The URL can be used to link to this page

Home My WebLink AboutD-1689 1598 Eto Circle Recorded 07/21/2006RECORDING REQUESTED BY: RECORDING REQUESTED BY: CHICAGO TITLE AND WHEN RECORDED MAIL TO NAME CITY OF SAN LUIS OBISPO ADDRESS 990 PALM STREET CITY SAN LUIS OBISPO STATE CA ZIP 93401 -5 4aol l 7770 JULIE RO�DFW San Luis Obispo County— Clerk/Recorder Lo (request 7/21/2006 Recorded at the of Chicago Title Company 8:00 AM I D O C #: 2006050803 Titles: 1 Pages: 4 Fees 16.00 ' Taxes _ 0.00 Others 0.00 PAID $16.00 SPACE ABOVE THIS LINE FOR RECORDER'S USE APN:053- 511 -027 - SUBORDINA ION 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 May 11, 2006, by Josephine Sepulveda and Santos Sarabia owner of the land hereinafter described and hereinafter referred to as "Owner," and City of San Luis Obispo, a municipal corporation present owner and holder of the deed of trust an'd^ note first hereinafter described and hereinafter referred to as "Beneficiary "; WITNESSETH THAT WHEREAS, Josephine Sepulveda, a single woman and Santos Sarabia, a single man, did execute a deed of trust, dated February 23, 2004 to First American Title Insurance Company as trustee, covering 5 1598 Eto Circle, San Luis Obispo, CA 93405 THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF SAN LUIS OBISPO, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: Lot 27 of Tract 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 at page 77 of Maps, in the Office of the County Recorder of said County. to secure a note in the sum of S 171,175.00, dated February 23, 2004 , in favor of First American Title Insurance Company, which deed of trust was recorded as instrument no. 2004 - 015597, on February 27, 2004, in book n/a, page n/a, 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 $ 250,000.00 dated 2006, in favor of SESLOC Federal 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 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 ,Elie .lien or charge of the deed first abov, mentioned to the lien or charge of the deed of trust in favor of d Len and INITIALS: CLTA SUBORDINATION "A". ( EXISTING DEED OFT RUST TO NEW DEED OF TRUST) 7 Iu� C7 Page I of 3 WHEREAS, it is to the mutual ber►efit 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 (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. INITIALS: CLTA SUBORDINATION "A° (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) y • NOTICE: THIS SUBORDINATION !'�l1REEMENT 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. kev► �icwlBia+n C NO by: c IT-,f ofi sAawu oovbF9 Beneficiary STATE OF CALIFORNIA COUNTY OF San Luis Obispo pantos mrama Owner (ALL SIGNATURES MUST BE ACKNOWLEDGED) ON ,Tunes' L3 1�j before me; _C_ personally appeared (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 h-@ l /they executed the same in his4� their authorized capacity(ies), and that byi4isJLer /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. Signatu eMr��_Ll� it STATX OF _ COUNNI OF ON before me, Personally known t e (or proved to n is /are subscribed to the ithin instrument their authorized capacity(i , and that by upon behalf of which the per (s) acted, Witness my hand and official seal. Signature DIANE R. STUART COMM. #1581455 -+ SATN LUIS OWO COUNTY MY Comm. Eq*es.Aare 2% 2009 on the basis of satisfactory evide a acknowledged to me that he/ his r /their signature(s) on the iI execut the instrument. to be the person(s) whose name(s) �&v executed the same in his /her/ CLTA SUBORDINATION "A" (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) person(s), or the entity Page 3 of 3 0 0 STATE OF CALIFORNIA ) )SS COUNTY OF SAN LUIS OBISPO ) On June 28, 2006, before me Audrey Hooper, City Clerk, personally appeared Ken Hampian, City Administrative Officer, CITY OF SAN LUIS OBISPO, personally known to me�fl� --&a4sfa&ujLy id o be the p mesubscribed y -me on the ba&449 to the within instrument and acknowledged to me that he /may executed the same in his/her /their authorized capacity s , and that by his/lrengheir signatureA l on the instrument the person, or the entity upon behalf of which the perso4 acted, executed the instrument. WITNESS my hand and official seal. Signature gZ6jZ ' Cl (Seal) &® OF DOCUMENT