically described, any prior agreement as to such subordination including, but not limited to, those provisions, if
any, contained in the deed of trust fast 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 approves (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 inconsideration 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 note secured by 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 THAN IMPROVEMENT OF THE LAND.
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE
PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.
Owner: Beneficiary
City of Arroyo Grande, a municipal
Alfa s. e gas
By:
Alej. V Vargas
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
(CLTA SUBORDINATION FORM "A ")
(EXISTING DEED OF TRUST TO NEW DEED OF TRUST)
Page 2 of 3
NOW, THEREFORE, in consideratiolvef the mutual benefits accruing to the parties h&�elo 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 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 shall supersede and cancel, but only insofar as would affect the priority between the deeds of trust hereinbefore
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 approves (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 inconsideration 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 note secured by 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 THAN IMPROVEMENT OF THE LAND.
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE
PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.
Owner: Beneficiary
ity nf.,Srr'oyo Grande, a municipal
By: I e.
Alfonso A. Vargas v: . e rns ti • qN p E�
J
By:
Alejandra Vargas
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
(CLTA SUBORDINATION FORM "A ")
(EXISTING DEED OF TRUST TO NEW DEED OF TRUST)
Page 2 of 3
`/ � 1
STATE OF CALIFORNIA }
} SS.
COUNTY OF ..3 `/ /!( (9/1/99O
On Apr' / , 26 � 20o7 before me, Le-17c,« JGl ✓/ S i 4 Way(,/ 4bjb.
n (here insert name and d title o the officer)
personally appeared "/ l �O/9 sd t7 / /
(or 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 iniiislher /their
authorized capacity(ies), and that by,histherftheir signature(s) on the instrument the person(s), or the entity upon
behalf of which the person(s) acted, executed the instrument. LETICIA DAMS
n � COMM. #1650683 >
i ntifixti , WITNESS my hand and official seal. a ' A� NOTARY
LOTS ORCGO COUNTY
A
1 yrrt: r My Comm. Expires MAR. 11, 2010 ■
SignatureA 4,4,,0; (This area for official notarial seal)
STATE OF CALIFORNIA
}SS.
COUNTY OF
On before me,
(here insert name and title of the officer)
personally appeared
personally known to me (or 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.
WITNESS my hand and official seal.
Signature (This area for official notarial seal)
(CLTA SUBORDINATION FORM "A ")
(EXISTING DEED OF TRUST TO NEW DEED OF TRUST)
Page 3 of 3
CALIFORNIAALL- PURPOSE ACKNOWLEDGMENT
O.A _ A4 --n.- _ H: g.9.0 W..O _ -iT..9 �s. - i.�.9. 9.. 9 B �0 0. 0. OVA.. _ v • Y'
State of California
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l n County of S r"f 0 La( 0 (52o ss ;
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On A I ° 3O -O 1 , before me, 'Kali LOET YNDRE NO e�
Date lame and Title of Officer (e.g.. " Doe. Notary bllc")
S vEl/ A-61+ -ill 5 ,I
F personally appeared 'sl
g Names) of Signer(s) !t C�ersonally known to me ,I
's,
k ❑ p to me on the basis of satisfactory I
evidence yl
,l
to be the person(s) whose name(s) is /are s
l .., KELLY WETMORE
subscribed to the within instrument and ''
: , ' 171`: ComnWsbn x 154#»9 acknowledged to me that he /she /they executed yl
I ii <�"fi NoloiPublc - Cawonlu the same in his /her /their authorized yi
'rT, San tub ObipoCounly capacity(ies), and that by his /her /their s
'' MY COMM ectkos Feb 3, signature(s) on the instrument the person(s), or ?I
g the entity upon behalf of which the person(s) g
acted, executed the instrument. sI
i yl
WIT NE hand and official seal.
Place Notary Seal Above l � gl
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OPTIONAL ',I
.$1 it Though the information below is not required by law, it may prove valuable to persons relying on the document s,
and could prevent fraudulent removal and reattachment of this form to another document. 91
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If » Description of Attached Document c I yl
Title or Type of Docu / m J / ent: LL60RA ,J�1 ieEnENT j,
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Signer(s) Other Than Named Above: AtirtoN$(7 A. AND ALE, JANAR4 VAIMA-S y.
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Capacity(ies) Claimed by Signer ,i
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❑ Corporate Officer — Title(s):
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®1999 National Notary Association • 9350 De Soto Ave ., P.O. Box 2402 • Chatsworth. CA 91313-2002 • www.nationalnotery .org Prod No 5907 Reorder: Call toll -Free 1.800- 8766827
END OF DOCUMENT