Loading...
HomeMy WebLinkAboutD1989-A - Daniels 3057 S Higuera Space 97 Deed, Note, AgreementCITY OF SAN LUIS OBISPO, CALIFORNIA MOBILEHOME PARK ASSISTANCE PROGRAM SECURITY AND PLEDGE AGREEMENT In consideration of the agreements of the parties hereafter set forth, the undersigned Borrower grants to the Secured Party a security interest in the collateral described in paragraph (3) and delivered or the documents constituting Borrowers title thereto having been delivered, into the possession of the secured party. The security interest under this agreement secures payment of all of the Borrower's indebtedness, including debts, obligations or liabilities which now exist or are hereafter created, and whether they are absolute or contingent, and includes future advances. 1. BORROWER: Jack Linton Daniels and Anne Sarah Daniels 3057 South Higuera, Space 97 San Luis Obispo, CA 93401 2. SECURED PARTY: City of San Luis Obispo P. O. Box 8100 San Luis Obispo, CA 93403-8100 3. DESCRIPTION OF COLLATERAL: 1974 Delux, Serial #S1048U, Decal #'s LF6495 and LF 6496 4. WARRANTIES AND REPRESENTATIONS: Borrower warrants as follows: a. Title. Borrower has title to the collateral pledged b. Auth-Qrity to Borrow. Borrower has authority to enter into this agreement and the person signing it is authorized by debtor to execute the agreement. C. Collateral. The collateral is genuine, and free from default, defenses and conditions. All persons obligated upon the collateral have authority and capacity to contract. If the collateral or part of it consists of chattel paper, the collateral which is the subject of such chattel paper is perfected and preserved. d. Okher lnfor-niation. The information supplied by the Borrower to the secured party is true and correct. IrV-A- OCT 06 2020 SLO CITY CLERK �ti� tS CITY OF SAN LUIS OBISPO, CALIFORNIA MOBILEHOME PARK ASSISTANCE PROGRAM SECURITY AND PLEDGE AGREEMENT In consideration of the agreements of the parties hereafter set forth, the undersigned Borrower grants to the Secured Party a security interest in the collateral described in paragraph (3) and delivered or the documents constituting Borrowers title thereto having been delivered, into the possession of the secured party. The security interest under this agreement secures payment of all of the Borrower's indebtedness, including debts, obligations or liabilities which now exist or are hereafter created, and whether they are absolute or contingent, and includes future advances. 1. BORROWER: Jack Linton Daniels and Anne Sarah Daniels 3057 South Higuera, Space 97 San Luis Obispo, CA 93401 2. SECURED PARTY: City of San Luis Obispo P. O. Box 8100 San Luis Obispo, CA 93403-8100 3. DESCRIPTION OF COLLATERAL: 1974 Delux, Serial #51048U, Decal #'s LF6495 and LF 6496 4. WARRANTIES AND REPRESENTATIONS: Borrower warrants as follows: a. Title. Borrower has title to the collateral pledged b. Authority to Borrow. Borrower has authority to enter into this agreement and the person signing it is authorized by debtor to execute the agreement. C. CoIlateral. The collateral is genuine, and free from default, defenses and conditions. All persons obligated upon the collateral have authority and capacity to contract. If the collateral or part of it consists of chattel paper, the collateral which is the subject of such chattel paper is perfected and preserved. d. Other Information. The information supplied by the Borrower to the secured party is true and correct. 5. COVENANTS AND AGREEMENTS: Borrower covenants and agrees as follows: a. Payment. Borrower will pay the indebtedness promptly when due and will repay immediately all expenses, including reasonable attorney's fees and legal expenses, incurred by the secured party under the agreement, together with interest at seven (7%) from the date of expenditure. b. Financial Condition. Borrower will not bring and will not permit to be brought a proceeding in bankruptcy, receivership or similar proceeding concerned with voluntary or involuntary liquidation, reorganization or dissolution, nor will it make an assignment for the benefit of creditors, or become insolvent. C. Information and Documents. Upon the Secured Party's demand Borrower will establish the correctness of information supplied and will execute agreements, assignments or documents necessary or advisable to carry out the purposes of this security agreement. d. Sale, Lease or Dis osition. Borrower will not sell, contract to sell, lease, encumber or dispose of the collateral pledged under this agreement until the indebtedness is charged without the Secured Party's consent. e. Defense of Title. Borrower will appear and defend each action and proceeding which may affect the Secured Party's interest in the collateral. f. Appointment of Secured Party as Attorney in Fact. Borrower appoints the Secured Party as Borrower's attorney in fact to do any act which Borrower is obligated by this agreement to do, and to exercise the rights that the Borrower may exercise under this agreement, to use the collateral pledged as debtor might use it and to protect and preserve the secured party's rights under this agreement and