Subordination Agreement 2003-0900539l RECORDING REOUES*IiY .F +J DOC4 r
� CHICAGO TITLE COMPANY �
AND WHEN RECORDED MAIL TO JUL 29P 2003 8 :00 AM
CITY OF POWAY ✓ ' OFFICIAL REM
REDEVELOPMENT AND AFFORDABLE HOUSING ',N DIEGO MKfY RECORDER'S WICE
BOX 789 GEM J. SR'ITN9'CONY R
POWAY, CA 92064 FEES: 19.00
J/{d_ Order N0. 038 045196— P11
not
Escrow No. 38045196 P90 SPACE ABOVE THIS UNE FOR FECOI R'S USE —�
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.
,ems,
THIS AGREEMENT, made July 16, 2003 , by
LINDA M. DUMIN
owner of the land hereinafter described and hereinafter referred to as "Owner ", and
POWAY REDEVELOPMENT AGENCY
d
present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as
"Beneficiary';
WYTNESSETH
THAT WHEREAS,
LINDA M. DUMIN
did execute a deed of trust dated SEPTEMBER 26, 2 0 01 , to
COMPREHENSIVE HOUSING SERVICES, INC. A CALIFORNIA CORPORATION
as trustee, covering that certain real property described as
LOT 66 OF TUSTIN HILLS UNIT NO. 1, IN THE CITY OF POWAY, COUNTY OF SAN DIEGO, STATE OF
CALIFORNIA, ACCORDING TO MAP THEREOF NO:. 4442, FILED IN THE OFFICE OF THE COUNTY
RECORDER OF SAN DIEGO COUNTY, JANUARY 12, 1960.
to secure a note in the sum of$ $8, 001.75 , dated SEPTEMBER 26, 2001 , in favor of
POWAY REDEVELOPMENT AGENCY
which deed of trust was recorded OCTOBER 1, 2001 in book /reel - - - , page /image - - - ,
Official Records of said county and /or as document number /series 2 0 01 0 7 0 5 9 0 3 J ;and
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WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of
$$57,700.00 , dated JULY 17, 2003 , in favor of
UNION BANK OF CALIFORNIA, 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 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 alien 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 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 charge of the deed of trust first above mentioned to the hen 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 agreements' as to such subordination
including, but not limited to, 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 will be entered into which would not be
made or entered into but for said reliance upon this waiver, relinquishment and subordination; and
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SAA2 7/93 Win
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(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.
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 PURPOSES OTHER THAN IMPROVEMENT OF THE LAND.
POWAY REDEVELOPMENT AGENCY LINDA M. DUMIN
BY: BY
mela Wilczak
BY;
(All signatures must be acknowledged)
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THIS FORM FURNISHED BY CHICAGO TITLE COMPANY
SAA37 /93ksn IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION
AGREEMENT, THE PARTIES CONSULT WITH THEIRATTORNEYS WITH RESPECT THERETO.
(SUBORDINATION FORM "A" DEED OF TRUST OF RECORD TO NEW DEED OF TRUST)
w ` '
1730
WCHELLIEPAUUNER
Commission # 1298219 I
Nolary Public California
Son Diego County
STATE OF IA } MyCc�mm. r Mar23t Q05
SS.
COUNTY OF ) A }
QYI
Qla before me,
a Notary Public in for said County and State, personally appeared
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perso known to me (or proved tome on the basis of satisfactory evidence} to the persons) whose names)
s are subscribed to the within instalment arxi ark edged to me that he/ executed 'the same In
hisJ�jtheir authorized capacity(ies), and that by hls, /their signatures) on the nt the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Iar`; t�talic ca (W. a
Diego cnullty
(wA
Signature of Notary
�..
STATE OF CALIFORNIA
/ ) SS.
COUNTY OF SA A / b 660 )
On J ULU s �� D�3 before r` ie, / 0—
a Notary Public in and for said County and Smote, personally appeared
-- 4 J AI DA O M
rile (or proved to me on the basis of satisfact evidence) to b the PersonA whose nam
is 4X e subscribed to the within Instrument and acknowledged to me that Pd/she /ti executed the same in
I jher /tolr authorized capacity(IA, that by , /her /olr signature on the Instrument the person , or the
entity upon behalf of which the per "son acted, executed the instrument.
WIT SS my hand a clal seal. u
MARY C. iOFFMAN
Commission # 1301031
Notary Public Califomia
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San Diego County
S[ 566ttrre l f olwy MyCon m. Expkw May 13, 2005
EXTWTI — 09/25/96bk
. 17
DESCRIPTION
Order No. 03 804 5196
LOT 66 OF TUSTIN HILLS UNIT NO. 1, IN THE CITY OF POWAY, COUNTY OF SAN DIEGO, STATE OF
CALIFORNIA, ACCORDING TO MAP THEREOF NO. 4442, FILED IN THE OFFICE OF THE COUNTY RECORDER
OF SAN DIEGO COUNTY, JANUARY 12, 1960.
PDONLY -- 11/17/97bk