P-400 (2)
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UPON RE~ORDATION PLEASE RETURN TO DEED 400
I Ci t1 tlei,'k' (, ' 88- 352333
'1685 Main St. <
Sari~a ~onica, CA 90401
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GS:SES:DA:ha
city Council Meeting: February 23, 1988 Santa Monica, CA
RESOLUTION NUMBER 7564(CCS) [FREE
0]
(City council Series)
I 4 -1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA MONICA AUTHORIZING ACCEPTANCE AND
RECORDATION OF EASEMENTS FOR SIDEWALK PURPOSES
AND A RELEASE OF INCORRECT EASEMENTS AT l501 26TH STREET
AND 1501 CLOVERFIELD, IN THE CITY OF SANTA MONICA, CALIFORNIA
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS:
SECTION 1. In conjunction with development of real property
located in the City of Santa Monica ("City") , Santa Monica
Municipal Code Section 7164 requires property owners to provide
certain public street and access improvements, including, but not
limited to, curbs, sidewalks, and intersection ramps, and to
dedicate rights of way in favor of city to accomodate such public
improvements.
SECTION 2. The required public improvements and rights of
way thereto are deemed necessary to assure availability of proper
access and to prevent congestion and other hazards related to the
use and development of 1510 26th Street and 1501 Cloverfield,
Santa Monica, California ("the subject property") .
SECTION 3. The subject property must comply with the
development conditions and requirements set forth in Santa Monica
Municipal Code section 7164.
RECORDED IN OFFICIAL RECORDS
1 RE.CORDER'S OFF1CE
. LOS ANGELES COUNlY
CAUFORNJA
4 MIN, 8 A.M. MAR 16 1988
PAST,
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SECTION 4. SoPac Development Co. ("Sopac") , a California
corporation, as the Owner of the subject property has executed
two (2) grant deeds granting to the City two (2) easements for
sidewalk purposes over those portions of the subject property
more fully described in the legal descriptions and drawings
attached to said grant deeds as Exhibits "E" and "H" and Drawing
Nos. 4404 and 4405. Copies of said grant deeds, Drawings, and
Exhibits thereto are on file in the City Engineer's Office, City
Hall, Santa Monica, California.
SECTION 5. The grant of such easements by SoPac is hereby
approved and the City Manager is authorized to accept such
easements and record the grant deeds with the Los Angeles County
Recorder's Office.
SECTION 6. On October 12, 1987, SoPac executed certain
Corporation Grant Deeds relating to the two (2) sidewalk
easements being granted to the City (the "Initial Easement
Deeds") . The Initial Easement Deeds were recorded in the
Official Records of the County of Los Angeles, State of
California on October 13, 1987 as Instrument Numbers 87-164l946
and 87-1641947.
section 7. The legal descriptions of the sidewalk easements
intended to be conveyed to the city set forth on the Initial
Easement Deeds were incorrect.
2
88- 35233:1
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SECTION 8. The release of such incorrect Initial Easement
Deeds is hereby approved and the city Manager is authorized to
accept the attached Release of Easements and record the release
with the Los Angeles County Recorder's Office.
SECTION 9. The City Clerk shall certify to the adoption of
this Resolution and thenceforth and thereafter the same shall be
in full force and effect.
APPROVED AS TO FORM:
~~~
ROBERT M. MYERS'
City Attorney
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Adopted and appr bruary, 1988.
I hereby certify that Resolution No. 7564(CCS)
was duly adopted by the City Council of the City of Santa Monica
at a meeting thereof held on February 23, 1988 by the following
Council vote:
Ayes: Councilmembers: Finkel, Jennings, A. Ka t z , H.
Katz, Reed, Zane, Mayor Conn
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent-: Councilmembers: None
ATTEST:
~/u~~~
AC~ City Clerk
<3~ - ?J~-J8303
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Recording Requested by
and When Recorded Mail to:
Santa Monica Building & Safety Department
1685 Main Street, Room III -Sf,
Santa Monica, California 90401
r FI~EE 9J
RELEASE OF EASEMENTS 4
This RELEASE OF EASEMENTS is executed by THE CITY
OF SANTA MONICA, a municipal corporation (the "City"), and
SOPAC DEVELOPME~T CO., a California corporation ("SoPac"),
with reference to the following facts:
A. On October 12, 1987, SoPac executed certain
Corporation Grant Deeds relating to sidewalk easements being
granted by SoPac to the City (the "Initial Easement Deeds").
The Initial Easement Deeds were recorded in the Official
Records of the County of Los Angeles, State of California on
October 13, 1987 as Instrument Numbers 87-1641946 and
87-1641947.
B. The legal descriptions of the sidewalk
easements intended to be conveyed to the City set forth on
the Initial Easement Deeds were incorrect.
C. At the request of the City, Sopac has
executed revised Corporation Grant Deeds setting forth
accurate legal descriptions of the easements intended to be
conveyed and such deeds are being recorded concurrently
RECORDED IN OFfICIAL RECORDS
RECORDER'S OFFICE
!.OS ANGELES COUNlY
CAUFORNIA
... :;.~~, 8 A,M. MAR 16 1988
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herewith. SoPac and the City wish to release the easements
granted in the Initial Easement Deeds in order to correct
the records.
NOW, THEREFORE, the City and SoPac mutually agree
that the sidewalk easements granted in the Initial Easement
Deeds are hereby released and shall be of no further force
or effect. Such sidewalk easements have been granted by
Sopac to the City under new Corporation Grant Deeds being
recorded concurrently herewith and the easements set forth
in such new deeds are intended to be the operative
easements.
Dated: January ~, 1988
Approved as to form: THE CITY OF SANTA MONICA
€~ ~ "~i~a"'>"""'. J~- ~,(.
. '<.;'~ ~
City Attorney . City Manager
88- 352332
[058:easel7lentrl]
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STATE OF CALIFORNIA, )
) SSe
COUNTY OF LOS ANGELES )
On February~, 1988, before me, the
undersigned, a Notary Public in and for said State,
personally appeared r ~OiQL ,
personally known to me or proved to me on the basis of
satisfactory evidence to be the person who executed the
within instrument as the City Manager of the City of
Santa Monica, the political subdivision that executed
the within instrument and acknowledged to me that such
political subdivision executed the same.
WITNESS my hand and official seal.
(SEAL)
OFFICIAL SEAL dM?Yr;.;s.~
GRANT T. BURTON
Notary Public-Callfomia
LOS ANGELES COUNTY Notary Public i~nd for said State
My Comm. Exp. Dec. 30, 1991 0flMf T &GfLT();J
88- 352332
FORMS:CORPIOO ( Individual)
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STATE OF CALIFORNIA, )
) SSe
COUNTY OF LOS ANGELES )
On January \~, 1988 before me, the under-
signed, a Notary Public in and for said County and
State, personally appeared Robbie E. Monsma and Barbara
S. Tell, personally known to me, or proved to me on the
basis of satisfactory evidence to be, the Senior vice
President and the Assistant Secretary, respectively of
the corporation that executed the within instrument and
acknowledged to me that such corporation executed the
within instrument pursuant to its by-laws or a resolu-
tion of its board of directors.
WITNESS my hand and official seal.
OFFICIAL SEAL
JEANNIE lEON
NOTARY PUBLlC.CALlFORNIA
'- PRINCIPAL OFFICE IN
(SEAL) '" 1"0f'''' LOS ANGELES COUNTY
My Commission Expires July 29, 1991
-V
State
88- 352332
FORMS:CORPI09 (Corporation)
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.. RECORCING REQ\JESTEC BY ... I
"'; 'I 88- 352334
AND WH€N AECORDED MAIL THIS DEED AND, UNLESS RECORDED IN OFFICIAL RECORDS
OTHERWISE SHOWN BELOW, MAIL TAX STATEMENTS TO:
,.
