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Home My WebLink AboutD-1668 1586 Eto Circle Recorded 09/26/2005WHEN RECORDED RETURN TO: City of San Luis Obispo 990 Palm Street San Luis Obispo, CA 93401 Attn: City Clerk JULIE RODEW *o- SK San Luis Obispo C Clerk/Recorder 9/26/2005 Recorded at the request 9:57 AM Public _ >: zoosoeoaze �I I�IIVIRU9�IIIIIIIIVUIIII 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. %33Soo-�)i SUBORDINATION AGREEMENT Titles: 1 Pages: G 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 LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made by Julie Fallon, 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, Julie Fallon, did execute a deed of trust, dated March 19, 2004, to First American Title Insurance Company, as trustee, covering property located at 1586 Eto Circle, 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 $211,175, dated, March 19, 2004 in favor of City of San Luis Obispo, which deed of trust was recorded as instrument document no. 2004- 031646, on April 16, 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 $184,800, dated August 9, 2005 in favor of San Diego County Credit Union, 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, Owner has executed, or is about to execute, a second deed of trust and note in the sum of $15,000, dated August 9, 2005 in favor of San Diego County Credit Union 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 Page 1 of 5 INITIALS II 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 alien 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 (1) 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; 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 rMTIALS • • i 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 instrumentibeen subordinated to the lien or charge of the deed of trust in favor of Lender above referred to. i 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: C; i plan, City A inistrative Officer Owner(s): �I APPROVED AS TO FORM: JONIYiff P. LOWELL City Attorney (ALL SIGNATURES MUST BE ACKNOWLEDGED) STATE OF CALIFORNIA COUNTY OF SAN LUIS OBISPO ON -l/1 before me, P""a personally appeared C r proved to me on the b is of satisfactory,evidence) to be the person(4 whose nameA is /are subscribed to the within instrument and acknowledged to me that 4e/she4ker executed the same in h}slher /their authorized capacity(iesj; and that by la�s/her /lheir signaturel'f on the instrument the person, or the entity upon behalf of which the person(!) acted, executed the instrument. Witness my hand and Acial seal RUSSELL N. HAYNES COMM. #1441370 m Notary Public - California 0 Signature W SAN LUIS OBISPO COUNTY My Comm. Exp. Sept 23, 2007 Page 3 of 5 MTIALS STATE'QF CALIFORNIA ON before me, personally appeared , personally known to me (or proved to me on the basis o at is evidence) to be the person(s) whose name(s) is /are subscribed to the wi in instrument and acknowledged to me that he /she /they executed the same in ' /her /their authorized capacity(ies), and that by his/her /their signatures) on the inst ent the person(s), or the entity upon behalf ofwhich the person(s) acted, executed t instrument. Witness my hand and official Signature Page 4 of 5 IMTIALS • • STATE OF CALIFORNIA ) )SS COUNTY OF SAN LUIS OBISPO ) On September 20, 2005, before me Audrey Hooper, City Clerk, personally appeared Ken Hamplan, City Administrative Officer, CITY OF SAN LUIS OBISPO, personally known to me d to ,„ •� " F *' f�� +�,.� P, =Qe�so; -to be the persono whose name(M is /aw, i� vui o subscribed to the within instrument and acknowledged to me that he /may executed the same in his/h*94kecr authorized capacity(ih0j, and that by his/herfthetr signatureWon the instrument the person(eor the entity upon behalf of which the person( acted, executed the instrument. WITNESS my hand and official seal. Signature C' Clerk (Seal) j 1. -Y EXHIBIT "ONE" • Lot 33 of Tract 2307, in the City of san Luis Obispo, County of San Luis Obispo, State of California, according to a 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 -511 -033 Page 5 of 5 INITIALS