HomeMy WebLinkAbout; TYLER PROPERTIES, LTD.; 84-151402; Property. RECORDING REQUESTED BY 84-151402
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Srmt Address Carlsbad, CA 92008
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SPACE ABOVE THIS LINE FOR RECORDER'S USE- SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS (PARTNERSHIP)
* SUBORDINATED DEED OF mST A.?. N.
This Deed of Trust, made this 26th day of March, 1984 ,E
TYLER PROPERTIES, LTD., a Limited Partnership
w ZWKWQSorganized under the laws of the State of California , hereil
TRUSTOR,
whoseaddressis 450 Serpentine Drive, Del Mar, California 92014
(number and street) (city ) (state) (zip 1 I Title Insurance and Trust Company, a California corporation, herein called TRUSTEE, and I THE CITY OF CARLSBAD , herein called BENEI;
Witnesseth: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN TRUST, WITH POWER o
that property in the City of Carlsbad, San Diego
See Exhibit "A" attached hereto for Legal Description.
See Exhibit "B" attached hereto and incorporated herein for additional provisions to this Deed of Trust
TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the right, power and authority given to and c upon Beneficiary by paragraph ( 10) of the provisions incorporated herein by reference to collect and apply such rents, issues and F
For the Purpose of Securing: I. Performance of each agreement of Trustor incorporated by reference or contained herein. 2.
of the indebtedness evidenced by one promissory note of even date herewith, and any extension or renewal thereof, in the princ
of $152 ,860 . 00 executed by Trustor in favor of Beneficiary or order. 3. Payment of such further sums as the then record I
said property hereafter may borrow from Beneficiary, when evidenced by another note (or notes) reciting it is so secured.
TO Protect the Security of This Deed of Trust, Trustor Agrees: By the execution and delivery of this Deed of Trust note secured hereby, that provisions ( I ) to ( 14). inclusive. of the fictitious deed of trust recorded in Santa Barbara County and County October IX, 1961, and in all other counties October 23, 1961, in the book and at the page of Official Records in the offic county recorder of the county where said property is located, noted below opposite the name of such county, viz.:
COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY 804
Alameda 435 684 Kings 791 033 Placer 895 301 Sierra
Alpine 1 150 Lake 362 39 Plumas 151 5 Siskiyou 4
Amador 104 348 Lassen 171 471 Riverside 3005 513 Solano 11
Butte 1145 1 10s Angeler 12055 899 Sacramento 4331 61 Sonoma I8
Calaveror 145 151 Madera 810 170 Son Benito 271 383 Stanislaus 17
Son Bernardinc 5567 61 Sutter 5 Coluso 296 617 Morin 1508 339
Contra Costa 3978 47 Mariposa 77 292 San Francisco A332 905 lehmmo 4
Del Norte 70 414 Mendocino 579 530 San Joaquin 2470 311 Trinity
El Dorado 568 456 Merced 1547 538 San Luis Obispo 1151 12 Tulare 22
Frrrno 4626 571 Modoc 184 051 San Mateo 4078 420 Tuolumne 1
Glenn 412 184 Mono 52 429 Santa Barbara 1878 860 Ventura 20
Humbaldt 667' 517 Monterey 2194 538 Santa Clara 5336 341 Yolo 6
Impwial 1091 501 Napa 639 86 Santa Cruz 1431 494 Yuba 3
lnyo 147 598 Nevada 305 320 Shasta 684 528
Kern 3417 60 Orange 5889 611 Son Diego Series 2 Book 1961, Page 183887
ilereof as fully as though set forth hervin at length: that he will observe and perform +aid proviGons; and that the referrnm 10
Iwhich provisions. identical in all rountira. arr printed on the rvbcrse hereof) lwrehy arv adopted ant1 incor1)oratt.d herein and me
obligations, and parties in said provisions shall be construed to refer to the property. ohligalions. anti partic.3 set forth in lhi3 Dwd
The undersigned Trustor requests that a copy of any Notice of Default anti of any Notice of Sale hereunder br mailed 10 him at 11
tlervinbefore set forlh.
