Loading...
HomeMy WebLinkAboutCC RESO 10,297RESOLUTION NO.. 10,297 RESOLUTION AUTHORIZING THE RECONVEYANCE, OF A PROMISSORY NOTE AND TRUST DEED TO S L M CO., A PARTNERSHIP BE IT RESOLVED by the City Council of the City of National City that the Mayor and all other appropriate City officers are authorAzed and directed to execute a reconvey- ance of a promissory note and trust deed made by S L M CO., A PARTNERSHIP, in favor of the City of National City. This reconveyance is to complete the sale of land from the City of National City to S L M CO., A PARTNERSHIP of real property as described in Exhibit "A" attached hereto and incorporated herein as though fully set forth. The reconveyance is fur- ther based on the fact that all the monies due under the promissory noteand trust deed have been paid to the City Finance Officer. PASSED AND ADOPTED this 16th day of March, 1971. ATTEST: CITY CLERK RECORDING REQUESTED BY c.),_JjL )9, FILE/PAGE NO. • 1 .AME -ESs --V & "'ATE AND WHEN RECORDED MAIL TO City of National City 1243 National Avenue National City, Calif. 92050 a Order No B 458915 scrow No 171-3849 -92 RECORDED REQUEST OF SECURITY TITLE INSURANCE COMPANY OC T 15 9:00 AM'70 BOOK 1970 OFFICIAL RECORDS SAN DIEGO COUNTY CALIF. A. S. GRAY, COUNTY RECORDER 52.80 SPACE ABOVE THIS LINE FOR RECORDER'S USE DEED OF TRUST AND ASSIGNMENT OF RENTS BY THIS DEED OF TRUST, made this 16th day of September , 19 70 , between S L M Co., A Partnership , herein called Trustor, whose address is 845 Highland Avenue National City California 92050 (number and street) (city) (zone) (state) and SECURITY TITLE INSURANCE COMPANY, a California corporation, herein called Trustee, and City of National City, A Municipal Corporation , herein called Beneficiary, Trustor grants, transfers, and assigns to trustee, in trust, with power of sale, that property in City of National City, San Diego County, California, described as: Legal description attached hereto, as Schedule A (one page) Trustor also assigns to Beneficiary all rents, issues and profits of said realty reserving the right to collect and use the same except during continuance of default hereunder and during continuance of such default authorizing Beneficiary to collect and enforce the same by any lawful means in the name of any party hereto. 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 herewith in the principal sum of $ 56, 050. 00 payable to Beneficiary or order; (3) the payment of any money that may be advanced by the Beneficiary to Trustor, or his successors, with interest thereon. 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 the provisions of section A, including paragraphs 1 to 5 thereof and the provisions of section B, including paragraphs 1 to 8 thereof of the deeds of trust recorded in the Official Records of the following counties in the state of California and in the books and at the pages of such Official Records as follows: COUNTY Book Page COUNTY Book Page COUNTY Book Page COUNTY Book Page Amador 61 320 Los Angeles 25481 351 Orange 2527 108 Santa Barbara 763 33 Calaveras 97 51 Madera 403 365 Riverside 853 417 Santa Clara 4740 31 El Dorado 369 137 Marin 976 165 Sacramento 2930 339 Santa Cruz 1039 403 Fresno 2510 402 Mariposa 27 531 San Bernardino 2187 142 Solano 1204 478 Humboldt 586 170 Merced 912 197 San Diego 4257 114 Stanislaus 912 215 Imperial 688 555 Monterey 1651 185 San Francisco A702 509 Tulare 1286 325 %ern 3510 403 Napa 610 801 San Joaquin 1109 18 Tuolumne 69 427 Kings 397 1 Nevada 213 343 San Luis Obispo 465 41 Ventura 1653 22 San Mateo 3769 192 Yolo 466 325 which provisions are identical in each of said deeds of trust, shall be and they are hereby incorporated herein as fully as though set forth herein at length; and that the references to lands, obligations, and parties in said provisions refer to the lands. obligations, and parties set forth in this deed of trust. A copy of said provisions is printed on the reverse side of this deed of trust. 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 hereinabove set forth. For any statement regarding the obligations secured hereby, Beneficiary may charge the maximum amount permitted by law at the time of the request therefor.( � S� L M o., A 'artneshiJp. STATE OF CALIFORNIA, ct J Z ��-/ 6�( ')4 G Ss. ohn Schweit a Marie «e.a Schweif er, COUNTY OF San Diego rtn-. 0' Partner on October 2, 1970 before me, the JO - undersigned, a Notary Public in and for said County and State, personally appeared John Schweifler and Marie B. Schweifler Partner. • and Joseph R. Lathers and E. T. Maloney _and_Priscilla L. (Maloney , known to me to be the R9stelterg.-�Gry l` Sat t,�,.� atcexecuted the within i tlur:nent and acknowledges tt i xyyy}pppx_t0 me that par *n� usage. Loyola E. MOrgan -Cteme`•= (Typea-or Printed) Notary Public in and <'saia County and S: .e E. T such LOYOLA E. MORGAN NOTARY PUBLIC ti Principal Office, San Diego Co. Calif. �. zMy Commission Expires March 24, 1974 •{' 1- DO NOT DESTROY THIS NOTE: When paid, this- note, with Deed of Trust securing same, must be surrendered to Trustee for cancellation before recom-eyance will be made. NOTE SECURED BY DEED OF TRUST (INSTALLMENT —INTEREST EXTRA) $ 56,050.00 National City_ __, California, .Sag_temher-_16 , 19 -_7.0 In installments as herein stated, for value received,..._ ........ _--Id€.---.-_..-__......—___.--.---__.-.--.-_---_-_promise_-_---to pay to City of National City,- A Municipal Corporation or order, at National City, California the principal sum of Fifty-six thousand fifty and no/100 - - - - - - - - - - - - dollars, with interest from_.._-.---_-__datg-----...._---on unpaid principal at the rate of_ $..1L2. per cent per annum, pay,able Semi -Annually, Beginning May-_2041971----�__--.., _; principal payable in installments of Twenty-eight thousand twenty-five and no/100 — dollars or more on the_---_2Oth day of each...._..._....._...........— -•_-_-month, beginning on the Sixth 20th5r day of ............ and continuing until November 20,--:_1971when the entire balance ofprincipal,---plus interest shall be due and payable. and/dadtani/t/tii/ laid kAid a/ hld /tviUd Uvb kha jjd Should default be made in payment of any installment of principal or interest, the whole sum of principal and interest shall, at the option of the holder of this note, become immediately due. Principal and interest payable in lawful money of the United States. If action be instituted on this note, the undersigned promise_ -..-_to pay such sum as the Court may adjudge as attorney's fees. This note is secured by a DEED OF TRUST to SECURITY TITLE INSURANCE COMPANY, a corporation. The deed of trust securing this note contains a release clause: S L M Co., A Partnership oney 1_N (G.S.) Rev. 5-62) c cc' " Jc .Ci c �) r`e�ft Fi Marie Schweifler .7 .riscilla-L. Money THIS FORM FURNISHED BY SECURITY TITLE INSURANCE COMPANY Interest adjusted to accrue as of October 15, 1970 thru Escrow 171-3849 at Bank of America NT&SA, National City Branch #171 0 0 'e 0 y A 9 0 AMOUNT INTEREST D 0 0 M Al Z Q r IBALANCE OF PRIN. UNPAID 17 OO 3 S.LN3 WAVd ---acted -70 TRW TBD --70 :11 She PARCEL 2-A: Lot 1 through Lot 6, inclusive, in Block 2 of Smith and Plante's Subdivision in the City of National City, County of San Diego, State of California, ac- cording to Map No. 1031, filed in the office of the County Recorder of San Diego County, April 20, 1916; TOGETHER WITH that portion of the Southeasterly 40.00 feet of vacated Twenty-fifth Street adjoining said Lot 1 on the North- west, and that portion of the Northeasterly 10.00 feet of "A" Avenue as vacated by Order of Vacation, recorded June 29, 1964 as File No. 116293 and adjoining said Lots 1 through 6, inclusive, in said Block 2 and the Southeasterly 40.00 feet of said Twenty-fifth Street on the Southwest. PARCEL 2-B: That portion of the Northwesterly 20.00 feet of vacated Twenty-fifth Street adjoining Lot 10, in Block 2 of Smith and Plante's Subdivision, in the City of National City, County of San Diego, State of California, according to Map No. 1075, filed in the office of the County Recorder of San Diego County, August 24, 1907, on the Southeast; TOGETHER WITH that portion of the North- easterly 10.00 feet of "A" Avenue as -vacated by Order of Vacation, recorded June 29, 1964 as File No. 116293 adjoining said Northwesterly 20.00 feet of Twenty-fifth Street on the Southwest. Parcel 3 Lot 11 through Lot 20, inclusive in Block 2 of Smith and Plante's