HomeMy WebLinkAboutRESO 6580t •.
• , ••• -t~ ·-~ : >" • • ORIGINAL
RESOLUTION NO. ~
RESOLUTION OF THE COUNCIL OFITY OF PALO ALTO
APPROllllG TKE LOAM AND ll>TE AND DEED OF TRUST ~VIDEMCING SAME
TOGETHEJt WI1~ AUTHORIZATION TO CARRY OUT R£LA1ED ACTIVITIES
WHEREAS, the City of Palo Al to has entered into and extended a •Memraad1.111
uf Intent Set.een the City of Palo Alto and W111fa• Zaner r.egard1ng Hou~ng
Auf stance for Hfs Employment as Cf ty Manager-•, dated the 31st day of Aug•t.
U79; and
WHEREAS, W1111u Zaner fs refinancing pro~rty pursuant to safd Mew>rand• at 945 Colorado .Avl'!lllue, Palo Alto., C.lifornfa;
NOW. TllacEFOIE ~ ihe Council of the Ci ty of Pa 1 o A 1 to ddes reso he as
fol lows~
SEtTlON 1. Tbe form of the praissory note and Deed of Trust by Willia•
Zaner 1n fiyor of 9e Cft.y of Palo Alto is hereby approved.
SUU. 2. Tiie Mayor fs hereby authorized to reconvey the or1giMl note ud
Deed OIT&it ._ld by the: City Clerk of the City of Palo Al~ as Trustee mder
that aeH of Trust secur111g the ..-.t of $130,125.00 dated Sep't.:elltler 24, 1984
rec:or4ld Oft SeptllltMtr 25, 1984 as doc.-nt #8198674 in the Recorder's Off1:e 1n
the County of Ssata Clara.
SECTIOI 3. The Director of Fhtance fs ttereby authorized to fund the new
loan ti inHa• Zaner autttorizecl '1 1:he &pproprfatfon ordinance Hc>pted bere-
wttll.
SECTIOI 4. Tbe ctty At• •Y is llentby autherized to bsue appropt9iat.e
fnstrueflons tiO aay escrow llGlder 1D cam out the 111tent of thh resolutfoa.
INTROOUCEO Am Paso: December 22, 1986
AYES: Cobb,Fletcher, Klein, Levy., Patitucci, Renzel. Woolley
MOES: None
ABSTENTIOllS: None
ASSENT:. Beth~l s Sutodus
ATT£ST: · Ci~~/
APPlOVW AS 10 FORM:
1" "" I "r • •
PIUMISSORY MOTE .. NILLIAM ZAllER
MOTIC£ TO BORROWER: THIS OOClltEMT CONTAINS A VARIABLE INTEREST RATE
No. City Manager (Zaner)
Palo Alto. taltfornta
$139.388.88
OP.celllber _. 1986
The undersfgned has recei·;ed a loan of One Hundred Thh·ty-Nine Thousand
Three Hundr~d Eighty-Eight ~o11ars and Eighty-Eigbt Cents !$139~388.88) fro11 the
City of Palo Alto. a 111nfcipal corporation. and prntses 1D repay such loan. The
undersi!:fned also premise$ to pay inter&st,. ~inning the date of this 110te. at
the inf tfal rate of 10.00S for part of the loan not paid. A payment of the loan
altd interest wtll be •de in lawful .:ney of Ule Unite1i States of Merica ·for
thirty (30) year period onuncing Jan-.ry 1. 1.987 .. at Which ti• •11 w theft
reaining wtPli.id under tllfs no• are to be .. id. Tiie rate of interest and the
a110unt of mntltly paJllHt 5Mll be recalculated ~ tfty in accordance with the
provf~tons of Att.achmnt •A• attaciled -llereto anc:l incorporated herein by refenmce
as Ulough fully •t forth. and City 5M11 notify the undersigned in writing :.f
any change in U. interest rate and mnthlJ payaent at least ten (10) 4ays prior
to the effectl•e claa of such cknges. Tiie 1n1t1•1 paJlleftt wll be One nous.and
Two Huadred ltlenty-lbn!e Oolbrs ucl 28 teats {Sl.223.28) plus sue" additional
amunt of said paymeat prorated accordf~ 1D tile nullber of days that ttrls note fs
in force .ud effect prior 1D Jaauary 1. 1987. llotiftcation by City that the -.....te
of interest Md -.t1111 pa~t Mn been ctaAged shall autc.atfcally incorporate
said daft9e5 into tllis note fOt" purposes of evaluating ""9etltev' the undersigned
has dtfaa1'1ed a:t ·this note. Eidt of u.e mntllly paymn'tS. ~ µid. sball be
applied first to the pa.,_t of faterest KQ"Ued. Uli tbeft tile balance 1D the
pa,.eftt of U. loan. ·
If any of Ule .. Utly pa,_..ts Oft the loa» shall not ~ ,.td wllen the sa11e
beeom----s due .,. 1f default be •cle under tlle Deed of Trust sec~tng U. 110te. theft
or aAJ ti• tillereafter tile 11119ole of Ule -...14 principal and interest owing on
this note. ud also Ute whole of tM unpaid principal and interest owing an every
other note secured by satd 9eed of trust. sllal 1. at Ule election ot the bolder
her'e\lf and wiU..t notice, becw twdiatel1 due anti. paJable.
