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HomeMy WebLinkAboutSubordination Agreement JULIE RODEWALD AG San Luis Obispo County-Clerk/Recorder 5/01/2012 Recorded at the request of 1:51 PM Order No. 400105998-RB Fidelity Title Company Escrow No. 400105998-CO Loan No Doc#: 2012023537 Titles: 1 Pages: 4 by and Taxes 0.00 WHEN SRECORDED MAIL TO: /III II/III /III niml Others 20.00 PAID S23.00 City of Arroyo Grande 300 E. Branch Street 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 this26th day of March,2012by Steven D. Allen 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 8/28/2007 , Instrument No. 2007-059483 to City of Arroyo Grande as trustee, covering. Lot 39 of Tract 2310-2 , in the City of Arroyo Grande, County of San Luis Obispo, State of California, according to map recorded 5/23/2006 in Book 28 , Page 45 of Maps, in the office of the County Recorder of said County (APN: 077-255-040) to secure performance under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated 8/29/07, in favor of Beneficiary; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of$211,000.00 dated April 24, 2012 in favor of Wells Fargo Bank , 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. City of Arroyo Grande Bene cia L(/Gi'l aPyi5 O er Steven D. Allen City Manager (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 ti CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT os-vss<xix.os•wki> h w3Gvi_tea•ti w �t-� - _� A. vs w vs vs vs w vs..vs. vs vs. •s. n vs c _o a &-cs es Vs State of California County of SCLK LA(./a5 046i•5/060 Jl / On O45/341/d�/1- before me, /'/7�y �DI�TVt2 /��)D /�c� �G,(1/�� , D le 1 /Here Insert Nemo�d Title of Iho facer,/ personally appeared - 7e4Ve,1 �01• •oa-'2 Namo(s)of Signer(s) who proved to me on the basis of satisfactory evidence to be the personjej'whose name(er is/are subscribed to the within instrument and acknowledged to me that he/st4e4aey executed the same in his/heeitheir authorized capacity(iee), and that by hisAaerkfwir signature(e)-on the instrument the person(s), or the entity upon behalf of which the person(e) acted, executed the instrument. KITTY NOR1ON I certify under PENALTY OF PERJURY under the laws �1�Q Commission# 1924921 7� Notary Public •California � of the State of California that the foregoing paragraph is true and correct. f San Lula Obispo County M Comm.Ex Tres Mar 9.2015 WITNESS my hand and official seal. Signature Plato Notary Seal Above Signature el 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 Description of Attached Document Title or Type of Document: Document Date: Number of Pa.--. Signer(s) Other Than Named Above: Capacity(ies) Claimed by Slgner(s) Signer's Name: Signer's Name: ❑ Individual ❑ Individual ❑ Corporate Officer—Title(s): ❑Corporate Officer-Title(s): ❑ Partner—❑ Limited ❑ = eral RIGHT THUMBPRINT ❑ Partner—CI Limited CI General RIGHT THUMBPRINT El Attorney in Fact OF SIGNER ❑Attorney in Fact OF SIGNER CI Top of thumb here ❑Trustee Top of Ihumb here ❑ Guardian or onservator ❑Guardian or Conservator El Other: ❑Other: Signer Is Representing: Signer Is Representing: HS"<i'M'a,Epl 'a 'a fl 'MS�N'!/S"<i'a,-a, 'NC'd-'b'dC e#CflC"<FS'<i-'d W-'✓ WS flW'tl(Sd _ me e,-'d 'd-W 'a'"b'</ANC'</'N'Y^y"a''d'N 02007 National Notary Association•0350 Do Solo Ave.PO Boa 2402•Chatsworth,CA 01313.2402•www NallonalNataryorg Item 45907 Reordor.CollToll•Freo 1.800.078.8827 CALIFORNIA ALL-PURPOSE CERTIFICATE OF ACKNOWLEDGEMENT State of California County of SCUA WAS Dbifpo On 04 2.5.- /a before me,Tricia Martinez, Notary Public personally appeared 5t eV' D. A(t'e'e ' who 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. 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. r•,--7•4i. TRICIA MARTINEZ /P Commission#1863167 ./ ';:f Ai Notary Public 1 ` '. California ■. Z% ". / SAN LUIS OBISPO COUNTY Y ' MyComriSdan Expires September 17,2013 Signature (Seal) END OF DOCUMENT JULIE RODEWALr R €cording Requested By '-' San Luis Obispo County..61erk/Recorder 1211012009 810 AM Fidelity National Title Recorded at the request of Fidelity Title Company Escrow No. c o c a: 2009067906 Titles: 1 Pages: 5 Loan No. 20.00 WHEN Requested CORDED MAIL TO: I Taxes 0.00 Others 0.00 PAID $20.00 City of Arroyo Grande P.O. Box 550 Arroyo Grande, CA 93420 Attn: City Clerk toot cf7-2e 4 -W 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. ,r THIS AGREEMENT, made this ItD day of NDJBntecR, by Steven D. Allen, 