The URL can be used to link to this page

Home My WebLink AboutFord St. Project 2006-08-23r1. RECORDED REQUESTED BY AND MAIL TO: City of Ukiah Redevelopment Agency Ukiah Civic Center 300 Seminary Ave. Ukiah, CA. 95482 ~MIYN~~RV~~IIIIIIIIIVIII~III~~~~III~~I~~ 2006-19830 1•teoo7,t:led <al; k; 1•ie re ques:>1. t (:"1 'T'Y (:1I' L Icrffli (:1I:.,,[1I:::ITT' 10/04/i.*?006 :1.0::450 01:: :1: (:.:1: (11.. 1W.:: L: f.m 1) f. lYl r I to f l W I~ r` t' t` , C 'l e r k. 1:t r ra e r 1yIeri(:Iac:i.rio (:',oun•l,y., (.rl SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS SECURING PROMISSORY NOTE This Deed of Trust, made this day of puut,et- . 2006, between Ford Street Project, Inc., herein called Trustor- w Ose address is~'139 Ford Street, Ukiah, California 95482, FIRST AMERICAN TITLE COMPANY, a California corporation, 551 South Orchard Avenue, Ukiah, California 95482, herein called Trustee, and the City of Ukiah Redevelopment Agency, Ukiah Civic Center, Ukiah, California 95482. 4,9 be eSiincq-ry WITNESSETH: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS TO TRUSTEE IN TRUST, WITH POWER OF SALE, that property in the City of Ukiah, Mendocino County, California, described as: SEE EXHIBIT A, attached hereto and incorporated herein by this reference. TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the right power and authority given to and conferred upon Beneficiary by paragraph (10) of the provisions incorporated herein by reference to collect and apply such rents, issues and profits. FOR THE PURPOSE OF SECURING the performance of the Trustot as set forth in the Promissory Note executed by Tr1} to vor of Beneficiary, dated ~iUgllSt 23 , 2006 ("Promissory Note"), including repayment in full of $ /~~~~~n • this Deed of Trust is granted by the Trustor subject to the following conditions, as well as other conditions set forth in an unrecorded portion of the Deed of Trust and in the Promissory Note (which is incorporated by reference into this Deed of Trust). 1. The Beneficiary shall have no rights under this Deed of Trust until such date, if ever, that the Trustor fails to satisfy its obligations to pay monies to the Beneficiary as set forth in the Promissory Note. 2. The interests and rights conveyed by this Deed of Trust shall be fully and completely reconveyed to the Trustor at such time as the Trustor has fully and timely paid all amounts due and payable under the Promissory Note, or such amounts have been forgiven in accordance with the terms of the Promissory Note. 3. Subordination. This Deed of Trust is subordinate to any deed of trust or mortgage on the Property, which deed of trust or mortgage is senior in recording priority to this Agreement, and is likewise subordinate to any mortgage or deed of trust which is given in connection with any refinancing of the loan secured by such senior deed of trust or mortgage, provided the loan amount of such refinancing does not exceed the then outstanding balance (plus refinancing and closing costs) of the existing senior loan. Any party, and its successors and assigns, receiving title to the Property through a trustee's sale, judicial foreclosure sale, or deed in lieu of foreclosure of such senior deed of trust or mortgage, including a deed of trust or mortgage which is given in connection with such refinancing, and any conveyance or transfer thereafter, shall receive title free and clear of the provisions of this Option Agreement. The Deed of Trust is further subordinate to the deeds of trust or mortgages described on the attached Exhibit B, which is incorporated herein by this reference. TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR AGREES: By the execution and delivery of this Deed of Trust and the Personal Surety Bond secured hereby, that provisions (1) to (14), inclusive of the fictitious deed of trust recorded in Napa County, July 10, 19"78, and in all other Counties, July 7, 1978, in the book and at the page of Official Records in the office of the County Recorder of the County where said property is located, noted below opposite the name of such County, viz: S:\djr\docs97\ncihadot August 22, 2006 COUNTY BOOR PAGE COUNTY BOOK PAGE Alameda RE 5477 IM 148 Orange 12749 728 Alpine 30 374-376 Placer 1996 591 Amador 333 343 Plumas 291 119 Butte 2301 464 Riverside 1978 140181 Calaveras 475 244 Sacramento 78-07-07 1144 Colusa 461 325 San Benito 432 18 Contra Costa 8914 326 San Bernardino 9469 1383 Del Norte 219 441 San Diego 1978 78-285214 E1 Dorado 1649 92 San Francisco C601 709 Fresno 7069 711 San Joaquin 4420 184 Glenn 631 343 San Luis Obispo 2084 280 Humboldt 1500 