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Home My WebLink AboutMeng, Dororthy; 1988-10-19;SECTION I. This unit is a: STATE OF CALIFORNIA BUSINt.:>S, TRANSPORTATION AND HOUSING AGENCY DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT DIVISION OF CODES AND STANDARDS REGISTRATION AND TITLING PROGRAM LIEN SATISFIED DESCRIPTION OF UNIT El Manufactured Home/Mobilehome D Commercial Coach D Floating Home D Truck Camper The Decal (License) No.(s) of the unit is: ___ AA_Y_6_7_o_s ______________________ _ The Trade Name of the unit is: FLEETWOOD /BARRINGTON The Serial No.(s) of the unit is: _s_o_s_7_6_u_&_x _______________ _,... _________ _ SECTION II. DEBTOR($) NAME(S) NameofDebtor(s): ___ M_E_N_G_, _D_o_R_o_TH_Y_c_._,_d_e_c_e_a_s_ed ____________________ _ SECTION Ill. LIENHOLDER'S CERTIFICATION This is to certify that our/my lien in the name of the debtor shown above against the described unit has been fully satisfied and has not been assigned to any other party. Print or Type Name of Legal Owner or Jr. Lienholder (Lender): REDEVELOPMENT AGENCY OF THE CITY OF CARLSBAD ..u.~..:..+~r~r-=-their Authorized Agent: -J,L.'.::s~~~';rd_~~:::Edsl:Q!~::h....:t::::::_ ___________ DATE ~-rt•~~ 2965 Roosevelt Street, Suite B Carlsbad, CA 92008 · Address:......;=-----------------="'."."""---------~--=-=---------street Address or P.O. Box City State Zip Code HCO 47$.3 (7197) , .. l 12/05/97 08:36 ZF~ITH ESCROW ➔ 7607202037 N0 .473 P002 ~ STATE OF CA.llfOftNIA ~ DEl'~t ME:Nt or uousu.ic ~ANO COMMVNirY 0t1?E.LOPMENt DIVISION or CODES ANO SlAN0AR0S MANVr.AClURE0 tlOVSING SECTION STATEMENT OF CONDITIONAL UEN RELEASE MCO •II :.7 rN•w 7"9411 ESCROW COMPI\NY NAME CHICAGP. TITLE COMPANY ADDRESS OF ESCROW COMPANY 217 Escondido Av. § 7. Vista, CA 92084 i~lli. tst41fl UENHOL0ER'S. NAME REDEVEL0PMENTAGENCY OF THE .CITY OF CARLSBAD AODRESS OF UENHOLt>Elt 2965 Roosevelt Street, S .. B Cari~~. CA 92008 <c•m 90RROWER(S)/REGISTER£D OWNER{SJ NAME, DOROTHY C. MENG. DECEASED PATRICK A. HENNESEY, EXECUTOR !ZIP\ LOAN NUMBER: ~~INGTON . MANIJFACTURER SERIAL NUMeER(S): A 380850 & 380851 DECAL (llCENSE) NUMIER(S): AAY 6705 ESCROW AGENT'S NAME J. MARSHALL ESCROW FILE NUMBER , 84616~-JM UENHOLDER STATUS (<nm one) Kl( LEGAL OWNER 0 FutST JUNIOR LIENH0:..4'ER 0 S!CON0 JUNlut .JENHOL0ER ~ (.· F L E ~(. f~ ( J .• In order to reieose or tronder cwr &;en, 1/,,,,e the ofou:menlioncd lm,hol~r. requite c toted rx,yment in lite amount of $. _______ Tl f' poyoll tigvre w;8 expire on _____ ;__ ond is svb;«t to tl-.e (onGtli011$ o.ttlincd on the otloched lien stahls N!po'1. Upon re<eipt o( payment OT tr:. COMplicmce .-ilh condition{~) outr-<f on the attacnecf lien status reporl, the ~cf doa heRby 09'" to releose oll rights, title or inl~fif in I: ·:, monufcxl11red hotM/mohilehome described obo.e. 1~ ~«vted on ____ J_u_n_e_2_0-•_•..,,l ,..,9,,,,9,..7 ________ ot __ .....;._... ________ ·~--------:,c:-:-::----- Cl>A It) (Cml, C$f A If) RAYMOND PATCHETT,.CITY,,CITY MGR. CfRTtflCATION OF ESCROW AGENT i •«uted o"----------,,,.,,.,.,..,.,<,..1 ________ o1 ___ .,.,1c:""11-'l--:--------------,"'s,c:-,.~,t:-1 ---- ----------------------------------- L ~ ~ ~~ 0 ',: DATE: TO: FROM: SUBJECT: MEMORANDUM June 25, 1997 Barbara Honig, Finance Department {!J\craig Ruiz, Management Analyst Close of Escrow The enclosed check was received by the Housing and Redevelopment Department as repayment for a redevelopment loan. In 1 998, the RDA lent Dorothy Meng $11,511 as part of a joint City/Count loan program for purchase of mobile homes in the Solamar Mobile Home Park. The property recently closed escrow and we received $11,511 in principal payment and $2,428.93 in interest payment. Please deposit the funds into the appropriate account. If you have any questions, please call me at X2817. ~--~l CHICAGO TI ... ~E COMPANY ( ... -~l 217 ESCONDIDO AVENUE, SUITE 7, VISTA, CA 92084 _. (760)758-7620 Fax (760)758-3509 June 24, 1997 RE DEVELOPMENT AGENTY OF THE CI TY OF CARLSBAD Af TN: Craig 2965 Roosevelt Street, s. B Carl sbad , CA 92008 Loan No.: Property: 6610 EASY STREET, CARLSBAD, CA 92008 Escrow No: 007846169 NQ6 Dear CRAIG: In connection with the above referenced escrow, which closed on 6-20-97, we enclose the following: CHECK IN THE AMOUNT OF 13,939.43 STATEMENT OF CONDITIONAL LIEN RELEASE. THIS MUST BE SIGNED AND RETURNED TO OUR OFFICE! THANKS. Any recorded document to which you are entitled will be mailed to you directly from the County Recorder's office. Your Policy of Title Insurance will be mailed to you under separate cover. If we can provide any additional information or answer any questions, please call. Thank you for choosing Chicago Title Company. Sincerely, C AGO TITLE COMPANY Jacquie Marshall Escrow Officer l2CL TR ··08/23/96bk Recording Requested by Fidelity and when recorded mai l to Do r o thy C. Meng 1 9 5 Palomar Airport Ro ad Space 9 1 Carlsbad, CA 92009 TITLE ORDER NO. 9704172 -1 RECON NUMBER R-140448 DATE: 11/21/97 FULL RECONVEYANCE CHICAGO TITLE COMPANY a California cornnration as trustee, or Successor Trustee, or Substituted Trustee, under deed of Trust dated 10 / 19 / 8 8 executed by: DOROTHY C. MENG. a widow Trustor, and recorded as Instrument Number 88-544538 on 10/25/88 , in Book ______ _ page ______ , of Official Records in the Office of the Recorder of ~S:..::a:::.n=-_,D=i:..::e::..g;:::i..,ao'---------County, ~alifornia, describing land therein as: AS FULLY DESCRIBED IN SAID DEED OF TRUST Having received from holder of the obligations thereunder a written request to reconvey, reciting that all sums secured oy said Deed of Trust have been fully paid, and said Deed of Trust and the note or or notes secured thereby having been surrendered to said Trustee for cancellation, does hereby RECONVEY, without warranty, to the person or persons legally entitled thereto, the estate now held by it thereunder. CHICAGO TITLE COMPANY , a s Trust e ~ ~ By Kenn R. Ho · . 1 AUTHORIZED~~ ~ STATE OF CALIFORNIA } COUNTY OF SAN DIEGO} On 11/21/97 before me,Melvyn J. Brav ~ Notary Public in and for said County and State, personally appeared Kenn R . Hookins ~ersonally known to me (or proved to me on the basis of sat isfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument ~nd acknowledged t o me that he/she/they executed the same in his/her/their authorized capaci ty(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s), acted, executed the instrument. WITNESS my hand and offical seal NOTARY 'S SIGNATURE (This area for official notarial seal ) ~CORbf:"D AT THE REQ_4EST OF· C.ilCAGO TITJ.f co. 'i o oloi:j / -/ ;;-Ho FEE . WHEN RECORDED MAIL TO: The Redevelopment Agency of the City of Carlsbad 2965 Roosevelt Street, Suite B Carlsbad, CA 92008-1989 8 544538 2001 PM ~-46 t l .J• (OWNERS~JP INTEREST) DEED OF TRUST THIS DEED OF TRUST is made this 19 day of October, 1988, among the Truster, Dorothy c. Meng, a Widow (the "Borrower") residing at, 195 Palomar Airport Road, Space 91, Carlsbad, CA 92009, Chicago Title Coq>any (the "Trustee"), and the Beneficiary, The Redevelopment Agency of the City of Carlsbad ("Lender"). The loan which is secured by this Deed of Trust was made by the Redevelopment Agency of the City of Carlsbad and regulated by California Coomunity Redevelopment Law, Sections of the California Health and Safety Code. BORRCM:R, in consideration of the indebtedness rec'ited and the trust created in this Deed of Trust, irrevocably grants and conveys to Trustee, in trust, with power of sale, the property described In Exhibit A to this Deed of Trust. This Deed of Trust is Third and subsequent in lien to the Deeds of Trust recorded concurrently herewith. VESTING TITLE IN: Dorothy C. Meng, a Widow Together with the Borrower's interest in and to Ca) all the fixtures and i~rovements now or hereafter attached or affixed to said mobilehome park space and 11108th undivided interest in the coomon area of said mobilehome park, Cb) all easements, rights, appurtenances, Nonprofit dues (subject, however, to the rights and authorities given in this Deed of Trust to Lender to collect and apply such Nonprof it dues), royalties, mineral, oil and gas rights and profits, water, water rights, and water stock of said mobilehome park, and (c) all replacements and additions to the above,· all of which shall be deemed to be and remain a part of the property covered by this Deed of Trust; and all of the foregoing, together with said property are referred to in this Deed of Trust as the "Property"; TO SECURE to Lender (a) the repayment of the indebtedness evidenced by Borrower's note dated October 19, 1988, and incorporated by reference in this Deed of Trust (the "Note"), in the principal sun of Eleven Thousand Five Hundred Eleven and zero one hundredths Dollars CS.1Lill>, plus contingent interest on the principal sun in the a110unt and on the terms described in Section I.A. of the Note; the payment of all other SIJIIS, with interest·thereon, advanced to protect the security of this Deed of Trust; and the performance ~f the covenants and agreements