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HomeMy WebLinkAboutCP 3537; Gilligan, Michael J; 2008-0199435; Subordination AgreementDOC# 2008-0199435 Of RECORDING REQUESTED BY WHEN RECORDED MAIL TO: City Clerk CITY OF CARLSBAD 1200 Carlsbad Village Dr. Carlsbad, CA 92008 Please record the document at no fee as it is to the benefit of the District (Gov. Code [6103].) APR 15, 2008 2:39 PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE GREGORY J. SMITH, COUNTY RECORDER FEES: 0.00 PAGES: SPACE ABOVE THIS LINE FOR RECORDER'S USE 206-200-02 CP 3537 ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: NORTH AGUA HEDIONDA INTERCEPTOR SEWER RELOCATION SUBORDINATION AGREEMENT (TRUST DEED HOLDERS) NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AN/THE EASEMENT(S) 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 is made this 15 day of Febuary , 2008 by Michael J. Gilligan, an unmarried man, owner of the land hereinafter described and hereinafter referred to as "Owner," and Mortgage Electronic Registration Systems Inc., present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Michael J. Gilligan, did execute a deed of trust, dated May 4, 2007 to Recontrust Company, as trustee, to secure a note in the sum of $1,500,000 dated May 4, 2007 in favor of Mortgage Electronic Registration Systems Inc., recorded in the office of the County Recorder of San Diego County on May 9, 2007 as File No. 2007-0317649 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of 1 H:\Capital Improvement Program\3537 North Aqua Hedionda Interceptor Rehab\Easements\GRANT DEEDS\SUBORDINATION AGT TRUST DEED HOLDERS CITY (#1 206- 200-02) .doc 5/31/00 EASEMENT(S) dated e3.lc2^ \0 % , in favor of the City of Carlsbad as grantee herein referred to as "Easement Grantee" creating AN/THE EASEMENT(S) more particularly described in EXHIBITS "A" attached hereto; and WHEREAS, Easement Grantee is willing to accept said EASEMENT(S) provided the grant of EASEMENT(S) 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(S) created in favor of Easement Grantee; and WHEREAS, it is to the mutual benefit of the parties hereto that Easement Grantee accept said EASEMENT(S) and Beneficiary is willing that the grant of EASEMENT(S) 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(S) above referred to, it is hereby declared, understood and agreed as follows: 1. That said EASEMENT(S) 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(S) 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(S) 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(S) hereinbefore specifically described, any prior agreement as to such 2 H:\Capital Improvement Program\3537 North Aqua Hedionda Interceptor Rehab\Easements\GRANT DEEDS\SUBORDINATION ACT TRUST DEED HOLDERS CITY (#1_206- 200-02) .doc 5/31/00 subordination including, but not limited to, 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 . l/(We) consent to and approve the grant of EASEMENT(S) in favor of the Easement Grantee. 2. l/(We) intentionally and unconditionally subordinate the lien or charge of the deed of trust above mentioned to the EASEMENT(S) in favor of Easement Grantee above referred to and understands that in reliance upon, and in consideration of, this subordination of the grant of EASEMENT(S) is being executed and delivered, the EASEMENT(S) IS/ARE 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 subordination. 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. 3 H:\Capital Improvement Program\3537 North Aqua Hedionda Interceptor Rehab\Easements\GRANT DEEDS\SUBORDINATION AGT TRUST DEED HOLDERS CITY (#1_206- 200-02) .doc 5/31/00 BENEFICIARY: ^^,. ,(sign here) EILEEN SMYTH OWNER: (print name here) VICE PRESIDENT - MERS* (title and organization of signatory) (/sign here) JOHN WEAVER (print name here) ASSISTANT SECRETARY - MERS* (title and organization of signatory) (print name here) (title and organization of signatory) By: (sign here) (print name here) (title and organization of signatory) (Proper notarial acknowledgment of execution by BENEFICIARY AND OWNER must be attached.) (Chairman, president or vice-president and secretary, assistant secretary, CFO or assistant treasurer must sign for corporations. Otherwise, the corporation must attach a resolution certified by the secretary or assistant secretary under corporate seal empowering the officer(s) signing to bind the corporation.) If signed by an individual partner, the partnership must attach a statement of partnership authorizing the partner to execute this instrument. 