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HomeMy WebLinkAboutO'Gara, Michael / Chinquapin Investments; 1984-02-07;PROMISSORY NOTE " - $171,000.00 February 7, 1984 Carlsbad, CA 92008 FOR VALUE RECEIVED, the undersigned promises to pay to the City of Carlsbad at Carlsbad, California, the sum of $171,000.00 with interest at the rate of ten percent (10%) per annum simple interest until paid or cancelled as herein provided. This note 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 Citizen Housing Project in accordance with the requirements of said Section and Conditional Use Permit 220-A, or if not so constructed, operated and maintained, that the property is brought up to the standards of the approved conversion plan pursuant to CUP220Aor any other conversion plan approved by the City of Carlsbad. No payment shall be required on this note 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 220-A, 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 reasonable time thereafter to convert the project to meet the approved conversion plan pursuant to CUP2;DA or any other conversion plan approved by the City of Carlsbad. Upon said payment in full or conversion of the project by the City of Carlsbad, the City of Carlsbad shall return this note to the maker and to the approved conversion plan pursuant to CUP22oA or any other conversion plan approved reconvey the lien of the deed of trust securing this note. 2. The entire principal and accrued interest thereon shall be come immediately due and payable at the option of the City of Carlsbad in the event that upon the sale, this note, the buyer fails to agree in writing to accept and abide by all the terms and conveyance or othere disposition of the property described in the deed of trust securing provisions of this promissory note. note or to elect to convert the property to meet the approved conversion plan pursuant The maker shall have-the right at any time to prepay all or any part of this to CUP 217 or any other conversion plan approved by the City of Carlsbad. Upon prepayment in full or such conversion of the property, this note shall be cancelled and the lien of the deed of trust securing this note shall be reconveyed to the maker hereof. This note is given solely to conform with the provisions 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 this note. The holder hereof shall look only to its interest in the property secured hereby for payment. If action be instituted on this note, the undersigned promises to pay such sum as a court may affix as attorneys' fees. This note is secured by a deed of trust to Safeco Title Insurance COmpX - as Trustee. BSAFECO TITLE INSURANCE STATE OF CALIFORNIA COUNTYOF San Diego Onthisthe 9th dayof>ril IQK, bef~re me. the undersigned, a Notary PUM~ in ad fw said State, personally appeared Michael D. O'Gara 1 ss.