2004 Centre Pointe - Subordination Agreement - CP Development. LLCRecording Requested BY First American Title Company
Recording Requested By And
When Recorded Mail To:
La Quinta Redevelopment Agency
78-495 Calle Tampico
La Quinta, CA 92253
Attention: Executive Director
DOC a 2004-OS70142
12/09/2004 08:00A Fee:NC
Page 1 of 13
Recorded in Official Records
County of Riverside
Gary L. Orso
Assessor, County Clerk & Recorder
M
S
U PA6'E SIZE DA
I PCOR
NOCOR
SMF
MISC.
4NCHGXAM
A I
R
L
COPY I
LONG
I REFUND
[]Exempt From kewrding Fee Per Gov. Cone § 6103]
SUBORDINATION AGREEMENT SG
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
INSTRUMENTS.
THIS SUBORDINATION AGREEMENT ("Agreement") is entered into as of December
q, 2004, by and among the LA QUINTA REDEVELOPMENT AGENCY, a public body,
corporate and politic ("Agency"), CP DEVELOPMENT LA QUINTA, LLC, a California limited
liability company ("Developer"), and 1" CENTENNIAL BANK ("Lender").
RECITALS
A. Developer owns fee title to the real property described on Attachment No. "1"
attached hereto and incorporated herein by reference (the "Property").
B. Agency and Developer have entered into that certain Disposition and
Development Agreement dated December 18, 2003, and amended October 28, 2004 (the
"DDA"), pursuant to which the Agency conveyed the Property to the Developer for purposes of
constructing on the Property a mixed use development consisting of a medical office/surgical
facility; a development containing approximately twenty-six (26) sanctuary villas; a mid -price
suites hotel containing approximately one hundred thirty-four (134) guest rooms; a resort -style
condominium/casitas project containing approximately one hundred thirty-six (13 6)
condominium/casita units; two (2) sit-down restaurants; a residential development containing
thirteen (13) single-family homes; and a residential development containing fifty-four (54)
single-family homes; forty (40) of which shall be restricted for sale to Eligible Buyers at an
Affordable Housing Cost (collectively, the "Project"). Certain components of the Project shall
be constructed in multiple phases (each, a "Phase of Development").
C. As a condition to the Agency's conveyance of the Property to Developer, the
DDA required that the Developer grant the Agency an option to repurchase the Property or
portions thereof ("Repurchase Option"), if Developer (i) fails to commence, continuously
proceed with, or complete construction of the Project or any particular Phase of Development
within certain specified time frames, or (ii) transfers the Property, or portion thereof, in violation
of the terms of the DDA, all as further described in the Repurchase Option. Developer has
EPH/GENESIS/
SUBORDINATION
executed the Repurchase Option and that document was recorded in the official records of the
County Recorder for the County of Riverside, California on the same herewith.
D. Developer has executed or is about to execute a deed of trust, in favor of Lender,
encumbering the Property to secure a promissory note dated November 8, 2004 in the sum of
Twenty -One Million, Six Hundred and Twenty -Eight Thousand Dollars ($21,628,000.00) (the
"Lender Loan"), payable with interest and upon the terms and conditions described in such note
(respectively, the "Lender Deed of Trust" and "Lender Note").
E. The Lender is willing to make the Lender Loan provided the Lender Deed of
Trust is a lien or charge upon the Property prior and superior to the Repurchase Option and
provided that the Agency will specifically and unconditionally subordinate the Repurchase
Option to the lien or charge of the Lender Deed of Trust.
F. It is for the mutual benefit of the Lender, the Agency and Developer that the
Lender make the Lender Loan to Developer. The Agency has agreed that the Lender Deed of
Trust shall, when recorded, constitute a lien or charge upon the Property which is
unconditionally prior and superior to the Repurchase Option, subject to the specific terms and
provisions of this Agreement.
