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HomeMy WebLinkAboutD-1556 053-198-031 - 913 Lawrence Recorded 12/24/2001RECORDING REQUESTED BY_: Cuesta Title Company Escrow No. 201520 -TA Title Order No. 00201520 When Recorded Mail Document To: City of San Luis Obispo 990 Palm Street. San Luis Obispo, Ca. 93401 APN: 053,198,031 JULIE RODEWALT San Luis Obispo County—Clerk/Recorder Recorded at the request of Cuesta Title Company DG � 12/24/2001 8:00 AM D 0 C# 2001 099755 Titles: 1 Pages: 4! Fees 18.00 Taxes 0.00 Others 0.00 PAID $16.00 SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made November 16, 2001, by Lori B. Stowe, a single woman owner of the land hereinafter described and hereinafter referred to as "Owner," and City of San Luis Obispo, a Municipal Corporation present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary "; WITNESSETH THAT WHEREAS, Lori B. Stowe, a single woman, did execute a deed of trust, dated March 27; 2000, to First American Title Insurance Co., as trustee, covering SEE EXHIBIT ONE ATTACHED HERETO AND MADE A PART HEREOF to secure a note in the sum of $9,460.00, dated March 27, 2000, in favor of City of San Luis Obispo, a Municipal Corporation, which deed of trust was recorded as instrument no. 2000 - 019587, on April 13, 2000, Official Records of said county; and $152,500.00 WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of WM999xW dated (( —7�q 7�co1 , in favor of Wells Fargo , hereinafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which deed of trust is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the deed of trust first above mentioned; and WHEREAS, lender is willing to make said loan provided the deed of trust securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the deed of trust first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust. in favor of Lender; and CLTA SUBORDINATION "A" INITIALS: FD -46A (Rev. 9/94) (EXISTING DEED, OF TRUST TO NEW DEED OF TRUST) Page No. 1 of 3 D)5-56 _ 5 APN: 053,198,031 WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is willing that the deed of trust securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the deed of trust first above mentioned. NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows: (1) That said deed of trust securing said note in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien or charge of the deed of trust above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the deeds of trust hereinbefore specifically described, any prior agreement as to such subordination including, but not limited, those provisions, if any, contained in the deed of trust first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or mortgages. Beneficiary declares, agrees and acknowledges that (a) He consents to and approves (i) all provisions of the note and deed of trust in favor of Lender above referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, between Owner and Lender for the disbursement of the proceeds of Lender's loan; (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds and any application or use of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination herein made in whole or in part; (c) He intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the deed of trust first above mentioned in favor of the lien or charge upon said land of the deed of trust in favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination, specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and (d) An endorsement has been placed upon the note secured by the deed of trust first above mentioned that said deed of trust has by this instrument been subordinated to the lien or charge of the deed of trust in favor of Lender above referred to. CLTA SUBORDINATION 'W' INITIALS:. FD -46A (Rev. 9/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 2 of 3 1 • `APN: 053,198,031 NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. City of Obispo �` b 'JVr� B. Stowe Beneficiary Owner (ALL SIGNATURES MUST BE ACKNOWLEDGED) STATE OF CALIFO NIA l COUNTY OF J Atn C,S ON (� r c;200 before me, CA— personally appeared (6 personally known to me (o ce) to be the person( whose name(-Vb is /afe subscribed to the within instrument and acknowledged to me that he /sFekhey executed the same in his /heNiteir authorized capacity(ii:';),'and that by his /herftheir signature(>39'on the instrument the person($$, or the entity upon behalf of which the personN acted, executed tF�ii trument. Witness my hand d of icial a I. J@ LEE PRICE Commbsion #k 122;]+147 Notay Public - Corkmia San Luis ObbM County Signature mVC=mB#w"21,20M STATE OF CALIFORNIA COUNTY OF / UtS 6&S100 ON DEE5CeYVy6e?e 14,x.001 before me, personally appeared personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his /her /their authorized capacity(ies), and that by his /her /their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. ti. L. NEUMEYER z' E`R, COMM. #1225054 Witness my hand and official seal. cc Q e % NOTARY PUBUC.CAUFORNIA-0 SAN LUIS OBISPO COUNTY My Comm. Expires JUL 16. 