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HomeMy WebLinkAbout2011 CON CDC (Subordination Agreement) - Amalia Ochoa 915 Olive AveRECORDING REQUESTED BY TICOR TITLE COMPANY OF CALIFORNIA AND WHEN RECORDED MAIL TO: Office of the City Clerk City of National City 1243 National City Blvd. National City, CA 91950 ORDER NO.: 00015154-019-CH6 D 0 C ## 2011-0433220 11111 I HiII IIII IIIII Hill IIIII 1111 I1111 IIIII IIII11110 IIII II1I AUG 23, 2011 8:00 AM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE Ernest J. Dronenburg, Jr., COUNTY RECORDER FEES: 30.00 PAGES: 6 11111111111111111111111111111111111111111111111111111111111111111111111111111111111 I 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 191 day of July 2011 by Amalia Ochoa. an unmarried woman owner of the land hereinafter described and hereinafter referred to as "Owner", and The Community Development Commission of the City of National City, a corporation 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 October 19, 1995 to Not Shown , as trustee, covering: LOT 16 OF SUSAN MANOR, IN THE CITY OF NATIONAL CITY, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 3416, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, APRIL 24, 1956. to secure a note in the sum of $17, 358.00 , dated October 19, 1995 in favor of The Community Development Conunission of The City of National City, a Corporation, which deed of trust was recorded October 20, 1995, 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 $76,100.00 , dated S-'I"../041j 11W$0►1 , in favor of Union Bank, N.A., 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 3 Csuborda 8145 Order Ncr.: 00015154-019-CH6 Attachment No. 1 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 tntst 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 arc 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 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) (d) The Community Development Commission of the City ofal City, a corporatioIL I : Ron Morrison, Chairman Amalia Ochoa Beneficiary Owner (All signatures must be acknowledged) Form Furnished By Ticor Title Company of California 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 2of3 Casuborda Order Nit.: 00015154-019-CH6 8146 STATE OF CALIFORNIA COUNTY OF f&i 1710Eje SS: before me, j ] 1i i a^�� fl ] CL c\k i ttp r , kin{[ `ti a Notary Public, personally appeared f who proved to me on the basis of satisfactory evidence to be the persorjwhose name( is/fie- subscribed to the within instniment and acknowledged to me that he/she:tey executed the same in his/her/Heir authorized capacity(s) and that by his/her/their signature) )on the instrument the person(,aj, or the entity upon behalf of which the persons).' acted, executed the instrument. Onf ] ,J r 1l,;2.6711 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 STATE OF CALIFORNIA COUNTY OF t ] S—C? 4D/ _ SS: On j ] J to ' J t 1 3 < ) / before me, f C ,-ree rtryrye a Notary Public, personally appeared f 1 %t4VIGi/%[\ 0.(412A who proved to me on the basis of satisfactory evidence to be the person(pr)whose name('' is/alit( subscribed to the within instrument and acknowledged to me that he/shelthy executed the same in His/her/the?• authorized capacity(is) and that by hit/her/Mir signatureOon the instrument the person(srf, or the entity upon behalf of which the person(4) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is tnre and correct. WITNESS my hand and official seal. Signature FOR NOTARY SEAL OR STAMP FOR NOTARY SEAL OR STAMP C. GREENE Commission # 1888587 Notary Public - California �Z San Diego County _ My Comm. Expires Jun 4. 