HomeMy WebLinkAboutReso. 1988-003 - Extending the load payoff date in the agreement between the city of redding and gary j. rowe and mary l. rowe for consent to assumption and modification • I
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RESOLUTION NO. 3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING EXTENDING THE
LOAN PAYOFF DATE IN THE AGREEMENT BETWEEN THE CITY OF REDDING AND GARY
J. ROWE AND MARY L. ROWE FOR CONSENT TO ASSUMPTION AND MODIFICATION OF
NOTE AND DEED OF TRUST ON THE REDDING HOTEL.
WHEREAS, on July 21, 1987 the City Council of the City of Redding
approved the agreement between the City of Redding and Gary J. Rowe and Mary
L. Rowe for Consent to Assumption and Modification of Note and Deed of Trust
on the Redding Hotel and authorized the City Manager to sign the agreement;
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WHEREAS, Gary J. Rowe and Mary L. Rowe have requested that an extension
of the loan payoff due date as set forth in the Consent and Modification of
the Deed of Trust on the Redding Hotel; and •
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WHEREAS, The City Council has determined that there is reasonable cause
II for an. extension of the loan payoff due date;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Redding hereby approves the extension of the loan payoff due date to June
I• 30, 1988, with the condition that Gary J. Rowe and Mary L. Rowe shall
rectify all Shasta County Health Department findings and findings by the
City Fire Marshall's office by March 1, 1988.
I HEREBY CERTIFY that the foregoing resolution was introduced and read
at a regular meeting of the City Council of the;City of Redding on the 5th
day of January , 1988, and was duly adopted at said meeting by
the following vote:
AYES: COUNCIL MEMBERS: Carter , Fulton , Gard , Johannessen , & Dahl
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None Coj
MIKE AIS.,, Mayor
City of Redding
ATTEST: •
ETHEL A. NICHOLS, City Clerk
FORM APPROVED:
ALL A. HAYS, Cit Attorney
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' RECORDING REQUESTED BY TTY OF REDDING 26542 !1
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WHEN RECORDED, RETURN T ITY OF REDDING,
ROED AT AEQUE�T b�
CITY CLERK, 760 PARKVIEW AVENUE,
FREDDJNG
II REDDING, CALIFORNIA 96001 . AT Jla•Mm1.PA37
OFFICIAL RECCrn-cu.r....n,iTV.
NO FEE: CITY BUSINESS AUG 10 1987
AGREEMENT FOR CONSENT TO ASSUMPTION ���'/'�d• ' f
z}pECORDER FEE t 04
AND MODIFICATION OF NOTE AND DEED OF TRUST
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THIS AGREEMENT made this f5 day of July, 1987, by and
it between the CITY OF REDDING and GARY J. ROWE and his wife, MARY
L. ROWE, (referred to herein as "Purchasers") .
WHEREAS, in April, 1982, the CITY OF REDDING made a housing
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rehabilitation loan to Gary Barber for the purpose of bringing
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fj the Redding Hotel into compliance with housing quality standards
of the U.S. Department of Housing and Urban Development Section 8
Housing Assistance Program;
WHEREAS, said loan, the obligation to repay same, and
security for repayment are evidenced by the Promissory Note dated
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April 5, 1982, in the face amount of $153, 000. 00, a copy of which
is attached hereto as Exhibit "A" and incorporated by reference
herein, and the Deed of Trust dated April 5, 1982, recorded in
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Book 1883 at page 43, Official Records of Shasta County, attached
hereto as Exhibit "B" and incorporated by reference herein;
WHEREAS, said Promissory Note contains a "due on sale"
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lclause and is subject to the provisions of California Civil Code
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{ §711.5;
WHEREAS, Gary Barber commenced bankruptcy proceedings on
August 18 , 1986, thereby making the Redding Hotel a part of the
bankruptcy estate, which estate has continued after Gary Barber ' s
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death on March 15, 1987, in case no. 286-04167-D-7 of the U.S.
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Bankruptcy Court for the Eastern District of California;
WHEREAS, the Trustee in said bankruptcy proceedings desires
to sell the Redding Hotel to DR. and MRS. ROWE for $505, 560. 00,
it
IIS subject to existing liens and encumbrances;
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WHEREAS, DR. and MRS. ROWE desire to purchase the Redding
Hotel from the bankruptcy Trustee, provided that the City of
Redding will agree to certain modifications in its Note and Deed
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of Trust as set forth below;
WHEREAS, the Purchasers intend to continue to make housing !
in the Redding Hotel available to low and moderate income
tenants, as well as elderly tenants;
NOW, THEREFORE, it is covenanted and agreed that:
1. Upon close of escrow of the purchase of the Redding
Hotel, Purchasers shall have cured the default and caused all
delinquencies, charges, and penalties owing to the CITY OF
REDDING under its Note and Deed of Trust to have been paid and
brought current.
