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HomeMy WebLinkAboutPIP 06-17; Opus West corporation; 2007-0760452; Subordination Agreement5660 , 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# 2007-0760452 DEC 07, 2007 1:31 PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE Q R E G 0 RY J. S MIT H, CO U N TY R E CO Fi D E R FEES: 32.00 PAGES: SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: Opus Point Lots 9 and 10 221-881-03-00 221-881-04-00 PIP 06-17 Waterline easement PR 06-141 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 ~?2> day of 20C>"1 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. H:\Development Services\PROJECTS\PIP FILES\PIP 06\PIP 06-17 Opus Point Lot 9-10\Deeds-Easement\SUBORDINATION AGT TRUST DEED HOLDERS CMWD PR 06-17 .doc Rev. 5/31/00 5661 2006-0481186 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 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, 2 H:\Development Services\PROJECTS\PIP FILES\PIP 06VPIP 06-17 Opus Point Lot 9-10\Deeds-Easement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD PR 06-17 .doc Rev. 5/31/00 5662 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 H:\Development Services\PROJECTS\PIP FILES\PIP 06\PIP 06-17 Opus Point Lot 9-10\Deeds-Easement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD PR 06-17 .doc Rev. 5/31/00 5663 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: (sign (sign here) (print name here) S. Todd Jarman Senior Vice President (print name here) (title and organization of signatory) By: \ (sWi here) (print name\ere) (title and organization of signatory) (title and organization of signatory) By: / (sign here) ~7 (print name here) / (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 By: ieputy General Counsel H:\Development Services\PROJECTS\PIP FILES\PIP 06\PIP 06-17 Opus Point Lot 9-10\Deeds-Easement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD PR 06-17 .doc Rev. 5/31/00 5664 State of California County of S^n, Diego On " *"before me,, Al/V.A // (Date) personally appeared -^* (Namel title of Officer. (Name[s] of Signers]) rsonally 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 OFFICIAL SEAL \ DEBBIE D. KINNEY • Notary Public-State of Arizona I , «^»^r MARICOPA COUNTY :I ^1X MyComm.ExplrtiMive,<2011J (This area for official notary seal) Title or Type Date Document of Document So&oQ.&r/^frTr#*/ A4#&e~** &AS~T of No. of Pages . , S-M '°-? 7/ Signer(s) other than named above H:\Development Services\PROJECTS\PIP FILESVPIP 06\PIP 06-17 Opus Point Lot 9-10\Deeds-Easement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD PR 06-17 .doc Rev. 5/31/00 5665 State of California ) ) County of ScmOiogfr ) On ±S^ "«^,^»" CT\ before me, (Date) personally appeared .. V v*X-Oi>\ u r< ame, Tifle of Offi £=*> Officer) (Namefij of Signer^]) jB'personally known to me -OR - D (or proved to me on the basis of satisfactory evidence) to be the person(^ whose name(s) is/ape, subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/thw authorized capacity(tes), and that by his/hef/tfceif- signature^) on the instrument the person(Si), or entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal xX Signature of Notary DONALO8ERI Commission #1431256 I Notary PubHc - CaHfomta f Orange County r My Comm. Expires Jul 18.2007f (This area for official notary seal) Title or Type of Document 'Sso.^xjisvc^ >re\ Date of Document ^ ' ^ ^ - O~~\ Signer(s) other than named above -4r - SXi A . Uooi w5>r>pv \ Yx-sj-vJu^YiJl rw u No. of Pages H:\Development Services\PROJECTS\PIP FILES\PIP 06\PIP 06-17 Opus Point Lot 9-10\Deeds-Easement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD PR 06-17 .doc Rev. 5/31/00 5666 EXHIBIT "A" LEGAL DESCRIPTION WATERLINE EASEMENT P.I.P. 06-17 PR 06-141 MARCH 21, 2007 J.N. 051130 PAGE 1 OF 1 A PORTION OF PARCEL 'A' OF ADJUSTMENT PLAT 06-21, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, PER CERTIFICATE OF COMPLIANCE NO. CE 07-03 RECORDED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON \^\ "7 2007 AS DOC. NO. 2007- DESCRIBED AS FOLLOWS: BEING MORE PARTICULARLY BEGINNING AT THE NORTHWEST CORNER OF SAID PARCEL 'A' ; THENCE, ALONG THE NORTH LINE OF SAID PARCEL "A", NORTH 81°09'39" EAST 85.66 FEET TO THE TRUE POINT OF BEGINNING; THENCE, CONTINUING ALONG SAID NORTH LINE, NORTH 81°09'39" EAST 20.00 FEET; THENCE, LEAVING SAID NORTH LINE, SOUTH 08°50'21" EAST 14.92 FEET; THENCE SOUTH 12°54'39" WEST 37.04 FEET; THENCE SOUTH 34°39'39" WEST 32.31 FEET; THENCE SOUTH 45°11'30" WEST 38.32 FEET; THENCE SOUTH 00°33'16" EAST 200.91 FEET; THENCE SOUTH 44°33'33" EAST 9.02 FEET; THENCE SOUTH 89°33'33" EAST 10.89 FEET; THENCE NORTH 00°26'27" EAST 15.00 FEET; THENCE SOUTH 89°33'33" EAST 10.00 FEET; THENCE SOUTH 00°26'27" WEST 15.00 FEET; THENCE SOUTH 89°33'33" EAST 289.92 FEET TO A POINT ON THE EAST LINE OF SAID PARCEL "A"; THENCE, ALONG SAID EAST LINE, SOUTH 00°26'27" WEST 10.50 FEET; THENCE SOUTH 89°33'33" EAST 8.00 FEET; THENCE SOUTH 00°26'27" WEST 14.50 FEET; THENCE, LEAVING SAID EAST LINE, NORTH 89°33'33" WEST 4.86 FEET; THENCE NORTH 00°26'27" EAST 5.00 FEET; THENCE NORTH 89°33'33" WEST 76.44 FEET; THENCE SOUTH 00°26'27" WEST 11.66 FEET; THENCE NORTH 89°33'33" WEST 10.00 FEET; THENCE NORTH 00°26'27" EAST 11.66 FEET; THENCE NORTH 89°33'33" WEST 235.80 FEET; THENCE NORTH 44°33'33" WEST 25.39 FEET; THENCE NORTH 00°33'16" WEST 217.43 FEET; THENCE NORTH 45°11'30" EAST 8.90 FEET; THENCE NORTH 44°48'30" WEST 10.50 FEET; THENCE NORTH 45°11'30" EAST 10.00 FEET; THENCE SOUTH 44°48'30" EAST 10.50 FEET; THENCE NORTH 45°11'30" EAST 26.02 FEET; THENCE NORTH 34°39'39" EAST 26.62 FEET; THENCE NORTH 12°54'39" EAST 29.35 FEET; THENCE NORTH 08°50'21" WEST 11.08 FEET TO THE TRUE POINT OF BEGINNING. AREA = 13,644 S.F. (0.31 AC) O:\Legal_Descriptions\051130\R-WTR.lgl.doc 5667 (NO) DELTA/BEARING ft , .. aifin'tn" r-/ N o/l/yJy t ~ O A/ OITiO'tO" r —Z N 01 i/y Jy c T C /W5/7'.?/* f 4 S 12'54'39" W 5 S 34*39*39" W ~ A C ^T*//'?/7* W0 0 •'J I I fcX I/ rf S 003316 E Q C Ad'll'n" CO O TT \JJ \J\J C. 9 S 89'JJ'JJ" E m A/ /^n*f)cto7tt c —lU N UUZoZ/ t 11 S 89'JJ'JJ" E 12 S 00"26'27" W 13 S 89'JJ'JJ" E 74 o UUJfbZ/ n 1C c J?/0'77/77* C —1 j j oyJJJJ t iff c nnf>K'r)7" u/70 j UU 20 £/ n 17 N 89'JJ'JJ" W y^^^L^-. NT v^^^^ier L CITY OF VIST* w£^4.JfeMTM-^^/n V^jbgf" Tgj^JlOtggX^^x y CITY OF ENCINITAS Nr™1^™* KW/f r /i/^ 1 1 NO. 7700 / I o&*~? CONSULT A'N T S 2710 Loker Avenue West Civil Engineering Carlsbad, CoUfornio 92010 Process-rig \A/ 760-9J1 -7700 Surveying YY t fa>- 760-931-8680 /^ A D www.odayconsuttonts.com O M lA REQUESTED BY: PREPOPUS WEST CORP. -nurrn 4J3U LA JULLA VlLLAUc UKlVt, . SUITE 110 ^<< SAN DIEGO CA 92121 v^~~ ~ PHONE: '''(858) 546-4100 LS. // ^DIUS LENGTH ot: re'Uo.bb i.U.UU iii ni'w.yjf 37.04' ?/) 71 > Jt£.JI •70 7O' 200.91 n ni'y.UZ 10.89' 1U.UU 10.00' 15.00' 289.92' m m'JU.OC/ a nn'o.UU 1/1 sn'14. OU 4.86' ^?SITE -BUSINESS PARK DR.,.* NSHEAD AVE. TV OF N MARCOS ] . ± PC B sc I.E A 1 (NO) 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 DELTA/BEARING N OQ-26'27" E N 89'JJ'JJ" W S 00"26'27" W N 89'JJ'JJ" W N 0026"27" E N 89'JJ'JJ" W N 44'33'33" W N 00'33'16" W N 4511 'JO" E N 44'48'JO" W N 4511'30" E S 44'48'JO" E N 4511 'JO" E N 34'39'39" E N 12'54'39" E N 08'50'21" W RADIUS LENGTH c nn'O.UU 7C »' 11 C£'77.00 10.00' 11 fifi' n-rc on' 4L*JJ. OU 25.39 O1 7 jt 7' 4t //. Tt^ 8.90' in en'lU. OU 10.00' 10.50' 26.02' or* r*o'20.U£ on ?c' 44 f]Q*II. Uo EGAL DESCRIPTION 1RTION OF PARCEL 'A' OF ADJ 06-21 WSIS OF BEARINGS MH LINE OF LOT 10 OF MAP 15013 ' N 89'3J'45" E -XISTING EASEMENTS ABUTTER'S RIGHT OF ACCESS RELINQUISHED PER MAP No. 15013 2 SIGHT DISTANCE CORRIDOR PER MAP No. 15013 LEGEND PARCEL BOUNDARY POINT OF BEGINNING TRUE POINT OF BEGINNING WATERLINE EASEMENT AREA P.O.B. T.P.O.B. ^////\ 0.31 AC. ATERLINE EASEMENT PR 06-141 LSBAD MUNICIPAL WATER DISTRICT ARED BY: ^YO^ CA8SOLL, JR. I^T o+^t/k W ~~EW. 12/31/08' PR /£/ A DJECT: PIP 06-17 OPUS POINT J THE RACEWAY PARCEL 'A' SHT. 1 OF 2 SHTS. A P N 221-881-03. 04 DATF MARCH 2007 EXHIBIT 'B' I: \G511jO\05jOR-WTR01.dwq Mar 21, 2007Xrefs: 05300P-WTR-PCLA : 12pm ©2007 O'Day Consultants, Inc. - 5668 LOT 8 MAP 15013 'BASIS OF BEARINGS N 89'33'45° E C.T. 99-08 CONSULT A^NTS 2710 Lokor Avenue West Suite 100 Carlsbad. California 92010760-931-7700Fax: 760-931-8680 Civil Engineering Planning Processing Surveying WATERLINE EASEMENT PR 06-141 CARLSBAD MUNICIPAL WATER DISTRICT] REQUESTED BY: OPUS WEST CORP. 4350 LA JOLLA VILLAGE DRIVE, SUITE 110 SAN DIEGO, CA 92121 PHONE: (858} 546-4100 PREPARED BY: TIMOTHY 0. CARROLL. JR. L.S. 7700 EXP. 12/31/08 PROJECT: PIP 06-17 OPUS POINT AT THE RACEWAY PARCEL 'A' SHT. 2 OF 2 SHTS, A.P.N. 221-881-03, 04 DATE MARCH 2007 EXHIBIT 'B' l:\051130\0530R-WTR02.dwq Mar 21, 2007 1:13pmXrefs: 05300P-wrR-PCLA: 0530rmao ©2007 O'Day Consultants, Inc.