HomeMy WebLinkAbout; PLAZA CAMINO REAL - MAY STORES SHOPPING CENTERS, INC; 193480; Easement- y;-, ;. ' ., ' .4
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TRANSFER TAX PAID [gy't? &b 5 6 S -GBAYt COUNTY. RECORDER A J
GRANT DEED j&& D -72 ;i"& yfCG. DOCUMENTARY TRANSF J - - ""- 2 ;
The undersigned PLAZA CAMINO REAL, a L'lmited
Partnership organized and existing under the laws of the
state of California the general partner of which is The M; ..
Stores Shopping Cent em, Inc . , ( "Grant or " ) 9 hereby grants
SARiCING AUTHORITY OF THE CITY OF CARLSBAD, a public corpo:
("Grantee"), the following described real property in the
ic State of California, County of San Diego, City of Carlsbac
more particularly described as follows:
ALL THAT REAL PROPERTY SITUATED WITHIN THE CITY OF CAFUSBAD, IN THE COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, BEING THAT
BERNARDINO BASE AND MERIDIAN, ACCORDING TO OFFICIAL PLAT
THEREOF, TOGETHER WITH PORTlONS OF LOTS 13, 14, and 42, AND OF
ACCORDING TO MAP THEREOF NO. 1136, FILED IN THE OFFICE OF COULU". -RECORDER OF SAN DIEGO COUNTY, BEING DESCRIBED AS A WHOLE AS F01
PORTION OF SECTION 32, TONNSHIP 11 SOUTH, RANGE 4 WEST, SAN
EUCALYPTVS STREET, ALL OF KOSP. EUCALYPTUS FOREST COKPANY'S Ti31
BEGINNING AT THE SOUTHEAST CORNER OF THE NORTH HALF OF THE NOR: QUAZTER OF SE@TION 31, TO'WNSHIP 11 SOUTH, RANGE 4 WEST, THENCE THE SOUTH LINE OF SAID NORTH HALF, NORTH 89" 42' 19" WEST '404 .; FEET TO POINT "A" OF THIS DESCRIPTION; THENCE DUE SOUTH 424.6' THENCE EAST rj39.54 FEET; TKENCE NORTH 33O 30' 03" WEST 35.92 : TO T'S BEGINNING OF A TANGENT CURVE CONCAVE SOUTHWESTERLY AND I <'A 3ADIUS OF 15.30 FEET; THENCE NORTHVESTERLY AND WESTERbY ALO: ARC OF SAID CURVE THROUGH A CENTWLL ANGLE OF 63" 33' 33" A DIS' OF 15.71 FEET; THENCE TANGENT TO SAID CLJRVE, WEST LI3+35 FEET; NORTH 69.17 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE SI EASTERL;Y AND HAVING A RADIUS OF 13.30 FEET; THENCE.: NORTHERI;Y,
CENTRAL AXGLE OF 93O 03' 03" A DISTANCE OF 15.71 FEET; THENCE
TO SAID CURVE EAST 2.38 FEET TO THE BEGINNING OF A TANGENT CUR'
EASTEFLY, NORTHEASTERLY AND NORTHEFGY ALONG THE ARC OF SAID CU;
THROUGH A CENTRAL ANGLE OF gO"33' 03" A DISTANCE OF 39.27 FEET
THENCE TANGENT TO SAID CURVE NORTH 13.67 FEET TO THE BEGINNING
k TANGENT' CURVE CONCAVE'- SOUTHEASTERLY AND HAVING A RADIUS OF 1
FEET; THENCE NORTHERLY, NORTHEASTERLY, AND EASTERLY ALONG THE OF SAID CURVE THROUGH A CENTRAL AHGLE OF 93* 33' 30" A DISTANC
NORTHESTERLY AND EASTERLY ALONG THE ARC OF SAID CURVE THROUGH 1
CONCAVE NORTWESTERLY AND HAVING A RADIUS OF 25.30 FEET; THEN(
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FILE j. ?hCE hb* ccssSfl ~ECQR~EG REQUr, t!n~ \NSURANG€ """-"-- hND TRZ''' .'.
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cJFFb&t&LpF QRD ., s SA% B\,E$G CBUk4Y.lWP'. b. s. GR&Y, @ecbloEra
$40 kbt.r -%-F
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IS.?]. FEL'l'; 'i'II~.:>~Cl~ l'hXC;t:NT 1'0 SAIL? CUI'\VE, E;A,Sr~' 140.00 :*>;1;2'; '
SOU'I'II 60 o 00 ' 00 'I EAS'i' 9 0.0 0 YXET; TiIZNCE ESST 18 5.2 4 FF;K'f T(
BEG3.NNIKG Oi' A TARGSST CijllVE COSCAVE SOU'i'ij:.IES'i.'EKI,Y Ab:[) IIAVI?;(
RADPLJS OF 10. 00 FEET; THEXCE EAS'i'E2LY AXD SOUT)II;t'\STE:i<I,Y )-,OS(
ARC OF SAID CL'RL'E THEOUGIi A CE?4'l'L?L ANGJJ; OF 70" 30' 00" A D:
OF 12.22 FEE";
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. TttENCE TANC.E;\IT TO SAID CU2VE SOUTH 20°00'00" EAST 21872 FEET1
THEKCE SOUTK 301 10 FEET I THENCE EAST 232~88 FEET! T/jENCE I.iOAi
70O00'00" EAST 326~42 FEETI THEfiCE SOUTW.20000'00" EAST 76'0( - FEETi Tk{E;\;CE SOUTH 70OO0'0Ot1 \/EST 45000 FEET! T){E&CE SOUTH : 20000'00~' EAST 390~00 FEETI THENCE SOUTt1 70000'00'i \,'EST 329.C
. FEETt TiiE/{CE SOUTH 20D00'00" EAST ~$2~00 FEETI TtiEKCE .SOUTH
'*?OOOO'OO'' \,!EST 89tLt8 FEETI THENCE sOUT:-( 20000~00'~ EAST 20e00 FEET; THENCE SOUTH 70000'00" \!EST 271117 FEE7 t TtjENCE KORjtj
. 20000'00" \!EST 60097 FEETI TtjENCE ),'EST 680133 FEET TO A LINE
h'HICH BEASS SO'JTH FRO:.! THE HEREINA8OVE OtSIGNATEO POINT IIAIII
.THE&CE ALONG SAID LIRE9 SO'JTH 274586 FEET TO A LINE h'tjTCH
BEARS SO'JTH 76°33'00"'EAST FRO:4 A POINT P/HiCii DEARS SOUTH ,?'I
. FEET FR&Y THE SOUTHh'ESTti?LY COilKEf? OF LARD OESCHI8EO IN DEED
TO'THE MAY STO3LS SHOPP~IYC CENTERS INCPt RECORDED AP2,iL 21,
3965 AS IKST2UXENi' 1\10, 66568 OF OFFICIAL RtCO2OSt TtiEtiCE SOClT
~6~30'00" EAST ALObiG StZID LIIYE 339800 FEET TO A POINT VlHIClj
BEA2.S SOU?H 76°30'00" EAST 1265800 FEET FRO;.! THE SOUI-IIERLY
-.TEi:t-:Ii4!tJS OF Tk1AT.LINE DESCiiI3EO ASOVE AS "SCIUTH 22693 FEET"1
. THErYCE EAST 7LtOt00 FEETI 'THENCE KORTH~77015'51ri EAST 52831 .,FEET TO POIST I'DiJ OF T1ii.S DESCRIPTiO&; THE141CE h'OHTkI 20OOOfG0'~
b!EST 54-089 FTET 1 THENCE NOili'H 7000Q'OO." EAST 572,50 FEE7 1 THE
SOUTH 12041+'09" EAST 126~84 FEET TO A'LINE rC'HICt1 3EA:KS 8027~
' 7*i015r51fI, EAST FROH SA!D POINT rtB'l HEREINA2OVE OESiGlYX1E9I
THE&CE KO2TH 770151511t EAST i64#65 FEET TO AN INTEKSECTlOS
. k/ITH.THE WESTERLY LiNE OF LAND .DESCRIaEQ IN EASEI?~EIYT TO THE
CITY bF CAALSZAD Fos PUOLIC t{IGIi\,'/lY PU2POSSSt RECOZDED b::\i?Cii
115 1966 AS DOCUXENT KO' 422458 OFFICIAL RECOi?DS, SAID INTE,?S:
BEIfiG A P01f.t-i IN THE ARC Or' A CURVE8 THE RADIAL CENTEii OF P:tji(
ALoXG SAiD h'ESTEiiLY LINE OF SAID EASElrlENTl rYO8TtiE8LY ALCKG -THE ARC OF SAID CU2VE THii3UGi-i A CENT3AL. A>!GCE OF 9051. '4211 A
DISTAXCE OF 441t14 FEETi TAKGEkT TO SAID.CU,?VEt NOiiTH 3O45'4i'l
NORTH 3O45 r47.'1 WfST !74,c00 FEt"Tr Ttit&CE NORTH 86°!4r1311 EAST
b:En'T!OSEDl. T:IEXCE COXTI&UIIYG ALONG $AID PIESTEALY LINE iY9ZjE
' 304~47~~ NEST 10.00 FEWTO AR INTC~SECTION WTH. TSE SCUThIERL\
BEARS 1Y03Ti-i 75°22t311f EAST 2563,OO FEET FRON SAID POIKT1 THC&(
wEsr 466,~ FEET THLYCE SOUTH ~1~13~1 PIEST r~o~oo FEETI .THE;
IIOt@O FEET TO THE WESTE?LY LIIYE-OF SAID. EASEbiENT HEREIN SZFG:
LIKE OF CALIFO?SI3, STATC HiGti'tfAY AS DESCZI8EO UIV~L~ PA2;EL I fh' DEE0 TO Ttif STATE OF CALIFO3NiA RECO2';DrD SEPTElr:352 89
i9Gfi AS OOCiJ3:EST KO8 163432 OF OFFiCIAL iiECOiil>S~ THEXCE ALOS; -TtlE ElS8+;ilAi?Y 01 5AID STATE tiIGfi',~,'A)' AS F3kl.O',<SI S32TH .56@32 I j?!
'\!EST 100034 FtZi TO T)IE i3EGI;<N ING OF A N@lY-TAKCENT CU?\'f, TtiS . RSDIt',L CESTf.", O? 't,'SICii SEtl2S SOuTti 2S033t2.7'1 PIEST 15OC00 FEET
T)jERLi-AO,'*',j Tti:iYCt: ''r rdLSi'E2L.Y ALGSG THE ti;(( OF SAID CU,?\\'C TtiSOIIG'
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. A (ENTZt'tC A,SGLE. OF 31*03*27" A OIS'I'AKCE OF 81831 FEET TO TtIE
' .EI\'D T)ICFIEOF I TtiCNCE NO!j-TANGENT TO Sit1 D CUR\/C 9 SOU'r't(. 69@ 12 '51
' .. * .WEST' lt'lt13 FEET TO A POINT IN TtiE ARC OF A 205t00 FOOT R/\DIL
. CUAVZ, COSCA'.'E SOUTtlC;ILY B TtiE R)\PIAL CEI.;TCil OF Fb1ICti BCA2S
. . . ' .sou-w 2033 loo[l EAST FZO:~ SAID por Ivy 1 THEPKE: VIESTERLY ALOX
. .. ' . A DISTANCE OF 125t78 FEET TO Tt{E EIEGlNNiE\iG OF A REVERSE: CU2VE
.- .. ' THE ARC OF SAID CU2VE TtiROlJG){ A CENTilkL AhiGLE Of 35OC9'13"
. HAVISG A RA9iUS 0' 95'00 FEET! Tt1Eh'CE !/E.STERLY AND. NO?,Tt.i\/ZSTE
. ALONG Ttit A2C Oi' SAID CURVE THROUGH A CENT2AL ANGLE OF 112O
.. . 091 13" A DISTAKCE OF 18je96 FEET TO Tt-1E SOUTHEAST COl'lrYEX OF
Tt1AT EASEb'tENT FOR DiiAINkGE PURPOSES DESC2IBEO UNOEii PARCEL . ' . 2 9 GKAl\lTED TO THE STATE OF CALSFORMIAt RECORDEO SEPTE:43ER 81
'. .." .'1961, AS DOCUl\.:ZN7 NO, 163432 OF OFFICIAL RECOi(DS1 THEi<CE LEAVj ._ .. SA10 CU3VC AN13 SAID SOUTHERLY LINE Or^ CALIFORNIA STATE XIGti'L;
.. . DRAIRAGE EASEIL;Ei\lTt SOUTH ?4°30'00'' WEST 138688 FEET AND 1Y02Tt AND FOL.LO',.IISG ALONG THC SOUTHERLY AIYD WES3ERLY LIKES OF SA1 D
15033'2G1i'WEST 40g8i FEET TO A POINT IN THC SOUTI-IEALY LIKE . OF THC LAXD OtSC213ED UXDER PARCEL 1 IN DEED TO THE CITY Oi- - ..' OCEAhSIDZc /?,COSDE0 APRIL 20! 1359 AS DOCUh1EKT Roe 7725'1 OF
OFFICIAL RECO's9Si THESCE: SOUTH 6903O1O0" \JEST ALONG THE SOUTt
LINE OF SAIO PARCEL I A DISTANCE OF 614,ZO FEET SO THE T2UE
e. SOINS OF BEGINt'!IKGe . .
EXCEPTU~G' Tf{CFiEFRO:*l THAT PORTiON'OF SAID SECTIOX 32, OESC?iE'af
, . .AS 'FOLLO'i/S 1 SEGIfitYIKG AT SAID SOUTIjEA-ST CORKES OF .Ski3 tiO27i
.HALF 'OF THE " &03.~f!.~AST -. OUAF7,TE2!.Oi SECTION 313 OF SAID TO!~~ISS!-i,Ii
AND 8AKGEI TtiEXCE NORTH 69030'00" EAST ALONG SA10 SOUiHZFiLY
LINE OF LAKO DESCRISEO Ir\: SAID DEED 70 THE CITY OF OCEAIY~IOE
425t90,FEE.T; -THENCE LEAVING .SAI'O SOUTHERLY LINE9 .SOUTH 5°a0'f
. ' EAST 58'17 FEET TO THE TRUE POiNT 07 BEGINrYING OF THE HEgEiK
DESCRIBED PASCEL I THENCE CONTINijING SOUTH jOOO!OO" EAST :04#i
FEET! THENCE KOATH 85OOO'OO'' EAST 327061 FEETI THEIYCE 692Tki
5OOO'OG" 'VlZST 104300 FEETI T)-JE&C€ SOUTH ~jO00'00" WEST 32706'
FEET TC THE TRUE POINT Or" BEG~IYNSNCP
. ALSO EXCEPTING F20X SECTiON 32 g kjEFiEiN DESCRIBfDf ALL OC THC
*f ' OlLt CAS9 AK3 NIJVE~AL AKD bIINF3IAL RIGkiTS, LYISG 3EsEATfi k DE;
OF 500 FEET FAO;.: 7hE SURFACE OF SA10 LAND, TOGETHE2 VSTH THE
RIGHT 0: ENiAY AT ANY POiKT IN SUCH LARD .LYING SECO!~: sA!D DE: FO2'Ti!t ?L~~,?os;s OF EXPLO~?:#G+ ~S~LLI~G 3 COP~~EYISG A\?3 ilE:.:JVt
.OF MY SUCH S'J~SSTANC~S ;i~lj rwy,LCATrOIy OF EaUip>lE,vT '~XD ?I?
. .FO2 SUCI-1 ?U3?3SES, PSOVIaE3 TiiAT A,YY SUCH ENTgY AS3 AfTIVlTY UPO:; SAID LAX3 CO2 SUCH PL:3?OSZ S;iXLL. 9E CA22IE3 OUT iX SUCH
C:$,/i.h;ER ,As TO A\'OiD A){)' iK.iz7"" LnrtnEKCE KITH THE USE OF THE SUxi,
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*OF -SA][= LAND 9 AS EXCEPTED IN DEEDS FROM FAP1C0, A BARTfiEF<SHIP,
WILLIAM So BARTI4ANr FRED A, BARTMAN JRe D BERNARD CITRON9 AND
. , . HAaSU Jt Le FRA14JK ,JRt f RECORDED APRIL 21.0 1868 UKDER REC023Eii’
PILE Rat‘s 66913 AND 66568, /
ALSO EXCEPTING FROH SAID PORTION OF SECTION 326 ASOVE ALL HI!<: . RIGHTS AKD ALL OILt GAS, PETi?OiEUMs OR BTHEa HYDROCARXV; SUi3ST VlTHIbi 02 UKOERLYIKG SAID LAND WITHOUT WIGHT OF SURFACE EhTRY
AS RESE8VED iN OEEOS EXECUTED BY REGINALDQ MkRRON AIYD CA~OLIIYE ?
.. MXRRON iiEC093ED IN BOOK 6699, PACE 264 OF QFi-^%CIAL KECO2GSj .. . AND 600K 77129 PAGE 471 OF OFFICIAL. RZCQROSI *
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HESEHVING XJN’I’O GRANTOR, its successors and assigns, and to
and for- thc.bct1efi.t of each and every portio11 of’rcal propci-ty adjoir:
the Imd conveyed hereby XI~,GIYI-ICC~ by Yartnership, casenle11ts on,
under and over the land conveyed hereby cs follo~~rs:
(a) Eascnlents (hcreinaftcr. referred to as “installatiotl eascnlcllts’!
for:
(1). Thc installation and unaintcnance of utilities as rnny be
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.necessary or apprmpl-iate to providc utility scrvicc tu such
adjoining portions of real property. The term utilities”
.as used herein includes, but is not limited to nror-ks, lines
anct structures necessa1.y to provide the fo1toltring products
or services ‘to said ac1jo.ining parcels: water, sewel-s,
drainage, electI.icity, gas, telephor~e a1~1 cablc 01- closccl
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1 - circuit television. -
(2) 1‘he purposcs of erecting, constructir;g;, maitIt;linitl;; ancl
operrltirlg sigtls and otllcr facilitits to pr.ovitlc proi)ct.
advc1.tisc1~7alt of ani? t1il.w tio~ls for htl.“ >lli(’ss ~~~~tI)I’~~ll~~~~\il~~
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* locatecion such adjoining parcels.
(b) Easements (hereinafter referred to as "common 1
easements) for the purpose of ingress and egre:
- by any pedestrians, automobiles, trucks and an;
other vehicles to and from said adJoining real
property, or any portion thereof, by traversing
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the land conveyed hereby in any direction to 01
from any point on the common boundary of' the 12 -
conveyed hereby and said adjoining property
or any portion thereof, and the parking of such
vehicles. 24 ..
The easement rights reserved hereby i
,' the power on the part of Grantor, its successors and assigns,
grant licenses for the use of said easement rights to others
Including, but not limited to the operators of business establ
ments to be located on such adjoining.land and their respectiv
employees, patrons and other licensees.
I The easement rights reserved hereby
and any licenses to be granted thereunder are subject to the
,following condition:
(i) The rights of usage under the common use e:
rnents shall be non-exclusive, and in commor
with the rights of usage on the part of'
each owner of or licensee under such right2
and with a lldmembers of the public having t
right or privilege for like usage of the
Parkins Facilities under the terms and pro-
visions of' that certain Lease A!yreement dat
Au~ust 21, 1<16c), by and between Grantee and
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, the C:tY of Carlsbad, a munj.clpal corporati
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shall be appurtenant to the adjoining real property of Grantor i
any portion of said real property.
FJRTHER RESERVING UNTO GRANTOR, it successors and ass:
'an easement for the continued maintenance of' the footings of a
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buildinf; located on land adjoining the Sand conveyed hereby, sa:
footings being beneath the surface of that portion of the land
conveyed hereby more particularly described as follows:
That portion of Section 32 in Tomship 11 South, Range 4 West, San Bernardino Meridian, in the
California according to Map thereof shown in Official Plat, particularly described as follows:
*' City of Carlsbad, County-of San Diego, State of
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Beginning at a point on the Westerly line of land described In Easement to the City of Carasbad for Public Highway puIsposes, recorded March 11, 1966 as bcurnent No. 42245, Official Records, said point lying 44l,l4 feet southerly along the arc of a curve, the radial center of which bears North 76" 22' 31ii East 2563,OO feet from said point, thence South 77" l.5f 51" West 164,65 feet; thence Eorth 12' 44! 09" West 5.50 feet to the true point of beginning of the herein described encroachment; thence Nwth 12' 44" 09" West 66,80 feet; thence North 77" 15' 51" East 0,115 feet; thence South 12' 44! 09" East 66.80 feet; thence South 77" 15r 51" West 0.45 feet to the true point of beginning,
'Ai The conveyance hereby made is also subject to the following:
le. The afo.resaid Lease covering the land conveyed
hereby executed by Grantor herein as Lessor '
to the City of' Carlsbad, as Lessee.
