Loan Agreement for 1320 W 87th St CA
Loan Agreement for 1320 W 87th St CA
DO NOT DESTROY THIS ORIGINAL NOTE: When paid, this original Note together
with the Deed of Trust securing it must be surrendered to Trustee for cancellation
before a reconveyance will be made.
The loan evidenced by this Note was arranged by TransUnited Financial Services, INC, a real estate
broker licensed in the State of California and is therefore exempt from usury. It is the intention of the
Borrower and Lender to conform strictly to applicable usury laws. Accordingly, if the transaction
contemplated hereby would be usurious under applicable law then, in that event, notwithstanding
anything to the contrary in this Note, or in any other agreement entered into in connection with or as
security for this Note, it is agreed as follows: (i) the aggregate of all consideration which constitutes
interest under applicable law that is contracted for, charged or received under this Note or under any
other agreement or instrument executed in connection with this Note shall under no circumstance exceed
the maximum amount of interest allowed by applicable law, and any excess shall be credited on this Note
by the holder hereof (or, if this Note shall have been paid in full, refunded to the Borrower); and (ii) in the
event that the maturity of this Note is accelerated by reason of an election of the holder hereof resulting
from a default under this Note or otherwise, or in the event of any required or permitted prepayment, then
such consideration that constitutes interest may never include more than the maximum amount allowed
by applicable law, and excess interest, if any, provided for in this Note or otherwise shall be cancelled
automatically as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited
on this Note (or, if this Note shall have been paid in full, refunded to the Borrower).
I understand that the Lender may transfer this Note. The Lender or anyone who takes an interest in this Note by transfer
and is entitled to receive payments under this Note will be called the “Note Holder(s)”. The provisions and language in the
deed of trust are incorporated into this note with the same force and effect as if they were actually set forth herein.
All payments received on this Note shall be applied pro rata in proportion to the interest held by each of the Note Holders..
Interest will be charged on the part of the principal which has not been paid. Interest will be charged from the date of
deposit of funds and continuing until the full amount of principal and Interest has been paid. I also agree to pay interest at
the above rate on the prepaid finance charges which are part of the principal.
2) PAYMENTS
If the FIRST payment due on this note will differ from subsequent payments due to odd interest days interest,
amendments to this note, or Escrow Instructions, that amount will be $THE SAME. If the payment is the same, the words
“THE SAME” will be filled in.
I will pay ■ interest only; □ principal and interest in monthly installments of__ $3,698.14
I will make my payments beginning on the 1st day of each month beginning ____February 1, 2024
I will make these payments every month until January 1, 2027 (the “Due Date”). On the Due Date I will still Owe:
$407,498.14. On the Due Date I will pay all the amounts I owe under this note, in full, on that date. I will make monthly
payments to the address designated by the Note Holder or a different address if I am notified by the Note Holder.
Any money paid will first be credited to delinquencies or late fees due, if any, then to interest due, then to principal. Any
advances or unpaid delinquencies or late fees will be added onto the principal balance and bear interest at the same rate
as specified in Paragraph 1 of this note.
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(2) Even if, at a time which I am in default, the Note Holder does not demand that I pay immediately in full as
described above, The Note Holder will still have the right to do so if I am in default at a later time. If there is
more than one Note Holder, any one Note Holder can exercise any right under this Note, in the event of a
default. A default upon any interest of any Note Holder shall be a default upon all interests
8) CHANGES
This note may in the future be extended and/or terms changed if both the borrower and the holder
agree in writing and execute and sign an amendment stating the new or changed terms. Said
amendment shall then be incorporated into this note and secured by the existing Deed of Trust.
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Bananas Group Enterprises, LLC Date
December 18, 2023
Bananas Group Enterprises, LLC, of Los Angeles, California hereby state under oath that:
The undersigned further represents and acknowledges that they will indemnify and hold harmless
See “Addendum A for Beneficiary Information” for any claim, suit, cause of action, loss or
damages including legal fees incurred, which it suffers due to reliance on these representations.
Executed this ____ day of December 2023, under the penalties of perjury.
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Bananas Group Enterprises, LLC Date
December 18, 2023
This loan provides for 35 payments of; interest only in the amount of
$3,698.14.
Assuming that all the monthly payments have been paid exactly on the
date that each is due, a final payment of the then outstanding principal plus
all earned interest remaining unpaid (Balloon Payment).
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Bananas Group Enterprises, LLC Date
Loan Number 2312LC
For value received, the undersigned (the “Borrower”) agree(s) that the following
provisions shall be incorporated into and shall be deemed to amend and supplement
the note made by the Borrower in favor of: See Addendum A for Beneficiary
Information (the “Lender”) and dated as of even date herewith (the “Note”). To the
extent that the provisions of this Prepayment Charge Note Addendum (the “Addendum”)
are consistent with the provisions of the note, the provisions of this Addendum shall
prevail over and shall supersede any such inconsistent provisions of the Note.
