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HomeMy WebLinkAboutPIP 04-03; Rio San Diego Plaza II Master LLC; 2009-0336653; Subordination Agreement1*COtt>eD AT 9475 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].) DQC# 2009-0336653 JUN19, 2009 3:14 PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE DAVID L. BUTLER, COUNTY RECORDER FEES: 0.00 PAGES:13 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. 212-020-23 PROJECT NO. & NAME: PIP 04-03 Ventana Real Lot 2; MS-04-20 PR 06-60 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 I ^ day of MflYfl/) 20 tf\ by Rio San Diego Plaza II Master, LLC, a California limited liability company, owner of the land hereinafter described and hereinafter referred to as "Owner," and First Bank, a Missouri banking corporation, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Rio San Diego Plaza II Master, LLC, a California limited liability company, did execute a deed of trust, dated December 10, 2007 to Chicago Title Company as trustee, to secure a note in the sum of Sixty One Million, Seven Hundred and Twenty Five dollars ($61,725,000.00) in favor of First Bank, a Missouri banking corporation recorded in the office of the County Recorder of San Diego County on December 21, 2007 as File No, 2007-0786122 of 9476 Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT(S), in favor of the Carlsbad Municipal Water District as grantee herein referred to as "Easement Grantee" creating AN/THE EASEMENT(S) more particularly described in EXHIBITS "A" and "B" attached hereto; and WHEREAS, Easement Grantee is willing to accept said EASEMENT(S) provided the grant of EASEMENT(S) 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(S) created in favor of Easement Grantee; and WHEREAS, it is to the mutual benefit of the parties hereto that Easement Grantee accept said EASEMENT(S) and Beneficiary is willing that the grant of EASEMENT(S) 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(S) above referred to, it is hereby declared, understood and agreed as follows: 1. That said EASEMENT(S) 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(S) 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 9477 EASEMENT(S) 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(S) 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(S) 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(S) 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(S) is being executed and delivered, the EASEMENT(S) IS/ARE 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. 9478 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: BAMK. A -Corp. OWNER: Rio San Diego Plaza II Master, LLC, a California limited liability company By: Newport National Corporation, a manager By: (title and organization cosignatory) By: ^ d organization of signatory) \ I. K/> <n. •///t/viKi/ly^o (title and organization of signatory) (sign here) (print name here)er VI (print name here) (title and organization of signatory)(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 General Counsel By:JOQJ Deputy General Counsel 9479 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of personally appeared Name(s) of Slgner(s) WHTNEYE.VICKERS CommlMlon # 1690640 Notary Kjblc - CoMotnta ton Dtogo County My Cofnm.Eg*MAug 29.2010 who proved to me on the basis of satisfactory evidence to be the person^ whose name(sf is/aw subscribed to the within instrument and acknowledged to me that he/she/LI ley executed the same in his/he&their authorized capacity(Je5), and that by his/ta£beir signature^ on the instrument the person^, or the entity upon behalf of which the person^*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. Place Notary Seal Above Signature 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 Attached Document Title or Type of Document: Document Date: .