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HomeMy WebLinkAboutRecorded doc 2016-087 2016-087 :2O/!o DOC # 2016-0159297 or 7 04/21/2016 04:03 PM Fees: $68.00 Page 1 of 7 Recorded in Official Records County of Riverside RECORDING REQUESTED BY Peter Aldana AND WHEN RECORDED RETURN TO: Assessor-County Clerk-Recorder City of Cathedral City 68700 Avenida Lalo Guerrero **This document was electronically submitted to the County of Riverside for recording" Cathedral City,California 92234 Receipted by: MARIA#309 Attn.: City Clerk APNS: 677-050-031,677-050-032 Space Above This Line For Recorder's Use 677-050-033 and 677-050-034 DEED OF TRUST WITH ASSIGNMENT OF RENTS AS ADDITIONAL SECURITY This DEED OF TRUST, made as of kP(L\U , 2016, between VERANO RECOVERY, LLC., a California limited liability company, herein called TRUSTOR, whose address is c/o Inland Communities Corporation, 6430 West Sunset Blvd., Suite 460, Los Angeles, California 90028, FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, herein called TRUSTEE, and the CITY OF CATHEDRAL CITY, a municipal corporation organized and existing under the laws of the State of California,herein called BENEFICIARY. Trustor irrevocably grants, transfers and assigns to Trustee in trust, with power of sale, that property in the City of Cathedral City, County of Riverside, State of California, described as: PARCELS I THROUGH 4,INCLUSIVE, OF PARCEL MAP 34148,IN THE CITY OF CATHEDRAL CITY,COUNTY OF RIVERSIDE, STATE OF CALIFORNIA,AS SHOWN ON THE MAP RECORDED IN BOOK 220, PAGES 8 THROUGH 10, INCLUSIVE OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. 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 sum of $179,820.68 according to the terms of a non-recourse promissory note of even date herewith made by Trustor,payable to the order of Beneficiary, and extensions or renewals thereof; (2) the performance of each agreement of Trustor incorporated by reference or contained herein or reciting it is so secured; (3) payment of additional sums and interest thereon which may hereafter be loaned to Trustor, or it successors or assigns, when evidenced by a promissory note or notes reciting that they are secured by this Deed of Trust. A. To protect the security of this Deed of Trust,Trustor agrees: LA 44821-7685-5340 v3 I RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City of Cathedral City 68700 Avenida Lalo Guerrero Cathedral City, California 92234 Attn.: City Clerk APNS: 677-050-031, 677-050-032 Space Above This Line For Recorder's Use 677-050-033 and 677-050-034 DEED OF TRUST WITH ASSIGNMENT OF RENTS AS ADDITIONAL SECURITY This DEED OF TRUST, made as of kP(2..\l1 e , 2016, between VERANO RECOVERY, LLC., a California limited liability company, herein called TRUSTOR, whose address is c/o Inland Communities Corporation, 6430 West Sunset Blvd., Suite 460, Los Angeles, California 90028, FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, herein called TRUSTEE, and the CITY OF CATHEDRAL CITY, a municipal corporation organized and existing under the laws of the State of California, herein called BENEFICIARY. Trustor irrevocably grants, transfers and assigns to Trustee in trust, with power of sale, that property in the City of Cathedral City, County of Riverside, State of California, described as: PARCELS 1 THROUGH 4, INCLUSIVE, OF PARCEL MAP 34148, IN THE CITY OF CATHEDRAL CITY, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA,AS SHOWN ON THE MAP RECORDED IN BOOK 220, PAGES 8 THROUGH 10, INCLUSIVE OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. 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 sum of $179,820.68 according to the terms of a non-recourse promissory note of even date herewith made by Trustor, payable to the order of Beneficiary, and extensions or renewals thereof; (2) the performance of each agreement of Trustor incorporated by reference or contained herein or reciting it is so secured; (3) payment of additional sums and interest thereon which may hereafter be loaned to Trustor, or it successors or assigns, when evidenced by a promissory note or notes reciting that they are secured by this Deed of Trust. A. To protect the security of this Deed of Trust, Trustor agrees: LA#4821-7685-5340 v3 1 (1) To keep said property in good 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 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, or permit 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 may be reasonably necessary, the specific enumerations herein not excluding the general. (2) To provide, maintain and deliver to Beneficiary fire insurance satisfactory to and with loss payable to Beneficiary. The amount collected under any fire or 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 the entire amount so collected or any part thereof may be released to Trustor. Such application or release shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. Without limiting the foregoing, said insurance shall consist of a policy or policies of fire and extended coverage insurance in the amount of the full replacement cost of all buildings and other improvements on said property and with such deductibles and having such endorsements as are satisfactory to Beneficiary, including, without limitation, endorsements for vandalism, malicious mischief, earthquake and flood coverages. (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 all costs and expenses, including cost of evidence of title and attorney's fees in a reasonable sum, in any action or proceeding in which Beneficiary or Trustee may appear, and in any suit brought by Beneficiary to foreclose this Deed of Trust. (4) To pay: at least ten days before delinquency all taxes and assessments affecting said property, including assessments on appurtenant water stock; when due, all 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 to or demand 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 protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or proceeding purporting 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 or her reasonable fees. THIS INSTRUMENT FILED FOR RECORD BY FIRST AMERICAN TITLE CO.OF L.A.AS AN ACCOMMODATION ONLY.IT HAS NOT BEEN EXAMINED AS TO ITS EXECUTION OR AS TO ITS LA#4821-7685-5340 v3 2 EFFECT UPON TITLE. (5) To pay immediately and without demand all sums so expanded by Beneficiary or Trustee, with interest from date of expenditure at the amount allowed by 