HomeMy WebLinkAboutReso 1989-13923 "2204
RESOLUTION NO. 13923
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA ACCEPTING~ND DEDICATING CERTAIN REAL PROPERTY
IN SAID CITY FOR STREET PURPOSES AS PART OF ORANGE
AVENUE AND THIRD AVENUE
The City Council of the City of Chula Vista does hereby
resolve as follows:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of ChUla Vista that that certain grant of real property, made by
Grant o~ Easement , executed by The University of Minnesota
Foundation, a Minnesota non-profit corporation
dated the 21st day of October , 19 88 , a copy of which
is attached hereto and by reference made a part hereof, the same as
though fully set forth herein be, and the same is hereby accepted and
dedicated to the public use for street purposes. )r~
BE IT FURTHER RESOLVED that the City Clerk of the City of
Chula Vista be, and she is hereby authorized and directed to record
said grant deed in the office of the San Diego County Recorder.
Presented by Approved as to form by
of (~omas J~.~/ron, Cit~ Attorney
Form No. 316
2205
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
ULA VISTA, CALIFORNIA, this 10th do,/of January . .
19 89 , by the following vote, to-wit:
AYES: Councilmembers Moore, McCandl'iss, Nader, Cox, Malcolm
NAYES: Counci 1 members None
ABSTAI N: Counc i 1 roerobe rs No n e
ABSENT: Counci 1members None
"~~h~Mofhe~y of Chulo Vista
ATTEST ~ ~'~~
~' City Clerk" ~
',TE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chulo Vista, California,
DO HEREBY CERTIFY thor the above ond foregoing is o full, true ond correct copy of
RESOLUTION N0. Z3923 ,ond that the some has not been amended or repealed
DATED
caY d;rk
CC-660
, 'THIS INSTRUMENT TO:
City Clerk
P. O. Box 1087
Chu a vista, 920 2
NO T~SFER T~ DUE
Assessor ' s Parcel
No.
Easement for Street Purposes
The University of Minnesota Found~.tion, a Minnesota non-profit corporation,
do(es) hereby grant, convey and dedicate to the CITY OF CHULAVISTA,
State of California, the right of way and incidents thereto for a public
street upon, over and across that certain real property in the City of
Chula Vista, County of San Diego, State of California, described as
follows:
Being a portion of Parcel 2 of Parcel Map in the City of Chula
Vista, County of San Diego, State of California, according to
Parcel Map thereof.No. 15164 filed in the office of the County
Recorder of San Diego County Feb. 29, 1988 more particularly
described as follows: '
Beginning at the most Southeasterly corner of said Parcel 2
said point also being N74°21,16.E 207.97 feet from the most
Southwesterly cor'ner of sa~d parcel 2; thence S74°2],16,.W
6.24 feet; thence NO°i6'll.E 154.18 feet; thence Northwesterly
29.22 feet along.a curve concave Southwesterly having a radius
of 20.00 feet with a central angle. of 83°43'11"; thence
S83°27'00"E 6.04 feet; thence SouGheasterly 29.22 feet along
a curve concave'.Southwesterly having a radius of 20.00 feet with
a central angle of 83°43'11,,; thence SO°16,11,,W 151.8 feet to
the point of beginning. ·
"2192
The Grant6r hereby' further grant~ to the City of Chula Vista the privilege
and right to extend drainage structures and excavation and embankment slope.~
beyond the limits of the herein described right-of-way where required for
the construction and maintenance of said public street. RESERVING unto
grantor of the above described parcel of land, his successors or assigns,
the right to eliminate such slopes and/or drainage structures or portions
thereof, when in the written opinion of the City Engineer of Grantee, the
necessity therefore is removed by substituting other protection, support
and/or drainage facility, provided such substitution is first approved in
writing by said City Engineer.
The Grantor hereby further grants to Grantee all trees, growths (growing
or that may hereafter grow), and road building materials within said
right-of-way, including the right to take water, together with the right
to use the same in such manner and at such locations as said Grantee may
deem proper, needful or necessary, in the construction, reconstruction,
improvement or maintenance of said public street.
The Grantor, for himself, his successors and assigns, hereby waives any
claim for any and all damages to Grantor's remaining property contiguous
to the right-of-way hereby conveyed by reason of the location, construction,
landscaping or maintenance of said public street.
