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RECORDING REQUEST BY: <br />r Cuesta Title om JULIE ROD LD <br />San Luis Obis iinty— Clerk1Recorder <br />DG <br />5/12/2005 <br />WHEN RECORDED IFURN TO: Recorded at the request of <br />8 :00 AM <br />Cuesta Title Company <br />City of San Luis Obispo D 0 C # : 2005038821 <br />Titles: 1 <br />Pages: <br />9 5 <br />990 Palm Street <br />San Luis Obispo, CA 93401 <br />Fees <br />0.00 <br />Attn: City Clerk <br />Taxes <br />0.00 <br />Others <br />0.00 <br />Record for the benefit of the City of San Luis Obispo <br />PAID <br />$0.00 <br />At No Fee under Section 27383 of the Government Code. <br />The undersigned declare that there is no documentary <br />Transfer tax on this matter. <br />SUBORDINATION AGREEMENT <br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY <br />INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER <br />PRIORITY THAN THE LEIN OF SOME OTHER OR LATER SECURITY <br />INSTRUMENT. <br />THIS AGREEMENT, made by Santos Sarabia.and Josephine Sepulveda, Owners of the land <br />hereinafter described and hereinafter referred to as "Owner," <br />and City of San Luis Obispo present owner and holder of the deed of trust and note first <br />hereinafter described and hereinafter referred to as "Beneficiary"; <br />WITNESSETH <br />THAT WHEREAS, Santos Sarabia and Josephine Sepulveda, did execute a deed of trust, <br />dated February 26, 2004, to First American Title Insurance Company, as trustee, covering <br />property located at 1598 Eto Circle, as more particularly described in Exhibit One; SEE <br />EXHIBIT ONE ATTACHED HERETO AND MADE A PART HEREOF <br />To secure a note in the sum of $171,175, dated February 23, 2004 in favor of City of San Luis <br />Obispo, which deed of trust was recorded as instrument document no. 2004 - 015597, on <br />February 27, 2004, of Official Records of said county; and <br />WHEREAS, Owner did execute a second deed of trust, dated February 26, 2004, to First <br />American Title Company, as trustee, in the amount of $15,125, which was recorded as <br />instrument document no. 2004 - 015466, on February 27, 2004, and <br />WHEREAS, Owner has executed, or is about to execute, a new second deed of trust and note in <br />the sum of $30,000, dated MAY 4, 2005 in favor of Sesloc Federal Credit Union, <br />hereinafter referred to as "Lender," payable with interest and upon the terms and conditions <br />described therein, which deed of trust is to be recorded concurrently herewith; and <br />WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above <br />mentioned shall unconditionally be and remain at all times a lien or charge upon the land <br />hereinbefore described, prior and superior to the lien or charge of the deed of trust first above <br />mentioned; and <br />Page 1 of 5 <br />INITIAL <br />b M 09 <br />