Subordination Agreement 1999-0823337
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Recordi '1d, rcn:cs.',.:::i' by'
CHICAGCI'TirLE U,f':i1{J,:"
.~Reco,dlng Re~~!I's~ed by
,and \"!.~~~'Reco~d~d'M8i1'To:
:Bank'of1hnei'lca,__ .
'~,
.~IGINALOF THIS,DOCUMENT
WAS RECORDED ONDEC21, 1999
DOCUMENT NUMBER 1999~082333?
GIirGORY,J.SMITH, COUNT\' RECORDER:,
SAN' 0 IEGOCOUNTY RECORDER'S OFFICE
TIME: 8:00 AM
Community Developrytent Bank
Rosalind Irvin
P.O. Box 1186
Rancho Cordova, CA 95741
BACDB Loan Number: 66597
98onG:::>so . 7
317. ('10.44
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Space Above ThisUris'for Reco;der'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 thi~ thirtieth day of November, 1999, by Hardy Matthew Travis and LauniKay Travis,
Trustees of the Travis Family Trust,dated Novemlier 11, 1993, owner' afthe land hereinafler described and
hereinafter referred to as "Owner;"' andPowav Redevelooment Aaencv.a PUDIii; Body; Corporate and Politic,_
present owner and holder of the deed of trust and not .first hereinafter"described and hereinafter referred to as
"Beneficiary" ;
WITNESSETH
THAT WHEREAS, Hardy Matthew Travis; ,as Trustee of the Travis Family'Trust dated November 11, 1993,did
execute a deed of trust, dated Februarv '9~ 1998, to Fidelity Nathnal'Title COmpany, as trustee, covering:
See Exhibit If A" attached hereto and made a part hereof'
to Secure a notedn th~ sum of $360,000.00 dated February 9, 1998, in .favor of Powav Redevelopment Aqencv,
which deed of trust was recorded Februaiy 19, 1998, as fiie nuinber 199B'0084896 of 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 $1,015,000,00
daied December 10, 1999, in lavorot. Bank of America Community Development Bank, a Califoh,ia state,
chartered bank, hen3inafter' referred 'to as "lender", payable with: interes~ and 'upon the terms and conditions
described therein, which d~ed'of trust ista be recorded concurrently herewith; and
WHEREAS, it is a condition precedent'to obtainings~id loan that the said'deed of trust last above mentioned shall
unco'ri9itionally 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 mak.e said loan Rroyided 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 specificaily and unconditionally subordinate the lien or charge of the
deed of trust first:above mentioned to the lien or charge of the'dee~ of'tru~t in ,favor of Lender; and
WHEREAS, it is to the mutual benefit cirthe partie~ hereto that Lender make such loan to Owner; and Beneficiary
is willing that the deed cif trust'securing the same shall, when recorded, constitute a lien or charge upon said land
which is unconditionally prior and s~perior to,the lien or charge of the. deed ~ftrust first above mentioned.
NOW THEREFORE, in con~id~ratiqn cif the mutual benefits accruing to the parties hereto and other valuable
consideration, the receipti,and suffi~J.ency of which consideration is~hereby acknowledged, and in order to induce
Lender to make the lo~n above referred" to, it is hereby declared, understood and agreed as follows:
SubCLTACD CA (rev 001 07/95)
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Bank of America Community Development Bank
rei-' 11807
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(1) 'That'said"deed of tiust sec'u'ring said note in favor of'Lender, and any'renewals or eXtensions.thereof;!
'sha,1I ,unccinditionallyi,be and'r,m,ain at all times a lien orchilrge on tne property therein described, prior
and superiafta thelien'orchilfge of the deed of trust first above mentioned.
(2) 'That:Lender"would not-make its 'loan above described without-this'subordination agreement.
(3) Thatthis'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"fava',
of lender above referred to 'and shall supersede and cancel, but only insofar as would affect the priority
between the deeds ,of trust hereinhefore specifically described, any prior agreement as to such
subordi~ati~n inclu~ing, but n?t ii.mited to, those provis!on, if"any, contained in the deed of tr~st -first
above: mentioned, which provide f,?r 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
(al He consents to and !3pproves ,(i) all provisions of the not~ ~nd deed of trust i.n favor of le,ndl!!r 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;
Ib) 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 disburse~ such proceeds and any application ,or '!Jse of such proceeds for purposes ottier
than those provided for insuch'agreement or agreements 'shall not'defeat the subordination herein made
in whole or part;
Ic) He intentionally and unconditionally waives, relinquishes and subordinates the lien or charge ofthe deed
of trust first above mentioned in' 'favor'of the lien or charge upcin, said land of the deed of- trust in favor
of len~er above referr.ed to':i;lnd un.derstands that in reliance upo~, ',and in consideratiqn of, ~this waiver,
relinquishment and subordination specific loans and advances' srabeing and will be made and, as part
and pa~cel thereof, specific monetary and other obligations 'are being and will be entered into which
would not be made or eritered into but for said reliance upon .this waiver, relinquishment and
subordination; and
(d) An endorsement has been placed..upon the note secured by the dee,d of trust first above mentioned that
said deed of trust has by th'is i~strument been subordinated to the lien or ~harge of the de~ci 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 TI:lELAND '
Beneficiary: Poway Redevelopment Agency. a, Public
Body, Corporate and Politic
Owner: Travis ,Family Trust dated November 11.