N<MElSanta Monica Build ing a;J RECORDER'S OFACE
LOS ANGELES CQUN1Y
sTREETSafety Department CAUFORNIA
AooREss1685 Main St., Room III MIN. A.M. MAR 16 1988
CITY. Santa Monica, CA 90401 4 8
STATE i ~ PAST.
ZIPL- LFREE OJ
Title Order No.. __.m . ______,... Escro\v No.............--. This space for Recorder's use -g
Corporation Grant Deed
THE UNDERSIGNED GRANTOR(s) DECLARE(s) 0 This is a conveyance of
DOCUMENTARY TRANSFER TAX is $
o __unincorporated area 0 City of an Easement and the
Parc'el No consideration and value s les!'.
o computed on fllll value of property conveyed, or than $100, R & T 11911.
o computed on fulJ value Jess value of liens or encumbrances remainin~ at time of sale, and
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
SoPac Development Co.
a California Corporation hereby GRANT (S) to "The City of Santa Monica"
the following described real property in the
County of Los Angeles , State of California:
A non-exclusive easement for sidewalk purposes as fully
described on Exhibit IIH" attached hereto and incorporated
herein by this reference.
SoPac Development Co.,
Dated ~ V\ lW-i'y \~I \ ~ ~'6 :yca~~;~:=-__ .
STATE OF CALIFORNI~e..\ ~ SS. Title: 5r., ;/U~~hU/J1~A~
COUNTY OF ~'O, e.s.
On Jo..'4\ \.J,,().. >{'-~ \ '-. \ 'l. '8'8' before me,
the undersigned, a Notary Public in and for said County and State,
personally appeared Robbie E. Monsma
Sen~or .
known to me to be tb"'v'ice _President, an~
!3a rhil r A 'J'F'1 1 , known to me to be
Assistant: Secretary of the corporation that executed the
\vithin Instrument, and acknowledged to me that :iuch corporation
executed the within instrument pursuant to its by~laws or a resolu- OFFICIAL SEAL
tiOD of its hoard of directors. JEANNIE LEON
NOTARY PUBLlC.CALlFORNIA
PRINCIPAL OFFICE IN
Signature lOS ANGELES COUNTV
My Commission Expires July 29. 1991
(Space aL>ye for official notarial seal)
MAIL TAX STATEMENTS TO PARTY SHOWN ON FOLLOWING LINE; IF NO PARTY SO SHOWN, MAIL AS DIRECTED ABOVE
Name Street Address City & State
2462
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EXHIBIT "H"
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That portion of Lot 3, Tract No, 14511, in the City of Santa Monica,
County of Los Angeles, State of California, as per map recorded in
Book 302, Page 50, of Maps, in the Office of the County Recorder of
said County, being more particularly described as follows:
The Point of Beginning being a point on the Northwesterly lin~of
said Lot, said point being distant 26.00 feet in a Northeasterly
direction from the Westernmost corner of said Lot; thence North-
easterly a distance of 2.00 feet along said Northwesterly line;
thence Southerly a distance of 16.97 feet to a point in a line
parallel with and distant 16.00 feet Northeasterly from the South-
westerly line of said Lot, said point being distant 12.00 feet
Southeasterly from the Northwesterly line; thence Northwesterly
along said parallel line a distance of 2.00 feet; thence Northerly
a distance of 14.14 feet to the Point of Beginning.
88- 352334
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, RECORDING RE<?UESTEO BY 352335
. 88-
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ANO WHEN RECORDED MAIL THIS DEED AND. UNLESS RECORDED IN OFFICIAL RECORDS
OTHERWISE SHOWN BELOW, MAIL TAX STATEMENTS TO: RECORDER'S OffICE
NAMOfSanta Monica Building an LOS ANGELES COUI'-nY
CAUfORN/A
STROET Safety Department MIN. A.M. MAR 16 1968
AOORO'. 168 5 Ma in St. , Room III 4 8
CITY, Santa Monica, CA 90401 ~ PAST.
ST~~;L Thi. .pace fa, Retarder,.tr.REE Ou
Title Order No........ .............. ... Escrow No.........................
Corporation Grant Deed
THE UNDERSIGNED GRANTOR(s) DECLARE(s) 0 '!'his is a conveyance of
DOCUMENTARY TRANSFER TAX is $ EaSEment and the consider ion
o _unincorporated area 0 City of and value is less than
Parcel No $100, R & T 11911.
o computed on full value of property conveyed. or
o computed on full value less value of liens or encumbrances remaining at time of salel and
FOR A VALUABLE, CONSIDERATION, receipt of which is hereby acknowledged,
SoPac Development Co.
a California Corporation hereby GRANT(S) to "The City of Santa Monica"
the following described real property in the
County of Los Angeles , State of California:
A non-exclusive easement for sidewalk purposes as fully
ds~cribed on Exhibit "E" attached hereto and incorporated
herein by this reference,
Dater! JJ ~ UR\~ \d. I l q 815
STATEOFCALlFO~A ~e}e } SS.
COUNTY OF S ~
On t~ t:6 \2"t\.... day of ~h,^-UA.('--"1 ,in the year
~ ~ . before me, the undersigned, a Notary Public in
and for said County and State, personally appeared
Robbie E. Monsma personally known
to me (or proved to me on the basis of satisfactory evidence) to be the
Senior Vir.e President, and
Barbara Tell
personally known to me (or proved to me on the basis of satisfactory OffiCIAL SEAL
evidence) to be Assistant JEANNIE LEON
Secretary of the corporation that executed the within Instrument, and NOTARY PUBllC-CAlIfORNIA
acknowledged to me that such corporation executed the within instru- . PRINCIPAL OfFICE IN
ment pursuant its by.laws or a resolution 0 's bO<!!:d of directors. .. I''''' LOS ANGELES COUNTY
Signature My CommiSSion Expires July 29, 1991
( Space aL~ve for official notarial seal)
MAIL TAX STATEMENTS TO PARTY SHOWN ON FOLLOWING LINE: IF NO PARTY SO SHOWN, MAIL AS DIRECTED ABOVE
Name Street Address City & State
1-102 REV.6163 PRINTeo
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EXHI BIT "E"
THAT PORTION OF ~OI4, TRACT NO, 9774, IN THE CITY OF SANTA MONICA,
COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN
BOOK 140, PAGES 64 THROUGH 66, INCLUSIVE, OF MAPS, IN THE OFFICE OF
THE COUNTY RECORDER OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED
AS FOLLOWS:
BEGINNING AT THE NORTHERLY CORNER OF SAID LOT: THENCE, SOUTH 44047'00"
EAST, 8.00 FEET ALONG THE NORTHEASTERLY LINE OF SAID LOT TO THE TRUE
POINT OF BEGINNING; THENCE, SOUTH 4~47100" EAST, 289,31 FEET; THENCE
NORTH 47036112" WEST, 182,93 FEET TO A POINT IN A LINE PARALLEL WITH
AND DISTANT SOUTHWESTERLY 9.00 FEET FROM SAID NORTHEASTERLY LINE;
THENCE, NORTH 44047 I 00" WEST, 84,62 FEET ALONG SAI D LI NE TO THE BE-
GINNING OF A CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 30.00 FEET;
THENCE WESTERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 89P58'00",
A DISTANCE OF 47.11 FEET TO A POINT OF CUSP, SAID POINT BEING IN THE
NORTHWESTERLY LINE OF SAID LOT 4; THENCE, NORTH 45015'00" EAST, 35,98
FEET ALONG SAID NORTHWESTERLY LINE TO A POINT, SAID POINT BEING 3,00
FEET FROM THE NORTHERLY CORNER OF SAID LOT; THENCE, SOUTH 6!?20107"
EAST, 8,55 FEET TO THE TRUE POINT OF BEGINNING.
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88- 352335
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30' ~' 10
POR. LOT3 LOT 2 ',(.
