HomeMy WebLinkAbout; CrossCountry Mortgage LLC; 2020-0218551; Subordination AgreementRecording Requested by:
F.NTG ,Builder Services -iJ2 RECORDING REQUESTED BY:
j , FNTG BUILDER SERVICES
ESCROW NO. SHKS0106-006-AM4
ORDER NO. SHKS0106-006KC
I
AND WHEN RECORDED MAIL TO:
City of Carlsbad
Attn: Housing & Neighborhood Services Dir.
1200 Carlsbad Village Drive
Carlsbad, CA 92008
APN: 213-262-22-00 WOP
DOC# 2020-0218551
111111111111 lllll lllll llll llllll IIIII IIIII IIIII IIIII IIIII IIIII IIII IIII
Apr 29, 2020 03:32 PM
. OFFICIAL RECORDS Ernest J. Dronenburg, Jr.,
SAN DIEGO COUNTY RECORDER
FEES: $50.00 (SB2 Atkins: $0.00)
PAGES: 13
SUBORDINA '!'ION AGREEMENT
1~ Exempt from fee per GC27388.l due to being recorded in connection with concurrent transfer that
is subject to the imposition of documentary transfer tax, or,
2 D Exempt from fee per GC27388.1 due to being recorded in connection with a transfer that was
subject to documentary transfer tax which was paid on document recorded previously on:
____ (date) as document number ________ of Official Records
3 D Exempt from fee per GC27388.l due to the maximum fees beihg paid on documents in this
transaction, or,
4 D Exempt from fee per GC27388.l due to the maximum fees having been paid on documents in the
transaction(s) recorded previously on __________ (date) as document number(s)
________________________ o.f Official Records, or
S D Exempt from fee per GC27388.1; document transfers real property that is a residential dwelling to
an owner-occupier, or,
6 D Exempt from fee per GC27388.1 due to being recorded in connection with concurrent transfer that
is a residential dwelling to an owner-occupier, or,
7 D Exempt from fee per GC27388.1 due to it being recorded in connection with a transfer of real
property that is a residentia l dwelling to an owner-occupier. The recorded document transferring
the dwelling to the owner-occupier was recorded on __________ (date) as
document number(s) __________ _, or,
8 D Exempt from the fee per GC 27388.1 (a) (1); Not related to real property, or,
9 D Exempt from fee under GC27388.l for the following reasons: __
THIS PAGE ADDED TO PROVIDESE;NATEBU.l.2EXEMPTIONINFORNIA11ON
(Additional recording fee applies)
Recording Requested by:
FN TG Builder Services -tJ.B
RECORDING REQUESTED BY:
, , FNTG BUILDER SERVICES
ESCROW NO. SHK50106-006-AM4
ORDER NO. SHK50106-006KC
AND WHEN RECORDED MAIL TO:
City of Carlsbad
Attn: Housing & Neighborhood Services Dir.
1200 Carlsbad Village Drive
Carlsbad, CA 92008
APN: 213-262-22-00 WOP
1 )(
SUBORDINATION AGREEMENT
Exempt from fee per GC27388.1 due to being recorded in connection with concurrent transfer that
is subj ect to the imposition of documentary transfer tax, or,
2 D Exempt from fee per GC27388.1 due to being recorded in connection with a transfer that was
subject to documentary transfer tax which was paid on document recorded previously on:
____ (date) as document number _________ of Official Records
3 D Exempt from fee per GC27388.1 due to the maximum fees being paid on documents in this
transaction, or,
4 D Exempt from fee per GC27388.1 due to the maximum fees having been paid on documents in the
transaction(s) recorded previously on __________ (date) as document number(s)
________________________ of Official Records, or
5 D Exempt from fee per GC27388.l; document transfers real property that is a residential dwelling to
an owner-occupier, or,
6 D Exempt from fee per GC27388.1 due to being recorded in connection with concurrent transfer that
is a residential dwelling to an owner-occupier, or,
7 D Exempt from fee per GC27388.1 due to it being recorded in connection with a transfer of real
property that is a residential dwelling to an owner-occupier. The recorded document transferring
the dwelling to the owner-occupier was recorded on ___________ (date) as
document number(s) __________ __, or,
8 D Exempt from the fee per GC 27388.1 (a) (1); Not related to real property, or,
9 D Exempt from fee under GC27388.l for the following reasons: __
THIS PAGE ADDED TO PROVIDE SENATEBILL2EXEMPT10NINFORMAT10N
(Additional recording fee applies)
REQUESTED BY:
FNTG Builder Services
Order No. SHK50106-006AM/KC
WHEN RECORDED RETURN TO:
City of Carlsbad
Attention:
Housing & Neighborhood Services Director
1200 Carlsbad Village Drive
Carlsbad, California 92008
Space above for Recorder's Use
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS
IN YOUR SECURITY IN THE PROPERTY BECOMING
SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN
OF SOME OTHER OR LATER SECURITY INSTRUMENT
THIS SUBORDINATION AGREEMENT ("Agreement") is made and entered into as of
March 16, 2020, by and among CrossCountry Mortgage, LLC (together with its successors and
assigns, "Senior Lender"), CITY OF CARLSBAD, a municipal corporation ("Subordinated Lender"),
and Ashley Mooney, a single woman ("Borrower").
RECITALS:
Senior Lender has agreed, subject to certain conditions, to lend to Borrower up to $126,196.00 to be
secured by a promissory note (the "Senior Note") and a Deed of Trust, Security Agreement, Assignment
of Leases and Rents, and Fixture Filing dated as of A:pri l 2-I , 2020 granted by Borrower for the
benefit of Senior Lender against the real property described on Exhibit A attached hereto (the "Property")
(the "Senior Trust Deed." and the Senior Note and Senior Trust Deed being collectively, the "Senjor Loan
Documents").
Subordinated Lender has agreed, subject to certain conditions, to make a loan to Borrower in the aggregate
maximum principal amount of $243,804.00 (the "Subordinated Loan") securing Subordinated Lender's
contribution under its Homebuyer Program, Affordable Housing Agreement, Resale Restriction, Deed of
Trust and Promissory Note identified on Exhibit B attached hereto (collectively, the "Subordinated Loan
Documents'), and which Subordinated Loan Documents are secured against the Property.
One of the conditions of Senior Lender extending credit to Borrower is the subordination of (a) the
Borrower's obligations to the Subordinated Lender under the Subordinated Loan Documents to the
Borrower's obligations to the Senior Lender under the Senior Loan Documents and (b) the Subordinated
Liens, defined below, to the Senior Trust Deed.
NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as
follows:
1.. Definitions. For purposes of this Agreement, the following terms shall have the following
meanings:
1.1 "Subordinated Indebtedness" means all obligations of any type or nature owed under
the Subordinated Loan or secured by the Subordinated Liens, presently or hereafter due from
Borrower to Subordinated Lender under the Subordinated Loan Documents, including without
limitation the Subordinated Loan, together with all interest and other charges or expenses
incidental thereto.
1.2 "Subordinated Liens" means all liens, mortgages, encumbrances, restrictions, and
security interests of any type or nature, previously or hereafter granted by Borrower to
Subordinated Lender, including without limitation, mortgages, encumbrances, restrictions, and
security interests granted in or arising under the Subordinated Loan Documents.
1.3 "Senior Indebtedness" means all obligations of any type or nature owed under the
Senior Loan Documents or secured by the Senior Trust Deed, presently or hereafter due from
Borrower, its successors and assigns, to Senior Lender, its successors, assigns, or participants,
including, without limitation, all principal, interest, charges, and expenses under or incidental to
the indebtedness owed under the Senior Loan Documents or secured by the Senior Liens.
1.4 "Senior Liens" means all liens, mortgages, security interests, and collateral
assignments of any type or nature granted by Borrower to Senior Lender in or arising under the
Senior Trust Deed, or in any other document or agreement securing payment of the Senior
Indebtedness, and any amendments, modifications, or supplements thereto.
2. Consent of Subordinated Lender. Notwithstanding any of the terms of the documents and
instruments creating the Subordinated Indebtedness, the Subordinated Lender does hereby consent to
the creation, now or hereafter, of the Senior Indebtedness and the Senior Liens and to the execution and
delivery by Borrower of any and all documents and instruments in connection therewith, including,
without limitation, the Senior Note, the Senior Trust Deed, and to the performance by Borrower of any
and all of its obligations under or in connection therewith. Subordinated Lender agrees that no such
action shall constitute an event of default or event, which with the passage oftime, will become an event
of default under any document or instrument relating to the Subordinated Indebtedness or
Subordinated Liens.
3. Subordination of Subordinated Liens. In consideration of Senior Lender advancing the
Senior Indebtedness, the Subordinated Lender agrees that the Subordinated Indebtedness is hereby
subordinated to the Senior Indebtedness and the Subordinated Liens are hereby subordinated to the Senior
Liens; the Senior Liens shall be first, prior, and superior to the Subordinated Liens. The terms and
provisions of any document creating Subordinated Indebtedness or a Subordinated Lien are hereby
amended to provide that the Subordinated Indebtedness and the Subordinated Liens therein granted are
subordinate to the Senior Indebtedness and the Senior Liens respectively and that none of the terms of
such documents or instruments evidencing the Senior Indebtedness or the Subordinated Liens shall affect
or limit in any way the rights or remedies provided to the holder of the Senior Indebtedness under the
Senior Loan Documents or the Senior Liens.
4. Insolvency Proceeding Against Borrower. The insolvency or bankruptcy of Borrower
shall not affect this Agreement, and the same shall remain in full force and effect. In any insolvency or
bankruptcy proceeding for the complete liquidation of Borrower (as opposed to a Chapter I 1
Reorganization), Subordinated Lender shall not receive any distribution from the bankruptcy estate of
Borrower unless and until the Senior Indebtedness has been satisfied in full.
5. Subordinated Loan Documents. Subordinated Lender shall not, without the prior written
consent of Senior Lender, amend, modify, or supplement the Subordinated Loan Documents or any other
documents or instruments creating or evidencing the Subordinated Indebtedness or Subordinated Liens.
6. Assignment. Subordinated Lender represents and warrants that no part of the Subordinated
Indebtedness or Subordinated Liens have been assigned or transferred to or for the benefit of others.
Subordinated Lender agrees not to sell, assign, transfer, or endorse the Subordinated Indebtedness, no
matter how evidenced, to anyone except subject to the terms and conditions of this Agreement. The
terms of this Agreement shall bind the successors and assigns of the parties.
7. Additional Documentation. Subordinated Lender agrees to execute and deliver to Senior
Lender such other instruments as may reasonably be requested by Senior Lender in order to enable
Senior Lender to enforce its rights hereunder.
8. No Ljnbility, The parties hereto agree that Senior Lender shall not be liable for any action
or failure to act under or in connection with any of the documents or instruments creating the Senior
Liens or the Senior Indebtedness, it being understood that the decision of whether and when to act and
the manner of proceeding under such instruments and documents shall not be affected in any manner by
the existence of the Subordinated Indebtedness and the Subordinated Liens. It is further agreed that such
obligations as may be imposed under the documents and instruments creating the Senior Indebtedness
and the Senior Liens or under applicable laws shall run exclusively to the benefit of Borrower and may
be enforced or waived only by Borrower and not by the holders of the Subordinated Liens or
Subordinated Indebtedness.
9. Insurance and Condemnation. Subordinated Lender agrees that if it receives any
insurance or condemnation proceeds in respect of any of the assets of Borrower subject to the Senior
Liens, Subordinated Lender shall immediately so notify Senior Lender in writing and shall deliver such
proceeds to Senior Lender so long as any Senior Indebtedness remains unpaid.
10. Irrevocability of Agreement. Subordinated Lender agrees that, without notice to or further
assent by Subordinated Lender ( a) the liability of Borrower in respect of the Senior Indebtedness or the
Senior Liens may, in whole or in part, be released by Senior Lender and the documents and instruments
creating or evidencing the Senior Indebtedness or the Senior Liens may be amended or supplemented,
as Senior Lender may deem advisable, provided, however, Senior Lender shall not increase the interest
rate, increase the principal amount , or reduce the term of its loan, except as set forth in or permitted under
the terms of the Senior Loan Documents, without the prior written consent of the Subordinated Lender,
provided that no such written consent is required for the Lender to enter into (i) any modification, deferral
or forbearance agreement with the Borrower relating to the Senior Indebtedness or the Senior Liens
(which may involve deferral or capitalization of principal on an interest-free or interest-bearing basis or
extending the maturity date) as the result of the Borrower's temporary or permanent financial hardship or
caused by natural disasters or other events impacting the Borrower or the property subject to the Senior
Liens or (ii) any deed involving a transfer of title by the Borrower to the Senior Lender in satisfaction of
the Senior Indebtedness to avoid foreclosure (b) any collateral and/or security interests in respect of the
Senior Indebtedness or the Senior Liens may, from time to time, in whole or in part, be exchanged, sold,
or surrendered by Senior Lender, and (c) any deposit balance or balances to the credit of Borrower may,
from time. to time, in whole or in part, be surrendered or released by Senior Lender to Borrower, all
without impairing or in any way affecting the subordination contained in this Agreement; nor shall the
subordination herein contained be impaired or affected in any way by any other action, inaction, or
omission in respect of the Senior Indebtedness or the Senior Liens or this Agreement.
11. Default.
11.1 Upon the occurrence of any event which would permit Subordinated Lender to
accelerate the maturity of the Subordinated Indebtedness, before exercising such acceleration
remedy, Subordinated Lender shall provide thirty (30) calendar days' advance written notice to
Senior Lender of its intent to accelerate the Subordinated Indebtedness. Such notice shall specify
in reasonable detail the default entitling Subordinated Lender to accelerate. Subordinated Lender
shall accept any cure by Senior Lender as if made by Borrower.
11.2 Following the Senior Lender's providing notice to the Borrower of acceleration of the
maturity of the Senior Indebtedness, Senior Lender shall endeavor to notify Subordinated Lender
thereof within five (5) business days after giving such notice and shall provide Subordinated Lender
with not less than sixty (60) days' notice to cure the default that caused the acceleration. Lender
shall be entitled to commence or continue any proceedings to enforce its rights against the
Borrower, including foreclosure proceedings, provided that Lender shall suspend or postpone the
scheduled date of any foreclosure sale until after the period of notice to the Subordinated Lender
has expired. The Senior Lender will not be in violation of this Section 11.2 if a court with
jurisdiction over the foreclosure proceeding (if any), or the bankruptcy court in a bankruptcy case,
or the public official charged with carrying out the activity or event, fails or refuses to halt the sale
after the Senior Lender has made reasonable efforts to move the court or request the public official
for a suspension or postponement of the sale. After receipt of notice from Senior Lender of such
acceleration, Subordinated Lender shall hold for the benefit of Senior Lender all payments received
thereafter from Borrower and shall promptly remit the same to Senior Lender. Senior Lender shall
accept any cure by Subordinated Lender that fully remedies the default as if made by Borrower.
12. Miscellaneous.
12.1 This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns, including any party' substituted as a beneficiary under
the Senior Trust Deed. This Agreement shall be construed and enforced in accordance with the
laws of the State of California.
12.2 If any of the provisions or terms of this Agreement shall for any reason be held invalid
or unenforceable, such invalidity or unenforceability shall not affect any other of the terms hereof,
and this Agreement shall be construed as if such unenforceable term had never been contained
herein.
12.3 All notices and other communications hereunder shall be deemed to have been duly
given, made, or served, if in writing and delivered personally or mailed by first class mail, postage
prepaid, to the respective parties to this Agreement as follows:
(a) If to Borrower:
6042 Colt Place #3 01, Carlsbad, CA 92009
(b) If to Subordinated Lender:
Carlsbad Housing & Neighborhood Services Department
Attn: Housing & Neighborhood Services Director
1200 Carlsbad Village Drive
Carlsbad.,_ CA 92008
With a copy to:
Carlsbad City Attorney
1200 Carlsbad Village Drive
Carlsbad, California 92008
( c) If to Senior Lender:
CrossCountry Mortgage, LLC
6850 Miller Road
Breckersville, OH 44141
The designation of the person to be so notified or the address of such person for the purposes of
such notice may be changed from time to time by similar notice in writing, except that any
communication with respect to a change of address shall be deemed to be given and made when
received by the party to whom such communication was sent.
12.4 This Agreement represents the entire Agreement between the parties hereto on the
subject matter hereof and, except as expressly provided herein, shall not be affected by reference
to any other documents. Neither this Agreement nor any provision hereof may be changed,
waived, discharged, or terminated orally, but such may be accomplished only by an instrument in
writing signed by the party against whom enforcement of the change, waiver, discharge, or
termination is sought.
12.5 In the event any action is filed to enforce or construe the terms of this Agreement,
the prevailing party shall be entitled to recover reasonable attorney fees. Attorney fees
shall include services rendered at both the trial and appellate levels, as well as rendered
in any bankruptcy proceeding or arbitration proceeding.
[Remainder of this page intentionally left blank.]
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the date and year first above written.
CITY OF CARLSBAD,
a municipal corporation
~(LJS_7.-'---
By: ~;-=•· f}.,.._~,.c::><~
Its: A-"s•c~\-C...~ He-~
A notary public or other officer completing this certificate verifies only the
identity of the individual who signed the document to which · certificate is
attached, and not the truthfulness, accuracy, or validity o at document.
STATE OF CALIFORNIA
COUNTY OF _____ _
)
) ss.
)
On _______ ,20 __ , befor me, _____________ _
Notary Public,personallyappeared ________________ , who proved to me on
the basis of satisfactory evidence t e the person(s) whose name(s) is/are subscribed to the
within instrument and acknowle ed to me that he/she/they executed the same in his/her/their
authorized capacity(ies), and t t by his/her/their signature(s) on the instrument the person(s), or
the entity upon behalf of w ch the person(s) acted, executed the instrument.
I certify undey-PENALTY OF PERJURY under the laws of the State of California that
. the foregoing para_waph is true and correct.
4842-7210-8112.4
I I /13/17
.
ACKNOWLEDGMENT
A notary public or other officer completing this
certificate verifies only the identity of the individual
who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or
validity of that document.
State of California
County of .. San Diego
On A.v-o l :2\ 1:).Ll::if) before me, Morgen Fry I JV 01'tlrfh /?/vb/1 · L
(insert name and title of he officer)
personally appeared Gt e,o-\{ 'Y av,--\N)-e.,_
who proved to me on the basis of satisfactory evidence to be the person(~ whose nameN) is~
subscribed to the within instrument and acknowledged to me that hc/91'letthC¥ executed the same in
his/1-ter ftl ,eir authorized capacity(~. and that by his/1,e, ftl ,eir signature~ on the instrument the
person~, or the entity upon behalf of which the person(s,) acted , executed the instrument.
I certify under PENAL TY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.
WITNESS my hand and official seal.
Signature \ .... ,/ v ~ '"' \di f'V"'-__,, ( :-y:-f", (Seal)
········1 MORGEN FRY
Notary Public · C.ilifornia z
San Di~o County ~
Commission # 2268605 -
My Comm. Expires Dec H . 2022
SENIOR LENDER:
CrossCountry Mortgage, LLC
By: ~~ B,«f ~ . :,Cfflf\111
..L<l~~~=n=ii:!,._1_~~ ~MkY
A notary public or other officer completing this certificate verifies only the
identity of the individual who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or validity of that document.
ST A TE OF eALIFOR:l>HA Ot\l<)
COUNTY OF CuJ'Ar-)4o6~
)
) ss.
)
On '11lru.t1 S l , 20 ,o, before me, L ~°""'
Notary Pub lie, personally appeared ::]..(UJO"" A. (;.c-1,f:f:M , 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 mi:: 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.
.nd and official seal. .11 .... ::-;'R'.i'..:i:':S~~\ ,~·' .. ,-.( \ I . . ·,
' 1 I i l . -: ~ ~ i \.s, . ,._0/ ·-.~.,. o'<',,•· '•, •• E Of',,,,.,,,
[Signature Page lo S11bordi11atio11 Agreement}
S-3
ALEX J. RAGON
ATTORNEY-AT-LAW
NOTARY PUBLIC • STATE OF OHIO
LIFETIME COMMISSION
4842-7210-8112.4
11/13/17
•
A ncrtai'y public•or other officer completing this
certificate verifies only the identity of the
individual who signed the document to which this
certificate is attached, and not the truthfulness,
accuracy.z. or valid ity of that docume:.c.n:..:ct.'-----
STATE OF OHIO
COUNTY OF CUYAHOGA
On March 3 I , 2020
A lex J. Ragon
} ss:
~ before me,
Notary Public, personally appeared Brett A. Schiffer
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 PENAL TY OF PERJURY under the laws of the State
of Cali fornia that the foregoing paragraph is true and correct.
Wl1WESS ~L
Signature -
A notary public or other officer completing this
certificate verifies only the identity of the
individual who signed the document to which this
certificate is attached, and not the truthfulness,
accuracy, or validity of that docume_n.c..;t. ___ _
STATE OF CALIFORNIA
COUNTY OF } ss:
On _________________ before me,
Notary Public, personally appeared _________ _
who proved to me on the basis of satisfactory evidence to be the
person(s)whose name(s) is/are subscri bed 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 PENAL TY OF PERJURY under the laws of the State of
California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature ______________ _
FOR NOTARY SEAL OR STAMP
_...·■··S"'f".,_,AL st-.. ( .··: ·y\
~ ! I
11')'.i j \11':JI 'll',o/ ~2,!.2,/
ALEX J. RAGON
ATTORNEY-AT-LAW
NOTARY PUBLIC -STATE OF OHIO
LIFETIME COMMISSION
FORNOTARYSEALORSTAMP
Notaryak (DSI Rev 02/09/1 S)
•
BORROWER:
By • ~),{~
Ashley Mooney
A notary public or other officer completing this certificate verifi es only the
identity of the ind ividual who signed the document to which this ce I tificate is
attached, and not the truthfulness, accuracy, or validity of that document.
STATE OF CALI FORNIA ·
c:::
COUNTY OF :) ~ DI '(.;)_ o
)
) ss.
)
On -S I ( \P 20 before me (_ /\J f'1 ~ V\1 \....
Notary Public, personally app;ared_, L ~ who proved to me on
the basis of satisfactory evidence to be the person(s) whose name(s) is/a subsc ribed to the
w ithin 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 PEN ALTY OF PERJU RY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hand and official seal.
f:,, r0·&\
'
············~ ,. •~ ,, E. N. MALONE
.. • Notary Public · California z
:: San Diego County ~
~ Commission# 2284290 -
My Comm. Expires Apr 29, 2023
11/13/17
Escrow No.: . SHK50106-006-AM4
EXHIBIT "A"
Legal Description
A CONDOMINIUM COMPRISED OF:
PARCEL 1:
AN UNDIVIDED FEE SIMPLE INTEREST AS A TENANT IN COMMON IN AND TO THE COMMON AREA IN
• THE MODULE IN WHICH THE RESIDENTIAL UNIT DESCRIBED IN PARCEL 2 BELOW IS LOCATED EQUAL
TO THE RECIPROCAL OF THE NUMBER OF RESIDENTIAL UNITS LOCATED WITHIN SUCH MODULE, AS
SHOWN ON THE AMENDED AND RESTATED CONDOMINIUM PLAN FOR KENSINGTON AT THE SQUARE,
RECORDED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, CALIFORNIA, ON
JUNE 13, 2019, AS DOCUMENT NO. 2019-0230474, AND ANY AMENDMENTS OR SUPPLEMENTS THERETO
(COLLECTIVELY "CONDOMINIUM PLAN"), LOCATED IN A PORTION OF LOT 1 OF CARLSBAD TRACT NO.
14-09 UPTOWN BRESSI RANCH, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF
CALIFORNIA, ACCORDING TO MAP THEREOF NO. 16253, FILED IN THE OFFICE OF THE COUNTY
RECORDER OF SAN DIEGO COUNTY, MARCH 9, 2018 ("MAP").
PARCEL 2:
RESIDENTIAL UNIT NO. 106, AS SHOWN AND DESCRIBED ON THE CONDOMINIUM PLAN;
PARCEL 3:
AN EXCLUSIVE EASEMENT TO USE EACH PORTION OF THE ASSOCIATION PROPERTY, IF ANY,
DESIGNATED IN THE CONDOMINIUM PLAN AS BEING AN EXCLUSIVE USE EASEMENT AREA
APPURTENANT TO THE RESIDENTIAL UNIT DESCRIBED IN PARCEL 2 ABOVE FOR THE PURPOSES
DESCRIBED IN THE DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS AND
ESTABLISHMENT OF EASEMENTS OF KENSINGTON AT THE SQUARE RECORDED IN THE OFFICIAL
RECORDS OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, CALIFORNIA ON JUNE 13, 2019 AS
DOCUMENT NO. 2019-0230475, AND ANY AMENDMENTS AND SUPPLEMENTS THERETO (COLLECTIVELY,
THE "DECLARATION").
PARCEL 4:
A NON-EXCLUSIVE TEMPORARY EASEMENT FOR PEDESTRIAN AND VEHICULAR ACCESS, INGRESS
AND EGRESS BY GRANTEE OVER, UPON AND ACROSS THE PRIVATE STREETS MORE PARTICULARLY
DESCRIBED AS STREET MODULE A, STREET MODULE B, STREET MODULE C, AND STREET MODULE D,
AS SHOWN ON THE CONDOMINIUM PLAN, AND DESCRIBED IN THAT CERTAIN ACCESS EASEMENT
GRANT DEED RECORDED IN THE OFFICIAL RECORDS OF THE COUNTY RECORDER OF SAN DIEGO
COUNTY ON SEPTEMBER 4, 2019 AS DOCUMENT NO. 2019-0380430, WHICH EASEMENT IS
APPURTENANT TO THE RESIDENTIAL UNIT DESCRIBED IN PARCEL 2 ABOVE.
PARCEL 5:
A NON-EXCLUSIVE EASEMENT, IN COMMON WITH OTHER OWNERS, FOR ACCESS, INGRESS AND
EGRESS, IN, TO, OVER, UNDER AND ACROSS CERTAIN PORTIONS OF THE ASSOCIATION PROPERTY
DESCRIBED IN THE DECLARATION, SUBJECT TO THE LIMITATIONS SET FORTH THEREIN, WHICH
EASEMENT IS APPURTENANT TO THE RESIDENTIAL UNIT DESCRIBED ABOVE.
•
EXHIBITB
Subordinated Loan Documents
(I) Affordable Housing Agreement Imposing Restrictions on Real Property recorded
April 19, 2018 as Document No. 2018-0156905 and First Amendment to Affordable Housing
Agreement Amendment Imposing Restrictions on Real Property recorded July 19, 2019 as Document
No. 2019-0293997 in the Official Records of the San Diego County Recorder's Office.
(2) Promissory Note dated Wl,~d, I 2 .,20~0 from Borrower to Subordinated
Lender in the amount of$ 2 '-i 3J.1)'::J...O 0
(3) Deed of Trust and Security Agreement dated MOll..?.bJl-, u,_?p_~by
Borrower for the benefit of Subordinated Lender to secure a loan in the amount of
$ 2. Y 3. ro l/ .oo, to be recorded in the Official Records of the San Diego County Recorder • s .
Office concurrently herewith .
(4) Resale Restriction Agreement and Option to Purchase dated Mth·'-'-' 12.. 2020
between Borrower and Subordinated Lender, to be recorded in the Official Records of the San
Diego County Recorder's Office concurrently herewith.
4842-7210-8112.4
11 /13/17