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HomeMy WebLinkAboutSDP 06-13; Aspirations Inc; 2007-0634338; Subordination AgreementRECORDING REQUESTED E f WHEN RECORDED MAIL RECEIVED MUNIOi '"— 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].) NOV -52007 CARLSBAD ;1PAL WATERDISTRICT DOC# 2007-0634338 SEP 28, 2007 3:20 PM OFFICIAL RECORDS -.AN DIEGO COUNTY RECORDER'S OFFICE GREGORY.! SMITH COUNTY RECORDER FEES' n GO PAGES:10 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: Aspirations Daycare 213-110-02-00 SDP06-13 PR 07-66 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 to day of Au^d 20.by Aspirations, Inc, a California corporation, owner of the land hereinafter described and hereinafter referred to as "Owner," and Security Business Bank of San Diego, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Aspirations, Inc., did execute a deed of trust, dated December 26, 2006 to Security Business Bank of San Diego as trustee, to secure a note in the sum of Eight Hundred One Thousand, Eight Hundred Seventy-Five Dollars ($801,875) in favor of Security Business Bank of San Diego, recorded in the office of the County Recorder of San Diego County on December 28, 2006 as File No. 2006-0923098 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of 1 H:\Development Services\PROJECTS\SDP FILES\SDP 06-13 Aspirations Daycare - GlenNBonds and AgreementtSUBORDINATION ACT TRUST DEED HOLDERS CMWD (5- 31-00) (PR 07-66) .doc Rev. 5/31/00 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 2 H:\Development Servioes\PROJECTS\SDP FILES\SDP 06-13 Aspirations Daycare - GlenVBonds and AgreemenftSUBORDINATION ACT TRUST DEED HOLDERS CMWD (5- 31-00) (PR 07-66) .doc Rev. 5/31/00 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. 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. 3 H:\Development Services\PROJECTS\SDP FILES\SDP 06-13 Aspirations Daycare - Glen\Bonds and AgreementtSUBORDINATION ACT TRUST DEED HOLDERS CMWD (5- 31-00) (PR 07-66) .doc Rev. 5/31/00 BENEFICIARY: Security Business Bank of San Diego By: OWNER: Aspirations, Inc., a California/corporation (sign here) TK (print name here)(print name here) (title and organization of signatory) By: / (sign here) V j£ (print name here/ (title and organization of signatory) (title and organization of signatory) By: (signhere) /M t (prM name here) i \fcn-C—^ 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 Counsel H:\Development Services\PROJECTS\SDP FILES\SDP 06-13 Aspirations Daycare - GlenVBonds and AgreemenftSUBORDINATION ACT TRUST DEED HOLDERS CMWD (5- 31-00) (PR 07-66) .doc Rev. 5/31/00 State of California County of ss.CALIFORNIA ALL-PURPOSE CERTIFICATE OF ACKNOWLEDGMENT On Date personally appeared , before me, Printed Name of Notar^TPubli Printed Name(s) of Signer(s) personally known to me - or - I | proved to me on the basis of satisfactory evidence: D form(s) of identification G credible witness(es) 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. WITNESS my hand and official seal. CSeo/; OPTIONAL INFORMATION Although the information in this section is not required by law, it could prevent fraudulent removal and reattachment of this acknowledgment fo an unauthorized document and may prove useful to persons relying on the attached document. Description of Attached Document The preceding Certificate of Acknowledgment is attached to a document titled/for the purpose of Additional Information ~ containing £) Pa9es> ancl dated p7/&/& / The signer(s) capacity or authority is/are as: ED Individual(s) ED Attorney-in-Fact / Corporate Officer(s) E] Guardian/Conservator ED Partner-Limited/General CD Trustee(s) ED Other: representing: Name(s) oLrerson(s) or Entity(ies) Signer is Representing ED Additional Signer(s) | | Signer(s)Thumbprint(s) ED Other © Copyright 2004 Notary Rotary, Inc. 925 29th St., Des Moines, IA 50312-3612 Form ACK02. 