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Lien Agreement for Public Improvements 1988-132344vv 476 S$ 132344 REQUESTED BY AND WHEN RECORDED, ? 3,: iN RETURN T0: F `,, 'i r CITY CLERK'S OFFICE, CITY OF POWAY. o MAP, 23 FIN 2. 20 P O. BOX 789 APN 277 - 020 -07 �;{_V,,, , POWAY, -CA 92064 C1 � • LIEN AGREEMENT FOR PUBLIC IMPROVEMENTS THIS AGREEMENT entered into by and between the CITY OF POWAY, a municipal corporation of the State of California sometimes hereinafter N0 FEE referred to as "City," and Helen Kytasty, 4264 Biona Place, San Diego, California 92116, sometimes hereinafter referred to as "Property Owner." WHEREAS, Property Owner and City have agreed 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 determined 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: �►5 vv 4/1 Principal Obligation Not to Exceed: Interest Rate on Unpaid Balance: Number of Annual Payments of Principal Plus Accrued Interest, Payable April 15 of each year Payment Amounts: Year 1 Year 2 Year 3 Years 4 through 9 r.' 5% per annum Nine ( 9 ) - -- 250.00 - -- 250.00 - -- 1400.00 - -- Equal annual payments of Principal and Interest ammortized for the then remaining principal balance. Section 2. As security for the repayment of said loan, Property Owner does herb 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 (80X) 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 "Aa 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. Property Owner: By: Signatures to be Notarized By: Signatures to be Notarized NERAL ACKNOWLEDGMENT * * * * * * State of County of - - - — OFFICIAL SEAL MARGARETA HAMLIN NOTARY PUBLIC CALIFORNIA PRINCIPAL UFFICE IN SAN DIEGO COUNTY c,iso My Commission Exp Dec 8, 1989 - - - - - k., �r a 4, 78 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * On this the day of �. _ 197 before me, SS. * the undersigned Notary Public, personally appeared J * * ❑ personally known to m * proved to me on the basis of satisfactory evidence o be the person(s) whose name(s) 15 subscribed to the within instrument, and acknowledged that executed it. WITNESS my hand and official seal. * * Notary's S g ature * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * RTNERSHIP ACKNOWLEDGMENT * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 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 on behalf of the partnership, and acknowledged to me that the partnership executed it. WITNESS my hand dnd official seal. * Notary's Signature — * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * RPORATE ACKNOWLEDGMENT 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. * * Notary's Signature 479 CITY OF POWAY, a municipal corporation By: Mayor ATTEST: City Clerk (City Seal) m /lienl -3 80; .oROwo Enty BIT "At, _. . dip m 7,2842 go mummawl air Mme . HELM _..w ...r aylHFep � 4M Slone Pik 1w i..2 PH ,y „ ':Aiepo, California "Us OS � }} J r' Pastor Na f ,� ;;•x +. -a �'•, r; L1NR *=Oman" use QVlt � 27 r , >. .., chim p� PA N0: 7= 02M0?�' 3 aampnte4ep au �•►a►tabi ... 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'�ratodtO►ays►gr y i.i'. 1 'il, 4 #4�ii. iii HELEN KYTASTY " K ' DATED Jung 6, •1� TEE CF THE HELEN HYTASTY FAMILY FIAVD WD/T l: 1, aw�atn'ealpa°psrty'bnes City of Potday Mmyer San Diego PARCEL it The North one -half of'the 8b quarter o � tl� 17, T�h p 13 ouch, R of !art P 13 South• Range 1 �� h�lgt f • in the County of, son Diego, • San a nil to Ottici eg • State Of pw ei Plat thsrlrof• J PARCEL 2s The South one-half of the Biter of Section 17, T�hl �uutw of the Souttuggt ; ^ ,t. >� „_ '��+ jL3 Range 1 khwt F, California, in the County of Son DS , 'Ste • �osdiTtg to Official Plot thargif• State of Dow June 29, JL987 HELEN WASTY STATE of CALIFORNIA COUNTY OF fty of ..IO a"m"pubftIn NOb►swC&,,,Vand&tab, 01 _' FOR "'ANY /'t ¢ NOT SgAL OR STAMP ��• a .;,, Fr, or IMwed to w OVA no an Itb 00eb M eweenw b 0. tAa to ft W” ftftwem �.r e7oeauedm,aeme. UMMAOTA. 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