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Home My WebLink About89-210; Mission West Executive Aircraft Center Inc; 1991-0095891; Subordination Agreement1252 - PLEASE RECORD THIS DOCUMENT AT NO FEE AS IT IS TO THE BENEFIT ; OF THIS DISTRICT (GOV. CODE [6103]) j 1 F;j &l] :~.y-r- I" i ,.:3i PROPrnS RECORDING REQUESTED BY AND WHEN RECORDED, PLEASE MAIL TO Carlsbad Municipal Water District ; 5950 El Camino Real Carlsbad, California 92008 . . i .> ,+-Space above this line for ..X" .'::~~~,;s,Recorde~r's use. : : , 1 .:.. 0 ' '_ i, : _i. i '-"A.P&?%2$3-020-18 “ 'p _ __ " i ,$! : ". j .;:~CMWW,~;;89~210 $ "y? I SUBO~INATION AG&&& ':I': ." 9 NOTICE: * x, A’ f ; _~ THI? "8UBORDINATION AGREEMENT RESULTS' &'Y&JR 10 SECURITY INTEREST IN THE PROPERTY BECOMING SU&JECT TO AN ESTATE IN THE REAL PROPERTY TO 11 WHICH YOUR SECURITY INSTRUMENT ATTACHES AND HAS THE POTENTIAL EFFECT OF REDUCING THE, 12 VALUE OF YOUR SECURITY INTEREST. -. 13 THIS AGREEMENT, made this & day of< , II J / lgJq! by MISSION WEST EXECUTIVE AIRCRAFT CENTER, -INC., a 14 - California corporation, hereinafter referred to as "Lessee,ll .,>'_. , .; * lessee of the land and SECURITY PACIFIC NATIONAL BANK, a national 15 16 17 banking association, hereinafter referred 'to as "Beneficiaryl', 18 present owner and holder of the d-eed of trust hereinafter 19 described; 20 WITNESSETH 21 WHEREAS, Lessee did execute a deed of trust, dated 22 August 15, 1990, to Equitable Deed Company, a California 23 corporation, as trustee, covering Mission West Airport, Lease 24 Parcel 88-0036A, in the City of Carlsbad, County of San Diego, 25 State of California, according to Map No. 823 filed November 16, 26 1896, to secure a note in the the sum of $2,640,000.00 dated 27 August 15, 1990 in favor of Security Pacific National Bank', 28 recorded in the office of the County Recorder of San Diego County 1 revised 10/24/90 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 1253 on September 7, 1990, as File No. 90-490090 of Official Records/of said county: and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of Easement date c&?/5w , in favor of the Carlsbad Municipal Water District as grantee hereinafter .; ze- , referred to as "Easement ,,Grante.e," /_ creating an Easement more " .t : & particularly described in~$xhibits??$nd B 'attached hereto: and __.- _. + b,- ~,$,%d : : -; -'. ,(,/ , '\ e_ .i ' ::a __ : .:> ). I WHEREAS; -Easemenf..'Grantee 'iswjlling to accept said ,* ." i Easement provided"the grant of"iEasement ' is a charge upon the ,.. " :.;e* “:-.-, .s, ^^ .,>. above described property prior and superior to,the lien or charge of the deed of trust above mentioned and provided that * i 1.3% 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 created in favor of Easement Grantee; and : a ,; _r .,,I‘ ' : I .-c / ~_ i WHEREAS, it is to 'the"mutua1 benefgt of the parties hereto that Easement Grantee accept said Easement and Beneficiary is willing that the grant. of-Easement 'shall, when recorded, s< . . ._ 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 above referred to, it is hereby declared, understood and agreed as follows: 1. That said Easement in favor of Easement Grantee 2 revised 10/24/90 1 i 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ,- 1254 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 above described without this subordination agreement. **::^F?