Subordination Agreement 1988-587256
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RECORDiNG 'REQUES'rEbB.Y:
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THE CITY 'OF PO\<AY ,
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WREN RECORDED MAtt TO:
.THE CITY OF PO'r,'AY
P.O. BOX.',
POIiAY, CALIFOR.."HA
92064
NO ,FEE
'THIS SPACE FOR RECORDERS ',USE
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SUBORDINATION AGREEMENT
FOR VALUE RECEIVED,the und'ersig'ned, as Beneficiary ",nder' a Deed ,of Trust dated
19 December 1985 , record"ed' in 'the,Office of ,the County ',Recorder of San Diego
County 27 December 1985 . ,File No. 85-488373 , and, as o",\,er and holder 'of the
obligations thereby secured dO,es he:re:by makesubjectcand suoor,dinate the liens thereof,.
to the Easement granted by 'cfPOWAY . LTD.. a Cal iforh':ia Hmited partnersh'!o
to TiE CITY OF PO\,AY, ,it being understood and agreed that..;toreclosure of said Deed of
Trust, sha:U not affect" defea'tor render invalid 'any iightsunder and by virtue' of
s,aid. easement" a..."i.d ;said, ea'se~e:'lt ~lJall be paramount and, :su"perior to the rights ,of
any purchase'r' under a foreclosur.e: of said Deed, of Trust.
s~id easement. ~as
the real property
recorded //-/'5"-<1;' , File No. J8-5"[{?255'
described in s_aid Deed of Trust..
. and ,affec.ts
The undersigned Benefi:dar~ ,of said ,Deed of Trust declar'es and, acknowledges that it
hereby :Lntencionally wa'ives, rel:inq"ishes, and subordinates the 'priorities and
superiorities of the lien, 'anei charge of said Deed of Trust upon the land described
therein in favor of sa:fd easement, ,and. that itonderstands that in reliance upon and
. in.consideration o~ this ~aiver,,~ 'relinquishment, and .subordination specific: .mone,t.ar.y
and other' ",b'l{gation~ wHl'oe entered into by Third Parties which wO,uld not:. be ,made
0.1;' 'ehtet-ed., -:into but.. fo_r said 1::~t.:~ance and the' 'execution by Beneficiary of 'this '",aiver,
reTinqu'ishment) and subordinatipn.
Dated:
Rill No.
Exc. No.
P~oj ec t':
BENEFIC'TARY: CANADIAN ,tOMMERGlAL BANK
By:
~ ~H-=~~-
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By:
NOTE:: Al:.L SIG~ATURES MU,ST 'BE ACKNO\.lLEDGED
NOTARI'ES:, Use proper fo'r1ll attached
or st~ple appropriate
form thereto.
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SUBORDINATION AGREEMENT
C. F.Poway, LTD
APN #317-222-14
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: r-6"g:, A-~-
R. G. Heasman
Its: President
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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: /C?....6k~
R. G. Heasman
Its: President
Bank of Canada
By PW Liquidators, Inc., as agent and
attorney in fact
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By:
Its: President
PW Liquidators, Inc.
By:
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R. G, Heasman
Its: President
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STATE OF CALiFORNIA)
) ss.
gOUNTY'OF ORANGE )
On this I Uh 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,
p~rsonaily known to me (or pr8~td to me-on_thp h'~i~~s~~~faee~r-y-ev~denee7 to be
"the President of PW Liquidators, Inc., a corporation, thecorponitio'n subscribed to
the within instrument as the ,agent and attorney in fact of Canadian Conunercial 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.
.~tw; ftoJ
Notary's Slgnature
STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
OFFICI,.\L SEAL
BEl:lNDA KAY FRAY
f~OTl\RY PUGUC -, CALIFORNIA
ORANGE COUNTY
My com'in: ex~ires NOY 12, 1991
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 appearedR, G. Heasman,
personally known to me ~u, p,u,e" to me Qfl-t-Ire-basj:s-or-s'1ITlsfactory-ev-iden"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 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.
~~
Notary's Signatu e ~
STATE OF CALIFORNIA)
) ss,
COUNTY OF ORANGE )
On this 11 th 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 fv, pLUV~-ro-me-on the bas4s-er-s~tjs~acto~y-evidenc~~ to be
the President ,of PW Liquidators ,rnc., 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 PW Liquidators, rnc. thereto as
principal and PW Liquidators, Inc. as agent and attorney in fact.
AeJ;Jl ~~ /
Notary's Sig tu~
~
OFFiCIAL SEAL
[',0 ':',!O/\ KAY FRAY
r!.:..-',/,~.:,; i:-',::::":IC - C,':I,LlFOI<:N1A
ORAiJGE COUNTt
My comm. expires NOV'.12. 1991
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STATE OF CALIFQRNIA)
) ss.
COUNTY OF ORANGE )
On this 11 th 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. orn'm::.n tQ mp n'Yl 'tre h;:lo::,;c. nf c:::.;:at;~fActory puinpnr-p.) to be
the President of PW Liquidators, Inc,., a corporatio'n, 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.
~ot0--~
Notary's Signa re
OFF1'~]AL'SEAL
o,Elltmf\ KAY FRAY
~.-if,rN ~L:uUC - .~i\Lli OI~NIA
ORAllGE COUNTY
My comm. ex'p}res NOV 12, 1991