HomeMy WebLinkAboutCMWD 89-C-304; Larwin Rosedale; 1990-0636065; Subordination AgreementPLEASE ,-CORD THIS DOCUMENT AT
NO FEE AS IT IS TO THE BENEFIT
OF THIS DISTRICT (GOV. CODE [6103])
RECORDING REQUESTED BY AND
WHEN RECORDED, PLEASE MAIL TO
1 -2 ?--__ ; iC,.: ,--!:t17, -~<--~-,-r-. -
Carlsbad Municipal Water ~istrict 1 ,- - -&-I-, R:-J~-:- 1 ~c;;~~*{
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1 - - -- . - 5950 El Camino Real ---- --- - --_. . 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 S' day of Oc+ber I
1940 - by LARWIN-ROSEDALE PROPERTIES, a California general
partnership, hereinafter referred to as "Owner,81 owner of the
land and THE BANK OF CALIFORNIA, a National Banking Association,
hereinafter ref erred to as ItBenef iciarytl ; 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
$7,252,760.00 dated June 21, 1989 in favor of The Bank of
California, a National Banking Association recorded in the office
of the County Recorder of San Diego County on June 23, 1989 as
File/Page No. 89-333064 of Official Records/of said county; and
WHEREAS, Owner has executed, or is about to execute, as
grantor, a grant of Easement dated Skpfelybcr 17,1940, 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
2016
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
f _
Name&Title '
Name & Title
LARWIN-ROSEDALE PROPERTIES, a
California General Partnership
By: K-L Properties, Ltd., a California
Limited Partnership, General Partner
By: Larwin Pro erties, Inc., a California
Corpoad, General partner ./ ,77 ,,' '
BY: LAM, .i
rles L. Preston, Secretary
By: Rosedale Properties, Ltd., a California
Limited Partnership
By: Rosedale Properties, Inc., a California
Corporation, General Partner
By:
Martin 'seaton, President
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:
(Notarial acknowledgement of execution by OWNER and BENEFICIARY
must be attached.
CMWD 89-C-304
CAT. NO. NN00636
TO 1954 CA (9-84)
(Corporation as a Partner of a Partnership) TICOR TITLE INSURANCE 1
t
I
igned, a Notary Public in and for .
personally known to me or proved to me on the basis of satisfactory evidence to be the person who executed i
the within instrument as the - President, rtnd i I i
!
I
, ".dl. .
r 4 .._ = . i
the within instrument, and -, - .- . .
i -, . corporation executed the
Signature /LL- /mGv I (This area for official notarial seal)
- CAT. NO. NN00636
TO 1954 CA (9-84)
(Corporation as a Partner of a Partnership) , TICOR TITLE INSURANCE
STATE OF CALIFNIA
COUNT)( OF /;I d-4 L?&U ,- i/ 0 before me, the,hndcrsiPed, a Notary Public in and for
/"?/A?,~ f .. ,w? Lz&-+%c
u personally known to me or proved to me on the basis of satisfactory evidence to be the person who executed
the within instrument as the
personally known to me or proved to me on the basis of satisfactory evidence - secretary of
*-:a- e..-.r- I -- -,--.----- -.&-"Se*? , . .- -
Signature (This area for official notarial seal)
I
V
Notarial acknowledgement for Lots 16, 18 & 19 C.R.C. #1
SS
, in the year 1990,
before me, the undersigned, ublic in and for said
state, personally appeared 2 .n@.a r& I
personally known to me (or the basis of
satisfactory evidence) to be of The Bank
of California, the associat~on 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
instrument pursuant to its by-1
of directors.
(Seal of Notary)
SS
in the year 1990,
before me, the undersigned, and for said
state, personally appeared I
personally known to me (or basis of
satisfactory evidence) to be of The Bank
of California, the associatvion 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 ~ursuant to its by-laws or a resolution of its board
of directors.
(~ignsture of wary)
re!!! Cc::m. Exp. Jan. 24, 1~2
~. (Seal of Notary)
V
CMWD 89-C-304
SHEET 1 OF 4 SHEETS
EXHIBIT .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. 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 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 POIKT 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 "An; 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 "B"; THENCE CONTINUING SOUTH 10' 18'39"
EAST, 235.00 FEET TO A POINT HEREAFTER REFERRED TO AS POINT "Cm;
THENCE CONTINUING SOUTH 10" 18'39" EAST, 55.00 FEET TO A POINT
HEREAFTEI< REFERRED TO AS POINT "Dm; THENCE CONTINUING SOUTH 10" 18'39"
EAST, 47.50 FEET; THENCE SOUTH 79'41'21" WEST, 308.25 FEET TO A POIMT
HEREAFTER REFERRED TO AS POINT "E"J THENCE CONTINUING SOUTH 79' 41'21"
WEST, 89.76 FEET TO A POINT HEREAFTER REFERRED TO AS POINT "Fa;
THENCE CONTINUING SOUTH 79' 41'21' WEST, 267.50 FEET TO A POINT
HEREAFTER REFERRED TO AS POIMT "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 POIMT
'Iw; THENCE CONTINUING NORTH 10°18'39" WEST, 22.86 FEET; THENCE NORTH
75'56'15" EAST, 185.01 FEET; THENCE NORTH 5~~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
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 "A" ; THENCE SOUTH 35'32'46"
WEST, 38.00 FEET TO THE POINT OF TERMINATION.
COMMENCING AT THE ABOVE DESCRIBED POINT "Bn; THENCE NORTH 79'41'21"
EAST, 20.00 FEET TO THE POINT OF TERMINATION.
COMMENCING AT THE ABOVE DESCRIBED POINT "C"; THENCE SOUTH 79'41'21"
WEST, 35.00 FEET TO THE POINT OF TERMINATION.
COMMENCING AT THE ABOVE DESCRIBED POINT "Dn; THENCE SOUTH 79"41'21n
WEST, 25.00 FEET TO THE POINT OF TERMINATION.
COMMENCING AT THE ABOVE DESCRIBED POINT "En; 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 "IA; THENCE NORTH 7g0 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
2023
SHEET 3 OF 4 SHEETS .- EXHIBIT *B"
PLAT FOR THE DEDICATION OF
A 1 5' WIDE WATER EASEMENT
IN ME CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA.
EXHIBIT "B"
PLAT FOR THE DEDICATION OF
A 15' WIDE WATER EASEMENT
IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA.
SCALE: 1'=100'