in the collateral. Borrower agrees to reimburse the Secured Party for expenses which it may incur while acting as Borrower's attorney in fact. g. Secured Party's Power over Collateral. Borrower authorizes secured party to perform every act which the secured party considers necessary to protect and preserve the collateral and the secured party's interest in it. This authority includes, but is not limited to entering into extension, deposit, merger or consolidation agreements, compromising disputes and repledging collateral. h. Assignment of Collateral and Profits and Proceeds. Borrower assigns for the term of this agreement all of its rights to use of the collateral and to the use of the profits or proceeds from the collateral, including stock rights, rights to subscribe, dividends, stock dividends, stock splits, liquidating dividends and interest Borrower agrees to deliver to Secured Party any property which Borrower receives which represents an increase in the collateral or profits or proceeds from the collateral. Waivcr. Borrower waives any right to require the secured party to proceed against another person or to exhaust the collateral or to pursue any other remedy which the secured party may have. Borrower waives presentment, demand for performance, notice of nonperformance, protest, notice of protest, and dishonor with respect - to the collateral. Borrower waives the right to require the secured party to preserve rights against prior parties to instruments or chattel paper. Security and Pledge Agreement 2 6. DEFAULT AND REMEDIES. Borrower agrees that if (a) a warranty or representation is false; (b) Borrower violates any covenant or agreement; or (c) Secured Party in good faith considers itself insecure because the prospect of payment is impaired, or the prospect of performance of an agreement or covenant is impaired or the value or priority of the Security Interest is impaired, the Security party had the rights and remedies provided by the California Uniform Commercial Code and to the extent provided by law may: a. Expenses. Incur expenses, including reasonable attorney's fees and legal expenses, to exercise any right or power under this agreement. b. Performance of Borrower's Oblijzations. Perform any obligation of the Borrower and may make payments, purchase, or compromise any encumbrance, charge or lien, and pay taxes and expenses. C.Set-off . Exercise rights of set-off. d. Default. Declare that a default has occurred. e. Acceleration. Declare that the entire indebtedness is immediately due and payable. f. Suit. Disvosition of Collateral and Application of Proceeds. Sue the Borrower or any other person or entity liable for the debt, retain the collateral in satisfaction of the obligation, dispose of the collateral, and apply the proceeds of disposition, including provision for reasonable attorney's fees and legal expenses incurred by secured party. 7. RULES OF CONSTRUCTION: The parties understand and agree that: a. Time of Essence. Time is of the essence of this agreement. b. Waiver. It is not a modification of this agreement or a waiver of a similar default if the Secured Party accepts a partial or delinquent payment or fails to exercise a right or remedy. C. Assignment. This agreement applies to and shall inure to the benefit of the secured party's successors and assigns and binds the Borrower's successors and assigns. d. Multiple Parties. If more than one Borrower signs this agreement, it is agreed that wherever "Borrower" appears in the agreement it means "each Borrower" and that the breach by one Borrower may at the Secured Party's option be treated as a breach by all Borrowers. The liability of each Borrower is joint and several and the discharge by one Borrower or an extension, forebearance, or acceptance, release or substitution of security or impairment of the Secured Party's remedies or rights against one Borrower does not affect the liability of any other Borrower. Each Borrower waives the right to require the Secured Party to proceed against one Borrower before any other, or to pursue any other remedy in the Secured Party's power. Security and Pledge Agreement 3 8. CROSS DEFAULTS OTHER LOAN DOCUMENTS. Borrower covenants. This Security Agreement is given in connection with a loan made to the Borrower by the Secured Party for the acquisition of or the continued use and occupancy of a mobilehome and the related right to use the mobilehome park space and related facilities of the mobilehome park occupied or to be occupied by Borrower. This agreement is intended to give Secured Party an interest in all personal property and all personal property rights of Borrower in and to such mobilehome, the rights of occupancy in such mobilehome park and the right to related mobilehome park facilities. Contemporaneously with the execution of this agreement Borrower has executed a note evidencing Borrowers indebtedness (the "Note"), and a Deed of Trust in favor of Secured Party covering any collateral given by Borrower to Secured Party which may be characterized as real property for purposes of California law. Borrower agrees that any default in the performance of Borrower's obligations under the Note and Deed of Trust shall constitute a default under the terms of this agreement, entitling secured party to utilize any or all of the remedies provided herein in the event of Borrower's default. Provided however, that Secured party will not fully dispose of any property of Borrower pledged pursuant to the provisions of paragraph (3) of this agreement until such time as it shall have acquired Borrower's interest in and to the real property secured by the Deed of Trust. .44rJ ..