HomeMy WebLinkAboutDeed 1484 1484 DOC # 2013-0253774 l y
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05/29/2013 02:01 PM Fees: $43.00
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Recorded in Official Records
When Recorded Mail To: County of Riverside
Larry W.Ward
City of Cathedral City as Housing Successor Assessor, County Clerk& Recorder
to the Redevelopment Agency of the
City of Cathedral City
68700 Avenida Lalo Guerrero **This document was electronically submitted
to the County of Riverside for recording**
Cathedral City, CA 92234 Receipted by: CMCALEXANDER
APN: 687-104-002
S737Z2,/Z-- / 9-77p71 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 March 7, 2013, by John W. Peck Il (aka John Wesley Peck II)
owner(s) of the land hereinafter described and hereinafter referred to as "Owner," and City of
Cathedral City as Housing Successor to the Redevelopment Agency of the City of Cathedral City
present owner and holder of the Covenant first hereinafter described and hereinafter referred to as
"Beneficiary";
WITNESSETH
THAT WHEREAS, John W. Peck II (aka John Wesley Peck II), did execute a Covenant dated
February 19, 2003, to City of Cathedral City as Housing Successor to the Redevelopment
Agency of the City of Cathedral City, as trustee, covering
Lot No. 160 , in the subdivision known as Sunair Tract No. 5 . Shown by map on file, in
Book No. 33 , Pages 82 through 83 of Maps, Records of Riverside County, California.
Terms, conditions and provisions of that certain COVENANT RUNNING WITH THE LAND AND
GRANT OF LIEN (PAYABLE ONLY UPON SALE OR TRANSFER), dated February 19, 2003, by
and between John W. Peck II(aka John Wesley Peck Il) and Successor Agency.
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of
Two Hundred Six Thousand Seven Hundred Twenty-Six Dollars $206,726.00 in favor of
JPMorgan Chase Bank NA, 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 COVENANT 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
COVENANT first above mentioned and provided that Beneficiary will specifically and
unconditionally subordinate the lien or charge of the COVENANT first above mentioned to the lien
or charge of the deed of trust in favor of Lender; and
Page 1 of 4
When Recorded Mail To:
City of Cathedral City as Housing Successor
to the Redevelopment Agency of the
City of Cathedral City
68700 Avenida Lalo Guerrero
Cathedral City, CA 92234
APN: 687-104-002
S73 z_ / / r--) 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 March 7, 2013, by John W. Peck II (aka John Wesley Peck I!)
owner(s) of the land hereinafter described and hereinafter referred to as "Owner," and City of
Cathedral City as Housing Successor to the Redevelopment Agency of the City of Cathedral City
present owner and holder of the Covenant first hereinafter described and hereinafter referred to as
"Beneficiary";
WITNESSETH
THAT WHEREAS, John W Peck II (aka John Wesley Peck II), did execute a Covenant dated
February 19, 2003, to City of Cathedral City as Housing Successor to the Redevelopment
Agency of the City of Cathedral City, as trustee, covering
Lot No. 160 , in the subdivision known as Sunair Tract No. 5 . Shown by map on file, in
Book No. 33 , Pages 82 through 83 of Maps, Records of Riverside County, California.
Terms, conditions and provisions of that certain COVENANT RUNNING WITH THE LAND AND
GRANT OF LIEN (PAYABLE ONLY UPON SALE OR TRANSFER), dated February 19, 2003, by
and between John W. Peck ll(aka John Wesley Peck II) and Successor Agency.
WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of
Two Hundred Six Thousand Seven Hundred Twenty-Six Dollars $206,726.00 in favor of
JPMorgan Chase Bank NA, 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 COVENANT 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
COVENANT first above mentioned and provided that Beneficiary will specifically and
unconditionally subordinate the lien or charge of the COVENANT first above mentioned to the lien
or charge of the deed of trust in favor of Lender; and
Page 1 of 4
APN: 687-104-002
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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 COVENANT 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 COVENANT 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 COVENANT 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 and COVENANT herein before
specifically described, any prior agreement as to such subordination including, but not
limited, those provisions, if any, contained in the COVENANT 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/she/they 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/she/they intentionally and unconditionally waives, relinquishes and subordinates the lien
or charge the COVENANT 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 or Agreement secured by the COVENANT
first above mentioned that said COVENANT has by this instrument been subordinated to the
lien or charge of the deed of trust in favor of Lender above referred to.
