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HomeMy WebLinkAboutPR 11-43; Marsaglia Properties LLC; 2012-0259555; Subordination AgreementRECORDING REQUESTED BY FIRST AMERICAN TITLE National Commercial Services 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 llllllill 20120259555 Illliiiiiiil MAY 03, 2012 8:00 AM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE ErneslJ. Dronenburg, Jr., COUNTY RECORDER FEES: 0.00 2325 PAGES: 7 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. 213-263-24, 25 & 26 PROJECT NO. & NAME: PR 11-43 BRESSI RANCH LOT 10 (PIZZA PORT) A 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 2ff^ day of /^€^cA 20by Marsaglia Properties, LLC, a California limited liability company, owner of the land hereinafter described and hereinafter referred to as "Owner," and Bank of America, N.A., a national banking association, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Marsaglia Properties, LLC, a California limited liability company, did execute a deed of trust, dated November 7, 2011 to PRLAP, Inc. as trustee, to secure a note in the sum of $991,360 dated November 10, 2011 in favor of Bank of America, N.A., a national banking association recorded in the office of the County Recorder of San Diego County on November Q:\CED\LandDev\PROJECTS\CUP\CUP 11\CUP 11-05 Production Facility at Bressi Ranch - Levy\B & A\SUBORDINATION AGT TRUST DEED HOLDERS CMWD (5-31-00) CUP 11-05, PR11-43.doc Rev. 5/31/00 2326 10, 2011 as File No. 2011-0601755 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT dated 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, 2 Q:\CED\LandDev\PROJECTS\CUP\CUP 11\CUP 11 -05 Production Facility at Bressi Ranch - Levy\B & A\SUBORDINATION AGT TRUST DEED HOLDERS CMWD (5-31 -00) CUP 11-05, PR 11-43.doc Rev. 5/31/00 2327 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 Q:\CED\LandDev\PROJECTS\CUP\CUP 11\CUP 11-05 Production Facility at Bressi Ranch - Levy\B & A\SUBORDINATION AGT TRUST DEED HOLDERS CMWD (5-31-00) CUP 11 -05, PR 11 -43.doc Rev. 5/31100 2328 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: Bank of America, N.A., a nationat^nking association (sign here) ^ (print name here) OWNER: Marsaglia Properties, LLC, a California limited liabiljly^company 1 (title and organization of signatory) By: (sign here) (print name here) (title and organization of signatory) (sign here) (print name here) (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. OthenA/ise, 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 Q:\CED\LandDev\PROJECTS\CUP\CUP 11\CUP 11 -05 Production Facility at Bressi Ranch - Levy\B & A\SUBORDINATION AGT TRUST DEED HOLDERS CMWD (5-31-00) CUP 11-05, PR11-43.doc Rev. 5/31/00 2329 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of ^<^^^>J^^p^/^ QrMo^^^i^ before me, C>^Co|^ "t?! H Date ' ^ * • I / / 1^ / '^^''^ '"^^"^ Name and Title bf the Officer personally appeared } 1 1 OFFICIAL SEAL JENNIFER L. TRITT ^ [NOTARY PUBLIC-CALIFORNlAg COMM. NO. 1866902 ^ SAN DIEGO COUNTY MY COMM. EXP. OCT. 2.2013 J who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s)Ts.^re subscribed to the wi^Tin instrument and acknowledged to me that hs^Ne/they executed the same in his^fef^heir authorized capacity (ies), and that by t>l§Jh^r/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. Place Notary Seal Atwve WITNESS my han Signature OPTIONAL Though the information below is not required by law, it may prove valuable to pefsons relying on the document and could prevent fraudulent removal and reattachment of this form to another document Description of AttachedDpcument Title or Type of Document; Document Date: Signer(s) Other Than Named Above; Capacity(ies) Claimed by Signer(s) Number