NOW, THEREFORE, in consideration of the mutual benefits accruing to the Agency,
Lender and Developer, and other valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and in order to induce the Lender to make the Lender Loan, it is hereby
declared, understood and agreed as follows:
1. Subordination by Agency
1.1 Subordination of Agency Deed of Trust to Lender Deed of Trust
The Lender Deed of Trust (and any renewals or extensions of, or advances, including
interest, thereunder) shall unconditionally be and remain at all times a lien or charge on the
Property, prior and superior to the Repurchase Option, together with all rights and privileges of
Agency thereunder, but subject to the terms and conditions of this Agreement.
1.2 Covenant of Agency
The Agency declares, agrees and acknowledges that to Agency's actual knowledge,
without duty of inquiry or investigation, there is no breach, event of default or default existing
under the DDA or the Repurchase Option or any circumstances, event, omission or failure of
condition which would constitute such a breach, default, or event of default after notice or lapse
of time, or both.
2. Reliance by Lender and Agency
The Lender would not make the Lender Loan and the Agency would not have agreed to
subordinate the Repurchase Option without this Agreement and each of the undersigned
understands that in reliance upon, and in consideration of, this subordination, specific loans and
advances are being and will be made and, as part and parcel thereof, specific monetary and other
EPII/GENESIS/ 2
SUBORDINATION
obligations are being and will be entered into which would not be made or entered into but for
such reliance upon this subordination.
3. Rights of Agency
3.1 Default Under Lender Deed of Trust
In the event of a breach or default by Developer under the terms of the Lender Deed of
Trust, the party alleging such default shall provide the Agency with written notice of such breach
or default concurrently with providing such notice to Developer. Upon receipt of such notice of
breach or default, the parties hereto agree that Agency shall have each of the following rights so
long as the Repurchase Option encumbers any portion of the Property or interest therein:
(a) To cure the noticed default at ,any time prior to the foreclosure of
the Lender Deed of Trust. In connection therewith, the Lender agrees that, upon written request
by Agency received by Lender at least five (5) days prior to the date set for foreclosure sale
under the Lender Deed of Trust, Lender shall postpone the foreclosure sale for thirty (30) days,
during which thirty (30) day period Agency shall have the right to cure the noticed default, and
that, in the event of a nonmonetary default which is susceptible to being cured only when the
Agency has obtained possession of the Property, the Agency shall have as long as necessary (x)
to obtain possession of the Property by exercising the Repurchase Option and (y) to cure the
default, so long as the Agency does so with reasonable and continuous diligence.
(b) To negotiate with the Lender regarding the noticed default at any
time prior to the foreclosure of the Lender Deed of Trust or other lien.
(c) To purchase the Property from Developer, subject to the Lender
Deed of Trust without the consent of the Developer. Upon written notice from Agency to
Lender exercising the Repurchase Option and received by Lender at least five (5) days prior to
the date set for foreclosure sale under the Lender Deed of Trust, Lender shall postpone the
foreclosure sale for the time reasonably necessary to allow Agency to complete the purchase of
the Property. The purchase price for the Property and escrow procedures shall be as set forth in
the Repurchase Option.
The Lender agrees that, in the absence of any default by the Developer under the Lender
Loan, the exercise of any of the rights set forth in this Section 3.1 by Agency shall not give rise
to any right on the part of the Lender to exercise any right to accelerate the amounts due under
the Lender Loan. Agency agrees that nothing in this section 3.1 shall prevent the Lender from
exercising its rights and remedies under the Lender Deed of Trust in the event of Developer's
default thereunder, provided however, that in that event, Agency shall have the right to cure
Developer's default in accordance with Section 3.1(a) above.
3.2 Exercise of Repurchase Option
The Lender hereby agrees that in the event that Agency exercises the Repurchase Option, said
action shall not give rise to any right on the part of the Lender to accelerate the amounts due on
the Lender Loan so long as Developer is not in default of its obligations under the Lender Loan.
EPH/GENESIS/ 3
SUBORDINATION
In the event of such default at the time the Agency exercises the Repurchase Option, the Agency
shall have the right to cure Developer's default as provided in Section 3.1(a) above.
3.3 Disbursements
Lender, in making disbursements of the proceeds of said Loan, 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 disbursements thereof are made and any application or use of such
proceeds for purposes other than those provided in the documents evidencing and securing such
Loan shall not defeat the subordination herein made in whole or in part.
