HomeMy WebLinkAbout; MITSUI FUDOSAN (USA) INC.; 87-432756; Propertyw : Ord&No. ' 331S23-18 ' Escrow No. 9 5 18 2 3G * Ib liab
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crm OF CARLSBAD
CITY CLERK
1200 Elm Avenue
Carlsbadt CA 92008
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SPACE ABOVE THIS LINE FOR RECORDER'S USE
MAIL TAX STATEMENTS TO:
DOCUMENTARY TRANSFER TAX $........Tk...!%&.SZ
SAW3 AS ABOVE ...... Computed on the consideration or value of property CI
...... Computed on the consideration or value less liens or e
*x= Signature of Deciarant or Agent determining tax - Fir Parcel No. 213-061-19 FIRST AMERICAN TITLE INSTJRANCE
CORPORATION GRANT DEED
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
MITSUI FUDOSAN (U.S.A.) INC., a California corporation dba PALOMAR AIRPORT
BUSINESS PARK
a corporation organized under the laws of the State of California ,d
GRANT to CITY OF CARLSBAD, a Municipal corporation
the real property in the City of Carlsbad
County of San Diego , State of California, c
Lot 5 of Carlsbad Tract No. 80-33, in the City of Carlsbadt County of San Diego, Si
of California, according to Map thereof No. 10061, filed in the Office of the Couni
Recorder of San Diego County on April 15, 1981 as File No. 81-115129 of Official Rt
1
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Dated July 13, 1987 MITSUI FUKEAN ( U. S . A. 1 132. t
a California corporation & && 1". STATE OF CALlFORNl COUNTY OF U
On &&d, 1987 , before me, By /% d&fl/z~~,~j/~. r; <./' // '"& i J - Jour
lic in and for id State, personallyappear- \ " %L" vs ;;
w.
and
personally known to me (or proved to me on the basis of satisfactory
evidence) to be the persons who executed the within instrument as
0 L h President and
BY
Secretary, hit& 3u" M I /k -5 * Q-7 L- ')
the corporation therein named, and acknowledged to me that such cor-
poration executed the within instrument pursuant to its by-laws or a
reso1urboa;d of directors. (I L
WITN SS y hand a d official seal. I T h,.' 1)- c I lThic =.a- +r\r -46i-i-l n,.+--:-t ---ai
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First American Etle Insurance Company
A subsidiary of The First American Financial Corporation
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CERTIFICATION FOR ACCEPTANCE OF DEED ~~
This is to certify that the interest in real property
conveyed by the deed or grant dated July 139 1987
I
from Mistui Fudosan (U.S.A.), Inc.
to the City of Carlsbad, California, a municipal corporation,
is hereby accepted by the City Council of the City of Carlsbal
California pursuant to resolution No. 9134 , adopted
on June 23, 1987 , and the grantee consents to the
recordation thereof by its duly authorized officer.
DATED: July 29, 1987
By :
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First American Title Insurance Company
41 1 IVY STREET P.O. BOX 808 ' SAN DIEGO, CA92112-9931 (619) 238-1776
August 10, 1987
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CITY OF CXRLSR?!D
1200 Elm Avenue
Carsbad, CA. 92008 "
A"N: JIM ELLIOTT ., ,
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Dear Mr. Elliott:
In connection with the above numbered escrcw, we are enclosing the Preliminary Report issued under the above referend
number.
If YOU have any questions, please do not hesitate to call m.
Sincerely,
I / ._ *'
",F\& LL, /gi~9C&-,~ i'i /1 .&? /, .".4.
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T *MER
Form No. 1084 (10/73) IC 7 a a
Standard Coverage Policy Form
California Land Title Association
Copyright 1973 '
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POLICY OF TITLE INSURANCE
ISSUED BY
First American Title Insurance Compan3;.
SUBJECT TO SCHEDULE B AND THE CONDITIONS AND STIPULATIONS HEREOF, FIRST AMERICAN TI
INSURANCE COMPANY, a California corporation, herein called the Company, insures the insured, as of Date of P
shown in Schedule A, against loss or damage, not exceeding the amount of insurance stated in Schedule A, and (
attorneys' fees and expenses which the Company may become obligated to pay hereunder, sustained or incurred bi
insured by reason of:
1. Title to the estate or interest described in Schedule A being vested other than as stated therein:
2. Any defect in or lien or encumbrance on such title;
3. Unmarketability of such title; or
4. Any lack of the ordinary right of an abutting owner for access to at least one physically open street
or highway if the land, in fact, abuts upon one or more such streets or highways;
and in addition, as to an insured lender only:
5. Invalidity of the lien of the insured mortgage upon said estate or interest except to the extent that
such invalidity, or claim thereof, arises out of the transaction evidenced by the insured mortgage
and is based upon
a. usury, or
b. any consumer credit protection or truth in lending law;
6. Priority of any lien or encumbrance over the lien of the insured mortgage, said mortgage being
shown in Schedule I3 in the order of its priority; or
7. Invalidity of any assignment of the insured mortgage, provided such assignment is shown in
Schedule B.
IN WITNESS WHEREOF, First American Title Insurance Company has caused this policy to be signed and sealed b
duly authorized officers as of Date of Policy shown in Schedule A.
First American Title Insurance Cornpa;
BY PRESIDE
ATTEST FA c, T?,&,. SECRETA
'1B1 I36
1. DEFINITION OF TERMS
The following terms when used in this policy
A, and, subject to any rights or defenses the Com- (a) "insured": the insured named in Schedule
pany may have had against the named insured, those who succeed to the interest of such insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees. de-
visees, survivors, personal representatives, next of
"insured" also includes (i) the owner of the indebt- kin, or corporate or fiduciary successors. The term
successor in ownership of such indebtedness (re- edness secured by the insured mortgage and each
serving, however, all rights and defenses as to any such successor who acquires the indebtedness by operation of law as described in the first sentence of this subparagraph (a) that the Company would
further includes (ii) any governmental agency or
have had against the successor's transferor), and
instrumentality which is an insurer or guarantor
under an insurance contract or guaranty insuring or guaranteeing said indebtedness, or any part thereof, whether named as an insured herein or not, and (iii) the parties designated in paragraph 2 (a) of
mean:
these Conditions and Stipulations.
loss or damage hereunder. (b) "insured claimant": an insured claiming
mortgage. (c) "insured lender": the owner of an insured
Schedule B. the owner of which is named as an in-
(d) "insured mortgage": a mortgage shown in
sured in Schedule A.
(e) "knowledge": actual knowledge, not con- structive knowledge or notice which may be im- puted to an insured by reason of any public records.
by reference in Schedule C, and improvements af-
(f) "land": the land described, specifically or
fixed thereto which by law constitute real property;
clude any area excluded by Paragraph No. 6 of provided, however, the term "land" does not in-
Part I of Schedule B of this Policy.
trust deed, or other security instrument. (g) "mortgage": mortgage, deed of trust,
(h) "public records": those records which by
law impart constructive notice of matters relating to the land.
2. (a) CONTINUATION OF INSURANCE AFTER ACQUISITION OF TITLE BY
INSURED LENDER
If this policy insures the owner of the indebt- edness secured by the insured mortgage, this policy
shall continue in force as of Date of Policy in favor
of such insured who acquires all or any part of the estate or interest in the land described in Schedule C by foreclosure, trustee's sale, conveyance in lieu of foreclosure, or other legal manner which dis- charges the lien of the insured mortgage, and if such insured is a corporation, its transferee of the estate or interest so acquired, provided the transferee is
sured; and in favor of any governmental agency or the parent or wholly owned subsidiary of such in-
instrumentality which acquires all or any part of the
ance or guaranty insuring or guaranteeing the in- estate or interest pursuant to a contract of insur-
debtedness secured by the insured mortgage. After any such acquisition the amount of insurance here
under, exclusive of costs, attorneys' fees and ex-
pay, shall not exceed the least of:
penses which the Company may be obligated to
(i) the amount of insurance stated in
Schedule A;
(ii) the amount of the unpaid principal of the indebtedness plus interest thereon, as deter- mined under paragraph 6 (a) (iii) hereof, expenses
the lien of the insured mortgage and secured by said insured mortgage at the time of acquisition of
such estate or interest in the land; or
of foreclosure and amounts advanced to protect
CONDITIONS AND STIPULATIONS
(iii) the amount paid by any governmental agency or instrumentality, if such agency or instru-
such estate or interest in satisfaction of its insur- mentality is the insured claimant, in acquisition of
ance contract or guaranty.