, I~ TR. NO. 14511 TR. NO. 14~" 10
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I~ 8K. 302.-00 6K :3O'Z - 50 -
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I 88- 352334
t\."""",,'t DENOTES AF\EA TO e.e 4RANTEO
FOR' SIOEWA(..K EASE-W\E:N"T.
p. O. r.'o. f"t)INT or ee.GINN IKG
OCTOeeR. 5, ''"'07
RECOmMENCED FOR ADOFifiON DEPARTMENT OF ENGINEERING
CITY OF SANTA MONICA
- "1. 1- 198b
(!;C("A.:i) € 4~ PROPOSED GRANT OF SIDEWALK EAc)EMENT
STREET SUP(RINTEN NT AT CLOVERFIELD AND BROADWAY
ACCEPTED FOR FIL.INO FOR THE
CITY COU,N.CIL. OF HE OilY OF
~TA ~'CA ,7-d'-' REFF, DWG,
ATL.AS SHT. NO,
' [L . .. ,6n^ ,,~ QWG, BY DW 4405
~ITY CL.ERK
CHI(, BY CW
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30' 3(j
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N 41!>-IS'OO" E ~
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N 45- I!>' ClO"E: '<t
5~C!l . tl
1::1.- a~.:)O' 00"
R- 30'
I.. - 47.11'
T · Z :l.C!J8'
N44-41'OO"W
64.(",2'
POR. LOT 4
TR. NO. ~714
BK 140 - ftJ4/fDf.r1
N 41. ?JI.'IZ" W
162.~3' t-=
(J) /
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U) ~ TO &ALE
('oJ
30' :x>
bO'
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c COLORADO BLVD.
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r/ / //./1 OcNOTE:5 ARE:A. TO BE: ",RANTED FOR
S! DE:\NALK E:A5E:ME:NT
pO.e. PO I "-iT OF BE:C!l1 N N I NG
OCTOBER 5. /-!)O7
I RECOMMENDED FOR ADOPTION DEPARTMENT OF ENGINEERING
CITY OF SA~~T.~ MON!C~
l - 1- 'L zaB
~P\ [ J.^v1)v PROPOSED GRANT OF SIDEWALK EASEMENT
STREET SUPERiNTENDENT AT 26 TH STREET AND BROADWAY
ACCEPTED FOR FILING FOR THE
CITY COUNCIl. OF ;(TH~CI"'jY OF REFF. DWG.
SANTA NICA ' ~ 2- f
Llrtd8~ ATl.AS SHT. NO,
TY CLERK QWG, BY DW 4404
CITY ENGINEER CHK, BY..Je6
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M E M 0 RAN DUM
HOUSING DIVISION
COMMUNITY DEVELOPMENT DEPARTMENT
CITY OF SANTA MONICA
DATE: March 30, 1994
TO: Ralph Bursey, City Treasurer
FROM: Paula Burrier, Housing and Redevelopment Manager
~ Johanna Gullick, Senior Development Analyst
SUBJECT: Transmittal of original Document
Promissory Note for a TORCA Shared Appreciation (SAM)
Loan at:
2033 Euclid Street # 10, Santa Monica 90405
Borrower: Carol Lynn Morris
Loan Number: SAM 01-94
and
Transmittal of certified copies of:
Deed of Trust and Request for Notice for same Loan
Attached is an original Promissory Note and certified copies of the
Deed of Trust and Request for Notice for the above mentioned loan
made through the TORCA Shared Appreciation Loan Program for 2033
. Eucl id Street, #10, Santa Monica for safe keeping in your document
safe.
Please confirm your receipt of these originals and transmit any
file number Treasury may use in storage of this document. Please
call Johanna Gullick at xt 8702 if you have any questions regarding
this matter.
Thank You.
cc: Mike Dennis, Director of Finance
City Clerk's Office
JMG:wpfiles\TORCA\origmem.2
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1 [)~ --#'.,' 'f v 0
. IF
, RECORDING REQUESTED BY
, AND WHEN RECORDED MAIL TO:
City of Santa Monica
1685 Main Street, Rm. 212
SantA Monica, CA 90401
Alln: Housing & Redevelopment Mgr.
CITY OF SANTA MONICA
OFFICIAL BUSINESS (Document entitled 1
10 free recordation pursuant to Gove';'ment
Code Section 6103)
No TAX Due SPACE ABOVE TillS LINE FOR RECORDER'S USE
LOAN NO. SAM 01-94
DEED OF TRUST
TORCA Shared Appreciatioll LOrlll l'rogram
THIS DEED OF TRUST is made this ---1Ldayof MARCH ,19~,
among the Truslor, CAROL LYNN MORRIS (herein "Borrower"),
Chical!.o Title 'Company (herein"Trustee"), and the Beneficiary, City of Sanla Monica. a
Charier City organized and existing under Ihe laws of the State of California, whose address
is c/o Housing and Redevelopment Division. 1685 Main Street. Room 212. Santa Monica. CA
90401 (herein"Lender").
BORROWER, consideration of the indebtedness herein recited and the trllst herein
created, irrevocably granls and conveys. to Truslee, in trllst, with power of sale, the following
'described property located in the County of LOS ANGELES , State of
California:
AS PER LEGAL DESCRIPT~ON ~1ARKED EXHIBIT "A" ATTACHED
HERETO AND MADE A PART'HEREOF CONSISTING OF 1 PAGE.
APNI 4284-033-021
DEED OF TRUST RIDER ATTACHED HERETO AND MADE A PART HEREOF.
which has the address of 2033 EUCLID STREET 110 , SANTA MONICA ,
90405 (Street) (City)
California (herein "Property Address");
(Zip Code)
TOGETHER with al\ the improvements now or hereafter erected on the property, and
all easements, righls, appurtenances and rents (subject however to the rights and aUlhorities
given herein to Lender 10 collecl and apply such renls), all of which shall be deemed to be and
remain a part of the property covered by this Deed of Trust; and all of the foregoing, together
with said property (or the leasehold eslate if this Dced of Trust is on a leasehold) are hereinafter
referred to as the "Property";
TO SECURE 10 Lender Ihe repaymenl of Ihe indebledness evidenced by Borrower's nole
dated MARCH 22, 1994 and exlensions and renewals Ihereof (herein
"Note"), in the principal sum of U.S. $ 58,900.00
FIFTY EIGHT THOUSAND NINE HUNDRED AND NO/IOO DOLLARS ,
with interesl thereon, Ihe payment of all other sums, wilh interest thereon, advanced in
accordance herewilh 10 protect Ihe security of this Deed of Trust; and the performance of Ihe
covenants and agreements of Borrower herein contained.
Borrower covenanls thai Borrower is lawfully seized of Ihe esla(e hereby conveyed and
has the right to grant and convey Ihe Properly, and that the Property is unencumbered except
for encumbrances of record. Borrower covenants that Borrower warrants and will defend
generally the tillc to the Properly against all claims and dcmands, subject to encumbrances of
record. 1 . t~e and exact
UNIFORM COVENANTS. Borrower and Lendet tmree~~4~ffl~,~'~~".ows:
1. Payment or Principal and Interest. 4M\'k8~r~ ~~lllp8y pay_whcn due
the principal and interest indebtedness evidenced by thc NoWlnWlm~ i ges as' r~,v,jg. <.I)n the
Note. EM-
1
LOAN NO. SAM 01-94
. ,
2, Funds for Taxes and Insurance. Subject to applicable law or written waiver by
Lender, Borrower shall pay to Lender on the day monthly payments of a sum (herein "Funds")
equal to one-twelfth of the yearly taxes and assessments (including condominium and planned
unit development assessments, if any) which may attain priority over this Deed of Trust, and
ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard
insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any all
as reasonably estimated initially and from time to time by Lender on the basis of assessment and
bills and reasonable estimates thereof. Borrower shall not be obligated to make such payments
to the holder of a prior mortgage or deed of trust if such holder is an insitutional Lender. Said
payments shall be made on the first day of each month commencing on
MAY 1ST, 1994
If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits
or accounts of which are insured or guaranteed by a Federal or state agency (including Lender
if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments,
insurance premiums and ground rents. Lender may not charge for so holding and applying the
Funds, analyzing said account or verifying and compiling said assessments and bills, unless
Lender pays Borrower interest on the Funds and applicable law permits .Lender to make such
a charge. Borrower and Lender may agree in writing at the time of execution of this Deed of
Trust that interest to be' paid, Lender shall not be paid to Borrower, and unless such agreement
is made or applicable law requires such interest to be paid, Lender shall not be required to pay
Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge,
an annual accounting of the Funds showing credits and debits to the Funds and the purpose for
which each debit to the Funds was made. The Funds are pledged as additional security for the
sums secured by this Deed of Trust.
