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Home My WebLink AboutSubordination Agreement JULIE RODEWALD ASK • San Luis Obispo County—Clerk/Recorder 7/31/2012 APN: 077-127-003 Recorded at the request of 8:00 AM Fidelity Title Company REC&DIFIG REQUESTED BY: Fidelity National Title Company D o C# : 2012042324 Titles: 1 Pages: 4 Escrow No.: 12-400206247-KM Locate No.: CAFNT06 0002-0400206247 I 2 Title No.: 12-400206247-RB 0.00 When Recorded Mail Document To: I Others 0.00 Fees City of Arroyo Grande PAID $23.00 300 E. Branch Street Arroyo Grande, CA 93420 APN: 077-127-003 SPACE ABOVE THIS LINE FOR RECORDER'S USE 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 June 28, 2012, by Daniel S. Ward and Pamela G. Ward, Husband and Wife as Joint Tenants owner of the land hereinafter described and hereinafter referred to as "Owner," and City of Arroyo Grande present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary"; WITNESSETH THAT WHEREAS, Daniel S. Ward and Pamela G. Ward, did execute a deed of trust, dated June 1, 2005, to City of Arroyo Grande, as trustee, covering SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF • to secure a performance under the Buyer's Occupancy and Resale Agreement with Option to purchase, dated June 1, 2005, in favor of City of Arroyo Grande, which deed of trust was recorded as instrument no. 2001040 05", n June 16, 2005, in book n/a, page n/a, Official Records of said county; and 2o '5 oV998 S WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of$136,000.00 dated July 18, 2012 , in favor of IMortgage.Com, Inc., hereinafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which deed of trust is 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 the 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: INITIALS 9 `1 `"" FD-46A CLTA SUBORDINATION "A" (subora) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 1 of 3 APN: 077-127-003 (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 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 shall supersede and cancel, but only Insofar as would affect the priority between the deeds of trust hereinbefore spedficaliy described, any prior agreement as to such subordination including,but not limited,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 approves (i) all provisions of the note and deed of trust In favor of Lender above referred to,and(li)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 note secured by 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 THAN IMPROVEMENT OF THE LAND. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. City of Arroyo Grande �Q Daniel S. Ward BY: e!/�� ( �Q/�1'1�j Pamela G. Ward •'1 1 FD-46A CLTA SUBORDINATION"A" (subora) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No.2 of 3 • i APN: 077-127-003 Beneficiary Owner (ALL SIGNATURES MUST BE ACKNOWLEDGED) State of California ) County of Stn ObifPo ) On / / / before me, Kier , Notary Public(here Insert name and title of the officer), personally ap ared ' ys .s 1 /SidiL i s who proved to me on the basis of satisfactory evidence to be the persons whose name(%)is/ace subscribed to the within Instrument and acknowledged to me that he/9keft+iey executed the same in his/hecfilaeir authorized capacity(l4*, and that by his/FIeij444eir signaturece)on the Instrument the person(e},or the entity upon behalf of which the person(ej'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. , KITTY NORTON WITNESS my hand and official seal. r , Commission• 1924921 • a r Notary Public-Csutomis Signature n (Seal) �" "'I San Luis Obispo County 1 State of California / f�iv(��po County of L.0( J ) On 25 20 / 2, before me, iei,7-£.4.-( J , Notary Public(here Insert name and title of the officer), personally a eared Daniel S. Ward a d Pamela G. Ward, 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) •• the instrument the person(s),or the entity upon behalf of which the person(s)acted, executed the Instrument. I certify under PENALTY OF PE' under the laws of the State of California that the foregoing paragraph Is true and correct. WITNESS my hand and official Signature / (Seal) //7 6-01,114e A.ZEUS • Commission 01970479 Not Pudic 1 a CelRomla `a SAN LUIS OBISPO COUNTY MyCorniNselm BOres Mexb 23,MI6 - - -- --- - S FD-46A CLTA SUBORDINATION"A" (subora) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No.3 of 3 Escrow.No.: 12-400206247-KM Locate No.: CAFNT0940-0940-0002-0400206247 Title No.: 12-400206247-RB EXHIBIT "A" THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF ARROYO GRANDE, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA AND IS DESCRIBED AS FOLLOWS: Lot 2 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,&15 of Maps,in the Office of the County Recorder of said County. APN: 077-127-003 END OF DOCUMENT