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HomeMy WebLinkAbout2012 CON CDC HA (Subordination Agreement) Lonnie Littleton - 200 E Visayan StreetF(6 610 Aber Recording Return to: OFFICE OF THE CITY CLERK 1243-NATIONAL CITY BOULEVARD N TfONAt CfT ,-CA-91950 File No. 01-12121691-04C Tax ID No.: 551-650-28-00 UST Global 345 Rouser Road Suite 201 Moon Township, PA 15108 D O C # 2013-0058142 1 IIIIIIII III IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIII IIII JAN 28, 2013 2:44 PM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE Ernest J. Dronenburg, Jr., COUNTY RECORDER FEES: 27.00 PAGES: 5 I IIIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIII IIII SUBORDINATION AGREEMENT TITLE ORDER NO. 01-12121691-04C ESCROW NO. APN NO. 551-650-2.-00 NOTICE: TIIIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. TIIIS AGREEMENT, made November 21, 2012, by LONNIE D. LITTLETON owner of the land hereinafter described and hereinafter referred to as "Owner;" and THE COMMUNITY DEVELOPMENT COMMISSION OF NATIONAL, CITY present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary;" WITNESSE"I'H THAT WHEREAS, LONNIE D. LITTLETON did execute a deed of trust, dated 02/05/2009, covering: SEE ATTACHED EXHIBIT A to secure a note in the sum of $189,426.00, in favor of THE COMMUNITY DEVELOPMENT COMMISSION OF NATIONAL. CITY which deed of trust was recorded in DOCUMENT NO. 2009- 0336273, on 06/19/2009, Official Records of said county; and WHEREAS, Owner has,executed, or is about to execute, a deed of trust and note in the sum of 5154 151.00 Gated \k I'�-`, �� in favor of RANK OF AMF171CA, he: -.:•:rafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which deed of trust is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the deed of trust first above mentioned; and WHEREAS, Lender is willing to make said loan provided the deed of trust securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the deed of trust first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien of charge of the deed of trust first above rentioned to the lien or charge of the deed of trust in favor of Lender; and APN: 551-650-28-00 WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is willing that the deed of trust securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the deed of trust first 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 Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows: (1) That said deed of trust securing said note in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien or charge of the deed of trust above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of Lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the deeds of trust hereinbefore specifically described, any prior agreement as to such subordination including, but not limited, those provisions, in any, contained in the deed of trust first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or mortgages. Beneficiary declares, agrees and acknowledges that: (a) She/He consents to and approves (i) all provisions of the note and deed of trust in favor of Lender above referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, between Owner and Lender for the disbursement of the proceeds of Lender's loan: (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds and any application or sue of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination herein made in whole or in part; (c) She/He intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the deed of trust first above mentioned in favor of the lien or charge upon said land of the deed of trust in favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination, specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and (d) An endorsement has been placed upon the note secured by the deed of trust first above -mentioned that said deed of trust has by this instrument been subordinated to the lien or charge of the deed of trust in favor of Lender above referred to. --- Signatures on Pages to Follow --- APN: 551-650-28-00 NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN, A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. BENEFICIARY: THE COMMUNITY DEVELOPMENT COMMISSION OF NATIONAL CITY BY NAM Ron Morrison TITLE: Chairman STATE OF CALIFORNIA COUNTY OF 50 On Al:711, „217 2Q l,2 , before me Uj r �n/A %n ;'lf'j- a Notary Public, (insert name and title of the officer) personally app'ared /y)prri5or) / Wu/ar , who proved to me on the basis of satisfactory evidence to be the persons} whose names is/sue-subscribed to the within instrument and acknowledged to me that he/s.heL hey executed the same in hisihenztheir authorized capacity(ic.