HomeMy WebLinkAboutD-1910 1645 Foreman Court - Lot 120, tract 2307 - Apn 053-513-013 Recorded 03/30/2012II
Recording Requested By:
TICOR TITLE
RIVERSIDE
WHEN RECORDED RETURN TO
City of San Luis Obispo
990 Palm Street
San Luis Obispo, CA 93401
Attn: City Clerk
JULIE RODEW
San Luis Obispo Coun — Clerk/Recorder
Recorded at the request of
Public
DOC# 20/2017290
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.
A PN: 053 -513 -013
—/qoC 36 SUBORDINATION AGREEMENT
OG
3/30/2012
10:32 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�sa , 2012, by Kathleen C. Ruiz,
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';
W ITNESSETH
THAT WHEREAS, Kathleen- C. Ruiz, did execute a deed of trust, dated May 7, 2003, to First
American Title Insurance ompany, as trustee, covering property located V 1645 Foreman
Court, as more particularly described in Exhibit One; SEE EXHIBIT MATTACHED
HERETO AND MADE A PART HEREOF
To secure a note in the sum of $186,675 a deed of trust was recorded May 23, 2003, in favor of
City of .San Luis Obispo, which deed of trust was recorded as instrument No. 2003055923 of
Official Records of said county; and
WHEREAS, Owner has exe uted, or is about to execute, a deed of trust and note in the sum of
$138,400 dated in favor of Majestic Home Loan, 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
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INITIALS T y�
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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 alien 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
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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:
Kathleen Ruiz
L
C.
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
Page 3 of 4 INITIALS `.
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 1MPROVENIENT 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:
� �� � �') /' �_ I (-��
thleen Ruiz
L.
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
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•- . •
CALIFORNIA
ALL- PURPOSE ACKNOWLEDGEMENT
State of California
County of San Luis Obispo
On NA71 , before me, Diana
1 a 1'V' ( D) In 2V1 t 7
Whitney, Notary Public, personally appeared
who proved to me on the basis of satisfactory evidence to be the person(�whose name &re
subscribed to the within instrument and acknowledged to me that h she/ ey executed the same in
hi er heir authorized capacity(�s), and that by hi er/ eir signatures) on the instrument the
person((), or the entity upon behalf of which the person(*Yacted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California the foregoing
paragraph is true and correct.
WITNESS my hand and official seal.
1
• i t W(�-Votary
DIANA WHITNEY k
`— COCA M. # 1814558
Z NOTARY PUBLIC - CALIFORNIA z
C9 SAN LUIS OBISPO COUNTY
My Commission Expires Sept. 22, 2012
Notarial Seal
EXHIBIT A
LOT 120 OF TRACT NO. 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.
For APN /Parcel M(s): 053 -513 -013
END OF DOCUMEN7