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HomeMy WebLinkAboutC-7347-5 - West Pacific Coast Highway, 3333 and 3335 - Subordination Agreement 2018Batch 3264360 Confirmation RECORDING REQUESTED BY WHEN RECORDED RETURN TO City Clerk's Office City of Newport Beach 100 Civic Center Drive Newport Beach, CA 92660 Page 1 of 2 Recorded in official Records, Orange County Hugh Nguyen, Clerk -Recorder Jill I 1111111111111IIII11111111111111111I1II No FEE * S K 0 0 0 9 3 9 2 3 9 8 t* 2018000116159 2:10 pm 04102118 276 404 Si 3 17 0.00 0.00 0.00 0.00 48.00 0.00 0.000.00 0.00 [Exempt from Recordation Fee - Govt. Code Sec. 6103 and 273831 SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR INTEREST (INCLUDING ANY SECURITY INTEREST) IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF A LATER RECORDED EASEMENT INSTRUMENT. THIS SUB RDINATION AGREEMENT ("Subordination") made as of this ?Wr day of ;vl , 2018, by GOLDEN HILLS PROPERTIES, LLC, a California limited liability company, DBA Newport Marina ("Owner"), owner of the real property located at 3333 and 3335 West Pacific Coast Highway (APNs 049-130-25 and 049-130-22, respectively), in the City of Newport Beach, County of Orange, State of California, and as more particularly described and depicted .in Exhibit "A," attached hereto ("Property"), and F05i'WQR- aV* present holder e' a deed of trust and hereinafter described and referred to as the "Lender." WHEREAS, Owner has executed a deed of trust dated ck 1'�r�®1 e encumbering that certairl Property to secure a note in favor of Lender, which deed of trust was recorded on a ZDI s Document No. 2V iS0VMq ZJ9 in the Official Records of Orange County, alifornia ("Deed of Trust"); WHEREAS, Owner has executed, or is about to execute, a Grant of Easement for Public Access, which is attached hereto as Exhibit "B," of even date herewith, to the City of Newport Beach, a municipal corporation and charter city, hereinafter referred to as "City," subject to the terms and conditions described therein, which Grant of Easement for Public Access is to be recorded concurrently herewith; WHEREAS, it is a condition precedent that the Grant of Easement for Public Access above mentioned shall unconditionally be and remain at all times an encumbrance, interest upon the land hereinbefore described, prior and superior to the lien or charge of the deeds of trust first above mentioned; WHEREAS, A-' is agreeing to subordinate the Deed of Trust to the Grant of Easement for Public Access only on the basis that dC_ � J's rights to enforce its lien interest and acquire the Property under the terms of the Deed of Trust, whether by https:Hgs.secure-recording.com/Batch/Confirmation/3264360 04/02/2018 RECORDING REQUESTED BY WHEN RECORDED RETURN TO: City Clerk's Office City of Newport Beach 100 Civic Center Drive Newport Beach, CA 92660 [Exempt from Recordation Fee - Govt. Code Sec. 6103 and 27383] SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR INTEREST (INCLUDING ANY SECURITY INTEREST) IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF A LATER RECORDED EASEMENT INSTRUMENT. THIS SUBORDINATION AGREEMENT ("Subordination") made as of this 2Z?"day of al,t1te,A , 2018, by GOLDEN HILLS PROPERTIES, LLC, a California limited liability company, DBA Newport Marina ("Owner"), owner of the real property located at 3333 and 3335 West Pacific Coast Highway (APNs 049-130-25 and 049-130-22, respectively), in the City of Newport Beach, County of Orange, State of California, and as more particularly described and depicted in Exhibit "A," attached hereto ("Property"), and E0St-W25l-l30r* present holder of a deed of trust and hereinafter described and referred to as the "Lender." WHEREAS, Owner has executed a deed of trust dated kA&,rc ,, encumbering that certain Property to secure a note in favor of Lender, which deed of trust was recorded on ri,j Document No. 20190DD)q :Z3ti9 in the Official Records of Orange Countyunty alifornia ("Deed of Trust"); WHEREAS, Owner has executed, or is about to execute, a Grant of Easement for Public Access, which is attached hereto as Exhibit "B," of even date herewith, to the City of Newport Beach, a municipal corporation and charter city, hereinafter referred to as "City," subject to the