HomeMy WebLinkAboutCC RESO 8904RESOLUTION NO. 8904
RESOLUTION AUTHORIZING EXECUTION OF SUBORDINATION
AGREEMENT (WALTON)
BE IT RESOLVED by the City Council of the City of
National City, California as follows:
That the Mayor and City Clerk are authorized and
directed to execute, attest and record that certain Subordina-
tion Agreement dated May 4, 1965 between the City of National
City and MARELL and. MARGARET WALTON, a copy of which is attached
hereto and is hereby incorporated by reference.
PASSED AND ADOPTED this 4th day of May, 1965.
ATTEST:
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 4th day of May , 1965,
by Marell and Margaret Walton, owner of the land hereinafter des-
cribed and hereinafter referred to as Owner, and the City of
National City, present owner and holder of the deed of trust and..
note first hereinafter described and hereinafter referred to as
Beneficiary,
WITNESSETH:
THAT WHEREAS, Marell and Margaret Walton did on April 19,
1965 execute a deed of trust to Security First National Bank, as
trustee, covering the property more fully described on Exhibit A
attached hereto, to secure a note in the sum of $30,000.00, dated
April 19, 1965, in favor of the City of National City, which deed
of trust was recorded April 29, 1965 , in book 1965 , page
75639 of Official Records of said County; a d~
WHEREAS, owner has executed, or is about to execute a
loan escrow and loan agreement together with a deed of trust and
note in the sum of $165,000.00, dated April `:7, 1965, in favor of
Coronado Federal Savings and Loan Association,' hereinafter referred
toas Lender, payable with interest and upon the terms.and condi-
tions described therein, which deed of trust is to be recorded con-
temporaneously herewith, and
WHEREAS, it is a condition precedent to obtaining said
loan that said deed of trust, last above mentioned, shall be and
remain 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;
WHEREAS, Lender is willing to make said loan provided
the deed of trust to secure 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 owned by Beneficiary, and provided that Bene-
ficiary.will specifically and unconditionally subordinate the lien
or charge of his deed of trust above described to the lien or charge
of the deed of trust of Lender.-r.
row, THEREFORE, in consideration of the premises and
other valuable consideration, receipt of which is hereby acknowle•-
edged, and in order to induce Coronado Federal Savings and Loan
Association to make the loan above referred to, it is hereby de-
clared, understood and agreed as follows:
(1) That said deed of trust securing said note in favor
of Coronado Federal Savings and Loan Association shall be and re-
main at all times a lien or charge on the property herein 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) Beneficiary declares and acknowledges that he here-
by intentionally waives, relinquishes, and subordinates the pri-
ority and superiority of 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 Coronado Federal Savings and
Loan Association,?above referred to, and that he understands that
in reliance upon and in consideration of this waiver, relinquish-
ment 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 by third par-
ties which would not be made or entered into but for said reliance
upon this waiver, relinquishment and subordination.
14) Beneficiary further declares that an endorsement
has been placed on'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 Coronado Federal Savings and Loan Association above re-
ferred to:
(5) That Beneficiary does hereby declare that Benefi-
ciary has personal knowledge of and does hereby approve and consent
to all the provisions of the loan escrow and loan agreement between
Owner and Lender for the disbursement of the proceeds of the loan
of the Lender.
(6) That Beneficiary does hereby agree that this agree-
ment shall supersede, and operate as a cancellation of, those pros
visions in the deed of trust first above referred to, which pro-
visions, if any, provide for the automatic subordination of the
lien of said deed of trust to. the lien or liens of a mortgage or
deed of trust, or mortgages or deeds of trust, affecting the whole
or part of the above described property.
(7) This. Agreement contains the whole agreement between
the parties hereto as to the deed of trust loans, and the priority
thereof,herein described, and there are no agreements written or
oral outside or separate from this Agreement and all prior negoti-
ations, if any, are merged into this Agreement.;
THIS AGREEMENT shall inure to the benefit and be bind-
ing upon the legal representatives, heirs, devisees, successors,
and assigns of the parties.
IN WITNESS WHEREOF, the parties have executed this
Agreement the day and year first above written.
Beneficiary
CITY OF NATIONAL CITY. municipal corporation
Beneficiary
AYOR
=N GCC CITY CLERK
OWNER
OWNER