First Modifcation of Deed of Trust 2002-1070670
" Recordedatthereq_;ot DOC,. 2002-107067:0
CtliQagbTitle . NOV 26. 2002 4:59 PM
RECORDING'REQUESTED BY 55)672 orrICIALRECORDS
SAtt D IEliO COUNTY RECORDER'S OFFICE
AND WHEN RECORDED RETURN TO ) GREGORV J. SMITH, COUNTY RECORDER
) FEES: 17.00
Poway Redevelopment Agency )
POBox 789 )
Poway, California 92074-0789 ) :]111111111111111111111111111111111111l1li11111111111111111111111111111
1 Attention: Agency Director )
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CJff\ This document is exetl1pt from payment 9fa reconJmg fee
'pursu"antto G~vemment 'Code Section 27383
FIRST MODIFICATION OF DEED OF TRUST
THIS FIRST MODIFICATION OF DEED OF TRUST AND ASSIGNMENT OF
RENTS (the "Modification")is made as of November 1,2Q02"bY'and among LOS ARCOS
LIMITED PARTNERSHIP"a.California limited partnership trrustor"), CHICAGO TITLE
COMPANY ("Trustee"); and the POWA Y REDEVELOPMENT AGENCY, a publii:;.body,
corporate and politic.("Beneficiary").
RECITALS
A. Pursuant to.the Loan Agreement between theTiilstor and the Beneficiary,.dated
August 1,2002, as amended;by.the First Amendment to Loan Agreement dated.November.L 2002
(as amended, the "Agreement"), Beneficiary has provided a.loanto Trustor in the amount of
$3,178,257 (the "Agency Loan").
-B Pursuant t.o the Agreemel!t, the Trustor hasexeculed a,certain "Promissory Note"
dated as of August 1,2002, in favo', of the Beneficiary. The original principal amount of the
PromissoryNote is $3, 178;257
C. The Pro11lissoryr-{0,te is. secured by aLeasehold Construction Deed Of Trust With
AbsoluteAssignmeht Of Leases And Rents, Security Agreement And'Fixture Filing, dated as of
August I, 2002, record~d'asIl1strument'No. 2002-0669578 on.August 8, 2002iri the Official Records
of San Diegel County, California (the "Deed of Trust").
D Trustor and J?ene/iciary have entered into a First Amendment toPromissofy Note
which:revises the interestrate'payableupon the. Promissory Not.e;from.threepercent per annum
sill1Pleinterest, to three percent perannuri\ compourii:i'ed'ahnually
E. Trustor now desires. to r:nodifythe Deed'ofTrust.to provide that th~ Deed of Trust
secllfes.pa'yment 6fthe Promissory Note"as.amended,bythe FirsLAinendment to 'Promissory Note.
DOrSOC\936172vl\22J4S".OO75
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~ 55673
NOW,THEREFORE,Jor valuable consideration, fhe receipt,and sufficiency of which are
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hereby acknowledged, Tnistofherebyamerids.fheDeed OfTrustas follows:
1. Amendment to Promissory Note. Allreferences in the Deed ofTrustto'the
"Promissory Note". shall mean the, Promissory Note, as amended by the First Amendment to
Promissory Note.
2. No Other Modifications. Except as provided in this Modification, no ofher
provision of the Deed.of Trust shall be modified or amended by this instrument.
3. Counterparts. This Modification may be.exe~uted in any number of counterparts,
and each of such counterparts shall' fOt all purposes be deemei:! an original, and all of such
counterparts shall together constitute but one and the same instrument.
IN WITNESS WHEREOF, Trustor and Beneficiary.haveexecuted this Modification as of
the datesetJorth above.
TRUSTOR:
LOS ARCOS LIMITEDP ARTNERSHIP,
a California limited' partnership
By' Los Arcos RHF Housing, Inc., a' California
nonprofit corporation, its General Partiier
By" t/j- "-~/7f;;Zz
. . L//JIlffii Listoe
APPROVED BY BENEFICIARY: Corporate Secretary
POW AY REDEVELOPMENT AGENCY, a public
body, corporate:arid politic
By"
ATTEST
~.~
· 1..-1.,(D' '
ecretary Sherr;e D. Worrell
Ass;stant Secretary
APPROVEDAS'TO FORM.
Yocca ',:arlson & Rauth
eg:i] Counsel
DOCSOC\935167v2\22345.0075 Pagel
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CALIFORNIA ALL.PURPOSE, ACKNOWLEDQMENT
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CALIFORNIA ALL.PURPOSE ACKNOWLEDGMENT
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: OPTIONAL
Though the informationbelowJs,not required by.law, it may prove valuable to'P~rsons'refying on the document
and couldprevenl" fraudulent removal and reattachment- of this form to another document.
Description of Attached 'Document
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