Lien Agreement for Public Improvements 1994-0720978 II 1994-0720978
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• DEC-1994 10 : 10 A
OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
GREGORY SMITH COUNTY RECORDER
RECORDING REQUESTED BY: )
1346 FEES o.no
CITY OF POWAY )
WHEN RECORDED RETURN TO: )/
)13
CITY CLERK
CITY OF POWAY )�2 t
P.O. BOX 789 )ro4\
POWAY, CA 92074
(For Recorder's Use Only)
APN 314-032-11
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
John Donald Heafey and Sharon Irene Heafey, Husband and Wife, as Joint
Tenants,
sometimes hereinafter referred to as "Property Owner. "
Ay � WHEREAS, Property Owner and City have agreed to the installation of
0 ,�, and -- improvements in the right of way of Budwin Lane in Poway, California;
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:
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1347
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 annu0(
Number of Annual Equal Payments
of Principal Plus Accrued Interest - ZS/ 14:4—le
(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.
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1349
INAITNESS WH REOF the parties have executed this agreement this
day of el , l9g, at Poway, California.
Property Owne •
• /
By• AilCiamilice ,1
ignatures mu • fotariz:.)
CITY OF POWAY, a Municipal Cerpor.on
—
By: -
Don Higginson, a or
ATTEST:
Marjo ie . Wahlsten, City Clerk
liens\budwin
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EXHIBIT A 1350
The Westerly 126.00 feet of the Easterly 487.48 feet of the Southerly 180.74
feet of the Northerly 361 .48 feet of the Northeast Quarter of the Southeast
Quarter of Section 1, Township 14 South, Range 2 West, San Bernardino
Meridian, together with five easement parcels.
heafey