The URL can be used to link to this page

Home My WebLink AboutPIP 06-15; Opus West Corporation; 2007-0649952; Subordination AgreementRECORDED AT THE REQUEST OF CHICAGO TITLE CO. 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].) DGC# 2007-0649952 OCT 08, 2007 3:03 PM OFFICIAL RE CORDS SAN DIEGO COUNTY RECORDER'S OFFICE G R E G0RY J. S MIT H.COUN TY RECORDER FEES: 32.00 PAGES: 2007-0649952 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. 221 -881 -01 -00 PROJECT NO. & NAME: Opus Point Lot 7 PIP 06-15 Waterline easement PR 06-136 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 23 day of , 20^7 by Opus West Corporation, a Minnesota Corporation, owner of the land hereinafter described and hereinafter referred to as "Owner," and Wachovia Bank, N.A., a national banking association, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Opus West Corporation, a Minnesota Corporation, did execute a deed of trust, dated July 7, 2006 to TRSTE, INC, a Virginia Corporation as trustee, to secure a note in the sum of $9,100,000 in favor of Wachovia Bank, N.A., a national banking association recorded in the office of the County Recorder of San Diego County on July 7, 2006 as File No. 2006-0481186 of Official Records of said county; and H:\Development Services\PROJECTS\PIP FILESVPIP 06\PIP 06-15 Opus Point Lot 7, Wickham 7-31-06\Deeds-Easement\SUBORDINATION AGT TRUST DEED HOLDERS CMWDPR06-136.doc Rev. 5/31/00 4854 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 06-15 Opus Point Lot 7, Wickham 7-31-06\Deeds-Easement\SUBORDINATION ACT TRUST DEED HOLDERS CMWDPR06-136.doc Rev. 5/31/00 4855 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:\Development Services\PROJECTS\PIP FILESVPIP 06\PIP 06-15 Opus Point Lot 7, Wickham 7-31-06\Deeds-Easement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD PR 06-136 .doc Rev. 5/31 /OO 4856 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: OWNER-' By: (sign here) (print nameM Senior Vice President (title and organization of signatory) (print name here) igtqhehere) (print name he>e} (title and organizatiori^signatory) (title and organization of signatory) By: / (sign here) (print name here) / (title and organj/ation 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: Deputy General Counsel H:\Development Services\PROJECTS\PIP FILES\PIP 06\PIP 06-15 Opus Point Lot 7, Wickham 7-31-06\Deeds-Easement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD PR 06-136 .doc Rev. 5/31 /DO State of California County of San Dioge- On before me, (Date) personally appeared ^^Q^VJt \ A\ • '(Name, Title fcf Officer) \ (Nameft] of Signer^]) l ft personally known to me -OR - D (or proved to me on the basis of satisfactory evidence) to be the person^ whose name(s) is/we, subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(te«i, and that by his/hor/thotf signature(fc) on the instrument the person($), or entity upon behalf of which the personOs) acted, executed the instrument. WITNESS my hand and official seal Signature of Notary DONALOBER Commission # 1431256 Notary PubHc - CoBfomta Orange County MyComm. Expire* Julie, 2007 (This area for official notary seal) Title or Type Date Document of Document ^b<_5sJ^L5J of ^w-^i^A uuv^ No. of Pages Signer(s) other than named above H:\Development Services\PROJECTS\PIP FILES\PIP 06\PIP 06-15 Opus Point Lot 7, Wickham 7-31-06\Deeds-Easement\SUBORDINATION AGT TRUST DEED HOLDERS CMWD PR 06-136 doc Rev. 5/31/00 4858 State of California i i* v County of San EKego On (Date) personally appeared 4 before me, IK WteH-j jMOI&irtA (Narrfa, Title of Officer)(J A»PO (Name[s] of Signer[s]) ersonally 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 >"^m**^m*m^mmmw^mmmmm^ OFFICIAL SEAL | DEBBIE D. KINNEY | Notary Public-State of Arizona I MARICOPA COUNTY ' J&ejr My Comm. Expires May 6,2011 Imm**^****i^******mm^mmm^mmmmff (This area for official notary seal) Title or Type of Document Date of Document Signer(s) other than