Subordination Agreement 2009-04840850
RE,7,0RDING REQUESTED BY:
Fidelity. National Title Company
Escrow.No. 4321475 -TS
Title Order No. 04209084
When Recorded Mail Document To:
City of Poway
PO Box 789 /
Poway CA 9 207 4 'I 4
DCC # 2009 - 0484085
III111111111111111II1 1111111111IIII1II11111111111 III
AUG 28, 2009 8:00 AM
OFFILIAL RE LORDS
SAN DIEGO COUNT' RECORDER'S OFFICE
DAVID L SUTLER, COUNT`,' RECORDER
FEES. 18 IDO
PAGES: 4
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY
BECOMING:SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER
SECURITY INSTRUMENT.
THIS AGREEMENT, made August 14, 2009, by Anna C. Brennan and Donald A. Brennan, wife and husband as
joint tenants
owner of the land hereinafter described, and hereinafter referred to as "Owner," and City of Poway, a Municipal
Corporation
present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as
"Beneficiary ";
WITNESSETH
7319
THAT WHEREAS, City of Poway; -A- Municipal' Corporation, did execute a deed of trust,-dated-July 29,, 2005-,to City — -
of Poway, A Municipal Corporation, as trustee, covering
Lot 88 "9f Valle Verde Estates Unit No. 3, in.the City of Poway, County of San Diego, State of California, according
to Map thereof No. 4933, filed in the Office of the County Recorder of San Diego March 21, 1962.
to 'secure a note in the sum of $28,914.00, dated July 29, 2005, in ,favor of City of Poway, a Municipal
Corporation, which deed of trust was recorded as instrument no. 2005.685888,,9n August 10, 2005, in book N /A,
page N /A, Official Records of said county; and
WHEREAS, Owner hasxecuted, or is about to execute, a deed of trust and note in the sum of $310,000.00 dated
8 J 20 J 200.e9 in _favorof Provident Funding Associates, LP, hereinafter referred to as
"Lender," payable with in and upon the terms-and conditions described therein, which deed of trust is to be
recorded concurrently herewith; and
CLTA SUBORDINATION ; ";A"
FD -46A (Rev. 12/07) (EXISTING DEED OF TRUST TO NEW'DEED OF TRUST)
(suborampd)(12 -07)
INITIALS: _S_t, aA /1
Page No. 1 of 3
(o-- 067
APN:275= 380 -15
7320
WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall
unconditionally be and remain, at all times a lien or charge upon the land hereinbefore described, prior and superior
to the lien or charge of the deed of trust first above mentioned; and
WHEREAS, lender is Willing to make said loan provided the deed of trust.securing the same is a lien or charge upon
the above described property prior and superior to the lien or charge of the 'deed of trust first above mentioned and
provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the deed of trust first
above mentioned to the lien or charge of the deed of trust in favor of Lender; and
WHEREAS, it.is to the mutual benefit.of the parties hereto that Lender make such loan to Owner; and Beneficiary
;is willing that the deed of trust securing the same shall, when recorded, constitute a lien or charge upon said land
which is unconditionally prior and superior to the lien or charge of the deed of trust first above mentioned.
NOW; THEREFORE, in consideration of the mutual benefits accruing to the. parties hereto and other valuable
consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce
Lender to make the loan:,above referred to, it is hereby declared, understood and agreed as follows:
(1) That said deed of trust securing said note in favor of Lender; and any renewals or extensions
thereof, shall unconditionally be and remain at,all times a lien or charge on the property therein
described, prior and superior to the lien or charge of the deed of trust above mentioned.
(2) That Lender would not make its loan above described without this subordination agreement.
(3) That this agreement shall be the . whole and only agreement with regard to the subordination of the
lien,or charge of the deed of trust first above mentioned; to the lien or charge of the deed of trust
in favor of lender above;referred to and shall supersede and cancel, but only insofar as would affect
the priority between the deeds of trust hereinbefore specifically described, any prior agreement as
to such subordination including, but not limited, those provisions, if any, contained in the deed of
trust first above mentioned, which provide for the subordination of the lien or charge thereof to
another deed or deeds of trust or to another mortgage or mortgages.
