Subordination Agreement 2010-0638832 1►
RECORDING REQUESTED BY
F+ecording requested By
Lawyers Tide
AND WHEN RECORDED MAIL TO:
City of K K" Poway
13325 Ciuic'Center Dr
Poway, CA 92064
VS
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DO C # 2 010-0638832 .
11 11111111111111111111 II 11111 II II II111111
NOV 19, 2010 8:00 AM
OFFICIAL RECORDS Q
DIEGO COUNTY RECORDER'S
S L BUTLER, OUNTY R CORDER 8 15
FEES: 36.00
PAGES: 8
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR LIEN AGAINST THE PROPERTY
BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE 'LIEN OF A SUBSEQUENT DEED OF
TRUST.
THIS AGREEMENT, made this 2 dayof Novemeber, 2010, by Michael A. Hoffman and Mary P. Hoffman, owner of
the land hereinafter described and hereinafter referred to as "Owner," and'The City of Poway, hereinafter referred to
as "Creditor ":
WITNESSETH
THAT WHEREAS, Creditor is the owner and holder of a lien, hereinafter - referred to as the "Creditor's Lien ",
encumbering real property situated in the County of San Diego, described as:
See exhibit "A" attached hereto and made a part hereof
which lien was recorded on August 10, 2005, as Instrument Number 2005 - 0685891, 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 approximately
$544,000.00 dated November 5, 2010 , in favor of Union Bank, N.A., hereinafter referred to
as "Lender, " payable with interest and upon the terms and conditions described therein, which deed of trust is to be
record 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 supenor
to the lien or charge of the Creditor's Lien; 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 Creditor's Lien and provided that
Creditor will specifically and unconditionally subordinate the lien or charge of the Creditor's Lien 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 Creditor 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 Creditor's Lien.
Page 1 of 2
1 I-us�1�
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
uncondlbonaily be.and remain at all tlrries alien or charge on the property therein described, prior and superior
to the Creditor's Lien.
(2) That Lender would not make its loan above described without this subordination agreement.
(3) That this agreement shall be thewhole. and only agreement between the parties hereto with regard to the
subordination of the'lien or charge of Creditor's Lien to the lien occharge of the deed of trust in favor of Lender
above referred to and shall supersede and cancel any prior agreements as to such, or any, subordination
including, but not limited to, those provisions, K any, contained in the deed,of trust first above mentioned, which
provide for the subordination of the lien or charge thereof to a deed or deeds of trust or to a mortgage or
mortgages to be thereafter executed.
Creditor declares, agrees and acknowledges that
(a) Creditor consents to and approves (1) 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; and
(c) Creditor intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the
Creditor's Lien in favor of the lien or charge upon said land of the deed of trust in favor of Lender' 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 will be entered Into which would not be made or entered into but for said
reliance upon this waiver, relinquishment and subordination.
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.
�6'UI IfAA i� �AM10lf�flY
lt� P C reditor -
Owner
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
Fr IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE
PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO
(SUBORDINATION OF LIEN TO DEED OF TRUST TO RECORD)
Me
Page 2 of 2
CALIF ORNIA ALL-PURPO
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State of California 1
County of San Di eg o Jl
On l /1(.0I2Z)I n before me, -sh N tn / Puhlir
ilere'[ozea fba aod T.O. of U OW.,
personally appeared
Signer's Name:
❑ Individual
❑ Corporate Officer —
❑ Partner — ❑ Limited
❑ Attorney in Fact
who proved to me on the basis ofsalisfactory evidence to
SHELL COLLINS be the person(s) where name(s)w subscribed to the
Commlaalon # 1787479 'within instrument and acknowledged to me that
Nofory public • Collfornlo eic.
executed the same in hisfl authorized
San Dlego capacity(ies), and that by Nafll(EaheiFsignature(s) on the
W instrument the persoa(s), or the entity upon behalf of
which the person(&) 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 m and and official s I.
