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Subordination Agreement 2019-0499141RECORDING REQUESTED BY FIDELITY NATIONAL TITLE COMPANY AND WHEN RECORDED MAIL TO: POWAY HOUSING AUTHORITY 13325 CIVIC CENTER DRIVE ATTN: EXECUTIVE DIRECTOR POWAY, CA 92064 ORDER NO.: 00129318-007-MN1 DOC# 2019-0499141 IIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Oct 31, 2019 03:54 PM OFFICIAL RECORDS Ernest J. Dronenburg, Jr., SAN DIEGO COUNTY RECORDER FEES: $32.00 (SB2 Atkins: $0.00) PAGES: 7 SPACE ABOVE THIS LINE FOR RECORDER'S USE 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 this CC, 1/4-0 ‘0-42.1- (/7 12-019 by Millad G. Bahhi and Mary H. Sado, husband and wife as community property with rigida!' survivorship owner of the land hereinafter described and hereinafter referred to as "Owner", and Poway Housing Authority present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary". WITNESSETH THAT WHEREAS, Owner has executed a deed of trust, dated July 18, 2014 to Advantage Title Company See Exhibit A attached hereto and made a part hereof. , as trustee, covering: to secure a note in the sum of $ 29,602.00 dated July 18, 2014 in favor of The Poway Housing Authority, which deed of trust was recorded July 18, 2014 as Instrument No. 2014-300680, 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 $250.000.00 dated in favor of Mission Federal Credit Union 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 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 or Lender; and Page 1 of 4 Casuborda (DS) Rev. I0Q3/14) Order No.: 00129318 -007 -MN 1 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: (1) 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 first 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 to, 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/She 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 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; (c) He/She 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 entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and (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. The Poway Housing Authority By: Print Name and Title Beneficiary (All signatures must be acknowledged) Form Furnished By Fidelity National Title Company IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. (SUBORDINATION FORM "A") Deed of Trust to New Deed of Trust mos Documerrn E`IECUTh IN COUNTERPART Page 2 of 4 Casuborda (DS) Rev. 10/23/14) Order No.: 00129318-007-MN1 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: (1) 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 first 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 to, 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/She 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 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; (c) He/She 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 entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and (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 TIIE 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. The Powa By: Matthew / elirii 1-Iazeltine, City Manager Christopher Print Name and Title Beneficiary Hou g Authority Millad G. Bahhi Mary H. Sado Owner (All signatures must be acknowledged) Form Furnished By Fidelity National Title Company IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. (SUBORDINATION FORM "A") Deed of Trust to New Deed of Trust Page 2 of 4 Casuborda (DSI Rev. 10/23/14) Order No.: 00129318 -007 -MN 1 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 COUNTY OF SIS CALIFORNIA,��c(,b On \tc-\bff,t, } SS: before me, a Notary Public, perspinally appeared who proved to me on the bas) of satisfactory evidence to be the person(s)whose name(s) s/ e subscri ed to a within instrument and ekno ledge to me that h s /e/texecuted the sae in hi h /tl it authorized capacity(ies) and that by hi h /t� r signature(s)on the instrument the person(s), or the en it y 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. WITNESS my hand and officia s al. Signature d ti,w A notary public or other officer bohipleting 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 } SS: On before nle, a Notary Public, personally appeared 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. WITNESS my hand and official seal. Signature Page 3 of 4 FOR NOTARY SEAL OR STAMP JEFF HOFER Notary Public - California San Diego County z Commission # 2211631 My Comm. mm. ires Sep 23:74110$ FOR NOTARY SEAL OR STAMP Casuborda (DSI Rev. 10/23/14) 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 October 30, 2019 before me, Carol S. Legg, Notary Public, personally appeared Christopher Matthew Hazeltine, who proved to me on the basis of satisfactory evidence to be the person{} whose names} is/afe subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/#eF/their authorized capacity(fes), and that by his/#ef/their signature{&} on the instrument the person{}, or the entity upon behalf of which the personts} 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 Notary Public - California Z San Diego County Commission # 2283958 My Comm. Expires Apr 28, 2023 0? Carol S. Legg, Notarylic OPTIONAL Title or type of document: Subordination Agreement, securing a note in the sum of $29,602.00 Document Date: October 30, 2019 Number of Pages: Two, plus one-page exhibit Signers Other Than Named Above: Millad G. Bahhi and Mary H. Sado (not yet signed at time of this notarization). GOVERNMENT CODE 27361.7 I CERTIFY UNDER PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS FOLLOWS: NAME OF NOTARY: Jeff Hofer COMMISSION #: 2211631 DATE COMMISSION EXPIRES: 09/23/2021 COUNTY WHERE BOND IS FILED: San Diego MANUFACTURER OR VENDOR NUMBER: NNA1 TITLE COMPANY: Fidelity National Title Company SIGNATURE: Dakota Leffew PLACE OF EXECUTION: SAN DIEGO DATE: 10/31/19 Exhibit A PARCEL 1: LOT 11 OF CITY OF POWAY TRACT NO. 06-06 THE MEADOWS, IN THE CITY OF POWAY, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, AS SHOWN BY MAP NO. 15743, FILED IN THE OFFICE OF COUNTY RECORDER OF SAN DIEGO COUNTY, CALIFORNIA, ON MARCH 5, 2009. EXCEPTING THEREFROM ALL OIL, GAS, MINERALS AND OTHER HYDROCARBON SUBSTANCES, LYING BELOW A DEPTH OF 500 FEET, WITHOUT THE RIGHT OF SURFACE ENTRY. PARCEL 2: EASEMENTS REFERRED TO IN ARTICLE X OF THE DECLARATION RELATED TO COMMON STRUCTURES WHICH IS RESERVED FOR THE BENEFIT OF PARCEL 1 ABOVE.