$), and that by his/he4thair signature(&) on the instrument the person($, or the entity upon behalf of which the person acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. (SIGNAT>E OF NOTARY/) SEAL VIRGINIA MILLER ragbag' .h'G Commission # 1874998 i :-y x NotaryPublic - California J brt \.r '■►� San Diego County _ ` _ - MZ Comm. Expires Dec 2862 OWNER: L IE 17 LITTLE' ON STATE OF CALIFORNIA COUNTY OF On 'J t/ 'Z'1 V j L , before me t-1U et JO w t/ I l4 a Notary Public, (insert name and title of the officer) personally appeared j, ®n„; e D. Li f (e i-on , who proved to me on the basis of satisfactory evidence to be the person whose name(/N subscribed to the within instrument and acknowledged to me that he/Ole/they executed the same in his/h /t eir authorized capacity(aes}, and that by his/her/their signature(sj'on the instrument the person($), or the entity upon behalf of which the person(a) 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 OF NOTARY) SEAL EDMUNDO AVILA II Commission * 1995386 Notary Public - California San Diego County Comm. Expires Oct 26, 2016 EXHIBIT A LEGAL DESCRIPTION SITUATED IN THE CITY OF NATIONAL CITY, COUNTY OF SAN DIEGO, AND STATE OF CALIFORNIA: LOT 28 OF PACIFIC VIEW ESTATES CASE NO. S-2004-16, IN THE CITY OF NATIONAL CITY, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 15556, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, MAY 29, 2007. EXCEPTING AND P,ESERVING THEREFROM, EASEMENTS FOR iMAINTENANC:E, ENCROACHMENT, SUPPORT, REPAIR, DRAINAGE, AND ALL OTHER PURPOSES AS DESCRIBED IN THE DECLARATION REFERRED TO BELOW; AND FURTHER EXCEPTING AND RESERVING THEREFROM, SUCH EASEMENTS DESCRIBED IN THE DECLARATION DESCRIBED BELOW AND THE TRACT MAP OF RECORD REFERENCED ABOVE, AND SUCH OTHER EASEMENTS AS MAY BE OF RECORD AS OF THE DATE HEREOF. TAX 10 NO: 551 - 650-28-00 PROPERTY COMMONLY KNOWN AS: 200 VISAYAN STREET, NATIONAL CITY, CA 91950 RESOLUTION NO. 2012 — 11 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION — HOUSING AUTHORITY OF THE CITY OF NATIONAL CITY AUTHORIZING THE CHAIRMAN TO EXECUTE A SUBORDINATION AGREEMENT ALLOWING A NEW MORTGAGE NOT -TO -EXCEED $155,000 TO BE AND REMAIN A LIEN PRIOR AND SUPERIOR TO A FIRST-TIME HOMEBUYER ASSISTANCE LOAN ON A SINGLE -UNIT PROPERTY LOCATED IN NATIONAL CITY WHEREAS, the Community Development Commission — Housing Authority of the City of National City ("CDC -HA") made a loan of $189,426 ("CDC -HA Loan") issued from the HOME Investment Partnerships Program to Lonnie D. Littleton ("Borrower") on June 19, 2009 to assist an eligible household in the purchase of a single-family house located at 200 Visayan Street in National City (the "Property"); and WHEREAS, the CDC -HA Loan is fully deferred as long as the residence is owned and occupied by the Borrower, and the Borrower performs under all other Covenants and Agreements contained in the Deed of Trust of the CDC -HA Loan; and WHEREAS, the Borrower is interested in refinancing the debt on the property and has been approved for a new loan with Bank of America (the "Lender") that requires the CDC -HA to execute a Subordination Agreement allowing the new loan to hold superior position to the CDC -HA Loan that will maintain second lien position on the Property; and WHEREAS, the purpose of the refinance is to allow the Borrower to reduce the interest rate from 5.00% to 3.75% with no cash proceeds to the Borrower through the escrow tied to the refinance; and WHEREAS, maintaining a second lien position pursuant to the Borrower refinancing to a lower interest rate without cash -out acts to further preserve and secure the CDC -HA interest in the Property. NOW, THEREFORE, BE IT RESOLVED that the Community Development Commission — Housing Authority of the City of National City hereby authorizes the Chairman to execute a Subordination Agreement in favor of a new First Trust Deed with Bank of America as beneficiary. After being recorded by the County of San Diego, said Subordination Agreement will be on file in the office of the City Clerk. PASSED and ADOPTED this 20th day of Nove 12. ATTEST: Leslie Deese, Secretary on ' . rison, Chairman AP';-:IVEI. •STO FORM: Cla': dia Gac. Silva CDC Gener.l C,»unsel Passed and adopted by the Community Development Commission - Housing Authority of the City of National City, California, on November 20, 2012 by the following vote, to - wit: Ayes: Boardmembers Morrison, Natividad, Rios, Sotelo-Solis, Zarate. Nays: None. Absent: None. Abstain: None. AUTHENTICATED BY: RON MORRISON Chairman, Housing Authority Secretary, Housing Authority By: Deputy I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of RESOLUTION NO. 2012-11 of the Community Development Commission - Housing Authority of the City of National City, California, passed and adopted on November 20, 2012. Secretary, Housing Authority By: Deputy C a t• \-,-\ COMMUNITY DEVELOPMENT COMMISSION -HOUSING AUTHORITY COUNCIL AGENDA STATEMENT MEETING DATE: CITY OF NATIONAL CITY, CALIFORNIA