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Home My WebLink AboutSDP 97-19; Wave Crest Resorts LLC; 2000-0419048; Subordination AgreementRECORDING REQUESTED BY WHEN RECORDED MAILTO: City Clerk CITY OF CARLSBAD 1200 Carlsbad Village Dr. Carlsbad, CA. 92008 %IC a 2000-0419048 WHEREAS, Owner, dld execute a deed of trust, dated May 4, 1999 to Commonwealth Land Title Company as trustee, to secure a note in the sum of Thirteen Million, Nine- hundred and Fifty Thousand dallars ($13,950,000), dated May 4. 1999, in favor of Beneficiary, recorded in the office of the County Recorder of San Diego County on May 10, 1999, as File No. 1999-0317543 of Gfficlal Records of sald county; and 2 Rev 12124197 Ill Ill Ill Ill Ill 3 5147 3. This Agreement represents an endorsement to the note secured by the deed If trust above mentioned and that said deed of trust has by this instrument been subordinated :o the charge of the Easement in favor of Easement Grantee above referred to Executed this 17 day of b?y ~ 20m. 4 Rev. 12124197 State of California ) ) County of San Diego ) personally appeared John L. &&PH and (Namels] of Signer[s]) Signer@) other than named above 5 Rev :2124/97 PR 00-49 EXHIBIT “A” 20.00 FOOT WIDE WATER EASEMENT 5149 ALL THAT PORTION OF PARCEL “A” OF CERTIFICATE OF COMPLIANCE RECORDED NOVEMBER 17, 1998 AS DOCUMENT NUMBER 1998-07474 19 OF OFFICIAL. RECORD OF SAN DIEGO COUNTY, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEING A SII”RIp OF LAND 20.00 FEET IN WIDTH, LYING 5.00 FEET NORTHERLY AND EASTERLY AND 15.00 FEET SOUTHERLY AND WESTERLY ON EACH SIDE AND PAR&LEL WITH THE FOLLOWING DESCRIBED LINE. COMMENCING AT THE SOUTHEAST CORNER OF SAID PARCEL “A” OF SAID CERTIFICATE OF COMPLIANCE THENCE WESTERLY ALONG THE SOUTHERLY LINE OF SAID PARCEL “A”, NORTH 89”25”20 WEST 17.66 FEET TO THE TRUE POINT OF BEGINNNQ THENCE LEAVING SAID SOUTHERLY LINE, NORTH 48’01’09’’ WEST 70.17 FEET; THENCE NORTH 2298’16” WEST 7.52 FEET TO A POINT HEREAFTER REFERRED TO AS POINT A; THENCE NORTH 2228’16’’ WEST 143.25 FEET TO A POINT HEREAFTER REFERRED TO AS POINT B; THENCE NORTH 22O28’16” WEST 126.65 FEET TO A POINT HEREAFTER REFERRED TO AS POINT C; THENCE NORTH 22’28’16” WEST 114.35 FEET TO A POINT HEREAFTER REFERRED TO AS POINT D; THENCE NORTH 22028’16” WEST 67.85 FEET; THENCE SOUTH 6770’37” WEST 263.61 FEET; THENCE SOUTH 7P55’44” WEST 8.00 FEET TO A POINT HEREAFTER REFERRED TO AS POINT E; THENCE SOUTH 12’04’16“ EAST 180.07 FEET; THENCE SOUTH 22’28’16” EAST 124.27 FEET TO THE SOUTHERLY LINE OF SAID PARCEL “A”; THENCE EASTERLY ALONG SAID SOUTHERLY LINE OF SAID PARCEL “A” NORTH 88’42’21’’ EAST 26.14 FEET TO A POINT HEREIN AFTER REFERRED TO AS POINT F: THENCE CONTINUING ALONG SOUTHERLY LINE NORTH 88’42’21” EAST 5.74 FEET TO A CORNER OF SAID PARCEL “A”; THENCE SOUTHERLY ALONG THE WESTERLY LINE OF SAID PARCEL “A”, SOUTH 16O44’53” EAST 23.02 FEET TO A POINT HEREAFTER REFERRED TO AS POINT G, SAID POINT BEGIN NORTH 16’44’53” WEST 55.85 FEET FROM THE SOUTHWESTERLY CORNER OF SAID PARCEL “A”; THENCE CONTINUING SOUTHERLY ALONG SAID WESTERLY LINE OF SAID PARCEL “A” SOUTH 16’44‘53” EAST 55.85 FEET TO SAID SOUTHWESTERLY CORNER OF SAID PARCEL “A”; THENCE EASTERLY ALONG SAID SOUTHERLY LINE OF