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'