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HomeMy WebLinkAboutMichel-Delaune, Anne Marie; 1994-12-21;4 ' RECORDED AT THE REQUEST OF CHICAGO TITLE PP^llC^P7'~^ RfitUiOJllJCi lU^gUiiMl^D li 'i. City of Carlsbad WHEN RECORDED MAIL TO: Carlsbad Housing & Neighborhood Services Department Attn: Housing & Neighborhood Services Director 1200 Carlsbad Village Drive Carlsbad, Califomia 92008 DOC« 2012007251G FEB 08, 2012 8:00 AM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE EmesU. Dronenburg, Jr., COUNTY RECORDER FEES: 30.00 d432 PAGES: (Space above for RecordePs Use) 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 AGREEMENT, made this MICHEL, owner of the land hereinafter described ("Owner"), and tt corporation present owner and holder of the deed of trust and note ("Beneficiary"). WITNESSETH 1012, by ANNE MARIE y of Carlsbad, a municipal 5t hereinafter described THAT WHEREAS, Owner did execute a deed of trust, dated DECEMBER 21, 1994. to CHICAGO TITLE COMPANY, as trustee, covering: Complete legal description as more particularly described in "Exhibit A" attached hereto and made a part hereof. To secure a note in the sum of NINETEEN THOUSAND, FOUR HUNDRED DOLLARS ($19,400.00), dated DECEMBER 21,1994, in favor of Beneficiary, which deed of trust was recorded on FEBRUARY 21,1995, as Document No. 1995-0073961 of Official Records of San Diego County; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of ONE HUNDRED AND SIXTEEN THOUSAND DOLLARS ($116,000.00) dated JANUARY 27, 2012 in favor of PROSPECT MORTGAGE, 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 CA 5/12/2011 4433 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 ofthe 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 ofthe 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 ofthe deed of trust 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 ofthe deed of trust 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 ofthe lien or charge of the deed of trust first above mentioned to the lien or charge ofthe 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 to, those provisions, if any, contained in the deed of trust first above mentioned, which provide for the subordination of the lien of charge thereof to another deed or deed 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 CA 5/12/2011 4434 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 if the deed of trust first above mentioned in favor ofthe 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 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. OWN5R(S) Name: ANNE MARIE MICHEL Dated John Coa Dated: ' s^istoit City Manager {PROPER NOTARLiL ACKNOWLEDGEMENT OF EXECUTION IS REQUIRED. IT IS RECOMMENDED THAT PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.) APPROVED AS TO FORM Ronald R. B^^ll, 0ity Attomey Dated: lobaldi, Assistant City Attomey pZ^ CA 5/12/2011 CALIFORNIA ALL-PURPOSE CERTIFICATE OF ACKNOWLEDGMENT State of California County of 4435 On •3anUAVM23,2t>lZbefore me, Mt»y(\&.yv^ i^M, KVWvtA ^Vl-b(j.Q^ vJ O' ^ere insert name andtHlle of the officer) personally appeared \]^\py\ Ct)OJ:eC, who proved to me on the basis of satisfactory evidence to be the personls) whose namefs) is/^ subscribed to the within instrument and acknowledged to me that he/shc/they executed the same in his/tfer/thfiii; authorized capacity(t©s), and that by his/fieT/th^ix signature's) on the instrument the person(», 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 Califomia that the foregoing paragraph is true and correct. WITNESS my hand and official seal P Signature ofNotary Public (NotaiflLlJ MORGEN FRY Commission # 1918442 Notary Public - California San Oiego County san Diego uouniy |& Comm. Exyas Pac 24^2014 ^ ADDITIONAL OPTIONAL INFORMATION DESCRIPTION OF THE ATTACHED DOCUMENT (Title or description of attached document) (Title or description of attached document continued) Number of Pages Document Date (Additional information) CAPACITY CLAIMED BY THE SIGN; • Individual (s) • Corporate Officer (Title) • Partner(sX, • Attorpe5^in-Fact • T>dstee(s) Other INSTRUCTIONS FOR COMPLETINp^IS FORM Any acknowledgment completed in California mufit^ontain verbiage exactly as appears above in the notary section or a sepprdte acknowledgment form must be properly completed and attached to thMAdocument. The only exception is if a document is to be recorded outside ofjCalifornia. In such instances, any alternative acknowledgment verbiage as mqy^e printed on such a document so long as the verbiage does not require thfiAnotary to do something that is illegal for a notary in California (i.e. certifyingPhe authorized capacity of the signer). Please check the document carefully improper notarial wording and attach this form if required. • State apdXounty information must be the State and County where the document f(s) personally appeared before the notary public for aclcnowledgment. 5ate of notarization must be the date that the signer(s) personally appeared which must also be the same date the acknowledgment is completed. The notary public must print his or her name as it appears within his or her commission followed by a comma and then your title (notary public). Print the name(s) of document signer(s) who personally appear at the time of notarization. Indicate the correct singular or plural forms by crossing off incorrect forms (i.e. tie/she/theyr is /are) or circling the correct forms. Failure to correctly indicate this infonnation may lead to rejection of document recording. The notary seal impression must be clear and photographically reproducible. Impression must not cover text or lines. If seal impression smudges, re-seal if a sufficient area permits, otherwise complete a different acknowledgment form. Signature of the notary public must match the signature on file with the office of the county clerk. • Additional information is not required but could help to ensure this acknowledgment is not misused or attached to a different document. • Indicate title or type of attached document, number of pages and date. • Indicate the capacity claimed by the signer. If the claimed capacity is a corporate officer, indicate the title (i.e. CEO, CFO, Secretary). Securely attach this document to the signed document 2008 Version CAPA vl2.10.07 800-873-9865 www.NotaryClasses.com 4436 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of SoT^ D^PAT) J QnZjQfM^nk-v xl rtlD\nl before me, PrrnrtClg( '^^^ Date / Here Insert Name and Title/ the Officer 7 personally appeared . } Name{s) of Signer(s) PATRICIA L. CRESCENTI Commission # 1887595 Notary Public - California San Otego County ^ My Comm. Expires May 24.20141 Place Notary Seal Above who proved to me on the basis of satisfactory evidence to be the person^O whose namejj*^ is/are subscribed to the within instrument and acknowledged to me that jDe/she/tl«rey executed the same in-bls/her/their authorized capacit^^p^, and that by+ris/her/their signature?^ on the instrument the persorj^ 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 Signature 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 Typ^^Qf Document Document Date Signer(s) Other Than Name Capacity(ies) Claimed by Signer(s Signer's Name: • Individual • Corporate Officer — Title(s) • Partner — • Limited I>€ieneral • Attorney in R • Trust • Guardian or Conservator • Other: ©2007 National Notary Association • 9350 De Soto Ave., P.O.Box 2402 •Chatsworth, CA 91313-2402'www.NationalNotary.org Item #5907 Reorder: Call Toll-Free 1-800-876-6827 4437 EXHIBIT A Order No.: 73711015770 For APN/Parcel ID(s): 207-120-14-00 Lot 14 of Valley Manor, in the City of Carlsbad, County of San Diego, State of California, according to Map thereof No. 4891. filed in the Office ofthe County Recorder of San Diego County, January 5, 1962.