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 August 28, 2007, Instrument No. 2007 059483. to City of Arroyo Grande as trustee, covering: Lot 39 of Tract No. 2310 -2, in the City of Arroyo Grande, County of San Luis Obispo, State of California, according to the Map recorded May 23, 2006 in Book 28, Page 45 of Maps, in the Office of the County Recorder of said County. And as shown on that certain Certificate of Correction recorded on January 04, 2008 as document number 2008000505, in the County of San Luis Obispo, Official Records. (APN: 077 - 255 -040) to secure performance under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated August 28, 2007, in favor of Beneficiary; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $213.000.00 dated Nt1V• lot 2DD4 in favor of Wells Fargo Home Mortgage, 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. S+Atl4n the Nts, Ci �� rte e� — ary ner / STEBEN D. ALLEN (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 ACKNOWLEDGMENT rt r ;,nt �.,:a >.:a..:a.,T�.� e,r <,r.>. �.,:a <�a< t >,r>,T.r>, ».�a: t,:= �s�•,:a> �r�acis�asemreaseat,: nee= 1:, r- .�- Y�t!a >�ar,:i >,:a >,:ae�_s�� State of California County of SO, V`l J )A P In; 5eb ' 1 / eA- On 11 1 1 C.0 i 0 before me, °�Q r J L l - 'u-�( -f J 0 �cts y f J b L, Date f Here Ins Name and Tire of the Officer personally appeared S t?rUL. h �a uvt5 Name(s) of Signer(s) • who proved to me on the basis of satisfactory evidence to be the personwhose name is/$/e subscribed to the within instrument and acknowledged to me that he /sheft ey- executed the same in his/hedtheifauthorized capacity(ies), and that by his/be /their signature(s)• on the KELLY 1METMORE instrument the person(a), or the entity upon behalf of ,'. Commission • 1837570 which the person($ acted, executed the instrument. � Notary Public - California g San Luis Obispo Count Comm. Yes Feb 21, 2013 I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS m han and official seal. Signature l ���� Place Notary Seal Above Si pr fNOta 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 Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Sign- ' ame: ❑ Individual : ndividual ❑ Corporate Officer — Title(s): ❑ Corporate Officer — Title(s): ❑ Partner — 0 Limited ❑ General RIGHT THUMBPRINT ❑ Partner — 0 Limited ❑ General RIGHT THUMBPRINT ❑ 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 ❑ Other: ❑ Other: Signer Is Re. -senting: Signer Is Representing: © 2007 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313 -2402• www.NationalNotary.org Item #5907 Reorder:Call Toll -Free 1- 800 -876 -6827 CALIFORNIA ALL- PURPOSE ACKNOWLEDGEMENT STATE OF CACALIFORNIA , O5 ) • S COUNTY OF M � L ^"" ) �,^ � r On Prt e'- "'►D'$4- k(' ` me, 1 �- 1' ► / I v Ul?s T I ,, DATE �, ,, INSERT NAME, TITLE OF OFFICER — E.G.., "I E, NOTARY PUBLIC �, personally appeared, �l �� 1D. �� �-�tl� r who proved to me on the basis of satisfactory evidence to be the person whose names) g lire subscribed to the within instrument and acknowledged to a tha he/they executed the same i II her /their authorized capacity{ies$, and that b}her /the r signatur on the instrument the person), or the entity upon behalf of whit the person($ 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. M. K crnGLIA Sr.', comm. 01703944 at ` �. w f (SEAL) NOT PUBLI ATURE OPTIONAL INFORMATION TIES OPTIONAL INFORMATION SECTION IS NOT REQUIRED BY LAW BUT MAY BE BE TO PERSONS RELYING ON THIS NOTARIZED DOCUMENT. TITLE OR TYPE OF DOCUMENT LSIA,P43 PktO)9 ID ti DATE OF DOCUMENT NUMBER OF PAGES SIGNERS(S) OTHER THAN NAMED ABOVE SIGNER'S NAME SIGNER'S NAME RIGIT THUMBPRINT mom ThUMBPANT For reorders or refills, call Scha -Way Enterprises at 1- 888 - 275.8778. Escrow No:: 09- 400102884 -CO Locate No.: CAFNT0940 -0940- 0001 - 0400102884 Title No.: 09- 400102884 -RB EXHIBIT "A" THE LAND REFERRED TO HEREIN BELOW I5 SITUATED IN THE CITY OF ARROYO GRANDE , COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: Lot 39 of Tract No. 2310 -2, in the City of Arroyo Grande, County of San Luis Obispo, State of California, according to the Map recorded May 23, 2006 in Book 28, Page 45 of Maps, in the Office of the County Recorder of said County. And as shown on that certain Certificate of Correction recorded on January 04, 2008 as document number 2008000505, in the County of San Luis Obispo, Official Records. APN: 077-255-040 Exhibit Page - Legal(exhibit)(08 -07) ENDOFDOCUMENT