�! B<piower B y:.�7f-,-� -�� ids _rx Borrower 3oS e� _ 't Sri Zt Property Address Security and Pledge Agreement 4 Loan No. 89-001 CITY OF SAN LUIS OBISPO MOBILEHOME PARK ASSISTANCE PROGRAM NOTICE TO BORROWER THIS DOCUMENT CONTAINS PROVISIONS RESTRICTING ASSUMPTIONS, IS SECURED BY A DEED OF TRUST AND HAS A BALLOON PAYMENT. PROMISSORY NOTE $ 15,967.00 October 16, 1989, FOR VALUE RECEIVED, the undersigned (individually or collectively "Borrower") promises to pay the City of San Luis Obispo (together with its successors in interest herein referred to as the "City"), or Holder, the principal sum of Fifteen thousand nine hundred sixty seven Dollars, ($ 15,967.00 ), with interest on the unpaid principal balance from the date of this Promissory Note ("Note") until paid, at the rate of seven percent (7%) per annum. Principal and interest shall be payable at the principal office of the holder hereof, 990 Palm Street, San Luis Obispo, California 93401. Payment shall be made as follows: One payment of principal and accrued interest (Balloon Payment), totaling $ 49,497.70 due on October 16 2019 1. BORROWER'S OBLIGATION. This note evidences funds loaned to Borrower to acquire and own, or to continue to own and occupy that certain mobilehome, and related real and personal property interests in such mobilehome, the mobilehome park space occupied by such mobilehome, the Borrower's membership rights in any homeowner's association or cooperative corporation pertaining to the mobilehome, (collectively the "Property") as are described in that certain deed of trust (the "Deed of Trust") and security and pledge agreement (the "Security Agreement") dated as of this date and securing the indebtedness of Borrower evidenced by this Note. PRINCIPAL PLACE OF RESIDENCE. BORROWER WARRANTS THAT BORROWER WILL OCCUPY THE PROPERTY AS BORROWER'S PRINCIPAL RESIDENCE AND THAT FAILURE TO DO SO SHALL CAUSE ALL PRINCIPAL AND INTEREST ON THIS NOTE TO BECOME IMMEDIATELY DUE AND PAYABLE. 3. ACCELERATION. In the event of default under this Note, the entire principal amount outstanding and accrued interest thereon will at once become due and payable at the option of the Note holder. The date specified will be not less than thirty (30) days from the date notice is mailed. The Note holder may exercise this option to accelerate this Note during any default by Borrower regardless of any prior forbearance. If suit is brought to collect this Note, the Note holder shall be entitled to collect all reasonable costs and expenses of suit, including, but not limited to attorney's fees, including fees paid to the Attorney General of the State of California. 4. APPLICATION OF PAYMENTS. Borrower may prepay, without penalty, the principal amount of this Note outstanding in whole or in part at any time. Any partial prepayment will be applied first against accumulated interest and then against the principal amount outstanding. No prepayment will postpone the due date of the scheduled payment unless the Note holder otherwise agrees in writing. 5. BORROWER'S WAIVER. Presentment, notice of dishonor, and protest are hereby waived by all makers, sureties, guarantors and endorsers hereof. This Note is the joint and several obligation of all makers, sureties, guarantors and endorsers, and shall be binding upon them and their successors and assigns. 6. NOTICES. Any notice to Borrower provided for in this Note will be given by mailing such notice by certified mail addressed to Borrower at the property address stated below, or at such other address as Borrower may designate by notice to Note holder. Any notice to the Note holder will be given by mailing such notice by certified mail, return receipt requested, to the Note holder at the address stated in the first paragraph of this Note, or at such other address as may have been designated by notice to Borrower. 