HomeMy WebLinkAboutCC Resolution 7391 (Rice Drive)15
RESOLUTION NO. 7391
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SAN RAFAEL ACCEPTING "DEED OF TRUST" AS
PAYMENT SECURITY FOR THE FUTURE EXTENSION OF
RICE DRIVE (from Samuelson, Hornaday & Schafer -
Francisco Business Center)
WHEREAS, the public interest, convenience, necessity and
welfare require that the real property hereinafter mentioned be
accepted and used for the benefit of the public of the City of San
Rafael, California;
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of San Rafael, California, does hereby accept that certain
deed for and on behalf of the City of San Rafael as the appropriate
payment security for future improvements to the extension of Rice
Drive from Du Bois Street to the future Andersen Drive Extension in
lieu of traffic mitigation fees, all as more particularly described
and set forth in the attachment hereto and incorporated herein by
reference, and said deed is to be duly recorded in the Office of the
County Recorder of the County of Marin, State of California,
forthwith upon the adoption of this resolution.
I, JEANNE M. LEONCINI, Clerk of the City of San Rafael,
California, hereby certify that the foregoing resolution was duly
and regularly introduced and adopted at a regular meeting of the
Council of said City held on the 21st day of July, 1986, by the
following vote, to wit:
AYES: COUNCILMEMBERS: Breiner, Frugoli, Nave, Russom & Mayor Mulryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
I City Clerk
JE . LEONCIN
URIGiNA1
%39i
131875
Recording Requested By And
When Recorded Return To:
City of San Rafael
c/o City Engineer
City Hall
San Rafael, California 94901
AP#13-042-03,04,02
13-041-29 and 13-052-02
C f= G.
FIRST AMERICAN
I T• 9-
DEED OF TRUST
U U J U U/ J
This Deed of Trust, made as of ,January 6, 1985, between
Samuelson, Hornaday & Schafer, a California general partnership,
herein called Trustor, whose address is 100 California Street,
Suite 926, San Francisco, California 94111, First American Title
Insurance Company, a California corporation, herein called
Trustee, and the City of San Rafael, herein called Beneficiary,
WITNESSETH: That Trustor grants to Trustee in Trust, with
Power of Sale, that property in the City of San Rafael, County of
Marin, State of California, described as:
Parcel 1, as shown upon that certain parcel
map entitled "Parcel Map, Division of Lot 1,
Map of Northwestern Pacific Industrial
Subdivision" filed for record on December_ 30,
1985 in Volume 22 of Parcel Maps at Page 99,
in the Official Records of the Plarin County
Recorder's Office.
For the purpose of securing: ( 1 ) the payment of the princi-
pal sum of Fifty -Eight Thousand Eight Hundred Fifty Thousand
Dollars ($58,850.00) pursuant to the terms of a promissory note
(the "Promissory Note") of even date herewith by and between
Trustor and Beneficiary; and, (2) the performance of each obliga-
tion of Trustor contained herein.
2\. To protect the security of this Deed of Trust, Trustor agrees:
(1) To appear in and defend any action or proceeding purport-
ing to affect the security hereof or the rights or powers of
Beneficiary or Trustee, and to pay all costs and expenses, in-
cluding 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 and in any suit brought by
Beneficiary to foreclose this Deed.
(2) To pay: at least ten days before delinquency, all
taxes and assessments affecting said property; when due, all
encumbrances, charges and liens, with interest, on said property
or any part thereof, which appear to be prior or superior hereto;
and all costs, fees and expenses of this Trust.
Should Trustor fail to make any payment or do any act as
herein provided, then Beneficiary or Trustee, but without obli-
(lation so to do and without notice to or demand upon Trustor and
without releasing Trustor from any obligation hereon, 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 said property for such
purposes; appear in and defend any action or proceeding
purporting to affect the security hereof or the rights or powers
On 3Ud(3
of Beneficiary of 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
reasonable attorney fees.
