HomeMy WebLinkAbout2012 CON CDC HA (Subordination Agreement) Jason and Barbara Mellor - 109 E 9th Street•
RECORDING REQUESTED BY
T1COR TITLE COMPANY OF CALIFORNIA
AND WHEN RECORDED MAIL TO:
City of National City
Office of the City Clerk
1243 National City Blvd.
National City, CA 91950
ORDER NO.: 00028587-014-AM1
2')) 65 - 0_0
519
D D C # 2012-0118538
1111111111111111111111111111111111111111111111111111111111111111
MAR 01, 2012 8:00 AM
L RECORDS
SAN DIEGOOFICICFOUNTY RECORDER'S OFFICE 509 6
Ernest J. Dronenburg, Jr., COUNTY RECORDER
FEES: 27.00
PAGES:
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 January 24, 2012
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 S18,926.00 , 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 S150,000.00 , dated
in favor of Wells Far2o Home Mortga¢e
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
Order No.: 00028587-014-AM1
509 7
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;
(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
(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.
Community Development Commission of the City of
Natiorynl'Qty
A>Ythorized Signor: Ron Morrison
Chairman
An ikahyv
Barbara J. Mellor
ason Hugh Me for
Beneficiary Trustor(s)
(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.
Page 2 of 4
Casuborda
S098
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of California
County of San Diego
On January 26, 2012, before me, Virginia Miller, Notary Public, personally appeared Ron
Morrison, who proved to me on the basis of satisfactory evidence to be the person whose name is
subscribed to the within instrument and acknowledged to me that he executed the same in his
authorized capacity, and that by his signature on the instrument the person, or the entity upon
behalf of which the person 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.
Signa
e of Notary P'(iblic
Place Notary Seal Above
CALIFORNIA ALL-PURPOSE
CERTIFICATE OF ACKNOWLEDGMENT
State of California
County of �y9-/1-7.— -�
On d_1I t before me, L , i� Q� k LS4.`rW 7/ p,Nd jam,
(E-{ere insert name and title of the officer)
personally appeared
ib1hr
5099
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 13efshe/they executed the same in 14t-ter/their authorized
capacity(ies), and that by ilis4tefitheir 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.
WITNE.S. my hand and official /cal.
Signature of Notary Public
WENDELL MELENDEZ
COMM. #1917101 „,
NOTARY PUBLIC • CALIFORNIA
SAN DIEGO COUNTY
Carr missbn Expires Jan 12, 2015
(Notary Scar
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PRELIMINARY REPORT Ticor Title Company
YOUR REFERENCE: 00028587-014-AM1 ORDER NO.: 238544-ND
LEGAL DESCRIPTION
EXHIBIT "A"
5100
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF SAN DIEGO, STATE OF
CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:
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.
EXCEPTING THEREFROM ALL INTEREST OF THE CDC IN OIL, GAS, HYDROCARBON SUBSTANCES AND
MINERALS OF EVERY KIND AND CHARACTER LYING MORE THAN FIVE HUNDRED (500) FEET BELOW THE
SURFACE, TOGETHER WITH THE RIGHT TO DRILL INTO, THROUGH, AND TO USE AND OCCUPY ALL PARTS OF
THE SITE LYING MORE THAN FIVE HUNDRED (500) FEET BELOW THE SURFACE THEREOF FOR ANY AND ALL
PURPOSES INCIDENTAL TO THE EXPLORATION FOR AND PRODUCTION OF OIL, GAS, HYDROCARBON
SUBSTANCES OR MINERALS FROM SAID SITE OR OTHER LANDS, BUT WITHOUT, HOWEVER, ANY RIGHT TO
USE EITHER THE SURFACE OF THE SITE OR ANY PORTION THEREOF WITHIN FIVE HUNDRED (500) FEET OF
THE SURFACE FOR ANY PURPOSE OR PURPOSES WHATSOEVER, OR TO USE THE SITE IN SUCH A MANNER AS
TO CREATE A DISTURBANCE TO THE USE OR ENJOYMENT OF THE SITE, AS RESERVED IN THAT CERTAIN
GRANT DEED RECORDED JULY 13, 2001 AS FILE NO. 2001-0485245 OF OFFICIAL RECORDS.
