HomeMy WebLinkAboutSubordination Agreement When recorded mail to:
City of San Bernardino,acting in its
capacity as the Successor Housing Agency
to the Redevelopment Agency of
the City of San Bernardino
300 North D Street
San Bernardino,CA 92401
Owner Name: Maria Alcantar/Jacqueline Prad
1094 West 59th Street
San Bernardino,CA 92407
SPACE ABOVE T US LINE FOR RECORDERS USE.
Form of
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 21 st day of February,2017,by(Maria Alcantar and Jacqueline Prado), Owner
of the land hereinafter described and hereinafter referred to as"Owner,"and the City of San Bernardino,acting in its
capacity as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino, present
owner and holder of the Deed of Trust and Note;
WITNESSETH
WHEREAS, Owner(s)did on March 10,2008,execute a Deed of Trust to Fidelity National Title,a California
Corporation,as trustee,covering:
LEGAL DESCRIPTION: The land herein after referred to is situated in the City of San Bernardino,County
of San Bernardino, State of California,and is described as follows:
LOT 246 OF TRACT NO. 13554.6, IN THE CITY OF SAN BERNARDINO, COUNTY OF SAN
BERNARDINO, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 238, PAGES 51 THROUGH
54, INCLUSIVE, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. APN:
0265-321-77-0-000
to secure a Note in the sum of$84.000 dated March 10, 2008 in favor of the Redevelopment Agency of the City of
San Bernardino first hereinafter described and hereinafter referred to as 'Beneficiary", which Deed of Trust was
recorded March 25,2008,as Instrument No.2008-0129629,Official Records of said county;
WHEREAS, all rights and obligations of the Beneficiary have since been transferred to the City of San
Bernardino as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino
("Successor Beneficiary") pursuant to Mayor and Common Council Resolution No. 2012-19 dated January 23,
2012;
WHEREAS, Owner has executed, or is about to execute, a Deed of Trust and Note in the sum of not to
exceed$190.781.00,dated , in favor of BluePoint MortRaee. a DBA of Royal Pacific
Funding Corp, 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
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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 herein before 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 Successor 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
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and
Successor 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 or 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 the 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.
Successor Beneficiary declares,agrees and acknowledges that:
(a) 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;
(b) Successor Beneficiary 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 make 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
(c) 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 or Lender above referred to.
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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.
City of San Bernardino,acting as the Successor Housing Agency
to the Redevelopment Agency of the City of San Bernardino
Mark Scott,City Manager Owner
City of San Bernardino
Owner
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT,
THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.
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