Dated this 21st day of October
, 19 88
The University o%Minnesota Foundation
tive DireCtor. n~
STATE OF CALIFORNIA )SS
COUNTY OF )
'On before me,
CAT. NO. NN00737
e fC TO 1945 CA
_ <Corpor~tio.~ MZNNESOTA ~J T|CO8 T|TtE |NBURANCE
__ STATE OF
__ COUNTY OF NENNEPIN
t~ On 2/~)~ra~a~/~.~g before me, the undersigned, a Nota~ Public in and for
Sl I said State, personally appeared STEPHEN W. ROSZEL~
aI personally known to me or proved to me on the basis
of satisfactory evidence to be the. person who executed
t/ =' the within instrument as the V1ce
· z President, and
· W2 t ............ t~v-~.--~r-~-~ ~ CHENo~R~
' ' CHERYL M BALDWIN
S~ I .... ~eof the Corporation
that executed the w)thin instrument and acknowledged
to me that such corporation executed the w~thin instru-
ment pursuant to its by-laws or a resolution of its
board of directors.
CHE~L
2193
· ' 2194
SUBORDINATION AGREEMENT
WHEREAS, the owner of that certain property hereinafter
described has granted to the City of Chula Vista, a municipal
corporation, in the County of San Diego, State of California, an
Easement for Street Purposes (the "Easement") described as
follows:
Being a portion of Parcel 2 of Parcel Map in the City
of Chula Vista, County of San Diego, State of
California, according to Parcel Map thereof No. 15164
filed in the office of the County Recorder of San Diego
County Feb. 29, 1988, more particularly described as
follows:
Beginning at the most Southeasterly corner of said
Parcel 2 said point also being N74o21'16"E 207.97 feet
from the most Southwesterly corner of said parcel 2;
thence S74o21'16"W 6.24 feet; thence N0ol6'll"E 154.18
feet; thence Northwesterly 29.22 feet along a curve
concave Southwesterly having a radius of 20.00 feet
with a central angle of 83o43'11"; thence S83o27'00"E
6.04 feet; thence Southeasterly 29.22 feet along a
curve concave Southwesterly having a radius of 20.00
feet with a central angle of 83o43'11"; thence
S0ol6'll"W 151.8 feet to the point of beginning.
AND WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION, a
federally chartered stock savings and loan association ("Home
Federal") is both beneficiary and trustee of that certain Second
Deed of Trust, Assignment of Rents and Security Agreement dated
February 1, 1985 (the "Deed of Trust") executed by Orange Glen, a
joint venture and recorded in the Official Records of the San
Diego County Recorder covering the property (the "Property")
described as:
Parcel 2 of Parcel Map 15164 in the City of Chula
Vista,.. County of San Diego, State of California filed
in the-Office of the County Recorder of San Diego
County February 29, 1988.
to secure a Letter of Credit Reimbursement and Indemnity
Agreement (the "Reimbursement Agreement") in the amount of
$4,226,230.00.
AND WHEREAS, Home Federal affirms that it is the owner and
holder of the hereinabove described Reimbursement Agreement and
Deed of Trust and that it has voluntarily an~ for consideration
executed this Subordination Agreement.
"2195
NOW, THEREFORE, for and in consideration of the benefits to
accrue to the Property by acceptance of said Easement by said
City of Chula Vista, the undersigned expressly subordinates all
of its right, title and interest in the Property to the interest
of said City of Chula Vista in the Easement with the intent that
the Easement shall be prior and superior to the lien of the Deed
of Trust hereinabove described.
IN WITNESS WHEREOF, Home Federal has caused this instrument
to be executed this 23rd day of November, 1988.
AS TRUSTEE: AS BENEFICIARY:
HOME FEDERAL SAVINGS HOME FEDERAL SAVINGS
AND LOAN ASSOCIATION AND LOAN ASSOCIATION
SECOND DEED OF TRUST, ASSICh~ENT GF
RE~TS AND $ECU~IT~ AGREEMENT
This Second Deed of Trust, Assignment of Rent· and Security Agreement
("Deed of Trust") dated February 1, 1985 is made t-onK the Trustor,
OKA~GE GLEN, A Joint Venture ("~orrower"), ROHE FEDERAL SAVINGS
LOA~ ASSOCIATION, a corporation ("Trustee"), and the beneficiary, RO~E
FEDEKAL SAVINGS A~D LOAN ASSOCIATION, a corporation (~Lender")
organized and existin8 under the laws of the United State· of America,
vhose ·ddre·· is 615 Broadwey, San Diego, California 92101.
