The URL can be used to link to this page

Home My WebLink AboutCT 90-03; Continental Residential Inc; 2002-0036493; Subordination Agreement,. ,. RECORDING REQUESTED BY City Clerk Carlsbad, CA 92008 1200 Carlsbad Village Dr. Please record the document at the District (Gov. Code (61031.) no fee as it is to the benefit of CITY OF CA~LSBAD 025623 DOC # 2002-0036493 JRN 15. 2002 4:59 PM OFFICIAL Bmu)6 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. 264-010-43 PROJECT NO. & NAME: CT 90-03 Tiburon, Unit 4 PR 01-78 SUBORDINATION AGREEMENT (TRUST DEED HOLDERS) NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AMHE EASEMENT 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 8th day of January 20% by Continental Residential, Inc., a California Corporation, owner of the land hereinafter described and hereinafter referred to as "Owner," and Daniel T. Shelley, a married man as his sole and separate property, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Continental Residential, Inc., a California Corporation, did execute a deed Df trust, dated November 6, 2000 to First American Title Insurance Company, a California Corporation as trustee, to secure a note in the sum of $21,568,000.00 dated November 6, 2000 in favor of Daniel T. Shelley, a married man as his sole and separate property recorded in the office of the County Recorder of San Diego County on November 6,2000 as File No. 2000- 1 U8518rriFDlmE/SubordinaflOn A@ TwSt Deed Holdem City Rev. 5131100 .I .. ~25624 0601722 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT dated do". 9/ m/, in favor of the City of Carlsbad as grantee herein referred to as "Easement Grantee" creating AN/THE EASEMENT more particularly described in EXHIBITS 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, 025625 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. I/(We) consent to and approve the grant of EASEMENT in favor of the Easement Grantee. 2. V(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 ISIARE 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 Ill Ill Ill Ill 3. This Agreement represents an endorsement to the note secured by the deed 3 Rev. 5J31mO Df 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: Daniel T. Shelley, a married man as his sole and separate - V aNtgL r. SH~LL_CY ?print name here) (title and organization of signatory) By: (sign here) (print name here) (title and organization of signatory) OWNER: Continental Residential, Inc., a California Corporation (sign here) bhctfO h” LOT- (print name here) v. P. (title and organization of signatory) By: (sign here) (print name here) (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 Attorney 4 Rev 5131100 State of California 1 County of San Diego ) ) ss. On November 9, 2001 before me, Toni Carter, Notary Public, personally appeared Dave Lother, of Continental Residential. Inc., personally known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. **". '. , .I '. "' ,> ?!. +: hand and official seal. Tozi Carter, Notary Public 025628 GOVERNMENT CODE 27361 .T - I CERTIFY UNDER PENALTY OF PERJ%RY THAT THE NOTARY SEAL ON THE DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS FOLLOWS: / /dN1 .,- (57% Name of the Notary: Commission Number: fl'l Date Commission Expires: %% ~7zWs County Where Bond is Filed: of99 Manufacturer or Vendor Number: (Located on both sides of the notary seal border) 1 Signature: __" Firm Name (if applicable) Place of Execution: Date: - 025629 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California } ss. county of G 0 personally known to me e idence to be the person(s) whose name(s) islare subscribed to the within instrument and the same in his/her/their authorized acknowledged to me that helshelthey executed capacity(ies), and that by his/her/their signature(?.) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and offici seal. 3 proved to me on the basis of satisfactory Place Notary Seal Above Sig dJ&,T "re (11 Notaly Public 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 reanachment of this form to another document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer@) Other Than Named Above: Capacity(ies) Claimed by Signer D Individual 0 Corporate Officer -Title@): 0 Partner - 0 Limited 0 General 0 Attorney in Fact 0 Trustee 0 Guardian or Conservator Signer Is Representing: 0 1997 National Notary ASSOCiBfion f 9350 De Solo Ave.. P.O. BOX 2402 * ChatWOnh, CA 91313-2402 Prod. NO. 5907 Reorder: Call Toll-Free 1-800-676-6 PR 01-78 LEGAL DESCRIPTION EXHIBIT 'A' STREET EASEMENT BEING A PORTION OF LOT 255 OF CARLSBAD TRACT NO. 90-3, IN THE CITY OF SAN DIEGO, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 14196, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY APRIL 25, 2001, MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE EASTERLY TERMINOUS OF A LINE WHICH BEARS NORTH 70°17'12" CATED ON MAP NO. 14196 ALSO BEING THE BEGINNING OF A TANGENT 410.00 FOOT AND THE ARC OF SAID CURVE RADIUS CURVE CONCAVE TO THE SOUTH; THENCE ALONG SAID SOUTHERLY RIGHT-OF-WAY EAST 320.81 FEET IN THE SOUTHERLY RIGHT-OF-WAY OF AVENIDA ARAGON AS DEDI- 1. EASTERLY 2. SOUTHWESTERLY 3. SOUTHWESTERLY 65.37 FEET THROUGH A CENTRAL ANGLE OF 9"08'08" TO THE BEGINNING OF A NON-TANGENT 15.50 FOOT RADIUS CURVE CONCAVE TO THE NORTH, A RADIAL LINE TO SAID BEGINNING BEARS SOUTH 36"28'27" EAST; THENCE LEAVING SAID SOUTHERLY SAID CURVE RIGHT-OF-WAY ALONG THE ARC OF 10.35 FEET THROUGH A CENTRAL ANGLE OF 38"16'17" TO THE BEGINNING OF A 10.00 FOOT RADIUS REVERSE CURVE CONCAVE TO THE SOUTHEAST, A RADIAL LINE TO SAID BEGINNING BEARS NORTH Ol"47'50" EAST; THENCE ALONG THE ARC OF SAID CURVE 12.22 FEET THROUGH A CENTRAL ANGLE OF 70"02'03" TO THE BEGINNING OF A 47.50 FOOT RADIUS REVERSE CURVE CONCAVE TO THE NORTH, A RADIAL LINE TO SAID BEGINNING BEARS SOUTH 68 "14 ' 13" EAST; THENCE ALONG THE ARC OF SAID CURVE 4. SOUTHWESTERLY AND 89.68 FEET THROUGH A CENTRAL ANGLE OF NORTHWESTERLY 108"10'2~" ' TO THE INTERSECTION WITH SAID SOUTHERLY RIGHT-OF- WAY: THENCE ALONG SAID SOUTHERLY RIGHT-OF-WAY 5. NORTH 70"17'12" EAST 32.80 FEET TO THE POINT OF BEGINNING. - CONTAINS 0.031 ACRES, MORE OR LESS. L.S. 6641 EXPIRATION DATE 12/31/03 B\WY\LEWU1\1600\160?STDED-Z.mC (08/29/011 JRL PAGE 2 OF 2 025632 -