HomeMy WebLinkAboutCT 99-03; ECR Corporate Center; 2006-0508574; Subordination Agreement"..-:; ;::.<r;rr» <v: THt RH^UEST OF
CHICAGO TITLE COMRWY
SUBDIVISION DEPT.DQC# 2006-0508574
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].)
JUL19, 2006 1:33 PM
OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
G R E G 0 RY J. S MIT H. CO U N TY RECORDER
FEES: II00
PAGES- 10
2006-0508574
SPACE ABOVE THIS LINE FOR RECORDER'S USE
10791
216-110-01-00
CT 99-03
ASSESSOR'S PARCEL NO.
PROJECT NO. & NAME:
La Costa Greens - Village 1.1 and 1.2
Public Sewer Easement Lot 1 PR 05-103
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 J_ day of June ., 2006 by ECR
Corporate Center, L.P., a California limited partnership, owner of the land hereinafter described and
hereinafter referred to as "Owner," and City National Bankj a national banking association,
present owner and holder of the deed of trust hereinafter described, hereinafter referred to as
"Beneficiary;"
WITNESSETH
WHEREAS, ECR Corporate Center, L.P., did execute a deed of trust, dated January 18,
2006 to Chicago Title Insurance Company, a California corporation, as trustee, to secure a note in
the sum of 3,711,500 dated January 18, 2006, in favor of City National Bank^ a national banking
association, recorded in the office of the County Recorder of San Diego County on January 26,
H:\Development Services\PROJECTS\CT FILES\CT 1390 -1999\CT 99-03 Villages of La Costa Greens - Riddle-Wickham\Deeds-Easements\SUBORDINATION ACT TRUST
DEED HOLDERS CITY PR 04-103 Sewer .doc 5/31/00
10792
2006 as File No. 2006-0058210 of Official Records of said county; and
WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT
dated June 7, 2006, jn 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 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
2
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DEED HOLDERS CITY PR 04-103 Sewer .doc 5/31/00
10793
described, any prior agreement as to such subordination including, but not limited to, those provi-
sions, 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. This Agreement represents an endorsement to the note secured by the deed
3
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DEED HOLDERS CITY PR 04-103 Sewer .doc 5/31/00
10794
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:
City National Bank,
banking association
a national
OWNER:
ECR Corporate Center, L.P., a California limited
partnership
By: ECR Carlsbad Management, LLC, a
Delaware limited liability company
Its: General Partner
By: WBC Investments, LLC, a California
limited liability company, Its: Co-
managing member
By:
(sign here)
John C. White, Co-Manager
(print name here)
(title and organization of signatory)
By:
(print name here)
Co-Manager, WBC Investments, LLC
(title and organization of signatory)
By: Finest City Realty Advisors, Inc. a California
corporation, Jts: ^Co-Managing Member
By:
(sign here)I (sign here)
Charles Abdi
(print name h
(tjtte'and organization of signatory)
(print name here)
President, Finest City Realty Advisors, Inc
(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 Atti
Jeputy City Attorney
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DEED HOLDERS CITY PR 04-103 Sewer .doc 5/31/00
10795
State of California
County of San Diego
On 5un£7,aa& before me,
(Date)
personally appeared
K.FUb H
(Name, Title of Officer
L-, .
(Name[siof Signerfs])
l ^personally known to me -OR • n
(or proved to me on the basis of satisfactory evidence) to be the person(!5) whose namefe)
is/afe subscribed to the within instrument and acknowledged to me that he/she/they executed
the same in his/her/their authorized capacity(te^, and that by his/tior/thohr signature^) on the
instrument the personr», or entity upon behalf of which the personfc).acted, executed the
instrument.
WITNESS my hand and official seal
JENNINE K MARTINEZ
Commission # 1406268
Notary Public • CaWomta
San Diego County
MyComm Expires Apr 27,
(This area for
official notary seal)
Title or Type of Document <& u bond (V\O~b cTH /\Qf&&Jfn£/l~h
Date of Document TnHC 7, c^OO (j No. of Pages 7
Signer(s) other than named above
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DEED HOLDERS CITY PR 04-103 Sewer .doc 5/31 /OO
10796
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
ss.
