EXHIBIT 10.11
COVAD COMMUNICATIONS GROUP, INC.
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NOTE SECURED BY DEED OF TRUST
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$600,000.00 October 7, 1998
Santa Clara, California
FOR VALUE RECEIVED, Xxxxxxxxx X. Xxxxxx ("Xx. Xxxxxx" or a "Maker") and
Xxxx X. Xxxxxx ("Xx. Xxxxxx" or a "Maker" and, together with Xx. Xxxxxx, the
"Makers") each individually and jointly promise to pay to the order of Covad
Communications Group, Inc. (the "Company"), at its corporate offices at 0000
Xxxxxxx Xxxxxxxxxx, Xxxxxxxx X, Xxxxx Xxxxx, Xxxxxxxxxx 00000, the principal sum
of Six Hundred Thousand Dollars ($600,000.00), together with any accrued
interest thereon, upon the terms and conditions specified below.
1. PRINCIPAL. The principal balance of this Note shall become due and
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payable in four (4) consecutive equal annual installments on each anniversary of
August 10, 1998, with the last such installment becoming due on August 10, 2002.
2. INTEREST. No interest shall accrue under the Note while both Makers
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continue in employment with the Company.
3. SPECIAL FORGIVENESS. For purposes of this special forgiveness provision,
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the special prepayment provision under Section 5, the acceleration provisions of
Section 7 and the employment requirements of Section 8 hereof, the principal
amount of this Note shall be divided into two portions, consisting of $350,000
("Principal Portion I") and $250,000 ("Principal Portion II"). Principal Portion
I shall be forgiven by the Company in a series of four (4) successive equal
annual installments upon Xx. Xxxxxx'x completion of each year of employment with
the Company measured from August 10, 1998, Xx. Xxxxxx'x date of hire. Principal
Portion II shall be forgiven by the Company in a series of four (4) successive
equal annual installments upon Xx. Xxxxxx'x completion of each year of
employment with the Company measured from August 10, 1998, Xx. Xxxxxx'x date of
hire.
In the event that, within twelve (12) months following the effectiveness of
a Change in Control (as defined below), Xx. Xxxxxx either (i) is terminated from
her employment without Cause (as defined below) or (ii) resigns from her
employment for Good Reason (as defined below), any remaining unpaid and
unforgiven amount of principal attributable to Principal Portion I shall be
forgiven in full on an accelerated basis at the time of such termination or
resignation. In the event that, within twelve (12) months following a Change in
Control, Xx. Xxxxxx either (x) is terminated from his employment without Cause
or (y) resigns from his employment for Good Reason, any remaining unpaid and
unforgiven amount of principal attributable to Principal Portion II shall be
forgiven in full on an accelerated basis at the time of such termination or
resignation. In the case of any resignation for Good Reason under this Note, the
Maker must specify in reasonable detail the basis for such resignation for Good
Reason and give the Company at least twenty (20) business days in which to
correct the circumstances prompting the resignation for Good Reason.
For purposes of applying the provisions of this Note, the following
definitions shall be in effect:
"CAUSE" shall mean (i) the repeated failure of the Maker to perform the
duties of that Maker's position with the Company in any substantial respect
following thirty (30) days prior notification in writing, (ii) the Maker's
conviction of a felony (other than a traffic violation) or of other criminal
conduct involving fraud, theft or any other act exhibiting serious moral
turpitude or (iii) any willful conduct by the Maker which has a material
adverse effect on the Company. A termination for any other reason shall be
considered a termination "without Cause."
"CHANGE IN CONTROL" shall mean (i) a merger or consolidation in which
securities possessing more than fifty percent (50%) of the total combined
voting power of the Company's outstanding securities are transferred to a
person or persons different from the persons holding those securities
immediately prior to such transaction; or (ii) the sale, transfer or other
disposition of all or substantially all of the assets of the Company in
complete liquidation or dissolution of the Company.
"GOOD REASON" shall mean (i) any reduction in the Maker's base salary,
unless such reduction is pursuant to a change in the Company's compensation
policies generally; (ii) a material adverse change in the nature of the
Maker's job duties; or (iii) a relocation of the Maker's base office, without
the Maker's consent, to an office that is more than fifty (50) miles from the
Maker's base office as of the date of this Note. A resignation by either
Maker under any other circumstances shall be considered a resignation
"without Good Reason."
