The URL can be used to link to this page

Home My WebLink AboutCT 02-16; Calavera Hills II; 2007-0388773; Subordination AgreementRECORDING 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].) KlP DOC# 2007-0388773 JUN08, 2007 1:49 PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE G Fi E G 0 R Y J. S MIT H. CO U N T Y R E CO R D E R FEES: 0.00 FAGES: 9 SPACE ABOVE THIS LINE FOR RECORDER'S USE 168-050-54-00 CT02-16 ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: Public Utility & Pedestrian Access Easement Parcel 1, PM 19804 PR 06-126 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 day of £flrrt»«rt>L 20 O~7 by~ Calavera Hills II, LLC, a California limited liability company, owner of the land hereinafter described and hereinafter referred to as "Owner," and Wells Fargo Bank, National Association, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Calavera Hills II, LLC, a California limited liability company, did execute a deed of trust, dated December 20, 2006 to American Securities Company, a California corporation, as trustee, to secure a note in the sum of $52,200,000 dated December 20, 2006 in favor of Wells Fargo Bank, National Association recorded in the office of the County Recorder of San Diego County on December 26, 2006 as File No. 2006-0911253 of Official 1 H:\Development Services\PROJECTS\CT FILESVCT 02\CT 02-16 Robertson Ranch\deeds\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-126).doc 5/31/00 Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT, in favor of the City of Carlsbad 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 that 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, 2 H:\Development Services\PROJECTS\CT FILESXCT 02\CT 02-16 Robertson Ranch\deeds\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-126).doc 5/31/00 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 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 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 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 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 subordination. 3 HADevelopment Services\PROJECTS\CT FILES\CT 02\CT 02-16 Robertson Ranch\deeds\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-126) doc 5/31/00 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. BENEFICIARY: Wells Fargo Bank, National Association By: OWNER: Calavera Hills II, LLC, a California limited liability company By: McMillin Companies, LLC, a Delaware limited liability company ITS Manager By: /sign here) John P. Wickenhiser (sign here) Brian Milich (print name here)(print name here) Senior Vice President, Wells Fargo Bank Senior Vice President, McMillin Companies (title and organization df&jgnatoryj (title and organization of signatory) By: _ (sign here) ^ \~J Cara D'Angelo — (print name here) Vice President, Wells Fargo Bank (title and organization of signatory) By: (sigrThere) I Don Mitchell (print name here) First Vice President, McMillin Companies (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 eputy City Attorney H:\Development Services\PROJECTS\CT FILES\CT 02\CT 02-16 Robertson Ranch\deeds\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-126).doc 5/31/00 MARCH 1, 2007 J.N.: 011014 PAGE 1 OF 1 EXHIBIT "A" LEGAL DESCRIPTION ACCESS EASEMENT CT 02-16 PR 06-126 THOSE PORTIONS OF PARCELS 1 AND 2 OF PARCEL MAP 19804, RECORDED AUGUST 3, 2005 AS FILE NO. 2005-0659805, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWESTERLY CORNER OF PARCEL 1 OF SAID MAP, SAID POINT BEING ALONG A 1451.00 FOOT RADIUS CURVE, CONCAVE NORTHWESTERLY, A RADIAL LINE TO WHICH BEARS NORTH 25°25'30" WEST; THENCE ALONG THE NORTHERLY BOUNDARY OF PARCEL 1 AND EASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 04°52'11" AN ARC DISTANCE OF 123.32 FEET; THENCE LEAVING SAID BOUNDARY SOUTH 49°28'00" WEST, 51.85 FEET; THENCE SOUTH 62°49'32" WEST, 57.10 FEET; THENCE SOUTH 