Loading...
HomeMy WebLinkAboutPR 08-48; LNR CPI Bressi Retail; 2009-0395397; Subordination AgreementRECORDING REQUESTED BY 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].) DOC# 2009-0395397 JUL17, 2009 12:32 PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE DAVID L BUTLER, COUNTY RECORDER FEES: 0.00 PAGES:13 12383 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: CT 06-24 Bressi Ranch Village Center 213-191-12 & 13 PR 08-48 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 200*1 by LNR CPI Bressi Retail, LLC, a Calif, limited liability company owner of the land hereinafter described and hereinafter referred to as "Owner," and Bressi Gardenlane LLC, a Delaware limited liability company, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, LNR Bressi Commercial, Inc., a California corp., did execute a deed of trust, dated May 28, 2004 to North American Title Company, a Calif, corp. as trustee, to secure a note in the sum of $3,484,000.00 dated May 28, 2004 in favor of Bressi Gardenlane LLC, a Delaware limited liability company recorded in the office of the County Recorder of San Diego County on May 28, 2004 as File No. 2004-0495515 of Official Records of said county; and H:\Development Services\PROJECTS\CT RLES\CT 06\CT 06-24 Bressi Ranch Village Center - WickharrABonds and AgreemenftSUBORDINATION ACT TRUST DEED HOLDERS PR 08-48 .doc 5/31100 12384 WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT(S) dated 5/25/0^ in favor of the City of Carlsbad as grantee herein referred to as "Easement Grantee" creating AN/THE EASEMENT(S) more particularly described in EXHIBITS "A" and "B° attached hereto; and WHEREAS, Easement Grantee is willing to accept said EASEMENT(S) provided the grant of EASEMENT(S) 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(S) created in favor of Easement Grantee; and WHEREAS, it is to the mutual benefit of the parties hereto that Easement Grantee accept said EASEMENT(S) and Beneficiary is willing that the grant of EASEMENT(S) 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(S) above referred to, it is hereby declared, understood and agreed as follows: 1 That said EASEMENT(S) 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(S) 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(S) in favor of Easement Grantee above referred to and shall supersede and 2 H;lD«wlopmem Ssrvices\PROJECTS\CT FILES1CT 061CT 06-24 Braui Ranch ViflBg* Cmler - WickhanrtBcndi and AgrsemenHSUBORDINATION A6T TRUST DEED HOLDERS PR 08-48 doc 5/31/00 12385 cancel, but only insofar as would affect the priority between the deed of trust and EASEMENT(S) 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(S) 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(S) 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(S) is being executed and delivered, the EASEMENT(S) IS/ARE 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:\Devetopment Servicss\PROJECTS\CT FILES1CT 06\CT 06-24 Bressi Ranch Village Center - WicfchamiBonds and AgreemBnnSUBORDINATJON AGT TRUST DEED HOLDERS PR 08-48 