HomeMy WebLinkAbout1993-077
San Bemardino/Heritage
Pinal Resolution
60289(29550 - DA TOl3S4
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RESOLUTION NO. 93-77
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO RATIFYING AND
APPROVING AN AMENDED COMPANY NOTE, A CERTAIN
PURCHASE AGREEMENT AND CERTAIN RELATED LOAN
EXTENSION AND MODIFICATION AGREEMENTS OF
HERITAGE OFFICE BUILDING, LTD., A CALIFORNIA
LIMITED PARTNERSHIP, THE CITY AND IMPERIAL BANK
RELATING TO A CERTAIN INDUSTRIAL DEVELOPMENT
REVENUE NOTE (HERITAGE INVESTORS) (SMALL ISSUE
EXEMPTION $10,000,000 MAXIMUM) DATED
DECEMBER 15, 1981, AND AUTHORIZING CERTAIN
ACflONS RELATED THERETO
WHEREAS, there has previously been filed with the City of San Bernardino,
California (the "City"), an Application pursuant to the provisions of Ordinance No. 3815, as
amended, of the City, by Heritage Investors, a California general partnership ("Heritage
Investors"), requesting the issuance of industrial development bonds in the principal amount
of $1,100,000;
WHEREAS, on December 15, 1981, the City loaned an amount equal to
$1,100,000 in the form of a tax-exempt permanent loan (the "Loan") for the purpose of
financing the costs and expenses of acquiring a commercial office and shops building as more
particularly described in said Application;
WHEREAS, in consideration of the Loan made by the City, Heritage Investors
executed a certain Promissory Note Secured by Deed of Trust (the "Original Company Note");
and
WHEREAS, the Mayor and Common Council has previously approved and
authorized the execution and delivery of various documents and certain Project Agreements
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with Heritage Investors, a California general partnership, in connection with the Loan; and
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DATOl3S4
RES 93-77
San Bernardino/Heritage
Final Resolution
60289/29550 - DATOl354
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WHEREAS, one of the Project Agreements relates to the Original Company
Note issued in the initial aggregate principal amount of $975,000 (the "$975,000 Project
Agreement"); and
WHEREAS, the $975,000 Project Agreement provides that such Original
Company Note may be extended at the option of Imperial Bank (the "Bank") for an
additional period of time, but no more then ten (10) years from the principal payment date,
being December 15, 1992; and
WHEREAS, the Bank has entered into an Extension Agreement dated
January 7, 1992, together with certain other related instruments (collectively, the "First
Extension Agreement"), with Heritage Office Building, Ltd., the successor of Heritage
Investors (collectively referred to herein as the "Company") which modified the Original
Company Note to extend the maturity date of the Loan for an additional six (6) months; and
WHEREAS, on the extended maturity date being June 15, 1992 (the "First
Extension Date"), the Company and the Bank verbally agreed to further extend the maturity
date through and including December 15, 1992 (the "Second Extension Date"); and
WHEREAS, the City did not participate in (a) the initial decision of the Bank
to extend the term of the Original Company Note pursuant to the First Extension Agreement
or (b) the verbal agreement to further extend the term of the Original Company Note to and
including the Second Extension Date (herein referred to as the "Second Extension
Agreement"); and
WHEREAS, the Bank has agreed to extend the maturity date of the Original
Company Note pursuant to a certain Loan Agreement and a certain final Modification
DA TOl354
2.
RES 93-77
San Bernardino/Heritage
Final Resolution
1>J1il9(29550 - DATOl354
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Agreement with the Company and the Amended Company Note for an additional nine (9)
years if such an extension will not affect the exclusion of interest on the Note from gross
income for federal tax purposes; and
WHEREAS, the Bank proposes to sell the Amended Company Note to a
private buyer pursuant to a certain note purchase agreement and the Company agrees to pay
loan payments required under the Amended Company Note; and
WHEREAS, the Redevelopment Agency of the City of San Bernardino (the
"Agency") has agreed to provide a guarantee (the "Guarantee") to the Company for the
purpose of providing additional security for the payment of the Amended Company Note, a
form of which has been prepared and is presently on file with the Secretary of the Community
Development Commission (the "Commission") of the Agency; and
WHEREAS, the Bank and the Company wish to have the City provide official
approval of the extension of the Original Company Note as evidenced by the Amended
Company Note pursuant to which the principal payment date shall be extended for an
additional nine (9) years and to approve the sale of such Amended Company Note; and
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WHEREAS, the Mayor and Common Council now deem it desirable to ratify
certain prior acts of the Bank and the Company, to approve the extension of the Original
Company Note in accordance with the provisions of the Amended Company Note and certain
other related documents, the form of which are presented at this meeting and which are
25 attached as Exhibits hereto.
26 1//
27 /1/
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DA TOl354 3.
RES 93-77
San BemardinofHeritage
Final Resolution
=9/29550 - DATOl354
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NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
Section 1. The recitals set forth hereinabove are true and correct in all
respects.
Section 2. The Company and the Bank have previously entered into that
certain loan agreement pursuant to which the Bank has made a loan (the "Loan") to the
Company, that Loan being evidenced by the Original Company Note dated December 15,
1981. The Mayor and Common Council, acting for and on behalf of the City of
San Bernardino, hereby approve the extension of the Original Company Note pursuant to the
terms of the Amended Company Note and certain other documents related thereto with
Heritage Office Building, Ltd., a California Limited Partnership (successor to Heritage
Investors, a California general partnership), substantially in the form attached hereto as
Exhibit "A" and incorporated herein by reference. The Mayor and Common Council, acting
on behalf of the City of San Bernardino, hereby authorize the execution and delivery of the
Amended Company Note in accordance with the terms of such Note and a certain
Modification Agreement as hereinafter described. The Amended Company Note is being
executed and delivered in an aggregate principal amount not to exceed $863,939.15. with such
corrections, changes, modifications, additions and deletions as may be approved by Sabo &
Green, P.C., as Bond Counsel and Arter Hadden Haynes & Miller, Los Angeles, California,
as Special Tax Counsel and recommended to the Mayor and Common Council and approved
25 by the Mayor and the City Attorney.
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DATOl354 4.
RES 93-77
San Bernardino/Heritage
Final Resolution
60289/29550 - DA11l1354
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Section 3. The First Extension Agreement and the Second Extension
3 Agreement are hereby ratified and the Final Modification Agreement is hereby approved, in
4 the forms attached hereto as Exhibit "B" and incorporated herein by reference (collectively,
5 the First Extension Agreement, the Second Extension Agreement and the Final Modification
6 Agreement are referred to herein as the "Extension Agreements"), and as executed and
7 delivered by the Bank and Company, together with such corrections, changes, additions and
8 deletions and may be approved by Bond Counsel and Special Tax Counsel and recommended
9 to the Mayor and Common Council and approved by the Mayor and City Attorney.
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11 Section 4. The Mayor and Common Council, acting for and on behalf of the
12 City of San Bernardino, hereby approve the sale of the Amended Company Note pursuant
13 to a certain note purchase agreement (the "Purchase Agreement"), by and among the
14 Company, the Bank and Investment Consultants Corporation, a California corporation (the
15 "Purchaser"), relating to the sale of the Amended Company Note, substantially in the form
16 attached hereto as Exhibit "C" and incorporated herein by reference, together with such
17 corrections, changes, additions and deletions as may be approved by Bond Counsel and
18 Special Tax Counsel and recommended to the Mayor and Common Council and approved
19 by the Mayor and City Attorney.
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Section 5. The Mayor and Common Council hereby approve the Guarantee
of the Agency to the Company for the purpose of providing additional security for the
payment of the Amended Company Note pursuant to the terms of the Guarantee and other
instruments and documents related thereto, and hereby authorize the execution and delivery
thereof by the Mayor or any officer or representative designated thereby to execute such
documents.
/II
/II
DA11l1354
5.
RE 93-77
The Mayor, the Mayor Pro Tem, the City Manager, the City
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Section 6.
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2 Attorney, the City Clerk, and certain other authorized officers of the City and any other
3 authorized City official, officer or employee to the extent necessary under the circumstances,
4 are hereby authorized to execute any and all documents as may be requiredto consummate the
5 transaction contemplated by the Amended Company Note, the Extension Agreements and the
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Pnrchase Agreement in the forms attached hereto as Exhibit "A", Exhibit "B" and Exhibit "C",
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respectively.
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Section 7.
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adoption hereof.
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This Resolution shall become effective upon its passage and
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I HEREBY CERTIFY that the foregoing resolution was duly adopted by the
12 Mayor and Common Council of the City of San Bernardino at a meeting thereof, held on the
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22nd day of March
, 1993, by the following vote, to wit:
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15 Council Members:
16 ESTRADA
17 REILLY
18 HERNANDEZ
19 MAUDSLEY
20 MINOR
21
POPE-LUDLAM
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MILLER
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AYES
NAYS
ABSTAIN
ABSENT
.-..lL
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R~~Cl~
6.
RES 93-77
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The foregoing resolution is hereby approved thi~ day or\
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5 Approved as to form
6 and legal content:
1993.
RES 93-77
San BemardinofHeritage
Final Resolution
(1)289/29550 - DATOI354
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DATOI354
EXHIBIT A
Amended Company Note
~
RES 93-77
$863,939.15
AMENDED PROMISSORY NOm SECURED BY DEED OF mUST
From Heritage Office Building, Ltd., a California Limited Partnership
to the
City of San Bernardino, California, a Charter City and municipal corporation
March 30, 1993
Inglewood, California
FOR VALUE RECEIVED, Heritage Office Building, Ltd., a California
Limited Partnership (successor to Heritage Investors, a California general partnership)
(collectively referred to herein as the "Company"), promises to pay to Imperial Bank, a
California corporation, or any successor thereof (the "Bank") on behalf of the City of
San Bernardino, California (the "City") at the address indicated below or at such other
location as the Bank shall designate in writing, or at such other place as the holder of this
Note may from time to time designate, the outstanding principal sum of Eight Hundred
Sixty Three Thousand Nine Hundred Thirty Nine Dollars and Fifteen Cents ($863,939.15),
plus interest as computed below. The Promissory Note Secured By Deed of Trust of the
Company dated December 15, 1981 (the "Original Company Note"), as amended by this
Amended Promissory Note Secured by Deed of Trust is hereby referred to as the "Amended
Company Note"; and the Original Company Note and the Amended Company Note are
collectively referred to herein as the "Company Note", Any capitalized terms used herein
and not otherwise defined shall have the meanings ascribed to them in that certain $975,000
Project Agreement dated November 16, 1981 (the "Project Agreement"), by and among the
City, the Bank and the Company.
Interest on the Company Note shall be payable on the outstanding principal
amount of the Company Note calculated on a 360-day basis at a rate equal to sixty-five
percent (65%) of Prime Rate plus two percent (2%). For purposes of making such
adjustment "Prime Rate" shall mean the weighted average for the immediately preceding
three (3) months. In the event that the Bank shall fail to establish or publish a "Prime
Rate," then, for purposes hereof, the "Prime Rate" shall be deemed to be the average Prime
Rate for the three (3) largest (total assets) banking institutions in the State of California
then publishing a Prime Rate. Payments of principal and interest on this Company Note
shall be paid in equal monthly installments, calculated on the basis of level amortization
over a period of thirty (30) years with an initial ten (10) year due date (being December 15,
1991) as extended to and including December 15, 2001, on the first day of each month
commencing on the first day of the month next following the execution and delivery of this
Amended Company Note. The total principal amount of this Amended Company Note shall
be due and payable in full on December 15, 2001, in accordance with certain written
extensions executed and delivered by the Bank pursuant to Section 4.02 of the Project
Agreements unless such date is accelerated as hereinafter provided. All payments shall be
in lawful money of the United States of America and shall be applied first to interest and
the remainder, if any, to principal.
RES 93-77
It is the intent of the City, the Bank and the Company that payments on the
Company Note shall be in an amount fully sufficient to pay all payments of principal and
interest on the City Note together with any fees of the City or any service of the Loan.
Payment on the Company Note shall be deemed to constitute payment on the City Note
without further delivery by the City. This Amended Company Note in the principal amount
of $863,939.15 and any accrued interest thereon, together with the applicable City Note,
Project Agreement, Extension Agreements and related security documents, are a prior lien
with respect to any other obligation of the Company, including the applicable related
security documents.
Except as otherwise set forth herein, this Amended Company Note is subject
to all of the terms and conditions contained in the Project Agreement, Deed of Trust and
the Resolution of Issuance, executed, acknowledged and delivered on or prior to the date
of the Original Company Note by the undersigned or the City to the same extent as if such
documents were set forth in full in this Amended Company Note and the same are hereby
incorporated by reference.
The Company Note is secured by the Deed of Trust on the Project, which
Deed of Trust constitutes a first lien on the Project and such other security instruments as
provided in the Project Agreement.
The Company Note shall become immediately due and payable prior to
maturity without notice in the amount and under the circumstances as provided in the
Project Agreement, including upon the occurrence of an Event of Taxability or an Event of
Default. The Company Note may be prepaid at the option of the undersigned in whole or
in part on the dates and in the amounts as provided in the Project Agreement. The
undersigned agrees to pay all costs of collection when incurred, including but not limited to
reasonable attorneys' fees. If any suit or action is instituted to enforce the Company Note,
the undersigned promises to pay, in addition to the costs and disbursements otherwise
allowed by law, such sum as the court may adjudge reasonable attorneys' fees in such suit
or action.
If any payment due hereunder is delinquent ten (10) or more days, the
undersigned agrees to pay a late charge in the amount of five percent (5%) of the payment
so due and unpaid in addition to said payment; but nothing in this paragraph is to be
construed as any obligation on the part of the holder of the Company Note to accept
payment of any installment of less than the total unpaid principal balance after its due date.
In the event of default in payment of the Company Note in full upon maturity,
the interest rate thereafter shall be increased to the then current Prime Rate plus five
percent (5%) of the unpaid balance, but in no event shall interest exceed eighteen percent
(18%) per annum or such higher interest rate allowed by law.
Defaults shall include, but not be limited to, the failure of the maker to pay
principal or interest on this Company Note when due or any other sum due under the Loan;
breach of or default in the due observance and performance of any covenant, condition or
agreement to be observed or performed under this Company Note or pursuant to the terms
OATOIIII
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RES 93-77
of the Project Agreement or the Deed of Trust which breach or default is not cured within
the applicable time period permitted under the Project Agreement; the filing as to each
person obligated hereon (including any general partner of the Company or subsequent
owner of the Project if the Company sells or transfers the Project as provided in the Project
Agreement), whether as maker, co-maker, endorser or guarantor (individually or collectively
referred to as the "Obligor"), of a voluntary or involuntary petition under the provisions of
the Federal Bankruptcy Act; or the issuance or levy of any writ of execution or attachment
or any similar process against all or any portion of the Project or the entry of any judgment
involving monetary damages against the Company which becomes a lien upon all or any
portion of the Project, which execution, attachment or similar process is not released,
satisfied, vacated, stayed or otherwise dismissed within the applicable time period required
under the Project Agreement.
If the Company Note is not paid when due, each Obligor promises to pay all
costs and expenses of collection and reasonable attorneys' fees incurred by the holder hereof
on account of such collection, plus interest at the rate applicable to principal, whether or
not suit is filed hereon. Each Obligor shall be jointly and severally liable hereon and
consents to renewals, replacements, and extensions of time for payment hereof, before, at,
or after maturity; consents to the acceptance, release or substitution of security for the
Company Note; and waives demand and protest and the right to assert any statute of
limitations. The indebtedness evidenced hereby shall be payable in lawful money of the
United States. In any action brought under or arising out of the Company Note, each
Obligor, including successor(s) or assign(s) hereby consents to the jurisdiction of any
competent court within the State of California, and to service of process by any means
authorized by California law.
Any payment to be made under this Amended Company Note shall be made
when due at the Principal Office of the Bank at:
Imperial Bancorp
9930 South La Cienega Boulevard
Inglewood, California 90301
Attention: Trustee Services
The Company Note is governed by California law.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts,
conditions and things required by the Constitution and statutes of the State of California,
the Ordinance, the Project Agreement and the Resolution of Issuance referred to therein,
to exist, to have happened and to have been performed precedent to and in connection with
the execution and delivery of this Amended Company Note, exist, have happened and have
been performed in due time, form and manner as required by law.
When the identify of the undersigned makes it appropriate, the singular shall
include the plural and the plural shall include the singular.
DATOlIll
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RES 93-77
IN WITNESS WHEREOF, Heritage Office Building, Ltd., a California
Limited Partnership, has caused this Amended Company Note to be signed by its
authorized officers, all as of the day and year first above written.
HERITAGE OFFICE BUILDING, LTD.,
a California limited Partnership
(the "Company")
By:
Russ E. Hade, General Partner
By: Fox Brothers, a California General
Partnership,
General Partner
By:
Raymond Fox, General Partner
O,o,TOllll
RE~ 93-77
San BemardinofHeritage
Final Resolution
=9/29550 - DA1Ul354
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DA1Ul354
EXHIBIT B
Extension Agreements
RES 93-77
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14 Action to
15 be Taken:
San Bernardino/Heritage
Final Resolution
=9/29550 - DATOl354
MAYOR AND COMMON COUNCIL OF TIIE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
March 22, 1993
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO RATIFYING AND APPROVING AN
AMENDED COMPANY NOTE, A CERTAIN PURCHASE AGREEMENT
AND CERTAIN RELATED LOAN EXTENSION AND MODIFICATION
AGREEMENTS OF HERITAGE OFFICE BUILDING, LTD., A
CALIFORNIA LIMITED PARTNERSHIP, THE CITY AND IMPERIAL
BANK RELATING TO A CERTAIN INDUSTRIAL DEVELOPMENT
REVENUE NOTE (HERITAGE INVESTORS) (SMALL ISSUE
EXEMPTION - $10,000,000 MAXIMUM) DATED DECEMBER 15, 1981,
AND AUTHORIZING CERTAIN ACTIONS RELATED THERETO
Adopt Resolution.
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Certified copy of Resolution to be returned to Arter Hadden Haynes & Miller.
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DATOl354
RES 93-77
REiCORDING REQUESTED e'
WHEN RECOROED MAIL TO
~:l.o.J._
9920 S. La Ci_ Blvd.
:tngl_. Ca. 90301
ken: 1.. ~
C(Q)(?V
SPACE ABove THIS LINE FO,", FlECOFlOEFI'S use ONLY
Loan NumDBr ftI"lI~
BRena:l.an U
MODIFICATION AND/OR EXTENSION AGREEMI:NT
(Short Form)
The "nderlllgneel agr.... \holt .. c:tl""'" o.."e1 01 TIIlSI e1mecl .. 15. 19-1!!. _.seel on
r ~ ~ . It' 18 " 81. as '""""menl Numller 81-274344 Olfi~ Aec:DrCla in
Ih" OIfioe 01 III" County A8aorc1er of MIl --.......!H.... County. CIlIIfornia ana Ill. NOI. He...... "'""'Dy
clal8Cl. ~. ... 15 '. .!!.. . ,n th" ""9lnlll principal sum 01 . 975 .axl.OD bo "m"ncl"a
..pon the Ia,.". ancl _nclition. set forth in that Cllrlain MocIlflcallon andIor ElIlOneion Agr""menl between me "nCS.,.lllnec:l
d.,..... .1'anuazy '7 ,. J!!..... SlllCI _I_n _or _nslan All_I I. "II tIIl8 rel...nce In.
ciDrparated h.,ei., end rr.-de a p.Bn hllrBaf.
IMPeRIAL DANK.~calif m", co:,:.on BOAFIOWER(S)/TRUSTOR($)
.'1~ ~ Qj _._ ~:I.~ au~ ...ilcU....., loW., .. CII.l.t.!almi.
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BII&obo"lO E. 111ube 1. J..... 8_1"" neo h_i4e1aC ::~ \..~~~ ,I"
Iluas.. "1:l~~
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y~, -..riLl PiIrt:Nlr
1Ilr: ".~ ;';Jt.'
, WQK, G6:.tIIIiJ..... ~
. ""tore mo, a nllCary public In _ tor sllIa alGle.
On
Stale 01 C.Ufatnia
County of
(or Plo,," 10 me on the balll. 01 IIlIli._ry ovldence) 10 be ."" persan(.
.........., ..... aclr.l\Owledgec:t TO me ma, he or _ _"t'" _ utnlll Nt
name'sl I"'.....
_lllClty(i..l inclic:.I.CS
pot.anall~ known tel
llulloR:rll>o.od t'" the wilh
lit tho .illnak.lre poin..
Sill"ature
C.""""1I at $;gnalOly
(Se.11
On
J
l-
..-/
pe,sonally app......1Id
me "'. 11011 b....i. 01 ""llslactory ..vidence, to Ihe person(s) whose name(s) is/are
I and ackl\Owleclgecl to me tnal he or she ..eculllc:l "'. me in _ e8j:1ACity(iosl indicaloCl
person.lI" knolllrn lO me (or ptov
subscribed to lhe within 1ft6""
B1 the sign.tur. po"".
Slgnalure ..,
C . /'S'
apaclry 0 Ignal:ary B-ilP'W'Ull' v..~ ~...............
(Seal)
nli" (no.. M')
RES 93-71
~te ,of c:a..uro~ia
)
/
Counly uf
LoS AnJ!c.les
)
) 5S.
)
SlIle of CAlifomi~
011 lIebJ:ual:Y 25. 19!iZ . before Il1O. Dl"NIl I.. KONG . Nowy '",bl;.;. p;rllOnallYopfllllrOll
IOBER! E. MITCHELL. Jl. . pellOlI&lly WIlID 10 me (or proved. 10 I1Ill UIllbc bll5il
of Alilfac",1)' ".id.llc.) 10 be Ibe persoll(Il "'~ IIII11C(S) is/an IIIbscribed to me wilhlD WtNlDeA11lId adcDowlodll..J lI.I ~ IIIIl
he/she/m~ exec"'lccllbe sallie In hit/berllhoir lulhllriZBll ~ily(iesl, Illd IIIAI by bislller/cbeir IlgaIIUre(I) 1.111 1M illSlllIlIlIlIllhe
""....n(I). IIr lh. COlil)' lIl'M htohalf of Which l/Ie persoablll':llld, execlIled lhe Uu&I1I\11l10L
WlTN~S my hind ami otlicial sui.
