HomeMy WebLinkAboutContracts & Agreements_36-1989_CCv0001.pdf RECORDING REQUESTEO BY
RECORDED IN 0FRIAL WORDS
'Continentall.and Title COMParTY JUN
1 FEE 2 SYS 1"Con LN,'NiT f3 1 4: PM
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AND WHEN RECORDED MAIL TO
NAr E City of Redlands 5 SVS` — _._ DTT ..
Arwmss P. 0. Box 2801 .
Cory & Redlands CA 92373Li
STATEj AB , 89:L2a9872
AT`T`N: City Clerk.
SPACE ABOVE THIS LINE FOR RECORDER' USE
RE: Lean No. 04-255445-71
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YO )R SECURITY IN'T'EREST IN THE PROPERTY
BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY
INSTRUMENT.
THISAGREEMENT, made this.....22nd .......day of-,...-.-- ........ une...,.,..------------. _......_......,..,._........._} 19..d` ..._.,
by-See Exhibit "A" attached hereto and made-a hart ,hereof
owner of the land hereinafter described and hereinafter referred to as "Owner", and.....the. CI.TY__OF REDLANDS_a_ a....
unicipal...erporation. ............_...... _......,....--------._........._,._.__............-..,.._--_-..._.._........,........-...-...,,......, present
owner and holder of the Lien Agreement first hereinafter described and hereinafter referred to as "City" ;
WITNESSETH
THAT W1TE EAS ....Dwip,ht_.W.t..Yeoman and Linda L. Yeoman
did execcrte alien greL en to Secur Cci tr on cif "Pu'11c T r hien 's
/ , gate..__.__Se teznaer.g.,._Y6,9 .................... to_.e-t�Ei�..�1 fu..t� ._Rerilands,...a
trttats -opal..cclrpo-rattan..................................... as trustee, covering:
Lot 7, Tract No. 12808, inthe City of Redlands, County of San Bernardino, State of
California, as per map recorded in Book 102, pages 79 through 84, inelusive,of Maps
in the office of the County Recorder of said County
to secure alienin the sum of 5. .•. . ._$ '.-- `---"--#.-... .. �` dated_._........September
in favor of._.C}, , O.J t. .. szt �._. ..zuR� .JPI--crport�on................`.T..........,....,..... . ,
gteem n
which Lien/ was recorded....S�I2l
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$,3 72,000.00--
_____ ___________ w____ u e5 in favor of
a...State-corporatio n r................._., 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 all times a lien or charge upon the land hereinbefore described, prior and superior to
the lien or charge of the Laren first above mentioned; and
t
WHEREAS, Lender is willing to make said loan provided the deed of trust securing the same is a lien or charge a
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 Agreemer t
first above mentioned to the lien or charge of the deed of trust in favor of Lender; and
,
71 Aw
WHEREAS. it is to the mutual benefit of the parties hereto that Lender make such loan to ONncr; and
is willing that the deed of trust securing the same shill. 01en rc,cordcd, constitute a lien or charge upon said land
which is unconditionally prior and superior to the lien or charge of The Lien ftrst 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 acknowlcdged, and in order to induce Lender
to make the loan above referred to, it is hereby declared, undcr-food and agreed a�, follow,.'s:
(1) That said deed of trust securing said note in favor of Lender, and any renewals or extensions there-
of, 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, 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 Bens hereinbefore specifically described, any prior agreements as to such subordina-
tion including., but not limited to, those provisions, if anv, 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.,
Z:11
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 T,ien
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
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 T1 AND.
NIEMI R EVELOPMENT CORPORATION, a Calif. or
CITY OF REDLANDS, a municipal corporation By*
baiv---i-d---N_._N_---i--- e
By: 1E
1,
,o
01
n y
-------------
Beneficiary o,, a --------
(All signatures rnust,be acknowledged) chard D. J_
Ja el an JacW
-2-
This Form Furnished By SAFECO Title Insurance Company
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS
SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR
ATTORNEYS WITH RESPECT THERETO.
(SUBORDINATION FORM "A")
L-273 (Gs.) Standard
7
V
RE: loan No. 04-2554 +5-71
TRUSTORS
E X H I B I T "A"
NIEMEYER DEVELOPMENT CORPORATION, a California corporation, as to
an undivided �i interest, MOLLY JO JACK GEE, a married woman as her
sole and separate property, as to an undivided 14 interest, AND
RICHARD D. JACK AND JACQUELYN JOAN JACK, husband and wife, as
community property, as to an undivided G interest, Trustors