HomeMy WebLinkAboutCMWD 90-C-350; Axiom Airport Partners LP; 1991-0327820; Subordination Agreement.'
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PLEASE RECORD THIS DOCUMENT AT
NO FEE AS IT IS TO THE BENEFIT
OF THIS DISTRICT (GOV. CODE [6103]).
RECORDING REQUESTED AND
WHEN RECORDED, PLEASE MAIL TO
Carlsbad Municipal Water District
5950 El Camino Real Carlsbad, California 920
hereinafter
owner and holder
of the deed of trust
WIT~ESSETII
THAT WHEREAS, Axiom Airport Partners, L.P..
(Trustor) did execute a deed of
trust, dated November 6, , 19- to American Interstate (Date) (Trustee)
Bank ES tnstee, covering
Lot 6, Parcel Map 11589, Cosmos Court, CMWD Project No. 90-C-350
(Brief Legai Description)
(see Exhibit 'A' & IB' for Detailed Description)
1 3/26/91 REV.
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to secure a note in the sum of One Hundred Seventy-Five Thousand (Lien Amount)
Dollars ($ 175,000.00 ) dated November 6 ,
19 - 90, in favorof American Interstate Bank recorded
in the office of the County Recorder of San Dieso County
on November 9, 1990 , as FileNo. 90-608691 of Official
Records of said county:
(Date)
(Beneficiary)
(County)
(Date Recorded)
grantor, a gran
favor of
hereinafte
lien or ch
that benefic ly subordinate
ioned to the lien
or charge of the E;
Grantee: and
WHEREAS, it is to the mutual benefi of the parties
hereto that Easement Grantee accept said EASEM NT/EASEMENTS and
Beneficiary is willing that the grant of EASEMEN /EASEMENTS shall,
when recorded, constitute a charge upon sai i 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,
2 3/26/91 REV.
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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 unconditio all times a charge
on the property erior to the lien
or charge of th
without t bordination
the deed of trust abo e EASEMENT/EASEMENTS in
favor of E
between the
deed of tru specifically
described, any ation including,
tained in the deed of
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/EASEMENTS 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/EASEMENTS in favor of
3 3/26/91 REV.
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1332
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/EASEMENTS is being executed
and delivered, the EASEMENT/EASEMENTS IS/ARE being created, and
that specific monetary and other obligations are being and will be
lenders and title
insurance comp entered into but
for said re1 inquishment and
subordinat
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4 3/26/91 REV.
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1333
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/EASEMENTS in favor of Easement Grantee above referred to
David Brown, President (title of signatory)
NOTE THAT THE PRESIDENT OR VICE-PRESIDENT AND THE SECRETARY OR ASSISTANT SECRETARY MUST 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 OK 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.
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5 3/26/91 REV.
"eQnc""m@*"*10.10. ~~-wL"~+"~~- -10.
Corporation Acknowledgemen,
. State of CALIFORNIA I On this 9th day of MAV , in the year m,
ss' before me, the undersigned, a Notary Public in and for said Countyand State,
.,
county Of Orange
I
personally appeared
David M. Brown
E? personally known to me
.
1
to be the person@) who executed the within instrument as President
and _-- Secretary or on behalf of the corporation therein named and
acknowledged to me that the corporation executed it.
Signature Notary Pfllic in and for said County and State
THIS CERTIFICATE ' TO THE DOCUMENT
Title or Type of Document v . MUST BE ATTACHED Number of Pages 2 Date of Document
~~ ~~
DESCRIBED AT RIGHT: Signer@) Other Than Named Above
' TT-1102 (Rev. 3190)
"10."""""
"".0.&.+*"10.*""10.e"10.-
.Corporation Acknowledgement
State of CALIFORNIA On this 9th day of May , in the year l%9L,
County of Oranqe before me, the undersigned, a Notary Public in and for said County and State,
.. ] ss.
personally appeared L. Taylor Gerry and
~k
Ei personally known to me
to be the person(s) who executed the within instrument as -
and d President President *mor on behalf of the corporation therein named and
acknowledged to me that the corporation executed it.
Signature
ATTENTION NOTARY: Although the information requested below is OPTIONAL, it
THIS CERTIFICATE
i TO THE DOCUMENT
Title or Type of D
Number of Pages , MUST BE ATTACHED
DESCRIBED AT RIGHT: Signer@) Other Than Named Above
n-1102 (Rev. 3/90)
~*-~***~~~-*~~10.**10.~*~**10.*~*~
1334
STATE OF CALIFORNIA COUNTY OF ORANGE
I
ISS I
0 5 On MAY 8, 1991 ,before me, the undersigned, a Notaw Public in and for r
0 saidState,personallyappeared s- SOLSBY, ROD IM ****************** and
, personally known lo me (or proved to me on the .-
P s. STONE ***********x***** 5 2 basis of satisfactory evidence) to be the Persons who executed the within instrument as pEsIDW~
1 ;! cs VICE
Z$ the corporation therein named, and acknowledged to me that
President andSR'VICE -on behalf of *************
0 30 -0
g S~chcorporationexecutedthewithininstrumentpursuanttoits
I by-laws or a resolution of its board of directors. 25
NOTARY PUBLiC - CALIFORNIA ANN WAGNER
y hand and official seal.
c\ A- ANN m- (This area for official notarial seal)
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1335
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS
WITH RESPECT THERETO.
t
Vincent F. Biondo, Jr., General Counsel
of OWNER and BENEFICIARY
must be attached.
CMWD 90-C-350
6 3/26/91 REV.
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1336
, JANUARY 30, 1991
1293
EXHIBIT "A" SHEET 1 OF 1 SHEETS WATER EASEMENT
A PORTION OF LOT 6 OF PARCEL MAP 11589, IN THE CITY OF CARLSBAD, RECORDED AUGUST 14, 1981 IN THE OFFICE OF THE COUNTY RECORDER' COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, MORE PARTICU- LARLY DESCRIBED AS FOLLOWS:
EACH SIDE OF AND PARALLEL WITH THE FOLLOWING DESCRIBED CENTER- BEING A STRIP OF LAND 10.00 FEET IN WIDTH LYING 5.00 FEET ON
LINE : COMMENCING AT THE NORTHWESTERLY CORNER OF SAID LOT 6; THENCE
ALONG THE NORTHERLY LINE THEREOF SOUTH 89'24'16" EAST, 33.00 FEET
TO THE TRUE POINT OF BEGINNING: THENCE LEAVING SAID NORTHERLY LINE ALONG SAID CENTERLINE SOUTH 00*35'44" WEST, 198.00 FEET TO A
POINT HEREINAFTER REFERRED TO AS POINT "A1*; THENCE CONTINUING
SOUTH 00'35'44" WEST, 113.00 FEET: THENCE SOUTH 89*24'16" EAST,
20.00 FEET TO THE POINT OF TERMINUS TOGETHER WITH A STRIP OF LAND 25.00 FEET IN WIDTH LYING
DESCRIBED CENTERLINE: 12.50 FEET ON EACH SIDE OF AND PARALLEL WITH THE FOLLOWING
BEGINNING AT SAID POINT : THENCE SOUTH 89 * 24'16" EAST, ~~~~~ ~~~ ""_ ~~~
43.00 FEET TO THE POINT OF TERMINUS.
AND/OR SHORTENED AT ALL ANGLE POINTS AND TO BEGIN ON THE NORTHER-
THE SIDELINES OF SAID STRIPS OF LAND ARE TO BE LENGTHENED
~. . ~~
LY LINE OF SAID LOT 6.
C.M.W.D. 90-C.350
NOT 70 SCALE