Assessor's Parcel Number(s): 556-472-33-00
Form PR-S 3 CLTA Preliminary Report Form - Modified (11-17-06)
RESOLUTION 2012 — 29
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY ("CDC") AUTHORIZING
THE CHAIRMAN TO EXECUTE A SUBORDINATION AGREEMENT
WITH BARBARA J. MELLOR AND JASON H. MELLOR ALLOWING
A NEW MORTGAGE NOT -TO -EXCEED $150,000 TO BE AND
REMAIN A LIEN PRIOR AND SUPERIOR TO A FIRST-TIME
HOMEBUYER ASSISTANCE LOAN OF $18,926 ISSUED BY THE CDC
ON A TOWNHOME UNIT LOCATED AT 109 EAST 9TH STREET
WHEREAS, the Community Development Commission of the City of National
City ("CDC") made a loan of $18,926 ("CDC Loan") issued from the Low Moderate Income Fund
to Barbara J. Mellor and Jason H. Mellor ("Borrowers") on May 29, 2002, to assist an eligible
household in the purchase of a townhome unit located at 109 East 9th Street, National City,
California (the "Property"); 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 2032, as long as the residence
is occupied by the Borrowers and the Borrowers perform under all other Covenants and
Agreements contained in the Deed of Trust of the CDC Loan; and
WHEREAS, the Borrowers are interested in refinancing the debt on the property
and have been approved for a new loan with Wells Fargo Home Mortgage ("Lender") that
requires the CDC to execute a Subordination Agreement allowing the new loan to hold superior
position to the CDC Loan that will maintain second lien position on the Property; and
WHEREAS, the purpose of the refinance is to allow the Borrowers to reduce the
interest rate paid on their current mortgage to 3.875% with no cash proceeds to the Borrowers
through the escrow tied to the refinance; and
WHEREAS, maintaining a second lien position pursuant to the Borrowers
refinancing to a lower interest rate without cash -out acts to further preserve and secure the CDC
interest in the Property.
NOW, THEREFORE, BE IT RESOLVED that the Community Development
Commission of the City of National City hereby authorizes its Chairman to execute a
Subordination Agreement with Barbara J. Mellor and Jason H. Mellor in favor of a new First
Trust Deed with Wells Fargo Home Mortgage as beneficiary. After being recorded by the
County of San Diego, said Subordination Agreement will be on file in the office of the City Clerk.
PASSED and ADOPTED this 24th day of January,12.
on Morrison, Chairman
ATTE PRIVEI1: S TFORM:
audio
CDC Gen
Passed and adopted by the Community Development Commission of the City of
National City, California, on January 24, 2012, 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 O velopment Commission
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2012-29 of the Community Development Commission of the City of
National City, California, passed and adopted on January 24, 2012.
Secretary, Community Development Commission
By:
Deputy
;ETING DATE:
CITY OF NATIONAL CITY, CALIFORNIA
COMMUNITY DEVELOPMENT COMMISSION
COUNCIL AGENDA STATEMENT
January24 , 2012',
AGENDA ITEM NO, 25
ITEM TITLE:
Resolution of the Community Development Commission of the City of National City authorizing its
Chairman to execute a Subordination Agreement with Barbara J. Mellor allowing a new mortgage not -to -
exceed $150,000 to be and remain a lien prior and superior to a First -Time Home Buyer assistance loan
of $18,926 issued by the CDC on a townhome unit located at 109 E. 9th Street in National City
PREPARED BY: Carlos Aguirre, Comm. Dev. Specialist IIDEPARTMENT: minstrative Services
PHONE: 619 336-4391 APPROVED BY.cN,/j,
EXPLANATION:
The CDC made a loan for $18,926 from the Low -Moderate Housing Fund to Barbara J. Mellor (the "Owner")
and Jason H. Mellor (together as "Borrowers") on May 29, 2002 to assist the eligible household in the
purchase of a new townhome located at 109 E. 9th St. in National City. The CDC loan is fully deferred until
May 30, 2032 as long as the residence is occupied by the Borrowers and the Borrowers perform under all
other Covenants and Agreements contained in the Deed of Trust of the CDC loan. The Borrowers are
interested in refinancing the current debt on the property and have been approved for a new loan with Wells
Fargo Bank. The new lender is requiring that the CDC execute a subordination agreement allowing the new
loan to hold superior position to the CDC -issued loan. The CDC loan will maintain second lien position on
the property. The purpose of the refinance is to allow the Borrowers to reduce the interest rate paid to a
fixed rate of 3.875% and there will be no cash proceeds to the Borrowers through the refinance. Staff has
30 satisfactorily reviewed the a property valuation report, preliminary title report, new loan note terms, and
dosing statement.
FINANCIAL STATEMENT:
ACCOUNT NO.
APPROVED:
APPROVED:
Finance
MIS
There is no fiscal impact associated with this request. The existing CDC loan is an "enforceable obligation"
entered into before January 1, 2011.
ENVIRONMENTAL REVIEW:
The subordination agreement is exempt from environmental review.