2. Purchasers represent and warrant that (regardless of
i what may happen to any other lien on the subject property) upon
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close of escrow and transfer of title to Purchasers, the lien of
the Note and Deed of Trust to the City of Redding shall be
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intact, in full force and effect, and shall not have been removed
by the Trustee in bankruptcy as part of the sale to Purchasers.
3. The CITY OF REDDING consents to assumption of its Note
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NEI-2- r3UJK� S r
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,!I and Deed of Trust by Purchasers, with resumption of the regular
monthly payments of One Thousand Six Hundred Forty-four and
15/100 Dollars ($1 , 644. 15) on the Note.
4 . Ninety (90) days following close of escrow, the full
balance of the obligations under the Note and Deed of Trust shall
become due and payable. No extensions of this period shall be
granted except in writing signed by the City Manager of the City
of Redding. In no event shall the period extend beyond one i .
hundred fifty (150) days following close of escrow. If escrow I. )
does not close by August 1, 1987, the aforementioned ninety (90)
day period and any extensions thereof shall commence running as
of August 1 , 1987. If escrow does not close by August 10, 1987,
this Agreement shall be void and of no effect whatsoever.
5. Purchasers agree to obtain fire and liability insurance
for the Redding Hotel. Upon Purchasers obtaining fire insurance,
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the CITY OF REDDING agrees to pay over any refund on its premium
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of $4, 809. 61 after deduction of the short-rate cancellation
penalty. (Purchasers will have paid that $4, 809. 61 as part of L
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curing the default. )
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6. Purchasers agree to make all housing accommodations
available to lower income or moderate income tenants, or to
elderly tenants, for no less than four (4) years following close
of escrow. "Lower income" and "moderate income" are defined in
accordance with Section 3 (b). (2) of the U.S. Housing Act of 1937
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Urban Development. "Elderly" shall be defined as 60 years of age
or older.
EXECUTED at Redding, Shasta County, California, the day and
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year first written above.
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'IBERT M. CHRISTO' F'RSON,
City Manager / k
CtarAii �� _
GARY J. R• E
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MARY . OWE
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ATTEST:
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ETHEL A. NICHOLS, City Clerk . ,
FORM APPROVED: 1
leeee, e4, ze'/ li i ,
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ImALL A. HAYS, C O/Z-t-c.-orney
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IIG3I SAFECO .
TITLE INSURANCE
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:N STATE OF CALIFORNIA I
COUNTY OF Shasta ss.
On this the 15th 1
i o day of July 19 87 ,before me the undersigned,a
1 Notary Public in and for said County and State,personally appeared
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i Gary J. Rowe and Mary L. Rowe
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1.I.g. FOR NOTARY SEAL OR STAMP
,personally known
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to me oxpco4Ai4 >�Oi
l Xa7f rICOL1EIi £e to be the ,-- - - -- - - - - - - - - - - '
,P`? person S whose name S subscribed to the within instrument OFFICIAL SEAL
m andcknowled acknowledged �� BARBARA L. sURRETT
m g Yexecuted the same. �.:
4 M' I*�` NOTARY PUBLIC-CALIFORNIA
d / Principal Office in SHASTA County
cc a g 1_G�L,1ti
mCG�-� Com- "�i,�. My Commission Expires Sept.13, 1988
, i- Signature of Notary
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Attached to Agreement for Consent to
STATE OF CALIFORNIA ) Assumption and Modification of Note and Deed
of Trust dated July 15, 1987, between City
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COUNTY OF SHASTA ) of Redding and Gary J. & Mary L. Rowe.
it On this 5t_ h __ day of August , 19 87 , before me,
Arlene Logan Davis , a Notary Public, duly commissioned and sworn,
personally appeared ROBERT M. CHRISTOFFERSON
known to me to be the City Manager
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,4615�,( 4,/ of the CITY OF BEDDING, the municipal corporation
described herein, and who executed the within instrument, and
;I also known to me to be the person (s) who executed the within
instrument on behalf of the corporation therein named, and
I I acknowledged to me that such corporation executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
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II my official seal in the County of Shasta the day and year in this
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It certificate first above written.
