HomeMy Public PortalAbout2008-08-07 Subordination of Rehabilitation Loan for $102,857 - 212-216 N Harbor - Citizen's Business BankThis Document was electronically recorded by
Builders Services
RECORDATION REQUESTED BY:
Recorded in Official Records, Orange County
Tom Daly, Clark-Recorder
ORAIIlGE COAST TiTlE CO.
WHEN RECORDED MAIL TO:
Citizens Business Bank
P.O. Box 4118
Ontario. CA 91761
II~I~ m~ 11111 11111 11111 1m 1II111~11111[11111111111 ml ~124. 00
2008000377621 01 :34pm 08/07/08
117 73 0117
0.000.000.00 0.00 18.00 0.00 0.00 0.00
FOR RECORDER'S USE ONLY
CITIZENS
BUSINESS BANK
NOTICE: THIS SUBORDINATION OF DEED OF TRUST 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.
SUBORDINATION OF DEED OF TRUST
THIS SUBORDINATION OF DEED OF TRUST dated June 30, 2008, is made and executed emong Fullerton
Redevelopment Agency ("Beneficiery"); Commonwealth Land Title Company, a California Corporation
("Trustee"); Fullerton Rajcic Brothers, LLC ("Borrower"); and Citizens Business Bank ("Lender").
SUBORDINATED INDEBTEDNESS. Beneficiary has extended the following described iinancial accommodations, secured by the Real
Property (the "Subordinated Indebtedness");
Note in the 'amount of $102,857.00.
SUBORDINATED DEED OF TRUST. The Subordinated lndebtadness is or will be secured by the Real Property and evidenced by e deed of
trust dated November 4, 1992 from Ronald S. Rajcic a.nd Jacqueline Lorette Rajcic ("Trustor") to Commonwealth Land Title Company, a
California Corporation ("Trustee") in favor of Fullerton Redevelopment Agency ("BenefIciary") (the "Subordinated Deed of Trust") and
recorded in Orange County, State of California as follows:
November 12, 1992 as Instrument No. 92.769153. Official Records.
REAL PROPERTY DESCRIPTION. The Subordinated Deed of Trust covers the following described real property (the "Real Property")
located In Orange County, State of California:
Lots 28, 29, and 30 of Block 16 of the Townsite of Fullerton as shown on a map thereof recorded in book 22, pagels) 3, 4, 5 of
Miscellaneous Records in the office of the Los Angeles County, California.
Excepting from Lot 25 all that portion lying Northerly of the following line:
Beginning at the Northwest Corner of the brick and concrete building as constructed on said Lot 28 on July 06, 1922, and running
thence East along the North line of said building and/or the Easterly extension thereof to the West line of the alley running North and
South through said Block 16, and being the property conveyed by Julia L. Schumacher and husband to Charles C. Chapman, but that
certain quitclaim deed recorded December 21,1922, in book 445, pagels) 186, Deeds records December 21,1922, in book 445,
pagels) 186, Deeds records of said Orange County and referred to therein 6S being a strip approximately 6 inches wide running 1he
entire length of said Lot 28 and along the North side thereaf
The Real Property or its address is commonly known as 212~216 N. Harbor Blvd., Fullerton, CA 92B32~1815. The Assessor's Parcel
Number for the Real Property is 033-021-02 .
SUPERIOR INDEBTEDNESS. Lender has extended or has agreed to extend the following described financial accommodations to Borrower,
secured by the Real Property (the "Superior Indebtedness.):
Promissory-Note in the principal amount of $1,000,000.00 dated June 30, 2008.
lENDER'S LIEN. The Superior Indebtedness is or will be secured by the Real Property and evidenced by a mortgage, deed of trust, or other
lien instrument, dated June 30, 2008, from Borrower to Lender (the "Lender's Lien"). As a condition to the granting of the requested
financial accommodations, lender has required that the Lender's Lien be and remain superior to the Subordinated Deed of Trust.
REQUESTED FINANCIAL ACCOMMODATIONS. Beneficiary, who mayor mey not be the same person or entity as Trustor, and Borrower
each want lender to provide financial accommodations to Borrower in the form of the Superior Indebtedness. Borrower and Beneficiary
each represent and acknowledge to Lender that Beneficiary will benefit 85 8 result of these financial accommodations from Lender; to
Borrower, and Beneficiary acknowledges receipt of valuable consideration for entering into 1his Subordination.
