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HomeMy WebLinkAbout3811; CB Ranch Enterprises; 2010-0192847; Subordination AgreementDOC# 2010-0192847 RECORDING REQUESTED BY WHEN RECORDED MAIL TO: City Clerk CITY OF CARLSBAD 1200 Carlsbad Village Dr. Carlsbad, CA 92008 Please record the document at no fee as it is to the benefit of the District (Gov. Code [6103].) APR 19, 2010 3:11 PM OFFICIAL RE CORDS SAN DIEGO COUNTY RECORDER'S OFFICE DAVID L. BUTLER. COUNTY RECORDER FEES: 0,00 PAGES:13 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. 211-022-21 PROJECT NO. & NAME: CIP3811 Palomar Airport Road Widening SUBORDINATION AGREEMENT (TRUST DEED HOLDERS) NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AN/THE EASEMENT(S) IN THE REAL PROPERTY TO WHICH YOUR SECURITY INSTRUMENT ATTACHES AND HAS THE POTENTIAL EFFECT OF REDUCING THE VALUE OF YOUR SECURITY INTEREST. THIS AGREEMENT is made this day of 20 vo by CB Ranch Enterprises, owner of the land hereinafter described and hereinafter referred to as "Owner," and American AgCredit, FLCA, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, CB Ranch Enterprises, did execute a deed of trust, dated February 25, 2004 to American AgCredit, FLCA, as trustee, to secure note(s) in the sum of $2,275,081.00 and $474,919.00 dated February 25, 2004, in favor of American AgCredit, FLCA, recorded in the office of the County Recorder of San Diego County on March 18, 2004 as File No. 2004- 0222576 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT(S) dated January 28, 2010, in favor of the City of Carlsbad as grantee herein referred to as "Easement Grantee" creating AN/THE EASEMENT(S) more particularly described in EXHIBIT "A" attached hereto; and WHEREAS, Easement Grantee is willing to accept said EASEMENT(S) provided the grant of EASEMENT(S) 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(S) created in favor of Easement Grantee; and WHEREAS, it is to the mutual benefit of the parties hereto that Easement Grantee accept said EASEMENT(S) and Beneficiary is willing that the grant of EASEMENT(S) 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(S) above referred to, it is hereby declared, understood and agreed as follows: 1. That said EASEMENT(S) 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(S) 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(S) 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 trust and EASEMENT(S) hereinbefore specifically described, any prior agreement as to such subordination including, but not limited to, 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 . l/(We) consent to and approve the grant of EASEMENT(S) in favor of the Easement Grantee. 2. l/(We) intentionally and unconditionally subordinate the lien or charge of the deed of trust above mentioned to the EASEMENT(S) in favor of Easement Grantee above referred to and understands that in reliance upon, and in consideration of, this subordination of the grant of EASEMENT(S) is being executed and delivered, the EASEMENT(S) IS/ARE 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 subordination. 