RecDoc2020-044709CONF - Laserfiche WebLink

Browse Search

RECORDING REQUESTED BY: City of Redwood City When Recorded Mail Document To: Estate of Barbara Estrada 719 Beech Street Redwood City, CA 94062 Attn: Christina Dias, Executor With a Copy to: City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attn: City Clerk 2020-044709 CONF 4:03 pm 05/15/20 R6 Fee: 32.00 Count of pages 6 Recorded in Official Records County of San Mateo Mark Church Assessorl� our#y Clerk -Recorder IIIII I I 11T11 f11 pill Illf I Ilii 1111110 1111111111111 $ R 0 0 0 2$ 5 7 7 6 4$* APN: 053-242-040 SPACE ABOVE THIS LINE FOR RECORDER'S USE TERMINATION OF LOAN AGREEMENT AND RELEASE This Termination of Loan Agreement ("Agreement") is made on April 13, 2020 by and between the CITY OF REDWOOD CITY, A CHARTER CITY AND MUNICIPAL CORPORATION ("City") and THE ESTATE OF BARBARA ESTRADA ("Estate") (collectively referred to herein as the "Parties"). RECITALS WHEREAS, BARBARA ESTRADA was the original Borrower ("Original Borrower") and THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY, the original Lender ("Original Lender"), under that certain loan agreement titled SHARED APPRECIATION LOAN AGREEMENT — REDWOOD CITY FIRST TIME HOMEBUYER PROGRAM dated May 31, 2001 and, recorded as Instrument Number 2001-112367 on July 24, 2001, in Official Records of the County of San Mateo, State of California (the "Loan Agreement'); and WHEREAS, the purpose of the Loan Agreement was to provide the Original Borrower with financial assistance in order to purchase certain real property with the address of 719 Beech Street, Redwood City, California and more particularly described in Exhibit "A", attached hereto and incorporated by reference (the "Property"); and WHEREAS, under the Loan Agreement, the Original Lender agreed to lend and the Original Borrower agreed to pay the amount of One Hundred Thousand Dollars ($100,000), as evidenced by a note and deed of trust; and WHEREAS, the City is the successor in interest to the Original Lender under the Loan Agreement, and WHEREAS, the Original Borrower has passed away since the execution of the Loan Agreement. Christina Dias is the daughter of the Original Borrower and Executor of the Estate ("Executor"); and WHEREAS, on behalf of the Estate, Executor has repaid in full the amount due to the City under the Loan Agreement, and concurrently with this Notice of Termination of Loan Agreement, the City is executing a Substitution of Trustee and Deed of Reconveyance; and REV: 04-13-2020 PR ATTY/AGR.2020.063/Loan Payoff for Barbara Estrada, 719 Beech (Page 1 of 6)