7. PROHIBITION AGAINST TRANSFER OF INTEREST. Incorporation by reference is hereby made of the provisions of the Deed of Trust and Security Agreement including but not limited to the right of acceleration upon prohibited transfer of the Property, set forth and defined in the Deed of Trust and Security Agreement, which provide in pertinent part as follows: LOAN NOT ASSUMABLE, TRANSFER OF PROPERTY PROHIBITED: LIMITED EXCEPTIONS. Where City administered funds continue to be used in financing the purchase or continued use of the Property, no transfer of the Property will be permitted, and no successor in interest to the Borrower(s) will be permitted to assume the Borrower's loan evidenced by this Note, unless the written consent of the City Promissory Note 2 to the transfer has been first obtained. No such consent will be given by the City except in the following limited circumstances: (1) The transfer results from the death of a Borrower and the transfer is to the surviving spouse of the Borrower and the surviving spouse is also a Borrower; (2) A transfer by a Borrower to his or her spouse when the spouse becomes by such transfer a co-owner of the Property; (3) A transfer of the Property resulting from a decree of dissolution of the marriage or legal separation or from a property settlement agreement incidental to such a decree which requires the Borrower to continue to make payments on the Note and by which a spouse who is already a Borrower becomes the sole owner of the Property. (4) A transfer by a Borrower to an inter vivos trust in which the Borrower is the sole beneficiary. (5) A transfer by means of encumbering the Property with a lien which is junior to the lien securing the loan evidenced by this Note to Borrower. Any other transfer of the Property shall constitute a material breach of this agreement, and the total principal and interest shall become immediately due. Bo wer Borrower ,mot G= ,l`6.5 _ �]4 7 A c'jat --# -1-7 'd" - 1•�41 j�21) t Address of Borrower Promissory Note 3 CITY OF SAN LUIS OBISPO, CALIFORNIA MOBILEHOME PARK ASSISTANCE PROGRAM FAIR LENDING NOTICE To: All applicants for a loan for the purchase of a mobilehome site Under the Housing Financial Discrimination Act of 1977, it is unlawful for a financial institution to refuse to make a loan or to offer less favorable terms than normal (such as a higher interest rate, larger down payment or shorter maturity) based on any of the following: 1. Neighborhood characteristics (such as the average age of the homes or the income level in the neighborhood) except to limited extent necessary to avoid unsafe and unsound business practice. 2. Race, sex, or color, religion, marital status, national origin or ancestry. It is also unlawful to consider, in appraising a residence, the racial ethnic or religious composition of a particular neighborhood, whether or not such composition is undergoing change or is expected to undergo change. If you wish to file a complaint, or if you have any questions about your rights, contact: RN Office of Fair Lending 600 South Commonwealth, 15th Floor Los Angeles, CA 90005 Office of Controller of the Currency Attention: Consumer Complaint Department 50 Fremont Street, Suite 3900 San Francisco, CA 94105 When you file a complaint, the law requires that you receive a decision within 30 days. I/We have received a copy of this-nro-ticee. Buyer/Borrower:/ Date: /fir lfG Buyer/Borrower: -Yc�c1 Date: f $' '2 ESCROW STATEMENT BUYER'S CLOSING STATEMENT ESCROW NO: 4053-CV97-CA DATE: NOVEMBER 9, 1989 PAGE: 1 OF 1 * * * * * * * * * * * * * * * * * * * * * * * * * * * LOOKING TO MAKE MORE FROM YOUR INVESTMENT DOLLARS? ASK ANY ESCROW OFFICER TO INTRODUCE YOU TO AN "INVESTMENT NETWORK OF AMERICA" ACCOUNT EXECUTIVE. * * * * * * * * * * * * * * * * * * * * * * * * * * * BUYER: JACK LINTON DANIELS AND ANNE SARAH DANIELS PROPERTY: 3057 SO. HIGUERA ST. #97, SAN LUIS OBISPO, CA 93401 DEBIT CREDIT Total Consideration 30,418.00 Deposits by Buyer 207.00 1st Trust Deed: State of California 15,209.00 2nd Trust Deed: City of San Luis Obispo 15,967.00 PRORATIONS Taxes @ $97.57/semi-annual Fr 11/09/89 to 01/01/90 28.19 H.O. Assoc. @ $69.00/monthly Fr 11/09/89 to 12/01/89 50.60 Space rent @ $306.22/monthly Fr 11/09/89 to 12/01/89 224.56 ESCROW FEES Escrow Base Fee 225.00 Doc. prep. 50.00 TITLE CHARGES Title Policy 200.00 Loan Policy 150.00 Reconveyance fee 10.00 Doc. fee 7.50 End. 100.12 40.00 RECORDING FEES Grant Deed 7.00 Trust Deed 34.00 DOCUMENTARY TRANSFER TAX County 33.55 ADDITIONAL CHARGES HCD 6.00 REFUND DUE BUYER 347.72 TOTALS 31,607.56 31,607.56 * PLEASE RETAIN THIS STATEMENT FOR INCOME TAX PURPOSES * Escrow Services have been provided by: EL CAJON ESCROW SERVICES 151 Van Houten Ave. El Cajon, CA. 92020 CAROLE ADAM.S Escrow Officer ( 619 ) 441--3400 IflBank of America STATEMENT ESC-110 696 Bank of America NTBSA. Member FDIC 41, tie.cordng reque,,.,tLted by OU96TA TDTL� GUARANTY W . FREE RECORDING REQUESTED PURSUANT TO GOVERNMENT CODE SECTION 27383 WHEN RECORDED PLEASE MAIL TO: CITY OF SAN LUIS OBISPO 990 Palm Street P.O. Box 8100 San Luis Obispo, CA 93403-8100 (Space above this line for Recorder's Use) DOC. NO. 76055 OFFICIAL RECORDS SAN LUIS OBtSpO CO., CA NOV 0 9 1989 FRANCIS M. COONEY County Clerk-13ewrder TIME 8:60 AM Loan No. 89-001 CITY OF SAN LUIS OBISPO MOBILEHOME PARK ASSISTANCE PROGRAM NOTICE TO BORROWER THIS DEED OF TRUST CONTAINS PROVISIONS RESTRICTING ASSUMPTIONS DEED OF TRUST WITH ASSIGNMENT OF RENTS THIS DEED OF TRUST, made this 16th day of October 1989 , among the Trustors Jack Linton_ Daniels and Anne Sarah Daniels (individually and collectively 'Borrower"), and Cuesta Title Guaranty Company ("Trustee"), and the Beneficiary, the City of San Luis Obispo, whose address is set forth above (together with its successors in interest referred to herein as the "City"). BORROWER, in consideration of the indebtedness