~~8EA1.
OIAHA ... lCONCI
NO!*7 Public - C"h,.....'.
S=l.oE8CC1IJNT'l'
. ~---~ ,..~...
~'MtJ'AL.. L ~
(Seal)
CapacilY of Signalllry: Seniol: Vice President of CoJ:poration
..
State Dr C~ruia )
County of, '.-~ ~ I ;<.(1 V .".)...
On ~_.:}. h.t u .! .t.~ l'i {r J-. , before me ~~':-~'. ),.o{ l,." I~~~'i ,
~olary Public, pi tfappeared ~~~5' aaIIy known me
<or pr"_A Ie 1M .11 the _.. at .. J to be Ihe personM-wb_ ..._a~
~ subscribed to the widliD iDstrwDeDt and aduIowledglCl to me that .....11":..'
executed the same iD blWlltP'.. aulhorbed c.apaclty~, aDd that by blLlIulMulr
signatureElt OD die illstnulU!at lbe perso~ or the lIltity upoa bebalf of which lbe
pcnoa~ aded, executed the lIIstnamBDL.
WlTNFSS my band aud oflkial seal.
_OFFICIAL
IlIMUILY ... IiIUIIMY
.., "'MIl CIIIIIIwnIa
, 0IlilNIiI CDuIlTf
..,ClIIIII.EI&_,.,.
Signature :S".' ".,;..': 1
Capacity or SlgDatorJ;.
)h ~"~L~
Oen Nl Pa ,
(SeaD
RES 93-77
State of Ca~rDiA:,:, _ ,
County O~l 1":.: ",,' ~:. '.... ..,/.:..)....,
- . . D
On' .' .., -'. ..' '.," . L.-"ft_me ~,,"""'''}I.I 1'-, /-~'..I.-e,tO~..
." . ,/ .'. .. . '...__, , llel.ualli ~ " w ~ .. _ - ~". ,
No* Public, PenoD8ll1 appeared , personally Ica~wa
to me (Dr prayed to I1lt on the buls 01 satlsr.cto17 ....I~-"l) to be the penoa(s) wb_
IWIII(I) Isla,. subscribed to tile wlthIa IDsCnuDeDt aDd ackao.ledpd to me 1IIat hellllleltIIeJ
aec:uted the IlUIII ba bls/berltbelr all1hoztzed capaclty(lcs), aDd that by hillher/their'
slpamre(s) OD the IDstnunenl die persDa(s), or the eutIt.J Upoll beb"lr 01 whkh the
penollOO acted. _uted dae lodnImeal.
fj OFFICIAl. lEAL
IEVIRI.'I' II. MURRAY
IIIIW RMM:IlIIoIlIII
__COlI""
1If-_IIlOJI,'.
WITNESS my band aad oflidal seal.
."1 "\
--' .' . I'
5'-'lII....- ..... ." . \ 1.'l ' . , "
............... ..~'l. (..L~ ~ I. .......-.-. ......,..
,
Capaclt7 01 SlpatorJr- (ldne....1 PartDe~... .'
(Seal)
~~:C~~~.t .~.:",.t
,....
OD \.-U ....J ,,-,,^ ~ 7 I ~...,,;.. before me J? ..J&"V.~- I-f. ('-/ v,"-R-J. "
NotMf Public, piuso...lly appeancli!Rj., :::.::..... ,," . '.
..(or pro't'lcl to me on the basis of ctory ,yi nee) to be die penoIl(lt) wbole aameCl)
isI.u. subscribed to the witbiD InstnImeat aDd ackaowledae4 to me tbat beblllu rtIlll'J'
executed th, same ba h"''WFf\llair authorized capadty(ill}. and that by hls....e..l....
IIp.hl''~ OD the IzI&truml9It the persooM. or the eDtitJ upon bebaII or wblcb the
~ acted, executed lbe iastnuDeat.
_ OFF1C~1l!Al.
IlEVEALY Y. YUMA"
...., NIIII t:IIl-*
~CIlIllN1'I'
..._.....,.'..
WITNESS my band aad amelll seal.
A
'f:!; "
SIgDaNre ,~,'~'A.,.(~. 4
Capacity of Slpatol')'l
.....
".~ /," .
/ -' .:,".....,.'.J..,#1
c-..enel"lll PIIr1.lU!r II
(Seal)
RES 93-77
WHEN IOECOlODED MAIL TO:
IMPERIAL BANK
9920 S. La ei_ 1IlV<1.
Xng:l..-, Ca. 9030:1.
CC~~y
LOAN NUMBEIt: DOS
'''ACe A.ove; THIS LI..e '0" .CCOlllDIA"$ "SIi O'd." _eo
--1:1.
IIIIODIFICATlON ANDIOR EXTENSION AGREEMENT
Thi~ AC3iftEEMENT il "".de it, of Ja.nU.~1(Y 7 . '9 -11.... by at'l~ between lMPiRlAL 8ANK.
(h.r.indrl.ert't!(lItrutdloa,,-Sen"-)anCii .........c..~_ ~.;_ ....1~.., T..A, e. Cal..if0En1a 1:lmi.......
~~.....a:uP. _1)' u....i.tasI.. Znge8Ulr:8. .
..DaJ.. ..#10_..... 1 ...c...... (hQreinahe, ,.f.rred to a, -Botrowerto).
len1c. has mad. a loan ewidenced by a f)'O",iSiar~ now ct."ed - r 15 . 19 IUa-. f in t.he
original..mo..ntof$ 975,CDO.ClO ("The Note"l. whlcrr I. lee..." 10,.. ClHd 01 ....n (Ihe "Deed of
TC"un") da1.eCl - ...., I;, . '9 -81... recorded as.lftSvume"' No. 81-274364
i" 'lh. Office of the R.corele, of &In BIRnBz1:!:i.no County. California. The Not.
(a.exLended I. ,va ,I. .LLL.I ha.an unpaid balance ofS 8157.""',82
". of tne date hereol. 80rrowe. deoi.... 10 ...odll, Lhe I.r.... of ,he Note .nd to c..re d..f....lu, if anlf. ..nde. the Note
and C.Del of Tr..sc.
In conlld.'iltion of ..he mYlual c.ovenclnL\ "<<eln c.o,"'.incd. B.nll eniCl'laorrower _g,...1 follows:
1. Tha\ ..". mal.ur'ityofthe N01..$hall b...nendM t.o .;::JUnI!! 15 . .,.U-
2. That. ReJ:eE' t..o BlCh.i1:d..'t. -a- at... "M!!Id her8t:a and bv ~i.B r.f6:l(~ - A -..... heraof.
s. Tn.., this AQt'..n'l.nl b II" ea\enioion and/or tnodW,.Uon only .-nd nol .. no".Oon. ,and wUl be in full force IInd
.Hec.t. only upon reCieir;n. by .an" of:
(41) Thi~ A9t.vme"l. eaecut.eCII by i1111 piilnies;
(D) Payment Of C1.li"'quen, inwr.", if ."y;
(eJ Thll modlti'tiI..lan anlSlor ....ensign 'ee"f' A~':;;"1i. tm or. altern.'ively, \he Agreement
whic.h pruv'eJ.. far def.rr.d p.~me"' of the modifiC"ation and/or e."ensian f.. af S ...~-
c.4K"tC'd bw Borrower AS HI. farth on the ,ev.'.."'.t..rj
(d) Payment fo, .")1 a",,d aU rHording feet end title cOtftNny fees for 'I.i\le col'ftpany services. or e"c:lorutm.nts
., muy be required bv lank., including wilhout limitation.. .a Cl.TA EftCSorseme"t NO.1 10.6 or ALTA Endorstlrl'Ui!int No,
110.5;
(II!') ".ririe.lion \hill nii'"g," and 1.9~1 litl. to t.he pro,eny _nc"mtt.red by 'he geed of Tr-..R is ".lted in
Tr""nor, \hat ..h6re ,are no eft(um~'ances ar lie", on lhe prgpef'\Y senior \0 ..Id D..c1 of Tr..,n 0'''.' '....n ta.c. IIInd
1I"eum..nll. ..nd that any or all d.llnquent ta... anll assessment. whiCh a,e a lien on the pro""..., h... been P;IIC1 or
will be paid as ur r.,c"ardaLton of \hit Agre."'.n" ..c:ep': II] fIlIo IE_C..,iO"' Cl ".mSlhown '0'" ,he reve'se h.reot;
If) Dee",,",en' rfte of S ~ t'W\ .
4. a_nk ".,.tlay iII""..e, to th. amen4'lim.", Gf th.. 1.,ml of 1he Not.. onlv to 1..... en.."''' h.r.in Ip.,lfl'i11l1y set fanh
on the conc::li'ie", t"".\ sweh amendment Sohalt nil' IIrei\ldic. af'll~ 01he,. ...i,U"9 or f...t.ur. rig"'u. ,emedi.l. l;ienefits or
powwe., befangin!l .:Ir ac:cruinCl 10 e."lr, u"der the terml of 1h. Now as herebwo .",ended; or of ,he Ceeell af TrUll.
Further, 'n consideration of ~his Agre.",....t. the IIrowilion' of S.ctiOft Z8a2 of 'he Civil Code of Cilllifor"is. ..he
..,esent...ent of the Not" to the m..It... de....nd of pa,m.nt. lIrOt..t, notice of eli.honor and notIce of non-payment
.re hereby WtitlVeG,
$. Should Gef.",l, be mo". i" lhe Nv",-n, of p"inclp.a.., i",erest when due. or;rt the pe,fCN"m..nce or obs.r'W."'ce
when du., or Mny t.erm, "iVCnan.. or condition gf illny aeeel of nUll.. HcurilY ai,..men, or ol".r a.reem"n"
(Including ......nelme'lts or .at.n.lon. trre,eoO _..,ino or lI"nalning to tht! Notl!. .t \/'Ie op~ion of the hOld"r the,eo'
..nd wilhe..., nOlice or demillnd, 'the _"'tire ",alane. of principal and Her"," ,n1:.,esl ltwt" remaining I.Inp~id shall (a)
b.,c;gme immediately due and payable. and (b) thereafte, Har '",.rent until paia in """, al the Jncrea$ecf 'all' of 5tK.
p~' .,.a, j" e_cess oJ ,he 'nlA!(ftt r.te provid" for 'n ,.... fIlIot., as it maW' ....... from 1.irne '\0 ,im.. but. not I." thil"
2."4
5, In aU Ot"., rC!lspe'u. not ;"'c.of'lsinenl. P't@,vwi..h.. the te""" of the Ho\e' Jh." ,.",ain in f...1I farce ilnc:S effec." ana
die C>eed ur TrUll" $h..11 ol.herwise remain ...."aU.u.., "t\4ih.nged and ,.u',imp.i'ed.
7. An>>, .nll .all s,ec....rity ~.l" III. 8..",... ., coll.Ler.1 fOf' Ihe pdlyme"'l of "I... fillIo'.... l"cl...cling the D..d or TrwSl. ",..y b~
lIm(uru=d b~ B""II. con'...r'e,ul~. indopenclen\bI'. In suct'\ ard...., I..nlt mily der........in.; ancl ...ilh "eferenee 10 any Iud"
'ecl.Jrily. in edditien \0 the D..d of Tr"'It., .~nk "'a~.. whhou' contoent of or nouc. '0 itny m",ke' or gLl,;uantol"
..chang.. .uDnitute .r rele.I. l\lIch lec",""ity wilhoy' .ff.ctlng the li.a.ili\y of any rnaker e, guaren\or. Or a"y 0;
t~e",. and 8anl< .....It ,elease any on" or mo,e patti~s there.o o. _m't ~he liabilitlf of any .ucrr pa";lf or patties '0
termit'\at@ witnout affecting t"e liabili'~ or anv per1.y or ~",ies li~ble '''.reoft.
IMPE
8ortoWlller:
By:
Ti~le
By: RQf'Dr ta lt1d\ib:l.t. 'lIIA'lII A1:.~f!hIM! MZWt:.O
.ob.~t B. "~CCbe11. ~...
IS,: end aw un..
Seo~or Y~ce Pt..~d..c
"'''''ROII'''L OF JUNIOR UlN HOLDERS
cef'.r.1~ in_._~It" Mr8:i.r.
By:
Sit:
~
' tl.
n/a
n/a
Titl@
ALL SIGNATURES MOST BE ACKNOWLEO'GEO II!'ORI! A NOTARV PUBLIC
Rt 19 tRg.. 4t!JO)
t;onrl"...~4 r,n M,4""4'15e
L
RES 93-77
J:.YHlBlT "Aft ATl'ACHED TO mAT CDTAIN MODMCATION ANDIOK
EXTENSION AGREEMENT DATED JANUAllY 7, Im.EXECUTED BY HElUTACE
omCE Bt1ILDING, Lm., A CALIFORNIA LIMITED PA.RTNEKSJfTP.
EXHIBrr ftA"
2. Tbal the inlel'1lllt rue cbarced Ia CODDeCdOD wlm the Noce shall be daaDled to Two
and ODe ball peruat a.s") per "ft..",... In excess of Bank's Prime Rate, proylded,
bowenr that sw:b nte or lDterest shall DOt be redw:ecl to an iDterest rate wbicb II
lower lbaa Tea percent (10.0") per laaUID. 1be effectl.. date for tbIs cbaule shaD
be Decp"heJ' 16, 1"1.
ALL onIER TERMS AND CONDmONS SHAU. IlEMA1N THE SAME.
HElUTAGE: OFllCE BVlLDING. LTD.,
. CaUtomla Um1led parmershlp
Br'Y~ ~
.... Eo ...... ~ .......
By: Fox BrGS., a Califoruia leaend plII1IwSb.ip,
Geaenl Partaer
B1: ,
. ..,--.,.
I .... ,,"
',/;"/..J-j..,/' c:J?,,,'
J . .,,;' T .12:- '.. ~ ...- .~
-"ymond Fox, General Partaer
I
_I"';"'''~'''_ 7w"W(.
Sam Fox, Ceaeral PutDer
By: ,f
RES 93-77
...... .
/
.. - ....
Co~nl)' of
.
LoS ADolteles
l
155.
)
StalO of California
On F"bruJlrv 2.5. 1992 ,before me, IJIANA L. KONG . NoLaIJ Pv.bUc, pelKlaaU)' appMNII
1.0llftT E. KITCHELL. JR. . penouIly kIao'lt'IIla me (or pro". 10 me va &lie..
nr 5IIlisfaalQr)' .vlcJdllce) III be lb. pellOlI(~) "'bose n_(I) is/us IIIbscribe4 10 W widWr. LaaIN_1 ..... lICkaolllladgllllla ... dII&
h./she/lne)' exCO:QI4d Ihe ..me III hlllllNr/lhelr auLllorized capGil)'(iesl. IIIIIIlhaIlo)' Ir.illllet/lheir Aga&lIIre(l) OD 11M WIl'II_ 11M
person!I). or lhe lIDUI)' upon behalf nf wttichlbc 1"'.-(1) ",lelII, dsclUed lb Laalnllllelll.
WITl'I~~~ m)' hand lIIUl official ....
~GFPII:IAI"SBAI.
D\4tIIA L KQNQ
NellW PW!lc. Cel/lol'l'\OR
~ R.a3E1.JE8 ~O\'!"'Tv
0em1NMletl1Pl:Jtes
~...., ,? ,...
(lrl.L<"l.4.. I t..ru..(
(Seall
Capacil)' of Signalor)': Senior Vi!:" l'nstd....L of_Corporatioll
/pa~lL)' VI ~"Dlllur}: IU.bIUI'fAL YILI!. "K~WI!.l"llI
~
Slate of-Calir..I"Dia' ).
,. l '
COUDllof, d..~. ~.(,L........)U'I....c
/1 . .
On -.-',.. "'!A._.,u.~ 11..1 :lj ':~. ' .~ore me 1.. '-,,~'e...12:';t., I-t, /1-" ,":,CAt;
Notary P'lIbIk. pll'IiJDaUy appeared ~ DAIly kDoWll to
(er 1l'__aA let -. lift th.. ):\lLchl of. q,t' ...,. . ...... to be penoD~ wbCIII aame{tt
ill... subsuibed to tbe withiD iDstrwDeDt aad ackaowledpd to me that b"--- '~1If
executed the same Ia IllsJlU.:IIIIIr lulborized capadty(_l. lIIlcI tbat by billlll fthelr
sipature(M OD the lnstrumeDt Ibe pIISOlllt), or Ibe eaUtl upon bebalf of wbit.h the
pel'SODlit acted. executed tile iDstnIIIIeDt.
~ OFl'ICl1Il. NIl&. .
IEVEl\LY W. WUMAY
...." ~ ~I.
CllWiIOll CIOUIm'
..,0iImI......... ..2
WITNESS my bancllDd orrJcla1 seal.
..,
SigDature . :ti. .:.! -~. ,. (
Capacity or Slpatory: \
""\ 'J,.. 1/" .
I ~.,- __1
Geaerlll P.II.rtner /,
-
(Seal)
RES 93-77
State of CallfOl'll1a L' ). .
Count)' ot. /<7", .':' !..,.. :y.. .'. ,
.., "'~" ~ '. L' I.' .
OD . .....".'I! '._ .,...' , ' ',)... ~-(. ,-fVI-/O;.,<:"'/,
NOtaO'.'Publk, ~DaIl1 appeared ._ ............ .....,........d"..........:....... .....' . , . peno...ny DO'"
to me (or proved to me OD Ihe basil of sat1stlldo.., evicleace) to be lb. penoD(s) wba&e
name(s) lsIan subsuibed to the wlthiD iDstftlDleDl: and acluaowledpcl to me that belsbeltbey
executed lbe same ia bisJbel'/lbeir authorized capadt)'(Ies), and that b1 bll/llerltbelr
.lcaature(s) OD the ID.ItnImeId tile penon(s), or the eallt1 upoa bel-III" or which the
penoa(s) ac:tecI, executed the iDlt1r....I'IIi.
fJ OfFICW.~
=-.!~ :."",:
ClMNCIlI CIIlllIftY
llIt-........,.,-
-
WITNESS m1 band and OfrlClal seal.
~i ,
..;;,: .,~.- . '-'
~= of ;;;~~Jt "~Ge.:e~~c~~J;
(Seal)
State of Canr.orma.. )
County of/,~ "'-:"-"":"4
~ ~ ~- ~ i ~ /'-' L" '.
OD ._1.,.,....l....J :.-, I "'..L.. ,befonma .....,. '- ". 'IU,.,,-,~y,
NotarY1 bUc, pIboaaDy appeared ~ ~;~;~~i. penoaaUy bowD to
me (or proved to me 011 tbe basis ofsatilf'ac:tDry eyideace) to be the persoa(s) W!a_IWDe(l)
Ware mblCl1bed to the withlD lIlstnDDe"t aDd adU1owled&ed to me that belsbeltbe;r
executed the same ill. bislber/tbeir authOrized capadty(ies), aDd that by blslher/thelr
slpatul'e(S) 011 the lnsUUmeat lbe perIOa(s), or the mtlty upon behalf of wbleb tbe
penonCs) acted, executed the iDstrument.
WI'TNESS Ill)' baad and ofI"acialllllll.
'_ OFPICW.__
IEVIRL'I ... MUIIM'I
...,. yo- GIl_
...-CDlIId'l'
., _... .... I, ,R
'. ~
<J.. .
w' . " '~
. ~ " " .', I '.,.- ~ i
StgDature .', '.~ . ~\ )...... .1-1_.
Capacily or S)patOI')': , "eral Partner I
(Seal)
RES 93-77
"~~lJlIlrp:plbN1'A""G1tES\llER..-cNr7
A'MENDMENDDBRRaMrS-t!fCft(__4arB
. Illy and amvn8
. California lI.n8l'.' p.PUlflrsh p
. . CaUfvrnle IIml18d p.nnllrshl
ornla banking corporativn (U.....nll-'.
WHEREAS. 11'1. BlInll m.d. . loan Cth. -loan. to U.a IIgrrowar whloh i.
evidencad Dy . ~~.curad Dy g..d of Truat (dla .Promia80ry Nou"),
Claud 1!ii'e1llIllJil'"I9"HI, In dill original prlnc:lpalaum of Nln. Hundr.d Seyan\y Fly.
Thou..nel and no"OO, . . . - - - Dollar. .a8715.000.00), whlDh i. ..cur.d bye DalHl
of Trust and .....ign"'.nt of Rents (the "Deed of Tru.t-). coyarlng r..1 property
dll.erlb.d In ..Id D.ad of Tru.t (th. "PrDperty"h .nd
:. t~ l' :--f .iH:t-
WHEREAS, IBi&i1'jI
~n_
WH
,. ~ '}., ~ .~,:_;.. 'I' .-' ''~i:01}'~ '. ,.i:r'/~''Y _'_.'~IJ -~,"f")..-.
un
-
WH
81r,,~_~n.....-....lli~."il".-
~,,~~~''''''''''..~'' _ " ft,. ~.
NOW, THEREFgRE, It Is .greed as fallow.;
, . Tran.f.r.a hereby ...umll. VI. ollllg.tlon to pay the Inel.budna.a
evid.noed by dI. PrQmlasory Nota. in .ccord.nce with m. urma of the
PtomlaRry Note and all ..'an_na, r.n...la, mOdifications.
amllnelm.n,s Anel replaCllmena. If any, m.raof, .nd tv perform and
oD..rYe all of the IIorro..r'. obligation. conulnad In anclln a_relance
with "'. proYlalon. of ..lei Da.d of Tru.t. and any .nd .11 oth.r
documents lIvldenclnll or ..curing tha La.n C"Laan gocum.nts"), and
agr... to be lIound by ellch and aU of the ,.rm. and provl.lons of tha
!"romiuory NOte and Deed of Trullt. .11 .a though tha Proml.80ry Note
and Deed of Tru.t, and the Loan Documents anel each 8f u.em. had
originally been made. aaac...ted anel d.llvered by Transfa..a.