Subdivision in the City of National City, County -of San Diego, State of California, according to Map No. 1075, filed in the office of the County Recorder of San Diego County, August 24, 1907; together with that portion of the Northwesterly 20.00 feet of vacated Twenty-fifth Street adjoining said Lott 11 on the Southeast and that portion of the Southwesterly 10.00 feet of "B" Avenue adjoining said Block 2 and the Northwesterly 20.00 feet of said Twenty-fifth Street on the Northeast. This is a purchase money deed of trust and is given as a portion of the purchase price. It is hereby expressly agreed that a partial reconveyance from the lien or charge hereof may be had and will be given of Parcel 2-A and Parcel 2-B of the herein described property, at any time, prior to the maturity of the note secured hereby upon payment of $28,025.00 plus interest, provided the trustor be not in default under the terms of this deed of trust or said note at the time such partial reconveyance is demanded. DO NOT RECORD A. TO PROTECT THE SECURITY HEREOF, TBUSTOR AGREES: [I] To keep said property is good condition and repair. preserve thereon the buildings; complete construction begun. restore damage or destruction. and pay the cost thereof: to commit or permit no waste, no violation of laws relating to alterations or improvements: to cultivate, irrigate, fertilise. fumigate, prune. and do all other acts which the character and use of said property may require to pre- serve this security. [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 Beneficiary may release all or any part thereof to Trustor: Such application or release shall not cure or waive any default or notice of default hereunder or in- validate any act done pursuant to such notice. [3] To appear in and defend arty 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 such action or proceeding in which Beneficiary or Trustee may appear. [4] To pay: at least ten days before delinquency all taxes and assessments affecting said property, including assessments on ap- purtenant water stock: when due, all incumbrances. 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 el 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 with- out 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 incumbrance, 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 reasonable fees. [5] To pay immediately and without demand all sums so ex- pended by Beneficiary or Trustee, with interest from date of ex- penditure at seven per cent per annum. B. IT IS MUTUALLY AGREED THAT: [1] 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 to Beneficiary, who may apply or release such moneys received by him in the same manner and with the same effect as provided for disposition of proceeds of fire or other insurance. [2] By accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his right either to require payment when due of all other sums so secured or to declare de- fault for failure so to pay. [3] At any time or from time to time, without liability therefor and without notice. upon written request of Beneficiary and pre- sentation of this Deed 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 o1 any map thereof; join is granting any easement thereon: or join in any agreement extending or subordinating the lien or charge hereof. [4] Upon written request of Beneficiary stating that all sums se- cured hereby have been paid, and upon surrender of this Deed and said note to Trustee for cancellation and retention 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] Upon default by Trustor in payment of any indebtedness se- cured 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 said property to be sold. which notice Trustee shall cause tobe duly filed for record. Beneficiary also shall deposit with Trustee this Deed. said note and all documents evidencing ex- penditures secured hereby. Trustee shall give notice of sale as then required by law. and without demand on Truster. at least three months having elapsed after recordation of such notice of default, shall sell said property at the time and place of sale 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 postponesuch sale by public announcement at the time fixed by the