Loading...
Subordination Agreement 2012-0000020'i RECORDING REQUESTED BY: Fidelity National Title Coo-mpany Escrow No 4325299 -TS Title Order No 06177274 When Recorded Mail Document To: City Clerk City of Poway P O. Box 789 Poway, Ca 92074 NOTICE 17 DOC # 2072- 0000020 JAN 03, 2012 800 AM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE Ernest J Dronenburg, Jr , COUNTY RECORDER FEES 39.00 PAGES: 9 I IIIIII illll �IIII VIII I�III VIII VIII �IIII �IIII I�III VIII �IIII IlIII Iflll �IIII IIII III SUBORDINATION AGREEMENT 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 December 21, 2011, by Brennan Family Trust, Donald A. Brennan and-Anna C.-Brennan owner of the land hereinafter described and hereinafter referred to as "Owner," and City of Poway, a. Municipal Corporation of the State of, California present owner and holder of Lien Agreement for Public Improvements first hereinafter described and hereinafter referred- to as "Beneficiary ", WITNESSETH THAT WHEREAS, Edwin A. Andress, Trustee of the Andress Family Trust Agreement dated April 25, 1983, did execute Lien - Agreement for Public Improvements, dated July 29, 2005, to City of Poway, a Municipal Coporation of- the State of California, as trustee, covering 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 21, 1962 to secure a lien agreement in the sum of $ 28,914.00, dated July 29, 2005, in favor of City of Poway, a Municipal Corporation of the State of California, which Lien Agreement for Public Improvements was recorded as instrument no 2005 - 0.685888, on August 40, 2005 and modified on August 14, 2009 in favor of the City of Poway, a Municipal Corporation , which. said Subordination. Agreement was recorded on August 28, 2009 as instrument no 2009 - 0484085 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 $300,000.00 dated 12 -21 -1.eel 1 , in favor of Steward Investrnents,lnc„ 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- I CLTA SUBORDINATION "A" INITIALS FD -46A (Rev 12/07) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No 1 of 3 (subora wpd) (12 -07) APN ,275 - 380 -15 -00 1, 74 WHEREAS, it is a condition precedent to obtaining said loan that said deed. of trust last above mentioned shall unconditionally b'e ,and remain at all times a lien or charge upon the land hereiribefor.e described, prior and superior to the lien or�,charge .of the Lien Agreement for Public .lmor6vements`fir.st 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 Lion. Age ement for Public Improvements 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- Ilea 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.'shalf, when recorded, constitute alien 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 NOW, THEREFORE, in consideration of the mutual benefits accruing 'to the orties hereto and other valuable consideration, the, receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender Ito 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 arid' superior to the lien or charge of-the deed of trust above mentioned r (2) That Lender would not make its loan above described without this subordination agreement.. (3) That this:.agre,ement shall be the whole and only agreement w.ith,regard to, the subordination of 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 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 hereinb'efore specifically described, any prior agreement as to such subordination Including, but not limited, those provisions, if any, contained in the- lien agreement for public improvements 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 pro -visions -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 agre.ernent 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 agre- ement, 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 lien agreement for public improvements first above mentioned in favor oHhe 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= (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 fien or charge of the deed of trust in favor of Lender above referred to. M CLTA SUBORDINATION "A" INITIALS FD -46A (Rev 12107) (EXISTING DEED OF TRUST TO NEW DEED OF TRUSTY Page No 2 of 3 T (subora wpd)(12 -07,) 17-5 APN' 275 - 380- 1�5 -00 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 IT'IS'RECOMMENDED THAT,.PRIOR°TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSU T W TH T ATTORNEYS WITH RESPECT THERETO' Dire for of Admini trative Services/1-sea surer Anna, C Brenhan;lndividual CM Of Donald A Brennan, Individual Anna C Brennan,. Trustee Donald A Brennan, Trustee Beneficiary Owner (ALL SIGNATURES MUST BE ACKNOWLEDGED) State of California ) County of On before me, Notary Public r (here •insert name acid title of the officer), personally appeared_ vvho .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 his /her /their authorized capacity(ies),, and that by his /her /their signatures) on the instrument the person(s), or ,the entity upon behalf of which the persons) acted, executed the instrument I' certify under PENALTY OF ?ERJURY under the laws of the State -of California that the foregoing paragraph is true ,and correct WITNESS my hand and official seal Signature (Seal) State of California 1 ) County of ) On before me, Notary Public (here .insert name and title of .the officer), personally appeared' who proved to me on the basis of ,satisfactory evidence to be the,person'(s) w_ hose name(s)' is /are subscribed .tO'the Within instrument and acknowledged to me', that he /she /they executed the same in.r his /her /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) CLTA SUBORDINATION "A" FD -46A '(Rev 12/07). (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No 3 of 3 (subora wpd)(12 -07) 116 CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT CIVIL CODE. § 1189 State of California County of sa A a_ o On 0- ftU "It before me; L &P N a 6 G , Date I Here Insert and Title of the Officer personally appeared ZbkA �V�a -Name(s) of 'Signer�* CAROL'S. LEGG, Commission * 1934186 Notary Public - Cal forma r: San Diejo County Comm. ras 28 2015 . who proved to me on the basis of satisfactory evidence 'to be