HomeMy WebLinkAboutReso 1979-9811
RESOLUTION NO. 9811
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING SUBORDINATION AGREEMENTS FOR TWO
LIENS AT 178 AND 180 FIRST AVENUE, AND AUTHORIZING
THE MAYOR TO EXECUTE SAID AGREEMENTS
The City Council of the City of Chula Vista does hereby
resolve as follows:
WHEREAS, Calvin Jeter and Jack Jeter, the owners of the
property at 178 and 180 First Avenue, respectively, have requested
that the City subordinate its lien agreemen~ for improvements on
their property, and
WHEREAS, subordination of the City's lien will allow
the owners to obtain loans for construction on said properties,
and
WHEREAS, subordination of the liens will not endanger
the City's security in that the proposed construction will increase
the value of the properties.
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Chula Vista hereby agrees to subordinate its liens in
the sum of $2,830 for improvements at 178 Pirst Avenue, and $4,170
for improvements at 180 First Avenue in accordance with the attached
subordination agreements.
BE IT FURTHER RESOLVED that the Mayor of the City of Chula
Vista be, and he is hereby authorized and directed to execute said
agreements for and on behalf of the City of Chula Vista.
Presented and Approved as to Form by
George
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ADOPTED AND APPROVED by the CITY COUNCIL of the CITY OF
CHULA VISTA, CALIFORNIA, this 16th day of October , 197-L'
by the following vote, to-wit:
AYES: Councilmen Gil1ow, Cox, McCand1iss, Scott
NAYES: Councilmen None
ABSENT: Councilmen Hyde
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Mayor 0 the Clty of
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STATE OF CALIFORNIA)
COUNTY OF SAN DIEGO) SSe
CITY OF CHULA VISTA)
I, , City Clerk of the
City of Chula Vista, California, DO HEREBY CERTIFY that the above is
a full, true and correct copy of Resolution No. , and that the
same has not been amended or repealed. DATED
City Clerk
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Order No.
Escrow No.
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Recording Requested by:
When Recorded Mail to:
SUBORDINA TION 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 LA TER SECURITY INSTRUMENT
AGREEMENT between the owner. CALVIN JETER. successor in interest
of JOHN G. WINNER, hereinafter called "Owner, " and the City of Chula Vista,
a Municipal Corporation, hereinafter called "City. "
WHEREAS, on March 13, 1978, by Resolution 9520, the City did acquire
a lien on Owner's property in the sum of $2830.00 for installation of certain
improvements by Owner; and,
WHEREAS, Owner has applied for a construction loan in the sum of
$50,000.00 from Chula Vista Federal Savings & Loan A ssociation, said loan to
be se~ured by a Note and Deed of Trust on owner's real property;
NOW, THEREFORE, City hereby agrees to subordinate their lien in
the sum of $2830.00 to said construction loan.
The property involved herein is located at 178 First Avenue, Chula
Vista, California, more particularly described as:
Parcel 3 of Parcel Map 8550 under that
certain lien agreement between Owner and City
recorded at File/Page No. 79-114855 in
Book 1979 on March 20, 1979, in the Office
of the County Recorder of San Diego County.
The lien of the lender, Chula Vista Federal Savings & Loan A ssocia-
tion, and any extension or renewal of the Deed of Trust and the Note secured
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shall be a lien and/or charge on the property superior to the lien or charge
of the City as noted hereinabove, and the City acknowledges and hereby
intentionally waives, relinquishes and subordinates the priority of said lien
of the City.
Owner further agrees to pay to City the sum secured by the lien of
City immediately upon the City advising Owner that they (City) will proceed
with the improvements, said sum being $2830.00.
This instrument shall inure to the benefit and be binding upon the
legal representatives, heirs, devisees, successors, and assigns of the
parties.
DA TED October lit) , 1979.
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'-CA r::ViN JEYYU: Owne'-r
CITY OF CHULA VISTA
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ATIEST:~ t(.u~~L
~i eputy City Clerk
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STATE OF CALIFORNIA)
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COUNTY OF SA N DIEGO)
On October 10 , 1979,
By W c2j1 --('(~~
MAYOR -
before me, the undersigned, a Notary
Public in and for said County and State, personally appeared CALVIN JETER,
known to me to be the person whose name is subscribed to the within
instrument and acknowledged that he executed the same.
WI~,~~,;:,;.l.l;.~.~9""~.n~,, 2ffi~'!'\i\l seal.
,:.... OFF ICIA&. SEAL
:: . JAMES P. BRENNAN
> NOTARY PUBLIC CALIfQWNIA
'A'NClPAL OFFICE ,~
tAN DIEGO COUNTY
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NOTICE: THIS SUBORDINATIO AG EMENT RESULTS IN YOUR SECURITY
INTEREST IN THE PROPERTY B OMING SUBJECT TO AND OF LOWER
PRIORITY THAN THE LIEN OF SOME OTHER OR LA TER SECURITY INSTRUMENT
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Recording Requested by: )
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Order No. )
Escrow No. )
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When Recorded Mail to: )
)
)
)
)
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
AGREEMENT between the <?wner, JACK JETER, successor in interest
of CALVIN JETER, hereinafter called "Owner, " and the City of Chula Vista,
a Municipal Corporation, hereinafter called "City. "
WHEREAS, On March 13, 1979, by Resolution 9521, the City did acquire
a lien on Owner's property in the sum of $4170.00 for installation of certain
improvements by Owner; and,
WHEREAS, Owner has applied for a construction loan in the sum of
$60,000.00 from Chula Vista Federal Savings & Loan Association, said loan to
be secured by a Note and Deed of Trust on Owner's real property;
NOW, THEREFORE, City hereby agrees to subordinate their lien in
the sum of $ 4,170.00 to said construction loan.
The property involved herein is located at 180 First Avenue, Chula
Vista, California, more particularly described as:
Parcel 2 of Parcel Map 8550 under that
certain lien agreement between Owner and City
recorded at File/Page No. 79-114856 in
Book 1979 on March 20, 1979, in the Office
of the County Recorder of San Diego County.
The lien of the lender, Chula Vista Federal Savings & Loan Associa-
tion, and any extension or renewal of the Deed of Trust and the Note secured
shall be a lien and / or charge on the property superior to the lien or charge
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of the City as noted hereinabove, and the City acknowledges and hereby
intentionally waives, relinquishes and subordinates the priority of said lien
of the City.
Owner further agrees to pay to City the sum secured by the lien of
City immediately upon the City advising Owner that they (City) will proceed
with the improvements, said sum being $4170.00.
This instrument shall inure to the benefit and be binding upon the
legal representatives, heirs, devisees, successors, and assigns of the
parties.
DA TED October J D , .1979.
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L.JA-<:";K J;wtER~ Owner
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CITY OF CHULA VISTA
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ATTES~aM.( (/,U~~
Deputy City Clerk
STA'\PE OF CALIFORNIA)
) ss.
COUNTY OF SAN DIEGO)
By
C~~<(~
MAYOR
On October / D , 1979, before me, the undersigned, a Notary Public
in and for said County and State, personally appeared JACK JETER, known to
me to be the person whose name is subscribed to the within instrument and
acknowledged that he executed the same.
WITNESS my hand and official seal.
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NOTICE: THIS SUBORDINATION EMENT RESULTS IN YOUR SECURITY
INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER
PRIORITY THAN THE LIEN OF SOME OTHER OR LA TER SECURITY INSTRUMENT
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