HomeMy WebLinkAboutR06-Redevelopment Agency
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DE.LOPMENT DEPARTMEN.
OF THE CITY OF SAN BERNARDINO
REOUEST FOR COMMISSION/COUNCn. ACTION
FROM: KENNETH J. HENDERSON
Executive Director
SUBJECT: SUNLAC HOUSING
DEVELOPMENT PROJECT
DATE: August 11, 1993
SvnoDS" l!1Prevlous Comm"sloulCoUDclVCommlttee Actlou(s):
On JUDe IS, 1993, the Housing Committee recommended approval of the proposed Homeownersbip (down
payment) Assistance Program for the SlIIli'!c Housing Development project.
Recommended Motlon(s):
---------------------------------
(CoDlDlUDltv DeveloDDlent Commiulon)
MOTION: That the Community Development Commission adopt the proposed Homeownersbip (down
payment) Assistance Program for the Sunlac Housing Development project and authorize the
Chairman and Executive Director to execute any documents required to errectuate said
transaction .
~
KE~~ERSON
Executive Director
Contact Person(s): Kenneth J. HendersoulDavid R.. Ed2ar
Phone:
5081
Project Area(s):
N/A
Ward(s):
Three (3)
Supporting Data Attached: &Af[Reoorl'Modellnformation and A=ement (OPA)
FUNDING REQUIREMENTS: ArnOUDt: $ 50.000
Source:
Interest On Land Loan
Budget Authority:
Reouesled
CommlssloulCouncU Notes:
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KJH:DRE:paw:suniac.cdc
COMMISSION MEETING AGENDA
MEETING DATE: 08/16/1993
Agenda Item Number: ~
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DEVELOPMENT DEPARTMENT
STAFF REPORT
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SUNLAC HOUSING DEVELOPMENT PROJECT
On March 12, 1992, the Community Development Commission, at the recommendation of
the Housing Committee, authorized execution of an Owner Participation Agreement (OPA)
with Sunlac Corporation. Execution of this agreement provided for the construction of
sixteen (16) high quality single-family detached homes, which include the following models:
1. Four (4) 1,387 sq.ft., 3 bedrooml2 bedroom homes to be sold at
approximately $132,990.
2. Ten (10) 1,667sq.ft., 3 bedrooml2 1/2 bathroom homes to be sold
at approximately $149,990.
3. Two (2) 1,577 sq.ft., 3 bedrooml2 1/2 bathroom homes to be sold at
approximately $144,990.
Agency assistance towards this project consisted of a $425,000 loan to facilitate
acquisition of the project site. In return for this consideration, the Agency received an
origination fee (1.5 points) and interest to be charged at the Bank of America prime
plus two (2) points "floating" rate (currently 8%). Repayment of the Agency loan,
including interest (currently estimated at $47,790) will occur on a pro-rata basis at
the close of each escrow.
In consideration of the current market conditions, however, and the overall economic
climate, the developer has now submitted to the Development Department a proposed
Homeownership (down payment) Assistance Program. The major components of this
proposal include the following:
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Mortgage Assistance would not exceed $5,000 per house.
Assistance would be utilized for down payment and/or closing costs.
Assistance would be provided in the form of a loan secured as a
Second Deed of Trust against the property.
Monies necessary to implement this program would be generated from
interest income (land loan) due the Agency. If, however, additional funds
are necessary to finance this assistance program, absent available
interest income monies, the developer has agreed to provide these funds.
Repayment of this assistance would not occur until the property is either
re-sold, refinanced or a change in title occurs.
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KJH:DRE:paw:sunlac.cdc
COMMISSION MEETING AGENDA
MEETING DATE: 08/16/1993
Agenda Item Number: ~
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DEVELOPMENT DEPARflENTSTAFF REPORT
SUNLAC HOUSING DEVELOPMENT PROJECT
August 11, 1993
PAGE-2-
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It is the developer's opinion that this down payment assistance program is critically
necessary to ensure successful marketing and sale of the Sunlac Housing development.
At its meeting conducted on Tuesday, June 15, 1993, the Housing Committee unanimously
recommended to the Community Development Commission approval of this item.
Based upon the heretofore mentioned reasons, and the relatively small Agency investment
required, staff recommends adoption of the form motion.
lJJ
KENNETH J. ENDERSON, Executive Director
Development Department
KJH:DRE:paw:sunlac.cdc
COMMISSION MEETING AGENDA
MEETING DATE: 88/1611993
Agenda Item Nnmller: ~
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RECORDING REQUESTED BY:
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AND WHEN RECORDED RETURN TO:
SABO , GREEN,
a Professional Corporation
Suite 400 . .
