Subordination Agreement 2009-0484362i
'
-
REGpROE!) AT THE REU TEST G.
CHICAGO TITLE CU.
Name:.
THE CITY OF POWAY,
kddres :
CITY CLERK
P.O. BOX 789
City &
POWAY, CA 92074
State
L
980(01423 -1
DCC # 2009 - 0484362
q`f II I I I I II II I I II I II I I III I I I I II
1 AUG 28, 2009 8:00 AM
OFFICIAL RELLIRDS
'..AN DIEGO COUNTY RECORDER'S OFFICE
DAVID L. BUTLER COONTI RECORDER
FEE'::' AA 00
9100 PAGES: 9
1111111 Hill 1111111111 IIIII 11111111111 Hill 111111 IIIII 11111 Hill 111111111111 IIII I III
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 July 13, 2009 by Jab ;Bakke and Evan E. Bakke, Trustees of the Bakke Family-Trust
owner of the land hereinafter described and hereinafter referred to as "Owner', and City of Poway, a' Municipal
Corporation of the State of California sometimes hereinafter referred to as "City present owner and holder of the Lien
Agreement For Public Improvements,
WITNESSETH
THAT WHEREAS, Jab Bakke and Evan E. Bakke, Trustees of the Bakke Family Trust, did execute a Lien Agreement for
Public Improvements, dated June 28, 2005 to as trustee, covering:
LOT.50 OF VALLE VERDE ESTATES UNIT NO. 2 IN
CALIFORNIA, ACCORDING TO MAP THEREOF NO.
SAN DIEGO COUNTY, JANUARY ldy 1962.
Assessors Parcel No. 275-360-08
THE CITY OF POWAY, COUNTY OF SAN DIEGO, STATE OF
4894FILED IN THE OFFICE OF THE COUNTY RECORDER OF
ciT,i OF ?ow),y
to secure a Lien in the sum of $27,262.00, dated 6 /28/2005 in favor of Trustees of the
Bakke Family Trust , which Lien Agreement for Public Improvements was recorded August 18,2005, as Instrument
No. 2005 - 0710540 Official Records of said county; and
WHEREAS, Owner has executed, or is about to execute, a deed of trust and,note in the sum of $697,500.00 dated
08/`17/09 in favor of RANCHO FTNANCIALINCherelnafter referred to as `I: ender", payable with interest and upon the
terms and;conditions described therein, which deed of trust is lobe recorded concurrently herewith; and
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 Lien Agreement For Public Improvements 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 Lien Agreement For Public Improvements first
above mentioned and provided that Beneficiary will specifically and uncondittonallysubordinate the lien or charge of the
Lien Agreement For Public Improvements 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 Lien Agreement For Public Improvements first above
mentioned.
/U -OCe6
9101
(All signatures must be acknowledged)
IT IS RECOMMENDED THAT, PRIOR.TO THE EXEidUT66N OF THIS SUBORDINATIONAGREEMENT, THE PARTIES CONSULT WITH THEIR
'ATTORNEYS WITH RESPECT THERETO. _
redors \iorms�subl ma.doc (SUBORDINATION FORM "A-) Rev. 5/96
91.02
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 ackhowledged; and in order to induce Lender to
make the loan above referred'to, it is hereby declared,,understood, and ,agreed as follows:
( J, curing, said note in,favor'of Lender; and any renewals or, extensions thereof,
suaerlor to ih1el fenllorcharne of the
1 That said deed of trust se
y in atoll times a lien or charge on the property therein described, prior and
p g Lien Agreement For Public Improvements first above mentioned.
(2) That Lender would not make its loan above described without this subordination agreement.
(3) That this agreement shallbe.the whole and only agreement with regard to the subordination of the lien or
charge of the Cien Agreement For Public improvements 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 deed of. trust and Lien Agreement For Public Improvements herelnbefore specifically
described, any -prior agreements as7 to such subordination including, but not limited to, those provisions, if any,
contained in the Lien Agreement 'For .Public Improvements first above mentioned, which provide for the
subordination of the!lien or chargedhereof'to another deed or deeds oftrust to another mortgage or mortgages.
