HomeMy WebLinkAboutPIP 06-10; Bressi Ocean Collection LLC; 2007-0717228; Subordination Agreement11047 DOC# 2007-0717228
. . RECORDING REQUE.LandAmerica Commercial
WHEN RECORDED MAIL TO:
City Clerk
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 [6103].)
NOV13, 2007 4:42 PM
OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
GREGORY J. SMITH, COUNTY RECORDER
FEES: o.OO
PAGES: 11
SPACE ABOVE THIS LINE FOR RECORDER'S USE
ASSESSOR'S PARCEL NO.
PROJECT NO. & NAME:
Bressi Ocean Collection Lots 19 - 22
PR 07-27 general utility easement
213-261-10-00
213-261-11-00
213-261-12-00
213-261-13-00
PIP 06-10
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 U day of . 20^7 by Bressi
Ocean Collection, LLC, a Delaware limited liability company, owner of the land hereinafter
described and hereinafter referred to as "Owner," and East West Bank, a California banking
corporation, present owner and holder of the deed of trust hereinafter described, hereinafter
referred to as "Beneficiary;"
WITNESSETH
WHEREAS, Bressi Ocean Collection, LLC, did execute a deed of trust, dated July 20,
2007 to East-West Investment, Inc. as trustee, to secure a note in the sum of thirty-six million
dollars ($36,000,000) dated July 20, 2007 in favor of East West Bank, recorded in the office of
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HOLDERS CITY REV1 (PR 07-26) doc 5/31/00
11048
the County Recorder of San Diego County on July 31, 2007 as File No. 2007-0508893 of
Official Records of said county; and
WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of
EASEMENT, in favor of the City of Carlsbad as grantee herein referred to 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 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
2
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HOLDERS CITY REV1 (PR 07-26) .doc 5/31/00
11049
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
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
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HOLDERS CITY REV1 (PR 07-26) .doc 5/31/00
11050
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:.
By: 4*(sign here)
(print name here)
Sen/or
OWNER: Bressi Ocean Collection, LLC,
a Delaware limited liability company
By: Urban Investment Fund, LLC, a
California limited liability
company, it's Managing Member
BY: Rancho Pacific Properties, Inc.
DBA Urban+West+Strategies
It's Managing Member
(title and organization of signatory)
By:ByV ^
(sign here)
(print name here)(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
City Attorney
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HOLDERS CITY REV1 (PR 07-26) .doc 5/31/00
11051
State of California
County of Son Diego.)
On ^-|i-<>7 before me,
(Date)
personally appeared
(Name, Title of Officer)
Q ^ Rl &A 2-Q
(Name[s] of Signer[s])
_J^personally known to me -OR - D
(or proved to me on the basis of satisfactory evidence) to be the person(s) whose
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 entity upon behalf of which
the person(s) acted, executed the instrument.
WITNESS my hand and official seal
MMMUMCO
ConMMMton* 1648392
Notay ruwte - CoHomta
Orang* County
MyComm.EicpkwF«b2«.201
Signature of Notary
(This area for
official notary seal)
Title or Type of
Date
Document
Signer(s) other
Document
of
than named above
No. of Pages
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11052
ACKNOWLEDGEMENT