4. PAYMENT. Payment shall be made in lawful tender of the United States and
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shall be applied first to the payment of all accrued and unpaid interest and
then to the payment of principal. Prepayment of the principal balance of this
Note may be made in whole or in part at any time without penalty.
5. SPECIAL PREPAYMENT PROVISION. On the earlier of the date Xx. Xxxxxx (i)
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is terminated from her employment for Cause or (ii) resigns from her employment
without Good Reason, any remaining unpaid and unforgiven amount of principal
attributable to Principal Portion I shall become immediately due and payable. On
the earlier of the date Xx. Xxxxxx (x) is terminated from his employment for
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Cause or (y) resigns from his employment without Good Reason, any remaining
unpaid and unforgiven amount of principal attributable to Principal Portion II
shall become immediately due and payable.
6. SECURITY; FULL RECOURSE. The proceeds of the loan evidenced by this
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Note shall be applied solely to the purchase of the Makers's principal residence
in the . Payment of this Note shall be secured by a Deed of Trust on
such principal residence, as such property is more particularly described in
Exhibit "A" to the Deed of Trust, a copy of which Deed is attached hereto as
Exhibit A. However, the Makers, jointly and severally, shall remain personally
liable for payment of this Note, and assets of the Makers, in addition to the
collateral under the Deed of Trust, may be applied to the satisfaction of the
Makers's obligations hereunder.
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7. EVENTS OF ACCELERATION. If any of the following events shall occur
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and be continuing, then the Company may, at its option and without notice to the
Makers or any other person, declare the entire outstanding principal balance of
this Note, together with any other sums that either Maker or the Makers may owe
to the Company under or in connection with this Note or otherwise, together with
accrued interest thereon, immediately due and payable:
A. the Makers's failure to pay when due any principal or interest
hereunder, including the Makers's failure to pay any amounts due
under Section 5 hereof, and such default is continuing for a
period of ten (10) or more days after notice thereof from the
Company to the Makers; or
B. the sale, transfer, mortgage, assignment, encumbrance or lease,
whether voluntarily or involuntarily or by operation of law or
otherwise, of the property covered by the Deed of Trust, or any
portion thereof or interest therein, without the prior written
consent of the Company; or
C. the insolvency of either Maker or the Makers, the commission of
any act of bankruptcy by either Maker or the Makers, the
execution by either Maker or the Makers of a general assignment
for the benefit of creditors, the filing by or against either
Maker or the Makers of any petition in bankruptcy or any petition
for relief under the provisions of the federal bankruptcy act or
any other state or federal law for the relief of debtors and the
continuation of such petition without dismissal for a period of
thirty (30) days or more, the appointment of a receiver or
trustee to take possession of any property or assets of either
Maker or the Makers, or the attachment of or execution against
any property or assets of either Maker or the Makers; or
D. the occurrence of any event of default under the Deed of Trust
securing this Note or any obligation secured thereby.
8. EMPLOYMENT REQUIREMENT. The benefits of the interest arrangements
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under this Note are not transferable by the Makers and are conditioned on the
future performance of substantial services by one or both of the Makers.
Upon Xx. Xxxxxx'x cessation of employment with the Company, interest
shall accrue on any unpaid and unforgiven principal balance attributable to
Principal Portion I, and upon Xx. Xxxxxx'x cessation of employment with the
Company, interest shall accrue on any unpaid and unforgiven principal balance
attributable to Principal Portion II, in each case at the minimum per annum
rate, compounded semi-annually, required to avoid the imputation of compensation
income to the Makers under the Federal tax laws.
For purposes of applying the provisions of this Note, each Maker shall
be considered to remain in the Company's employ for so long as that Maker
renders services as a full-time employee of the Company, any successor entity of
the Company or one or more subsidiaries of the Company in which the Company has
at least a fifty percent (50%) direct or indirect ownership interest.
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9. CERTIFICATION. The Makers each and together certify that the Makers
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reasonably expect to be entitled to and will itemize deductions for Federal
income tax purposes for each year the Note is outstanding.
10. COLLECTION. If action is instituted to collect this Note, the
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Makers promise, each individually and together, to pay all costs and expenses
(including reasonable attorney fees) incurred in connection with such action.
11. WAIVER. No previous waiver and no failure or delay by the Company
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in acting with respect to the terms of this Note or the Deed of Trust shall
constitute a waiver of any breach, default, or failure of condition under this
Note, the Deed of Trust or the obligations secured thereby. A waiver of any term
of this Note, the Deed of Trust or of any of the obligations secured thereby
must be made in writing and shall be limited to the express terms of such
waiver.