Beneficiary, declares, agrees and acknowledges that
(a) He or she consents to and approves (1) all provisions of the.note and deed of trust in favor of Lender
above referred to, and (ti) 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 wlll; 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 or she intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the
Lien Agreement For Public, improvements first above mentioned in:favorof 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 inconsideration
of, this waiver,, relinquishment and subordination specific loans and advances are being and will be made and,.as
part and parcel thereof, specific menetary.and other obligations arebeing and will be 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 Lien Agreement For ,Public Improvements first above
mentioned that said Lien Agreement For Public Improvements has by this instrument been subordinated to the
lien or charge of the deed of trustin favor of Lender above referred to.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS, THE PERSON
OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE
EXPENDED. FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND.
CITY OF POWAY
�qm�5
T ;„/�< ni 4.64:.;s.s + 0 .,+aP, . M 0,
State of California
County of . n D pp
I I XV MM
personally appeared
91.03
who proved to me on the basis of satisfactory evidence to
be the persoq(sywhose nameare subscribed to the
within instrument and acknowledged to me that
toke*ey executed the same in tisf �t erHheir authorized
capacity(iae), and that by Qhedt & signature(*on the
instrument the persort(s), or the entity upon behalf of
which the person(syacted, 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.
WITNESS and and official e�1. r
Signature PWce Notary Seal Pbove - Slgnala
OPTIONAL
Though the information below is not required bylaw, it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document:jl�U I
Document Date: II�J(y I
Signer(s) Other Than Named Above: _
Capacity(ies) Claimed by Signer(s)
Signer's Name:
❑ Individual
❑ Corporate Officer— Ttte(s): —
❑ Partner — ❑ Limited O General
❑ ,Attorney in Fact
❑ Trustee
O Guardian or Conservator
❑ Other:
Signer Is Representing:
RIGHTT11UPASPRINT
OF SIGNER _
v
Number of Pages:
Signer's Name:
❑ Individual
❑ Corporate Officer — Title(s):
❑ Partner — ❑ Limited ❑ General _
❑ Attorney in Fact
• Trustee Top of thumb here
• Guardian or Conservator
• Other:
Signer Is Representing:
is !S�YS_gStN,<t$SLYG <l�4G.�.'.:�L StG, G( �5< ?CGY4' V, G\✓ 5\ ���G:< i�iC✓ 4; jR( Y5G!! SC Y4+% S��VGt: Gy�hLG( V5�! lG�KS\ YS " ✓G`5' ✓< \ ✓SCJSCLSLYS�V<�g�<`'i vG ' "L tY _
/
NOTARY SEAL CERTIFICATION 9, 09
(Government Code 27361.7)
I CERTIFY UNDER PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE
DOCUMENT TO WHICH THIS..STATEMENT IS ATTACHED READS AS FOLLOWS:
Name of the Notary:
Commission. Number:
County Where Bond is Filed:
� y�Vl cell w5
Date Commission Expires:
�DC ZG.�2�H
Manufacturer or Vendor Number: N NA I
(Located on both sides of the notary ;seal border)
Signature: '5
Place of Execution:
Ret. Forth #R10 Rev. 8113197)
Firm Name (if applicable)
)/ 1p Date: 9
CALIFORNIA ALL- PURPOSE
CERTIFICATE OF ACKNOWLEDGMENT
State'of California
County of San Diego
9105
Oil, c:9 ( hL}L� % before me, �^. , M. Clow��e,, ``No��tary Public
personally appeared �/J/ b�" K�Q � �1/a4lt
who. ,proved to_ine on the basis of satisfactory evidence to be the person(s) whosename(s) i are ubscribed to
the within instrument, and acknowled ed'to me that he /she A�ee xecuted the same in his /her ieir uthorized
capacity(ies); and that by his /her ei signature(s) on the instrument tile person(s), or the entity upon behalf of
which the person(s) 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.
WITNESS my hand and official seal.
Ldo
M. Clowe, Notary Public
M. CLOWE
Comm. #1.737405
•• s._ NOTARY PU8L1C - CALIFORNIA?
(� SAN DIEGO COUNTY z
My Commission Expires April 7, 2011
(Notary Seal)
ADDITIONAL OPTIONAL INFORMATION
DESCRIPTION OF THE ATTACHED DOCUMENT
cSb&R-di"yyi' 62t
(Title or description of attach 6d document)
(Title or description of attached document continued).
