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HomeMy WebLinkAboutSDP 14-01; Ninos I Burke Lane LLC; 2015-0078872; Subordination AgreementDOC# 2015-0078872 RECORDING REQUESTED BY Feb 23, 2015 10:46 AM OFFICIAL RECORDS WHEN RECORDED MAILTO: Ernest J, Dronenburg, Jr,, SAN DIEGO COUNTY RECORDER District Secretary FEES: $0,00 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],) SPACE ABOVE THIS LINE FOR RECORDER'S USE 221-881-11 ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: SDP 14-01 Burke Carlsbad Business Center 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 c^l^^ day of ^<^/)«a<-t^ 20/6 by Ninos I Burke Lane.LLC, a Delaware 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, Ninos I Burke Lane, LLC, a Delaware limited liability company, did execute a deed of trust, dated June 19, 2013 to PRLAP, Inc. a North Carolina corporation as trustee, to secure a note in the sum of $1,433,000.00 dated June 19, 2013 in favor of Bank of America, N.A., a national banking association recorded in the office of the County Recorder of San Diego \\FILES01V\Departments\CED\LandDev\PROJECTS\SDP\SDP 14\SDP 14-01 Burke Carlsbad Business Center\PR 14-19 SUBORDINATION ACT TRUST DEED HOLDERS CMWD 081314,doc Rev, 01/26/13 County on June 21, 2013 as Instrument No. 2013-0392257of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT dated /-cQ/^ 1^ , in favor of the Carlsbad Municipal Water District as grantee herein referred to as "Easement Grantee" creating THE EASEMENT more particularly described in EXHIBITS Aand 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 2 \\FILES01V\Departments\CED\LandDev\PROJECTS\SDP\SDP 14\SDP 14-01 Burke Carlsbad Business Center\PR 14-19 SUBORDINATION ACT TRUST DEED HOLDERS CMWD 081314,doc Rev, 01/25/13 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 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 WFILESOI V\Departments\CED\LandDev\PROJECTS\SDP\SDP 14\SDP 14-01 Burke Carlsbad Business Center\PR 14-19 SUBORDINATION AGT TRUST DEED HOLDERS CMWD 081314,doc Rev, 01/25/13 BENEFICIARY: Bank of America, N.A., a national bamking association By: gn here) Harvey Cohen (print name here) Senior Vice President (title and organization of signatory) OWNER: Ninos I Burke Lane, LLC, a Delaware limited liability company BY: Ninos LP, a California limited partnership^its member (sign here) William B. Burke (print name here) General Partner (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. Othenwise, 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: CELIA BREWER General Counsel ^ON KEMP Deputy General Counsel \\FILES01V\Departments\CED\LandDev\PROJECTS\SOP\SDP 14\SDP 14-01 Burke Carlsbad Business Center\PR 14-19 SUBORDINATION AGT TRUST DEED HOLDERS CMWD 081314,doc Rev, 01/25/13 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of _ On l/^l |l6 Dafe before me, K<xW>/Mn X Xv^i S k - AofA-VM Pub i ( C Here Insert Name and Title of the Officer personally appeared Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) hs/are subscribed to the within instrument and acknowledged to me that Pte/she/they executed the same in Tns/hw/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. KATHRYN J. MUSH COiMniitioii# 2084039 NMaryPuMc-CaWoniia y OrangiCounty ^ »Ccmm. EWHW