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HomeMy WebLinkAboutCT 97-13; Carlsbad Oaks North Partners LP; 2007-0047587; Subordination Agreementfa HP | Co A RECORDED REQUEST OF First American Title SUBDIVISION MAPPING DEPT. RECORDING REQUESTED BY WHEN RECORDED MAIL TO: City Clerk CITY OF CARLSBAD 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].) DQC# 2007-0047587 JAN 23, 2007 2:10 PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE G R E G 0 RY J. S MIT H. CO U N TY R E CO Fl D E R FEES: 38.00 PAGES: 11 2007-0047587 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO.209-050-23-00 209-050-24-00 PROJECT NO. & NAME: CT97-13 Carlsbad Oaks North Phase 2 Whiptail Loop PR 06-59 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 'f-f/ day of 20 O& by Carlsbad Oaks North Partners, LP, a California limited partnership, owner of the land hereinafter described and hereinafter referred to as "Owner," and Insurance Company of the West, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Carlsbad Oaks North Partners, LP, a California limited partnership, did execute a deed of trust, dated October 13, 2004 to Western Insurance Holdings, Inc. as trustee, to secure the performance of an agreement or other obligation dated October 1 3, 2004 in favor of Insurance Company of the West recorded in the office of the County Recorder of H:\Development Services\PROJECTS\CT FILES\CT 1990 - 1999\CT 97-13 Carlsbad Oaks North - Wickham\Bonds and AgreementsVSUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-59).doc5/31/00 10385 San Diego County on December 16, 2004 as File No. 2004-1183796 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT dated <fxM£<5e2— \T-*2£Cto . in favor of the City of Carlsbad 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 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 H:\Development Services\PROJECTS\CT FILES\CT 1990 - 1999\CT 97-13 Carlsbad Oaks North - WickharMBonds and Agreements\SUBORDINATION AGT TRUST DEED HOLDERS CITY (PR 06-59).doc5/31/00 10386 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 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 HADevelopment Servcces\PROJECTS\CT FILES\CT 1990 - 1999VCT 97-13 Carlsbad Oaks North - Wickham\Bonds and Agreements\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-59).doc5/31/00 10387 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: Insurance Company of the West (print name here) (title and organization of signatory) By: OWNER: Carlsbad Oaks North Partners LP, a California corporation limited partnership By: Sun Tech Investments Corp, a California corporation, its General Partner By: (sign here) Paul K. Tchang (print name here) President, Sun Tech Investment Corp. (title and organization of signatory) (print nartWhere) A-aTs«s-fe\.»vt- S^cv^.'f'V Y (title and organization of signato (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 By:City Attorney H:\Development Services\PROJECTS\CT FILES\CT 1990 - 1999\CT 97-13 Carlsbad Oaks North - Wickham\Bonds and Agreements\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-59).doc5/31/00 10388 State of California ) ) County of San Diego ) Op August 4,2006 before me Susan E. Eubank, Notary Public (Date) (Name, Title of Officer) personally appeared Paul K. Tchang (Name[s] of Signer[s]) l jg personally known to me -OR - n (or 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 entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal ..Signature of/Notapy -•••—*• i~-~*- SUSAN E. EUBANKt.,.-. :3 COMM.# 1394222 S '•' :*''WTAfi-Y PUBLIC-CALIFORNIA 0,....* «, SAN D!E,,0 COUNTy (I COV.1. KXF. KD 13,20??: |(^MlJ(l"liy««l~rt^!