HomeMy WebLinkAboutSubordination Agreement (4) **This document was electronically submitted
to San Luis Obispo County for recording**
2021040687
RECORDING REQUESTED BY Tommy Gong
San Luis Obispo-County Clerk-Recorder
NAME:
SERVICELINK 06/04/2021 09:00 AM
Recorded at the request of•
SERVICELINK EAST ESCROW
WHEN RECORDED MAIL TO: Titles: 1 Pages:6
Fees:$36.00
Taxes: $0 00
NAME:
SERVICELINK Total: $36 00
ADDRESS: 1355 CHERRINGTON PARKWAY Exempt-GC27388.1(B)Any real estate instrument,
paper, or notice recorded in connection with a transfer
MOON TOWNSHIP, PA 15108 of real property that is a residential dwelling to an
CITY I STATE/ZIP: MOON
(DOCUMENT WILL ONLY RE RETURNED TO NAME&ADDRESS IDENTIFIED ABOVE)
(SPACE ABOVE FOR RECORDER'S USE)
Subordination Agreement
(DOCUMENT TITLE)
SEPARATE PAGE,PURSUANT TO CA.GOV'T.CODE 27361.6
I
RECORDING REQUESTED BY
NAME: SERVICELINK
WHEN RECORDED MAIL TO:
NAME: SERVICELINK
ADDRESS: 1355 CHERRINGTON PARKWAY
CITY/STATE/ZIP: MOON TOWNSHIP, PA 15108
(DOCUMENT WILL ONLY BE RETURNED TO NAME&ADDRESS IDENTIFIED ABOVE)
(SPACE ABOVE FOR RECORDER'S USE)
Subordination Agreement
(DOCUMENT TITLE)
SEPARATE PAGE,PURSUANT TO CA.GOV'T CODE 27361.6
RECORDING REQUESTED BY AND RECORD CONCURRENTLY
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 OFSOME OTHER OR LATER SECURITY INSTRUMENT.
THIS AGREEMENT, made this 15 day of February, 2021 by Carlos Bobo Bedia III,
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 August 26,
2005, recorded as Instrument No. 2005076061 (the "Deed of Trust") to the City of Arroyo
Grande as Trustee, covering:
Lot 47 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.
(APN: 077-127-027)
to secure performance under the Buyer's Occupancy and Resale Agreement with Option
to Purchase, dated August 26, 2005, recorded as Instrument No. 2005076062, in favor
of Beneficiary; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the
sum of $344,000 dated 2./16 J2ot 1 in favor of SOFI LENDING CORP., 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
i
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 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) 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.
BENEFICIARY: OWNER:
e4k
g
Whitney wcDonald, City Manager C r os Bobo Bedia III
(ALL SIGNATURES MUST BE ACKNOWLEDGED.)
i
` , 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 F.4 br1,cc ij, 9.4,21 , before me, ,J. ( I q M uti , notary public,
personally appeared (a.rlo S (3vb 0 1 .o r)1,,. 111 , 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 paragra. - is rue o nd correct.
WITNESS my h. • - ►• •r 1.l seal.
(Notary Signatur-) (Seal)
,,,�o.,.� ).LLAMAS
4s ' Notary Public-California z
5_ - {�., San Luis Obispo County
77.
sz-rrj f° Commission w 2230965
' °`'. My Comm.Expires Feb 11,2022
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 )
)
Cou t of San Luis Obispo
On VPJo Ig1202-t i before me, IN, §r2.1-ci , notary public,
personally appeared Omtn.r.il atbottar lo proved to me on the basis of
satisfactory evidence to be the p&rson(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 P , ALTY OF PERJURY under the laws of the State of California that the
fore• • par•-gra'ah is tru- and correct.
Ai
W ; m, ., • aye: rl i ' .I.
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• ?'''ignature) (Seal)
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,_� A.PORTER
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Los Angeles County
Commission N 2248145
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My Comm.Expires Jun 29,2022 r
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Order No.: 27878667
LEGAL DESCRIPTION
EXHIBIT"A"
The Land Hereinafter Referred To Is Situated In The City Of Arroyo Grande, County Of San Luis
Obispo, State Of CA, And Is Described As Follows:
Lot 47 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,And 15 Of Maps,
In The Office Of The County Recorder Of Said County.
Assessor's Parcel No: 077-127-027