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HomeMy WebLinkAboutDeed 1440 ► • 1440 DOC # 2012 - 0061599 02/10/2012 08:00 AM Fees: $0.00 Requested Page 1 of 12 Recording Rey:;! ,ed By g First ; I tI y C Recorded in Official Records 1 irst Amer can . � omplii) County of Riverside Larry W. Ward RECORDING REQUESTED BY ) Assessor, County Clerk & Recorder AND WHEN RECORDED MAIL TO: ) ) Redevelopment Agency of the ) * *This document was electronically submitted City of Cathedral City ) to the County of Riverside for recording"" Receipted by YSEGURA 68 -700 Avenida Lalo Guerrero ) Cathedral City, CA 92234 ) Attn: Agency Secretary ) APN: 680- 273 -014 ) (Space Above for Recorder' s Use) (EXEMPT FROM RECORDING FEES PURSUANT TO GOVERNMENT CODE SECTIONS 6103 AND /OR 27383) DEED OF TRUST WITH ASSIGNMENT OF RENTS This Deed of trust made on this 27 day of January, 2012 by Karl D. Osborn, Jr., an unmarried man, hereinafter called "Trustor ", whose address is 32 -395 Canyon Vista Drive, Cathedral City, California 92234, to First American Title Company, a California Corporation, hereinafter referred to as "Trustee ", whose business address is 320 Court Street, San Bernardino, California 92401, in favor of the REDEVELOPMENT AGENCY OF THE CITY OF CATHEDRAL CITY, hereinafter referred to as "Beneficiary ", whose business address is 68 -700 Avenida Lalo Guerrero, Cathedral City, California 92234. Trustor irrevocably grants, transfers, and assigns to Trustee in trust, with power of sale, all that property (the "Property "), including all easements and rights of way used in connection therewith or as a means of access thereto, in the City of Cathedral City, County of Riverside, State of California, described as follows: SEE ATTACHMENT NO. 1 together with the rents, issues and profits thereof, subject however to the right reserved by Trustor in Paragraph B -15 hereof to collect and apply such rents, issues and profits, prior to any default hereunder; for the purpose of securing payment of the indebtedness in the amount of Twenty Thousand Dollars ($20,000) as evidenced in that certain Promissory Note dated contemporaneously herewith by and between Trustor and Beneficiary (the "Note ") and compliance with Affordability Covenants (as defined in the Note) in favor of Beneficiary. Specifically, and without limitation, this Deed of Trust shall secure Trustor's compliance with the covenants contained in the Affordability Covenants including, without limitation, the 1 ( Recording Requee,ted By First American The Comp; iy RECORDING REQUESTED BY ) AND WHEN RECORDED MAIL TO: ) Redevelopment Agency of the ) City of Cathedral City ) 68 -700 Avenida Lalo Guerrero ) Cathedral City, CA 92234 ) Attn: Agency Secretary ) APN: 680- 273 -014 ) 5-- 1c `S - D , -( (Space Above for Recorder's Use) Ls- (EXEMPT FROM RECORDING FEES PURSUANT TO GOVERNMENT CODE SECTIONS 6103 AND /OR 27383) DEED OF TRUST WITH ASSIGNMENT OF RENTS This Deed of trust made on this 27 day of January, 2012 by Karl D. Osborn, Jr., an unmarried man, hereinafter called "Trustor ", whose address is 32 -395 Canyon Vista Drive, Cathedral City, California 92234, to First American Title Company, a California Corporation, hereinafter referred to as "Trustee ", whose business address is 320 Court Street, San Bernardino, California 92401, in favor of the REDEVELOPMENT AGENCY OF THE CITY OF CATHEDRAL CITY, hereinafter referred to as "Beneficiary ", whose business address is 68 -700 Avenida Lalo Guerrero, Cathedral City, California 92234. Trustor irrevocably grants, transfers, and assigns to Trustee in trust, with power of sale, all that property (the "Property "), including all easements and rights of way used in connection therewith or as a means of access thereto, in the City of Cathedral City, County of Riverside, State of California, described as follows: SEE ATTACHMENT NO. 1 together with the rents, issues and profits thereof, subject however to the right reserved by Trustor in Paragraph B -15 hereof to collect and apply such rents, issues and profits, prior to any default hereunder; for the purpose of securing payment of the indebtedness in the amount of Twenty Thousand Dollars ($20,000) as evidenced in that certain Promissory Note dated contemporaneously herewith by and between Trustor and Beneficiary (the "Note ") and compliance with Affordability Covenants (as defined in the Note) in favor of Beneficiary. Specifically, and without limitation, this Deed of Trust shall