6320 Canoqa Avenue
Woodland Hills, California 91367
(Space Above for Recorder's U8e)
ADDEHDtDI 1r0. 1 ':rO
onn PARTICIPATIOII AGRBEMEIIT
(SUNLAC CORPORATION)
By and Between
REDEVELOPMENT AGENCY OF
THE CITY OF SAN BERNARDINO
and
SUNLAC CORPORATION
a California Corporation
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AnDBlmtJJI .0. 1 '1'0
OWHER p~T%e%p~T%O. ~GRZ2MBHT
(SmlUC eoallOUTIOIr)
1IIIIllIOIIOI-37IDOCI7IlO
7_400
THIS ADDENDUM NO. 1 IS ENTERED INTO this
day of
August, 1993, by and amonq the REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO (the "Aqency") and StJNLAC CORPORATION, a California
Corporation (the "Participant"). Aqency and Participant hereby
aqree as follows:
RECITAU:
1rJIBRBAS, the Redevelopment Plan for the Mt. Vernon
Redevelopment Project (the "Redevelopment Plan") was previously
approved and adopted on June 25, 1990 by the City Council of the
City of San Bernardino (the "City") pursuant to Ordinance
No. MC 733; and
DUBAS, the Participant and the Aqency have previously
entered into a certain OWner Participation Aqreement ("Sunlac
Corporation") recorded in the County of San Bernardino Recorder's
Office as Document No. 92-120611 (the "Oriqinal OWner Participation
Aqreement") pertaininq to the development of certain residential
properties located within the project area subject to the
Redevelopment Plan; and
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nlQlZU, the Original OWn.r Participation Agr....nt
e provid.d for the construction of sixteen (16) single flllllily hom.s
for occupancy by low- and mod.rate-income hOUseholds; and
PIntZU, the homes to be constructed pursuant to the
Original OWner PartiCipation Agreem.nt are to be sold at affordable
housing costs as such term is defined in Health and Safety Code
S.ction 50052.5 and a.may be emend.d from time to time, a copy of
which i. attached h.reto as Exhibit "A" and incorporat.d h.r.in by
this reference; and
WBBRZU, the Participant shall agr.. to det.rmin. the
.ligibility of pot.ntial homebuy.rs in ord.r to establish that they
qualify as low- and moderate-income hOuseholds who are purchasing
e homes at affordable housing cost and the PartiCipant shall provide
certain documentation to the Agency, as the Agency deems
appropriate, .videncing such .ligibility prior to the sale of each
of the residential units; and
WBBRU8, the documentation to be provided to the Agency
to evidence eligibility shall include but not be limited to the
Affordability Criteria Verification Worksheet, and the Mortgage
Assistance Program (MAP) Final Applicant Report, copi.s of which
are attached her.to as Exhibits "8" and "C" resp.ctively, and which
are incorporated by this reference; and
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WR-aBAB, in order to assist in the construction of the
e sixteen (16) sinqle family homes, the Aqency aqreed to loan an
amount equal to $425,000 (referred to as the Aqency Assistance in
the Oriqinal OWner Participation Aqreement) to the Participant to
be used in the acquisition of the property necessary for the
development of the homes which property is defined in the Oriqinal
OWner Participation Aqreement as the Site; and
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WBBREAs, in consideration for the Aqency Assistance the
Participant has executed a Promissory Note in favor of the Aqency
secured by a Deed of Trust on the Site, which Promissory Note calls
for the repayment of a portion of the principal and interest due
and owinq each time a residential unit is sold, all as more fully
described in the Promissory Note; and
WBBRBU, as a result of factors beyond the control of the
parties, the costs associated with acquisition, construction and
marketinq of the development have exceeded the levels contemplated
under the Oriqinal OWner Participation Aqreement and therefor the
Participant has requested that the Aqency provide further
additional assistance to the Participant in order to make the
development viable under the present economic conditions; and
WRBRBAB, the Participant has requested that the Aqency
utilize certain funds due and owinq to the Aqency as the repayment
of interest on the promissory Note, for pUrposes of providinq
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moneys to be used as a part of a mortgage assistance proqraa for
e eligihle low- and moderate-income purchasers of the homes who seek
to purchase homes at affordahle housing cost; and
WKBRBAB, it is anticipated that the mortgage assistance
proqram would require the contrihution hy the Agency of availahle
funds which have otherwi.e been placed in an e.crow by the
Participant and which repre.ent the repayment of the interest owing
on the Promissory Note, and which funds will be in an amount not to
exceed $5,000 per unit; and
nBRBAB, in consideration for the provision of the
mortgage assistance contribution, the Agency would receive from the
eligible purchaser, a promissory note (the "Purchasers'Promissory
e Note") secured by a second deed of trust on each individual
property; and
WHZRBAB, to the extent funds were not available to the
Agency from the Participant's repayment into the escrow of the
interest due and owed on the Promissory Note, then the Participant
would be required to provide any additional moneys up to the amount
of $5,000 per unit in order to ensure the availability of necessary
funds for the mortgage assistance proqram.
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.ow, !'RDIJ'ORB, the parties hereto agree as tollows:
Section 1. Except as hereby supplemented, the
Oriqinal OWner Participation Agreement is in all respecta ratified
and confirmed and allot the terms, provisions and conditions
thereof, includinq covenants as to attordability, shall be and
remain in tull force and eftect, and this Addendum No. 1 to the
Oriqinal OWner Participation Agreement and all of ita terms,
provisions and conditions shall be deemed to be in addition and
supplemental to the Oriqinal OWner Participation Agreement.
Section 2. Except.as otherwise provided herein, all
terms not otherwise defined in this Addendum No. 1 shall have the
same meaninqs in this Addendum No. 1 as those terms are qiven in
the Oriqinal OWner Participation Agreement.
