HomeMy WebLinkAbout1988-04-05; City Council; 9376; 1988 PARKS SUPPLEMENT - DEED OF TRUST<
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Adopt Resolution No.fP-/(C officially accepting the Deed of Tru: as required to secure the dedication and construction of needc park land in the southeast quadrant.
ITEM EXPLANATION
On February 23, 1988, the City Council approved a four-pa Facilities Financing Plan to bring facilities into conforman with the adopted performance standards in Local Facili Management Zone 6. By the approval of this plan, the Ci Council has implemented a program to provide necessary facili improvements and assure compliance with the City's Grow Management Program.
As a part of this financing plan, the City and La Costa Ran Company (BCED, Inc.) have agreed to revise the existing 19 Parks Agreement with a 1988 Parks Supplement. This suppleme
requires that the La Costa Ranch Company (BCED, Inc.) deliver Deed of Trust in favor of the City of Carlsbad encumbering 765 acres of their property which is owned and located within LOC Facility Management Zone 10. This Deed of Trust will serve the security that will guarantee the up-front dedication a
construction financing of necessary park land.
The Deed of Trust has been delivered to the City and after maki minor revisions is now acceptable. The Deed of Trust requir that a minimum of $10,000,000 equity value be retained in t land encumbered by this deed at all times until the actual pa dedication is made.
EXHIBITS
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RESOLUTION NO. 88-118
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLsBAD, WFORNIA OFFICIALLY ACCEPTING THE DEED OF TRUST TO SECURE THE DEDICATION AND CONSTRUCTION
OF NEEDED PARK LAND IN THE SOUTHEAST QUADRANT.
WHEREAS, on November 10, 1987, the City Council ado
Resolution No. 9291 approving the Local Facilities Manage
Plan for Zone 6 which identified certain public facilitie
be below the City's adopted performance standard; and
WHEREAS, on February 23, 1988 the City Council
several actions to alleviate the facility shortfalls identj
as part of the Local Facilities Management Plan for Zone 6;
WHEREAS, on February 23, 1988 the City Council adc
Resolution No. 88-52 authorizing the revision to the 1982 I
Agreement between the City of Carlsbad and the La Costa I
Company (BCED, Inc) as a result of the City's Growth Managc
Program; and
WHEREAS, the 1988 Parks Supplement required a Dee
Trust be prepared in favor of the City of Carlsbad to prc
the necessary guarantee to dedicate and construct a portic
park land in the southeast quadrant.
NOW, THEREFORE, BE IT RESOLVED by the City Council o
City of Carlsbad, California that:
1)
the 1988 Parks Supplement and is acceptable to the City.
2) The Mayor of the City of Carlsbad as authorize
the adoption of Resolution No. 88-52 and with the acceptan
The Deed of Trust has been submitted as requh
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this Deed of Trust is directed to execute said Supplement
and on behalf of the City of Carlsbad.
PASSED, APPROVED, AND ADOPTED at a regular meeting of
Carlsbad City Council held on the 5th day of April, 1988 by
following vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, Mamaux, and I
NOES: None
ABSENT: None // ,y,/ G//' J , ,//f&(, .I,< .. j
CLAUDE A LEWIS, Mayor
ATTEST :
lhL.h?* LEE RAUTENKRANTZ, City Clkk
CC RES0 NO. 8g,//p -2-
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RECORDING REQUESTED BY
City Clerk, City of Carlsbad
1200 Elm Avenue Carlsbad, CA 92008 ..
AND WHEN RECORDED MAIL TO
r City Clerk 1
City of Carlsbad Name
Street Address 1200 Elm Avenue
City& Carlsbad, CA 92008
State L _I
. b .. '; ,
SPACE ABOVE THIS LINE FOR RECORDER'S USE -
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THIS DEED OF TRUST made this 29 th dayof March, 1988 , be
BCE DEVELOPMENT, INC., a Delaware corporation formerly known as DA(
CORPORkTION, a Delaware corporation, successor by merger to LA COS: LAND COMPANY, an Illinois corporation, , herein called TRU
whose address is 6 6 7 0 El Camino Real Carlsbad CA 92009
TlCOR TITLE INSURANCE COMPANY OF CAUFORNIA, a California corporation, herein called TRUSTEE, and
THE CITY OF CARLSBAD, a municipal corporation
of the State of California , herein called Bene
WITNESSETH: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN TRUST, WITH POW
SALE, that property in SAN DIEGO County, California, descrit
See Exhibit "A" attached hereto and by this reference incorporated
(number and street) (city) (state) (zip)
****************kt****************
THE TERMS, COVENANTS, CONDITIONS AND AGREEMENTS (INCLUDING SUBORDIN
TRUST AND ASSIGNMENT OF RENTS ATTACHED HERETO AS EXHIBIT "B" ARE
INCORPORATED HEREIN.
