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HomeMy WebLinkAboutPR 05-131; Ago Hills LLC; 2008-0637104; Subordination AgreementRECORDING REQUESTED BY Polity Titu, 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].) DQC# 2008-0637104 DEC 15, 2008 3:35 PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE GREGORY J. SMITH, COUNTY RECORDER FEES: 0.00 PAGES: 16 SPACE ABOVE THIS LINE FOR RECORDER'S USE 5309 ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: CARLSBAD AIRPORT HOTELS 213-070-29-00 PR 05-131 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 day of 20 W by AGO HILLS, LLC, a California limited liability company, owner of the land hereinafter described and hereinafter referred to as "Owner," and East West Bank, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, AGO HILLS, LLC, a California limited liability company, did execute a deed of trust, dated March 27, 2006 to East West Investment Inc, a California corporation as trustee, to secure a note in the sum of $23,000,000.00 in favor of East West Bank recorded in the office of the County Recorder of San Diego County on April 13, 2006 as File No. 2006-0259069 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of H:\Development Services\PROJECTS\MS FILESWS 05VMS 05-22 Airport Minor Subdivision - Van Peski, BobbetftBonds and AgreementtSUBORDINATION ACT TRUST DEED HOLDERS CMWD.doc Rev. 5/31/00 5310 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 hereinbefore specifically described, any prior agreement as to such subordination including, but not limited 2 H:\Development Services\PROJECTS\MS FILESWIS 05\MS 05-22 Airport Minor Subdivision - Van Peski, BobbethBonds and Agreement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD.doc Rev. 5/31/00 5311 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 of trust above mentioned and that said deed of trust has by this instrument been subor- dinated to the charge of the Easement in favor of Easement Grantee above referred to. 3 H:\Development Services\PROJECTS\MS FILES\MS 05\MS 05-22 Airport Minor Subdivision - Van Peski, Bobbett\Bonds and AgreementtSUBORDINATION AGT TRUST DEED HOLDERS CMWD.doc Rev. 5/31/00 5312 BENEFICIARY: EAST WEST BANK By: _ (sign here) OWNER: By: (print nameriere) (sign here) AGO HILLS, LLC, a California limited liability company anization of signatory)(title and organization of signatory) (sign here) (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 Counsel By:^ Deputy (SeneraT (Counsel H:\Development Services\PROJECTS\MS F1LES\MS 05\MS 05-22 Airport Minor Subdivision - Van Peski, BobbettVBonds and AgreementVSUBORDINATION AGT TRUST DEED HOLDERS CMWD.doc Rev. 5/31/00 5313 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of Lo S On A Date personally appeared me, Here Insert Name and Title of the Officer / LQ Name(s) of Signer(s) 1MARY WOO CommtMton » 1791803 Notary PubHc - California i lo» Ang«i»» County - MyComm Ewe* F«b 17 2012 t——- —•»-•• - --»-. •-w ^^?< BEST ORIGINAL Place Notary Seal Above who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) ie/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in hiafrior/their authorized capacity(ies), and that by-hfs/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) 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 my hand and official seal. Signature OPTIONAL - lature of Notary Public 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: Document Date:. Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Number of Pages:. 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: ^_ RIGHTTHUMBPRINT OF SIGNER Top of thumb here 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: RIGHTTHUMBPRINT OF SIGNER Top of thumb here ©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 H:\Development Services\PROJECTS\MS FILES\MS 05\MS 05-22 Airport Minor Subdivision - Van Peski, BobbetftBonds and AgreementVSUBORDINATION ACT TRUST DEED HOLDERS CMWD.doc Rev. 5/31/00 5314 NOTARY SEAL CERTIFICATION (Government Code 27361.7) I CERTIFY UNDER PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS FOLLOWS: Name of the Notary:. Commission Number:Date Commission Expires:.. n County Where Bond is Filed:_(JL Manufacturer or Vendor Number: (Located on both sides of the notary seal border) Signature:. Firm Name (if applicable) Place of Execution: ^*>^ ^ «-')" Date:12/IStofc ReC. Form #R10 (Rev. 8/13/97) 5315 ACKNOWLEDGMENT State of California County of On /J o\; •€ wv \}fy ID before me,M. (insert name and title of the officer) personally appeared _ who 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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature M. HASUP | Cormftiion* 1402549 I Notary Pubte - Cattxrua I Orange County __|.2009F (Seal) EXHIBIT "A" LEGAL DESCRIPTION WATERLINE EASEMENT PR 05-131 A PORTION OF PARCELS B, C, AND D OF PARCEL MAP NO. 14115, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, JANUARY 9, 1986 AS INSTRUMENT NO. 86-009536 OF OFFICIAL RECORDS. SAID PROPERTY BEING DESCRIBED IN A CERTIFICATE OF COMPLIANCE RECORDED ON SEPTEMBER 22, 2000 AS INSTRUMENT NO. 2000-0508375 OF OFFICIAL RECORDS OF SAID SAN DIEGO COUNTY. MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEING A 20 FEET WIDE STRIP OF LAND LYING 10 FEET TO EITHER SIDE OF THE FOLLOWING DESCRIBED CENTERLINE: BEGINNING AT THE NORTHERLY CORNER OF SAID PARCEL "B", SAID POINT BEING THE NORTHERLY TERMINUS OF THAT CERTAIN LINE IDENTIFIED AS S36°05'54"E 397.98 FEET ON SAID MAP; THENCE SOUTHERLY ALONG THE EASTERLY LINE OF SAID PARCEL "B" S36005'54"E A DISTANCE OF 65.76 FEET TO THE TRUE POINT OF BEGINNING; THENCE S54°26'49"W A DISTANCE OF 6.44 FEET TO POINT "A"; THENCE CONTINUING S54°26'49"W A DISTANCE OF 14.40FEET TO POINT "B"; THENCE CONTINUING S54026'49"W A DISTANCE OF 90.33 FEET TO POINT "C"; -PAGE 1 OF 4 - u 5317 THENCE CONTINUING S54°26'49"W A DISTANCE OF 11.46 FEET TO POINT "D"; THENCE S53053'31"W A DISTANCE OF 225.55 FEET; THENCE S36006'29"E A DISTANCE OF 1.50 FEET TO POINT "E"; THENCE CONTINUING S36°06'29"E A DISTANCE OF 162.59 FEET; THENCE S53°53'31"W A DISTANCE OF 83.91 FEET TO POINT "F"; THENCE CONTINUING S53°53'31"W A DISTANCE OF 105.59 FEET TO POINT "G"; THENCE S36°06'29"E A DISTANCE OF 127.21 FEET TO POINT "H"; THENCE CONTINUING S36°06'29"E A DISTANCE OF 1.50 FEET; THENCE N53°53'31"E A DISTANCE OF 35.74 FEET TO POINT "J"; THENCE CONTINUING N53°53'31"E A DISTANCE OF 189.67 FEET TO POINT "K"; THENCE CONTINUING N53°53'31"E