553 San Mateo 7759 2337 Imperial 1418 1241 Santa Barbara 78-30910 - Inyo 232 93 Santa Clara D797 194 Kern 5123 521 Santa Cruz 2933 275 Kings 1122 516 Shasta 1536 350 Lake 942 153 Sierra 78 652 Lassen 334 458 Siskiyou 824 414 Los Angeles 78-738583 - Solano 1978 55321 Madera 1406 233 Sonoma 3421 802 Marin 3400 76 Stanislaus 3074 385 Mariposa 185 364 Sutter 929 678 Mendocino 1157 523 Tehema 755 108 Merced 2130 629 Trinity 192 632 Modoc 255 590 Tulare 3549 778 Mono 246 573 Tuolumne 539 129 Monterey 1257 744 Ventura 5158 219 Napa 1088 368 Y010 1316 148 Nevada 963 297 Yuba 671 393 (which provisions, identical in all counties, are printed on the attached page 2 hereof) hereby are adopted and incorporated herein and made a part hereof as fully as though set forth herein at length; that he will observe and perform said provisions; and that the references to property, obligations, and parties in said provisions shall be construed to refer to the property, obligations, and parties set forth in this Deed of Trust. The undersigned Trustor requests that a copy of any Notice of Default and any Notice of Sale hereunder be mailed to him at his address hereinbefore set forth. This trust deed is re-recorded to correct for the omission of "Exhibit All in the prior recording on November 26, 1996, in Book 2377, Page 340, Official Records, Mendocino County. Signature of Trustor: rved Y-Ir-f 67P aPjTj-e Zi C, P By : A 141 ,ot INIIIIIIIIIII~VIIIIIIIIIIIIIIIIIIIIIIIIII pomz seam August 2006 ACKNOWLEDGMENT State of California County of eh kelryj ~ On lwqost 6. persona before me, KeI1V Ke~PS Notary personally known to me OR proved to me on the basis Qf s tisfactor 3 dense D be the person (,sj whose name (~Y s are subs bed to the within instrument an acknowledged IS pdkAhmdhm to me that rejshe/they executed the same in is her/their KELLY KEYES authorized capacity (3,ns) , and that by is her their signa- ConxtNNbn # 1657817 tures on the instrument the person(.. or the entity upon Nlota y RikiNC - Cd wio behalf of which the person (sT acted, executed the Mendocino County instrument. My Camm. Apt 1 i, 701 WITNESS my hand and official seal. OPTIONAL Though Statute does not requi a the Votary to fill in the data below, doing so may prove valuable to persons relying on the document. DESCRIPTION OF ATTACHED DOCUMENT: Title or Type of Document: Document Date: Signer(s) Other Than Named Above: CAPACITY CLAIMED BY SIGNER: Signer's Name: Individual Corporate Officer(s) Title (s) Partner - Limited Attorney-in-Fact Trustee(s) Guardian Other: SS. General SIGNER IS REPRESENTING: Person(s) or Entity(ies) Number of Pages: CAPACITY CLAIMED BY SIGNER: Signer's Name: Individual Corporate Officer(s) Title(s) Partner Limited General Attorney-in-Fact Trustee(s) Guardian Other: SIGNER IS REPRESENTING: Person(s) or Entity(ies) ~~.I~ IIIIIII~NNIIIYIIYI Y~IIIM NI~^II Jill P20 9m 36-1 179830 s:\djr\docs97\ncihadot August 22, 2006 Title Order Number: File Number: 2306-2251654 Exhibit "A" Real property in the City of Ukiah, County of Mendocino, State of California, described as follows: Tract One: Commencing at the intersection of the South line of Ford Street and the Westerly right of way line of the Northwestern Pacific Railroad; thence Westerly along the South line of said Ford Street, 137.12 feet to the Northwest corner of the Ford Street Project property as described in Instrument #2004-21560, Official Records, Mendocino County Records, thence along the West line of said Ford Street Project property South 03015'00" East, 73.00 feet to the point of beginning of this description; thence leaving said West line South 86045'00"West, 62.50 feet; thence South 03015'00" East, 19.00 feet; thence South 86045'00" West, 37.50 feet; thence South 03015'00" East, 200 feet, more or less, to the center of Orr Creek;'thence Easterly down the center of Orr Creek 100 feet, more or less, to a point from which the point of beginning bears North 03015'00" West, thence North 030 15' 00" West, 197 feet, more or less, to the point of beginning. APN:002-121-19 The above legal description is pursuant to the City of Ukiah Boundary Line Adjustment #05-30, which was completed by a Quit Claim Deed recorded January 18, 2006 as 2006-01089, Mendocino County Records. Tract Two: A non-exclusive easement for ingress, egress and public utilities 25 feet in width and extending from the North line of Tract One above to Ford Street. The East line of said easement is described as follows: Beginning at the Northwest corner of the Ford Street Project property as described in the Deed recorded in 2004-21560; thence West, along