Signature
Place Rotary Seal Prove SlgneNr of ! f �
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of (his form to another document.
Description c
Title or Type of
Document Date
Signer(s) Other
Capacity(ies) uaimea Dy signer(s)
Signer's Name:
❑ Individual
'❑ Corporate Officer— Title(s): —
❑ Partner — ❑ Limited ❑ General
❑ Attorney in Fact
❑ Trustee
❑ Guardian or Conservator
❑ Other:
Signer Is Representing:
RIGHT.THOIdBRRINT
Title(s):
❑ General
❑ Trustee
❑ Guardian or Conservator
❑ Other:
Signer Is Representing:
flIGHT.THUMBRRNT
.°"-w¢OF SIGNER:? "i r
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• 11
THIS AGREEMENT, made this 2n day of Novemeber, 2010, by Michael A: Hoffman and Mary P. Hoffman, owner of
the land hereinafter described and hereinafter referred to as "Owner," and The City of Poway, hereinafter referred to
as " Creditor":
WITNESSETH
THAT WHEREAS, Creditor is the owner and holder of a Ilen, hereinafter "referred to as the "Creditor's Lien ",
encumbering real property situated inthe County of San Diego, described as:
Sae',ezhibit "A" attached hereto'and made apart hereof
which, lien was recorded on August 10, 2005, as Instrument Number 2005=0885891,'.Officlal Records of said County;
and
WHEREAS, Owner has executed, �o�r 18 rabout to execute, a'deed of trust „and note in the sum, of approximately
$544;000.00 dated No bGYri K? 5 y SID , in favor of Union Bank, N.A hereinafter referred to
as "Lender, ” payable with interest and upon the terms and conditions described therein, whtch.deed of trust IS to,be
_record concurrently herewith; and
WHEREAS,'Pis a condition precedent to obtaining said: loan that�saidAeed;of'trust, last above mentioned shall
unconditionally be and fe6ialmat all times:a hen.or charge upon the land'hereinbefore described, prior and superior'
to ft lien or charge of the Creditor's Lien; and
WHEREAS, Lender isawilling to,make said loan provided the dead of,trust;securing the same,is a lien or charge
upon'.the above described, property, prior and superion to the Ilan or charge,of thwCreditor's Lien and provided that
Creditor will specifically and`unconditionally subordinate the lien or charge of tne.Creditor's Lien to the lien or charge
of the deed of trustin favor of Lender;, And
WHEREAS, it'is to the mutual, benefit of the parties hereto that Lender, make- such _loan to Owner; and Creditor is
Willing, that the;deed of trust securing`.the same shall, when recorded; constitute,.a Ilan or charge upon said land
which is unconditionally prior'and superior to the lien or charge of the Creditor's Lien'.
Page -1 of,2
NOTICE: THIS SUBORDINATION'.'AGREEMENT ,RESULTS IN YOUR LIEN ,AGAINST THE PROPERTY
BECOMING SUBJECT TO ANb OF LOW_ ER PRIORITY THAN THE LIEN 'OF A SUBSEQUENT DEEDOF'
TRUST:
NOW, THEREFORE, in consideration of the,7mutual benefits accruing to the parties hereto and other valuable 8019
consideration} the reoeipLand sufficiencyiof which consideration is hereby acknowledged, and in order to induce i
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 remainat all times a lien or charge on the property therein described, prior and superior
to the Creditor's Lien.
(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 between,the,parties hereto with regard to the
subordination, of the lien or charge of Creditor's Lien to the lien or charge of the deed of trust in favor of Lender
above. rafer'red °to;,and shall,_supersede;,and cancel any prior., agreements as'to:such','or any,,subordination
Including; but not limited to, If any, contained in the deed of trust first above mentioned, which
provide fo the.subckdInation,of lien or charge thereof to a deed or deeds of trust or to a mortgage or
mortgages to be thereafter executed.
