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HomeMy WebLinkAbout; Carlsbad Pacific Resort, LLC; 1998-0735566; Easement,. .. .. .. 0 -4 r, 1 95 . RECQRDING REQUESTED BY 1998-0736666 . CARLSi3AD PACIFIC RESORT, LLC 745 DOC # 1998-0735566 AND WHEN RECORDED, PLEASE MAIL TO: Carlsbad Municipal Water District Engineering Department 5950 El Camino Real Carlsbad, California 92008 MAIL TAX STATEMENTS TO: EXEMPT Please record the document at no fee as it is to the benefit of the District (Gov. Code [6103].) NOV 12s 1998 11-58 RM ms: 0.00 E: Ntl $$h Space above this line for Recorder's use. The undersigned grantor(s) declare(s): Assessor's Parcel No. 211-022-12 Documentary transfer tax is $o.oO Project No. & Name 96-509. Carlsbad Ranch Hotel ( ) computed on full value of property conveyed, or i3 Timeshare Resort. Lot 2. Minor Subdivision ( ) computed on full value less value of liens and No. 97-03. Parcel MaD No. 17077 ( ) Unincorporated area: (x) City of Carlsbad , and encumbrances remaining at time of sale. FOR A VALUABLE CONSIDERATION, CARLSBAD MUNICIPAL WATER DISTRICT receipt of which is hereby acknowledged. . )?. l/4?22 WILLIAM E. PLUMMER. District Enaineer GRANT DEED OF WATER LINE EASEMENT CARLSBAD PACIFIC RESORT, LLC, a California limited liability company, as to Parcels A and B does hereby grant to CARLSBAD MUNICIPAL WATER DISTRICT, a Public Agency organized in the State of California, its successors and assigns, an easement. Purpose: the easement granted herein shall be granted for the following purposes: the construction, operation, repair, reconstruction and all activities necessary to construct, reconstruct, operate, maintain and repair facilities designed for the general purpose of collecting, storing, transporting, pumping and treating all water, including surface water, stream water, flood water and ground water flowing into said facilities, and all natural and artificial drainage ditches and structures of any kind, whether above or below the surface of the ground. Said facility may include pipelines, pumping facilities, structures designed to control the flow of water and all facilities and structures associated with said use which are designed to facilitate the use and protect the facility from 1 10/20/97 Rev. ,. .. .. 746 hatural and other forms of damage including, but not limited to, erosion control facilities, fences, gates, doors, locking ’ devices, alarms, lights, and all other protective facilities and devices. The use shall also include a means of access to and from said facility for the purpose of constructing, operating, repairing, maintaining, inspecting and reconstructing said facility. The uses described herein shall be exclusive to the Grantee. Grantor herein agrees that no buildings andlor structures will be erected, walls constructed, fences built nor trees planted, nor may the easement be used by the Grantor or any other person or entity. including other utilities, whether public or private, for uses whether compatible or incompatible with the uses described herein without the express written approval of the Grantee. LOCATION OF THE EASEMENT: The easement granted herein shall be located within and upon the properties more particularly described in Exhibit “A” and Exhibit “B attached hereto and by this reference made a part hereof. Executed by the Grantor this a day of 19%. GRANTOR CARSLBAD PACIFIC RESORT, LLC, a California limited liability company, as to Parcels A and B Anarne of grantor) By: (sign here) co -f/os;cLeJ (title of signatory) (Notarial acknowledgement of execution of PROPERTY OWNER must be attached.) corporation must attach a resolution certified by the secretary or assistant secretary under corporate seal empowering that (President or vice-president and secretary or assistant secretary must sign for corporations. If only officer signs, the officer 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.) APPROVED AS TO FORM: CMWD 96-509 10/20/97 Rev. 1 L STATE OF CALIFORNIA 1 personally appeared T,~OOL~ a SPY;.* an NAME(S) OF SIGNER(S) d Davi-or s. avolwll personally known to me - OR - " 0 to be the person(s) whose name@ ware subscribed to the within instrument and acknowledged to me that Be/s&/they executed the same in l$dhjir/their authorized capacity(9, and that by Whutheir signatureM 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. I(IATURE OF NOTARW .U (This area for official notary seal.) Title or Type of Document h ,&ad 8 && &- Date of Document fl/6//98 NO. of Pages B Signer(s) other than named above ana,wo&" CMWD 96-509 06/14/95 Rev. 748 STATE OF CALIFORNIA 1 COUNTY OF J k3S. personally appeared ME(S) OF SIGNER(S) personally known to me - OR - '' of satisfactory evidence to be the person(s) whose name@) islare subscribed to the within to me that helshelthey executed the same in hislherltheir authorized capacity(ies), and on the instrument the person(s), or the entity upon behalf of which the person(s) acted, WITNESS my hand and official seal. SIGNATURE OF NOTAR (This area for official notary seal.) No. of Pages 06/14/95 Rev. 7%ISED: SEPTEMBER 25, 1997 AUGUST 1, 1997 REVISED: DECEMBER 5, 1997 REVISED: MARCH 30, 1998 J.N. : 95-1020 CMWD NO. 96-509 EXHIBIT A - LEGAL DESCRIPTION THAT PORTION OF LOT 2 OF CARLSBAD MINOR SUBDIVISION NO. 97-03, ACCORDING TO PARCEL MAP THEREOF NO. 17877, FILED IN THE OFFICE OF THE COUNTY RECORDER, JULY 7, 1997 AS FILE NO. 1997-0319148, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, MORE -PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID LOT 2, SAID CORNER ALSO BEING ON THE WESTERLY RIGHT-OF-WAY OF ARMADA DRIVE ACCORDING TO MAP THEREOF NO. 13357 AS FILED IN THE OFFICE OF THE COUNTY RECORDER, SEPTEMBER 11, 1996 AS FILE NO. 1996-0463214, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, THENCE ALONG THE WESTERLY RIGHT OF WAY OF ARMADA DRIVE, NORTH 67'30'38'' EAST (NORTH 67'30'48'' EAST; PER MAP NO. 13357) 9.00 FEET: THENCE NORTH 22'29'22" WEST (NORTH 22'29'12" WEST; PER MAP NO. 13357) 12.77 FEET TO THE BEGINNING OF A TANGENT 716 FOOT RADIUS CURVE, CONCAVE TO THE NORTHEAST; THE RADIAL POINT TO SAID CURVE BEARS NORTH 67'30'38" EAST; THENCE CONTINUING EASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 34'16'43", AN ARC DISTANCE OF 428.36 FEET TO THE TRUE POINT OF BEGINNING. THENCE CONTINUING ALONG THE WESTERLY RIGHT OF WAY OF SAID ARMADA DRIVE ALONG SAID 716 FOOT RADIUS CURVE, CONCAVE TO THE NORTHEAST, THROUGH A CENTRAL ANGLE OF 02'40'27" AN ARC DISTANCE OF 33.42 FEET; THENCE ALONG A NON-TANGENT 55.00 FOOT RADIUS PAGE 1 OF 2 .. 750 CURVE, CONCAVE TO THE NORTHEAST, THROUGH A CENTRAL ANGLE OF . 19'45'29'' AN ARC DISTANCE OF 18.97 FEET TO THE BEGINNING OF A TANGENT 719.00 FOOT RADIUS CURVE, CONCAVE TO THE NORTHEAST, THROUGH A CENTRAL ANGLE OF 00°23'57", AN ARC DISTANCE OF 5.01; THENCE LEAVING SAID RIGHT OF WAY, SOUTH 20O51'52" WEST 13.98 FEET; THENCE NORTH 56"01'45" WEST 8.69 FEET; THENCE SOUTH 33'58'15'' WEST 12.00 FEET; THENCE NORTH 56'01'45'' WEST 20.00 FEET; THENCE NORTH 33'58'15'' EAST 12.00 FEET; THENCE NORTH 56O01'45" WEST 31.67 FEET; THENCE NORTH 33'58'15'' EAST 13.60 FEET; TO THE TRUE POINT OF BEGINNING. F:\MSOFF:CE\WINWORD\95-102O\~RLOT2.LGL PAGE 2 OF 2 0.02 AC EASEMENT ' DATA I LtEw.. - - - - SUBDMSN BOUNM WAKR t%SEUENT LINE , ,'. 