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HomeMy WebLinkAboutD-1938 APN: 053-066-019 Recorded 05/24/2013Recor6ing Requested By: WHEN RECORDED RETURN TO City of San Luis Obispo 990 Palm Street San Luis Obispo, CA 93401 Attn: City Clerk JULIE RQDEWALD San Luis Obispo C— Clerk/Recorder Recorded at the request Public DOC #: 2013030118 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- 066 -019 ASK 5/24/2013 9 :47 AM Titles: 1 Pages: 13 Fees 50.00 Taxes 0.00 Others 7.00 PAID $57.00 nrIiikl W] Ub 1-\Jklx6v&� 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. THIS AGREEMENT, made. , 2013, by David Lamb, Owner of the land hereinafter described and hereinaft 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, David Lamb, did execute a deed of trust, dated November 3, 2009; to Fidelity National Title Company, as trustee, covering property located at 842 Tarragon Lane, 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 $65,000, a deed of trust was recorded November 3, 2009, in favor of City of San Luis Obispo, which deed of trust was recorded as instrument No. 2009069559 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 the sum of $219,000 dated in favor of CashCall, Inc., hereinafter referred to as "Lender," payable with interest anN 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 C1 \C� 3T • • 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. 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 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 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 Page 2 of 5 rMTIALS 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: ze Lichtig, City Owner: David Lamb (ALL SIGNATURES MUST BE ACKNOWLEDGED) Page 3 of 5 INITIALS STATE OF CALIFORNIA } }ss COUNTY OF SAN LUIS OBISPO } On o O/& , before me Maeve Kennedy Grimes, 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 name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity, and that by her 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 this 4 - " lay of 2013. t _ Sienature. ."y * _ :;> Miailve Kemiiedy Grimes U bi Clerk, City of San Luis Obispo °' �� ,�er'Civil Code 1181 EXHIBIT "ONE" LEGAL DESCRIPTION • THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF SAN LUIS OBISPO, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA AND IS DESCRIBED AS FOLLOWS: PARCEL 1: UNIT 1305, DELINEATED AND DESCRIBED ON THAT CERTAIN PHASE 2 CONDOMINIUM PLAN FOR LAUREL CREEK (THE "CONDOMINIUM PLAN ") RECORDED APRIL 10, 2009 AS INSTRUMENT NO. 2009017707, AND AMENDED NOVEMBER 19, 2009 AS INSTRUMENT NO. 2009064337 IN THE OFFICIAL RECORDS OF SAN LUIS OBISPO COUNTY, CALIFORNIA, WHICH CONDOMINIUM PLAN COVERS AND AFFECTS PORTION OF LOTS 5 AND 7 OF TRACT NO. 2707, IN THE CITY OF SAN LUIS OBISPO, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED DECEMBER 7, 2007 IN BOOK 31, PAGES 1 THROUGH 3, INCLUSIVE, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. EXCEPTING AND RESERVING THEREFROM NON - EXCLUSIVE EASEMENTS OVER, UPON, UNDER AND THROUGH SAID UNIT FOR THE BENEFIT OF THE ASSOCIATION AND OTHERS AS MORE PARTICULARLY DESCRIBED IN THE CC &RS (DEFINED BELOW). PARCEL 2: AN UNDIVIDED ONE - THIRTEENTH (1/13) FEE SIMPLE INTEREST AS A TENANT IN COMMON IN AND TO THE PHASE COMMON AIRSPACE OF THE PHASE 2 MODULE AS THOSE TERMS ARE DEFINED_ , DESCRIBED AND DELINEATED ON THE CONDOMINIUM PLAN. EXCEPTING AND RESERVING THEREFROM NON - EXCLUSIVE EASEMENTS OVER, UPON, UNDER AND THROUGH SAID PHASE COMMON AIRSPACE FOR THE BENEFIT OF THE ASSOCIATION AND OTHERS AS MORE PARTICULARLY DESCRIBED IN CC &RS (DEFINED BELOW). PARCEL 3: NON EXCLUSIVE EASEMENTS FOR THE USES AND PURPOSES SET FORTH IN THE CC &RS IN THAT CERTAIN AMENDED AND RESTATED DECLARATION OF CONDITIONS, COVENANTS AND RESTRICTION AND RESERVATION OF EASEMENTS FOR LAUREL CREEK