doc 5/31/00 12386 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: Bressi Gardenlane LLC, a Delaware limited liability company OWNER: LNR CPI Bressi Retail, LLC a California limited liability company By: (sign here) rl|«t-iv»«A t. L (sign here) Richard L. Cottrell (print name here) (title and organization of signatory) By: (sign here) (print name here) (title and organization of signatory) (print name here) Vice President, LNR CPI Fund GP, LLC (title and organization of signatory) By: (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 City Attorney H:\Development Services\PROJECTS\CT FILES\CT 06\CT 06-24 Bressi Ranch Village Center - Wickham\Bonds and AgreemenHSUBORDINATION AGT TRUST DEED HOLDERS PR 08-48 doc 5/31/00 12387 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENTssasssa!6i^^ State of California County of Daft personally appeared >re me,Qiioood. Here Insert Name and/Title of the Officer KARA ANN CAWOOD k Commission #1676242 | Notary Public • California | Orange County f My Comm. Expires Jul 15.201 Of who proved to me on the basis of satisfactory evidence to be the person^ whose name(?) is/swe subscribed to the within instrument and acknowledged to me that he/she/they executed th.e same in Jiis7hef#heJr authorized capacity(iets), and that by his/herftheir signature^) on the instrument the person($r)', or the entity upon behalf of which the person^ 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. Place Notary Seal Above Signature OPTIONAL Though the infoffrisffon below 1$ not required by tew, It may prove valuable to persons relying on the document and could prevent fraudulent removal and rsattacbment of this form to another document. Description of Attached Document Trtfe or Type of Doeument: •_. - . •• . Document tjate: :.-..... - - .. Number of Pages:. Signers) Other Than Named Above: Capacity(ies) Claimed by Slgner(s) Signer's Name: D Individual ti Corporate Officer —-TitlB[s):' _^ D Partner— D Limited d General Signer's Name: D Individual n Corporate (Officer — Tit|e(s): ' . D Partner -^ D Limited D General n Attorney In Fact I -RtGHTTHtmiRPRINTOF SIGNER D "Trustee D Guardian, or Conservator n Othier Signer Is Representing: &&es&6&is&is&te&&&iss2fa&iisQ&GS&ssffssffS&f9&s6& TopofiKurnbher's SSS«ra0S33S££S2BS&E D Trustee • D Guardian or Conservator . DOther: . : • Signer Is Representing: SSSB^MSSKSS^^ Top.of-triurntjhere &fS5SfGS6fSMfS&ffeef4& O20O7Nat'onal NotaryAssocialicfl'B350De SoloAve: RO Box2402-ChatBworth CA 9l3l9-24C»«v«wwNationalNolaiy.org «em»59e7 Reorder.CanTolWipe 1^00^76^827 RUJevelopmsnt Servi»9\PROJECTS\CT FILESWT 06\CT 06-24 Bressi Ranch Village Center • HOLDERS PR OW3 doc 5/31/00 Wk*ham\Bonds and AgreementtSUBORDINATlON ACT TRUST DEED 12388 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California / X 'County of OnV\ Date l personally appeared me,L . 