752 CERTIFICATION FOR ACCEPTANCE OF DEED This is to certify that the interest in real property conveyed by the grant deed of easement, dated "A4 \5 , 19=, from CARLSBAD RANCH COMPANY, a California limited partnershh to the Carlsbad Municipal Water District, Carlsbad. California, pursuant to the Municipal Water District Act of 191 1, as amended, is hereby accepted by the undersigned officer or agent on behalf of the Carlsbad Municipal Water District, Carlsbad. California, pursuant to authority conferred by Resolution No. 996 of the Carlsbad Municipal Water District adopted on September 9, 1997, and the grantee consents to recordation thereof by its duly authorized officer. DATED: OCTOd&Q aa. I~S I ALETHA L. RAUTENKRANZ, Secretary J CMWD 96609 :*j !I ,; 11/03/97 Rev. RECORDING REQUESTED BY CARLSBAD PACIFIC RESORT LLC AND WHEN RECORDED, PLEASE MAIL TO Carlsbad Municipal Water District 5950 El Camino Real Carlsbad. California 92008 I NOU 129 1998 11-58 fWl 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. ASSESSOR’S PARCEL NO. 211-022-12 PROJECT NO. 8 NAME: 96-509. Carlsbad Ranch Hotel &Timeshare Resort. Lot 2, Minor Subdivision No. 97-03. Parcel Mar, 17877 SUBORDINATION AGREEMENT (TRUST DEED HOLDERS) NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO (AN) EASEMENT IN THE REAL PROPERTY TO WHICH YOUR SECURITY INSTRUMENT AlTACHES AND HAS THE POTENTIAL EFFECT OF REDUCING THE VALUE OF YOUR SECURITY INTEREST. THIS AGREEMENT, made this __ q6 %y of &%f- ,19% by CARLSBAD PACIFIC RESORT, LLC. a California limited liabilitv comDanv as to Parcels A and B , owner of the land described and hereinafter referred to as “Owner,” and FINOVA CAPITAL CORPORATION. a Delaware comortion, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as “Beneficiary;” WITNESSETH THAT WHEREAS, CARLSBAD PACIFIC RESORT, LLC. a California limited liabilitv comDanv. as to Parcel A a did execute a deed of trust, dated {Not Shown), 19- to CHICAGO TITLE COMPANY. a California corDoration 10/20/97 Rev. i . : . r 754 as truktee, to secure a note in the sum of Four Notes Totaling Eiahtv-Nine Million. Eiaht Hundred Thousand Dollars ($Four Notes Totaling $89,800.000.00) dated Not Shown in favor of FINOVA CAPITAL CORPORATION. a Delaware corDoration recorded in the office of the County Recorder of San Diego County on Julv 10. 1997 as File No. 1997- 0324278 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT/EASEMENTS dated fh5/7/ , in favor of the Carlsbad Municipal Water District as grantee, hereinafter referred to as "Easement Grantee," creating AN/THE EASEMENnEASEMENTS more particularly described in EXHlBlT/EXHlBlTS "A B "B attached hereto; and WHEREAS, Easement Grantee is willing to accept said EASEMENT/EASEMENTS provided the grant of EASEMENT/EASEMENTS 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/EASEMENTS created in favor of Easement Grantee; and WHEREAS, it is to the mutual benefit of the parties hereto that Easement Grantee accept said EASEMENT/EASEMENTS and Beneficiary is willing that the grant of EASEMENT/EASEMENTS 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 EASEMENTlEASEMENTS above referred to, it is hereby declared, understood and agreed as follows: 1. That said EASEMENT/EASEMENTS 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/EASEMENTS above described without this subordination agreement. 