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: RONALD R. BALL City Attorney Deputy City Attorn *(MERS) MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC. H:\Capital Improvement Program\3537 North Aqua Hedionda Interceptor Rehab\Easements\GRANT DEEDS\SUBORDINATION AGT TRUST DEED HOLDERS CITY (#1_206- 200-02) .doc 5/31/00 STATE OF TEXAS COUNTY OF DALLAS On February 15, 2008, before me, HEATHER A. VINAS, personally appeared JOHN WEAVER, ASSISTANT SECRETARY, known to me (or proved to me on the oath of or through ), to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he/she executed the same for the purposes and consideration therein expressed. WITNESS MY HAND AND OFFICIAL SEAL ki HEATHiR A. VINAS Notary Public, State of TexasMy Commission Expires March 26, 2008 STATE OF TEXAS COUNTY OF DALLAS On February 15, 2008, before me, HEATHER A. VINAS, personally appeared EILEEN M. SMYTH, VICE PRESIDENT, known to me (or proved to me on the oath of or through ), to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he/she executed the same for the purposes and consideration therein expressed. WITNESS MY HAND AND OFFICIAL SEAL CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of On Date personally appeared before me,J S.\£e<^. Ntt<m>V Here insert Name and Title o' the Office* ^ Name(s) of Signer(s) ROSE S. FONSECA Commliston* 1773S29 Notary Public - California | San Diego County ' MyComm.ExplrosOct1S.201T I who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS rfiy hind and official Place Notary Seal Above Signature OPTIONAL - STgnatmb-a/Wotary Public O r^ . __ I Though the information below is not required by law. it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document v *~~)\ A V-y^dn"! 1Title or Type of Document: ^X<-A^X^L>W i \7 Document Date: o< / I O /<r^-QO ^ Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Number of Pages. Signer's Name: Individual "_. Corporate Officer — Title(s): . Partner — Limited General . Attorney in Fact Trustee Guardian or Conservator Other: Signer Is Representing: RIGHT THUMBPHINT OF SIGNER Top o' ^'imb here Signer's Name: Individual Corporate Officer — Title(s): Partner — . Limited ... General Attorney in Fact .. Trustee .. Guardian or Conservator Other: RIGHT THUMBPRINT OF SIGNER Signer is Representing:, ©2007 National Notary Association- 9350 De Soto Ave . PO.Box 2402 »Chatsworth. CA 91313-2402- wwwNationalNotarvorg Hem ^5907 Reorder OainbH-Free 1-800-876-68?" EXHIBIT A EXHIBIT "A" LEGAL DESCRIPTION SERVIENT TENEMENT THE WESTERLY 75.00 FEET OF THE EASTERLY 300.00 FEET OF LOT 6, MEASURED AT RIGHT ANGLES TO THE EASTERLY LINE THEREOF, IN BLOCK "D" OF BELLA VISTA, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 2152, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY MARCH 7, 1929. PARCEL 1 - SEWER EASEMENT A STRIP OF LAND, 20.00 FEET IN WIDTH, LYING WITHIN THE HEREINABOVE DESCRIBED SERVIENT TENEMENT, BEING 10.00 FEET NORTHEASTERLY AND SOUTHWESTERLY, MEASURED AT RIGHT ANGLES, FROM THE FOLLOWING DESCRIBED CENTERLINE: BEGINNING AT THE SOUTHWESTERLY CORNER OF THE ABOVE DESCRIBED PROPERTY THE HEREINABOVE DESCRIBED SERVIENT TENEMENT; THENCE ALONG THE WESTERLY LINE THEREOF NORTH 03°49'22" EAST, 101.99 FEET TO THE TRUE POINT OF BEGINNING; THENCE LEAVING SAID LINE SOUTH 70°58'12" EAST, 77.72 FEET TO A POINT ON THE EASTERLY LINE OF THE HEREINABOVE DESCRIBED SERVIENT TENEMENT DISTANT THEREON NORTH 03°49'22" EAST, 100.14 FEET FROM THE SOUTHEASTERLY CORNER THEREOF. THE SIDELINES OF SAID STRIP OF LAND TO BE PROLONGED OR SHORTENED SO AS TO TERMINATE ON SAID WESTERLY AND EASTERLY LINES OF THE HEREINABOVE DESCRIBED SERVIENT TENEMENT. AREA = 1,554.43 SQ.FT. January 31, 2007 U:\ldata\survcys\5104surv\legals\5104 APN 206-200-02 EXB A ESMT.doe Page I of 1 EXHIBIT A LEGEND: PROPERTY LINE EXHIBIT "B" EASEMENT PLAT (A) CENTERLINE OF EXISTING 15' SEWER EASEMENT IN FAVOR OF THE CITY OF CARLSBAD REC'D. 3/5/64 AS F/P NO. 41719. O.R. (B) CENTERLINE OF PROPOSED 20' SEWER EASEMENT LINE L1 L2 L3 LENGTH 101.99 77.72 100.14 BEARING N03'49'22"E S70'58'12"E N03'49'22"E . SHEET 1 OF 1 SHEET LEGAL DESCRIPTION: POR. LOT 6,-BLK D, MAP NO. 2152 BASIS OF BEARINGS: THE SOUTHERLY RIGHT OF WAY LINE OF A PORTION OF ADAMS STREET PER ROS 15053; I.E. S86'07'25"E ADAMS ST.' FOB 77.26' N72'17'48"W SAN DIEGUITO ENGINEERING, INC. 4407 MANCHESTER. SUITE 105 ENCINITAS. CA. 92024 PHONE: (760) 753-5525 CIVIL ENGINEERING • PLANNING LAND SURVEYING 80' 160 UAldato\SLirveys\3l04SURV\dwg\PLAiS\5104_206-2D(F02_ExhiloitlB7oiwg 1/31/2007 SDE5104