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HomeMy WebLinkAboutPR 09-44; Calavera Hills II LLC; 2010-0278555; Subordination AgreementRECORDED REQUEST OF First American Title SUBDIVISION MAPPING DEPT. 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].) DOC it 2010-0278555 NF 7137 JUN03.2010 8:00 AM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE DAVID L BUTLER, COUNTY RECORDER FEES: 0.00 PAGES: SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: CT -9-01 / DWG 466-8 Robertson Ranch PA 22 PR 09-44 / 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 thisis 30 day of , 20/0 by Calavera Hills II, LLC, a California limited liability company, owner of the land hereinafter described and hereinafter referred to as "Owner," and Wells Fargo Bank, National Association, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Calavera Hills II, LLC, a California limited liability company, did execute a deed of trust, dated December 20, 2006 to American Securities Company, a California corporation as trustee, to secure a note in the sum of $52,200,000.00 dated December 20, 2006 in favor of Wells Fargo Bank, National Association recorded in the office of the County Recorder of San Diego County on December 26, 2006 as File No. 2006-911253 of Official 1 C:\Documents and Settings\Adam\Local SettingsVTemporary Internet Files\OLK3\SUBORDINATION AGT CMWD 042310.doc Rev. 5/31/00 7138 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 the 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 2 C:\Documents and Settings\Adam\Local SettingsYTemporary Internet Files\OLK3\SUBORDINATION ACT CMWD 042310.doc Rev. 5/31/00 7139 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 C:\Documents and Settings\Adam\Local SettingsVTemporary Internet Files\OLK3\SUBORDINATION ACT CMWD 042310.doc Rev. 5/31/00 7140 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. Wells Fargo Bank BENEFICIARY: National? Association By: II, LLC tefgn here) (print name here) -.6'ce (print name here) (title and grgarrization By: tory)(title and organization of signatory) By: (pri her (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 General Counsel Deputy General Qpunsel C:\Documents and Settings\Adam\Local SettingsVTemporary Internet Files\OLK3\SUBORDINATION AGT CMWD 042310.doc Rev. 5/31/00 March 11, 2010 J.N.: 081245-3 EXHIBIT "A" WATER EASEMENT LEGAL DESCRIPTION THAT PORTION OF PARCEL A IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA ACCORDING TO CERTIFICATE OF COMPLIANCE S/906&.A, RECORDED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON MAY & 2.0/0 &S FILE NO. Z.0/0 -022 SSI I OF OFFICIAL RECORDS, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF PARCEL 2 OF PARCEL MAP NO. 19804, RECORDED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON AUGUST 3, 2005 AS FILE NO. 2005-0659805, SAID POINT BEING THE TRUE POINT OF BEGINNING; THENCE EASTERLY ALONG THE NORTH LINE OF SAID PARCEL, SAID LINE ALSO BEING THE SOUTH LINE OF CANNON ROAD, NORTH 81° 33 '13" EAST 20.00 FEET; THENCE LEAVING SAID LINE, SOUTH 08°26'47" EAST 44.61 FEET; THENCE SOUTH 81°33'13" WEST 30.00 FEET; THENCE NORTH 08°26'47" WEST 20.00 FEET; THENCE NORTH 81°33'13" EAST 10.00 FEET; THENCE NORTH 08°26'47" WEST 24.61 FEET TO THE TRUE POINT OF BEGINNING. AREA = 1,092 SF OR 0.03 AC MORE OR LESS ):\Legal_Descriptiona\011014\PA22-water-emt.doc BASIS OF BEARINGS NORTH LINE OF PARCEL 2, PM 19804. (I.E. N8r33'13"E) LEGAL DESCRIPTION FOR. PARCEL A, CERTIFICATE OF COMPLIANCE REC. OWNER 