HomeMy WebLinkAboutSubordination Agreement JULIE RODEWALD DG
San Luis Obispo County—Clerk/Recorder 7/31/2012
Recorded at the request of 2:00 PM
Fidelity Title Company 7 'Yl1 r r $ 3/.
Order No.: 12-400403509-DWL
Escrow No.: 12-400403509-DY D O C# : 2012042577 Titles: 1 Pages: 6 ted by and
Taxes 0.00
WHEN
SRECORDED MAIL TO I 1101 III 1111111111 IIII Others 0.00
PAID $0.00
City of Arroyo Grande
300 E. Branch Street
Arroyo Grande, CA 93420
Attn: City Clerk
SPACE ABOVE THIS LINE 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 17th day of July, 2012 , by Lester Goldfisher
and Beatrice Goldfisher, husband and wife as joint tenants, owner of the land hereinafter described and
hereinafter referred to as"Owner", and City of Arroyo Grande, a Municipal, 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 August 22, 2007, Instrument No.: 2007062575
to City of Arroyo Grande as trustee, covering:
SEE ATTACHED LEGAL DESCRIPTION EXHIBIT"A"
to secure performance under the Buyer's Occupancy and Resale Agreement with Option to
Purchase, dated August 22nd, 2007 , in favor of Beneficiary; and
WHEREAS, Owner has executed, oria`ut t z ut�,�� trust and note in the sum of
6159,000.00 dated �t t� in favor of Rabobank, N.A.
hereinafter referred to as"Lender", pa with i rest an upon the terms and conditions described
therein, which deed of trust is also to be ecorded 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.
City of Ar oyo Grande
By
RC,f G',L,/fir Lester G• d s2/-r (Ow r)
CIVT hob yo ra.44,91L-By: / .��i.. //i_ ir/ /
(Beneficiary) Beatrice Goldfishes(•wner)
• • (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 HEREIN BELOW IS SITUATED IN THE CITY OF ARROYO GRANDE, COUNTY OF SAN LUIS OBISPO,
STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:
A Condominium comprised of:
Parcel 1:
Airspace Envelope No. 24 of Tract 2616, in the City of Arroyo Grande,County of San Luis Obispo,State of California,as shown
and particularly described on the First Amended Condominium Plan for Tract 2616, recorded January 11, 2007 as Instrument
No. 2007-002198 of Official Records.
Excepting and reserving therefrom, a non-exclusive easement for access, ingress, egress, encroachment, maintenance,
repair, drainage, support and for other purposes, all as described in the Second Amended and Restated Declaration of
Covenants, Conditions and Restrictions establishing a Plan of Condominium Ownership of Tract 2616 ("Declaration"),
recorded March 7, 2007 as Instrument No. 2007-015380 of Official Records.
Parcel 2:
An undivided 1/61 interest as a tenant in common in the Undivided Interest Common Area as defined in the Declaration,
referred to above, which Undivided Interest Common Area consists of the real property described as Lot 1 of Tract 2616, in
the City of Arroyo Grande, County of San Luis Obispo, State of California, according to Map recorded July 19, 2005 in Book
26, Pages 81 and 82 of Maps, in the Office of the County Recorder of said County, including any Undivided Interest Common
Area duly joined through a duly authorized Declaration of Annexation pursuant to the Declaration.
Excepting and reserving therefrom, Airspace Envelopes 1 through 61 inclusive, and any and all improvements that are or
will be located thereon.
Also excepting and reserving therefrom, non-exclusive easements for access, ingress, egress, encroachment, maintenance,
repair, drainage, support, and for other purposes, all as described in the Declaration.
Parcel 3: ,
An exclusive easement for storage and parking appurtenant to Parcel One, which storage area and parking area are defined
in the Declaration, for use as may be permitted in the Declaration.
Parcel 4:
•
Non-exclusive rights appurtenant to Parcel One above, for access, Ingress, egress, encroachment, maintenance, repair,
drainage, support and for other purposes all as described in the Declaration referred to above.
