No preview available
HomeMy WebLinkAbout; Potashov, Vladimir; 2017-0079261; Subordination AgreementRECORDING REQUESTED BY: L,AA.A.,('.f-o-wv' U-~ I fv' [ -City o£Carlsbad WHEN RECORDED MAIL TO: Carlsbad Housing & Neighborhood Services Department Attn: Housing & Neighborhood Services Director 1200 Carlsbad Village Drive Carlsbad, California 92008 DOC# 2017-0079261 111111111111 lllll 11111111111111111111111111111111111111111111111111111 Feb 17, 2017 08:00 AM OFFICIAL RECORDS Ernest J. Dronenburg, Jr., SAN DIEGO COUNTY RECORDER FEES: $36.00 PAGES: 8 (Space above for Recorder's Use) SUBORDINATION AGREEMENT (REFINANCE) NOTICE: TIIlS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY PTHAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made this .3__ day of .J~n\.)C.("'( , 2017, .by VLADIMIR POT AS HOV ("Owner"), owner of the land hereinafter described, and the City of Carlsbad, a municipal corporation ("Beneficiary"), present owner and holder of the deed of trust and promissory note first hereinafter described. · WITNESS ETH THAT WHEREAS, Owner did execute a deed of trust, dated AUGUST 10, 2005 to UNIVERSAL AMERICAN MORTGAGE COMPANY, LLC, as trustee, covering: Complete legal description as more particularly described in "Exhibit A" attached hereto and made a part hereof. To secure a note in the sum of TWO HUNDRED ELEVEN THOUSAND, FOUR HUNDRED DOLLARS ($211,400.00), dated AUGUST 10, 2005 in favor of Beneficiary, which deed of trust was recorded on AUGUST 25, 2005 as Document N_o.2005-0733127 of Official Records of San Diego County; and WHEREAS, Owner desires to refinance the property and has executed, or is about to execute, a new deed of trust and note in the sum of ONE HUNDRED EIGHT THOUSAND, THREE HUNDRED DOLLARS ($108,300.00) dated JC,\nl.)a') 9 , 20_!..]_ in favor ofNETWORK CAPITAL FUNDING CORPORATION ISAOA, hereinafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which deed of trust is to be recorded concurrently herewith; and CAJ/6/2014 ····-----------· ------·-----· --.. -·-·--.... ··-------- WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall unconditionally be 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 loan provided the deed of trust securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the deed of trust first above me ntioned and provided that Beneficiary wi ll specificall y and unconditionally subordinate the lien or charge of the deed of trust first above mentioned to the li en o r charge of the deed of trust in favor of Lender; and WHEREAS, Beneficiary is willing to subordinate to said loan provided that Lender shall deliver to Beneficiary a default notice within five business days in each case where Lender has given a default notice to Owner at the fo llowing address: Carl sbad Housing & Neighborhood Services Department Attn: Housing & Neighborhood Services Director 1200 Carlsbad Yi I lage Drive Carlsbad, California 92008 with a copy to: Carl sbad C ity Attorney City of Carlsbad 1200 Carlsbad Village Drive Carl sbad, California 92008 Beneficiary shall have the opportunity, but not the obligation, to cure any default within 60 days following the date of such notice; provided, however that Lender shall be entitled, during such 60- day period, to continue to pursue its ri ghts and remedies under the loan documents. All amounts paid by Beneficiary to Lender to cure any default under the Lender loan documents shall be