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Subordination Agreement 2013-0538968 "' � —� - i� �•; � u � IJ U � i�F GlJ I J'll��4J�� I'LLASI,C�MI'l.�I L"I�I IIS INl:�ll��I fON I IIIIIIII III IIIII IIIII IIIII IIIII IIIII II II IIIII IIIII IIIII IIIII III IIII Y ItLCORDMG ItLQUES"I'LD 13v: AUG 29, ZO�3 8:00 AM G��fCA90 7(� OFFICIAL RECOR�S SAN DIEGO COUNTY flECORDER'S OFFICE ANll �VHk3N RHCORllf:D MAIL"1'O: Emest J. Dronenburg,Jc,COUNTY RECORDER � Q FEES: 36.00 � C"r� aF P°wa� D PAGES: 8 ��3 2 S Ci u;i Crn�r �`"' "` ��I��II��I��I�I��I�� aw�� A- �120�`� Iv3�' TH/.S SPACE f�OR RF,CORDER S USE NLY Sud,,,c,t,afi�a,� 1��,�„�wt � (Plcase fill in document title(s)on this line) THIS PAGE ADDLD"PO PROVIDG ADEQUATG SPACG FOR RHCORDING INPORMATION (Additional rccording fec applies) 9/95 KceForin R(L25 O RECOR�ED AT THE REQUEST OF CHICAUO`TITLE COMPANY RECORDWG REQUESTED.BY: ,i s 3 9 BBVA Compass r; WHEN'RECORDED MAIL TO: -City of Poway �13325 Civic Center Drive Poway,6A 92064 SPACE'.ABOVE THIS LINE FOR�RECORDER'S'USE �_ S APN:275-360-08 SUBORDINATION. AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBdECT TO AND OF LOWER PRIORITY THAN THE'LIEN OF SOME OTHER OR LATER SEGURI'IY INSTRUMENT. THIS A�REEMENT, made A`ug u s t 5, 2013, by Jeb Bakke and Evan E. Bakke;Trustees of the Bakke FamilyT�ust dated July 30, 1997, owner of tfie land hereinafterdescribed and hereinafter �eferred;to as ''Owner;" and City of _. _ . Poway,.present owner and fiolder of the d'eed of t�usf and note first hereinafter described and' hereinafter �eferred to as "Beneficiary;" WITNESSETH THAT WHEREAS,Jeb Bakke and Evan'E: 8akke,Trustees of the Bakke•FamilyTrusYdated July 30, Y997 did execute a "Lien Agreement For Public Improvements", dated June 28,2005,covering: Lot 50 of Valle Verde Estates Unit No: 2 in She:Cily of Poway, County of San Diego, Sfate of California, according to Map fhereof No.4894,filed in the Office;of the CountyRecorder of San Diego, January 16, 1962. to secure an Agreement in favor of City of Poway,'which was recorded on August 18, 2005, as InsVument No. 2005- 0710540, O�ciai Records of said county; and WHEREAS, Owner has executed, or is a6out4o execute, a deed of trust and'note in the sum of $676,000.00 Dated 8-19-2013 , in favor of Union Bank, hereinafter referred to as "Lende�;"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 precederrt to obtaining said loan thaf said deed of trust last,above mentioned shall unconditionally be and remain at aIl times a lien.or charge upon the land hereinbefore described, prior and superior to the lien or charge of the deed oi trustfirst above mentioned;and WHEREAS, lender is willing to make saidJoan provided the deed of trusFsecuring the same is a lien or charge upon the above described property prior and superior_to theJien or charge of the deed of trust fi�st above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the deed of trust firsf above mentioned to the lien orcha�ge of the deeC of trust in favor of Lender;and CLTA SUBORDINATION "A" �NITIALS: (Rev. 4/94)(EXISTING DEED OF TRUST TO NEW DEED OF TRUST) �'� Page No. 7;of 3 APN:275-360-OS . � � � O VVHEREAS, 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 tjust;securing the same shall;when recorded; constitute a lien occharge upon said land which is unconditionaliy prior and'superior to the lien or cfiarge 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 suffciency of which consideretion is hereby acknowledged, and in order to induce'Gender to make the•loan above refe�red 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 tfiereof, shail unconditionally be and remain at all times a iien 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 thissubordination 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 trusYfirsYabove mentioned to the lien.or charge of the deed of t�ust in favor of Lender above referred to and�shall supersede and cancel, 6ut only insofar as would.affect the priority beriveen the deeds of trust hereinbefore specifically described, any prior agreemenf as to such subordination including, but not limited, those provisions, if any, contained in the deed of'tnist first above mentioned, which provide for the subordination of the lien orchaPge.:thereof to another'deed'or deeds of trust or to anothermortgage ormortgages. Benefciary declares, agrees and acknowledges that: (a) It consents to and approves (i) all provisions of the note antl deed.of trust in favor of Lender above referred to, and-(iip all agreements, induding but not limited to anyioan or escrow agreements, between Owner and Lender for tlie disbursement of the proceeds of Lenders loan; (b) Lender in making disbursements:pursuant to any such agreemenf is under no obligation or dury{o,: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 matle irrwhole or in part;. (c) It intentionally and unconditionally waives, relinquishes, and subordinates the lien or charge of the deed of Vust first above,mentioned in favor of the Iien or charge upon said land of the deed of trusYin favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment antl';subordination, specificloans and:advances are being and will be made and, as part and parcel thereof; specific monetary and other obligationsare 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 triist first above mentioned that optional said deed of trust has by this instrument been subordinated to the lien or charge of the deed of trust in favor of�ender above referred to. CLTA SUBORDINATION "A" INITIALS: "�� (Rev. 4/94)(EXISTING DEED OF TRUST TO NEW DEED OF TRUST) age No. 2 of 3 ,`� APN: 275-360-08 �V� 1 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 MAYBE EXRENDED'FOR OTHER'PURPOSES THAN IMPROVEMENT OF THE LAND. IT IS RECOMMEND,ED THAT, PRIOR TO THE EXECUTION OF `THIS SUBORDINATION AGREEMENT, THE PARTIES'.CONSUCT WITH'THEIR ATTORNEYSWITHRESPECTTHERETO. City of Poway . Jeb.Bakke and Evan E. Bakke,Trustees of the Bakke Family Trust dated July 30,1997 By Autho�ized Siqner Jeb Bakke,Trustee Penny Riley, CitrManager 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 ofthe o�cer), personaliy appeared who 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.acknowiedged to me that he/shelthey executed the same in hislhedtheir authorized capacity(ies), and that by hislhedtheir signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed tfie instrument. I certify under PENALTY OF PERJURYunder 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" INITIALS: (Rev. 4/94)(EXISTING DEED OF TRUST TO NEN/ DEED OF TRUST) page No. 3 of 3 , . 1642 STATE OF CALIFORNIA ) � COUNTY OF SAN DIEGO ) On August 6, 2013 before:,me, Carol S. Legg, Notary Public,,,personally appeared Penny Riley, who proved fo me on the basis:of satisfadory evidence'fo be the person whose name is subscribed to the within instcument and acknowledged to me that she executed the same in herautho�ized capacity, and that by her signature on the inst�ument the person, or the entity upon behalf of which the person acted, executed the instrument. I certify under PENACTY OF'PERJURY under the laws of the State of Califomia that the foregoing