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HomeMy WebLinkAbout2025-0288286 - Subordination Agreement - 138 Norton - Recording Requested By Stewart Title DOC# 2025-0288286 Guaranty Company IIIIIIIIIIIIIIIIIIII I111111111111111111111111111111111 IN Oct 16, 2025 08:00 AM OFFICIAL RECORDS " No Fees per Government Code 6103 JORDAN Z. MARKS, SAN DIEGO COUNTY RECORDER FEES: $113.00 (SI32 Atkins: $75.00) PAGES:9 When Recorded Mail To: City of National City Attention: Executive Director 1243 National City Boulevard National City, CA 91950 2!S gc�6- 5 / SUBORDINATION AGREEMENT (138 Norton,National City) THIS SUBORDINATION AGREEMENT ("Subordination Agreement") is dated as of the66ay of JWA,,hAepl ,2025,among City of National City("City"),T&T Community Properties,LLC, a California limited liability company ("Borrower")and Neighborhood National Bank, a national banking association("Lender"). RECITALS A. Borrower is the owner of that certain real property in the City of National City, County of San Diego, California ("Property"), as described in (collectively, the "City Encumbrances"): (i) that certain Declaration of Covenants, Conditions and Restrictions (Tenant Restrictions)executed by Borrower and the City, dated as of August 15,2011,and recorded in the Office of the County Recorder for the County of San Diego on August 23, 2011, as Instrument No. 2011-0432185 in the Official Records; (ii) that certain Deed of Trust dated as of August 15, 2011, and recorded in'the Office of the County Recorder for the County of San Diego on August 23,2011,as Instrument No.2011-0432186;and(iii)that certain UCC-1 Financing Statement given by Borrower,as debtor, in favor of City,as secured party,and recorded in the Office of the County Recorder for the County of San Diego on August 23,2011 as Instrument No. 2011-0432187. See Exhibit "A" attached hereto and made a part hereof for complete legal. description B. Concurrently with recordation of this Subordination Agreement, Borrower is causing a Deed of Trust ("Lender Deed of Trust") made by Borrower in favor of Lender to be recorded against the Property in the Office of the County Recorder for the County of San Diego. C. City, Lender and Borrower all agree and desire to execute this Subordination Agreement to memorialize their understanding and agreement with regard to the respective priorities of each of the above-referenced documents. It is the intention of the parties that the Lender Deed of Trust shall unconditionally be and remain at all times a lien, claim and charge on the Property prior and superior to the City Encumbrances. 1 Recording Requested By Stewart Title Guaranty Company No Fees per Government Code 6103 When Recorded Mail To: City of National City Attention: Executive Director 1243 National City Boulevard National City, CA 91950 SUBORDINATION AGREEMENT (138 Norton,National City) THIS SUBORDINATION AGREEMENT ("Subordination Agreement") is dated as of theAay of 2025,among City of National City("City"),T&T Community Properties, LLC,a California limited liability company ("Borrower")and Neighborhood National Bank, a national banking association("Lender"). RECITALS • A. Borrower is the owner of that certain real property in the City of National City, County of San Diego, California ("Property"), as described in (collectively, the "City Encumbrances"): (i) that certain Declaration of Covenants, Conditions and Restrictions (Tenant Restrictions)executed by Borrower and the City,dated as of August 15,2011,and recorded in the Office of the County Recorder for the County of San Diego on August 23, 2011, as Instrument No. 2011-0432185 in the Official Records; (ii)that certain Deed of Trust dated as of August 15, 2011, and recorded in the Office of the County Recorder for the County of San Diego on August 23,2011,as Instrument No.2011-0432186;and(iii)that certain UCC-1 Financing Statement given by Borrower,as debtor, in favor of City,as secured party,and recorded in the Office of the County Recorder for the County of San Diego on August 23, 2011 as Instrument No. 2011-0432187. See Exhibit "A" attached hereto and made a part hereof for complete legal description B. Concurrently with recordation of this Subordination Agreement, Borrower is causing a Deed of Trust ("Lender Deed of Trust") made by Borrower in favor of Lender to be recorded against the Property in the Office of the County Recorder for the County of San Diego. C. City, Lender and Borrower all agree and desire to execute this Subordination Agreement to memorialize their understanding and agreement with regard to the respective priorities of each of the above-referenced documents. It is the intention of the parties that the Lender Deed of Trust shall unconditionally be and remain at all times a lien, claim and charge on the Property prior and superior to the City Encumbrances. 1 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,the City, Lender and Borrower hereby agree as follows: AGREEMENT 1. Subordination of the City Encumbrances. The City Encumbrances are hereby irrevocably and unconditionally made subordinate and subject to the Lender Deed of Trust, and to all rights and privileges of the City and Borrower thereunder. 