If the amount of the Funds held by Lender, together with the future monthly installments
of Funds payable prior to the due dates"of taxes, assessments, insurance premiums and ground
rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and
ground rents as they fall due, such excess shall be, at Borrower's option, either prompLly repaid
to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the
Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and
ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up
the deficiency in one or more payments as Lender may require.
Upon payment in full of all sums secured by this Deed of Trust, Lender shall prompLly
refund to Borrower any Funds held by Lender. If under paragraph 17 hereof the Property is
sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than
immediately prior to the sale of the property)Or its acquisition by Lender, any Funds held by
Lender at the time of application as a credit against the sums secured by this Deed of Trust.
3, Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform
all of Borrower's obligations under any mortgage, deed of trust or other security agreement with
a lien which has priority over this Deed of Trust, including Borrower's covenants to make
payments when due. Borrower shall payor cause to be paid all taxes, assessments and other
charges, fines and impositions attributable to the Property which may attain a priority over this
Deed of Trust, and leasehold payments or ground rents, if any.
4, Hazard Insurance. Borrower shall keep the improvements now existing or
hereafter erected on the Property insured against loss by lire, hazards included within the term
"extended coverage", and such other hazards as Lender may require and in such amounts and
for such periods as Lender may require.
The insurance carrier providing the insurance shall be chosen by Borrower subject to
approval by Lender; provided, that s",ch ap)Jfoval shall not be unreasonably withheld. All
insurance policies and renewals'"thereof shall be in a form acceptable to Lender and shall include
a standard mortgage clause in favor of and in a form acceptable to Lender. Lender shall have
the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed
of trust or other security agreement with a lien which has priority over this Deed of Trust.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and
Lender. Lender may make proof of loss if not made promptly by Borrower.
If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender
within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier
offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the
insurance proceeds at Lender's option either to restoration or repair of the Property or to the
sums secured by this Deed of Trust.
I~e~ce~fij~at t~is n true and exact
5, Preservation and Maintclllmce of Propcc " :- ~~" ~iil w~~iniums;
Planned Units Developments. Borrower shall keep the pr~,r~~.:!~ci4jl, I~p~d---shall not
commit waste or permit impairment or deterioration of the roper. and hall. ~I~(wlt~ the
Dv.: .
. LOAN NO. SAM 01-94
,
, provisions of any lease if this Deed of Trust is on a leaseh~ld. If this Dt:ed of Trust in on a unit
in a condominium or a planned unit development, Borrower shall perform all of Borrower's
obligations under the declaration or covenants ~reating or governing the condominium or planned
unit development, the by-laws and regulations of the condominium or planned unit development,
and constituent documents.
6. Protection of Lender's Security. If Borrower fails to perform the covenants and
agreements contained in this Deed of Trust, or if any action or proceeding is commenced which
materially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice
to Borrower, may make such appearances, disburse such sums, including reasonable attorney's
fees, and take such action as is necessary to protect Lender's interest. Borrower shall pay the
premiums required to maintain such insurance in effect until such time as the requirement for
such insurance terminates in accordance with Borrower's and Lender's written agreement or
applicable law.
Any amounts disbursed by Lender pursuant to this paragraph 6, with interest thereon,
at the Note rate, shall become additional ind(jbtedness of Borrower secured by this Deed of
Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be
payable upon notice from lender to Borrower requesting payment thereof. Nothing contained
in this paragraph 6 shall require Lender to incur lll1Y expense or take any action hereunder.
7, Inspection. Lender may make or cause to be made reasonable entries upon and
inspections of the Property, provided that Lender shall give Borrower notice prior to any such
inspection specifying reasonable cause therefor related to Lender's interest in the Property.
8, Condemnation, The proceeds of any award or claim for damages, direct or
consequential, in connection with anyrcondemnation or other taking of the Property, or part
thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to
Lender, subject to the terms of any mortgage, deed of trust or other security agreement with a
lien which has priority over this Deed of Trust.
9, Borrower Not Released; Forbearance By Lender Not a Waiver. ExtnDl
of the time for payment of modification of amortization of the sums secured by this Deed of
Trust. granted by Lender to any successor in interest of Borrower shall not operate to release,
in any manner, the liability of the original Borrower and Borrower's successors in interest.
Lender shall not be required to commence proceedings against such successor or refuse to extend
time for payment or otherwise modify amortization of the sums secured by this Deed of Trust
by reason of any demand made by the original Borrower and Borrower's successors in interest.
Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded
by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
10, Successors and Assigns Bound; Joint and Several Liability; Co-signers.
The covenants and agreements herein contained shall bind, and the rights hereunder shall inure
to, the respective successors and assigns of Lender and Borrower. All covenants and agreements
of Borrower shall be joint and several. Any Borrower who co-signs this Deed of Trust, but does
not execute the Note, (a) is co-signing this Deed of Trust only to grant and convey that
Borrower's interest in the Property of Trustee under the terms of this Deed of Trust, (b) is not
personally liable on the Note or under this Deed of Trust, and ~c) agrees that Lender and any
other Borrower hereunder may agree to extend, modify, forbear, or make any other
accommodations with regard to the terms of this Deed of Trust or the Note, without that
Borrower's consent and without releasing that Borrower of modifying this Deed of Trust as to
that Borrower's interest in the Property.
11. Notice. Except for any notice required under applicable law to be given in
another manner, (a) any notice to Borrower provided for in this Deed of Trust shall be given
by delivering it or by mailing such notice by certified mail addressed to Borrower, Property
Address or at such other address as Borrower may designate by notice to Lender as provided
herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated
herein or to such other address as Lender may designate by notice to Borrower as provided
herein. Any notice provided for in this Deed ,of Trust shall be deemed to have been given to
Borrower or Lender when given in the manner designated herein.
12, Governing LaWj Severability. The state ~~d 1~9.a\~A't~d'lpmif;:elJl~lO:;:tbi~
Deed of Trust shall be the laws of the jurisdiction in' #1ifCij JR~' Pm~~r~Yd~ f l\~ellted. The
foregoing sentence shall not limit the applicability of Fed~f.~f :~~w11t::~~11' peect of Jrust. , In the
event that any provision or clause of this Deed of Trustlo'r' tlie" 'ote nfiict8""With03 ficable"
law, such conflict shall not affect other pro~isions of thUiP. ~.' coiiTficiS
LOAN NO. SAM 01-94
.
wilh applicable law, such conflict shall not affect provisions of this Deed of Trust or the Note
which can be given effect without the conflicting provision, and to this end the provisions of this
Deed of Trust and the Note are declared to be severable. As used herein, "costs", "expenses"
and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited
herein.
13. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note
and of this Deed of Trust at the time of execution or arter recordation hereof.