of the Borrower contained in this Deed of Trust, in the Note, and in the Security Agreement dated october 19, 1988; and (b) the repayment of any future advances, with Interest thereon, made to Borrower by Lender pursuant to Section 22 of this Deed of Trust ("Future Advances"). Borrower covenants that Borrower is lawfully seized of the estate conveyed by this Deed of Trust and has the right to grant and convey the Property, that the Property is unencumered, and that Borrower wit l warrant and defend generally the title to the Property against all claims and demands. Said Note, as described in this Section, is also secured by a Security Agreement of same date, creating a security interest in certain personal property. In the event of default, the Lender may, at its sole discretion, concurrently or in such other order or manner as it may elect, exercise any of its rights t.nder either this· Deed of Trust or the Security Agreement herein referenced. The application of proceeds of enforcement under either this Deed of Trust or the Security Agreement will not cure existing defaults or irrpair any pending proceedings to enforce the other. Borrower and Lender covenant and agree as follows: 1 I 1. Payment of Prfncfpal and Interest. Borrower shall pr<lfl1)tly pay when due the principal of and interest on the indebtedness evidenced by the Note, and the principal of and interest on any Future _Advances secured by this Deed of Trust. 2. occupancy. Borrower will occupy the Property as Borrower's principal residence and be the sole occupant of property conveyed by this Deed of Trust. This restriction includes, but is not limited to, prohibition of Borrower's renting or otherwise leasing the Property with or without -consideration. 3. Sale or Transfer of Property. Before the sale or transfer of title, the Borrower or the Borrower's representative shall not ify the Lender of his or her intention to sell or otherwise transfer title. Except as otherwise provided in this Deed of Trust, when Borrower transfers title, the entire Loan which is evidenced by the Note and additionally secured by the Security Agreement, shall be inmediately due and payable. Where title is transferred to, or otherwise altered to include or favor, a spouse or person signing the Note and Security Agreement, and such spouse or person resides on the Property conveyed in this Deed of Trust and is independently eligible for assistance under the Program, the transfer or alteration of title shall ·not result in acceleration of the Loan evidenced by the Note and Security Agreement. Similarly, when a spouse or person signing the Note takes title to the Property which secures this Deed of Trust by devise, descent or by operation of law upon the death of a joint tenant and such spouse or person resides on the Property and is independently eligible for assistance under the Program, the transfer of title shall not result in acceleration of the loan evidenced by the Note. Upon sale of the Property, the Lender shall be paid the amounts described fn the Note, in part, from the increase, i f any, of the fair 1118rket value at the time of sale over the purchase price or the resale price of the property (as these terms are defined in the Note), whichever is greater. For this reason, if the Borrower determines to sell the Property, he or she has ·the affirmative duty to protect the interest of the Lender by selling the property at its fair market value. When the proposed transfer Is to be made pursuant to a proposed sale, the Borrower shall notify the Lender of the sales price agreed upon by the Borrower and the proposed purchaser of the Property. The Lender shall then appoint, within ten (10) working days of receipt of Borrower's notification, an appraiser to determine if the proposed sales price is at fair market value. The Borrower shall be informed within thirty (30) working days of the appraiser's determination of fair market value. 4. Charges; Li ens. Borrower sha l l pay when due all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Oeed of Trust. Borrower shall pranptly furnish to Lender all notices of amounts due and paid under this paragraph. Borrower shall promptly discharge any lien which has priority over this Deed of Trust; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. Borrower shall not allow the attachment of any subordinate lien or other encumbrance on the Property without prior written consent of the Lender . 5. Preservation and Maintenance of Property; Coopl iance with Docunents. Borrower shall keep the Property in good repair and shall not coomit waste or permit i~airment or deterioration of the Property. Borrower shall perform all of Borrower's obligations under the articles and bylaws and constituent documents creating and governing Lender. Borrower shall perform all of Borrower's obligations under and pay when due all assessments and charges required by the Lender and any special assessments and charges made by the Lender. 6. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Deed of Trust, including those contained in the Note and the security Agreement, or if any action or proceeding is conmenced which 1118terially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankruptcy or decedent, then trustee at Lender's option, upon notice to Borrower, may make such appearances, disburse such SI.IDS, and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any amounts disbursed pursuant to this Section, with interest thereon, shall become additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof,· and shall bear interest from the date of disbursement at the rate of 15X per annun, unless payment of interest at such rate would be contrary to applicable law, In which event, such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this Section shall require Lender to incur any expense or take any action hereunder. 7. Inspection. Lender may make or cause to be made reasonable entries upon and inspection of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 8. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned 2 !003 and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be treated as if received f rom a sale of the Property. The proceeds shall be applied to the suns to be repaid in the amount and mnner described in Sections I.A. of the Note. Any part of the proceeds remaining after these amounts have been paid shall be paid to the Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the proceeds shall be treated as if received fran a sale of that portion of the Property which is taken in the condemnation. The percentage value of the portion taken, as compared to the full value of the entire Property, shall be determined by dividing the condemnation proceeds by the fair market value of the entire Property just prior to the taking. This percentage value, once determined, shall be used in the following manner to allocate the condemnation proceeds: a. First, to the amount of principal owing under Section I.A. of the Note shalt be allocated the value equal to the percentage value determined above nultiplied by the principal then outstanding in Section I.A. of the Note. b. Second, to the contingent interest described in Section I.A. of the Note shall be allocated the value equal to the fair market value of the entire Property just prior to the condennation minus the purchase price (as this term is defined in the Note) 111.Jltiplied by the percentage value determined above nultipl ied by the percentage value set out in Section I.A. of the Note (or the most recent calculation of this latter percentage value). c. Third, to the Borrower. Fol lowing the making of the above allocations of an award in partial condemnation, the principal amount owing under Section I.A. of the Note and the purchase price of the Property, as this term is defined in the Note, shall both be reduced for all purposes by the percentage value determined above. The percentage value set out in Section I.A. of the Note shall not be affected by any allocation of an award in partial condemnation. If the Property is abandoned by Borrower, or if after notice by Lender to Borrower that the condemner offers to make an award or settle a claim for damages, and Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the suns secured by this Deed of Trust. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the payments referred to in Sections 1 and 4 hereof. 9. Hazard Insurance. The Borrower shall maintain hazard insurance on mobilehome. In the event of a distribution of hazard insurance proceeds in lieu of replacement, restoration or repair following a loss to the Exclusive Use Area of Borrower or to the cOIITIIOn areas and facilities of the Lender, any such proceeds payable to Borrower are hereby assigned and shall be paid to Lender. In the event of a total loss of the Property, the proceeds shall be treated as if received from a sale of the Property. The proceeds shall be applied to the SlJTIS to be repaid in the amount and manner described in Section I.A. of the Note. Any part of the proceeds remaining after these amounts have been paid shall be paid to the Borrower.