HomeMy WebLinkAboutROBERT KOURY - 1998-07-06 • • �y�
Council/Agency Meeting Held:
Deferred/Continued to:
I(Ap oveed ❑ Conditionally Approved ❑ Denied City Clerk's Signature
Council Meeting Date: July 6, 1998 Department ID Number: ED 98-22
CITY OF HUNTINGTON BEACH �-
REQUEST FOR COUNCIL ACTION <rn
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SUBMITTED TO: HONORABLE MAYOR AND COUNCIL MEMBERS
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SUBMITTED BY: RAY SILVER, CITY ADMINISTRATOR D
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PREPARED BY: DAVID C. BIGGS, DIRECTOR OF ECONOMIC DEVELOPMENT
SUBJECT: Subordination Agreement For Robert J. Koury Commercial
Properties At 200 Main Street
Statement of Issue,Funding Source,Recommended Action,Alternative Action(s),Analysis,Environmental Status,Attachments)
Statement of Issue: Robert J. Koury owns the commercial space that faces the downtown
parking garage on the 200 block of Main Street. Mr. Koury is refinancing this property and
seeks the city's approval of the attached agreement that would subordinate the city's lien on
the property for in-lieu parking fees to the new first trust deed.
Funding Source: None required as a result of this action.
Recommended Action: Motion to:
Approve and authorize the execution of the attached Subordination Agreement by and
between ROBERT J KOURY, Trustee Of The Robert J. Koury Separate Property Trust Dated
January 25, 1990, ("Borrower'), THE CITY OF HUNTINGTON BEACH ("City"), and THE
UNION CENTRAL LIFE INSURANCE COMPANY, an Ohio Corporation ("Union Central Life")
regarding the real property located at 200 Main Street.
Alternative Action(s): Do not approve the attached agreement.
Analysis: As a consequence of the development of the commercial space along the Main
Street frontage of the municipal parking garage, the owner (Robert J. Koury Trust) incurred
an obligation to provide parking and choose to meet this obligation through the payment of
in-lieu parking fees. The fees total $108,000 and are to be paid in 15 annual installments. Of
these, four payments of $7,200 have been made leaving a balance of $79,200. Installments
are current as of this writing.
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*QUEST FOR COUNCIL ACTIN
MEETING DATE: July 6, 1998 DEPARTMENT ID NUMBER: ED 98-22
The owner refinanced the property in 1995 and the lender at that time, Fremont Investment &
Loan, requested a similar subordination agreement. This agreement was approved by the
City Council. Approval of the attached Agreement will not alter the city's previous position
and is therefore recommended.
Environmental Status: Not Applicable
Attachment(s):
City Clerk's
Page Number No. Description
1. Subordination Agreement.
RCA Author: Kohler,ext. 5457
RCAMOT -2- 06/24/98 5:17 PM
VIP
Reconfl&quested By •
First American TIMnsufance Company
Recording Required By and
When Recorded, Mail to: THIS ORIGINAL DOCUMENT WAS SCANNED
--- — — -- — - ------ - -- -- AND ELECTRONICALLY RECORDED ON
Connie Brockway, City Clerk
Office of the City Clerk JAIL Z 8 `llQQ
CITY OF HUNTINGTON BEACH
P. 0. Box 190-2000 Main St. Document No.222LY'�'/8E'.;�?
Huntington Beach, CA 92648 First Amedcan Me insurance Co.
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(Space above this line for recorder's use)
SUBORDINATION AGREEMENT
This Subordination Agreement("Agreement") is`entered into as,of July -6-,
1998, by and between ROBERT J. KOURY, TRUSTEE OF THE ROBERT J. KOURY
SEPARATE PROPERTY TRUST DATED JANUARY 25, 1990, ("Borrower"), THE CITY OF
HUNTINGTON BEACH("City"), and THE UNION CENTRAL LIFE INSURANCE
COMPANY, AN OHIO CORPORATION("Union Central Life").
RECITALS
A. City and Borrower are parties to that certain Covenant for Payment of In Lieu
Parking Fee Stipulation of Lien Between Robert Koury and The City of Huntington Beach(the
"Lien") dated May 27, 1994, and recorded September 7, 1994, as Document No. 94-0544711 in
the Official Records of Orange County, California(the "Official Records") and encumbering the
real property described on Exhibit A attached hereto and incorporated herein by reference (the
"Property"). Pursuant to the terms of the Lien, Borrower has agreed to pay to City the sum of
One Hundred Eight Thousand Dollars ($108,000) in fifteen(15) annual payments of Seven
Thousand Two Hundred Dollars ($7,200).
