Subordination Agreement 2006-0170435
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\' , c-.' . .. I c.c# 2006-Cl1 70435
, , RJiCORDING R/iQUJiSTJiD BY' 21366 11111111111111111 11111 I"!! 111111111111111111111111111111 11111 1111111'
'ii TITLE COURT SERVICE
';<j 5
~. 1?".l~II' MAR 1', 2006 4'59 PM
RECORDING REQUESTED BY
-Sl....J v~I..-I.:Lillk -ICr..::.,L F:ECClF:[I':,
i \ 1.A 'Jf(;u ,,'-lJJ [IIEClO '-,uur'H'1 RECiJF:DER":, OFFICE
" 13F,EClOF:'1 ,I '::IAITH UJUI-JT'I F:EI-OR[IEF:
, ff,E':, l 3.1~1I:1
AND WHEN RECORDED MAIL TO Pb.L1E'-, c,
ServIce Link 11111111111111111111111111111111111111111111111111111111111111111111111111111111
4000 Industrial Blvd,
Aliquippa, P A 15001
2u06.0:170435
PREPARED BY
ServiceLink
4000 Industrial Blvd,
Aliquippa, PA 15001 RECORDS USE ONLY
I\?f\, ~1S.:,o~.O\
Subordination Agreement
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN TilE PROPERTY
BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER
SECURITY INSTRUMENT.
TIHS AGREEMENT,. made this ? I day of January 2006 by KENNETH A SEUBERLlNG and EVELYN
WARNER owner of the land located at 12927 VIA DEL TORO POW A Y CA n064,hereinafter deselibed and herein atier
referred to as "Owner" and City of Poway,lueatcd at 13325 CIVIC CENTER DRIVE POW A Y, CA 92074, present owner and
holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary"
WITNESSETH
THAT WHEREAS, KENNETH A SEUBERLING and EVELYN WARNER did execute a deed of trust, dated 07/01/2005, to
; as trustee, covt:ring the following described property'
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Se~.::1cgal Description as Exhibit "A" attached hereto and made a part hereof
To. secure a note in the sum of $24,96~.00, dated 07/01/2005, in favor of City of Poway which deed of trust was recorded
08118/2005 as Instrument No, 2005-071 0538)n Book Page Official Records of said county; and
WHEREAS, Owner has executed: or is. about to execute, a deed of trust and not~ in the sum of $740,UOO:OO(Se-ven Hundred-
Forty Thousand Dollars) dated, in favor of Full Spectrum Lending located at 1600 GOLF ROAD ROLLING MEADOWS, IL
60008, herein,after referred to as "Lender", payable with interest and upon the terms and conditions' described therein, which deed
oft-:-u:::t is to.bc~'iceorded c()nc~:1Tently herewith and
WHEREAS, it is a condition preceden~. to obtaining:~aici 19'an that ~aid d~eJ of trust last above mentioned shall unconditionally be
and remain at all times. a lien or charge upon the land hert:inbefore described. prior and superior to the lien or charge ofthe deed of
trust above mentioned; and
WHER~AS, Lender is willing to make said loan providedethe deed of trustsceuring the same is a lien or chargt:: upon the above
--" described property prim'and superior to the lien or charge of the deed of trust first above mentioned and provided that Beneficiary
will. spc\:jfically and unconditionally subordinate the lien or charge ofthe deed of trust first above- mentioned to the lien or charg\:
of the deed of trust in favor of the Lender: and
WHEREAS, iUs tothc'rmitualbencfit ofthc parties hereto that" Lender make such loan tu Owner;.al1(~. Beneficiary is willing that
the deed oftru~t'securirig the saii1e shall. when recorded, constitute a.lien,or ch~rge upon said land which is so long as the loan
docs not exceed $740,OOO:00(Seven Hundred-Forty Thousand Dollars),
C^ - SubOldination ,\greClTIt:l1t (228006) ()rUCI Nu. 11243:-:2 Page lof4
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21367 (,
NOW, THEREFORE, in consldcration of the mutual benefits accruing to the parti~sheret9 and other valuabll: consideration the
receipt and sufficiency of which consideration.i.s:h~reby acknowledged, and in order to induce'lcnder to make the loan referred to
herein, it is.hereby declared, understood'and agreed as follows:
1) That said deed 9f trust securing said note in favor of Lender, and any renewals or extensions thereof, shall
un~onditionally be and remain at.all,times a lien or charge on the property Ltherein described, prior and superior to the lien
or charge of the deed of trust first mentioned above.
