HomeMy WebLinkAboutSubordination Agreement allsOe JULIE RODEWALD' As
Recoixling Requested By: San Luis Obispo County- Clerk/Recorder 3/04/2008
Fidelity National Title Company Recorded at the request of 8.00 AM
CrdcrNo. Ur,?- Fidelity Title Company
D o C #: 2008010666 Titles: 1 Pages: 4
Requested by and I 1111111111IIIIIIN Taxes 0.00
WHEN RECORDED MAIL TO: Fees 16.00
City of Arroyo Grande Others 0.00
P.O. Box 550 PAID $18.00
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. g
THIS AGREEMENT, made this 2 5 t�ay of F ebruary , 200B
by and Suzanne Crouch, 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 June 15. 2005, Instrument No. 2005- 048542 to
City of Arroyo Grande as trustee, covering:
Lot 25 of Tract 2505 (1344 Jasmine Place), in the City of Arroyo Grande, County of
San Luis Obispo, State of California, according to map recorded August 18, 2004 in
Book 24, Page 12,13,14, & 15 of Maps, in the office of the County Recorder of said
County
(APN: 007 - 121 -006)
to secure performance under the Buyer's Occupancy and Resale Agreement with Option to
Purchase, dated June 15. 2005, in favor of Beneficiary; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of 8245.798
dated February 23, 2008 in favor of Wells Fargo Home Mortaaae, 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.
— 4 C A
Ste EN ADAnS CITY MANR$ECC. Owner, Robert Crouch
C ITY of ARRoyn r,RANDE .L').
Beneficiary Owner, Suzanne Crouch
(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 Ca 1a &
County of 50A k45 0bC7,?
On ?A t D `{ before me,
{n3k. r( 7 , Notary PubI (here insert name and title of the officer),
personally appeared Q.riv XDw& 4- Sal onna e,
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.
,tom y USA MEUA DRAKE
Signature � �"`�� AM-
� Commissbn N 1536437
,• ai Notary Public - coulomb
't `, 7 San Luis Obispo County "°^ n� My Comm. Expkes Dec 19, 2006
(notary)(12 -07)
CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT
State of California 1
County of SmA•1J Q LAA CS ) S?O 1
\\
On a -ari-o5 before me, eau( WE-r ,to OT)4ic i ?06L1c
'
Date A ^ Here Insert N IV e and Title of the Office
personally appeared S EVEK) A VA 5
Name(s) of Signer(s)
t.
who proved to me on the basis of satisfactory evidence to
be the person(e)r whose names) is/afe subscribed to the
within instrument and acknowledged to me that
he /shelthey executed the same in his/herftheir authorized
capacity(ie$, and that by his/144E4;4P if signature($ on the
instrument the person(e), or the entity upon behalf of
which the person($ acted, executed the instrument.
CI certify under PENALTY OF PERJURY under the laws
y omm. Ezplras Feb s, of the State of California that the foregoing paragraph is
true and correct.
WITNESS m ha d :nd official seal.
Signature — & a ♦ Ls /L...
Place Notary Seal Above •• re of Notary Pub is
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached Document yy y
Title or Type of Document: S Bo i I i- f cncsi ! \ EEmENrC �f
Document Date: p.-2-5-08 Number of Pages: `f
Signer(s) Other Than Named Above: nRERT /*<IJN So ANA)E esoOC
Capacity(ies) Claimed by Signer(s) Signer(s)
Signer's Name: STEVEIJ PPP tlffA S Signer's Name:
❑ Individual ❑ Individual
❑ Corporate Officer — Title(s): ❑ Corporate Officer — Title(s):
❑ Partner — ❑ Limited ❑ General RIGHT THUMBPRINT ❑ Partner — 0 Limited ❑ General RIGHT THUMBPRINT
❑ Attorney in Fact OF SIGNER ❑ Attorney in Fact OF SIGNER
❑ Trustee To of thumb here ❑ Trustee Top of thumb here
❑ Guardian or Conservator ❑ Guardian or Conservator
IW Other: (13r /YlAsa5or 0 Other:
Signer Is Representing: Signer Is Representing:
o4 Arioyb bra 2
8 2007 National Notary Association• 9350 De Soto Ave., PO Box 2402 •Chatsworth, CA 91313-2402- wwwNationalNotaryorg Item #5907 Reorder:Call TWI -Free 1 -800-876 -6827
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