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Deed of Trust 2006-0449553 . .. '" ",' ,-~, ". G\ 10046,-- --- Recora requested by' - DO.# 2006-0449553 CHICAGO TITLE COMPANY 11111111111111111l1li1111111111111111111111111111111111111111111111111 ;/ . RECORDING REQUESTED BY - .JUN 26. 2006 3'02 PM ''cITY OF F'OvvAY OFFICI./.'..L F:ECIJR[,', ""t..r: [IIE::::iU c.uur'lT'1 RECOF:[lt"F:'C, OFFICE WHEN RECORDED MAIL TO ~\ 1~1F:tl_,OF:'1 =,~,,'1iTH ITlurH'1 F:EC.CIr-i[IER FEE'; D,no ,{\ F-':':'.CiE';, 10 [I/.'. 1 City Clerk \,U~ 11111111111111111111111111111111111111111111111111111111111111111111111111111111 City of Poway POBox 789 Poway, CA 92074-0789 ~f 2006-0449553 I 6f!).S~c..r7%. 1 SPACE ABOVE THIS LINE FOR RECORDER'S USE APN: 314-690-26-00 ytS G- (j(JJJi- DEED OF TRUST June 22, 2006 THIS DEED OF TRUST ("Security Instrument") is made effective .J/.JI1/=m'/2fJfJf3/ The trustors are RODNEY S. GOULD, JR. and ROSALINE H, GOULD, TRUSTEES OF THE GOULD LIVING TRUST, dated September 11, 2002 and any amendments thereto, executed by Rodney S, Gould, Jr and Rosaline H, Gould (the Borrowers), 'The trustee and beneficiary is the CITY OF POWAY, a California Municipal Corporation whose address is 13325 Civic Center Drive, Poway, California 92064 and POBox 789, Poway California 92064 ("Lender"). --- Borrower owes Lender the principal sum of five hundred thousand dollars ($500,000,00), This debt is evidenced by Borrower's note dated June 23, 2006 ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on June 23, 2036. This Security Instrument secures to Lender' (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions, and modifications of the Note; (b) the payment of all other sums, with interest, if advanced under paragraph 6 to protect the security oi this Security Instrument and the Note; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note, For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the property in San Diego County, California described below, which has the address of: 14575 Kent Hill Way, Poway, California 92064 ("Property Address"): Lot 11 of City of Poway Tract 02-03, in the City of Poway, County of San Diego, State of California, according to Map thereof No, 14767, filed in the office of the County Recorder of San Diego County, April 6, 2004 (Assessor's Parcel No, 314-690-26-00) ./ Reserving therefrom an easement for ingress and egress over the easterly 30,00 feet thereof shown and delineated as "Easement reserved for ingress and egress for the benefit of the owners of Lots 9 through 15 of Map No 9431" on said Map No, 14767 Together with the property described above, Borrower also irrevocably grants and conveys to Trustee all rents, issues and profits therefore, and all improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property This Security Instrument shall also cover all replacements and additions, All of the foregoing is referred to in this Security Instrument as the "Property" Borrower covenants that Borrower has the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record, Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record, , Borrower and Lender covenant and agree as follows: ; '. 1 0(0 -D~(o . . 10047 Borrowerand'Lender covenant and agree as follows 1, Payment of Principal and Interest; Prepayment and Late Charges, Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2, Application of Payments. All payments received by Lender under paragraph 1 shall be applied first to: interest, then to principal. 3, Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property, which may attain priority over this Security Instrument. Borrower shall pay these obligations on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph, Borrower shall promptly furnish to Lender receipts evidencing these payments, Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower' (a) agrees in writing to the payment of the obliga,tion secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement.of the lien in, legal proceedings which in the Lender's opinion operates.to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien, which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien, Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice, 4, Hazard Insurance, Borrower,shail keep the improvements now existing or hereafter erected on the Property'insured against loss by fire and hazards included within the term "extended coverage." This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval, which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 6. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals, If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices, In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender Lender may make proof of loss if not made promptly by Borrower Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the, insurance proceeds shall be applied directly to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier 'has offered to settle a claim, then Lender may collect the insurance proceeds, Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due, The 30-day period will begin when notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraph 1 or change the amount. of the payments. If under paragraph 17 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition, 2 . . 