2) That Lender would not make its loan'-above described without this subordination agreement.
3) That this, agreement shaH be the whole and only agreement with regard to the subordination of the lien or charge of the
deed of trust first, abovementioned to the lien or charge of the deed:of trust in favor of Lender above referred to and shall
supersede and caned, but only in~ofar as would affect the priority between the deeds of trust hereinbefore specifically
described, any prior agreements a~ to'such subordination including, but not limited to, those provisioris, if any, contained
in the deed of trust first above mentioned, which provide for the subordination of the lien or charge thereoCto another
deed or. deeds of trust or to:another deed oftrust,or deed of trusts. "
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Beneficiary declares, agrees and'acknowledges.that
a) He consents to and approves (i) a1l':,provisions of the note and deeds toJrust 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 p~r"suant to any sueh agreement is under no obligation or duty to, nor has Lender
represented t,hat it will, see to-the,appliCation of sueh 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;
e) Hc.intentionallyand unconditionally. waives, relinquishes and subordil}ates the lien or charge of the deed of trust tirst
above mentioned in favor of the lien or,charge upon said land ofth~'dec~oftnist in favor of Lender above referred to and
understands that in reliance upon, artq in consideration of, this waiver, relinquishment and subordination spccific 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 be this instrument been subordinated to the lien or charge of the deed of trust in favor. of Lender above refencd to
CA - Subordination Agn::cmcnt l228006) Ordel No: I ] 243X2 Page 1 01'4
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NOTICE: THIS ,SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON
OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN AioAN A PORTION OF WHICH MAY BE
EXTENDED FOROTIlER PURPOSES THAN INPROVEMENT OF THE 'LAND,
STATE OF CALI ORNI
COUNTY OF' }SS.
On this the '01':b day of , 20.mt-, before me, LJ~-f-\- ~f)'
jIn:fdrstgi1ed<Officer oft 'state and COll ty mentioned, personally appeared
'N ,Vl \.\, V) k14-f< ' with whom I am personally acquainted By' \))os..- e,n H '" r. "-,, c.,-
(proven to meont~~1tl{Wi~VlK~evidenee), and who funher .J,,~~(~-14{5w~
acknowledged that 'I IS the
jU1l0LlVtV (title) o the maker or constituent of the maker
and is authorized by the maker and is authorized by the maker or its constituent,
the constituent being authorized by the maker, to execute this instrument on
behalfof,themaker. Owner
O'wner
LIe <Sr-. €..\\eo. CO\"l\~
My Commission expires:
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-@eon:=,,,
NalarvPubllc . C" t,.I&;,
. _ 8an DIlIgo CounIv "
. Ccllnm.....Oct21;.
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Service Link il;),U~g~
4000 Industrial Boulevard
Aliquippa, PA 15001
1-800-439-5451
CA - Suhordination Agrccm<.:nt (228096) Order No: ] ]24382 Page 1 01'4
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MAR-07~2006 14:27 SERVlCE LINK
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, All-Purpose ,Acknowledgment 21869
State of:
County of'
c}lllltlki:3/ 'lmi(J bef,rem, J .
, I). , Name an: Ti~e (e ,Jene Doe, Notary
personally appeared W();YVenJl Sht<JeA/
Name(a) of Slgner(a)
~rsonallY known to me _ OR _ 0 proved to me on the basis of satisfactory evidence to be
/' jJ~' the person(lWWhose nam~/.are' subscribed
to the ~t1ih i~trument and acknowledged to me
tj:l8t ~tl:lef" executed the same in
~erltheirauthorized capacity(ieS). and that by
~ _ _ _ _ _ _ _ _ _ _ _ _ ~.A€r'1their' signatur$J on the instrument the
. Comm~~ ~ person~r the entity upon behalf of which the
l,,; NolaryPublJc.=:. ~ person~cted, executed the instrument.
t san DIego County (
My Comm. ExpIIes 0Cl21.:zOO7
_ _ _ _ _ _ _ _ _ _ _ _ WITNESS my hand and official seal
~fjQ{;yVJ
Si nature-of Notary ublic
TnTr'll D Ole;:
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. Exhibit "A" 21370
. Legal Description
Lot 10 of V ALLE VERDEESTA TES, UNIT NO, I,in the City of Po way County of San Diego, State of California, according to
Map thereof no, 4185, filed in the Office of the County Recorder of San Diego, May 20,1959
Tax ID' 275,303-01
CA - Subordination Agrl;l;lllcnt (228006) Order No: ] ]24382 Page 1 01'4