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MEMORANDUM OF ASSIGNMENT OF NOTE, DEED OF TRUST AND LOAN DOCUMENTS

Assignment Agreement

MEMORANDUM OF ASSIGNMENT OF NOTE, DEED OF TRUST AND LOAN DOCUMENTS | Document Parties: SHOPOFF PROPERTIES TRUST, INC. | AWARE DEVELOPMENT COMPANY, INC | Croudace  Dietrich LLP | Springbrook Investments, LP | SPT REAL ESTATE FINANCE, LLC | Vineyard Bank, NA You are currently viewing:
This Assignment Agreement involves

SHOPOFF PROPERTIES TRUST, INC. | AWARE DEVELOPMENT COMPANY, INC | Croudace Dietrich LLP | Springbrook Investments, LP | SPT REAL ESTATE FINANCE, LLC | Vineyard Bank, NA

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Title: MEMORANDUM OF ASSIGNMENT OF NOTE, DEED OF TRUST AND LOAN DOCUMENTS
Governing Law: California     Date: 9/11/2009

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Exhibit 10.1

RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:

Croudace & Dietrich LLP
4750 Von Karman
Newport Beach, California 92660
Attention: Debra M. Dietrich, Esq.

 

(space above line for recorder’s use)

MEMORANDUM OF ASSIGNMENT
OF NOTE, DEED OF TRUST AND LOAN DOCUMENTS

      THIS MEMORANDUM OF ASSIGNMENT OF NOTE, DEED OF TRUST AND LOAN DOCUMENTS (this “ Memorandum ”) is made as of August 24, 2009, by AWARE DEVELOPMENT COMPANY, INC., a California corporation (“ Aware ”), in favor of SPT REAL ESTATE FINANCE, LLC, a Delaware limited liability company ( “SPT” ), with respect to the following.

     Concurrently herewith, and for good and valuable consideration, Aware has irrevocably assigned to SPT all of Aware’s right, title and interest under that certain loan made by Vineyard Bank, N.A., a national banking association (“ Bank ”) to Springbrook Investments, L.P., a California limited partnership agreement (“ Borrower ”), in the original principal amount of $5,187,000 (as heretofore modified, the “ Vineyard Loan ”).

     Aware and SPT wish to cause this Memorandum to be recorded to give notice of the Assignment and the terms thereof, including the terms set forth herein.

     The Vineyard Loan is evidenced by a promissory note executed by Borrower in the original principal amount of the Vineyard Loan, and is secured by a Deed of Trust recorded on March 31, 2006 under Document Number 2006-0229400; Modification of Deed of Trust recorded on May 26, 2006 under Document Number 2006-0386956; Modification of Deed of Trust recorded on June 2, 2006 under Document Number 2006-0405304; Modification of Deed of Trust recorded on September 26, 2006 under Document Number 2006-0709116 and Modification of Deed of Trust recorded on February 15, 2008 under Document Number 2008-0077706 all of which are recorded in the Official Records of Riverside County, California, encumbering the Real Property described on Exhibit “A” attached hereto. This Memorandum is notice of the assignment of all of the same and all other rights of Aware in connection with the Vineyard Loan.

     This Memorandum is not intended to modify or alter in any way the terms and conditions of the Assignment and in the event of any conflict between the Assignment and this Memorandum, the Assignment shall prevail in all respects.

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“Assignor”:


AWARE DEVELOPMENT COMPANY, INC.,
a California corporation

 

 

 

By:  

/s/ Charles Ware  

 

 

 

CHARLES WARE 

 

 

 

      (Print Name and Title) 

 

 

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State of California      )
County of Orange      )

On August 24, 2009 before me, Terri Hovdestad, Notary Public, personally appeared Charles Ware, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature /s/ Terri Hovdestad                                         (Seal)

 


 

EXHIBIT A

LEGAL DESCRIPTION OF REAL PROPERTY

Real property in the City of Riverside, County of Riverside, State of California, described as follows:

PARCEL 1 (349-170-003):

GOVERNMENT LOT 4 IN THE SOUTHEAST 1/4 OF SECTION 22, TOWNSHIP 5 SOUTH, RANGE 4 WEST, SAN BERNARDINO MERIDIAN, IN THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, ACCORDING TC THE OFFICIAL PLAT THEREOF.