2003 Signature CLTA SUBORDINATION "A" FD -46A (Rev. 9/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 3 of 3 escrow'No. 201520 -TA • Title Order No. 00201520 EXHIBIT ONE Loft 62 of Tract No. 2066, in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to map recorded May 12, 1992 in Book 16, Page 71 of Maps and amended December 31, 1992 in Book 16, Page 85 of Maps and by Certificate of Correction recorded March 20, 2001 as Instrument. No. 2001 - 017471 of Official Records. EXCEPTING THEREFROM the interest in 5% of all oil and minerals removed from beneath the above described property through operations conducted thereon, including oil or minerals taken therefrom by so- called slanting wells which may be bottomed on or under the above the described premises, as reserved by Pacific Coast Railway Company, a California Corporation in deed recorded June 8, 1942 in Book 335, Page 78 of Official Records. END OF DOCUMENT 0,2/03/2;004 13:06 FAX 1a002/008 F AMERICAN TITLE FAX N0164083841 P. 02 JAN-20-2004 TUE 11 .32 All FIRST i a R317'M N TO: 3 4 City Clerk S City of San Luis Obispo 6 990 Pahn Strcct v Sari Luis Obispo, CA 93401 -3249 s s ' 10 N7LLA ROSA PROMISSORY NOTE 11 SECURED BY a'»vED OF TRUST 12 hate. March 27, 20Dp 14 ' i5 At Salt Luis Obispo, Calitnrnia 16 17 1 ?0R VALUB RECf?1VED, Lori�sL-ywe �,. „ (°Maker") pm3nisca to pay to 18 the 01Llcr Ofille City of San Luis Obispo ( "City"j at 99013itilm Street, San Luis Obispo, California 19 93401 -3249 or such other addiew as City may from time to time designate, the slim of rhgusana 20 LQ nn6r s3tix /,=__ ]Dollars ($�.+a�_„�, aceouizitg to the terms sot fault 21 herein. 111is NOW shall aaorue interest, compounded annually, at mi annual rato of 4.5 percentage 22 points added to the 111° District Cost of published by the 17edaml Home Loan 13alik 23 nollyd, nislodized over 30 y=& The Loan shall-be arnordwd over thirty yeats, with montl3ly 24 payments of principal and interest due and payable to the City on the first day of each month 2 Fj ilnlcss waived or forgiven, as set forth billow. 26 27 1. Secure for Noq.. This Note Is accurcd by a dcod of trust of evon date herewith (the "Decd 28 of Trust ") executed by Waker, as Trustor, and naming Qty as Bencriolary, covering ccllain re.cl 2-9 property ( "the Property ") owned by Maker in the County of San Luis abispo, State of Cltfffori3ia, 30 which Property is described in FWabit A, altachod herato. 31 32 2. Into_ -W) -r Affordable A 11t. ' W,.S.Noto and the Deed of TrusI are 33 executed and dolivered pursuant to that certain 1'Atiardable, Housing Agrccmeni" ( "Housing 34 Agrcemen[ ") racorded in the CoLmty of San Luis Obispo on March 18, 1999 between City and 3.5 Villa Rost LLC, A California Corporation, regarding affordable housing requircntonts applying 36 to the Villa 1Z0sa Pla=od Residcaitial Devolopment, as Rnionded by San Luis Obispo City 37 Council in Ordinance 1319 (1997 Series). Pursuant to 1ho Housing Agremncnt, Maker is to live 38 at Iho laroporty. C;oltsequently, tFzis NntO is subject to ®action 7l 1.5 of the California Civil Code, 39 which i,*rttts to City tho authority to aecelomte all amoemts due under this ;`Tote if any subsequent 40 transfer of the Propeltiy at euty timo does not cot »ply with] the provisions of the i[ousma X11 ADre(.muit or Dead of Trust. Tbo Housing Agrecr�ncm is incorporated herein by this roforo,lcc as 42 111ov211 sat forth in its cm1irety mul attacked hereto as lixhibit I3, 43 4 e 3. Ci[ �5 ig eaf lirxi }lei a , t1pon resal4, the City or tile. l lousing Authority of the City of 45 Sul1 Luis OWSPO shall havo tho first right of rafusal to purchase tha property at Ilion ourrool 02/03/2;04 13:06 FAX JAN -20 -2004 TUE 1112 Ali FIRST AMERICAN TITLE FAX N0.964083841 ea. Z003/008 F. 03 Villa Roo Affordnble Hauling Promissory Note 1'ng. 2 1 appraisal value. The consideration for ilia City's riphL of first rafasol shall consist of 1 perccuE of 2 Ilto r&llainhig Uty loan balanw, 1'he balance of die. City losuz r=uining alter deducting this 1 3 percent of tho loan balanco shall be credited toward the pi=hase price if the City chooses to 4 excccise the puruhuso option. Tho provisions of this section shall not impair [tie rights of a firc 5 mortgage lender socurcd by a recorded deed of trust. 