HomeMy WebLinkAboutC-4477(A) - East Balboa, Blvd, 608 & Washington St, 209 (Palm Lot) - Deed of Trust with Assignments of RentsRECORDING REQUESTED BY
CHICAGO TITLE COMPANY
AND WHEN RECORDED MAIL TO
Name
CITY OF NEWPORT BEACH
Street
Address
a Municipal Corporation
city & 3300 Newport Blvd.
State
Zip Newport Beach CA 92663
RECORDING FEE EXEMPT PER GOVT. CODE a
SEC. 61a3 & 27383
Title Order No. q ldib 9 1111 Escrow No,0135o$1,5
This Document was electronically recorded by
Chicago Title Commercial
Recorded In Official Records, Orange County
Tom Daly, Clerk -Recorder
111111111111011111111111101111 I1lI1 NO FEE
2010000124954 02:22pm 03/16/10
106 401 D11 A36 4
0.00 0.00 0.00 0.00 9.00 0.00 0.00 0.00
Assessors Parcel Number: 048.116-04 and 048.116.05 maS SPACE ABOVE THIS LINE FOR RECORDER'S USE
DEED OF TRUST WITH ASSIGNMENT OF RENTS
This DEED OF TRUST, made
CITY OF NEWPORT BEACH, a Municipal Corporation
whose address is 3300 Newport Blvd., Newport Beach, California 92683
(Number and Street) (City) (State)
CHICAGO TITLE COMPANY, a California Corporation, herein called TRUSTEE, and
LEVON GUGASIAN AND ZAROUHI M. GUGASIAN
Trustor Irrevocably grants, transfers and assigns to Trustee in Trust, with Power of Sale that property in
CITY OF NEWPORT BEACH County of ORANGE
(Zip Codo)
between
herein called TRUSTOR,
. herein called BENEFICIARY,
, State of Callfomla, described as:
LOTS 7, 8, 9, 10 AND 11, IN BLOCK 7, BALBOA TRACT, IN THE CITY OF NEWPORT BEACH, COUNTY OF
ORANGE, STATE OF CALIFORNIA, AS PER MAP THEREOF RECORDED IN BOOK 7, PAGE 11, OF
MISCELLANEOUS MAPS.
Together with the rents, issues and profits 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.
For the Purpose of Securing (1) payment of the sum of $ 1,500,000.0o with interest thereon according to the terms of a promissory note or
notes of even date herewith made by Trustor, payable to order of the Beneficiary, and extensions or renewals thereof; (2) the performance of each
agreement of Trustor incorporated by reference or contained herein or reciting It is so secured; (3) Payment of additional sums and Interest thereon which
may hereafter be Loaned to Trustor, or his or her successors or assigns, when evidenced by a promissory note or notes reciting that they are secured by this
Deed of Trust.
A. To protect the security of this Deed of Trust, and with respect to the property above described, Trustor agrees:
(1) To keep said property In good condition and repair; not to remove or demolish any building thereon; to complete or restore promptly and in good and
workmanlike manner any building which may be constructed, damaged or destroyed thereon and to pay when due all claims for tabor performed and
materials furnished therefore; to comply with air laws affecting said property or requiring any alterations or improvements to be made thereon; not to commit
or permit waste thereof, not to commit, suffer or permit any act upon said property in violation of law; to cultivate, irrigate, fertilize, fumigate, prune and do all
other acts which from the character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general.
(2) To provide maintain and deliver to Beneficiary fire insurance satisfactory to and with loss payable to Beneficiary. The amount collected under any fire
or other insurance policy may be applied by Beneficiary upon any indebtedness secured hereby and in such order as beneficiary may determine, or at
option of Beneficiary the entire amount so collected or any part thereof may be released to Trustor. 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.
(3) To appear in and defend any action or proceeding purporifng to affect the security hereof or the rights or powers of Beneficiary or Trustee; and to pay
all costs and expenses, Including cost of evidence of title and attomey's fees in a reasonable sum, in any action or proceeding in which Beneficiary or
Trustee may appear, and in any suit brought by Beneficiary to forectose this Deed of Trust.
(4) To pay: at least ten days before delinquency all taxes and assessments affecting said property, including assessments on appurtenant water stock;
when due. all encumbrances, charges and liens, with interest, on said property or any part thereof, which appear to be prior or superior hereto; all costs,
fees and expenses of this Trust.
