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Home My WebLink AboutD-1890 1965 Devaul Ranch Drive, APN 053-514-030, Lot 30 of Tract 2401, Book 20, page 11 of 2002 maps Recorded 06/15/2011t • Recording Requested By: FIRST AMIRICAN TITLE CO. WHEN RECORDED RETURN TO: City of San Luis Obispo 990 Palm Street San Luis Obispo, CA 93401 Attn: City Clerk JULIE RODElllil_ San Luis Obispo Coun Clerk/Recorder Recorded at the request of First American Title Company 2011028187 CIIN @NI�tl�V��P�m��I�N 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 -514 -030 , . . , SUBORDINATION AGREEMENT SN 6/1512011 8:00 AM Titles: 1 Pages: 6 Fees 29.00 Taxes 0.00 Others 0.00 PAID $29.00 3 7 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 May 25, 2011, by Kristen Fahs, 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, Kristen Fahs, did execute a deed of trust, dated October 30, 2008, to Cuesta Title Company, as trustee, covering property located at 1965 Devaul Ranch 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 $157,400 a deed of trust was recorded December 5, 2008, in favor of City of San Luis Obispo, which deed of trust was recorded as instrument No. 2008059968 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 $276,300 dated June 8, 2011 in favor of The Mortgage House, 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, 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 I of 4 INITIALS �� / 00 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 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 4 INITIALS \— \ • C1 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 FO_ R 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: City Manager - - - — - Qk+A-vti Qx0 Owner: Kristen Fahs (ALL SIGNATURES MUST BE ACKNOWLEDGED) Page 3 of 4 INITIALS -0 State of California ) CALIFORNIA ALL - PURPOSE County of SfA/J CERTIFICATE OF ACKNOWLEDGMENT On 'J%.T0 D `�� I before me, M CG 2 A- - 4-L"410 i A0'7411 P-6L' /C. , (here insert name and title of the officer) personally appeared who proved to me on the basis of satisfactory evidence to be the person>'whose nameW isixe subscribed to the within instrument and acknowledged to me that be/she /they executed the same in Wg /her /1.14 i authorized capacity W, and that by W /her /tbetr signature(4 on the instrument the person(, or the entity upon behalf of which the personpd 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. MICHAEL A. LUND WITNESS my hand an Icial seal. Commission # 1915 DDB rQ0 N otary Public - California San Luis Obispo County My Comm. Expires Dec 30.2014 Signature (Seal) OPTIONAL INFORMATION Although the information in this section is not required by law, it could prevent fraudulent removal and reattachment of this acknowledgment to an unauthorized document and may prove useful to persons relying on the attached document. Description of Attached Document The preceding Certificate of Acknowledgment is attached to a document titled /for the purpose of containing pages, and dated D,j 62_�— The signer(s) capacity or authority is /are as: Individual(s) ❑ Attorney -in -Fact ❑ Corporate Officer(s) Title(s) ❑ Guardian /Conservator ❑ Partner - Limited /General ❑ Trustee(s) ❑ Other: representing: Name(s) of Person(s) or Entity(ies) Signer is Representing Method of Signer Identification Proved to me on the basis of satisfactory evidence: LQ form(s) of identification Q credible witness(es) Notarial event is detailed in notary journal on: Page # Entry # Notary contact: Other ❑ Additional Signer(s) ❑ Signer(s)Thumbprint(s) 0 Copyright 2007 Notary Rotary, Inc. 925 29th St., Des Moines, IA 50312 -3612 Form ACK03. 10/07. To re- order, call toll -free 1 -877- 349 -6588 or visit us on the Internet at http: / /www.notaryrotary.com • • city of sAn leis oBispo 990 Palm Street, San Luis Obispo, CA 93401 -3249 STATE OF CALIFORNIA ) )Ss COUNTY OF SAN LUIS OBISPO ) On May 27, 2011, before me Sue Chippendale, Deputy City Clerk, personally appeared Michael Codron, Acting City Manager, CITY OF SAN LUIS OBISPO, who proved to me on the basis of satisfactory evidence to be the personXwhose name�is /a;"ubscribed to the within instrument and acknowledged to me that he /(t y executed the same in his/W/t�eir authorized capacity( and that by hisJX1t,1wff signatureKon the instrument the person /or the entity upon behalf of which the person ,V 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 �A� 0". 1624�� Deputy Cit k 1 r 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. i EXHIBIT "ONE" LEGAL DESCRIPTION OF REAL PROPERTY Real property in the City of SAN LUIS OBISPO, County of SAN LUIS OBISPO, State of California, described as follows: LOT 30 OF TRACT 2401, IN THE CITY OF SAN LUIS OBISPO, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED MAY 28, 2002 IN BOOK 20, PAGE 11 OF MAPS. APN: 053- 514 -030 Page 4 of 4 END OF DOCUMENT