HomeMy WebLinkAboutHaddad, Richard; 1998-10-20;DO NOT RECORD
The following is a copy of Subdivisions A and B of the ficlitious Deed of Trust recorded in each county in California as stated in the foregoing Deed
of Trust and incorporated by reference-in said Deed of Trust as being a part thereof as if set forth at length therein.
A. To protect the security of this Deed of Trust, Truster agrees: .
(1) To keep said property in good .condition and repair; not to remove or demolish any building thereon; to complete or restore promptly and in
QOOd and workmanlike manner any building which may be constructed, damaged or destroyed thereon and to pay when due all claims for labor per•
formed and materials furnished therefor; to comply with an laws affecting said Pf'Operty or requiring any alterations or impr011ements to be made thereon;
not to commit or permit waste thereof; not to commit, suffer or permit any act upon said property in violation of law; to cultivate, irrigate, fertilize, fumigate,
prune and do all other acts which from the character or use of said property may be reasonably necessary, the specific enumerations herein not ex-
cluding the general. ·
(2) To provid_e, maintain ~ deliver to 8e~eficiary fire in!lurance satisfactory to and with loss payable to ~eneficiary. The amount '?(>llected under .
any fire or other insurance policy may be applied by Beneficiary upon any indebtedness secured hereby and m such order as Beneficiary may deter-
mine or at option of Beneficiary the entire amount so collected or any part thereof may be released to Trustor. Such application or release shall not
cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
(3) To appear in and defend any action or proceeding purporting to affect the security hereof or the rights« powers of Beneficiary or Trustee;
and to pay all costs and expenses, including cost of evidence of title and attorney's fees in a reasonable sum, in any action or proceeding in which
Beneficiary or Trustee may appear, and in any suit brought by Beneficiary to foreclose this Deed. .
. (4) To pay; at least ten days before delinque~ all~~ and assess~ents affecting said property, incl~ding assessments fn appurte~anl water
stock: when due, all encumbrances, charges and liens. with interest, on said property or any part thereof, which appear to be·pnor or supenor hereto;
all costs, fees and expenses.of this Trust.
Should Truster fail to make any payment or to do any act as herein provided, then Beneficiary or Trustee, but without obligation so to do and without
notice to or demand upon TrustOI' and without releasing Trustor from any obligation hereof, may, make or do the same in such manner and to such
extent as either may deem necessary-to protect the security hereof, Beneficiary or Trustee being authorized to enter upon said'property for such pur-
poses; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; pay,
purchase, contest or compromise any encumbrance, charge, or lien which in t~ i':'dgement of either appears to be prior or superior hereto; and, In
exercising any such J)OWers, pay necessary expenses, employ counsel and pay his Of' her reasonable fees.
(5) To pay-immediately and without demand all sums~ expended by Beneficiary or Trustee, with interest from date of expenditure at the amount
allowed by law in effect at the date hereof, ancno pay for-any statement provided for by law in effect at the date hereof regarding the obligation secured
hereby, any amount demanded by the Beneficiary not to exceed the maximum allowed by law at the time when said statement is demanded.
B. It is mutually agreed: · .
(1) That any award of damages in connection with any condemnation for public use of« injury to said property or any part thereof is hereby assign-
ed and shall be paid to Beneficiary who may apply or release such -moneys received by him or her In the same manner and with the same effect as
above provided for regarding disposition -of proceeds of fire or other insurance.
(2) That by accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his or her right either to require prompt
payment when due of all ,other sums so secured or to declare defaull for failure so to pay. .
(3) That at any time or from time to time, without liability therefor and withou~ notice, upon written request of Beneficiary and presentation of this
Deed and said note for endorsement, and without affecting the personal liability of any person for payment of the indebtedness secured hereby, Trustee
may: reconvey any part of said property; consent to the making of any map or plat thereof; join in granting any easement thereon; or join in any exten-
sion agreement or any agreement subordinating the lien or charge hereof. · .
(4) That upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed and said note
to Trustee for cancellation and retention or other disposition as Trustee in its sole discretion may choose and upon payment of its fees, Trustee shall
reconvey, without warranty, the property then held hereunder. The recitals in such reconveyanpe of any matters or facts shall be conclusive proof of
the truthfulness thereof. The Grantee in such reconveyance may be described as "the person or persons legany entitled thereto."
(5) That as additional security, Trustor hereby gives to and confers upon Beneficiary the right. power and authority, during the continuance of
these Trusts, to collect the rents, issues and profits of said property, reserving lJnto Trustor the right, .prior to any default by Trustor in ,payment of·
any Indebtedness secured hereby or in cperform~n~e of any agree~ent hl:"eunder, _to co!lect ~nd retain such rents, issues and _profits as they become
due and payable. Upon any such default, Beneficiary may at any time without notice, either in person, by agent. or by a receiver to be appointed by
a court, and without regard to the adequacy of -any security for the indebtedness hereby secured, enter upon and take possession of said property
or any .part 'thereof, in his or her own name sue for or otherwise collect such rents, issues, and profits, including those past-due and unpaid, and apply
the same, less costs and expenses-of operation and collection, including reasonable attorney's fees, upon any indebetedness secured hereby, and
in such order as Beneficiary may determine. lhe entering upon and taking ,possession of said property, the collection-of such-rents, issues and profits
and the application thereof as aforesaid, shall-not cure or waive any default or notioe of default hereunder-or invalidate any act done pursuant to such notice. ·
(6) That upon default by Trustor in payment of any indebtedrl8$S secUfed hereby or in performance of any agreement hereunder Beneficiary may
declare all sums secured hereby immediatly due and payable by delivery to Trustee of written declaration of default and demand for sale and of written
notice of default and of election to cause to be sold said property, which notice Trustee shall cause to be filed for record. Beneficiary also shall deposit
with Trustee this Deed, said note and all documents evidencing expenditures secured hereby. ·
After the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of sale having been
given as then required by law. Trustee, without demand on Truster, shall sell said property at the time and place fixed by it in said notice of sale,
either as a whole or in separate parcels, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of
the United States, payable at time of sale. Trustee may postpone sale of all or any ,portion of said property by public announcement at such time and
place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the .preceding postponement.