Section 3. As additional consideration tor the
provision ot the Aqency Assistance the Participant agrees that it
shall only sell residential units to eliqible purchasers at
affordable housinq cost as said term is defined in Exhibit "A", and
shall prior to the sale of any home, provide documentation to the
Aqency, which shall include but not be limited to the Aftordability
criteria Verification Worksheet (Exhibit "B") and the Mortqaqe
Assistance proqram (MAP) Final Applicant Report (Exhibit "e"), to
evidence that the purchaser qualifies as a low- and moderate-income
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household who will be purchasinq the property at affordable housinq
cost.
Section 4. In addition to the provision of the Aqency
Assistance as provided in Section 202 of the Oriqinal OWner
Participation Aqreement, the Aqency aqrees to provide to eliqible
hOllle purchasers, certain lIIortqaqe assistance which lIIortqaqe
assistance shall be in. the form of loans to individual hOlllebuyers
each in an alllount not to exceed $5,000 per residential unit which
loans shall be reflected in a Purchaser Prolllissory Note
substantially in the form of Exhibit "D" attached hereto and
incorporated herein by this reference and secured by a .econd deed
of trust substantially in the form of Exhibit "E" attached hereto
and incorporated herein by this reference (the "Purchaser Deed of
Trust") pertaininq to the property which is subject to the loan.
Section 5. In accordance with the terms of the
oriqinal Prolllissory Note, an escrow will be opened in connection
with the sale of each residential unit and frolll such escrow the
Aqency will be owed the principal SUIII of $26,960.04 plus accrued
interest. In order to fund the lIIortqaqe assistance, the Aqency
shall foreqo receipt of the accrued interest due under the
Prolllissory Note for each such escrow and shall instead place a
demand in each escrow in an alllount equal to the principal only due
and owinq under the prolllissory Note, which alllount equals
$26,960.04. The accrued interest otherwise due to the Aqency
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pursuant to the Promissory Note under each escrow shall thereafter
be used to fund the mortqaqe assistance. To the extent
insufficient funds are available from the repayment of the
applicable portion of the interest due and owinq in connection with
any qiven escrow, the PartiCipant aqrees to provide any necessary
additional amounts froll its own funds, up to $5,000 per residential
unit, directly to the applicable hOusehold in order to ensure that
a loan in the total amount of $5,000 is provided to each household.
Section 6. Each Purchaser prollissory Note shall be in
favor of the Aqency for the entire principal amount of $5,000
reqardless of whether or not the Participant was required to
contribute its own funds to ensure the provision of a loan in the
amount of $5,000 and each Purchaser Promissory Note shall bear no
interest and shall only be repaid upon any sale, conveyance,
reconveyance, lease, resale, transfer, disposition or refinancinq
of the property which is subject to the loan.
Sect.ion 7. The Addendum No. 1 may be simult.aneously
execut.ed in several counterparts, each of. which shall be an
oriqinal and all of which shall const.it.ut.e but. one in the same
inst.rument..
Sect.ion 8. The Aqency's obliqations to provide the
additional mortqaqe assistance as set forth in this Addendum NO.1
shall terminate and be of no further force and effect after
February 28, 1994.
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IK WITH88 DaBOP, Aqency and Participant have executed
this Aqreement on the day and date first above shown.
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"Aqency"
REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO
By:
Tom Minor
Chairman
'~on
Secretary
APPROVED AS TO FORM AND
LEGAL CONTENT:
By:
By:
/ .. /~.._, 4,
Aqency COUDse
"Participant"
1IIlIlCICI011DOC\7UO
By.
Title:
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STATE OF ~~ )
COUNTY 9B- yJl /~//L/"J )
.0",> "'ll~n). ~~il1:-~':;~:J;..\, ~ff" """'
pe".sft611.l' 1.nu_1I Lv &lie (or prove to me on . baa. of
satisfacto~ evidence) to be the personCer whose name(~ is,",
subscribed to the within instrument and acknowledged to me that
h.'.~./~key executed the same in his'hes/~Aeir authorized
capacityci-es), and that by hisfft.S/Sheil'- siqnaturec.) on the
instrument the per.on~, or the entity upon behalf of which the
person(~ acted, executed the instrument.
WITNESS
and official seal.
(Seal)
J.- . - . '~M~~'1
, CCt.1M. ~64CI I
~~CoItomla
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STATE OF ~p~ )
COUNT! O~"')r? hA..-/N/O)
'o"'Y Pub11":". .-?i~n';.l1:-~':~~J5if,'<f ~~'<
personAll" 1.....l."I. L... ..... (or prove to me on e as s of
satisfactory evidence) to be the person~ whose name(~ is/~
subscribed to the within instrument and acknowledqed to me that
he/..../tll.y executed the same in his/hlu: ;their authorized
capacity(~, and that by his/aar/thail siqnaturefttt on the
instrument the person(~, or the entity upon behalf of which the
person~ acted, executed the instrument.
and official seal.
.
(Seal)
(~.......
@ -~....;.' '1
J~ COY,U9764C1 I
NoIary PIbIc - CalIomlo I
II.N BEtlNAAaNO CClUMV
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EXHIBIT "A"
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Health & Safety Code
CHA.Pn:R I. DEf'lNmOHS
---
aoG6Z.I. n..r..iWrL
. ~ AIr....... '-Iac_
JU: ~i~~ wIlicIa -- ---~Co~~I"I.... a
........... ~=.~ . ":"'~~ ~~fIt..... ___ "" ", WiCIa
~. r.~' ! '''''''lo,' twllicla-'-~_..aIl.or~ ~'L"'a
- ~ ~.. CIaiI.8IJCtia.-atfonlaltle __ . _ DOt
. .
t 01 For!!!:l........~.. ~....'4athol!!!!!!!!'l.fltlC!-....&O_flttho_!!le&a
L_ e~f"'_,,_~~aIIit. . .