Creditor declares agrees,an6acknowledges that
(a) Creditor 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. repr'e'sented that if will,' see ito the application of such proceeds by the person or persons to whom
Lender disburses such proceeds.and sny or use of such proceeds for purposes other than those
provided f6 In such agreement or agreements shall not defeat the subordination herein made in whole or In
part; and
(c) Creditor r intentionally and. unconditionally waives, relinquishes.and subordinates the lien or charge of the
Creditor's Lien in'favor of'the lien or charge upon said land of, the, deed of trust in favor of Lender and
understands that in reliance upon, and in consideration of, this waiver „!relinquishment and subordination,
specific loans and;a6iincesare being 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.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH, ALLOWS THE PERSON
OBLIGATED ON YOUR SECURITY TO OBTAIN A LOAN A.PORTION OF WHICH MAY BE
EXPENDED FOR OTHER PURPO$ES:THAN'IMPROVEMENT OF THE'LAND.
(ALL SIGNATURESWUST BE ACKNOWLEDGED)
IT IS RECOMMENDED THAT;;P,,RIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE
PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO
(SUBORDINATION OF LIEN TO DEED OF TRUST TO RECORD)
Page 2'of 2
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of 'California l
County of, Ran`bi6ga J
On ' ll l3 /2010
personally'appeared
SHELLEY COLLINS*
® Corfmmlxlan C 1707079
Notary Public - Callfornlo•
'Son Diego County
` ' . . ,OMCtamLBpr00sM0.�
who proved to me on the basis of satisfactory evidence to
be the personWwhose name (e) &are.subscnbed to the
within instrument and acknowledgggA� to me that
tie, rg i*executed tfie,same - t+is/�l lr authorized
capadty(ies), and that bY+xs /r t tr' signature(sy on: the
instrument the persorl(s), or the` entity• upon behalf of
which the persons} 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 arid: official seal.
Signature
Place Notary Seal Apove 'S1 al e a glary P4vrC
OPTIONAL
Though the'Inrormation bebwis not mqulred by law,71 may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another doa front.
Description of Attached Document
Title or Type of Document: �+� ./U,`A 1� .(A1 � Mo
Document Date: II,�Z N,, 'ber.offP1ages:
Sianeds) Other Than Named Above: A
Capacity(ies) Claimed,by Signer(s)
Signer's Name: _ Signer's Nan
❑ Individual ❑ Individual �
• Corporate Officer •Title(s): - ❑ Corporate Officer — Tille(s):
• .Partner — ❑ United ❑ General.. ❑ Partner — ❑Limited ❑ General
• Attorney in Fad WORM ❑ Attorney in Fact.
❑ Trustee rot' A anb bete ❑ Trustee Top of exxnb Bata
• Guardian or Conservator ❑ Guardian or Conservator
• Other: ❑ Other:
Signer Is; Representing: Signer Is Representing:
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8021-
ACKNOWLEDGMENT
STATE OF CALIFORNIA )SS:
COUNTY OF 50. d Z C'.,`50
On IUOVef�Sc- 1 O before me_ , 'jC-,Y` LAJ Akk > a Notary Public,
(insert name and title of the officer)
personally appeared M "�`�c � ✓ ,
kck.e 9! V \ -ICk
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 he/she /they executed the same in
h ls�; e r /their authorized capacity(ies) „and' that by hs/her /their signatures) on the instrument the
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.
Signature
MARK WILLS
COMM. #1707957
`
NOTARY PUBLIC 1 CALIFORNIA
' SAN DIEGO COUNTY
`••• <• Commission Expires�b
(Seal)
5�L-k�>,c.I �(�, � vl,,)/ecfl -iQVL,
File No: 310321776
EXHIBIT "Arr
All that certain real property situated in the County of San Diego, State of California, described as
follows:
LOT 92 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 COUNTY, MARCH 21, 1962.
ASSESSOR'S PARCEL NUMBER: 275- 380 -19
Page 3