herein recited and the trust herein created, irrevocably grants and conveys to Trustee, in trust, with power of sale, the property located in the County of San Luis Obispo, State of California, described in Exhibit "A" attached hereto and made a part hereof by reference; TOGETHER with all the improvement now and hereafter erected on the Property, and all easements, rights, appurtenances, and all fixtures now or hereafter attached to the Property covered by this Deed of Trust; and all of the foregoing, together with said property are herein referred to as the "Property"; TO SECURE to City the repayment of the indebtedness evidenced by Borrower's promissory note dated October 16 , 1989 (the "Note"), in the principal sum of Fifteen thousand nine hundred sixty seven Dollars ($ l 5 9 7.00 , with interest thereon, due and payable on October I6 91 2019 ; the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Deed of Trust; and the performance of the covenants and agreements of Borrower herein contained, and in a Security Agreement between Borrower and City of even date herewith. This Deed of Trust is junior and second in lien to a deed of trust in the amount of $15,209.00, in favor of State of California, Department of Housing and Community Development, which is being recorded concurrently herewith. VOL 3412PAGE412 BORROWER AND CITY COVENANT AND AGREE AS FOLLOWS: 1. Borrower'g Estate. That Borrower lawfully owns the estate hereby conveyed and has the right to grant and convey the Property and Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any declarations, easements, or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring City's interest in the Property. 2. Payment of Princ_ioal and_Interest. Borrower will promptly pay when due the principal of and interest on the indebtedness evidenced by the Note and late charges as provided by the Note. 3. APnlication of Payments. Unless applicable law provides otherwise, all payments received by City under the Note and payments of Funds will be applied by City first in payment of taxes and assessments, then to interest payable on the Note, and then to the principal of the Note. 4. Junior Encumbrances. Any subsequent encumbrancer of the Property is hereby notified that upon exercise of any power of sale or foreclosure by encumbrancer, such encumbrancer will take title to the Property subject to this Deed of Trust, and more specifically, subject to paragraph 12 of this Deed of Trust prohibiting assumptions of the loan made by City to Borrower, except as specified in said paragraph. 5. 9harimb Liens. Borrower will pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Deed of Trust, at or prior to the time they are required to be paid, by Borrower making payment, directly to the payee thereof. Borrower will promptly furnish to Lender receipts evidencing such payments. Borrower will promptly discharge any lien which has priority over this Deed of Trust; provided, that Borrower will not be required to discharge any such lien so long as Borrower will agree in writing to the payment of the obligation secured by lien in a manner acceptable to City or will in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 6. Hazard Insurance. Borrower will keep the improvement(s) now existing or hereafter erected on the Property insured in such amounts and for such periods as City may require, which amounts shall be greater of (1) the outstanding principal balance of the Note plus the amount of any other loan for or secured by the property, (2) the amount, in City's determination, necessary to prevent Borrower from becoming a co-insurer, or (3) the amount of the replacement cost of the Property. The insurance carrier providing this insurance shall be licensed to do business in the State of California and be chosen by Borrower subject to approval by City; provided, that such approval will not be unreasonably withheld. All insurance policies and renewals thereof will be in a form acceptable to City and will include a standard mortgagee clause with standard endorsement number 438BFU in favor of and in a form acceptable to City. Unless City and Borrower otherwise agree in writing, insurance proceeds will be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Deed of Trust is not thereby Deed of Trust ki VOL 3 412 PAGE 413 impaired. If such restoration or repair is not economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds will be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to City within thirty (30) days from the date notice is mailed by City to Borrower that the insurance carrier offers to settle a claim for insurance benefits, City is authorized to collect and apply the insurance proceeds at City's option either to restoration or repair of the Property or to the sums secured by this Deed of Trust. Unless City or Borrower otherwise agree in writing, any such application of proceeds to principal will not extend or postpone the due date of the payment referred to above. If the Property is acquired by City, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition will pass to Lender to the extent of the sums secured by this Deed of Trust immediately prior to such sale or acquisition. 