Subordination Agreement 1988-299638
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1988 JUN 22 '
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1UCORDI~G R:i:QuEsn:oBY:
TP..E cITY OF, POWAY ,
WREN RECORDED MIL TO:
THE nIT OF POl,,'AY
P.O. BOX ,,"
?Oli.';'Y., CAJ..IFOR1HA
92064
NO FEE
THIS SPACE FOR 'RECORDERS USE
SUBORDINATION AGRE~..ENT
FORVJ..LUE RECEn'ED, the und'er,si'gned, as Beneficiary uncer a Deed of Trus t dated
1'9 December 1985 , recorCed' in the, Office of tbe C6untyRecorder of San Diego,
County 27 Oe<::ember 1985, , ,F.ile,!,o. 85-488-373 ,and as o'..mer and holder Df the
obligationstl':e::eby secured does hereby make subject "and subo::dinate the liens the::ecf
to the Easel1len: granted by CFPOWAY. I TO.. a Cal i.fbrnia limited partnershiD
to T"E CITY OF PO;;A':(" it; "beif)g: understood and agreed that foreclosc::e or said Deed 'of
,'I'ru~t shall n'ot affec;..t" ,(fe'fe'~'t. '9.r render inval.:.,d any ,:;r_ights unser an~' by vi'rt~e of
,:saTd eas"e!!lent, a....,d sa-id ,easement. sha'll be pa"ramou'nc and $upericr to the fights of
any pu=chaser uncer a foredoscre of said Deed of Trcs~8~29.91;~S""
Said ease:nent .as recorded {Q-ZZ-Sf{ File No.~a:'2.'9&.~" , and affects'
the real property described in ,s'aid Deed of Trust:.
The t:ndersig::ed' 3e::eficic._ry of' ;'sa-id"Deed of Trust cecI'ar-es and, ackno-.;lecges that it
h.e:;:-,eby intentior.ally \..'a.i~e'i{" reli:Dq!-1i'~he_s, and 'subor.d-~a"t'es -the priorities and
superiorities of the lien ,an'dcharge of said Deed of Trust upon the land described
there'in i:1 favor of said easement, and that: it. onderstands that: in ,relia"Dc.e' .upon B_nd
;in~ consiceration of this \:aiver, re'J.:inquishment'; .and subo~dina~ionspeci;,i'c_"o.one_ta::y
and otller obligations wi1'1 be entered iD~,o by .Third Pan,i'es which would,not~ be r:l"e:e'
or ente::ed 'int-.o Dut for s.a.id :r;eli;ance and, the eX,ecut:!.on by Benefic.ia::ry o'f ',thi!if ....:ai;.:er,
rel-i'nq~is.hrr:en_t', a.nd subo.rd'inat,ion"~
Dated:
RN No.
Exc. No.
Project:
BENEFlClAi\Y: CANADIAN COMMERCIAL BANK
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By:
~ p<P2;:;;i;~ ~
By:
NO.!E: ALL SlG:\ATURES MUST BE, ACKNOWLEDGED
" NOTARIES: Us.e proper 'form at'tached
or staple appropriate
form ttlereto.
Dr9inage & Sewer Easemeil'ts Along CDmmunity'Road Offsi.te in ,~nit 2
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1552
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SUBORDINATION AGREEMENT
C. F. Poway, LTD
June 2, 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: ~4..-'
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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:
~'--
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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
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PW Liquidators, Inc,
By:
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R, G, Heasman
Its: President
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1553
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STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 2nd day of June. 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 4>r Fl'Sved 'n mp nr> t.he-baB4B-g.~-t4&E-aew~denc.€"l 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.
&Lf4 Ie 0-0 -;).u)..;-v
Notary's Sign~~
OFFiCIAL SEAL
BELINDA KAY FRAY
rWThRy PU8UC - ,~ALiFoRr~IA
ORANGE COUNTY
My comm. e~pires TIDV 12, 1991
.:;:. '-~'-
STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 2nd day of June, 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 (81. Pluvc.d te me en LIte Let;;:.';'\:>. vI ;::.aL.i::.fdCLul:1 cri-tieaee-) 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.
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Notary's Signatur ~
OFFICIAL SEAL
BELINDA KAY FRAY
NOTARY PU5L1C ~ CI\.liF01~NIA
ORANGE COUNTY
My comm. 'expires NOV 12, 1991
STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 2nd day of June, 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 ~.I.vlu...e.el tG me GAl LIlt:: ba.~';'b vI .=:.atiGf;:l,,-.t:nrv ev;n-e-aee-}-t-o be
the President of PWLiquidators. 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 PW Liquid'ators, Inc. thereto as
principal and PW Liquidators, Inc. as agent and attorney in fact.
6A1l /&.-'2", /
Notary's Signatur~--
OFFICfAL SEAL
BELINDA KAY FRAY
rWl,[IRY PU8!...1C - CAl1FOi"(i\lIA
OI1ANGE COUNTY
My camm. expires NQV 12, 1991
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1554
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STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 2nd day of June, 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 ..(01 p-lz,-/qn ton mp nn the. B a.-=o ii::), vI :Jatili:factory cvi~An('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 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.
,&J~~
Notary's Signature ~
OFFICIAL SEAL
BELINDA KAY FRAY
r'JOTARY -puaLlc - Ci-\L1H):~NIA
ORM1GE COUNTY'
My com"[Il. expires', NOV 12, 1991
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