.' ',.... "'-e.. . .Uo,lI!'Iaooe ~ ci.e ~ ~ i.. ....
DOt _ ...
timei _ or
e
a
_ DOt
~n.e'1 ~,.talaall,"'~"'aftaio~"'l'""'icIiarfor~<
.......... ~to f... '-By oIze ~l Co CIle ~... ......iD~ _ for paIpooeo '"
..I.(-~ .:1, Iaouoiiii - . . WI __ "..........lio..., JII'Otide
~ criIerio, ....... - , ""., Co .. ~ wlCIa pea .' ,at Teaeii.J alaluCoa ... ncuIalioaa
...""...... We.aD,_1oW ......~, 'J1ae.,.., -,. .,. ....latioa, adopt "'-lift crit.erio,...
......- Co aawm.ioa (I) of SecdOa 10462, akonalift .....ea,.. fit iIIcotne -, .. adopted for
"CUq--. ~ "-lv,.......t.
W"1CIa IWfIec:( Co au:te ~~U~ ,ht '0 ,.L 'ii who Oft .......11 fit ....1aI !'-lac
.... . I ..to... --... of GIlOpOtalift ~ ~la, or limited eqlil1
.....,...lhw ..."....... ~ __ Iou tho _ -.a.c .. affonlable .....1. .. ddiDeClla
Sociioa IOOSS.
JtecWacioao fltlloe .1pO..... eat oIaaD 'aJoo IncIacIe a IIldhooI f... ~ the IIlUimUID ~
lioa -t. ~ ....... .. uJeo price Chat will aaaIc. ~ aoailablo Co an ~ croup at
attonlable ......, _1.
F~ of thio -lioa. *- !D<diaa ~-.haD __ -!!l<diut a.c.- .. ....I!liobed by
!hO 1>III'I....t Co ~ 60093, . .
For ~- fit thio ::I:; *!DOCIente /!Icome ~'r:t oIaaD haft the _ mana., ..
~;;;; ~ of te --.. ~ II /oOOS3.
F... fit thio . ... . !!>ere Oft .. ' federal ototat.eo Iicohle Co a
or or.1Ie telo 1IlIit. ....... ora 0
... _0 aata two .... a ~ ~..
- · tw ~ 0.... lie...... II the _ of a ~'" an .. no
iu.. _ of a follM>edroo., aait. .
(A-rded"" Slata.mo. Co 1623 (S.B.1362I. . l)
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EXHIBIT "A"
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EXHIBIT "B"
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"AFFORDABILITY" CRITERIA
e VERIFICATION WORKSHEET
1) APPUCANT NAME(S)
2) PROPERTY ADDRESS
3) ANNUAL GROSS HOUSEHOLD INCOME
4) INCOME CATEGORY: One (
.Two (
Three (
Four (
Five (
)
)
)
)
)
(0 - 5%)
(51 % -70%)
(71 % - 80%)
(81 % - 110%)
(111 % - 120%)
S) "AFFORDABLE" HOUSING COST (APC)
(as defined in Health and Safety Code Section 50052.5)
6) ACTUAL HOUSING COST
(MonthlylMay Not Exceed APC)
e CERTlDCATIO~
The undersigned hereby acknowledge and agree that they have each
reviewed the criteria regarding sale of properties to Low- and Moderate-Income
households as defined in Health and Safety Code Sections 50093 and 50105, and
affordable housing cost as defined in Health and Safety Code Section 5oo52.s and hereby
certify and guarantee to the Redevelopment Agency of the City of San Bernardino that
the Applicants as described herein meet such criteria.
BUILDER
OWNER(S)
(Corporation)
(Name)
LENDER
(Company)
(Name)
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EXHIBIT "C"
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MORTGAGE ASSISTANCE PROGRAM (MAP)
FINAL APPLICANT REPORT
App6cant Name:
Property Address:
BedroomlBathroom Configuration:
family SIze:
Number of Minor Chiklren (If AppticabJe)
Annual. Gross HousehoJd klcome:
.....
'" of MeOian)
h:ome Category: One [ ] ( O. ~)
Two [ ] (51".70%)
Three [ J (71".80%)
Four ( J (81" .11(96)
five [ J (111 " . 120CJ6)
e Purchase PrIce:
Owner Contribution:
Agency Contribution:
Loan Amount
trterest Rate:
ARM or fixed: .
Monthly Payment
Lender:
(Company)
(Address)
(Contact)
(Phone)
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'MQRTGAGE ASSISTANCE PROGRAM (MAP)
FINAL APPLICANT REPORT
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Ethnicity:
f ] White
[) Black
[ ] Hispanic
[ ) Asian or Pacific Islander
[ ] AmerIcan indian or Alasklan Name
Other Asslstance Categories: (Check as many as Appropriate)
[ ] SenIor Citizen (s) (62 or over)
[ ) Female Head of Household
[ ] Disabled (One or More Family Members)
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EXHIBIT "0"
PROMISSORY NOTE SECUR~n BY DEED Oll' TRUST
(SUNLAC PROJECT)
$5,000
Place:
Redevelop.ent Agency
201 North "E" Street
Third Floor
San Bernardino, CA 92401
Date:
FOR VALUE RtCEIVED, the undersigned promises to pay to
the Redevelopment Agency of the City of San Bernardino (the
"Agency") or its successors, the principal sum of Five Thousand
Dollars ($5,000). Payment of the Note shall be made as follows:
1. This Note shall be due and paYable in full
i..ediately upon any sale, conveyance, reconveyance, lease, resale,
transfer, disposition or refinancing of the property which is
subject to the Deed of Trust securing this Note.