7. Pre ry lion and M2 jin(cnanct; of Pro rt Condominium, Cooucratives, Planned Unit Dcvelot)mcnts. Borrower will keep the Property in good repair and will not commit waste or permit impairment or deterioration of the Property. If this Deed of Trust is on a unit in a condominium, a planned unit development, or cooperative, Borrower will perform all of Borrower's obligations under the declaration or covenants, conditions and restrictions, creating or governing the condominium, planned unit development, or cooperative, the bylaws and regulations of the condominium, planned unit development, or cooperative and constituent documents. Borrower will not, without City's prior written consent, agree to the abandonment or termination of the condominium, planned unit development or cooperative, any change in the percentage interest of owners in the common areas and facilities of the condominium, planned unit development, or cooperative or the termination of professional management and assumption of self -management of the condominium, planned unit development, or cooperative. If a condominium, planned unit development, or cooperative rider is executed by Borrower and recorded together with this Deed of Trust, the covenants and agreements of such rider are incorporated herein by this reference. 8. Protection of City Security. If Borrower fails to perform the covenants and agreements contained in this Deed of Trust, or if any action or proceeding is commenced which materially affects City's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then City at City's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect City's interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any amounts disbursed by City pursuant to this paragraph, with interest thereon, will become additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and City agree to other terms of payment, such amounts will be payable upon notice from City to Borrower requesting payment thereof, and will bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts will bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph will require City to incur any expense or take any action hereunder. Deed of Trust 3 VOL 3 412 PAGE 414 9. Inspection. City may make permissible or cause to be made reasonable entries upon and inspections of the Property, provided that City will give Borrower reasonable notice of inspection. 10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and will be paid to City. In the event of a total taking of the Property, the proceeds will be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and City otherwise agree in writing, there will be applied to the sums secured by this Deed of Trust such proportion of the proceeds as is equal to that proportion which the amount of sums secured by this Deed of Trust immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by City to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to City within thirty (30) days after the date such notice is mailed, City is authorized to collect and apply the proceeds, at City's option, either to restoration or repair of the Property or to the sums secured by this Deed of Trust. Unless City and Borrower otherwise agree in writing, any such application of proceeds to principal will not extend or postpone the due date of any scheduled payment referred to above or change the amount of such payment. IL Forbearance by City pt a Waiver. Any forbearance by City in exercising any right or remedy will not be a waiver of the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by City will not be a waiver of City's rights to accelerate the maturity of the indebtedness secured by this Deed of Trust. 12. Loan Not Assumable Transfer of Pro_perty Prohibited: Limited Exceptions. Where City administered funds continue to be used in financing the purchase or continued use of the Property, no transfer of the Property will be permitted, and no successor in interest to the Borrower(s) will be permitted to assume the Borrower(s) loan evidenced by this Note, unless the written consent of City to the transfer has been first obtained. No such consent will be given by the City except in the following limited circumstances: a) The transfer results from the death of a Borrower and the transfer is to the surviving spouse of the Borrower and the surviving spouse is also a Borrower; b) A transfer by a Borrower to his or her spouse when the spouse becomes by such transfer a co-owner of the Property; c) A transfer of the Property resulting from a decree of dissolution of the marriage or legal separation or from a property settlement agreement incidental to such a decree which requires the Borrower to continue to make payments on the Note and by which a spouse who is already a Borrower becomes the sole owner of the Property. Deed of Trust 4 VOL 3412PlAGE 415 d) A transfer by a Borrower to an inter vivos trust in which the Borrower is the sole beneficiary. e) A transfer by means of encumbering the Property with a lien which is junior to the lien securing the loan to Borrower evidenced by this Deed of Trust. 