(b) CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE
force as of Date of Policy, in favor of an insured so The coverage of this policy shall continue in
long as such insured retains an estate or interest in
the land, or owns an indebtedness secured by a pur- chase money mortgage given by a purchaser from such insured, or so long as such insured shall have liability by reason of covenants of warranty made by such insured in any transfer or conveyance of such estate or interest; provided, however, this policy shall not continue in force in favor of any
purchaser from such insured of either said estate or interest or the indebtedness secured by a purchase money mortgage given to such insured.
3. DEFENSE AND PROSECUTION OF ACTIONS - NOTICE OF CLAIM TO BE
GIVEN BY AN INSURED CLAIMANT
(a) The Company, at its own cost and without
undue delay, shall provide for the defense of an insured in litigation to the extent that such liti-
gation involves an alleged defect, lien, encum-
brance or other matter insured against by this
policy.
(b) The insured shall notify the Company
set forth in (a) above, (ii) in case knowledge shall promptly in writing (i) in case of any litigation as
come to an insured hereunder of any claim of title
or interest which is adverse to the title to the estate
or interest or the lien of the insured mortgage, as
which the Company may be liable by virtue of this insured, and which might cause loss or damage for
policy, or (iii) if title to the estate or interest or the lien of the insured mortgage, as insured, is rejected
as unmarketable. If such prompt notice shall not be given to the Company, then as to such insured
all liability of the Company shall cease and termi-
nate in regard to the matter or matters for which such prompt notice is required; provided, however, that failure to notify shall in no case prejudice the rights of any such insured under this policy unless the Company shall be prejudiced by such failure and then only to the extent of such prejudice.
own cost to institute and without undue delay
(c) The Company shall have the right at its
other act which in its opinion may be necessary or desirable to establish the title to the estate or inter- est or the lien of the insured mortgage, as insured; and the Company may take any appropriate action, whether or not it shall be liable under the terms of this policy, and shall not thereby concede liability
or waive any provision of this policy.
(dl Whenever the Company shall have brought any action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any such litigation to final determination by a court of competent jurisdiction
and expressly reserves the right, in its sole discre
tion. to appeal from any adverse judgment or order.
quires the Company to prosecute or provide for
(e) In all cases where this policy permits or re
the defense of any action or proceeding, the in- sured hereunder shall secure to the Company the right to so prosecute or provide defense in such
action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name
of such insured for such purpose. Whenever re
quested by the Company, such insured shall give
able aid (1) in any such action or proceeding in the Company, at the Company's expense, all reason-
prosecute any action or proceeding or to do any
witnesses, or prosecuting or defending such action
effecting settlement, securing evidence, obtaining
or proceeding, and (2) in any other act which in
the opinion of the Company may be necessary or
esirakle to establish the title to the estate pr q
interest or the lien of the insu sured, including but not limit1
rective or other documents.
4. PROOF OF LOSS OR D1 LIMITATION OF ACTlOl
In addition to the notices I
graph 3 (b) of these Condition
proof of loss or damage, signed
pany within 90 days after tl
insured claimant shall be furl
shall ascertain or determine th
such loss or damage. Such pro shall describe the defect in, or on the title, or other matter in policy which constitutes the t age, and, when appropriate,
calculating the amount of su
state facts sufficient to enabl
Should such proof of loss
determine its liability hereundc
at the written request of Con
such additional information as
necessary to make such determ
No right of action shall
claimant until 30 days after SI
damage shall have been furnish1
Failure to furnish such pro1
shall terminate any liability of this policy as to such loss or da
5. OPTIONS TO PAY OR 01
CLAIMS AND OPTIONS 1 DEBTEDNESS
The Company shall have t otherwise settle for or in the claimant any claim insured a nate all liability and obligatio
amount of insurance under 1 hereunder by paying or tendel
with any costs, attorneys' fel curred up to the time of suck of payment by the insured clail
by the Company. In case loss I
secured by the insured mortgagt under this policy by the owner
have the further option to purl
all costs, attorneys' fees and ness for the amount owing th
Company is obligated hereunl Company offers to purchase s herein provided, the owner o shall transfer and assign said il mortgage and any collateral SI
the Company upon payment
provided. Upon such offer I
Company, all liability and obli
pany hereunder to the owner secured by said insured mortg obligation to purchase said inc to this paragraph, are terminate
6. DETERMINATION AND P,
(a) The liability of the C
policy shall in no case exceed tt
(i) the actual loss of 1
(ii) the amount of
or
Schedule A, or, if applicable, surance as defined in paragral
(iii) if this policy insul
indebtedness secured by the in!
amount of the unpaid princip; provided said owner is the in
shall not include any additional ness, plus interest thereon, prc
as to amounts advanced to pro ness created subsequent to Dai
insured mortgage and secured tl
(b) The Company will pay, loss insured against by this p sed upon an insured in Iitig
(Continued o e
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CLZ-STANDARD
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COVERAGE POLICY
*3
ORDER NO. 95182:
OJ SCHEDULE A
TOTAL FEE FOR TITLE, EXAMINATION
AND TITLE INSURANCE $3,605.00
AMOUNT OF INSURANCE: $1,602,n60.00
DATE OF POLICY: JULY 31, 1987 AT 11:32 A.M.
1. NAME OF INSURED:
CITY OF CARLSBAD, A MUNICIPAL CORPORATION
2. THE ESTATE OR INTEREST REFEIZRED TO HEREIN,
IS AT DATE OF POLICY VESTED IN:
CITY OF CARLSBAD, A MUNICIPAL CORPORATION
3. THE ESTATE OR INTEREST IN THE LAND DESCRIBED IN
SCHEDULE C AND WHICH IS COVERED BY THIS POLICY IS:
FEE
PAGE 1
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CL&\‘STANDARD
COVERAGE POLICY
-e
ORDER NO. 95182:
SCHEDULE B
THIS POLICY DOES NOT INSURE AGAINST LOSS OR DAMAGE, NOR AGAl
COSTS, ATTORNEYS’ FEES OR EXPENSES, ANY OR ALL OF WHICH ARISE REASON OF THE FOLLOWING:
PART ONE:
1. TAXES OR ASSESSMENTS WHICH ARE NOT SHOWN AS EXISTING LIENS BY RECORDS OF ANY TAXING AUTHORITY THAT LEVIES TAXES OR ASSESSMI
ON REAL PROPERTY OR BY THE PUBLIC RECORDS.
PROCEEDINGS BY A PUBLIC AGENCY WHICH MAY RESULT IN TAXES
ASSESSMENTS, OR NOTICES OF SUCH PROCEEDINGS, WHETHER OR NOT S€
BY THE RECORDS OF SUCH AGENCY OR BY THE PUBLIC RECORDS.
2. ANY FACTS, RIGHTS, INTERESTS OR CLAIMS WHICH ARE NOT SHOWN PUBLIC RECORDS BUT WHICH COULD BE ASCERTAINED BY AN INSPECT101
THE LAND OR BY MAKING INQUIRY OF PERSONS IN POSSESSION THERE01
3. EASEMENTS, LIENS OR ENCUMBRANCES, OR CLAIMS THEREOF, WHICH
NOT SHOWN BY THE PUBLIC RECORDS.
