Subordination Agreement 1988-587252
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REC~rv .... --.
'OCT 1 ~ 1 '~R2CGR[.u} !~i I
, . .: . '1' ~ 988...0f'F{Si!.,;_ l';;~CQRrS I
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.VTN S9UTHWESTso "r'" '1:; "H.'~. "C;
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RECORDING REQUESTED BY.:,
"HE CITY OFPO'"';'Y.
f \l:::'R,A" L. LYLE I
LYDUN'i'Y - RE~:ORa~
WHEN RECORDED 'MAIL. To:
THE. CITY OFPOI,'AY
P'.O, BOX"
POK-'.Y, CALIFO,,-,"iIA
9.2064
~FEE
,.THIS SPACE FOR .RECORDERS USE
SUBORDINATION ,AGREEMENT
FOR VALUE RECEIVED', the und'ersigned" as Beneficia'ry under .i Deed of Trust dated
,1"9 De'cember -1985 . recorded in. the Office of the'Coun ty Recorder of San Diego
. County 27 December'1985 . :ifle: No,. 85c488373, i and aso;.mer and holder of the
obligations therebysecur'ed :doe.she:reby make 'subj",ct .ang s'fbordinate the liens thereof
to ihe Easement granted by GF PO>JAY. L TO.. a Gal ifornia limited oartnershio
to ,THE CITY OF PQ'.-iAY.'it being"und'erstood andagreed,tnat 'foreclosure .of said Deed of
:I:rust s~a+'l not. "2.f'fec-q.,.: 9~~~-~_at~ 9r re?de.r invalid" an~' ,r~,ghts under and l;>y virt.ue of
said eas'ement, ajJ.~d, 'said ea's,e"rne'r;t; shal-'l be p~ram9~I.l_t.: .'a~'d' sup"~r,ior to the ri-ghts of
any' 'purchaser under ,a f'ore.clos\ite 'of said Deed of Trus't.
Said easement .was,J:'ecorded
the' real property. 'descrihed
/1~/~"tfi
'in said' 'Deed
. File
,of Trust.
No.l:t~.5'f7~ ~D
, and affects'
The undersigned3enefic'iar,y'of' said ,Deed of Trust dec'lares .and acknowledges that it
h~reby intentioI).2:ily wa;y~s'; J;~_i;iD.quishes:, and :~u.!'-l?r~:in~te'~ t~.e p:riorities a'nq
superiorities of 'tJie. lien and charge of said Deed of ,Tr.ust upon the land described,
,therein in 'favor of"said easement,- ,and tha't it ,unders'tands '~hat in. reliance upon and
in. consideration 'of' 't:his 'to;'aiver-, ,rel-inquishment, and ;subor-dination< specific. monetary
and .other obl;i,gations ,w{libe entered into by Third Parti'es which would not be made
or entered into. 'b~.t, :fo,,' saidr,eJ:ial1ce ;nd' the, execu~iol1 'by Beneficiary of this waiver"
r:e'iinquish!ri'~fi'-r! 'a:.ncl _subo_rdi-n:at-iof1o:
BENEFICIARY,: GANADIANGOMMERGIAL BANK
Dated:
RIM No,
Ex,,: :No.
hoj ed:
By:
~/~~$#'.
'By:
NOTE: ALL. SIC':lATUR"ESHlfsTBE ,ACKNOI-ILEDGED
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NOTARIES:' Use'iprolfer .fotlll attached
or s'tapl'e appropriate
form thereto.
Along Pom!,r~do Road ju'st,ilorth aT
'So. Poway P~wy.
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o 1697
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SUBORDINATION AGREEMENT
C. F. Poway', LTD
October 13, 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:
rJ. -d-.e:~
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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:
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R, G, Heasman
Its: President
Bank of Canada
By PW Liquidators, Inc., as agent and
attorney in fact
& L__?---
By:
Its: President
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PW Liquidators, Inc,
By:
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R.' G. Heasman
Its: President
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o 1698
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STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 13th 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,
personal1y 1mown to me (,,~ I'l"Ovcd. tg me en t-m--basrs-o-f-sa,t-'i"S,f-aet:tTFy-ev-idence-)- to be
the President of PW Liquidators, Inc., a corporation, the corporation subscribed to
the within instrument as theagerit 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.
5LQ~~
Notary's Sign tur
OFFIC~~,
BELINDA KAY ERA Y
r~OI.L\i\Y PUlJl!C - 'cA,Lir:oRi\lI,c\
ORANGE COUNTY
My comm. expires NOV 12, 1991
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STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 1'3th day of October, in the year 1988, 'l1efore me, Belinda Kay Fray the
undersigned Notary Public, in and for said State, personally appeared R. G. ,Heasman,
personally known to me tulproveEl to-lIl~as:i.-s-of-6at-j:sfaet'ory-evidenc'€) 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.
f!uLQ. tJ; ~+
Notary's Signdture
OFF!(-:TAL SE/~,
Btll~'J~.'\ ',1'/\',' ~P.A Y
fJOTAr"y k'~:..'; - :':,".L,-"O;.U\;IA
ORANGE COUNTY ..... '
My comm. expires 'NO(F.. 19911
STATE OF CALIFORNIA)
) ss.
COUNTY OF O~~NGE )
On this 13th 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 ~ on Lhe'lfmr1-s<rf-sat-i"Sfact'ory~evidenc") 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 t'o me that he subscribes the name of PW Liquidators, Inc. thereto as
principal arid PW Liquidators, Inc. as agent and attorney in fact.
6JJ2~ /3ty.
Notary:! s Sig ture
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OFfICIAL SEAL
SElIND.A KAY FRAY
foJOT/.l,RY PUDUC -'C/\UFORNlt\
ORANGE COUNTY
My camm: expjr~s NaV 12, 1991
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o 1699
STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
i:-.
On this 13th 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.ersonally known to me (ar proved lu lhe-on-t;bp basis of "~tisLa&Hl-ry~denee-r to be
the President of PW Liquidators, Inc" a corporation, the corporation subscribed to
the within instrument as the. agent and attorney iil fact of PW Liquidators, Inc. and
acknowledged to me that he subscribes the name of. PW Liquidators, Inc. thereto as
pr:tncipal and PW Liquidators, Inc. as agent and attorney in fact.
NJ;J2 l ,y-
N'otary's Si~ture
OFFICIAL SEAL
DElINDA KA.Y FRA. Y
r,Jo~m.QY p. UG.L!C - Ct'-'UrORNIJJ""
(JfU'J~GE COUNTY
My comm... e~pjres rwv 12, 1991