of F of Pages: "\ Signer's Name: • Individual • • • • • Corporate Officer — Title(s): Partner — • Limited • General Attorney in Fact Trustee Guardian or Conservator RIGHTTHUMBPRINT OF SIGNER Top of thunnb here • Other: Signer Is Representing:, Signer's Name: • Individual • Corporate Officer — Title(s): • Partner — • Limited • General • Attorney in Fact • Trustee • Guardian or Conservator • Other: Signer Is Representing: RIGHTTHUMBPRINT OF SIGNER Top of thumb here ©2007 National Notary Association* 9350 De Soto Ave., RO.Box 2402»Chatsworth,CA 91313-2402•wviw.NationalNotary.org Item #5907 Reorder:CallToll-Fiee 1-800-876-6827 Q:\CED\LandDev\PROJECTS\CUP\CUP 11\CUP 11-05 Production Facility at Bressi Ranch - Levy\B & A\SUBORDINATION AGT TRUST DEED HOLDERS CMWD (5-31-00) CUP 11-05, PR 11-43.doc Rev. 5/31/00 PR 11-43 2330 EXHIBIT "A'' A PORTION OF LOT 10 OF CARLSBAD TRACT NO. CT 05-09 AS SHOWN ON MAP NO 15669, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, RECORDED JANUARY 15, 2008 AS FILE# 2008-0019388 FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS AND ILLUSTRATED AS EXHIBIT "B" ATTACHED HERETO AND MADE A PART OF THIS DOCUMENT: COMMENCING AT THE MOST NORTHEASTERLY CORNER OF SAID LOT 10; THENCE SOUTHERLY ALONG THE EASTERLY LINE OF SAID LOT 10 SOUTH 00°19'24" EAST A DISTANCE OF 51.51 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING ALONG SAID EASTERLY LINE SOUTH 00°19'24" EAST A DISTANCE OF 20.07 FEET; THENCE LEAVESfG SAID EASTERLY LINE SOUTH 84°45'49" WEST A DISTANCE OF 18.65 FEET; THENCE SOUTH 39°45'49" WEST A DISTANCE OF 30.00 FEET; THENCE SOUTH 84°45'49" WEST A DISTANCE OF 37.72 FEET; THENCE SOUTH 05°14'11" EAST A DISTANCE OF 44.39 FEET; THENCE SOUTH 84°45'49" WEST A DISTANCE OF 10.00 FEET; THENCE NORTH 05°14'11" WEST A DISTANCE OF 44.39 FEET; THENCE SOUTH 84°45'49" WEST A DISTANCE OF 5.00 FEET; THENCE SOUTH 05°14'11" EAST A DISTANCE OF 22.82 FEET; THENCE SOUTH 84°45'49" WEST A DISTANCE OF 10.00 FEET; THENCE NORTH 05°14' 11" WEST A DISTANCE OF 22.82 FEET; THENCE SOUTH 84°45'49" WEST A DISTANCE OF 154.54 FEET TO THE EXISTING PUBLIC UTILITY EASEMENT PER SAID MAP 15669; THENCE ALONG SAID EXISTING PUBLIC UTILITY EASEMENT NORTH 04°55'49" WEST A DISTANCE OF 20.00 FEET; THENCE LEAVING SAID EXISTING PUBLIC UTILITY EASEMENT NORTH 84°45'49" EAST A DISTANCE OF 208.86 FEET; THENCE NORTH 39°45'49" EAST A DISTANCE OF 30.00 FEET; THENCE NORTH 84°45'49" EAST A DISTANCE OF 28.65 FEET TO THE TRUE POINT OF BEGINNING. SHEET 1 OF 1 PAWUAR AIRPORT SCALE: 1 "=60' 1 r^'"' Li2i}i 0 15 JO 60 WT 9 NO. LINE TABLE BEARING LENGTH LI L2 LJ L4 L5 L6 L7 L8 L9 LW N00'19'24"IV N00'W'24y N84'45'49"E NJ9'45'49"E N84'45'49"E N05'14'11"W N84'45'49"E N05'14'11"W N84'45'49"E N05'14'11"W L11 N84''45'49"E L12 N05'14'11"W LU N84'45'49"E L14 N04'55'49"ir L15 NJ9'45'49"E L16 N84'45'49"E 51.51' 20.07' 18.65' 30.00' 37. 72' 44.39' 10.00' 44.39' 5.00' 22.82' 10.00' 22.82' 154.54' 20.00' 30.00' 28.65' BASIS OF BEARING THE BASIS OE BEARING EOR THIS PROJECT IS THE EAST LINE OE LOT 10 AS SHOWN ON CARLSBAD TRACT CT 05-09, MAP NO 15669, EILED IN OEEICE OE THE COUNTY RECORDER, COUNTY OE SAN DIEGO, STATE OE CALIEORNIA RECORDED JANUARY 15, 2008 N00'19'24"W \ \ < > EXCEL EM^INEEf^NG 440 STATE PtACE ESCONDIDO, CA 92029 PHONE (760) 745-^118 \ \ \ EXISTING PUBLIC UTILITY EASEMENT PER MAP 15669 MAP LOT 10 CT 05-09 P.L 15669 \ \ h — L EASEMENT PER EXISTING LANDSCAPE EASEMENT PER MAP 15669 "^^^^^ EXISTING SDG&E EASEMENT PER INST. NO. 2005-0294004, O.R GATEWAY ROAD cvi WATER EASEMENT FCP BRESSI RANCH LOT W PR 11-4J SHT1 OF 1 REQUESTED BY: CITY OF CARLSBAD 1635 FARADAY AVENUE CALRSBAD, CA 92008 PHONE (760) 602-2740 /LS 6896 D LEVIN EXP 06/30/13 -EXHIBIT "B APN 213-263-24 25 & 26 REVISED 01/20/2012 T