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HomeMy WebLinkAboutTyler Properties Ltd; 1984-03-26;PROMISSORY NOTE $152,860.00 Narch 26th, - 1984 Carlsbad, California FOR VALUE RECEIVED, the undersigned promises to pay to the City of Carlsbad at Carlsbad, California, the sum of $152,860.00 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 re- quirements of said Section and Conditional Use Permit 217, of if not so constructed, operated and maintained, that the property is brought up to the standards of the approved conversion plan pursuant to CUP 217 or 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 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 in- terest 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 rea- sonable time thereafter to convert the project to meet the 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 this note to the maker and reconvey the lien of the deed of trust securing this note. 2. The entire principal and accrued interest thereon shall become immeditely due and payable at the option of the City of Carlsbad in the event that upon the sale, conveyance or other disposition of the property described in the deed of trust securing this note, the buyer fails to agree in writing to accept and abide by all the terms and provisions of this promissory note. The maker hereof shall have the right at any time to prepay all or any part of this 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 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 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 this note. The holder hereof shall look only to its interest in the property secured hereby for payment. EXHIBIT "A" PARCEL 1: THE SOUTHWESTERLY 106 FEET OF LOT 9 OF INDUSTRIAL TRACT IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO, 1743, FILED IN THE .OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, JANUARY 3, 1923. EXCEPTING THEREFROM THE NORTHWESTERLY 69.0 FEET THEREOF, THE SOUTHEASTERLY LINE OF SAID NORTHWESTERLY 69.0 FEET.BEING DRAWN PARALLEL WITH AND DISTANT 69.0 FEET AT RIGHT ANGLES FROM THE NORTHWESTERLY LINE OF SAID LOT NO, 9 ALSO EXCEPTING FROM THE SAID LOT 9, THE SOUTHWESTERLY 61 .O 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, IN THE CITY OF CARLSBAD, ACCORDING TO MAP THEREOF NO. 1743, FILED IN THE OFFICE 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 ANGLES) OF LOT 9 OF INDUSTRIAL TRACT, IN THE CITY OF CARLSBAD, ACCORDING TO MAP THEREOF NO. 1743, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, JANUARY 3, 1923. EXCEPTING THEREFROM THAT PORTION LYING WITHIN PARCEL 1 AND 2 HEREIN DESCRIBED, THE NORTHWESTERLY 79.0 FEET, (SAID DISTANCE BEING MEASURED Ar RIGHT PARCEL 4: LOT 10 OF INDUSTRIAL TRACT, IN THE CITY OF CARLSBAD, COUNTY OF SAN I'EEGO, STATE OF CALIFORNJA, ACCORDING TO MAP THEREOF NO, 1743 FLLED IN THE OFFICE OF THE COUNTY RECORDER OF SAID DlEGO COUNTY JANUARY 3, 1923. . " .r -. .. .. , May 15, 1985 The City of Carlsbad 1200 Elm Avenue Carlsbad, CA 92008 Re: Property located at 3363 Tyler Street, Carlsbad, CA Gen tl emen : The undersigned owners of the above referenced property hereby agree to be bound by a1 1 the terms and conditions of the Conditional Use Permit Number 21 7 and the terms and conditions of the Deed of Trust securing same, dated March 26, 1984, executed by Tyler Properties, Ltd., A Limited Partnership, as Trustor, to Title Insurance and Trust. Company, A California Corporation, as Trustee and The City of Carlsbad, as Beneficiary, in the original amount of $152,860.00, recorded in official records of the County of San Diego April 25, 1984, as File/Page No. 84-151402. Sincerely, SAN DIEGO TYLER STREET ASSOCIATES, A California Limited Partnership BY: HAMPSTEAD INVESTMENTS, A California General Partnership, General Partner BY : WALTER E. NOVICK, General Partner BY : MICHAEL COLLINS, General Partner 9191 Towne Centre Drive Suite 380 San Diego, CA 92122 (619) 457-5119 GIRARD Savings Bank May 