2. Th. Banll h.r.by consentS 10 tha v.n..ction aa ell.cIa..ti by Tr.nsfer..
and VIa Borrow.r, .nti eal r.I..... Borrower "om any lIablll\y or
oDllgatlon under tha Proml.80ry Note, the Daed of Trust, and dla Loan
Document.. from and after thl. a.ta. enel (lal win not e..rol.. any option
to ti.clare all aume aecured by the DlIed of T,us~ to ba Immedletely due
ana payable on .acoun~ Of the aCClI,lI.lllon of dI. Property by Tr.n.f....;
providlld hOWeyer, tha' ....Ch conHnt by Bank .hall no~ ilia ti.arned or
conatrued a. a waiver of any provisIon requirIng the Bank's con..nt In
the .ven, of any vansf.r of dla Property, and the consent of th. Bank
ahall be r.Quir.d on all aucc...ive oc;c..."encea.
3.
Tr.n.fer.e acllnowledge. .nd egreea "'at It a..ume. and .gr.e. to pay
tv Banll VIa full aum of ..87,500..2, 111. currant prlnalp.1 balanCl8 oweGl
'0 Bank undar the Promissory Note, plua Intereat from and afur the elate
of a.sumptlon of .ald ollligaUvns theraunder at th. rate apeclfled ... tha
Pramlaaory Not..
>
,
4. To thllllat.nt 1I1et any of dill provision. of tha Promiasory Nota confUcta
_Ith any of 1I1e provlslona of 11118 Agr..m.n" tha provlslona of th.s
Agreemen, shall prevsll, bu~ In all other reapectll. tha Promls8ory No~.
and ell te,m. and provisions of tha DlIed of Trua~ shall remain in full
force anel affa..t.
1
@ltW.
Ii,
"ia
RES 93-77
5. Tho prop.. -f shall remaIn subject to me lI.n. ~nar90 and .ncumb'.r....
of the D..d ot T'ust. and nothing he,eln oontaln.d 0' clone purauant
he,etO .".11 affect or Impai, a, tie oonsvu,ullO .rtect or Impal, the II...,
cha'ge 0' ancumb,anCe of tne g..cI of Trust or o.e p"o,lty meroat OV.,
othe' II.na cha,ges 0' .ncumbranc... If any. ar to rei.... 0' .ff.ct th.
liability at any party 0' pa,ti.. whomsolilver who may now or he,.aft.,
by liable Under 0' on account of the Promiaaory Note andlo, D_d of
T'U.I. except .. m.., b. provid.d h.r.ln.
S. Thla Agr..m.nt applied to. Inu,.. 10 the benent ot .nd "Inda .11 partl..
herelO and their roapective hei,.. legatll... d."I.e.a. .dmlnl.".to'.
...CUlara" suea...or. and ...Igne.
7. In thi8 Agreement. wheneve' Ih. CO..tIIKt so ,.qulr... the ",..cullne
gende' Includaa the f.mlnln. and 0' neute... the .Ingula, Includa. the
plural and the plu,allnalud.a the alngula,.
IN WITNESS WHEREOf'. the partlea have e.eoutedt"" Agreement em m. day
and year written aboy..
-"nil-
IMPERIAL BANK.
. CaUfonaia Ib8nklng carponnlon
By. ~~'S...~.. Pi._.AA. .
10_10 Z. .s.cclaaU.. ".... ~e.. ys.c. l'....iAAa~
-lIorro..-
Herilage Inveaton. a ~ ganGnlI par1lMl....ip
By: Harltage Pro"_lI.,,. LId.. . CalIfornia IImlWcl
pannershlp. ..~
8y: X: tit>
( ...... E. H. . ..ft_" pal1nlll
p---!p. ........ ......,
...
..,;
By. ~
.yma.... Foa. ..n..... plII1nU
.,/.... ~
Sa", F_. .._AI 1'.""
By:
d.. a California Ilmitecl pann.,.hlp
-TnI.,.fe,_-
By: FOX BROS.. . CeUfamle ..ne..a1 panne......
11-..... ....".... /,". -
Bv:)( I.(,(;v.~'?!(".' <;.:.fT/Z..
r Ra;:(:.nd Fa_. ..ft..... ...l1ner
"';1
~~_.... ~.,
Sa", Fa.. ._,.. partne,
2
r-~s 93-77
State of California ., )
, t
Couaty or J:i ',_ "i,' '0 i ~ ,-t.. ~;.
,
O ,I. . : .' ., ) ber ~'~.,. if. LJ. P' ,
D ;....".,....' \. ," . &oreme .~' ~'..c..1'o ..,1,--'.....(_4-,
Notal')' Public, peNOaaUy appeared ~:~iliiii~l . persoaaUy ~aWD
to me (or proved. to me OD the basis at utlsfadOl'7 .vlcleDce) ta be the persoa(s) wh_
DlIIIIe(S) lsIare sublicribecl to th. wlthla iDstnImeDt ud acknowledged ta me tha& heJsbelthe7
eacutecl tile same III hLslber/the1r authorized capadty(les), aDd tha& by bJsIberlthe1r
_iplatun(s) aD the iDstrwDeDl the persoD(s), Dr the eDt1ty upan bell"" or which the
pena.a(S) acted, executed the illstrument.
a ClFFlQW,.1i/lL
IEVEIIL' ... MU_'
. ...., "lMI ""'.".
..,.. ClOUN1'I'
""__IIIr'.'"
WITNESS IIlJ hand aDd offadal seal.
J.' . '-,
S. t ., - ", /' , ,
II1Ill un ;,........ "..~ ,.' . . '".....' .....~ 'r
Capacity of Slpat . Genel'lll Pan:n~
(sean
State of CalltDraIa, )
Counl7 or~ J... h.. ~ I.....:..'M,.~
On "::'y;." ~<. ...h.,. ,:). (' I" <t ) . before m. :__~. f...; II 1:.;$;'
NOIa(J;Public, ..noaally appeared :~rT~i~. --Il) 111'1 0
IU (or proved to me OD the basis of satlsfact0r7 .rideace) to be th. persoa(l) whose aame~
isfaN subscrIbecI to the wltblD IAstnImeDt aad ackaowledpd to m. lllat Iu!{n,.-ltIt.,.
executed the .same In blstll.J1I,,11I11r authorlzecl capacltyW. aud tbat by "'~1lC.,1Iuil"
slpature(tr oa the iDstrumeat lbe persoD~. or lbe eatltJ UpOD behalf af .bicb the
persoa(5} acted. executed the lIIstrumeat.
_ 0IAl:&AL1EAL
......, ... MURMY
-, ...,. ~-- .tiII
4lIWGI ClOl.INIY
.. -......, '. ..
WITNESS DI)' baud aDd ofrlCial sal.
", .-./'
....f.. ~ '",," ,'" r ..
Sl&aature ,,( > A.'.'.. ~ ( ~~~"""J""
Capadty of Slpatal7C nen. De '
(Seal)
RES93-77
~tr. nr ("..ntn...':.
\
/
5la<e or C.Ii(umi..
C""I1IY ur
LOB ADgel".
J
) 55.
)
011 Februarv 2S. 1992. bcro~ 1IlIl. DIANA 1... KONG . NoW)' PIIl1lic. plnOlIllUy ~
R.OBEl! E. KITCHEt.L. JR. . pcrsouUy w.w 10 IIIl! (01" plOval 10 _ 011 die bul.
0' NU"..;IOry evldcno:c) .... be lbo pcrsoa(.) "'bole ""100(.) is/ve sublIcnlBl '" IIIe withill ilIStl\llll8Dl1II4 ~_Ied 10 IIIIlIU&
he/.h../lhey Clltcuced the _ in his/her/lheir aUlhorized c:&pacily(iell). IlIMlIbaL by bWb.or/lh.ir lipalurc(.) "II \he iallnlmeal the
persoDl'), or l/Ie enlil)' Upoll boIuIIr "r wbic;b Ib. PCIlllla(.) 110'1&:11. .a",ulcol the inalr\lnlBllL
WITNESS my hand ane! orncial ..
~'1A.....1.. L~
(SaI)
.DiiNA~&;1
=1IIotIlIII-
........IIII!!,
"r~~2-,?:~i.~~'
C.pac:iIY of Signllnry: 5e1110r Vice president of Corporat1cm
/'
State of ClIIifAnIia ,.,
/.:- I
Couat)' D~ . ..; _ [l..."..~
) .
',~".-<l
~~~~~~~~.L~~~ ~r,~i~ .. . befOft~~_~U:~:U~:~
(01' pnTd t. ,:: OR t"'1Ju~.~'to,'5 pelSDll~ .base DIIIII<-)
lsMft subsulbed &0 Ibe wWllD IOlll'UlDeD& ancl ackDowledpd. &0 me dald 1u'lIbe'1!U:l
execu&ed tile same iD. ..' 11.1 Jill.... authorlzed capacllylllW, lU1el that by hl,1I.1I:."-'-
slpatul'$) OD tile iDsmImeDl the peISODlIt. or Ibe eDtlty upon bebalr Of widell tile
penoat-t acted, executed the iAltn&mcat.
a .:.Wt~.,
-,--r r lk ...
0lWIQI illluIft'f
...-...-...-
WITNESS my bud aDel 0lt1cia1 seal.
/.1 ....,
Slpature ,ilL ~\..t ~ ^. I> ((. ~.l
Capacby or Slpato. ("..nf!~1 Part r
(Seal)
RES 93-77
,
KecoI'diaIIlequatcd by;
ad...... ~_ITt.... ta:
IMI'ERIAL BANK
w.zo 5. U C~ BlYd.
1II&Iew0..4. ca. !IIII301
AltD: L. WaIsb
t~~)f
... 12'......... ~.:.c.
ll"M:a AIOVIi.... UNZ lOa ........._~ Ia....v
~"""~j'.
NOnCE: TBJS SlJBQRDINAnON AGUDIINr DSULTS IN YOUR SECIJKI1Y IN'l''EUST IN
'DIE PJlOPEllTY BECOMING S1JBIECT m AND or LOWEll PIUOIUTY '11IAN TBE UEN OF
SOME O&:a&A OR 1A'IEIl SECt1RI1'Y JNSTIl1JMENT.
THIS AG
. N.cIonaI ....iteR' At,,-l-lioa, ...
.....ICIar7.;
'w.." aD
THAT wtn"1I1U.~. Blritlp OfIICII BlIiIdiIII. l.tlI.. . ClIIiromia LllnlIed I'InNnbIp did _1aIlIe . ... ur 1r1III~
t1a1ld sepl8ftber u. 1_. IA AmII1aIII Ndcmal .... . Na&ioIIaIlIuIk J--.I.lSoa, II 'll""--. -...... Ibe pnJllf\ri
IepIIJ dBai.... III Emibii "A. .- ..... ud bJ dIiI "'__ laaIrponIaI .... 10 secun I DIlle Ia Ibe SlIIIIl!t:
IUS...CIO. clalld MarcIl 30. .'11. 1ft ".01' III AlIIericu Nadoaal BalIk, wll/dl dI!l!d of IrlIA .... nrDnIId AprU 4. Ita;
II TIlStIVIIe/Il NO. 11-0973'7. OfIIcialllIIIllII'III of ..... CauatJ. .... II I1IIIJIIS III' IIIbDnIinaIe to Ibe died oIln11t ar&
~ dMo:ribetI; III'
WHEItEAS, Ow..- dW --". a .... of en.. dal8II Deamber .5, IlII.. IA 1m"'" BancoIP. . CalitOftlla
C~ II _... co9tl'tnl the propen.y IIplIJ desat1lIld .. .,,,h11l11 . A" .....- IMnto ..... .., tIdI . .........
inco~ __ 10 lIl!lI:lIn . __ .. aa. __ of ."5....... paJablc with ,.. ~.... upoIl the __ lII1lI ~
lIIIcribetI thaoI!In, in ray. or ....J8iaI..... . CaIiIanda Corpara&Ioa..... ....,. rIf_.... IA - .,....... wIIicIa ... or
InISI ... I"l!II:IlI'lIe .--..... II. 1JIl II ~ No. '1.z7~. 0RIdII -lei'" 01 saki COUIIt7. IIllI II prior lDel
1IUpaiua' lit the .... ol .... ftn& olio... IIMIIliodelI; ....
WDEUAS. 0-0--. qabIr willi Lea_. 11M elCec:ulC. or II about to -Ie, . motlllk:lldoD ....-1IIt dalell
Jllllalll1 7. 1"2. lIIocIi(1\nI1he __ 01 rhe died of UWt udI01 bOte Ia luor of lAadIr _ cbenIa pru1'lded, which
madlf"acaCioa ....--1110 lie __dell co.-n:ndJllcrewlth; UIlI
WEII,.S. 1& II . condlllOll ,. -Idrr 10 """,Inl,, u14111Ocl111c:a1io..-- iliac MId cI..a of CnII& in r...ur ur
Lender. II modirlCd. slIaIl coa&iaIIe 10 _dilioMllJ- lIDlI nlllllin at .n tinles a II. Dr dIIup upoa Ibe IaDd ~Qre
dlIra'Ibed, prior lIIUIlUpIriar 10 Ibe lien Dr c.harjre vi rhe ... vi &nM r&nt .bo.. _01........; ....
~
~
RES 93-77
. ~AS. LeadIr ia ~ .0 IlIlE11te lilIid mudltkalloa ~ pi'\. .ded IhlI& lhe ..... of lnIIt In f."or or
Len.... u llIOdiraed ....-In_ to be . U. or cIwIe lIPOII!he abo". dlsaibed pnIJ11ft1 prior IIIcI SIQIIIiar ID die Us or CIIIrIe
or Ibe deed 0I1n11t nrsc aaote m~ and JI"O'I"ided Iha& Ileneftdar, wiD spedrlClllJ, ..... -aditiafta.l11 lubanlblate &he
Jim or cIIlIrJle or die cIeId or trua nl'll aDo... ml!llCioned ID the lien or dIup .r the ..... ullr1Iit lit f."lII' gf LImIer II
lIIOdlI'.edllUI4l
WHEREAS. il ilIlD die DlIAllaI beftlfil ulllle pani. __ Iba& Len'" enler Jato llid IIlUdIlIcaIioa ...-enr willi
Owner, lIIIlI Benelic1ar7 is wiI1iJlI diu &be deII!II at lnIs& ill r."or ot LeuIer II IIIOdlfted CiOIIItltlll.t! a Iiea or dauwe IIpOIIIIII4
Iud wIlidl iI \IIICOndillmlally prior IIIlIlIIperior ID &be Iieft or cIIarIe or Ibe ... at rn.t fInt &bo". rnetIvned.
NOW. TBEItEI'OItE. in colVlideralio.a at lbe mWIIII bmIfIb ICI:r1IinIIO &be parties IlenCu and otber YIIIIlIbIe Cillllllderalluo,
IIIe nceiplllUl ~ of which CIIlIIidnlion .. ....., adcDowIedged, .... III anIs' ID lDcIuce Lemler III aecute &be
IIIOcIIIIcarlon acnement aboye nlllndlo, II is hen:b, dIdand, un&._llIllll IIIId IICnaI.. IulIoWII:
(1) ThIlt Mi4 ..... oIltWt MCIIrilll said note In '.911. oIlAIIdIr II IIIOdI&d II, &be IIIOdIIIcaIloa ....-- alia".
nlenW Ill, ud UII --.Is .. 1111mB!... tIIInIIt, 1l1li1 _n.." III 1IIIl:lIIIdIIIv.II, be and nmaIa Ii all .u.. a U. or
cIlIIrJe on tile PI'1II*t1 tbInia GeICrtbed, prior.... Ill, l... ID Ibe IIa or dIarp 01 the .... .r lnII& II.. alia". aor"- IlL
(2) Tat Lea.... would IIOl ........ !he 1IlOdiI"u:atJan aa-en& abo". nllfteII ID wUbouC lIIilI lUbordiaaCioll
...-_L
0) Tba& dIis ~_I IbaII be the wbole IlIId CIIII, ..-- bdwkn lhe putilS __ willi rIpnI 10 &be
IUtIordlllllioa 01l1li Uta or cbup 01l1li ... 01 tnIII rust .JIg... mendoned ID !be Ilea 01' cbarp at tbI... at lnII& In rl"o.
of LBldIr &boYe nlernd to .. IIIOdifiId, IIId IballlUpu . &ad CI.Dl:Il .., prior ..-call II to sudI, at lIlY,
IUbordIaaliOll, 1Dd1llllDr. IluI DOC limited to, rbaM! prvYlsluas, it 1111. conWoed IllIbe ... or lI'lII& 8n& .....e mentioned,
wbkb pro"'de 'or die &ubordiaa&iOII of lhe Ilea or c.bII1. d..r to . ... or .... ot lNIt or lu . murlillp oc 1IIOPl&....
ID be .....,.. _1M.
IIllaeftcIary decI..... ..... IIIId ackaowledjJe that
(a) Be co....u; to IIIcI appnl_ (i) all pnl"i5Iou allbe DOIIIIId .... at tn& ill 'llYlIr of Lender &bo_. reterred to,
(ii) all "oYIaIoIls of tbI modlrlC8&loa qnemeDI .JIg", nor... .4 to. &lid (w) all ..-en&&, indudi.. but not limilell ID any
Iou or.aoo.... 11_'., bot.._ 0..- uuI Leader far Ibe diibunllllllllt 0I1be Jl~ otl.llnds".ICIIUI;
(b) Lender ill IIIIlWtf disbunllll.... pUl'lUIIII 10 .., luch qnement Is, IIIId has ..... IIIIder DO obIipClun or
duI,lo. DOl' IIu Lender rep""'lelI wr it hu -. or wID -. ID &be .ppIlcatloa 01 all Ill" ...., purtlua olllll:b r I II ill b,
die plnlIlI or 1ft. - ID wham Lender .... dilburud, or IaInIII.B' dIab.... IlICb ~ u4 U7 appIll:ldlun or _ or JuCb
PC'" '. tIMntorore or IIerIafbr III&de, for JIIII1MS odllr &baa tIIaIe ,",rided for ill suda ... --.4 01" ... _..ent& .hll1I
DOl lWca& &bI.uIIlIrdlIIlIrllIII ba1U ...... ill ,.,bole oc ill JIU&l
(e) tie inleftllollAll1l11l1l111Cl1nditianlll, wily.. nlillqlliahs ....1UbonIiDI1s &be prioriq and aupcriurit, or Ibe
d....r 01 trust rust ....". _liolled is r._or ....lbe Ii.. or cIIlu1I. upotIllid IlUltl ollbe .... oI_t ill Ia"up 01....... alia....
rel'trftd to .. 1D0difaed .., tile D10l1i11cad0tt ...-ncnt *"e nlmwd ID. .... tIOdlntluIIIII tbIIl Ia nIlaIq IIpon, IIIlI ill
-.i1len1iOll 01. tIIis wlln.., nlillqIIishmeat &lid lUbordl..lloa spedl'c ... ..... acI_ bay. .... .... will be IIIAde ....
u put IIIlI puai lIIInoI'. specific -"-~'7 and __ IIb1ipl1o_ ba". ~ uti will be ___ IIIto ,.,hldl_u14 DOl ban
beat. CII' be, made 01" IIl&Ired into but for llid nIiaII<Z u_ lIIilI ...iY.., l'eUtIquisIIment and IUbonIiDaGoa; llIId
(d) A11l1ldol'llmlllll ... ...... pllud upoa l1li -1KUnIlI b1 the .... 01 tnBl lint abowe mendon.l ibid S&id
daIII at trust bas Il, dIiI ',,",-.t .... .ubordina.... ID the Ii_ or dIar1le of Ihe .... of _ La r...ar of Lendor Uo..e
..Iw...4 10 IS mocIIII", b, the mudil'ICIIIiOIl .......eni abu1r. rd0rn4 to.
NonCE: TBIS SUBORDINATION AGREI'.MENr CONTAINS A PILOVlSION WBJf"'R .lI.r.ows
TIlE PERSON OBUGATED ON YOUJlIlEAL PIlOPEaTY SECtlltll'Y YO OBTAJN A WAN A
PO.noN OF WBJCR MAY BE EXPiM)m roll 01'BER PUIlPOSEi 11L\N IMPROVEMENT or
THE LAND.
RES '93-77
"
:m~
Its: A':nI,IUft~lt!. d~~~/.L.;;/"
&.. .- 01IIII-.. LId..
. CIItania ..... ... ...
Ir.
II I
... L Bade., ..... fIlII1IIIr
"1 J". ..... I ra.'-1I1Iia I .aI ..... .....
",... ... JIItDw
.,!
..,... r., .-... _'
.,.
..ra., ...............
- -~,
0..
OWLEDOMINT
Slate Of California
County of !<em
}
On 02-20-91
ClATE
I:lefore mI. Connie S. Emnet.t., Notary PuI:llic
_L muOF_l<O.EG, 'IUIE llllE...r...1\lIlJO'
personally appellred
David n. 0uB0se
1lIAIII(,II 01' ........
CJ personally Mown to me . OR . CJ Proved to me on lhe basis of satfsf8ClOry evkSllnce
10 be lI1e per\!lon(1Il whose nam_ 1&l8aI
IUll$CrlllecllO the withill instrUment and ec.
knowlldg1410 me that he!. J.......lJCecutld
(he same in nisi 1Wi\'1I1IilA' authorized
capaclly(lII" and Ihal by hilA_ _
slgnature(., on the Instrument the personlll.
orlhe entIIyupon behalf Of which the PGl'lon{IJ
1Cl8d. Ixec:utecllhe Instrument
WItneSS my Ilancl and offk:1al seal.
(l ~'o S. Z4~,,.dJj
GlONATVllIt or NO'''''''''
,~ Of"~';C!.u.seAL
,,~ '.'"i 'O\!"it 5 ("I'm
... .....r..' \. h.l.&. w rn."~
.~; r-~r.'rr.fJ"':; NJ'I"'1HL'."'.;C.c.>I.~C!I,,".\
I.~ ii!~,,'li C~r(1Y
~ (; ~':fC\_~m Wfts.:'".:!t!3.1I1J
NO
CAPACITY CLAIMED BY SIGNER '}
'~
~
~
~
~
"
v
~
~
I
~
C INOIVIDUALIS)
all COFlPOIlATE
OFFICEAISl AVP.
T11'l.~1s)
C PAATNER(S)
C ATTORNEY.IN.FACT
o TAUSTEI(SI
C SUISCRIBINCi WITNESS
C GUARDIANlCCNSEFlVATOA
C OTHEA:
SIGNER IS REPRESENnNG:
_r:..._.. OACIilr""'IESl
Aner1c.m National Bank
ATftffnOll NOTAJI'= AlIftougrt,Ple ..,..rmaNrI,....,..........,.~. J ..... ft..,1II ,re..nl ~ ~.. I'lfI, ~.. uMWlIlf'lIM .....,.,.8"'.
