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Home My WebLink AboutA8475 - MARTHA F. BRIGHT & CHICAGO TILE CO.RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO CITY OF PALM SPRINGS HOUSING SUCCESSOR AGENCY 3200 East Tahquitz Canyon Way Palm Springs, California 92262 Attn: CITY CLERK 2020-0161408 04/10/2020 12:44 PM Fee: $ 20.00 Page 1 of 12 Recorded in Official Records County of Riverside Peter Aldana Assessor -County Clerk -Recorder SHE qShMIfi�L LMIJI�.! Mau! 111 SUBSTITUTION OF TRUSTEE AND FULL RECONVEYANCE WHEREAS the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, California, a public body, corporate and politic ("Redevelopment Agency"), is the named Beneficiary under that certain Deed of Trust dated December 21, 2006 with MARTHA F. BRIGHT, as Trustor, and CHICAGO TITLE COMPANY, a California Corporation, as Trustee, with such Deed of Trust being recorded on January 02, 2007, as Instrument No. 2007-0001610 in the Official Records, County of Riverside, Califomia, and pertaining to that real property in the City of Palm Springs, State of California, described as follows: See EXHIBIT A attached hereto and incorporated herein WHEREAS, on January 4, 2012, the City of Palm Springs, a California charter city, approved action to and did retain the housing assets and functions previously performed by the Redevelopment Agency and became the successor agency ("Housing Successor Agency") by assuming all rights, powers, assets, liabilities, duties, and obligations associated with the housing activities of the Redevelopment Agency, as provided for in California Health and Safety Code §34173 and §34176; WHEREAS, the City of Palm Springs, now acting solely in its capacity as the Housing Successor Agency, is the Beneficiary under the Deed of Trust and the Holder of that certain Promissory Note of the same date, December 21, 2006 secured by the Deed of Trust, with Trustor, MARTHA F. BRIGHT, as Maker; WHEREAS, the Note secured by the Deed of Trust, together with all other indebtedness secured by the Deed of Trust, has been fully paid and satisfied; WHEREAS, the undersigned, the City of Palm Springs as Beneficiary under the Deed of Trust and acting solely as the Housing Successor Agency, hereby appoints and substitutes itself as Trustee in lieu of the original Trustee therein; WHEREAS, the undersigned, the City of Palm Springs as successor Trustee, in accordance with the provisions of the Deed of Trust HEREBY RECONVEYS, WITHOUT WARRANTY, TO THE PERSON OR PERSONS LEGALLY ENTITLED THERETO, all the estate, title and interest now held by it under the Deed of Trust; and 1209632.1 IN WITNESS WHEREOF, the City of Palm Springs, acting solely in its capacity as Housing Successor Agency has caused this instrument to be executed. Dated 63431 7--0— Approved as to form: CI Att eff Ballinge ATT ST: n ony J. M I M ' y Clerk APPROVED BY MY COUNCIL 1209632.1 CITY OF PALM SPRINGS, a California charter city Acting as the Housing Successor Agency By: David H. Ready, Esq., Ci 11 0 0 COMMUNITY REDEVELOPMENT AGENCY of THE CITY OF PALM SPRINGS EL DORADO PALMS ESTATES LOW INCOME ASSISTANCE PROGRAM LOAN AGREEMENT This Agreement is to obtain a Silent Third Loan under the provision of the Palm Springs Community Redevelopment Agency's ("Agency") El Dorado Palms Estates Low Income Assistance Program ("Program"). Under the Program, the Agency makes Silent Third Loans to low income households to assist with the purchase of the Owner's condominium interest in his/her lot or space. Community Redevelopment Law ("CRL") authorizes the Agency to use housing fund monies to increase, improve, and preserve housing available to very low, low and moderate -income persons. The Program is specifically provided for those property owners who occupy their homes now and intend to occupy their homes for no less than ten (10) years. Please answer all of the questions below. I, Martha F. Bright, am the owner -occupant of a mobile home located at 207 Coyote Drive, Unit No. 207, in the El Dorado Palms Estates, Palm Springs, CA 92264. 2. 1 hereby apply for a Silent Third Loan in the amount of $6,818.00 to provide financial assistance to acquire the condominium interest in the mobile home lot as described above. I understand that the Loan is in the amount of $ 6,818.00. The Agency does not warrant that the Loan amount will pay all costs of the purchase of the lot, closing costs, or any other costs associated with financing the transaction. I agree to allow Agency to record a lien on my property in the amount of the loan and that the Loan shall accrue 3% simple interest on an annual basis ($204.54 annually based on a $6,818.00 loan). An Interest Accrual Table is shown in Attachment 1. 