B. Union Central Life is making a loan to Borrower in the amount of Three Million
Five Hundred Thousand Dollars ($3,500,000) (the "Loan"). The Loan is evidenced by that
certain Promissory Note (the "Note") dated June 9 , 1998, in the original principal
amount of the Loan, executed by Borrower, as maker, to the order of Union Central Life. The
repayment of the Note and the Borrower's performance of its obligations under the Note are
secured, inter alia, by that certain Deed of Trust, Financing Statement, Security Agreement and
Fixture Filing (with Assignment of Rents) dated June 8 , 1998, ("Deed of Trust"),
by Borrower, as trustor, in favor of Union Central Life. All initially-capitalized terms not
otherwise defined herein shall have the meanings given such terms in the Note or the Deed of
Trust.
C. In order to ensure the first lien priority of the Deed of Trust, Union Central Life
has required that the City execute this Agreement.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged by each party hereto,the parties hereby agree:
l. INDEBTEDNESS SUBORDINATION. City hereby unconditionally
subordinates all indebtedness (as defined in Section 2 below), including, without limitation, the
Lien and amounts payable pursuant to the Lien, now or hereafter owing from Borrower to City,
and the lien or charge of all documents evidencing or executed in connection with all
indebtedness now or hereafter owing from Borrower to City, including, without limitation, the
Lien and amounts payable pursuant to the Lien, to all indebtedness now or hereafter owing from
Borrower to Union Central Life in connection with the Loan, and the lien or charge of all
documents evidencing, securing or executed in connection with all indebtedness now.or hereafter
owing from Borrower to Union Central Life in connection with the Loan.
2. INDEBTEDNESS DEFINED. The word "Indebtedness" is used herein in its
most comprehensive sense and includes all advances, debts, obligations and liabilities of
Borrower heretofore, now or hereafter made, incurred, suffered or created, whether voluntary or
involuntary and however arising, whether due or not due, absolute or contingent, liquidated or
unliquidated, determined or undetermined, and whether Borrower may be liable individually or
jointly or in its capacity as a general partner of a borrower, including without limitation
obligations and liabilities arising after the commencement of any bankruptcy or insolvency
proceeding by or against Borrower.
3. RESTRICTIONS UPON EXERCISE OF REMEDIES. In the event of any
default with respect to the Indebtedness of Borrower to City, City may accelerate the maturity of
the Indebtedness payable to City by Borrower, and,thereafter, commence foreclosure
proceedings against the security for the Lien. Union Central Life shall have the right to declare
an event of default under the Deed of Trust and accelerate the maturity of all amounts payable to
Union Central Life by Borrower under the Loan by reason of such acceleration and enforcement
by City, unless Union Central Life has given its prior written consent to City's assumption of the
Loan and taking title to the Property, which consent shall not be unreasonably withheld after
Union Central Life's then consideration of City's financial condition, the value of the Property
and Union Central Life's underwriting criteria for similar loans secured by similar collateral, in
which event City shall execute such documentation as reasonably requested by Union Central
Life evidencing such assumption, including, without limitation, an environmental indemnity in
favor of Union Central Life which specifically limits the liability of City to those activities and
actions of City taking place during the term of City's ownership of the Property. City shall not
instigate or join the instigation of any involuntary bankruptcy or insolvency proceeding against
Borrower, without in each case obtaining the prior written consent of Union Central Life, which
Union Central Life may grant or withhold in its sole discretion. Notwithstanding the exercise of
any remedies by City,the Indebtedness of Borrower to City shall continue to be subordinated in
right of payment to the Indebtedness of Borrower to Union Central Life upon the terms hereof.
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4. DISPOSITION OF EVIDENCE OF INDEBTEDNESS. City warrants to
Union Central Life that it has not heretofore assigned, transferred, hypothecated or disposed of
any Indebtedness of Borrower to City to any third party and City shall not, except in an
instrument which makes reference to the subordination of such Indebtedness in accordance with
this Agreement, assign, transfer, hypothecate or dispose of any claim it has or may have against
Borrower while any Indebtedness of Borrower to Union Central Life remains outstanding.
5. AGREEMENT TO BE CONTINUING,APPLIES TO BORROWER'S
EXISTING INDEBTEDNESS TO UNION CENTRAL LIFE AND ANY INDEBTEDNESS
HEREAFTER ARISING. This Agreement shall be a continuing agreement and shall apply to
any and all Indebtedness of Borrower to Union Central Life now existing or hereafter arising as
part of the Loan or relating to the protection of the security therefore including any Indebtedness
as part of the Loan or relating to the protection of the security therefore of any receiver,trustee,
debtor-in-possession or the similar person or entity that is a successor in interest of Borrower in
the event of Borrower's insolvency.
6. NON-TERMINATION BY CITY. So long as any Indebtedness remains due
from Borrower to Union Central Life, or so long as Union Central Life has any outstanding
commitment to extend credit to or for the account of Borrower, City may not terminate this
Agreement for any reason whatsoever.
7. NOTICES OF DEFAULT,MODIFICATIONS. -City hereby agrees to send to
Union Central Life a copy of any default notice sent by City to Borrower under or in connection
with any of the Indebtedness, or any of the documents executed in connection therewith,
concurrently with the delivery of such notice to Borrower. City hereby agrees that it shall not,
without Union Central Life's prior written consent, which Union Central Life may grant or
withhold in its sole discretion, modify any of the documents executed in connection with any of
the Indebtedness to shorten the maturity thereof,increase the amount secured by the Property or
otherwise make the terms thereof more onerous to Borrower.
8. INFORMATION, OTHER AGREEMENTS. City agrees that Union Central
Life shall have no obligation to inform City or keep City informed of the financial and other
information pertaining to Borrower's financial condition. City assumes the responsibility to keep
itself adequately informed by such means of any facts, events or circumstances which might in
any way affect City's risks hereunder, and City agrees that Union Central Life shall not have any
obligation to disclose to City any information or material acquired by Union Central Life in the
course of Union Central Life's relationship with Borrower. Should Union Central Life elect to
provide information to City as a courtesy, City understands that, by providing such information,
Union Central Life shall not be deemed to have warranted the accuracy, completeness or value of
the information so provided, and City agrees that Union Central Life shall not have any liability
to City for providing inaccurate, incomplete, erroneous or outdated information. City
understands that there may be various agreements between Union Central Life and Borrower
evidencing and governing Borrower's Indebtedness to Union Central Life, and City
acknowledges and agrees that such agreements are not intended to confer any benefits on City
and that Union Central Life shall have no obligation to City or any other person to exercise any
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rights, enforce any remedies, or take any other actions when may be available to them under such
agreements. Nothing in this Agreement shall obligate Union Central Life to give any notice of
any default or event of default to City at any time,provided that nothing in this Agreement shall
constitute a waiver by City or any notice rights provided by applicable law in connection with a
foreclosure of the Deed of Trust.
9. TRANSFER OF ASSETS OR REORGANIZATION OF BORROWER. City
hereby irrevocably waives its rights to file or consent to an involuntary bankruptcy proceeding
with respect to Borrower or any of its general partners. In the event Borrower enters into or is the
subject of any bankruptcy proceeding, receivership insolvency, assignment for the benefit of
creditors,reorganization, whether or not pursuant to bankruptcy laws, sale of all or substantially
all of its assets, dissolution, liquidation or any other marshaling of the assets and liabilities of
Borrower,then in any such event any payment or distribution of any of Borrower's assets,
whether in case, securities or other property, shall be paid or delivered first to Union Central Life
until all indebtedness of Borrower to Union Central Life is paid in full. In the event City receives
any such payment or distribution that is payable to Union Central Life pursuant to the terms of
this Agreement, City shall hold such payment or distribution and forthwith deliver same in kind
to Union Central Life.
10. NO WAIVER BY UNION CENTRAL LIFE. No delay or failure of Union
Central Life in exercising any right or remedy hereunder shall be deemed a waiver of such right
or remedy. Any waiver,permit, consent or approval of any kind by Union Central Life must be
in writing and shall be effective only to the extent set forth in such writing.
11. WAIVERS AND CONSENTS BY CITY. All of the Indebtedness of Borrower
to Union Central Life shall be deemed to have been made or incurred in reliance upon this
Agreement, and, except as otherwise expressly provided herein, City expressly waives all notice
of the acceptance by Union Central Life of the subordination and other provisions of this
Agreement and all other notices whatsoever(except as set forth in the last sentence of Section 8
above), and City expressly waives reliance by Union Central Life upon the subordination and
other agreements as herein provided.
City agrees (a) that Union Central Life has not made any warranties or representations to
City with respect to the due execution, legality, validity, completeness or enforceability of the
loan documents between Union Central Life and Borrower, or the collectibility of the
Indebtedness evidenced thereby, and (b)that, absent fraud or intentional misconduct, Union
Central Life shall not have any liability to City for, and City waives any claim or defense which
City may not or hereafter have against Union Central Life arising out of(i) any and all actions
which Union Central Life takes or omits to take (including, without limitation, actions with
respect to the creation, perfection or continuation of liens or security interests in any collateral,
actions with respect to the occurrence of any default or event of default, actions with respect to
the foreclosure upon, sale, release of, depreciation of or failure to realize upon, any collateral and
actions with respect to the collection of any claim for all or any part of the Indebtedness of
Borrower to Union Central Life from any account debtor, guarantor or any other party)with
respect to the loan documents in effect from time to time between Union Central Life and
Borrower, (ii) Union Central Life's election in any proceeding instituted under Chapter 11 of
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Title 11 of the United States code (I I U.S.C. 101 et seq.) (the "Bankruptcy Code"), of the
application or nonapplication of Section I I I I(b)(2) of the Bankruptcy Code, and/or(iii) any
borrowing or grant of a security interest by Borrower, as debtor-in-possession, under Section 364
of the Bankruptcy Code.
.Union Central Life acknowledges that City has made no warranties or representations to
Union Central Life with respect to the due execution, legality, validity, completeness or
enforceability of the Lien or the collectibility of the Indebtedness evidenced thereby.
Union Central Life, at any time and from time to time, may enter into such agreements
with Borrower as Union Central Life may deem proper, extending the time for payment of, or
renewing or otherwise altering the terms of all or any of the Indebtedness of Borrower to Union
Central Life (other than increasing the principal amount of the Loan except in accordance with
the terms of the documents evidencing, securing or pertaining to the Loan) or affecting any
security underlying any or all such Indebtedness, or may exchange, sell, release, surrender or
otherwise deal with any such security, without any way impairing or affecting this Agreement
thereby. Union Central Life shall not be required to proceed against Borrower or any surety or
guarantor or against any collateral heretofore or hereafter provided by Borrower or any surety or
guarantor prior to or as a condition of exercising or enforcing its rights thereunder.
City waives any right to challenge, attack or seek to avoid the Indebtedness of Borrower
to Union Central Life, or any liens on collateral securing same,under California Civil Code
Sections 3439 et seq., to the extend applicable, Bankruptcy Code Section 548, or any other
comparable law or statute, and agrees that the Indebtedness of Borrower to Union Central Life
was incurred, and any liens securing same were granted, in good faith, for reasonable equivalent
value, and upon the basis of balance sheets and cash flow statements demonstrating insolvency
and adequate capitalization and cash flow of capitalized Borrower. Even in the event any of the
Indebtedness of Borrower to Union Central Life, or any liens securing same, should be
invalidated, avoided or set aside,the subordination provided for herein shall nevertheless
continue in full force and effect and, as between Union Central Life and City,the indebtedness of
Borrower to Union Central Life shall be deemed to remain in full force and effect.
In the event that all or any part of the Indebtedness of borrower to Union Central Life at
any time is secured by any deeds of trust or mortgages or other instruments creating or granting
liens on any interest in real property (which event has occurred and is contemplated to occur),
including, without limitation,the Deed of Trust, City authorizes Union Central Life, upon the
occurrence of and during the continuance of any event of default, at its sole option, without
notice or demand without affecting any obligations of City hereunder, the enforceability of this
Agreement, or the validity or enforceability of any liens of Union Central Life on any collateral,
to foreclose any and all of such deeds of trust or mortgages or other instruments by judicial or
nonjudicial sale. Except to the extent required by applicable law relating to such foreclosure or
sale, City expressly waives any right to receive notice of any judicial or nonjudicial foreclosure
or sale of any real property or interest therein subject to any such deeds of trust or mortgages or
other instruments and City's failure to receive any such notice shall not impair or affect City's
obligations to Union Central Life or the enforceability of this Agreement or any liens created or
granted hereby.