TMIS CEI'ITlI"CATE
MUST BE ATTACHED
TO THE DOCUMENT
DESCRIBED AT RIGHT:
Title or Type of Document S1lMrdinatiClll AClreerlellt
Number of Pages 9 Dare of Document
Slgner(l) Other Than Named Above II USs E. .~t1e, PaVlla'ld Fa><. Sam Ftnc
.1.' NA1'1CiNI&.NOTA.."dCOCIATICIlI.I2:II........,... .,.0.'" 11".c.r-PafIl., C"'I-.',"
II' . --WW'I'lCDID t'IIAT. nJ.Ca 1'0 Ta DBCVl'IaN ow 'I1IIS -- .'IIIIA:r.. .-- - "'"Itt. n
'Ak._ t"'f .. r WIm ~_.- ...u......... wnw" -'..-1'1IDIn'O.
"OlO'3~':'," '';''dWOj wO;!j,j tE:'Bl 2:6. I! r-ll:lt
RES 93-77
rr IS IIECOMMINDm 'DU.T. 1lU0Il TO 1111: RVcvnON 01' t1IIS ~TIOI'f AGIl~~. 'DIB
P.umr.& CONSULT WDB 'rIt.uIl ATrOllNnS wmI JIIlSRCT 'l'IIIUTo.
-
~..-_.. ....., --
~ --
1'.ulCE:L 13 - CXll'rlNUt:D......
COKXIHC%NG AT A POINT ON tHE NOATH LIKI OF COURT STKBET, DISTANT
70.00 FEET WiST FROX THE EAST LIKI or SAID LOT 4, TRENCI HORTH 0
DeG. l' 30' WEST ALONQ THE EAST loIn: or '1'BI PIlO'ERn I'oaua:,r
OWNEO BT R.C. HARBISON, A OI.TARCZ or 11&.00 FElT, KORB OR LBSS,
'1'0 THE NORTH LINB or SAID tOT 4; 'l'IWICI IAS':BALT 31.0& FElT ALORQ
THE HOR'l'H LID 01' SAID LOT 4; THlllclI SOUTH 0 DIG. 7' 30' WEST Tel
1'HE NORTH LIlli or COOKT STRlI'l" , THElfC2 VlS'1'EJU.T AtoONG TH2 NORTH
LIHI or COURT STREIT, 35." PIIT TO THE POI~ or BEGIKNIKG.
AI.SO TH2 naT 10 FIE'!' or '!'HI IAS'!' 34. 24 lilT or LOT 4, ILea 20
(AS RBSBRVlD AND SET lOaTH IN THAf CERTAIN DEID WHlRII. PIONEER
T%TU nlsuaucB Am) TRUST COUAN'r IS IWIZD GaAH'l'OR ANI) R.C.
HARIISOH IS IfAXID AS GM.Il'TII, DATED &lrmlIR 25, 1921 UI)
AICOROID OCTOBER 13, 1928, III lOOK 427, I'AGB n, Ol'1'ICIAL
RlCORDS.
EXCIPT THAT PORTION INCLUDID III PARCIL KOS 1 AND 2 HlaEIH.
PAJlCJI!t.. NO.4.
THAT PORTION or LOT 7, BLOCK 20, or THI eln OF SAM IBRKARD%NO,
IN THZ CITY or SAIl' IB1UWUllllO, COUXTr or SAN allUl'ARalllO, STAn or
CAI.lrOIUl'IA, AS PIll. 'tAT RECORDED III BOOK 7 or KAPS, PAGE 1,
RBeO~s or SAID COUWTY, DESCRIBED AS FOLLOWS_
BEGINNING IN 'l'K! CEH'l'ER LIMI or A aalCk VALL ON ~ NORTH LIME or
COURT STRIIT, EAST 50. It PIE" PRex 'l'HI nST LIIl'B or SAID LOT 7,
AND aEIMG '1'HI SOUTHEAST CORMBR OP THE LARD DISCRIBlD IN THI DIID
TO PIONEER TITLE :nrSDaAlfCE AIm 1"IlU5T COXPAJIY RECORDED ROVbaE.
18, 1954, IH BOOK 350', PAGB fl, OJ'PlCIAlo RBCOJU)S, 1'HZJl'C1i EAST
25.58 FlIT ALONG SAID HORTH LIKE 01' COURT STREIT TO THE SOOTHwBST
eONlER OF TKB LAIl'D DaSCRUBD Ill' THE DIED TO '1'HB SUR COKPAln' OF
SAIl StIUl'AADIHO, c:.u.UORll'IA, lUlCOlU)lD JUUARY J, 1950, 1M lOCI:
2$08, PAGE 73, OFFICIAL RECORDS, IEIHQ ON TKB CEHTBA LIKI OF A
PIRE WALL, '1'HIlfCI MORn 88.00 rEIT A1.ORG THI nST LID 01' SAID
SUIl' COMPANY t.AJlD AIm celinA tol.. or SAID 'IRE WALL TO 'l'HB SOU'l'H
LINE or 'l'HZ LAJl'D CONY'lYED '1'0 COJDr AND RICB IT gBlD RECQiU)ED
AUGUST 13, 1t08, III BOOK 4U,PAGI 274, OF DEEDS; THEJlCI VBS'!'
2S.5I PEET A%rOJIG '1'KI SOUTH LID or SAID COD AIm RICK IoAIl'O TO THE
NOaTHIAST COIUl'ZR OF 'l'HB LAJlD DESCRIIKD III '1'HI DEED TO PIOIl'BU
'1'I'1'LE INSUR&Il'CI AND flOST COXPAJIY, RECORD!D 1I0YExa&R 11, 1t54, IN
lOOK 350', PAGI U, OFFICIAL RJlCORDS, THEIICE SOtrl'H 88.00 PlET
AI.OIl'G '1'HE EAST 1.1..1 or SAID PIONEn TITLE UISURAIICI Alm TRUST
COKPANY LAJlD AlfD ALeIlG 'l'HE CEH'l'IR LINE OF SAID BRICK VALL TO THE
POINT OF BEGINNING.
PUI'1!!T...~ ".
RES 93-77
,
ALL THAT PORTION OF LOTS 6 AND 7, BLOCK 20, ACCORDING TO KAP OF
'1'HZ CITY 01' SAB BEIUlMDINO, III '1'H2 CITY 01' SAB BBJUfAADINO, C:Otnrn
OF SAN BERNARDINO, STATE 01' CALIFO~IA, AS PIA PLAT alCOROED IN
800111: 7 01' XAl'S, PAQB 1, aECORD$ OF SAID COUNTY, DISCRIBED AS .~~
I'Ou.ows. V" "'I~",,"---'
". I:::::."
. .. 'C: aJ
'< ~;..../
-
RES 93-77
PARC8L !j. - cctl1"ZNUE:D .........
BEGINNING Olf THE NORTH LINB or COURT STREET, '8 FEET BAST or THE
WEST LINE or LOT 7, BLOc:lt 20. AT '1'KE CEft!R or THI SOUTH AIm or A
PAR'l'Y VALL, THI VIST 1/2 or nICH VALL IS Oil t.A!lD or JOHH AND
JOSEPH SHAP!R, '1'HEIICE NORTH A1.OKG TO CElI'1'IR. or SAID PU'1"t VAU.
AS FAR AS SAID VALL EZTIIDS AKD CONTIXUING ~ DISTANC! or 122 FIET
1'0 A POlft WHICH IS 143 FEET SOUTH or 'I'd HORTH 1.111 or SAID
BLOCK 20, THENCE EAST 45 nETI 'l'ImNCB SOU'l'K 122 FIB'1' TO COUll':
STRZlT; TJWlCE VEST 4S FEn TO '1'HI POINT or BIG%MHIlfG.
EXCEPTING THEREFROII ~ PDR'1'IOJI COWIYIO '1'0 CAZS.u. COJDI AMD SARA
RICH, AS PER DEED RECORDED 1M BOOK '.7, PAGE 313, or DIEDS.
ALSO EXCEPTING 'l'HIlEFROJI 'l'KA.T PORTIOR LYIIIG WITHI. SAID LOT ,.
pA.1t~Rr.. 110. I; I
THAT PORTIOR OF LOT 7, BLOCK 20, CITY or SAM BB~~IHQ. IN TKI
CITY OP SAIl IER..""_.~IRO. COUJITI OF SAIl 8BlUI~'U)IHO. STATS or
CAI.IFORJIIA, AS PER PLAT UCORDID III BOOK 7 or KAlI, 'AGE 1,
RECORrlS or SAID COtnrrl, DESCRIOD AS rOLLOWS I
BEGIDING AT A POIII'1' 011 TKI NORTH LID or c:00.'1' S'l'RI1'r AI HOW
LOCATED 197 PIIT, K0R2 OR LESS, VEST or THI INTBRSIC'1'tOM or THE
HORTH LIME or COURT STRaiT WITH THB WEST LIX1 or "D" STall':, III
SAID CITY or SM BUlWmIIIO, SAID POIR': or BlGI_t. u:urc:
LOCM'ED III TIIIl CIIlTD or TBI lOum SlID or A UICK WALL aow AS
THE DIVIDING LID BI'l'WIIII aB Plopun POIIII.'L'!' ()W)l2D BY .rOSEPH
SHAPER AND THE LOT POKIIRLY OVRID BY W.J. CURfIS, SAID eURTIS LOT
BEING IIOW COVERED BT A C:OZIl'l' IUILDIIIG 1 THBJICI ROJl'Z'H ALOIIG TIll
CENTER LIIIE OP SAID VALL AIm ALaR!; '1'HII PROLOIIGA'1'%OIl THERlOI', A
DIS'1'AHCB QI' se FI8'1', !lOU OR LlSS, TO TIll: LO'f' POIUllJU,Y ODZD BY
ROBERT H. 'l'HOIIJISOJI AIm COIIYIYBD TO COD AJID RICH BT DUD ueOIDID
AUGUST 31, 1908. 1M BOOK 421, PAG! 274, or DEEDS, THEHCB WEST 23
I'IE'1' , 5 INCHES, xou OR USS, TO A 'Olll'!' III THI SOUTH LID 0'
SAID C:OJDI AJID RICH 1.0'1', WHIOI WOULD 81 IJl'l'ERSICno BY Ai JIOR'l'HZIlLY
PROLONGATION 0' THB CEII'l'D LIlli or '1'HI FIRI WALL COJISTl'l'UTIIIG '1'HB
VES'1' VALL or '1'RB BAS'I' STORB aooJI ~ 'l'HB BU%I.DIJIG FOJUCBlU.l' ao..
AI SHAPIR BLOCK; THlNC:. SOU'l'HBJU.T AJfD ALONG '1'KI CDTD LIlli or
SAID rIRS wAt"Ir AHD ALOIIQ '1'B2 IIORTBERLI PROLOIGA'I'IQII THEJ\Bor, 88
FEET, KOR! OR LlSS, TO 'fill loaS LIIIB 0' COURT S'l'ltBET, AS ROW
LOCATED, '1'HINCI lAST AI.CIIG 'l'HI IIORS LID or COURT S'l'UET, 23
FEET. 5 INCHBS, 1I0Jl.I OR LBSS. '1'0 TIlE POIJI'l' O' BIGI_llIa. '.
TOG!'l'HER VI'l'B AU. 1II'l'EUS'l' VIIIeR THE SBI.1.U HOW HAS III '1'HB pun
w.u.t. OF 'l'KB VIS'!' AIID 01 'l'BI PUXISIS AnJOIIlIIfG 011 THI nST, AS
CONVlYED TO SELLERS II DiED IUC:gTED il PIonlR '1'I'l'U IIIS'URAHCI
COKPANY TO V.I. LEONARD AND RECORDID NOVIKBIR 13. 1'24, III BOOK
874, .AGI 257, or DIEDS.
/.~~.
f" ..:,1l:.,'
.,~'I V
\.'H2t- ..,
~..
RES 93-77
.
P.l.R~~1. NO 1:
THAT PORTION or LOr 7, BLOCK 20, or 1HZ ClfT or SAX aZ~I.O,
1M THE COg)l'l'1' OF SAIl IElUWUlIJfO, STATI or CALIPOlUUA, AS PER PUT
RECOJU)ED 111 BOOK 7 OJ' lIAIS, PAGB 1, UCORDS or SAIrI COUW1'Y,
DESCRI8ED AS roLLOWS.
,
BEGIDIMG AT A '0111'1' ON THI IftlIlTH LIKE or COURT STREb', E.l8T
27.&2 FEET PROM THE WEST LINE or SAID La! 7, SlID 1'0%11'1' 11%.0 AT
'1'HI SOUTHEAST COlQl'b or A STIEL AIlD CONCRI'1'B BUILDIJIC COIISTAUCTEI)
FOR THE PIONIIR TI'1'LI IJlStJ1WlCI .. TRUST COXPMT= TJOUICB
C:ON'rIKt1IHG EAST, 23.34 FJIIT TO THI CEJlTIIl LIlli: 01' A Ill.lCX "ALL;
THENCE NORTH 0 DIG. 0&' 33" VEST, 88.06 lIlT ALONG SAID CIMTEIl
LINE 01' A BRIel; WAJ'.LJ TDIICB NCATH It DBG. 54' 02" QST, 23.00
PEET '1'0 SAID EAST VAJ'.L or TQ PIOIIBIa TITLII IIISORAXCI .. TRUst
COMPANY 8UILDIHG= THlRCE SOUTB 0 DIG. 0" 4]. VlST, .1.10 PIZT
AIoONG SAID EAS'f WALL '1'0 THI POIIT or IIGIJIIIINC.
TOGETHER WID Aw. or THI RIGH'1", TI'1'LB AIm IN':!RI:ST or THE
GRAN':OR 1M AMD '1'0 'l'HAT PORTIOIf 01' COURT S'1'R.IIT LUNG IASTlRLY or
'I'D SOUTHllU,Y PROLCIlGATIOW or THE VEST tIIII O. 'l'lII: aUII
DESOUBIliD I..UID, AND WES'l'ERLf OF THI SOUTKBJU.T PROLQ!lQAT10!" or 'l'HI
EAST LINE.
RES 93-77
.....
-
IMPERIAL BANK
"uyr p."1"ctr ,n MI('OI'f'W'tcoe'
(b(g[P>Y
PARTNERSHIP AUTHORI1:ATION REGARDING CREDIT
TO: IMPER.I^~ BAN'"
A1.~
OFFICI!
AdM"': 99210 ~.~ La. C~~A B1vd.
rtw:r1 - '. ca_ ~"aI"'\1
To induc.: IMt't.KIAL BANK (PI!!reln call.a "".nll-') tQ gr~n'C crec::II; andJur ,"unl"im'5 fin"'''wl ..ccommud...,ion... loo ur for the
PU~4II'~"ip herelnarLr.:r a;lej,ribed, Che underr.illl1cl.l, ;uintly .nd ~"er~II~1 hereby rc,tcio.n" lNuraftliLnd agcc~
A.. fHAT ao-.....~ OIl'IP'r~ IattLDDII:l. t4'D..
is . (choase one) c:J General Pat'l1cr"hlp Ii] L.lmned 'iII'lnCnn,~. U\., the lDCUiun Q' IU principal pl...c loll' !nollil'toSS
b 1731. "&" ~. IJ!Iraa 1'..IlIM!. PMl1anda, Cia. 92374
B.
THAT (chao.. one) C
hy "'. Plltln......lp and
nn 'Jl. ")1' ".. .'~ti.;.-...
;& Sc.wrnen't 01 Pal'lncnhio IJ a CenJfh:aq and All"ce",en$ of Limlt,ed Patlnvr W1ip h,a, been uecwt.cd
WiI-! tc:cor4ed in ....- ~...~ . CUlJnL)I, C.Ufornl,a
'.. . 19.a:..:.... I .. t>ocWll'NlnlNum".,K" '.i': _ ~ ?~''''.
c.
THAT \he: fe"or...1 parme.r($) &1'0
.!h~....... JI! a::....,_ __ ~ ~
"'" --+~iea
u.
THAT the. HmiloCd p,annerl.). if a"",. ..,e
-- -.: ~ 1 ......... .;-
Iit_~_ .._ ........c~ -..- _~~~.........- ha...
...-.- 'I" _ _<# '0I:_4...,lI p-'" ..
-- .:aftI!I
~ t!hfollll
E.
THA. T VIe ab~. named penons are 111. tiol~ ,",.non uf IInd ,he onlvpcnons inM1'<e.)'Le41 1ft laid p.,...",ct,hill .nc:l I:~u.
If reqllircd. . Ce:nif'lcl. of Doina .u,inl/l., "Mer a Ficticio,"" Name. hJD bee:n filed ."d pwbli"".d... ,eClll.llted btl.l,*.
F.
THAT
DII..a~" ....,-".. B"l
'1 ..... .a1l'Wt II!IO__ Paw:
"as (hawe) fun ..nhorlty, on behajf anCl in ",t: n.llle' gf ..tel pUln.r5f'li,,;
(N.",e[l] of Indivlcl."(.\)
" I. ._sa." ere.,1 from Sank In ,,"'" 'UM ~n. UIlOf'l IUS" "':""'. U hili/shill: (thll") .......y cl'C'Cm ....iUblei t". Ie _-.lI.SC!ai. Illlr\nl!t.hle ql O~y
.41 swms, g"'l...tiO,., ~"4 In..IIf....~ -hi.:." mar' arl6C I,. &onrluuotl _it.. ....... tra"ye.'lJon aulhwl,u heuu".,:
Z. To .PDlw lO lIa,d", fO( ",. IUUMCI! .r IctfCrs 01 "t.4It I" f~""r 0' ~"., P.,.IllII'I, ntm. Ut ur."'~.'I.I"l, .... "e,shw: h"..,) m..,. Illirccl. ll.n" ,.
c....:UtA afl' ,eli"'n .;r,,..., ."'.,,,nw.1N In4llemn"., ."..""eftlre...."'.H b., Bank ,.11.&1.... \.0 ,t'll i~APIC. of &I.lcl'llet.teI'A of enoll:
J. To Ii", "r~'. .r.a.." on 0' ,..,.alll. at Of "'tWIllI "'''lI. .v \,lit _..otULe. It., knk at Daft..... ."ci"''' ..,. ....&&e4..enll., ,. '.P..., ..""Ie V'PlilllU"I'
,"'rrk:....flIIO '.....r an" dnh.t dra(u Idln. 4u., ...."'''1.' wi"', ~c ."uow.nc. C.Dmmwfol'\J ,"Ill '''"'U'I
4. To ,n,., lu'u .nG! ....<I!,..1.C 'ot.ilf'l..,,"'.nIC ..n....cu. _lu, "flll:
.s. To leIl I. or .lteol.l", or ,'1111&01,11'11. _hI' a.nk "'11" II"" .U "0,,",1 dr.lloru.. u".e acc._pLII"n>>. "Ofl....ao;u .t 0"'''' co""l"pI.f'c'1a1 pauer u...n.d
or "'.111 '''Y' y", p"U'Iet...ap..ndlO .,...... ...4Jlvr IIW"."". ~.y.ltenL ,hereo'. on such ..,"'_.. Barrolt ....." r.....Ir.J
". 10 CJl.MloIhI a Gon.""ul"l ....w.n..e I" t~var of ""Ie fo, ~ny ~"ul all ~t.ftn, ....uk" "" &.Ink.o.. ""ir. p~n" "... nquq, o( ,,,. "",rJl'le,r.l'llp
an' l. obH.... ""1 ,.rU'lef''''''", I" oIny "'Iftnet in C.O""IK1JU,. _It" ,ft. o.wlaliotl5 DI chit. .arU.. .. the Bank est.I!r'cMa1 or cOIr.'Cinu I!" al the
,..."*'., .f 'Ch. ,..llotVMIP5h",,:
I. .. ~.ecu1C ana ..ll'eiI' any anti .11 ,,",Ot... a,.at",. v.de ace.pUn5111. 'UIU'..,,~..., ..,,,.1:-'..-,,,,,,,, .nd ."'ar ....."'..".. .."lneu.J, eCl"'''.."I..1
IU.", apull e~d_oCl 01 i"..tillA!d"",_ reevJr.t11 bY' Banlll iftcklent 10 me nru:a.;:tle'" ..e,.." IIrg,I... I., ...".. .1 ,n., 11"'11 an' rr.... d1'POc Ie
rime to reftew. MUll'.' "'e~"" '"'' ,ntl aU swch ......tJ.,... l1li".""'-'; .11. ..r......ntll; ....',...h:.d "~UII.":
I. To 4jrtICl "tSOOllltotl Of "'. ."oc..., of ".., an. all l.."t. UI oltlll,UIOPl, ''IIVlerl''" ft....I"'. _nil '''' ......~pl f',em. ... IIlr.IlU ,I,di'.t,. to., .MIL
of an.,. prepcrl' ., _I. PAlll"e,.,.tp ., ~"Y limo"". lIy "nir.:
t. ,.. ....", I" ,ft" "'",nfter ....au.ftflr $81:.......,. 11'I"""u. 1ft UU! 4Ha" at Si,IG piU'Ul.l'!I"iD In."'dl_. Dell!4Io or T,,,n 0"" .ny rq,1 1!"s.a'1II or ICM....I\I
In\l!tl!tl. Ow".. .,. she ...nn.,.P1!p. u see""II';' (or...U j"...~.I'IIII" .1l1ll1 oe.llfa4o"l 10 BI&IloIl 'law ..lftinc... here.fur .,111,.., .". w e-"'e-I,IWU~
an. .oJt,,<< 18 liI'IlI !5LIc;h MCC.IP.'lf _If_menu. "U5' ...... .'" .",., daclolmenTlJ U Ib.nk sh.1I ,..",k'e h, or'.r 10 DI,ful ~r\, tIlcurhy itl&.lreu
.....ruc.. ..,. _MI ,..ann.r~11I UII a..r.~ ,",cu'w"..,r:
IG. TCoI _.a_Ie .n.. Ioloilh..... ,...Lh ...i"..... ..nd"".l'lw.a.. "'~y be r~..ui'cd....,. Ilt.nk;
11.
