Subordination Agreement Form - State Of California Page 2
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4described therein, which note evidences an additional loan to be made by Lender to Owner under
the terms and provisions of, and secured by, said deed of trust in favor of Lender; and
WHEREAS, it is a condition precedent to obtaining said additional loan that said deed of
trust in favor of Lender, securing all obligations recited therein as being secured thereby, including
but not limited to said additional loan, 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 additional loan provided the deed of trust
securing the same is a lien or charge upon said land 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 said deed of trust in favor of Lender; and
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make said additional
loan to Owner; and Beneficiary is willing that the deed of trust securing the same shall constitute a
lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the
deed of trust above mentioned.
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 additional loan above referred to, it is
hereby declared, 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 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 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;
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