STATE OF CALIFORNIA
COUNTYOF sAN DIEGO TYLER -. . PROPERTIES, - LTD. a } ss. Sigturure of Trustor
on March ad, 1984
"
before me, the under- " umltea rartnersnlp
f kf !ei 2- i.i,*Lif& g , !z 4 signed, a Notary Public in and for said State, personally appeared i P: ' I 6 . r. -
[',\\J.&.C<%-h L &:ea \*e By : ,: >;&$,/d 63 ~ ~~~J~~~-&~ - 9 iiJ 5 1 , known to me
fj plp p -of the partners of the partner- tobe
ship that executed the wlthin Instrument. and acknowledged to me
Title Order No.
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EXEIBIT "A"
PARCEL 1:
THE SOUTWESTERLY 106 FEET OF LOT 9 OF iNDUSTRLAL TRACT IN THE
CLTY OF CARLSBAD, COUNTY OF SAN DLEGO, STATE OF CALIFORNLA,
ACCORDING TO MAP THEREOF NO, 1743, FILED LN THE OFFICE OF THE COUNTY
RECORDER OF SAN DLEGO COUNTY, JANUARY 3, 1923. EXCEPTINC THEREFROM
THE NORTHWESTERLY 69.0 FEET THEREOF, THE SOUTHEASTERLY LINE OF SALD
NORTHWESTERLY 69.0 FEET.BELNG DRAWN PARALLEL WITH AND DLSTANT 69.0
FEET AT RIGHT ANGLES FROM THE NORTHWESTERLY LLNE OF SAID LOT NO, 9
ALSO EXCEPTING FROM THE SAID LOT 9, THE SOUTHWESTERLY 61.0 FEET OF
THE SOUTHWESTERLY 69.10 FEET,
PARCEL 2:
THE SOUTHWESTERLY 61.0 FEET OF THE SOUTHEASTERLY 69.10 FEET OF
LOT NO, 9 OF INDUSTRIAL TRACT, LN THE CLTY OF CARLSBAD, ACCORDiNG
TO MAP THEREOF NO. 1743, FILED IN THE OFFLCE OF THE COUNTY RECORDER
OF SAN DIEGO COUNTY, JANUARY 3, 1923.
PARCEL 3:
AN EASEMENT AND RIGHT OF WAY FOR INGRESS AND EGRESS AND ALL PUBLIC
UTILITY PURPOSES OVER, UNDER AND ACROSS THE SOUTHEASTERLY 20 FEET OF
THE NORTHWES'IERLY 79.0 FEET, (SAID DISTANCE BEING MEASURED AT RLGHT
ANGLES) OF LOT 9 OF 1NDUSTRiAL TRACT, IN THE CLTY OF CARLSBAD,
ACCORDING TO MAP THEREOF NO. 1743, FILED LN THE OFFICE OF THE COUNTY
RECORDER OF SAN DIEGO COUNTY, JANUARY 3, 1923. EXCEPTING THEREFROM
THAT PORTION LYING WITHLN PARCEL 1 AND 2 HEREIN DESCRIBED.
PARCEL 4:
LOT 10 OF INDUSTRLAL TRACT, LN THE CITY OF CARLSBAD, COUNTY OF SAN
DLEGO, STATE OF CALIFORNLA, ACCORDING TO MAP THEREOF NO. X743
E'iLED IN THE OFFICE OF THE COUNTY RECOFSER OF SAID DIEGO COUNTY
JANUARY 3, 1923.
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e e 296
EXHIBIT "B"
ADDITIONAL PROVISIONS TO SUBORDINATED DEED OF TRUST
This deed of trust is given to the City of Carlsbad pursuant to Section 21.18.045 of the Carlsbad Municipal Code
to insure that the maker hereof constructs, operates and maintains the property described in the deed of trust secured hereby as a Senior Citizens Housing Project in
accordance with the requirements of said Section and Con-
ditional Use Permit 217, or if not so constructed, operated
standards of the approved conversion plan pursuant to CUP
217 or any other conversion plan approved by the City of
Carlsbad.
and maintained, that the property is brought up to the
No payment shall be required on the note secured by
this deed of trust except as follows:
1. If the Council of the City of Carlsbad or any
successor thereto determines that the property is being operated or maintained in violation of any of the terms of
said Section 21.18.045 or said Conditional Use Permit 217,
or used for other than a Senior Citizens Housing Project without the consent of the City Council, the City Council may declare the whole sum of principal and any accrued interest thereon immediately due and payable. The maker hereof shall then have the option to elect to pay said
principal and accrued interest in full or within a reason-
approved conversion plan pursuant to CUP 217 or any other conversion plan approved by the City of Carlsbad. Upon said payment in full or conversion of the project to the approved conversion plan pursuant to CUP 217 or any other conversion plan approved by the City of Carlsbad, the City of Carlsbad shall return the note to the maker and reconvey the lien of this deed of trust.
able time thereafter to convert the project to meet the
2. The entire principal and accrued interest thereon shall become immediately due and payable at the option of the City of Carlsbad in the event that upon the sale, con-
veyance or other disposition of the property described in the deed of trust securing the note, the buyer fails to agree in writing to accept and abide by all the terms and provisions of the promissory note.
The maker hereof shall have the right at any time to
prepay all or any part of the note or to elect to convert the property to meet the approved conversion plan pursuant
to CUP 217 or any other conversion plan approved by the City of Carlsbad. Upon payment in full or such conversion of the property, the note shall be cancelled and the lien of the deed of this deed of trust shall be reconveyed.
This note is given solely to conform with the provis- ions of said Section 21.18.045 of the Carlsbad Municipal Code and neither the maker nor any partner, officer, agent or employee of the maker shall have personal liability for payment of the note. The holder thereof shall look only to
its interest in the property described in this deed of
trust .
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Pursuant to said Section 21.18.045, this deed of trust shall be subordinated and subject to any first deeds of
trust to be executed by Trustor or his successor in interest
concurrently herewith or at any time hereafter to secure
loans called "construction loans, I' "permanent loans'' or any
other form of loan, refinancing, additional financing, or promissory note given by the purchaser of the property on
condition that:
(1) This deed of trust shall be subordinated to only a first and a second deed of trust and no additional junior financing;
(2) The loan to which this deed of trust is to be subordinated shall not exceed ninety percent
at the time of subordination;
a (90%) of the fair market value of the property
(3) The proceeds of any such loan, financing or refinancing may be used to pay loan fees, interest or other charges in connection with
tained by the Trustor or his successor in in- terest so long as the other provisions of this subordination clause have been satisfied.
This Deed of Trust is specifically made subject and subordin-
ate to that certain Deed of Trust dated March 26, , 1984, executed by TYLER PROPERTIES, LTD,, a Limited Partner-
ship, in which The City of Carlsbad
is named as Beneficiary and Title Insurance and Trust con-pany as Trustee, which is being recorded concurrently herewith.
making of said loan and any excess may be re-
THE CITY OF CARLSBAD TYLER PROPERTIES, LTD., A Limited Partnership
By : c#uLqw.,w d CL". ?5 &?.*/ By: pj,i L c .I& J *< -/ ! c,,, s: ;/.,U3l(7$ &/
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CAT. NO. NN00630 TO 1946 CA (7-82)
(Partnership)
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO i ** .'
rn TITLE INSURAN AND TRUST
ATlCOR COMPANY
t On March abc., 1984 .. before he undersigned, a Notary Public in and
said State, personally appeared ('-\ i ~~~p.~p F! $cL:<:se\+%<-.
W 9 , personally known to me or 3 proved to me on the basis of satisfactory evidence to be ' the person - who executed the within instrument as
L ,!~,,",, '.,: i,,_
; II_ ,: that executed the within instrument, and acknowledged ! ,-<,;., I..., of the partners of the partnership (..Or . .", _. , .. , - ./ - ";:x" ;.-.".-.I ,I . ~ ' t i.,.."" .-.. ._ r .- -.,~-:,---: -. .- -~-
. .I I I i "; , ',' i ;{ 7 to me that such partnership executed the same. WITNESS my hand and officid sed. ;. . , , ; :~: :; ,; ,' \:I
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Signature
(This area for official notarial sed)
CORPORATE ACKNOWLEDGMENT
I "" 298 cFFF
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h State of California On this the 20thday of April b 1 ss. 1 !3K 8; Countyof Sa Diego Karen R. Stevens 8 81 the undersigned Notary Public, personally appeared b] MARy H, mm *tk**k****************. 8 3 8 j$ to be the person(s) who executed the within instrument as [$ on behalf of the corpora $ named, and acknowledged to me that the corporation execut fi \,?) WITNESS my hand and official seal.
8 personally known to me
c3 proved to me on the basis of satisfactory evidence
P? @I Cil -@ .R