8'Zxoou before me,Al
personally
On "To
Notary Public, personally appeared
known to me or proved to me on the basis of satisfactory evidence to be the
whose namej^r isl&f subscribed to the within instrument, and acknowledged to me that
he/§keYth0y executed the same hi his/herfUusif authorized capacityCi^s-F, and that by
his/hef/therf signatureJ^T'on the instrument the person^or the entity upon behalf of
which the person(s^acted, executed the instrument.
WITNESS my hand and official seal.
BRADAUICK
Commfctton* 1498997
Notary Pubfic - CoMomto
Contra Cotto County
My Comm. ExpftM Jul 6.2008
STATE OF CALIFORNIA
COUNTY OF
)
) ss.
On (p -M
personally appeared
p/FOVCd ~\\j ulv Oi
, before me,- Off,
of
, personally known to me -or
j to be the person(#J whose name(x5
subscribed to the within instrument, and acknowledged to me that
executed the same in his/hef7thefr authorized capacity(jes^, and that by his/her/their
signature^ on the instrument the person($ or the entity upon behalf of which the
personj^) acted, executed the instrument.
WITNESS my hand and official seal.
SUZANNE R.\
CONN. #1377*38NOTARYPUBUC-OUFOWA
r~
MY COMM. EXPIRES OCT. 03,
10797
PR 05-103
EXHIBIT "A"
LEGAL DESCRIPTION
SEWER EASEMENT-LOT 1
THAT PORTION OF LOT 1 OF CARLSBAD TRACT NO. 99-03 LA COSTA GREENS, IN THE
CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO
MAP THEREOF NO. 14543, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN
DIEGO COUNTY ON FEBRUARY 12, 2003, BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
BEING A 30.00 FOOT WIDE STRIP OF LAND LYING 15.00 FEET ON EACH SIDE OF THE
FOLLOWING DESCRIBED CENTERLINE:
COMMENCING AT THE NORTHWEST CORNER OF SAID LOT 1; THENCE ALONG THE
NORTHERLY BOUNDARY THEREOF SOUTH 89°17'03" EAST (SOUTH 89°17'46" EAST,
PER MAP NO. 14543), 15.13 FEET TO A LINE THAT IS PARALLEL WITH AND 15.00 FEET
EASTERLY OF THE WESTERLY BOUNDARY OF SAID LOT 1, SAID POINT ALSO BEING
THE TRUE POINT OF BEGINNING; THENCE LEAVING SAID NORTHERLY BOUNDARY
ALONG SAID PARALLEL LINE SOUTH 08°09'08" WEST, 311.67 FEET TO THE NORTHERLY
BOUNDARY OF LOT 2 OF SAID MAP NO. 14543 AND THE POINT OF TERMINUS.
THE SIDELINES OF THE HEREINABOVE DESCRIBED STRIP OF LAND TO BE
SHORTENED OR EXTENDED SO AS TO TERMINATE SOUTHWESTERLY IN THE
NORTHERLY BOUNDARY OF SAID LOT 2 AND NORTHEASTERLY IN THE NORTHERLY
BOUNDARY OF SAID LOT 1.
Page 1 of 2
M:\2352\123U_egal descriptions\A-17 La Costa Greens Sewer Lot l.doc
WO 2352-116 3/22/06
10798
THE HEREINABOVE DESCRIBED 30.00 FOOT WIDE STRIP OF LAND CONTAINS 9,350
SQUARE FEET MORE OR LESS.
DAVID W. AMBLER L.S. 7322
HUNSAKER & ASSOCIATES SAN DIEGO, INC.
Page 2 of 2
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WO 2352-116 3/22/06
10799
LEGEND
r— — —. INDICATES SEWER EASEMENT AREA
IV.Y.Y.J AREA - 9,350 S.F.
, , . INDICATES ABUTTER'S RIGHT OF
/// ACCESS RELINQUISHED PER MAP
' ' ' NO. 14543.
p r\r INDICATES POINT OF
/-.i/.o. COMMENCEMENT
TPn P INDICATES TRUE POINT OFl.r.U.D. BEGINNING
f \ INDICATES RECORD DATA PER MAP
1 ' NO. 14543.
