HomeMy WebLinkAbout88-602; KELLY LAND COMPANY; 1998-0023823; Subordination AgreementcW
65
RECORDING REQUESTED BY
Kelly Land Company
AND WHEN RECORDED, PLEASE
MAIL TO
i
City Clerk
City of Carlsbad
1200 Carlsbad Village Drive
Carlsbad, California 92008
Please record the document at no fee
as it is to the benefit of the City (Gov.
Code [6103].)
DOC 01998-0023823
JAN 16, 1998 12 = 0*7 PM
OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
GREGORY J. SMITH, COUNTY RECORDER
FEES: 0.00
Space above this line for Recorder's use.
ASSESSOR'S PARCEL NO. 208-020-34
PROJECT NO. & NAME:
Cannon Road Project
88-602. Kellv Ranch.
SUBORDINATION AGREEMENT
(TRUST DEED HOLDERS)
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 day of A/Ove,nt . 19<?7 . by KELLY LAND COMPANY, a
Delaware corporation, owner of the land described and hereinafter referred to as 'Owner," and KELLY FAMILY
INVESTMENT LIMITED PARTNERSHIP, a California limited partnership, present owner and holder of the deed of trust
hereinafter described, hereinafter referred to as "Beneficiary;"
WITNESSETH
THAT WHEREAS, KELLY LAND COMPANY, a Delaware corporation did execute a deed of trust, dated
September 27. 19 96 to CHICAGO TITLE COMPANY, a California corporation _
10/20/97 Rev.
w
as trustee, to secure a note in the sum of Six Hundred Eighty Thousand Dollars
($680.000.00) dated September 27. 1996 in favor of KELLY FAMILY INVESTMENT LIMITED PARTNERSHIP, a
California limited partnership recorded in the office of the County Recorder of San Diego County on September 27.
1996 as File No. 1996-0490002 of Official Records of said county; and
WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT/EASEMENTS dated
(f3p/4? in favor of the City of Carlsbad as grantee, hereinafter 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 willing to accept said EASEMENT/EASEMENTS 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 unconditionally subordinate the lien or
charge of the deed of trust above mentioned to the lien or charge of the EASEMENT/EASEMENTS 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 Beneficiary 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 EASEMENT/EASEMENTS 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/EASEMENTS in favor of Easement Grantee above
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, , 67
referred to and shall supersede and cancel, but only insofar as would affect the priority between the deed of trust and
EASEMENT/EASEMENTS 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. I (We) consent to and approve the grant of EASEMENT/EASEMENTS 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 EASEMENT/EASEMENTS 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/EASEMENTS is being executed and
delivered, the EASEMENT/EASEMENTS 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; and
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68
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 this IS day of
BENEFICIARY:
KELLY FAMILY INVESTMENT LIMITED
PARTNERSHIP, a California limited partnership
(authorized signature)
ALLAU
(name)
Its:
(title)
(name)
its:
(title)
Executed this
19 <? 7.
.day of J/dU'•
OWNER:
KELLY LAND CpMPANY, a Delaware corporation
(name)
(title)
(authorized signature)
By:
(name)
(title)
Proper notarial acknowledgement of execution of OWNER and BENEFICIARY must be attached.)
NOTE THAT THE PRESIDENT OR VICE-PRESIDENT 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.
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
By:
JANEMOBALDI, Deputy City Attorney
CMWD 88-602
10/20/97 Rev.
c
EXHIBIT 'A'
LEGAL DESCRIPTION
FOR
SEWER EASEMENT
APN 208-020-34
LEG/13173E.DOC, J/30/97, LN/3H
ALL THAT PORTION OF LOT "I" OF RANCHO HEDIONDA, IN THE CITY OF CARLSBAD/
COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, AS SHOWN ON PARTITION MAP THEREOF
NO. 823 FILED IN THE OFFICE OF THE RECORDER OF SAN DIEGO COUNTY, NOVEM-
BER 16, 1896, DESCRIBED AS FOLLOWS:
BEGINNING AT POINT NO. 17 OF LOT "I" OF SAID MAP NO. 823; THENCE ALONG THE
SOUTHERLY LINE OF SAID LOT "I"
1. SOUTH 86°51I11" EAST
2. NORTH 48°19'47fl EAST
3. NORTH 17°03'58" WEST
4. NORTHERLY
5. NORTH 09°51'42" EAST
6. NORTHERLY
7. NORTH 40°51'04" EAST
1,517.09 FEET TO THE TRUE POINT OF BEGINNING;
THENCE LEAVING SAID SOUTHERLY
LINE
376.57 FEET; THENCE
87.74 FEET TO THE BEGINNING OF A TANGENT
