Subordination Agreement 1988-296330
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RECORDING REQU~SrED ,BY:
1938 JU~l 2 ! A14 10: 00
THE CITY OF POriAY .
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WREN RECORDED KArL TO:
THE CITY OF POwAY
1'.0. BOX,.
POliAY. CALIFOR.'iIA
92064
NO FEE
THIS SPACE FOR RECORD~RS US~
SUBORDINATION AGRE~~NT
~OR VALUE RECEl\'~" the und'ersiogned, as Beneficiary under a Deed of Trust, dated
1'9 December 1985 . recorded in the Office, of the Couc.ty Recorder of San Diego
County 27 December 1985 . FLl"e No. 85-488-373 , ane. as o'../ner and holder of the
obligations thereby secured, does ,hereby make subject 'and subor.dinate the liens thereof
to the ~asement gr..nted by CF POWAY. LTD..a Ca1Horiii'a limited oartnershio
to T;;;; CITY OF P'o;.1;..Y, it being' understood and oggreed tha,t forec!os"re of said Deed of
Trust s.hall not affec.~, def.eat: o.r ,rend,er invalid any rignts under and by virt~e of
said easement, a.."1d sai'd easement sh'al1 be paramount ;'and 5u?erior to the :-ights of
any pc=chaser under a 'for,eclosure of sa~d Deed of Trust.
Said easemel':t "'as record,e~ ~-Z/-[{g . File No.-Jg'- 2..Q{"32-CJ. and
the real property described in said Deed of Trust.
affects -
The unce::-s:.gned' 3e:1eficiary o.f -?a_id Deed of Tr_yst d.ecia::-es and ackno~lecges that it:
h1er.eby intencioDal1y "",aiv-es",relitlquishes, and' subord:..nates ,the priorities and
superiorities of the lien and charge of said Deed of cTr"st upon the land described
therein in favor of said easement-, and that: it Qnderst~andst1!at: in reliance upon and
in. consiceratio:l. 0; this \""aiver." _~elinquis1U!len_t'J an.d; -s:.ubprdination .s'pecific. monetary
and other obligations ...ill be entered into by Third Parties "hich "ould not be cade
or entered into but for s~id reliance and the execution by Beneficiary of this ~aiver,
relinquishrr:en t, and subord'ination,.
Dated:
BENEFIC.lARY: CANADIAN COMMERCIAL BANK
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Exc . No.
Proj ec t:
By: ~~.-/ %~
By:
NOTE: ALL SIG~ATURES MUST, BE ACK.'10\..'LEDGED
" NOTA..~l?ES;:'(jse proper fema attached
or staple appropriate
for:o thereto.
Drai nage and Water Easement in Lot 48
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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:
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R. G. lieasman
President
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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:
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R. G. Heasman
Its: President
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Bank of Canada
By PW Liquidators, Inc., as agent and
attorney in fact
By:
Its: 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 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' IHvvt::d Lu Jilt: ~Jl th<J b~Eiv vI 3dtisfact81y t::V.Lt:tenee) 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.
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Notary's Signatu e /
OFF[C~
BELINDA KAY FRAY
fJOTARY P:.JOLlC - Ci'~,L1FORNIA
ORANGE COUNTY
My comm. expires NOV 12, 1991
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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 tSF t'Lv.T@g te me. Bu lllt:: bd,::,":'3 fl4:- Gati3ftlct.or~' Quid-cnee') to be
the President of PW Liquidators, Inc., a corporation, the corporation subscribed to
the within instrument as the ageht 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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Nbtary' s Signatu~~
OFFICIAL SEAL
BELINDA KAY FRAY
r'JOTAR'{ rU2L1C - C/I.t.iFORI'JIA
ORANGE COUNTY
My comm. expires t;oV 12, 1991
STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 2nd day of June, in the yeAx 1988, before me, Belinda Kay Fray the
undersigned Notary Public, ,in and for said State, personally appeared R. G. Heasman.
p_ersonally kl10wn 'to me (--01.: "ravea to me on tile Dools uf vdL";',;:,Io\....L!-,lY <:.v,..i..Jeuce-T to be
the President of PW Liquidators, Inc., a corporation, the corporation subscdbed 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, Inc. thereto as
principal and PW Liquidators, Inc. as agent and attorney in fact.
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Notary's Signature I .
OFFICIAL SEAL
BELINDA KAY FRAY
rWTARY PUBLIC - CALIFORNIA
ORANGE COUNTY
My camln. expires NOV 12, 1991
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. \I 1176
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STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 2nd day of June, 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 (er Fr~~eJ te me eH ~hp h~~;c gf Batiof~~Lury c~in~n~p) 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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~otary's Signa~ ~
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OFPiCAL SEAL
BEI.INDA /CAY FRAY
f!Olf'.f:Y Pile' I'~ "'",,_
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, ORANGE COUNTY
My comm. ex~jres NOY 12, 1991
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