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HomeMy WebLinkAbout88-602; KELLY LAND COMPANY; 1998-0023825; Subordination AgreementRECORDING REQUESTED BY Kelly Land Company AND WHEN RECORDED, PLEASE MAIL TO 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].) 85 DOC ^1998-0023825 JAN 16* 1998 12=07 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 day of A/60.bv 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. 86 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 /ufY .^Q f Mil 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 10/20/97 Rev. «**"*> -\ 87 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 10/20/97 Rev. ,!•*"*»».w 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 /519 day of BENEFICIARY: KELLY FAMILY INVESTMENT LIMITED PARTNERSHIP, a California limited partnership BV: (authorized signature) o. Its: (name) Rurtn (tiUe) (authorized signature) AA< (name) Its: (title) Executed this .day < OWNER: (ELLY LAND COMPANY, a Delaware corporation By: (authorized signature) (name) (title) (name) rrt£ V (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 CMWD 88-602 Deputy City Attorney 10/20/97 Rev. LEG/12242LEC.DOC, 10/6/97 SH/MH/BS EXHIBIT 'A' LEGAL DESCRIPTION FOR 20 FOOT WIDE SEWER EASEMENT APNs 207-010-12 AND 15, 207-020-32 AND 33, 208-020-30 AND 34 ALL THAT PORTION OF LOT "I" OF RANCHO AGUA HEDIONDA, IN THE COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, AS SHOWN ON THE PARTITION MAP THEREOF NO. 823 FILED IN THE OFFICE OF THE RECORDER OF SAN DIEGO COUNTY, NOVEMBER 16, 1896, AS DESCRIBED IN DOCUMENT RECORDED IN THE OFFICE OF THE RECORDER OF SAN DIEGO COUNTY AS FILE PAGE NO. 83317, RECORDED MAY 10, 1965, SERIES 6, BOOK 1965, OFFICIAL RECORD, DESCRIBED AS FOLLOWS: BEING A 20.00 FOOT WIDE EASEMENT CONTIGUOUS WITH AND ADJACENT TO THE SOUTH- ERLY SIDELINES AS DESCRIBED IN EASEMENT NUMBER TWO OF ABOVE SAID DOCUMENT AND AS SHOWN ON ATTACHED EXHIBIT "B" FOR ILLUSTRATION PURPOSES. EXCEPTING THEREFROM THAT PORTION LYING WESTERLY OF THE SOUTHEASTERLY LINE OF THE EASEMENT FOR ROAD, UTILITY, AND INCIDENTAL PURPOSE PER DOCUMENT RECORDED APRIL 20, 1967 AS FILE NO. 54628 OF OFFICIAL RECORDS AND LYING EASTERLY OF THE WESTERLY LINE OF THE EASEMENT FOR PUBLIC STREET AND PUBLIC UTILITY PURPOSES GRANTED PER DOCUMENT RECORDED JANUARY 7, 1997 AS DOCUMENT NO. 1997-0006397 OF OFFICIAL RECORDS. SEE PLAT ATTACHED HERETO MARKED EXHIBIT "B" AND BY THIS REFERENCE THERETO MADE A PART HEREOF. DATE PLS 5127 EXPIRES 6/30/99 PAGE 1 OF 1 -c-o CAfMON ROAD CRAN1ED PER DOC. 1997-0006597 O.R. SCALE: 1"= 1000' 0 500 1000 DALE R. GREOmLGH LS. 5127 REGISTRATION EXPIRES 6/30/99 PREPARED BY: PROJECT DESIGN CONSULTANTS 701 B STREET SAN DIEGO, CA 92121 PH:(619) 235-6471 EXHIBIT "ff SEWER EASEMENT 1317CMW1.DWG SHEET1 OF5 POINT t' OF EASEMENT TWO OF FILE 83317 O.R. N291904"E 41.11' SOUTHEASTERLY UNE OF EASEMENT EXIST. 20' WE SEWER EASEMENT PER DOC. 83317 ALONDRA •. WAY EASEMENT GRANTED HEREON tr O •"* »*• t o i»» f o »"«*•1 MI in • t* t* * W* • ** ^1 ** **»^ I *%*»^tXXf V NOTE: FOR UNE DATA SEE SHEET 5 SCALE: r=200* H-M1 0 100 20O DALE R. GREERHALGUS L.S. 5127 REGISTRATION EXPIRES 6/30/99 PREPARED BY: PROJECT DESIGN CONSUL TANTS 701 B STREET SAN DEGO, CA 92121 PH:(619) 235-6471 EXHIBIT *ff SEWER EASEMENT 1317CMW2.DWG SHEET20F5 DOST. 20 WE SEWER EASEMENT DOC. 83317 O.R. 20' WIDE SEWER EASEMENT GRANTED HEREON / SEE SHEETS SCALE: 1"=200' H-W1 0 100 200 DALE R. GREENHAL&T LS. 5127 REGISTRATION EXPIRES 6/30/99 PREPARED BY: PROJECT DESIGN CONSULTANTS 701 B STREET SAN DIEGO, CA 92121 PH:(619) 235-6471 EXHIBIT "B1 SEWER EASEMENT 1317CMW3.DWG SHEET30F5 ,t. »* i—-• ^MHZZSizaxzsiS"^* *""" I-H Ol 20' SE*MEf? EASEMENT PER DOC. 85317 O.R. '20' HfOf SOO? EASEMENT GRANTED HEREON a&urur, &nu» • *~ » • W • I ** »^ W %^ *•r« • • *^ M^«r rtu. Q^ SCALE: 1"=200' NOTE: FOR UNE DATA ' SEE SHEET 5 DALER. REGISTRATION O 100 20O LS. 5127 6/30/99 PREPARED BY: PROJECT DESIGN CONSULTANTS 701 B STREET SAN DIEGO. CA 92121 PH:(619) 235-6471 EXHIBIT "B* SEWER EASEMENT 1J17CMW4.DWG SHEET40F5 UNE LI L2 L3 14 L5 L6 L7 L8 L9 L10 L11 I DIRECTION 580-26'28'E N81'45'32'E N26V6'32"E N85"23'50"E S80-56WE S43'4r06'E N50"26'45"E S58?r40'E S19"28'00"E SIWOO'W S71-52'05'E \ DISTANCE 331.07' 626.39' 635.87' 250.00' 174.82' 280.00' 350.18' 131.88' 246.0T 325.78' 272.07' EXIST. 20' WIDE SEWER EASEMENT PER DOC. 83317 O.R. 20' WIDE SEWER EASEMENT GRANTED HEREON WESTERLY UNE OF STREET EASEMENT PER DOC. 1997-0006397 O.R. rvir nu. c^j FOR LGT '/ SCALE: 1 =200' DALE BL GffeENHAtfa LS. 5127 REGISTRATION EXPIRES 6/30/99 0 100 200 PREPARED BY: PROJECT DESIGN CONSULTANTS 701 B STREET SAN DIEGO, CA 92121 PH:(619) 235-6471 EXHIBIT "B* SEWER EASEMENT 1317CMW5.DWG SHEETSOFS 95 STATE OF CALIFORNIA ] J-SS. COUNTY OF On //-JO "9") before me. ffl DATE NAME AND TITLE OF OFFICER personally appeared NAME(S) OF SIGNER(S) personally known to me - OR • " pm»«»H tn mo nn thn KICJC nf c-atisfartnry oviftenrq to be the person(s) whose name(s) •is/are subscribed to the within instalment and acknowledged to me that~fre/she/they executed the same in- his/her/their authorized capacity(ies), and that by hts/herftheir signature(s) on the instalment the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. Kathleen Anne Fariey» ..,.__ Comm. #1018938 * WITNESS my hand and official seal.-^ x •%* ^ mr f . _ _ . Conm.ExplfMFM.27.1998 (This area for official notary seal.) OF NOTARY Title or Type of Document _^ Date of Document //"-£.£/ s / No. of Pages. Signer(s) other than named above CMWD 88-602 06/14/95 Rev. 96 STATE OF CALIFORNIA COUNTY OF tes. On before me, +k)i DATE a hli L> 'NAME AND TITffi OF OFFICER personally appeared A-J ton D.m \JL\\U NAME(S) OF SIGNER(S)Y personally known to me - OR - '(proved to me on the basis of satisfactory evidencepto be the person(s),tohose name(s} is/are subscribed to the within instrument and acknowledged to me that he/^Kwthey/executed the same hi authorized capacities), and that by l\is$fijthejr/signaturej£f on the instrument the person(s)^br the entity upon behalf of which the person^ acted, executed the instalment. WITNESS my hand and official seal. SIGNATURE PF NOTARY (This area for official notary seal.) Title or Type of Document .S( 1 hTUrd I HA ~H On Date of Document fc£DV <OO iQQl No. of Pages Signer(s) other than named above CMWD 88^02 06/14/95 Rev.