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Home My WebLink AboutContracts & Agreements_49-1988_CCv0001.pdf RECORDING REQUESTED BY. Continental Lan Title f F f� .�S , `i ` � �� " R ..,.,,. ,«„...............,,..,..,. ., ..ra :E WHEN RECORDED MAIL TO: � � � DEC0 198 A °OM t PER UUM10 OUB A! City Clerk City of Pvedlands P.O. ax% :3005 rhe P&-)dlands, Cil 92373 4 SPACE ABOVE THIS LINE FOR RECORDER'S USE SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BE— COMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made this20th day of Dec°ember , 1%g ,.by Bienn_is C. Rieger, a nurrMied nri n as his sole and separate t-)rorierty owner of the land hereinafter described and hereinafter referred to as"Owner," and In-,(' City of Redl.ancis, a 1,juniei,,al Conj oratic)n present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as �fk ixmw WITNESSETH THAT WHEREAS, Mark A. Ost:oich and Candice J. Ostoich did execute a . dated Januarfy 18th, 1,985 'to The City of i'�edlands 'uniciaal C"orYr�ratx.c> ti.en ra,��`Y'(ernerit 0447 ,as rustee,covering: a,lld ;'car° legal doseript:ion se(-_' Exhibit "A" attached hereto and made a part hereof. A 10 l i,en a.�reen-u-nt 3-i , i favor of The Cit of to secure agt of$ ,t50.DC7 ,dated ,w Ic est was Redl,--m(s, ,a. nJuna c i_pal Cor�oratio'n Official Records of said county; and recorded Jantia-ry 23, 1955 , r xx x xxxx=x� Instrurrunt #85-016759 � WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of$1,168,000.00 dated Decejnber 20th, 1955 ,infavorofBank of i,edla�ids, qq S1 to Co no , hereinafter referred to as 'Lender, payable with rnteresa��a�rr��he terms and conditions de scribed therein,which deed of trust is to be recorded concurrently herewith;and at re;eemen WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shalliluen conditionally beremain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or chae o the first above mentioned;and it r lien areei aent r alae C;i.t t g pgg 1 g the above decribed WHEREAS, fer�cfer is villin to make said loan rout�(ejd the deeO of trust securin the same is a lien or char u orproperty prior acrd superior tothe lien or char,eoh first abovO rcrentioned and provided tha' � wrlP sf�>ei rfi cally and mwonditionally subordinate the lien or charge of the N ,'0(XK€st first above mentioned to the lien or charge of the Gleed of trust in favor of Lender;and lien ag-reement 4 Ni" tlr� 1e tt WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner;and' � x is w illingthat the 0 deed of trust securing the same shall, when recorded, constitute a Tien or charge upon said land whA is unconditionally prior and superior to the lien or charge of the�.ftdi f slat first above mentioned. 1.3 en agreer<vnt �j4, NOW, THEREFORE, in consideration of the mutual benefit accruing to tine parties hereto and other valuableti cr loan above ri, the re- ceipt 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 tine first above mentioned. �ien a gree•T'ents r . , (2) That Lender would not make its loan above described without this subordination agreement. t t � � i rt cl :i.iengoyees nt, ( C) nstrMlents (3) That this agreement shall be the whole and only agreement with regard to he-subordination of they lien or charge of the c f tr, 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- hereinbefore specifically de- 1ell scribed, any prior agreement as to such subordination including,but not limit to,those provisions, if any,contained in thk'first above mentioned,which provide for the subordination of the lien or charge thereof to arAHker deed aS;rE'C,'I vitt; or Needs of trust or ta,, �;rnortgage or mortgages, A ;"t. �, wV declares,agrees and acknowledges that } * r tell e C_l.ty r (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 agree- ment or agreernents shall not defeat the subordination herein made in whole or in part; lien a�-reemnt to (c) He intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the'.0"afirm� M first above mentioned in favor of the lien or charge upon said land of the deed of trust in favor of Lender above re- ferred 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 �i I.iE'n `t��"Y£'E? Yl _ �#� ' llE;t3 cx'�'2"t'�?TTX�nt (d) An endorsement has been placed upon the note secured by them firs#above mentioned that said ,t�has by this instrument been subordinated-to the lien or c urge of the deed of trust in favor of Lender above re- ferred to. NOTICE: T141S SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OR WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. . ........._,_ 7TTVDennis C. ?die �� Owners (ALL SIGNATURES MUST BE ACKNOWLEDGED) IT IS RECOAIAf1;NDED TIIAT, PRIOR TO TIIE EXECUTION OF T'IIIS SUBORDINATION AGRLsEAff,NT, TIIE PARTIES CONSIII:T ft'ITII TIIf IR AT77?I2NEYS fVITII RESPts'CT TIIF,'RE7O. (CLIA SUBORDINATION FORM "A„) 1266(6/72) 4a RE: 'Loan No. 04-255038-73 EXHIBIT "p" That portion of the Southeast 4 of Section 13, Township 1 South, Range 3 West, San Bernardino Meridian, in the City of Redlands, County of San Bernardino, State of California, according to the Official Map thereof, described as follows: Commencing at a point in the East line, 480 feet South of the East 4 of said Section 13; Thence South 89° 54' 45" West, 1:317.2 feet, parallel to and 480 feet distant from the North line of said Southeast of said Section 13 to a point of beginning; Thence South along the East line of the Northwest 4 of the Southeast 4 of said Section to a point 650 feet North of the South line thereof; Thence West, 239.85 feet; Thence North to a point 480 feet South of the North line of the Southeast 4; Thence East and parallel with the North line of the Southeast 4. Excepting therefrom that portion lying Easterly of the West line of Parcel Map 1124, Book 12, page 14, in the office of the County Recorder of said County. APN: 0168-041-29 3 5