HomeMy WebLinkAboutSD Easement - North Lot Agreement 058308
REGEIVED FOR RECORD
ATM 0"C WK
Recording Requested By And
When Recorded Mail To:
FEB 2A 1996
Vicki Lynne Kasad
City of Lake Elsinore d�AsMga+►O�e
130 South Main Street
•\\Lake Elsinore, California 92530
SUBORDINATION AGREEMENT
This Subordination Agreement is made and entered into
as of June 16, 1995 by and between MG/Chelsea Lake Elsinore l
Limited Partnership, a District of Columbia limited
partnership ("Owner") and McG Outlet Centers Limited
Partnership, a Delaware limited partnership ("Lessee") , with
reference to the following recitals:
A. Owner and Lessee are the owner and lessee,
respectively, under that certain Ground Lease
with Option to Purchase dated as of April 5,
1995, a memorandum of which was recorded in the
Official Records of Riverside County on May 16,
1995 as Instrument No. 156737 (the "Lease") ,
pertaining to certain real property located in
the City of Lake Elsinore, County of Riverside,
State of California, as more particularly
described in the Lease (the "Property") .
B. Owner has executed a Grant Deed in favor of the
City of Lake Elsinore whereby the Owner grants
to the City of Lake Elsinore an easement across
the Property for an underground storm drain
(the "Storm Drain Easement") and Owner is
further causing said Grant Deed to be recorded
in the Official Record of Riverside County
concurrent with the recording of this
Subordination Agreement.
C. Owner and Lessee desire that the Lease and
Owner's and Lessee's rights and interests
thereunder including, without limitation,
Lessee's option to purchase the Property as set
forth in the Lease, shall be and at all times
remain subject and subordinate to the Storm
Drain Easement.
NOW, THEREFORE, in consideration of the foregoing
recitals and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, Owner
and Lessee do hereby agree that the Lease and the leasehold
interests and estate created thereby and the rights,
58308
privileges and powers of the Owner and the Lessee
thereunder, including, without limitation, Lessee's right to
purchase the Property as set forth in the Lease and all
other rights or interests of the Lessee under the Lease, be
and are hereby, and with full knowledge and understanding of
the effect thereof, unconditionally made and shall at all
times remain subject, subordinate and inferior to the Storm
Drain Easement and all rights and privileges of the grantee
of the Storm Drain Easement.
IN WITNESS WHEREOF, the parties that have executed
this Subordination Agreement as of the date first above
written:
Owner: MG/CHELSEA LAKE ELSINORE LIMITED
PARTNERSHIP, a District of
Columbia limited partnership
By: CM Enterprises, Inc. ,
a Delaware Corporation, its
general partner
By:
Title:
By: Glen Investors, Inc. ,
a Delaware Corporation, its
general partner
By:
Title: C�,u
Lessee: McG OUTLET CENTERS LIMITED
PARTNERSHIP, a Delaware limited
partnership
By: McArthur/Glen Realty Corp. ,
a Delaware Corporation, its
general partner
By; )�. 04w�
Title: 0 C• V P
58308
ACKNOWLEDGMENT
STATE OF
SS.
COUNTY OF G )
On �)L4U /6 995 before me,
personaMy appeared L�'��>> �...� , persona ly known to me
(or proved to me on the basi,19 of satisfactory evidence)
to be the person(-s-} whose name(-s} is/are-subscribed to the
within instrument, and acknowledged to me that he/shey-theme
executed the same in his/hery-t--- authorized capacity-bias) , and
that by his/herft4ve r signatures on the' instrument the
person(s}, or the entity upon behalf of which the person(s4
acted, executed the instrument.
WITNESS, my hand anj official seal.
Signature (S E A L)
58308
ACKNOWLEDGMENT
STATE OF
ss.
COUNTY OF
On 1995, rbefore me, L` ��c�. L��w�►L ,
persona]r appeared —PAC%, LdA,;t-, � personally known to me
(or proved to me on the ba is 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.
WITNESS, my hand and official seal.
Signature Ci �u ����� ��.f /U�-^'�a �����G� (S E A L)
58308
ACKNOWLEDGMENT
STATE OF A. •-�-� )
ss.
COUNTY OF ,hu�R )
L.�.,� /fo 1995, before me, � ' ILL Lc
On ersonal y known to me
personall appeared �� L � �c "�i ' p evidence)
(or proved to me on the b sis of satisfactory
to be the persons whose name('&) is/ar$ subscribed to the
within instrument, and acknowledged to me that -he/she/they and
executed the same in k�s/her/tha authorized capacity(1e54,
that by hi-s/her/th-e-i-r signature(-s-) on the instrument the
person(s}, or the entity upon behalf of which the person•(-s)
acted, executed the instrument.
WITNESS, my hand and official seal.
f-L1a-_e,4 (S E A L)
Signature
R;