RECORDED ON NOVEMBER 26, 2008, AS DOCUMENTED NO 2008058966 IN SAID OFFICIAL RECORDS (AS NOW OR HEREAFTER AMENDED, SUPPLEMENTED OR REPLACED, THE "CC &RS ") UPON, OVER, UNDER AND THROUGH THE ASSOCIATION PROPERTY AND THE OTHER UNITS IN THE PROJECT FROM TIME TO TIME (AS THOSE TERMS Page 4 of 5 INITIALS ARE DEFINED IN THE CC &RS) AS SUCH EASEMENT ARE DESCRIBED AND RESERVED FOR THE BENEFIT OF GRANTEE AND OTHERS IN THE CC &RS. PARCEL 4: AN EXCLUSIVE USE EASEMENT APPURTENANT TO SAID PARCEL 1 FOR THE OPERATION AND MAINTENANCE OF AN AIR CONDITIONER COMPRESSOR AND PAD THEREFORE UPON AND OVER THE ASSOCIATION PROPERTY TOGETHER WITH A NON - EXCLUSIVE EASEMENT FOR UTILITY CONNECTIONS FOR THE SAME. THE EXCLUSIVE USE EASEMENT AREA CONSISTS OF A CONCRETE PAD LOCATED OUTSIDE OF THE BUILDING IN THE VICINITY OF SAID PARCEL 1 AND IS IDENTIFIED WITH SIGNAGE PLACED ON THE SAME AS BEING APPURTENANT TO SAID PARCEL 1. PARCEL 5: AN EXCLUSIVE USE EASEMENT APPURTENANT TO SAID PARCEL 1 FOR A DECK UPON AND OVER THAT PORTION OF THE ASSOCIATION PROPERTY THAT IS SITUATED OUTSIDE OF THE BUILDING AND IMMEDIATELY ADJACENT TO SAID PARCEL 1, THE SAME BEING MORE PARTICULARLY DEFINED, DELINEATED, AND DESCRIBED ON SAID CONDOMINIUM PLAN. APN: 053- 066 -019 Page 5 of 5 INITIALS Recording Requested By. W1tEN RECORDED RETURN TO: City of San Luis Obispo 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 -066 -019 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. THIS AGREEMENT, made 2013, by David Lamb, Owner of the land hereinafter described and hereftMffr 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, David Lamb, did execute a deed of trust, dated November 3; 2009, to Fidelity National Title Company, as trustee, covering property located at 842 Tarragon Lane, 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 $65,000, a deed of trust was recorded November 3, 2009, in favor of City of San.Luis Obispo, which deed of trust was recorded as instrument No. 2009069559 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 the sum of $219,000 dated in favor of CashCall, 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 alien 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 MTIALg 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: L 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 alien 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. 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 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 malting 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 Page 2 of 5 MMALS • • 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 EXPEN_ DED 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: Ka 'e Lichtig, City M ger Owner: vid Lamb TO THE EXECUTION OF THIS PARTIES CONSULT WITH THEIR (ALL SIGNATURES MUST BE ACKNOWLEDGED) Page 3 of 5,g L CALIFORNIA • State of California County of San L4-" :5 0&5PO On njg4 j Ap,, ZD/ 3 before me, Otm4ida 6. 'n 5 , Date Here Insert Name and Title of the Officer personally appeared Davie LGC." Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(* whose name(s) isfafe- subscribed to the within instrument and acknowledged to me that he /she,44ey executed the same in his/heFAhei authorized capacity(ies), and that by his aeir signature(&) on the instrument the person(e), or the entity upon behalf of which the person(sj acted, executed the instrument. &?M�CYNTHIA G. JENKINS Commission # 1846622 1 certify under PENALTY OF PERJURY under the laws = Notary Public - California z of the State of California that the foregoing paragraph is San Luis Obispo County = true and correct. my Comm. E Ma 24, 2013 WITNESS my hand and official seal.. Signature Place Notary Seal Above nat of Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Subb►'d� P'jf4"A4-fd Document Date: 5 -2 -1.3 Number of Pages: 6 Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: 0,ay i o< La-n -19 V Individual ❑ Corporate Officer — Title(s): Partner — ❑ Limited ❑ General -' Attorney in Fact Trustee Top of thumb here Guardian or Conservator ..,.� Other: Signer Is Representing: - =° Signer's Nam ❑ Individual 1< ❑ Corporate Office ❑ Partner — ❑ Lif ❑ Attorney in Fact Title(s): — LLD General ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is STATE OF CALIFORNIA I Iss COUNTY OF SAN LUIS OBISPO I On ", or oui /j before me Maeve Kennedy Grimes, City Clerk, personally appeared • ie Lichtia, City Mggrer , City Of San Luis Obispo who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity, and that by her 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 this --i?fiy of . 2013. Signatu+e: r�.r� Mae a 'K y Grimes City Clerk, City of San Luis Obispo Per Civil Code 1181 EXHIBIT "ONE" LEGAL DESCRIPTION • THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF SAN LUIS OBISPO, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA AND IS DESCRIBED AS FOLLOWS: PARCEL 1: UNIT 1305, DELINEATED AND DESCRIBED ON THAT CERTAIN PHASE 2 CONDOMINIUM PLAN FOR LAUREL CREEK (THE "CONDOMINIUM PLAN ") RECORDED APRIL 10, 2009 AS INSTRUMENT NO. 2009017707, AND AMENDED NOVEMBER 19, 2009 AS INSTRUMENT NO. 2009064337 IN THE OFFICIAL RECORDS OF SAN LUIS OBISPO COUNTY, CALIFORNIA, WHICH CONDOMINIUM PLAN COVERS AND AFFECTS PORTION OF LOTS 5 AND 7 OF TRACT NO. 2707, IN THE CITY OF SAN LUIS OBISPO, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED DECEMBER 7, 2007 IN BOOK 31, PAGES 1 THROUGH 3, INCLUSIVE, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. EXCEPTING AND RESERVING THEREFROM NON - EXCLUSIVE EASEMENTS OVER, UPON, UNDER AND THROUGH SAID UNIT FOR THE BENEFIT OF THE ASSOCIATION AND OTHERS AS MORE PARTICULARLY DESCRIBED IN THE CC &RS (DEFINED BELOW). PARCEL 2: AN UNDIVIDED ONE - THIRTEENTH (1/13) FEE SIMPLE INTEREST AS A TENANT IN COMMON IN AND TO THE PHASE COMMON AIRSPACE OF THE PHASE 2 MODULE AS THOSE TERMS ARE DEFINED, DESCRIBED AND DELINEATED ON THE CONDOMINIUM PLAN. EXCEPTING AND RESERVING THEREFROM NON - EXCLUSIVE EASEMENTS OVER, UPON, UNDER AND THROUGH SAID PHASE COMMON AIRSPACE FOR THE BENEFIT OF THE ASSOCIATION AND OTHERS AS MORE PARTICULARLY DESCRIBED IN CC&RS (DEFINED BELOW). PARCEL 3: NON EXCLUSIVE EASEMENTS FOR THE USES AND PURPOSES SET FORTH IN THE CC &RS IN THAT CERTAIN AMENDED AND RESTATED DECLARATION OF CONDITIONS, COVENANTS AND RESTRICTION AND RESERVATION OF EASEMENTS FOR LAUREL CREEK RECORDED ON NOVEMBER 26, 2008, AS DOCUMENTED NO 2008058966 IN SAID OFFICIAL RECORDS (AS NOW OR HEREAFTER AMENDED, SUPPLEMENTED OR REPLACED, THE "CC &RS ") UPON, OVER, UNDER AND THROUGH THE ASSOCIATION PROPERTY AND THE OTHER UNITS IN THE PROJECT FROM TIME TO TIME (AS THOSE TERMS Page 4 of 5 EN TIALS ARE DEFINED IN THE CC&RS) AS SUCH EASEMENT ARE DESCRIBED AND RESERVED FOR THE BENEFIT OF GRANTEE AND OTHERS IN THE CC &RS. PARCEL 4: AN EXCLUSIVE USE EASEMENT APPURTENANT TO SAID PARCEL 1 FOR THE OPERATION AND MAINTENANCE OF AN AIR CONDITIONER COMPRESSOR AND PAD THEREFORE UPON AND OVER THE ASSOCIATION PROPERTY _ TOGETHER WITH A NON - EXCLUSIVE EASEMENT FOR UTILITY CONNECTIONS FOR THE SAME. THE EXCLUSIVE USE EASEMENT AREA CONSISTS OF A CONCRETE PAD LOCATED OUTSIDE OF THE BUILDING IN THE VICINITY OF SAID PARCEL 1 AND IS IDENTIFIED WITH SIGNAGE PLACED ON THE SAME AS BEING APPURTENANT TO SAID PARCEL 1. PARCEL 5: AN EXCLUSIVE USE EASEMENT APPURTENANT TO SAID PARCEL 1 FOR A DECK UPON AND OVER THAT PORTION OF THE ASSOCIATION PROPERTY THAT IS SITUATED OUTSIDE OF THE BUILDING AND IMMEDIATELY ADJACENT TO SAID PARCEL 1, THE SAME BEING MORE PARTICULARLY DEFINED, DELINEATED, AND DESCRIBED ON SAID CONDOMINIUM PLAN. APN: 053 -066 -019 Page 5 of 5 n MALS END OF1�vGUe�ilE�IY