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HomeMy WebLinkAboutRecorded Doc 2015-042 ao - D4 a DOC # 2015-0217302 2015-042 05/26/2015 01:55 PM Fees: $37.00 Page 1 of 5 Recording Requested By Recorded in Official Records First American Title Company _ County of Riverside Peter Aldana Assessor-County Clerk-Recorder ESCROW NO: - TITLE ORDER NO: — **This document was electronically submitted APN: 678-192-031-5 to the County of Riverside for recording** Receipted by: MACASTRO 31260 Whispering Palms Trail Cathedral City, CA 92234 RECORDING REQUESTED BY: WHEN RECORDED MAIL TO: City of Cathedral City 68-700 Avenida Lalo Guerrero Cathedral City, CA 92234 Attn: Housing • .ency cpn c' ' 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, dated this 19th day of May , 2015, is made by and among VIRGINIA McREYNOLDS, owner of the land hereinafter described and hereinafter referred to as "Owner," and CITY OF CATHEDRAL CITY AS HOUSING SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT AGENCY OF CATHEDRAL CITY, "Beneficiary." WITNESSETH WHEREAS, HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC. did execute a deed of trust dated September 26, 1998, to FIRST AMERICAN TITLE COMPANY, as Trustee, covering: Lot 1054 in Rancho Ramon No. 7 as per map recorded in Book 32, Page 99 of Maps, in the Office of the County Recorder of Riverside County to secure a note in the sum of $8,0oo.00, dated September 26, 1998, in favor of CITY OF CATHEDRAL CITY REDEVELOPMENT AGENCY NOW KNOWN AS: REDEVELOPMENT AGENCY OF THE CITY OF CATHEDRAL CITY, which deed of trust was recorded September 3o, 1998,as Instrument No.41975o, of the Official Records of said County of Riverside, and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of$65,000.00, dated May. 19. 2015 , 2015, in favor of HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC. hereinafter "Lender" payable principal only, and upon the terms and conditions described therein,which deed of trust is to be recorded concurrently herewith; and 20150225 Subordination Agreement-McReynolds Recording Requested By First American Title Company ESCROW NO: TITLE ORDER NO: APN: 678-192-031-5 31260 Whispering Palms Trail Cathedral City, CA 92234 RECORDING REQUESTED BY: WHEN RECORDED MAIL TO: City of Cathedral City 68-700 Avenida Lalo Guerrero Cathedral City, CA 92234 Attn: Housing ency �-1�1SN ac-1-a1 cvn c1Y 1c1 b3 SUB ORDINATION 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, dated this 19th day of rray , 2015, is made by and among VIRGINIA McREYNOLDS, owner of the land hereinafter described and hereinafter referred to as "Owner," and CITY OF CATHEDRAL CITY AS HOUSING SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT AGENCY OF CATHEDRAL CITY, "Beneficiary." WITNESSETH WHEREAS, HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC. did execute a deed of trust dated September 26, 1998, to FIRST AMERICAN TITLE COMPANY, as Trustee, covering: Lot 1054 in Rancho Ramon No. 7 as per map recorded in Book 32, Page 99 of Maps, in the Office of the County Recorder of Riverside County to secure a note in the sum of $8,000.00, dated September 26, 1998, in favor of CITY OF CATHEDRAL CITY REDEVELOPMENT AGENCY NOW KNOWN AS: REDEVELOPMENT AGENCY OF THE CITY OF CATHEDRAL CITY, which deed of trust was recorded September 3o, 1998, as Instrument No. 419750, of the Official Records of said County of Riverside, and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of$65,000.00, dated May 19, 2015 , 2015, in favor of HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC. hereinafter "Lender" payable principal only, and upon the terms and conditions described therein,which deed of trust is to be recorded concurrently herewith; and 20150225 Subordination Agreement-McReynolds , 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: (1) That said deed of trust securing said note in favor of Lender, as to said loan as well as all other obligations recited as being secured thereby, 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 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, in 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) It 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, nor has Lender represented that it will, to 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 part; 20150225 Subordination Agreement-McReynolds • (c) It 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. 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. IN WITNESS WHEREOF, the parties hereto have executed this Subo dination Agreement on the day nd year first above writt j'. /141./A64'ii. A'''grel/ i5 7- By: _ .� , VIA McREYNOL;P., • er 17Nyv.', £. S`o-k•A- CITY OF , ATHEDRAL CITY AS HOUSING SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT AGENCY OF CATHEDRAL CITY, Beneficiary IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. 20150225 Subordination Agreement-McReynolds CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT 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 California )SS COUNTY OF Riverside , ) On �� 1 � je c j before me, D. Perricone , Notary Public, personally appeared V (Ct(( ( '- MC_0.c,Aadt 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 P URY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS m hand and c 2 .al seal. ' p. PERRICONE COMM.#1973741 Signature 4'4 , NOTARY+YOLK•CAUFORNIA 71:1/ RNER.MA COUNTY comet. . ARCH 30,2016 This area for official notarial seal. OPTI• SECTION - NOT PART OF NOTARY ACKNOWLEDGEMENT CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the documents. INDIVIDUAL - CORPORATE OFFICER(S) TITLE(S) PARTNER(S) I I LIMITED I I GENERAL ATTORNEY-IN-FACT TRUSTEE(S) GUARDIAN/CONSERVATOR OTHER SIGNER IS REPRESENTING: Name of Person or Entity Name of Person or Entity OPTIONAL SECTION - NOT PART OF NOTARY ACKNOWLEDGEMENT Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. THIS CERTIFICATE MUST BE ATTACHED TO THE DOCUMENT DESCRIBED BELOW TITLE OR TYPE OF DOCUMENT: NUMBER OF PAGES DATE OF DOCUMENT SIGNER(S) OTHER THAN NAMED ABOVE Reproduced by First American Tide Company 11/2007 . CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE§1189 v w w w.6:w.w..v...®...w�dw.w .v.,,w., -'" •',v:t✓v:elv.N+:N.wN..v.No.N.v:�e.a:.N.a<.H ... .v,Nw'e!::M :�e!.:.w ... .v. .v.N.MN r 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 California ) County of Riverside ) On q i t 12-0 I S— before me, Jim L. Sherman, Notary Public , Date Here Insert Name and Title of the Officer personally appeared Tami E. Scott Name(s)of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s)'whose names is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the`same/in Ks/her/their authorized capacity(i ),and that by Ws/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 tha he foregoing paragraph � JIM 1.SHERMAN is true and correct. Commission+r 2054335 WITNESS my han• and o •al z - •)1 Notary Public-CalNornia Z ��'!'±% I�iversi0e County 11 M Comm.E iris Feb 2 215 ' Signature /_i����� iiSignat,re 7 Notary Public 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: 0 Corporate Officer — Title(s): ❑Corporate Officer — Title(s): ❑Partner — 0 Limited ❑General ❑Partner — 0 Limited ❑General ❑Individual i_1 Attorney in Fact ❑Individual LI Attorney in Fact 0 Trustee I=1 Guardian or Conservator ❑Trustee ❑Guardian or Conservator ❑Other: ❑ Other: Signer Is Representing: Signer Is Representing: ©2014 National Notary Association•www.NationalNotary.org • 1-800-US NOTARY(1-800-876-6827) Item#5907