2. Notices. City, Lender and Borrower agree to give to each other copies of all notices of events of default under their respective documents. All notices given under this Subordination Agreement shall be in writing and sent to the party at its address appearing below (a) by certified or registered U.S.mail,return receipt requested,(b)overnight by a nationally recognized overnight courier such as UPS Overnight or FedEx,or(c)by personal delivery. All notices shall be effective upon receipt (or refusal to accept delivery). These addresses may be changed by any party by written notice to all other parties. If to the City: City of National City Attention: City Manager 1243 National City Boulevard National City, CA 91950 If to Borrower: T&T Community Properties,LLC 760 Arroyo Court Chula Vista, CA 91910 If to Lender: Neighborhood National Bank Loan Department 2987 Jamacha Road El Cajon, CA 92019 3. Whole Agreement; BindingE_ffect. This Subordination Agreement is the whole and only agreement with regard to the priority of the liens, claims and charges of the City Encumbrances and the Lender Deed of Trust. This Subordination Agreement is binding on and inures to the benefit of the legal representatives, heirs, successors and assigns of the parties. 4. Attorney's Fees. If any party to this Subordination Agreement brings an action to interpret or enforce its rights under this Subordination Agreement, the prevailing party will be entitled to recover its costs and reasonable attorney's fees as awarded in the action. 5. Counterparts. This Subordination Agreement may be executed in counterparts, and all counterparts constitute but one and the same document. 6. Signatures. All individuals signing this Subordination Agreement for a party which is a corporation, limited liability company, partnership or other legal entity, or signing under a power of attorney, or as a trustee, guardian, conservator, or in any other legal capacity, covenant to one 2 another that they have the necessary capacity and authority to act for, sign and bind the respective entity or principal on whose behalf they are signing. IN WITNESS WHEREOF, the parties have executed this Subordination Agreement as of the date first set forth above and agree to be bound hereby. LENDER: Neighborhood Nati an , a nati nal banking association By: Print ame: N1Z Its: C [SIGNATURES CONTINUED ON FOLLOWING PAGE] 3 BORROWER: T& T Community Properties, LLC, a California limited liability company By: Mitchell L. Thompson, Ma ager [SIGNATURES CONTINUED ON FOLLOWING PAGE] 4 CITY: City of National City By: Manager V7R AS TO FORM: By: Barry J. Sc l ,City Attorney 5 ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached,and not the truthfulness, accuracy,or validity of that document. State of California ) County of San Diego ) On ,5 ee ,4or -9, a va r , 2025, before me, �Gv�Gr oO, oto/zV9 , notary public, pers appeared i'4,jQ f �J, C DD/X'� who proved to me on the basis of satisfactory evidence to be the person(.q w' hose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/13er/ttfeir authorized capacity(ies), and that by his/her/dteir signature(O—on the instrument the persorj(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 and official seal. ( Signature (Seal) g 90my CARLA0.SOLONE Notary Public•California San Diego County Commission 4 2462373 Comm.Expires Oct 1,2027 7 ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached,and not the truthfulness, accuracy,or validity of that document. State of California ) County of San Diego ) On J, J, 3 ed i , 2025, before me, 0C.i•-/ec off. p(j,lel2 e , notary public, personally appeared MI A4c// t,. ThtU m 4 o19 who proved to me on the basis of satisfactory evidence to be the person(s)-whose name(s) is/ai-e-subscribed to the within instrument and acknowledged to me that he/-Ae/they-executed the same in his/her/tfeir authorized capacity�ies), and that by his/her/their signature(g)—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 and official seal. Signature (�. (Seal) *my CARLA D.SOLONE votary Pubtic•Catifornia San Diego CountyCommission;2a62373 Comm.Expires Oct 1,2027 ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached,and not the truthfulness, accuracy,or validity of that document. State of California ) County of San Diego ) OnJ�-Loc`66(r "L , 2025, before me, � " �°`�' , notary public, personally appeared Nt ,"rb ..ef-r'or•d-t-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 and official seal. l� Signature (Seal) C---44----)FMy ANGELITA PALAIA Notary Public-California San oieso County Commission;2381560 Comm.Expires Nov 3,2025 8 EXHIBIT "A" LEGAL DESCRIPTION Order No.: 25000480651 Escrow No.: 25000480651 The land referred to herein is situated in the State of California, County of San Diego, City of National City and described as follows: All of Lot 34 and that portion of Lot 36, Block 3 Paradena Park, in the City of National City, County of San Diego, State of California, according to Map Thereof No. 1404, filed in the Office of the County Recorder of San Diego County, February 16, 1912, lying Southerly of a line described as follows: Beginning at a point on the Easterly line of said Lot 36 distant thereon 50.00 feet Southerly from the most Northerly corner thereof; Thence Westerly in a straight line to an intersection with the Westerly line of said Lot 36 at a point which is a distant thereon 25.00 feet Southerly from the Northwesterly corner of thereof. Excepting from said Lot 34 the Southerly 65.00 feet measured at right angles to the Southerly line. FOR INFORMATIONAL PURPOSES ONLY:APN 554-013-16-00 APN: 554-013-16-00 (End of Legal Description)