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HomeMy WebLinkAboutPD 300; Caliber Industrial One Ltd; 88-405259; Subordination AgreementI "' ( RE~ORDING REQUESTED BY AND WHEN RECORDED MAIL TO: C ITV OF CARLSBAD 1200 Elm Avenue Carlsbad, CA 92008 ) ) ) ) ) ) ( t.CT + ~0 · 1396 8 8 4 0 5 2 5 9 F,te.P£J?.ciu Space above this l i ne for Reco~.de-r.~ s us.e.. . , AP# 213-070-04 ; ,~·_,];;(? ~·.:. '-'-:'.~~H / SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESUl TS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AN ESTATE IN THE REAL PROPERTY TO WHICH YOUR SECURITY INSTRUMENT ATTACHES AND HAS THE POTENTIAL EFFECT OF REDUCING THE VALUE OF YOUR SECURITY INTEREST. crd.-THIS AGREEMENT, made this _____ , ___ day of ___ J_u_n_e ___ 1988 by Caliber Industrial One, Ltd. a California limited partnership owner of the land hereinafter described and hereinafter referred to as "Owner, 11 and Security Pacific National Bank, present owner and holder of the deed of trust and not hereinafter described and hereinafter referred to as "Beneficiary"; WITNESS ETH THAT WHEREAS, Caliber Industrial One, Ltd, a California limited partnership did execute a deed of trust, dated November 9, 1987, to Equitable Deed Company, a California corporation as trustee, covering Lots 4, 5, 7 and 9 of Map 9744 Carlsbad Tract 79-14, to secure a note in the sum of five million seven hundred thousand dollars ($5,700,000.00) dated, ___ No_v_e_mb_e_r_9'--, _1_98_7 ____ , in favor of Security Pacific National Bank recorded November 13, 1987, as File No. 87-636199 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as granter, a grant of EASEMENT dated _______ , in favor of the City of Carlsbad as grantee herein referred to as "Easement Grantee," creating an EASEMENT more particularly described in EXHIBITS A and B attached hereto; and ( ~v-1397 ( WHEREAS, it is a condition precedent to obtaining said EASEMENT that said grant of EASEMENT above mentioned shall unconditionally be and remain at all times a charge upon the land hereinbefore described, prior and superior to the lien of charge of the deed of trust above mentioned; and WHEREAS, Easement Grantee is willing to accept said EASEMENT provided the grant of EASEMENT is a charge upon the above described property prior and superior to the lien or charge of the deed of trust above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the deed of trust above mentioned to the lien or charge of the EASEMENT created in favor of Easement Grantee; and WHEREAS, it is to the mutual benefit of the parties hereto that Easement Grantee accept said EASEMENT and Beneficiary is willing that the grant of EASEMENT shall, when recorded, constitute a 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 Easement Grantee to accept said EASEMENT above referred to, it is hereby declared, understood and agreed as follows: 1. That said EASEMENT in favor of Easement Grantee shall unconditionally be and remain at all times a charge on the property therein described, prior and superior to the lien or charge of the deed of trust above mentioned. 2. That Easement Grantee would not accept said EASEMENT 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 above mentioned to the EASEMENT in favor of Easement Grantee above referred to and shall supersede and cancel, but only insofar as would affect the priority between the deed of - 2 - ( ( ~u 1398 trust and EASEMENT hereinbefore specifically described, any prior agreement as to such subordination including, but not limited, those provisions, if any, contained in the deed of trust above mentioned, which provide for the subordination of the lien or charge thereof to another interest in the real property therein described. BENEFICIARY declares, agrees and acknowledges that: 1. He consents to and approved the grant of EASEMENT in favor of the Easement Grantee. 