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HomeMy WebLinkAboutMS 06-01; J Squared Development LLC; 2015-0602259; Subordination AgreementDOC# 2015-0602259 1111111111111111111111111111111111111111111111111111/lllllllllllllllll Nov 20, 2015 10:19 AM~. RECORDING REQUESTED BY OFFICIAL RECORDS Ernest J. Dronenburg, Jr, SAN DIEGO COUNTY RECORDER WHEN RECORDED MAIL TO: FEES $36 00 City Clerk PAGES: 8 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 [61 03].) SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. 210-032-07 PROJECT NO. & NAME: MS 06-01 ICE 14-07 McCarthy Residence 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. Squared Development LLC, a California Limited Liability Company, owner of the land hereinafter described and hereinafter referred to as "Owner," and Danny M. Harvey and Joyce Essex-Harvey, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Jeff Strauss a single man and Jeff M. Wagner, a married man as his sole and separate property, as joint tenants, did execute a deed of trust, dated August 19, 2015 to Western Resource Title Company, a California Corporation as trustee, to secure a note in the sum of $600,000.00 in favor of Danny M. Harvey and Joyce Essex-Harvey recorded in the office of the County Recorder of San Diego County on August 27, 2015 as File No. 2015- 1 Q:ICED\LandDev\PROJECTSIMSIMS 06\MS 06-01 McCarthy Residences-Bobbett\PR 14-36 Subordination Agreement Harvey 092315.doc 01/25/13 0455173 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of Easement dated q /z,o/; 5 , in favor of the City of Carlsbad as grantee herein referred to 8 as "Easement Grantee" creating the 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 th<:~t 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 2 Q:\CED\LandDev\PROJECTS\MS\MS 06\MS 06-01 McCarthy Residences-Bobbett\PR 14-36 Subordination Agreement Harvey 092315.doc 01/25/13 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. 1/(We) consent to and approve the grant of Easement in favor of the Easement Grantee. 2. 1/(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 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. Ill Ill Ill Ill Ill Ill Ill Ill 3 Q:ICED\LandDev\PROJECTSIMSIMS 06\MS 06-01 McCarthy Residences-Bobbett\PR 14-36 Subordination Agreement Harvey 092315.doc 01/25/13 OWNER: (print name here) m~.f\~.ij[rt :J fl\~ifi~Pt' ,:r-$;Nt:x~~A. 4<. -f signatory) Pe~'l.t~.t.'-fJM¥4- (title and organization of signatory) (print name here1 ~7~/1,..., ;.,,, .n(' <l...e .&v•· , .{... T 5t_";..u~ .. / ,/}::tv~h,c<>--'1-1 { l C (titl¥ affd 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: CELIA BREWER City Attorney By: ROP~ I<EMP \+e..., ,t.;r 5t'fov c.\. Assistant City Attorney f.}ifJ~ SEE AlT ACHED NOTARY DOCUMENT .... _,_ -~--~··' 4 Q:\CED\LandDev\PROJECTS\MS\MS 06\MS 06-01 McCarthy Residences. Bobbett\PR 14-36 Subordination Agreement Harvey 092315.doc 01/25/13 JOB NO. 2014-09 LEGAL DESCRIPTION CARLSBAD BLVD STREET AND UTLITY EASEMENT EXHIBIT A A PORTION OF LOT 39 OF TERRAMAR UNIT NO. 1, IN THE CITY OF CARLSBAD, STATE OF CALIFORNIA, ACCORDING TO MAP NO. 2696, FILED IN THE OFFICE OF THE COUNTY RECRODER OF SAN DIEGO COUNTY, SEPTEMBER 6, 1950, BEING MORE SPECIFICALLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEASTERLY CORNER OF SAID LOT 39, BEING ON THE WESTERLY RIGHT OF WAY liNE OF CARLSBAD BOULEVARD; THENCE AlONG SAID RIGHT OF WAY liNE, SOUTH 30°00'37" EAST A DISTANCE OF 74.93 FEET (S 30°38'50" E, 75.00' RECORD} TO THE SOUTH EASTERLY CORNER OF SAID lOT 39; THENCE AlONG THE SOUTHERLY liNE OF SAID lOT 39, SOUTH 59°53'40" WEST (S 59°21'10" W RECORD) A DISTANCE OF 1.00 