HomeMy WebLinkAboutTurner, Mary; 1988-09-15;173(,
.~: Payment of Principal and Interest. Borrower shall prOll'f)tly pay when due the principal of and interest on the
indebtedness evidenced by the Note, end the principal of and interest on eny Future Advances secured by this Deed of Trust.
2. occupancy. Borrower wil I 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 fs not lfmfted 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 notify the Lender of his or her intention to sell or otherwise transfer title. Except as otherwise provided in this
Deed of Tru~t, when Borrower transfers title, the entire Loan "1ich is evidenced by the Note and additionally secured by the
Security Agreement, shall be inrnediately due and payable. \lhere title is transferred to, or otherwise altered to include or
favor, a spouse or person signing tile Note and Security Agreement, and such spouse or person res ides on the Property conveyed
in this Deed of Trust and is independently eligible for assistance under the Program, the tra'nsfer 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 "1ich 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 in the Note, in part, from the increase, if
any, of the fair merket 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, wi thin 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; Liens. Borrower shall pay wnen due ell taxes, essessments end other charges, fines and iJll)Ositions
attributable to the Property which may attain a priority over this Deed of Trust. Borrower shall proq,tly furnish to Lender
all notices of amounts due and paid under this paragraph. Borrower shall prorrptly discharge any lien which has priority over
this Deed of Trust; provided, that Borrower shall not be req.iired to discharge any such lien so long as Borrower shall agree
in writing to the payment of the obligation secured by such l ien in a manner acceptable to Lender, or shall in good faith
contest such lien in a manner acceptable to Lender, or shall in good feith 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 Proeerty; Conpliance with Docunents. Borrower shAll keep the Property in good repair,
and shall not coornit waste or permit i~irment or deterioration of the Property. Borrower shall perform all of Borrower's
obligations under the articles and bylaws and constituent docunents creating and governing Lender. Borrower shall perform
all of Borrower's obligations under and pay when due all assess111ents and charges required by the Lender an<;! any special
assessments and charges made by the Lender.
6. Protection of Lender's Security. If Borrower fails to :,erform the covenants and agreements containe-::1 in this Deed
of Trust, including those contained in the Note and the Security Agreement, or if any action or proceeding is cornnenced which
materially 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 sl.mS, and take such action as is necessary to protect Lender's interest,
including, but not limi ted to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs.
Any amounts disbursed pursuant to this Sect·ion, 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 tile date of disbursement at the
rate of 15% 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 per~issible 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. Condennation. The proceeds of any award or claim for damages, direct or consequential, In connection with any
conclellnation or other taking of the Property, or part thereof, or tor·conveyance in lieu of condennation, are hereby assigned
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and stv~fl be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be treated as if received from a sale of the Property.
The proceeds shall be applied to the SlallS to be repaid fn the 8fllOISlt and marvler described fn Sections I .A. of the Note. Any
part of the proceeds remaining after these amot.W'lts 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
from a sale of that portion of the Property which is teken in the condet11'18tion. The percentage value of the portion taken,
as compared to the full value of the entire Property, shall be deter11ined 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 8llOU'lt of principal owing i.nder Section I.A. of the Note shall be allocated the value equal to
the percentage value deter11ineci 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 condetmation minus the purchase price (as this term is defined
in the Note) nultipl ied 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.
Following the making of the above allocations of an award in partiei condermation, 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 ell purposes by t he percentage value determined above. The percentage value set out in Section I.A. of the Note shal-l
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 SlallS 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 11aintain hazard insurance on mobilehome. In the event of a distribution ·of
hazard insurance proceeds in l ieu of replacement, restoration or repair following a loss to the Exclusive Use Area of Borrower
or to the comnon areas and-facil ities of the Lender, any such proceeds payable to Borrower are hereby assigned and shall be
paid to Lender.
· In the ev~nt of a total loss of the Property, the proceeds shall be treated as if received frOl!l a sale of the Property.
The proceeds shall be applied to the suns to be repaid in the amo1.11t 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 s&le of that portion of the Property which is lost ond bein~ c.onpensnted for by insurance. The percentage ~9lu~ of
the portiori lost, as COIJl)Bred to the full value of the entire Property, shall be determined by dividing the insurc:nce 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 mamer to allocate the insurance proceeds specified in Section 8 regarding the allocation of Conderrnation
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. co:idennation.
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 not ice is mailed, is authorized to collect and apply the proceeds, at option, either to restoration or repair of
the Property or to the Sl.lllS secured by this Deed of Trust.
10. Lerder's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent,
consent to:
Ci) the abandomient or termination of the Lender;
(ii) any material amendnent to the Covenants, Conditions and-Restrictions, Articles of Incorporation, By-laws of the
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EXHIBIT "A"; 17 J 6 t
A Condominium Comprised Of: .... ~01.AHAR
,PARC.EL 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 Galifornia,
•~cording to Map thereof No. 823 filed in the Office of the County Recorder of San
l>iego County, November 16, 1896, m.ore 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 Atchiaon, 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 aaid "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' llJ" East, 25.00 feet ( re·cord North 64 ° 06' East) thence
North 23° 11' 19" West, 601.58 feet (record North 25° 54' West, 600.00 feet)
to a point on the Westerly right-of-way line of the 100.00 foot ·right-of-way
of the Atchison, Topeka and Santa Fe Railroad as said right-of-way was
conveyed to said Railroad by document recorded March 10, 1881 in Book 38 at
Page 172 of Deeds in the Office of the County Recorder of said San Diego
County; thence Northerly along said Westerly right-of-way line, North 23° 11'
19" West, 118.82 feet to a point on the Northerly line of that -parcel of land
conveyed to P.A. Horton and Eva M. Horton by deed recorded March 10, 1944 in
Book 1641, Page 437 of Official Records of said San Diego County; thence along
said Northerly line, South 89° 54' 07" West, 3~.30 feet (record South 89° 58'
1311 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' 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 l through 108, inclusive, as shown anri de~
fined upon that certain Solaroar Condominium Plan recorded May 31, 1 988
as File No. 88-255644 , Official Records of San Diego Count y.
ALSO EXCEPTING TiiEREFROM the exclusi ve .right to possession of t hose port ions
designated as exclusive use areas on the above referenced Condo~iniuro Plan.
PARCEL 2:
Living Unit SC/ as shovn and defined on the Condominium Plan referred to
above.
PARCEL 3:
The excl usive r i ght to possession of those areas des ignated as exclusive use
areas on the Condominium Plan referred to above, as appurtenant to Parcels
land 2 above described.
(OwNERSHIP INTEREST)
us $25,113 Carlsbad, California
September 15, 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 Twenty Five Thousand One Hundred Thirteen and zero one hundredths
Dollars (S25.113), in the manner and plus the additional suns described below:
A. 1. Upon the sale of the Property which secures this promissory note ("Property"), the principal SIJII plus
contingent interest equal to Thirty and two one hundredths percent <~> 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 September 23. 2018 the sun of Twenty Five Thousand One Hundred Thirteen and zero one hundredths
Dollars (S25. 113) plus an additional sua equal to Thirty and two one hundredths percent (30.O2X) 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 l,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 $83,629.
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 amou,t)
·divided by-
ORIGINAL PURCHASE PRICE PLUS APPRAISED M081LEHc»4E VALUE
-equals-
PERCENTAGE (equity share)
-nultipl ied 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 110re payments toward these aoounts in addition to the monthly payments amount described in Section
I .A.1. above. Any such amount paid by the Borrower are Excess Payments and shat l reduce the suns payable in Sect{on
J.A.1. above as provided in section 11. below.
4. Borrower agrees that he/she will not make payments on any other loans secured by the Property except
such mininn periodic payments as are required by the Note and Deed of Trust or other docl.lllents 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
110re 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 (50) days of the Lender's notification to the Borrower of the existence of Aggregated Excess
Payments. Within thirty (30) days of receipt oi such appraiser's report, the lender shall recalculate the Borrower's
obligation under Section I.A.1. The Aggregated Excess Payments shall be credited partially to principal and 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 t he 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
8. That portion of the Aggregated Excess Payments reme1n1ng after the value determined in Section JI.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 foMrAJla, the percentage value used in Section J.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 J.A.1. or the most recent recalculation of this value
made according to this forrrula, or, the formula in Section IV.B. below.
R = The Aggregated Excess Paynents.
P = The recalculated percentage
D. The Lender shall provide Borrower with a staterient of the above recalculated values each time such adjustments
are made.
Ill. DEFINITION: The ter11 "Property" means the following described property:
A. Mobile home described es fol lows: 1970 Lancer I Hobi lehome Serial Nunber(s) 36760 '& ·3676X 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.
