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HomeMy WebLinkAboutCT 03-01; LC INVESTMENT 2010 INC; 2011-0635767; Subordination AgreementRECORDING REQUESTED BY ' WHEN RECORDED MAIL TO: District Secretary Carisbad Municipal Water District 1200 Carisbad Viltsge Or. Carisbad, CA 92008 Please record the document at no fee as it is to the benefit of the District (Gov. Code (6103].) DOCtt 2011-1 lllllll 06357G7 21834 NOV 29, 2011 2:30 PM OFFIQAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE Ernest J. Oionenbuig. Jr.. COUNTY RECORDER FEES: 0.00 PAGES: 10 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. PROJECT NO. & NAME: 216-590-01 & 216-593-01 CT 03-01 La Costa Resort and Spa 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 -^PmMt3ag^ • 2011 by LC Investment 2010, Inc., a Delaware Corporation, 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. LC Investment 2010, Inc., a Delaware Corporation,, did execute a deed of trust, dated December 13, 2010 to American Securities Company, a California corporation as trustee, to secure a note in the sum of $83,000,000.00 in favor of Wells Fargo Bank, National Association recorded In the office of the County Recorder of San Diego County on December 14, 2010 as Fife No. 2010-0689195 of Official Records of said county; and 1 0;\CED^l8nd0e»APB0JECTS\CT\CT 03VCT 09.01 L* Coiia Resort & SpaVPR 11-2aPR 11.29 SobordlmHion Aflnnt TO Holder 06231 t.<Jpc Rov. S/31/00 .21835 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, but only insofar as would affect the priority between the deed of trust and EASEMENT Q:\CE0\l.af«De>APROJECTS\CTyCT 03\CT 03^1 L8 Cosia Resort & SpaVR 11-29VR 11-29 SutwrctlfWtion Agm TD HoWer 08231 l.Ooe Rev. V3inO 21836 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 thi§ instrument been subordinated to the charge of the Easement in favor of Easement Grantee above refen-ed to. /// /// /// /// /// /// /// /// /// 3 0;VCED\LandDevVROJECTS\CT\CT03\CT 03-0118 Costa Resort & Spa\PR 11-29\PR 11-29 Subordination Aownt TO Holdef0823ll.doc Rev. y31/00 21837 BENEFICIARY: Wells Fargo B^nk, iociation (sigh h^fe) Uictltdil H %OIAJA OWNER: LC Investment .201 CorporatIc By:^ elaware (print name here) Vi fp ?i hi signatory) (print name here) (title and organization of sionaU By: (sign here) (print name here) (print name here) (title and organization of signatory) (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 conaorations. Othenwse, 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 General Counsel By: JQglC&-Deputy GenefSl Counf el 0:\CEDVljindDe«APROJECTS«TV:T 03\CT 03-01 l.a Costa Resort & SpaVR 11 •29\PR 11-29 Sutwdinallon Agmn TD Holder 082311 .doe Rev. 5/31/00 21838 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State ot-Gatttottia- ^^^sf^^-^ n^^nJ^ County of «^tg#^g^^xr 7 On 4^^^^^t.f^JL./K^)eforelTie. } Rene Lemieux-Parker Here Kuan Name and Title ol the OIHcer personally appeared t:^>^4C^^/<^' ^'^'^^j;^^^^ ^^^ y^i^*wgg^)y ^ who 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 slgnature(s) on the Instrumenli the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the Slate