HomeMy WebLinkAboutKirsch, Katherine F.; 1988-09-15;· 1484
Lender, oc any equivalent constituent doci.ment of the Lender, including, but not I imited to, any ameuchent which would change
the percentage interests of the owners in the coomon areas and facilities of the Lender.
(iii) the transfer, release, encl.llbrance, partition or st.bdivision of all or any part of the Nonprofit's coamon areas
and facili.ties, except as to the Lender's right to grant easements for utilities and similar or related purposes.
11. Borrower Not Released. extension of the time for schedule of the suns secured by this Deed of Trust and the security
Agreement granted by Lender to any successor in interest of Borrower shall not operate to release, in any 111anner, the liability
of the original Borrower and Borrower's successors in interest. Lender shall not be required to comnence proceedings against
such successor or refuse to .extend time for payment of· the SUIIS secured by this Deed of Trust and the Security Agreement by
reason of any demand made by the original Borrower and Borrower's successors in interest.
12. Forbearance by lender Not a ~aiver. Any forbearance by Lender in exercising any right or remedy herel.nder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The
procurement of insurance or the payment of taxes or other l-iens or charges by lender shall not be a waiver of Lender's right
to accelerate the maturity of the indebtedness secured by this Deed of Trust and the Security Agreement.
13. Remedies Cllll.llative. All remedies provided in this Deed of Trust are distinct and Cllll.llative to any other right or
remedy under this Deed of Trust or afforded by law or equity, and may be exercised concurrently, independently or successively.
14. Successors and Assigns Bound: Joint and Several Liabi I ity: Captions. The covenants and agreements contained in this
Deed of Trust shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and
Borrower, subject to the provisions of Section 17 hereof. All covenants and agreements of Borrower shall be joint and
several. The captions and headings of the paragraphs of this Deed of Trust are for convenience only and are not to be used
to interpret or define the provisions hereof.
15. ~-Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower
provided for in this Deed of Trust shall be given by mailing such notice by certified mail addressed to Borrower at the
Property Address or at such other address as Borrower may designate by notice to Lender as provided in this Section, and (b)
any notice to Lender shall be given by certified mail, return receipt requested, to Lender's addresses stated in this Deed
of Trust or to such other address as Lender may designate by notice to Borrower as provided in this Section. Any notice
provided for in this Deed of Trust shal l be deemed to have been given to Borrower or Lender when given in the manner designated
herein.
16. Governing Lav: Severability. This Deed of Trust shall be governed by the law of California. In the event that any
provision or clause of this Deed of Trust or the Note or the Security Agreement conflicts with applicable law, such conflict
shall not affect other provisions of this Deed of Trust or the Note or the Security Agreement which can be given effect without
the confl icting provision, and to this end the provisions of the Deed of Trust, the Note, and the Security Agreement are
declared to be severable.
17. Borrower~s Copy. Borrower .shall be furnished a conformed copy of this Deed of Trust, the Note, and the Security
Agreement at the time of execution or after recordation hereof.
18. Sale er Transfer of the Property. If all or any cf the property or an interest in it is sold or transfer;ed by
BQrrower, excluding permitted transfe~s to a spouse or other perso.~ signing the Note and the Security Agreement in the manner
described in Section 4 above, aH the suns secured by this Deed of Trust and the Security Agreement shall be immediately due
and payable. In the event of such an acceleration, Lender shall mai l Borrower notice of the acceleration in accordance with
Section 19 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the SllllS declared due. If Borrower fails to pay such suns prior to the expiration of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by Section 19 hereof.
19. Acceleration: Remedies. Except as provided in Section 16 hereof, upon Borrower's breach of any covenant or agreement
of Borrower in this Deed of Trust, the Security Agreement or the Note, and incorporated by reference in this Deed of Trust,
including the covenants to pay when due any SllTIS secured by this Deed of Trust, Lender prior to acceleration shall mail
notice to Borrower as provided in Section 15 hereof specifying: (1) the breach; (2) the action required to cure such breach;
(3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and
(4) that failure to cure such breach on or before the date specified in the notice·may result in acceleration of the suns
secured by this Deed of Trust and the Security Agreement and sale of Property. The notice shall further inform Borrower of
his or her right to reinstate after acceleration and of the right to bring a court action.to assert the non-existence of a
default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified
in the notice, Lender may declare all of the suns secured by this Deed of Trust to be immediately due and payable without
further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled
to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this Section 19, including, but
not limited to, reasonable attorney's fees.
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1487
REQUEST FOR REaJNVEYAMCE
TO TRUSTEE:
The undersigned is the holder of the note or notes, secured by this Deed of Trust. Said note or notes, together with
all other Indebtedness secured by this Deed of Trust, ha)(e been paid in full. You are hereby directed to cancel said note
or notes and this Deed of Trust, which are delivered hereby, and to reconvey, without warranty, all the estate now held by
you under this Deed of Trust to the person or persons legally entitled thereto.