added to the amount of the Beneficiary loan and shall be secured by the lien of the Beneficiary. WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is willing that the deed of trust securing the same shall, when recorded, constitute a I ien or charge upon said land which is unconditionally prior and superior to the lien or charge of the deed of trust first 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 loan above referred to, it is hereby declared, understood and agreed as fo ll ows: (I) That said deed of trust securing said note in favor of Lender shall unconditionally be 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 loan above described without this subordination agreement. 2 CA 3/6/2014 (3) That Beneficiary shall have the right to a Notice of Default, within five business days in each case where Lender has given a default notice to Owner and Beneficiary shall have the opportunity, but not the obligation, to cure any default within 60 days following the date of such notice. (4) That Beneficiary intentionally and unconditionally waives, relinquishes and subordinates the li en or charge if the deed of trust first above mentioned in favor of the lien or charge upon said land of the deed of trust in favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination a specific loan and/or advances are being made which would not be made but for said reliance upon this waiver, relinquishment and subordination. Name: VLADIMIR POTASHOV Dated: _\--1-/__,.3~/i_1 ~7 ____ _ ~ t OWNER(S) By:------------ Name: -------------- Dated: ____________ _ Dated: ---'-I_._I-L./_;_1_0..J-/2..L-L.-r __ _ (PROPER NOTARIAL ACKNOWLEDGEMENT OF EXECUTION IS REQUIRED. IT IS RECOMMENDED THAT PRIOR TO THE EXECUTION OF THIS SUBORDINAT ION AGREEMENT. THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT TH ERETO.) APPROVED AS TO FORM Celia Brewer, City Attorney By J.i1?d cq Ron Kemp, AssistantCityA ~rney Dated: __ \ tL....:,:......_i/_f_;_l ___ _ 3 CA 3/6/2014 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE§ 1189 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. 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. r·················-\ TAMARA A. MC1i11NN . \~ • Notarr PWlc -Cllifornia 1 . \ t' San Oi110 Count, z '°"' COffll'llluion ti 2159561 ! M Comin. Jul 1 O. 2020 Place Notary Sea/ Above I certify under PENAL 1Y OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS t and and official seal. , Signat~..,utr:b wfttl:-, Jtl,..J Signatureof ~ublic ---------------OPTIONAL ______________ _ ~-Though this section is optional, completing this information can deter alteration of the do fraudulent reattachment of this form to an unintended documen Description of At1taefle1d Document Title or Type of Document: -~-.....:c----------_!:: Number of Pages: ___ Signer(s Capacity(ies) Claimed by Signer(s) Signer's Name: _________ ...,,....c...._ □ Corporate Officer -Title(s): ____ ,,.,,,,.. __ _ Signe me: ____________ _ □ Corporate · er -Title(s): ______ _ □ Partner -□ Limited □ Gene(al □ Partner -□ Lim1 □ General □ Individual □ Atto!J)ey in Fact □ t1ardian or Conservator □ Individual □ Trustee □ Attorn · Fact □ Guardian or □ Other: -----------~~- Signer Is Representing: ----------'"""'=- ~ -~'g,'C<,~~~'g,'g.~'g.'Qv'g,'Q(;,~~~~~ c2014 National Notary Association• www.NationalNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE§ 1189 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 Co~ty of So'!