Should Trustor fait to make any payment or to do any act as herein provided, then Beneficiary or Trustee, but without obligation so to do and without notice
to or demand upon Trustor and without releasing Trustor from any obligation hereof, may: make or do the same in such manner and to such extent as either
may deem necessary to protect the security hereof. Beneficiary or Trustee being authorized to enter upon saki property for such purposes; appear in and
defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; pay, purchase, contest or
compromise any encumbrance, charge, or lien which in the judgment of either appears to be prior or superior hereto; and, In exercising any such powers,
pay necessary expenses, employ counsel and pay his or her reasonable fees.
Page 1
(5) To pay immediately and without demand all sums so expended by Beneficiary or Trustee, with interest from date, of expenditure at the amount
allowed by law in effect al the date hereof, and to pay tor any statement provided for by law In effect et the date hereof regarding the obligation secured
hereby, any amount demanded by the Beneficiary not to exceed the maximum allowed by law at the time when said statement is demanded.
B. It is mutually agreed:
(1) That any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned
and shall be paid to Beneficiary who may apply or release such moneys received by him or her in the same manner and with the same effect as above
provided for disposition of proceeds of fire or other insurance,
(2) That by accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his or her right either to require prompt
payment when due of all other sums so secured or to declare default for faiture so to pay,
(3) That at any time or from time to time, without liability therefore and without notice, upon written request of Beneficiary and presentation of this
Deed and said note for endorsement, and without affecting the personal liability of any person for payment of the indebtedness secured hereby, Trustee
may: reconvey any part of said property; consent to the making of any map or plat thereof; join in granting any easement thereon; or join In any extension
agreement or any agreement subordinating the hen or charge hereof. yY
Trustee4) Tf r cancellwritten
i onnand retentions beneficiary
disposit on as ll Trustee secured
solebdiscretionsmay choose anndnuponspaymenthof Its fees, and
steeoshal reconvey, without warranty, the property then held hereunder, The recitals in such reconveyance of any matters or facts shall be conclusive proof of the
truthfulness thereof, The Grantee in such reconveyance may be described as "the person or persons legally entitled thereto".
(5) That as additional security, Truslor hereby gives to and confers upon Beneficiary the right, power and authority during the continuance of these
Trusts, to collect the rents, issues and profits of said property, reserving unto Trustor the right, prior to any default by Trustor In payment of any
Indebtedness secured hereby or in performance of any agreement hereunder, to collect and retain such rents, issues and profits as they become due and
payable, Upon any such default, Beneficiary may at any time without notice, either In person, by agent, or by a receiver to be appointed by a court, and
without regard to the adequacy of any security for the Indebtedness hereby secured, enter upon and take possession of said properly or any part thereof,
in his or her own name sue for or otherwise collect such rents, issues, and profits, including those past due and unpaid, and apply the same, less costs
and expenses of operation and collection, including reasonable altomey's fees, upon any indebtedness secured hereby, and In such order as Beneficiary
may determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits and the application thereof as
aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.
(6) That upon default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, Beneficiary may
declare all sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for sale and of written
notice of default and of election to cause to be sold said property, which notice Trustee shall cause to be filed for record. Beneficiary also shall deposit
with Trustee this Deed, said note and all documents evidencing expenditures secured hereby.
then retquired be y taw, such
e as
demandouTrustor law
sell lsaid properrty at the of
and place of
default, it n said oticeof sale, eithersasgiven
a whole or in separate parcels, and in such order as it may determine, at public auction to the highest bidder for cash In lawful money of the United States,
pine bo time thereafter Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from
may postpone such sale by public announcement at the time fixed by the preceding postponement Trustee shall deliver to such
purchaser its deed conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or
facts shall be conclusive proof of the truthfulness thereof. Any person, including Truster, Trustee, or Beneficiary as hereinafter defined, may purchase at
such sale.
After deducting all costs, fees and expenses of Trustee and of this Trust, including cost of evidence of title in connection with sale, Trustee shall apply the
proceeds of sale to payment of: all sums expended under the terms hereof, not Bien repaid, with accrued interest at the amount allowed by law in effect
at the date hereof; all otheYYr sums then secured hereby; and the remainder, If any, to the person or persons legally entitled thereto.
successor Beneficiary, oar
toa
nyT ustee named herein orof yacting hereunder which instrument,
exeetuted by 1 e Beneficiary and duly acknosubstitute
edged and recorded in the office of the recorder of the county or counties where said property Is situated. shall be conclusive proof of proper substitution of such
successor Trustee or Trustees, who shall without conveyance from the Trustee predecessor, succeed to all Its title, estate, rights, powers and duties.
