Long Form Deed of Trust and Assignment of Rents 2001-0800170RECORDING REQUES'T'ED BY
*RECORDING REQUESTED BY:
�OMMOIW�,N RECORDED M TO ®�' �8$ ' R- k , '°-
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City of Poway OFFICIAL RECORDS
P.O. Box 789 DIEM COWTY RECORDER'S A C r� , -HutE
Poway, CA 92074 -0789 E1RE�lRY J. 9 COUNTY RECORDER
FEES: 0.001
2001- 0800170Y
LONG FORM DEED OF TRUST AND ASSIGNMENT OF RENTS
THIS FORM FURNISHED BY COMMONWEALTH LAND TITLE INSURANCE COMPANY
A.P.N.
ek-15
This Deed of Trust, made this 28th
Poway Library Plaza, LLC
whose address is 8525 Gibbs Drive, Suite
(number and street)
Commonwealth Land Title Insurance
dayof April, 2001
200 San Diego
(city)
Company
The City of Poway
, herein called BENEFICIARY,
Witnesseth: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN TRUST, WITH POWER OF SALE,
that property in Sari Diego County, California, described as:
See Exhibit "A" attached for legal description
TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the right, power and authority hereinafter given to and conferred upon
Beneficiary to collect and apply such rents, issues and profits.
For the Purpose of Securing: current date
1. Performance of each agreement of Trustor herein contained. 2. Payment of the indebtedness evidenced by one promissory note of cY4XXXKVeVJNM
and any extension or renewal thereof, in the principal sum of $ 85, 000
executed by Trustor in favor of Beneficiary or order.
To Protect the Security of This Deed of Trust, Trustor Agrees:
(1) To keep said property in good condition and repair; not to remove or demolish any building thereon; to complete or restore promptly and in good and
workmanlike manner any building which may be constructed, damaged or destroyed thereon and to pay when due all claims for labor performed and materials
furnished therefor; to comply with all laws affecting said property or requiring any alterations or improvements to be made thereon; not to commit or permit
waste thereof; not to commit, suffer or permit any act upon said property in violation of law; to cultivate, irrigate, fertilize, fumigate, prune and do all other
acts which from the character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general.
(2) To provide, maintain and deliver to Beneficiary fire insurance satisfactory to and with loss payable to Beneficiary. The amount collected under any fire
or other insurance policy may be applied by Beneficiary upon any indebtedness secured hereby and in such order as Beneficiary may determine, or at option
of Beneficiary the entire amount so collected or any part thereof may be released to Trustor. Such application or release shall not cure or waive any default
or notice of default hereunder or invalidate any act done pursuant to such notice.
(3) To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; and to pay
all costs and expenses, including cost of evidence of title and attorney's fees in a reasonable sum, in any such action or proceeding in which Beneficiary or
Trustee may appear, and in any suit brought by Beneficiary to foreclose this Deed.
(4) To pay: at least ten days before delinquency all taxes and assessments affecting said property, including assessments on appurtenant water stock; when
due, all encumbrances, charges and liens, with interest, on said property or any part thereof, which appear to be prior or superior hereto; all costs, fees and
expenses of this Trust.
Should Trustor fail to make any payment or to do any act as herein provided, then Beneficiary or Trustee, but without obligation so to do and without notice
to or demand upon Trustor and without releasing Trustor from any obligation hereof, may: make or do the same in such manner and to such extent as either
may deem necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend
any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; pay, purchase, contest or compromise any
incumbrance, charge or lien which in the judgment of either appears to be prior or superior hereto; and, in exercising any such powers, pay necessary expenses,
employ counsel and pay his reasonable fees.
(5) To pay immediately and without demand all sums so expended by Beneficiary or Trustee, with interest from date of expenditure at the amount allowed
by law in effect at the date hereof, and to pay for any statement provided for by law in effect at the date hereof regarding the obligation secured hereby any
amount demanded by the Beneficiary not to exceed the maximum allowed by law at the time when said statement is demanded.
(6) That any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned and
shall be paid to Beneficiary who may apply or release such moneys received by him in the same manner and with the same effect as above provided for
disposition of proceeds of fire or other insurance.
, between
herein called TRUSTOR,
California 92123 -1765
(state)
herein called TRUSTEE, and
Form 3116 -1 (6 -94) This Document provided by Commonwealth Land Title Insurance Company �U�y Cry
Aqv
(7J That by accepting payment of any sum :d hereby after its due date, Beneficiary does not wai) right either to require prompt payment when
due of all other sums so secured or to declare default for failure so to pay.
(8) That at any time or from time to time, without liability therefor and without notice, upon written request of Beneficiary and presentation of this Deed
and said note for endorsement, and without affecting the personal liability of any person for payment of the indebtedness secured hereby, Trustee may: reconvey
any part of said property; consent to the making of any map or plat thereof; join in granting any easement thereon; or join in any extension agreement or any
agreement subordinating the lien or charge hereof.
Trustee
M
(9) That upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed and said note to
The in
(D
for cancellation and retention and upon payment of its fees, Trustee shall reconvey, without warranty, the property then held hereunder. recitals such
reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof. The grantee in such reconveyance may be described as "the person
or persons legally entitled thereto." Five years after issuance of such full reconveyance, Trustee may destroy said note and this Deed (unless directed in such
request to retain them).
(10) That as additional security, Trustor hereby gives to and confers upon Beneficiary the right, power and authority, during the continuance of these Trusts,
to collect the rents, issues and profits of said property, reserving unto Trustor the right, prior to any default by Trustor in payment of any indebtedness secured
hereby or in performance of any agreement hereunder, to collect and retain such rents, issues and profits as they become due and payable. Upon any such default,
Beneficiary may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any
security for the indebtedness hereby secured, enter upon and take possession of said property or any part thereof, in his own name sue for or otherwise collect
such rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable
attorney's fees, upon any indebtedness secured hereby, and in such order as Beneficiary may determine. The entering upon and taking possession of said
property, the collection of such rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder
or invalidate any act done pursuant to such notice.
(1 I ) That upon default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, Beneficiary may declare
all sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for sale and of written notice of default
and of election to cause to be sold said property, which notice Trustee shall cause to be filed for record. Beneficiary also shall deposit with Trustee this Deed,
said note and all documents evidencing expenditures secured hereby.
After the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of sale having been given as then
required by law, Trustee, without demand on Trustor, shall sell said property at the time and place fixed by it in said notice of sale, either as a whole or in separate
parcels, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale.
Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may
postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to such purchaser its deed conveying the
property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the
truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary as hereinafter defined, may purchase at such sale.
After deducting all costs, fees and expenses of Trustee and of his Trust, including cost of evidence of title in connection with sale, Trustee shall apply the
proceeds of sale to payment of: all sums expended under the terms hereof, not then repaid, with accrued interest at the amount allowed by law in effect at the
date hereof; all other sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto.
(12) Beneficiary, or any successor in ownership of any indebtedness secured hereby, may from time to time, by instrument in writing, substitute a successor
or successors to any Trustee named herein or acting hereunder, which instrument, executed by the Beneficiary and duly acknowledged and recorded in the
office of the recorder of the county or counties where said property is situated, shall be conclusive proof of proper substitution of such successor Trustee or
Trustees, who shall, without conveyance from the Trustee predecessor, succeed to all its title, estate, rights, powers and duties. Said instrument must contain
the name of the original Trustor, Trustee and Beneficiary hereunder, the book and page where this Deed is recorded and the name and address of the new Trustee.
(13) That this Deed applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, admini executors, successors and
assigns. The term Beneficiary shall mean the owner and holder, including pledgees, of the note secured hereby, whether or not named as Beneficiary herein.
In this Deed, whenever the context so requires, the masculine gender includes the feminine and /or neuter, and the singular number includes the plural.
(14) That Trustee accepts this Trust when this Deed, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated
to notify any party hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Trustor, Beneficiary or Trustee shall be a
party unless brought by Trustee.
The undersigned Trustor requests that a copy of any Notice of Default and of any Notice of Sale hereunder be mailed to him at his address hereinbefore
set forth.
ignature of Trust r Poway Library Plaza, LLC Signature of Trustor
By
B
State of California S.S.
County of CLw% % Di I L
On 1Q ��'� "�� ' before me, J
personally appe
or proved to me on the basis of satisfactory evidence)
to be the person whose n meA)Ore subscribed to the wit
l i instrument and SHERRIE D. WORRELL
acknowledged to me that to sheA4 eg executed the same i r autho- C011bT EUk3f1 # 1
rized capacity(j�l, and that byeic signatureX on the instrument the ��93
person, or the entity upon behalf of which the person ff) acted, executed the NOtW PUMC - Cal1kr is
instrument. MV COM Eames � �9
WITNESS m hand and official.
