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Home My WebLink AboutCT 02-16; Calavera Hills II; 2007-0388775; Subordination AgreementDOC# 2007-0388775 RECORDING REQUESTED BY WHEN RECORDED MAIL TO: District Secretary Carlsbad Municipal Water District 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].) I '•'" , 0 JUNOSu -". 2007 1 IHI IBIII !••(! !•••! g|j :49 PM OFFICIAL RECORDS Mr SAN DIEGO Mr GREGORY, ! l FEES: RAGES: ! Illili Illil III!! Ilili || COUNTY RECORDER'S OFHPE SMITH COUNTY RECORDER 0.00 6 ii Hill Illl! Illl! Hill Illl II II Hill Hi 1 IIIHill Hill Illl! Illl! Illl III SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. 208-010-36 PROJECT NO. & NAME: CT02-16 Robertson Ranch East Village PR 03-111 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 9 day of /J'20<?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 FILES\CT 02\CT 02-16 Robertson Ranch\deeds\SUBORDINATION AGT TRUST DEED HOLDERS CITY (PR 03-1 1 1 ).doc Rev. 5/31/00 Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT(S) dated Fg\>.%j 2ccD . 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(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 2 HADevelopment Services\PROJECTS\CT FILES\CT 02\CT 02-16 Robertson Ranch\deeds\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 03-111 ).doc Rev. 5/31/00 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 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 HADevelopment Services\PROJECTS\CT FILES\CT 02\CT 02-16 Robertson Ranch\deeds\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 03-111J.doc Rev. 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 Fareo Bank Senior Vice President, McMillin Companies (title and organization of sic By: (signTiere) J7 Cara D'Angela (title and organization of signatory) By: ign here) 7 Don Mitchell (print name here) Vice President, Wells Fargo Bank (title and organization of signatory) (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 General Counsel Deputy General (Counsel H:\Development Rev. 5/31/00 State of California County of San Diego (Date) personally appeared before me, (Name, Title of Officer) >Or\ VYVl At^lyUL I i (Name[s] of Signer[s]) , Bf5ersonally known to me -OR - D (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) iWare subscribed to the within instrument and acknowledged to me that he/ebe/they executed the same in fcta/her/their authorized capacity(ies), and that by lijo/hcT/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 Signature of Notary _««r----'-fANN M. FUTO k Commission # 1546838 I Notary Public - California | San Diego County I Mv Comm Expires Jan 23,20097 (This area for official notary seal) Title or Type of Document < Date of <^\ < Document o^ "i Signer(s) other than named ScJa&n i-on above rL^aJh.^QqcJ^OAA'Jh No. of Pages F\ H:\Development Services\PROJECTS\CT FILES\CT 02\CT 02-16 Robertson Ranch\deeds\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 03-111 ).doc Rev. 5/31/00 State of California ) ) County of San Diego ) ?, £)Q? before me, (Dafi) personally appeared (Name' Title of CJfficer) (Name[s] of Signeffs]) l ^personally known to me -OR - D (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) j^/are subscribed to the within instrument and acknowledged to me that executed the same in bfsV^r/their authorized capacity(ies), and that by his/her/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 JACQURYNE. ALEXANDER L Commtuton#l 406628 [ Nofcvy Pubflc - CoHfomta \ Ion Dtago County f MyComm. Expires Mar 22.2007f of Notary (This area for official notary seal) Title or Type of Document (_) Cf. sy O r^G&/rt <%. /V <7>v rr£jS£. Cfff ~r-~ Date of JP-//I / Document 2-/9/U » No. of Pages jr~ Signer(s) other than named above H:\Dev9lopment Serwices\PROJECTS\CT F!LES'CT 02\CT 02-16 Robertson Ranch\doeds\SUBORDINATION AGT TRUST DEED HOLDERS CITY (PR 03-111).doc Rev. 5/31/OC