HomeMy WebLinkAboutSubordination Agreement JULIE RODEWALD AB
San Luis Obispo County- Clerk/Recorder 11/30/2010
Order No. PB- 3622338 -RL 9:00 AM
Escrow No . Recorded at the request of
Loan No. 0309056836
First American Title Company
0309056836
Recording Requested By: D 0 C # : 2010060637 Titles: 1 Pages: 6
First American Title Ins. Co. I Taxes 0.00 Fees 0.00
WHEN
WHEN RECORDED MAIL TO:
City of Arroyo Grande Others 0.00
214 E. Branch Street PAID $0.00
Arroyo Grande, CA 93420
Attn: City Clerk
APN 077- 776 -021
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 28t.1dlay ofOct. 2010 , by Deborah Maccarone
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 07 -09 -08 , Instrument No.2008036190
to City of Arroyo Grande as trustee, covering:
(See Exhibit A" Legal Descripption attached hereto and made hereof)
L of Tract h C Arroko Gran e, Courtly of Sa \u
Obi o, State f Califor a, accord tom record i Book
Page of , 'n s, in the ffice of a Coun Reco r of s C
(APN: )
to secure performance under the Buyer's Occupancy and Resale Agreement with Option to
Purchase, dated 07- 0-offin favor of Beneficiary; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $ 153, 800.00
dated / / -.7 7 - / D in favor of Wells Fargo Bank, , 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
(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 THAT IMPROVEMENT OF LAND.
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fi i d: 5 n „
&9Lit-61 (Aye) y t e-deid tatiLl
Bene ciary _ ve 4..d S Owner Deborah Maccarone
(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
State of California
County of San Luis Obispo
On 10 -29 -10 before me, Renee D. Lopez , a Notary Public, personally appeared
Name oINomq
Deborah Maccarone , who proved to me on the basis of safisfactory evidence
to be the person(s) whose names(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 hisRrer/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 State of California that the foregoing paragraph
is true and correct.
RENEE D. LOPEZ C
� DONN i 3 p •
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WITNESS my hand and official seal. N ` " N SAN li NOFCA N
V SANLN16 M 17. 2r
NT COYM. EXP. MAT 12. 2011
III � L OIL IL _� :��
Signature - ,
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CMba Coknar 151
State Of California
County of 50ta. 1- / 0,6/40 40
On / /,D, //D before me, ti' 4 4I 5. t2 . a Notary Public, personally appeared
ofNotary
574. gdas 6 who - Pcovedto mean the basis- &safisfactoryevidence
to be the person(sf whose names(af islare. subscribed to the within instrument and acknowledged to me
that he/she/they executed the same in his:rer/their authorized capacity, and that by hisMterltheir
signature(df on the instrument the person(a'j, or the entity upon behalf of which the personna)'acted,
executed the instrument
I certify under PENALTY OF PERJURY under the laws of State of California that the foregoing paragraph
is true and correct
WITNESS my hand and official seal.
9V f� ,/7n Gs../
Signature
v (Seal)
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EXHIBIT 'A'
File No.: 4008 - 3622338 (RL)
Property: 579 Camino Mercado #320, Arroyo Grande, CA 93420
A CONDOMINIUM COMPRISED OF:
PARCEL 1:
AIRSPACE ENVELOPE NO. 21 OF TRACT 2616, IN THE CITY OF ARROYO GRANDE,
COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, AS SHOWN AND PARTICULARLY
DESCRIBED ON THE FIRST AMENDED CONDOMINIUM PLAN FOR TRACT 2616,
RECORDED JANUARY 11, 2007 AS INSTRUMENT NO. 2007- 002198 OF OFFICIAL
RECORDS.
EXCEPTING AND RESERVING THEREFROM, A NON - EXCLUSIVE EASEMENT FOR ACCESS,
INGRESS, EGRESS, ENCROACHMENT, MAINTENANCE, REPAIR, DRAINAGE, SUPPORT
AND FOR OTHER PURPOSES, ALL AS DESCRIBED IN THE SECOND AMENDED AND
RESTATED DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS
ESTABLISHING A PLAN OF CONDOMINIUM OWNERSHIP OF TRACT 2616
( ?DECLARATION ?), RECORDED MARCH 7, 2007 AS INSTRUMENT NO. 2007 - 015380 OF
OFFICIAL RECORDS.
PARCEL 2:
AN UNDIVIDED 1/61 INTEREST AS A TENANT IN COMMON IN THE UNDIVIDED
INTEREST COMMON AREA AS DEFINED IN THE DECLARATION, REFERRED TO ABOVE,
WHICH UNDIVIDED INTEREST COMMON AREA CONSISTS OF THE REAL PROPERTY
DESCRIBED AS LOT 1 OF TRACT 2616, IN THE CITY OF ARROYO GRANDE, COUNTY OF
SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED JULY 19,
2005 IN BOOK 26, PAGES 81 AND 82 OF MAPS, IN THE OFFICE OF THE COUNTY
RECORDER OF SAID COUNTY, INCLUDING ANY UNDIVIDED INTEREST COMMON AREA
DULY JOINED THROUGH A DULY AUTHORIZED DECLARATION OF ANNEXATION
PURSUANT TO THE DECLARATION.
EXCEPTING AND RESERVING THEREFROM, AIRSPACE ENVELOPES 1 THROUGH 61
INCLUSIVE, AND ANY AND ALL IMPROVEMENTS THAT ARE OR WILL BE LOCATED
THEREON.
ALSO EXCEPTING AND RESERVING THEREFROM, NON - EXCLUSIVE EASEMENTS FOR
ACCESS, INGRESS, EGRESS, ENCROACHMENT, MAINTENANCE, REPAIR, DRAINAGE,
SUPPORT, AND FOR OTHER PURPOSES, ALL AS DESCRIBED IN THE DECLARATION.
PARCEL 3:
AN EXCLUSIVE EASEMENT FOR STORAGE AND PARKING APPURTENANT TO PARCEL
ONE, WHICH STORAGE AREA AND PARKING AREA ARE DEFINED IN THE DECLARATION,
FOR USE AS MAY BE PERMITTED IN THE DECLARATION.
PARCEL 4:
4008- 3622338 1 of 2
First American Title Company File No.: 4008 - 3622338 (RI)
Date: October 29, 2010
NON - EXCLUSIVE RIGHTS APPURTENANT TO PARCEL ONE ABOVE, FOR ACCESS,
INGRESS, EGRESS, ENCROACHMENT, MAINTENANCE, REPAIR, DRAINAGE, SUPPORT
AND FOR OTHER PURPOSES ALL AS DESCRIBED IN THE DECLARATION REFERRED TO
ABOVE.
A.P.N. 007 - 776 -021
4008- 3622338 2 of 2
END OF DOCUMENT