HomeMy WebLinkAboutSubordination AgreementAfter Recording return to:
CITY OF NATIONAL CITY
140 East 12th Street, National City 91950
CA — LST File No: 1600504700
This instrument was prepared by:
Towana Garrett
LandSafe Title of California Inc.
1831 Chestnut St 6th FI St. Louis MO 63103
BOA Loan # 248698309
PARCEL TAX MAP ID NO: 5630211800
Real Estate Subordination Agreement
THIS SUBORDINATION AGREEMENT ("MAY RESULT" OR "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 Real Estate Subordination Agreement ("Agreement") is executed as of the date herein, by CITY OF
NATIONAL CITY having an address of 140 East 12th Street, National City 91950
("Subordinator"), in favor of Bank of America, N.A., having an address for notice purposes of
Bank of America
4161 Piedmont Parkway
Greensboro, NC 27410
Whereas, Subordinator is the owner and holder of, or creditor under, the indebtedness described in and
secured by a Deed of Trust or Mortgage dated 10/13/2011, executed by JOSEPH J. RADER
And which was recorded on 10/17/2011 in Volume / Book N/A, Page N/A, and if applicable, Document
Number 2011-0544016, of the land records of SAN DIEGO County, State of, California, in the amount of
$32,835.00 as same may have been or is to be modified prior hereto or contemporaneously herewith (the
"Senior Lien"), encumbering the land described therein (said land and such improvements,
appurtenances and other rights and interests regarding said land, if any, as are described in the Senior
Lien being called herein collectively the "Property") (see attached Exhibit "A"); and
Whereas, Bank of America has been requested to make a loan, line of credit or other financial
accommodation to JOSEPH J. RADER
(joint and severally, "Borrower"), to be secured by, without limitation, a deed of trust or mortgage, (the
"Junior Lien"), covering without limitation, the Property and securing the indebtedness described therein
including the payment of a promissory note, line of credit agreement or other borrowing agreement made
by Borrower and/or others payable to the order of Bank of America in the maximum principal face amount
of $120,000.00, including provisions for acceleration and payment of collections costs (the "Obligation")'
the Junior Lien and the Obligation to contain such other terms and provisions as Bank of America and
Borrower shall determine; and
Now, Therefore, for valuable consideration, Subordinator hereby subordinates the Senior Lien to Bank of
America's Junior Lien, subject to the terms of this Agreement. The Subordinator's Senior Lien is
subordinated to Bank of America's Junior Lien only to the extent of the Principal Amount of the Obligation
and any amounts advanced pursuant to the terms of the Obligation or the security instrument for the
payment of insurance premiums, taxes, costs of collection, protection of the value of the property or Bank
of America's rights in the Property or foreclosure. All other rights of Subordinator now or hereafter existing
in or with respect to the Property (including but not limited to all rights and to proceeds of insurance and
condemnation) are hereby subordinated, and are and shall remain completely and unconditionally
subordinate, to the Junior Lien and the rights of Bank of America regardless of the frequency or manner
of renewal, extension, consolidation or modification of the Junior Lien or the Obligation.
This Agreement shall inure to the benefit of the Subordinator and Bank of America and their respective
successors and assigns, including any purchaser(s) (at foreclosure or otherwise) of the Property or any
part thereof, and their respective successors and assigns.
CITY OF NATIONAL CITY
Signature Date
Printed Name
Title
State of
County of
Acknowledgment:
On day of 20 , before me,
, a Notary Public in and for said State, 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.
(seal)
Signature of Person taking Acknowledgment
Printed name
Commission Expiration Date