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Home My WebLink AboutCMWD 89-C-309; El Fuerte Oaks Partners; 90-364861; Subordination Agreement'PLEASE RECORD THIS DOCUMENT AT 1 NO FEE AS IT IS TO THE BENEFIT 1 OF THIS DISTRICT (GOV. CODE [6103]) ) 1 RECORDING REQUESTED BY AND WHEN RECORDED, PLEASE MAIL TO 1 1 1 Carlsbad Municipal Water District 1 5950 El Camino Real Carlsbad, California 92008 1 -- NO FEE Space above this line for Recorder's use. A.P.N. 209-083-13, 14 CMWD 89-C-309 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 2/ day of MAY , 19w by EL FUERTE/OAKS PARTNERS, a ~alifornia limited partnership hereinafter referred to as "Owner," owner of the land and FIRST INTERSTATE BANK OF CALIFORNIA, a California corporation hereinafter referred to as "~eneficiary~~; present owner and holder of the deed of trust hereinafter described; WITNESSETH THAT WHEREAS, El Fuerte/Oaks Partners, a California limited partnership did execute a deed of trust, dated June 20, 1989, to First Interstate Bank of California, a California corporation as trustee, covering Parcel B & C, Carlsbad Airport Business Center Phase 11 in the City of Carlsbad, County of San Diego, State of California, according to Map No. 15562 filed February 9, 1989, to secure a note in the the sum of $4,856,95.00 BEST COPY dated June 20, 1989 in favor of ~irst Interstate Bank of California recorded in the office of the County Recorder of San Diego County on June 30, 1989 as File No. 89-347228 of Official Records/of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of Easement dated May 23, 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 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. his Agreement represents an endorsement to the note secured by the deed of trust above mentioned and 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: FIRST INTERSTATE BANK OF CALIFOWIA, a California corporation OWNER : EL FUERTE OAKS PARTNERS, a California limited partnership By: Davison & Jones El - Fuerte/Oaks Partners, a b, California limited partnership ; President By: El Fuerte Partners, a California general partner r Q / By: Martin VJ Jones, General Partner 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. 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. This Agreement represents an endorsement to the note secured by the deed of trust above mentioned and 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 1 STATE OF CALIFORNIA couNw OF r-wang~ is" 1 5 9 1 , before me, the undersigned, a Notary Public in and for said State, personally appeared-CP J - RP~S and .................................. , personally known to me (or proved to me on the basis of satisfactory evidence) to be the persons who executed the within instrument as Vice president md-------- ------- Setntarpxi-behalf of dif ornia the corporation therein named, and acknowledged to me that such corporation executed the within instrument pursuant to its or official notarial seal) ERS, a Jones El ners, a artnership rtners, a artner -, '- By: Martin VI Jones, General Partner 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 TEE 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 %f execution by OWNER and BENEFICIARY must be attached. CMWD 89-C-309 CEIiTIFICATE OF INCUMBENCY I, Sylvia Richter, Assistant Secretary of FIRST INTERSTATE BANK OF CALIFORNIA, a California corporation, hereby certify that by resolution duly adopted by the Board of Directors