Subordination Agreement 1988-133358
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RECORDING REQUESTED BY 88-133358
WESTlAND l!T!.;
RECORDING REQUESTED BY: ~ECORDED rN~
OFFICIAL RECORDS
OF SAN DIEGO COUNTY. CA.
THE CITY OF POWAY
1988MAR 24AM8:0D
WHEN RECORDED MAIL TO:
L_lERA L. L YLE~
THE CITY OF POWAY COUNTY RECORDER
P.O. BOX 7B'1 ',I
POWAY, CALIFORNIA 'I
92064 NO FEE
SUBORDINATION AGREEMENT
FOR VALUE RECEIVED, the undersigned, as N,signed Beneficiary under a Deed of
Trust dated August 3. 1987, recorded in the Office of the Connty Recorder of
San Diego Connty AUJ<Ust 11. 1987, F:l1e No. 87-452039, and as owner and
holder of the obligations thereby secured does hereby make subject and
subordinate the liens thereof to the &,sement granted by Gateway Medical
Building Joint Venture to THE CITY OF POWAY, it being nnderstood and agreed
that foreclosure of said Deed of Trust shall not affect, defeat or render
invalid any rights nnder and by virtue of said easement, and said easement
shall be paramonnt and superior to the rights of any purchaser nnder a
foreclosure of said Deed of Trust.
Said easement was recorded Concurrently Herewith, File No, e if - } 3-;; ~ ,S-7 ,
and affects the real property described in said Deed of Trust.
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... The nndersigned Beneficiary of said Deed of Trust 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 reliance upon and in consideration of this waiver,
relinquishment, and subordination 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 waive,
relinquishment, and subordination.
Dated: Febrl~ry 12. 1988 Assigned Beneficiary: Midwest Federal
Savin!!s and Loan Association of
Eastern Iowa. -~-----.:..-~-':'~.~:::::.'~~
R/W No. "'*-~~ t
, Exc. No.
Project: Stonegarden-Poway
~ Tract #84-03. Lot #1 BY: :;, ~~
SUB-GATEWAY. MLD
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Corporation Acknowledgment 615
~ STATE OF ,:, TOY':7\.. . I SS I
I COUNTY OF DES MOINES I
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'0 February 12 ,19 88, before me, the undersigned, a Notary Public in and for said County I
:::.., On
'" 0 and State, personally appeared r."lrl rnn W Hnlmps ,Tr. , personally known to me (or proved to me I
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" ~ on the basis of satisfactory evidence) to be the ,President, and
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() ._' P."l-t-c:y T 'Rpnnprr , known to me to be the Secretary of the corporation that
0' 1=; executed the within instrument, and known to me to be the persons who executed the within instrument on behalf of ,
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- " the corporation therein named, and acknowledged to me that such corporation executed the within instrument pur-
"" ~' suant to its By-Laws or a Resolution of its Board of Directors.
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"- Notary Seal
f:: WITNESS my hand and official seal. I
I J1.7~~~ 1i: DENISE L THOMPSON i
I ,9 ?::I./; ~~"?'.../ o . MY COMMISSION fXf'Ulf$ i
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, , . ('.- .J _ -
Denise L. 'I)?ompson
Notary Public in and for said County and State.
UL-119