TOGETHER WITH the rents, issues and profits thereof, SUBJ€€T, 'HOWEVER, to the right, power and authority given to and conferre
AND RELEASE PROVISIONS) CONTAINED IN THE ADDENDUM TO SHORT FOPN DEE
.I) a e
- THE LAND REFERRED TO HEREIN IS SITUATED IN THE STATE OF CALIFOF COUNTY OF SAN DIEGO, AND IS DESCRIBED AS FOLLOWS:
PARCEL 1:
PARCEL 3 OF PARCEL MAP NO. 1188, IN THE COUNTY OF SAN DIEGO, STATt CALIFORNIAl FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIE( COUNTY, BEING A DIVISION OF A PORTION OF LOT "A" OF RANCHO AGUA HI ACCORDING TO MAP THEREOF NO. 823 FILED IN THE OFFICE OF THE COUNT\ RECORDER OF SAN DIEGO COUNTY, AND PORTIONS OF SECTIONS 23, 24, 25 IN TOWNSHIP 12 SOUTH, RANGE 4 WEST, SAN BERNARDINO MERIDIAN, ACCOI OFFICIAL PLAT THEREOF, AND SPECIFICALLY INCLUDING THOSE PORTIONS ( SECTIONS 24 AND 25 DESIGNATED AS "NOT A PART OF THIS PARCEL MAP" f PARCEL MAP NO. 1188.
EXCEPTING THEREFROM PARCEL A OF PARCEL MAP NO. 13427, IN THE CITY CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, FILED IN THE 1 OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, AUGUST 16, 1984, AS Fl 84-31333 OF OFFICIAL RECORDS.
ALSO EXCEPTING THAT PORTION OF ALGA ROAD AS DESCRIBED IN DEED TO 1 OF CARLSBAD RECORDED DECEMBER 9, 1983, AS DOCUMENT NO. 449259 OF OFFICIAL RECORDS.
PARCEL 1A:
AN EASEMENT FOR THE PURPOSES SET OUT IN THAT CERTAIN AGREEMENT RECORDED SEPTEMBER 12, 1985 AS DOCUMENT NO. 850335690 OF OFFICIAL AND RE-RECORDED FEBRUARY 28, 1986 AS DOCUMENT NO. 86-078338 OF OFF RECORDS, BEING A PORTION OF PARCEL A OF PARCEL MAP NO. 13427 ON FI THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, STATE OF CALIFORNIA, IN THE CITY OF CARLSBAD, SAID COUNTY, SAID STATE OESCF FOLLOWS :
BEGINNING AT THE SOUTHWEST CORNER OF SAID PARCEL A, SAID POINT BE1
THE NORTHERLY LINE OF THAT CERTAIN DOCUMENT GRANTED TO THE CITY OF CARLSBAD, DECEMBER 9, 1983, F/P 83-449259 OF OFFICIAL RECORDS AN ON SAID PARCEL MAP NO. 13427; THENCE ALONG THE WESTERLY BOUNDARY L SAID PARCEL A THE FOLLOWING COURSES:
NORTH 5O12'03" EAST 409.16 FEET; TO THE BEGINNING OF A TANGENT 100 FOOT RADIUS CURVE, CONCAVE SOUTHWESTERLY; THENCE NORTHWESTERLY ALO ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 21O15'34" A DISTANCE 371.05 FEET; THENCE NORTH 16°03'31" WEST 243.88 FEET; TO THE BEGIN A TANGENT 300.00 FOOT RADIUS CURVE, CONCAVE SOUTHEASTERLY; THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE 45'17'29" A DISTANCE OF 237.14 FEET; THENCE NORTH 29O13'58" EAST 6 FEET; TO THE BEGINNING OF A TANGENT 800.00 FOOT RADIUS CURVE, CONC NORTHWESTERLY; THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE Tk CENTRAL ANGLE OF 26O34'36" A DISTANCE OF 371.08 FEET; THENCE NORTk 2'39'22" EAST 311.48 FEET; TO THE BEGINNING OF A TANGENT 600.00 FC RADIUS CURVE, CONCAVE SOUTHWESTERLY; THENCE NORTHWESTERLY ALONG Tt SAID CURVE THROUGH A CENTRAL ANGLE OF 15O36'09" A DISTANCE OF 163. THENCE NORTH 12'56'47" WEST 56.41 FEET; TO THE BEGINNING OF A TANC
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- 600.00 FOOT RADIUS CURVE, CONCAVE SOUTHEASTERLY; THENCE NORTHEASTER ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 19'48'26* A DISTANCE OF 207.42 FEET; TO THE BEGINNING OF A TANGENT 450.00 FOOT CURVE, CONCAVE SOUTHWESTERLY: THENCE NORTHWESTERLY ALONG THE ARC 01 CURVE THROUGH A CENTRAL ANGLE OF 44'43'38" A DISTANCE Of 351.29 FEE THENCE NORTH 37'51'59" WEST 263.43 FEET: TO THE BEGINNING OF A TANC 400.00 FOOT RADIUS CURVE, CONCAVE SOUTHWESTERLY; THENCE NORTHWESTEF ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 36'24'50" A DISTANCE OF 254.22 FEET; THENCE NORTH 74'16'49'' WEST 495.90 FEET; 1 NORTH 33'21'02'' WEST 99.22 FEET; THENCE LEAVING SAID WESTERLY BOUNt LINE SOUTH 74'16'49" EAST 516.83 FEET: TO THE BEGINNING OF A TANGEI 450.00 FOOT RADIUS CURVE, CONCAVE SOUTHWESTERLY; THENCE SOUTHEASTEF ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 36'24'50" A DISTANCE OF 285.99 FEET; THENCE SOUTH 37'51'59" EAST 315.82 FEET; 1 BEGINNING OF A TANGENT 480.00 FOOT RADIUS CURVE, CONCAVE SOUTHWESTI THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL OF 34'16'13" A DISTANCE OF 287.10 FEET; THENCE SOUTH 03'35'47'' EAS' FEET: THENCE SOUTH 5'49'18" EAST 228.98 FEET; THENCE SOUTH 8'22'00 100.50 FEET; THENCE SOUTH 2'39'22" WEST 211.48 FEET; TO THE BEGINN TANGENT 825.00 FOOT RADIUS CURVE, CONCAVE NORTHWESTERLY; THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE I 26'34'36" A DISTANCE OF 382.68 FEET: THENCE SOUTH 29'13'58" WEST 6 FEET; TO THE BEGINNING OF A VANGENT 275.00 FOOT RADIUS CURVE, CONC EASTERLY; THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A C ANGLE OF 45'17'29'' A DISTANCE OF 217.38 FEET: THENCE SOUTH 16'03'3 243.88 FEET; TO THE BEGINNING OF A TANGENT 1025.00 FOOT RADIUS CUR CONCAVE WESTERLY; THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE THRl CENTRAL ANGLE OF 21'15'34" A DISTANCE OF 380.32 FEET; THENCE SOUTH 5'12'03" WEST 407.20 FEET TO A POINT ON THE NORTHERLY LINE OF SAID DOCUMENT; THENCE NORTH 89'16'23'' WEST ALONG THE NORTHERLY LINE THE 25.08 FEET; TO THE POINT OF BEGINNING.
PARCEL 2:
THAT PORTION OF THE SOUTH HALF OF SECTION 25, TOWNSHIP 12 SOUTH, RANGE 4 WEST, $AN BERNARDINO MERIDIAN, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO OFFICIAL PL THEREOF OESCR I BED AS FOLLOWS :
BEGINNING AT THE MOST WESTERLY CORNER OF LOT 57 OF LA COSTA MEADOW NO. 1 ACCORDING TO MAP THEREOF NO. 6800 FILED IN THE OFFICE OF THE RECORDER OF SAN DIEGO COUNTY; THENCE ALONG THE BOUNDARY OF SAID Uh AS FOLLOWS:
SOUTH 60'37'21'' EAST 549.65 FEET TO THE NORTHERLY LINE OF ALGA ROB AS SHOWN ON SAID MAP NO. 6800 BEING A POINT IN THE ARC OF
A 949 FOOT RADIUS CURVE, CONCAVE NORTHERLY A RADIAL BEARS SOUTH 42 EAST TO SAID POINT; WESTERLY ALONG SAID CURVE THROUGH AN ANGLE OF 32'40'34'' A DISTANCE OF 541.22 FEET; TANGENT TO SAID CURVE SOUTH 7 WEST 670 FEET TO A TANGENT 949 FOOT RADIUS CURVE, CONCAVE NORTHER1
WESTERLY ALONG SAID CURVE THROUGH AN ANGLE OF 25'54'00" A DISTANC 428.99 FEET; AND SOUTH 15'52'33" WEST 50 FEET TO THE NORTHEASTERLI OF LA COSTA VALLEY UNIT NO. 4, ACCORDING TO MAP THEREOF NO. 5781 F THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY; THENCE ALOF NORTHERLY BOUNDARY OF SAID MAP NO. 5781 AS FOLLOWS:
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WESTERLY ALONG THE ARC OF A 999 FOOT RADIUS CURVE, CONCAVE NORTHER
- THROUGH AN ANGLE OF 23'22'00" A DISTANCE OF 407.42 FEET: TANGENT 1 CURVE NORTH 50"44'00" WEST 398 FEET TO A TANGENT 1,001 FOOT RADIUS
CONCAVE, SOUTHERLY: WESTERLY ALONG SAID CURVE THROUGH AN ANGLE OF 38'30'58" A DISTANCE OF 672.91 FEET: NORTH 89°1438" WEST 98.00 FE NORTH OO45'02" EAST 17.00 FEET TO THE NORTH LINE OF SAID SOUTH ONE SECTION 26; THENCE ALONG SAID NORTH LINE SOUTH 89O14'58" EAST 161. TO THE NORTHWEST CORNER OF SAID SOUTH HALF OF SECTION 25; THENCE P NORTH LINE OF SAID SOUTH HALF OF SECTION 25 SOUTH 89'12'29" EAST 2 FEET TO THE POINT OF BEGINNING.
EXCEPTING THAT PORTION OF ALGA ROAD AS DESCRIBED IN DEED TO THE CITY OF CARLSBAD RECORDED DECEMBER 9, 1983, AS DOCUMENT NO. 83-44 OFFICIAL RECORDS.
