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HomeMy WebLinkAboutD-2501 RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: i:1't :..... v ~ u ~ITY OF ARCADIA OCT 3 1 1994 CITY MANAGER uJ..... c.::s ~ :?-. '.... City of Arcadia 240 West Huntington Drive Arcadia, California 91007 Attn: City Manager RECORDED/FilED IN OFFICIAL RECORDS RECORDER'S OFFICE LOS ANGELES COUNTY CALIFORNIA SEP Z'2' 1994 AT 8 A.M. 9224366-64 Parcel No. 5775-001-017 Space above this line for Recorder's use SUBORDINATION AGREEMENT [FEE ,-\3 3 F1 PRINCIPAL MUTUAL LIFE INSURANCE COMPANY, an Iowa corporation and formerly known as Bankers Life Company ("Principal"), owner and holder of that certain Deed of Trust executed and delivered by Santa Anita Consolidated, Inc., a California corporation, as trustor, to Title Insurance and Trust Company, as trustee, in favor of Security Pacific National Bank, a national banking association, dated April 29, 1974, recorded on April 29, 1974, as Instrument No. 346 in Book T8878, Page 23, Official Records of the County of Los Angeles, State of California, which Deed of Trust was assigned to Principal by assignment dated July 25, 1975, and recorded on July 29, 1975, as Instrument No. 472, Official Records of the County of Los Angeles, State of California, said Deed of Trust being hereinafter called the "Deed," constituting a lien upon certain real property lying and being in the City of Arcadia, County of Los Angeles, State of California, as that real property is more particularly described in the Deed, and incorporated herein by reference (said real property being hereinafter referred to as the "De.ed Premises"), DOES HEREBY CONSENT TO the execution and delivery of that 02D-Sub1 - 1 - . '" '. *,' certain document entitled Fifteen Year Easement Grant Deed ("Grant Deed") by and among Anita Associates, City of Arcadia and Santa Anita Realty Enterprises, Inc. and recorded on the same date as this Subordination Agreement ("Subordination") in the Official Records of the County of Los Angeles, State of California, AND DOES HEREBY AGREE that the interest of Principal in and to the Deed Premises shall be SUBJECT AND SUBORDINATE to the rights of the parties to the Grant Deed and that said rights shall be charges and encumbrances on the Deed Premises PRIOR AND SUPERIOR to Principal's interest in the lien of the Deed with the same force and effect as if the Grant Deed had been executed, delivered and recorded prior to the execution, delivery and recording of the Deed. Principal hereby expressly recognizes that the parties to the Grant Deed have entered into the Grant Deed on the express condition that Principal consent thereto and subordinate its interest in the Deed thereto. Principal does expressly recognize, consent and agree that each term, provision, covenant, restriction, easement and lien created by the Grant Deed shall be binding upon the Deed Premises for the period of time that each such term, provision, covenant, restriction, easement and lien is binding under the terms of the Grant Deed in accordance with the terms as therein provided. This Subordination is made by Principal for the purpose of subordinating the lien of the Deed to the Grant Deed and to acknowledge that the Grant Deed shall be prior and superior to the lien of the Deed. This Subordination shall be binding upon Principal and its successors, successors- in-interest and assigns, and its interest in the Deed Premises, and shall inure to the benefit of the parties to the Grant Deed and their respective successors and assigns, and to the real property therein described. 020-$ub1 - 2 - 94 1770109 :... '. ~ IN WITNESS WHEREOF, Principal has duly executed this Subordination as of (lu ~11t dS- ,1994. PRINCIPAL MUTUAL LIFE INSURANCE COMPANY, an .Iowa corporation~ By. ~!~~ /Name: " ' COlIIISOl Title: ~ By: ~ Name: [ W\WWGC!IG,b'.:sI Title: STATE OF IOWA ) ) ss. ) COUNTY OF POLl< On ~1ld-25". ,1994, before me, . , a Notary Pu lic in and for said state, personally appeared G. S~ . and C 01 Vrt ~ C:tSIU'YJD JL , personally known 0 me (or proved to me on the basis of satisfactory evidence) to be the persons whose names are subscribed to the within instrument and acknowledged to me that they executed the same in their authorized capacities, and that by their signatures on this instrument, the persons, or the entity upon behalf of which the persons acted, executed the instrument. WITNESS my hand and official seal. Notary Public n and for said State ~ MYe~' Om-SUb1 - 3 - 94 1770109 . "