HomeMy WebLinkAboutCMWD 89-C-296; Pacific Point Busines Center; 1991-0098386; Subordination Agreement-.,. -,-- ,-.- !!.<; -<v! ?,.--.-!~,~:~~' : -r:-'-'7 'Ld~j , i ' - ?, - -.
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PLEASE RECORD THIS DOCUMENT AT ) j+~; .:i:sry~ l - r.!... ~,.;%?s :.:; ? --i:ii-'; 1; d.-i:. : ~.c---::" : ,.L2.2 :..s-.
NO FEE AS IT IS TO THE BENEFIT 7!--- ' . -.
----. 1 8 --2- ., - -
OF THIS DISTRICT (GOV. CODE [61031) j
1
RECORDING REQUESTED BY AND 1
WHEN RECORDED, PLEASE MAIL TO 1
1
Carlsbad Municipal Water District 1
5950 El Camino Real 1
Carlsbad, California 92008 1
Space above this line for
Recorder's use.
A.3.N. 210 -090 - 47
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR
SECURITY INTEREST IN THE PROPERTY BECOMING
8UBJECT 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 &M day of >~cc'~s~.4. ,
192 by PACIFIC POINT BUSINESS CENTER, LTD., a California limited
partnership, hereinafter referred to as "OwnerIvt owner of the
land and UNION BANK, a California corporation, hereinafter
referred to as vfBeneficiarylf, present owner and holder of the
deed of trust hereinafter described;
WITNESSETH
THAT WHEREAS, pacific Point Business Center, Ltd. did
execute a deed of trust, dated September 28, 1990, to Union Bank,
a California corporation, as trustee, covering Pacific Point
Business, Parcel 2, Avenida Encinas, CMWD Project No. 89-C-296,
in the City of Carlsbad, County of San Diego, State of
California, according to Parcel Map No. 16274 filed October 26,
1990, to secure a note in the the sum of $5,887,500.00 dated
September 28, 1990, in favor of Union Bank, a California
corporation recorded in the office of the County Recorder of San
Diego County on November 9, 1990 as FILE/PAGE NO. 90-61041 of
revised 10/24/90
Official Records/of said county; and
WHEREAS, Owner has executed, or is about to execute, as
grantor, a grant of Easement dated SO , in favor of
I
the Carlsbad Municipal Water District as grantee hereinafter
referred to as "Easement Grantee,I1 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 that 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: 1
1. That said Easement in favor of Easement Grantee
shall unconditionally be and remain at all times a charge on the
revised 10/24/90
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
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
revised 10/24/90
3
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:
UNION BANK, a ~alifornia
corporation
OWNER :
PACIFIC POINT BUSINESS CENTER,
LTD., a California limited
partnership
Executed on this 87~ day of By: SUDBERRY INDUSTRIAL #3,
of (Thdu~kv I 19ZL a California Limited
Partnership and its
By : General Partner
/authorized signature)
I - By: SUDBERRY PROPERTIES,
~F/C,I~R L/,'c~f .k!~.=s;d&~ INC, a California
By:
By:
I
,- -/...
(title) BY: ,&$eL&t c' ! L G /'
(authorized signature)
NOTE THAT THE PRESIDENT OR VICE-PRESIDENT AND THE SECRETARY OR
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.
11 Approved as to form: ..-, .--7 i I
I
/' ; ,+,-7 I/ ' /I//.
Vincent F . L~io6do, ~eneqal Counsel
(Notarial acknowledgrn&nt of execution by OWNER and BENEFICIARY
must be attached.
I1 CMWD 89-C-296
revised 10/24/90
STATE OF CALIFORNIA 1
1 ss:
COUNTY OF SAN DIEGO 1
On this Jm day of Jdn/d4~./ , 192, before me, the
undersigned, a Notary Public in and ' for said State, personally
appeared R/CHA/~B H. .T/mon)S and ~~RCELU RITE& , personally
known to me (or proven to me on the basis of satisfactory evidence)
to be the persons who executed the within instrument as SE~/OR
V/cE P/zES~ b~&r and SRcRErUeu , on behalf of SUDBERRY
PROPERTIES, INC., the corporation <herein named, and acknowledged
to me that said corporation executed the within instrument pursuant
to its by-laws or a resolution of its board of directors, said
corporation being known to me to be the general partner of Sudberry
Industrial #3, Ltd., a California limited partnership and the
general partner of Pacific Point Business Center, Ltd., a
California limited partnership, the partnership that executed the
within instrument, and acknowledged to me that such corporation
executed the same as such partner and that such partnership
executed the same.
WITNESS my hand and official seal.
