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Home My WebLink AboutCUP 258B; KSL LA Costa Resort Corporation; 2003-0760014; Subordination AgreementDOC # 2003-0760014 RECORDING REQUESTED BY WHEN RECORDED MAIL TO: District Secretary Carlsbad Municipal Water District 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].) J'UN 261 2003 4=09 PM OFFICI# REm W DIEGO MLR(Ty RECORDER'S OFFICE GREfio8y J. SHIM, WUHpl REXXRDER FEES: 0.00 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. 21 6-1 23-07 ___ PROJECT NO. & NAME: LA COSTA RESORT AND SPA Waterline easement for PR 02-1 39 CUP 258(B) SUBORDINATION AGREEMENT (TRUST DEED HOLDERS) NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO THE 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 @day of d&&- ,20p by KSL La Costa Resort Corporation, owner of the land hereinafter described and hereinafter referred to as "Owner," and Wells Fargo Bank, National Association, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, KSL La Costa Resort Corporation, did execute a deed of trust, dated April 29, 2002 to American Securities Company, as trustee, to secure a note in the sum of $60,000,000 dated April 29, 2002 recorded in the office of the County Recorder of San Diego County on April 30,2002 as File No. 2002-0363030 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of , in favor of the Carlsbad Municipal Water District as EASEMENT dated 3 - ab03 1 H /Development Serviws/Masters/Forms/Subordlnatlon Agt Trust Deed Holders CMWD Rev 5/31/M) grantee herein referred to as "Easement Grantee" creating an EASEMENT more particularly described in EXHIBITS A & 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 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 2 H:/Development Services/Masters/Fors/Subordination Agt Trust Deed Holders CMWD Rev. 5/31/00 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. I/(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. Ill Ill Ill Ill Ill Ill Ill Ill Ill Ill Ill Ill Ill Ill 3 H:/Development ServiceslMasterslFormsISubordination Agt Trust Deed Holders CMWD Rev. 5/3 1 Mo , 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: Wells Fargo Bank, National Association \P (title ahd organizatidtof dnatory) A (title and orgafdzation of sightory) (Proper notarial acknowledgment of execution attached.) OWNER: KSL La Costa Resort Corpor tion, a Delaware Cor B oration By: (sign here) ' \- (print nawe here) i. 4 (title and organization of signatory) By: (sign here) (print name here) (title and organization of signatory) by BENEFICIARY AND OWNER must be (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 General Counsel 4 H:/Development Services/Masters/Fons/Subordination Agt Trust Deed Holders CMWD Rev. 5/31/00 CALIFORNIA ALLPURPOSE ACKNOWLEDGMENT State of California I Name and Title d Offcer (e g , "Jane Doe, Ndary Publc') On 4 - 1% - 2GG3 before me, Daie Name@) 01 Signer@) personally appeared TL4-J --kL dews @personally known to me 0 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 helshelthey 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 the entity upon behalf of which the person(s) acted, executed the instrument. Sign lure 01 Notary Public 0 PTIONA L 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 reattachment of this form to another document. / Gr.+ peed of Geimect (\ -1 Description of Attached Document Title or Type of Document: 5LLbh' &AhL hvmt(wMH0k) Document Date: 3- 25 - 2-003 Number of Pages: 5w+d,ltpd. Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: PL-1 '- Mek_ dW 0 Individual WCorporate Officer - Title(s): - kC?h-'V-tl 0 Partner - 0 Limited 0 General 0 Attorney-in-Fact 0 Trustee 0 Guardian or Conservator 0 Other: Signer Is Representing: fu --Fap-ac EEL&! h). A. Top of thumb here ik 0 1999 National Notary Association 9350 De Sot0 Ave.. P.O. Box 2402 * Chatsworlh. CA 91313-2402 www.nationalnotary.org Prod. No. 5907 Reorder: Call Toll-Free 1-800-876-6327 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT I State of California On Apt, v \ 3, ZOO3 , before me, Patricia D, Petkins, Notary Public, DaTe Name and Title of Officer (e.g., "Jane Doe, Notary Public") A I Name@) of Signer($ personally appeared hnw Evan4 - &personally known to me to be the person@ whose name@ is/- subscribed to the within instrument and acknowledged to me that-be/sheMq executed the same in kie/her/(keir authorized