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Lien Agreement for Public Improvements 1993-0445352RECORDING REQUESTED BY: ) 9Q7 09 :07 AM t3 —s { CITY OF POWAY ) OFF?CIAI RECORDS WHEN RECORDED RETURN T0: ) SAN DIEGO COUNTY RECORDER'S OFFICE ANNETTE EVANS, COUNTY RECOFOER CITY CLERK ) ES `�•�D CITY OF POWAY ) P. 0. BOX 789 POWAY CA 92074 ) (For Recorder's Use Only) Doc. Tax Fee -0- APN 314 - 020 -10 LIEN AGREEMENT FOR PUBLIC IMPROVEMENTS 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 Darrvl D. Stanl sometimes hereinafter referred to as "Property Owner." WHEREAS, Property Owner and City have agreed to the installation of certain improvements in the right of way of Hilltop Circle 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 equal to Property Owner's cost for connection to the Hilltop Circle sewer main. 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 /STANLEY Principal i7bligation Not to Exceed - Interest Rate on Unpaid Balance Number of Annual Equal Payments of Principal Plus Accrued Interest - (Payable April 15 of each year) $5,566.00 563 4% per annum 5 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 / % day of fj tf C_ , 1992, at Poway, California. Property Owner: By. � -- Darryl . Stanley (signatures must be notarized) CITY OF POWAY, a Municipal Corporation By Don Higginson, yor ATTEST: ,T � 4<� ) t)c,'lam it- Marjorie Wahlsten, City Clerk 1 /STANLEYI !lJ--- / TDIVIDUAL ACKNOWLEDGMENT 564 State V On this the/_P44day of 199--m-lebef ore me, 1 OFFICIAL SEAT. MARIE LOFFON NOtmY Public -CC O OrNa SAN DIEGO COUNY t Cp ialllon 4 Is �,,,.,.., Hpitl 26,199 the undersigned Notary Public, personally appeared 0411oved to me on the basis of satisfagtory evidence to be the person ,Kwhose name' — subscribed to the _tQ within instrument, and acknowledged that - ----- euecuted it. WITNESS my hand and official seal. Notary's Signature ' ATTENTION NOTARY: Although the information requested below is OPTIONJ itcould preVq fraudulent attachment f thXWerr raent. THIS CERTIFICATE Title or Type of Docume "y MUST BE ATTACHED Number of Pages Date of Document TO THE DOCUMENT DESCRIBED AT RIGHT: Signer(s) Other Than Named Above 11141 M 7100-010 © NATIONAL NOTARY ASSOCIATION -8236 Remmet Ave, • P.O. Box 7184 • C anoga Park, CA 91304 -7184 r M APN 314- 020 -10 EXHIBIT "A" �71 565 Parcel 1: Parcel 10 of record of survey map no. 4134, filed in the office of the county recorder of San Diego County, January 7, 1957 as file no. 3105, being a portion of lot 3 in block "A" of Poway, in the City of Poway, County of San Diego, State of California, according to map thereof No. 536, filed in the office of the County Recorder of said San Diego County, May 7, 1888. Parcel 2: An easement for road and public utility purposes over all of those certain strips of land lying within the boundary of record of survey map No. 4134, filed in the office of the County Recorder of said San Diego County, January 7, 1957 as file No. 3105, being portions of lots 2 to 5 inclusive in block "A" of Poway, in the County of San Diego, State of California, according to map thereof No. 536, filed in the office of the County Recorder of said San Diego County, May 7, 1888 and shown and designated on said record of survey 4134 as "60 -foot easement reserved for road ". Excepting from said strips of land those portions thereof lying southerly of the southerly line of lot 4 in block "A" of Poway as shown on said record of survey map No. 4134. Also excepting from parcel 2 that portion lying within parcel 1 above described.