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ADDENDUM TO SHORT FORM DEED OF TRUST
AND ASSIGNMENT OF RENTS
This ADDENDUM TO SHORT FORM DEED OF TRUST AND ASSIGNMENT 01
RENTS ("Addendum") is incorporated in and forms a part of the Short Form Deed of Trust and Assignment of Rents (the "Deed of Trust") of even date herewith, executed by BCE DEVELOPMENT, INC, a Delaware corporation, as Trustor, to Ticor Title Insurance Company of California, a California corporation, as Trustee, in favor of the CITY OF CARLSBAD, a municipal corporation of the State of California, as Beneficiary.
terms shall have the meanings set forth below.
1.1 Trustor. "Trustorq1 shall mean BCE DEVELOPMENT,
INC., a Delaware corporation, title holder to the real property encumbered by the Deed of Trust, and its successors and assigns.
1.2 Beneficiary. ttBeneficiary11 shall mean the CITY OF CARLSBAD, a municipal corporation of the State of California as beneficiary of the Deed of Trust, and its successors and assigns.
real property herein described and encumbered by the Deed of Trust, all fixtures and improvements now or hereafter situated ( such real property, and to which title is held by Trustor.
1.4 Lien of Deed of Trust. The "lien of the Deed o Trust1' shall mean the lien on title to the Real Property pursuai to the Deed of Trust.
1.5 Supplement. llSupplementtt shall mean that certa 1988 Parks Supplement dated Eekmwmg 3rd, 1988, between Trustor and Beneficiary, March
1.6 Secured Obligations. "Secured Obligations1' sha mean (i) the obligation set out in Paragraph 4 of the Supplemen of Trustor to dedicate to Beneficiary certain real property for use as a park by the earlier of the recordation of the first final map of property owned by Trustor in Local Facility Management Zone 12 as shown on Exhibit #2 to the Supplement ("First Final Map") or January 1, 1990, and (ii) the obligation set out in Paragraph 5 of the Supplement of Trustor to deliver
Beneficiary a letter of credit securing payment by Trustor to Beneficiary of certain funds for the construction of certain pa improvements by the earlier of the First Final Map or January 1
1990.
1. Definitions. When.used in this Addendum, the followir
1.3 Real Property. "Real Property" shall mean the
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1.7 Fair Market Value. "Fair Market Value" of any real property referred to herein shall be determined by Trustor and Beneficiary using their best efforts to reach an agreement. In the event Trustor and Beneficiary are unable to agree within ten (10) days of notice to either party that a determination of the fair market value of real property is needed, Trustor and Beneficiary shall jointly appoint a member of the San Diego Chapter No. 42 of the American Institute of Real Estate Appraisers (I'MAI") to determine the same. In the event Trustor and Beneficiary cannot agree on such appraiser within ten (10) days after the parties are to appoint one, Trustor and Benefi- ciary shall jointly petition the then president of San Diego Chapter No. 42 to appoint such appraiser. In the event San Die: Chapter No. 42 of the American Institute of Real Estate Appraisers no longer exists, the parties shall petition the successor or a similar organization of real estate appraisers tc appoint an appraiser. Any appraisal of real property pursuant t this subparagraph shall be the value at its highest and best USE at the time of appraisal.
