HomeMy WebLinkAboutD-1994 Kevin and Amanda Selman Subordination AgreementI , ,.RECORDING REQUESTED BY:
2`IRST AMERICAN TITLE COMPANY
4
5 WHEN RECORDED RETURN TO:
6
7 City of San Luis Obispo
8 990 Palm Street
9 San Luis Obispo, CA 93401
1.0 Attn: City Clerk
11
TOMMY GONG
San Luis Obispo County—Clerk/Recorder
Recorded at the request of
First American Title Company
D O C # : 2015007221
AG
2/20/2015
8:00 AM
Titles: 1 Pages: 5
Fees
26.00
Taxes
0,00
Others
7,00
PAID
$$33,00
12 Record for the benefit of the City of San Luis Obispo
13 At No Fee under Section 27383 of the Government Code.
14 The undersigned declare that there is no documentary �w
15 Transfer tax on this matter.
16
17 APN: 053 -514 -053
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19 SUBORDINATION AGREEMENT
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21 NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY
22 INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER
23 PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY
24 INSTRUMENT.
25
26 THIS AGREEMENT, made February 4, 2015, by Kevin and Amanda Selman, Owner of the
27 land hereinafter described and hereinafter referred to as "Owner," and City of San Luis Obispo
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29 Present owner and holder of the deed of trust and Note first hereinafter described and hereinafter
30 referred to as "Beneficiary ";
31 WITNESSETH
32
33 THAT WHEREAS, Kevin and Amanda Selman, did execute a deed of trust, dated September
34 16, 2009 to Allred & Company Escrow Services, as trustee, covering property located at 1799
35 Tonini Drive (Property), as more particularly described in Exhibit One; SEE EXHIBIT ONE
36 ATTACHED HERETO AND MADE A PART HEREOF
37
38 To secure a Note in the sum of $124,075, a deed of trust was recorded September 16, 2009, in
39 favor of City of San Luis Obispo, which deed of trust was recorded as instrument No.
40 2009069356 of Official Records of said county; and
41
42 WHEREAS, Owner has executed, or is about to execute, a deed of trust and Note in the sum of
43 $315,400 dated Q' l '�)° Q01' in favor of Primary Residential Mortgage,
44 hereinafter referred to as "Lender," payable with interest and upon the terms and conditions
45 described therein, which deed of trust is to be recorded concurrently herewith; and
46
47 WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above
48 mentioned shall unconditionally be and remain at all times a lien or charge upon the land
49 hereinbefore described, prior and superior to the lien or charge of the deed of trust first above
50 mentioned; and
51
52
INITIALS �.
dIRgii
I WHEREAS, lender is willing to make said loan provided the deed of trust securing the same is a
2 lien or charge upon the above described property prior and superior to the lien or charge of the
3 deed of trust first above mentioned and provided that Beneficiary will specifically and
4 unconditionally subordinate the lien or charge of the deed of trust first above mentioned to the
5 lien or charge of the deed of trust in favor of Lender; and
6
7 WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner;
8 and Beneficiary is willing that the deed of trust securing the same shall, when recorded, constitute
9 a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of
10 the deed of trust first above mentioned.
11
12 NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and
13 other valuable consideration, the receipt and sufficiency of which consideration is hereby
14 acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby
15 declared, understood and agreed as follows:
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17 1. That said deed of trust securing said Note in favor of Lender, and any renewals or extensions
18 thereof, shall unconditionally be and remain at all times a lien or charge on the property
19 therein described, prior and superior to the lien or charge of the deed of trust above
20 mentioned.
21
22 2. That Lender would not make its loan above described without this subordination agreement.
23
24 3. That this agreement shall be the whole and only agreement with regard to the subordination
25 of the lien or charge of the deed of trust above mentioned to the lien or charge of the deed of
26 trust in favor of the lender above referred to and shall supersede and cancel, but only insofar
27 as would affect the priority between the deeds of trust hereinbefore specifically described,
28 any prior agreement as to such subordination including, but not limited, those provisions, if
29 any, contained in the deed of trust first above mentioned, which provide for the subordination
30 of the lien or charge thereof to another deed or deeds of trust or to another mortgage or
31 mortgages.
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33 Beneficiary declares, agrees and acknowledges that
34
35 a. He consents to and approves (i) all provisions of the Note and deed of trust in favor of
36 Lender above referred to, and (ii) all agreements, including but not limited to any loan or
37 escrow agreements, between Owner and Lender for the disbursement of the proceeds of
38 Lender's loan;
39
40 b. Lender in making disbursements pursuant to any such agreement is under no obligation
41 or duty to, nor has Lender represented that it will, see to the application of such proceeds
42 but the person or persons to whom Lender disburses such proceeds and any application or
43 use of such proceeds for purposes other than those provided for in such agreement or
44 agreements shall not defeat the subordination herein made in whole or in part;
45
46 c. He intentionally and unconditionally waives, relinquishes and subordinates the lien or
47 charge of the deed of trust first above mentioned in favor of the lien or charge upon said
48 land of the deed of trust in favor of lender above referred to and understands that in
49 reliance upon, and in consideration of, this waiver, relinquishment and subordination,
50 specific loans and advances are being and will be made and, as part and parcel thereof,
51 specific monetary and other obligations are being and will be entered into which would
52 not be made or entered into but for said reliance upon this waiver, relinquishment and
53 subordination; and
jf�Q7
Page 2 of INITIALS _._ -�
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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:
Del Jonson, Community Development Director
Owner:
Kevin Selman
Owner:
r
Amanda Selman
Page 3 of 4
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
INITIALS
1 EXHIBIT "One"
2
3 LEGAL DESCRIPTION OF REAL PROPERTY
4
5 Real property in the City of SAN LUIS OBISPO, County of SAN LUIS OBISPO, State
6 of California, described as follows:
7
8 LOT 53 OF TRACT 2401, IN THE CITY OF SAN LUIS OBISPO, COUNTY OF SAN
9 LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED
10 MAY 28, 2002 IN BOOK 20 PAGE 11 OF MAPS, IN THE OFFICE OF THE COUNTY
11 RECORDER OF SAID COUNTY.
12
13 APN:053 -514 -053
Page 4 of 4 INITIALS
A- Noldry Public or other officer completing this certificate verifies only the identity of the individual who signed the document
to which this certificate is attached and not the truthfulness, accuracy, or validity of that document.
State of California }
County of San Luis Obispo }
On e a r 0'015, before me,
MOW 7
personally appeared,
okns
A- ;tile
who proved to me on the basis of satisfactory evidence to be the person* whose
nameW-is/ subscribed to the within instrument and acknowledged to me that
helms /they executed the same in his /fir /t�k eir authorized capacity }, and that by
his /¢per /fir signature�y on the instrument the persor),}; or the entity upon behalf of
which the persons 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
igna ore of a ary Pul5lic
LAURIE L. THOMAS
Commission # 1966877
+� Notary Public - California i
San Luis Obispo County a
My Comm. Expires Feb 14, 2016
Place Notary Seal Above
A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document
to which this certificate is attached and not the truthfulness, accuracy, or validity of that document.
State of California }
County of San Luis Obispo }
On �'. ` �i `� , before me,
ae
personally appeared,
l ►ten on c1r 1l�L� C-
ame and A10 of a Utficer
me d . ronPr s
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 same 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.
WITNESS my hand and Dial seal.
l
Signature
eo vary u is
pENlSE sIMt7N
Commission # 2025617
wk Notary Public - California x
x San Luis Obispo County
iN Comm. Expires Ma 23, 2017
Place Notary Seal Above
E1ND OF DOCUMMT