APR 2 3 2002
:::~~fi;l-
LOANDOCS:TRUSDEED:7/13/88
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EXHIBIT "A" ,88 .
A Co_pdominium Comprised Of: SOLAMAR
PARCEL 1:
An undivided l/108th interest in and to· a portion of Lot Hof RANCHO AGUA
HEDIONDA, in the City of Carlsbad, County of San Diego, State of California,
a~cording to Map thereof No. 823 filed in the Office of the County Recorder of San
Diego County, November 16, 1896, more particularly described as follows:
Beginning at a point on the Southerly boundary of said RANCHO AGUA HEDIONDA,
said Point of Beginning being also the Southwest corner of that parcel of land
described in deed to the Atchison, Topeka and Santa Fe Railway Company
recorded August 29, 1946 in Book 2216 at Page 412 of Official Records of said
San Diego County; thence Northerly along the Westerly boundary of said
"railroad" parcel the Northerly along the Westerly boundary of said "railroad"
parcel the following courses:
North 23 ° 12' 20" West, 963. 14 feet (record North 25 ° ·.54' Wesdt 964. 26 feet)
thence North 66° 47' lfJ" East, 25.00 feet (record North ·64° 06' East) thence
North 23° 11' 19" West, 601.58 feet (record North 25° 54' West, 600.00 feet)
to a point on the Westerly right-of-way line of the 100.00 foot right-of-way
of the Atchison, Topeka and Santa Fe Railroad as said right-of-way was
conveyed to said Railroad by document recorded March 10, 1881 in Book 38 at
Page 172 of Deeds in the Office of the County Recorder of said San Diego
County; thence Northerly along said Westerly right-of-way line, North 23° 11'
19" West, 118. 82 feet to a point on the Northerly line of that parcel of land
conveyed to P.A. Horton and Eva M. Horton by deed recorded March 10, 1944 in
Book 1641, Page 437 of Official Records of said San Diego County; thence along
said Northerly line, South 89° 54' 07" West, 39J.30 feet (record South 89° 58'
13" West, 390.53 feet) to an intersection with the E~sterly line of that
parcel of land condemned for freeway purposes by the State of California for
the County of San Diego, ·Case No. 165983, described in Final Order of
Condemnation as Parcel 20-A recorded Mar.ch 12, 1953 in Book 47S1, Page 510 of
Official Records; thence along the Easterly Boundary of said Parcel 20-A,
South 24 ° 44' 20" East, 1714. 35 feet (Record 1715. 95 feet) to a point on the
Southerly line of said RANCHO AGUA HEDIONDA; thence along said Southerly line,
North 89° 55' 34" East, (Record North 89e 58' 13" East) 313.07 feet to the
Point of Beginning.
EXCEPTING THEREFROM Living Units l through 108, inclusive, as shown and de-
fined upon that certain Solamar Condominium Plan recorded May 31, 19 8 8
as File No. 88-255644 , Official Records of San Diego County.
ALSO EXCEPTING THEREFROM the exclusive .right to possession of those portions
designated as exclusive use areas on the above referenced Condominium Plan.
PARCEL 2:
Living Unit J3 as shown and defined on the Condominium Plari r.eferred to
above.
PARCEL 3:
The exclusive right to possession of those areas designated as exclusive use
areas on the Condominium Plan referred to above, as appurtenant to Parcels
land 2 above described.
(OWNERSHIP INTEREST)
us $5.643 Carlsbad, California
Septenber 15, 1988
I. FOR VALUE RECEIVED, the I.Rlersigned ("Borrower") promises to pay The Redevelopment Agency of the City of Carlsbad,
herein known as "Lender", or order the principal sun of Five Thousand Six Hundred Forty Three and zero one hundredths Dollars
($5,643), in the manner and plus the additional suns described below:
A. 1. Upon the sale of the Property which secures this promissory note ("PropertY"), the principal sun plus
contingent interest equal to Nine and nineteen one hundredths percent (9.19%) of the value of 1) the increase in the appraised
fair market value of the property or 2) the resale price of the Property, whichever is greater shall be paid. If no sale of
the Property is made before Septenber 23. 2018 the sun of Five Thousand Six Hundred Forty Three and zero one hundredths Dollars
($5.643) plus an additional sun equal to Nine and nineteen one hundredths percent (9.19%) of the value of the increase in the
appraised fair market value of the Property over the-original purchase price of the property shall be due and payable. The
principal 8IIIOU"lt and percentage value stated in this Section I.A. 1 shall be adjusted, as necessary, during the term of the
Loan pursuant to the provisions and requirements set out in Sections below. The fair market value/original purchase price
of the Property, at the time that the Promissory Note is executed, is determined to be $61,385.