Ta ilIdmiL ..ncHIc:kn...le.p .an.', .......tnl' .Illllol rl,." '''' lh. pw-lOlon ."11 1:c.pG5il.1 0' all 4oc.u,""cnu. .f ald_. scourili_5. .:1..lml, ..rnal"ldi,
or "'1II.r Plopon,. .a'C I"" I'",' "~d II, ~nlk, Of I" ...,,,,-, rel~li"l 10 e, IMUri". ."" oWIU'CJ1N\ ,.rl4n, u,._.. lhK llu"'ol'i'Cstlol'l, ..nil \It
all Iveils, .IOi1"""C"U. i"AnfI"PlCl'IlS aft. eltler .,o..rlY ,.t..... 1'. ...., Gt Vtc wn.onll"""'. or to .ft~ e&hll!f DCnO".' ,he ,eClWelt .'11.", f,lr \l1e
",n4en"'cG. un I(uit ar o&".r recelOtl. IIn. in Inel to .II of Ifle pf"eC:ud,f lit CPl. r_~oll'l., al see",,,., for VI. OaY'''''", .r..1I otllipLiul\s
oi .... p.,t"".r~lp co 8al"lk. Ind,,"inl .'hlf'I"lo.,'. feq .nd Ii"" ...or .qenCCl5 D( Cl'lhtfW."'."1 of 8an~'r; ri.,." I" ~a"ftCnion ""I'" .n,.
U."""'II_" ~...d.ori",," h.,....".r.
Ci.
THAT U'le .:iUIf'aO,II.Y herl!lll"f conferred "holU be "nnsiderect r.~n,I"lCa.i"1; oI,nc.l .ny .1"Id all acts .a.urhorili!C41 he'eu,\CSer pe,forM\!4
,,'iar r.o \he cis", "ereur 1&1'8 hft#cby ofpproved arll!~ ruifiod; &n" Lh,,1. n,,""in, herein 'on~in.d .....ill 1M:: considered Lv ...ff..:ct :.1"1.
.JUchoncy 1'IAt'8Lu'otc or hete.1"ler c,(),,1erred Ll..on any oVler IH:hon or Det50ns: It. beinl undcr5Luuu IUld .Weed chat the .Llth,oti'y
herein ~unfertcd ......U c.on~n,",e in fun rarce and dfC4:1. ..I holt... el.'lton L.lndl ",rlllen nodee from :ill uf' lhv: uneler'~llnlld
ro""kinc "'i" ,auVlortZilo~{on I"~I ":t.~t: bcen acl,U,aUv rCi,ej"ec1 i'lY Bank allu Io)lfil,j1: 6H~ribed ,above,
DIILs;:U':
:r..nn_-... '7
.1~~.
: ~~12' ~=]
."f .j /f. ~. .. ' . ~~.:I
Ra. Pbz. AJ. __
-~
~ l - ~~
- ~ ?
R:i..s s7 &Ii 1lo;L
Part:nez-
" ....r
Br':V . ~ !ooIO"'Co" 7._. '1'''''''
~ I"ox, aen-..l ~ne~
L. 1.~ lRav J.(4l4)
RES 93-77
EXHIBIT -A" A'ITACHED TO THAT CERTAIN PARTNERsHIP BORROWING
AtnHOJUZAnON DAne 1ANUARY 7, J992 EXECtl'I'ED BY H~lUl'AGE OFFICE
Sun.DINO, LTD., A CALIFORNIA LIMlTED PARTNE.RsHIP.
LIMITED PA.l.TNBJlS
ClifIon L. I.w:br
LlWIII. J. Pirillo
Karl O. BcrJhccr. TruSlCe
The Bergheer CompallY Emp1oy='s Money Purdwc Pension Plall
Mervyn Simchowilz
Gladys R.llvo....."
Alfred 8. I.ippitt
Waacm E. Freeman
lllw E. Hade
Lomine Hat1e
8crIlamin J. Little, Jr.
Donald l"owan
Darlene rowan
&fwud Kcnz.
NIlI~ Kenz
Raymond Larsen
Ruth wsen
Donn nmmerman
G~ Timmerman
William Brode
Wilma Brode
Penelope P. MoaiJon
The Alben Dorman family Trust
PrioriL)' Invaton, lAd.
..-
~
~
RES 93-77
.....
-
IMPERIAL BANK
'tv"''' p.3rtner in ~tenVIrc-'.
PARTNERSHIP AUTHORIZATION R.EGARDING CR.EDIT
CC(O)(P~f
TO: IMPERIAl. SA"''''
A.:l.~.
OF~JC"
.AGdre,s,: ~20 South r.... e.i._ - Bl.VI!I_
Y.na1~ '. caa W'a"lll"l1
Tu i'llJ.......c IMPERIAl. .....NK (hercill l.oIo/ll!!tJ "8.tllk'" Lu Ylo\Irll "'u.:cJit arU:I,or conclnul fln.llnci.al ."ommodaLin", to C'lf "or Ute
p&lrtnershiO henlnaf'ter de,eriC.d. W1e uru~ersigned. jointl)' .."cllIo~",,,,y..UY. tu:,allly re,rl:Hnt, 'l'n.l'r';n~ ."" "lVee:
^.
TJtA.T wrw' ~_
ie ~ (c:hQQie onl!!) iii Gener:ll Par1n.r~hll"l
j, .._.Q/.a....,... .........y u....: --, ~ l
C Li"'ice4 P.nncr~lpi tl'U.." lb. locacion of I," principal plac:e UI' bu)I"~"
_.01:_ '''''!l1 _a_ ~!lII ..-.- r........ D-..,,,,,.wlII_ ....... &1'2"7A.
a. THAT (...huu.. vnt.:) all ~ SLalcnu:nL ur Pvm~rmiD [J .. c:.,tiflca~ an. Aareemenr. of' LI",iwd P"'tnet'~ID h..u been .xe;utcd
by the Pi:l.rt,net'5I\ill and W&I recorded in &an: ER%'DI1Z'1!H~ Cauncy. (;autor"!a
~n -.>.-.--. ~ 7 , 1 V 4J- , .. I)oc;u"'onl Number - ".....c~._, nQ .
c.
THAT"'. pnerAI P...",or(.l .ro
1ta~ P'ft.. am --- ~ aJ'Id --
.......
...._.._~-.
D.
THA T Lhc: limited 1PU'&nurhJ, Ie """..-. art
--
E. TH-.T \h. .d,u,,"'c ...mo.J ~".I,tllill ..t. .h~ )ul~ U'IIIIUi!r1l l,Jr on" Lhc IJn''1 IlIcnun. ;nLere'led In lahll parLftWshl" .anu LheL,
If rellllolirelol. .a Cllrtlflcue o( DOI"_ BloIs'ne" "'"Cler.a. 'lcduDUS N,:altl. hi' Deen fil.d II'ICI pU.UJlhcca., reQuirod bv .."".
F.
THAT
RaYmCll"d. ~ or IIYIIBI'1 .Pc::m: cr - - .Pas:
hu (haveJ (loll! ilw~hQ"'t:.,. on bel'!.~f .rull!n Che n:l.m. of iiticl pM'tnerSftip:
IN;uno!.l or Inul.luu.II.I)
1. T_ .__in c...CSit Ire", Dank In JU,tI\ ,..'" ''lei l.lpon swch lattn. ... tlc/sr.a {lilt", I ,.,.., IlIccm .41_lNble; ..n4 f.O OGUUs. a.alClI FIIennerShip to pn
..II -"',...., u"II..'~"'."tll"..'''''nftl wl'lle" maw &1'1_ In 1I!.",",c~on 'WIlli ;ll."" p'anMCIiDn .,Ih.......elll hlt,.u^llI.rs
2. TII .."ply I. .nll" lot 1lP'I_ lsMIan5e .' ICllets of chu.h in '.-or of an., p.~n. 'Irm, ., ....,antz..ar.ion..t Pl.,....!! Cthe.,) ma., direc.c. and to
C'-C<ol",," ...11 dr.lr.-.t a"y ....,ara...'"'' .r in""''''hy ~I'I'~I'''' r.........1I ~ 8",^'" rcl.lhe SO "'..........."01' of...."" leu.r. al Co..e.dl';
:3. 'a sIll" dr.r. .r.wrt ." or ..4yalN. al", V'lrotf", 8Mk 10 _ ueep,... .., B.n'- aL 8..nll.' ."l.6on .,,(1 "'--.ell"."." ... reopa)' .""'11. amownu.
"...""ien' '0 ...-., ."Y' dutl WI "r.r", r.IUntl "WI'. lo~''''er 'lll'itPl Cl\e acceptance eomtniSSMlns and I,nc,cn;
0&. Ta en,.,. lI"'u .... ...cu,. 'or.l.n eacll.np C."neta ..IV. knk;
's. T. wll ~ ... "JI....,,, e, re.iH....' ..Ith a.,,1c '''''I' ,,,.. .all "0._, drafv. tr... .aliliep...,,6CI. COftV'&CK ... other cCMf'l",etclal ....pe. ._"Old
ar held'" Mi. ,.au"e,"'ip...",. \0 tjllIlIluU_ 4111J/wr Il"....lll.el! "."tne"' 11\.,."r. ur. .I.U." .,"'. a. Ibnli. ......, l'Ill.....ir.:
.. To .._VUI . e.a..."..inc lIIl.atillnWIl in f...Of' .f 8.n... '.r ."1' ...n. .11 .,ec.ll. ....fl~. "" Lnll. 1101. Uli"" pcn.,.., ""e t.....e.'.1 the ,.....I"'.rs,.jp
and e. ....i... dot. ..an.neuhlp I.. .,." "'.an". 1" .""...,,,"'.:.... wi~I' ih.. ","'UIJdl.."s ...r ,.ltll" ~... LI_ 'loll Ih. .......lr. ......,n_d ,,1/ It.~l\"."., VIe
""...eu of ,.... par'''.''''.1
7. T. _e..,uu: 6m;l ....n..e.r ,..,. a..... III no,e'l cII..atu. Il'':1011. .acc..Il'~P'I,,", IlIar.."....... .aPF'Ilr.a.dOM .nd Ollllet .llVft"'Cftu. convacu:. I:om"'.rcial
P..c, ..". e",,4.nc... or incl.....,.,..... lequ re" Ih "'nk lNldc"' .. I". VA"loitocdo". "....In .,."1.... ,...... a. any lime an", fr.", 'hlle L..
dm.. .. renew. e.,.",.. or "'0.1f',. a"y ,,,eI.1I -..I&h O"I;'"Ii.~, ...,.,."..... .."'I .............11'" ....'h.fl.I." ",..._"der:
i. T. "'~t 111...""".1." .f In... p,,,,,,_d. LOr ...., .,,101 .&II Iv.". VI ulaU..Lwna ..",lhorl"M ".'..'n. an. 10 '''':fiJL uurn VI "'Ire", "'-U.tii,.,. t"., H.....
wI..,.,. ..'......n,.. vi ..,i" ....J ~".,."i..., ./1" ,jm. h_h' by Lnk:;
O. Te .,."', I'" ....." m__, .....t.a.It...r Millin..., ltue'&6U I" ,.... u...u 01 Q1id ",..",n.ra"'l" 11"151..41"'. 000111 of T,,,,..t l1li" .,." ,ell ..,..,. cor le",.,,'ul'"
I,,"rcu own.1lI ., V\e p.'II'tcnhj".. aecuri'v rG, .11 in.e.b~c.lnc.. ..n" ublil,.ttun.. ,g BIl"t now ....ilLI". ur .....eaHer .&tat"l, .n, 1.0 exe"loIt.
a,,1I cleUver 10 a.ll'lk .ell Me,",fih ..r............... tlloI" ._,h ..n'" IU,I,." c.lur;;wmc"ta,p It&nlc .cn&ll ,..,,,Lllre I.. or"', 4.0 aNd.loll an" _""'h... in,.resol
.,......etllt., Solid ...."'.hhjcs 11II1I",nk lI"Iewnwl:
'0.
'"
T. lI..e.....U1 .nd deU..et au",h -.i."" ."... ."......II~Q '0 III..,. ~. '_lol...l"d b,. "'''''1
T. .om" and ""'&"O..lc~_ .._...., __".rllllp .n4 .I&t... CO "'. roO".ul.... and dl,DCl8,a1 .r aU .....,mlli:nn of lill.. Mcwrltlu, lil.l\lfWl", "co""a"'''''.,
~,. .thel 1lI.....,tl,. ., "'" I.i...-= t.clcJ I.t,. _..uk. .." iu. ..."b. ,eI,.,.,;"", 4101 IU 'KloIrln. ."., ....ISiI'i...,. oIl'il!ll". 401..*, LII1I. ...dIUri...'i....., ....oJ ..r
.ai' BagGS. 4OCl.lm."'tll II'l'Ct"IIfteI'llCt .201'14 ."'., ,,"p.n., (.I.... \401""" ut u'" ..n"e'IlI.....,!. vr 10 ....." lI1hw S)ersun a"he: "4JIII~\ or .,.,,, of the
..nCllel'a'lIA_d. un VUal .... y..h,u 1.....111"''-. ...... III ...OJ ~w ..II ...r dllli: Plu.,....a ur 110. '_,,",VI".. 01. _"",ll" rUI die """"''''II,...r.1I y"lh."~I,,,..')
of ~cI "~U1cl"$hlp w B.nk. il'la.'ulJlnw ..Ul;un........ '"Q; ""oJ ..I." U~I'" ....'.er..e.. yr ""(Url.""'."" ur ,,,,,"'. ,i"llb ill .....n..e........ wjth "'""
U....Yoe&;_ "","'OIia.1Il tI..."......,.
G. THAT ,he o1.L",,"ority Mueln conferred $hill be c:o"iiclered. reU'O(&CLj",e- ","d .''''' .nd 411 UL!lo al.ltilorlze:o her.unae' performed
I" iut Iou "",: tJ..1.f: h&:l\lur lUG herctJ'f aPpro_ea .ana r,uifietl; and m.n ",oshin. "cr.l" c.nnwlned 11\:&11 be ~on,lclered ~o arrvC"\ the
4...U101";1., 11ctc:Wr&.l(. ur hW"~rw, L;unlcrll:~ ",gun It.I'lY other perle" or ".rsO"i: it bel", YI'u:lernood and .asrud ""~, the <&Lluu,....i'"
herein 'onferrecl ,hall continue i" full 1.vce .nd efr.u:l .L B.nk'" cl.~..lon until wriuen nOl.lce (rom all yf Lhc unl.h:l")illl"h:aJ
rcyo..l"& mi. duU,Miz.u.iOI' .holU hol.e 1)IDCl'1 ....Ll.lcdly 'ncivcu. by tidU-..U. I~a UI.(II':t: cJ~w;rltlllal "bu...~.
O""LllcJ:
J....~
7
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...:.",;,. .
Rll.)IIIIOnd Faa.
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c..ner.u
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_ Pt>:o:. .........,al P~UIeIr
... U,a (l1li1;'" l,e..)
RES 93-77
HA.Z.AJlDOUS MATERIALS INDEMNITY AGUEMENT
CC~[P't
This Hazardous Materials Indemnity Agreement is made as of January 7, 1992, by and among
}{erilage Office BUilding, Lid., a California llmiled partllership, !laVing an add.reu at 1131 "A'
Onmge Tree Liane, Redlands, Ca. 9237. ("Borrower"), and Russ E. Hatle, having an a4dress
at 1731 "A" Orange Tree Lane, R...!I~ftds, Ca. 92374 and Pox Bros., a genaal partnership,
having an address at 1731 "A. Orange T= Lane, J.cd1ands, Ca. 9237. (c:ollec:tivelY, Jointly and
sevual1y, "Inclemn1tors.), and Imperial. Bank, a caJifomia banking c:orporali.OD., havinC an office
at 9920 South La Cienega Bolllevard, In&lewood, California 90301 (Lender), with reference to
the toUowinC fal:ts:
A. Borrower is tile owner of the raI. propc:rty located in Loa Ani-, California,
lIll more particularly described in Exhibit · A" auached hereto (said real propedy,
together loWilh any rea.! P'''J'''11Y hercatt8r encumbered by the lien of the Mortgllie,
as dermed bc1uw, beilll herein ~ve1y called the Lalldj the Land, together
with all improvements 110'" or herat'ter IlD.Uld on the Land, being herein
COllec:livl#ly called the Propeny).
B. Lender is prcplllalto make and Bonawer will accept a loan in the &mOWlt of
597',000.00 (tile "Loan") leCllred by, amenc other thlnp, a mottpge fit deed
of trust from Borrower to Lcmdcr which will encumber the Pcopett)' (Slid
mortgage or deed or UuSl, 1o~1;Ihl:r wilh all amcodmenr.s, mocIifu:atlons, and
~upplemenr.s thereof beIn. herein coUec:ll.vely called the "Mongage").
C. As a c:ondilion to making the Loan, LIlacler requires Borrower and Indemnitor.
to provide ~lI indemnir.i.a c:cmceming cxisdng and future """O'^I.
polychlorinated biphenyls and petrOleum productS, and any otller hazardous or
to:dc matl:rials, wastel and subslarn:es whic:h an: detined, determined or identified
as such in any Federal, stale or locallawa, I1IIes fit re,uJationl (whether now
existing or hClCilrter cnal:lCd or promul&ated) or any judidal or admln1lttative
inlCl'pCetadon of IIIch lawI, rules or regulations (any such ube8tos,
pulych\orinatcd biphenyls and pellOleum prodw:t5 and any such otllcr mat.erials,
wastes and subslanCCll being herein collecrively called "Hazardous Materials").
D. To induQt Lender to consummat.e tile above described transaction and to make the
Loan to Bortower, Bongwer and Indemniton have agreed to enter into this
Agn:cmcnt.
1
@.
RES 93-77
NOW 1'BE.REFORE, in considerauon of the pRmi..... and other good and valuable
consideration, the receipt ancllufficiellCy of which are hereby acknowledged, Lender, BoaOwer
and Indemnitors hereby agree as follows:
,
I. Borrower and Indemnilors, jointly Illd sevmIly, covenant Illd agree, at their sole
COlt and ppenae, to indemnify, prora:l and. aye LeIlder Iwmlw aplnst and
!rom any and all dam'll'" 1ollCl, liabilldcs, oblipdons, penaldes, claiml,
Ihiplion, demands, defensea, judgmllllts, suits, proceedings, costs, disbursc:ments
or eJ:peft5eS at any kind or of &IIY na~ wlWsaever (inclUding, without
limitation, attorneys' Illd experts' fees and c1isbunements) which may IZ any time
be impoaed upon, inc:urred by or asscned or awan1ed againsl Lender Il1d arising
from or OUt oC (a) any HazardOlls MarerialI on, in, uneler or atreclin, III IX" any
poni.oG of the propeny or any Iwrounding an:u, or (b) tile enforcement ot this
Agreement or lhe assertion by BorTOWCl' or any Indemnitor of any defena to its
obligations hereunder, whether any ot such matters arise before or after
foreclosure ot !he Mgrflqe or other liking of dUe to all or any portion of me
Propc:rl.y by Lender, induding, wilhout IlmiCllion, (i) the cosq of removal of any
and all HalMdouI Materials from all or any pottioD of lhe Propefty or allY
luttOIl1\CIinJ U1:lII, (Ii) lId<litioDll COlli required to taka ""CelISU)' precautions to
ptolCCL apinst the release of Hazardous Mar.erials on, ln, under or affectinC the
Property into the air, any body of ~, any other public domain or an)'
sUrTOunding areas, and (ill) ~CI inc;urred ro comply, In conns:lion with all or
any poniOlL of the P."i"'.t)' or any surrounding areas, wilh all applicable laws,
orders. j~ment.s and regula1ioos wi!h respect to HiDldous Mareria.ls. '~n"er's
_ righCl under this Al1'CCment shall be in addidon to all righll of Lender lIILder the
MClt1Iage, the note SClI;Un:Id by !he Mongaae (the -Norc") and illY guawlt)' or
IlIarantie& (whether of payment llIdIor perfOlllWll;C) Civen 10 Lender in
conn=!ign wilh rho Loan IlId under an)' other documents or instrumenll
evidencm; or IClCIIrinJ the l,gan (the Monglle, lhe HOle, any SlIch guaranty or
cuanntiea and such other cloc:umenll or lnsuuments, as amended or modlfted
from Wne to time, beilll hezvin c:all!he "Loan nocuments"), and paymenll by
Boaower or 11'1)' Indcmn!tor 1I0der lhia Agreement Ih.all not reduce Bonowcr's
gr iIIlY Indemnitor's obllCIliOIlJ and liabilities under any of the Loan Documents.
2. The liability of Borrower Illd Indemnitors under this Agreement shall ill no way
be limited or impaired by, and Borrower and each IndemnilXlr hereby COllJCl\t to
and agree 10 be bound by, any iLIIWIdmenl or modifiCation of the provisions of
the Loan Docllmcnls Iu '" with Lender by Borrower or an)' Indemnitor or any
penon who sue'"""""s Borrower .. uwner of !he Propeny. In Iddilion, the
liability at Borrower and Indemnitors under lhis Agreement shall in no way be
limited or Impaired b)' (a) &1\)' elllalsions ot dme for perfonnance reqlllted by an)'
or lhc Loan Ooc;umenll, (b) any sale, assi&nment or foreclosure of the Note or
2
~~Al
lIfJ1E .
.
