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HomeMy WebLinkAboutD-1569 Lot 81 - Tract 2066 - 053-198-050 Recorded 03/11/2002RECORDING REQUESTED BY:. Fidelity National Title Company Escrow No. 139884 -CC Title Order No. 00139884 When Recorded Mail Document To: City of San Luis Obispo 990 Palm Street San Luis Obispo, CA 93401 -3249 MF j JULIE RODEWALD San Luis Obispo County— Clerk/Recorder 3/1112002 Recorded at the request of Fidelity Title Compa ooC 2^002019190 N YIIIIN^�IIII�M 8:00 AM Titles: 1 Pages: 5 Fees 19.00 Taxes 0.00 Others 0.00 PAID 519.00 APN: 053 -198 -050 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 February 22, 2002, by Frank G. Martin, Jr. and Kristin A. Martin 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, Frank G. Martin Jr. and Kristin A. Martin, did execute a deed of trust, dated October 12, 2000, to First American Title Insurance Company, as trustee, covering SEE EXHIBIT ONE ATTACHED HERETO AND MADE A PART HEREOF to secure a note in the sum of $9,500.00, dated October 12, 2000, in favor of City of San Luis Obispo, which deed of trust was recorded as instrument no. 2000 - 065856, on November 7, 2000, 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 $186,000.00 dated February 22, 2002 in favor of Wells Fargo Home Mortgage, 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 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 CLTA SUBORDINATION "A" FD -46A (Rev. 9/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) INITIALS: 5� Page No. 1 of 3 -D15�9 APN: 053 - 198 -050 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 (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 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 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 EN 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. CLTA SUBORDINATION "A" INITIALS: -- FD -46A (Rev. 9/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 2 of 3 • APN: 053- 198 -050 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. ww,j ARM I a Z pox, ,/il 0 Luis • spo Fra ti Jr. Kristin A. Martin Beneficiary Owner (ALL SIGNATURES MUST BE ACKNOWLEDGED) STATE OF CALkEORNIA COUNTY OF LGG1S O�l�v/� ON 3 /�fO�i before me, /�� personally appeared personalb ' A e (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 STATE OF CALIFORNIA COUNTY OF 11-1 ME before me, �y E C. R. CLAYTON U 0 COMM. 0 1264967 NOTARY PUBLIC - CALIFORNIA 17 SAN LUIS OBISPO COUNTY 0 oa ` COMM. EXP.. MAY 25, 2004 'A personally appeared personally known to me (or proved to me on basis of satisfactory evidence) to be the person(s) whose name(s) is /are subscribed to the within instrument and Aek.Qowledged to me that he /she /they executed the same in his /her /their authorized capacity(ies), and that by his /he eir signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed th strument. Witness my hand and official seal. Signature CLTA SUBORDINATION "A" FD -46A (Rev. 9/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 3 of 3 • State of California } County of San Luis Obispo } On March 7, 2002, before me, Diane R. Stuart, Notary Public, personally appeared Ken Hampian ( X ) personally known to me or ( ) 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 he executed the same in his capacity, and that by his signature on the instrument the person or- the entity upon behalf of which the person acted, executed the instrument. Witness my hand and official seal. FN—ota'ry Pub�lic���� OFRCIAL SEAL DIANE WITA PUBLIC A. CAuFORNIA COMMISSION *1305430 sAN Luis OBM OOUNTY My Commission . June 20, 2005 ( ) individual(s) ( ) corporation ( ) partnership ( ) attorney -in -fact ( X ) political agency Subordination Agreement Escrow No. 139884 -CC Title Order No. 00139884 EXHIBIT ONE Lot 81 of Tract 2066, in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to map recorded May 1.2, 1992 in Book 16 at Page 71 of Maps, and amended map recorded December 31, 1992 in Book 16, page 85 of Maps, in the office of 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 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 dated October 31, 1941 and recorded June 8, 1942 in Book 335 at page 78 of Official Records. Assessor's Parcel No: 053 - 198 -050 END OF DOCUMENT'