HomeMy WebLinkAboutCT 03-01; KSL La Costa Resort Co; 2008-0166955; Subordination AgreementDOC# 2008-0166955
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RECORDING REQUESTED BY
i?<klrM THfe fr-
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].)
APR 01, 2008 8:00 AM
OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
GREGORY,!. SMITH, COUNTY RECORDER
FEES: 0.00
PAGES:
SPACE ABOVE THIS LINE FOR RECORDER'S USE
ASSESSOR'S PARCEL NO.
PROJECT NO. & NAME:
La Costa Resort and Spa
216-590-11-00
216-590-14-00
216-610-08-00
216-210-03-00
CT 03-01
PR 06-105 Costa del Mar waterline
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 20^7 by KSL La
Costa Resort Co., LLC, a Delaware limited liability company, owner of the land hereinafter
described and hereinafter referred to as "Owner," and Citigroup Global Markets Realty Corp., a
New York Corporation, the beneficiary under that certain deed of trust hereinafter described,
hereinafter referred to as "Beneficiary;"
WITNESSETH
WHEREAS, KSL La Costa Resort Co., LLC, a Delaware limited liability company, did
execute a deed of trust, dated February 1, 2007 to Chicago Title Insurance Company as
trustee, to secure a note in the sum of $160,000,000 dated February 1, 2007 in favor of
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Citigroup Global Markets Realty Corp., a New York Corporation, recorded in the office of the
County Recorder of San Diego County on February 1, 2007 as File No. 2007-0071831 of
Official Records of said county; and
WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of
EASEMENT 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" &
"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
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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 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.
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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:
Citigroup Global Markets Realty Corp.,
a New York Corporation
By:
(print name here)
ri vMK-orl'-g-g-q i''7A«xTory
(title and organization of signatory) /
OWNER:
KSL La Costa Resort Co., LLC, a
Delaware limited liability company
By:
(sign here)
By:
(sign here)
(print name here)
(title and organization of signatory)
By: /
(sign here)
/
(print name hpfe)
(title and organizati6n of signatory) (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
By:
eputy GenerattCounsel
Hi/Development Services/Masters/Forms/Subordination Agt Trust Deed Holders CMWD Rev. 5/31/00
State of California
County of San Diego
On
(Date)
personally appeared
before me,
(Name, Title of Officer)
C
(Name[s] of Signer[s])
_, & personally known to me -OR - D
(or 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 entity upon behalf of which
the person(s) acted, executed the instrument.
WITNESS my hand and official seal
Signature of Notary
MMBLKMES
CommMon* 1571140
Notary Pubic-CaMornta
San Dtogo County
MyComm. ExptaeMay 12.
(This area for
official notary seal)
Title or Type of
Date
Document
Signer(s) other
Document
of
than named above
No. of Pages
hi/Development Services/Masters/Forms/Subordination Agt Trust Deed Holders CMWD
3632
State of
County of
New York
New York
OnMt^ck 20 asot before me, Elsa J. Castafofr Noripstt-*| ?ot?U c- ,
(Date) ' (Name, Title of Officer)
Amir KomWumpersonally appeared _ :
(Namefs] of Signer[s])
.^/personally known to me -OR - D
(or proved to me on the basis of satisfactory evidence) to be the person^ whose
namep»$ is/a»4 subscribed to the within instrument and acknowledged to me that
he/sjs6/th0# executed the same in his/f)«t/th*fc- authorized capacityjpeSj, and that by
his/Js^ftfJ>dLsignature$e£ on the instrument the person^or entity upon behalf of which
the persont»$-acted, executed the instrument.
WITNESS my hand and official seal
Signatu
ELSA J. CASTALDO
Notary Public, State of New York
No. 01CA6026466
Qualified in Queens County
Commission Expires June 14, 2007
(This area for
official notary seal)
Title or Type of
Date
Document
Signer(s) other
Document
of
than named above
No. of Pages
H:\0evelopmant Swvlcai\PROJECTS\CT FILES\CT 03\CT 03-01 La Costa Resort i Spa\De8ds-Eas8menls\SUBORmNATION AGT TRUST DEED HOLDERS CITY (CT 03-
01J.doc