2. At the time this note ~comes due and payable, _pursuant to Section I .A.1., contingent interest shall
be determined by utilizing the original total purchase price as follows:
TOTAL CITY ASSISTANCE PROVIDED (Loan amcx.nt)
·divided by·
ORIGINAL PURCHASE.PRICE PLUS APPRAISED MOBILEHCl4E VALUE
·equals·
PERCENTAGE (equity share)
·multiplied by·
APPRAISED VALUE OF PROPERTY OR
RESALE PRICE OF PROPERTY,
WHICHEVER IS GREATER
·equals ·
TOTAL PAYMENT TO CITY
3. Borrower may choose to prepay all or part of the principal and contingent interest described in Section
I.A. 1.above by making one or more payments toward these amounts in addition to the monthly payments amount described in Section
I .A.1. above. Any such amount paid by the Borrower are Excess Payments and shall reduce the suns payable in Section
I.A.1. above as provided in Section II. below.
4. Borrower agrees that he/she will not make payments on any other loans secured by the Property except
such minimun periodic payments as are required by the Note and Deed of Trust or other documents evidencing such loans until
such time as Borrower has paid the amounts described in Section J.A.1. above., uiless the Lender has given written approval.
II. EXCESS PAYMENTS (as defined in Section I.) of $2,500 or more may be made by Borrower to Lender in any month, but not
more than once per year. The Borrower shall notify Lender of his intent to make "Excess Payments" at least thirty (30) days
in advance and shall arrange for an appraisal to be performed by a Lender-approved Appraiser. The Borrower shall submit the
appraiser's report within thirty (30) days of the Lender's notification to the Borrower of the existence of Aggregated Excess
Payments. Within thirty (30) days of receipt of such appraiser's report, the Lender shall recalculate the Borrower's
obligation under Section I .A.1. The Aggregated Excess Payments shall be credited partially to principal and partial Ly to that
portion of the increase in fair market value over purchase price which is owing pursuant to Section I.A.1.
A. The portion of the Aggregated Excess Payments to be allocated to repayment of the portion of principal described
in Section l.A.1., or to the most recent recalculation of such portion of the principal which has been made according to ~his
Section II or Section IV.B. below, shall be calculated as follows:
Purchase Price
Appraised Fair
Market Value
X
Aggregated
Excess Payments
B. That portion of the Aggregated Excess Payments remaining after the value determined in Section II .A. above has
been subtracted shall be allocated to that portion of the increase in fair market value of the property over the purchase price
owing pursuant to Section I.A.1.
c. At the same time the allocations in Sections II.A. and 8. above are made, the Lender shall also recalculate,
pursuant to the following formula, the percentage value used in Section I.A.1. above:
(V X E ) -R
p =
V
V = The value of the Property, as determined by
the appraisal.
E = The percentage value, stated in Section I.A.1. or the most recent recalculation of this value
made according to this formula, or, the formula in Section IV.8. below.
R = The Aggregated Excess Payments.
P = The recalculated percentage
D. The Lender shall provide Borrower with a statement of the above recalculated values each time such adjustments
are made.
II I. DEFINITl<II: The term "Property" means the following described property:
A. Mobile home described as follows: 1960 Angel BTM. Mobilehome Serial N1.11Der(s) 551FKA8655 and all
substitutions, accretions, component parts, replacements ·thereof and additions thereto, and
B. The Property described in Exhibit A of the Deed of Trust securing this Note.
IV. IMPROVEMENTS TO PROPERTY which increase the value of the property which cost the Borrower One Thousand Dollars
($1000.00) or more may reduce the percentage value used in Section I .A, 1. above. Such improvements shall reduce the percentage
value used in Section I.A.1. to the extent that the increase in value caused by the improvements, plus the cost to the
Borrower of two appraisals, one made before and one made after the improvements, minus the value by which the value of the
Property has been increased by other work not constituting improvements performed between the two appraisals, results in an
increase to the value of the Property ("Value of the Improvement"). The two appraisals, made to determine the value of the
Property before and after the improvement are made, shall be made by an Approved Appraiser. _The second appraisal shall be
an update of the first. The first appraisal shall be made no earlier than one month prior to the time the improvements are
begun and the second shall be made no later than one month following substantial completion of the improvements.
A. "Improvements" means substantial repairs, renovations or additions which increase the value of the Property
or bring such Property into conformance with local or state building or housing standards.
1. "Improvements" includes:
a. replacement of built-in appliances, fixtures and equipment which were originally sold as
part of the space, or replacement of structural components of the space, including plU!bing
and electrical systems, provided that replacement is required by the nonoperative,
deteriorated, or obsolescent nature of the original appliance, fixture, equipment or
structural c~t;
b. improvements to the common area of a mobilehome park resulting in a mandatory assessment
by the Association; and
c. permanent additions to the space.
