HomeMy WebLinkAboutAgenda Statement 1975/04/08 Item 08
CHULA VISTA CITY COUNCIL MEETING OF: April 8, 1975
AGENDA ITEM NU. [ 8 ]
ITEM TITLE: Resolution - Approving Subordination Agreement to San Diego
Gas & Electric Company for Easement Across Open Space Lot in
Bonita Ridge Estates (File #74-236761)
INITIATED BY: Director of Public ti9orks/City Engineer
BACKGROUND: ~~
The City Council, at this meeting acted upon another item which grants a
easement across a portion of Lot 74 of Bonita Ridge Estates Unit #1
Subdivision to San Diego Gas & Electric Company.
The developer of Bonita Ridge Estates Unit #1 Subdivision executed a
deed of trust on August 26, 1974 to United California Bank. This deed
of trust was recorded on August 30, 1974 as File #74-236761. This deed
of trust affects Lot 74 of Bonita Ridge Estates Unit #1 Subdivision.
San Diego Gas & Electric Company has requested that the City of Chula
Vista execute a Subordination Agreement whereby the deed of trust is
subordinated to said grant of easement of San Diego Gas & Electric Co.
In the event of foreclosure of said deed of trust, the trustees sale
and conveyance thereunder of the lands described therein shall be
subject to said grant of easement to SDG&E Company.
It is in the City's interest to execute the Subordination Agreement
because SDG&E had prior rights before they relocated their utilities
and also to protect their rights to ensure electrical service to the
public in the area in the event that the deed of trust is foreclosed
upon.
ATTACHED: Resolution [X] Ordinance [ ] Agreement [ ] Plat [ ]
See EXHIBITS [X ] No. 1
Financial Statement:
N.A.
Commissibn-Board Recommendation:
N.A.
Department Head Recommendation:
City Council approve the Subordination Agreement for deed of trust
which was recorded on August 30, 1974 as File No. 74-236761.
City Manager Recommendation: Concur
76 ~' 7
SUBORDINATION AGREEMENT
THIS AGREEr1ENT, made this day of 19 by
and between CITY OF CHULA VISTA, a municipal corporation
"First Party";
UNITED CALIFORNIA BANK, a California corporation
"Second Party";
and UNITED CALIFORNIA BANK, a California corporation
"Third Party",
W I T N E S S E T H
WHEREAS, First Party is the owner of certain real property situated in
the City of Chula Vista County of San Diego State of
California, particularly described as follows:
Lot 74 of Bonita Ridge Estates Unit No, 1, according
to Map thereof No. 8044, filed in the office of the County
Recorder of said County.