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
On ^6f ^' I*' °lfT)r) before me, Doris Ong Yap, a Notary Public, personally
appeared DoUrfik $wur(iM. flyrv/ libi/H" 2{fli/Alvl , personally known to me
(or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s)>s/are
subscribed to the within instrument and acknowledged to me that-heTsKe/they executed the same
in his#fef/their authorized capacity(ies), and that by jiis^cf/their signature(s) on the instrument
the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
DORS ONG YAP
Commission # 1469957
Notary PuWte - CoKomta
Notary Public
11053
EXHIBIT "A"
LEGAL DESCRIPTION
FOR
GENERAL UTILITY AND ACCESS EASEMENT
PR 07-26
ALL OF THOSE PORTIONS OF LOTS 19 THROUGH 22, INCLUSIVE OF CARLSBAD
TRACT CT 02-15, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF
CALIFORNIA ACCORDING TO MAP THEREOF NO. 14960 RECORDED IN THE
OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY FEBRUARY 4,
2005, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHEAST CORNER OF SAID LOT 21; THENCE ALONG
THE NORTHERLY LINE THEREOF, WEST 262.58 FEET TO THE TRUE POINT OF
BEGINNING; THENCE LEAVING SAID NORTHERLY LINE SOUTH 33.00 FEET;
THENCE EAST 76.06 FEET; THENCE SOUTH 80.50 FEET; THENCE EAST 144.48
FEET; THENCE SOUTH 10.00 FEET; THENCE WEST 97.23 FEET; THENCE SOUTH
15.50 FEET; THENCE WEST 47.25 FEET; THENCE SOUTH 121.00 FEET; THENCE
EAST 185.26 FEET TO A POINT ON THE WESTERLY RIGHT-OF-WAY OF
INNOVATION WAY, 72.00 FEET IN WIDTH AS SHOWN ON SAID MAP NO. 14960;
THENCE ALONG SAID WESTERLY RIGHT-OF-WAY, SOUTH 00°16'45" WEST 53.07
FEET; THENCE DEPARTING SAID WESTERLY RIGHT-OF-WAY NORTH 45°00'00"
WEST 46.77 FEET; THENCE WEST 151.93 FEET; THENCE SOUTH 122.50 FEET;
THENCE EAST 15.95 FEET; THENCE SOUTH 15.00 FEET; THENCE EAST 129.58
FEET; THENCE SOUTH 12.23 FEET; THENCE WEST 111.24 FEET; THENCE SOUTH
9.75 FEET; THENCE WEST 13.00 FEET; THENCE NORTH 9.75 FEET; THENCE
WEST 21.29 FEET; THENCE SOUTH 51.72 FEET; THENCE EAST 76.69 FEET;
THENCE SOUTH 10.00 FEET; THENCE WEST 76.69 FEET; THENCE SOUTH 22.74
FEET; THENCE EAST 26.08 FEET; THENCE SOUTH 18.62 FEET; THENCE WEST
26.08 FEET; THENCE SOUTH 18.94 FEET; THENCE WEST 270.51 FEET; THENCE
NORTH 8905r52" WEST 93.61 FEET TO THE INTERSECTION WITH THE EASTERLY
SIDE LINE OF THAT CERTAIN GENERAL UTILITY AND ACCESS EASEMENT AS
GRANTED ON SAID MAP NO. 14960; THENCE ALONG THE EASTERLY SIDE LINE
THEREOF, NORTH 15.78 FEET; THENCE NORTH 10°48'59" WEST 4.29 FEET;
THENCE DEPARTING SAID EASTERLY SIDE LINE, SOUTH 89°51'52" EAST 86.93
FEET; THENCE NORTH 22.57 FEET; THENCE WEST 9.90 FEET; THENCE NORTH
13.67 FEET; THENCE EAST 9.90 FEET; THENCE NORTH 87.50 FEET; THENCE
WEST 7.00 FEET; THENCE NORTH 10.00 FEET; THENCE EAST 7.00 FEET;
THENCE NORTH 125.50 FEET; THENCE WEST 21.83 FEET; THENCE NORTH 15.00
FEET; THENCE EAST 21.83 FEET; THENCE NORTH 117.97 FEET; THENCE WEST
8.00 FEET; THENCE NORTH 10.49 FEET; THENCE WEST 105.93 FEET; THENCE
NORTH 00°54'50" WEST 20.00 FEET; THENCE EAST 114.25 FEET; THENCE NORTH
8.46 FEET; THENCE WEST 10.04 FEET; THENCE NORTH 16.83 FEET; THENCE
EAST 10.04 FEET; THENCE NORTH 50.74 FEET TO A POINT HEREINAFTER
REFERRED TO AS POINT 'A'; THENCE EAST 181.94 FEET; THENCE NORTH 33.00
FEET TO THE INTERSECTION WITH THE NORTHERLY LINE OF SAID LOT 21;
Page 1 of 2
P:\3370\MAPPlNG\PLATS\Legals\LOTS 19-22 GUE.doc 8/14/2007 8:51 AM
11054
THENCE ALONG SAID NORTHERLY LINE, EAST 20.00 FEET TO THE TRUE POINT
OF BEGINNING.