15, 1985 The City of Carlsbad 1200 Elm Avenue Carlsbad, Ca. 92008 Re: Property located at 3363 Tyler Street, Carlsbad, California Gentlemen: This letter shall serve as certification from Girard Savings Bank that our loan amount of $2,250,000.00 does not exceed 90% of the appraised value of the subject property. In making a loan to San Diego Tyler Street Associates, Girard has relied on an appraised value of $3,390,000 as determined by a review appraisal dated as of March 6, 1985 by Great American Appraisal Services. If you should have any questions or if I can be of any further assistance, please do not hesitate to call. Sincerely, GIWRD SAVINGS BANK SflQ. Cravalho A s' ant Vice President SEC/nr cc: Continental Land Title Company Walter Novick .RmRDING REQUESTED BY: - - Continental Land Title Company WHEN RECORDED MAIL TO: Girard Savings Bank . . " 9191 Towne Centre Drive San Diego, CA 92122 Attn: Sally Cravalho SPACE ABOVE THIS LINE FOR RECORDER'S USE SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BE- COMING SUBJECT TO ANO OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. San Diego Tyler Street Associates, A California Limited Partnership owner of the land hereinafter described and hereinafter referred to as "Owner," and The City of Carlsbad present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary"; WITNESSETH THAT WHEREAS, Tyler Properties, Ltd., A Limited Partnership did execute a deed of trust, dated March 26, 1984, 0 to Title Insurance and Trust Company , as trustee, covering: Complete legal description set forth in Exhibit "A", attached hereto and made a part hereof, comprising one page. to Secure a note in the sum of $ 1 52 , 860.00 , dated March 26, 1984 , in favor of The City of Carl sbad , which deed of trust was recorded Apri 1 25, 1984 , in^^^^/ fi 1 epage 84-1 51 402 Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the Sum of $ 2,250,000 00 dated May 13, 1985 , in favor of Gi rard Savings Bank , hereinafter referred to as "Lender,' payable with interest and upon the terms and conditions de scribed therein, which deed of trust is to be recorded concurrently herewith; and WHEREAS, lender is willing to make mid loan provided the deed of trust securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the deed of trust first above mentioned and providd thrt Beneficirry will Fifi- cally and unconditionally subordinate the lien or charge of the ded of trust first abow mentioned to the lien or Chrrgl of the deed Of trust in favor of Lender: and WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is williq that the deed of trust securing the -me shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the deed of trust first &ow msntiond. NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuableconsideration, the re- ceipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above rrferrd to. it is hereby declared, understood and agrd as follows: (1) That said deed of trust =ring said note in favor of Lender, and my renewals or extensions thereof, shall unCOnditionallY be and remain at all timer a lien or charge on the property therein described, prior and superior to the lien or chrrge Of the dead of trust first above mentioned. (2) That Lender would not make its loan above dsocribod without this subordination agreement. a (3)- Tht thir rgrnment shall be the w and Only agreement with regard to the cub nation of the lien or charge of the d& of trust firR above mentioned tu the lien or charge of the deed of trust in favor uf lender above referred to and shall WpCrsede and cancel, but only insofar DS would affect the priority between the deeds of trust hereinbefore Ipecifically de- wiw, any prior agreement as to such subordination including, but not limited to, tho= provisions, if any, containd in the deed of trust first above mentioned. which provide for the Subordination of the lien or charge thereof to another d& or deeds of trust or to mother mortgage or