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2003-712150
' DOC 9003 0712150 .R~C~)RDING REQUESTED BY: Fioelity National Title Company EscrowNo. 4307939-PH 3UN 1'7, 2OO. , :1. = Title Order No. 01424062 When Recorded Mail Document To: OFFII;I~L City of Encinitas ~ I)[E~ CI][NTY RECOR~R'S OFFICE 505 So. Vulcan Avenue G~G[~ J' SMITH, COUNTY RECORIER Encinitas, CA 92024 FEES: 22.00 APN: 256-330-59-07 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 May 16, 2003, by Rosa M. Gonzalez, an unmarried woman owner of the land hereinafter described and hereinafter referred to as "Owner," and City of Encinitas present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary"; WITNESSETH THAT WHEREAS, Rosa M. Gonzalez, did execute a deed of trust, dated February 10, 2000, to Chicago Title Company, as trustee, covering SEE EXHIBIT ONE ATTACHED HERETO AND MADE A PART HEREOF to secure a note in the sum of $43,893.00, dated February 10, 2000, in favor of City of Encinitas, which deed of trust was recorded as instrument no. 2000-0079333, on February 15, :)000, 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 $ I ~)o~ '7o0 ~ dated /'~i 2-~I © ~ , in favor of Union Bank of California, 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 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 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: ~c) FD-46A (Rev. 9/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 1 of 3 ' APN: 256-330-59-07 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 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 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 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 trust 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. 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 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 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 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. CLTA SUBORDINATION "A" INITIALS: ~ FD-4SA (Rev. 9/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 2 of 3 ' APN: 256-330-59~07 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. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT. THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. City of Encinitas //,,~ ~ ~ ~_%..r~.~''~ Rosa M. Gonzalez 4 Beneficiary Owner 4 (ALL SIGNATURES MUST BE ACKNOWLEDGED) 0 STATE OF CALIFORNIA COUNTY OF .~'~z~ Z)/'~SO ON ,/.~.z../ ~ .~Z.OO~, before me,~-~.~o~ ~, ,~-4/~-L-,J--'~u~ ,,O~77W¢'~ fz)Z~u(.cersonally appeared ~known tg m~e (or proved to me on the basis of satisfactory evidence)~,be the person(s) whose name(s) ~.[s~re subscribed to the within instrument and acknowledged to me that~u~he/they executed the same in i~.~ner/their authorized capacity(les), and that b~r/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. Witness my hand and official seal. Signature ~'~~ ~ ~~z-~ STATE OF CALIFORNIA COUNTY Of ,~',J'~ ~) ~ E_GO ON ~uJ~_ ~{ !c~(3rc~ before me, ~ F~iZ~ .~_. (-~LtT~.rZ-~Z personally appeared ~rsonally known to me (or proved to me on the basis of satisfactory evidence) to,the person(s) whose name(s) HJ~ar/p-.~ubscribed to the within instrument and ack~wledged to me that he/~3~/they executed the same in his e~.~their authorized capacity(les), and that by his~their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, execu-'~ed the instrument. Witness my hand and official seal. ~ Signature""~[ ~ ~~I · ~ ~'~- ~ CLTA SUBORDINATION "A" FD-46A (Rev. 9/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 3 of 3 · Es(J~ow Nq. 4307939-PH ?itle, Or~ler No. 01424062 EXHIBIT ONE A Condominium Comprised Of: Parcel A: An undivided 1/21st fee simple interest as a tenant in common in and to the portion of the Common Area of Module G of Lot 5 of City of Encinitas Tract No. 96-170, in the City of Encinitas, County of San Diego, State of California, according to Map thereof No. 13481, filed in the Office of the County Recorder of San Diego County, October 9, 1997, as shown on the Condominium Plan for Saxony, Phase 6, recorded in the Office of the County Recorder of San Diego County, on March 2, 1998 as File No. 1998-0109284, of Official Records ("Condominium Plan"). Parcel B: Residential Unit No. 88 as shown and defined on the Condominium Plan. ~ Parcel C: ~ A non-exclusive easement, in common with other owners, for ingress and egress, use and enjoyment, over, in, to, and throughout the Association Property shown on the Condominium Plan referred to in Parcel "A" above and over, in, to and throughout, other Phases of the property described in the Declaration. The Association Property referred to herein as to each of such Phases shall be as shown and described on the Condominium Plan covering each such Phase recorded in the Office of the County Recorder of San Diego County, excepting therefrom the Common Area and Residential Units thereon. Parcel D: An exclusive easement over the portion of the Association property (as defined in the Declaration of Covenants, Conditions and Restrictions for Saxony at Encinitas Ranch recorded December 2, 1997 as Instrument No. 1997-0608422 of Official Records, and any amendments thereto) designated in the Condominium Plan or in another Condominium Plan for Another Phase of the Saxony at Encinitas Ranch Project as an Exclusive Use Parking Space appurtenant to the Residential unit described in Parcel "B" above. GOVERNMENT CODE :~7361.7 ! I CERTIFY UNDER PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE DOCUMENT TO WHICH THIS STATEMENT IS A1 IACHED READS AS FOLLOWS: t ~ u ~TEr4~CZ 4 8 (Located oD both sides of the ootary seal border) CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California 1 Count of /- ss. personally appeared /~//~'/~'~/ /_ /¢'i/E£ Name(s) of Signer(s) /~personally known to me [] proved to me on the basis of satisfactory evidence 4 to be the person(s) whoso name(sL/~are 4 subscdbed to the within~ instrument and acknowledged to me t~t~e,~she/they executed 0 the same in dqislher/their .?~thorized 9 capacity(ies), and that by (..hi~her/their L~ signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. 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 rea~fachment 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(les) Claimed by Signer Signer's Name: [] Individual TOp of thumb here [] Corporate Officer-- Title(s): [] Partner-- [] Limited [] General [] Attorney in Fact [] Trustee [] Guardian or Consen~ator [] Other: Signer Is Representing: