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.