3. That this agreement shall be the whole and only agreement with regard to the subordination of the 2 10/20/97 Rev. li'en 0; charge of the deed of trust above mentioned to the EASEMENTIEASEMENTS 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 EASEMENTIEASEMENTS hereinbefore specifically described, any prior agreement as to such subordination including, but not limited, 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. I (We) consent to and approve the grant of EASEMENTIEASEMENTS in favor of the Easement Grantee. 2. I (We) intentionally and unconditionally subordinate the lien or charge of the deed of trust above mentioned to the EASEMENTIEASEMENTS in favor of Easement Grantee above referred to and understands that in reliance upon, and in consideration of, this subordination of the grant of EASEMENTIEASEMENTS is being executed and delivered, the EASEMENTIEASEMENTS WARE 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: and Ill 111 Ill Ill Ill Ill Ill Ill Ill Ill Ill Ill Ill 3 10120197 Rev. .. . 756 .. 3. This agreement represents an endorsement to the note secured by the deed of trust above mentioned that said deed of trust has by this instrument been subordinated to the charge of the EASEMENnEASEMENTS in favor of Easement Grantee above referred to: day of &%A Executed this Am\ day of 19z. BENEFICIARY OWNER: FINOVA CAPITAL COMPANY, a LC, a California rcels A and B ‘v.* k Uuabfhorized JEFFREY A. OWlNGS VICE(P~IB@DENT . .. By: (authorized signhture) - vtJ S. aVocc)r~ (name) (Proper notarial acknowledgement of execution of OWNER and BENEFICIARY must be attached.) SIGN A CORPORATE EXECUTION OF THIS DOCUMENT. ALTERNATELY A TRUE COPY OF THE RESOLUTION OF THE BOARD OF DIRECTORS THAT IS SIGNED BY THE SECRETARY OR ASSISTANT SECRETARY OF THE CORPORATION, UNDER CORPORATE SEAL SPECIFICALLY EMPOWERING THE INDIVIDUAL SIGNING IN BEHALF OF THE CORPORATION WILL SHOW SUFFICIENT AUTHORITY OF SAID INDIVIDUAL TO ACT IN THIS MATTER. NOTE THAT THE PRESIDENT OR VICE-PRESIDENT AND THE SECRETARY OR ASSISTANT SECRETARY MUST 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 4 CMWD 96-509 10/20/97 Rev. STATE OF CALIFORNIA 1 COUNTY OF Sa@ Dtesa J lss. personally known to me - OR - pe to be the person(9 whose name@ *re subscribed to the within instrument and acknowledged to me that ,&..@they executed the same in h&&/their authorized capacity(9, and that by "&their signature@ on the instrument the person(s), or the entity upon behalf of which the personu acted, executed the instrument. / WITNESS my hand and official seal (This area for official notary seal.) Title or Type of Document 4- Date of Document d//~//d' NO. of Pages 9 Signer@) other than named above 2/rCrd /A PM /7k/ CdrP c CMWD 96-509 06/14/95 Rev. b?Q;i0/Yfl STATE OF- personally appeared personally known to me - OR - " proved to me on the basis of satisfactory evidence to be the person@) whose name@) islare subscribed to the within instrument and acknowledged to me that helshelthey executed the same in hislherltheir authorized capacityges), and that by hislherltheir signature@) 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. A Ad hidid SFNATURE Or NOTARY (This area for official notary seal.) Title or Type of Document \ 911 AGLp/,IYdM 1 ~B.A Date of Document J-2 h - 98 Signer(s) other than named above CMWD 86-509 06/14/95 