'ilia purchase money lender ill liave a 6 higher priority than the City's loan. The City's security shall bo prioritized es a second rnaTtgaga, 7 This first priority applies to the putchaso money leuder's assilmoo or successor In luterest, to: a 9 i, lzorrcloso on Lhe subject property pursuant to tho T medies ponniued by law and 14 wri LLcn In a roaordoxl eontrwt or decd of trust; or 11 12 ii. Aeoapt a docd of trust, or ttmsigriment to tho 0Xtent of tlio valuo of the unpaid first 13 mortpago to the current market value in Ron of foreclosure in the ovem of dufault by 14 a trustor; or 15 16 iii. Sell the propcily to any person at a fair market value price subsequent to 17 exercising its rights under the deed of trust. Any value in cxecss of the unpaid is mortgage and costs of sale administration shall be used to satisfy the City load. In 1P no erase may a first mortgage lender, exercising foreclosure assigmnent in-lieu of 20 foreclosure or sale, obtain value or ri,ghLs to value pater than the value of the 21 outstanding indcbLoduoss on the first mortgne at the time, of the debt clearing 22 actiosl. 23 2e, The following types of tiatssfors slia1l remains subject to the rcquiretnonts of the City's loan 25 and right of first refusal: transfer by gill, davise, or inheritance to dr- owner's spouse; 26 transfer to a surviving joint Lenora; ira=tsfer to u spouse as pact of divorce or dissolution 27 procaodings; or acgwlgition in conjunction with a marriage. 28 29 4. mace on Transfer, In the event Makos sells, lca;ses, rants or otherwise transfers (be 30 Property to any Person or entity other than an "eligible household" (as such tartn is dclincd in the 31 Housing Agreement), then the Principal of and acemod inLcrost on tbo Loan shall bo inuncdiately 32 due mid payable to the City as set forth in the Deed of Trust in favor of City recorded 33 simultarurously 1=awith as a second deed of trust subordinate to Llw decd of trust of the first 34 Inurtgago lender oil the property. 3S 36 5. Waivor_o1f Princip. Inter. City waives tinioly payment of the Principal of and 37 interest on tho Loan for such Lime as Maker, or subsequent buyear dcte mined by City or its 30 liousing Authority to be an eligible bousobold, rcnriains as the owner and occupant of ilic 39 Property aF Maker's principal roaidetice until April 13, 2030. 40 41 02/03/4004 13:08 FAX 1a004/008 - - 11:3 FIRST AMERICAN TITLE FAX NQ 64083841 P. 04 JAN 20 2004 TUE 3 AEI F V111-a host AlTordable llaaffing Promis9oy Note 1'al;c 3 1 6. r?¢rgiveness of Leas. City will forgive 1he repayment ortho outstmWing Prineillat otthe 2 IAiatn and all ititorassL thereon as loos fts Maker, or subsequent buyer detmm ned by City or its 3 Housing Authority to be an eligible houschoId, remains as the owner and occupant of the 4 Property as lvlakGS's principal roeidence until April 12, 2030. r e 7. Prq_naVi l nt This Note,may be prepaid in wllolo or in part.. e S. L�ky ?s ?1!#- The amouat due under this Note shall be paid without the rtecesshy for notico 9 or da"and by City, 3.0 11 9. P2 mgtt A Mgkaut. The amount due under this Note shall be paid from the nct procccJs 12 as a rmutt of any transthr. NaLproccecl.5 is the sales prioc minus an{y loans or liens that arc scalior 13 to this Note and minus clog costs. ' 14 is 10, lit addition to o(bor defaults toferred to in Otis Noto and the Dead of 16 Trum, it shall be a default under this Note if Maker fails to make any payment or perform any 1.7 071igation under ar isf connectlon with (a) this Noto, (b) the Deod of Trust, or (c) any other note, 18 tract dead or other obligation of Maker relating to the Property, including but not limited to tho 19 lrausing Agreement, or sooured by all or any partpf the Propmly, whether junior or senior to this 20 Noto, and if sitc1l i`oiluro is not eured within sucli time as may be pcamitted by tho obligation or 21 tho obligca. 22 73 1 1. -01strons of Cifx rain Default. Upoti the occurn -nee of A default. City shall llavo the 24 option, without farther notice or dccnand: 25 2 G (a) To doclare the Note to be. immediately due and payable; 27 8 (b) If the default relstcs to a transfer of tho Property, to bring an action at law or nz 29 equity to require Maker and tho proposed tran8foroo to terminate and/or rescind the sales 30 eonimt or lease wid/or to doclare the transfor void, noiwit wUndutg that tilt tra ufor may 33. havo closed and become final as between MAor and the transfcrec; or 32 33 (e) To Pursue any other remedy available under 11115 Note or the l)o;d of Trust, or 34 at law or in equity or under any other agreontwit, iastr=ant or-docu,nent Centered into by 3 .11 Maker acid Oily, including but not limited to the Housing Agreement, 36 3; 12, 1 iHt;.r Lo Irxci�clsa _o�Libhti, Failure to g crejas mly such option upon the occutxcnce or 38 Ono or more events of default shall not constitute a waiver of oiy,s right to exercise any sttich 39 aptiwt :tt a later fto, 40 OP/03/2;04 13:07 FAX • .IAN -20 -2004 TUE 11;33 AN FIRST AMERMAN TITLE FAX N0. 