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HomeMy WebLinkAbout1984-02-21; Housing & Redevelopment Commission; 28; Jefferson House Senior Housing Project-- J/f H rf’J- HOUSING AND -‘DEVELOPMENT COMMISS’-N - AGENDA BILL @ PC, ..A w- w ,B##L TITLE: ACCEPTANCE OF DEED OF TRUST AND DEPT. Hi! flT& 2/21/84 PROMISSORY NOTE FOR JEFFERSON HOUSE SENIOR HOUSING PROJECT CITY ATTY iELi )EPT RE D . cc-, z-y? ’ I” 3 CITY MGRZ+nd RECOMMENDED ACTION: It is recommended that the Housing and Redevelopment Commission accept the Deed of Trust and Promissory Note from Jefferson House as conditioned in the Senior Housing Ordinance. ITEM EXPLANATION On January 18, 1983, the Housing and Redevelopment Commission approved RP/CUP 82-3, a permit to construct a 48 unit senior citizen housing project on the north east corner of Jefferson and Oak. Pursuant to the provisions of the Senior Housing Ordinance, Section 21.18.045, the applicant is permitted to increase the density to 75 du/ac and reduce the required parking to a ratio of one space per two units. It is also provisioned that if a developer wishes to take advantage of these special standards contained in the ordinance, the developer, as a condition of approval, shall grant the City an equity position in the project. This equity is secured by a second trust deed conveyed to the City by the developer. This Deed of Trust is held by the City to assure that the project is constructed, operated and maintained in accordance with the Senior Housing Ordinance and the conditional use permit. The developer has provided the City with the proper documentation to satisfy the equity condition of the ordinance. The Housing: and Redevelopment Commission is asked to accept the Deed of Trust in the amount of $765,440 and promissory note from the applicant, Jefferson House. FISCAL IMPACT There will be no fiscal impact resulting from this action. EXHIBITS 1 -.- Jefferson House Deed of Trust 2.- Promissory Note - I. RECORDING REQUESTED BY - AND WHEN RECORDED MAIL TO r 1 Name Street Address City & State L -I SPACE ABOVE THIS LINE FOR RECORDER’S USE HORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS THIS DEED OF TRUST made this SUBORDINAT$vD&EED OF TRUST , 1983 , between JEFFERSON HOUSE, a General Partnership mx~~bxmdese , herein called TRUSTOR, whose address is 5 6 2 0 Friar 'i Road number an’d street) San Die (city? o, Cgkl.fornia (zi32110 TICOR TITLE INSURANCE COMPANY OF CALIFORNIA, a California corporation, herein called TRUSTEE, and THE CITY OF CARLSBAD , herein called Benefician/ WITNESSETH: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN TRUST, WITH POWER OF SALE,thatpropertyin the City of Carlsbad, San Diego County, California, described as: Iots 1 through 8 inclusive in Block 57 of the Tbwn of Carl&ad in the City of Carlsbad,Countyof SanDiego,StateofCdLifornia,according~MapthereofNo. 775 on file in the Office of the County E?fxorder of said County. See Exhibit "A" attached hereto and incczporated krein for additional provisims tothisDeedofT!rust TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the right, power and authority given to and conferred upon Beneficiary by paragraph (10) of the provislons incorporated herein by reference to collect and apply such rents, issues and profits. FOR THE PURPOSE OF SECURING: 1. Performance of each agreement of Trustor incorporated by reference or contained herein. 2. Payment of the Indebtedness evidenced by one promissory note of even date herewlth, and any extension or renewal thereof, in the principal sum of $ 765 !440.00 executed by Trustor in favor of Beneficiary or order. 3. Payment of such further sums as the then record owner of said property hereafter may borrow from Benefrctary when evidenced by another note (or notes) reciting it is so secured. TO PROTECT THE SECURITY OF THIS DEED OF TRUST TRUSTOR AGREES: By the execution and delivery of this Deed of Trust and the note secured hereby, that provlsions (1) to (14). Inclusive, of the fictitious deed of trust recorded in Santa Barbara County and Sonoma County October 18, 1961, and in all other counties October 23, 1961. 