14. Rehabilitation Loan Agreement. Borrower shall fullill all of Borrower's
obligations under any home rehabilitation, improvement, repair, or other loan agreement which
Borrower enters into with Lender. lender, at Lender's option, may require Borrower to execute
and deliver to Lender, in a form acceptable to Lender, an assignment of any rights, claims or
defenses which Borrower may have against parties who supply labor, materials or services in
connection with improvements made to the Property.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as
follows:
15, Acceleration; Remedies. Upon Borrower's breach of any covenant or
agreement of Borrower in this Deed of Trust, including the covenants to pay when due any
sums secured by this Deed of Trust, Lender prior to acceleration shall give notice to
Borrower as provided in paragraph 11 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date, not less than 10 dllYS from the dllte of notice is
mailed to Borrower, by which such brellch must be cured; and (4) that failure to cure such
breach on or before the .date specified in the notice may result in llcceleration of the sums
secured by this Deed of Trust and s'nle of the Properly. The notice shall fnrther inform
Borrower of the right to reinstllte after acceleration llnd Ihe right to bring a court action
to asserl the nonexistence of a default or any olher defense of Borrower to llcceleration and
sale. If the breach. is not cured on or before the date specined in the not ice, Lender, at
Lender's option, may declare llll of the sums secured by this Deed of Trust to be
immediately due and payable wilhout fmiher demand llnd mllY invoke the power of sllle
and acceleration of the sums secured by this Deed of Trust and sale of the Properly. The
notice shall furlher inform Borrower of the right to reinstllle llfler acceleralion and the
right to bring a court action to assert Ihe nonexistence of a default or any other defense of
Borrower to acceleration and sale. If the breach is nol cured on or before the date
specined in the notice, Lender, at Lender's option, mllY declare llll of the Slims secured by
this Deed of Trust to be immedialely due and pllyable wilhoul furl her demand and mllY
Invoke the power of sale and olher remedies
any other remedies permitted by applicable law. Lender shall be entitled to colleel all
reasonable costs and expenses incurred in pursuing the remedies provided in this paragmph
15,lnchtding, but not limited to, reasonable altorney's fees.
If Lender Invokes the power of sale, Lender shall execule of cause Trustee to execute
a written notice of the occurrence of lln event of defaullllnd of Lender's election to cause
the Properly to be sold and shall Clluse such notice 10 be recorded in each county in which
the Properly or some part thereof is located. Lender or Trustee shall mail copies of such
notice In the manner prescribed by llPplicllble Ill\\', Trustee shall give pubic notice of sllle
to the persons and in the ma.nner prescrib~d by applicllble IllW, After the lapse of such
time as may be required by applicable Illw, Truslee, withoul demand on Borrower, shall
selllhe properly at public auction 10 the highest bidder llt the time a place and under the
terms designated in the notice of sale in one or more pllrcels llnd in sllch order as Trustee
may detemline. Trustee may poslpone sale of all or llny parcel of the Propeliy by public
announcement at the time and place of any previously scheduled sale. Lender or Lender's
designee may purchllse the Propeliy llt any sllle.
Truslee shall deliver to the purchaser Tmstee's deed conveying the Propeliy so sold
withoul any covenant or warranty, expl'essed or implied, The recitals In the Truslee 's
deed shall be primo facio evidence of Ihe truth of the sllllel11ents made therein. Trustee
shallllpply the proceeds of the sale in the fpllowing order: (a) 10 llll reasOllllble cosls and
expenses of Ihe sllle, includingj bul nollimited to, reasonllble Truslee's and llltorney's fees
and cosls of title evidence; (b) 10 llll SUI11S secured by Ihis Deed of Trusl; llnd (c) the excess,
if any, to the person or persons legally enlilled Iherelo,
16. Borrower's Right to Reinslate, NotwithslandiJ.lg k<<;n11er;M~tM.!~r,~\j.p<!t:!?~~he
sums secured by ~hjs Deed of Trust due to Borrower'~I~f?~I\ftfdtt~~~~nS8~lS~il:~e the righ,t to
have any proceedmgs begun by Lender to enforce thlsJ?e~~, or..f~usY dlsco~ at any tIme
prior to five days before sale of the Property pursuarlt~tb'lI\'e\~owei- of sa~~ i~ this
Deed of Trust or at any time prior to entry of a jlldgl!;'.f;",t, J:J1I: . 1) ,.f mf;'(li.)
'-
LOAN NO. SAM 01-94
.
,Borrower pays Lender all sums which would be then due under this Deed of Trust and the Note
had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or
agreements of Borrower contained in this Deed of Trust; (c) Borrower pays all reasonable
expenses incurred by Lender and Trustee in en forcing the covenants and agreements of Borrower
contained in this Deed of Trust, and in enforcing Lender's and Trustee's remedies as provided
in paragraph 15 hereof, including, but not limited to, reasonable attorney's fees; and (d)
Borrower takes such action as Lender may reasonably require to assure that the lien of this Deed
of Tnlst, Lender's interest in the Property and Borrower's obligation to pay the sums secured
by this Deed of Trust shall continue unimpaired. Upon such payment and cure by Borrower,
this Deed of Trust and the obligations secured hereby shall remain in .full force and effect as if
no acceleration had occurred.
17, Assignment of Rents; Appointment of Receiver; Lender in Possession.
As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property,
provided that Borrower shall, prior to acceleration under paragraph 17 hereof or abandonment
of the Property, have the right to collect and r~tain such rents as they become due and payable
Upon acceleration under .paragraph 17 hereof or abandonment of the Property, Lender,
in person, by agent or by judicially appointed receiver shall be entitled to enter upon, take
possession of and manage the Property and to collect the rents of the Property including those
past due. All rents collected by Lender or the receiver shall be applied first to premiums on
receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Deed of
Trust. Lender and the receiver shall be liable to account only for those rents actually received.
18, Reconveyance, Upon payment of all sums secured by this Deed of Trust,
Lender shall request Trustee to reconvey the Property and shall surrender this Deed of Trust
and all notes evidencing indebtedness secured by this Deed of Trust to Trustee. Trustee shall
reconvey the Property without warranty and rithout charge to the person or persons legally
entitled thereto. Such person or persons shall pay all costs of recordation, if any.
19, Substitute Trustee. Lender, at Lender's option, may from time to time appoint
a successor trustee to any Trustee appointed hereunder by an instrument executed and
acknowledged by Lender and recorded in the office of the Recorder of the county where the
Property is located. The instrument shall contain the name of the original Lender, Trustee and
Borrower, the book and page where this Instrument is recorded and the name and address of the
successor trustee. The successor trustee shall, wi thout conveyance of the Property, succeed to
all the title, powers and duties conferred upon the Trustee herein and by applicable law, This
procedure for substitution of trustee shall govern to the exclusion of all other provisions for
substitution.
20. Request for Notices. Borrower requests that copies of the notice of default
and notice of sale be sent to Borrower's address which is the Property Address. Lender requests
that copies of notices of foreclosure from the holder of any lien which has priority over this
Deed of Trust be sent to Lender's address, as set forth on page one of this Deed of Trust, as
provided by Section 2924(0) of the Civil Code of California,
21. Statement of Obligation. Lender may collect a fee not to exceed $50 for
furnishing the statement of obligation as provided by Section 2943 of the Civil Code of
California.
22, Deed of Trust Rider. The Deed of Trust Rider executed by Borrower is
attached hereto and made part of this Deed of Trust.
23, ^"orney's Fees. If any default is made hereunder, Borrower further promises
to pay reasonable attorney fees and costs and expenses incurred by the Lender in conneclion with
any such default or any olher action or other proceeding brought to enforce or inlerpret any of
the provisions of this Deed of Trust. The Lender's right to such fees shall not be limited to or
by Us representation by staff counsel. If Lender is represented by staff counsel such
representation shall be valued at customary and reasonable rales for comparable private sector
legal services.
~ . I.I~~... i"""" td~" :::--~J 0'J-t:~
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_____h -NO SAM 01-94
---- - LOAN .
--.
)
o BORROWERS: .. All spaces shall be
NOTICE T . b'"k 'p'''''.
R'der if it con tams
. eed of Trust 1
Do not sign this D .
I ted before you sIgn.
comp e
I IV'k 1/~ , 1/4 :I ~;f?l
Date
BorrowrYNN MORRIS
' CAROL
Date
Borrower
Date
Borrower
I ("All. Purpose" Acknowledgment)
STATE OF CALIFORNIA
COUNTY OF ~
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@ OFFICIAl SEAL
I ?----t: -, NoTARY PUBLIC-CAliFORNiA
OCt~" '. BARBRA TEAGUE
" ~, LoS ANGELES COUNTY ~
[ My CommissIon Expires Oct. 31, 1~95 ,
..