*, The easements, rights-of-way, .e z conditions, covenants,
, . restrictions, rewrvations and similar matters of
record on the dace Of delivery of this Grant Deed
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to Grantee Q
€3, The conveyance hereby made is also subject to, and Grantee,
by its acceptance of this Deed, for itself, its successors
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and its assigns hereby makes and agrees to the follow-
ing covenants, conditions and restrictions, namely:
1, Said land shall be held in trust by Grantee, and
its successors, and dedicated perpetually to
public use as a municipal parking lot available to
the'public without charge, Said parking lot.shal1
be maintained in good condition with all necessary
repairs and replacements and shall. be operated
by Grantee in such a manner as to provide
internal traffic routing and control so as
to maintain proper flow of' traffic around and
within said parking 10% and to provide at all times
access for ingress and egress to and from all .
adjoining parcels of real property within the
corporate limits of Grantee, Zncluding, but not
limited to, pedestrians, automdbiles and commercial
vehicles engaged in making deliveries to and
pickups from establishments on such adjoining
parcels and unloading operations in connection
therewSth. Said parking lot shall be kept open
for public parking on all days, including holidays,
and at all hours, except when there is no reason-
able need in such adjoining areas within the corporate
limits of Grantee for parking in said parking lot or
when and insofar-as reasonably necessary for repairs
or maintenancee No improvements, structures, bulldings
or facilities shall be placed thereon or therein which 01
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interfere with or restrict the use of safd property
as a municipal parking lot, except for decorative
plaintings, lighting facilities and other improve-
ments incidental to the we of said property as a
-municipal parking lot,
As used hemin, the term "total'taking'' refers to a
taking, through eminent donain proceedings, of 80%
or more of the total wea of the Parking Facilities
and the term 'tpartial taking" refers to a taking
through such proceedings 02 any lesser areao
(a) In the event of a total taking,
the compensation awarded for such taking
shall be apportiGned as follows: Graatee
shall receive out of the award for such
taking an amount equal to .its unpaid
indebtedness for the cost of improvements
and costs of operation and maintenance of
the Parking Facilities incurred by it, less
the amount held by or for it for any such
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purposes. The balance of the award for such
taking shall be apportioned between Grantor
and.Grantee, and their respective successors
and assigns, as their' respective interests
r may be dete%&i.ned by the Court, -
(b) In event of a partial taking, Grantee
shall'cause the construction upon the remaining
portion of the premises conveyed hereunder of a
multi-level parking structure or structures having
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capacity sufficient to compensate, to the exten
reasonably possible in the light of such physic(
limitations as the partial taking may impose, fc
- the reduction in parking capacity caused by sue1
partial taking. In such event, Grantee shall
be entitled to participate in the award to the
extent of the full cost of such construction
and the balance shall be apportioned between Gr
and Grantee, and their respective successors
and assigns, as their respective interests may
determined; provided that in event there is a
concurrent partial taking of the Shopping Cente
served by the parking facilities conveyed hereu
the capacity to be restored hereunder shall be
proportionate with the reduction of floor space
in the Shopping Center- so taken.
2. If at any time or times, Grantee fails to carry Out,
or to cause to be carried out t, he maintenance and
operation of said land as a .public parking lot in acc
c with paragraph 1 of this Section B or the constructio
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provided for therein, if required, Grantor or its 'SUC
or assigns, shall have the right at its election, in
addition to and without prejudice to any other remedi
immediately to assume and carry out the maintenance a
operation of and construction on said property as a
public parking lot, provided that -Grantor, or its SUC
or assigns upon assuming such maintenance and operati
.shall pay the cost thereof, until such time as Grante
assumes and is ready to carry out, or causes another
" person, association or corporation ready and able to
do so, to assume and carry out the maintenance and op
tion of said property as a public parking lot In acco
with paragraph 1 of thl? Scction B.
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Should the parking facilities be damaged by fire or ar
other casualty, Grantee shall cause the repair of such
damage with all reasonable dispatch. Grantee shall pr
cure and maintain, or cause to be procured and maintaj.
in full force and effect at all times, a policy or pol
of insurance against loss or damage to the improvement
of the parking facilities, resulting from fire, lightr;
vandalism, malicious mischief and such other perils
as are ordinarily included in "fire and extended cover
insurance," providing coverage at 100% of the replacerr
value.of said improvements. Anyone having a right to
possession of any or all of said parking facilities un
a lease, license or any other similar document, or any
to whom all or any part of said parking facilities are
assigned, pledged or placed in trust as security for
any loan for the cost of said improvements shall be
named as additional insured under such policies of
insurance. Proceeds of the said insurance shall be
applied towards the costs of repairs or replacements o
said parking facilities.
Enforcement of the foregoing conditions, restrictions,
reservations and covenants may be by any legaily avail
able remedies. Such remedies shall include, but not b
limited to, injunction or specific performance.
This grant is made on the express understanding that t
Lease and Agreement hereinabove described constitute v
and .binding okigations respectively on. the part of
Grantee and the Lessee therein named, and should .the
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contrary be established at any time during t.he term of
said Lease and Agreement pursuant to entry of a final
judgment of a court of' competent jurisdiction the entr
of such judgment shall constitute a condition subse-
quent to the conveyance hereby made pursuant to which
all. right, title and interest in and to said land shal
revert to and revest in Grantor in the same manner as
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, If this conveyance had never Seen ma.de.
6. Failure on.the part of' Grantee or its successors and
assigns to perform and fulfill the covenants, conditi(
and restrictions set forth in the foregoing for a per:
of thirty days after written notice from Grantor or
Grantor's successor or assign to do so shall cause thc
. ' reversion of the land hereby conveyed to Grantor, and
thereupon the title of the whole of said land shall
immediately and without the necessity of any further
ac'tion revert to and revest in Grantor or Grantor's
, successor or assign, as the case may be.
7. Each and all of the covenants, restrictions and agree-
ments hereinabove set forth shall be deemed and con-
strued to be continuing, and the extinguishment of .any
right of entry or reversion or any breach shall not im
or affect .any of said covenants or restrictions so far
as any future or other breach is concerned. No waiver
of a breach of any of the coGenants, agreements, restr
tions and conditions herein contained shall be constru
to be a waiver of any other breach of the same or othe
covenants,.agreements, restrictions and conditions,
nor shall failure to enforce any one of such restrictit
either by forfeiture or otherwise, be construed as a
waiver of any other restrictions or conditions , provid
however, that no such breach shall defeat the lien or
encumbrance affecting said land and made in good faith
to secure indebtedness incurred in improvifig said land
for the uses and purposes aforesaid.
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8. The covenants made by Grantee hereunder are hereby
., expressed to be for the benefit of adjoining land owne
by. Grantor, J. C. Penney Company, Inc . , a Delaware
corporation, and The May Lkpartment Stores Company, a
New York corporation, and are made expressly by Grante
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'k I_ for its successors and assigns and to Grantor, Penney
and May and their respective successors and assigns.
Dated: &?CTOBG< >/, /965
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PLAZA CATfINO REAL, Grantor
BY THE MAY STORES SHOPPING CENTERS, INC. Sole General Partner A
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CERTIFICATE
This is-to certify that the interest in real prsperty .
conveyed by the grant deed dated OP +o he r 21, 1969
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. from Plaza Camino Real to me Parking Authority of the
City of Carlsbad, a political corporation is hereby
accepted by order of the Parking- Authority on
1'3r4-0 Le Y 2 I /qb 9 , and the grantee consents to
recordation thereof by its duly authorized officer.
DATED: Qthb e r 2'L /96 9
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STATE OF CALIF.ORNIA )
COUNTY OF LOS ANGELES ) ) ss.
On October 17 , 19&, before me,
the undersigned, a Notary Public in and for said State, per-
sonally appeared DAVID MAY, I1 , known to me
to be the Chairman of the Board , and Jayme C. Billey, JI
, known to me to be the Assistant
r. Secretary of THE MAY STORES SHOPPING
CENTERS, INC. , the corporation that executed the within inst
ment, said persons being known to me to be the persons who
executed the within instrument on behalf of said corporation
said corporation being known to me to be the General Partner
of PLAZA WINO REAL: the partnership that executed the with.
instrument, and acknowledged to me that such corporation
executed the same as General. Partner and that such partnersh.
also executed the same.
WITNESS my hand and official seal.
(SEAL) n gL2dLux .?(,
Notary Public in a
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-. , .’ LEASE AG~E~~IENT And Bond Indenture
This Agreement made as of the 21st day of August, 1969, by and between the Parking Authority
of the City of Carlsbad (hereinafter sometimes referred to as the “Authority’’), a public bcdy corporate
and politic organized and existing under the laws of the State of California, and the City of Carlsbad
(hereinafter sometimes called the “City”), a municipal corporation of the State of California. I
WITNESSETH:
WHEREAS, the Authority is a public corporation created under and exercising its powers pursuant
to the Parking Law of 1949, Part 2 of Division 18, commencing at Section 32500, of the Streets and
Highways Code of the State of California, and under said Law has the power to issue revenue bonds’
for the purpose of financing public parking facilities; and
WHEREAS, the Authority proposes to acquire that certain land in the City of Carlsbad, California
(hereinafter sometimes called the “Site”), which is described in Exhibit A attached hereto, and the
off-street parking improvements thereon; and
&&& “
Q& a WHEREAS, the estimated cost and expense of said acquisition is $1,535,000; and * 3%‘ WHEREAS, the Authority proposes to issue revenue bonds in the principal amount of $1,535,000 for
the purpose of the acquisition and financing of said public parking facilities; and
WHEREAS, under said Parking Law of 1949, and particuIarly Section 32957 thereof, the Authority
has the power to lease said parking facilities to the City without the necessity of inviting bids;
Now, THEREFORE, in consideration of the mutual promises and agreements herein contained, the
parties hereto agree as follows:
Section 1. Issuance and Sale of Bonds.
The Authority agrees that, as promptly as feasible following the date of this Agreement, it will
use its best eilorts to issue and sell revenue bonds in a principal amount which, together with other
available funds of the Authority, is estimated to be suficient to make the acquisition referred to in the
recitals hereof and in Section 2 hereof together with the improvements mentioned in Section 2 hereof;
and to pay other costs and expenses .in connection with such acquisition. Said bonds are hereinafter
sometimes referred to as the “revenue bonds” of the Authority.
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Section 2; Acquisition of Site and Improvements.
The Authority agrees to acquire, with the prcceeds of the revenue bonds and other available
funds, the Site and improvements thereon and perform all undertakings incidental or advantageous
thereto so that the Site is reasonably suitable for use for parking purposes. Such acquisition shall be
made as promptly as feasible.
The City shall be reimbursed for advances made, if any, for legal, ficancing consultant and engineer-
ing fees and other costs incurred by the City in connection with said acquisition from the proceeds of the
revenue bonds.
Section 3. Lease of Parking Facilities.
The Authority hereby leases to the City the Site together with the parking improvements con-
structed thereon. The term of the lease shall commence on the date the Site is conveyed to the Authority
and shaI1 terminate’on the date the revenue bonds have been retired or provision for payment made. I
1. The City agrees to pay rental for such use in the amount of $142,250 during each fiscal year of this
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‘. Lease Agreement (hereinafter referred to as “rental”), except that no rentaI shall be payable by the
’ City for occupancy prior to October 1, 1970.
Commencing October 1, 1970 said rentals shall be due in quarterly installments in advance on the
first days of October, January, April and July and shall be payable without penalty on or before the
last days of October, January, April and July of .each fiscal year.
Section 4. Adjustment of Rent.
The rental above set fcrth is based upon the schedule for adjustment of rental, marked Exhibit B
and made a part hereof. Such schedule is used for computing the yearly rental necessary for Authority
to receive to enable it to pay the principal of and interest on its bonds so that they will be serviced and
retired as set forth in the Resolution and furnish the Authority with the necessary reserves. When the
interest rate or rates on the Authority’s Bonds are known, Authority and City shall recompute the rental
in the same manner, based upon said figures, and shall adjust the rental upwards or downwards to the
new figure so determined.
Section 5. Maintenance, Operations, Encumbrances, etc.
The City shall, at its own expense, maintain during the term of the lease hereunder the Site and
all improvements thereon in good order, condition and repair and shall pay all costs and expenses of
operating the same as parking facilities, it being understood and agreed that the Authority is obligated
to provide only the Site and the improvements thereon as expressly provided herein and has no obliga-
tion to pay any cost or expense of any kind or character in connection with or related to the management,
operation or maintenance of the parking facilities during the term of the lease hereunder. The City
agrees to keep the Site and the improvements thereon free and clear of all liens, charges and encum-
brances. The Authority agrees that, at the time the term of the lease hereunder commences, it will
have fee title to the Site, subject to such conditions, reservations, exceptions and rights of way of
record as do not substantially interfere with the use of the Site by the City for parking purposes.
Section 6. Taxes, Assessnlents, Insurance, etc.
As rental in addition to and after the commencement of the rental under Section 3 (hereinafter
referred to as “additional rentai)‘), the City agrees to pay and discharge (1) all taxes and assessments,
if any, of any type or character levied at any time during the term of the lease hereunder upon the
Site or any improvement thereon or upon the City’s or the Authority’s interest therein or upon the
operation of the property Ieased or upon income or other revenue derived by the City or by the
Authority therefrom; (2) the insurance premiums on all insurance’ required or permitted on the
property leased; (3) all costs and expenses which the Authority may incur including but not limited
to fiscal agent’s fees, costs and expenses of maintenance and operation as a result of any default by
the City under this Agreement, including reasonable attorneys’ fees and the costs and expenses of any
suit or action at law to enforce the terms and conditions of this Agreement; and (4) amounts necessaq
to maintain a workins capital fund of $1500 for the foregoing. Tie additional rental payable
hereunder shall be paid by the City within ten (IO) days after notice in writing from the Authority
to the City stating the amount of additional rental then due and payable and the purpose thereof;
provided, thht the City’s liability for additional rental shall be limited to the balance due after an;
credits under the resolution issuing the’bonds of the Authority.
Section 7. Source of Funds fcr Rentals.
(a) Based upon reports and other evidence submitted the parties hereto have each determine(
and have agreed that the rentals payable by the City hereunder (including rentals payable unde
Sections 3, 4 and 6 hereof) represent fair rentaI values for the Site and improvements leased here
under. Said rentals shall be payable year by year as specified herein for and in consideration of th~
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3 continued quiet use and enjoyment thereof during the term specified herein.
\ : 4 right of use. and occupancy from year to year as granted by this Agreement and in consideration of the
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(b) The City hereby agrees to take such actions as may be necessary to include and maintain
in its budget for each fiscal year all rentals payable by the City during such fiscal year, to make the
necessary appropriaticns for all such rentals and to provide the funds necessary to meet such appro-
.priations, it being understood that the Authority will pledze the rentals due hereunder for the payment
and security of the revenue bonds, and the interest thereon, issued as specified in Section 1 hereof.
Section 8. Additions and Improvements.
I The City shall have the right during the term specified in this Agreement, at its own expense, to
make any additions to or improvements of the Site and improvements leased hereunder which do not
9 impair the utility thereof as parking places, to attach fixtures, structures or signs thereto, and to affix
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a any personal property to the improvements on the Site. Title to all personal property so affixed shall i i remain in the City.
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Section 9. Insurance.
Authority shall, during the term of this Agreement, keep or cause to be kept a policy or policies
of insurance against lGss or damage to the Site and the improvements thereon resulting from fire,
lightning, vandalism, malicious mischief,. riot and civil commotion and such perils ordinarily defined
as “extended coverage” and other perils as Authority and City may agree should be insured against
on forms and in amounts satisfactory to each.
?
During the term of this Agreement, Authority shall keep or cause to be kept public liability and
property damage policies protecting both Authority and City on forms and in amounts satisfactory to
each.
I
The Authority may also carry or cause to be carried such other insurance as is required by the
resolution providing for the issuance of the revenue bonds.
All premiums and charges paid by Authority for all of the aforesaid insurance shall be paid to the
Authority in accordance with the provisions of Section 6. Any such premium for a period partly
within such period shall be prorated. I At the option of the City any insurance required by Authority hereunder may be provided by
the City.
Notwithstanding the generality of the foregcing, the Authority shall not be required to maintain
or cause to be maintained any insurance which is not available from reputable insurers on the open
market or more insurance than is specifically referred to above.
,
Section 10. Abatement of Rental.
The rentals hereunder shall abate during any period in which by reason of any damage or
destruction there is a substantial interference with the use and occupancy by the City. If only a portion
of the parking facilities is rendered so untenantable, the rental shall abate in the proportion which the
parking cayacity of such porticn bears to the total parking capacity of the facilities immediately prior
to such damage or destruction. Such abatement shall continue for the period commencing with such
destruction or damage and ending with the substantial completion by the Authority of the work or
repair or reconstructicn. In the event of any such damage or destruction, this Agreement shall continue
in full force and effect and the City waives any right to terminate this Agreement by reason of any such
damage or destruction.
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Section 11. City's Obligation to Operate.
The City shall be obligated to so use and operate the parking facilities leased so as to afford to the
public the benefits contemplated by this Agreement and to permit the Authority to carry out its covenants
to its bondholders.
Section 12. Assignment and SubIease.
Neither this Agreement nor any interest of the City herein shall, at any time after the date hereof,
without the prior written consent of the Authority, be mortgaged, pledged, assigned or transferred by the
City by voluntary act or by operation of law, or otherwise, except as specifically provided herein. The
City shall at all times remain liable for the performance of the covenants and conditions on its part
to be performed, notwithstanding any assigning, transferring or subletting wbich may be made. The
City shall have the right to sublease or permit the use by others of all or any part of the facilities leased,
but nothing herein contained shall be construed to relieve the City from its obligation to pay rentals
as provided in this Agreement or relieve the City from any other obligations contained herein. The
Authority may issue its revenue bonds as contemplated by Section 1 hereof, may pledge to the payment
of said bonds and the interest thereon the rentals to be received hereunder, and may make all necessary
covenants for the protection and security of the bondholders. .
Section 13. Eminent Domain.
If the whole of the Site together with any improvements thereon, or so much thereof as to rende
the remainder unusable for parking purposes, shall be taken under the power of eminent domain
then this Agreement shall terminate. In such event the rent provided herein shall abate. If less "thal
the whole of the Site, together with any improvements thereon, shall be 'taken under the power o
eminent domain, and the remainder is usable for parking .purposes, then this Agreement shall con
tinue in full force and effect as to such remainder and the parties waive the benefit of any law to th'
contrary. In such event there shall be a partial abatement of the rent hereunder in an amoun
equivalent to that portion of the rent hereunder for the portion taken which the parking capacity (
the portion taken bears to the total previous parking capacity of the Site and the improvements there03
Any award made in eminent domain proceedings for the taking or damaging of the Site or tl
improvements thereon in whole or in part shall be paid to the Authority for the benefit of the holdel
of the outstanding revenue bonds of the Authority and shall be used as provided in the resolution undt
which the revenue bonds are issued su5ject to such reversionary or other rights to share in any suc
award as may be contained in any document of record relating to the site. The City shall have no intere
in or thereto and shall not be entitled to any part of such award.
Section 14. Surrender of Leased Premises.
Upon the expiration of this Agreement the City agrees that it shall surrender to the Authority :
property then under lease hereunder, together with any improvements thereon, in good order a!
condition and in a state of repair that is consistent with prudent use and conscientious maintenan
except for reasonable wear and tear.
Section 15. Right of Entry.
The Authority and its designated representatives shall have the right to enter upon the leas
property during reasonable business hours (and tn emergencies at all times), (i) to inspect the san
(ii) for any purpose connected with the City's rights or obligations under this Agreement, and (iii) j
all other lawful purposes.
Section 16. Liens.
The City agrees to pay, when due, all sums of money that may become due for, or purporting
be for, any labor, services, materials, supplies or equipment alleged to have been furnished or to
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4 il mechanics’, materialmen’s or other lien against -the leased property, and/or the Authority’s interest I therein, and will cause each such lien to be fully discharged and released at the time the performance
4 of any obligation secured by any such lien matures and/or becomes due, provided, however, that if 9 the City desires to contest any such lien, it may do so, but notwithstanding any such contest, if any,
i such lien shall be reduced to final judgment and such judgment or such process as may be issued for
furnished to or for the City in, upon or about the leased property and which may be secured by any
the enforcement thereof is not promptly stayed, or if so stayed and said stay thereafter expires, then
and in any such event the City shall forthwith pay and discharge said judgment.
Section 17. Taxes.
The parties understand that the leased property constitutes public property free and exempt from all taxation; however, the Authority agrees to take whatever steps may be necessary, upon writteo
i request by the City, to contest any proposed tax or assessment, or to take steps necessary to recover any
tax or assessment paid. The City agrees to reimburse the Authority for any and all costs and expenses
thus incurred by the Authority.
Section 18. Quiet Enjoymect.
The parties hereto mutually covenant and agree that the City, by keeping and performing the
covenants and agreements herein contained, shall at all .times during the several terms, peaceably and
quietly have, hold, and enjoy the leased property, without suit, trouble or hindrance from the Authority.
Section 19. Law Governing.
This Agreement shall be governed exclusively by the provisions hereof and by the laws of the
State of California, subject to the waivers, exclusicns and provisions herein contained.
Section 20. Notices.
All notices, statements, demands, requests, consents, approvals, authorizations, offers, agreements,
appointments or designations hereunder by either party to the other shall be in writing and shall be
sufficiently given and served upon the other party, if sent by United States registered mail, return
receipt requested, postage prepaid and addressed as follows:
City - City Clerk, City Hall, Carlsbad, California.
Authority - Clerk of the Authority - At Such address as Authority shall designate for
such purpose.
Section 21. Waiver.
The waiver of the Authority of any breach by the City of any term, covenant or condition hereof
shall not operate as a waiver of any subsequent breach of the same or any other term, covenant or
condition hereof.
Section 22. Default by City.
If (a) the City shall fail to pay any rental payable hereunder within fifteen days from the date such
rental is payable, or (b) the City shall fail to keep any such other terms, covenants or conditions
contained herein for a period of twenty-five days after written notice thereof from the Authority to the
City, or (c) t>e City shall abandon or vacate the premises, or (d) the City’s interest in this Agreement
or any part thereof shall be assigned or transferred without the written consent of the Authority,
either voluntarily or by operation of law, or (e) the City shall file any petition or institute any pro-
ceedings where or whereby the City asks or seeks or prays to be adjudicated a bankrupt, or to be
discharged from any or all of its debts or obligations, or offers to the City’s creditors to effect a
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. composition or extension of time to pay the City’s debts, or asks, seeks or prays for a reorganization
or to effect a plan of reorganization, or for a readjustment of the City’s debts, or for any other similar
relief, or (f) any such petition or any such proceedings of the same or similar kind or character shall
be filed, instituted or taken against the City; then and in any of such events the City shall ‘be deemed
to be in default hereunder.