2. This Note shall accrue no interest during its term.
3. A failure to pay any sum provided for in this Note
when due or a material breach of this Note or the Deed of Trust
shall constitute a breach hereof and shall entitle the Agency to
declare all sums due hereunder i..ediately due and payable and to
pursue all remedies available under this Note or the Deed of Trust.
All payments due under this Note shall be made in lawful
money of the United states at the principal office of the Agency,
201 North "E" Street, City Hall Annex, San Bernardino, CA 92401-
1507, or at such other place as may from time to time be designated
by the Agency in wri tinq.
Notwithstanding any language herein to the contrary, this
Note shall become i..ediately due and payable in the amount of all
unpaid principal upon any transfer of title of the property
described in the Deed of Trust to any person, firm or corporation
other than the undersigned and except as provided in said Deed of
Trust, whether such transfer of title be voluntary, inVOluntary, or
by operation of law.
The undersigned reserves the right to prepay at any time
all or any part of the principal amount of this Note without the
payment of penal tie. or premiums.
If this Note is not paid within ten (10) days of the due
date, the undersigned shall pay to the Agency a late charge of 4'
Exh. 0 - 1
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on the amount past due and remaininq unpaid. If this Note be
reduced to judqment, such jUdqment shall bear the statutory
interest rate on judqments.
In no event shall the late charqe payable hereunder
exceed the maximum amount of interest permitted under the usury
laws of the State of California.
If suit is instituted by the Aqency to recover on this
Note, the undersiqned aqrees to pay all costs of such collection
includinq reasonable attorney's fee. and court costs.
THIS NOTE is secured by a Deed of Trust of even date,
duly filed for record in'the office of the County Recorder of the
County of San Bernardino, State of California.
DEMAND, protest and notice of demand and protest are
hereby waived and the undersiqned hereby waives, to the extent
authorized by law, any and all homestead and other exemption riqhts
which otherwise would apply to the debt evidenced by this Note.
IN WITNESS WHEREOF, THIS NOTE has been duly executed by
the undersiqned, as of its date.
By:
,
IIII!OIOIIOIIDOCI6M
7_ 4:SQ ...
Exh. D - 2
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EXHIBIT "E"
RECORDING REQUESTED BY )
AND WHEN RECORDED MAIL TO: )
)
)
)
(Sp.c. AbOv. for R.cord.r'. U..)
DEED OF TRUST WITH ASSIGNMENT OF RENTA
De.d of tru.t ..d. on , 1993, by
. , h.r.in.ft.r call.d "Tru.tor, .. who..
.ddr... i., ,
, C.liforni. , to ,
h.rein.ft.r r.f.rr.d to .. ..Tru.t...., who.. bu.ine.. addr... i.
, C.liforni. , in favor of the
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, h.reinaft.r
referr.d to as "B.nefici.ry", whose busine.. addr.ss is 201 North
"E" Str..t, Third Floor, S.n B.rn.rdino, C.lifornia 92401.
Trustor irrevoc.bly qr.nt., tr.nsf.r., and a.signs to
Trust.. in trust, with pow.r of s.l., all th.t property, including
.11 ....m.nts .nd rights of w.y u.ed in conn.ction th.r.with or as
· mean. of access ther.to, in the City of S.n Bern.rdino, County of
S.n B.rn.rdino, St.t. of C.liforni., d..cribed a. follow.:
Th.t cert.in property loc.ted in the City of
S.n Bern.rdino, County of S.n Bern.rdino, St.t. of California, more
P.rticul.rly de.cribed ..:
SEE ATTACHMENT NO. 1
together with the rents, i..u.s .nd profits ther.of, .ubject
however to the right r..erv.d by Tru.tor in Paraqraph B-17 her.of
to collect and apply such rents, i.su.s .nd profits, prior to .ny
default h.reunder; for the purpose of .ecuring p.rformance in a
tim.ly m.nner of all of Tru.tor'. oblig.tions under th.t cert.in
Promissory Note .xecuted by Tru.tor in the principal .um of Five
Thousand Dollar. ($5,000), payable to Beneficiary or ord.r and each
extension thereof, both executed in connection with this Deed of
Exh. E - 1
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Tru.t; and performance of each agreement to Tru.tor incorporated
h.rein by reference or contained h.r.in.
A. To protect the security of this Deed of Trust, Tru.tor agr..s:
1. To aaintain the property in qood condition and
r.pair; not to remove or demolish any buildinq or improvem.nt
thereon; to complete promptly in workmanlike manner any improvement
h.reafter constructed th.r.on and to r.store promptly in
workmanlike manner any improvem.nt thereon that is damaq.d or
de.troyed, and to pay wh.n due all costs incurr.d ther.for or in
connection therewith; to comply with all law., ordinanc.s,
requlation., cov.nant., conditions and re.trictions affectinq the
property; not to commit or p.rmit any wast. thereof or any act upon
the property in violation of law or of covenants, condition. or
re.trictions affectinq the property.
