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1995-100844PREPARED BY AND AFTER RECORDING MAIL TO: OFCORDING REQUESTED BY ORANGE COAST TITLE COMPANY SIERRA WESTERN MORTGAGE COMPANY P.O. BOX 1900 NORTHRIDGE, CA 91328 Lill.+ tt 1 J / 5 -01 0OB44 0 —MAR -1995 08 :00 AM OFFICIAL RECORDS �AH DIEGO COUHTY RECORDER'S, OFFICE GREGORY SMITH, COUNTY RECOPOER E R17: 11.00 FEES: 25,04 AF: 13, 00 MF: L n0 SPACE ABOVE THIS LINE FOR RECORDER'S USE COUNTY CODE: 037 Deed of Trust OFFICE NUMBER: 93 (ADJUSTABLE INTEREST RATE) Loan No.: 1-674836-2 Loan Amount: $249,000.00 THIS DEED OF TRUST, made this 1st day of March, 1995 between ARTURO RODRIGUEZ, AN UNMARRIED MAN , herein called "Trustor" whose address is 132 DAPHNE STREET, ENCINITAS, CA 92024 CALIFORNIA RECONVEYANCE COMPANY, A California corporation, herein called "Trustee ", and GREAT WESTERN BANK, A FEDERAL SAVINGS BANK DOING BUSINESS AS SIERRA WESTERN MORTGAGE COMPANY herein called "Beneficiary ". WITNESSETH: That Trustor irrevocably grants, transfers, and assigns to Trustee in trust, with power of sale, that real property, property rights and interest in SAN DIEGO County, California, described as: AS PER LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF KNOWN AS SCHEDULE 'A'. Assessor's ID/Parcel No.: Which has the address of 132 DAPHNE STREET ENCINITAS California 92024 ( "Property Address ") INCLUDING all buildings, structures, improvements, appliances, equipment and appurtenances now or hereafter constructed or placed thereon, including, but riot limited to, all apparatus and equipment, whether affixed to the land or building thereon or not affixed thereto, whether single units or centrally controlled, used to provide or supply air - cooling, air - conditioning, heat, gas, water, light and power, refrigeration, ventilation, laundry, clothes drying, dishwashing, garbage disposal or other services, waste vent systems, antennas, pool equipment, window coverings, drapes and drapery rods, carpeting and floor coverings, awnings, ranges and ovens, water heaters, attached cabinets, pumps, pipes, tanks, fire prevention, fire extinguishing and communications apparatus, elevators, escalators, and partitions, and all of the above items are declared to be and are deemed to be things affixed - -- to and a part of the realty for the purposes of this Deed of Trust. - - -- TOGETHER WITH all interest which Trustor now has or may hereafter acquire in or to said property and in and to: (a) All rents, issues, profits, royalties, tolls, earnings and incomes therefrom and installments of money payable pursuant to any agreement for sale of said property or any part thereof, subject however to the right, power and authority given to and conferred upon Beneficiary by Paragraph 15 below, reservinn to Trustnr the rinht to collect ;yhe, ^. d ,,e ";;d reiaiil any of said surns prior to any event of default hereunder; (bl All easernents, rights of way and other appurtenances thereto; (c) All shrubs, trees and plants; (d) All adjacent lands included in enclosure or occupied by buildings located partly on the above described property; (e) All crops growing or to be grown on said property; (f) All water and water rights (whether or not appurtenant) and shares of stock pertaining to water or water rights, ownership of which affects said property; (g) All claims, demands or causes of action of any kind, including proceeds of settlement of any such claim, demand or cause of action of any kind, which Trustor now has or may hereafter acquire, arising out of .acquisition or ownership of the property, subject however to the right, power and authority given to and conferred upon Beneficiary by Paragraph 5 below. Trustee shall have no duty to prosecute any such claim, demand or cause of action. DEED OF TRUST - PAGE 1 CA012Fi06 (1161114) 01RTRI8UT10M Oriamal-Recording Copy. Cople-File, Copy-Rnnownr n. Ntw 9 .y 0 mn M 0 r M 0 cn �33 M IO 0< l;. t . a Z j� aM 10 m 0 m�71 C '1 (7 0 C n i M i r J Ail �r 1645 1 For the purposes of this instrument, including all provisions incorporated by reference herein, all of the foregoing described Ireal . property, property rights and interest shall be referred to as "the property ". THIS DEED OF TRUST SECURES AN ADJUSTABLE RATE NOTE - SEE PARAGRAPH 23 THIS DEED OF TRUST IS FOR THE PURPOSE OF SECURING THE FOLLOWING: A. Payment of the loan amount above, with interest thereon, according to the terms of a Promissory Note or Notes (herein sometimes referred to as "the note ") of even date herewith, made by Trustur, payable to Beneficiary or order, and any and all modifications and extensions or renewals thereof (see Paragraph 23); B. Payment of such additional sums, with interest thereon, as may be hereafter borrowed from Beneficiary by the then record owner or owners of the property which are hereby secured and all extensions, modifications and renewals of such additional borrowings; C. Payment, performance and discharge of every obligation, covenant and agreement of Trustor whether contained or incorporated by reference in this Deed of Trust, or contained in any instrument now or hereafter executed by Trustor in connection with the loan evidenced by the note, including but not limited to any assignment, construction loan agreement, pledge agreement, security agreement, supplemental agreement, assignment of Lessor's interest in leases, modification agreement or assumption agreement; D. Payment of all sums of money with interest which may be paid out or advanced by, or may otherwise be due to Trustee or Beneficiary under any provision of this Deed of Trust; E. At Beneficiary's option, payment with interest thereon of any other present or future indebtedness or obligation of Trustor (or of any successor in interest to Trustor to the property) to Beneficiary, whether created directly or acquired by assignment, whether absolute or contingent, whether due or not, whether otherwise secured or not, or whether existing at the time of this Deed of Trust or arising thereafter. Exercise of such option shall be evidenced by a notice in writing to Trustor or any successor in interest to Trustor. To Protect the Security of This Deed of Trust, Trustor Agrees: 1. PRESERVATION OF THE PROPERTY. Trustor (a) shall keep the property in good condition and repair, (b) shall not remove, dernolish or substantially alter any building, structure or improvement thereon, (c) shall complete or restore promptly and in good workmanlike manner any building which may be constructed, damaged or destroved thereon and will pay when due all claims for labor performed and material furnished therefor, (d) shall comply with the provisions of all insurance policies covering and with all laws and regulations affecting the property or requiring any alterations, repairs or improvements thereon, (e) shall not commit or suffer any waste thereon, (f) shall not commit or suffer any act upon the property in violation of any provision of any insurance policy or law or regulation, (g) shall paint, decorate, cultivate, irrigate, fertilize, furnigate and prune the property, and (h) consistent with the use thereof, do all other acts which the character or use of the property may reasonably require. 2. INSURANCE. Trustor shall, at Trustor's expense, provide and maintain in force at all times with respect to the property, fire, flood and other types of insurance as may be required by Beneficiary. All of such insurance policies shall have a loss payable endorsement in favor of Beneficiary and shall be for a term and in form, content, amount, and with such insurance companies, as may be satisfactory to Beneficiary. Such policies shall be delivered to Beneficiary whether upon the making of this Deed of Trust or at a subsequent time during the term of the note. Trustor shall also deliver at such times evidence that the full premium for any such policy has been paid. Beneficiary at its option may retain possession of the original policy or it may release it to the possession of the Trustor. If the Beneficiary retains possession of such policies, at least thirty (30) days before the expiration of any such insurance policy, a policy or policies renewing, extending or replacing such expiring insurance shall be delivered by Trustor to Beneficiary. If any such insurance policy is not so delivered to Beneficiary or in the event any such insurance policy is cancelled, whether the Beneficiary has in its possession the pulrcies or not, anc no reinstatement or replacement policy is received prior to termination of insurance Beneficiary, without notice to or demand upon Trustor, may (but shall not be obligated to) obtain such insurance with such company as Beneficiary may deem satisfactory, and pay the premium therefor, and the amount of any premium so paid shall be charged to and promptly paid by Trustor or at the option of Beneficiary, may be added to the indebtedness secured herehy. In the event Beneficiary obtains any such insurance policy, Trustor, for his own benefit and for the protection of this equity interest in the property, hereby requests and authorizes Beneficiary, but without liability on the part of Beneficiary for failure so to do, to obtain such policy for such term and in such form, content and amount and with such insurance comnanies as may he satisfartnry to Reneficiarv, Should any policy thus obtained by Beneficiary thereafter be cancelled, Trustor shall pay to Beneficiary any earned premiums on said policy and a reasonable charge for its services in obtaining such policy. Neither Trustee nor Beneficiary shall be responsible for the collection of any insurance monies, or for any insolvency of any insurer or insurance underwriter. The right to any unearned premiums under said insurance policies is hereby assigned and shall pass to the purchaser of the property conveyed at any Trustee's sale held or to the grantee of a deed in lieu of foreclosure if such a conveyance is made. Any part or all of the amount collected under any fire or other insurance policy may be applied by Beneficiary upon any indebtedness secured by this Deed of Trust at such time and in the manner and amount as Beneficiary may determine, or at the option of Beneficiary, without reducing the indebtedness secured hereby, may either be used to replace, restore or reconstruct the property to a condition satisfactory to Beneficiary or be released to Trustor. Any application, use or release shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. Trustor shall pay Beneficiary inspection fees and other costs resulting from or connected with the casualty loss to which such insurance relates. 3. LIFE, ACCIDENT OR HEALTH INSURANCE. If Trustor shall assign or deliver a policy of lite, accident or health insurance to Beneficiary as further security hereunder, then if Trustor fails to pay any prernium thereon, Beneficiary shall be entitled, but not obligated, to pay any such premium. Any amount so paid shall be charged to and promptly paid by Trustor or, at the option of Beneficiary, may be added to the inoebtedness secured hereby. 4. TAXES AND ENCUMBRANCES. Trustor shall pay (a) at least twenty (20) days before delinquency, all general and special taxes and assessments now or hereafter affecting the property, including any assessments on appurtenant water stock; (b) when due, all special assessments for public improvements without permitting any improvement bond to issue for any special assessment; (c) on demand of Beneficiary, all encumbrances, charges and liens on the DEED OF TRUST - PAGE 2 9 , 0 T T ' T e M 0 0 v U) i� Z7 M 1 0 i' r� il. I rn Cn Iv .� M 0 M 0 4k :X3 ,m - ! n 0 r i Z i G n I r IE m V 5K a t!.r i I r Alk property or any part thereref, which are or may be prior or superior hereto; (d) when due, all fees and charges incidental to ownership, occupancy or beneficial use of the property; and (e) if the property includes a condominium, community apartment or part of a planned development, all payments required of the owner thereof under any declaration of covenants or conditions or restrictions pertaining to such project. Should Trustor fail to make any payment under this Paragraph 4, Beneficiary may, but shall not be obligated to, make such payment and any amount so paid shall be charged to and promptly paid by Trustor or, at the option of Beneficiary, shall be added to the indebtedness secured hereby, without regard to the validity or legality of such assessments, liens or charges. 5. CLAIMS, DEMANDS AND ACTIONS. Trustor shall (a) appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; (b) at the option of Beneficiary, assign to Beneficiary, to the extent of Beneficiary's interest, any claims, demands or causes of action of any kind, including any award, court judgment or proceeds of settlement of any such claim, demand or cause of action of any kind which trustor Trustor now has or may hereafter acquire arising out of acquisition or ownership of the property. Without limiting the generality of the foregoing, any such claim, demand or cause of action arising out of acquisition or ownership of the property may include (i) any such injury or damage to the property or any structure or improvement situated thereon, or 60 am+ rlaim or rausP of artinn in favor of Tmgtnr which shall have arisen out of the transaction financed in whole or in part by the making of the loan secured hereby, or (iii) any claim or cause of action in favor of Trustor (except for bodily injury) which arises as a result of any negligent or improper construction, installation or repair of the property, including the surface or subsurface thereof, or of any building or structure thereon. Beneficiary may apply, use or release such monies so received by it in the same manner as Paragraph 2 provided for the proceeds of fire or other insurance. 6. DEFENDING TRUST. Notwithstanding the provisions of Paragraph 5, Beneficiary or Trustee may (a) commence and prosecute or appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; (b) pay, purchase, contest or compromise any encumbrance, charge or lien which in the judgment of either appear to be prior or superior hereto; and (c) in exercising any such right, incur any liability and expend whatever amounts either deems reasonably necessary, including cost of evidence of title and reasonable attorneys' fees. 7. PROTECTION OF SECURITY BY BENEFICIARY OR TRUSTEE. Should Trustor fail to make any payment or do any act provided in this Deed of Trust, then Beneficiary or Trustee, but without obligation so to do, and without notice to or demand upon Trustor, and without releasing Trustor from any obligation hereof, may make any such payment or do any such art in such manner and to such extent as either deems necessary to protect the security hereof. Beneficiary or Trustee is authorized to enter upon the property at any time for such purpose. S. REIMBURSEMENT, Trustor shall pay immediately upon demand all costs, fees or expenses incurred and sums expended or advanced under the terms of this Deed of Trust by Beneficiary or Trustee, with interest thereon at a rate equal to the rate provided for in the note secured hereby, and the obligation of Trustor to pay such sums and interest as aforesaid shall be secured hereby. If Beneficiary or Trustee shall make such payment or expend such sums, Trustor shall pay a service charge in an amount equal to ten per cent (101%x) of the payment made or the sum expended. 1646 Loan No.: 1-674836-2 9. LEASEHOLD ESTATES. If the security for this Deed of Trust is a leasehold estate, Trustor shall not modify or terminate the lease or leases creating the leasehold estate, and shall comply with all of the covenants and conditions required of the Lessee or his successor in interest to be performed under the lease or leases creating said leasehold estate, including but not limited to paying when due rent and other charges imposed upon such Lessee. 10. IMPOUND ACCOUNT. Trustor shall pay to Beneficiary, if Beneficiary shall so demand, in addition to any other payment required hereunder, monthly installments for the purpose of creating and maintaining a fund to provide payment when due of any taxes, encumbrances, assessments, leasehold payments relating to the property, premiums for any policies of insurance insuring the property, the Trustor or the loan, more specifically referred to in Paragraphs 2, 3, 4 and 9. Trustor shall deliver promptly to Beneficiary all bills and notices thereof. Said installments shall be in such amounts as Beneficiary shall estimate from time to time to be necessary to provide sufficient monies in said fund to pay such taxes, encumbrances, assessments, leasehold payments and premiums when they become due and shall be payable concurrently with the installment under the note. If the amounts paid to Beneficiary under the provisions of this paragraph are insufficient to pay such taxes, assessments, leasehold payments and premiums as they become due, Trustor shall pay to Beneficiary promptly upon demand the amount of the deficiency. In the Pvent of rlPfanit of any obligation hPrPby sPrurPd. then any funds in the possession of Beneficiary under the provisions of this paragraph may, at the option of Beneficiary, be applied upon any indebtedness secured hereby. 11. FINANCIAL STATEMENTS. Within thirty (30) days after written demand by Beneficiary (but not more frequently than semi - annually), Trustor shall deliver to Beneficiary verified financial statements, prepared in accordance with acceptable accounting practices, for such annual or other period as Beneficiary may designate. Such financial statements shall include balance sheets, operating statements, and statements of sources and application of funds. In addition, Trustor shall deliver to Beneficiary on dernand, copies of all leases, agreements, vouchers, receipts and other documents supporting any of the items shown in such statements. Trustor shall keep and maintain a full and accurate set of books and records showing all the matters above specified, and shall permit Beneficiary at any time to i aspect and audit all Trustor's books of account, records, and papers relating to any of the foregoing matters. In the event any such audit is caused to be made by Beneficiary by reason of the failure of Trustor to comply with any of the foregoing provisions, then Trustor shall pay to Beneficiary upon dernand all expenses incurred by Beneficiary in connection with such audit. None of the provisions of this Paragraph 11 shall be applicable so long as the property is residential in nature and designed for occupancy by less than five (5) families. 12. DAMAGE TO OR CONDEMNATION OF PROPERTY. Any award of damages or compensation for injury to, or in connection with any condemnation for public use of the property or any part thereof, or any oroceeds of anv settlement with respect to a condemnation whether or not eminent domain proceedings have been instituted, shall be and is hereby assigned by Trustor and shall be paid to Beneficiary, who may apply, use or release the amount thereof in the same manner as Paragraph 2 provided for the proceeds of fire or other insurance. 13. BENEFICIARY'S CONSENT REQUIRED. Beneficiary may declare all surns secured hereby immediately due and payable within 30 days after such declaration except as DEED OF TRUST - PAGE 3 >ti 01 T T 4D j l- ', fT'I 0 0 CA M L � Z �C) Q A i ff i l r 0 r M 1647 expressly limited by law, if Trustor, without Beneficiary's prior written consent: (a) sells, conveys, contracts to sell, alienates or further encumbers all or any part of the property; or (b) leases all or any part of the property for a teen, together with all exercisable options, of 5 years or more, �r (c) suffers the title or any interest in the secured property to be divested, whether voluntarily or involuntarily; or (d) changes or permits to be changed the character or use of the property; or (e) is a partnership and any of the general partners' interests are transferred or assigned, whether voluntarily or involuntarily; or (f) is a corporation with fewer than 100 stock holders at the date of execution of this Deed of Trust and more than 10% of its capital stock is sold, transferred or assigned during a 12 -month period. 14. NO WAIVER. Trustee or Beneficiary by accepting payment of any sum secured hereby after its due date, or by making payment or taking any action which, under the provisions hereof either Trustee or Beneficiary is entitled but not obligated to make or take, or by forbearing from enforcing any of its rights, shall not be deemed to have waived its right to require payment from or action by Trustor and to declare a default for Trustor's failure to do so. In the event either Trustee or Beneficiary should expressly waive any rights under any provisions of this Deed of Trust, such waiver shall not be deemed a waiver of any rights Trustee or Beneficiary may have subsequently to require payment from or action by Trustor and declare a default for Trustor's failure to do so. 15. ASSIGNMENT. Trustor hereby assigns and transfers ... n.. ^„Cf1C1ur•y .'�U, to file COli Ll al .ilk.' u° ."".,CSC i:i.°i. IIli rents, issues, profits, royalties, tolls, earnings and income of the property including those arising by reason of any oil, gas or mineral lease thereof, and all installments of money payable pursuant to any contract of sale or lease relating to the property or any part thereof (hereinafter referred to collectively as "income "), together with the right, power and authority to collect and retain all such income as it becomes due and payable. All income received by Beneficiary through the exercise of the foregoing assignment, less all expenses, (including reasonable attorneys' fees) incurred by Beneficiary in collecting such income shall be applied by Beneficiary on any indebtedness secured by this Deed of Trust at such time and in the manner and amount as Beneficiary may determine. Without limiting the generality of the foregoing, such application may include payment of periodic installments of principal and interest, or reduction of the principal balance or reirnbursement to Beneficiary as provided in Paragraph 8. The foregoing assignment is intended as an assignment to take effect only upon a default by Trustor in any of Trustor's obligations under this Deed of Trust, and Trustor accordingly reserves the right, prior to any such default, to collect and retain all such income as it becomes due and payable, 16. DEFAULT BY TRUSTOR. Upon default by Trustor in payment of any indebtedness secured, or in the performance of any obligation imposed upon Trustor, by this Deed of Trust, Beneficiary may, without notice and irrespective of whether declaration of default has been delivered to Trustee and without regard to the adequacy of the security for the indebtedness secured hereby either personally or by attorney or agent, without bringing any action or proceeding, without entering into possession of the property. or by receiver to he appointed by a court: (a) enter into possession and hold, occupy, possess and enjoy the property; (b) make, cancel, enforce, modify or terminate leases; (c) obtain and eject tenants; (d) set or modify rents; (e) take, receive and collect all or any part of the rents, issues, profits, royalties, tolls, earnings, income and installments (hereinafter referred to collectively as "income ") as it becomes due and payable, After paying such costs of maintenance and operation of the property as it in its judgement may deem proper, Beneficiary may apply the balance upon the entire indebtedness then secured hereby. The acceptance of such income shall not constitute a waiver of any other right which Trustee or Beneficiary may have under this Deed of Trust or under the laws of California. The receipt and application by Beneficiary of sunh income pursuant thereto, after execution and delivery of declaration of detauit and demand for sale or during the pendency of a Trustee's sale proceeding hereunder, shall not cure any breach or default, nor affect said sale proceeding or any sale made pursuant thereto, but such income, less all costs of operation and maintenance, when received by Beneficiary, shall be applied in reduction of the entire indebtedness from time to time secured hereby. Trustor shall not in any manner obstruct or interfere with any of Beneficiary's rights under this Paragraph 16. In the event Beneficiary acts under the provisions of this Paragraph 16, Trustor shall pay a service charge in an amount equal to five percent 15 %) of all income collected by Beneficiary, 17. TRUSTEE AUTHORIZED. Upon written request of Beneficiary and presentation of this Deed of Trust and the note secured hereby for endorsement, and without affecting the liability of any person for payment of the indebtedness secured hereby, Trustee may (a) reconvey any part of the property; (b) execute the title sheet of any map, plat or record of survey thereof; (c) join in granting any easement thereon; or (d) join in any agreement modifying the terms hereof or subordinating the lien or charge hereof. Trustor shall pay to Beneficiary and Trustee a reasonable service charge for any such action. 18. RECONVEYANCE. Upon written request of vv,wui.wty 3,1u UiiQil jWi'ciiuc, u, uuJ ilcou UA Ttuai m,u it ,c note secured hereby to Trustee for retention, and upon payment of its fees, Trustee shall reconvey, without warranty, the property then held hereunder. The recitals in such reconveyance of any matters of fact shall be conclusive proof of the truth thereof. The grantee in such reconveyance may be described as "the person or persons legally entitled thereto ". Five (5) years after the date of such reconveyance, Trustee may destroy the Deed of Trust and note, without liability. Notwithstanding anything set forth herein, Trustee may, in its discretion, deliver said note or Deed of Trust or both to the person entitled thereto. 19. FEES. Trustor shall pay to Beneficiary the maximum amount as may from time to time be permitted by law for furnishing in connection with the obligations secured hereby, each statement pursuant to any statute at the time then in force. Additionally, Trustor shall pay Beneficiary's and Trustee's fees, charges and expenses for any other statement, information or services furnished by Beneficiary or Trustee in connection with the obligations secured hereby. Said services may include, but shall not be limited to, the processing by Beneficiary or Trustee, or both, of assumptions, substitutions, modifications, extensions, renewals, subordinations, rescissions, changes of owner, recordation of map, plat or record of survey, grants of easernents, and full and partial reconveyances, and the obtaining by Beneficiary of any policies of insurance pursuant to any of the provisions contained in this Deed of Trust. 20. SALE BY TRUSTEE. Upon default by Trustor in payment of any indebtedness, or performance of any ohlioation secured by this Deed of Tnist Renefir.iwv in addition to any other remedy of process available to Beneficiary, may declare all sums secured by this Deed of Trust immediately due and payable by delivering to Trustee a written declaration of default and causing to be filed for record a written notice of default and election to sell, and shall deposit with Trustee this Deed of Trust and any note or other evidence of indebtedness secured by this Deed of Trust and all documents evidencing expenditures secured hereby. After the lapse of such time as may be required by law following the filing for record of said notice of default, and DEED OF TRUST _ PAGE 4 'Y O TI "7!'I i D r 70 ,m n d v N ,33 M tip ' M r _ C!) Z Iv {m C) M M 7 0 r M X ®l after giving all such notice as may be required by law, Trustee, without demand on Trustor, may sell the property, either as a whole or in separate parcels, and in such order as it may determine, by public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale, or for the equivalent of cash, as so determined by Trustee in its sole discretion. If the indebtedness secured hereunder is additionally secured by real property which is not subject to this Deed of Trust, Trustee may sell any property so given as security for Trustor's obligation, which it is authorized to sell, either in whole or in separate parcels and in such order as it may determine. Trustee may postpone sale of all or any portion of the property by public announcement at the time and place fixed for such sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Following sale, Trustee shall deliver to the purchaser its deed conveying the property so sold, but without any covenant or warranty, express or implied. The recital in such deed of any matters of fact shall be conclusive proof of the truth thereof. Any person, including Trustor, Trustee and Beneficiary 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 the sale and reasonable attorneys' fees, Trustee shall apply the proceeds of sale to payment, first, of all sums expended under the terms of this Deed of Trust, not then repaid, with accrues interest at the rate specmea in the note securea by this Deed of Trust, and then to all other sums secured by this Deed of Trust, and, if there be any proceeds remaining, shall distribute them to the person or persons legally entitled thereto, upon proof of entitlement being submitted to Trustee. 21. WAIVER OF STATUTE OF LIMITATIONS. Trustor hereby waives, to the fullest extent permissible by law, the statute of limitations as a defense to any demand or obligations secured by this Deed of Trust. 22. SUBSTITUTION OF TRUSTEE. Beneficiary may, from time to time, by instrument in writing, substitute a successor or successors to any Trustee named herein or action hereunder, which instrument, executed and acknowledged by Beneficiary and recorded in the office of the Recorder of the county or counties where the property is situated, shall be conclusive proof of the proper substitution of such successor Trustee or Trustees, who shall, without conveyance, succeed to all the title, estate, rights, powers and duties of the predecessor Trustee. Said instrument shall contain the name and address of the new Trustee. If notice of default shall have been recorded, this power of substitution may not be exercised unless the then acting Trustee signs an endorsement on such instrument of substitution to the effect that all costs, fees and expenses due to such Trustee have been paid or satisfied. 23. ADJUSTABLE MORTGAGE LOAN. The note secured by this Deed of Trust contains provisions which may result in increases in the interest rate, in the monthly installments, and in the unpaid principal balance. Reference is hereby made to the Promissory Note for the specific provisions relating to such increases. J6/uJ4 ^YVLJ. 1ruI -tol S-hlall IIVI 4UVSG or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Trustor shall 1648 Loan No.: 1- 674836 -2 not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Trustor shall promptly give Beneficiary written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Trustor has actual knowledge. If Trustor learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Trustor shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this Paragraph 24, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this Paragraph 24, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection, 25. OCCUPANCY AGREEMENT. If Trustor was required to execute an Occupancy Agreemeni as a cuudo6un iw obtaining the loan secured by this Deed of Trust, the terms of the Occupancy Agreement, including the provisions which make a violation of its terms an event of default under this Deed of Trust, are incorporated herein by this reference. 26. GENERAL PROVISIONS. A. The term "Trustor" shall mean all parties executing this Deed of Trust as Trustor, their respective heirs, legatees, devisees, administrators, executors, successors in interest and assigns, provided that Beneficiary shall not be obligated to give Notice of Default or Notice of Sale hereunder to any Trustor other than as shown on the face page hereof. B. The term "Beneficiary" shall mean the owner and holder (including a pledgee) of the note secured hereby, whether or not named as Beneficiary herein. C. Every provision of this Deed of Trust imposing upon Trustor an obligation to perform an act, or embodying an agreement by Trustor to perform an act, shall be construed as obligating Trustor to pay all costs and expenses relating thereto. D. In the event any provision hereof shall be declared invalid or unenforceable through a final judgment in a court having competent jurisdiction, the validity or enforceability of any of the remaining teens hereof shall not be thereby impaired. E. In this Dead of Trust, wherever the context so requires, the masculine gender includes the feminine and neuter, the singular number includes the plural, and vice versa, and if more than one person is named as Trustor, the obligations of Trustor shall be the joint and several obligations of each person. �. wj,uaiS ai,� j+ara'y'i p` ''Cau1Gy$ ua�:� i1QiC61 a,C fGr convenience only and are not a part of this agreement and shall not be used in construing it. GEED OF TRUST PAGE 6 O T T 1a "O i _ 0 Cn 13:1 M Jimi �IC0 a 'v Ii '1 O 171 O v M �n !C t I� r 171 9. 7C i i 1 l The undersigned Trustor(s) request(s) that a copy of any Notice of Default and of any Notice of Sale hereunder be mailed to each Trustor named on the face page hereof, at the address set forth thereon. N01 -ICE TO B09ROWER: THIS DOCUMENT CONTAINS PROVISIONS FOR AN ADJUSTABLE INTEREST RATE AND CONTAINS PROVISIONS WHICH MAY REQUIRE A BALLOON PAYMENT AT MATURITY. [Space Below This Line For Acknowledgment] State of California County of SAN DIEGO On before me, JUDY TXONARTI persona y appe re ARTURO RODRIGUEZ personally known to me (or 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 signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. _ WITNESS my hand and official seal. Signature cZ�C i ESCROW OR LOAN N0. TITLE ORDER NO. JUDITH LEONARD v Ccnirn' 4$ 1020558 > ,� °•> : 'i; i NOTF =ti' - FUZLIC C.ZIFORNN > r rY'a San Diego County �l 'i My Cosa=. Expires Apr. 8, 1998 Deed ®f Trust Olt"_ 9 F imp ._ T D 'gym O i� Cn j� IT O M C13 L_ CD D Z O a+ M y C7 C n '$ r M X "Si r w,.S r _ u Mortgage Company DEED OF TRUST - PAGE 6 ,tii s� roue tern Mortgage Company LOAN NUMBER: 1- 674836 -2 crucnl11 a "All 1050 LEGAL DESCRIPTION ATTACHMENT THE WESTERLY 50 FEET OF LOT 3 IN BLOCK 10 OF SOUTH COAST PARK UNIT NO, 21 IN THE CITY OF ENC=TAS, COUNTY OF SAN DIEM, STATE OF CALIFORNIA, ACCORD= TO MAP THEREOF NO. 1859, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COL=, SEPTEMBER 21, 1925, EXCESTmr, THEREFRa4 THE NORTHERLY 100 FEET THEREfOF. GF064ROG IR12i041 V VL o"'� -�. in �1> 'jr rn ,Ina o P i !� rn 0 lCD Pr ff f- z r' m 1.C) M q, oi, yam: yU' Si"�6t ci F - X H r