__. Number of Pages:. Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: D Individual D Corporate Officer —Title(s): D Partner—D Limited D General D Attorney in Fact D Trustee D Guardian or Conservator D Other: RIGHTTHUMBPRINT OF SIGNER Top of thumb here Signer Is Representing:. Signer's Name: D Individual D Corporate Officer — Title(s): D Partner — D Limited D General D Attorney in Fact D Trustee D Guardian or Conservator D Other: Signer Is Representing:. RIGHTTHUMBPRINT OF SIGNER Top of thumb here ©2007 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313-2402 • www.NaflonalNotary.org Item #5907 Reorder: Call Toil-Free 1 -800-876-6827 6 9480 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of On _ Date" personally appeared jLyT)'vec^6 before me,1 JCK(V(/\OjLi15\i Name(s) of Signer(s) WHflNEYE.VlCKERS CommlMton* 1690640 Notary Pubttc - CaWomta San Dtogo County MyComm.ExplHMAug29.aoiO who proved to me on the basis of satisfactory evidence to be the person^) whose namefst is/are-subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/they authorized capacity(ieg), and that by his/hewtheir signature^ on the instrument the person(gj, or the entity upon behalf of which the person(efl 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. Place Notary Seal Above Signature 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 Attached Document Title or Type of Document: Document Date:. Number of Pages:. Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: D Individual D Corporate Officer — Title(s): D Partner—D Limited D General D Attorney in Fact D Trustee D Guardian or Conservator D Other: RIGHTTHUMBPR1NT OF SIGNER Top of thumb here Signer Is Representing:. Signer's Name: D Individual D Corporate Officer — Title(s): D Partner — D Limited D General D Attorney in Fact D Trustee D Guardian or Conservator D Other: Signer Is Representing: RIGHT THUMBPRIN1 OF SIGNER Top of thumb here ©2007 National Notary Association • 9350 De Soto Ave., P.O.Box 2402 •Chatavorth, CA 91313-2402-www.NattonalNotary.org Item #5907 Reorder:CallToll-Free 1-800-876-6827 H:\Development Services\MASTERS\AGREEMENTS\SUBORDINATION AGT TRUST DEED HOLDERS CMWD (5-31-00) .docx Rev. 5/31/00 9481 ACKNOWLEDGMENT State of California County of Orange On March 18,2009 before me, Craig Wagner, Notary Public (insert name and title of the officer) personally appeared Debra J. Carpenter who proved to me on the basis of satisfactory evidence to be the person(a) whose name(s) is/are, subscribed to the within instrument and acknowledged to me that he/she/they executed the same in few/her/tbeir authorized capacity (tea), and that by bw/her/tbeir signature^ on the instrument the person(s), or the entity upon behalf of which the person(a) 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. fj WITNESS my hand and official seal. ifSSD Notary PuWtc - CtWontU I !V«^97 AmMBfiMMlK 5 CRAIG WAGNtR Commotion * 1814224 Ormgt County to Cpy». faplfM SM 20.20121 Signature X>g«»^^C^ ^ (Seal) 9482 State of County of On this j rj f A day of /) ~^&r<Jr\ in the year ^&>O f , before me, the , known toundersigned notary public, personally appeared ^SA 4 me to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged that he/she/they executed the same for the purposes therein contained. In witness whereof, I hereunto set my hand and official seal. KEVIN WILSONNotary PubHc -Notary SM| WATE Of MISSOURI81. Lout* County KEVIN WILSON Notary Public 9483 EXHIBIT "A" LEGAL DESCRIPTION BEING A PORTION OF LOT 2 OF CARLSBAD TRACT NO. 00-20 FOX-MILLER PROPERTY IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 15253, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAID SAN DIEGO COUNTY ON JANUARY 30, 2006, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE MOST WESTERLY CORNER OF SAID LOT 2; SAID POINT BEING ON THE SOUTHERLY SIDELINE OF SALK AVENUE AS DEDICATED ON SAID MAP NO. 15253 AND THE BEGINNING OF A 336.00 FOOT RADIUS CURVE CONCAVE NORTHWESTERLY; A RADIAL TO SAID POINT BEARS SOUTH 25°19'04" EAST; THENCE NORTHEASTERLY ALONG SAID SOUTHERLY SIDELINE AND THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 01°42'20" A DISTANCE OF 10.00 FEET; THENCE LEAVING SAID SOUTHERLY SIDELINE SOUTH 25°19'04" EAST, 65.78 FEET TO THE BEGINNING OF A 390.00 FOOT RADIUS CURVE CONCAVE NORTHEASTERLY THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 05°29'30" A DISTANCE OF 37.38 FEET; THENCE SOUTH 30°48'34" EAST, 111.75 FEET; THENCE NORTH 59°11'26" EAST, 121.96 FEET TO THE BEGINNING OF A 241.00 FOOT RADIUS CURVE CONCAVE SOUTHEASTERLY; THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 09°09'44" A DISTANCE OF 38.54 FEET; THENCE NORTH 68°21'10" EAST, 3.26 FEET; THENCE NORTH 21°38'50" WEST, 67.79 FEET; THENCE SOUTH 68°21'10" WEST, 12.85 FEET; THENCE NORTH 21°38'50" WEST, 20.00 FEET; THENCE NORTH 68°21'10" EAST, 32.85 FEET; THENCE SOUTH 21°38'50" EAST, 169.72 FEET; THENCE NORTH 68°21'10" EAST, 365.01 FEET; THENCE NORTH 22°42'44" WEST, 185.19 FEET TO THE BEGINNING OF A 1677.34 FOOT RADIUS CURVE CONCAVE SOUTHWESTERLY; A RADIAL TO SAID POINT BEARS NORTH 67°24'40" EAST; THENCE NORTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 11 °01 '35" A DISTANCE OF 322.80 FEET; THENCE SOUTH 56°44'46" WEST, 35.72 FEET; THENCE SOUTH 82°14'46" WEST, 26.73 FEET; THENCE SOUTH 62°17'39" WEST, 104.66 FEET; THENCE SOUTH 25°45'36" EAST, 74.30 FEET; THENCE SOUTH 64°14'24" WEST, 28.99 FEET; THENCE NORTH 25°45'36" WEST, 20.00 FEET; THENCE NORTH 64°14'24" EAST, 8.99 FEET; THENCE NORTH 25°45'36" WEST, 59.07 FEET; PAGE 1 OF 3 :ml M:\2572\03\Legal Descriptions\A01 CMWD Water Easement.doc WO 2572-3 2/23/09 9484 THENCE NORTH 89°42'21" WEST, 57.37 FEET TO A POINT ON SAID SOUTHERLY SIDELINE OF SALK AVENUE; THENCE ALONG SAID SOUTHERLY SIDELINE NORTH 00°17'39" EAST, 20.00 FEET; THENCE LEAVING SAID SOUTHERLY SIDELINE SOUTH 89°42'21" EAST, 64.00 FEET; THENCE NORTH 62°17'39" EAST, 46.33 FEET; THENCE NORTH 27°42'21" WEST, 15.29 FEET; THENCE NORTH 62°17'39" EAST, 10.00 FEET; THENCE SOUTH 27°42'21" EAST, 15.29 FEET; THENCE NORTH 62°17'39" EAST, 56.44 FEET; THENCE NORTH 82°14'46" EAST, 25.72 FEET; THENCE NORTH 56°44'46" EAST, 50.96 FEET TO THE BEGINNING OF A 1697.34 FOOT RADIUS CURVE CONCAVE SOUTHWESTERLY; A RADIAL TO SAID POINT BEARS NORTH 55°42'50" EAST; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 00°38'53" A DISTANCE OF 19.20 FEET; THENCE NORTH 56°35'51" EAST, 16.08 FEET; THENCE SOUTH 33°24'09" EAST, 10.00 FEET; THENCE SOUTH 56°35'51" WEST, 16.07 FEET TO THE BEGINNING OF A 1697.34 FOOT RADIUS CURVE CONCAVE SOUTHWESTERLY; A RADIAL TO SAID POINT BEARS NORTH 56°41'58" EAST; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 02°30'43" A DISTANCE OF 74.41 FEET; THENCE NORTH 59°38'50" EAST, 12.19 FEET; THENCE SOUTH 30021'10" EAST, 20.00 FEET; THENCE SOUTH 59°38'50" WEST, 12.15 FEET; TO THE BEGINNING OF A 1697.34 FOOT RADIUS CURVE CONCAVE SOUTHWESTERLY THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 07°31'26" A DISTANCE OF 222.89 FEET; THENCE SOUTH 22°42'44" EAST, 77.74 FEET; THENCE NORTH 67°17'16" EAST, 12.06 FEET; THENCE SOUTH 22°42'44" EAST, 20.00 FEET; THENCE SOUTH 67°17'16" WEST, 12.06 FEET; THENCE SOUTH 22°42'44" EAST, 107.80 FEET; THENCE SOUTH 68°21'10" WEST, 186.47 FEET; THENCE SOUTH 21°38'50" EAST, 8.95 FEET; THENCE SOUTH 68021'10" WEST, 20.00 FEET; THENCE NORTH 21°38'50" WEST, 8.95 FEET; THENCE SOUTH 68°21'10" WEST, 76.00 FEET; THENCE SOUTH 21°38'50" EAST, 20.95 FEET; THENCE SOUTH 68°21'10" WEST, 10.00 FEET; THENCE NORTH 21°38'50" WEST, 20.95 FEET; THENCE