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Home My WebLink AboutCT 99-03; Fieldstone/La Costa Associates; 2006-0508576; Subordination Agreement^ECOROFD AT THE REQUEST OF CHICAGO TITLE COMF^NY SUBDIVISION 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].) DOC# 2006-0508576 JUL19, 2006 1:33 PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE GREGORY J. SMITH. COUNTY RECORDER FEES: 0.00 PAGES: 9 2006-0508576 SPACE ABOVE THIS LINE FOR RECORDER'S USE 10806 213-110-02-00 CT 99-03 ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: La Costa Greens - Village 1.1 and 1.2 Public Sewer Easement Lot 2 PR Q6-4£3(B) Ofe -Q3 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 20 OVe by Real— — Estate Collateral Management Company, a Delaware corporation, owner of the land hereinafter described and hereinafter referred to as "Owner," and HFC Commercial Realty, Inc., a Delaware corporation, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Fieldstone/La Costa Associates Limited Partnership, a California limited partnership, did execute a deed of trust, dated November 5, 1988 to First American Title Insurance Company as trustee, to secure a note in the sum of $150,000,000 dated November 5,1988 in favor of Continental Illinois National Bank and Trust Company of Chicago, a national banking association recorded in the office of the County Recorder of San Diego County on 1 H \Development Services\PROJECTS\CT FILES\CT 1990 - 1999\CT 99-03 Villages of La Costa Greens - Riddle-Wickham\Deeds-Easements\SUBORDINATION ACT TRUST DEED HOLDERS CITY PR 04-103(8} Sewer doc 5/31/00 10807 November 17, 1988 as File No. 88-592631 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT dated FW;\ ai.aecfc, in favor of the City of Carlsbad as grantee herein referred NT " * 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, 2 H:\Development Services\PROJECTS\CT FILES\CT 1990 - 1999\CT 99-03 Villages of La Costa Greens - Riddle-Wickham\Deeds-Easements\SUBORDINATION ACT TRUST DEED HOLDERS CITY PR 04-103(8) Sewer .doc 5/31/00 10808 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 1990 - 1999VCT 99-03 Villages of La Costa Greens - Riddle-Wickham\Deeds-Easements\SUBORDINATION AGT TRUST DEED HOLDERS CITY PR 04-103(6) Sewer .doc 5/31/00 10809 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: HFC Commercial Realty, Inc., a Delaware corporation as assignee per document number 199-074424 recorded D/ecember 6,1999 OWNER: Real Estate Collateral Management Company, a Delaware corporation By* (sign here) I (sign here) (print name here)(print name here) (title and organization of signatory) By: (sign here) (print name here) (title and organization of signatory) (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 Attori Deputy City Attorney H:\Development Services\PROJECTS\CT FILES\CT 1990 - 1999\CT 99-03 Villages of La Costa Greens - Riddle-Wickham\Deeds-Easements\SUBORDINATION ACT TRUST DEED HOLDERS CITY PR 04-103(B) Sewer .doc 5/31100 10810 State of -California _Z/^ County of Sen Diego On &"<• 31, 3&C, before me,Mr MM (Date) personally appeared (Name, Title of Officer) (Name[s] of Signer[s]) _, M personally known to me -OR - U (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 Notary DIANA C. MORENO u^™LI± STATE OF ILLINOIS tO/4/2009 — -*r^f\^\f (This area for official notary seal) Title or Type of Document Date of Document No. of Pages Signer(s) other than named above H:\Development Services\PROJECTS\CT F1LES\CT 1990 - 1999\CT 99-03 Villages of La Costa Greens - Riddle-Wickharn\Deeds-Easements\SUBORDINATION ACT TRUST DEED HOLDERS CITY PR 04-103(8) Sewer .doc 5/31/00 10811 STATE OF ILLINOIS COUNTY OF COOK ss. On ftf f IL -3- "?, &&>. 2006 before me, Diana C. Moreno, Notary Public, PERSONALLY APPEARED Fred Schimel 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 entity upon behalf of which the person acted, executed the instrument. WITNESS my hand and official seal. Signature: Diana C. Moreno NOTARY PUBLIC, STATE OHUJNOIS, .,,111. v/l ILUIWO MY COMMISSION j-XPJRES 10/4/2009 10812 PR 05-103 EXHIBIT "A" LEGAL DESCRIPTION SEWER EASEMENT-LOT 2 THAT PORTION OF LOT 2 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 THE NORTHERLY AND WESTERLY SIDELINE BEING DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF SAID LOT 2; THENCE ALONG THE NORTHERLY LINE THEREOF, NORTH 81°52'03" WEST (NORTH 81°52'46'' WEST, PER MAP NO. 14543), 303.72 FEET TO THE NORTHWEST CORNER OF SAID LOT 2; THENCE ALONG THE WESTERLY LINE OF SAID LOT 2, SOUTH 08°09'08" WEST (SOUTH 08°08'25" WEST, PER MAP NO. 14543) 228.56 FEET TO THE POINT OF TERMINUS. THE SOUTHERLY SIDELINE OF THE HEREINABOVE DESCRIBED 30.00 FOOT WIDE STRIP OF LAND TO BE SHORTENED OR EXTENDED SO AS TO TERMINATE EASTERLY IN THE EASTERLY LINE OF SAID LOT 2. THE HEREINABOVE DESCRIBED PARCEL OF LAND CONTAINS 15,069 SQUARE FEET MORE OR LESS. DAVID W. AMBLER L.S. 7322 Page 1 of 1 M:\2352\123\Legal descriptions\A-31 La Costa Greens Sewer Lot 2.doc WO 2352-116 2/21/06 10813 S/7E LEGEND r-— -j INDICATES SEWER EASEMENT AREA L'ii'JJJ AREA - 15,069 S.F. , , . INDICATES ABUTTER'S RIGHT OF /// ACCESS RELINQUISHED PER MAP ' ' ' NO. 14543. P.O.B. INDICATES POINT OF BEGINNING , , INDICATES RECORD DATA PER MAP ( ' NO. 14543. LEGAL DESCRIPTION TAHT PORTION OF LOT 2 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 HUNSAKER & ASSOCIATES SAN DIEGO, INC PLANNING 10179 Huennekens Street ENGINEERING San Diego, Ca 92121 SURVEYING PH(858)558-4500- FX(858)558-1414 R:\0510\Mtap\EP Sewer Lot 2 SHT OLdwq Feb-21-2006: 10: 14 in. 2352-110 JHAUJ JMU. LA COSTA QR££NS MAP NO. 14543 SHEET 1 OF 2 SEWER EASEMENT PLAT - C/7Y OF CARLSBAD APPLICANT/OWNER: REAL ESTATE COLLATERAL MANAGEMENT COMPANY C/0 MORROW DEVELOPMENT 10903 WIGHT PLACE, SUITE CARLSBAD. CA 92008 180 PREPARED BY: DAVID W. AMBLER IS 7322 EXPIRES: 12/31/07 PROJECT: CARLSBAD TRACT NO. 99-03 LA COSTA GREENS PR. 05-103 A.P.N.: 213-110-02 EXHIBIT "B! 200 300 10814 CL 60' WIDE ACCESS OPENING PER MAP NO. 14545 30' SDG&E EASEMENT RECORDED 7/27/60 AS FILE NO. 60-151772 OF O.R. EASEMENT TO THE CITY OF CARLSBAD FOR SLOPE & DRAINAGE PURPOSES RECORDED 7/24/70 AS FILE NO. 70-130797 OF O.R. PJVL 1186 CARLSBAD TRACT NO, 99-03 LA COSTA GREENS MAP NO, 14643 NORTHERLY LINE OF LOT 2 P.O.B. \\\ HUNSAKER & ASSOCIATES SAN DIEGO, INC \ PLANNING 10179 Huennekens Street ENGINEERING San Diego, Ca 92121 SURVEYING PH(858)558-4500- FX(858)558-1414 R:\0510\fcMop\EP Sewer Lot 2 SHT O2.dwg Feb-21-2006: 09: 57 jn. 2352-110 SHEET 2 OF 2 SEWER EASEMENT PLAT - CITY OF CARLSBAD APPLICANT/OWNER: REAL ESTATE COLLATERAL MANAGEMENT COMPANY C/0 MORROW DEVELOPMENT 10903 WRIGHT PLACE, SUITE CARLSBAD. CA 92008 180 PROJECT: CARLSBAD TRACT NO. 99-03 LA COSTA GREENS PR. 05-103 A.P.N.: 213-110-02 EXHIBIT "B!