· In the event of a partial loss of the Property, unless Borrower and Lender otherwise agree in writing, the proceeds shall be treated as if received from a sale of that port.ion of the Property which is lost and being cOfll)ensated for by insurance. The percentage value of the portion lost, as corrpared to the full value of the entire Property, shall be determined by dividing the insurance proceeds by the fair market value of the entire Property just prior to the loss. This percentage value, once determined, shall be used in the following manner to allocate the insurance proceeds specified in Section 8 regarding the allocation of Condennation proceeds. Following the making of the above allocations of an insurance award in case of a partial loss, the principal amount owing under Section [.A. of the Note and the purchase price of the Property, as this term is defined in the Note, shall both be reduced for all purposes by the percentage value determined above. The percentage value set out in Section I.A. of the Note shall not be affected by any al location of an award in partial condemnation. If the property is abandoned by Borrower, or if after notice to Borrower that the insuror or third party causing the loss offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within thirty (30) days after the date such notice is mailed, is authorized to collect and apply the proceeds, at option, either to restoration or repair of the Property or to the suns secured by this Deed of Trust. 10. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, consent to: Ci) the abandonnent or termination of the Lender; (ii) any material amendment to the Covenants, Conditions and Restrictions, Articles of Incorporation, By-laws of the 3 2004 Lender, or any equivalent constituent docunent of the Lender, including, but not limited to, any amendment which would change the percentage interests of the owners in the COIIIOOn areas and facilities of the Lender. (iii) the transfer, release, encunbrance, partition or subdivision of all or any part of the Nonprofit's c0111110n areas and facilities, e1tcept 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 s1.111S 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 mamer, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to carmence proceedings against such successor or refuse to e1ttend time for payment of the suns 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 Uaiver. Any forbearance by Lender in exercising any right or remedy hereunder, 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 ta1tes or other liens 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 CtJ1XJLative. ALL remedies provided in this Deed of Trust are distinct and cunulative 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 L 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. Notice. 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 railing 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 shal l be given by certified lll8il, 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 shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 16. Governing Law; Severability. This Deed of Trust shall be governed by the law of Cal ifornia. 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 whfch can be given effect without the conflicting 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 or Transfer of the Property. If all or any of the property or an interest in it is sold or transferred by Borrower, excluding permitted transfers to a spouse or other person signing the Note ~nd the Security Agreement in the manner described in Section 4 above, all the sums secured by this Deed of Trust and the Security Agreement shall be inmediately due and payable. In the event of such an acceleration, Lender shall mail 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 sums 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 s1.111S secured by this Deed of Trust, Lender prior to acceleration shall mai l 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 sums 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 sums secured by this Deed of Trust to be i11111ediately 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. 4 2005 If lender invokes the power of sale, lender shall have appraised the Property to determine its fair market value. lender shall also execute or cause Trustee to execute a written notice of the occurrence of any event of default and of Lender's election to cause the Property to be sold and shall cause such notice to be recorded in each county in which the Property or some part thereof is located. Lender or Trustee shall mail copies of such notice in the ~nner prescribed by appl icable law to Borrower and to the other persons prescribed by applicable law. Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable law. After the lapse of such time as may be required by applicable law, Trustee, without demand on Borrower. shall sell the Property at public auction to. the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels and in such order as Trustee may determine. Trustee may postpone sale of all or any parcel of the property by public announcement at the time and place of any previously scheduled sale. Lender or Lender's designee may purchase the Property at any sale. Trustee shall deliver to the purchaser Trustee's deed conveying the Property so sold without any covenant or warranty, expressed or implied. The recitals in the Trustee's deed shall be prima facie evidence of'the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all reasonable costs and expenses of the sale, including, but not limited to, reasonable Trustee's and attorney's fees and costs of title evidence; (b) to all ~urns secured by this Deed of Trust, as evidenced by the Note. As to the indebtedness evidenced by Section I.A. of the Note, such sums secured by this Deed of Trust shall include the principal amount stated in Section I.A. (or the most recent recalculation of this amount made as provided for in the Note) plus contingent interest in an amount equal to the percentage value, as stated in Section I.A. (or the most recent recalculation of this value made as provided for In the Note), of the excess of the appraised fair market value of the Property just prior to the Trustee's sale over the purchase price; and (c) the excess, if any, to the person or persons legally entitled thereto. 20. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the suns secured by this Deed of Trust, Borrower shall have the right to have any proceedings begun by lender to enforce covenants of this Deed of Trust relating to suns due and payable by Borrower discontinued at any time prior to five days before the Property is first scheduled for sale pursuant to the power of sale contained in this Deed of Trust or at any time prior to entry of a judgement enforcing this Deed of Trust, if: (a) Borrower pays Lender all suns which would be then due under this Deed of Trust, the Note and notes securing Future Advances, ff any, had no acceleratfon occurred; Cb) Borrower pays all reasonable expenses incurred by Lender and Trustee in enforcing the covenants and agreements of Borrower contained in this Deed of Trust, and in enforcing Lender's and Trustee's remedies as provided in Section 19 hereof, including, but not limited to, reasonable attorney's fees; and (c) Borrower takes such action as Lender may reasonably require to assure that the lien of this Deed of Trust, Lender's interests in the Property, and Borrower's obligation to pay the suns secured by this Deed of Trust shall continue unimpaired. Upon such payment and cure by Borrower, this Deed of Trust and the obligations secured hereby shall remain fn full force and effect as if no acceleration had occurred. 21. Appointment of Receiver: Lender in Possession. Upon acceleration under Section 19 hereof or abandonment of the Property, Lender, by agent or by judicially appointed receiver, shall be entitled to enter upon, take possession of, rent and manage the Property and to collect the rents of the Property. Borrower agrees to surrender possession of the Property to Lender or receiver upon demand. If Borrower remains in possession after such demand, such possession shall be as tenant of the Lender or receiver, and Borrower agrees to pay monthly in advance to Lender or receiver such·rent as Lender or receiver may demand, and in default of so doing, Borrower may also be dispossessed by SUTlllary proceedings or otherwise. All rents collected by Lender or the receiver shall be applied first to payment of the cost of management of the Property and collection of rents, including, but not l imited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the suns secured by this Deed of Trust. Lender and the receiver shall be liable to account only for those rents actually received. 