The Makers waive presentment, demand, notice of dishonor, notice of
default or delinquency, notice of acceleration, notice of protest and
nonpayment, notice of costs, expenses or losses and interest thereon, notice of
interest on interest, and diligence in taking any action to collect any sums
owing under this Note or in proceeding against any of the rights or interests in
or to properties securing payment of this Note.
12. CONFLICTING AGREEMENTS. In the event of any inconsistencies
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between the terms of this Note and the terms of any other document related to
the loan evidenced by the Note, the terms of this Note shall prevail.
13. GOVERNING LAW. This Note shall be construed in accordance with the
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laws of the State of California without resort to that State's conflict-of-laws
roles.
14. DUE ON SALE. If the Makers (or either of them) shall sell, convey
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or alienate the property covered by the Deed of Trust, or any part thereof, or
any interest therein, or shall be divested of his or her title or any interest
therein in any manner or way, whether voluntarily or involuntarily, without the
written consent of the Company being first obtained, then the Company shall have
the right, at its option, except as prohibited by law, to declare an
indebtedness or obligations secured hereby, irrespective of the maturity date
specified in any note evidencing the same, immediately due and payable. Consent
to one such transaction shall not be deemed to be a waiver of the right to
require such consent to future successive transactions.
MAKERS
/s/ Xxxxxxxxx X. Xxxxxx
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XXXXXXXXX X. XXXXXX
/s/ Xxxx X. Xxxxxx
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XXXX X. XXXXXX
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EXHIBIT A
DEED OF TRUST
5
RECORDING REQUESTED BY
Xxxxxx No. 98141222
AND WHEN RECORDED MAIL TO
Name
Street
Address
City &
State SPACE ABOVE THIS LINE FOR RECORDER'S USE
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SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS
(INDIVIDUAL)
(DUE ON SALE CLAUSE) A.P.N.___________
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THIS DEED OF TRUST, made this 7th day of October, 1998, between
Xxxxxxxxx X. Xxxxxx and Xxxx X. Xxxxxx, husband and wife, herein called TRUSTOR,
whose address is
(number and street) (city) (state) (zip)
North American Title Company, a California corporation, herein called
TRUSTEE, and
Covad Communications Group, Inc., herein called BENEFICIARY,
WITNESSETH: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS TO TRUSTEE IN
TRUST, WITH POWER OF SALE, that property in described as:
SEE ATTACHED EXHIBIT A
IF THE TRUSTOR SHALL SELL, CONVEY OR ALIENATE SAID PROPERTY, OR ANY PART
THEREOF, OR ANY INTEREST THEREIN, OR SHALL BE DIVESTED OF HIS TITLED OR ANY
INTEREST THEREIN IN ANY MANNER OR WAY, WHETHER VOLUNTARILY OR INVOLUNTARILY,
WITHOUT THE WRITTEN CONSENT OF THE BENEFICIARY BEING FIRST HAD AND OBTAINED,
BENEFICIARY, SHALL HAVE THE RIGHT, AT ITS OPTION, EXCEPT AS PROHIBITED BY LAW,
TO DECLARE AN INDEBTEDNESS OR OBLIGATIONS SECURED HEREBY, IRRESPECTIVE OF THE
MATURITY DATE SPECIFIED IN ANY NOTE EVIDENCING THE SAME, IMMEDIATELY DUE AND
PAYABLE. CONSENT TO ONE SUCH TRANSACTION SHALL NOT BE DEEMED TO BE A WAIVER OF
THE RIGHT TO REQUIRE SUCH CONSENT TO FUTURE SUCCESSIVE TRANSACTIONS.
TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the
right, power and authority given to and conferred upon Beneficiary by paragraph
(10) of the provisions incorporated herein by reference to collect and apply
such rents, issues and profits.
FOR THE PURPOSE OF SECURING: 1. Performance of each agreement of Trustor
incorporated by reference or contained herein. 2. Payment of the indebtedness
evidenced by one promissory note of even date herewith, and any extension or
renewal thereof, in the principal sum of $600,000 executed by Trustor in favor
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of Beneficiary or order. 3. Payment of such further sums as the then record
owner of said property hereafter may borrow from Beneficiary, when evidenced by
another note (or notes) reciting it is so secured.
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DO NOT RECORD/FOR INFORMATION PURPOSES
SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS (INDIVIDUAL)
The following is a copy of provisions (1) to (14), inclusive, of the
fictitious deed of trust, recorded in each county in California, as stated in
the foregoing Deed of Trust and incorporated by reference in said Deed of Trust
as being a part thereof as if set forth at length therein.
TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR AGREES:
(1) To keep said property in good condition and repair; not to remove or
demolish any building thereon; to complete or restore promptly and in good and
workmanlike manner any building which may be constructed, damaged or destroyed
thereon and to pay when due all claims for labor performed and materials
furnished therefor; to comply with all laws affecting said property or requiring
any alterations or improvements to be made thereon; not to commit or permit
waste thereof; not to commit, suffer or permit any act upon said property in
violation of law; to cultivate, irrigate, fertilize, prune and do all other acts
which from the character or use of said property may be reasonably necessary,
the specific enumerations herein not excluding the general.
(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
at option of Beneficiary the entire amount so collected or any part thereof may
be released 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 actions or proceeding in which Beneficiary or
Trustee may appear, and in any suit brought by Beneficiary to foreclose this
Deed.
(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,
the 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
incumbrance, charge or lien which in the judgement of either appears to be
prior to 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 amount allowed by law
in effect at the date hereof, and to pay for any statement provided for by law
in effect at the date hereof regarding the obligation secured hereby any amount
demanded by the Beneficiary not to exceed the maximum allowed by law at the time
when said statement is demanded.
(6) That 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 and
shall be paid to Beneficiary who may apply or release such moneys received by
him/her/them in the same manner and with the same effect as above provided for
disposition of proceeds of fire or other insurance.
(7) That by accepting payment of any sum secured hereby after its due date,
beneficiary does not waive his right either to require prompt payment
when due of all other sums so secured or to declare default for failure so to
pay.
(8) That 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 or plat
thereof; join in granting any easement thereon, or join in any extension
agreement or any agreement subordinating the lien or charge hereof.
(9) That upon written request of Xxxxxxxxxxx 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." Five years after issuance of such
full reconveyance, Trustee may destroy this document (unless directed in such
request to retain it).
(10) That as additional security, Trustor hereby gives to and confers upon
Beneficiary the right, power and authority, during the continuance of these
Trusts, to collect the rents, issues and profits of said property, reserving
unto Trustor the right, prior to any default by Trustor in payment of any
indebtedness secured hereby or in performance of any agreement hereunder, to
collect and retain such rents, issues and profits as they become due and
payable. Upon any such default, Beneficiary may at any time without notice,
either in person, by agent, or by a receiver to be appointed by a court, and
without regard to the adequacy of any security for the indebtedness hereby
secured enter upon and take possession of said property or any part thereof, in
his/her/their own name sue for or otherwise collect such rents, issues and
profits, including those past due and unpaid, and apply the same, less costs and
expenses of operation and collection, including reasonable attorney's fees, upon
any indebtedness secured issues and profits and the application thereof as
aforesaid, shall not cure or waive any default or notice of default hereunder or
invalidate any act done pursuant to such notice.
(11) That 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 to be sold said property, which notice Trustee
shall cause to be filed for record. Beneficiary also shall deposit with Trustee
this Deed, said Note and all documents evidencing expenditures secured hereby.
After the lapse of such time as may then be required by law following the
recordation of said notice of default, and notice of sale having been given as
then required by law, Trustee, without demand on Trustor, shall sell said
property at the time and place 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, express 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 the repaid, with accrued interest at the amount allowed by law in effect at
the date hereof; all other sums then secured hereby; and the remainder, if any,
to the person or persons legally entitled thereto.
(12) Beneficiary, or any successor in ownership of any indebtedness secured
hereby, may from time to time, by instrument in writing, substitute a successor
or successors to any Trustee named herein or acting hereunder, which instrument
executed by the Beneficiary and xxxx acknowledged and recorded in the office of
the recorder of the county or counties where said property is situated, shall be
conclusive proof of proper substitution of such successor Trustee or Trustees,
who shall, without conveyance from the Trustee predecessor, succeed to all its
title, estate, rights, powers and duties. Said instrument must contain the name
of the original Trustor, Trustee and Beneficiary hereunder, the book and page
where this Deed is recorded and the name and address of the new Trustee.
(13) That this Deed applies to, inures to the benefit of, and binds all
parties hereto, their heirs, legatees, devisees, administrators, executors,
successors, and assigns. The term Beneficiary shall mean the owner and holder,
including pledgees, of the Note secured hereby, whether or not named as
Beneficiary herein. In this Deed, whenever the context so requires, the
masculine gender includes the feminine and/or neuter, and the singular
number includes the plural.
