2025 Izzy Motors - Subordination AgreementDrawn by, Recording requested by, and
when recorded return to:
Courtney Davis Bristow, Esq.
Jackson Walker LLP
2323 Ross Avenue, Suite 600
Dallas, Texas 75201
DOC # 2025-0081594
03/19/2025 09:47 AM Fees: $116.00
Page 1 of 6
Recorded in Official Records
County of Riverside
Peter Aldana
Assessor -County Clerk -Recorder
"This document was electronically submitted
to the County of Riverside for recording"
Receipted by: TERESA #134
SUBORDINATION AGREEMENT
This Subordination Agreement ("Subordination Agreement"), dated as of March 10, 2025,
is executed by and among IZZY MOTORS, INC., a Delaware corporation, whose address is
79225 Highway 111, La Quinta, California 92253, Attention: Phil Isbell ("Borrower"),
AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation doing business as
GM Financial, whose 220 E. Las Colinas Boulevard, Suite 500, Irving, Texas 75039, Attention:
Commercial Lending Services ("Lender"), and the SUCCESSOR AGENCY TO THE LA
QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic, whose
address is 78-495 Calle Tampico, La Quinta, California 92253 ("Subordinator").
RECITALS:
WHEREAS, Borrower has obtained or may obtain a loan from Lender in the principal
amount of $5,133,843.56 (the "Loan") to be secured by a Deed of Trust and Security Agreement
(the "Deed of Trust") covering certain real property (the "Property") located in the City of
La Quinta, County of Riverside, State of California, more particularly described as follows:
Parcel 3 of Parcel Map 28525-1, as shown by map on file in Book 193 Page(s) 85, 86 and
87 of Parcel Maps, Records of Riverside County, California.
Assessor's Parcel Number 600-020-014
The lien established by said Deed of Trust is hereafter referred to as the "Senior Deed of
Trust";
WHEREAS, Subordinator has a security interest in the Property evidenced by that certain
Trust Deed executed and delivered by Garff Properties -La Quinta, LLC, a Utah limited liability
company, as Trustor, to First American Title Company, as Trustee, and La Quinta Redevelopment
Agency, as Beneficiary, dated July 2, 2010 and recorded August 12, 2010 as Instrument No. 2010-
0378794 in the records of County of Riverside, State of California (the "Subordinate Trust Deed");
WHEREAS, as inducement to Lender to make the Loan to Borrower, Subordinator is
willing to subordinate its lien interest in the Property represented by the Subordinate Trust Deed
SUBORDINATION AGREEMENT Page 1
DOC #2025-0081594 Page 2 of 6
to the security interest of Lender, as represented by the Senior Deed of Trust, on the terms and
conditions set forth herein.
NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Subordinator hereby declares as follows:
1. The lien interest created by the Subordinate Trust Deed, together with any and all
rights, interest, title, estate, or lien against or respecting the Property by virtue of the Subordinate
Trust Deed, shall be and is hereby declared subordinate, inferior, and junior in priority to the Senior
Deed of Trust.
2. In the event of foreclosure or exercise of any power of sale as set forth in the Senior
Deed of Trust, the priority as herein established shall be respected to the same extent and in the
same manner as if the Senior Deed of Trust had been executed, delivered and recorded prior to the
execution, delivery and date of recordation of the Subordinate Trust Deed, as such dates relate to
the priorities between the Senior Deed of Trust and Subordinate Trust Deed.
[Remainder of this page intentionally left blank.]
SUBORDINATION AGREEMENT Page 2
DOC #2025-0081594 Page 3 of 6
IN WITNESS WHEREOF, Borrower has duly executed this Subordination Agreement as
of the date first above written.
IZZY MOTORS, INC.,
a Delaware corporation
By:
ame: hil Well
Title: President
A notary public or other officer completing this certificate verifies only the identity of the
individual who signed the document to which this certificate is attached, and not the
truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA )
)SS.
COUNTY OF )
On March 1 2025 before me,,Notary
Public, personally appeared PHIL ISBELL, who proved to me on the basis of satisfactory evidence
to be the person(sywhose name(s) is/am subscribed to the within instrument and acknowledged to
me that he/she/t4ey executed the same in his/bw/t. eir authorized capacity(.ies), and that by
his/her/thair signature(s) on the instrument the person(q, or the entity upon behalf of which the
person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hrd and official seal.
n E
Notary Pub 1c
E pp
Printed Name: C
My Commission Expires:
n aS:
1' : 04 raf P. L. SAMERA VELA
" Notary Public - California
W = Riverside County
Commission # 2371685
My Comm. Expires Sep 17, 2025
SUBORDINATION AGREEMENT Signature Page
DOC #2025-0081594 Page 4 of 6
ATTEST:
Name: Monika kadeva %
Title: City Clerk
&411%- --
49�x- 4=:4e&L
Name: William H. Ihrke
Title:_ Successor Agency Counsel
SUCCESSOR AGENCY TO THE LA
U NT A REDEVELOPMENT
AGENCY, a public body, corporate and
politic
Name: Jon McMillen
Title: Executive Director
Ailwamiamm
r 1 1 1•
A notary public or other officer completing this certificate verifies only the identity of the
individual who signed the document to which this certificate is attached, and not the
truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA
)SS.
COUNTY OF RIVERSIDE
On March 10 , 2025 before me, Oscar Mojica , Notary Public,
personally appeared Jon McMillen , who proved to me on the basis of
satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their authorized
capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity
upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Notary Public
Printed Name: Oscar Moiica
My Commission Expires:
'411
Q 7
SUBORDINATION AGREEMENT
OSCAR MOACA
Notary Public - California
y Riverside County
+ Commission m 2461871
C4CIFOP�MY Comm. Expires Sep 1, 2027 r
Signature Page
DOC #2025-0081594 Page 5 of 6
A E ICRE I'T FINANCIAL SERVICES,
INC., doing business as GM Financial
By:
Name: Jennifer- Karr
Title: Assistant 'Vice President
STATE OF TEXAS
COUNTY OF DALLAS
This instrument was ACKNOWLEDGED before me on March L , 2025, by
t e Assistant Vice President, of AMERICREDIT FINANCIAL SERVICES,
14W tFE financial, a Delaware corporation, on behalf of said corporation.
Yd
tic
STATE
NOWY ID 0 133MI44
,:, 2= Natar ?�- tiblicSt46 of Texas
[SEAL]
My Commission Expires:
�d 1j, � 2 c z
cSH 5 ;, f
Printed Name of Notary Public
SUBORDINATION AGREEMENT Signature Page
DOC #2025-0081594 Page 6 of 6
11 WX
LEGAL DESCRIPTION
Parcel 3 of Parcel Map 28525-1, as shown by Map on Me in F-kwA I CY31, PaGE'S 86 and 87 of Lam!-Uma7
records of Riverside County, Caftrnla.
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MGM
W-mood afly] Q,kmejr F"Tim I I jzj i'tipf IN I I t(go a ten I I ME C Q HQ ID I
15TV ITMM -
old
Exhibit A — Legal Description Page Solo