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<br />9/30/96, 03:~5 ~M Page <br />Recept~on Number 3~694~ F~le Date ~r <br />. "'5~_...aehe County Clerk:" and Reco. <br />Marlene L. Pru:Lt>t. """"'-.-- <br /> <br />2 <br /> <br />.of <br /> <br />-4 <br /> <br />WHEREAS, it is to the mutual benefit of the parties hereto that Lender <br />make such loan to Owner, and Beneficiary is willing that the deed of trust securing the <br />same shall constitute a lien or charge upon the Property which is unconditionally prior and <br />superior to the lien or charge of the deed of trust first above described. <br /> <br />NOW, THEREFORE, in consideration of the mutual benefits accruing to <br />the parties hereto and other valuable consideration, the receipt and sufficiency of which <br />consideration is hereby acknowledged, and in order to induce Lender to make the loan <br />above referred to, it is hereby declared, understood and agreed as follows: (1 ) The new <br />deed of trust securing the note in favor of Lender, and any renewals or extensions thereof, <br />shall unconditionally be and remain at all times a lien or charge on the Property therein <br />described, prior and superior to the lien or charge ofthe deed of trust first above described <br />until the Lender's deed of trust is paid. This agreement to subordinate shall extend to the <br />full amount of the Lender's loan described herein, and to all sums accrued and owed by <br />Owner to Lender for taxes, insurance, fees, costs and expenses required to protect the <br />interests of the Lender in connection with the Lender's loan described herein. (2) That <br />Lender would not make its loan above described without this subordination agreement. <br />(3) That this agreement shall be the~ and only agreement with regard to the <br />subordination of the lien or ch f trust first above described to the lien or <br />charge of the new deed of trust i en~er '. d shall supersede and cancel, but only <br />insofar as would affect the:ariOrit ~~i . d d~ of trust hereinbefore specifically <br />described, any prior agree ~~~. ation, including, but. not limited to <br />those provisions, ifany, cont . tile deed of trust first above described, which provide <br />for the subordination of the lien or charge thereof to another deed or deeds of trust or to <br />another mortgage or mortgages. <br /> <br />Beneficiary declares, agrees and acknowledges that (1) Lender in making disbursements <br />pursuant to any such agreement is under no obligation or duty to, nor has Lender <br />represented that it will, see to the application of such proceeds by the person or persons to <br />whom Lender disburses such proceeds and any application or use of such proceeds for <br />purposes other than those provided for in such agreement or agreements shall not defeat <br />the subordination herein made in whole or in part; (2) Beneficiary unconditionally <br />subordinates the lien or charge of the deed of trust first above described in favor of the <br />lien or charge upon the Property of the deed of trust in favor of Lender above referred to <br />and understands that in reliance upon, and in consideration of this subordination, specific <br />loans and advances are being and will be made and as part and parcel thereof specific <br />monetary and other obligations are being and will be entered into which would not be <br />made or entered into but for said reliance upon this subordination; and (3) that said deed <br />of trust has by this instrument been subordinated to the lien or charge of the deed of trust <br />in favor of Lender above referred to. <br /> <br />(See Page 3 for Signatures and Notary) <br /> <br />2 <br />