The URL can be used to link to this page

Subordination Agreement 2013-0538969 -- - -� � , � � � # ��1 �-��3��6� PLC:ASG COMPLE'1'L I�HIS WPORMATfON. RECOR�MG aFQUCS"fED �Y III I I II III II II IIIII IIIII IIIII I IIII II I I I II I II � ��'�i�Q,�" � �� AUG 29, 2013 8:00 AM AND�-WHGN RECORDL'D MAIL'f0: � OFFICIAL RECOflDS � SAN DIEGD COUNTY RECORDER'S OFFILE F' npluR /� Emest J. Dionenburg,Ji.,COUNTY RECORDER C� �` � �y� � FEES: 36.00 ./j32S l.l Ui�C �.Pf�T�r �' vr, V PAGES: 8 �a�,,,,� crT � 2��y �s�s IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII TH/S P E F H REC RUER S U F. NLY � S�((V�.�.�if�a�d`1 11�1l'f.�/Y`th7 J - (Please fill in document[itle(s)on tliis line) THIS PAGE ADDED'f0 NROVIDG ADEQUATE SNACE POR RECORDING WFORMATfON (Addi�ional recording fee applies) 9/95 Rcc.FOnn KR25 �� vv� �v�v ni i ri� n��,tu�o i V� CHICAGO TITLE COMPANY � , RECORDhVG REQUESTED'BY: �C a � BBVA Compass V WHEN RECORDED MAIL TO: Eity of Poway �13325 Civic Center Drive Poway,CA 92064 SPACE ABOVE THIS LINE FOR RECORDER'S USE � APN:275-360-08 3�' SUBORDINATION AGREEII!IENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS 1N YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TOAND OF LOWER PRIORIN THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made A u g u s t 5 ,2013, by Jeb Bakke and Evan E. Bakke, Trustees of tfie Bakke Family Trust dated July 30, 1997, owner of the land hereinafter described and hereinafter referred to as "Owner," and City of Poway, present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as"Beneficiary;" WITNESSETH THAT WHEREAS,Jeb Bakke and Evan E. Bakke,Trustees of the Bakke Family Trust dated July 30, 1997 did execute a "Lien Agreement For Public Improvements", dated June 28, 2005, covering: Lot 50 of Valle Verde Estates Unit No. 2 in the Ciry of.Poway, County of San Diego, State of California, according to Map thereof No. 4894, filed in the Office of the County Recorder of San Diego, January 16, 1962, to secure an AgreemenYin favor of Ciry of Poway, which was recorded on August 18, 2005, as Instrument No. 2005-0710540, 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 $206,500.00 dated /� �f- lo , in favor of BBVA Compass, hereinafter referred to as "Cender,"payable with interest and upon the terms and conditions described therein,which deed of trust is to be recorded�dr��frJefiq�/Ne1�v/iG(�j�nb/ 1 2/1 2/201 0 as instrument no. 2010-713648; 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 trustfirst 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 priorand 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 CLTA SUBORDINATION "A" INITIALS: (Rev..4/9a)(EXISTWG DEED OF TRUST TO NEW bEED OF TRUST) Page No. 7 of 3 � AP,N:275-360-08 I 6 4 8 WHEREAS, it is to the mutual beneft of the parties hereto that Lender make such loan to Owner; and Beneficiary is willing thatthe deed.of trus_tsecuring the same shall, when recoPded, 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 Qo the parties hereto and other valuable consideration, tfie seceipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender �to make the loarcabove 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 cliarge of the deed of trust 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 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 agreement as to such subordination including, .but not limited, those provisions, if any, contained in the deed of triast 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 o�mortgages Beneficiary declares, agrees and acknowledges that: (a) It 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, induding but not limited to any loan orescrow 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, noc has Lender represented that it will, see to the application of sucfi proceeds by the person or petsons to whom Lender disburses such;proceeds antl any application o� 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) It 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 tieing 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 fi�st above mentioned that optional said deed of trusthas by this instrument been subordinated to the lien or charge of the deed of trust in favor of Lender above referred to. CLTA SUBOR�INATION "A" INITIALS: (Rev. 4194)(EXISTING DEED OF 7RUST TO NEW DEED OF TRUST) Page No. 2 of 3 APN". 