2. To app.ar in and defend any action or proce.dinq
purportinq to affect the s.curity h.r.of or the riqhts or pOW.rs of
B.n.ficiary or Truste.; and al.o, if at any time Ben.ficiary or
Trustee is a party to or app.ars in any such action or proc..dinq,
or in any action or proc..dinq to enforce any obliqation her.by
secur.d, to pay all co.ts and .xpens.. paid or incurred by them or
eith.r of them in conn.ction therewith, includinq, but not limit.d
to, costs of evidence of title and attorn.ys' f..s in a r.asonable
sum.
3. To pay Ca} at l.ast t.n C10} day. before
delinqu.ncy, all tax.s and as....m.nts affectinq the prop.rty, all
as.e.sm.nts upon wat.r company .tock, and all r.nts, a.sessments
and charq.. for water appurtenant to or us.d in connection with the
prop.rty; Cb} wh.n du., all encumbrances, charq.s and li.ns, with
inter..t, on the property or any part th.reof, which appear to b.
prior or .up.rior h.r.to; and Cc} all co.t., f..s and .xp.n..s of
this tru.t.
4. If Tru.tor fails to make any payment or to do any
act a. h.r.in provided, th.n Beneficiary or Tru.tee Cbut without
obliqation to do so, and with or without notic. to or demand upon
Trustor, and without r.leasinq Trustor from any obliqation h.r.of}
may Ca} make or do the same in such .ann.r and to such ext.nt as
either d._s necessary to protect the s.curity h.reof, Beneficiary
or Trustee beinq authorized to enter upon the property for such
purpos.; Cb} appear in or commence any action or proce.dinq
purportinq to affect the security hereof or the riqht. or pow.rs of
Beneficiary or Tru.tee; Cc} pay, purcha.e, contest, or compromi..
any encumbranc., charq. or li.n that, in the jUdqm.nt of eith.r,
app.ars to be sup.rior hereto; and in .xerci.inq any such pow.r,
B.n.ficiary or Truste. may incur necessary exp.nse., includinq
r.asonable attorn.ys' fe.s.
Exh. E - 2
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5. To pay ilDlD.diat.ly and without demand all .ums
expend.d h.reunder by B.n.ficiary or Tru.t.., with int.rest from
date of .xp.nditur. at the annual rat. of two percentage point.
ov.r Bank of Am.rica'. published prim. rat..
B. It i. mutually aqr..d that:
1. Any award of damag.. mad. in conn.ction with the
condemnation for public us. of or injury to the property or any
part th.r.of is h.r.by a.siqn.d and shall be p.id to B.n.fici.ry,
who m.y .pply or r.l.... such mon.ys r.c.iv.d th.r.for upon .ny
ind.bt.dn.ss .ecur.d h.r.by in .uch ord.r .. Ben.ficiary
d.termin.., or .t the option of B.n.fici.ry the entire amount .0
r.c.iv.d or .ny p.rt "ther.of m.y be r.l....d to Tru.tor. Such
.pplic.tion or r.l.a.. .h.ll not cur. or w.iv. .ny def.ult or
notic. of def.ult h.r.und.r or invalidate .ny .ct don. pur.u.nt to
.uch notic..
2. Th. .cc.ptanc. by B.n.fici.ry of any payment less
th.n the .mount th.n due sh.ll be deemed .n .cc.pt.nce on .ccount
only and .h.ll not con.titute . w.iv.r of the oblig.tion of Trustor
to p.y the .ntire .um then due or of B.nefici.ry'. right .ith.r to
r.quire prompt p.ym.nt of .11 .ums th.n due or to decl.r. d.f.ult.
Th. .ccept.nc. of p.yment of .ny .um ..cur.d her.by aft.r it. due
d.t. will not waive the right of B.nefici.ry .ither to r.quire
prompt p.ym.nt when due of all oth.r .um. .0 .ecured or to d.cl.r.
def.ult for failure .0 to pay. No waiver of .ny default .h.ll be
· w.iver of .ny pr.c.ding or succeeding def.ult of any kind.
3. At any time or from time to time, without li.bility
ther.for .nd with or without notic., upon writt.n r.qu.st of
Benefici.ry .nd pr..entation of this de.d .nd the .ecur.d note for
.ndor..ment, and without .ff.cting the personal li.bility of .ny
person for payment of the indebtedne.. secur.d her.by or the .ffect
of this deed upon the r.m.inder of the property, Truste. m.y
r.convey any p.rt of the property, consent to the making of .ny m.p
or pl.t thereof, join in qr.nting .ny e....ent or join in .ny
.xtension .qr....nt or .ny .qr.ement .ubordinating the li.n or
charge thereof.
4. Upon written requ.st of Benefici.ry .t.ting th.t .11
sums .ecured hereby have been paid, .urrender of this d.ed .nd the
note to Trustee for cancell.tion .nd retention, and p.yment of its
f.es, Trust.e shall r.convey, without w.rr.nty the property th.n
held her.under. Th. recit.l. in such r.convey.nc. .hall be
conclusiv. proof of the truthfuln.ss ther.of. The qr.nte. m.y be
desiqn.ted in .uch r.conv.y.nc. .s "the p.rson or p.r.ons leg.lly
entitled ther.to."
