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Home My WebLink AboutD-1542b Lot 74 Tract 2066 Recorded 09/23/2003RECORDr G REQLTES Y; FIST AINIE.RICA TITL MPANY ! t JULIE RODEWALD San Luis Obispo County— Clerk/Recorder 9/23/2003 Recorded at the request of 0:00 AM First American Title Company DOC #: . 2003109085 WHEN RECORDED RETURN TO: City of San Luis Obispo_ 990 Palm Street San Luis Obispo, CA 93401 - - - -- — -- Attn: City Clerk ee�ord" for the benefit of the City of San Luis Obispo At No Fee under Section 27383 of the Government Code. The undersigned declare that there is no documentary Transfer tax on this matter. APN: 053-19 8-043 SUBORDINATION AGREEMENT Titles: 1 Pages: 6 Fees 22.00 j Taxes 0.00 Others 0.00 PAID $22.00 NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LEIN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made 5 p!! c?? t �� 3 , by Douglas Rick Williams. Owner of the land hereinafter described and hereinafter referred to as "Owner," and City of San Luis Obispo Present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as `Beneficiary"; WITNESSETH THAT WHEREAS, Douglas Rick Williams, did execute a deed of trust, dated February 1, 2000, to First American Title Insurance Company, as trustee, covering property located at 811 Lawrence Drive, as more particularly described in Exhibit One; SEE EXHIBIT ONE ATTACHED HERETO AND MADE A PART HEREOF To secure a note in the sum of $6,900.000, dated February 1, 2000, in favor of City of San Luis Obispo, which deed of trust was recorded as instrument no. 2000 - 007294, on February 10, 2000, of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, a. deed of trust and note in the sum of $107,000.00 dated in favor of Irwin Mortgage Company, 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 Page 1 of 5 INITIALS his yZ. 0 0 WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the deed of trust first above mentioned; 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: 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. 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 above mentioned to the lien or charge of the deed of trust in favor of the lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the deeds of trust herein before specifically 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 (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 but 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 Page 2 of 5 INI'T'IALS 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 San Luis Obispo, Beneficiary: I '4KenHian, Ci Administrative Officer Owner: APPROVED AS TO FORM: oowmm P. LOWE I City Attomey (ALL SIGNATURES MUST BE ACKNOWLEDGED) STATE OF CALIFORNIA COUNTY OIF SAN LUIS OBISPO ON a- before me, personally appeared Douglas Rick Williams, a (onto me on the basis of satisfactory evidence) to be the persons whose name�6) is/are subscribed to the within instrument and acknowledged to me that he /shefthey executed the same in his/her /their authori d capacity(ioo), and that by his/her/their signatureo9) on the instrument the pers , or the entity upon behalf of which the person(oacted, exec the instrum t. LOOT 3'Wux*HN Witness my hand an offi al se !qnl unS TWO N Signature :E ConKnadon 1413x83 Page 3 of 5 Notary Pdit - Call M 'F11 I INITIALS San Lub Obbm CW* VU NA►Coem4�MayZi. STATE OF C, COUNTY OF ON before me, `�- �� personally appeare c� ,personally known to me (or,e�ved to m e) to be the persons) whose name() is /ar$ subscribed to the within instrument'and acknowledged to me that he /shefthey executed the same in his/her-FE13eir authorized capacity(i@Q, and that by his/honkheir signature) on the instrument the person( or the entity upon behalf of which the person4) acted, executed the instrument. Witness my _ d d off al ea Signature LH PMM CommWori 814132M Notary Pubbc - CONIOM O _ San Luis Obispo CM* My Caron. 1300 May 21, 20D7 Page 4 of 5 1NMALS • NOTARY CLARIFICATION GOVERNMENT CODE 27361. I CERTIFY UNDER THE PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS FOLLOWS: NAME OF NOTARY: Lee Price NAME OF COUNTY: San Luis Obispo DATE COMMISSION EXPIRES: May 12, 2007 COMMISSION NUMBER: 1413258 DATE: September 23, 2003 LOCATION: City and County of San Luis Obispo, State of California FIRST AMERICAN TITLE INSURANCE COMPANY Lti , ( :X /- Signature of person making EXHIBIT "ONE" Lot 74 of Tract 2066, in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to the map thereof recorded May 12, 1992 in Book 16 at Page 71 of Maps, and amended map recorded December 31, 1992 in Book 16, Page 85 of Maps, and as per Certificate of Correction recorded March 20, 2001 as Instrument No. 2001 - 017471 of Official Records in the office of County Recorder of said County. Excepting therefrom the Interest in 5% of the value of all. oil and minerals removed from beneath the above described property through operations conducted thereon, including oil or minerals taken therefrom by so- called slanting wells which may be bottomed on or under the above described premises, as reserved by Pacific Coast Railway Company, a California Corporation, in deed dated October 31, 1941 and recorded June 8, 1942 . in. Book 335 at Page 78 of Official Records. Assessor's Parcel No: 053- 198 -043 Jh/ Lagreements/ williamssubordinationagreemen t9 -3 -03 Page 5 of 5 IMTIALS END OF DOCUMENT