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Home My WebLink AboutContracts & Agreements_35-1989_CCv0001.pdf f2EC ORQth1t, REQUESTED BY g IM IN OFFICIAL. OS ' Continental iand T 13e Compel' H So la8:00 A l 1FEE 2NISYS 3PCf1R 4LNNT BEERNARDIN. U . AND WHEN RECORDED MAIL TO IF � � NA,mt City of Redlands L._� : .. �__. —_ 11" s ADDRESS P. 0. Box 280 Crry & RedlandsCA 92373 YA�rE - Attn; City Clerk SPACE ABOVE THIS LIRE FOR RECORDER'S USE RE: Loan No. 04-255445-72 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 this...22nd...............day of........Juae..............-.........................._..........___...... 19---89--- by .Exhibit "A" attached :hereto and«made-a_part hereof. ....... ...._ . owner of the land hereinafter described and hereinafter referred to as "Owner", and_._the...CZTY t3F_ REI?LA1ID -,..a... muxlicipal...ccarpQrat iron..............................................«........ ......«,..._.._._.....--_.-._.._.............«........- ------........._......, present owner and holder of the Lien Agreement first hereinafter described and hereinafter referred to as "City" > WITNESSETH THAT WHER A Dao ht W. Yeoman and Linda L. Yeoman ......... -.....a. g ti me t '..to« Se cure'c6ribtrucf`ioii"of' PuTilTzc Tmprovetii « .. ....... did execute a Lien j , ate ..__..Selterttber 28-y-.19" .........«.._....«...., o..- municipal. carporaC cn.................... . .............. amm covering: Lot 13, Tract No. 12808, in the City of Redlands, County of San Bernardino, State of California, as per map recorded in-Book 102, pages 79 through 84, inclusive, of Maps, in the office of the County Recorder of said County. APN: 0175-481-09 x to secure aLienin the sum of .6.,155.8I*--* * ......* dated............ in favor of.---11�R....C1ty....Qf_RPAIanda.�._a..m uic.ip.a1_c.arp.Qrata.aza.................................«.....,. , which Lien Agrees as recorded-........ Sip.tatbex...28.,...Z9 $,.�3a....._.., tt Official Records of said county; and WHEREAS, Owner has executed, oris about to execute, a deed of trust and note in the sum of$338,000.00--- -----------------------I dated dune 7, 1989 in favor of BANK OF REDLANI}S, a division of Community-.Bank.,...a...State corporation, 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 deed of trust last above mentioned shall unconditionally be and remain at alI times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the _Lien 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 Lien first above mentioned and provided that "City" will specifically and unconditionally subordinate the lien or charge of the Lien Agre-emer first above mentioned to the lien or charge of the deed of trust in favor of Lender; and — 89-238 VJIEREAS. it is to the routT rl ubenefitsof the parties hereto that Lender make such loan to Owner; and the City is willing, that the deed of securing the, same shall, when recorded, con:-titute a lien or charge upon ,aid land which is unconditionally prior and superior to the lien or charge of the Lien first above mentioned. NOW, THEREFORE, in consideration of the mutual benefit,, accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowlcdged, and in order to induce Lender to make the loan above referred to, it is hereby declared, undcrsIood and agreed as foilows: (1) That said deed of trust securing said note in favor of Lender, and any renewals or extensions there- of, shall unconditionally he and remain at all times a lien or charge on the property therein described, prior and superior to the lien or charge of the Lien first 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 Lien 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 Liens - hereinbefore specifically described, any prior agreements as to such subordina. tion including, but not limited to, those provisions, if any, contained in the Lien first above men- tioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or mortgages. CITY 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, C� 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) It intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the Lien Agreement 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 subordin- ation; and M446.= NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OB- LIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EX. PENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND, NIEME R DEVELOPMENT CORPORATION, a Calif. co CITY OFRE.DLANDS.,.I.a, mu.ni.c-ip.al,.,c,orp.or.at-ion-, J�y D av Nie e y President By City_.Muaw____ Beneficiary moil Jack G e (All signatures must be acknowledged) Aiichard D. Jack U ue rtoan Jok V .2. This Form Furnished By SAFECO Title Insurance Company IT IS RECOMMENDED THAT, PRIOR TO THE EXEQ'TION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. (SUBORDINATION FORM "A") ,-273 (G.S.) Standard +WFC Nor,DPW w N _ w RE: Duan No. 04-255445-72 ,r TRUSTORS ,z HJKHCYER DEVELOPMENT CORPORATION, a California corporation,` `s:,to, ,an undivided h interest, MOLLY ,JC .JACK CHS, a married Leaman as her' sole and separate property, as to an undivided k interest, AND RIC H. JACK AND JACQUELYN JOAN .JACK, husband and wife as tea unity, crop+ arty, s to an undivided interest z , e , w , iw t : k s 1 r }