HomeMy WebLinkAbout; |PGP Carlsbad Seniors LTD II|SMS Trust Deed Service|; 1991-0123873; Property1
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RECORDING REQUEST' Y -
* CHICAGO TITLE COMPANY
AND WHEN RECORDED MAIL TO:
.. CITY OF CARLSBAD <. . COMMUNITY DEVELOPMENT 2075 Las Palmas Dr. Carlsbad, Ca. 92008
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Order No. 920628-02 Escrow No. 823829DT I SPACE ABOVE THIS LINE FOR RECORDERS USE *.
DEED OF TRUST WITH ASSIGNMENT OF RENTS
BY THIS DEED OF TRUST, made this 6th day of February , 19 91 , between
PGP CARLSBAD SENIORS LTD. 11, a California limited partnership
, herein called TRUSTOR, whose address is
1120 Silverado Street, La Jolla, CA 92037 (number and street) (city) (state zip)
and SMS TRUST DEED SERVICE, a California corporation, herein called TRUSTEE, and
THE CITY OF CARLSBAD
, herein called BENEFICIARY,
the City of Carlsbad, San Diego County, California, described as:
Trustor grants, transfers, and assigns to trustee, in trust, with power of sale, that property in .'
Lots 14, 15, 16, 17 and 18 of SCHELL AND SITES ADDITION TO CARLSBAD, in the
City of Carlsbad, County of San Diego, State of California, according to Map
thereof No. 2145, filed in the Office of the County Recorder of San Diego
County on February 20, 1929.
See Exhibit "A" attached hereto and incorporated herein for additional provisions
to this Deed of Trust.
Together with the rents, issues and profits thereof, subject, however, to the right, power and authority hereinafter given to and conferred upon Beneficiary to collect and apply such rents, issues and profits.
For the Purpose of Securing:
(1) Payment of the indebtedness evidenced by one promissory note in the principal sum of $ 1,573,392 00 with interest thereon according to the terms of a promissory note or notes of even date herewith made by Trustor, payable to order of Beneficiary, and extensions or renewals thereof, and (2) the performance of each agreement of Trustor incorporated by reference or contained herein (3) Payment of additional sums and interest thereon which may hereafter be loaned to Trustor, or his successors or assigns, when evidenced by a promissory note or notes reciting that they are secured by this Deed of Trust.
To protect the security of this Deed of Trust, and with respect to the property above described, Trustor expressly makes each and all
of the agreements, and adopts and agrees to perform and be bound by each and all of the terms and provisions set forth in subdivision cJ=l A, and it is mutually agreed that each and all of the terms and provisions set forth in subdivision B of the fictitious deed of trust recorded in Orange County August 17, 1964, and in all other counties August 18,1964, in the book and at the page of Official Records in the office of the county recorder of the county where said property is located, noted below opposite the name of such county, namely: +
COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE
Alamoda 1288 550 Klngs 1020 379 skm 38 187 Alplne 858 713 PI-
Amador 437 110 Plumra 186 1307 Sakiyou 500 762
Butts 1330 513 Lo8 AngdM
192 367 Rlmld. 3778 347 Solano 1m7 e21
T-3878 874 Sla8mto 5039 124 Sonoma 2067 427
Calsvens 185 338 Madm 011 138 Sln Bonlto 300 405 Stanlalaus 1970 56
323 391 Marln Colusa 1840 122 Sln Bomardlno (1213 768 sum
4684 1 Madpom 655565 Contra Costa 80 453 Sln Fnnclrco A801 506 Tohamr Dd Nork
457 103
101 548 MonQclno El Dondo 867 08 an Jwuln
704 835 Mared 2855 2119 Tdnlty 100 595 1680 753 Sln LUIS Obitpo
Ea2 823 Modac 1311 137 TU~N 2530 100 Fmmo Gbnn 101 03 SM Mat# 489 76 Mono 4778 175 Tudumno 177 1M
Humbddt M1 03 Yonhny ZW5 881 Vontun 21#)7 237 367 230 anta Clan Imp.rlrl 6626 064 Ydo 768 18 1188 701 Nap. 704 742 Slntr Cnu 1838 607 Yubr 308893 lnyo 185 872 Nevada 363 e4 sharta (100033 Kern 3750 090 Orang. 7182 18 S.n M.00 SERIES 6 Book lW4, Pqa le774
shall inure to and blnd the parties hereto, with respect to the property above described. Said agreements, terms and provisions contained In said subdivision
A and B, (identical In all countles, and printed on the reverse side hereof) are by the wlthln reference thereto, Incorporated herein and made a part of this
provided the charge therefor does not exceed the maximum allowed by law. Deed Of Trust for all purposes as fully as if set forth at length herein, and Beneflciary may charge for a statement regarding the obligation secured hereby,
The undersigned Trustor, requests that a copy of any notice of default and any notlce of sale hereunder be mailed to him at his address hereinbefore set forth.
