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HomeMy WebLinkAboutPIP 06-18; Opus West Corporation; 2007-0760454; Subordination Agreement\ 5676 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# 2007-0760454 DEC 07, 2007 1:31 PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE GREG 0 RY J. S MIT H CO U N TY R E CO R D E Fl FEES' 32,00 PAGES: SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: Opus Point Lot 1 1 221-881-04-00 221-881-05-00 PIP 06-18 Waterline easement PR 06-142 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 day of 20 0? by Opus West Corporation, a Minnesota Corporation, owner of the land hereinafter described and hereinafter referred to as "Owner," and Wachovia Bank, N.A., a national banking association, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Opus West Corporation, a Minnesota Corporation, did execute a deed of trust, dated July 7, 2006 to TRSTE, INC, a Virginia Corporation as trustee, to secure a note in the sum of $9,100,000 in favor of Wachovia Bank, N.A., a national banking association recorded in the office of the County Recorder of San Diego County on July 7, 2006 as File No. 1 H:\Development Services\PROJECTS\PIP FILES\PIP 06\PIP 06-18 Opus Point Lot 11\Deeds-Easement\SUBORDINATION AGT TRUST DEED HOLDERS CMWD PR 06-142 .doc Rev. 5/31/00 5677 , 2006-0481186 of Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of 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, 2 H:\Development Services\PROJECTS\PIP FILES\PIP 06VPIP 06-18 Opus Point Lot 11\Deeds-EasementtSUBORDINATION ACT TRUST DEED HOLDERS CMWD PR 06-142 .doc Rev. 5/31/00 5678 , 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 H:\Development Services\PROJECTS\PIP FILES\PIP 06\PIP 06-18 Opus Point Lot 11\Deeds-Easement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD PR 06-142 .doc Rev. 5/31/00 5679 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: By: (sign fiereV// S. Todd Jarman (sign here) (print name here) \A/ACH O*,,* 8 At/I* (print name here) (title and organization of signatory) By: \ (sign Ptere) (print name her^) (title and organization of signatory) (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. 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. General By: >uty General Counsel HADevelopment Services\PROJECTS\PIP FILESVPIP 06VPIP 06-18 Opus Point Lot 11\Deeds-Easement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD PR 06-142 .doc Rev. 5/31/00 5660 State of Cateorrnia County of S^n Diego **a ^"^ On before me, (Date) personally appeared S»- /opo (Nafle, Title of Office; Sf/P -/ b/farfiov,ft $*#*-,J V/((Name[s] of Signer[s]) ^(personally known to me -OR - D X (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 Signature of Notary OFFICIAL SEAL 1 DEBBIE D. KINNEY [ Notary Public -State of Arizona I MARICOPA COUNTY •My Comm. Expire* May 6, 2011 official notary seal) Title or Type of Date Document Signer(s) other Document Sj^o^tf/A-r of ^ than named above — Aw«~^-r No. of Pages .*. H:\Development Services\PROJECTS\PIP FILESVPIP 06VPIP 06-18 Opus Point Lot 11\Deeds-Easement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD PR 06-142 .doc Rev. 5/31/00 5681 State of California County of San-Diege- On -<y\ before me, (Date) personally appeared VQ^VjA M > (Name,: Officer) l of Signer[9j) personally known to me -OR - D (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(«J is/ace subscribed to the within instrument and acknowledged to me that he/sfce/tbey executed the same in his/het/their authorized capacityrfcsl and that by his/hef/tbeir signature^) 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 DONALOBER Commteton #1431256 Notary Public - CoWomia Orange County I My Comm. Expires Jul 18.2007 Signature of Notary (This area for official notary seal) Title or Type of Document "^ vx^>o->oa) vS^e^oSvJ^Y-N M)C&— >Cx^OT* Date of Document -^ ~ ^ "^> - o - No. of Pages •\ H Signer(s) other than named above H:\Development Services\PROJECTS\PIP FILESVPIP 06\PIP 06-18 Opus Point Lot 11 \Deeds-Easement\SUBORDINATION ACT TRUST DEED HOLDERS CMWD PR 06-142 .doc Rev. 5/31/00 5682 MARCH 22, 2007 J.N. 051130 PAGE 1 OF 1 EXHIBIT "A' LEGAL DESCRIPTION WATERLINE EASEMENT P.I.P. 06-18 PR 06-142 A PORTION OF