November 20, 2012 AGENDA ITEM NO. 24 ITEM TITLE: Resolution of the Community Development Commission- Housing Authority of the City of National City authorizing the Chairman to execute a Subordination Agreement allowing a new mortgage not -to -exceed $155,000 to be and remain a lien prior and superior to a First -Time Home Buyer assistance loan on a single -unit property located in National City PREPARED BY: Carlos AguirCo m. Dev. Specialist II' DDEPARTMENT: Housi and Grants PHONE: 619 336-4391. `" APPROVE: EXPLANATION: The Community Development Commission -Housing Authority of the City of National City (CDC -HA) made a loan for $189,426 from the HOME Investment Partnerships Program to Lonnie D. Littleton ("Borrower") on 6/19/2009 to assist the Borrower in the purchase of single-family residence located at 200 Visayan Street in National City. The CDC -HA loan is fully deferred as long as the residence is occupied by the Borrower and the Borrower performs under all other Covenants and Agreements contained in the Deed of Trust of the CDC -HA loan and is due upon the sale or transfer of title. The Borrower is interested in refinancing the first lien on the property and has been approved for a new loan with Bank of America ("Lender"). The Lender is requiring that the CDC -HA execute a subordination agreement allowing the new loan to hold superior position to the CDC -HA issued loan. The CDC -HA loan will maintain second lien position on the property. The purpose of the refinance is to allow the Borrower to reduce the interest rate paid to a fixed 3.75% interest and there will be no cash proceeds to the Borrowers through the refinance. Staff has satisfactorily reviewed the preliminary title report, new loan terms, and estimated HUD-1 closing statement that outline the closing costs of the transaction. The CDC-HA's legal counsel will be provided the new Qeed of Trust to review and approve before the Subordination Agreement is executed by the CDC -HA. FINANCIAL STATEMENT: APPROVED: "i4A'+` Finance ACCOUNT NO. APPROVED: / MIS There is no fiscal impact associated with this request. ENVIRONMENTAL REVIEW: Entering into the subordination agreement is exempt from environmental review. ORDINANCE: INTRODUCTION: FINAL ADOPTION: STAFF RECOMMENDATION: Staff recommends the adoption of a resolution to execute the Subordination Agreement. BOARD / COMMISSION RECOMMENDATION: There is no board or commission recommendation required for the Subordination Agreement. ATTACHMENTS: 1. Draft Subordination Agreement between the CDC -HA and Borrower • t� RESOLUTION NO. 2012 — 11 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION — HOUSING AUTHORITY OF THE CITY OF NATIONAL CITY AUTHORIZING THE CHAIRMAN TO EXECUTE A SUBORDINATION AGREEMENT ALLOWING A NEW MORTGAGE NOT -TO -EXCEED $155,000 TO BE AND REMAIN A LIEN PRIOR AND SUPERIOR TO A FIRST-TIME HOMEBUYER ASSISTANCE LOAN ON A SINGLE -UNIT PROPERTY LOCATED IN NATIONAL CITY WHEREAS, the Community Development Commission — Housing Authority of the City of National City ("CDC -HA") made a loan of $189,426 ("CDC -HA Loan") issued from the HOME Investment Partnerships Program to Lonnie D. Littleton ("Borrower") on June 19, 2009 to assist an eligible household in the purchase of a single-family house located at 200 Visayan Street in National City (the "Property"); and WHEREAS, the CDC -HA Loan is fully deferred as long as the residence is owned and occupied by the Borrower, and the Borrower performs under all other Covenants and Agreements contained in the Deed of Trust of the CDC -HA Loan; and WHEREAS, the Borrower is interested in refinancing the debt on the property and has been approved for a new loan with Bank of America (the "Lender") that requires the CDC -HA to execute a Subordination Agreement allowing the new loan to hold superior position to the CDC -HA Loan that will maintain second lien position on the Property; and WHEREAS, the purpose of the refinance is to allow the Borrower to reduce the interest rate from 5.00% to 3.75% with no cash proceeds to the Borrower through the escrow tied to the refinance; and WHEREAS, maintaining a second lien position pursuant to the Borrower refinancing to a lower interest rate without cash -out acts to further preserve and secure the CDC -HA interest in the Property. NOW, THEREFORE, BE IT RESOLVED that the Community Development Commission — Housing Authority of the City of National City hereby authorizes the Chairman to execute a Subordination Agreement in favor of a new First Trust Deed with Bank of America as beneficiary. After being recorded by the County of San Diego, said Subordination Agreement will be on file in the office of the City Clerk. PASSED and ADOPTED this 20th day of November, 2012. Ron Morrison, Chairman ATTEST: APPROVED AS TO FORM: Leslie Deese, Secretary