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Home My WebLink AboutD-1877 1775 Tonini Drive Recorded 12/14/2010• Recording Requested By: 20(oa315eN64 WHEN RECORDED RETURN TO: JULIE RODEWA_ San Luis Obispo C Clerk/Recorder Recorded at the request of First American Title Company DOC #: X2010063881 City of San Luis Obispo 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 2733 of the Government Code; The undersigned declare that there is no documentary Transfer tax on this matter. APN: 053 -514 -043 SUBORDINATION AGREEMENT OG 12114/2010 8:00 AM Titles: 1 Pages: 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 October 28, 2010, by Heidi Lynne Hopkins, 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, Heidi L. Gauert, did execute a deed of trust, dated April 26, 2004, to First American Title Company; as trustee, covering property located at 1775 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 $203,585 a deed of trust was recorded May 7, 2004, in favor of City of San Luis Obispo, which deed of trust was recorded as instrument No. 2004039554 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 $116,000 dated December 6, 2010 in favor of The Mortgage House, 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 I of 4 fNIT1ALS___%jj" • 0 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: 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 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 Jtd_ 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: Owner: Heidi Lynne H pkins APP VED AS O F RM: . CHRISTINE DIETRICK City Attorney (ALL SIGNATURES MUST BE ACKNOWLEDGED) Page 3 of INITIALS 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 43 OF TRACT 2401, IN THE CITY OF SAN LUIS OBISPO, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED MAY 28, 2002 IN BOOK 20, PAGE l 1 OF MAPS, IN-THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. APN: 053 -514 -043 Page 4 of 4 INITIALS 0 0 State of California } County of San Luis Obispo } On November 9, 2010 , before me, Laurie L. Thomas, Notary Public , Date. Name and Title ot the Officer Lvnne personally appeared, 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 Q-uJ S Z::Zt ignature o Notary u is State of California } County of San Luis Obispo } On , before me, Date personally appeared, IQ-hMLAURIE L. THOMAS Commission #t 1791185 y Notary Public - California a San Luis Obispo County Comm. Ez ires Feb 14, 2012 Place Notary Seal Above who proved to me on the basis of satis tory evidence to be the person whose name is subscribed to the within instrument_,aKd acknowledged to me that she executed the same in her authorized capacity, and t by her signature on the instrument the person, or the entity upon behalf of which t person acted, executed the instrument. I certify under PENALW OF PERJURY under the laws of the State_ of California that the foregoing paragrapWiis true and correct. WITNESVmv hand and official seal. nature Signature of otary Public Place Notary Seal Above city o Sm 1UIS OBISPO q90 Palm Street, San Luis Obispo, CA 9340143249 STATE OF CALIFORNIA ) )ss COUNTY OF SAN LUIS OBISPO ) On November 9, 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 person whose name�is/4peluubscribed to the within instrument and acknowledged t q me thai a /thl)Kxecuted the same in Wi 'er/tbEjj5authorized capacityciJes , and that by 1 /her/t 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 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 DOCUMENT