LEGAL DESCRIPTION
THAT PORTION OF LOT 1 OF CARLSBAD TRACT
NO. 99-03 LA COSTA GREENS, IN THE CITY OF
CARLSBAD, COUNTY OF SAN DIEGO, STATE OF
CALIFORNIA, ACCORDING TO MAP THEREOF NO.
14543, FILED IN THE OFFICE OF THE COUNTY
RECORDER OF SAN DIEGO COUNTY, FEBRUARY
12, 2003.
BASIS OF BEARINGS
THE BASIS OF BEARINGS FOR THIS SURVEY IS
THE CALIFORNIA COORDINATE SYSTEM - 1983,
ZONE VI, 1991.35 EPOCH, NORTH AMERICAN
DATUM OF 1983 (NAD83), GRID BEARING
BETWEEN STATION CLSB-153 AND STATION
CLSB-070 AS SAID COORDINATES ARE
PUBLISHED IN THE CITY OF CARLSBAD SURVEY
CONTROL NETWORK ESTABLISHED BY RECORD OF
SURVEY MAP NO. 17271. FILED IN THE OFFICE
OF THE SAN DIEGO COUNTY RECORDER ON
FEBRUARY 8, 2002. IE: N 36'47'12" W
,PROJECT
-SITE
ALGA ROAD
VICINITY MAP
NTS
HUNSAKER
& ASSOCIATES
SAN DIEGO, INC
PLANNING 10179 Huemekens Street
ENGINEERING San Diego, Ca 92121
SURVEYING PH(858)558-4500- FX(858)5584414
R:\0510\fcMap\EP Sewer Lot 1 SHT Ol.dwq Mar-22-2006:18: 21 In. 2352-110 SHEET 1 OF 2
SEWER EASEMENT PLAT - CfTY OF CARLSBAD
APPLICANT/OWNER:
REAL ESTATE COLLATERAL
MANAGEMENT COMPANY
C/0 MORROW DEVELOPMENT
10903 WRIGHT PLACE, SUITE
CARLSBAD. CA 92008
180
PREPARED BY:
DAVID W. AMBLER US 7322
EXPIRES: 12/31/07
PROJECT:
CARLSBAD TRACT
NO. 99-03
LA COSTA GREENS
PR. 05-103
A.P.N.:
213-110-01
EXHIBIT "B5
100 200 300
loaoo
p.o.c.
30' SDG&E EASEMENT
RECORDED 7/27/60 AS Fll
NO. 60-151772 OF O.K.
BASEMENT TO THE CITY OF
•XRLSBAD FOR SLOPE &
DRAINAGE PURPOSES
RECORDED 7/24/70 AS FILE
VO. 70-130797 OF O.R.
50' WIDE ACCESS
NING PER MAP NO. 14543
SCALE 1"=100'
(N89'17'46-W) p y -l-lgg
•N89'17'03"W 15.13' /Jj
T.P.O.B.
CARLSBAD TRACT
NO, 99-03
LA COSTA GREENS
MAP NO, 14543
LOT 1
NORTHERLY LINE
OF LOT 2
HUNSAKER
& ASSOCIATES
SAN DIEGO, INC
PLANNING 10179 Huemekens Street
ENGINEERING San Diego, Ca 92121
SURVEYING PH(858)5584500- FX(858)558-1414
R:\0510\Mitap\EP Sewer Lot 1 SHT OZ.dwq Mor-22-2006:1& 21 In. 2352-110 SHEET 2 OF 2
SEWER EASEMENT PLAT - CfTY OF CARLSBAD
APPLICANT/OWNER:
REAL ESTATE COLLATERAL
MANAGEMENT COMPANY
C/0 MORROW DEVELOPMENT
10903 WRIGHT PLACE. SUITE 180
CARLSBAD. CA 92008
PROJECT:
CARLSBAD TRACT
NO. 99-03
LA COSTA GREENS
PR. 05-103
A.P.N.:
213-110-01
EXHIBIT "B5