HomeMy WebLinkAbout89-C-306; Pacific Ridge Commerce Centre Associates; 90-209556; Subordination Agreement1359 90 209556
PLEASE RECORD THIS DOCUMENT AT ) __
NO FEE AS IT IS TO THE BENEFIT ) f—~" ,w~r,4 \*Z s . *
OF THIS DISTRICT (GOV. CODE [6103]) ) < j";"""*, --
RECORDING REQUESTED BY AND ) » .p« ,q |M1{:U5
WHEN RECORDED, PLEASE MAIL TO ) Ittl RrH >"
) i VERAL, LYUE, jCarlsbad Municipal Water District ) COUNTY HtCiWDi_r_J
5950 El Camino Real ) *-"-— "
Carlsbad, California 92008 ) NO FPP
Space above this line for
Recorder's use.
A.P.N. 212-092-17
CMWD Project No. 89-C-306
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR
SECURITY INTEREST IN THE PROPERTY BECOMING
SUBJECT TO AN ESTATE 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
1989 by PACIFIC RIDGE COMMERCE CENTRE ASSOCIATES, a California
limited partnership, hereinafter referred to as "Owner," owner of
the land and BANK OF THE WEST, a California corporation,
hereinafter referred to as "Beneficiary"; present owner and
holder of the deed of trust hereinafter described;
WITNESSETH
THAT WHEREAS, PACIFIC RIDGE COMMERCE CENTRE ASSOCIATES
did execute a deed of trust, dated November 20, 1989, to FIRST
SANTA CLARA CORPORATION, as trustee, covering Lot 3, Carlsbad
Airport Centre in the City of Carlsbad, County of San Diego,
State of California, according to Map No. 11287 filed July 16,
1985, to secure a note in the the sum of $3,850,000.00 dated
November 20, 1989 in favor of BANK OF THE WEST recorded in the
1360
office of the County Recorder of San Diego County on November 22,
1989 as File/Page No. 89-635489 of Official Records/of said
county; and
WHEREAS, Owner has executed, or is about to execute, as
grantor, a grant of Easement dated ^6cse»vi OC.V 7 '^{ffi, in favor
of the Carlsbad Municipal Water District as grantee herein
referred to as "Easement Grantee," creating an Easement more
particularly described in Exhibits A and B attached hereto; and
WHEREAS, Easement Grantee is willing to accept said
Easement provided the grant of Easement 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 created in favor of Easement Grantee;
and
WHEREAS, it is to the mutual benefit of the parties
hereto that Easement Grantee accept said Easement and Beneficiary
is willing the grant of Easement 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 above referred to, it is hereby declared,
understood and agreed as follows:
1361
1. That said Easement 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 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 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 Easement 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. He consents to and approves the grant of Easement
in favor of the Easement Grantee.
2. He intentionally and 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
1361
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 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
BANK OF THE WEST,
California
OWNER:
PACIFIC RIDGE COMMERCE CENTRE
ASSOCIATES, a California
limited partnership
GENERAL PARTNERS:
By
WILLIAM A-SHIRLEY
TULCHAN COMPANY, a Californii
corporation
NOTE THAT THE PRESIDENT OR VICE-PRESIDENT AND THE SE(
ASSISTANT SECRETARY MUST SIGN FOR CORPORATE 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.
roved as to form:'
VINCENT"F. BIONDO, JR.
(Notarial acknowledgement of execution by OWNER and BENEFICIARY
must be attached. CMWD 89-C-306
1363
Notary acknowledgement for Lot 3, Carlsbad Airport Centre
State of
County of £ppjr/v
) ss
On this \^^ day of
before me, the undersigned,
state, personally appeared
known to me (or proved to
in the year 1989,
a notary public in and for said
K.b&(3&T id- G'P&efZ^ , personally
me on the basis of satisfactory
evidence) to be the person who executed the within instrument as
iAc*g PefgSvpQoT or on behalf of the corporation therein named
and acknowledged to me that the corporation executed it.
(Signal^ure of Notary/SBBWBMK
OFFICIAL SEAL
MILLIE CHING
NOTARY PU BUG-CALIFORNIA
SANTA ClARA COUNTYMy commission expires DM. 29,1919
««(SSea otary)
State of V0~*
c— >
County of <v$«t
On this
/ L/if, t/-Y~l~V/\0>7 //
nCt
1$+
before me, the u
lA. - )
) ss
f/W$— )
h day of ^t^^ tef~
nder signed, a notary pub!
state, personally appeared
known
in the year 1989,
: in and for said
n, f-tb^gflc/K personally
me on the basis of satisfactoryto me (or proved to
evidence) .to be the person who executed the within instrument as
Vtt& Vfg&( Pg*Jl or on behalf of the corporation therein named
and acknowledged to me that the corporation executed it.
(Signature Notary)
OFFICIAL SEAL
MILLIE CHING
NOTARY PUBLIC-CALIFORNIA
SANTA CLARA COUNTYMy commission expires Dec. 29.1989
(Seal of Notary)
CMWD 89-C-306
1364
Notary acknowledgement for Lot 3, Carlsbad Airport Centre
State of
County of E£.c>
) ss
.)
On this day of in the year 1989,
before me, the undersigned, a notary public in and for said
state, personally appeared William/VShirley, personally known to
me (or proved to me on the basis of satisfactory evidence) to be
the person that executed this instrument, on behalf of the
partnership and acknowledged to me that the partnership executed
it.OFFICIAL SEAL
JANET BRENGI
NOTARY PUBLIC - CALIFORNIA
SAN DIEGO COUNTY
My ccmm. expires NOV 23, 1990
Seal of Notary
State of
County of 'ie.G=ra
) ss
.)