If within 6 Months from the date of execution of the Security Instrument I make a Full
Prepayment or a Partial Prepayment, I will at the same time pay to the Note Holder a
prepayment charge. In no event will such a charge be made if is expressly prohibited by
state or federal law. The prepayment charge will be equal to SIX (6) months advance
interest on the amount of any prepayment that, when added to all other amounts
prepaid during Six (6) month period immediately preceding the date of prepayment,
exceeds 20% (twenty percent) of the original principal amount of this Note.
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Bananas Group Enterprises, LLC Date
Loan Number 2312LC
LC Equity Group, INC will be servicing your loan for the property mentioned above.
Your first payment is due on February 1st, 2024 and after payments are due the 1st day of each month
and after the 10th day of each month a late charge of 10 percent will be added.
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Bananas Group Enterprises, LLC Date
Loan Number 2312LC
NOTE ADDENDUM
The undersigned (the “Borrower/s”) agree(s) that the following provisions shall be
incorporated into and shall be deemed to amend and supplement the note made by the
Borrower in favor of: See Addendum A for Beneficiary Information (the “Lender”). If all or
any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in
Borrower is sold or transferred and Borrower is not a natural person) without Lender’s prior
written consent, Lender may, at its option, require immediate payment in full of all sums
secured by this Security Instrument. However, this option shall not be exercised by Lender if
exercise is prohibited by state or federal law as of the date of this Security Instrument.
If Lender exercises the option to require immediate payment in full, Lender shall
give Borrower notice of acceleration. The notice shall provide a period of not less
than 30 days from the date the notice is delivered or mailed within which
Borrower must pay all sums secured by this Security Instrument. If Borrower fails
to pay these sums prior to the expiration of this period, Lender may invoke any
remedies permitted by this Security Instrument without further notice or demand
on Borrower.
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Bananas Group Enterprises, LLC Date
December 18, 2023 Loan Number 2312LC
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additional costs, expenses, and loss of asset value that Lender would incur by reason of the
Borrower’s default and the additional compensation Lender is entitled to receive for the
increased risks of nonpayment associated with a delinquent/defaulted loan. Borrower further
acknowledges that this provision is the result of negotiation with Lender during which the
borrower either had the assistance of counsel of borrower’s choice, or the opportunity to use such
counsel, whether or not borrower chose to do so. Borrower acknowledges that this provision was
a material inducement to Lender’s making this loan and to the interest rate received on the loan.
During any period that the Negotiated Rate is in effect, the additional interest accruing over and
above the rate stated in the Note may be immediately due and payable in addition to the regularly
scheduled principal and interest payments at Lender’s discretion. The accruing and/or charging
of interest at the Negotiated Rate is at Lender’s sole discretion and direction on whether to
charge said increase of interest rate. Further, Lender, within its sole discretion may choose to
charge the Negotiated Rate on an amount less than the unpaid principal balance.
This increase of interest rate is separate and apart from any late charges that are due and payable
under the Note. Lender may charge both late charges for delinquent payments and principal due
at maturity and interest at the Negotiated Rate on principal and advances when there is any
defaulted payment, unpaid amounts due at maturity and for any other Events of Default as
delineated in the Note and/or in the loan documents.
If this provision is found to be an invalid penalty when applied to the entire principal balance of
the loan, the provision shall still apply to any amounts in arrears, including but not limited to any
matured amounts, balloon payments or advances under the Note and Deed of Trust.
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Bananas Group Enterprises, LLC Date
AND WHEN RECORDED MAIL TO:
LC Equity Group, Inc
5737 Kanan Road, #559,
Agoura Hills, CA 91301
Between Bananas Group Enterprises, LLC, as a sole and separate property, whose address
presently 146 West 95th, Los Angeles, CA 90003, herein called TRUSTOR and ASHWOOD TD
SERVICES LLC, A CALIFORNIA LLC, herein called TRUSTEE and See “Addendum A” for Beneficiary
Information, herein called BENEFICIARY.
Property Commonly Known as: 1320 West 87th St, Los Angeles, CA 90044 – APN: 8458-001-047
TOGETHER WITH the rents, issues and profits thereof, subject, however, to the right, power and
authority hereinafter given to and conferred upon Beneficiary to collect and apply such rents, issues and
profits.
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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 therefore; 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, fumigate, 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 action 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, then 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 encumbrance, charge or lien which in the judgment of either appears to be
prior 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 the 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 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.
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(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 Beneficiary 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."
(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 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 hereby, and in such
order as Beneficiary may determine. The entering upon and taking possession of said property, the
collection of such rents, 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 his 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 then 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 duly 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
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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 Deed, duly 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.
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.
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Bananas Group Enterprises, LLC Date
A notary public or other officer completing this certificate verifies only the identity of
the individual who signed the document to which this certificate is attached, and not
the truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA )
) SS.
COUNTY OF _________________________ )
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________________________________
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