Loading...
HomeMy WebLinkAboutPD 01-08; Kelly, George & Lori; 2002-0550475; Subordination AgreementDOC # 2002-0550475 RECORDING REQUESTED BY WHEN RECORDED MAIL TO: City Clerk CITY OF CARLSBAD 1200 Carlsbad Village Dr. Carlsbad. CA 92008 no fee as it is to the benefit of Please record the document at the District (Gov. Code [6103].) SPACE ABOVE THIS LINE FOR RECORDERS USE ASSESSOR'S PARCEL NO. 156-200-25-00 PROJECT NO. & NAME: PD 01-08 Kelly Residence PR 01-69 SUBORDINATION AGREEMENT (TRUST DEED HOLDERS) NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO ANKHE EASEMENT(S) IN THE REAL PROPERTY TO WHICH YOUR SECURITY INSTRUMENT ATTACHES AND HAS THE POTENTIAL EFFECT OF REDUCING THE VALUE OF YOUR SECURITY INTEREST. THIS AGREEMENT is made this15 day of ,2flz by George r. Kelly and Lori Savoy-Kelly, husband and wife as joint tenants undivided 50% interest; and Michael A. Stevens and Jeanette L. Stevens, husband and wife as joint tenants, undivided 50% nterest, owners of the land hereinafter described and hereinafter referred to as "Owner," and remecula Valley Bank, N. A. and holder of the deed of trust hereinafter described, hereinafter 'eferred to as "Beneficiary;" WITNESSETH WHEREAS, George T. Kelly and Lori Savoy-Kelly, husband and wife as joint tenants mdivided 50% interest; and Michael A. Stevens and Jeanette L. Stevens, husband and wife as joint tenants, undivided 50% interest, did execute a deed of trust, dated July 10, 2001 to Temecula Valley Bank, N.A., as trustee, to secure a note in the sum of $457,000 dated July 1 M861err/FDrmUS"bordinslm Agl Trust Deed Holdem City Rev. 5nilW 10, 2001 in favor of Temecula Valley Bank, N.A. recorded in the office of the County Recorder of San Diego County on August 8, 2001 as File No. 2001-0559242 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT(S) dated9 &&favor of the City of Carlsbad as grantee herein referred to as "Easement Grantee" creating AN EASEMENT(S) more particularly described in EXHIBIT '"A attached hereto; and # WHEREAS, Easement Grantee is willing to accept said EASEMENT(S) provided the grant of EASEMENT(S) is a charge upon the above described property prior and superior to the lien or charge of the deed of trust above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the deed of trust above mentioned to the lien or charge of the EASEMENT(S) created in favor of Easement Grantee; and WHEREAS, it is to the mutual benefit of the parties hereto that Easement Grantee accept said EASEMENT(S) and Beneficiary is willing that the grant of EASEMENT(S) shall, when recorded, constitute a charge upon said land which is unconditionally prior and superior to the lien or charge of the 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 Easement Grantee to accept said EASEMENT(S) above referred to, it is hereby declared, understood and agreed as follows: 1. That said EASEMENT(S) in favor of Easement Grantee shall unconditionally be and remain at all times a charge on the property therein described, prior and superior to the lien or charge of the deed of trust above mentioned. 2. That Easement Grantee would not accept said EASEMENT(S) above described without this subordination agreement. 3. That this Agreement shall be the whole and only agreement with regard M.Slerr/FOrmYSSYbo~inBtian A# Trust Deed Holdem City 2 FW mmo to the subordination of the lien or charge of the deed of trust above mentioned to the EASEMENT(S) in favor of Easement Grantee above referred to and shall supersede and cancel, but only insofar as would affect the priority between the deed of trust and EASEMENT(S) 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 above mentioned, which provide for the subordination of the lien or charge thereof to another interest in the real property therein described. Beneficiary declares, agrees and acknowledges that: 1. ll(We) consent to and approve the grant of EASEMENT(S) in favor of the Easement Grantee. 