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
STAFF RECOMMENDATION:
Staff recommends the adoption of a resolution to execute the Subordination Agreement.
BOARD / COMMISSION RECOMMENDATION:
There is no board or commission recommendation required for the Subordination Agreement.
rTACHMENTS:
1. Subordination Agreement between CDC and Owner
2. Draft Deed of Trust for the loan with Wells Fargo Bank
RESOLUTION 2012 —
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY ("CDC") AUTHORIZING
THE CHAIRMAN TO EXECUTE A SUBORDINATION AGREEMENT
WITH BARBARA J. MELLOR AND JASON H. MELLOR ALLOWING
A NEW MORTGAGE NOT -TO -EXCEED $150,000 TO BE AND
REMAIN A LIEN PRIOR AND SUPERIOR TO A FIRST-TIME
HOMEBUYER ASSISTANCE LOAN OF $18,926 ISSUED BY THE CDC
ON A TOWNHOME UNIT LOCATED AT 109 EAST 9TH STREET
WHEREAS, the Community Development Commission of the City of National
City ("CDC") made a loan of $18,926 ("CDC Loan") issued from the Low Moderate Income Fund
to Barbara J. Mellor and Jason H. Mellor ("Borrowers") on May 29, 2002, to assist an eligible
household in the purchase of a townhome unit located at 109 East 9th Street, National City,
California (the "Property"); 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 2032, as long as the residence
is occupied by the Borrowers and the Borrowers perform under all other Covenants and
Agreements contained in the Deed of Trust of the CDC Loan; and
WHEREAS, the Borrowers are interested in refinancing the debt on the property
and have been approved for a new loan with Wells Fargo Horne Mortgage ("Lender") that
requires the CDC to execute a Subordination Agreement allowing the new loan to hold superior
position to the CDC Loan that will maintain second lien position on the Property; and
WHEREAS, the purpose of the refinance is to allow the Borrowers to reduce the
interest rate paid on their current mortgage to 3.875% with no cash proceeds to the Borrowers
through the escrow tied to the refinance; and
WHEREAS, maintaining a second lien position pursuant to the Borrowers
refinancing to a lower interest rate without cash -out acts to further preserve and secure the CDC
interest in the Property.
NOW, THEREFORE, BE IT RESOLVED that the Community Development
Commission of the City of National City hereby authorizes its Chairman to execute a
Subordination Agreement with Barbara J. Mellor and Jason H. Mellor in favor of a new First
Trust Deed with Wells Fargo Home Mortgage as beneficiary. After being recorded by the
County of San Diego, said Subordination Agreement will be on file in the office of the City Clerk.
PASSED and ADOPTED this 24th day of January, 2012.
Ron Morrison, Chairman
ATTEST: APPROVED AS TO FORM:
Brad Raulston, Secretary Claudia Gacitua Silva
CDC General Counsel
Attachment 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 LSE
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.
TIIIS AGREEMENT, made this November 21.201 1
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 bolder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary".
WITNESSETII
THAT WIIEREAS, 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 S150,000.00 , dated
in favor of Wells Fargo Horne Mortgage
hereinafter referred to as "Lender", payable with interest and upon the terns 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 hercinbefore 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
Casubo.Ja
Attachment No. 1
Order No.: 000285S7-014-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 TIIEREFORF., 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 ail 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 dccd
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 affectthe 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)
(b)
(0)
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;
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;
HeiShe 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 he 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.
Community Development Commission of the City of
National City
Authorized Signor: Barbara J. Mellor
Jason Hugh Mellor
Beneficiary Owner
(All signatures must be acknowledged)
Form Furnished By Ticor Title Company of California
Page 2 of 4
cosoborda
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
Attachment No. 1
Order No.: 00028587-014-AMI
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.
1 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
} 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
correct.
WITNESS my hand and official seal.
Signature
Page 4 of 4
FOR NOTARY SEAL, OR STAMP
FOR NOTARY SIIiAL OR STAMP
C.uhordo
2011-Dec•13 12109 PM we11s fargo 519-49S-2696
36/39
Attachment No. 2
RECORD/NG REQUESTED BYI
WHEN RECORDED MALL TO:
DRAFT
SPACE ABOVE THIS LINE FOR RECORDER'S DU
APN: DEED OF TRUST AND ASSIGNMENT OF RENTS
This DEED OF TRUST, made , between We . Husband And Wife
promise to pay to her successors and/or assigns, herein celled
Trustor, whose address Is and herein called
TRUSTEE, and her successors and/or assigns, herein called BENEFICIARY,
WITNESSETHI That Truster 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
glven to and conferred upon Beneficiary by paragraph (10) of the provisions 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 Truster 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.
