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HomeMy WebLinkAboutCT 04-26; Calavera Hills II LLC; 2008-0192973; Subordination Agreement5300 DGC# 2008-0192973 NJF MAY - RECORDING REQUESTED BY f I'fef l^fAiP l^VC 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 11, 2008 11:52 AM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE GREGORY J. SMITH, COUNTY RECORDER FEES: 0.00 PAGES:12 SPACE ABOVE THIS LINE FOR RECORDER'S USE 168-361-01-00 CT 04-26 fTEK DISTRICT ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: Robertson Ranch East Village P.A.16,17,18 PR 07-119 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. i^THIS AGREEMENT is made this /7 day of J 2Q0_£ 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, 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 dollars (fifty-two million, two hundred thousand dollars) dated December 20, 2006 in favor of Wells Fargo Bank, N.A. 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 04\CT 04-26 Robertson Ranch East Village - Riddle\Bonds and AgreemenftSUBORDINATION AGT TRUST DEED HOLDERS CMWD (PR 07-119) .doc Rev. 5/31/00 5301 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 THE 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 FILES\CT 04\CT 04-26 Robertson Ranch East Village - Riddle\Bonds and AgreemenftSUBORDINATION ACT TRUST DEED HOLDERS CMWD (PR 07-119) .doc Rev. 5/31/00 5302 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 H:\Development Services\PROJECTS\CT FILES\CT 04VCT 04-26 Robertson Ranch East Village - Riddle\Bonds and AgreemenftSUBORDINATION ACT TRUST DEED HOLDERS CMWD (PR 07-119) .doc Rev. 5/31/00 5303 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 Assocation OWNER: Calavera Hills II, LLC a California limited liability company BY: McMillin Companies, LLC, a Delaware limited liability company, It's Manager^ By: (sign here) Brian Milich (print name here)(print name here) Senior Vice President (title and organization^ signatory) By: (print name here) (title and organization of signatory) (title and organization of signatory) By: _ (sign here) Don Mitchell (print name here) Senior Vice President (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 H:\Development Services\PROJECTS\CT FILESVCT 04\CT 04-26 Robertson Ranch East Village - Riddle\Bonds and AgreementtSUBORDINATION AGT TRUST DEED HOLDERS CMWD (PR 07-119) .doc Rev. 5/31/00 5304 State of California County of San Diego On January 10,2008 before me, Brenda N. Henderson. Notary Public personally appeared Brian Milich and Don Mitchell 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 my hand and official seal. Signature yA ^ (Notary Seal)" ' WENDA N. HENDERSON CommMon * 1675003 Notary Pubte - CdBomta San Otogo County Calavera Hills II, LLC and Carlsbad Municipal Water District Subordination Agreement APN# 168-361-01-00 Robertson Ranch East Village P.A. 16, 17, 18 PR 07-119 840035.1 53 05 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of. me, personally appeared /? Here Insert Name and Title of the Officer