HomeMy WebLinkAboutAgr 2009-04-24 (Curran/Sale)RECORDING REQUESTED BY:
OLD REPUBLIC TITLE COMPANY
Order 0222009092-HD
APN
WHEN RECORDED MAIL TO
Town of Tiburon
1505 Tiburon Blvd.
Tiburon, CA 94920
Recorded
Official Records
County of
Darin
JOAN C. THAYER
Assessor-Recorder
REC FEE 11.00
08:33AN 06-May-2009
Dpi
Pape 1of4
SPACE ABOVE THIS LINE FOR RECORDERS USE
A 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 24th day of April 2009, by Josh Sale and Margaret Ann Curran, owner of the
land hereinafter described and hereinafter referred to as "Owner", and Town of Tiburon, present owner and
holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary":
WITNESSETH
THAT WHEREAS, Josh Sale and Margaret Ann Curran did execute a deed of trust, dated September 13, 2007,
to Old Republic Title Company, as Trustee, covering;
See "Exhibit A" attached hereto and made a part hereof
to secure a note in the sum of $800,000.00, dated September 13, 2007, in favor of Town of Tiburon, which
deed of trust was recorded on September 18, 2007, in Book/Reel , at Page/Image ,
Series/Instrument 2007-055508, 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 $625,500.00,
dated 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 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 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 of charge of the deed of trust first above
mentioned and provided that Beneficiary will specifically and unconditionally subordinate 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; and
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
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES
CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.
(CLTA SUBORDINATION FORM "A")
ORTIC-951 2/94 - Subordination Agreement - A 1 of 3
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 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 deed of trust 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 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 described, any prior agreements 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.
Beneficiary declares, agrees and acknowledges that:
(a) He/She 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 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 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 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 referred to.
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.
(CLTA SUBORDINATION FORM "A")
ORI IC-951 2/94 - Subordination Agreement - A 2 of 3
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Signature of Lender(s)
Signature of Owner(s)
M ( ~ /PI
Town of Tiburon
i
n
re c,4-or o P d- r.- n• s-k Y e ('4 ► Le, Jos Sale
Margaret AM urran
State of 61d'-)46-vim t c? -
County of / ✓ ~2 yZ~
C
On . 147" O~ before me
2- d K^ a Notary Public,
personally appeared /1
/ f -drk..u if ~r? t7 v4' /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 ae/she/tlieey executed the same in
his/her/their authorized capacity(ies), and that by tkS/her/their signature(s)
on the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
State of
County of
On
before me,
a Notary Public,
personally appeareO. t~
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.
WITNESS my hand 1 ' Seal. /
Signature: "j, 1
Name:
(typed or printed)
(Seal)
DIANE CRANE IACOPI
Commission # 1840513
ILID Notary Public - CNiforMa
UAarin County
M Comm. E resM 1 2013
I certify under PENALTY OF PERJURY under the laws of the State of
California that the foregoing paragraph is true and correct.
WITNESS my hand and official ls°
Signature:
"Name: r ,rr' t1
(typed or printed)
(Se
e a 1%, C , ~'!P
C•CrYPrf i-sion '
~ ~ Y I i- r y
d 1 r
°y Co
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IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES
CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.
(CLTA SUBORDINATION FORM °A")
ORTIC-951 2/94 - Subordination Agreement - A 3 of 3
ORDER NO.: 0222009092-HD
EXHIBIT A
The land referred to is situated in the unincorporated area of the County of Marin, State of
California, and is described as follows:
Lot 22, as shown upon that certain Map entitled, "Map of Seminary Ridge - Phase I, being a
Subdivision of the Lands of Golden Gate Baptist Theological Seminary, Strawberry, Marin
County, California", filed for record July 10, 1990 in Volume 20 of Maps, at Page 84, Marin
County Records.
APN: 043-401-11
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