3. 1 hereby authorize the Agency or its designee to verify ownership of the Property and obtain a credit report only for the purpose of confirming that there are no defaults recorded on the Property that will affect my ownership of the Property. 4. 1 certify (ordeclare) under penalty of perjury underthe laws of the State of California that all household income for the prior calendar year did not exceed 80% of the Area Median Income as defined in Attachment 2. 1 also certify that there is one (1) person living within my household. 5. 1 intend to occupy my home for the next ten (10) years. I understand that if I sell or transfer ownership of the Property within the ten-year term, the Silent Third Loan plus accrued interest shall become due and payable immediately. If I sell or transfer the Property at any time within the ten-year term to another income qualified home buyer (low income) subject to Agency's approval, then that buyer may assume the Loan for anew ten (10) year term. If I remain in the home for ten years from the date of the Loan without selling or transferring the Property, the Loan El Dorado Palms Estates Martha F. Bright Loan Agreement Page 1 of 2 EXHIBIT "A" Escrow Na 44035923-CS ALL THAT CERTAIN LAND SITUATED IN THE STATE OF CALIFORNIA. COUNTY OF RIVERSIDE. CITY OF PALM SPRINGS DESCRIBED AS FOLLOWS: PARCEL NO.1: UNIT 207 AS SHOWN AND DEFINED ON THAT CERTAIN CONDOMINIUM PLAN RECORDED JULY 24, 2003 AS INSTRUMENT NO. 240-554906. OFFICIAL RECORDS OF RIVERSIDE COUNTY. PARCEL NO. 2: AN UNDIVIDED 11377 INTEREST IN AND TO LOT 1 OF TRACT NO. 28087, AS SHOWN ON A MAP RECORDED IN BOOK 338. PAGES 39 AND 40, OF MAPS, RECORDS OF SAID COUNTY, STATE OF CALIFORNIA. TOGETHER WITH ALL IMPROVEMENTS THEREON, EXCEPTING THEREFROM CONDOMINIUM UNITS 1 THROUGH 377, 04CLUSIVE, LOCATEDTHEREON. ALSO EXCEPTING THEREFROM EXCLUSIVE EASEMENTS APPURTENANT TO EACH UNIT FOR THE USE AND OCCUPANCY OF THOSE PORTIONS OF THE EXCLUSIVE USE COMMON AREA DESIGNATED IN THE DECLARATION OF RESTRICTIONS RECORDED JULY 24. 2003 AS INSTRUMENT NO. 2003-554907 OFFICIAL RECORDS OF RIVERSIDE COUNTY AND SHOWN ON THE CONDOMINIUM PLAN FOR EACH UNIT. PARCEL NO.3: AN EXCLUSIVE EASEMENT APPURTENANT TO EACH UNIT FOR THE USE AND OCCUPANCY OF THOSE PORTIONS OF THE EXCLUSIVE USE COMMON AREA DESIGNATED IN THE DECLARATION OF RESTRICTIONS AND SHOWN ON THE CONDOMINIUM PLAN FOR EACH UNIT. PARCEL NO.4: A NON-EXCLUSIVE EASEMENT FOR USE AND ENJOYMENT OF THE COMMON AREA AS PROVIDED UNDER THE DECLARATION OF RESTRICTIONS AND THE CONDOMINIUM PLAN. 1209632.1 and accrued interest will be forgiven and the lien released. 6. 1 understand that a condition of receiving the Silent Third Loan is to agree to keep my Property clear of weeds, trash, rubbish and debris, and if I fail to keep the Property clean, the Agency may clean my Property at my expense. I understand that if I do not pay the cost of clean up within thirty (30) days, a lien shall be recorded against my Property for the cost of clean up and administrative costs, and the Agency may collect, in full, the Silent Third Loan plus interest as set forth in Paragraph 2. IMPORTANT! ALL APPLICANTS MUST READ BEFORE SIGNING shall indemnify and hold harmless, the City of Palm Springs ("City") and the Community Redevelopment Agency, the City Council, the Agency Board of Directors, its officers, agents, employees and independent contractors free and harmless from any liability whatsoever based and asserted upon any act or omission of the City and Agency for property damage, bodily injury, or death or any other element of damage of any kind or nature, relating to or in any way connected with my participation in the Program. I certify that the above statements are true and accurate to the best of my knowledge. This application shall remain the Property of the Agency. Martha F. Bright 61 El Dorado Palms Estates Loan Agreement /A- C�-/-06 Date Martha F. Bright Page 2 of 2 Attachment 1 of El Dorado Low -Income Agreement Original Year Principal Interest Total Due 1 $6,818.00 $204.54 $7,022.54 2 6,818.00 204.54 7,227.08 3 6,818.00 204.54 7,431.62 4 6,818.00 204.54 7,636.16 