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HomeMy WebLinkAboutReso RDA 6-1996 RESOLUTION NO. 6-96 REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO STATE OF CALIFORNIA A RESOLUTION APPROVING AN AMENDMENT TO THE DEED OF TRUST AND PROMISSORY NOTE BETWEEN THE REDEVELOPMENT AGENCY AND KATHLEEN AND ROBERT GIORGI RELATED TO 211 LINDEN AVENUE TO INCREASE THE AMOUNT OF THE PROMISSORY NOTE TO $155,000. RECITALS WHEREAS, the South San Francisco Redevelopment Agency loaned Robert and Kathleen Giorgi $85,000 for unreinforced masonry building improvements and whereas said loan was reflected in a promissory note and secured by a deed of trust in favor of the Redevelopment Agency. WHEREAS, the South San Francisco Redevelopment Agency approved an Owner Participation Agreement between the Agency and Kathleen and Robert Giorgi which provided a $70,000 loan to Robert and Kathleen Giorgi Seventy Thousand Dollars for use for interior remodeling of 211 Linden Avenue, South San Francisco, California; WHEREAS, the Redevelopment Agency and Robert and Kathleen Giorgi desire to amend the preexisting promissory note and deed of trust to reflect the full amount owed of $155,000. NOW THEREFORE, the Redevelopment Agency of South San Francisco does hereby resolve as follows: The Redevelopment Agency hereby approves the Amended Promissory Note in the amount of $155,000 and Deed of Trust between Robert and Kathleen Giorgi and the Redevelopment Agency of South San Francisco. A copy of the amended Deed of Trust and Promissory Note are attached hereto as Exhibit A. The Redevelopment Agency further authorizes the City Clerk to record the Modification to the Deed of Trust. I hereby certify that the foregoing Resolution was regularly introduced and adopted by the Redevelopment Agency of the City of South San Francisco at a re gu l ar meeting held on the 12th day of dune , 1996 by the following yvote: AYES: Boardmembers doseph A. Fernekes, Eugene R. Mullin, dohn R. Penna, Robert Yee and Chairman Jack Drago NOES: None ABSTAIN: None ABSENT: None Redevelopment Agency of the City of South San Francisco A:\DOTAMI) 1.53 EXHIBIT A TO RESOLUTION NO CHANGE IN TERMS AGREEMENT ,,, ;: ,..o. ............. ""1 I ' ...... .............. ' ................................ ..... .......... ............... ...................... ':'....~el.~,~ '..1.'. ..... :?.~.:~::.~ 01~1~11. .. ~,:,~' .'~5' ,~~;~' ~'~'~,~,'~,,' .'J~" '~.':,.' '. Rm In I~ s~ ~ am ~ ~n~a ~ o~ I~ do ~ I~ ~ ~p~b~ M ~ d~u~t to any pa~r IMn ~ t~m. 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I ~ pay a ~ to ~n~ of $1[~ ~ I ~e a p~nt on ~ IMn ~ ~ c~ ~ pm~ c~e ~ wh~h I ~y ~~ I ~m ~ m~ · m~ by ~ ~ M T~ ~ May 7, 1~, ~ ~ on ~ p~ ~ in ~ ~, ~ M ~ ~t agm~ ~ ~ ~ d~ on m pr~n: ~m my, ~ ~ ~on, ~ im~ d~ ~ ~ ~un~ ~ i~u~ wm~ by ou~ m, ~, i~ m ~ ~ ~ ~n~ ~ ~, mh~ h ~ ~ ~ ~n ~ ~) ~ m~ ~ 3 by m, ~n~ 3 ~ M ~ ~ in~ in ~ ~ ~ ~ ~t h~ ~ ~ ~ ~ ~. ~ by ~ ot~ ~ M ~m~ M ~ ~ In~ If ~ ~3 ~ ~ m~, ~ ~ a~ I~ m~, ~ m i~ ~ ~ in ~m M m ~ mn~ ~ (~%) M ~ ~ ~, mW im~ U~ ~ ~IT. ~ ~mt m~ ~ s~M a~ M ~ O~ ~ t~ ~ouM M ~W ~ m aM~ I ~ ~ ~ to ~ m m~. I ~ ~ ~ I~i ~ d sum ~ (~) i~ in ~ ~ ~ i~ M ~ ~ ~n ~ ~) ~~ ~ by ~n~s i~ m~, i~udl~ ~ comp~ p~nt~. ~1;07-1996 CHANGE IN TERMS AGREEMENT Page Lo~n No 800001 (Continued) evidenced Q~ securing the obligllton($), mmlln unchlnged Ind In full fon:t Ind effect, Consent by lender to thil Agreement doel not wlive lencli'$ right 1o st~cl performance of the (X)Bgitton($) is chlnged, nor (X)flgile lender to mike