CTTY OF REDONDO BEA \- RENTAL REHABILITATION Ph-GRAM
PROMISSORY NOTE SECI'RED BY DEED OF TRUST
$
I0,000.00 Auqust 13 198 7
For value received, I/We promlse to pay to the City of Redondo Beach, or order at Redondo Beach, California, the surn of * * * * TEN THOUSAND AND NO MORE * ******* * DoLr,ARs , with no interest, payable at the time of any sale or transfer, whether voluntary, involuntary or by operation of Iaw, or upon the death of the surviving signer of thls note, or upon violation of the terms and conditions of the Clty of Redondo Beach Rental Rehabilitation Program.
This note is given to secure a special deferred payment loan by the City of Redondo Beach, the proceeds of which are from the Federat Rental Rehabllitation Program designed to provide funds for rehabilltation of income property, and as such the parties acknowledge a special relationship betr,reen the partles in which the City of Redondo Beach in roaking thls loan follows the guidellnes of HUD and cannot demand paynent until the property subJect to the deed of trust ls transferred or so1d, whether voluntarily, involuntarily or by operation of 1aw unless terms and conditions of the loan are violated. Payment shall be nade in Iawful rnoney of the United states. Should default be made in payment when due and action is instituted on this note, the undersigned promise(s) to pay such suns as the court may fix as attorneyrs fees. Thls note is secured by Deed of Trust to:
rnia Corporatlon as
Trustee.
(: /-
Jo E. Rosenbrock Sharon A. Rosenbrock
Redondo Beach, callfornla
United states Escro!, conpany, a cali
',., il"rr--
DEPAR TME NT OF
INTERGOVERNMENTALPROGBAMS \, TELEPHONE
'.213t 312.1111
t.
Grrr op RppoN.DO Bprro:rr
Gaurporl\lr.a
4' 5 OIAMOND STB EET
REOONDO B EACH, CALIFOR NIA 90277
DISCLOSURE STATEMEMT - TRUTH TN LENDING
DEFERRED
"AYI"IEEI
LOAN (j.nterest-Bearing )
Zero %
2. ONE
( FINANCE CHARGE ( the do11ar amount the credit wiLl cost me) Borrower to pay appropriate interest, plus principal
,
depending on the year in which loan becomes due:
INTEREST CIIARGES
If the loan is REPAID during the
4. 7.
8 t,
ll
rl
lst year
2nd
3rd
4th
5th
5th
7rh
8th
9th
10th
s
s
s
e
s
s
s
$
s
6 If the loan is repaid at
year, the maximum amount
more than:
PREPAYTqENT PENALTY:
portion of the amount
of said property.
any time after the tenth
of interest shaLl be no
NONE Borrower may
no pen al ti es
prepay all or any
prior to tr an sf er
S no interest
If you repay the loan after the tenth year, the
amount of interest (finance charge) will renain the
same, but the annuaf Percentage rate wj'1] decrease.
DUE DATE: The principal anount will be paid, together with the accrued interest, at the time the property is sold or title transfers, or upon the death of the surviving signor of the noteo PREPAID TINAIICE CIIARGES: NONE
10. borrowed with
s 10,000. 00
ANNUAL PERCENTAGE RATE
AMOUNf FINANCED
TOTAL NIIMBER OF PAYI'ISITS
INTEREST ( 0 % per year - simple)
REGUI,A^'N ' Z I DISCLOSURE STATEME}^ ( Page 2)
I am giving you a security interest in ny house located at:
2415 Grant Avenu e
Redondo Beach, Cal ifornia 9027I
JOINT AND SEVERAL LIABILITY: If more than one person signs this loan agreement, all sigmors will be jointly and severally 1iable.
You can waive or delay enforcing your rights as to one of us without affecting your ability to enforce your rights as to the rest of us.
Also, you can release one of us from his or her obligations without releasing any others. If I am married, I expressly agree that my separate property shafl be Iiable for all payments due under this loan agreement.
California Law Applicable: This agreement has been rnade in, and shall be governed by, the laws of the State of California.
SIGNATURE: I understand that this form and the accompanying Deed of Trust, Rider, and Pronissory Note make up the agreement for my loan. I have read and received a comPleted copy of the agreement before signing it. By signing below, I realize that I an agreeing to all terms and conditions of the agreement.
Bo r.rower J s
Signature:
Borrower I s
sigTlature:
Name: John E. Ros nb roc k
€--
Date Signed: t'- n rt
Name: Sharon A. Ro sen bro c k
,) 1
-1/-
SECURITY: Regardless of any other agreement now existing between you and me or between you and anyone e1se, as security for my obligations under this 1oan, and any obligations of mine not subject to the Federal Truth in Lending Act, the property described below will secure my loan and perfornance of my obligations under the Deed of Trust on the property, but will not secure any other or future indebtedness I may have with you.
Joh n E. Rosenbrock and Sharon A. Rosenbrock
pRopERTy TO BE REHABILITATED ! 2415 Grant Avenue, Redondo Beach, CA LEGAL DESCRIPTION: Lot 20 of Block 37 of RED0ND0 ViLLA TRACT, in the County of Los Angeles. State of California, as per map recorded jn Book 10, page(s) 82-83 of maps, in the office of the Countv Recorder of said County.
DATE:
OWNXR:
TERM:
A
\, CITY OF REDONDO BEAC\...
RENTAL REHABILTTATION AGREEMENT
(7
This agreement sha1l be in effect for years fron the date that the wor preservation, or enhancerrrent is comple ttre issuance of a Notice of Comile such vrork.
apko
ted tio
eriod of ten (10) f rehabiL itation,
, as evidenced by
n with respect to
As owner (s) of the above property, I (we) that: As participant (s) in the city of Rental Rehabilitation Program, I (wa) \^ritI conditions contained within this doium6nt. hereby certify
Redondo Beach
adhere to the
nation against or denial of
or prospective tenant by
such tenant or prospective esiding with them unless
or housing elderly persons. discrimination based upon ion, sex, national origin, us.
