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Home My WebLink AboutCT 74-21; El Fuerte Oaks Partners; 90-364863; Subordination Agreement, PLEASE RECORD THIS DOCUMENT AT I fIcb-:~cj;-yt ; T,F 5 ,=-.re - - L;'p---c? 7-.- NO FEE AS IT IS TO THE BENEFIT L, 1 1 -*nl - - - OF THIS DISTRICT (GOV. CODE [6103]) ) RECORDING REQUESTED BY AND WHEN RECORDED, PLEASE MAIL TO I I~-';.AI tX/*r * -. - -a -- - 1 - -- .. - I.a - 1 -- Carlsbad Municipal Water District 5950 El Camino Real Carlsbad, California 92008 1 1 NO FEE Space above this line for Recorder's use. A.P.N. 209-082-04 CMWD 89-C-308 SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AN ESTATE 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, made this 2 3 day of jq/fi I 19% by EL FUERTE/OAKS PARTNERS, a California limited partnership hereinafter referred to as "C?wner,I1 owner of the land and FIRST INTERSTATE BANK OF CALIFORNIA, a California corporation hereinafter referred to as I1Benef iciaryl1 ; present owner and holder of the deed of trust hereinafter described; WITNESSETH THAT WHEREAS, El Fuerte/Oaks Partners, a California limited partnership did execute a deed of trust, dated June 20, 1989, to First Interstate Bank of California, a california corporation as trustee, covering Lot 28, Carlsbad Tract 74-21 in the City of Carlsbad, County of San Diego, State of California, according to Map No. 10372 filed April 13, 1982, to secure a note in the the sum of $4,856,495.00 dated June 20, 1989 in favor BEST COPY of First Interstate Bank of ~alifornia recorded in the office of the County Recorder of San Diego County on June 30, 1989 as File No. 89-347228 of Official Records/of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of Easement dated h~y'f?. /fYi , 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 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 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: I6o6 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 hereinbefore specifically described, any prior agreement as to such subordination including, but not limited, 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. He consents to and approves the grant of Easement in favor of the Easement Grantee. 2. He intentionally and unconditionally waives, relinquishes and subordinates 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 waiver, relinquishment and 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 waiver, relinquishment and subordination; and 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: FIRST INTERSTATE BANK OF CALIFORNIA, a ~alifornia corporation OWNER : EL FUERTE OAKS PARTNERS, a California limited partnership By: Davison & Jones El Fuerte/Oaks Partners, a California limited partnership By: El Fuerte Partners, a California general partner Secretary r By: Martin @ Jones, General Partner NOTE THAT THE PRESIDENT OR VICE-PRESIDENT AND THE SECRETARY OR ASSISTANT SECRETARY MUST SIGN FOR CORPORATE EXECUTIONS OF THIS DOCUMENT. ALTERNATELY A TRUE COPY OF THE RESOLUTION OF THE BOARD OF DIRECTORS THAT IS SIGNED BY THE SECRETARY OR ASSISTANT SECRETARY OF THE CORPORATION, UNDER CORPORATE SEAL SPECIFICALLY EMPOWERING THE INDIVIDUAL SIGNING IN BEmLF OF THE CORPORATION WILL SHOW SUFFICIENT AUTHORITY OF SAID INDIVIDUAL TO ACT IN THIS MATTER. 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 waiver, relinquishment and subordination; and 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: FIRST INTERSTATE BANK OF CALIFORNIA, a California corporation OWNER: EL FUERTE OAKS PARTNERS, a California limited partnership By: Davison & Jones El Fuerte/Oaks Partners, a California limited partnership P/d President // By: El Fuerte Partners, a California general partner r A ..,? , I 1688 STATE OF CALIFORNIA Oranse JSS. COUNTY OF I 2 . on May 23, 1990 C- , before me, the undersigned, a Notary Public in and for said State, personally appeared-B J . WS .