5. Trustor m.y give .uch notic. to Ben.fici.ry .t .ny
time before th.re is . Trustee's ..le of the property. At .ny time
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Trustor is in default in payments to be made to Beneficiary
hereunder, any amounts paid to and received by Beneficiary for
execution of releases pursuant to the ter1U of this paragraph after
notice of default and election to sell has been recorded shall not,
unless the requirements of Section 2924c of the Civil Code are
fully met by or on behalf of Trustor, waive the right of
Beneficiary to continue its plans to have the property sold, nor
shall they have any effect on the exercise by Beneficiary of the
acceleration priVilege contained herein, except to entitle the
person effecting such payment to the release of the property for
which the release amount was paid, and insofar as Beneficiary is
concerned, to constitute a credit against the secured debt.
6. If Trustor or any subsequent owner of the property
covered hereby sha11.ocCupy the property, or any part thereof,
after any default in payment of any amount secured by this deed of
trust, Trustor or such owner shall pay to Beneficiary in advance on
the first day of each month a reasonable rental for the premises so
occupied. On failure to pay such reasonable rental, Trustor or
such owner may be removed from the premises by summary
dispossession proceedings or by any other appropriate action or
proceeding.
7. If default is made in payment of any indebtedness or
in performance of any agreement hereby secured, then Beneficiary,
with or without notice to Trustor, may declare all sums secured
hereby immediately due and payable by instituting suit for the
recovery thereof or for the foreclosure of this deed, or by
delivering to Trustee a written declaration of default and demand
for sale, as well as a written notice of default and of election to
cause the property to be sold, which notice Trustee shall cause to
be filed for record. If such declaration is delivered to Trustee,
Beneficiary shall also deposit with Trustee this deed, the secured
note, and all documents evidencing expenditures secured hereby.
8. Should Trustor, without the consent in writing of
BenefiCiary, VOluntarily sell, transfer or convey his interest in
the property or any part thereof, or if by operation of law, it be
sold, transferred or conveyed, then Beneficiary may, at its option,
declare all sums secured hereby immediately due and payable.
Consent to one such transaction shall not be deemed to be a waiver
of the right to require such consent to future or successive
transactions.
9. After the time then required by law has elapsed
after recordation of such notice of default, and notice of sale
having been given as then required by law, Trustee, with or without
demand on Trustor, shall sell the property at the time and place
fixed in the notice of sale, either as a whole or in separate
parcels and in such order as Trustee determines, at public auction,
to the highest bidder, for cash in lawful money of the United
States, payable at the time of sale. Trustee may postpone from
Exh. E - 4
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time to time sale of all or any portion of the property by public
announcement at the time and place of sale originally fixed or at
the last preceding postponed time. Trustee shall deliver to the
purchaser its deed conveying the property sold, but without any
covenant or warranty, express or implied. The recitals in such
deed of any matters or facts shall be conclusive proof of the
truthfulness thereof. Trustor, Trustee, Beneficiary or any other
person may purchase at the sale.
10. After deducting all costs, fees and expenses of
Trustee and of this trust, inclUding cost of evidence of title and
reasonable attorneys' fees in connection with sale, Trustee shall
apply the proceeds of sale to payment of (a) all sums eXPended
under the terms hereof and not theretofore repaid, with accrued
interest at two percentage points over Bank of America's published
prime rate per annum, and (b) all other sums then secured hereby in
such order as BenefiCiary, in the exercise of its sole discretion,
directs. The remainder, if any, shall be paid to the person or
persons legally entitled thereto.
11. Before Trustee's sale, Beneficiary may rescind such
notices of default and of election to cause the property to be sold
by delivering to Trustee a written notice of rescission, which
notice, when recorded, shall cancel any prior declaration of
default, demand for sale and acceleration of maturity. The
exercise of such a right of rescission shall not constitute a
waiver of any default then existing or subsequently occurring, or
impair the right of Beneficiary to deliver to Trustee other
declarations of default and demands for sale or notices of default
and of election to cause the property to be sold, or otherwise
affect any provision of the secured note or of this deed or any of
the rights, obligations or remedies of Beneficiary or Trustee
hereunder.
12. The restrictions pertaining to the property will
automatically terminate if title to the mortgaged property is
transferred by foreclosure or deed-in-lieu of foreclosure, or if
the mortgage is assigned to the Secretary of the Department of
Housing and Urban Development.
13. Beneficiary may, from time to time as provided by
statute, or by a writing signed and acknowledged by him .and
recorded in the office of the county recorder of the county in
which the land or such party thereof as is then affected by this
deed of trust is situated, appoint another trustee in stead and of
Trustee herein named; and thereupon, the Trustee herein named shall
be discharged, and the trustee so appointed shall be substituted as
Trustee hereunder with the same effect as if originally named
Trustee herein.
14. If two or more persons are designated as Trustee
herein, any or all powers granted herein to Trustee may be
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.x.rci.ed by any of .uch p.r.on. if the other per.on or per.on. i.
unabl., for any rea.on, to act. Any r.cital of .uch inability in
any in.trument .xecuted by any of .ucb per.on. .ball be conclu.ive
aqain.t Tru.tor, bi. beirs and as.iqns.