If tllfs •te is *>t paid when due er ff any otlter event of default occurs.
t.b£ ..-..Sfg-4 premises tD pay all costs Gf collection. 1ncltld1ng. but nc>t limi-
ted to. mlSOlllble attor...ys fees fltCan"ed by th pa,ee of Utfs note to enforcl
the tena url COftd f t10AS beret•• .-1:11er ar not sudl eaforceif.";oftt fnc 1 udes 1he
COE!ttee-t of • lawsu1 t.
• ........ •
-2-
Upon sale. transfer. hypothecatton. assignment or encuabrance. whether vol-
untary, involuntary or by operation of bw, or all or any part of the property
described in the O<!ed of Tra.st securing this note or any interest 1n said proper-
ty, then at f ts sol'! optf on the payee hereof •Y, by wri tten not1 ee to the \ftler-
s 1 gned, declare the whole of the unpaid principal, 1nte1'est and charges owtng on
this note fmedfately due and payable. except to the extent that such accelera-
tion and fn such particular circc.mstances where ex.ercf se of such right by the
payee hereof fs prohibited by law. Tbe provisions in thf s paragraph shall pre-
vail notwtthstandfng any contrary provisions fn any other fnstr&aent which
evidences the indebtedness specified in tMs note. The under!'f gned shall notff~·
the ,_yee hereof promptly fn writing of atty transaction or event whid1 •Y ghe
rise to a right ol acceieratfon hereunoe_r. The llldersfgneJ shall PIY to payee
all <'a•ges payee sustains by reasOll of the breach of the covenant of notice set
forth in thf s par.agnplt.
Thf s note fs secured by a. Deed of Trust bearing even date herewith.
Attached to U.1-s Promissory tlot.e is Attact.nt .. A. entitled •Me..-anclt• of
Intent Between the City of Palo Alto ar.cl Willia• Zaner Regarding Housing
Assistance For Hfs Ellploymen't as City llllnager0 which fs hereby lACurpOrated here-
in as through fully Sl;!t forth.. All term and condithms of said Attachllleat shall
be applicable to Ut1s h'oaissory lote ..
inHu Ziner
_ I at:tnowleclge receipt and understanding of Attachmnt •A• entitled
•..._..,.anclua of Intent Betweft Ute Cit., of falo Alto and Willia• laftef" -Regardfftt
-Housing Au1staace For His EmplOJmellt. · u City Nanager• elated August 31. 1979.;· I
accept said ~t.
in'Tf n, liner
•
STATE OF CALlFORNIA
COUNTY OF SANTA CLARA
ss.
•
-3-
On thts day of ·• 19· • before me, a Notary Public ;n and
for sa 1 d County and State. personally appeared Wi 111 am Zaner. knoi.m to me to be
the person whose name fs subscrf oed to the within instrument ~nd acknowledg~d to
• that he executed the same.
IN WITNESS WHEREOF, l have hereunto set 1IY hand &nd affixed my official ~,al
the cky &nd year last above wrf tten.
JIOtary r>u61f c fn amt for said
County and State
.. ... . ....
•. ·
... . . •
•
•
i ~-
i
'. '.
