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1995-1221_SJC HOUSING INVESTORS, L.P._Subordination AgreementRECORDING REQUESTED BY WHEN RECORDED MAIL TO: San Juan Capistrano r Redevelopment Agency Name 32400 Paseo Adelanto I treet San Juan Capistrano, CA 92675 Address Attn: Executive Director City & State L Recorded in the County of orange, California Gary L. Granville, Clerk/Recorder Illlllilllllllllllllllllllfllllllllilllllllllllllllllllllllllllll 25.00 19950568796 11,16am 12/21/95 005 9002639 09 30 S13 7 7.00 18.00 0.00 0.00 0.00 0.00 J 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 30th day of November , 19 95 by San Juan Capistrano Housing Investors, L.P. , owner of the land hereinafter described and hereinafter referred to as "Owner and Kaufman and Broad Home Sales, Inc. , present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary"; WITNESSETH THAT WHEREAS, San Juan Capistrano Housing Investors, L.P. did execute a deed of trust, dated October 20, 1995 , toCommonwealth Land Title Company as trustee, covering: real propertyin the City of San Juan Capistrano, County of Orange, State of California described in Exhibit A hereto and made a part hereof. to secure a note in the sum of $ 2, 500, 000.00 , dated October 20, 1995 in favor of KAufman And a.. .,a Homp gAl Pc Tnr which deed of trust was recorded Or_tnhar 27, 1995 ,andkafnlaLg% No- 4mgec 95-0478914 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 $ 10550,000.00 dated NnvPmbpr *10, 1995 , in favor= en„ T„n., rn,.; mr, Rorievol nntncni Aoanry , 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. Form 3221-2 (6.94) (Deed of Trust of Record to New Deed of Trust) Standard (Subordination Form "A") o 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 agreements 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 60 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 subor- dination 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. !his Aaiver, 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. relin- quishment and subordination: and (d) An endorsement has been placed upon the note secured by the deed of trust first above men- tioned 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. See Addendum attached hereto and made a part hereof. [2 Commonwealth This form Furnished By Land Title Insurance Company IT IS RECOMMENDED THAT, PRIOR TO EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. Form 3221.2A (6.94) (SUBORDINATION FORM "A") 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, San Juan Capistrano Housing Investors, L.P. Kaufma roa ales, Inc. By: LINC Housi $ Corpor ion, B L j�� General P ter _ y L1kC By: �/Y�J Beneficiary er ,a0. > - (All signatures must be acknowledged) STATE OF CALIFORN�l } SS. on before me, personally appeared MVO personally known to me (or pmved W me on the basis ofsatisfactory evidence) to be the person(o) whose name(e)'are subscribed to�lre within instrument and acknowledged to me Lha $keldtg executed the same i /herAdveir authorized capacity(im), and that by stgnalure(� on the ins ment the personts9. or the enti u nn behalf o which the person(sJacted, executed the instrument.Ata ir WITNESS my hand and official seal. JEFFREY S. NOZAKI Si nature 1 to NOTAHY11 P BLIC��IFORNIA9 S ORANGE COUNTY U OC/0 M Comm Ex fires NIDV.6,1995 Beneficiary .Owner ..... _..._ (ATI signatures must be acknowledged) STATE OF CALIFORNIA JSS. COUNTY OF 1.0r,4A16LLR'J J/I/�j �IoTa'�J /Ud�vCi On 7i r /S 1?1 S before me, ,personally appeared P personally known to me (or proved to me on the basis ofsatisfactory evidence) to be the pereorkW whose name(a) is/aK subscribed to the within instrument and acknowledged to me that he/sk/theyexecuted the same in his/Ilprhhelf authorized capacity(ps), and that by his/lterT .tr signamre(O on the instrument the persomV.. or the entity upon behalfofwhich the personksfacted, executed the instrument. WITNESS my hand nd ictal seal. Signature K YOSHIDA Ba ® y COMM. glOW407 Q Q - NUTABY PUBLICGLIFORNIA N O ♦ LOS ANGELES COUNTY My Comm. Expir4r Mac 31 1999 -1- ® Commonwealth. This Form Furnished By land Title Insurance Company IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. Form 3221-2B (Rev. 6.94) (SUBORDINATION FORM "N') ADDENDUM TO SUBORDINATION AGREEMENT The following is added to this Subordination Agreement: The Deed of Trust first mentioned above in favor of Beneficiary shall also include the related instruments of even date therewith recorded October 27, 1995 as No. 95- 0478915 and No. 95-0478916, Official Records of said County, all of which shall be subordinate to the Deed of Trust with Assignment of Rents in favor of Lender, the Assignment of Leases, Rents and Profits in favor of Lender and the Agreement of Restrictive Covenants Affecting Real Property in favor of Lenderof