^l^(^^-pM^.jyJ*^-jlt^ (This area for official notary seal) Title or Type Of Document Subordination Agreement Carlsbad Oaks North Partners L P and Insurance Company of che West Date of No. of Pages Document Signer(s) other than named above H:\Development Services\PROJECTS\CT FILES\CT 1990 - 1999\CT 97-13 Carlsbad Oaks North - Wickham\Bonds and Agreements\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-59).doc5/31/00 10389 State of California County of San Diego On Si 1^(0 U before me, HaACM (Date)" , N C ., (Name, Title of Officer) personally appeared (Name[s] of Signer[s]) personally known to me -OR - n (or proved to me on the basis of satisfactory evidence) to be the person^ whose name(af) is/afe-subscribed to the within instrument and acknowledged to me that he/sbe/toey executed the same in his/herftbetf authorized capacity(ie^), and that by ir signature(s^ on the instrument the person(i), or entity upon behalf of which the person(sf) acted, executed the instrument. WITNESS my hand and official seal NANCY RUBYCOMM. Signature of Notary NANCY ROW COMM. #1610092 Title or Type of Date Document Signer(s) other Document of than named above No. of Pages H:\Development Services\PROJECTS\CT FILES\CT 1990 - 1999\CT 97-13 Carlsbad Oaks North - Wickham\Bonds and AgreementsiSUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-59).doc5/31/00 10390 ACKNOWLEDGMENT State of California County of San Diego On personally appeared.. before me, Susan Redd, Notary Public ________ (here insert name and title of the officer) £, personally known to me (or proved to mo on the booio of ootiofaotory evidence) to be the person^) whose namep^) is/are subscribed to the within instrument and acknowledged to me that be/she/they executed the same in-We/her/tbeir authorized capacity£j$g), and that by-hts/her/their signature^ on the instrument the person($rt, or the entity upon behalf of which the person^ acted, executed the instrument. WITNESS my hand and official seal. Signature *!l ** COMMA #1442073 NOTARYPUBUC-CALIFORNIA SAN DIEGO COUNTYMy Commission Expires 8EPTeMBER27.2007 (Seal) o CJ O OCXI 10391 DATA TABLE (NO)" / 2 3 4 5 6 7 8 0 DELTA/BEARING S 78'26'29" W N H'33'31" W A = 102V5'JO" S 89'28'01U E S 00'31'59" W N 89'28'01tt W A = 25'59'48° A = 99'02'W" c tA'in'n^" r RADIUS 786.00' 714.00' 20.00' LENGTH 72.00' 194.52' 1400.52' 271.74' 72.00' 271.74' 323.96' 34.57' m OA' DATA > W 10 11 12 13 14 15 16 17 ia DELTA/BEARING A = 34'31'W A = 32'18'39" N 78'39'58" E A = 203'26'20" A = 43'23'37" N 34'30'05" W A = 90'14'46" A = 66'48'40" c ii'T*'7i" r rABL£ RADIUS 764.00' 90.00' 56.00' 836.00' 20.00' 714.00' LENGTH 460.32' 50.75' 50.00' 198.84' 633.15' 18.85' 31.50' 832.58' 1QA SO' CITY OF . OCEANSlOe EASEMENT AREA = 4.21 AC. LEGAL DESCRIPTION A PORTION OF LOT "B" OF RANCHO AGUA HEDIONDA, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 823, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, NOVEMBER 16, 1896. BASIS OF BEARINGS THE BASIS OF BEARINGS IS THE NORTH LIHE OF LOT 3 OF MAP NO. 14926, I.E. N 84'35'16" E CITY OF ENCINITAS VICINITY MAP HO SCALE 2710 Loker Avenue West Suite 100 Carlsbad, California 92010 760-931-7700 Fax: 760-931-8680 NO. 7700 i^\ EXP. 12/31/06 /*fft PUBLIC STREET AND PUBLIC UTILITY\$^ J&v EASEMENT PLAT APPLICANT © CARLSBAD OAKS N. PART., L.P. P.O. BOX 80036 SAN DIEGO, CA 92138 PH. (619) 223-1663 EXHIBIT B TIMOTHY 0. LS. 7700 CARROLL EXP. 12/31/06 CARLSBAD OAKS NORTH PHASE 2 C.T. 97-13 SHT. / OF 2 SHT. PR 06-59 A.P.M. 209-050-23,24 I: \961 OOb\/PBROW.dwg Oct \T, 2006 1: 05pm Xrefs; 9605ASTR; 9605AMAP; 9605AN; 9605BMAP oo a O icooc^ © 10392 FUTURE WHIPTAIL GAZELLE CT. Lor 12 