Subordination Agreement 1986-356622
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" \ THE CITY OF POIIAY " ----. " .8 6 3 5 6 6 2 Z
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.WHEN 'RECORDED MAIL TO: 1986 AUG 19 Mill: 37
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~VERA L. LYU'
f,t> "d X 7f:l';;, caulln RECOROE.!J 1
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S ace Above This Line For Recorder"s Use
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN
YOUR SECURITY INTEREST IN THE PROPERTY
'BECOMING SUBJECT TO AN ESTATE IN THE
BEALPROPERTY TO WHICH YOUR SECURITY
INSTRUMENT ATTACHES AND HAS THE POTENTIAL
EFFECT OF REDUCING THE VALUE OF YOUR
SECURITY INTEREST.
THIS AGREEMENT, made this 23rd day of JULY 1986
by, ROBERTS II, INC., a California' corporation
owner of the land hereinafter described and hereinafter referred to
as "Owner," and CANADIAN ,COMMERCIAL BANK, a Canadian Chrtered bank
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present owner and holder
of the deed of trust and note hereinafter described and hereinafter
referred to as "Beneficiary" ;
WITNESSETH
THAT WHEREAS, ROBERTS II. INC.. a California coruora ti on
did execute a deed of trust, dated
NOVEMBER 1, 1983 , tOTICOR TITLE INSURANCE COMPANY_ a
,California corporation , as trustee, and an instrument
recorded February 4, 1985 a~, File No. 85-037788 of Official Records, substituted the
Trustee as FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation
to secure a note in the sum of $ 9,600,000.00 , dated
N6vemb~, lo, !98,3 , in favor ofCANAQIAN COMMERCIAL BANK, a C.~~adlap
'-~' c,hartered bank -
recorded December 20, 1983 , as File No~'83-464095 of
ciffTc:ial Record'i ""ot, said county; and
WHEREAS i Owner has executed. "or is about, to execute, as
g r'im tor , a grant o'f easement dated J,u1v 23 ,1986 ' ,
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in favor of TEH CITY OF POWAY
as grantee herein 'referred to as "Easement Grantee," creating an
easement 'of which is recorded concurrently herewith;
and
WHEREAS, it is a condition precedent to obtaining said
easement that said grant of easement above mentioned shall uncon-
ditionally be and remain at all times a charge upon the land herein-
before described, prior and superior to the lien or charge of the
deed of trust above mentioned; and
WHEREAS, Easement Grantee is willing to accept said ease-
ment 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
wilring that the grant of easement ; recorciedconcurrently herewith, shall
cons ti tu te
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
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at all times a charge on the property therein
d'esci'fbed, prior and superior to the liren or
charge of the deed of trust above mentioned.
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," (2) ,That Easement Grantee would not accept said easement
'above described without this subordination agreement.
(3) That this agreement sha!'l 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 ref~rred to and' shall supersede
and cancel, but only insofar as 'would affect the
priority between the deed of trust and easement
hereinbefore specifically described, any prior
agreement as to such subordination including, but
not limited, those' provisions, if any, 'contained
in the deed ot trust abovementioned, 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 He ~p,~g.~n,ts tp and apprcve~ 'the gra~t of
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easement in favor of the Easement Grantee.
(b) He intentionally and uncond~tionally waives,
relinquishes and subordinates 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 waiver,
relinquishment and subordination the grant
of easement is being executed and delivered,
the easement is being created, and that specific
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monetary and other obligations are being
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and will be entered into by the Easement
Grantee, other lenders, and title insurance
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companies which would not be made or
entered into but for said reliance upon
this waiver, relinquishment and subordina-
tion; and
(c) An indorsement has been placed upon the note
secured by the deed of trust above mentioned
that said deed of trust has by this instrument
been subordinated to the charge of the ease-
ment in favor of .Easement Grantee above referred
to.
CANADIAN COMMERCIAL BANK, a Canadian I~., a california corporation
Chartered Bank
" BY: I see attached) BY: ~/
ROBERT LEVENSTEIN, President
BY: BY: ~~r Cl- ~"~~
~VAN SIMOVICH, Vice President
BENEFICIARY ~. . -
OWNER
(ALL SIGNATURES MUST BE ACKNO;-,'LEDGEDl
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FA Form 1 (Existing Deed of Trust to New Easement)
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.. L _07
STATE OF CALIFORNIA )
) ss,
COUNTY OF VENTURA )
On ,::5\Jl:d .::13 . ,1986 be~ore me, the undersigned, A Notary Public in
and for sai ,state,pers~nallyilppea.red 1?ol<x.r -+ \..c€.-I/e-l'\ ~+~,,'" ;and
\:'\.0..('\ S ~ ryuW Ie h personally Known to me (or proved to
me on the basis 'of satisfactory evidence) to be the person who executed the
within instrument as ' T-> ~ EO S 'OE' 10 T
and "i ~,F', P RIOt i "t~) , respectively, on
behalf of ' Q^Ir.-€R..T-S N, .LAC. , the
corporation th(!rein named, and acknowledged to me that such corporation
executed ,the within instrument pursuant to its Bylaws 'or a resolution of its
Board of Directors.
8) OFFICIAL SEAL
WITNESS my hand and official seal. '" ' Vie, KIE J, LA BRIER
_m; . NOTAR'fPUBLlC - CALIFORNIA
YEHTUIM COllNTY ,
Signature ~~~ ,My comm"....lres JUN 1.5.1.990
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. SUBORDINATION AGREEMENT
Roberts II, Inc.
CANADIAN COMMERCIAL BANK
By PW, Liquidators, Inc., as agent and
attorney in fact for Canadian
Commercial Bank and for Price
Waterhouse Limited, as liquidator of
the estate and effects of Canadian
Commercial Bank
By!it~
'"nD.gap-os
It. ice presid
The undersigned hereby consent to and approve the terms of this document.
Price Waterhouse Limited, as liquidator
of the estate and effects of 'Canadian
Commercial Bank
By PW Liquidators, Inc., as agent and
attorney in fact
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By:
J n D. 31(p'. 5 '
Its' ' lce Preside
Bank of Canada
By PW Liquidators, Inc., as agent and
attorney in fact
By:
PW Liquidators, Inc.
2889T
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. S'rATE OF CALIFORNIA) ,
, ) ss.
COUNTY OF ORANGE )
On this, ,22nd .day of July in the year .1986"before me, Leona Martin, the
undersigned Notary Public, 'in and for said State, personally appeared
John O.Sapi.nskY, personally known to me (or ,proved to me on the basis of
satisfactory evidence) to .tie the Vice President of PW Liquidators, Inc.,
a corporation, the corporatio'n subscribed to the within instrument as the
agent and attorney in fact of Canadian Commercial. Bank and acknowledged
to me that he subscribes the,name of PW Liquidators, Inc. thereto as
principal and PW Liquidators, Inc. as agent and attorney in fact.
~ . OI'FfCIA'L'SEAL
, :,' ,', LE~NA MARTIN
.. f<- ~ c2~ {. - _ NOTARV~USUC-C^L1F~NIA
Notary I s Slgnature ' -" ' """"'Gf CO..JN1~
<,.\'.;r,;, My Cornm. E~...... A..>9. 10. \ 'i'87
STATE OF CALIFORNIA)
, ) ss.
COUNTY OF ORANGE )
On this 22nd day of July, in the year 1986, before me, Leona Martin, the
undersigned Notary Public, in and for said State, personally appeared
Jot;1n D. Sapinsky, personally known to me (or proved to me on the basis of
satisfactory evidence,) to De the, Vice President' of PW Liquidators, Inc ",
a' corporation, the corp'oration sUbscribed to the' within instrument 'as the
agent and attorney in fact of Price Waterhouse, Limited and acknowledged
to me that he subscribes the name ofPW LiqUidators, Inc. thereto as
pr incipal and PW Liquidators, Inc. as agent .aDd attorney in fact,.
~ ~~ ., 'OFFIClALSEAL
~ I' /L - ",. LE.ONA MARTIN
.. NOTARY Pt.eUC. CAUFORNIA
Notary I s Signature , ' " ORANO/iOllUHTY
., '.M,C~bpirM"a.IO, 1987
STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On' triis' 22nd:day of,auly inthEl Y.,eaX 1986, 'b,efore me I :Leona ,Mar fin , tile
'unaersigned' Notary Public, in and for saia 'State, personally appeared
John D. Sapinsky, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the Vice 8tesident of pW liqUidators, Inc.,
a corporation, the corporation subscribed to the within instrument as the
agent and attorney in fact of Bank of Canada and acknowledged to me that
he subscribes the name of PW Liquidators, Inc. thereto as principal and
PW Liquidators, Inc. as agent and attorney in fact.
~.~ .'OFFICIAVSEAL
, ,. LEONA MARTIN
, . ... NOTARY,PUBlIC-CAl1f<l.RHlA
tobtary s Slgnature ' OAANGfCOIJNTY
, .".. -' MyCOllllll. bpftIAug. 10, 1987
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.,
STATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
On this 22lJd day of July, in the year 1986, before me, Leona Martin, the
undersigned Notary Public, in and for said State, personally appeared
John D. Sapinsky, personally known to me (or proved to me an the basis of
satisfactory evidence) toge the Vice President of PW Liquidators, Inc.,
a corporation, the corporation subscribed to the within instrument as the
agent and attorney in fad: of' PW Liquidators, Inc. and acknowledged to me
that he subscribes the narne ,cjf PWLiquidators , . Inc. thereto as principal
and PW Liquidators, Ine.as agent andilttbrney in fact.
~~~ . OFFICIAL SEAL
, " tEONA MARTIN
. HOT~PUBl.ic.CAllFQRNlA
Not ry's, Signature p ; ~COUNTY
. <, M.,C~.'~..-.g.lO,19B7
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