5 6,818.00 204.54 7,840.70 6 6,818.00 204.54 8,045.24 7 6,818.00 204.54 8,249.78 8 6,818.00 204.54 8,454.32 9 6,818.00 204.54 8,658.86 10 6,818.00 204.54 8,863.40 C� M- 2006 Income Limits LOW INCOME LIMITS FY 2006 (Effective 2111/06) MEDIAN - $57,500 Low Income - 80% of Median Family Size Income 1 32,200 2 36,800 3 41,400 4 46,000 5 49,700 6 53,350 7 57,050 8 60,700 Attachment 2 of El Dorado Low Income Agreement d d ctrrsc�- 20-7 Co Escrow No. 44035923-CS FREE RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: Community Redevelopment Agency of the City of Palm Springs, California 3200 E. Tahquitz Canyon Way Palm Springs, CA 92263 Attn: City Clerk DOC # 2007-0001610 01/02/2007 08;00A Fee:NC Page 1 of 3 Recorded in Official Records County of Riverside Larry W. Ward Assessor, County Clerk d Recorder 1111111111111111111111111111111111111111111111111111111 s R U PAGE SIZE DA MISC I LONG RFD COPY M A L 465 426 PCOR NCOLSMF CFi �q�fi°�� V (Exempt from recording fee as per Government Code §6103) SPACE ABOVE THIS LINE FOR RECORDER'S USE T DEED OF TRUST 042 (SHORT FORM) This DEED OF TRUST, made naromh,.r 21 , 2006, between MARTHA F. BRIGHT, herein called TRUSTOR whose address is 207 Coyote Drive, Palm Springs, CA 92264, CHICAGO TITLE COMPANY, a California corporation, herein called TRUSTEE, and the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, CALIFORNIA, a public body, corporate and politic, herein called BENEFICIARY, WITNESSETH: That Trustor grants to Trustee in trust, with power of sale, that property in the City of Palm Springs, County of Riverside, State of California, described as: Legal description attached hereto and made a part hereof by reference as "Exhibit A." 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 $6,818.00, with interest thereon, according to the terms of a PromissoryNofe o even date herewith by Trustor to order of Beneficiary, and extensions or renewals thereof; (2) the performance of each agreement of Trustor incorporated by reference or contained herein; and (3) payment of additional sums and interest thereon which may hereafter be loaned to Trustor, or his successors or assigns, when evidenced by a promissory note or notes reciting that they are secured by this Deed of Trust. To protect the security of this Deed of Trust, and with respect to the property above described, Trustor expressly makes each and all of the agreements, and adopts and agrees to perform and be bound by each and all of the terms and provisions set forth in subdivision A, and it is mutually agreed that each and all of the terms and provisions set forth in subdivision B of the fictitious deed of trust recorded in Orange County August 17, 1964, and in all other counties August 18, 1964, in the book and at the page of Official Records in the office of the county recorder of the county where said property is located, noted below opposite the name of such county, namely: COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE Alameda 1288 556 Kings 858 713 Placer 1028 379 Sierra 38 187 Alpine 3 130.31 Lake 437 110 Plumas 166 1307 Siskiyou 506 762 Amador 133 438 Lassen 192 367 Riverside 3778 347 Solano 1287 621 Butte 1330 513 Los Angeles T-3878 874 Sacramento 5039 124 Sonoma 2067 427 Calaveras 185 338 Madera 911 136 San Benito 300 405 stanislaus 1970 56 Colusa 323 391 Marin 1849 122 San Bernardino 6213 768 Sutter 855 585 Contra Costa 4684 1 Marlposa 90 453 San Francisco A-804 596 Tehamo 457 183 Del Norte 101 549 Mendocino 667 99 San Joaquin 2855 283 Trinity 108 595 El Dorado 704 635 Merced 1660 753 San Luis Obispo 1311 137 Tulare 2530 108 Fresno 6052 623 Modoc 191 93 San Mateo 4778 175 Tuolumne 177 160 Glenn 469 76 Morro 69 302 Santa Barbara 2065 861 Ventura 2607 237 Humboldt 801 83 Monterey 357 239 Santa Clara 6628 684 Yoto 789 16 Imperial 1189 701 Napa 704 742 Santa Cruz 1638 607 Yuba 398 693 Inyo 165 672 Nevada 363 94 Shasta 800 633 Kem 3756 690 Orange 7182 18 San Diego SERIES 5 Book 1964. Page 149774 shall inure to and bind the parties hereto, with respect to the property above described. Said agreements, terms and provisions contained In said subdivisions A and B (identical in all counties, and printed on pages 3 and 4 hereof) are by the within reference thereto, incorporated herein and made a part of this Deed of Trust for all purposes as fully as if set forth at length herein, and Beneficiary may charge for a statement regarding the