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HomeMy WebLinkAboutPIP 06-07; Danielson DSS LLC; 2008-0287148; Subordination Agreement13225 DOC# 2008-0287148 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].) MAY 28, 2008 4:51 PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE GREGORY J. SMITH. COUNTY RECORDER FEES: 0.00 PAGES:11 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: Bressi Ranch Lot 15 213-261-06-00 PIP 06-07 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 /3 day of 2003 by Danielson D.S.S., LLC, a limited liability company, owner of the land hereinafter described and hereinafter referred to as "Owner," and California Bank & Trust, a California banking corporation, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Danielson D.S.S., LLC, did execute a deed of trust, dated May 14, 2007 to First American Title Company as trustee, to secure a note in the sum of five million dollars ($5,000,000) in favor of California Bank & Trust, recorded in the office of the County Recorder of San Diego County on May 16, 2007 as File No. 20070333326 of Official Records of said county; and H:\Development Services\PROJECTS\PIP FILES\PIP 06\PIP 06-07 Bressi Ranch Lot 15 - Wickham\Bonds and Agreement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD(PR07-123).doc Rev. 5/31/00 132^6 WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT, in favor of the Carlsbad Municipal Water District as grantee herein referred to as "Easement Grantee" creating AN 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 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 2 H:\Development Services\PROJECTS\PIP FILES\PIP 06\PIP 06-07 Bressi Ranch Lot 15 - Wickham\Bonds and AgreementtSUBORDINATION ACT TRUST DEED HOLDERS CMWD (PR 07-123) .doc Rev. 5/31/00 13227 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 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 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 H:\Development Services\PROJECTS\PIP FILES\PIP 06\PIP 06-07 Bressi Ranch Lot 15 - WickharrtBonds and AgreemenftSUBORDINATION ACT TRUST DEED HOLDERS CMWD (PR 07-123) .doc Rev. 5/31/00 13228 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: California Bank & Trust, a California Banking corporation By: (print name here) OWNER: Danielson _C, a California company (sign he/e) f (title and organization of signatory) By: (sign here) (print name here) (title and organization of signatory) (title and organization of signatory) By: (sign here) (print name (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 Deputy General H:\Development Services\PROJECTS\PIP FILES\PIP 06\PIP 06-07 Bressi Ranch Lot 15 - Wickham\Bonds and AgreemenftSUBORDINATION ACT TRUST DEED HOLDERS CMWD (PR 07-123) .doc Rev. 5/31/00 13229 ACKNOWLEDGEMENT STATE OF: California COUNTY OF: San Diego } ss: On March 13, 2008, before me, Amy Sharp, a Notary Public for said state, personally appeared Kenneth R Satterlee, President, Danielson D.S.S., LLC who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his 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 toe and correct. WITNES Signal (Seal) AMY SHARP 1 COMM. #1612086 1 NOTORYPIWJC-CALJPORMAS 8ANCXEQO COUNTY O My CofDtnlnton OCT06ER9, CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT 13230 State of California County Date personally appeared CHERYL CARR Commission # 1637286 Notary Public - California San Diego County MyComm. Expires Feb 9,201 f- k who proved to me