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Home My WebLink AboutSubordination Agreement _ JULIE RODEWALD �" ; °, San Luis Obispo Counry—Clerk/Recorder 10/0712011 Recorded at the request of 8:00 AM o�de�No. Fidelity Title Company Escrow rvo. _400204670KN[r1 D 0 C#: 2p11048979 Titles: 1 Pages: 5 Loan No. Fees 28.00 Requested by and Texes 0.00 WHEN RECORDED MAIL TO: Others 0.00 Pai� s2s.ao City of Arroyo Grande 3C�D 2� E. Branch Street Arroyo Grande, CA 93420 � Attn: City Clerk SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY � SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMFnT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO ANQ OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMEN'f. 2011 THIS AGREEMENT, made this Z9thday of September by Suzanne D. Simpson owner of the land hereinafter described and hereinafter referred to as"Owner', and The Citv of Arrovo Grande, present owner and holder of the deed of trust first hereinafter described and hereinafter referred � to as"Beneficiar�'; WITNESSETH That whereas, Owner has executed a deed of trust, dated 6/21/2011 , Instrument No. 2011030009 to CitV of ArroVO Grande as trustee, covering: See Legal Description attached hereto �as Lot of Tract , in the City of Arroyo Grande, County of San Luis Exhibit A Obispo,State of California, according to map recorded in Book , Page of Maps, in the office of the County Recorder of said County (APN: ) to secure performance under the Buver's Or.c��anc and Resale Aqreement with Option to Purchase, dated 6/21/2Qik�favor of Benefici�ti�y; and � � WHEREAS, Owner has executed, or is abaut t� e:;�cute, a deed of trust and note in the sum of 303 920.00 dated 9/28/2011 in favor of BOCM , 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 mi,tua: L�enefits accruing to the parties hereto and other valuable consideration, the receipt and suffici�:ncy i.f��ii�ich 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 ar� Gn;�arplication or use of such proceeds for purposes other than those provided for in such agreement or 2greEments 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 OTHE12 PURP()SES THAT IMPROVEMENT OF LAND. . � � �/q(�(�/ {b Benef iciary (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 .. LEGAL DESCRIPTION EXHIBIT"A" THE LAND REFERRED TO HERQN BELOW IS SITUATED IN THE CITY OF ARROYO GRANDE,COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA AND IS DESCRIBED AS FOLLOWS: PARCEL 1: Parcel A of Certificate of Compliance for Lot Line Adjusbment No. 10-004,according b�document recorded April 11, 2011, as Instrument No. 2011017722, of Official Records in the Office of the San Luis Obispo County Recorder and more particulary described as follows: A portion of Parcel A of Parcel Map AGAL 10-0075 in the City of Arroyo Grande, County of San Luis Obispo, State of California,according to map filed October 26,2010 in Book 74 of Parcel Maps at Pages 48 through 50, in the Office of the County Recorder of said County described as follows: Beginning at the most northerly comer of Pa�cel A of Parcel Map AGAL-10-0075,said point being witnessed by a 5/8" rebar monument with cap "LS 5693"; thence 1) South 35°37'20" West along the Northwest line of said Parcel A a distance of 63.16 feet; thence 2) South 36°34'36" East along the Southwest line of Parcel A a distance of 50.13 feet; thence 3) South 67°44'43" East along the Southwest line of Parcel A a distance of 33.41 feet to the most Southerly comer of said Parcel A being witnessed by a PK nail &Tag "LS 5693" set in pavement in lieu of a 5/8" rebar with cap stamped "LS 5693" per Parcel Map AGAL 10-0075; thence 4) North 48°38'33" East a distance of 68.01 feet to a point on the Northeast line of Parcel A which bears South 51°41'04" East 95.66 feet along said line from the most Northerly comer of said Parcel A; thence 5) North 51°41'04" West along the Northeast line of said Parcel A a distance of 95.66 feet to the Point of Beginning. Excepting therefrom an undivided 5/12th interest in and to all oil, gas and other hydrocarbon substances produced on said land as reserv� by William Quaresma, Joseph Quaresma, Edward Quaresma, Eveline Lovaa,formerly Eveline Quaresma, Emest Olive and Lucille Olive Simas, in deed dated]anuary 3, 1952 and recorded January 28, 1952 in book 643, page 426 of offlcial records. Said surface rights have been relinquished by certain documents recorded December 29, 1977 in Book 2036, Pages 749 through 752 of official records; recorded]anuary 9, 1978 in book 2039, page 2 of official records and recorded August 17, 1979 in book 2178, page 840 of official records. PARCEL 2: A non-exclusive easement for ingress,egress, private water,sewer,drainage and public utility purposes over those certain portions of Parcels B and C of Parcel Map AGAL 10-0075 per map filed in Book 74 Pages 48 through 50 of Parcel Maps and Parcel B of Certificate of Compliance recorded April 11, 2011 as instrument 2011017723 as said easement is shown and depicted on Parcel Map AGAL 10-0075 in the county of San Luis Obispo,State of Califomia as per map filed in Book 74 Pages 48 through 50 of Parcel Maps in tfie office of the County Recorder of said county as "easement for reciprocal ingrnss, egress, private water, sewer, drainage and P.U.E. per this map". PARCEL 3: A non-exclusive easement for access, ingress and egress as described in that certain Easement Grant Deed, recorded December 8, 2006 as Document No. 2006086701 of Official Records. APN: 007-019-033 State of California ) County of San Luis Obispo ) On September 29. 2011 before me, K.Moore , Notary Public (here insert name and title of the officer), personally appeared Suzanne D. Simpson, 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. � K. MOORE � WITNESS my hand and fficial seal. � .e � NOTARYPUB�C7CALFORNIA +n SAN LUIS OBISPO COUNTY n Signature • (Seal) � COMh1.EXPIRES OCT.15,2C�1 ;' ��-�-�.a_ . ATTACHED TO SUBORDINATION AGREEMENT DATED 9/29/2011 (notary)(12-07) J� ' � State of California ) County of San Luis Obispo ) On O �O/ before me, Notary Public (here insert name and title of the officer), personally appeared �, who proved to me on the basis of satisfactory evidence to be the person(�whose name(a�is/a�e subscribed to the within instrument and acknowledged to me that he/s�t�e/#�iejr executed the same in his/beF,�t+ie'r authorized capacity�ie�,and that by his/ber,�tkieir signature(� on the instrument the person(s), or the entity upon behalf of which the person(.�r}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. � KITTY NORTON Commleslon� 1924921 Signature (Seal) Notary Puollc-CelNornia Sen Lufs Obispo Counry Comm. Irea M�r 9,2015 EIdD OF DOCUMENT (notary)(12-07)