Subordination Agreement 1989-001220
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THZ CITY OF POI-IAY .
1989 JAN -3 PM I: 00
j eYcru L. UU: I
~OUN1'; RECGRO'ER
<6~ -00 I 22..0
RECORDING REQU::STED BY:
WREN RECORDED MAIL TO:
THE ,CI-TY OF POI-IAY
P.O. BOX
POli.,,-Y, CALIFORNIA
92064
NO fE!
THIS SPACE FOR RECORDERS USE
SUBORDINATION AGRE~LNT
~FOR V;~UE RECEIVED, the und'ersi-gned, as Beneficiary under a Deed of Trust dated
1'9 December 1985 , recorded in th~ Offic'e of the County Recorder of San Diego
County 27 December 1985 , File No. 85-488373 . ,and as owner and holder of the
obligations thereby secured, does -hereby make subject"and subordinate the liens thereof
to the Ea~el1lent' granted],y CF POW,I\Y. 'lTD.. aCal ifornia1 imited oartnershio ,.
to TE:: CITY OF PO~AY, it being' un'd'erstood and agreed that foreclos"re of said Deed of
7rust shall not. affect, defeat or render invalid any,'iights under and by virtue of
said easement, and said easement shall be paramount and superior to the rights' of
any purchaser under a forec1cosure,of said Deed of Tr"sL .
Said easement was recorded . i -3:'2f1 . File No. ffi-WI'Z.I'0 ,and affects -
the real property described in said Deed of Trust.
.
The undersigned Beneficiary of said Deed of Trust declares and acknowledges that it
hereby intentionally ~aives, relinquishes, and subordinates the priorities and
superiorities of the lien and clcarge of said D.eed of :Trust upon the land described
therein in favor 'of said easement, and that it onder-stan'ds that in reliance 'upon and
i~ consideration of this ~aivet, relinquishment, and subordination specific monetary
and other obligations will be entered into by Third Parties which would not be made
or entere'd into but for said reliance and the execution by Beneficiary of this waiver,
relinquishment, and' subordination.
Dated:
BENEFICLARY: CANADIAN COMMERCIAL BANK
R/l< No.
Exc. No.
Project.:
By:
~ ~~../ t:?4Pt ~
By:
NOTE: ALL SIGNATURES MUST BE AGkNOh~EDGED
NOTARItS: Use proper form. attached
or staple appropriate'
form thereto.
5532-50'
DRAINAGE ANDAGCESS EASEMENTs ON
LOTS 50 & 51 P.B.P. PHASE I
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C 2366
SUBORDINATION AGREEMENT
C. F. Poway, Ltd..
November '8, 1.988
CANADIAN COMMERCIAL BANK
By PW Liquidators, Inc., as agent and
attorney in fact for Canadian Commercial
Bank and for Price Waterhouse Limited,
as liquidator of the estate and effects
of Canadian Commercial Bank
By:
.k35 /k;.~-
............
R. G. Heasman
Its: President
The undersigned hereby consent to and approve the terms of this document.
Price Waterhouse Limited, as liquidator
of the estate and effects of Canadian
Commercial Bank
By PW Liquidators, Inc., as agent and
attorney in fact
By:
/?~",/.....<:"...-.-.
#~.'''9
R. G. Heasman
President
~----
Its:
Bank of Canada
By PW Liquidators,
attorney in fact
Inc. ,
as agent and
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By:
Its: President
---
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PW Liquidators, Inc.
By:
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------.
R, G.. Heasman
Its: President
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C2367
STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 8th day of November, in the year 1988, before me, Belinda Kay Fray the
undersigned Notary Public, in and for said State, personally appeared R. G. Heasman,
personally known to me to}: I'rs,,<ld-t.a-me-on-tlte-basi:s-of-sa,tisLaG-tor-y-ev-idE!flee-t- to be
the President of PW Liquidators, Inc., a corporation, the corporation subscribed to
the within instrument as the agent and attorney in fact of Canadian Commercial Bank
and acknowledged to me that he subscribes the name of PW Liquidators, Inc. thereto as
principal and PW Liquidators, Inc. as agent and attorney in fact.
N~at~~~
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OFFICIAL SEAL
r,EUNf'A r f.,Y FRAY
r!(n/~r.;Y r.'~,'0;_iC - C,,\U,:OR,\JIA
ORANGE COUNTY
M1 comm. expires fiQV 12, 1991
STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 8th day of November, in the year 1988, before me, Belinda Kay Fray the
undersigned Notary Public, in and for said State, personally appeared R. G. Heasman,
personally known to me to me h1>-bas:i:s of saLh;facto-~dence-r to be
the President of PW Liquidators, Inc., a corporation, the corporation subscribed to
the within instrument as the agent and attorney in fact of Price Waterhouse Limited
and acknowledged to me that he subscribes the name of PW Liquidators, Inc. thereto as
principal and PW Liquidators, Inc. as agent and attorney in fact.
vfJyj;Jl tp7e~1
Notary's Signatu e
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OF"IClAL SFf..L
flEllNDA rAY FP.A Y (
r'JOiARY ;~~~I~ ~o'~~~C;':"'J\i:' ~
My comm, ex~~ 12~ 1991 J~
STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 8th day of November, in the year 1988, before me, Belinda Kay Fray the
undersigned Notary Public, in and for said State, personally appeared R. G.. Heasman,
personally known to me (u, "raved ta H'C on-t;he-bd,,1!;-ot-sa,t;isfac.tD.I:Y~denc-e-) to be
the President of PW Liquidators. Inc., a corporation, the corporation subscribed to
the within instrument as the agent and attorney in fact of Bank of Canada and
acknowledged to me that he subscribes the name of PW Liquidators, Inc. thereto as
principal and PW Liquidators, Inc. as agent and attorney in fact.
~o OA ~_ 0/ 1ffi? 1~
' otary's Signature
OF~~,.(:I1\L SE.t..L
P,EL!;-"'!f)t; Y.AY FRAY
IJo'rt/-.;'( r":.~,):.:C - CALIFORNIA
ORANGE COUNiY
My comm. expires N'QY 12, 1991
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2368
('
STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 8th day of November, in the year I 988, before me. Belinda Kay Fray the
undersigned Notary Public, in and for said State, personally appeared R. G. Heasman,
personally known to me (~-&n-tne-bas~s-~f-sa.tisfactory~~denGe+ to be
the President of PW Liquidators. Inc., a corporation, the corporation subscribed to
the within instrument as the agent and attorney in fact of PW Liquidators, Inc. and
acknowledged to me that he subscribes the name of PW Liquidators, Inc. thereto as
principal and PW Liquidators, Inc. as agent and attorney in fact.
~~~
Notary's Signatur 'AI>(
OFFICIAL SEAL
P,f:' :t.lf")/\ V" A Y 'P' Y
r,!',y;;~.r~'.' i:~;,:,:."::..: '- ..~..~.~~:;~~;"j1.<'\
ORANGE COUNTY
My comm. expires NQY 12, 1991