obligation secured hereby, provided the charge therefor does not exceed the maximum allowed by law. The undersigned Trustor, requests that a copy of any notice of default and any notice of sale hereunder be mailed to him at his address hereinbefore set forth. STATE OF CI (FORMA COUNTY —4--C e' ;& } ss OF } On d aCYJG before me, Notary Public, person appeared o- pe se {or proved to me on the basis of satiisfact evidence) to be the person(s) whose names) is/ re subscribed to the within instrument and acknowledged to me that heey executed the same in hi r/ eir aut onzed capacity(iss), and that by hi er eir signature(s) on the instrument the person or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. Signature _ 4. a..61 Signature of Trustor Owner MARTHA F. BRIGHT (This area for official notarial seal) OHRY8 WAl lEN COWA f17002RNEMMCOUMY 36 � cortari�Ort t�r19,20to EXHIBIT "A" Escrow No.44035923-CS ALL THAT CERTAIN LAND SITUATED IN THE STATE OF CALIFORNIA, COUNTY OF RIVERSIDE, CITY OF PALM SPRINGS DESCRIBED AS FOLLOWS: PARCEL NO. 1: UNIT 207 AS SHOWN AND DEFINED ON THAT CERTAIN CONDOMINIUM PLAN RECORDED JULY 24, 2003 AS INSTRUMENT NO. 2003-554906, OFFICIAL RECORDS OF RIVERSIDE COUNTY. PARCEL NO.2: AN UNDIVIDED 1/377 INTEREST IN AND TO LOT 1 OF TRACT NO. 28087, AS SHOWN ON A MAP RECORDED IN BOOK 338, PAGES 39 AND 40, OF MAPS, RECORDS OF SAID COUNTY, STATE OF CALIFORNIA, TOGETHER WITH ALL IMPROVEMENTS THEREON, EXCEPTING THEREFROM CONDOMINIUM UNITS 1 THROUGH 377, INCLUSIVE, LOCATED THEREON. ALSO EXCEPTING THEREFROM EXCLUSIVE EASEMENTS APPURTENANT TO EACH UNIT FOR THE USE AND OCCUPANCY OF THOSE PORTIONS OF THE EXCLUSIVE USE COMMON AREA DESIGNATED IN THE DECLARATION OF RESTRICTIONS RECORDED JULY 24, 2003 AS INSTRUMENT NO. 2003-554907 OFFICIAL RECORDS OF RIVERSIDE COUNTY AND SHOWN ON THE CONDOMINIUM PLAN FOR EACH UNIT. PARCEL NO.3: AN EXCLUSIVE EASEMENT APPURTENANT TO EACH UNIT FOR THE USE AND OCCUPANCY OF THOSE PORTIONS OF THE EXCLUSIVE USE COMMON AREA DESIGNATED IN THE DECLARATION OF RESTRICTIONS AND SHOWN ON THE CONDOMINIUM PLAN FOR EACH UNIT. PARCEL NO.4: A NON-EXCLUSIVE EASEMENT FOR USE AND ENJOYMENT OF THE COMMON AREA AS PROVIDED UNDER THE DECLARATION OF RESTRICTIONS AND THE CONDOMINIUM PLAN. increased, changed or exchanged by agreement between Holder and any owner of the premises affected by said documents securing this Note, without in any way affecting the liability of any party to this Note or any persons liable or to become liable with respect to any indebtedness evidenced hereby. 7. Due on Sale, Due on Encumbrance. In the event Maker shall, directly or indirectly, voluntarily or involuntarily, sell, enter into a contract of sale, assign, transfer or dispose of all or any portion of any interest in the property which is the subject of the Deed of Trust to a non -income -qualified buyer as approved in writing by the Holder then, or at any time thereafter, Holder, at its option, may declare the entire indebtedness evidenced hereby immediately due and payable. In the event the property is sold to an approved, income -qualified buyer, the Holder may assign the Note to the buyer with a new ten (10) year term. 8. Severability. The unenforceability of invalidity of any provision or provisions of this Note as to any persons or circumstances shall not render that provision or those provisions unenforceable or invalid as to any other provisions or circumstances, and all provisions hereof, in all other respects, shall remain valid and enforceable. 9. Modifications. Neither this Note nor any term hereof may be waived, amended, discharged, modified, changed or terminated orally; not shall any waiver of any provision hereof be effective except by an instrument in writing signed by Maker and Holder. No delay or omission on the part of the Holder in exercising any right hereunder shall operate as a waiver of such right or any other right under this Note. 10. No Waiver by Holder. No waiver of any breach, defaults or failure of condition under the terms of this Note of the Deed of Trust or the obligation secured thereby shall be implied from any failure or delay of the Holder of this Note to take action with respect to such breach, default or failure. 11. Usurv. Notwithstanding any provision in this Note, Deed of Trust or other document securing same, the total liability for payment in the nature of interest shall not exceed the limit now imposed by applicable laws of the State of California. 