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Home My WebLink AboutDeed 2003-03-24 (Marin County Housing Development) ~ ~ VJ(t 1111111111111111111111111111111 III Town of Tiburon Attention : Town Manager 1505 Tiburon Boulevard Tiburon, CA 94920 cr-:Yt - tf7'I.' ~I 2003-005.3579 Recorded I REC FEE 13.00 Official Records I County Of I Marin I JOAN C. THAYER I Recorder I I I TB 08:00AM 08-May-2003 I Page 1 of 3 Recording Requested By and When Recorded Return to: MODIFICATION AGREEMENT ~ '-ryLv'ST01>_ This Modification Agreement is made as of March 24, 2003 by the Marin County Housing Development Financing Corporation, a California nonprofit corporation (the "Borrower/Tru~oo") and the Town of Tiburon, California, a municipal corporation (the "lender/Beneficiary") to modify that Construction Deed of Trust and Assignment of Rents (the "Deed of Trust") dated June 26, 1990, recorded July 2, 1990 as Instrument No. 90-38696 of the Official Records of the County of Marin, amended by that previous Modification Agreement dated March 20, 1992 and recorded in the Official Records of the County of Marin. LeG-1t1-- Dg-<JcfLlj'>Ii'V,.) 4~ Co/l/Vt//IJe:o IV ~)..f1D 7)~ ~ 7nA/S r For valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower/Trustee and the lender/Beneficiary agree as follows: 1. The Deed of Trust is hereby amended to secure the payment of the loan evidenced by that Amended and Restated Promissory Note dated March 24, 2003 in the amount of One Hundred Eighty-Three Thousand Five Hundred Fifty-Two Dollars ($183,552). The Amended and Restated Promissory Note is made and given to replace that Promissory Note in the amount of $300,000 which is referenced in the Deed of Trust. The loan evidenced by the Amended and Restated Promissory Noted dated March 24, 2003 shall be due and payable in full not later than December 31, 2009. 2. Except as hereinabove amended, the Deed of Trust shall remain unchanged and in full force and effect. By: ~i~ ~~~~ I n Macleod, President iJ od c/tC2A<~ A~~ ~ r' 2-L('-O ~ ", d . J c/f....v ~ ~ cav'Ni Q. ) Executed as of the date first written above. MARIN COUNTY HOUSING DEVELOPMENT FINANCING CORPORATION, a California Nonprofit Corporation ~ ;{)O. tj3~ By: CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of Marin On April 2, 2003 Date before me, } 88 Ian MacLeod, President Name(s) of Signer(s) Kay A. Karidis, Notary Public Name and Title of Officer (e.g.. "Jane Doe, Notary Public") personally appeared ~-----.......,----- @ KAY A. KARIDIS : Commission. 1324597 f ~ ~ = . Notary Public - California ~ z - ~ Marin County t ,. .' ~~:m~~i":~:..2~5 ~~ IX! proved to me on the basis of satisfactory evidence to be the person(.K) whose name(.K) is~ subscribed to the within instrument and acknowledged to me that he/~ ex'ecuted the same in his/~iX authorized capacityCCOOl. and that by his/~ signature(K) on the instrument the person(!), or the entity upon behalf of which the person(K) acted, executed the instrument. 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 Document Date: March 24, 2003 Modification Agreement One Title or Type of Document: Number of Pages: Alex D. McIntyre, Town Manager Signer(X) Other Than Named Above: Capacity~ Claimed by Signer Signer's Name: Ian MacLeod D Individual 00 Corporate Officer - Title(s): President D Partner - D Limited D General D Attorney-in-Fact D Trustee D Guardian or Conservator D Other: Signer Is Representing: Marin County Housing Development Financing Corporation @ 1999 National Notary Association. 9350 De Soto Ave.. P.O. Box 2402. Chatsworth, CA 91313-2402. www.nationalnotary.org Prod. No. 5907 Reorder: Call Toll-Free 1-800-876-6827 ALL-PURPOSE ACKNOWLEDGMENT State of California . / County of /114(.( rlL On .4./h~ '17 :/...CJ f olw.j before me, ~DATE) 11 /} /J 1/ personally appeared "fT~ ^ ~ersonal\Y known to me }ss /d7/hl/E' ()J!lkVE- Q.. .))C h:~ SIGNERIS) I J A (lf1L-- , - OR - D proved to me on the basis of satisfactory evidence to be the person(s) 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 signatures(s) on the instrument ,the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. J~DIANE CRANE IACOPI ~ - Comm, # 1286660 U) -. NOTARYPUBLlC.CALlFORNIA (f) , Marin County - My Comlll. Explr.. Dee, 8, 2004 .... WITNESS m~ ha~official seal. , lINOTAR~'~~ OPTIONAL INFORMATION The information below is not required by law. However, it could prevent fraudulent attachment of this acknowl- edgment to an unauthorized document. CAPACITY CLAIMED BY SIGNER (PRINCIPAL) o ~tvIDUAL [l?'" CORPORATE ?FF;ICER 'ld tJ;1/ AJ4111(J-6-C< TITLE(S) DESCRIPTION OF ATTACHED DOCUMENT ;t!OClfr~c/frM. ~~ TITLEORTYPErg)~!l121lEy /iJwf) / ' . D PARTNER(S) D ATTORNEY-IN-FACT D TRUSTEE(S) D GUARDIAN/CONSERVATOR D OTHER: NUMBER OF PAGES 3 -02 V~o_3 DATE OF DOCUMENT OTHER Q) 11 RIGHT THUMBPRINT OF SIGNER c: ~ .0 ~ '0 0. ~ SIGNER IS REPRESENTING: NAME OF PERSON(S) OR ENTITY(lES) APA 5/99 VALLEY-SIERRA 800-362-3369 MARIN COUNTY HOUSING DEVELOPMENT FINANCING CORPORATION AMENDED AND RESTATED PROMISSORY NOTE $183,552 March 24,2003 THIS NOTE AMENDS THAT ORIGINAL PROMISSORY NOTE dated March 22, 1992 in the principal amount of Three Hundred Thousand Dollars ($300,000), executed by the Marin County Housing Development Financing Corporation, a California nonprofit corporation (the "Borrower"), in favor of the Town of Tiburon, California, a municipal corporation (the "Holder"), secured by a Deed of Trust executed by Borrower, dated June 26, 1990, recorded July 2, 1990 as Instrument No. 90-38696 of the Official Records of the County of Marin. The Deed of Trust was amended by that Modification Agreement dated March 20, 1992, recorded in the Official Records of the County of Marin and is further amended by that Modification Agreement dated March 24, 2003 which refers to this Note and is recorded in the Official Records of the County of Marin. The Borrower and the Holder hereby agree to amend the interest rate and payment schedule of the Original Note, and the Borrower hereby agrees to make payment as follows: Current Principal of $179,563 plus unpaid accrued interest of $3,989 for a total balance of $183,552 as of April 1, 2003, together with interest on the unpaid balance at the rate of Five Point Two-Five Per Cent (5.250,,10) per annum, commencing April 1, 2003, payable in fully-amortized monthly payments of $2696.16, with the first payment due April 1, 2003 and continuing for eighty-one (81) consecutive months through December 1, 2009 until paid in full, or upon transfer of title of the property, at which time the remaining balance of the loan and any unpaid interest shall become due and payable in full. This Note may be prepaid in full or in part at any time without penalty. The above-stated interest rate is the minimum rate that shall be charged. The interest rate shall be adjusted at any point in the future as required to maintain the interest rate at a minimum of Two Point Zero (2.0) points above the local Agency Investment Fund ("LAIF") rate, computed monthly. The current LAIF rate is 2.01 %. The entire outstanding balance of this Note shall become immediately due and payable in full, at the option of the Beneficiary, should the Borrower agree to or actually sell, convey, transfer, alienate, assign or dispose of, or further encumber all or any part of the Borrower's interest in the property described in the above-referenced Deed of Trust, whether voluntarily or involuntarily by operation of law or otherwise, without first obtaining the written consent of the Beneficiary. The provisions of this Note are severable and the invalidity or unenforceability of anyone provision or portion shall not affect the validity or enforceability of any other provision or portion. This Note shall be governed by and construed in accordance with the laws of the State of California. If more than one Borrower executes this Note, each covenant and obligation contained therein shall be joint and several. Borrower agrees to pay the following costs, expenses, and attorney.s fees paid or incurred by the holder of this Note, or adjudged by a court: (a) reasonable costs of collection, costs and expenses, and attorney.s fees paid or incurred in connection with the collection or enforcement of this Note, whether or not suit is filed; and (b) costs of suit and such sum as the court may adjudge as attorney's fees in any action to enforce payment of this Note or any part of it. MARIN COUNTY HOUSING DEVELOPMENT FINANCING CORPORATION, a California Nonprofit Corporation By: ~.~~~ Ian Macleod, President CJ C --0 " --- lJ ~~ ~~ rr-l This Amended and Restated Promissory Note is executed as of the date first written above. AMEItj o --1 4- First American Title Company of Marin 800 DeLong Ave. · Novato, CA 94945 PHONE: (415) 897-0856. FAX: (415) 892-6677 May 9, 2003 RECEIVED MAY 1 2 2003 Alex D. Mcintyre, Town Manager Town of Tiburon 1505 Tiburon Boulevard Tiburon, CA 94920 TOWN MANAGERS OFFICE TOWN OF TISUAON Re: Escrow Number: 4-307241-TC /155470TC Loan No. 101 Esperanza Street Dear Mr. Mcintyre: Enclosed is our 110.5 Endorsement to be attached to your AL TA now in your possession, as you have requested. It has been a pleasure to serve you. Very truly yours, FIRST AMERICAN TITLE COMPANY OF MARIN By: Terry Coleman, Escrow Officer encls. Order No.: 4-307241-TC/155470TC ENDORSEMENT Attached to Policy No. Issued By First American Title Insurance Company The Company hereby insures the owner of the indebtedness secured by the insured mortgage against loss or damage which the insured shall sustain by reason of: 1. The failure of that certain agreement executed by Marin County Housing Development Financing Corporation, a California nonprofit corporation and the Town of Tiburon, California, a municipal corporation and recorded May 8, 2003, Instrument No. 2003-0053579 to modify the insured mortgage or the obligation secured thereby; 2. The priority of any lien or encumbrance over the lien of the insured mortgage as modified by the above mentioned agreement, except for those matters shown in Schedule B as prior to the insured mortgage"and the following matters: (1) General and special taxes and assessments for the fiscal year 2003 to 2004, a lien not yet due or payable. (2) The lien of supplemental taxes, if any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code. (3) Modification Agreement recorded March 26, 1992 as Recorder's Serial No. 92-021196 and re-recorded June 29, 1992 as Recorder's Serial No. 92-050030 of Official Records. This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy and any prior endorsements, nor does it extend the effective date of the policy and any prior endorsements, nor does it increase the face amount thereof. Fee: $382.00 Dated: May 8, 2003 at 8:00 a.m. FIRST AMERICAN TITLE INSURANCE COMPANY BY: ~~~~ AUTHORIZED SIGNATORY CL TA Form 110.5 (Rev. 6-14-96) AL T A Lender