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2011-195181RECORDING REQUESTED BY Lawyers Title - SD AND WHEN RECORDED MAIL TO n Attn: Housing Administrator City of Encinitas 505 South Vulcan Avenue Encinitas, CA 92024 APN: 259-520-45-00 Escrow No: CAL14955 -LT145 - NL Title No: 311311198 DOC# 2011-0195181 IIIIIIIIIIIIIII 11111111111111111111111111111111111111111111111111111111111111 APR 14, 2011 8:00 AM 5 4 0 0 OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE Ernest J. Dronenburg, Jr., COUNTY RECORDER FEES: 39.00 PAGES: 9 Space above this line for Recorder's 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 8th day of April 2011 by Michelle R. Raggio, an unmarried woman owner of the land hereinafter described and hereinafter referred to. as "Owner", and The Housing Authority of the County of San Diego original owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary"; This deed of trust and promissory note was assigned to The City of Encinitas on May 26, 2010 WITNESSETH THAT WHEREAS, Owner has executed a deed of trust, dated September 15, 2003, to Chicago Title Company, a California Corporation , as trustee, covering: For legal description of the real property, see Exhibit A attached hereto and made a part hereof. Commonly known as: 104 Five Crowns Way, Encinitas CA, 92024 to secure a note in the sum of $15,951.04, dated September 15 2003, in favor of The Housing Authority of the County of San Diego, which deed of trust was recorded 2003-1145319 Official Records of said county; this deed of trust and note has been assigned to the City of Encinitas, Assignment of Deed of Trust and Promissory Note recorded on April 7, 2011 2011-0180923 WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $65,300.00, dated April 6, 2011, in favor of San Diego County Credit Union , 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 or 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 of the deed of trust first above mentioned. 'Db Ut,r A&N T EX U-(LkT)E~7~ l N Co N~-TL f'~4fz-T Page 1 of 4 5+401 Escrow No.: CAL14955 - LT145 - NL 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 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 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 to, 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 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. 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. Beneficiary Owner r~ City of Encinitas Michelle R. Raggio . Ar~'96pev ivbTA2~!~(All signatures must be acknowledged) L' a,r1,,! rL-~ Form Furnished By Lawyers Title Carlsbad IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. (SUBORDINATION FORM "A") Deed of Trust to New Deed of Trust Page 2 of 4 5402 Escrow No.: CAL14955 - LT145 - NL STATE OF CALIFORNIA }ss: COUNTY OF On before me, , a Notary Public, personally (here insert name and title of the officer) 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 acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), 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 my hand and official seal. Signature (This area for notary stamp) STATE OF CALIFORNIA COUNTY OF }ss: On before me, , a Notary Public, personally (here insert name and title of the officer) 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 acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), 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 my hand and official seal. Signature (This area for notary stamp) Page 3 of 4 5403 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of , Kai 1) I.Q 44 t) Ili On before me, 1 Dale' personally appeared T/ I► I I 144 a 6MIA FtAANCa ZEUWS Commi::ias # 1878445 Notary Publk - CalMorMs San Napo Co" Exon Jan z 9, 2014 who proved to me on the basis of satisfactory evidence to be the person(a) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/94eAhW executed the same in his/hemOheir authorized capacity(ies), and that by his/herAheir signature(s) on the instrument the person(&), 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 my hand and official seal. Signatur Place Notary Seal Above Signature of Notary 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: ,Aobor d 1 negtfi orl Ha'fPQ.2Vyi✓Q6t, apti: '25q -5 ;24) ..4y5- Qy Document Date: rj f (A I Number of Pages: -rW U Signer(s) Other Than Named Above: m f 0 r, (.jkL ~-f~ Capacity(ies) Claimed by Signer(s) Signer's Name: f t I I t p 1 T~+ Signer's Name: ❑ Individual ❑ Individual ❑ Corporate Officer - Title(s): ❑ Partner - ❑ Limited ❑ General ❑ Attorney in Fact • ❑ Trustee Top of thumb here ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Cj±4 t C7 & P., C, Ito TAje> ❑ Corporate Officer - Title(s): ❑ Partner - ❑ Limited ❑ Ger ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Coi ❑ Other: / 9 lei I La Top of thumb here Signerjpl~epresenting: ©2007 National Notary Association- 9350 De Soto Ave., PO. Box 2402 -Chatsworth, CA 91313-2402- www.NationalNotaryorg Item #5907 Reorder: Call Toll-Free 1-800-876-6827 5404 Exhibit A THE LAND REFERRED TO HEREIN IS SITUATED IN THE COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: LOT 602 OF VILLAGE PARK UNIT NO. 13, IN THE CITY OF ENCINITAS, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 7833, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DI EGO COUNTY DECEMBER 27, 1973. EXCEPT THEREFROM THE OIL, GAS, MINERALS, AND OTHER HYDROCARBON SUBSTANCES LYING BELOW THE SURFACE OF SAID LAND, AS PROVIDED IN DEEDS OF RECORD. ASSESSOR'S PARCEL NUMBER: 259-520-45-00 RECORDING REQUESTED BY Lawyers Title - SD AND WHEN RECORDED MAIL TO: Attn: Housing Administrator City of Encinitas 505 South Vulcan Avenue Encinitas, CA 92024 APN: 259-520-45-00 Escrow No: CAL14955 -LT145 - NL Title No: 311311198 5405 Space above this line for Recorder's 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 8th day of April 2011 by Michelle R. Raggio, an unmarried woman owner of the land hereinafter described and hereinafter referred to as "Owner", and The Housing Authority of the County of San Diego original owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary"; This deed of trust and promissory note was assigned to The City of Encinitas on May 26, 2010 WITNESSETH THAT WHEREAS, Owner has executed a deed of trust, dated September 15, 2003, to Chicago Title Company, a California Corporation , as trustee, covering: For legal description of the real property, see Exhibit A attached hereto and made a part hereof. Commonly known as: 104 Five Crowns Way, Encinitas CA, 92024 to secure a note in the sum of $15,951.04, dated September 15 2003, in favor of The Housing Authority of the County of San Diego, which deed of trust was recorded 2003-1145319 Official Records of said county; this deed of trust and note has been assigned to the City of Encinitas, Assignment of Deed of Trust and Promissory Note recorded on April 7, 2011 2011-0180923 WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $65,300.00, dated April 6, 2011, in favor of San Diego County Credit Union , 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 or 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 of the deed of trust first above mentioned. Page 1 of 4 Escrow No.: CAL14955 - LT145 - NL 540:6 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 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 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 to, 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 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. 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. Beneficiary Owner City of Encinitas Michel R Raggio (All signatures must be acknowledged) Form Furnished By Lawyers Title Carlsbad IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. (SUBORDINATION FORM "A") Deed of Trust to New Deed of Trust Page 2 of 4 Escrow No.: CAL14955 - LT145 - NL STATE OF CAFORMA ~ }SS: COUNTY OF 540 On ar0~1 L $ t 1 before me, a Notary Public, personally ,(here insert name and title of the officer) appeared m i c S. 2 9!a 0 who proved to me on the basis of satisfac evidence to be the person(s) whose name(s) is/ale subscribed to the within instrument and acknowledged to me that he/she/t4W executed the same in hWher/their authorized capacity(ies), and that by his/her/tbaix signature(s) on the instrument the person(s), or the entity upon behalf of which the person(Q 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 my hand and official seal. Signature STATE OF CALIFORNIA COUNTY OF On } SS: CHRISTIN F'El"LSSC?IV i Commission # 1897137 Notary Public - California z San Diego County n My Comm. Expires Aug 3, 2014 (This area for notary stamp) before me, , a Notary Public, personally (here insert name and title of the officer) 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 acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), 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 my hand and official seal. Signature (This area for notary stamp) Page 3 of 4 54DB Exhibit A THE LAND REFERRED TO HEREIN IS SITUATED IN THE COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: LOT 602 OF VILLAGE PARK UNIT NO. 13, IN THE CITY OF ENCINITAS, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 7833, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DI EGO COUNTY DECEMBER 27, 1973. EXCEPT THEREFROM THE OIL, GAS, MINERALS, AND OTHER HYDROCARBON SUBSTANCES LYING BELOW THE SURFACE OF SAID LAND, AS PROVIDED IN DEEDS OF RECORD. ASSESSOR'S PARCEL NUMBER: 259-520-45-00