State of California 1
County of c'k?,~ < kLftL 1
On before me, (here insert name ard title
of the officer) , pers6nally appeared -
Jack P. Webster, Senior Vice President and Susan H. Ten Eyck,
Vice resident -
personally known to me (or proved to me on the basis of satisfactory
evidence) to be the ~erson(s) whose name(s) %%/are subscribed to the
within instrument and ackncvledged to me that hwhshWthey executed
the same in hx$hx$their authorized capacity(ies), and that b\-
$*akfnsnkti!eir signature(s1 on the instrumc-it the person(s), or the
entity upon behalf of which the personts) acted, executed the
instrument,
WITNESS my hand and official seal.
OFFICIAL SEAL
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SAP4 C!ZCO CI?LI:!'j'Y My C3mmission Exp@~&krgc;ry 16, 1591
PARCEL 2, PM N0.16274
CWMD 89-C.296
JN 114/89/89 7/25/90 FF
REV. 11/28/90 FF
EXHIBIT "A"
ALL THAT PORTION OF PARCEL 2, ACCORDING TO PARCEL MAP NO. 16274,
IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF
CALIFORNIA, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN
DIEGO COUNTY ON OCTOBER 26, 1990 AS FILE NO. 90-584113 OF
OFFICIAL RECORDS, BEING A STRIP OF LAND 15.00 FEET IN WIDTH,
LYING 7.50 FEET ON EACH SIDE AND PARALLEL WITH THE FOLLOWING
DESCRIBED CENTERLINES:
PARCEL A:
BEGINNING AT A POINT AT THE MOST SOUTHEASTERLY CORNER OF SAID
PARCEL 2, SAID POINT BEING ON THE WESTERLY RIGHT OF WAY LINE OF
AVENIDA ENCINAS, SAID POINT ALSO BEING A POINT ON A 337.50 FOOT
RADIUS CURVE, CONCAVE EASTERLY, A RADIAL TO SAID CURVE THROUGH
SAID POINT BEARS NORTH 78'27'46" EAST; THENCE NORTHERLY 30.86
FEET ALONG SAID RIGHT OF WAY LINE AND ALONG SAID CURVE THROUGH A
CENTRAL ANGLE OF 05~14'23" TO THE TRUE POINT OF BEGINNING, A
RADIAL TO SAID TRUE POINT OF BEGINNING BEARS NORTH 83Q 42'10"
EAST; THENCE LEAVING SAID RIGHT OF WAY LINE AND CONTINUING ALONG
SAID CENTERLINE SOUTH 83°42t10n WEST, 29.51 FEET; THENCE SOUTH 63O
49'25" WEST, 118.82 FEET TO POINT 'A1; THENCE SOUTH 63O 49'25''
WEST, 93.05 FEET TO POINT lB1; THENCE SOUTH 63°49'251' WEST, 32.60
FEET TO POINT 'C1; THENCE SOUTH 63'49'25" WEST, 53.02 FEET TO
POINT ID1; THENCE SOUTH 63°4912511 WEST, 90.36 FEET; THENCE NORTH
22°30'29f', 109.39 FEET TO POINT 'E1; THENCE NORTH 22'30'29" WEST,
257.28 FEET; THENCE NORTH 63°4912511 EAST, 45.96 FEET TO POINT
IF1; THENCE NORTH 63°49'2511 EAST, 49.92 FEET TO POINT 'GI; THENCE
NORTH 63°49'2511 EAST, 62.49 FEET TO POINT 'HI; THENCE NORTH 63"
49'25" EAST, 64.59 FEET TO POINT '1'; THENCE SOUTH 22O 30'29"
EAST, 52.17 FEET TO POINT 'Jt; THENCE SOUTH 22°30'29" EAST, 70.15
FEET TO POINT 'K1; THENCE SOUTH 22D30129n EAST, 22.39 FEET;
THENCE NORTH 63°491251f EAST, 15.65 FEET TO POINT L; THENCE
NORTH 63°49f251t EAST, 135.40 FEET TO POINT 'MI; THENCE NORTH 63"
49'25" EAST, 131.81 FEET TO POINT IN'; THENCE NORTH 63- 49'25"
EAST, 12.00 FEET; THENCE SOUTH 67°40'00" EAST, 55.05 FEET TO A
POINT OF TERMINUS, SAID POINT OF TERMINUS BEING.A POINT ON THE
WESTERLY RIGHT OF WAY LINE OF AVENIDA ENCINAS.
ALSO PARCEL Al:
BEGINNING AT THE AFORESAID POINT 'A1; THENCE NORTH 26* 10'35"
WEST, 19.00 FEET TO A POINT OF TERMINUS.
WS/ll4-89 SHEET 1 OF 5 SHEETS
EXHIBIT "A"
ALSO PARCEL A2:
BEGINNING AT THE AFORESAID POINT IB1; THENCE SOUTH 26O 10'35"
EAST, 20.50 FEET TO A POINT OF TERMINUS.
ALSO PARCEL A3:
BEGINNING AT THE AFORESAID POINT lC1; THENCE NORTH 26O 10135H
WEST, 23.00 FEET TO A POINT OF TERMINUS.
