HomeMy WebLinkAbout97-257; Carlsbad Business Park; 1998-0198389; Subordination AgreementRECORDING REQUESTED BY
Carlsbad Business Park, LLC
AND WHEN RECORDED, PLEASE MAIL TO
Carlsbad Municipal Water District
5950 El Camino Real
Carlsbad. California 92008
DOC # 1998-0198389
slyl DIEM WUHTY REUNDER'S OFFICE OFFICI# REm
GREGORY J. SHITH, CWNTY REWRDER FEES: 0.00
352
Please record the document at no fee as it is to the
benefit of the District (Gov. Code [6103].)
Space above this line for Recorder's use.
ASSESSOR'S PARCEL NO. 212-130-36
PROJECT NO. 8 NAME: 97-257 The Carlsbad Spectrum
Proiect. Parcels 1 8 2
SUBORDINATION AGREEMENT
(TRUST DEED HOLDERS)
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR
SECURITY INTEREST IN THE PROPERTY BECOMING
WHICH YOUR SECURITY INSTRUMENT ATTACHES AND
SUBJECT TO (AN) EASEMENT IN THE REAL PROPERTY TO
OF YOUR SECURITY INTEREST. HAS THE POTENTIAL EFFECT OF REDUCING THE VALUE
THIS AGREEMENT, made this& f+ ay of %!?$I,& ,19&. by CARLSBAD BUSINESS PARK,
LLC, a California limited liabilitv company , owner of the land described and hereinafter referred to as "Owner,"
and SANWA BANK CALIFORNIA. a California corporation , present owner and holder of the deed of trust
hereinafter described, hereinafter referred to as "Beneficiary;"
WITNESSETH
THAT WHEREAS, CARLSBAD BUSINESS PARK. LLC. a California limited liabilitv company did execute
a deed of trust, dated September 3, 1997 to FIRST BANCORP
10/20/97 Rev.
',. . .. .. .
.. 353
as trustee, to secure a note in the sum of Twentv-Six Million, Einht Hundred Ninetv-One Thousand, Five Hundred
Dollars ($26.891.500.00) dated SeDtember 3.1997 in favor of SANWA BANK CALIFORNIA, a California corporation
recorded in the office of the County Recorder of San Diego County on SeDtember 8. 1997 as File No. 1997-0434690 of
Official Records of said county; and
WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT/EASEMENTS dated
i+?/4?. , in favor of the Carlsbad Municipal Water District as grantee, hereinafter referred to as "Easement
Grantee," creating ANlTHE EASEMENT/EASEMENTS more particularly described in EXHlBlTlEXHlBlTS "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 EASEMENnEASEMENTS created in favor of
Easement Grantee; and
WHEREAS, it is to the mutual benefit of the parties hereto that Easement Grantee accept said
EASEMENnEASEMENTS 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 EASEMENnEASEMENTS above described without this
subordination agreement.
3. That this agreement shall be the whole and only agreement with regard to the subordination of the
2 10/20/97 Rev.
:. . ,.. . . .. 354
lien or charge of the deed of trust above mentioned to the EASEMENTIEASEMENTS 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
EASEMENTIEASEMENTS 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 EASEMENTIEASEMENTS 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 EASEMENTIEASEMENTS in favor of Easement Grantee above referred to and understands that in
reliance upon, and in consideration of, this subordination of the grant of EASEMENTIEASEMENTS is being executed and
delivered, the EASEMENTIEASEMENTS WARE 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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3 10120197 Rev.
355
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 3 Ad, day of
194a.
BENEFICIARY:
(authorized signature)
5
(title)
By:
(authorized signature)
(name)
Its:
(title)
Executed this df f@ day of 7-C bud aA*l
19qg.
OWNER:
CARLSBAD BUSINESS PARK, LLC, a California
limited liability company
By: The Koll Company, a California corporation
its Managing Member
By:
'4 (authorized signature)
Its: I! 7: 777L &-
(name and title)
Its: df
(namFand title)
(Proper notarial acknowledgement of execution of OWNER and BENEFICIARY must be attached.)
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
MAlTER.
NOTE THAT THE PRESIDENT OR VICE-PRESIDENT AND THE SECRETARY OR ASSISTANT SECRETARY MUST
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. General Counsel
By:
CMWD 97-257
10/20/97 Rev. 4
356
SEPTEMBER 9, 1997
REVISED: OCTOBER 9, 1997
J.N. : 97-1008
EXHIBIT "A"
WATER EASEMENT AT PARCEL A OF
PM NO 17209
PARCEL 1:
ALL THAT PORTION OF PARCEL A IN THE CITY OF CARLSBAD, COUNTY OF
SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO PARCEL MAP THEREOF
NO. 17209, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAID
COUNTY OF SAN DIEGO, SEPTEMBER 3, 1993 AS FILE NO. 1993-0584478
OF OFFICIAL RECORDS, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE MOST WESTERLY CORNER OF SAID PARCEL A, SAID
POINT BEING THE BEGINNING OF A 1158.00 FOOT RADIUS CURVE, CONCAVE
TO THE NORTHEAST, A RADIAL TO SAID POINT BEARS SOUTH 28"33'58"
WEST; THENCE SOUTHEASTERLY ALONG THE SOUTHERLY LINE OF SAID
PARCEL A AND ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF
02°31'28", AN ARC DISTANCE OF 51.02 FEET TO THE TRUE POINT OF
BEGINNING;
THENCE LEAVING SAID SOUTHERLY LINE AND NON-TANGENT TO SAID CURVE,
NORTH 25'47'39" EAST, 91.07 FEET; THENCE NORTH 28"36'34" EAST,
172.78 FEET; THENCE NORTH 35"50'53" EAST, 149.18 FEET; THENCE
SOUTH 54"09'07" EAST, 174.31 FEET; THENCE NORTH, 35"50'53" EAST,
276.26 FEET; THENCE NORTH 54"09'07" WEST, 11.86 FEET; THENCE
NORTH 35'50'53" EAST, 20.00 FEET; THENCE SOUTH 54'09'07'' EAST,
11.86 FEET; THENCE NORTH 35"50'53" EAST, 299.00 FEET; THENCE
NORTH 54°09'07" WEST, 11.86 FEET; THENCE NORTH 35"50'53" EAST,
20.00 FEET; THENCE SOUTH 54°09'07" EAST, 11.86 FEET; THENCE NORTH
35'50'53" EAST, 238.32 FEET; THENCE NORTH 35"50'53" EAST, 218.32
FEET; THENCE NORTH 54°09'07" WEST, 10.00 FEET; THENCE NORTH
35'50'53" EAST, 20.00 FEET; THENCE SOUTH 54'09'07" EAST, 10.00
PAGE 1 OF 4
357 SEPTEMBER 9, 1997
J.N. : 97-1008
REVISED: OCTOBER 9, 1997
FEET; THENCE NORTH 35"50'53" EAST, 94.50 FEET; THENCE SOUTH
54'09'07" EAST, 279.28 FEET; THENCE SOUTH 25°51'04" EAST, 235.92
FEET; THENCE SOUTH 35'50'53" WEST, 66.39 FEET; THENCE SOUTH
54°09'07" EAST, 21.54 FEET; THENCE SOUTH 35°50'53w WEST, 20.00
FEET; THENCE NORTH 54"09'07" WEST, 21.54 FEET; THENCE SOUTH
35"50'53" WEST, 288.62 FEET; THENCE SOUTH 54°09'07" EAST, 127.00
FEET; THENCE SOUTH 35'50'53" WEST, 48.75 FEET; THENCE NORTH
54°09'07" WEST, 20.00 FEET; THENCE NORTH 35O50'53" EAST, 28.75
FEET; THENCE NORTH 54O09'07" WEST, 85.99 FEET; THENCE SOUTH
35"50'53" WEST, 14.24 FEET; THENCE NORTH 54°09'07" WEST, 21.01
FEET; THENCE SOUTH ~"50'53" WEST, 368.95 FEET; THENCE SOUTH
54O09'07" EAST, 26.03 FEET; THENCE SOUTH 35'50'53'' WEST, 20.00
FEET; THENCE NORTH 54"09'07" WEST, 23.72 FEET; THENCE SOUTH
05"50'53" WEST, 33.54 FEET; THENCE SOUTH 26'15'43" EAST, 15.83