secure Trustor's compliance with the covenants contained in the Affordability Covenants including, without limitation, the 1 ) 1 Affordability Covenants including, without limitation, the obligation to devote the Property for occupation by lower income persons or families (as defined in the Affordability Covenants). If the Trustor fails to comply with the Note or with the Affordability Covenants, Beneficiary may foreclose upon this Deed of Trust, and the Trustor agrees that the dollar value of the Note for the purposes of this Deed of Trust is Twenty Thousand Dollars ($20,000), plus any late charges due thereunder. A. To protect the security of this Deed of Trust, Trustor agrees: 1. To maintain the Property in good condition and repair; not to remove or demolish any building or improvement thereon; to complete promptly in a workmanlike manner any improvement hereafter constructed thereon and to restore promptly in a workmanlike manner any improvement thereon that is damaged or destroyed, and to pay when due all costs incurred therefor or in connection therewith; to comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the Property; not to commit or permit any waste thereof or any act upon the Property in violation of law or of covenants, conditions or restrictions affecting the Property. 2. 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 also, if at any time Beneficiary or Trustee is a party to or appears in any such action or proceeding, or in any action or proceeding to enforce any obligation hereby secured, to pay all costs and expenses paid or incurred by them or either of them in connection therewith, including, but not limited to, cost of evidence of title and attorneys' fees in a reasonable sum. 3. To pay (a) at least ten (10) days before delinquency, all taxes and assessments affecting the Property, all assessment upon water company stock, and all rents, assessments and charges for water appurtenant to or used in connection with the Property; (b) when due, all encumbrances, charges and liens, with interest, on the Property or any part thereof, which appear to be prior or superior hereto; and (c) all costs, fees and expenses of this trust. Nothing contained herein however shall bar Trustor from contesting any charges or assessments. 2 4. If Trustor fails to make any payment or to do any act as herein provided, then Beneficiary or Trustee (but without obligation to do so, and with or without notice to or demand upon Trustor, and without releasing Trustor from any obligation hereof) may (a) make or do the same in such manner and to such extent as either deems necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon the Prop erty for such purpose; (b) appear in or commence any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; (c) pay, purchase, contest, or compromise any encumbrance, charge or lien that, in the judgment of either, appears to be superior hereto; and in exercising any such power, Beneficiary or Trustee may incur necessary expenses, including reasonable attorneys' fees. 5. To pay immediately and without demand all sums expended hereunder by Beneficiary or Trustee, with interest from date of expenditure at the annual rate of two percentage points over Bank of America's published prime rate on or nearest the original date of default. B. It is mutually agreed that: 1. The acceptance by Beneficiary of any payment less than the amount then due shall be deemed an acceptance on account only and shall not constitute a waiver of the obligation of Trustor to pay the entire sum then due or of Beneficiary's right either to require prompt payment of all sums then due or to declare default. The acceptance of payment of any sum secured hereby after its due date will not waive the right of Beneficiary either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay. No waiver of any default shall be a waiver of any preceding or succeeding default of any kind. 2. Upon written request of Beneficiary stating that all obligations secured hereby have been fully performed, and payment of its fees, and contingent upon the written confirmation of Beneficiary as to the performance of all of such obligations, Trustee shall reconvey, without warranty the property then held hereunder. The recitals in such reconveyance shall be conclusive proof of the truthfulness thereof. The grantee may be designated in such reconveyance as "the person or persons legally entitled thereto." 