named above No. of Pages H:\Development Services\PROJECTS\PIP FILES\PIP 06VPIP 06-15 Opus Point Lot 7, Wickham 7-31-06\Deeds-Easement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD PR 06-136 .doc Rev. 5/31/00 APRIL 9, 2007 J.N. 051130-3 PAGE 1 OF 1 EXHIBIT "A" LEGAL DESCRIPTION WATER LINE EASEMENT P.I.P. 06-15 PR 06-136 A PORTION OF LOT 7 OF CARLSBAD TRACT NO. 98-10, ACCORDING TO MAP THEREOF NO. 15013, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, RECORDED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON MAY 3, 2005 AS DOCUMENT 2005- 0371022 OF OFFICIAL RECORDS, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF SAID LOT 7, A POINT ON THE SOUTHERLY RIGHT-OF-WAY OF LIONSHEAD AVENUE; THENCE, ALONG THE NORTH LINE OF SAID LOT 7 AND SAID SOUTHERLY LINE OF LIONSHEAD AVENUE, SOUTH 81°09'39" WEST 5.13 FEET TO THE TRUE POINT OF BEGINNING; THENCE, LEAVING SAID NORTH LINE AND SAID RIGHT-OF-WAY, SOUTH 08°50'21" EAST 35.25 FEET TO THE EAST LINE OF SAID LOT 7; THENCE, ALONG SAID EAST LINE, SOUTH 00°33'16" EAST 40.81 FEET; THENCE, LEAVING SAID EAST LINE, SOUTH 44°26'44" WEST 36.54 FEET; THENCE SOUTH 45°33'16" EAST 11.94 FEET; THENCE SOUTH 44°26'44" WEST 10.00 FEET; THENCE NORTH 45°33'16" WEST 11.37 FEET; THENCE SOUTH 00°33'16" EAST 90.97 FEET; THENCE NORTH 89°26'44" EAST 5.51 FEET; THENCE SOUTH 00°33'16" EAST 20.00 FEET; THENCE SOUTH 89°26'44" WEST 25.51 FEET; THENCE NORTH 00°33'16" WEST 89.43 FEET; THENCE SOUTH 89°26'44" WEST 20.99 FEET; THENCE NORTH 00°33'16" WEST 10.00 FEET; THENCE NORTH 89°26'44" EAST 20.99 FEET; THENCE NORTH 00°33'16" WEST 20.62 FEET; THENCE NORTH 44°26'44" EAST 45.97 FEET; THENCE NORTH 00°33'16" WEST 31.08 FEET; THENCE NORTH 08°50'21" WEST 33.80 FEET TO SAID NORTH LINE OF SAID LOT 7 AND SAID SOUTHERLY LINE OF LIONSHEAD AVENUE; THENCE, ALONG SAID NORTH LINE AND SAID SOUTHERLY LINE, NORTH 81°09'39" EAST 20.00 FEET TO THE TRUE POINT OF BEGINNING. AREA = 5,086 S.F. (0.12 AC) 0:\Legal_De3criptions\051130\Lot_7.Igl.doc 4860 an :SITE mono ecuH env or CNCMTAS VICINITY MAP HO SCALE 40) / 2 J 4 5 f 7 9 $ 1Qft W tf14 19 if 17 19 1$ 2Q DELTA/BEARING S 81W39" W S 08-50*21' E SOO'33'16"E S 44-26'44" W 545'33'16'E S 44-26'44" W N 45'33'16" W soo-33't6"E N 89"26'44"E 500'33'16'E S 89-26'44" W N M'JJ'16" W S 89W44' W N M'JJ'16' W N 89'26'44" E N M'33'16" W N 44W44' E N M'33'16* W N OB-50'21" W N 81V9'39* E RADIUS . — — — _____ . LENGTH 5.13' 35.25' 40.81' 36.54' 11.94' 10.00'iur 90.9T 5.51' 20.00' 25.51' 89.43' 20.99' 10.00' 20.99' 20.62' 45.97' 31.08' 33.80' 20.00' LEGAL DESCRIPTION PORTION OF LOT 7. OF MAP No. 15013. BASIS OF BEARINGS NORTHERLY LINE OF LOT 7, OF MAP No. 15013. I.E. N 81'09'39' E EXISTING EASEMENTS Q] ABUTTER'S RIGHT OF ACCESS RELINQUISHED PER MAP No. 15013 |T| SIGHT DISTANCE CORRIDOR PER MAP No. 15013 GO 40' WIDE x 100' LONG RECIPROCAL ACCESS EASEMENT TO LOT 8 OF MAP 15013 PER DOC. NO. 2007-0120802 WATERLINE EASEMENT PR 06-136 CARLSBAD MUNICIPAL WATER DISTRICT 4350 LA JOLLASUITE 110SAN Of GO,, CA^ PHONE: (858) ULLAGE 92121 546-4100 PREPARED BY: TIMOTHY a CABBOLL JR. LS. 7700 CXP. 12/31/08 PROJECT: OPUS POINT AT THE RACEWAY LOT 7 SHT. 1 OF 2 SHTS. APM 221-881-01 DATE JANUARY 2007 EXHIBIT 'B' 4861 v W SCALE: 1" = 40' LOT 7 MAP 15013 LOT 8 MAP 15013 LAND r iy NO. 7700 / C*\ EX* 12/31/08 Ji SEE SHI 1 FOR EASEMENT DESCRIPTIONS CO N S U L T T S 271Q Later *«nut WM* 5uH* 100 Cartsfaod. CoDfomla 92010 760-t31-77QO rai 760-t31-flMO Orii ProciuinQ Survtylng LEGEND PARCEL BOUNDARY POINT OF BEGINNING TRUE POINT OF BEGINNING WATERUNE EASEMENT AREA P.O.B. T.P.O.B. k\\\\\\ AREA = 5,086 S.F. (0.12 AC) WATERLINE EASEMENT PR 06-136 CARLSBAD MUNICIPAL WATER DISTRICT REQUESTEIOPUS V/EST 4350 LA JOLLA VILLAGE DRIVE, SUITE 110 I SAN DIEGO, CAt 92121I PHONE: (858) 546-4100 I: \0511X\05JONP-Hm-01.dwa Mar 09. 2007 J:48pm PREPARED BY: mOTHYQ. CA JR. LS. 7700 EXP. 12/31/08 PROJECT: OPUS POINT AT THE RACEWAY LOT 7 SHT. 2 OF 2 SHTS A.P.N. 221-881-0! DATE JANUARY 2007 EXHIBIT 'B'