HomeMy WebLinkAboutD-1659 1773 Tonini - APN 053-514-042 Recorded 08/05/2005Recording Requested By:
Fidelity National Title Company
Order No. 189326 -S/K
When Recorded Return To:
City of San Luis Obispo
990 Palm Street
San Luis Obispo; CA 93401
Attn: City Clerk
JULIE RO D EWA
San Luis Obispo Coun*lerk/Recorder
Recorded at the request. of
Fidelity Title�company
D 0 C #: 2005065312 Titles: 1 Pages: 7
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Fees 0.00
Taxes 0.00
Others 0.00
PAID $0.00
MEL
8/05/2005
4:09 PM
SU80"INATION AGREEMENT
This page is included to provide adequate space for recording information.
LQ S-9
Recording Requested B
Fidelity National Title
WHEN RECORDED RETURN TO:
City of San Luis Obispo fe
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.
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 by Andrea Devitt, 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, Andrea Devitt, did execute a deed of trust, dated May 3, 2004, to First
American Title Insurance Company, as trustee, covering property located at 1773 Tonini, 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 $207,125, dated April 28, 2004, in favor of City of San Luis
Obispo, which deed of trust was recorded as instrument document no. 2004- 039482, on May 7,
2004, 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
$208,000, dated J u I y S . 2 M S in favor of Mortgage Electronic Registration Systems,
as nominee for San Luis Capital, 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
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INITIALS )��_
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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 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 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;
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
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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
SUBORDINATION AGREEMENT, THE
ATTORNEYS WITH RESPECT THERETO.
City of San Luis Obispo, Beneficiary:
Ken , C'
Wends 6eor5e, Ac ;ir q C AO
Avi oo- E&* Wevt { -
Page 3 of 5
TO THE EXECUTION OF THIS
PARTIES CONSULT WITH THEIR
APPROVED AS TO FORM:
P. LOWSLL
City Attorney
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
STATE OF CALIFORNIA
COUNTY OF SAN LUIS OBISPO
ON 0 before me, AvA I A ii c
personally appeared r pr�eaallTks ^�-W me
proved to me on the basis of satisfactory evidence) to be the person(,s�-whose nameft}
is /fie- subscribed to the within instrument and acknowledged to me that4wCshe
executed the same inhisAier /their-authorized capacity4eQ, -and that by4grWher /their --
signature(&) -on the instrument the person(s); er the entity upon behalf of which the
person(&)- acted, executed the instrument.
Witness n
Signature
APRIL A. COVIELLO
Comm. 11357146 rA
N NOTARY PUBLIC • CAUFORNIA N
Son Luis Obispo County
My Comm. Expires May 19.2006 ie
C49 - t
HS[MALS
Page 4 of 5
STATE. OF C
COUNTY O RNIA
F o G v�
ON ,j S b fore me, r 1
appeared- proved to
me on the basis of satisfactory evidence) to be the person(() whose name(s} is/am_.
subscribed to the within instrument and acknowledged to me that h�she/tl;o�
executed the same in4ge/herA4eir authorized capacity(ie57,a.nd that by hisfher /their-
signature(s)-on the instrument the personfs) orthe entity upon behalf of which the
person(&)- acted, executed the instrument.
Witness rr
Signature
APRIL A. COVIELLO
N Comm. A 1357146 ryry��
NOTARY FUBUC -CHUM MA W
San lids Obispo Cam" @'
My Comm. Egan May 19, 2005
INITIALS
EXHIBIT "ONE"
]Lot 42 of Tract 2401, in the City of san. Luis Obispo, County of San Luis Obispo,
State of California, according to a neap recorded May 28, 2002 in Book 20, Page 11
of Maps, in the office of the. County Recorder of said County.
Assessor's Parcel No: 053 - 514 -042
Page 5 of 5 WMALS
STATE OF CALIFORNIA )
)ss
COUNTY OF SAN LUIS OBISPO )
On August 2, 2005, before me Audrey Hooper, City Clerk, personally appeared Wendy George,
Acting City Administrative Officer, CITY OF SAN LUIS OBISPO, personally known to me{Vr
c ory evi e to be the person(4 whose name( is /an
subscribed to the within instrument and acknowledged to me that -ke /she /tom executed the same
in his/her /their authorized capacity(i ', and that by 1i/her /their signature�obn the instrument
the person, or the entity upon behalf of which the personr acted, executed the instrument.
WITNESS my hand and official seal.
signature
s- City lerk
(Seal)
J-1
LEND OF DOCUMENT