r <3 t Name(s) of Signer(s) Place Notary Seal Above who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) >^?are subscribed to the within instrument and acknowledged to me that be7sjae/they executed the same in Jtfs/her/their authorized capacity(ies), and that by hi^/lr^r/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 m/r/and and Signatun OPTIONA 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 Title or Type of Document: Document Date:. Number of Pages:. Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: D Individual D Corporate Officer — Title(s): D Partner — D Limited D General D Attorney in Fact D Trustee D Guardian or Conservator D Other: RIGHTTHUMBPRINT OF SIGNER Top of thumb here Signer Is Representing:. Signer's Name: D Individual D Corporate Officer — Title(s): D Partner — D Limited D General D Attorney in Fact D Trustee D Guardian or Conservator D Other: Signer Is Representing: RIGHTTHUMBPRINT OF SIGNER Top of thumb here ©2007 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313-2402• www.NationalNotary.org Item #5907 Reorder: CallToll-Free 1 -800-876-6827 GOVERNMENT CODE 27361.7 5306 i CERTIFY UNDER PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS FOLLOWS: Name of the Notary: Jacquelvn E. Alexander Commission Number: 1726708 Date Commission Expires: March 22. 2011 County Where Bond is Filed: San Diego County Manufacturer or Vendor Number: NNA1 (Located on both sides of the notary seal border) Signatun City of Carlsbad Place of Execution: Office of the City Clerk/City of Carlsbad Date: Date Rec. Form #R10 (Rev.7/96) 5307December 18, 2007 J.N. : 011014-3 PAGE 1 OF 2 EXHIBIT "A" LEGAL DESCRIPTION WATERLINE EASEMENT C.T. 04-26 PR 07-119 PORTIONS OF LOT 311 OF CARLSBAD TRACT 04-26, ROBERTSON RANCH EAST VILLAGE, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, MAP NO. /S&$aL _ FILED/IN/ THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON ^j^^ AS DOC. NO. Q00fT'Q/f$l7/ , BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: PARCEL XA' BEGINNING AT THE MOST NORTHERLY CORNER OF LOT 245 OF SAID MAP NO. /S6?2-. SAID POINT ALSO BEING A POINT ON THE RIGHT-OF-WAY OF GLEN AVENUE AS SHOWN ON SAID MAP NO. /£&£&. AND A POINT ON A 48.00 FOOT RADIUS CURVE, CONCAVE SOUTHWESTERLY, A RADIAL LINE TO SAID POINT BEARS NORTH 74°36'49" EAST; THENCE ALONG SAID RIGHT- OF-WAY OF GLEN AVENUE AND NORTHWESTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 24°52'56" AN ARC DISTANCE OF 20.85 FEET; THENCE NON-TANGENT TO SAID CURVE AND LEAVING SAID RIGHT-OF-WAY NORTH 47°25'11" EAST, 47.72 FEET TO THE RIGHT-OF-WAY OF COLLEGE BOULEVARD ACCORDING TO A PUBLIC STREET AND UTILITY EASEMENT IN FAVOR OF THE CITY OF CARLSBAD RECORDED NOVEMBER 25, 2003 AS FILE NO. 2003-1414299; THENCE ALONG THE RIGHT-OF-WAY OF SAID COLLEGE BOULEVARD SOUTH 32°15'06" EAST, 20.33 FFET; THENCE LEAVING SAID RIGHT-OF-WAY OF COLLEGE BOULEVARD SOUTH 47°25'11" WEST, 49.34 FEET TO THE SAID RIGHT-OF-WAY OF GLEN AVENUE AND TO THE POINT OF BEGINNING. AREA = 955 S.F. OR 0.02 ACRES MORE OR LESS