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Lien Agreement for Public Improvements 1994-0720979 f nr 1 'fit 11 =A71A07C ti 17'4 VECV717 • AWDEC-1994 10 : 10 A OFFICIAL RECORDS 13 51 SAN DIEGO COUNTY RECORDER'S OFFICE GREGORY SMITH, COUNTY RECORDER RECORDING REQUESTED BY: ) FEES X3.40 CITY OF POWAY ) WHEN RECORDED RETURN TO: ) i r CITY CLERK )I7) CITY OF POWAY ),,t'P P.O. BOX 789 )�� POWAY, CA 92074 ) C0" (For Recorder's Use Only) Doc. Tax Fee - 0 - APN 314-032-47 LIEN AGREEMENT FOR PUBLIC IMPROVEMENTS THIS AGREEMENT entered into by and between the CITY OF POWAY, a municipal corporation of the State of California, sometimes hereinafter referred to as "City, " and James P. Hendershaw and Sali.io Ann Hendershaw, Husband and Wife, as Joint Tenants, sometimes hereinafter referred to as "Property Owner. " WHEREAS, Property Owner and City have agreed to the installation of road improvements in the right of way of Budwin Lane 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 the public improvements has been determined to be in the public interest; and WHEREAS, the loan of monies to Property Owner required to install said improvements has been determined to be in the public interest. NOW, THEREFORE, it is agreed between the parties hereto as follows: • • 1352 Section 1 . City shall loan to Property Owner the sum equal to Property Owner's cost for the road improvements on Budwin Lane. 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: Principal Obligation Not to Exceed - $3,690.88 Interest Rate on Unpaid Balance - 4% per annum Number of Annual Equal Payments I c.% 6 P. of Principal Plus Accrued Interest (payable April 15 of each year) 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, executors, 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 construction 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. • • 1353 IN WITNESS WHEREOF the parties have executed this agreement this o? d T'L day of c7cJ J. ,L , 19 at Poway, California. Propert Owner: ✓--,— �s e PEA) o e2 St-1190-J $ALi3C> ' tiry riEIUiDEKSH.qLc) /� ( ,, � ' ----• .y� „i i. (signatures must be notarized) CITY OF POWAY, a Municipal Corporation By: z- Don Higginson, NFgW ATTEST: Marjor - Wahlsten, City Clerk STATE OF CALIFORNIA } }ss. COUNTY OF San Diego } N IL On October 28, 1993 before me, Teresa R. McElaney . 0 personally appeared James P. Hendershaw and Salijo A. Hendershaw 2 ic*******9c:Y*********9ck'c********�c k�'c�c�c�c�c�'c�'c�c�'c�Y** `' � 4ox (�r proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) Yere subscribed to the within 1 it instrument and acknowledged to me that he/she/they executed the same in txlsOcet/their authorized capacity(ies), m and that by his/her/their signature(s) on the instrument the person(s) or the entity upon behalf of which the c7 I person(s) acted, executed the instrument. r Teresa R. lNcElaney3 U� �� . Comm #970487 ^(� !j _, BW NOTARY PUBLIC CALIFORNIA WITNESS my hand and official seal. {{ i�— Jv SAN DIEGO COUNTY n co `---- My Comm.Expires July 29.1996" o %/ m Signature / y l . t e (This area for official notarial seal) • • 1354 EXHIBIT "A" PARCEL "A" Parcel 2 as shown on Parcel Map No. 4756, filed in the Office of the County Recorder in San Diego County, on May 20, 1976 in Book of Parcel Map at Page 4756, being a portion of Parcel 4 of Parcel Map No. 3503 and of the Northeast Quarter of the Southeast Quarter of Section I, Township 14 South, Range 2 West, San Bernardino Meridian inthe County of San Diego, State of California.