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Home My WebLink AboutCT 02-16; Calavera Hills II; 2007-0388774; Subordination AgreementDOC# 2007-0388774 RECORDING REQUESTED BY WHEN RECORDED MAIL TO: City Clerk CITY OF CARLSBAD 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].) JUNQ8, 2007 1:49 PM ' (,"" OFFICIAL RECORDS ':>AN DIEGO COUNTY RECORDER'S UF-TUT \ r- G R E G 0 R ••<' J . S M I T H . CO LI N TV R E CO R D E Fl IV FEES. 0.00 PAGES- 10 Hi SPACE ABOVE THIS LINE FOR RECORDER'S USE 168-050-54-00 CT 02-1 6 ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: Robertson Ranch Open Space Easement Parcel 1,PM 19804 PR 06-35 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 rtL _, 2017 by Calavera Hills II, LLC, a California limited liability company, owner of the land hereinafter described and hereinafter referred to as "Owner," and Wells Fargo Bank, National Association, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, Calavera Hills II, LLC, a California limited liability company, did execute a deed of trust, dated December 20, 2006 to American Securities Company, a California corporation, as trustee, to secure a note in the sum of $52,200,000 dated December 20, 2006 in favor of Wells Fargo Bank, National Association recorded in the office of the County Recorder of San Diego County on December 26, 2006 as File No. 2006-0911253 of Official Records of said H:\Development Services\PROJECTS\CT FILESNCT 02\CT 02-16 Robertson Ranch\deeds\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-35).dOC 5/31/00 county; and WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT, in favor of the City of Carlsbad 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 2 H:\Development Services\PROJECTS\CT FILES\CT 02\CT 02-16 Robertson Ranch\deeds\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-35).doc 5/31/00 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\CT FILESVCT 02\CT 02-16 Robertson Ranch\deeds\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-35).doc 5/31/00 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: Wells Fargo Bank, National Association By: j^ign here) John P. Wickenhiser OWNER: Calavera Hills II, LLC, a California limited liability company By: McMillin Companies, LLC, a Delaware limited liability company, ITS Manager By: (sig^fi here) Brian Milich (print name here)(print name here) Senior Vice President, Wells Fargo Bank Senior Vice President, McMillin Companies (title and organization Design By: (sign here) Cara D'Angelo (print name here) Vice President, Wells Fargo Bank (title and organization of signatory) (title and organization of signatory) By: (signhere) J Don Mitchell (print name here) First Vice President, McMillin Companies (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. BALL City Attorney 'eputy City Attorney H:\Development Services\PROJECTS\CT FILES\CT 02\CT 02-16 Robertson Ranch\deeds\SUBORDINATION ACT TRUST DEED HOLDERS CITY (PR 06-35j.doc 5/31/00 State of California ) ) County of San Diego ) On before me, (Date) personally appearechfcTJCin <YVj i J L>O1TV 'VWl (Name, Title of Officer) I (Name[s] of Signer[s]) ^e-peTsonally known to me -OR - n (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) 49/are subscribed to the within instrument and acknowledged to me that he/ahe/they executed the same in his/her/their authorized capacity(ies), and that by rHS/b^F/their signature(s) on the instrument the person(s), or entity upon behalf of which the person(s) acted, executed the instrument. lAn-rMi-oo i_ j -i it- • i iWITNESS my hand and official seal Signature of Notary n--^-«^ •*•/ANN M. FUTO k Commission # 1 546838 * Notary Public - California § San Diego County My Comm. Expires Jan 23. 2 (This area for official notary seal) Title or Type of Document 5u)[yC)cAl^'J\CM\ T&rjfJMMrf" Date of ,- <_ Document <?*-'~Q~&~~l No. of Pages g~ Signer(s) other than named above H \Deveiopment Services\PROJECTS\CT FILES\CT 02\CT 02-16 Robertson Rancr,'deedb\SUBORDINAriON AGT TRUST DEED HOLDERS CITY (PR 06-35J.doc 5/31/00 State of California County of San Diego On (Dat % A*7before me, 'Jef (Name, Ti'tle of Officer) personally appeared Jff/A? P. ItJicfctfnl S&r (Name[s] of Signers]) t B-p*ersonally known to me -OR - D (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) /s?are subscribed to the within instrument and acknowledged to me that he7^fie/they executed the same in his/her/their authorized capacity(ies), and that by h/S/rveV/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 JKCGUBYN E. ALEXANDER j CommMon* 1406628 I Notay Pubic-CaWomiQ \ San Otogo County r My Comm. Expkes Mar 22,20071 (This area for official notary seal) Title or Type of Document j ^ ^ G^di /? &- Date of ^ 1 0 1 -7Document 2-/ * / Of Signer(s) other than named above £>>u A <5r/?