Signatu (Seal)
Form 3116- 2(6 -94)
r a 6
EXHIBIT "A"
LEGAL DESCRIPTION
FOR
PARCEL 1
ALL THAT PORTION OF THE SOUTHWEST QUARTER OF THE NORTHWEST
QUARTER OF SECTION 13, TOWNSHIP 14 SOUTH, RANGE 2 WEST, SAN
BERNARDINO BASE AND MERIDIAN, IN THE COUNTY OF SAN DIEGO, STATE OF
CALIFORNIA, ACCORDING TO OFFICIAL PLAT THEREOF, DESCRIBED AS
FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF SAID SOUTHWEST QUARTER OF
THE NORTHWEST QUARTER; THENCE ALONG THE EAST LINE OF SAID
QUARTER
1. NORTH 1 EAST, 50.00 FEET TO A POINT ON THE NORTHERLY
BOUNDARY OF THE PUBLIC ROAD KNOWN AS POWAY ROAD -R.S. 944 &
R.S. 1713 -, SAID POINT BEING POINT A OF THIS DESCRIPTION; THENCE
CONTINUING ALONG SAID EAST LINE
2. NORTH 1 EAST, 340.02 FEET TO A POINT ON THE SOUTHERLY
BOUNDARY OF HERITAGE HILLS UNIT NO. 4, MAP NO. 6486; THENCE
ALONG SAID SOUTHERLY BOUNDARY OF HERITAGE HILLS UNIT NO. 4,
MAP NO. 6486
3. NORTH 89 °08'30" WEST, 23.92 FEET TO THE TRUE POINT OF BEGINNING;
THENCE CONTINUING ALONG SAID SOUTHERLY BOUNDARY AND THE
SOUTHERLY BOUNDARY OF HERITAGE HILLS UNIT NO. 1, MAP NO. 5934
4. NORTH 89 °0 WEST, 458.49 FEET TO A POINT ON THE EASTERLY
BOUNDARY OF THE PUBLIC ROAD KNOWN AS TARASCAN DRIVE;
THENCE ALONG SAID EASTERLY BOUNDARY
5. SOUTH 1 °33'47" WEST, 319.76 FEET TO THE BEGINNING OF A TANGENT
20 FOOT RADIUS CURVE, CONCAVE NORTHEASTERLY; THENCE
SOUTHERLY, SOUTHEASTERLY AND EASTERLY ALONG THE ARC OF
SAID CURVE THROUGH A CENTRAL ANGLE OF 90 DISTANCE OF
31.66 FEET TO A POINT ON THE NORTHERLY BOUNDARY OF POWAY
ROAD; THENCE ALONG SAID BOUNDARY
6. SOUTH 89 0 08'30" EAST, 220.50 FEET TO A POINT DISTANT THEREON
NORTH 89 °08'30" WEST, 241 FEET FROM SAID POINT "A ", THENCE
NORTHEASTERLY IN A STRAIGHT LINE TO THE TRUE POINT OF
BEGINNING.
EXCEPTING THEREFROM THE WESTERLY 120 FEET - MEASURED ALONG THE
NORTHERLY LINE.
THE EASTERLY LINE OF SAID WESTERLY 120 FEET BEING DRAWN PARALLEL
WITH THE MOST WESTERLY LINE OF THE ABOVE DESCRIBED LAND AND THE
SOUTHERLY PROLONGATION THEREOF.
024591
EXHIBIT " A "
LEGAL DESCRIPTION
FOR
PARCEL 2
BEING A PORTION OF THE SOUTHWEST QUARTER OF THE NORTHWEST
QUARTER OF SECTION 13, TOWNSHIP 14 SOUTH, RANGE 2 WEST, SAN
BERNARDINO MERIDIAN, IN THE CITY OF POWAY, COUNTY OF SAN DIEGO,
STATE OF CALIFORNIA, ACCORDING TO OFFICIAL PLAT THEREOF, MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT ON THE EASTERLY BOUNDARY OF SAID SOUTHWEST
QUARTER OF THE NORTHWEST QUARTER, BEING AN INTERSECTION WITH THE
NORTHERLY RIGHT -OF -WAY OF POWAY ROAD, ACCORDING TO ROAD SURVEY
944; THENCE ALONG SAID EASTERLY BOUNDARY
7. NORTH 01 0 40'30" EAST 60.49 FEET TO THE TRUE POINT OF BEGINNING;
THENCE LEAVING SAID BOUNDARY
8. NORTH 88 °50'38" WEST 165.04 FEET; THENCE
9. SOUTH 01 °04'39" WEST 61.34 FEET TO A POINT ON THE NORTHERLY
RIGHT -OF -WAY OF SAID POWAY ROAD; THENCE ALONG SAID RIGHT -OF-
WAY
10. NORTH 89 °08'30" WEST 76.59 FEET; THENCE LEAVING SAID RIGHT -OF-
WAY
11. NORTH 33 0 59'15" EAST 406.01 FEET TO A POINT ON THE SOUTHERLY
BOUNDARY OF HERITAGE HILLS UNIT NO. 1; THENCE ALONG SAID
BOUNDARY
12. SOUTH 89 0 09'49" EAST 23.92 FEET TO A POINT ON THE EASTERLY
BOUNDARY OF SAID SOUTHWEST QUARTER OF THE NORTHWEST
QUARTER; THENCE ALONG SAID BOUNDARY
13. SOUTH 01 °41'14" WEST 279.53 FEET TO THE TRUE POINT OF BEGINNING.
CONTAINS 0.804 ACRES, MORE OR LESS.
024592
EXHIBIT "B"
THIS DEED OF TRUST IS THIRD AND SUBSEQUENT IN LIEN TO THE DEED, OF TRUST OF RECORD
IN FAVOR OF FREMONT SAVING & LOAN RECORDED JULY 6, 2000 AS FILE NO. 2000 - 0357519
AND A SECOND TRUST DEED TO RECORD CONCURRENTLY HEREWITH IN THE AMOUNT OF
$900,000.00 IN FAVOR OF THE POWAY REDEVELOPMENT AGENCY.
ATTACHMENT NO. 1
A. Basic Loan Amount:
Disbursement Amount
1. $585,000.00
2 $65,000.00
Disbursement Record
Date
Octo ber 11, 2002
c fim r 25', zoo Z
B. Supplemental Loan Amount:
Disbursement Amount Date
1. $62,255.70 February 7, 2002
2. $116,331.30 March 14, 2002
3 $71,339.90
October 11, 2002
s
DOCSOC \836728v4\22345.0000 4-��
PROMISSORY NOTE SECURED BY
DEED OF TRUST
$85,000.000
A PRIL 28, 2001
FOR VALUE RECEIVED, the undersigned ( "Maker "), promises to pay to the Poway
Redevelopment Agency ( "Holder "), or order, the principal sum of Eighty -five Thousand Dollars
($85,000.00), all due in seventy -two (72) months from the date hereof. Holder shall waive
interest if said sum is paid in full within said term, without grace; if it is not, this Promissory
Note shall be in default, and the unpaid sum shall bear interest at the rate of seven percent
(7.00 %) per annum compounded annually from the date hereof.
In the event that any sale, transfer or conveyance of any of Maker's interest in that certain
real property commonly known as 13132 - 13192 Poway Road, Poway, California , shall occur,
this Promissory note shall become immediately due and payable in full, and Maker shall cause
the outstanding balance of this Note to be immediately paid to Holder. If it is not so paid, this
Promissory Note shall be in default, and the unpaid sum shall bear interest at the rate of seven
percent (7.00 %) per annum compounded annually from the date hereof.
Maker shall make payments in lawful money of the United States of America and in
immediately available funds. All payments under this Promissory Note shall be made to Holder
at 13325 Civic Center Drive, Poway, California, 92064, or at such other address as Holder shall
direct Maker, in writing.
This Note may be prepaid in whole or in part, without penalty, at the option of Maker and
without consent of Holder.
This Note shall be governed by the laws of the State of California.
Maker waives presentment, protest and demand, notice or protest, notice of demand and
dishonor, and notice of nonpayment of this Promissory Note. Maker expressly agrees that this
Promissory Note or any payment under this Promissory Note may be extended by Holder only in
writing signed by the Executive Director of Holder, from time to time, without in any way
affecting the liability of Maker.
This Promissory Note shall be secured by a deed of trust of even date herewith, for the
benefit of Holder, encumbering that real property commonly known as 13132 -13192 Poway
Road, Poway, California. Said deed of trust shall be of second priority, subject only to the first
deed of trust encumbering said property.
The prevailing party in any non judicial foreclosure proceeding, arbitration, or judicial
action to collect payment on this Note, or in connection with any dispute that arises as to its
J A
enforcement, validity, or interpretation, whether or not such proceeding or action is prosecuted to
foreclosure or judgment shall be entitled to all costs and expenses incurred, including attorneys'
fees.
If any provision or any word, term, clause, or part of any provision of this Promissory
Note shall be invalid for any reason, the same shall be ineffective, but the remainder hereof and
of the provision shall not be affected and shall remain in full force and effect.
Any of the terms or conditions of this Promissory Note may be waived by Holder only in
writing signed by the Executive Director of Holder. No such waiver shall affect or impair the
rights of Holder or require observance, performance, or satisfaction, either of that term or
condition as it applies on a subsequent occasion or of any other term or condition of this
Promissory Note.
MAKER: WAY LIBRARY PLAZA, LLC
w
LBy,Tilnothy P. Mi r, Managing Member
Poway Library Pl e LLC
By anaging Member
Poway Libr Plaza, LLC
By Nick Psyllos, Mana g Member
Poway Library Plaza, LLC