22. Future Advances. Upon request of Borrower, Lender, at Lender's option prior to full reconveyance-.of ;he-Property by Trustee to Borrower, may make Future Advances to Borrower. Such Future Advances, with interest thereon, shall be secured by this Deed of Trust when evidenced by promissory notes stating that said notes are secured by this Deed of Trust. 23. Reconveyance. Upon payment of all suns secured by this Deed of Trust, Lender shall request trustee to reconvey the Property and shall surrender this Deed of Trust and all notes evidencing indebtedness secured by this Deed of Trust to lrus~ee. Trustee shall reconvey the Property without warranty and without charge to the person or persons legally entitled thereto. Such person or persons shall pay all costs of recordation, if any. 24. Request for Notice. Borrower requests that copies of the Request for Notice of Default and Notice of Sale be sent to Borrower's address which is the Property Address. Borrower (Signature 5 SUBSCRIBING-WITNESS ACKNOWLEDGMENT ("WITNESS JURAT") NO. 206 7160 122 State of __ .,.C ... a_.l_.i_.f'-'o.._.r._..nu..1,_· a.._ ____ } County of __ S_a_n_D_1_· e....,..._go _____ _ NOTARY l'IJBLIC · CALIFORNIA PAIHCIPAL OfFICE 1H SM1 DIEGO COUNTY My C.,,,mi1eioft £-,. Oct Z. 1991 ss. On this the 19th day of _____ 1,..1,_c .... :r: .... o,..b...,e ... rL.._ _______ 19 8ft before me, the undersigned Notary Public, personally appeared __________ _ ....,... _____ B_r_e_n_d_a_P_a_y~b_i_n_s _______ (name of subscribing witness). liJ personally known to me O proved to me on the oath/affirmation of __________ (name of credible witness who identifies subscribing witness), a credible witness whom I know personally .. to be the person whoce name is subscribed to the within instrument as a witness thereto, who, being by me. duly sworn, deposes and says that She (he/she) was present and saw Dorothy C • r.eng, a widow (name of principal signer not appearing before Notary), the same person described in and whose name is subscribed to the within and annexed in· strument as a party thereto, execute the same. aria that said affiant subscribed her (his/her) name to the within instrument as a witness at the request of Doro thy C. ~eng, a wi do ---,......-------i5H't----f-t----=:-(name of principal signer again). · --~--~~~~--'-~~d~~L ______ -1Notary'ssignature) NATIO\IAL NOTARY ASSOCIATION• 8236 Remmet Ave.• P.O. Box 7184 • Canoga Palk, CA 91304·7184 2007 ,STA TE OF CALI FORNI A ss San Diego County Nan~ R(Jut, A/o-fu~ Pu.Jo~ · On this ~D day of ✓ '-4,f\C.. , 19'lJ before me~ the undersigned, a Notary Public personally appeared fmt"\t<-tnca.onen in and for said State, proved to 11e on the besis of satisfactory evhdence to be the person(s) whose name(s) this instrunent and acknowledged that B, executed the same. pc1 personally known to me C J ) S subscribed to WITNESS my hand and official seal. Signat ure /\~ Rcfe& (Reserved for official seal) ·1 o o o o o o a o o a a o o •f , a NANCVROJBC · -1 . COMM.# lo.m35 I ' • NofaiyN)lc-Colfcrnla ! I ,. . «.':,,: MN-DIEGO COUMV I , .:.Vcanm.~9·21.1* 0 0 C CO 0 .¥ 0 0 C ·o .Elf O 40 Hy coomission expi res: __ ~__,""p __ ~___.,1,_{_Cf_q_f __ _ 6 2008 REQUEST FOR RECONVEYANCE 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, have been paid in full. You are hereby directed to cancel said note or notes and this Deed of Trust, which are delivered hereby, an::I to reconvey, without warranty, all the estate now held by you under this Deed of Trust to the person or persons legally entitled thereto. LOA~DOCS:TRUSDEED:7/13/88 7 EXHIBIT "A" 2009 A Condominium Comprised Of: SOLAMAR PARCEL 1: An undivided l/108th interest in and to a ~ortion of Lot Hof RANCHO AGUA HEDIONDA, in the City of Carlsbad, County of San Diego. State of California, •~cording to Map thereof No. 823 filed in the Office of the County Recorder of San niego County, November 16, 1896, more particularly described as follows: Beginning at a point on the Southerly boundary of said RANCHO AGUA REDIONDA, 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" patcel the Northerly along the Westerly boundary of said "railroad" parcel the following courses : North 23° 12' 2011 West, 963.14 feet (record North 25° 54' Wesdt 964.26 feet) thence North 66 ° 47' IIJ" 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. ~orton 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 1 07" W~st, 3~.30 feet (record South 89° 58' 13" West, 390.53 feet) to an intersection with the Easterly 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 March 12, 1953 in Book 4781, Page 510 of Official Records; thence along the Easterly Boundary of said Parcel 20-A, South 24° 44 1 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 89° 58' 13" East) 313.07 feet to the Point of Beginning. EXCEPTING THEREFROM Living Units 1 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 C/J as shown and defined on the Condominium Plan referred 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. (O\JNERSHIP INTEREST) NOTE us $11.511 Carlsbad, Cal ifornia October 19, 1988 I. FOR VALUE RECEIVED, the undersigned ("Borrower") promises to pay The Redevelopment Agency of the City of Carlsbad, herein known as "Lender", or order the principal sum of Eleven Thousand Five Hundred Eleven and zero one hundredths Dollars ($.11...ill), in the manner and plus the additional SU'IIS described below: A. 1. Upon the sale of the Property which secures this promissory note ("Property"), the principal sum plus contingent interest equal to Thirteen and fifteen one hundredths percent (13.15%) 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 October 25. 2018 the sum of Eleven Thousand Five Hundred Eleven and zero one hundredths Dollars ($.11.-.ill) plus an additional sum equal to Thirteen and fifteen one hundredths percent (13.15%) 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 amount and percentage value stated in this Section I.A.1 shall be adjusted, as necessary, d.Jring 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 $87,529. 2. At the time this note becomes 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 amount) -divided by· ORIGINAL PURCHASE PRICE PLUS APPRAISED MOBILEHOME 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 mal<i ng one or more payments toward these amounts in addition to the monthly payments amount described in Sec ti on I.A.1. above. Any such amount paid by the Borrower are Excess Payments and shat l reduce the sums payable in Section I.A.1. above as provided in Section II. below. 4. Borrower agrees that.he/she wi ll not make payments on any other loans secured by the Property except such minimum 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 I.A.1. above., unless 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 Pa)111ents. Within thirty (30) days of receipt of such appraiser's report, the Lender shall recalculate the Borrower's obligation under Section 1.A.1. The Aggregated Excess Payments shall be credited partially to principal and partially to that portion of the increase in fair market value over purchase price which is owing pursuant to Section 1.A.1. A. The portion of the Aggregated Excess Payments to be alloca~ed to repayment of the portion of principal described in Section I.A,1., or to the most recent recalculation of such portion of the principal which has been made according to this 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 rema1n1ng 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 B. 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.B. 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. Ill. DEFINlfION: The term "Property" means the following described property: A. Mobile home described as follows: 1970 BRRIN, Mobilehome Sedal Number(s) S0576X & S0576U 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 plumbing and electrical systems, provided that replacement is required by the nonoperative, deteriorated, or obsolescent nature of the original appliance, fixture, equipment or structural component; b. improvements to the conmon area of a mobilehome park resulting in a mandatory assessment by the Association; and c. permanent additions to the space •. 2 2. "Improvements" 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 improvement. ·, B. Where the improvements 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 = CV X D (V + I ) E = The recalculated percentaged used in Section I.A.1. V = The appraised value of the Property inrnediately prior to the making of the Improvements. D = 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 11.C. above. I= Value of the improvements 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 el igibte for the reduction in percentage value described in this Section IV, the Borrower must receive approval of the proposed improvements from the Lender. To receive the required approval, the Borrower must notify the Lender of the proposed improvements and their projected cost to Borrower at least thirty (30) days prior to beginning _ construction on the improvements. The Lender shall notify the Borrower of approval of eligibility, or, disapproval of eligibility, of the proposed improvements for the reduction in percentage value within twenty-one (21) days of receipt of notification from the Borrower of the proposed improvements. If construction is not begun and completed within the allotted time, or, the Borrower has not sought al)d received an extension of the allotted time, the conditional ruling of eligibility will be revoked and the improvements will be adjudged ineligible for the reduction in percentage value described in this Section IV. When improvements are to the cOlllllOn 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 improvements as defined in this Note must be provided to the Lender, along with the required appraisal and appraisal update, within forty-five (45) days of completion of the improvements. F. Improvements which do not increase the value of the Property but do bring 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 improvements is One Thousand Dollars ($1000.00) or more. V. UNLESS OTHER'1ISE 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 assigns. 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 3 Borrower. VIII. The indebtedness evidenced by this Note is secured by a Deed of Trust, dated October 19, 1988, and Security Agreement, dated October 19, 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 sums secured by this Deed of Trust shall be immediately due 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 sums declared due. If Borro_wer fails to pay such sum prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by Section 19 hereof. Dorothy Meng 195 Palomar Airport Road, Space 91 Carlsbadft CA 92008 /P ' ? e By: I\ /~C-& . ' \ By: _______________________ _ LOANDOCS:NOTE:8/29/88 4 I STATE OF CALIFORNIA) ) ss. 2011 COUNTY OF SAN DIEGO) On October 21, 1988 before me the undersigned, a Notary Public in and for said State, personally appeared Raymond R. Patchett, known to me to be the Executive Director of the Redevelopment Agency of the City of Carlsbad, a Municipal Corporation .of the State of California, known to me to be the person who executed the within instrument on behalf of said Municipal Corporation, and acknowledged to me that such Redevelopment Agency, executed the same. WITNESS my hand the official seal. ............•....... , ........ . : {ti OFFICIAL SEAL : ; KAREN R. KUNDTZ : : •t NOTARY PUBLIC-CALIFORNIA : * SAN DIEGO COUNTY * ,: My Comm. e..,. Sept. 27. 1989 : •••••••••••••••••••••••••••••• NO FEE , RECORDING REQUESTE~ ,BY County of San Diego Chicago Title Company ANO WHEN RECORDED MAIL TO 2010 Name S1ree1 Address County of San Die.go Housing & Community Deve1oprnent 7917 O~trow Street Cily & S1a1c j I I San Diego, CA 92111 SPACE ABOVE THIS LINE FOR RECORDER'S USE Request for Notice UNDER SECTION 2924b CIVIL CODE in accordance with Section 2924b, Civil Code, request is hereby made that a copy of any Notice of Default and a copy of any Notice of Sale under the Deed of Trust recorded as Instrument No. Concurrently Herewith , in book ____________ , page. ______ , Official Records of ~-'--a--'n-'---D_1--'eC...g""'o ______ _ County, California, and describing land therein as See Exhibit 11A11 Executed b)' Dorothy C. ~e ng, a widow in which Solamar l:lomeowner's Association, Inc. Beneficiary, and Chi ca go Tit 1 e Company be mailed ·to The Redevelopment Agency of the City of Carlsbad at 2965 Roosevelt Street Suite B Number and Street Carlsbad, CA 92008-1989 City a:id State , as trustor is named as , as Trustee, NOTICE: A copy of any notice of default and ~f any notice of sale will be sent only to the address contained in this recorded request, If your address changes, a new request must be recorded. STATE OF CALIFORNIA } ·SS. COUNTY OF _________ _ On this ______ day of ______ , in the year _______ , before me, the undersigned, a Notary Public in and for said County and State, personally appeared ___ _ personally known to me (or proved to me on the basis of satisfactory evidence) to be the person ________ whose name ________ subscribed to the within instrument and acknowledged that ~----------executed the same. Signature _________________ _ Name (Typed or Printed) Notary Public in and for said County and State 1This area for official notoria1 seal) Title qrder No. __ __.'7_.Q,..·2_.oL.;·g, .... 1µ, ....... 1 ... 2_· ________ Escrow or Loan No. __ 4_._0,,_5,,_3,._-...,S .... -_9.._l ________ _ (Rev. 9-87) 1 · 115 EXHIBIT "A" A ·condominium Comprised Of: 2012 SOLAMAR PARCEL 1: An undivided 1/lOBth interest in and to a ~ortion of Lof Hof RANCHO AGUA HEDIONDA, in the City of Carlsbad, County of San Diego, State of California, •~cording to Map thereof No. 823 filed in the Office of the County Recor,der of San Diego County, November 16, 1896, more particularly described as follows: Beginning at a point on the Southerly boundary of said RANCHO AGUA REDIONDA, aai4 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 964.2& teet) thence North 66° 47' liJ" East, 25.00 feet (record North 64° 06 1 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-.,ay 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 1 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° 541 07" West, 39).30 feet (record South 89° 58' 13" West, 390.53 feet) to an intersection with the Easterly line of that parcel of land condemned for freeway purposes by the State of Califor~ia for the County of San Diego, Case No. 165983, described in Final Order of Condemnation as Parcel 20-A recorded March 12, 1953 in Book 4781, Page 510 of Official Records; thence along ~he 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 REDIONDA; thence along said Southerly line, North 89° 55' 34" East, (Record North 89° 58 1 13" East) 313.07 feet to the Point of Beginning. EXCEPTING THEREFROM Living Units 1 through 108, inclusive. as shown and de- fined upon that certain Solamar Condominium Plan recorded .May 31, 1988 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 CJ J as shown and defined on the Condominium Plan referred to above. PARCEL 3: The exclusive right to possessi on of those areas designat ed as exclusive use areas on the Condominium Plan referred to above, as a ppurtenant to Parcels 1 and 2 above described. STATE OF CALIFORNIA) ) ss. 1999 COUNTY OF SAN DIEGO) On October 21, 1988 before me the undersigned, a Notary Publ ic in and for said State, \·personally appeared Raymond R. Patchett, known to me to be the Executive Director of the Redevelopment Agency of the City of Carlsbad, a Municipal Corporation of the State of California, known to me to be the person who executed· the within instrument ·ou behalf of said Municipal Corporation, and acknowledged to me that such Redevelopment Agency, executed the same. WITNESS my hand the official seal. :••··························· ·@ onlOAL SEAL : : . -· KAREN R. KUNDTZ : * '~ NOTAftY ll'UBIJC-CALlfORNIA • : SAN DIEGO COUNTY : * My Comm. £ap. Sept. 27, 1989 : •••••••••••••••••••••••••••••• NO FEE RECO_RDING REqUESTED BY County of San Diego Chiiago Title Company { AND WHEN RECORDED MAIL TO ·1998 Name S1reet Add(es:s County of San Diego Housing & Community Development 7917 Ostrow Street 0 -~:~~"t ')~ Of4 ~: fl£. Q:Q tit,n f.,:J n . •-· , V f vinA l ~Yt.J;': . • L .. ~?u»rv REcono.a1 _ j City & Stale San Diego, CA 92111 SPACE ABOVE THIS LINE FOR RECORDER'S USE Request for Notice UNDER SECTION 2924b CIVIL CODE in accordance with Section 2924b, Civil Code, request is hereby made that a copy of any Notice of Default and a copy of any Notice of .Sale under the Deed of Trust recorded as Instrument No. Concurr~h. in book ____________ , page. ______ , Official Records of-----5.an-u.D .... i ,:::..eg'-fJ. o,.,__ ____ _ County, California, and describing land therein as See Exhibit II A" Executed by Dorothy C. f,'.eng. a widow in which B;arik of Arneri ca 6eneficiary, and Chicago Title Company be mailed to The Redevelopment Agency of Jbe City af Carlsbad at 2965 Roosevelt Street, Suite B Number and Street Carlsbad. CA 92'008-1989 City and Stale . as trustor is named as , as Trustee, NOTICE: A copy of any notice of default and of any notice of sale will be sent only to the address contained in this recorded request, If your address changes, a new request must be recorded. Dated___,~--~~~____,,_.,@~)i.+/____.9-=~---"~'------ of Carlsbad STATE OF CALIFORNIA COUNTY OF_~--------} ss. •, On lhis ______ day of ______ , in the year ______ • before me, the undersigned, a Notary Public in and for said County and State, personally appeared ___ _ .. personally known 10 me (or proved to me on the basis of satisfactory evidence) to be the person ________ whose name _________ subscribed to the within instrument and acknowledged that ___________ executed the same. Signature, __________________ _ Name (Typed or Printed) Nolary Public in and for said County and State (This 3'93 for ofticial notori.;il 5e3I) Title Order No. __ _,_7,,,0..,.2""'0"'9""'1'--" .. '--"l....,2 _________ Escrow or Loan No. __ ___:4c..::Oc.:5c..=3::...-...:S::...