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HomeMy WebLinkAboutPea Soup Andersen; 1983-06-03;'* a1 MEMORANDUM L. -. *. DATE : May 27, 1983 TO : Mayor and City Council FROM : City Attorney SUBJECT : REVISIONS TO PEA SOUP ANDERSENS LIEN CONTRACT In accordance with the Council's direction of Ma]$ 24, 1983 we ha meetings with Pea Soup Andersens and their lende.rs regarding the referenced agreement. We have worked out an arrtingement which 1 the lien on all three parcels. However, as to p,ircels 1 and 2 c lien would be lost if the lender had to foreclose and it will be automatically subordinated to any financings or :refinancings whi be made in regard to tho% two parcels. The lender has agreed t a provision that no building permit will be issued for any expan or addition to the existing buildings without the construction c improvements. We have also secured the lender's agreement to a provision that improvements would have to be constructed as a condition of and to the closing of escrow of any sale of the property (except a trustees' sale or foreclosure). Consistent with the Council's expressed desire to solve the existing problems with the financi the project we have arrived at an agreement which did not necess as much of a change to our existing position as was initially requested at the meeting by the developer. Parcel 3 is not held free and clear by Pea Soup Andersens. Ther a note for approximately $600,000 on the land which is due in 90 days. Our lien for the improvements will be subordinated to tha note. A copy of the agreement, which has been signed by Pea Soup Ander and the City, is attached for your information. Please let me know if you have any questions. - VINCENT F. BIONDO, rJR. \ I rme /at t achmen t c: City Manager As s is tan t C i t y Man a q e r /De; e2 o pme n t a 1 S e r v i ce z; City Engineer Director ~f Building and Planning with attachment ., ( - AND WHEN RECORDED MAIL YO Imx, Castle ti Nicholson 1 2049 Century Park East, 28th F1. &DORESO bs Angeles, California 90067 NAUL CITY 6I sr-LAttention: Ira J. Waldrran, Esq.J I. ~ .i SPACE ABOVE THIS LIME FOR RECORDER'S USE 7 1 NOW, THERETOKE. in cori*ideration of tlir mutual hefits atcruinc to the parties hereto and othc Consideration the receipt and ~uiiiciency of \$ hich consideration is hewby acknowlec ged, ant1 in order to intlt to make the loan above referred to, it is hereby declared, understood and agreed as follows: (1) That said deed of trust securing said note in favor of Lender, and any rlmewals or extensions then shall unconditionally be and remain at all times a lien or charge on the prolierty Ted, pi and superior to the lien 6,i'~$f~$bf,&dddd$~t&d first above mentioned. (2) That Lender would not make its loan above described ivithout this subordination agreement. * ,, -. ~ .. - reof to another deed or deeds of t Beneficiary declares, agrees and acknowledges that (a) He consents to and approves (i) all provisions of the note and deed of trust in favor of Lender ab referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, betw Owner and Lender for the disbursement of the proceeds of Lender's loan; (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty nor has Lender represented that it will, see to the application of such proceeds by the person or persons whom Lender disburses such proceeds and any application or use of such prcceeds for purposes other tl those provided for in such agreement or agreements shall not defeat the subordination herein made whole or in part; (c) He intentionhy and unconditionally waives, relinquishes and subordinates the Iien/dd&'&~d,M~ &!#,@,+$$?first above mentioned in favor of the lien or charge upon said land of the deed of trust favor of Lender above referred to and understands that in reliance upon, and in consideration of, t waiver, relinquishment and subordination specific lozns and advances are being and will be made a as part and parcel thereof, specific monetary and other obligations are beirig and will be entered i which would not be made or entered into but for said reliance upon this waiver, relinquishment and s ordination; and Contract. (d) An endorsement has been placed upon the ~~~~~~~~~~~~~~~~~~~~rst above mentioi that said deed of trust has by this instrument been subordinated to the lien 01- charge of the deed oi tI in favor of Lender above referred to. NOTICE : THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. CITY OF CaSRLsaAD t (All signatures must be acknowledged) - *. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF TIIIS SUBOItDINATION AGREERENT, TIIF; PARTIES CONSULT WITII TIIEIH (SUBOI<DINA'l'ION FORhl "By') ATTOIWEYS WITII IESPECT Trimmo. r 37~ (r_ c 1 rnnoi,rvont *. ,e a1 -. * ~ .> 1 ) ss. STATE OF CALIFORNIA COUNTY OF Lm &y ?GO 2 - 1 On 5,!ff 5- , 198.3, before me, the under siqned, a Notary PuSllic in and for said State, personally appear <rnfq~hr~ (fij/+ it]- personally known to me (cy pxai -h-G-z.zba-si&-&&&$&.~ to be the person wh executed the within instrument as President of the.corporation . that executed the within instrument, and acknowledged to me that such corporation executed the within instrument pursuant to its By-Laws or .a resolution of its Board of Directors,. __ WITNESS my hand and official seal. i _--- . e a) .. -. -5 STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ) ss. On , before me the undersigned, a Notary Pub1 r personally appeared Mary H. Casler, kno of the City of Carlsbad, a Municipal Corporation of the State of California, known to me tc the person who executed the within instrument on behalf of said Municipal Corporation, and acknswledgeD to me that such City of Carlsbad, California, executed the same. . ? m WITNESS my hand and .r e (I) , ,'. C. - r -% Parcel 1 of Parcel Map No. 11284, in the City of Carlsbad, County of San Diego, State of-California according to Map' thereof, filed in the Office of the County Recorder of San Diego County, May 11, 1981, being a division of a portion of Lot H of Rancho Agiia Hedionda, according to Map thereof No. 823, filed in the Office of the County Recorder of San Diego Exhibit "A" .