Loading...
HomeMy WebLinkAbout; Join Hands Save A Life; 2001-0617550; PropertyDOC # 2001-0617550 kt RECORDING REQUESTED BY: City of Carlsbad EJiS WHEN RECORDED MAIL TO: CIUG 29s 2001 2:15 PM 10733 MY: 2 City of Carlsbad City Clerk's Office Attn: City Clerk Carlsbad CA 92008 1200 Carlsbad Village Drive ., * ,... , , * ,, i ,_.. ,, '_ ,_, ,., .. ,, ., : ~.'>:'.' .' . , ' :,' 'I ".., (SpaceaboveforRecorder'sUse) ., , ., ., D O$f&JST AND SECURITY AGREEMENT ('5% on the y bf ' ,'Auqust ,2OOL, among non-profit axpotation, ("Borrower") as trustor, and Lawyers Title corporation ("Trustee"), and the City of Carlsbad, a municipal cor beneficiary. ., The &u"r;in donsideration of the promisee herein recited andthekg irrevocably gmnk. transfers, coRv6ys and assigns to the Trustee; in truiit,'with property located in the City of Carlsbad, State of Califwnia, identified.as to~"2Q~-081-08,204- 081 -09, and 204-081-10 In the Village Redevelopment Area of the Ci'df cailsbed and is further described in the attached EZhiblt "A (the "Property"). TOGETHER WITH an easements, appurte ;fixture$ now or hereafter a pari of the property, all of which, 'including repkokhents s therao, shall be deemed to be and remain a pari of the property coveredby this Security Instrument; and, ,, TO SECURE to the City the, of,the:+s -e\lWenced by a promissory note , 2001 the principal executed by the Borrower to the City dated ,Bxgust 3 sum of eighty thousand dollars ($100,671) (the "Note"). TO SECURE to the City the payment of all other sums, with interest thereon, advanced in accordance herewith to protect this Security Instrument; and the performance of the covenants and agreements of Borrower herein contained; and, TO SECURE the performance of any obligations of Borrower in any other agreements with respect to the financing of the Property, the failure of which would adversely affect Beneficiary, whether or not Beneficiary is a party to such agreements. 10734 BORROWER AND THE CITY COVENANT AND AGREE AS FOLLOWS: 1. Borrower's Estate. That Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Property, that other than this Security Instrument, the Property is unencumbered. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any declarations, easements or City's interest in the Property. restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring the 2. Payment of Principal and Prepayment. Borrower shall promptly pay when due the principal of the debt evidenced by m:Note. ,'The Note contains the following provisions concerning payment of the loan &der &Maim cond@ns: ,. connection wit the provision of recreational OpportunMes for. income families. Consequently, the Note is not assumable full upon expiration of the term of the Note, or on the date the Property is 6okl or transferred, whichever occurs first. 3. Llens: Borrower shall pay aUtaxes,' a&es impositions a the Property which mafattain priority over thi Borrower shall pay these obligations on time directly to the person owed'$ayment., &rrower shall promptly furnish to the City all notices of amounts to be paid under thid Sebtion. if Borrower makes these payments directly, Borrower shall promptly furnish to the City,teceip& evidencing the payments. Borrower shall promptly d&{drge any other lien whkhshall h priority over this Security Instrument desk. Borrowet. (1) agrees in.-writ/ng to the nt of the obligation secured by the lien in .a manner acoeptable to the City; (2) contests ih hthe lien by, or defends against enforcement of the lien in, legal proceedings which in thKCis opinion operate to prevent the enforcement of the tin; or (3) secures from the holder of the lien an agreement satisfactory to the City subordinatig the lien to this security Instrument, If the City determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, the City may give Borrower a notice identifying the lien. Borrower shall satisfy such lien or take one or more of the actio& set forth above within 10 days of the giving of notice. *, 4. Hazard or Property Insurance. ' Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which the City requires insurance. This insurance shall be maintained in an amount equal to the providing the insurance shall be licensed to do business in the State of California and be chosen replacement cost of the Property and for the periods that the City requires. The insurance carrier fails to maintain coverage described above, the City may, at the City's option, obtain coverage to by Borrower subject to the City's approval which shall not be unreasonably withheld. If Borrower protect the City's rights in the Property in accordance with Section 6. All insurance policies