I There shall be no discrinrination against nor denial of occupancy to any tenant or prospective tenant on the basis of such tenantrs or prospective tenantrs receipt of or eligibility for housing assistance under any federal, state or local housing assistance programi incLuding Section a existing housing certificates_ or vouchers except for good iause, suci as.tenants vi69 previousry rii.rEJ t"-piy irr"ii ;";a;; maintain their dwellingr units, or 6therwise were in violation of the terms and conditions of the tenancy. 2 There shalI
occupancy t
reason of
tenant has the Proj ec Further, th
race, colo ancestry, a
no discri
y tenant fact th
nor child
re s erved sha]l be a9€r rel arital st
be
oan
the
m1
an1 tis
ere
r,ndn
r
f
noi9
at
AII units sha1l be rnaintained in a decent, safe and sanitary condition. There shall- be compliance with Section 8 existing housing regulations, includingt housing quality standards and reguirements relating to maintenance operation and in inspection of all uni-ts.
The operty sha1l be rented a. )urrent rnarket rents, defl:r€C-as Lhe highest rents Iv(we) can reasonably expect to achieve for the unit in the given location, tirne and circumstances fron an unassisted tenant.
Rehabilitated units in the Project sha1l not be converted to condominiu:ns or to any form of cooperative ownership.
Relocation benefits will be provided to tenants
tenporariLy relocated due to rehabilitation work for al1 reasonable and out-of-pocket expenses including any moving costs and any increased nonthly housing
costs (rent and estirnated utility costs), necessarily
incurred. If a tenant noved to another dwelling unit
in the same building, the 'uenant will be reinbursed
for all reasonabLe out-of-pocket moving expenses
incurred.
After accornrnodating existing tenants of the property
to be rehabilitated as described in paragraph (6) of
this Agreement, there shaIl be an affirnative fair
housing -marketing progran established that will be
exerciied in renting all units when they become
vacant. Affirmative fair housing marketing neans any
vacant unit will be marketed in such a manner as to
rnake then available to eligible persons from aII
racial, ethnic and gender groups .in the housing
market area. Specific affirrnative marketing
activities shal1 include those activities listed in
the Program's Affirrnative Marketing Plan which is
attached and incorporated herein.
owner (s) sha11 be considered in default upon the occurrence of a brlach of any of the aforementioned covenants contained herein, or upon c6nditions specified in the-promissory note.
Upon such ocLurrence, owner(i1 sha11 be subject to sanctions wi:ich shall incLude the repayment in fuII on demand of the Rental Rehabilitation Loan.
6 7
B
STATE OF CALIFORNIA,
COUNTY O
o
rigncd, rN Public ir or rrid Srele,
foro tac, t]c under'
eppcucd
S*r'dw. e u
a ron osen roc
)
\ta udl 6 ,?a 3e,4/
to tt rhe p*ron-(. whorc aao
in.tlu-Eent and eclnowlcdged Ihr
WfTtiESS roy trnd eod o6ciel reel
,!-fu.Et$tt::ibodto thc witlLia
t tod tbo iroc. +'..+,...:a
OFFICIAL SEAL
BURNFT J BOURGEOIS
rorarr puauc - cer-lponule
..
TOS A'IGELES COUI1TY
My comm. orpirls SEp 12. I98q Nrmc (Typcd or Priat
EURNET J. BOURGEOIS
OS en roc
Signrt
]fttl*Qdaz A, ffose,v FiacF
spec i f ic
f o)- l owing :
A Infonn the availability
crrY oF RxDoNDo BxAchRENTAT., REHABIL]TATION PROGRAM
AFFIRT,'ATIVE MARKETING PI,AN
affirnative marketing actions include the
public and potential tenants of the of the rentaL units by:
1 Posting I'For Rentrr signs which have the Equal
Housing opportunity logot)pe or sJ-ogan on
then,
Displaying the Fair Housing poster;
Advertising in the appropriate l-ocaI
corrmercial rnedia.
2 3
B Make special outreach efforts to inform or
solicit applications from persons in the housing narket area who are not likely to apply for housing without special outreach effort by:
L. Advertisingr in minority and/or ethnic media,'
2. Listing the units with cortmunity organizations, churches, empJ-oyrnent centers, fair housing groups, housing, counseling agencj.es and the Redondo Beach Housing
Authority.
The ovrner shatl maintain records of their affirmative rnarketing efforts. Acceptable records could include rnedia tearsheets of
advertiseroents listing the units for rent, copies
of correspondence listing the units with outreach
groups, pLotos of the building with Fair Housing
fosters - displayed, records of vacancies, records -of rent charged- and records showing the number of minority, elderly and female-headed households.
The city of Redondo Beach wil-l review the ownerrs
affirmalive narketing efforts deemed necessary.
If the reviev; shows the owner has not adequately
co:nplied with the affinnative rnarketing
reqirirements, the city of. Redondo Baach will
ini-onn the owner j.n writing of the review
findings and give the owner an opportunity to
""ir..i. the -problerns before a second revj-ew is
conducted. ThE ownerts failure to correct the
identj.fied problems will constitute a default
under the CiLy of Redondo Beach deferred pa)rment
ioan which co-uld result, at the City's option, in
it. f o"., iromediately becoming.due and payable- in
fu11 or the impoiition of interest on the loan
balance at the rnaiimum rate aIlowable by 1aw'