4. DISCREPANCIES, CONFLICTS IN BOUNDARY LINES, SHORTAGE IN AI
ENCROACHMENTS, OR ANY OTHER FACTS WHICH A CORRECT SURVEY WC DISCLOSE, AND WHICH ARE NOT SHOWN BY THE PUBLIC RECORDS.
5. (A) UNPATENTED MINING CLAIMS; (B) RESERVATIONS OR EXCEPTIONS
PATENTS OR IN ACTS AUTHORIZING THE ISSUANCE THEREOF; (C) WI
RIGHTS, CIJAIMS OR TITLE TO WATER, WHETHER OR NOT THE MAT’I
EXCEPTED UNDER (A) , (B) , OR (C) ARE SHOWN BY THE PUBLIC RECORI
6. ANY RIGHT, TITLE, INTEREST, ESTATE OR EASEMENT IN LAND BEYOND
LINES OF AREA SPECIFICALLY DESCRIBED OR REFERRED TO IN SCHEI
C, OR IN ABUTTING STREETS, ROADS, AVENUES, ALLEYS, LANES, WAY:
WATERWAYS, BUT NOTHING IN THIS PARAGRAPH SHALL MODIFY OR L1
THE EXTENT TO WHICH THE ORDINARY RIGHT OF AN ABUTTING OWNER
ACCESS TO A PHYSICALLY OPEN STREET OR HIGHWAY IS INSURED BY 1 POLICY.
PAGE 2
@I 'e
ORDER NO. 95182 COVERAGE POLICY r
7. ANY LAW, ORDINANCE OR GOVERNMENTAL REGULATION (INCLUDING BUT
LIMITED TO BUILDING AND ZONING ORDINANCES) RESTRICTING REGULATING OR PROHIBITING THE OCCUPANCY, USE OR ENJOYMENT OF LAND, OR REGULATING THE CHARACTER, DIMENSIONS OR LOCATION OF IMPROVEMENT NOW OR HEREAFTER ERECTED ON THE LAND, OR PROHIBI' A SEPARATION IN THE OWNERSHIP OR A CHANGE IN THE DIMENSION!
AREA OF THE LAND OR ANY PARCEL OF WHICH THE LAND IS OR Wl
PART, WHETHER OR NOT SHOWN BY THE PUBLIC RECORDS AT DATE
OR GOVERNMENTAL REGULATION, WHETHER OR NOT SHOWN BY THE PU
RECORDS AT DATE OF POLICY.
POLICY, OR THE EFFECT OF ANY VIOLATION OF ANY SUCH LAW, ORDIN.
8. RIGHTS OF EMINENT DOMAIN OR GOVERNMENTAL RIGHTS OF POLICE P UNLESS NOTICE OF THE EXERCISE OF SUCH RIGHTS APPEARS IN
PUBLIC RECORDS.
9. DEFECTS, LIENS, ENCUMBRANCES, ADVERSE CLAIMS, OR OTHER MAT: (A) WHETHER OR NOT SHOWN BY THE PUBLIC RECORDS AT DATE OF POL:
BUT CREATED, CAUSED, SUFFERED, ASSUMED OR AGREED TO BY INSURED CLAIMANT; (B) NOT SHOWN BY THE PUBLIC RECORDS AND OTHERWISE EXCLUDED FROM COVERAGE BUT KNOWN TO THE INS1
CLAIMANT EITHER AT DATE OF POLICY OR AT THE DATE SUCH CLAI]
ACQUIRED AN ESTATE OR INTEREST INSURED BY THIS POLICY OR ACQU:
THE INSURED MORTGAGE AND NOT DISCLOSED IN WRITING BY THE INS1
CLAIMANT TO THE COMPANY PRIOR TO THE DATE SUCH INSURED CLAIl
BECAME AN INSURED HEREUNDER; (C) RESULTING IN NO LOSS OR DAI
TO THE INSURED CLAIMANT; (D) ATTACHING OR CREATED SUBSEQUEN:
DATE! OF POLICY; OR (E) RESULTING IN LOSS OR DAMAGE WHICH Wc
NOT HAVE BEEN SUSTAINED IF THE INSURED CLAIMANT HAD BEE:
PURCHASER OR ENCUMBRANCER FOR VALUE WITHOUT KNOWLEDGE.
PAGE 3
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CLTA STANDARD
COVERAGE POLICY
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ORDER NO. 95182
SCHEDULE B
PART TWO:
1. AN EASEMENT FOR EITHER OR BOTH POLE LINES, UNDERGROUND COND' AND INCIDENTAL PURPOSES TOGETHER WITH THE RIGHT OF INGRESS
EGRESS IN FAVOR OF SAN DIEGO CONSOLIDATED GAS AND ELEC' COMPANY BY INSTRUMENT RECORDED FEBRUARY 16, 1920 IN BOOK
PAGE 243 OF DEEDS, AS SHOWN ON MAP OF SAID TRACT.
2. AN EASEMENT TO ERECT, CONSTRUCT, RECONSTRUCT, REPLACE, REP MAINTAIN AND USE FOR THE TRANSMISSION AND DISTRIBUTION
ELECTRICITY AND FOR ALL OTHER PURPOSES CONNECTED THEREWITH INCIDENTAL PURPOSES IN FAVOR OF SAN DIEGO GAS AND ELEC'
COMPANY, RECORDED APRIL 15, 1954 IN BOOK 5205, PAGE 416
OFFICIAL RECORDS, AS SHOWN ON MAP OF SAID TRACT.
REFERENCE IS MADE TO SAID INSTRUMENT FOR FURTHER PARTICULARS.
SAID DEED ALSO RECITES:
THE GRANTOR GRANTS TO THE GRANTEE, ITS SUCCESSORS AND ASSI(
THE RIG~'P TO TRIM OR TOP AND TO KEEP TRIMMED OR TOPPED, ANY ALL TREES ON THE LANDS OF THE GRANTOR ADJACENT TO SAID RIGH':
WAY STRIP FOR A DISTANCE OF 20 FEET FROM THE EXTERIOR LINE:
THE RIGHT OF WAY STRIP, TO SUCH HEIGHTS AS IN THE JUDGMENT OF GRANTEE, ITS SUCCESSORS OR ASSIGNS, SHALL BE REASONABLY NECES:
FOR THE PROPER CONSTRUCTION, OPERATION AND MAINTENANCE OF i
ELECTRIC TRANSMISSION LINE OR LINES, BUT AT NO POINT OUTSIDE
RIGHT OF WAY STRIP TO A HEIGHT OF LESS THAN 30 FEET.
3. THE LIMITATIONS, COVENANTS, CONDITIONS, RESTRICTIC
RESERVATIONS, EASEMENTS, TERMS, LIENS, ASSESSMENTS, PROVIS:
AND CHARGES BUT DELETING RESTRICTIONS, IF ANY, BASED ON R
COLOR, RELIGION OR NATIONAL ORIGIN AS CONTAINED IN
DECLARATION OF RESTRICTIONS RECORDED OCTOBER 1, 1974 AS FILE
74-263897 OF OFFICIAL RECORDS.
SAID INSTRUMENT ALSO PROVIDES THAT ALL LIENS CREATED BY :
DECLIWWION OF RESTRICTIONS, INCLUDING, BUT NOT LIMITED TO,
REGULAR OR SPECIAL ASSESSMENTS FOR THE PAYMENT OF MONEY, SHALl
SUBORDINATE TO THE LIEN CREATED BY ANY FIRST DEED OF TRUST
FIRST MORTGAGE.