the person(- whose name(S�- is /aff�e- subscribed to the within instrument and acknowledged to me that he /sjae/Awy executed the same in his /l�w/their authorized capacity(, and that by his / 3sT/ fir signature(4 on the instrument the person(o), or the entity upon behalf of which the person(a) 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 i Signature Place Notary Seal Above Signature of Notary P. is 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 this form to another document. Description of Attached Document Title or Type of Document: Document Date Signer(s) Other Than Named Above Capacity(ies) Claimed by Signer(s) Signer's Name ❑ Corporate Officer — Title(s) ❑ Individual OF SIGNER ❑ Partner — ❑ Limited ❑ General. Top of thumb here ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other- Signer Is Representing Number of Pages Signer's Name ❑ Corporate Officer — Title(s) ❑ Individual ❑ Partner — ❑ Limited ❑ General Top of thumb here ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other- Signer Is Representing 0 2010'National Notary Association - NationalNotary:org - 1- 800 -US NOTARY (1- 800 - 876 -6827) Item #5907 RECORDING REO.UESTED BY: Fidelity National Title Company EecrowNo 4325299 -TS Title Order No 06177274 When Recorded Mail Document To: City Clerk City of Poway P.O. Box 789 Poway, Ca 92074 SUBORDINATION AGREEMENT- 177' 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 December 21, 2011, by Brennan-Family Trust, Donald A. Brennan and Anna C. Brennan owner of the land hereinafter described and hereinafter referred to as "Owner," and City of Poway, a Municipal Corporation of the State of California present owner and holder of Lien Agreement for Public, Improvements first hereinafter described ;and hereinafter referred to as "Beneficiary "; WITNESSETH THAT. WHEREAS, Edwin A. Andress, Trustee of ,the Andress Family Trust Agreement dated April 25, 1.983, did execute Lien Agreement for Public Improvements, dated July 29, 2005, to. City, of. Poway, a Municipal Coporation of the State of California, as trustee, covering 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. 21; 1962. to secure a lien agreement in the sum of $28,914.00, dated July 29, 2005, in favor of City of Poway, a Municipal Corporation of the State of California,. which Lien Agreement for Public Improvements was recorded as instrument no 2005- 0685888, on August 10, 2005 and modified on August 14, 2009 in favor of the City of Poway, a Municipal Corporation , which said Subordination Agreement was recorded on August 28, 2009 as instrument no 2009 - 0484085` 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 $300,000.00 dated in favor of Steward Investments, 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 CLTA SUBORDINATION "A" INITIALS FD -46A (Rev 12/07) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No 1 of 3 (subora wpd) (12 -07) 178 APN 275 - 380- '15 -00 ' 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 Ageement for Public_ Improvements 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 Lien Agreement for Public Improvements 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 i (3) That this agreement shall be the whole and only agreement with regard to the subordination of 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 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 hereinbefore specifically described, any prior agreerrient as to such subordination including, but not limited, those provisions, if any, contained in the lien' agreement for public improvements 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 lien agreement for public improvements 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 (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 CLTA SUBORDINATION "A" INITIALS FD -46A (Rev 12/07) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No 2 of 3 (subora wpd)(12 -07) t A'PN 275- 380 -15 -00 13 9 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. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF T" SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERET / /) A 1 Director of Administrative Services /Treasurer Anri64 Brennan,lndividu ojgld A Brenn ndividual A'nhg(,C Brennan, Try tee 111a ald A. Br`enoy(; Tru Beneficiary Owner (ALL SIGNATURES MUST BE, ACKNOWLEDGED) State of California County of One 2�2 2 el/ before me, �id �� ,�Q�i -jam , Notary Public (here insert Warne and Ntle of the offi er), ersonally appe red who proved to me on the basis of satisfactory evidence to be the persons) whose name(sels re subscribed to the within- instrument and ac owledged to me that (0she /they executed the same i is her /their authorized capacity(ies), and that by is er /their signature(s) 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 (Seal) II State of Calif rnia l� ) County of� ) On before meWU� o l� 2�l I , (here insert name and title, of the officer), personally appear e RHODN P MADRID COMM. #.1797149 n vz NOTARY PUBLIC - CALIFORNI A zi+ v ORANGE COUNTY Canim�ssian Expires May 3,2012- Notary Public who proved to me on the basis of satisfactory evidence to be the persons) whose name(s)` is are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his /her /their authorized capacity(ies), and that by his /her heir signature(s) 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 JULIE SCHUMER Notary Public State of Colorado Signature (Seal) , My Comm. Ekpires March 27, 2013 CLTA SUBORDINATION "YA" FD -46A (Rev 12/07) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No 3 of 3 (subora wpd)(12 -07) a FD -46A (Rev 12107) (sub6ra,'wpd).(12 -07) 1 4 CI_TA SUBORDINATION "A" INITIALS (EXISTING -DEED OF TRUST TO NEW DEED OF TRUST)' t Rage No 4 of 3 r r 4. f J L .Y ' - ~ ' , ��~��N� _--_---_--__'-' -- — ` - - �����U��~� � r ` ' ��"" ""�~� ~°�"�~� I. . - T HE ' LAND . ' ^ BELOW ' IN �O�� OF-SAN DIEGO, ��EOFCALIFORN IA, AN IS DESPRI0�-A-S^ 'FOLLOWS - - " � L�� �� �� �y n th . ° , e ��tmt� ^ ofjCa|�otni�,�accordin' P� No 4933, �|ed,in th��N�c�'���he County -'~ ~ of.-San C>- o, PNoroh 21, 1962 � w '��Par�e| ]N�/ 275�380�1�'00 ~ . ^ 2 CLTA pmxmihmn/muponForm ^mm6meuU1d 7m6V