HomeMy WebLinkAboutD-1957 APN: 053-066-004 Recorded 09/27/2013Recording Requested By:
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WFNGE COAST TITLE
RECORDED RETURN TO:
City of San Luis Obispo
990 Palm Street
San Luis Obispo, CA 93401
Attn: City Clerk
JULIE RODEWALD
San Luis Obispo County— Clerk/Recorder
Recorded at the request of
Public- -
HOC #: 2013055290
Record for the benefit of the City of San Luis Obispo
At No Fee under Section 27383 of the Government Code.
The undersigned decgare that there is no documentary
Tr-ansfer tax on this matter.
APN: 053- 066 -004
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SUBORDINATION AGREEMENT
AG
9/27/2013
8:54 AM
Titles: 1 Pages:
Fees
Taxes
Others
PAID
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 9—/-1 , 2013, by William E. West and Shelby K. West,
husband and wife 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, William E. West and Shelby K. West, husband and'wife, did execute a
deed of trust, dated August 24, 2009, to Fidelity National Title Company, as trustee, covering
property located at 864 Tarragon Lane, 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 $65,000, a deed of trust was recorded October 06, 2009, in favor
of City of San Luis Obispo, which deed of trust was recorded as instrument No. 2009055223 of
Official Records of said county; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note not to exceed
the sum of $150,000 dated 1-/-1-/,3 in favor of JP Morgan 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
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
Page I of 5
INITIALS (/` A
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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 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 5 rNrF ALS 6
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:
Kat' Lichtig, i
Owner:
William E. West
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
0
Page 3 of 5 INITIALS LJ
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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.
Beneficiary:
Owner:
William E. West
Page 3 of 5
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
INITIALS A,�J
STATE OF CALIFORNIA }
}ss
COUNTY OF SAN LUIS OBISPO }
On O 02 D / before me Maeve Kennedy Grimes, City Clerk, personally
app ed 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 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 this /0 %V of 2013.
Signature kt4�4'
Maeve enned es Cj
City Clerk; City of San Luis Obispo
Per Cilyjl ijo* 1181
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STATE OF CALIFORNIA
COUNTY OF SAN LUIS OBISPO
On g?' /% 1,
before me, Lola L Wingate
a Notary Public, person all5i appeared
who proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is /are subscribed to the
within instrument and acknowledged to me that he/she/they executed the some in his /her/their authorized capacity(ies),
and that by his /her /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.
WI1 HUS my hand and official seal.
Signature
LOL.A L. WING-ATE
COMM. •1873201 m
mNOTARYPUSUC•CAUFORNIA T
SAN LUIS OBISPO COUNTY
m.
My Com Exp. Jan. 9.2014
• •
EXHIBIT "ONE"
LEGAL DESCRIPTION
A CONDOMINIUM COMPRISED OF:
PARCEL 1:
UNIT 1302, DELINEATED AND DESCRIBED ON THAT CERTAIN PHASE I
CONDOMINIUM PLAN FOR LAUREL CREEK (THE "CONDOMINIUM PLAN ")
RECORDED NOVEMBER 26, 2008, AS INSTRUMENT NO. 2008058967 AND
AMENDED RECORDED APRIL 10, 2009, AS INSTRUMENT NO. 2009017706 AND
RECORDED AUGUST 25, 2009, AS INSTRUMENT NO. 2009047694 IN THE
OFFICIAL RECORDS OF SAN LUIS OBISPO COUNTY, CALIFORNIA, WHICH
CONDOMINIUM PLAN COVERS AND AFFECTS PORTION OF LOTS 5 AND 7 OF
TRACT NO. 2707, IN THE CITY OF SAN LUIS OBISPO, COUNTY OF SAN LUIS
OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED
DECEMBER 7, 2007 IN BOOK 31, PAGES I THROUGH 3, INCLUSIVE, OF MAPS,
IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
PARCEL 2:
AN UNDIVIDED ONE - THIRTEENTH (1/13) FEE SIMPLE INTEREST AS A
TENANT IN COMMON IN AND TO THE PHASE COMMON AIRSPACE OF THE
PHASE 1 MODULE AS THOSE TERMS ARE DEFINED, DESCRIBED AND
DELINEATED ON THE CONDOMINIUM PLAN,
PARCEL 3:
NONEXCLUSIVE EASEMENTS FOR THE USES AND PURPOSES SET FORTH IN
THE CC &RS (DEFINED BELOW) UPON, OVER, UNDER AND THROUGH THE
ASSOCIATION PROPERTY AND THE OTHER UNITS IN THE PROJECT FROM
TIME TO TIME (AS THOSE TERMS ARC DEFINED IN THE CC &RS) AS SUCH
EASEMENT ARE DESCRIBED AND RESERVED FOR THE BENEFIT OF
GRANTEE AND OTHERS IN THE CC &RS (DEFINED BELOW).
