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HomeMy WebLinkAboutSHAUNA C. QUICK - 1994-01-18 CITY OF HUNTINGTON BEACH Inter-Office Communication Economic Development Department DATE: June 12, 2000 TO: Gus Duran,Housing/Redevelopment Manager FROM: Joyce DeKreek,Housing/Redevelopment Consultant SUBJECT: Research on Loan Forgiveness, 1st Time Home-Buyers Program Redevelopment Set-Aside, $400,000 and Redevelopment Set-Aside, $750,000 I have reviewed our records regarding funding of lst Time Home-Buyers Program to determine the names and amount of assistance which benefited the applicants from the $400,000 in Redevelopment Set-Aside funds approved by the Redevelopment Agency (RDA) at their November 1, 1993,meeting and from the $750,000 in Redevelopment Set-Aside funds approved by the RDA for the Pacific Park Villas at their February 6, 1995 meeting. The Redevelopment Agency approved nine applicants from the$400,000 allocation in conjunction with the City's CDBG I"Time Home-Buyers Program and one additional applicant for the RDA lst Time Home-Buyers Program only. The RDA portion of these loans are Bastou($25,000),Dieckmeyer($23,000), Griffen($25,000),Hoang($23,000), Lawson($23,000),Melvin($35,000), Otto ($23,000), Quick, S. ($16,717), Quick,T. ($25,000),Rivera H. ($25,000). Quick,T.withdrew from the CDBG loan but maintains the RDA loan. These loans total$243,717. The Redevelopment Agency approved fifteen(15)applicants from the $750,000 allocation at Pacific Park Villas(PPV)to participate in the Redevelopment Agency I" Time Buyer Program. The names and amounts are(Carrillo ($35,000),Forchione ($35,000),Heckethom($35,000),Hosseinali ($35,000),Hocker($35,000),Lawrence ($35,000),Murch($35,000), Osterhoudt($35,000),Peltier($35,000),Rivera-Burgess ($35,000),Wallace($35,000),Weinfeld($35,000),Wong($35,000), Krueck($35,000), Margoles ($35,000). These loans total$525,000. Four loans (Melkerson/Uniack,Ojeda,Rene/White, Stratton),previously approved by RDA were not funded. G:/joyccAntermemo Reconvey.doc One loan (Wallace)was assumed by another qualified buyer(Stay). Two applicants have paid their loans: Melvin, paid off his RDA loan 10/21/1997 in the amount of$40,794.31 and Hoang, paid off his RDA loan on 12/21/1999 in the amount of $47,208.80. A check in the amount of$4,116.57 was issued to Mr. Hoang for overpayment, reducing the loan repayment to $43,092.23. These loans accrue simple interest at 5%, due and payable upon sale to a non qualified buyer and has shared equity. Cc: Connie Brockway, City Clerk Paul D'Alessandro, Deputy City Attorney David Biggs, Director, Economic Development John Reekstin, Director of Administrative Services Dan Villella, Director of Finance Jake Rahn, Administrative Services Hank ReveIes, Sr. Accountant Joyce de Kreek, Economic Development Steve Holtz, Development Specialist G-ljoyceAntcrmcmo Reconvey.doc t PACIFIC PARK VILLAS ($750,000— RDA) 95-01 (2-1-95) Carillo, Ann S 35,000 7861 Happy Drive, 4102 RDA 12-l 9-94 95-02 (2-1-95) Lawrence, James and Jeanette $ 35,000 18051 Joyful Lane, 416 RDA 12-19-94 95-03 (2-1-95) Wong, Wesley Chi $ 35,000 7681 Happy Drive, #202 RDA 12-19-94 95-04 (2-1-95) Hocker, ChristopherNandereb, Gayle$ 35,000 7681 Happy Drive, #101 RDA 12-19-94 95-06 (4-12-95) Rivera, Victor/Burgess, Debra. $ 35,000 18061 Joyful Lane,#104 RDA 4-3-95 96-01 (1-24-96) Heckethorne, Scan & Jacquelyn $ 35,000 7871 Happy Drive, 4102 RDA 1-16-96 96-02 (3-7-96) Margolis, Peter $ 35,000 18051 Joyful Lane,4104 RDA 3-4-96 96-03 ( Weinfeld, Julie $ 35,000 18061 Joyful Lane, #205 RDA 4-1-96 96-04 (7-17-96) Peltier, Edward $ 35,000 7871 Happy Drive, #201 RDA 7-15-96 96-05 (8-7-96) Wallace,Barbara Jo $ 35,000 18051 Joyful Lane,#205 RDA 8-5-96 96-06 (8-7-96) Murch, Gregory $ 35,000 18051 Joyful Lane,#102 RDA 8-5-96 97-01 (1-29-97) Krueck, Deborah $ 35,000 18061 Joyful Lane,#101 RDA 1-21-97 97-02 (4-30-97) Osterhoudt, Robert and Kathy $ 35,000 18061 Joyful Lane,#102 RDA GJjoyceAntcrmemo Rcconvey-doc t 97-03 (5-14-97) Hosseinali, Faroukh $ 35,000 18061 Joyful Lane, #201 RDA 97-04 (7-23-97) Forchine,Richard $ 35,000 18051 Joyful Lane, #201 RDA 7-21-97 ls`TIME BUYER ASSISTANCE ($400,000 RDA) 94-4(2-11-94) Lawson, Sally $ 23,000 409 Utica Avenue#A-1 (RDA 1-18-94) 94-5 (2-11-94) Quick, Shauna $ 16,717 409 Utica Avenue#C-32 (RDA 1-18-94) 94-6 (2-11-94) Dieckmeyer,Barbara $ 23,000 409 Utica Avenue#B-21 (RDA 2-22-94) 94-8 (2-11-94) Otto,T./Shorb R. $ 23,000 409 Utica Avenue#A-7 (RDA 1-18-94) 94-10(2-11-94) Hoang,Tam $ 23,000 409 Utica Avenue#D-37 (RDA 2-22-94) 94-11 (5-18-94) Bastou,Valerie $ 25,000 409 Utica Avenue#D-43 (RDA 5-18-94 94-12 (5-18-94) Quick La Reine,Teresa $ 25,000 409.Utica Avenue#A-9 (RDA 5-18-94) 94-13 (6-23-94) Melvin,Patrick $ 35,000 409 Utica Avenue#D-39 (RDA 6-20-94) 94-14(7-27-94) Rivera,Hector&Iciar $ 25,000 409 Utica Avenue#A5 (RDA 7-18-94) 94-17 (10-4-94) Griffen, Olga Christina $ 25,000 409 Utica Avenue#C-23 (RDA 9-19-94) $243,717 Gljoyce/lntem mo Reconvey.doc i f4 7 . T CITY OF HUNTINGTON BEACH Inter-Office Communication IU• Economic Development Department DATE: May 23,2000 TO: Gus Duran,Housing/Redevelopment Manager FROM: Joyce DeKreek,Housing/Redevelopment Specialis* SUBJECT: Research on Loan Forgiveness, I'Time Home-Buyers Program 2nd$100,000 I have reviewed our records regarding funding of I"Time Home-Buyers Program to determine the names and amount of assistance which benefited the applicants from the 2nd$100,000 in CDBG funds approved by the City Council at their December 20, 1993, meeting. At that meeting eight applicants (Hoang,Heildesch, Quick,Lawson, Steenveld, Otto, Dieckmeyer and Chavez)were approved to participate in the I`Time Home-Buyers Program,totaling$59,100. However, two(2)applicants(Heildesch, Quick(Shaun) withdrew(or participated in another program) ,thereby lowering the total amount of assistance to $53,150. I have no record on Steenveld or Chavez(either on microfilm or files) and after checking with City Clerk's office,I believe these loans may not have been funded. If that's true,the total amount of assistance is lowered to $31,900. Since that meeting Bastou($5,000), Griffen($5,300),Melvin($10,000), Quick(Theresa) ($5,000) and Rivera H. ($5,000),were approved for CDBG 151 Time Buyer Assistance in conjunction with the Redevelopment 1"Time Buyer Assistance. Quick T. signed loan docs but withdrew prior to recording the docs. The CDBG amount of assistance is $25,300. Two applicants have paid back their loans: Hoang, CDBG loan paid on 12/21/1999 in the amount of$8,229.72 and Melvin, CDBG loan paid on 10-21-1997 in the amount of $11,655.36.. Wjoyceftter =Reconvey.doc f.. _ These loans are accrued at a 5% simple interest rate, due and payable upon sale, transfer, etc. Cc: Paul D'Alessandro, Deputy City Attorney Joyce de Kreek, Economic Development Steve Holz, Development Specialist GIljoycellntcmrmu Reconvey_doe ajar G &TY OF HUNTINGTON BEAM MEETING DATE: April 15, 1996 DEPARTMENT ID NUMBER: 96-001 Council/Agency Meeting Held: -{ Deferred/Continued to: *pproved ❑ Conditionally Approved ❑ Denied City Cler 's ignature Council Meeting Date: April 15, 1996 Department ID Number: 96-001 CITY OF HUNTINGTON BEACH REQUEST FOR CITY COUNCIUREDEVELOPMENT AGENCY ACTION SUBMITTED TO: HONORABLE MAYOR AND CITY COUNCILSUBMITTED BY: CONNIE BROCKWAY, CITY CLERK/CLERK L�b 2 ; DAVID BIGGS, ECONOMIC DEVELOPMENT DIRECTOR/REDEVELOPMENT DIRECTOR PREPARED BY: CONNIE BROCKWAY, CITY CLERK/CLERK L� SUBJECT: RESOLUTIONS ADOPTING THE POLICIES AND PROCEDURES MANUAL FOR DOWN PAYMENT ASSISTANCE LOAN PROGRAM AND ACCEPTANCE OF LOAN AGREEMENTS FOR OFFICIAL FILING Statement of Issue.Funding Source,Recorn vended Action,Alternative Action(s).Analysis,Envilp Mal Status,Attachments) Statement of Issue: The City Council/Redevelopment Agency is requested to accept and authorize the City Clerk/Clerk to officially file on behalf of the City, 18 Down Payment Assistance Loan Program Agreements which pursuant to previous direction of the City Council, have been repaired to protect the interests of the city. The City Council/Redevelopment Agency is also requested to approve the Policies and Procedures Manual for the City of Huntington Beach/Redevelopment Agency Down Payment Assistance Loan Program for staff use in future assistance programs. Fundin Source: None required. Recommended Action: 1. Authorize the City Clerk/Clerk to file on behalf of the City Council/Redevelopment Agency the 18 Down Payment Assistance Loan Program Agreements, as repaired to protect the city's interests pursuant to the previous direction of the City Council. C— 1 /,-} CK96001M.DOC -2- 04/01196 5:04 PM REQUEST FOR Clk COUNCIUREDEVELOPMEIT AGENCY ACTION MEETING DATE: April 15, 1996 DEPARTMENT ID NUMBER: 96-001 AND 2. Adopt Council Resolution No. 96-29 and Agency Resolution No. 273 adopting the Down Payment Assistance Loan Program Policies and Procedures Manual prepared by Kristine Price, Auditor, and direct that any substantial revisions to the manual be approved by the City Council/Redevelopment Agency. Alternative Action(s): Council/Agency may approve the manual with any revisions deemed necessary by Council_ Analysis: At the request of the City Clerk's Office and pursuant to City Council/Redevelopment Agency direction on March 20, 1995, repair work has been completed on 18 Down Payment Assistance Loan Program Agreements consisting of 27 notes with an aggregate outstanding balance of-$400,826. Kristine Price, outside auditor, has reviewed the repair work and has provided the city with a Letter of Satisfaction stating the city has taken the necessary steps to protect its interests through the appropriate correction of document errors and the creation of a Policies and Procedures Manual. The City Attorney's Office has confirmed by letter that the loan agreement files have been sufficiently repaired to protect the city. During the audit and following the audit, Kristine Price, Auditor held productive meetings with staff prior to preparing a Policies and Procedure Manual that meets our city's needs. With revisions from time to time, this manual will serve our city well. [It should be noted that the manual provides that any substantial revision to this manual shall be approved by the City Council/Redevelopment Agency.] The audit agreement that the City Council approved between the City and Kristine Price included the auditor conducting a training session with city staff. This session was not held due to Economic Development Department personnel turnover. The auditor deducted this from the agreement's final billing cost. However, the training session is available at such time as the city may require. Attachments: City Clerk's Page Number 1. Two communications from Kristine D. Price, Auditor, dated 9110/95 & 12/26/95 2. Communication from the City Attorney dated 11/30/95 3. City Council Resolution No. 96-29 "A Resolution Of The City Council Of The City Of Huntington Beach Adopting The Policies And Procedure Manual For Down Payment Assistance Loan Program." )ID 4. Redevelopment Agency Resolution No. 273 „A Resolution Of The Redevelopment Agency Of The City Of Huntington Beach Adopting The Policies And Procedures Manual For Down Payment Assistance Loan Program." t 5. Policies and Procedures Manual CK96001M.DOC -3- 04/05/96 1:19 PM RESOLUTION NO. 96--29 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH ADOPTING THE POLICIES AND PROCEDURE MANUAL FOR DOWN PAYMENT ASSISTANCE LOAN PROGRAM WHEREAS, the City Council of the City of Huntington Beach desires the preparation of uniform policies and procedures for administrating of the City's Down Payment Assistance Loan Program; and The City contracted the professional services of Kristine D. Price for the purpose of auditing the loan program and creating a manual for staff to Utilize when processing loan documentation; and Said manual containing uniform standards, procedures and policies for implementation of the loan program has been prepared; NOW, THEREFORE, IT IS HEREBY RESOLVED that the City Council of the City of Huntington Beach adopts the Polices and Procedure Manual for Down Payment Assistance Loan Program dated September 1, 1995, for use by City staff in implementing the program. BE IT FURTHER RESOLVED that any material revision to the manual be approved by the City Council. PASSED AND ADOPTED by the City Council of the City of Huntington Beach at an adjourned regular meeting thereof held on the 22jad day of April 1996. ATTEST: Mayor City Clerk APPROVED AS TO FORM: R AND APPR City Attorney INITI TED AND APPROVED: y Administrator Director of Economic Development CITY CLERK /AGENV CLERK 7/kldownpay/3119196 t Res. No. 96-29 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss: CITY OF HUNTINGTON BEACH ) I, CONNIE BROCKWAY, the duly elected, qualified City Clerk of the City of Huntington Beach, and ex-officio Clerk of the City Council of said City, do hereby certify that the whole number of members of the City Council of the City of Huntington Beach is seven; that the foregoing resolution was passed and adopted by the affirmative vote of at least a majority of all the members of said City Council at an adjourned regular meeting thereof held on the 22nd of February, 1996 by the following vote:. AYES: Councilmembers: Harman, Leipzig, Bauer, Sullivan, Dettloff, Green, Garofalo NOES: CouncHmernbers: None ABSENT: Councilmembers: None City Clerk and ex-officio Clerk of the City Council of the City of Huntington Beach, California Q1resa1utVmbkpg RESOLUTION NO. 273 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH ADOPTING THE POLICIES AND PROCEDURE MANUAL FOR DOWN PAYMENT ASSISTANCE LOAN PROGRAM WHEREAS, the Redevelopment Agency of the City of Huntington Beach desires the preparation of uniform policies and procedures for administrating of the Agency's Down Payment Assistance Loan Program; and The City contracted the professional services of Kristine D. Price for the purpose of auditing the loan program and creating a manual for staff to utilize when processing loan documentation; and Said manual containing uniform standards, procedures and policies for implementation of the loan program has been prepared; NOW, THEREFORE, IT IS HEREBY RESOLVED that the Redevelopment Agency of the City of Huntington Beach adopts the Polices and Procedure Manual for Down Payment Assistance Loan Program dated September 1, 1995, for use by Agency staff in implementing the program. BE IT FURTHER RESOLVED that any material revision to the manual be approved by the Redevelopment Agency. Pf SSE AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at/ gu ?YhO ng thereof held on the 22nd day of Apr; i 1995. ATTESTL� Chairman Agency C�erk APPROVED AS TO FORM: r RE A D APPROVED: to,-Agency Counsel INITI ED AND APPROVED: Executive erectorX, fAa /o Director of Econom c Development Z�t� CITY CLERK /AGENCY XLERK 7/k/downpay/3/19196 2 Res. No. 273 STATE OF CALIFORNIA ) COUNTY OF ORANGE. ) CITY OF HUNTINGTON BEACH ) I, CONNTE BROCKWAY, Clerk of the Redevelopment Agency of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution was duty adopted by the Redevelopment Agency of the City of Huntington Beach at an adjourned regular meeting of said Redevelopment Agency held on the 22nd day of April, 1996 and that it was so adopted by the following vote: AYES: Members: Harman, Leipzig, Bauer, Sullivan, Dettloff, Green, Garofalo NOES: Members: None ABSENT: Members: None Clerk of the Redevelopment Agency of the City of Huntington Beach, Ca. G/reso1uti/resbkpg2 LOAN AGREEMENT THIS LOAN AGREEMENT (the "Agreement") is made this 25TH day of FEBRUARY :. 1 19 94 by and between SHAUNA C. QUICK ("Participant") and THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, a public body, corporate and politic ("Agency"). RECITALS A. Participant has entered into an agreement (the "Purchase Agreement") to purchase that certain real property commonly known as 409 Utica Avenue, C-32, Huntington Beach, California, and more particularly described in Exhibit "A" attached hereto and incorporated herein (the "Property"). B. Participant requires assistance to purchase the Property and would not be able to purchase the Property without such assistance. Participant is a person or family of low or moderate income and currently earns less than 79% of the current annual median income for the Orange County area, as those terms are defined by California Health and Safety Code Section 50093. C. Participant has represented to Agency that Participant and Participant's immediate family intend to reside in the Property at all times throughout the term of this Agreement. D. Agency desires to utilize tax increment money to assist persons of low and moderate income to purchase residential property to increase, improve, and preserve low and moderate income housing available at an affordable housing cost within the City of Huntington Beach, all of which is consistent with the goals of the Affordable Housing Program and the Huntington Beach Redevelopment Plans. E. The Agency wishes to lend, and Participant wishes to borrow, Program funds to assist Participant to purchase the Property upon the terms and conditions set forth herein. 1 7/abrisas/02/22/94 NOW, THEREFORE, for good and valuable consideratlon the parties agree as follows: 1 . Agency Loan. Agency shall loan to Participant (the "Loan") the amount of Sixteen Thousand Seven Hundred Seventeen and no/100 Dollars ($16,717.00), subject to the conditions and restrictions set forth herein and those set.forth in the Promissory Note, the Disclosure Statement for the Program, the Deed of Trust and all applicable state, local and federal laws. The Loan shall be paid to the seller of the Property (the "Seller") by the Agency through deposit of the Loan proceeds into escrow with TIEMPO ESCROW (the "Escrow Agent") (Escrow No. 6511-L). The Agency shall direct the Escrow Agent to apply the proceeds of the Loan on behalf of Participant to the purchase price of the Property, and, at Participant's election, to the costs of closing, escrow fees, recording fees, loan points and fees, and/or document fees. At such time, Participant shall execute and deliver to the Agency a promissory note in favor of the Agency as holder, in the amount of the Loan, with Interest at five percent (5%) per year. The Loan, together with accrued interest and the equity share amount, shall be due In the event that Participant falls to comply with the terns of this Agreement, the Deed of Trust and Rider thereto, any Covenants, Conditions & Restrictions for Affordable Housing or Affordable Housing Agreement which is recorded on the Property, or any other law, requirement or condition of the Affordable Housing Program or governmental entity or sells the Property to a non-qualified Buyer. Otherwise, no payment of principal or interest shall be required during the term of the Loan. Participant shall execute and deliver a Promissory Note substantially in the form of the Promissory Note attached hereto as Exhibit "B" and incorporated herein by this reference. Participant shall also execute and deliver to the Agency a deed of trust encumbering the Property which shall secure the Promissory Note (the "Deed of Trust"), in the form of Exhibit "C" attached hereto and incorporated herein. 2. Maintenance of Property. Participant shall maintain the improvements on the Property In a manner consistent with community standards and in a manner which will uphold the value of the Property, and shall keep the Property free from any accumulation of debris and waste materials. Participant agrees to comply with any and all covenants and agreements established by any homeowner's association or other regulatory entity recognized by area property owners and comply with all applicable federal, state and local laws. 2 7/abrts2s/02/22194 3. The Loan, all interest accrued thereon and the equity share amount as defined herein below, shall be due and payable upon (1) sale, transfer, or other disposition of the Property, including, without limitation, lease, exchange or rent of any part of the Property, except sale to a purchaser approved by Agency, (li) the refinancing of the First Mortgage for a loan amount In excess of the then current loan balance or for an amortization period longer than the loan secured by the First Mortgage, or, (ifi) Participant is In material default of any other obligation contained In this Agreement or any provision of the Affordable Housing Agreement or Covenant (Attachment "D" to this Agreement) recorded on the property, or (iv) Participant violates any condition of the deed of trust or promissory note, or (v) the death of Participant (unless the Participant's household, occupying the property, contains more than one qualified participant and at least one qualified participant survives). At the request of Participant, the Agency may, in Its sole discretion, extend the term of the Loan. 4. New Wan to Qualified Buyer. Notwithstanding the provisions herein above, if the Property is sold by the Participant to a Buyer defined as a low or moderate Income household by Section 50093 of the California Health and Safety Code (or any other provision of law which may be enacted in the future, replacing Section 50093 or the law which defines "low or moderate" income for the purposes of affordable housing), and said Buyer is approved by Agency, ("Eligible Person or Family") and the Sales Price does not exceed an "affordable housing cost," as defined by Section 50052.5 of the California Health and Safety Code (or any other provision of law replacing this section which may be enacted in the future), and the Buyer assumes the Participant's loan, then no Equity Share Amount is due to the Agency upon such sale and interest is due under the conditions set forth below. In order to verify the Buyer's status as an Eligible Person or Family, Participant shall submit to the Agency, together with the notice of proposed sale pursuant to the Loan Agreement, the identity of the proposed Buyer and adequate Information evidencing the income of the proposed Buyer. Said Income information shall Include original or true copies of pay stubs, Income tax records or other financial documents in order that the Agency may determine and verify the household income of the proposed Buyer to determine Eligible Person or Family status and whether the Property is available to such Buyer at an affordable housing cost pursuant to the standards set forth in the Agency's Affordable Housing Program. If the Agency Is unable to verify the Buyer's income as provided herein, then the Buyer's income shall be deemed to exceed the maximum allowable income 3 7/abrfiu/02/22/94 • • limit for Eligible Persons and Families and the Equity Share Amount shall be due and payable concurrent with the repayment of the Note Amount plus interest. In the event that sale or transfer is made to an Eligible Person or Family, Interest which has accrued upon close of escrow shall be due and payable. Interest will begin to accrue at the simple rate of five percent per annum as to the new owner, on the date upon which escrow closes and will accrue on the then unpaid principal amount. 5. Notice to Agency. Participant agrees to notify the Agency not less than thirty (30) days prior to (1) the sale or transfer of the Property or (11) any refinancing of the lien secured by the First Deed of Trust (the "First Mortgage) or any lien or note to which the lien secured by the First Deed of Trust Is subordinate 6. Occupancy StandardsStandards. The Property shall be used as the personal residence of Participant and Participant's immediate family and for no other purpose. Participant shall not enter into an agreement for the rental or lease of the Property. 7. Income Information. Participant has submitted an eligibility verification form to the Agency prior to execution of this Agreement. Participant represents and warrants to the Agency that all Information Participant has provided and will provide in the future is and will be true, correct and complete. Participant acknowledges that the Agency is relying upon Participant's representations that Participant's Income does not exceed 79% of the area median income and would not have entered Into this Agreement If Participant's Income had exceeded 79% of the Orange County median income. 8. First Time Homebuyer. Participant represents and warrants to the Agency that neither Participant nor any of Participant's immediate family residing in the Property has, or has had, a present ownership Interest In a principal residence at any time during all or any part of the three (3) years immediately prior to the funding of the Agency Loan. 9. Loan_Servicine. The Agency may contract with a private lender to originate and service the Agency Loan. 10. Participant Financing. Participant shall obtain financing for the purchase of the Property from a reputable institutional lender approved by the 4 7/3bdiaVO2122/94 Agency (the "Lender"). The lien secured by the Deed of Trust shall only be subordinate to a first lien on the Property held by the Lender or Lender's assigns. In addition, not less than three percent (3%) of the Purchase Price of the Property shall be paid In cash from Participant's own resources and not from the proceeds of a loan. 11 . Covenants. Recorded in the Official Records of Orange County, Califomia, is a declaration of conditions, covenants and restrictions for property, which is known as an Affordable Housing Agreement or (covenants) which is attached as Exhibit "D" hereto and Incorporated herein. Participant agrees that the Property shall only be owned by Participant or other persons or families of low or moderate income available at an affordable housing cost,.as those terms are defined in the Affordable Housing Agreement, and that Participant shall not discriminate agains-: any person or group of persons on the basis of race, color, religion, sex, marital status, national origin or ancestry, all as set forth In the Affordable Housing Agreement. 