Number of Pages Document Date9
11 I
(Additional Information)
CAPACITY CLAIMED BY THE SIGNER
Individual(s)
_Corporate Officer
(Title)
Partner(s)
tomey -in -Fact
Trustees)
91.06
CERTIFICAT.ION,MADE;UNDER PENALTY OF PERJURY
(C.C.P.2015.5)
I declare under penalty of perjury under the laws of the State of California that
the foregoing is true and correct.
Y12�- s / c) c7
Date and Place
Rec. Forth #R7 (Revised 2 -01-05)
Signature
F
Name: THE CITY OF POWAY
Address: CITY CLERK
P.O. BOX 789
city,& POWAY, CA 92074
state
L
91,07
SPACE ABOVE THIS LINE FOR RECORDER'S USE.
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY
BECOMING SUBJECT TO AND LOWER PRIORITY THAN THE LIEN OF SOME OTHER LATER SECURITY
INSTRUMENT.
THIS AGREEMENT, made July 13, 2009 by Jeb Bakke and Evan E. Bakke, Trustees of the Bakke Family Trust
owner of the land hereinafter described and hereinafter referred to as "Owner ", and City of Poway, a Municipal
Corporation of the State of California sometimes hereinafter referred to as ';City,, present owner and holder of the
Lien, Agreement For Public Improvements,
WITNESSETH
THAT WHEREAS, Jeb Bakke and EvanE..Bakke, Trustees of the Bakke Family Trust, did execute a Lien Agreement
For Public Improvements, dated June 28, 2005 to , as trustee, covering:
LOT 50 OF VALLE VERDE ESTATES UNIT N0. 2 IN THE CITY OF POWAY, COUNTY OF SAN DIEGO,'STATE OF
CALIFORNIA, ACCORDING TO MAP THEREOF NO. 4894 FILED IN THE OFFICE OF THE COUNTY RECORDER OF
SAN DIEGO COUNTY, JANUARY 10, 1962.
Assessors Parcel No. 275 - 360 -08
To secure a lien in the sum of $27,262.00; dated 6/28 /2005 in favor of Jeb Bakke and Evan E. Bakke; Trustees of
the - ,Bakke Family Trust, which Lien.Agreement For Public Improvements was recorded August 18, 2005, as
Instrument No :;2005 - 0710540 Official, Records of said county; and
WHEREAS, Owner has, executed, or is about to execute, a deed of trust and note in the sum of $697,500.00 dated
08/17/2009 in favor of RANCHO, FINANCIAL, INC. hereinafter referred to as "Lender", payable with interest and
upon the terms and conditions described therein, which deed of trust is to be recorded concurrently herewith; and
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 Lien Agreement For Public Improvements first above mentioned; and
WHEREAS, it is,to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is
willing,that theAeed of trust'securing the same shall, when recorded, constitute a lien or'charge upon said land
which is" unconditionally prior superior to the lien or charge of the Lien Agreement For Public Improvements first
above mentioned.
91.08
NOW, THEREFORE, in, consideration of the mutual benefits accruing to the parties hereto and other valuable
consideration, the Ye6eip0nd 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 Lien Agreement For Public Improvements first 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
chargeof,the,Lien Agreement For Public Improvements first above °mentionedto the lien or charge.of the deed of
trust in favor of Lender above referred'to andsshall supersede and cancel, but only insofar as would affect -the
priority between the deed of trust and Lien Agreement For Public Improvements, hereinbefore specifically described,
any prior agreements as to such subordination including, nut not limited to; those provisions, if any, contained in
thelien Agreement,For Public Improvements first mentioned above, which provide for the subordination of the lien
orcharge thereof to another deed or deeds of trust to another mortgage or, mortgages.
Beneficiary declares, agrees and acknowledges that
(a) He pr she 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 or she intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the
Lien Agreement For Public lmprovements 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 tieing and
will be made and, as part,and parcel thereof, specific monetary and.other obligations are being and will be
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 Lien Agreement For Public Improvements first above mentioned
that said Lien Agreement For Public Improvements has by this instrument been subordinated to the lien or
charge of the deed of trust in favor of Lender above referred to.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON
OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED
FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND.
CITY OF POWAY
BY:
OWNER(S):
Jeb Bakke, Trustee
Evan E. Bakke, Trustee