Borrower, irrevocably grants to Trustel, in trust, with power of
sale, the following property, which is · leasehold e·t·te, in San -
Diego County, California:
SEE EXHIBIT A ATTACHED
and Incorporated Herein
which is located ·t the southwest corner of Third Avenue and OranKe
Avenue in Chula Vista, California together with all buildings,
improvements and tenements nov or hereafter erected on the property,
and all heretofore or hereafter vacated alleys and streets abuttinK
the property, and all easements, rights, appurtenances, rents (subject
however to the ansi~nment of rents to Lender herein), royalties,
mineral, oil and g·s rights and profits, water, water rights, and
water stock appurtenant to the property, and all fixtures, machinery,
equipment, engines, boilers, incinerators, building materials,
appliances and goods of every mature whatsoever nov or hereafter
located in, or on, or used, or intended to be used in connection with
the property, includin2, but not limited to, those for the purposes of
supplyinK or distributing heatin2, cooling, electricity, 2as, water,
air and light; and all elevators, and related machinery and equipment,
fire prevention and extinguishing apparatus, security and ' access
control apparatus, plumbinK, b·th tubs, water heaters, water closets,
sinks, ranges, stoves, refrigerators, dishwashers, disposals, washers.
dryers, awnings, storm vimdaws, storm doors, screens, blinds, shade·,
curtains and curtain rods, mirrors, cabinets, panelling, rugs,
attached floor coverings, furniture, pictures, antennas, trees and
plants; all of which, including replacements and ·dditiona thereto,
shall be deemed to be and remain a part of the real property covered
b7 this Instrument; and all of the foregoShK, together with said
property are herein referred to as the "Property".
FOR THZI~r~OSE OF SECUXINC:
1. Pa~nnent and Performance of · Letter of Credit Reimbursement and
Indemnity Agreement ('*Reimbursement Agreement") of even date herewith
THS11:1011:3/21/85 85-124
3~age 2 of 8 ' -
"2197
and any ranovals, extensions or modifications thereof executed in
co,n~ectton vith an Irrevocable L~tter of Credit ("LOC") in the amount
of V,S, $4,226,230,00. The LOg provides ior pa~nt ~f Borr~r~s
indebtedness to the C~unty cf San Diego, Califo~ vhich indebtedness
is evidenced by s Pr~$sso~ Note of even da~e in ~he principal ~oun~
of $~,000,000.00 (the "Included NoEs") and ~ich ~romisso~ Ho~e is
secured by a Firsg Deed of Trus~, ~si~en~ of Ren~s and Security
~reement on the Fropercy (~he "Senior Deed of That").
lelmbu=seen~ ASre~ent obliSa~es actrover to rei~urse ~nder for
ps~enEs ads by Lender on 5o=rover*s behalf under the Irrevocable
Letter of Credit. Full perfo~nce by Lender nnder the Irrevocable
~tcer of Credit rill dischaTSe 5orrover*s obligation to the County
San Diego, Califonis ~der the Included Note. ~erefore, ass2in&
proper application. of funds by the T~s~ee~ pursuan~ to the Trus~
I~entuze of even dace here~h bowsen the County of San DteSo~
~ifo~is ~d ~e h~ of ~ifo~h, ~.l., Borr~er*s obligation
~der the ~cluded Note ~11 be reduced to the exten~ of Le~der*s
~ngs ~er the L~. ~cord~gly, ~ile Io~erts obligation
-~er th bc1~ed No~e b separate Ira ~mrvs obligation
the h~ursnent ~renent, the obligs~i~e mrs c~xceutve end not
sadieire.
2. ~;l~nce rich each prwision c~a~ed ~ a~ agreemen~ be~een
~wer add ~der ~ich Affects this ~ope~7 ("Bo~wer/LendeT
~r coverts Chit ~Trove~ 1s the ~vf~ o~eT &~d holder
of the leasehold estate conveyed and has the right to gr~ and conve~
the ~operE~, t~E the ProperE7 is unencubered except ss pe~itEed by
~nder and ~hst So~er ~11 w~snt ud defe~ S~erally the title
to the Property, against all c~tms a~ dm~s, subject to any
dechrstions, ess~ents or restrictions lbted in s schedule of
exceptions to coverage ~ ~y title ~ursnce policy ~sur~B ~nder's
~terest ~ the property
1. Paint of ~ounts ~e. Dotrover ~I1 pay all ~ts ~en
due ~ Dr~ided in the h~ursement 4remnt,
2. ~arges; Liens, Bo~er ~11 pa~ p~or to del~quency all
~es, assessun~s ud o~her c~r8es, f~es ~d ~osiEi~s
to the Proper~l ~ich uy a~ts~ s priori~l ~er ~his Deed of
~=r~er ~11 pr~ptly funash to ~nder ~ ~otices of ~oun~s due
~der this paragraph and 3orrmr rill prOEly f~ish to ~nder
receipts evidencing ~e ps~ents. ~e= ~ p~p~ll discharge
shy lien, ezcep~ the Senior ~ed of ~, ~i~ ~ priority ~er
this ~ed of ~s~l provided, tha~ Bo~er ~11 not be required
d~c~rge ~ lien so 1~ as ~o~over ~11 agree ia ~ to the
~nt of ~he obligation secured by ~he lien ~ a ~er acceptable
to ~er, or rill in Iood faith c~esE the lien his or defe~
enforcmnE of the lien ~, legal proceed~ ~ich o~rs~e to prevent
the e~orcement of the lien or forfeiture of ~e ~perty or
of the Proper~.
3. Fire and Other hzsrd Insurance, -- ~r ~t
ex~E~g ~ future ~prov~ents to the Pr~er~ ~=ed thr~gh the
te~ of the Re~urs~ent ~eement sga~t loss by fire or other
~ard(s) ~ ~n~, fo~ ~ content acceptable to ~er. ~e
insurance caviar provid~[ the required c~erage ~1 be chosen
~ser subject to approval by She ~nder. ~ i~r~ce policies
and rentals ~11 ~clude a s~ndard ~=~gsge c~e in favor of
~ fore sccept~le to Lender, ~nder ~s the right to rets~ cragS1
certificates or policies and ranovals. ~1 pre~m due ~ iuuruce
policies ~11 be the responsibllit~ of the Boamr. If ~rr~er
fails to provide ~nder vi~h e~dence of ~he requi~d insuruce dur~g
the te~ of the [e~ursemenE Agreement, Le~er ~ authorized, bus not
obligated, to obta~ insurance pro~ec~g Lender*s ~terest onlI.
~rr~er rill be required to pay Lender t~ ~sursnce pr~i~ so paid
by ~nder upon request.
~S11: 1011: 3/21/85 85-12~
Page 3 of 8
Vhen any hazsrd loss occurs, Borrover must give prompt notice to
the insurance carrier and Lender. Lender may submit notice of clsl~
end/or mike proof of loss if not made promptly by 3errover. Unless
Lender sud Borrover agree in vriting, insurance proceeds viII be
applied to restoration or repair of proper~y damaged, provided that in
the reasonable opimion of Lender, such restoration or repair is
economically feasible and that the security of the Deed of Trus~ vould
not be i=patred if such restoration or repair vere accomplished. If
such restoration or repair is not economically feasible or if the
security of this Deed of Trus~ vould be impaired, even if the
restoration or repair yore accomplished, the insurance proceeds rill
be applied to the sums secured by this Deed of Trust, vith excess,
any, paid to 3errover. If the Property is ·bandosed by Bertover, or
if the Betrayer fa$1s to respond to Lender viihis 30 days from the
date notice is mailed by Lender Co 3orrover that the insurance carrier
offers to settle s claim for insurance benefits, Lender is authorized
to collect and apply the insurance proceeds, st Lender'e opti_on,
either to the restoration or repair of the Property or to the sums
secured by this Deed of Trust.
Dnless Lender end 3errover agree in vriting, shy applicatinn
proceeds ~o principal sill uoc ex~end or postpone the due date of-the
payments or change the amount of the paymeuLs pursuant to the
Reimbursement Agree·ant. If title to the Property is acquired by
Lender, all rights, title and interest of Bertover in any insurance
l~liciee v111 pass to Lender,
A. IJuiform Commercial Code Seeurit~ AEreement. This is
intended to be · security agreement pursues= to ~he Uniform 6osmercial
Code for ~·ny el the items specified ·boys as ~art of the Proper~y
~ich, under applicable lay, may be subject Co · security interest
pursuant to the Uniform Com=~rcisl Code, and Bertover hereby grants
Lender · security interest in said items. 3erraver agrees that Lender
say file this Deed of Trust, or · reproduction'thereof, in the real
estate records or other appropriate index, as · financing statement
lot any of the items specified ·bore is pert of Che Property. Any
reproduction of this Deed of Trust or of any other security agreement
or financing statement shall be sufficient ·s · financing statement to
the exuent permitted by lay. In addition, 3errover m/tees to execute
and deliver ' to Lender, upon Lender ~ · . request, any lr4~sncing
Itatements, ·e yell ·s evtensions, renewals and smellall·has thereof,
and reproductions of th~s Deed of Trust in such form as Lender say
require to perfec~ · security interest erich respect to said items,
Borrover shall pay ·11 costs of ~iling such ~lnsncing statements end
an~ extensions, ran·vale, amendments and releases thereof~ and shall
pay ·11 reasonshie cos~e and expenses of any record searches for
flnancin~ east·merits Lender say tessshah17 require, Vil~haut the prior
eriC·an consent of Lender, Bertover shale not create or suffer to be
created pursuant to the Uniform Censertim1 Code any ocher security
interest in said items, including replacements and additions thereto,
ocher than as contemplated by the Pro~ect Lean Documents (as defined
in the Loan Agreement of even dace herevith becveen Borrower and cbe
County of Sen D4e~o, California, Upon Borroeer*s breech of any
covenants or agreement of Borrower contained in this Deed of Tr~st
which is not cured srlthin the xppliceble period provided ~urS~ut to
Paragraph 15 baler, Lender shall have the remedies of · secured party
under the Uniform Cams·re·s1 Code and, a~ Len~eres option, miy also
invoke the remedies provided in par·graph 1~ of this Deed of Trust as
to such i~ems, In exercising any of said re·dies, Lender rail proceed
sKeins· the item of real property and any items of personal prop·tel
specified above as part of the Property separately or together and in
any order vhstsoever, riChout in any ray if·acting the availability of
Lender's remedies under the Uniform Commercial Code or of the remedies
provided in paragraph 15 of this Deed of Trust.