PAGE 4
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CLT& STANDARD
COVERAGE POLICY
-m
ORDER NO. 95182
SAID INSTRUMENT PROVIDES THAT A VIOLATION THEREOF SHALL NE1
TRUST MADE FOR VALUE.
AN INSTRUMENT DECLARING A MODIFICATION OF SAID COVENA CONDITIONS AND RESTRICTIONS WAS RECORDED JUNE 1, 1977 AS FILE
77-212678, JUNE 27, 1977 AS FILE NOS. 77-252978 AND 77-252
ALL OF OFFICIAL RECORDS.
DEFEAT NOR RENDER INVALID THE LIEN OF ANY MORTGAGE OR DEE1
4. AN AGREEMENT REGARDING PAYMENT OF PUBLIC FACILITIES FEE, D
APRIL 20, 1984, UPON THE TERMS, COVENANTS, AND CONDIT
CONTAINED THEREIN.
EXECUTED BY AND BETWEEN: MFD SAN DIEGO INC. AND CITY
RECORDED: JUNE 11, 1984 AS FILE NO. 84-217352 OF OFFI
CARLSBAD .
RECORDS.
5. AN AGREEMENT REGARDING AGREEMENT TO PAY INCREASED FEES
DEVELOPMENT MANAGEMENT SYSTEM, DATED APRIL 16, 1986, UPON
EXECUTED BY AND BETWEEN: MITSUI FUDOSAN USA INC. AND CIT
TERMS, COVENANTS, AND CONDITIONS CONTAINED THEREIN.
CARLSBAD.
RECORDED: APRIL 28, 1986 AS FILE NO. 86-164181 OF OFFI
RECORDS.
PAGE 5
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CLTX STANDARD COVERAGE POLICY ORDER NO. 95182
SCHEDULE C
THE LAND REFERRED TO IN THIS POLICY IS SITUATED IN THE STATE CALIFORNIA, COUNTY OF SAN DIEGO, AND IS DESCRIBED AS FOLLOWS:
LOT 5 OF CARLSBAD TRACT NO. 80-33, IN THE CITY OF CARLSBAD, COUNT’
SAN DIEGO, STATE OF CALIFORNIAf ACCORDING TO MAP THEREOF NO. 10
FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTJ
APRIL 15, 1981 AS FILE NO. 81-115129 OF OFFICIAL RECORDS.
PAGE 6
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&BITIONS AND STIPULAT~OMS 1,
(Continued from inside front cover)
the Company for such insured, and all costs, attorneys' fees and expenses in litigation carried on by such insured with the written authorization of the Company.
been definitely fixed in accordance with the con- (c) When the amount of loss or damage has
ditions of this policy, the loss or damage shall be
payable within 30 days thereafter.
7. LIMITATION OF LIABILITY
No claim shall arise or be maintainable under this policy (a) if the Company, after having received
sured against hereunder, by litigation or other- notice of an alleged defect, lien or encumbrance in-
wise, removes such defect, lien or encumbrance or establishes the title, or the lien of the insured mort-
gage, as insured, within a reasonable time after
receipt of such notice; \b) in the event of litigation
court of competent jurisdiction, and disposition of
until there has been a final determination by a
all appeals therefrom, adverse to the title or to the
vided in paragraph 3 hereof; or (c) for liability lien of the insured mortgage, as insured, as prc-
voluntarily admitted or assumed by an insured
without prior written consent of the Company.
8. REDUCTION OF INSURANCE; TERMINA- TION OF LIABILITY
ment made for costs, attorneys' fees and expenses, All payments under this policy, except pay-
shall reduce the amount of the insurance pro tanto; provided, however, if the owner of the indebtedness secured by the insured mortgage is an insured here under, then such payments, prior to the acquisition
of title to said estate or interest as provided in paragraph 2 (a) of these Conditions and Stipula tions, shall not reduce pro tanto the amount of the insurance afforded hereunder as to any such in- sured, except to the extent that such payments
reduce the amount of the indebtedness secured by such mortgage.
Payment in full by any person or voluntary
satisfaction or release of the insured mortgage shall terminate all liability of the Company to an insured owner of the indebtedness secured by the insured
hereof. mortgage, except as provided in paragraph 2 (a)
9. LIABILITY NONCUMULATIVE
It is expressly understood that the amount of
of theestate or interest covered by this policy, shall
insurance under this policy, as to the insured owner
be reduced by any amount the Company may pay under any policy insuring (a) a mortgage shown or
on the estate or interest covered by this policy,
referred to in Schedule B hereof which is a lien
or (b) a mortgage hereafter executed by an insured
which is a charge or lien on the estate or interest
amount so paid shall be deemed a payment under described or referred to in Schedule A, and the
this policy. The Company shall have the option to apply to the payment of any such mortgage any
amount that otherwise would be payable hereunder
to the insured owner of the estate or interest cov-
ered by this policy and the amount so paid shall be
deemed a payment under this policy to said insured
owner.
The provisions of this paragraph 9 shall not
apply to an owner of the indebtedness secured by
the insured mortgage, unless such insured acquires
title to said estate or interest in satisfaction of said
indebtedness or any part thereof.
IO. SUBROGATION UPON PAYMENT OR SETTLEMENT
Whenever the Company shall have paid or
settled a claim under this policy, all right of sub-
any act of the insured claimant, except that the
rogation shall vest in the Company unaffected by
owner of the indebtedness secured by the insured
mortgage may release or substitute the personal liabilitv of anv debtor or auarantor. or extend or
11. LIABILITY LIMITED 1
ments and other instruments, if to by the Company is the en1 tract between the insured and tl
Any claim of loss or dame based on negligence, and whic
title to the estate or interest
any action asserting such clain to the provisions and condition
this policy.
policy can be made except b No amendment of or en
hereon or attached hereto sic
Assistant Secretary, or validatir
President, a Vice President,
ized signatory of the Company.
No payment shall be made this policy for endorsement of
proof of such loss or destructio less the policy be lost or destrc
to the satisfaction of the Comp:
12. NOTICES, WHERE SENT
This instrument together
status of the lien of the insure(
otherwise modify the terms of payment, or re All notices required to be ! lease a portion of the estate or interest from the and any statement in writing I
collateral security for the indebtedness, provided home office at 421 North Mair
lien of the insured mortgage, or release any nished the Company shall be at
such act occurs prior to receipt by such insured California, 92701, or to the c of notice of any claim of title or interest adverse this policy,
to the title to the estate or interest or the priority of the lien of the insured mortgage and does not
result in any loss of priority of the lien of the in-
sured mortgage. The Company shall be subrogated to and be entitled to all rights and remedies which
such insured claimant would have had against any
person or property in respect to such claim had this policy not been issued, and the Company is here-
or settle in its name or in the name of the insured
by authorized and empowered to sue, compromise
to the full extent of the loss sustained by the Com-
pany. If requested by the Company, the insured shall execute any and all documents to evidence the within subrogation. If the payment does not
cover the loss of such insured claimant, the Com-
pany shall be subrogated to such rights and reme-
dies in the proportion which said payment bears to
the amount of said loss, but such subrogation shall
should resultfrom any act of such insured claimant, be in subordination to an insured mortgage. If loss
such act shall not void this policy, but the Com- pany, in that event, shall as to such insured clalmant be required to pay only that part of any losses insured against hereunder which shall exceed the amount, if any, lost to the Company by reason of the impairment of the right of subrogation.
4. -0
e, -
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1, DO NOT DESTROl L IS NOTE: When paid, this note and the 1 surrendered to the FIRST AMERIC
m .".