on the basis of satisfactory evidence to be the person(^s%hose namete^s^re subscribed to the within instrument and acknowledged to me that jTe/^rte/tMfy executed the same irrfija^f/^ir authorized capacity(je£% and that tyrhjs^f/Jh^ir signature's) on the instrument the person^e), 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 mand and official seal. Place Notary Seal Above Signatun OPTIONAL Though the^iqformation below is not required by law, it may prove valuable to persons relying on the document anchsould 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: I Individual D corporate Officer — Title(s): D Parrfcer — D Limited D General D AttorneXjn Fact D Trustee D Guardian or Conservator D Other: RIGHTTHUMBPRINT OF SIGNER Top of thumb here Signer Is Representing:\ \ ©2007 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313-2402• www.NationalNotary.org Item #5907 Reorder: CallToll-Free 1 -800-876-6827 13231 EXHIBIT 'A' LEGAL DESCRIPTION WATER EASEMENT PR 07-123 BEING A PORTION OF LOT 15 OF CARLSBAD TRACT CT 02-15 BRESS1 RANCH, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 14960, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY FEBRUARY 4, 2005 AND AS CORRECTED BY CERTIFICATE OF CORRECTION RECORDED SEPTEMBER 30, 2005 AS DOCUMENT NO 2005-850718, MARCH 1, 2007 AS DOCUMENT NO 2007-0140625, BOTH OF OFFICIAL RECORDS, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF LOT 15 OF SAID MAP NO. 14960, ALSO KNOWN AS THE POINT OF BEGINNING; THENCE ALONG THE WESTERLY LOT LINE 1. NORTH 09°07'54" WEST 307.33 FEET TO TRUE POINT OF BEGINNING; THENCE LEAVING SAID WESTERLY LOT LINE, 2. NORTH 80°52'06" EAST 9.15 FEET; THENCE 3. SOUTH 54°07'54" EAST 18.85 FEET; THENCE 4. NORTH 76°54'33" EAST 132.86 FEET; THENCE 5. NORTH 80°23'35" EAST 56.69 FEET; THENCE 6. NORTH 09°36'25" WEST 7.15 FEET; THENCE 7. NORTH 79°42'21" EAST 10.00 FEET; THENCE 8. SOUTH 09°36'25" EAST 7.27 FEET; THENCE 9. NORTH 80°23'35" EAST 82.57 FEET; THENCE 10. NORTH 09°36'25" WEST 13.87 FEET; THENCE 11. NORTH 80°23'35" EAST 10.00 FEET; THENCE 12. SOUTH 09°36'25" EAST 13.00 FEET; THENCE 651WTRESMT-LEG Page 1 of 3 13232 13. SOUTH 76°37'54" EAST 17.34 FEET; THENCE 14. NORTH 80°52'06" EAST 47.71 FEET TO A POINT ON THE EASTERLY LOT LINE OF SAID LOT 15; THENCE ALONG SAID EASTERLY LOT LINE 15. SOUTH 09°07'54" EAST 20.00 FEET; THENCE LEAVING SAID EASTERLY LOT LINE, 16. SOUTH 80°52'06" WEST 32.87 FEET; THENCE 17. SOUTH 09°08'50" EAST 168.24 FEET; THENCE 18. NORTH 80°51'10" EAST 10.97 FEET; THENCE 19. SOUTH 09°08'50" EAST 10.00 FEET; THENCE 20. SOUTH 80°51'10" WEST 10.97 FEET; THENCE 21. SOUTH 09°08'50" EAST 16.79 FEET; THENCE 22. SOUTH 80°51' 10" WEST 20.00 FEET; THENCE 23. NORTH 09°08'50" WEST 5.00 FEET; THENCE 24. SOUTH 80°51' 10" WEST 7.09 FEET; THENCE 25. NORTH 09°07'54" WEST 10.00 FEET; THENCE 26. NORTH 80°52'06" EAST 7.09 FEET; THENCE 27. NORTH 09°08'50" WEST 180.52 FEET; THENCE 28. NORTH 76°37'54" WEST 13.76 FEET; THENCE 29. SOUTH 80°23'35" WEST 156.62 FEET; THENCE 30. SOUTH 76°54'33" WEST 45.49 FEET; THENCE 31. SOUTH 13°05'27" EAST 17.63 FEET; THENCE 32. SOUTH 09°08'50" EAST 119.47 FEET; THENCE 33. NORTH 80°51'55" EAST 8.50 FEET, THENCE 34. SOUTH 09°08'50 EAST 4.84 FEET, THENCE 651WTRESMT-LEG Page 2 of 3 13233 35. NORTH 80°51' 10" EAST 26.84 FEET; THENCE 36. SOUTH 09°08'50" EAST 10.00 FEET; THENCE 37. SOUTH 80°51'10" WEST 35.33 FEET; THENCE 38. SOUTH 09°08'50" EAST 10.00 FEET; THENCE 39. SOUTH 80°51' 10" WEST 60.25 FEET; THENCE 40. SOUTH 