64083841 "M. [a 0051008 P, 05 Villa Roan A(Tonitible Housing ftomiesoiy Note Page 4 1 13. Q,sis of kmfoeeareeui and Colleedg If Maker dofaults under this Note, Maker shall 2 pay all cOALa of onforoarnent and collmdori, including, but not litWied to, costa and attorlioy'9 3 fees, including rmsotlablo ationiey's foes, Whelber or not such anforeomont or collootion includo9 4 lilijig a lawsuit or prosoaution of a lawsuit, it filed. 5 6 14. Cjfy,s.Rig t to'rr p- sfej_j&jerest in a. City and any subsequmtt bolder of this Note 7 may ;t ,uiy time, without consent of Maker, sail, assign, pledgo, hypothecate, lrausfor 2nd a nogotiato or grant participation in any part of or any intc=( in City's rightR and benefits under 9 this Note to - mother govaruanenW body or nonprolit orgauLntion which is eligibles to receive 10 such transfer undor stata o„d federal law. 11 12 15. W P r of Notice an¢,�5Catate of ]Gamttatious_ Rxcept for any notice oxpreasly required 13 by this Noto, Maker waivos dcm=d, riotic0 of deanand, presentation for payment, rnoticc of non - 14 jazymont ar dishonor, protest and notico of protest. To the rdliest extent pennittcd by law, Malcer 15 waives the defense of the statute of limitations in .any notion on this Note or to recover oii the 16 security for Ihis Now. 17 IS 16. Y=ia v. cNty's acceptance of any payment under this Note which is less than payracat 19 in full of all amounts thou duo and payable, or the granting of any extension of lime for payment 20 of any .amount due under this Note or for the porformaaee of arty eovonwnt, condition or 21 agreement entered into by Maker and City, or City's gmt of any other indulgence to Maker, or 22 City's tatdnZ or releaso of outer or addIdoral security for the indebtednoRs evidenced hereby, or 23 ww other modMeatlon or amendment of this Not* shall in no way release or discharge Elio 2,2 liability of Maker or any cndorsor, guarantor or otherpason secondarily liable for this Note, 26 26 17. Chmerning Law. This Noto shall be govt+ icd by the laws of the State of Calffomia. 27 Maker agmas that the sift of any hearbig or action of whatever nawro or kind =gard"ttig this Noic 219 shall be conducted in the County of San Luis Obispo, State of Callibmia. 29 30 18. $e c!rairili . If any provision of this Note or any application of such provision be 31 declamd by a count to bo invalid or unenforceable, such invalidity or uncntoraaability shall not 32 affect eny otber application of such provision or the balance of Cite provisions hercoi', wIaicit 33 shall, to the, ;fullest extonL possible, rtstnain ill full force: aatd aMct. 34 35 36 + a� 37 , er,' LORIOSTOM 38 39 40 41 02/03/2004 13:07 FAX JRN 20 -2004 TUE 11:33 AM FIRST AMERICAN TITLE Vill:t Rosa AlYor&ble Hounina PMmissory N'oto i'nse S 1. 2 3 CITY: ....... _ Joi�it aut� ln, "ity Admitiislrativc Officer e 9 10 11 Al IPROVED AS TO FORM AND LWAL BrirnCT: 12 13 14 • 15 JTe- a rg A rney 17 18 19 20 21 22 23 24 2$ 26 27 28 29 30 31 32 33 34 35 36 37 38 39 �0 1 nvf.,vi Le FAX N0V64083841 IA 006/008 Big 02103/2004 13:07 FAX la007 /008 ,BAH -20 -2004 TUE 11133 AM FT AKERICAH TITLE FAX N0113408384.1 P. 07 CALIVORNIA ALL-PURPOSE ACKNOWLEDGMENT State of County Of _ �► - , On /.•, U�, • " before me, ��- _grno pry rsOnrLily known to me-- OR –U proved to moon the basis of s4afactory evideonoo to be ttio person(s) wh6ae name(s) I~,rlar* subscribed to the within instrument and acknowledged to .me that hWsiie tey oxecuted Clio same in hWmrhheir authorized capachy(fes), and that by his&wAhoir signatura(s) on the instrument the pemon(s), or tha amity upon beahL311 of which tha peraon(s) acted, C wnimisla, a 1 executed tho instrument. N W=r Mjbrc - C&Mn42 LE W�R� � WPTNE y h n o icia pttf. c A w n OPTIONAL 7hatrgh the in /orrnnriOO 621Ow 16 Rer Mqurred by kw, A May prow wturrble b pNaons nc&Ing on 00 doWmont and could proverd frOrx1vlentro nmW U dwwrit of War lbmt IA &*:Vw document Description of Attached o Title or Type of Document: _ - _- �1 �-a _ Document Date:.. —ny- // v Number of Pages: Signer(s) Other Than Named Above; trapacjty(lies) claimed by Signer(,$) . Signef's Name: l'1 individuai Corporrtle Officer _ M Partner— C'1l_irn 4d C1 eneral LJ Attnrmoy -in -Foot r.'i Trustee r'J Guardian or Conservator LJ Other: - - — Signer Is Repreagnting: sign*ez Namo.