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Home My WebLink AboutD-1878 APN 003-544-017 Recorded 12/17/2010- �� ED F— - - l JULIE RODEW �- AB San Luis Obispo Cour — ClerklRecorder 12/17/2010 JAN ��11 Recorded at the request of 8:00 AM First American Title Company SLU CIl Y CLERK 2010064589 Titles: 1 Pages: 6 Fees 0.00 RECORDING REQUESTED BY Taxes 0.00 First American Title Company Others 0.00 PAID $0.00 AND WHEN RECORDED MAIL DOCUMENT TO: % City of San Luis Obispo Community Development Dept. 919 Palm Street San Luis Obispo CA 93401 Space Above This Line for Recorder's Use Only A.P.N.: 003 - 544 -017 File No.: 4009 - 3614517 (LB) SUBORDINATION AGREEMENT (EXISTING TO NEW) 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 Second day of December, 2010, by San Luis Obispo County AIDS Support Network, a California 501 -C3 non - profit corporation Owner of the land hereinafter described and hereinafter referred to as "Owner ", and City of San Luis Obispo, a charter municipal corporation present Owner and Holder of the Deed of Trust and Note first hereinafter described and hereinafter referred to as "Beneficiary"; WITNESSETH THAT WHEREAS, Owner has executed a Deed of Trust dated May 16, 1996 to First American Title Insurance Company, a California corporation, as Trustee, covering: THAT PORTION OF LOTS 16,17 AND 18 IN BLOCK 172 OF DALLIDET'S ADDITION TO THE CITY OF SAN LUIS OBISPO, IN THE COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED IN BOOK A, PAGE 99 OF MAPS, AUGUST 23, 1876 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS: Page 1 of 5 M16 A.P.N.: 003 -544 -017 Subordination Agreement - continued File No.: 4009 - 3614517(LB) Date: December 02, 2010 BEGINNING AT THE NORTHWESTERLY CORNER OF ISLAY AND SANTA ROSA STREETS IN THE CITY; THENCE NORTH 36 °53' WEST ALONG SAID WESTERLY LINE OF SANTA ROSA STREET, 145 FEET TO THE NORTHERLY LINE OF SAID LOT 16; THENCE SOUTH 53 °07' WEST ALONG SAID LINE, 103.5 FEET TO THE EASTERLY LINE OF THE LOT CONVEYED BY CLARA OLIATI, A WIDOW AND IDA HANKE, A SINGLE WOMAN, TO DENIS F. PATTON, A MARRIED MAN, BY DEED DATED JUNE 251 1929 AND RECORDED IN BOOK 70, PAGE 51 OF OFFICIAL RECORDS; THENCE SOUTH 36 053' EAST ALONG SAID LINE, 21.45 FEET; THENCE NORTH 53 007' EAST, 7.2 FEET; THENCE SOUTH 36 °53' EAST, 57.32 FEET; THENCE SOUTH 530 07' WEST, 4.85 FEET; THENCE SOUTH 36 °53' EAST, 66.23 FEET TO THE NORTHERLY LINE OF ISLAY STREET; THENCE NORTH 53 °07' EAST ALONG SAID NORTHERLY LINE 0 ISLAY STREET, 101.15 FEET TO THE POINT OF BEGINNING. to secure a Note in the sum of $206,000.00, dated May 16, 1996, in favor of City of San Luis Obispo, a charter municipal corporation, which Deed of Trust was recorded May 21, 1996 in Book - - -, Page - - -, or Instrument No. 1996025209, of said County; and WHEREAS, Owner has executed, or is about to execute, a Deed of Trust and Note in the sum of $460,000.00, dated November 22, 2010, in favor of Mission Community Bank, 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 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: (1) That said Deed of Trust securing said Note in favor of Lender, and any renewals or extensions thereof, excepting any renewals or extensions that increase the principal amount of $460,000.00, 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 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 to, those provisions, if any, contained in the Deed of Trust first Page 2 of 5 A.P.N.: 003 -544 -017 Subordination Agreement - continued File No.: 4009 - 3614517(LB) Date: December 02,.2010 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 ofthe 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 Note secured by 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 THE IMPROVEMENT OF THE LAND. (ALL SIGNATURES MUST BE ACKNOWLEDGED) IT IS RECOMMENDED THA T, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSUL T WITH THEIR ATTORNEYS WITH RESPECT THERETO. (CLTA SUBORDINATION FORM "A ") Page 3 of 5 A.P.N.: 003 -544 -017 OWNER: • Subordination Agreement - continued San Luis Obispo County'AIDS Support Network, a California 501 -C3 non - profit corporation CLG�Jvv /�4'_ By: Edith Kahn, Executive Director STATE OF CALtroRrilA )SS COUNTYOF SA_ Lu s eAISAp ) On 12 - I (o - /n Public, personally appeared L_J File No.: 4009- 3614517 (LB) Date: December 02, 2010 before me, efl+( '41O1..E iT J Notary who proved to me on the basis of satisfactory evidence to be the personV whose name(o is afe subscribed to the within instrument and acknowledged to me that he /may executed the same in his /h60#e'r authorized capacity(jes), and that by his /ba;ltheir signature(.$) on the instrument the person(y), 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 seal. E-0-0 AE _ My Commission Expires: 3-2.2-.—,&12 CLAY APPLETON Cornn*gon 0 1794197 Nowt► hto0e - Caufondo SW LUM OOtspo Coun>1► it 1w0onn►�pwwarsz,'ons This area for otircial notarial seal Notary Notary Name: C L4'1 14P,°c. r 76^1 Phone: gOS- 45 l- S ,,;1'4% Notary Registration County of Principal Place of Number: Business: .5-4,4 Lvis OSiSOo Page 4 of 5 A.P.N.: 003 -544 -017 BENEFICIARY: City of San Luis Obispo, By: • • Subordination Agreement.- continued File No.: 4009 - 3614517(LB) Date: December 02, 2010 a charter municipal corporation . n , c.: STATE' OF. I )SS COUNTY OF ) On before me, Notary Public, personally appeared 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 California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature My Commission Expires: This area for official notarial seal Notary Name: Notary Phone: Notary Registration Number: County of Principal Place of Business: Page 5 of 5 `rmINRINVRNId A 11 CI � O� Still 1L113 OBISPO 990 Palm Street, San Luis Obispo, CA 93401 -3249 STATE OF CALIFORNIA ) )ss COUNTY OF SAN LUIS OBISPO ) On December 15, 2010, before me Elaina Cano, City Clerk, personally appeared Katie Lichtig, City Manager, CITY OF SAN LUIS OBISPO, who proved to me on the basis of satisfactory evidence to be the person whose m e01 1# subscribed to the within instrument and acknowledged to me t W /she/ 7vexecuted the same in bXlher /tlir authorized capacity(' s), and that by;;Ner /tht r signature on the instrument the person , or the entity upon behalf of which the person )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 seal. Signature l� City Clerk (Seal) EThe City of San Luis Obispo is committed to include the disabled in all of its services, programs and activities. Telecommunications Device for the Deaf (805) 781 -7410. END O F DOCUMENT