even date herewith which are to be recorded concurrently herewith. Beneficiary: Kaufman and Broad Homes Sales, Inc., a California erratio By: Its: V.P6FsnASa'r SJCDSB.KB 113095 Owner: San Juan Capistrano Housing Investors, L.P., a California limited partnership By: LINC Housing General Partq STATE OF CALIFORNIA ? • ) ss COUNTY OF ) On this day ofUyjft% 1995, before me, the undersigned, a notary py+blic inand for said state, personally appeared personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(e) 0/are- subscribed to the within instrument and acknowledged to me that /shefthuy executed the same in6 'he~ authorized capacity(ies), and that by et/ fteir signature(a) on the instrument the person(4, or the entity upon behalf of which the persons) acted, executed the instrument. WITNESS my hand and official seal. v. JEFFREY 5t�L;1<� COMM. #1044321 ?*' NOTARY PUBLIC • CAUFORNIA!:11 Signature: (Seal) a TORANGECOUNIY M C�rnm. E 'res NOV. E, 1393 f STATE OF CALIFORNIA ss COUNTY OF 40J A 164.1-rf ) On this day of zecf,� 1995, before me, the undersigned, a notary pYblic�P_ and for "id sxate, personally appeared personally known to me (or proved to me on the basis of satisfactory evidence) to be the personal whose name(s) is/aw subscribed to the within instrument and acknowledged to me that he/sbeltM6y executed the same in hislhWtWiir authorized capacity(), and that by his/berltbeff signatureW on the instrument the person4s , or the entity upon behalf of which the personal acted, executed the instrument. WITNESS my hand and official seal. Signature: (Seal) K YOSHIDA y� COMM. #1053407 10 g NOTARY-PUBUCCAUFORNIA V LOs MGM COUNiY � kyComm. E*res Mac 31 1999 SJCDSB. KB 113095 2 EXHIBIT A Legal Description of Property [See description attached hereto and made a part hereof] Assessor's Parcel No.: SJCDSB.KB 113095 3 EXHIBIT "A" That portion of the Southwest quarter of Section 6 Township 8 South, Range 7 West, San Bernardino Base and Meridian, in the City of San Juan Capistrano, County of Orange, State of California, described as follows: Beginning at the intersection of the center lines of Ganado Road and the old Ortega Highway, as shown on a map filed in book 27 page 8 of Record of Surveys in the office of the County Recorder of Orange County, California, said point being the most Northerly corner of land described in the deed to Arley H. Leck and wife, recorded December 24, 1954 in book 2905 page 363 of Official Records; thence South 42° 02' 00" East 104.10 feet along the center line of said Ganado Road to an angle point in said land of Leck; thence South 030 20' 10" West 169.97 feet; thence South 63° 23' 00" West 7.24 feet along the Southeasterly line of said land of Leck to the true point of beginning, said point lies on the Westerly right of way line of Rancho Viejo Road; thence South 21 ° 00' 15" East along the Westerly right of way line of Rancho Viejo Road 15.27 feet; thence leaving said right of way line, South 030 20' 10" West 294.00 feet; thence South 74° 29' 00" West 255.73 feet; thence North 15* 28' 37" West 12.93 feet; thence North 59" 36' 20" West 20.50 feet to a point on a non -tangent curve concave Northwesterly having a radius of 25.00 feet; thence Southerly and Westerly along said curve an arc distance of 19.25 feet, through a central angle of 440 07' 43" to a tangent line; thence South 74° 31' 23" West 51.29 feet to a tangent curve concave Northeasterly, having a radius of 25.00 feet; thence Westerly and Northerly along said curve an arc distance of 46.89 feet, through a central angle of 107° 27' 18" to a tangent line; thence North 01 ° 58' 40" East 87.43 feet; thence North 40" 17' 45" East 36.81 feet; thence North 030 24' 18" But 65.51 feet to the Southerly line of Parcel 2 of Parcel Map No. 85-328 as filed in book 241 pages 12 and 13 of Parcel Maps, records of the County of Orange; thence North 63* 23' 00" East along the Southerly line of said parcel map 218.99 feet to the Southeasterly corner of said Parcel Map No. 85-328; thence North 160 33' 40" West along the Easterly line of said parcel map 202.59 feet to the Southerly right of way line of Ortega Highway; thence North 68° 59' 45" Fast along the Southerly right of way line of Ortega Highway 124.81 feet to a tangent curve concave Southwesterly having a radius of 25.00 feet; thence Easterly and Southerly along said curve an arc distance of 39.27 feet, through a central angle of 90* 00' 00" to a tangent line, said point lying on the Westerly right of way line of Rancho Viejo Road; thence South 21 ° 00' 15" East along the Westerly right of way line of Rancho Viejo Road 160.67 feet to the true point of beginning. Said land is also shown as Lot 2 of Lot Line Adjustment No. 95 -PM 85-328-1, recorded October 30, 1995, as Instrument No. 95-480794, Official Records.