2. He intentionally and unconditionally waives, relinquishes and subor- dinates the lien or charge of the deed of trust above mentioned to the EASEMENT in favor of Easement Grantee above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination of the grant of EASEMENT is being executed and delivered, the EASEMENT is being created, and that specific monetary and other obligations are being and will be entered into by the Easement Grantee, other lenders and title insurance companies which would not be made or entered into but for said reliance upon the waiver, relinquishment and subordination; and 3. An endorsement has been placed upon the note secured by the deed of trust above mentioned that said deed of trust has by this instrument been subor- dinated to the charge of the EASEMENT in favor of Easement Grantee above referred to. CALIBER INDUSTRIAL ONE, Ltd., a BENEFICIARY OWNERCalifornia limited partnership SECURITY PACIFIC NATIONAL BANK, By: Caliber Development, Inc., a a~atio banking~s iation Califo,,r"ia cor ra..tion _./,,1. J I, t'J . By: ~~ Bv: ·A.~f)J1r.J_? "' , -~------. ... . .. Kathleen Rezzo, First-Vice P:t'esident James R. Bosler, Its President Ii 1S ..,REC'OMMfNDEbt:: TltA~-· PRIOR TO THE EXECUTION OF TH-IS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. - 3 - ( ( vv 1399 STATE OF CALIFORNIA COUNTY OF LOS ANGELES on June 9 , 1988, before me, the undersigned, a Notary Public in and for said state personally appreared -',Kathleen · c:o· ~~, Rezz-0-personally known to me or proved to me on the basis of satisfactory evidence to be a First Vice President of the SECURITY PACIFIC NATIONAL BANK, the Association that executed the within instrument, known to me to be the person who executed the within instrument on behalf of the Association therein named, and acknowledged to me that such Association executed the same, and acknowledged to me that such Association executed the within instrument pursuant to its by-laws or a resolution of its Board of Directors. WITNESS my hand and· official seal. Notary Public STATE OF CALIFORNIA COUNTY OF SAN DIEGO on -~~.'C>-i---\~~-,1988, before me, the undersigned Notary Public in and for said State, personally appreared JAMES R. BOSLER, personally known to me to the the person who executed the within instrument as President, on behalf of CALIBER DEVELOPMENT, INC, the Corporation therein named, and acknowledged to me that said corporation executed the within instrument pursuant to its by-laws or a resolution of its Board of Directors, said corportion being known to me to be the General Partner of CALIBER INDUSTRIAL ONE,LTD. a California Limited Partnership, the partnership that executed the within instrument, and acknowledged that such corportion executed the same as such partner ~nd that such partnership executed the same. WITNESS ~y hand and official seal. C::· ,. ' ' \--,,r,. " ( ·:r;fo . "\-"\(~ .... ·, J >>-. 2 Notary Publ~ \ -4- OFFICIAb~~~NIS SHARLA L. mv'"' Notary Publlc--Oallfomte SAN DIEGO COUNTY My ecmm. &>fP. July 29, 1991 (seal) ( ~v-1400 EXHIBIT "A" LEGAL DESCRIPTION OF WATER EASEt:1ENT IN LOT 4 ALL THAT PORTION OF LOT 4 AS SHOWN ON MAP 9744, IN THE CITY OF. CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, B'ILED IN THE OFFICE OF SAID COUNTY RECORDER ON AUGUST 5, 1980, DESCRIBED AS FOLLOWS: A STRIP OF LAND 25.00 FEET IN WIDTH, LYING 5.00 FEET EASTERLY AND 20.00 FEET WESTERLY OF, AND PARALLEL WITH THE FOLLOWING DESCRIBED CENTERLINE: BEGINNING AT A POINT ON THE WESTERLY RIGHT-OF-WAY OF CORTE DEL CEDRO, SAID POINT LYING 31.00 FEET WESTERLY OF THE CENTERLINE OF SAID ROAD, AND SOUTH 0-00-48 WEST, 40.00 FEET FROM THE MOST NORTHEASTERLY CORNER OF LOT 5 OF SAID MAP; THENCE PARALLEL TO, AND 40.00 FEET SOUTHERLY OF THE MOST NORTHERLY LINE OF SAID LOT 5 SOUTH 87-48-05 WEST, 155.50 FEET; THENCE NORTH 2-11-55 WEST, 40.00 FEET TO SAID NORTHERLY LINE OF SAID LOT 5 AND THE TRUE POINT OF BEGINNING. THENCE ALONG SAID CENTERLINE NORTH 2-11-55 WEST, 25.00 FEET AND THE POINT OF TERMINATION. CMWD 88-C.246 • # •' ,.J•• ..---, I /. ( / / BB•C •246 · .. Coast Desian ( EXHIBIT 8 LOT 4 WATER ESMT. \ LOT 4 7+08.35 B.C. Il89•s9·12 11 w@ 0 L ~ u /../ 89°59 'I 2"W,. / 1SOO' •31• 3/' ,... . ... ~') ..... 1, l I I l .... ,. -,-1 () • .. ..., I LC,T 8 0 -0 0 ;a .... f:::j I A .. ~.e.eow oe. .... CflMIU£WJ~ CO/lTe DelA , , Pl/)ll ; · VICI N l·:TY MAP :~ NO SCALE 1 rrc f')-:,n-