capacity@), and that by .kis/her/W signature@ on the instrument the persow, or the entity upon behalf of which the person@ acted, executed the instrument. WITXSS my hand and ofJiqal seal. Place Notaly Seal Above 7%iu&?L%*- *. Signature of Notary 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 reaftachment of this form to another document. Description of Attached Docum nt Title or Type of Document: Document Date: '34 -63 b 5-i n&bfi A4f-t Number of Pages: Signer(s) Other Than Nam-ed Above: 0 Individual &Corporate Officer - Title(s): \1 0 Partner - 0 Limited 0 General 0 Attorney in Fact 0 Trustee 0 Guardian or Conservator 0 Other: Q 1999 National Notary Association * 9350 De soto Am., P.O. Box 2402 * Chaisworth. CA 91313-2402 * wwu.nationalnotary.org Prod. No. 5907 Reorder: Call Toll-Free 1-800876-6827 State of California ) ) County of San Diego ) (Date) (Name, Title of-bfficer) (Name[s] of Signer[s]) personally appeared 0 personally known to me -OR - €f (or proved to me on the basis of satisfactory evidence) to be the person@) 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 r! (This area for Signature of Notary official notary seal) Title or Type of Document Date 5- No. of Pages Of 3-2-8439 Document // Signer(s) other than named above II 5 i:IDeveloprnent Services/MasterslFormslSubordination Agt Trust Deed Holders CMWD Rev. 5/31/M) J-14107F EXHIBIT "A" WATER LINE EASEMENT CUP 258(8) P.R. 12-139 Being a portion of the Northeast Quarter of Section 35, Township 12 South, Range 4 West, San Bernardino Meridian, in the City of Carlsbad, County of San Diego, State of California, according to Official Plat thereof, being more particularly described as follows: Beginning at the Northeast corner of Costa Del Mar Road as offered for dedication and rejected on behalf of the public on La Costa Condominium No. 3, Map No. 6129 filed in the Office of the County Recorder of said San Diego County; thence along the Northerly sideline of said Map No. 6129 South 68O26'07'' West 49.26 feet to the centerline of a 10.00 foot sewer easement to Leucadia County Water District Recorded July 9, 1965 as File No. 123282 of Official Records; thence leaving said Northerly sideline along said 10.00 foot sewer easement centerline North 16°32'01'' West 16.09 feet; thence continuing along said centerline North 23OO4'42'' West 155.87 feet; thence South 66'55'18" West 26.37 feet to the TRUE POINT OF BEGINNING, said point being the Easterly sideline of a 10.00 foot water easement to Carlsbad Municipal Water District recorded March 21, 1969 as File No. 49324 of Official Records; thence along said Easterly sideline North 23 "04'41" West 10.00 feet; thence leaving said Easterly sideline North 66 "55'18" East 53.05 feet; thence South 23 "04'39'' East 10.00 feet; thence South 66"55'18'' West 53.05 feet to the TRUE POINT OF BEGINNING. Containing 0.012 acres, more or less 2-y-2~03 L.S. 6703 Date 3 b/ 141 07f. 00 1 Page 1 of 1 @s$$q$ NO. 16703 \\ \ MPtRf3 6-30-2004 I * II 0 a EXHIBIT 'B" SHEET 1 OF 1 BASIS OF BEARINGS THE BASIS OF BEARINGS FOR THIS PLAT IS THE UNE BETWEEN SHOWN ON RECORD OF SURVEY LEGEND pa DEDICATED TO HEN CA n-07 AND i3wccs2 AS NO. rwo. I+. N zomr E -N- 40 20 WATER EASEMEM - SCALE l'= 40' CMLSBM MUNICIPAL DIS7RICJ OM2 ACRES N66'55'18"E 53.05' N23'04'39W lorn N23'04'4PW 10.00 N66'55'18" 26.68' APN. 216-123-07 FQ1T4 JVE J/4 N66'55'1PE 26.37' 3r.C. ne 352 Td J2,Sdj CARLSBAD MUNICIPAL WATER \\srvsc-i wickstmnbOraa\ I DI OTYB\SD~P.~SDI c-.- CO-FE~-~QO~ 13.31 LEUCALIIA COUNTY WATER DIST. SEWER PIPE REC. 7-09-1965 AS FILE NO. 123282. OR. I' ;'eb 3 16:21 2003 shawn.out Page 2 La Costa Resort - Water easements (Updated design) Parcel no. w3 Course Start- 81 82 83 2904 2905 957 958 2904 83 82 81 1862 Bearing 1862 S68-26-07W N16-32-01W N2 3 - 04 - 4 2W S66-55-18W N23 - 04 - 4 1W N66-55-18E S23 - 04 -39E S66- 55- 18W N66-55-18E 523-04-42E S16-32-01E N68-26-07E Distance 49.26 16.09 155 - 87 26.37 10.00 53.05 10.00 53 -05 26.37 155.87 16.09 49.26 Closure 546-26-343 0.000 Area = 530.5 sq. ft. Coordinates North East 1978437.121 6250411.475 1978419.015 6250365.661 1978434.435 6250361.084 1978577.833 6250299.983 1978567.496 6250275.724 1978576.696 6250271.804 1978597.490 6250320.606 1978588.291 6250324.526 1978567 -496 6250275.724 1978577.833 6250299.983 1978434.435 6250361.084 1978419.015 6250365.661 1978437.121 6250411.475 0.01218 acres Area =