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12. APPLICATION OF PAYMENTS. City agrees that Union Central Life may
apply payments received from Borrower in such manner or fashion as Union Central Life in its
discretion deems appropriate, and City shall have no right to direct the manner or fashion in
which Union Central Life applies such payments.
13. MISCELLANEOUS. This Agreement binds and inures to the benefit of the
successors and assigns of the parties, including without limitation, the holders of any
participation interests purchased from Union Central Life,provided that City may not assign the
Indebtedness to City subordinated herein except as set forth in Section 4 above. This Agreement
may not be amended, modified or terminated except by a written instrument signed by the party
or parties to be charged.
14. APPLICABLE LAW. This Agreement shall be governed by and construed in
accordance with the local laws of the State of California, without reference to choice of law
rules.
15. COUNTERPART EXECUTION. This Agreement may be executed in
counterparts and shall become effective as of the date first set forth above when each party shall
have delivered executed counterparts hereof to the other parties, whereupon all such counterparts
shall be deemed originals and, when taken together, shall constitute but one agreement.
16. AUTHORITY. City hereby certifies to Union Central Life that City has all
necessary authority to grant the subordination evidenced hereby and to execute this Agreement.
17. COSTS AND EXPENSES OF LITIGATION. In the event of any litigation
relating to this Agreement, the prevailing party shall not be entitled to recover its reasonable
costs and expenses, including attorneys' fees. Each party shall bear its own.costs, expenses and
attorneys' fees. As used in this Agreement, the term "attorneys' fees" or "attorneys' fees and
costs" shall mean the fees and expenses of counsel to the parties hereto, which may include
printing, photostatting, duplicating and other expenses, airfreight charges, and fees billed for law
clerks,paralegals, librarians and others not admitted to the bar but performing services under the
supervision of an attorney. The terms "attorney's fees" or "Attorneys' fees and costs" shall also
include, without limitation, all such fees and expenses incurred in respect to appeals, arbitrations,
bankruptcy proceedings and any post judgment proceedings to collect any judgment, and whether
or not any action or proceeding is brought with respect to the matter for which said fees and
expenses were incurred.
18. WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS
AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF
ANY CLAIM,DEMAND,ACTION OR CAUSE OF ACTION(A) ARISING UNDER
THIS AGREEMENT OR ANY OTHER INSTRUMENT,DOCUMENT OR
AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR(B)
IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO
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THIS AGREEMENT OR ANY OTHER INSTRUMENT,DOCUMENT OR
AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR
THE TRANSACTIONS RELATED HERETO OR THERETO IN EACH CASE
WHETHER NOW EXISTING OR HEREAFTER ARISING,WHETHER SOUNDING IN
CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES
AND CONSENTS THAT ANY SUCH CLAIM,DEMAND,ACTION OR CAUSE OF
ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY,AND THAT
ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF
THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT
TO TRIAL BY JURY. AS BETWEEN CITY AND BORROWER ONLY, THE
FOREGOING WAIVER SHALL NOT BE DEEMED TO APPLY TO ANY OF THE
DOCUMENTS EVIDENCING, SECURING OR PERTAINING TO THE LIEN OTHER
THAN THIS AGREEMENT,UNLESS SET FORTH IN SUCH DOCUMENTS.
19. NOTICES. All notices required or permitted to be given pursuant to the terms
hereof shall be in writing and shall be delivered either by(a) certified mail, return receipt request,
in which case notice shall be deemed delivered three (3) days after deposit,postage prepaid in the
U.S. mail, (b) a reputable messenger service or a nationally recognized overnight courier, in
which case notice shall be deemed notice one (1) day after deposit with such messenger or
courier, (c) facsimile or other telecopy transmission (followed with "hard copy" sent by a
nationally recognized courier or mail as aforesaid), in which case notice shall be deemed
delivered when the facsimile or other telecopy transmission is received,provided such receipt
occurs before 5:00 p.m., otherwise such notice shall be deemed delivered one (1) day after the
"hard copy" is delivered to the courier or three(3) days being so mailed, (d)personal delivery
with receipt acknowledged in writing, in which case notice shall be deemed delivered when
received. All such notices shall be addressed as follows:
To Union Central Life: Union Central Life Insurance Company
1876 Waycross Road
Cincinnati, OH 45240
To Borrower: Robert J. Koury
200 Main Street, Suite 206
Huntington Beach, CA 92648
To City: The City of Huntington Beach
2000 Main Street
Huntington Beach, CA 92648
Attention: City Clerk
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FURTHER ASSURANCES. City shall, at any time and from time to time, upon the
request of Union Central Life, execute, acknowledge and deliver all such further documents and
instruments, and take all such further actions as shall be necessary or reasonable to give effect to
the agreements set forth herein.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
set forth above.