terms and conditions described therein, which Grant of Easement for Public Access is to be recorded concurrently herewith; WHEREAS, it is a condition precedent that the Grant of Easement for Public Access above mentioned shall unconditionally be and remain at all times an encumbrance, interest upon the land hereinbefore described, prior and superior to the lien or charge of the deeds of trust first above mentioned; WHEREAS, zk�k✓ is agreeing to subordinate the Deed of Trust to the Grant of Easement for Public Access only on the basis that cs�G►., -I s rights to enforce its lien interest and acquire the Property under the terms of the Deed of Trust, whether by foreclosure, deed -in -lieu or any other means, and any subsequent sale or transfer of the Property by shall not be affected so long as any acquisition, transfer or sale of the Property is made subject to the terms of the Grant of Easement for Public Access; and 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 for City to obtain the Grant of Easement for Public Access, it is hereby declared, understood and agreed as follows: (1) That said Grant of Easement for Public Access in favor of City shall unconditionally be and at all times remain an encumbrance, lien and charge on the property therein described, prior and superior to the lien or charge of the deeds of trust first above described, and any acquisition, transfer or sale of the Property made under the provisions of the Deed of Trust, whether by foreclosure, deed -in -lieu or other means, shall be subject to the Grant of Easement for Public Access; and (2) That this Subordination Agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the deeds of trust first above mentioned to the Grant of Easement for Public Access in favor of the City above referred to and shall supersede and cancel, but only insofar as would affect the priority between the easement and deeds of trust hereinbefore specifically described, any prior agreement as to such subordination including, but not limited, those provisions, if any, contained in the deeds of trust first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust subject to the terms of the Grant of Easement for Public Access. IN WITNESS WHEREOF, Owner and Lender have executed this Subordination Agreement as of j' &riJ% 2D, 20 OWNERS: GOLDEN HILLS PROPERTIES, LLC, a California limited liability company, DBA Newport Marina in 2 Michael lijani Manager ShahraVelijani Manager LENDER: By: LUQ AP PROVED TO FORM: Aaron C. Harp (AM 0\I1011W' City Attorney 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 Cali omia County of �_��} ss. /, On _ a LCC /3' , 20/ before me, 0,6 k n -eh s D , Notary Public, personally appeared .__ &A M Nq Pya Z _, who proved to me on the basis of satisfactory evidence to be the person(S) whose name(s) is/ace subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/herteir authorized capacity(ios), and that by his/her#heir signatures(o on the instrument the person(4, or the entity upon behalf of which the person(rs3 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. WITNESS m and and official seal. Signature CORNELIA S. HO NotaryPublic- California z L —' { Los Angeles County n z' l Commission k 2204895 ,j._M■7 My Comm. Expires Jul 14, 2021 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. (seal) State of California County of _} ss. On —.20 before me, Notary Public, personally appeared 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 signatures(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. WITNESS my hand and official seal. Signature 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 Ly } . s On z 20 VL:,..ah-" — , � before me, Notary Public, pers ally appeared �Ea 0CL a ` who proved to me on the basis of satisfactory evidence to be the personK whose name( ismsubscribed to the within instrument and acknowledged to me that he/sem he/their executed the same in his/he4tbair authorized capacity , and that by his/�er/th"eir signatures(.sron the instrument the person�W, or the entity upon behalf of which the personk%'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. LARION AYZMAN COMM. #2115103 z �s4 Notary Public California o Z is ASM' Ventura County My Comm. Expires June 12, 2019 WITNESS my handl official seal. Sig 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. (seal) State of Calif rnia Count of ./ 10- e Py } ss. 99 On t,ko� S —,2 0 before me, �' {' Q v-� 1A Notary Public, per ally appeared c- cti c a v.� proved to me on the basis of satisfactory evidence to be the persop�<whose name /ar-e" subscribed to the within instrument and acknowledged to me that he/s�eLtklay executed the same in his/I eir authorized capacityae.s-),and that by his/hax..�r signaturesjs)-on the instrument the persoo4&ror the entity upon behalf of which the personw`acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is tr e and correct. OD LARION AYZMAN COMM. #2115103 z WITNESS my h n official seal. Notary Public • California o Z g; Ventura County My Comm. Expires June 12, 2019 Signa a (seal) 4 EXHIBIT "A" Parcel 1 (APN 049-130-22) A parcel of land situated in the City of Newport Beach, County of Orange, State of California, being a portion of Section 28, T6S, R10W, SBBM, and more particularly described as follows: Beginning at a point (P.O.B.) on the Westerly line of Lot L, Tract 919, recorded in Miscellaneous Map Book 29, Pages 31-34, Official Records of Orange County, California, said Westerly line bears North 11 057'35" East, said point being distant 60.00 feet measured along said Westerly line of Lot L, and Northerly of U.S. Bulkhead line between U.S. Bulkhead Station No. 128 and 128A, as said U.S. Bulkhead Lines and Stations are laid out and shown upon a map titled "Harbor Lines, Newport Bay Harbor", approved by the Secretary of the Army, February 15, 1951 and on file in the U.S. District Engineer's Office, Los Angeles, California, a radial line through said point bears North 270 20' East (and also shown as "North 250 00' East"); thence Westerly along a curve concave to the South and having a radius of 480.00 feet and a central angle of 460 16' 46" an arc distance of 387.71 feet to an intersection with the aforementioned U.S. Bulkhead Line a distance of 49.27 feet more or less to the Southeasterly corner of Parcel No. 2 of that certain easement described in deed to the State of California from the City of Newport Beach, recorded in Book 3680, Page 54, and dated October 17, 1956, Official Records of said Orange County, thence Northeasterly along the Easterly line of Parcel No. 2 to an intersection with the Southeasterly line of Parcel No. 1, described in deed to the State of California from the County of Orange, recorded in Book 3680, Page 50, and dated October 17, 1956, Official Records of Orange County, thence Northeasterly along the Easterly line of said Parcel No. 1 to an intersection with the Southerly line of that certain parcel of land described in deed to the State of California from the County of Orange recorded in Book 293, Page 158, and dated June 29, 1929, Official Records of Orange County; thence Easterly along the Southerly line of said last mentioned parcel of land to an intersection with the Westerly line of the aforementioned Lot L of said Tract 919, thence South 110 57' 35" West along the Westerly line of said Lot L, to the Point of Beginning (P.O.B.). As described in a Grant Deed, recorded July 16, 1997, in OR 19970335011 Area contains approximately 61,140 square feet (1.404 acres) �'-,11M l 1 Inch = 75 feet e o O s COAST HWY W 8.5 1660' r 8/ 61,140 sq It 1.404 acres 387.71' v 1 60 t P.O.B. I _ / .. t r © US Bulkhead Stations� I Parcel 1 1 Grant Deed - OR 19970335011 Gly ofGIS IAd Bcocl, S DlviYon C,CIober 30, 2015 Parcel 2 (APN 049-130-251 Beginning at a point (P.O.B.) on the U.S. Pierhead and Bulkhead line, between U.S. Bulkhead Stations No. 227 and 128, as shown on a map, dated March 20, 1936, File No. 958 on file in the U.S. Engineer's Office, Los Angeles, California, entitled "Harbor Lines Newport Bay Harbor", California: Distant thereon S 790 02' 20" E, 11.95 feet from said Station No. 227, thence continuing S 790 02' 20" E, 38.39 feet, thence N 150 14'50" E, 117.14 feet to a non -tangent curve concave southeasterly, having a radius of 121.00 feet, and a radial line bearing S 390 0848" E, thence southwesterly along said curve 34.90 feet through an angle of 160 31' 28" to the beginning of a compound curve concave southeasterly having a radius