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Home My WebLink AboutD-2034 Subordination Agreement - Kristen & David Nusbaum 1965 DeVaul Ranch DriveRecording Requested By: FIRST A-NfERICA_N TITLE COW A'r'y 02 LiQ3� a- - D6 WHEN RECORDED RETURN TO: City of San Luis Obispo 990 Palm Street San Luis Obispo, CA 93401 Attn: City Clerk 2015@43015 Tommy Gong San Luis Obispo - County Clerk -Recorder 08/31/2016 11:38 AM FIRSTeAMERICANrTITLEt COMPANY Titles: 1 Pages: 5 Fees: $33.00 Taxes: $0.00 Total: $33.00 IW�4�'�N�1h41B1+W�R�llul Record for the benefit of the City of San Luis Obispo REC91Vro At No Fee under Section 27383 of the Government Code. SEP 2 8 21796 The undersigned declare that there is no documentary Transfer tax on this matter. SLO CITY CLERK APN: 053-514-030 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 August 12, 2016, by Kristen Nusbaum and David Nusbaum, 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, Kristen Nusbaum and David Nusbaum, did execute a deed of trust, dated October 30, 2008 to Cuesta Title Company, as trustee, covering property located at 1965 DeVaul Ranch 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 $157,400, a deed of trust was recorded December 5, 2008, in favor of City of San Luis Obispo, which deed of trust was recorded as instrument No. 200859968 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 $255,000 dated August 26, 2016 in favor of Primary Residential Mortgage, Inc., 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 (�-0')H 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. 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; c. 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 2 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: Michael Codron, Community Development Director Owner: Kristen Nusbaum Owner: David Nusbaum (ALL SIGNATURES MUST BE ACKNOWLEDGED) 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 AU6Udf I 7,6 16, before me, DIANE OOft'A L, L19 . WAf14 2y P tIQb(C Date Name and Title df the Officer personally appeared, 601 G PJ A �L COMM Name of Signer(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. RiANE 00STALEK Commission # 2138341 WITNESS my hand and official seal. Notary Public - California San Luis Obispo County My Comm. Expires Ree 25, 2019 Signature Signature of Notary Public 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 $ a� �� before me, VItS L +fY"V) `�'"�� ►'Vt P'L-4 L C> Date j 4 yName and Title of the. Offficer. I 1 personally appeared, �C _`4-"4� Y -1C1 1� (�,.Vtf'L rig i C, 0 us bqV vv\ Name of Signer(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. DENISE SIMON Commission # 2025617 Z WITNESS my hand and official seal.a =.� Notary Public - California n Z y San Luis Obispo County My Comm. Expires May 23, 7.0 17 Signature Signature of ry Public Place Notary Seal Above 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: LOT 30 OF TRACT NO. 2401, IN THE CITY OF SAN LUIS OBISPO, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP RECORDED MAY 28, 2002 IN BOOK 20 PAGE 11 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. APN: 053-514-030 END OF DOCUMENT