- ❑ Individual D Corporate Officer n Partner — U Limited n General U Attorney -M -Fact 0 Trustee 177 Guardian or Conservator U Other_ WTV61numnll nr,o Signer Is Representing; m 1 Oat Nodwbd Wpw�ynW.�+cq.boa, • d03G FiPnYrfW rWny P.0. � >1G! • a'r'A� PsA<, CA 9130a7r9,, a IVO, 6907 f5oomwr Can run rree, -aaa�ff T RECORDING REQUESTED BY: Cuesta Title Company Escrow No. 201520 -TA Title Order No. 00201520 When Recorded Mail Document To: City of San Luis Obispo 990 Palm Street. San Luis Obispo, Ca. 93401 JULIE RQDEWALT, DG Ole San Luis Obispo County— Clerk/Recorder 12/24/2001 Recorded at the request of 8:00 AM Cuesta Title Company D o c# 2001099755 Titles: 1 Pages: 4 Fees 16.00 Taxes 0.00 Others 0.00 PAID S16.00 APN: 053,198,031 SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made November 16, 2001, by Lori B. Stowe, a single woman owner of the land hereinafter described and hereinafter referred to as "Owner," and City of San Luis Obispo, a Municipal Corporation present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary WITNESSETH THAT WHEREAS, Lori B. Stowe, a single woman, did execute a deed of trust, dated March 27, 2000, to First American Title Insurance Co., as trustee, covering SEE EXHIBIT ONE ATTACHED HERETO AND MADE A PART HEREOF to secure a note in the sum of $9,460.00, dated March 27, 2000, in favor of City of San Luis Obispo, a Municipal Corporation, which deed of trust was recorded as instrument no. 2000 - 019587, on April 13, 2000, Official Records of said county; and $152,500.00 WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $4 t 999zI1@ dated ( ('-tl —74�01 , in favor of Wells Fargo , hereinafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which deed of trust is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the deed of trust first above mentioned; and WHEREAS, lender is willing to make said loan provided the deed of trust securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the deed of trust first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of Lender; and CLTA SUBORDINATION "A" INITIALS: FD -46A (Rev. 9/94) (EXISTING DEED. OF TRUST TO NEW DEED OF TRUST) Page No. 1 of 3 N556 f i4PN: 053,198,031 • WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is willing that the deed of trust securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the deed of trust first above mentioned. NOW THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows: (1) That said deed of trust securing said note in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien or charge of the deed of trust above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the deeds of trust hereinbefore specifically described, any prior agreement as to such subordination including, but not limited, those provisions, if any, contained in the deed of trust first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or mortgages. Beneficiary declares, agrees and acknowledges that (a) He consents to and approves (i) all provisions of the note and deed of trust in favor of Lender above referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, between Owner and Lender for the disbursement of the proceeds of Lender's loan; (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds and any application or use of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination herein made in whole or in part; (c) He intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the deed of trust first above mentioned in favor of the lien or charge upon said land of the deed of trust in favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination, specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and (d) An endorsement has been placed upon the note secured by the deed of trust first above mentioned that said deed of trust has by this instrument been subordinated to the lien or charge of the deed of trust in favor of Lender above referred to. CLTA SUBORDINATION "A" INITIALS: FD -46A (Rev. 9/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 2 of 3 i 'APN 053,198,031 NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR.REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. City of San Luis Obispo ri B. Stowe Beneficiary Owner (ALL SIGNATURES MUST BE ACKNOWLEDGED) STATE OF CALIF O VIA COUNTY OF ON LP 000 before me, personally appeared &A ga"d� personally known to me (or to be the person* whose name( is /afe- subscribed to the within instrument and acknowledged to me that he /shefthey executed the same in his /herftl eir authorized capacity(Wsl, and that by his /herftheir signatureV on the instrument the person(O, or the entity upon behalf of which the versonN acted, executed tWTatrument. Witness my hand d of.icial a I. LEE PRI CE Commission # t 