16133 Ventura Blvd, Suite 540, Encino, CA 91436
(818) 205-9828
11/9/2021
Escrow Officer: Monica Crowell
Escrow No.: 21-268915
Property Address: 5812 Bartmus Street, Commerce, CA 90040
SUBORDINATION ESCROW INSTRUCTIONS
WFG NATIONAL TITLE COMPANY OF CALIFORNIA IS LICENSED BY THE STATE OF CALIFORNIA UNDER THE DEPARTMENT OF INSURANCE LICENSE NO. 2575-9.
To: WFG National Title Company of California ("WFG", Escrow Agent, and/or "Escrow Holder") The undersigned deposits herewith the following, in connection with the above captioned escrow:
Subordination Agreement, whereby the undersigned Lender's Deed of Trust Executed by: Luis M Mendez
Trustee: Fidelity National Title Company
Beneficiary: Commerce Community Development Commission, aa public body, corporate and politic
Dated: April 22, 2011
Recorded on: April 22, 2011
Instrument No.: 20110585121 AND 20110585122
Official Records of Los Angeles County
Securing a Note
in the amount of: $114,930.72
Dated: April 22, 2011
Is subordinating to a Deed of Trust
Executed by: Luis M Mendez
Trustee: WFG National Title Company of California
Beneficiary: Logix Federal Credit Union
Securing a Note
in the amount of: $119,000.00
Dated: ___________________________
WFG is authorized and instructed to record said Subordination Agreement concurrently with the Deed of Trust last noted hereinabove, upon holding for the undersigned Lender the following:
The undersigned Lender(s) hereby acknowledge(s) that the effect of this subordination will lower the priority of their Deed of Trust. In executing said Subordination Agreement, the undersigned has NOT relied upon representations or advice by WFG.
Existing/Subordinating Lender: Address/Phone
By:
Name and Title: ________________________
RECORDING REQUESTED BY:
WFG National Title Company of California
16133 Ventura Blvd, Suite 540
Encino, CA 91436
MAIL TAX STATEMENTS AND
WHEN RECORDED MAIL TO:
Commerce Community Development Commission
2535 Commerce Way
Commerce, CA 90040
Attn: Director of Community Development
Order No.: 21-268915
APN: 6334-011-019 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 ____________day of November, 2021 by Luis M Mendez
owner of the land hereinafter described and hereinafter referred to as "Owner", and Commerce Community Development Commission, aa public body, corporate and politic 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 Down Payment Assistance Program for First Time Homebuyers Regulatory Agreement and a deed of trust, dated April 22, 2011 to Fidelity National Title Company, as trustee SEE ATTACHED EXHIBIT "A"
to secure a note in the sum of $114,930.72 dated April 22, 2011, in favor of Commerce Community Development Commission, aa public body, corporate and politic, which deed of trust was recorded April 22, 2011 as Instrument No. 20110585121 AND 20110585122, 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 $119,000.00, dated ___________________________, in favor of Logix Federal Credit Union, 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 of Lender; and
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 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.
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.
Commerce Community Development Commission Luis Manuel Mendez Beneficiary Owner
(All signatures must be acknowledged)
Form Furnished By WFG National 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 of Deed of Trust to
New Deed of Trust
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA
} SS.
COUNTY OF
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 __________________________________
Signature of Notary (This area for official notarial seal) Su
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA
} SS.
COUNTY OF
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 __________________________________
Signature of Notary (This area for official notarial seal) EXHIBIT "A"
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF Los Angeles STATE OF CALIFORNIA AND IS DESCRIBED AS FOLLOWS:
LOT 94 OF TRACT NO. 10556, IN THE CITY OF COMMERCE, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 162, PAGES 31 AND 32 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
EXCEPT THEREFROM ALL OIL, GAS AND HYDROCARBON SUBSTANCES IN OR UNDER SAID LAND BUT WITHOUT THE
RIGHT IN THE GRANTOR TO GO UPON THE SURFACE THEREOF DRILL OR EXCAVATE THEREFOR, AS RESERVED IN THE DEED IN BOOK 20519, PAGE 251, OFFICIAL RECORDS.
APN: 6334-011-019