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HomeMy WebLinkAboutCT 04-26; City of Carlsbad; 2008-0110896; Subordination AgreementRECORDED REQUEST OF First American Title SUBDIVISION MAPPING DEPT. RECORDING REQUESTED BY WHEN RECORDED MAIL TO: City Clerk CITY OF CARLSB, 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].) DGC# 2008-0110896 MAR 03, 2008 4:59 PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE GREGORY J. SMITH, COUNTY RECORDER FEES: 0.00 PAGES:10 SPACE ABOVE THIS LINE FOR RECORDER'S USE 168-361-01-00 CT 04-26 ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: Robertson Ranch East Village P.A.16,17,18 PR 08-07 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 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 AgreemenRSUBORDINATION ACT TRUST DEED HOLDERS CMWD (PR 08-07) doc Rev. 5/31/00 11849 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 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:\Developtnent Services\PROJECTS\CT FILES\CT 04\CT 04-26 Robertson Ranch East Village - Riddle\Bonds and AgreemenftSUBORDINATION ACT TRUST DEED HOLDERS CMWD (PR 08-07) .doc Rev. 5/31/00 11850 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 04\CT 04-26 Robertson Ranch East Village - Riddle\Bonds and AgreemenftSUBORDINATION ACT TRUST DEED HOLDERS CMWD (PR 08-07) doc Rev. 5/31/00 11851 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: (s/gn here)(signThere) Brian Milich (print name here)(print name here) Senior Vice President (title andjDrganization of signatory) By: (title and organization of signatory) By: '(sign Here) Don Mitchell (print name here)(print name here) Senior Vice President (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 City Attorney Deputy City Attorn H:\Development Services\PROJECTS\CT FILES\CT 04\CT 04-26 Robertson Ranch East Village - Riddle\Bonds and AgreementtSUBORDINATION ACT TRUST DEED HOLDERS CMWD (PR 08-07) .doc Rev. 5/31/00 11352 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California personally appeared -> s Name(s) of Signer(s) "^ CpmmlMlondU 726701 CoJHomta ton DMgo County who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) fc7are subscribed to the within instrument and acknowledged to me that h//9h*e/they executed the same in Jais/Her/their authorized capacity(ies), and that by Ws/herAheir 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 Place Notary Seal Above Signati OPTION, 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-viww.NationalNotary.org Item #5907 Reorder:CallToll-F(ee 1-800-876-6827 Word\Masters\Forms\Grant Deed of Easement - City 6/1/00 11353 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of; On fib. 5 date personally appeared before me,1 f. , of\flrA Wv\\\r Viand Here Insert Narrie^id Title of the Name(s) of Signer(s) Coffimmion * 1*37095 •on Dtogo County 1 I who proved to me on the basis of satisfactory evidence to be the person® whose name0>-is||^)subscribed to the within instrument and acknowledged to me that Jw/sbe^fiey)executed the same inHiis/hei(|hejr)authorized rapacit^gs), and that by bis&ejTtRej^signaturgfjS) on the instrurnenFthe person^, or the entity upon behalf of which the person^ 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 officiaLseal. Place Notary Seal Above Signatu OPTIONAL 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: RIGHT