__ 9 of Trust must/be-.lr
,'/' '* I :..:-/+
;AN TITLE INSURANCE COMPANY wi request for reconveyance,
INSTALLMENT NOTE
(INTEREST INCLUDED)
$ 1,602,160.00 San Dieqo , California, AUW~ 20, 1987
In installments and at the times hereinafter stated, for value received WIY OF ym, a Munic:
promises to pay to corporation
SXURITY PACIFIC MEFXXWT EYWK a division of SECURITY
PACIFIC NATIONAL BANK/ a National Banking Association
or order, at place desiqnated by Holder hereof
the principal sum of ONE MILLION SIX HUNDRED 'IWO THOUSAND ONE ~~ SIXTY --=--=-=---
with interest from AUUon the amounts of principal remaining from ti
unpaid, until said principal sum is paid, at the rate of"per cent, per annum. Principal and i
($117,264.25 ), or more on the 20th day , beginning on the.m
of Februa~ , 19 88 and continuing semi-annually, thereafter, until the 2C of August, 1997, at which time the remaining principal balance and all accrued int
Shall be due and payable-pursuant to Municipal Lease and Option Agreement No. 202~ between Security Pacific Merchant Bankr a division of Security Pacific National Bi
a National Banking Association ("Lessor") and City of Carlsbad ("Lessee1')r a body
and politic duly organized and existing under the laws of the State of California,
in monthly installments of ONE HUNDFED SEXEWEEN THOUSAND TWO HlTNDRED SIXTY-FOUR & 25/1C
P\
=,.
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and continuing until said principal sum and the interest thereon has been fully paid. AT ANY TIME,THE PRIVILEGE 15
TO PAY MORE THAN THE SUM DUE. Each payment shall be credited first, on the interest then due; and the r(
the principal sum; and interest shall thereupon cease upon the amount so credited on the said principal sum. Sh
be made in the payment of any of said installments when due, then the whole sum of principal and interest s
immediately due and payable at the option of the holder of this note. Should suit be commenced to collect this
portion thereof, such sum as the Court may deem reasonable shall be added hereto as attorney's fees. Principal
payable in lawful money of the United States of America. This note is secured by a certain DEED OF TRUST to FIRS1
TITLE INSURANCE COMPANY, a California Corporation, as TRUSTEE.
W
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,, '
, California, ,19-
For value received, I hereby transfer and assign to INTEREST to accrue from
the within Note and Deed of Trust securing the same,
so far as the same pertains to said Note, without recourse.
~ ~~
BY
, California, , 19 - in accordance with instructions
For value received, I'hereby transfer and assign to Escrow No.
the within Note and the Deed of Trust securing the same,
so far as the same pertains to said Note, without recourse.
~ ~~~~
,
Pleaseanswer, to th+e best of your knowledg licable questions, sign and date. If a question apply, indicate with “N/A’.
PAKTI1I: :~pwcE&msoF
A. CASH DOWN PAYMENT OR Value of Trade or Exchange (excluding closing cost) Amount t -
E. FIRST DEED OF TRUST @ 96 intorest for years. ?ymts./Mo = S (Prin & int only) Amount t -
()FHA ( ) Fixed Rate ( INeWLoan
( ) Conventional ( ) Variable Rate i j Assumed Existing ~oan man-
( ) Cal-Vet ( ) Loan Carried by Seller ( ) Finance Company Balloon Payment ( ) Yes ( ) No Due Date Amount $
( )VA ( ) All Inclusive D.T. ($ Wrapped) ( 1 Bank or Savings & Loan
C. SECOND DEED OF TRUST @ % interest for years. Pymts./Mo = f (Prin & Int only) Amount $ I
( ) Bank or Savings 8. Loan ( ) Fixed Rate ()NeWLoan
( ) Loan Carried by Seller ( ) Variable Rate ( ) Assumed Existing Loan &
Balloon Payment ( ) Yes ( ) No Due Date Amount $
D. OTHER FINANCING: Is other financing involved not covered in (b) or (c) above? ( ) Yes ( ) NO Amount t -
( ) Bank or Savings & Loan ( ) Fixed Rate ( )New Loan
( ) Loan Carried by Seller ( ) Variable Rate ( ) Assumed Existing Loan & Balloon Payment ( ) Yes ( ) No Due Date Amount S
E. IMPROVEMENT BOND ( ) Yes ( ) No Outstanding Balance: Amount S -
F. TOTAL PURCHASE PRICE: (or acquisition price, if traded or exchanged, include real estate commission if paid.)
Total Items A through E
G. PROPERTY PURCHASE: ( ) Through a broker; ( ) Direct from seller; ( ) Other (Explain)
If purchased through a broker, provide broker’s name and phone no.:
Please explain any special terms or financing and any other information that would
help the Assessor understand the purchase price and terms of sale.
PART W. pRopEHp/ INFOFMATION
A. IS PERSONAL PROPERTY INCLUDED IN THE PURCHASE PRICE
(other than a mobilehome subject to local property tax)? ( )Yes ( )No
If yes, enter the value of the personal property included in the purchase price $ (Attach itemized list of persona
8. IS THIS PROPERTY INTENDED AS YOUR PRINCIPAL RESIDENCE? (1 Yes ()No
If yes, enter date of occupancy 1 I 19 or intended occupancy j , 19
C. TYPE OF PROPERTY TRANSFERRED
( ) Single Family residence ( ) Agricultural ( ) Timeshare
( ) Multiple-Family residence (no. of units: > ( ) CoopjOwn-Your Own ( ) Mobilehome
( ) Commercial/lndustriaI ( ) Condominium ( ) Unimproved Lot
( ) Other (Description: 1
0. DOES THE PROPERTY PRODUCE INCOME? ( ) Yes ( ) No
E. IF THE ANSWER TO QUESTION D IS YES, IS THE INCOME FROM:
( ) Lease/Rent ( ) Contract ( ) Mineral rights ( ) Otherexplain
F. WHAT WAS THE CONDITION OF THE PROPERTY AT THE TIME OF SALE?
( ) Good ( ) Average ( ) Fair ( )Poor
Enter here, or on an attached sheet any other information that would assist the Assessor in determining value of the property SU~ a <
condition of the property, restrictions, etc. 0
I certify that the foregoing is true, coned an complete to the best of my knowledge and belief.
Signed (New Owner/Corporate Officer) Date
Please Print Name of New Owner/Corporate Officer Phone No. where you are available from 8:W a.m. - 5:OO p.m. I 1 (NOTE: The Assessor may contact you for further information)
If a document evidencing a change of ownership is presented to the recorder for recordation without the concurrent filing of a PREUMINAR
OF OWNERSHIP REPORT, the recorder may charge an additional recording fee of twenty dollars (w).
w 5 w ." . . ." .. 9
PRELIMINARY CHA OF OWNERSHIP REPORT FOR RECORDER'S USE
(?o be completed by transferee (buyer) prior to transfer of the subject property in accordance with Section
480.3 of the Wvenue and Taxation Code.)
THIS REPORT IS NOT A PUBLIC DOCUMENT
1
SELLERflRANSFEROR:
BWER/TRANSEREE
ASSESSORS PARCEL NUMBER(S):
PROPERTY ADDRESS OR LOCATION: No. Street I
city State zip Code I
MAlL TAX INFORMATION TO: A Preliminary Change in Owners
must be filed with each conveya NAME Cbunty Recorder's office for the
ADDRESS: where the property is located: th
Street No. w State Zip Code counties of California particular form may be used in a
NOTICE A lien for property taxes applies to your property on March 1 of each year for the taxes owing in the fokving fiscal year, July 1 throug 30. One-half of these taxes is due November 1, and one-half is due February 1. The first installment become delinquent on Deceinber 10, and 11. installment becomes delinquent on April 10. One tax bill is mailed before November 1 to the owner of record. IF THIS TWSFER OCCURS AFT
MARCH 1 AND ON OR BEFORE DECEMBER 31, YOU MAY BE RESPONSIBLE FOR THE SECOND INSTALLMENT OF TAXES DUE FEBRUARY 1,
The property which you acquired may be subject to a supplemental assessment in an amount to be determined by the County Assessor. For fu
information on your supplemental dl obligation, please call the County Assessor at .