1993
X
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Bowersox, Executive Director
X
Hardy Mat
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Jakes L
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X
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X " LIJY'A_
au ayTravis, Tr~
ti n0ft):~
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SubCLTACD CA (rev 001 07/95)
2,
Bank, of' America Community Development Bank
rei." 1807
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GENERAL ACKNOWLEDGMENT
State of California
County of San D I ~ {)
OnNi)v{Jmbe~3D, 11,1[1,fore me, Ell~60th f;. tx.:oa n) h0'lzti2.j rU b ~ personally appeared
:Jo.\'Y\e,s L i?)OuJQI2-.SO~
personally known to me fer pr,.....,..:.f +n.mp nn +~9 basis at 38ti3f8atBp"';'\lirl~ncel ,to be the person(s-t' whose name(5f-.
isfare- subscribed to the withir'l i~s~rum~.nt and acknowledged to me that: he/.ll.~"tl;e,. executed the'same in
hislhorltl,dr authorized capacityfie&h,-and that by hisfherltl,dlrsignaturel&j, on the instrument the personl&!'- or the
entity upon behalf of which the person(eI- acted, executed the instrument.
(Seal)
WITNESS my hand and official seal.
Signature (~~ ~'Y0
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r' . EUZABElH F DEAN ,
'fj' Commlsslon#10939&l ii;
~,' .. ..' Notary Pub8c -, Co ntomk1 ~
~-- & San Diego County
i ,My ccmm EXPI',:,AP' 7.2OOl
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GENERAL ACKNOWLEDGMENT
State of Califomia
County of .s:4- AI ' tJ I 1:;- Go ... )
On ~4</, 7'9 , before me,C.F~.J:Jl.JAY
'If,e~ '( ~lFoJ "71?/llnJ I'Ivp ~~pv I
personally appeared
k-A:Y77CffVd'
personally known to me (or proved to me. on th~asis of satisfactory evidence) to be the person(s) whose name(s)
is~ subscribed to the within. instrument and acknowledged to !l1e that he/she/they executed the same in
his/her/their authorized capacity(ies), and that'.by hislher/their signature{s) on the instrument the person(s), or the
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entity upon behalf of which the person(s) acte~. executed the instrument.
(Seal)
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....... G, F SINAY ,.
'O~"! . COMM. # 1192636 :::.
CJ -0." .. NOTARY PUBLIC-CALIFORNIA Gl
~ "",', ,,- ~ S~N ~I~GO C9'JNTY ~
1 .. "0" \. CQf.ltl. d.? AUG. B, 2002 ,
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SubCLTACD CA (rev 00107/95)
,3,
Bank of America Community Development Bank
rci-111807
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EXHIBIT "A"
THE LAND REFERRED TO HEREIN IS SITUATED IN THE STATE OF CALIFORNIA, COUNTY OF SAN DIEGO AND
IS DESCRIBED AS FOLLOWS:
PARCEL A:
PARCEL 1 OF PARCEL MAP NO, 15255 IN THE CITY OF PO WAY, COUNTY OF SAN DIEGO, STATE OF
CALIFORNIA, ACCORDING TO MAP THEREOF AS FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN
DIEGO COUNTY, JUNE 6, 1988.
EXCEPTING OIL, GAS, HYDROc:;AR80NSUBSTANCES AND MINERALS OF EVERY KIND AND CHARACTER
LYING MORE THAN 500 FEET~ELOW THE SURFACE, TOGETHER 'WITH THE RIGHT TO DRILL INTO, THROUGH,
AND TO USE AND OCCUPY ALL PARTS OF THE SITE LYING ~ORE THAN 500 FEET BELOW THE SURFACE
THEREOF FOR ANY AND ALL PURPOSES ,INCIDENTAL TO THE EXPLORATION FOR,AND PRODUCTION OF OIL,
GAS, HYDROCARBON SUBSTANCES OR MINERAL FROM SAID SITE OR OTHER LANDS. BUT. WITHOUT,
HOWEVER, ANY RIGHT TO USE EITHER THE SURFACE OF THE SITE OR ANY PORTION THEREOF WiTHIN 500
FEET OF THE SURFACE FOR ANY PURPOSES OR PURPOSES WHATSOEVER, OR TO USE THE SITE IN SUCH A
MANNER AS TO CREATE A DISTURBANCE TO THE USE OR ENJOYMENT OF THE SITE.
PARCEL B:
AN EASEMENT FOR INGRESS AND E(JRESS, OVER, ALONG AND ACROSS THAT PORTION OF PARCEL 2 OF
SAID PARCEL MAP NO 15255, IN.'THE CiTY OF PO WAY, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA,
FILEO IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, JUNE 6, 1988, DELINEATED AS
"MUTUAL INGRESS AND EGRESS EASEMENT RESERVED HEREON".
SubCLTACD CA (re.... 001 07/95)
-4-
Bank of America Community Development Bank
fci-111807