(Seal)
This certificate must be allached to:
Tille or type of document:
Number of Pages: ----
Date of Document: -=-=----
Signer(s) other than named above:
Signer is repreSenting:
(Name of person(s) orenriry(ies)
Capacity claimed by signer:
0 Partnership 0 Individual
0 COrporate Officer(s) 0 AttorneY-in_Fact
Title(s) ,~;. i y'''.; ~~
0 Trustee(s) 0 Guardian/Conservator , .
0 .:.,..\ 1 t:;~~, ',~ ~.~
Other ____ , ','.l i I '.
. " .1,
. . ~ ~u:i
SAV70231R1192 "~_. ) ~'? . "..*<i
1J:J;i
-ldr.",1
Febnmy IS. 1994
I
LOAN NO. SAM 01-94
Borrower and Lender request the holder of any mortgage, deed or trust or other
encumbrance with a lien which has priority over this Deed of Trust to give Notice to Lender,
at Lender's address set forth on page one of this Deed of Trust, of any default under the
superior encumbrance and of any sale or other foreclosure action.
IN WITNESS WHEREOF, Borrower has executed this Deed of Trust.
.-L tt/4( 4(~ ~'\ \ I~ Z:} Iu
Borrower ..... Date /
'CAROL LYNN MORRIS
Borrower Date
ACknoWledgement
State of CALIFORNIA ;;!LS(7l!
}ss. - --
Counfy of Lv.} 1/ f\r c /.:.> On - before me, _BoJ' f,('.;-
~~
I ~ personally appeared ("' ard/
GOFF' = '-'f,vN 1)1 fll't i.J,
,. NOTARY /CIAl SfAL
. BARB~L/f&Al.IFOIlN'1I perSonally known to me ( --
. LOS AM GUE evidence) to be the perso~ pr~ved to me on the basIs of sallsfac~
~ !!! Commlsslotr fxp/ Gfl.ES COUNTY
res Q:t. 31, 1995 ~ withIn Instrument and a~no~~;~ nameM Is/ore subscribed to thZ
..... executed the same In bffl/her/#lel ged to me that he/shelfhev
,.by ~/her/taelr slgnature~ on t~eauthorlzed capacify(les). and that
enllfy upOn behalf of Which the Instrument the person(s). or the
ment. person~acted. executed the Instru.
WITNESS my hand and offIcial seal.
32 [fhls area tor oHlclal seal) /?~AL
SIgnature ~
/" r:-R"IJ'?-f>
/' / -
My Commission expires:
REQUEST FOR RECONVEYANCE
TO TRUSTEE:
The undersigned is the holder of the note or notes secured by this Deed of Trust. Said
note or notes, together with all other indebtedness secured by this Deed of Trust, have been paid
in full. You are hereby directed to cancel said note or notes and this Deed of Trust, which are
delivered hereby, and to reconvey, without warranty, all the estate now held by you under this
Deed of Trust to the person or persons legally entitled thereto.
Dated:
\
r;':; [\' 1.~-:< ~L:~:, ;~ ,~~ l; .... ;~:~ .'.
(",' I' . ;" '
deed fin y~~~\L'___
FehnJAry 14, 1994
EXHIBIT "A"
A CONDOMINIUM COMPRISED OF:
PARCEL 1:
An undivided 1/32 Interest in and to lot 1 of Tract No. 50611, In the City
of Santa Monica, County of Los Angeles, State of California, as per map
ret;orded in Book 1195, Pay!!s 49 through 51, Inclusl...~ of Maps, In the
offlet' of the County Ret;oT'der of said County.
EXCEPTING THEREFROM Units 1-2041 through 12-2041 inclusive, 14-2U41
throu~h 17-~041 Inclusive, 1-2033 through 12-2033 Inclusive and 14-2033
through 17-2033 inclusive as defined and delineated on the Condominium
Plan recorded April 30, 1993, as Instrument No. 93-021676, of Official
Records.
RESERVING THEREFROM exclusive easements for all USRS and purposes of a
"Parking Space,ll together with the right to grant the saine unto othf!rs,
over and across those portions of said land, defined and delineated as
"PS-} through PS-52," Inclusive, on t~e above mentioned Condominium Plan.
PARCEL 2:
Un1t 10-1033 as shown upon the Condominium Plan l'eferred to in Pal'cel 1
above.
PARCEL 3:
An exclusive easeffient ~pp"rtenant to Parcel 1 abovR, for all uses an~
purposes of a vParking Space," over and across that portion of Lot 1, of
said Tract No. 50611 defined and delineated as VpS_," on the above
mentioned Condominium Plan.
"
.1
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.1
LOAN NO. SAM 01-94
.
DEED OF TRUST RIDER
TORCA Shared Appreciation Loan Program
This Deed of Trust Rider is attached to and made a part of the Deed of Trust dated
MARCH 22 , 19~ made payable to City of Santa
M.Qn.ig as Lender and executed by Borrower.
l. Borrower agrees to the provisions of this Deed of Trust Rider in addition to those of the
Deed of Trust.
2. DEFINITIONS. The following definitions shall apply throughout this Deed of Trust Rider:
2.1 Appraiser. An appraiser who is a MAl member of the American Institute of Real
Estate Appraiser or a SPRA member of the Society of Real Estate Appraisers (or in case
such professional designations are modified or discontinued, the most nearly equivalent
successor designations.).
2.2 Appreciation The Sales Price (or the market value in the case of a matured loan,
prepayment or default), minus closing costs, real estate commissions, and any other
normal and customary costs incurred by the Borrower in selling the Property, minus the
Original Sales Price of the Property, minus normal and customary closing costs incurred
by the Borrower in purchasing the Property, minus the value of any capital improvements
or fixture improvements to the Property for which the Borrower has received prior City
of Santa Monica approval.
Normal and customary closing costs shall include non-reoccurring charges incurred in
connection with property transfer and acquisition financing, including title insurance,
escrow fees, termite inspection fees, documentary transfer taxes, loan origination fees,
appraisal fees, credit reports, recording fees, and other miscellaneous fees, but not
including prepaid interest, impound fees, property taxes, hazard insurance, repairs, and
similar costs.
2.3 Original Sale Price. $ 104,000,00
2.4 PrinicpaJ Sum.$ 58,900.00
2.5 Property. The real property described in Exhibit A attached to this Rider and
made part of hereof.
)
2.6 Sale or Transfer." Any sale or transfer of any part of the Property or any interest
in it (except a sale or transfer which under federal law, would not, by itself, permit
lender to exercise a due on sale or due on encumbrance clause).
2.7 Sales Price. The consideration paid for the Property including the amount of any
existing financing that the purchaser of the Property assumes or takes subject to. This
price shall be no less than 95 % of the fair market value of The Property. Borrower shall
provide Lender an appraisal of fair market value upon request by Lender.
2.8 This Date. MARCH 22 , 19 94
3. TIME OF PA YMENT. The Note shall be due and payable in full on the date of the first
Sale or Transfer to occur after This Date, provided that in the event no Sale or Transfer
occurs within twenty (20) years of This Date, the Note shall be automatically due and
payable.
4. AMOUNT OF PAYMENT. If and when the Note becomes due pursuant to Section 3
above, Borrower shall pay to Lender the Prinicpal Sum, together with a share of the
appreciation in the market value of the propelrty due to the Lender ("Contingent Interest")
equal to FIFTY-SEVEN ,. percent ( 57 %) of appreciation, if any,
plus the amount of Early Sale Assessment as described in Paragraph 8 below if any.
5. PREPAYMENT. Borrower shall have the right at any.,'tir]l(~ to repay thg~bte,> provided
that any prepayment must be in full and not in part. In the e~ent of prepayment,' the amount
}~,,-0lC
LOAN NO.
