HomeMy WebLinkAboutSubordination Agreement JULIE RODEWAL J AG
San Luis Obispo County — Clerk/Recorder 9/01/2010
Recorded at the request of 9:30 AM
Order No. Title Court Services Inc
Escrow No.
Loan No. D O C # : 2010042481 Titles: 1 Pages: 5
WHEN MAIL TO: 101 11111111111111111111 Others 2 0.00
PAID $26.00
City of Arroyo Grande
214 E. Branch Street
Arroyo Grande, CA 93420
Attn: City Clerk
SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY
N
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 S of s�, 2010 by Ralph W. Willis, 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 November 30, 2009, Instrument No.
2009067538 to City of Arroyo Grande as trustee, covering:
Airspace Envelope No. 27 of Tract 2616 as described on the First Amended
Condominium Plan for Tract 2616, in the City of Arroyo Grande, County of San Luis
Obispo, State of California, as recorded January 11, 2007 in Instrument No. 2007-
002198 of Official Records, in the office of the County Recorder of said County,
together with an undivided 1/61 interest in the undivided interest common areas
and an exclusive easement for storage and parking.
(APN: 007 - 776 -027)
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to secure performance under the Buyer's Occupancy and Resale Agreement with Option to
Purchase, dated November 30, 2009, in favor of Beneficiary; and
WHEREAS, Owner has executed, or is about to execute, a Deed of Trust and note in the sum of
$260,147.00 dated 2010 in favor of CitiMortgage, Inc., 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.
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Beneficia Ral h Wi li
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
•
CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT
State of California
County of San Luis Obispo
On this 0 day of 40 2010,
before me, Sandi Farrell, Notary Public personally appeared
Lp h /A) . t t/L
who proved to me on the basis of satisfactory evidence to be the person
whose name9i)C, e subscribed to the within instrument and acknowledged
to me that 1r shetthey e cuted the same in (fiesithEir authorized
capacity(ies), and that by d , of/their signature(,%) on the instrument the
person(sj, or the entity upon • ehalf of which the person(g) 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.
SIFARRELL Sa di Farrell, Notary Public
4t1 ! 1 Commission • 1890164 S e o• alifornia
' -;' Notary Public - Calif 1 84
i Commission Exp.: June 16, 2014
ce'^% San Luia Obispo County
M Comm. Ex iras Jun 16, 2014
Optional: Description of Attached Document
Title or type of Document: , brate _
Document Date: d /J` /U # of Pages: a ' 02
✓
Signer(s) Other than Named Above: `t o w�—
CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT
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State of California
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County of . )QM 5 ow f O J
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On c�. Date t
before me, �,^/�, ere Ins t
Date /� J Here Insert Name 6n Title of the Officer
personally appeared S - i - a vp.i7 Prd aAm5
Name(s) of Signer(s)
who proved to me on the basis of satisfactory evidence to
be the persons) -whose named is /we subscribed to the
within instrument and acknowledged to me that
he /shekhey executed the same in his/her,'tAeir authorized
capacity(ias), and that by his/herkFxtir signature($) on the
, � KELLY WETMOpf instrument the person(s), or the entity upon behalf of
4 �` Commission 1837570 which the person* acted, executed the instrument.
Ji Notary Public - California
1 9?f San Luis Obispo County - I certify under PENALTY OF PERJURY under the laws
Comm. iris Feb 21, 2013 of the State of California that the foregoing paragraph is
true and correct.
WITNESS my ha d .nd official seal.