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, viz.. COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE Alameda 435 684 Kings 792 033 Placer 895 301 Sierra 29 335 Alpine 1 250 Lake 362 39 Plumas 151 5 Siskiyou 468 181 Amador 104 348 Lassen 171 471 Riverside 3005 523 Solano 1105 182 Bune 1145 1 Los Angeles T2055 899 Sacramento 4331 62 Sonoma 1851 689 Calaveras 145 152 Madera 810 170 San Benito 271 383 Stanislaus 1715 466 Colusa 296 617 Marin 1508 339 San Bernardino 5567 61 Sutter 572 297 Contra Costa 3978 47 Mariposa 77 292 San Francisco A332 905 Tehama 401 289 Del Notte 414 5: 456 Mendocino 579 530 San Joaquin 2470 311 Trinity 93 366 El Dorado Merced 1547 538 San Luis Obispo 1151 12 Tulare 2294 275 Fresno 4626 572 Modoc 184 851 San Mateo 4678 420 Tuolumne 135 47 Glenn 422 184 Mono 429 21% 538 Santa Barbara 1878 860 Ventura 2062 386 Humboldt 657 527 Monterey Santa Clara 6336 341 Yolo 653 245 Imperial 1091 501 Napa 639 86 Santa Cruz 1431 494 Yuba 334 486 lnyo 147 598 Nevada 305 320 Shasta 684 52% Kern 3427 60 Orange 5889 611 San Diego Series 2 Book 1961, Page 183887 (which provisions, Identical in all counties, are printed on the reverse hereof) hereby areadopted and incorporated herein and made a part hereof as fully as though set forth herein at length; that he will observe and perform said provisions; and that the references to property, obligations, and parties in said provisions shall be construed to refer to the property, obligations, and partles set forth in this Deed of Trust. The undersigned Trustor requests that a copy of any Notice of Default and of any Notice of Sale hereunder be mailed to him at his address hereinbefore set forth. STATE OF CALIFORNIA COUNTYOF SAN o/E60 ” Onthisthe- /9& said State, personally appeared 19. 82. before me, the undersigned, a Notary Public m and for __- , personally known to me or proved to me on the basis of satisfactory evidence to be the person ~~_ who emXUted the within instrument as A~&W/&A~L.~ Of partners of the partnership that executed the within instrument, and acknowledged to me that such partnership executed the same wITNFS.3 myha:: and official seal. r. ,,.. Signature - ,e H-y? .+A*2 I RTeT4 FOR NOTARY SEAL OR STAMP RICIAL SEAL JAMES w. JESSUP NOIAR? PtlauC CA~tF0kNl.4 ion Exptm Janvo~ 18, 1985 ~a:> ?I%% CA (1.93) (OPEN END1 EXHIBIT "A" 4 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 in the deed of trust secured hereby as a Senior Citizens Housing Project in accordance with the require- ments of said Section and Conditional Use Permit 82-3, 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 82-3 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 follows: 1. If the Council of the City of Carlsbad or any successor thereto determines that the property is being operated or main- tained in violation of any of the terms of said Section 21.18.045 or said Conditional Use Permit 82-3, 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 interest in full or within a reasonable time thereafter to convert the project to meet the approved conversion plan pursuant to CUP82-3 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 pursu- ant toCUP 82-3 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. 2. The entire principal and accrued interest thereon shall become immediately 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 the deed of trust securing the note, the buyer fails to agree in writing to accept and abide by all the terms and provisions of the promissory note. 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 82-3 or any other conversion plan approved by the City of Carlsbad. Upon payment in full or such conversion of the property, the note shall be cancelled and the lien of the deed of this deed of trust shall be reconveyed. This note 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 described in this deed of trust. Pursuant to said Section 21.18.045, this deed of trust shall be subordinated and subject to any first deeds of trust tc be executed by Trustor or his successor in interest concurrently herewith or at any time hereafter to secure loans called "con- struction loans,ll "permanent loans" or any other form of loan, 3 ,- i’ r . - refinancing, additional financing, or promissory note given by the purchaser of the property on condition that: (1) (2) (3) 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 subordi- nated shall not exceed ninety percent (90%) of the fair market value of the property at the time of subordina- tion. The proceeds of any such loan, financing or refinancing may be used to pay loan fees, interest or other charges in connection with making of said loan and any excess may be retained by the Trustor or his successor in interest so long as the other provisions of this subordination clause have been satisfied. This Deed of Trust is specifically made subject and subordinate to that certain Deed of Trust dated 19 executed by Jefferson House in which Great American 'Fed=; Savings Bank, a corporation, is named as Beneficiary and California General Mortgage Service, Inc., a corporation as Trustee, which is being recorded concurrently herewith. THE CITY OF CARLSBAD JEFFERSON HOUSE By: By: CAT. NO. NND0630 i TO 1946 CA (7-92) (Partnership) ~?lE~STtANCE A-coup*NI Li STATE OF CALIFORNIA COUNTY OF SAN R/EGO > ss. t On D~EM~R 19~4 . I 983 before me, the undersigned, a Notary Public in and for said State, persona!’ . appeared W, ///AM R. Rw.k personally known to me or moved to me on the basis’of satisfactory evidence to be 1 the ~rruu who ex c ted the within instrument as V~@n~~~~%5~% partners of the partnership that executed the within instrument, and acknowledged to me that such partnership executed the same. WITNESS my hand and official seal. ~RW.JCIPA\ OFFICE IN SAN D~E.SO WilNfV ion unpins Januav 18, 1985 ,&&Qj&&.&&&&&&&2!7 (This area for official notarial seal) PROMISSORY NOTE LmllJ31’1 L $765,440.00 Carlsbad, FOR VALUE RECEIVED, the City of Carlsbad at Carlsbad, with interest at the rate of simple interest until paid or California ,1983 undersigned promises to pay to the California, the sum of $765,440.00 ten percent (10%) per annum cancelled as herein provided. This note 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 in the deed of trust secured hereby as a Senior Citizen Housing Project in accordance with the requirements of said Section and Conditional Use Permit 82-3, or if no so constructed, operated and maintained, that the property is brought up to the standards of the approved conversion plan pursuant to CUP 82-3 or any other conversion plan approved by the City of Carlsbad. No payment shall be required on this note except as follows: 1. If the Council of the City of Carlsbad or any successor thereto determines that the property is being operated or main- tained in violation of any of the terms of said Section 21.18.045 or said Conditional Use Permit 82-3, 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 interest in full or within a reasonable time thereafter to convert the project to meet the approved conversion plan pursuant to CUP 82-3 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 pursu- ant to CUP 82-3 or any other conversion plan approved by the City of Carlsbad, the City of Carlsbad shall return this note to the maker and reconvey the lien of the deed of trust securing this note. 2. The entire principal and accrued interest thereon shall become immediately 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 the deed of trust securing this note, the buyer fails to agree in writing to accept and abide by all the terms and provisions of this promissory note. The maker hereof shall have the right at any time to prepay all or any part of this note or to elect to convert the property to meet the approved conversion plan pursuant to CUP 82-3 or any other conversion plan approved by the City of Carlsbad. Upon prepayment in full or such conversion of the property, this Note shall be cancelled and the lien of the deed of trust securing this Note shall be reconveyed to the maker hereof. This note 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 this note. The holder hereof shall look only to its interest in the property secured hereby for payment. r If action be instituted on this note, the undersigned promises to pay such sum as a court may affix as attorneys' fees. This note is secured by a deed of trust to Ticor Title Insurance Company of America, a California corporation, as Trustee. JEFFERSON HOUSE, a General Partnership By: CAT. NO. NN00630 TO 1946 CA (7-82) (Partnership) iZiZEYNtE P STATE OF CALIFORNIA > A-- COUNTYOF SAN D/EGO ss. t otary Public in and for said State, persona!’ . appeared bsfe me, the ur&ersi , A&b Y B Z !: personally known to me or I proved to me on the basis’of satisfactorv evidence to be 1 that executed the within instrument, and acknowledged to me that such partnership executed the same. WITNESS my hand and official seal. wf=w.@smrp NOTARV Puuic . cru FOMIA PNNCltAt OFFICE IN SAN DIEGO CCiUNTV (This area for official notarial seal) RECORDING REQUESTED BY , . - AND WNCN RECORDED MAIL TO r SM. 1 izse 2 L TO l8SO a ts-7r1 SPACE ABOVE THIS LINE FOR RECORDER’S USE - SURORDINATION AGREEMENT . _ _, NOTICE: TH29 SUBORDfNATION AGRRRMRNT RESULTS IN YOUR SRCURITY INTEREST IN THE PROPERTY BECo1HpIIc S- TO AND OF LOWER PRIORJTY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INBTRUMENT. THIS AGREEMENT, made this day of * 19-e by JEFFERSON HOUSE, a General PartnershiD 9 owner of tbe land hcrcimfta dmcribcd aud bereimfter referred to aa ‘Khmer,” and Y OF PART.SRAl3 , p-t owner and bolder of the deed of trust and ~otc first bereimftcr described and hereinafter referred to as “Bendiciary”; WITNESSBTH THAT WHEREAS, Owner bps executed a deed of trust, dated ) to TICOR T1TJ.E ml? COFDNY t-IF AmPA ) as tNstce, covering: Lots 1 through 8 inclusive in Block 57 of the Town of Carlsbad in the City of Carlsbad, County of San Diego, cording to Map thereof No. State of California, ac- Recorder of said County. 