3. This Agreement represents an endorsement to the note(s) secured by the deed of trust above mentioned and 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. BENEFICIARY: American AgCredit, FLCA OWNER: CB Ranch Enterprises,^ corporation jfornia ISIQ Christorpner C. Calkins (title and organization of signatory) By: (sign here) (print name here) (title and organization of signatory) (print name here) President, CB Ranch Enterprises (title and organization of signatojy) By: Lizbe (print name here) Secretary, CB Ranch Enterprises (title and organization of signatory) (Proper notarial acknowledgment of execution by BENEFICIARY AND OWNER must be attached.) (Chairman, president or vice-president and secretary, assistant secretary, CFO or assistant treasurer must sign for corporations. Otherwise, the corporation must attach a resolution certified by the secretary or assistant secretary under corporate seal empowering the officer(s) signing to bind the corporation.) If signed by an individual partner, the partnership must attach a statement of partnership authorizing the partner to execute this instrument. It is recommended that, prior to the execution of this subordination agreement, the parties consult with their attorneys with respect thereto. APPROVED AS TO FORM: RONALD R. BALL City Attorney CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of On . *-0 i 0 before me. ' personally appeared Orvrte>"fe^Ke/' £••r ir\\^ft ame and We'Here Insert Name and We'd the Officer L.il\a£W\. \r. Name(s) of Signer(s) MONICA R. BROWNING if Commission # 1753681 [ Notary Public - California z San Diego County = MyComm. ExpfresJul 16,2011 t who proved to me on the basis of satisfactory evidence to be the persor^) whose name(s^ iateire subscribed to the within instrument and acknowledged to me that he/aho/thev executed the same in-hi&/l let/their authorized capacityfle^, and that byMIS/Mer/their signature^)) on the instrument the personal), or the entity upon behalf of which the person^} 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. Place Notary Seal Above Signature of Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Document Date: Signer(s) Other Than Named Above: Number of Capacity(ies) Claimed by Signer(s) Signer's Name: D Individual D Corporate Officer — Title(s): D Partner — D Limited D General D Attorney in Fact D Trustee D Guardian or Conservator D Other: Signer Is Representing:. Signer's Name: D Individual D Corporate Officer — Title(s): D Partner — D Limited D General D Attorney in Fact D Trustee D Guardian or Conservator D Other: Signer Is Representing: RIGHTTHUMBPRINT OF SIGNER Top of thumb here O2007 National Notary Association • 9350 De Soto Ave., P.O.Box 2402 'Chatsworth, CA 91313-2402- www.NationalNotary.org Item #5907 Reorder: Call Toll-Free 1-800-876-6827 5 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of San Diego On February 24, 2010 before me. Margaret A. Howell, Notary Public Date Here Insert Name and Title of the Officer personally appeared Gregg A. Warren Name(s) of Signer(s) MARGARET A. HOWELL Commission * 1842370 Notary Public-CaHforni* Stn Dtego County My Comm. Expires Apr 13.2013 Place Notary Seal Above who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s)diZare subscribed to the within instrument and acknowledged to me that (3l§tehe/they executed the same irChls^ier/their authorized capacity(ies), and that byQglsTher/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,*™ hand./ / Signature OPTIONAL - Though the information below is not required by law, it may prove valuable ^persons relying on the document and could prevent fraudulent removal and reattachment of this forrrHe^nother document. Description of Attached Document Title or Type of Document: Document Date:Number of Pages:. Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: D Individual D Corporate Officer — Title(s): D Partner — D Limited D General D Attorney in Fact RIGHT THUMBPRINT OF SIGNER Signer's Name: D Individual D Corporate Officer — Title(s): D Partner — D Limited D General D Attorney in Fact HUMBPRINT OF SIGNER D Trustee D Guardian or Conservator D Other: Signer Is Representing: Top of thumb here D Trustee D Guardian or Conservator n Other: Signer Is Representing: Top of thumb here ©2007 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313-2402• www.NationalNotafy.org Item #5907 Reorder:CallTofl-Free 1 -800-876-6827 ORIGINAL Exhibit "A" to Subordination Agreement RECORDING REQUESTED FOR THE BENEFIT OF THE CITY OF CARLSBAD WHEN RECORDED MAIL TO: City Clerk CITY OF CARLSBAD 1200 Carlsbad Village Drive Carlsbad, CA 92008 MAIL TAX EXEMPT STATEMENTS TO: EXEMPT SPACE ABOVE THIS LINE FOR RECORDER'S USE The undersigned grantor(s) declare(s): Documentary transfer tax is $0.00 ( ) computed on full value of property conveyed, or ( ) computed on full value less value of liens and encumbrances remaining at time of sale. ( ) Unincorporated area: (x) City of Carlsbad, and Assessor's Parcel No.: 211-022-21 Project ID: CIP.3811 Related Project ID Project Name: Palomar Airport Road Widening GRANT DEED OF EASEMENT FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, CB RANCH ENTERPRISES, A CALIFORNIA CORPORATION the owner of real property described herein located in the City of Carlsbad, San Diego County, California hereby GRANTS to City of Carlsbad, a Municipal Corporation the following described real property in the City of Carlsbad, County of San Diego, State of California: an easement for DRAINAGE AND STRUCTURAL FOUNDATION PURPOSES over, under, upon and across said real property as described in Exhibit "A", attached hereto and made a part hereof. Exhibit "B" is attached for clarity only. OWNER: CB RANCH ENTERPRISES, a Calfornia, coloration By: /T, Christopher C. Calkins(Print Name Here) President DATED January 28. 2010 (NOTARIAL ACKNOWLEDGMENT OF EXECUTION BY OWNER(S) MUST BE ATTACHED.) NOTE THAT THE PRESIDENT OR VICE-PRESIDENT AND THE SECRETARY OR ASSISTANT SECRETARY MUST SIGN FOR CORPORATE EXECUTIONS OF THIS DOCUMENT. ALTERNATELY A TRUCE COPY OF A RESOLUTION OF THE BOARD OF DIRECTORS THAT IS SIGNED BY THE SECRETARY OR ASSISTANT SECRETARY OF THE CORPORATION, UNDER CORPORATE SEAL SPECIFICALLY EMPOWERING THE INDIVIDUAL SIGNED IN BEHALF OF THE CORPORATION WILL SHOW SUFFICIENT AUTHORITY OF SAID INDIVIDUAL TO ACT IN THIS MATTER. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS EASEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.Lizbeth A. Ecke (Print Name Here) Secretary(Title) H:\Capital Improvement Program\3811 Palomar Airport Rd widening at PDNWdministrative Documents\Easements\3811_GRANT DEED OF EASEMENT CITY (1-24-08J.doc CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of ' On Vv\oa/ personally a S^r\ Ti\£go M ^S , 10 \O before me, Vlcy\lc >te 1. • ' ' • • 3peared C Url s^pWr C. C^.\. PoU,c_ Here Insert Matte and 'Title of the Officer WVA-V ^ Ad. l~v2uW_VVv r\- tcA.