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HomeMy WebLinkAboutSubordination Agreement • ** mitted • Original Document to SanThis Luisdocument Obispowas Countyelectronically for recordingsub ** Recording requested by 2018036240 - FIRST AMERICAN TITLE CO. Tommy Gong San Luis Obispo-County Clerk-Recorder Order No.4009-5757427-DS 08/31/2018 11.42 AM Escrow No.4009-5757427-DS Recorded at the request of' FIRST AMERICAN TITLE COMPANY Titles: 1 Pages: 5 Fees:$108.00 Requested by and Taxes: $0 00 WHEN RECORDED MAIL TO: Total: $108.00 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 this 22nd day of August ,2018 by Lisa A.Hunstad 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 June 15,2005 , Instrument No. 2005061843 to City of Arroyo Grande as trustee, covering: Lot 40 of Tract 2505 In the City of Arroyo Grande,County of San Luis Obispo,State of California,according to map recorded August 18, 2004 in Book 24—,Pages 12, 13,14&15 of Maps,in the office of the County Recorder of said County • (APN:077-128-018) to secure performance under the Buyer's Occupancy and Resale Agreement with Option to • Purchase, dated -611612005' , in favor of Beneficiary;-arid WHEREAS,Owner has executed,or is about to execute, a deed of trust and note in the sum of $153,500.00 dated August 27, 2018 in favor of U.S. Bank National Association 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. Recording requested by FIRST AMERICAN TITLE CO. Order No.4009-5757427-DS Escrow No.4009-5757427-DS Requested by and WHEN RECORDED MAIL TO. 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 this 22nd day of August , 2018 by Lisa A.-Hunstad 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 June 15, 2005 , Instrument No. 2005051843 to City of Arroyo Grande as trustee, covering: Lot 40 of Tract 2505 , in the City of Arroyo Grande, County of San Luis Obispo,State of California,according to map recorded August 18,2004 in Book_24_, Pages 12, 13, 14& 15 of Maps, in the office of the County Recorder of said County (APN: 077-128-018 ) to secure performance under the Buyer's Occupancy and Resale Agreement with Option to -Prat age, dated W1512005 , 1n favor of Bsne#iciery;-arid WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $153,500.00 dated August 27, 2018 in favor of U.S. Bank National Association 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 oftrust 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 rnt z(-th fid deed-af-ti ust- 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 Beneficiary 4,-54 rgman Own" Lisa A. Hunstad AAAA age (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 Exhibit"A" Legal Description A.P.N.: 077-128-018 Real property in the City of Arroyo Grande, County of San Luis Obispo, State of California, described as follows: LOT 40 OF TRACT NO. 2505, IN THE CITY OF ARROYO GRANDE, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED AUGUST 18, 2004 IN BOOK 24, PAGES 12, 13, 14, & 15 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL 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 of S 1\0 !S O,t spo ) ' qq /n On fU(�uST 21� 201 I before me, �� UIlE O NNW V PU 31-1 C , Date Heke Insert Name and Title of the Officer personally appeared MES A• 3 G/'i'4] Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s') whose name,(4 is/xce subscribed to the within instrument and acknowledged to me that he/she,it:ey executed the same in his/herltheir authorized capacity(ies),and that by his/lae1theic signature(sron 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. KELLY WETMORE NotaryPublic-California Z WITNESS my hand :nd official seal.4-4Z=y .g`- San Luis Obispo County V:::,114, Commission#2181303 My Comm.Expires Feb 21,2021 1 Signature �A.►k�.4_ gn. e of Notary Public Place Notary Seal Above OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended 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: Signer's Name: ❑Corporate Officer — Title(s): ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Partner — ❑ Limited LI General ❑ Individual ❑Attorney in Fact ❑ Individual ❑Attorney in Fact ❑Trustee ❑Guardian or Conservator ❑Trustee ❑ Guardian or Conservator ❑Other: ❑ Other: Signer Is Representing: Signer Is Representing: ©2014 National Notary Association •www.NationalNotary.org • 1-800-US NOTARY(1-800-876-6827) Item#5907 CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT 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 )SS COUNTY OF San Luis Obispo ) On AlAy 151 �,I/ g-Q f c before me, Skot,IL1/(a- Ct-(J1.4. , Notary Public, personally appeared Lisa A. Hunstad 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 m . . a d offici al. C ywtOp ry SHAUNA CAVIN Signature • '" �.-+R y;, COMM.# 2147933 to N .': o NOTARY PUBLIC-CALIFORNIA Y1 r `" " SAN LUIS OBISPO COUNTY Gcn ei`� MY COMM.EXP.MAR.3�, !!!(131 This area for official notarial seal. OPTIONAL SECTION - NOT PART OF NOTARY ACKNOWLEDGEMENT 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. X INDIVIDUAL CORPORATE OFFICER(S) TITLE(S) PARTNER(S) ❑ LIMITED GENERAL ATTORNEY-IN-FACT TRUSTEE(S) GUARDIAN/CONSERVATOR OTHER SIGNER IS REPRESENTING: Name of Person or Entity Name of Person or Entity OPTIONAL SECTION - NOT PART OF NOTARY ACKNOWLEDGEMENT Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. THIS CERTIFICATE MUST BE ATTACHED TO THE DOCUMENT DESCRIBED BELOW TITLE OR TYPE OF DOCUMENT: Subordination Agreement NUMBER OF PAGES DATE OF DOCUMENT SIGNER(S) OTHER THAN NAMED ABOVE Reproduced by First American Title Company 11/2007