Iny future chlnge In lerms. Nothing In this AGtement MI ~ · s~isfnctton of the oblignllon(s). It is the Intenlion of Lender to in ~~Y~~~ If ~ ~ w~ ~ ~ ~ ~ d~ ~ ~n ~ ~nt ~, ~ ~ ~ MI~ ~ ~ ~0V1510#$. ~n~ ~y ~y ~ ~o e~ng ~y of p~~ ~d ~ ~ p~ lnd no~ of d~hon~. U~n .ny ~ in ~ ~ ~ who ~ ~ ~nl, w~ is ~, g~n~, ~_~_m~n ~ ~ ~ agree ~t ~n~ m~y renew o~ ~d (~ .nd ~ ~ny ~h of ~me) ~ ~n, o~ ~ ~ ~ o~ gu~m~o~ o~ ~; ~ i~, ~ ~ ~ ~on ~ ~ ~n~$ ~ in~t In ~ ~i, ~ ~ of ~ no~ Io .n~ o~ ~n ~ ~ ~ w~m ~ m~§on ~ ~ ~ ~t ~ w~ ~, "~", and "m~ ~n ~h ~d ~ of x ~ x _~_ _ (,//'LASEI~ I=flO, Reg, U.S. Pit. & T.M. Off., Vet. 3.21 (c:) 1 ecs CFI Pro.SetvlCtl, lnG. Allrlghte reletvecl. [CA-O~)0 800001,LN R3.0VL] F:lxecl PlAte. LInG of Cr$c~lt. EXHIBIT "E" PAYMENT, Borrower will pay this loan in regular monthly payments of accrued unpaid interest beginning February 1, 1996, and subsequent interest payments are due on the same day of each month after that through October 1, 1996. Interest on this Note dudng this period shall be computed on a 365~360 simple interest basis; this is, by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. Then commencing November 1, 1996, Borrower will pay this loan in regular monthly payments of $1,194.60. The first payment is due November 1, 1996, and all subsequent payments are due on the same day of each month after that. The final payment due January 1,2011, will be for all principal and all accrued interest not yet paid. Payments include principal and interest. Interest on this Note dudng this pedod shall be computed on a 301360 simple interest basis; this is, with the exception of odd days in the first payment pedod, monthly interest is calculated by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by a month of 30 days. Interest for the odd days is calculated on the basis of the actual days to the next full month and a 360-day year. Borrower will pay all payments to Lender CIO Liberty Bank 500 Linden Avenue, South San Francisco, Ca. 94080, or at such other place as Lender may designate in writing. Unless agreed or required by applicable law, payments will be applied to any unpaid collection costs and any late charges, then to any unpaid interest, and any remaining amount to principal. LATE CHARGE. If a payment is 15 days or more late, Borrower will be charged 6.000% of the regularly shecduled payment. RECORDATION REQUESTED BY: C~y Of South ~en Frencl~co RldevllOl~,~lnt 44]0 Grancl Avenue P. O. BOX 711 - - WHEN RECORDED MAIL TO: City Of ~tlt ~n Frm~is¢o Redevelopment Agency 400 ~ Avenue P. O. Boz711 SOuth ~1 Francts~o, CA SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY MODIFICATION OF DEED OF TRUST __ Giorgi . THIS MODIFICATION OF O~ OF TRUST IS DATED MAY 7, 1996, BETWEEN Hooert ~.ano Kathleen Glorgi, hie wife, al Joint Tenants, II to Plll~l I and II; Robert Glorgi and Kathleen Gtorgl, hu~)ancl encl wife, al Joint Tenants, al to Parcel III (referrecl to below al "Truetor"), whose address 18 1015 Draice Court, San Catlue, CA 94070; and City of South San PrarKdsco Reclevelopment Agency (referred to ~ al "Lend~"), whGse eddrall il 44)Q Grand Avenue, P. O. Box 711, South San Prenci~co, CA DEED OF TRUST. Trustor and Lender have entered Into a Deed of Trust dated December 12, 1995 (the "Deed of Trust') recorded in San Mateo County, St~te of California as follows: Recorclecl In the Ofllctai Recorcl~ of Sen Maten County on January 2~, l~g~ al Instrument No. REAL PROPERTY DESCRIPTION. ~ Deed of Trust covers the foilov~ng described real properly (the "Rea] Prol3er~ recorded In San Mateo -C=unty, State of Callfomm: See Exltibit "B" altached hereto end made a ~ hereof. ..3 ~ Pro~ or its address is commonly known as 211 Linden Avenue, South San Franci~co, CA 94080. The Assessors Parcel Number for the Real Pro~ is 012-331-140. MODIFICATION. Trustor and Lender hereby modify the Deed of Trust as follows: The dollar amount of the Deed of Tnml I, hereby Increaae;I from $66,000.00 to $166,000. Thl~ Dencl of Tnmt, Including the Aallgnment of Rentl ancl the alcurity Interest In the rentl ancl per~)nai IXOl~, Ii ~ g~ven to secure any and all obllgattonl of trustor under ~ certain ~ Loen Agreement between In. for and lender datocl December 12, 1~ anti of that certain owner ~ ~ by Leod~r to th~ Modil~$on do~ nof w~iv~ Lend~'$ ~h~ to reduim ~t ;~on~n~ of the ~ of ?m~t as ~n~:l ~bo~ nor o~li~t~ I.~ ~o m~® ~n¥ ~tum modi~0~. Nothln~ in th~ Mo~f~on shell con$~itut~ ~ .~[~qton of the ~romi~,oq~ ~ ~ ~ur~l by th~ D~l of ?m~! 0h~ 'NO~'). I! is the i~ ot I.~n~' to r~in ~ Ii.ts ~11 p~l~ to the ~ of ?r~ ~nd ~il I~di~, ~ ~nd endo~ to the No~, i~ludln~ ~commod~flon ~t1~, u~ · ~ is ~pr~/~ by Lem:l~' or ~lo~r, i~udin~ acoommo~ton ~'~, ~ n~t I~ ~ by ~r~ o~ th~ Modil~a~tlon. I! ~ I~on ~ho ~ned the ?m~ do~ not ~t~n tlais Modi~on, th~n ~ll I:}~on~ ~nin~ I~tow ~now~:l~ thet t~is Modi~lon is ~at~n com~Ition~lly, ~ on the r~~n to Lender thet the non-s~ning person consents to the chm~ges ~nd prov~ons of thts Modiflc~0on or other, vise will not be released by it. This w~iv~ ~opllas not only to any init~l extension or mootflcation but ~ to ~11 such subsequent ~"~ons. EACH TRUSTOR ACKNOWLEDGES HAVING READ AU. THE PROVISIONS OF THIS MODIFICATION OF DEED OF TRUST, AND EACH TRUSTOR AGREES TO ITS TERMS. x ' x ~. 06-07-1996 MODIFICATION OF DEED OF TRUST P.ge Loan No 800001 (Continued) CERTIFICATE OF ACKNOWLEDGMENT Kathleen Giorgi, pe~onally known to me (or ~ to me on the ~ of sa~factcx~/evidence) to be the person(s) whose n~me($) W;u'e subscribed to the within instrument ~nd ~cknowtedged to me tt~t he/she/they.x~c~ the s~me in his/her/tlt~ authodz~l capacity(les), ~nd tl~t by his/her/their sign~tum(s) on the ins~ment the per~on(s), ~x the entity upon beh~f of which the per~4n(s) .cted, exscut~ the inst~ument. WITNES~ my hand a~l official sed. My Corem, Explm~ JUN CERTIFICATE OF ACKNOWLEDGMENT I ~)~ AlII:NE C)ODC)~ wrmEsS my han~ and ofard~ sm. \~._.~'2_~/! ~ ~1o couaw · ~ I~ Comm. ~m~ ~ R ~0, RI~ U.~ ~L l T.M. Off., V~. ~11 ~) 1 ~ CFI ~O~ee~ I~. All rights res~e~ [CA~ e~Ol.kN R~O~I OONS UCTION DEED ~S D~D OF ~T ~ DASD DECEMB~ 1~ 1996, ~ Ro~ G~rgi and K~l~n G~ h~ba~ ~m~"); C~ ef ~ ~an g~ncle~ Re~velo~ A~nw, ~o~ addr~ ~ ~ Grand Ave~e, P. O. ~x 711, ~u~ San Fran¢ls~, CA 9~ (m~ ~ ~ow ~e~s as "~n~, a~ so~ ~ M~Y-20-1996 08:53 FROM TO 15103514481 ? MAY-20-1996 08:55 FROM TO 15103514~81 P. .~2-~1~ DEED OF TRUST MAY-20-1996 08:59 FROM TO 15103514481 P.05 92-12--1995 DEED OF TRUST page $. Loan No 800001 (Cont/nued) ~ ..' Unless p,-oNt:~<l by law or t~eecl lo tM C=CMM:~y by Lend~ in ~ Truslor sh~ mlmbur-.,e Lender f~ ti cos~ and e, Xl~n~s i~urre~ in MAY-20-1996 08:58 FROM TO 1510~514481 P.OG · 12..12.-'[gg~ DEED OF TRUST Page:S '" Loan No 800001 (Continued) lfldeb~ by a st.~tlt~d~l t/m~rt Employment byLend~ shd no~4:~,d::lua~/I I:mS~ ~'~rl sen~g Ten~m't~ d ~,, ~ ..luY.~ If Tru~a' mmNnl In ~ ~ U'~ P~ &41~' h Prc~m~ Is K~I a Dravkk~ II~g ~r Lg~ldgr b T~ :,.,. ~~~~do~~~~. . MAY-20-1996 08:59 FROM TO 1510J514~81 P.O?