CITY: UNION CENTRAL LIFE:
CITY OF HUNTINGTON BEACH, UNION CENTRAL LIFE INSURANCE
a California municipal corporation COMPANY, an Ohio corporation
By•
Mayor
am 4� bREfPd
ATTEST: (type or print)
I : (ci a one)Chairman of the Board/President/
t� Any Vice=President
City Clerk
AND
REVIEWED AND APPROVED:
City Administrator —ZS-9$ Name
(type or print)
APPROVED AS TO FORM: Its: (circle one) Secretary ssistant Secretai /
Chief Financial Officer/Assistant Treasurer
ity ttorney if 8
plif
INIT ATED AND APPROVED: BO OWE
Director of Econ c Development Robert . Koury, Trustee of the Robert J.
Koury Separate Property Trust dated
January 25, 1990
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CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of (�fy
County of
On -74dn.e, .29,, 199,F before
Date Name and Title of Officer(e.g.,"Jan e,Notary Public")
personally appeared �e6e ^LC
Name(s)of SignerW
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OR-Xproved to me on the basis of satisfactory evidence to be the person(s;
whose name(4&%Q1re subscribed to the within instrument
and acknowledged to me thal�fH9ey executed the
same in efr authorized capacity(ies),and that by
<9)4er�r signature(e) on the instrument the person{s),
or the entity upon behalf of which the person* acted,
executed the instrument.
ELIZAB-TH EHRING
Commission# 1150021
z , Notary Pudic-Colifomio WITNESS my hand and official seal.
Orange County -
My Cor.rn.=)Vres Aug 29,2001
Signature of Notary Public
OPTIONAL
Though the information below is not required by law,it may prove valuable to persons relying on the document and could prevent
fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document:
Document Date: Number of Pages:
Signer(s) Other Than Named Above: a,ierY Cz AW ew,, , s�`Y-���^
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❑ Guardian or Conservator ❑ Guardian or Conse for -
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Signer Is Representing: Signer Is Representing:
0 1995 National Notary Association•8236 Remmet Ave.,P.O.Box 7184•Canoga Park,CA 91309-7184 Prod.No.5907 Reorder:Call Toll-Free 1-800-876-6827
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of (,
County of
On before me,
Date Name and Title of Officer(e.g.,'Jane oeoe,^No-tary P i ')
personally appeared
ame(s)of Signer(s)
>4:jbrsonally known to me- dense to be the person
whose name( re subscribed to the within instrument
and acknowledged to me that l�sexecuted the
same in i�+s{kte 4 r authorized capacity a ), and that by
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cart'Public—C 56263 or the entity upon behalf of which the erson acted,
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Orange county executed the instrument.
My Comm.Expires Jul 23,1999
WITNESS m hand and official seal.
Signature of Notary Public
O /ONAL
Though the information below is not required by law,it may prove valuable to persons relying on the document and could prevent
fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document: Sw� Vdcy�%c�L6�'y /nE
Document Date: 7/�/�� Number of Pages: O_paws- 'p- .
