HomeMy WebLinkAboutD-1585b 1664 Foreman Court - De Tolosa Ranch Development Recorded 07/14/2004�. Fidelity Nationa&
WHEN RECORDED RETURN TO
City of San Luis Obispo
990 Palm Street
San Luis Obispo, CA 93401
JULIE ROD Lo
San Luis Obispo C Clerk/Recorder 7/14/2004
Recorded at the request of 8:00 AM
Fidelity Title Company
i
DOC #: 2004061516
l Attn: City Clerk III I III111111111111111111111111111111111111
j Record for the benefit of the City of San Luis- votst,v -- -- -- — - --
��11 At No Fee under Section 27383 of the Government Code.
The undersigned declare that there is no documentary
Transfer tax on this matter.
nc I o �} •�
SUBORDINATION AGREEMENT
Titles: 1 Pages: 6
Fees
22.00
Taxes
0.00
Others
0.00
PAID
$22.00
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY
INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER
PRIORITY THAN THE LEIN OF SOME OTHER OR LATER SECURITY
INSTRUMENT.
THIS AGREEMENT, made June 28, 20 4y Kevin C. Sass
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 WHEREASKevin C. Sass did execute a deed of trust, datedJune 25, 200�to
City of San Luis Obispo as trustee, covering property located aflLl664 ForemarA`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 $186, 675. Q QatedJ u n e 2 5 , 2 Qg favor of City of San Luis
Obispo, which deed of trust was recorded as instrument no2003071001 , onJune 30, 2,003
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
$205,000.00 datedJune 24, 2003 in favor ofAmeri.ca Is** 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
* Court, San Luis Obispo, CA 93401
** Wholesale Lender
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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..
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. 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
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. 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 5 INITIALS
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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:
Ken Hampian, City Administrative Officer
Owner(s))::
r
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
STATE OF CALIFORNIA
COUNTY OF SAN LUIS OBISPO ^,e �j
ON �/(.t�U2a2� 7F 0�% before me,
�fO�X nr� 7TH eC`Se�
personally appeared pe me or
M ed to me on the basis of satisfactory evidence) to be the person(s) whose name(s)
e subscribed to the within instrument and acknowledged to me th is
executed the same in is er /their authorized capacity(ies), and that b his er /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
Signatur
Page 3 of 5
,,.,. LOWANA E. RICHARDSON
COMM. 01386162 D
Q m NOTARY PUBLIC - CALIFORNIA
< SAN LUIS OBISPO COUNTY
My Comm. Expires Nov.. 2120051
INITIALS
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.
Cite of S Luis Obispo, Beneficiary:
n an plan, Cat Administrative Officer
Owner(s):
APPROVED AS TO FOrq:nl.
j0 P. LOWELL
'-City Attorney
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
STATE OF CALIFORNIA
COUNTY OF SAN LUIS OBISPO
ON ; u \y ()(A before me, ��,ne �,S�.�at 'N���o►r y�ubiiC,
personally appeared p�Y�nATG�'1 , personally known to me (or
proved to me on the basis of satisfactory evidence) to be the person(e) whose name()
is/em subscribed to the within instrument and acknowledged to me that hem
executed the same in his4N4r authorized capacity0ee4, and that by his/her, ketr'
signatureH on the instrument the person(4), or the, entity upon behalf of which the
person(.&) acted, executed the instrument.
Witness my hand and official seal
Signatu e j�_������j
OFFICIAL SEA!
DIANE R. STUART
NOTARY PUBLIC - CALIFORNIA
SAN LUIS OBISPo COU�N7y
My COMMISSion Exp. June 20, 20M
Page 3 of 5 INITIALS
STATE OF CALIFORNIA
COUNTY OF
ON before me, 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
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EXHIBIT "ONE"
•
Lot 132 of Tract No. 2307, in the City of San Luis Obispo, County of San Luis
Obispo, State of California, according to map recorded September 25, 2001 in
Book 19, Page 77 of Maps, in the office of the County Recorder of said County.
Assessor's Parcel No: 053- 513 -025
Page 5 of 5
INITIALS
END OF DoCUApjr