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HomeMy Public PortalAbout2005-06-10 Subordination Agrmt - 801 & 801 half S Harbor - EstrellaRECORDING REQUESTED BY: COMMONWEALTH LAND TITLE WHEN RECORDED MAIL TO: FULLERTON REDEVELOPMENT AGENCY 303 W. COMMONWEALTH AVE., 3RD FLOOR FULLERTON, CA 92832 ESCROW NO: TITLE ORDER NO: 06724402-01 This Document was electronically recorded by Common Wealth Recorded in Official Records, Orange County Tom Daly, Clerk-Recorder u11~uEullllllutllllullluu~ll~llu~~ 24.~~ 2005000499365 02:22pm 06I26I~5 117 48 S13 7 0.00 0.00 0.00 0.00 18.00 0.00 0.00 0.00 SPACE ABOVE THIS LINE FOR RECORDER'S USE APN: 032-281-01 & 07 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 10th day of June 2005 , by i J. RAY ESTRELLA AND PHYLLIS ESTRELLA, TRUSTEES OF THE ESTRELLA FAMILY TRUST DATED MAY 22, :~ 1996 '~: -~- owner, of the land hereinafter described and hereinafter referred to as "Owner," and ~ THE REDEVELOPMNET AGENCY OF THE CITY OF FULLERTON present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as ~: "Beneficiary;" t`ti~. ~. WITNESSETH ~,r~ THAT WHEREAS, J. RAY ESTRELLA AND PHYLLIS D. ESTRELLA, HUSBAND AND WIFE AND LYNDA ESTRELLA, A SINGLE WOMAN , did execute a deed of trust, dated OCTOBER 25, 1985 , to TRANSAMERICA TITLE INSURANCE COMPANY, A CALIFORNIA CORPORATION as trustee, covering: SEE EXHIBIT "A" LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF A.K.A 801 & 801 '/2 SOUTH HARBOR BLVD., FULLERTON, CA 92832 to secure a note in the sum of $22,500.00 ,dated OCTOBER 25, 1985 in favor of THE REDEVELOPMENT AGENCY OF THE CITY OF FULLERTON which deed o trust was recorded as Instrum~t No. 85-418961 , on OCTOBER 20, 1985 in book --''`-',,~-=a-- ,page ~-~-°-- ,Official Records of ORANGE county; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $350,000.00 , Dated JUNE 2.0, 2005 , in favor of FULLERTON COMMUNITY BANK, FSB. , 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 le 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 of Lender; and CLTA SUBORDINATION "A" INITIALS: ~"'''~--` SUBORDA.doc (Rev. 4/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 1 of 3 APN: 032-281-01 & 27 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 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, 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 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 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 made and, as part and parcel thereof, specific monetary and other obligations 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. CLTA SUBORDINATION "A" INITIALS: ~a"'~L1 SUBORDA.doc (Rev. 4/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 2 of 3 APN: 032-281-01 & 27 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. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. BENEFICIARY: THE REDEVELOPMENT AGENCY OF THE CITY OF RULLERTON ROBERT M. ZUR SCk~M~DE, V EXECUTIVE DIRECTOR OWNER: THE ESTRELLA FAMILY TRUST DATED MAY 22, 1996 r J. R Y S LLA, TRUSTEE .~.9~-~:., J PHYLLIS E TRELLA, TRUSTEE (ALL SIGNATURES MUST BE ACKNOWLEDGED) STATE OF CALIFO~JIA COUNTY OF ~ l/°,~ ~ , ~\ ~ ~ l~ ~ ON ~ ~'~' ~ ~~~~'~ before me '~ ~ / ~ ~~ ~ ~~ ~' ~~~~ ~/c ~ ~~. ~~ ~ ~~~=~- t personally appeared p. _ I~ knov~n-~to-tee (or proved to me on the basis of satisfactory evidence) to be the person(s) whose names is/fir ubscribed to the within instrument and acknowledged to me that he/she/tl~~executed the same in his/her/td~e~ authorized capacity(ies), and that by his/her,~ei~signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. Witness my hand and official seal ,--~ Signature ~ ~~<~~-~-- ~~ ~ 4NN~N~~NN~~~~N00~4~44~044N~NO~y " SHIRLEY E. MOSS " ~ COMM # 1554729 D W NOTARY PUBLIC -CALIFORNIA m Q ORANGE COUNTY ~ ~~ ~N Commission Exppres March 21, 2009 ~ O~ON~ NN~~Nt~11~00N~~0 CLTA SUBORDINATION "A" INITIALS ~~'~'~ SUBORDA.doc (Rev. 4/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 3 of 3 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CAROL WIECH .R Cnmm.I139~685 ;. ~ ~Y P{~BL~% ~~ - N(?'