the South line of Ford Street, 60 feet to the point of beginning of this line; thence due South to the North line of Tract One above. APN:002-121-19 2006-19830 P9:4/7 EXHIBIT B TO DEED OF TRUST LIST OF DEEDS OF TRUST AND MORTGAGES TO WHICH DEED OF TRUST IS SUBORDINATE None. 11111 Jill Jill PB 6/]9830 DO NOT RECORD The following is a copy of provisions (1) to (14), inclusive of the fictitious deed of trust, recorded in each count in California, as stated in the foregoing Deed of Trust and incorporated by reference in said Deed of Trust as being part thereof as if set forth at length herein. TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR AGREES: (1) To keep said property in good condition and repair; not to remove or demolish any building thereon; to complete or restore promptly and in good and workmanlike manner any building which may be constructed, damaged or destroyed thereon and to pay when due all claims for labor performed and materials furnished therefor; to comply with all laws affecting said property or requiring any alterations or improvements to be made thereon; not to commit or permit waste thereof; not to commit, suffer or permit any act upon said property in violation of law; to cultivate, irrigate, fertilize, fumigate, prune and do all other acts which from the character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general. (2) To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; and to pay all costs and expenses, including cost of evidence of title, and attorney's fees in a reasonable sum, in any such action or proceeding in which Beneficiary or Trustee may appear, and in any suit brought by Beneficiary to foreclose this Deed. (3) To pay; at least ten days before delinquency all taxes and assessments affecting said property, including assessments on appurtenant water stock; when due, all encumbrances, charges and liens, with interest, on said property or any part thereof, which appear to be prior or superior hereto; all costs, fees and expenses of this Trust. Should Trustor fail to make any payment or to do any act as herein provided, then Beneficiary or Trustee, but without obligation so to do and without notice to or demand upon Trustor and without releasing Trustor from any obligation hereof, may; make or do the same in such manner and to such extent as either may deem necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; pay, purchase, contest or compromise any encumbrance, charge or lien which in the judgment of either appears to be prior or superior hereto; and in exercising any such powers, pay necessary expenses, employ counsel and pay his or her reasonable fees. (4) To pay immediately and without demand all sums so expended by Beneficiary or Trustee, with interest from date of expenditure at the amount allowed by law in effect at the date hereof, and to pay for any statement provided for by law in effect at the date hereof, regarding the obligation secured hereby any amount demanded by Beneficiary not to exceed the maximum allowed by law at the time when said statement is demanded. (5) That any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned and shall be paid to Beneficiary who may apply or release such moneys received by him in the same manner and with the same effect as above provided for disposition of proceeds of fire or other insurance. (6) That by accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his right either to require prompt payment when due or all other sums so secured to declare default for failure so to pay. (7) That at any time or from time to time, without liability therefor and without notice, upon written request of Beneficiary and presentation of this Deed for endorsement, and without affecting the personal liability of any person or payment of the indebtedness secured hereby, Trustee may: reconvey any part of said property; consent to the making of any map or plat thereof; join in granting any easement thereon; or join in any extension agreement or any agreement subordinating the lien or charge thereof. (8) That upon written request of Beneficiary stating that said Personal Surety Bond has been exonerated, and upon surrender of this Deed to Trustee for cancellation and retention and upon payment of its fees, Trustee shall reconvey, without warranty, the property then held hereunder. The recitals in such reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof. The grantee in such reconveyance may be described as "the person or persons legally entitled thereto." Five years after issuance of such full reconveyance, Trustee may destroy this