Lien Agreement for Public Improvements 1988-132348w 500
REQUESTED BY AND WHEN RECORDED,
RETURN TO:
CITY CLERK'S OFFIC9
CITY OF POWAY
P O. BOX 789
POWAY, CA 92064 APN 277 - 020 -17
LIEN AGREEMENT FOR PUBLIC IMPROVEMENTS
88 132348
J PAl 23 PM 2, 20
C01 tj N I If = 3 C0 T?-:,) it I
THIS AGREEMENT entered into by and between the CITY OF POWAY, a munici- NO FEE
pat corporation of the State of California sometimes hereinafter referred
to as "City," and Coach Properties, Ltd. , 6600 Peachtree Dunwoody
Road, #500, Atlanta Ga 30328
sometimes hereinafter referred to as "Property Owner."
WHEREAS, Property Owner and City have agree to the installation of
certain public improvements in the right of way of Old Coach Road 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, Property Owner and City have agreed to share the costs of said
improvements; and
WHEREAS, City has loaned to Property Owners 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 said public improvements has been deter-
mined 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:
Section 1. City shall loan to Property Owner the sum equal to Property
Owner's share of cost to be established by Resolution of the City Council
of the City of Poway in connection with the installation of improvements to
Old Coach Road. 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:
501
Principal Obligation Not to Exceed: $3,5126,00
Interest Rate on Unpaid Balance: 5 % per annum
Number of Annual Equal Payments of Principal
Plus Accured Interest: nine (9)
(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 incumbered 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.
IN WITNESS WHEREOF the parties have executed this agreement this
day of 1987 at Poway, California.
Signatures to be Notarized
Signatures to be Notarized
Property Owner:
aw I 0
IVA
s '
By:
' 502
CITY OF POWAY, a municipal
corporation
By
ATTEST:
ty Clerk
1 G4
`i
m /lienl -3
(City Seal)
►� vv 503
GENERAL ACKNOWLEDGMENT
***************** * * * * * * * * * * * * * * * * * * * * * * * * * * * * * **
* State of On this the day of 19
before me,
* ) SS.
* ,ounty of )
* the undersigned Notary Public, personally appeared
* *
* *
*
*
* ❑ personally known to me
*
*
* ❑ proved to me on the basis of satisfactory evidence
* to be the person(s) whose name(s) subscribed
* to the within instrument, and acknowledged that
* executed it.
* WITNESS my hand and official seal.
* *
* *
* Notary's Signature
* *
* * * * * * * * * * * * * *
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
*
PARTNERSHIP ACKNOWLEDGMENT
*****************
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * **
*
State of
On this the _� day of 19 8 before me,
*
)
SS.
*
County of J,k4ai )
`4P _r
*
the ndersigned Notary Public, personally appeared
*
*
*
*
*
*
*
Elvpersonally known to me
*
*
*
❑ proved to me on the basis of satisfactory evidence
*
to be the person(s) who executed the within instrument
*
on behalf of the partnership, and acknowledged to me that
*
the partnership executed it.
*
WITNESS my hand and official seal.
*
�
* 4
rMi�r■Iwl,
*
No y's Sign ture —
* *
* * * * * * * * * * * * * *
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
*
CORPORATE ACKNOWLEDGMENT
b
* *
* * * * * * * * * * * * * *
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
*
*
State of
On this the day of 19 before me,
)
_,
SS.
**
*
County of )
*
the undersigned Notary Public, personally appeared
*
*
*
*
*
*
*
❑ personally known to me
*
*
*
❑ proved to me on the basis of satisfactory evidence to
*
be the person(s) who executed the within instrument as
*
or on behalf of the corporation
*
therein named, and acknowledged to me that the corporation
*
executed it.
*
WITNESS my hand and official seal.
*
k
*
k
Notary's Signature
504
EXHIBIT A
Coach Properties, Ltd.
277 - 020 -17
Parcel 1 of Parcel Map 11135, in the City of Poway, County of San Diego,
State of California, filed in the Office of the County Recorder of San
Diego County, March 26, 1981.
EXH2