HomeMy WebLinkAboutPD 300; Caliber Industrial One Ltd; 88-405259; Subordination AgreementI "'
(
RE~ORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
C ITV OF CARLSBAD
1200 Elm Avenue
Carlsbad, CA 92008
)
)
)
)
)
)
( t.CT +
~0 · 1396 8 8 4 0 5 2 5 9 F,te.P£J?.ciu
Space above this l i ne for Reco~.de-r.~ s us.e.. . ,
AP# 213-070-04 ; ,~·_,];;(? ~·.:. '-'-:'.~~H /
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESUl TS IN YOUR
SECURITY INTEREST IN THE PROPERTY BECOMING
SUBJECT TO AN ESTATE IN THE REAL PROPERTY TO
WHICH YOUR SECURITY INSTRUMENT ATTACHES AND HAS
THE POTENTIAL EFFECT OF REDUCING THE VALUE OF
YOUR SECURITY INTEREST.
crd.-THIS AGREEMENT, made this _____ , ___ day of ___ J_u_n_e ___ 1988
by Caliber Industrial One, Ltd. a California limited partnership owner of the land
hereinafter described and hereinafter referred to as "Owner, 11 and Security Pacific
National Bank, present owner and holder of the deed of trust and not hereinafter
described and hereinafter referred to as "Beneficiary";
WITNESS ETH
THAT WHEREAS, Caliber Industrial One, Ltd, a California limited partnership
did execute a deed of trust, dated November 9, 1987, to Equitable Deed Company, a
California corporation as trustee, covering Lots 4, 5, 7 and 9 of Map 9744 Carlsbad
Tract 79-14, to secure a note in the sum of five million seven hundred thousand
dollars ($5,700,000.00) dated, ___ No_v_e_mb_e_r_9'--, _1_98_7 ____ , in favor of Security
Pacific National Bank recorded November 13, 1987, as File No. 87-636199 of Official
Records of said county; and
WHEREAS, Owner has executed, or is about to execute, as granter, a grant
of EASEMENT dated _______ , in 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
( ~v-1397 (
WHEREAS, it is a condition precedent to obtaining said EASEMENT that said
grant of EASEMENT above mentioned shall unconditionally be and remain at all
times a charge upon the land hereinbefore described, prior and superior to the
lien of charge of the deed of trust above mentioned; 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
- 2 -
( (
~u 1398
trust and EASEMENT hereinbefore specifically described, any prior agreement as to
such subordination including, but not limited, 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. He consents to and approved the grant of EASEMENT in favor of the
Easement Grantee.
2. He intentionally and unconditionally waives, relinquishes and subor-
dinates 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 waiver, relinquishment and 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 waiver,
relinquishment and subordination; and
3. An endorsement has been placed upon the note secured by the deed of
trust above mentioned that said deed of trust has by this instrument been subor-
dinated to the charge of the EASEMENT in favor of Easement Grantee above referred
to.
CALIBER INDUSTRIAL ONE, Ltd., a
BENEFICIARY OWNERCalifornia limited partnership
SECURITY PACIFIC NATIONAL BANK, By: Caliber Development, Inc., a
a~atio banking~s iation Califo,,r"ia cor ra..tion _./,,1. J I, t'J .
By: ~~ Bv: ·A.~f)J1r.J_? "' , -~------. ... . .. Kathleen Rezzo, First-Vice P:t'esident James R. Bosler, Its President
Ii 1S ..,REC'OMMfNDEbt:: TltA~-· PRIOR TO THE EXECUTION OF TH-IS SUBORDINATION AGREEMENT,
THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.
- 3 -
( (
vv 1399
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
on June 9 , 1988, before me, the undersigned, a Notary
Public in and for said state personally appreared -',Kathleen · c:o·
~~, Rezz-0-personally known to me or proved to me on the basis of
satisfactory evidence to be a First Vice President of the SECURITY
PACIFIC NATIONAL BANK, the Association that executed the within
instrument, known to me to be the person who executed the within
instrument on behalf of the Association therein named, and
acknowledged to me that such Association executed the same, and
acknowledged to me that such Association executed the within
instrument pursuant to its by-laws or a resolution of its Board of
Directors.
WITNESS my hand and· official seal.
Notary Public
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
on -~~.'C>-i---\~~-,1988, before me, the undersigned Notary Public in
and for said State, personally appreared JAMES R. BOSLER, personally
known to me to the the person who executed the within instrument as
President, on behalf of CALIBER DEVELOPMENT, INC, the Corporation
therein named, and acknowledged to me that said corporation executed
the within instrument pursuant to its by-laws or a resolution of its
Board of Directors, said corportion being known to me to be the
General Partner of CALIBER INDUSTRIAL ONE,LTD. a California Limited
Partnership, the partnership that executed the within instrument, and
acknowledged that such corportion executed the same as such partner
~nd that such partnership executed the same.
WITNESS ~y hand and official seal.
C::· ,. ' ' \--,,r,. " ( ·:r;fo . "\-"\(~ .... ·, J >>-. 2 Notary Publ~ \
-4-
OFFICIAb~~~NIS SHARLA L. mv'"' Notary Publlc--Oallfomte
SAN DIEGO COUNTY
My ecmm. &>fP. July 29, 1991
(seal)
( ~v-1400
EXHIBIT "A"
LEGAL DESCRIPTION OF WATER EASEt:1ENT
IN LOT 4
ALL THAT PORTION OF LOT 4 AS SHOWN ON MAP 9744, IN THE CITY OF.
CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, B'ILED IN THE
OFFICE OF SAID COUNTY RECORDER ON AUGUST 5, 1980, DESCRIBED AS
FOLLOWS:
A STRIP OF LAND 25.00 FEET IN WIDTH, LYING 5.00 FEET EASTERLY AND
20.00 FEET WESTERLY OF, AND PARALLEL WITH THE FOLLOWING DESCRIBED
CENTERLINE:
BEGINNING AT A POINT ON THE WESTERLY RIGHT-OF-WAY OF CORTE DEL
CEDRO, SAID POINT LYING 31.00 FEET WESTERLY OF THE CENTERLINE OF
SAID ROAD, AND SOUTH 0-00-48 WEST, 40.00 FEET FROM THE MOST
NORTHEASTERLY CORNER OF LOT 5 OF SAID MAP; THENCE PARALLEL TO,
AND 40.00 FEET SOUTHERLY OF THE MOST NORTHERLY LINE OF SAID LOT 5
SOUTH 87-48-05 WEST, 155.50 FEET; THENCE NORTH 2-11-55 WEST,
40.00 FEET TO SAID NORTHERLY LINE OF SAID LOT 5 AND THE TRUE
POINT OF BEGINNING.
THENCE ALONG SAID CENTERLINE NORTH 2-11-55 WEST, 25.00 FEET AND
THE POINT OF TERMINATION.
CMWD 88-C.246
• # •' ,.J•• ..---, I /.
(
/
/
BB•C •246 ·
.. Coast Desian
(
EXHIBIT 8
LOT 4 WATER ESMT.
\
LOT 4
7+08.35 B.C.
Il89•s9·12 11 w@ 0 L
~ u
/../ 89°59 'I 2"W,. / 1SOO' •31• 3/'
,... . ...
~')
.....
1, l I I
l .... ,. -,-1 () • .. ..., I
LC,T 8
0
-0
0 ;a ....
f:::j
I
A
.. ~.e.eow oe.
.... CflMIU£WJ~
CO/lTe DelA
, , Pl/)ll
; · VICI N l·:TY MAP
:~ NO SCALE
1 rrc f')-:,n-