Subordination Agreement 2012-0474259O C # 2012-0474259
il 3 . RECORDING REOUESTED BY X� I IIIIIIII III 1111111111 1111111111 III1I III 11111111
Ticor Title-San Diogb Wench
AUG 10, 2012 8:00 AM
1°
nc. OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
AND WHEN RECORDED MAIL TO: Ernest J. Dronenburg, Jr., COUNTY RECORDER
FEES: 21.00
City of Poway r,
Attention: Andrew White 3 n J PAGES: 3
PO Box 789
Poway, CA 920074 IIIIIII IIII IIIII IIII IIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIII IIIIIIII IIIII IN IN
8-'70 p — A240 THIS SPACE FOR RECORUER'b Ust UNLr:
Escrow No.: 051145 -RC Title Order No.: 87087 -ND
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 AGREEMEN T, made August 2, 2012, by Richie A. Stewart
Owner of the land hereinafter described and hereinafter referred to as "Owner ", and City of Poway, Present owner and
holder of the Lien Agreement for Public Improvements first hereinafter described and hereinafter referred to as
"Beneficiary";
WITNESSETH
THAT WHEREAS, Charles H. Stewart, Did execute a Lien Agreement for Public Improvements, dated November 2,
2004, to City of Poway, As trustee, covering:
Lot 11 of Valle Verde Estates, Unit No. 1, in the City of Poway, County of San Diego, State of California, according to
Map thereof No. 4185, filed in the office of the County Recorder of San Diego County, May 20, 1959.
to secure a lien in the sum of $13,800.00, dated November 2, 2004, in favor of City of Poway, which Lien Agreement
for Public Improvements was recorded December 9, 2004, as Instrument No. 2004 - 1159392, 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 $255,000.00, dated
August 1, 2012, in favor of Skyline Financial Corp., 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 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.
SUBORDINATION RECORDED DEED OF TRUST TO RECORD
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r
331
(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 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 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 Lenders 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
referrred 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 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 OTHER PURPOSES THAN IMPROVEMENT OF THE LAND.
City of Poway
By: John kr96h Richie A. Stewart
Beneficiary Owner
STATE OF CALIFORNIA�``
COUNTY OF CALIFORNIA
V
On 20lt-
before me,
a Notary Public in and for said State, persorWAppeared
who proved to me on the basis of satisfactory evidence to be the person ) hose namaAs is/ subscribed to the within
instrument and acknowledged to me that � /she /tl�j executed the same i 4cUiertth6ir authorized capacity(, and that by
Vkher /WW signature(A on the instrument the person06, 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 my hand and official seal.
rD. T. BARENBRUGGE
r� Comm. p 1839320
N NOTARY PUBLIC-CALIFORNIA N
Com Or SAN INCBo
Signature
O. T. E, G NOTARY PUBLIC Mr COMM. EXP. MAR, 30, 2013
(This area for official notarial seal)
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE
PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO,
TA SUBORDINATION FORM
CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT
State of California if
County forf�n �1P�
Data
personally appeared
332
CIVIL CODE § I ISO
who proved to me on the basis of satisfactory
SSHH evidence to be the personkerwhose name(sjijs7are
ComNsiim • 1962114 subscribed to the within instrument and acknowledged
Nobly Pubk - CNf MW to me that
Sao Dipo Coolly �9" executed the same in
Comm. E rot w 2S 1 ti(t i� fterFt�ieiF authorized capacity(ill and that by
bislherftherr signature(s) on the instrument the
person(s} or the entity upon behalf of which the
person4s�- acted, executed the instrument.
Place Notary Seal Above
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 l.
ld and official sea
Signature! l K L 1./--)
OPTIONAL Sign ure o Notary Public
Though the information below is not required by law, it may prove valuable to persons relying on the document
and could prevent fraudulent removal anfl reattachment of this form to another document.
Description c
Title or Type of
Document Date
Signers) Other
Capacity(ies) Claimed by Signer(s)
Signer's Name:
Corporate Officer — Title(s):
❑ Individual
❑ Partner — ❑ Limited ❑ General
❑ Attorney in Fact
❑ Trustee
❑ Guardian or Conservator
❑ Other:
Signer Is Representing:
RIGHT THUMBPRINT
OF SIGNER
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: