Lien Agreement for Public Improvements 1993-0445362y RECORDING REQUESIE BY:
CITY OF POWAY
WHEN RECORDED RETURN TO:
CITY CLERK
CITY OF POWAY
P. 0. BOX 789
POWAY CA 92074
APN 316 - 070 -16
60913 - 7UL- 1993- 09:07 AM
OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
ANNETTE EVANS, COUNTY RECORDER
FEES: 0.00
LIEN AGREEMENT FOR PUBLIC IMPROVEMENTS
ax t ee -
THIS AGREEMENT entered into by and between the CITY OF POWAY, a municipal cor-
poration of the State of California sometimes hereinafter referred to as "City," and
WAYNE STORY
sometimes hereinafter referred to as "Property Owner."
WHEREAS, Property Owner and City have agreed to the installation of a
bridge in the right of way of Cobblestone Creek Road in Poway, California;
and
WHEREAS, Property Owner represents that Property Owner is the record owner of
that real property described in Exhibit "A" attached hereto; and
WHEREAS, City has loaned to Property Owner monies equal to the share of cost of
said improvements to be paid by Property Owner; and
WHEREAS, Property Owner has agreed to repay said monies lent to Property Owner by
City and to secure said obligation to repay said loan with this Lien Agreement to be
recorded in Property Owner's chain of title; and
WHEREAS, the installation of said public improvements has been determined to be
in the public interest; and
WHEREAS, the loan of monies to Property Owner required to install said improve-
ments has been determined to be in the public interest.
NOW, THEREFORE, IT IS AGREED between the parties hereto as follows:
Section 1. City shall loan to Property Owner the sum of $7,576.14, which repre-
sents one - sixteenth (1/16) of the total amount of the loan of $121,218.24 in connec-
tion with the installation of a bridge on Cobblestone Creek Road. Property
Owner agrees that the hereinafter described real property does benefit by the
installation of said improvements. Property Owner agrees to repay said loan in
annual installments to be added to the tax bill of that real property hereinafter
described owned by Property Owner. Property Owner agrees to repay said loan in
accordance with the following terms and conditions:
1 /STORY
Principal Obligation Not to Exceed -
Interest Rate on Unpaid Balance
Number of Annual Equal Payments
of Principal Plus Accrued Interest -
(Payable April 15 of each year)
" $7,576.14
5% per annum
F".
610
Section 2. As security for the repayment of said loan, Property Owner does
hereby grant to City a lien upon the hereinafter described property in an amount not
to exceed the principal obligation set forth in Section 1, plus any and all unpaid
interest which may accumulate in the future upon said sum. Said lien shall be
binding upon the Property Owner and Property Owner's heirs, successors, assigns, exe-
cutors, or other transferees in accordance with the terms and conditions hereof.
Notwithstanding the agreement of the parties for the repayment of said sum in annual
installments to be added to Property Owner's tax bill, the entire unpaid sum of said
loan shall be immediately due and payable upon the transfer of ownership of said real
property by Property Owner if said real property has been improved with the construc-
tion of a residence thereon.
Section 3. Upon payment in full of the full amount due hereunder, City shall
promptly upon demand of Property Owner release the lien created hereby.
Section 4. Upon demand of Property Owner, if not in default hereunder, City
shall subordinate this lien to loans not exceeding eighty percent (80 %) of the fair
market value of the property encumbered hereby.
Section 5. This agreement and the covenants contained herein shall be binding
upon and inure to the benefit of the successors, heirs, assigns, executors, and
other transferees of Property Owner, shall run with said real property, shall create
an equitable servitude upon the real property, and shall survive the foreclosure of
any deed of trust of record as of the date of recordation hereof.
Section 6. The legal description of the real property encumbered by the lien
created hereby is set forth in full on Exhibit "A" attached hereto and by this
reference made a part hereof.
IN WITNESS WHEREOF the parties have executed this agreement this 16 71*� day of
%�1�f1Ll�dv 1992, at Poway, California.
ATTEST:
Marjorie K. Wa is en, C ty er
1 /STORYI
Property Owner:
By:
Wayne 5tiffry
(signatures must be not rized)
CITY OF POWAY, a Municipal Corporation
a es L. Bowersox, City Manager
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STA7E OF CALIFO IA �/� )as,
COU�NN,T,YO,F J
before )
me,
personally appeared
personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within
instrument and acknowledged to me that he /she /they executed the same in his /her/their authorized capacity(ies),
and that by his /her /their signature(s) on the instrument the person(s) or the entity upon behalf of which the
person(s) acted, executed the instrument.
m a d and official seal
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EXHIBIT "A"
612
All that portion of the North Half of the Northeast Quarter of Section 22, Township
14 South, Range 2 West, San Bernardino Base and Meridian, according to United
States Government Survey, approved September 11, 1879, described as follows:
Commencing at a point on the Southerly line of that certain 80.00 foot County
Highway (F.A.S.729 [1]), as shown on the Map of the Relocation of Road Survey
No. 987, on file in the Office of the County Surveyor of said San Diego County,
said point being opposite Engineer's Station 110 plus 89.06 E.C., in the center line
of said highway and being also the Easterly terminus of a curve in said Southerly
line concave Southeasterly and having a radius of 2,360.00 feet; thence
Southwesterly along said curve, through a central angle of 02° 54'48 ", a distance
of 120.00 feet to a point through which a radial line of said curve bears North 120
56'08" West; thence leaving the Southerly line of said highway, South 250
42'45" East, 240.51 feet; thence North 811 13'40" East, 181.32 feet; thence
South 28° 29'00" East, 305.45 feet to a point in the center line of that certain
40.00 foot easement for road purposes, as described under Parcel No. 3, in deed
to Holmes S. West, et ux, recorded January 30, 1956 in Book 5956, Page 518 of
Official Records; thence along said center line South 621 42'00" West, 10.71 feet
to a tangent 150.00 foot radius curve concave Southeasterly; thence
Southwesterly along said curve 122.24 feet through an angle of 460 41'30"
thence tangent to said curve, South 160 00'30" West 61.42 feet; thence South
391 30'15" East, 152.74 feet; thence at right angles to said center line, North
501 29'45" East, 20.00 feet; thence North 74 133'40" East, 141.32 feet; thence
North 13° 46'20" West, 252.97 feet to the TRUE POINT OF BEGINNING; thence
retracing South 131 46'20" East, 252.97 feet; thence North 740 33'40" East,
150.00 feet; thence North 130 26'30" West 285.08 feet; thence North 270
18'00" West, 20.00 feet to a point in said center line; thence along said center
line, South 620 42'00" West 155.90 feet to a line which bears North 270 18'00"
West from the True Point of Beginning; thence South 270 18'00" East, 20.00 feet
to the TRUE POINT OF BEGINNING.