IL o � --
Place Notary Seal Above Signature ��• ture N ry 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
Description of Attached Document 'y ,,-
Title or Type of Document: Sabot di (61r�1M1✓�
Document Date: O e-5 - 10 Number of Pages: 2-
Signer(s) Other Than Named Above: fZ a l ph L J • Ca l i 5
Capacity(ies) Claimed by Signer(s)
Signer's Name: S - ktAlstN. Signer's Name:
• Individual ❑ Individual
❑ Corporate Officer — Title(s): ❑ Corporate Officer — Title(s):
❑ Partner — E Limited ❑ General RIGHTTHUMBPRINT ❑ Partner — ❑ Limited ❑ General RIGHTTHUMBPRINT
❑ Attorney in Fact OF SIGNER ❑ Attorney in Fact OF SIGNER
❑ Trustee Top of thumb here ❑Trustee Top of thumb here
❑ Guardian or Conservator ❑ Guardian or Conservator
9G Other: (.1 sry NIAAagir ❑ Other:
Signer Is Representing: nit-I__ Signer Is Representing:
n f Pay Gri -Q-
® 2007 National Notary Association• 9350 De Soto Ave., PO. Box 2402 • Chatsworth, CA 91313 -2402 • www.NationalNotaryorg Item 45907 Reorder Call Toll -Free 1- 800 -876 -6827
Order No. 17- 311575
AMEND
Version 2
EXHIBIT "A"
LEGAL DESCRIPTION
THE LAND DESCRIBED HEREIN IS SITUATED IN THE STATE OF CALIFORNIA, COUNTY OF SAN
LUIS OBISPO, C1TY OF ARROYO GRANDE, AND IS DESCRIBED AS FOLLOWS:
A CONDOMINIUM COMPRISED OF:
-PARCEL 1: __
AIRSPACE ENVELOPE NO. 27 OF TRACT 2616, AS SHOWN AND PARTICULARLY DESCRIBED ON
THE FIRST AMENDED CONDOMINIUM PLAN FOR TRACT 2616, RECORDED JANUARY 11, 2007
AS INSTRUMENT NO. 2007- 002198 OF OFFICIAL RECORDS.
EXCEPTING THEREFROM, A NON - EXCLUSIVE EASEMENT FOR ACCESS, INGRESS, EGRESS,
ENCROACHMENT, MAINTENANCE, REPAIR, DRAINAGE, SUPPORT AND FOR OTHER PURPOSES,
ALL AS DESCRIBED IN THE SECOND AMENDED AND RESTATED DECLARATION OF COVENANTS,
CONDITIONS AND RESTRICTIONS ESTABLISHING A PLAN OF CONDOMINIUM OWNERSHIP OF
TRACT 2616 (' DECLARATION"), RECORDED MARCH 7, 2007 AS INSTRUMENT NO.
2007 - 015380 OF OFFICIAL RECORDS.
INRCEL 2:
AN UNDIVIDED 1/61 INTEREST AS A TENANT IN COMMON IN THE UNDIVIDED INTEREST
COMMON AREA AS DEFINED IN THE DECLARATION, REFERRED TO ABOVE, WHICH UNDIVIDED
INTEREST COMMON AREA CONSISTS OF THE REAL PROPERTY DESCRIBED AS LOT 1 OF TRACT
2616, ACCORDING TO MAP RECORDED JULY 19, 2005 IN BOOK 26, PAGES 81 AND 82 OF
MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, INCLUDING ANY
UNDVIDED INTEREST COMMON AREA DULY JOINED THROUGH A DULY AUTHORIZED
DECLARATION OF ANNEXATION PURSUANT TO THE DECLARATION.
EXCEPTING AND RESERVING THEREFROM, AIRSPACE ENVELOPES 1 THROUGH 61 INCLUSIVE,
AND ANY AND ALL IMPROVEMENTS THAT ARE OR WILL BE LOCATED THEREON.
ALSO EXCEPTING AND RESERVING THEREFROM, NON - EXCLUSIVE EASEMENTS FOR ACCESS,
INGRESS, EGRESS, ENCROACHMENT, MAINTENANCE, REPAIR, DRAINAGE, SUPPORT, AND FOR
OTHER PURPOSES, ALL AS DESCRIBED IN THE DECLARATION.
PARCEL 3:
AN EXCLUSIVE EASEMENT FOR STORAGE AND PARKING APPURTENANT TO PARCEL ONE, WHICH
STORAGE AREA AND PARKING AREA ARE DEFINED IN THE DECLARATION, FOR USE AS MAY
BE PERMITTED IN THE DECLARATION.
PARCEL 4:
NON - EXCLUSIVE RIGHTS APPURTENANT TO PARCEL ONE ABOVE, FOR ACCESS, INGRESS,
EGRESS, ENCROACHMENT, MAINTENANCE, REPAIR, DRAINAGE, SUPPORT AND FOR OTHER
PURPOSES ALL AS DESCRIBED IN THE DECLARATION REFERRED TO ABOVE
PARCEL NUMBER(S): 007- 776 -027
Thank you for your order. %W really appreciate your business.
... ..,�,, Vibit-us at our website: www.ncstenders.com --
END OF DOCUMENT