Subordination Agreement 1988-296325
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'RE-c6RDINC;RE,QU~STED BY:
THE CITY OF PO'"'A"j ,
1988 JiJN 2! An 10: 00
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WREN R~CORDED l'<AIL TO:
niE' CITY OFPo....'AY
P.O. BOX"
POIi,;'Y, CALlFORNIA
9206,4
HO FEE
.THIS SPACE FOR RECORDERS USE
SUBORDINATION AGREEXENT
FOR \i,':'LU;: REC~I\'ED, the, undersigned, as Eeneficiaryunder a Deed of ,Trust dated
1'9 December'1985 . ,re,cor.~,e~ in the 'Office ,of, the Cou':oty Recorder of San Diego
Cou,,::)' 27 December 1985 "File No. 85-488373' , and as O'w"ner abdholder of the
obJ.igations the;:ceby secureddo,~s'h;!"reb'y ,make subj'ecta.nd subo;:cdinate, the liens therecf
to ::he Easement granted by (oF' POWAY. L TO'.. a Cal i'forni'a l'imited oartnershio
to n:::: ci.TY OF?O;l.~Y, it being' 'unders::oo.d ,a"d agreed ::ha,:: 'fo;:cecloslOre of said Deed of
Tr-,us,t s::all -n'ot affe.c,t, d.l?-Jea!=: 'o~ "F~nder ~vali'd . any :i,i'ghts )inder and by virt~e of
,said easer:ent, and said' ea~feIlfent shall be par8:~ou_n.c, ~nd superior to t,he rights of
any pu:chaser under a ,foreclos\;re, 'of said Deed of T,r.~s.t.
Sa,ideaSE;!il~~t ...a.s r'ec.or9.:eq.:
the real proper'ty de'scr,ib'ed, ,in' said Deed of
, c, - 2J-g<,f
, File No. ?5J1- 2'1 ~ ~z.. :3
Trust.
, and affects'
T}."f~ .uncie.:,s::.gned Ee:-:.ef:..ci'ary ~of sa.i:d Deed of Trus,t, ,oec:la=es and acknc;.;lecges that it
her'eby. in~ent':'6naily '\.;a.i-Ye.s,.r~ii'~n.qu~'shes,a.nd SUDo:-oina,tes the prio'ii'ti'e~ and
superiorities of the 'lien 'and charge of said Deed of Trust upon the land described
"therein in 'favo..r' of.:.said easement,' andi that, it onder's;tatlqs that: in r~ii'c.nce upon. 'and
i"n., <7on_s~~e~:'itio:l '<;If. th~s .....aiver." r,erinquishrnent" and, subo"roination spe'cific Done.tary
"nct 'ot,he" obfigaicons ..il'l.:, :1;>'e enteredinro by Thi,rd Par.t:i:es ..hi'chWo.uld not be !!.ace
or" .~n't_e'=~d liito J?\1t. .for said rel~:t.:ar~ce and the execut,ion, by Benefici'ary of .this .....ai\.er,
reliru{u'i'shr.:.e"rlt, 'a'nd. 5ub'ordin'ati'on.,
Dated:
RIM ,No.
Exc', ,,No.
, Proj eC,t;;
BENEFICIARY: CANADIAN 'COMMERCIAL BANK
By: ~~A':.~// ~
~~..,
By:
NOTE; .y:LSIG~"'TUiu:s !1USTBE ACK.>JO\''LEDGED
" NOTARIES,:, Us'e~r~p'er form attached
or staple appropr~ate
forIll'tnereto.
Sewe'r 'and Draiha'g'(:Easements Tn Lots 3 & 4.
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SUBORDINATION A~REE~ENT
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:
a&-~,
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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: ~,a::..""""",,
R. G. Heasman
Its: President
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Bank of Canada
By PW Liquidators,
attorney in fact
Inc. ,
as agent and
By:
Its: President
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PW Liquidators, Inc.
By:
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R. G. Heasman
Its :_Presid'ent
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v 1154
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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, pers~nally appeared R. G. Heasman,
personally known to me (ar f1rguon tn --ftTe on "C'ft.q h;;'c;f: sf >=ldl..i.-=..[dc"(ory ev.iJenee4- 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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OFFiCIAL SEAL
BEL/NDt\. J<A Y FRAY
f.JQTf-IRY'PUiJUC - CALIFORNIA
ORANGE COUNTY
r..:Y'CO~l1m."eX~jres -r-wv 12, 1991
STATE OF CALIFORNIA)
)
COUNTY OF ORANGE )
ss.
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 (ar ~:"'o,b....d Lu Ill..... 0fl tHO b~c:.;C" gf Eatiafacts*y e,,~dt::nee...)- 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.
Nel~att~:Jwy
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QFFiCIAL SEA L
BELINDA KAY FRAY
r.J01Mh PUBLIC - ,Cl>.UFORN1A
ORANGE COUNTY
My cc.mm.. 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 fu~ p.luvt:;d LU llle UI1 L1~c ba......iE -:-f' ':'::It-;~fo('tnr}' P'U;d~RCC) to be
the President of PW Liqu'idators, Inc., a corporation, .the corporation subscribed to
the wi thin instrument as the agent and attorney in fact of Bank of Canada and
acknowredged 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~ ~
OFFICIAL SEAL
BELINDA KAY FRAY
rW.Tf~RY PUBliC - CAUFORNIA
ORANGE COUNTY
My comm. "expires NOV 12, 1991
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v 1155
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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 Cer prsy......d lU ,lie <;1'-' the baRic. gf ~at;c.f;::lc.tnrv P'Uide.nc.tiH- 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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OFFiCIAL SEAl,
BELINDA KAY eRA Y
r,JOTARY r.'UG!..:C - C.'\Ur:O;~NII\
ORANGE COUlflY
My camm. expires NQV 12, 1991