Page 2 of 4
APN: 687-104-002
•
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.
}r � r
• ETScott, Administrate - ervices Director•Lf r ��y of czAca,cm L 47 as 440:1
so cg SW-to 4-he Re:\G EA 0/6 hen A rQy
rpe A_ v cik 0 Aca1
J�' n . Peck ll (aka John Wesley Peck II)
JPMorga as ank NA G Nt
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
State of California
County of Riverside
On March 7, 2013 before me, Jim L. Sherman, Notary Public, personally appeared Tami E.
Scott, 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.
WITNES' my 'ends nd official seal.
JIM L.SHERMAN
40 //`i��`�
Commission # 1879166
Notary Pu lic California v f Si• a -ture of Notary Public
i ; Riverside County
' M Comm.Expires Feb 2,2014
Page 3 of 4
' ' APN: 6874 04-002
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. /
i
I r0
R't
E:` colt, Ad, -ti • ervices Director lam'
lip . Of lel
—14 isAllitiAlibitte0d' •~e 1\j- N .
J•' n°r. °eck II (aka John Wesley Peck II) ,r 0)
JPMorgan Chase Bank NA F4 I/ I b4yis 4/P
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
State of California
County of Riverside
On March 7, 2013 before me, Jim L. Sherman, Notary Public, personally appeared Tami E.
Scott, 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.
WITNES my '1nd, nd official seal.
r:tff4-6.4.bivinvir---1,,, 4 Commission ,.:I�..�/Cr►/ •
a Oi'li;',:,-ja Notary Po'.lic•California f r Si• , ture of Notary Public i , Riverside County m• M Comm.Ex ices Feb 2,2014
Page 3 of 4
APN: 687-104-002
State of California
County of Riverside
On March 7, 2013 before me, Jim L. Sherman, Notary Public, personally appeared
John W. Peck II (aka John Wesley Peck II) , 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.
WITNES �� per• official seal.
JIM L
� L. SNERMAN
-i r Notary Pudic-California z
z •J�' z
'�?/ Riverside County
`m`"` • -'.�: '! re of Notary Public
M Comm. Expires Feb 2,2014
State of California
County of Riverside
On before me, , personally appeared
, wh• •roved to me on the basis of satisfactory evidence
to be the person(s) whose name(s) • /are • •scribed to the within instrument and acknowledged to
me that he/she/they executed the ► e in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the ins -nt the person(s), or the entity upon behalf of which the
person(s) acted, executed the ins ment.
I certify under PENALTY O- ERJURY under th- laws of the State of California that the foregoing
paragraph is true and c• ect.
WITNESS my hand and official seal.
Signature of Notary Public
Page 4 of 4
APN: 687-104-002
State of California
County, of Riverside
On March 7, 2013 before me, Jim L. Sherman, Notary Public, personally appeared
John W. Peck lI (aka John Wesley Peck II) , 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 helshe/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.
•'
JIM L.5Hl Rfi►AN WITNES _ p , < t official seal.
> Commission� 1879166
.r>
.F r Notary Pu iic-Gaiitornia �'
Riverside County
M Comm. Expires Feb 2,2014 S -' re of Notary Public
State of Cam. C a'
County ofe -\
On ` \ before me, c-�s_n "—V1.--- ) ��C -`�, personally appeared
, who proved to me on the basis of satisfacto ry 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.
0)(-■ CV
I certify under PENALTY OF PERJURY under the laws of the State ofd that the foregoing
paragraph is true and correct.
,.kPRas'• N S my ,
.n\ m.R IARDS y ha d and offici- sea
Notary Public,
.y �• Signature of Notary ` • •lic
A
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EXHIBIT A- LEGAL DESCRIPTION
Tax Id Number(s):687104002-2
Land Situated in the City of CATHEDRAL CITY in the County of Riverside in the State of CA
LOT 160 OF SUNAIR TRACT NO.S,AS SHOWN BY MAP ON FILE IN BOOK 33,PAGES 82 AND 83 OF MAPS,
RECORDS OF RIVERSIDE COUNTY,CALIFORNIA.
Commonly known as: 37300 MELROSE DR,CATHEDRAL CITY,CA 92234