\ ~\ ~ V , , , Ond)flOO.'f'J ~ ao \1 before me, £0:\::(IG\O, L 0 r9 see ah ND:tnrv TI>hl l {;, I oatJ C\ Here Insert Name and Tit/J of the otlcer personally appeared V\ aai rn.'1 ( ,o+us½o,1 -------------- Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person~ whose name~ is/are subscribed to the within instrument and acknowledged to me that t::ielaheftl 1ey executed the same in his/her,'their authorized capacity(~), and that by his/l:let/.tooir signature"fsr on the instrument the person~ or the entity upon behalf of which the perso¥' acted, executed the instrument. @ PATRICIA L. CRESCENTI Commission ti 2065912 ~ Notary Public • California z San Diego County t • ~ • . J'l :0T"1 t•~r'i: ~al t4-.2%1!l Place Notary Seal Above I certify under PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. ---------------OPTIONAL--------------- Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Des f Attached Document Title ument: _____________ Document Date: -----...,,..---~-- - Number o Signer(s) Other Than Named Above: ____ ,,,_,......:::-=--------- Capacity(ies) Claime r(s) ~ Signer's Name: Signe~e: ____________ _ □ Corporate Officer -□ Corporate Officer -Title(s): ______ _ □ Partner -□ Limited □ Partner -□ Limited □ General D Individual □ Attorney in Fact D Trustee D Guardian or Conservator D Other:------::,.....,:::.... __________ _ 12~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ©2014 National Notary Association • www.NationalNotary.org • 1-800-US NOTARY (1-800-876-6827 EXHIBIT "A" A CONDOMINIUM UNIT COMPOSED OF: PARCEL 1 (COMMON AREA INTEREST): AN UNDIVIDED FRACTIONAL INTEREST AS TENANT IN COMMON IN AND TO THE COMMON AREA OF PHASE 4 AS DESCRIBED ON THE MULBERRY AT BRESSI RANCH CONDOMINIUM PLAN (THE "CONDOMINIUM PLAN") RECORDED ON FEBRUARY 11, 2005, AS DOCUMENT NO. 2005-0117224, IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, CALIFORNIA, BEING A PORTION OF LOT 1 OF CARLSBAD TRACT MAP CT 03-03, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STA TE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 14800 FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON MAY 21, 2004. THE UNDIVIDED FRACTIONAL INTEREST HEREBY CONVEYED IS THE RECIPROCAL OF THE NUMBER OF LIVING UNITS SHOWN ON THE CONDOMINIUM PLAN AS BEING WITHIN PHASE 4 OF THE CONDOMINIUM PLAN. EXCEPTING THEREFROM ALL LIVING UNITS SHOWN ON THE CONDOMINIUM PLAN. RESERVING THEREFROM THE EXCLUSIVE RJGHT TO POSSESSION AND USE OF ANY EXCLUSIVE USE AREA SHOWN ON THE CONDOMINIUM PLAN. PARCEL 2 (LIVING UNIT): LIVING UNIT NO. 37. AS SHOWN UPON THE CONDOMINIUM PLAN. PARCEL 3 (EXCLUSIVE USE AREAS): THE EXCLUSIVE RIGHT TO USE ANY EXCLUSIVE USE AREA SHOWN ON THE CONDOMINIUM PLAN AS BEING APPURTENANT TO THE LIVING UNIT DESCRIBED IN PARCEL 2 ABOVE. PARCEL 4 (EASEMENT OVER ASSOCIATION PROPERTY): A NON-EXCLUSIVE EASEMENT FOR USE AND ENJOYMENT OF AND ACCESS OVER THE ASSOCIATION PROPERTY ("ASSOCIATION PROPERTY" IS DEFINED IN THE DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS AND RESERVATION OF EASEMENTS FOR MULBERRY AT BRESSI RANCH DESCRIBED BELOW), EXCEPTING ANY EXCLUSIVE USE AREA. THE EASEMENT HEREBY RESERVED, WHICH IS APPURTENANT TO THE LIVING UNIT DESCRIBED ABOVE, IS FOR ACCESS AND USE OF THE ASSOCIATION PROPERTY, SUBJECT TO THE PROVISIONS OF THE DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS AND RESERVATION OF EASEMENTS FOR MULBERRY AT BRESSI