HomeMy WebLinkAboutAttachment No. 1 Subordination AgreementAttachment No. 1 Draft Subordination Agreement
After Recording Return To:
Title Source, Inc.
662 Woodward Ave
Detroit MI 48226
Prepared By: Tamestele MII
SUKIRDINATION AGREEMENT
Escrow No: 57206744
This Agreement is made this , 2013 by and between Community Development
Commission ("Junior Lender"} whose address is 1243 National City Blvd, National city, CA 91950 and
JPMn Chase Bank, N.A. eNew Senior Lend), whose address is 1111 Polaris Parkway,
Columbus, OH 43240.
WHEREAS the Junior Lender is the holder of a security instrument In the principal amount of $ 25,000.00,
executed by Javier Garcia, Jr. and Irma Garcia ("Bonowerls'), to Community Development
Commission.
WHEREAS, said lien is dated June 11, 1999 and recorded an June 24, 1999, as instrument/Case No.
1999.0441066, of Official Records in the records of San Diego County, and Iegaty described as:
(SEE ATTACHED LEGAL DESCRIPTION)
Property Address: 5191 AVE , NATIONAL CITY, CA 91950 ('Property")
Parcel Number. 6663120200
WHEREAS, the New Senior Lender intends to make a loan to the Borrowers) in a pnccipal amount up to
$62,717.00 and dated on or about , 2013 to be secured by a mortgage/dead
of trust granted by and between the New Senior Lender and the Borrower(S) covering the Property, and
WHEREAS the New Senior Lender will only make the loan to the Bo rowers) provided that the Junior
Lender's Lien is subordinate to the New Senior Lender's Lien and
WHEREAS the Junior Lender intends that the New Senior Lender's lien be prior and superior to the Junior
Lender's Tien. Junior Lender consents without possibility of revocation, and accepts all provisions, terms,
and conditions of the New Senior Lender's security Instrument
NOW, THEREFORE, it is agreed that In consideration of one dollar and other good and value
consideration, the adequacy and receipt of which is hereby ac cnowtedged, the Junior Lender agrees to
subordinate and make the Junior Lender's ten subordinate and junior in all respects to the New Senior
Lender's lien. This agreement shall be binding upon the Junior Lender and Senior Lender, and their
successors, andfor assigns.
Attachment No. t Draft Subordination Agreement
SIGNED:
Name:
Position:
State of
County of
ACKNOWLEDGMENT
On before me,
(insert name and title of the officer)
personally appeared
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(a)
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 behatf of which the person(s) acted, executed the
instrument.
I certify under PENALTY OF PERJURY under the laws of the State of that the
foregoing paragraph Is true and correct.
WITNESS my hand and official seal.
Signature (Seal)