--=9:...:l=---------- (Rev. 9-87) 1 -115 A Condominium Comprised Of: ,,. PARCEL 1: EXHIBIT "A" SOLAMAR An undivided 1/lOBth interest in and to a pQrtion of Lot Hof RANCHO AGUA HEDIONDA, in the City of Carlsbad, County 0£ San Diego, State of Califor nia, B<j.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 Aug~st 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' I()" East, 25 .oo 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 1 1944 in Book 1641, Page 437 of Official Records of said San Diego County; thence along said Northerly line, South 89° 54' 0711 West, 390.30 feet (record South 89° 58' 13" West, 390.53 feet) to an intersection with the Easterly 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 March 12, 1953 in Book 4781, Page 510 of Official Records; thence along ~he 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 BEDIONDA; thence along said Southerly line, North 89 • 55' ~4" East, (Record North 89° 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, 198 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 CJ / as shown and defined on the Condominium Plan referred to above. PARCEL 3: The exclusive right to possession of thos e areas des ignated as exclusive use areas on the Condominium Plan referred to above, as appurtenant to Parcels 1 and 2 above described. SECURITY AGREEMENT (Specific Personal Property) THIS AGREEMENT is entered into this 19 day of October, 1988 between The Redevelopmen~ Agency of the ~ity of Carlsbad, (hereinafter called "Bor.rower") and the Solamar Homeowner's Association, Inc. (herein after called "Lende·r••). Borrower has requested a loan from Lender secured by certain of Borrower's personal property and Lender is willing, in its sole discretion, to make such loan to Borrower subject to the terms and provisions of this Agreement and any amendments hereto. In order to induce Lender to make such loan, Borrower and Lender hereby agree as follows: 1. Definitions. A. The term "Personal Property" means the personal property described as follows: Trade Name. Serial No. and Description (including special equipnent) 1970 BRRIN. Hobilehome Serial Number(s) S0576X & S0576U and all substitutions, accretions, component parts, replacements thereof and additions thereto, and the Proceeds of all the foregoing. B. The term "Proceeds" includes, but is not limited to, inventory returned or reacquired merchandise, accounts, chattel paper, general intangibles, insurance proceeds, documents, money, goods, equipment, instruments and any other tangible or intangible property arising under the sale, lease, exchange, collection or other disposition of the Personal Property of Borrower. C. The term "Collateral" means Personal Property and Proceeds as herein defined. 2. Creation of Security Interest. To secure the payment of all indebtedness, as hereinafter defined, of Borrower to Lender, Borrower hereby grants Lender a security interest in and to all Collateral. 3. Docunentation. From time to time, if required by Lender to do so, Borrower shall execute and ~eliver to Lender, evidencing Lender's security interest, a separate assignment or assignments, in to·rm satisfactory to Lender, of Borrower's right, title and interest in specific Collateral so designed by Lender; and as tong as Borrower is indebted to .Lender, Borrower hereby a·grees to execute and· deliver to Lender such documents and instruments as Lender may require in order to confirm or affirm or further assure the hypothecation to the Collateral or Lender's security interest in the same, or to give any third party, including account debtors, notice of interest in the Collateral hypothecated to Lender. However not withstanding.any r~uests by Lender for separate assignments or other documentation. This Agreement constitutes a formal hypothecation to Lender of a·ll present and future collateral. Borrower shall also execute ~nd deliver to Lender all other documents, in the opinion of the Lender, necessary or convenient to perfect and maintain a security ·interest in favor of Lender ·in and to aU Col lat'eral, including, but not ~imi ted to, financi,ng statements and amendment statements pursuant to the Cal ifor,:,ia Uh-iform Commercial Code or other applicable laws all in form and ·substance acceptable to Lender; and Lender may file in the appropriate public office any document required or permitted by law to be filed. 4. Obligation Secured. The security interest herein granted to Lender sha.ll secure the payment to Lender and/or performance by l;Jorrower of the following (herein collectively referred to as "Indebtedness"), which Borrower hereby unconditionally promises to pay to Lender in accordance with the terms of any instrument or agreement evidencing said Indebtedness, provided, however, that if no such instrUT1ent or agreement evidences such i'ndebtedness, then the same is payable upon demand to Lender: A. (If applicable. and for purchase money security interest). That certain promissory note ex;ecuted by Borrower in .favor of Lender and further described as follows: Note for S.11.ill dated October 19, 1988 payable October 25, 2018 and any and all extensions and/or renewals of said note or any amounts owing thereon: B. All ldans, advances, extensions of credit, indebtedness and obligations of Borrower to Lender heretofore or hereafter made or incurred, together with interest thereon and any renewals and extensions thereof evidenced by notes, drafts, or other instruments by or on behalf of Borrower; or evidenced by accounts maintained by Lender; all such notes, drafts, other instrunents and accounts shall be conclusive evidence of such indebtedness at any time owing to Lender; C. All amounts, costs and expenses advanced, COfllnitted, expended or incurred by Lender pursuant to the terms of this Agreement, including reasonable attorney's fee and ·expenses, for the maintenance and/or preservation of the Collateral hypothecated to Lender as provided herein; Said Note, as described in Section 4A, is also secured by a Deed of Trust o.f same date creating a security -interest in certain real property, more particularly described in Exhibit A. In the event of default, the lender may, at its sole discretion, concurrently or iii such other order or manner· as_ it may elect, exercise any of its rights under e.ither this Agreement or the Deed of Trust herein referenced. The application of proceeds of enforcement under either this Agreement or the Deed of Trust will not cure existing defaults or impair any pending proceedings to enforce the other. 5. Uarr~ties. Representations And Covenants. Borrower hereby warrants, represents, covenants and agrees as follows: A, Title To Collateral. Except as described in the financial statements provided Lender on or before the date of this Agreement, Borrower is, or at the time Collateral comes into existence will be, the true and lawful owner of, and has, or at the time it comes into existence will have, good and clear title to, all Col-lateral, subject only to Lender's security interest• therein. B. Maintenance of Records and Preservation of Collateral. Borrower will maintain records of all Col lateral and will pr~tly.disclose to -Lender any and all locations where Borrower may from time to time maintain possession of the Collateral subject to the security interest herein, will do all acts which may be necessary to maintain, .preserve and protect all Collateral which is subject to Lender's security interest, will keep the Collateral in good condition and repair; will not cause or permit any waste or unusual or unreasonable depreciation of the Collateral or any act for which. sa·id Collateral might be confiscated; and will pay before detihquency all taxes, assessments and liens now or hereafter i~sed upon Col lateral. . C. Sale. Transfer Or Encuii>ering Of The Collateral. Borrower will not sell, lease, assign, transfer or dispose of any of the Collateral; nor will Borrower create or permit to exist any lien, charge, security interest or enclllbrance on any of the Collateral. D. Lender's Rights to Protect Collateral. Borrower agrees to pr~tly pay any debt when due relating to or affecting the Collateral and if Borrower fails to inake any such payment or do any act as herein required, the Lender may, but without obi igation to do so, and without notice or demand upon Borrower, make such payment and take such action as Lender may deem necessary to· protect and preserve the Collateral as permitted by the California Uniform Commercial Code, including, without limitation, the right to take possession of Collateral, to pay, purchase, contest and c~rornise any encunbrance, charge or lien which, in the judgement of Lender, appears to be prior or necessary expenses, eflllloy counsel and pay reasonable fees therefor. Borrower hereby agrees to repay immediately and without demand all sums so expended by Lender with interest from date of expenditure at the rate-of 15% per amurn, unless payment of interest at such rate would be contrary to applicable law, in which event, such amounts shall bear interest at the highest rate permissi-ble under applicable law. Nothing contained in this Section shall require Lender to incur any expense or take any action hereunder. E. Remittance on Disposition of Collateral. Any remittances or 'other proceeds whi.ch may be received by Borrower on account of any sale or other disposition of collateral, regardless of the form of such proceeds, shall be received by Borrower on behalf of Lender and shall, upon written notice by Lender, be kept separate and apart from all other funds and property so as to be capable of identification as the property of the Lender, ~nd Borrower shall pr~tly deliver all such remittances to Lender. F. Insurance. Borrower shall maintain at all times with respect to Collateral, insurance against risks of fire, so-called extended coverage, sprinkler leakage and other risks customarily insured against by companies engaged in insuring such collateral, in amounts, containing such terms, in such form, for such periods and written by such c~anies as may be satisfactory to Lender, such insuranc~ to be payable to Lender and to Borrower as their interests may appear. All policies of insurance shall provide for thirty (30) days written minimun cancel-lation notfce to Lender. In the event of failure to maintain such insurance Lender may at its option, after notice to Borrower, provide such insurance at the expense of Borrower. Borrower shall furnish to Lender certificates or other evidence satisfactory to Lender of c~liance with the foregoing provisions. 1n··'the event Lender takes possession of the collateral, the insurance pol icy or policies and any unearned or returned premiurn thereon shall, at the option of the Lender become the sole property of Lender, such policies being hereby assigned to Lender. 6. Power of Attorney. Borrower hereby irrevocably_appoints Lender, or any person designated by Lender, its true and lawful attorney in-fact to sign and endorse the name of Borrower on any financing statements notes, instrunents, acceptances, checks, drafts, money orders or other remittances and to do all other acts and things necessary to carry out the intent of this Agreement. lender may place its representatives on the premises of Borrower to enforce and implement these agreements of Borrower. The authority herein granted Lender shall remain in full force and effect until all Indebtedness of Borrower to Lender has been paid in full. 7 7. Obligations of Third Parties. It is specifically understood and agreed by Borrower that Lender may from time to time and without notice, release or otherwi.se dea~ with any person now or hereafter liable for the payment of the i'ndebtedness and may renew, extend or alter the time or terms of payment of such indebtedness,· and release, surrender or substitute any property or other security for such indebtedness, or accept any type of further security t,herefor, without in any way affecdng the obligations of Borrower .to Lender. Consent is hereby given to Lender to delay or grant indul.gences in enfordng payment or performance of any such· indebtedne!ls, and diligence, presentment, protest, demand_ andnotice9f every kind as ~elt .as the right to require Lender to-proceed against any person liable for the payment of any sue~ Ind~btedness, or to foreclose upon, sell or otherwise realize, upon or collect or apply any other property, real or personal securing any such indebtedness as a condition or prior to proceeding· hereunder are hereby waived. · 8. Additional Covenants. Borrower covenants and agrees: A. Collateral Value. In the event there shall hereafter be a decrease in the value of the -Collateral., Borrower agrees to give further security or make payments ,on account to Lender in an amou,t.and to the extent sufficient· to offset said decrease ,in value. B. Reports, To furnish to Lender from time to time such financial statements,. and information as Lender may reasonably reqQest and inform Lender inmediate._ly of the occurrence of a materia~ adverse change in Borrower's fi.nancial condition; and, UP9n wri,tten notice by Lender, to furnish monthly within five (5) days of the end of each month, or at such other times as·may 'be required by Lender, a report of all Collateral hypothecated to Lender, which report shall show the value of all Collateral and ·shall be in such form and shall contain such information as Lender may require'. C. Accuracy .of Reports. Subject to any limitations stated herein, all financial statements and. other data furnished to Lender of which. may be fur.nished to Lender hereunder shall fairly rep.resent the financial condition of Borrower as of the dates-thereof and the res.ults of Borrower's operation for the periods for 11hich the ·same are furriished. · All other information, _ reports and other data furnished to Lender are or shall be at the ti me they are furnished c°""lete, accurate and correct fn al'l material. respects. D. Verification. To permit representatives of Lender to inspect Borrower's books, records and files and make extracts at any reasonable time. E. Inspection. To allow and arrange for Lender at any reasonable time, -through its duly authorized representative or representatives, to inspect any.Collateral at any premises or facilities.of Borrower or elsewhere. F. Legat .Process. To pr°""tly notify Lender of any attachment or other. legal process levied against any Collateral and any information received by Borrower that may in any way affect the value of_ Collateral or the rights and remedies of Lender in Collate~al. G. Operation and Location. To·. register, use, operate and control the Collateral in accordance with all statutes, law·s, or~inances and regulations relatirig to the registration use or control of said Col lateral; that Borrower will neither use, nor permit the Collateral to be used for any unlawful purpose; nor remove or permit the Colla-teral to be removed from where it is located at the time this Agreement is executed without the prior written consent of Lender. H. . ~-Upon written request by Lender, Borrower will concurrently with payment thereof, deliver to lender writ-ten ev.idence of payment of property, withholdi'ng and payroll taxes. If not · timely paid, Borrower agrees to forthwith notify Lende~· in writing of any 'such failure to pay. I. Expenses of Lender. Borrower ,shall Pi!Y on demand any and all costs and expenses, including, without l imitati"on, reasonab~e counsel fees incurred t)y _'L~nder in connection with the aaninistration of this Agreement and the enforcement and protectfon of the rights of Lender under this Agreement including the protection of th~ rights of Lender in ~ny bankruptcy, reorganization, liquidation or insolvency proceeding. 9. Events of Default and Rights On Default. If one or more of the following described ~vents of default shall occur: A. Borrower shall default in the payment of the Indebtedness when the same shall become due and payable; or B. Any of the representations or warranties made by Borrower herein or in any certificate or' financial or other statement heretofore or hereafter furnished· by or on behalf of Borrower in connection wi"th the making of this Agreement or the granting_ of the Indebtedness shall be lncorrect, .in any material respect at the time made; or C. Borrower shall fail to perform o~ observe any other covenant, term, provisions, condition, agreement or obligation of this Agreement; D. Borrower shall fail to pe·r·form or observe any of the covenants, terms, prov1s1ons, conditions,.agreements or obligations under any other agreement,. ,indenture, document, note or other instrument executed or to be executed by Borrower; 8 or E. aorrower shall become insolvent; or admit in writing its inability to pay its debts as they mature; or make an assigrment for the benefit of creditors or c011111ence proceedings for dissolution, termination or.cessation of organizational existence: or apply for or consent to the appointment of a trustee or receiver for it or for a substantial part of its property or business; or F. A trustee, liquidator or receiver shall be appointed for Borrower or for a substantial part of its property or business without its consent; or G. Any goverrmental agency or any court of coq,etent jurisdiction at ·the instance of any goverrmental agency shall assune custody or control of the whole or any substantial portion of the properties or assets of Borrower; or H. Any money judgment, writ or warrant of attachment or similar process shall be entered or filed against Borrower or any of its properties or other assets and shall remain unvacated, unbonded, or unstayed for a period of fifteen (15) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or I. Bankruptcy, reorganization, insolvency, or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors shall be. instituted by or against Borrower and, if instituted against Borrower, shall not be dismissed within thirty (30) days after such institution or Borrower shall