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Home My WebLink AboutSubordination Agreement IN1 L» 5y �. JULIE RODEW AB fideLrh J i . V�; �W)� I -God I San Luis Obispo County— Clerk/Recorder 8/24/2010 (f Recorded at the request el 8:00 AM Fidelity Title Company Order No. �� !v Escrow No. woo I tY qo _ (9) D 0 C # : 2010040722 Titles: 1 Pages: 5 Loan No. N 0.00 Requested S WHEN RECORDED MAIL TO: 101 1111110 I Ill11 I I II Others 2 0.00 PAID $28.00 City of Arroyo Grande 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 nit day of 3 UN E , by Kevin Dale Reimer and Kathy Lynn Reimer. husband and wife as joint tenants, 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 December 28,2006, Instrument No. 0016008,6.0, to City of Arroyo Grande as trustee, covering: 2007000863 Lot 54 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 corrected by that Certificate of Correction recorded January 4, 2008, as Instrument No. 2008000505, of Official Records. (APN: 077-255-055) to secure performance under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated December 28,2006, in favor of Beneficiary; and WHEREAS, Owner h s executed, or is about to execute, a deed of trust and note in the sum of $256.000.00 dated ni.,Ot 11. y /l 0 in favor of Wells Fargo Bank, N.A., hereinafter referred to as "Lender", payable with irYl 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. / f/ 8P itirt v : � V &t4adt / 1/hGy /or.. , 54-04 Rdasn Cs4 /*W tllgl4 rife' Mafhy /fan 4imer Beneficiary Owner (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 - 3� ?�,Y'.� -� �� •.:��?.��.Pai.:'��.�<.nt.r� 3?:e � � «v:��vii= �t- ::Cti�a4�✓i<.�tA <,�.,�L.��. 3. ate¢ w��. �.�i� �� #�a.�s� State of California / _ County of //Sam c5 O61 SpO . 1 t 1 On (9 "t -• it before me, f gtaj I WQ prc rJd `4i �obIrc Date c 1..'_ Here Insert Na and Title of the O fh r S personally appeared ±vvt r f*'c4gwnS Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(e) whose name(a) is/afe subscribed to the within instrument and acknowledged to me that he /she/they executed the same in his/her/their authorized capacity(iee), and that by his/her/their signature(s) on the ItElly - instrument the person(e), or the entity upon behalf of *Sr . 1837570 which the person(is) acted, executed the instrument. Corbin • • 3 • Mealy Public • California \= - ./ BriLoN OblyoCOPS – I certify under PENALTY OF PERJURY under the laws Cwim. -_ rsb21 01 of the State of California that the foregoing paragraph is true and correct. WITNESS my han a d official seal. ` Signature �— Place Notary Seal Above Sig re of Notary 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 d Title or Type of Document: n Su rdi raft vi— 1 fe `)r-2 Document Date: - —/ - t O Number of Pages: °1 D Signer(s) Other Than Named Above: (G.P/t/tr1 bah Pa ;Isar Y 4, Lynn f n r Capacity(ies) Claimed by Signer(s) 7 Signer's Name: St )t t' Rc s Signer's Name: Individual ❑ Individual ❑ Corporate Officer — Title(s): ❑ Corporate Officer — Title(s): ❑ Partner —❑ Limited ❑ General RIGHT THUMBPRINT RIGHT Partner —❑ Limited El 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 R eeenting: Signer Is Representing: © 2007 National Notary Association • 9350 De Soto Ave., P.O. Box 2902 • Chatsworth, CA 91313 -2902 • www NationalNotary.org Item #5907 Reorder: Call Toll -Free 1- 800 -876 -6827 CALIFORI*A ALL- PURPOSE ACKNOWLEDGEMENT STATE OF CALIFORNIA ) COUNTY OF S C4-441 61/9C) ) On Aw 18 I ZPIU before me, (" "� ^ ).‘ DATE INSERT NAME, TITLE OF OFFICER - E.G.., "J PUBLIC personally appeared, rEti1• R LiMtI ARID ' " "' / LyNAJ 2 aiNEt, , who proved to me on the basis of satisfactory evidence to be the personjwhose namfa is/ &subscribed to the within instrument and k e nowledged to me that he/she /they waited the same in his /her /�ie' authorized capacity(), and that by his/her /tli turon the instrument the person(3 or the entity upon behalf of which the person jcted, 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. c ^� M. K GHIGLIA �'fr fra COMM. #1703944 m 71'2^ Malty PubOoCaNemis e 41- ■__AAWWII�, \�'. , SAN WI60lISPO COUNTY SEAL - -- Mr COM. Exp. Go 7,Tom NOTARY P IC SIGNATURE ( ) • OPTIONAL INFORMATION THIS OPTIONAL INFORMATION SECTION IS NOT REQUIRED BY LAW our MAY BE BENEFICIAL TO PERSONS RELYING ON THIS NOTARIZED DOCUMENT TITLE OR TYPE OF DOCUMENT ( Sid , are . ✓ ✓..y DATE OF DOCUMENT NUMBER OF PAGES SIGNERS(S) OTHER THAN NAMED ABOVE SIGNER'S NAME SIGNER'S NAME RIGHT HNMBPRNT RIGHT THUMBPRINT For readers or refills, call Scha -Wry Enterprises at 1- 888 -273 -8778. Escrow No.: 10- 400103593 -CO �' ".r' Locate No.: CAFNT0940- 0940 -0001- 0400103593 Title No.: 10- 400103593 -RB EXHIBIT "A" THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF ARROYO GRANDE, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: Lot 54 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 corrected by that Certificate of Correction recorded January 4, 2008, as Instrument No. 2008000505, of Official Records. APN: 077-255-055 END OF DOCUMENT Exhibit Page - Legal(exhibit)(08 -07)