THUMBPRINT 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: RIGHT THUMBPRINT 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-Ftee 1 -800-876-6827 Word\Masters\Forms\Grant Deed of Easement - City 6/1/00 11854 January 31, 2008 J.N.: 011014-3 PAGE 1 OF 1 EXHIBIT "A" LEGAL DESCRIPTION GLEN AVENUE PUBLIC STREET AND PUBLIC UTILITY EASEMENT PR 08-07 A PORTION OF LOT 5 AS SHOWN ON MAP NO. 15608, ROBERTSON RANCH EAST VILLAGE, CARLSBAD TRACT NO. 02-16, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, FILED IN THE OFFICE OF THE COUNTY RECORDED OF SAN DIEGO COUNTY ON SEPTEMBER 18, 2007 AS FILE NO. 2007-0612802, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF GLEN AVENUE AS SHOWN ON SAID MAP 15608, SAID POINT BEING THE POINT OF BEGINNING; THENCE NORTH 62°03'46" EAST, 169.83 FEET TO THE BEGINNING OF A TANGENT 570.00 FOOT RADIUS CURVE CONCAVE NORTHWESTERLY; THENCE NORTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 7°26'58" AN ARC DISTANCE OF 74.11 FEET; THENCE LEAVING SAID CURVE SOUTH 35°23'12" EAST, 60.00 FEET TO THE BEGINNING OF A NON-TANGENT 630.00 FOOT RADIUS CURVE CONCAVE NORTHWESTERLY,A RADIAL LINE TO SAID POINT BEARS SOUTH 35°23'12" EAST ; THENCE SOUTHWESTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 7°26'58" AN ARC DISTANCE OF 81.91 FEET; THENCE TANGENT TO SAID CURVE SOUTH 62°03'46" WEST, 169.83 FEET TO THE EASTERLY LINE OF SAID GLEN AVENUE; THENCE ALONG SAID EASTERLY LINE NORTH 27°56'14" WEST, 60.00 FEET TO THE POINT OF BEGINNING. AREA = 14,871 S.F. OR 0.34 ACRES MORE OR LESS O:\Legal_Descriptions\011014\GLEN AVE EMT.lgl.doc 11855 #15/5 OF BEARINGS: THE BASIS OF BEARINGS IS THE EASTERL Y LINE OF GLEN A VENUE PER MAP 15608 I.E. N27-56'14"W LEGAL DESCRIPTION PORTION OF LOT 5 OF MAP 15608, C.T. 02-16 LEGEND PROPERTY BOUNDARY RIGHT OF WAY AREA OF EASEMENT AREA=14,871 S.F. OR 0.34 AC. MORE OR LESS CITY OF _ OCEANSIDE HIGHWAY)SITE BUSINESS PARK DR. PACIFIC OCEAN CITY OF ENCINITAS NO SCALE CONS 2710 LOKER AVE. W. SUITE 100 CARLSBAD, CA 92010 760-931-7700 FAX: 760-931-8680 ROBERTSON RANCH CT 04-26 EXHIBIT *B* APPLICANT;PUBLIC STREET & PUBLIC UTILITY EASEMENT DATE: JANUARY 2008 CALAVERA HILLS II, LLC 2750 WOMBLE ROAD SAN DIEGO, CA 92106 (619) 794-1252 ^__ O'DAf 7 R.C.E. 32014 EXP.12/31/08 SHEET 1 OF 2 SHEETS GLEN AVENUE P.R. 08-07 A.P.N. 168-361-01 G: \011014\0114GZ07.dwg Jan 31, 2008 2:18pm Xrefs: 01HGMAP; 0114RMAP; 0114BMAP x LOT B V—MAP 15608 Cfo**7 CONSULT A/IT T 2710 LOKER AVE. W. 760-931-7700 SUITE 100 FAX: CARLSBAD, CA 760-931-8680 92010 A=07-26'58" [=81.91 & i?<o !$tfESs/Sx NO. 32014 ROBERTSON RANCH CT 04-26 EXHIBIT "B* APPLICANT:PUBLIC STREET & PUBLIC UTILITY EASEMENT DATE: JANUARY 2008 CALAVERA HILLS II, LLC 2750 WOMBLE ROAD SAN DIEGO, CA 92106 (619) 794-1252 O'DAY/7 R.C.E. 32014 EXP. 12/31/08 SHEET 2 OF 2 SHEETS GLEN AVENUE P.P. 08-07 A.P.N. 168-361-01 G:\01101 Xrefs: 01HGMAP; \0114GZ07.dwg Jan 31, 2008 2:18pm ~ 0114«MAP; 01148MAP GOVERNMENT CODE 27361.7 11357 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: Jacquelyn E. Aledander Commission Number: 1726708 Date Commission Expires: March 22. 2011 County Where Bond is Filed: San Diego Manufacturer or Vendor Number: NNA1 (Located on both sides of the notary seal border) Signature:City of Carlsbad Place of Execution: Office of the City Clerk/City of Carlsbad Date: 2/29/08 Rec. Form #R10 (Rev.7/96)