12. Equity Share. In the event that the Agency Loan becomes due and payable prior to the thirtieth anniversary of the date of this Agreement, Participant shall pay to Agency concurrent with the principal and accrued interest, an amount equal to the "Equity Share Amount." The Equity Share Amount shall be determined by applying a percentage factor (the "Applicable Factor") to the difference between the Sales Price and the Purchase Price (defined below) as follow::: 1 . Prior to fifth anniversary fifty percent (50%) of the Agency Deed of Trust: 2. After fifth anniversary but forty-eight percent prior to sixth anniversary: (48%) 3. After sixth anniversary but forty-six percent (46%) prior to seventh anniversary: 4. After seventh anniversary but forty-four percent (44%) prior to eighth anniversary: 5 7/abrisWO2/22/94 S. After eighth anniversary but forty-two percent (42%) prior to ninth anniversary: 6. After ninth anniversary but forty percent (40%) prior to tenth anniversary: 7. After tenth anniversary but thirty-eight percent (38%) prior to eleventh anniversary: 8. After eleventh anniversary but thirty-six percent (36%) prior to twelfth anniversary: 9. After twelfth anniversary but thirty-four percent (34%) prior to thirteenth anniversary: 10. After thirteenth anniversary but thirty-two percent (32%) prior to fourteenth anniversary: 1 1 . After fourteenth anniversary but thirty percent (30%) prior to fifteenth anniversary: 12. After fifteenth anniversary but twenty-eight percent prior to sixteenth anniversary: (28%) 13. After sixteenth anniversary but twenty-six percent prior to seventeenth anniversary: (26%) 14. After seventeenth anniversary but twenty-four percent prior to eighteenth anniversary: (24%) 15. After eighteenth anniversary but twenty-two percent prior to nineteenth anniversary: (22%) 16. After nineteenth anniversary but twenty percent (20%) prior to twentieth anniversary. 17. After twentieth anniversary but eighteen percent ( 18%) prior to twenty-first anniversary: 6 7/abrhas/02/22/94 18. After twenty-first anniversary but sixteen percent (16%) prior to twenty-second anniversary: 19. After twenty-second anniversary but fourteen percent (14%) prior to twenty-third anniversary: 20. After twenty-third anniversary but twelve percent (12%) prior to twenty-fourth anniversary: 21 . After twenty-fourth anniversary but ten percent (10%) prior to twenty-fifth anniversary: 22. After twenty-fifth anniversary but eight percent (8%) prior to twenty-sixth anniversary: 23. After twenty-sixth anniversary but six percent (6%) prior to twenty-seventh anniversary: 24. After twenty-seventh anniversary but four percent (4%) prior to twenty-eighth anniversary: 25. After twenty-eighth anniversary but two percent (2%) prior to twenty-ninth anniversary: 26. After twenty-ninth anniversary but one percent (1%) prior to thirtieth anniversary: 27. After thirtieth anniversary: zero percent (0%) The "Purchase Price" is the original purchase price paid by the Participant to the Seller for Seller's interest in the Property, exclusive of escrow fees, title insurance costs, broker's commission, loan fees or any other closing or transaction costs. The "Sales Price" is the price to be paid by the buyer of the Property (the "Buyer") to Participant for Participant's interest in the Property, exclusive of escrow fees, title insurance costs, broker's commissions, loan fees or any other closing or transaction costs. 7 7/abrisas/02/22/94 In the event of sale of the Property and at the election of the Agency, the Agency may appoint a certified, independent appraiser to conduct any appraisal of the Property, at Participant's expense to assist the Agency in determining if the Sales Price is at or near the fair market value of the Property at such time. If the Sales Price is determined by the appraisal to be three percent (3%) or more below the fair market value of the Property as estimated in said appraisal, then the "Sales Price" for purposes of determining the Equity Share Amount shall be the fair market value of the Property established in said appraisal. PARTICIPANT ACKNOWLEDGES AND AGREES THAT UPON THE OCCURRENCE OF ANY OF THE EVENTS DESCRIBED IN PARAGRAPH 3 ABOVE, PRIOR TO THE 30TH ANNIVERSARY, PARTICIPANT SHALL PAY TO AGENCY AN EQUITY SHARE AMOUNT EQUAL TO A PERCENTAGE SHARE OF THE APPRECIATION OF THE PROPERTY AS CALCULATED PURSUANT TO THIS SECTION. EXCEPT AS PROVIDED HEREIN, THE AGENCY ACKNOWLEDGES AND AGREES THAT PARTICIPANT SHALL ONLY PAY THE NOTE AMOUNT AND THE EQUITY SHARE AMOUNT TO THE AGENCY IF, AND ONLY IF, PARTICIPANT FAILS TO CONTINUOUSLY OWN AND OCCUPY THE PROPERTY FOR THIRTY (30) YEARS, PARTICIPANT FAILS TO COMPLY WITH THE PROVISIONS OF THIS AGREEMENT, OR PARTICIPANT SELLS THE PROPERTY TO A BUYER NOT ILIFIED BY THE AGENCY.' ARTICIPANT AGENCY The value of all capital improvements to the Property made while Participant owned and occupied the Property shall be deducted from the Sales Price when calculating the Equity Share Amount, if Participant complies with the following: The costs incurred by the Participant for capital improvements shall be deducted from the Sales Price only if Participant submits the following to the Agency: (1) an itemized list of the improvements, (ii) reliable proof of completion of the Improvements (as evidenced e.g., by final building permits or certificate of completion), and (Iii) reliable evidence of the cost of 8 7/abrisas/02122/44 the Improvements and that Participant paid those costs (as evidenced e.g., by an itemized invoice or receipt). Notwithstanding the foregoing, Participant's obligation to pay the Equity Share Amount Is subject to a superior right of Participant, upon termination of the Agency Loan, to receive repayment of money paid by the Participant without Agency assistance for purchase of the Property (including down payment, Installment payments of mortgage principal pursuant to the First Lien, escrow fees, transfer taxes, recording fees, brokerage commissions, and similar costs actually paid by the Participant) and money paid by the Participant for capital Improvements to the Property. 13. Non-Waiver. Failure to exercise any right the Agency may have or be entitled to, in the event of default hereunder, shall not constitute a waiver of such right or any other right In the event of a subsequent default. 14. Indemnification. The Participant shall defend, Indemnify and hold harmless the Agency and the City of Huntington Beach and Its respective officers, agents, employees, representatives and volunteers from and against any loss, liability, claim or judgment relating In any manner to the property or this Agreement. The Participant shall remain fully obligated for the payment of property taxes and assessments related to the Property. There shall be no reduction in taxes for Participant, nor any transfer of responsibility to the Agency to make such payments, by virtue of the Loan. 15. Insurance. Participant shall maintain, during the term of the Agency Loan, an all-risk property Insurance policy insuring the Property in an amount equal to the full replacement value of the structures on the Property. The policy shall name the Agency as loss payee and shall contain a statement of obligation on behalf of the carrier to notify the Agency of any material change, cancellation or termination of coverage at least thirty (30) days in advance of the effective date of such material change, cancellation or termination. Participant shall transmit a copy of the certificate of insurance and loss payee endorsement to Agency within thirty (30) days of the effective date of this Agreement, and Participant shall annually transmit to Agency a copy of the certificate of insurance and a loss payee endorsement, signed by an authorized agent of the insurance 9 7/abrim/02/22/94 • carrier setting forth the general provisions of coverage. The copy of the certificate of insurance and loss payee endorsement shall be transmitted to Agency as follows: REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH Attention: Executive Director 2000 Main Street Huntington Beach, CA 92648 Any certificate of insurance must be in a form approved by the City Attorney. 16. Defaults. Failure or delay by either party to perform any term or provision of this Agreement which is not cured within thirty (30) days after receipt of notice from the other party constitutes a default under this Agreement; provided, however, if such default Is of the nature requiring more than thirty (30) days to cure, the defaulting party shall avoid default hereunder by commencing to cure within such thirty (30) day period and thereafter diligently pursuing such cure to completion. The party who so fails or delays must immediately commence to cure, correct, or remedy such failure or delay, and shall complete such cure, correction or remedy with diligence. The injured party shall give written notice of default to the party In default, specifying the default complained of by the injured party. Except as required to protect against further damages, the injured party may not institute proceedings against the party in default until thirty (30) days after giving such notice. Failure or delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time of default. 17. Documents. Participant is aware that the Agency has prepared certain documents to implement the Affordable Housing Program and secure repayment of the Loan. Participant has reviewed and agrees to the terms and conditions contained in the following documents prior to receiving the Loan: (a) Disclosure Statement (b) Promissory Note; (c) Deed of Trust; and 10 7/abrts3V02/22194 (d) The Affordable Housing Agreement (Exhibit "D"). (e) Notice of Right of Recission Participant agrees and acknowledges that the executed Deed of Trust, Disclosure Statement and the Affordable Housing Agreement shall be recorded with the County Recorder of the County of Orange and shall appear of record with respect to and as encumbrances to the Property. Participant further agrees to all terms and conditions of the Disclosure Statement which is hereby incorporated as if fully set forth herein. 18. Eurther AssuEances. The Participant shall execute any further documents consistent with the terms of this Agreement, including documents in recordable form, as the Agency shall from time to time find necessary or appropriate to effectuate its purposes in entering into this Agreement and making the Loan. 19. Governing Law. This Agreement shall be governed by the laws of the State of California. Any legal action brought under this Agreement must be instituted in the Superior Court of the County of Orange, State of California, in an appropriate municipal court In that county, or in the Federal District Court In the Central District of California. 20. Amendment ofA,greement.No modification, recission, waiver, release or amendment of any provision of this Agreement shall be made except by a written agreement executed by the Participant and Agency. 21. .Agency may, at its option, assign Its right to receive repayment of the loan proceeds without obtaining the consent of the Participant. 22. Assumption Permitted/Assignment Prohibited. In no event shall Participant assign or transfer any portion of this Agreement without the prior express written consent of the Agency, which consent may be given or withheld in the Agency's sole discretion. Assumption of the Loan shall be permitted, if consent Is given by Agency. This section shall not prohibit the Agency's right to assign all or any portion of its rights to the loan proceeds hereunder. 11 7/2brism/02/22/94 i 23. Entire AL7reernent. This Agreement constitutes the entire understanding and agreement of the parties. This Agreement Integrates all of the terms and conditions mentioned herein or incidental thereto, and supersedes all prior negotiations, discussions and previous agreements between the Agency and the Participant concerning all or any part of the subject matter of this Agreement. 24. Relationship of Particinant and Agency. The relationship of Participant and Agency pursuant to this Agreement is that of debtor and creditor and shall not be, or be construed to be a joint venture, equity venture, partnership, or other relationship. 25. Notices. Any notices, requests or approvals given under this Agreement from one party to another may be personally delivered or deposited with the United States Postal Service for mailing, postage prepaid, registered or certified mail, return receipt requested to the following address: To participant: To Agency: THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH Attention: Executive Director 2000 Main Street Huntington Beach, CA 92648 Either party may change its address for notice by giving written notice thereof to the other party. 26. Subordination-Clause. In the event of a foreclosure or deed In lieu of foreclosure of the First Deed of Trust, any provisions herein or any provisions In any other collateral agreement restricting the use of the Property to low or moderate Income households or otherwise restricting the Borrower's ability to sell the Property shall have no further force or effect on subsequent owners or purchasers of the Property. Any person, including his successors or assigns (other than the Borrower or a related entity of the Borrower), receiving title to the Property through a foreclosure or deed In lieu of foreclosure of the First Deed of Trust shall receive title to the Property free and clear from such restrictions. 12 71abrlsu/02l22194 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year written below. "PARTICIPANT" Date: -l Sy: Print Name: SM u li 0 Avc& Tide: Date: By: Print Name: Title: REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, a municipal corporation Date: 2 -z 3- By. �~ G Print Name: �t T Its: APPROVED AS TO FORM: By: GALL HUT ON City Attomey/Agency rounsel 1� 7/abr[sas/02/22/94 Recording Requested By And When Recorded Return To: Redevelopment Agency of the City of Huntington Beach 2000 Main Street Huntington Beach, CA 92648 Attn: Executive Director Property Address: 409 Utica Avenue C-32, Huntington Beach THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH LOAN DISCLOSURE STATEMENT Wile SHAUNA C. QUICK ("Applicant") understand and agree that the provision of financial assistance from The Redevelopment Agency of the City of Huntington Beach ("Agency") is conditioned upon a number of factors, including, but not limited to: • INVe must qualify for a home loan from an institutional lender acceptable to the Agency. • [/We must pay at least 3% of the home purchase price from our own funds. • I/We must qualify for assistance under the guidelines of the Agency's Program. I/We further Understand and agree that: • I/We will be responsible for repaying the loan at the time I/we sell, transfer, refinance, or no longer occupy my/our home, or breach any part of the Loan Agreement. • IIWe have a right to cancel or rescind this loan at any time prior to midnight on the third business day after the loan agreement is signed by sending a notice of my/our decision to rescind or cancel the loan to, Redevelopment Agency of the City of Huntington Beach 2000 Main Street, P.O. Box 190 Huntington Beach, CA 92648 Attn: Executive Director 7kt,t I5'.U'_'14i k • The Agency will not require me/us to make payments of principal or interest during the term of the loan. The full balance of principal and interest may be due and payable if I/we do not comply with the terms of the agreement to which this statement is attached or when the Loan is assumed. There are no loan closing costs, prepayment penalties or charges, points, fees, finance charges, service charges, investigation fees, credit report fees, insurance premiums, notary or escrow fees, late payment charges or other fees payable pursuant to this loan. An appraisal fee may be payable upon the refinancing of my/our house. • The Agency shall not be held responsible for any costs associated with the institutional loan for the home I/we purchase with such assistance including, but not limited to, any loan fees or charges, any charges for appraisals, or any escrow costs or other costs relating to the transfer of property. • The Agency cannot ensure that information provided by or on behalf of Applicant will be kept confidential. • The Agency shall not be responsible for the selection of a home by the Applicant, the selection of a lender providing funds assisting in the purchase of the home, providing information concerning other public or private sources of loans, or the competitiveness of the terms of the Program. I/we assume all responsibility for determining whether I/we desire to be considered for the Program, and I/we will inform myself/ourselves as to the availability and terms of other public or private loans. • The Agency shall not be charged with knowledge of the contents of the documents of the primary lender. • All loans must be approved by the Redevelopment Agency of the City of Huntington Beach; therefore, a minimum 60-day escrow is necessary. 2 • The Agency financial assistance I/we receive under this Program may be considered to be income for purposes of federal or state income taxes and the Agency shall not be held responsible for the payment of any taxes which I/we may incur by virtue of the receipt of such financial assistance. Dated: Signature of applicant Dated: Signature of applicant Dated: Signature of applicant APPROVED AS TO FORM: i ''yy /ep, � unsel 2 3 Iid-sdsi02i 14:'A • 5 RECEIVED CITY CLERK CITY OF HUNTINGTON 3EAGH, �WF. PROMISSORY NOT& 3 31 PH '94 Property Address: 409 Utica Avenue C-32, Huntington Beach, California FEBRUARY 25 1994 1. Promise to Pay. SHAUNA C. QUICK ("Borrower") promises to pay the REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, a public body, corporate and politic ("Holder," also referred to as "Agency"), at the office of the Agency in Huntington Beach, Californla, or at such other place as the Holder may designate in writing, the principal sum of Sixteen Thousand Seven Hundred Seventeen and no/100 Dollars ($16,717.00) (the "Note Amount"), together with interest. The balance of all unforgiven unpaid principal and accrued interest shall be due and payable upon sale of the Property or upon occurrence of the other events listed in the acceleration clause herein. 2. interest Rate Interest shall be charged by the Agency on the portion of the Note Amount remaining unpaid from time to time, from the date of the disbursement of the Note Amount until the date upon which the Note Amount Is repaid, at the simple rate of five percent (5%) per annum. In the event that Borrower transfers the Property to a Buyer qualified to participate In the Agency's Affordable Housing Loan Program and approved by the Agency ("Qualified Buyer"), all accrued interest which would then have been due and payable if the Borrower were in default will be paid on the date upon which escrow closes; however, no equity share amount shall be due. Interest at the rate of five percent (5%) per annum will begin to accrue as to the new Buyer on the remaining principal from the date upon which escrow closes and all interest thereafter accrued will be due and payable at the same time the Note becomes due and payable, unless the new qualified Buyer assumes the Loan. 3. Affordable Housing Agreement This Promissory Note is made and delivered pursuant to and in implementation of an Affordable Housing Agreement recorded on the property as a covenant binding upon Borrower (the "Agreement"), a copy of which is on fife as a public record with the Holder and is incorporated herein by reference, and a Loan Agreement between Borrower and Agency dated 02-25--94 This Promissory Note is attachment "B" to the Loan Agreement. 4. Acceleration The whole of the Note Amount, any interest accrued thereon, the equity share amount, and all other payments due hereunder and under the Agreement shall, at the option of the Holder, become due and be immediately payable to the Holder by the Borrower upon the occurrence of any one of the following events: (a) Unless sale is made to a quallfed Buyer who assumes the Loan, Borrower sells, transfers or makes disposition of the Property in whole or in part, including, without limitation, the lease, exchange or rental of the Property or any Interest therein, whether voluntary or involuntary; (b) Borrower refinances any lien or encumbrances to which the Agency Deed of Trust is subordinate for loan amount in excess of the then current loan balance secured by such lien or encumbrance; 1 7/Ioandoc/agerKWromnote/02/22/94 (c) Borrower falls to occupy the Property as Borrower's principal residence pursuant to the Loan Agreement or is in breach or default of any other obligation under the Agreement or violates the terms of the Affordable Housing Agreement (Affordable Housing Covenant); (d) The close of a probate estate following the death of Borrower (unless Borrower is more than one person and one or more of the other people comprising Borrower survive); (e) Borrower defaults on this Promissory Note; (0 Borrower defaults on the Agency Deed of Trust. In the event that there is a default in payment as scheduled herein or a default under the terms of the Deed of Trust securing this Note, or a default of the Agreement or In any other instrument executed by Borrower or any guarantor In favor of the Agency, the Agency may at Its election declare all amounts of the outstanding principal and accrued Interest thereon Immediately due and payable. 5. Application of Payments Any sums received hereunder may, at the options of Holder hereof, be applied in any order to the payment of costs, interest, or principal due hereunder. 6. Pregavmen[ Privilege is reserved to make prepayments of principal on this Note without penalty or fee. 7. Non-Waiver Failure to exercise any right the Holder may have or be entitled to, In the event of any default hereunder, shall not constitute a waiver of such right or any other right in the event of subsequent default. 8. Borrower's Waivers The Borrower and all guarantors and endorsers hereof hereby severally waive certain requirements of the Agency. These are: a) to demand payment of amounts due (known as "presentation for payment"), b) to give notice that amounts due have not been paid (known as "notice of dishonor") and c) to obtain an official certification of nonpayment (known as "protest"). Borrower consents that the Holder hereof may extend the time of payment or otherwise modify the terms of payment of any part or the whole of the debt evidenced by this Note, by agreement between the Holder and Borrower, and such consent shall not alter or diminish the liability of any person or the enforceability of this Note. Each and every party signing or endorsing this Note binds Itself as a principal and not a surety. In any action or proceeding to recover any sum herein provided for, no defense of adequacy of security, or that resort must first be had to security or to any other person shall be asserted. All of the terms, covenants, provisions, and conditions herein contained are made on behalf of, and shall apply to and bind, the undersigned and its successors and assigns, jointly and severally. 9. ColIection Costs If any attorney is engaged by the Agency to enforce or construe any provision of this Note or the Deed of Trust, or if Agency Incurs any other expense by virtue of collecting sums due to the Agency under this Note, as a consequence of any default or event of default hereunder, with or without the filing of any legal action or proceeding, then Borrower shall immediately pay upon demand all attorney fees and all other costs incurred by the 2 Moan doc/agencyprom note/02/22/94 Agency, together with interest thereon from the date of such demand until paid at the rate of interest applicable to the principal owing hereunder as If such unpaid attorney fees and costs have been added to the principal. 10. Security of Note This Note Is secured by a Deed of Trust (The "Deed of Trust") of even date herewith executed by Borrower covering property located in Orange County, State of California, together with the buildings and Improvements now or hereafter erected thereon. 11. Maximum Interest No provision of this Note or any instrument securing payment hereof or otherwise relating to the debt evidenced hereby shall require the payment or permit the collection of Interest in excess of the maximum permitted by applicable law. if any excess of interest in such respect is herein or in such other instrument provided for, or shall be adjudicated to be so provided for herein or in any such instrument, the provisions of this paragraph shall govern, and neither Borrower or any endorsers of this Note nor their respective heirs, personal representatives, successors or assigns shall be obligated to pay the amount of such Interest to the extent it is in excess of the amount permitted by applicable law. 12. Business PuQ= The undersigned warrants and represents that all funds advanced under this Note shall be applied and are intended solely for personal, family or household purposes as set forth in the Agreement and not for any business or commercial purposes. 