RES 93-77
Moneace or any IIle or transfer of all or pan of the mongllcd plO,....ny, (c) any
eJ,,;ulpamry provision in any of the Loan DocumenlS llmidn, Lender's recourse
to property encumbered by the Mortgage or 10 any other secv.rity, or limitin,
Lender's rights to a defiaency judgment apinst !orrower, (d) the KCUrlCy or
inaccuracy of' me represenlaUons and wammlies made by BorrowllI" under any of
Ihe Loan Documen15, (e) the rc\cme of Borrower or any other person from
performance or obllCl'Yancc of' Il1Y of the qreements, covetlan\.s, lenD. or
con41.UOftS contained in any of the Loan DocumenlS by operation of law, Lender's
volunwy Il:l, or otherwill:, (t) the tclAic or substitUtion in whole or in pan of
any security for the NOlO or (g) Lender's failure to record the Mortpge or me
any UCc r~ing statemenlS (or I .......v's lrr,pl~p..c recording or filing of any
thereof) or to othe......i.. perfect, pIOlCCl., S!l::urc or inl\lle lII1Y secv.rity lnleRSt or
lien given as security for the Notej and, In any such case, whedler with or
without notice lQ Borrower or any Indemnitor and wilh or without COlIl.idetadon,
3. Borrower and each In4cmniror waive any ri&ht or claim of right to QUIe a
manhalling of Borrower's assetS or to causel.eftder to proceed apinstllllY 01 the
security for the Loan before p~;'1I under this Agreement against Borrower
or a.ny IademnllOr or to proceed apinst Bonawcr and InclemnilOtl in any
particular order; Borrower and adt Indemnitor agree 1ha1 any payments nquired
to be made he:eunder sha1l become due on demand; Borrower and eKh
Indemnitor exprasly waive and relinquish all rights and remedies (including any
righll UT subrogation) accorded by applicable law to Indemnitors or guanntors.
4. No deJay on uncler'S pan In exercising any right, plweJ' or privilege under any
or the Luan OUl;umcnlS shall opeR~ IS a waiver of any such privilege. power or
right.
s. Anyone or mo1'8 of Bon'ower or lndemnilOrs, or any other pazty liable upon or
in ~ of this Aga:au:nt or the Loan, may be released without affeetinC tile
liability of any party not so ,..1.....uwI.
6. This Agreement may be execulell l.a one or IDOlII counrerpans, eacb of which
shall be deemed an original. Said countetpartl shall consdtute but one and the
same instrUment and sball be bindinC upon, and shaI1 inure to the beneftt of, each
uf the undersigned individually u fully and completely u If all had siSJlId but
one inslnlment. The Joint ancl sevcral liability of Borrower and each of the
Indemnitors hereunder shall be unaffected by the failUle of Borrower or any of
the Indemnitors to elU:lCulC any or all of &aid counwpans.
3
@---
RES 93-77
7. All nolK:es hcnlUllder shall be in writil1l and shall be deemed to have been
sufficiently given or served for all purpoaes whc:ll _t by regiS=ed or certified
mllU, if to Borrower 11 its address stared on me cover plIge hereof, if to
Jndemniton at their respeeuve addrelses sratl:d OD the coyer page hereof, and if
to Lender, to the atWluon ot its Rca1 Esrare Loan Administration, II its office &1
9920 SOuth La Cicnega Boulevard. Inglewood. California 90301 or other such
address of whidl a pany shall have notified the party giving such notice in
wntinc in accordance wbh the foregoing zequiIemenlS.
8. No provision of this Agreement may be dwIged, waived, disdlar&ed or
tenninaled orally, by cclephone or by any other means except by an instrument
in writing slgnlld by the pany agalnst whom 1Df0rcement of the chanae, waiver,
dileharge or rcrminatian is lOught.
9. Except U herein provided, this A&reemcnt shall be biDclin& upon and inure to the
benefit of Bonower, Inclemnitors and Lcnde.r and !hair respective heira, pcrsonaJ.
IllJIraenrativcs, I",............ and uslgn.. Notwidmandlng the fore,oin8,
Borrower and Ind.emnitors, wilhout the prior wnttaD. consent of Lender in each
inslanClll, may nulllUign, tIwlsfer or set cm:r to aDOthcr, in whole or in pan, all
or any pan of Its or lheir benefilS, riCblS, duties and obliptions hereun4er,
including, but not limiu:d to, performaDCll of and compliance with conditions
hereof.
10. This Aireement and the rights and obliBations of die panies hereunder sha11 in
all fesIIll'lS be lovcmed by, and c:onstnIed and enforce In KCCll'dance with, the
laws of the State of California (without BivinB effect to principles of conflicts of
law). BomJwer and Inclemnltors hereby Irrevocably submit to tho nonexclusive
siain, jurisdiction of any Call!omia State or federal Coun slnina in the County
of Loa Angelea (or any county in the SII.r& of California whete any ponion of the
Property if l~ted) over illY luit, action or proceeding arising out of or relalinS
to this Agreement, and :Bonower and Indemnltors hereby aar= Illd consent tbal.
in mdltlon to any methods ot serv:lc;e of process provided tor under applkable
law, all service of process in any such suit, action or proceediI\I in any California
State or Feden! court sittin& In the County of Lot Angeles (or such other county
in lhe State of California) may be made by c:ertified or registered mail, retum
ro;eipt requested, directed to Borrower or lndemni.tors, u the case may be, at
their reapslivc lIlIdn;a~ illllicatl:d on the cover page hereof, and service 10 made
shall be complere five (5) days afll:t lhe same shall have been 50 mailed.
..
~
~
RES 93-77
IN WIna:.5S WH-EOF, Lender, Borrower and IndemnitOr1 have c:aused. this Agreement to
be elIiec;utcd as of the clare fim Writren above.
"Leader'
IMPElUAL BANK,
a CaUforDia bllnlrl"l corporatiaa
BY::i-~ ~ 'Wiee l\..4liellt
bbeJ:t B. aits:bcll, J~., SeA1o~ nce l'res1dAll.t
"Bonowv'
IIEIU1'AGE OFFICE BVILDING, LTD.,
.~..-
By. .
Russ E. Ide &eueraI partDer
B11 Fox Bros., . aeoeral partoenhip,
IlDenl pu1.IIer
..
"" :I'.....~. l
, . . ~. ~ .'
BY: 'i JL0:~ .(~.:",~ :.
RaJ1llOlld FiIlt, Geaenl PartIw'
B)lt 'j. ...:..! ~'-"'- -:: ~
Sam Fox, General PartDer
".IIldelDllilon"
Fa BnB., . leDmlI partDenh1p
B11
/ "'// f':( "7.'.~j..;I<'
Y .' I ..' ..,,-,
,Oo .'. ,_......
'.
RaymoDd Fox, leaeral partDer
By: '1..1... +......
r: ,~~.~.~
Russ ~. Halle, Individually
s
RES 93-77
EYJITIIIT · A.
UB~Ift). 11
ALL THOSB 'ORTIONS OF LOTS 4 AIm 7, 8LOCl 20, 0' THE CITY OF SAN
BERNARDIIIO, III 1'H! CIn or SAN 8!JUIUDIJlO, C:OUJP1"l' 0' SAIl
BERNARDINO, STAT2 0' CALIFOJUlIA, AS PIa PLAT RECORDED III BOOK 7
0' KAPI, PAG2 1, RlCORDS 0' SAID COUll'lT, IlESCltIllD AS FOLLOwS I
8EGI!QIIICG AT It 1'0111'1' OJI' '1'HI .01l'1'H LIQ or cotm'1' STREET III SAID
BLOCK 20, WHICH IS IMTIRSICTlIl BT '1'HI LIKI 81TW2111 LOrS 4 AHD 7
IN SAID m.ocK~ 'l'HE1IC2 WEST U.24 rln ALOIIQ '1'HB lOAm LID or
COURT S'1'IlIET '1'0 THE SOUTHIWIT COIUIIIl 0' THB t.ANI) COMYI'flD IY
PIonu '1'I'l'LZ IXStltwrCI AIm TRUST cOXPAn '1'0 R. c: . JWUltSOIl ay
DIED RECORDID OCTOlla 13, 1128, III lOOK 427, 'AGB &1, OFFICIAL
DCOADS ~ '!HEIICI ALONG '1'HI lAST LIIIB 0' THJI LAJID SO CORVETBD If
PIOlllER TITLI IIISURAKCI AXD TRUST COIPAHr, HORTH 0 DEG. 07' 30"
EAST, 117.12 rll'1', JlOItI OR LESS, TO 'l'B& 1IOR'l'JI LIIIB OJ' SAID tOT 4;
'rHENCI lAST ALONG '1'H2 IIOR'l'B or SAID LO'1' 4 '1'0 THE IIORTHWEST COUER
0' LOT 7, III Br.ocJt 20, 'l'HI1fC1 SOUft 1. 07 1'111'1' ALOIIQ 'l'BZ WEST LINZ
or SAID LOT 7; TBEJlCI EAST 21.10 rlIT, 'Aau.nL WITH THJI 1t0RtJI
LIB! or LO'f 7 fO '1'HI NOR'rRIAS'1' CCAIID or 'l'HA'1' enTAl. PARCIL or
LAND COWEtlD 11' JOSI.II COllI AIm SARA RICH fO PI 01110 TITLI
IHSURANCI AND TRUST COKPAKI B1' DIID RBCORDED AOCUS'1' 13, 1'27, III
BOCK 262, PAGa 253, OrrICIAL RlCORDS, 'l'HIIICI SOutH 0 DIG. 01' 43"
WBST, 116.05 21B'1' ALOIIG '1'BI lAST LIlli 0' '1'BI lAST WALL or THI TWO
STORY SDIL AIID c:oxcun aUILDIIIG CORS'l'ROC'l'ID .1 .IOIIIU tt'noB
INStnWfCI AJID TRUST C:ODAIn' '1'0 'l'HI XOR'1'II LID or COOKT S'l'UET:
'l'HIJICI WlST .u.oNG TIll Jloa'l'B LIMB or C:OtJRT STUB!, 27. U rllT 'rO
THI POIII'1' or BBGIJIJIUIG.
~
PUCKL MO. 2.1.
THB US'l' ~2. 00 P21'1' or un :i, 'T-QCK 20, or '1'BI CIon or SAIl
.BIUIAJU)]:NO, x. 1'HB Clft' 0' SAIl .'MUDIIIO, COtnlft 01' SAIl
IBRHARDINO, STAft 0' CALIPOUIA, AS 'Ia PLAT ItBC0JU)8D %11 lOOK 7
OJ' MAPS, PACE 1, UCORDI 0' lAID COUlft'T.
EXCEPTING THlRBPKaI THAT PORTIaI DISCRIIBD AS POLLOWS,
BBG%!QI1JIG A'l' '1'D ItOIl'1'HU.S'1' COJUlBa or SAXD IDJ/ 5, 'l'HI1fC1 VlS'1' 2. is
PEET ALOIIQ ':HZ 1IOA'l'HDL1' LID or SA%D 1D1', 'l'DHCI SOU'1'H 0 DIG.
00' 15" EAST, 118.'0 rll'l', TREllCI lAST 0.80 PEI'1'; THIIICI SOU'l'H 0
DIG. 07' 30' IDST, 31.30 lIl'l '1'0 A PO%1ff 011 'l'HI SOO'!ll LIlli or
SAID LOT 5, 1IRIC8 U VES'lEJl%o1' 2.10 PU'l PRCII '1'IIB SOtmlBAS'l COlUIIR
or SAID LOT 5, 'l'BIJIC1 IlS'l 2.10 FII'1' ALOIIG '1'HI S0111'B LIlli or SAIIl
LO'l' J 'l'O '1'KI S01J'1'XZAST CORna 0' SAID IDl' I; 'l'RJI1IC:. 1I0a'1'll A%.OJIG
THI EAS'f LIHI 01' SAID IDJ/ 5 '1'0 '1'U POIft OJ' ucn:lQu:lIQ.
PUl~~ 110.. ] I
All BASIUJI'l' rOR PRDISTRIAII PASSAGI TO .. OIliD I. C:01QlOll VI'1'II
OTHIRS OVIR 'l'HI Wl5T 23.00 PIn OJ' '1'D US'1' ".50 rUT or ':HZ
NORTH 11'.27 rllT or LOT S, AND OVlR '1'HI VlS'l 16.00 rllT or THE
lAST 42.50 FlIT or THAT PCaTtOIl or LOT 5 LYl8G SOUTHIRL~ or SAID
NORTH 1n. 27 1'11'1, AU. III IITOCK 20 OF THI CIT1' 01' SAIl IIJQl~'U)%KO,
IN THB CITY 0. S.... al~\lDIIIO, 1. THB C:OUHTT 0' S.... BBRR~IRO,
STAn 0' CALIlOfUrlIA, AS PO PLAT RECORDRD IX lOOK 7 0' !lAPS, PAGI
1, RBC:ORDS 0' SAID COUNT'l, AND ova ':HI BAS'1' 10.00 'lIT or 'l'KA'l
'ORTIOK or SAID BLOCK 20 DlscalllD AS FOLLOWS. ,
RES 93-77
PARCEL 13 - CCUTZMUED.,....
COKXIHCIHG AT A POINT Q. THI NORTH LIXI or COURT STRlIT, DISTANT
70.a~ FliT WEST FROK THI lAST LIKI 0' SAID toT t: THINe. NORTH 0
DIG. l' 30. WIST AZ.OIIG '1'KI lAST LID 01" TBIl PROPlRn FOIUCBRL'l
0WX20 IT R.C. BARiIIO., A DISTANCI or 11&.00 rElT, 8aRl OR LlSS,
TO THI NORTH LIMB or SAID LOT 4: TK!KCI IAST!RLT 36.06 FEET ALONe
'l'H!: NORTH IoU'. 01' SUO t.O'l' ., THlIICI SOUTH a DIG. ,. 30. WEST TO
'1'H1 NORTH LUll or COURT STRiB'Z', '1'HB1IC1 VBS'l'DLT ALOIIC TkI 1I0R'1'H
LINI or COURT S'1'RIIT, 35." rElT TO 'l'HZ POI.., or IIGIDlaG.
ALSO THI VZST 10 FIBT or THI lAST J4.24 FElT or LOT 4, BLOCK 20
(AS RlSERVlD AND SET FORTH III THAT CIRTAIH DEIO WIIIEtH IIONIER
TIft.1 INSUIWICI AIm TRUST COUA1l1' IS IIAIIID GJWI"1'OR AND R.C.
HAUUOM IS lWIED AS GlWlftl, DATlD SIP'tIDIIt 25, 1921 AHD
REeOlUllD OCTOau 13, lUI, III BOOK 427, PAGI Iil, OI'PlCIAL
RECORDS.
EXCEPT THAT PORTION INCLUDED IN PARCEL JlOS 1 AND 2 KIRlIN.
P1Jl~'RL Nt'). ..
THAT PORTION or LOT " BLOCK 20, or '1'HI Cln or SAM 8!lUrlJU)INO,
IN 'rim C:In or SAIl 1IIUWlDIII0, COUlft'! or SAM UUA.~1.0, STATI or
CALIFOIUIU., AS PER PUT RlCORDED IX BOOJr. 7 or JfAJlS, PAel 1,
RECORDS or SAID COQll'1'r, DZSCRIOD AS FOLLOWS I
BEGIIIKIIfG IN '1'IIB CBN'l'IR LIlli OF A IRICI: VALL 011 'lHI IIOR'rH LIME OF
COURT STRUT, lAST 50." Plft' PJlQl 'l'XI VIIS'!' loIn or SAID un 7,
AND aEING '1'HI 80U'Z'H2AST CORnR or TIll LAND DClcaIHD 1M 'l'HI 0110
TO PIONEER T%TLI %JlSaRAltCl UD TRUST COUAll!' RECORDED NOYtIIBER
18, lIS', IN lOOK 350', JACa '1, O"IClAL RlCOIDI, TRlHC. lAST
35 . 58 FBIT .u,QIIQ SAID 1IOR'rlI LIlli 0' CQUR'l' 8'1'R11'1' TO '1'B3 SOtmrWlSl'
eORMER 0' '1'KB LAND DISCR.IIID 1K 'l'XI DEID 'I'D '1'KB SUII COXPAIIY 01'
SAIl IEIUfAJU)IIIO, CALlPOIUI%A, QCOIUlID JAllUUl' 3, U50, III lOOK
2508, PAG! 73, OPrICIAL RlCORDS, aelll(; 011 '1'BI CIJI'l'IR 1.1111 or A
I'IU W.u.L, 'l'BIJfCI JlQR'lII 88.00 PEaT u-o-Q '1'IIJl ns'l' t.ID o. SAID
SUII CODAII!' loUD UD CIJIftK L%l1Jl or SAID PID WALL TO TIm SOUTH
LIft 0' TIll LUD COIlYlYlD '1'0 COD AJID RICH IT DIID RECOJU:)IO
AUGUST 13, 1108, I. 8DOJI: U1, 'AGE 374, OP DIIDS~ THUCIi VIST
25.5' PI&'f AZ.01Ic: '1'BI SOUD LI" 0' SA%D COD AIm RlOI :r..um '1'0 '1'HB
HOR'Z'HIAST CQRIIBR 0' '1'IIZ LAND DISCRIBBD IIf 'fill DIID 'l'D .IONIIR
TI'fLZ IlfSULUCB AlII) DUST eQUAllY, RECQRDID IIOVIX8U 11, 195', 111
BOCK 3501, ntD 11, Q"ICUL BCORDS; 'l'HIMCI SOtl'l'R ".00 PUT
ALONG '1'HB lAST LIlli 0' SAID PIOlIlD 'l'IT1JI %IlS1;IRANC1 AIID '!'RUST
eOUANT LAHD AJID ALOJIG TBB CEJI'l'IR LID or SAID BRICI: VALL '1'0 THB
POIN'l' 01' BIQIXN%MG.
pa.~I!'. Hn.. 'i,
"
AU. THA'l' poaTIOII 07 LOTS , A)Q) 7, BLOCK 20, ACCORDING to MAP OF
'fHl CI'l'1' or SAIl BBJUIMI)IIO, II THI C:In or SAIl UIUU...'lDIJlO, COUR'l'Y
01' SAM lIIUtUZ)IIIO, snn 0' CALIPOrutIA, AS PIR PUT AlCORDID IN
BOOK 7 or KAPS, PACI 1, BCORDS 0' SAID COUllft, DISCRIBID AS ~
POUoOWS I kJ.;:T'}
~
RES 93-77
PARCEL 5: - cxrrrn<<JED .......
BEGINNING ON 'l'HJ: lIoaTH LID OF COURT STREET, 98 rEET EAST OF THE
WEST LIME OF LOT 7, ILOC& 20, AT THE cERTIa OF '1'HB SOUTH AND OF A
PAR'l'Y VALL, THI WEST 1/2 0' WHICH VALL :z:s ON t.lMD or JOB AIIt)
JOSEPH SHAI'iRJ 'l'HlNC1 NOR'1'R lLOMC !HI CElI'rBa OF SUD pun WALL
~s FAR AS SAID VALL IXT!KDS AID COHTIXUIMG A DISTANCE or 122 FEET
TO A POIJl'1' WHICH IS 143 PlIT SOUft OF 'I'D NORTH LIlli or SAID
BLOCK 20 ~ '1'HIJlCI lAST 45 FlBt, 'l'KIMCB SOtml 122 FUT TO COURT
s'tREETJ 'rHPCB WEn 45 FliT to TH! POlll'1' or IlClINIIIIIG.
EXCEPTING THlUFRCX A PORTIOII COHVlTlD 1'0 CUSAll COD AlII) SARA
RICH, AS PER DIED UCORDID III lOOK I.', PAGB 313, or DIIDS.
ALSO EXCEPTING THBREFao. THAT 'OlTIoa LYING VITHIN SAID LOT ..
PA..~~r. lip. I.
THAT PORTION or ~ 7, BLOCK 20, CITY 0. SAB BI~INO, IN TKB
CITY or SAIl liRHAIUJIIIO, COUJl'n' 0' SAIl UJUt.a~IU)IIIO, STAR or
CALIFOIUlIA, AS Pill PI.A.T RlCOIU)ID III BOOK 7 or JlUS, PAGS 1,
RlCORQS or SAUl COtDl'l'r, DBSCJlIUD AI POLLOWS,
iiGllOIING AT A POI1ft' 011 THI 10RTIl LIlli or COURT S'l'RIIT AS NOW
LOCATED 1!17 FEB'l', xau OR LlSS, nIT or 'fill IJl'l'lUECTI011 01' 'l'HB
NORTH LIMB or COURT S'l'RIIT WITH TBI WlST LIKI or -0" S~IT, IN
SAID CIn 01' SAIl Ilual\DllIO, SAID '0111'1' or BlGl101II1Q IIING
LOeA'l'ID III '1'HI CIJI'1'IJl O. TIll socmr lID O. A Ulat vALL JalO1nI AS
THE DIVIDING LIKE alTVIER TKI 'RC'BIln ro.~y OVMZD BY 30SIPH
SHAlla AIIt) 'l'HI rm roRJOll,L1' OVIID 11' V. J. ClIRTIS, SAID CURTIS LO'1'
BlINO N01l COYZUD 11' A CUI1ft' IVltJl%JIG, 'l'BIJlCI JlOR'l'H ALOIIG '1'HB
CEJI'1'Ea LId 0' SAID VALL AJID ALOIIG '1'BB 'RQU)1!GA'l'%0lI 'l'IIZ1t101', A
DISTAJlCI or 88 'Ia'f, IIOU OR LESS, TO '1'KB rm rop."aJ.l' O1nIID BY
ROBIRT H. THQUSOII UD CCIIV8T1D TO COD AIID RICB If DEID DCORDID
AUGUST 31, 1908, II BOOK 421, JIGB 27., or DIIDS, TKr.MCI WlST 23
FIET, 5 nICHIS, 1I0al oa LlSS, '1"D A POIII'1' IR 'l'BI SOU'l'll LID or
SAID COIDI AXD RICH loO'l, VRla V01JLD .2 IJrlDSIC'l'ID BT A acQIl'l'llDLT
PROLOHcaTIOII 0' 'lD CIII'1'IR LIlli or '1'BI 'IU VALL CON8'fI'l'U'fIMC '1'HI:
VIS'!' VALL O' '1'Jd 1U'f STOU IU:lCII O. '1'BI ItnLDIJIG POIUIBRLT DO'"
AS SHAFIR 8LOCJ:; THIEl SOU'1'llDL1' A1ID ALOJIG 'nil CI1ITU LID 01'
SAID rIU va.w, AXD UOtIG '1'D IOR'l'BBIU,Y tROLQIGI.'!'IOII 'rHIRlor, 88
FlB'l' , MOR! 0Jl LIS., '1"D 'l'RB lORD LID or CCtJR'l' SftZZ'f, AS NOW
LOCATIO, ftIllICB US': A.LCJIG TKB IIORTB LIMB or COURT S':'UIT, 23
FEE'!', 5 I)lCHES, IICRB OR LIS', '1'0 '1'BII POIJI'l' 0' IBGX_llIa.
