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HomeMy WebLinkAboutSubordination Agreement JULIE RODEWAI ' DG Na woe San Luis Obispo Courk„,„dClerk/Recorder 8/13/2010 RECORDING REQUESTED BY Recorded at the request of 11 :30 AM FIRST AMERICAN TITLE First American Title Company Order No. D 0 C # . 201003893 Escrow No. slag: 1 Pages: 5 Loan No. Requested by and Fees Taxes I IIIIIIIIIIIIIIIIIIIIIIIIIII Others 26.00 0.00 WHEN RECORDED MAIL TO: PAID $26.00 City of Arroyo Grande P.O. Box 550 Arroyo Grande, CA 93420 Attn: City Clerk 3s32coo - D 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 14 day of June, 2010 by Michael O'Donnal, 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 13, 2005, Recorded August 2, 2005 as Instrument No. 05 -63573 to City of Arroyo Grande as trustee, covering: Lot 30 of Tract 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, Page 12,13,14, & 15 of Maps, in the office of the County Recorder of said County (APN: 077 - 128 -008) to secure performance under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated July 13, 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 5175,001.00 dated /Juywst 9, .2•io 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 (1) 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. et T Y OF vlrto yo 634 vi e AP Owner - Michael S. O'Donnal � -ittder Prck n s I Q 4 t Beneficiary Owner — Cr]. el.a 0 Ionnal i (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 CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT .Yx:,'rvaS �S�_.��.�:i✓��<.n�S,:�.r�S,: X,nt nS,.s�� ✓3Y�: era <,.s�.�•�tiS,rs�.<,./ .�.r,1�:1 :Tr.�..arp��C�S,�S�....t,rS� a,r�N�S �t>� e<iS�At,�. a State of California County of SAtki l 5 / S'PO On tD - /a before me, •K EEL(/ IA) ETMo2& fiJo n y P✓ , Date �''` Here Insert Name and Tit of the Officer J personally appeared e P bA"m 5 Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(*whose name( is/are-subscribed to the within instrument and acknowledged to me that he /skaJtlwy executed the same in his/her/tpeir authorized KELLY YYE •e.t.. capacity(ies} and that by his /kierkteir signature(*) on the : Commission instrument the person(s), or the entity upon behalf of F t Na California • 133$70 which the person(*) acted, executed the instrument. \ 'I,/ San Luis Obisp Convoy. es Feb 21 2013 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 an• official seal. (� ���/�� Place Notary Seal Above Signature i / S ; of N Wy�ueu aMs OPTIONAL Though the information below is not required by law, it may prove valuable to persons rel ng on the document and could prevent fraudulent removal and reattachment of this form to another document Description of Attached Document ,/ Title or Type of Document: / SUbord(,,'s_a)Igw Atte/moth Document Date: "17' ('0 Number of a• Signer(s) Other Than Named Above: f A 1 CAA.Q1 0 /VARX Capacity(ies) Claimed aimed by Signer(s) Signer's Name: Stalk fs- AAA/VAS Signer's Name: ❑ Individual ❑ Individual ❑ Corporate Officer — Title(s): ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General RIGHTTHUMBPRINT ❑ Partner — Limited ❑ General RIGHT THUMBPRINT ❑ Attorney in Fact OF SIGNER ❑ Attorney in Fact OF SIGNER ❑ Trustee Top of thumb here ❑ Trustee Top or memo here ❑ Guardian or Conservator ❑ Guardian or Conservator ?rather: 0 4y yV1 aut05 er' ❑ Other: Signer Is Repre enting: •J Signer Is Representing: 1 • Afro o _ A� © 2007 National Notary Association• 9350 De Soto Ave., P.O. Box 2402 •Chatsworth, CA 91313-2402 www.NationalNotary.org Item #5907 Reorder:Call Toll -Free 1-800-876-6827 ? State of California ) CALIFORNIA ALL - PURPOSE • County of Sa (1IA N ) CERTIFICATE OF ACKNOWLEDGMENT I On —C I AO before me, A.r.ltno...., N D I tf � I lC t A (here in na and title of the off r) j t • • personally appeared M IchCk c\ C 0 t D)n l e nil aI 0 DMJ w who proved to me on the basis of satisfactory evidence to be the per • (s) hose namgia subscribed to G the within instrumen and acknowledged to that he /sheO the same in his /her 171V', authorized capacitylW and that his/her le s) n t e instrument the persor®or the entity z • upon behalf of which the person s) cted, executed the instrument. i 3 • F I certify under PENALTY OF PERJURY under the laws - of the State of California that the foregoing paragraph is true and correct. � ¢°.._, � A. NORIEGA g 41 %c• Commission # 1872505 = •', Notary Public - California N 2 F WITNESS my hand and official seat. - 413 San Luis Obispo County - I M Comm. Expir nec 3L 2013 E A / ` I S _�- Signature — (Seal) 7 (Seal) OPTIONAL INFORMATION - acknowledgment to an in this section is not document required nd may prove it could prevent useful to persons relying on the attached documents of this - Description of Attached Document y= nig;ri Sn4E:4 The preceding Certificate of Acknowledgment is attached to a document Method of Signer Identification . titled /for the purpose of S �teJV y ,1_ \lA t)(t 1 c o f Proved to me on the basis of satisfactory evidence: • � , rt\ ` (`alp- LO (orms) of identification 0 credible witness(es) / �� Notarial event is detailed in notary journal on: containing � G pages, and dated ;T I U ( \ C- ` Lk v � `V Page f Entry a The signer(s) capacity or authority is /are as: Notary contact ❑ Individual(s) Other ❑ Attorney in ❑ Addrtional Signer(s) ❑ Signer(s)Thumbprint(s) ❑ Corporate Officer(s) ❑ rmels) ❑ Guardian/Conservator . ❑ Partner- Limited/General ❑ Trustee(s) - ❑ Other. representing: Name(a) of Pernan(s) or Enfty(ies) Signer is Representing 1 F o i .. � n rwnwvrarmnwm�e+m ^' . - .. _ _. .. ... ....... .. , 0 Copyright 2007 Nonry Rotary. Inc 925 29th St. Des Moines, IA 503124612 Form ACK03. 10/07. To re- order. can roll -free 1- B77- 344659B or visit us on the Internet at httpl /www.notaryronrysom EXHIBIT "A" Order Number: 4204 - 3532000 .c Page Number: 6 LEGAL DESCRIPTION Real property in the City of ARROYO GRANDE, County of SAN LUIS OBISPO, State of California, described as follows: LOT 30 OF TRACT NO. 2505, IN THE CITY OF ARROYO GRANDE, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED AUGUST18, 2004 IN BOOK 24, PAGES 12, 13, 14 AND 15 OF MAPS, IN THE OFFICE OF THE COUNTY RCORDER OF SAIDCOUNTY. APN: 077 - 128 -008 First American Title END OF DOCUMENT