If the City should, after notice of such default, fail to remedy any default with all reasonable
dispatch, in not exceeding thirty days, then the Authority sfiall have the right, at its option,’ without
any further demand or notice (i) to terminate this Agreement, if such termination is then permitted
under the provisions of the resolution under which the revenue bonds are issued, and to re-enter the
leased property and eject all parties in possession thereof therefrom, using all necessary force so to
do, or (ii) to re-enter t5e leased property and eject all parties therefrom, using all necessary force so
to do, and, without terminating this Agreement, re-let the leased property, or any part thereof, as the agent
and for the account of the City upon such terms and conditions as the Authority may deem advisable,
in which event the rent received on such re-letting shall be applied first to the expenses of re-letting 2nd
collection, including necessary renovation and alteration of the leased property, a reasonable attorney’s
fee, and any real estate commissions actually paid, and thereafter toward payment of all sums due
or to become due to the Authority hereunder, 2nd if a sufficient sum shall not be thus realized to pay
such sums and other charges, the City shzll pay the Authority semiannually any cumulative net deficiency
existing on the date when rentals are due hereunder. .The foregoing remedies of Authority are in
, ’ addition to and not exclusive of any other remedy of Authority. Any such re-entry shall be allowed by
the City without let or hindrance and the Authcrity shall not be liable in damages for any such re-
entry or be guilty of trespass.
The term “re-let” or “re-letting” as used in this Section shall include, but not be limited to, re-letting
by means of the operation by the Authority of the parking facilities and the collection of fees and
charges for parking therein.
Section 23. Net Lease.
This Agreement shall be deemed and construed to be a “net-net lease” and the City hereby
agrees that the rentals provided for therein shaU be an absolute nct return to the Authority, free and
clear of any expenses, charges or set-offs whatsoever.
Section 24. Execution.
This Agreement may be simultaneously executed in any number of counterparts, each of which
when so executed shall be deemed to be an original, but all together shall constitute but one and the
same Agreement, and it is also understood and agreed that separate counterparts of this Agreemenf
may be separately executed by the Authority and the City, all with the same full force and effect as
though the same counterpart had been exicuted simultaneously by both the Authority and the City.
Section 25. Validity.
If any one or more of the terms, provisions, promises, covenants or conditions of this Agreemenl
shall to any extent be adjudged invalid, unenforceable, void or voidable for any reason whatsoever b:
a court of competent jurisdiction, each and all of the remaining terms, provisions, promises, covenant
and conditions of this Agreement shall not be affected thereby and shall be valid and enforceable to thc
fullest extent permitted by law.
If for any reason this Agreement shall be held by a court of competent jurisdiction void, voidable
or unenforceable by the Authority or by the City, or if for any reason it is held by such a court tha
the covenants and conditions of the City hereunder, includir,g the covenants to pay rents hereunder, i
unenforceable for the full terms hereunder, then and in such event for and in consideration of tb
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t. ' ., right of the City to possess, occupy and use the leased property, which right in such event is hereby
' granted, this Agreement shall thereupon become, and shall be deemed to be, a lease from year to year
under which the annual rentals herein specified will be paid by the City.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
attested by their proper officers thereunto duly authorized, and their official seals to be hereto affixed,
as of the day and year first above written.
CITY OF CAIUSBAD
:/ -:"- By s36k/y/y&g4/ ,L b/ 7 ..
Attest:
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PARKING AUTHORITY OF THE
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-1 c 0 ' ! 93 " p, I-.'q L" . . i, -, .I 0 r EREBY APPROVE the form and legality of th
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. ,; , , ?C, ' :. City Attorney and ex officio Attorney - 'j .. ,", 1. .. for the Parking Authority of the
City of Carlsbad
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.x ' STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
} ss.
On this 21st day of August, in the year 1969, before me, ~~-~-~~~---~~----~/~~~--, a Notary
Public, State of California, duly commissioned and sworn, personally appeared .b.&v 'sp y!& ..a!h$ known to me to be the Mayor, and .Shri.ul.l.e.y....Sanson..., known to me to be ihiA8ty'C&rk, re-
spectively, of the CITY OF CARLSBAD, a municipal corporation that executed the within instrument, and
known to me to be the persons who executed the within instrument on behalf of said municipal corpo-
ration therein named, and acknowledged to me that such municipal corporation executed the within
instrument pursuant'to a resolution of the City Council of said City of Carlsbad.
h WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official sed on thc
day and year in this certificate first above written.
(NOTARIAL SEAL) i ""~~:IIIII"~~~~~~~~~~~~~"~~~~~~~~~~~,,~,",",",,",~,,,",,,,,,",,,,~,",",",,",,,,",~~,"-~,,~-.
STUART C. WILSON 1
NOTARY WBLlC * CALIFORNIA -
PRINCIPAL OFFICE IN '
SAN DIEGO COUNTY 1
YUYIIIYIYYIUIHIYII,I,,,~~,"",,~-,"- 1
- MYCO~~~~~~~~ EXPIRES JUNE 15,197 z
STATE OF CALIFORNIA 1
COUNTY OF SAN DIEGO f ss*
On this 21st day of August, in the year 1969, before me, -~-~~~-~7--.-~-~.--~-~~~~~ a Nota
Public, State of California, duly commissioned and sworn, personally appeared-&". .D a~.g h
known to me to be the Chairman and Shl-rl-ey-_-San-S..9lRnown to me to be the &%, $sspectivel:
of the Parking Authority of the City of Carlsbad, a public corporation that executed the within instn
ment, and known to me to be the persons who executed the within instrument on behalf of said pub1
corporation therein named, and acknowledged to me that such public corporation executed the withj
instrument pursuant to a resolution of said Authority.
h WITNESS WHEREOF, I have hereunto subscribed my name and &ed my official seal on tl
day and year in this certificate first above written.
.......................................................................................................................................... 2 (NOTARIAL SEAL) = STUART C. WILSON f
NOTARY PUBLIC - CALIFORNIA I
PRINCIPAL OFFICE IN i
SAN DIEGO COUNTY
L"6W*,*~"W,,,""" lnIIu..Bi*.t*lt. I
MY COMMISSION EXPIRES JUNE 15,1942
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EXHIBIT A
All that real property situated within the City of Carlsbad, in the County of San Diego, State of
California, being that portion of Section 32, Township 11 South, Range 4 West, San Bernardino Base
and Meridian, according to officiaI plat thereof, together with portions of Lots 13, 14, and 42, and of
Eucalyptus Street, all of Hosp Eucalyptus Forest Company’s Tract, according to map thereof No. 1136,
filed in the Office of County Recorder of San Diego County, being described as a whole as follows:
Beginning at the southeast corner of the north half of the northeast quarter of Section 31,
Township 11 South, Range 4 West, thence along the south line of said north half, North 89” 42’ 19”
West 404.27 feet to Point “A” of this description; thence due South 424.67 feet; thence East 339.54
feet; thence North 30” 00’ 00” West 35.92 feet to the beginning of a tangent curve concave south-
westerly and having a radius of 15.00 feet; thence northwesterly and westerly along the arc of said
curve through a central angle of 60” 0.3’ 00” a distance of 15.71 feet; thence tangent to said curve,
West 43.05 feet; thence North 69.17 feet to the beginning of a tangent curve concave southeasterly
and having a radius of 10.00 feet; thence northerly, northeasterly and easterly along the arc of said
curve through a central angle of 90” 00’ 00” a distance of 15.71 feet; thence tangent to said curve
east 2.38 feet to the beginning of a tangent curve concave northwesterly and having a radius of
25.00 feet; thence easterly, northeasterly and northerly along the arc of said curve through a central
angle of 90” 00’ 00” a distance of 39.27 feet; thence tangent to said curve North 13.67 feet to the
beginning ’ of a tangent curve concave southeasterly and having a radius of 10.00 feet; thence
northerly, northeasterly, and easterly along the arc of said curve through a central angle of 90”
00’ 00” a distance of 15.71 feet; thence tangent to said curve, East 140.00 feet; thence South 60”
00’ 00” East 90.00 feet; thence East 185.24 feet to the beginning of a tangent curve concave
southwesterly and having a radius of 10.00 feet; thence easterly and southeasterly along the arc of
said curve through a central angle of 70” 00’ 00” a distance of 12.22 feet;
Thence tangent to said curve south 20” 00’ 00” East 21.72 feet; thence South 30.10 feet; thence
East 232.85 fcet; thznce North 70° 00’ 00” East 32642 feet; thence South 20” 00’ 00” East 76.00
feet; thence South 70” 00’ 00’’ West 45.00 feet; thence South 20” 00’ 00” East 190.00 feet; thence
South 70” 00’ 00” West 329.06 feet; thence South 20” 00’ 00” East 62.00 feet; thence South
70” 00’ 00’’ West 89.48 feet; thence South 20” 00’ 00” East 20.00 feet; thence South 70” 00’ 00”
West 271.17 feet; thence North 20” 00’ 00” West 60.97 feet; thence West 680.33 feet to a fine
which bears South from the hereinabove designated Point “A”; ihence along said line, South 274.86
feet to a lipe which bears South 7.6” 30’ 00” East from a point which bears South 22.99 feet from
the southwesterly corner of land described in deed to the May Stores Shopping Centers Tnc., recorded
April 21, 1966 as Instrument No. 66565 of official records; thence South 76” 30’ 00’’ East along
said line 339.00 feet to a point whkh bears South 76” 30’ 00” East 1265.00 feet from the southerly
terminus of that line described above as “South 22.99 feet”; thence East 740.00 feet; thence North
77” 15’ 51’’ East 52;31 feet to Point “B” of this description; thence North 20” 00’ 00’’ West 54.89
feet; thence North 70” 00’ 00” East 572.50 feet; thence South 12” 44’ 09’’ East 126.84 feet to a
line which bears North 77” 15’ 51” East from said Point “B” hereinabove designated; thence North
77” 15’. 51” East 164.65 feet to an intersection with the westerly line of land described in easement
to the City of Carlsbad for public highway purposes, recorded March 11, 1966 as Document No.
42245, official records, said intersection being a point in the arc of a curve, the radial center of
which bears North 76” 22‘ 31” East 2563.00 feet from said point; thence along said westerly line of
’ said easement, northerly along the arc of said curve through a central angle of 9” 51’ 42’’ a distance
of 441.14 feet; tangent to said curve, North 3” 45’ 47” West 466.31 feet; thence South 86” 14’ 13”
West 110.00 feet; thence North 3” 45’ 47” West 174.00 feet; thence North 86” 14’ 13’’ East
110.00 feet to the westerly line of said easement herein before mentioned; thence continuing along
said westerly line North 3” 45’ 47” West 10.00 feet to an intersection with the southerly line of
California State Highway as described under Parcel 1 ‘in Deed to the State of California recorded
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September 8, 1964 as Document No. 163432 of official records; thence along the boundary of saic
state highway as follows; North 56” 32’ 58” West 100.34 feet to the beginning of a non-tangen
curve, the radial center of which bears South 28” 33’ 27” West 150.00 feet therefrom; them westerly along the arc of said curve through a central angle of 31” 03’ 27” a distance of 81.31 fee
to the end thereof; thence non-tangent to said curve, South 89” 12’ 51” West 167.13 feet to a poin
in the arc of a 205.00 foot radius curve, concave southerly, the radial center of which bears Sout
2” 30’ 00” East from said point; thence westerly along the arc of said curve through a central ang:
of 35” 09’ 13” a distance of 125.78 feet to the beginning of a reverse curve having a radius of 95.C
feet; thence westerly and northwesterly along the arc of said curve through a central angle (
112” 09’ 13” a distance of 185.96 feet to the southeast corner of that easement for drainage pu.
poses described under Parcel 2, granted to the State of California, recorded September 8, 196
as Document No. 163432 of official records; thence leaving said curve and said southerly line (
California State Highway, and following along the southerly and westerly lines of said drainag
easement, South 74” 30’ 00” West 135.88 feet and North 15” 19’ 26” West 40.85 feet to a poi
in the southerly line of the land described under Parcel 1 in Deed to the City of Oceanside, recordr
April 20, 1959 as Document No. 77257 of official records; thence South 69” 30’ 00” West al01
the southerly line of said Parcel 1 a distance of 614.20 feet to the true point of beginning.
Excepting therefrom that portion of said Section 32, described as follows: Beginning at said southe;
corner of said north half of the northeast quarter of Section 31, of said Township and Range; then
North 69” 30’ OO”.East along said southerly line of land described in said Deed to the City of Oceansic
425.90 feet; thence leaving said southerly line, South 5” 00’ 00” East 58.17 feet to the true point
beginning of the herein described parcel; thence continuing South 5” 00’ 00” East 104.00 feet; then
North 8.5” 00’ 00’’ East 327.67 feet; thence North 5” 00’ 00” West 104.00 feet; thence South 85” 00’ 01
West 327.67 feet to the true point of beginning.
Also excepting from Section 32, herein described, all of the oil, gas, and mineral and mineral ri@
lying beneath a depth of 500 feet from the surface of said land, together with the right of entry at a
point in such land lying below said depth for the purposes of exploring, drilling, conveying and rem07
of any such substances and installation of equipment and pipelines for such purposes, provided that a
such entry and activity upon said land for such purpose shall be carried out in such manner as to avc
any interference with the use of the surface of said land, as excepted in deeds from FAWCO, a partnersh
William S. Bartman, Fred A. Bartrnan Jr., Bernard Citron, and Harry J. L. Frank Jr., recorded April ;
1966 under Recorder’s File No.’s 66913 and 66568.
Also excepting from said portion of Section 32, above all mineral rights and dl oil, gas, petrolel
or other hydrocarbon substances within or underlying said land without right of surface entry as reser
in deeds executed by Reginald0 Marron and Caroline Marron recorded in Book 6699, Page 264 of offi~
records, and Book 7712, Page 477 of official records.
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., EXHIBIT B
PA~G AUTHORITY OF THE CITY OF CARESBAD
Schedule for Adjustment of Rental
Estimated total Project cost _________.___ ~ ._______________________._____._________ $1,359,550
Estimated funded interest* _______ ~ _____________________________________. $107,450
Estimated Reserve Fund _____ ~ _______ ~ _____________________.___________._ 68,000
Sub-Total _____ ~ _________________ _____ ________________________________________-.-------.---------- 175,450
Estimated Required Bond Issue __________._________.___________________----.----.- $1,535,000
* Subject to adjustment under Section 4 for the purpose of adjusting the Rental. Funded interest on the bonds during
their life has been estimated at 7% and shall be adjusted pursuant to Section 4. Said adjustment may take into con-
sideration the need to adjust the Schedule of Rental payments to fit the financial program of the City and shall be
subject to approval of the City; provided the Schedule of Rental payments (which may vary from year to year) shall be in any case at least sumcient to pay the principal and interest on the Bonds in any succeeding year in
accordance with the Resolution.
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CERTIFICATE
This is to certify that the interest in real property
conveyed by the Lease Agreement dated August 21, 1969
from The Parking Authority of the City of Carlsbad, a
political corroration to the City of Carlsbad, a municipal
corporation of the State of California, is hereby
accepted bv Resolution 1659 of the City Council of the
City of Carlshad on October 7, 1969, and the grantee
consents to recordation thereof by its duly authorized
officer.
DATEI): October 2'1, 1'369
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PARKING AUTHORITY OF
TME CITY OF CARLSBAD *
RESOLUTION NO. 5-
.' RESOLUTION OF THE PARKING AUTHORITY OF THE CITY OF CARLSBAD,
CALIFORNIA, AUTHORIZING THE ISSUANCE OF $1,535,000 BONDS
OF SAID AUTHORITY AND PROVIDING THE TERMS AND
CONDITIONS FOR THE ISSUANCE OF SAID BONDS.
Page
Recitals ____ _____ ______ _____ __________________ ________ ____________ ~ ___________________ ~ ______ 1 _______.________________________________----~~~-~~~~-~~~~~ 12
Section 1. Definitions-.. ___________ ___ _____ ~ ________________ ~ ____ ___ ______.__ ~ __.______.______ ~ _____________ ~ ............................. 12
Section 2. Amount, Issuance and Purpose of Bonds ........ _.__ ~ ____ ____.___ __._ __ _________.__________ ~ ______________ 13
Section 3. Nature of Bonds ..............------.---------------~--~--~~---~-----~-.--------.---~--------~---.------.------------------ 13
Section 4. Descrlptlon of Bonds .......... ____ ~ _____ ~ ____ ____ _________ ~ ____________ ____ ______ ~ ..................................... 13
Section 5. Interest and Places of Payment .-...........~.-~---.---..---.----~~-~-------~--.----~~-~.......-......--.-..-.-- 13
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SeEtion 6. Execution of Bonds _______ ___ _______ ~ ________________________: _______.__________-_- _____ _______._._______---------------- 14
Section 7. Registration ... ____ ___ __________ ~ ______ ___ _____ ~ .__________._ _.___ ___________ ~ ________ ~ ___________________.____________________ 14
' Section 8. Redemption of Bonds.. --"---",-".--" ~ ______ ~ ____ ~ _________ __ _____ ___ ______._________ ~ __.________________.________._ 14
Section 9. Notice of Redemption .___ __ _________ _____ ________ _____ ________ _._ "..-.--- _._ ___. ~ __.___ ~ ________________.______________ 14
Section 10. Redemption Fund. _________ __ ______ ____ ________________ __ _______ __ ____.__________ ~ ____ ~ _______ ~ ____.___ ___ _____ _____ ______ 15
Section 11. Effect of the Notice of Redemption ____ __ __________ __ _____ ~ _______ ~ __... --- ....................... __ __________ 15
Section 12. Funds.. _____ __________ _____ ___________ ____________.._ ~ .____ ~ _.__.___ ~ -,-.--. ~ ________ ~ _____.____________. ~ ___.____._ ~ ____ ~ ________ 15
Section 13. Disposition of Bond Proceeds - Reserve Fund - Bond Service
Fund - Working Capital Fund ....-. ______ ~ ____________________________ ~ _____________ __________________ ~ ______ 17
Section 14. Disposition of Proceeds - Acquisition and Construction Fund ___.__.__ ~ ______._____ ~ _____ ____ 17
Section 15. Bond Service Fund ___._____.____ ~ _____ __ ____________ ~ ________._____.____.______ __._ ______.____.._ ~ _______ ~ _______ ~ _______ 17
Section 16. Reserve Fund.: ...........-..--.--.---".----"~----""---------.--------~--~-~.----~-------------.--.---------------.------ 17
Section 17. Working Capital Fund _________ _____ _____ ____________ ______ ___ _______ ~ _______ ~ _-_____ __ _.______________________________ 17
Section 18. Warranty and Covenants ______ ______ _.________ ~ ______________ ~ ____ __ _____ ___ ._______ ~ ____ ~ __._________ ~ ___.___________ 18
Covenant 1. Punctual Payment ......-..........................--.- 18
Covenant 2. Discharge Claims ............................................................... 18
Covenant 3. Commence Acquisition and Construction __________._______ _______ _____ ~ _____ 19
Covenant 4. Enforce and Abide by the Lease Agreement ._.....................-~--- 19
Covenant 5. Covenant Against Encumbrance, etc.; Use of
Condemnation or Sale Proceeds ............... ____________________________ ___ 19
Covenant 6. Insurance ............................-~..--.-~~~~~~~--.~--...~~~~~~--~-------~-------- 19
Covenant 7. Records and Accounts ....-.....-...~~~--~~.--------~.~~-..........-- 20
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Covenant 8. Additional Bonds or Indebtedness ___________ :.. _________________________________ 21
Covenant 9. Maintain and Preserve the Project ....-.... ._.___ ____ .______________-_________ 21
.Covenant 10. Maintenance of Revenues ..-... _______ ~ _____________________._________________.------- 21
Section 19. Investment of Funds _____________ __ __________ ~ _____________________.__ __ __________ __ ____.___ __ .......................... 21
Section 20. Lost, Destroyed or Mutilated Bonds .___ __ ___________________________________ ~ ___-___________________________ 21
Section 21. Cancellation of Bonds. ____________ ~ _______________________ ~ __________________ __ ____ ~ _____ ~ ............................. 22
Section 22.' Consent of Bondholders ... __________ ~ _____ __ __.__ i _______._ ~ ___.____.__________-___ ~ ...__ -i _._________________________ 22
Section 23. Calling Bondholders' Meeting- _______ ~ _________________ __ ____.___________________________________------.----------- 22
Section 24. Notice of Meeting ................................. ~ ___________________________________.____---------------.-------------- 22
Section 25. Voting Quallficatlons .... __________ __ ____ ____ ____ __ _____ ~ ________ ____________ ________.________ ~ _______,__________________ 22
Section 26. Issuer-Owned Bonds .....-.. . ~ ~ ____ _____. ____ .______ ____. ______ ~ __ _____ __ - _____ ~ ______. . ____. __ _____ _____________________ 23
Section 27. Quorum and Procedure _____ ________ ______ ____ _______________ ~ __________ ~ ________ __ _______ ~ ____________.____.__________ 23
Section 28. Vote Required .... ____ __ ________ ___ __________ ~ _________________ ___._ _______ ~ _.____._______. ~ ______________ ~ _________________ 23
Section 29. Bond and Coupon Forms _____________ ______ _____ __ _____ _____ ______________ ~ ____ ~ ____________________---.----------- 23
Section 30. Proceedings Constitute Contract _____ ~ ________________ _______ ______._________________________________---- ~ ._____._ 27
Section 31. Severablhty ........ _______ ____ ______ ~ _________ _____ _______ ~ ___________ _______._ ______ ~ ________ __ _________ ~ _____ ~ ____.__._______ 27
Section 32. Effective Date. ____ ~ ________ ___ ____ ~ __________ ~ _________________.__--.------ ~ ______ ~ ______. _______ ___.___________.____ ___ ____ 28
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RESOLUTION NO. -5.
RESOLUTION OF THE PARKING AUTHORITY OF THE CITY OF CARLSBAD,
CALIFORNIA, AUTHORIZING THE ISSUANCE OF $1,535,000 BONDS
OF SAID AUTHORITY AND PROVIDING THE TERMS AND
CONDITIONS FOR THE ISSUANCE OF SAID BONDS.
WHEREAS, in accordance with the provisions of the Parking Law of 1949 (Part 2 of Division 18, 0s 32500 et seq. of the Streets and Highways Code of the State of California) the City Council of the
City of Carlsbad, being the legislative body of said City, by Resolution No. 1264 adopted April 19,
1966, declared that there is a need for the Parking Authority of the City of Carlsbad to function in said
city; and
WHEREAS, the Authority desires to issue revenue bonds for the purpose of acquisition and
financing of public parking facilities which will be leased to the City;
NOW, THEREFORE, the Parking Authority of the City of Carlsbad, California, does hereby
RESOLVE, DETERMINE AND ORDER as follows:
Section 1. Definitions. As used in this resolution the following terms shall have the following
meanings:.