and renewals shall be acceptable to the City and shall include a standard mortgagee clause with standard lender's endorsement in favor of the Deed of Trust and the City as their interest may appear and in a form acceptable to the City. The City shall have the -2- 10735 right to hold, or cause its designated agent to hold, the policies and renewals thereof, and Borrower shall promptly furnish to the City, or its designated agent, the original insurance policies or certificates of insurance, all renewal notices, and receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and the City or its designated agent. The City or its designated agent, may make proof of loss if not made promptly by the Borrower. The City shall receive thirty days advance notice of cancellation of any insurance policies required under this Section. Unless the City and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the City's security is not thereby impaired. If the restoration or repair is not economically feasible or the City's seoUrlty of this' of Trust would be impaired, the insurance proceeds shall be .applied to, repay the sthi by this Security Instrument, whether or not then due, with &y @%cess paid to. Borrower. ' If Borrdir abandons the Property, or does not answer within 30 days a notice from th& City or its deslgnared agent that the insurance carrier has offered to Me a claim, then the City or its designarbkt aQent may collect the insurance proceeds. .City may,use the pfoceeds.fo'repair 'or 'iestore,the Property or to pay sums secured by this Seburity'tnstrument, whether or not.then due. Re 30-day period will begin when the notice is given. 5. ' Wpancy, Preservation, Maintenance Property. Borrower'shall~Obtain all necessary permlts reqwired .to o Property as a youth facility and maintain the property consistent wi permits. Barrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall be in breacli if any fOrfeiture action or proceeding, whether civil or criminal, is begun that in the City's good'faith judgd Could result in forfeiture of the Property or otherwise materially impair 'the lien created by this Security Instrument or the City's security interest. Borrower may cute such a breach and reinstate, as provided in Section 18, by causing the action or proceedhg to be dismiw with a ruling that, in the City's good faith determination, precludes forfeiture of the Borrows interest hi the Property or other material impairment of the lien created by this Security Instt'uMt or the City's security interest. 6. Protection of the @ry?s'd@hts in the ' . If Borrower fails to perform the covenants and agreements contain@ m this Security lnstrwhent or if Sny action or proceeding is commenced which may meteriatly affect the Gity's tigMs in the,Propetty, including but limited to breach under any other deed of trust encumbering the property, eminent domain, insolvency, code enforcement, or arrangements Or proceedings inv@vbg a bankrupt or decedent, then the City, at the City's option, upon notice to the Borrower, may make appearances, disburse such sums and take such actions at it deems necessary to protect the value of the Property and the City's rights in the Property. The City's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Any amounts disbursed by the City pursuant to this Section shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and the City agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the lesser of ten percent (10%) or the highest rate permissible under applicable law and shall be payable, with interest, upon notice from the City to Borrower requesting payment. Nothing contained in this Section will require the City to incur any expense or take any action hereunder. -3- 10736 7. Inspection. The City or its agent may make reasonable entries upon and inspections of the Property. the City shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 8. Forbearance By the City Not a Waiver. Any forbearance by the City in exercising any right or remedy will not be a waiver of the exercise of any such right or remedy. 9. Remedies Cumulative. All remedies provided in this Security Instrument are distinct and cumulative to any other right or remedy under this Security Instrument or any other document, or afforded by law or equity, and may be exercised concurrently, independently, or successfully. ,,, . ,; . , . 