3. Trustor may give such notice to Beneficiary at any time before there is a Trustee's sale of the Property. At 3 any time Trustor is in default in obligations to Beneficiary hereunder, any amounts paid to and received by Beneficiary for execution of releases pursuant to the terms of this paragraph after notice of default and election to sell has been recorded shall not, unless the requirements of Section 2924c of the Civil Code are fully met by or on behalf of Trustor, waive the right of Beneficiary to continue its plans to have the Property sold, nor shall they have any effect on the exercise by Beneficiary of the acceleration privilege contained herein, except to entitle the person effecting such payment to the release of the Property for which the release amount was paid, and insofar as Beneficiary is concerned, to constitute a credit against the secured debt. 1 4. If Trustor or any subsequent owner of the Property covered hereby shall occupy the Property, or any part thereof, after any default of any obligation secured by this deed of trust, Trustor or such owner shall pay to Beneficiary in advance on the first day of each month a reasonable rental for the premises so occupied. On failure to pay such reasonable rental, Trustor or such owner may be removed from the premises by summary dispossession proceedings or by any other appropriate action or proceeding. 5. If default is made in payment of any indebtedness or in performance of any agreement hereby secured, then Beneficiary, with or without notice to Trustor, may declare all sums secured hereby immediately due and payable by instituting suit for the recovery thereof or for the foreclosure of this deed, or by delivering to Trustee a written declaration of default and demand for sale, as well as a written notice of default and of election to cause the Property to be sold, which notice Trustee shall cause to be filed for record. If such declaration is delivered to Trustee, Beneficiary shall also deposit with Trustee this deed, the secured note, and all documents evidencing expenditures secured hereby. 6. Should Trustor, without the consent in writing of Beneficiary, voluntarily sell, transfer or convey his interest in the Property or any part thereof, or if by operation of law, it be sold, transferred or conveyed, then Beneficiary may, at its option, declare all sums secured hereby immediately due and payable, unless the new owner, and all subsequent owners, observe the covenants contained in the Affordability Covenants. 7. After the time then required by law has elapsed after recordation of such notice of default, and notice of sale 4 I I 1 having been given as then required by law, Trustee, with or without demand on Trustor, shall sell the Property at the time and place fixed in the notice of sale, either as a whole or in separate parcels and in such order as Trustee determines, at public auction, to the highest bidder, for cash in lawful money of the United States, payable at the time of sale. Trustee may postpone from time to time sale of all or any portion of the Property by public announcement at the time and place of sale originally fixed or at the last preceding postponed time. Trustee shall deliver to the purchaser its deed conveying the property 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. Trustor, Trustee, Beneficiary or any other person may purchase at the sale. 8. After deducting all costs, fees and expenses of Trustee and of this trust, including cost of evidence of title and reasonable attorneys' fees in connection with sale, Trustee shall apply the proceeds of sale to payment of (a) all sums expended under the terms hereof and not theretofore repaid, with accrued interest at two percentage points over Bank of America's published prime rate per annum, and (b) all other sums then secured hereby in such order as Beneficiary, in the exercise of its sole discretion, directs. The remainder, if any, shall be paid to the person or persons legally entitled thereto. 9. Before Trustee's sale, Beneficiary may rescind such notices of default and of election to cause the Property to be sold by delivering to Trustee a written notice of rescission, which notice, when recorded, shall cancel any prior declaration of default, demand for sale and acceleration of maturity. The exercise of such a right of rescission shall not constitute a waiver of any default then existing or subsequently occurring, or impair the right of Beneficiary to deliver to Trustee other declarations of default and demands for sale or notices of default and of election to cause the Property to be sold, or otherwise affect any provision of the secured note or of this deed or any of the rights, obligations or remedies of Beneficiary or Trustee hereunder. 