*."- -+ _ 3. That this;A.agreemenStcshall be the whole and only I. __ -2 -..$F; "-, =a$-: i;.$p;%,&, &&. agreement with re&d to :t'he subordinationYof-the lien or charge ; i i .:' -.*Wf : I ",'va‘*"‘.~ 1 _ .2;. ,;'F%&. r,;;c .>,& n -i ;:*a'- &$$$ =g;"i, _ _ i . .*" :q:"ri "".s I "$%:;GJr of the deed of tru~~~~~~bove";Elention~~d to%~~%sement in favor of J' i r,' ey*p. '; . "i-Z< ;I :s* Easement Grrntee'above referred to and "shall.~~,~~upersede and ..a‘ * ..~>s#?..;; I T‘ Tr f _ ?J &' -_ :3J.,s;s>;~ ;*. -.,ii L E .~" cancel, bgp;F& ?insofar as wd;l&affect the p.$zr;britir between the .i deed of trust'and Easement -hereinbefore specifically described, d.. any prior agreement as to such subordination including, but not "$ x. ,- -" i: */ ,A . .; limited, those provisions, if any, contained in the,%.deeG of trust - j '. 5 *,: ' 'I above mentioned, which provide for,the subordination of the lien or charge 'Ithereof .to another~~~interest~~in~ thee real property ; .' : :.I,:.+!.;. : ." _ “ ,.", " 9,. : -1‘ ‘ j .; i " ,. '*-.G '., therein descr.ibed;.? :'; ,;;* i ,i', k i .,. j si _i ; ,bl .- 1 '- -: ,, ‘L>,"' ,_ _I 2 / ,-. BENEFICIARY declares' J* ,'1: .\... __ -7. .**:- '3 agrees andacknowledges that: "' ~,.~~~,,.f~J ,' - .‘..$'r ,.o <&X&. ;j:,: ;,: :"' _ ..: ) ,, ,_ 1. He" consents't%,"~a~~~~~~~~~yoves the grant of Easement ,- I x .j %i"‘ : ,‘ l: .‘-- ">..*. : ,I,& ,1.,... , : '& -: i x " 3 ; A. _ i " ' in favor of the Easement Grantee.: __'. “._’ 3 ,: ,__. i” .‘_‘ 2. He intentionallyyand-unconditionally waives, relinquishes and subordinates the lien or charge of the deed of trust above mentioned to the Easement in favor of Easement Grantee above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination of the grant of Easement is being executed and delivered, the Easement is being created, and that specific monetary and other obligations are being and will be entered into by the Easement Grantee, other lenders and title insurance 3 revised 10/24/90 ! . , “’ .* I ,. 1 4 ; :i 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 1255 companies which would not be made or entered into but for said reliance upon the waiver, relinquishment and subordination; and 3. An endorsement has been placed upon the note secured by the deed of trust above mentioned that said deed of trust has by this instrument been subordinated to the charge of the Easement in favor of Easement Grantee above referred to. ., BENEFICIARY ; , : '_ -- j SECURITY PACIFIC"NATIONAL BANK; &&ER: n. MISSION WEST EXECUTIVE aC~3ZZ~~p AIRCRAFT CENTER, INC., a /d&-c r$c+ &%J$-&y,-& California corporation Executed onthis 2.2 day of Executed on'the .'527 day of J&+//2: I 192 By : --)-) Tx ,-J,+d;&x By: c&J. /-t-as- k. (authorized signature) (signature) ?t?ze%?tih (title) (title) By: By: (authorized signature) * / mm5 (title) *tie) NOTE THAT THE PRESIDENT OR VICE-PRESIDENT AND THE SECRETARY OR ASSISTANT SECRETARY MUST SIGN FOR CO,RPORATE EXECUTIONS 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 ATTORNEYS WITH RESPECT THERETO. (Notarial acknowledgemen<of execution by LESSEE and BENEFICIARY must be attached. CMWD 89-210 revised 10/24/90 4 STATE OF CALIFORNIA San Diego COUNTY OF January 2, 1991 1256 r9” arybe th W anie before