RANCH AND THE RULES AND REGULATIONS OF THE MULBERRY AT BRESSI RANCH HOMEOWNERS ASSOCIATION, A CALIFORNIA NONPROFIT MUTUAL BENEFIT CORPORATION. FURTHER RESERVING FROM ALL PARCELS ALL EASEMENTS FOR ACCESS, DEVELOPMENT, ENCROACHMENTS, MAINTENANCE AND OTHER PURPOSES SET FORTH IN THE DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS AND RESERVATION OF EASEMENTS FOR MULBERRY AT BRESSI RANCH (REFERRED TO AS THE" MULBERRY DECLARATION"). THE MULBERRY DECLARATION IS DESCRIBED BELOW. ALSO RESERVING FROM ALL PARCELS, FOR THE BENEFIT OF GRANTOR, ITS SUCCESSORS IN INTEREST AND ASSIGNEES, THE RIGHT TO ENTER THE LOT (1) TO COMPLETE AND REPAIR ANY IMPROVEMENTS OR LANDSCAPING LOCATED THEREON AS DETERMINED NECESSARY BY GRANTOR, IN ITS SOLE DISCRETION, (II) TO COMPLY WITH REQUIREMENTS FOR THE RECORDA TION OF THE SUBDIVISION MAP DESCRIBED ABOVE OR THE GRADING OR CONSTRUCTION OF THE PROPERTIES, AS DEFINED IN THE MULBERRY DECLARATION, OR (lll) TO COMPLY WITH REQUIREMENTS OF APPLICABLE GOVERNMENTAL AGENCIES. GRANTOR SHALL PROVIDE REASONABLE NOTICE TO GRANTEE BEFORE SUCH ENTRY. IF GRANTEE REFUSES TO COOPERATE WITH GRANTOR'S EXERCISE OF THIS RIGHT, GRANTOR MAY ENFORCE THIS RIGHT OF ENTRY IN A COURT OF LAW. GRANTEE SHALL BE RESPONSIBLE FOR ALL DAMAGES ARISING OUT OF SUCH REFUSAL TO COOPERATE, INCLUDING ATTORNEYS' FEES AND COURT COSTS. THE TERM OF THIS RES ERV A TlON OF RIGHT OF ENTRY SHALL AUTOMATICALLY EXPIRE TEN (10) YEARS AFTER THE DATE THIS GRANT DEED IS RECORDED. EXCEPTING AND RESERVING FROM ALL PARCELS, PURSUANT TO A GRANT DEED RECORDED ON JANUARY 25, 2005, AS DOCUMENT NO. 2005-0061440, OFFICIAL RECORDS OF SAN DIEGO COUNTY, CALIFORNIA THE FOLLOWING IN FAVOR OF THE GRANTOR UNDER SUCH GRANT DEED: A. ALL OIL, OIL RIGHTS, MINERALS, MINERAL RIGHTS, NATURAL GAS RIGHTS AND OTHER HYDROCARBONS BY WHATSOEVER NAME KNOWN, GEOTHERMAL STEAM AND ALL PRODUCTS DERIVED FROM ANY OF THE FOREGOING, THAT MAY BE WITHIN OR UNDER THE ABOVE DESCRIBED LAND ("LAND"), TOGETHER WITH THE PERPETUAL RIGHT OF DRILLING, MINING, EXPLORING AND OPERA TING THEREFOR AND STORING IN AND REMOVING THE SAME FROM SAID LAND OR ANY OTHER LAND, INCLUDING THE RIGHT TO WHIPSTOCK OR DIRECTIONALLY DRILL AND MINE FROM LANDS OTHER THAN THE LAND, OIL OR GAS WELLS, TUNNELS AND SHAFTS INTO, THROUGH OR ACROSS THE SUBSURFACE OF THE LAND, AND TO BOTTOM SUCH WHIPSTOCKED TO DIRECTIONALLY DRILLED WELLS, TUNNELS AND SHAFTS UNDER AND BENEATH OR BEYOND THE EXTERIOR LIMITS THEREOF, AND TO REDRILL, RETUNNEL, EQUIP, MAINTAIN, REPAIR, DEEPEN AND OPERA TE ANY SUCH WELLS OR MINES WITHOUT, HOWEVER, THE RIGHT TO DRILL, MINE, STORE, EXPLORE OR OPERATE THROUGH THE SURFACE OR THE UPPER 500 FEET OF THE SUBSURFACE OF THE LAND. B. THE RIGHT TO PLACE ON, UNDER OR ACROSS THE LAND, TRANSMISSION LINES AND OTHER FACILITIES FOR A COMMUNITY ANTENNA TELEVISION SYSTEM WITHIN PUBLICLY DEDICATED STREETS AND CUSTOMARY HOOK-UPS FROM THE STREETS TO THE HOMES AND THEREAFTER TO OWN AND CONVEY SUCH LINES AND FACILITIES, AND THE RIGHT TO ENTER UPON THE LAND TO SERVICE, MAINTAIN, REPAIR, RECONSTRUCT AND REPLACE SAID LINES AND FACILITIES; PROVIDED, HOWEVER, THAT THE EXERCISE OF SUCH RIGHTS SHALL NOT UNREASONABLY IN TERFERE WJTH GRANTEE'S REASONABLE USE AND ENJOYMENT OF THE LAND. C. ANY AND ALL WATER, WATER RIGHTS OR INTERESTS THEREIN APPURTENANT OR RELATING TO THE LAND OR OWNED OR USED BY GRAN TOR IN CONNECTION WITH OR WITH RESPECT TO THE LAND (NO MATTER HOW ACQUIRED