• !
r •
r :
.· ... • •
1late Of Intere•t. The·rate 0£ inte~est on the loan
a'hiit bi • lied annuaii on tbe ann1~r~sa da•e
.... . .
I
.. -
.a '
.. ....
. .
-
I
' .• .. • "''
fees ahall be chargd again•t ZARER. %.AJ'EJl •hall obtain • title report which endorse• CITY .. a banefi~i~ on the title in•ur~ce
i-oUq. ZAllD •hall obtalr.. at hi• expenPe, fire i1tsur.l'lCc baaed _ wpon cu pwchue price of the rea1dence with CITt •• lienef:..cury
to ebe extent of its loan.
ZAJml eull olttain •t ht. aptiUe• (1) a termite ed other
~tior-.. ..._d ~ccH&ry !»)'ctn'. end (2) an ,appraisal of the
ftlue of the •tiscle f•ilY reddeftce b7 ml appr&iHr acceptable
to Ctt'Y. l'll cbe event ctn cletnaint•. ill die earctse of :tu dis-
creti?n. tbat 1U loan u Mt adequatel7 Hcured because of defecu
b tha r~idedc~. hC*uae of def ecu u tUle. or becimi-.t of a lov
appraual. CITt ,,.., Y>efue• to loan auy put or all or u. -;us.ooo.
F. Foreclosure. C1TI' aba.11 U.. •11 ri&hts to fot·e·
clon&n tbat a:!it pur~nt to law.
G. 1.oan Due On Sale On ~l~t Tel'aiution. Arty 1oa. obtatne4 bj Wi iu accorAaiee t~• agraeaent wll be--=-due and pa. yable upon ••1• of die ~cbe .. d residence in whole
or 1.ll •• Jn thi• regard UER. aclcn0w1e41gea the boldiug if: Vall Y. Bank of Allerica. !l Cal • .ld 94! (1971). mid agrees
St s io.m la not asFaab:.e ~ any nb1eque11.t buyar in that it
la. 11t,,ectflcally M&OciaHd M • pal"C Of the C~ty _.~:~er•s C'*Pen·
ntloa, tbat the pa,roll dethictiOa provieioro'! .. c~ •• ae~rtey co
tM benefit of~. ad that tbe aener•l • . .tpecu of the Cicy ~e,:/Ci~ Council nlatiouMp tadi.cate that die loan ta
. lubiO'ad £or ZAJID al.one • ._.Cher. it b a&T'ffd that ,._ t.,...nation of :AllER • • .-.
ploJMAt .. ctcy ~er for cm. ibe loan ahall 'be payable . Wic!Wl as.ae~ (90) ·u7a. . ··
a. Pr!p!J!!!!t · ~ :'..efiunc_!g_. ZAHEl .. ,. prepay at D7 dN all or a ponloi~oan recelWd vttlwNt penalty.
At auch ct.. ~"t Che Sa~t 'l'at• which ZARER could obtaitl ta die open 90S'tpg6. 9Uket: S.. ·9q111valetat co or leH than din
rate ""1.cb ZAN£ll •• ncet.taa pcll"8'Mnt co Cla1a qreaent. ZA."'t:Jl shaU
t'tlp&y hill loan and¥°~. l'OT pmpo ... of Ch1s paragraph, che
Clptl!'I ..n..t rat• •hall k t:1ll ..,_ MdAt race ....,.. ... ovex • talw4Cnth puicMI. . ·
l. -.:mthl~t. Ullla aball wtborlu CITY to arJte
an autwtic ~oltOln eo CD'ftr t:he 90athly locr:. paJDent, bch dec1ucticn •ball ha'ft prtorU.y O¥U all other deductions ex-
cept co 'tbe aunt tMc nm ocber dedllcUoDa ue recaund by law.
J'a,..at• eull k ..-mace -.atl\l.7 :ao: lat:ar r..b.a:n ~e fifteenth
(lSth) day of cu 110nth. A pealty of lour percent. (t.~) of tbe
maetlll.7 -...~ a. staall 'be ~bl• U ..,. saa,.nt is iau.
3. YNr 1'.nd Stat.__t. cm •ball provide ZAM?:Jl a 7e.c.r era4 eca1:9ent A&itii iSi ~•paid co prt.us,p.1 and tt.e aount Jlld.d CD ia~t.