Rev. AUGUST 1, 1997 7sVISED: SEPTEMBER 25, 1997 THAT PORT ACCORDING REVISED: DECEMBER 5, 1997 REVISED: MARCH 30, 1998 J.N. : 95-1020 CMWD NO. 96-509 EXHIBIT A - LEGAL DESCRIPTION 'ION OF LOT 2 OF CARLSBAD MINOR SUBDIVISION NO. 97-03, TO PARCEL MAP THEREOF NO. 17877, FILED IN THE OFFICE OF THE COUNTY RECORDER, JULY 7, 1997 AS FILE NO. 1997-0319148, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, MORE .PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID LOT 2, SAID CORNER ALSO BEING ON THE WESTERLY RIGHT-OF-WAY OF ARMADA DRIVE ACCORDING TO MAP THEREOF NO. 13357 AS FILED IN THE OFFICE OF THE COUNTY RECORDER, SEPTEMBER 11, 1996 AS FILE NO. 1996-0463214, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, THENCE ALONG THE WESTERLY RIGHT OF WAY OF ARMADA DRIVE, NORTH 67'30'38'' EAST (NORTH 67'30'48'' EAST; PER MAP NO. 13357) 9.00 FEET; THENCE NORTH 22"29'22" WEST (NORTH 22O29'12" WEST; PER MAP NO. 13357) 12.77 FEET TO THE BEGINNING OF A TANGENT 716 FOOT RADIUS CURVE, CONCAVE TO THE NORTHEAST; THE FADIAL POINT TO SAID CURVE BEARS NORTH 67O30'38" EAST; THENCE CONTINUING EASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 34'16'43", AN ARC DISTANCE OF 428.36 FEET TO THE TRUE POINT OF BEGINNING. THENCE CONTINUING ALONG THE WESTERLY RIGHT OF WAY OF SAID ARMADA DRIVE ALONG SAID 716 FOOT RADIUS CURVE, CONCAVE TO THE NORTHEAST, THROUGH A CENTRAL ANGLE OF 02'40'27'' AN ARC DISTANCE OF 33.42 FEET; THENCE ALONG A NON-TANGENT 55.00 FOOT RADIUS PAGE 1 OF 2 760 CURVE, CONCAVE TO THE NORTHEAST, THROUGH A CENTRAL ANGLE OF 19'45'29'' AN ARC DISTANCE OF 18.97 FEET TO THE BEGINNING OF A TANGENT 719.00 FOOT RADIUS CURVE, CONCAVE TO THE NORTHEAST, THROUGH A CENTRAL ANGLE OF 00'23'57", AN ARC DISTANCE OF 5.01; THENCE LEAVING SAID RIGHT OF WAY, SOUTH 20°51'52" WEST 13.98 FEET; THENCE NORTH 56O01'45" WEST 8.69 FEET; THENCE SOUTH 33'58'15" WEST 12.00 FEET; THENCE NORTH 56'01'45'' WEST 20.00 FEET; THENCE NORTH 33'58'15'' EAST 12.00 FEET; THENCE NORTH 56'01'45'' WEST 31.67 FEET; THENCE NORTH 33'58'15" EAST 13.60 FEET; TO THE TRUE POINT OF BEGINNING. F:\MSOFFICE\WINWORD\95-102O\~RLOTZ.LGL PAGE 2 OF 2 I 0.02 Ac ~ EASEMENT ’ DATA \ SCALE 1“ = 40’ UzW: - - - - SLJRDMSION BOUNW WATER t2SEMENl LINE DOC # 1998-0735568 NO’J 123 1998 11-58 RMi rn1CIk REMRDS GRrmRy J. %IMI UXHpl REWRDER FEES: 0.00 RECORDING REQUESTED BY sIy( DIEGO COUNTY EURDER‘S OFFICE CARLSBAD PACIFIC RESORT LLC 762 AND WHEN RECORDED, PLEASE MAIL TO Carlsbad Municipal Water District 5950 El Camino Real I log Please record the document at no fee as it is to the Gx Carlsbad, California 92008 benefit of the District (Gov. Code [6103].) Space above this line for Recorder’s use. ASSESSOR’S PARCEL NO. 21 1-022-1 2 PROJECT NO. & NAME: 96-509. Carlsbad Ranch Hotel 8 Timeshare Resort. Lot 2. Minor Subdivision No. 97-03. Parcel MaD 17677 SUBORDINATION AGREEMENT (TRUST DEED HOLDERS) NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING WHICH YOUR SECURITY INSTRUMENT ATTACHES AND SUBJECT TO (AN) EASEMENT IN THE REAL PROPERTY TO HAS THE POTENTIAL EFFECT OF REDUCING THE VALUE OF YOUR SECURITY INTEREST. THIS AGREEMENT, made this 5’ day of , 19=, by CARLSBAD PACIFIC RESORT, LLC, a California limited liabilitv companv as to Parcels A and B , owner of the land described and hereinafter referred to as ”Owner,“ and FINOVA CAPITAL CORPORATION. a Delaware corDortion, present owner and holder Of the deed of trust hereinafter described, hereinafter referred to as “Beneficiary;” WITNESSETH THAT WHEREAS, CARLSBAD