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Short Form Deed of Trust and Assignment of Rents 2001-0800169-RcCOrMNG kQUESTED BY AND WHSN RECORDED MAIL TO 024582 POWAY REDEVELOPMENT AGENCY P.O. BOX 789 POWAY CALIFORNIA 92074 -0789 DOC 4 2001-0800169 NOV 01 2001 4:59 PM OFFICIAL RECORDS SM DIE60 (QTY RECORDER'S OFFICE GRE60RY J. SMITH' CL)IIdTY RECORDER FEES: 0.00 WAY: 2 �6 �� 2001 - 0800189 APN NO. SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS This Deed of rust, made this ay of G — tween Poway Library Plaza, erein called Trustor, whose address is 13132 -13192 Poway Road, Poway, California, Commonwealth Land Title Insurance Company, herein called Trustee, and The Poway Redevelopment Agency, herein called Beneficiary, Witnesseth: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS TO TRUSTEE IN TRUST, WITH POWER OF SALE, that property located at 13132 -13192 Poway Road, Poway, San Diego County, California, described on Exhibit "A" attached hereto, TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the right, power and authority given to and conferred upon Beneficiary by paragraph (10) of the provisions incorporated herein by reference to collect and apply such rents, issues and profits. For the Purpose of Securing: 1. Performance of each agreement of Trustor incorporated by reference or contained herein. 2. Payment of that certain indebtedness evidenced by one promissory note dated August 28, 2001, and any wdension or renewal thereof, in the principal sum of $900,000.00 executed by Trustor in favor of Beneficiary or order. 3. Payment of such further sums as the then record owner of said property may borrow from Beneficiary, when evidenced by another note (or notes) reciting it is so secured. To Protect the Security of This Deed of Trust, Trustor Agrees: By the execution and delivery of this Deed of Trust and the rate secured hereby, that provisions (1) to (14), inclusive, of the fictitious deed of trust recorded October 23, 1961, in the book and at the page of Official Records in the office of the county recorder of the county where said property is located, noted below opposite the name of such county, viz.: COUNT`/ DATE BOOK PAGE COUNTY DATE BOOK PAGE COUNTY DATE BOOK PAGE COUNTY DATE BOOK PAGE IMPERIAL 9110/88 1267 574 ORANGE 918/68 8714 147 SAN BERNARDINO 9/8198 7090 14 SANTA BARBARA 9/8/88 2244 922 KERN 9068 4195 383 VENTURA 9!8/68 3363 84 SAN LUIS OBISPO 9/10188 1489 429 LOS ANGELES 8128188 T5910 842 RIVERSIDE 9/10168 ACCOUNT = 87097 YEAR 1968 SAN DIEGO 9/10168 SERIES 9 BOOK 1968 PAGE 155820 (which provisions, identical in all counties, are printed on the reverse hereof) hereby are adopted and incorporated herein and made a part hereof as fully as though set forth herein at length; that he will observe and perform said provisions; and that the references to property, obligations, and parties in said provisions shall be construed to refer to the property, obligations, and parties set forth in this Deed of Trust. The undersigned Trustor requests that a copy of any Notice of Default and of any Notice of Sale hereunder be mailed to the address hereinbefore set forth. See additional terms and conditions attached hereto and made a part hereof marked Exhibit ' POWAY LIB RY PLAZA, LLC Tim Meissner, Managing Member By: Ne I Hooberm n Managing Member By: Nick Psyllos, Manag Member ( c�,y STATE OF CALIFORNIA ) COUNT��Y,?O--F SAN DIEGO ) ss. On eiy , 2001, before me, the undersigned, personally appeared Tim Meissner,- pemoaally .kmo- atn.ma (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. WITNESS my hand and official seal. Signature N otary P blic for said County and Sta STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss. OWN ,., On' , 2001, before me, the undersigned, personally appeared Neal Hooberman, personally known to me (or proved to me on the basi-t of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. WITNESS my hand and official seal. Signature Notary Public for said County and State STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss. On 001, before me, the undersigned, personally appeared Nick Psyllos, personally known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. WITNESS my hand and official seal. .1• 19143 1 Colt aZI Xde1NC The following is a copy of provisions (1) to (14), inclusive, of the fictitious deed of trust, recorded in each county in California, as stated in the foregoing Deed of Trust and incorporated by reference in said Deed of Trust as being a part thereof as it set forth at length therein 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 maybe constructed, damaged or destroyed thereon and to pay when due all claims for labor performed and materials fumished therefor, to y 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 cornmit, suffer or rmit any act upon said property in "Olations of law to cultivate, irrigate, fertilize, fumigate, prune and do all other acts which from the character or use of said property maybe reasonably necessary, the specft enumerations herein not excluding the general (2) To provide maintain and deliver to Beneficiary fire insurance satisfactory to and with kiss payable to Beneficiary. The amount collected under any fire or other insurance policy maybe applied by Beneficiary upon 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 ad 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 attorneys 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 foreckrae 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, teas and expenses of this Tout 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 some 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 encumbrance, charge or lien which in the judgment of either appears to be pnor 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 (8) 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 some manner and with fed same effect as above provided for disposition of proceeds of firs or other insurance. (7) That by accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his rights 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 erdonsemeK and without affecting the personal liability of any person for payment of the indebtedness secured hereby, Trustee may recomey any part of said property, consent to the making of any map or plot thereof; join in granting any easement thereon; or on in any extension agreement or any agreement subordinating the lien or charge hereof. (9) That upon written request of Beneficiary state that all sums secured hereby have been paid and upon surrender of this Deed and said note to Trustee for cancellation and retention and upon payment of its fees, Trustee shall reoonvey, without warranty the property then held hereunder, fed of recitals in such reconveyance of any matters or facts shall be conclusive pro of the truthfulness thereof. The grantee in such reconveyance may be described as "rhe persorr or persons bpally 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 give 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 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 defaul 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 am 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 a domsys fees. Upon any indebtedness secured hereby, and in such order as Beneficiary may determine. The entering upon and taking possession of said property, %a collection of such rents, issues and profits and u 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. ( 11 ) 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 dead 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 this 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 tied, 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 now Trustee. (13) That this Deed applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, 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 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. O NOT RECORD REQUEST FOR FULL RECONVEYANCE To be used only when rote has been paid: To Stewart Title of California, Inc., Trustee: Dated The undersigned is the legal owner and holder of all indebtedness secured by the within Deed of rust. All sums secur y 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 all evidences of indebtedness, secured by said Deed of Trust, delivered to you herewith together with said Deed of Trust, and to reconvey, without warranty, to the parties designated by the terms of said Deed of Trust, the estate now held by you under the same. MAIL RECONVEYANCE TO: By By Do not lose or destroy this Deed of Trust OR THE NOTE which it secures. Both must be delivered to the Trustee for cancellation before reconveyanoe will be made. DOCIMAENT PROVIDED BY STEWART TITLE OF CALIFORNIA, INC. SHTFRMDT.DOC EXHIBIT "A" 024,-,NS 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 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 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 08'30" 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 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 °42'17" A 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. 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 0 50'38" WEST 165.04 FEET; THENCE 9. SOUTH 01 0 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 0 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 0 41'14" WEST 279.53 FEET TO THE TRUE POINT OF BEGINNING. CONTAINS 0.804 ACRES, MORE OR LESS. 024 ,87 EXHIBIT "B" THIS DEED OF TRUST IS SECOND 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 THIRD TRUST DEED TO RECORD CONCURRENTLY HEREWITH IN THE AMOUNT OF $85,000.00 IN FAVOR OF THE CITY OF POWAY.