FEET TO THE BEGINNING OF A 60.00 FOOT RADIUS NON-TANGENT CURVE,
CONCAVE TO THE SOUTH, SAID POINT ALSO BEING A POINT ON THE
NORTHERLY RIGHT-OF-WAY OF VAN ALLEN WAY, A RADIAL TO SAID POINT
BEARS NORTH 14"38'44" EAST; THENCE WESTERLY, ALONG SAID CURVE AND
ALONG SAID NORTHERLY RIGHT-OF-WAY, THROUGH A CENTRAL ANGLE OF
19"05'56", AN ARC DISTANCE OF 20.00 FEET; THENCE LEAVING SAID
NORTHERLY RIGHT-OF-WAY AND NON-TANGENT TO SAID CURVE, NORTH
26"15'43" WEST, 16.01 FEET; THENCE NORTH 05'50'53" EAST, 43.63
FEET; THENCE NORTH 35"50'53" EAST, 154.81 FEET; THENCE NORTH
35"50'53" EAST, 632.81 FEET; THENCE NORTH 25'51'04'' WEST, 171.52
FEET; THENCE SOUTH 64°0a'56" WEST, 13.00 FEET; THENCE NORTH
25°51'04'8 WEST, 20.00 FEET; THENCE NORTH 64'08'56'' EAST 13.00
FEET; THENCE NORTH 25'51'04'' WEST, 27.41 FEET; THENCE NORTH
54"09'07T1 WEST, 254.24 FEET; THENCE SOUTH 35'50'53" WEST, 1082.00
FEET; THENCE SOUTH 54°09'07" EAST, 353.45 FEET; THENCE SOUTH
PAGE 2 OF 4
.. . .. ..
.. 358
SEPTEMBER 9, 1997
REVISED: OCTOBER 9, 1997
J.N. : 97-1008
76'39'07" EAST, 49.72 FEET; THENCE SOUTH 29"15'43" EAST, 34.55
FEET; THENCE SOUTH 63"44'17" WEST, 20.03 FEET; THENCE NORTH
29"15'43" WEST, 24.72 FEET: THENCE NORTH 76"39'07" WEST, 44.92
FEET: THNECE NORTH 54'09'07'' WEST, 136.78 FEET; THENCE SOUTH
35"43'18" WEST, 12.68 FEET: THENCE NORTH 54°16r42" WEST 20.00
FEET: THENCE NORTH 35O43'18" EAST, 12.72 FEET; THENCE NORTH
54"09'07" WEST, 86.73 FEET: THENCE SOUTH 35"50153" WEST, 70.00
FEET; THENCE NORTH 54°09'07" WEST, 20.00 FEET: THENCE NORTH
35"50'53" EAST, 70.00 FEET: THENCE NORTH 54"09'07" WEST, 93.92
FEET: THENCE SOUTH 35"50'53" WEST, 84.40 FEET: THENCE NORTH
54°09'07" WEST, 174.31 FEET: THENCE SOUTH 35'50'53" WEST, 6.08
FEET: THENCE SOUTH 54"09'07" EAST, 9.51 FEET: THENCE SOUTH
35'50'53'' WEST, 20.00 FEET: THENCE NORTH 54°09'07" WEST, 9.51
FEET: THENCE SOUTH 35°50'53" WEST, 101.84 FEET: THENCE SOUTH
28"36'34" WEST, 129.16 FEET: THENCE SOUTH 61'23'26" EAST, 10.00
FEET: THENCE SOUTH 28'36'34'' WEST, 20.00 FEET: THENCE NORTH
61"23'26" WEST, 10.00 FEET: THENCE SOUTH 28"36'34" WEST, 20.10
FEET: THENCE SOUTH 25'54'54" WEST 41.10 FEET: THENCE SOUTH
64'12'21'' EAST, 15.80 FEET: THENCE SOUTH 25'47'39" WEST, 20.00
FEET: THENCE NORTH 64'12'21'' WEST, 15.80 FEET: THENCE SOUTH
25'47'39" WEST, 31.15 FEET TO THE BEGINNING OF A 1158.00 FOOT
RADIUS NON-TANGENT CURVE, CONCAVE TO THE NORTHEAST, SAID POINT
ALSO BEING A POINT ON THE SOUTHERLY LINE OF SAID PARCEL A, A
RADIAL TO SAID POINT BEARS SOUTH 25°03'07" WEST; THENCE
NORTHWESTERLY, ALONG SAID CURVE AND ALONG SAID SOUTHERLY LINE OF
PARCEL A, THROUGH A CENTRAL ANGLE OF 00"59'23", AN ARC DISTANCE
OF 20.00 FEET TO THE TRUE POINT OF BEGINNING.
