HomeMy WebLinkAboutThompson, Asta; 1988-09-15;',, 1681
and shali be paid to Lender.
In the event of a total taking of .the P,roperty, the proceeds shall be treated as if received from a sale of the Property.
The proceeds shall be applied to the suns to be repaid in the amount and manner 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 ancf L·ender otherwise agree in writing, the proceeds shall be treated as if received
from a sale of that portion of the Property ,which is taken in the condennation. The percentage value of the portion taken,
as ,coopared to the full value of the entire Property, shall be determined by dividing the condennation 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 condennation proceeds:
a. First, to the ·amount of principal owing under Section I .A. of the Note shall be allocated the value equal to
the percentage value determined above multiplied 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 ma·rket value of the entire Property just prior to the condemnation minus the purchase price (as this term is defined
in the Note) multiplied by the percentage value determined above multiplied 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.
Following the making of the above allocations of an award in partial condemnation, the princip.al amount owing ur.der
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 condennation.
If the Property is abandoned by Borrower, or if after notice by Lender to Borrower that the condennor 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 c01111lOn 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 suns 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 portion of the Property which is lost and being compensated for by insurance. The percentage value of
the portion lost, as ccmpared 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 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 condennation.
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 restorati,on 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 abandonment or termination of the Lender;
(ii) any material amendment to the Covenants, Conditions and-Restrictions, Articles of Incorporation, By-laws of the
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EXHIBIT "A"
A Condominium Comprised .. ; 1686 SOLAMAR
,..PARCEL l:
An undivided l/108th interest in and to a portion of Lot Hof RANCHO AGUA
HEDIONDA, in the City of Carlsbad, County of San Diego, State of California,
a<;_cording to Map thereof No. 823 filed in the Office of the County Recorder of
Diego County, Nove~ber 16, 1896, more particularly described as follows:
Beginning at a point on the Southerly boundary of said RANCHO AGUA R~IONDA,
said Point of Beginning being als_o 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 boundaIJy 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' IIJ" East, 25 .00 feet ( record North 64 ° 06' East) thence
North 23° 11' 19" West, 601.58 feet (record North 25-0 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 Atch-ison, Topeka and Santa Fe Railroad as said right-of-way was
c~>nveyed 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'
1911 West, 118. 82 feet to a point on the Northerly line of that parcel of land
conveyed to P.A. Horton and Ev.a M. Horton by deed recorded March 10, 1944 in
Book 1641, Page 437 of Officiai 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 Easterly line of that
parcel of land condemned for freeway purposes by the State of California for
the County of San Diego, Ca~e No. 165983, described in Final Order of
Condemnation as Parcel 20-A ·recorded March 12, 1953 in Book 11781, Page 510 of
Official Re,cord,s; then-ce along the Easterly Boundary of said Parcel 20-A,
South 24° 44' 20" East, 1714.35 feet (Record 1715.95 feet) to a point on the
Southerly line of . said RANCHO AGUA HEIHONDA; thence along said Southerly line,
North 89 ° 55' 3411 East, (Record North 89° 58' 13" East) 313.07 feet to the
Po.int of Beginning.
EXCEPTING THEREFROM Living Units l through 108, inclusive, as shown and de-
fined upon that ~ertain 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 referenc~d Condominium Plan.
PARCEL 2:
Living Unit '18 as shown and. defined on the Condominium Plan referred to
above.
PARCEL 3:
The exclusive right to poss~asion of those areas designated as exclusive use
areas on the Condominium Plan referred to above, as appurtenant to Parcels
1 and 2 above described.
San
(OWNERSHIP INTEREST)
NOTE
us $24,988 Carlsbad, California
September 15, 1988
I. ·FOR VALi.A: RECEIVED, the undersigned ("Borrower") promises to pay The Redevelopment Ageh(:Y of the City of Carlsbad,
herein known as "Lender", or order the prindpal si.,ii of Twenty Four Thousand Nine Hundred Eighty Eight and zero one hundredths
Dollars ($24,988), in the manner and plus the additional SllllS described below: · ·
A. 1. Upon the sale of ·the Property which secures this promissory note ("Property"-), the principal sun plus
contingent interest equal to Twenty· One and one one hundredths percent (21.01%) of the value of ,u the increa~ in the
appraised fair market value of the property or 2) the resale price of the Property, whichever is greater shall ·15e paid. If
no sale of the Property is made before -September 23. 2018 the sun of Twenty Four Thousand Nine Hundred Eighty Eight and zero
one hundredths Dollars ($24,988) plus an add.itional sun equal to Twenty One and one one hundredths percent (21.01%) 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,
during the term of the Loan pursuant to the provisions and requirements set out in Sections below. The fair market
value/original .,purchase price of the Property, at the time that the Promissory Note is executed, is determined to be $118,929.
2. At the ti.me 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 making one or more payments toward these amounts in addition to the monthly payments amount described in Section
I .A.1. above. Any such amount pa,id by the Borrower are Excess Payments and shall reduce the SllllS payable in Section
I.A.1. above as provided in Section II. below.
4. Borrower agrees-that he/she will not make payments on any other loans se.cured by the Property except
such minimum periodic payments as are. required by the Note and Deed of Trust or other docunents 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 shaH notify Lender of his intent to make "Excess Payments" at least thirty (30) days
in advance and shall arrange for an appraisal to be performed by a Lender-approved Appraiser. The Borrower shall submit the
appraiser's report within thirty (30) days of the Lender's notification to the Borrower of the existence of Aggregated Excess
Payments. Within thirty (30) days of · receipt of such appraiser's report, the Lender shall recalculate ·the Borrower's
obligation under Section I.A.1. The Aggregated E-xcess 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 I.A.1.