1.8 Senior Debt. "Senior Debt" shall mean all debt secured by deeds of trust senior in priority to the lien of this Deed of Trust and encumbering all or a portion of the Real Property ( "Senior Debt Security Instruments" ) .
1.9 Amount of Senior Debt. The I1Amount of Senior Debt" for any portion of the Real Property shall mean the total of all unpaid principal and accrued interest on Senior Debt secured by Senior Debt Security Instruments encumbering such property as reflected in the books and records of Trustor.
1.9.1 In the event that the Senior Debt is secured by Senior Debt Security Instruments encumbering property in addition to the real property for which the Amount of Senior Debt is being calculated, the Amount of Senior Debt shall be equal to an amount which is a commercially reasonable allocation of the entire amount of the Senior Debt ("Allocated Debt") for the portion of the Real Property for which the Amount of Senior Debt is being calculated.
1.9.2 Trustor and Beneficiary shall use their best efforts to agree on the Allocated Debt. In the event Trustor and Beneficiary are unable to agree within ten (10) days
of notice to either party that a determination of the Allocated Debt is needed, Trustor and Beneficiary shall follow the same procedure set out in Subparagraph 1.7 above for the appointment
of an MA1 appraiser to make such determination. In the event an
MA1 appraiser is appointed to determine Fair Market Value, the same appraiser shall determine the Allocated Debt if needed at the same time.
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1.10 Net Equity Value. @'Net Equity Value" of any re? property referred to herein shall mean the difference between tk Fair Market Value of the property and the Amount of Senior Debt for such property.
1.11 Institutional Lender. An "Institutional Lender' shall mean and include banks, savings and loans, insurance companies, mortgage bankers or brokers, pension, trust or union funds and any similar lenders.
1.12 Future Loans. A llFuture Loan" shall mean a loa1 from an Institutional Lender secured by deeds of trust encumbering all or a portion of the Real Property to which the lien of the Deed of Trust may be subordinated as set forth in Paragraph 2 below.
1.13 Future Security Instrument. A "Future Security Instrument'' shall be a deed of trust executed by Trustor in favc of an Institutional Lender securing a Future Loan and encumberil all or a portion of the Real Property.
intends to obtain one or more Future Loans. Beneficiary hereby covenants and agrees, within fifteen (15) days of written requei from Trustor, to subordinate the lien of the Deed of Trust to a Future Security Instrument upon the terms and conditions contained herein. Beneficiary agrees that Trustor may, for so long as the Real Property is encumbered by this Deed of Trust, without further consent or option by Beneficiary, obtain a Futui Loan as set forth herein and execute such a Future Security Instrument. Beneficiary further agrees, subject to the terms ai conditions set forth below, that any Future Security Instrument shall be prior and superior to the lien or charge of this Deed t Trust.
2.1 Agreement. Beneficiary shall execute any and a: documents reasonably necessary to carry out the intention of th. subordination provision and shall execute any such documents as may be reasonably required by any Institutional Lender to sub- ordinate this Deed of Trust to the lien of a Future Security Instrument.
2. Subordination. Beneficiary understands that Trustor
2.2 Condition. Beneficiary shall subordinate the lien of this Deed of Trust to a Future Security Instrument if a1 only if after the making of the Future Loan secured by such Future Security Instrument, the Net Equity Value in the Real
Property encumbered by this Deed of Trust shall be equal to or greater than Ten Million Dollars ($10,000,000).
2.3 Understandinq. Beneficiary understands that tht execution of any document by which Beneficiary's interest in th:
Deed of Trust is subordinated to the lien of any Future Securit! Instrument results in Beneficiary's interest becoming subject tc
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and of lower priority, than the lien of any such Future Security Instrument.
3. Partial Release. Beneficiary covenants and agrees,
within fifteen (15) days of written request from Trustor and up0 satisfaction of the terms and conditions set forth herein, to release the lien of the Deed of Trust from all or a portion of
the Real Property.