09°07'54" EAST 49.53 FEET; THENCE 41. SOUTH 80°52'06" WEST 51.42 FEET TO A POINT ON THE WESTERLY LOT LINE OF SAID LOT 15; THENCE ALONG SAID WESTERLY LOT LINE 42. NORTH 09°07'54" WEST 20.00 FEET; THENCE LEAVING SAID WESTERLY LOT LINE, 43. NORTH 80°52'06" EAST 31.42 FEET; THENCE 44. NORTH 09°07'54" WEST 49.52 FEET; THENCE 45. NORTH 80°51' 10" EAST 60.25 FEET; THENCE 46. NORTH 09°08'50" WEST 123.62 FEET; THENCE 47. NORTH 13°05'27" WEST 16.94 FEET; THENCE 48. SOUTH 76°54'33" WEST 75.87 FEET; THENCE 49. NORTH 54°07'54" WEST 19.67 FEET; THENCE 50. SOUTH 80°52'06" WEST 0.86 FEET; THENCE 51. NORTH 09°07'54" WEST 20.00 FEET TO THE TRUE POINT OF BEGINNING CONTAINS 18,438.98 FT SQ (0.423 ACRES) MORE OR LESS RUDY P. PACHECO LS 5717 EXP. 9-30-09 651WTRESMT-LEG X£ OF r t^^ Pa§e 3 of 3 EXHIBIT 'B' 13234! Pftflrer LOCATION— a. u « *> <j i m/s PROJECT /s LOCA m ^_i^^A«V-i- > WTHIN ASSESSORS PARCEL ? *\ ""(Z§M f NUMBERS 213-261-06\ V— r—i—i y^v CITY OF VISTA • £M" TABLE NO. L1 . L2 LJ 14 L5 L6 L7 L8 L9 L10 L11 L12 UJ LI 4 L15 L16 L17 BEARING N09'36'25"W N79'42'21'E N09'36'25"W N09'X'25~W N8073'35"E N09'36'25"W NW51'10"E N09V8'50"W NWSI'WE N09V8'50"W NWSI'IO'E N09V8'50"W N09V7>54"W N80'51'55"E N09V8'50"W N80'52'06"E N09V7'54"W LENGTH 7.15' 10.00' 7.2T 13.87 10.00' 13.00' 10.9? 10.00' 10.97' 16.79' 20.00' 5.00' 10.00' 8.50' 4.84' 0.86' 20.00' Project site. PACIFIC OCEAN BASIS OF BEARINGS THE BASIS Of BEARINGS FOR THIS PLAT IS THE NORTHERL Y LINE OF LOT 15 OF TRACT CT 02-15 /.£ N09V7'54*W LEGAL DESCRIPTION: LOT 15 OF CARLSBAD TRACT CT 02-15 OF BRESSI RANCH MAP NO. 14960 THIS PLAT WAS PREPARED BY ME OR UNDER MY DIRECTION: RUDY P. PACHECO, LS. HO. 5717 UY RE&STRA JION EXPIRES 09/30/09 DATE VICINITY MAPI NOT TO SCALE EASEMENT ' <7> ABUTTER'S RIGHTS OF INGRESS AND EGRESS TO OR FROM PALOMAR AIRPORT RD. EXCEPTING THEREFROM THE ACCESS OPENINGS HA VE BEEN DEDICATED OR RELINQUISHED ON MAP NOS. 14600 AND 14960. AN EASEMENT SHOWN OR DEDICATED ON THE MAP AS REFERRED TO IN THE LEGAL DESCRIPTION FOR: LANDSCAPE MAINTENANCE AND INCIDENTAL PURPOSES. 25' LANDSCAPE EASEMENT A SETBACK PER MAP NO. 14960 AN A VIGA TION EASEMENT RECORDED ON AUGUST 11. 1987 AND AUGUST 20, 1987 AS DOCUMENT NO'S 87-452377 AND 87-472299 OF OFFICIAL RECORDS PARTNERS 'Planning and Engineering 15938 Bernardo Center Dr. San Diego, CA. 92127 Ph. (858) 376-3444 Fax: (858) 376-3555 CARLSBAD MUNICIPAL WATER DISTRICT DATE:1-16-08 SCALE: 1" = 60' A.P.N.213-261-06 WATER EASEMENT LOT 15 PER MAP NO. 14960 PIP 06-07 BY: PARTNERS ENG'G. PR 07-123 SHEET:1 OF2 651ESMT01.dwg 3-5-08 8:59:24 am EST »ALOMg /«£?& 149BO NT*toft 64.» TjSfe^:NS°g?S7* 1T85 >.«£ -^ff$s*\\ «f^?rrB ^/L •0% **&? <*8F 12.^$ ,- '5*62' N75#fr Z0/15 13.76 MAP 14960 \<N N "^ W. <.^4 «N1 I ( ^ ^5 •M ^^ * * * ^yl^/7 ^5^ 20^' ^^6tt25 ^ ^\ -* ffllfi ^ \ -N80y2'06"E 1.86r wort 19.67 t"Mf 26.84 .DETAIL 'A' ^ •ar it&m. NaO"52'06"E^ 7.09' NBO'SllO'E- Lli 110 7.09' ~W5142'-wprsf,'* - EXIST LOT 15 PROPERTY LINE 1 INDICATES WATER EASEMENT \ DEDICATION WIHIN LOT 15 AREA*18,438.98 SF (0.423 AC) * POINT OF BEGINNINGP.O.B. T.P.O.B. - TRUE POINT OF BEGINNING Q - EXISTING EASEMENT D=22-26'44' R=82.00'-~, & LOT IffAD JoanAP 149SO -R=90.00'L=29.42 '^- S90W'00'E^ ' CAMPBELL PL* 30 60 — ur m*^ ^^ r R'=50.00' ^Swrwr GRAPHICAL SCALE CARLSBAD MUNICIPAL WATER DISTRICT DATE:1-16-08 SCALE: /" - 60' A.P.N.213-261-06 WATER EASEMENT LOT 15 PER MAP NO. 14960 PIP 06-07 DRAWN BY: PARTNERS ENG'G. PR 07-123 SHEET:20F2 651ESMT01.dwg .3-5-08 8:59:24 om EST