PARCEL 'B' OF ADJUSTMENT PLAT 06-21, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, PER CERTIFICATE OF COMPLIANCE NO. CE 07-04 RECORDED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON \1^\ 7/£>7 , 2007 AS DOC. NO. 2007- (TjQgQ^fD , BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID PARCEL 'B' ; THENCE, ALONG THE NORTH LINE OF SAID PARCEL "B", SOUTH 89°33'33" EAST 20.00 FEET; THENCE, LEAVING SAID NORTH LINE, SOUTH 00°26'27" WEST 58.00 FEET; THENCE SOUTH 89°33'33" EAST 21.07 FEET; THENCE NORTH 00°26'27" EAST 10.50 FEET; THENCE SOUTH 89°33'33" EAST 10.00 FEET; THENCE SOUTH 00°26'27" WEST 10.50 FEET; THENCE SOUTH 89°33'33" EAST 337.49 FEET; THENCE NORTH 00°26'27" EAST 12.00 FEET; THENCE SOUTH 89°33'33" EAST 15.00 FEET; THENCE SOUTH 00°26'27" WEST 259.07 FEET; THENCE SOUTH 89°33'33" EAST 8.00 FEET; THENCE SOUTH 00°26"27" WEST 10.00 FEET; THENCE NORTH 89°33'33" WEST 8.00 FEET; THENCE SOUTH 00°26'27" WEST 34.93 FEET; THENCE NORTH 89°33'33" WEST 33.60 FEET; THENCE SOUTH 00°26'27" WEST 10.00 FEET; THENCE NORTH 89°33'33" WEST 15.00 FEET; THENCE NORTH 00°26'27" EAST 10.00 FEET; THENCE NORTH 89°33'33" WEST 341.82 FEET; THENCE SOUTH 00°26'27" WEST 5.00 FEET; THENCE NORTH 89°33'33" WEST 5.14 FEET TO A POINT ON THE WEST LINE OF SAID PARCEL "B"; THENCE, ALONG SAID WEST LINE, NORTH 00°26'27" EAST 14.50 FEET; THENCE NORTH 89°33'33" WEST 8.00 FEET; THENCE NORTH 00°26'27" EAST 10.50 FEET; THENCE, LEAVING SAID WEST LINE, SOUTH 89°33'33" EAST 383.56 FEET; THENCE NORTH 00°26"27" EAST 252.00 FEET; THENCE NORTH 89°33'33" WEST 383.56 FEET; THENCE NORTH 00°26'27" EAST 78.00 FEET TO THE POINT OF BEGINNING. AREA = 22,807 S.F. (0.52 AC) O:\Legal_Descriptions\051130\S-WTR-B.lgl.doc (NO) / 2 3 4 5 6 7 8 9 10 11 12 13t j DELTA/BEARING 5 89'JJ'JJ" E S 0076'27" W S 89'JJ'JJ" E N 00'26'27" E S 89'JJ'JJ" E S 00'26'27" W S 89'JJ'JJ" E N 00'26'27" E S 89'JJ'JJ" E S 00"26'27" W S 89'JJ'JJ" E S 00'26'27" W N 89'JJ'JJ" W RADIUS LENGTH 20.00' 58.00' 21.07' 10.50' 10.00' 10.50' 337.49' 12.00' 15.00' 259.07' 8.00' 10.00' 8.00' CITY OF _ OCEANSIDE PACIFIC OCEAN CITY OF ENCINITAS VICINITY MAP NO SCALE CONSULT A^NTS 2710 Inker Avenue Weit Suite tOO Corisbod, California 920)0 760-931-7700 Fox: 760-931-B680 www.odoyconauKants.com Civil EngineeringPlanning Processing Surveying (NO) 15 16 17 18 19 20 21 22 23 24 25 26 27 oa DELTA/BEARING N 89'JJ'JJ" W S 00'26'27" W N 89'JJ'JJ" W N 00'26'27" E N 89'JJ'JJ" W S 00'26'27" W N 89'JJ'JJ" W N 00'26'27" E N 89'JJ'JJ" W N 00?6'27" E S 89'JJ'JJ" E N 00?6'27" E N 89'JJ'JJ" W A/ nniG'n* c RADIUS LENGTH 33.60' 10.00' 15.00' 10.00' 34182' 5.00' 5.14' 14.50' 8.00' 10.50' 383.56' 252.00' 383.56' 7a nn' LEGAL DESCRIPTION PORTION OF PARCEL 'B' OF ADJ 06-21 BASIS OF BEARINGS SOUTH LINE OF LOT 10 OF MAP 15013 I.E. N 89'JJ'45" E EXISTING EASEMENTS 15' WIDE PRIVATE DRAINAGE EASEMENT PER MAP No. 1501J ABUTTER'S RIGHT OF ACCESS RELINQUISHED PER MAP No. 1501J SIGHT DISTANCE CORRIDOR PER MAP No. 1501J LEGEND PARCEL BOUNDARY POINT OF BEGINNING P.O.B. WATERLINE EASEMENT AREA 0.52 AC. WATERLINE EASEMENT PR 06-142 CARLSBAD MUNICIPAL WATER DISTRICT] REQUESTED BY: 4350 LA JOLLA VILLAGE DRIVE,SUITE 110SAN DIEGO, CA 92121PHONE: (858) 546-4100 PREPARED BY: TIMOTHY 0. CABBOLL. JR. LS. 7700 EXP. 12/31. PROJECT: PIP 06-18 OPUS POINT AT THE RACEWAY PARCEL 'B' SHT. 1 OF 2 SHTS. A.P.N. 221-881-04. 05 DATE MARCH 2007 EXHIBIT 'B' l:\05ilJO\05JOS-WTR01.dvig Mar 22, 2007Xrefs: 05300P-WTR-PCIB ©2007 O'Day Consultants, Inc. 5684 —UONSHEAB -AYENVE- SCALE: 1" = 100' LOT 28 MAP 15013 99-08 LOT 5-BASIS OF BEARINGS N 89'33'45" E CONSULT T S 2710 Loker Avenue West Suite 100 Corlsbod, California 92010760-931-7700 Fox: 760-931-8680 www.odaycon3ultant3.com Civil Engine* Planning Processing Surveying / SEE SHEET 1 FOR EXISTING EASEMENTS WATERLINE EASEMENT PR 06-142 CARLSBAD MUNICIPAL WATER DISTRICT] REQUESTED BY:OPUS WEST CORP. 4350 LA JOLLA VILLAGE DRIVE, SUITE 110 SAN DIEGO, CA 92121 PHONE: (858) 546-4100 PREPARED BY: TIMOTHY 0. CARBDLL, JR. LS. 7700 EXP. 12/31/08 PROJECT: PIP 06-18 OPUS POINT AT THE RACEWAY PARCEL 'B' SHT. 2 OF 2 SHTS A.P.N. 221-881-04. 05 DATE MARCH 2007 EXHIBIT 'B' l:\051130\0530S-WTR02.dwqMor 22. 2007 10:03om Xrefs: 05300P-WTR-PCLB: 0530SMAP ©2007 O'Day Consultants, Inc.