OP£N SPAC. CONS 2710 Loker Avenue West Suite 100 Corlsbcd, California 92010 760-931-7700 Fax: 760-931-8680 PUBLIC STREET AND PUBLIC UTILIT) EASEMENT PLAT APPLICANT CARLSBAD OAKS N. PART., LP. P.O. BOX 80036 < SAN DIEGO, CA 92138 PH. (619) 223-1663 EXHIBIT "B" TIMOTHY 0. tARROLL LS. 7700 EXPJ2/31/06 CARLSBAD OAKS NORTH PHASE 2 C.T. 97-13 SHT. 2 OF 2 SHT. PR 06-59 A.P.M. 209-050-23,24 : \yo 1 (JUD \ZHtiKuW dwg Oct 1 /, zOUb 1: Ozpm refs: 9605ASTR; 9605AMAP; 9605AN; 9605BWAP 10393 JULY 27, 2006 J.N. 961005 PAGE 1 OF 2 EXHIBIT "A" LEGAL DESCRIPTION EASEMENT FOR PUBLIC STREET AND PUBLIC UTILITY PURPOSES WHIPTAIL LOOP PR 06-59 A PORTION OF LOT 'B' OF RANCHO AGUA HEDIONDA, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 823, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON NOVEMBER 16, 1896, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE MOST WESTERLY CORNER OF LOT 4 OF MAP NO. 14926, SAID MAP BEING RECORDED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON DECEMBER 15, 2004; THENCE, ALONG THE NORTH RIGHT-OF-WAY LINE OF WHIPTAIL LOOP OF SAID MAP, SOUTH 78°26'29" WEST 72.00 FEET TO A POINT ON THE EAST LINE OF LOT 3 OF SAID MAP; THENCE, LEAVING SAID NORTH RIGHT-OF-WAY ALONG SAID EAST LINE, NORTH 11° 33'31" WEST 194.52 FEET TO THE BEGINNING OF A 786-FOOT RADIUS CURVE CONCAVE SOUTHEASTERLY; THENCE, CONTINUING ALONG SAID EAST LINE, NORTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 03°10'04" A DISTANCE OF 43.46 FEET TO THE NORTHEAST CORNER OF SAID LOT 3; THENCE, LEAVING SAID EAST LINE, CONTINUING NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 98°55'26" A DISTANCE OF 1357.06 FEET; THENCE SOUTH 89°28'01" EAST 271.74 FEET; THENCE SOUTH 00°31'59" WEST 72.00 FEET; THENCE NORTH 89°28'01" WEST 271.74 FEET TO THE BEGINNING OF A 714-FOOT RADIUS CURVE CONCAVE SOUTHEASTERLY; THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 25°59'48" A DISTANCE OF 323.96 FEET TO THE BEGINNING OF A COMPOUND 20-FOOT RADIUS CURVE CONCAVE EASTERLY, THE RADIAL LINE TO SAID BEGINNING BEARS NORTH 25°27'49" WEST; THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 99°02'16" A DISTANCE OF 34.57 FEET; THENCE SOUTH 34°30'05" EAST 10.24 FEET TO THE BEGINNING OF A 764-FOOT RADIUS CURVE CONCAVE NORTHEASTERLY; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 34°31'18" A DISTANCE OF 460.32 FEET TO THE BEGINNING OF A COMPOUND 90-FOOT RADIUS CURVE CONCAVE NORTHERLY, THE RADIAL LINE TO SAID BEGINNING BEARS SOUTH 20°58'37" WEST; THENCE EASTERLY ALONG THE ARC OF SAID CURVE 10394 JULY 27, 2006 J.N. 961005 PAGE 2 OF 2 THROUGH A CENTRAL ANGLE OF 32°18'39" A DISTANCE OF 50.75 FEET; THENCE NORTH 78°39'58" EAST 50.00 FEET TO THE BEGINNING OF A 56- FOOT RADIUS CURVE CONCAVE WESTERLY; THENCE EASTERLY, SOUTHERLY AND WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 203°26'20" A DISTANCE OF 198.84 FEET TO THE BEGINNING OF A COMPOUND 836-FOOT RADIUS CURVE CONCAVE NORTHEASTERLY, THE RADIAL LINE TO SAID BEGINNING BEARS SOUTH 12°06'18" WEST; THENCE NORTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 42°23'37" A DISTANCE OF 633.15 FEET; THENCE NORTH 34°30'05" WEST 18.85 FEET TO THE BEGINNING OF A 20-FOOT RADIUS CURVE CONCAVE SOUTHERLY; THENCE WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 90°14'46" A DISTANCE OF 31.50 FEET TO THE BEGINNING OF A COMPOUND 714-FOOT RADIUS CURVE CONCAVE EASTERLY, THE RADIAL LINE TO SAID BEGINNING BEARS NORTH 34°44'51" WEST; THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 66°48'40" A DISTANCE OF 832.58 FEET; THENCE SOUTH 11°33'31" EAST 194.52 FEET TO THE POINT OF BEGINNING. AREA = 183,337 S.F. (4.21 AC) J 0:\LEGAL DESCRIPTIONS\961005\3-ROW.LGL.DOC