(a) “Parking Law” means the Parking Law of 1949 as cited in the recitals hereof.
(b) “City” means the City of Carlsbad, California.
(c) “City Council” or “C~uncil’~ means the City Council of said City.
(d) “Authority” or “Parking Authority” means the Parking Authority of the City of Carlsbad,
a public body corporate and politic, the governing body of which are the members as appointed by
the City Council.
(e) “Lease Agreement” means that certain Lease Agreement dated August 19, 1969, between
the Parking Authority and the City.
(f) “Project” means the acquisition of land and improvements referred to in Section 2 of the
Lease Agreement including all costs and expenses in connection with the carrying out of the
Project, and also means the parking facilities resulting from such acquisition and construction.
(g) “Pledged Revenues” .means all rentals payable by the City to the Authority under the
terms of the Lease Agreement, all moneys credited upon rentals as provided in the Lease Agree-
ment or in this resolution, all gross revenues, if any, received by the Authority from the re-letting
or operation of the Project, and any other moneys which under this resolution are required to be
placed in the Bond Service Fund.
(h) “Bond” or “revenue .bonds” means the revenue bonds authorized by this resolution.
(i) “Year” or “fiscal year” means the year period beginning on July 1st and ending on the
next following June 30th.
(j) “Fiscal Agent” means Security Pacific National Bank as provided in Section 12 hereof.
. (k) “Maximum annual debt service” shall be the maximum amount payable as interest on
and as principal of the aggregate amount of Bonds and Additional Bonds on any payment dates
in any twelve month period beginning th2 day following the anniversary date of the Bonds and
ending on the azniverszry date of the Bonds.
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(I) “Authorized investment” means any security in which the Authority may legally invest
funds subject to its control.
Section 2. Amount, Issuance and Purpose of Bonds. Under and pursuant to the Parking Law the
.Authority shall borrow money to provide funds for the Project and shall issue in its name revenue
bonds in the amount of $1,535,000 to evidence the indebtedness created by such borrowing.
. Section 3. Nature of Bonds. The bonds shall constitute special obligations and evidence a special
indebtedness of the Authority which shall be and are a charge upon, and shall be and are payable,
both as to principal and interest, and as to any premiums upon the redemption of any thereof, solely
from the Piedged Revenues and certain other limited funds as herein provided, .and shall not constitute
obligations, nor evidence any indebtedness, of the City of Carlsbad or the State of California.
Nothing in this resolution shall preclude:
(a) The payment of or principal of or interest on, or premiums on the redemption of, any
such bonds out of the proceeds of the sale of refunding bonds issued for that purpose.
(b) The application to the payment of any principal of, interest on, or premiums on the
redemption of, any such bonds of any funds which the Authority may lawfully so apply.
Section 4. Description of Bonds. The Bonds shall be in the principal sum of $1,535,000, shall
be 307 in number, numbered 1 to 307, inclusive, and shall be of the denomination of $5,000 each.
The bonds shall be designated 1969 PARKING REVENUE BONDS, shall be dated October 1, 1969,
and shall mature and be payabIe in consecutive numericaI order on October 1 in each year of maturity
in the amounts for each .of the several years as follows:
Maturity Date Principal Amount Maturity Date
1971 .............................. $ 10,000
1972 .............................. 25,000
1973 ............................... 25,000
1974 _ ............................ 25,000
1975 .............................. 25,000
1976 .............................. 25,000
1977 .............................. 25,000
1978 .............................. 50,000
1979 .............................. 50,000
1980 .............................. 50,000
1981 .............................. 50,000
1982 .............................. 50,000
1983 .............................. 50,000
Principal Amount
1984 .............................. $ 50,000
1985 .............................. 75,000
1986 .............................. 75,000
1987 .............................. 75,000
1988 .............................. 75,000
1989 .............................. 75,000
1990 .............................. 100,000
1991 ...........,............ ...... 100,000
1992 .............................. 100,000
1993 .............................. 100,000
1994 .............................. 125,000
1995 .............................. 125,000
Section 5. Interest and Places of Paymenf. The bonds shall bear interest at a rate or rates to
be hereafter fixed by resolution, but nst to exceed seven per cent (7%) per annum, payable semiannually
on the 1st days of October and April of each year. Each bond shall bear interest until the principal
. sum thereof has been paid, provided, however, that if at the maturity date of ‘any bond, or if the
same is redeemable and has been duly called for redemption, funds are available for the payment
or redemption thereof in full accordance with the terms of this resolution. The said bonds shall then
cease to bear interest. The bonds and the interest thereon shall be payable in lawful money of the
United States of America at the office of the Fiscal Agent in Los Angeles, California, or at the option
of the holder, at any paying agency of the Authority in Chicago, Il!ircis or New York, New York.
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Section 6. Execution of Bonds. The Chairman of the Authority and the City Treasurer of the
City as ex officio Treasurer of the Authority, are hereby authorized and directed to sign all of the
bonds by their printed, lithographed or engraved facsimile, signatures, and. the Clerk of the Authority
is hereby authorized and directed to countersign the bonds and to cause the corporate seal of the
Authority to be impressed, imprinted or reproduced thereon, and the said Treasurer is hereby authorized
-and directed to sign the interest coupons of the bonds by his printed, lithographed or engraved facsimile
signature.
. Section 7. Registration. The bonds may be registered as to principal only or as to both principal
and interest, and the form of registration of any registered bond may be changed, or any registered bond
may be diseharged from registration, in the manner and with the effect set forth in the provisions for
registration contained in the form of bond set forth herein.
Section 8. Redemption of Bonds. In the event of loss of, substantial damage to or condemna-
tion of the whole or any substantial part of the Project, so as to render the same unusable, all or any
part of the Bonds at that time outstanding, may at the option of the Authority, be call'ed and redeemed
prior to maturity on any succeeding date, at a redemption price equal to the principal amount thereof
with accrued interest to the date of redemption plus the premium applicable thereto as hereinafter set
forth ' in the succeeding paragraph of this section regardless of maturity dates relating to call therein,
but only in the manner and only from the funds as hereinafter provided in the case of redemption. If less
than all bonds are called pursuant to this paragraph, Fiscal Agent shall determine a principal amount
in each maturity to be called so that approximately equal annual debt service will prevail. Bonds to be
then called in each maturity will be selected by lot.
Except as set forth in the preceding paragraph, the bonds maturing prior to October 1, 1979,
shall not be subject to call or redemption prior to maturity. Bonds maturing on or after October 1,
1980, may be called before maturity and redeemed, at the option of the Authority, with funds derived
from any source, on October 1, 1979, or on any interest payment date thereafter prior to maturity,
at a redemption price for each redeemable bond equal to the principal amount thereof plus a premium
(percentage of par value) equal to ?4 of 1% for each year or remaining fraction of a year between
the date of redemption and the date of maturity, but in no event shall the premium exceed 5%.
If less than all the then outstanding bonds are redeemed at any one time, said bonds shall be redeemed
only in inverse order of maturity and bond number.
Section. 9. Notice of Redemption. Notice of the intended redemption shall be published by one
insertion in a newSpaper of general circulation in the City of New York, said publication to be at
least 30 days but :'no more than 60 days prior to the redemption date. The notice of redemption
shall (a) state the redemption date; (b) state the redemption price; (c) state the numbers and
date of maturity of the bonds to be redeemed, provided, however, that if the call includes all of the
outstanding bonds subject to call the numbers of the bonds need not be stated; (d) require that such
bonds be surrendered with all interest coupons maturing subsequent to the redemption date (except that
no coupons need be surrendered on bonds registered as to both principal and interest) at the office of the
Fiscal Agent or at any paying agency of the Authority at which the bonds are payable; (e) require
that bonds which at the time of call are registered so as to be payable otherwise than to bearer shaII be
accompanied by appropriate instruments of assignment duly executed in blank; and (f) give notice that
further interest on such bonds will not accrue after the designated redemption date..
If, any of the bonds designated for redemption shall be registered so as to be payable otherwise
than to bearer, said Fiscal Agent shall, on or before the date of publication of said notice of redemp-
tion, mail a similar notice, postage prepaid, to the respective registered owners thereof at the addresses
app~ring 01: the bond registry books.
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The actual receipt by the holder of any bond (hereinafter referred to as “bondholder”) of notice
of such redemption shall not be a condition precedent to redemption, and failure to receive such notice
shalI not affect the validity of the proceedings .for the redemption of such bonds or the cessation of
interest on the date fixed for redemption. The notice or notices required by this section shall be given
by said Fiscal Agent. A certificate by said Fiscal Agent that notice of call and redemption has been
given to holders of registered bonds as herein provided shall be conclusive as against all parties, and no bondholder whose registered bond is called for redemption may object thereto’ or object to the
cessation of interest on the redemption date fixed by any claim or showing that he failed to actually
receive such notice of call and redemption.
Section 10. Redemption Fund. Prior to the redemption date there shall be established by the Fiscal Agent a redemption fund to be known as the 1969 Parking Revenue Bonds, Redemption Fund
(hereinafter sometimes referred to as the “Redemption Fund”) and prior to the redemption date
there must be set aside in the Redemption Fund, herein provided for, moneys available for the
purpose and sufficient to redeem, at the premiums payable as in this resolution provided, the bonds
designated in such notice for redemption. .Said moneys must be set aside in said fund solely for that
purpose and shal1 be applied on or after the redemption date to payment (principal and premium) for the
bonds to be redeemed upon presentation and surrender of such bonds and (except as to bonds fully
registered as to both principal and interest) all interest coupons maturing after the redemption date,
and shall be used only for that purpose. Any interest coupon due on or prior to the redemption date
shall be paid from the Bond Service Fund as provided herein upon presentation and surrender thereof.
Each bond presented (if unregistered) must have attached thereto or presented therewith all interest
coupons maturing after the redemption date. If after all of the bonds called have been redeemed and
cancelled or paid and cancelled there are moneys remaining in said Redemption Fund, said moneys shall
be transferred to the Bond Service Fund hereinafter created; provided, however, that if said moneys
are part of the proceeds of refunding bonds said moneys shall be transferred to the fund created €or
the payment of principal of and interest on such refunding bonds.
Section 11. Effect of the Notice of Redemption. When notice of redemption has been given,
substantially as provided herein, and when the amount necessary for the redemption of the bonds
called for redemption (principal and premium) is set aside for that purpose in the Redemption Fund,
as provided herein, the bonds designated for redemption shall become due and payable on the date
fixed for redemption thereof, and, upon presentation and surrender of said bonds and (except as to
registered bonds) all interest coupons maturing after the redemption date, at the place specified in the
notice of redemption, and, if any of said bonds be registered, upon the appropriate assignment thereof
in blank, such bonds shall be redeemed and paid at said redemption price out of the Redemption Fund,
and no interest will accrue on such bonds called for redemption or on any interest coupons thereof after
the redemption date specified in such notice, and the holders of said bonds so called for redemption
after such redemption date shall look for the payment of such bonds and the premium thereon only
to said Redemption Fund. All bonds redeemed and all interest coupons thereof shaII be cancelled forth-
with by said Fiscal Agent and shall not be reissued.
All interest coupons pertaining to any redeemed bonds, which coupons have matured on or prior
to the time fixed for redemption, shall continue to be payable to the respective holders thereof but
without interest thereon. All unpaid interest payable at or prior to the date fixed for redemption upon
registered bonds shall continue to be payable to the respective registered owners of such bonds, or their
order, but without interest thereon.
Section 12. Funds. The Authority hereby appoints the Security Pacific National Bank, Lo:
Angeles, California, as the 1969 Parking Revenue Bonds Fiscal Agent for the purpose of payin:
the principal of and interest on any of the bonds presented’for payment at its main office in Los Angeles.
California, and for the purpose of perforning dl other duties assigned to or irn5osed upon the Fisca
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Agent as in this resoIution provided. The Fiscal Agent initialIy appointed and any successor thereof
may be removed by the Authority and a successor or successors appointed; provided that each such
successor shall be a bank or trust company doing business in and having an office in the City of
Los Angeles, State of CaMornia. Any such Fiscal Agent designated by the Authority shall continue
-to be the Fiscal Agent of the Authority for all of said purposes until the designation of a successor as
such Fiscal Agent, and the Authority agrees that it will maintain a Fiscal Agent in said City of Los
Angeles so long as any of said bonds or any parity bonds are’ outstanding and unpaid. The Fiscal
Agent is hereby authorized and directed to withdraw from the funds and in the manner provided
herein all sums required for the payment of the principal of and interest on the bonds presented for
payment at the places herein provided at maturity, or on call and redemption or on purchase by the
Fiscal Agefit prior to maturity. The Fiscal Agent is hereby authorized to redeem the bonds and the
interest coupons appertaining thereto when duly presented to it for payment at maturity, or on call
and redemption or on purchase by the Fiscal Agent prior to maturity, and to cancel all bonds and
coupons upon payment thereof and to return the same so cancelled to the Treasurer. The Fiscal Agent
shall keep accurate records of all funds administered by it and of all bonds and coupons paid and
discharged by it.
The recitals of fact and all promises, covenants and agreements herein and in the bonds of said
authorized issue contained shall be taken as statements, promises, covenants and agreements of the
Authority, and the Fiscal Agent assumes no responsibility for the correctness of the same, and makes no
representations as to the validity or sufficiency of this resolution or of the bonds or coupons, and shall
incur no responsibility in respect thereof, other than in connection with the duties or obligations herein
or ,in the bond assigned to or imposed upon the Fiscal Agent. The Fiscal Agent shall be under no
responsibility or duty with respect to the issuance of the bonds for value. The Fiscal Agent shall not
be liabIe in connection with the performance of its duties hereunder, except for its own negligence
or default.
Any Fiscal Agent appointed hereunder may resign at any time. Upon the merger, consolidation or
other reorganization of any Fiscal Agent, the Authority shall appoint a new Fiscal Agent, which may be
the corporation resulting from such reorganization.
There are hereby created pursuant to the Parking Law by the Fiscal Agent the following funds
to be held and applied as designated herein:
1. 1969 Parking Revenue Bonds, Acquisition and Construction Fund (herein sometimes
called the “Acquisition and Construction Fund”, held by the Authority) ;
2. 1969‘ Parking Revenue Bonds, Bond Service Fund (herein sometimes called “Bond
Service Fund’) ;
3. 1969 Parking Revenue Bonds, Reserve Fund (herein sometimes called “Reserve Fund”);
4. 1969 Parking Revenue Bonds, Working Capital Fund (herein sometimes called “Working
Capital Fund, held by Authority”). ,.
Said funds are to be established and maintained to insure payment, when due or payable, whether
at maturity or upon redemption prior to maturity, of the principal of and interest on the bonds, includ-
ing premiums, if any, due upon the redemption of any thereof and to insure the application of the
proceeds of suctl bonds to the purposes for which the same were issued. Any nloney placed in any
such fund shall constitute a trust fund and until the bonds and .all interest thereon are paid or until
provision has been made for the payment of the bonds at maturity or for redemption thereof prior to
maturity, with interest to maturity or to the call date, has been made by setting aside in some trust
fund an amount sufficient for said purposes, the moneyi in said fund shall be applied only to the
purposes for which it was created.
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Section 13. Disposition of Bond Proceeds - Reserve Fund - Bond Service Fund - Working
Capital Fund. Concurrently with the delivery of and payment for the bonds there shall be set aside in
the Bond Reserve Fund, from the proceeds of the sale of the bonds $68,000.
After the foregoing transfer required by this paragraph has been made, there shall be set aside
in the Bond Service Fund, from the prcceeds of the sale of the bonds an amount which, together with
the premium and accrued interest, if any, shall be equal to twelve (12) months' interest from the
date of the bonds.
After the foregoing transfers required by the above paragraphs of this Section have been made,
there shall be set aside in the Working Capital Fund from the proceeds of the sale of the bonds the
sum of One Thousand Five Hundred Dollars ($1,500).
Section 14. Disposition of Proceeds - Acquisition and Construction Fund. After the transfers
required by Section 13 hereof have been made, all remaining balance of the proceeds from the sale of
the bonds shall be transferred by the Fiscal Agent to the Treasurer of the Authority and placed in
the Acquisition and Construction Fund. The moneys so set aside in the Acquisition and Construction
Fund shall remain therein until expended for the purpose of carrying out the Project. When acquisition
of the Project has been completed in accordance with the Lease Agreement, any remaining balance in
the Acquisition and Construction Fund shall be transferred to the Reserve Fund.
Section 15. Bond Service Fund. From the date this resolution takes effect all Pledged Revenues
received by the Authority shall be placed in the Bond Service Fund and, except as expressly provided
in.this resolution, shall be used only for the purpose of paying the principal of and interest on the bonds
as the same fall due. That portion of the moneys in the Bond Service Fund which is, at any time, in
excess of the amount required to pay the principal and interest coming due on or before the next
following October 1 and the amount required to pay principal, and interest on the bonds in any
succeeding year based upon the amount of rental payments provided therefor shall be transferred if
necessary to the Reserve Fund until the balance in the Reserve Fund is equal to $68,000. Moneys in
excess of the foregoing requirements and after making. any required transfers under Section 17, if
necessary, may be used by the Authority to make credits upon the rentals due under the Lease Agree-
ment by cancellation of all or a part thereof. Moneys in the Bond Service Fund may be temporaribj
invested in any authorized investment which matures not later than the time funds are required, but
such investment shall not affect the obligation of the Authority to cause the full amount required to pay
the principal of and interest cn the bonds as the same become due to be available in the Bond Service
Fund in cash at the time the same shall become due. Any earnings on such investments shall becomc
due and remain a :part of the Bond Service Fund.
Section 16. Reserve Fund. Except as expressly provided in this resolution, moneys in the
Reserve Fund shall be used only to pay the principal of and interest on the bonds at such times when and
to the extent that, at any other time the moneys in the Bond Service Fund received from Pledged Rev-
enues are insufficient to pay the principal of or interest on the bonds as the same become due, and for
that purpose moneys in the Reserve Fund may be transferred to the Bond Service Fund. Moneys in
the Reserve Fund may be invested in any authorized investment which matures not later than five years
from the date of the investment. Any earnings on such investments shall become and rcmain a part
of the Reserve Fund. Moneys in excess of $65,000' shall be transferred to the Bond Service Fund.
Moneys in the Reserve Fund may be used to pay the principal and/or interest on the last maturity or
maturities of bonds outstanding.
Section 17. Working Capital Fund. After setting aside all funds required by Sections 15 and
16 funds sufficient from Pledged Revenue shall be transferred by the Fiscal Agent to the Treasurer of
the Authority and Flared in the Working Capital Fund and shall be used to the extent available for
payment of:
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(1) All taxes -and assessments, if any, of any type or character levied at any time during
the term of the Lease hereunder upon the site or any improvements thereon or upon the City’s or
the Authority’s interest therein or upon the operation of the property leased or upon the income or
other revenue derived by the City or Authority therefrom;
(2) Insurance premiums on all insurance required or permitted on the property leased;
(3) All costs and expenses which Authority may incur, including but not limited to Fiscal
Agent’s fees, costs and expenses as a result of any default by the City under this Agreement,
. including reasonable attorneys’ fees and the costs and expenses of any suit or action at law to
enforce the terms and conditions of this Agreement;
(4) If at any time the Authority shall operate the Project .by reason. of default of the City,
all amounts which shall be required to provide for the payment of all costs of maintenance and
operation of the Project, including the costs of repairs and replacements, labor costs and insurance;
and
(5) All sums necessary to maintain an amount of $1,500 in the Working Capital Fund.
Moneys in the Working Capital Fund may be invested in any authorized investment which matures
not later than twelve months from the date of the investment. Any earnings on such investments
shall become and remain a part of the Working Capital Fund.
The City shall pursuant to the Lease Agreement pay the Treasurer of the Authority the balance
of .any amounts due to pay the foregoing obligations.
Section 18. Warranty and Covenants. The Authority shall preserve and protect the security of
the bonds and the rights of the bondholders and warrant and defend their rights against a11 claims and
demands of all persons. So long as any of the bonds issued hereunder are outstanding and unpaid
or so long as provision for the full payment and discharge thereof at maturity or upon redemption
thereof prior to maturity through the setting apart in the Bond Service Fund or in a special fund to
insure the payment or redemption thereof (as the case may be) of moneys sufficient for that purpose
has not been made, the Authority makes the following covenants and agreements under the provisions
of the Parking Law which it deems necessary, convenient, desirable and advisable for the better
security of the,bonds and to make them more marketable; and it shall be the duty of each and every
officer, representative and employee of the Authority to do and perform each and every act necessary
or appropriate for such keeping and performance by such Authority of every such covenant, agree-
ment and obligation.
Covenant 1. :‘Punctual Payment. The Authority shall pay punctually the principal and interest
on every bond issued hereunder, together with the premium thereon, if any be payable, on the date
or dates, at the place or places, and in the manner mentioned in the bonds and coupons and in accord-
ance with their terms, and that the payments into the Bond Service Fund and the Reserve Fund will be
made, all in strict conformity with thz terms of the bonds and of this resolution, and that it will faith-
fully observe and perform all of the-conditions, covenants, agreements and reqilirements and obligations
of this resolution and all resolutions supplemental thereto and of the bonds issued hereunder, and that
time of such payment and performance is of the essence of the Authority’s contract with the bondholders.
Covenant 2. Discharge Claims. The Authority shall pay and discharge from funds available for
that purpose, or require the City to pay and discharge under the terms of the Lease Agreement, all
lawful claims for labor, materials and supplies or other charges, which, if unpaid, may become a lien
or charge upon any of its revcnues charged with the payment of the bonds issued hereunder, or upon
any of its facilities or propertics the revenues from which are pledged to said bonds, and which may
inpair the security of the bonds.
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Covenant 3. Commence Acquisition and Construction. The Authority shall apply the proceeds
of the bonds to the accomplishment of the purposes €or which the bonds are issued and shall commence
acquisition of the Project and continue the same to completion in accordaande with the Lease Agreement
with all practical dispatch and in an economical manner.
Covenant 4. Enforce and Abide by the Lease Ageentent. The Authority shall comply with and
perform all its obligations under the Lease Agreement, and shall promptly take all steps necessary
to enforce the Lease Agreement and to require the City to perform all its obligations thereunder. In
the event of any default by the City under the Lease Agreement, the Authority shall promptly pursue
and enforce all appropriate remedies under the Lease Agreement, including but not limited to the re-
letting or operation of the Project and the collection from the City of all deficiencies as provided in the
Lease Agreement, all to the end that the Pledged Revenues from the Project deposited in the Bond
Service Fund will be at least equal to the full rentals payable under the Lease Agreement and will
(when added to available moneys in the Reserve Fund) be sufficient to pay the principal of and interest
on the revenue bonds as the same fall due. The Authority shall not take any action which will have
the effect of terminating the Lease Agreement and shall not agree to any amendment of the Lease
Agreement which would impair or reduce the security of the holders of the bonds.
Covenant 5. Covenant Against Encumbrance, etc.; Use of Condemnation or Sale Proceeds.
Except for the Lease Agreement and except to the extent permitted herein the Authority shall not
mortgage or otherwise encumber, sell, lease or dispose of any of its facilities or properties any revenues
of which. are charged with the payment of the bonds issued hereunder, or any revenues therefrom,
or enter into any lease or agreement which mi,oht impair or impede the operation of such facilities or
properties, or any part thereof, or might otherwise impair or impede the rights of the bondholders
. with respect to such revenues. In the event of any default by the City under the Lease Agreement this
covenant shall not be construed to prevent the Authority, acting in accordance with the Parking Law
and the Lease Agreement, from:
(I) contracting for the operation or management of any of its facilities or properties;
(2) leasing of the operation of the property.
If any portion of the Project shall be taken by eminent domain or other proceedings authorized by
law, the net proceeds realized therefrom may be used to acquire or construct substitute parking facilities.
In the event the proceeds cannot or are not so used, such proceeds shall be placed in the Redemption
Fund and used to redeem bonds in accordance with the terms thereof, and the balance of such proceeds
shall become the .property of the Authority, subject to such legal or equitable claims, based -upon
conditions and restrictions of record, as may be enforceable against the Authority.
Covenant 6. Insurance. Authority shall at all times maintain or cause to be maintained with
responsible insurers all such insurance on the properties (valued as defined below) which is customarily
maintained with respect to properties of like character against accident to, loss of or damage to such
properties. Notwithstanding the generality of the foregoing, the Authority shall not be required to
maintain or cause to be maintained any insurance which is not avaiiable from reputable insurers on
the open market or more insurance than is specifically referred to below.
Authority shall:
(a) Keep or cause to be kept (or if City elects, City shall keep) a policy or policies of
insurance against loss or damage to the property covered by the Resolution resulting from vanda-
lism, malicious mischief, riot and civil commotion, and such perils ordinarily defined as “extended
coverage” and other perils as Authority and the City may agree should be insured against on forms
and in amounts satisfactory to each. Such insurance shall be maintained in an amount not less
than the full insurable value Gf the properties (such value to include amounts spent for acquisition
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of the Project, engineering, legal and administrative fees and Project inspection and supervision)
or the amount of Authority’s outstanding Bonds, whichever amount is the less, subject to deductible
conditions of not to exceed $10,000 for any one loss. The term “full’insurable value” as used in
this section shall mean the actual replacement cost, using the items of value set forth above
(including the cost of restoring the surface of grounds owned or leased by the Authority but ex-
cluding the cost of restoring trees, plants and shrubs), less physical depreciation. Said “full
’ insurable value” shall be determined from time to time but not less frequently than once in every
thirty-six (36) months.
(b) Maintain or cause to be maintained use and occupancy or business interruption or
rental income insurance against the perils of vandalism and malicious mischief and such other perils
ordinarily defined as “extended coverage” in an amount equal to not less than twelve (12) month’
rental; and
(c) Maintain or cause to be maintained public liability insurance against claims for bodily
injury or death, or damage to property occurring upon, in or about the property, such insurance
to afford protection to a limit of not less than $250,000 with respect to bodily injury or death
to any one person, not less than $1,000,000 with respect to bodily injury or death to any number
of persons in any one accident, and property damage liability insurance in an amount not less
than $50,000.
All insurance herein provided for shall be effected under policies issued by insurers of recognized
responsibility, licensed or permitted to do business in the State of California.
All policies or certificates issued by the respective insurers for insurance shall provide that such
policies or certificates shall not be cancelled or materially changed without at least ten (10) days prior
written notice to the Fiscal Agent, and shall carry loss payable endorsements in favor of the Fiscal
Agent where applicable. The copies of such policies shall be deposited with the Fiscal Agent by the
Authority, together with appropriate evidence of payment of the premiums therefor; and, at Ieast ten
(.IO) days prior to the expiration dates of expiring policies or contracts held by the Fiscal Agent,
copies of originals of renewal or copies of new policies on contracts or certificates, shall be deposited
with the Fiscal Agent.
All proceeds of insurance with respect to loss or damage to the property shall be paid to the Fiscal
Agent to be used pursuant to the Lease for the repair, restoration or replacement of the property
destroyed or damaged. Upon payment thereof to the Fiscal Agent, and ( 1) if the Project is to be repaired
or rebuilt, the Fiscal Agent shall transfer the same to the Treasurer of the Authority who shall deposit
the same in the Acquisition and Construction Fund for application as provided with respect to moneys
in such fund, or (2) if the Project is not to be repaired or rebuilt, the Fiscal Agent shall deposit the
same in the Redemption Fund for application as provided for moneys in such fund.
Covenant 7. Records and Accounts. The Authority shall:
(a) keep proper and complete books of records and accounts covering all its facilities and
properties, any revenues of which are pledged to the payment of the bonds issued hereunder, and
covering all revenues and funds controlled by this resolution, separate from all other records and
accounts, in which complete, correct and current entries shall be made. of all transactions relating
to such facilities, properties, revenues and funds and of all receipts, payments, transfers and
other transactions relating thereto. Said records and accounts shall at all times be subject to
the inspection of the holders of not less than 10% of the outstanding bondsor their representative
or representatives authorized in writing;
(b) cause such records and accounts to be audited within 90 days after the close of each
fiscal year by an independent certified public accountant or firm of certified public accountants.
A copy of the report of such accountant or firm shall be filed with the Fiscal Agent and be
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available for inspection by any bondholder at the office of the Treasurer, and the Authority shall
furnish a copy of said report, or a summary thereof, upon request ta any bondholder and to any
person, firm or corporation who originally purchased the bonds from the Authority;
(c) at such time or times as the City Council may prescribe, file therewith a detailed report
of all its transactions, including a statement of all revenues and expenditures;
(d) at least once annually in the manner set forth in Section 32664 of the Streets and High-
ways Code, publish a statement of all its financial affairs, audited by such accountant or accounting
h.
Coverlant 8. Additional Bonds or Indebtedness. The Authority shall not issue any additional
bonds, except refunding bonds or incur any other liability or indebtedness, payable in whole or in
part from the Pledged Revenues or the Reserve Fund, but the Authority may issue bonds, or incur
liability or indebtedness, payable from any revenues or funds of the Authority other than the Pledged
Revenues or Reserve Fund.
Covenant 9. Maintain and Preserve the Project. The Authority shall, or shall cause City as
lessee under the Lease Agreement or Authority's agents or lessees in the case of default, to operate,
maintain and preserve the Project in good repair and working order and to operate the Project in an
efficient and economical manner; provided, however, that in the case of default the Authority or its
agents or lessees, with the consent of the City, may lease or rent concessions, or lease or rent the Project
or any part thereof, or otherwise provide for the operating of the Project or any part thereof.
Covenant 10. Maintenance of Revenues. The Authority shall, if it should operate the Project
by reason of default by the City, fix, prescribe and collect rates, tolls, fees, rentals or other charges in
connection with the services and facilities furnished from the Project suflicient to pay principal of and
interest on the Bonds as they become due, together with all expenses of operation, maintenance and
repair of the Project and such additional sums as may be required for the Reserve Fund; provided,
however, that all rates, tolls, fees, rentals or other charges in connection with the services and facilities
furnished by the Project shall be subject to such provisions, if any, relative thereto as may be contained
in the Lease Agreement.
Section 19. Investment of Funds. Obligations purchased as an investment of moneys in any
fund hereby created which are herein authorized to be invested shall. be deemed at all times to be a
part of such fund and the interest accruing thereunder and any profit realized from the investment
shall be credited to such fund and any loss resulting from such investment shall be charged to such fund
but net earnings resulting from such investments may and shall be transferred in cases where such
transfer is expressly .permitted or required by this resolution. The Authority shall sell at the best
price obtainable or present for redemption any obligations so purchased whenever it shall be necessary
to do so in order to provide moneys to meet any payment or transfer from such fund. For the purpose
of determining at any given time the balance in any such fund or for the purpose of transferring
investments from one fund to ar.other fund any such investment constituting a part of a fund shall be
valued at the then estimated or appraised market value of such investment.
Section 20. Lost, Destroyed or Mutilated Bonds. 'In the even't that any bond or any interest
coupon pertaining thereto is lost, sto!en, destroyed or mutilated, the Authority will cause to be issued
a new bond or coupon similar to the original to replace the same in such manner and upon such
reasonable terms and conditions, including the payment of costs and the posting of a surety bond if
the Authority deems such surety bond necessary, as may from time to time be determined and pre-
scribed by resolution. The Authority may authorize such new bond or coupon or coupons to be
signed ad authenticated in such manner as it determines in said resolution.
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Section 21. CanceHation of Bonds. All bonds and coupons surrendered to any fiscal agent of
the Authority for payment upon maturity or for redemption prior to maturity shall upon payment
therefor be cancelled immediately and forthwith transmitted to the Treasurer. All of the bonds and
interest coupons surrendered to the Fiscal Agent for payment or redemption shall upon payment
therefor be cancelled immediately. AI1 of the cancelled bonds and interest coupons shall remain in the
custody of the Treasurer until destroyed pursuant to due authorization.
Section 22. Consent of Bondholders. The consents of bondholders provided for in Sections 22
to 28, inclusive, hereof shall relate solely to the amendment, waiver or modification of the covenants
specified in Section I8 hereof and shall not be effective to amend, waive or modify any other provisions
of this resolution or of any of the proceedings for the issuance of said bonds. Any act relating to the
amendment, waiver or modification of any of the said covenants consented to by the Authority and
by bondholders holding sixty per cent (60% ) in aggregate principal amount of the outstanding bonds,
exclusive of issuer-owned bonds, shall be binding upon the holders of all the bonds and interest
coupons, whether such coupons be attached to bonds or detached therefrom, and shall not be deemed
an infringement of any of the provisions of this resolution or of the Parking Law, whatever the character
of such act may be, and may be done and performed as fully and freely as if expressly permitted by
the terms of this resolution, and after such consent relating to such specified matters has been given,
no bondholder or holder of any interest coupon, whether attached to a bond or detached therefrom,
shall have any right or interest to object to such action or in any manner to question the propriety
thereof or to enjoin or restrain the Authority or any officer thereof from taking any action pursuant
thereto.
Section 23. Calling Bondholders' Meeting. If the Authority shall desire to obtain any such con-
sent it shall duly adopt a resdution calling a meeting of bondholders for the purpose of considering
the action, the consent to which is desired.
Section 24. Notice of Meeting. Notice specifying the purpose, place, date and hour of such
meeting shall be published once in each of four successive calendar weeks in a newspaper of general
circulation in the City of Carlsbad, California, the first publication to be not less than sixty (60)
days and not more than ninety (90) days prior to the date fixed for the meeting. Such notice shall
set forth the nature of the proposed action, consent to which is desired. If any of the bonds shall be
so registered as to be payable otherwise than to bearer, the Authority shall, on or before the first
pubIication of such notice, cause a similar notice to be mailed, postage prepaid, to the respective
registered owners thereof at their addresses appearing on the bond registry books. The place, date and
hour of holding such meeting and the date or dates of publishing and mailing such notice shall be
determined by the:' Authority, in its discretion.
The actual receipt by any bondholder of notice of any such meeting shall not be a condition
precedent to the holding of such meeting, and failure to receive such notice shall not affect the validity
of the proceedings thereat. A resolution of the Authority that the meeting has been called and that
rmtice thereof has been given as herein provided shall be conclusive as against all parties and it shall
not be open to any bondholder to show that he failed to receive notice of such meeting.
Section 25. Voting Qualificaiions. Any bondholder may, prior to any such meeting, deliver his
bond or bonds to any agency designated by the Authority for the purpose, and shall thereupon be
entitled to receive an apprcpriate receipt for the bond or bonds so deposited, calling for the redelivery
OE such bond or bonds at any time after the meeting. The Fiscal Agent shall prepare and deliver to the
Chairman of the meeting a list cf the names and addresses of the registered owners of bonds, with a
statement of the maturities and serial numbers of the bonds held and deposited by each of such bond-
holders, and no bondholder shall be entitled ta vote at such meeting unless his name appears upon
such list or unless he shall present his bond or bonds at the meeting or a certificate of deposit thereof,
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Satisfactory to the Authority, executed by a bank or trust company. No bondholder shall be permitted
to vote with respect to a larger aggregate principal amount of bonds than is set against his name on such
list, unless he shall produce the bonds upon which he desires to vote, or a’certificate of deposit thereof
as above provided.
Section 26. Issuer-owned Bonds. The Authority shall present at the meeting a signed certificate,
verified by the Fiscal Agent, stating the maturities and serial numbers of all bonds owned by, or he!d
for account of, the Authority or the City, directly or indirectly. No person shall be permitted at the
meeting to vote or consent with respect to any bond appearing upon such certificate, or any bond
which it shall be established at or prior to the meeting is owned by the Authority or the City, directly
or indirectly, and no such bond (in this resolution referred to as “issuer-owned bond”) shall be counted
in determining whether a quorum is present at the meeting.
Section 27. Quorum and Procedure. A representation of at least sixty per cent (60%) in
aggregate principal amount of the bonds then outstanding (exclusive of “issuer-owned bonds”) shall
be necessary to constitute a quorum at any meeting of bondholders, but less than a quorum may adjourn
the meeting from time to time, and the meeting may be held as so adjourned without further notice,
whether such adjournment shall have been had by a quorum or by less than a quorum. The Authority
shall,. by an instrument in writing, appoint a temporary chairman of the meeting, and the meeting shall
be organized by the election of a permanent chairman and secretary. At any meeting each bondholder
shall be entitled to one vote for every $5,000 principal amount of bonds with respect to which he
shall be entitled to vote as aforesaid, and such vote may be given in person or by proxy duly appointed
by .an instrument in writing presented at the meeting. The Authority, by its duly authorized representa-
tive, may attend any meeting of the bondholders, but shall not be required to do so.
Section 28. Vote Required. At any such meeting held as aforesaid there shall be submitted for
the consideration and action of the bondholders a statement of proposed action, consent to which is
desired, and if such action shall be consented to 2nd approved by bondholders holding at least sixty
per cent (60%) in aggregate amount of the bonds then outstanding (exclusive of issuer-owned bonds)
the chairman and secretary of the meeting shall so certify in writing to the Authority, and such certificate
shall constitute complete evidence of consent of bondholders under the provisions of this resolution. A
certificate signed and verified by, the chairman and the secretary of any such meeting, shall be con-
clusive evidence and the only ccmpetent evidence of matters stated in such certificate relating to pro-
ceedings taken at such meeting.
Section 29. ,Bond and Coupon Forms. The bonds shall be payable to bearer, shall be issued in
negotiable form, and shall be negotiable, and the form of the bonds and interest coupons thereof shall
be substantially as follows:
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SAN DTEGO
PARKING AUTHORITY OF THE
CITY OF CARLSBAD
1959 PARKING REVENUE BOND
No. -. ____. -. . -. . __ __ ____. . - $ - . . - - - - . - - - . . . - - - - . . - - - .
. The PARKING AUTHORPTY OF THE CITY OF CARLSBAD, a public corporation sit-
uated in the City of Carlsbad, County. of San Diego, State of California, FOR VALUE RECEIVED,
hereby promises to pay, solely from the Pledged Revenues and certain other limited funds, as
hereinafter provided, to the bearer or, if this bond be registered, to the registered owner hereof, on
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October 1, 19.----., upon presentation and surrender of this bond, the sum of. FIVE THOUSAND
IXXAARS ($5,000), with interest thereon from the date hereof at the. rate of .-..."- % per annum,
payable semiannually on the first days of April and October of each and every year, until this bond
is paid, upon presentation and surrender of the respective interest coupons hereto attached; pro-
vided, however, that if at the maturity date of this bond or, if the same is redeemable prior to
maturity and shall be duly called for redemption, then at the date fixed for redemption funds are
' available for the payment or redemption thereof, as provided in the resolution hereinafter men-
tioned, this bond shall then cease to bear interest. Both principal and interest are payable in lawful
' money of the United States of America at the ofice of the Fiscal Agent in Los Angeles, California,
or, at the option of the holder, at any paying agency of the Authority in Chicago, Illinois, or
New York, New York.
This is one of a duly authorized issue of bonds of the Authority, all of which have been issued
under and pursuant to the Parking Law of 1949 (being Part 2 of Division 18, of the Streets and
Highways Code of the State of California) and the creation of said issue and the terms and
conditions of the bonds are provided for by the resolution of said Authority authorizing the bonds
adopted _____ ~ __..___ ~ .___ ~ ..---, 1969, designated Resolution No. ______ _____ __ _____ , and, pursuant to said
Parking Law of 1949, this reference incorporates all of the provisions of said resolution into the
body of the bonds and their coupons; and by acceptance hereof the holder of this bond and the
coupons hereto attached assents to said terms and conditions; and each taker and subsequent holder
of the bonds or coupons, whether the coupons are attached to or detached from the bonds, has
recourse to all of the provisions of the indenture and is bound thereby. Said resolution is adopted
under, and this bond and the interest coupons hereto attached are issued under and are to be
construed in accordance with the laws of the State of California.
The bonds of this issue shall constitute special obligations, and evidence a special indebted-
ness, of the Authority, which shall be a charge upon, and payable, both as to principal and interest,
and as to any premiums upon the redemption of any thereof, solely from, the Pledged Revenues
and certain other limited funds, as specified herein, and in said Resolution No. ____..____.. _____. and in
the proceedings for their issuance, and shall not constitute obligations, nor evidence any indebted-
ness, of the City of Carlsbad or of the State of CaIifornia.
In the manner provided in said Resolution, certain obligations mentioned in said Resolution
may be waived or modified with the consent of the holders of 60% in aggregate principal amount
of the outstanding bonds, exclusive of issuer-owned bonds.
Unless tiis bond matures on or prior to October 1, 1979, it is callable and redeemable prior
to maturity in accordance with the provisions for redemption endorsed hereon.
This bond and the coupons hereto attached are negotiable instruments and shall be negoti-
able by delivery. This bond may be registered as to principal only or as to both principal and
interest, in accordance with the. provisions for registration endorsed hereon.
It is hereby certified and recited that any and all acts, conditions and things required to exist,
to happen and to be performed precedent to and in the incurring of the indebtedness evidenced by
this bond and in the issuance of this bond exist, have happened, and have been performed in due
time, form and manner as required by the Constitution and Statutes of the' State of California,
and that this bond is within every debt and other limit prescribed by the Constitution and Statutes
of'the State of California.
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IN WITNESS. WHEREOF, said Parking Authority of the City of Carlsbad has caused this
bond to be signed by the Chairman of the Authority and the City Treasurer of the City as ex officio
Treasurer of the Authority, by their facsimile signatures, countergigned by the Clerk of the
Authority, and sealed with the corporate &a1 of the Authority, and the interest coupons hereto
attached to be signed by said Treasurer by his facsimile signature, and has caused this bond to be
dated the first day of October, 1969.
Chairman of the Parking Authority
of the City of Carlsbad, California
City Treasurer of the City of Carlsbad
as ex officio Treasurer of said Authority
COUNTERSIGNED:
Clerk of the Parking Authority of
the City of Carlsbad, California
(SEAL)
(COUPON FORM)
On the first day of ~ ____ __ ____ ~ ________
ThePARKING AUTHORITY OF THE CITY OF CARLSBAD, CALIFORNIA, 19 .........-..
will pay to the bearer, at the office of the Fiscal Agent of said City, in the City of
Los Angeles, California or at the option of the holder hereof, at any paying agency Coupon No.
of the Authority in Chicago, Illinois, or New York, New York, out of the Pledged ....................
Funds and certain other limited funds as set forth in the bond to which this coupon
is attached and not out of any other fund or moneys of the Authority, the sum of $.... __________.___
in lawful money of the United States of America, being the semiannual interest
then due on 1969 PARKING
REVENUE BOND NO.
dated October 1, 1969
City Treasurer of the City of Carlsbad
as ex officio Treasurer of said Authority
On the reverse side of the coupon there shall be printed substantially the following:
(REVERSE OF COUPON)
If the bond to which this coupon is attached is redeemable and is duly called for redemption or
a date prior to the maturity date of this coupon, this coupon will be void.
Gn the reve:se side of the bonds there shall be printed substantially the following:
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PROVISIONS FOR REDEMPTION PRIOR TO MATURITY
In the event of loss of, substantial damage to or condemnation of fhe whole or any substantial
part of the Project, so as to render the same unusable, all or any part of the Bonds at that time
outstanding, may, at the option of the Authority, be called and redeemed prior to maturity on any
succeeding date, at a redemption price equal to the principal amount thereof with accrued interest
to the date of redemption plus the premium applicable thereto as hereinafter set forth in the
succeeding paragraph of this section, regardless of maturity dates relating to call therein, but
only in the manner and only from the funds as hereinafter provided in the case of redemption.
If less than all bonds are called pursuant to this paragraph, Treasurer shall determine a principal
amount in each maturity to be called so that approximately equal annual debt service will prevail.
Bonds to be then called in each maturity will be selected by lot.
