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HomeMy WebLinkAboutSubordination Agreement (3) **This document was electronically submitted to San Luis Obispo County for recording** • 2019028399 Tommy Gong San Luis Obispo-County Clerk-Recorder Order No 1744358 07/18/2019 11 11 AM Escrow No. 1744359 Recorded at the request of' Loan No. 273190023 TIMIOS INC-CALIFORNIA OPERA 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 ILlay of 2019 by_MATTHEW MCELHENIE AND MELISSA MCELHENIE,TRUSTEES OF THE ATT MCELHENIE AND MELISSA MCELHENIE REVOCABLE LIVING TRUST DATED JUNE 27, 2017, 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 14,2011 Instrument No. 2011021541 to City of Arroyo Grande as trustee, covering: (next page) • Order No. 1744358 Escrow No. 1744359 Loan No. 273190023 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 day of , 2019 by_MATTHEW MCELHENIE AND MELISSA MCELHENIE, TRUSTEES F THE ATT MCELHENIE AND MELISSA MCELHENIE REVOCABLE LIVING TRUST DATED JUNE 27, 2017, 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 14, 2011 Instrument No. 2011021541 to City of Arroyo Grande as trustee, covering: (next page) • 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:PARCEL 1:PARCEL B OF PARCEL MAP AGAL10-0075,IN THE CITY OF ARROYO GRANDE,COUNTY OF SAN LUIS OBISPO,STATE OF CALIFORNIA,ACCORDING TO MAP RECORDED OCTOBER 26,2010 IN BOOK 74,PAGES 48 THROUGH 50 OF PARCEL MAPS,IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.EXCEPTING THEREFROM AN UNDIVIDED 5i=INTEREST LN AND TO ALL OIL,GAS AND OTHER HYDROCARBON SUBSTANCES PRODUCED ON SAID LAND AS RESERVED BY WILLIAM QUARESMA,JOSEPH QUARESMA,EDWARD QUARESMA,EVELINE LOVACZ,FORMERLY EVELINE QUARESIVIA,ERNEST OLIVE AND LUCILLE OLIVE SIMAS,IN DEED DATED JANUARY 3, 1952 AND RECORDED JANUARY 28,1952 IN BOOK 643,PAGE 426 OF OPEICLAL RECORDS.SAID SURFACE RIGHTS HAVE BEEN RELINQUISHED BY CERTAIN DOCUMENTS RECORDED DECEMBER 29, 1977 IN BOOK 2036,PAGES 749 THROUGH 752 OF 01•E1CIAL RECORDS;RECORDED JANUARY 9, 1978 IN BOOK 2039,PAGE 2 OF 01-1,1CLAL RECORDS AND RECORDED AUGUST 17,1979 IN BOOK 2178,PAGE 840 OF OFFICIAL RECORDS.RESERVING UNTO THE GRANTOR HEREIN ANON-EXCLUSIVE. EASEMENT FOR INGRESS,EGRESS,PRIVATE WATER,SEWER,DRAINAGE AND PUBLIC UTILITY PURPOSES OVER THAT CERTAIN PORTION OF PARCEL B OF PARCEL MAP 10-0075,SHOWN AND DEPICTED ON SAID MAP AS"EASEMENT FOR RECIPROCAL INGRESS,EGRESS,PRIVATE WATER, SEWER,DRAINAGE AND RUE.PER THIS MAP".RESERVED EASEMENT IS TO BE APPURTENANT TO THE FOLLOWING PARCEL:PARCEL A OF CERIIUCATE OF COMPLIANCE RECORDED APRIL 11,2011 AS INSTRUMENT 2011017722.PARCEL 2:ANON-EXCLUSIVE EASEMENT FOR INGRESS,EGRESS, PRIVATE WATER,SEWER,DRAINAGE AND PUBLIC UTILITY PURPOSES OVER THOSE CERTAIN PORTIONS OF PARCEL C OF PARCEL MAP AGAL 10-0075 PER MAP FILED IN BOOK 74 PAGES 48 THROUGH 50 OF PARCEL MAPS;PARCEL A OF CERI1FICATE OF COMPLIANCE RECORDED APRIL 11, 2011 AS INSTRUMENT 2011017722 AND PARCEL B OF CERTIFICATE OF COMPLIANCE RECORDFD APRIL 11,2011 AS INSTRUMENT 2011017723 AS SAID EASEMENT IS SHOWN AND DEPIC1ED ON PARCEL MAP AGAL 10-0075 LN THE COUNTY OF SAN LUIS OBISPO,STATE OF CALIFORNIA AS PER MAP FILED IN BOOK 74 PAGES 48 THROUGH 50 OF PARCEL MAPS IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY AS"EASEMENT FOR RECIPROCAL INGRESS,EGRESS,PRIVATE