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HomeMy WebLinkAboutCMWD 89-C-304; Larwin Rosedale Properties; 1990-0636066; Subordination AgreementPLEASE RECORD THIS DOCUMENT AT 1 - . -. - = 1 =- , 9 ", ' .= .' - = NO FEE AS IT IS TO THE BENEFIT .- -. . GI --...v. -...-Am,.?. OF THIS DISTRICT (GOV. CODE [6103]) ) 3 --= A% -- - -- - . Av---J , ,,.- -- - - -- 1 - - RECORDING REQUESTED BY AND -.,. - ---- -. - - - - ----- 1 - -A_-_ __- : "? -- - -- WHEN RECORDED, PLEASE MAIL TO - . --- -- - . --- - - - --- - .- -- .. - -- -- - -- 1 ---- -- ---- Carlsbad Municipal Water ~istrict 1 - - - * 5950 El ~amino Real 1 Carlsbad, California 92008 1 Space above this line for Recorder's use. A.P.N. 212-061-10 & 11 212-062-08 Lots 16, 18 & 19 C.R.C. #1 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 October I 19q0 by LARWIN-ROSEDALE PROPERTIES, a California general partnership, hereinafter referred to as llOwner,ll owner of the land and THE BANK OF CALIFORNIA, a National Banking Association, hereinafter referred to as nBeneficiary"; present owner and holder of the deed of trust hereinafter described; WITNESSETH THAT WHEREAS, Larwin-Rosedale Properties, a California general partnership, did execute a deed of trust, dated June 21, 1989, to The Bank of California, a National Banking Corporation as trustee, covering Lots 16, 18 & 19, Carlsbad Research Center Unit 1, CMWD Project No. 89-C-304 in the City of Carlsbad, County of San Diego, State of California, according to Map No. 10330 filed February 18, 1982, to secure a note in the the sum of BEST COPY 2026 $5,146,600.00 dated June 21, 1989 in favor of The Bank of California, a National Banking ~ssociation recorded in the office of the County Recorder of San Diego County on June 23, 1989 as File/Page No. 89-333065 of Official Records/of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of Easement dated &&rctber 17.1990 . , 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 2027 said Easement above referred to, it is hereby declared, understood and agreed as follows: 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 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 THE BANK OF CALIFORNIA, a National Banking Association ~ime & ~itle ' J Name if Title OWNER LARWIN-ROSEDALE PROPERTIES, a California General partnership By: K-L Properties, Ltd., a California Limited Partnership, General Partner Eyf &amin Properties, Inc., a California Corporati~n~~. General Partner CBkIfles'~. Preston, Secretary By: Rosedale Properties, Ltd., a California Limited Partnership By: Rosedale Properties, Inc., a California Corporation, General Partner By: 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. Approved as to form: 4bW' VINCENT F. BIoNDo, JR., L gal counsel (Notarial acknowledgedent of execution by OWNER and BENEFICIARY must be attached. CMWD 89-C-304 CAT. NO. NN00636 70 1954 CA (9-84) (Corporation as a Partner of 3 Partnership) 2030 a TICOR TIT, INSURANCE ersigned, a Notary Public in and for / isfactory evidence to be the person who executed Signature (This area for official notarial