STATE OF CALIFORNIA,
COUNTY OF
On By: Pacific Growth Properties,
3 19031 Lake 133 130 Laurn
68 302 hrb.N
5s: PGP CARLSBAD SENIORS LTD. 11,
a California limited partnership
WITNESS my hand and offlclal seal.
Signature -. (This area for off lclal notarlal seal)
TD304
F& R. Berlage, General Partner
r A \
D6 NOT RECORD
The following is a COPY Of Subdivisions A and B of the fictitious Deed of Trust recorded in each county in California as stated 1" the foregoing Deed Trust #fld incorporated
by mf9fSnCe in said Deed of Trust as being a part thereof as if set forth at length therein.
A. To protect the semrlty of this Deed of Trust, Trustor agrees:
(1) TO keep mid PrOPc3rtY in pood condition and repair; not to remove or demolish any building thereon; to complete or restore promptly and in good and workmanlike manner any building which may be COnStruCted, damaged or destroyed thereon and to pay when due all claims for labor performed and materials furnished therefor; to
or permlt any act upon said property in violation of law; to cultivate, irrigate, fertilize, fumigate. prune and do all other acts which from the character or use of said property Comply with all laws affecting said property or requiring any alterations or improvements to be made thereon; not to commit or permit waste thereof; not to commit, suffer
may be reasonably necessary, the specific enumeratlons herein not excluding the general.
other Insurance policy may be applied by beneficiary upon any indebtedness secured hereby and in such order as Beneficiary may determine, or at option of Beneficiary (3 TO provide, maintain and dellver to Beneficiary fire insurance satisfactory to and with loss payable to mneficiary. The amount collected under any fire or
the entire amount SO collected or any part thereof may be released to Trustor. Such applicaton or release shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
Costs and expenses, including cost of evidence of title and attorney's fees in a reasonable sum, in any such action or proceeding in which Beneficiary or Trustee may appear, (3) TO appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; and to pay ail
and in any suit brought by Beneflclary to foreclose this Deed.
(4) TO pay: St least ten days before delinquency all taxes and assessments affecting sald property, including assessments on appurtenant water stock; when
due, ali encumbrances, charges and liens, with interest, on said property or any part thereof, which appear to be prior or superior hereto; all costs, fees and expenses of this Trust.
Should Trustor fail to make any payment or to do any act as herein provided. then Beneficiary or Trustee, but without obligation so to do and without notice or demand
protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or proceding purporting upon Trustor and without releasing Trustor from any obligation hereof, may: make or do the same in such manner and to such extent as either may deem necessary to
to affect the Security hereof or the rights or powers of Beneficiary or Trustee; pay, purchase, contest or compromise any encumbrance, charge or lien which in the judgment of either appears to be prior or superior hereto; and, in exercising any such powers, pay necessary expenses, employ counsel and pay his reasonable fees.
law in effect at the date hereof, and to pay for any statement provided for by law in effect at the date hereof regarding the obligation secured hereby any amount demanded (5) To pay immediately and wlthout demand all sums so expended by Beneficiary or Trustee, with interest from date of expenditure at the amount allowed by
by the Beneficiary not to exceed the maximum allowed by law at the time when said statement is demanded.
8. It is mutually agreed:
shall be paid to Beneficiary who may apply or release such moneys received by him in the same manner and with the same effect as above provided for disposition of pro- (1) That any award of damages in connection with any condemnation for public use or of injury to said property or any part thereof is hereby assigned and
ceeds of fire or other insurance.
(2) That by accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his right either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay.
