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Home My WebLink AboutContracts & Agreements_22-1987_CCv0001.pdf R,ECORUI*SIG HkQUESTED BY: JFK 2MSYSS �1� -if -uNNT uK29940 RECORDED AT THE REQUEST Of FOW,AMERICAN TITLE INSURANCE 0% RECORDED IN WHEN RECORDED MAIL TO: City Clerk OFFICIAL RECORD ',- • Ci ty of Redlands 5 SVY 5——ETT 6- 1387 JUL –6 PK 2: 26 P.O. Box 280 SAN BNARDINO Redlands, Ca 92373 H ERCO., CALIF. )RDER #896635 DK 3(1�1" 1118t!136 ct SPACE ABOVE THIS LINE FOR RECORDER'S USE :1. #174-231-07 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 this 29thday of June 19 87 by DONALD C. HUBBS AND VERNA M. HUBBS, HUSBAND AND WIFE Aof the land hereinafter described and hereinafter referred to as"Owner,"and "VECITY OF REDLANDS, A MUNICIPAL CORPORATION Lien Agreement to Secure Construction of Public Improvements present owner and holder of the *K)WAW)6"M"rst hereinafter described and hereinafter referred to as **Rj, "Xt*qfir; "City" WITNESSETH THAT WHEREAS, Donald C. Hubbs and Verna Mae Hubbs did execute a tVMyA*K#)k,dated February 27th, 1984 to The City of Redlands, A Municipal Corporati lien agreement as trustee,covering: FOR LEGAL DESCRIPTION SEE EXHIBIT "All ATTACHED HERETO AND MADE A PART HEREOF. Lien to secure aXXV"1 UA of$40,000.00 dated February 27th, 1984 infavorof The City of Redlands, A Muni Cipal Cor ,which deed of trust was recorded March 1, 1984 �0MURXXXXXXXXO*XXXXXXXXX,Official Record s of said county; and Instrument #84-048581 WHEREAS, Owner has executed, or is about to execute, a dead of trust and note in the sum Of$ 275,000 dated in favor of ,June 18th, 1987 reZ"kA%$B1qLWer�aNqjXkjR0 IkUpt AWqAt4jqp hereinafter rms and eDnditions cle. scribed therein,which deed of trust is to be recorded concurrently herewith;and I 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 herainbefore described,prior and superior to the lien or charge of the deed of trust first above mentioned;and WHEREAS,tender is willing to make said loan provided the deed of trust securing the some is a lien or charge ua #described property prior and superior to the lien or charge of the deed of trust first above mentioned and provided that==ill specifi- cally and unconditionally subordinate the lien or charge of the deed of trust first above mentioned to the lien orcharge of the deed of trust in favor of Lender;and "The City" WHEREAS, It is to the mutual benefit of the parties hereto that Lender make such loan to Owner;and ftofjdwy 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 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 the deed of trust first above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. 940 ale (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 de- scribed,, 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. "The City" �qW#"f#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 (€i) all agreements, including but riot 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 LaMar represented that It will, see to the application of such proceeds by the penmen or persons to whom Lender disburses such proceeds and any application or use of such proceedsfor purposes other than those provided for in such agree- ment 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 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 (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 re- ferred to. NOTICE: THIS 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 D. THE CITY OF LANDS: C. xuBB BY: Jahn E. HoItn 00"Oft VERNA M RUBBS Owner "The City" (ALL SIGNATURES MUST BE ACKNOWLEDGED) e IT IS RECOMWNDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES coNs ULT WITH THEIR ATTORNEYS WITH RESPECT THEREM (CLTA SUBORDINATION FORM "A") t i CORPORATION ACKNOWLEDGEMENT 87-229940 E STATE OF CALIFORNIA ) ) SS COUNTY OF SAN BERNARDINO ) On this 1st day of Ju1I , in the year 1987 , before me, B. Sanchez, Notary Public, personally appeared John E. Holmes personally known to me dor proved to me on the basis of satisfactory evidence) to be the person who executed the within instrument as City Manager of the corporation therein named and acknowledge to me that the corporation executed it. IN WITNESS WHEREOF, I hereunto set my hand and official seal . OFFKUL sou. &l6MX*IE2 G c �� B. SANCHEZ COUNTY My Commission Expires 12/91 br on&ao.Ara tit,11111011 STATE OF CALIF RNIF1 Iss. 6,7-2 J9 y40 Cr COUNTYOF an erLtalCl�nO __--) rw+vv E July 1 1987 0 On__— ' _ ,before me,the undersigned,a Notary Public in and for said State,personally appeared * * I DOVALD__. HtTRRS arl d VRRNA Mjggc * d. C ----- - m U E personally known to me(or proved to me on the basis of satis-+,moi factory evidence)to be the person(s)whose name(s)is/are sub- (OFFICIAL SEAM scribed to the within instrument and acknowledged to me that ,_ ELIZABETH LANGERAK he/she/they executed the same. NOTARY PUBLIC ,:HANG SAN BERNARDINO COUNTY N Q7 WITNESS m h d and official seal. My Commission Expires Dec. 14, 1990 � i o a co Si natur � g (This area for official notarial sea[} j-229940 EXHIBIT "A" Lot 13 of Craft's Map of Redlands, in the City of Redlands, County of San Bernardino, State of California. as per plat recorded in book .11 of maps, page 16, records of said County. EXCEPTING THEREFROM that portion described as follows: Bng at the Westerly corner of said Lot 13; thence North /4 30' East 429.53 f t the Southerly line of Daisy U. feet along the said Avenue; thence Soutt r6O," 9 Eastrn5--O 9 Southerly line of DAsy APenue; thence South 400 301 West 514.9 feet to the Southwesterly line, of said Lot 13; thence along the said Southwesterly line of said Lot 13, North 53P 01' West 9.2 feet; thence North 470 23' West 360.1 feet to the point of beginning and containing 4.0 acres more or less.