HomeMy WebLinkAbout85-C.150; Poinsettia Village; 1994-0386489; Subordination Agreement! !! '? 9 5 .-
PLEASE RECORD THIS DOCUMENT AT
NO FEE AS IT IS TO THE BENEFIT
OF THIS DISTRICT (GOV. CODE [6103]).
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WICIAL RECORK
RECORDING REQUESTED AND )
WHEN RECORDED, PLEASE MAIL TO 1
Carlsbad Municipal Water District ) 5950 El Camino Real ) Carlsbad, California 92008 ) ."
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Space abdve this line for Recorder's use.
SUBORD'INATION AGREEMENT
(TRUST DEED HOLDERS)
PO- VIM. L.P., a ealifomia Lhited hip
APN: 214-430-20 CMWD: 85-C. 150
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN
YOUR SECURITY INTEREST IN THE PROPERTY
BECOMING SUBJECT TO (AN) EASEMENT 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, made this I 19SY
H)m VILLAGE. L.P., a California Lhited partnership
(TrustorIOwner)
hereinafter referred to as 'Owwr,' owner of the land and-
FIRST mTIcuAL BANK
(Beneficiary)
hereinafter referred to as 'Beneficiary'; present owner and holder of the deed of trust hereinafter
described;
mnsrmm VI=, L.P.,
WITNESSETH
THAT WHEREAS, a California Limited partnership did execute
(Trustor)
a deed of trust, dated Apr il 11 , 1989to BANK SERVICE oXF~X&TION. a calif-
as trustee, covering All that portion of Lot 8 of Parcel Map NO. 15187 in the
city of carlsbad, county of san niecp, state of California, filed in the
Office of the County Recorder of San Diem county on March 28, 1988.
(Date) (Trustee) mrpratbn
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(Brief Legal Description)
(See Exhibl "A" & "B"for Detailed Description)
to secure a note in the sum of Hundred Thousand mlla~~ ($ 2,600,000.00 ) dated
!rhu Million, six
(Lien Amount)
ADril 11 , 1989_, in favor of FIm MLTICNAL BANK
(Dated)
recorded
(Beneficiary)
in the office of the County Recorder of .. County on April 20, 1989 ,
(County) (Date Recorded)
as File No. 89-205684 of WCial Records of said county: and
(F/P No.)
WHEREAS, Ownet' has executed, or is about to execute, as grantor, a grant of
EASEMENT/EASEMENTS dated 5/$/9# , in favor of the Carlsbad Municipal Water District
as grantee, hereinaher referred to as 'Easement Grantee,' creating AN/THE EASEMENT/EASEMENTS
more particularly described in EXHIBIT/EXHIBiTS "A" &"B' attached hereto: and
WHEREAS, Easement Grantee is willingto accept said EASEMENT/EASEMk!NTS provided
the grant of EASEMENT/EASEMENTS 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 uncondnionally subordinate the lien or charge of the deed of trust above mentioned to the lien or
charge of the EASEMENTEASEMENTS created in favor of Easement Grantee: and
WHEREAS, it Is to the mutual benefit of the parties hereto that Easement Grantee accept
said EASEMENT/EASEMENTS and Beneficialy is willing that the grant of EASEMENT/EASEMENTS 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/EASEMENTS above
referred to, it is hereby declared, understood and agreed as follows:
1. That said EASEMENT/EASEMENTS 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 EASEMENnEASEMENTS above
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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 EASEMENTIEASEMENTS
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 EASEMENTIEASEMENTS 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 f& the subordination of the lien or
charge thereof to another interest in the real property therein described.
BENEFlClARY declares, agrees and acknowledges that:
1. 1 (We) consent to and approve the grant of EASEMENTIEASEMENTS in favor of the
Easement Grantee.
2. I (We) intentionally and unconditionally subordinate the lien or charge of the deed of
trust above mentioned to the EASEMENTIEASEMENTS in favor of Easement Grantee abbe referred to
and understands that in reliance upon, and in consideration of, this subordination of the grant of
EASEMENTIEASEMENTS is beii executed and deliwered, the EASEMENTEASEMENTS WARE 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; and
Ill
Ill
Ill
Ill
Ill
Ill
Ill
Ill
Ill
Ill
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3. This agreement represents an endorsement to the note secured by the deed of trust
above mentioned that said deed of trust has by this instrument been subordinated to the charge of the
EASEMENT/EASEMENTS in favor of Easement Grantee above referred to
Executed by the BENEFICIARY this a, day 41
of rcAleY ,199
BENEFICIARY
I
By:
By:
(authorized signature)
(name)
(titie)
Executed by the OWNER this 4 It) day
of MIW.
OWNER:
FOBSEXTIA VILLAGE, L.P.. a
Cali By:
By:
(authorized signature)
~~ (name)
(title)
NOTE THAT THE PRESIDENT OR VICEPRESDENT AND THE SECRETARY OR ASSISTANT
SECRETARY MUST SIGN A CORPORATE EXECUTION OF THIS DOCUMENT. ALTERNATELY A TRUE
COPY OF THE 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 SIGNING 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 SUBORDINATION AGREEMENT,
THE PARTIES CONSULT WITH THEIR AITORNEYS WITH RESPECT THERETO.