10048 5, Occupancy, Preservation, Maintenance and Protection of the Property Borrower shall occupy, establish, and use the Property as Borrower's principal residence immediately after the exec~tion of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least five (5) years after the date..of execution of this Security Instrument, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall be in default if,.any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in .forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. BDrrower may cure such a default and reinstate, as provided in paragraph 15, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith ,determination, precludes forfeiture ofthe Borrower's interest in the Property or oiher material impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall keep the property in good condition and repair, and shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste, 6, Protection of Lender's Rights in the PrDperty If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in th'e'Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or tD enforce laws or regulations), then Lender may do and pay for whatever is necessary to protectthe value of the Property,and Lender's rights in the Property Lender's actions may include paying any sums secured by a lien that has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 6, Lender does not have to do so Any amounts disbursed by Lender under this paragraph 6 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice' from Lender to Borrower requesting payment. 7 Inspection, Lender or its agent may make reasonable entries upon and inspections of the Property Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection, 8, CondemnatlDn, The proceeds of any award or claim for damages, direct Dr consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower I n the event of a partial taking of the Property in -which the fair market value of the Property immediately befDre the taking is equal tD Dr greater than the amDunt of the sums secured by this Security Instrument immediately before the taking, unless BDrrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the fDIIDwing fraction: (a) the total amDunt of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the'taking, Any balance shall be paid tD Borrower In the event of a partial taking of the Property in which the fair market value Dfthe Property immediately before the taking is less than the amount of the sums secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise prbviaes",-the, proceeds shall be applied to the sums secured by this Security Instrument, whether or not the sums are then due. If the Prbperty'is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers .to make an ,award or settle a claim for damages, Borrower fails to respond to Lender within 30 days ,after the date the notice is given, Lender is authorized to collect and apply the 3 . . 10049 proceeds, at, its' option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and, Borrower otherwise agree in writing, any a'pplication of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to paragraph 1 or change the amount of such payments, 9, Borrower Not Released; Forbearance By Lender Not a Waiver Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest Lender shall not be required to commence proceedings against any succ~ssor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy 10, Successors and Assigns Bound; Joint and Several Liability The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 14 Borrower's covenants and agreements shall be joint and several. 11 Notices, Any notice .to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method, The notice shall be directed 'to the Property Address or any other address Borrower designates by notice to Lender Any notice to Lender provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 12, Governing Law; Severability, The laws of the State of California shall govern this Security Instrument In the event that any provision or clause of this Security Instrument or the Note conflicts with. applicable law, such conflict shall not affect other provislons of this Security Instrument or the Note which can be given effect without the conflicting provision, To this end the provisions of this Security Instrument and the Note are declared to be severable, 13, Borrower's Copy Borrower shall be given one copy of the Note and of this Security Instrument 14, Transfer of Property If all or any part of the Property or any interest in it is sold or transferred without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums .secured by this Security Instrument If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower 15. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enfor,cement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days, or such other period as applicable law may specify for reinstatement, before sale of the Prqperty pursuant \Cl any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument Those conditions are that Borrower' (a) pays Lender all sums which then would .b!" ~ue under this Security Instrument and the Note as if no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred 4 . . 10050 in enforcing..this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action: as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights .in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred, However, this right to reinstate shall not apply in the event of acceleration under paragraph 14 16, Hazardous Substances, Borrower shall not cause or permit the presence, use, disposal, storage, or relea.se of any Hazardous Substances on or in the Property Borrower shall not do, nor allow anyonee,lse to do, anything affecting the Property that is in violation of any Environmental Law The preceding.twpsentencesshall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property Borrower shall promptly give, Lender written notice of any investigation, claim, demand, lawsuit, or other action by anygovernmenial or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If' Borrower learns, or is notified by any governmental or regulatory authority, that any removal or o~her remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous, by Environmental Law, and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials, As used in this paragraph 16, "Environmental Law" shall mean federal laws and laws of the state of California that relate to health, safety or environmental protection. 17 Acceleration, Remedies, Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under paragraph 14 unless applicable law provides otherwise), The notice shalLspecify' (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the nolice is given to Borrower, by which date the default must be cured; and (d) that failure to cure the default on or before'thedate specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property "he notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non- existence of a default or any other defense of Borrower to acceleration and sale, If the default is not cured on or before the date .specified in the notice, Lender at its option may require immediate payment in 'full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall execute or cause Trustee to execute a written notice of the occurrence of an event of default and of Lender's election to cause the Property to be sold, Trustee shall cause this notice to be. recorded in the county in which the Property is located. Lender or Trustee,shall mail copies;of the notice as prescribed by applicable law to Borrower and to Ihe other persons prescribed by applicable law After the time required by applicable law, Trustee, without demand on Borrower, shall sell the Property at public auction to'the highest bidder at the time and place and under the terms designated in the notice of sale ,in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcementaUhetime and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale, 5 . . 10'051 Trustee shall deliver to the purchaser Trustee's deed conveying the Property without any covenant or warranty, expressed or Implied. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein Trustee shall apply the proceeds of the sale in the following order' (a):to all expenses of the sale, including, but not limited to; reasonable Trustee's and attorneys' fees: (b) to all sums secured by this Security Instrument; and (c) any excess to the persons or persons legally entitled to it 18, Reconveyance, Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee, Trustee shall reconvey the Property without warranty and without charge to the person or persons legally entitled to it Such person or persons shall pay any recordation costs, 19, Substitute Trustee, Lender, at its option, may from time to time appoint a successor trustee to any Trustee appointed hereunder by an instrument executed and acknowledged by Lender and recorded in the office of the .Recorder of the county in which the Property is located. The instrument shall contain the name and address'of the successor trustee. Without reconveyance of the Property, the successor trustee shall succeed to all the title, powers and duties conferred upon the Trustee herein and by applicable law This procedure for substitution of trustee shall govern to the exclusion of all other provisions for substitution. 20, Request for Notices. Borrower requests that copies of the notices of default and sale be sent to Borrower's address that is the Property Address, 21 Statement of Obligation Fee, Lender may collect a fee, not to exceed the maximum amount permitted by law for furnishing the statement of obligation as provided by Section 2943 of the Civil Code of California, 22. Occupancy Rider An Occupancy Rider has been executed by Borrower and recorded together with this Security Instrument The covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider were a part of this Security Instrument BY SIGNING BELOW, Borrower accepts and agrees to the terms and conditions contained in this Security Instrument and in the Occupancy Rider executed by Borrower and recorded with it ~ ~~~U:I/:~lf.t~J~;'O~~/~~J47rV Rodney S, GouQ Jr , Trustee osaline H. Gould, rustee 6 · · . 10052 STATE OF CALIFORNIA ) ) SS, COUNTY OF SAN DIEGO ) On June 22,2006 before me, SUSIEORR, NOTARY PUBLIC a Nota')' Public in and for said Countyand'State, personally appeared RODNEY S, GOULD, JR ROSALINE H, GOULD Rersonally known to me (or proved to me on t.he 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 thaI 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. WITNESS my hand a nd official seal. ~ ~ ~ '._ .: . _ __ . _ . _ _ ~ ~ ~ ' SUSIEORR ,,~'" Commission # 1408906 If? = _ i ;...~ Notary Public - Callfornkl ~ / Signature of Notary ~ San Diego County ~Mvcomm, ExplresApr 1,2007 ~ - - - - - -~EoRR - - - ~ ~_.. Commlsslon#J408906 STATEOF CALIFORNIA ) ~ _ ' Notary MitIc. CaRfomlo ~ ) SS, z.' ... - San DiegO CountY - COUNTY OF ) ~ _ . _ _~v :o:m:Ex~lre~ ~ 1.:. 2~7( On before me, a Notary Public in and for said County and State, 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 theperson(s) acted, executed the instrument. WITNESS my hand and Clfficial seal. Signature' of" Notary, EXTNOTl -09j25j96bk . . 10'0'53 'OCCUPANCY RIDE~ , .' . JuneH' 2006 . THIS:OCCUPANCY RIDER is made ,effective ~/ J4I7W: and, is incorporated into and amends and supplements the Deed of Trust ("Sec,urity Instrument") of the same date given by the undersigned ("Borrower") to secure Borrower's n9\~ to,CITY OF POWAY (':Lender") dated December 20,2005 ("Note") and covering the' property described in the Security Instrument and located at 14575 Kent Hill Way, Poway, California 92064 ("Property Address"), OCCUPANCY AGREEMENTS In addition to the covenants andagree'ments made in the Securitylnstrument, Borrower further covenants and agrees as follows: 1 Borrower acknowledges that Lender does not desire to make a loan to Borrower secured by this property on the terms contained in the Note' unless the property is to be occupied by Borrower as Bo!rower's primary residence, 2. Borrower desires Lender to make this loan to Borrower 3 Borrower promises and assures Lender that Borrower intends to occupy this property as Borrower's primary residence and that BorroWer will so,occupy this property as its sole primary residence for a period of at least five (5) years from the date of the execution of the Security Instrument: 4 If Borrower breaches this promise to occupy the property .as Borrower's primary residence, then Lender may, at its option, require immediate payment of 20% of the full amount of principal which has not been paid at the date,on which Borrower breaches this promise, If Lender exercises this' option, Lender, shall give Borrower notice of acceleration, The notice shall provide a period of'i1ot less.than 30 days from the date the notice is delivered or'mailed within which Borrower must pay 20% of the outstanding principal. secured tly':the Security Instrument: WBorrower fails'topay this sum prior to the expiration of this period, Lender may invoke any remedies permitted by the Security tnstrument without further notice or demand on Borrower CONFLICTING PROVISIONS Borrower agrees that if the prov[si9ns of this Rider conflict with the printed terms in the Security Instrument and/or the Note, then the provisions of this Rider will'control. IN WITNESS vvHEREOF, Borro,werhas aed this O~y Rider. ~ ' ~ ~.~~ /-..aa . AIA41 0 JI ~1(;A~O .I Rodney S, Gotild; Jr. Trustee osaline H, Gould.. Trustee ./ 1 . ( . . 10054 DO NOT RECORD REQUEST FOR FULL RECONVEYANCE To Chicago Title Company The undersigned is the legal owner and holder of the note or notes, and of all other indebtedness secured by the foregoing Deed of Trust. Said note or notes, together with all other indebtedhess secured by said Deed of Trust have been fully paid and satisfied; and you are hereby requested and directed, on payment to you of any sums owing to you under the terms of said Deed of Trust, to cancel said note or notes above mentioned, and all other evidence of indebtedness secured by said Deed of Trust delivered to you herewith, together with the said Deed of Trust, and to reconvey, without warranty, to the parties designated by the terms of said Deed of Trust, all the estate now held by you under the same, Dated, Please mail Deed of Trust, Note(s) and Reconveyance to: Do not lose or destroy this Deed of Trust or the Note that it secures, Both must be delivered to the Trustee for cancellation before reconveyance will be made. 8 ;.7 "- .- . I L' . \ ACKNOWLEDGMENT 10055 STATE OF CALIFORNIA ) ) ss COUNTY OF SAN DIEGO ) On 2006 before me, personally appeared , personally known to me (or proved to .me on the basis of. satisfactory evidence) to be the persons whose names are subscribed to the within instrument and acknowledged to me that they executed the same in their authorized capacities, and that by their signatures on the instrument the persons or the entity upon behalf of which the persons acted, executed the, instrument. WITNESS my hand and official seal, Signature . 2