5. Preservation and Haintensnce of Property~ Leas·holds.
Borrover rill keep the Property in good repair and vill not
waste or permit impairneat or deterioration of the Propert7 and
comply vi~h the provisions of any lease if this Deed of Trust is on m
leasehold.
THS 11: 1011: 3/21/85 85-12~
.co, De.d of Trust
6. Protection of Lender*s Security. If Borrover fails to
perfor~ the covenants and agreements contained in this Deed of Trust,
or if Borrover fails to take reasonable steps to protect Lender's
security in any action or proceeding commenced vhich m~terially
affects Lender's interest in the Property, including, but not limited
to, eminent domain, insolvency, code enforcement, or arrangements or
proceedings involving · debtor in bankruptcy or dec·dent, then Lender
ac Lender's option, upon notice co Borrover, may make such
appearances, disburse such su~s and take such action as is necessary
to protect Lender*s interest, including, but not limited to,
disbursement of rtssonable ·ttorney's fees ·nd entry upon the Property
to make repairs.
Any amounts disbursed by Lender pursuant to this paragraph 6,
~rlth interest thereon, ~ill become additional indebtedness of Borrover
secured by this Deed of Trust. Unless Borrover and L~nder agree to
other terms of payment, such amounts viii be payable upon notice from
Lender to Borrower requesting pa~ent, sad viII bear interest from the
date of disbursement at the rate payable from time to time under
Section 3.01 (a) of the Reimbursement A~ra~ant unless payment of
interest at such rate vould be contrary to applicable lay, in vhich
event the s=oun~s vill bear interest at the highest. rate permissible
nnder applicable ls~. Nothing contained in this paragraph 6 vill
require Lender to incur any expense or take any action.
7. Inspec~ion. Lender may mak~ or cause to be made reasonable
entries upon and inspections of the Proper~y, provided that Lender
rill give Jorrover notice before any inspection specifying reasonable
cause related to Lender's interest in the Property.
8. ' Condemns·ion. To the extent of any unpaid obligation
secured by ~his Deed of Trust and to the extent not inconsistent rich
the Project Loan Documents, ~he proceeds of any ·yard or claim for
damages, direct or consequential, in connec~ion ~.-ith any cond~mnation
or other taking of the Property, or any part of the Property, or for
conveyance in lieu of cond~mnation ("Proceeds"), are irrevocably
assigned and rill be paid to Lender. Notvtthstandimg the preceding
sentence, at Borrover's option, the Proceeds rill be applied to
restoration or repair of the Property taken, provided ~hat such
restoration or repair is economically feasible and that the security
of the Deed of Trust vould not be tzpaired if such restoration or
repair is accomplished. If such restoration or repair is not
economically feasible or if the security of this Deed of Trust vould
be impaired, even if the restoration or repair is completed, the
Proceeds viii be applied to the sums secured by this Deed of Trusts
vith excess, if any, paid to'Borrover.
9. Forbearance br L~n~er Not a !~atver. lay forbearance by
L~nder in exercising any right or remedy contained in this Iked of
· rust, or othervise afforded by applicable lay, vill not be a waiver
of or preclude the exercise of any such rtgh~ or r~medy. The
procurem~nt of insurance or the 'payment of taxes or other liens or
charges by L~nder ~ill not be a vsiver of L~nder's right to accelerate
the maturity of the indebtedness secured by this Deed of Trust.