A DISTANCE OF 189.65 FEET TO POINT "L"; THENCE N36°06'29"W A DISTANCE OF 292.80 FEET TO THE END AT SAID POINT "D". TOGETHER WITH A 10 FEET WIDE STRIP OF LAND LYING 5 FEET TO EITHER SIDE OF THE FOLLOWING DESCRIBED CENTERLINE: BEGINNING AT SAID POINT "A"; S35°33'11"E A DISTANCE OF 12.00 FEET TOGETHER WITH A 12 FEET WIDE STRIP OF LAND LYING 6 FEET ON EITHER SIDE OF THE FOLLOWING DESCRIBED CENTERLINE: BEGINNING AT SAID POINT "B"; SSS'SS'H'E A DISTANCE OF 16.00 FEET TOGETHER WITH A 10 FEET WIDE STRIP OF LAND LYING 5 FEET EITHER SIDE OF THE FOLLOWING DESCRIBED CENTERLINE: -PAGE 2 OF 4 - o o . 5318 BEGINNING AT SAID POINT "C"; N35°02'18"W A DISTANCE OF 20.14 FEET TOGETHER WITH A 10 FEET WIDE STRIP OF LAND LYING 5 FEET EITHER SIDE OF THE FOLLOWING DESCRIBED CENTERLINE: BEGINNING AT SAID POINT "E"; S89°48'06"W A DISTANCE OF 23.40 FEET TOGETHER WITH A 10 FEET WIDE STRIP OF LAND LYING 5 FEET EITHER SIDE OF THE FOLLOWING DESCRIBED CENTERLINE: BEGINNING AT SAID POINT "F"; N36°06'29"W A DISTANCE OF 27.18 FEET TOGETHER WITH A 20 FEET WIDE STRIP OF LAND LYING 10 FEET EITHER SIDE OF THE FOLLOWING DESCRIBED CENTERLINE: BEGINNING AT SAID POINT "G"; S53053'31"W A DISTANCE OF 55.10 FEET TO THE END OF A POINT OF INTERSECTION WITH THE WESTERLY BOUNDARY OF SAID PROPERTY TOGETHER WITH A 10 FEET WIDE STRIP OF LAND LYING 5 FEET EITHER SIDE OF THE FOLLOWING DESCRIBED CENTERLINE: BEGINNING AT SAID POINT "H"; S17°58'56"W A DISTANCE OF 23.40 FEET • TOGETHER WITH A 10 FEET WIDE STRIP OF LAND LYING 5 FEET EITHER SIDE OF THE FOLLOWING DESCRIBED CENTERLINE: BEGINNING AT SAID POINT "J"; N36°06'29"W A DISTANCE OF 20.00 FEET -PAGE 3 OF 4 - u 5319 TOGETHER WITH A 14 FEET WIDE STRIP OF LAND LYING 7 FEET EITHER SIDE OF THE FOLLOWING DESCRIBED CENTERLINE: BEGINNING AT SAID POINT "K"; N36006'29"W A DISTANCE OF 33.00 FEET TOGETHER WITH A 15 FEET WIDE STRIP OF LAND LYING 7.5 FEET EITHER SIDE OF THE FOLLOWING DESCRIBED CENTERLINE: BEGINNING AT SAID POINT "L"; N53°53'31"E A DISTANCE OF 2.50 FEET; THENCE S36°06'29"E A DISTANCE OF 18.75 FEET ALL SIDELINES TO BE PROLONGED OR SHORTENED TO MEET AT ANGLE-POINT INTERSECTIONS AND AT THE WESTERLY AND EASTERLY BOUNDARY OF SAID PROPERTY. WATER EASEMENT CONTAINS A TOTAL COMBINED AREA OF 32,616 SQUARE FEET, MORE OR LESS. PREPARED BY ME OR UNDER MY DIRECTION THIS 26™ DAY OF MAY, 2006. PHILBERT A. TIDWELL, JRM..S. 8024 MY LICENSE EXPIRES 12/31/2006 -PAGE 4 OF 4 - SHEET 1 OF 5 VICINITY MAP BASIS OF BEARINGS: THE BASIS OF BEARINGS FOR THIS EXHIBIT IS THE CENTERLINE OF YARROW ROAD ON PARCEL MAP NO. 14115, PER DOCUMENTS ON FILE IN THE OFFICE OF THE COUNTY RECORDER, COUNTY OF SAN DIEGO AS DOCUMENT NUMBER 86-009536, O.R. BEING N 36'06'08" W. SURVEYOR'S STATEMENT THIS EXHIBIT WAS PREPARED BY ME OR UNDER MY DIRECTION IN MAY, 2006. BEST PHILBERT A TIDWELL, JR ^LS. 8024 MY LICENSE EXPIRES: 12/31/2006 SI SURVEYING PROFESSIONAL SURVEYORS 8954 RIO SAN DIEGO DR, STE. 610 SAN DIEGO, CA 91208 PH. (619) 291-2700 CARLSBAD AIRPORT HOTELS CUP 04-22 WATER EASEMENT PLAT - CARLSBAD MUNICIPAL WATER DISTRICT DATE: MAY 26, 2006 A.P.N.: 213-070-029 DRAWN BY: PG, JK LEGAL DESCRIPTION: A PORTION OF PARCELS B, C AND D OF PARCEL MAP NO. 14115, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO, JANUARY 