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Home My WebLink AboutD-2022 Subordination agreement Francisco Vazquez APN 053-513-042 01-08-16r�l`��r1 =� JAN 2 2 2016 Recording Requested I3; : Ct WHEN RECORDED RETURN TO: City of San Luis Obispo 990 Palm Street San Luis Obispo, CA 93401 Attn: City Clerk TOMMY GONG San Luis Obispo County—Clerk/Recorder Recorded at the request of Public °' ": 216000839 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. &I btq 3 I -q- 3 7-9z41'] APN: 053 -512 -042 SUBORDINATION AGREEMENT RT 1/08/2016 9:42 AM Titles: 1 Pages: 5 Fees 26.00 Taxes 0.00 Others 7.00 PAID $33.00 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 December 11, 2015, by Francisco Vazquez, an unmarried man, 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, Francisco Vasquez, did execute a deed of trust, recorded July 24, 2003 to Washington Mutual Bank, FA, as trustee, covering property located at 1800 Spooner Drive (Property), 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 $210,675, a deed of trust was recorded July 24, 2003, in favor of City of San Luis Obispo, which deed of trust was recorded as instrument No. 2003081493 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 $133,931 dated IN,- 3o '(u(t in favor of JP Morgan Chase Bank NA, 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 Page I of 5 INITIALS_ r I 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 herembefore 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; 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 not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and Page 2 of 5 INITIALS f' ZI 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: d a 1 t Codron, Community Development Director Owner: 'Francisco Vazquez Page 3 of 5 (ALL SIGNATURES MUST BE ACKNOWLEDGED) INITIALS f " A Notar,p 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 I On a " " 90 , before me, �4r,�[GU"t�►., _ /(I"c?� -i'i� PL) to G Date Name and Title of the Offter r'T personally appeared, CO&ZIel I,,JJ Name of fgner{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 official seal. Signature M naure o�otb ry Public kc- AtHut 00610 w ftv MATKI conlba / 40511014 Nowy Pai k - caiMrnwo San We Obk#o Co" t 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 1 , before me, Date ame d itle ❑ t e rcer personally appeared, .� who proved to me on the basis of satisfactory evidence to be the person hose name IS are subscribed to the within instrument and acknowledged to me th ,he he t/ y executed th�ame in V'Soin her /their authorized capacity (W, and that by�er /their signature�n the instrument the pe or the entity upon behalf of which the persons f 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 / W -Signature of o ary Public �?� po R- (L 6k A. NORIEGA Commission # 2050798 a (a Santa Notary Public - California x Barbara County AA Comm. E>< tres Dec 31, 2017 Place Notary Seal Above Page 4 of 5 INITIALS � V EXHIBIT A - LEGAL DESCRIPTION Tax Id Number(s): 053 - 512 -042 Land Situated in the City of San Luis Obispo in the County of San Luis Obispo in the State of CA LOT 102 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. THE PROPERTY ADDRESS AND TAX PARCEL IDENTIFICATION NUMBER LISTED ARE PROVIDED SOLELY FOR INFORMATIONAL PURPOSES. Commonly known as: 1800 Spooner Dr, San Luis Obispo, CA 93405 -7432 END OF DOCUMENT