10. Reserved. 11. Beneficiary may, from time to time as provided by statute, or by a writing signed and acknowledged by him and recorded in the office of the county recorder of the county in which the land is situated, appoint another trustee instead and 5 of Trustee herein named; and thereupon, the Trustee herein named shall be discharged, and the trustee so appointed shall be substituted as Trustee hereunder with the same effect as if originally named Trustee herein. 12. If two or more persons are designated as Trustee herein, any or all powers granted herein to Trustee may be exercised by any of such persons if the other person or persons is unable, for any reason, to act. Any recital of such inability in any instrument executed by any of such persons shall be conclusive against Trustor, his heirs and assigns. 13. All leases now or hereafter affecting the Property are hereby assigned and transferred to Beneficiary by Trustor. Trustor hereby covenants that none of such leases will be modified or terminated without the written consent of Beneficiary. 14. When requested to do so, Trustor shall give such further written assignments of rents, royalties, issues and profits; of all security for the performance of leases; and of all money payable under any option to purchase, and shall give executed originals of all leases, now or hereafter on or affecting the Property. 15. Trustor reserves the right, prior to any default in payment of any indebtedness or performance of any obligation secured hereby, to collect all such rents, royalties, issues and profits, as but not before they become due. Upon any such default, Trustor's right to collect such moneys shall cease, not only as to amounts accruing thereafter, but also as to amounts then accrued and unpaid. In the event of default, Beneficiary, with or without notice and without regard to the adequacy of security for the indebtedness hereby secured, either in person or by agent, or by a receiver to be appointed by the court, (a) may enter upon and take possession of the Property at any time and manage and control it in Beneficiary's discretion, and (b) with or without taking possession, may sue for or otherwise collect the rents, issues and profits thereof, whether past due or coming due thereafter, and apply the same, less costs and expenses of operation and collection, including reasonable attorneys' fees, upon any obligation secured hereby and in such order as Beneficiary determines. None of the aforesaid acts shall cure or waive any default hereunder or invalidate any act done pursuant to such notice. Beneficiary shall not be required to act diligently in the care or management of the Property or in collecting any rents, royalties or other profits that it is 6 hereby authorized to collect, and shall be accountable only for sums actually received. 16. Without affecting the liability of Trustor or of any other party now or hereafter bound by the terms hereof, from time to time and with or without notice, may release any person now or hereafter liable for performance of such obligation, and may extend the time for payment or performance, accept additional security, and alter, substitute or release any security. 17. In any judicial action brought to foreclose this deed or to enforce any right of Beneficiary or of Trustee hereunder, Trustor shall pay to Beneficiary and to Trustee attorneys' fees in a reasonable sum, to be fixed by the court. 18. No remedy hereby given to Beneficiary or Trustee is exclusive of any other remedy hereunder or under any present or future law. 19. The pleading of any statute of limitations as a defense to any and all obligations secured by this deed is hereby waived, to the full extent permissible by law. 20. In the event of default in the payment of any indebtedness secured hereby, and if such indebtedness is secured at any time by any other instrument, Beneficiary shall not be obligated to resort to any security in any particular order; and 1 the exercise by Beneficiary of any right or remedy with respect to any security shall not be a waiver of or limitation on the right of Beneficiary to exercise, at any time or from time to time thereafter, any right or remedy with respect to this deed. 21. Trustor shall, upon request made by Beneficiary, furnish the Beneficiary with annual statements covering the operations of the Property. 