APN: 007-776-024
C. •
State of CP )
County of .Scar` L_.)i s ,.-:ab i spo )
On ki \y �C\ _ a� 1,-,1 before me,
— la-. 1 s. • , Notary Public (hhere insert name and Itle f the officer),
personally appeared LeS -r C.c ck ss er- ct c1 QQ0.1YI(e. C d 4tC'Pr-
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#tis/her/their authorized capacity(ies), and
that by hisjI er/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.
WITNESS my hand and official
0 1 „5L.o METTA STILETTO
Signature L.-._.. _...y.. (Seal) ,• tiw�
Commission# 1893702
z �. Notary Public•California z
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1_ _ _ _ _ Mr Comm.Expires Jul 20.2014 I
(notary)(12-07)
. . •
State of BQ
County of 5a.it L.ui6 obiloo )
On / A3,,// / 01-- before me,
at /VD mar , Notary Public (here insert name and title of the officer),
personal) appeared _ - C v - - f C • s.
D /4"✓vO rte}v �' Gi n
who proved to me orfthe basis of satisfactory evidence to be the personal whose name(ey is/ar,e subscribed to the within
instrument and acknowledged to me that#1e/sheAkey executed the same in J*s/her/their authorized capacityfies), and
that by+4s/her/their signature(e)on the instrument the person(a),or the entity upon behalf of which the person(.0acted,
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. Ki N RTON
ejt.," Commission 0 1924921
Signature 7 (Seal) +It;; ;' Notary Public-California
t l San Luis Obispo Courtly
roa Mar 201
(notary)(12-07)
Escrow No.: 12-400403509-DY
Locate No.: CAFNT0940-0940-0004-0400403509
Title N6.1 12-400403509-DWL
EXHIBIT "A"
OWNER/TRANSFEROR STATES THAT PROPERTY ADDRESS IS:
579 Camino Mercado #312
Arroyo Grande, CA 93420
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:
A Condominium comprised of:
•
Parcel 1:
Airspace Envelope No.24 of Tract 2616,in the City of Arroyo Grande,County of San Luis Obispo, State of California,as shown
and particularly described on the First Amended Condominium Plan for Tract 2616, recorded January 11, 2007 as Instrument
No. 2007-002198 of Official Records.
Excepting and reserving therefrom, a non-exclusive easement for access, ingress, egress, encroachment, maintenance,
repair, drainage, support and for other purposes, all as described in the Second Amended and Restated Declaration of
Covenants, Conditions and Restrictions establishing a Plan of Condominium Ownership of Tract 2616 ("Declaration"),
recorded March 7, 2007 as Instrument No. 2007-015380 of Official Records.
Parcel 2:
An undivided 1/61 interest as a tenant in common in the Undivided Interest Common Area as defined in the Declaration,
referred to above, which Undivided Interest Common Area consists of the real property described as Lot 1 of Tract 2616, in
the City of Arroyo Grande, County of San Luis Obispo, State of California, according to Map recorded July 19, 2005 in Book
26, Pages 81 and 82 of Maps, in the Office of the County Recorder of said County, including any Undivided Interest Common
Area duly joined through a duly authorized Declaration of Annexation pursuant to the Declaration.
Excepting and reserving therefrom, Airspace Envelopes 1 through 61 inclusive, and any and all improvements that are or
will be located thereon.
Also excepting and reserving therefrom, non-exclusive easements for access, ingress, egress, encroachment, maintenance,
repair, drainage, support, and for other purposes, all as described in the Declaration.
Parcel 3:
An exclusive easement for storage and parking appurtenant to Parcel One, which storage area and parking area are defined
in the Declaration, for use as may be permitted in the Declaration.
Parcel 4:
Non-exclusive rights appurtenant to Parcel One above, for access, ingress, egress, encroachment, maintenance, repair, •
drainage, support and for other purposes all as described in the Declaration referred to above.
APN 007-776-024
END OF DOCUMENT