Sap 30.20181 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 I Signature of Notary Public Place Notary Seal Above OPTIONAL Thougti this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Document Date: • Corporate Officer — Title(s): • Partner — • Limited • General • Individual • Attorney in Fact • Trustee • Guardian or Conservator • Other: Signer Is Representing: Signer's Name: • Corporate Officer — Title(s): • Partner — • Limited • General • Individual • Attorney in Fact • Trustee • Guardian or Conservator • Other: Signer Is Representing: ©2014 National Notary Association • www.NationalNotary.org • 1 -800-US NOTARY (1 -800-876-6827) Item #5907 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: ZL Commission Number: Date Commission Expires: _ County Where Bond is Filed: Manufacturer or Vendor Number: (Located on both sides of the notary seal border) Signature City of Carlsbad Place of Execution: Office of the Citv Clerk/Citv of Carlsbad Date: D 'fOi^ Rec. Form #R10 (Rev.7/96) JUNE 20, 2014 J.N. 131020 PAGE 1 OF 2 EXHIBIT ^A' LEGAL DESCRIPTION WATER EASEMENT PR 14-19 A PORTION OF LOT 17, OF CARLSBAD RACEWAY CARLSBAD TRACT NO. 98-10, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 15013, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON MAY 3, 2 005, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF SAID LOT 17; THENCE, EASTERLY ALONG THE SOUTH LINE OF SAID LOT 17, SOUTH 81°09'39" EAST 10.00 FEET TO THE .TRUE POINT OF BEGINNING; THENCE, LEAVING SAID SOUTH LINE, NORTH 08°50'21" WEST 39.54 FEET; THENCE, NORTH 36°09'36" EAST 43.69 FEET; THENCE NORTH 06°30M2" WEST 332.21 FEET; THENCE NORTH 45°05'08" EAST 34.72 FEET; THENCE NORTH 44°54'52" WEST 26.30 FEET; THENCE NORTH 45°05'08" EAST 10.00 FEET; THENCE SOUTH 44°54'52" EAST 26.30 FEET; THENCE NORTH 45°05'08" EAST 3.57 FEET; THENCE SOUTH 89°54'52" EAST 188.78 FEET; THENCE NORTH 00°05'08" EAST 14.00 FEET; THENCE SOUTH 89°54'52" EAST 10.00 FEET; THENC^ SOUTH 00°05'08" WEST 14.00 FEET; THENCE SOUTH 89°54'52" EAST 109.20 FEET; THENCE SOUTH 56°29'50" EAST 31.52 FEET; THENCE NORTH 33°30'10" EAST 21.17 FEET; THENCE NORTH 11°26'14" EAST 4.18 FEET; THENCE NORTH 78°33'46" EAST 10.00 FEET; THENCE SOUTH 11°26'14" WEST 8.32 FEET; THENCE SOUTH 33°30'10" WEST 31.30 FEET; THENCE SOUTH 56°29'50" EAST 2.02 FEET; THENCE SOUTH 11°29'50" EAST 19.61 FEET; THENCE NORTH 78°30'10" EAST 12.06 FEET; THENCE SOUTH 11°29'50" EAST 10.00 FEET; THENCE SOUTH 78°30'10" WEST 12.06 FEET; THENCE SOUTH 11°29'50" EAST 2 65.41 FEET; THENCE SOUTH 81°09'36" WEST 89.53 FEET; THENCE SOUTH 08°50'24" EAST 12.00 FEET; THENCE SOUTH 81°09'36" WEST 10.00 FEET; THENCE NORTH 08°50'24" WEST 12.00 FEET; THENCE SOUTH 81°09'36" WEST 7.54 FEET; THENCE SOUTH 08°50'21" EAST 59.01 FEET TO THE SOUTH LINE OF LOT 17; THENCE ALONG SAID SOUTH LINE, SOUTH 81°09'39" WEST 20.00 FEET; THENCE, LEAVING SAID SOUTH LINE, NORTH 08°50'21" WEST 79.01 FEET; THENCE NORTH 81°09'36" EAST 106.34 FEET; THENCE NORTH 11°29'50" WEST 157.46 FEET; THENCE NORTH 56°29'50" WEST 29.25 FEET; THENCE NORTH 89°54'52" EAST 293.70 FEET; THENCE SOUTH 45°05'08" WEST 30.35 FEET; THENCE SOUTH 06°30'42" EAST 2 07.77 FEET; THENCE NORTH 83°29'18" EAST 8.00 FEET; THENCE SOUTH 06°30'42" EAST 10.00 FEET; THENCE SOUTH 83°29'18" WEST 