22. This deed applies to, inures to the benefit of and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors, successors in interest, and assigns. The term "Beneficiary" means the owner and holder, including pledgees, of the note secured hereby, whether or not named as Beneficiary herein. In this deed, whenever the context 4 so requires, the masculine gender includes the feminine and neuter, and the singular number includes the plural, and all obligations of each Trustor hereunder are joint and several. 1 7 23. Trustee accepts this trust when this deed, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to 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 is a party unless brought by Trustee. 24. Any award of damages made in connection with the condemnation for public use of or injury to the Property or any part thereof is hereby assigned and shall be paid to Beneficiary, who may apply or release such moneys received therefor upon any indebtedness secured hereby in such order as Beneficiary determines, or at the option of Beneficiary the entire amount so received 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. Trustor requests that a copy of notice of default and of any notice of sale hereunder shall be mailed to him at the address set out opposite his name, immediately below. MAILING ADDRESSES FOR NOTICES: Cathedral City, California 92234 REDEVELOPMENT AGENCY OF THE CITY OF CATHEDRAL CITY 68 -700 Avenida Lalo Guerrero Cathedral City, California 92234 Attn: Executive Director 8 Executed at Palm Desert , California, on the date first above written. 1 Karl D. Osbor Jr. • CATH \0010- 17 \DOC \007 -2.doc 12/09/11 330 hvt 9 LEGAL DESCRIPTION Real property in the City of Cathedral City, County of Riverside, State of California, described as follows: LOT 14 OF PALM VIEW ESTATES, AS SHOWN BY MAP ON FILE IN BOOK 30 PAGES 17 AND 18 OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA. APN: 680 - 273 -014 -7 t 1 4 T i CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 cc z I State of California >> (a %LJ k c �.Q. County of `J>t ( On�("/� ,41l�ia before me, .e • A 1 C f 'T� l i G 1 ( DatO Here �.J me and Title of the Officer ' y� V ( 16.1 personally appeared D. OJ Wrin Jr. y� g $ g Name(s) of Signer(s) y) i who proved to me on the basis of satisfactory evidence to be the personl whose name(4 Is re i ( subscribed to itbin ins rument and acknowle ged >> t• me that er. he /they executed the same in y� er /their authorized capacityje 7 and that by -. ( 0 er /the r signatur) on the instrument the y� v s . E. MCCARTHY person(.$) or the entity upon behalf of which the C ommission # 1934797 z p erson (a� acted, executed the instrument. Vj g,„,.......-"'‘ OZ. ,. • < * �,�. Notary Public - California z Z Riverside County j I certify under PENALTY OF PERJURY under the >> ( j_ _ _ _ _ My Comm. Expires May 2, 2 015 Y A laws of the State of California that the foregoing V � paragraph is true and correct. V ( V l ( WITNESS my hand and official seal. • l ( Signature: E ( Place Notary Seal Above Signature of Notary Pu OPTIONAL yj ( Though the information below is not required by law, it may prove valuable to persons relying on the document yj and could prevent fraudulent removal and reattachment of this form to another document. j) ( Description of Attached Document P Title or Type of Document: y� >> Document Date: Number of Pages: y� Signer(s) Other Than Named Above: V ( Capacity(ies) Claimed by Signer(s) >> Signer's Name: Signer's Name: yj ( El Corporate Officer — Title(s): ❑ Corporate Officer — Title(s): ; ( >j ❑ Individual RIGHT BP THUMBPRINT ❑ Individual RIGHT THUMBPRINT P ❑ Partner — ❑ Limited ❑ General OF ( OF SIGNER Top of thumb here El — ❑L ❑General Top of thumb here >> C ❑ Attorney in Fact ❑ Attorney in Fact �� ❑ Trustee ❑ Trustee i ( ❑ Guardian or Conservator ❑ Guardian or Conservator y � ❑ Other: El Other: >> yS Signer Is Representing: 9 P 9� Signer Is Representing: V � © 2010 National Notary Association • NationalNotary.org • 1- 800 -US NOTARY (1 -800- 876 -6827) Item #5907 I ( i • ATTACHMENT NO. 1 (Description of Property) Legal Description of Property: LOT 14 MB 030/017 PALM VIEW ESTATES Street Address of Property: 32 -395 Canyon Vista Road Cathedral City, CA 92234 Assessor's Parcel Number: 680 - 273 -014 ATTACHMENT NO. 1