13. Eve;nts of Default: Acceleration: Intentipn of Foreclg�ure. Any one or more of the following events shall constitute a default under this Deed of Trust: (a) failure of the Borrower to pay the indebtedness secured hereby, whether principal, interest or otherwise, when and as the same becomes due and payable, whether at maturity or by acceleration or otherwise; or (b) failure of Borrower to observe or to perform any covenant, condition or agreement to be observed or performed by Borrower pursuant to this Deed of Trust, the Note or the Security Agreement. In the event of any default as set forth in this paragraph, City, without demand on Borrower, may declare all sums hereby secured immediately due and payable by notice thereof to the Borrower or by executing and recording or by causing the Trustee to execute and record a notice of default and election to cause the Property to be sold to satisfy the obligations secured hereby or by the commencement of an appropriate action to foreclose this Deed of Trust or by any other appropriate manner. 14. Remedies Cumulative. All remedies provided in this Deed of Trust are distinct and cumulative to any other right or remedy under this Deed of Trust or afforded by law or equity, and may be exercised concurrently, independently or successively. 15. Successors and Assigns Bound. The covenants and agreements herein contained shall bind, and the rights hereunder shall insure to, the respective successors and assigns of Lender and Borrower subject to the provisions of this Deed of Trust. 16. Joint and Several Liability, All covenants and agreements of Borrower shall be joint and several. 17. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Deed of Trust will be given by certified mail, addressed to Borrower at the Property address or such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to City will be given by certified mail, return receipt requested, to City's address stated above, or to such other address as Lender may designate by notice to Borrower as provided above. 18. Governing Law. This Deed of Trust shall be governed by the laws of the State of California. 19. Severabilit . In the event that any provision or clause of this Deed of Trust or the Note conflicts with applicable law, such conflict will not affect other provisions of this Deed of Trust or the Note which can be given effect without the conflicting provision, and to this end with provisions of the Deed of Trust and the Note are declared to be severable. 20. Captions. The captions and headings in this Deed of Trust are for convenience only and are not to be used to interpret or define the provisions hereof. Deed of Trust 5 VOL 3 412 PAGE 416 21. Reconvevance. Upon payment of all sums secured by this Deed of Trust, Lender will request Trustee to reconvey the Property and will surrender this Deed of Trust and the Note evidencing the indebtedness secured by this Deed of Trust to Trustee. Trustee will reconvey the Property without warranty and without charge to the person or persons legally entitled thereto. Such person or persons will pay all costs of recordation, if any. 22. Substitute Trusigg City, at City's option, may from time to time remove Trustee and appoint a successor trustee to any Trustee appointed hereunder. Without conveyance of the Property, the successor trustee will succeed to all the title, power and duties conferred upon the Trustee herein and by applicable law. 23. Request for Notices. Borrower requests that copies of the notice of default and notice of sale be sent to Borrower's address which is the Property. 24. Beng ieiary Statement. The City may charge a fee of fifty dollars ($50) for furnishing any statement required by California Civil Code Section 2943. IN WITNESS WHEREOF, BORROWER HAS EXECUTED THIS DEED OF TRUST. rower Borrower INDIVIDUAL ACKNOWLEDGMENT State of California County of_— -g Lus_.� ,i_Qsno_ _ S.S. sa On this3-rdday of November in the year 1989 , before me, R . M; 1 1 Pr a Notary Public in and for the San Luis Obispo County, personally appeared Jack Linton Dan; el s and , _-Anne_ Sarah Daniels * * * * * * * * * * * * * * * * * * * * ❑ personally known to me ® proved to me on the basis of satisfactory evidence to be the person(s) whose name is subscribed to this instrument, and acknowledged that t he-Y executed it. (SEAL) OFFICIAL SEAL R. MILLER Notary Public-Califomia ` SAN LUIS OBISPO COUNTY My Corn. Exp. June 18, 1990 P-169 7-83 WITNESS n and offici _ee Notary Public in and fnr the San Li,; s Obi spa County and State. My commission expires 6/1:2 / , 192�L VOL 3 412 PAGE 417 EXHIBIT A LEGAL DESCRIPTION A CONDOMINIUM UNIT COMPRISED OF: PARCEL 1: AN UNDIVIDED 1/235TH INTEREST IN AND TO LOT 1, TRACI 1476, CHUMASH VILLAGE MOBILE HOME PARK, CITY OF SAN LUIS OBISPO, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO THE MAP THEREOF RECORDED JUNE 29, 1987 IN BOOK 13, PAGE 98 OF MAPS. EXCEPTING THEREFROM THE FOLLOWING: (A) UNITS 1 THROUGH 136, 138 THROUGH 143 AND 145 THROUGH 237, INCLUSIVE, AS SHOWN AND DEFINED ON THAT CERTAIN CHUMASH VILLAGE CONDOMINIUM PLAN RECORDED NOVEMBER 16, 1987 AS INSTRUMENT NO. 80994 IN BOOK 3074, PAGE 83 OF OFFICIAL RECORDS. (B) THE EXCLUSIVE RIGHT TO POSSESSION OF THOSE PORTIONS DESIGNATED AS EXCLUSIVE USE AREAS ON THE ABOVE REFERENCED CONDOMINIUM PLAN. PARCEL 2: UNIT NO.?