(3) To pay immediately and without demand all sums so ex-
pended by Beneficiary or Trustee, with interest from date of
expenditure at the amount allowed by law in effect at the date
hereof, and to pay for any statement provided for by law in
effect at 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 con-
demnation for public use of or injury to said property or any
part thereof is hereby assigned and shall be paid to Beneficiary,
to be held by Beneficiary in trust for Beneficiary and Trustor.
In the event of any default by Trustor of its obligations, the
performance of which are secured hereby, Beneficiary may there-
upon apply such monies received by it upon any indebtedness owing
from Trustor to Beneficiary; provided, however_, that at the
ption of Beneficiary all or any portion of the monies so re-
ceived and held by it in trust may be released to Trustor.
(2) That at any time or from time to time, Beneficiary may,
but shall not be obligated to, authorize and direct Trustee in
writing to, and Trustee shall upon presentation of this Deed for
endorsement, without liability therefor and without notice,
release from the lien of this Deed of Trust and reconvey all or
any portion of said property or subordinate the lien hereby
created to other liens or encumbrances if Beneficiary determines
that: (i) the performance of Trustor's obligations under the
Promissory Note is sufficiently secured by a lien on other
property; or (ii) the release and reconveyance or subordination
will not jeopardize the payment of all sums due under the
Promissory Note.
(3) That at any time and from time to time, Beneficiary
shall execute such agreements or other documents as may be
necessary to subordinate the lien of this deed of trust to a deed
(:)E trust to be executed by Trustor or its successors in interest
to secure a loan, herein called "construction loan," from a bank,
savings and loan association, or other institutional lender for
the purpose of constructing improvements on said property, pro-
vided:
(a)
The total amount of such construction loan and all
other loans secured by deeds of trust against the
property shall not exceed Five Million Dollars
($5,000,000.00);
(b)
The proceeds of such construction loan shall be
used only for the purposes of repaying any existing
financing secured by said property, paying land
acquisition and profit draws to Trustor and con-
structing permanent improvements on said property;
(c)
Such construction loan shall not bear_ interest,
exclusive of late charges and penalties or fees
payable in case of default, greater than two and
one-half percent (2.5%) per annum over the highest
prime, index or similar rate being charged by in-
stitutional lenders making construction loans in
the San Francisco Bay Area for similar projects.
(4) That
at any time and from time to time, Beneficiary
shall execute
such agreements or other documents as may be
necessary to
subordinate the lien of this deed of trust to a deed
UU 50873
of trust to be executed by Trustor or its successors in interest
on completion of permanent improvements on said property to
secure a loan, herein called "take-out" loan, from a bank,
savings and loan association or other institutional lender, pro-
vided:
ro-
vided:
(a) The proceeds of such "take-out" loan shall be used
first to pay in full any construction loans on said
property and any mechanics' liens or other charges
levied or leviable against said property because of
any improvements placed on said property by Trustor
or its successors in interest;
(b) The total amount of such "take-out" loan and all
other loans secured by deeds of trust against the
property shall not exceed the sum of Five Million
Dollars ($5,000,000.00);
(e) The interest on such "take-out" loan shall not be
greater_, excluding late charges and penalties or
fees payable on default, than four percent (40) per
annum over the highest prime, index or similar rate
being charged by institutional lenders malting take-
out loans in the San Francisco Bay Area for similar
projects.
(5) That upon payment of all sums due under the Promissory
Note, Trustor shall be entitled to have the property then held
hereunder reconveyed, and Beneficiary shall thereupon surrender
this Deed of Trust to Trustee and request, in writing, that
Trustee reconvey said property and Trustee shall reconvey, with-
out 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 reconvey-
ance may be described as "the person or persons legally entitled
thereto."
(6) That upon default by Trustor in the payment of any sums
due under the Promissory Note, and upon the giving of notice and
the expiration of the time limitations specified therein, Bene-
ficiary may deliver to Trustee a 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 of Trust, the Promissory Note and
all documents evidencing expenditures secured hereby.