201 Page 3 of 3 cubraa 8147 GOVERNMENT CODE 27361.7 I CERTIFY UNDER PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READ AS FOLLOWS: NAME OF NOTARY: COMMISION NUMBER: COMMISION EXPIRES: COUNTY WHERE BOND IS FILED: NI;1 S c�6,u.46 MAUNUFACTURER OR VENDOR NUMBER: (Located on both sides of the notary seal) TICOR TITLE COMPANY PLACE OF EXECUTION: DATE: SAN DIEGO RESOLUTION NO. 2011 — 169 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL CITY AUTHORIZING THE CHAIRMAN TO EXECUTE A SUBORDINATION AGREEMENT WITH AMALIA OCHOA ALLOWING A NEW MORTGAGE OF $76,100 TO BE AND REMAIN A LIEN PRIOR AND SUPERIOR TO A FIRST-TIME HOMEBUYER ASSISTANCE LOAN OF $17,358 ISSUED BY THE CDC ON A SINGLE -UNIT PROPERTY LOCATED AT 915 OLIVE AVENUE IN NATIONAL CITY 8148 WHEREAS, the Community Development Commission of the City of National City ("CDC") made a loan of $17,358 ("CDC Loan") from HOME Investment Partnerships Act funds to Amalia Ochoa ("Borrower") on October 19, 1995, to assist an eligible low-income family in the purchase of a single-family located at 915 Olive Ave in National City; and WHEREAS, the existing CDC Loan is an enforceable obligation entered into before January 1, 2011; and WHEREAS, the CDC Loan is fully deferred until 2028, as long as the residence is occupied by the Borrower and the Borrower performs under all other Covenants and Agreements contained in the Deed of Trust of the CDC Loan; and WHEREAS, the Borrower is interested in refinancing the debt on the property and has been approved for a new loan with Union Bank that requires the CDC to execute a Subordination Agreement allowing the new loan to hold superior position to the CDC -issued loan that will maintain second lien position on the property; and WHEREAS, the purpose of the refinance is to allow the borrower to reduce the interest rate paid on their current mortgage at 7.875% to approximately 4.5% with no cash proceeds to the Borrower through the escrow tied to the refinance; and WHEREAS, maintaining a second lien position pursuant to the borrower refinancing to a lower interest rate without a cash -out acts to further preserve and secure the City interest on the property. NOW, THEREFORE, BE IT RESOLVED that the Community Development Commission of the City of National City hereby authorizes the Chairman to execute a Subordination Agreement in favor of a new first trust deed with Union Bank, and to execute any additional escrow documents required to comply with the terms and conditions of said Subordination Agreement. Said Subordination Agreement is on file in the Office of the City Clerk. PASSED and ADOPTED this 19th day of July, 2011. orrison, Chairman ROVED AS TO FORM: ilva I Counsel 8149 Passed and adopted by the Community Development Commission of the City of National City, California, on July 19, 2011 by the following vote, to -wit: Ayes: Commissioners Morrison, Natividad, Rios, Sotelo-Solis, Zarate. Nays: None. Absent: None. Abstain: None. AUTHENTICATED BY: RON MORRISON Chairman, Community Development Commission BRAD RAULSTON Secretary, Community Development Commission By: Deputy I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of RESOLUTION NO. 2011-169 of the Community Development Commission of the City of National City, California, passed and adopted on July 19, 2011. Secretary immunity Development Commission By: Deputy RESOLUTION NO. 2011 — 169 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL CITY AUTHORIZING THE CHAIRMAN TO EXECUTE A SUBORDINATION AGREEMENT WITH AMALIA OCHOA ALLOWING A NEW MORTGAGE OF $76,100 TO BE AND REMAIN A LIEN PRIOR AND SUPERIOR TO A FIRST-TIME HOMEBUYER ASSISTANCE LOAN OF $17,358 ISSUED BY THE CDC ON A SINGLE -UNIT PROPERTY LOCATED AT 915 OLIVE AVENUE IN NATIONAL CITY WHEREAS, the Community Development Commission of the City of National City ("CDC") made a loan of $17,358 ("CDC Loan") from HOME Investment Partnerships Act funds to Amalia Ochoa ("Borrower") on October 19, 1995, to assist an eligible low-income family in the purchase of a single-family located at 915 Olive Ave in National City; and WHEREAS, the existing CDC Loan is an enforceable obligation entered into before January 1, 2011; and WHEREAS, the CDC Loan is fully deferred until 2028, as long as the residence is occupied by the Borrower and the Borrower performs under all other Covenants and Agreements contained in the Deed of Trust of the CDC Loan; and WHEREAS, the Borrower is interested in refinancing the debt on the property and has been approved for a new loan with Union Bank that requires the CDC to execute a Subordination Agreement allowing the new loan to hold superior position to the CDC -issued loan that will maintain second lien position on the property; and WHEREAS, the purpose of the refinance is to allow the borrower to reduce the