Except as provided in the preceding paragraph unless this bond matures on or prior to
October 1, 1979, it is redeemable in the manner and subject to the terms and provisions, and with
the effect, set forth in the resolution referred to on the face of this bond, at the option of the
Authority, on October 1, 1979, or on any interest payment date thereafter prior to maturity, upon
at least 30 days' prior notice published in a newspaper in the City of New York at a re-
demption price equal to the principal amount thereof plus a premium (percentage of par value)
equal to 95 of 1 % for each year or remaining fraction of a year between the date of redemption
and the date of maturity, but in no event shall the premium exceed 5%. Bonds of the issue of
which this bond is a part are so redeemable only in inverse order of maturity and bond number.
PROVISIONS FOR REGISTRATION
This bond may be registered in the name of any person as the registered owner hereof, as to
principal only or as to both principal and interest, and, if registered in either of said forms may be
changed to registration in the other of said forms or discharged from registration.
Each registration, transfer after registration, fully registered form of registration, or dis-
charge from registration of this bond shall be entered by the Fiscal Agent in books kept by. him
for the purpose and noted by him in the registration blank below. Registration as to principal only
shall not affect the negotiability by delivery of the coupons pertaining hereto. Upon registration
as to both principal and interest, all unmatured coupons pertaining hereto shall be surrendered
to the Fiscal Agent and may be preserved or cancelled in his discretion.
So lcng as this bond is registered no transfer hereof shall be valid for any purpose unless made
by the registered owner and entered and noted as herein provided, and the principal hereof and
any redemption premium shall be payable only to the registered owner, or to his order. Interest
on this bond,' if registered as to both principal and interest, shall be payable to the person whose
name appears upon the registry books as the registered owner hereof at the close of business on
the tenth day preceding the interest payment date, or to his order. If this bond is registered as
to both principal and interest and its registration is changed to registration as to principal only,
or if it is discharged from registration, there shall be attached hereto coupons representins interest
hereon to become due thereafter to the date of maturity hereof. In lieu thereof, and upon surrender
and cancellation hereof, the Fiscal Agent in his discretion may issue in exchange therefor a new
bond, with such coupons attached, identical with this bond, except for the previous notations
on the rezistration blank hereon, and except that the signatures on the new bond shall be those oi
the persons holding the offices at the time of affixing such signatures. The issuance of any such nea
bond or new coupons shall be at the expense of the registered owner.
Each discharge hereon from registration shall be effected by an entry on the registry books
and a notation in the bIank below, that this bond is ,payable to bearer, whereupon this bond shal.
become an unregistered bearer instrument, negotiable by delivery as if it had never been registered
26
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Each request for registration, transfer, chan.ge or discharge must be in form satisfactory to the
Fiscal Agent and must be made in writing, signed by the registered .owner, or by his agent duly
authorized in writing, or by the bearer, as the case may be.
Date of In Whose Name Manner of Signature of Registration Registered Registration Fisral Agent
""""""""""" .." ""."" .""".."""". __"_ ."_"."""_ _" .- """. ___ ".. - "."._ """" "" """.".""..""_._____.______._._....
."."."".."".....""..___.__.___._ ".." .""..""..._._......"...".~ ",.."..".... -. "..""".."""_.." "..".~".._"_-...."..""".."""
"""".""".""".""~~ "." """ "..""_.""""""".."".___.___ ".".."I. - ""....".""" ......." - "" """ """..." - _.." _"..."."-
Section 30. Proceedings Constitute Contract. The provision of this resolution and of the resolu-
tions providing for the sale of the bonds and awarding the bonds and fixing the interest rate or rates
thereon and all other resolutions or ordinances adopted in connection with the authorization of the
bonds shall constitute a contract between the Authority and the holder of such bonds, not subject
to repeal, and not subject to modification other than to the extent and in the manner provided in this
resolution. Said contract is made under and is to be construed in accordance with the laws of the State
of California. The rights, limitations, powers and duties arising upon breach of the Authority of any of
the covenants, conditions or obligations contained in said contract shall be those provided by the laws of
the State of California, including, without limitation, said Parking Law. In addition to all other rights
conferred upon a bondholder and subject only to any contractual restrictions binding upon him a
bondholder may:
(a) By mandamus, suit, action, or proceeding at law or in equity, compel the Authority
and its members, officers, agents or employees to perform every term, provision, and covenant
contained in any contract of the Authority with or for the benefit of the bondholder, to carry out all
covenants and agreements of the Authority, and to fulfill the duties imposed upon the Authorit)
by said Parking Law.
(b) By suit, action, or proceeding in equity, enjoin any acts or things which are unlawful
and in violation of any of the rights of the bondholder.
Section 31. SeverabiEty. If any covenant, agreement or provision, or any portion thereof, con
tained in this resolution, or the application thereof to any person or circumstance, is held to be unconsti
tutional, invalid or unenforceable, the remainder of this resolution and the application of any sucl
covenant, agreement or provision, or portion thereof, to other persons or circumstances, shall b
deemed severable and shall not be affected, and this resolution and the bonds issued pursuant heretc
shall remain valid and the bondholders shall retain all valid rights and benefits accorded to then
under this resolution and the Constitution and laws of the State of California.
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Section 32. Effective Date. This resolution shall take effect upon adoption. 4
ADOPTED, SIGNED AND APPROVED .this 21
ATTEST:
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STATE OF CALTFORNIA
COUNTY OF SAN DTEGO J
1 ss.
I, MARGARET ADAMS, Clerk of the Parking Authority of the City of Carlsbad, California,
DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Parking Authority of the
City of Carlsbad at a meeting of said Parking Authority held on the 2 1's @ay of August, 1969, and that,$ was so adopted by the following vote: - ,. ..-i, .I ,..; 3'. : ' ; \\\A , . . . .-. ' . ..'
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(SEAL)
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TITLE iNSURANCE AND TRUST COwlPAM When Recorded Mail to: ?~CC;;\D~C ;~g~.;lj~~'~ iYc 4
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Parking Authority of the City of Carlsbad_ -. 1 r I ' .I <" 1-1
City Clerk ;-ii:l i i ;u 23 1,K :Jb
City of Carlsbad
Carlsbad, California
jL,.;,::; 1; i! ..,d,i >c &Ski$
5AiJ DIEGO CD!JHTY,CALlF. rjFF\CiAi RECORDS
.t. S. GRAY, RECilROER
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1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records.
2. Any facts, rights, interests, or claims which are not shown by the public records but which could be ascertained by an inspection of said land or by making inquiry of persons in possession thereof.
3. Easements, claims of easement or encumbrances which are not shown by the public records.
4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey would disclose, and which are not shown by the public records.
5. Unpatented mining claims; reservations or exceptions in patents or in Acts authorizing the issuance thereof; water rights, claims or title to water.
CONDITIONS AND STIPULATIONS
1. DEFINITION OF TERMS 3. EXCLUSIONS FROM THE COVERAGE OF out knowledge.
,
.‘
The following terms when used in this policy mean:
(a) “land’: the land described, specific- ally or by reference, in Schedule C and improvements affixed thereto which by law constitute real property;
(b) , “public records”: those records which impart consrructive notice of matters relating to said land;
(c) “knowledge”: actual knowledge, not constructive knowledge or notice which
of any public records; may be imputed to the Insured by reason
(d) “date”: the effective date;
trust deed, or other security instrument; and (e) “morrgage”: mortgage, deed of trust,
as Insured, and if the owner of the in- (f) *‘insured’: the party or parties named
debtedness secured by a mortgage shown in Schedule B is named as an Insured in Schedule A. the Insured shall include (1) each successor in interest in ownership of such indebtedness, (2) any such owner who acquires the estate or interest referred to in this policy by foreclosure, trustee’s sale, or other legal manner in satisfaction of said indebtedness, and (3) any federal agency or instrumentality which is an in- surer or guarantor under an insurance con-
said indebtedness, or any part thereof, tract or guaranty insuring or guaranteeing
whether named as an insured herein or not, subject otherwise to the provisions hereof.
2. BENEFITS AFTER ACQUISITION OF TITLE
secured by a mortgage described in Sched- If an insured owner of the indebtedness
ule B acquires said estate or interest, or any part thereof,, by foreclosure, trustee’s sale, or other legal manner in satisfaction of said indeStedness, or any part thereof, or if a federal agency or instrumentaliry acquires said estate or interest, or any part thereof, as a consequence of an insurance contract or guaranty insuring or guarantee- ing the indebtedness secured by a mortgage covered by this policy, or any part rhereof, this policy shall continue in force in favor of such Insured, agency or instrumenrality, subject to all of the conditions and stipula- tions hereof.
THIS POLICY
This policy does not insure against loss or damage by reasons of the following:
(a) Any law, ordinance or governmental regulation (including but nor limited to building and zoning ordinances) restricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the character, dimensions, or location of any improvement now or hereafter erected on said land, or prohibiting a separation in ownership or a reduction in the dimensions or area of any lot or parcel of land.
(b) Governmental rights.of police power or eminent domain unless notice of the exercise of such rights appears in the public records at the date hereof.
(c) Title to any property beyond the lines of the land expressly described in Schedule C, or title to streets, roads, ave-
such land abuts. or the right to maintain nues, lanes, ways or waterways on which
therein vaults, tunnels. ramps or any other structure or improvement; or any rights or easements therein unless this policy specific- ally provides char such property. rights or easements are insured. except that if the
open streets or highways this policy insures land abuts upon one or more physically
the ordinary rights of abutting owners for access to one of such streets oc highways. unless otherwise excepted or cxcluded herein.
(d) Defects, liens, encumbrances. adverse claims against the title as insured or other matters (1) created, suffered, assumed or agreed to by the Insured claiming loss or damage; or (2) known ro the Insured Claimant either at the date of this policy or. at the date such Insured Claimant ac- qu~red an estate or interest insured by this
unless disclosure thereof in writing by the policy and not shown by the public records.
Insured shall have been made to the Com- pany prior to the date of this policy: or (3) resulting in no loss to the Insured Claim- ant; or (4) attaching or created subsequent ro the date hereof,
have been sustained if the Insured were a (e) Loss or damage which would not
purchaser or encumbrancer for value with-
(Conditions and Stipulations Continued and Concluded on Las
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4. DEFENSE AND PROSECUTION OF AC
-NOTICE OF CLAIM TO BE GlVI
THE INSURED
without undue delay shall provide (1
(a) The Company, at its own cos
the defense of the Insured in all litii
menced against the Insured. or def consisting of actions or proceedings
restraining orders, or injunctions inter
gage and indebtedness covered by this J
against a foreclosure or sale of the
or a sale of the estate or inrerest ir land; or (2) for such action as ma appropriate to establish the title of estate or interest or the lien of the I gage as insured, which litigation or a in any of such events is founded up( alleged defect, lien or encurnbrancc sured against by this policy, and may sue any litigation to final determinatil the court of last resort.
ing shall be begun, or defense interp
(b) In case any such action or prc
or in case knowledge shall come to th, sured of any claim of title or interest u is adverse to the title of the estare o terest or Lien of the mortgage as ins)
which the Company shall or may be 1 or which might cause loss or damagt
shall in good faith contract to sell tht by virtue of this policy, or if the Ins
debtedness secured by a mortgage cw by this policy, or, if an Insured in , faith leases or contracts to sell, leas mortgage the same, or if the succe: bidder at a foreclosure sale under a n gage covered by this policy refuses to chase and in any such event the tit], said estate or inrerest is rejected as
marketable, rhe Insured shall notify
Company thereof in writing. If such n( shall not be given to the Company wi
’ ten days of the receipt of process or pl ings or if the Insured shall not, in writ romptly notify the Compmy of any !en. lien or encumbrance insured agni which shall come to [he knowledge of Insured. or if the Insured shall not. writing. promptly notify the Company any such rejection by reason of claimed marketability of title. then all liability
,t Page of This Policy)
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CALIFORNIA LAND TITLE ASSOCIATION STANDARD COVERAGE POLICY - 1963
SCHEDULE A
POLICY NO0 8 890868-PLANT ACCOUNT: ARBS 118, 117, 119,
120, 1169 111, 89 189 629 56, 559 57, 112,113~
114, 1150
AMOUNT 8 $1,535,000~00
PREMIUM 8 $39232075'
EFFECTIVE DATE8 OCTOBER 21, 1969 AT 10123 A.M.
INSURED
THE PARKING AUTHORITY OF THE CITY OF CARLSBAD, A PUBLIC
CORPORATION'I AND SECURITY PACIFIC NATIONAL BANK, LOS ANGELES,
CALIFORNIA, AS THE 1969 PARKING REVENUE BONDS FISCAL AGENT
UNDER RESOLUTION OF THE PARKING AUTHORITY OF THE CITY OF
CARLSBAD AUTHORIZING ISSUANCE OF BONDS, ATTACHED TO LEASE
AGREEMENT RECORDED OCTOBER 219 1969, RECORDER'S FILE NO0
193481 OF OFFIC'IAL RECORDS HEREINAFTER SHOWN.
10 TITLE' TO THE ESTATE OR INTEREST COVERED BY THIS POLICY AT THE DATE HEREOF IS VESTED IN:
THE PARKING AUTHORITY OF THE CITY OF CARLSBAD, A PUBLIC
CORPORATION
20 THE ESTATE OR INTEREST IN THE LAND DESCRIBED OR REFERRED TO IN
SCHEDULE C COVERED BY THIS POLICY IS A FEE.
SCHEDULE 8
THIS POLICY DOES NOT INSURE AGAINST LOSS OR DAMAGE BY REASON OF
THE FOLLOW I NGO
PART ONE
ALL MATTERS SET FORTH IN PARAGRAPHS NUMBERED 1 TO 5 INCLUSIVE ON THE
INSIDE COVER SHEET OF THIS POLICY UNDER THE HEADING SCHEDULE B.PART ONE.
PART TWO
890868 PAGE 1
'\ 4,
+* m e
1, GENERAL AND SPECIAL COUNTY AND CITY TAXES
FOR THE FISCAL YEAR, 1969-70
A LIEN, NOT YET PAYABLE
20 THE FACT THAT THE OWNERSHIP OF SAID LAND DOES NOT INCLUDE
ANY RIGHTS OF INGRESS AND EGRESS TO OR FROM THE FREEWAY ADJACENT
THERETO SAID RIGHTS HAVING BEEN RELINQUISHED TO THE STATE OF
CALIFORNIA, BY DEED RECORDED SEPTEMBER 8, 1964 UNDER RECORDER'S
FILE NO* 1634320
NOTE: SAID FREEWAY IS ADJACENT TO THAT PORTION OF THE NORTHERLY
AND EASTERLY LINES OF THE HEREIN DESCRIBED LAND SHOWN AS HAVING
THE FOLLOWING BEARINGS AND DISTANCES: NORTH 7°09t55t' WEST
110120 FEET; NORTH 56O32'58" WEST 121.72 FEET TO A POINT IN
THE ARC OF A 150 FOT RADIUS CURVE, CONCAVE SOUTHERLY, A RADIAL
LINE OF SAID CURVE BEARS NORTH 28°33'27t' EAST TO SAID POINT,
WESTERLY ALONG SAID CURVE 81031 FEET THROUGH AN ANGLE OF 31°03'27t',
NON-TANGENT TO SAID CURVE SOUTH 89012'51" WEST 167.13 FEET
TO A POINT IN THE ARC OF A 205 FOOT RADIUS CURVE, CONCAVE SOUTHERLY,
A RADIAL LINE OF SAID CURVE 8EARS.NORTH 2O30' WEST TO SAID
POINT, WESTERLY ALONG SAID CURVE 125078 FEET THROUGH AN ANGLE
OF 35009'13tt TO A POINT OF REVERSED CURVATURE HAVING A RADIUS
OF 95 FEET, WESTERLY AND NORTHWESTERLY AL.ONG SAID CURVE 185.96
FEET0
SAID DEED RECITES IN PART AS FOLLOWS:
,"PROVIDED, HOWEVER, THAT SUCH REMAINING PROPERTY SHALL ABUT
UPON AND HAVE ACCESS TO SAID FRONTAGE ROAD WHICH WILL BE CONNECTED
TO THE FREEWAY ONLY AT SUCH POINTS AS MAY BE ESTABLISHED BY
PUBLIC AUTHORITYO"
3. THE RECITAL CONTAINED IN THE DEED TO THE STATE OF CALIFORNIA
RECORDED SEPTEMBER 8, 1964, RECORDER'S FILE NO0 163432, AS
FOLLOWS:
THE GRANTOR, FOR ITSELF, ITS SUCCESSORS AND ASSIGNS, HEREBY
WAIVES ANY CLAIMS FOR ANY AND ALL DAMAGES TO GRANTOR'S REMAINING
PROPERTY CONTIGUOUS TO THE PROPERTY HEREBY CONVEYED BY REASON
OF THE LOCATION, CONSTRUCTION, LANDSCAPING 0R.MAINTENANCE OF
SAID HIGHWAY*
SAID RECITAL AFFECTS THAT PORTION OF THE NORTHERLY AND EASTERLY
LINES OF THE HEREIN DESCRIBED LAND SHOWN AS HAVING THE FOLLOWING
BEARINGS AND DISTANCES,
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NORTH 7009*55" WEST 110020 FEET; NORTH 56032'58" WEST 121072
FEET TO A POINT IN THE ARC OF A 150 FOOT RADIUS CURVE, CONCAVE
SOUTHERLY, A RADIAL LINE OF SAID CURVE BEARS NORTH 28033'27" .
EAST TO SAID POINT, WESTERLY ALONG SAID CURVE 81031 FEET THROUGH
AN ANGLE OF 31O03'27", NON-TANGENT TO SAID CURVE SOUTH 89012'51'1
WEST 167013 FEET TO A POINT IN THE ARC OF A 205 FOOT RADIUS
CURVE, CONCAVE SOUTHERLY, A RADIAL LINE OF SAID CURVE BEARS
NORTH 2O30' WEST TO SAID POINT, WESTERLY ALONG SAID CURVE 125078
FEET THROUGH AN ANGLE OF 35°09'131t TO A POINT OF REVERSED CURVATURE
HAVING A RADIUS OF 95 FEET, WESTERLY AND NORTHWESTERLY ALONG
SAID CURVE 185096 FEETI
40 AN EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR THE
PURPOSE STATED HEREIN9 AND INCIDENTAL PURPOSES
FOR a SEWER PIPE LINE
GRANTED TO : VISTA SANITATION DISTRICT AND THE CITY
RECORDED 8 OCTOBER 9, 1964
OF CARLSBAD, AS TENANTS IN COMMON
RECORDER'S FILE NO. a 184917
SAID EASEMENT BEING MORE PARTICULARLY DESCR1[BED AS FOLLOWS,
TO-W ff 8
ALL THAT PORTION OF THE NORTHWEST QUARTER OF SECTION 32, TOWNSHIP
11 SOUTH, RANGE 4 WEST, SAN BERNARDINO BASE AND MERIDIAN, IN THE COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO
UNITED STATES GOVERNMENT SURVEY APPROVED APRIL 5, 18.819 LYIN'G
WITHIN A STRIP OF LAND 15000 FEET IN WIDTH, LYING 7.30 FEET ON EACH SIDE OF A CENTER LINE DESCRIBED AS FOLLOWS$
BEGINNING AT A POINT ON THE CENTER LINE OF ROAD SURVEY 925
OF EL CAMINO REAL, ACCORDING TO MAP THEREOF ON FILE IN THE
OFFICE OF THE COUNTY SURVEYOR OF SA10 COUNTY, DISTANT THEREON
SOUTH 3046'0O1' EAST 241050 FEET FROM THE INTERSECTION OF SAID
CENTER LINE WITH THE CENTER LINE OF THE COUNTY HIGHWAY COMMISSION
RELOCATION OF ROUTE 14, DIVISION 1, ACCORDING TO MAP THEREOF
ON FILE IN THE OFFICE OF SAID COUNTY SURVEYOR; THENCE SOUTH
81042136" WEST 758017 FEET; THENCE SOUTH 74O47'19" WEST 641083
FEET TO A POINT IN THE WEST LINE OF SAID SECTION 320
EXCEPTING THEREFROM THAT PORTION LYING WITHIN ROAD SURVEY 9250
THE SIDE LINES OF SAID 15000 FOOT STRIP OF LAND TO BE LENGTHENED
OR SHORTENED SO AS TO TERMINATE IN THE WESTERLY LINE OF SAID
ROAD SURVEY 925 AND THE WEST LINE OF SAID SECTION 320
890868 PAGE 3
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REFERENCE IS MADE TO SAID DOCUMENT FOR FULL PARTICULARSe
50 AN EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR THE
PURPOSE STATED HEREIN9 AND INCIDENTAL PURPOSES
FOR 8 A SEWER PIPE LINE
I GRANTED TO 8 VISTA SANITATION DISTRICT AND THE CITY
OF CARLSBAD
RECORDED t OCTOBER 99 1964 RECORDER'S FILE NO. 8 184918
AFFECTS 8 NORTH 15 FEET OF LOTS 39, 40 9 41 AND
42 OF HOSP EUCALYPTUS FOREST TRACT
NO. lo
60 AN EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR THE
PURPOSE STATED HEREIN9 AND INCIDENTAL PURPOSES
FOR 8 A PUBLIC HIGHWAY
GRANTED TO 8 THE CITY OF CARLSBAD
RECORDED : MARCH 11, 1966
RECORDER'S FILE NO. 8 42245
SAID EASEMENT BEING A STRIP OF LAND 126 FEET WfDEr THE CENTER
LINE OF WHICH IS DESCRIBED AS FOLLOWS1
BEGINNING AT A POINT ON THE NORTHWESTERLY LINE OF RANCHO AGUA
HEDIONDA, ACCORDING TO PARTITION MAP THEREOF NO. 823, ON FILE
IN SAID RECORDER'S OFFICE, DISTANT THEREON NORTH 32O57'03"
EAST 1970022 FEET FROM THE MOST NORTHERLY CORNER OF THUM LANDS, ACCORDING TO MAP THEREOF NO1 1681, ON FILE IN SAID RECORDER'S
OFFICE, SAID POINT HAVING COORDINATES NORTH 568, 21900?6 AND
EAST 1~671,4?~0191 PER CALIFORNIA COORDINATE SYSTEM ZONE 68
THENCE NORTH 39041'56" WEST, 169058 FEET TO THE BEGINNING OF
A TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 2500 FEETt
THENCE NORTHERLY ALONG SAID CURVE, THROUGH A CENTRAL ANGLE OF 35010'58'' A DISTANCE OF 1535014 FEET8 THENCE TANGENT TO
SAID CURVE9 NORTH 3O09'03" WEST, 527037 FEET TO A POINT ON
THE SOUTHERLY LINE OF STATE HIGHWAY XI-SD-'78, DISTANT THEREON
SOUTH 86050'57" WEST -SOUTH 86014'13'' WEST DEED- 40.50 FEET FROM AN ANGLE POINT ON SAID SOUTHERLY LINE FORMED BY COURSES
-1- AND -2-0 DESCRIBED IN DEED TO STATE OF CALIFORNIA, RECORDED
APRXL 69 19659 AS DOCUMENT NO@ 60305 OF OFFICIAL RECORDS OF
SAID COUNTY9 SAID POINT HAVING COORDINATES NORTH 3?09291085Z u.