On this 7-f/4 day of in the year 1989,
before me, the undersigned,M a notary public in and for said
state, personally appeared Mienael H. Hannah, personally known to
me (or proved to me on the basis of satisfactory evidence) to be
the person that executed this instrument, on behalf of the
partnership and acknowledged to me that the partnership executed
it.OFFICIAL SEAL
JANET BRENGI
NOTARY PUBLIC - CALIFORNIA
SAN DIEGO COUNTY
My ccmm. expires NOV 23, 1990
(Seal of Notary)
CMWD 89-C-306
LEGAL DESCRIPTION FOR WATER LINE EASEMENT FOR P.I.P, 89-12
EXHIBIT "A"
THAT PORTION OF LOT 3 OF CARLSBAD TRACT NO. 81-46, IN THE CITY OF
CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO
MAP THEREOF NO. 11287 FILED IN THE OFFICE OF THE COUNTY RECORDER
OF SAN DIEGO COUNTY JULY 16, 1985 BEING STRIPS OF LAND 15.00 FEET
WIDE LYING 7.50 FEET ON EACH SIDE AND PARALLEL WITH THE CENTER-
LINES OF WHICH ARE DESCRIBED AS FOLLOWS:
1365
BEGINNING AT THE NORTHEAST CORNER OF SAID LOT 3; THENCE ALONG THE
NORTHERLY LINE OF SAID LOT NORTH 66°07'22" WEST 30.26 FEET TO THE
TRUE POINT OF BEGINNING; THENCE ALONG SAID CENTERLINE SOUTH 23°52'
38" WEST 10.26 FEET; THENCE SOUTH 68°52'38" WEST 79.54 FEET; THENCE
NORTH 66°07'22" WEST 125.00 FEET; THENCE SOUTH 23°52'38" WEST 98.50
FEET TO A POINT HEREINAFTER REFERED TO AS POINT "A"; THENCE SOUTH
23°52'38" WEST 7.80 FEET; THENCE SOUTH 31°15'47" EAST 125.50 FEET
TO A POINT HEREINAFTER REFERED TO AS POINT "B"; THENCE SOUTH 31°
15'47" EAST 78.02 FEET; THENCE SOUTH 23I>52'38" WEST 90.56 FEET;
THENCE NORTH 66°07'22" WEST 12.00 FEET TO A POINT HEREINAFTER
REFERED TO AS POINT "C"; THENCE NORTH 66°07'22" WEST 74.94 FEET;
THENCE NORTH 31°15'47" WEST 155.50 FEET TO A POINT HEREINAFTER
REFERED TO AS POINT "D"; THENCE NORTH 31°15'47"WEST 101.23 FEET;
THENCE NORTH 23°52'38" EAST 5.00 FEET TO A POINT HEREINAFTER
REFERED TO AS POINT "E"; THENCE NORTH 23°52'38" EAST 85.95 FEET
TO A POINT HEREINAFTER REFERED TO AS POINT "F"; THENCE NORTH 23°
52'38" EAST 77.00 FEET; THENCE NORTH 21°07I22" WEST 31.00 FEET
TO A POINT OF TERMINATION.
ALSO:
BEGINNING AT ABOVE MENTIONED POINT "A"
15.00 FEET TO A POINT OF TERMINATION.
THENCE SOUTH 66°07I22" EAST
BEGINNING AT ABOVE MENTIONED POINT "B"; THENCE NORTH 58°44'13" EAST
26.00 FEET; THENCE SOUTH 66°07'22" EAST 15.00 FEET TO A POINT OF
TERMINATION.
BEGINNING AT ABOVE MENTIONED POINT "C"
25.00 FEET TO A POINT OF TERMINATION.
BEGINNING AT ABOVE MENTIONED POINT "D"
31.00 FEET TO A POINT OF TERMINATION.
THENCE SOUTH 23°52'38" WEST
THENCE SOUTH 58°44'13" WEST
THENCE NORTH 66°07"22" WESToBEGINNING AT ABOVE MENTIONED POINT "E"
5.00 FEET; THENCE SOUTH 80° 07 "38" WEST 2rt.OO FEET; THENCE SOUTH 23
52'38" WEST 15.00 FEET TO A POINT OF TERMINATION.
SHEET 1 OF 2
C.M.W.D. 89-C.306
136s
EXHIBIT "A"
TOGETHER WITH A STRIP OF LAND, 26.00 FEET WIDE, LYING 13.00 FEET ON
EACH SIDE AND PARALLEL WITH THE CENTERLINE OF WHICH IS DESCRIBED AS
FOLLOWS:
BEGINNING AT ABOVE MENTIONED POINT "F"; THENCE NORTH 66°07'22" WEST
47.50 FEET TO A POINT ON THE WESTERLY LINE OF SAID LOT 3, SAID POINT
BEING SOUTH 23°52'38" WEST 142.00 FEET FROM THE NORTHWEST CORNER OF
SAID LOT.
THE SIDELINES OF SAID STRIPS OF LAND TO BE LENGHTENED OR SHORTENED
AT ALL ANGLE POINTS AND TO BEGIN AT THE NORTHERLY LINE OF LOT 3 AND
TO END ON THE WESTERLY LINE OF SAID LOT 3.
SHEET 2 OF 2
C.M.W.D. 89-C.306
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