8.00 FEET; THENCE SOUTH 06°30'42" EAST 112.59 FEET; THENCE SOUTH 36°09'3 6" WEST 43.21 FEET; THENCE SOUTH 08° 50'21" WEST 31.25 FEET TO THE SOUTH LINE OF LOT 17; THENCE, O:\LEGAL DESCRIPTIONS\131020\WATER ESMT.DOCX JUNE 20, 2014 J.N. 131020 PAGE 2 OF 2 ALONG SAID SOUTH LINE, SOUTH 81°09'39" WEST 20.00 FEET TO THE TRUE POINT OF BEGINNING. AREA = 0.595 ACRES MORE OR LESS CITY OF , OCEANSIDE HICHWA' SITE BUSINESS PARK DR. UONSHEAO AVE. PACinc OCEAN CITY OF SAN MARCOS CITY OF ENCINITAS NOTTOSCALE LEGAL DESCRIPTION LOT 17, OF CARLSBAD RACEWAY CARLSBAD TRACT NO 98-10. IN THE C/TY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO HNAL SUBDIVISION MAP NO 15013, FILED IN THE OFHCE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, CAUFORNIA, ON MAY 3, 2005. BASIS OF BEARINGS THE BASIS OF BEARINGS IS THE SOUTH LINE OF LOT D OF MAP No. 15013 I.E N81'0939"E LEGEND PROPERTY BOUNDARY POINT OF BEGINNING P O.B TRUE POINT OF BEGINNING TP O.B WA TERLINE EASEMENT V A EASEMENT TABLE NO PURPOSE OWNER DOCUMENT REC. DATE 1 STORM DRAIN CITY OF CARLSBAD MAP 15015 MAY 3 2005 2 SEWER LINES CITY OF VISTA FILE No. 2004-1160413 DEC 9, 2004 3 SEWER LINES CITY OF VISTA FILE No. 2004-1160412 DEC 9 2004 2710 Loker Avenue West Suite 100 Carlsbad, California 92010 760-931-7700 Fox: 760-931 -8680 REQUESTED BY: BURKE REAL ESTATE GROUP 260 E BAKER STREET SUITE 100 COSTA MESA, CA 92626 (714) 824-6014 WATERLINE EASEMENT CARLSBAD MUNICIPAL WATER DISTRICT PREPARED BY: TIMOTHY PROJECT: BURKE CARLSBAD BUSINESS CENTER PARCEL 'A' SHT 1 OF 3 SHTS. A.P.N. 221-881-11-00 DATE MARCH 2014 EXHIBIT 'B' l:\UW20\_Plals\Water Easement-l40J05\IJ20APOI-J-t40509-2.dwg Jun 27, 2014 J-28nm Xrefs: IJ20AP: 1320VIC: IJ20AGRD: IJ20AUAP: tJ20AUJl: U20AN ©2014 O'Day Consultants, Inc, N45V5'08'E~^ 10.00' \ " N4454'52''W'- \ \ 26.30' \N45V5'08''E ^ -S44'54'52''E 26.30' -N45'05'08''E''35r •^00-05'08t f4.oo' 2710 Loker Avenue West Suite 100 Corlsbad, California 92010 760-931-7700 Fax: 760-931-8680 REQUESTED BY: BURKE REAL ESTATE GROUP 260 E BAKER STREET SUITE 100 COSTA MESA, CA 92626 (714) 824-6014 WATERLINE EASEMENT CARLSBAD MUNICIPAL WATER DISTRICT PREPARED BY: mOTHY a CARROLL, JR. LS. 7700 EXP. 12/31/14 PROJECT: BURKE CARLSBAD BUSINESS CENTER PARCEL 'A' PR 14-19 SHT 2 OF 3 SHTS. A.P.N. 221-881-11-00 DATE MARCH 2014 EXHIBIT 'B' /; \IJW20\_Plats\Water Easement-t40J05\U20APOI-J-l40509-2.dwg Jun 27, 2014 J:26pm Xrcfs: /J20AP; tJ20WC: I320ACPD: IJ20AMAP: tJ20AUTL: 1J20AN 2014 ODay Consultants, Inc, S1V26'14''W I 8.32' f A f DETAIL A DETAIL 'B' 0' 20' SCALE: 1" = 20' T S 2710 Loker Avenue West Suite 100 Carlsbod, Colifornia 92010 760-931-7700 Fox: 760-931-8680 REQUESTED BY: BURKE REAL ESTATE GROUP 260 E BAKER STREET SUITE 100 COSTA MESA, CA 92626 (714) 824-6014 S81'09'36''WAr- 89.53' S0850'24''E 12.00' S8r09'36''W 10.00' N0850'24''W 12.00' S81V9'36''W 7.54' WATERLINE EASEMENT CARLSBAD MUNICIPAL WATER DISTRICT PREPARED BY: TIMOTHY a CmOLL. JR. 9lt LS. 7700 EXP 12/31/14 PROJECT: BURKE CARLSBAD BUSINESS CENTER PARCEL 'A' PR 14-19 SHT 3 OF 3 SHTS. A.P.N. 221-881-11-00 DATE MARCH 2014 EXHIBIT 'B' I: \UW20\^PIals\Water Easement-140305\lJ20AP01-3-H0509-2dwg Jun 27. 2014 3 27pm Xrefs: I320AP: t320VIC: 1320AGRD: l320AkAP; I320AU71: 1320AN 12014 ODoy Consultants, Inc,