HomeMy WebLinkAboutReso 14-17 Lease Site 144-144W Deed of TrustRESOLUTION NU. 14-17
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF IVIORRQ BAY, CALIFORNIA
CONSENTING TO THE ENCUMBRANCE, WITH A DEED OF TRUST, OF THE LEASE
AGREEMENT BETWEEN THE CITY OF MORRO BAY AND
MORRO BAY OYSTER COMPANY, LLC, FOR LEASE SITE 1441144W LOCATED AT
1287 EMBARCADERO ROAD, MORRO BAY.
THE CITY COUNCIL
City of Morro Bay, California
WHEREAS, the City of Morro Bay ("City"} is the lessor of property known as
Lease Site 144/144W located at 1287 Embarcadero (the "Lease Site"); and
WHEREAS, Morro Bay Oyster Gompany, LLC ("MBOC")
is the current lessee of
the Lease Site, pursuant tQ that certain lease between City and MBOC (the "Lease");
and
WHEREAS, MBOC is financing a small loan for its continued operating expenses
")• and
the
ancing
WHEREAS, MBOC's
lender, Cihan Corporation, is requesting approval of a
subordinate deed of trust to secure the Financing using the Lease as security; and
trust.
Bay,
again
WHEREAS, the City Attorney has reviewed and approved the attached deed
necessary, a deed of trust, substantially similar to Exhibit A, and any other document
thereto
necessary .
of
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro
California, the Deed of Trust, attached hereto as Exhibit A and to be recorded
st the Lease, is hereby approved and the Mayor is hereby directed to execute, as
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a
regular meeting thereof held on the 28th day of March, 2017, on the following vote:
AYES: frons, Davis, Headding, Makowetski, McPherson
NOES: None
ABSENT:
ATTEST:
None
ana Swanson, City Clerk
O 11 S 1.0024/3 59751.1
Jamil L. Irons, Mayor
1 • J , l�
American ' Company
kND WHEN
RECORDED
. 1:
!/ Corporation
0 Box • 0
Morro Bay A, 93443
Nhose address is 1287 Embarcadero, Morro Bayjr CA 93442
FRUSTEE.: First American Title Company, a California Corporation
B
• I'ENEFICIARY:Ci
S / s •ICalifornia Corporation
inder the Lease described below (the ""Lease" of the following described real property, (the "Real Property'rD
aa
ocated in SanObispo i'unty, State of r i r
Tow
,:)ursuant to the Lease ("Future Leases' and all Rents from the Proper d Ly generated by the Lease or any Future
Lease,, This is an absolute assignment of Rents generated by the Lease or any Future Lease made in connection
Nith an obligati secured uy real property pursuant to California Civil Code Section 2938
0
To keep said property in good condition and repair, not to remove or clemolisn any i aing
thereon to complete or restore promptly and in good and workmanlike manner any building
which may be constructed, damaged or destroyed thereon and to pay when due all claims for
labor performed and materials furnished therefore, to comply with all laws affecting said property
or requiring any alterations or improvements to be made thereon, not to commit or permit waste
thereof; not to commi suffer or permit any act upon said p perty n violation of law to
cultivate, irrigate, fertilize, fumigate, prune and do all other acts which from the character or use
of said property may be reasonably necessary, the specific enumerations herein not excluding the
payable to Beneficiary,, The amount collected under any fire or other insurance policy may be
applied by Beneficiary upon indebtedness secured hereby and in such order as Beneficiary may
determine, or at option of Beneficiary the entire amount so collected or any part thereof may be
released to Trustor, Such application or release shall not cure or waive any default or notice of
default hereunder or invalidate any act done pursuant to such notice.,
r rights or powers of Beneficiary or Trustees and to pay all costs and expenses, inc I luding cost of
evidence of title and attorney's fees in a reasonable sum, in any such action or proceeding in
I which Beneficiary or Trustee may appear, and in any suit brought by Beneficiary to foreclose this
ee
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ithout releasing Trustor from any obligation hereof, may,, make or do the same in such manner
nd to such extent as either may deem necessary to protect the security hereof, Beneficiary or
rustee being authorized to enter upon said property for such purposes; appear in and defend
,ny action purporting to affect the security hereof or the rights or powers of Beneficiary or
rustees pay, purchase, contest or compromise any encumbrance, charge or lien which in the
idgment of either appears to be prior or superior hereto; and, in exercising any such powers,
IF ay necessary expenses, employ counsel and pay his reasonable fees,11
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
07
by law at the time when said statement is demanded.
W=
Any award in c
such moneys recei I by hin 11 oil I %on... same mann r and with the same eftect as a ove provi e
for disposition of proceeds of or other
. } accepting payment oany f s secure hereby after its due date, Beneficiary does not waive
his right either tt� require payment �rhen due ®f all ether su s secured er t� declare default
for failure so to pay®
01181.0024/241211.2 (Continued on Page 3)
1193(1/94)
Page 2 Of 6
At any time or from t me to t me, without iability therefore and witi out notice, upon written
request of Beneficiary and presentation of this Deed and said note for endorsement, and without
affecting the personal liability of any person for payment of the indebtedness secured hereby,
Trustee mays, reconvey any•, of • property; c• • of any map or • #
thereof; join in granting any easements thereon, or join in any extension agreement or any
agreement subordinating w or f i'a hereof.
upon surrender of this Deed and said note to Trustee for cancellation and retention or other
dispos*tlon as Trustee in I I ion may choose and upon payment of its fees, 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. Th
n I "the person or persons legally entitled
Grantee in such reconveyance may be described as
thereto".
authority, during the continuance of these Trusts, to collect the rents, issues and profits of said
property, reserving unto Trustor the right; prior to any default by Trustor in payment of any
indebtedness secured aw or performance of any agreement a ww collect • i,
retain such rents, issues and profits as they become due and payable, Upon any such default,
Beneficiary may at any time without noticef either in personf by agent, or by a receiver to be
appointed by a court, and without regard to the adequacy of any security for the indebtedness
hereby secured,, enter upon and take possession of said property or any part thereof, in his own
name sue for or otherwise collect such rents, issues, and profits, including those past due and
unpaid, and apply the same, less costs and expenses of operation and collection, including
reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as
Beneficiary may determine. The entering upon and taking possession of said property, the
collecting of such rents, issues and profits and the application thereof as aforesaid, shall not curc
or waive any default or notice of default hereunder or invalidate any act done pursuant to such
• -,
payable by delivery to Trustee of 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 shall
cause to be filed for record. Beneficiary also shall deposit with Trustee this Deed, said note and
a law
all documents evidencing expenaitures secured hereby.
emand on Trustor, shall sell said property at the time and place fixed by it in said notice of sale,
ither as a whole or in separate parcels, and in such order as It may determine, at public auction
the highest bidder for case in lawful money of the United States, payable at time of sale.
rustee may postpone sale of all or any portion of said property by public announcement at such
ime and place of sale, and from time to time thereafter may postpone such sale by public
nnouncement at the time fixed by the preceding postponement, Trustee shall deliver to such
its deed conveying the property so sold, but without any covenant or warranty,
press or implied. The recitals in such deed of any matters or facts shall be conclusive proof of
he truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary as hereinafter
!efined, may purchase at such sale.
fter deducting all costs, fees and expenses of trustee and of this Trust, including costs of
llowed by law in effect at the date hereof all other sums then secured herebya and the
mainderany, to the person or persons
legallyentitled ♦ i..
7) Beneticiary, or any successor in ownersnip or any inaeofeaness itcurea ere jr, Maly rom
i ,y instrument in writing, substitute a successor or t anyTrustee
named
herein or acting hereunder, which instrument, executed by the iary and duly
acknowledged and recorded in the office of the recorder of the county or counties where said
property I# shall be conclusive proof of proper i' i of such successore or
estate,Trustees, who shall, without conveyance from the Trustee predecessor, succeed to all Its title,
powers and d " Said a contain a name of the original i
Trustee and Beneficiary hereunder, the book and page where this Deed is recorded and the
• • # address of •new Trustee.
devisees,
a a Beneficiary
owner and holder, including pledgees, of the note secured hereby, whether or not named as
Beneficiary s r Deed,
aa,d a s ',w r context
a o requires
iw, a r • gender
includes the feminine and/or neuter, and the singular number includes the plural.
record as provided • !w,, Trustee is notobligated to notify any party
hereto
w i pending ••'
under any other Deed of Trust or of any action or proceeding in which Trustor, Beneficiary or
address as #. rtt
nority over this Deed of Trus be sent to Beneticiary's address, as set tortri on page one
�,.a! of as provided by Section 9 ''# of I t` • Civil Code.
i 1 t ., i I� * a r#! i 1- i r i •' `# t 1 ,. a • i`
a
xcept as prohibited # # to declare any indebtednessor obligations sa w •..hereby,irrespectiveof
maturity
notaryI Is
1` other officer
P %ompleting this certificate verifies only
the identity of the individual who signed
the document to wh*ch this certificate is
attached, and not the truthfulness,,
accuracy, or validity of that document.
:)ublic, personally appeared
who proved to me on the basis of satisfactory evidence
De the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that
ie/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) o
.he instrument - person(s),or the entity uponbehalf is which the person(s)acted, executed - instrument.
a and correct.
REQUEST FOR FULL RECOPNIVEYANCE
To be used only a rota has been paid.
i • ra I No• • r• •
)een fully paid and satisfied; and you are hereby requested and directed,, on payment to you of any sums owing to you under the terms of said Deel,
)f Trust,, to cancel all evidencesof indebtedness,'i by said D''i of delivered to youori' , # Deed of •
seconvey,, without warranty,, to the parties designated by the terms of said Deed of Trust,, the estate now held by you under the same.
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