220447 Notory Pubik: - CardaNa San Luis Obispo County Signature My Comm ExpresNIay21.2�3 STATE OF CALIFORNIA COUNTY OF SeM 1 —UtS 66, S/00 ON pEC'EYm6e7Z 1 before me, personally appeared W -im- personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his /her /their authorized capacity(ies), and that by his /her /their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. ° : L. NEUMEYER COMMA. #1225054 Witness my hand and official seal. a�: y . o /NOTARY PUBLIC CALIFORNIA -_ SAN LUIS OBISPO COUNTY :44 ,Fon My Comm. Expires JUL t 6.2003 Signature CLTA SUBORDINATION "A" FD -46A (Rev. 9/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 3 of 3 t. . ` • y'-escrow No. 201520 -TA Title Order No. 00201520 EXHIBIT ONE Lot 62 of Tract No. 2066, in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to map recorded May 12, 1992 in Book 16, Page 71 of Maps and amended December 31, 1992 in Book 16, Page 85 of Maps and by Certificate of Correction recorded March 20, 2001 as Instrument No. 2001 - 017471 of Official Records: EXCEPTING THEREFROM the interest in 5% of all oil and minerals removed from beneath the above described property through operations conducted thereon, including oil or minerals taken therefrom by so- called slanting wells which may be bottomed on or under the above the described premises, as reserved by Pacific Coast Railway Company, a California Corporation in deed recorded June 8, 1942 in Book 335, Page 78 of Official Records. END OF DOCUMENT 0,2/03/2;004 13:06 FAX JAN -20 -2004 TUE 11:32 Ail FIRST AFRICAN TITLE 1 RRTUR N TO: 3 1a002/008 FAX 00164083841 P. 02 C 4 City Clcrl, S City of Sau LWIS Obispo 6 990 Palin Stree -L 7 Sari Luia Obispo, CA 93401 -3249 S 9 ' 10 WLLA ROSA PRO1VYlTSSORY NOTE 11 SECURED BY DKED OF TRUST 12 1.3 $_L,460.00._ hate: March 27, 2000 i5 At San.Luis Obispo, California 16 17 FOP, VALIJ13 RECfaVBn, Lorl%w.. . ( "Maker ") promises to pay to 16 tN; 0i'der Of ilte City of San Luis Obispo C-aw at 990 Palm Street, San Luis Obispo, California 19 93401 -3249 or such other addiesg as City may from time to time designato, the sum of,WvfnA �rhwu„ and 20 Epp nrt a 931 tyA,Wno% Dollars ($�. _ �, according to the terms act fonli 21 hexcu'. 'IWs frets 811©11 aaarue, iaitcrest, compouade:d annttxldy, at M1 annual rato of 4.5 perccaitme 22 points addal to the 11" District Cost of.l'unds,,as published by the 17edaml Home: Loan 13&lk 23 Berard, nuloriizcd over 30 ywrs. Thc Loa, shall'bo amordud over thirty yeah, with monnily 24 payments of principal. and interest due and payable to the City on the first day of each month 23 unless waived or forgiven, as set forth billow. 26 27 L SecurM for N'ot. This Mote is soaurcd by a decd of trust of evon date herewith (the "Decd 219 of Trust ") =ccuted by Maker, as Trustor, and narsiW9 City as Benelolwy, covering ccllAin real 2.9 properly ( "tho Property') owned by Maker in the County of San Luis Obispo, State of CIilfforiaia, 30 which Property is described in 31xWbit A, al l&od hereto. 31 32 2. In_ co �'1t�XAtion of Affordable 11gnsin_ g Ag�111, "1'1]1 .Note and the Deed of 1'1'll6l are 33 executed and delivered pursuant to that certain "ABffordable Housing Agreemenf, (' Wousing 34 Agrament ") recorded in the Cotutty of San Luis Obispo on March 19, 1999 bctwoelr City and 3s 'Villa Rost 7.LC, A California Corporation, regarding affardable3 housing requirmwnts applyi W 36 to tho Villa Rosa Plarmod Pesidraitial Dcvalopmeat, as amended by San Luis Obispo City 37 Council fit Ordinance 1315 (1997 Series). Putrsuatit to Clio Rousing Agmeineux, Maker is to livr- 3 8 ai Ilic I'roporty. C:olisequently, U1 Noto is subject to aoetion 711 _5 of the Califonia Civil Code, 3.9 wbiek grants to City the (authority to aeaelorate all amounts due under this Note if any subsequent 40 transfer of [he Property at imty timo does not oot»ply with the provisions or the iiousind 41 Agveemcjit or wood of Trust. T110 Housing Agreement is incorporated herein by this raforo��cc a' 42 lliottgle sut forth in its cmtirety atul attaclted hereto as Exhibit B. X13 a a 3 • Cit 's ig of I' rxi }fie Y511, Up= resale, the City or the. l sousing Authority of the City of 45 Shat Luis OWepo shall havo tho fired riglit of refusal to pureha.SC the property at alien cttn•ont , S S� 0,2/03/2904 13:06 FAX JAN -20 -2004 TUE 1112 AM F1 T AMERICAN TITLE FAX N0.964083841 16003/008 F. 03 Vil la Rosa A ffordnbtc Hawing Promissory Note Vng. 2 1 appra.iged. value. The consideration for tho City's rigid of first rofasol shall consist of 1 percoal of P. llto romaining Uty loan balanec. 