Title
a. Approve and authorize the Chair to sign a Subordination and Consent document for the purpose of subordinating three Deeds of Trust held by the County to the Declaration of Covenants, Conditions and Restrictions of York Highlands Monterey; and
b. Approve and authorize the Chair to sign a Subordination and Consent document for the purpose of subordinating three Deeds of Trust held by the County to the Monterra Road Agreement; and
c. Direct the Clerk of the Board to have the two documents recorded in the Office of the County Recorder.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize the Chair to sign a Subordination and Consent document for the purpose of subordinating three Deeds of Trust held by the County to the Declaration of Covenants, Conditions and Restrictions of York Highlands Monterey; and
b. Approve and authorize the Chair to sign a Subordination and Consent document for the purpose of subordinating three Deeds of Trust held by the County to the Monterra Road Agreement; and
c. Direct the Clerk of the Board to have the two documents recorded in the Office of the County Recorder.
SUMMARY/DISCUSSION:
On May 22, 2012, the Monterey County Board of Supervisors approved the Final Map and the Subdivision Improvement Agreement (SIA) for York Highlands. On the same day, the Board accepted three Deeds of Trust (Attachment A) as surety for the subdivision improvements in conformance to the terms of the SIA. The Deeds of Trust were recorded on May 31, 2012, as Document Nos. 2012031829, 2012031830, and 201203183 in the Official Records of the County Recorder.
Before marketing new subdivisions in California, subdividers must obtain a public report (white papers) from the California Department of Real Estate (DRE). Prior to issuing a public report for York Highlands, the DRE requires all lenders to subordinate their deeds to the CC&Rs and the Road Maintenance Agreement. Because the County took Deeds o...
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