Trustee shall deliver to such purchaser its deed conveying the property so sold, but without any covenant or warranty, express or implied. The recitals
in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Truster, Trustee, or Beneficiary as
hereinafter defined, may purchase at such sale.
After deducting all costs, fees and expenses of Trustee and of this Trust, including cost of evidence of title in connection with sale, Trustee shall
apply the proceeds of sale to payment of: all sums expended under the terms hereof, not then repaid, with accrued interest at the amount allowed
by law in effect at the date hereof; all other sums then secured hereby; ~nd the remainder, if any, to the person or persons legally entitled thereto.
(7) Beneficiary, or any successor In ownership of any indebtedness secured hereby, may from time to time, by instrument in writing, substitute
a successor or successors to any Trustee named herein or acting hereunder, which-instrument, executed by the Beneficiary and duly acknowledged
and recorded in the office of the recorder of the-county or counties where said property is situated, shall be conclusive proof of proper substitution
of such successor Trustee or Trustees, who shall, without conveyance from the Trustee predecessor, succeed to all its title, estate, rights, powers
and duties. Said instrument must contain the name of the original Trustor, Trustee and Beneficiary hereunder, the book and page where this Oeed
is recorded and the name and ·address of the new Trustee.
(8) That this Deed applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, suc•
cessors, and assigns. The term Beneficiary shall mean the owner and holder, including pledgees, of the n<>.te secured hereby, whether or not named
as Beneficiary herein. In this Deed, whenever the context so requires, the masculine gender includes the feminine and/or the neuter, and the singular
number includes the plural.
T 365 Legal (2 •94)
Otr With Assigflmetll of Rents Paoe 3
HOUSING AUTHORITY OF THE COUNTY OF SAN DIEGO
NOTICE TO BORROWER
THIS OOCUM&:NT CONTAINS PROVISIONS RESTRICTING ASSUMPTIONS
AND HAS A BALLOON PAYMENT
PRCHISSORY NOTE CITY OF CARLSBAD
$20,000.00 DatQ October 20, 1998
FOR VALUE RECEIVED, the undersigned (individual ly or collectively
"Borrower") promises to pay the .Housing Authority of the County of
San Diego. on behalf of THE CITY OF CARLSBAD (referred to as the
"Lender"), or Holder, the principal sum of Twenty Thousand and
no/lOO's-----Dollars, ($20,000.00}, without interest on the unpaid
principal balance from the . date of this Promissory Note ("Note")
until paid, at the rate of zero ·percent (0%) per annum. Principal
shall be payable at the principal office of the holder hereof, 3989
Ruffin Road, San Diego, California 92123 or such other place as
such holder may designate. One payment of principal and accrued
interest shall be due in a single payment upon any occurrence
outlined in paragraph #3.
1. Borrower's Obligation. This Note evidences funds loaned to
Borrower to rehabilitate that certain property owned and occupied
by the .Borrower and described as follows:
Legal Description:LOT 51 OF CARLSBAD TRACT NO. 72-11, IN THE
CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA,
ACCORDING TO MAP THEREOF NO. 7682, FILED IN THE OFFICE OF THE
COUNTY RECORDER OF SAN DIEGO COUNTY, JUNE 29; 1973.
APN: 156-290-29-00
Mobilehome Description:
2. Principal Place of Residence. BORROWER WARRANTS THAT BORROWER
WILL OCCUPY THE PROPERTY AS BORROWER'S PRINCIPAL RESIDENCE AND THAT
FAILURE TO DO SO SHALL CAUSE ALL PRINCIPAL AND INTEREST ON THIS
NOTE TO BECOME IMMEDIATELY DUE AND PAYABLE.
3. Due on Sales Clause. THE UNPAID BALANCE IS DUE AND PAYABLE
UPON DEATH OF THE BORROWER, CHANGE OF RESIDENCY OF BORROWER, OR
SALE, CONVEYANCE, ALIENATION OR TRANSFER OF THE PROPERTY DESCRIBED
ABOVE AND FURTHER DESCRIBED IN THE DEED OF TRUST, OWNERSHIP
CERTIFICATE (PINK SLIP) OR CERTIFICATE OF TITLE SECURING THIS NOTE,
TO OTHER THAN THE PRESENT OWNER OF RECORD OR SURVIV~NG SPOUSE.
4. Late Charge. The Borrower agrees that it would be
impracticable or extremely difficult to fix the actual damage to
the holder hereof in the event the Borrower shall be late in the
making of any payment due hereunder, and that therefore in the