Loading...
HomeMy WebLinkAboutCC Resolution 8186 (Oakwood Subdivision Unit 2)RESOLUTION NO. 8186 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL AUTHORIZING EXECUTION OF RECONVEYANCE OF DEED OF TRUST - OAKWOOD SUBDIVISION UNIT 2 WHEREAS, on March 19, 1984, the City of San Rafael and Paul J. Felton entered into an agreement for construction of improvements within the Oakwood Unit 2 Subdivision; and WHEREAS, said agreement required that the subdivider furnish the City with a deed of trust on the property to guarantee installation of the required improvements; and WHEREAS, all the required work in Oakwood Unit 2 has been completed and accepted by the City's Department of Public Works; and Subdivider. WHEREAS, it is now appropriate to release the Deed of Trust to the NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San Rafael that the Mayor and City Clerk are hereby authorized to execute the Reconveyance of the Deed of Trust to Paul J. Felton for Oakwood Subdivision Unit 2. I, JEANNE. M. LEONCINI, Clerk of the City of San Rafael, hereby certify that the foregoing resolution was duly and regularly introduced and adopted at a regular meeting of the Council of said City on Monday, the 18th day of June, 1990, by the following vote, to wit: AYES: COUNCILMEMBERS: Boro, Brei ner, Shippey, Thayer & Mayor Mul ryan NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None kANWE M. LEONC,�City 816 i 14 y n 0 Recording Requested By And When Recorded Return To: City of San Rafael c/o City Engineer City [fall San Rafael, California 94901 umrr#2 <I:L-Jkbi:u AI I;EJUESI 01, 84 0 17 2 12 AGt,vCy SHOWN 1981 APR I 1 AN II: 30 ldARf11 CpB Vi CA IFORMA W. BRACE RUM DEED OF TRUST This Deed of Trust, made MAFCJ4 10 , 1984, between Paul J. Felton, herein called TRUSTOR, whose address is 1 Weatherly Drive, Apartment 301, Mill Valley, California, 94941, FOUNDERS TITLE 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: Lots 18 through 22, inclusive, as shown upon that certain map entitled "Map of Oakwood Unit No. 2" filed for record on 1984, in Volume�9 of Maps a Page_, Marin County Records. For the purpose of securing: (1) the performance of each obligation of Trustor pursuant to and set forth in that certain Agreement (Subdivision Improvements) dated MA H 161 , 1984 by and between Trustor and Beneficiary (the Subdivision Improve- ment Agreement") a copy of which is attached hereto as Exhibit "1" and incorporated herein; (2) the performance of each obliga- tion of Trustor contained herein; and, (3) the payment of any and all claims which may from time to time become due to third parties from Trustor in connection with the furnishing of labor and materials or the construction and installation of the improvements referred to and described in the Subdivision Improvement Agreement. A. To protect the security of this Deed of Trust, Trustor agrees: (1) To appear in and defend any action or proceeding pur- porting 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 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- gation 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 purport- ing to affect the security hereof or the rights or powers of 840 172 12 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 expended 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 option of Beneficiary all or any portion of the monies so received 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 Subdivision Improvement Agreement is sufficiently secured by a lien on other property; or (ii) the release and reconveyance or subordination will not jeopardize the completion of the construc- tion and installation of the improvements referred to and des- cribed in the Subdivision Improvement Agreement. (3) That upon completion of the construction and installa- tion of all improvements referred to and described in the Subdi- vision Improvement Agreement or upon the posting by Trustor of payment and performance bonds in the form and amount provided for in the Subdivision Improvement Agreement, whichever occurs first, or upon the completion of reversion to acreage proceedings for said property as more particularly provided in the Subdivision Improvement Agreement, 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, 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." (4) That upon default by Trustor in the performance of Trustor's obligations under the Subdivision Improvement Agree- ment, and upon the giving of notice and the expiration of the time limitations specified therein, Beneficiary 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 Subdivision Improvement Agreement and all documents evidencing expenditures secured hereby. After the lapse of such time as may then be required by law - 2 - C 840 172 12 following the recordation of said notice of default, and notice of sale having been given 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- lic auction to the 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- ment 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 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 Subdivision Improvement Agreement has been determined; and upon such determination, Trustee shall apply the proceeds of sale to payment of: first, all sums payable to Beneficiary pursuant to the terms hereof or the terms of the Subdivision Improvement 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. (5) 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. (6) 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 singular number includes the plural. (7) That Trustee accepts this Trust when this Deed, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated 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 be mailed to him at his address hereinbefore set forth. Paul Fel rustor - 3 - 84017212 STATE OF CALIFORNIA ) COUNTY OF MARIN ) ss. On this /94'i -day of,�1 , , in the year 1984, before me, a Notary P ic, personally appeared Paul J. Felton, known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to this instrument, and acknowledged that he executed it. --//--/// OFFICIAL SEAL Notary Public O VICTORIA VAN HOUTEN My commission expires b A %a, i NOTARY PIIOLIC.CALIFONNIA - PRINCIPAL OFFICE IN COUNTYOF LIARIN My Commission Expires June 6, 1986 - 4 - 14017212 DO NOT RECORD REQUEST FOR FULL RECONVEYANCE To Founders Title Company, Trustee: The undersigned is the beneficiary of the foregoing Deed of Trust and the party entitled to enforce the obligations of the 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, all 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. - 5 -