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HomeMy WebLinkAboutAttachments No. 1 and No. 2Attachment No. 1 RECORDING REQUESTED BY TICOR TITLE COMPANY OF CALIFORNIA AND WHEN RECORDED MAIL TO: ORDER NO.: 00028587-014-AM1 SPACE ABOVE THIS LINE FOR RECORDER'S USE 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 November 21, 2011 by Barbara J. Mellor owner of the land hereinafter described and hereinafter referred to as "Owner", and Community Development Commission of 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, Owner has executed a deed of trust, dated May 29, 2002 , to Community Development Commission of the City of National City , as trustee, covering: Lot 5, inclusive, in the City of National City, County of San Diego, State of California, according to Map thereof No. 14245, filed in the Office of the County Recorder of San Diego County, July 6, 2001. As more completely described in exhibit "A" attached hereto and made a part hereof. to secure a note in the sum of $18,926.00 , dated May 29, 2002 in favor of Community Development Commission of the city of National City, which deed of trust was recorded May 31, 2002 as Instrument No. 02-466201, of 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 $150,000.00 , dated , in favor of Wells Fargo Home Mortgage 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 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 or Lender; and Page 1 of 4 Casuborda Attachment No. 1 Order No.: 00028587-014-AM1 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 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 agreement 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; 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 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. (c) Community Development Commission of the City of National City Authorized Signor: Barbara J. Mallor Jason Hugh Mellor Beneficiary Owner (All signatures must be acknowledged) Form Furnished By Ticor Title Company of California Page 2 of 4 Casuborda Attachment No. 1 IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. (SUBORDINATION FORM "A") Deed of Trust to New Deed of Trust Page 3 of 4 Order No.: 00028587-014-AM1 Attachment No. 1 STATE OF CALIFORNIA COUNTY OF SAN DIEGO } SS: On before me, a Notary Public, personally appeared 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 eolTect. WITNESS my hand and official seal. Signature STATE OF CALIFORNIA COUNTY OF } SS: FOR NOTARY SEAL OR STAMP On before me, FOR NOTARY SEAL OR STAMP a Notary Public, personally appeared 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. Signature Page 4 of 4 Casuborda 2011-Dec-13 12:09 PM wei.ls fargo 619-498-2696 36139 Attachment No. 2 RECORDING REQUESTED SY: WHEN RECORDED MAIL TO: DRAFT SPACE ABOVE THIS LINE FOR mow CR'S USE APN: DEED OF TRUST AND ASSIGNMENT OF RENTS This DEED OF TRUST, made , between We, Husband And Wife promise to pey to her successors and/or assigns, herein called Trustor, whose address is and herein called TRUSTEE, and her successors and/or assigns, herein called BENEFICIARY, WITNESSETH; That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS TO TRUSTEE IN TRUST, WITH POWER OF SALE, that property In the County of , State of California, described as: VACANT LOT APN ADDRESS: LEGAL. DESCRIPTION: TOGETHER WITH the rents, Issues and profits thereof, SUBJECT, HOWEVER, to the right, power and authority hereinafter given to and conferred upon Beneficiary by paragraph (10) of the provislons Incorporated herein by reference to collect and apply such rents, Issues and profits. For the Purpose of Securing: (1) Performance of each agreement of Trustor Incorporated by reference or contained herein. (2) Payment of the Indebtedness evidenced by one promissory note of even date herewith, and any extension or renewal thereof, In the PRINCIPAL SUM OF $ executed by Trustor In favor of Beneficiary or order, (3) Payment of such further sums as the then record owner of said property hereafter may borrow from Beneficiary, when evidenced by another note (or notes) reciting It so secured. The following Is a copy of provisions (1) to (14), Inclusive, of the fictitious Deed of Trust, recorded In each county in California, as stated in the foregoing Deed of Trust and incorporated by reference in said Deed of Trust as being a part thereof as set forth at length therein. To protect the Security of this Deed of Trust, Trustor Agrees: (1) To keep said property in good condition and repair; not to remove or demolish any building thereon; to complete or restore promptly and in good and workmanlike manner any building which may be constructed, damaged or destroyed thereon and to pay when due all claims for labor performed and materials furnished therefor; to comply with all laws affecting said property or requiring any alterations or improvements to be made thereon; not to commit or permit waste thereof; not to commit, suffer or permit any act upon said property In violation of law; to cultivate, Irrigate, fertilize, fumigate, prune and do all other acts which from the character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general. (2) To provide, maintain and deliver to Beneficiary fire Insurance satisfactory to and with foss payable to Beneficiary. The amount collected under any fire or other Insurance policy may bo applied by Beneficiary upon any indebtedness secured hereby and in such order as 8eneficlary may determine, or at option of Beneficiary the entire amount so collected or any part thereof may be released to Trustor. Such application or release shall not cure or waive any default or notice of default hereunder or Invalidate any act done pursuant to such notice. (3) To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; and to pay all costs end expenses, Including cost of evidence of title and attorney's fees In a reasonable sum, In any such action er proceeding In which Beneficiary or Trustee may appear, and In any suit brought by Beneficiary to foreclose this Deed. Deed of Trust and Assignment or Rents 12/13/2011 1:2BPM (GMT-06:00) 2011-Dec-13 12:09 PM wells Fargo 619-498-2696 37139 Attachment No. 2 (4) To pay: at least ten days before delinquency all taxes and assessments affecting said property, including assessments on appurtenant water stock; when due, all encumbrances, charges and Ilene, with Interest, on said property or any part thereat, which appear to be prior or superior hereto; all casts, fees and expenses of this Trust. Should Truster fail to make any payment or to do any act as herein provided, then Beneficiary or Trustee, but without obligation so to do, without notice to or demand upon Trustor, and without releasing Trustor from any obligation hereof, may: make or do the same In such manner and to such extent ea either may deem necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneflclary or Trustee; pay, purchase, contest or compromise any encumbrance, charge