paragraph is true and correct. WITNESS my hand and official;seal. CAROL 5. LEGG Commisslon+Y 1934186 � Notery Public-Celifoinia .D� . � �. San Diepo'�Counry MyCamm.'ExpiresA r28,2o�5�� Carol S. Legg, Notary Public OPTIONAL Title or tvpe of document: Subordination Agreement, APN 275-360-08,Jeb and Evan Bakke. Document Date: August 5, 2013 Number of Pa�es: 3 (including signature page) Si�ners Other Than Named Above: Jeb Bakke, Trustee and,Evan EBakke, Trustee � 1643 � APN:27,5-360-08 NOTICE: THIS SUBORDINATION:AGREEMENT GONTAINS A 'P.ROVISIaN'WHICH ACLQWS THE PERSaN OBLIGATED ON YOUR REAL PROPERIY SECURITY TO OBTAIN A LOAN,A PORTION OF WHICH MAY BE;EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE'LAND. ITIS'RECOMMENDED THAT, PRIORTOTHE EXECUTION OF THIS 'SUBORDINATION AGREEMENT, THE PARTIES CONSUCT W(TH THEIR ATTORNEYS WITH RESPECTTHERETO. City of Poway �'� � Jeb Bakke and Evan E. Bakke,'Lrustees of the Bakke � F ilyT stdatedJuly30;1997 � ��-�—'. � ,�,/��/✓5�. By Authorized Si�qner Je Bakke,Trustee PennyRiley, City Manager 1 ,� ,( �� (�Cl�-'�-�-i �i/L�.!/J� 7 van E. Bakke;Truste� Beneficiary Owner (ALL SIGNA'CURES MUST BE ACKNOWLEDGED) State of Califomia County;of San Dieqo 3'Eg,�4eeEand'�/A E� ' OnRuyu��before me(here insert name: title of.the officer), personally appeared � , who proved to me:on the ba ' of satisfactory evidence to be,{he person(s)whose name(s) i' subscribed to the.withiminstrument a acknowledge me that he/she�?cuted the same in his/her�(T�Ceuthorized qpacity(iesj, and thaCby:hislherl�gnature(s) on tfie trument the person(s), or the entity upon behalf of which the person(s)acted, execufed the instrument: - I certify under PENALTY OF PERJURY`unde�the laws of the Sta of Eaiifornia that the foregoing paragraph is true and correct. WITNESS my h an ial eal M. c�owe � �'� � �Commisslon # 1928187 (Se21) Z �."°� tary Public -Calilornia i Signatur = °� n Diego County D . � - My Comm. zpires Apr 7, 2075� CLTASUBORDINATION 'A' INITIALS: �� (Rev. 4194)(EXISTING DEED OF IRUST TO'NEW DEED OF TRUS� age No.,3'�.of 3 .'� �i 4 = 1644 . : � CALIFORNIA ALL-PURPOSE � CERTIFICATE OF ACKNOVVLEDGMENT Sta4e of California County of San Diego On f11,L1U57 2� , ZO13 before me, M. Clowe, Notary Public personally appeazed , V� �K-� a� �R� �' ��GIL� who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) i e' bscribed to the within inshument and acl:nowledged to me that he/she �e xecuted the same in his/her/ e' uthorized capacity(ies), and that by his/her/ e� signatdre(s) on the mstrument the person(s); or the entity upon behalf of which the person(s) acted, execute the instrument: I certify under PENALTY OF EERJURY under the laws of the State of California that the foregoing paragraph is true and cortect. M. CLOWE WITNESS my hand d official seal. • "' Commission # 1928787 � '—' _ �;d Notary Public -California z _ '� � � San Diego County D . (Notary Seal) M Comm. Expires Apr 7,2015� . M. Clowe,Notary Public , _ ADDITIONAL OPTIONAL INFORMATION DESCRiPTION OF THE ATTACHED DOCUMENT �P-UiNG�ZorJ � (Title or description of attached d � men[) (Title or description of attached document continued) Number of Pages ✓ Document Date � (Additionallntormation) CAPACITY GLAIMED BY"I HE SIGNER Individual(s) _Corporate Officer (Title) Partner(s) mey-in-Fac[ Trustee(s) Other � � � EXHIBIT A 16 4 5 . LOT 50, OF VALLE VERDE� ESTATSS UNIT N0. 2, IN THE CITY OF POWAY, COUNTY OF SAN DIEGO, STATE OF CALI�FORNIA, ACCORDING TO THE MAP THEREOF N0. 4894, FILED IN THE OFFICE OF �THE COUNTY �RECORDER OF- 8AN DIEGO COUNTY, �JANUARY 16, 1962 .