(14) That trustee accepts this Trust when this Xxxx, xxxx 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.
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TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR AGREES: By the execution
and delivery of this Deed of Trust and the note secured hereby, that provisions
(1) to (14), inclusive, of the fictitious deed of trust recorded in Santa
Xxxxxxx County and Sonoma County October 18, 1961, and in all other counties
October 23, 1961, in the book and at the page of Official Records in the office
of the county recorder of the county where said property is located, noted
below opposite the name of the county, viz:
COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE
ALAMEDA 435 684 KINGS 792 833 PLACER 895 301 SIERRA 29 335
ALPINE 1 250 LAKE 362 39 PLUMAS 151 5 SISKIYOU 468 181
XXXXXX 104 348 LASSEN 171 471 RIVERSIDE 3005 523 XXXXXX 1105 182
BUTTE 1145 1 LOS ANGELES T2055 899 SACRAMENTO 4331 62 SONOMA 1851 689
CALAVERAS 145 152 MADERA 810 170 SAN XXXXXX 271 383 XXXXXXXXXX 1715 456
COLUSA 296 617 MARIN 1508 339 SAN BERNARDINO 5567 61 SUTTER 572 297
CONTRA COSTA 3978 47 MARIPOSA 77 292 SAN FRANCISCO A332 905 TEHAMA 401 289
DEL NORTE 78 414 MENDOCINO 579 530 SAN XXXXXXX 2470 311 TRINITY 93 366
EL DORADO 568 456 MERCED 1547 538 SAN XXXX OBISPO 1151 12 TULARE 2294 275
FRESNO 4626 572 MODOC 184 851 SAN MATEO 4078 420 TUOLUMNE 135 47
XXXXX 422 184 MONO 52 429 SANTA XXXXXXX 1878 860 VENTURA 2062 386
HUMBOLDT 657 527 MONTEREY 2194 538 SANTA XXXXX 5336 341 YOLO 653 245
IMPERIAL 1091 501 NAPA 639 86 SANTA XXXX 1431 494 YUBA 334 486
INYO 147 598 NEVADA 305 320 SHASTA 684 528
XXXX 3427 60 ORANGE 5889 611 SAN DIEGO SERIES 2 BOOK 1961, PAGE 183887
(which provisions, identical in all counties, are printed on attached herewith)
hereby are adopted and incorporated herein and made a part hereof as fully as
though set forth herein at length; that he will observe and perform said
provisions; and that the references to property, obligations, and parties in
said provisions shall be construed to refer to the property, obligations, and
parties set forth in this Deed of Trust.
The undersigned Trustor requests that a copy of any Notice of Default and of
any Notice of Sale hereunder be mailed to him at his address hereinbefore set
forth.
STATE OF CALIFORNIA
COUNTY OF Santa Xxxxx SS. Signature of Trustor
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On December 3, 1998 before me, /s/ Xxxxxxxxx X. Xxxxxx
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Xxxxx Xxxxxxxxx, personally appeared /s/ Xxxx X. Xxxxxx
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Xxxxxxxxx X Xxxxxx and
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Xxxx X. Xxxxxx
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personally known to me 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. [NOTARIAL SEAL APEARS HERE]
Signature /s/ Xxxxx Xxxxxxxxx (This area for official notarial seal)
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FOR RECONVEYANCE SEND TO THE NEAREST OFFICE OF NORTH AMERICAN T1TLE COMPANY
REQUEST FOR FULL RECONVEYANCE
TO BE USED ONLY WHEN NOTE HAS BEEN PAID.
Dated________________________________
TO NORTH AMERICAN TITLE COMPANY, Trustee:
The undersigned is the legal owner and holder of all indebtedness secured by
the within Deed of Trust. All sums secured by said Deed of Trust have been fully
paid and satisfied; and you are hereby requested and directed, on payment to you
of any sums owing to you under the terms of said Deed of Trust, to cancel all
evidences of indebtedness, secured by said Deed of Trust, delivered to you
herewith together with said Deed of Trust, and to reconvey, without warranty, to
the parties designated by the terms of said Xxxx of Trust, the estate now held
by you under the same.
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MAIL RECONVEYANCE TO:
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(By)
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(By)
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Do not lose or destroy this Deed of Trust OR THE NOTE which it secures.
Both must be delivered to the Trustee for cancellation before reconveyance will
be made.
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