9,1986 AS INSTRUMENT NO. 86/009536 O.R. PR: 05-131 EXHIBIT "B" SHEET 2 OF 5 LEGEND:5321 P.O.B. T.P.O.B. -CENTERLINE ROAD •PROPERTY LINE -WATER EASEMENT LIMITS -CENTERLINE WATER EASEMENT POINT OF BEGINNING TRUE POINT OF BEGINNING -1.00 1 inch = 100 It PALOMAR AIRPORT ROAD S53'54'13"W 63' N5y53'52"E 274.57' (R^ « • rj i i / ^—" i SFsT-hf ' ^ L^in L -r-v- - H L^ L^aur_^U_ j»^4$- ^"^aNTTj"1 N53'53>31"E 417^ "" ~0.54'(R) 10 20' I"" / IP(TYp)-nltr J -8 rpoimrlTl f I(ft N53'54'13"E 594.00'(R) 283.46'(R) Sf SURVEYING PROFESSIOAML SURVEVORS 8954 RIO SAN DIEGO DRIVE, SUITE. 6 JO SANDieSO, CA 9(208 PH. (619; 291-2700 CARLSBAD AIRPORT HOTELS CUP 04-22 WATER EASEMENT PLAT - CARLSBAD MUNICIPAL WATER DISTRICT DATE: MAY 26,2006 A.P.N.: 213-070-029 DRAWN BY: PG, JK LEGAL DESCRIPTION: A PORTION OF PARCELS B, C, AND D OF PARCEL MAP NO. 14115, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO, JANUARY 9,1986 AS INSTRUMENT NO. 86/009536 O.R. PR: 05-131 EXHIBIT'S" 5322 SHEET 3 OF 5 -10' POINT "C"—^ POINT "D"—^ \ |~n — :- \—-V 1 S35'02'18"E S54"26'49"W 6.44'- POINT "A"- 20.14' S54'26'49"W 14.40'^ POINT "B- ° \ \U-— S54'26'49"W 90.33' S54'2£49HW 11.46' N35'33'irW 16.00' N35'33'11"W 12.00' 10' O) (O TUV T\ DETAIL A JL/ SCALE: 1" - 40' S89'48'06"W 23.40' S53'53'3rW 225.55' POINT "L" N_S36'06'29"E 1.50' KUIN I I ^i ro i ' N53-53'31''L13l65\|/! S36'06'29"E /f 18.75' N53P53'31"E 2.50' -I I-15' ET\ DETAIL B SCALE: 1" = 20' SI SURVEYING PROFESSIONAL SURVEYORS 8954 RIO SAN DIEGO DRIVE. SUITE. 610 SAN DIEGO. CA 91?08 PH. (619) 291-2700 XfN DETAIL C ^/SCALE: 1" = 40' CARLSBAD AIRPORT HOTELS CUP 04-22 WATER EASEMENT PLAT - CARLSBAD MUNICIPAL WATER DISTRICT DATE: MAY 26,2006 A.P.N.: 213-070-029 DRAWN BY: PG.JK LEGAL DESCRIPTION: A PORTION OF PARCELS B, C, AND D OF PARCEL MAP NO. 14115, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO, JANUARY 9,1986 AS INSTRUMENT NO. 86/009536 O.R. PR: 05-131 EXHIBIT "BII DM SHEET 4 OF 5 5323 10' £o> N53'53'31"E 35.74' 1j ----- 189.67' •&-V DETAIL D SCALE: 1" = 20' SI SURVEYING PROFESSIONAL SURVEYORS SAN DIEGO. CA 91208 PH. (619) 291-2700 CARLSBAD AIRPORT HOTELS CUP 04-22 WATER EASEMENT PLAT - CARLSBAD MUNICIPAL WATER DISTRICT DATE: MAY 26, 2006 A.P.N.: 213-070-029 DRAWN BY: PG, JK LEGAL DESCRIPTION: A PORTION OF PARCELS B, C, AND D OF PARCEL MAP NO. 14115, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF k, FILED IN THE OFFICE OF THE COUNTY RECORDER OF DIEGO, JANUARY 9,1986 AS INSTRUMENT NO. 86/009536 O.R. PR: 05-131 FYHIRIT "R"CAniDI 1 D 5324 SHEET 5 OF 5 CURVE TABLE CURVE C1 C2 C3 C4 LENGTH 40.45 42.10 44.06 39.27 RADIUS 500.00 499.98 500.00 25.00 DELTA 4*38'07" 4*49'30" 5*02'55" 90'00'03" TANGENT 20.24 21.06 22.04 25.00 LINE TABLE LINE L1 L2 LENGTH 27.18 33.00 BEARING N36'06'29"W N36'06'29"W Sf SURVEYING PROFESSIONAL SURVEYORS 8954 RIO SAN DIEGO DRIVE, SUITE. 610 SAN DIEGO, CA 91208 PH. (619)291.2700 CARLSBAD AIRPORT HOTELS CUP 04-22 WATER EASEMENT PLAT - CARLSBAD MUNICIPAL WATER DISTRICT DATE: MAY 26,2006 A.P.N.: 213-070-029 DRAWN BY: PG, JK LEGAL DESCRIPTION: A PORTION OF PARCELS B, C, AND D OF PARCEL MAP NO. 14115, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO, JANUARY 9,1986 AS INSTRUMENT NO. 86/009536 O.R. PR: 05-131 EXHIBIT "B"