interest rate paid on their current mortgage at 7.875% to approximately 4.5% with no cash proceeds to the Borrower through the escrow tied to the refinance; and WHEREAS, maintaining a second lien position pursuant to the borrower refinancing to a lower interest rate without a cash -out acts to further preserve and secure the City interest on the property. NOW, THEREFORE, BE IT RESOLVED that the Community Development Commission of the City of National City hereby authorizes the Chairman to execute a Subordination Agreement in favor of a new first trust deed with Union Bank, and to execute any additional escrow documents required to comply with the terms and conditions of said Subordination Agreement. Said Subordination Agreement is on file in the Office of the City Clerk. PASSED and ADOPTED this 19th day of July, 2011. orrison, Chairman ROVED AS TO FORM: dia G .ilva CDC Gen: I Counsel Passed and adopted by the Community Development Commission of the City of National City, California, on July 19, 2011, by the following vote, to -wit: Ayes: Commissioners Morrison, Natividad, Rios, Sotelo-Solis, Zarate. Nays: None. Absent: None. Abstain: None. AUTHENTICATED BY: RON MORRISON Chairman, Community Development Commission Secretary, Community Development Commission By: Deputy I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of RESOLUTION NO. 2011-169 of the Community Development Commission of the City of National City, California, passed and adopted on July 19, 2011. Secretary, Community Development Commission By: Deputy sEETING DATE: CITY OF NATIONAL CITY, CALIFORNIA COMMUNITY DEVELOPMENT COMMISSION COUNCIL AGENDA STATEMENT July 19, 2011 C. X 1 } AGENDA ITEM NO.46 ITEM TITLE: Resolution of the Community Development Commission of the City of National City authorizing its Chairman to execute a Subordination Agreement with Amalia Ochoa allowing a new mortgage of $76,100 to be and remain a lien prior and superior to a First -Time Home Buyer assistance loan of $17,358 issued by the CDC on a single -unit property located at 915 Olive Avenue in National City PREPARED BY: Carlos Aguirre PHONE: 619 336-4391 EXPLANATION: DEPARTMENT: Adminstrative Services APPROVED BY:2,„��.�� The CDC made a loan for $17,358 from HOME Investment Partnerships Act funds to Amalia Ochoa ("Borrower") on October 19, 1995 to assist an eligible low-income family in the purchase of a single-family house located at 915 Olive in National City. The existing CDC loan is an enforceable obligation entered into before June 29, 2011. The CDC loan is fully deferred until 2028 as long as the residence is occupied by the Borrower and the Borrower performs under all other Covenants and Agreements contained in the Deed of Trust of the CDC loan. The Borrower is interested in refinancing the debt on the property and has been approved for a new loan with Union Bank. The new lender is requiring that the CDC execute a subordination agreement (Attachment No.1) allowing the new loan to hold superior position to the CDC -issued loan. The Alp DC loan will maintain second lien position on the property. The purpose of the refinance is to allow the orrower to reduce the interest rate paid on their current mortgage at 7.875% to approximately 4.5%. There will be no cash proceeds to the Borrower through an escrow of the refinance transaction. The new combined loan -to -value ratio will be 42% as substantiated by a current appraisal of the property at $225,000. FINANCIAL STATEMENT: APPROVED: ACCOUNT NO. APPROVED: There is no fiscal impact associated with this request. ENVIRONMENTAL REVIEW: The subordination agreement is exempt from environmental review. ORDINANCE: INTRODUCTION: FINAL ADOPTION: STAFF RECOMMENDATION: Staff recommends the approval of the resolution to execute the subordination agreement. BOARD / COMMISSION RECOMMENDATION: There is no board or commission recommendation required for the subordination agreement. •TTACHMENTS: 1. Subordination Agreement • • • RESOLUTION NO. 2011 — RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL CITY AUTHORIZING THE CHAIRMAN TO EXECUTE A SUBORDINATION AGREEMENT WITH AMALIA OCHOA ALLOWING A NEW MORTGAGE OF $76,100 TO BE AND REMAIN A LIEN PRIOR AND SUPERIOR