PACIFIC RESORT. LLC. a California limited liabilitv comDanv. as to Parcel A a did execute a deed of trust, dated [Not Shown), 19- to CHICAGO TITLE COMPANY. a California corDoration 10/20/97 Rev. 763 as trustee, to secure a note in the sum of Six Million Dollars ($6.000.000.00) dated Not Shown in favor of FINOVA CAPITAL CORPORATION, a Delaware corooration recorded in the office of the County Recorder of San Diego County on July IO. 1997 as File No. 1997-0324280 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENTlEASEMENTS dated fhsy?f , in favor of the Carlsbad Municipal Water District as grantee, hereinafter referred to as "Easement Grantee," creating ANKHE EASEMENnEASEMENTS more particularly described in EXHIBIT/EXHIBITS "A & "B attached hereto; and WHEREAS, Easement Grantee is willing to accept said EASEMENT/EASEMENTS provided the grant of EASEMENT/EASEMENTS 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/EASEMENTS created in favor of Easement Grantee; and WHEREAS, it is to the mutual benefit of the parties hereto that Easement Grantee accept said EASEMENT/EASEMENTS and Beneficiary is willing that the grant of EASEMENTlEASEMENTS 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/EASEMENTS above referred to, it is hereby declared, understood and agreed as follows: 1. That said EASEMENT/EASEMENTS 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 EASEMENTlEASEMENTS 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/EASEMENTS in favor of Easement Grantee above 2 10/20/97 Rev. 764 referred to and shall supersede and cancel, but only insofar as would affect the priority between the deed of trust and EASEMENTIEASEMENTS hereinbefore specifically described, any prior agreement as to such subordination including, but not limited, 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. I (We) consent to and approve the grant of EASEMENTIEASEMENTS in favor of the Easement Grantee. 2. I (We) intentionally and unconditionally subordinate the lien or charge of the deed of trust above mentioned to the EASEMENTIEASEMENTS in favor of Easement Grantee above referred to and understands that in reliance upon, and in consideration of, this subordination of the grant of EASEMENTIEASEMENTS is being executed and delivered, the EASEMENTIEASEMENTS WARE 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; and Ill Ill Ill Ill Ill Ill Ill Ill Ill Ill Ill Ill Ill Ill 3 10120197 Rev. 765 3. This agreement represents an endorsement to the note secured by the deed of trust above mentioned that said deed of trust has by this instrument been subordinated to the charge of the EASEMENT/EASEMENTS in favor of Easement Grantee above referred to: Executed this /Sa day of 192. BENEFICIARY: DEU#.44?€ FINOVA CAPITAL COMPANY, a -- (name) Its: Executed this AT% day of 19%. OWNER: T, LLC, a California Parcels A and B By: AJL (authorized signature) (Proper notarial acknowledgement of execution of OWNER and BENEFICIARY must be attached.) SIGN A CORPORATE EXECUTION OF THIS DOCUMENT. ALTERNATELY A TRUE COPY OF THE RESOLUTION OF THE BOARD OF DIRECTORS THAT IS SIGNED BY THE SECRETARY OR ASSISTANT SECRETARY OF THE CORPORATION, UNDER CORPORATE SEAL SPECIFICALLY EMPOWERING THE INDIVIDUAL SIGNING IN BEHALF OF THE CORPORATION WILL SHOW SUFFICIENT AUTHORITY OF SAID INDIVIDUAL TO ACT IN THIS MATTER. CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES NOTE THAT THE PRESIDENT OR VICE-PRESIDENT AND THE SECRETARY OR ASSISTANT SECRETARY MUST Approved as