of this Corporation, the officers nmd upon this certificate have been duly elected or appointed by the Chairman of the Board or the President as provided by the By-Laws, are now acting and are qualified to sign on behalf of this Corporation, that the speckn signatures appearing opposite the names and titles are the genuine signatures of such officers and that said resolutions electing these officers are in full force and effect. Jeffery L. Jenkins Vice President Lawrence J. Remners Vice President WITNESS q7 had ad the seal of said Corporation this 6th day of September, 1989. Assiytant Secret- of FIRST IITiERSTAT'E BANK OF CALIrnRNIA STATE OF CALIFORNIA 1 ss COUNTY OF ORANGE 1 on $fr 33, 1990 before me, the undersigned, a Notary Public n and for said State, personally appeared Alan J. Davison and Martin V. Jones, personally known to me to be all of the partners of EL FUERTE PARTNERS, a partnership being known to me to be the general partner of DAVISON & JONES EL FUERTE/OAKS PARTNERS a limited partnership that executed the within instrument being known to me to be the general partner of EL FUERTE/OAKS PARTNERS, the limited partnership that executed the within instrument, and acknowledged to me that they executed the same as partners and that such partnership executed the same as general partner of the limited partnership and that such general partnership executed the same. WITNESS my hand and official seal. Signature I EXHIBIT "A" 1595 ALL nATPOR770N OF PARCaS B AND C ACCORDING TO PARCELS MAP 15562 IN RE CITY OF CARL W, COUNTY OF SAN DIEGO, SL4E OF CALIFRNIA, ffi IN HF Ot7%F Of LYE WNN RECORDEX OF SAN DIEGO COUNTY ON FEBRUARY 9. 1989 AS fl' NO. 89-07036.3 Of OmCIAL RECGRDS BBWG A SW Of LAND 1.5 00 EFT IN KDR, L LMNG 7.50 EL7 ON G46W SIDE AND PARAm M7H THE FOUOIMIVG DESCRIBED GW~LTNE BEGIRNING A J 7FiE MOST MES?EZ Y CORNm OF SAID ABOM MENPOND PARCEL B WWE NORM 12 71 '55' fiSJ ALONG LYE NOR7HmSB?L Y UlE OF SAID PARCEL B 89.49 rrtT TO WE RUE POINT OF BEGINNING RWE ALCNG SAID LWLTLTNE SOUR 77'?8'05' EAST; 51-99 iTFZ WENE SCUM 1271 '55' KSi; 32.00 FEET iV A POINT HBEINAFITR REZERD TO AS POINT 'A :. RmCE SOUR 1271 ?5'.ESZ 6.06 EFT ; TH'E SOUW 49 35 19 US/: 2283 Ei-7 JU A POINT H,UNAF7E/7 RLETRD JU AS POINT 33 REVCF SOUIT 49'35'19' &4SZ 250 ET TZ, A POINT HG?BivAm REZRD lTO AS P OIHT %:- 771"CE SW& 4975'19' G?SZ 64.34 EFT 70 A POINT HmErNARm RmRED TO AS Porivr "D 5 7HENCE SOUTH 49'35'19' MSI; 55.17 EET TO A POINT HE?EiNAfE2 RETFZfD iV AS POINT "E: REVE StU/T 49 '35'19' EASZ 52 f i EEC 7FiEVCr SWW 1221 '19' USZ 55.03 EFT TO A POINT OF ERMINUC SID01'NE OF SAID SITIPS OF LANO TO BE iLVGRmE17 AND SFOREND i0 ME AT AU ANW POIN5 AND /ZJMINAE AT SAID NaRMHES/Z.L Y PARCEL UNE I I ! PAR- ALSO BEGNNING AT ?HE A60 M MEN77ONED P OINT "A 7 7Fi!E CON?7NUING SOUM 77'48'05' US/: 2.500 EET TO A POINT OF mMINUS LimaLl ALSO BEGINNING A T LYE A60 M MENPOND POINT 2 THEVCE CONTNUING SOUR 402421' KSZ 36.54 & TO WE NORl7dEtS7E?L Y LTNE OF PAREZ t: RWff CONUNUING SOUR 402421' KSZ 363 mT TO A POINT OF JBMINUS PARCR 4 ALSO BEGINNING A J RE ABOM ME?477OND POINT 'CS LYWE CUNPNUING SWR 4024 21' 1E 00 TO A POINT OF WINUS PAR07 5 ALSO BEGINNING A T WE A60 M MENi7OND POINT 'D :. 7HCYE CON?7NUING NORM 402'421' &4SZ 26.00FET ITO A POINT OF EZUINUS PARCO6 ALSO BEGINNING AT HE ABOM M'77ONED POINT 'ES WOE CONPNUING SOUW 42431' KS7; 2654 EFT iV RE NORIXE4SlmL Y LINE OF PARE C, THWLr CONUNUING SOUL+' 4UZ4?1' iYESZ 5Z69 FE7 ID A POINT OF li3MINUX