seal) - CAT. NO. NN00636 TO 1954 CA (9-84) (Corporation as a Partner of a Partnership) a TICOR TITLE INSURANCE a Notary Public in and for be the person who executed the withln instrument as the 1 - personally known to me or proved to me on the basls of satisfactory evidence t Secretary of - -- &--:.A 2 - . --. -- , --*- ., -.. ." - - .. * . - I * ,-. , . .. , corporation executed the same as such partner and that such partnershlp executed the same. WITNESS my han? and official seal. Signature /^. -3 " -- - + ... - : .c~ , -. . ,.A: -, / ,- - Q 4 . . $,?' *. . -~-..=~JL-~---~TIF~~~---~ -. - --- - -- .+-:% (This area for officlal notarial seal) 'I Notarial acknowledgement for Lots 16, 18 & 19 C.R.C. #1 , in the year 1990, before me, the undersigned ,- in and for said state, personally appeared I personally known to me (or proved to m on the basis of satisfactory evidence) to be P? of The Bank of California, the association that executed the within instrument, known to me to be the persons who executed the within instrument, on behalf of the association therein named, and acknowledged to me that such association executed the same, and acknowledged to me that such within instrument pursuant to its by-1 board of directors. (Seal of Notary) , in the year 1990, before me, the undersigned, and for said state, personally appeared * I personally known to me (or the basis of satisfactory evidence) to be of The Bank of California, the associafion that executed the within instrument, known to me to be the persons who executed the within 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 director (Seal of Notary) CMWD 89-C-304 SHEET 1 OF 4 SHEETS EXBIBIT =Am LEGAL DESCRIPTION 15' WIDE WATER EASEMENT THAT PORTION OF LOT 16 OF CARLSBAD TRACT NO. 81-10, UNIT NO. 1, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 10330, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, FEBRUARY 18, 1982 AND THAT PORTION OF LOTS 18 AND 19 OF CARLSBAD TRACT NO. 81-10, UNIT NO. I, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA ACCORDING TO MAP THEREOF NO. 10330, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, FEBRUARY 18, 1982 AS ADJUSTED PER LOT LINE ADJUSTMENT NO. 372 AND RECORDED AS CE 539 ON SEPTEMBER 14, 1989 AS FILE NO. 89-496669 OF OFFICIAL RECORDS AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: THOSE STRIPS OF LAND 15 FEET IN WIDTH LYING 7.50 FEET, MEASURED AT RIGHT ANGLES AND PARALLEL TO, AND ON EACH SIDE OF THE FOLLOWING DESCRIBED CENTERLINES: BEGINNING AT THE MOST NORTHERLY CORNER OF SAID LOT 16, SAID POINT ALSO BEING A POINT ON THE SOUTHERLY RIGHT-OF-WAY OF RUTHERFORD ROAD, SAID POINT ALSO BEING A POINT ON A 536.00 FOOT RADIUS CURVE, CONCAVE TO THE NORTHWEST; THENCE SOUTHWESTERLY ALONG SAID CURVE AND RIGHT-OF-WAY LINE, THROUGH A CENTRAL ANGLE OF 3'25'22", AN ARC DISTANCE OF 32.02 FEET TO THE TRUE POINT OF BEGINNING. PARCEL 1: THENCE LEAVING SAID ARC AND RIGHT-OF-WAY LINE ALONG SAID CENTERLINE DESCRIBED HEREIN SOUTH 54' 27'14" EAST, 90.28 FEET TO A POINT HEREAFTER REFERRED TO AS POINT "A"; THENCE CONTINUING SOUTH 