76°16'10" WEST, 16.38 FEET TO A POINT ON THE WESTERLY BOUNDARY OF PARCEL 1, SAID POINT ALSO BEING ON THE EASTERLY BOUNDARY OF PARCEL 2 OF SAID MAP, THENCE LEAVING SAID BOUNDARY SOUTH 76°16'10" WEST, 35.06 FEET TO A POINT BEING THE BEGINNING OF A NON-TANGENT 1451.00 FOOT RADIUS CURVE, CONCAVE NORTHWESTERLY, A RADIAL LINE TO WHICH BEARS NORTH 24°04'09" WEST; THENCE ALONG THE NORTHERLY BOUNDARY OF PARCEL 2 AND EASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 01°21'21" AN ARC DISTANCE OF 34.34 FEET TO THE POINT OF BEGINNING. AREA = 1,060 S.F. OR 0.02 ACRES MORE OR LESS O:\Legal_Descriptions\011014\ACCESS-OFFSITE.lgl.doc BASIS OF BEARING: EAS1ERL Y LINE OF PARCEL 2 OF MS 02-10 IE N 25'25'30" W LEGAL DESCRIPTION PORTION OF PARCELS 1 A 2 OF MS 02-10 PER PM 19804 P.O.B. RIGHT-OF-WAY STREET CL EXISTING LOTUNE POINT OF BEGINNING \///\ AREA OF DEDICATION AREA = 1,060 S.F. OR 0.02 ACRES MORE OR LESS SITE BUSINESS PARK DR. PACIFIC OCEAN CITY OF ENCINITAS VICINITY MAP NO SCALE N S U L T T S 2710 Loker Ave. 760-931-7700 Suite 100 Fax: Carlsbad. CA 760-931-8680 92010 MnMEXHIBIT B DATE: OCTOBER 11, 2006 APPLICANT: CALAVERA HILLS II, LLC 2750 WOMBLE ROADSAN DIEGO, CA 92106 (619) 794-1252 I EASEMENT - CITY OF CARLSBAD PATRICK N. O'DKf R.C.E. 27214 EXP.3/31/07 ROBERTSON RANCH CT 02-16 PR 06-126 SHEET 1 OF 2 SHEETS A.P.N.168-050-54 168-050-55 G:\011014\0114BZ31A.dwg Mar 01, 2007 1:54pm Xrefs: 0114bmao: 0114AMAP: 0114maD LOT s 02-16 \\ *\ i i ~5tf 200* SCALE: 1" = 100' Lor 2 02-16 \*\ <^> Lor 6 or 02-18 \- ** -A")\ \ ^=f^\ >1^7^^ *t& -MS 02-10 PM 19804 PARCEL 2 MS 02-10 PM 19804 CONSULT T S 2710 Loker Ave. 760-931-7700 Suite 100 Fax: Carlsbad, CA 760-931-8680 92010 ^EXHIBIT "B*DATE: OCTOBER 11, 2006 APPLICANT; CAIAVERA HILLS II, LLC 2750 WOMBLE ROADSAN DIEGO, CA 92106 (619) 794-1252 /EASEMENT - CITY OF CARLSBAD PATRICK"N. O'DAY R.C.E. 27214 EXP.3/31/07 ROBERTSON RANCH CT 02-16 PR 06-126 SHEET 2 OF 2 SHEETS A.P.N.168-050-54 168-050-55 G:\011014\0114BZ31B.dwg Mar 01, 2007 2:00pm Xrefs: 0114bmao: 0114AMAP: 0114maD State of California County of San Diego 3 - frOI before me, /W\ W\. Ftd£\On (Date) personally appeared (Name, [Title of Officer) (Name[s] of Signers]) L H^personally known to me -OR - D (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) 4s/are subscribed to the within instrument and acknowledged to me that he/ehe/they executed the same in -hta/her/their authorized capacity(ies), and that by •htstoec/their signature(s) on the instrument the person(s), or entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal sgnature of Nota ANN M. I Commission #1546838 Notary Public - California San Diego County (This area for official notary seal) Title or Type of Document «^Xi /CXV^ Date of n, ^ Document ,-Q, ~~ o~~C'i dAAnrfeoY^ QLOAQQ^SiAjJrw^No. of Pages ,— , Signer(s) other than named above H \Development Services\PROJECTS\CT FILES\CT 02VCT 02-16 Robertson Ranch\deeds\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-126) doc 5/31/00 State of California County of San Diego me. (Name, Title of OTficer) personally appeared J°/IM P. (Name[s] of Si L e-|5ersonally known to me -OR - D (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) /iC/are subscribed to the within instrument and acknowledged to me that fje^s^Ke/they executed the same in Ws/Jfer/their authorized capacity(ies), and that by h^/hir/their signature(s) on the instrument the person(s), or entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal JMCQUELYNE. ALEXANDER CommMon # 1406628 Notoiy Pub»c - CoWomta Son Dfego County MyComm. Expires Mar22.2007 (This area for official notary seal) Title or Type of Document *--*& " &S<- Date of /(>/ — Document / ' ' 'Zfr/ /!#. y?0>i rr*?/^ f fT* f>1^-' <s No. of Pages ^ — Signer(s) other than named above H:\Development Services\PROJECTS\CT FILES\CT 02\CT 02-16 Robertson Ranch\deeds\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-126).doc 5/31/00