EXCEPTING THEREFROM THAT PORTION DESCRIBED AS FOLLOWS;
COMMENCING AT SAID POINT 'A'; THENCE ALONG A TIE-LINE, SOUTH 56°58'34"
EAST 35.78 FEET TO THE TRUE POINT OF BEGINNING; THENCE EAST 10.00
FEET; THENCE SOUTH 6.21 FEET; THENCE EAST 51.38 FEET; THENCE NORTH
5.71 FEET; THENCE EAST 156.62 FEET; THENCE SOUTH 468.74 FEET; THENCE
WEST 137.74 FEET; THENCE NORTH 4.44 FEET; THENCE WEST 13.76 FEET;
THENCE SOUTH 4.44 FEET; THENCE WEST 47.04 FEET; THENCE NORTH 11.78
FEET; THENCE WEST 5.00 FEET; THENCE SOUTH 4.00 FEET; THENCE WEST
14.46 FEET; THENCE NORTH 111.97 FEET; THENCE EAST 7.91 FEET; THENCE
NORTH 11.50 FEET; THENCE WEST 7.91 FEET; THENCE NORTH 220.00 FEET;
THENCE EAST 7.08 FEET; THENCE NORTH 13.00 FEET; THENCE EAST 53.91
FEET; THENCE NORTH 10.00 FEET; THENCE WEST 60.98 FEET; THENCE NORTH
95.00 FEET TO THE TRUE POINT OF BEGINNING
CONTAINS 1.346 ACRES, MORE OR LESS
DONALD E. ROTH, PLS 5506 ''DATE:
(MY LICENSE EXPIRES ON 09-30-08)
Page 2 of 2
P:\3370\MAPPING\PLATS\Legals\LOTS 19-22 GUE.doc 8/14/2007 8:51 AM
EXHIBIT "B"
ASSESSOR'S: PARCEL A/OS.
213-261-10, 11, 12, 13
BASIS OF BEARINGS:
THE BASIS OF BEARINGS FOR THIS PLAT IS
THE NORTH LINE OF LOT 21 PER MAP NO.
14960, I.E. NORTH 90'OOW EAST.
LEGEND:
EXISTING LOT LINES
RESTRICTED SIGHT CORRIDOR
EASEMENT AS SHOWN ON
MAP NO. 14960
PRIVATE LANDSCAPE
MAINTENANCE
EASEMENT AS SHOWN
ON MAP NO. 14960
GENERAL UTILITY AND
ACCESS EASEMENT AS
SHOWN ON MAP NO.
14960
INDICATES SDG&E EASEMENT
PER DOC. NO. 2005-0294004
REC. APRIL 11, 2005
INDICATES GENERAL UTILITY AND
ACCESS EASEMENT
AREA PARCEL "A": 1.346 ACRES
PROJECT DESIGN CONSULTANTS
Planning | Landscape Architecture I Environmental | Engineering | Survey
11055
VICINITY MAP
NO SCALE
LEGAL DESCRIPTION:
LOTS 19 THROUGH 22 INCLUSIVE OF CARLSBAD
TRACT NO. CT 02-15 BRESSI 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.
ENGINEER OF WORK:
PROJECT DESIGN CONSULTANTS
701 B STREET, SUITE 800
SAN DIEGO, CA 92101
(619) 235-6471
L& A
701 B Street, Suite 800
619.235.6471 Tel
San Diego, CA 92101
619.234.0349 Fax
RONALD E. ROTH, LS. 5506
REGISTRATION EXPIRES 9/30/2008
/DATE
GENERAL UTILITY AND ACCESS EASEMENT-CITY OF
CARLSBAD SHEET 1 OF 3
APPLICANT:
RANCHO PACIFIC
PROPERTIES, INC.