(3) That at ay time or from time to time, without liability therefor and without notice, upon Written request of Beneficiary and presentation of this Deed and
said note for endorsement, and without affecting the personal liability of any person for payment of the indebtedness secured hereby, Trustee may: reconvey any part of
the lien or change hereof. said property; consent to the making of any map or plat thereof; join in granting any easement thereon; or join in any extension agreement or any agreement subordinating
(4) That upon written request of beneficiary stating that ail sums secured hereby have been paid, and upon surrender of this Deed and said note to Trustee for cancellation and retention or other disposition as Trustee in its sole discretion may choose and upon payment of its fees, Trustee shall reconvey, wlthout warranty, the property then heid hereunder. The recitals in such reconveyance of any matters or facts shall be conciusive proof of the truthfulness thereof. The Grantee in such reconveyance may be described as "the person or persons legally entitled thereto."
(5) That as additional security, Trustor hereby gives to and confers upon Beneficiary the right, power and authority, during the continuance of these Trusts, to collect the rents, issues and profits of said property, reserving unto Trustor the right, prior to any default by Trustor in payment of any indebtedness secured hereby or
at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the indebtedness in performance of any agreement hereunder, to collect and retain such rents, issues and profits as they become due and payable. Upon any such default, Beneficiary may
tho= past due and unpaid, and apply the same, less costs and expenses of operation and coliection. including reasonable attorney's fees, upon any indebtedness secured hereby secured, enter upon and take possession of said property or any part thereof, in his own name sue for or otherwise collect such rents, issues, and profits. including
hereby, and in such order as Beneficiary may determine. The entering upon and taking possession of said property, the coiiection of such rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
(6) That upon default by Trustor in payment of any indebtedness secured hereby or in performance of any ag~eement hereunder, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for safe and of Written notice Of default and of election
to cause to be sold said property, which notice Trustee shall cause to be filed for record. Beneficiary also shall deposit with Trustee this Deed, said note and all documents
evidencing expenditures secured hereby.
After the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of Sale having been given as then required
by law, Trustee, without demand on Trustor, shall sell said property at the time and place fixed by it in said notice of sale, elther as a whole or in separate parcels, and . in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone
nouncement at the time fixed by the preceeding postponement. Truslee Shall deliver to such purchaser its deed conveying the property so sold, but without any convenant ?
sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public an-
or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary as hereinafter defined, may purchase at such sale.
of sale to payment of: ail sums expended under the terms hereof, not then repaid, with accrued interest at the amOUnt allowed by law in effect at the date hereof; all other After deducting ail costs, fees and expenses of Trustee and of this Trust, including cost of evidence of title in Connection with Sale. Trustee shall apply the proceeds
sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto.
Q Beneficiary, or any SUCceSSOr in ownership of any indebtedness secured hereby, may from time to time, by inStrUment in Writing, substitute a successor
or successors lo any Trustee named herein or acting hereunder, which instrument, executed by the Beneficiary and duly acknowledged and recorded in the office of the
conveyance from the Trustee predecessor, succeed to all its title estate, rights, powers and duties. Said instrument must contain the name of the original Trustor, Trustee recorder of the county or counties where said property is situated, shall be conclusive proof of proper substitution of such successor Trustee or Trustees, who shall without
and Beneificiary hereunder, the book and page where this Deed is recorded and the name and address of the new Trustee. (8) That this Deed applies to, inures to the berefit of, and binds ail parties hereto, their heirs, legatees. devisees, administrators, executors, successors and
assigns. The lerm Beneficiary shall mean the owner and holder. including pledgees. of the note secured hereby, whether or not named as Beneficiary herein. In this Deed, .
whenever the context so requires, the masculine gender includes the feminine andlor neuter, and the singular number includes the plural.
notify any party hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Trustor, Beneficiary or Trustee shall be a party unless brought 1
(9) That Trustee accepts this Trust when this Deed, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to
Dated
I Beneflciary's
Current Address 5.
~~~ _____
Do not lose or destroy this Deed ol Trust OR THE NOTE which ir secures. Both must be delivered to the Trustee lor cancellation belore reconveyance will be made. ,
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CAT. NO. NN00630
TO 1946 CA (9-84)
(Partnership) a TlCOR TITLE INSURANCE
STATE OF CALIFORNIA
COUNTY OF %n Dieqo
On 199 ( before me, the undersigned, a Notary Public in and for said State, personally apieared Frank R. Berlaqe
, personally known to me or proved to me on the basis of satisfactory evidence to be
the person - who executed the within instrument as
me of the partners of the partnership that executed the within instrument, and acknowledged
to me that such partnership executed the me.
WITNESS ml hand and official +al.
Signatu !
CAT. NO. NN00637
TO 1955 CA (1 -83) a TlCOR TITLE INSURANC€
(Partnership as a Partner of a Partnership)
STATE OF CALIFORNIA
COUNTY OF San Dieqo
On FA. 14: lc1Qf before me, the undersigned, a Notary Public in and for
personally known to me or proved to me on the basis of satisfactory evidence to be the personwho executed
the within instrument as one of the partners of Pacific Growth Properties
the partnership that executed the within instrument, and acknowled ed to me that they executed the same on behalf of kP Carlsbad Seniors LTD. I1 , a partnership, and that
said last named partnership executed the same.
said State, personally appeared - JQhk b%Gildd.SeIl
MEW COUNTY
(This area for official notarial sed)
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EXHIBIT "A"
ADDITIONAL PROVISIONS TO SUBORDINATED DEED OF TRUST
This deed of trust is given to the City of Carlsbad pursuant to Section
21.18.045 of the Carlsbad Municipal Code to insure that the maker hereof constructs,
operates and maintains the property described herein as a Senior Citizens Housing
Project in accordance with the requirements of said Section and Conditional Use
Permit 86-3. or if not so constructed, operated and maintained, that the property is
brought up to the standards of the approved conversion plan pursuant to CUP 86-3 or
any other conversion plan approved by the City of Carlsbad.
No payment shall be required on the note secured by this deed of trust except as
1. If the Council of the City of Carlsbad or any successor thereto determines
fol 1 ows:
that the property is being operated or maintained in violation of any of the terms of
said Section 21.18.045 or said Conditional Use Permit 86-3. or used for other than a
Senior Citizens Housing Project without the consent of the City Council, the City
Council may declare the whole sum of principal and any accrued interest thereon
immediately due and payable. The maker hereof shall then have the option to elect to
pay said principal and accrued interests in full or within a reasonable time
thereafter to convert the project to meet the approved conversion plan pursuant to
CUP 86-3 or any other conversion plan approved by the City of Carlsbad. Upon said
payment in full or conversion of the project to the approved conversion plan pursuant
to CUP 86-3 or any other conversion plan approved by the City of Carlsbad, the City
of Carlsbad shall return the note to the maker and reconvey the lien of this deed of
trust.
due and payable at the option of the City of Carlsbad in the event that upon the
sale, conveyance or other disposition of the property described in this deed of
trust, the buyer fails to agree in writing to accept and abide by all the terms and
provisions of the promissory note.
2. The entire principal and accrued interest thereon shall become immediately
The maker hereof shall have the right at any time to prepay all or any part of
the note or to elect to convert the property to meet the approved conversion plan
pursuant to CUP 86-3 or any other conversion plan approved by the City of Carlsbad.
Upon prepayment in full or such conversion of the property, the note shall be
cancelled and the lien of this deed of trust shall be reconveyed to the maker hereof.
The note secured by this deed of trust is given solely to conform with the
provisions of said Section 21.18.045 of the Carlsbad Municipal Code, and neither the
maker nor any partner, officer, agent or employee of the maker shall have personal
liability for payment of the note. The holder thereof shall look only to its
interest in the property secured hereby for payment.
Pursuant to said Section 21.18.045, this deed of trust shall be subordinated and
subject to any first deeds of trust to be executed by Trustor or his successor in
interest concurrently herewith or at any time hereafter to secure loans called
"construction loans," "permanent loans" or any other form of loan, refinancing,
additional financing, or promissory note given by the purchaser of the property on
condition that:
This deed of trust shall be subordinated to only a first deed of trust and
no additional secondary or junior financing:
The loan to which this deed of trust is to be subordinated shall not exceed
ninety percent (90%) of the fair market value of the property at the time of
subordination.
The proceeds of any such loan, financing or refinancing may be used to pay
loan fees, interest or other charges in connection with the making of said
loan, and any excess may be retained by the Trustor or his successor in
interest so loan as the other provisions of this subordination clause have
been satisfied.
PGP CARLSBAD SENIORS LTD. 11, a California limited partnership
By: Pacific Growth Properties, a general partnership
FrhdR. Berl age, General Partner