Daily Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1876-1884, 1880-12-18
Important Action.

ana Loan society VI. FLO flcO 0t al
This is very important local case
and its extreme length compels US
to publish 1t in sections. The con.
cluslon will appear In tomorrow
HERALD and in the Weekly 1t can
be had as whole.
In the Superior Court, Los angeles
County, State Of California:
SAVINGS &c LOAN SOCIETY,"
VS.,
Pho Proc, s. HALEY, EFT AL.
Action of ejectment for the Pico
House property.
The specific boundaries situated
in the city and county of Los An
geles, together with the rents and
profits for same.
| Plaintiff deraigns title under
deed OF trust sale, executed to
plaintiff on the 22d day of July,
1880, by e. w. Burr and Benjamin
d. Deane, trustees, under their
deed of trust executed by Pho Pico
to said Burr and Deane on the
18th July, 1870. The said Burr and
DeaDe, to secure the payment of
($30,00V thirty thousand dollars,
borrowed by the defendant Pico o #
plaintif to pay the same with in
terest according to the terms of q
promissory note of even date given
herewith, executed and delivered
by said Pho Pico.
| Said deed of trust cites that, "for
the purpose of securing the pay
ment to the party of the third part
the corporation plaintiff) of said
Indebtedness now existing, and all
further indebtedness OF the party
Of the first part (Pico) to the party
OF the third part that may be con-
tracted during the existence of this
trust, not exceeding at any time
SAC, 1000, exclusive of interest,
whether said indebtdness be evi.
denced by promissOry notes or
otherwise, whether for. insurance
or moneys expended in or about
said premises for repairs, taxes,
liens or membranes and the OBJ.
legations herein agreed to be paid,
are granted, bargained, sold, con-
veyed and confirmed unto the par
ties of the second part in joint-ten.
ancy and to the survivors of them,
the pieces or parcels of land situat-
ed In the city and county OF Los
Angeles, State of California, and
described as follows, etc. (Descrip-
tion.)
"The parties of the second part
to have and to hold the same to
the parties of the second part as
joint.tenants with rights Of sur
worship as such, their executors
and assigns upon the trusts and
condolences hereinafter expressed,
and not otherwise, viz:
First, that the payment of said
sum SO borrowed and received from
the parties of the third part and in
terest thereon as aforesaid, and the
repayment of all sums of money
advanced by the said parties of the
third part to the party Of the first
part as herein provided and during
the continuation of these truste,0
etc.
"And these trusts shall continue
as security to the parties of the
third part and their assigns for the
payment, in gold coin of the United
States, of the moneys so borrowed
and received by the party of the
first part and the interest and the
premiums thereon, and all amounts
SO paid out as aforesaid whether
paid by the parties of the second or
third part, with interest on said
premiums. at the rate of two per
cent. per month from the date of
the payment until final repayment;
and for the repayment OF like gold
coin OF all moneys that may be
hereafter loaned in advance, and
all sums Of money, with interest
thereon, due or to become due, from
the party of the first part to said |
Savings and Loan Society or their
assigns, or to said trustees, W bel h or
the same be evidenced by promise
sorry notes or otherwise, and all ac.
cruing accounts and balances, to-
gether with the reasonable ex-
psnses of this trust and $4,000 in
gold coin of the United States as
counsel fees, which shall become
due and payable by the party Of
the first part to the parties of the
second part Immediately upon any
default made or suffered by the
party OF the first part in any Of the
payments as aforesaid. And in
case the party of the first part
shall well and truly pay or cause
to be paid at maturity in gold coin
as aforesaid all sums Of money
borrowed and secured as afore-
said and the interests and pre-.
miums thereon, and shall upon de-
mand repay all other moneys
hereafter loaned and advanced as
aforesaid and all moneys laid out
and expended in pursuance of these
trusts, and all further balances, &C.
cruing accounts and dues as afore-
said with interest thereon, then
the parties Of the second part, the
survivors Of them, their successors
and assigns shall reconyey all the |
premises as aforesaid to them by
this instrument granted, to Pic
Pioo his heirs and assigns at his
and their request and cost. If de.
fault shall be made in the pay ment |
Of said sums Of principal or interest |
when due in the manner stipulated |
in said promis0ry note or notes, or
In the reimbursement of any
amounts herein provided to be |
paid, or OF any interest thereon,
and all future advances, disburse-
ments, accounts, balances and dues
as aforesaid, then 1t shall be lawful |
for the said parties of the second |
part, or the survivors of them,
their successors or assigns, on APP
plication of the party Of the third |
part, or their assigns to sell the
above granted premises or such |
part thereof, as, la their discretion,
they shall find it necessary to sell, |
in order to accomplish the objects |
of these trusts in the manner fell
lowing, namely. They shall first