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Home My WebLink AboutCUP 258B; KSL LA Costa Resort Corporation; 2003-0760015; Subordination AgreementRECORDING 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].) DOC # 2003-0760015 SUN 269 2003 4=09 PM OFFICIAL REm SAN DIEGO CUNY RECORDER'S OFFICE GREGOW J. SHIM, CUNY RECORDER FEES: 0.00 SPACE ABOVE THIS LINE FOR RECORDERS USE ASSESSOR'S PARCEL NO. 216-1 23-07 PROJECT NO. & NAME: LA COSTA RESORT AND SPA Waterline easement for PR 02-1 38 CUP 258(B) SUBORDINATION AGREEMENT (TRUST DEED HOLDERS) NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AN 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 Pday of &kdA ,2003 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 EASEMENT dated 3 - 8 8 03 , in favor of the Carlsbad Municipal Water District as 1 H:lDevelopment ServiceslMasterslFormsISubordinalion Agt Trust Deed Holders CMWD Rev. 5/31/00 as 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: I. 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 I H:/Development Services/MasterslForrnslSubordination 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. [/(We) consent to and approve the grant of EASEMENT in favor of the Easement Grantee. 2. Il(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:/Developrnent Services/Masters/Forms/Subordination Agt Trust Deed Holders CMWD Rev. 5/31/00 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 w!! lGL& J %k- (title and organization oMgniry) (print n me h re)" (title and organlfation of sigKatory) AJJ JFCi& beIh&p 664 n.4 ' (Proper notarial acknowledgment of execution attached.) OWNER: KSL La Costa Resort Corporation, a Bv: (sign here) I' (print namkhere) u, [&.s. (title and organization of signatory) (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:IDevelopment SeNice~astersfformslSubordlnation Agt Trust Deed Holders CMWD Rev. 5/31/00 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California kV'l Y\ G&d, &4?+ Name and TUe of Mhcer (e g , "Jane Doe Notary Pubb') On 4 - 1% - 2CG3 before me, Dale J Name@) of Signer(s) personally appeared %J ~-kL &q )lifpersonally known to me 0 proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) islare 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. W!TNESS.my hand ayd oxal seal. . n d< *. Sign lure of Notary Public 0 OPTIONAL Though the information below is not required by law, it may prove valuable to persons reking on the document and could prevent fraudulent removal and reattachment of this form to another document. ev-an+ ved Df i5as-a& (\ Pq4 Description of Attached Document /- Document Date: 3 2-5 - 2-003 Number of Pages: 5w+Au Signer@) Other Than Named Above: e Capacity(ies) Claimed by Signer Signer's Name: pi\ .- hkL dw 0 Individual worporate Officer - Titie(s): &A . 0 Partner - 0 Limited 0 General 0 Attorney-in-Fact 0 Trustee 0 Guardian or Conservator 0 Other: Signer Is Representing: '& -+m Tb.-.dc, hl. A. 0 1999 National Notary Associalim * 9350 De Solo Am. P.O. @ax 2402 - Chalsworth, CA 91 31 3-2402 - wmu.na1ionalnolafy.wg Prod. No. 5907 Reordsr. Call Toll-Free 1-800-876-6827 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California 3 03, before me, Patricia D. Perkins, Notary Public, Date ’ I Name and Title of Officer (e.g., “Jane Doe, Notary Public”) On Pd 3.36 personally appeared 9 1 , Name($ of Signer($ . &ersonally known to me hack to be the person@) whose name@) is/- subscribed to the within instrument and acknowledged to me thatkdshe/#hy executed the same in kie/her/W authorized capacity(+@, and that by M/her/W signaturewon the instrument the personCs), or the entity upon behalf of which the person@) acted, executed the instrument. Place Notary Seal Above Sgnature 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 reattachment of this form to another document. Description of Attache Title or Type of Document: Document Date: 3 29 @ b3 Number of Pages: Signer(s) Other Than Nam-ed Above: Capacity(ies) C Signer’s Name: Individual 0 Partner - 0 Limited 0 General 0 Attorney in Fact 0 Trustee 0 Guardian or