AREA = 1.80 ACRES
PAGE 3 OF 4
. ..
359
SEPTEMBER 9, 1997
REVISED: OCTOBER 9, 1997
J.N. : 97-1008
PARCEL 2:
ALL THAT PORTION OF PARCEL A IN THE CITY OF CARLSBAD, COUNTY OF
SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO PARCEL MAP THEREOF
NO. 17209, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAID
COUNTY OF SAN DIEGO, SEPTEMBER 3, 1993 AS FILE NO. 1993-0584478
OF OFFICIAL RECORDS, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE CENTERLINE INTERSECTION OF FARADAY AVENUE AND
VAN ALLEN WAY: THENCE ALONG SAID CENTERLINE OF VAN ALLEN WAY
NORTH 36O31'58" EAST, 75.17 FEET: THENCE NORTH 53"28'02" WEST,
36.00 FEET TO THE TRUE POINT OF BEGINNING;
THENCE NORTH 57'13'53'' WEST, 43.61 FEET; THENCE NORTH 32"46'07"
EAST, 20.00 FEET: THENCE SOUTH 57'13'53'' EAST, 44.93 FEET: THENCE
SOUTH 36"31'58" WEST, 20.04 FEET TO THE TRUE POINT OF BEGINNING.
AREA = 0.02 ACRES
F:\MSOFFICE\WINWORD\97-1008\WEMT.LGL
PAGE 4 OF 4
362
STATE OF CALIFORNIA 1
COUNTY OF n \*#bo ISS.
personally appeared
NAME@) OF SIGNER@)
OR - " proved to me on the basis of satisfactory 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/her/their
authorized capacity(ies), and that by hislherltheir 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.
(This area for official notary seal.)
-
Title or Type of Document .
Date of Document \I la 143- NO. of Pages IO IiCL A*&&
Signer(s) other than named above "Isomoa- ~-k- CdlCGYrlt E
~
CMWD g7-257
06/14/95 Rev.
.. 363
STATE OF CALIFORNIA 1
On d/&/q/ before me.
DATE
personally appeared &me e
NAME(S) OF SIGNER(S)
personally known to me - OR - ’’ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s)
islare subscribed to the within instrument and acknowledged to me that he/she/they executed the same in hislherltheir
authorized capacity(ies). and that by hislherltheir 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. - ., / &bU
SIGNATURE OF NbTARY
(This area for official notary seal.)
Title or Type of Document
Date of Document No. of Pages
Signer(s) other than named above
06/14/95 Rev.
CALIFORNIA ALLPURPOSE ACKNOWLEDGMENT
0
State of &&/,hfl I e/ 364
County of Uhna
4
On fl&k 4, Ode HQ9 before me, 4rv TL~I~Y
personally appeared Ic)Iltliin 5. & weul bsvq
- Nan& and Tnle d MfiCer (e.g.,'"Ja~ Dm, Notary Public")
Narne(r) 01 Signer($)
ersonally known to me -OR - 0 proved to me on the basis of satisfactoty evidence to be the person(s)
whose name@) Ware subscribed to the within instrument
and acknowledged to me that he/she/they executed the
same in hidherltheir authorized capacity(ies), and that by
or the entity upon behalf of which the person(s) acted,
his/her/their signature(s) on the instrument the person(s),
executed the instrument.
WITNESS my hand and official seal.
Signature 01 Notary Public U
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent
fraudulent removal and reanachment of this form to another document.
Description of Attached Document
Title or Type of Docume t: rd/nQi $4 wem.eG
Document Date: i( /q 7 Number of Pages: /d
Signer(s) Other Than Named Above: - A@ hJh k @ 21 (,Gi'fl("
Capacity(ies) Claimed by Signer(s)
Signer's Name:
Individual
0 Corporate Officer
Title@):
0 Partner - 0 Limited 0 General
0 Attorney-in-Fact
0 Trustee
0 Guardian or Conservator
0 Other:
Signer Is Representing:
I I I I I
1994 National Notary ASSOCialim~ 6236 Rernrnel Ave.. P.O. Box 7184 * Canoga Pam, CA 91309-7184 Prod. No. 5907 Reorder: CallToll-Free 1-800-8761
0 Individual
0 Corporate Officer
Title(s):
0 Partner - Limited 0 General
0 Attorney-in-Fact
Trust&
0 Guardian or Conservator
0 Other:
Signer Is Representing:
I I