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2017-525884
DOC# 2017-0525884 RECORDING REQUESTED BY: 11111 111111111 II ]I'll IIIIII I [IIIIIIIIIIII IIFIIII III Stewart Title of California,Inc. Nov 09, 2017 03:38 PM WHEN RECORDED MAIL TO OFFICIAL RECORDS AND SEND TAX STATEMENTS TO: Ernest J. Dronenburg,Jr., SAN DIEGO COUNTY RECORDER City of Encinitas FEES: $30.00 City Clerk Office PAGES: 6 505 S.Vulcan Avenue Encinitas CA 92024 ORDER NO. 01180-285225 ESCROW NO. 01180-285225 APN: 256-330-60-16 ' l\ SPACE ABOVE THIS LINE FOR RECORDERS USE ,`1-.611\\ ! SUBORDINATION AGREEMENT OTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING O SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS Agreement, made October 20, 2017, by Michelle D. Madden, 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, Michelle D. Madden, did execute a deed of trust, dated August 30, 2005, to Fidelity National Title Company, as trustee covering: SEE EXHIBIT"A"ATTACHED HERETO to secure a note in the sum of$38,978.00, dated August 30, 2005, in favor of City of Encinitas, which deed of trust was recorded August 31, 2005. as Instrument No. 2005-0754254 and amended October 11, 2017 and recorded October 17, 2017, as Instrument 2017-0482033 of 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 $115,500.00, dated November 2, 2017 , in favor of Leading Mortgage Solutions, Inc., 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 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: File No.: 01180-285225 CA Subordination Agreement A • ` 2 RECORDING REQUESTED BY Stewart Title of California, Inc. WHEN RECORDED MAIL TO AND SEND TAX STATEMENTS TO: City of Encinitas City Clerk Office 505 S.Vulcan Avenue Encinitas CA 92024 ORDER NO. 01180-285225 ESCROW NO. 01180-285225 APN: 256-330-60-16 SPACE ABOVE THIS LINE FOR RECORDERS 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 October 20, 2017, by Michelle D. Madden, 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, Michelle D. Madden, did execute a deed of trust, dated August 30, 2005, to Fidelity National Title Company, as trustee covering: SEE EXHIBIT"A"ATTACHED HERETO to secure a note in the sum of $38,978.00, dated August 30, 2005, in favor of City of Encinitas, which deed of trust was recorded August 31, 2005, as Instrument No. 2005-0754254 and amended October 11, 2017 and recorded October 17, 2017, as Instrument 2017-0482033 of 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 $115,500.00, dated November 2, 2017 , in favor of Leading Mortgage Solutions, Inc., 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 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: File No.: 01180-285225 CA Subordination Agreement A (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 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 inconsideration 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. 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. BENEFICI• ' : City of r-,,.- as skc,cer�.^'J - This document is signed in counterpart A notary public or other officer completing this certificate verities only the identity of the individual who signed the document to which this certificate is attached and not the truthfulness accuracy,or validity of that document. Approv d io To Form: 4.44 File No.. 01180-285225 Glenn Sabine, City ttorney Attorney Date CA Subordination Agreement A CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy,or validity of that document. State of Cal9nia County of _ l , tio � t On 1 1' ©Ck before meC1a Date Here Insert e and Title of the O er personally appeared �G�r��-� k f��` Name(s) of Signer(s) 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 DEANA GAY of the State of California that the foregoing paragraph COMM.#2206986 is true and correct. Z`•; . ` � SAN DIEGO COUNTY ' NOTARY PUBLIC-CALIFORNIA WITNESS my • .nd official seal. MY COMMISSION EXPIRES — I AUGUST 23, 2021 Signature •1_ Signature of Notary Publi' Place Notary Seal Above OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended 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: Signer's Name: • Corporate Officer — Title(s): Li Corporate Officer — Title(s): ❑ Partner — Limited General ❑ Partner — - Limited _ General ❑ Individual __ Attorney in Fact ❑ Individual _ =Attorney in Fact ❑Trustee Guardian or Conservator ❑Trustee Guardian or Conservator ❑Other: ❑ Other: Signer Is Representing: Signer Is Representing: w'N.d-'d'N'-a,.'.---a---a'-a'-'b'd•- -a,-'a- -a',a',-m4'•✓'L.& -a' -e-4-a.--a -a -a''d.'N..a---a-.'df-L4'•✓S-a 'N'd'_--a' -a'-'d'A 'b'N'N'd ©2016 National Notary Association • www.NationalNotary.org • 1-800-US NOTARY(1-800-876-6827) Item #5907 1