3.4 Enforcement of Use Restrictions
Nothing set forth in this Agreement shall prevent the Agency from enforcing the terms of
the DDA or any other agreement between Developer and Agency with respect to the Property.
4. Miscellaneous
4.1 Entire Agreement
This Agreement shall be the whole and only agreement with regard to the matters set
forth herein and shall supersede and cancel, but only insofar as would affect the priority between
the Lender Deed of Trust and the Repurchase Option, any prior agreement as to such
subordination including, but not limited to, those provisions, if any, contained in the Repurchase
Option or the DDA which provide for the subordination of the lien or charge thereof to another
deed or deeds of trust or to another mortgage or mortgages, upon the Property.
4.2 Successors and Assigns
This Agreement shall inure to and bind the heirs, legatees, devisees, administrators,
executors, successors and assigns of the parties hereto.
4.3 California Law
This Agreement shall be construed according to the laws of the State of California.
4.4 Severability
If any term, provision, condition or covenant of this Agreement or the application thereof
to any party or circumstances shall, to any extent, be held invalid or unenforceable, the
remainder of this instrument, or the application of such term, provision, condition or covenant to
persons or circumstances other than those as to whom or which it is held invalid or
unenforceable shall not be affected thereby, and each term and provision of this Agreement shall
be valid and enforceable to the fullest extent permitted by law.
EPWGENESIS/ 4
SUBORDINATION
4.5 Notice
Any notice, demand, request, consent, approval or communication that any party desires
or is required to give to another party or any other person must be in writing and may be given
by personal delivery, by mailing the same by registered or certified mail, return receipt
requested, postage prepaid, or by a reputable same day or overnight delivery service that
provides a receipt showing date and time of delivery, to the party to whom the notice is directed
at the address of such party hereinafter set forth, or such other address and to such other persons
as the parties may hereafter designate. Any such notice shall be deemed given (i) upon receipt if
by personal delivery or by delivery service, or (ii) forty-eight (48) hours after deposit in the
United States mail, if sent by mail pursuant to the foregoing.
If to Agency: La Quinta Redevelopment Agency
78-495 Calle Tampico
La Quinta, CA 92253
Attention: Executive Director
With copy to: Rutan & Tucker, LLP
611 Anton Boulevard, Suite 1400
Costa Mesa, CA 92626-1998
Attn: Katherine Jenson
If to Developer: CP Development La Quinta, LLC
77-900 Avenue of the States
Palm Desert, CA 92211
Attn: Richard Oliphant
With copy to: Ealy, Hemphill & Blasdell, LLP
777 E. Tahquitz Canyon Way, Suite 328
Palm Springs, CA 92262
Attn: Emily Perri Hemphill
And Genesis Hotel Development LLC
76890 Sandpiper Drive
Indian Wells, CA 92210
Attn: Francis A. Wong
EPINGENESIS/ 5
SUBORDINATION
If to Lender: 1 St Centennial Bank
101 East Redlands Boulevard, Suite 106
Redlands, California 92373
Attn: Clifford N. Schnoonover.
With copy to: King & Associates
140 Newport Center Drive, Suite 250
Newport Beach, California 92660-6977
Attn: Raymond King
4.6 Attorneys' Fees
In the event that any action, suit or other proceeding is brought to enforce the obligations
of under this Agreement, the prevailing party shall be entitled to receive all of such party's costs
and expenses of suit, including attorneys' fees, expert witness fees, and all costs incurred in each
and every action, suit or other proceeding, including any and all appeals or petitions therefrom.
4.7 Counterparts
This Agreement may be executed in any number of counterparts, each of which shall be
an original, but all of which shall constitute one and the same document.
IN WITNESS WHEREOF, the parties have executed this Subordination Agreement as of
the date first written above.