EXCEPT THAT PORTION INCLUDED WITHIN THAT PORTION DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHEAST CORNER OF HOMESTEAD QUARTZ MINE, KNOWN AS LOT 39, IN SAID SECTION 22; THENCE NORTH, TO THE SOUTH LINE OF THE NORTHEAST 1/4 OF SAID SECTION; THENCE WEST, TO THE INTERSECTION OF SAID SOUTH LINE OF THE NORTHEAST 1/4 OF SAID SECTION WITH THE NORTH LINE OF SAID LOT 39; THENCE SOUTHEASTERLY FOLLOWING THE NORTH LINE OF SAID LOT 39, TO THE POINT OF BEGINNING.

ALSO EXCEPTING THE EASTERLY 690 FEET OF SAID GOVERNMENT LOT 4.

ALSO EXCEPTING THE SOUTHERLY 530 FEET.

EXCEPTING THEREFROM 1/2 OF ALL OIL, GAS AND MINERAL RIGHTS, RESERVED IN THE DEED RECORDED FEBRUARY 23, 1972 AS INSTRUMENT NO. 23316 OF OFFICIAL RECORDS.

PARCEL 2: (349-170-004):

THE NORTHERLY 330 FEET OF THE EASTERLY 690 FEET OF GOVERNMENT LOT 4 IN THE SOUTHEAST 1/4 OF SECTION 22, TOWNSHIP 5 SOUTH, RANGE 4 WEST, SAN BERNARDINO MERIDIAN, IN THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, ACCORDING TO THE OFFICIAL PLAT THEREOF;

EXCEPT THAT PORTION INCLUDED WITH THAT PORTION DESCRIBED AS FOLLOWS:

THE WESTERLY 60 FEET OF SAID EASTERLY 690 FEET FOR ROAD AND WIND VISIBILITY PURPOSES;

EXCEPTING THEREFROM 1/2 OF ALL OIL, GAS AND MINERAL RIGHTS, RESERVED IN THE DEED RECORDED FEBRUARY 23, 1972 AS INSTRUMENT NO. 23314 OF OFFICIAL RECORDS.

PARCEL 3 (349-170-005):

THE SOUTH 330 FEET OF THE NORTH 660 FEET OF THE EASTERLY 690 FEET OF GOVERNMENT LOT 4 IN THE SOUTHEAST 1/4 OF SECTION 22, TOWNSHIP 5 SOUTH, RANGE 4 WEST, SAN BERNARDINO BASE AND MERIDIAN.

EXCEPTING THEREFROM 1/2 OF ALL OIL, GAS AND MINERAL RIGHTS, RESERVED IN THE DEED RECORDED FEBRUARY 23, 1972 AS INSTRUMENT NO. 23314 OF OFFICIAL RECORDS.

PARCEL 4 (349-170-006):

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THE SOUTH 1/2 OF THE EASTERLY 690 FEET OF GOVERNMENT LOT 4, IN THE SOUTHEAST 1/4 OF SECTION 22, TOWNSHIP 5 SOUTH, RANGE 4 WEST, SAN BERNARDINO MERIDIAN, IN THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, ACCORDING TO THE OFFICIAL FIATS THEREOF

EXCEPTING THE SOUTHERLY 330 FEET OF SAID EASTERLY 690 FEET OF GOVERNMENT LOT 4.

EXCEPTING THEREFROM 1/2 OF ALL OIL, GAS AND MINERAL RIGHTS, RESERVED IN THE DEED RECORDED FEBRUARY 23, 1972 AS INSTRUMENT NO. 23314 OF OFFICIAL RECORDS.

PARCEL 5 (349-170-008):

THE EASTERLY 1/2 OF THE SOUTHERLY 560 FEET OF GOVERNMENT LOT 2 IN THE SOUTHEAST 1/4 OF SECTION 22, TOWNSHIP 5 SOUTH, RANGE 4 WEST, SAN BERNARDINO MERIDIAN, IN THE COUNTY Of


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