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Home My WebLink About; Engstrom, Mark; 1997-0468567; Subordination AgreementL . I 1 .r ’ , .T 1. ’ -f RECORDING REQUESTED BY AMERICAN TITLE COMPANY AND WHEN RECORDED MAIL CITY CLERK CITY OF CARLSBAD 464 TO: t ,-',/ 1200 CARLSBAD VILLAGE DR. CARLSBAD, CA. 92008 (I 6’ 2 DOC # 1997-0468567 SEP 23, 1997 2:40 Pfl OFFICIAL RECDRDS SfiM DIE&O COUNTY RECORDER’S OFFICE ~RE~ORY~~~sS!IT~ 5 E;fN;Oy RECORDER : . I llllll Ill11 Ill 111111 ll~~~~ljlll lllll lllll lllll Ill1 Ill1 ORDER NO. 2421139-77 ----------------------------------------------------------------- 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 76th day of Auaust ,I997 by MARCUS C. ENGSTROM AND LUANN M. F ENGSTROM, as Trustees and their successor trustees, of THE M.C. & L.M. ENGSTROM 1993 FAMILY cl- TRUST, created on February 12, 1993, owner of the hereinafter described and hereinafter referred to as,NOWNER", and THE CITY OF c CARLSBAD, present owner and holder of a contract for future 2 public improvements first hereinafter to as "CITY"; WITNESSETH T THAT WHERE&S MARCUS C. ENGSTROM AND LUANN M. ENGSTROM, as fd trustees and their successor trustees, of THE M.C. & L M. ENGSTROM 1993 FAMILY TRUST, created on February ‘12, 1993, did execute a contract for future public improvements, dated SEPTEMRER 12, 1990 to THE CITY OF CARLSBAD, covering: SEE EXHIBIT "A" ATTACHED to secure a lien in the sum of $7,935.00, plus any future 'increses of cost in excess of this sum resulting from increased engineering and constructions costs, dated SEPTEMBER 12, 1990, in favor. of THE CITY OF CARLSBAD, which contract for future public: iml)rovements was recorded OCTOBER 1, 1990 as Instrument No. 90- 5351.80 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 $ 37,800.OO , dated 09-16-97 in favor of HOME SAVINGS OF AMERICA, FSB, 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 *.. ..- ..(_ . . . . 465 of the contract for future public improvements 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 upon the above described property prior and superior to the lien or charge of the contract for future public improvements first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the contract for future public improvements first above mentioned to the lien or charge of deed of trust in favor of "LENDER"; and WHEREAS, it is to the mutual benefit of the partied hereto that "LENDERI' make such loan to IIOWNER" and the "CITY" 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 contract for future public improvements first above mentioned. NOW, THEREFORE, 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 unconditonally 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 contract for future 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 contract for future 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 between the deed of and contract for future public improvements hereinbefore specifically described, any prior agreements as to such subordination including, but not limited to those provisions, if any, contained in the contract for public improvements 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, THE CITY OF CARLSBAD 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 2 *.- _ * 6. % . 1; ’ 466 (b) It intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the contract for future public improvements 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 being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination. 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. &id MARCUS' C. ENGSTROl@ , TRUSTEE (ownerv (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. 