SOUTH 68°21'10" WEST, 82.45 FEET; THENCE SOUTH 21°38'50" EAST, 25.35 FEET; THENCE SOUTH 68°21'10" WEST, 10.00 FEET; THENCE NORTH 21°38'50" WEST, 25.35 FEET; THENCE SOUTH 68°21'10" WEST, 33.46 FEET; THENCE NORTH 21°38'50" WEST, 20.00 FEET; THENCE NORTH 68°21'10" EAST, 13.00 FEET; THENCE NORTH 21°38'50"WEST, 61.93 FEET; THENCE SOUTH 68°21'10" WEST, 3.26 FEET TO THE BEGINNING OF A 221.00 FOOT RADIUS CURVE CONCAVE SOUTHEASTERLY; THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF PAGE 2 OF 3 :ml M:\2572\03\Legal Descriptions\A01 CMWD Water Easement.doc WO 2572-3 2/23/09 9485 09°09'44" A DISTANCE OF 35.34 FEET; THENCE SOUTH 59°11'26" WEST, 131.96 FEET; THENCE NORTH 30°48'34" WEST, 131.75 FEET TO THE BEGINNING OF A 400.00 FOOT RADIUS CURVE CONCAVE NORTHEASTERLY THENCE NORTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 05°29'30" A DISTANCE OF 38.34 FEET; THENCE NORTH 25°19'04" WEST, 65.63 FEET TO THE POINT OF BEGINNING. THE HEREINABOVE PARCEL OF LAND CONTAINS 0.829 ACRES MORE OR LESS. DOUGLAS B. STROUPA' V.L.S. 8553 HUNSAKER & ASSOCIATES SAN DIEGO, INC. PAGE 3 OF 3 :ml M:\2572\03\Legal Descriptions\A01 CMWD Water Easement.doc WO 2572-3 2/23/09 DATA. TABLE: LINE TABLE NO. L1 L2 L3 L4 L5 L6 L7 L8 L9 L10 L11 L12 LI 3 L14 L15 L16 L17 L18 L19 L20 L21 L22 BEARING S2519'04"E N68-21'10"E N2r38'50"W S68'21'10"W N2r38'50"W N68'21'10"E S56-44'46"W S8214'46UW S64'14'24"W N25'45'36"W N6414'24"E N25'45'36"W N89'42'21"W NOO-17'39"E S89'42'21"E N27'42'2rW N6217'39"E S27-42'21"E N8214'46aE N56'44'46"E N56'35'51nE S33I24'09"E LENGTH 65.78' 3.26' 67.79' 12.85' 20.00' 32.85' 35.72' 26.73' 28.99' 20.00' 8.99' 59.07' 57.37' 20.00' 64.00' 15.29' 10.00' 15.29' 25.72' 50.96' 16.08' 10.00' EXHIBIT 'B'9486 LINE TABLE NO. L23 L24 L25 L26 L27 L28 L29 L30 L31 L32 L33 L34 L35 L36 L37 L38 L39 L40 L41 L42 L43 BEARING S56-35'51"W N59-38'50"E SJO-2!'W"E S59'38'50"W N6717'16"E S22-42'44"E S6717'16"W S2r38'50"E S68'21'W"W N2r38'50"W S2r38'50"E S68'21'WW N21'38'50"W S2r38'50"E S68'21'W"W N2r38'50"W S68-21'10"W N2r38'50"W N68'21'10"E N2r38'50"W S68'21'10"W LENGTH 16.07' 12.19' 20.00' 12.15' 12.06' 20.00' 12.06' 8.95' 20.00' 8.95' 20.95' 10.00' 20.95' 25.35' 10.00' 25.35' 33.46' 20.00' 13.00' 61.93' 3.26' CURVE TABLE NO. a C2 CJ C4 C5 C6 DELTA OT42'20" 05'29'30" 09'09'44" QO'38'53" 02'30'43" 09'09'44" RADIUS 336.00' 390.00' 241.00' 1697.34' 1697.34' 221.00' LENGTH 10.00' 37.38' 38.54' 19.20' 74.41' 35.34' PACIFIC OCEAN BASIS OF BEARINGS: THE BASIS OF BEARINGS FOR THIS PLA T IS THE SOUTHERN LINE OF LOT 2 OF MAP 15253 I.E. N68'21'W"E LEGAL DESCRIPTION: LOT 2 OF MAP 15253 HUNSAKER & ASSOCIATES SAN DIEGO, INC 9707 Waples Street San Diego, Ca 92121 PH(858)558-4500- FX(858)558-1414 OWNER/DEVELOPER FENTON CARLSBAD RESEARCH CENTER, L.L.C. 7588 METROPOLITAN DRIVE SAN DIEGO, CA 92108 PROJECT LOCATION THIS PROJECT IS LOCA TED WITHIN ASSESSORS PARCEL NUMBER 212-020-23 THIS PLAT WAS PREPARED BY ME OR UNDER MY DIRECTION: VICINITY MAPNOT TO SCALE PLANNING ENGINEERING SURVEYING DOUGLAS €. STROUflPLS 8553 MY LICENSE EXPIRES 12/31/2010 DATE CARLSBAD MUNICIPAL WATER DISTRICT DATE:02/23/2009 SCALE: 1" = 100' A.P.N.212-020-23 PR 06-60 WATER EASEMENT PLAT LOT 2 OF MAP 15253 VENTANA REAL DRAWN BY: HUNSAKER PR 06-60 SHEET: 1 OF 2 wn 11-1^-07 1OSS-1«n LEGEND: — — " EXIST. PROPERTY LINE INDICATES WATER EASEMENT DEDICATED WITHIN LOT 2 AREA= 36,130 SF (0.829 AC) EXHIBIT 'B'^ra* P.O.B.INDICA TES POINT OF BEGINNING INDICATES RADIAL BEARING 0 N2519'04"W(R)LOT 2 MAP 15253 S67'24'40"W(R) Ni N68"21'10~E 365.01' JL28 L29 S68'21'W"W 186.47' i37 S68'2TWW 568'21'WW 82.45' 76.00'58 N68'21'10"E 411.57' CARLSBAD MUNICIPAL WATER DISTRICT DATE:02/23/2009 SCALE: 1" = WO' A.P.N.212-020-23 PR 06-60 WATER EASEMENT PLAT LOT 2 OF MAP 15253 VENTANA REAL DRAWN BY: HUNSAKER PR 06-60 SHEET: 2 OF 2