$z i
PART k
YES
(1 0
0 0 0 0 0
0 0 0 0 0 0
TRANSFEAmw Please answer all questions.
NO
( ) k Is this transfer solely between husband and wife (Addition of a spouse, death of a spouse, divorce settlement, etc.)?
( ) B. Is this transaction only a correction of the name(s) of the parson(s) holding title to the property (For example, P name ch
( ) C. Is this document recorded to create, terminate, or reconvey a lender's interest in the property?
( ) D. Is this transaction recorded only to create, terminate, or reconvey a security interest (e.g., cosigner)?
( ) E. Is this document recorded to substitute a trustee under a deed of trust, mortgage, or ot similar dowment?
( ) F. Did this transfer result in the creation of a joint tenancy in which the seller (transferor) rcimains as one oi the joint tenants
0 G. Does this transfer return property to the person who created the joint tenancy (original transferor)?
0 1. to a trust for the benefit of the grantor, or grantor's spouse? 0 2. to a trust revocable by the transferor? 0 3. to a trust from which the property reverts to the grantor within 12 years? 0 1. If this property is subject to; a lease, is the remaining lease term 35 years or more including written options?
. - I.
upon marriage)?
!P
H. Is this transfer of property:
( ) J. Is this a transfer from parents to children or from children to parents?
( ) K. Is this transaction to replace a principal residence by a person 55 years of age or older?
If you checked yes to J or K. an applicable claim form must be filed with the County Assessor.
Please provide any other information that would help the Assessor to understand the nature of the transfer.
IF YOU HAVE ANSWERED "YES" TO ANY OF THE ABOVE QUESTIONS EXCEPT J oc K, PLEASE SIGN AND DATE,
OTHERWISE COMPLETE BALANCE OF THE FORM.
PART Jk OTHER TRANSFER INFORMATK)N
A. Date of transfer if other than recording date.
6. Type of transfer. base check appropriate box.
( ) Purchase ( ) Foreclosure ( ) Gift ( ) Trade or Exchange ( ) Merger, Stock or Partnership Acquisition
( ) Contract of Sale - Date of Contract .
[ ) Inheritance-Date of Death ( ) Other: Please explain:
( 1 Creation of a lease: ( ) Assignment of a lease; ( ) Termination of a tease
Date lease began
Original term in years Qncluding written options)
Remaining term in years (including written options)
C. Was only a partial interest in the property transferred ? ( ) Yes ( ) No
If yes, indicate the percentage transferred %
WVFN RECORDED MAIL TO: I i
L ~. '. S~ZGXY~.~~ Pacific Merchant 'B
30i; ,S . Gmhd Ave. HCP 211
LOS Angeles, CA 9'0071
RECOBDED REVKT 01: ?:;:-; .:.TJER!c),~~ TITE w,~
* e ,'x.. "8 7 4 8 [
- .u 1402 k2AiAL iir:cu,ny
"I F c 1 tJ PIEf.;r3 .~ .
\y7 fJJ5 24
,\.' ..\ !::X \, ,- 1 \'ERA 1. Escrow Number 9544256 ,.
Order Number 954425-18 = ' .. 1- s. ,I ' .'
SPACE ABOVE THIS LINE FOR RE~oRD&R%~'~~s! ._""
DEED OF TRUST WITH ASSIGNMENT OF RENTS rRr]
This DEED OF TRUST, made August 20, 1987 1 AW 2.50 J [ MG 1.a 1
CITY OF WEUSBAD, a Municipal corporation herein called
whose address is 1200 Eh Avenue, Carlsbad, California 92008
(Number and Street) (City) (Statt
FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, herein called TRU
SECURITY PACIFIC MERCHANT BANK, a division of SECURITY PACIFIC NATIONAL BANK,
a National Banking Association , herein called BEh
County of Sam. Diego , State of California, de
L& 5 of Carlsbad Tract No. 80-33, in the City of Carlsbad, County of San Diego, Stat
California, according to Map thereof No. 10061, filed in the Office of the County Rec of San Diego County on April 15, 1981 as File No. 81-115129 of Official Records.
WITNESSETH: That Trustor grants to Trustee in Trust, with Power of Sale, that property in the
(
~~ ~ ~ ~. ~~~ .~ ~
STATE OF CALIFORNIA COUNTY OF- SBN BJl?GO
- - * _I n-7 2 JZ---: .. n9MQ
b. I I&#
I tferred upor
al - - F on August 24, 1987 , before me, the undersigned, a Notary Public in and for
2 said State, personally appeared Raymond R. Patchett
.- and
of a promi: lance of eac be loaned '
,d all of the utually agre , and in all 0
roperty is IC
L Aletha L. Rautenkranz E" 2 2 basis of satisfactory evidence) to be the persons who executed the within instrument as- City
i;E ZXXUmtand ci ty c1 Prk Smm&~, on behalf of- The City 2 2 Manager
._ S"
, personally known to me (or proved to me on the
-0 of Carlsbad
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the corporation therein named, and acknowledged to me that
such corporation executed thewithin instrument pursuant to its
:y-laws or a resolution of its board of directors.
WITNESS my hand and official seal.
SignatureJ ~zGs/ F-7 "
/
..............................
OFFICIAL SEAL g
KAREN R. KUHDTZ $
NOTARY PUBLIC-CALIFO~~NIA X SAN DIEGO COUNTY *
MY Cmm. Exp. Sepi. 27, 1989 2
* * * * *
****************************e*
(This area for official notarial seal)
S
e
BO
1 :
1
shall inure to and bind the parties hereto, with respect to me propenyovr: acsal-. V_rU =Y.VV...V...-, ._....- -..- tained in sai
A and B, (identical in all counties, and printed on the reverse side hereof) are by the within reference thereto, incorporated herein and made
Deed of Trust for all purposes as fully as if set forth at length herein, and Beneficiary may charge for a statement regarding the obligation se
The undersigned Trustor, requests that a copy of any notice of default and any notice of sale hereunder be mailed to him at his address hereinbe
r-"~
* provided the charge therefor does not exceed the maximum allowed by law.
c
.
-
is named as Bene
whose addres
)
the same.
)
the same.
Signature of Trustor
1
ALETHA L. RAU
a The following is a copy of Subdivisions A and B of t itious Deed of Trust recorded in each county in California m* ted in the foregoing Deed Of Trust arid incc
DO NOT RECORD
by reference in said Deed of Trust as being a part thereof as if set forth at length therein.
A. To protect the security of this Deed of Trust, Trustor agrees:
(1) To keep said prdperty in good condition and repair; not to remove or demolish any building thereon; to complete or restore promptly and in good and WOI manner any building which may be constructed, damaged or destroyed thereon and to pay when due all claims for labor performed and materials furnished th comply with all laws affecting said property or requiring any alterations or improvements to be made thereon; not to commit or permit waste thereof; not to comn or permit any act upon said property in violation of law; to cultivate, irrigate, fertilize, fumigate, prune and do all other acts which from the character or use of saic may be reasonably necessary, the specific enumerations herein not excluding the general.
other insurance policy may be applied by beneficiary upon any indebtedness secured hereby and in such order as Beneficiary may determine, or at option of Bt (2) To provide, maintain and deliver to Beneficiary fire insurance satisfactory to and with loss payable to Beneficiary. The amount collected under a
the entire amount so collected or any part thereof may be released to Trustor. Such applicaton or release shall not cure or waive any default or notice of default t or invalidate any act done pursuant to such notice.
costs end expenses, Including cost of evidence of title and attorney’s fees in a reasonable sum, in any such action or proceeding in which Beneficiary or Trustee ma and in any suit brought by Beneficiary to foreclose this Deed.
