HomeMy WebLinkAboutSubordination Agreement (3) **This document was electronically submitted
to San Luis Obispo County for recording**
Recording Requested By: 2021043015
Fidelity National� 1 Dt Title Company
Ncr �W
Order 1105-1 Tommy Gong
San Luis Obispo-County Clerk-Recorder
06/15/2021 01.51 PM
RECORDING REQUESTED BY AND Recorded at the request of:
FNT RECORDED MAIL TO: NT sl_o PASO ROBLES#2 COST
Titles: 1 Pages:6
CITY OF ARROYO GRANDE Taxes: $0 00
300 E. BRANCH STREET Total: $111 00
ARROYO GRANDE, CA 93420
ATTN: CITY CLERK
• SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT_RESULTS=-IN YOUR=SECURITY
INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER
PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT.
THIS AGREEMENT, made this 9 day of June, 2021 by Suzanne D. Simpson, an
unmarried woman, owner of the land hereinafter described and hereinafter referred to as
"Owner," and the City of Arroyo Grande, present owner and holder of the Deed of Trust
first hereinafter described and hereinafter referred to as "Beneficiary";
WITNESSETH
WHEREAS, Owner executed a Deed of Trust and Security Agreement, dated June 21,
2011, recorded as Instrument No. 2011030009 (the "Deed of Trust") to the City of Arroyo
Grande as Trustee, covering real property located in the City of Arroyo Grande, commonly
known as 201 Grace Lane (APN: 007-019-033) and more specifically described in Exhibit
A, attached hereto and incorporated herein by this reference, to secure performance
under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated
June 21, 2011, recorded as Instrument No. 201103000$, in favor of Beneficiary; and
9
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the
sum of$290,200 dated June 8, 2021 in favor of Caliber Home Loans, Inc., hereinafter
referred to as "Lender," payable with interest and upon the terms and conditions
described tFrerein;which deed-of trustis=also-=to e=recordea concurrently herewith;and—L-`
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_madein whole orin_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
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:
Whitney McD 01 ald, City Manager Suza r= D. Simpson
(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 )
)
County of San Luis Obispo )
On LA Z , before me, ICLL rlf1 , notary public,
personally appearedtA-nekA , who proved to me on the basis of
satisfactory evidence to be the sons) 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.
A TNESSmy hand and official seal. r'db"6-d6mia "*"lb°11
JESSICA MATSON
, - Notary Public-California
otary Signature) (Seal) = E. San Luis Obispo Cc
�' Commission N 22352s 1
My Comm.Expires Mar 22,2022
° JESSICAMATSON
• NotaryPublic•California
z s, h ▪ San Luis Obispo County E.
� Q!► Commission#2235281
" °+ My Comm,Expires Mar 22,2022
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 )
)
County of San Luis Obispo )
On b/ `1/ -1 , before me, H cap-i'C. 0-r\oLO , notary public,
personally appearedk,S.u.-2.0 b • yv,.pst n, who proved to me on the basis of
satisfactory-evidence-to-be-the.person(s):whose=name(s-:Vare-subscribed-to-the-within- --
instrument and acknowledged to me that he/ ly/they executed the same in*hisr/their
he
authorized capacity(ies) and that by his /their signature(s) on the instrument t e
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 pnd official seal.
(Notary Signature) (Seal)
rif4‘116446
MARIA ORLANDO
`T�-4 .,' Notary Public-California
z -y ri Santa Barbara County
r�
$ Commission#2267831
My Comm,Expires Nov 20,2022
EXHIBIT A
LEGAL DESCRIPTION
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 A of Certificate of Compliance for Lot Line Adjustment No. 10-004, according to
document recorded April 11, 2011, as Instrument No. 2011017722, of Official Records in
the Office of the San Luis Obispo County Recorder and more particularly described as
follows:
A portion of-Parcel Hof Parcel Map AGAL 10-0075 in the City of Arroyo Grande, County
of San Luis Obispo, State of California, according to map filed October 26, 2010 in Book
74 of Parcel Maps at Pages 48 through SO, in the Office of the County Recorder of said
County described as follows:
1) South 35°37'20" West along the Northwest line of said Parcel A a distance of 63.16 ,
feet; thence
2) South 36°34'36" East along the Southwest line of Parcel A a distance of 50.13 feet;
thence
3) South 67°44'43" East along the Southwest line of Parcel A a distance of 33.41 feet to
the most Southerly corner of said Parcel A being witnessed by a PK nail & Tag "LS 5693"
set in pavement in lieu of a 5/8" rebar with cap stamped "LS 5693" per Parcel Map AGAL
10-0075; thence
4) North 48°38'33" East a distance of 68.01 feet to a point on the Northeast line of Parcel
A which bears South 51 °41'04" East 95.66 feet along said line from the most Northerly
corner of said Parcel A; thence
_-.- ----5).No#h-51°4x'04 West-along the Northeast line-of-said-Parcel-A-a-distance-of_9566—� — -
feet to the Point of Beginning.
Excepting therefrom an undivided 5/12th interest in 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 Quaresma,
Ernest Olive and Lucille Olive Simas, in deed dated January 3, 1952 and recorded
January 28, 1952 in book 643, page 426 of official records.
Said surface rights have been relinquished by certain documents recorded December 29,
1977 in Book 2036, Pages 749 through 752 of official records; recorded January 9, 1978
in book 2039, page 2 of official records and recorded August 17, 1979 in book 2178, page
840 of official records.
PARCEL 2:
A non-exclusive easement for ingress, egress, private water, sewer,.drainage and public
utility purposes over those certain portions of Parcels B and C of Parcel Map AGAL 10-
0075 per map filed in Book 74 Pages 48 through 50 of Parcel Maps and Parcel B of
Certificate of Compliance recorded April 11, 2011 as instrument 2011017723 as said
easement is shown and depicted on Parcel Map AGAL 10-0075 in 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, ingress and egress as described in that certain
Easement Grant Deed, recorded December 8, 2006 as Document No. 2006086701 of . ___—
Official Records.
APN: 007-019-033