of 286.00 feet, thence southwesterly 46.74 feet along said curve through an angle of 90 21" 49" to the beginning of a reverse curve concave northwesterly, having a radius of 326.00 feet, thence southwesterly 45.23 feet along said curve through an angle of 7° 56'58" to the point of beginning (P.O.B.). As described as "Parcel 2" in a Grant Deed, recorded Oct 17, 1956, in OR 3680/50 Area contains approximately 2,660 square feet (0.061 acres) 7 m it O COAST HWY W 2,660 sq ft P mob` W 2 N � Py 1.95. (h 22M 579.0220E usnm P.O.B. 1 inch = feet Ile ® US Bulkhead Stations FZ Parcel 2 -._ Grant Deed - OR 3680/50 n7 of Nmvpen Beoch cis owhme 111 amber 20, 2015 Nsr,pal orho_ nu EXHIBIT "B" GRANT OF EASEMENT FOR PUBLIC ACCESS RECORDING REQUESTED AND WHEN RECORDED RETURN TO: CITY OF NEWPORT BEACH P.O. BOX 1768 Newport Beach, CA 92658-1768 Attention: Real Property Administrator WITH A CONFORMED COPY TO: Golden Hills Properties, LLC C/O: Jackson DeMarco Tidus Peckenpaugh 2030 Main Street, Suite 1200 Irvine, California 92614 Attention: Gregory Powers Recording Fee: Exempt (Government Code — Section 6103) (Space above this line for Recorder's use) GRANT OF EASEMENT FOR PUBLIC ACCESS FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, GOLDEN HILLS PROPERTIES, LLC, a California limited liability company DBA Newport Marina ("Grantor'), owner of certain interests in the real property described herein situated in the City of Newport Beach, County of Orange, State of California, hereby grant(s) to the CITY OF NEWPORT BEACH, a municipal corporation and charter city ("Grantee"), a non-exclusive, perpetual sidewalk and public access easement for pedestrian access to Newport Harbor, in, under, over, along, and across certain real property ("Easement") described on Exhibit 1 and depicted on Exhibit 2 attached hereto (the "Easement Area"). IN WITNESS WHEREOF, Grantor has executed this Grant of Easement as of , 20_. This Grant of Easement shall not be effective for any purpose unless and until the Acceptance below has been duly executed by Grantee. "GRANTOR" GOLDEN HILLS PROPERTIES, LLC, a California limited liability company, DBA Newport Marina as Michael Delijani Manager By: Shahram Delijani Manager 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 }ss. On , 20 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 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 signatures(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. WITNESS my hand and official seal. Signature (seal) 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 }ss. On 20 before me, Notary Public, personally appeared 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 signatures(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. WITNESS my hand and official seal. Signature CERTIFICATE OF ACCEPTANCE This CERTIFICATE OF ACCEPTANCE is to certify that the interest in real property conveyed by this Grant of Easement dated , 2018, by and between the City of Newport Beach, a municipal corporation, as Grantee, and Golden Hills Properties, LLC, a California limited liability company, DBA Newport Marina as Grantor, is hereby accepted on 20_, by the undersigned officer on behalf of the City of Newport Beach pursuant to authority conferred by Resolution No. 1992-82 of the City Council adopted on July 27, 1992. The City consents to the recordation of said document in the Office of the Recorder of Orange County, State of California. APPROVED AS TO FORM: CITY ATTORNEY'S OFFICE By: By: Aaron C. Harp NM City Attorney ATTEST: By: Leilani I. Brown City Clerk CITY OF NEWPORT BEACH, a California municipal corporation Dave Kiff City Manager 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 }ss. On , 20 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 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 signatures(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. WITNESS my hand and official seal. Signature (seal) 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 }ss. On , 20 before me, Notary Public, personally appeared 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 signatures(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. WITNESS my hand and official seal. Signature Exhibit 1 Description of Easement