Loan No: 28733
SUBORDINATION OF DEED OF TRUST
(Continued)
Page 2
NOW THEREFORE THE PARTIES TO THIS SUBORDINATION HEREBY AGREE AS FOLLOWS:
SUBORDINATION. The Subordinated Deed of Trust and the Subordinated Indebtedness secured by the Subordmated Deed of Trust is and
shell be subordinated in all respects to Lender's Lien and the Superior Indebtedness, and it is agreed that lender's Lien shall be and remain,
at all times, prior and superior to the lien of the Subordinated Deed of Trust. Beneficiary also subordinates to Lender's Lien all other
Security Interests in the Real Property held by Beneficiary, whether now existing or hereafter acquired. The words nSecurity Interest"
mean and include without limitation any type of collateral security, whether in the form of a lien, charge, mortgage, deed of trust,
assignment, pledge, chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust receipt, lien or title retention
contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether created by law,
contract, or otherwise.
BENEFICIARY'S REPRESENTATIONS AND WARRANTIES. Beneficiary represents and warrants to Lender that: (A) no representations or
agreements of any kind have b98n made to Beneficiary which would limit or qualify in any way the terms of this Subordination; IB} this
Subordination is executed at Borrower's request and not at the request of lender; lCI lender has made no representation to Beneficiary as
to the creditworthiness of Borrower; and (D) Beneficiary has established adequate means of obtaining from Borrower on a continuing basis
information regarding Borrower's financial condition. BeneficIary agrees to keep adequately informed from such means of any facts,
events, or circumstances which might in any way affect Beneficiary's risks under this Subordination, and Beneficiary further agrees that
Lender shall have no obligation to disclose to Beneficiary information or material acquired by Lender in the course of its relationship with
Beneficiary.
BENEFICIARY WAIVERS. Beneficiary waives any right to require Lender: (AI to make, extend, renew, or modify any loan to Borrower or
to grant any other financial accommodations to Borrower whatsoever; (B) to make any presentment, protest, demand, or notice of any
kind, including notice of any nonpayment of any Superior Indebtedness secured by Lender's Lien, or notice of any action or nonaction on
the part of Borrower, Lender, any surety, endorser, or other guarantor in connection with the Superior Indebtedness, or in connection with
the creation of new or additional indebtedness; (e) to resort for payment or to proceed directly or at once against any person, including
Borrower; (Dl to proceed directly against or exhaust any collateral held by Lender from Borrower, any other guarantor, or any other
person; IE) to pursue any other remedy within lender's power; or {Fl to commit any act or omission of any kind, at any time, with
respect to any matter whatsoever.
LENDER'S RIGHTS. Lender may taka or omit any and all actions with respect to lender's Lien without affecting whatsoever any of
lender's rights under this Subordination. In particular, without limitation, Lender may, without notice of any kind to Beneficiary, (Al make
one or more additional secured or unsecured loans to Borrower; (BJ repeatedly alter, compromise, renaw, extend, accelerate, or otherwise
change the time for payment or other terms of the Superior Indebtedness or any part of it, including increases and decreases of the rate of
interest on the Superior Indebtedness; extensions may be repeated and may be for longer than the original loan term; IC) take and hold
collateral for the payment of the Superior Indebtedness, and exchange, enforce, waive, and release any such collateral, with or without the
substitution of new collateral; (DJ release, substitute, agree not to sue, or deal with anyone or more of Borrower's sureties, endorsers, or
guarantors on any terms or manner Lender chooses; lE) determine how, when and what application of payments and credits, shall be
'made on the Superior Indebtedness; (F) apply such security and direct the order or manner of sale of the security, as Lender in its
discretion may determine; and (G) transfer this Subordination to another party.
DEFAULT BY BORROWER. If Borrower becomes insolvent or bankrupt, this Subordination shall remain in full force end effect.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Subordination:
Amendments. This Subordination constitutes the entire understanding and agreement of the parties as to the matters set forth in this
Subordination. No alteration of or amendment to this Subordination shall be effective unless given in writing and signed by the party
or parties sought to be charged or bound by the alteration or amendment.
Attorneys' Fees; Expenses. [f Lender institutes any suit or action to enforce any of the terms of this Subordination, lender shall be
entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any
court action is involved, and to the extent not prohibited by lew, all reasonable expenses lender incurs that in Lender's opinion are
necessary at Bny time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable
on demand and shall bear interest at the Note Tate from the date of the expenditure until repaid. Expenses covered by this paragraph
include, without limitation, however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses,
whether or not there is a lawsuit, including attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or
vacate any automatIc stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching
records, obtaining title reports (includIng foreclosure reports), surveyors' reports, and appraisal fees, title insurance, and fees for the
Trustee, to the extent permitted by applicable law. Beneficiary also will pay any court costs, in addition to all other sums provided by
law.