02/04. To re-order, call toll-free 1-877-349-6588 or visit us on the Internet at http://www.thenotaryshop.com 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; *~ ' ^ v Commission Number: I io~T D "3>T ^ Date Commission Expires: County Where Bond is Filed:. Manufacturer or Vendor Number:. (Located on both sides of the notary seal border) Signature: Firm Name (if applicable) Place of Execution: oMc-A^W , Gfv Date; Rec. Form#R10 (Rev. 7/96) State of California County of San Diego On $j[/0/01 (Date)' before me, personally appeared /?/?/?A/ (Name, Title of Officer) //). (Name[s] of Signer[s]) jM"personally known to me -OR - (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 Commwon * 1*70379 Notary ru*c - CoHomta (This area for official notary seal) Title or Type of Document O//£tfK^A?77b)t^ r^Q/££O£//7 / Date of p,, Document 0/fG/G Signer(s) other than named above / ~~f7)0mai 6bU/ch 5" H:\Development Services\PROJECTS\SDP FILESVSDP 06-13 Aspirations Daycare - Glen\Bonds and AgreementtSUBORDINATION ACT TRUST DEED HOLDERS CMWD (5- 31 -00) (PR 07-66) .doc Rev. 5/31/00 EXHIBIT "A" LEGAL DESCRIPTION EL CAMINO REAL COMMERCIAL CENTER WATERLINE EASEMENT PR 07-66 Those certain strips of land situated in the City of Carlsbad, County of San Diego, State of California, being those portions of Parcel 1 of Carlsbad Minor Subdivision 05-05, as shown on a map thereof filed on December 20, 2006 as Parcel Map No. 20174 in the Office of the County Recorder of said San Diego County, described as follows: STRIP NO. 1 A strip of land 14.00 feet wide, lying 4.00 feet northerly and 10.00 feet southerly of the reference line of which is described as follows: BEGINNING at a point on the westerly line of said Parcel 1, distant thereon South 08°09'08" West 4.00 feet from the northwesterly corner thereof, said point also being the intersection with a line parallel with and 4.00 feet southerly of the northerly line of said Parcel 1; thence along said parallel line through the following courses: South 81°52'03" East 28.66 feet to a point hereinafter referred to as Point "C"; thence South 81°52'03" East 156.69 feet to a point hereinafter referred to as Point "A"; thence South 81°52'03" East 20.00 feet to a point hereinafter referred to as Point "B"; thence South 81 C52'03" East 98.37 feet to the easterly line of said Parcel 1. Said strip of land shall be lengthened or shortened so as to terminate in said westerly and easterly lines of Parcel 1. STRIP NO. 2 A strip of land 10.00 feet wide, the centerline of which is described as follows: BEGINNING at Point "A" described hereinbefore in Strip No. 1; thence South 08°07'57" West 35.00 feet. Revised August 14,2007 June 25,2007 JN 55-100293 Page 1 of 2 EXHIBIT "A" LEGAL DESCRIPTION EL CAMINO REAL COMMERCIAL CENTER WATERLINE EASEMENT PR 07-66 STRIP NO. 3 A strip of land 10.00 feet wide, the centerline of which is described as follows: BEGINNING at Point "B" described hereinbefore in Strip No. 1; thence South 08°07'57" West 35.00 feet. STRIP NO. 4 A strip of land 13.00 feet wide, the centerline of which is described as follows: BEGINNING at Point "C" described hereinbefore in Strip No. 1; thence South 08°07'57" West 35.00 feet. KurtR. Troxell, P.L.S. 7854 H:\pdata\55100293\Admin\LEGALS\293LGL-WATER02.doc Revised August 14, 2007 June 25,2007 JN 55-100293 Page 2 of 2 10 EXHIBIT 'B NO. 99-03 GREENS 14543 STRIP #2 POINT "A P.O.B. STRIP #3 POINT "B STRIP #4 POINT "C CARLSBAD MINOR SUBDIVISION 05-05 DATA TABLE BRN6/DELTA RADIUSPARCEL 2 . PARCEL MAP NO. \20174 S08°09'08"W S8T52'03"E S08°07'57"W S08°07'57"W S81°52'03"E S08°07'57"W 4.00 20.00' 35.00' 35.00' 28.66' 35.00' PROJECT LOCATION VICINITY MAP N.T.S. 14725 ALTON PARKWAY IRVINE, CALIFORNIA 92618-2027 949.472.3505 FAX 949.472.8373 CONSULTING • www.RSF.com REVISED AUGUST 14, 2007 JUNE 25. 2007 J.N. 55-100293 SHEET 1 OF 1 SHEET CARLSBAD MUNICIPAL WATER DISTRICT APPLICANT: ECR CORPORATE CENTER, 5600 AVENIDA ENCINAS SUITE 100 CARLSBAD, CA 92008 PHONE: (760) 431-5600 PREPARED BY: L.P. IT R. TROXELL L.S. 7854 VALID THROUGH: 12-31-2008 ASPIRATIONS DAYCARE SDP 06-13 ASSESSOR PARCEL 213-110-02 PR 07-66