475.00 FOOT RADIUS CURVE CONCAVE
EASTERLY; THENCE ALONG THE ARC OF
SAID CURVE
223.24 FEET THROUGH A CENTRAL ANGLE OF
26°55I40"; THENCE
69.49 FEET TO THE BEGINNING OF A TANGENT
475.00 FOOT RADIUS CURVE CONCAVE
EASTERLY; THENCE ALONG THE ARC OF
SAID CURVE
256.91 FEET THROUGH A CENTRAL ANGLE OF
30°59'22"; THENCE
662.13 FEET TO THE BEGINNING OF A TANGENT
225.00 FOOT RADIUS CURVE CONCAVE
SOUTHEASTERLY; THENCE ALONG THE
ARC OF SAID CURVE
PAGE 1 OF 3
8. NORTHEASTERLY
9. SOUTHWESTERLY
10. SOUTHWESTERLY
11. SOUTH 40051I04" WEST
12. SOUTH 22°23'29" WEST
13. SOUTH 12°09'07" WEST
14. SOUTH 12°28'52" WEST
15. SOUTH 11°22'43" EAST
16. SOUTH 20°42'29" EAST
17. NORTH Se'Sl'll" WEST
18. NORTHWESTERLY
19. NORTH 21004'38" WEST
70
127.49 FEET
61.63 FEET
20. NORTHWESTERLY
IEC/1317SE.DOC, 9/30/97, W/SH
TO A POINT ON A NON-TANGENT CURVE
HAVING A RADIUS OF 1,101.00 FEET
CONCAVE SOUTHEASTERLY, A RADIAL
TO SAID POINT BEARS NORTH
73°43'48" WEST; THENCE ALONG THE
ARC OF SAID CURVE
THROUGH A CENTRAL ANGLE OF
03° 12'27" TO THE BEGINNING OF A
NON-TANGENT CURVE HAVING A RADIUS
OF 175.00 FEET CONCAVE SOUTHEAST-
ERLY, A RADIAL TO SAID BEGINNING
BEARS NORTH 26°38I29" WEST;
THENCE ALONG THE ARC OF SAID
CURVE
68.74 FEET THROUGH A CENTRAL ANGLE OF
22°30'26"; THENCE
656.33 FEET; THENCE
121.87 FEET; THENCE
248.90 FEET; THENCE
36.00 FEET; THENCE
42.37 FEET; THENCE
444.52 FEET TO A POINT ON THE SOUTHERLY LINE
OF SAID LOT "I"; THENCE ALONG
SAID SOUTHERLY LINE
75.20 FEET TO A POINT ON A NON-TANGENT
225.00 FOOT RADIUS CURVE CONCAVE
NORTHEASTERLY, A RADIAL TO SAID
POINT BEARS SOUTH 53°48'38" WEST;
THENCE ALONG THE ARC OF SAID
CURVE
59.35 FEET THROUGH A CENTRAL ANGLE OF
15°06'44"; THENCE
79.16 FEET TO THE BEGINNING OF A TANGENT
1,425.00 FOOT CURVE CONCAVE
NORTHEASTERLY; THENCE ALONG THE
ARC OF SAID CURVE
98.69 FEET THROUGH A CENTRAL ANGLE OF
03°58'05"; THENCE
PAGE 2 OF 3
o 71 LEG/13173E.DOC, 9/30/97, LX/SH
21. SOUTH 48019'47" WEST 303.36 FEET TO A POINT ON THE SOUTHERLY LINE
OF SAID LOT "I"; THENCE ALONG
SAID SOUTHERLY LINE
22. NORTH 86051'11" WEST 70.94 FEET TO THE TRUE POINT OF BEGINNING.
CONTAINS 2.77 ACRES MORE OR LESS.
DALE R.
PLS 5127
EXPIRATION DATE 6/30/99
DATE
PAGE 3 OF 3
JO.72
CURVE
C1
C2
C3
C4
C5
UHE
LI
L2
L3
1 AtT
15
1 £Lo
L7
L8
1 RADIUS \
225.00'
1425.00'
225.00'
175.00"
1101.00'
I DIRECTION
N86-51'11"W
N86'51'11"W
N17V3'58"W
U1 9*9O'G9mCNIZZO3Z t
N11'22'43"W
N21V438 W
N09m51'42"E
N22-23'29"E
DELTA |
15V6'44'
03"58'06'
32-27'55'
22'30'27"
0312'2r
\ DISTANCE
70.94'
75.20'
87.74'
m ftft'JO.UU4zzr
79.16
69.49'
121.8T
LENGTH
59.35'
98.69'
127.49'
68.74'
61.64'
&*%-.v MA,"-™-AySv/.v.'.-.^xCSsssSS-
^Jv^
SEW* EASEMENT
GRANTED HEREON
DALE R. TXEENHALGH LS. 5127
REGISTRATION EXPIRES 6/30/99
&urun 4.~;.'4 uzr,*/>• •**• *w /"%vw«*t t tb.w
• «*H« ••«^* w«.««SOUTHERL]
LINE LOT T
PREPARED BY:
PROJECT DESIGN CONSULTANTS
701 B STREET
SAN DIEGO, CA 92121 PH: (619) 235-6471
SET*O? EASEMENT
1317CMW6.DWG SHEETI art
73
STATE OF CALIFORNIA
COUNTY OF _§
On before me,
DATE
personally appeared
NAME AND TITLE OF OFFICER
/
' NAME(S) OF SIGNER(S)
personally known to me - OR - " proved to niu un the basis Of KfcillbfdUory 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/I m /their
authorized capacity(ies), and that by hts/her/their signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
SIGNATURE OF NOTARY
fKathleen Anne Farley*
Comm. #1018933
,TARY PUBLIC-CAUFOI
SANOCOOOOUNTY
(This area for official notary seal.)
Title or Type of Document
Date of Document //".
Signer(s) other than named above.
No. of Pages.
CMWD 88-602
06/14/95 Rev.
ff"
STATE OF CALIFORNIA
COUNTY OF
tes.
74
On beforeme.
DATE
personally appeared
-T
o \LJ\\IY
^ ,*«,.^,^.
NAME ANDTITLE OF OFFICER
H. rubliu
/Tl .
NAME(S) OF SIGNER(S)
personally known to me - OR - [proved to me on the basis of satisfactory evidence] to be the persor|s)'\
teJCTp subscribed to the within instrument and acknowledged to me that h^^ejthgyxexecuted the same inv
authorized capacity(ies), and that by nig?l^r/their^ignatuiie(sy on the instrument the persorf(syor the entity upon behalf of
which the person(sj)acted, executed the instrument.
WITNESS my hand and official seal.
(This area for official notary seal.)
Signer(s) other than named above.
Title or Type of Document &(JibOrf\infchDn~ r.
Date of Document /O-/3 '(7f No. of Pages
CMWD 88-602
06/14/95 Rev.