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Lien Agreement for Public Improvements 1995-0041941 ti 1995-0041941 31—JAN-1995 08: 18 AM OFFICIAL RECORDS RECORDING REQUESTED BY: 9 8 J SAN DIEGO COUNTY RECORDER'S OFFICE Q ) GREGORY SMITH, COUNTY RECORDER CITY OF POWAY )FEES; 0.00 WHEN RECORDED RETURN TO: ) ) CITY CLERK ) CITY OF POWAY ) P.O. BOX 789 ) POWAY, CA 92074 ) (For Recorder's Use Only) (sent 10-20-93) Doc. Tax Fee - 0 - APN 314-650-11 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 Andrew A. Sheets and Carol Osborne Sheets, 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: r • s G 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 �df-- Interest Rate on Unpaid Balance - 4% per annum Number of Annual Equal Payments 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. ` • • 987 IN WITNESS WHEREOF the parties have executed this agreement this (2 7)25,/ day of 06,4 , I9q3, at Poway, California. /� Property Owner: /--2-/–,76— BSCRIBED AND N BEFORE ' �y� a�'pkw a-'J�2e �' C 7e 'L3 .-tea/.. .DAY i 19 27 ... BY L ��u?i . „gash / - ,4. ... ..v. -?-- �� . ': (signatures must be notarized) ^ CITY OF POWAY, a Municipal Corporation KYLE ASON COMM. •t.•147 Z 1 Notary Public-Ca •rnia f. B .r SAN DIEGO COON - y 7---- -1—o;)--77/4 . My carnal,expires FEB 10.1••. Don Higginson yor ATTEST: / I' e a bt Marjo ie K. Wahlsten, City Clerk liens\budwin • • 988 EXHIBIT A Parcel 1: All that portion of the Easterly 361 .48 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 Base and Meridian, in the County of San Diego, State of California, according to United States Government Survey, described as follows: Beginning at the Southeast corner of said Northerly 361 .48 feet; thence North along the Easterly line thereof 180.00 feet; thence Southwesterly in a straight line to the Southwesterly corner of the Easterly 361 .48 feet of said Northerly 361 .48 feet; thence Easterly along the Southerly line thereof 361 .48 feet to the point of beginning. t CALIFORNIA ALL-PURPOSE'ACKNOWLEDGMENT No.5907 • c"11J.//lr/11�I././1�.'lllll..l./././.."- l,/11..1./1111111�lr'... .1..‹." 1111�".IlJll�1�"1./1lrVr."- 1 State of di/..-et.A--)-eA__ 9� o County ofSG-,-c A ye 0 `8 On /9f-s— before me,` %G �il��/ ; , t\` 0 </ DATt NAME,TITLE OF OFFICER-E.G.,"JANE DOE,NOTAR UBLIC" \' lg personally appeared at� ��. � �� Q. &A , `� NAME(S)OF SIGNER(S) it 0 :_ - • . 1 - : ,, - 6' -- - e - Xproved to me on the basis of satisfactory evidence �))) 0 to be the person whose nam ' are subscribed to the within instrument and ac- 0 knowledged to me that _ - - - :;executed 8 the same in an) authorized 0 capacity ies and that by - .- - °4-'1! 0 signatur�on the instrument the personate 1 or the entity upon behalf of which the 0l persor0s acted, executed the instrument. ,, `` •":• '.rffPIELON MA �t �1 r f COMM. f 1024766 z tl 0 ,' ..-so-,..v,.; Notary Public—California D 1111 •--ft SAN DIEGO COUNTY WITNESS my hand and official seal. 0 _ 11,-_-- My Comm.Expires MAY 11998 j o SIGNATURE OF NOTARY 0 0 OPTIONAL 1 Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent tl fraudulent reattachment of this form. 0 CAPACITY CLAIMED BY SIGNER DESCRIPTION OF ATTACHED DOCUMENT tN 1 g INDIVIDUAL 0 CORPORATE OFFICER 0 TITLE TYPE OF DOCUMENT 0� TITLE(S) `t ��� I PARTNER(S) LIMITED 1 11 —I GENERAL 1 111 o I ATTORNEY-IN-FACT NUMBER OF PAGES 0 ! 0t TRUSTEE(S) 1 GUARDIAN/CONSERVATOR it o OTHER: /4 '_,7 f, 0 0 DATE OF DOCUMENT kSIGNER IS REPRESENTING: 0 NAME OF PERSON(S)OR ENTITY(IES) X0 0 — SIGNER(S)OTHER THAN NAMED ABOVE 11 1111111 .✓�111111�'../1J,/111J1'.Y1_/1.w"ll�"1 1./ll�1-././ll./ll1.llll././llll./1�11././1J.1././lJ1-/".4 ©1993 NATIONAL NOTARY ASSOCIATION•8236 Remmet Ave.,P.O.Box 7184•Canoga Park,CA 91309-7184