by any action or answer ~pprove of, consent to, acquiesce in any such proceeding or admit the material allegations of, or default in answering a petition filed in any such proceeding; J. Borrower abandons or does not occupy the Personal Property. THEN, or at any time thereafter, and in each and every such case, unless such event or events.of default shall have been waived in writing by Lender, all Indebtedness shall forthwith become due and payable, without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived, anything herein or in any evidence of Indebtedness or other instru- ments contained to the contrary notwithstanding and Lender may irrmediately, and without expiration of any period of grace, enforce any and all of Lender rights and/or remedies provided for in this Agr_eement, which $hall include the remedies of a secured party under the California Uniform Corrrnercial Code, including without limitation: A. The right to require Borrower to irrmediately assemble the Collateral and make it available to Lender at a place designated by Lender; B. The right to irrmediately take possession of said Collateral wherever it may be found, using all necessary, lawful force to do so and Borrower waives all claims to damage due to or arising from or connected with any such taking; c. The right to proceed in the foreclosing of this Agreement and sell any-or all of said Collateral in any manner permitted by law or provided for herein; D. The right to sell said Col lateral at public or private sale with or without having said Collateral at the place of sale, and upon terms and in such manner as Lender may determine and Lender is authorized to purchase same at any such sale. Prior· to any sale, Lender may at its option repair or recondition any Collateral to such extent.as Lender may deem advisable and any sums expended therefor by Lender shall irrmediately be repaid by Borrower. Lender may take possession of Borrower's premises to complete such repainting and reconditioning, using the facilities and other property of Borrower so to do, to store ahy Col.lateral subject to Lender's security and to conduct any sale as provided for herein, all without coq,ensation to Borrower. The net proceeds of any sale or sales as hereinbefore described shall be applied against the indebtedness owed by Borrower to Lender hereunder in any· order of priority that Lender, in its sole discreti-on, determines and, thereafter, any other indebtedness of Borrower to Lender, Borrower shall forthwith pay to Lender any deficiency ·upon demand and shall •be entitled to any surplus resulting from sale or sales. Demand of performance, advertisement and presence of property at any sale or sales are hereby waived and Lender is hereby authorized to sell hereunder any evidence of debt assigned to. it if it does not exercise its righ.t to collect on such evidence of debt. All demands and presentments· of any and or nature are expressly waived by Borrower. Borrower hereby waives the righ,t to require Lender to proceed against any Collat'eral or security therefore it may-hold. Borrower waives the right to require Lender to pursue any other remedy for the bene-f.it of Borrower and agrees that Lender may proceed against Borrower for the amount of Indebtedness owed by Borrower to Lender without taking any action against any account debtor or any other party and without selling.or otherwi-se proceeding against or applying any security it may hold, including, but not limited to the Collateral. Lender shall have the right to enforce any one or more remedies hereunder, successively or concurrently, and any such actions shall not estop or prevent Lender from ixjrsuing any further remedy which it may have hereur:ider by law; and all remedies, either under this Agreement or by law or otherwise afforded to Lender shall be cunulative and not alternate. 10. Waiver. No delay or omission to exercise any right, power or remedy accruing to Lender, upon any event of default 9 of Borrower under th-is Agreement shall irrpair any such -right, power or remedy of Lender, nor shall it-be.construed to be .ll waiver of-any such breach or acquiescenc.e therein or of or in any similar breach or default ther'eafter occlirrfng. Any waiver, permit, consent or approval of any ~ind or·character·on the part of·Lender, of any breach o·r .default und~r this Agreement, or any waiver on 'the par.t of Lender of any provision or condition of this Agreement~ must be in writing and. shaft be effect·ive only to the.extent in such writing specifically set forth. 11. Effect on Other Agreements. Nothing in this Agreement shall in any· way limit . the effect of the c·ovenants, conditions, terms and provlsi-ons set forth 'in any other security or other agreement .previously or later executed l;>y Borrower, but each and ev~ry provisi-on ·of this 'Agreement shall be in addition to the others. 12. Notices. Any notice· required hereunder may be made in writing through United States Mail addressed to Borrower and Lender at the addresses set forth in the last paragraph of this Agreement". 13. shall be Law Governing. This Agreement is being delivered and shap be deemed enter.eel intoJn the State .of California and governed by ·and construed according to the laws of such state. -·.· · 14. Statute of Li•itations. The right to plead any and all ~tatutes of Limitations as a defense to any demand secured by this Agreement is her~by 'waived to th_e full extent and longest period al lowed by law. 15. Captions. Tbe. captions used in this· Agreement are for the convenience of .the parti~~-The captions are not to be utilized to construe or-interpret·.the provisions of this Agreement. 16. Miscellaneous •. · The words ".Borrower" and "Lender" as used herein, shall be construed ·to incl~-~he· hei-rs, legales,·. devisees, a.dministrator-s; executors, ·successors:and assigns of Borrower and Lender: .• This ~greement shall birid and.inure to the benefit of Borrower-and Lender. Bprr.ower may not assign this Agreement or any 'of the righ~s of Bqrrower.hereunder without the prior written consen.t of Lender. tlo mod_ification of or amendments to the terms· of this Agre~nt shaU be effective unless in writing and signed by .both of the parti_es hereto. IN WITNESS WHEREOF, the. parties hereto have caused this Agreement to be executed as of the date appearing in the opening paragraph he·reof. · Dorothy Meng 195 Palomar Airport Road, .Space 91 Caclsba')CA 92008 . By d, ,:f~ ,~:!!?7~, By ___________ __, ________________________ _ ·-(Signature) L0AND0CS: SE CA.GREE: 7 /13/88. 10 EXHIBIT "A" A Condominium Comprised Of: SOLAMAR PARCEL 1: An undivided l/108th interest in and to a ~ortion of Lot Hof RANCHO AGUA HEDIONDA, in the City of Carlsbad. County of San Diego. State of Californip, aceording 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 RANCl{O AGUA REDI0NDA,. said Point of Beginning being also the Southwest corner of tha·t .parcel of land described in de.ed to the Atchison, Topeka and Santa Fe. Railway Company re·corded A':Jgust 29, 1946 in Book 2216 at Page 412 of Official Records of said San Diego County;'thence Northerly along the Westerly boundary of said 11railroad" 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.Z6 feet) thence North 66° 47' liJ" East, 25.00 feet (record North 64° 06' East) then-Ce North 23° 11 1 19" West, 601.58 feet (record North 25° !>4 1 West, 600.00 feet-) to a point on the Westerly right-of-way Hn:e of the ·100.00 ·-foot right4>t-Way of the Atchison, Topeka and Santa Fe Railroad as said right~f-way was conveyed to -said Railroad by document recorded March 10, 1881 in . Bol?k 38 at Page 172 of Deeds_ in the Office of the County Recorder of sa!d San Diego County; thence Northerly along said Westerly right-of-way line, North 23° 11' 19" West, 118. 82 feat to a point on the Northerly line of that parcel of land conveyed to P.A. Rorton and Ev,a M. Borton by deed record~d March 10 • 1-944 in Book 1641, Page ·437 of Offici-al Records of said San Diego ·County; thence; along said Northerly line. South 89° 54' 07" West. 390. 30 feet (record South 89° 58'. 13" west, 390. 53 feet) to an intersection with the Eitsterly line. of that parcel of land con·demried fqr 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 March 12, 1953 in Book 4781, Page 510 of Official• Records; thence along t;he 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 HEI>I0NDA; thence alo'ng sa:i~d Southerly llne, North 89° 55 1 34" East, (Record North 89° 58' 13" East) 313.07 f'eet to the Point of Beginning. EXCEPTING THEREFROM Living Units 1 through 108, inclusive, as shown and·de- fin~d upon that certain Solamar Condominil.iJil Plan recorded May 31, 1988 as File No. 88-.2 5 5 6 4 4 , Official Records of San Diego Co\lnty. ALSO EXCEPTING THEREFROM the exclusive .right to poss.ession o.f those portions designated as exclusive· us·e areas on the above referenced Condominium Plan. PARCEL 2: Living Unit CJ i as shown and defined on the Condominium Plan referred to above. PARCEL 3: