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Home My WebLink AboutCT 04-16; Real Estate Collateral Management Company; 2005-0639124; Subordination AgreementRECORDED AT THE REQUEST OG CHICAGO TITLE COMWMY DOC # 200548391 24 SUBDIVISION BEPT. 3 O I liillill Ill 111ll lllll111ll111ll lllll111111111111111 lllll lilll11111111 RECORDING REQUESTED BY WHEN RECORDED MAILTO: 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].) JUL 27,2005 459 PM OFFICIAL RE CURDS SAN Ls I E IGU COU bi ?'I.' RECUR CJ ER '5; 0 FFI LE GREGORY J. SMITH, C:OlJNTY RECORDER 0.00 FEES: L 2005-06391 24 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. 213-1 10-05-00 PROJECT NO. & NAME: CT 04-1 6 La Costa Greens 1.06 Waterline Easement PE @-/Z/ 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 AlTACHES AND HAS THE POTENTIAL EFFECT OF REDUCING THE VALUE OF YOUR SECURITY INTEREST. THIS AGREEMENT is made this 4 4 day of , 20a- by Real Estate Collateral Management Company, a Delaware Corporation, owner of the land hereinafter described and hereinafter referred to as "Owner," and HFC Commercial Realty, Inc., a Delaware Corporation, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Fieldstone / La Costa Associates Limited Partnership, a California Limited Partnership, did execute a deed of trust, dated November 5 to 1988 as trustee, to secure a note in the sum of $150,000,000 dated November 5, 1988 in favor of Continental Illinois National Bank and Trust recorded in the office of the County Recorder of San Diego County on November 17, 1988 as File No. 88-592631 of Official Records of said county; and 1 H:/Development Services/MastersfForms/Subordination Agt Trust Deed Holders CMWD Rev. 5/31/00 31328. WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT dated &hwWl 7, 226 , in favor of the Carlsbad Municipal Water District 3s 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 Df 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, but only insofar as would affect the priority between the deed of trust and EASEMENT 2 H:/Development Services/Masters/Forms/Subordination Agt Trust Deed Holders CMWD Rev. 5/31/00 ' 31322 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. I/(We) consent to and approve the grant of EASEMENT in favor of the Easement Grantee. 2. I/(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. Ill Ill Ill Ill Ill Ill 111 Ill Ill Ill 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 3 H:/Development Services/Masters/Fon/Subordination Agt Trust Deed Holders CMWD Rev. 5/31/00 31323 to the charge of the Easement in favor of Easement Grantee above referred to. BENEFICIARY OWNER: HFC Commercial Realty, Inc., a Real Estate Collateral Management, a Delaware Corporation, as assignee per doc no. 1999-0794424 recorded December 6,1999 By: - By: Delaware Corporation (sign here) ' (sfgn here) / - @-& - SCbh4& Fred SCL -m\ (print name here) (print name here) u1-i ImtjM ' (title and organization of signatory) \)ice &d (title and organization of signatory) By: By: (sign here) (sign here) (print name here) (print name here) (title and organization 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: 4 H:iDevelopment ServiceslMasterslFormslSubcfdination Agt TNSt Deed Holders CMWD Rev. 5/31/00 31324 On &Wo r7 ?I Hbefore me, bfmc C- fhwd , AOfLirjr ub//; personally appeared &eD sh;.le/ 1 (Date) (blame, Title of Officer) (Name[s] of Signer[s]) I personally known to me -OR - n (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name@) 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 official notary seal) Title or Type of Document Date of No. of Pages Document Signer(s) other than named above 5 H:/Development Services/Masters/Forms/Subordination Agt Trust Deed Holders CMWD Rev. 5/31/00 31325 EXHIBIT “A” LEGAL DESC RI PTlON WATERLINE EASEMENT PR 04-121 THAT PORTION OF LOTS 97 AND 98 OF CARLSBAD TRACT 04-16, LA COSTA GREENS NEIGHBORHOOD 1.06, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. /fog2 FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAID SAN DIEGO COUNTY ON 3 2 7 ,200c, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE MOST NORTHWESTERLY CORNER OF SAID LOT 98; THENCE ALONG THE NORTHERLY LINE OF SAID LOT 98 AND THE NORTHERLY LINE OF SAID LOT 97, SOUTH 89’17’03” EAST 68.47 FEET; THENCE LEAVING SAID NORTHERLY LINE OF SAID LOT 97, SOUTH 18’~’OO” EAST, 32.44 FEET; THENCE SOUTH 68’27’00’’ EAST, 81.09 FEET; TEN= SOUTH 76’24’00” EAST, 58.66 FEET; THENCE SOU i H180’17’00J’ EAST, 147.06 FEET TO A POINT ON THE COMMON BOUNDARY LINE OF LOT 81 AND LOT 97 OF SAID MAP; THENCE ALONG SAID COMMON BOUNDARY LINE SOUTH 35’21’00” WEST, 25.48 FEET TO A POINT ON A NON-TANGENT 50.00 FOOT RADIUS CURVE, CONCAVE SOUTHERLY, A RADIAL TO SAID POINT BEARS NORTH 35’21’00” EAST; THENCE LEAVING SAID COMMON BOUNDARY LINE AND ALONG THE SOUTHERLY BOUNDARY LINES OF SAID LOT 97, WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 72”17’00” A DISTANCE OF 63.08 FEET; THENCE LEAVING SAID CURVE, RADIAL, NORTH 36’56’00” WEST 20.00 FEET; THENCE NORTH 80”17’00” WEST, 64.18 FEET; THENCE NORTH 76’24’00” WEST, 60.73 FEET; THENCE NORTH 68’27’00’’ WEST, 91.83 FEET TO A POINT ON THE WESTERLY BOUNDARY LINE OF SAID LOT 97; THENCE ALONG SAID WESTERLY BOUNDARY LINE, NORTH 18’21’00” WEST, 27.54 FEET; THENCE LEAVING SAID WESTERLY BOUNDARY LINE, NORTH 89’17’03’’ WEST, 54.68 FEET TO A POINT ON THE WESTERLY BOUNDARY LINE OF SAID LOT 98; THENCE ALONG SAID WESTERLY BOUNDARY LINE NORTH 02’00’33” EAST, 20.01 FEET TO THE POINT OF BEGINNING. Page 1 of 2 M:\2352\11 G\legals\AOl CMWD WATER ESMT.doc WO 2352-116 2/17/05 31326 CONTAINS 0.179 ACRES, MORE OR LESS. HUNSAKER & ASSOCIATES SAN DIEIGO, ~NC. * Page2of2 M:\2352\11 G\legalsWOl CMWD WATER ESMT.doc WO 2352-1 16 2/17/05 P.0.B. INDICATES POINT OF BEGINNING INDICATES WATERLINE EASEMENT v//1 ARE4 = 0.179 ACRES - PORTION OF LOTS 97 AND 98 OF CARLSBAD NEIGHBORHOOD 1.06, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. /U&Z , FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, TRACT NO. 04- 16 LA COSTA GREENS, -3M-kY-L.7, LDO 31327 - THE tHSlS OF BEARINGS FOR THIS SURVEY IS THE CALIFORNIA COORDINATE SYSTEM - 1983, ZONE VI, 1991.35 EPOCH, NORTH AMERICAN DATUM OF 1983 (NAD83), GRID BEARINGS BETWEEN STATION CLSB- 153 AND STATION CLSB-070 AS SAID COORDINATES ARE PUBLISHED IN THE CITY OF CARLSBAD SURVEY CONTROL NETWORK ESTABLISHED BY RECORD OF SURVEY MAP NO. 17271, FILED IN THE OFFICE OF THE SAN DIEGO COUNTY RECORDER ON FEBRUARY 8, 2002. IF N 36’47’12” W REFERENCED BEARINGS FROM OTHER DOCUMENTS/DEEDS MAY OR MAY NOT BE IN TERMS OF SAID SYSTEM. THE COMBINED SCALE FACTOR AT STATION CLSB-153 IS 0.999960800. GRID DISTANCE = GROUND DISTANCE X COMBINED SCALE FACTOR. I WATERLINE EASEMENT PLAT - CMLSMD MUNICIPAL WATER DISTRICT PORTION OF LOT 97 AND 98 OF CIW COSTA GREENS, NEIGHBORHOOD 1.06, MP NO. -, OF CARLSMD TRACT NO. 04-16, LA PR 04-121 I EXHIBIT ”B” I - 0 - SCALE 1 ”= 60 ’ )ATE: 2/ 17/2005 r.P.N.: - PLANNING ENGINEERING SURVEYING PORTlON OF LOT 97 AND 98 OF CITY OF CARLSMD TRACT NO. 04-76, LA PR 04-721 COSTA GREENS, NEIGHBORHOOD 7.06, MAP NO. ~~0~~ EXHIBIT ”B ” HUNSAKER & ASSOCIATES SAN DIECO, INC mB/ N W’L Y CORNER 10179 Hwmekens Street LOT 98 San Diego, Ca 92121 I I I I I PH(858)558-4500* FX(858)558-1414 R \0385\%Mo~\DP NEIGH 106 CMWD SHT 02.dwqr 12751Feb-18-2005 09: 52 JN 2352-116 SHEET 2 OF 2