Said instrument must contain the name of the original Trustor, Trustee and Beneficiary hereunder, the book and page where this Deed is recorded and
the name and address of the new Trustee.
(8) That this Deed applies to, inures to the benefit of, and binds ail parties hereto, their heirs, legatees, devisees, administrators, executors,
successors, and assigns. The term Beneficiary shaft mean the owner and holder, including pledges, of the note secured hereby, whether or not named as
Beneficiary herein. In this Deed, whenever the context so requires, the masculine gender includes the feminine and/or the neuter, and the singular
number includes the plural.
obligated to notify
any parrtty heretTrust
of pendingt sale under dulynothereed of acknowledged,
rust or of any is action made proceeding in whichprovided
Truster, by
nefificiary or Trustee shall be a party unless brought by Trustee.
Beneficiary may charge for a statement regarding the obligation secured hereby, provided the charge thereof does not exceed the maximum allowed by
laws.
The undersigned Trustor, requests that a copy of any notice of default and any notice of sale hereunder be mailed to him or her al his or her address
hereinbefore set forth.
Dated (flP Pik' 15) •'o 10
STATE OF CALIFORNIA
COUNTY OF
On before me,
(here insert name and title of the officer)
personally appeared
who proved to me on the basis of satisfactory evidence to be the
persons) whose name(s) is/are subscribed to the within instrument
and acknowledged to me that he/she/they executed the same In
his/her/their authorized capacity(Ies), and that by his/her/their
signature(s) on the Instrument the person(s), or the entity upon behalf
of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the state of
California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal
Signature
Signature of Trustor
SIGNATURES ON FOLLOWING PAGE
Page 2 (This area for official notarial scan)
IN WITNESS WHEREOF, the City has signed Deed of Trust on the date set forth below.
Dated: M1rc J 1 20jo
ATTEST:
By:
Leflani I. Brown,
City Clerk
141rN--
APPROVED AS TO FORM
OFFICE OF THE CITY ATTORNEY
B
Leonie Mulvihill,
Assistant City Attorney
3,15.10
municipal corporat,
By:
RT BEACH, a
and charter city
Michael F. Henn, Mayor Pro Tem
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of California
County of
On Jl(Cl2iD
Date
personally appeared
before me,
•,•r c/-•e ,`•,4'tC r-,./• •i^ •i, /' i^• r., ••ac •/^
tou
Hal Insert Na
Q.
I Nit
e and Title of ytheit
:Lt/LV t
Name(s) of Signer s
SHANA ELISE STANLEY
•
Commission # 1861499
'71 Notary Public - California z
,r
�r 1h Orange County
Expires Au t6, 20t3
Place Notary Seal and/or Stamp Above
who proved to me on the basis of satisfactory
evidence to be the persons) whose name(s) is/are
subscribed to the within instrument and acknowledged
to me that he/she1threy executed the same in
his/heritheir authorized capacity(iee), and that by
his/her/their signature(s) on the instrument the
person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the
laws of the State of California that the foregoing
paragraph is true and correct.
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document:
Document Date: Number of Pages:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer's Name:
❑ Corporate Officer — Title(s):
❑ Individual
❑ Partner — ❑ Limited 0 General
❑ Attorney in Fact
❑ Trustee
❑ Guardian or Conservator
❑ Other:
WITNESS my hand and official seal.
Signature: qt.m.xatv."
Signature of Notary u lc
Signer Is Representing:
•
RIGHT THUMBPRINT:
OF SIGNER'
Top of thumb here
Signer's Name:
❑ Corporate Officer — Titie(s):
❑ Individual
❑ Partner — 0 Limited 0 General
❑ Attorney in Fact
❑ Trustee
❑ Guardian or Conservator
❑ Other:
Signer Is Representing:
RIGHT THUMBPRINT
OF SIGNER.:7,%.,
Top of thumb here
02008 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 •Chateworlh, CA 91313.2402 • www.NationalNotary.org
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