201400940 - Laserfiche WebLink

Browse

� � � � , 201400940 :- � � to make the additional loan above referred to,it i�hereby d�clared,understood,and agreed as follows: (1)That said deed of trust in favor of Lender,as to said additional loan as well as all other obligations recited as being secured thereby, and any renewals or extensions hereof, 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 additional loan above described without this subordination agreement. (3)That this agreement shall be the whole and only agreemerrt 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 evidencing said additional loan and the deed of trust securing same,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 additional loan; (b) Lender in making disbursements pursuant to any such agreement is under no obligaUon 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,as to said additional loan as well as all other obligations recited therein as being secured thereby,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 merrtioned 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 ALLOW 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. E�Ai�K CLARKS �� '✓.P Signature .M►��J �rV��w �� Name and Title of Officer ' �a��. ��d�� DARI�!J.PLAC � KAREN PLACKE CERTIFICATE OF ACKNOWLEDGEMENT OF NOTARY PUBLIC