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HomeMy WebLinkAboutSubordination Agreement RECORDING REQLTSTED Bar'' JULIE ROD FIRST A'iIERICAN TTTLF Cn\TP.'� \Y San Luis Obis o Coin AB p t Clerk/Recorder Order No. Recorded at the request of 2/2012008 Escrow No. First American Title COD 8 :00 AM aD Loan No. p Y u O C # : 2008007907 Tales: 1 Pages: IihIII!iI!I!/j///j//j!j/jj/j/jjjjjijljji WHEN RECORDED MAIL TO: 18.00 rs 0.00 P.O. Box 550 PAID $18.00 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 la. day of t- 10 , by man i e l F. b Ac.e.5 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 _ S Aire" , Instrument No.,3oop oh I to City of Arroyo Grande as trustee, covering: Lot I 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: col -"nip-on to secure performance under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated "JAN 0 - 1 in favor of Beneficiary; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $SS,vw- dated a ia(oR in favor of Pt r.,c Mnme 11o,15c , 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 IMPROVEMENT OF LAND. 7k e Cr Ty A✓✓dYa ` » irk - //�.f BenePiary . vY 7 S AIMS Own- /7 f l� Of e C atik s (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 ;, CALIFORNIA ALL - PURPOSE CERTIFICATE OF ACKNOWLEDGMENT i''.. • State of California 1 County of L i S d.'5 tP 0 lei°y r 36„., 1 1 Ik' - - 9 L I • On 1 NQ 1200$ bef me t ✓t 1 o Pt , e , �^ (Here linen name and title ( the officer) IJ personally appeared 1) yl ;et t- . D i v ke S • • 1 who proved to me on the basis of satisfactory evidence to be the person whose name Is are subscribed to the within instrument and acknowledged to me tha 0 •he /they executed the same i Is er /their authorized I capacityQeSrand that by Is er /their signature $-on the instrument the persoy$s - , or the entity upon behalf of which the person —acte , 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. S HERYL NAIRN my WITNESS m hand and official seal. N ` , Mr Cow Exv. f CoMM. # 1116612 N + .9 NOTANY P cAuFoRm `` RJ COUNIY of $ANTA BAgxAgA — Ee. 11, 2011 ignature of Notary Public (Notary Seat) ' . _. _ ....... .. . .... • �.. . ADDITIONAL OPTIONAL INFORMATION • • • INSTRUCTIONS FOR COMPLETING THIS FORM . Any acknowledgment completed in California must contain verbiage exactly as � DESCRIPTION OF THE ATTACHED DOCUMENT appears above in the notary section or a separate acknowledgment form must be 1!. S I I,_,__ properly completed and attached to that document. The only exception is if a cCboi d n�w.E � • �) -A t vs. document is to be recorded outside of Cal forma. In such instances, any alternative (Title or description of attached do ant) acknowledgment verbiage as may be printed on such a document so long as the verbiage does not require the notary to do something that is illegal for a notary in California (i.e. certifying the authorized capacity of the signer). Please check the (Title or description of attached document continued) document carefully for proper notarial wording and attach this form if required. i'. Number of Pages Document Date • State and County information must be the State and County where the document g signer(s) personally appeared before the notary public for acknowledgment. • Date of notarization must be the date that the signer(s) personally appeared which must also be the same date the acknowledgment is completed. (Additional information) • The notary public must print his or her name as it appears within his or her '., commission followed by a comma and then your title (notary public). I. • Print the name(s) of document signer(s) who personally appear at the time of ' notarization.' CAPACITY CLAIMED BY THE SIGNER • Indicate the correct singular or plural forms by crossing off incorrect forms (i.e. ❑ Individual (s) he /she/they- is /ore) or circling the correct forms. Failure to correctly indicate this information may lead to rejection of document recording. ❑ Corporate Officer • The notary seal impression must be clear and photographically reproducible. Impression must not cover text or lines. If seal impression smudges, re-seal if a • (Title) sufficient area permits, otherwise complete a different acknowledgment form. ❑ Partner(s) • Signature of the notary public must match the signature on file with the office of the county clerk. ❑ Attorney -in -Fact 4. Additional information is not required but could help to ensure this ❑ Trustee(s) acknowledgment is not misused or attached to a different document. ❑ Other r- Indicate title or type of attached document, number of pages and date. • Indicate the capacity claimed by the signer. If the claimed capacity is a corporate officer, indicate the title (i.e. CEO, CFO, Secretary). • Securely attach this document to the signed document 2008 Version CAPA v12.10.07 800 -873 -9865 www.NotaryClasses.com CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT ! n« ����.' � �. 5.! �+ w:+ ��N�C./ �, R: ��.:? e. e. ne .�s�.t.at.,.�i. »<.�n. <.����.' ray.' �.. �. i,. s�. t��i��is�s3t. �.. �. t. �.. �.<.,/ �, e,:? uour ..�.� <.�r,1•.��.,.n�.Aae.�s��t� <.� <.r< State of California k rnia I . County of AO aiS () /SPO ' •' A On ca-1 'I -Od before me, 4 &u '/ We'T' Ccc� . v pa A .i C- , Date Here Insert Name at Trtle of the Officer c personally appeared J E V EIJ AtAYYNS Namets) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose names is/are- subscribed to the within instrument and acknowledged to me that he /stathey executed the same in his/h&c/Ogren authorized capacity(aes), and that by his/heatheir signature(s) on the instrument the person(e), or the entity upon behalf of . , KELLY WEIMORE which the person(s) acted, executed the instrument. _ 5 1 Commission 1 1549739 7,1 Public • I certify under PENALTY OF PERJURY under the laws San My Obispo of the State of California that the foregoing paragraph is Comm. Expires true and correct. WITNESS my h n nd official seal. (�� ��/�/�� Signature v a '44ZOJ tc Place Notary Seal Above ature of otary Pudic 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 W Title or Type of Document: t) Rb/ /v Pen Opi AG ge &I.j r Document Date: 2 - l 2- 06 Number of Pages: c 1 a.0 C Signer(s) Other Than Named Above: 'ANta. 1" • p tgK1G5 Capacity(ies) Claimed by Signer(s) la Signer's Name: _ 74i# ,, A'liAMkS Signer's Name: RP Individual ❑ Individual ❑ Corporate Officer — Title(s): ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General RIGHT 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: f ;� oF4rroyo Mr1 ie ©2007 National Notary Association• 9350 De Soto Ave., PO. Box 2402 •Chatsworth, CA 91313 -2402• www.NabonalNotaryorg Item 115907 Reorder. Call Toll -Free 1- 800 -876 -6827 END OF DOCUMENT