(4) To pay: at least ten days before delinquency all taxes and assessments affecting said property, including assessments on appurtenant water st0
due, all encumbrances, charges and liens, with interest, on said property or any part thereof, which appear to be prior or superior hereto; all costs, fees and expenses oft
upon Trustor and without releasing Trustor from any obligation hereof, may: make or do the same in such manner and to such extent as either may deem necc Should Trustor fail to make any payment or to do any act as herein provided, then Beneficiaryor Trustee, but without obligation so to do and without notice or
protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or proceeding p(
to affect the Security hereof or the rights 01 powers Of Beneficiary or Trustee: pay, purchase, contest or compromise any encumbrance, charge or lien which in the jl of either appears to be prior or superior hereto; and, in exercising any such powers, pay necessary expenses, employ counsel and pay his reasonable fees.
law in effect at the date hereof, and to pay for any statement provided for by law in effect at the date hereof regarding the obligation secured hereby any amount df (5) To pay immediately and without demand all sums so expended by Beneficiary or Trustee, with interest from date of expenditure at the amount all
by the Beneficiary not to exceed the maximum allowed by law at the time when said statement is demanded.
E. It is mutually agreed:
shall be paid to Beneficiary who may apply or release such moneys received by him in the same manner and with the same effect as above provided for dispositic (1) That any award of damages in connection with any condemnation for public use or of injury to said property or any part thereof is hereby assic
ceeds of fire or other insurance.
(2) That by accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his right either to require prompt payment v of all other sums so secured or to declare default for failure so to pay.
(3) That at ay time or from time to time, without liability therefor and without notice, upon written request of Beneficiary and presentation of this t said note for endorsement, and without affecting the personal liability of any person for payment of the indebtedness secured hereby, Trustee may: reconvey an said property; consent to the making of any map or plat thereof; join in granting any easement thereon; or join in any extension agreement or any agreement subor the lien or change hereof.
for cancellation and retention or other disposition as Trustee in its sole discretion may choose and upon payment of its fees, Trustee shall reconvey, without u (4) That upon written request of beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed and said note to
the property then held hereunder. The recitals in such reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof. The Grantee in such recor may be described as “the person or persons legally entitled thereto.”
(5) That as additional security, Trustor hereby gives to and confers upon Beneficiary the right, power and authority, during the continuance of thest to collect the rents, issues and profits of said property, reserving unto Trustor the right, prior to any default by Trustor in payment of any indebtedness secured b.
at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the indeb in performance of any agreement hereunder, to collect and retain such rents, issues and profits as they become due and payable. Upon any such default, Benefici
hereby secured, enter upon and take possession of said property or any part thereof, in his own name sue for or otherwise collect such rents, issues, and profits, ir those past due and unpaid, and apply the same, less cosls and expenses of operation and collection, including reasonable attorney’s fees, upon any indebtedness
the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. hereby, and in such order as Beneficiary may determine. The entering upon and taking possession of said property, the collection of such rents, issues and pro
(6) That upon default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, Beneficiary may de, sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for safe and of written notice of default and of’ to cause to be sold said property, which notice Trustee shall cause to be filed for record. Beneficiary also shall deposit with Trustee this Deed, said note and all doc evidencing expenditures secured hereby.
After the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of sale having been given as then I by law, Trustee, without demand on Trustor, shall sell said property at the time and place fixed by it in said notice of sale, either as a whole or in separate parcs in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may p, sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by PI.
or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor,‘ nouncement at the time fixed by the preceeding postponement. Trustee shall deliver to such purchaser its deed conveying the property so sold, but without any co
or Beneficiary as hereinafter defined, may purchase at such sale.
of sale to payment of: all sums expended under the terms hereof, not then repaid, with accrued interest at the amount allowed by law in effect at the date hereof; i
After deducting all costs, fees and expenses of Trustee and of this Trust, including cost of evidence of title in connection with sale, Trustee shall apply the p
sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto.
(7) Beneficiary, or any successor in ownership of any indebtedness secured hereby, may from time to time, by instrument in writing, substitute a su or successors to any Trustee named herein or acting hereunder, which instrument, executed by the Beneficiary and duly acknowledged and recorded in the offic recorder of the county or counties where said property is situated, shall be conclusive proof of proper substitution of such successor Trustee or Trustees, who shall conveyance from the Trustee predecessor, succeed to all its title estate, rights, powers and duties. Said instrument must contain the name of the original Trustor, and Beneificiary hereunder, the book and page where this Deed is recorded and the name and address of the new Trustee.
(8) That this Deed applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, success(
whenever the context so requires, the masculine gender includes the feminine andlor neuter, and the singular number includes the plural. assigns. The term Beneficiary shall mean the owner and holder, including pledgees, of the note secured hereby, whether or not named as Beneficiary herein. In thi:
(9) That Trustee accepts this Trust when this Deed, duly executed and acknowledged, is made a public record as provided by law. Trustee is not oblig
by Trustee. notify any party hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Trustor, Beneficiary or Trustee shall be a party unless t
DO NOT RECORD REQUEST FOR FULL RECONVEY.
TO FIRST AMERICAN TITLE INSURANCE CO., Trustee
(3) To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; and
Please mail Deed of Trust, Note and Reconveyance to
GO no1 lose or destroy thls Deed ot Trust OR THE NOTE whlcn I1 secures. Both musr be Uellvered 10 the Trustee for cancellation before reconveyance will be n i
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GENERAL ACKNOWLEDGMENT
State af California
County of SAN FR!NxSCO
On SEPTEMBER 5, 1997 before me, . CHRISTINE M. DOMINGUEZ
personally appeared H FUMIKO SAKAMOTO
~-
0 personally known to me
or
@ proved to me on the basis of satisfactory evidence
to be the perso@whose name&)'&are subscribed to the within instrument and acknowledge
that hemlthey executed the same in hislkltheir authorized capacity(&, and that by his&
signature&'on the instrument the perso&; or the entity upon behalf of which the persods
executed the instrument.
WITNESS my.hand and official seal \
UL.j&,, h%&)$yhsq4& rc
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Bank of America
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ITOSS #9511
One Embarcadero Center, 5th Floor
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San Francisco, CA 941 11 .. .., .-. .
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October 30, 1997 ’,
5 .I&
City of Carlsbad , x.
Attn: Accounts Receivable ,/,A -
I200 Carlsbad Village Drive
Carlsbad, Calif. 92008-1989
Re: Leasepak Lease #2024
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Dear Sirs:
Since the above referenced lease was fully paid-off on August 20, 1997, we are
returning the following documents to you:
-Certificate of Participation, Certificate No. 0020, executed by Securit
-Installment Note, executed by the City of Carlsbad
-Deed of Trust With Assignment of Rents, executed by the City of Ca
Kindly acknowledge receipt by signing a copy of this letter and returning it to mt
enclosed self-addressed envelope.
If you have any questions, please call me at (415) 953-4067.
Pacific Merchant Bank
yz
Peet Saaret
Vice President
Received:
Enclosures
By: c!L.m?huJL
Bank of America National Trust and Savings Association
-
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9 5 certificate NO. 0020 Cusip: 1429909k6
0
4 $112,971.34 *
CEWTIFICATE OF PARTICIPATION
Evidencing a Proportionate Intarest of the owner Hereof in Lease Payments to be Made
by-
City of carlsbad
Ucipal Lease and option mt #2024 to
~PAClJXCMERCHXWRANK
THIS 1s To - THAT security pacific National m, a National
Banking Association (Ime L=SSOP), in consideration of the purchase
price hereof, receipt of which is hereby acknowledged, hereby transfers to:
En INmsmmm mKvIcJ?s ICNC.
