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Home My WebLink AboutSubordination Agreement (2) : • . '' �,��,� SN ' ,�,��,��°u��' JUUE RODEWALD 11121201z �^��"'�' � San Luis Obispo Counry—ClerklRecorder �� AC!1��ICAN��L"" 8:00 AM ��E�CORDL�G R��L�TED BY: Recorded a1 Ihe requesl ol k'IRST.��9�RTC.�� TTTLE C0�[PA.� First American Title Company Order No. D O C� • 2012001709 Taies: � Pages: 4 Escrow No. ' 23.00 Loan No. F98S ��(�a�� o.00 R quested by and O� Others O WHEN RECORDED MAIL TO: PAID City of Arroyo Grande 300 E. Branch Street Arroyo Grande, CA 93420 Attn: City Clerk SPACE ABOVE THIS LINF 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 14th day of December. 2011, by Tavis R.White and Patricia L.White, 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."Beneficiary"; � WITNESSETH ` That whereas, Owner has executed a deed of trust, dated Mav 21, 2007, Instrument No. 07-35530 to(.,ity of Arrovo Grande as trustee, covering: Lot 59 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: 077-255-060) to secure performance under the Buver's Occupancv and Resale Aareement with Option to Purchase, dated Mav 21. 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 $185.500.00 dated January 5, 2012 in favor of Wells Farqo Bank, N.A., 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 oi 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 ihe parfies hereto and other ��4 valuable consideration, the receipt and su�ciency 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 tnist has by this instrument been subordinated to the lien or charge of the deed of trust in favor of Lender above referred to. i 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. � Tavis R.White Sfe v� �9�/a.h-,S " . C/-�z.� /'Y1QhA�cv� Benefici Patncia L.White (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 I • � �� • CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT File No: 4204-3906009(D� STATE OF California )SS APN No: 077-255-060 counm�oF v� l,t�u,S Ob►s�o ) On �L I°� l l before me, �GI-Y1 G�-rd S �J OUZ(1 , Notary Public, personally appeared �A.�1 S' 'i— • VL t }� r I`.� f�G�Yl C.iCc. L• �iU{'L�� 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 Califomia that the foregoing paragraph is true and correct. WITNESS my h nd off I I. Signatur SANDRA S. SOUZA CoM�.# 1861127 rn N NOiARY PU9lIC•CALIFOR�A u� Sw LutS OBISDO Couxrr � Mr Comu.Exa. Mn�11.2014"' This area for official notarial seal. . OPTIONAL SECTION � CAPACITY CLAIMED BY SIGNER Though statute dces not require the Notary to fill in the data below,doing so may prove invaluable to persons relying on the documents. � INDNIDUAL Q CORPORATE OFFICER(S) TITLE(S) Q PARTNER(S) ❑ LIMITED ❑ GENERAL � ATTORNEY-IN-FACT [� TRUSTEE(5) Q GUARDIAN/CONSERVATOR Q OTHER SIGNER IS REPRESENTING: Name of Person or Entity Name of Person or Entity OPTIONAL SECTION Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. THIS CERTIFICATE MUST BE ATTACHED TO THE DOCUMEMT DESCRIBED BELOW TITLE OR TYPE OF DOCUMENT: NUMBER OF PAGES DATE OF DOCUMENT SIGNER(S) OTHER THAN NAMED ABOVE Repraduc�by Rrs[Nrerlan Title Ccmpany I U2007 '�CA�CIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT File No: 4204-3906009 (D� STATE OF California )SS APN No: 077-255-060 counrn�oF 5�..� Lu�� Ob;� ao ) On D l �D�o�/� before me, / T�LI / /DI��D�'l/ , Notary Public, personally appeared — 5�e v c vi f4 d a.,-�5 �� who proved to me on the basis of satisfactory evidence to be the personj� whose name(� is/ara subscribed to the within instrument and acknowledged to me that he�y executed the same in his/ber�eiF authorized capacity�, and that by his/bec/�laeir signatureEs}on the instrument the person(.�, or the entity upon behalf of which the person(�-acted, executed the instrument. I certify under PENALTY OF PER]URY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. KITTY NORTON Signature D7 Commiselon�► 1924941 Noury Puak-CalNomla S�n lule Oetspo Covrnfr Ca .Ex Iros ar 2015 This area for official notarial seal. OP'TIONAL SECTION CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below,doing so may prove invaluable to persons relying on the documents. Q INDMDUAL Q CORPORATE OFFICER(5) TITLE(S) � PARTNER(S) ❑ LIMITED ❑ GENERAL Q ATTORNEY-IN-FACT � TRUSTEE(S) 0 GUARDIAN/CONSERVATOR 0 OTHER SIGNER IS REPRESENTING: Name of Person or Entity Name of Person or Entity OPTIONAL SECTION Though the data requested he is not required by law, it could prevent fiaudulent reattachment of this form. THIS CERTIFICA MUST BE ATTACHED TO THE DOCUMENT DESCRIBED BELOW TITLE OR TYPE OF DOCUM . NUMBER OF PAGES DATE OF DOCUMENT SIGNER(S) OTHER TNAN NAMED ABOVE Reproduoed by Flrst Am�n Tltle Company il/2007 �D OF DOCUMENIf