HomeMy WebLinkAbout1998 - Subordination Agreement - Esquibel Joe / Esquibel Lynn - 9803190975RELORDING REQUESTED BY:
WHEN RECORDED MAIL TO:
City of Tukwila
City Clerk
6200 Southcenter Blvd.
Tukwila, WA 98188
FIDELITY NATIONAL TITLE
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY
INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER
PRIORITY THAT [HE LIEN OF SOME OTHER OR LATER SECURITY
INSTRUMENT.
THIS AGREEMENT, made this 26TH day of JANUARY
19 98 by
JOE ESQUIBEL AND LYNN D. ESQUIBEL, HUSBAND AND WIFE
owner of the land hereinafter described and hereinafter referred to as "Owner,"
and
CITY OF TUK9ILA
present owner and holder of the deed must and note first hereinafter referred
to as "beneficiary �„i.,c..
/i e;�
WITNESSETH
THAT WHEREAS, JOE-AND LYNN ESQUIBEL
did execute a deed mst, dated March 77 1997
covering: as
LOT 2, BLOCK 3, VAL VUE, ACCORDING TO THE PLAT THEREOF
IN VOLUME 40 OF PLATS, PAGE 4, IN KING COUNPY, WASHINGTON.
SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON.
to secure a note in the sum of 4,598.50
in favor of CITY OF TUKWILA
which deed _f rust was recorded
as Instrument No. fie" 9704030466
of said and
whereas, Owner has execute
the sum of 20,000.00
in favor of
RECORDED
dated March 27. 1997
to
trustee,
APRIL 3, 1997
Official Records
d, or is about to execute, a deed of rust and note in
TINTlxYR FTNIITNC, TN dated /:9 q 9g Pats# °97.3
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 hereinabove 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 to
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 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 (1) That said deed of trust securing said note in favor of Lender, and any
r- renewals or extensions thereof, shall unconditionally be and remain
CI at all times a lien or charge on the property therein described,
0 prior and superior to the lien or charge of the deed of trust first
CI above mentioned.
ri
C7 (2) That Lender would not make its loan above described without
,Y 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 obligations 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 applications
or use of such proceeds for purposes other that 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 AGREEWNT 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 TURWILA c, G F ,:a4) 9 9- 9e
U JOE A. E JIBEL
t- LqNN D. ESQUI .a X
0
CI Beneficiary
CD
7.i
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
Owner
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS
SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR
ATTORNEYS WITH RESPECT THERETO.
(CLTA SUBORDINATION FORM "A
County of Int C
On rte". 09- lgylr
State of
personally appeared L N
J. personally known to me OR Z roved to me on the basis of satisfactory evidence to be the person(s)
whose name(s) is% re ubscribed to the within instrument
and acknowledge to me that heishei eyxecuted the
same in hisiher.4heF authorized capacity(ies), and that by
his .iheri ef� nature(s) on the instrument the person(s),
or the entity upon behalf of which the person(s) acted.
executed the instrument
OPTIONAL
Thouoh the information balmy is not required by lav,: it may prove valuable to persons relying on the document and could prevent
fraudulent removal and reattachment of the form to another document.
fl Description of Attached Document
0
Document Date:
Title or Type of Document: 3 l- )t C1Vyl. 9 ro 2P t )qo
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer's Name: Ana aW+w Signer's Name:
Signer Is Representing:
Individual
Corporate Officer
Title(s):
Partner T Limited General
Attorney -in -Fact
Trustee
Guardian or Conservator
Other:
before me. *HA V I} N ti l '�n I P
et SCE a. rsaur_i3E L-
RIGHT11 RNf
OF SIGN&& ER
he e
WITNESS my hand and official seal.
Signer Is Representing:
Number of Pages:
3
Individual
Corporate Officer
Title(s):
Partner Limited General
Attorney -in -Fact
Trustee
Guardian or Conservator
Other:
RIGHTTienWPt2f!
OF SKIER
State of L
County of
1
personally appeared .Sr4
personally known to me OR proved to me on the basis of satisfactory evidence to be the person(s)
,,pun4►
t
Description of Attached Document
Title or Type of Document:
Document Date: Number of Pages:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer's Name: Signer's Name:
Signer Is Representing:
OPTIONAL
Though the information below is not required by law: it may prove valuable to persons re'y;ng on the document and could prevent
fraudulent removal and reattachment of this form to another document.
Individual
Corporate Officer
Title(s):
Partner Limited
Attorney -in -Fact
Trustee
Guardian or Conservator
Other:
General
before me. CC'
ii R0 :t f-S
RIGHT itftM PRINR
OF SKINER
whose name(s) istare subscribed to the within instrument
and acknowledged to me that heisheithey executed the
same in his!heritheir 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.
WITNESS my hand and official seal.
Individual
Corporate Officer
Title(s):
Partner Limited General
Attorney -in -Fact
Trustee
Guardian or Conservator
Other:
Signer Is Representing:
RIGHT tnneamar
OFSIC7r