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HomeMy WebLinkAboutPIP 06-11; Bressi Ocean Collection LLC; 2007-0729933; Subordination AgreementWHEN RECORDED MAIL TO: City Clerk CITY OF CARLSBAD 1200 Carlsbad Village Dr. Carlsbad, CA 92008 Please record the document at no fee as if is to the benefit of the District (Gov. Code [6103].) 7P F DGC# 2007-0729933 NOV 20, 2007 3:10 PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE GREGORY J. SMITH. COUNTY RECORDER FEES: 0.00 PAGES: SPACE ABOVE THIS LINE FOR RECORDER'S USE 7782 ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: 213-261-8 and 9 PIP 06-11, PR 07-20, Bressi Ranch Lots 17 & 18 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 ^M day of tWju.5-h 20 Ol 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, A Delaware Limited Liability Company, did execute a deed of trust, dated July 20, 2007 to East-West Investments, Inc. as trustee, to secure a note in the sum of $36,000,000.00 dated July 20, 2007 in favor of Bressi Ocean Collection, LLC, A Delaware Limited Liability Company recorded in the office of the County Recorder of San Diego County on July 31, 2007 as File No. 2007-0508893 of Official Records 1 mDevBlopmsnt Services\PROJECTS\PIP FIIES\PIP OfflPIP 06-11 Ocean Cdlelion Lois 17 & 18\Bonds and AsreamenttSUBORDINATION ACT PR 07-20 .doc 5/31/00 of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of I I ""7 EASEMENT(S) dated r / , 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 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, 2 H:\DBvelopment Services\PROJECTS\PIP FILES\PIP 06\PIP 06-11 Ocean Collelion Lots 17 & 18\Bonds and AgraementtSUBORDINATION AGT PR 07-20 .doc 5I3MOO 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. This Agreement represents an endorsement to the note secured by the deed 3 H:\DevelopmeiM Ssrvices\PROJECTS\PIP FILES\PIP 06\PIP 06-11 Ocean Collation Lots 17 & 18\Bonds and AgreementtSUBORDINATION AGT PR 07-20 .doc 5/31/00 7765 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: Cu By: (sign here) (print name here) 5\jP, Bast West OWNER: Bressi Ocean Collection, LLC, a California 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: (print name here) /W (print name here) f (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 By: DepTJty^ity Attorney H:\Development Services\PROJECTS\PIP FILES\PIP 06\PIP 06-10 Ocean Collection at Bressi, Wickham\Bonds and AgreementtSUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 07-26) .doc 5/31/00 7786 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California C>County of IL/ ss. On Date personally appeared _ .~Loo~)before me, Name and Title of Officer (e.g..g., "Jan/D muLMunco Commteton # 1648392 Notary PuMc - CoHomki Orange County MyComm.faplretFeb28.2010 Name(s) of Signer(s) .^Sfpersonally known to me D 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 the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. Signature of Notary Public 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: ^U.b O> Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer 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:, l£>•^ . Number of Pages:. RIGHT THUMBPRINT OF SIGNER Top of thumb here © 1999 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313-2402 • www.NationalNotary.org Reorder: Call Toll-Free 1-800-876-6827 7787 ACKNOWLEDGEMENT STATE OF CALIFORNIA COUNTY OF LOS ANGELES On V$- 30,3*i)r\ before me, Doris Ong Yap, a Notary Public, personally appeared Pdycrah fivwddAC , personally known to me (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-he7she/ikcy executed the same in-his/her/their authorized capacity(ies), and that by hisTher/thefr 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. DORIS ONG YAP Committion <p 1669967 Notary PuWto • CdBorrto County Notary Public 7 ACKNOWLEDGEMENT 7788 STATE OF CALIFORNIA COUNTY OF LOS ANGELES On Ogf-- ^0) £^1 before me, Doris Ong Yap, a Notary Public, personally appeared Eo^rt 3jffuU/M , personally known to me (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/sh^uiey executed the same in his./hei2lheir authorized capacity(ies), and that by his/hetTStelf 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. DORBONGYAP Commteton * 1669957 otov Pubfc - CoHomto t» Angeta County My Comm. Betel Mcv2S. 20K Notary Public City of Carlsbad Engineering Department DMS Data Entry Form Document Class: Deed *APN(s): 2/3--ZJ& -OS,OS "Project ID: PR £7- 2O "Related Project ID(s): ?iP O(,-ll "Grantor's Name: E«5-f kJe?+- 8**k "Purpose: S^osAC*^/**- d//TA'f> t Access "Location: M/lz C^o/nt./" G-wftfc'A.y fkctkJi 4* Hard Copy Location: Clerk's Vault "File No.: 0775- ""Recordation Number: **Deed Number: **Reco "Comment: "Grantee: Cv"^ o/6<sx/B/*./ -/ C^^ll &***( Keep Until Date: 01/01/9999 Permanent?: YES rdation Date: * To be filled in by Project Engineer ** To be filled in by City Clerk Grantee City of Carlsbad Municipal Water District File Number 0775-10 0775-80 Purpose Instrument Easement Fee Simple Irrevocable Offer Quitclaim Subordination Vacation - Use Access Construction Drainage Open Space Other Park Sewer Sidewalk Slope Street Trail Utility Water Guidelines for filling in Purpose: Choose an instrument followed by a dash and then the use. Examples: Irrevocable Offer - Sewer Easement - Water Quitclaim — Drainage Vacation - Street Subordination - Sidewalk When an easement has multiple purposes, include each purpose separated by &. Examples: • Easement - Drainage & Sewer • Vacation - Street & Utility, • Subordination - Utility & Access • Easement - Street & Utility & Access H:/Development Services/Masters/DMS Data Entry Forms/Deed Data Entry Form 11/9/07