of California that the foregoing paragraph is true and correct! WITNESS my hand and official seal. M)f ComnissiooEifpfresScpt fD,20tS Place Notary Seal Above Signature OPTIONAL Though the Information betow is not required by law. It may prove valuatjie to persons relying on the document end could prevent fraudulent removal and reattachment of this fonn to another documeni Description of Attached Document Title or Type of Document: >. — Document Pate; Number of Pages: SfgnBr(s) Other Than Named Above: Capacity(le8) Claimed by Signer(s) Signer's Name: •• • Individual • Corporate OJftcer — Title(s): • Partner — • Limited • General • Attorney in Fact • Trustee • Guardian or Consen/ator O Other: . Signer Is Representing: RIGHTTHUMBPHINT OF SIGNER Top of thumb here Signer's Name:___^ • Irldivldual • Corporate Officer — Tit!e(s): Q Partner — • Limited • G6nera! • Attorney in Fact • Trustee O Guardian or Conservator RiCHnHur.iBPniNT OFS(G^'en Top of tht;mb here Signer Is Representing:. ©2007Ketto»8lNota7Asjociatk«'B3S0OeSo(oAw..RaBax24O2.Chat»wf«i.C* l1enn»S907 RaQi*f:CanToWi»e1-«0O^6^' Q:\CE(W.anaOev\PROjeCTS\CT\CT 03\CT 03-01 It CoMa Rewrt & Sp»\PR 11-2«\>>R 11-29 Sutjortinatlon Aormi TD Holder 08231 l.doc Rov. 501/00 ?i8"3g' ACKNOWLEDGMENT State of California County of fUna<K/0 ) On ^V- beforeme. Ocn ^iP^-M^nr^^ ^l1mP>^ic.l^: (insert name and ti{l^ of the officer) 0 personally appeared ^'t^ who 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 the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. * CORINKESMITYSMAEL I 4ef^j^4KR CommlsslOB # 1844412 | WITNESS my hand and official seal. t^SW^ Notify Public • CaiHomii | Signature ^ CJ (Seal) «>grry/ San Franclwo County ^ w • I ft < • • i • I • i »^ 21840 ACKNOWLEDGMENT State of California County of_ML on_S3iiii^lE!i before me. ^rViH^^tr^l. ^ (insert name and title of the officer) ^• VVij||c</yv^ personally appeared who proved to me on the basis of satisfa'ttorV 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 slgnature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the Instmment. 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. CORINNE SMITYSMAEL Commission # 1644412 Notary Public • Ciltfomla y San Francisco County _ ^ MvCcmm.E»^im Apr13.2^^^ Signature (Seal) 21841 EXHIBIT 'A' LEGAL DESCRIPTION - WATERLINE EASEMENT PR 11-29 That certain parcel of land being portions of Lots 1 and 2 of Carlsbad Tract No. 03-01, La Costa Resort and Spa, according to Map thereof No. 14984, filed in the Office of the County Recorder of San Diego County on March 18, 2005, described as a strip of land 20.00 feet wide, lying 10.00 feet on each side and parallel with the following described centerline: COMMENCING at a point on the centerline of Parcel 1 of that Carlsbad Municipal Water District Water Line Easement recorded April 1, 2008 as document number 2008-0166956 of Official Records, said point being the TRUE POINT OF BEGINNING of Parcel 1; thence along said centerline, North 89*16'46" East 32.66 feet to the TRtJE POINT OF BEGINNING; thence continuing along said centerline and its easterly prolongation North 89'16'46" East 