Po BOX 7042
SAN FRANcIIjco, CA 94120-9659
ATrN: BECICY RIDGEwAyIDIvIDENDs DEFT. #4337
tween security Pacific
"IRSSO??~), and city of
the tenns of the thereafter -ugh
each "Payment
and interest
Payment Dates indicated on Schedule A hereto and incorporated by reference herein.
Said amounts are payable in lawful money of the United States of
America which at the time of payment is legal tender for the payment of public and private debts. Principal payable with respect to this
certificate is payable at the principal corporate office of the Lessor, presently located in San Francisco, California (said office being
herein referred to as the Wrincipal Office") . The amounts representing interest with respect to this certificate are payable by
check or draft of the Lessor mailed to the registered Owner.
The Lessee has entered into the Agreement in order to acquire @pent necessary for the operation of the Lessee (the ~~pent~l).
The -see is authorized to enter into the Agreement by the laws of the
State.
'1 * v
certificate No. 0020
0
CUsip: 1429909V6
,i $112,971.34
CEEZTIFICATE OF PARTICIpaTIoN
Evidencing a Proportionate Interest of the owner Hereof in Iease Payments to be Made
by the
City of Carlsbad MLmicipal Lease and option Agreennent #2024
to
"C"
THIS IS To CERTIFY THAT Security Pacific National Bank, a National
Banking Association (l?l"he Lesso~?) 8 in consideration of the -chase price hereof, receipt of MC~ is^ hereby ac~axswledged, her& transfers
to: \ n
n \A For mk&6zk61nc* ( ) 'B' \ c/o y 5740\ 1
interest in the right to
t by and between Security Pacific sociation (mmIRssoP) I and City of
dated aS Of Awt 17 8 1987 (the
The owner is entitled to receive, subject to the tenus of the
mt8 On February 20 I 1988; and Sepni-annually thereafter through the term of the Agreement as provided by the Agreemnt (each vaymat Date"), the ownerls proportionate share of the principal and interest portions of the Rental Payments coming due on each of said Payment Dates. Said proportionate share designated as interest and as principal is payable in the amozmts and on the Payment mtes indicated on Schedule A hereto and incorporated by reference herein.
Said amounts are payable in lawful money of the United States of America which at the time of payment is legal tender for the payment of public and private debts. Principal payable with respect to this
certificate is payable at the principal corporate office of the ~essor,
presently located in San Francisoo, California (said office being
herein referred to as the Wrincipal of fidl) - = amounts representing interest with respect to this certificate are payable by
check or draft of the Lessor mailed to the registered Owner.
The -see has entered into the mt in order to acquire equipment necessary for the operation of the Lessee (the '%quipentWl) . The Lessee is authorized to enter into the Agreement by the laws of the
State.
*I Copies . of the qreement are on fil c at the o m ce of the Lessee ar - the PI’i.ncipa1 Office of the Lessor, and reference to the Agreement anc
and all amendments thereto ‘is made for a description of the obligatior co-venants 0.f the Lessee to pay Lease Payments, the nature, extent and m;
, of enforcement of such obligations and covenants, and the rights and remc . ... ‘’ of the Lessor with respect thereto. The Lessor hereby warrants to the ( that on the occurence of an event of default under the Agreement, the Le
will enforce its remedies as Lessor, in order to assure Certificate owner ti me1 y payment .
The registration of this Certificate shall be transferable only UPOI-
, Certifica,te register, which shall be kept for that purpose at the Princ Office of the Lessor, upon surrender hereof together with a wri instrument of transfer satisfactory to the Lessor duly executed by the C or his duly authorized attorney. Upon the registration of the transfer,
the surrender of this Certificate, the Lessor shall provide in the nam the transferee, a .new fully registered Certificate or Certificates, of same aggregate principal amount and maturity as the surrendered Certificat
The Certificates are annually subject to redemption prior to maturity whole, without premium, on any Payment Date following the date of deliver the Certificates, from the purchase price paid by the Lessee upon exercis
condemnation to the exten its option to purchase the the net proceeds of insuranc r rep1 acement or repair of Equipment.
demption on any date in the e’
Lease Payments and the subseq
the Equipment. In such case, 1 be the only source of funds ch sale are insufficient to rel , the Certificates shall be redet
receipt by the Lessor of procc xercise by the Lessee of its option to purchase receipt by the Lessor of net proceeds of insurancc condemnation which are not used for replacement or repair of the Equipmc the Lessor shall give notice to the Owners of the Certificates. Such no; shall specify that the whole or a designated portion 0.f the Certificates
to be redeemed and the date of redemption. Such notice shall further st that on the specified payment date there shall become due and payable L each Certificate to be redeemed, the principal .thereof, together v interest accrued to said date, that from and after such date interest ther shall cease to accrue and be payable and that payment of the redemption pr
thereof shall be made at the principal office of the Lessor upon presentdl of this Certificate for redemption.
Such notice shall be mailed to the respective Owners of any Certific designated for redemption at their addresses appearing on the registrat
books of the Lessor, at lease twenty-five (25) days but not more than si
(60) days prior to the redemption date. Failure of any owner to receive s notice or.any defect in any notice so mailed shall not affect the sufficie of the proceedings for the redemption of such Certificates.
c .
-i *. 0 .' .. The obligation of the Lessee to make payments under the Agree coyti tutes a current expense of the Lessee is subject to an appropriation and does not constitute an obligation of the Lessee for h
I' the Lessee. is obligated to levy or pledge any form of taxation or for !A the Lessee has 1 evied or pledged' any form of taxation,
The Lessor has no. obligation or,liability to the Owners for the paq of interest or principal pertaining to the Certificates; the Lessor's obligations are to enforce its rights as Lessor under the Agreement, an administer, for the benefit of the Lessee and the Owners, the Lease Paym
~. payable by the Lessee under the Agreement.
THE LESSEE HAS CERTIFIED, RECITED AND DECLARED in the Agreement that
acts, conditions and things,required by the constitution and statues of State and the Agreement to exist, to have happened and to have been perfo precedent to and in the delivery of the Agreement, exist, 'have happened have been performed in due time, form and manner as required by 1 aw.
IN CONNECTION WITH T FICATE, THE REGIS1 HOLDER HERE0 T IT IS MAKING HOUT A VIEW TO
DISTRIBUTION OF
TION THAT BEFORE , WRITTEN APPROVAL THE LESSOR. THE LESSOR REPRESENTS AND THAT THE BAS1 OF THE SECURITIES MPTION TO THE ORIG
IN WITNESS WHEREOF, this Certificate has been executed by the mar signature of the Lessor, all as of the date set forth below.
Dated: August 20, 1987 Security Paci f i c Merchant Bank as Lessor
By : %-Lo 2-L Vice President
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1
Schedule A City of Carlshd 2024
Certificate - 20 Investor payment schedule @ 7.60%
mm PRINCIPAL PA= INTEREST EUNCIPAL # DATE l3xLANa AEZOUNT POKI'ION POKI'ION
""-""""""I"""- " ""I_
1 20-Feb-88
2 20-AUCJ-88 3 20-Feb-89
4 20-Aug-89
5 20-Feb-90
6 20-Aug-90
7 20-Feb-91
8 20-mg-91
9 20-F&-92
10 20-Aug-92
11 20-Feb-93
12 20-Aug-93
13 20-Feb-94
14 20-Aug-94
15 20-Feb-95
16 20-AUg-95
17 20-Feb-96
18 20-Aug-96
19 20-F&-97
20 20-AUCJ-97
112 , 971.34
112 , 971.34
112,971.34
112 , 971.34
112,971.34
112,971.34
112,971.34
112,971.34
112,971.34
112,971.34
112,971.34
112,971.34
112,971.34
112,971.34
112,971.34
112,971.34
112,971.34
112,971.34
112,971.34
112,971.34
0.00
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
117,264.25 ".~
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
4,292.91
41292.91
4,292 91
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
112,971.34