SAID PARCEL “A” SOUTH 89’25’20” EAST 339.48 FEET TO THE TRUE POINT OF BEGINNING. TOGETHER WITH STRIPS OF LAND 20.00 FEET IN WIDTH, LYING 10.00 FEET ON EACH SIDE AND PARALLEL WITH THE FOLLOWING DESCRIBED CENTERLNS. ,i )/,! COMMENCING AT THE ABOVE MENTIONED POINT A, THENCE NORTH 89'25'24" I .' /' WEST 300.54 FEET TO SAID POINT G. , i .' I i/ /I COMMENCING AT THE ABOVE MENTIONED POINT C, THENCE SOUTH 67'3 1'44" 38.00 FEET TO THE POINT OF TERMINATION. COMMENCING AT THE ABOVE MENTIONED POINT F, THENCE NORTH 6703 1'44" EAST 21.50 FEET TO THE POINT OF TERMINATION. ALSO TOGETHER WITH A STRIP OF LAND 20.00 FEET IN WIDTH LYING 5.00 FEET EASTERLY AND 15.00 FEET WESTERCY ON EACH SIDE AND PARALLEL WITH THE FOLLOWING DESCRIBED CENTERLINE: COMMENCING AT THE ABOVE MENTIONED POINT E, THENCE NORTH 12'04' 16" WEST 127.44 FEET TO THE POINT OF TERMINATION. THE SIDELINES OF HEREIN DESCRIBED EASEMENT SHALL BE PROLONGED OR SHORTENED TO CREATE CONTINUOUS AND FULL EASEMENT WIDTH AT ALL INTERSECTING COURSES AND ALSO AT THE SOUTHERLY AND WESTERLY LINES OF SAID PARCEL "A" OF SAID CERTIFICATE OF COMPLIANCE. A A DOUGLAS R. MI&CHIOR, P.L.S. M611 REGISTRATION EXPIRES 09/30/02 6"oo DATE - APPLICANT; PALOMAR BEACH RESORtLLC 829 SECOND STREET8 SUITE A ENCINITAS, CA. 92024 SLIP 97-19 A.P.N. 210-100-19 PR 00-49 DATE 06-09-2000 " ^...^ ~~ ~~~ APPLICANT; PALOMAR BEACH RESORtLLC 829 SECOND STREET8 SUITE A ENCINITAS, CA. 92024 SLIP 97-19 A.P.N. 210-100-19 PR 00-49 DATE 06-09-2000 .. MILLER & SCHROEDER INVESTMlENTS COT(PORATI0N WRITTEN ACTION OF BOARD OF DIRECTORS TAKEN IN LIEU OF MEETING March 16,2000 The undersigned, being all of the rnembcrs of the Board of Directors of Miller & Schroeder Investments Corporation, a Minnesota corporation (the “Corporation”), acting pursuant to the provisions of Section 202A.239 of the Minnesota Business Corporation .4ct, do hereby adopt the following resolution, effective as of March 16, 2000: Election of Officers TZESOLVED: That the following persons be, and they hereby are, elected and appointed as officers of the Corporation, to hold the office set forth opposite their respective names and to exercise the authority incident of such ofice until their successors shall have been duly elected and qualified: E. J. Hentges Thomas S. Nelson Jerome A. Tabolich Gary M. Nelson Kenneth R. Larsen John L. Greisen President Chief Financial Officer and Executive Vim President Senior Vice President & Assistant Secretary First Vice President & Secretary Vice President Vice President Authorization to Establish Banking Relations RESOLVED, that any one of the following officers of the Corporation are authorized to establish bank accounts with banks as needed to conduct business operations: €. J. Hentges Thomas S. Nelson Jerome A. Tabolich Gary M. Nelson Kenneth R Larsen President Chief Financial Officer and Executive Vice President Senior Vice President & Assistant Secretary First Vice President & Secretary Vice President FURTHER RESOLVED, that any two of the followiag are authorized to borrow monies on behalf of the Corporation, and to pledge assets of the Corporation as collateral for such borrowing: E. J. Hentges Thomas S. Nelson Jerome A. Tabolich Gary M. Nelson Kenneth