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HomeMy WebLinkAboutSubordination Agreement (5)RECORDING REQUESTED BY AND 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) [Exempt from recording fee, per Gov. Code§ 27383) SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY TIIAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. TIIlS SUBORDINA 11ON AGREEMENT, made this ZOt1t,f April 2024, is entered into by Carlos Bobo Bedia Ill and Belen Gomez Medina, owner of the land hereinafter described ("Owner"), and the City of Arroyo Grande, a California municipal corporation ("City"). RECITALS A. Owner owns that certain real property as described in Exhibit A attached hereto and incorporated herein by reference (the "Property"'). B. Owner executed a deed of trust. dated August 26, 2005, and recorded as Document Nwnber 2005076061 in the Official Records of San Luis Obispo County, to City of Arroyo Grande as trustee ("City Deed of Trust"), to secure performance of the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated August 26, 2005, in favor of the City, and recorded against the Property as Document Number 2005076062 in the Official Records of San Luis Obispo County ("Buyer's Occupancy and Resale Agreement"). C. Owner has executed, or is about to execute, a deed of trust and note in the sum of four hundred and forty-two thousand, six hundred and twelve dollars ($442, 612) dated April_, 2024, in favor ofSofi Lending Corp., hereinafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which deed of trust ("Lender Deed of Trust") is also to be recorded concurrently herewith. D. Buyer's Occupancy and Resale Agreement sets forth limits on the debt secured by the Property when refinancing a First Mortgage Loan and Second Mortgage Loan, as defined therein. Owner seeks to refinance the existing First Mortgage Loan secured by the Property, and there is no Second Mortgage Loan secured by the Property. Upon recording the Lender Deed of Trust, the existing First Mortgage Loan shall be satisfied and no longer be secured against the Property, and the Lender Deed of Trust will not result in the debt secured by the Property exceeding limits set forth in Buyer's Occupancy and Resale Agreement. E. Jt is a condition precedent to Lender making the Loan that the Lender Deed of Trust shall unconditionally be and remain at all times a charge and obligation upon the Property, prior and superior to the lien or charge of the City Deed of Trust and shall survive foreclosure on the City Deed of Trust. F. Lender is willing to make the Loan provided that City will specifically and unconditionally subordinate the lien or charge of City Deed of Trust to the tcnns and conditions of the Lender Deed of Trust. 65501.00002142067162.1 G. It is to the benefit of the parties hereto that Lender make the loan to Owner, and Beneficiary is willing that the Lender Deed of Trust, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the City Deed of Trust. AGREEMENT 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 the Lender to make into the Loan, it is hereby declared, understood and agreed as follows: 1. The foregoing recitals are true and correct. 2. Upon recording the Lender Deed of Trust, the principal amount ofa11 debt secured by the Property shall not exceed the limits for refinancing established in Buyer's Occupancy and Resale Agreement. 3. The Lender Deed of Trust shall unconditionally be and remain at all times a charge or obligation on the Property, prior and superior to the lien or charge of the City Deed of Trust. 4. Lender would not make the Loan without this subordination agreement. 5, This subordination agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the City Deed of Trust to the charge or obligation of the Lender Deed of Trust and shall supersede and cancel, but only insofar as would affect the priority between the Lender Deed of Trust and the City Deed of Trust, any prior agreement as to such subordination. 6. City declares, agrees and acknowledges that it consents to and approves all terms and conditions of the Lender Deed of Trust, and that such Lender Deed of Trust shall run with the Property and be binding on all successors in interest to the Property. 7. City intentionally and unconditionally subordinates the lien or charge of the City Deed of Trust to the Lender Deed of Trust and understands that in reliance upon, and in consideration of, this subordination, Lender is making the Loan, which would not be made but for said reliance upon this subordination. [Signatures continued on following page} 2 65501.00002\42067162. l SIGNATURE PAGE TO SUBORDINATION AGREEMENT ATI'EST: By: ~ Q ' ss ica Matson, City Clerk APPROVED AS TO FORM: By: Isaac Rosen, City Attorney 6SSOl.00002\42067162. I OWNERS: By: Carlos Bobo Bedia III {signature must be notarized/ By: {signature must be notarized/ LENDER: By: [stgna/1/re must be notartud/ CITY: CITY OF ARROYO ;!