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
INSTRUMENTS.
f au
R
"AGENCY"
LA QUINTA REDEVELOPMENT AGENCY, a
public body, corporate and politic
r7>1 By:
Executive Director
EPH/GENESIS/
SUBORDINATION
on
APPROVED AS TO FORM
RUTAN & TUCKER, LLP
By:
Agency Counsel
"DEVELOPER"
CP DEVELOPMENT LA A, LLC, a
Californi lifted lia ' lity om an
By:
Its: tLA. Me-A119EW--
[Signatures Continued on Next Page]
EPH/GENESIS/
SUBORDINATION
"LENDER"
1 sT CE NNIAL BANK
By:
V n
Its:
By: 6aAj�
Its: V- P
[End of Signatures]
[Remainder of Page Intentionally Left Blank]
EPH/GENESIS/
SUBORDINATION
STATE OF CALIFORNIA )
ss:
COUNTY OF )
On� . � �ooL before me, a notary public, personally appeared
—7,1c 6ar d ri�nT personally known to me (of prevcd to fHo ^" the >,""sof
to be the person(s) whose name(s) is/.am subscribed to the within
instrument and acknowledged to me that heAshefthcy executed the same in hisAkef4heir
authorized capacity(ies), and that by his/herAiwir 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.
[S Conx16"I f 1WA$
NOW;Zo - CWMW
RhW*s county
I* MyCgYm.E>�iresOCt2�, 2a1d
STATE OF CALIFORNIA )
) ss.
COUNTY O � )
On o O o before me, a notary public, personally appeared
7;6 • ;: �..(or;; +„ mp nn tlx: haef
p personally known to me �-� c
to be the person(s) whose name(s) is/ar-e—subscribed to the within
instrument and acknowledged to me that he/sheAhey- executed the same in his/h@4thQ4r
authorized capacity(ies), and that by his/herkheir 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.
[SEAL]
Conwrrion # NiQi�!;1
No�aiy R�bNc • CaNbmio
Wenido County
Ibly Comm. E0w OCt 2& 2n8
EPH/GENESIS/ 9
SUBORDINATION
STATE OF CALIFORNIA )
. ) ss.
COUNTY OF 'y m/no)
On � 6d before me, a notary public, personally appeared
-_— 1016 1 ersonally known to me ed on
tis e e to be the person(s) whose name(s) )(are subscribed to the within
instrument and acknowledged to me that V/W/they executed the same in *er/their
authorized capacity(ies), and that by h(sr/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.
Notary ublic
[SEAL]
��. SANDRA M. PARMER
1. M
Commission # 1374024
Z = ��' Notary Public - California Z
San Bernardino County >
My Comm. Expires Sep IQ 2006
EPH/GENESIS/ 10
SUBORDINATION
ATTACHMENT NO. 1
LEGAL DESCRIPTION OF PROPERTY
IN THE CITY OF LA QUINTA, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA,
THAT PORTION OF THE SOUTH HALF OF SECTION 19, TOWNSHIP 5 SOUTH, RANGE
7 EAST, S.B.M., MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE CENTER ONE -QUARTER CORNER OF SAID SECTION 19,
ALSO BEING AND ANGLE POINT IN THE CENTERLINE OF MILES AVENUE AS
SHOWN ON TRACT NO. 23971-15 ON FILE IN BOOK 213 AT PAGES 25 THROUGH 30,
INCLUSIVE, OF MAPS, RIVERSIDE COUNTY RECORDS;
THENCE SOUTH 00027138" EAST, A DISTANCE OF 75.00 FEET TO A LINE PARALLEL
WITH AND 75.00 FEET SOUTHERLY OF SAID CENTERLINE OF MILES AVENUE AND
THE TRUE POINT OF BEGINNING;
THENCE NORTH 89033'22" EAST ALONG SAID PARALLEL LINE, A DISTANCE OF
960.27 FEET;
THENCE NORTH 00026'40" WEST, A DISTANCE OF 20.00 FEET TO A LINE PARALLEL
WITH AND 55.00 FEET SOUTHERLY OF SAID CENTERLINE OF MILES AVENUE;
THENCE NORTH 89033'22" EAST ALONG LAST SAID PARALLEL LINE, A DISTANCE
OF 80.00 FEET;
THENCE SOUTH 00026'40" EAST, A DISTANCE OF 112.88 FEET TO THE BEGINNING
OF A TANGENT CURVE, CONCAVE WESTERLY AND HAVING A RADIUS OF 440.00
FEET;
THENCE SOUTHERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF
41 °42'33 % AN ARC DISTANCE OF 320.30 FEET;
THENCE NON -TANGENT TO SAID CURVE SOUTH 44044132" EAST, A DISTANCE OF
90.06 FEET TO THE BEGINNING OF A TANGENT CURVE, CONCAVE
NORTHEASTERLY AND HAVING A RADIUS OF 80.00 FEET;
THENCE SOUTHEASTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF
45027'41 % AN ARC DISTANCE OF 63.48 FEET;
THENCE TANGENT TO SAID CURVE NORTH 89047'47" EAST, A DISTANCE OF 239.56
FEET TO A POINT ON THE EASTERLY LINE OF PARCEL "C" AS DESCRIBED IN DEED
TO STAMKO DEVELOPMENT CO. RECORDED MAY 16, 1994 AS INSTRUMENT NO.
