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Subordination Agreement Residential Rehabilitation Loan 2017-0115381Recorded Request Of FIDELITY NATIONAL TITLE SAN DIEGO OFFICE And When Recorded Mail to: City of Poway 13325 Civic Center Drive Poway, CA 92064 Attn: City Clerk DOC# 2017-0115381 IIIIIII�I�IIIII�IIIIIIIQIIDIIIII�IIIDlllllllll�lllllllallllll Mar 14, 2017 08:00 AM (OFFICIAL RECORDS Ernest J. Dronenburg, Jr., SAN DIEGO COUNTY RECORDER FEES. $36.00 SUBORDINATION AGREEMENT RESIDENTIAL REHABILITATION LOAN PAGES. 8 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 as of March 1, 2017, by David S. Ker'esztury and Christine A. Keresztury, Trustees of The Keresztury Living Trust Dated September 25, 1998, owners of the land hereinafter described and hereinafter referred to as "Owner," and Poway Redevelopment Agency and City of Poway, present owner and holder of the deed of trust and note first hereinafter collectively described and hereinafter collectively referred to as "Beneficiary"; WITNESSETH THAT WHEREAS, Owner, did execute a deed of trust, dated September 1, 2010, to Comprehensive Housing Services, Inc., a California Corporation, as trustee, covering the property located at 13849 Eisenhower Avenue, in the City of Poway, County of San Diego, State of California, which property is legally described in Exhibit A attached hereto. Assessor's Parcel No. 314-133-10-00 to secure a note in the sum of $15,000, dated September 1, 2010,,'in<favor of Beneficiary, which deed of trust was recorded as instrument no. 2010-0498896, on 'September 21, 2010, 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 $57,800 dated March 6, 2017, in favor of Mission Federal Credit Union hereinafter referred to as "Lender" payable with interest and upon the terms and conditions describe therein, which deed of trust is to be recorded concurrently herewith; and WHEREAS, on February I, 2012, the Poway Redevelopment Agency was dissolved by operation of law, and, pursuant to California Health and Safety Code Section 34173, the City of Poway became the Successor Agency to the former Redevelopment Agency; and WHEREAS, as a result of the dissolution of the Redevelopment Agency, and in accordance with Health and Safety Code Section 34173, said Deed of Trust has been assigned to the Successor Agency; and subordination A 1 " Recorded Request Of FIDELITY NATIONAL TITLE SAN DIEGO OFFICE And When Recorded Mail to City of Poway THIS DOCUMENT HAS BEEN 13325 Civic Center Drive ELECTRONICALLY RECORDED. SEE THE ATTACHED COVER PAGE FOR Poway, CA 92064 RECORDING INFORMATION Attn: City Clerk SU13ORDINATION AGREEMENT RESIDENTIAL REHABILITATION LOAN 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 AGREEMEN'r, made as of March I, 2017, by David S. Keresztury and Christine A. Keresztury, Trustees of The Keresztury Living Trust Dated September 25, 1998, owners of the land hereinafter described and hereinafter referred to as "Owner," and Poway Redevelopment Agency and City of Poway, present owner and holder of the deed of trust and note first hereinafter collectively described and hereinafter collectively referred to as "Beneficiary", WITNESSETH THAT WHEREAS, Owner, did execute a deed of trust, dated September 1, 2010, to Comprehensive Housing Services, Inc., a California Corporation, as trustee, covering the property located at 13849 Eisenhower Avenue, in the City of Poway County of San Diego, State of California, which property is'legally described in Exhibit A attached hereto. Assessor's Parcel No. 314-133-10-00 to secure a note in the sum of S15,000, dated September 1, 2010, in favor of Beneficiary, which deed of trust was recorded as instrument no. 2010-0498896, on September 21, 2010, 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 557,800 dated March 6, 2017, in favor of Mission Federal Credit Union hereinafter referred to as "Lender" payable with interest and upon the terms and conditions describe therein, which deed of trust is to be recorded concurrently herewith; and WHEREAS, on February I, 2012, the Poway Redevelopment Agency was dissolved by operation of law, and, pursuant to California Health and Safety Code Section 34173, the City of Poway became the Successor Agency to the former Redevelopment Agency; and WHEREAS, as a result of the dissolution of the Redevelopment Agency, and in accordance with Health and Safety Code Section 34173, said Deed of Trust has been assigned to the Successor Agency; and Subordination A WHEREAS, the undersigned present Beneficiary desires to substitute a new Trustee under said Deed of Trust in place of COMPRE"HE"NSIVE HOUSING SERVICES. INC., 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 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: I ) 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 first above mentioned to the lien or charge of the deed of trust in favor of 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) It 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: Subordination A 2 (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represent that it will, see to the application of such proceeds by 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; and (c) It intentionally and unconditionally waives. relinquishes and subordinates the lien or charge upon said land of the dced 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. 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 ON THE LAND IN WITNESS WHEREOF, parties hereto have signed this Agreement as of the day and year first above written. BENEFICIARY: CITY OF POWAY AS SUCCESSOR AGENCY By. Tina White. City Manager OWNER. By - David S. Keresztury LENDER: MISSION FEDERAL CREDIT UNION By - Diana G. Clegg, Assistant Vice President of Real Estate Loan Division SUCCESSOR TRUSTEE: CITY OF PO Y By. fi Tina White, City Manager OWNER: By. Christine A. Keresztury Signed in Counterpart ALL SIGNATURES MUST BE NOTARIZED Subordination A 3 (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represent that it will, see to the application of such proceeds by 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; and (c) It intentionally and unconditionally waives, relinquishes and subordinates 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. 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 ON THE LAND IN WITNESS WHEREOF, parties hereto have signed this Agreement as of the day and year first above written. BENEFICIARY: CITY OF POWAY AS SUCCESSOR AGENCY 0 Tina White, City Manager OWNER: By. David S. Keresztury LENDER: MISSION FEDERAL CREDIT UNION Signed in Counterpart Byy Diana G. Clegg, Vice President of Real Estate Loan Division Subordinatlon A SUCCESSOR TRUSTEE: CITY OF POWAY By Tina White, City Manager OWNER: 0 Christine A. Keresztury ALL SIGNATURES MUST BE NOTARIZED California All -Purpose Acknowledgment CIVIL CODE § 1189 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 DIEGO On March 3, 2017 before me, Carol S. Legg, Notary Public, personally appeared Tina White, who proved to me on the basis of satisfactory evidence to be the person(s) whose names) is/afe subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/theif authorized capacity(ie9), and that by his/her/theif signatures) on the instrument the person(s), or the entity upon behalf of which the person 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. CAROL S. LEGG Z Commissionp2101054- i Notary Public i - California San Olego County Comm.My res Apr 28 2019+ Carol S. Legg, Notary MUtic OPTIONAL Title or type of document: Subordination Agreement, Residential Rehabilitation Loan. Reference David S. Keresztury and Christine A. Keresztury, Trustees. Property parcel 314-133- 10-00, 13849 Eisenhower Avenue, Poway, CA 92064 Document Date: March 1, 2017 Number of Pages. 3 Signers Other Than Named Above David S and Christine A. Keresztury CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 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 —_y— � O164 0 On YYIYt tki 6, dQIf7 before me,lt�%[f 4 G Date Here Insert Name and Title of the Officer personally appearedI JH V )� 5 Es Z 7 -Vie `r� i4N1b Names) of Signers) C�ISi-iN� � kE�E52T(�izY who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s),i3/are subscribed to the within instrument and acknowledged to me that I}e7/Pe/they executed the same in hfsiher/their authorized capacityCies), and that by 09"r/their signature(s) on the Instrument the person(s), r the entity upon behalf of which the person(s) acted, executed the instrument. =E.'12 2831 s0lifornia ontyL 10, 2018 Place Notary Seal Above 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 of Notary Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other Signer Is Representing: Number of Pages: Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑ Attomey in Fact ❑ Trustee ❑ Guardian or Conservator ❑ (lthor Signer Is Representing: rwx - •) �✓ w"rwrw_w-rbrxnvvdrw✓ w✓wrvawµ✓wnr!w✓wr✓r MAr rw✓wrw✓ �r CALIFORNIA ALL-PURPOSE ACKNOWLEdGMENT CIVIL CODE § 1189 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 J rA On yAa('C,k �P , o0i 7 before me. ) O ^tLxL G DateHere Insert Name and Title of the Officer personally appeared �0.�� G' G1e� 5 Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(§ whose namem istare subscribed to the within Instrument and acknowledged to me that ha/she/they executed the same in Ws/her/their authorized capacity (is), and that by hWher/their signature(s) on the Instrument the person(s), or the entity upon behalf of which the person(4acted, executed the instrument. DEBORAH A.PURCELL Commission N 2077440 Z ,-i Notary Public • California i T San Diego County My Comm. EK ires Au 12, 2018 r 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 se . Slgnatuur;�Z��/!C(Z �_,Ie Signature of NotaryPublic I. Place Notary Seal Above OPTIONAL Though this section Is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Document Date: Signers) Other Than Named Above: Capacity(les) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑ Attomey in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other - Signer Is Representing: Number of Pages: Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑ Attomey in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other Signer Is Representing: ..: r r ^ .,...^.. :^'r^ : • r Escrow No. 00086353 -007 -NL Parcel No. 314-133-10-00 EXHIBIT "A" Legal Description LOT 24 IN BLOCK 22 OF TRACT "E" OF POWAY, IN THE CITY OF POWAY, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 536, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAID SAN DIEGO COUNTY, MAY 7, 1888. TOGETHER WITH THAT PORTION OF THE WEST HALF OF THE ALLEY IN SAID BLOCK 22 LYING EASTERLY AND ADJOINING LOT 24 AS SAID ALLEY WAS VACATED AND CLOSED TO PUBLIC USE ON JUNE 11, 1957, BY ORDER OF THE BOARD OF SUPERVISORS OF SAN DIEGO COUNTY, A COPY OF SAID ORDER BEING RECORDED JUNE 19, 1957 IN BOOK 6627, PAGE 335 OF OFFICIAL RECORDS. TOGETHER WITH THAT PORTION OF 5TH STREET LYING SOUTHERLY OF BLOCK 23 OF POWAY, ACCORDING TO MAP THEREOF NO. 536 ON FILE IN THE RECORDER'S OFFICE OF THE COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, AND LYING NORTHERLY OF BLOCK 22 OF SAID MAP NO 536 AND LYING EASTERLY OF THE NORTHERLY PROLONGATION OF THE WESTERLY LINE OF LOT 24 OF SAID BLOCK 22 AND LYING WESTERLY OF A LINE THAT IS PARALLEL WITH AND 61.00 FEET WESTERLY OF THE CENTERLINE OF POMERADO ROAD, ROAD SURVEY 1859-2 ON FILE IN THE COUNTY ENGINEERS OFFICE OF SAID COUNTY EXCEPTING THEREFROM THE NORTHERLY 7.00 FEET OF THE SOUTHERLY 10.50 FEET OF SAID 5TH STREET AS VACATED AND CLOSED TO THE PUBLIC ON SEPTEMBER 26, 1979, BY ORDER OF THE BOARD OF SUPERVISORS OF SAN DIEGO COUNTY, RECORDED NOVEMBER 28, 1979 AS FILE NO. 79-500144 OF OFFICIAL RECORDS.