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HomeMy WebLinkAboutSubordination Agreement According' ccor ``og Requested 13y; ORANGE COAST TITLE 1 ++999 JULIE RODEWALD As l l t 17S�d� San Luis Obispo County— Clerk/Recorder 12/30/2010 Order No. 150- 1199975 -07 Recorded al the request of 9:23 AM Escrow No. 10NZ05081 Title Court Services Inc Loan No. D 0 C tt : 2010067139 Titles: 1 Pages: 5 Requested by and 1101 WHEN RECORDED MAIL TO: II 11111111111 III Others 0.00 City of Arroyo Grande PAID $0.00 214 E. Branch Street Arroyo Grande, CA 93420 Attn: City Clerk SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY 077 0255-F 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 1st day of November, by Jarrett Prichard and April Prichard, husband and wife, 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 January 19, 2007, Instrument No. 07 - 4312 to City of Arroyo Grande as trustee, covering: Lot 23 of Tract 2310 -2, in the City of Arroyo Grande, County of San Luis Obispo, State of California, according to map recorded May 23, 2006 in Book 28, Page 45 of Maps, in the office of the County Recorder of said County (APN: 077 - 255 -024) to secure performance under the Buyer's Occupancy and Resale Agreement with Option to Purchase, dated January 19, 2007, in favor of Beneficiary; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $253,000.00 dated in favor of Edward Jones Mortgage, LLC, 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. • OF s4,rr d ett Prichard Ben iciary Apnl 1. Prichard Stein Adams, C,i&1'►?anajer Owner (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 State of Ci4it rot N r 14- County of '5 -14, (�,{ r ,y O 4 (Jp (o On /Jrc ,a Qn , p,aoio before me, • e,. („.J ,� • � Personally appeared - • • C • f ❑ personally known to me — OR who proved to me on the basis of satisfactory evidence) to be the persons) whose namej) 4elare 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 hisfher /their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(jacted, 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. JUDY E. wEYMER Commission 7809767 e , r \' -,r Notary Public - County V U e_, � R San Luis Obispo County • Co , A ' � � t mm. Earl' , 201 res Au 162 Signature of Notary Pull 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 the Attached Document Title or Type of Document: ) Cc. c —e o „-., Document Date: --fl co -o. -_. ( n �� ' , ,a / C 7 Number of Pages: Signer(s) other than named above: Capacity(ies) Claimefr by Signer(s) Signer's Name: x� --- Signer's Name: , ,,- _AT y y B individual arndividual ❑ Corporate Officer ❑ Corporate Officer Title(s): Title(s): ❑ Partner ❑ Limited ❑ General ❑ Partner ❑ Limited ❑ General ❑ Attorney - in - fact ❑ Attorney - in - fact ❑ Trustee Rica IIR 'Inhltt\T ❑ Trustee RN:u r 1 III N1131 OF SIGNER OF SIG ,At ❑ Guardian or Conservator Top of thumb here ❑ Guardian or Conservator Top of thumb here ❑ Other ❑ Other Signer is Representing: Signer is Representing: CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT . ?L�s= <;aS.na;.aiLa'� <, ^�' �;.:- �< �ex.e �»;.. c�Ncjti�., �Y�,' � �,.•... ».�a�.,���a.��t,�<i�.e7t ^y3�,.s�.1 3 ».,rs�.2��.,:A< �.�aau'� .�.�a�•,.oi n State of California County of Soya 4 is Obi5r / On ///o before me, �C i Y7or7'Ln D e Here Insert Name and Title of the Officer ' p personally appeared _�_ Q Name(s) of igner(s) who proved to me on the basis of satisfactory evidence to be the person(ar whose name(,ej'is/are subscribed to the within instrument and acknowledged to me that he/spa/iliey executed the same in his/hor/heirauthorized capacity(ieej, and that by his/bar,4heir signature(sron the instrument the person(er,, or the entity upon behalf of which the person(e) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws KITTY 1. NORTON of the State of California that the foregoing paragraph is 'fir' Commission # 1729916 [ true and correct. • -tit, • 1 Notary Public - California � • .• J fan Tula Obispo County MyCt7rrrn ena, 9.2D11 WITNESS my hand and official se ^/ C Place Notary J Seal Above Signature �/ . ' / n ) ry `I � Signature of Notary Public 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 / Title or Type of Document: 544 601�GI ♦ / hA / 1 /GYM.. 1 9 recnic. / Document Date: //4 J Number of Pages: / • l Signer(s) Other Than Named Above: cG ✓Y P4 C17 9L icn / r CV/AvG_ Capacity(iae) Claimed by Sig Signer's Name: t//tH r7A Signer's Name: ❑ Individual ❑ In.I■'•ual ❑ Corporate Officer — Title(s): ❑ Corpora - Officer — Title(s): ❑ Partner — ❑ Limited ❑ General RIGHT THUMBPRINT El Partner — • imited ❑ 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 onservator ❑ Guardian or Conservate a other: te a L g ❑ Other: Signer Is Representing: Ci r �t Signer Is Representing: OF Ave. LJ D ✓RSS `✓4�<VGV G \d A� t •M1` - .G�v4�v4<✓4(✓G<✓G(✓ S. L`✓.4,±e.“..', ✓G\gGv1 • • •W.4St-e/aS,4 GV< ,Caa,<L"✓.<GV W ;41Y.GG✓'.Suv: © 2001 National Notary Association. 9350 De Soto Ave., P.O. 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