775 on file in the Office of the County to accurc a note in the sum of t 765,440.OO , dated Bencbciary. which deed of trust is to be recorded concurrently herewith; and -, in favor of WHEREAS. Owner has executed. or is about to execute, a deed of trust and note in the nun of $ dated , in favor of . BANK,aOratl nn 1 hereinafter referred to as “Lender,” payable with interest and upon the terms and conditions described therein, which deed of trust is alao to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan from Lender that said deed of trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or chuga of the deed of trust first above mentioned; and WHEREAS, Lender is willing to make said loan provided the deed of trust securing the came is a lien or charge upon the above described property prior and superior to the lien or charge of the deed of trust first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of Lender; and WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is willing that the deed of trust securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the deed of trust first above mentioned. NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows: (1) That said deed of trust securing said note in favor of Lender, and any renewals or extensions thereof, shall uncon- ditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien or charge of the deed of trust first above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of Lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the deeds of trust hereinbefore specifically described, any prior agreements as to such subordination, includjng, but not limited to, those provisions, if any, contained in the deed of tNSt first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or mortgages. SUBORDINATION, CONCURRENTLY RECORDED DEEDS OF TRUST, ONE TO THE OTHER. Bendkiary dechrcs, rpar mid mknowlcdga that (a) He consents to md mrova (i) JI provisions of the note and deed of trust in favor of Lender above referral to, and (ii) all 8greemeats, including but not limited to my loan or escrow agreements, between Owner and L+cnder for tbe disbursement of the proceeds of Lender’s loan; (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of au& proceeds by the person or persons to wbom Lender disburses such proceads and any application or use of such proceeds for purposes other than those-provided for in Buch agetment or agree- ments aball not defeat the rubordination herein made in whole or in part; (c) He intentionally and unconditionally waives, reliaquisbes and subordinrtu the lien or charge of the deaf of (nut first above mentioned in favor of the lien or charge upon said land of the deed of trust in favor of Leader above referred to and understands that in reliance upon, and in consideration of. this waiver, relinquishment and subordination specific loana and advancea are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for maid reliance upon this waiver, relinquiahmeat and subordination; and (d) An endorsemaot. baa been placed upon the note secured by the deed of trust fi& above mentioned that did deed of trust has by this instrument been subordinated to tbe lien or charge of the deed of trust in favor of Lender above referred to. NOTICE THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHJCH ALLOWS THE PERSON OBLI- GATED ON YOUR REAL PROPERTY SECURlTY To OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURP@JpS THAN tMPROVEMENT OF THE LAND. THE CITY OF CARLSBAD JEFFERSON HOUSE, By: A General Partnership (ALL SIGNATURES MUSI’ BE ACICNOWLEDG~~~ CAT. NO. NN00630 TO 1946 CA (7-62) w (Partnership) a. TllUllLE~NCE > AlKoncon~ STATE OF CALIFORNIA SA/V D&6 0 ss. COUNTY OF t il On p&e M 8 E R 19 +d. / 9 9.3 before me, the undersi Ot=-Y Pub1ic in and for said State, persona!’ - appeared J AA& personally known to me or P~WW Lv lllc v,l the basis’of satisfactory evidence to be _L ____-- who 4L ~~~~~a~e,~~~~h~~~~~~~h~~ that executed the within instrument, and acknowledged to me that such partnership executed the same. WITNESS my hand and official seal. - I (This are. for offkial notmid scd) IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATfON AGREEMENT, THE PARTIES CONSULT WITH THEIR AITOWNEYS WITH RESPECI. THERETO. (CLTA SUBORDINATION FORM “B”)