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RECORDED AT THE REQUEST <br />OF FINANCIALTr COMPANY <br />WHEN RECORDED RETURN TO: <br />JULIE RODEWALD <br />San Luis Obisp, 'tnty — Clerk/Recorder <br />Recorded at the requee. of <br />Title Court Services Inc <br />City of San Luis Obispo 0 0 c # : 2004107610 <br />990 Palm Street <br />San Luis Obispo, CA 93401 <br />Attn: City Clerk I IIII II III I II IIIIIII II IIIIII <br />Record for the benefit of the City of San Luis Obispo <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 />SR <br />12/10/2004 <br />11:35 AM <br />Titles: 1 Pages: 6 <br />Fees <br />22.00 <br />Taxes <br />0.00 <br />Others <br />0.00 <br />PAID <br />S22.00 <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 Joseph J. Reichmuth and Monica A. Reichmuth, <br />Owner of the land hereinafter described and hereinafter referred to as "Owner," and City of San <br />Luis Obispo <br />Present owner and holder of the deed of trust and note first hereinafter described and hereinafter <br />referred to as 'Beneficiary"; <br />WITNESSETH <br />THAT WHEREAS, Joseph J. Reichmuth and Monica A. Reichmuth, did execute a deed of <br />trust, dated April 26, 2004, to First American Title Insurance Company, as trustee, covering <br />property located at 1582 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 211,175.00, dated April 26, 2004, in favor of City of San Luis <br />Obispo, which deed of trust was recorded as instrument document no. 2004042899, on May 19, <br />2004, of Official Records of said county; and <br />WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of <br />181,000, dated November 4, 2004in favor of Wells Fargo, hereinafter referred to as <br />"Lender," payable with interest and upon the terms and conditions described therein, which deed <br />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 />WHEREAS, lender is willing to make said loan provided the deed of trust securing the same is a <br />lien or charge upon the above described property prior and superior to the lien or charge of the <br />deed of trust first above mentioned and provided that Beneficiary will specifically and <br />Page I of 5 INITIALS i� <br />