AND EAST 1967098070836 IN SAID ZONE 60
THE WESTERLY SIDE LINE OF SAID STRIP SHALL BE PROLONGED NORTHERLY
SO AS TO INTERSEC? THE SOUTHERLY LINE OF SAID STATE HIGHWAY,
AS DESCRIBED IN DEED TO STATE OF CALIFORNIA, RECORDED SEPTEMBER
8, 19649 AS DOCUMENT NO. 163432 OF OFFICIAL RECORDS AND PROLONGED
890868 PAGE 4
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SOUTHERLY SO AS TO TERMINATE IN SAID.NORTHWESTERLY LINE OF
RANCHO AGUA HEDIONDA.
SAID INSTRUMENT ALSO GRANTS THE RIGHT TO EXTEND AND MAINTAIN
DRAINAGE STRUCTURES AND EXCAVATION AND EMBANKMENT SLOPES BEYOND
THE LIMITS OF SAID RXGHT OF WAY WHERE REQUIRED FOR CONSTRUCTION
AND MAINTENANCE.
70 COVENANTS, EASEMENTS AND TEMPORARY LICENSES, AS CONTAINED
IN AN INSTRUMENT ENTITLED ttCONSTRUCTION, OPERATION AND RECIPROCAL
EASEMENT AGREEMENTtt$ RECORDED APRIL 21, 1966 UNDER RECORDER'S
FILE NOo 66915.
REFERENCE IS MADE PO SAID DOCUMENT FOR FULL PARTICULARS.
80 COVENANTS AND EASEMENTS AS CONTAINED IN AN AGREEMENT RECORDED
APRIL 219 1966 UNDER RECORDER'S FILE NO. 669160
REFERENCE IS MADE TO SAID DOCUMENT FOR FULL PARTICULARS.
AN AMENDMENT TO THE ABOVE AGREEMENT WAS RECORDED JULY 28, 1969
AS DOCUMENT NO* 135915, OFFICIAL RECORDS.
9. EASEMENTS TOGETHER WITH THE POWER TO GRANT LICENSES FOR
THE USE OF SAID EASEMENTS, AS GRANTED TO THE MAY DEPARTMENT
STORES COMPANY, A NEW YORK CORPORATION, BY DEED RECORDED APRIL
21, 1966 UNDER RECORDER'S FILE NO. 66914.
10. A LEASE AND AGREEMENT DATED APRIL 20, 1966 BY AND BETWEEN
PLAZA CAMINO REAL9 A LIMITED PARTNERSHIP, ORGANIZED AND EXISTING
UNDER THE LAWS OF CALIFORNIA, THE GENERAL PARTNER OF WHICH
IS THE MAY STORES SHOPPING CENTER INC., A MUNICIPAL CORPORATION
-HEREINAFTER SOMETXMES CALLED "PARTNERSHIP"-, AND CARLSBAD
PARKING AUTHORfTYt A MUNICIPAL CORPORATION, RECORDED JUNE 219
1966 UNDER RECORDER'S FILE NO. 101714r
890868 PAGE 5
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REFERENCE IS MADE TO SAID DOCUMENT FOR FULL PARTICULARS.
AN AMENDMENT TO THE ABOVE LEASE CHANGING THE DESCRIPTION OF
PROPERTY THEREIN TO BE THE SAME AS THE HEREIN DESCRIBED PROPERTY, WAS RECORDED JULY 289 1969, AS DOCUMENT NO. 135914 OF OFFICIAL
RECORDS.
llr AN EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR THE
PURPOSE STATED HEREIN, AND INCIDENTAL PURPOSES
FOR 8 A LINE OF PIPES FOR THE TRANSMISSION
AND DISTRIBUTION OF GAS AND ALL PURPOSES
CONNECTED THEREWITH AT SUCH LOCATIONS
AND ELEVATIONS, IN, UPON, UNDER, AND/OR
ALONG THE HEREINAFTER DESCRIBED EASEMENT
AND RIGHT OF WAY AS GRANTEE MAY NOW
OR HEREAFTER DEEM NECESSARY OR CONVENIENT
FROM TIME TO TIME, TOGETHER WITH THE
RIGHT OF INGRESS THERETO AND EGRESS
THEREFROM BY A PRACTICAL ROUTE OR ROUTES
IN9 UPON* OVER AND ACROSS THE HEREINAFTER
DESCRIBED LANDS, OR ANY PORTION OR
PORTIONS THEREOF, TOGETHER WITH THE
RIGHT TO CLEAR AND KEEP CLEAR SAID
EASEMENT AND RIGHT OF WAY, FROM EXPLOSIVES,
MATERIALS, BUILDINGS OR OTHER STRUCTURES,
IMPLEMENTS OR OBSTRUCTIONS
GRANTED TO 8 SAN DIEGO GAS C ELECTRIC COMPANY, A
CORPORATION
RECORDED a OCTOBER 4, 1968
RECORDER'S FILE NO. 8 173588 AND FILE NO. 173589,'AND RECORDED OCTOBER 49 1968 AS FILE NO. 173594
AND 173595
SAID DEED DOES NOT CONTAIN THE LOCATION OF SAID EASEMENT.
890868 PAGE 6
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120 AN EASEMENT FOR GAS PIPE LINES AND INCIDENTAL PURPOSES AS GRANTED
TO SAN DIECO GAS G ELECTRIC COMPANY BY DEED
RECORDED 8 OCTOBER 4, 1966
AFFECTS 8 AS FOLLOWS:
THOSE CERTAIN 6000 FOOT WIDE STRIPS OF LAND, BEING 3.00 FEET
ON EACH AND EVERY SIDE OF THE "GAS FACILITIEStt AS THEY EXIST
OR WILL EXIST, THE LOCATIONS OF WHICH ARE SHOWN ON THE PLAN
MARKED EXHIBIT ItAtt, ATTACHED HERETO AND BY THIS REFERENCE MADE
A PART HEREOF.
RECORDER'S FILE NO.8 173590
,
130 AN EASEMENT AGREEMENT DATED SEPTEMBER 19~ 1968 EXECUTED
BY AND BETWEEN PLAZA CAMINO REAL, A LIMITED PARTNERSHIP, HEREINAFTER
CALLED tlFIRST PARTY"9 AND SAN DIECO GAS fi ELECTRIC COMPANY,
A CORPORATIONP HEREINAFTER CALLED IISECOND PARTYtt, RECORDED
OCTOBER 4, 1966, UNDER RECORDER'S FILE NO. 1735910
REFERENCE IS MADE TO SAID DOCUMENT FOR'FULL PARTICULARS.
140 AN EASEMENT AGREEMENT DATED SEPTEMBER 19t 1968, EXECUTED BY AND BETWEEN THE MAY DEPARTMENT STORES COMPANY, A NEW YORK
CORPORATION HEREINAFTER CALLED "FIRST PARTY", AND SAN DIEGO
GAS G ELECTRIC COMPANY, A CORPORATION^ HEREINAFTER CAtlED "SECOND
PARTY't, RECORDED OCTOBER 4, 1968 UNDER RECORDER'S FILE NO.
173592.
REFERENCE IS MADE TO SAID DOCUMENT FOR FULL PARTICULARS.
150 AN EASEMENT FOR POLES, WIRES AND ANCHORAGE FOR THE TRANSMISSION
AND DISTRIBUTION OF ELECTRICITY AND INCIDENTAL PURPOSES, AS GRANTED
TO SAN DIEGO GAS C ELECTRIC COMPANY BY DEED
RECORDED 8 OCTOBER 4, 1968
RECORDER'S FILE NO08 173593
890868 PAGE 7
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.
THE SAID EASEMENT AND RIGHT OF WAY SHALL BE 12000 FEET IN WIDTH,
BEING 6000 FEET MEASURED AT RIGHT ANGLES, ON EACH SIDE OF THE
FOLLOWING DESCRIBED CENTER LINE:
COMMENCING AT THE SOUTHWEST CORNER OF YHE SOUTHWEST QUARTER
OF THE NORTHWEST QUARTER OF SAID SECTION 32, SAID SOUTHWEST
CORNER BEARS SOUTH 0024'41" EAST FROM THE NORTHWEST CORNER
OF SAID SECfION 921 ?HENCE NORTH 66015143fI EAST, 1492.15 FEET TO THE TRUE POINT OF BEGINNING OF THE CENTER LINE OF RIGHT
OF WAY HEREIN DESCRIBED; THENCE FROM SAID TRUE POINT OF BEGINNING,
NORTH 84047'07" EAST, 135090 FEET.
ALSO8 THAT CERTAIN STRIP OF LAND 4000 FEET IN WIDTH, BEING
2000 FEET ON EACH SIDE OF THE FOLLOWING DESCRIBED CENTER LINE,
BEGINNING AT THE ABOVE DESCRIBED TRUE POINT OF BEGINNING8 THENCE
84047'07" WEST9 19.00 FEET.
160 A LEASE, AFFECTING THE PREMISES HEREIN STATED, EXECUTED BY AND
BETWEEN PARTIES NAMED HEREIN, FOR THE TERM AND UPON THE TERMS,
COVENANTS AND CONDITIONS THEREIN PROVIDED
DATED I JANUARY 12, 1968
LESSOR 8 PLAZA CAMINO REAL, A CALIFORNIA LIMITED
PARTNERSHIP
LESSEE 8 Fo Wo WOOLWORTH COOS A CORPORATION
RECORDED 1 DECEMBER 27, 1968
RECORDER'S FILE NO01 226463
170 AN AGREEMENT FOR CONSTRUCTION, OPERATION AND RECIPROCAL
EASEMENTS DATED 28TH DAY OF JULY9 1969, EXECUTED BY AND BETWEEN
PLAZA CAMINO REAL, A CALIFORNIA LIMITED PARTNERSHIP, THE MAY
DEPARTMENT STORES COMPAlVYt A NEW YORK CORPORATION, AND JoCo
PENNEY COMPANY, INCOV A DELAWARE CORPORATION, RECORDED JULY
28, 1969 AS FILEIPAGE NO. 135913, IN THE OFFICE OF COUNTY RECORDER
OF SAN DIEGO COUNTY.
890868 PAGE 8
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REFERENCE IS MADE TO SAID DOCUMENT FOR FULL PARTICULARS0
180 AN EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR THE
PURPOSE STATED HEREIN, AND INCIDENTAL PURPOSES
FOR 8 UNDERGROUND FACILITIES FOR THE TRANSMISSION
AND DISTRIBUTION OF ELECTRICITY
GRANTED TO 8 SAN DIEGO GAS C ELECTRIC COMPANY, A
CORPORATION
RECORDED 8 AUGUST 11, 1969
RECORDER'S FILE NO0 8 145978
AFFECTS 8 6000 FEET IN WIDTH, LYING ADJACENT
TO$ CONTIGUOUS WITH AND SOUTHERLY OF
THE FOLLOWING DESCRIBED LINE:
COMMENCING AT THE SOUTHWEST CORNER OF THE SOUTHWEST QUARTER
OF THE NORTHWEST QUARTER OF SAID SECTION 321 THENCE NORTH 0°24'41"
WEST ALONG THE WESTERLY LINE OF SAID SOUTHWEST QUARTER OF THE
NORTHWEST QUARTER, A DISTANCE Of 195.12 FEET; THENCE LEAVING
SAID WESTERLY LINE EAST9 657.32 FEETI THENCE NORTH 77015'51"
EAST, 677092 FEET TO THE TRUE POINT OF BEGINNING OF THE LINE
HEREIN OESCRfBEDl THENCE FROM SAID TRUE POINT OF BEGINNING
AND CONTINUING NORTH 77015'51" EAST, 110000 FEET.
SAID DEED RECITES: "GRANTOR COVENANTS FOR HIMSELF,
HIS SUCCESSORS AND ASSIGNS, NOT TO PLACE OR MAINTAIN ANY BUILDING OR STRUCTURE ON SA1 D EASEMENT,"
SAID DOCUMENT RECITES IN PART AS FOLLOWS$
GRANTOR, THEIR SUCCESSORS OR ASSIGNS, SHALL NOT INCREASE
OR DECREASE, THE GROUND SURFACE ELEVATIONS WITHIN THE ABOVE
DESCRIBED EASEMENT AND RIGHT OF WAY EXISTING AT THE DATE
OF EXECUTION OF THIS INSTRUMENT, WITHOUT THE PREVIOUS WRITTEN
CONSENT OF THE GRANTEE0
890868 PAGE 9
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19. AN EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR THE
PURPOSE STATED HEREIN, AND INCIDENTAL PURPOSES
FOR 8 THE TRANSMISSION AND DISTRIBUTION OF
ELECTRICITY AND UNDERGROUND FACILITIES
GRANTED TO 8 SAN DIEGO GAS G ELECTRIC COMPANY, A
CORPORATION
RECORDED 8 SEPTEMBER 26, 1969
RECORDEROS FILE NO. 8 177172
SAID DEED RECITES8 "GRANTOR COVENANTS FOR HIMSELF,
HIS SUCCESSORS AND ASSIGNS9 NOT TO PLACE OR MAINTAIN ANY BUILDING OR
STR.UCTURE ON SAID EASEMENTr"
200 AN EASEMENT FOR POLES9 WIRES AND ANCHORAGE FOR THE TRANSMISSION
AND DISTRIBUTION OF ELECTRICITY AND INCIDENTAL PURPOSES, AS GRANTED 1
TO SAN DIEGO GAS & ELECTRIC COMPANY BY DEED
RECORDED 8 SEPTEMBER 269 1969
RECORDER'S FILE NOo.8 177194
SAID DEED RECITES8 "GRANTOR COVENANTS FOR HIMSELF, HIS SUCCESSORS AND ASSIGNS9 NOT TO PLACE OR MAINTAIN ANY BUILDING OR
STRUCTURE ON SAID EASEMENTO"
210 AN EASEMENT FOR GAS PIPE LINES AND INCIDENTAL PURPOSES AS GRANTE
TO SAN DIEGO GAS C ELECTRIC COMPANY BY DEED
RECORDED a SEPTEMBER 26, 1969
RECORDER'S FILE NOo$ ,177202
SAXD DEED RECITES8 "GRANTOR COVENANTS FOR HIMSECF,
HIS SUCCESSORS AND ASSIGNS9 NOT TO PLACE OR MAINTAIN ANY BUILDING OR
STRUCTURE ON SA1 D EASEMENTo"
E20 AN EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR THE
PURPOSE STA'TED HEREIN9 AND INCIDENTAL PURPOSES
FOR 8 THE TRANSMISSION AND DISTRIBUTION OF
ELECTRICITY
GRANTED YO 6 SAN DIEGO GAS C ELECTRIC COMPANY, A
CORPORATION
RECORDED 8 OCTOBER 69 1969
RECORDER'S FILE NO. 1 183344
890860 PAGE 10
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I
SAID DEED RECITES8 "GRANTOR COVENANTS FOR HIMSELF, HIS SUCCESSORS AND ASSIGNS, NOT TO PLACE OR MAINTAIN ANY BUILDING OR
STRUCTURE ON SAID EASEMENT,"
230 AN EASEMENT FOR POLES9 WIRES AND ANCHORAGE FOR THE TRANSMISSION
AND DISTRIBUTION OF ELECTRICITY AND INCIDENTAL PURPOSES, AS GRANTED
TO SAN DIEGO GAS G ELECTRIC COMPANY BY DEED
RECORDED 8 OCTOBER 69 1969
RECORDERIS FILE No08 183360
SAID DEED RECITES8 "GRANTOR COVENANTS FOR HIMSELF9
HIS SUCCESSORS AND ASSIGNS9 NOT TO PLACE OR MAINTAIN ANY BUILDING OR
STRUCTURE ON SAID EASEMENTo'I
24e AN EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR
THE PURPOSE STATE'D HEREIN, AND INCIDENTAL PURPOSES
FOR 8 MAINTENANCE OF THE FOOTINGS OF A BUILDING
LOCATED ON LAND ADJOINING THE LAND HEREIN
DESCRIBED
RESERVED BY 8 PLAZA CAMINO REAL9 A LIMITED PARTNEdSHIP
ORGANIZED AND EXISTING UNDER THE LAWS
Of THE STATE OF CALIFORNIA THE GENERAL
PARTNER OF WHICH IS THE MAY STORES SHOPPING
CENTERS9 INCe
RECORDED 8 OCTOBER 219 1969
RECORDERIS FILE No18 193480
AFFECTS 8 DESCRIBED. AS FOLLOWS 8
. BEGINNING AT A POINT ON THE WESTERLY LINE OF LAND DESCRIBED
IN EASEMENT TO THE CITY OF CARLSBAD FOR PUBLIC HIGHQAY PURPOSES9
RECORDED MARCH 11, 1966 AS DOCUMENT NO, 422459 OFFICIAL RECORDS9
SAID POINT LYING 441.14 FEET SOUTHERLY ALONG THE ARC OF A CURVE9 ,
THE RADIAL CENTER OF WHICH BEARS NORTH 76022'31" EAST 2563.00
FEET FROM SAID POINT, THENCE SOUTH 77°15'51" WEST 164.65 FEET8
THENCE NORTH 12°44'09" WEST 5r50 FEET TO THE TRUE POINT OF
BEGINNING OF THE HEREIN DESCRIBED ENCROACHMENT; THENCE NORTH
1Z044'09" WEST 66.80 fEETi THENCE NORTH 77015'51" EAST 0.45
FEET8 THENCE SOUTH 12°44f091' EAST 66.80 FEETl THENCE SOUTH
77015°51" WEST 0.45 FEET TO THE TRUE POINT OF BEGINNING.
890868 PAGE 11
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25. AN EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR
THE PURPOSE STATED HEREIN, AND INCIDENTAL PURPOSES
FOR 8 UTILITIES AND PARKING PURPOSES
RESERVED BY 8 PLAZA CAMINO REAL, A LIMITED PARTNERSHIP ORGANIZED AND EXISTING UNDER THE LAWS
OF THE STATE OF CALIFORNIA, THE GENERAL
PARTNER OF WHICH IS THE MAY STORES SHOPPING
CENTER, INCr
RECORDED 8 OCTOBER 21, 1969 RECORDER'S FILE NO08 193480
260 COVENANTS, CONDITIONS AND RESTRICTIONS CONTAINED IN A DOCUMENT
RECORDED 8 OCTOBER 21, 1969
RECORDER'S FILE NO.: 193480
UNDER THE TERMS SET'FORTH THEREIN, SAID DOCUMENT CONTAINS, AMONG
OTHER THINGS, A PROVISION SUBORDINATING THE EFFECT OF A VIOLATION
OF SAID COVENANTS, CONDITIONS AND RESTRICTIONS TO THE LIEN OF A
MORTGAGE OR DEED OF TRUST.
21. A LEASE9 AFFECTING THE PREMISES HEREIN STATED, EXECUTED BY AND
BETWEEN PARTIES NAMED HEREIN, FOR THE TERM AND UPON THE TERMS,
COVENANTS AND CONDITIONS THEREIN PROVIDED
DATED : AUGUST 21 9 1969
LESSOR : PARKING AUTHORITY OF THE CITY OF CARLSBAD
LESSEE 8 CITY OF CARLSBAD
RECORDED 8 OCTOBER 21, 1969 RECORDER'S FILE NO.: 193481
NOTE: THE TERMS, PROVISIONS AND CONDITIONS CONTAINED IN RESOLUTION
OF THE PARKING AUTHORITY OF CITY OF CARLSBAD AUTHORIZING ISSUANCE
OF BONDS WHICH SAID RESOLUTUN IS ATTACHED TO THE ABOVE LEASE.