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 by the Beneficiary not to exceed the maximum allowed by law at the time when said statement is demanded. B. It is mutually agreed: (1) That any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned and shall be paid to Beneficiary who may apply or release such moneys received by him or her in the same manner and with the same effect as provided above in paragraph A(2) regarding disposition of proceeds of fire or other insurance. (2) That by accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his or her 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 any time or from time to time, without liability therefor and without notice, upon written request of Beneficiary and presentation of this Deed of Trust 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 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 the lien or charge hereof. (4) That upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed of Trust 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, without warranty, the property then held hereunder. The recitals in such reconveyance of any matters or facts shall be conclusive 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 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 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 hereby secured, enter upon and take possession of said property or any part thereof, in his or her own name sue for or otherwise collect such rents, issues, and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as Beneficiary LA#4821-7685-5340 v3 3 may determine. The entering upon and taking possession of said property ,the collection 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 agreement hereunder, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for sale 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 of Trust, 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, either 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 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 announcement at the time fixed by the preceding postponement. Trustee shall deliver to such purchaser its deed conveying the property so sold, but without any covenant 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. After deducting all 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 of sale to payment of: all 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 sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto. (7) 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 to any Trustee named herein or acting hereunder, which instrument, executed by the Beneficiary and duly acknowledged and recorded in the office of the 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 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 and Beneficiary hereunder, the book and page where this Deed of Trust is recorded and the name and address of the new Trustee. (8) That this Deed of Trust applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors, and assigns. LA#4821-7685-5340 v3 4 The term Beneficiary shall mean the owner and holder, including pledgees of the note secured hereby, whether or not named as Beneficiary herein. In this Deed of Trust, whenever the context so requires, the masculine gender includes the feminine and/or the neuter, and the singular number includes the plural. (9) The Trustee accepts this Trust when this Deed of Trust, duty executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to 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 by Trustee. (10) In the event of any Transfer(as defined below) of said property, Beneficiary shall have the absolute right at its option, without prior demand or notice, to declare all sums secured hereby immediately due and payable. As used herein, "Transfer" means any sale, conveyance, lease, transfer or disposition of all or any part of said property or any interest of Trustor therein, or the further hypothecation or encumbering of said property or any part thereof, or the entry into any agreement to do any of the foregoing, without the prior written consent of Beneficiary. Beneficiary may charge for a statement regarding the obligation secured hereby, provided the charge thereof does not exceed the maximum allowed by laws. The undersigned Trustor, requests that a copy of any notice of default and any notice of sale hereunder be mailed to him at his address hereinbefore set forth. VERANO RECOVERY,LTD., a California limited liability company By: INLAND COMMUNITIES CORP., a California corporation its General Manager By: Jamal A.Ahmad President LA#4821-7685-5340 v3 5 ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California ) ) ss County of L bs 4y eliS ) On /cv,t $ , 2D 14 , before me, ` . S1R h.e,/ (Name of Notary) r notary public, personally appeared Q vv� � � A - Nh who proved to me on the basis of satisfac ory evidence to be the persons whose name] is subscribed to the ithin instrument and acknowledged to me that h she.tl4ey executed the same in etherAiteir authorized capacity), and that by i or/thcir signature(e" on the instrument the person(s), or the entity upon behalf of which the persons-acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. ...... N. SIEBER 54— ♦ 1j _,, Commission No.2083637 g Sli,D :r;' NOTARY PUBLIC-CALIFORNIA 'T f LOB ANGELES COUNTY (Notary Signature) MI► •Expos 25,201$ LA#4821-7685-5340 v3 6 DO NOT RECORD REQUEST FOR FULL RECONVEYANCE TO FIRST AMERICAN TITLE INSURANCE COMPANY The undersigned is the legal owner and holder of the note or notes and of all other indebtedness secured by the foregoing Deed of Trust. Said note or notes, together with all other indebtedness secured by said Deed of Trust, have been fully paid and satisfied; and you are hereby requested and directed, on payment to you of any sums owing to you under the terms of said Deed of Trust, to cancel said note or notes above mentioned, and all other evidence of indebtedness secured by said Deed of Trust delivered to you herewith, together with the said Deed of Trust, and to reconvey, without warranty, to the parties designated by the terms of said Deed of Trust, all the estate now held by you under the same. Dated: Please mail Deed of Trust, Note and Reconveyance to Do not lose or destroy this Dead of Trust OR THE NOTE which it secures. Both must be delivered to the Trustee for cancellation before reconveyance will be made. LA#4821-7685-5340 v3 7