me the undersigned a Notary Public in and for said State, personally appeared k ____________ ,-----,-,,‘______ L _______ s-1 personally known to me or proved to me on the basis of satisfactoryevidencetobeaVicePresident,~--’----‘------------”-”-““‘--“-‘“““-““‘“‘““‘-” -C~~mtar~~t~meo=*e~~=~~~~~~-~~------------------------------------------- of the SECURITY PACIFIC NATIONAL BANKJhe association that executed the within Instrument, known to me to be the persons who executed the within 8’ , Instrument on behalf of the association therein named, and acknowledged to me that such association executed the same, and acknowledged to me that . such association executed the within Instrument pursuant to its by-laws or a resolution of its board of directors. I WITNESS my hand and official seal. (Seal) 030874 a , 2 H % , F 2 x ’ w= a A0 t-u F “Y’.” : ’ . SUSAN E.STOFFREGEN NOTARY PUBLIC-CALIFORNIA SAN DIEGO COUNTY t Mv fammission Exsires Scot. 10, 1 , STATE OF CALlFORNLj COUNTY OF SanDmgo ' SS. on i”gg- day of B, in [he year , before me, the undersigned, a Notary Public in and for said County and State, personally appeared personally known IO me (erprowzJ+smean++-r&&&~~er~~) to be the President, and HowardAnderson personally known lo me fatpraM- ctiia4-4 crrictnnrc) t0 be Vice Pre%&-t sreretm of’ the corporation that executed the within Instrument, and acknowledged lo me thal such corporalion executed the within inslru- ment pursuant IO its by-laws or a resolution of its board of directors. Name (Typed or Printed) Notary Public in and for said Counly and Stale F. 2467 R. 1 l/62 (This area for official notarial seal) ,. 8. i ,. ‘t , d *! >*, c . 1257 /- . : n Cii>W fi8rA’mbl I’)“9 P:lIcJlllar~ O:rh., \\‘;I\. xy.mmyr ~CKENGINEEi~INGCO~lI?IZNY pm:; Suilc 200 && CXl.lXlLl. CA 42OlN (~I~IJ~I-x~or, Legal Description TC Ref. -- , J-10683 WATER EASEMENT EXISTING AIRPORT ACCESS ROAD Co. _ : Order No. I Date -. By: JC/dcr.002 ' Descr. 1 I Date: September 5, 1990 Rev. By ---- , Page 1 of 2 EXHIBIT A An easement being a portion of Lot "G" of the Ranch0 Agua Hedionda, in the City of Carlsbad, County of San Diego, State of California, according to partition map thereof No. 823 filed in the Office of the County Recorder of San Diego County on November 16, 1896, described as follows: Commencing at the Southeast corner of that certain aviation lease dated May 24, 1988; thence North 10"52117Y1 West along the Easterly line of said Lease 289.19 feet to the TRUE POINT OF BEGINNING; thence South 79"07'43" West 194.53 feet; thence South 10"52117'1 East 23.49 feet; thence South 79"07*43" West 22.00 feet; thence North lO"52'17" West 10.00 feet; thence North 79"07'43" East 7.00 feet: thence North lO"52'17" West 28.49 feet: thence North 79"07'43" East 209.53 feet to said Easterly line; thence South lO"52'17" East along said Easterly line 15.00 feet to the TRUE POINT OF BEGINNING. CMWD 89-210 2.. ‘- S_&.._ _ -_. -c- , *ph. ‘: . , *, * e .I 7 . . _- I EXH 1258 IBIT “B” LOT “G’ RANG/W AGUA HED/ONL?A MAP No. 823 ._' SCALf: IN=30' VICINITY MAP N.T.S. C.M.W.D. 89-210 PLAT TO ILLUSTRATE RICK ENQINEERINQ COMPANY CIVIL ENOlNEER5. SURVEYORS. PLANNER5 LEGAL DESCRIPTION OF WATER EASEMENTS ,es*pnromnaon#ca WAV.s”meoa r3amB-. CA e- PROJECT NCMeER 10683 SCALE 1” = 30’ 1 DATE I- 22-90 I . _’ f-3 : $3 <\,g-- I