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2. "llll)f"ovements" does not include:
a. a mobilehome vehicle and appurtenant structures attached or affixed to the space to the
extent title is held by Borrower, not the Association;
b. routine or cosmetic maintenance such as painting and replacement of items made necessary
due to normal wear and tear; and
c. replacement or repair of items damaged or destroyed because of a fire or natural disaster,
unless such activity is necessary to bring such property into conformance with local or state
building or housing standards which·are higher than previous standards in which case only
the cost of work necessary to alter the premises from the lower to the higher standards will
be included as an inprovement.
B. Where the inprovements do increase the value of the property as described in this Section, the recalculation
of the percentage value used in Section I .A. 1. shall be made in the following manner:
E = (V X D )
(V + I )
E = The recalculated percentaged used in Section I.A.1.
V = The appraised value of the Property illlllediately prior to the making of the lnprovements .
D = The percentage value stated in Section I.A.1. or the most recent recalculation of this value made
according to this fonwla, or, the for111..1la in Section 11.C. above.
I= Value of the inprovements based on appraisal.
C. Lender shall provide Borrower with a statement of the above recalculated percentage value each time such
an adjustment is made.
D. To be eligible for the reduction in percentage value described in this Section IV, the Borrower 111..1st
receive approval of the proposed inprovements from the Lender. To receive the required approval, the Borrower nust .notify
the Lender of the proposed inprovements and their projected cost to Borrower at least thirty (30) days prior to beginning
construction on the inprovements. The Lender shall notify the Borrower of approval of eligibility, or, disapproval of
eligibility, of the proposed inprovements for the reduction in percentage value within twenty-one (21) days of receipt of
notification from the Borrower of the proposed inprovements. If construction is not begun and conpleted within the allotted
time, _or, the Borrower has not sought and received an extension of the allotted time, the conditional ruling of eligibility
will be revoked and the inprovements will be adjudged ineligible for the reduction in percentage value described in this
Section IV. When inprovements are to the conmon areas, the Lender may take other necessary action on behalf of the Borrower
as described in this section.
E. Notice of change in the value of the Property due to inprovements as defined in this Note nust be provided
to the Lender, along with the required appraisal and appraisal update, within forty-five (45) days of conpletion of the
inprovements.
F. lnprovements which do not increase the value of the Property but do br-ing the Property into conformance with
local and state building or housing standards shall reduce the percentage value used in Section I.A., if the cost to the
Borrower of such irr.,rovements is One Thousand Dollars (S1000.00) or more.
V. UNLESS OTHERVISE PROVIDED HEREIN:
A. Any time the services of an appraiser are required by this Note, the Borrower shall appoint an appraiser which
shall be approved by the Lender and pay for the services of such appraiser.
VI. Presentment, notice of dishonor, and protest are hereby waived by all makers, sureties, guarantors and endorsers
of this Note. This Note shall be the joint and several obligation of all makers, sureties, guarantors and endorsers, and shall
be binding upon them and their successors and ass_igns.
VII. Any notice to Borrower provided for in this Note shall be given by mailing such notice by certified mail addressed
to Borrower at the Property Address stated below, or to such other address as Borrower may designate by notice to the Lender.
Any notice to the Lender shall be given by mailing such notice by certified mail, return receipt requested, to the Lender
at the address stated in the first paragraph of this Note, or at such other address as may have been designated by notice to
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Borrower.
VI II. The indebtedness evidenced by this Note is secured by a Deed of Trust, dated Septenber 15, 1988, and Security
Agreement, dated Septenber 15, 1988, and reference is made to the Deed of Trust for rights as to acceleration of the
indebtedness evidenced by this Note, including Section 18, which provides as follows:
SALE OR TRANSFER OF THE PROPERTY: If all or any part of the Property or an interest therein is sold or transferred by
Borrower, excluding permitted transfers to a spouse or other person signing the Note in the manner described in Section 4
above, all the suns secured by this Deed of Trust shall be inmediately clue and payable. In the event of such an acceleration,
Lender shall mail Borrower notice of the acceleration in accordance with section 20 hereof. Such notice shall provide a
period of not less than 30 days from the date the notice is mailed within which Borrower may pay the suns declared due. If
Borrower fails to pay such sun prior to the expiration of such period, Lender may, without further notice or demand on
Borrower, invoke any remedies permitted by Section 19 hereof.
Katherine Kircsh
195 Palomar Airport Road, Space 23
Carlsbadj,,J?A_?~J08. Y, ✓~
By: i i Cl/,)i~ \j-1' I ; / I
By: _______________________ _
LOANDOCS:NOTE:8/29/88
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