10. Successors I Liability. The covenants and agreements of this pective successors and assigns of the City and Instrument. Borrower's covenants and agreemehfs shall be joidahdwwal. .. ,. ,, 11. N-. ' "t tor Any noti& ,, . ,, I I, . to be given in another manner, any'nm.to Borrower prOM&,'W in this SBcurity'lnstrumi@t shall be sent certified mail, return receipt requested or express 'delivery semi& 'with a dplbfery receipt, or personally delivered with a,clelivery receipt obtained, and shall be deemed tobe idfiective as of the date shown of the detivery'receipt as the date of delivery, the date delivery w& (fused, or the date the notice was returned as undeliverable. Notices shaW be directed as follows: ., Borro\arac Join - m Lire 3598 Madbn '$Wet CarIsbM, kA,.92& Attn: Resident. mmelopm Depafttnent 2965 Roosevelt Street Suite 6 Carlsbad CA Attn: Housing pmentW0i?Of The parties may subsequently change addtesses by providing written notice of the change in address to the other party in accordance with this Section. 12. Governing Law. This Security Instrument shall be construed in accordance with and be governed by the laws of the State of California. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 13. Severability. In the event that any provision or clause contained in this Security Instrument or the Note shall for any reason be held to be invalid, illegal or unenforceable in any respect, then such provision or clause shall be deemed severable from the remaining provision, -4- 10737 and this Security Instrument and the Note shall be construed as if such invalid, illegal, be severable. 14. Captions. The captions and headings in this Security Instrument are for convenience only and are not to be used to interpret or define the provisions hereof. 15. Default; Remedies. Upon the Borrower's breach on any covenant or agreement of the Borrower in this Security Instrument, including, but not limited to, the covenants to pay, when due, any sums secured by this deed of Trust, the City, prior to acceleration shall give notice to Borrower specifying: (1) the breach; (2) if the breach is curable: (3) the action required to cure the breach; (4) a date, not less than 30 days from the date the notice is given to Borrower by which the breach must be cured; and (5) If thk'beach is Fable, failure to cure the breach on or before the date specified in the noti ~iay result it^ ranon of the sums secured by this Security Instrument and sate-of the PropBrty. The notice shall 'h Borrower of the right to reinstate after acceleration and the right to bring a court a e non-existence of a default or any other defer& of Borrower to acce&atiibn ,and ach is not cured by the Borrower on or before the date 'specified in'the notic%, its option may: (a) require immediate payment in full of all sumsecured by this Security lnstrumknt without further demand and may irrvok&'the power of sale and,any other remedies permitted I$ California law; (b) either in person or by agent, with or without briwmg any action or prwediw, or by a receiver appointed by a court, andwithout regard to the adequacy of its secunfy, enter upOn the Property, in its own name or in the name of the Trustee, and do any acts which it deems necessary or desirable to preserve the'value or marketability of the Property, or part thereof or'iherest therein, increase the income therefrom or protect the security thereof. The entering upon and taking possession of the Property shall not cure or waive any breach hereunder or invalidate any act done in response to such breach and notwithstanding the continuance in possession of the Property, the City shall be entitled to exercise every right provided for in this Security'lnstrument or by law upon occurrence of any uncured breach, including the. right to exercise the'power of sale; (c) commence an action to foreclose this Security Instrument as a mortgage, int a receiver, or specifically enforce any of the covenants hereof; (d) deliver 'to the Trustee a written declaration of default and demand for sale, pursuant to the provisions for notic% of sale found at California Civil Code Sections 2924, m., as amended from time to time: or (e) exercise all other rights and remedies provided herein, in the instruments by which the Borrower acquires title to any Property, or in any other document or agreement ,mor hereafter evidencing, creating or securing all or any portion of the obligations secured hereby, or provided by law. . ., The City shall be entitled to bllect aN.Te8sonabte cdsts.ind expenses incurred in pursuing the remedies provided in this Section, including; but nof limited to, reasonable attorney's fees. 16. Acceleration. Upon the occurrence of a default under the Note, or this Security Instrument, the City shall have the right to declare the full amount of the principal under the Note immediately due and payable. Any failure by the City to pursue its legal and equitable remedies upon