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HomeMy WebLinkAboutSubordination Agreement -Recording 1,7,:.-42d FIRST A.\L ;1CA1c TITLE CO. - - -- --- Y 2017057074 Order No.4008-5583554 Escrow No.4008-5583554-SSS Tommy Gong San Luis Obispo AM Clerk-Recorder Loan No. Recorded at the request of: FIRST AMERICAN TITLE COMPANY Requested by and Titles: 1 Pages: 5 WHEN RECORDED MAIL TO: Fees: $33.00 Taxes: $0.00 City of Arroyo Grande Total: $33.00 Arroyo E. Branch Street 111111WHISM111111 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 06 day of December. 2017 by Mario Carrilho, as Surviving Spouse, 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 27,2007, Instrument No. 2007065025 to City of Arroyo Grande as trustee, covering: Lot 66 of Tract 2310-2,in the City of Arroyo Grande, County of San Luis Obispo, State of California,according to map recorded May 23,2006 in Book 28,Page 45 of Maps, in the office of the County Recorder of said County; Address: 1308 Glenbrook Way;APN: 077-255-067 to secure performance under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated September 27,2007, in favor of Beneficiary; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $260,000.00 dated December 06.2017 in favor of United Wholesale 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. • 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 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 THAN IMPROVEMENT OF LAND. City of Arroyo Grande C,VD /Ylahqyce. Mario Carrilho J4 S /4. 6w�s•-�.esti� Bene * fj 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 SEE ATTACHED FORM FOR NOTARY CERTIFICATE A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness,accuracy,or validity of that document. STATE OF (AC4Fba"-,49- )SS • • COUNTY OF 03)-2-) wi obchro ) On O? 20 , before me, M�-� —A /''"` , Notary Public, personally appeared • /1-i O ,who proved to me on the basis of satisfactory evidence to be the person(s whose nam0) is/aFe subscribed to the within instrument and acknowledged to me that he/ y executed the same in his/herJeir authorized capacity(ies), and that by his/Fir signaturei on the instrument the person),or the entity upon behalf of which the.person7f acted, executed the ins ment. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS m and and official seal. nmmu mnnmmmmnunnmm�nmm�nnnnnnnmunnmmnmu MICHAEL A.LUND - =1` _ COMM.#2095159 z - " '" Notary Public-California $ San Luis Obispo County = Signature ` :My Comm.Expires Dec.30,2018 mums nnununnnnnmunmmmnnmuunnnnumnuununnumr Ley i • / This area for official notarial seal • • CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CML CODE§ 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached,and not the truthfulness,accuracy,or validity of that document. • State of California- County County of 5,d4A 4-61 5 5 Db )) /� On ic9—D?— bLb/1 before me, /C/ i l "70✓74VL/ 77071 4v11 A/A//c , Date 'Q ere Insert Name and Title of tf—i fficer personally appeared Lj�l'Y!e5 P! . Name(s)ofner(s) who proved to me on the basis•of satisfactory evidence to be the person(s) whose names} is/ace subscribed to the within instrument and acknowledged to me that he/sFie ey executed the same in his/her/their authorized capacity(iee);and that by his/her,their signatures)on the instrument the person(s), or the entity upon behalf of which 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. 1C29eo8 TTY NORTON :` i•, Notary Public-California Signature n z z r•,/ Nan Lula Obispo County r• Sign re of NotaryPublic MX Comm,EiteU s Mar 9`2019 Place Notary Seal Above OPTIONAL Though this section is optional, completing this information can deter alte -tion of the document or fraudulent reattachment of this form to an unintend-• •ocumenf Description of Attached Document • Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than -med Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: ❑Corporate Officer — Title(s): 0 Corporate Officer — Title(s): • ❑ Partner — 0 Limited ❑Ge - -I 0 Partner — 0 Limited ❑General ❑ Individual 0 Attorn- n Fact • 0 Individual 0 Attorney in Fact ❑Trustee 0 Gu- ian or Conservator 0 Trustee 0 Guardian or Conservator ❑Other: 0 Other: Signer Is Repres- ing: Signer Is Representing: �----_._--__._._.--__-_._� .-.�-----------------------------------------------------___.-...-._--_--___.-._�-__ate ©2014 National Notary Association •www.NationalNotary.org • 1-800-US NOTARY(1-800-876-6827) Item#5907 • END OF DOCUMENT