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On October 25, 1985, the following documents were recorded in
the San Diego County Recorder's Office: (1) A full reconveyance by
the bank to Balmac of the Escondido property which had previously
been conveyed to the bank to secure Balmac's $1.1 million loan; and
(2) a deed of trust with respect to a portion of the Escondido
property executed by Balmac in favor of the bank to secure Balmac's
note for $3 million covering a portion of the Escondido property.
On February 7, 1986, a partial reconveyance by WTC, as
Trustee, to Balmac with respect to the property securing the deed
of trust that had been recorded on July 31, 1985, was recorded in
the San Diego County Recorder's office. On April 18, 1986: (1) A
full reconveyance by WTC, as Trustee, to Balmac with respect to
the remaining acreage of the Escondido property that had not been
released or sold to Palomar; and (2) a grant deed from Balmac to
Palomar for that portion of the Escondido property that was sold to
Palomar, were recorded in the San Diego County Recorder's office.
Development of Wine Ridge Industrial Park
A total of 44.25 acres of the Escondido property was
developed and sold as lots (including the property sold to
Palomar). All negotiations regarding the sale of these lots were
undertaken by Balmac. All correspondence regarding the
negotiations for the sale, and all documents related to the sale of
these lots were signed by petitioner, as president of Balmac.
Balmac signed the deeds to all sold lots.
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Last modified: May 25, 2011