No preview available
HomeMy WebLinkAboutD-2502 '. -- 'CITY Of RI(\"""It' RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: OCT 3 1 1994 CITY MANAGER 1./'/ ~ , 1;- ", '. , . City of Arcadia 240 West Huntington Drive Arcadia, California 91007 Ann: City Manager RECORDED/FILED IN OF LORECOROER'S FICIAl RECCR_ S ANGELES OFFICE "., SEP CALlFORN~~UNrv 27 7994 AT8 A.M. 9224366-64 73993-50 Parcel No. 5775-001-017 Space 8 ve th s fne for eco er 8 use SUBORDINATION AGREEMENT [fEE l6 4 F I TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, a New York corporation ("Teachers"), owner and holder of those certain Deeds of Trust executed and' deliv"ered 'oy" (irSanta-.A:riifa Realfy Enterprises', Inc':, a Delaware corporation ("Realty"), to Teachers, dated January 25, 1994, recorded January 25, 1994, as Instrument No. 94-'165960, Official Records of the County of Los Angeles, State of California, and (ii) Anita Associates, a California limited partnership ("Associates"), to Teachers, dated January 25, 1994, recorded January 25, 1994, as Instrument No. 94-165957, Official Records of the County of Los Angeles, State of California, hereinafter collectively called the "Deeds," constituting liens upon certain real property lying and being in the City 01 Arcadia, County of Los Angeles, State of California, as that real property is more particularly described in the Deeds (said real property being hereinafter referred to collectively as the "Deed Premis'es"), DOES HEREBY CONSENT TO the execution and delivery of that certain document entitled Fifteen Year Easement Grant .'. .,. p.... _', '~' ._..J ....oj........:...... .._ Deed ("Grant Beed");-byand among Assdcfates; 'City of Arcadia and Realty and recorded 020-Sub2 - 1 - " " on the same day as this Subordination Agreement ("Subordination") in the Official Records of the County of Los Angeles, State of California, AND DOES HEREBY AGREE that the interest of Teachers in and to the Deed Premises shall be SUBJECT AND SUBORDINATE to the rights of the parties to the Grant Deed and that said rights shall be charges and encumbrances on the Deed Premises PRIOR AND SUPERIOR to Teachers' interest in the liens pursuant to the Deeds with the same force and effect as if the Grant Deed had been executed, delivered and recorded prior to the execution, delivery and recording of the Deeds; PROVIDED, HOWEVER, in the event Teachers succeeds to the interest of Associates and/or Realty in and to the Deed Premises, whether by foreclosure of the Deeds, sale of the Deed Premises pursuant to the trustee's power of sale contained in the Deeds, or transfer of the Deed Premises pursuant to a conveyance in lieu of foreclosure, any liability under Section 1 (b) of the Grant Deed shall not be applicable, and it is a condition to Teachers' consent and subordination to the Grant Deed that Teachers' liability shall be so limited. Teachers hereby expressly recognizes that the parties to the Grant Deed have entered into the Grant Deed on the express condition that Teachers consent thereto and subordinate its interest in the Deeds thereto. Teachers dues expressly recognize, consent and agree that each term, provision, covenant, restriction, easement and lien created by the Grant Deed shall be binding upon the Deed Premises for the period of time that each such term, provision, covenant, restriction, easement and lien is binding under the terms of the Grant Deed in accordance with the terms as therein provided. II II OZO-Sub2 - 2 - 94 1770110 , " . " . This Subordination is made by Teachers for the purpose of subordinating the liens pursuant to the Deeds to the Grant Deed, and to acknowledge that the Grant Deed shall be prior and superior to the liens pursuant to the Deeds. This Subordination shall be binding upon Teachers and its successors, successors- in-interest and assigns, and its interest in the Deed Premises, and shall inure to the benefit of the parties to the Grant Deed, and their respective successors and assigns, and to the real property therein described. II II 1/ II II II /1 /I II /1 II II 1/ II /I /I 020-Sub2 - 3 - 94 1770110 . ' .' , IN WITNESS WHEREOF, Teachers has duly executed this Subordination as of YJO ,1994. \,f ,J :- TEACHERS TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, a New York corporation 9"f\ ~ By: JnC4J.,... -i<. ~ Name: MaI"t1a. K, If, Title: _1\1 R.~ CT1)R ." IIJ" . .,.. ..... .' ". STATE OF NEW YORK ) ) ss. COUNTY OF NEW YORK ) On this 3 0 day of ih.Le.A. /> ,j- , 1994, before me, HI'l-n, TYI k th/LN 8Y '..~-,(~~-;;;. Public, duly authorized in and for the County in the State aforesaid to take acknowledgements, personally appeared H'ft/l-1TYI K !+1II.N/3y , to me known and known to me to be the /.), /t.R!..;r7J (I... ofTEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, the corporation described in the foregoing instrument, and acknowledged that as such officer, being authorized so to do, helshe executed the foregoing instrument on behalf of said corporation by subscribing the name of such corporation by himself/herself as such officer and caused the corporate seal of said corporation to be affixed thereto, as hislher free and voluntary act, and as the free and voluntary act of said corporation, for the uses and purposes therein set forth. IN WITNESS WHEREOF, I hereunto set my hand and official seal. W Notary Public in d f?~ .~~\r Notary Public, Statv of New York No. 4786128 QudfIId In Naau County CenlfillltlfiJlcS In N.Y. County Comml"'Expll.. Sept. 30, 1994 , .:- 020-5ub2 - 4 - 94 1770110 " .. .~ '. .r,; " . . jiia!'OLJ E:-:b,L6'3 ;?,t. r :0' J fJt1 ,~"'!!~1Ul1S t11lHt!lJ 1/0. C"""'IiI onll~ lit V.!t7,f)~1'l c",n\iUI W>>' 'It,~\!~ I~a ""l:H.^ b"P\!c' 2P~(; Ct V:CM ,,4.(;tf .'.OaEV',:\'ltls'r .'M\~~.F.ll ,