,
'l'OGBTHlR WITH AU. III'l'IUS'r ala 'l'RJl SELIoZR 11011 HAS IN TBI pun
WALL or TKB WBS'Z' AIm 011 '1'KI 'IWIISIS AJ)JOIIIIJlG 011 '1'HZ WlST, AS
CONVIYED '1'0 SELLBRS 11' 0110 IIICUTID at 'IONBER 'l'I~ IMSuaa.BCI
COMPU1' '1'0 v.I. LlOlWlD AIID UCOIU:lBD NOVDBD 13, 1!24, IN ~
87., 'AG. 2S7, 0' DIIDS.
(@yf,i,,~~.
~-i,:"\
" ~
.
RES 93-:-77
PAJI~EL NO.7,:
TKAT PORTIOII or LQ1' " BlOCK 20, OP TIll CIn or SAIl aUJl\RDIJfO,
IJf THI eotnl'l'f 01' SAIl 8UJl\ItDINO, STATS or CALIPOIUIIA, AS PU PLAt
UCORD2D III BOOK 7 or ~s , PAGZ 1 , RBC:OIU)I or 11.11:1 COmITY,
DISCRIBlD AS roLtO_SI
<
alGI_I" AT A POIIIT 011 THI lfOR'1'II 10111& 0' C:ODR'l' S'J:RU'r, EAST
27. G2 FIB'f rROJI '1'HI WIlT LID or SAIl) LO'l' 7, SAID '0111'1' BIING AT
'I'HI SOU'Z'HEAST COM" or A STIlL UD COllCUTl IVZLDZNCJ CONSTRUCTII)
roa THE 'IOMBIR 'l'I'rLI IIISll1WlCI , DDSOf COGAIIT, THZJICB
COIl'fIIlUING lAST, 23.34 rEn TO 'l'Q ClftD loIn ~ A Dla WALt.,
THZMCS NORTH 0 DIG. 06' 33' VIS'1', ...0' FliT ALONG SAID CIM'l'ER
LI.E 01' A BRICE VALL, TIIICI lOaTH ., DIG. 54' 02- WEST, 23.00
niT TO SAID lAST VAU. 01' TIll PIOAU 'l'1TW: IlfStllWCCI . TRUST
COJIP.AIIY BUILDIHG; '1'HIJlCI soam 0 DIG. 0" U' VBST, 88. 10 rUT
ALONG SAID EAST VALL 'l'Cl 'l'Q reIn 01' BGIDIIIG.
'rOGE'1'HD WITH ALL or THI aIGIft, 'flftoI AJII) III'rBRlIT OP 'I'HI
GJlA1ftOa III AND '1'0 THl'l' POIl'l'IOJI ~ COUIL'l' S'1'UiB'l' LnllG EAS'l'I:IU.'I' 01'
'1'HB SOUftlNoY PROZoOIIlaTIOII or TIll ns'l' loIn 01' 'f'KB DRlIlI
DISCR.:l:BI:D LAIID, AND ViSTlaL! or 1'HI SOU'l'KBllLl' lIROLQNQATIOII OP 'l'HI
lAS'1' Lln.
"
{~
r:~fJ--
RES 93-77
MODIFICATION AGREEMENT
STAT!'. OF CAI.TFORNTA
COUNTY OF SAN BERNARDINO
TInS MODIFICATION AGREEMENT i~ emered lmo as of , 1993, by an~
among IMPERIAL BANK. a California Banking Corporation ("Lendef'), whose address Is 9920
South La Cienega Blvd., Inglewood, CA 90301, and HERITAGE OFFICE BUILDING. LTD, a
California Limlte~ Pannership ('"Borrower") whose address is 1731-A Orange Tree Lane,
Redlands, California 92374;
RECITALS
A. Lender and Borrower entered Into tbatLoan Agreement, dated February I, 1993
between Lender and Borrower, pursuant to which Lender has made a loan (the "Loan") to
Borrower In the principal amount of Nine Hundred Seventy Five Thousan~ Dollars ($975,000.00),
tbe Loan being evidence~ by an original Promissory Note (the"Note") dated December 15, 1981 in
the principal amOunt of Nine Hundred Seventy-five Thou~and Dollars ($975,000.00) and a
Restated Note dated March 30, 1993 In the principal amount of Eight Hundred SiXty-three
Thousand Nine Hundred, Thlny-nlne Dollars and fifteen cent~ ($863,939.15), executed by
Borrower bearing interest and being payable as therein provided and being fully due and payable
December 15. ZOO1.
B. The Indebtedne~~ evidenced by the Note is secured by that Deed of Trust (With
Assignment of Rent~) dated and recorded December 18, 1981, as Instrument # 81-273244 at page
, Official Records of San Bernardino County describing therein the Properry (the
"Property").
C. Lender and Borrower have agreed to add an alUlUal fee, payable by Borrower to
Lender, equal to forty-five percent (45%) of Prime Rate as defined in the Note.
AGREEMENT:
1. NOW THEREFORE, In addition to all other terms and conditions of the Note as
orIgInally set fonb and as re-executed, Borrower hereby agrees to pay Lender, as a fee over and
above the interest and fee~ ~et forth in the Note, an amoum equal to forty-five percent (45%) of
Prime Rate as defined in the Note. Such additional amount ~hall be payable in monthly
installments on the same day of each calendar month a, payments of Interest and principal are
due on the Note.
RES 93-77
2. If any payment of principal, ime(e~t or fee doe under the Note is not made within
ten (10) days to the date when due, a late charge of five percem (5%) of the past-due amuunt may
be charged by Lender for the purpose of defraying the expenses incident to handling such
delinquent payments, and Borrower and Lender agree that (a) such late charge represents (i) a
rea.<onable sum considering all of the circum<tance existing on the date of this Agreement and (ii)
a falr and reasonahle estimate of the cost that will be ~u5talned by Lender due to the failure of
Burrower to make timely paymem~, and (b) proof of actual damages would be costly or
inconvenient. Any late charges shall be paid without prejudice to the rights of Lender to collect
any other amounts provldcd to be paid or to declare a default under this Note or under any other
of Ihe Loan Instruments or from exercising any other of the rights and remedies of Lender.
3. In conjunction with the re-execution and extension of the Note and the other Lvan
Instrumenls, Borrower hereby agrees that such extension ~hall In no manner affect or impair the
Note or the liens and security imerest~ and individual guarantees securing same,and that said
liens and security interests and individual guarantees shall not in any manner he waived, the
purpose 10 Ihis Agreement being simply to extend the maturity date of the Note, and Borrower
further agrees that all terms and provisions of the Note, the Deed of Trust, and other Loan
Instrumenls shall he and remain in full force and effect as therein written, except as otherwise
exprcssly provided herein.
4. Burrower hereby covenants and warrants that the Loan Instruments are nOI in
default; that there are no defenses, counterclaims or offsets to such Lvan Instruments; and that all
of the provisions of the Loan Instruments are In full force and effect.
5. Borrower agrees to pay all COst Incurred in connection with the execution and
consummation of this Agreemenl, including but not limited to, all recording costs. the premium
for such endorsement to the ALTA Lvan Policy imuring the validity and first lien priority of the
Deed uf Trust as may be required hy Lender with respect to this Agreement, subject only to such
exceplions as may be approved by Lender, and the reasonable fees and actual expenses of
Lender's counsel.
6. All agreemems be[Ween Borrower and Lender, whether now existing or hereafter
arising and whether wrinen or oral, are hereby expressly limited so that in no contingency,
whether by reason of acceleration of the maturity nf the Note or otherwise, shall the interest
contracted for, charged, received paid or agreed to be paid to the holder of the Note exceed the
maximum amount pennissible under applicahle law. If, from any circumstance whatsoever,
interest would otherwise be payable to the holder of the Note in excess of the trulXimum lawful
amount, lhe interest payable to the holder of the Note shall be reduced to the maximum amount
permitted by applicable law; and if from any circumstance the holder of the Note shall ever
RES 93-77
receive anything of value deemed Interest by ~pplicable law, an amount equal to any excessive
interest shall be applied to the reduction of the principal amount owing under the Note, and not to
the payment of interest, or If such excessive interest exceeds such unpaid balance of principal of
the Note, such excess shall be refunded to Borrower. All interest paid or agreed to be paid to the
holder of the Note shall, to the extent permitted by applicable law, be amortized, prorated,
allocaled and .pread throughout the fulltem of the Note, as heretofore extended (including the
period of any further renewal or exten.~jon thereof) so that the interest on the Note shall not
exceed the maximum amount permitted by applicahle law. This paragraph shall control all
agreemeuls hetween Borrower and the holder of the Note.
8. As heretofore amended, all of the term.~, provisions and conditions of the Loan
Instruments are and shall remain in full force and effect and are incorporated herein by reference.
EXECUTED as the day and year first above reelted.
LENDER:
IMPERIAL BANK,
A California Banking Corporation
9920 South La Cienega Boulevard
Inglewood, CA 90301
BY:
Its:
BORROWER:
HERITAGE OFFICE BUILDING, LTD.
A California Limited Pannership
BY:
KUSS n. HaIle, General panner
BY: FOX BROTHERS, A GENERAL PARTNERSHIP
BY:
Kaymond rox, General rartner
lD<>dif<"llf~/C11/tl'J
RES 93-77
San Bernardino/Heritage
Final Resolution
60289/29550 - DATOl354
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6
7
8
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10
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DATOl354
EXHIBIT C
Purchase Agreement
RES 93-77
NOTE PURCHASE AGREEMENT
THIS NOTE PURCHASE AGREEMENT ("Agreement'~ is entered into on February
1, 1993. by and between INVESTMENT CONSULTANTS CORPORATION, a California
corporation ("Buyer") and IMPERIAL BANK, a California banking corporation ("Seller").
RECITALS
A. Prior to the date hereof. Seller made a loan ("Loan") to Heritage Office Building.
Ltd., a California limited partnership ("Borrower") in the original principal sum of
$975,000.00. The Loan is evidenced by that certain promissory note C'Note") dated
December 15. 1981, in the original principal sum of $975.000.00, executed by Borrower
in favor of Seller. The Note is secured by. among other things, that certain deed of trust
("Deed of Trust") dated December 15, 1981. executed by Borrower in favor of Seller, and
recorded December 18. 1981 as Instrument No. 81-273244 in the Official Records of San
Bernardino County, California.
B. Borrower is currently in default under the Note and the Deed of Trust, and all
outstanding principal. together with accrued but unpaid interest and other charges
thereon are currently due and payable in full.
C. Prior to the date hereof, Seller caused a Notice of Default C'Notlce of Default")
to be recorded as Instrument No. 92-522430 in the Official Records of San Bemardino
County,_Califomia with respect to the Deed of Trust. The real property encumbered by
the Deed of Trust is currently scheduled to be sold on February 10. 1993, or such other
date as Buyer and Seller have mutually agreed upon, pursuant to a non-judicial
foreclosure sale.
D. Buyer and Seller desire to enter into this Agreement for the purposes of selling
the Note and Deed of Trust to Buyer.
OPERATIVE PROVISIONS
NOW, THEREFORE. FOR VALUABLE CONSIDERATION, the receipt and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:
1. Purchase of Note and Deed of Trust. Provtded that Buyer and Seller satisfy
each of the conditions and perform each of their respective obligations contained In this
Agreement, Seller hereby sells. assigns and transfers to Buyer all of its right. title and
interest in and to the Note and Deed of Trust upon the terms and conditions set forth
below.
RES 93-77
2. Purchase Price. The purchase price ("Purchase Price") for the Note and
Deed of Trust shall be Six Hundred Twenty-Five Thousand and No/1oo Dollars
($625.000.00). Buyer shall pay the Purchase Price to Seller, In immediately available
funds, as follows:
a) Cash Down Payment. Buyer shall deposit, with the ES(;I"ow Holder
(as hereinafter defined), the Down Payment (as hereinafter defined), at the
time and in the manner set forth in Section 3.1 below;
b) Additional Deooslt. Buyer shall deposit with the Escrow Holder, the
Additional Deposit (as hereinafter defined), at the time and in the manner
set forth in Section 3.3.2 below; and
c) Balance of Purchase Price. On or before the Closing Date. Buyer
shall deposit with the Escrow Holder, In cash, the balance of the Purchase
Price.
3. Escrow.
3.1 Openina of Escrow, Within five (5) business days after Buyer and Seller
have eaCh executed this Agreement, whether below or In Identical counterpan, Seller shall
cause to be deposited with Seller's Escrow Department f'Escrow Holder"), a cash down
payment ("Down Payment") equal to Twenty-Five Thousand and No/1oo Dollars
($25,000.00), together with one (1) executed copy of this Agreement. Buyer and Seller
hereby expressly authoriZe and instruct Escrow Holder to open an escrow (the "Escrow",
and to transact the purchase and sale of the Note and Deed of Trust in accordance with
the terms and provisions of this Agreement. Escrow shall be deemed open upon Escrow
Holder's receipt of the Down Payment and the executed copy of the Agreement. The fully
executed copy of this Agreement (whether executed jointly or in identical counterpart),
shall constitute the joint escrow Instructions C'Escrow Instructions") of the parties hereto.
3.2 TItle Insurance and Status of TItle. Escrow Holder shall release the
Purchase Price to Seller when Escrow Holder has obtained from First American litle
Insurance Company ("Title Company") , and is prepared to Issue a CLTA 104.9 Title
Insurance Endorsement C'Endorsementj to that certain California Land TItle Association
(CL TA) Lender's Policy of Title Insurance ('Title Insurance Policy") issued by the Title
Company, insuring the Deed of Trust, with liability limited to the Purchase Price showing
title vested in Buyer, SUBJECT ONLY TO:
3.2.1 General Title Exceotlons of Record, (I) Covenants, conditions, restrictions,
reservations, easements and rights-of-way of record as may be approved by Buyer; (ii)
oil. gas, water and mineral exceptions and reservations of record as may be approved
by Buyer; and (in) general and special real property taxes and assessments for the
current fiscal year, pro-rated through Close of Escrow;
2
RES 9'3-77
3.2.2 Standard Title Exclusions. The standard exclusions of Escrow Holder; and
3.2.3 Buver Aooroved Exceotions. Such other exceptions, if any, approved in
writing by Buyer.
3.3 Additional Deoosits into EscrQw.
3.3.1 Note and Assignment of Deed of Trust. Prior to Close of Escrow, Seller
shall deposit with Escrow Holder: (i) the Note, endorsed by Seller to Buyer; and Oil an
executed and notarized assignment ("Assignment) assigning to Buyer all of Seller's right,
title and Interest in and to the Deed of Trust. Escrow Holder shall cause the Assignment
to be recorded upon Close of Escrow when Buyer has performed all of its obligations
and duties under this Agreement.
3.3.2 Additional Deooslt. Provided that each of the conditions set forth in
Sections 5(c) through 5(h). inclusive, below shall have been satisfied on or before
February 26, 1993 ("Additional Deposit Deadllnej, Buyer shall deposit with the Escrow
Holder, in cash, an additional deposit C'Additlonal Deposit") In the sum of Twenty-FIVe
Thousand and No/100 Dollars ($25,000.00).
3.3.4 Balance of Purchase Price. On or before the Closing Date, Buyer shall
deposit with the Escrow Holder, In cash, the balance of the Purchase Price.
3.3.5 Condition of Non.Refundabilitv. Upon the satisfaction of each of the
conditions set forth In Sections 5(a) through 5(h), inclusive, below on or before the
Additional Deposit Deadline, the Down Payment and the Additional Deposit shall be
deemed non-refundable to Buyer, and In the event the Escrow fails to close on or before
the Closing Date (as hereinafter defined) through no fault of Seller, then in such event,
the Down Payment and the Additional Deposit shall be paid to Seller as liquidated
damages in the manner set forth in Section 3.10 below. In the event any of the conditions
set forth in Sections 5(a) through 5(h), inclusiVe, below shall fail to be satisfied or waived
on or before the Additional Deposit Deadline, the Down Payment and the Additional
Deposit shall be deemed refundable to Buyer in the event the Escrow fails to close In the
manner set forth herein.
3.4 BUYer's Costs and Fees. Buyer hereby instructs Escrow Holder to pay and
charge to Buyer's account the following costs, fees. charges and expenses:
3.4.1 BUYer's Escrow Fees. One half (1/2) of all fees charged by Escrow Holder
in conjunction with this transaction; and
3.4.2 Buver's Endorsement Premiums. The premium for the Endorsement; and
3
/J
iU,- RES. 93-77
3.4.3 Other Customarv Buver's Fees. Any other closing costs and fees not
described in Section 3.4 or Section 3.5 which are customarily paid by Buyer;
(collectively "Buyer's CoSts and Fees"). Buyer shall within three (3) days following written
request by Escrow Holder, deposit such funds into Escrow ("Buyer's Cost Deposit") as
are reasonably necessary in order to facilitate Escrow Holder's timely payment of Buyer's
Costs and Fees. In the event Buyer's actual closing costs exceed Buyer's Cost Deposit,
Buyer agrees to pay the difference at the Close of Escrow.
3.5 Seller's Costs and Fees. Seller hereby instructs Escrow Holder to pay and
charge to Seller's account the following costs, fees, charges and expenses:
3.5.1 Seller's Escrow Fees. One half (1 f2) of all fees charged by Escrow Holder
In conjunction with this transaction; and
3.5.2 Seller's Recordina Fees. Recording fees incurred for the recordation of
the Assignment: and
3.5.3 Other Customarv Seller'S Fees. Such other closing costs and fees not
described in Section 3.4 or Section 3.5 which are customarily paid by Seller;
(collectively "Sellers COSts and Fees"). Seller shall, within three(3) days following written
request by Escrow Holder, deposit such funds Into Escrow f' Seller's Costs Deposit") as
are reasonably necessary In order to facilitate Escrow Holder's timely payment of Seller's
Costs and Fees.
3.6 Cancellation of Escrow. In the event of cancellation of this Agreement and
Escrow pursuant to the provisions of this Agreement, Escrow Holder shall promptly: (i)
return any documents deposited into Escrow to the party who deposited them; (ii)
distribute the Down Payment and the Additional Deposit if any. to the party entitled
thereto; and (iii) return Buyer's Costs Deposit and Seller's Costs Deposit, if any. to Buyer
and Seller respectively, excepting therefrom any such Deposits pursuant to Section 3.4
and Section 3.5. Any notice of cancellation affecting this Escrow, for whatever reason
and whenever given, may be given only In writing, delivered to Escrow Holder In
duplicate. On receipt of such notice Escrow Holder shall, within three (3) days, mail one
(1) copy to the other party. Unless written objection thereto from such other party shall
be received by Escrow Holder within ten (10) days after mailing, Escrow Holder is
authorized to comply with any InstnJctlons In such notice and to cancel the Escrow. In
the event written objection Is received within the time stated or In the event conflicting
claims are made upon Escrow Holder in this Escrow, Escrow Holder may refuse to take
any further action hereunder or may Interplead the parties in any court of competent
jurisdiction.
4
RES,93-77
3.7 Closina Date. It is the express intention of both Buyer and Seller that this
Escrow close not later than March 30. 1993 ("Closing Oate"), and Buyer and Seller shall
use their best efforts and do all items reasonably necessary to ensure that Escrow does
close on or before the Closing Date. In the event that Escrow is not closed on or before
the Closing Date, this Agreement and the Escrow shall immediately terminate. and
EscrOw Holder shall deliver all items held by it in the manner described in paragraph 3.6
above.
3.8 Close of Escrow. Escrow Holder shall close Escrow as soon as possible
on or before the Closing Date, provided and on condition that all terms and conditions
of this Agreement have been satisfied. "Close of Escrow" shall consist of the occurrence
of each of the following events: (i) receipt by Seller of the entire Purchase Price; (ii)
recordation and delivery Of the Assignment and the Note to Buyer; and (iii) issuance of
the Endorsement by the litle Company.
3.9 Breach and Default. A party shall be In material breach and default under
this Assignment upon the occurrence with respect to such party of anyone (1) or more
of the following events:
3.9.1 Non-Performance of Obliaation, The failure by such party to properly
perform or cause to be performed in a timely manner each and all of its duties and
obligations as set forth in this Agreement;
3.9.2 Breach of Reoresentation. The breach of any representation, warranty or
covemll1t of the party as set forth in this Agreement;
3.9.3 Filina of Bankruotcv, The filing by any creditors of the party of an
involuntary petition of bankruptcy against the party which remains undischarged as of the
Closing Date. the filing by the party of a voluntary petition of bankruptcy. or the institution
by the party of proceedings under any law of the United States or any state or foreign
jurisdiction for the relief of debtors; and
3.9.4 Raceivershio or Asslcnments. The appointment of a receiver to take
possession of all or substantially all of the assets of the party which remains
undischarged as of the Closing Date, or any general assignment of assets by the party
for the benefit of creditors.
3.10 UQUIDATED DAMAGES. SEllER'S REMEDY FOR BUYER'S DEFAULT.
BUYER AND SEUER HEREBY ACKNOWLEDGE AND AGREE THAT IN THE EVENT OF
ANY MATERIAL BREACH OR DEFAULT BY BUYER IN THE PERFORMANCE OF At(( OF
ITS OBUGATlONS UNDER THIS CONTRACT, SELLER SHAll SUFFER REAL AND
SIGNIFICANT DAMAGE AS A RESULT THEREFROM IN THE FORM OF ADDITIONAL
INTEREST COSTS. MARKETING COSTS. OPPORTUNITY COSTS. AND OTHER RELATED
EXPENDITURES. AND THAT ITWOULO BE EXTREMELY DIFFICULT AND IMPRACTICAL
5
RES 93-77
TO ASCERTAIN AS OF THE DATE OF THIS CONTRACT THE ACTUAL DAMAGES
WHICH WOULD BE SUFFERED BY SELLER. ACCORDINGLY, IN THE EVENT BUYER
SHAll BE IN DEFAULT IN ANY OF ITS OBLIGATIONS ON THE MANDATORY CLOSING
DATE. THIS ESCROW SHALL BE DEEMED CANCELED AND SELLER MAY INSTRUCT
ESCROW HOLDER, AS MORE PARTICULARLY SET FORTH HEREINBELOW, AND
PROVIDED THAT EACH OF THE CONDITIONS CONTAINED IN SECTIONS 5(A)
THROUGH 5(H), INCLUSIVE, BELOW SHALL HAVE BEEN SATISFIED OR WAIVED ON
OR BEFORE THE ADDITIONAL DEPOSIT DEADLINE. TO RETAIN THE DOWN PAYMENT
AND THE ADDITIONAL DEPOSIT IF ANY, WHICH SHALL CONSTITUTE REASONABLE
LIQUIDATED DAMAGES PAYABLE TO SELLER PURSUANTTO CALIFORNIA CIVil CODE
SECTION 1671 et sea., AND TO DELIVER THE BALANCE OF THE FUNDS DEPOSITED
INTO ESCROW BY BUYER (LESS THE ACTUAL COSTS OF THE ITEMS AND SERVICES
SET FORTH IN SECTION 3 ABOVE), IF ANY, TO BUYER. BUYER ACKNOWLEDGES
AND AGREES THAT IN THE EVENT ESCROW IS SO CANCELED, BUYER SHALL HAVE
NO RIGHT, TITLE OR INTEREST IN OR TO THE NOTE OR DEED OF TRUST. BUYER
HEREBY ACKNOWLEDGES THAT THE LIQUIDATED DAMAGES PROVIDED HEREIN
REPRESENT A REASONABLE AND GOOD FAITH EFFORT ON THE PART OF THE
PARTIES TO ESTIMATE SUCH DAMAGES, AND ARE REASONABLE UNDER THE
CIRCUMSTANCES EXISTING AS OF THE DATE OF THIS AGREEMENT. SELLER
HEREBY AGREES THAT ALL LIQUIDATED DAMAGES RETAINED BY SELLER SHALL BE
SELLER'S EXCLUSIVE REMEDY ON ACCOUNT OF SUCH DEFAULT BY BUYER, AND
SEllER HEREBY WAIVES ALL OTHER REMEDIES IT MIGHT OTHERWISE HAVE AT
LAW OR IN EQUITY. INCLUDING THE RIGHT TO SPECIFIC PERFORMANCE.
3.10.1 PAYMENT OF LIQUIDATED DAMAGES. LIQUIDATED DAMAGES SHAll
BE REMITTED TO SEllER IN ACCORDANCE WITH THE FOllOWING PROCEDURES:
3.10.1 (a) SELLER SHAll GIVE WRITTEN NOTICE TO ESCROW HOLDER AND
TO BUYER BY REGISTERED OR CERTIFIED MAIL OF SEllER'S DETERMINATION THAT
BUYER IS IN DEFAULT UNDER THIS CONTRACT f'SEllEA'S NOTICE").
3.10.1.(b) ESCROW HOLDER SHAll. AT THE EXPIRATION OF lWENTY (20)
DAYS FROM THE DATE OF BUYER'S CONSTRUCTIVE RECEIPT OF SELLER'S NOTICE
rSELLER'S NOTICE PERIOD"), REMIT SAID UQUIDATED DAMAGES TO SElLER AND
REMIT THE BALANCE OF THE FUNDS DEPOSITED INTO ESCROW BY BUYER (LESS
THE ACTUAL COSTS OF THE ITEMS AND SERVICES SET FORTH IN seCTION 3
ABOVE). IF ANY. TO BUYER, UNLESS WITHIN SEllER'S NOTICE PERIOD, BUYER
GIVES WRITTEN NOTICE TO ESCROW HOLDER THAT SUCH UQUIDATED DAMAGES
NOT BE REMmED TO SELLER C'BUYER'S NonCE"). BUYER NonCE SHALL BE
VAUD AND EFFECTIVE ONLY IF BUYER'S NOTICE CONTAINS BOTH AN
UNEQUIVOCAL RENUNCIATION BY BUYER OF ANY INTEREST IN THE SUBJECT
PROPERTY AND AN UNEQUIVOCAL RElEASE OF SEllER FROM ANY OBUGATlON
WHATSOEVER TO SEll THE SUBJECT PROPERTY TO THE BUYER.
6
1lliS93~77
3.10.1 (c) UPON RECEIPT OF BUYEA'S NOTICE. ESCROW HOLDER SHALL
IMMEDIATELY NOTIFY SELLER OF SAID CONFUCTlNG NOTICE. THE CONTROVERSY
CREATED BY THE CONFLICTING NOTICES BY SELLER AND BUYER, AND THE
DISPOSITION OF FUNDS HELD BY ESCROW HOLDER SHALL, ON WRITTEN DEMAND
OF ONE PARTY SERVED ON THE OTHER PARTY, BE SUBMITTED TO ARBITRATION.
AND SUCH ARBITRATION SHALL BE GOVERNED BY THE PROVISIONS OF
PARAGRAPH 22 BELOW.
3.10.2 INDEMNIFICATION OF ESCROW HOLDER. BUYER AND SELLER EACH
AGREE TO INDEMNIFY AND HOLD ESCROW HOLDER HARMLESS FROM ANY CLAIM
BY THE OTHER ARISING OUT OF ANY DISTRIBUTION MADE BY ESCROW HOLDER IN
ACCORDANCE WITH AND PURSUANT TO THE PROVISIONS OF THIS PARAGRAPH.
3.10.3 ACKNOWLEDGEMENT OF UNDERSTANDING. SELLER AND BUYER
EACH ACKNOWLEDGE THATTHEY HAVE READ AND UNDERSTOOD THE PROVISIONS
OF THIS SECTION, AND BY PLACING THEIR INITIALS IMMEDIATELY BELOW, AGREE
TO BE BOUND BY ITS TERMS. ~
J)}[) M
BUYER'S INITIALS SELLE S INITIALS
3.11 Conflictina Demands and Intercleader. In the event conflicting demands or
claims shall be made upon Escrow Holder with respect to this Escrow or the rights of any
party hereto. or any money or property deposited into Escrow or affected by these
Escrow Instructions, and Escrow Holder is unable to resolve such conflict to its
reasonable satisfaction based upon these Escrow Instructions, Escrow Holder shall have
the right to discontinue any or all further actS and shall have the further right to
commence or defend any action or proceedings for the determination of such conflict,
including. without limitation, a suit in interpleader brought by Escrow Holder.
4. Conditions to Seller's Obliaatlons. Seller's obligations pursuant to this
Agreement are conditioned and contingent upon satisfaction or waiver (in writing) of each
and each of the following conditions:
a) Buyer shall have satisfied, on or before the applicable time deadline,
each 01 Its obligations pursuant to this Agreement; and
b) Each and every warranty and representation made by Buyer Is true 8S
of the date of execution of this Agreement and as of the Closing Date;
7
RES 93-77
5. Conditions to Buver's Obliaations. Buyer's obligations pursuant to this
Agreement are conditioned and contingent upon the satisfaction or waiver (in writing) of
each of the following conditions:
'J
a) On or before the Additional Deposit Deadline, Seller shall have
~ postponed the Trustee's sale described in Recital C above until February
~ }ff. 1993;
Ii '7 b) On or before the Additional Deposit Deadline, In the event Buyer
I deposits the Additional Deposit into Escrow In the manner described in
paragraph 2(b) above, Seller shall have further postponed the Trustee's
sale described In Reeltal C above until April 1, 1993;
c) On or before the Additional Deposit Deadline, Seller and Borrower shall
have executed a modification agreement, in form and content acceptable
to Buyer, contingent upon the sale of the Note and Deed of Trust to Buyer,
mOdifying the terms of the loan in a manner satisfactory to Buyer;
d) On or before the Additional Deposit Deadline, Borrower shall have
executed a new note, in form and content acceptable to Buyer, Borrower
and Buyer's tax counsel;
e) On or before the Additional Deposit Deadline, the City of San Bernardino,
California shall have, by action of itS City Council, authorized: (i) the sale
of the Note and Deed of Trust to Buyer; and (II) the extension of the Note
under the Industrial Revenue Bond Authorization for an additional term of
ten (1 0) years;
1) On or before the Additional Deposit Deadline, Buyer shall have obtained
a opinion of counsel, in form and content acceptable to Buyer, stating that
the interest paid on the Note will be exempt from any Federal or State
taxation;
g) On or before the Additional Deposit Deadline, Buyer shall have been
permitted to review Seller's files regarding the Note and Deed of Trust,
including without limitation, the most recent appraisal covering the real
property encumbered by the Deed of Trust; provided, however, that Buyer
must conduct its review of said appraisal in Seller's offices and shall not
have the right to make a copy of said appraisal or remove said appraisal
from Seller's offices;
h) On or before the Additional Deposit Deadline, Buyer shall have reviewed
and approved: (i) that certain report prepared by Project Resources, Inc.,
regarding compliance of the Property with ADA standards; and (i1) that
8
RES 93-77
certain Level One Hazardous Waste Report prepared by Project Resources,
Inc. during the 1992 calendar year; and
i) Seller shall have satisfied, on or before the applicable time deadline, each
of its obligations pursuant to this Agreement.
6. Failure of Conditions: Termination: Waiver.
a) If any of the conditions or obligations Imposed upon Buyer or Seller herein are
not satisfied or waived at the times and in the manner set forth herein, the other party
hereto may terminate this Agreement and shall have all rights and remedies to which said
party is otherwise entitled by law or pursuant to this Agreement. If this Agreement is
terminated, either voluntarily by either party hereto pursuant to the provisions hereof, or
automatically pursuant to the provisions of paragraph 3 above, any and all documents
delivered by any party hereto shall Immediately be returned to such party. If this
Agreement is terminated by either party hereto due to the fact that all of the conditions
set forth in Sections 5(a) through 5(h), Inclusive, above were not satisfied or waived on
or before the Additional Deposit Deadline, Escrow Holder shall Immediately return the
Down Payment and Additional Deposit, If any, to Buyer without further demand.
b) At any time or times on or before the Closing Date, either party hereto may
elect to waive any of the conditions or obligations imposed upon the other party herein.
Any such waiver shall be effective only if made In writing and delivered to the other party
on or before the Closing Date. Closing of the transaction described in this Agreement
without receipt by each party hereto of each and every item specified herein to be
delivered to said party shall not constitute a waiver of said party's right to receive or the
other party's obligation to deliver said item or items as soon as possible after the Closing
Date. Waiver of any term or condition of this Agreement shall not be a waiver of any other
term or condition hereof, nor shall any such waiver reduce the rights or remedies of Seller
arising out of the default by either party hereto of any obligation or failure of any other
condition hereunder.
c) All foreclosure costs inOJrred from and after the Closing Date in connection with
the foreclosure of the Deed of Trust shall be paid by Buyer.
7. Buver's Further Obliaations. On or before the Closing Date, each party
heret9 agrees to do all other acts necessary to comply with the terms and conditions of
this Agreement and to achieve the purpose of this Agreement.
9
RES 93-77
8. Buver's Warranties and Representations. Buyer expressly acknowledges
that Seller is materially relying on each of the following representations and warranties
and each of Buyer's other warranties and representations herein, and Buyer warrantl; and
represents that each of the following statements and each of Buyer's other warranties and
representations herein are true and correct as of the date of this Agreement and as of
the Closing Date, and which representations and warranties shall survive the Closing
Date:
a) This Agreement and all documents required herein, have been duly
authorized, executed and delivered by Buyer, and constitute the legally valid
and binding obligations of Buyer, enforceable In accordance with their
terms. Buyer is a corporation duly organized and validly existing pursuant
to the laws of the State of California;
b) The performance by Buyer of Buyer's obligations hereunder will not
violate or constitute an event of default under the terms and provisions of
any material agreement, document or instrument to which Buyer is a party
or by which Buyer is bound. All proceedings required to be taken by or on
behalf of Buyer to authorize it to make, deliver and carry out the terms of
this Agreement have been duly and properly taken. No further consent of
any person or entity Is required in connection with the execution and
delivery, or performance by Buyer of Its obligations under this Agreement;
c) All information, materials, reports, contracts and agreements delivered by
Buyer, or Its agents or employees, are to the best of Buyer's knowledge,
true and correct in all material respects, and do not omit any material fact;
d) Buyer has not entered into any agreements, oral or written, in connection
with the payment of any commissions or brokerage fees with respect to the
transaction described herein, Buyer hereby agrees to indemnify and hold
Seller, and each of Seller's associates, affiliates, partners, predecessors,
successors, heirs, assigns. agents, employees, representatives and
attorneys (collectively, the "Indemnitees") harmless from any and all manner
of action or actions, cause or causes of action. at law or In equity, suits,
debts, liens, contracts, agreements, promises, liabilities, claims, rights,
obligations, demands, damages, losses, costs or expenses, of any nature
whatsoeVer, known or unknown, fixed or contingent (collectively referred to
as .Claims"), which any party may have against any of the Indemnitees,
arising out of any commission, brokerage fee or other charge payable to
any party in connection with any of the transactions described in this
Agreement.
9. Seller's Warranties and Reoresentations. Seller expressly acknowledges
that Buyer is materially relying on each of the following representations and warranties
10
. RES 93-77
and each of Seller's other warrantIes and representations herein, and Seller warrants and
represents that each of the following statements and each of Seller's other warranties and
representations herein are true and correct as of the date of this Agreement and as of
the Closing Date, and which representations and warranties shall survive the Closing
Date:
a) This Agreement and all documents required herein, havlI been duly
authorized, executed and delivered by Seller, and constitute the legally valid
and binding obligations of Seller, enforceable in accordance with their terms.
Seller is a corporation duly organized and validly exlsting pursuant to the
laws of the State of California;
b) The performance by Seller of Seller's obligations hereunder wlli not
violate or constitute an wvent of default under the terms and provisions of
any material agreement, document or instrument to which Seller is a party
or by which Selier is bound. All proceedings required to be taken by or on
behalf of Selier to authorize it to make, deliver and carry out the terms of
this Agreement have been duly and properly taken. No further consent of
any person or entity Is required in connection with the execution and
dellvery, or performance by Selier of its obligationli under this Agreement;
c) All information, materials, reports, contracts and agreements delivered by
Buyer, or its agents or employees, are to the best of Seller's knowledge,
true and correct In all material respects, and do not omit any material fact;
and
d) Selier Is the current legal holder of the Note and the current record
beneficiary of the Deed of Trust. Selier has the full right, powwr and authority
to seli, assign and transfer the Note and the Deed of Trust to Buyer as
herein provided.
10. Non-Recourse Transfer. Buyer acknowledges and agrees that the sale,
assignment and transfer of the Note and Deed of Trust by Seller to Buyer Is without
recourse to Seller and without representations or warranties. expresses or implied, of any
kind, nature or description, induding but not limited to representations or warranties as
to the validity or effectiveness of the Note or Deed of Trust, or the availability, description,
condition, location or title Of any of the rights sold, assigned or transferred hereby. Selier
makes no representations or warranties concerning the condition or value of the Note,
the Deed of Trust or the Property.
11. Indecendent Investioation. Buyer acknowledges and agrees that it has
independently investigated the facts surrounding the legal sufficiency of the Note and
Deed of Trust, and is relying solely upon said Independent investigation in purchasing the
Note and Deed of Trust.
11
RES 93-77
'2. Entire Aareement. This Agreement constitutes the sole and entire
agreement between the parties hereto with respect to the subject matter contained herein.
Atly and all prior or contemporaneous agreements and negotiations. whether oral or
written, with respect to the subject matter of this Agreement are superseded. No
employee or agent of any of the parties hereto has the authority to orally modify any term
or condition of this Agreement nor any authority to make any representation or
agreement other than as contained in this Agreement, and unless any representation or
agreement is contained in this Agreement or added by written agreement executed by
each of the parties hereto, it shall not be binding nor otherwise affect the validity of this
Agreement.
13. Amendment of Aareement. No modification of, deletion from, or addition
to this Agreement shall be effective unless made In writing and executed by each of the
parties hereto.
'4. WaiVer. The failure by any party to enforce any term or provision of
this Agreement shall not constitute a waiver of the right to enforce the same term or
provision or any other term or provision, thereafter. No waiver by any party of any term
or provision Of this Agreement shall be deemed or shall constitute a waiver of any other
provision of this Agreement (whether or not similar), nor shall any waiver constitute a
continuing waive unless otherwise expressly provided in writing.
15. SeverabilitY. In the event any clause, sentence, term or provision of this
Agreement shall be held by any court of competent jurisdiction to be illegal. invalid or
unenforceable for any reason, the remaining portions of this Agreement shall nonetheless
remain in full force and effect.
16. Construction of Acreement. The section headings contained in this
Agreement have been inserted for convenience only, and shall not be considered or
referred to in resolving questions of interpretation or construction. In determining the
meaning of, or resoMng any ambiguity with respect to any word, phrase or provision of
this Agreement, no uncertainty or ambiguity shall be construed or resolved against any
party under any rule of construction, including the party primarily responsible for the
drafting and preparation of this Agreement. The parties hereto acknowledge that they
were represented by legal counsel in conjunction with this transaction.
17. Gender and Intonation. Wherever the context of this Agreement may so
require, the gender shall include the masculine, feminine and neuter, and the intonation
shall Include the singular and plural.
18. Governinc law. This Agreement is made under and shall be construed in
accordance with and governed by the laws of the State of California, withOut giving effect
to the principles of conflicts of law.
12
I RES9-3-77
19. Attornevs' Fees. In the event either party to this Agreement shall commence
legal proceedings against the other to enforce the provisions of this Agreement or to
declare rights and/or obligations under this Agreement, the prevailing party shall be
entitled to recover from the losing party its costs of suit, Including reasonable attorneys'
fees and costs of In-house counsel, as shall be determined by the court.
20. Time of Essence. Time is of the strictest essence with respect to the
obligations of each party under this Agreement.
21 . Inurement. T11is Agreement shall inure to the benefit of and be binding upon
the parties hereto, and their respective successors and assigns.
22. Reference Provision: a) Other than non-judicial foreclosure of security
interests in real or personal property, each controversy, dispute or claim between the
parties arising out of or relating to this Agreement, which controversy, dispute or claim
is not settled in writing within thirty (30) days after the "Claim Date" (defined as the date
on which a party subject to the Agreement gIVes written notice to all other parties that a
controversy, dispute or claim exists), will be settled by a r8ference proceeding in Los
Angeles, California In accordance with the provisions of Section 638 at sea. of the
California Code of Civil Procedure, or their successor section ("CCP'?, which shall
constitute the exclusive remedy for the settlement of any controversy, dispute or claim
concerning this Agreement, including whether such controversy, dispute or claim is
subject to the reference proceeding and the parties waive their rights to initiate any legal
proceedings against each other in any court or jurisdiction other than the Superior Court
of Los Angeles (the "Court"). The referee shall be a retired Judge of the Court selected
by mutllal agreement of the parties, and if they cannot so agree within forty-five (45) days
after the Claim Date, the referee shall be promptly selected by the Presiding Judge of the
Los Angeles Superior Court (or his representative). The referee shall be appointed to sit
as a temporary judge, with all of the powers for a temporary judge, as authorized by law,
and upon selection should take and subscribe to the oath of office as provided for In Rule
244 of the California Rules of Court (or any subsequently enacted Rule). Each party shall
have one preemptory challenge pursuant to CCP 170.6. The referee shall (a) be
requested to set the matter for hearing within sixty (60) days after the Claim Date and (b)
try any and all issues of law or fact and report a statement of decision upon them, if
possible, within ninety (90) days of the Claim Date. Any decision rendered by the referee
will be final, binding and conclusive and judgment shall entered pursuant to CCP 644 in
any court in the State of California having jurisdiction. Any party may apply for a
reference at any time after thirty (30) days following notice to any other party of the nature
of the controversy, dispute or claim, by filing a petition for a hearing and/or trial. All
discovery permitted by this Agreement shall be completed no later than fifteen (15) days
before the first hearing date established by the referee. The referee may extend such
period in the event of a party's refusal to provide requested discovery for any reason
whatsoever, including. without limitation, legal objections raised to such discovery or
unavailability of a witness due to absence or illness. No party shall be entitled to .priority"
13
RES93-77
in conducting discovery. Depositions may be taken by either party upon seven (7) days
written notice, and, request for production or inspection of documents shall be responded
to within ten (10) days after service. All disputes relating to discovery which cannot be
resolved by the parties shall be submitted to the referee whose decision shall be final and
binding upon the parties.
b) Except as expressly set forth in this Agreement, the referee shall determine
the manner in which the reference proceeding is conducted including the time and place
of all hearings, the order of presentation of evidence, and all other questions that arise
with respect to the course of the reference proceeding. All proceedings and hearings
conducted before the referee, except for trial, shall be conducted without a court reporter,
except that when any party so requests, a court reporter will be used at any hearing
conducted before the referee, The party making such a request shall have the obligation
to arrange for and pay for the court reporter. The costs of the court reporter at the trial
shall be borne equally by the parties.
c) The referee shall be required to determine all issues in accordance with
existing case law and the statutory laws of the State of California. The rules of evidence
applicable to proceedings at law in the State of California will be applicable to the
reference proceeding. The referee shall be empowered to enter equitable as well as legal
relief, to provide all temporary and/or provisional remedies and to enter equitable orders
that will be binding upon the parties. The referee shall issue a single judgment at the
close of the reference proceeding which shall dispose of all of the claims of the parties
that are the subject of the reference. The parties hereto expressly reserve the right to
contest or appeal from the final judgment or any appealable order or appealable
judgment entered by the referee. The parties hereto expressly reserve the right to
findings of fact, conclusions of law, a written statement of decision, and the right to move
for a new trial or a different judgment, which new trial,if granted, is also to be a reference
proceedin9 under this provision.
d) In the event that the enabling legislation which provides for appointment of
a referee is repealed (and no successor statute is enacted), any dispute between the
parties that would otherwise be determined by the reference procedure herein described
will be resolved and determined by arbitration. The arbitration will be conducted by a
retired judge of the Los Angeles Superior Court, in accordance with the California
Arbitration Act, SectionS 1280 through 1294.2 of the CCP as amended from time to time.
The limitations with respect to discovery as set forth hereinabove shall apply to any such
arbitration proceeding.
[SIGNATURES ON FOllOWING PAGE]
14
RES93:-77
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first hereinabove written.
IMPERIAL BANK,
a California banking corporation
By: )~ ~
INVESTMENT CONSULTANTS CORPORATION,
a California; ration
It9:
I'v\/-'
By:
//
And:
I ;.
. .......j"" ,.,... -
15