Claudia Gacitua Silva CDC General Counsel Attachchment No. 1 SUBORDINATION AGREEMENT TITLE ORDER NO. 01-12121691-04C ESCROW NO. APN NO. 551-650-28-00 NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made , by LONNIE D. LITTLETON owner of the land hereinafter described and hereinafter referred to as "Owner;" and THE COMMUNITY DEVELOPMENT COMMISSION OF NATIONAL CITY present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary;" WITNESSETH THAT WHEREAS, LONNIE D. LITTLETON did execute a deed of trust, dated 02/05/2009, covering: SEE ATTACHED EXI-IIBIT A to secure a note in the sum of $189,426.00, in favor of THE COMMUNITY DEVELOPMENT COMMISSION OF NATIONAL CITY which deed of trust was recorded in DOCUMENT NO. 2009- 0336273, on 06/19/2009, Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $154,151.00 dated , in favor of BANK OF AMERICA, N.A. hereinafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which deed of trust is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the deed of trust first above mentioned; and WHEREAS, Lender is willing to make said loan provided the deed of trust securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the deed of trust first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien of charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of Lender; and Attachchment No. 1 APN: 551-650-28-00 WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is willing that the deed of trust securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the deed of trust first 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 Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows: (1) That said deed of trust securing said note in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien or charge of the deed of trust above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of Lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the deeds of trust hereinbefore specifically described, any prior agreement as to such subordination including. but not limited, those provisions, in any, contained in the deed of trust first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or mortgages. Beneficiary declares, agrees and acknowledges that: (a) She/He consents to and approves (i) all provisions of the note and deed of trust in favor of Lender above referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, between Owner and Lender for the disbursement of the proceeds of Lender's loan: (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds and any application or sue of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination herein made in whole or in part; (c) She/He intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the deed of trust first above mentioned in favor of the lien or charge upon said land of the deed of trust in favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination, specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and (d) An endorsement has been placed upon the note secured by the deed of trust first above -mentioned that said deed of trust has by this instrument been subordinated to the lien or charge of the deed of trust in favor of Lender above referred to. --- Signatures on Pages to Follow --- Attachchment No. 1 APN: 551-650-28-00 NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN, A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT'1'HERETO. BENEFICIARY: THE COMMUNITY DEVELOPMENT COMMISSION OF NATIONAL CITY BY NAME: TITLE: STATE OF CALIFORNIA COUNTY OF On , before me , a Notary Public, (insert name and title of the officer) 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 signature(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 OF NOTARY) SEAL Attachchment No. 1 OWNER: LONNIE D. LITTLETON STATE OF CALIFORNIA COUNTY OF On , before me , a Notary Public, (insert name and title of the officer) 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 signature(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 OF NOTARY) SEAL Attachchment No. 1 EXHIBIT A LEGAL DESCRIPTION SITUATED IN THE CITY OF NATIONAL CITY, COUNTY OF SAN DIEGO, AND STATE OF CALIFORNIA: LOT 28 OF PACIFIC VIEW ESTATES CASE NO. S-2004-16, IN THE CITY OF NATIONAL CITY, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 15556, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, MAY 29, 2007. EXCEPTING AND RESERVING THEREFROM, EASEMENTS FOR MAINTENANCE, ENCROACHMENT, SUPPORT, REPAIR, DRAINAGE, AND ALL OTHER PURPOSES AS DESCRIBED IN THE DECLARATION REFERRED TO BELOW; AND FURTHER EXCEPTING AND RESERVING THEREFROM, SUCH EASEMENTS DESCRIBED IN THF. DECLARATION DESCRIBED BELOW AND THE TRACT MAP OF RECORD REFERENCED ABOVE, AND SUCH OTHER EASEMENTS AS MAY BE OF RECORD AS OF THE DATE HEREOF. TAX 10 NO: 551 - 650-28-00 PROPERTY COMMONLY KNOWN AS: 200 VISAYAN STREET, NATIONAL CITY, CA 91950