10897% O.R.
EPH/GENESIS/
SUBORDINATION
THENCE SOUTH 00012' 13" EAST ALONG SAID EASTERLY LINE, A DISTANCE. OF
790.73 FEET TO AN ANGLE POINT THEREIN;
THENCE SOUTH 43056'42' WEST ALONG THE SOUTHEASTERLY LINE OF SAID
PARCEL "C", A DISTANCE OF 510.61 FEET TO A POINT ON A NON -TANGENT CURVE,
CONCAVE SOUTHWESTERLY AND HAVING A RADIUS OF 4565.17 FEET, A RADIAL
LINE TO SAID POINT BEARS NORTH 42059'27 EAST;
THENCE NORTHWESTERLY ALONG SAID CURVE AND THE SOUTHWESTERLY LINE
OF SAID PARCEL "C" THROUGH A CENTRAL ANGLE OF 02057'46"5 AN ARC
DISTANCE OF 236.07 FEET;
THENCE NON -TANGENT TO SAID CURVE SOUTH 00017'57" EAST ALONG AN
EASTERLY LINE OF SAID PARCEL "C" A DISTANCE OF 11.03 FEET TO A POINT
HEREINAFTER REFERRED TO AS POINT A, BEING ON THE NORTHEASTERLY
RIGHT-OF-WAY LINE OF THE COACHELLA VALLEY WATER DISTRICT FLOOD
CHANNEL AS SHOWN ON C.V.W.D. RIGHT-OF-WAY STATUS MAP DATED APRIL 4,
1968, DRAWING NO. 1758-10;
THENCE CONTINUING SOUTH 00017'57" EAST ALONG LAST SAID EASTERLY LINE
OF PARCEL "C", A DISTANCE OF 386.46 FEET;
THENCE NORTH 48009'56" WEST ALONG THE SOUTHWESTERLY LINE OF SAID
PARCEL "C", A DISTANCE OF 22.00 FEET TO AN ANGLE POINT THEREIN;
THENCE CONTINUING ALONG THE SOUTHWESTERLY LINE OF SAID PARCEL licit
AND ITS NORTHWESTERLY PROLONGATION NORTH 64021'03" WEST, A DISTANCE
OF 444.84 FEET TO AN ANGLE POINT IN THE SOUTHWESTERLY LINE OF PARCEL 2
AS DESCRIBED IN DEED TO THE LA QUINTA REDEVELOPMENT AGENCY
RECORDED AUGUST 4, 1995 AS INSTRUMENT NO.255528, O.R.
