Subordination Agreement 1974-144976 . RCCORDCR:
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) 74-144976
) FILE/PAGE NO..___.
POWAY MUNICIPAL WATER DISTRIC15b9 ) BOOK 1974
RECORDED REQUEST OF
Post Office Box 348 ) LAND TITLE INSURANCE CO.
Poway, California 92064 )
) JUN3 8:00 AM'74
)
) OFFICIAL DS
SAN DIEGO COUNTY, CALIF.
HARLEY F. BLOOM, RECORDER
LTI Order No. 278626-R NO FEE
LTI Escrow No. 44017-P
SUBORDINATION AGREEMENT
FOR VALUE RECEIVED, the undersigned, as Beneficiary under Deed
of Trust recorded in the Office of the County Recorder of San Diego
County, Dec . 29, 1972 , as File No. 344897 and as the owner and
holder of the obligations thereby secured does hereby make subject
and subordinate the liens thereof to the easement granted by
Joel 0. & Rosanne Holliday
to POWAY MUNICIPAL WATER DISTRICT, it being understood and agreed that
foreclosure of said Deed of Trust shall not affect, defeat or render
invalid any rights under and by virtue of said easement, and said ease-
ment shall be paramount and superior to the rights of any purchaser
under any foreclosure of said Deed of Trust.
Beneficiary declares and acknowledges that it hereby intentionally
waives , relinquishes and subordinates the priorities and superiorities
of the lien and charge of said Deed of Trust upon the land described
therein in favor of said easement, and that it understands that in reli-
ance upon and in consideration of this waiver, relinquishment and sub-
ordination specific monetary and other obligations will be entered into
by Third Parties which would not be made or entered into but for said
reliance and the execution by Beneficiary of this waiver, relinquishment
and subordination .
DATED: February 22, 1974 BENEFICIARY :
The Pasadena Art Museum, a California
/ corporation
tAA--''I /d—
Title
I/ BY: k � / President
By: _a (1 . ef-x„ 7,�.-se .
Title
STATE OF California )
SS .
COUNTY OF )Los Angeles
On February 22, 1974 , before me , a Notary Public in and for the said
County and State , duly commissioned and sworn, personally appeared
Gifford Phillips known to me to be the President
and Coleman W. Morton known to me to be the Treasurer
of P2sadenArt Museum
the ---t--- -ion that .... . utod the within instrument , .v v. to __
to be
the persons who executed the within instrument on behalf of the corpora-
tion therein named, and acknowledged to me that such corporation executed
the same. . . . . . . . . _
a. OFFICIAL SEAL
WITNESS my hand and official seal . ' ;.�'T\. r.itkRGUERITE PETERS
::rw< " NOTARY.'UBLIC•Cosi.IrCkNIA :
r
LOS kfv.iELES CUUN(Y
' MyCcmmisswntx,,ues,.leyJO,1511
acs S. Barrington, #302, Los Angeles. CA. 90049
Notary Public in and for said
County and St
41010
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