~ M IM - r • ~IdIl98 ~ii •; ISM My Coana. Expire Fab. i 0,1001 State of %'~ ~ ~ -~ - . " ~~--~i.~,,.~--e-~ County of .=,~Z ~----c ~---~ ~> On ~ ~Z- 7',! G ~ before me ~i ~~ .,~a~, ~._ L 1 ~ z ~ ~' ~- _ .. a ~-~ { ~~ Date Name and Title of icer (e.g., " ne Doe, Notary Public") personally.. appeared ~ /~l ~ ~u r- ~: , ,~ Name(s) of Signer(s) ' ersonally known to me - OR - ^ proved to me on the basis of satisfactory evidence to be the erson . P (~ whose name,.(s is .ire subscribed o the within instrument and ackno ledged to me th 'he/ he/they executed the s me in ~i~her/their authorized capacity~ies~'; and that by his her/their signature,~afi on the instrument the person(s), ~~~or•~the entit u on behalf of which the erson executed the instrument. WITN S my hand and official seal. Signature of Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Individual Corporate Officer Title(s): Partner - ^ Limited ^ General Attorney-in-Fact Trustee Guardian or Conservator Other: Signer Is Representing: Top of thumb here Signer's Name: Number of Pages: Individual Corporate Officer Title(s): Partner - ^ Limited ^ General Attorney-in-Fact Trustee Guardian or Conservator Other: Signer Is Representing: Top of thumb here © 1994 National Notary Association • 8236 Remmet Ave., P.O. Box 7184 • Canoga Park, CA 91309-7184 T' Prod. No. 5907 Reorder: Call Toll-Free 1-800-876-6827 GOVERNMENT CODE 27361.7 I certify under penalty that the Notary Seal on the document to which this statement is attached read as follows: NAME OF THE NOTARY: Shirley E. Moss DATE COMMISSION EXPIRES: 3-21-09 COUNTY WHERE BOND IS FILED: Orange COMMISSION NUMBER: 1554729 VENDOR NUMBER: AERl I certify under penalty of perjury and the laws of the State of California that the illegible portion of this document to which this statement is attached reads as follows: PLACE OF EXECUTION Irvine, Ca. DATE 6-28-05 SIGNATURE ~~ , ~" ~--.__-~~ ._ ~(t~~.~~.~_ ~ ~~.. *personally known to me (or proved to me on the basis of satisfactory evidence) to be the person (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 entity upon behalf of which the person(s) acted, executed the instrument. GOVERNMENT CODE 27361.7 I certify under penalty that the Notary Seal on the document to which this statement is attached read as follows: NAME OF THE NOTARY: Carol Wiech DATE COMMISSION EXPIRES: 2-16-07 COUNTY WHERE BOND IS FILED: Orange COMMISSION NUMBER: 1396685 VENDOR NUMBER: VSIl I certify under penalty of perjury and the laws of the State of California that the illegible portion of this document to which this statement is attached reads as follows: PLACE OF EXECUTION Irvine, Ca. DATE 6-28-05 ,; SIGNATURE ~' ' ~ ~~ ~ f t I .--~?~ c ~ _ ~ -L.__ ~.. *personally known to me (or proved to me on the basis of satisfactory evidence) to be the person (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 entity upon behalf of which the person(s) acted, executed the instrument. EXHIBIT " A" PARCEL 1: THE NORTH 50 FEET OF LOT 12 OF TRACT N0. 467 AS PER MAP RECORDED IN BOOK 17, PAGE 25 OF MISCELLANEOUS MAPS, IN THE OFFICE OF THE RECORDER OF SAID COUNTY. PARCEL 2: LOT 13 OF TRACT N0. 467 AS SHOWN ON A rIAP RECORDED IN BOOK 17, PAGE 25 OF MISCELLANEOUS MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. EXCEPT THEREFROM THAT PORTION LYING SOUTHERLY OF A LINE DESCRIBED AS FOLLOWS: BEGINNING AT THE INTERSECTION OF THE WEST LINE OF LOT 14 OF SAID TRACT N0. 467 WITH A LINE PARALLEL WITH AND NORTHERLY 10.00 FEET FROM THE SOUTH LINE OF SAID LOT, THENCE NORTH 89°30' 43" EAST, 10.00 FEET ALONG SAID PARALLEL LINE; THENCE EASTERLY TO A POINT ON THE EAST LINE OF LOT 10 OF TRACT N0. 886, PER MAP RECORDED IN BOOK 27,PAGE 22 OF SAID MISCELLANEOUS MAPS, DISTANT THEREON SOUTHERLY 2.50 FETT FROM THE NORHTEAST CORNER OF SAID LOT 10.