HomeMy WebLinkAboutRecorded Doc 2009-0081307
DOC # 2009 - 0074300 2009-0074300
02/18/2009 08:00A Fee:27.00
Page 1 of 7
e Recorded in Official Records
RECORDING REQUESTED BY: County of Riverside
Fidelity National Title Company Larry W. Ward
Escrow No. 1892095 -KN Assessor, County Clerk & Recorder
Title . Order No. 4904
11111111111 111111111111111111 111 1111111 111
VIIIIIII IIII
City of Cathedral City
City Clerk- Office of Housing Assistance
68700 Avenida Lalo Guerrero S R U PAGE SIZE DA MISC LONG RFD COPY
Cathedral City, CA 92235 -5001 /) r/
M A L 465 426 PCOR NCOR SMF NCHG EXA • T
APN: 686-300-032-8
1'1 1 - IT: CTY UN! O l u
010
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 January 21, 2009, by JOY C. DIAZ, A WIDOW
owner of the land hereinafter described and hereinafter referred to as "Owner," and THE CATHEDRAL CITY
REDEVELOPMENT AGENCY
present owner and holder of the lien first hereinafter described and hereinafter referred to as "Beneficiary ";
WITNESSETH
THAT WHEREAS, JOY C. DIAZ, A WIDOW, did execute a COVENANT RUNNING WITH THE LAND AND GRANT
OF LIEN, dated July 2, 2007, to covering property known as 39340 Juan Circle, Cathedral City, CA 92234
to secure a Nen, as per its terms, dated July 2, 2007, in favor of THE CATHEDRAL CITY REDEVELOPMENT
AGENCY, which lien was recorded as instrument no. 2007- 0487472, on July 27, 2007, in book ---, page - - -, 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 $94,000.00 dated
January 16, 2009, in favor of JP MORGAN CHASE BANK, N.A., hereinafter referred to as "Lender," payable with
interest and upon the terms and conditions described therein, which deed of trust is to be recorded.eeflearrentt —
hefewith; and
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CLTA SUBORDINATION "A"
INITIALS
FD -46A (Rev. 12/071 (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No, 1 of 3
(aubore.wpol(12 -071
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APN: 686-300-032-8 1
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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 r i
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WHEREAS, lender is willing to make: said loan provided the deed of trust securing the same is a lien or charge upon i
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 1
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.
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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:
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(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;
(bl 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
(dl 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.
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CLTA SUBORDINATION "A" INITIALS
FD-4SA (Rev. 12/07) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) a e. No 2 of 3 l
(subora.wpd)112.071
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4PN: 686- 300 -032 -8
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.
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IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES
CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.
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CATHEDRAL CITY REDEVELOPMENT AGENCY JO C. AZ
by: t c)4fi R t: N , i)sH,{ k)
Its: /�OU,r/AJ4 Pfi4 G1-1i9tns Ykti AI 4.E
Beneficiary Owner
(ALL SIGNATURES MUST BE ACKNOWLEDGED}
State of California i
County of _ ve r s i Bdss E. McGladre Not Y� ry Pub11c
On 1 _ ,/ 1 - 0 o ef before me, , Notary Public
(he insert name and title of the off icer), personally appeared ICU car r e vi R V ct & h zt ,.J 4L
G. 1; G . z._
who proved to me on the basis of satisfactory evidence to be the person(s) whose names) ie1are subscribed to the
within instrument and acknowledged to me that he/she/they executed the same in No./her/their authorized
capacity(ies), and that by hisIher /their signature(s) on the instrument the person(s), or the entity upon behalf of
•
which the person(s) acted, executed the instrument.
1 certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true
and correct.
WITNESS m hand and official seal.
1 c i., / - . SESS E. MCGLACIREY i
Signature .:! ' E / = = ! _ _ J (Seal) {; Commission • 11103910
1 '-; 4 Noon! Public - CMIforM@ I
State of California ) — County of )
;_ _ _ _ _ �
It 1a
. _
On before me,. , Notary Public
(here insert name and title of`the_.officer)., personally appeared r
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 �Tie/she /they executed the same in his /her /their authorized
capacity lies), and that by his /her/their signature(s) on the 141m: tent the persan(s), or the entity upon behalf of
which the person(s) acted, executed the instrument. `
1 certify under PENALTY OF PERJURY under the laws of the State of California that t egoing: paragraph is true
and correct.
WITNESS my hand and official seal. p Lsc? S bc- '
Signature ' c .
(Seal) CSC- -N ()Lc) k e r.!) c? kJ 0.) v-Q.,
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CLTA SUBORDINATION "A
FO-46A (Rev. 121071 {EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 3 of 3
(subora.wpd)(t 2 -07)
GOVERNMENT CODE 27361.7
I certify under penalty of perjury that the Notary Seal on the document to which this
statement is attached reads as follows:
NAME OF THE NOTARY: r-3 C. r -\c-(7• l ac\ r
L
COMMISSION NUMBER: 3? C�31 (�,
COUNTY WHERE BOND IS FILED: ve f5t
COMMISSION EXPIRATION DATE: J LAvt Z5 261 2--
I certify under penalty of perjury and the laws of the State of California that the illegible
portion of this document to which this statement is attached reads as follows:
. mac( -Aa
State of California)
County of
On before me, a Notary Public, personally
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 /theirs 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 (Seal)
PLACE OF EXECUTION: RIVERSIDE DATE: 1 1 109
SIGNATURE