HomeMy WebLinkAboutCC RESO 8650RESOLUTION NO. 8C50
RESOLUTION AUTHORIZING MAYOR TO EXECUTE AN AGREEMENT
BE IT RESOLVED by the City Council of the City
of National City, California that the Mayor is hereby auth-
orized and directed to execute, and the City Clerk is auth-
orized and directed to attest, that certain SUBORDINATION
AGREEMENT between the City of National City and Walton
Hinds, Margaret L. Hinds, Bobby D. Walton and Frances D.
Walton.
PASSED AND ADOPTED this 12th day of May, 1964.
ATTEST:
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SUBORDINATION AGREEMENT
THIS ,C R-:'_NT, rude this 12th day of May, 1964, by WALTON HINDS, iriAEGAR T L.
HINDS, BOBBY D. WALTON and rROIlCES D. WALTON, owners of the land hereinafter
described and hereinafter referred to as OWNERS, and THE CITY OF NATIONAL CITY,
CALiYO NIA, a Municipal Corporation, present owner and holder of the Deed of
Trust and note first hereinafter described and hereinafter referred to as
`NI TNES SETH
T J r. S p - TOM -TDB+ G ET I T 03 D;,-TON -,27'; +'
. _. _v ;, �a� Hl:vu .aR,: �1 L r �75, 4� r D. and�.
�3C7�..:1 :_.ETA? S, 1964, execute a Leen of 7.,s, to _'i t atic_ul
O_ c
f San DZ^c t_eC. a Elatione l Eankin7 tCsoo ifitM_on_ as Trustee coveT_'i nc
That portion of Lots 37, 38, 3', 40, 82, 83, 84, 85, 94, 95, 96 and
97 of BAHIA VISTA, In the City of National City, County of San Diego,
State,0 California, according to the Map thereof No. 1815, filed in
the 0 rice of theCounty Recorder of said San Diego County December 19,
1924 *feel of Thirtieth Street as vacated and closed to public use1
dessi�ibb+ed as follows:
Beginning at the Northeast corner of Lot 150 of said Bahia Vista,
thence South 18° 35' East along the Westerly line of National:Ivenue,
as shown on said AMq a distance of 28Cr.78 feet to the Southerli line
of Thirtieth Street and its Easterly prolongation as dedicated by Resolution
No. 8110 of the City of National City; thence at right angles South 71°
25' West along said Southerly line of Thirtieth Street and its Easterly
prolongation 1379.17 feet to the beginning of a tansent 440.00 foot radius
curve concave Northerly and the TRUE POINT OP BEGINNING; thence Northwesterly
along: the arc of said curve through a central angle of 25° 53' 32" a distance
of 198.84 feet to the Westerly line of that portion of said Bahia Vista
conveyed to the City of National City by deed dated September 24,`1954 seat
recorded in Book 5410, page 330 of Official Records of said County'thence;
leaving Said curve Southerly along said Westerly line South 18° 3 i aaat
a dietanoe of 247.41 feet to the most Southwesterly corner of saidtercel
of lend t onveyed to the City of National City; thence Easterly alon the
Southt rl boundary of said parcel of land North 53° 35' East a distend.
.27et to an angle point therein; thence North 88 18' East a
& 99.05 feet to the Southwesterly corner of land described,
o Thai a P. Hearne et ux, recorded !March 17, 1964 as dot meat
_ thereof
or
did
in _-
me. t 3 se Of tiasa►i Areorda,; thewoe along the Wester
Nee,
Ne se . Unit TO too to the IMUR POINT or mos
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to secure e notep
n the sum of l 2 000.00 dated ed Aer � , 1964 in favor of
T v yI_S.0_1.^..', iCS G .TvCiAL27DP",..7.1I i, a -''.Lm-7 _ _t_ oration, w
__scan,V.* ich Ta-o
of A _ c recorded May 11, 19.64as .le No. 64. % - i3tok 1964, Series
of O=f c_.a__ Records of said County and
HEF c have executed e Trust � - 1 a o' n thesum of
-- _..___ __ a Deed of is-�. ,.v _.... _ s1:.i
4>25, 6/_.L0 dated hay S, 1964 in favor of -T `TfiT1CAL P,NK OF S11 DIE.'O,
made A SS, E _ _„i Nanking Association, 2 for o,. the purpose of constructing- improve-
ments on the land described the -.. , - said note _ _ interest et the rate
Cf s _ ceht 6%) ter annum, plus any late charges a_,d/or penalties and
e coca a period of 15 years, - which Deed of Trust is to be recorded
eontesi ..aneoue y herewi f:-t, and
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X'RO
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;
NOW, THEREFORE, in consideration of the premises and other valuable consider-
ation, receipt of which is hereby acknowledged and in order to induce FIRST NAT-
IONAL BANK OF SAN DIEGO, a National Banking Association, to make the loan above
referred to, it is hereby declared, understood and agreed that said Deed of
Trust securing said note in favor of FIRST NATIONAL BANK OF SAN DIEGO, a
National Banking Association, shall be and remain 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.
Beneficiary declares and acknowledges that he hereby intentionally waives,
relinquishes and subordinates the priority 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 FIRST NATIONAL BANK OF
SAN DiEGO, a National Banking Association, above referred to, and that he
understands that in reliance upon and in consideration of, this waiver, re-
linquishment 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 parties which would not be made
or entered into nut for said reliance upon this waiver, relinquishment and
subordination.
Beneficiary further declares that an indorsement 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 FIRST NATIONAL BANK OF SAN DIEGO, a National
Bohking Association, above referred too
IN WITNESS WHEREOF, the undersigned have executed this instrument the
day and year first above written.
XERO
THE C1 T OF lu"'"ION4 CITY C IFORN1A
/
�/
By: % ,-/ ,Clerk
Walton Hinds
T
Margaret L. Hinds
Bobby D. Walton
Frances D. Walton
(2)
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STATE OF CALIFO; NIA)
(SS
COUNTY OF SAN DIEGO)
On May 12, 1964, before me, the undersigned, a Notary Public in and
for said County and State, personally appeared R. E. GAUTEREAUX, known to me
to be the MAYOR, and IONE 4. M1NOGUE, known to me to be the CLERK of the
corporation that executed the within instrument, and known to me to be the
persons who executed the within instrument on behalf of the corporation therein
named, and acknowledged to me that such corporation executed the within instru-
ment pursuant to its Bylaws or a Resolution of its Board of Directors.
WITNESS my hand and official seal.
NOTARY PUBLIC IN AND FOR THE COUNTY
OF SAN DIEG , STATE OF CALIFORNIA
STATE OF CALIFORNIA)
SS
COUNTY OF SAN DIE?GO)
On May 12, 1964, before me, the undersigned, a Notary Public in and for
said County and atate, personally appeared WA.LTOd HINDS, MARGARET L. HINDS,
BOBBY D. j'YALTON and FRANCES D. WALTON, ,,TON, known to me to be the persons whose
names ere subscribed to the within instrument and acknowledged that they
executed the same.
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COPY.
NOTARY PUBLIC IN AND FOR THE COUNTY
OF SAN D1EEGO, STATE OF CALIFORNIA
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