HomeMy WebLinkAboutD-1915 1596 Eto Circle, Lot 28, Tract 2307 Recorded 04/06/2012Recording Requested By:
RECORDING REQUESTED BY:
FIDELITY NATIONAL TITLE
WHEN RECORDED RETURN TO:
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 27383 of the Government Code.
The undersigned declare that there is no documentary
Transfer tax on this matter.
APN: 053 - 511 -028
SUBORDINATION 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'MardH s 31 "71- , 2012, by Greg Shearer, 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, Greg Shearer, did execute a deed of trust, dated February 26, 2004, to
Joan H. Anderson, as trustee, covering property located at 1596 Eto Circle, as more particularly
described in Exhibit One; SEE EXHIBIT ONE ATTACHED HERETO AND MADE A PART
HEREOF
WHEREAS, Greg Shearer, did execute an additional deed of trust, dated February 26, 2004, to
Chicago Title Insurance Company, as trustee, covering the same property located at 1596 Eto
Circle;
To secure a note in the sum of $201,175, a deed of trust was recorded March 19, 2004, in favor
of City of San Luis Obispo, which deed of trust was recorded as instrument No. 2004022054 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
$119,233 dated March 27, 2012 in favor of JIMorgan Chase Bank, 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
Page -1 of 4
1,9.15
JULIE RODEWALD
ASK
San Luis Obispo County — Clerk/Recorder
4/06/2012
8:00 AM
Recorded at the request of
Fidelity Title Company
D 0 C #: 2012018662
Titles: 1
Pages: 6
Fees
0.00
Taxes
0.00
Others
0.00
PAID
$0.60
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 - 511 -028
SUBORDINATION 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'MardH s 31 "71- , 2012, by Greg Shearer, 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, Greg Shearer, did execute a deed of trust, dated February 26, 2004, to
Joan H. Anderson, as trustee, covering property located at 1596 Eto Circle, as more particularly
described in Exhibit One; SEE EXHIBIT ONE ATTACHED HERETO AND MADE A PART
HEREOF
WHEREAS, Greg Shearer, did execute an additional deed of trust, dated February 26, 2004, to
Chicago Title Insurance Company, as trustee, covering the same property located at 1596 Eto
Circle;
To secure a note in the sum of $201,175, a deed of trust was recorded March 19, 2004, in favor
of City of San Luis Obispo, which deed of trust was recorded as instrument No. 2004022054 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
$119,233 dated March 27, 2012 in favor of JIMorgan Chase Bank, 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
Page -1 of 4
1,9.15
WHEREAS, it is a condition precedent to obiaiiiing 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 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. It 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. It 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
Page 2 of 4
I=ALS .4
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
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 MAYBE 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:
O
Katie L g, City Manager
Owne -
Greg earer
Page 3 of 4
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
INITIALS
PP/
PP
CALIFORNIA ALL - PURPOSE CERTIFICATE OF ACKNOWLEDGMENT
State of California
County of 6--JY tr 0431 �20fo
is
On A'YIA.cN 31, 7-0- before me, _ 1k,644ACI— A C'U ro , c-
(Here insert name and title of the officer)
personally appeared
who proved to me on the basis of satisfactory evidence to be the person(o whose name is /,we subscribed to the
within instrument and acknowledged to me that he /shaAhoy executed the same in his/he&Wwis authorized
capacity(iss), and that by hiseir signature on the instrument the person, of the entity upon behalf of
which the person(, acted, executed the instrument.
I certify under PENAL
true and correct.
WITNESS my hand
Signature of Notary
PERJURY under the laws of the State of California that the foregoing paragraph is
(Notary Seal)
_ MICHAEL A. LUND
Commission # 1915306
Z Notary Public - California z
San Luis Obispo County
MV Comm. Expires Dec 30, 2014
ALL - PURPOSE ACKNOWLEGMENT_CA V1.0 Page I of l
0000000000447262
uiui�'Bni�NR�lull�u I��N� CI� Of sAn luig oBi
SPO
990 Palm Street, San Luis Obispo, CA 93401-3249
STATE OF CALIFORNIA )
)ss
COUNTY OF SAN LUIS OBISPO )
On March 30, 2012, before me Elaina Cano, City Clerk, personally appeared Michael Codron,
Acting City Manager, CITY OF SAN LUIS OBISPO, who proved to me on the basis of
satisfactory evidence to be the person(/ whose name) is /ar� subscribed to the within
instrument and acknowledged to me that he /sV /the executed the same in his/hktl jr
authorized capacity(ie , and that by his/h�r/thyir signature(q 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
Per Civil Code 1181
(Seal)
OThe 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.
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:
PARCEL 1:
LOT 28 OF TRACT 2307, IN THE 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 -511 -028
Page 4 of 4
INITIALS Z�V
END OF DOCUMENT