PARCEL XB' BEGINNING AT THE MOST NORTHERLY CORNER OF LOT 304 OF SAID MAP NO. /S&P&- , SAID POINT ALSO BEING A POINT ON THE RIGHT-OF-WAY OF ARAPAHO PLACE AS SHOWN ON SAID MAP NO. /S~6£JL AND A POINT ON A 48.00 FOOT RADIUS CURVE, CONCAVE NORTHEASTERLY, A RADIAL LINE O:\Legal_Descriptions\011014\WaterlineEaaementPA16-18.Igl.doc 53 C 8 December 18, 2007 J.N.: 011014-3 PAGE 2 OF 2 TO SAID POINT BEARS SOUTH 44°54'08" WEST; THENCE LEAVING SAID RIGHT-OF-WAY OF ARAPAHO PLACE SOUTH 72°47'03" WEST, 28.29 FEET TO THE RIGHT-OF-WAY OF HILLTOP STREET ACCORDING TO MAP NO.15608 FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON SEPTEMBER 18, 2007 AS DOC. NO. 2007-0612802; THENCE ALONG THE RIGHT-OF-WAY OF SAID HILLTOP STREET NORTH 17°12'57" WEST, 20.00 FFET; THENCE LEAVING SAID RIGHT-OF-WAY OF HILLTOP STREET NORTH 72°47'03" EAST, 22.78 FEET TO A POINT ON THE RIGHT-OF-WAY OF ARAPAHO PLACE AND TO A POINT ON SAID 48.00 FOOT RADIUS CURVE, A RADIAL LINE TO SAID POINT BEARS SOUTH 69°51'42" WEST; THENCE ALONG SAID RIGHT-OF-WAY OF ARAPAHO PLACE AND SOUTHERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 24°57'34" AN ARC DISTANCE OF 20.91 FEET TO THE POINT OF BEGINNING. AREA = 495 S.F. OR 0.01 ACRES MORE OR LESS O:\Legal_Descriptions\011014\WaterlineEasementPA16-18.Igl.doc LOT 10 MAP 15608 -PARCEL 'A SjE\SHEET2 SEE SHEET 3 KEYMAP SCALE: 1*=500' BASIS OF BEARINGS: EASTERLY LINE OF CJ. 04-26 FINAL MAP IE N 37'57'32" W LEGAL DESCRIPTION .ocEANsne SITE PORTIONS OF LOT 311 OF CJ. 04-26 MAP N( LEGEND SUBDIVISION BOUNDARY- EXISTING LOTLINE EXISTING EASMENT AREA OF WATERUNE EASEMENT PARCEL 'A '= 955 S.F. OR 0.02 ACRES MORE OR LESS T PARCEL 'B'= 495 S.F. OR 0.01 ACRES MORE OR LESS 2710 LOKER AVE. W. 760-931-7700 SUITE 100 FAX: CARLSBAD, CA 760-931-8680 92010 APPLICANT:WATERLINE EASEMENT DATE: DECEMBER 2007 CALAVERA HILLS II, LLC 2750 WOMBLE ROAD SAN DIEGO, CA 92106 (619) 794-1252 .'•EL 'GEOIfGE'O'DA, R.C.E. 32014U EXP. 12/31/08 SHEET 1 OF 3 SHEETS PR 07-119 A.P.N. 168-361-01 G: \OT1014\01 HGZ04. dwg Jan 08, 2006 2:09pm Xrefs: 0114GMAP 5310 'SWAN EASEMENT }6 FINAL MAP D N S U L T T S~ 2710 LOKER AVE. W. 760-931-7700 SUITE 100 FAX: CARLSBAD, CA 760-931-8680 92010 APPLICANT;WATERLINE EASEMENT DATE: DECEMBER 2007 CALAVERA HILLS II, LLC 2750 WOMBLE ROAD SAN DIEGO, CA 92106 (619) 794-1252 'GEWGE 01 R.C.E. 32014 EXP.12/31/08 SHEET 2 OF 3 SHEETS PR 07-119 A.P.N. 168-361-01 G:\OTt014\On*GZ04.dwg Jan 08. 2008 2:09pm Xrefs: 01HGMAP S3M1 &T. 04-2&i * i J// H.O. A. » N72'47'03' \ 22.78' \N1712'57*H \ 20.00' \ VMflQEZ « v » C D N S 2710 LOKER AVE. W. 760-931-7700 SUITE 100 FAX: CARLSBAD, CA 760-931-8680 92010 266 265 A=24'57'34' •R=48.00' L=20.91' *S72'47'03*W9 •PUBLIC PEDESl 301 302 303 EASEMENT PER CT 04-26 FINAL MAP 304 APPLICANT;WATERLINE EASEMENT DATE: DECEMBER 2007 CALAVERA HILLS II, LLC 2750 WOMBLE ROAD SAN DIEGO, CA 92106 (619) 794-1252 SJA* «&'/)•« CTZ~ 'GEOfGE O'DAT R.C.E. 32014 EXP.112/31/08 SHEET 3 OF 3 SHEETS PR 07-119 A.P.N. 168-361-01 G:\01lffl4\0114GZ04.dwgJan 08, 2008 ZilOpm Xrefs: 01HGMAP