2. ll(We) intenfionally and unconditionally subordinate the lien or charge of the deed of trust above mentioned to the EASEMENT@) in favor of Easement Grantee above referred to and understands that in reliance upon, and in consideration of, this subordination of the grant of EASEMENT(S) is being executed and delivered, the EASEMENT@) WARE being created, and that specific monetary and other obligations are being and will be entered into by the Easement Grantee, other lenders and title insurance companies which would not be made or entered into but for said reliance upon the Subordination. Ill Ill Ill Ill Ill Ill Ill Ill Ill Ill 3. This Agreement represents an endorsement to the note secured by the deed of trust above mentioned and that said deed of trust has by this instrument been subordinated to the charge of the Easement in favor of Easement Grantee above referred to. BENEFICIARY: Temecula Valley Bank, N.A. OWNER: George T. Kelly and Lori Savoy-Kelly, husband and wife as joint tenants undivided 50% interest; and Michael a. Stevens and Jeanette L. Stevens. ife as joint tenant By: rint name hebe) (print name here) By: (sign here) (print name here) (title and organization of signatory) (print name here) /r/CKAe M, ."hwmg (print name here) N/A (title and organization of signatory) 4 (Proper notarial acknowledgment of execution by BENEFICIARY AND OWNER must be attached.) (Chairman, president or vice-president and secretary, assistant secretary, CFO or assistant treasurer must sign for corporations. Otherwise, the corporation must attach a resolution certified by the secretary or assistant secretary under corporate seal empowering the officer(s) signing to bind the corporation.) If signed by an individual partner, the partnership must attach a statement of partnership authorizing the partner to execute this instrument. 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. BALL City Attorney 5 Re". 5n1m State of California ) ) County of San Diego 1 personally appeared (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) -E@ subscribed to the within instrument and acknowledged to me that h&sh&&xecuted the same in-h&he& authorized capacity(ies), and that by ignature(s) on the instrument the person(s), or entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal (This area for official notary seal) Date of Document 6 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT Name and Tltle of Offlcer le 9 , "Jane Doe, Notary Publ,d) Nameis) of Signerls) evidence to be the person(@ whose name(+ is/- subscribed to the within instrument and acknowledged to me that he/- executed Place Notary Seal Above 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. Title or Type of Document: Description of Attached Document Document Date: Number of Pages: Signer@) Other Than Named Above: 0 Individual U Corporate Officer - Title@): n Partner - 0 Limited n General n Attorney in Fact 0 Guardian or Conservator Signer Is Representing: a ,999 Na,,onal Notary A*sDciat,o". 9350 os Soto iive , P.0 BOX 2402 . Chal3wo"h. CA 91 313~2602 . vN_ "al8onaI"atarY or0 Prod No 5907 Reorder CallTall-Frse 1~800~875~6827 county of I .em U a, a% before me, &cW &3k-,kk/hLv 4&h'c, personal; appeared JeRI1cZ {ff s*&5 Dd Name and Tltle of Ohlcer /e 9 , "J& Doe, NotarfPubla"1 LJName(s) of Signeris) L1: proved to me on the basis of satisfactory evidence to be the person0 whose name@) is/@e subscribed to the within instrument and acknowledged to me that t&/she/thCy executed the same in t&/her/thdr authorized capacity(i$), and that by hidlherlthd signature(#on the instrument the person(@, or the entity upon behalf of which the person(6) acted, executed the instrument. WITNESS my hand and official seal. personally known to me &.++.qYy1 Place Notary Seal Above Slgnafure of Notary Publlc OPTIONAL Though the informafion below is not required by law, it may prove valuable fo persons relying on fhe document and could prevent fraudulenf removal and reattachment of this form fo anofher document. Description of Attached Do Title or Type of Document: U Document Date: /$: 2dOL Number of Pages: Signer(s) Other Than Named Ibove: Gcvme Capacity(ies) Claimed by Signer 0 Individual Signer's Name: U Corporate Officer - Title@): 0 Partner - U Limited 0 General 0 Attorney in Fact 0 Trustee Ger Is Representing: u GOVERNMENT CODE 27361.7 I CERTIFY UNDER PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE DOCUMENT TO WHICH THIS STATEMENT IS AlTACHED READS AS FOLLOWS: Commission Number: Date Commission Expires: d- 16- 03 County Where Bond is Filed: sa- Q: eCl a - Manufacturer or Vendor Number: Nwl I (Located on both sides of the notary seal border) Signature: / /Firm Name (if applicable) Place of Execution: Date: (o - JK Rea. Form #A10 (Rev. 7m61