3.1 No Impairment of Security. The portion of the
Real Property not being released ("Remainder Parcel") shall be 3
parcel such that there is no impairment of security for the Secured Obligations. As used herein, "no impairment of security shall mean that the parties in their reasonable discretion agree that the Remainder Parcel is adequate security for the Secured Obligations, taking into account the size, location, and Fair Market Value of the Remainder Parcel.
3.1.1 In the event Beneficiary is not satisfie that there is no impairment of security for the Secured Obligations, Trustor shall have the right to offer additional
and/or substitute property to be used as security for the Secure1 Obligations in order to obtain a partial release under this
paragraph.
3.2 Legal Lot. Any portion of the Real Property to
be released pursuant to this provision must be a separate legal lot in conformance with all applicable law. Trustor shall pay the reasonable costs, expenses and fees in connection with a partial release.
Secured Obligations, Beneficiary shall reconvey the Real Propertj from the lien of this Deed of Trust within ten (10) days of request by Trustor.
5. No Personal Liability. Notwithstanding any other provision of this Deed of Trust, there shall be no personal
liability on the part of Trustor, its principals, partners, successors or assigns, for any amount due and payable from Trustor to Beneficiary under this Deed of Trust. Beneficiary's only recourse shall be foreclosure and sale of the Real Property
as provided in the Deed of Trust.
6. Attorneys' Fees. In the event of any dispute or litigation involving the terms and conditions of this Deed of Trust or this Addendum, the prevailing party shall be entitled tc recover attorneys' fees and court costs.
7. Inducement. The terms, covenants, conditions and agreements contained in the subordination provision in Paragraph
2 above and in this Addendum are, collectively, a material
inducement to Trustor's execution of this Deed of Trust, and it is the intention of both Trustor and Beneficiary that the terms
4. Performance. Upon performance by Trustor of the
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hereof shall be binding on, and inure to the benefit of, the parties hereto and their respective heirs, representatives, successors and assigns.
8. Partial Invalidity. In the event any one or more of
the provisions of the Deed of Trust or this Addendum shall for
any reason be held to be invalid, illegal and/or unenforceable j any respect, such invalidity, illegality and/or unenforceabilitl shall not affect any other provision of the Deed of Trust or thj Addendum, and such other provisions shall remain binding and enforceable.
shall be given in writing and shall be effective on personal delivery to the party to whom addressed, or such party's authorized representative, or upon deposit in the United States mail, postage prepaid, return receipt requested, and addressed j the manner set forth below:
If to Beneficiary:
9. Notices. Any notice required to be given hereunder
City of Carlsbad
1200 Elm Avenue Carlsbad, California 92009
If to Trustor:
BCE Development, Inc. c/o La Costa Ranch Co.
6670 El Camino Real Carlsbad, California 92009
With a Copy to:
Ronald W. Rouse, Esq. Luce, Forward, Hamilton & Scripps
4250 Executive Square, Suite 700 La Jolla, California 92037
The addresses may be changed by written notice given as providee above.
10. Entire Agreement. This Deed of Trust and the Addendun
contain the entire agreement between the parties hereto relatins to the transactions contemplated hereby, and all prior or
contemporaneous agreements, understandings, representations and statements are merged herein. No modification of this Addendum or the Deed of Trust shall be valid unless the same is in writir and signed by the party against which the enforcement of such modification is or may be sought.
11. Governing Law. This Addendum is being delivered and i intended to be performed in the State of California and shall be construed in accordance with the laws of the State of Cali-
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fornia. California. Any action hereon shall be brought solely in San Diego,
IN WITNESS WHEREOF, the undersigned have executed this
Addendum as of the 29th day of March , 1988
BENEFICIARY:
I THE CITY OF CARLSBAD, a municipa: corporati d of the State of calirfjy/[/,
By: &p #q 7c,7 Claude . Iiewis, Mayor
TRUSTOR :
BCE DEVELOPMENT, INC., a Delawart corporation
By: w4 Its:
WILLIAM E. SEITH
Senior Vice-president
ATTEST :
AL&k??F!!Tg-Jerk 4 -
RI 0 2 ORDB
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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 March 29, 1988
from
to the City of Carlsbad, California, a municipal corporation,
is hereby accepted by the City Council of the City of Carlsbac
California pursuant to resolution No. 88-118
on April 5, 1988 , and the grantee consents to the
recordation thereof by its duly authorized officer.
DATED: April 6, 1988
BCE Development, In=. ....................................
, adopted
By : (52-dLBQ+, ALETHA L. RAUTENKWZ, City Cler