9.92 feet; thence South 24''05'34" East 188.80 feet; thence South 09**39'26" West 80.00 feet; thence South 32*09'26" West 80,00 feet; thence South 09*39'26" West 40.00 feet; thence South 20''54'26" West 177.95 feet; thence South 09*'39'26" West 135.63 feet; thence South 32^*09'26" West 135.63 feet to the centerline of said Carlsbad Municipal Water District Water Line Easement, said point being the POINT OF TERMINUS. The sidelines of said 20,00 foot easement to be extended or shortened to terminate in the northerly line of said Carlsbad Municipal Water District Water Line Easement. CONTAINING: 0.381 acres, more or less. APN 216-590-01. 216-593-01 This description was prepared by me or under my direction. R. Duquette A/S 7566 License expires 1?/31/2011 RBF CONSULTING 9755 Clairemont Mesa Boulevard, Suite 100 San Diego, California 92124 JN. 55-100705 8/11/2011 H:\pdaia\55100705\Admin\legals\0705lgl001-cmwd-walerl.doc Page 1 of 1 8/25/2011 P.Q.C SEE DETAIL- SHEET 2 T.P.Q.B. ^18^2 COSTA REAL MUNICIPAL WATER DISTRICT EASEICNT REC. 10/23/1987 PER F/P. 87-5980222, O.R. LEUCADIA COUNTY WATER DISTRICT ESMT. REC— 7/9/1965 PER F/P. ^ ' 123282, O.R. SEE SHEET 2 OF 2 FOR COURSE DATA, LEGEND, AND BASIS OF BEARINGS. LOT 3 CARLSBAD MUNICIPAL WATER DISTRICT PLAT RBF CONSULTING 9755 CUMREMONT MESA BLVD. STE. 100 SAN DIEGO, CA 92124 858.614.5000 PREPARED BY: PROJECT: U COSTA RESORT aUBHOUSE POOL WATEPLINE RELOCATION CT 03-01 PR 11-29 A.P.N.; 216-590-01 216-593-01 RBF CONSULTING 9755 CUMREMONT MESA BLVD. STE. 100 SAN DIEGO, CA 92124 858.614.5000 PREPARED BY: PROJECT: U COSTA RESORT aUBHOUSE POOL WATEPLINE RELOCATION CT 03-01 PR 11-29 EXHIBIT "B" RBF CONSULTING 9755 CUMREMONT MESA BLVD. STE. 100 SAN DIEGO, CA 92124 858.614.5000 Jot^ R. DUQUETTE lU, 7566 EXPIRES: 12/31/201 f PROJECT: U COSTA RESORT aUBHOUSE POOL WATEPLINE RELOCATION CT 03-01 PR 11-29 EXHIBIT "B" RBF CONSULTING 9755 CUMREMONT MESA BLVD. STE. 100 SAN DIEGO, CA 92124 858.614.5000 Jot^ R. DUQUETTE lU, 7566 EXPIRES: 12/31/201 f PROJECT: U COSTA RESORT aUBHOUSE POOL WATEPLINE RELOCATION CT 03-01 PR 11-29 21843 BASIS or BEARINSS BASIS or BEARINGS IS A PORTION OF THE CENTERLINE OF PARCEL 1 OF CARLSBAD MUNICIPAL WATER DISTRICT ESMT. REC. 04/01/2008 F/P. 2008-0166956, O.R. WATER LINE EASEMENT 0.381 ACRES m P.O.C. POINT OF COMMENCEMENT T.P.O.B. TRUE POINT OF BEGINNING P , 0 . T. POINT OF TERMINUS O.C, •T f P f IiiLi.B t ASIS OF BEAR N89 16'46"E 35.70' DATA TABLE ® DETAIL NO SCALE @ • BEARING LENGTH 1 N89*16'46"E 32.66' 2 N89'16'46"E 9.92' 3 S09'39'26"W 80.00' 4 S32*09'26"W 80.00' 5 S09'39'26"W 40,00* 6 S09'39'26"W 135.63' 7 S32'09'26"W 135.63' SHEET 2 OF 2 CARLSBAD MUNICIPAL WATER DISTRICT PLAT RBF CONSULTING 9755 CLAIREMONT MESA BLVD. STE. 100 SAN OIEGO, CA 92124 858.6 H.5000 PREPARED BY: JOHtd R. DUQUETTE iM 7566 EXPIRES: 12/31/201 r PROJECT: U COSTA RESORT aUBHOUSE POOL WATERLI^E RELOCATION CT 03-01 PR 11-29 A.P.N.: 216-590-01 216-593-01 EXHIBIT "B Thi s is a true cenitied copy of the record if rt bears tiic seai. imprinted in purple ink / ^ ERNES'r;!, DRONENBURG. .rR, Assessor/Recorder/CJerk ^Df San Diego Couniy. Caiifornia