Subordination Agreement 1989-676932
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RECOF~ING REQUESTED ill'.:
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:89iOECH4 '~I'l:,aflt 5
TIlE CITY OF 'FO"AY
i V(f';A L,LYLE;.. I
L,~mJNTY HECOP.Df!-j
WHEN RECO?D,ED ~!AIL TO:
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TH:: CITY :OF FOlIAY
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P.O. BOX '18~
FO:'JA:Y, CALIFO?JHA
9,2064
NO FEE
THIS SPACE FOR RECORD::RS USE
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SUB OP...D I~ATI 0 ~:-'A.G:REE.iE~;-T
FOR VALUE RECEIVED', the undersigned, ~s Beneficiary unaer a Deed of 'Trust, dated
Februilfy,9', 1989 , recorded in the Office of the County Recorder of San Diego
:Couh ty F"hrlla ry 13. ] 989 , FUe No. 89-075057 , and as owner and holder of the
obligations thereby secured 'does! hereby make subject .and subor,dinate the, liens .thereof
to the Ease!!le..nt gra.nted llY GATEWAY-POWAY ASSOCIArES', ACALJFORNIAGENERA~ I'ARTNERSHl'P'
(For S']ope Easement)
to THE CIT-\' OF poiL.\Y, it,be'ing, understood and agreed' that foreclosure. of'said' Deed of
Trust 'S:h~ll not' affect" :defeato:r: ~elid:er in'\.'alid any ri:ghts L:.nc.er 'a"nc, by ~irt;~e. of
sa~c! :eas.ement, and ,said 'eas_~m,ept shall be parar:lOuni: and-, superior to .cD.e rignts of
any ~uichaser under a foreclosure of said Deed of tru~~.
Said easement was recorded j,tl-1-f9 , HIe No. ?{Cf- &/fl0l5f 9 , and affects
the real property desc.ribed- :1-n said Deed of Trust.
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The" undersigned Beneficiary of said Deed' of Trust declares ,and ack...~o.....ledges thai: it
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hei'eby inten ticnal.iy waiy€_s" relinquishes, and subot~inates' the prioritj~es and
superiorities of the lienaud charge of said Deed of Trust upon the land described
t,herein i}1 f.J.vor of said easement, and tha t it und'e'rstands that 'in re1iaf.lce upon and,
in !=oqsi~eriJ.t.i.on of this waiver, re~inquish.-::ent" and 'subordi;l?-tion specific monetary
a~gg_;~o.t;hei 'obTi~-5tIons -:'will 1?e ~_I?--t:~~ed Into -:;y T~ird Farr."fes, ..:~'i}\c~h \"'~buld, :r:o-t be' ,mad?
or e{fl.peI;_ed- ,ihto but for said; ;:eli'aXlc_g and the 'execution by'3eneficia-ry of this wai.Yer,
rc:d~'nqlii_~h;;:ent, 'and!. subord~:lat;ioI)'~
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Dated:
3:::;;:FICL\,:::,: GREAT At1ERTGAN FIRST. SAVINGS
BANK, A CALIFORNIA CORPORATION
OF SA DI EGO
'R/.~l .t;o.
Exc. ~~o.
Proj,ect:
1:012: ALL SIG:;"~-TURES :.~UST EE AC::':;O:..'LEDGED
::OV.::1IES: Use ,proper ,[om .1tt::!ched
or st::!pIe appropri::!te
forI:] thereto.
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STATE OF CALIFORNIA S
COUNTY OF an
On July 31, 1989
Diego
said State, personally appeared
Tjmothy C.
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. before me, the undersigned, a Notary Public in and for
Mct::ullough and
Kennaili--.M..._Shook ,personally known to me (or proved to me on the
basis of satisfactory evidence) to be the persons who executed the within instrument as_As-.Sistant_
Vice President and Vice Pres. Secretary, on behalf of_Great_American
_F:ir~.:LS.ayin~ank
the corporation therein named, and acknowledged to me that
such corporation executed the within instrument pursuant to its
by-laws or a resolution of its board of directors.
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.. top.\. 0.. ~ OFFICIAL SEAL t
. .~. "., RANDI L WOODRO, W :
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t g.o C. -. ;;; NOlary Publtc Catlfmnl<:l t
+ ~ .~ . II ~ PnnClpal Olflce In .
.- San Diego County .
i ('~~,~~"," My Comm Exp. Mar 1 1991 :
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(ThiS area for official notarial seal)