HomeMy WebLinkAboutSubordination Agreement RECORDING REQUESTED BY: , JULIE RODEWALbi LO
Fidelity National Title Company San Luis Obispo County— Clerk/Recorder l
Recorded at the request of 1U 0 /2 M 7
AND WHEN RECORDED MAIL TO Fidelity Title Company 8:00 AM
City of Arroyo Grande
C/0 City Clerk D 0 C # : 2007068877 Titles: 1 Pag 7
P.O. Box 550
Taxes
Arroyo Grande, CA. 93420 I///IIII//II/IIIII/I!!I/I/II/IINhIII//II/I Tate s 0000
Escrow No.: 07 4ee6YYI1I 5K PAID $25.00
Locate No.:
Title No.: 07 ISSUU69LN grp3SO0?74v
SPACE ABOVE THIS LINE FOR RECORDERS USE
Re- record Subordination Agreement to correct the date and amount of deed of trust to which subordination is made.
THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION
(Additional recording fee applies)
(recoverch)(10 -04)
`-' JULIE RODEWAL -d IN
San Luis Obispo County- Clerk/Recorder 8117/2007
Recorded at the request of 4:26 PM
Order No. Public
Escrow No.
Loan No. D o C # : 2007056529 Titles: 1 Pages: 4
Fees 16.00
Requested by and Taxes 0 0
WHEN RECORDED MAIL TO: Others 12.00
City of Arroyo Grande PAID $28.00
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 this day of August 17, 2007, by Glen E. & Kenny Lee Fairfield, husband
and wife, 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 10. 2005, Instrument No. 2005 -048558 to
City of Arroyo Grande as trustee, covering:
Lot 46 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 -026)
to secure performance under the Buyer's Occupancy and Resale Agreement with Option to
Purchase, dated June 10. 2005, in favor of Beneficiary; and
$270,259.00
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of -$26575139
1 0 -9 -07 date in favor of Wells Fargo Bank, N.A., 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 THAN IMPROVEMENT OF LAND.
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c1LEN G• 1 >:
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STF•YENI RbRIMS GTU MA,J n' a �'�Il
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Beneficiary / Owner Lee, Fa! -Fie d
City of Arroyo Grande
(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
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executed the same in- his/her /their authorized capacity(ies), and that by. ia/ker /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 seal.
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END Of DOCUMENT