THENCE NORTH 58014'00" WEST ALONG SAID SOUTHWESTERLY LINE OF PARCEL
2, A DISTANCE OF 320.54 FEET TO A POINT ON A NON -TANGENT CURVE, CONCAVE
WESTERLY AND HAVING A RADIUS OF 2072.00 FEET, A RADIAL LINE TO SAID
POINT BEARS NORTH 86011'26" EAST;
THENCE NORTHERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF
11 005'41 ", AN ARC DISTANCE OF 401.22 FEET;
THENCE NON -TANGENT TO SAID CURVE NORTH 75033102" EAST, A DISTANCE OF
4.22 FEET TO A POINT ON AFOREMENTIONED NORTHEASTERLY RIGHT-OF-WAY
LINE OF THE COACHELLA VALLEY WATER DISTRICT FLOOD CHANNEL, SAID
LINE BEING A NON -TANGENT CURVE, CONCAVE SOUTHWESTERLY AND HAVING
A RADIUS OF 2500.00 FEET, A RADIAL LINE TO SAID POINT BEARS NORTH 17033123"
EAST;
THENCE SOUTHEASTERLY ALONG LAST SAID CURVE THROUGH A CENTRAL
ANGLE OF 00032'28", AN ARC DISTANCE OF 23.61 FEET TO A POINT HEREINAFTER
EPH/GENESIS/ 2
SUBORDINATION
REFERRED TO AS POINT B, SAID POINT ALSO BEING ON A NON -TANGENT CURVE,
CONCAVE SOUTHWESTERLY AND HAVING A RADIUS OF 2092.00 FEET, A RADIAL
LINE TO SAID POINT BEARS NORTH 75053'46" EAST;
THENCE NORTHWESTERLY ALONG LAST SAID CURVE THROUGH A CENTRAL
ANGLE OF 07041'06 % AN ARC DISTANCE OF 280.60 FEET;
THENCE NON -TANGENT TO SAID CURVE SOUTH 67006156" WEST, A DISTANCE OF
20.00 FEET TO A POINT ON A NON -TANGENT CURVE, CONCAVE SOUTHWESTERLY
AND HAVING A RADIUS OF 2072.00 FEET, A RADIAL LINE TO SAID POINT BEARS
NORTH 68013' 18" EAST;
THENCE NORTHWESTERLY ALONG LAST SAID CURVE THROUGH A CENTRAL
ANGLE OF 02012'44", AN ARC DISTANCE OF 80.00 FEET;
THENCE NON -TANGENT TO SAID CURVE NORTH 67006156" EAST, A DISTANCE OF
20.00 FEET TO A POINT ON A NON -TANGENT CURVE, CONCAVE SOUTHWESTERLY
AND HAVING A RADIUS OF 2092.00 FEET, A RADIAL LINE TO SAID POINT BEARS
NORTH 66001' 12" EAST;
THENCE NORTHWESTERLY ALONG LAST SAID CURVE THROUGH A CENTRAL
ANGLE OF 19058'08", AN ARC DISTANCE OF 729.11 FEET;
THENCE NON -TANGENT TO SAID CURVE NORTH 00028137" WEST, A DISTANCE OF
153.41 FEET TO A POINT ON A LINE PARALLEL WITH AND 75.00 FEET SOUTHERLY
OF THE AFOREMENTIONED CENTERLINE OF MILES AVENUE;
THENCE NORTH 89031'23" EAST ALONG SAID PARALLEL LINE, A DISTANCE OF
487.01 FEET TO THE TRUE POINT OF BEGINNING.
EXCEPTING THEREFROM THAT PORTION LYING SOUTHWESTERLY OF SAID
NORTHEASTERLY RIGHT-OF-WAY LINE OF THE COACHELLA VALLEY WATER
DISTRICT FLOOD CHANNEL, SAID LINE BEING MORE PARTICULARLY DESCRIBED
AS FOLLOWS:
BEGINNING AT AFOREMENTIONED POINT A IN SAID NORTHEASTERLY RIGHT-OF-
WAY LINE, SAID POINT BEING ON A NON -TANGENT CURVE, CONCAVE
SOUTHWESTERLY AND HAVING A RADIUS OF 2500.00 FEET, A RADIAL LINE TO
SAID POINT BEARS NORTH 36057'27" EAST;
THENCE NORTHWESTERLY ALONG SAID CURVE AND SAID NORTHEASTERLY
RIGHT-OF-WAY LINE THROUGH A CENTRAL ANGLE OF 18051'35", AN ARC
DISTANCE OF 822.91 FEET TO AFOREMENTIONED POINT B.
SUBJECT TO ALL RIGHTS -OF -WAY AND EASEMENTS OF RECORD. COMPRISING
42.47 ACRES (1,85000 SQUARE FEET), MORE OR LESS.
EPWGENESIS/ 3
SUBORDINATION