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Home My WebLink AboutD-1542a Lot 74 Tract 2066 - 053-198-043 Recorded 05/11/2001RECORDING REOUESI10Y i CHICAGO TITLE COMPANY AND WHEN RECORDED MAIL TO CITY OF SAN LUIS OBISPO 990 PALM STREET - SAN LUIS OBISPO, CA 93401 -3249 Order N0. 000158570 - TB • 'Doc No: 2001 - 03036 Rpt No: 00041979 Official Records ;RF —1 22.00. San Luis Obispo Co. ; Julie L. Rodewaid j Recorder May 11, 2001 Time: 13:23 ; 6 ;TOTAL 22.00 Escrow No. 158570 - SA I SPACE ABOVE THIS UNE FOR RECORDERS USE 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 March 7, 2001 , by DOUGLAS RICK WILLIAMS 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, DOUGLAS RICK WILLIAMS did execute a deed of trust, dated FEBRUARY 1, 2000 , to FIRST AMERICAN TITIE as trustee, covering that certain.real property described as: SEE ATTACHED LEGAL EXHIBIT to secure a note in the sum of $ 6, 9 0 0 .0 0 , dated FEBRUARY 1, 2 0 0 0 , in favor of CITY OF SAN LUIS OBISPO which deed of trust was recorded FEBRUARY 10, 2000 in book /reel , page /image , Official Records of said county and /or as document number /series 2000-007294 ; and Page 1of3 SAA1 7/93 ksn f G�4 R LJ Page 1 Order No. 2.58570 -TB Escrow No. 258570 -SA LEGAL 0 DESCRIPTION EXHIBIT Lots 74 of Tract 2066, in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to the map thereof recorded May 12, 1992 in Book 16 at page 11 of Maps, in the Office of the County Recorder of said County. EXCEPTING therefrom the interest in 5% of the value of all oil and minerals removed from beneath the above described proper-ty 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 dated October 31, 1941 and recorded June 8, 1942 in Book 335 at page 78 of Official Records. SALE 5/25/631an WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $$107,000.00 , dated MAY 3, 2 0 01 , in favor of IRWIN MORTGAGE CO. 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 alien 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 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 agreements as to such subordination including, but not limited to, 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 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 Page 2 of 3 8AA27 /93Isn STATE OF CALIFORNIA ) SS. COUNTYOF 5�Q]p 1 i S Q11is� ) 11111it"111111 MOM a Notary Public in and for said County and State, personally appeared onally known to me (or proved to me on the basis of satisfactory evidence) to be t the person whose whose nameA subscribed to the within instrument and acknowledged to me that�she flhey- executed the same in ape' ht�r} tair authorized capacky;K, and that b is heFAheir signature(i) on the instrument the persorA, or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. STATE OF CALIFORNIA ) ??�� ) SS. COUNTYOF On �U1s M)is n ) a Notary Public in and for said County and State, personally appeared r) u a rnq � (a n personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose namew s are - subscribed to the within instrument and acknowledged to me tha0 /shefthey executed the same in is her/their authorized capacity ' s), and that b is ) heFft#teir signature on the instrument the person W, or the entity upon behalf of which the persono acted, executed the instrument. WITNESS my hand and official seal. �t Rl M!F Slgnatura of Notary pop (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 PURPOSES OTHER THAN IMPROVEMENT OF THE LAND. CITY OF SAN LUIS OBISPO DOUGLAS RICK WILLIAMS BY_ � /° �ko'& rge n City Attorney BY 1 Ken Ha pian, City Administrative Officer (All signatures must be acknowledged) Page 3 of 3 This Form Furnished by CHICAGO Title Company sna3 7/93 ks" IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. (SUBORDINATION FORM "A" DEED OF TRUST OF RECORD TO NEW DEED OF TRUST) STATE OF CALIFORNIA ) SS. COUNTY OF SAN LUIS OBISPO ) On May 7, 2001 before me, J. BREWER a Notary Public in and for said County and State, personally appeared DOUGLAS RICK WILLIAMS. personally known to me (or 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. WITNE my nd and official seal. _ J. BREWER COMM. #1172600 • NOTARY PUBLIC - CALIFORNIA S' n ture o o SAN LUIS OBISPO COUNTY My Comm. Expires Feb. 8, 2002 STATE OF CALIFORNIA_ ) SS. COUNTY OF ) On before me, a Notary Public in and for said County and State, personally appeared personally known to me (or 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. WITNESS my hand and official seal. Signature of Notary DCrNOT1 —09/25/96bk END OF DOCUMENT