54" 27'14' EAST, 200.57 FEET; THENCE SOUTH 10" 18'39" EAST, 138.60 FEET TO A POINT HEREAFTER REFERRED TO AS POINT "Bn; THENCE CONTINUING SOUTH 10" 18'39" EAST, 235.00 FEET TO A POINT HEREAFTER REFERRED TO AS POINT "C*; THENCE CONTINUING SOUTH 10' 18'39" EAST, 55.00 FEET TO A POINT HEREAFTER REFERRED TO AS POINT "Dnj THENCE CONTINUING SOUTH 10'18'39" EAST, 47.50 FEET; THENCE SOUTH 79" 41'21" WEST, 308.25 FEET TO A POIFIT HEREAFTER REFERRED TO AS POINT "E"I THENCE CONTINUING SOUTH 79' 41'21" WEST, .89.36 FEET TO A POINT HEREAFTER REFERRED TO AS POINT 'Pa; THENCE CONTINUING SOUTH 79' 41'21" WEST, 267.50 FEET TO A POINT HEREAFTER REFERRED TO AS POINT "G"; THENCE CONTINUING SOUTH 79' 41'21" WEST, 107.75 FEET TO A POINT HEREAFTER REFERRED TO AS POINT "Hnj THENCE CONTINUING SOUTH 79'41'21" WEST, 205.00 FEET; THENCE NORTH 10' 18'39" WEST, 187.87 FEET TO A POINT HEREAFTER REFERRED TO AS POINT 'I"; THENCE CONTINUING NORTH 10'18'39" WEST, 22.86 FEET; THENCE NORTH 75'56'15" EAST, 185.01 FEET; THENCE NORTH 55'25'18" EAST, 30.41 FEET TO A POINT ON THE SOUTHWESTERLY RIGHT-OF-WAY OF PASCAL COURT AS SHOWN ON SAID MAP 10330 AND THE POINT OF TERMINATION. (CONTINUED) CMWD 89-C.304 SHEET 2 OF 4 SHEETS (CONTINUED) ALSO; COMMENCING AT THE ABOVE DESCRIBED POINT "Fn; THENCE NORTH 10~18'39" WEST, 189.86 FEET; THENCE SOUTH 79 41'21" WEST, 25.00 FEET TO THE POINT OF TERMINATION, COMMENCING AT THE ABOVE DESCRIBED POINT "G"; THENCE SOUTH 10' 18'39" EAST, 39.00 FEET TO THE POINT OF TERMINATION. ALSO; THOSE STRIPS OF LAND 10 FEET IN WIDTH LYING 5 FEET, MEASURED AT RIGHT ANGLES AND PARALLEL TO, AND ON EACH SIDE OF THE FOLLOWING DESCRIBED CENTERLINES: COMMENCING AT THE ABOVE DESCRIBED POINT "An; THENCE SOUTH 35'32'46" WESTf 38.00 FEET TO THE POINT OF TERMINATION. COMMENCING AT THE ABOVE DESCRIBED POINT "B"; THENCE NORTH 79'41'21" EASTf 20.00 FEET TO THE POINT OF TERMINATION. COMMENCING AT THE ABOVE DESCRIBED POINT "Cn; THENCE SOUTH 79"41'21n WEST, 35.00 FEET TO THE POINT OF TERMINATION. COMMENCING AT THE ABOVE DESCRIBED POINT "Dm; THENCE SOUTH 79"41121" WEST, 25*00 FEET TO THE POINT OF TERMINATION* COMMENCING AT THE ABOVE DESCRIBED POINT "E"; THENCE NORTH 10" 18'39" WEST, 25.00 FEET TO THE POINT OF TERMINATION. COMMENCING AT THE ABOVE DESCRIBED POINT "H"; THENCE SOUTH 10' 18'39" EAST, 33.00 FEET TO THE POINT OF TERMINATION, COMMENCING AT THE ABOVE DESCRIBED POINT "IR; THENCE NORTH 79" 41'21" EAST, 27.00 FEET TO THE POINT OF TERMINATION. THE SIDELINES OF SAID 10' AND 15' WIDE STRIPS OF LAND TO BE LENGTHENED OR SHORTENED AT ALL ANGLE POINTS AND TO BEGIN AND TERMINATE AT SAID RIGHT-OF-WAY LINES. CMWD 89-C.304 J 2034 SHEET 3 OF 4 SHEETS 1 I- EXHIBIT "Bn PLAT FOR THE DEDICATION OF A 15' WIDE WATER EASEMENT IN ME CITY OF CARLSBAD, COUNTY OF SAN DIEGO. STATE OF CALIFORNIA. b325'22' - E 1'-100' MATCH POlNT SEE SHEET 1.4. CMWD 89-C. 304 BRIAN SMITH ENGINEERS, INC. > I IC I- SHEET 4 OF 4 SHEETS ,. EXHIBIT "B" PLAT FOR THE DEDICATION OF A 15' WIDE WATER EASEMENT IN ME CITY OF CARLSBAD, COUNN OF SAN DIEGO. STATE OF CALIFORNIA. CMWD 89-C. 304 BRIAN SMITH ENGINEERS, INC.