Approved as to form:
Ronald R. Ball, General Counsel
R. /dkgBi
Kaken Hirata, DeputywGeneral Counsel
(Notarial acknowledgement of execution of OWNER and BENEFICIARY must be attached.
CMWD 85-C.150
A 3/23/94 Rev.
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT NO. 51 - OPTIONAL SECTION -
!' personally appeared bq, &/ -
NAME(S) OF SIGNERiS)
personally known to me - OR -a
to be the personQ whose name@) islaw
subscribed to the within instrument and ac-
knowledged to me that he/- executed
the same in his/h&tkir authorized
capacity*), and that by his/tw=s&&
signature@ on the instrument the person(4,
or the entity upon behalf of which the
person(* acted, executed the instrument.
WIT SS my and official seal.
T. J@/fiAfi
OPTIONAL SECTION
SIGNATURE OF NOTARY
THIS CERTIFICATE MUST BE ATTACHED TO TITLE OR TYPE OF DOCUMENT
, ' THE DOCUMENT DESCRIBED AT RIGHT NUMBER OF PAGES- DATE OF DOCUMENT
~ itcould pnmtntfraudulent raamhmemdmkfwm. SIGNENS) OTHER THAN NAMED ABOVE- Though the dstn nqwsled here is mt wired by law,
personally known to me - OR - He
to be the personM whose name ) IS/-
subscribed to the within instrumen Y and ac -
the same in his/Mir authorized knowledged to me that he/&ehh?y executed
capacity(ies), and that by his/Mr
signature(@on the instrument the personw,
or the entity upon behalf of which the
person(&acted, executed the instrument.
WITNESS my hand and official seal.
CAPACITY CLAIMED BY SIGNER
Though statute daes not require the Notary to
fill In the data below, doing so may prove
invaluable lo persons relying on me document. 0 INDIVIDUAL
0 CORPORATE OFFICER(S)
TITLElS)
PARTNER(S) 0 LIMITED
..
0 GENERAL 0 ATTORNEY-IN-FACT
0 TRUSTEE(S)
0 GUARDIAN/CONSERVATOR 0 OTHER:
SIGNER IS REPRESENTING: NAME OF PERSON(S) OR ENTIN(1ES)
CAPACITY CLAIMED BY SIGNER
Though statute does nn require the Notary to
fill in the data below, doing so may prove
invaluable 10 pews relying on the ckcumem. 0 INDIVIDUAL
0 CORPORATE OFFICER(S)
0 PARTNER(S) 0 LIMITED
0 ATTORNEY-IN-FACT
..
0 GENERAL
~~ 0 TRUSTEE(S)
0 GUARDIAN/CONSERVATOR 0 OTHER:
SIGNER IS REPRESENTING:
NAME OF PERSON@) OR ENTINiIES)
OPTIONAL SECTION
' . THE DOCUMENT DESCRIBED AT RIGHT
THIS CERTIFICATE MUST BE ATTACHED TO TITLE OR TYPE OF DOCUMENT
NUMBER OF PAGES- DATE OF DOCUMENT
Though the data requested here is not required by law,
it could re vent fraudulent reanachmenl 01 this form. SIGNWS) OTHER THAN NAMED ABOVE-
01992 NATIONAL NOTARY ASSOCIATION * 8236 Remmet AvB.. P.O. Box 7184 - Canoga Park, CA 91309-71
93
84
-. '7
..
1490
PR 3.5.51
EXHIBIT .A'
LEGAL DESCRIPTION
All that portion of Lot 8 of Parcel Map No. 15187 in the City
Office of the County Recorder of San Diego County on March 28, 1988.
of Carlsbad, County of San Diego, State of California, filed in the
An easement being 15.00 foot in width lying 7.50 feet on each side and parallel with the following described centerline:
Commencing at the most Westerly common corner of Lot 7 and said Lot 8; thence Southeasterly along the Westerly lot line of said Lot 8 South
1-49-52 East, 64.00 feet to a point on the centerline of said 15.00
foot wide easement and the TRUE POINT OF BEGINNING; thence along said
centerline North 88-10-08 East, 124.47 feet; thence North 59-31-43 East, continuing on said centerline 12.09 feet to Point "A"; thence continuing North 59-31-43 East, 68.95 feet to the POINT OF TERMINUS, said point being the point of intersection with the common lot line of said Lots 7 and 8, said point also lying South 84-30-05 East, 197.21 feet Easterly, on said common lot line, of said most Westerly common corner.
. The sidelines of said 15.00 foot easement to be extended or shortened to meet at angle points.
The sidelines of said easement shall terminate on the West in said Westerlyline of Lot8 and on the Northeast in said common lot line of
said Lot 7 and Lot 8.
parallel with the following described centerline:
Together with a 15.00 foot wide easenent lying 7.50 feet each side and
Beginning at Point "A" as described above; thence South 30-28-17 East,
108.00 feet to the POINT OF TERMINUS.
I
J. N. 5950-X
JN:gh 2-7-1989
CMWE 85-C.150
MS 729 - CT 81-6(B)
BRIAN SMITH ENGINEERS, INC.
Drwq. $ 267, 2
..
.. ..
NOT TO SCALE
PROJECT NAME: LOT 6 PROJECT # EXHIBIT
POINSETTIA VILLAGE CMWD e5-C.15b 1