Authority. The person who signs this Subordination as or on behalf of Beneficiary represents and warrants that he or she has
authority to execute this Subordination and to subordinate the Subordinated indebtedness and the Beneficiary's security interests in
Beneficiary's property, if any.
Caption Headings. Caption headings in this Subordination are for convenience purposes only and are not to be used to interpret or
define the provisions of this Subordination.
Governing Law. This Subordination will be governed by federal law applicable to Lender and, 'to the extent not preempted by federal
law, the laws of the State of California without regard to Its confUcu of law provisions. This Subordinatjon has been eccepted by
Lender in the State of California.
Choice of Venue. If there Is a lawsuit, Beneficiary agrees upon Lender's request to submit to the jurisdiction of the courts of Orange
County, State of Celifornia.
Successors. This Subordination shall extend to and bind the respective heirs, personal repre6entatives, successors and assigns of the
parties to this Subordination, and the covenants of Beneficiary herein in favor of Lender shall extend to, include, and be enforceable by
any transferee or endorsee to whom Lender may transfer any or all of the SupeTlor Indebtedness.
Loan No: 28733
SUBORDINATION OF DEED OF TRUST
(Continued)
Page 3
No Waiver by Lender. lender shall not be deemed to have waived any rights under this Subordination unless such waiver is given in
writing end signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such
right or Bny other right. A waiver by Lender of a provision of this Subordination shall not prejudice or constitute B waiver of Lender's
right otherwise to demand stTict compliance with that provision or Bny other provision of this Subordination. No prior waiver by
Lender, nor any course of dealing between lender and Beneficiary, shall constitute a waiver of any of Lender's rights or of any of
Beneficiary's obligations 8S to any future transactions. Whenever the consent of Lender is required under this Subordination, the
granting of such consent by Lender in any instance shall not constitute continuing consent to subsequElnt instances where such
consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender,
Waive Jury. To the extent permitted by applicable law, all parties to this Subordination hereby waive the right to any jury trial in any
action, proceeding, or counterclaim brought by any party against any other party.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON
OBLIGATED ON YOUR REAL PROPERTY SECURITY TO 08TAIN A LOAN. A PORTION OF WHICH MAY BE
EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND.
EACH PARTY TO THIS SUBORDINATION ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS SUBORDINATION, AND EACH
PARTY AGREES TO ITS TERMS. THIS SUBOROINATIDN IS DATEO JUNE 30, 2008.
BORROWER:
BENEFICIARY:
FULLERTON REDEVELOPMENT AGENCY
By: ~ -;h, .
u horized Signer for F
Ko13e,er M
By:
Authorized Signer for Fullerton Redevelopment Agency
TRUSTEE:
COMMONWEALTH LAND TITLE COMPANY, A CAL
NIA CORPORATION
By:
Authorized Signer
Corporation
salth Land Title Company, 8 California
r 'for Commonwealth land Title Company, a California
LENDER: ,.,
Iw1
Loan No: 28733
SUBORDINATION OF DEED OF TRUST
(Continuedl
Page 5
On
CERTIFICATE OF ACKNOWLEDGMENT
Q~OY~ )
()NJ41 J-f -' : ss
q u. QA4 '1 -I1r- . zo--OiLb.forama.~ J.1lOlWi.tV(\.::). p~l.Wet~
rI\. I ilL I ^ ^I~ (hara in.art name and titla of the officar)
personally appeared ~ ell ~~C\...--. '
who proved to me on the basis of satisfactory evidence to be the person Is) whose namats) is/are subscribed to the within instrument and
acknowledged to me that ne/she/they executed the same in his/her/their authorized capacitylies), and that by hisfherltheir signature(s) on
the instrument the person(s}, or the entity upon behalf of which the person(s) acted, executed the Instrument.
STATE OF
COUNTY OF
I certify under PENAL TV OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
Sign.tur.~ '- q vvQOA\ ~
@SU$A,NI.WllLt
. Coml1'llnlon # 17917&a
i" Nolat'( Public - CQHlornlQ .
J Orang. County i
tlfCorrm,EC....Ut9.atI1 ,
~?_.-. - - .