0 h/IA l(LL - I* Here Insert Name sT < U and Title of thepfficer PuU Name(s) of Signer(s) 1L. GAUTHIER Commission # 1722843 Notary Public - California f Orange County 1 MyComm. BK*et Jor>30.2QlL_i who proved to me on the basis of satisfactory evidence to be the person^,) whose namefe) is/afe subscribed to the within instrument and acknowledged to me that he/sbe/tbey executed the same in his/her/their authorized capacity(fesj, and that by his/hef/their signature^) on the instrument the person(s^, or the entity upon behalf of which the person(^ 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. WITNES Place Notary Seal Above Signature OPTIONAL - Signature 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: •Number of Pages:. Signer(s) Other Than Named Above:L. Capacity(ies) Claimed by Signer(s) Signer's Name: [ I Individual Corporate Officer — Title(s): U Partner — D Limited D General D Attorney in Fact LJ Trustee D Guardian or Conservator C Other: _ Signer Is Representing: _ RIGHT THUMBPRINT OF SIGNER Top of thumb here Signer's Name: D Individual D Corporate Officer — Title(s): D Partner — L] Limited D General U Attorney in Fact D Trustee a Guardian or Conservator U Other: Signer Is Representing: RIGHT THUMBPRINT 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: Call Toll-Free 1 -800-876-6827 12389 EXHIBIT "A" LEGAL DESCRIPTION GENERAL UTILITY AND ACCESS EASEMENT PR 08-48 BEING PORTIONS OF LOTS 4 AND 5 OF CARLSBAD TRACT CT 06-24, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACORDING TO MAP THEREOF NO. 15689, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, RECORDED MAY 9, 2008, BE- ING MORE PARTICULARLY DESCRIBED AS FOLLOWS: PARCEL A: COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 4; THENCE ALONG THE EASTERLY LINE OF SAID LOT 4 NORTH 03°07'06" WEST 24.29 FEET; THENCE LEAVING SAID EASTERLY LINE SOUTH 86°52'54" WEST 12.00 FEET TO A POINT ON THE WESTERLY LINE OF A GENERAL UTILITY AND ACCESS EASEMENT GRANTED PER SAID MAP NO. 15689 AND THE TRUE POINT OF BEGINNING; THENCE ALONG SAID WESTERLY LINE, NORTH 03°07'06" WEST 16.31 FEET; THENCE SOUTH 86°52'54" WEST 9.00 FEET; THENCE LEAVING SAID WESTERLY LINE SOUTH 03°07'06" EAST 16.31 FEET; THENCE NORTH 86°52'54" EAST 9.00 FEET TO THE TRUE POINT OF BEGINNING. CONTAINS 0.003 ACRES, MORE OR LESS. PARCEL B: COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 4; THENCE ALONG THE EASTERLY LINE OF SAID LOT 4 NORTH 03°07'06" WEST 123.45 FEET; THENCE LEAVING SAID EASTERLY LINE NORTH 86°52'54" EAST 15.00 FEET TO A POINT ON THE EASTERLY LINE OF A GENERAL UTILITY AND ACCESS EASEMENT GRANTED PER SAID MAP NO. 15689 AND THE TRUE POINT OF BEGINNING; THENCE ALONG SAID EASTERLY LINE NORTH 03°07'06" WEST 10.00 FEET; THENCE LEAVING SAID EASTERLY LINE NORTH 86°52'54" EAST 20.52 FEET; THENCE SOUTH 03°07'06" EAST 10.00 FEET; THENCE SOUTH 86°52'54" WEST 20.52 FEET TO THE TRUE POINT OF BEGINNING. CONTAINS 0.005 ACRES, MORE OR LESS. P:\3219\MAPPING\LEGALS\GUE DEDICATION.doc07/08/2005 PAGE 1 OF 3 12390 PARCEL C: COMMENCING AT THE SOUTHEAST CORNER OF SAID LOT 4; THENCE ALONG THE EASTERLY LINE OF SAID LOT 4 NORTH 03°07'06" WEST 129.27 FEET; THENCE LEAVING SAID EASTERLY LINE SOUTH 86°52'54" WEST 15.00 FEET TO A POINT ON THE WESTERLY LINE OF A GENERAL UTILITY AND ACCESS EASEMENT GRANTED PER SAID MAP NO. 15689 AND THE TRUE POINT OF BEGINNING; THENCE ALONG SAID WESTERLY LINE NORTH 03°07'06" WEST 10.00 FEET; THENCE LEAVING SAID WESTERLY LINE SOUTH 86°52'54" WEST 12.55 FEET; THENCE SOUTH 03°07'06" EAST 10.00 FEET; THENCE NORTH 86°52'54" EAST 12.55 FEET TO THE TRUE POINT OF BEGINNING. CONTAINS 0.003 ACRES, MORE OR LESS. PARCEL D: COMMENCING AT THE SOUTHEAST CORNER OF LOT 3 OF SAID MAP NO. 15689; THENCE SOUTH 04°24'53" EAST 71.43 FEET TO A POINT ON THE SOUTHERLY LINE OF A GENERAL UTILITY AND ACCESS EASEMENT GRANTED PER SAID MAP NO. 15689 AND THE TRUE POINT OF BEGINNING; THENCE ALONG SAID SOUTHERLY LINE NORTH 86°52'54" EAST 10.00 FEET; THENCE LEAVING SAID SOUTHERLY LINE SOUTH 03°07'06" EAST 20.48 FEET; THENCE SOUTH 86°52'54" WEST 3.75 FEET; THENCE SOUTH 03°07'06" EAST 1.41 FEET; THENCE SOUTH 86°52'54" WEST 6.25 FEET; THENCE NORTH 03°07'06" WEST 21.89 FEET TO THE TRUE POINT OF BE- GINNING. CONTAINS 0.005 ACRES, MORE OR LESS. PARCEL E: COMMENCING AT THE SOUTHEAST CORNER OF LOT 3 OF SAID MAP NO. 15689; THENCE ALONG THE SOUTHERLY LINE OF SAID LOT 3 SOUTH 86°52'54" WEST 89.44 FEET; THENCE LEAVING SAID SOUTHERLY LINE SOUTH 03°07'06" EAST 71.42 FEET TO A POINT ON THE SOUTHERLY LINE OF A GENERAL UTILITY AND ACCESS EASEMENT GRANTED PER SAID MAP NO. 15689 AND THE TRUE POINT OF BEGINNING; THENCE ALONG SAID SOUTHERLY LINE SOUTH 86°52'54" WEST 10.00 FEET; THENCE LEAVING SAID SOUTHERLY LINE SOUTH 03°07'06" EAST 21.10 FEET; THENCE NORTH 86°52'54" EAST 4.29 FEET; THENCE SOUTH 03°07'06" EAST 1.90 FEET; THENCE NORTH 86°52'54" EAST 5.71 FEET; THENCE NORTH 03°07'06" WEST 23.00 FEET TO THE TRUE POINT OF BEGINNING. P:\3219\MAPPING\LEGALS\GUEDEDICATON.doc07/08/2005 PAGE 2 OF 3 12391 CONTAINS 0.005 ACRES, MORE OR LESS. PARCEL F: COMMENCING AT THE NORTHEAST CORNER OF SAID LOT 5; THENCE ALONG THE EASTERLY LINE OF SAID LOT 5 SOUTH 03007'06" EAST 54.08 FEET; THENCE LEAVING SAID EASTERLY LINE SOUTH 86°52'54" WEST 15.09 FEET TO A POINT ON THE WESTERLY LINE OF A GENERAL UTILITY AND ACCESS EASEMENT GRANTED PER SAID MAP NO. 15689 AND THE TRUE POINT OF BEGINNING; THENCE ALONG SAID WESTERLY LINE SOUTH 03°07'06" EAST 10.00 FEET; THENCE LEAVING SAID WESTERLY LINE SOUTH 86°52'54" WEST 5.21 FEET; THENCE NORTH 03°07'06" WEST 2.25 FEET; THENCE SOUTH 86°52'54" WEST 1.54 FEET; THENCE NORTH 03°07'06" WEST 5.00 FEET THENCE NORTH 86°52'54" EAST 1.54; THENCE NORTH 03°07'06" WEST 2.75 FEET; NORTH 86°52'54" EAST 5.21 FEET TO THE TRUE POINT OF BEGINNING. CONTAINS 0.001 ACRES, MORE OR LESS. BY: ^^^O^^^y DATEr GARY L H06>PLS 7019 REGISTRATION EXPIRES 06-30-2010 NO. 7019 , . date 6-30-10'* P:\3219\MAPPING\LEGALS\GUE DEDICATION.**07/08/2005 PAGE 3 OF 3 EXHIBIT LEGAL DESCRIPTION: LOTS 4 AND 5 OF CARLSBAD TRACT CT 06-24, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF A/0. 15689, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, MAY 9, 2008. BASIS OF BEARINGS: THE BASIS OF BEARINGS FOR THIS PLAT IS THE EASTERLY LINE OF LOT 4, AS SHOWN ON CARLSBAD TRACT CT 06-24, MAP NO. 15689, I.E. N03V7'06"W P.O.C. T.P.O.B. 12393 LEGEND: INDICATES EXISTING GENERAL UTILITY AND ACCESS EASEMENT GRANTED PER MAP NO. 15689 INDICATES POINT OF COMMENCEMENT INDICATES TRUE POINT OF BEGINNING INDICATES GENERAL UTILITY AND ACCESS EASEMENT VICINITY MAP NO SCALE SITE GATEWAY ROAD EL FUERTE STREET RANCH WAY ENGINEER OF WORK: PROJECT DESIGN CONSULTANTS 701 B STREET SUITE 800 SAN DIEGO, CALIFORNIA 92101 PHONE: (619) 235-6471 GARY L HUSrf^S 7019 REGISTRATION EXPIRES 6/30/2010 DATE: GENERAL UTILITY AND ACCESS EASEMENT CITY OF CARLSBAD SHEET 1 OF 4 APPLICANT: LNR CP1 BRESSI RETAIL, LLC 4275 EXECUTIVE SQ. /210 LA JOLLA, CA. 92037 PROJECT DESIGN CONSULTANTS Planning | Landscape Architecture | Engineering I Survey 701 B Street, Suite 800 619.235.6471 Tel San Diego, CA 92101 619.234.0349 Fax A.P.N. 213-191-12, 13 CT 06-24 PR 08-48 P: \3219\MAPPING\PLATS\3219 GUE DEDICATION.dwg Mar 18, 2009 12393 EXHIBIT 'B' S86'52'54"W 12.55* S03'07'06"E 10.00' N86'52'54"E 12.55'- T.P.O.B. (TIE UNE) S86'52'54"W 15.00' N03'07'06"W 10.00' N03'07'06"W 10.00'N86'52'54"E 20.52' S03'07'06"E 10.00' S86'52'54"W 20.52' ARLSBAD TRACT CT 08-24 RANCH COJVJjVJHHCJAL JVJAP 15689 (TIE LINE) N86'52'54"E 15.00' S86-52'54"W 9.00'- (JIE LINE) S86'52'54"W 12.00' S03'07'06"E 16.31'- P.O.C. SOUTHEAST CORNER LOT 4 B Of C£RTJFJCAT£ OFPARCS £a 8-24-07 DOC, J\JO, 2007-0583781 GENERAL UTILITY AND ACCESS EASEMENT - QTY OF CARLSBAD SHEET 2 OF 4 APPLICANT: LNR CPI BRESSI RETAIL, LLC 4275 EXECUTIVE SO. #210 LA JOLLA, CA. 92037 PROJECT DESIGN CONSULTANTS Planning I Landscape Architecture I Engineering I Survey 701 B Street, Suite 800 619.235.6471 Tel San Diego, CA 92101 619.234.0349 Fax A.P.N. 213-191-12, 13 CT 06-24 PR 08-48 P: \3219\UAPPING\PLATS\3219 CUE DEDICATlON.dwg Mar 18, 2009 12394 '' _OT 3 EXHIBIT 'B P.O.C. SOUTHEAST CORNER LOT 3 PARCELS DAE 89.44' CARLSBAD TRACT CT 08-24 BRESSJ RANCH COMMERCIAL MAP 15889 S86'52'54°W 10.00' GENERAL UTILITY AND ACCESS EASEMENT GRANTED PER MAP NO. 15689 T.P.O.B. N86-52'54"E 91.06' rn L2 o-vl O UNE L1 12 BEARING S03'07'06"E N86'52'54"E LENGTH 1.90' 4.29' L1 N86'52'54"E "5.77' S86'52'54"Ws 6.25' •3. >OJ 1.41' GENERAL UTILITY AND ACCESS EASEMENT - CITY OF CARLSBAD SHEET 3 OF 4 APPLICANT: LNR CPI BRESSI RETAIL, LLC 4275 EXECUTIVE SO. /210 LA JOLLA, CA. 92037 * PROJECT DESIGN CONSULTANTS Planning I Landscape Architecture I Engineering I Survey 701 B Street, Suite 800 619.235.6471 Tel San Diego, CA 92101 619.234.0349 Fax A.P.N. 213-191-12, 13 CT 06-24 PR 08-48 P:\3219\MAPPING\PLATS\3219 GUE DEDICATION.dwg Feb 05, 2009 12395 EXHIBIT 'B' P.O.C.NORTHEAST CORNER LOT 5 N86'52'54"E GENERAL GRANTED PER MAP A/0 CARLSBAD TRACT CT 06-24 BRHSSJ RANCH CQA/IMHRCJAL MAP 15889 (TIE LINE} S86'52'54*W GENERAL UTILITY AND ACCESS EASEMENT CITY OF CARLSBAD SHEET 4 OF 4 APPLICANT: LNR CPI BRESSI RETAIL, LLC 4275 EXECUTIVE SQ. 4210 LA JOLLA, CA. 92037 PROJECT DESIGN CONSULTANTS Planning I Landscape Architecture I Engineering I Survey 701 B Street, Suite 800 619.235.6471 Tel San Diego, CA 92101 619.234.0349 Fax A.P.N. 213-191-12, 13 CT 06-24 PR 08-48 P: \3219\MAPPING\PLATS\3219 GUE DEDICAWN.dwg Mar 18, 2009