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Home My WebLink AboutAgr 2010-10-13 (Curran/Sale/Town) (2)RECORDING REQUESTED BY: Chicago Title Company ftaow No=: 10 3 501 2-CC Locate No.. CAFNT0921-7738-2 -00005 7603 gibe No.. 10-S37603-KB When Recorded Mail Document To: Town of Tiburon 1505 Tiburon Blvd Tiburon, 94920 210 1 O-OOt5 1'971 u~J J r~lufr~•~ ,i- b i APN 043-401-11 SPACE ABOVE THIS LINE FOP; RECORDER S. USE SUBORDINATION AGREEMENT NOTICE: THIS U RI INATI AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BEGOMING' SUBJECT TO AND OF LOWER PRIORITY THAN THE LIED OF SOME OTHER OR LATER SECURE` Il °RUMENTT. THIS AGREEMENT, made September 24, 2010, by 3osh Sale and Margaret Ann Curran, husband and rife, as community property with right of survivorship owner of the land hereinafter described and hereinafter referred to as 410wner,1'' and Town of Tiburon present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary"; lT.'iIrizT THAT WHEREAS, osh Sale and Margaret Ann Curran, husband and rife as Community Property with right of Survivorship, did execute a deed of trust, dated Se + nber 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 as ins r°ument no. 2007-0055508, on September 18, 2007, in book NIA, page N/A, Official Records of said county; and WHEREAS, Owner has executed, or is about to execrate, a deed of trust and note in the sure of $613,370.00 dated OCT. l ay &I C7 in favor of CiltiMor age Inc., N.A., hereinafter referred to as ".ender,," 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 hereiribefore described, prior and superior to the lien or charge of the deed of trust first above mentioned, and WHEREAS, lender is grilling 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 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 INrMLS: 0 FD-46A (Rev. 12/07) CLTA SUBORDINATION "A" (subora)(12-07) (EXISTIMI G DEED of TRUST TO N941 DEED OF TRUST) Page No, I of 3 APN: 043-401-11 WHEREAS, it is to the mutual benefit of the parties hereto that Leader make such loan to Owner; and Beneficiary is willing that the deed o trust securing the same shall, when recorded, constitute a lien or charge upon said land which i 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: That said deed of trust wring 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 above mentioned. 2 That Leader 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 o the deed of trust in favor of lender above referred to and shall supersede and cancel, but only insofar a would affect the priority between the deeds of trust hereinbefore specifically described, any prior agreement. as to such subordination including, but not limited, 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 consents to and approves {i all provisions of the note and deed of trust in favor of Lender alive referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, between Owner and Leader for the disbursement of the proceeds of Lender's loan; (o) 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 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 favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination, specific leans 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 subordinatio ; 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. N07TCE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECUPTTYTt OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR. OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. lNnULS: F 6A C LTA SUBORDINATION' "A (subo3 a ) (XIS NG DEED OF TRLJS " TO NEW DEED OF TRL3.'7-,i Page No, 2 of 1 APP: 043-401- 'rT IS R.EC M M EMED THAT, PRIOR. TO THE EXECUTION F TH S SU INA77ON AiGR.EEMENT, THE PARTIES CONSULT WITH THEIR, ATTORNEYS WITH RESPE TH Town of Tiburon )oS Gale: By: M rgaret Art Curran Beneficiary Owner (ALL SIGNATURES MUST BE ACKNOWLEDGED) State of California County of M . f Aj 1 before me, Notary Public (here insert name and title of the officer), personally appeared - Z-4- who proved to me on the basis of satisfactory evidence to be the person(s-) whose name (-s-) iS/afe subscribed to the within instrument and acknowledged to me that he/she/they executed the same in *s hertt it authorized capacity(ies), and that by Ns/her/their signature) on the instrument the perm(s), or the entity upon behalf of which the person(s) acted, executed the instrument. certify under P'ENALT'Y OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my har d -'al seal. DIANE CRANE iACOPI Signature 'Seal) Commission # 1840513 Notary Public - California Marin County M Comm. Wires Mar 15, 2013 State of California County of A "4e f' V n , l cx? f-,d- evo before fete, ID 4,V C- C~&"-w -"r pct , Notary Public (here insert flame and title of, he officer), personally appeared Q 1 e7' who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s)4s/are subscribed to the within instrument and acknowledged to rye that+*J94e`they executed the same ink rttheir authorized capacity(ies), and that by 4 l /their signature(s) on the instrument the person(s), or the entity upon behalf of which the perm(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. DIANE CRANE IACOPI WITNESS ray ha ~ i l Neal. ~ Commission # 1840513 Notary Public - California Signature e (Seal) Marin County M Comm. Expires Mar 15, 2013 ESA C;-TA SUB-ORDINATION "A" ksubora ( T-ING DEED OF TRUST TO NEW DEED OF TRUSS Page No. 3 of 3 Escrow No.: 1G-35016692 Locate No.: CAFN7'0921-7,36- 3 i-0q C5-D760 Title No.: W-537 a-K; EXHIBIT "All THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE UNINCORPORATED AREA OF THE COUNTY OF AR N, STATE 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", FILER FOR RECORD JULY 10, 1990 IN VOLUME 20 OF MAPS, AT PAGE 84, r ARIN COUNTY RECORDS, AP1: 043-401-I1