The URL can be used to link to this page

Home My WebLink AboutD-1916 1594 Eto Circle, San Luis Obispo, CA (A.P.N. 053-511-029) Recorded 06/07/20124 RECORDING REQUESTED BY First American Title Company AND WHEN RECORDED MAIL DOCUMENT TO: City of San Luis Obispo 990 Palm Street San Luis Obispo, CA 93401 A.P.N.: 053- 511 -029 JULIE R00EWALQ s" San Luis Obispo County rklRecorder 6/07/2012 Recorded at the request of 8:00 AM First American Title Company D O c #: ;20 . 12030682 Titles: 1 Pages: 7 Fees 32.00 Taxes 0.00 Others 0.00 PAID $32.00 .Space Above This Line for Recorder's Use Only File No.: 4007 - 3972901 (SLM) Subordination Agreement_ Document Title This Subordination Agreement is being Re- Recorded to add the appropriate Notary Acknowledgments.. SEPARATE PAGE PURSUANT TO GOVT CODE 27361.6 112,1 i(-en JULIE RODEWALD ASK • San Luis Obispo Cou0 ClerklRecorder 5/31/2012 Recorded at the request of 3:39 PM Recording Requested By: First American Title Company FIRST AWRICAN TITLE CO, D o C # : 2012029611 Titles: 1 Pages: 5 Fees 0.00 WHEN RECORDED RETURN TO: Taxes 0.00 Others 0.00 City of San Luis Obispo PAID $0.00 990 Palm Street - San Luis Obispo, CA 93401 Attn: City Clerk 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 - 51+11 -0299 S % 10 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. go W THIS AGREEMENT, made , 2012, by James E. Buchanan and Hollie D. Buchanan, 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, James E. Buchanan and Hollie D. Buchanan, did execute a deed of trust, dated March 26, 2004, to CTX Mortgage Company, LLC, as trustee, covering property located at 1594 Eto Circle, 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 $211,175, a deed of trust was recorded March 31, 2004, in favor of City of San Luis Obispo, which deed of trust was recorded as instrument No. 2004025642 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 (00 (,00 dated May 18, 2012 . in favor of Wells Fargo, 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 4 INITIAL , ` 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, 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. It 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. It 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 r WA Page 2 of 4 STATE OF CALIFORNIA ) )ss COUNTY OF SAN LUIS OBISPO ) On May-16-,2-01-2-, before me Sheall Schroeder, Interim City Clerk, personally appeared italic Lichtig, City Manager, CITY OF SAN LUIS OBISPO, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/we subscribed to the within instrument and acknowledged to me that he/she/dwy executed the same in his/her / authorized capacity(ies), and that by his/her#heir- 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 this 16'b day of May, 2012. Signature oe City Clerk Per Civil Code 1181 (Seal) 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: PARCEL 1: LOT 29 OF TRACT 2307 IN THE COUNTY OF SAN LUIS OBISPO,. STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED SEPTEMBER 25, 2001 IN BOOK 19; PAGE 77 OF MAPS, IN THE OFFICE. OF THE COUNTY RECORDER OF SAID COUNTY. APN: 053 - 511 -029 Page 4 of 4 • / a i a. • r • State of California ) CALIFORNIA ALL - PURPOSE County of 6ArJ ICS C&w,:) ) CERTIFICATE OF ACKNOWLEDGMENT On MA:!f 12.4 2-0/2— before me, blc t ' -4'- Gu� jmu C- , (here insert name and title of the officer) personally appeared -j`ime5s who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s)y /are subscribed to the within instrument and acknowledged to me that 4@44a/they executed the same in his4Frer /their authorized capacity(ies), and that by W /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 #yd gfficial seal. Signature OPTIONAL INFORMATION MICHAEL A. LUND Commission #1915308 Notary Public Calitomia I SAN LUIS OBISPO COUNTY My C=nission Fires (Seal) 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 ofrJ/�f,�i/�I./ Z- ,uT containing pages, and dated The signer(s) capacity or authority is /are as: dividual(s) Attorney -in -Fact ❑ Corporate Officer(s) Title(s) ❑ Guardian /Conservator ❑ Partner - Limited /General" ❑ Trustee(s) ❑ Other: representing: Name(s) of Person(s) or Entity0es) Signer is Representing �e1i7 kF' %fV "F,�,R�y Method of Signer Identification Proved to me on the basis of satisfactory evidence: Lo form(s) of identification 0 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 -2011 Notary Rotary, Inc. PO Box 41400, Des Moines, IA 50311 -0507. All Rights Reserved, Item Number 101772, Please contact your Authorized Reseller to purchase copies of this form. END OF DOCUMENT