467 h CAiiibRNIA ALL-PURPOSE ACKNOWLEDGMENT State of C&-l FOWlA County of S& &EC70 On&L).ST- %I i9q-I before me, $&JA S. ST(~ ~LROA,~TAL~~~~~~~ Date Name and Tile of Officer (e.g., *Jane Doe, Notary Public”) personally appeared n/\ A CTfd ROYAL f Name(s) of Signer(s) personally known to me - OR t to be the personw whose name&a&subscribed to the within instrument to me that(@b6Atte&executed the authorized capacity0, and that by the instrument the person@, or the entity upon behalf of which the personw acted, executed the instrument. WITNESS my hand and official seal. Siature of No&y Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer’s Name: 0 Individual 0 Corporate Officer Title(s): 0 Partner - 0 Limited 0 General 0 Attorney-in-Fact 0 Trustee cl Guardian or Conservator q Other: Signer Is Representing: Signer’s Name: 0 Individual 0 Corporate Officer Title(s): Cl Partner - 0 Limited 0 General 0 Attorney-in-Fact 0 Trustee 0 Guardian or Conservator 0 Other: Signer Is Representing: 0 1994 National Notary Association l 6236 Rewnmet Ave., P.O. BOX 7184 l Canoga park, CAgj30g-7164 Prod. No. 5907 Reorder: Call Toll-Free 1-800-876-6627 mtwHB B 70, 3 Fits& g46Qnu/x/A3/~ /fr,ep~~~~* . - , . . * -. 3. 468 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT STATE OF CALIFORNIA COUNTYOF &‘&~.4 D/B&O On S~PVM4?&2 l?; 1977 before me, #NY b- S/N QCX?cc 2 1 , Notary Public, personally appeared N&R C&f& c- mGg~&Ny -/“Ru&/-EF L er- - . ._.- , w (or proved to me on the basis of satisfactory evidence) to be the person&) whose name(f) is/= subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(iee), and that by his/her/their signature(B) on the instrument the person($), or the entity upon behatf of whiih the person($) acted, executed the instrument. WITNESS my hand and official seal. Signature mmmmmmmmmmmmmmmmmmm8m8m 8 AMY 8. SINOCRUZ ! COMM. X1042180 b NOTARY PUBIJC - CAlJ~fl “s SAN DIEGO Cm My Comm. Expirea OCT 9.1998 : (S-0 SF-94744 (Rev. C - Si95) CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT STATE OF CALIFORNIA COUNTY OF &IM LuLPcra On GkVkfi43XR 10 1 1957 before me, dHY 6 g/YUWUZ * Notary Public, I personally appeared 1. u&Alc/N B- &kG &.7kfY~ ( T/2 u &fk:fi - - t -(or proved to me on the basis of satisfactory evidence) to be the person@ whose name(@i&~ subscribed to the within instrument and acknowledged to me that b&he/they executed the same in his/her/their authorized capacity(ieej, and that bybis/her/their signature@) on the instrument the person(g), or the entity upon behalf of which the person@) acted, executed the instrument. WITNESS my hand and official seal. Signature ..~amu.ms.Dmaa........~ I AMY 8. SINOCRUZ ‘, m 2 COMM. #I@42180 > NOTARY PUB11C - CALIFORNIA % Q 8 SAN UIEGO CGUMV 8” 0 IPy CcmXT Expws 0c.T 9. 1we !a ICrnCPOmmmIIa~mImWaOIma~ ww SF-94744 (Rev. C - SDS) Order No.,F42113!l-77 Your: No: 107658 470 EXEIBIT “A” PARCEL 1: Parcel B, in the City of Carlsbad, County of San Diego, State of California, as shown at Page 5741 of Parcel Maps, filed in the Office of the County Recorder of San Diego County, March 29, 1977. PARCEL 2: Easements and rights of way fgr drainage purposes over, along and across the Southwesterly 7.00 feet of Parcel A and the Northwesterly 7.00 feet of Parcel C, all being in the City of Carlsbad, County of San Diego, State of California, as shown at Page 5741 of Parcel Maps, filed in the Office of the County Recorder of San Diego County, March 29, 1977. PARCEL 3: An easement for drainage purposes over, along, and across a strip of land 2.00 feet in width lying within Lots 10 and 11 of Valley Manor Subdivision, in the City of Carlsbad, County of San Diego, State of California, according to Map thereof No. 4891, filed in the Office of the County Recorder of San Diego County, January 5, 1962, the center line of said strip being described as follows: Beginning at the most Northerly corner of said Lot 11; thence along the Northwesterly line of said Lot 11, South 62O 17' 14" West, 36.21 feet to the Southwesterly boundary of said Lot 11. Said easement to terminate Northeasterly and Southwesterly in the boundary line of said Lots 10 and 11. . Page No. 3 . . .._. ..- - . . . :.