Subordination Agreement 1993-0847906P � �
NAME
ADDRESS
CITY s
STATE
RECORDING REOUESTEO
I tORLU I I i Lr LQM?P IVX
AND WHEN RECORDED MAIL TO
City Clerk, City of Poway
P.O. Box 789
Poway, CA 92074
APN 277 - 130 -09
rr # 1993- 08.7906
16 DEC -1993 08 :00 AM
OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
ANNETTE EUANS , COUNTY RECORDER
RF: 6.00 FEES: 14.00
AF: 7.00
MF: 1.00
SrACF 1113OVE THIS I.INF FOP PEconnER , USE
N ND a
W THIS S:: • :: AT1[OK ACRE]NENT RESMTS IN : • SECURITY INTEREST IN PROPERTY
HECOKMC SUBJECT TO-AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR ]EATER
SECURITY INSTRUMENT.
THIS AGREEMENT, made this 15th day of December, 1993, by Frank & Virginia
Vaplon, owner of the land hereinafter described and hereinafter referred to as "Owner ",
and The City of Poway, a Municipal corporation of the State of California, present
owner and holder of a Lien for Public Improvements Agreement, first hereinafter
described and hereinafter referred to as "Beneficiary",
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THAT MiEREAS, Frank & Virginia Vaplon , "Owner "; did execute a Lien for Public
Improvements Agreement,dated April 14th, 1987, to The City of Poway, a Municipal
corporation of the State of California, covering:
1. The legal description of the real property encumbered by the lien created
hereby is set forth in full on Exhibit "A" attached hereto and by this reference made
a part hereof.
A. "Owner" and "Beneficiary" have agreed to the installation of certain public
improvements in the right of way of Old Coach Road in Poway, California. WHERE,
"Owner and "Beneficiary" agreed to share costs of now completed improvements. NIHERFAS,
"Owner" has agreed to repay monies with a lien agreement to be recorded in property
owner chain of titles.
B. "Owner" agrees to repay said monies in annual installments to be added to the
tax bill of the real property. "Owner" agrees to repay said Lien for Public Improve-
ments Agreement, in accordance with the following terms:
Principal Obligation Not to Exceed: $4,200
Interest Rate on Unpaid Balance: 5 % per annum
Number of Annual Equal Payments of Principal
Plus Accured Interest: nine (9)
(Payable April 15 of each year)
C. Section 4. of the Lien agreement for public improvements, stipulates that,
Upon demand of Property "Owner ", if not in default hereunder, City shall Subordinate
this lien to loans wt exceWiM eighty percent () of the fair market value of the
property incumbered hereby.
D "Beneficiary" shall subordinate Lien for Public Improvements Agreement per
.Section 4, WHEREAS, it was determined that the new loan is 400% of fair market Value,
this done by California Certified and Licensed State Appraiser, F. Anchondo. License
#AR 6383. "Owner" is not currently in default.
to secure a lien in the sum of $4,200.00, dated April 14, 1987, in favor of the City
of Poway, a Municipal corporation of the State of California, which Lien for Public
Improvements Agreement was recorded March 23, 1988 as File No. 88- 132358 of 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 $183,000.00,'dated December 15, 1993 or after, in favor of Colonial
,Bank, N.A. HEREINAFTER reforred,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 of the Lien for Public Improvements Agreement 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 for Public Improvements Agreement first above
mentioned and provided that Beneficiary will specifically and unconditionally
subordinate the lien or charge of the Lien for Public Improvements Agreement first
above mentioned to the lien or charge of the deed of trust in favor of Lender, and
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iimREAS, 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 uncondition-
ally prior and superior to the lien or charge of the Lien Agreement for Public
Improvements first above mentioned.
i
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, and 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 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 beetween 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 Lien Agreement for
Public Improvements, first above mentioned, which provide for the subordination
of the lien charge thereof to another deed or deeds of trust or to another
mortgage or mortgages.
The City of Poway, a Municipal Corporation of the state of California, 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 disbursment
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 th
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 diid 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 therof, specific monetary and other obligation 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 Improvemen
first above mentioned that said The 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 AGREEM W CONTAINS A PROVISION MUCH ALIAWS THE PERSON
OBLIGATID ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF IdHICH HAY BE
EXPENDED FOR OTHER PURPOSES THAN IlWPROVEMENT OF THE
C tT y D
PDL,.,Py
Beneficiary Qwne
L° IT "((Z le- pAsu fieT?-
(All signatures must be acknowledged)
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SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR
ATTORNEYS WITH RESPECT THERETO. ( SUB FORM "A ")
STATE OF CALIFORNIA
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a a Notary Public in and for said County and State, personally appeared
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within instrument and acknowledged to me that help" executed
the same in ' e hefr authorized capacity, and that by hi er-
signature on the instrument the person or the entity upon behalf
of which the personvacted, executed the instrument.
WITNESS my hand and official seal
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Signature
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STATE OF CALIFOR IA } S.S.
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a a Notary Public in and for said County and State, pALsQaally appeared
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(or proved me on the b is o satisfactory
W �sevidence) to be the person &whose names
re subscribed to the
within instrument and acknowledged to me that he executed
the same in their authorized capacity ies , and that by heir
signatures on the instrument the person ssoor the entity upon behalf
of which the person Oacted, executed the instrument.
WITNESS my hand and official seal
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F 2492 (5 -91)
1016
FOR NOTARY SEAL OR STAMP
1gd.t O; )F• OFRCIALSEAL
MARIE LOFTON
Notary Public- Califomla
SAN DIEGO COUNTY
MyCommisslon Expires
April 26.1994
FOR NOTARY SEAL OR STAMP
a. OFFICIAL SEAL
:'`�° "'r "`•;. MARIE LOFTON
Notary PJUIC- CallforNa
SAN DIEGO COUNTY
My Commission Expires
�,,,.,.•,. Aprl26.1994
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Our No. 8533180 -82
EXHIBIT "A"
PARCEL A
"'\ Parcel 2 of Parcel Map No 5890, in the City of Poway, County of San
Diego, State of California, filed in the Office of the County Recorder of
San Diego County, May 5, 1977 as File No 77- 171050 of Official Records
PARCEL B
An easement and right of way for ingress and egress for road and utility
purposes over, under, along and across a strip of land 60 00 feet in
width, lying within portion of the Northeast Quarter of the Northeast
Quarter of Section 19, Township 13 South, Range 1 West, San Bernardino
Meridian, and within portions of Parcels 2 and 3 of Parcel Map No 5890,
the center line of said strip being described as follows
BEGINNING at the Northeast corner of said Section 19, thence along the
East line of said Section 19, South 04 001'15" West, 300 97 feet to the
TRUE POINT OF BEGINNING of the herein described center line, thence South
89 014137" West, 787 54 feet to the Northeast corner of Parcel 3 of Parcel
Map No 5890, thence along the line common to Parcels 2 and 3 South,
20 031143" West, 622 83 feet to a point on the Northerly line of Parcel 1
of said Parcel Map No. 5890, which is North 89 °15'36" East, 14 15 feet
from the Northeast corner of said Parcel 1, said point being the Southerly
terminus of the herein described center line
EXCEPTING that portion lying within said Parcel 'A' above