HomeMy WebLinkAboutSubordination Agreement Recording Requested By JULIE RODEWL_ DO
San Luis Obispo Coun Clerk/Recorder 12/30/2009
Fidelity National Title Recorded at the request of 8:00 AM
Fidelity Title Company
Order No. L 02:Die
Escrow No. 4001 O3171 fo ^fig Doc # : 2009071424 Tines: 1 Pages: 6
Loan No. Fees
by and
Taxes
WHEN S RECORDED MAIL TO: I 11111111111111111 Others 0.00
PAID $23.00
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.
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THIS AGREEMENT, made this /8 of Deet - /zv by evin Ross and Heather D. Ross,
husband and wife. as community property with right of survivorship, 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 April 1, 2008, Instrument No. 2008017348, to
City of Arroyo Grande as trustee, covering:
Lot 45 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.
(APM:6t atS 4G)
to secure performance under the Buyer's Occupancy and Resale Agreement with Option to
Purchase, dated April 1. 2008, in favor of Beneficiary; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of
$226,000.00 dated T>.c ad, a noel in favor of Wells Fargo Bank. NA, 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 and 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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(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
State of California
County of .3 Lids Db /s / a
On /a//80 before me, • & le. 79 o/m
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Bate G t / �J Here Insert Name and Title of the Officer
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personally appeared evert �G//azvh5
Name(s) of Signer(s)
who proved to me on the basis of satisfactory evidence to
be the person(a) whose name(s) is/ace subscribed to the
within instrument and acknowledged to me that
hefsbefthsy executed the same in his/heMlneir authorized
capacity(iss), and that by his/herkkeir signature(*) on the
instrument the person(*); or the entity upon behalf of
,yam which the person($ acted, executed the instrument.
0001111111011 • 17209
16 I certify under PENALTY OF PERJURY under the laws
N_L., 111110 • cans of the State of California that the foregoing paragraph is
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le MM Oe County I true and correct.
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WITNESS my hand and official seal.
Signature 77n
Place Notary Seal Above / /Signature of 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: .J e> ✓ os/cf / h a 776 /'P ein �iT
Document Date: / . //8 /coo 7 Number of Pages: a
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer's Name: - 57f/iGr�. 1 /p a-frn,5 Signer's Name:
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
111 Trustee Top of thumb here ❑ Trustee Top of thumb here
❑ Guardian or Conservator ❑ Guardian or Conservator
❑ Other: ❑ Other:
Signer Is Represents ? : Signer Is Representing:
D� /41./41./41. - 7✓a -n >
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02007 National Notary Association • 9350 De Soto Ave_ PO. Box 2402 • Chatsworth. CA 91313 -2402• www.NationalNotaryorg Item #5907 Reorder:Call Toll -Free 1-800 -876 -6827
ILLEGIBLE NOTARY SEAL DECLARATION
Government Code 27361.7
I certify under penalty of perjury under the laws of the State of California that the notary
seal on the document to which this statement is attached reads as follows:
Name of Notary: /Z / f 7 4. 4 i -i
Name of County: �iekt &r S O 6 /S f 7(
Date of Commission Expires: 3- 9 f - o
Notary Identification Number: / � Z 947,6
(For Notaries commissioned after 1/1/1992)
L-144 '
Steve Worthingtdn
Date: 72h %7
Location: San Luis Obispo, California
•LsanNtimber: o us S2le qua L -I
Document Name: SJgOt \ii eaPcr io-a Ar r eO7 _1
ACKNOWLEDGEMENT
State of: Califomia
County of: ca-- wl s a:4 SPD
On 'bceene 'Z3 2 -a'9 , before me, Michael A. Lund, Notary Public,
personally appeared:
Ke4 u TRGSS A-sJQ It/Ai - r-'r yt'D. 2o5S
who proved to me on the basis of satisfactory evidence to be the person (s) whose
name(s) id/are subscribed to the within instrument and acknowledged to me that
tee/they executed the same in hitter/their authorized capacity(ies), and that by
hi iber/their signature(s) on the instrument the person(s), or the entity upon be half of
which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of Califomia that the
foregoing paragraph is true and correct.
WITNESS my hand and offici- e -
Signature
/ Signature of Notary Public
MICHAEL A. LUND
E; C0�w. R 1713380
alp=: ; � T
) coon. EV. Oa 70, 2010
(Place Notary Seal Above)
Escrow No.: 09- 400103016 -CO %.+ of
Locate No.: CAFNT0940 -0940- 0001 - 0400103016
Title No.: 09- 400103016 -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 45 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.
Amended by Certificate of Correction recorded January 4, 2008 as Document Number 2008000505 of Official Records.
APN: 077-255-046
Exhibit Page - Legal(exhibit)(08 -07)
END OF DOCUMENT