EXHIBIT 10.2
RECORDING REQUESTED BY:
AND WHEN RECORDED MAIL TO:
NAME
USA COMMERCIAL MORTGAGE,
STREET A NEVADA CORPORATION
ADDRESS 0000 XXXXXXXX XXXX, XXX. 000
XXX XXXXX, XX 00000
CITY
STATE
ZIP
ASSESSOR'S PARCEL NO:
TITLE ORDER NO: R-164540-6
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ESCROW NO: 30092- MCA
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THIS SPACE FOR RECORDER'S USE ONLY
SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS
This Deed of Trust, made this 27th day of March 1998, between
TRUSTOR: INCO HOMES CORPORATION, A DELAWARE CORPORATION
whose address is 0000 XXXX XXXXX XXX XXXXXX, XX 00000
(number and street) (city) (state) (zip)
TRUSTEE: ORANGE COAST TITLE COMPANY, a California corporation, and
BENEFICIARY: USA COMMERCIAL MORTGAGE, A NEVADA CORPORATION
, herein called BENEFICIARY
Witnesseth: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS TO TRUSTEE
IN TRUST, WITH POWER OF SALE, that property in the County of State of
California, described as:
XXX 00 XX XXXXX 0, XX XXX XXXX XX XXXX XXXXXXXX, COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA AS PER MAP RECORDED IN BOOK 250, PAGES 70 THROUGH 75 INCLUSIVE OF
MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. EXCEPTING THEREFROM
ALL SUBSURFACE WATER RIGHTS AS DEDICATED TO THE CITY OF LAKE ELSINORE ON THE
OWNERS STATEMENT OF SAID AMENDING MAP OF TOWN OF LUCERNE.
TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the
right, power and authority hereinafter 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 $ 120,000.00 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.
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 counties October 23, 1961,
in the book and 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 such county, vis.:
COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE
Alameda 435 684 Kings 000 000 Xxxxxx 000 00 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 000 000 Xxxxxx 000 000 San Xxxxxx 271 383 Stanislaus 1715 456
Colusa 296 617 Marin 1508 339 San Bernardino 5567 61 Xxxxxx 572 297
Contra Costa 3978 47 Mariposa 77 292 San Francisco A332 905 Tehama 401 000
Xxx Xxxxx 00 000 Xxxxxxxxx 579 530 San Xxxxxxx 2470 311 Trinity 93 366
El Dorado 568 456 Merced 1547 538 Xxx Xxxx Xxxxxx 0000 12 Tulare 2294 275
Fresno 4626 572 Modoc 184 851 San Mateo 4078 420 Tuoloumne 000 00
Xxxxx 000 000 Mono 52 429 Santa Xxxxxxx 1878 860 Ventura 2062 386
Humbolt 657 527 Monterey 2194 538 Santa Xxxxx 5336 341 Yolo 653 245
Imperial 1091 501 Napa 639 86 Santa Xxxx 1431 494 Yuba 000 000
Xxxx 000 000 Nevada 305 320 Shasta 000 000
Xxxx 0000 60 Orange 5889 611 San Diego Series 2, Book 1961, Page 183887
(which provisions, identical in all counties, are printed on the reverse of the
first page of this form) hereby are adopted and incorporated herein and made
part hereof as fully as though set forth herein at length; that he will observe
and perform said provisions; and that 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.
In accordance with Section 2924b, Civil Code, request is hereby made that a copy
of any Notice of Default and a copy of any Notice of Sale hereunder be mailed to
Trustor at Trustor's address hereinbefore set forth, or if none shown, to
Trustor at the property address.
NOTICE: A COPY OF ANY NOTICE OF DEFAULT AND OF ANY NOTICE OF SALE WILL BE SENT
ONLY TO THE ADDRESS CONTAINED IN THIS RECORDED REQUEST. IF YOUR ADDRESS CHANGES,
A NEW REQUEST MUST BE RECORDED.
Should Trustor sell, convey, transfer, or dispose of, or further encumber said
property, or any part thereof or any interest therein, voluntarily or
involuntarily, without the written consent of Beneficiary being first had and
obtained, then Beneficiary shall have the right, at its option, to declare all
sums secured hereby forthwith due and payable.
Signature of Trustor(s)
Dated March 26, 1998 INCO HOMES CORPORATION,
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A DELAWARE CORPORATION
STATE OF CALIFORNIA ) BY: /s/ Xxxxx X. Xxxx
COUNTY OF SAN BERNARDINO )/ss/ ---------------------------------
On March 27, 1998 before me Xxx X. Xxxxxxxx IT'S: CFO
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personally appeared Xxxxx X. Xxxx
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personally known to me (or proved to me on the basis
of satisfactory evidence) 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.
Signature /s/ Xxx X. Xxxxxxxx (This area for official notary seal)
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