1280 BISON AVE., B9-609
NEWPORT BEACH. CA 92660
PREPARED BY:
PROJECT DESIGN CONSULTANTS
701 B STREET, SUITE 800
SAN DIEGO, CA 92101
BRESSI OCEAN
COLLECTION LOTS
19-22
A.P.N. 213-261-10,11.12,13
PIP 06-10
PR 07-26
P:\3370\MAPPING\PLATS\3370 GENERAL UTILITY EASEMENT Lots 19-22 (August 9_2007).dwq Aug 13, 2007
EXHIBIT °B"
LOT 23
581.90'
N33'50'39aE
32.64'EAST 181.94'TIE UNE ONLY
N56'58'34"W
35.78'
NOO'54'50"W
-156.62'~\-
TRUE POINTBEGINNING
EXCEPTION PORTION
EAST 60.98'
ORTH
10.00'
53.91'
ORTH
13.00'
EAST
7.08'WEST
21.83'
NORTH
15.00'
WEST
20.00' 21.83
WEST
7.00'
NORTH
10.00'
WEST
7.00'
WEST
9.90
NORTH
13.67'
WEST
9.90
L9
GENERAL
UTILITY AND
ACCESS
EASEMENT
PER MAP
NO. 14960
N10'48'59"W,
4.29' *
NORTH
15.78'
•t j
*O I^TN I
-H-l
N89'51'52"W'
~ 93.61'
i
4.44V. M.44''• 10\\ YJ
BLtfNLL^-faST
~fflMtfffl/l&#<$%Z%0vA
EAST 270.51'
r$
N89'30'25"W
GATEWAY
562.81'
ROAD
GENERAL UTILITY AND ACCESS EASEMENT-CITY OF
CARLSBAD
1056
40 80
GRAPHICAL SCALE
SCALE: 1" = 80'
LINE
L1
L2
L3
L4
L5
L6
L7
L8
L9
L10
L11
L12
BEARING
NORTH
WEST
NORTH
WEST
WEST
NORTH
NORTH
NORTH
N89'51'52'W
WEST
NORTH
WEST
DISTANCE
5.71'
51.38'
6.21'
10.00'
10.04'
16.83'
8.46'
22.57'
86.93'
5.00'
11.78'
47.04'
SHEET 2 OF 3
APPLICANT:
RANCHO PACIFIC
PROPERTIES, INC.
1280 BISON AVE., B9-609
NEWPORT BEACH, CA 92660
PREPARED BY:
PROJECT DESIGN CONSULTANTS
701 B STREET, SUITE 800
SAN DIEGO, CA 92101
BRESSI OCEAN
COLLECTION LOTS
19-22
A.P.N. 213-261-10,11,12.13
PIP 06-10
PR 07-26
P:\3370\MAPPING\PLATS\3370 GENERAL UTILITY EASEMENT Lots 19-22 (August 9_2007).dwq Aug 13. 2007
20.00'
—V-
EXHIBIT °B°
TRUE POINT OF BEGINNING
PARCEL "A
'ORTH 33.00
EAST
W.OO'^iJS'
N45WWW
46.77'
10.00'
76.69'
&=9012'50"
R=25.00'
~J\rN89'30'25"W
GATEWAY
GENERAL UTILITY AND ACCESS EASEMENT-CITY OF
CARLSBAD
11057
Uj
io
GRAPHICAL SCALE
SCALE: 1" = 80'
LINE
L13
L14
L15
L16
L17
BEARING
WEST
NORTH
EAST
NORTH
EAST
DISTANCE
26.08'
22.74'
21.29'
9.75'
13.00'
SHEET 3 OF 3
APPLICANT:
RANCHO PACIFIC
PROPERTIES, INC.
1280 BISON AVE., B9-609
NEWPORT BEACH, CA 92660
PREPARED BY:
PROJECT DESIGN CONSULTANTS
701 B STREET, SUITE 800
SAN DIEGO, CA 92101
BRESSI OCEAN
COLLECTION LOTS
19-22
A.P.N. 213-261-10,11,12,13
PIP 06-10
PR 07-26
P:\3370\MAPPING\PLATS\3370 GENERAL UTILITY EASEMENT Lots 19-22 (Auqust 9_2007).dwq Aug 13, 2007