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Home My WebLink AboutD-1934 APN: 053-511-035 - 1582 Eto Circle, SLO CA Recorded 01/15/2013do JULIE RODEM9 0 ASK _ - _ San Luis Obispo M hty– Clerk/Recorder 1/15/2013 Recording Requested By: Recorded at the request of 8:00 AM First American Title Company FIIMST &MMCAN TrrL.E COWAINY o c # : 2013002350 Titles: 1 Pages: 6 WHEN RECORDED RETURN TO: Fees 29.00 Taxes 0.00 City of San Luis Obispo Others 3.00 PAID $32.00 990 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 -035 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 / –O8 , 2013, by Joseph J. Reichmuth and Monica A. Reichmuth, 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, Joseph J. Reichmuth and Monica A. Reichmuth, did execute a deed of trust, dated April 26, 2004, to First American Title Company, as trustee, covering property located at 1582 Eto Circle, 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 $211,175, a deed of trust was recorded April 26, 2004, in favor of City of San Luis Obispo, which deed of trust was recorded as instrument No. 2004042899 of Official Records of said county; and WHEREAS, Owner has execute or is about to execute, a deed of trust and note not to exceed the sum of $162,000 dated / /3 in favor of IMORTGAGE.COM, hereinafter referred to as "Lender," payable with inte e t 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 LAP- 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. 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 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 not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and d. An endorsement has been placed _upbn 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: Mic odron, Acting City Manager Owner: oseph J. eichmuth ni-ca A. Reichmuth (ALL SIGNATURES MUST BE ACKNOWLEDGED) Page 3 of 4 INITIALS STATE OF CALIFORNIA } } ss COUNTY OF SAN LUIS OBISPO } On January 3, 2013, before me Maeve Kennedy Grimes, City Clerk, personally appeared Michael Codron, Assistant City Manager, City Of San Luis Obispo, 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 he executed the same in his authorized capacity, and that by his 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 this P, day of January 2013. Signature`j ;',,1VIak Ke �e Grim ity Clerk, -City of San Luis Obispo er Civil Code 118 /��:° A SUBORDWATION AGREEAT DATED 1/8/2013 ACKNOWLEDGMENT State of California County of San Luis Obispo IOn January 8, 2013 before me, Kimberly A. Hines IA Notary Public in and for said State personally appeared Joseph J. Reich /muth and Monica A. Reichmuth who proved to me on the basis of satisfactory evidence to be the person(s) `whose name(s) Aare subscribed to the within instrument and acknowledged to me that bakhe /they executed the same in hisft%r /their authorized capacity(ies), and that by his�/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(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. I W ITNESS my hand and official seal. I Signatu (Seal) Kimberly A. Hines )Q i,,,,, .-•;� •;. e Commission # 1889588 .! Notary Public - California A ch San Luis Obispo county / My Comm. Expires May 16,2014 (Seal) EXHIBIT "ONE" LEGAL DESCRIPTION • Real property in the City of SAN LUIS OBISPO, County of SAN LUIS OBISPO, State of California, described as follows: PARCEL A: LOT 35 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. PARCEL B:. AN EASEMENT FOR SIDEYARD, LANDSCAPING AND INCIDENTAL PURPOSES OVER A 0.37 METER (1.21') WIDE STRIP OF LAND OVER A PORTION OF LOT 34 OF TRACT NO. 2307, IN THE CITY OF SAN LUIS OBISPO, COUNTY OF SAN LUIS OBISPO, STAT OF CALIFORNIA, AS SHOWN ON THE MAP FILED IN. BOOK 19 AT PAGE 77 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, SAID STRIP LYING SOUTHEASTERLY OF THE FOLLOWING DESCRIBED LINE: COMMENCING AT THE MOST NORTHERLY CORNER OF SAID LOT 34, ALSO BEING THE MOST EASTERLY CORNER OF LOT 35 OF SAID TRACT NO. 2307; THENCE ALONG THE LINE COMMON TO SAID LOTS, SOUTH 56 DEG 06'35" WEST 5.65 METERS (18.54') TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING ALONG SAID LINE, SOUTH 56 DEG 06'35" WEST 3.86 METERS (12.66'). APN: 053 -511 -035 Page 4 of 4 INITIALS END OF DOCUMENT