ALSO PARCEL A4:
BEGINNING AT THE AFORESAID POINT 'Dl; THENCE NORTH 26* 10'35"
WEST, 27.00 FEET TO A POINT OF TERMINUS.
ALSO PARCEL A5:
BEGINNING AT. THE AFORESAID POINT 'El; THENCE SOUTH 67O 29'31"
WEST, 23.00 FEET TO A POINT OF TERMINUS.
ALSO PARCEL A6:
BEGINNING AT THE AFORESAID POINT 'F1; THENCE SOUTH 26* 10'35"
EAST, 20.39 FEET TO A POINT OF TERMINUS.
ALSO PARCEL A7:
BEGINNING AT THE AFORESAID POINT 'GI; THENCE NORTH 26- 101351f
WEST, 15.50 FEET TO A POINT OF TERMINUS.
ALSO PARCEL A8:
BEGINNING AT THE AFORESAID POINT IH1; THENCE SOUTH 26" 10'35"
EAST, 21.50 FEET TO A POINT. OF TERMINUS.
ALSO PARCEL A9:
BEGINNING AT THE AFORESAID POINT 'J1; THENCE NORTH 67O 29'31"
EAST, 11.50 FEET TO A POINT OF TERMINUS.
ALSO PARCEL A10:
BEGINNING AT THE AFORESAID POINT 'Kt; THENCE NORTH 67O 29'31"
EAST, 16.00 FEET TO A POINT OF TERMINUS.
ALSO PARCEL All:
BEGINNING AT THE AFORESAID POINT 'L1; THENCE SOUTH 26O 10'35"
EAST, 19.00 FEET TO X POINT OF TSRMINUS.
SHEET 2 OF 5 SHEETS
C.M.W.D. 89-C.296
EXHIBIT "A"
ALSO PARCEL A12:
BEGINNING AT THE AFORESAID POINT 'MI; THENCE SOUTH 26 10135"
EAST, 16.00 FEET TO A POINT OF TERMINUS.
ALSO PARCEL A13:
BEGINNING AT THE AFORESAID POINT IN1; THENCE SOUTH 26' 10f35w
EAST, 47.05 FEET TO A POINT OF TERMINUS.
ALSO PARCEL B:
BEGINNING AT THE AFORESAID POINT 'I1; THENCE NORTH 63' 49'25"
EAST, 70.17 FEET TO POINT 'O';.THENCE NORTH 63°49125" EAST, 79.50
FEET; THENCE NORTH 26" 10'35" WEST, 15.50 FEET TO A POINT OF
TERMINUS.
PARCEL B1, BEING A STRIP OF LAND 18 FEET IN WIDTH, LYING 9 FEET
ON EACH SIDE AND PARALLEL WITH THE FOLLOWING DESCRIBED
CENTERLINE:
BEGINNING AT THE AFORESAID POINT '0'; THENCE NORTH 26O 10'35"
WEST, 19.50 FEET TO A POINT OF TERMINUS.
THE SIDELINES OF THE SAID 15.00 FOOT WIDE STRIP OF LANDS SHALL BE
LENGTHENED AND/OR SHORTENED AT ALL ANGLE POINTS SO THAT SAID
SIDELINES SHALL BE CONTINUOUS AND SHALL BEGIN IN SAID WESTERLY
RIGHT OF WAY LINE OF AVENIDA ENCINAS, AND SHALL TERMINATE IN A
LINE PERPENDICULAR TO SAID CENTERLINE AT CENTERLINE TERMINUS.
AREA OF DEDICATION, PARCELS A, Al, A2, A3, A4, A5, A6, A7, A8,A9,
A10, All, A12, A13, B AND B1: 27831.13 SQUARE FEET.
- -- .-w LN
CHARLES S. KAHR R.C.E. 23907 DATE
REGISTRATION EXPIRES 12/31/93
WS/114-89 SHEET 3 OF 5 SHEETS
C.M.W.D. 89-C.296
REG-ISTRHTIOE.~ EXPIEE5 12/31143
,KAHR AND ASSOCIATES
4401 MANCHESTER AVENUE, SUITE 107
ENCINITAS, CA. 92024 Ph: (619)632-1941
3N 11t/e9/oo 7'25'90
EY;+jfi17- h1
PARCEL 2 , p,~. do lo/~17%'
WATE Ti LlIUE EHSEI;/\FIVT
c~uO 89-~.~9Ls SiEET4bF55HErZTf
REG- l5TRkTlo~4 EEXPl REG 12/31 193
KAHR AND ASSOCIATES 1 ~x91%\7 '3;
4401 MANCHESTER AVENUE, SUITE 107
ENCINITAS,CA. 92024 Ph: (619)632-1941
3M \\Li 18/00 7125/90
Pfi RLE L 2 , f? M . NO- ICs7Lf.
WATER LlrJ? EA<G/v\E MT
LMuD $34-CB29b SHEET 5 CJF 5 5!4TS.