Document:

rmiix-20121127exhibit10_10.htm

 

Exhibit 10.10

	
RECORDING REQUESTED BY

	  	  	  	  
	  	  	  	  
	  	  	  	  
	  	  	  	  
	
AND WHEN RECORDED, MAIL TO

	  	  	  	  
	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  
	
Name              REDWOOD MORTGAGE

	  	  
	
                        P.O. BOX 5096

	  	  
	
Address          REDWOOD CITY, CA 94063-0096

	  	  
	  	  	  
	  	  	  	  	  	  	  
	  	  	  
	
Title Order No

	  	
Escrow No.

	  	  	  
	  	  	  

                                                                                                                                         SPACE ABOVE THIS LINE FOR RECORDER’S USE

Loan No.:

DEED OF TRUST AND ASSIGNMENT OF RENTS

	
BY THIS DEED OF TRUST, made this

	
________

	
day of

	
______________,

	
20___

	
, between

	  
	
 

____________________________________________________________

	
, herein called Trustor, whose address is,

	
 

________________________________________________________________________________________________

	
and PLM LENDER SERVICES, INC., a California corporation

	
, herein called Trustee, and

	  
	
REDWOOD MORTGAGE INVESTORS IX, LLC., a Delaware limited liability company

	
, herein called Beneficiary,

	
Trustor grants, transfers, and assigns to Trustee, in trust, with power of sale, that property in the City of ______________,

_________________County, California, described as:

	  

Trustor also assigns to Beneficiary all rents, issues and profits of said realty reserving the right to collect and use the same except during continuance of default hereunder and during continuance of such default authorizing Beneficiary to collect and enforce the same by any lawful means in the name of any party hereto.

For the purpose of securing:

(1) Payment of the indebtedness by one promissory note in the principal sum of $_____________

of even date herewith, payable to Beneficiary, and any extensions or renewals thereof;

(2) the payment of any money that may be advanced by the Beneficiary to Trustor, or his successors, with interest thereon, evidenced by additional notes (indicating they are so secured) or by endorsement on the original note, executed by Trustor or his successor;

(3) performance of each agreement of Trustor incorporated by reference or contained herein.

  

1

  

	
 

DO NOT RECORD - Provisions incorporated from Recorded Fictitious Deed of Trust

 

	
A.  TO PROTECT THE SECURITY HEREOF, TRUSTOR AGREES:

 

  (1) To keep said property in good condition and repair, preserve thereon the buildings, complete construction begun, restore damage or destruction, and pay the cost thereof; to commit or permit no waste, no violation of laws or covenants or conditions relating to use, alterations or improvements; to cultivate, irrigate, fertilize, fumigate, prune, and do all other acts which the character and use of said property and the estate or interest in said property secured by this Deed of Trust may require to preserve this security.

  (2)  To provide, maintain and deliver to Beneficiary fire insurance satisfactory to and with loss payable to Beneficiary.  The amount collected under any fire or other insurance policy may be applied by Beneficiary upon any indebtedness secured hereby and in such order as Beneficiary may determine, or Beneficiary may release all or any part thereof 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.

  (3)  To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; and to pay all costs and expenses, including cost of evidence of title and attorney’s fees in a reasonable sum, in any such action or proceeding in which Beneficiary or Trustee may appear.

	  	
  (4)  To pay:  at least ten days before delinquency all taxes and assessments affecting said property, including assessments on appurtenant water stock; when due, all encumbrances, charges and liens, with interest, on said property or any part thereof, which appear to be prior or superior hereto; all costs, fees and expenses of this Trust.

  Should Trustor fail to make any payment or to do any act as herein provided, 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 or do the same in such manner and to such extent as either may deem necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; pay, purchase, contest or compromise any encumbrance, charge or lien, which in the judgment of either appears to be prior or superior hereto; and, in exercising any such powers, pay necessary expenses, employ counsel and pay his reasonable fees.

  (5)  To pay immediately and without demand all sums so expended by Beneficiary or Trustee, with interest from date of expenditure at seven per cent per annum, and to pay for any statement provided for by law regarding the obligations secured hereby in the amount demanded by Beneficiary, not exceeding the maximum amount permitted by law at the time of the request therefore.

	
* * * *

	  	
* * * *

	
B.  IT IS MUTUALLY AGREED THAT:

 

  (1)  Any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned to Beneficiary, who may apply or release such moneys received by him in the same manner and with the same effect as provided for disposition of proceeds of fire or other insurance.

  (2)  By accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his right either to require payment when due of all other sums so secured or to declare default for failure so to pay.

  (3)  At any time or from time to time, without liability therefor and without 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 may:  reconvey any part of said property; consent to the making of any map thereof; join in granting any easement thereon; or join in any agreement extending or subordinating the lien or charge hereof.

  (4)  Upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed and said note to Trustee for cancellation and 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 or facts shall be conclusive proof of the truthfulness thereof.  The grantee in such reconveyance may be described as “the person or persons legally entitled thereto.”

  (5)  Upon default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, Beneficiary may declare all sums secured hereby immediately due and 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 said property to be sold, which notice Trustee shall cause to be duly filed for record.  Beneficiary also shall deposit with Trustee this Deed, said note and all documents evidencing expenditures secured hereby.