or lien which in the judgment of either appears to be prior or superior hereto; and, in exercising any such powers, pay necessary expenses, employ counsel and pay hls reasonable fees. (5) To pay immediately and without demand ail sums so expended by Beneficiary or Trustee, with interest from date of expenditure at the amount allowed by law in effect at the date hereof, and to pay for any statement provided for by law In effect at the date hereof regarding the obligation secured hereby any amount demanded by the Beneficiary not to exceed the maximum allowed by law at the time when said statement is demanded, (6) That any award of damages in connection with any condemnation for public use of or Injury to said property or any part thereof is hereby assigned and shall be paid to Beneficiary who may apply or release such monies received by him in the same manner and with the same effect as above provided for disposition of proceeds of fire or other Insurance. (7) That by accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his right either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay. (8) That et any time or from time to time, without liability therefor and without notice, upon written request of Beneficiary and presentation of this Deed and said note for endorsement, and without affecting the personal liability of any person for payment of the Indebtedness secured hereby, Trustee may; reconvey any part of said property; consent to the making of any map or plat thereof; join in granting any easement thereon; orjoln In any extension agreement or any agreement subordinating the lien or charge hereof. (9) That upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed and said note to Trustee for cancellation and retention and upon payment of its fees, Trustee shall reconvey, without warranty, the property then held hereunder. The recitals in such reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof. The grantee in such reconveyance may be described as the person or persons legally entitled thereto". Five years after issuance of such full reconveyance, Trustee may destroy said note and this Deed (unless directed In such request to retain them), (lee That as additional security, Trustor hereby gives to and confers upon Beneficiary the right, power and authority, during the continuance of these Trusts, to collect the rents, issues and profits of said property, reserving onto Trustor the right, prior to any default by Truster in payment of any Indebtedness secured hereby or In performance of any agreement hereunder, to collect and retain such rents, issues and profits as they become due and payable. Upon any such default, Beneficiary may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the Indebtedness hereby secured, enter upon and take possession of said property or any part thereof, in his own name sue for or otherwise collect such rants, Issues and profits, Including those past due and unpaid, and apply the same, less casts and expenses of operation and collection, including reasonable attorneys fees, upon any indebtedness secured hereby, and In such order as Beneficiary May determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or Invalidate any act done pursuant to such notice, (a,)) That upon default by Truster In payment of any indebtedness secured hereby or in performance of any agreement hereunder, Beneficiary may declare ail sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for sale and of written notice of default and of election to cause to be said said property, which notice Trustee shall cause to be flied for record. Beneficiary also shall deposit with Trustee this Deed, said note and all documents evidencing expenditures secured hereby. After the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of sale having been given es then required by law, Trustee, without demand on Trustor, shall sell said property at the time and place flied by it In sald notice of sale, either as a whole or In separate parcels, and in such order as It may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to such purchaser Its deed conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof, Any parson, Including Truster, Trustee, or Beneficiary as hereinafter defined, may purchase at such sale. After deducting all costs, Fees and expenses of Trustee and of this Trust, including cost of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of; all sums expended under the terms hereof, net then repaid, with accrued Interest at the amount allowed by law In effect at the date hereof; all other sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto. Deed of lfust and Assignment or Rents EAT 12/13/2011 1:28PM (GMT-06:00) 2011-Dec-13 12:09 PM wells forgo 619-498-2696 38139 Attachment No. 2 (12) Beneficiary, or any successor In ownership of any indebtedness secured hereby, may from time to time, by Instrument In writing, substitute a successor or successors to any Trustee named herein or acting hereunder, which Instrument, executed by the Beneficiary and duly acknowledged and recorded in the office of the recorder of the county er counties where said property is situated, shall be conclusive proof of proper subst1tutton of such successor Trustee or Trustees, who shall, without conveyance from the Trustee predecessor, succeed to ail Its title, estate, rights, powers and duties, 5ald instrument must contain the name of the original Trustor, Trustee and Beneficiary hereunder, the book and page where this Deed is recorded and the name and address of the new Trustee. (13) That this Deed applies to, Inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors and assigns. The term Beneficiary shell mean the owner and holder, Including pledgees, of the note secured hereby, whether or not named as Beneficiary herein. In this Deed, whenever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number Includes the plural. (14) That Trustee accepts thls Trust when thls Deed, duly executed and acknowledged,1s made a public record as provided by law. Trustee Is not obligated to notify any party hereto of pending sale under any other Deed of Trust or of any action oe proceeding In which Truster, Beneficiary or Trustee than be a party unless brought by Trustee, Dated: } STATE OF CALIFORNIA }se COUNTY OF .... } 4n before me personally appeared Notary Public, who proved to me on the basis of satisfactory evidence to be the person(s) whose narne(s) Is/are subscribed to the within Instrument end acknowledged to me that he/she/they executed the same In his/her/their authorized capaclty(les), and that by his/her/thelr 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 FER]URY under the laws of the State of caIlfornle that the foregoing paragraph is true anti correct, WITNESS my hand and oMetal seal, Signature Deed of Trust end Assignment of Rents SPACE ABOVE RESERVEf7 FOR NOTARY SEAL DRAFT 12/13/2011 1:28PM (GMT-06:00)