Tile following Is a copy of provisions (1) to (14), Inclusive, of the fictitious Deed of rust, recorded In each county In Ceilfornla, 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 sald property in good condition and repair; not w 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 Bald 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 !n 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 exduding the general,
(2) To provide, maintain and deliver to Beneficiary fire Insurance satisfactory to and with loss payable to Beneficiary. The amount
collected under any fire or other Insurance policy may be applied by Beneficiary upon any Indebtedness secured hereby and In such
order as Beneficiary 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 riot 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 coats end expenses, Including cost of evidence of tide and attorneys fees in a reasonable sum, in any such
action or proceeding In which Beneficiary or Trustee may appear, and In any suit brought by Beneficiary to foreclose thls Deed.
Deed of Trust and Assignment a( Rents
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Attachment No. 2
(4) To pay; et least ten days before delinquency all taxes and assessments affecting said property, including assessments on
appurtenant water stock; when due, all encumbrances, charges and Ilens, with Interest, on sale property or any part thereof, which
appear to be prior or superior hereto; all costs, fees and expenses of thls Trust,
Should Truster fall 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 Truster, and without releasing Truster from any obligation hereof, may: make or do the same In
such manner and to such extent as either may deem necessary to protect the security hereof, Beneficiary or Trustee being authorized
to enter upon said property for such purposes; appear in end defend any action or preceeding purporting to affect the security hereof
or the rights or powers of Beneficiary or Trustee; pay, purchase, contest or compromise any encumbrance, charge or Ilen 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 his reasonable fees.
(5) To pay immediately and without demand all sums so expended by Deneflclary or Trustee, with Interest from data 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 affect at the date hereof
regarding the obligation secured hereby any amount demanded by the Beneficiary not to exceed the maximum allowed by law et 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 sald property or any part thereof is
hereby assigned and shall be pald to Beneficiary who may apply or refease such morales received by him In the same manner and with
the same effect as above provided for dlspcsition 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 or all other sums so secured or to dedere 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 effecting 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; or Join 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 `-hs 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". FM years after
issuance of such full reconveyance, Trustee may destroy said note and thls Deed (urress directed In such request to retain them),
(16) That as additional security, Truster 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 profit 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 ee be appointed by a court, and without regard to the adequacy of any security far the
Indebtedness hereby secured, enter upon and take possession of said property or any pert thereof, In his own name sue for or
otherwise collect such rents, Issues and profits, Including those past due and unpaid, and apply the same, less casts end expenses of
operation and collection, Including reasonable attorney's fees, upon any Indebtedness secured hereby, and In such order es Beneficiary
may determine. The entering upon and taking possession of said property, the collection cf 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.
(11) That upon default by Truster In payment of any indebtedness secured hereby or In performance of any agreement hereunder,
Beneficiary may declare all sums secured hereby Immediately due and payable by delivery to Trustee of written declaration of default
and demand for sale end of written natree of default and of electron to cause to be sold sald property, which notice Trustee shall cause
to be feed for record, Beneficiary also shall deposit with Trustee this Deed, seld note end 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 glven as then required by law, Trustee, without demand on Trustor, shall Sell said property at the time and place fixed by
It In said notice of sale, either as a whole or In separate parcels, and in such order es 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 precedrng postponement. Trustee shall deliver to such purchaser its deed conveylno the
property so sold, but without any covenant or warranty, express or Implied. The recitals In such deed of any matters or facts shell be
conclusive proof of the truthfulness thereof. Any person, Including Trustor, 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 et the date hereof; ell other sums then secured hereby; and the remainder, if any, to
the person or persons legally entitled thereto.
Den? of Trust and Assignment of Rents
DG3AFIT
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Attachment No. 2
STATE OF CALIFORNIA
COUNTY OF
(12) BeneStlary, or any successor In ownership of any Indebtedness secured hereby, may from time to time, by instalment 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 country or counties where said property is situated, shall be
conclusive proof of proper substitution 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 Truster,
Trustee and Beneficiary hereunder, the book and page where this Deed is recorded and the rame 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 shall mean the owner and holder, Including pledgees, or 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 this Trust when this Deed, duly executed and acknowledged, Is made a public record es 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 or proceeding In
which Truster, Beneficiary or Trustee shall be a party unless brought by Trustee,
Dated'
}
}ss
}
On before me
personify appeared
Notary Public,
who proved to ma on the hods of satisfactory evidence to be the
person(s) whose names) is/are subscribed to the within Instrument
end adknowledged to me that he/she/they executed the same In
his/her/their authorized capacIty(Ies), and that by his/her/their
signet-ore(s) on the Insbument the person(s), or the entity upon behalf
of which the person(s) acted, executed the Instrument.