• F-. Sn!!!! hrchaH. Ill neop1!ion 14 the fut 'tU~
Mm aun ~iiOii l1a P&lo Alto t7' S.,c.ber '· U7t. and
_,_
" :
·.
....... • • •
-1 not have aple Dp?Ortuniey to locate a fully asU.1f'actory
residence within Palo Alto. CtTY 'Ifill allow ZA!9E1l to ~tUhe his loan .. thor1.&at1on •hould be purch&•• a ba.t f.n Pe\o A1to and ther~·
after deaire to relocate in anot!Mtr falo Alto •lagl• b•ilY residen<'e
within •1Xt7 (.60) 110nth• of hi.a cOBlllftC.ant of aiplO}'Sllent v1.tb rato Alto •. Tbe um of che eecond loan •hal-\ lie ~onu-o11ed by t.he
prorialDN of tbb ..-orand\91• proricS« 1:Ut ZAllEll aun acll Ilia ~l Palo Alto r••idene• .,..4 entS.S.-~ repay .o CIT! it• f1~at
loaD.
4. DIVALIDlTT OF LOAN. la Ue ..,_t ddc M90T9!1dm. ud
lta loan authOrtzadon •bO\ild 1lif" beld ~Ud. CITY and ZANn agree
to diacvs alternative c~ation; .....,,.r. weh &lurnat1YH are
WS.tld.n Ctn'• diacretion and ZAJllEI. ha9 • .,..aud r11~t to .iuna-uw compeuaeloc..
cm ar JAU> ALm
. ...
. . . .
.. "' ... "'
j
•
ffM RECORDEO MAIL TO:
C1t¥ of Palo Alto/ktl Estate
P.O. Box 10250
Palo Alto. CA 94303
Recorded at no charge ta
accordance •1ttl Gcwern11ent
Code section 6103
•
THIS AECOHVUAICE IS MP£ tllh _____ day Decellber. 19!,t. Wt1ER£AS,
tllil fft49btlodaffs s.cw9d tr a.at ceriafn DHd of Trust da• S!J>tellber 25, 1984,
•• l'llJ ltllltp zu.r to u. cu.y c1.n of the Cit,x of Palo Al~ as nusru.
raca'Cleld • Ste_..,. H. 1.!U u DDc ... nt lhlllller 8~98674 of Dfffcfal Re'°"ds fn
tM Offfce of a. ea.tr "9corcler of Santa Clara Coartty1 ca11ton11. .... beH
fully patd alld satisfied.
• THU£fOll£. t• CllftSlditrdi• of ~ i;:a,,_..t, Clle rKftfpt of litlicfl is
~ lckHWlHgecl. u.e ctsy Clerk of tile City of Palo Jl1D b TRUSTEE, does
...,.., ,... ... release Hd re~vey. wtu.o.tt •rn•t~. •to tM persoo er ~s
legally Ht1t1ed. u.reto. an dlf est.lite ta u. ,.._.. ... clescr1bed 111 safd Deed
of Trust. reteruce ~fag ller'eb! ··Ide tD aid Deoc.t of Trust for a 11rttcular-
d11Scr1ptt• ef .... ~ .....
lW liUTI£$$ lllUEOF, De 111,or of satd TIDSTU. Jiii caused Its ..._ to be
..,...to aff1MCI tile •r Dill JMr ftrst .a.owe .. tt..-!.
CITY tF ?ALO ALTO
1. lllllltfctp.al CorporatfOll
Sii1or lisfstaat cl~ ntOl'ii,
IEC,_W.D Fell J.PHOYAL:
STATE OF CAL!FORNIA
County of
•
) >n
)
•
· Cm this----day of----• in the year 19 .. before me. t Notary
Public in and for said County and State, personally appeared --~----·
personally known to ·me (or proved to 11e on the basis of satisfactory evidence l to
be the person who executed thf s i nstrment as ------------of the
City of Palo Atto and acknowledged that said corPoration executed the same.
IN llITIESS tOIEREOf. I have Mretmto set llY hand ~'Id afff xed "Y offfcia 1 sea 1
the day and year in this certiftc-!'.te first written above.
NOtiry Public 1n ana for sa14 COUnly
~~6/85:14.2
.•. -_ ·, , ·r:: .
.,, ....... ' .....