Subordination Agreement 1988-587262
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REGORl')'H~G:! ;~QU;::S-~:::DE::
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WREN' R~CORD~D Y~IL TO:
TEE CITY OF PO'I.'l'..e..y'
P.O. 30X
POii.;Y, C.A~EO?~,IA NO FEE
92064 'fliTS SP.t.CEFOR RECO?-D"'"?S USE'
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SUBO?~I~ATION AGPX~~T
FO?~ VALV::: ?.ECEIVED, t;~e u:u:1e-r,s.ig"r:'ed'" 25 3e:;e:iLi~ry u:1c~r- a 'DeeP. of Tn;st aa:ea
1"9 December 1985 ) recore'ed' in' the Office of t;he ~'C6unty Recc::der of Sc.::: 'D':.:ego
County 27 December 1985 ,pileNo. 85-488-373 , and as o'w-:;e:c and :,~ke:c oft::,e
oD1ig~t-i'ons' rhe:eby 5eci..lI.'ed, '9P~?~. b.e;..reb-y ;:jake su;,je'c-r .'ap::~; s\2)C?rd~rjc.;:e ,t.h~ .1:'2.::.5 t-ne::ecf
to the Easement granted by 0F,POWM. LTO..a California 'li'mited partnershiD
~o Ti1_::: CI-TY 0:; ?O'\'I~.';'Y~', i't beirrg..' uticl'er-stood and agreed .t..hz~ -f'D7eclos'i.:re of sa.id' 'Dee'a or
Tr,l..1s_t shall no'!: aff-ect, d-e'fea',t o.r ,;^€,nder invalid any- rig:jts; 'u:'lGer and by \.'ir::ue of,
said easeme;lt, c.nd sai'c eas.ejte~'t. :5n211 be pc. r2.!Dount. '2.~'d sup_erior to tne 'ri'gr~:~ .o.i
any pur,chc.ser U:lcer a forec}osure of said Deed or Trest".
Sald easement ~as recorded
the real property cescrfbed
, rile No.
in said Deed of Trust.
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I ~Dd affe-c,ts
The .undersigned 3e:1ef'ici:2ry ,of said Dee'd of Tr.ust 4~c:la::';es anq 'ack.:lo....~ledges t:1at it
hereby intentionally- ......aIves, relinq,uxshes, and subo~d-iD"a tes c,_h_e pri'qr-iti.,es ?_:::!d'
super;ioriti,~_s 0: 'the J._i_en ,and C~2.:r:g~ ?-f said Deed 'or' 'Trust upon 'the land: descri.bed
therein in fav.oT' of saId 'e-asemer-;t,. an4, that it Qnde"rst~r-,:d-? that in r~li?nce upon and
ip.. consideration or this...:aive=:, ,rel'inquisrunen.t, and 5:ubpr4,iriati.on, sp'ec;..~f~~:c ":;J,onetar--y'
and oLher obligations .....111 he. e.n.tered into by Third' 'P~i~t'i-es' -,-,hicn ~ibu1:d' "not be r::..ade
or ene,ered into 'but for sai'd reliance and 't.he execution ,by :Beneficiary of t~i's \..-;ai~;.e.r,
reli~qui5hfuent, a~d subordi~at~on_
Dated:
BENHKIARY: CANADIAN COMMERCIAL 8ANK.
R/H No.
Exc . No,
p'ro}ect:
,By,:
.~_~To~~
By:
NOTE:, .ALl;. 'SIG~ATURE:S HU~SI :BE!;C8IO\.ll.EDGED
"NOTJiRTES: Us'e proper fonn attached
or ~t~ple ap?ropria~e
for::>, ,thereto.
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SUBORDINATION AGREEMENT
C. F. Poway, LTD
APN #317-223-01
October 11, 1988
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:
~~ ..c--
R. G. Heasman
President
-
---.....,
Its:
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:
~&:; ~
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R. G. Heasman
Its: President
Bank of Canada
By PW Liquidators, Inc., as agent and
attorney in fact
By:
Its:
~.L:.-'J--
President
=--
----
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PW Liquidators, Inc.
By:
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R. G. Heasman
Its: President
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STATE OF CALIFORNiA)
) ss.
COUNTY OF ORANGE )
On this 11th day of October. in the year 1988, before me. Belinda Kay Fray the
undersigned Notary Pubbc. in and for said State, personally appeared R. G. Heasman.
personall y knol>ln to me (~-1;O-llle.:.-ml-t-he-bas.is-of-sa,t.isfac.tor.y_e.vidence;)- to be
the President of PW Liquidators, Inc., a corporation, the corporation subscribed to
the I>Iithin instrument as the agent and attorney in fact of Canadian ConunerciaI ,Bank
and acknol>lledged tome that he subscribes the name of PW Liquidators, Inc. thereto as
principal and PW Liquidators, Inc. as agent and attorney in fact.
~Y!M?-NJ~
Notary's Sigila>!:ure
OFFiC1AL SloAL
C,E! rr,mA,KA'I FRAY
c:~:;:.;;:t.' [:UfiL1C- ,:,;:.:,:;J,:;,'JIA
ORANGE COUNTY
My corom. expires NOV 12, 1991
STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this II th day of October, in the year 1988, before me, Belinda Kay Fray the
undersigned Notary Public, in ana for said State, personally appeared R. G. Heasman,
personally knol>ln to me ~-pwvetl-rn"'e-on-t-he-b-a-s'is"'ot-sa't'isracto'"y-ev.idence')' to be
the President of PW Liquidators, Inc., a corporation, the corporation subscribed to
the I>Iithin instrument as the agent and attorney in fact of Price Waterhouse Limited
and acknol>lledged 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~t~~7
STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
,On this llth day of October. 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+o-r-prmred-to-me-on-t-he-bas'i:s-,of-sat-ist:aG-~frr-y-~,,"idenGe.)- to be
the ,President. of PW Liquidators, Inc., -a 'corporation; the corporation subscribed' to
the wi thin instrument as the agent and attorney in 'fact of Bank of Canada and
acknowledged to me that he subscribes the name of PWLiquidators, Inc. thereto as
principal and PW Liquidators, Inc. as agent and attorney in fact.
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Notary's Signiture
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OFFIC1AL SEAL
CELle,!OA KAY FRAY
rWTt\r<y rl..'8l.iC .. '::~.LL::.)Ki\JIA
ORANGE C-DUNTY
My camm. expires rwv 12, 1991
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1738
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STAT~ OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 11th day of October, 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. pd.veG ta "'~ on-the-basis--oLsa.t-isfaG-tol"y-evi:delTC-el 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.
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Notary's Sign~e
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OFFiC1AL SEAL
f,E'INOA KAY FRAY
r.JOTM~Y PU5L1C . C,\Lii:"V!<.i\ilA
ORANGE COUNlY
My comm. expires HOV 12, 1991