I cernry under PFNALTY OF PERJURY under the laws of the State of
California that the foregoing paragraph is true and correct.
WITNESS my hand and ericial seal.
Signature
need of Trust and Assignment c.' Rents
SPACE A5DVE RESERVED FOR NOTARY SEAL
DRAFT
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Attachment No. 2
(12) Beneficiary, or any successor In ownersh p 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 or counties where said property is situated, shall be
conclUsve proof of proper subsbtuion Of such Successor Trustee or Trustees, who shall, without conveyance from the Trustee
predecessor, succeed to ail Its Ude, estate, rights, powers and duties. Said Instrument must contain the name of the orIglnal 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 apples to, Inures to the benefit of, and binds all parties hereto, their helm, legatees, devisees, administrators,
executors, successors and assigns. The term Benefleiery shall 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 this Trust when this Deed, duly executed and acknowledged, Is made a public record as provided by law,
Trustee is not obligated to notify any party hereto of pending seta under any other Deed of Trust or of any action or proceeding in
which Truster, Beneficiary or Trustee shall be a party unless brought by Trustee.
Dated:
}
STATE OF CALIFORNIA }ss
COUNTY OF }
On before me
personefiy appeared
Notary f ubllc,
who proved to me on the basis of satisfactory evidence b be the
persons) whose name(S) Is/ere subscribed to Me within Instrument
and acknowledged to me that he/she/they executed the same In
his/her/their authorized capadty(les), and that by his/her/their
signature(s) on the Instrument the perscn(e), or the entity upon behalf
of which the person(s) acted, executed the Instrument.
I carers under PENALTY OF PERJURY under the laws of the State or
California that the foregoing paragraph Is tree and comer:.
WITNESS my hand and oredal seal,
Signature
Deed of Trust end Assignment of Rents
SPACE ABOVE RESERVED FOR NOTARY SEAL
DRAFT
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RESOLUTION 2012 — 29
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY ("CDC") AUTHORIZING
THE CHAIRMAN TO EXECUTE A SUBORDINATION AGREEMENT
WITH BARBARA J. MELLOR AND JASON H. MELLOR ALLOWING
A NEW MORTGAGE NOT -TO -EXCEED $150,000 TO BE AND
REMAIN A LIEN PRIOR AND SUPERIOR TO A FIRST-TIME
HOMEBUYER ASSISTANCE LOAN OF $18,926 ISSUED BY THE CDC
ON A TOWNHOME UNIT LOCATED AT 109 EAST 9TH STREET
WHEREAS, the Community Development Commission of the City of National
City ("CDC") made a loan of $18,926 ("CDC Loan") issued from the Low Moderate Income Fund
to Barbara J. Mellor and Jason H. Mellor ("Borrowers") on May 29, 2002, to assist an eligible
household in the purchase of a townhome unit located at 109 East 9th Street, National City,
California (the "Property"); 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 2032, as long as the residence
is occupied by the Borrowers and the Borrowers perform under all other Covenants and
Agreements contained in the Deed of Trust of the CDC Loan; and
WHEREAS, the Borrowers are interested in refinancing the debt on the property
and have been approved for a new loan with Wells Fargo Home Mortgage ("Lender") that
requires the CDC to execute a Subordination Agreement allowing the new loan to hold superior
position to the CDC Loan that will maintain second lien position on the Property; and
WHEREAS, the purpose of the refinance is to allow the Borrowers to reduce the
interest rate paid on their current mortgage to 3.875% with no cash proceeds to the Borrowers
through the escrow tied to the refinance; and
WHEREAS, maintaining a second lien position pursuant to the Borrowers
refinancing to a lower interest rate without cash -out acts to further preserve and secure the CDC
interest in the Property.
NOW, THEREFORE, BE IT RESOLVED that the Community Development
Commission of the City of National City hereby authorizes its Chairman to execute a
Subordination Agreement with Barbara J. Mellor and Jason H. Mellor in favor of a new First
Trust Deed with Wells Fargo Home Mortgage as beneficiary. After being recorded by the
County of San Diego, said Subordination Agreement will be on file in the office of the City Clerk.
PASSED and ADOPTED this 24th day of January, 12.
on Morrison, Chairman
ATTE S T•.FORM:
ua Sil
I Coun
Passed and adopted by the Community Development Commission of the City of
National City, California, on January 24, 2012 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: I
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2012-29 of the Community Development Commission of the City of
National City, California, passed and adopted on January 24, 2012.
Secretary Community Development Commission
By:
Deputy