/*"7/'<x No. of Pages ^ — H:\Development Servic 5/31/00 MAY 15, 2006 J.N. 011014-03 PAGE 1 OF 2 EXHIBIT "A" LEGAL DESCRIPTION OPEN SPACE EASEMENT CT 02-16 PR,06-35 THAT PORTION OF PARCEL 1, MS 02-10, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, AS SHOWN ON PARCEL MAP NO. 19804, RECORDED IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY ON AUGUST 3, 2005 AS FILE NO. 2005-0659805 DESCRIBED AS FOLLOWS: BEGINNING AT THE INTERSECTION OF THE SOUTHEAST LINE OF CANNON ROAD, DEDICATED AS A PUBLIC STREET ON NOVEMBER 25, 2003 AS FILE NO. 2003-1414299 OFFICAL RECORDS, AND THE EAST LINE OF SAID PARCEL 1; THENCE, SOUTH 4°13'22" WEST ALONG SAID EAST LINE 80.79 FEET TO THE SOUTHEAST CORNER OF SAID PARCEL 1; THENCE, ALONG THE SOUTHEAST LINE OF SAID PARCEL 1, SOUTH 51°39'15" WEST 1098.70 FEET TO THE SOUTHWEST CORNER OF SAID PARCEL 1; THENCE, LEAVING SAID SOUTHEAST LINE OF PARCEL 1 AND ALONG THE WESTERLY LINE OF SAID PARCEL 1, NORTH 25°25'30" WEST 135.56 FEET TO A POINT ON SAID SOUTHEAST LINE OF CANNON ROAD? SAID POINT BEING THE BEGINNING OF A NON-TANGENT 1451.00 FOOT RADIUS CURVE, CONCAVE NORTHWESTERLY, A RADIAL TO WHICH BEARS SOUTH 25°25'30" EAST; THENCE, NORTHEASTERLY ALONG THE SOUTHEAST LINE OF CANNON ROAD THROUGH A CENTRAL ANGLE OF 11°19'13" AN ARC DISTANCE OF 286.68 FEET; THENCE TANGENT TO SAID CURVE NORTH 53°15'17" EAST 466.71 FEET TO THE BEGINNING OF A TANGENT 190.00 FOOT RADIUS CURVE, CONCAVE SOUTHEASTERLY; THENCE NORTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 08°03'28" AN ARC DISTANCE OF 26.72 FEET; THENCE TANGENT TO SAID CURVE NORTH 61°18'45" EAST 64.57 FEET TO THE BEGINNING OF A TANGENT 210.00 FOOT RADIUS CURVE, CONCAVE NORTHWESTERLY; THENCE NORTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 08°03'28" AN ARC DISTANCE OF 29.53 FEET; THENCE TANGENT TO SAID CURVE NORTH 53°15'17" EAST 253.09 FEET TO THE POINT OF BEGINNING. 0:\Legal_pescriptions\011014\OS-esmt.Igl.doc o MAY 15, 2006 .J.N. 011014-03 PAGE.2 OF 2 EXCEPTING THEREFROM THE NORTHWESTERLY 22.00 FEET, CONTIGUOUS TO THE SOUTHEAST LINE OF CANNON ROAD, SAID 22.00 FEET BEING MEASURED PERPENDICULAR OR RADIALLY TO SAID SOUTHEAST LINE OF CANNON ROAD. AREA OF DEDICATION = 73,364 S.F. OR 1.68 ACRES MORE OR LESS 0:\Legal_Descriptions\011014\OS-esmt.Igl.doc u O 13 15 EASEMENTS OF RECORD PURPOSE PRIVATE ROAD PIPELINES STORM DRAINAGE LANDSCAPE A IRRIGATION OWNER UDO LAND CO. CMW.D. CITY OF CARLSBAD RANCHO CARLSBAD OWNER'S ASSOC. DOCUMENT BK 7016. PG 536 O.R. F/N 1852 O.R. F/N 2003-1414303 O.R. F/N 2005-0027023 O.R. REC. DATE 4-1-1958 1-4-1963 11-25-2003 1-11-2005 <HO) 1-2 2-3 3-4 4-55-6 6-7 7-8 8-9 9-1 DELTA/BEARING S 0413'22" W S 51'39'15" W N 25'25'30" W A* 1119'13" N5315'irE A= 08W28" N 6118'45"E A= 08W28" NSytS'lT'E RADIUS 1451.00 190.00 • 210.00 — — — LENGTH 80.79' 1098.70' 135.56' 286.68' 466.71' 26.72' 64.57' 29.53' 253.09' EASEMENT 2-10 10-11 11-12 12-13 13-14 14-15 15-16 16-3 3-2 N 0413'22'E S 5315'ir W A= 08n3'28" S 6118'45" W A= 08V3'2S' 5 5315'ir W AF 1119'13" S25'25'30"E N51'39'15'E 232.00 168.00 1473.00 51.65' 233.99' 32.63' 64.5T 23.63' 466.71' 291.03' 113.56' 1098.70' cnv or C D N S U L T T S 2710 Lokar Ave. 760-931-7700Suite 100 Fox:Corisbod, CA 760-931-8680 92010 APPLICANT: CALAVERA HILLS II, LLC 2750 WOMBLE ROADSAN DIEGO, CA 92106 (619) 794-1252 CJIY OP DtQMITAS VICINITY HAP NO SCALE EASEMENT PLAT CT02-16 OPEN SPACE EASEMENT EASEMENT PLAT - CM OF CARLSBAD EXHIBIT *B* SHEET 1 OF 2 SHEETS PR 06-35 A.P.N.168-050-54 01, 2007 1:09pm LEGEND [7Z3 EASEMENT AREA P. O.B. POINT OF BEGINNING MS 02-10 BOUNDARY EASEMENT BOUNDARY AREA OF DEDICATION - 73,364 S.F. OR 1.68 ACRES MORE OR LESS J PLAr 01-13 ROBERTSON RANCH 188-060-47 *r\ 7s x OF PARCEL 1, ROBERTSON RANCH FILE 2006-0669806 0J?< REG. 8-3-2006 CARLSBAD SCALE: 1*=200' 2710 Loker Ave. 760-931-7700 Suite 100 Fa* Carlsbad, CA 760-931-8680 92010 EASEMENT PLAT OPEN SPACE EASEMENTAPPLICANT:SHEET 2 OF 2 SHEETS PR 06-35CAIAVERA HILLS II. LLC 2750 WOMBLE ROAD SAN DIEGO, CA 92106 (619) 794-1252 EASEMENT PLAT - CITY OF CARLSBAD 168-050-54EXHIBIT "B Her 01, 2007 1:10pm