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Home My WebLink AboutD-1872 1651 Tonini Drive Recorded 11/23/2010n Recording Requested By: Fi05'LN WHEN RECORDED RETURN TO: City of San Luis Obispo 990 Palm Street San Luis Obispo, CA 93401 Attn: City Clerk JULIE RODEWAI . San Luis Obispo Coun IerklRecorder Recorded at the request of Fidelity Title Company Titles: 1 Pages: Doc #: 2010059632 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 AB 1112312010 8:00 AM 6, Fees 0.00 Taxes 0.00 Others 0_00 PAID $0.00 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 November 10, 2010, 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 August 19, 2003, to First American Title Company, as trustee, covering property located at 1651 Tonini Drive, 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 $136,175 a deed of trust was recorded September 30, 2003, in favor of City of San Luis Obispo, which deed of trust was recorded as instrument No. 2003112042 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 $195,000 dated Gov , pro 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 INITIALS m el /U 7;Z- • 1 • 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. 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 Page 2 of 4 INITIALS dM not be made or entered into but for said reliance uponithis waiver, relinquishment and subordination; and 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 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 EX_ PENDED 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: Owner: Lisa M. Castello APP D AS F RM: J. CHRISTINE DIETRICK City Attorney (ALL SIGNATURES MUST BE ACKNOWLEDGED) Page 3 of 4 fNITIALSJ, M • EXHIBIT "ONE" LEGAL DESCRIPTION OF REAL PROPERTY • 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 INITIALS • State of California Coun On ate personally appeared • r@*4 TAMIL LA J. HANSON CarnmMakm • 1791179. Notary Pub11C - Ca0bmi0 San LUIS Obapo CowM11 iabt Place Notary Seal Above who proved to me on the basis of satisfactory evidence to be the personfeywhose name(a) is/we subscribed to the within instrument and acknowledged to me that X /she/owy executed the same in,fais/her/their authorized capacity(jes), and that by bWher /their signatureKon the instrument the person(4, or the entity upon behalf of which the persor).(s) 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. WIT9ESSqny hand and official s al. Signat Signature of Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Title or Type of Docum t: Document Date- Signer(s) Other Tha amed Above: Capacity(ies) Clai ed by Signer(s) Signer's ame: Signer's Name: .Brindivid ❑ Individual of Pages: • Corporate Officer — Title(s): ❑ Corporate Officer.— Title(s): • Partner — ❑ Limited ❑ General _ ❑ Partner = El Limited El General • Attorney in Fact - - ❑ Attorney in Fact 11010r, • Trustee Top of thumb here ❑ Trustee Top of thumb here • Guardian or Conservator ❑ Guardian or Conservator ❑ Other: ❑ Other: Signer Is Representing. Signer Is Representing: 02007 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91 31 3 -2402 - www.NatonalNotaryorg Item #5907 Reorder: Call Toll -Free 1- 800. 876.6827 City- of SAn IuI*S OBISPO 990 Palm Street, San Luis Obispo, CA 93401 -3249 STATE OF CALIFORNIA ) )ss COUNTY OF SAN LUIS OBISPO ) On November 18, 2010, before me Elaina Cano, City Clerk, personally appeared Katie Lichtig, City Manager, CITY OF SAN LUIS OBISPO, who proved to me on the basis of satisfactory evidence to be the persono, whose name( is /* subscribed to the within instrument and acknowledged to me that l /she /th executed the same in hj�/her /the0' authorized capacity), and that by Vs/her /thpr signatur 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 �Q -c_si rr City Clerk (Seal) EThe City of San Luis Obispo is committed to include the disabled in all of its services, programs and activities. �` Telecommunications Device for the Deaf (805) 781 -7410. END OF DOCU10ENT