FEET; THENCE lEAVING SAID SOUTHERLY liNE, NORTH 30°00'37" WEST, PARALlEl WITH SAID WESTERLY RIGHT OF WAY LINE, 74.93 FEET TO A POINT ON THE NORTHERLY liNE OF SAID LOT 39; THENCE NORTH 59°58'34" EAST (N 59°21'10" E RECORD) 1.00 FEET TO THE TRUE POINT OF BEGINNING. THE DESCRIBED AREA CONTAINS 75.00 SQUARE FEET, MORE OR lESS. THE BEARINGS HEREIN ARE BASED ON THE CCS 83, ZONE 6, EPOCH 1999.92 GRID BEARING BETWEEN STATIONS CLSB-057 AND CLSB-056, BEINGS 79° 15' 55" E, PER RECORD OF SURVEY MAP NO. 17271. VICINITY MAP NO SCALE 22 MS06-01 LEGEND: STREET AND UTILITY EASEMENT VZZZZZZZJ N 59°58'34" E 40 1.00' APN 210-032-07 39 38 s 59°53'40" w 1.00' TERRAMAR UNIT NO. 1 MAP iVO. 2696 DALE A. GREENE JUNE 24,2015 JOB NO. 2014-09 0 PREPARED BY: dk Greene Consulting,' Inc. P.O.BOX 143 Bonsall, CA 92003 1"=40' 40 80 SHEET1 OF 1 EXHIBIT "B" STREET AND UTILITY EASEMENT CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE§ 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. / ........ ----.... ,.<'''~~ /' ..., . ..,.._,," ______ ,. .. ~ "'~....,~ .... ~-~-···--· ~--...:::::::==::____ _ ___::::~:::__ _ ___:::::::::::=.::::::.:_ __ --=------=::::::_ ___ ~ .. ~ who proved to me on the basis of satisfactory evidence to be the perso~)whose nam(S)1 jl{a;:~ subsqribl;l~ to the within instrull)~m and acknowl13dgE!d"JQ_ me that ~~st¥l@::'~ executed the sam~·Tn 11~/nl!rlfil~rfiuthorized capacity(L~s)\' and that I:>Y tislhtal(!~-~~-signatur~(~)~on tfie-mstrument the perso(s,l. or the ~1ty upon behalf of which the persor((s)Jacted, executed the instrument. 'j* e 1!, • t, ,e • e e .e. e e e , e :f!t e e ft C. SILVA _ Commission # 2089287 f ~ Notary Public -California ~ z Riverside County ~ J. • • • • .Ml &oT']LZXeir;s .Nev J-]~1 tl Place Notary Seal Above I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature _ _____,(_\"'-'-J·_(~~cc;'\,.,.·UJ.;c::...::t :___' ______ _ Signature of Notary Public ----------------------------oPTIONAL--------------------------- Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document:':~'• J(:\dt'nd.tiu 1 tlc:;r~t~~rl-Document Date: --'=~'---'-'L-'--=---=-­ Number of Pages: ':~ Signer(s) Other Than ·~amed Above: __ ._-,____:::o-==-·-~,-"'--~~.__1·_-_--.-='--"'·=-=···-e:::·-:_··-=·~=-·-· Capacity(ies) Claimed by Signer(s) Signer's Name: ~---~-----,,.£-~-- 0 Corporate Officer -Title(s): ___,~ .. --:_/~~~- 0 Partner -o Limited o General 0 Individual 0 A!torne'y in Fact 0 Trustee Cd'Guardian or Conservator 0 Other: .-" ,/ .. Signer I~,J~epresenting: ~---------- /", Signer's Name: c:-----::::-:-:-:-~-----::o-· 0 Corporate Officer -Title(s): ~~ 0 Partner -0 Limited 0 Gener.a1:;::;r 0 Individual 0 Attoroey in, Fact 0 Trustee O .. Guardian or Conservator 0 Other: --:;,-"'"'-'"~-"'-~~~~~~~~­ Signer ~9" .. RS'presenting: ~-----~---- /" W%®tlRl§ii~'§!J'¢<'@%'%%®'§%§~\§lS§i'O'Ilii?@@l!giij@@~@'I'N'!W'!W~~@@@@@@@'i:Y.)'!li(i§li),"W'!'W~ ©2014 National Notary Association • www.NationaiNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907 5 Q:ICED\LandDeviPROJECTSIMSIMS 06\MS 06-01 McCarthy Residences· Bobbett\PR 14-36 Subordination Agreement Harvey 092315.doc 01/25/13 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. }s.s. STATE OF CALIFORNl!)v, COUNTY OF ~SOW\ f/\f(fD On ~), ' ' ' l!ti Jti" ~ {) ' .) C) L~~-, before me, --l-'----il'--l"'-"-"'----c~~I---1'--'--F~-'...L__,<----=--==------l----'---{-t--=b-/I_·C_· ___ _ person 1 ly appeared 0'1 . LAft BV' who proved to me on the basis of satisfa ry evidence to be th p on(s) wh~se 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 the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my;. hand and official seal i (Seal)