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HomeMy WebLinkAboutGraham, Theodore and Maya; 2001-06-19;RECORDING REQUESTED BY llllSl AMERICAN 11TLE WSUltA~ COMMN'I AND WHEN RECORDED MAil., TO: i!! Cit)• of Carlsbad · Cit)· Clerk's Office . 1200 Carlsbad Village Drive Carlsbad, CA 92008 Anention: City Clerkr · iscxv w ,ti~ 11s \..-;:, OnlD..V ~L\ \?,',-If . . No· ree for recording pursuant to Government Code Section 27383. (Space above for Recorder's Use) SECOND LIEN NOTE TO BORROWER: THIS DEED OF TRUST CONTAINS PROVISIONS PROHIBITING ASSUMl'TIONS DEED OF TRUST AND SECURITY AGREEMENT THIS DEED OF TRUST AND SECURITY AGREEMENT (''Deed of Trust") made as of this 12TH day ofJUNE 2001, among THEODORE F. GRAHAM AND MAYA GRAHAM ("Borrower") as truster, and FIRST AMERICAN TITLE COMPANY . (IITrustee"), and the City of Carlsbad, a municipal corporation (the "City"), as beneficiary. The Borrower, in consideration of the promises herein recited and the trust herein created, irrevocably grants, transfers, conveys and assigns to the Trustee, in trust, with power of sale, the property located in the City of Carlsbad, State of California, described in the attached Exhibit "A" (the "Property"). 2904 RANCHO P0STA, CARLSBAD, CA. 92009 TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, and all fi>..1ilres now or hereafter attached to the property, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the property covered by this Peed of Trust; and · TOGETHER with all articles of personal property or fixtures now or hereafter attached to or used in and about the building or buildings now erected or hereafter to be erected on the Property which are necessary to the complete and comfortable use and occupancy of such building or buildings for the purposes for which they were or are to be erected, including all other goods and chattels and personal property as are ever used or furnished in operating a building, or p the activities conducted therein, similar to the one herein described and referred to, and all ""' ~~~ renewals or replacements thereof or articles in substitution therefore, whether or not the same ~;0 ~.[$ :-.I.. or shall be attached to said building or buildings in any manner; and all of the foregoing, toge~R..«-_o«-:?'~ with the Property, is herein referred to as the "Security"; J:' 0 ~ J? 0.$- r_., ~"' ~ u n, "o~el...o~ f'\ ~ :-"::J~ & "v .,£. l "-.f-'oU~U&~ \\~ G~~ N;y, (J Vl\ . \) . I <}/ I , To have and to hold the Security together with acq~ittances to the Trustee, its successors and assigns forever; · · !! TO SECURE to the City the repayment of the sums evidenced by a. promissory note executed by the Borrower to the City dated JUNE 12TH 2001, in the amount of SIXTY. THOUSAND AND NO/ 100 Dollars($ 60,000.00) (the "Note"); TO SECURE to the City the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Deed of Trust; and the performance of the · covenants and agreements of the Borrower herein contained; and TO SECURE the perfonnance of any obligations of Borrower in any other agreements with respect to the financing of the Property or the Security the failure of which would adversely . affect Beneficiary, whether or not Beneficiary is a partylo such agreements. BORROWER AND CITY COVENANT AND AGREE AS FOLLOWS: 1. Borrower's Estate. That the Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Security, that other than this Deed of Trust, the Security is encumbered only by that deed of trust executed by the Borrower in connection with a loan made to the Borrower by NATIONAL CITY **** or its successors and assigns (the "First Lender"), dated ____ _, 2001, executed by the Borrower in favor of First Lender, and recorded in the County of San Diego on _____ _, 2001, and assigned · . Recorder's Serial No. ____ (the· "First Lender Deed of Trust"), securing a promissory note executed by the Borrower in favor of the First Lender ("First Lender Note"), to assist in the purchase of the Property. The Borrower agrees to warrant and defend generally the title to the Security against all claims and demands, subject to any declarations, easements or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring the City's interest in the Security. (As used in this Deed of Trust, the term "First Lender" shall include all successors lµld assigns of the First Lender.) 