HomeMy WebLinkAboutD-1918 2862 Victoria Ave. SLO Recorded 06/22/2012Recording Requested By:
RECORDING REQUESTED BY:
FIDELITY NATIONAL TITLE
WHEN RECORDED RETURN TO:.
City of San Luis Obispo
990 Palm Street
San Luis Obispo, CA 93401
Attn: City Clerk
JULIE RODEI A
San Luis Obispo County— ClerklRecorder
Recorded at the request of
Fidelity Title Company
p DOC#: 12012p033890
W �IIIIIIIIIIII�I
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 -19 8-007
SUBORDINATION AGREEMENT
SN
6/22/2012
8:00 AM
Titles: 1
Pages: 6
Fees
0.00
Taxes
0.00
Others
0.00
PAID
$0.00
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 q , 2012, by Nicholas and Anna Brannen, 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, Nicholas and Anna Brannen, did execute a deed of trust, dated August 7,
2009, to Wells Fargo Bank, as trustee, covering property located at 2862 Victoria Avenue, 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 $85;775, a deed of trust was recorded August 1.1, 2009, in favor of
City of San Luis Obispo, which deed of trust was recorded as instrument No. 2009045086 of
Official Records of said county; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note (not to exceed
Vssu of $224,000 with actual amount to be completed through escrow) in the amount of
y , �D dated ,1 u n -p- I -d f 70 12- in favor of Coastal Funding SLC, 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
Page 1 of 4
INITIALS 3 W
19 Lt-:�)
hereinbefore described , P P prior d superior to the lien or charge of the Peed 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, 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,
Page 2 of 4 INITIALS Ajj r�'v
specific monetary and obligations are being and will be entered into which would
P rY g
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
SUBORDINATION AGREEMENT, THE
ATTORNEYS WITH RESPECT THERETO.
City of San Luis Obispo, Beneficiary:
�rwners:
icholas rannen
Anna Brannen
TO THE EXECUTION OF THIS
PARTIES CONSULT WITH THEIR
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
Page 3 of 4 INITIALS :3
9 0
STATE OF CALIFORNIA )
)ss
COUNTY OF SAN LUIS OBISPO )
On June 19, 2012, before me Sheryll' Schroeder, Interim 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(s) whose name(s) is/4e subscribed to the within
instrument and acknowledged to me that lie /she /*ey executed the same in bis/her/dwk
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 19th day of June, 2012.
Signature
City. Clerk
Per Civil Code 1181
,(Seal)
State of California )
County of San Luis Obispo )
On June 20, 2012 before me,
MI Ponder , Notary Public (here insert name. and title of the officer),
personally appeared Nicholas Brannen and Anna 'Brannen
who proved to me on the basis of satisfactory evidence to be the person(s) whose name s i "are bscribed to the within
instrument and acknpwledged to me that he /sh ey ecuted the same. in his /he heir thorized capacity(ies), and
that by his /her ei ignature(s) on the instrumen. a person(s), or the entity upon be a f of which the person(s) acted,
executed the i rument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and
correct_
WITNESS
Signature
(notary)(1.2 -07)
(Seal)
M. J. PONDER
Commission 1986578
Mary Public - Celifomis
Ban Luis Obispo Ca
Coiron. Esc Tres Feb 10. pl
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 38 of Tract 2066, in the City of San Luis Obispo, County of San Luis Obispo, State
of California, according to Map recorded May 12, 1992 in Book 16 at Page 71 of Maps,
in the Office of the County recorder of said County; and amended December 31, 1992 in
Book 16, Page 85 of Maps, in the Office of the County recorder of said County; and
Certificate of Correction recorded March 20, 2001 as Instrument No. 2001- 017471 of
Official Records.
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 recorded June 8, 1942 in Book 335 at Page 78 of Official
Records.
APN: 053 -198 -007
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INITIALS A)S -H2r--'
END OF DOCUMENT
USA BERTwwD
BRANCH MR
ESCROW O
COMMERIC ECIALIS1
HistAmerican
Title Campany
8g4Pa&_SMt'San Luis Obispo, CA 93401
DIRECT 805J86.20M. TEL OW•9o9W
E FA. 866.377.9706
EMAIL lbettr--
d®firstam.corn
www.firstamericantitle.com
at M F,k�
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First American Title Company
899 Pacific Street • San Luis Obispo, CA 93401
Buyer's Final Settlement Statement
Property: Higuera Street, San Luis Obispo, CA 93401
Buyer: City of San Luis Obispo
Address: Vacant Land, San Luis Obispo, CA
Seller: San Luis Cemetery
Address: 2890 S. Higuera Street, San Luis Obispo, CA 93401
File No: 4009- 4034821
Officer: Lisa Bertrand/dc
New Loan No:
Settlement. Date:
Disbursement Date:
Print Date:
06/29/2012
06/29/2012
06/29/2012,1:36 PM
_ . _Char a Description
Bu er Charge _ .
Buyer Credit'
Consideration:
Total Consideration
2;500.00
Deposits in Escrow:
,Receipt No. 749109902. on 06/28/2012 by City of San Luis Obispo
3,222.50
`Title/Escrow Charges to:
Escrow Fee - One Half to First:American Title Company
327.50
ALTA Owners Policy Standard to First American Title Company
395.00
Totals
3,222.50
3,222.50
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