'l'hc balance of Um City load xemaWng oiler deducting this 1 3 percent of tho loan balanco shall be credited toward the purchase prico if tho City chooses to 4 exercise the ptu hiaso option. Tho provisions of this sectiost shall not impair Ole rights of a first 5 mortgage lender 6eourcd by a recorded deed of trust. The purchase motley lender &hall Dave a 6 higher priority than Ibc City's loan. Tito City's soourity shall bo prioritized as a second martgase.. 7 This first priority applies to the purchase tuoucy leuder's assiglnoo or successor In luterest, to: a s i. foreclose on the subject proparty pursuant to the: remedies perinitled by law and 10 written in n roaorded oontraot or decd of trust; or 11 12 ii. Acoapt a deed of trust or tissignment to tiro extent of tho value of the unpaid first 13 mortgago to the current market value in lien of foreclosure in the overn of dufauh by 14 a trustor; or 15 16 iii. Sell the propeti.y to std► person at a flair market value price subsequent to 117 exercising its rizhts under the deed of trust. Any value in excess of the unpaid ig tnoMage and costs of sale admiWstm on shall be used to satisfy the City loan. In 119 no case may a first mortgage lender, exercising foreclosure assilpment in -lieu of 20 foreolosure or sal% obtain value or ri,ghLs to valau granter than the value of the 21 otxUl riding hidcblodnoss on the first mortgage at the time of the dolt clearing 22 action. 23 24 The following types of tmnsfcra shall remain subject to the requirmucuts of the city's loan 25 and right of first refusal: transfer by gill, davise, or inheritanoo to U= owner's spouse; 26 transfer to a surviving joint tenant; transfer to ati spouse as pact of divorce or dissolution 2-2 proccodings; or acquisition in conjunction with a marriage. 28 2.9 4. Due on Transfer. In the event Mal= soils, lenses, routs or otherwise imnsfo-s the 30 Property to any person or entity other than all "eligible household" (as such tarn is delined in the 3.1 Housing Agreement), then the Principal of and accrued interest on the Loan shall bo inuucdiately 32 due mud payable to the City as set forth in the Dcod of Trust in favor of City rewrded 33 simultaneously 1=awldi as a second deed of trust subordinate to Qzc deed of trust of the first :34 in tgago lender oil the lhmperty. 35 36 5. Wawa"_ Prfnclaai ajLd *jr s► t. City waives iinzaly payment of the Principal of and 37 intarest on the Loan for such Lima an Maher, of subsequent buyer determined by City or its 38 Housing Authwity to be an eligible housdiald, rmnains as the owner and accupant of life 39 11roperty as Maker's priticipal raeidence until April 13, 203U. 030 d1 02/03 /004 13:06 FAX 004/008 40 11:3 FIRST AMERICAN TITLE FAX NO. 64083$41 P, 04 JAM-20-2004 TUE 3 AM F Viliz 3tosa AfPor&blc Uouaing Promissory Note 1'ane 3 1 6. r4pygiveness of J& W. City will forgivo ilia repayment of the outstanding Principal othhe 2 Loan and all intorasL thereon as lofts as Maker, or subsequent buyer detm-mined by City or its 3 Housing Authority to be an eligible housahokl, remains as the owner slid occupant of the 4 Property as Makrc's principal rosidence until April 13, 2030. r e 7. P awnpnt, This Note,may be prepaid in wholo or in part. 6 A. L, yWs;jj- The amount due under this Note shall be paid without the noceselty for notico 9 dr (1emnd by City, 10 11 9. P ;wnicnt AM9Xqit. The aluount due udder this Note shall be paid from the fret procccds 12 as a mutt of any transfer. Nctproccotls, is the sales prior minus any loans or lions that arc scalier 13 to Ihis Note and minus closing costs. 14 1s 10, pef: in addition to o(bor defaults roferred to in this Noto and the Decd of 16 'Prase, it shall bo a default -under this Note if Maker fails to make any payment or perfonn any 1.7 obligation under ar if1 connecelon wvilh (a) this Not©, (b) t4c Dcod of'Y'rust, or (c) any other note, 18 tout do-ad or other obligation of Maker relating to the Property, including but nei limited to the 19 lronsing Agrar-=nt, or secured by all or any partdof the Propoily, whe(lier junior or senior to this 20 Nota, and if such fsilttro is not cured within such time as muy bo pc=Ated by 1ho obligation or 21 tho obligee. 22 23 11. -0-1t0nns of city u Default. Upon tho occurrence of A default, City 511a11 11avo the 24 option, without further notice or demand: 2S 26 (a) To doclare the Note to be ir=&ately clue and payable; 27 P. a (b) If the default relstcs to a transfer of 1110 Property, to bring an action at law or in 29 equity to require Maker and tllo proposed transferee to te1MA Mte ami7or r,-scincl tho sales 30 contract or lease and/or to doclare the transfer void, notwithstanding viat tare traessfor niay 31 havo closod and become anal as betwedn 11 akcr and the trgtnsfcr=; or 32 33 (c) To Pursue any other remedy available under ibis Note or the Docd of Trust, or 34 at law or in equity or under any oiler agreeme 1t, instr=cnt or docu,ne4i( ontemd into by 3.1.1 Maker and City, including buL not limited to the Hcusins Agueetucnt, 36 37 12, h14turq Lo I�xcrctso Q lions, ]ail= to exerwse Only such options upon the occ;ulxeuce of 38 ono or more events of derniilt shall not 00nstitute a waiver or City's right to oxereiso any siich 39 013,10a .tt a Liter tinlo. 