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Home My WebLink AboutD-1827 APN 053-513-031 - 1651 Tonini Recorded 06/19/2009Recording Requested By: 40 ( Fidelity National Title C- Ompany Order No. WHEN RECORDED RETURN TO: City of San Luis Obispo 990 Palm Street San Luis Obispo, CA 93401 Attn: City Clerk JULIE RODEWAD IF San Luis.Obispo C — ClerklRecorder 6119/2009 Recorded at Ilia request of 11:36 AM Fidelity Title Company DO +: 120090,33082 III�InIIIflIIIIIIIIN�INIIIdIIY 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. APN: 053 -513 -031 SUBORDINATION AGREEMENT Titles: 1 Pages: 6 Fees Taxes Others PAID NO_ TICS:.._' .THIS "SUBORDINATION AGREEMENT RESULTS IN_YOUR,SECURITY INTEREST IN THRPROPERTYrBECOMING SUBJECT TO ANDOFIOWEk; "{ PRIORITY THAN THE LIEN OF SOME OTHER OK LATER SECURITY' INSTRUMENT. THIS AGREEMENT, made.June' 10, 2009, by Lisa M. Castello, 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, Lisa M. Castello, did execute a deed of trust, dated September 24, 2004, to California Reconveyance Company, as trustee, covering -property located at 1651 Tonini, as more particularly described in Exhibit One; SEE EXHIBIT ONE ATTACHED HERETO AND MADE A PART HEREOF To;secure a note m the sum -of $136,175:OO;recor4e -, September; 30, 2003; in favor of City of San Luis Obispo, ` which `deed --of mist Was 'recorded, as,-instrument _ "No 2003112042-d' 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 $185,000 dated in favor of Mortgage Management Consultants, 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. Page 1 of 4 INITIAL 23.00 0.00 0.00 $23.00 ),�O • 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: 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 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 Page 2 of 4 IMT S 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.. 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 Manager Owner: Lisa M. Castello (ALL SIGNATURES MUST BE ACKNOWLEDGED) Page 3 of 4 RM1AL8Qq Q EXHIBIT "ONE" LEGAL.DESCRIPTION OF REAL PROPERTY' i Real property in the City of SAN LUIS OBISPO, County of SAN LUIS OBISPO, State of California, described as follows: LOT 138 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, PAGE 77 OF MAPS, IN THE OFFICE OF THE, . COUNTY RECORDER OF SAID COUNTY. APN: 053 - 513 -031 Page 4 of 4 INITIAL State of California } County of San Luis Obispo } On June 10 2009 , before me, Laurie L. Hanson, Nota[y_Public , ate Name ancl i It le ot the utticer personally appeared, Lisa-M. Castello , Name o igner(s) who 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 she executed the same in her authorized capacity, and that by her'signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. ,Signature Signature of otary Public LAURIE L. HMSON Coxfmltftn 1 17911x8 No1m1►flc - cauro111111do bn tub Obgpo County 1 EA14 Place Notary Seal Above State of California } GZ d' i'�2UaJ County of San Luis Obispo } On , before me, Notary Public , Date Name and Tit the Utticer personally appeared, who proved to me on the basis of satisfac fyr evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and thgi -by his signature on the instrument the person, or the entity upon behalf of which the�person acted, executed the instrument. certify under PENALTY,bF PERJURY under the laws of the State of California that the foregoing paragraph,is`true and correct. WITNESS rp}% hand and official seal. Signature ;� Signature of otary lic Place Notary Seal Above STATE OF CALIFORNIA ) )Ss COUNTY OF SAN LUIS OBISPO ) 0 On June 18, 2009, before me Elaina Cano, Deputy City Clerk, personally appeared M. Stanwyck, Assistant City Manager, CITY OF SAN LUIS OBISPO, who proved to me on the basis of satisfactory evidence to be the person whose na eo is/ i e subscribed to the within instrument and acknowledged to me t at)�e/she /t y executed the same in )ds/her /tlir authorized capacity(, and that by l�s/her /thr signature on the instrument the person or the entity upon beha f of which the person acted, execu. the in strument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. Witness my hand and official seal. S i ature -� L a- /- d Deputy City Clerk (Seal) ,'. ECDD OF DOCUMENT"