Deed (unless directed in such request to retain same). (9) That upon default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for sale and of written notice of default and of election to cause to be sold said property, which notice Trustee shall cause to be filed for record. Beneficiary also shall deposit with Trustee this Deed, and all documents evidencing expenditures secured hereby. After the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of sale having been given as then required by law, Trustee, without demand on Trustor, shall sell said property at the time and place fixed by it in said notice of sale, either as a whole or in separate parcels, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any proration of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to such purchaser its deed conveying the property so 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.. Any person, including Trustor, Trustee, or Beneficiary as hereinafter defined, may purchase at such sale. Au9•== 22, 2006 ncihadot 1111 IN pains ~eeam o . . a: I 0 After deducting all costs, fees and expenses of trustee and of this Trust, including cost of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of: all sums expended under the terms hereof, not then repaid, with accrued interest at the amount allowed by law in effect at the date hereof; all other sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto. (10) Beneficiary, or any successor in ownership of any indebtedness secured hereby, may from time to time, by instrument in writing, substitute a successor or successors to any Trustee named herein or acting hereunder, which instrument, executed by the Beneficiary and duly acknowledged and recorded in the office of the recorder of the county or counties where said property is situated, shall be conclusive proof of proper substitution of such successor Trustee or Trustees, who shall, without conveyance from the Trustee predecessor, succeed to all its title, estate, rights, powers and duties. Said instrument must contain the name of the original Trustor, Trustee and Beneficiary hereunder, the book and page where this Deed is recorded and the name and address of the new Trustee. (11) That this Deed applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors and assigns. The term Beneficiary shall mean the owner and holder, including pledges, of the Personal Surety Bond secured hereby, whether or not named as Beneficiary herein, in this Deed, whenever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the plural. (12) That Trustee accepts this Trust when this Deed, duly executed and acknowledged, is made a public record as 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 shall be a party unless brought by Trustee. a,t,,, 006 ncihadot 1111111 uIIY11 J11111 N111VIIll N ~~~eam PROMISSORY NOTE This Note is-:made this 23rd day of ng„S,t , 2006, and is incorporated into the Deed of Trust (ASecurity Instrument@) of the same date given by the undersigned (ABorrower@) to secure Borrower=s Note (ANote@) to the City of Ukiah Redevelopment Agency (ALender@) of the same date and covering the property described in the Security Instrument and located at: 133 A-D & 135 A-D Ford S,Thereinafter referred to as the AProperty. @ Ukiah, CA 95482 In return for a grant to increase the supply of low and moderate income housing in the City of Ukiah from the City of Ukiah Redevelopment Agency's Low and Moderate Income Housing Fund, including money on deposit in said fund to the credit of the County of Mendocino, the Borrower promises to pay U.S. seventy thousd.nd Dollars 70, 000.00 (this amount is called Aprincipal@) to the order of the Lender. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the ANote Holder. @ In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree to the following: Term: The term of this Note is fifty-five (55) years from the date it is made. Payment No installment payments are required under this Note. The entire principal amount plus accrued interest shall become immediately due and payable, if, during the term of this Note, for a continuous period of six or more months, Borrower or its successors or assigns, fails to keep housing units on the Property available at affordable housing cost to persons and families of low or moderate income and very low income and extremely low income households in accordance with the provisions of Health and Safety Code Sections 33334.3. If Borrower complies with this requirement for the full term of this Note, no payments shall be due from Borrower and this Note shall terminate and be of no further force or effect. Interest Interest shall accrue on the unpaid principal at the simple annual rate of three percent (3%). Giving of Notices SAdjtWoesOndhanote August 18, 2006 Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class mail to me at the property address above or at a different address if Borrower gives the Note Holder a notice of a different address. Any notice that must be given to the Note Holder under this Note will be given by mailing it by first class mail to the Note Holder at the address stated above or at a different address if Borrower is given a notice of that different address. Notice shall be deemed given on the date it is personally delivered or 48 hours after it is deposited in the U. S. mail with proper first class postage prepaid and address placed on the envelope. Insurance Borrower will keep the Property insured for not less than the principal. The insurance shall cover damage to the Property caused by fire, vandalism, flood, weather and earthquake. Insurance shall be issued by companies admitted to issue insurance in the State of California. Lender shall be named as a loss payee on the policy. Borrower shall furnish Lender with proof of insurance satisfactory to Lender and the company issuing the insurance shall be required to notify Lender 30 days in advance, if the policy is canceled or not renewed. In the event Lender is notified of cancellation or non-renewal, it shall be entitled to pay the premiums which will be added to the principal owed under this Note. Waivers Borrower and any other person who has obligations under this Note waive the rights of presentment and notice of dishonor. "Presentment" means the right to require the Note Holder to demand payment of amounts due. "Notice of Dishonor" means the right to require the Note Holder to give notice to other persons that amounts due have not been paid. Uniform Secured Note In addition to the protections given to the Note Holder under this Note, the Security Instrument, dated the same date as this Note, protects the Note Holder from possible losses which might result if Borrower does not keep the promises which it makes in the Note. The Security Instrument describes to which liens and encumbrances it is subordinate and how and under what conditions Borrower may be required to make immediate payment in full of amounts owed under this Note. Attorneys' Fees In the event that either party is required to obtain the services of an attorney for enforcement S:\djr\docs97Nncihanoto August 18, 2006 2 ofthe terms herein, the prevailing party shall be entitled to recovery of such attorneys, fees and other costs associated with such enforcement, including costs of litigation and including any appeals therefrom. FORD STREET PROJECT, INC. f By: t2- Type Name: Ron Arkin Its: President S:\djr\docs97\ncihanote August 22, 2006 3 DO NOT RECORD REQUEST FOR FULL RECONVEYANCE To be used only when the Personal Surety Bond has been exonerated. Dated: To Trustors Security Service, Trustee: The undersigned is the legal owner and hold of the Personal Surety Bond secured by the within Deed of Trust. That said personal surety bond has been exonerated and you are hereby requested and directed, on payment to you of any sums owing to you under the terms of the said Deed of Trust, to reconvey, without warranty, to the parties designated by the terms of said Deed of Trust, the estate now held by you under the same. MAIL RECONVEYANCE TO CITY OF UKIAH By: Its: Do not lose or destroy this Deed of Trust. It must be delivered to the Trustee for cancellation before reconveyance will be made. s:\djr\docs97\ncihadot August 22, 2006 ACKNOWLEDGMENT State of California ss. County of ) On before me, Notary Public, personally appeared personally known to me OR proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signa- tures 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. OPTIONAL Though Statute does not require the Notary to fill in the data below, doing so may prove valuable to persons relying on the document. DESCRIPTION OF ATTACHED DOCUMENT: Title or Type of Document: Document Date: Signer(s) Other Than Named Above: CAPACITY CLAIMED BY SIGNER: Signer's Name: Individual Corporate Officer(s) Title (s) Partner - Limited Attorney-in-Fact Trustee(s) Guardian Other: Number of Pages: CAPACITY CLAIMED BY SIGNER: Signer's Name: Individual Corporate Officer(s) Title (s) General Partner Limited General Attorney-in-Fact Trustee(s) Guardian Other: SIGNER IS REPRESENTING: Person(s) or Entity(ies) SIGNER IS REPRESENTING: Person(s) or Entity(ies) s:\djr\docs97\ncihadot August 22, 2006