HomeMy WebLinkAboutC-2768 - Postponing Payment, Underground Assessment #57 (Hardship Program, underground utilities in Corona Highlands)Contract C-2768
See C-2767
fRECORDED IN OFFICIAL RECORDS
EXEMPT RECORDING' -QUEST PER " 89-456162. -t
GOVERNMENT CWE 610)3 F OF ORANGE COUNTY, CALIFORNIA
'
3:00 ' AUG 2 5 1989
RECORDING REQUESTED `BY AND EXEMPT P.M.
WHEN RECORDED PLEASE RETURN TO: Fr11 (Z
City Clerk
City of Newport Beach
3300 Newport Boulevard
P. O. Box 1768
Newport Beach, California 92659-1768
EXEMPT RECORDING REQUEST PER
GOVERNMENT CODE 6103
Space Above This Line For, -Recorder-- ,s
AGREEMENT
(7 -7A
RECORDER
THIS AGREEMENT, entered into this 1(0 day of ,
1989 by and between DELIGHT J. WISEMAN ("OWNER") and the CITY OF
NEWPORT BEACH, CALIFORNIA ("CITY") is made with reference to the
following facts which are acknowledged to be true by OWNER and
CITY:
A. CITY has conducted proceedings for the formation of a
special assessment district (No. 57 - Undergrounding Utilities in
Corona Highlands) pursuant to the provisions of the "Municipal
Improvement Act of 1913111 as shown on an assessment diagram
recorded on June 27, 1989, in Book 46, Pages 45-47 inclusive, of
Maps of Assessment and Community Facilities Districts in the
office of the County Recorder of the County of Orange, State of
California as Instrument No. 89-339567.
B. OWNER is the owner of certain property within the
boundaries of Assessment District No. 57, and the property is more
fully described as follows:
1. Legal Description: Lot 52, Tract 1257 as per
map recorded in Book 40, Pages 19 and 10 of
Miscellaneous Maps, Records of Orange County,
California;
2. Assessment No. 45 for the designation of the
Engineer's Report; and
3. County Assessor's Parcel No. 459-162-09
(1989-90 Assessment Roll).
C. The amount of the assessment levied on the property
as its share of the costs of forming the District and constructing
improvements is Four Thousand Six Hundred Ninety Five Dollars and
Seventy Six Cents ($4,695.76).
C)
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89-456162
D. CITY, to finance construction of the improvements, is
issuing bonds pursuant to the provisions of the "Improvement Act
of 1911."
E. CITY has established procedures which allow it to
purchase the bonds issued for properties owned by persons who
qualify for assistance under the Hardship Rules and Procedures
established by City.
F. OWNER has applied, and has qualified, for assistance
under the Hardship Rules and Procedures and this Agreement is
intended to memorialize the understanding of the parties relative
to repayment of the principal and interest that would normally be
paid to City as owner of the bond.
NOW, THEREFORE, IT IS AGREED AS FOLLOWS:
1. CITY will purchase the bond issued for the property.
2. OWNER shall be relieved of the obligation to make
principal and interest payments as they become due except as
otherwise provided in this Agreement.
3. All payments that would have otherwise been made by
OWNER pursuant to the bond, together with interest (at the bond
rate) on all deferred payments, shall become due, owing and unpaid
at such time as OWNER transfers, sells, or assigns any ownership
interest in the property. The term "transfer" shall include,
without limitation, any change in ownership caused by the death of
the owner, any assignment of an ownership interest in conjunction
with any refinancing of the property, and any change in ownership
caused by the operation of law or the provisions of any trust. In
the event that the full amount of all deferred payments, including
interest, is not paid as of the effective date of any transfer of
ownership, all remaining payments shall also become immediately
due owing and unpaid.
4. In the event of any failure to make payments required
by this Agreement upon any transfer of ownership, CITY shall be
entitled to bring an action (a) for breach of this Agreement to
recover all sums due herein, and (b) to foreclose upon the
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59-456162
property subject to the terms and conditions of the outstanding
bond issued pursuant to the provisions of the "Improvement Act of
191111, and (c) to obtain any other remedy available at law or
equity to enforce the provisions and collection under this
Agreement.
5. CITY shall be entitled to recover reasonable
attorneys fees and costs in the event OWNER defaults in the
performance of any obligation required by this Agreement and CITY
is obligated to exercise its legal remedies.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed on the day and year first above written.
CITY OF NEWPORT BEACH,
a Municipal Corporation
By: u
Mayor
By:
Delight-�J. Wiseman
APPROVED AS TO FORM:
/41
City Attorney
ATTEST:".`"°;
City --C erk
STATE OF CALIFORNIA )
ss.
COUNTY OF ORANGE
On / ~% , 1989, before me, the undersigned, a
Notary Public A and for the State of California personally
appeared Donald L. Strauss known to me to be the Mayor of the
City of Newport Beach and Wanda Raggio, known to me to be the City
Clerk of the City of Newport Beach, known to me to be the persons
whose names are subscribed to this Agreement between Delight J.
Wiseman and the City of Newport Beach, and acknowledged to me that
they executed the same.
WITNESS my hand and official seal.
yNotary Public in and fo said State
oFFac�, SM
LqyttSNAUNA LYN OYLER
OTARY PUBLlC • CALIfORNlA 3
ORANGE COUNTY
4
Comm. Evires Jan, 16, 1993
89-456162
STATE OF CALIFORNIA
ss.
COUNTY OF ORANGE )
On O 1989, before me, the undersigned, a
Notary Public and for the State of California personally
appeared Delight J. Wiseman known to me (or proved to me on the
basis of satisfactory evidence) to be the person whose name is
subscribed to this Agreement between Delight J. Wiseman and the
City of Newport Beach, and acknowledged to me that she executed
the same.
WITNESS my hand and official seal.
OFFICIAL SEAL
SNAUNA LYN OYLER
NOTARYPUBUC-CALWORN14 No ary Public in d for aid State
ORANGE COUNTY
Nty COM. Ex0res Jan. 1.6.1993
7/28/89
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