to form: RONALD R. BALL, General Counsel CMWD 96-509 10/20/97 Rev. 4 STATE OF CALIFORNIA 1 COUNTY OF SA D[~ ks. 1 personally known to me - OR - '' to be the person(s) whose name& *are subscribed to the within instrument and acknowledged to me that &&they executed the same in &/their authorized capacitym, and that by &hetheir signature(s) - on the instrument the person@. or the. entity upon behalf of / which the person(s) acted, executed the instrument. - WITNESS my hand and official seal. mVWUNU (This area for official notary seal.) - Tile or Type of Document M PDM Date of Document </s!98 No. of Pages 9 Signer(s) other than named above q,h23 v A &e#%& &~YID~M~, # ~ 06/14/95 Rev. 767 STATE OF d Aajrod 1 COUNM OF iss. 1 On /998 before me. fMA1 I kfid J, NAME AND TITLE OF OFFIFR- personally appeared v 44 /- NAME@) OF SIGNEK(S) personally known to me - 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 hishedtheir authorized capacity(ies), and that by hislherltheir signature@) 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 n (This area for official notary seal.) Title or Type of Document L ) Date of Document 5- /5- 9j NO. of Pages 9 Signer(s) other than named above CMWD 96-509 06/14/95 Rev. AUGUST 1, 1997 REVISED: SEPTEMBER 25, 1997 REVISED: MARCH 30, 1998 768 REVISED: DECEMBER 5, 1997 J.N. : 95-1020 CMWD NO. 96-509 EXHIBIT A - LEGAL DESCRIPTION THAT PORTION OF LOT 2 OF CARLSBAD MINOR SUBDIVISION NO. 97-03, ACCORDING TO PARCEL MAP THEREOF NO. 17877, FILED IN THE OFFICE OF THE COUNTY RECORDER, JULY 7, 1997 AS FILE NO. 1997-0319148, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, MORE D PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID LOT 2, SAID CORNER ALSO BEING ON THE WESTERLY RIGHT-OF-WAY OF ARMADA DRIVE ACCORDING TO MAP THEREOF NO. 13357 AS FILED IN THE OFFICE OF THE COUNTY RECORDER, SEPTEMBER 11, 1996 AS FILE NO. 1996-0463214, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, THENCE ALONG THE WESTERLY RIGHT OF WAY OF ARMADA DRIVE, NORTH 67'30'38'' EAST (NORTH 67'30'48'' EAST; PER MAP NO. 13357) 9.00 FEET; THENCE NORTH 22'29'22" WEST (NORTH 22'29' 12" WEST; PER MAP NO. 13357) 12.77 FEET TO THE BEGINNING OF A TANGENT 716 FOOT RADIUS CURVE, CONCAVE TO THE NORTHEAST; THE RADIAL POINT TO SAID CURVE BEARS NORTH 67O30'38" EAST; THENCE CONTINUING EASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 34'16'43", AN ARC DISTANCE OF 428.36 FEET TO THE TRUE POINT OF BEGINNING. THENCE CONTINUING ALONG THE WESTERLY RIGHT OF WAY OF SAID ARMADA DRIVE ALONG SAID 716 FOOT RADIUS CURVE, CONCAVE TO THE NORTHEAST, THROUGH A CENTRAL ANGLE OF 02O40'27" AN ARC DISTANCE OF 33.42 FEET; THENCE ALONG A NON-TANGENT 55.00 FOOT RADIUS PAGE 1 OF 2 769 CURVE, CONCAVE TO THE NORTHEAST, THROUGH A CENTRAL ANGLE OF 19'35'29'' AN ARC DISTANCE OF 18.97 FEET TO THE BEGINNING OF A TANGENT 71 9.00 FOOT RADIUS CURVE, CONCAVE TO THE NORTHEAST, THROUGH A CENTW ANGLE OF 00°23'57", AN ARC DISTANCE OF 5.01; THENCE LEAVING SAID RIGHT OF WAY, SOUTH 20'51' 52" WEST 13.98 FEET; THENCE NORTH 56'01'45" WEST 8.69 FEET; THENCE SOUTH 33'58' 15" WEST 12 .OO FEET; THENCE NORTH 56'01'45" WEST 20.00 FEET; THENCE NORTH 33'58'15'' EAST 12.00 FEET; THENCE NORTH 56'Olr45" WEST 31.67 FEET; THENCE NORTH 33O58'15" EAST 13.60 FEET; TO THE TRUE POINT OF BEGINNING. AREA = 1051 SQ. ET = .02 ACRES ~:\HSOFTICE\WINWORD\95-1020\YrTRLOT:.LGL PAGE 2 OF 2 EASEMENT. DATA I AREA = mt so. FJ. = a02 ACES LE%flva. -- - - SUBDMSDN BJUNLMY WAER WEMENJ UNE ,1997 O'hy Consultants, Inc.