. .
payable in full by Borrower shall be the Principal Sum and all other amounts owing, together
with contingent interest equal to FIFTY-SEVEN percent ~ %) of the
appreciation, if any, plus the amount of Early Sale Assessment, as described in Paragraph 8
below. To determine the fair market value of the Property for purposes of this Section 5,
Borrower and Lender shall endeavor to agree upon an Appraiser, who shall finally determine
the fair market value of the property as of the actual or anticipated prepayment. If the
parties are unable to agree upon an appraiser within ten (10) days, the Lender shall have an
appraisal made by an Appraiser of its choice to establish the fair market value. The
Borrower may also, at Borrower's expense, have an appraisal made by an Appraiser of the
Borrower's choice to establish the market value. If agreement cannot be reached, the
average of the two appraisals shall be deemed to be the fair market value of the property.
All appraisals shall be completed within 60 days of selection of an appraiser.
6. DEFAULT UNDER DEED OF TRUST.) Notwithstanding any provision of the Note, if
default occurs in any of the covenants or agreements contained in the Deed of Trust securing
the Note, the Note shall immediately become due and payable in full at the option of Lender.
In the event Lender exercises such option, the amount due and payable shall be the Principal
Sum, and all other amounts owing, together with Contingent Interest equal to
FIFTY-SEVEN percent ~%) of the appreciation, if any, plus the
amount of Early Sale Assessment, as described in Paragraph 8 below, if any. For purposes
of this Section 6, the fair market value of the Property shall be that determined by an
Appraiser appointed by Lender, whose determination of fair market value shall be final and
conclusive if approved by Lender. Failure by Lender to exercise its option to accelerate in
the event of default shall not constitute waiver of the right to exercise such option in the
event of the same or any other default.
7. SUBORDINATION. This Deed of Trust is subordinate to the Deed of Trust of even
date herewith in favor of FIRST FEDERAL BANK OF CALIFORNIA
securing a note in the amount of $ 39,900,00
and the Deed of Trust of even date herewith in favor of
securing a note in the amount of $
In the event that the parties named in this Pilragraph
and their successors and assigns, receive title to the Property through a trustee's sale, a
judicial foreclosure sale or deed in lieu of foreclosure, of such deed of trust or mortgage, and
any conveyance or transfer thereafter, they shall receive title free and clear of the provisions
of this Deed of Trust.
8. EARLY SALE ASSESSMENT. If the Borrower makes a Sale or Transfer, as described
in paragraph 2.6 herein, or defaults as described in Section 6 herein, on a date at least two
years but less than three years following This Dale, then in addition to the Contingent
Interest described above, Borrower will owe the Lender an Early Sale Assessment, equal to
10% of the appreciation.
If the Borrower makes a Sale or Transfer, as described in paragraph 2.6 herein, on a date at
least one year but less than two years following This Date, then in addition to the Contingent
Interest described above, Borrower will owe the Lender an Early Sale Assessment, equal to
20% of the appreciation if any.
If the Borrower makes a Sale or Transfer, as described in paragraph 2.6 herein, on a date
less than one year following This Date, then in addition to the Contingent Interest described
above, Borrower will owe the Lender an Early Sale Assessment, equal to 30% of the
appreciation, if any.
The Lender may, at its sole discretion, waive this Early Sale Assessment.
9. USE OF PROPERTY. The Borrower shall occupy the Property as the Borrowerls
primary residence. The Property shall not be used for commercial purposes or leased.
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"Jp-~t 0(1'<
" . LOAN NO.
SAM 01-94
NOTICE: T!\is Note requires payment of the principal, contingent interest, and early sale
penalties if certain events occur. 4#''f~
ORIGINAL
NOTE
TORCA Shared Appreciation Loan Program
MARCH 22, , 19--2L ) SANTA MONICA , California
2033 EUCLID STREET #10 SANTA MONICA, CALIFORNIA 90405
Property Address City State Zip Code
FOR VALUE RECEIVED, th.e undersigned, CAROL LYNN MORRIS
, hereafter called "Borrower," hereby jointly and
severaIly promise to pay to City of Santa Monica a Charter City organized and existing under
the State of California, hereafter caIled "Lender," or to Lender's order, at such a place as
Lender may designate, lawful money of the United States of America as hereafter set forth.
1. DEFINITIONS. The following definitions shall apply throughout this Note:
(A) Appraiser. An appraiser who is a MAl member of the American Institute of Real
Estate Appraiser or a SRPA member of the Society of Real Estate Appraisers (or in case such
professional designations are modified or discontinued, the most nearly equivalent successor
designations.) .
(B) Appreciation. The Sales Price (or the market value in the case of a matured loan,
prepayment or default), minus closing costs, real estate commissions, and any other normal and
customary costs incurred by the Borrower in selling the Property, minus the Original Sales
Price of the Property, minus normal and .;:ustomary closing costs incurred by the Borrower in
purchasing the Property, minus the value of any capital improvements or fixture improvements
to the Property for which the Borrower has received prior City approval.
Normal and customary closing costs shall include non-reoccurring charges incurred in
connection with property transfer and acquisition financing, including title insurance, escrow
fees, termite inspection fees, documentary transfer taxes, loan origination fees, appraisal fees,
credit reports, recording fees, and other miscellaneous fees, but not including prepaid interest,
impound fees, property taxes, hazard insurance, repairs, and similar costs.
(C) Original Sales Price. $ 104,000.00
(D) Principal Sum. $ 58,900.00
(E) Property. The real property described in Exhibit A attached to this Note and
made.a part of hereof.
(F) Sale or Transfer. Any sale or transfer of any part of the Property or any interest
in it (except a sale or transfer which under federal law, would not, by itself, permit Lender to
exercise a due on sale or due on encumbrance clause).
(0) Sales Price. The consideration paid for the Property including the amount of any
existing financing that the purchaser of the Property assumes or takes subject to. This price
shall be no less than 95 % of the fair market value of the Property. Borrower shall provide
Lender an appraisal of fair market value upon request by Lender.
(H) This Date. MARCH 22, , 19 94 .
(I) Early Sale Assessment. If the Borrower makes a Sale or Transfer, as described
in paragraph F herein, on a date at least two years but less than three years, following This
Date, then, in addition to the Contingent Interest described below, Borrower will owe the Lender
an Early Sale Assessment, equal to 10% of the appreciation.
, . I LOAN NO. SAM 01-94
)
,.
Jr the Borrower makes a Sale or Transfer, as descrihed in pamgraph F herein, on a date atlcast
one year blltless than two years following This Date, Ihen in addition to the Contingent Interest
desdibcd below, Borrower W!\l owe the Lender an E;uly Sale Assessment, eqllalto 20% of the
appreciation, if any. . . .
If the Borrower makes a Sale or Transfer, as described in par"graph P herein, on a date less
than one year following Tl\is Dnte, then in addition to Ihe Contingent Interest descrihed helow,
1J0rrower will owe the Len!:ler an Early Sale Asse.~smcnl, eqllal to 10% of the appreciation, if
any.
The Lender may, at its sole discretion, waive this Early Sale Assessment.
(J) ~. The Cily of Santa Monica.
2. IJ.MLLQEI'A YMEt:!I. This Note shall he dill' ;Hullmyable in filII on the dale of Ihe lirsl
Sale or Transfer to occllr after This Date, provilfed Ihal in the evenl no Sale or Transfer occms
within twenty (20) years of This Dale, this Noll' shall he alllomalically dill' and payable.
3. AMOUNT Of l)AYMENT. I f and when this Note becomes dlle pursllant to Section 2
above, Borrower shall pay 10 Lender the Principal Sum, together wilh a share of the appreciation
in the market value of the property due to the Lender ("Contingent Interest") equal 10
FIFTY SEVEN percent (~%) of the apprecialion, if any, plus lhe amount of Ihe FlUly Sale
Assessment, as describeu in paragmph 1(1), if any.