After the 'Lapse of such time as may then be required by law
following the recordation of said notice of default, and notice
of sale having been qiven as then required by law, Trustee, with-
out demand on Trustor, shall sell said property at the time and
place fixed by it in said notice of sale, either as a whole or in
separate parcels, and in such order as it may determine, at pub-•
-1 is actioto tll:. highest bidder_ for cash in lawful money of the
United States, payable at time of sale. Trustee may postpone
sale of all or any portion of said property by public announce-
n(-nt 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 im-
plied. The recitals in such deed of any ,matters or facts shall
be conclusive proof of the truthfulness thereof. Any person,
including Trustor, 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 hold the proceeds until the full amount
which is payable to Beneficiary pursuant to the terms hereof or
the terms of the Promissory Note has been determined; and upon
such determination, Trustee shall apply the proceeds of sale to
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payment of: first, all sums payable to Beneficiary pursuant to
the terms hereof or the terms of the Promissory Note Agreement,
with accrued interest at the amount allowed by law in effect at
the date hereof; second, all other sums then secured hereby; and
then the remainder, if any, to the person or persons legally
entitled thereto.
(7) Beneficiary may from time to time, by instrument in
writing, substitute a successor or successors to any Trustee
named herein or acting hereunder, which instrument, executed by
the Beneficiary and duly acknowledged 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 all parties hereto, their heirs, legatees, devisees,
administrators, executors, successors and assigns. The term
Beneficiary shall 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 neuter, and the
Snqular number includes the plural.
(9) That Trustee accepts this Trust when this Deed, duly
executed and acknowledged, is made a public record as provided by
law. Trustee is not obliqated to notify any party 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.
The undersigned Trustor, requests that a copy of any notice
of default and of any notice of sale hereunder lie mailed to him
at his address hereinbefore set forth.
SAMUELSON, HORNADAY & SCHAFER,
a general partnership
STATE OF CALIFORNIA )
COUNTY OF MARIN ) ss.
On this :�� �da of /�.:' �,el- , in the year 1986,
Y � f.`; t.. � y..
before me, a Notary Public, personally
appeared I/ j; I/, ; -, ` .[ /j, tT c , , personally known to me ( or
proved to me on the basis of satisfactory evidence) to be the
person who executed this instrument, on behalf of the partnership
and acknowledged to me that the partnership executed it.
_. Notary Public ,!
[ply com4iission expires i
OFFICIAL SEAL = � 4i
CINDY BETTENCOURT
m NOTARY PUBLIC - CALIFORNIA
Principal Office in INARIhi County
My Co+nrn=ian Expires Uay R 1986
�i • •L : III I•• pi ,i i, YI 11 •I 'll a aY'y
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U U J U U I J
DO NOT RECORD REQUEST FOR FULL RECONVEYANCE
To First American Title Insurance Company, Trustee:
The undersigned is the beneficiary of the foregoing Deed of
Trust and the party entitled to enforce the obligations of th,�
Trustor named in said Deed of Trust which are secured thereby.
Said obligations have been fully performed; and you are hereby_
requested and directed to reconvey, without warranty, to the
parties designated by the terms of said Deed of Trust, a1]. the
estate now held by you under the same.
Da ted
Please mail Deed of Trust and Reconveyance to
Do not lose or destroy this Deed of Trust. It must be delivered
to the Trustee for cancellation before reconveyance will be made.
STATE OF CALIFORNIA
COUNTY OF M' a -ip
On_ 9-15-86
said State, personally appeared _
Iss.
I
before me, the undersigned, a Notary Public in and for
H. James Schafer
personally known to me (or proved to me on the basis of satis-
factory evidence) to be the person that executed the within
instrument — one of the gen. partner(s),
on behalf of Samuelson. HornadaY . &
Schafer
I "- t; gg oifcial Sc -al j
"f,
.,the partnership
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therein named and acknowledged to me that the partnership
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executed it.
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My comm. expiras Aug. 7, 1g
WITNESS my hand and official sea
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(This area for official notarial seal)
RUDY L. TULIPANT
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