R. Larsen President Chief Financial Offica and Executive Vice President Senior Vice President & Assistant Secretary First Vice President & Secrerary Vice President FURTHER RESOLVED, that the officers are authorized to certify to the banks as this date on such forms as the bank may require these authorities. - . Authorized Signatories RESOLVED, that each of the above elected and appointed officers of the Corporation is hereby authorized to delegate to any one or more of the following persons who are not officers of the Corporation the power to execute documents on behalf of the Corporation: Stephen P~ Ray1 John Deterding David DeBauche Jan Rolbiecki K. Jon Dexter Karen McGuire Frank Baiamonte Eric Cook Kenneth t. Norwich Gregory A. Bolin FCXTHER RESOLVED, that, notwithstanding Minnesota Statutes Section 302A.35 1, such offkers shall not delegate to any other person the power to execute documents and each delegation: (i) shall be in writing and delivered to the secretary of the Corporation; (ii) shall be limited in scope to executing documents properly authorized by appropriate corporate action relating to financing transactions where the Corporation is acting as lender not involving financing for gaming related purposes; (iii) may be terminated at any time; and (iv) shall expire upon any such officer ceasing to be an officer or such aurhorized signatory ceasing to be employed by the Corporation or any affiliate. FURTIER RESOLVED, that any person so delegated the power to execute documents shall use the designation “Authorized Signatory” in executing such documents and shall not have any other powers or duties of, and shall not be, officers of the Corporation as a result of this rcsolution or any such delegation. of the directors of tho Corporation, and agrees to the transaction of the business of the Corporation set Each director, by signing this written consent. waives notice of the time, place and purpose of a meeting consent may be executed in two or more counrerparts which together shall constitute one and the same forth in the foregoing resolution by this unanimous written consent in lieu of such meeting. This written instrument. IN WITNESS WHEREOF, the undersigned has hereunto executed this written consent, effective as of the day and year first above written. Constituting the €mire Board of Directors TOTRL P.03 &rsonally known to me - OR - 0 proved to me on the basis of satisfactory evidence to be the pem(S) and ackn wledged to me that&e/they executed the whose name(s)@re subscribed to the within instrument mi&+ erhheir authorized capacity(ies), and that by or the entity upon behalf of which the person@) acted, hi erhheir signature(s) on the instrument the person(s), executed the instrument. me or Type of Document: Document Date: Number of Pages: Signer@) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: 0 Individual 0 Corporate Officer 0 Partner - 0 Limited 0 General Tmle(s): 0 Attorney-in-Fact 0 Trustee- 0' Guardian or Conservator 0, Other: Signer Is Representing: I I Signer's Name: 0 Individual D Corporate Offiir " Tte(s): 0 Partner - 0 Limited 0 General Attomev-in-Fact 0 Trustee Guardian or Consetvator 0 Other: 3 Signer Is Representing: I '. I I I