BY GRANTOR), WHETHER SUCH WATER RIGHTS SHALL BE RIPARIAN, OVERLYING, APPROPRIATIVE, LITTORAL, PERCOLATING, PRESCRIPTIVE, ADJUDICATED, STATUTORY OR CONTRACTUAL, TOGETHER WITH THE RIGHT AND POWER TO EXPLORE, DRILL, REDRILL, REMOVE AND STORE THE SAME FROM OR IN THE LAND OR TO DIVERT OR OTHERWISE UTILIZE SUCH WATER, RIGHTS OR INTERESTS ON ANY OTHER PROPERTY OWNED OR LEASED BY GRANTOR, BUT WITHOUT, HOWEVER ANY RIGHT TO ENTER UPON THE SURFACE OF THE LAND IN THE EXERCISE OF SUCH RIGHTS. ' . D. NONEXCLUSIVE EASEMENTS JN GROSS ON, OVER AND UNDER THE LAND FOR THE CONSTRUCTION, INSTALLATION AND MAINTENANCE OF COMM UNI CATION SYSTEMS, ELECTRIC, GAS, TELEPHONE, WATER, SEWER AND DRAINAGE FACILITIES WITHIN PUBLICLY DEDICATED STREETS (AND CUSTOMARY HOOK-UPS FROM SUCH STREETS TO HOMES), PROVJDED THAT THE CONSTRUCTION AND INSTALLATION OF SUCH FACILITIES SHALL NOT UNREASONABLY INTERFERE WITH GRANTEE'S DEVELOPMENT OF THE LAND. EXCEPT AS SUCH EASEMENTS HAVE BEEN CONVEYED TO A UTILITY COMPANY OR OTHER PUBLIC OR QUASI-PUBLIC ENTITY, SAID EASEMENTS IN FAVOR OF GRANTOR SHALL AUTOMATICALLY TERMINATE AND BE OF NO FURTHER FORCE OR EFFECT AS TO ANY PORTION OF THE LAND UPON THE CONVEYANCE THEREOF TO A BUYER OR OTHER TRANSFEREE WHO IS ENTITLED TO RECEIVE BY REASON OF SUCH CONVEYANCE A SUBDJVJSION PUBLIC REPORT PURSUANT TO CALIFORNIA BUSINESS AND PROFESSIONS CODE SECTION 11018.2 OR ANY SIMILAR STATUTE HEREAFTER IN EFFECT, OR UPON CONVEYANCE TO AN ASSOCIATION WHOSE MEMBERS CONSIST IN WHOLE OR IN PART OF SUCH BUYERS OR OTHER TRANSFEREES. THJS CONVEYANCE IS MADE SUBJECT TO: 1. CURRENT TAXES AND ASSESSMENTS. 2. DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS AND RESERVATION OF EASEMENTS FORM ULBERRY AT BRESSI RANCH RECORDED ON MARCH 10, 2005, AS DOCUMENT NO. 2005-0197712, IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, CALIFORNIA ("MULBERRY DECLARATION") AND ANY AMENDMENTS THERETO, AND THE COVENANTS, CONDITIONS, RESTRICTIONS, RIGHTS, EASEMENTS, RESERVATIONS, BENEFITS AND BURDENS THEREIN CONTAINED, EACH AND ALL OF WHICH ARE COVENANTS RUNNING WITH THE LAND ESTABLISHED IN ACCORDANCE WITH SECTION 1468 OF THE CALIFORNIA CIVJL CODE FOR THE BENEFJT OF AND BINDING UPON THE PARTIES HERETO AND EACH SUCCESSIVE OWNER OF ALL OR ANY PORTION OF THE LAND AFFECTED THEREBY AND ARE HEREBY EXPRESSLY INCORPORATED HEREIN BY REFERENCE AS THOUGH SET OUT HEREIN IN FULL. 3. THE NOTICE OF BUILDER'S ELECTION FOR HANDLING OF CONSTRUCTION CLAIMS PURSUANT TO CALIFORNIA CIVIL CODE SECTION 895 ET SEQ. RECORDED ON FEBRUARY 28, 2005, AS DOCUMENT NO. 2005-0159300, IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ("NOTICE OF ELECTION") AND THE RESTRICTIONS, RIGHTS, BENEFITS AND BURDENS THEREIN CONTAINED, EACH AND ALL OF WHICH ARE COVENANTS RUNNING WITH THE LAND ESTABLISHED IN ACCORDANCE WITH SECTION 1468 OF THE CALIFORNIA CIVIL CODE FOR THE BENEFIT OF AND BINDING UPON THE PARTIES HERETO AND EACH SUCCESSIVE OWNER OF ALL OR ANY PORTION OF THE LAND AFFECTED THEREBY AND ARE HEREBY EXPRESSLY IN CORPORA TED HEREIN BY REFERENCE AS THOUGH SET OUT HEREIN IN FULL. 4. THE DEED AND DECLARATION ESTABLISHING ACCESS EASEMENT RIGHTS RECORDED FEBRUARY 28, 2005, AS DOCUMENT NO. 2005-0159299, OFFJCJAL RECORDS OF SAN DIEGO COUNTY, CALIFORNIA ("ACCESS DECLARATION"). 5. ALL OTHER COVENANTS, CONDITIONS, RESTRICTIONS, RESERVATIONS, RIGHTS, RIGHTS-OF-WAY AND EASEMENTS OF RECORD AS WELL AS ANY OF SUCH MATTERS THAT ARE APPARENT.