275-360-08 � V � J NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROFERTY 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 CONSULT WITH TNEIR ATTORNEYS WITH RESPECT THERETO. , ' o ay Jeb Balike and.Evan E. Bakke,Trustees of the Bakke Family Trust dated July 30,1997 By A thorized gner Jeb Bakke,Trustee Pen y Riley, C' y Manage Evan E. Bakke,Trustee Beneficiary Owner (ALL SIGNATURES MUST BE ACKNOWLEDGED) State of California County of San Dieqo On before me(here insert name and title of the officer), personally appeared , who proved to me on the basis of satisfactory eyidence to be the person(s)whose name(s) is/are subscribed to thewithin instrument and acknowledged to me that he/she/theyexecuted the same in his/her/their-autho�ized capacity(ies), and that by his/her/tfieir 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 tiiat the foregoing paragraph is true and correct. WITNESS my hand and official seal Signature (Seal) CLTA SUBORDINATION "A" INITIALS: (Rev. 4/94)(EXISTIN6 DEED OF TRUST TO NEW DEED OF TRUST) Page No. 3 of 3 I650 STATE OF CALIFORNIA ) ) COUNTY OF SAN DIEGO ) On August 6, 2013 before me, Carol S. Legg, Notary Public, personally appeared Penny ' Riley, who proved to me on the basis ofsatisfactory evidence.,to be tfie person whose name is subscribed to the within instrument and acknowledged to me that she executed the same in herauthorized capacity,:and that by her signature on,the instrument the person, or the entity upon behalf of which the person aded, executed the instrument. I certify under PENALTY OF•PERJURY under the laws of the5tate of California that the foregoing parag�aph is true and correct. WITNESS my hand and official seal. CANOLS. LEGG � . Commisslon if-1934186 � _ .`e �Notary Public -Californla �,� � � . San Diepo Counry MyComm.Explres�Apr28;2015! Cafol S. LOgg, Notary Pub ' OPTIONAL Title or tvpe of document: Subordination Agreement, APN 275-360-08,Je6 and Evan Bakke. Document Date: August-5,2013 Number of Pa�es: 3 (including signature page) Sisners Other Than Named Above: Jeb Bakke, Trustee and Evan E Bakke, Frustee . 2 6'S1 APN: 275-360-08 NOTICE: THIS SUBORDINATION'AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR'REAL PROPERTY SECURITY TO OBTAIN A LOAN,A PQRTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEIVIENT OF THE LAND. IT IS RECOMMENDED'THAT, PRIOR TO T.ME' EXECUTION OF THIS SUBORDINATION AGREEMENT, THE 'PARTIES'GONSULT WITH THEIR ATTORNEYS WITH RESPECTTHERETO. City of'Poway i�� Jeb Bakke and Evan E. Bakke,Trustees of the Bakke j � Fam' Trustdat d July 30,1997 - — ! j�rvs,}te.� By Authorized Si�ner �' Jeb Bakke;Trustee Penny Riley, Cit' Manager n�� \ 1��..QQ/ �----`� ` � __ Evan E. Bakke;Trustee Beneficiary Owner (ALL SIGNATURES MUST BE ACKNOWLEDGED) State of Califomia Co �n�ty of SanDiecao M CLDIA6� N0T,9�y P�.!�bGc. p�'ayus}Zh before me( ' ^ '"�" ` "-"'r), personally appeared �g Bo4kkt G�nc� E�A h F • gAKr�,�T3 who proved to me on thebasis of saUsfactory evidence to be the person(s)whose name s) is re subscribed to the within instrumen�t a d�acknowledged to me that he/sh�xecuted the same in his/her eir uthonzed capacity(ies), and that by his/he�/fh��gnature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the ins rt�ument. I certify under PENALTY OF PERJWRY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my h nd a ial seal ,; . M. c�owE � Commission.# 1928187 Signatur � e (Se21) z ;�m� - NotaryPublic •Califomia z San�Diepo County D My Comrti..Ezpires Apr 7, 2015� i. CITA SUBORDINATION "A" INITIALS: (Rev.4194)(EXISTIN6 DEED OF TRUST TO NEW DEED OF TRUSn page No. 3 of 3 -:� 1652 � CALIFORNIA ALL-PURPOSE CERTIFICATE OF ACKNOWLEDGMENT State of California County of San Dieao On sl �t(i /-l/��J' � ZO13 before me, M. Clowe, Not11'Y PubllC personallyappeared , �� d �VAIV � ' �n�-'1GE who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) i are s bscribed to the within instrument and acknowledged to me that he/sh�xecuted the same in his/her/ e�r uthorized capacity(ies), and that by his/he eir nature(s)on the instrument the person(s), or the entity upon behalf of which the person(s)acted,esecute 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 and and official seal. M. C�Ow�e �•,�� Commission a 1928187 i ;"�-a:��. Notary Public -Californla z z - ' °� San Diego County D (Notary Seai) My Comm. Ezpires Apr 7, 2015 r � owe,Notary u lic ADDITIONAL OPTIONAL INFORMATION DESCIUPTION OF THE ATTACHED DOCUMENT Q�(�/�l(�I � (Titleordescriptionofattache cument) (Title or description of attaehed document continued) Number of Pages�Documen[Da[e'b10� /� —rT— (Add itional In(ormation) CAPACITY CLAIMED BY THE SIGNER Individual(s) _Corporate Officer (Title) Partner(s) �ttomey-in Fact rustee(s) Other . � • EXHIBTT A ' ' ' 1653 LOT 50, OF VALLE VERDE ESTATES UNIT NO. 2, ZN THE. CITY OF POWAY, COUNTY OF SAN DIEGO, STATE OF� CALIFORNIA, ACCORDING TO THE MAP THEREOF NO. 4894, FILED IN THE OFFICfi OF TAE COUNTY RECORDER OF SAN DIEGO COUNTY, JAN[JARY 16, 1962 . t