12. Governing Law. This Note has been executed and delivered by Maker in the State of California securing same, the total liability for payment in the nature of interest shall not exceed the limit now imposed by applicable laws of the State of California. IN WITNESS WHEREOF, Maker has executed this Note as of the date and year first above written. Date Promissory Note El Dorado Palms Estates I-P" Z'74--_ Martha F. Bright THIS IS CERTIFIED TO BE 41 COpY OF THE ORIGINAL Martha F. Bright Page 2 of 2 Chicago Title C pany BY Original Promissory Note in Finance Department Safe is Note, with the Deed of Trust securing 1cellation before re -conveyance will be made. PROMISSORY NOTE SECURED BY DEED OF TRUST December 21, 2006 ( Date) 207 COYOTE DRIVE, PALM SPRINGS, CA 92264 Palm Springs, California FOR VALUE RECEIVED, the undersigned, MARTHA F. BRIGHT, ("Maker") hereby promises to pay to the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, a public agency, corporate and politic ("Holder"), at a place designated by Holder, the principal sum of Six Thousand Eight Hundred Eighteen Dollars And No Cents ($6,818.00), together with interest thereon at three percent (3%) per annum commencing nPcPmhpr 219 2nn6 ("Interest Accrual Commencement Date"). 1. Repayment by Maker. This is a deferred loan. Unless the conditions of Section 8 of this Promissory Note Secured by Deed of Trust ("Note") are met ("Due on Sale; Due on Encumbrance"), the Maker will not make payments on this Note. Instead, simple interest in the amount of three percent (3%) per annum shall accrue on the 15th day of each calendar month after the Interest Accrual Commencement Date until the end of the term of the Note which shall be 10 years from the date of execution. 2. Repayment. This Note may be prepaid in whole or in part at any time without penalty. If the Maker has not sold, entered into a contract of sale, assigned, transferred or disposed of all or any portion of any interest in the property which is subject to the "Deed of Trust" by the end of the term of this note (ten years from date of execution) then the entire indebtedness including all accrued interest shall be forgiven by Holder. In the event the property is sold to an approved, income -qualified buyer, the Holder may assign the Note to the buyer with a new ten (10) year term. 3. Note Secured by Deed of Trust. This Note is secured by a Deed of Trust and Assignment of Rents of even date herewith, encumbering certain real property located in the City of Palm Springs, County of Riverside, State of California, more particularly described therein, and any other instruments, now or hereafter executed by Maker in favor of Holder, which in any manner constitute additional security for this Note. 4. Acceleration of Obligation. Meeting the terms described on Section 8 of this, Agreement through sale, transfer, or encumbrance or otherwise described or in the event of default under the Deed of Trust or Loan Agreement, or any breach of any other promise or obligation in this Note or in any other instrument now or hereafter securing the indebtedness evidenced hereby, then, and in any such events, Holder may, at its option, declare this Note and the entire indebtedness hereby evidenced, including, without limitation, all accrued interest, to be immediately due and payable and collectible then or thereafter as Holder may elect, regardless of the date of maturity, and notice of the exercise of said option is hereby expressly waived by Maker. 5. Collection Costs; Attorneys' Fees. If this Note is not paid when due, whether at maturity or by acceleration, Maker promises to pay all costs of payment hereof or enforcement of any guarantee, incurred by Holder on account of such collection, whether or not suit is filed hereon. 6. Waivers by Maker. Maker and all endorsers, guarantors and persons liable or to become liable on this Note waive presentment, protest and demand, notice of protest, demand and dishonor and nonpayment of this Note and consent to any and all renewals and extensions near the time of payment hereof and agree further that at any time and from time to time without notice, the terms of payments h. pejDrn�y�be-kmtldifi6� or the security described in any documents securing thi" bte`�6R�6d in whole or in part, or HE �1 Promissory Note Martha F. Bright El Dorado Palms Estates E�, ;any Page 1 of 2