_.~~~uration By:~~--- 3 Matthew Downing, City Manager {slgnalllre must be notarized/ Isaac Rosen (Nov 20, 2024 13:09 PST) Isaac Rosen CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 :oo:ED ■ 11 a ID AD IJOfj CH~JOBOi t:0:8H' 11]!1 I ~0800DntlDClOIJ0081lfflJ8960808fltl IOOl3:l3 EfflOI ICOOIIID DOI I ocmooo 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 ~ L ~~ t:X>\QO } On ~,Q.f\~ \~ 1~ before me, ~==:::s,;i~~~.....!......:=..e'.:::=...1..-'1.+--L",,..LLE~~l..J!:!!~~ Date Here Insert Name and personally appeared ffi~L.0 D t>wf'.\~ Name(s}oiJigner(s) 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. ooooeeooeeoof •. •~ •-., JESSICA MATSON • "; Notary Public • Caiifornia : • San Luis Obispo County ~ , Commission :; 2395008 - My Comm. Expires Mar 22, 2026 Place Notary Seal and/or Stamp Above I certify under PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature~~~ Signature of Notary Public OPTIONAL Completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: '::>v....>.oo-<~~er"\ b ,-e!12...~-\- DocumentDate: ~\zv \V-\ Number of Pages: ___ _ Signer{s) Other Than Named Above: ________________________ _ Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: □ Corporate Officer -Title{s): ______ _ □ Corporate Officer -Title{s): _______ _ □ Partner -□ Limited □ General □ Partner -□ Limited □ General □ Individual □ Attorney in Fact □ Individual □ Attorney in Fact □ Trustee □ Guardian of Conservator □ Trustee □ Guardian of Conservator □ Other: □ Other: Signer is Representing: _________ _ Signer is Representing: _________ _ 80,ft§l[Daaaffl1111111'88@0880(] DD DD B DD D )JJ:iioo81@D lBl!l8llDD BD~080011:1{l~Ol] DD nr::,100 ©2017 National Notary Association SIGNATURE PAGE TO SUBORDINATION AGREEMENT OWNERS: By: Carlos Bobo Bedia III [sfgnatllre mu.st be 111)/arlzed] By: Belen Gomez Medina {slg,IaJu/'e mu.rt be 1101arl1edj LENDER: ARSl:NIO BRIGHT JR. - Notery Public, Nonh Caronna Mecldenburo County . ~ ~ , r'V' U J_ _ MY Commission Expirea By. ~ ::S~K..y ~ • e. ~j'-<>5 December 06, 202.5 --=--.__-7---;t-_ __.._-J,_,_-------~ -~ &,u,~~. ➔-"t1 S-,c! 1 ttJi.'f [slgnawrem11s1 enota1tzed] CITY: CITY OF ARROYO GRANDE, a municipal corporation By: Matthew Downing, City Manager [.rig,1at11re mus/ be notari'::ed] ATTEST: By: Jessica Matson, City C]erk APPROVED AS TO FORM: By: Isaac Rosen, City Attorney 3 6SSO l.00002\42067162.I ALL-PURPOSE ACKNOWLEDGMENT State of f\bl/1A Ca&Udl'v County of (\ittJ1:ltdhkr!j On Afr,/ b~ 1s Zot}f before me, 4 a ttr i '/) l:>rt g)&O« 11, • A1'E NAM OF OTARY PUBLIC personally appeared 2ti.frut w. lbw lciJ NAME(SfO IGNER(S) ~rsonally known to me OR □proved to,me on the ba~is 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 ti ARSENIO BRIGHT JR. Notary Public, North Carolina Meoklsnburg County My Commission Expires December 06; 2025 Place Notary Seal er Stamp Here capacity(ies), an 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. WITNESS my hand and official seal. ~el ATTENTION NOTARY: Although the information requested below is OPTIONAL, it may prove valuable to persons relying on this Acknowledgment and could prevent fraudulent reattachment of this certificate to another document. THIS CERTIFICATE MUST BE ATTACHED TO THE DOCUMENT DESCRIBED AT RIGHT DESCRIPTION OF ATTACHED DOCUMENT subordination TITLE OR TYPE OF DOCUMENt 6 NUMBER OF PAGES 4/20/24 DATE OF DOCUMENT n/a SIGNER(S) OTHER THAN NAMED ABOVE LEGAL DESCRIPTION EXHIBIT 11A" THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA. 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. Parcel ID: 077-127-027 ·-· -------- Subordination Agreement_Bedia and Medina Final Audit Report 2024-11-20 Created:2024-11-20 By:Jessica Matson (jmatson@arroyogrande.org) Status:Signed Transaction ID:CBJCHBCAABAAVO2xN2HkhBR_YJjbWiH7jGSkTZ3eZv5n "Subordination Agreement_Bedia and Medina" History Document created by Jessica Matson (jmatson@arroyogrande.org) 2024-11-20 - 5:59:08 PM GMT Document emailed to Isaac Rosen (isaac.rosen@bbklaw.com) for signature 2024-11-20 - 5:59:13 PM GMT Email viewed by Isaac Rosen (isaac.rosen@bbklaw.com) 2024-11-20 - 9:08:49 PM GMT Document e-signed by Isaac Rosen (isaac.rosen@bbklaw.com) Signature Date: 2024-11-20 - 9:09:11 PM GMT - Time Source: server Agreement completed. 2024-11-20 - 9:09:11 PM GMT