15. All lease. now or bereaft.r affectinq the property
are ber.by ...iqned .nd tran.f.rred to Benefici.ry by Tru.tor.
Trustor hereby covenant. that none of sucb lea.e. will be modified
or terminated without the written con.ent of Beneficiary.
16. When requested to do .0, Tru.tor sball qive .ucb
further written a..iqnment. of r.nts, royaltie., i..ue. .nd
profits; of all .ecurity for the performance of 1.....; and of all
money payable under any option to purcha.e, and shall qive executed
oriqinal. of all lealie., now or h.r.aft.r on or aff.ctinq the
property.
17. Trustor re.erve. the riqbt, prior to any default in
payment of .ny indebtedne.. or performance of any obliqation
..cured hereby, to collect all .uch rent., royalties, i..ue. .nd
profit., a. but not before they become due. Upon any sucb default,
Trustor'. riqbt to collect .uch moneys .ball cea.e, not only as to
amounts accruinq thereafter, but also as to amounts then accrued
and unpaid. In the event of default, Beneficiary, with or without
notice and witbout reqard to the adequacy of security for the
indebtedness bereby secured, either in person or by aqent, or by a
receiver to be appointed by the court, Ca) may enter upon and take
po..e..ion of the property at any time and manaqe and control it in
BenefiCiary'. discretion, and Cb) with or without takinq
po.....ion, may .ue for or otberwise coll.ct the rent., i.sues and
profits thereof, wbetber pa.t due or cominq due thereafter, and
apply the .ame, les. co.ts and expen.e. of operation and
collection, includinq reasonable attorneys' fee., upon any
obliqation .ecured bereby and in sucb order a. Beneficiary
determine.. None of the aforesaid act. shall cure or waive any
default bereunder or invalidate any act done pursuant to such
notice. Beneficiary sball not be required to act diliqently in tbe
care or manaqement of the property or in cOllectinq .ny rent.,
royalti.s or other prOfits that it is bereby authorized to collect,
and .ball be accountable only for sum. actually received.
18. Witbout affectinq the liability of Tru.tor or of any
otber party now or hereafter bound by the terms bereof, from time
to time and with or without notice, may r.lea.e any person now or
bereafter liable for performance of such obliqation, and may extend
the time for payment or performance, accept additional .ecurity,
and alter, .ubstitute or release any .ecurity.
19. In any judicial action brouqbt to foreclo.e this
deed or to enforce any riqbt of Beneficiary or of Trustee
hereunder, Trustor shall pay to Beneficiary and to Trustee
attorneys' fees in a reasonable sum, to be fixed by the court.
Exh. E - 6
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20. No remedy hereby given to Beneficiary or Trustee is
exclusive of any other remedy hereunder or under any present or
future law.
21. The pleading of any statute of li.itations as a
defense to any and all obligation. secured by thi. deed i. hereby
waived, to the full extent permi.sible by law.
22. In the event of default in the payment of any
indebtedne.. .ecured hereby, and if .uch indebtedness i. .ecured at
any time by any other instrument, Beneficiary shall not be
obligated to resort to any .ecurity in any particular order; and
the exercise by Beneficiary of any right or remedy with respect to
any .ecurity shall not. be. a wdver of or limitation on the right of
Beneficiary to exercise, at any time or from time to time
thereafter, any right or remedy with re.pect to thi. deed.
23. Trustor shall, upon request made by Beneficiary,
furnish the Beneficiary with annual .tatements covering the
operations of the property.
24. Beneficiary may collect a "late charge" not to
exceed an amount equal to four percent (4t) on the amount past due
and remaining unpaid on any installment that is not paid within ten
(10) days from the due date thereof, to cover the extra expense
involved in handling delinquent payments.
25. This deed applies to, inures to the benefit of and
binds all partie. hereto, their heirs, legatees, devisees,
administrators, executors, successors, successor. in intere.t, and
assiqns. The term "Beneficiary" means the owner and holder,
including pledgees, of the note secured hereby, whether or not
named as Beneficiary herein. In this deed, whenever the context so
require., the masculine gender includes the feminine and neuter,
and the singular nUlllber includes the plural, and all obligations of
each Trustor hereunder are joint and several.
26. Trustee accepts this trust when this deed, duly
executed and acknowledged, is made a public record a. provided by
law. Trustee is not obligated to notify any party hereto of
pending sale under any other deed of trust or of any action or
proceeding in which Trustor, Beneficiary or Trustee is a party
unless brought by Trustee.
Trustor request. that a copy of notice of default and of
any notice of sale hereunder shall be mailed to him at the address
set out opposite his name, immediately below.
MAILING ADDRESSES FOR NOTICES:
as Trustor:
Exh. E - 7
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Executed at San Bernardino, california, on the date first
above written.
Exh. E - 8
By:
By:
Title:
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STATE OF CALIFORNIA
)
) ss.
)
COUNTY OF
On before lie, ,
personally appeared ,
personally. known to lie (or proved to lie on the besis of
satisfactory evidence) to be the personCs) whose nameCs) is/are
subscribed to the within instrument and acknowledged to lie that
he/she/they executed the salle in his/her/their authorized
capacitYCies), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the. instrument.
WITNESS my hand and official seal.
(Seal)
Signature
.
IIBNlDOIIIlOl:'M7
1/"'" 3:10
Exh. E - 9
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