890868 PAGE 12
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SCHEDULE C
THE LAND REFERRED TO IN THIS POLICY IS DESCRIBED AS FOLLOWS8
ALL THAT REAL PROPERTY SITUATED WITHIN THE CITY OF CARLSBAD,
IN THE COUNTY OF SAN DIEGO9 STATE OF CALIFORNIA, BEING THAT PORTION OF SECTION 329 TOWNSHIP 11 SOUTH, RANGE 4 WEST, SAN
BERNARDINO BASE AND MERIDIAN, ACCORDING TO OFFICIAL PLAT THEREOF,
TOGETHER WITH PORTIONS OF LOTS 139 149 AND 429 AND OF EUCALYPTUS
STREET, ALL. OF HOSP EUCALYPTUS FOREST COMPANY'S TRACT, ACCORDING
TO MAP THEREOF NO0 11369 FILED IN THE OFFICE OF COUNTY RECORDER
OF SAN DIEGO COUNTY9 BEING DESCRIBED AS A WHOLE AS FOLLOWS8
BEGINNING AT THE SOUTHEAST CORNER OF THE NORTH HALF OF THE
NCIRTWEAST QUARTER OF SECTION 31, TOWNSHIP 11 SOUTH, RANGE 4
WEST8 THENCE ALONG THE SOUTH LINE OF SAID NORTH HALF8 NORTH
8904Z919" WEST 404.27 FEET TO POINT "A" OF THIS DESCRfPTfONI
THENCE DUE SOUTH 424067 FEET8 THENCE EAST 339.54 FEET8 THENCE
NORTH 30000'00'' WEST 35092 FEET TO THE BEGINNING OF A TANGENT
CURVE CONCAVE SOUTHWESTERLY AND HAVING A RADIUS OF 15.00 FEETI
THENCE NORTHWESTERLY AND WESTERLY ALONG THE ARC OF SAID CURVE
THROUGH A CENTRAL ANGLE OF 60000'00" A DISTANCE OF 15071 FEET;
THENCE TANGENT TO SAID CURVE9 WEST 43005 FEET; THENCE NORTH
69017 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE SOUTHEASTERLY AND HAVING A RADIUS OF 10000 FEET8 THENCE NORTHERLY, NORTHEASTERLY
AND EASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL
ANGLE OF 9G000'00'' A DISTANCE OF 15.70 FEET, THENCE TANGENT
TO SAID CURVE EAST 2.38 FEET TO THE BEGINNING OF A TANGENT
CURVE CONCAVE NORTHWESTERLY AND HAVING A RADIUS OF 25000 FEET;
THENCE EASTERLY9 NORTHEASTERLY AND NORTHERLY ALONG THE ARC
OF SAID CURVE THROUGH A CENTRAL ANGLE OF 90000'OOff A DISTANCE
OF 39027 FEETI THENCE TANGENT TO SAID CURVE NORTH 13067 FEET
TO THE BEGINNING OF A TANGENT. CURVE CONCAVE SOUTHEASTERLY AND
HAVING A RADIUS OF 10100 FEET5 THENCE NORTHERLY, NORTHEASTERLY9
AND EASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL
ANGLE OF 9OoOO'0O" A DISTANCE OF 15.70 FEET; THENCE TANGENT
TO SAID CURVE9 EAST 140.00 FEETI THENCE SOUTH 60°00'00" EAST
90.00 FEET, THENCE EAST 185.24 FEET TO THE BEGINNING OF A TANGENT
CURVE CONCAVE SOUTHWESTERLY AND HAVING A RADIUS OF 10.00 FEET,
THENCE EASTERLY AND SOUTHEASTERLY ALONG THE ARC OF SAID CURVE
THROUGH A CENTRAL ANGLE OF 7O00O'0O1' A DISTANCE OF 12021 FEET$
THENCE TANGENT TO SAID CURVE SOUTH 20000'00" EAST 21072 FEET8
THENCE SOUTH 30e10 FEET8 THENCE EAST 232.88 FEET8 THENCE NORTH
70000~00" EAST 326142 FEET; THENCE SOUTH 20°00'00'~ EAST 76000 FEET? THENCE SOUTH 70°00'00" WEST 45000 FEET8 THENCE SOUTH
20000'00" EAST 190000 FEET8 THENCE SOUTH 70°00'00" WEST 329006
FEET8 ?HENCE SOUTH 20°00'00" EAST 62.00 FEET; THENCE SOUTH
.< , " ,. P 5,
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70000'00'1 WEST 89e48 FEETi THENCE SOUTH 20°00'00" EAST 20.00
FEET$ THENCE SOUTH 7O000'0O'' WEST 271.17 FEET! THENCE NORTH
20000'00" WEST 60097 FEET8 THENCE WEST 680033 FEET TO A LINE
WHICH BEARS SOUTH FROM THE HEREINABOVE DESIGNATED POINT "A"lTHENCE
ALONG SAID LINE9 SOUTH 274086 FEET TO A LINE WHICH BEARS SOUTH
76°30000" EAST FROM A POINT WHICH BEARS SOUTH 22.99 FEET FROM
THE SOUTHNESTERLY CORNER OF LAND DESCRIBED IN DEED TO THE
INSTRUMENT NO. 66568 OF OFFICIAL RECORDS; THENCE SOUTH 76°30@00"
EAST ALONG SAID LINE 339.00 FEET TO A POINT WHICH BEARS SOUTH
74*30'00" EAST 1265.00 FEET FROM THE SOUTHERLY TERMINUS OF
THAT LINE DESCRIBED ABOVE AS "SOUTH 22.99 FEET''; THENCE EAST
740900 FEET8 THENCE NORYH 77015'51'' EAST 52.31 FEET TO POINT
"B" OF THIS DESCRIPTION8 THENCE NORTH 20000'00" WEST 54.89
FEET8 THENCE NORTH 7O000'0Ov' EAST 572.50 FEET, THENCE SOUTH
12°44'09" EAST 126.84 FEET TO A LINE WHICH BEARS NORTH 77°15'51"
EAST FROM SAID POIN? '(B'l HEREINABOVE DESIGNATED? THENCE NORTH
77015°51" EAST 164.65 FEET TO AN INTERSECTION WITH THE WESTERLY
LINE OF LAND DESCRIBED IN EASEMENT TO THE CITY OF CARLSBAD
MAY STORES SHOPPING CENTERS INC.9 RECORDED APRIL 219 1966 AS
-FOR PUBlIC HIGHWAY PURPOSES, RECORDED MARCH 11, 1966 AS DOCUMENT
NO0 42245, OFFICIAL RECORDS, SAID INTERSECTION BEING A POINT
, IN THE ARC OF A CURVE, THE RADIAL CENTER OF WHICH BEARS NORTH
76022431't EAST 2563900 FEET FROM SAID POINT? THENCE ALONG SAID
WESTERLY LINE OF SAID EASEMENT, NORTHERLY ALONG THE ARC OF
SAID CURVE THROUGH A CENTRAL ANGLE OF 9051'421' A DISTANCE OF
441.14 FEET8 TANGENT TO SAID CURVE9 NORTH 3045'47" WEST 466.31
FEET THENCE SOUTH 86°14013",WEST 110000 FEET; THENCE NORTH
3045'41" WEST 174.00 FEET! THENCE NORTH 86014'13'' EAST 110000
FEET PO THE WESTERLY LINE OF SAID EASEMENT HEREIN BEFORE MENTIONED;
THENCE CONTINUING ALONG SAID WESTERLY LINE NORTH 3O45'47" WEST
STATE HIGHWAY AS DESCRIBED UNDER PARCEL 1 IN DEED TO THE STATE
OF CALIFORN1.A RECORDED SEPTEMBER 89 1964 AS DOCUMENT NO. 163432
OF OFFICIAL RECORDS8 THENCE ALONG THE BOUNDARY OF SAID STATE
HIGHWAY AS FOLLOWS8 NORTH 56032'58" WEST 100.34 FEET TO THE
BEGINNING OF A NON-TANGENT CURVE, THE RADIAL CENTER OF WHICH
3EARS SOUTH ,28°33'2ft1 WEST 150000 FEET THEREFROM4 THENCE WESTERLY
ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 31003'27"
A DISTANCE OF 81.31 FEET TO THE END THEREOF; THENCE NON-TANGENT
IN THE ARC OF A 205000 FOOT RADIUS CURVE9 CONCAVE SOUTHERLY,
THE RADIAL CENTER OF WHICH BEARS SOUTH 2030'00" EAST FROM SAID
POINT8 THENCE WESTERLY ALONG THE ARC OF SAID CURVE THROUGH
A CENTRAL ANGLE OF 35°09'13" A DISTANCE OF 125078 FEET TO THE
BEGINNING OF A REVERSE CURVE HAVIRG A RADIUS OF 95.00 FEET;
THENCE WESTERLY AND NORTHdESTERLY ALONG THE ARC OF SAID CURVE
FEET TO THE SOUTHEAST CORNER OF THAT EASEMENT FOR DRAINAGE
PURPOSES DESCRIBED UNDER PARCEL 29 GRANTED TO THE STATE OF
10000 FEET TO AN INTERSECTION WITH THE SOUTHERLY LINE OF CALIFORNIA
' TO SAID CURVE, SOUTH 89012'51" WEST 167.13 FEET TO A POINT
THROUGH A CENTRAL ANGLE OF 112' 09'13" A DISTANCE OF 185.96
OnnOfO n~er 41.
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CALIFORNIA, RECORDED SEPTEMBER 89 1964 AS DOCUMENT NO. 163432
OF OFFICIAL RECORDS? THENCE LEAVING SAID CURVE AND SAID SOUTHERLY
LINE OF CALIFORNIA STATE HIGHWAY, AND FOLLOWING ALONG THE SOUTHERLY
AND WESTERLY LINES OF SAID DRAINAGE EASEMENT, SOUTH 74030'00"
IN THE SOUTHERLY LINE OF THE LAND DESCRIBED UNDER PARCEL 1
IN DEED TO THE CITY OF OCEANSIDE9 RECORDED APRIL 20, 1959 AS
DOCUMENT NO0 77257 OF OFFICIAL RECORDS? THENCE SOUTH 69030'00"
WEST ALONG THE SOUTHERLY LINE OF SAID PARCEL 1 A DISTANCE OF
WEST 138088 FEET AND RORTH f5°19s26" WEST 40.85 FEET TO A POINT
614.20 FEET TO THE TRUE POINT OF BEGINNING.
EXCEPYING THEREFROM THAT PORTION OF SAID SECTION 32, DESCRIBED
AS FOLLOWS8 BEGINNING AT SAID SOUTHEAST CORNER OF SAID NORTH
HALF OF THE NORTHEAST QUARYER OF SECTION 319 OF SAID TOWNSHIP
AND RANGE$ THENCE NORTH 69°30'00" EAST ALONG SAID SOUTHERLY
LINE OF LAND DESCRIBED IN SAID DEED TO THE CITY OF OCEANSIDE,
425e90 FEET8 THENCE LEAVING SAID SOUTHERLY LINE, SOUTH 5000'00''
EAST 58017 FEET TO THE TRUE POINT OF BEGINNING OF THE HEREIN
DESCRIBED PARCEL8 THENCE CONTINUING SOUTH 5°00'00'' EAST 104.00
FEET; THENCE NORTH 85000'00'' EAST 327.67 FEET8 THENCE NORTH
5000'00" WEST 104000 FEET! THENCE SOUTH 85°00'00'1 WEST 327.67
FEET TO THE TRUE POINT OF BEGINNING.
ALSO EXCEPTING FROM SECTION 321 HEREIN DESCRIBED, ALL OF THE
OIL9 GASP AND MINERAL AND MINERAL RIGHTS, LYING BENEATH A DEPTH
OF 500 FEET FROM THE SURFACE OF SAID LAND, TOGETHER WITH THE
RIGHT OF ENTRY AT ANY POINT IN SUCH LAND LYING BELOW SAID DEPTH FOR THE PURPOSES OF EXPLORING9 DRILLING, CONVEYING AND REMOVAL
OF ANY SUCH SUBSTANCES AND INSTALLATION OF EQUIPMENT AND PIPELINES
FOR SUCH PURPOSES, PROVIDED THAT ANY SUCH ENTRY AND ACTIVITY
UPON SAID LAND FOR SUCH PURPOSE SHALL BE CARRIED OUT IN SUCH
MANNER AS TO AVOID ANY INTERFERENCE WITH THE USE OF THE SURFACE
OF SAID LAND9 AS EXCEPTED IN DEEDS FROM FAWCO9 A PARTNERSHIP9
WILLIAM So BARTMAN9 FRED A. BARTMAN JR.9 BERNARD CITRON, AND
HARRY JB La FRANK JR.9 RECORDED APRIL 21, 1966 UNDER RECORDER'S
FILE NOc'S 66913 AND 66568~
ALSO EXCEPTING FROM SAID PORTION OF SECTION 32, ABOVE ALL MINERAL
RIGHTS AND ALL OIL, GAS9 PETROLEUM, OR OTHER HYDROCARBON SUBSTANCES
WITHIN OR UNDERLYING SAID LAND WITHOUT RIGHT OF SURFACE ENTRY
AS RESERVED IN DEEDS EXECUTED BY REGINALD0 MARRON AND CAROLINE
MARRON RECORDED IN BOOK 66999 PAGE 264 OF OFFICIAL RECORDS9
AND BOOK 77129 PAGE 477 OF OFFICIAL RECORDS.
890868 PAGE 15
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INDORSEMENT
ATTACHED TO POLICY NO, $90868
ISSUED BY
TITLE INSURANCE AND TRUST COMPANY
THE COMPANY HEREBY ASSURES THE OWNER OR OWNERS OF THE BONDS UNDER
RESOLUTION OF PARKING AUTHORITY OF THE CITY OF CARLSBAD HEREINAFTER
REFERRED TO, IN THE AMOUNT OF $l,535,COO,OO AND ANY OTHER AMOUNTS
PAYABLE UNDER THE TERMS THEREOF, A CERTIFIED COPY OF WHICH
RESOLUTION WAS RECORDED ON OCTOBER 21, 1969 AS INSTRUMENT NO. 193481, IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY,
THAT :
THE LEASE REFERRED TO IN PARAGRAPH 27 OF PART I I OF SCHEDULE B OF THIS POLICY IS VALID ON THE DATE. OF THIS POLICY AS TO.THE LAND DESCRIBED THERE IN AND WILL BE BIND l EdG AS TO SA ID LAND AT THE
COMMENCEMENT OF THE TERM OF SAID LEASE SUBJECT TO THE EFFECT OF
ANY FAILURE TO COMPLY WITH THE TERMS, COVENANTS, CONDITIONS AND
PROVISIONS THEREOF.
THE COMPANY HEREBY INSURES SA ID INSURED AGA INST ANY LOSS OF PRINC IF
INTEREST, OR OTHER SUMS SET OUT IN SAID RESOLUTION WHICH SAID ASSUF
SHALL SUSTAIN IN THE EVENT THE ASSURANCES HEREIN PROVE TO BE IN-
CORRECT.
THE TOTAL LIABILITY OF THE COMPANY UNDER SAID POLICY AND ANY INDOR!
MENTS THEREIN SHALL NOT EXCEED, IN THE AGGREGATE, THE'FACE AMOUNT OF SAID POLICY AND COSTS WHICH THE COMPANY IS OBLIGATED UNDER
THE CONDITIONS AND STIPULATIONS THEREOF TO PAY.
THIS INDORSEMENT IS MADE A PART OF SAID POLICY AND IS SUBJECT TO
THE SCHEDULES, CONDITIONS, AND STIPULATIONS THEREIN, EXCEPT AS
MODIFIED BY THE PROVISIONS HEREOF.
TITLE INSURANCE AND TRUST COMPANY
BY WuAQLh
ASS I STANT8 SECRETARY
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I -. CLTA 107.8 7 4- 10-69) v % (5-69) : ALTA OR STANDARD COVERAGE
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INDORSEMENT
ATTACHED TO POLICY NO. 890848
ISSUED BY
Title Insurance and Trust Company
The following exclusion from coverage under this policy is added to Paragraph 3 of the
Conditions and Stipulations:
"Consumer credit protection, truth in lending or similar law."
The total liability of the Company under said policy and any indorsements therein shall not
exceed, in the aggregate, the face amount of said policy and costs which the Company is obligated
under the conditions and stipulations thereof to pay.
This indorsement is made a part of said policy and is subject to the schedules, conditions and
stipulations therein, except as modified by the provisions hereof.
Title Insurance and Trust Company
(jLLJ A$" BY SECRETARY
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1. CONDITIONS AND STIPUI *
the Company in regard to the subject matter of such action. proceeding or matter shall
that failure to notify shall in no case prejudice the claim of any Insured unless the Company shall be actually prejudiced by such failure and then only to the extent of such prejudice.
(c) The Company shall have the right at its own cost to institute and prosecute any action or proceeding or do any other act which in its opinion may be necessary or desirable to establish the title of the
gage as insured; and the Company may
estate or interest or the lien of the mort-
take any appropriate action under the terms of this policy whether or not it. shall be liable thereunder and shall not thereby concede liability or waive any provision of this policy.
(d) In all cases where this policy per- mits or requires the Company to prosecute or provide for the defense of any action or proceeding, the Insured shall secure to it the right to so prosecute or provide de- fense in such action or proceeding, and all appeals therein, and permit it to use, at its option, the name of the Insured for such purpose. Whenever requested by the Com- pany the Insured shall give the Company all reasonable aid in any such action or proceeding, in effecting settlement, securing evidence, obtaining witnesses, or prosecu- ting or' defending such action or proceed- ing, and the Company shall reimburse the Insured for any expense so incurred.
cease and rerminate; provided, however,
5. NOTICE OF LOSS - LIMITATION OF ACTION
paragraph 4(b), a statement in writing of In addition to the notices required under
any loss or damage for which it is claimed the Company is liable under this policy shall be furnished to the Company within
have been determined. and no right of sixty days after such loss or damage shall
this policy until thirty days after such action shall accrue to the Insured under
statement shall have been furnished, and no recovery shall be had by the Insured under this policy unless action shall be commenced thereon within five years after expiration of said thirty day period. Failure to furnish such statement of loss or damage, or to commence such action within the time hereinbefore specified. shall be a con- clusive bar against maintenance by the In- sured of any action under this policy.
6. OPTION TO PAY, SETTLE OR COMPRO-
The Company shall have the option to
name of the Insured any claim insured pay or settle or compromise for or in the
against or to pay the full amount of this policy, or, in case loss is claimed under this
secured by a mortgage covered by this policy by the owner of the indebtedness
policy, the Company shall have the option
chbse, payment or tender of payment of to purchase said indebtedness; such pur-
tlle full amount of this policy, together with all costs, attorneys' fees and expenses which the Company is obligated hereunder
to pay, shall terminae all liability of the Company hereunder. In the event, after notice of claim has been given to the Com-
MISE CLAIMS
9 - I -v*
.ATIONS (Continued ond Concluded From Reverse Side of Policy Foce)
pany by the Insured, the Company offers to purchase said indebtedness, the owner of such indebtcdness shall transfer and assign
said indebtedness and the mortgage securing
the purchase price.
7. PAYMENT OF LOSS
(a) The liability of the Company under this policy shall in no case exceed. in all: the actual loss of the Insured and costs and attorneys' fees which the Company may be obligated hereunder to pay.
(b) The Company will pay, in addition to any loss insured against by this policy,
211 costs imposed upon the Insured in liti- gation carried on by the Company for the Insured, and all costs and attorneys' fees in litigation carried on by the Insured with the written authorization of the Company.
(c) No claim for damages shall arise or be maintainable under this policy ( 1 ) if the Company, after having received notice of an alleged defect, lien or encumbrance not excepted or excluded herein removes such defect, lien or encumbrance within a reasonable time after receipt of such notice.
or (2) for liability voluntarily assumed by the Insured in settling any claim or suit without written consent of the Company,
or (3) in the event the title is rejected as
encumbrance not excepted or excluded in unmarketable because of a defect, lien or
this policy, until there has been a final determination by a court of competent juris- diction sustaining such reiection.
the same to the Company upon payment of
the amount so paid shall be deemed a pa
provisions of this paragraph numbered ment to the Insured under this policy. TI
shall not apply to an Insured owner of indebtedness secured by a mortgage shov
in Schedule B unless such Insured acquir title to said estate or interest in satisfacti( of said indebtedness or any part thereof.
9. SUBROGATION UPON PAYMENT C
SETTLEMENT
a claim under this policy. all right of su Whenever the Company shall have setrl
rogation shall vest in the Company u affected by any act of the Insured, and shall be subrogated to and be entitled
would have had against any person or prc
all rights and remedies which the Insur
erty in respect to such claim had this poll not been issued. If the payment does r cover the loss of the Insured, the Compa shall be subrogated to such rights a remedies in the proportion which said p; ment bears to the amount of said loss. loss should result from any act of the I sured. such act shall not void this poli, but the Company. in that event. shall required to pay only that part of any 10s: insured against hereunder which shall I ceed the amount. if any, lost to the Co pany by reason of the impairment of I right of subrogation. The Insured, if quested by the Company. shall transfer the, Company all rights and remed agalnst any person or property necessary order to perfect such right of subrogatic and shall permit the Company to use I
cept payments made for COStS, attorneys. litigation involving such rights or remedi (d) All paymints under this policy. ex- name of the Insured in any transaction
fees and expenses, shall reduce the amount If the Insured is the owner of the
of the insurance pro tanto and no payment debtedness secured by a ln('rtgaFF Cove]
shall be made without producing this policy by this Policy, such Insured maY release
for endorsement of such payment unless substitute the personal liability of i
the policy be lost or destroyed, in which debtor or guarantor, or extend or otherw
case proof of such loss or destruction shall modifY the terms of Payment, or I&
be furnished to the Satisfaction of the Com- a Portion of the estate Or interest from
pany; provided, however, if the owner of lien of the mortgage. Or release any (
an indebtedness secured by a mortgage lateral security for the indebtedness. p
shown in Schedule B is an ~~~~~~d herein vided such act does not result in any I
then such pavments shall not reduce l)ro of Priority of the lien of the mortgage. tanto the amount of the insurance afforhed hereunder as to such Insured. except to the extent that such payments reduce the amount of the indebtedness secured by such mort- gage. Payment in full by any person or voluntary satisfaction or release by the In- sured of a mortgage covered by this policy shall terminate all liability of the Company
to the insured owner of the indebtedness secured by such mortgage. except as pro- vided in paragraph 2 hereof.
(e) When liability has been definitely fixed in accordance with the conditions of
able within thirty days thereafter. this policy the loss or damage shall be pay-
8. LIABILIlY NONCUMULATIVE
amount of this policy is reduced by any It is expressly understood that the
amount the Company may pay under any
any mortgage shown or referred to in policy insuring the validity or priority of
Schedule B hereof or any mortgage here- after executed by the Insured which is a charge or lien on the estate or interest described or referred to in Schedule A, and
10. POLICY ENTIRE CONTRACT
Any acrion or actions or rights of act that the Insured may have or may br against the Company arising out oF status of the lien of the mortgage cove by this policy or the title of the estate interest insured herein must be based the provisions of this policy.
can be waived or changed except by writ No provision or condition of this PO
endorsed hereon or attached hereto sig by the President, a Vice President. Secretary, an Assistant Secretary or ot validating officer of the Company.
11. NOTICES, WHERE SENT
All notices required to be givtn the Cc pany and any statement in writins requi
dressed to it at the office which issued to be furnished the Company shall be
policy or to irs Home Office. 433 So Spring Street, Los Angeles 54. Califor)
12. THE PREMIUM SPECIFIED IN SCHED
A IS THE ENTIRE CHARGE FOR TITLE SEAR
TITLE EXAMINATION AND TITLE INSURAN
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