7142, CALAVERA HILLS II, LLC A CALIFORNIA LIMITED LIABILITY COMPANY 12865 POINTE DEL MAR, STE. 200 DEL MAR, CA. 92014 BY: BROOKFIELD TAMARACK, LLC A DELAWARE LIMITED LIABILITY COMPANY ITS: MANAGER SITE PACI VICINITY MAP NO SCALE NOT TO SCALE o OT 3(O WATER EASEMENT PLAT g .r ^ M^^r GEORGi \R.C.E. OVAY ff f ' V014 EXP.1 2/31/10 EXHIBIT "B" CT 09-01 PR 09-44 SHT. 1 OF 2 SHTS. CONSULT 2710 Loker Ave. W. Suite 100 Carlsbad, CA 92010 760-931-7700Fax:760-931-8680 G:\011014\0114YPE01.dwg Mar 11, 2010 3:37pm Xrefs: 0114YMAP; 0114BMAP o <§ oo o>8CM LEGEND P.O.B. CANNON, PCL A, CERT. OF COMPLIANCE APN 168-360-03 SCALE: 1" = 60' WATER EASEMENT PLAT EXHIBIT "B' GEORQE am? R.C.E. 32014 'P. 12/31/10 CT 09-01 PR 09-44 7143 PROJECT PROPERTY LINE ADJACENT PROPERTY LINES POINT OF BEGINNING AREA OF EASEMENT AREA=1,092 SF OR 0.03 AC PCL B, CERT. OF COMPLIANCE APN 168-050-55 SHT. 2 OF 2 SHTS. CONSULT 2710 Loker Ave. W. 760-931-7700 Suite 100 Fax: Carlsbad, CA 760-931-8680 92010 G:\011014\0114YPE01.dwg Mar 11, 2010 2:37pm Xrefs: 0114YMAP; 0114BMAP 7144 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of On Date personally appeared Name(s) of Signer(s) JACQUELYN^. ALEXANDER » Commission # 1726708 K Notary Public - California | San Diego County - MyComm.ExptesMar22.20n I who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) ji^are subscribed to the within instrument and acknowledged to me that r^sjfe/they executed the same in hj^erAheir authorized capacity(ies), and that by hj6[Jrer/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. and and o: Place Notary Seal Above OPTION, WITNESS Signatu 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: Capacity(ies) Claimed by Signer(s) 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: RIGHT THUMBPRINT OF SIGNER Top of thumb here Signer Is Representing:. 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: RIGHT THUMBPRINT OF SIGNER Top of thumb here <?&<?&<?&<$£ ©2C»7 National Notary Association- 9350 De Solo Ave., P.O.Box 2402 -Chatsworth.CA 91313-2402-www.NattonalNotary.org ltem#S907 Reorder Call ToB-Pnee 1-800-876-6827 CADocuments and Settings\Adam\Loca! Settings\Temporary Internet Files\OLK3\SUBORDINATION ACT CMWD 042310.doc Rev. 5/31/00 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT 7145 State of California County of San Diego ss. April 30. 2010 before me, Gladys M. Eddy-Lee, Notary Public, personallyOn_ appeared Adam D. Pevney and David R. Poole, GLADYS M. EDDY-LEE Commission #1673171 Notary PubNc - CoHtomta Son Dtogo Courty My Comm. Expire Jul 4. 2010 who proved to me on the basis of satisfactory evidence to be the persons whose names are subscribed to the within instrument and acknowledged to me that they executed the same in their authorized capacities, and that by their signatures on the instrument the persons, or the entity upon behalf of which the persons 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 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: Document Date:Number of Pages:_ Signer(s) Other Than Named Above:_ Capacities Claimed by Signers Signer's Name: D Individual D Corporate Officer - Title D Partner — D Limited D General D Attorney in Fact D Trustee D Guardian or Conservator D Other: Siqner is representing Right Thumbprint of Signer Top of thumb here Sianer's Name: D Individual D Corporate Officer - Title n Partner - n Limited D General D Attorney in Fact n Trustee D Guardian or Conservator n Other: Siqner is representing Right Thumbprint of Signer Top of thumb here