13. Notice Any demand or notice to be made or given under the terms hereof or any instrument now or hereafter securing this Note by the Holder to Borrower shall be effective when mailed or delivered In the manner specified in the Deed of Trust. 14. Payments Deferred All Interest and principal payments will be deferred so long as the Borrower is in compliance with the terms of this Note, the Affordable Housing Covenants or Agreements recorded on the Property, the Deed of Trust and the Loan Agreement. 3 7/loandoc/agencypromnote/02/22/94 IN WITNESS HEREOF, this instrument has been executed as of the date set forth below. SIG DATE: By Borrower" DATE: By "Borrower" REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTOONN BEACH Y: ` 1 1 „c APPROVED AS TO FORM: Agen nsei �C 4 7/ioandoc/agencypromnote/02/14194 r'ORAfIGE COAST ilfl.E CO. • E.A.SUBDIVISION DEPT. DOC u 'A 4 6849 l 09—MAR--1994 O^ 54 FM RECORDING REQUESTED BY ) AND WHEN RECORDED RETURN TO: } Rec-Orded in OffiCi 1 n"?CatdS of Crarse C2unt„ rZj-farnia The Redevelopment Agency of the ) Lee r. nrar-+; car;; ��eer�er City of Huntington Beach ) Page 1 cif Fees: 0.010 2000 Main Street ) Ta::: = O.00 Huntington Beach, California 92648 } Attn: Agency Clerk ) M +6 7ZJ2._-5 1Spxe Above Shu Une for Recorper's Use.] � rf! This document is exempt from recording fees pursuant to Government Code Section 6103. - � �w `T* ~ z DEED OF IRR ,)ST WITH ASSIGNMENIS QF RENTS m; c u cz � THIS DEED OF TRUST is made this 25THday of FEB. , 1991,4by and among SHAUNA C. QUICK _,whose address Is 409 Utica Ave. C-32 (the "Trustor") and THE CITY OF HUNTINGTON BEACH, a municipal corporation (the "Trustee") and THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, a public body corporate and politic (the "BENEFICIARY"), whose address is 2000 Main Street, Huntington Beach, California 92648. WITNESSETH: That Trustor Irrevocably Grants, Transfers and Assigns, to Trustee, in Trust, with Power of Sale, that property in the City of Huntington Beach, County of Orange, State of California, described legally in the Legal Description attached hereto as Exhibit "A" and Incorporated herein. TOGETHER WITH: (a) all buildings, improvements and fixtures, now or hereafter placed thereon, it being understood and agreed that all classes of property attached or unattached used in connection herewith shall be deemed fixtures, (b) rents, issues and profits thereof, (c) any water rights and/or stock are appurtenant or pertain to said land, and (d) all sums of money payable on the purchase price of said property secured by a lien thereon or payable under any agreement for the sale thereof, SUBJECT, HOWEVER, to the right, power and authority hereinafter given to and conferred upon Beneficiary to collect and apply such rents, issues and profits, and all sums of money payable on the purchase price of said property secured by a lien thereon or payable under any agreement. A. FOR THE PURPOSE OF SECURING: Sixteens Thousand Seven Hundred 1. Payment of the sum of �eve ��on t no,c100-------------- with interest thereon according to the terms of a Promissory Note of even date herewith, made by Trustor, payable to the order of the Beneficiary and extensions or renewals thereof. 2. Payment of such additional sums with interest thereon as: (a) may be hereafter borrowed from the Beneficiary by the then record owner or owners of said property when 7\DEEDRDM02/10/94/B i evidenced by another Promissory Note or Notes, or (b) as may be added to the indebtedness secured hereby in accordance with the provision of this Deed of Trust. 3. Performance of each and every obligation, covenant, promise or agreement of Trustor contained herein in the loan Agreement between Beneficiary and Trustor dated FEB. 25TH , 199Z}and In that certain Affordable Housing Agreement currently recorded on the property, Insofar as the terms and conditions of that agreement may apply to Trustor. 4. Payment, with Interest thereon, future Indebtedness or obligation of the Trustor (or of any successor-in-interest of the Trustor to said property) to the Beneficiary, whether created directly or acquired by assignment, whether absolute or contingent, whether due or not, whether otherwise secured or not, or whether existing at the time of the execution of the Deed of Trust, or arising thereafter. B. TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR AGREES. 1. To keep said property in good condition and repair; to allow Beneficiary or its representatives to enter and inspect the premises at all reasonable times and access thereto, shall be permitted for that purpose; not to remove or demolish any building thereon; not to make alterations thereto without the consent of the Beneficiary, to suffer or permit no change In the general nature of the occupancy of the premises without Beneficiary's written consent; to complete or restore promptly and in good workmanlike manner any building which may be constructed, damaged or destroyed thereon, including, without restricting the generality of the foregoing, damage from termites and dry-rot; to pay when due all claims for labor performed and materials furnished In connection with such property and not to permit any mechanic's lien against such property; to comply with all laws affecting such property or requiring any alterations or Improvements to be made thereon; not to initiate or acquiesce In any zoning reclassification without Beneficiary's written consent; not to commit or permit waste thereon; not to commit, suffer or permit any act upon such property in violation of the law; and to paint, cultivate, irrigate, fertilize, fumigate, prune, and do all other acts that from the character or use of said property may be reasonably necessary; to promptly pay all amounts due others upon agreements of lease or conditional sale of all fixtures, furnishings and equipment located thereon. If the loan secured hereby or any part thereof is being obtained or should any additional loan be made hereafter for the purpose of financing rehabilitation improvements on said property, Trustor further agrees, anything in this Deed of Trust to the contrary notwithstanding; (a) to complete the same in accordance with City approved plans and specifications satisfactory to Beneficiary; (b) to allow Beneficiary to Inspect such property at all times during rehabilitation; (c) to replace any work or materials unsatisfactory to Beneficiary within fifteen (15) calendar days after written notice from Beneficiary of such fact, which notice may be given to Trustor by registered or certifled mail, sent to his last known address, or by personal service of the same; (d) that work shall not cease on the rehabilitation of such improvements for any reason whatsoever for a period of fifteen (15) calendar days, whether consecutive or not, without the written permission of the Beneficiary; (e) to pay when due all claims of labor and materials furnished in connection with the said rehabilitation and not to permit any claims of lien for said work or material to be filed of record against the property; (f) not to permit any stop notice claims to be presented to Beneficiary. If said property is part of a larger tract upon which improvements will be constructed, Trustor shall make separate contracts and subcontracts for said construction which shall pertain to the said property only and shall keep separate, full and complete records of all work and materials 7\DEEDRENT\0211019415 2 furnished to the said property. Trustee upon presentation to it of an affidavit signed by the Beneficiary setting forth facts showing a default by Trustor under this paragraph, is authorized to accept as true and conclusive all facts and statements therein, and to act thereon hereunder. 2. To provide, and maintain in force at all times with respect to said property, fire and other types of insurance as may be required by Beneficiary. All of such insurance shall have a loss payable endorsement in favor of Beneficiary, shall be for a term and in form, content, amount and in such companies as may be satisfactory to Beneficiary, and the policies therefor shall be delivered to and remain in possession of Beneficiary as further security for the faithful performance of these trusts. At least thirty (30) days prior to the expiration of any insurance policy, a policy or policies renewing or extending such expiring insurance shall be delivered to Beneficiary together with written evidence showing payment of the premium therefor and, in the event any such insurance policy and evidence of the payment of the premium therefor are not so delivered by Trustor to Beneficiary, Trustor by executing this Deed of Trust specifically requests Beneficiary to obtain such insurance and Beneficiary, without obligation to do so, without notice to or demand upon Trustor and without releasing Trustor from any obligation hereof, may obtain such insurance through or from any insurance agency or company acceptable to it, pay the premium thereof, and may add the amount thereof to the indebtedness secured hereby, which amount shall bear a like rate of interest. Beneficiary may furnish to any insurance agency or company, or any other person, any information contained in or extracted from any insurance policy delivered to Beneficiary pursuant hereto and any information concerning the loan secured hereby. Neither Trustee nor Beneficiary shall be responsible for such insurance or for the collection of any insurance monies, or for any insolvency of any insurer or insurance underwriter. In case of insurance loss, Beneficiary is hereby authorized either (a) to settle and adjust any claim under the insurance policies provided for in this document without the consent of the Trustor, or (b) to allow Trustor to agree with the insurance company or companies on the amount to be paid upon the loss. In either case, the Beneficiary is authorized to collect and make receipt of any such insurance money. If Trustor is obligated to restore or replace the damaged or destroyed buildings or improvements under the terms of any lease or leases which are or may be prior to the lien of this Deed of Trust and such damage or destruction does not result in cancellation or termination of such lease, such proceeds, after deducting therefrom any expenses incurred in the collection thereof, shall be used to reimburse the Trustor for the cost of rebuilding or restoring the buildings or improvements on said premises. In all other cases, such insurance proceeds, at the option of the Beneficiary, shall either be applied in reduction of the indebtedness secured hereby whether due or not, or in such order as Beneficiary may determine, or be held by the Beneficiary and used to reimburse the Trustor for the cost of the rebuilding or restoring the buildings or improvements on said premises. Such buildings and improvements shall be so restored or rebuilt as to be of at least equal value and substantially the same character as prior to the damage or destruction, and shall be in a condition satisfactory to Beneficiary. Such application or release shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. Any and all unexpired insurance shall inure to the benefit of, and pass to the purchaser of, the property conveyed at any Trustee sale held hereunder. 3. To pay: (a) at least ten (10) days before delinquency, all general and special City and County taxes, and all assessments on appurtenant water stock, affecting such property, (b) when done, all special assessments for public improvements, without permitting any improvement bond to issue for any special assessment (c) when done, all encumbrances, charges and lines, with interest, on said property, or any part thereof, which are or appears to be prior to superior hereto, (d) if the security of this Deed of Trust is leasehold estate, to make any payment or do any act 7\DEEDRENT\02/10/94/B 3 required of the Lessee or its successor in interest under the terms of the instrument or instruments creating said leasehold, (e) all costs, fees and expenses of this trust, (f) for any statement regarding the obligation secured hereby any amount demanded by Beneficiary not to exceed the maximum allowed by law thereof at the time when such request is made, (g) such other charges for services rendered by Beneficiary and furnished at Trustor's request or that of any successor in interest to Trustor as the Beneficiary may deem reasonable. If, by the laws of the United States of America, or of any state having jurisdiction over the Trustor, any tax is due or becomes due in respect to the issuance of the Note hereby secured, the Trustor covenants and agrees to pay such tax in the manner required by such law. Should Trustor fail to make any such payment, Beneficiary may elect to make such payment, Beneficiary may elect to make such payment and any amount so paid may be added by Beneficiary to the indebtedness secured hereby and shall bear a like rate of interest. 4. That, should Trustor fail to make any payment or do any act as provided in this Deed of Trust, the Beneficiary or Trustee, but without obligation to do so and without notice to or demand upon Trustor and without releasing Trustor from any obligation hereof, may (a) 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, (b) commence, appear in, or defend any action or proceeding purporting to affect the security hereof or the property covered by this Deed of Trust, or the rights or powers of Beneficiary or Trustee, (c) pay, purchase, contest or compromise any encumbrance, charge or lien, which in the judgment of either is or appears to be prior or superior hereto; and (d) in exercising any such powers, pay necessary expenses, employ counsel and pay his reasonable fees. Trustor agrees to repay any amount so expended on demand of Beneficiary, and any amount so expended may be added by Beneficiary to the indebtedness secured hereby and shall bear a like rate of interest. 5. To appear in and defend any action or proceeding purporting to affect the security hereof or the property which is covered by this Deed of Trust, or the rights or powers of Beneficiary or Trustee, and whether or not Trustor so appears or defends, 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 by virtue of being made a party defendant or otherwise irrespective of whether the interest of Beneficiary or Trustee in such property is directly questioned by such action, including any action for the condemnation or partition of said premises, and in any suit brought by Beneficiary to foreclose this Deed of Trust. 6. To pay immediately and without demand, all sums expended under the terms of this Deed of Trust by Beneficiary or Trustee, with interest from the date of expenditure at the rate which the principal obligation secured hereby bears at the time such payment is made, and the repayment of such sums shall be secured hereby. 7. That, should the Trustor or any successor in interest to Trustor in such property drill or extract, or enter into a lease for drilling or extraction of oil, gas or other hydrocarbon substances or any mineral of any kind or character, or sell, convey, further encumber, or alienate said property, or any party thereof, or any interest therein, or be divested of his title or any interest therein in any manner or way, whether voluntarily or involuntarily, Beneficiary shall have the right, at its option, to declare any indebtedness or obligations secured hereby irrespective of 7\DEEDRENT\02/10/94/B 4 the maturity date specified In any Note evidencing the same, immediately due and payable, and no waiver of this right shall be effective unless in writing. 8. That any award, settlement or damages for injury or damages to such property, or in construction with the transaction financed by such loan, and 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 monies received by It in such manner and with the same effect as above provided for the disposition of proceeds of fire or other Insurance. 9. That, by accepting payment of any sums secured hereby after its due date, or by making any payment, performing any act on behalf of Trustor, that Trustor was obligated hereunder, but failed, to make, or perform, or by adding any payment so made by Beneficiary to the Indebtedness secured hereby, Beneficiary does not waive Its right either to require prompt payment when due of all sums so secured or to declare a default for failure so to pay. 10. That at any time, or from time to time, without liability of the Beneficiary or Trustee thereof, and without notice, upon written request of Beneficiary and presentation of this Deed of Trust and any Note secured hereby for endorsement, and without affecting the personal liability of any person for payment of the indebtedness secured hereby, or the lien of the Deed of Trust upon the remainder of said property for the full amount of the indebtedness then or thereafter secured hereby, or the rights or powers of Beneficiary or the Trustee with respect to the remainder of said property, Trustee may: (a) reconvey any part of said property, (b) consent to the making of any map or plat thereof, (c) join in granting any easement thereon, (d) join in any agreement subordinating the lien or charge hereof. 11. That the lien hereof shall remain in full force and effect during any postponement or extension of time of payment of the Indebtedness secured hereby, or any part thereof. 12. That, upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed of Trust and said Note or Notes 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 of fact shall be conclusive of the truthfulness thereof. The grantee in such reconveyance may be described as "the person or persons legally entitled thereto." Such request and reconveyance shall operate as re-assignment of the rents, Issues, royalties and profits assigned to Beneficiary. Five (5) years after Issuance of such full reconveyance, Trustee may destroy said Note and this Deed of Trust (unless directed in such request to retain them). 13. That as additional security, Trustor irrevocably assigns to Agency the rents, issues, and profits of the property affected by this Trust Deed for the purposes and upon the terms and conditions set forth below. This assignment shall not impose upon Agency any duty to produce rents from the property affected by this Trust Deed, or cause Agency to be (a) "mortgages in possession" for any purpose; (b) responsible for performing any of the obligations of the lessor under any lease; or (c) responsible for any waste committed by lessees or any other parties, for any dangerous or defective condition of the property affected by this Trust Deed, or for any negligence in the management, upkeep, or control of such rights to rents, issues and profits Is not contingent upon, and may be exercised without possession of, the property affected by this Trust Deed. 71DEEDRENT102/10/94/8 5 Agency confers upon Trustor a license ("License") to collect and retain the rents, issues and profits of the property affected by this Trust Deed as they become due and payable, until the occurrence of a default hereunder. Upon such default, the License shall be automatically revoked and Agency may collect and retain the rents, issues and profits without notice and without taking possessions of the property affected by this Trust Deed. This right to collect rents, issues and profits shall not grant to Agency or Trustee the right to possession, except as otherwise provided herein; and neither said right, nor termination of the License, shall impose upon Agency or Trustee the duty to produce rents, issues or profits or maintain all or any part of the property affected by this Trust Deed. If Trustor shall default as aforesaid, Trustor's right to collect any such money shall cease and Beneficiary shall have the right, with or without taking possession of the property affected hereby, to collect all rents, issues, royalties and profits and shall be authorized to, and may, without notice and irrespective of whether declaration of default has been delivered to Trustee and without regard to declaration of default has been delivered to Trustee and without regard to the adequacy of the security for the indebtedness secured hereby, either personally or by attorney or agent without bringing any action or proceeding, or by receiver to be appointed by the Court, enter into possession and hold, occupy, possess and enjoy the said property, make cancel, enforce and modify leases, obtain and eject tenants, and set and modify rents and terms of rents, and to sue, and to take, receive and collect all or any part of the said rents, issues, and profits of the property affected hereby, and after paying such costs of maintenance, operation of said property, and of collection including reasonable attorneys' fees, as in its judgment it may deem proper, to apply the balance upon any indebtedness then secured hereby, the rents, issues, royalties and profits of said property being hereby assigned to Beneficiary for said purposes. The acceptance of such rents, issues, royalties and profits shall not constitute a waiver of any other right which Trustee or Beneficiary may enjoy under this Deed of Trust or under the laws of California. Failure of or discontinuance by Beneficiary at any time, or from time to time, to collect any such rents, issues, royalties or profits shall not in any manner affect the subsequent enforcement by Beneficiary of the right, power and authority to collect the same. The receipt and application by said Beneficiary of all such rents, issues, royalties and profits pursuant hereto, after execution and delivery of declaration of default and demand for sale as hereinafter provided, or during the pendency of Trustee's sale proceedings hereunder, shall not cure such breach or default not affect said sale proceedings, or any sale made pursuant thereto, but such rents, issues, royalties and profits, less all costs of operation, maintenance, collection and reasonable attorneys' fees, when received by Beneficiary, shall be applied in reduction of the indebtedness secured hereby, from time to time, in such order as Beneficiary may determine. Nothing contained herein, nor the exercise of the right by Beneficiary to collect, shall be, or be construed to be, an affirmation by Beneficiary of any tenancy, lease or option, nor an assumption of liability under, nor subordination of the lien or charge of this Deed of Trust to, any such tenancy, lease or option. 14. That if the security of this Deed of Trust is a leasehold estate, the Trustor agrees that: (a) the term "Lease" as used herein shall mean the lease creating the "leasehold estate"; (b) Trustor shall not amend, change or modify his leasehold interest, or the Lease, or agree to do so, without the written consent of the Beneficiary; (c) Trustor will promptly advise Beneficiary regarding any notice, request or demand received by him from the lessor under the Lease and promptly furnish Beneficiary with a copy of any such notice, request or demand; (d) as long as any of the indebtedness secured hereby shall remain unpaid, unless the Beneficiary shall otherwise consent thereto in writing, the leasehold estate shall not merge with the fee title but shall always be kept separate and distinct, notwithstanding the union of said estates in any party; (e) Trustor agrees that it will promptly, strictly, and faithfully perform, fulfill, and comply with all covenants, agreements, terms, conditions and provisions under any lease affecting the premises and to neither 7\DEEDRENT\02/10/94/B 6 do anything, nor to permit anything to be done which may cause modification or termination of any such lease or of the obligations of any lessee or person claiming through such lease or the rents provided for therein or the interest of the lessor or the Beneficiary therein or thereunder. Trustor further agrees he will not execute a Deed of Trust or mortgage which may be or become superior to any leasehold estate that is security for this Deed of Trust. In the event of a violadon of any of the covenants set forth in this paragraph, Beneficiary shall have the right, at Its option, to declare all sums secured hereby immediately due and payable. Consent to or waiver of one of said violations shall not be deemed to be a consent to or waiver or any other violation. It the security for this Deed of Trust is a leasehold estate, the terns "property" as used In this Deed of Trust shall be deemed to mean the leasehold estate whenever the context so requires for the protection of the Beneficiary. IS. That upon default by Trustor in payment of any indebtedness secured hereby or 1n performance of any agreement, and the Promissory Note, if applicable, hereunder, and upon default by Trustor under the terms of any encumbrance, charge or lien which Is or appears to be prior or superior hereto, Beneficiary may declare all sums secured hereby Immediately due and payable by delivery to Trustee of written declaration of default and demand for sale of written notice of default and of election to cause to be sold said property, which nodce Trustee shall cause to be filed for record. Beneficiary shall also deposit with Trustee this Deed of Trust and any Notes and all documents evidencing expenditures, secured hereby. After the lapse of such time as then may be required by law following recordadon of such nodce of default, and notice of sale having been given as then required by law, Trustee, without demand on Trustor, shalt sell said property at the time and place fixed by it in such notice of sale, whether as a whole or in separate parcels, and In such order as it may determine, at public auction to the highest bidder for case In lawful money of the United States, payable at dme of sale. Trustee may postpone sale of all or any portion 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 recital In such Deed of any matters of fact shall be conclusive of the truthfulness thereof. Any person, Including Trustor, Trustee, or Beneficiary as hereinafter defined, may purchase at such sale. Trustee may also sell at any such sale and as part thereof any shares of corporate stock securing the obligations secured hereby, and Trustor waives demand and notice of such sale. (Beneficiary at Its option may also foreclose on such shares by Independent pledge sale, and Trustor waives demand and notice of such sale). After deducting all costs, fees and expenses of Trustee, and of this Trust, including cost of evidence of tide in connection with this sale, Trustee shall apply the proceeds of sale to payment, first, all sums expended under the terms hereof, not then repaid, with accrued Interest at the rate then payable under the Note or Notes secured hereby, and then of all other sums secured hereby, and, if there are any proceeds remaining, shall distribute them to the person or persons legally entitled thereto. 16. To waive, to the fullest extent permissible by law, the right to plead any statute of limitations as a defense to any demand secured hereby. 17. That Beneficiary may, from dme to time, by instrument In writing, substitute a successor or successors to any Trustee named herein or acting hereunder, which instrument, executed and acknowledged by Beneficiary and recorded in the office of the recorder of the county or counties where such property is situated, shall be conclusive proof of property substitution of such successor Trustee or Trustees, who shall, without conveyances from the 71DEEDRENTM/10/94/8 7 Trustee predecessor, succeed to all Its title, estate, rights, powers and duties, Including but not limited to the power to reconvey the whole or any part of the property covered by this Deed of Trust. Such instrument must contain the name of the original Trustor, Trustee and Beneficiary hereunder, the book and page where this Deed of Trust is recorded. If notice of default shall have been recorded, this power of substitution cannot be exercised until after the costs, fees and expenses of the then acting Trustee shall have been paid to such Trustee, who shall endorse receipt thereof upon such Instrument. The procedures herein provided for substitution of Trustee shall not be exclusive of other provisions for substitution provided by law. 18. That this Deed of Trust 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 pledgee, of the Note secured hereby, whether or not names as Beneficiary herein. In this Deed of Trust, whenever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number Includes the plural. 19. That In the event the property secured by this Deed of Trust is income producing property consisting of four units or more, Trustor agrees to file with Beneficiary, at Beneficiary's request, monthly, on or before the 15th day of each month, a written operational report. Such operational report shall contain a brief but complete statement of the month's income and expenses of such property, a list of all vacancies, and a statement of any material change In the property or business carried on therein for such period. 20. That in the event of a demand for, and the preparation and delivery of a written statement regarding the obligations secured by this Deed of Trust pursuant to Sections 2943 and 2954 of the Civil Code of California, Beneficiary shall be entitled to make a reasonable change, not exceeding the maximum amount which is permitted by law at the time the statement is furnished. Beneficiary may also charge Trustor a reasonable fee for any other services rendered to Trustor or rendered in Trustor's behalf In connection with said property of this Deed of Trust, including changing Beneficiary's records pertaining to this Deed of Trust and the loan secured hereby in connection with the transfer of said property, or releasing an existing policy of fire insurance or other casualty Insurance held by Beneficiary and replacing the same with another such policy. 21. That Trustee accepts this Trust when this Deed of Trust, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to notify any parry 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. 22. That should this Deed of Trust or any Note secured hereby provide any fee for prepayment of any indebtedness secured hereby, Trustor agrees to pay said fee, if any, of said indebtedness shall be paid prior to the due date thereof stated in said Note or this Deed of Trust even If notwithstanding Trustor shall have defaulted in payment thereof, or in performance of any agreement hereunder, and Beneficiary, by reason thereof, shall have declared all sums secured hereby immediately due and payable. 23. That Trustor has made certain representations and disclosures in order to induce Beneficiary to make the loan evidenced by the Promissory Note or Notes which this Deed of Trust secures, and In the event that Trustor has made any material misrepresentation or failed to disclose 7NDEEDRENT102/10/94/B 8 } STATE OF CALIFORN4 }ss. COUNTY OF // m n r E, On before me, � ��� / v m personally appeared ' IAA C' F- (or proved E to me on the basis of satisfactory evidence)to be the person(s)whose name(s) is/acesubscribed to the within a instrument and acknowledged to me that•Fre/she/they executed the same inks/her/t#&ir authorized capacity(ie5), I mand that by his/her/t4eir signature(,6) on the instrument the persono or the entity upon behalf of which the m 0 f person1s) cte executed t instrument. i WIVE E. LUNf 10� unc a Comm.#978764 WITNESS han 3 ®® NOTARY PUBLIC-CAUFORNA 3) 03 o Orange County Comm.ignature My Con.Ex, res Nov.22,1996 (This area for official notarial seal) CALIFORNBA ALL-PURPOSE ACII NOWLE®GIi�IEW No.5193 State of ® OPTIONAL SECTION®® CAPACITY CLAIMED BY SIGNER County of Though statute does not require the Notary to fill in the data below, doing so may prove On before m invaluable to persons relying on the document. aJ e, ❑DAT ME,TITLE OF OFFICER- .G.,"JANE DOE,N RY PUBLIC" INDIVIDUAL !/personally appeared .(��/ CORPORATE OFFICER(S) .� L���� .0 ❑, NAM )OF SIGNER(S) TITLE(S) personally known to me- OR- ❑ paved-te-me-efg-the-basis-of-satisfaetery-evidence— ❑ PARTNER(S) ❑ LIMITED to be the person(s) whose name(s- iskafe. ❑ GENERAL subscribed to the within instrument and ac- ❑ATTORNEY-IN-FACT knowledged to me that+e/she/"executed ❑TRUSTEE(S) OFFKML SEAL the same in •H+s/her/t#eTr authorized ❑ GUARDIAN/CONSERVATOR JUDY MCNotafy _ `RDS capacity(+es�, and that by 'him/her/t#e+r signature(3)-on the instrument the person(}, ❑OTHER: MV C4mMW0n Wao or the entity upon behalf of which the person(#acted, executed the instrument. SIGNER IS REPRESENTING: WITNESS my hand and official seal. NAME OF PERSON(S)OR ENTITY(IES) SIGNATURE OF NOTARY OPTIONAL SECTION THIS CERTIFICATE MUST BE ATTACHED TO TITLE OR TYPE OF DOCUMENT / THE DOCUMENT DESCRIBED AT RIGHT: NUMBER OF PAGES,_ DATE OPDOCUMENT Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. SIGNER(S)OTHER THAN NAMED ABOVE ©1993 NATIONAL NOTARY ASSOCIATION•8236 Remmet Ave.,P.O.Box 7184•Canoga Park,CA 91309-7184 any material fact, Beneficiary at its option and without notice, shall have the right to declare the indebtedness secured hereby, irrespective of the maturity date specified In such Note or Notes, Immediately due and payable, and on failure to so pay Beneficiary may make a written declaration of default and demand for sale as in paragraph No. 15 herein set forth. Trustee, upon presentation to It of an affidavit signed by Beneficiary setting forth facts showing a default by Trustor under this paragraph, Is authorized to accept as true and conclusive all facts and statements therein,-and to act thereon hereunder. Any notice which any party hereto may desire or be required to give to the other party ' shall be in writing. The mailing thereof must be certified mail addressed to the Trustor at his address hereinabove set forth or to the Beneficiary at his office or at such other place as such parties hereto may designate In writing. THE UNDERSIGNED TRUSTOR REQUESTS that a copy of any notice of default and of any notice of sale hereunder be mailed to him at his address hereinbefore set forth. TRUSTEE: TRUSTOR: THE CITY OF HUNTINGTON BEACH By. � Cc By: Tide: -bjr.. s 1 By: By: BENEFICIARY: THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH By; -, - Title: ,� APPROVED AS TO FORM: rr c'' unsel 7\M EDP EN T\021 i 01441B 9 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT No 5193 FSiale of r OPTIONAL SECTION CAPACITY CLAIMED BY SIGNER nty Oi 1 Though statute does not require the Notary to 7 fill in the tlata below. doing so may prove _ invaluMe 10 persons relying on the documem On before me, L E] INDIVIDUAL / C� M .TITLE OF OFRCER E G."JANE OT RY PUBLIC" / CORPORATE OFFICER(S} personally appeared .��'�' � 1 ! -- -- ----- E_f tect 100_64 1. NAMEtS1 OF SIGNERI,SI TITLEiS! personally known to me-OR-❑ ry-satisfacte -evideriee ❑ PARTNER(S) LIMITED❑ to be the person* whose nameW isfafe ❑ GENERAL subscribed to the within instrument and ac- ❑ATTORNEY•IN-FACT s� knowledged to me that he/shekiey-executed []TRUSTEE(S) JWY RK>iARDS the same in his/4&f4heiF authorized GUARDIAN,rCONSERVATOR !tI F�%Mwfti capacityfi-_-#, and that by his/Oertthle-r OTHEa- w�n signature(s) on the instrument the person(*, "wit� � 144a or the entity upon t)ehaif of which the ps rson(s) acted, executed the instrument. SIGNER IS REPRESENTING: WITNESS my hand and official Sea?- NAME OF PERSON(S)ORENTITYtIES1 f GNATURE OF NOTARY / OPTIONAL SECTION THIS CERTIFICATE MUST BE ATTACHED TO TITLE OR TYPE OF DOCUMENT�iIf/OG�i��l f1 THE DOCUMENT DESCRIBED AT RIGHT- -- NUMBER OF PAGES DATE OF OCUMENT Though the data requested here is not rgqu;red by law. it could prevent fraudulent reattachment of this form_ SIGNER(S)OTHER THAN NAMED ABOVE cC1993 NATIONAL NOTARY ASSOCIATION•8236 RemmeT Ave,P_O-Box 1184•Canoga Park-CA 91309-71154 The land referred to in this Report is situated in the State of California, County of Orange and is described as follows: PARCEL 1: Unit No. 32, consisting of certain airspace and surface elements, as shown and described in the C ndom.inium Plan ("Plan") for Brisas Del Mar located on Lot 1 of Tract 14757, as shown on a Subdivision Map recorded on September 1, 1993, in Book 701, Pages 42 through 43, inclusive of Miscellaneous Maps, in the office of the Orange County Recorder ("Official Records") , which Plan was recorded on September 15, 1993, as Instrument No. 93-0621742, of Official Records, California. PARCEL 2: An undivided one forty-fourth (1/44) fee simple interest as a tenant in common in and to Module B shown on the Plan and def ined in the Declaration referred to below as the "Canon Area". EXCEPT THEREFROM all oil, gas, minerals and other hydrocarbon substances lying below a depth of 500 feet without any right to enter upon the surface or the subsurface of said land above a depth of 500 feet, as provided in instruments of record. PARCEL 3: Nonexclusive easements for access, ingress, egress, use, enjoyment, drainage, encroachment, support, maintenance, repairs and for other purposes, all as may be shown in the Plan, and as are described in the Declaration. PARCEL 4: Exclusive easements appurtenant to Parcels No. 1 and No. 2 described above for use for parking purposes described as Exclusive Use Areas in the Declaration, over portions of Lot 1 of Tract 14757 shown and assigned in the Plan. PARCEL 5: An exclusive easement appurtenant to Parcels No. 1 and No. 2 described above, for use for patio, balcony, and fire escape staircase purposes described as Exclusive Use Areas in the Declaration, as applicable, over portions of Lot 1 of Tract 14757 as shown, assigned and described in the Plan. i RIDER TO REDEVELOPMENT AGENCY OF THE CITY OF HUNTING ON BEACH DEED OF TRUST AFFORDABLE HOUSING PROGRAM This rider to the Redevelopment Agency of the City of Huntington Beach Deed of Trust which was executed by SHAUNA C. QUICK (Trustor for the property located at 409 Udca Avenue, C-32) is subject to the terms and conditions of that certain Loan Agreement entered Into by and between Beneficiary and Trustor dated FEBRUARY 25 , 1994 , to which this rider is attached as Exhibit "C" and incorporated by reference (the "Loan Agreement"), pursuant to which Beneficiary has agreed to loan Trustor the sum of Sixteen Thousand Seven Hundred Seventeen and no/100 Dollars ($16,717.00) (the "Loan Amount") with simple interest to accrue at five percent (5%) yearly. All terms In this Rider to Redevelopment Agency of the City of Huntington Beach Deed of Trust, if not separately defined herein, shall have the meanings as defined in the Loan Agreement. 1. Acceleratlon/Due on Sale. Except as provided herein, the Loan and all interest accrued thereon shall be due and payable upon (i) sale or transfer to a Buyer not qualified to pardclpate in the Agency's Affordable Housing Loan Program or not approved by the Agency ("Qualified Buyer"), or other disposidon of the Property, including, without limitation, lease, exchange or rent of any part of the Property, (11) the refinancing of the First Mortgage for a loan amount in excess of the then current loan balance or for any authorization period longer than the Loan secured by the First Mortgage, or (iv) Trustor being in material default of any other obligation contained in this Agreement or any provision of the Affordable Housing Agreement or Covenant, as defined herein, recorded on the Property, or (v) Trustor violates any condition of the Deed of Trust or Promissory Note, or (vi) the death of Trustor (unless the Trustor's household, occupying the Property, contains more than one qualified participant in the affordable housing program pursuant to which this Loan is being made, and at least one qualified participant survives). At the request of Trustor, the Agency may, In its sole discretion, extend the term of the Loan. 1 7/lwndoc/aggyrldr/01/22/94 2. Occupancy Standards. The Property shall be used as the personal residence of Trustor and Trustor's immediate family and for no other purpose. Trustor shall not enter into an agreement for the rental or lease of the Property. 3. Protection of Beneficiary's Rights in the Pro ee[W. A. If Trustor fails to perform the covenants and agreements contained in this Deed of Trust, or there is a legal proceeding that may significantly affect Beneficiary's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Beneficiary may do and pay for whatever is necessary to protect the value of the Property and Beneficiary's rights in the Property. Beneficiary's actions may include paying any sums secured by a lien which has priority over this Deed of Trust, appearing in court, paying reasonable attorney's fees and entering on the Property to make repairs. Although Beneficiary may take action under this Section, Beneficiary does not have to do so. B. Any amount disbursed by Beneficiary under this section, shall become additional debt of Trustor secured by this Deed of Trust. Unless Trustor and Beneficiary agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the highest rate permitted by law and shall be payable, with interest, upon notice from Beneficiary to Trustor requesting payment. 4. Equity Share. In the event that the Agency Loan becomes due and payable prior to the thirtieth anniversary of the date of the Loan Agreement, Trustor shall pay to Beneficiary concurrent with the principal and accrued interest, an amount equal to the "Equity Share Amount." The Equity Share Amount shall be determined by applying a percentage factor (the "Applicable Factor") to the difference between the Sales Price and the Purchase Price (defined below) as follows: 1. Prior to fifth anniversary fifty percent of the Agency Deed of Trust: (50%) 2 7/loandoc/agcyri dr/02/22/94 2. After Fifth anniversary but forty-eight percent prior to sixth anniversary: (48%) 3. After sixth anniversary but forty-six percent prior to seventh anniversary: (46%) 4. After seventh anniversary but forty-four percent prior to eighth anniversary: (44%) 5. After eighth anniversary but forty-two percent prior to ninth anniversary: (42%) 6. After ninth anniversary but forty percent (40%) prior to tenth anniversary: 7. After tenth anniversary but thirty-eight percent prior to eleventh anniversary: (38%) 8. After eleventh anniversary but thirty-six percent prior to twelfth anniversary: (36%) 9. After twelfth anniversary but thirty-four percent prior to thirteenth anniversary: (34%) 10. After thirteenth anniversary but thirty-two percent prior to fourteenth anniversary: (32%) 11. After fourteenth anniversary but thirty percent (30%) prior to fifteenth anniversary: 12. After fifteenth anniversary but twenty-eight percent prior to sixteenth anniversary: (28%) 13. After sixteenth anniversary but twenty-six percent prior to seventeenth anniversary: (26%) 14. After seventeenth anniversary but twenty-four percent prior to eighteenth anniversary: (24%) 3 7/ioandoc/agcyridr/02/2 2/94 15. After eighteenth anniversary but twenty-two percent prior to nineteenth anniversary: (22%) 16. After nineteenth anniversary but twenty percent (20%) prior to twentieth anniversary: 17. After twentieth anniversary but eighteen percent prior to twenty-first anniversary: (18%) 18. After twenty-first anniversary but sixteen percent (16%) prior to twenty-second anniversary: 19. After twenty-second anniversary but fourteen percent prior to twenty-third anniversary: (14%) 20. After twenty-third anniversary but twelve percent (12%) prior to twenty-fourth anniversary: 21. After twenty-fourth anniversary but ten percent (10%) prior to twenty-fifth anniversary: 22. After twenty-fifth anniversary but eight percent (8%) prior to twenty-sixth anniversary: 23. After twenty-sixth anniversary but six percent (6%) prior to twenty-seventh anniversary: 24. After twenty-seventh anniversary but four percent (4%) prior to twenty-eighth anniversary: 25. After twenty-eighth anniversary but two percent (2%) prior to twenty-ninth anniversary: 26. After twenty-ninth anniversary but one percent 0%) prior to thirtieth anniversary: 27. After thirtieth anniversary: zero percent (0%) 4 7/lomdoUncyridr/02/22/94 The "Purchase Price" is the original purchase price paid by the Participant to the Seller for Seller's interest in the Property, exclusive of escrow fees, title insurance costs, broker's commission, loan fees or any other closing or transaction costs. The "Sales Price" is the price to be paid by the buyer of the Property (the "Buyer") to Participant for Participant's interest in the Property, exclusive of escrow fees, title insurance costs, broker's commissions, loan fees or any other closing or transaction costs. In the event of sale of the Property and at the election of the Agency, the Agency may appoint a certified, independent appraiser to conduct any appraisal of the Property, at Participant's expense to assist the Agency in determining if the Sales Price is at or near the fair market value of the Property at such time. If the Sales Price is determined by the appraisal to be three percent (3%) or more below the fair market value of the Property as estimated in said appraisal, then the "Sales Price" for purposes of determining the Equity Share Amount shall be the fair market value of the Property established in said appraisal. PARTICIPANT ACKNOWLEDGES AND AGREES THAT IN THE EVENT THAT THE LOAN WHICH THE DEED OF TRUST SECURES BECOMES DUE AND PAYABLE PRIOR TO THE 30TH ANNIVERSARY OF THE LOAN AGREEMENT, PARTICIPANT SHALL PAY TO AGENCY AN EQUITY SHARE AMOUNT EQUAL TO A PERCENTAGE SHARE OF THE APPRECIATION OF THE PROPERTY AS CALCULATED PURSUANT TO THIS SECTION. THE AGENCY ACKNOWLEDGES AND AGREES THAT PARTICIPANT SHALL ONLY PAY THE EQUITY SHARE AMOUNT TO THE AGENCY IF, AND ONLY IF, PARTICIPANT FAILS TO ABIDE BY COVENANTS OR OTHERWISE FAILS TO COMPLY WITH THE PROVISIONS OF THIS AGREEMENT OR PARTICIPANT SELLS THE PROPERTY TO A BUYER NOT QUALIFIED BY THE AGENCY IN ACCORDANCE WITH PARAGRAPH "C" BELOW. Rav PARTICIPANT/TRUSTOR AGENCY 5 7/loandoc/agcyridr/02/22/94 The value of all capital improvements to the Property made while Participant owned and occupied the Property shall be deducted from the Sales Price when calculating the Equity Share Amount, if Participant complies with the following: The costs incurred by the Participant for capital improvements shall be deducted from the Sales Price only if Participant submits the following to the Agency: (1) an itemized list of the improvements, (ii) reliable proof of completion of the improvements (as evidenced e.g., by final building permits or certificate of completion), and (iii) reliable evidence of the cost of the improvements and that Participant paid those costs (as evidenced e.g., by an itemized invoice or receipt). Notwithstanding the foregoing, Participant's obligation to pay the Equity Share Amount is subject to a superior right of Participant, upon termination of the Agency Loan, to receive repayment of money paid by the Participant without Agency assistance for purchase of the Property (including down payment, installment payments of mortgage principal pursuant to the First Lien, escrow fees, transfer taxes, recording fees, brokerage commissions, and similar costs actually paid by the Participant) and money paid by the Participant for capital improvements to the Property. 5. New Loan to Qualified Buyer. Notwithstanding the provisions herein above, if the Property is sold by the Trustor to a Buyer of low or moderate income, as defined by Section 50093 of the California Health and Safety Code, or any provision of law which may be enacted in the future, replacing Section 50093 or the law which defines "low or moderate" income for the purposes of affordable housing, and approved by Agency, ("Eligible Person or Family") and the Sales Price does not exceed an "affordable housing cost," as defined by Section 50052.5 of the California Health and Safety Code, to such Buyer, and the Buyer assumes the Trustor's loan, then no Equity Share Amount is due to the Beneficiary upon such sale. In order to verify the Buyer's status as an Eligible Person or Family, Trustor shall submit to the Beneficiary, together with the 6 7/loan doc/agcyridr/02/22/94 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT No.5193 State of Q s OPTIONAL SECTION CAPACITY CLAIMED BY SIGNER County of &L-/Q1j Though statute does not require the Notary to fill in the data below, doing so may prove l On before me,/ invaluable to persons relying on the document. �� � r � l� DATE y / N SAE,TI E OF OFFICER-Elt.,"JANE DOE,N ARY PUBLIC' ❑ INDIVIDUAL personally appeared!1�C�� �Ul ��� � �CORP ATE OFFICER(�j- �/ �' r NAME(S)OF SIGNER(S) 4PTLE(S) personally known to me - OR- ❑ Of ved-'to-me-an-the-basis-e#-safis4actor-y-evidence ❑ PARTNER(S) ❑ LIMITED 42 to be the personal whose name(-s-} is/aa-e- ❑ GENERAL subscribed to the within instrument and ac- ❑ATTORNEY-IN-FACT ��� sal knowledged to me that•14e✓she/tf�ey executed ❑TRUSTEE(S) OFIRJUDY Ini WS the same in /her/ k�•e+r authorized ❑ GUARDIAN/CONSERVATOR Nc4� Vic- capacity(4ee}, and that by ha&/her/H-Te+r signature(s�on the instrument the person(s•), OTHER: 11995 or the entity upon behalf of which the person(s�acted, executed the instrument. SIGNER IS REPRESENTING: WITNESS my hand and official seal. NAME OF PERSON(S)OR ENTITY(IES) / GNATURE OF NOTARY / OPTIONAL SECTION THIS CERTIFICATE MUST BE ATTACHED TO TITLE OR TYPE OF DOCUMENT THE DOCUMENT DESCRIBED AT RIGHT: NUMBER OF PAGES—� DATE OF 40CUMENT Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. SIGNER(S)OTHER THAN NAMED ABOVE ©1993 NATIONAL NOTARY ASSOCIATION•8236 Remmet Ave.,P.O.Box 7184•Canoga Park,CA 91309-7184 notice of proposed sale pursuant to the Loan Agreement, the identity of the proposed Buyer and adequate information evidencing the income of the proposed Buyer. Said Income information shall Include original or true copies of pay stubs, Income tax records or other financial documents In order that the Beneficiary may determine and verify the household income of the proposed Buyer to determine Eligible Person or Family status and whether the Property Is available to such Buyer at affordable housing cost. If the Beneficiary is unable to verify the Buyer's Income as provided herein, then the Buyer's income shall be deemed to exceed the maximum allowable income limit for Eligible Persons and Families and the Equity Share Amount shall be due and payable concurrent with the repayment of the Note Amount plus interest. In the event that sale or transfer Is made to an Eligible Person or Family, interest which has accrued at the time of the sale (upon close of escrow) shall be due and payable. G. Subordination. The Beneficiary has found and declared that an economically feasible method of financing, refinancing or assisting first time homebuyers pursuant to the Program on substantially comparable terms and conditions without subordination Is not reasonably available. Any first lien on the Property ("First Lien") held by an institutional lender or investor (the "Lender") shall be prior and superior to the Declaration and this Deed of Trust. Thus, in the event of a foreclosure or deed In lieu of foreclosure of the First Deed of Trust, any provisions herein or any provisions In any other collateral agreement restricting the use of the Property to low or moderate Income households or otherwise restricting the Trustor's ability to sell the Property shall have no further force or effect on subsequent owners or purchasers of the Property. Any person, including his successors or assigns (other than the Trustor or a related entity of the Truster), receiving title to the Property through a foreclosure or deed in lieu of foreclosure of the First Deed of Trust shall receive title to the Property free and clear from such ' restrictions. 7. Obligation to Refrain from Discrimination. There shall be no discrimination against or segregation of any person, or group of persons, on account of race, color, creed, religion, sex, marital status, national origin, or ancestry, In the sale, lease, sublease, transfer, use, 7 7/IOJndWalcyridr/02/2 2/44 } STATE OF CALIFORNI }ss. co COUNTY OF co E' On U44V before me, U '- Lin personally appeared � AsL( j C ca or proved E to me on the basis of satisfactory evidence)to be the personw whose name(gy is/aFesubscribed to the within a instrument and acknowledged to me that'he/she/4hey executed the same in his/her/their-authorized capacityW, cc and that by his/her/theif"signat reIo on the instrument the person(sf or the entity upon behalf of which the c? person('acte cuted t i strument. WIVE E. LElT iL - L WITNESS my h d i Coy m.; g78764 P.OTARY PUEUC-CALIFORNA o Orange County 31 Signature MY Ca'nm•Expdes Nov.22,1996 -6 f (This area for official notarial seal) CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT No.51, State of 2r OPTIONAL SECTION X I/ CAPACITY CLAIMED BY SIGNER County of Though statute does not require the Notary to 61 fill in the data below, doing so may prove -On before meQ� invaluable to persons relying on the document. - / � DATE - �/ N ME, IT LE OF OFFICER-E.G.,'JANE DOE,NOTA UBLIC" E] INDIVIDUAL (� CORPORATE OFFICERf&j personally appeared — ,/,�f/1 ,P�,�yrJ NAME(S)OF SIGNER(S) ITLE(S) personally known to me-OR -❑ pr wed4o-mi"i4-tie-basis-ef-sa#-isfac4er."vidence— ❑ PARTNER(S) ❑ LIMITED to be the person(&) whose nameEs} is/afe ❑ GENERAL subscribed to the within instrument and ac- ❑ATTORNEY-IN-FACT knowledged to me that-he/she/toe)�executed ❑TRUSTEE(S) 0FF=L SEAL the same in h+sfher/t-f+e+r— authorized ❑GUARDIAN/CONSERVATOR JUDY {UPS capacity4e-s-}, and that by-ts/her/t-he­i+ ha 9 ��6-� ❑OTHER: C Gs c@—vM signature(s) on the instrument the person(sj, M7 or the entity upon behalf of which the person*acted, executed the instrument. SIGNER IS REPRESENTING: WITNESS my hand and official seal. NAME OF PERSON(S)OR ENTITY(IES) r IGNATURE OF NOTARY OPTIONAL SECTION THIS CERTIFICATE MUST BE ATTACHED TO TITLE OR TYPE OF DOCUMENT THE DOCUMENT DESCRIBED AT RIGHT: NUMBER OF PAGES DATE O OCUMENT Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. SIGNER(S)OTHER THAN NAMED ABOVE © C93 NATIONAL NOTARY ASSOCIATION•8236 Remmet Ave.,P.O.Box 7184•Canoga Park,CA 91309-7184 occupancy, tenure, or enjoyment of the Property, nor shall the Beneficiary itself or any person claiming under or through It establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, I subtenants, sublessees, or vendees of the City or any portion thereof. Trustor agrees it shall instruct the escrow holder for the acquisition of the Property by the Trustor that the order of recording in the escrow for the purchase of the Property by the Trustor shall occur as follows: 1) the First Lien; 2) the Declaration of Covenants, Conditions Restrictions for Affordable Housing; and 3) the Agency Deed of Trust. The Trustor shall cause a Request for Notice to be recorded on the Property 1 subsequent to the recordation of the First and Second Liens, deeds of trust, or mortgages, • requesting a statutory notice of default as set for the in the California Civil Code. IRXSTOR&'SSl-GN1ATiUK-E ti TRUSTOR'S SIGNATURE CITY OF HU TINGTON BEACH V Its: REDEVELOPMENT AGENCY OF APPROVED AS TO FORM: THE CITY OF HUNTINGTON BEACH Agency Counsel Its: C�HA i2PE��50� _ 8 7/10andoc/a"Idr/02/22/94 J %ewg'ffl�'ITY OF HUNTiNGTON BEACH 2000 MAIN STREET CALIFORNIA 92648 OFFICE OF THE CITY CLERK CONNIE BROCKWAY CITY CLERK DEED CERTIFICATION This is to certify that the interest in real property conveyed by the deed dated February 25, 1994 from SHAUNA C. QUICK to the City of Huntington Beach, a municipal corporation, is hereby accepted by the undersigned officer or agent on behalf of the City Council of the City of Huntington Beach, pursuant to the authority conferred by Resolution No. 3537 of the City Council of the City of Huntington Beach adopted on August 7, 1972, and the grantee consents to the recordation thereof by its duly authorized officer. Dated: March 9, 1994 CITY OF HUNTINGTON BEACH CONNIE BROCKWAY, CIVIC CITY CLERK By: Deputy"City Clerk (Telephone:714-536-5227) i CITY OF HUNTINGTON BEACH NOTICE OF RIGHT OF RESCISSION AFFORDABLE HOUSING PROGRAM Notice To Customer Required by Federal Law: You have entered into a transaction on February 24 —_, 1994 which may result in a lien, mortgage or other security interest on your home. You have a legal right under federal law to cancel this transaction, if you desire to so, without any penalty or obligation within three business days from the above date or any later date on which all material disclosures required under the Truth in Lending Act have been given to you. If you so cancel this transaction, any lien, mortgage, or other security interest on your home arising from this transaction is automatically void. You are also entitled to receive a refund of any down payment or other consideration if you cancel. If you decide to cancel this transaction, you may do so by notifying City of Huntington Beach 2000 Main Street Huntington Beach, CA 92648 Attn: Housing Dept. by mail or telegram sent not later than midnight of Febi ua.K 28 , 1994. You may also use any other form of written notice identifying the transaction if it is delivered to the above address not later than that time. This notice may be used for that purpose by dating and signing below I hereby cancel this transaction. (Date) (Participant's Signature) SEE NEXT PAGE FOR IMPORTANT INLORMA'rION ABOU1 YOUR RIGII-1 OF RESCISSION EXPIRATION OF RESCISSION PERIODS Direct Loans (Troth in Lending - Real Estate and Home Improvement Loans) P� ipant's Nance Loan AmDVrtt -- — -- Addre� of R.es;dence SHAUNA C. QUICK $1.6,7I7.00 409 •Utica Ave. C-32, Huntington Beach In connection with the Agreement of the City of Huntington Beach to make the loan described above, which will be secured by a deed of trust on the residence at the above address, each of the undersigned hereby represents as follows 1 The undersigned understands the terms of this Agreement and its attachments 2. The undersigned has been notified that it must inform the City of Huntington Beach by today's date should any of them desire to rescind or terminate this transaction. 3 The undersigned acknowledges that this loan has not been funded for at least three days from the date of execution, in order to provide them with an opportunity to rescind should they so desire_ 4. The City of Huntington Beach agreed, subject only to the occurrence of certain conditions, to make the above described loan and delivered to each undersigned a Disclosure Statement sefting forth terms of said loan and a Notice of right of Rescission advising each undersigned of their right to rescind and cancel said transaction in accordance with the Truth in Lending Act on or before the date the undersigned executed this document. 5. Prior to the date shown above, no proceeds of said loan have been disbursed to or for the benefit of any of the undersigned 6 None of tree undersigned have canceled or rescinded the above described loan transaction nor have any of the undersigned notified said Agency of any intention to cancel or rescind said loan transaction The uncle(srgried request the City of Huntington Beach to proceed with tht, rntiukinc, of the above described to i rClr�nGC ul;On the foreoorng representations (Participant's Sicinalure) f )atr) (I'artl(;Ip:.3nt•5 5rdnaturc:) --- —— — (U:3te) �+ r ACKNOWLEDGMENT OF RECEIPT OF TWO COPIES OF NOTICE Each of the undersigned hereby acknowledges receipt of two completed copies of the Notice of Right of Rescission. r q (Participant's Signature) (Date) — -------- (Participant's Signature) (Date) J EFFECT OF RESCISSION. When a customer exercises his right to rescind he is not liable for any finance or other charge, and any security interest becomes void upon such a rescission. Within ten (10) days after receipt of a notice of rescission, the creditor shall return to the customer any money or Property given as earnest money, down payment, or otherwise, and shall take any action necessary or appropriate to reflect the termination of any security interest created under the transaction. If the creditor has delivered any property to the customer, the customer may retain possession of it. Upon the performance of the creditor's obligations under this section, the customer shalt tender the property to the creditor, except that if return of the property in kind would be impracticable or inequitable, the customer shall tender its reasonable value. Tender shall be made at the location of the property or at the residence of the customer, at the option of the customer. If the creditor does not take possession of the property within ten (10) days after tender by the customer, ownership of the Property vests in the customer without obligation on his part to pay for it. 'Cl scrzo TO THIA Cl TY OF HUNTINGTON BEACH ' p e .........III111still III I111111I 1111111111111111111111111111111111111111111 2000 MAIN STREET 19093 Beach Boulevard m Huntington Beach, CA 92648 =TON BEACH CA (714) 843-0101 o FAX (714) 843-9949 ESCROW NO. 6511—L 5-2-95 SUBJECT: DATE: MESSAGE ENCLOSED PLEASE FIND AN AMENDED FINAL TITLE POLICY PER YOUR REQUEST. THANK YOU VERY MUCH. LINDA CAMPBELL ESCROW OFFICER TE 11 California Land Title Association ❑Q O Standard Coverage Policy Form FMI717 c ` Policy of Title Insurance Issued'By SP 101 TRW Title Insurance Company SUBJECT TO THE EXCLUSIONS FROM COVERAGE,THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS,TRW TITLE INSURANCE COMPANY,a Kansas corporation,herein called the Company,insures,as of Date of Policy shown in Schedule A,against loss or damage, not exceeding the Amount of Insurance stated in Schedule A,sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land; and in addition, as to an insured lender only: 5. The invalidity or unenforceability of the lien of the insured mortgage upon the title; 6. The priority of any lien or encumbrance over the lien of the insured mortgage,said mortgage being shown in Schedule B in the order of its priority; 7. The invalidity or unenforceability of any assignment of the insured mortgage, provided the assignment is shown in Schedule B,or the failure of the assignment shown in Schedule B to vest title to the insured mortgage in the named insured assignee free and clear of all liens. The company will also pay the costs, attorneys' fees and expenses incurred in defense of the title or the lien of the insured mortgage, as insured, but only to the extent provided in the Conditions and Stipulations. TRW Title Insurance Company L4-X1,&4a4 President ATTEST Secretary Countersigne by: Authorized Officer or Agent 4001A-90 EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy 3. Defects, liens, encumbrances, adverse claims or other matters: and the Company will not pay loss or damage,costs,attorneys'fees or expenses (a) whether or not recorded in the public records at Date of Policy, but which arise by reason of: created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date 1. (a) Any law,ordinance or governmental regulation(including but not limited of Policy,but known to the insured claimant and not disclosed in writing to building and zoning laws, ordinances, or regulations) restricting, to the Company by the insured claimant prior to the date the insured regulating, prohibiting or relating to (i) the occupancy, use, or enjoy- claimant became an insured under this policy; ment of the land; (ii) the character, dimensions or location of any (c) resulting in no loss or damage to the insured claimant; improvement now or hereafter erected on the land; (iii)a separation in (d) attaching or created subsequent to Date of Policy; or ownership or a change in the dimensions or area of the land or any parcel (e) resulting in loss or damage which would not have been sustained if the of which the land is or was a part;or(iv)environmental protection, or insured claimant had paid value for the insured mortgage or for the estate the effect of any violation of these laws, ordinances or governmental or interest insured by this policy. regulations,except to the extent that a notice of the enforcement thereof 4. Unenforceability of the lien of the insured mortgage because of the inability or a notice of a defect, lien or encumbrance resulting from a violation or failure of the insured at Date of Policy, or the inability or failure of any or alleged violation affecting the land has been recorded in the public subsequent owner of the indebtedness,to comply with the applicable doing records at Date of Policy. business laws of the state in which the land is situated. (b Any governmental police power not excluded by(a)above,except to the 5. Invalidity or unenforceability of the lien of the insured mortgage, or claim extent that a notice of the exercise thereof or a notice of a defect, lien thereof,which arises out of the transaction evidenced by the insured mort- or encumbrance resulting from a violation or alleged violation affecting gage and is based upon usury or any consumer credit protection or truth the land has been recorded in the public records at Date of Policy. in lending law. 2. Rights of eminent domain unless notice of the exercise thereof has been 6. Any claim, which arises out of the transaction vesting in the insured the recorded in the public records at Date of Policy, but not excluding from estate or interest insured by this policy or the transaction creating the interest coverage any taking which has occurred prior to Date of Policy which would of the insured lender,by reason of the operation of federal bankruptcy,state be binding on the rights of a purchaser for value without knowledge. insolvency or similar creditors' rights laws. CONDITIONS AND STIPULATIONS 1. DEFINITION OF TERMS. 2. CONTINUATION OF INSURANCE. to the Company, then as to that insured all liability of the The following terms when used in this policy mean: (a) After Acquisition of Title. If this policy insures the Company shall terminate with regard to the matter or matters (a) "insured":the insured named in Schedule A,and,sub- owner of the indebtedness secured by the insured mortgage, for which prompt notice is required; provided, however,that ject to any rights or defenses the Company would have had the coverage of this policy shall continue in force as of Date failure to notify the Company shall in no case prejudice the rights against the named insured,those who succeed to the interest of Policy in favor of(i)such insured lender who acquires all or of any insured under this policy unless the Company shall be of the named insured by operation of law as distinguished from any part of the estate or interest in the land by foreclosure, prejudiced by the failure and then only to the extent of the purchase including, but not limited to, heirs, distributees, trustee's sale,conveyance in lieu of foreclosure,or other legal prejudice. devisees,survivors,personal representatives, next of kin,or mannerwhich discharges the lien of the insured mortgage;(ii) corporate or fiduciary successors. The term "insured" also a transferee of the estate or interest so acquired from an insured 4. DEFENSE AND PROSECUTION OF ACTIONS; includes corporation, provided the transferee is the parent or wholly- DUTY OF INSURED CLAIMANT TO COOPERATE. (i) the owner of the indebtedness secured by the insured owned subsidiary of the insured corporation and their corporate (a) Upon written request by the insured and subject to the mortgage and each successor in ownership of the indebted- successors by operation of law and not by purchase,subject options contained in Section 6 of these Conditions and Stipu- ness except a successor who is an obligor under the provisions to any rights or defenses the Company may have against any lations,the Company,at its own cost and without unreasonable of Section 12(c)of these Conditions and Stipulations(reserving, predecessor insureds; and (iii)any governmental agency or delay,shall provide for the defense of such insured in litigation however,all rights and defenses as to any successor that the governmental instrumentality which acquires all or any part of in which any third party asserts a claim adverse to the title or Company would have had against any predecessor insured, the estate or interest pursuant to a contract of insurance or interest as insured,but only as to those stated causes of action unless the successor acquired the indebtedness as a purchaser guaranty insuring or guaranteeing the indebtedness secured alleging a defect,lien or encumbrance or other matter insured for value without knowledge of the asserted defect,lien,encum- by the insured mortgage. against by this policy.The Company shall have the right to select brance,adverse claim or other matter insured against by this (b) After Conveyance of Title.The coverage of this policy counsel of its choice(subject to the right of such insured to policy as affecting title to the estate or interest in the land); shall continue in force as of Date of Policy in favor of an insured object for reasonable cause)to represent the insured as to those (ii) any governmental agency or governmental instru- only so long as the insured retains an estate or interest in the stated causes of action and shall not be liable for and will not mentality which is an insurer or guarantor under an insurance land,or holds an indebtedness secured by a purchase money pay the fees of any other counsel.The Company will not pay contract or guaranty insuring or guaranteeing the indebtedness mortgage given by a purchaser from the insured,or only so any fees,costs or expenses incurred by an insured in the defense secured by the insured mortgage,or any part thereof,whether long as the insured shall have liability by reason of covenants of those causes of action which allege matters not insured named as an insured herein or not; of warranty made by the insured in any transfer or conveyance against by this policy. (iii) the parties designated in Section 2(a) of these of the estate or interest.This policy shall not continue in force (b) The Company shall have the right,at its own cost,to Conditions and Stipulations. in favor of any purchaser from the insured of either(i)an estate institute and prosecute any action or proceeding or to do any (b) "insured claimant": an insured claiming loss or or interest in the land,or(ii)an indebtedness secured by a pur- other act which in its opinion may be necessary or desirable damage. chase money mortgage given to an insured. to establish the title to the estate or interest or the lien of the (c) "insured lender":the owner of an insured mortgage. (c) Amount of Insurance:The amount of insurance after insured mortgage,as insured,or to prevent or reduce loss or (d) "insured mortgage":a mortgage shown in Schedule the acquisition or after the conveyance by an insured lender damage to an insured.The Company maytake any appropriate B,the owner of which is named as an insured in Schedule A. shall in neither event exceed the least of: action under the terms of this policy,whether or not it shall be (e) "knowledge" or "known": actual knowledge, not (i) The amount of insurance stated in Schedule A; liable hereunder,and shall not thereby concede liability or waive constructive knowledge or notice which may be imputed to an (ii) The amount of the principal of the indebtedness any provision of this policy. If the Company shall exercise its insured by reason of the public records as defined in this policy secured by the insured mortgage as of Date of Policy,interest rights under this paragraph, it shall do so diligently. or any other records which impart constructive notice of matters thereon,expenses of foreclosure,amounts advanced pursuant (c) Whenever the Company shall have brought an action affecting the land. to the insured mortgage to assure compliance with laws or to or interposed a defense as required or permitted by the provi- (f) "land":the land described or referred to in Schedule protect the lien of the insured mortgage prior to the time of sions of this policy,the Company may pursue any litigation to (A),and improvements affixed thereto which by law constitute acquisition of the estate or interest in the land and secured final determination by a court of competent jurisdiction and real property.The term"land"does not include any property thereby and reasonable amounts expended to prevent deterio- expressly reserves the right, in its sole discretion,to appeal beyond the lines of the area described or referred to in Schedule ration of improvements, but reduced by the amount of all from any adverse judgment or order. (A),nor any right,title,interest,estate or easement in abutting payments made;or (d) In all cases where this policy permits or requires the streets,roads,avenues,alleys,lanes,ways or waterways,but (iii) The amount paid by any governmental agency or Company to prosecute or provide for the defense of any action nothing herein shall modify or limit the extent to which a right governmental instrumentality,if the agency or instrumentality or proceeding,the insured shall secure to the Company the of access to and from the land is insured by this policy. is the insured claimant,in the acquisition of the estate or interest right to so prosecute or provide defense in the action or pro- (g) "mortgage":mortgage,deed of trust,trust deed,or in satisfaction of its insurance contract or guaranty ceeding,and all appeals therein,and permit the Company to other security instrument. use,at its option,the name of such insured for this purpose. (h) "public records": records established under state 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. Whenever requested by the Company, an insured, at the statutes at Date of Policy for the purpose of imparting con- The insured shall notify the Company promptly in writing Company's expense,shall give the Company all reasonable aid structive notice of matters relating to real property to purchasers (i)in case of any litigation as set forth in Section 4(a)below, (i)in any action or proceeding,securing evidence,obtaining for value and without knowledge. (ii)in case knowledge shall come to an insured hereunder of witnesses,prosecuting or defending the action or proceeding, (i) "unmarketability of the title": an alleged or apparent any claim of title or interest which is adverse to the title to the or effecting settlement,and(J)in any other lawful act which matter affecting the title to the land,not excluded or excepted estate or interest or the lien of the insured mortgage,as insured, in the opinion of the Company may be necessary or desirable from coverage,which would entitle a purchaser of the estate and which might cause loss or damage for which the Company to establish the title to the estate or interest or the lien of the or interest described in Schedule A or the insured mortgage may be liable by virtue of this policy,or(iii)if title to the estate insured mortgage,as insured.If the Company is prejudiced by to be released from the obligation to purchase by virtue of a or interest or the lien of the insured mortgage,as insured,is the failure of an insured to furnish the required cooperation, contractual condition requiring the delivery of marketable title. rejected as unmarketable.If prompt notice shall not be given the Company's obligations to such insured under the policy shall 4001A % ft (continued on inside back cover) CLTh STANDARD POLICY SCHEDULE A TUM FEE FOR TITLE, DWMIATICK AND TITLE INSURANCE $50.00 A 4Y,Nr OF INSURANCE: $16,717.00 ORDER NO. 216732-3 POLICY NO. SP 101-125507 DATE OF POLICY: MARCH 9, 1994 AT: 2:54 P.M. 1. NAME OF INSURED: THE REDEVE OPMEW AGENCY OF THE CITY OF HUNrIN= BEACH, A PUBLIC BODY CORPORATE AMID POLITIC 2. THE ESTATE OR IlTIEFST IN THE LAM DESCRIBED IN SCIrM J A AND *UCH IS QUID BY THIS POLICY IS: A C!CWC t6n4ICM AS DEFINED IN =ICON 763 OF 'Il E CALIK)RN-A CIVIL CODE, IN FEE. 3. THE ESTATE OR IIN'I'ERFST REFERRED TO HEREIN, IS AT DATE OF POLICY VESTED IN: THE RE DEVE LENT AG O CY OF THE CITY OF HUNTWILN BEACH, A PUBLIC BODY OORPORATE AND POLITIC ' CREER ND. : 216732-3 . CLTA STANDARD POLICY PACE IUD. : 2 SCIEWLE A (CONTINUED) 4. THE LAND REFERRED TO IN THIS POLICY IS DFSCP-MID AS FOLLOWS: : THE LAM? IS SI'I[ A= IN THE STATE OF CALIFORNIA OOUNPY OF ORAME PARCH L: UNIT NO. 32, CONSISTING OF CERZU U AIRSPACE AMID SURFACE ELEMENTS, AS SIM AND DESCRIBED IN THE CIxIDCMINI[M PLAN ("PLAN") MR BRISAS DEL MAR LOCATED ON LOT L OF TRACT L4757, AS SHC7WiV ON A SUBDIVISICN MAP RECIORDFD ON SKPTFI+BER L, L993, IN BOOK 70L, PAGES 42 T i 43, INCLUSIVE OF MISCELLANEOUS MAPS, IN THE OFFICE OF THE ORAL ODU TTY REOORDER (,OFFICIAL RECORDS") , *lICH PLAN FIRS REODRDED CN SFPIBER L5, L993, AS DUR[NENT NO. 93-062L742, OF OFFICIAL RECRDS, CALIFORNIA. PARCH 2: AN iNIDMDED ONE FORTY-FOURTH (L/44) FEE SIMPLE INTEREST AS A TMWTT IN COMMON IN AND TO NODULE B -ca-KM CAI THE PLAN AMID DEFILED IN THE DEQ_ARAT'IClN REFERRED TO BEL13W AS THE "CSMTDN AREA" . EXCEPT THEREFRCM ALL OIL, GAS, NDORALS AND OTHER HYDROCARBON aSgEANC ES LYIM BELOW A DEPIH OF 500 FEET WITHOUT ANY RIGHT TO ENTER UPON THE SURFACE OR THE SUBSURFACE OF SAID LAND ABOVE A DEPTH OF 500 FEET, AS PROVIDED IN n0lRUlElM OF RE ODRD. PARCEL 3: NCNE{CZUSIVE EASEMENTS FOR ACCESS, INGRESS, EGRESS, USE, ENJOYMEM, DRAIIAGE, SUPPORT, MAIlITEIV , REPAIRS AND FOR MIE R PURPOSES, ALL AS MAY BE SKMN IN THE PLAN, AND AS ARE DESCRIBED IN THE DECLARATION. PARCEL, 4: F.XCZIiSIVE FASFMTIS APPURI'EIUM 70 PARCELS ND. L AMID NO. 2 DESCRIBED ABOVE FUR USE FOR PARKING PURPOSES DESK AS EXCU SIVE USE AREAS IN THE DECLARATION, OVER PORTIONS OF LOT L OF TRACT L4757 -CMM AND ASSIGNED IN THE PLAN. PARCEL 5: AN EXCUISIVE FASEVENT APPLRT12QW TO PARCELS NO. L AND NO. 2 DESCRIBED ABOVE, FOR USE FOR PATIO, BAL4MY, AND FIRE; ESCAPE STAIRCASE R R.POSFS DESCRIBED D AS E}C=IVK USE AREAS IN THE DECZARATICN, AS APPLIa%sLF, OVER PORTIONS OF LOST L OF TRACT L4757 AS SHOW, ASSIGNED AND DESCR.= IN THE PLAN. NO. : 216732-3 �. . CLTA STANDARD POLICY PACE NO. . 3 • SCHEDULE B EX=ICNS FRCM COVERAGE THIS POLICY DOES NOT INSURE AGAINST LOSS OR DANK (AMID THE COMPANY WILL NOT PAY 03SIS, ATIOR1,1EYS' FEES OR DM4SES) WHICH ARISE BY REASM OF: PART I 1. 'IDS OR WHICH ARE NUT SHCVN AS EXISTING L.RZ BY THE RECORDS OF ANY TAXEW, AUTHORITY THAT LEVIES TAXES OR CST REAL PROPERTY OR BY THE PUBLIC REQORDS. PROCEEDINGS BY A PUBLIC AGENCY WHICH MY RFSULT IN TAXES OR , OR NID TICES OF SUCH PROCEEDINGS, WHETHER OR U)T -':IK 1 BY THE REODRDS OF SUCH AGENCY OR BY THE PUBLIC REOORDS. 2. ANY FACTS, RIGHTS, INTERESTS, OR CLAIMS WHICH ARE NOT SIKM BY THE PUBLIC R=RDDS BUT WHICH COMD BE ASCERTAINED BY AN INSPECTION OF THE LAND OR WHICH MAY BE ASSERTED ED BY PERSONS IN POSSE.SSICN TriEREOF. 3. EASEMENTS, LIENS OR ENCUMBRANCES, OR CLAIMS DEPTOF, WHICH ARE NOT SHOWN BY THE PUBLIC REODRDS. 4. DISCREPANCIES, CONFLICTS IN BOUNDARY LINES, SHORTAGE IN AREA, OR ANY (7= FACTS WHICH A CMRECT SURVEY WOULD DISCLOSE, AND WHICH ARE NOT -cW-)M BY THE PUBLIC RBOMDS. 5. (A) UNPATE[VIED MINING CLAIMS: (B) RESERVATICNS OR EXCEPTIONS IN PATERM OR IN ACTS AUlHDRI ZING 71 iE ISSUANCE 'Tf MF; (C) WATER RI=, CLAIMS M THE TO WATER, WT-TEIHER OR Wr THE MATTERS EXCEYM UNDER (A) , (B) OR (C) ARE SHOW BY THE PUBLIC RECORDS. • CFdMZ ND. : 216732-3 PACE BD. . 4 PART II A. COAL AND SPDCIAL TES, A LIEN NOT YET PAYABLE, FOR THE FISCAL YEAR 1993- 1994. B. THE LIEN OF SUPPLE wE= TAXES, IF ANY, ASSESSED MRS-PIC TO CHAPTER 3.5 CCNMaCIlU WITH SECTION 75 OF THE CALIFORNIA REVENUE AND 'TAXATION CODE. 1. THE EFFECT OF A QMKIMTY OIL AMID GAS LEASE EXTTEID BY LCUIS RUI9W AND IIAISE B. BENSON, HIS WIFE AND BY OTHER PIIZ"TS AS TO OFrHER. LAND, AS LESSORS, AND BY CODLMIA LEASING AND DEVELOPING CXPANY, A CORPORATICN, AS LESSEE, RECORDED NOVIIMBEZ 6, 1920 IN BOOK 16, PAGE 198 AND RE-RECORDED AUGUST 11, 1921 IN BOOK 25, PACE 247 OF LEASES, BOTH OF LEASES, TO WHICH RECORD RE ONCE IS MADE FOR FULL PARTICULARS. 2. AN FAS04RC FOR PIPE LRgES AND INCIDRII'AL F'[IR CSES, AS GRX= TO HL$i UCTON BEACH COMPANY IN THE DEED RECORDED IN BOOK 319, PAGE 149 OF DEEDS, OF OFFICIAL RECORDS, AlaU THAT PUMCQ OF SAID LAND AS NfME PARTICULARLY DESCRIBED IN SAID INSTRUMENT. 3. C3OVFWNTS, 02MITICNS AND REF TR_ICTIONS IN AN RTUIRU4NT RECORDED IN BOOK 319, PAGE 149 OF DEEDS, OF OFFICIAL RECORDS. THE PROVISICNNS, IF ANY, OF SAID INSTRU4Wr WHICH PROVIDE RES"IR.ICTIOLS BASED CAN RACE, COLOR, RELIGICN OR NATIONAL ORIGIN ARE DELETED. 4. AN EASEMENT FOR PIPE, POLE LINES AND R CIDENTAL MRPOSES, AS (RAND TO PE I ROLE[M MIDWAY C33TANY, LTD. , IN THE DEED RECORDED IN BOOK 578, PACE 269 OF DEEDS, OF OFFICIAL RECORDS, All NG THAT PORTION OF SAID LAND AS MORE PARTICULARLY DESC RMED IN SAID INSTRLN,TT. 5. AN EASEZ�= FOR PIPE LINE AMID INCIDENIAL PURPOSES, AS GRAND TO 52'A MARD OIL CCrlPANY OF CALIFORNIA IN THE DEED RECORDED IN BOOK 865, PACE 15 OF OFFICIAL RECORDS, ALIM THAT PORTION OF SAID LAND AS MORE PARTICULARLY DESCRIBED IN SAID IWMUMENT. 6. AN FASR� FUR PIPE LINES AMID INCIDIITrAL PURPOSES, AS CANTED 'M S WMARD OIL COMPANY OF CALIFORNIA AND RMNDARD GASiOL= COMPANY, IN THE DEED RECCR!DED IN BOOK 3577, PACE 119 OF OFFICIAL RECORDS, ALCM THAT POR'TICV OF SAID LAND AS MORE PARTICULARLY DESCRIBED IN SAID ]NSTRLMTT. 7. AN FASMNT FOR PIPE LINES AND INCIDENTAL PURPOSES, AS G;ANIFI) TO THE TEXAS C JMPANY, A CCRPORATICN, IN THE DEED RECORDED IN BOOK 3660, PAGE 257 OF OFFICIAL RECORDS, ALCM THAT PORTION OF SAID LAND AS MORE PARTICULARLY DESCRIBED IN SAID 114SIRUMENT. B. AN EASEVErTT MR PUBLIC 'UTILITIES AND INCIDENTAL PURPOSES, AS GRANTED 70 THE COAL TELEPHONE COMPANY OF CALIFORNIA, A CJORPORATION, IN DEED RECORDED AS INS UMNT NO. 87-440298 OF OFFICIAL RECORDS, ALCM THAT PORTICN OF SAID LAND AS MORE PARTICULARLY DESCRIBED IN SAID E99IR'M7T. SAID DEED PROVIDES THAT NO BUILDII, OR STRUCr1URE SHALL BE PLACED OR NlAIIJTAIN D CLAN SAID EASEMENT. 9. THE TERMS, PROVISIONS AND C ZZOITTCIiS COTTLUNED IN A DOCUMENT ENTITLED "AFFIORDABIE Ha SING RESIRIC'TICN AND COVENANT", E Ma IEa BY AND BE'iWEEN BFAa*T<7NT LAKE STREET PROPERTIES AND THE CITY OF HUlCRUION BEACH, RECORDED SEPrE LBER 2, 1987 AS IIJS'IRiMUC NO. 87-560026 OF OFFICIAL RECORDS. •'I I J' • ..t• � -• I�r-� v •- sIr tea: •• I•• ••- ••- • •. I r sr}r -sa•-r sIr • •`I9 I} •- r• �+• r• 1 !r 1 Ir y I—VIOMMAO,•. C'• }r • I • I I •. •• I -• a•• ••- • r. I I rsl�Ir •sa•.•rslr 1 lip Blip a IN At tog • Ir � , •- �•: �:• +* • Ir • Sri,- • Ir r � :• I ra • :• i • • •sa••r� •• s- 1 I rr I :5f • •• } ►• rr !•. Ir •: � 101- 1 ':• r aIr -} �+-} • : I r• r • + r sal • •. • •: Ir :r r a•. } �►�s }r : r>t r•- v •- I r }� - IOI-� r -�a!-r s� • •• r 4 r} f 1• I • 1 101- • • rr Ir I• • - !! • } MIO•r. • r 91 r• r w 51 •�• } rr •I• •1 •Or �► •01• •9 sIr ` r /r r /• 1 :�} '� I • -1 IOIr : rl OIr M• •: •-.• !' L •: I MUINJIM24N DID •!. Ir• 11 -sa••r aIr • } I:}• -9a••r 171-]• ♦• ••• •- Ii rr 0' • rr I I:•.-r 1 r• •. Iql-a• •.! •: •01 I ! •• • r. r a: �I• • : • as I•a 1} I sI• 101•s• '1 r• • r sl •- •s rr sI• I r I } • • •- •e1 •- I.slslr a 'Out Ole � I} • n I I •• •rsI --.• s •: al � ar. n r Islr I I • :• ly • IOIr of } I• ••. to •: Ir ->ti • r ••.• r /• I •••r. ORDER NO. ; 216732-3 PPE NO. : 6 1V. hASUtTLIS FOR 10tZS AND 331TESS, PXRKLNA, PIFMlUE, D-RAINAM, SAKI'-YHY SNWEPS, PUBLIC UTILITIES, SLOPBS AND RIGHTS WIDWAL. TH=r,, AS DISCZOSED TRY TTVl7MlU4FMq- OF R@= PNV TIRE MAP JF SAID TRACT, CKLY 11W a%og Apwp. 18. MATTERS IN AAVI INb-,fRUdWr Wiil(li AK.XG VniER THENGS ZENTION OR PRCkTlSlCW FUR AS9ESSMENTS AND LIENS PIZ) THE StmCmisuvrim THERSOPi &OVISIDNS RELATEaNu-1 19) PARTAIUD R2STRICTTONS (XZ SEVERASILITY CIF CIATtEN7 ZVEITSTR; PROVISICNS FOR CERTAIN EASEMENTS AbCV001 AND 0-1N7pjN-lw-' COVE NANUS, a00ITIONS AND RMOTRICTIM WICH PROVIUC TERI' A VICIASTCcri THEREOF SFHAIIZI BWrT DEFEAr OR RENDER INVALD3 TPE QwN CS' Ai,Y VURTGAGE Op DEEj- V! In= EN GoCuD FaIT14 AND FFFMO WIDE; RE31WD, AS Il%V'rPjX�l tni . 13- 0635859, OF OFFICIAL RECORDS. THE PROVISIOMS, XF ANY, OF SAID TNMOM20 14110 TIVVIII! RESTRICTIOAS DA-0071 aq Pon, colazi RELIGIC6 CC' NVAGTnIKCVNVA? CRIGIN ARE LELO-Y). SAID INGIRUv2qT MAY FRCVIDE FPMD L-m7pf7jxr RFaTTAT? AS VgTLjL AS SPECIJA�-, ASSESSMENTS. 19. COVENNNIS, CONDITIONS AND RESTRICTI09S, (DK!VV!UG- W01950M ANY RESTRICTICORN19 BASED (24 FACE, =re, OR CMW , AS IlIMED IN A D11WEIT RIJITZD 94- 168377, OF QVICIAL RRODRns. PO. DEED OF TRUST UG SECME AN INDEBTEDNESS. Arl=- $63,080.00 URUSTOR; SHAUNA C. QUICK, A SEVLE WOVIANN TRUSTEE: FIRST BAN CORP, A CALIFCP-N-TA MR2C.RWI-1W . 7CIARY: SANWA BANK CALIFORNIA, A (--AL-j-r,=,TLN ON. PORATICN DATED: jANUARY 25, 1994 24EN-1 �T). 94-16837-3, OF XPICIA L N%R34 9, 1994 AS DVIP&MOR RROMORDS 21. remp OF TRUST TO SECURE AN I PlIDUDEV: $16,717.00 rRusity: SHM2PL C. QMCK TRLU Imo:- THE CITY OF HUNTENVIO BEACH, A MUNICIPAL SAT TrVN BENEFICIARY: THE M90EVEUCPMMRT 3ENCY OF 1TE CITY CF REACH, A PUBLIC BODY CORPORATE AND POLITIC nATED: FAY 25, 1994 VV001 9, 1994 AS INSTIRWJ-24T X. 54-168379, Ck' OFFICTAXIL REXr-RD8 CONDOMINIUM PLAN ' UNIT AIRSPACH DIMENSION P AW: SCAI.I:: 1" n 1p BUILDING "C' - J UPPER LEVXL Rt -- #' UNITS.23 TBRU 32 1 Emfk!DK WALL LINE (M) 43."' L � 24.1*1' 66.32' o r-- l5.82' c cv — .c � iRl n n yl sac -7 r} - v 19.32' j. i j 6 c c Z . 1 3T . p C v u '[+ :{ads i7r ` ♦ �w� • 1. • INDICATES COMMON BUILDING CONTROL POINT. _ 2. SEE SHEET 6 FOR LOUNDARY PLAT. ' . 3. SEE SHEET T FOR WILDING LOCATION'PLAN. 4. SEE SHEETS 8 THRU 14 FOR UNIT AIRSPACE DIMENSION PLANS. i S. SEE SHEETS 20 THRU 23 FOR SCHEDULES Op TYPICAL UNIT VERTICAL SECTIOAS. a- , " �� 6. SEE SHEETS 24 THRU 2T FOR TYPICAL UNIT VER'L-ICAL SECTIONS. -- _t 7. SEE SHEET 28 FOR OFER PARKING LOCATION PLAN. California Land Title Association 0 ❑Q Q Standard Coverage Policy Form O O DD Policy of Title Insurance Issued By Sp 101_12 5 5 0 7 TRW T Insurance SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS,TRW TITLE INSURANCE COMPANY,a Kansas corporation,herein called the Company,insures,as of Date of Policy shown in Schedule A,against loss or damage, not exceeding the Amount of Insurance stated in Schedule A,sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land; and in addition, as to an insured lender only: 5. The invalidity or unenforceability of the lien of the insured mortgage upon the title; 6. The priority of any lien or encumbrance over the lien of the insured mortgage,said mortgage being shown in Schedule B in the order of its priority; 7. The invalidity or unenforceability of any assignment of the insured mortgage, provided the assignment is shown in Schedule B,or the failure of the assignment shown in Schedule B to vest title to the insured mortgage in the named insured assignee free and clear of all liens. . The company will also pay the costs, attorneys' fees and expenses incurred in defense of the title or the liert of the insured mortgage, as insured, but only to the extent provided in the Conditions and Stipulations. TRW Title Insurance Company Lt6lujJ44 President ATTEST a�W/Zz� Secretary Countersigned by: Authorized Officer or Agent 4001-90 Rev. 10/90 EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy 3. Defects, liens, encumbrances, adverse claims or other matters: and the Company will not pay loss or damage,costs,attorneys'fees or expenses (a) whether or not recorded in the public records at Date of Policy, but which arise by reason of: created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date 1. (a) Any law,ordinance or governmental regulation(including but not limited of Policy,but known to the insured claimant and not disclosed in writing to building and zoning laws, ordinances, or regulations) restricting, to the Company by the insured claimant prior to the date the insured regulating, prohibiting or relating to (i)the occupancy, use, or enjoy- claimant became an insured under this policy; ment of the land; (ii) the character, dimensions or location of any (c) resulting in no loss or damage to the insured claimant; improvement now or hereafter erected on the land;(iii)a separation in (d) attaching or created subsequent to Date of Policy; or ownership or a change in the dimensions or area of the land or any parcel (e) resulting in joss or damage which would not have been sustained if the of which the land is or was a part; or(iv)environmental protection, or insured claimant had paid value for the insured mortgage or for the estate the effect of any violation of these laws, ordinances or governmental or interest insured by this policy. regulations,except to the extent that a notice of the enforcement thereof 4. Unenforceability of the lien of the insured mortgage because of the inability or a notice of a defect, lien or encumbrance resulting from a violation or failure of the insured at Date of Policy, or the inability or failure of any or alleged violation affecting the land has been recorded in the public subsequent owner of the indebtedness,to comply with the applicable doing records at Date of Policy. business laws of the state in which the land is situated. (b)Any governmental police power not excluded by(a)above,except to the 5. Invalidity or unenforceability of the lien of the insured mortgage, or claim extent that a notice of the exercise thereof or a notice of a defect, lien thereof,which arises out of the transaction evidenced by the insured mort- or encumbrance resulting from a violation or alleged violation affecting gage and is based upon usury or any consumer credit protection or truth the land has been recorded in the public records at Date of Policy., in lending law. 2. Rights of eminent domain unless notice of the exercise thereof has been 6. Any claim, which arises out of the transaction vesting in the insured the recorded in the public records at Date of Policy, but not excluding from estate or interest insured by this policy or the transaction creating the interest coverage any taking which has occurred prior to Date of Policy which would of the insured lender, by reason of the operation of federal bankruptcy,state be binding on the rights of a purchaser for value without knowledge. insolvency or similar creditors' rights laws. CONDITIONS AND STIPULATIONS 1. DEFINITION OF TERMS. 2. CONTINUATION OF INSURANCE. to the Company, then as to that insured all liability of the The following terms when used in this policy mean: (a) After Acquisition of Title. If this policy insures the Company shall terminate with regard to the matter or matters (a) "insured":the insured named in Schedule A,and,sub- owner of the indebtedness secured by the insured mortgage, for which prompt notice is required; provided, however,that ject to any rights or defenses the Company would have had the coverage of this policy shall continue in force as of Date failure to notify the Company shall in no case prejudice the rights against the named insured,those who succeed to the interest of Policy in favor of(i)such insured lender who acquires all or of any insured under this policy unless the Company shall be of the named insured by operation of law as distinguished from any part of the estate or interest in the land by foreclosure, prejudiced by the failure and then only to the extent of the purchase including, but not limited to, heirs, distributees, trustee's sale,conveyance in lieu of foreclosure,or other legal prejudice. devisees,survivors, personal representatives, next of kin,or mannerwhich discharges the lien of the insured mortgage;(ii) corporate or fiduciary successors. The term "insured" also a transferee of the estate or interest so acquired from an insured 4. DEFENSE AND PROSECUTION OF ACTIONS; includes corporation, provided the transferee is the parent or wholly- DUTY OF INSURED CLAIMANT TO COOPERATE. (i) the owner of the indebtedness secured by the insured owned subsidiary of the insured corporation and their corporate (a) Upon written request by the insured and subject to the mortgage and each successor in ownership of the indebted- successors by operation of law and not by purchase,subject options contained in Section 6 of these Conditions and Stipu- ness except a successor who is an obligor under the provisions to any rights or defenses the Company may have against any lations,the Company,at its own cost and without unreasonable of Section 12(c)of these Conditions and Stipulations(reserving, predecessor insureds; and (iii) any governmental agency or delay,shall provide for the defense of such insured in litigation however,all rights and defenses as to any successor that the governmental instrumentality which acquires all or any part of in which any third party asserts a claim adverse to the title or Company would have had against any predecessor insured, the estate or interest pursuant to a contract of insurance or interest as insured,but only as to those stated causes of action unless the successor acquired the indebtedness as a purchaser guaranty insuring or guaranteeing the indebtedness secured alleging a defect,lien or encumbrance or other matter insured for value without knowledge of the asserted defect,lien,encum- by the insured mortgage. against by this policy.The Company shall have the right to select brance,adverse claim or other matter insured against by this (b) After Conveyance of Title.The coverage of this policy counsel of its choice(subject to the right of such insured to policy as affecting title to the estate or interest in the land); shall continue in force as of Date of Policy in favor of an insured object for reasonable cause)to represent the insured as to those (ii) any governmental agency or governmental instru- only so long as the insured retains an estate or interest in the stated causes of action and shall not be liable for and will not mentality which is an insurer or guarantor under an insurance land,or holds an indebtedness secured by a purchase money pay the fees of any other counsel.The Company will not pay contract or guaranty insuring or guaranteeing the indebtedness mortgage given by a purchaser from the insured,or only so any fees,costs or expenses incurred by an insured in the defense secured by the insured mortgage,or any part thereof,whether long as the insured shall have liability by reason of covenants of those causes of action which allege matters not insured named as an insured herein or not; of warranty made by the insured in any transfer or conveyance against by this policy. (iii) the parties designated in Section 2(a) of these of the estate or interest.This policy shall not continue in force (b) The Company shall have the right,at its own cost,to Conditions and Stipulations. in favor of any purchaser from the insured of either(i)an estate institute and prosecute any action or proceeding or to do any (b) "insured claimant": an insured claiming loss or or interest in the land,or(ii)an indebtedness secured by a pur- other act which in its opinion may be necessary or desirable damage. chase money mortgage given to an insured. to establish the title to the estate or interest or the lien of the (c) "insured lender":the owner of an insured mortgage. (c) Amount of Insurance:The amount of insurance after insured mortgage,as insured,or to prevent or reduce loss or (d) "insured mortgage":a mortgage shown in Schedule the acquisition or after the conveyance by an insured lender damage to an insured.The Company may take any appropriate B,the owner of which is named as an insured in Schedule A. shall in neither event exceed the least of: action under the terms of this policy,whether or not it shall be (e) "knowledge" or "known": actual knowledge, not (i) The amount of insurance stated in Schedule A; liable hereunder,and shall not thereby concede liability or waive constructive knowledge or notice which may be imputed to an (ii) The amount of the principal of the indebtedness any provision of this policy. If the Company shall exercise its insured by reason of the public records as defined in this policy secured by the insured mortgage as of Date of Policy,interest rights under this paragraph, it shall do so diligently or any other records which impart constructive notice of matters thereon,expenses of foreclosure,amounts advanced pursuant (c) Whenever the Company shall have brought an action affecting the land. to the insured mortgage to assure compliance with laws or to or interposed a defense as required or permitted by the provi- (f) "land":the land described or referred to in Schedule protect the lien of the insured mortgage prior to the time of sions of this policy,the Company may pursue any litigation to (A),and improvements affixed thereto which by law constitute acquisition of the estate or interest in the land and secured final determination by a court of competent jurisdiction and real property.The term"land"does not include any property thereby and reasonable amounts expended to prevent deterio- expressly reserves the right, in its sole discretion,to appeal beyond the lines of the area described or referred to in Schedule ration of improvements, but reduced by the amount of all from any adverse judgment or order. (A),nor any right,title,interest,estate or easement in abutting payments made;or (d) In all cases where this policy permits or requires the streets,roads,avenues,alleys,lanes,ways or waterways,but (iii) The amount paid by any governmental agency or Company to prosecute or provide for the defense of any action nothing herein shall modify or limit the extent to which a right governmental instrumentality,if the agency or instrumentality or proceeding,the insured shall secure to the Company the of access to and from the land is insured by this policy is the insured claimant,in the acquisition of the estate or interest right to so prosecute or provide defense in the action or pro- (g) "mortgage":mortgage,deed of trust,trust deed,or in satisfaction of its insurance contract or guaranty. ceeding,and all appeals therein,and permit the Company to other security instrument. use,at its option,the name of such insured for this purpose. (h) "public records": records established under state 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. Whenever requested by the Company, an insured, at the statutes at Date of Policy for the purpose of imparting con- The insured shall notify the Company promptly in writing Company's expense,shall give the Company all reasonable aid structive notice of matters relating to real property to purchasers (i)in case of any litigation as set forth in Section 4(a)below, (i)in any action or proceeding,securing evidence,obtaining for value and without knowledge. (ii)in case knowledge shall come to an insured hereunder of witnesses,prosecuting or defending the action or proceeding, (i) "unmarketability of the title": an alleged or apparent any claim of title or interest which is adverse to the title to the or effecting settlement,and(ii)in any other lawful act which matter affecting the title to the land,not excluded or excepted estate or interest or the lien of the insured mortgage,as insured, in the opinion of the Company may be necessary or desirable from coverage,which would entitle a purchaser of the estate and which might cause loss or damage for which the Company to establish the title to the estate or interest or the lien of the or interest described in Schedule A or the insured mortgage may be liable by virtue of this policy,or(iii)if title to the estate insured mortgage,as insured.If the Company is prejudiced by to be released from the obligation to purchase by virtue of a or interest or the lien of the insured mortgage,as insured,is the failure of an insured to furnish the required cooperation, contractual condition requiring the delivery of marketable title. rejected as unmarketable.If prompt notice shall not be given he Company's obligations to such insured under the policy shall 4001 (continued on inside back cover) CONDITIONS AND STIPULATIONS (Conlinued from Inside front Cover) to terminate•includ ng any nabil•ty or obligation ro defena.prose- pq to pay or otherwise setae with the Insured C:almant Stipulations shall not reduCC pro!anfo[he amount of insu-raiCe cute• or continue any litigation with regard to the mailer Or the loss or damage provided for u^der this policy.together with affo'Ced under this poi cy as to any such insured exCepi to the matters requiring such cooperation any costs atTOrneys'fees arrd expenses Incurred by the Insured extent that the payments reouce the amount of the;noebied. Cla-mans which were aulhorized by The Company up to the time ness secured by the Insured morgage 5. PROOF OF LOSS OR DAMAGE. of payrrtenl and which the Company Is ob;Igatea to pay lb) Payment In part by any person of the principal of the In addition to and after the notices required under Section Upon the exercise by the Company of eaher of the options indebtedness.or any other obligation secured by the;nsu:ec 3 of these Conditions and Stipulations have been provided thr provided for IB paragraphs b(L).the Gompany s oNigations to mortgage.or any voluntary partial satisfaction or release of the Company.a proof of loss or damage signed and smin to by the insured under ibis policy lot the claimed joss or Damage- insured mortgage.to the extent of the payment•satisfaction each Insured claimant shall be furnished to the Compa.�y within other than the payments requ-red 10 ore nade.shall terminate. or release•shag!reduce We amount of Insurance pro tanto The 90 days after the insured claimant Strait ascertain the facts gmng including rill tiabtiriy of ob;tgal;on to defend. prosecute Os amount of insurance:nay iheseatter be increased by accruing rise 10 the loss or damage The proof of loss or damage shall continue arty litigation interest and advances made to protect the:Ien of the Insured describe the defect in.or hen at encumbrance Gin the tttle or mortgage and secured thereby.with interest thereon provided other matter:nsured against by this polar which constitutes 7_ DETERMINATION AND EXTENT OF LIABILITY_ In no event S.ha:I the amount of insurance be greater Thar the The basis of loss of Damage and shall state,to the extent poss.5le. This pd cy Is a contract of Indemnity against actual monetary Amount of Insurance slated.n Schedule A the bans of calculating the amount of ate loss or damage If kiss or damage sustained or Incurrec by the;nsured clai..Mant fc) Payment In ful!by any person or the voluntary salis- The Company is prejudiced by tite failure of an nsured claimant who has suffered loss or damage by reason of matters insured faction or release of the insured mortgage sha:I terminate all to provide the required proof OI:oSS or damage.the Company's against by this policy and oily to the extent herein described habl'ay o'the Company To an.nswed'ender except as onrrlded obhgat.bns to such insured under the Policy shall terminate. (a) The Pabllay of The Cornpany under this policy to a^. In Section 2(ai of these Conditron�and S!Ioulawns including any liability or obligation to defend. prosecute• or insured lender shag!nul exceed the least of continue any litigation. with regard to the matter or matters (4 ,he Arnounl of Insurance stated in Schedule A.or 10_ UABILITY NONCUMULATIVE. Tequiring Such proof of loss or damage it applicable.the amount of ins 1.rance as Ce`ned nt Secton 2(c) if Is exp;essly understood that the amount of Insurance unaer In addition.an Insurea claimant may reasonably be required of these Conditions and Stipua!iorS. [his policy shall be reduced by any amount the Company may to submit to examination under oath by any authorized epre. (n) the amount of the anpaid princijW meebledness pay urdet any polity Insuring a mortgage to which except on sentative of the COmparry and Shal:droduce for exa.^lination. secured by the insured mortgage as limited or provldea under Is taken in Schedule B or t0 which The insure0 has agreed. tnspection and cagy-rig at such reasonably times and places Section 8 al these Conc%wns and Shpusat%OVS.as as seduced assumed.of taken subject.os which,s ht'reater executed Cry as may be designated by any authorized representatve of the unoer Sectia,9 of these Cond bons and S'.ipu)a[vjn5.at the Time an I:tsured and which-s a Charge or Gen on the estate 0r Inleresl Company.all records.books.ledgers_checks.correspondence the toss or damage -nsurea against by this policy occurs described a:referred to:n Schedule A.and the amount So paid and memoranda•whether bearing a date before or after Date together with interest thereon.or steal!be deemed a payment ynder th:s policy to the insu.,ed of Pttlicy which reasonably pertain to the loss or damage Further. (iiI) the CI'fere ncc between Ube value of the Insured estate owner it requested by any aulhorized representative 0'the Company. Or interest as-nsured and Tne value of the;nsured estate or The provisions of th-s Section shag'not apply to an Insureo the insured claimant shall grant-is permission.in writing.'Or interest subject to ine defect. lien or encumbrance insurea lender•unless such Insured acquires title to Salo estate or interest any authorized representative of the Company to examine• aga.nst by this poliyr In Sat,sfactlon of the ;ndebteaness secured by an Insures Inspect and copy all records. books. )edgers. checks. corre- (b) In the event the.nswed tender has acquired lhc es. mortgage spondence and memoranda in the custody or contro!of a third tate or interesl,n the"tanner desCrlbed,n SeC;ion 2(a)of these party which reasonably pertain to the loss or damage Ail Conadions and Stipulations or has conveyed the title.then The 11. PAYMENT OF LOSS. information designated as confidential by an i.rtsurea ctaimant 'iabll-ty of ire COmoany shall cortirue as set forth,n Section (a) No Pay.mp!li sha'I be Made wlthOu!proauc!ng this provided to the Company pursuant to this Section Shall not be 71a)of these Conadlons and Stipulations policy for endorsement of the payment unless ire policy has disclosed to others unless in the seasonable judgment of the (c) The Iiabnfly of the Company under this rottcy to an been lost or oeSTroyed.to which case prOD`at joss or desiruc. Company. :t Is necessary In the administration of the claim insured owner Of the estate or(merest n the;and described tian snag be furnlshea tO the Sa'15faCtion of the Company Failure Ot an tnsured claimant to subm:l fors examination under .11 Schedule A shalt not exceed the:east of. (b) when:iabi:ily and the extent 01 iDss of damage has oath.produce other reasonably requested Information or grant (I) )ice Amount of Insurance stated In Schedule A.or been dcf.n.tely fixed.n accorcance with These Conditions and permission to secure reasonably necessary information f.om (ttj the dtte(er-ce between.the value of the tnsured esta!e St oulaoms•the joss or Cartage shalt be payable wrih.�30 days third parties as required In this paragraph. unless prohibited or.interest as,nsured and the value of the insured estate or [hereafter by law or governmenia!regulation.shall terminate any IIabOily Interest subject 10 the detect I.en or encumbrance nsured of the Company under this pdwy as to that Insured.`Or that claim against by)Piss policy 112- SUBROGATION UPON PAYMENT OR SETTLEMENT. (d) The Company will pay only[rose costs ativneys lees (a) The Company's Right of Subrogation. 5. OPTIONS TO PAY 08 OTHERWISE SETTLE CLAIMS. and expenses incurred.n aCcorca:Ire wlih Section a of these YrrhCnever the Company shall have settled and pain a claim TERMINATION OF LIABILITY_ Conditions and 51:pulahor•s. unoer this policy.all right of subrogation shall vest in the Com- In Case Of a claim under this policy.the Co?tpany shall have party unaffected by any act o'the Insured c:almari the following additionaf options 8. UMiTAT10N OF LIABIUTY The Comparry shall be subrogdted to and be e°nt!eC 10 all (a) TO Pay or Tender Payment of the Amount Of Insurance id) it the Company establishes the title or re^toves the rghis and remedies which tow-nsured claimant would have had or to Purchase the Indebtedness alleged ae'ect.!Ion 0,encum5ran_P•or cures the rack of a rlgh' against any person or properly In respect to the claim had this (:) to pay or tender payment 131 the amount or nsuranl•.e 01 access to of term the IanC.C:•-,utes the Calm of ugr+as,el- policy not been issues Il reCt;ested lry She Company.the.nsured under this policy together with any Costs.attorneys fees and ab Loy of rice,or otnerwlSe establishes Me Ier of the Insured claimant Shall transfer to[he Company ail rights and remCdieS expenses incurred by the insured claimant.vuhrcts were author- mortgage al;as:nsured 1^a,easonat!y dd:genl ma^net by agar^sl any person os property necessary in Order to pes`eCl Ized by the Company. up to the lime of payment or tender of any method Including litigation and the complelico of any this right of subrogation The Insured claimant Shall permit the Payment and which the Company!s Obllgalea to pay- or appeals therefrom It shall have'ulty performed Its obligatiats Company to sue.Compromise or settle to the name of the tnsured (n) in case toss or damage Is claimed under this po!Icy with respect to that matter and shall not be liable for arly;oss Claimant and to use ll.e name of The Insured claimant In?ny by the owner of the indebtedness secured by the insured.rmorl- or Carnage caused thereby Iransacllon or II[Iga110.n Involving these rtgnts or remedies gage. to purchase the Indebtedness securea by the Insured Ib) In the event of artyh[igation.Including litigation byihe If a payment on account of a claim does not fully cover the mortgage for The amount awing thereon together with way COSI5. Company or with the Company's Consent.Me Company Snail IoSs of the Insured claimant. the Company shall be sunrogatea attorneys'fees and expenses incurred by the.nsured Claimant nave no!Iabl!gy for I05S or damage until[here has been a final ii)as to an insured owner to all rights and remedies Ir!the pro- which were authorized byfne Company up to the Time of determination by a court of compemil jurisdiction.and dlspo- portion which tl>a Company's payment bears to the whole purchase and which the Company IS Obligated to pay vInn of alf appeals therefrom adverse to the tMe. or. It amount of the joss.and(Iq as to an Insured!ender,to all rights if the Company orfers to purchase the Indebtedness as herein applicable. to the lien of the insured mortgage. as Insured and remedies of the insured claimant after the I''sured cleimar-t provided the owner of The thdebledness sha;I itansler.assign. 10 i ne Company snail not to liable for loss or damage sfha;:have rewmTed Its principal.olerm and costs of collect-Dr and COrrey the Indebtedness and the Insured.^tongage,together to any Insured.'or!Iabi,ily voluntarily assumed by the Insured If loss should result'ro.rn any act of the:nsured claimant wtM any Collateral security to the Compa:ry upon payment to setl!i,19 any claim o:suit witho,rl the pfior vii Men Consent as slated above.that act shal!not vo•d this polity.but the Com- therefor of the Company parry. in that event. shall be required to pay on:y that part of Upon the exercise by the Company of the option prGvineG M The.Company shalt not�e(table!d: any josses:nsured against by this oo i y wntch shall exceed for in paragraph a(i).all IIabihty and obligations to the:nsured 0) anvindebledness created subsequent to Date of Policy the amount. If a^y. iost to the Company by reason or the under this policy.other than to make the payment required in except for advances made to protect the Iren of the Insured,mrorl. Impaumpm by the insured clalman[of the Company's right at that paragraph.shall terminate.Including my liability or obllga- gage and secured thereby and reaziorable amounts expended subrogation iqn to defend. prosecute.or continue any litigation. and the to prevent deterioration of,mD.Ov,!renis. or (b) The insured's Rights and Limitations_ policy shall be surrendered to ft Company for cancellation 61 Construction ban advances made 5ubWuPnf[oDdte Notwithsta-nding the fOregOing. the Owner of the Inaebted. Upon the exercise by the Company of the option provided of Policy except construction loan advances made subsequent ness securea by an insured mortgage•prov-aca the priority of tot in paragraph a(n)the Company s omigal.-on to an Insured to Date of Psz;Icy for the au pose of tinancirg In whole or in pan the lien of the insured mortgage or Its enforceability is not Lender under This policy for the claimed loss or damage other the Construction 0'an Improvement to the land which at Date affected.may release or substitute the persona:liability of any than tote payment required to be made.shall terminate.including of Polity were secureo by the;nsured mortgage and which the debtor or guarantor.or extend or otherwise cmodiy the terms any liability or obhgatrn to defend.prosecute or cont:nue any Insurea vas and commued 10 be 00gaten to advance a[and of payment.Or release a portion of the estate Or Interest from litigation alter Date of Pot,cy the lien of the Insured mnngage.or release arty co)laleta;security, (b) To Pay or Otherwise SeiVe wI!h Parties Other than The for the Indebtedness Insured or With the Insured Claimant 9. REDUCTION OF INSURANCE; when the permtllee acts a`She tnsured claimant occur ano (i) to pay or otherwise settle with other parties for or REDUCTION OR TERMINATION OF LIABIUTY_ The Insured has knowledge of arty clal,^r of[;lie or Interest adverse u;d!r IfISWed claimant any clam Insured against (a) All Payments under this policy,except payme"15 made to the hie to the estate or tweresl or the prtortly or eq'orce. iogether w'h any costs.attorneys'lees and 1O.'costs.dttarreys fees and expenses shah reduce the amount abll ry of the Gen of the Insured mortgage. as Insured the tile; c rec cial m ianr which were author or the Insurance pro[ant0 HOti-ever. as to an Insured lender. Cu. Nor v up to tht:imme or payrrre"I and which the a:y!paym;enls^lade prior to the aCgols;tion of ln!e 10 the estate C obi�=Collo pa,:Or. or interest as provided In.Section 2(a)of These Concltroris and {contra,ed on oac�'- CONDITIONS AND STIPULATIONS (Continued from inside back cover)" • .. Company shall be required to pay only that part of any losses arising out of or relating to this policy,any service of the Com- provision of this policy,this policy shall be construed`as a whole. insured against by this policy which shall exceed the amount, pany in connection with its issuance or the breach of a policy (b) Any claim of loss or damage,whether or not based if any,lost to the Company by reason of the impairment by the provision or other obligation.All arbitrable matters when the on negligence, and which arises out of the status of the lien insured claimant of the Company's right of subrogation. Amount of Insurance is$1,000,000 or less shall be arbitrated of the insured mortgage or of the title to the estate or interest (c) The Company's Rights Against Non-Insured Obligors. at the option of either the Company or the insured.All arbitrable covered hereby or by any action asserting such claim,shall be The Company's right of subrogation against non-insured matters when the Amount of Insurance is in excess of$1,000,000 restricted to this policy. obligors shall exist and shall include,without limitation,the rights shall be arbitrated only when agreed to by both the Company (c) No amendment of or endorsement to this policy can of the insured to indemnities, guaranties, other policies of and the insured.Arbitration pursuant to this policy and under be made except by a writing endorsed hereon or attached hereto insurance or bonds,notwithstanding any terms or conditions the Rules in effect on the date the demand for arbitration is made signed by either the President,a Vice President,the Secretary, contained in those instruments which provide for subrogation or,at the option of the insured,the Rules in effect at Date of an Assistant Secretary, or validating officer or authorized rights by reason of this policy. Policy shall be binding upon the parties.The award may include signatory of the Company. The Company's right of subrogation shall not be avoided by attorneys'fees only if the laws of the state in which the land acquisition of the insured mortgage by an obligor(except an is located permit a court to award attorneys'fees to a prevailing 15. SEVERABILITY. obligor described in Section 1(a)(ii)of these Conditions and party.Judgment upon the award rendered by the Arbitrator(s) In the event any provision of this policy is held invalid or Stipulations)who acquires the insured mortgage as a result may be entered in any court having jurisdiction thereof. unenforceable under applicable law,the policy shall be deemed of an indemnity,guarantee,other policy of insurance,or bond The law of the situs of the land shall apply to an arbitration not to include that provision and all other provisions shall remain and the obligor will not be an insured under this policy, not- under the Title Insurance Arbitration Rules. in full force and effect. withstanding Section 1(a)(i)of these Conditions and Stipulations. A copy of the Rules may be obtained from the Company upon request. 16. NOTICES,WHERE SENT. 13. ARBITRATION. All notices,required to be given the Company and any state- Unless prohibited by applicable law,either the Company or 14. LIABILITY LIMITED TO THIS POLICY; ment in writing required to be furnished the Company shall the insured may demand arbitration pursuant to the Title POLICY ENTIRE CONTRACT. include the number of this policy and shall be addressed to Insurance Arbitration Rules of the American Arbitration Asso- (a) This policy together with all endorsements, if any, the Company at 6800 College Blvd.,Suite 700,Overland Park, ciation.Arbitrable matters may include,but are not limited to, attached hereto by the Company is the entire policy and con- Kansas 66211, or to the office which issued this policy. any controversy or claim between the Company and the insured tract between the insured and the Company.In interpreting any POLICY OF TITLE INSURANCE TRW Title Insurance. Company 6800 College Blvd., Suite 700/0verland Park, KS 66211 Area Code 913 491-5585 4001A CLTA STANDARD POLICY i 40 SQ-iEL�Ti� A TOTAL FEE POR TITLE, M%MI ATION AND TITLE INSURANCE $50.00 AMOUNT OF INSURANCE: $16,71.7.00 ORDER NO. 216732-3 POLICY NO, SP 101-125507 DATE OF POLICY: MARCH 9, 1994 AT: 2:54 P.M. 1. NAME OF INSURED: THE REDEVELOP EZU AGENCY OF THE CITY OF HUWl%-ION BFACH, A PUBLIC BODY CORPORATE AND POLITIC 2. THE ESTATE OR INTEREST IN THE LAND DESCRIBED IN SC�IEi7ULE A AND WHICH IS COVERED BY THIS POLICY IS: A CONDOMINIUM AS DEF= IN SECTION 783 OF THE CALIFORNIA CIVIL CODE, IN FEE. 3. THE ESTATE OR DTIERFS'T REFERRED TO HEREIN, IS AT DATE OF POLICY VESTED IN: THE REDEVELOPMRU AGENCY OF THE CITY OF HUNi'I VMN BEACH, A PUBLIC BODY CORPORATE AND POLITIC CRDEt NA. : 21.6732-3 ftCLTA STANDARD POLICY PACE NO. 2 SCIEDULE A 4. THE LAND REFERRED TO IN THIS POLICY IS DESCRIBED AS FOLLOWS: THE LAND IS SITUATED IN THE STATE OF CALIFORNIA CCUNT Y OF ORANGE PARCEL L: UNIT NO. 32, CONSISTING OF CERTAIN AIRSPACE AND SURFACE E104ENTS, AS SHOWN AMID DESCRIBED IN THE CCNDCMINIUM PLAN ("PLAN") FOR BRISAS DEL MAR LOCATED ON L r L OF TRACT L4757, AS SHC WN ON A SUBDIVISION MAP RECORDED ON SEPMEER L, L993, IN BOOK 70L, PAGES 42 THROUGH 43, DJCLUSIVE OF MISCEIJANBOUS MAPS, IN THE OFFICE OF THE ORANGE COUNTY RECORDER ("OFFICIAL RECORDS") , WHICH PLAN WAS RECORDED ON SEPIEVOER L5, L993, AS INSTRUMENT NO. 93-062L742, OF OFFICIAL RECORDS, CALIFORNIA. PARCEL 2: AN UNDIVIDED ONE FORTY-FOURTH (L/44) FEE SIMPLE INFEST AS A TENANT IN 0"10N IN AND 'ILA MODULE B SHOWN ON TI-2 PLAN AND DEFINED IN THE DECLARATION REFERRED TO BELOW AS THE "CAN AREA" . EXCEPT TAM ALL OIL, GAS, MINERAL AND OTHER HYDROCARBON SUBSTANCES LYING BELOW A DEPTH OF 500 FEET WITHOUT ANY RIGHT TO ENTER UPON THE SURFACE OR THE SUBSURFACE OF SAID LAND ABOVE A DEPTH OF 500 FEET, AS PROVIDED IN INSTRLMIIS OF RECORD. PARCEL 3: NONEXCLUSIVE EASEMTI'S FOR ACCESS, INGRESS, @CRESS, USE, ENJOYMENT, DRAIlRAGR, ENCROACHMENT, SUPPORT, MA191ENANCE, REPAIRS AND FOR 01 T UR PURPOSES, ALL AS MAY BE SHKW IN THE PLAN, AND AS ARE DESCRIBED IN THE DECLARATION. PARCEL 4: EXCLUSIVE EASE OM APPURTIIg TT 10 PARCELS NO. L AMID NO. 2 DESCRIBED ABOVE FOR USE FOR PARKING. PURPOSES DESCRIBED AS EXCLUSIVE USE AREAS IN THE DECLARATION, OVER PORTIONS OF LOT L OF 'TRACT IA757 SHOWN AMID ASSIGNED IN THE PLAN. PARCEL 5: AN EXCI,IXSIVE FASIIMEt\TT APPURTENANT TO PARCE[.S NO. L AND NO. 2 DESCRIBED ABOVE, FUR USE FOR PATIO, BALMY, AND FIRE ESCAPE STAIRCASE PURP0;SES DESCRIBED AS EXCLUSIVE USE AREAS IN THE DECLARATION, AS APPLICABLE, OVER PORTIONS OF LCT L OF TRACT LA757 AS SHOWN, ASSIGNED AND DESCRIBED IN THE PLAN. OAR NO. : 216732-3 • WTA STANDARD POLICY PAGE ND. : 3 SC EDULE B EXCEPTIONS FRCM COVERAGE THIS POLICY DOES NOT INSURE ACA.INST LOSS OR DN4kGE (AND THE COMPANY WILL NOT PAY OOSTS, ATMRNEYS' FEES OR EXPENSES) WHICH ARISE BY REASON OF: PART I 1. TAXES OR ASSFSSVETIS WHICH ARE NOT SHOWN AS EXISTING LIENS BY THE RECORDS OF ANY TAXING AUTHORITY THAT LEVIES TAXES OR ON REAL PROPERTY OR BY THE PUBLIC RECORDS. PROC=IlVG.S BY A PUBLIC AGENCY WHICH MAY RESULT IN TAXES OR , OR NOTICES OF SUCH PRO=INGS, WHETHER OR NOT SHOWN BY THE RECORDS OF SUCH AGENCY OR BY THE PUBLIC RECORDS. 2. ANY FACTS, RIGHTS, INI'ERESTS, OR CLAIMS WHICH ARE NOT SHOWN BY THE PUBLIC RECORDS BUT WHICH COULD BE ASCERT IN D BY AN INSPEC rION OF THE LAND OR WHICH MAY BE ASSERTED BY PERSONS IN POSSESSION 'IHE'REOF. 3. EASOvEN S, LIENS OR ENaM3RANCES, OR C AI?I IS THEREOF, WHICH ARE NOT SHOWN BY THE PUBLIC RECORDS. 4. DISCREPANCIES, CONFLICTS IN BOUNDARY LINES, SHORTAGE IN AREA, ENCROAal- E TIS, OR ANY OIHER FACTS WHICH A CORRECT SURVEY WOULD DISaosE, AND WHICH ARE NOT SHOWN BY THE PUBLIC RECORDS. S. (A) UNPATUTM MPTEW, CLAIMS: (B) RESERVATIONS OR EXCEPTIONS IN PATENTS OR IN ACTS ALTTHORIZING THE ISSUANCE IVEPEOF; (C) WATER RI=, CLAIMS TO TITLE 70 WATER, WHETHER OR NOT THE MATTERS EXCEPTED UNDER (A) , (B) OR (C) ARE SHOWN BY THE PUBLIC RECORDS. CRUM NO. : 216732-3 S PA£E NO- : 4 PART II A. GQERAL AMID SPECIAL TAXES, A LIEN NOT YET PAYABLE, FOR THE FISCAL YEAR 1993- 1994. B. THE LIEN OF SUPPLEMENTAL TAXES, IF ANY, ASSESSED RM9JANT TO a-lAPTEIIR 3.5 COMMENCING WITH SECTION 75 OF THE CALIFORNIA ROMiL E AND 'TAXATION CODE. 1. THE EFFECT OF A COMMUNITY OIL AND CAS LEASE EXECUTED BY L OM S BE NSON AND E LOISE B. BUiSCN, HIS WIFE AND BY CITHER PERSONS AS TO OTHER LAND, AS LESSORS, AND BY C)UMBIA LEASING. AND DEVELOPING COMPANY, A CORPORATION, AS LESSEE, RECORDED NUMSER 6, 1920 IN BOOK 16, PAGE 198 AND RE-RECORDED AUGUST 11, 1921 IN BOOK 25, PAGE 247 OF LASES, BOTH OF LEASES, TO WHIC14 RECORD REFERENCE IS MADE FOR FULL PAFC_'ICULARS. 2. AN FASEMRU FOR PIPE LINES AND INCIDENTAL PURPOSES, AS GRANTED TO HUNTI1,1=3 BFACH COMPANY IN THE DEED RECORDED IN BOOK 319, PAGE 149 OF DEED, OF OFFICIAL RECORDS, ALLNG THAT PORTION OF SAID LAND AS MORE PARTICULARLY DESCRIBED IN SAID INSTRUME TT. 3. C DVII�ANTS, 03NDITIONS AMID RESTRICTIONS IN AN INSIfZLNENT RECORDED IN BOOK 319, PAGE 149 OF DENS, OF OFFICIAL RECORDS. THE PROVISIONS, IF ANY, OF SAID INSTRUMENT WHICH PROVIDE RESTRICTIONS BASED ON RACE, COLOR, RELIGION OR NATIONAL ORIGIN ARE DELETED. 4. AN FASElvEW FOR PIPE, POLE LINES AND INCIDENTAL PURPOSES, AS GRANTED TO PETROLEUM MIDWAY COMPANY, LTD. , IN THE DEED RECORDED IN BOOK 578, PAGE 269 OF DEEMS, OF OFFICIAL RECORDS, AILM THAT PORTION OF SAID LAND AS MORE PARTICULARLY DESCRIBED IN SAID INSTRU1,0 T. 5. AN EASEMENT FOR PIPE LINE AND INCIDENTAL PURPOSES, AS CRANIED TO STANDARD OIL C04PANY OF CALIFORNIA IN THE DEED RECORDED IN BOOK 865, PAGE 15 OF OFFICIAL RECORDS, ALONG THAT PORTION OF SAID LAND AS MORE PARTICULARLY DESCRIBED IN SAID INSTRUMENT. 6. AN EASEMENT FUR PIPE LINES AND INCIDENTAL PURPOSES, AS GRANTED TO STANDARD OIL COMPANY OF CALIFORNIA AMID STANDARD GASOLINE OCITANY, IN THE DEED RECORDED IN BOOK 3577, PAGE 119 OF OFFICIAL RECORDS, ALONG THAT PORTION OF SAID-LAND AS MORE PARTICULARLY DESCRIBED IN SAID INSTRL)MEnTT. 7. AN EASEvE TT FOR PIPE LINES AMID INCIDENTAL PURPOSES, AS GRANTED TO THE TEXAS W4PANY, A CORPORATION, IN THE DEED RECORDED IN BOOK 3660, PAGE 257 OF OFFICIAL RECORDS, ALONG THAT PORTION OF SAID LAND AS MORE PARTICULARLY DESCRIBED IN SAID INSTRUMENT. 8. AN EASEMENT FOR PUBLIC UTILITIES AND DgCIDENIAL PURPOSES, AS (RANTED TO THE ORAL 'TELEPHONE 0a4PANY OF CALIFORNIA, A CORPORATION, IN DEED RECORDED AS INSTRUMENT NO. 87-440298 OF OFFICIAL RECORDS, ALCM THAT PORTION OF SAID LAND AS MORE PARTICULARLY DESCRIBED IN SAID INSIRL -U�. SAID DEED PROVIDES THAT NO BUILDING OR STRUCTURE SHALL, BE PLACED OR PgLI TI'A.INED ON SAID EASEMENT. 9. THE TERMS, PROVISIONS AMID CONDITIONS OWI'AINM IN A DDaEENT IIVTITLED "MR)RDABLE R)USING RESTRICTION AND C NENANT", EXECUTED BY AND BEIWEEN BEACi FRCNT LAKE STREET PROPERTIES AND TSE CITY OF HUNTMION BEACH, RECORDED SEF'IEMBER 2, 1987 AS INSTRUMENT NO. 87-500026 OF OFFICIAL RECORDS. Cat ND. : 216732-3 PACE NU. : 5 10. AN EASEMENT FOR PUBLIC UTILITIES AND INCIDENTAL PURPOSES, AS GRANTED TO SOUTHERN CALIFORNIA EDISON COMPANY, A CtORPORATION, IN DM) RECORDED AS INSTRUvM NO. 87-534842 OF OFFICIAL RECORDS, ALONG THAT PORTICN OF SAID LAND AS MORE PARTICULARLY DESCRIBED IN SAID INSTRUMENT. 11. AN EASEMETN FOR WATER MAIN AMID INCIDENTAL PURPOSES, AS GRANTED TO THE CITY OF HUNTINGION BEACH, A MUNICIPAL CORPORATION IN THE DEED RECORDED AS INSTRU41ENT NO. 87-583411 OF OFFICIAL RECORDS, ALCNG THAT PORTION OF SAID LAND AS MORE PARTICULARLY DESCRIBED IN SAID INSTRUMENT. 12. THE EFFECT OF A SUBSURFACE OIL AND GAS LEASE, EXF.CUM BY GILBEF�rT M. WILSON AND ELE'.ANOR E. WILSON, HUSBAND AND WIFE, AS LESSOR, AND ANGUS PETROLEUM CORPORATION, A DELAWARE CORPORATION, AS LESSEE, RECORDED APRIL 18, 1989 AS INSTRUMENT NO. 89-201846 OF OFFICIAL RECORDS, OWEPLIlVG THE LAND LYING BELOW A DEPTH OF FIVE HUNDRED (SOO) FEET FROM THE SURFACE THEREOF, WITHOUT THE RIG-TT OF SURFACE ENTRY ABOVE SAID DEPTH, FOR THE PERIOD AND UPON THE TERMS, ONUPNIS AND CONDITIONS 'THEREIN PROVIDED, REFE RUiCE BEING MADE TO THE RECORD THEREOF FOR FULL PARTICULARS. 13. THE 'PERMS, PROVISIONS AND CONDITIONS MNTTAINED IN A DOC NWr ENTITLED "DEQARATION OF RFS'IRICTIONS AND SUBDIVISION CONSENTS", E)CECUTED BY DELAWARE II, A CALIFORNIA LIMITED PARTNERSHIP, RECORDED APRIL 6, 1993 AS INSTRUMENT NO. 93-0230267 OF OFFICIAL RECORDS. 14. THE FACT THAT THE OWNERS OF SAID LAND HAVE NO RIG4T OF VEHICULAR ACCESS TO DELA� STREET, UTICA, AVENUE AND CALIFORNIA STREET, EXCEPT AT SPECIFIED POINTS, SAID RIGHTS HAVING BEEN RELITVCTISHED BY DEDICATION PROVISIONS ON THE MAP OF SAID TRACT. 15. AN INSIRUME TP ENTITLED "CONDJ4INnN PLAN" RECORDED SEPT'E]MBER 15, 1993 AS INSTRU4ENT NO. 93-0621742 OF OFFICIAL RECORDS; REFERENCE BEING MADE TO THE RECORD THEREOF FOR FULL PARTICULARS. 16. MATTERS IN AN D'4=1J= WHICH AMONG COMER THINGS CONTAIN OR MAKE PROVISIONS FOR ASSESSMENTS AMID LIENS AMID THE SUBORDINATION THEREOF; PROVISIONS RELATIlVG TO PARTITION; RESTRICTIONS ON SEVFRABILITY OF CTT INTERESTS; PROVISIONS FOR CEF2TAIN EASEVE TTS AND/OR ENCROACHMENTS; AMID CONTAINING COVIIWTM, CONDITIONS AND RFSTRICTIC NS WHICH PROVIDE THAT A VIOLATION THEREOF SHALL NOT DEFEAT OR RENDER INVALID THE LIEN OF ANY MORTGAGE OR DEED OF 'TRUST IN GOOD FAITH AMID FOR VALUE, RECORDED, AS IIVSIR 14ENT NO. 93-0625045 OF OFFICIAL RECORDS. THE PROVISIONS, IF ANY, OF SAID INSIR[ITT WHICH PROVIDE RESTRICTIONS BASED ON RACE, COLOR, RELIGION OR NATIONAL ORIGIN ARE DFi.FrI'f-3). SAID INSIRLVENT MAY PROVIDE FOR LEVYING REGULAR AS WELL AS SPECIAL ASSSSSMENIS. NOTWITHSTANDING THE MORTGAGEE PRO=ION CLAUSE CONTAINED IN THE ABOVE MENTIONED CX7VENANIS, CONDITIONS AND RESTRICTIONS, n-EY PROVIDE THAT THE LIENS AND CHARGES FOR UPKEEP AND VRINTE W4CE ARE SUBORDMTE ONLY TO A FIRST MORTGAGE. AN INSTRUMENT' DECLARING A MODIFICATION OF SAID CCVE=TTS, CONDITIONS AND RESTRICTIONS WAS RECORDED, AS INSTRUMENT NO. 93-0680846, OF OFFICIAL RECORDS. Cat NO. : 216732-3 PAGE NO. : 6 17. EASUENIS FOR D4 RESS AND EGRESS, PARKIlU, PIPELINE, DRAINAGE, SANITARY SEWERS, PUBLIC UTILITIES, SLOPES AND RIGHTS S INCIDEIML THEREItO, AS DISCLOSED BY INSIRLlTTS OF RECORD AND THE MAP OF SAID TRACT, AFFECTING ONLY THE CCMMON AREA. 18. MATTERS IN AN ES STRLNENT WHICH ANDNG OrTHER THINGS CONTAIN OR MAKE PROVISIONS FUR AND LIENS AND THE SUBORDINATION THEDEOF; PROVISIONS RELATING TO PARTITION; RESTRICTIONS ON SEVERABILITY OF aa%TCN T INTERESTS; PROVISIONS FUR CERTAIN EASFIvlWIS AMID/OR FNCROACH4EMS; AND COVENANTS, CONDITIONS AND RESTRICTIONS WHICH PROVIDE THAT A VIOLATIUN THUMF SHALL NOT DEFEAT OR RENDER INVALID THE LIEN OF ANY MORTIGAGE OR DEED OF TRUST IN GOOD FAITH AND FOR VALUE, RECORDED, AS INS'IRLIVENT NO. 93- 0635859, OF OFFICIAL RECORDS. THE PROVISIONS, IF ANY, OF SAID INSTR[NIENT WHICH PROVIDE RESTRICTIONS BASED ON RACE, COLOR, RELIGION OR NATIONAL ORIGIN ARE DELE=. SAID INSTRUMENT MAY PROVIDE FOR LEVYING REGULAR AS WELL AS SPECIAL 19. COVENANTS, CONDITIONS AND RESTRICTIONS, (DELETING THEREFROM ANY RESTRICTIONS BASED ON RACE, COLOR, OR CREED) , AS PROVIDED IN A DOCUMENT RECORDED 94- 168377, OF OFFICIAL RE%3ORDS. 20. DEED OF TRUST TO SECURE AN INDEBTEINESS. AMOUNT: $63,080.00 TRUSTtOR: SHAL>NA C. QUICK, A SINUE WOMAN IRU.SIE:E: FIRST BANCORP, A CALIFUUTIA OORPORATICN BENEFICIARY: SANWA BANK CALIFORNIA, A CALIFORNIA MRPORATICN DATED: JANUARY 25, 1994 RECORDED: MARCH 9, 1994 AS INSTRUMENT NO. 94-168378, OF OFFICIAL RECORDS 21. DEED OF TRUST TO SECURE AN INDE UIEDNESS. AMOUNT: $16,717.00 TRUS'MR: SHAUNA C. QUICK TRUSTEE: THE CITY OF HUNTI14= BEACH, A MUNICIPAL CORPORATION BIINEFICIARY: THE REDEVELOFv= AGENCY OF THE CITY OF HUNri%-IC)N BEACH, A PUBLIC BODY CORPORATE AMID POLITIC DATED: FEBRUARY 25, 1994 RECORDED: MARCH 9, 1994 AS INSTRUMEtU NO. 94-168379, OF OFFICIAL RECORDS y ACONDOMINIUM PLAN UNIT AIRSPACII DIMNSION PLAN: SCALE: I' x 10' BUILDING 'C' 1 UPPER L$Y6L ` UNITS.23 THRU 32 of EXR9.10% WALL LINE (TYP.) r � 43 6b _ GB$ 6 90*00'00' L Z&A7 CD 69.32' v•.+ d o b c n u - R a 2 .`_ cry, 4• �p •, :s o Z' L-L 4 C� v F h: •IOCCa •,LI_� � . L � ti o o • u n m C Ls� NOTES' I. • INDICATES COMMON BUILDING CONTROL POINT. 2. SEE SHEET 6 FOR LOUNDARY PLAT. f' 3. SEE SHEET 7 FOR BUILDING LOCATION PLAN. 1. SEE SHEETS 8 THRU I9 FOR UNIT AIRSPACE DIMENSION PLANS. S. SEE SHEETS 20 THRU 23 FOR SCHEDULES OF TYPICAL UNIT VERTICAL SECTIONS. - tF•'- 6. SEE SHEETS 23 THRU 27 FOR TYPICAL UNIT VERTICAL SECTIONS. 7. SEE SHEET 28 FOR OPEN PARSING LOCATION PLAN. (C®f DMIGNS AND OPULAYMNS (Continued from inside front cover) terminate,including any liability or obligation to defend,prose- (ii) to pay or otherwise settle with the insured claimant Stipulations shall not reduce pro tanto the amount of insurance cute, or continue any litigation,with regard to the matter or the loss or damage provided for under this policy,together with afforded under this policy as to any such insured,except to the matters requiring such cooperation. any costs,attorneys'fees and expenses incurred by the insured extent that the payments reduce the amount of the indebted- claimant which were authorized by the Company up to the time ness secured by the insured mortgage. 5. PROOF OF LOSS OR DAMAGE. of payment and which the Company is obligated to pay. (b) Payment in part by any person of the principal of the In addition to and after the notices required under Section Upon the exercise by the Company of either of the options indebtedness,or any other obligation secured by the insured 3 of these Conditions and Stipulations have been provided the provided for in paragraphs b(ii),the Company's obligations to mortgage,or any voluntary partial satisfaction or release of the Company,a proof of loss or damage signed and sworn to by the insured under this policy for the claimed loss or damage, insured mortgage,to the extent of the payment,satisfaction each insured claimant shall be furnished to the Company within other than the payments required to be made,shall terminate, or release,shall reduce the amount of insurance pro tanto.The 90 days after the insured claimant shall ascertain the facts giving including any liability or obligation to defend, prosecute or amount of insurance may thereafter be increased by accruing rise to the loss or damage.The proof of loss or damage shall continue any litigation. interest and advances made to protect the lien of the insured describe the defect in,or lien or encumbrance on the title,or mortgage and secured thereby,with interest thereon,provided other matter insured against by this policy which constitutes 7. DETERMINATION AND EXTENT OF LIABILITY. in no event shall the amount of insurance be greater than the the basis of loss or damage and shall state,to the extent possible, This policy is a contract of indemnity against actual monetary Amount of Insurance stated in Schedule A. the basis of calculating the amount of the loss or damage. If loss or damage sustained or incurred by the insured claimant (c) Payment in full by any person or the voluntary satis- the Company is prejudiced by the failure of an insured claimant who has suffered loss or damage by reason of matters insured faction or release of the insured mortgage shall terminate all to provide the required proof of loss or damage,the Company's against by this policy and only to the extent herein described. liability of the Company to an insured lender except as provided obligations to such insured under the policy shall terminate, (a)The liability of the Company under this policy to an in Section 2(a)of these Conditions and Stipulations. including any liability or obligation to defend, prosecute, or insured lender shall not exceed the least of: continue any litigation,with regard to the matter or matters (i) the Amount of Insurance stated in Schedule A,or, 10. LIABILITY NONCUMULATIVE. requiring such proof of loss or damage. if applicable,the amount of insurance as defined in Section 2(c) It is expressly understood that the amount of insurance under In addition,an insured claimant may reasonably be required of these Conditions and Stipulations; this policy shall be reduced by any amount the Company may to submit to examination under oath by any authorized repre- (ii) the amount of the unpaid principal indebtedness pay under any policy insuring a mortgage to which exception sentative of the Company and shall produce for examination, secured by the insured mortgage as limited or provided under is taken in Schedule B or to which the insured has agreed, inspection and copying,at such reasonable times and places Section 8 of these Conditions and Stipulations or as reduced assumed,or taken subject,or which is hereafter executed by as may be designated by any authorized representative of the under Section 9 of these Conditions and Stipulations,at the time an insured and which is a charge or lien on the estate or interest Company,all records,books,ledgers,checks,correspondence the loss or damage insured against by this policy occurs, described or referred to in Schedule A,and the amount so paid and memoranda,whether bearing a date before or after Date together with interest thereon; or shall be deemed a payment under this policy to the insured of Policy,which reasonably pertain to the loss or damage.Further, (iii) the difference between the value of the insured estate owner. if requested by any authorized representative of the Company, or interest as insured and the value of the insured estate or The provisions of this Section shall not apply to an insured the insured claimant shall grant its permission,in writing,for interest subject to the defect, lien or encumbrance insured lender,unless such insured acquires title to said estate or interest any authorized representative of the Company to examine, against by this policy. in satisfaction of the indebtedness secured by an insured inspect and copy all records, books, ledgers,checks,corre- (b) In the event the insured lender has acquired the es- mortgage. spondence and memoranda in the custody or control of a third tate or interest in the manner described in Section 2(a)of these party, which reasonably pertain to the loss or damage. All Conditions and Stipulations or has conveyed the title,then the 11. PAYMENT OF LOSS. information designated as confidential by an insured claimant liability of the Company shall continue as set forth in Section (a) No payment shall be made without producing this provided to the Company pursuant to this Section shall not be 7(a)of these Conditions and Stipulations. policy for endorsement of the payment unless the policy has disclosed to others unless,in the reasonable judgment of the (c) The liability of the Company under this policy to an been lost or destroyed,in which case proof of loss or destruc- Company, it is necessary in the administration of the claim. insured owner of the estate or interest in the land described tion shall be furnished to the satisfaction of the Company. Failure of an insured claimant to submit for examination under in Schedule A shall not exceed the least of: (b) When liability and the extent of loss or damage has oath,produce other reasonably requested information or grant (i) the Amount of Insurance stated in Schedule A;or, been definitely fixed in accordance with these Conditions and permission to secure reasonably necessary information from (ii) the difference between the value of the insured estate Stipulations,the loss or damage shall be payable within 30 days third parties as required in this paragraph,unless prohibited or interest as insured and the value of the insured estate or thereafter. by law or governmental regulation,shall terminate any liability interest subject to the defect, lien or encumbrance insured of the Company under this policy as to that insured for that claim. against by this policy. 12. SUBROGATION UPON PAYMENT OR SETTLEMENT. (d) The Company will pay only those costs,attorneys'fees (a) The Company's Right of Subrogation. 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; and expenses incurred in accordance with Section 4 of these Whenever the Company shall have settled and paid a claim TERMINATION OF LIABILITY. Conditions and Stipulations. under this policy,all right of subrogation shall vest in the Com- In case of a claim under this policy,the Company shall have pany unaffected by any act of the insured claimant. the following additional options: 8. LIMITATION OF LIABILITY. The Company shall be subrogated to and be entitled to all (a) To Pay or Tender Payment of the Amount of Insurance (a) If the Company establishes the title,or removes the rights and remedies which the insured claimant would have had or to Purchase the Indebtedness. alleged defect,lien or encumbrance,or cures the lack of a right against any person or property in respect to the claim had this (i) to pay or tender payment of the amount of insurance of access to or from the land,or cures the claim of unmarket- policy not been issued.If requested by the Company,the insured under this policy together with any costs,attorneys'fees and ability of title,or otherwise establishes the lien of the insured claimant shall transfer to the Company all rights and remedies expenses incurred by the insured claimant,which were author- mortgage,all as insured,in a reasonably diligent manner by against any person or property necessary in order to perfect ized by the Company, up to the time of payment or tender of any method, including litigation and the completion of any this right of subrogation.The insured claimant shall permit the payment and which the Company is obligated to pay;or appeals therefrom,it shall have fully performed its obligations Company to sue,compromise or settle in the name of the insured (ii) in case loss or damage is claimed under this policy with respect to that matter and shall not be liable for any loss claimant and to use the name of the insured claimant in any by the owner of the indebtedness secured by the insured mort- or damage caused thereby. transaction or litigation involving these rights or remedies. gage, to purchase the indebtedness secured by the insured (b) In the event of any litigation,including litigation by the If a payment on account of a claim does not fully cover the mortgage for the amount owing thereon together with any costs, Company or with the Company's consent,the Company shall loss of the insured claimant,the Company shall be subrogated attorneys'fees and expenses incurred by the insured claimant have no liability for loss or damage until there has been a final (i)as to an insured owner,to all rights and remedies in the pro- which were authorized by the Company up to the time of determination by a court of competent jurisdiction,and dispo- portion which the Company's payment bears to the whole purchase and which the Company is obligated to pay sition of all appeals therefrom, adverse to the title, or, if amount of the loss;and(ii)as to an insured lender,to all rights If the Company offers to purchase the indebtedness as herein applicable,to the lien of the insured mortgage, as insured. and remedies of the insured claimant after the insured claimant provided,the owner of the indebtedness shall transfer,assign, (c) The Company shall not be liable for loss or damage shall have recovered its principal,interest,and costs of collection. and conveythe indebtedness and the insured mortgage,together to any insured for liability voluntarily assumed by the insured If loss should result from any act of the insured claimant, with any collateral security, to the Company upon payment in settling any claim or suit without the prior written consent as stated above,that act shall not void this policy,but the Com- therefor. of the Company. pany, in that event,shall be required to pay only that part of Upon the exercise by the Company of the option provided (d) The Company shall not be liable for: any losses insured against by this policy which shall exceed for in paragraph a(i),all liability and obligations to the insured (i) any indebtedness created subsequent to Date of Policy the amount, if any, lost to the Company by reason of the under this policy,other than to make the payment required in except for advances made to protect the lien of the insured mort- impairment by the insured claimant of the Company's right of that paragraph,shall terminate,including any liability or obliga- gage and secured thereby and reasonable amounts expended subrogation. tion to defend,prosecute,or continue any litigation,and the to prevent deterioration of improvements;or (b) The Insured's Rights and Limitations. policy shall be surrendered to the Company for cancellation. (ii) construction loan advances made subsequent to Date Notwithstanding the foregoing,the owner of the indebted- Upon the exercise by the Company of the option provided of Policy,except construction loan advances made subsequent ness secured by an insured mortgage,provided the priority of for in paragraph a(ii)the Company's obligation to an insured to Date of Policy for the purpose of financing in whole or in part the lien of the insured mortgage or its enforceability is not Lender under this policy for the claimed loss or damage,other the construction of an improvement to the land which at Date affected,may release or substitute the personal liability of any than the payment required to be made,shall terminate,including of Policy were secured by the insured mortgage and which the debtor or guarantor,or extend or otherwise modify the terms any liability or obligation to defend,prosecute or continue any insured was and continued to be obligated to advance at and of payment,or release a portion of the estate or interest from litigation. after Date of Policy. the lien of the insured mortgage,or release any collateral security (b) To Pay or Otherwise Settle With Parties Other than the for the indebtedness. Insured or With the Insured Claimant. 9. REDUCTION OF INSURANCE; When the permitted acts of the insured claimant occur and (i) to pay or otherwise settle with other parties for or REDUCTION OR TERMINATION OF LIABILITY. the insured has knowledge of any claim of title or interest adverse in the name of an insured claimant any claim insured against (a) All payments under this policy,except payments made to the title to the estate or interest or the priority or enforce- under this policy,together with any costs,attorneys'fees and for costs,attorneys'fees and expenses,shall reduce the amount ability of the lien of the insured mortgage, as insured, the expenses incurred by the insured claimant which were author- of the insurance pro tanto. However,as to an insured lender, ized by the Company up to the time of payment and which the any payments made prior to the acquisition of title to the estate Company is obligated to pay; or or interest as provided in Section 2(a)of these Conditions and (continued on back) 4001 CONDITIONS AND STIPULATIONS (Continued from'inside back cover) Company shall be required to pay only that part of any losses arising out of or relating to this policy,any service of the Com- provision of this policy,this policy shall be construed as a whole. insured against by this policy which shall exceed the amount, pany in connection with its issuance or the breach of a policy (b) Any claim of loss or damage,whether or not based if any,lost to the Company by reason of the impairment by the provision or other obligation.All arbitrable matters when the on negligence,and which arises out of the status of the lien insured claimant of the Company's right of subrogation. Amount of Insurance is$1,000,000 or less shall be arbitrated of the insured mortgage or of the title to the estate or interest (c) The Company's Rights Against Non-insured Obligors. at the option of either the Company or the insured.All arbitrable covered hereby or by any action asserting such claim,shall be The Company's right of subrogation against non-insured matters when the Amount of Insurance is in excess of$1,OOQ000 restricted to this policy. obligors shall exist and shall include,without limitation,the rights shall be arbitrated only when agreed to by both the Company (c) No amendment of or endorsement to this policy can of the insured to indemnities, guaranties, other policies of and the insured.Arbitration pursuant to this policy and under be made except by a writing endorsed hereon or attached hereto insurance or bonds,notwithstanding any terms or conditions the Rules in effect on the date the demand for arbitration is made signed by either the President,a Vice President,the Secretary, contained in those instruments which provide for subrogation or,at the option of the insured,the Rules in effect at Date of an Assistant Secretary, or validating officer or authorized rights by reason of this policy. Policy shall be binding upon the parties.The award may include signatory of the Company. The Company's right of subrogation shall not be avoided by attorneys'fees only if the laws of the state in which the land acquisition of the insured mortgage by an obligor(except an is located permit a court to award attorneys'fees to a prevailing 15. SEVERABILITY. obligor described in Section 1(a)(ii)of these Conditions and party.Judgment upon the award rendered by the Arbitrator(s) In the event any provision of this policy is held invalid or Stipulations)who acquires the insured mortgage as a result may be entered in any court having jurisdiction thereof. unenforceable under applicable law,the policy shall be deemed of an indemnity,guarantee,other policy of insurance,or bond The law of the situs of the land shall apply to an arbitration not to include that provision and all other provisions shall remain and the obligor will not be an insured under this policy, not- under the Title Insurance Arbitration Rules. in full force and effect. withstanding Section 1(a)(i)of these Conditions and Stipulations. A copy of the Rules may be obtained from the Company upon request. 16. NOTICES,WHERE SENT. 13. ARBITRATION. All notices,required to be given the Company and any state- Unless prohibited by applicable law,either the Company or 14. LIABILITY LIMITED TO THIS POLICY; ment in writing required to be furnished the Company shall the insured may demand arbitration pursuant to the Title POLICY ENTIRE CONTRACT. include the number of this policy and shall be addressed to Insurance Arbitration Rules of the American Arbitration Asso- (a) This policy together with all endorsements, if any, the Company at 6800 College Blvd.,Suite 700,Overland Park, ciation.Arbitrable matters may include,but are not limited to, attached hereto by the Company is the entire policy and con- Kansas 66211, or to the office which issued this policy. any controversy or claim between the Company and the insured tract between the insured and the Company.In interpreting any POLICY OF TITLE INSURANCE TRW Title Insurance Company 6800 College Blvd., Suite 700/Overland Park, KS 66211 Area Code 913 491-5585 4001 REQUEST FOR COUNCIL/REDEVELOPMENT AGENCY ACTION ED 94-05 Date: January 18, 19? Submitted to: Honorable Mayor/Chairman and City Council/Agency Members Submitted by: Michael T. Uberuaga, City Administrator/Executive Director6PO Prepared by: Barbara A. Kaiser, Deputy City Administrator/Economic Deve opment Subject: DOWN PAYMENT ASSISTANCE PROGRAM--PARTICIPANT APPROVAL 6APPillED BY CITY COU;�lCIL Consistent with Council Policy? Yes i ]New policy or Exception J�, 19Statement of Issue, Recommendation, Analysis, Funding Source, Alternns, Attachments• -IkKK STATEMENT OF 155UE: Huntington Beach City Charter, Section 613, requires that each complete contract with a borrower in the Community Development Block Grant and Redevelopment funded Down Payment Assistance Programs must be approved by the City Council/Agency. RECOMMENDED COUNCIL_ACTI_ON: 1. Approve and incorporate each listing, which names specific participants, the amount of each loan and the specific property subject to trust deed, into a previously approved sample Down Payment Assistance Loan Agreement (hereinafter "Agreement"). Each listing is contained in the memo to Council, dated January 11, 1994. 2. 'Authorize the Mayor to execute and the City Clerk to attest to each Agreement between the city and each participant as approved herein. 3. Release funds for Down Payment Assistance Program participants. ANALYSIS: As part of the 1993-94 Community Development Block Grant Program the Citizen Advisory Board recommended and the Council approved $100,000 as a pilot program to provide Down Payment Assistance to moderate income households and since that time the details of the program have been approved by the City Council. RCA ED 94-05 January 18, 1994 Page two On November 1, 1993, the Redevelopment Agency approved $400,000 in Redevelopment Housing Set-Aside funds to assist up to fourteen low-income buyers in the Brisas del Mar Condominium project. The low-income borrowers herein are participants in this program and some may be participants in the CDBG program as well. Huntington Beach City Charter, Section 613, requires the City Council to approve each contract in writing, including the Down Payment Assistance Program contracts. To complete each Agreement, the listing of potential participants, the amount of money loaned and the property subject to trust deed must be approved and incorporated into the Agreement by the City Council. The listing was provided to the City Council by memo, dated January 11, 1994, under separate cover, and is on file and available for inspection in the City Clerk's office. It is recommended by staff that each listing be incorporated in the Agreement and approved at this time. Additional borrowers will be recommended until the funds are expended. ALTERNATIVES; Do not approve the participants. FUNDING SOURCE; Community Development Block Grant-- $200,000 total appropriation. Redevelopment Agency Housing Set-aside- $400,000 total appropriation. MTU/BAK/SVK:jar 920j FE CITY OF HUNTINGTON BEACH O INTER-DEPARTMENT COMMUNICATION HLWTING70N UA.0 l TO: Honorable Mayor & City Council Members FROM: Michael T. Uberuaga, City AdministratorWW SUBJECT: Down Payment Assistance Participant Approval January 18, 1994 DATE: January 11, 1994 On the City Council/Redevelopment Agency Agenda for its meeting of Tuesday, January 18, 1994, there is a Request for Council/Redevelopment Agency Action recommending approval of participants in the Down Payment Assistance Program. The participants and the amount and source of the loans, and the location of the subject property are hereby provided. They are intended to be incorporated in the previously approved sample agreements for the Down Payment Assistance Program. If you should have any questions please contact me or the Department of Economic Development. MTU'Jar L, s 928j w = ;7 � xc: Connie Brockway, City Clerk Barbara A. Kaiser, Deputy City Administrator/Economic Development ,. o y r La L s DOWN -PAY E�� ASSISTANCE Loan Location of Property 1T Amount Subiect to Trust Deed 94-4 Sally Lawson $23,000 SAS 409 Utica #A-1 6,000 CDBG 94-5 Shauna Quick $16,717 Set-Aside 409 Utica #C32 94-6 Barbara Dieckmayer Denied 94-7 Rebecca Heidesch Withdrew 94-8 T. Otto/R. Shorb $23,000 Set-Aside 409 Utica #A-7 8,831 CDBG 94-9 Paul Cyr $ 4,400 CDBG 409 Utica #A-9