mortgages. -. - A Beneficiary drclares, wtas and acknowldges that (a) He mrnts to and approves (i) dl provisions of the note and dad of trust in favor of Lender hove referred to, and (ii) all agreements. including but not limited to any loan or escrow agreements. between Owner and Lender for the disbursement of the proceeds of Lender s loan; (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, ree to the application of such proceeds by the person or pcroons to whom Lender disburses such proceeds and any application or use of such proceeds for purpom other than those provided for in such wee- mentor agreementsrhall not defeat the subordination herein made in whole or in part; (c) He intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the deed of trust first above mentioned in favor of the lien or charge upon said land of the deed of trust in favor of Lender above re- ferred to and understands that in reliance upon, and in consideration of, this waiver, relinauishment and wbordinaticn specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being and will be enterd into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and (dl An endorsement has been placed upon the note xcured by the deed of trust first above mentioned that said deed of trust has by this instrument been subordinated to the lien or charge of the deed of trust in favor of Lender above re ferred to. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OR WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. San Diego Tyler Street Associates, A California Limited Partnership City of Carlsbad BY: Ham stead Investments, A California General BY : Beneficiary (ALL SIGNATURES MUST BE A STATE OF CALIFORNIA COUNTY OF San Diego On this day of , 19- , before me the undersigned. a Nota Public in and for-said Coun and State, personally appeared personally known to me (or proved to me on the basis of satisfactory evidence) to be two Way ter E. Novi ck and %i chael Col 1 ins of the partners of Hampstead Investments , a partnership. said partnership being known to me to be one of the partners of Sari Dl ea0 TYl pr Street AswtPq the partnership that executed thewithin instrument. and acknowledged to me that they executed the sameas partners of the partnership first above named, that said partnership executed the same as a partner of Sari Di ea0 T_Vl er SWSOCf atsnd that said last named partnership executed the same. ' IENT. THE PARTIES Toni Mi tchell Name (Typed or Printed) Ti q09 (This area for official seal) 1' . EXHIBIT "A" .- PARCEL 1: THE SDUTHJESTEBY 106 FEET OF LOT 9 OF INWGTRIAL TRACT IN 'RIE CITY OF NO. 1743, FIIED IN THE OFFTCE OF THE (DUNTY RB33-R OF s#J Dm (DCMTY, JPNUAW 3, 1923. EXEFTIN2 THEmIOM THE NOKIMJESTEXY 69.0 FEET THEmF, THE SIVTHFASTEFGY LINE OF SAID M"EBY 69.0 FEET BEING cR#rJN PARALLEL WITH PND DISTANT 69.0 FEET AT RXQ-IT PNGIES FFOM THE NOR!EMESTEXY LINE OF SAID KIT No. 9 ALSD EI@EPTIffi FEDM THE SAID LOT 9, THE mWWESTEKY 61 .O FEET OF THE S3UTIWESTEEZLY 619.10 FEET. CABSBAD, mWTY OF SPN Dm, mTE OF aImRJIA, AOCDRDRG W THEmF PARcEt 2: THE 93UTiWESTEBY 61.0 FEET OF THE 93mSTEF&Y 69.10 FEET OF IrDT ND. 9 OF INDUSTRIAL TWO, IN THE CITY OF CAPLSBAD, AORDIM; lQ WP THEREDF NO. 1743, E'ILED IN THE OFFICE OF THE CDWIY REU3REROF SprJ DDM33 (DUUY, JANUARY 3, 1923. PARCEL 3: AN EASPlarJT MD RIQIT OF WAY R3R INGRESS #JD EGRESS mD ALL PUBLIC UTILITY PUmSES WER, UNIER PND AmSS THE SCIUTHEASTEBY 20 FEET OF THE K)KIswESI'EBY 79.0 FEET. (SAID DIS'IIANCE BEING FEASJRED AT FUaT pNc;IES) OF WI' 9 OF INDUSTRIAL TRACT, IN TWE CITY OF CABSBAD, AC(DRDINS 10 W THEREDF NO. 17843, FILED IN THE OFFICE OF THE UJIMTY RmFEER OF SPN DXEm (DW'XY, JMUAW 3, 1923. ExlzEETING 'IHEEEFIOM THAT PORTION LYING WITHIN PARCEL 1 AND 2 HEREIN CESCRLBED. PARmL 4: LOT 10 OF INDUSTRIAL TRACT, IN THE CITY OF CARISBAD, (13cM'IY OF SAN Dm, STATE OF CALIEORJIA, ACCORDING 10 MAP THEmF NO. 1743 FILED IN THE OFETCE OF THE (PUNTY REU)RDER OF SAZD DIMX) (DUNTY JINUARY 3, 1923.