IO. Remedies Cumulative. All remedies provided in this Deed of
Trust are distinct and cumulative to any other right or r~medy under
this Deed of Trust or afforded by lay or equity, and may be exercised
concurrently, independently or successively.
11. Successors and Asst~ms Bound; Join~ and Several Liabilit},;
~_~. The covenants and a~reements her·in contained viII bind,
sad the rights her·under ~tll inure to, the respective successors and
assigns of L~nder ~nd Borrover, subject to the provisions of par·graph
15. All covenants and agreements of Borrower viii be Joint and
several. The captions and headings of the par·graphs of ~his Deed of
Trust are for convenience only and ere not to be used to interpret or
define the provisions.
12. Notice. Except for any notice required under applicable lay
to be given in another manner, any notice provided for in this Deed of
~rust rill be in ~rritinS and addressed as follows:
THS11: 1011:3/21/85 85-12~,
.... ORANGE CLEN
p.,. , " 2200
If to Borrover: Yestern Cow,unities ~soc~stes
c/o Decor DeveZopmen~
7051 Alvaredo Road, Suite D
~ Hess, Callfoals 920~1
Attention: Robert C. Spri~s
~t~h copies ~o: ~rk S~ender, Esq.
Suite I~00
S~ Diego, ~Zifonia 92101
If to Lender: ~e ~ederaZ Savin~s and Loan
~socia~lon
62~ ~roadv~y
San Diego, ~lifonia 92101
· Atte~tion: Rlc~rd T, AbdsZZs
~tth copies to: H~a YederaZ Savings ~d
~soch~ion
625 ~roadvay, Suite 735
~ Diego, CslHo~ia 92101
AE~en~ton: ~s H. S~anford, Esq.
or to such other address am either par~y ~y destine fr~ ~ ~o .
tiR by no~ice to the other in =he ~nner se~ forth heroin. ~1 such
notices, de~nds and other co~nicati~s s~11 be deemed received (a)
~pon ac~l recetp~ ff delivered by permo~1 deliva~ or ~11, or (b)
48 hours after deposi~ ~ ~he U.S. ~il, certified or registered
~h postage prepaid.
13. ~e~in~ Lav~ Severabili~. ~e ge~urs~en~ Agre~n~
secured by Khis Deed of T~sE is ~de pursuant to the lays of the
Untied S~a~es of ~erica and ~he ales and re~u~ions pr~lga~ed
thereunder, includ~g ~he federal lays, ~les and regulations for
federal savings and loan associa:ions, and, so long as the
~b~rsemen~ Agre~en~ or any par~ of ~he ~debEedness evlde~ed
thereby is held by a federal savings and lo~ associa~ion, the
c~trac~ be~een the par:los, ~cl~d~g ~his Deed o~ T~s~, the
Re~burs~enE AgreeRat and any other obliga~ion ~is Deed of
secures, ~1 be cons~ned and gove~ed by such lays, ~les and
re~la~tons. In the even~ that ~y provision or chuse of this
of T~s~ or the Re~bursemen~ Agreemen~ c~flieEs ~h applicable
such conflict viii no~ affect o~ber provisions of this Deed oi ~E
or ~he Re~bursemen~ Agrenen~ ~ich can be given effec~ ~hou~ the
c~flic~g provision, and to this end ~he provisits o~ ~he Deed
T~s~ ~ the Re~bursemen~ ~eement are decbred Eo be severabe.
14. Transfer of the Proper~y~ ~s~ptt~. ~ender My dechre
all the ~ secured by this Deed of T~s~ to be ~ed~Eely due ~d
payable If any porti~ of the ~oper~ or say tn~eras~ in the
or any interest ~ the ~ort~er is sold or ~ransfe~d vol~tsrily
~voluntartly ~hout obta~g Lender ' s ~ttten sppr~al.
No~KM~and~g the preceded sentence, Bo~er my ~r~sfer an
~terest in the Proper~y one C~e ~h the prior ~t~Ken c~sant
the Lender ~ich s~ll be 2ivan if (t) the buyer or transferee, ~ the
reas~able op~l~ of ~nder, is f~anc~lly q~lifted to ~s~e
obligations of the Re~bursnan~ Agreeant, ($1) ~nd~r is pa~, a~
the [~e of tryafar, a fee eq~l to one percen~ of ~he S~ted ~
(as defined In the ~) of ~he LOG, and ($it) the buyer or ~ransIeree
assess, ~ ~o~ reas~bly sa~facto~ to Lender, the -obltga~i~
the ge~bursemen~ ~ree~n~.