Conservator 0 Other: XCorporate Officer - Title(s): Signer Is Representing: khb cvk, d P. A( 0 1999 Nai!onal Notary Association * 9350 De Sot0 Ave., P.O. Box 2402 - Chalsworth. CA 91313-2402 * nww.na!ionaImtary.orQ Prod. No. 5907 Reorder: Call Toll-Free 1-800876-6827 State of California 1 ) County of San Diego 1 (Date) (Name,’Title of Offidr) personally appeared (Name[s] of Signer[s]) 0 personally known to me -OR - d (or proved to me on the basis of satisfactory evidence) to be the person@) whose name@) idare 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@), or entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal (This area for official notary seal) 1 Date Of 3 -2m3 NO. ofpages 5 Document Signer@) other than named above 5 1:IDeveloprnenf ServicesMasterslFors/Subordination Agt Trust Deed Holders CMWD Rev. 5/31/00 3 - 14 107F EXHIBIT "A" WATER LINE EASEMENT CUP 258(B) P.R. 02-138 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 Easterly line of said Map No. 6129 South 21O33'53'' East 82;OO feet to the TRUE POINT OF BEGINNING; thence leaving said Easterly line North 68'26'06" East 20.00 feet; thence South 21'33'53" East 31.98 feet; thence North 66'45'49'' East 114.70 feet; thence South 88'08'53'' East 31.19 feet to a point on the Northerly sideline of a 10.00 foot water easement to Costa Real Municipal Water District, recorded October 23, 1987 as File No. 87-598022 of Official Records; thence leaving said Northerly sideline South 0l051'O8'' West 10.00 feet to the Southerly sideline of said 10.00 foot water easement; thence North 88OO8'53'' West 5.38 feet; thence South 66O45'50'' West 34.13 feet; thence South 23O14'14'' East 13.00 feet; thence South 66'45'49''West 25.00 feet; thence North 23O14'13'' West 6.00 feet; thence South 66'45'49'' West 15.00 feet; thence North 23'14'12" West 7.00 feet; thence South 66'45'49'' West 65.29 feet; thence South 21O33'57'' East 12.07 feet; thence South 66'45'51" West 5.00 feet to the Easterly sideline of said 10.00 foot water easement; thence South 89'59'37" West 10.75 feet to the Westerly sideline of said 10.00 foot water easement; thence North 21O33'37'' West 10.40 feet to the Southerly terminus of that certain line shown as "North 21'29'56" West 132.00 feet" on said Map No. 6129; thence along said line North 21'33'53" West 50.00 feet to the TRUE POINT OF BEGINNING. Containing 0.099 acres, more or less Page 1 of 1 BAS/S OF BDIRINGS THE BASIS OF BEARINGS FOR THIS PLAT IS THE UNE BETWEEN SHOWN ON RECORD OF SURVEY HEN CA im AND 134wccs2 AS RICK COMPRNY ENGI"G San Diego,Ca 9211&2598 FAX (619)291-4165 * www~ckeng.com J. 14107-J i 2 -2m3 CUP 258(B) LA COSTA RESORT & SPA PR 02- 738 APN 2 16-2 1-07 & APN 2 16- 123-07 PLAT TO ILLUSTie4TE LEGAL DESCRIPTION OF WATER LINE EASEMENT DEDICATED TO URLSBAD MUNICIPAL WATER DISTRICT Peb 3 16:21 2003 Shawn-out Page 1 RICK ENGINEERING COMPANY Traverse Calculations 14:55:38 03-FEB-:3 La Costa Resort - Water easements (Updated design) Parcel no. w2 Course Start- 79 975 974 973 972 971 970 969 968 967 966 965 9 64 9 63 962 961 960 891 79 1862 Bearing 1862 S21-33 -53E N68 - 26 - 06E S21-33-53E N66 -4 5 -4 9E 588-08-533 S 1-51-08W N88 - 0 8 - 53W S66 -45 - 50W S23 - 14 - 14E S66-45-4 9W N23 - 14 - 13 W S66-45 -49W N23 - 14 - 12W S66-45-49W S21-33-57E S66-45 - 51W S89- 59 -37w N21-3 3 -3 7W N21-33-53W N21-33-53W Distance 82.00 20.00 31.98 114.70 31.19 10.00 5.38 34.13 13.00 25.00 6.00 15.00 7.00 65.29 12.07 5.00 10.75 10.40 50.00 82.00 Coordi North 1978437.121 1978360.861 1978368.212 1978338.475 1978383.726 1978382.718 1978372.723 1978372.837 1978359.432 1978337.624 1978343.137 1978337.219 1978343.651 1978317.893 1978306.665 1978304.692. 1978304.691 1978314.361 1978360.861 1978437.122 1978347.487 nates East 6250411.475 6250441.614 6250460.214 6250471.967 6250577.360 6250608.534 6250608.211 6250602.833 6250571.472 6250576.601 6250553 -629 6250551.262 6250537.478 6250534 -717 6250474.724 6250479.161 6250474 -565 6250463 -813 6250459.932 6250441.614 6250411.475 Closure S 4-08-313 0.001 Area = 4309.3 sq. ft. Area = 0.09893 acres