Subordination Agreement 1987-290451
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RECORDING REQUESTED B'
TICOR TITlE INSURANCE COMPANY OF CALIFORNIA
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RECORDING REQUESTED BY:
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or SAN Dli.(j1J GlVtn"l.C.\..
The City of poway
1987 HAY 27 'AM 8:-00
AND WHEN RECORDED MAIL TO:
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The City of Poway ffBF
P. O. Box 7B9
Poway, California 92064 AR
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SUBORDINATION AGREEMENT
THIS AGREEMENT is made this 22nd day of May, 19B7, by and between the POWAY
REDEVELOPMENT AGENCY, a pub 1 i c body, corporate and po 1 it i c, of the State of
California (the "Agency") and R & RPARTNERS-POWAY, a California general part-
nership (the "Owner") concerning the real property hereinafter described.
WHEREAS, Agency and Owner have executed that certain Di spos it i on and
Development Agreement dated May 13, 1987, concerning the property hereinafter
described (the "Disposition and Development Agreement"); and
WHEREAS, the Agency has heretofore executed that certain Grant Deed dated
May 13, 1987, descri bi ng the herei nafter descri bed real property wherei n the
Agency is the Grantor and R & R PARTNERS-POWAY, a California general partnership
is the Grantee (the "Grant Deed"); and
WHEREAS, sa i d Grant Deed and sa i d Di spos it i on and Deve 1 opment Agreement
create certain lien rights and interests in favor of the Agency which purport to
be prior in right to the lien rights and security interest of Downey Savings &
Loan Association, a California corporation, hereinafter described; and
WHEREAS, Downey Savings & Loan Association, a California corporation is the
beneficiary of that certain Deed of Trust dated May 14, 1987, recording con-
currently with this Subordination Agreement which names R & R PARTNERS-POWAY,
a general partnership as Trustor and DSL. Service Company, a California cor-
poration as Trustee, in the face amount of Twenty-Six Million Five Hundred
Thirty Thousand ($26,530,000.00) Dollars; and
WHEREAS, it is the intent i on of the POWA Y REDEVELOPMENT AGENCY and R & R
PARTNERS-POWAY, a general partnership, that any and all lien and security
interests of the Agency be subordinated to the lien of Downey Savings & Loan
Association created by that certain Trust Deed dated May 14, 1987, recorded
concurrently herewith; and
WHEREAS, all of the documents described hereinabove cover that certain real
property described in Exhibit "A" attached hereto and by reference made a part
hereof (the "Subj ect Property"); and
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WHEREAS, it is a condition precedent to obtaining said $26,530,000.00 loan
from Downey Savings & Loan Association (the "Loan") that the Deed of Trust dated
May 14, 1987, naming Downey Savings & Loan Association, a California corporation
as beneficiary thereof and recording concurrently herewith shall uncondition-
ally be and remain at all times a lien upon the land hereinabove described prior
and superior to any and all liens of the POWAY REDEVELOPMENT AGENCY specifically
including but not limited to any and all lien interests created by the
Di spos it i on and Deve 1 opment Agreement and the Grant Deed referred to herei n-
above; and
WHEREAS, Downey Savings & Loan Associaiton is will ing to make said Loan
provided that the Deed of Trust securing the same is alien upon the above-
described property prior and superior to any and all 1 iens of the POWAY
REDEVELOPMENT AGENCY and provided that the POWAY REDEVELOPMENT AGENCY wi 11
specifically and unconditionally subordinate any and all of its lien interests
to the lien of the Deed of Trust recording concurrently herewith naming Downey
Savings & Loan Association as beneficiary; and
WHEREAS, it is to the mutual benefit of the parties hereto that said Loan
be made by Downey Savings & Loan Association to R & R PARTNERS-POWAY.
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NOW, THEREFORE, in consideration of the mutual benefits accruing to the
parties hereto and other valuable consideration, the receipt and sufficiency of
whi ch is hereby acknowl edged, and in order to induce Downey Savi ngs & Loan
Association to make the Loan above referred to, it is hereby declared,
understood and agreed as follows:
1. That said Deed of Trust dated May 14, 1987, recording concurrently
herewith in the face amount of $26,530,000.00 in favor of Downey Savings & Loan
Association, a California corporation as beneficiary, and naming R & R
PARTNERS-POWAY, a general partnership as Trustor and DSL Service Company,
a California corporation as Trustee, and any renewals or extensions thereof,
shall unconditionally be and remain at all times a lien upon the property herein
described prior and superior to any and all liens or charges in favor of the
POWAY REDEVELOPMENT AGENCY specifically including but not limited to the liens
and charges of that certain Disposition and Development Agreement dated May 13,
1987, by and between the parties hereto and that certain Grant Deed dated May
13, 1987, wherei n the POWAY REDEVELOPMENT AGENCY is the Grantor and R & R
PARTNERS-POWAY, a general partnership is Grantee, naming the property hereina-
bove described, and the POWAY REDEVELOPMENT AGENCY does hereby unconditionally
subordinate its said lien interests to said lien interests of Downey Savings &
Loan Association.
2. That Downey Savings & Loan Association would not make its Loan above-
described without this Subordination Agreement.
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3. That this Agreement shall be the whole and only agree-ment with regard
to the subordination of the liens and charges of the POWAY REDEVELOPMENT AGENCY
to the lien of the Deed of Trust in favor of Downey Savings & Loan Association
above referred to, and shall supercede and cancel, but only insofar as would
affect the priority between the lien interests of the POWAY REDEVELOPMENT
AGENCY and the lien interests of Downey Savings & Loan Association hereinabove
as specifically described, any prior agreements as to such subordination.
POWAY REDEVELOPMENT AGENCY
Dated: S/n / '?o7
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Dated: sh1- Irh
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. . \ Da ted: {/t.2- /?,7
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Bruce J. Ta . Ch irman
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Dated:
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og A ~ 0 ,Vice President
~J. R. Evans Companies, Inc., a
California corporation, as
genera 1 partner
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Evans, Secretary
J. Evans Companies, Inc., a
California corporation, as
genera 1 partner
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CAT. NO. NNOO731
T0,21945 CA 11-83)
(Corporation)
106"
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~ TICOR TITlE INSU"ANCE
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STATE OF CALIFORNIA }
COUNTY OF SAN DIEGO SS.
On MAY 22, 1987 before me, the undersigned,
said State, personally appeared BRUCE J. TARZY
personally known to me or proved to me on the basis
of satisfactory evidence to be thc:.person who executed
the within instrument as the CHAIRMAN of the
~~~~~ POWAY REDEVELOPMENT
A(.;ENrv J(<<~i<<I!)( known to me or
proved to me on the basis of satisfactory evidence to be
the person who executed the within instrument as the
YYYY">(){<x~~nxw the Corporation
that executed the within. instrument and acknowledged
to me that such corporation executed the within instru-
ment pursuant to its by-laws or a resolution of its
board of directors.
WITNESS "0nd a~ffi~al ,eal. /1 n
Slgnatu~~~
TO 21946 CA 11-83)
(Partnership)
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO - C -
a Notary Public in and for
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OFFICIAL SEAL
LOIS J, SANDOVAL
r~OTA,~Y PUBLIC CALIFORNIA.
PRINCIPAL OfFICE IN
SAN DIEGO COUNTY
Ill, (.o!nm~ f..ljl Mllt~ Z~ 19'ill
(This area for official nourial seal)
~ TICOR TiTlE INSURANCe
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before me, the: undersigned, a Notary Public in and for
ROGER A. MORHRHOFF
On MAY 22,1987
said State, personally appeared
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proved to me on the basis of satisfactory evidence to be
the person _ who executed the within instrument as
one of the partners of the partnership
that executed the within instrument, and acknowledged
to me that such partnership executed the same.
WITNESS my hand and official seal.
Signature d2~ () Jam ~1 . ,-e
OFHClr\l SE^l
LOiS J, SANDOVAL
t;vT,I1Y PUDUC. C\UFORNIA
PR:NCIP,~L OFFICE !rI
Sl.N DIEGO COUNTY
~~l Cor:m,~..:llI blll.!.rc~ lS 1991
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(This area for official notarial seal)
(gJ TICOR TITLE INSURANCE
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TO 1954 CA (9-84)
(Corporation as a Partner of a Partnership)
STATE OF CALIFORNIA }
COUNTY OF SAN DIEGO SS.
On MAY 22 , 1987 before me, the undersigned, a Notary Public in and for
said State, personally appeared ROGER A. MOHRHOFF
personally known to me or proved to me on the basis of satisfactory evidence to be the person who executed
the within instrument as the Vice- President, and JANE R. EVANS
personally known to me or proved to me on the basis of satisfactory evidence
to be the person who executed the within instrument as the Secretary of
,T. R. EVANS rOMPA1\!TES. TNC.
the corporation that executed the )Yithin jpgr.ument on
behalf of R'& R PARTNER::;-POWAY
the partnership that executed
the within instrument, and acknowledged to me that such
corporation executed the same as such partner and that
such partnership executed the same.
WITNESS my hand and official seal,
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OFFICIAL SEAL
LOIS J. SANDOVAL
NOTARY PUBLIC. CALIFORNIA
PRiNCIPAL OFFICE IN
SAN DIEGO COUNTY
~l Comml~~n h~ t,bnh 15 Ig91
Signature
(This area for official notarial seal)
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EXHIBIT "A"
PARCELS I THROUGH 10 INCLUSIVE, OF PARCEL MAP NO. IJ%2.A-,
IN THE CITY OF POWAY, COUNTY OF SAN DIEGO, STATE OF CALIF-
ORNIA, ACCORDING TO MAP ON FILE IN THE OFFICE OF THE COUNTY
RECORDER OF SAN DIEGO COUNTY, RECORDED MAY Ll , 1987.
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