15. Accelera~t~{ R~edies. Upon Borr~er's breach of any
c~enan~ or agreemenK ~ this Deed of T~s~ or a Borr~r/~er
A~eemen~ (subject, ~ the evnt of a breach ~dar a Bcrro~r/Le~er
~reemen~, to any applicable cure period contained in ~e
Borr~er/~ender Agreemen= under ~ich the breach occu~ed), incl~g
the cove~n=s to pay ~en due any s~s secured by ~his Deed of T~t,
~ender before accelera=ion ~11 ~tl no=ice =o Borro~r as provided
paragraph 12 spectfy~ng =he breach and ~= failure ~o cure the br~ch
on or before the dace specified in ~he no=ice may resul=
accelera=ton of the s~ secured by =his Deed of T~s= and sale of ~e
i 0TRSlI:1011:3/21/8~ 85-12z,
Second Deed of Trust OIL~JqGE GLEN
p.,. 6of, 2201
Property. If the breach is not cured on or before the date specified
t~ the notice, Lender, at Leu~er's option, may declare nil of the sums
secured by the Deed of Trust to be tmmad~stely due and payable vithou~
further demand mud m~y use the power of sale and any other remedies
permitted by applicable lag. Lender vl~1 be entitled to collect
reaso~ble costs and expenses incurred in pursuiuz the remedies
provided in this paragraph 15, including. without l~itmtion, Lenderas
ramsophie staff mtto~eys* fees and non-staff mcto~eys' fees.
If Lender uses the power of sale, Lender viI1 si~ or cause the
T~stee to sign s ~itteu notice of the occurrence of ~ event of
default sad of ~nder*s election to cause the Property to be sold ~d'
~1 cause the notice to be recorded in each couut~ iu ~ich ~y part
of the Property ~s ~ocated. Lender or T~stee wll~ ~i~ copies of the
~tice iu the uuner mud to the persons prescribed by applicable
T~stee ~i~1 give public notice of sale to the persons ~d in the
m~er prescribed b~ applicable by. ~ter the hpse of such t~e as
my be required by app~l~ble lay, ~r~tee, ~thout d~d on
~er, ~1~ sell the Property st public auction to the hiShess
b~der at the t~e and place and ~der the te~ desi~ated in the
~tice of sale ~ ~e or more parcels and ~ such order as T~stee ~y
detains. T~stee ~y postpone sale of all or any parcel o~ the
~operty by public ~o~cement at the t~e and place of any
previo~ly scheduled sale. ~nder or Lender*s desi~ee my purchse
~e Property at ~y
T~tee ~1 deliver to the ~rchaser a ~steees Deed conve~ng
the Property sold without ~y cove~nt or warranty, e~ressed or
~plied. ~e facials ~ the ~steees Deed ~1 be pr~ facie
evidence o~ the t~th of Ebe s~tements ude. ~stee ~1 appl~ the
proceeds of the sale ~ the follyinK order: (a) to all reaso~ble
costs sad e~enses of the sale, subject to applicable hw includ~Z,
but not l~ted to, reaso~ble T~steees and Lenderas staff mtto~eys*
~d non-staff stto~e~s* fees and costs of title evidence; (b) to
s~s secured by this Deed of ~rust; and (c) the excess, if any, to the
person legally entitled.
16. Borr~er'S Right to Reinstate. No~thstanding Lenderas
acceleration of the s~ secured by this Deed of T~st, Bo~er
~e the right to have any proceed~Ks be~n by Lender to enforce this
~ed of T~st discontinued at those t~es specified by sppli~b~e
state ls~, and only at ~uderes opti~ thereafter, or ~ly at Lender's
~tion at any t~ prior to ent~ of a J~ent enforcing this ~ed of
T~st if; (a) Borrower pays Lender all s~ ~ich would be then due
~er this ~ed of Trust, and ~e ~burs~ut Agreeeat hd not
acceleration occu~ed; (b) Bo~mr cures a~l breaches of ~y other
cove~nts or ragfemurs of ~er contained ~ this ~ed of
(c) ~o~er pays all feasible a~enses incu~ed by Lender and
~stee ~ uforcing the covenants mud aKree~nts of ~rr~er
c~tsiued in this Deed of Trust, and in euforc~g Lender's and
~steees remedies as provided in paragraph 15, ~clud~g, but not
l~ited to, feasible atto~eyvs fees; a~ (d) Solovet tabs actinn
~ ~uder ~ ressoubly require to assure t~t the lien of this Deed
of T~t, ~uderes ~terest ~ the Property and ~orro~er's obligation
to pay the s~ secured hereby ~11 tontine ~aired. Upon the
ps~ent and cure by Bo~er, this ~ed of ~st ~d the obligation
secured by this ~ed of ~t ~ r~ ~ full force and effect
if u accelerati~ ~ not occu~ed.