-7- AS SHOWN AND DEFINED ON THE CONDOMINIUM PLAN REFERRED TO ABOVE. PARCEL 3: THE EXCLUSIVE RIGHT TO POSSESSION OF THOSE AREAS DESIGNATED AS EXCLUSIVE USE AREAS ON THE CONDOMINIUM PLAN REFERRED TO ABOVE, AS APPURTENANT TO PARCELS 1 AND ;,� ABOVE DESCRIBED. VOL 3412PAGE 418 END OF DOCUMENT DATE STAMP AREA DEPARTMENT USE ONLY COhLECT1ON REPORT NO. AMOUNT TRAN CODE .r w HCD 480.7 �TATK OP CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT DIVISION OF CODES AND STANDARDS MANUFACTURED HOUSING SECTION STATEMENT OF LIEN As authorized under Section 18077, Health and Safety Code, a loan of money on the security of the described mobilehome or commercial coach has been agreed upon by the parties indicated below, and such parties do hereby agree and request that, under Section 18077.1, Health and Safety Code, the Department of Housing and Community Development record and rank, in priority of receipt, the aforementioned lien as a security interest following the Legal Owner of record. DESCRIPTION OF MOBILEHOME OR COMMERCIAL COACH NOTE: If a multiple unit mobilehome is currently registered under multiple decals (or license plates), show the number for each and the corresponding serial numbers. If registered under one decal, show the decal number once, followed by a vertical line in the decal column to correspond with the serial numbers. DECCAL (LICENS NUMBER SL MANUFACTURER TRADE NAME SERIAL NUMBER(S) HUD LABEL OR HCD INSIGNIA NUMBER(S) S1040W LF606 DELUX JUNIOR LIENHOLDER (PRINT CAREFULLY) NAME • •-' _ _ _ _ _ _ - - - - - _ _ _ _ _ FINARLt: ULPAIZIMENT ADDRESS I CITY STATE ZIP P.O. aox 61 J:i _ SI:t'4 i 1 Jc1IS G CA `-'°.03-8I00 AUTHORIZU0 Ott NATURE _ DATE Gam+--►�- �' r �" I �1 �I� � REGISTERED OWNER NAME(S) NAME(S) (LAST) FIRST MIDDLE DANIELS, JACK LINTON DANIELS, ANNE SARAH RIDNATURiI{BI 711 , INSTRUCTIONS: Within 10 days after completing and signing this form, forward the form along with the Registered Owner's copy of the last issued Registration Card and a fee of $ 3 — Direct Application OR $10 — Telecopy Application to: Department of Housing and Community Development Division of Codes/Standards, Manufactured Housing Section P.O. Box 1828, Sacramento, CA 95801 SECTION 18077.2, HEALTH AND SAFETY CODE PROHIBITS PERFEC- TION OF A SECURITY LIEN BY THE DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT UNTIL A SIGNED STATEMENT OF LIEN FORM IS DULY FILED WITH THE DEPARTMENT. 2nd Copy To be retained by Junior Lienholder, FIRST) IMIDDL DATE --' OCT. 1 4 1989 DATE OCT. 1 4 1989 TELECOPY TRANSMISSION INFORMATION TRANSMISSION TELEPHONE NO. TELECOPY RECEIPT DATE OPERATOR LAST NAME EQUIPMENT DESCRIPTION: AUTOMATIC MANUAL SHOW THE MAKE: SHOW THE MINUTES: TRUTH IN LENDING DISCLOSURE Creditor: City of San Luis Obispo Mobilehome Park Assistance Program Borrower: Jack Linton Daniels and Anne Sarah Daniels Date: October 16, 1989 Loan No.: 89-001 ANNUAL FINANCE AMOUNT TOTAL OF PERCENTAGE RATE CHARGE FINANCED PAYMENTS The cost of your credit The dollar amount the The amount of credit pro- The amountyou will have as:a yearly rate. credit will cost you. vided to you or on your paid after you have made behalf. all payments as scheduled based on the current Annual Percentage Rate. 7.00 % $ 33,530.70 $ 15,967.00 $ 49,497.70 Your payment schedule will be: ONE PAYMENT DUE October 16, 2019 BALLOON PAYMENT: WARNING - THIS LOAN HAS A BALLOON PAYMENT WHICH MAY BE DIFFICULT OR IMPOSSIBLE TO REFINANCE IN THE FUTURE. The total amount of principal and accrued interest will be due and payable in full on Oct . 16, 2019. If you do not make any voluntary payments prior to that date the amount that you will owe will be $ 49 , 497.70 . Any voluntary payments that you make prior to the due date will reduce the amount that you will owe when the loan becomes due. THIS LOAN WILL NOT BE EXTENDED BEYOND THE DUE DATE AND THERE IS NO ASSURANCE THAT FINANCING WILL BE AVAILABLE FROM ANY SOURCE AT THAT TIME. OWNER OCCUPANCY: THIS LOAN REQUIRES THAT YOU REMAIN THE OWNER OCCUPANT OF THE PROPERTY SECURING THE LOAN. PREPAYMENT: If you pay off early, you will not have to pay a penalty. SECURITY: You are giving a security interest in the property at 3057 South Higuera, Space 97, San Luis Obispo, CA 93401 and in the mobilehome(s) identified by license number(s) 1974 Deluxt Serial //Sl048U, Decal Vs LF6495 and LF6496 INSURANCE: You may obtain property insurance from anyone who is acceptable to the State. ASSUMPTION: Someone buying your mobilehome and/or interest in the mobilehome park cannot assume the remainder of the loan on the original terms. RECORDING FEE: Recording and notary fees in connection with this transaction will be $ See your contract documents for any additional information about non-payment, default, any required repayment in full before the scheduled date, and any prepayment charges. 7ae6 ACKNOWLEDGMENT: I (we) acknowledge receipt of this disclosure. Sig rare Da igitature Date