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Home My WebLink AboutD-1577b Villa Rosa Planned Residential Development Recorded 09/23/2003Recor�ng Requested By: `r-idelity National Titt� t(.0 t,�' C� WHEN RECORDED RETURN TO. City of San Luis Obispo 990 Palm Street San Luis Obispo, CA 93401 Attn: City Clerk JULIE RODEWALD San Luis Obispo County- 1,011WRecorder Recorded at the request of Fidelity Title Company Doc #: 2003109270 Record 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 - 198 -007 SUBORDINATION AGREEMENT LO 912312003 8 :00 AM Titles: 1 Pages: 6 Fees 22.00 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 .� , by Jason T Olaiz and Jennifer C Olaiz Owners 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, Jason T. Olaiz and Jennifer C. Olaiz, did execute a deed of trust, dated November 4, 2002, to Fir,, �t��A�mer* an Title Insurance Company, as trustee, covering property located at 2862 Victoria �®et�, 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 $9,500, dated November 4, 2002, in favor of City of San Luis Obispo, which deed of trust was recorded as instrument no. 2002 - 098601, on November 13, 2002, 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 $182,300.00 dated Sept. 9, 2003 in favor of Bank of America, 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, 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 Page 1 of 5 INITIALS 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. I 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 hereinbefore 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 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 Page 2 of 5 INTn S t� 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: APPROVED AS TO FORM: WL4j d.✓ Wendy Ge ge, Acting City Administrative Officer kJONATHAN P. LOWELL City Attorney Owner: Jason T. Olaiz (ALL SIGNATURES MUST BE ACKNOWLEDGED) STATE OF CALIFORNIA COUNTY ,,OF-SAN LUIS OBISPO ON 151a �J before me, �- personally appeared Jason T. Olaiz and Jennifer C Olaiz, r.o+•s 4 • '' neya' *^ **gyp (or proved to me on the basis of satisfactory evidence) to be the person(s) whose names) 4/are subscribed to the within instrument and acknowledged to me that he4he/they executed the same in homer /their authorized capacity(ies), and that by hi&%w /their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executeoAe instrument. Witness hand d c 1 s al _ 01MV Gonabalon 0 14132M Notary AabYc Ca1(omlo San UA Obispo Cou* Signature C w n. bow May21.2V STATE OF CAL COUNTY OF Page 3 of 5 INITIALS Government Code 27361.7 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_ ? r i c.e- Name of County: fir, L L `s Obi 5po Date Commission Expires: 51-Z'06-7 Commission Number: L+ L 3� 5 g Signature: Fidelity National Company Date: I/ z3 San Luis Obispo, California I Page 4 of 5 0 ON befoya me; personally appeared" , personally known to me (crgr4ved to to be the person(,) whose nam*) is /are subscribed to the within instrument-and acknowledged to me that /she /they executed the same in- his/her /their authorized capacity(io, and that by his/her /their signature(,s}on the instrument the pe son(s�or the entity upon behalf of which the person( acted, execAted the inst me t. Witness my Signature !EE PM CommkdOn * 1413258 NalaY Pibllc - Caftrtdo MbCOmm.E�MW�1 W IWAA.,an • 0I . . 1. " , EXHIBIT "ONE" Lot 38 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 -007 Page 5 of 5 INITIALS rain nF DOCUMENT