     Trustee shall give notice of sale as then required by law, and without demand on Trustor, at least three months having elapsed after recordation of such notice of default, shall sell said property at the time and place of sale fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale.  Trustee may

	
     

	
     

 

postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement.  Trustee shall deliver to such purchaser its deed conveying the property so sold, but without any covenant or warranty, expressed or implied.  The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof.  Any person, including Trustor, Trustee, or Beneficiary as hereinafter defined, 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 sale, Trustee shall apply the proceeds of sale to payment of:  all sums expended under the terms hereof, not then repaid, with accrued interest at seven per cent per annum; all other sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto.

  (6)  This Deed applies to, inures to the benefit of, and binds all parties hereto, their legal representatives and successors in interest.  The term Beneficiary shall include any future owner and holder, including pledgees, of the note secured hereby.  In this Deed, whenever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the plural.

  (7)  Trustee accepts this Trust when this Deed, duly executed and acknowledged, is made a public record as provided by law.  Trustee is not obligated to notify any party hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Trustor, Beneficiary or Trustee shall be a party unless brought by Trustee.

  (8)  The Trusts created hereby are irrevocable by Trustor.

  (9)  Beneficiary may substitute a successor Trustee from time to time by recording in the Office of the Recorder or Recorders of the county where the property is located an instrument stating the election by the Beneficiary to make such substitution, which instrument shall identify the Deed of Trust by recording reference, and by the name of the original Trustor, Trustee and Beneficiary, and shall set forth the name and address of the new Trustee, and which instrument shall be signed by the Beneficiary and duly acknowledged.

  

2

  

On October 25, 1973, identical fictitious Deeds of Trust were recorded in the offices of the County Recorders of the Counties of the State of California, the first page thereof appearing in the book and at the page of the records of the respective County Recorder as follows:

	
COUNTY

	
BOOK

	
PAGE

	
COUNTY

	
BOOK

	
PAGE

	
COUNTY

	
BOOK

	
PAGE

	  	  	  	  	  	  	  	  	  
	
Alameda

	
3540

	
89

	
Marin

	
2736

	
463

	
Santa Barbara

	
2486

	
1244

	
Alpine

	
18

	
753

	
Mariposa

	
143

	
717

	
Santa Clara

	
0623

	
713

	
Amador

	
250

	
243

	
Mendocino

	
942

	
242

	
Santa Cruz

	
2358

	
744

	
Butte

	
1870

	
678

	
Merced

	
1940

	
361

	
Shasta

	
1195

	
293

	
Calaveras

	
368

	
92

	
Modoc

	
225

	
668

	
Sierra

	
59

	
439

	
Colusa

	
409

	
347

	
Mono

	
160

	
215

	
Siskiyou

	
697

	
407

	
Contra Costa

	
7077

	
178

	
Monterey

	
877

	
243

	
Solano

	
1860

	
581

	
Del Norte

	
174

	
526

	
Napa

	
922

	
96

	
Sonoma

	
2810

	
975

	
El Dorado

	
1229

	
594

	
Nevada

	
665

	
303

	
Stanislaus

	
2587

	
332

	
Fresno

	
6227

	
411

	
Orange

	
10961

	
398

	
Sutter

	
817

	
182

	
Glenn

	
565

	
290

	
Placer

	
1528

	
440

	
Tehema

	
630

	
522

	
Humboldt

	
1213

	
31

	
Plumas

	
227

	
443

	
Trinity

	
161

	
393

	
Imperial

	
1355

	
801

	
Riverside

	
1973

	
139405

	
Tulare

	
3137

	
567

	
Inyo

	
205

	
660

	
Sacramento

	
731025

	
59

	
Tuolumne

	
396

	
309

	
Kern

	
4809

	
2351

	
San Benito

	
386

	
94

	
Ventura

	
4182

	
662

	
Kings

	
1018

	
394

	
San Bernardino

	
8294

	
877

	
Yolo

	
1081

	
335

	
Lake

	
743

	
552

	
San Francisco

	
B820

	
585

	
Yuba

	
564

	
163

	
Lassen

	
271

	
367

	
San Joaquin

	
3813

	
6

	
San Diego

	
File No.

	  
	
Los Angeles

	
T8512

	
751

	
San Luis Obispo

	
1750

	
491

	  	
73-

	  
	
Madera

	
1176

	
234

	
San Mateo

	
6491

	
600

	  	
299568

	  
	  	  	  	  	  	  	  	  	  

The provisions contained in Section A, including paragraphs 1 through 5, and the provisions contained in Section B, including paragraphs 1 through 9 of said fictitious Deeds of Trust are incorporated herein as fully as though set forth at length and in full herein, except certain amendments to the fictitious Deed of Trust are set forth on an amendment attached hereto and incorporated herein.

The undersigned Trustor requests that a copy of any notice of default and any notice of sale hereunder be mailed to Trustor at the address hereinabove set forth, being the address designed for the purpose of receiving such notice.