preceding postponement. Trustee shall de- liver to such purchaser its deed conveying the property so sold, but without any covenant or warranty, expressed 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 seven per cent per annum; all other sums then secured hereby: and the remainder, if any, to the person or persons legally entitled thereto. [61 This Deed applies to, inures to the benefit of. and binds all parties hereto, their legal representatives and successors in in- terest. The term Beneficiary shall include any future owner and holder. including pledgees, of the note secured hereby. Ia this Deed, whenever the context so requires. the masculine gender in- cludes the feminine and/or neuter, and the singular number includes the plural. [7] 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 Truster. Beneficiary or Trustee shall be a party unless brought by Trustee. [8] The Trusts created hereby are irrevocable by Trustor. REQUEST FOR FULL RECONVEYANCE To be used only when note has been paid To Security Title Insurance Company, Trustee: Dated The undersigned is the legal owner and holder sums secured by said Deed of Trust have been paid, owing to you under the terms of said Deed of Trust, said Deed of Trust, delivered to you herewith and mated by the terms of said Deed of Trust, the estate Mail Reconveycmce to: March 16, 1971 of all indebtedness secured by this Deed of Trust. All and you are requested, on payment to you of any sums to cancel all evidences of indebtedness, secured by to reconvey, without warranty, to the parties desig- now held by you under the same. CTTy of NATT (MAT CT TV. Litt' ?r f�T By By Do not lose or destroy this Deed of Trust OR THE NOTE w ich it secures. Both must delivered to the Trustee for cancellation before reconveyance will be made. I' organ, 'a'or L LiYG--D - , G . -- , /O Y 17 GP • I'A ted -1. 0 FBD 9-70 -411 Sc,he.10Ic PARCEL 2-A: Lot 1 through Lot 6, inclusive, in Block 2 of Smith and Plante's Subdivision in the City of National City, County of San Diego, State of California, ac- cording to Map No. 1031, filed in the office of the County Recorder of San Diego County, April 20, 1916; TOGETHER WITH that portion of the Southeasterly 40.00 feet of vacated Twenty-fifth Street adjoining said Lot 1 on the North- west, and that portion of the Northeasterly 10.00 feet of "A" Avenue as vacated by Order of Vacation, recorded June 29, 1964 as File No. 116293 and adjoining said Lots 1 through 6, inclusive, in said Block 2 and the Southeasterly 40.00 feet of said Twenty-fifth Street on the Southwest. PARCEL 2-B: That portion of the Northwesterly 20.00 feet of vacated Twenty-fifth Street adjoining Lot 10, in Block 2 of Smith and Plante's Subdivision, in the City of National City, County of San Diego, State of California, according to Map No. 1075, filed in the office of the County Recorder of San Diego County, August 24, 1907, on the Southeast; TOGETHER WITH that portion of the North- easterly 10.00 feet of "A" Avenue as vacated by Order of Vacation, recorded June 29, 1964 as File No. 116293 adjoining said Northwesterly 20.00 feet of Twenty-fifth Street on the Southwest. Parcel 3 Lot 11 through Lot 20, inclusive in Block 2 of Smith and Plante's Subdivision in the City of National City, County -of San Diego, State of California, according to Map No. 1075, filed in the office of the County Recorder of San Diego County, August 24, 1907; together with that portion of the Northwesterly 20.00 feet of vacated Twenty-fifth Street adjoining said Lot 11 on the Southeast and that portion of the Southwesterly 10.00 feet of "B" Avenue adjoining said Block 2 and the Northwesterly 20.00 feet of said Twenty-fifth Street on the Northeast. This is a purchase money deed of trust and is given as a portion of the purchase price. It is hereby expressly agreed that a partial reconveyance from the lien or charge hereof may be had and will be given of Parcel 2-A and Parcel 2-B of the herein described property, at any time, prior to the maturity of the note secured hereby upon payment of $28,025.00 plus interest, provided the trustor be not in default under the terms of this deed of .trust or said note at the time such partial reconveyance is demanded.