2. Repayment of Loan. The Borrower will promptly repay, when due, the principal and interest required by the Note. The Note_ contains the following provisions concerning repayment of the loan under certain conditions: No Assumption ofNote. The Borrower acknowledges that this Note is given in connection with the purchase of property (the "Residence") as pan of a program of the City to assist in the purchase ofhomes_by lower income persons. Consequently, this Note is not assumable by transferees of the Residence, but is due in full upon a Transfer as defined in the Note. 3. First Lender Loan. The Borrower will observe and perfonn all of the covenants . and agreements of the First Lender Note, First Lender Deed of Trust, and related First Lender · · 1oan documents. '("0 -<..: 0 :v 4. Owner-Occupancy Required. The Borrower shall occupy the Property as his or '<'~-.f ~"t · her principal place ofresidence. The Borrower shall be considered as occupying the Prope~~~6'<'~v **** RECORDED CONCURRENTLY <y'<' 0 "<-"--<:-<v ~~ . 2 · 0 ~"' ~ 0o "-0 ~~ ,;l.. 0 ~ ~ ~ ;)~ c<!. ,,,__0Q:-~. -. ~ .. 0 0 ;_,.'?-'i, \, ~-0'--& ¥ y o-'~ Cj 9() <$'/ I I I I I I . I :· I I I I ·I I NOTICE TO BORROWER: Rancho Carrillo THIS NOTE IS NOT ASSUMABLE $ 60;000.00 SECOND LIEN PROMISSORY NOTE Secured by Deed of Trust Carlsbad, California JUNE 12TH 200L -'- FOR VALUE RECEIVED, the undersigned THEODORE F. GRAHAM AND MAYA GRAHAM (the "Borrower") promises to pay to the City of Carlsbad, a municipal corporation (the "City"), or order, at the Housing and Redevelopment Department, 2965 Roosevelt Street, Suite B, Carlsbad, California 92008; or such other place as the City may designate in writing, the principal sum of$SIXTY THOUSAND AND *~ plus Contingent Interest calculated pursuant to Sectfon 4below. I. Purpose of Loan. Borrower is purchasing the Residence located at 2904 RANCHO PO STA in the City of Carlsbad. This Note evidences a loan made by the Seller of the Residence (the "Seller") to the Borrower, utilizing subsidy funds provided by the City and the Seller, and assigned by the Seller to the City (the "City/Seller Loan"). The City/Seller Loan is in the amount determined by the City to be necessary for the Borrower to afford to purchase the . Residence making a reasonable downpayment and using conventional first mortgage financing for the balance of the purchase price not financed by the City/Seller Loan. The Seller made the City/Seller Loan to the Borrower.and assigned the City/Seller Loan to the City in fulfillment of certain inclusionary housing obligations pursuantto City Ordinance No. NS-232 and an Affordable Housing Agreement between the Seller and the City dated March 25, 1998 and recorded as Document No. I 998-0162920 in the Official Records of San Diego County, and the First Amended and Restated Affordable Housing Agreement Imposing Restrictions on Real Property dated December 14, 1998, and the Second Amended and Restated Affordable Housing Agreement Imposing Restrictions on Real Property dated July 9, 1999. 2. Definitions. The terms set forth in this Section shall have the following meanings iri this Note. · a. "Appreciation Amount" shall mean the amount calculated by subtracting the total original purchase price of the Residence paid by the Borrower, which was ONE HUNDRED AND EIGHTY FIVE 'EHOUSAND **-Dollars($*** ), from one of the following amounts, as applicable: (i) in the event of a sale of the Residence, the amount received by the Borrower as the ·sale price of the Residence, as certified by the Borrower pursuant to Section 13 below; or (ii) in the event of a prepayment of this Note, a Transfer other than sale of the Residence, or in the ev~t<;'<',s of a default, the Fair Market Value of the Residence; or (iii) in the event a creditor acquir~~ttt~ t>-~~t>-'-- G~<?--"-" I>-"-0 o<?--'0~ **NO/ 100 DOLLARS ***$185, 000. 00 ,s "-0 x:-~"' \~ '\'<'~ ~~'r.~ '\'<',s c,0~ R'{ O x:-cP QO ~ c,O -s,0~ -./}, _, t>-G 0~'r. . l:Cfl ~1-' S'!. ~ 0: 0'{/,'.