^.e_. Name(s)' of Signer(s) ' MONICA R. BROWNING Commission #1753681 Notary Public - California San Diego County My Comm. Expires JJ16,2011 I Place Notary Seal Above who proved to me on the basis of satisfactory evidence to be the person^) .whose namefi) is/are subscribed to the within • instrument and acknowledged to me that rre/she/they executed the same in^ns/hetftheir authorized capacity(j|s), and that by-hisAeWthe.ir signature^) on the instrument the person^, or the entity upon behalf of which the person© 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. Signature Signature of Notary Public OPTIONAL Though the information below is riot required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Descriptlbnf Attached Document Title or Type, of Document:. Document Rate:. Number of Pages:. Signer(s) OlherThan Named Above: Capaeity(ies) Claimed by Signer(s) Signer's Name:. ".••.;.- D: Individual . .'..'' D Corporate Officer — Title(s): ... D Partner—P Limited D General P 'Attorriey.in Fact; P Trustee P.Guardian, or Conservator • . P. Other: - RIGHTTHUMBPRINT OF SIGNER Top of th'ufnb here. •Signer Is Representing:^. Signef^sName:_ D IridividuS P Corporate Offteej^—Title(s):. P Partner — P LimitecNH General P Attorney, in Fact P Trustee P Guardian or Conservator P Other: • Signer Is Representing:. RIGHTTHUMBPRINT OF SIGNER Top of thumb'here jg£$^f$Q;g£g££^&Q&^£3Q%&g$$^£$g:£$-^£S^#$Ql!t$Q14$^^ ©2007 National Notary Association-9350 de.Soto Ave., P.O.Box 2402-Chatswdrth, CA 91313-2402- www.NationalNotary.org item #5907 Reorder:CallToll.-Fr.ee 1-800-876-6827 H:\Capital Improvement Program\3811 Palomar Airport Rd widening at PDNVWministrative Documents\Easements\3811_GRANT DEED OF EASEMENT CITY (1-24-08J.doc EXHIBIT "A" TO GRANT DEED OF EASEMENT LEGAL DESCRIPTION APN: 211-022-21 VESTING: CB RANCH ENTERPRISES, A CALIFORNIA CORPORATION PARCEL 1 THAT PORTION OF LOT 1 OF CARLSBAD TRACT NO. 94-09, CARLSBAD RANCH UNIT 1, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 13357 RECORDED SEPTEMBER 11, 1996, AS FILE NO. 1996-0463214 IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF PARCEL 3 DESCRIBED IN GRANT DEED OF EASEMENT TO THE CITY OF CARLSBAD, RECORDED MARCH 25, 2009 AS DOCUMENT NO. 2009-0149915 OF OFFICIAL RECORDS OF SATO COUNTY; THENCE ALONG THE NORTHERLY LINE OF SAID PARCEL 3 SOUTH 87°17'00" EAST 12.16 FEET; THENCE LEAVING SAID NORTHERLY LINE NORTH 02°43 '00" EAST 6.17 FEET; THENCE NORTH 87°1.7'00" WEST 15.06 FEET; THENCE SOUTH 02°43'00" WEST 8.04 FEET TO THE NORTHERLY LINE OF A STREET AND PUBLIC UTILITY EASEMENT GRANTED TO THE CITY OF CARLSBAD, RECORDED SEPTEMBER 21, 1999, AS DOC. NO. 1999-0645232 OF OFFICIAL RECORDS OF SAID COUNTY, AND A POINT ON A NON-TANGENT 290.00 FOOT RADIUS CURVE, CONCAVE NORTHERLY, A RADIAL FROM SAID POINT BEARS NORTH 09°12'02" EAST; THENCE EASTERLY ALONG SAID NORTHERLY LINE AND SAID CURVE, THROUGH A CENTRAL ANGLE OF 0°34'32" A DISTANCE OF 2.91 FEET TO THE WESTERLY LINE OF SAID PARCEL 3; THENCE LEAVING SAID NORTHERLY LINE, ALONG SAID WESTERLY LINE, NORTH 02°43'00" EAST 2.19 FEET TO THE POINT OF BEGINNING. CONTAINING 99 SQUARE FEET MORE OR LESS. (1) PARCEL 2 THAT PORTION OF LOT 1 OF CARLSBAD TRACT NO. 94-09, CARLSBAD RANCH UNIT 1, IN THE CITY OF CARLSBAD, COUNTY OF'SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 13357 RECORDED SEPTEMBER 11, 1996, AS FILE NO. 1996-0463214 IN THE OFFICE OF THE COUNTY RECORDER OF SATO COUNTY, DESCRIBED AS FOLLOWS: BEGINNING AT THE EAST CORNER OF PARCEL 4 DESCRIBED IN GRANT DEED OF EASEMENT TO THE CITY OF CARLSBAD, RECORDED MARCH 25, 2009 AS DOCUMENT NO. 2009-0149915 OF OFFICIAL RECORDS OF SAJD COUNTY; THENCE ALONG THE NORTHEASTERLY LINE OF SAID PARCEL 4 NORTH 40°27'15"WEST 7.82 FEET; THENCE LEAVING SAID NORTHEASTERLY LINE NORTH 49°19'55" EAST 4.49 FEET; THENCE SOUTH 40°26'56" EAST 11.28 FEET; THENCE SOUTH 50°18'39" WEST 17.17 FEET THE SOUTHWESTERLY BOUNDARY OF SAID LOT 1, AND A POINT ON A NON-TANGENT 643.00 FOOT RADIUS CURVE CONCAVE SOUTHWESTERLY, A RADIAL FROM SAID POINT BEARS SOUTH 50°18'39" WEST; THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY BOUNDARY, AND SATO CURVE, THROUGH A CENTRAL ANGLE OF 0°17'44" A DISTANCE OF 3.32 FEET TO THE SOUTHEASTERLY LINE OF SATO PARCEL 4; THENCE LEAVING SAID SOUTHWESTERLY BOUNDARY, ALONG SAID SOUTHEASTERLY LINE NORTH 50°00'55" EAST 12.65 FEET TO THE POINT OF BEGINNING; CONTAINING 93 SQUARE FEET MORE OR LESS. ATTACHED HERETO AND MADE A PART HEREOF IS A PLAT LABELED EXHIBIT "B". THIS REAL PROPERTY DESCRIPTION HAS BEEN PREPARED BY ME, OR UNDER MY DIRECTION, IN CONFORMANCE WITH THE PROFESSIONAL LAND SURVEYORS ACT. MICHAEL SCHLUMPBERGER, PLS 7790 DATE (2) -NOTE: DATA SHOWN HEREON IS BASED ON RECORD INFORMATION.EXHIBIT "B1 TO GRANT DEED OF EASEMENT 500' GRAPHIC SCALE 1 INCH = 500 FT. 500' ITU \ . APN: 211-022-21I \ \ \ . SEE SHEET 3 \ V- PALOMAR AIRPORT ROAD PARCEL 1. SEE SHEET 2 THIS PLAT WAS PREPARED BY ME OR UNDER MY DIRECTION IN CONFORMANCE WITH TH£_PROFESSIQNAL LANJ) SURVEYOR'S ACT. x^^^^^^MICHAEL L. SCHLUMPBERGER. PLS 7790 Right-Of-Way Engineering Services, Inc. 615 South Tremont Street • Ooeanside, CA 92054 (760) 637-2700 FAX (760) 637-2701 FILE NAME: Palomar Arprt Rd Pltr Esmts-Based on As-Built Srvy.dwg JOB NO. 0812-0110-07 CITY OF CARLSBAD VESTING: CB RANCH ENTERPRISES, A CALIFORNIA CORPORATION DATE: JANUARY 21, 2010 SHEET 1 OF 3 ttEXHIBIT B TO GRANT DEED OF EASEMENT 5' 0 5' GRAPHIC SCALE MNCH = 5 FT. P1 N87'17'00"W 15.06 NORTHERLY LINE OF STREET AND PUBLIC UTILITY EASEMENT GRANTED TO THE CITY OF CARLSBAD, REC. 9-21-1999, AS DOC. NO, 1999-0645232. A=0'34'32" R=290.00' L=2.91'N.W. COR. PARCEL 3 OF EXIST. EASEMENT TO THE CITY OF CARLSBAD, REC. 3/25/2009 AS DOC. NO. 2009-0149915 O.R. A/RPORT ROAD EXISTING EASEMENTS EXIST. OPEN SPACE EASEMENT OVER ALL OF LOT 1 PER MAP 13357. EXIST. OPEN SPACE EASEMENT TO THE CITY OF CARLSBAD REC. 7-5-1989 AS F/P 89-354161 O.R. EXIST. SLOPE & CONSTRUCTION EASEMENT TO THE CITY OF CARLSBAD REC. 6-14-1995 AS DOC. NO. 1995-0249015 O.R. PARCEL 3 OF EXIST. EASEMENT TO THE CITY OF CARLSBAD. REC. 3/25/2009 AS DOC. NO. 2009-0149915 O.R. CITY OF CARLSBAD VESTING: CB RANCH ENTERPRISES, A CALIFORNIA CORPORATION DATE: JANUARY 21, 2010 SHEET 2 OF 3 EXHIBIT "B" TO GRANT DEED OF EASEMENT GRAPHIC SCALE 1 INCH = 5 FT. .O.B. PARCEL 2. EAST COR. PARCEL 4 OF EXIST. EASEMENT TO THE CITY OF CARLSBAD, REC. 3/25/2009 AS DOC NO. 2009-0149915 O.R. A=0'17'44" R=643.00' L=3.32' EXIST. UTILITY EASEMENT TO THE CITY OF CARLSBAD REC. 11-30-1972 AS F/P 320457 & F/P 320458 O.R. EXISTING EASEMENTS (O) EXIST. OPEN SPACE EASEMENT OVER ALL OF LOT 1 ^ PER MAP 13357. (jr) PARCEL 4 OF EXIST. EASEMENT TO THE CITY OF W CARLSBAD. REC. 3/25/2009 AS DOC. NO. 2009-0149915 O.R. CITY OF CARLSBAD VESTING: CB RANCH ENTERPRISES, A CALIFORNIA CORPORATION DATE: JANUARY 21, 2010 [ SHEET 5 OF 3