PARCEL 4:
AN EXCLUSIVE USE EASEMENT APPURTENANT TO SAID PARCEL 1 FOR THE
OPERATION AND MAINTENANCE OF AN AIR CONDITIONER COMPRESSOR
AND PAD THEREFORE UPON AND OVER THE ASSOCIATION PROPERTY
TOGETHER WITH A NON- EXCLUSIVE EASEMENT FOR UTILITY
CONNECTION_ S FOR THE SAME. THE EXCLUSIVE USE EASEMENT AREA
CONSISTS OF A CONCRETE PAD LOCATED OUTSIDE OF THE BUILDING IN
THE VICINITY OF SAID PARCEL 1 AND IS IDENTIFIED WITH SIGNAGE
PLACED ON THE SAME AS BEING APPURTENANT TO SAID PARCEL 1.
PARCEL 5:
AN EXCLUSIVE USE EASEMENT APPURTENANT TO SAID PARCEL 1 FOR A
DECK UPON AND OVER THAT PORTION OF THE ASSOCIATION PROPERTY
THAT IS SITUATED OUTSIDE OF THE BUILDING AND IMMEDIATELY
Page 4 of 5 IMTIALS O/(!
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• ADJACENT TO SAID PARCEL 1, THE SAME BEING MORE PARTICULARLY
DEFINED, DELINEATED, AND DESCRIBED ON SAID CONDOMINIUM PLAN.
APN: 053 -066 -004
Page 5 of 5 iNMALS
Exhibit "A"
A condominium comprised of
° Parcel 1:
Order No. 150 - 1483290 -07
Unit 1302, delineated and described on that certain Phase 1 Condominium Plan for Laurel Creek (The "Condominium Plan") recorded
November 26, 2008, as instrument No. 2008058967 and amended recorded. April 10, 2009, as Instrument No. 2009017706 and
recorded August 25, 2009, as Instrument No. 2009047694 in the Official Records of San Luis Obispo County, California, which
Condominium Plan covers and affects portion of Lots 5 and 7 of Tract No. 2707, in the City of San Luis Obispo, County of San Luis
Obispo, State of California, according to map recorded December 7, 2007 In Book 31, Pages 1 through 3, inclusive, of Maps, in the
office of the County Recorder of said County.
Parcel 2:
An undivided one - thirteenth (1/13) fee simple interest as a tenant in common in and to the Phase Common Airspace of the Phase 1
Module as those terms are defined, described and delineated on the Condominium Plan,
Parcel 3:
Nonexclusive easements for the uses and purposes ,set forth in the CC &Rs (defined below) upon, over, under and through the
Association property and the other Units In the project from time to time (as those terms arc defined In the CC &Rs) as such easement
are described and reserved for the benefit of Grantee and others In the CC &Rs (defined below).
Parcel 4:
An exclusive use easement appurtenant to said Parcel 1 for the operation and maintenance of an air conditioner compressor and pad
therefore upon and over the Association Property together with a non- exclusive easement for utility connections for the same. The
exclusive use easement area consists of a concrete pad located outside of the building in the vicinity of said Parcel 1 and is identified
with signage placed on the same as being appurtenant to said Parcel 1.
Parcel 5:
An exclusive use easement appurtenant to said Parcel 1 for a deck upon and over that portion of the Association Property that is
situated outside of the building and immediately adjacent to said Parcel 1, the same being more particularly defined, delineated, and
described on said Condominium Plan.
FND OF DOCUMENT