TO A FIRST-TIME HOMEBUYER ASSISTANCE LOAN OF $17,358 ISSUED BY THE CDC ON A SINGLE -UNIT PROPERTY LOCATED AT 915 OLIVE AVENUE IN NATIONAL CITY WHEREAS, the Community Development Commission of the City of National City ("CDC") made a loan of $17,358 ("CDC Loan") from HOME Investment Partnerships Act funds to Amalia Ochoa ("Borrower") on October 19, 1995, to assist an eligible low-income family in the purchase of a single-family located at 915 Olive Ave in National City; and WHEREAS, the existing CDC Loan is an enforceable obligation entered into before January 1, 2011; and WHEREAS, the CDC Loan is fully deferred until 2028, as long as the residence is occupied by the Borrower and the Borrower performs under all other Covenants and Agreements contained in the Deed of Trust of the CDC Loan; and WHEREAS, the Borrower is interested in refinancing the debt on the property and has been approved for a new loan with Union Bank that requires the CDC to execute a Subordination Agreement allowing the new loan to hold superior position to the CDC -issued loan that will maintain second lien position on the property; and WHEREAS, the purpose of the refinance is to allow the borrower to reduce the interest rate paid on their current mortgage at 7.875% to approximately 4.5% with no cash proceeds to the Borrower through the escrow tied to the refinance; and WHEREAS, maintaining a second lien position pursuant to the borrower refinancing to a lower interest rate without a cashout acts to further preserve and secure the City interest on the property. NOW, THEREFORE, BE IT RESOLVED that the Community Development Commission of the City of National City hereby authorizes the Chairman to execute a Subordination Agreement in favor of a new first trust deed with Union Bank, and to execute any additional escrow documents required to comply with the terms and conditions of said Subordination Agreement. Said Subordination Agreement is on file in the Office of the City Clerk. PASSED and ADOPTED this 19th day of July, 2011. Ron Morrison, Chairman ATTEST: APPROVED AS TO FORM: Brad Raulston, Secretary Claudia G. Silva CDC General Counsel Attachment No. 1 • • RECORDING REQUESTED BY TICOR TITLE COMPANY OF CALIFORNIA AND WHEN RECORDED MAIL TO: COMMUNITY DEVELOPMENT COMMISSION CITY OF NATIONAL CITY 1243 NATIONAL CITY BLVD NATIONAL CITY, CA 91950 ORDER NO.: 00015154-019-CH6 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 19th day of July 2011 by Amalia Ochoa, an unmarried woman owner of the land hereinafter described and hereinafter referred to as "Owner", and The Community Development Commission of the City of National City, a corporation 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 10/19/1995 to Not Shown . as trustee, covering: LOT 16 OF SUSAN MANOR, IN THE CITY OF NATIONAL CITY, COl1N"I'Y OI. SAN DIEGO. STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 3416, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COLN'FY, APRIL 24, 1956. to secure a note in the sum of S17, 358.00 , dated 10/19/1995 in favor of The Community Development Commission of The City of National City, a Corporation, which deed of trust was recorded October 20, 1995, Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, a deed oftrust and note in the sum of S76,100.00 dated , in favor of Union Bank, N.A., hereinafter referred to as "Lender", payable with interest and upon the terms and conditions described therein, which deed oftrust 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 WIIEREAS, 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 3 Casuborda Order No.: 00015154-019-CH6 Attachment No. I 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: (I) 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) "Chat 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; (c) 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 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. (d) The Community Development Commission of the City of National City, a corporation By: Ron Morrison, Chairman Amalia Ochoa Beneficiary Owner (All signatures must be acknowledged) Form Furnished By Ticor Title Company of California 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 2of3 Casuborda