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Home My WebLink AboutSubordination Agreement (2) • RECORDING REQUESTED BY FIRST AMERICAN TITLE JULIE RODEWALD LO q W l San Luis Obispo County — CIerWRecoser 3/25/2008 Order No. 3 -! Recorded at the request of 8:00 AM Loan No. . Escrow First American Title Company 00 C #: 2008014684 Tales: 1 Pages: 4 T F a e x e e s s wH C i ty R Arroyo Grande I Others 0.00 P.O. Box 550 PAID Arroyo Grande, CA 93420 $18.00 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. d THIS AGREEMENT, made this .5 day of (YWCA , by Jose Camacho and Maria Leon, 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 September 25 2007, Instrument No. 2007064947 to City of Arroyo Grande as trustee, covering: All that certain land situated in the State of California, County of San Luis Obispo, City of Arroyo Grande, described as follows: LOT 46 OF TRACT NO. 2310 -2, 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 (APN:077- 255 -047) to secure performance under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated September 25` 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 $248,074 dated 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. cArcza Sr Ent Prbp. C, TytkANR &CR CAT y of ARRoyo GRANDE Beneficiary o CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT - T. t: TN- •R?'.:?i.: ?<.�'>- �'\�2.1 -'v. rf.l2.�c�<.ri, --�< fE „�T. L.:'�>.:.T�< 1< rti� :7>.:7>�<�s�. <n�'?>.:7L.�c�. <. \Y�>�'�f�•pg>r.3> A a>.a�<.�f .r�a�: -3 Na</�.3 y3 State of California (� County of SAN h tSF° On 3/3/08 before me, kru- y 0)e-- oa J71h1 't SL I , Date n Here Insert Name a, • itle of the Officer personally appeared S �ataci / fb4 S Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the persons) whose name(e) 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/herJtheic signature(e) on the . KEU.YWETMORE instrument the person(s), or the entity upon behalf of �!�`� Caombton N 1509739 which the person(e) acted, executed the instrument. :; ,'' ::, NYf'obrc- Caaanlia �r M � 5anlur °Cp�V I certify under PENALTY OF PERJURY under the laws Comm. Expos Fob 3' of the State of California that the foregoing paragraph is true and correct. WITNESS my ha • :nd official seal. Signature .�. / /AIL_ Place Notary Seal Above a e n Are of Notary Pu• is 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 �i Title or Type of Docume t bo bi hT / 0YJ A (;re rA cA } l / Document Date: 5 — os Number of Pages: (Whirl” Pick - CP TS) Signer(s) Other Than Named Above: -J OSE CAMACho wp A l{{ Capacity(ies) Claimed by Signer(s) Signer's Name: 5 7EUe INAp k 5 Signer's Name: ❑ Individual ❑ Individual ❑ Corporate Officer — Title(s): ❑ Corporate Officer— Title(s): ❑ Partner — ❑ Limited ❑ General RIGHT THUMBPRINT ❑ Partner — ❑ Limited Ill 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: C I t y rylpsdukGcK ❑ Other: Signer Is Representing: 7 Signer Is Representing: ec)F AR RN BRAN 0 2007 National Notary Association • 9350 De Soto Ave., PO. Box 2402 • Chatsworth, CA 91313- 2902• www.NationalNotary.org Item 45907 Reorder: Call Toll- Free 1- 800 -876 -6827 CALIFORNIA ALL - PURPOSE ACKNOWLEDGEMENT STATE OF California )SS COUNTY OF On — 7 - ?-60 before me, 111/6e , w` , Notary Public, personally appeared ri Le rm 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. 1 certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my ha d G official seal. . $ Y WHISENAND E N o COMM. # 1487673 < Signature � - Notary Public- Cairfornk t \rj t7 unty Lu My Co Commof San. May is 4 Obts 2l This area for official notarial seal. OPTIONAL SECTION CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the documents. INDIVIDUAL n CORPORATE OFFICER(S) TITLE(S) n PARTNER(S) ❑ LIMITED ❑ GENERAL En ATTORNEY -IN -FACT 1 1 TRUSTEE(S) Q GUARDIAN /CONSERVATOR n OTHER SIGNER IS REPRESENTING: Name of Person or Entity Name of Person or Entity OPTIONAL SECTION Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. THIS CERTIFICATE MUST BE ATTACHED TO 49121 THE DOCUMENT DESCRIBED BELOW BE TITLE OR TYPE OF DOCUMENT: Q L>4 t YLCI Z an L R� NUMBER OF PAGES L DATE OF DOCUMENT / J , 2 - 3 - 0 ? l SIGNER(S) OTHER THAN NAMED ABOVE j (n - _ Q dc) 6rAno(-Q.__ Reproduced by First American Title Company 11/2007 END OF DOCUMENT