WITNESS my hand and official seal.
lJ!JlJ.JU~
(Saall
CERTIFICATE OF ACKNOWLEDGMENT
COUNTY OF
)
I ss
)
STATE OF
.20
before me,
On
(here lnsert 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(s) isfare subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capaclty(ies), and that by his/her/their signature(s) on
the instrument the person(s), or the entity upon behalf of which the person(a) acted, executed 1he instrument.
I certify under PENAL TV OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand ond official seol.
~
Signature
(Seal}
Loan No: 28733
SUBORDINATION OF DEED OF TRUST
(Continued)
Page 4
CERTIFICATE OF ACKNOWLEDGMENT
On
o liJ;\\iUl<<LS, \:b-\a.Yl{~,bL'c..-
(here insert name and title of the officer)
personally appeared Ronald Steve Rajcic. who proved to me on the ~sis of satisfactory evidence to beAhe person~whose name'fGJn;)are
subscribed ~~~: within instrument and acknowledged to me tha.{he)she/they executed the same in ~her/thelr authorized cepacitV('tesl.,..
?nd that b~er/their signaturetShon the instrument the person~ or the entity upon behalf of which the persorf'W} acted, executed the
Instrument.
QDY.J .po{V\\~
cD fl.O\X'\ yG
q~ 84h
)
) SS
)
STATE OF
COUNTY OF
, 200 'f befare me, c~.l0lJ. r\
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.
.. aUiAN S, WILLIAMS
I _eotntnlalon · 1197753
Public -CatlPomla I
I ~ CoYnty ..
- . _ ,CoM\:r ~~~2In!J
Signature 0LIlvf1 d.
1-l1jLO....Qi~
ISeall
CERTIFICATE OF ACKNOWLEDGMENT
STATE OF t af.!flutA....OL.-
COUNTY OF t:h.a.--nc~L
"
On g~ c23 R8t/.!-~':!:. f befareme, /d, ~"ttio'~~'i,gnameandtitleofth affi~'4e..
personally appeared / / I ~y~ J t:... .~ ,
who proved to me on the ~is of satisfactory evidence to be the person~ whose namet8} re subscribed to the within instrument and
acknowledged to me tha~lshe/they executed the same i@er/thelr authorized capacity{.Li'S'f, and that by@her/their signature(&{ on
-the instrument the person~, or the entity upon behalf of which the personj6) Bcted, executed the instrument.
I
) ss
)
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
Signature
~!vrt'?. . //7_ MItV0
, ~
@ SYLVIA M. CHAYU .
. " Commllllon.1II 17511 21
i Notary Public - California I
J Orange Coun~ Ji
~ccmn.~._m"y
- . . - - - ~
(Seal)
WITNESS my hand "and official seal.
Under the provisions of Government Code 27361.7, I certify under penalty of perjury that the
notary seal on the document to which this statement is attached reads as follows:
Name of Notary:
SUSAN S. WILLIAMS
Commission #:
1797753
County Where Bond is Filed: ORANGE COUNTY
State Where Bond is Filed: CALIFORNIA
Date Commission Expires: MAY92012
Date: JULY 24,,2008
Signanrre: ~/&yfu~
~LA~~~ O~GECOASTTITI.E
Under the provisions of Government Code 27361.7, I certify under penalty of perjury that the
notary seal on the document to which this statement is attached reads as follows:
Name of Notary:
SYLVIA M. CRA VEZ
Commission #:
1751121
County Where Bond is Filed: ORANGE COUNTY
State Where Bond is Filed: CALIFORNIA
Date Commission Expires: J( IT .Y 13 7.011
Date: JULY 24, 2008
Signature: ~ P~/
LAURA A. GRUNfZ, ORANGE ~^,,'::;IT~- ~; 0-
Orange Coast Title Company - Builder Services
640 N Tustin Ave
Santa Ana, CA 92705
Phone:(714) 558-2836 Fax:
Unit 66
Invoice
August 07, 2008
Invoice No:
Invoice Date:
140-966354-66_4
August 07, 2008
140-966354-66
Celeste Porter,
Orange
212-216 North Harbor
Fullerton, CJ\, 92835
Citizens Bank
1201 E. Katella #2
Orange, CA 92863
Order No:
Sales Rep(s):
County:
Property Address:
A TTN: Patty Lara
REFERENCE. RAJCIC
PHONE #: (714) 771-4283
FAX #: (714) 639-4816
Underwriter: First American Title
Insurance
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2008-377621 08/07/2008 SUBAGREE Subordination Agreement 0.00 $24.00
Total $24.00
If you should have questions, please contact the undersigned. We appreciate your business and would like to "Thank you!"
Cordially,
Helen Johnson
Title Officer