JV. JNPROIIEMENTS 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 1.A.1 . above. Such i11provenients shall reduce the percentage
value used in Section I.A.1. to the extent that the increase in value caused by the iq>rovements, plus the cost to the
Borrower of two appraisals, one made before and one 1118de after the i11provements, minus the value by which th'e value of the
Property has been increased by other work not constituting inprovernents performed between the two appraisals, results in an
increase to the value of the Property ("Value of the l~rovement"). The two appraisals, made to deternine the value of .the
Property before and after the in.,rovement are made, shall be made by an Approved Appraiser. lhe second appraisal shall be
an update of the first. lhe first appraisal shall be made no earlier than one month prior to the time the iq>rovements are
begun and the second shall be made no later than one month following substantial ceq:>letion of the in.,rovements.
A. 11Illl)rovements11 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. 11Jrrprovements11 includes:
a. replacement of built-in appliances, fixtures and equipment which were originally sold as
part of the space, or replacement of structural conponents of the space, including plu!bing
and electrical systems, provided that replacenent Is required by the nonoperative,
deteriorated, or obsolescent nature of the original appliance, fixture, equipment or
structural coqx>nent;
b. i11provements to the coomon area of a 1110bilehome park resulting in a mandatory assessment
by the Association; and
c. permanent additions to the space.
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2. "lrrprovements" 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,
lXlless 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 irrprovement.
B. Where the irrprovements do increase the value of the property as described in this Section, the recalculation
of the percentage value used fn Section I.A.1. shall be made in the following manner:
E = <V X D )
(V + I )
E = The recalculated percentaged used in Section I.A.1.
V = The appraised value of the Property inmediately prior to the making of the lrrprovements.
D = The percentage value stated in Section I.A.1. or the most recent recalculation of this value made
according to this forrula, or, the foml.lla in Section 11.C. above.
I= Value of the iqirovements based on appraisal.
C. Lender shall provide Borrower with a statement of the above recalculated percentage value each time such
an adjustment is made.
D. To be eligible for the reduction in percentage value described in this Section IV, the Borrower rwst
receive approval of the proposed irrprov~ts from the Lender. To receive the required approval, the Borrower rrust notify
the Lender of the proposed irrprovements and their projected cost to Borrower at least thirty (30) days prior to beginning
construction on the inprovements. The Lender shall notify the Borrower of approval of eligibility, or, disapproval of
eligibility, of the proposed irrprovements for the reduction in percentage value within twenty-one (21) days of receipt of
notification from the Borrower of the proposed iq:,rovements. If construction is not begun ~nd coqileted within the allotted
time, or, the Borrower has not sought and received an extension of the allotted time, the conditional ruling of eligibility
will be revoked and the irrprovements will be adjudged ineligible for the reduction in percentage value described in this
Section IV. When inprovements are to the COIIIIIOfl 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 i111>rovements as definea in this Note 11a1st be provided
to the Lender, along wi'th the required appraisal and appraisal update, within forty·five (45) days of coqiletion of the
iqirovements.
F. l111provements which do not increase the value of the Property but do brfng the Property into conformance with
local and state building or housing standards shall red.Ice the percentage value us·ed in Section I.A., if the cost to the
Borrower of such iqirovements is lilne Thousand Dollars ($1000.00) or more.
V. UNLESS OTHERWISE 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, guaranto~s 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 notioe 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 11ay have been designated by notice to
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Borrower.
VI II. The indebtedness evidenced by ··this Note is secured by a Deed of Trust, 'dated Septent>er 15, 1988, and secur1ty
Agreement, dated Septent>er 15, 1988, and reference Is made to the Deed of Trust for rights as to acceleration of the
indebtedness evidenced by this Note, including Section 18, which provides as follows:
SALE OR TRANSFER OF THE PROPERTY: If all or any part of the Property or an interest therein is sold or transferred by
Borrower, excluding permitted transfers to a spouse or other person signing the Note in the mamer described In sect1on 4
above, all the SlJ11S secured by this Deed of Trust shall be inmediately we 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 SI.IIS declared due. If
Borrower fails to pay such SI.Ill prior to the expiration of such period, Lender may, without further notice or demand on
Borrower, invoke any remedies permitted by Section 19 hereof.
Mary Turner
195 Palomar Airport Road, Space 89
Carlsbad, CA 92008
By~ ~ S\. >,. -l'::-:--N>-&/\ /
"" By: ______________________ _
LOANDOCS:NOTE:8/29/88
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