4. PREPAYMENT. Borrower shall have the right at any time to repay the Note, provided that
any prepayment must be in full anu not in part. In Ihe evenl of prepayment, the amount payable
in filII hy Borrower shall be the Principal Sum and all olher amounts owing, together with
contingent interest equal to FIFTY-SEVEN percent (-51- %) or the :lppred:llion,
if any, plus the amount of Early Sale ^ssessment, as described in Paragmph 1(1) :lbove, To
determine the fair market value of lhe l;f(jperly for pmposes of lhis Section 4, Borrower and
Lender shall endeavor 10 agree upon an Appraiser, who shall finally determine lhe fair markel
value of the property as of Ihe aclual or anticipated prepayment. If the parties are unable 10
:lgree upon an appraiser within ten (10) uays, lhe Lender shall have an appr~isal made by an
Appraiser of its choice to establish the fair ll1arket value. The Borrower may also, at
Borrower's expense, have an appraisal made by an Appraiser of lhe Borrower's choice 10
establish the market value. If agreement cannot be reached, the average of the two appraisals
shall he deemed to be the fair markel valuc of lhe property. All :lppraisals shall be completed
within 6() uays of selection of an appraiser.
5. SECURITY\, This promissory note is seemed hy a Deed of Trust of even dalc herewith.
G. DEFAULT UNDER m~BJ,LOI' TB.U_ST Notwithslanding any olher provision of Ihis
Note, if default occurs in any of lhc covenants or ngrcell1ents containcd in the dced of Trusl
securing this Note, this Note shall imllledialely become due a 1111 Jlilyable in full allhe option
of Lenuer. In the event Lender exercises such oplion, Ihe amount due and payable shall be the
Principal Sum anu all olher amounts owing, togelher with Contingenl Interest equal to
FIFTY-SEVEN percent ( 57 %) of the ilpprecialion if any. plus the amount of the
Early Sales Assessment, if any as described in paragraph I (I) herein, POl' pmposes of this
Section 6, the Lender shall select the Appraiser whose delennination of fair market value shall
be final and conclusive, if appmved by Ihe Lemler. Failure by Lender to exercise its oplion to
accelerate in the event of a defaull shall nol constilule waiver of the righlto exercise such option
in the event of the same or any other defilult.
7. JOINT AND SEVERAL. The undersigncd, if more Ihan one, shall he jointly and
severally liable hereunder.
8. ATTORNEY'S FEliS.. If any default is made hereunder, Borrower fmther promises 10
pay reasonable allorney fees anu costs ami expenses incuned by Ihe Lender in connection with
any such defaull or any olher action or other proceeding hroughtto enforce or interpret any of
the provisions of this Noll'. The Lender's) right 10 such fees shall not be limited to or by its
representation by staff coun5'el. If Lender is '~cprcscnled hy starr Cllunse! such represen1ation
shall be valued at customary and reasonable rates for cOll1parahlc privale s('("lor legal services.
I
. I .
,
LOAN NO. SAM 01-94
9. TIME. Time is of the essence herein.
10. f.MENDMENTS. This Note may not be modified or amended except by an instrument
in writing expressing such intention executed by the parties sought to be bound thereby, which
writing must be so firmly attached to this promissory note so as to become a permanent part
thereof.
11. SEVERABILITY. The covenants of this Note are severable. Invalidation of any
covenant or any part thereof by law, judgement, or court order shall not affect any other
covenant.
12. PLACE OP PAYMENT. Borrower will make payment of all amounts due to Lender
under this Note to Lender at 1685 MAIN STREET, RM 212, SANTA MONI~A, CA 90401 or
such other address as Lender may designate in writing to Borrower.
13. BORROWER'S WAIVERS. Borrower waives all rights to require the Lender to do the
following: (A) to demand payment of amounts due (known as "presentment"); (B) to give notice
that amounts due have not been paid (known as "notice of dishonor"); (C) to obtain an official
certification of nonpayment (known as "protest").
14. GIVING OP NOTICES.. Any notice lhat mllst be given to Borrower under this Note will
be given by delivering it or by mailing it by certified mail addressed to Borrower at the Property
Address above. A notice will be delivered or mailed to Borrower at a different address if
Borrower gives the Lender written notice of Borrower different address. Any notice that must
be given to the Lender under this Note will be given by mailing it certified mail to the Lender
at the address stated in Section 12 above. A notice will be mailed to the Lender at a different
address if Borrower is given written notice of1lhat different address.
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MOL LYNN MORRIS DATE
(BORROWER)
.'
nolelin
F ehnJAry t4, 1994
. RECOROING REQUESTEO BY
AND WHEN RECORDED MAIL TO
r I
Name City of Santa Monica
1685 Main Street
~~~~:.. Santa Monica, CA 90407-2200
Attn: Johanna Gullick
City &
_n L ~
SPACE ABOVE THIS LINE FOR RECORDER'S USE
CAT. NO. NN0060S Request for Notice
TO 1934 CA 111-S9) UNDER SECTION 2924b CIVIL CODE
In accordance with Section 2924b, Civil Code, request is hereby made that a copy of any Notice of
.J i Default and a copy of any Notice of Sale under Deed of Trust recorded as Instrument No. on
:;l t recorded concurrently herewith ,19_, in Book/Reel ,Page/Image
Official Records of Los Angeles County, California, and describing land therein as
A Condominium Comprised of: Lot 1 of Tract No. 50611 AS MORE'PARTICULARLY DESCRIBED
AS EXHIBIT A ATTACHED HERETO
Executed by Carol Lynn Morris. an unmarried woman , as Trustor,
in which First Federal Bank of California is named as
Beneficiary, and Seaside Financial Corporation , as Trustee,
be mailed to City of Santa Monica
at 1685 Main STreet
Number and Streat
Santa Monica, Ca. 90407-2200
City and State
NOTICE: A Copy of any Notice of Default and of any Notice of Sale will be sent to the address contained
in this recorded Request. If your address changes, a new Request must be recorded.
Dated March 28, 1994
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Karen 'J. Kear . ~.
FOR CORPORATE ACKNOWLEDGEMENT
STATE OF CALIFORNIA }
COUNTY OF SS.
On before me, the undersigned, a Notary Public in and for said State. personally
appeared
pcrsonally known to me or proved to me On the basis of satisfactory" evidence to be the person who executed the within
instrument as the President, and
personally known to me or proved to me On the basis of satisfactory evidence to be the person
Acknowledgement "pr.p<orv of the. Corooration that execl!!.ed_.______.
Slale of ~ CALIFORNIA} On /] iz.r h if
55. .
County of ~.I" ~;f personally appeared
I p'",,"ally ko~ 'a m. (N p'a""" to ~ ~. be'" of w""""""
evidence) 10 be Ihe person(s) whose name(s) Is/are subscribed to Ihe
@ OFl'ic .. '., wllhln Instrument and acknowledged to me Ihal he/shellhey
NOTARYPU;~c~~~': executed the same In hls/herllhelr authorized capaclty(les), and that
wfARBRA TfAGUE lilA, . by hls/her/lhelr slgnalure(s) on Ihe Instr~menl the person(s), or Ihe
It ~'on rx:,"Gf.lES C()UNTY' enllty upon behalf of which Ihe person(s) acled, executed Ihe Inslru.
res Oct. 31, 1995 i ment.
~ WITNESS my hand and official seal.
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tactory eVluC,;'....:C tV u\,. ",,'"- 1'''''''''''''_., . I _ _ ',. 2~
instrument as . . .of the parrners of the partner' i: ' ,rflf'!\1'im\li1s1s ~ {l'Ull tll'l'l '
shIp that executed the WIthin Instrument. and aeknowleged to 1 here.,''! ~ '. in C:.lf ~ll()s,
me that such partnershIp executed the same. COClY,' of '!1C . P, _____
W,ITNF5S m\' hand and official seal. r>:.... 'c~:;L":":' ,,' ""Z' . ' ..
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Order No, Escrow or L.oan No. ____,___._. ______