default shall not constitute a waiver of the City's right to declare a default and exercise all of its rights under the Note and this Security Instrument. Nor shall acceptance by the City of any payment provided for in the Note constitute a waiver of the City's right to require prompt payment of any remaining principal and shared appreciation owed. 17. Borrower's Right to Reinstate. Notwithstanding the City's acceleration of the sums secured by this Security Instrument, Borrower shall have the right to have any proceedings begun by the City to enforce this Security Instrument discontinued at any time prior to the earlier of: (1) 5 days before sale of the Property pursuant to any power of sale contained in this Security -5- 10738 Instrument; or (2) entry of a judgment enforcing this Security Instrument if Borrower: (a) pays the City all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any breach of any other covenants or agreements of the Borrower contained in this Security Instrument; (c) pays all reasonable expenses incurred in enforcing the covenants and agreements of this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as the City may reasonably require to assure that the lien of this Security Instrument, the City's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unimpaired. Upon such payment and cure by Borrower, this Security Instrument and the obligations secured hereby shall remain in full force and in effect as if no acceleration had occurred. 18. Reconveyance. Upon .of.€&i#fx++ecured by this Security Instrument, the City will surrender this Security1 'and thct'N& t ' the Trustee. The Trustee will reconvey the Property withoutWkrthniy qd.witho& char* t0 or persons legally entitled therda. Such peison or persons will pay a of recordation, if any. , fnayfr& h'e kdi remove Trustee and appoint a succ8ss~~ he~~r. The'&ssor trustee shall succeed to all the We, power and dutie rustee hekin and by,applicable .. law. 20. Hazardous gubstances. Borrower shall not cause & penrii'ths presence, use, disposal, storage, or re of any Hazardous Substances on or in the Roperty. Borrower shall not do, nor allow an se to do, anything affeding the Property that b,.m vi storage on the Property of small quantities of Hazardous Substances that are generally Environmental Law. The preceding two sentences shall not apply to the presence, use, or recognized to be appropriate to normal residential uses and to maintenance of the Pmperty. Borrower shall promptly give the City written notice of any investjgdoh, CIaip, demand, lawsuit or other action by any governmental or regulatory agency or private.pWt$ involving the Property and any Hazardous Substance or Envitonmental Law of which &xrower has actual knowledge. If Borrower learns, or is notified by any governmental or re$u authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in aocordance with Environmental Law. Prior to taking any such remedlal,a@ion, however, Borrower shall natiry the City that such remedial action is necessary and shall obtain the Ci's prior written consent for such remedial action. ,. Ill Ill Ill Ill Ill Ill Ill -6- 10739 As used in this Section, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this Section, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. IN WITNESS WHEREOF the parties hereto have caused this agreement to be executed as of the day and year first written above. JOIN HANDS-SAVE A LIFE, a non-profir'w ,. -1- 10740 EXHIBIT A Legal Properly Description The land is situated in the State of California County of San Diego LOTS 27,28, AND 29 IN BLOCK 31 OF THE TOWNE OF CARLSBAD, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF 535, FILED IN THE OFFICE OFTHE COUNTY RIXORDER OF SAN DIEGO COUNTY, MAY 2,1880. -8- ' ALL-PURPOSE ACKNOWLEDGEMENT 1074 1 0 personally known to me - OR - a proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) islmubscribed to the within instrument and acknowledged to me that helskdtkey executed the same in his/- authorized capacity(ies), and that by his/hdtlEir signatures(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. NMARY'SSIFNATURE OPTIONAL INFORMATION The information below is not required by law. However, it could prevent fraudulent attachment of this acknowl- edgement to an unauthorized document. CAPACITY CLAIMED BY SIGNER (PRINCIPAL) D/;NDIVlDUAL 0 CORPORATE OFFICER TITLE(S1 0 PARTNER(S) 0 ATTORNEY-IN-FACT 0 TRUSTEE@) 0 GUARDIANKONSERVATOR 0 OTHER: DESCRIPTION OF ATTACHED DOCUMENT NU~~~ER OF PAGES s(s I6 I DATE OF DOCUMENT SIGNER IS REPRESENTING: NAMEOFPERSONISJOR ENTITYtlESJ OTHER RIGHTTHUMBPRINT OF SIGNER 4 E 5 - P 5 5 APA SD9 VALLEY-SIERRA. RW362-33ffl