HomeMy WebLinkAboutSubordination Agreement "
**lb .current was electronically submitted
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WFG Nations!Title Company to Sr 2 <yiis Obispo County for recording**
requested By SPL
2020048001
Tommy Gong
San Luis Obispo-County Clerk-Recorder
RECORDING REQUESTED BY AND 09/04/2020 09:31 AM
WHEN RECORDED MAIL TO: Recorded at the request of:
WFG NATIONAL TITLE COMPANY-
Titles: 1 Pages:6
CITY OF ARROYO GRANDE Fees:$111.00
300 E. BRANCH STREET T a's:$$0.000
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 5 ' day of August, 2020 by Shawn Daniel Ridenhour
and Nancy L. Schilder, owners 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
WHEREAS, Owner executed a Deed of Trust and Security Agreement, dated May 21,
2007, recorded as Instrument No. 2007035794 (the "Deed of Trust")to the City of Arroyo
Grande as Trustee, covering:
See Exhibit"A," attached hereto and incorporated by reference herein.
(APN: 077-174-003)
to secure performance under the Buyer's Occupancy and Resale Agreement with Option
to Purchase, dated May 21, 2007, recorded as Instrument No. 2007035793, in favor of
Beneficiary; and
WHEREAS, Owner has executed, or is about to,execute, a deed of trust and note in the
sum of $213,200 dated 4 1Ad 10)SAID in favor of Premier America FCU, 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) It consents to the note and deed of trust in favor of Lender above referred to, and
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) It 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
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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.
BENEFICIARY: OWNER:
City of Arroyo Grande
4;26 ��i ', a 'I, sl
Bill Robeson, Act g City Manager Shawn Daniel Ridenhour
AA(
Nancy L. Schilder
(ALL SIGNATURES MUST BE ACKNOWLEDGED.)
Acknowledgment
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 )
)
Countyof San Luis Obispo )
On js/ 0Z�) , before me, Z4 ,/-e' , notary public,
personally appeared S/in pc,,, ,o/ ofri,
t., �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 my hand and official seal.
( ,o'tary Signature) (Seal)
.E'`°r ry ZACH TERE51
W' NotaryPublic•California It
1 , - o San Luis Obispo County ;
,5 l^ Commission#2311819
��rop" My Comm.Expires Nov 8,2023
Acknowledgment
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 )
)
Countyof an Luis Obispo )
On j?02d , before me, Z- -A re-/-G,1 , notary public,
personally appeared /1/ ///y. i SCiVer , who proved to me on the basis of
satisfactory evidence to be he 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 my hand and official seal.
( Signature) (Seal)
9,1
ZACH TERE51
Z NotaryPubli -CaliforniaZ San Luis Obis
;� ;'� Commission k 2311819 1
`"O""� My Comm.
Expires Nov 8,2023
J
Acknowledgment
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 )
)
Co ty of San Luis Obispo )
On A 1 , zd , before me,syssIcA YV14Saf , notary public,
person'.='y appeared ;' 1 I 1 bSOf , 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.
my hand and official seal.
`O'•, JEsoNpo.o:CY::::;
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TESS
ary Signature) (Seal) Z � 4- Notaryli!orn
L
San Luount
Comm35291MyComm. 22.
ILLEGIBLE NOTARY SEAL DECLARATION
(GOVERNMENT CODE 27361.7)
I certify under penalty of perjury that the notary seal on the document to which this statement is
attached reads as follows:
Name of Notary 0 e55I C C ca n
Commission No. 9.,9:63 (
Date Commission Expires I a� D
Vendor I.D. No. 3 \ 4 1
Date and Place of Notary Execution Si 17 latbX L ►5 01615p &/-
Date and Place of This Declaration % oZ7 I gbab V C1 rA, eirfr
6(\ne,,, Co-vx
Signature
1 — crn, �
Firm Name(if any)
CCR REC 13 rev.07-94
4
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EXHIBIT A
Lot 3 of Tract Map No. 2709, in the City of Arroyo Grande, County of San Luis Obispo,
State of California, according to map recorded May 8, 2006 in Book 28, Page(s) 33
through 34 of Maps.
APN: 077-174-003