Signer(s) Other Than Named Above: '07"aM1G�eU =J��
Capacity(ies) Claimed by Signer(s) /+'
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❑ Individual ❑ Individual
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Title(s): Title(s):
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❑ Attorney-in-Fact ❑ Attorney-in-Fact
❑ Trustee ❑ Trustee
❑ Guardian or Conservator ❑ Guardian or Conservator
Other: MCc c/e r Top of thumb here `El'Other: 6�r'j Top of thumb here
Signer Is Representing: Signer Is Representing:
0 1995 National Notary Association•8236 Remmet Ave.,P.O.Box 7184•Canoga Park,CA 91309.7184 Prod.No.5907 Reorder:Call Toll-Free 1-800-876-6827
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT No.5907
State of 0610
County of M I I-7 0 �j
On TU��� a3, t 9 before me,
DATE NAME,TITLE OF OFFICER-E.G.,-JANE DOE,N TARY PUBLIC°
personally appeared NJ F1U6 '6&QFiU > Tot4�) r ►915 nt E1q72
NAMES)OF SIGNER(S) '
ll personally known to me - OR - ❑ 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 ac-
knowledged 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.
BARBARA J. MCBRIDE
Notary Public, State of Ohio
My Commission Expires July 9, 2000
SIGNA RE OF NOTARY
OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent
fraudulent reattachment of this form.
CAPACITY CLAIMED BY SIGNER DESCRIPTION OF ATTACHED DOCUMENT
❑ INDIVIDUAL
❑ CORPORATE OFFICER
TITLE OR TYPE OF DOCUMENT
TITLE(S)
❑ PARTNER(S) ❑ LIMITED
❑ GENERAL
❑ ATTORNEY-IN-FACT NUMBER OF PAGES
❑ TRUSTEE(S)
❑ GUARDIAN/CONSERVATOR
❑ OTHER:
DATE OF DOCUMENT
SIGNER IS REPRESENTING:
NAME OF PERSON(S)OR ENTITY(IES)
SIGNER(S)OTHER THAN NAMED ABOVE
01993 NATIONAL NOTARY ASSOCIATION•8236 Remmet Ave.,P.O.Box 7184•Canoga Park,CA 91309.7184
SUBORDINATION AGREEMENT
lg
CITY OF HUNTINGTON BEACH
2000 MAIN STREET CALIFORNIA 92648
o
OFFICE OF THE CITY CLERK
CONNIE BROCKWAY
CITY CLERK
July 14, 1998
Joyce Rollings
Sea Wind Escrow Company, Inc.
17111 Beach Blvd., #100
Huntington Beach, CA 92647
Dear Ms. Rollings:
RE: Subordination Agreement—Robert J. Koury, City of Huntington Beach, and Union
Central Life Insurance Company
Enclosed please find original Subordination Agreement between Robert J. Koury, the
City of Huntington Beach, and Union Central Life Insurance Company which has been
signed by the Mayor and City Clerk and notarized.
As noted on the top left-hand corner of the agreement, the agreement is to be recorded
and returned to the City Clerk's Office. When the recorded document is received by this
office, a certified copy will be sent to Union Central Life Insurance Company.
Sincerely,
Z�,,�Z;5-L�
Connie Brockway
City Clerk
Enclosure: Original Subordination Agreement—Robert J. Koury, City of Huntington
Beach, and Union Central Life Insurance Company
Received by:
Date: //Y/9p
g/followu p/ag rmts/kou ry
(Telephone:714536-5227)
r
RCA ROUTING SHEET
INITIATING DEPARTMENT: Economic Development
SUBJECT: Subordination Agreement- Koury Property
COUNCIL MEETING DATE: July 6, 1998
SARCA ATTACHMENTS T
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. ... ...Ordinance (w/exhibits & legislative draft if applicable) Not Applicable
Resolution (w/exhibits & legislative draft if applicable) Not Applicable
Tract Map, Location Map and/or other Exhibits Not Applicable
Contract/Agreement (w/exhibits if applicable)
(Signed in full by the City Attorney) Attached
Subleases, Third Party Agreements, etc.
(Approved as to form by City Attorney) Not Applicable
Certificates of Insurance (Approved by the City Attorney) Not Applicable
Financial Impact Statement Unbud et, over $5,000 Not Applicable
Bonds If applicable) Not Applicable
Staff Report If applicable) Attached
Commission, Board or Committee Report If applicable) Not Applicable
Findings/Conditions for Approval and/or Denial Not Applicable
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EXPLANATION FOR MISSING ATTACHMENTS ... ....
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REVIEWED
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RETURNED: FOR
DED
Administrative Staff
Assistant City Administrator Initial
City Administrator Initial
rCity Clerk
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EXPLANATION FOR RETURN OF ITEM:
Only)(Below Space For City Clerk's Use
RCA Author: