HomeMy Public PortalAbout1994-03-08 Promissory Note Secured by Deed of Trust - Rollings Realty Partnership - 242 W Commonwealth PROMISSORY NOTE
SECURED BY DEED OF TRUST
(Installment Note - Non-Interest Bearing)
FULLERTON, CALIFORNIA
In annual installments as herein stated, for value received, the undersigned, jointly and
severally, promises to pay to the Fullerton Redevelopment Agency, a public body, Corporate
and Politic, or its designee, at the Redevelopment Agency's Office in the above named City,
the principal sum without interest of SIXTEEN THOUSAND TWO HUNDRED THIRTY FIVE DOLLARS
($16,235) in installments as follows: TEN (10) annual payments of ONE THOUSAND SIX HUNDRED
TWENTY THREE DOLLARS AND FIFTY CENTS ($1623.50) commencing two years after recording a Notice
of Completion for the seismic improvements to 242 W. COMMONWEALTH AVENUE, Fullerton,
California. The remaining deferred sum of Twenty-Five Thousand Dollars ($25,000.00) shall
be paid at the time title is transferred to all or any part of the property described in the
Deed of Trust securing this Note, to other than the present owner of said property, exclusive
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of transfer to family members by gift or inheritance.
Payment shall be made in lawful money of the United States. Should default be made in any
payment of any installment of principal when due, and should said default remain uncured for
more than ten (10) days after such installment is due, a late payment penalty equal to five
percent (5%) of the principal amount of said installment shall be charged. In addition any
such late installment amount shall bear interest at the annual rate of ten percent (10%)
commencing ten (10) days after said amount was due and payable.
Should default be made in payment when due and an action is instituted on this Note, I
promise to pay such sums as the court may fix as attorneys' fees. This Note is secured by
a Deed of Trust to Commonwealth Land Title Company, herein called Trustee, and the Fullerton
Redevelopment Agency, herein called Beneficiary.
r
NORMAN R. ROLLINGS DATE'
VAUGH i. S DATE
ATTACHMENT C
EXCEPTIONS
A deed of trust to secure an indebtedness in the amount shown below:
Amount: $175,000.00
Dated: October 6, 1989
Trustor: Rollings Realty Partnership
Trustee: Peoples Investment and Loan Association,
a California corporation
Beneficiary: Southern Pacific Thrift and Loan Association,
a California corporation
Recorded: October 12, 1989 as Instrument No. 89-548278, Official
Records
V
ATTACHMENT D