A. The portion of the Aggregated Excess Payments to be allocated 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 remaining after the value determined in Section II.A. above has
been subtracted shall be allocated to that portion of the increase in fair market value of the property over the purchase price
owing pursuant to Section I.A.1.
C. At the same time the allocations in Sections II.A. and B. above are made, the Lender shall also recalculate,
pursuant to the fol lowing forn,ila, the percentage va.lue used in Section I .A. 1. above:
(V XE) -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.
II I. DEFINIHON: The term-"Property" means the following described property:
A. Mobi Le home described as fol lows: .1965 Paramount. Mobi lehome Serial Nl.111ber(s) 22242XX & 22242XXU and all
substitutions, accreUons, coq:><>nent 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 wh.ich increase the value of the property which cost the Borrower One Thousand Dollars
($1000.00) or more f!l8Y 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 worknot .conlltituting improvements performed between the two appraisals, results in an
increase to the va,lue .of the Property ("Value of the Improvement"). The two appraisals, made to determine the value of the
Property before and after the improvement are Jllc!de, shall be made by an Approved Appraiser. The second appraisal shaU 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 origfoally sold as
part of the space, or replacement of stractural components .of the space, including pll.lllbing
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 common area of a mobilehome park resulting in a mandatory assessment
by the Association; and
c. permanent additions to the space.
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2. "Inprovements" does not include:
a. a mobi~ehome 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 IIIE!intenance 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 activfty is necessary to bring such property into conformance.wJth 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 · induded a·s an in:provement.
B. Where the in:provements.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 ilTITlediately prior to the making of the In:provements.
D.= The percentage value stated in Section I.A.1. or the·most recent recalculation of this val-ue made
according to this forrwla, or, the forrwla in Section II.C. above .•
-I = Value of the in:provements based on appraisal.
C. Lender shall provide Borrower with a statement of the above recalculated percentage value each time such
an adjustment is .rnade.
D. To be eligible for the reduction in percentage value described in this Secti.on IV, the Borrower rwst
receive approval of the proposed in:proveinents from the Lender. To receive the required approval, the,Bor,rower rwst notify
the Lender of .the proposed in:provements and their projected cost to Borrower at least thirty (30) days prior to beginnir:ig ·
construction oi, the improvements·. Th·e Lender shat l notify the Borrower of approval of eligibility, or·, disapproval of
el igibi llty, of the proposed iq:,rovements for the reduction in percentage value within twenty-one (21,) days of receipt of
notification from the Borrower of the proposed inprovements. If construction is not be_gun and completed within the allotted
time, or, the Borrower h.as riot sought and receivedan ·extension of the allotted time, the conditional ruling of eligibility
will be revoked' and the in:provements will be adjudged ineligible for the reduction in percentage val_ue described in this
Section IV •. When in:proveinents are to the common areas, the Lender may take other necessary actiori on oehalf of the Borrower
as described in this sec.t:ion.
E. Notice of change in the value .of the Property due to in:provements as defined in this Note rwst be. provided
to the Lender, along with the required· ·appraisal and appraisal update, within forty-five (45) days of compl~tion _of-the
improvements.
· F. in:provements which do not im,:rease the value of the Property but do bring the Property into conformance with
local and state buHding or hol!s-ing standards shall reduce the percentage value used in Section I.A., if the cost to the
Borrower of such in:prov~nts is One Thousand Dollars ($1000.00) or more.
V. UNLESS OTHERWISE PROVIDED HEREIN:
A. Any ti~ the services of an appraiser are required by this Note, the Borrower shall appoint an appraiser which
shall be.approved by the_Lenderandpayfor the services of such appraiser.
VI. Presentment, notice of dishonor, and protest are .hereby waived by all makers, sureties, guarantors and endorsers
of this Not.e. This Note shall be the joint and several obi i gati on of all makers, sureties, guarantors and. endors~rs, and shall
be binding upon thein, and their :succes_sors and ~ssigns.
VII. Any nQt_iee to Borrower provided for in this Note shall be given by mailing such notice by certified mail addressed
to Borrower at the Property·Address stat~ below, or to such either address as Borrower may:designate by notice to the Lender.
Any .notice to the •Lender shaU be given by mai,l ing· such notice by certified mail, return receipf requested, to the Lender
at the address stated in the first par11graph of this Note, or at such other address as may have been designated by notice to
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Borrower.
VIII. The indebtedness evidenced by this Note is secured by a Deed of Trust, dated September 15, 1988, and Security
Agreement, dated September 15, 1988, and reference is made to the Deed of Trust for rights as to acceleration of the
indebtedness evidenced by this Note, including Section 18, which provides as follows:
SALE OR TRANSFER OF ·THE PROPERTY: If all or any part of the Property or an interest therein is sold or transferred by
Borrower, exc•ludfng permitted transfers to a spouse or other person signing the Note in the manner described in Section 4
above, all 'the sllllS secured by this Deed of Trust shall be immediately due and payable. In the event of such an-acceleration,
Lender shall maH Borrower notice of the acceleration in accordance with Section 20 hereof. Such notice shall provide a
peri·od 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 Sllll prio'r' to the expiration of such period, Lender may, without further notice or demand on
Borrower, invoke any remedies permitted by Section 19 hereof.
Asta Thompson
195 Palomar Airport Road, Space 68
Carlsbc!d, CA 92008
By: {;4 '1'¢7/ 1r rtrcvY1~~
By: ________________________ _
LOANDOCS:NOTE:8/29/88
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