Area Parcel "A" (A six foot wide Pedestrian Access Easement) A six foot wide easement for pedestrian access purposes, situated in the City of Newport Beach, County of Orange, State of California, being a portion of Section 28, T6S, R10W, SBBM, and the centerline of which is described as follows: Beginning at a the Northwest corner of Lot L, Tract 919, recorded in Miscellaneous Map Book 29, Pages 31-34, Official Records of Orange County, California, said Westerly line to point bears North 11'57'35" East, and Northerly of U.S. Bulkhead line between U.S. Bulkhead Station No. 128 and 128A, as said U.S. Bulkhead Lines and Stations are laid out and shown upon a map titled "Harbor Lines, Newport Bay Harbor", approved by the Secretary of the Army, February 15, 1951 and on file in the U.S. District Engineer's Office, Los Angeles, California, a radial line through said point bears North 270 20' East (and also shown as "North 250 00' East"); thence Westerly along a curve concave to the South and having a radius of 1550.00 feet and a central angle of 30 24' 34" an arc distance of 92.22 feet to the True Point of Beginning, thence South 11' 57' 35" West, a distance of 79.24 feet, thence North 770 41' 03" West, a distance of 14.70 feet, thence South 110 57' 35" West, a distance of 93.17 feet, to the northerly line of a 10 foot wide Pedestrian Access easement, as described as Parcel B hereon. Said land is included within a portion of the area shown on a map files in Book 21, Page 44 of Record of Surveys, in the office of the County Recorder of said County. As described in a Grant Deed, re-recorded July 28, 1999, in Official Records 19990550385. Area contains approximately 1,120 square feet (0.026 acres), more or less. Parcel "B" (A ten foot wide Pedestrian Access Easement) A ten foot wide strip of land along the bay frontage for public pedestrian access purposes, situated in the City of Newport Beach, County of Orange, State of California, being a portion of Section 28, T6S, R10W, SBBM, the Southerly line of which described as follows: Beginning at a point (P.O.B.) on the Westerly line of Lot L, Tract 919, recorded in Miscellaneous Map Book 29, Pages 31-34, Official Records of Orange County, California, said Westerly line bears North 11057'35" East, said point being distant 40.00 feet measured along said Westerly line of Lot L, and Northerly of U.S. Bulkhead line between U.S. Bulkhead Station No. 128 and 128A, as said U.S. Bulkhead Lines and Stations are laid out and shown upon a map titled "Harbor Lines, Newport Bay Harbor", approved by the Secretary of the Army, February 15, 1951 and on file in the U.S. District Engineer's Office, Los Angeles, California, thence North 79° 02' 19" West, a distance of 368.19 feet, thence North 37° 06' 13" E, a distance of 3.05 feet, thence N 52° 53'52" West a distance of 12.5 feet, thence South 370 06' 08" West, a distance of 37.43 feet, thence South 520 53' 52" East, a distance of 12.5 feet, thence South 370 06' 08" West, a distance of 137.42 feet, thence South 180 30' 56" West, a distance of 90.71 feet, thence South 88° 54' 01" West, a distance of 140.33 feet, to the southwesterly prolongation of the northwesterly line of that certain parcel of land described in deed to the State of California from the City of Newport Beach, recorded in Book 3111, Page 125, and dated June 12, 1955, Official Records of Orange County, California, and as shown on a Record of Survey, recorded in RS Book 220, Pages 44-50, and dated June 27, 2007, Official Records of Orange County, California. Said land is included within a portion of the area shown on a map files in Book 21, Page 44 of Record of Surveys, in the office of the County Recorder of said County. As described in a Grant Deed, re- recorded July 28, 1999, in Official Records 19990550385. Area contains approximately 8,000 square feet (0.184 acres), more or less. Attachments: Exhibit 2 — Depiction of Easement Area (Newport Arches Marina Site Plan as recorded on April 25, 1990) Exhibit 2 Depiction of Easement Area 0 g 3 Liz 0 d COAST HWY W r.rae.� IKl ♦1 i PARff1B-PARCELA,�� ,iLtYwlde)I P'wlde); �� tI t= - Q Easement Area US Bulkhead Stations _i Bulkhead/Plenccad ;1 Pedestrian Access Easements'' �1� (Newport Marina Parcels)