- L and E" ..................................... , personally known to me (or proved to me on the SBcTaZV,3n behalf of CAROLYN SUMNER NOTARY FL'BLIC - CALIFORNIA fJhis area for official notarial seal) !RETARY OR 6 OF THIS THE BOARD ASSISTANT ECIFICALLY PRPORATION :T IN THIS "--- ---- -- - - - MATTER. , . 1609 . 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: (Notarial acknowledgement of execution by OWNER and BENEFICIARY must be attached. CMWD 89-C-308 STATE OF CALIFORNIA 1 ss COUNTY OF ORANGE ' 1 0 f16grm 1990 before me, the undersigned, a Notary Public n and for said State, personally appeared Alan 5. Davison and Martin V. Jones, personally known to me to be all of the partners of EL FUERTE PARTNERS, a partnership being known to me to be the general partner of DAVISON & JONES EL FUERTE/OAKS PARTNERS a limited partnership that executed the within instrument being known to me to be the general partner of EL FUERTE/OAKS PARTNERS, the limited partnership that executed the within instrument, and acknowledged to me that they executed the same as partners and that such partnership executed the same as general partner of the limited partnership and that such general partnership executed the same. WITNESS my hand and official seal. Signature Jz~,,&$ 3. EXHIBIT "A" AU WAT PORUON OF LOT 28 ACCORDING TO RACT MAP NO. 74-21 IN THE CIN Of CARLSBAD, COUNTY Of SAN DIEGO, STAE OF CAUFORNIA, t7LD IN THE OmCE Of THE COUNTY RECORDER @' Of1 DIEGO COUNTY ON APRIL 13; 1982 AS flff NO. 10372 Of OFRCAL RECORDS. BEING A SRIP Of LAND 155.00 LETIN MD7h: L MNG Z5 EET ON E4CH SIDE AND PARAUEL MW WE FOLLOMNG DESCRIBED ENIU?ffN& PARffZ-1 -- BEGINNING AT WE MOST SOUWDL Y ZQMINUS OF WE SOUTHKSEXL Y ffNE Of SAID LOT 28, SID Porw ALSO BUNG A NORWLRL Y YMINUS OF A CURE- CONCA L~F NORWRL Y HA UNG A RADIUS OF 20.00 EET AND A COVRAL ANGE OF 80'56'58: RADIAL BEARING AT SAID POINT BEING NOR W 51 75'01' EASZ WWff NORTH 38'44 '59' KSZ ALONG WE SAID SOUWKS7ERL Y UNE Of LOT 28, 116 67 m WWCE ALONG A TANGENT CUR M CONCA M NORWEASlERL Y HA YING A RADIUS Of 364.00 ET WROUGH A ENRAL ANGE OF 4'33'01: A ENGW Of 28.91 FEZ A RADIAL UNE THROUGH SAID POINT BEiNG NORW 55'48'03' HSZ SAID POINT ALSO BEING WE RUE POINT OF BEGINNING. WWCE ALONG SAID ffN7ERffNE NOR 7H 55'48'03' EASZ 54.06 EFT TO A POINT HREINARE? REERRED TO AS POINT "A 7 WMCE NORW 2377'35' KSZ 10.00 FEET TO A POINT HEREINAFTER RFZRRED TO AS POINT "B 7 7HGVCE NoRnl2377'35' KSi: 140.61 EET TO A POINT HERHNAAFIER REERRD TO AS POINT 7:. 7HrfiYCF NORW 2377'35' EAS7; 2 62 EEZ WENCE NORTH 00 79 '19' E4SI: 6Z32 EEZ WDCE NORW 587372' E4Sb 13.58 EFT TO A POINT HEREINAFER RERRRED TO AS POINT "D 7 THrfiYCE NORW 5873'12' HS7; 152 16 EEZ W'CE NORW 31'%5'48' KSZ 10.00 EEZ TO A POINT HEREINAFTER REKRRm TO AS POINT "El 7HC"lCE NORW 31'46'48' E4Si: 2250 EFT TO M NORiMES7ERL Y UNE OF SAID LOT 28. WE SID,E7-LIES Of SAID SRIPS OF LAND TO BE UNG7HENED OR SHOREND TO MEET AT ALL ANGLE POINTS AND 7ERMiNA E A T WE SAID SOUWKSIERL Y LOT UNE AND A T SAID NORWKSmL Y L OT UNE. PARCEL 2 ALSO BEGINNING A T WE ABOM MENUONED POINT 'A I WmCE SOUW 3556'33' EAS7; 12519 fEU TO A POINT Of FRMINUS PARcn3 ALSO BEGINIING A T THE dB0 M MHi7ONED POINT 'B WENE NORTH 667225' t;4ST; 1880 EET TO A POINT OF ERMINUS PARCEL 4 ALSO BEGINNING AT WE ABOM MDUONED POINT %I WGYCE SOUW 66'4225' KSZ 18.91 FEET TO A POINT Of IEi7MINU.S. ALSO BEGINNING AT THE ABO M MBVOND POINT "D WWCE SOUR 31'46'48' USZ 2550 EET TO A POINT Of 7ERMNUS. ALSO BEGINNING AT WE ABaM MZXITONED POINT 27 W'GVCE NORW 5873'12' EAS7; 1351 EET TO A POINT Of 7ERMINU.5 EXHlt3IT "B" ACCEPTING WATERLINE EASEMENT FOR LOT 28 CT, 74-21 ON SEA OTTER PLACE # - I .I I1 1613 / / %, '. \ \? VICINITY MAP W 9XLE EXHIBIT 1 PROJECT NAME: LOKER AVENUE EAST pRnJ, NO, PD 361 CMWD 89-C.308