.oi 4 OFFICIAL SEAL
ARLENE LOGAN DAVIS , j
Q Q Q;`4‘1./kNotary Public-California ..i. .0, ' SHASTA COUNTY Notary lic
, ` it,;,• My Comm. Exp. Apr.27,1990 BO ,JJU°
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• EXHIBIT "A" •
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' DO NOT DESTROY THIS ORIGINAL NOTE: When paid, said Original Note, together with the Deed of Trust
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securing same, must be surrendered to Trustee for cancellation and retention before reconveyance will be made.
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NOTE SECURED BY DEED OF TRUST
(INSTALLMENT—INTEREST INCLUDED) ,.
I 153, 80:.00 Bedding .:. California,. .Apri•l 5, 1982 -::....._.. I
In installments as herein stated,for value received, I promise to pay toC1-ty...of••Reddi ng
at any place designated by the holder of this Note •• ..- . ___ ___ der,;__:%
the sum of...On.e..k wndrOSS..F-i_fty___Three__.Thou.sand__and_.N.o/l-OQ *********************** DOLLARS, ''. '
with interest from Abri 1 5, 1982 �on unpaid principal at the i.
rate of Ten (10%) per cent per annum; principal and interest payable in installments of I''
One Thousand Six Hundred Forty Four and 151.100 ****************($1,5.4.4-..15.)***** Dollars, !'
or more on the Fifth (5th.) da of each dn•d.whr
11 Fifth (5th y y ------ month,beginning
I! on the . .. day of _ May,__19.82------------------------
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• and continuing until said principal and interest have been paid_ . I
Each payment shall be credite..1 first on interest then due and the remainder on principal; and interest shall there:----,-
upon cease upon the princih,al so credited. Should default be made in payment of any installment when due the whole sum ,
. • of principal and interest shall become immediately due at the option of the holder of this note. Principal and interest_ . I
payable in lawful money of the United States. If action be instituted on this note I promise to pay such sum as the
Court may fix as attorneys' fees. This note is secured by a Deed of Trust. Said Deed of Trust contains the following
d provision:
In the event the herein des��cr�ijed property or any part thereof, or any interest therein is sold, agreed to be sold, con-- .`
I, ,, veyed or alienated by truLtZ4 or by the operation of Law or otherwise, all obligations secured by this instrument, irre- . '
spectivo of the maturity dates expressed therein, at the option of the holder thereof and without demand or notice shall
,; immediately become due and payable.*** or by probate pr c/eedi ngs on U_1
tr.us , • ////) .----- -���.Ve -. .;
nary J. a ber
,WCSTCRN TITLE FORM NO.302-AC
IFi nance Dept. #8942 DO NOT DESTROY THIS NOTE
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'',...0".<- RECORDING REQUESTED RECDgDEO�It REQUEST
WES,TA,llti TI1%. INS CQ Exhibit "B" -
Western Title Insurance Company T ioO µNPT Cits.
Kw- RECORDS SHASTA LDUNTY,
AND WHEN RECORDED MAIL TO
[ity of Redding Housing Section APR 1 6 1982
HARE 760 Parkview Avenue
A°°"r" Redding, CA 96001
II STATE L
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25729
,. Title Order No. Escrow No. SPACE :t E THIS LINE FOR RECORDER'S USE
,1 Finance Dept. #8942
eeb of c'1rtt5t anb 5ignment of Aentg
II WESTERN TITLE FORM NO. 222
�Gtji5 teb of�Cru5t,Made this 5th day of_ April 19 182
LL1ettneen GARY J. BARBER, a single man
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herein called TRUSTOR,
whose address is 1748 Market Street, Redding, California 96001
WESTERN TITLE INSURANCE COMPANY,a corporation,herein called Trustee,and
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CITY OF REDDING
,herein called BENEFICIARY,
Mitneggetb: That Trustor irrevocably GRANTS, TRANSFERS AND ASSIGNS TO TRUSTEE IN TRUST,!WITH
I POWER OF SALE, that real property in the City of Redding
V County of Shasta ,State of California,described as: I
I Lot 4, 5, and 6 in Block 38, as shown on the map of Town of Redding, recorded in theL
office of the County Recorder September 25, 1872 in Book of Old Plats at Page 65,
Shasta County Records./
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• TOGETHER WITH the rents,issues and profits thereof,SUBJECT,HOWEVER,to the right,power and authority given to and conferred upon
�s Beneficiary by Paragraph (10) of the provisions incorporated herein by reference to collect and apply such rents,issues and profits,'for the
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purpose of securing payment of the indebtedness evidenced by a promissory note,of even date herewith,executed by Trustor in the'sumlof
$ 1�i3.000.00 ,any additional sums and interest thereon hereafter loaned by Beneficiary to the then record owner of said property
which loans are evidenced by a promissory note or notes,containing a recitation that this Deed of Trust secures Use payment thereof,any law-
! ful charge made-by Beneficiary for a statement regarding the obligations secured hereby requested by or for Trustor,and the performancelof
i each agreement herein contained. By the execution and delivery of this Deed of Trust and the note secured hereby,the provisions(1)to,(14),
i - inclusive, of the fictitious deed of trust recorded in Santa Barbara County and Sonoma County October 18,1961,and in all other counties
I' October 23, 1961,in the book and at the page of Official Records in the office of the county recorder of the county where said property is
'I located,noted below opposite the name of such county,viz.:
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II COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK- PAGE COUNTY BOOK •PAGE
Alameda 435 684 Kings 792 833 Placer 895 301 Sierra 29 { 335
Alpine 1 250 Lake 362 39 Plumes 151 5 Siskiyou 468 181
IIAmador 104 348 Lassen 171 471 Riverside 3005 523 Solano 1105 182
iI Butte 1145 1 Los Angeles 12055 899 Sacramento 4331 62 Sonoma 1851 689
'I Calaveras 145 152 Madera 810 170 San Benito 271 383 Stanislaus 1715 .•456
iI Colusa 296 617 Marin 1508 339 San Bernardino 5567 61 Sutter 572 1;297
-! Contra Costa 3978 47 Mariposa 77 292 San Francisco A332 905 Tehama 401 I. 289
111
Del Norte78 414 Mendocino579 530 San Joaquin2470 311Trinity93 366
, EI Dorado 568 456 Merced1547 538 San Luis Obispo 115112Tulare2294 1 275
i Fresno 4626 572 Modoc 184 851 San Mateo 4078 420 Tuolumne 135 47
j - Glenn 422 184 Mono 52 429 Santa Barbara 1878 860 Ventura 2062 1 386
Humboldt 657 527 Monterey 2194 538 Santa Clara 5336 341 Yolo 653 i 245
Imperial 1091 501 Napa 639 86 Santa Cruz 1431 494 Yuba 334 I 486
:. Kern a —Series Book .
Inyo 147 598 Nevada 305 320 Shasta 684 528
Kern 3427 60 Orange 5889 611 San Diego S 'es 2 1961,Page 183887 1 -
(which provisions,identical in all counties,are printed on the reverse hereof)hereby are adopted and incorporated herein and made a partliere,-
of as fully as though set forth herein at length;that he will observe and perform said provisions;and that the references to property,obligations,
and parties in said provisions shall be construed to refer to the property,obligations,and parties set forth in this Deed of Trust.
! - [n�he event the herein described property or any part thereof,or any interest therein is sold,agreed to be sold,conveyed or alienated
or orthe operation Y by einrstt
by on of Law or otherwise,v'
Pe Ise,all obligations secured by this instrument,irrespective of
the
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t dates
expressed
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ere
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a[the option of the holder thereof and without demandornotices allImm immediately due andPaYable. iaor r
_probateproceedi Trustor reu sis thata copyofan Notice ofDefault and acoPYof anyNotice o[Saleh hereundernderbem�' d t8fni t�d�of ss givenherernI
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Gary J. Bar el'
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STATE OF CALIFORNIA -
1 FOR NOTARY SEAL OR STAMP ti
County of
Shasta }ss. _ I
On Apri 1 582 before me,the undersigned,a Notary Public, •
in and for said State,personally appeared Gary J. Barber •----
��,_.___ _ _✓.
OFF I CIAL SEAL •
,„.,.%L? ALICE HASTINGS
Il known to me to be the person_whose name_ 1 S subscribed to the within .-✓ .1
1 %,„:,...-,= NOTARY PUBLIC-CALIFORNIA
instrument,and acknowledged to met at_he_executed the same. 'I `et PRINCIPAL OFFICE IN t
111J SHASTA COUNTY I
-- ././ (!/`/P, L bi <�A� • ►M Ca.n ss on ExD+ro Oct 5, 1982 ;
Notary Public .l.}
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26542 �r�r,T22F,, r `��.I —� -yl
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