17. Appointeat of Receiver~ ~uder in Possessi~. Upon
acceleration ~der paragraph IS or abandoneat of the Property,
~nder, ~ person, by aSent or bF Judic~1ly appointed receiver uy
~ter upon, take possession of and m~Be ~e Property mad collect the
rents of the Property including those past due. fil rents collected
by ~nder or the receiver ~1 be applied first ~o ps~ent of the
costs of u~gement of the Property and collection of rent, ~cludiug
receiveres fees, premi~s on receivetea bonds and reaso~ble
lCtoneysw fees, and then to the s~ secured b~ this Deed of Trust.
~nder aM the receiver viii only be liable co account fcr chose ren~s
sctully received.
THSlI:I011:3/21/85 85-12~
S,con De.d of 2 2 0 2
Pege 7 of 8
-18. Reconveyance- Upon payment of all s~s secured by this Deed
of Trus~, Lender rill request Trustee to reconvey the Property and
surrender this Deed of Trust to Trustee. Trustee viII reconvey the
Property vithout varranty to the person legally entStled, and that
person rill pay all costs of any full or partial recouveyance.
19. Subs~itute T~stee. Lender ~y remove T~s~ea and appoint a
hey T~stee. The hey T~stee ~11 succeed to all the title, po~er ~d
guttea confeted upon the T~stee.
20. Statement of Obligation. ~nder may collect a fee for
funish~g the s~atement of obligation as provided by Section 29~3 of
the Civil ~de of ~llfonla,
21 Partnership/Joint Venture · Not Created. Belther a
partnership nor m Jolnt yenCure exlsts or ls created be~een ~nder
and Bo~r, Lender is not responsible for *~y of ~rr~er*m debts, '
oblXSatlons or l~blltttes,
22. Non-Recourse Liability. Not~t~tng any provision
!~;- this Deed of T~st, the liability of Borr~er hereunder shall be
' ~ non-recourse ~ uture and shall only entitle Trustee ~d Lender to
uChfy ch~ agent Bo~er by the exercise of rt~tm ~th regard
to the Property described beret. ~e ~over and los Jolt venture _
partners, employees, and agents shall have no pers~d or ~dlvtdual
l~btltCy of ~y k~d by reason of the provtsi~s of this Deed
T~st or by reason of a breach or default h co~ection vtth the
foregong, except for ~llful or tntent$~l Mute of the Property.
~ ~QSSTS ~T A C0H 0F ~ NOTICE 0F DEPART 0R K~ICE OF S~E
~IL~ TO B0~O~R AT: 7051 ~V~O KO~, S~TE D, ~ ~SA,
Orange Clen, A Joint Venture
David Balcolm,
Joint Venturer
~..~t ~f/~ General Partnership,
: THSI 1: 1011: 3/21/85 85-124
PaSs 8 of 8
STATE OF CALIFOPalA
San Diego
COUNTY OF ~RR~XX
On HaTch 21, 1985 , before
the undersigned. a No=dry Public in and for said Stare, personally
appeared David Ealcolm, R~~X~qKX3qX~ or proved to me on the
basis of satisfactory evidence to be the person s~ho executed the
viabin instrument as ~oin~ venturer of the 3oint venture that executed
the viabin instrument, and acknowledged to me that such 3oint venture
executed the same.
WITNESS my hand and official seal. '
NG LEONG
Signature ~ ~")
STATE OF CALIFORNIA
San Diego
COUNTI OF ~E~K~
On March 21, 1985
~ before me~
the undersiEned, a Notary Public in and for said State, pe=sonal/~
appeared Robert C. Springs, kmo~n to me to be a partner of Darmor, ~he
partnership that executed the vithin insthrash= and kno~m to me to be
the person who executed the viabin instrument ~n behalf of said
partnership, said partnership being known to me to be a ~oint ventstar
of Orange G. len, the ~oint venture that executed the within instrument
and acknowledged to me that such 3oint venture executed the sam-.
· WITNESS my hand and official seal.
Fort
Name (Typed or Printed)
R~QUv_ST FOR EECO~v~,~ANCE
TO T~USTEE:
I me the holder of the Reimbursement AXTeement secured by this Deed of
Trust, and the obliKation has been satisfied in full. Cancel the
himburaement A~reement and this Deed of Trust, end recanvey without
warranty, to the person(s) entitled, all the estate nov held by ~ou in
the Deed of Trust.
Dated: