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HomeMy WebLinkAboutDai-Ichi Kangyo Bank, LTD. - Notice of default and electionAttn: Trustee Sales Departmant -)MCommonwealth. Land Title Company KO1 North Brand Boulevard * Suite 12W • Glendale. CA • 91203 Reliance AR,-Iw%c(Mwpf4da4ny.( wigw� 3 IOW—c lollllllllillllilllkllllllfllll� gn" JAIN14'9: CA •0& .«st� RE`- -'1DING REQUESTED BY 13-007157 COMMONWEALIH LAND TITLE WHEN RECORDED MAiL To RECORDING REQUESTED BY COMMONWEALTH LAND TITLE CO. Of DED IN OFFICIAL RECORDS OPPCOUNTY CALIFORNIA COMMONWEALTH LAND TITLE COMPANY ATTENTION: TRUSTEE SALES DEPARTMENT 801 NORTH BRAND BLVD., 12TH FLOOR GLENDALE, CA 91203 oS io WP4/ JAN 6'93 Oitw Q y3t4,1,1,4RECORDER Other SPACE ABOVE THIS LINE FOR RECORDER'S USE LOAN NO. WATERFRONT OTHER REF. 696117—G T.S. ND. TS-10053 VA NOTICE OF DEFAULT AND ELECTION TO SELL UNDER DEED OF TRUST IMPORTANT NOTICE IF YOUR PROPERTY IS IN FORECLOSURE BECAUSE YOU ARE BEHIND IN YOUR PAYMENTS, IT MAY BE SOLD WITHOUT ANY COURT ACTION, and you may have the legal right to bring your account in good standing by payingg all of your past due payments plus permitted costs and expenses within the time ppermitted by law for reinstatement of your account which is normally five business days prior to the date set for the sale of your property. No sale date may be set until three months from the date this notice of default may be recorded (which date of recordation appears on this notice). This amount is $ 57 , 655 , 232.02 as of 01/06/93 , and will increase until your account becomes current. While your property is in foreclosure, you still must pay other obligations (such as insurance and taxes) required by your note and deed of trust or mortgage. If you fail to make future payments on the loan pay taxes on the property, provide insurance on the property, or pay other obligations as require- in he note and deed of trust or mortgage, the beneficiary or mortgagee may insist that you do so in order to reinstate your account in good standing. In addition, the beneficiary or mortgagee may require as a condition to reinstatement that you provide reliable written evidence that you paid all senior liens, property taxes, and hazard insurance premiums. Upon your written request, the beneficiary or mortgagee will give you a written itemization of the entire amount you must pay. You may not have to pay the entire unpaid portion of your account, even though full payment was demanded but you must pay all amounts in default at the time payment is made. However, you and your beneficiary or mortgagee may mutually agree in writing prior to the time the notice of sale is posted (which ma not be earlier than the end of the three-month period stated above) to, among other things, 1) provide additional time in which to cure the default by transfer of the property or otherwise; or ( ) establish a schedule of payments in order to cure your default; or both (1) and (2). Following the expiration of the time period referred to in the first paragraph of this notice, unless the obligation being foreclosed upon or a separate written agreement between you and your creditor permits a longer period, you have only the legal right to stop the sale of your property by paying the entire amount demanded by your creditor. To find out the amount you must pay, or to arrange for payment to stop the foreclosure, or if your property is in foreclosure for any other reason, contact: Name of Beneficiary or Mortgagee: THE DAI-ICHI KANGYO BANK, LTD. C/O COMMONWEALTH LAND TITLE COMPANY ATTENTION: TRUSTEE SALES DEPARTMENT 801 NORTH BRAND BLVD., 12TH FLOOR GLENDALE, CA 91203 Phone: (818)247-1999 If you have any questions, you should contact a lawyer or the Governmental agency which may have insured your loan. Notwithstanding the fact that your property is in foreclosure, you may offer your property for sale, provided the sale is concluded prior to the conclusion of the foreclosure. Remember,YOU MAY LOSE LEGAL RIGHTS IF YOU DO NOT TAKE PROMPT ACTION. TWC-004 (10/90) Notice of Default - Page 1 NOTICE OF DEFAULT AND ELECTION TO SELL UNDER DEED OF TRUST LOAN NO. WATERFRONT OTHER REF. 696117—G T.S. NO-TS-10053 NOTICE IS HEREBY GIVEN: That COMMONWEALTH LAND TITLE COMPANY, A CALIFORNIA CORPORATION , Is duly appointed Trustee under a Deed of Trust dated 03/31 /1989 , executed by WATERFRONT CONSTRUCTION #1 , A CALIFORNIA LIMITED PARTNERSHIP as Trustor, to secure certain obligations in favor of THE DAI-ICHI KANGYO BANK, LTD., A JAPANESE BANKING CORPORATION ACTING THROUGH ITS LOS ANGELES AGENCY as Beneficiary, Recorded 05/01/19a9 ** as Instrument No. 89-229784 ** Book Page and Re -recorded as Instrument No. Book Page of Official Records in the office of the Recorder of ORANGE County, California, describing the land therein: As more fully described on said Deed of Trust. **WHICH DEED OF TRUST WAS MODIFIED BY A DOCUMENT ENTITLED "FIRST MODIFICATION OF LEASEHOLD DEED OF TRUST AND SECURITY AGREEMENT AND FIXTURE FILING AND ASSIGNMENT OF RENTS (CONSTRUCTION DEED OF TRUST)" WHICH RECORDED ON 05/21/92 AS INSTRUMENT NUMBER 92-338385 IN THE OFFICIAL RECORDS OF ORANGE COUNTY, STATE OF CALIFORNIA. A.P. NUMBER:P-dpp Ce� Including 1 PR ei ys)Ao ne um o-f9 ,5%0.00 ; that the beneficial Interest under such Deed of Trust and the obligations secured thereby are presently held by the undersigned; that a breach of, and default In, the obligations for which such Deed of Trust Is security has occurred in that payment has not been made of: SEE EXHIBIT "A" ATTACED HERETO AND MADE A PART HEREOF. that by reason thereof, the undersigned, present beneficiary, under such Deed of Trust, has executed and delivered to said duly appointed Trustee, a written Declaration of Default and Demand for Sale, and has deposited with said duly appointed Trustee, such Deed of Trust and all documents evidencing obligations secured thereby, and has declared and does hereby declare all sums secured thereby immediately due and payable and has elected and does hereby elect to cause the trust property to be sold to satisfy the obligations secured thereby. Dated: 01/05/1993 THE DAI—ICHI KANGYO BANK, LTD. C/O COMMONWEALTH LAND TITLE COMPANY, AS TRUSTEE — VIRGINIA APARO, ASSISTANT VICE PRESIDENT COMMONWEALTH LAND TITLE COMPANY, TRUSTEE MJR-OD4 (10/90) Notice of Default -Page 2 TS-10054 BREACH STATEMENT EXHIBIT "A1D CREDIT AGREEMENT BECAME ALL DUE AND PAYABLE ON O1/01/93, (CURRENT PRINCIPAL BALANCE IS $55,000,000.00) TOGETHER WITH ALL ACCRUED INTEREST THEREON AND ALL ADDITIONAL SUMS DUE THEREUNDER, TOGETHER WITH ALL FORECLOSURE FEES, COSTS AND EXPENSES AND ATTORNEY FEES. BENEFICIARY HEREBY ELECTS TO CONDUCT A UNIFIED FORECLOSURE SALE PURSUANT TO THE PROVISIONS OF CALIFORNIA COMMERCIAL CODE SECTION 9501(4) (a) (ii) AND TO INCLUDE IN THE NONJUDICIAL FORECLOSURE OF THE ESTATE DESCRIBED IN THIS NOTICE OF DEFAULT AND ELECTION TO SELL ALL OF THE PERSONAL PROPERTY AND FIXTURES DESCRIBED IN THE "LEASEHOLD DEED OF TRUST AND SECURITY AGREEMENT AND FIXTURE FILING AND ASSIGNMENT OF RENTS (CONSTRUCTION DEED OF TRUST)" ("DEED OF TRUST"). BENEFICIARY RESERVES THE RIGHT TO REVOKE ITS ELECTION AS TO SOME OR ALL OF SAID PERSONAL PROPERTY AND/OR FIXTURES, OR TO ADD ADDITIONAL PERSONAL PROPERTY AND/OR FIXTURES TO THE ELECTION HEREIN EXPRESSED AT BENEFICIARY'S SOLE ELECTION, FROM TIME TO TIME AND AT ANY TIME UNTIL THE CONSUMMATION OF THE TRUSTEES SALE TO BE CONDUCTED PURSUANT TO THE ABOVE MENTIONED DEED OF TRUST AND THIS NOTICE OF DEFAULT AND ELECTION TO SELL, AND THAT BY REASON OF THE ABOVE DEFAULTS, THE BENEFICIARY HAS DECLARED ALL SUMS SECURED BY THE DEED OF TRUST IMMEDIATELY DUE AND PAYABLE AND HAS ELECTED AND DOES HEREBY ELECT TO CAUSE THE TRUST PROPERTY TO BE SOLD TO SATISFY THE OBLIGATIONS SECURED THEREBY.