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Home My WebLink About3828; Terraces At Sunny Creek, The; 2002-0375709; Subordination AgreementRECORDING REQUESTED BY WHEN RECORDED MAILTO: City Clerk CITY OF CARLSBAD 1200 Carlsbad Village Dr. Carlsbad, CA 92008 Please record the document at the District (Gov. Code [6103].) no fee as it is to the benefit of DOC # 2002-0375709 MAY 02. 2002 4:13 PPI OFFICICLL RECORD3 SPACE ABOVE THIS LINE FOR RECORDER'S USE ASSESSOR'S PARCEL NO. 209-1 12-55,56 & 57 PROJECT NO. & NAME: 3828 SOUTH AGUA HEDIONDA INTERCEPTOR SEWER PIPELINE, SAHTIE SUBORDINATION AGREEMENT (TRUST DEED HOLDERS) NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING TO WHICH YOUR SECURITY INSTRUMENT AlTACHES SUBJECT TO THE EASEMENT IN THE REAL PROPERTY AND HAS THE POTENTIAL EFFECT OF REDUCING THE VALUE OF YOUR SECURITY INTEREST. THIS AGREEMENT is made this d3*' day of *ell-- , 2002, 3y The Terraces at Sunny Creek, LLC, a California limited liability company, owner of the land hereinafter described and hereinafter referred to as "Owner," and California Bank and Trust, a California banking corporation, present owner and holder of the deed of trust hereinafter described, hereinafter referred to as "Beneficiary;" WITNESSETH WHEREAS, The Terraces of Sunny Creek, LLC, a California limited liability company, did execute a deed of trust, dated December 3, 1999 to California Bank and Trust, a California banking corporation as trustee, to secure a note in the sum of $18,000,000 dated December 3, 1999 in favor of California Bank and Trust recorded in the office of the County Recorder of San Diego County on December 17, 1999 as File No. 1999-0820005 of Official Records of said county; and HDEVELOPMENT SERVICESIMASTER~AGREEMENTS. OTHEWSUQORDlNATlON AGREEMENTISubMdlnsUon AgroemnlTrurl Doed HDlden Cihpev. 5134100 1 WHEREAS, Owner has executed, or is about to execute, as grantor, a grant of EASEMENT dated , in favor of the City of Carlsbad as grantee herein referred to as "Easement Grantee" creating the EASEMENT more particularly described in EXHIBITS "A" 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 HIDEVELOPMEM SERVICESI~STERSIAGREMENTS, OTHEWSUBORDINATION AGREEMENTISU~~I~~II~ ApreEmnl TNSI Dwd Hold- CltyRW. 51311w 2 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. V(We) consent to and approve the grant of EASEMENT in favor of the Easement Grantee. 2. ll(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. Ill Ill Ill Ill Ill Ill Ill Ill Ill 111 Ill Ill I HIDEVELOPMENT SERVICESIMASTERYAGREEMENTS, OTHEWSUBORDINATION AGREEMENTISUbOrdlnaUm AWeemsnI Trust Deed Holders CllyUOv. 5nlEw 3 3. This Agreement represents an endorsement to the note secured by the deed Jf 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: CALIFORNIA BANK AND TRUST, By: (print name here) 54, 4.F. (title and organization of signatory) By: (sign here) (print name here) (title and organization of signatory) OWNER: THE TERRACES AT SUNNY CREEK. LLC, George Szabo, Jr. (print name here) President (print name here) Secretary (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@) 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 HJDNELOPMENT SERVlCESNASTERSlAGREEMENTS. OTHETUSUBORDINATION/\GREEMENT/S~~~~~~~I~~~A~~~~~~~TN~~ Deed HoldenCltyRav. sR4Iw 4 State of California 1 1 County of San Diego 1 On p/../.z before melC)/cm.db d4.d~. @? (Date) (Name, %tle of Officer) personally appeared U (Name[s] of Signer[s]) , j$ personally known to me -OR - 0 (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) islare subscribed to the within instrument and acknowledged to me that helshelthey executed the same in hislherltheir authorized capacity(ies), and that by hislherltheir 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 Sigdure of Notary U (This area for official notary seal) Title or Type of Document of No. of Pages - 1 Signer(s) other than named above - HIDEVELOPMENT SERVICESNASTER~AGREEMENTS. OTHEWSUBORDINATION AGREEMENTISUbCdlnalion Apmnl Twsl Deed Hdhm Cihpev. WlRO 5 PLlFORNlA ALL-PURPOSE ACKNOWLEDGMENT State of California . } ss. personally known to me 0 proved to me on the basis of satisfactory evidence to be the personp whose name@&@ subscribed to the within instrument and acknowledged to me thawem executed the entity upon behalf of which the perso* signaturq on the instrument the persom or acted, executed the WITNESS my hand Place Noiary Seal Above OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Title or Type of Document: ,f&&b Description of Attached Document Document Date: 1, !L!Lom Number of Pages: 1 Signer@) Other Than Named Above X' - " 0 Individual Corporate Officer - Title@): .$A td P 0 Partner - 0 Limited 0 General 0 Attorney in Fact 0 Trustee 0 Guardian or Conservator \ 0 Other: Signer Is Representing: I 1529 Public Sewer Easement EXHIBIT "A" (Lots 166,167 & 168 ) An easement for public sewer mains, appurtenances and utility purposes over, under, along and across a portion of Lots 166, 167 and 168 of Carlsbad Tract No. 96-02, in the City of Carlsbad, County of San Diego, State of California, according to Map thereof No. 14060, filed in the Office of the County Recorder ~ of said County on October 27,2000 described as follows: - Beginning at the Northwest comer of said Lot 167; thence along the Northerly line of said Lot 167 to and along the Northerly lie of said Lot 166 South 83'41' 00" East, 47.27 feet; thence leaving said Northerly line South 73'04'15'' West, 28.44 feet to a point in the arc of a non-tangent 435.00 foot radius curve concave Southwesterly, a radial line to said point bears North 34'33'15'' East; thence Northwesterly along the arc of said curve through a central angle of 03'16'22" a distance of 24.85 feet to the Northerly line of said Lot 168, a radial line to said point bears North 31'16'53'' East; thence leaving said curve along said Northerly line South 88'57'00" East, 1.09 feet to the Point of Beginning. Said easement contains 16,754 square feet. Parcel 2 TemDprarv ConAmction Easement A strip of land 10.00 feet in width lying Southerly of, measured at right angles or radial, and parallel or concentric with the above described Parcel 1. This legal description and plat attached hereto and made a part of this document were prepared by me or under my direction. L License expires Sept. 30,200: PLAT TO ILLUSTRATE SEWER EASEMENT & TEMPORARY CONSTRUCTION EASEMENT REMAINDER PARCEL "A" MAP NO. 14060 .. I I 0 20 40 60 -1 GRAPHIC SCALE C.M.W.D..92-406 A.P.N. 209-'112- 5556 AND 5'7