Beneficiary declares, agrees -and- acknowledges that
(a) He: consents to and approves (i) all provisions of the note:and deed,of.trust in favor of Lender above
referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements,
between Owner and,Lender for the disbursement of the proceeds of Lender's loan;
(b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to,
nor has Lender represented that it will, see to the application of such proceeds by the person or
persons to whom Lender disburses such proceeds and any application or use of such proceeds for
purposes other than 'those provided for in such agreement or agreements shall not defeat the
subordination herein made in whole or in part;
(c) He intentionally and unconditionally.waives, relinquishes -and subordinates the lien or charge of the
deed of trust first above mentioned in favor of the lien or charge upon said land of the deed of trust
in favor of Lender above referred to and - understands that in reliance upon, and in consideration of,
this waiver, relinquishment and subordination, specific loans and advances are being and will.be
made and, as part and parcel °thereof, specific monetary'and other obligations are being and willae
entered into which would not -be 'made or entered into but,for'said reliance. upon .this . waiver,
relinquishment and subordination; and
(d) An endorsement has been placed upon the note secured by the deed of trust first above mentioned
that said deed of trust has by this instrument been subordinated to the lien or charge of the deed
of trust in favor of Lender above referred to.
CLTA SUBORDINATION :A" INITIALS: IV aA AA
FD -46A (Rev. 12/07) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page V 2 of 3
(suborampd)(12 -07)
APN: 275`380 -15
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION
OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A
EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND.
7321
WHICH ALLOWS THE PERSON
PORTION OF WHICH MAY BE
IT IS RECOMMENDED THAT, -PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT,
CONSULT H THEIR ATTORNEYS WITH RESPECT
Steve Didier
Beneficiary
THE PARTIES
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
'State of Californ- )
County of liLLV111Ti�.e (I
On �l i7 )
w 1V 2V Wl/ I before me,
(here inset name and title of the officer), personally apI
Owner
Notary Public
i,me on the basis of satisfactory evidence to be the persons) whose names) t9afe•subscribed to the
lent and acknowledged to me that lQe sha4hey executed the same in (LD-he4their authorized
and that by 4jg ir signature(:) on the instrument the:Person(s), or the entity upon behalf of
sons) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true
and correct.
COLUNB
WITNESS my hand and official seal. BNELIEY Conpnbtlon 0 1787479
Signature (Seal) 8mr Curdy
-1MYCWM60MD=2562Ml
State of California �� )
Country of 19h � � l
On f4( 4J 21, Z °Cl before me, XAIOOhey / 61 Z Notary Public
(here i sert name and title of the officer), persorgallytappe red 11 N
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s)- is/are subscribed to the
within instrument and acknowledged to me that hei, -t a /they executed the same in hisfher /their authorized
capacity(ies), and that by his/her /their signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing, paragraph,is,true,
and,correct:,
WITNESS my hand and official seal. `
Signature (Seal) RHODNEY MADRID
COMM.# .# 1797149 n
`" NOTARY PUBLIC - CALIFORNIA Z
V ORANGE COUNTY
. ' Commission Expires May 3, 2012
CLTA SUBORDINATION "A"
FD -46A (Rev. 12/07) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 3 of 3
(suborampd)(12 -07)
Order No. 09- 4209084
LEGAL DESCRIPTION
EXHIBIT "ONE"
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF POWAY, COUNTY
OF SAN DIEGO, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:
Lot 88 of Valle Verde Estates Unit No. 3, in the City of Poway, County of San Diego, State
of California, according to Map thereof No. 4933, filed in the Office of the County Recorder
of San Diego, March 2.1, 1962.
Assessor's Parcel No: 275- 380 -15
2 CLTA Preliminary Report Form Modified (11/17/06)
7322