The Note securing this Deed of Trust provides as follows:

Borrower’s required repayment in full before scheduled date

A.  In the event of any sale or conveyance of any part of the real property described in the Deed of Trust securing this Note, then the Note Holder may demand payment in full of all amounts that I owe under this Note, as allowed by law.

TRUSTOR:

	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  

  

3

  

AMENDMENT TO FICTITIOUS DEED OF TRUST RECORDED IN _____ COUNTY AT BOOK ___, PAGE ___, AND ADDENDUM TO THAT CERTAIN DEED OF TRUST DATED ___________, BETWEEN ____________, TRUSTOR, PLM LENDER SERVICES, INC., A CALIFORNIA CORPORATION, TRUSTEE, AND REDWOOD MORTGAGE INVESTORS IX, LLC, A DELAWARE LIMITED LIABILITY COMPANY, BENEFICIARY.

Paragraph 5, Section A, is deleted and instead the following applies:

5)  To pay immediately and without demand all sums so expended by Beneficiary or Trustee, with interest from date of expenditure at the rate provided for in the note securing the within Deed of Trust, and to pay for any statement provided for by law regarding the obligations secured hereby in the amount demanded by Beneficiary, not exceeding the maximum amount permitted by law at the time of the request therefore.

The third paragraph of Paragraph 5, Section B, is deleted and instead the following applies:

After deducting all costs, fees and expenses of Trustee and of this Trust, including cost of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of:  all sums expended under the terms hereof, not then repaid, with accrued interest at the rate provided for in the note securing the within Deed of Trust; all other sums then secured hereby; and the reminder, if any, to the person legally entitled thereto.

The following is added as Paragraph 10, Section B:

10)  Nothing in this instrument shall be interpreted to confer rights or obligations which are prohibited by the California Business and Professions Code and Beneficiary and Trustee waives any right inconsistent herewith.

TRUSTOR:

	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  

  

4rmiix-20121127exhibit10_11.htm

Exhibit 10.11

 

 

AGREEMENT TO SEEK A LENDER

(Agency Agreement)

	
Date:

	  	
Loan No.:

I engage REDWOOD MORTGAGE (the Broker) to act as my exclusive agent to find a lender or lenders willing to loan money to me in the principal amount of $_________ bearing interest at ________ percent (____%) per annum according to the terms of the Mortgage Loan Disclosure Statement/Good Faith Estimate (the Disclosure Statement) I have executed with Broker, a copy of which is attached to this Agreement, or upon other terms and conditions as I approve.  The loan is to be secured by a Deed of Trust on real property owned entirely or in part by me at _______________.

I agree to pay a brokerage commission, processing charges and fees for arranging the loan in accordance with the Disclosure Statement.

If my loan application is approved by Broker in its sole discretion, Broker shall use its best efforts to obtain a lender or lenders willing to loan the requested funds to me.  The Broker shall have the exclusive right to act as my agent in this regard for a period of sixty (60) days from the date the loan application is approved, except that if this loan application is for a loan which is subject to California Business and Professions Code 10243, then the period of agency shall be forty five (45) days from the date the loan application is approved.

I recognize that in addition to acting as my agent, Broker may also be acting as agent for lenders seeking borrowers such as private parties, institutional lenders or government agencies, including the lender which ultimately lends me money.  I agree that Broker may act as dual agent for me and for any lender to me.  In addition, I recognize that Broker may, if it so chooses, lend me its own funds or funds which it controls.

Broker shall incur no liability to me if it is unable to obtain a lender interested in loaning money to me, and Broker has no obligation to loan me its own funds.

If loan funds are not disbursed because of any information I fail to disclose accurately, for instance the existence and terms of any lien affecting the property which will be security for this loan, or actual title to such property, I understand that Broker has performed its duties and may incur expenses and liabilities to other parties.  Therefore, I agree to pay Broker the commission and all other expenses incurred in arranging the loan as listed in the Disclosure Statement as may be provided by law.

I hereby authorize Broker to deliver to a prospective lender credit information available to Broker, including reports received from Credit Reporting Agencies.

If applicable, Broker shall retain possession of original Note and original Deed of Trust, and forward them in accordance with the instructions of the lender.

I recognize and agree that this agreement may be terminated by Broker at any time before funding of the loan to me.  I further recognize and agree that this agreement shall automatically terminate when the loan funds are disbursed to me and that Broker has no further obligations to me at that time and that Broker may continue to act as agent for lender during the time the loan to me is outstanding.

I agree that all claims or disputes between me and Broker arising out of or relating to the loan, including Broker’s arranging of the loan and my disclosure of information to Broker shall be determined by binding arbitration in accordance with the rules of the American Arbitration Association and that the judgment of the arbitrators may be entered in a court of law.  I UNDERSTAND THAT BY SIGNING THIS AGREEMENT I AM GIVING UP THE RIGHT TO A JURY OR COURT TRIAL AND AGREEING TO HAVE DISPUTES DECIDED BY NEUTRAL ARBITRATORS.

I have read the above Agreement and I do agree.

____________________________________________                                                                                                                     ____________________

(Date)

____________________________________________                                                                                                                     ____________________

(Date)

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