WATER,SEWER,DRAINAGE AND P.U.E.PER THIS MAP".PARCEL 3:A NON-EXCLUSIVE EASEMENT FOR ACCESS,DIGRESS AND EGRESS AS DESCRIBED IN THAT CERTAIN EASEMENT GRANT DEED, RECORDED DECEMBER 8,2006 AS DOCUMENT NO.2006086701 OF OEEICIAL RECORDS_SUBJECT TO THE COVENANTS,CONDITIONS AND RESTRICTIONS SET FORTH IN THAT CERTAIN DECLARATION OF RESTRICTIONS RECORDED DECEMBER 8,2006 INSTRUMENT NO.2006086968 AND FIRST AMENDMENT TO DECLARATION OF COVENANTS,CONDITIONS AND RESTRICTIONS RECORDED JANUARY 27,2011,LNSTRUMENT NO.2011004480 OF 01..14CIAL RECORDS OF SAN LUIS OBISPO COUNTY,AND ANY AMENDMENTS THERETO,ALL OF WHICH ARE INCORPORATED HEREIN BY REFERENCE TO SAID DECLARATION WITH THE SAME EEEECT AS THOUGH FULLY SET FORTH HEREIN.YOUR LEGAL RIGHTS AND LEGAL PROCEDURES REGARDING THIS PROPERTY MAY BE AFFECTED BY SELLERS FT ECLION IN AND BE BOUND BY THE NON-ADVERSARIAL PRE- LITIGATION HOMEBUILDER FIX-IT CONSTRUCTION DISPUTE RESOLUTION LAW CODIFIED IN DIVISION 1,PART 2,TLILE 7 OF THE CALIFORNIA CIVIL CODE COMMENCING WITH SECTION 895 (S.B.800).BUYER(S)SHALL PROVIDE TO SUBSEQUENT PURCHASERS THE INFORMATION, DOCUMENTS,WARRANTIES AND MAINTENANCE MANUALS,BUYER(S)RECEIVED FROM BUILDER REGARDING BUILDER'S S.B.800 ELECTION AND HOME BUYERS WARRANTY. BEING THE SAME PROPERTY CONVEYED TO MATTHEW MCELHENIE AND MELISSA MCELHENIE, TRUSTEES OF THE MATTHEW MCELHENIE AND MELISSA MCELHENIE REVOCABLE LIVING TRUST DATED JUNE 27,2017 BY DEED FROM MATT MCELHENIE,A MARRIED MAN AS HIS SOLE AND SEPARATE PROPERTY RECORDED 06/28/2017 IN INST#2017028557 , IN THE OFFICE OF THE COUNTY RECORDER FOR SAN LUIS OBISPO, CALIFORNIA_ APN: 007,019,025 • to secure performance under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated April 14, 2011 in favor of Beneficiary; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of$ L/'1 a/Ot dated JV(y I g) 7,01 I in favor of Top Flite Financial, Inc and/or their warehouse lender, ISAOA/ATIMA, 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 1 (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 1)0...rcv2 1&. e rOan Matthew McElhenie ,,,,, 6. ......_,„ iii• Benefic.=winj_ 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 r CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 A notary public or other officer completing this certificate verifies onlythe 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 1,C\ 1--.Wb\ AS O\SC:). J} On s\J \LQ 20 le\ 1 O c `e, S Date i� Here Insert Name and Title of the O personally appeared _O-K`CN2S A • (`cN0.x--) ame(s)of Signer(s) 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 JESSICA MATSON paragraph is true and correct. 1:41*.'''; Notary Public-California i San Luis Obispo County Commission M 2235281 WITNESS my hand and official seal. `'"'`e My Comm.Expires Mar 22,2022 Signature 1 -. Place Notary Seal and/or Stamp Above Signature of Notary Public 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: yee3a •' C(N - ' Document Date: JV.� R X2.0\C\ Number of Pages: q 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- 0 Limited 0 General 0 Partner- 0 Limited 0 General ❑ Individual 0 Attorney in Fact ❑ Individual 0 Attorney in Fact ❑ Trustee 0 Guardian of Conservator 0 Trustee 0 Guardian of Conservator ❑ Other: ❑ Other: Signer is Representing: Signer is Representing: ©2017 National Notary Association