40 0�/03/2�04 13:07 FAX • JAM -20 -2004 TUE 11:33 AN FIRST AMERICAN TITLE FAX N0.984083841 a 005/008 F. 05 villa Rosa At%rdAble 11ousing Ptomissory Note !'age 4 7. 13. QAIs of hnforjc ent and Co loo arm If Maker defaults under this Note, Maker shall 2 pay all coRte of onfb=ornent and coll.Lvdor, including, but not linvtcd to, costa and attoriiey's 3 fees, including rasonabla attorney's fees, whether or aot suoL enforeament or collootion includos 4 filing a lawsuit or prosoaudon of a Iawsuit, it filed, 5 6 14. C:&'s,lt1Uht to 'rrapskXLtiorest in1 9 4. City and any aubsequc it holder of this Note 7 may ut ruiy time, without consent of Maker, sell, assign, pledge, hypothecate, transfer and a negotiate ur great participation in any pars of or any interest in City`s righta and benefits under 9 this Dote: to - mother govcrmnental body or nauprofit organization which i9 oligiblc to receive 10 such transfer tutdor state and fWaral law. 12 15, 'W.9 r of Notice an¢aStatate: of Li ous- Rxcept for any notlea expressly required 13 by this Nome, Makor waivos deln=d� notice of dmnand, presentation for payment, notice of non - 14 payment or dishonor, protemst and notico of protest To ilia tallest extent penuittod by law, ll ekes 15 waivcs the defense of the statute of limitations in any notion on this Note or to recover on the 16 security for Ibis Noto. 17 i a 16. %ice tv. C,' ws acceptance of any payment under this Note which is less ib m payrncill 19 In full of all amounts thoa dun acid payable, or the granting of any extension of time for payment 2.0 of any amount d s under this Note or for the performance of any covenant, condition or 21 agreement mood into by Maker and City, or City's grant, of any other indulger= to Malmr, or 22 City's taking or release of otter or additional security for the indebtednees evidenced hereby, or 23 any othcr modMeadon or amendment of this Not* shall in no way release or discharge the z,a lhibility of Maker or any endorser, guarantor or othwpmou secondarily liable for this Note, 26 26 17. QXS -ning. This Noto shell be gov=icd by the laws or the State of California. 27 Maker agmoe that the site of any hearbig or actipin of whatever nature or kind regarding this Notc 213 shall be coMuetca in the County of San Luis Obispo, State of Caliiamia. 29 30 13. SAY .ram if axay provision of this Noto or any application of such provision be 31 decia.red by a court to be invalid or unenforceable, such invalidity or unenCorombility shall not 32 arlect any ocher application of such pmvislon or the balance of the provisions heroof, which 33 shall, to th,e fullest extent possible, rotnain iii full force gild amct. 34 35 36 37 er" zaauq m 3e 39 44 �z 02/03/2004 13:07 FAX JAN 20 -2004 TUE 11:33 AM FIRST AMERICAS( TITLE Villa l:os:l A.Nordablc 1-fouriina 1"Missory Nano Page 5 1. 2 3 CITY: Joim laui %il, oily AdmtlTlslrativc Officer e 9 10 13. Al'X'lWVED AS TO FORM AND LWAL ErI =LzCi: 12 13 19 15 jel rg y 7A?&ney 16 11 1B 19 20 21 22 23 24 25 2E 27 28 29 30 31 32 33 34 35 36 37 ss 3.9 40 41 1lV1.i vi hepnii5soryngi� Fax rroV64083841 a 006/008 m. 02/03/2004 13:07 FAX AM FIRST AKERIC TITLE FAX 1`14.4164083841 JAN-20-2004 TUE 11 33 AA CAL11FOANIA ALL-PURPOSE ACKNOWLEDGMENT State of IR 007/008 P. 07 County of iJn below me, Loo 9. - ersontiry epperared _ Q� �? I rsonnlly known tome – OR – U'J proved to moor, the basis of satisfactory evidenoo to be rho person(s) whoae name(s) Ware subscribed to the within instrument and acknowledged to me that hrtl,ey executed tlto same In hWMrhheir authorized capachy(les), and that by his4wAhoir signatura(s) on the instrument the peman(s), LJ, £ or the orally upon behall of which tho peraon(s) acted, Car„rrawkin a 1 executed tho instrument �\ Nowt Public - cdmm-" LE san l�Ss OCl�o Oars WA►t:�orrnn � Mayxt. �ooe &alva= 01 c OPTJONAL _m Though rho informnzr0a br:law rr nor neQuvad by kw-11 Rey PrOm vDruabre b po18ens MW9 OR fW doWUMt and could provent fmtA*1enr riwW*W W-W44 of lhrs tomM ro 6000h r doeumart Description of Attached o Title or Type of Document: Document Date:_ , !— --- Number of Pages: Signer(s) Other Than Named Above; rrapecjty(iies) Claimed by Signers) Signer's Name. �- l'� Individual '( Corporate Officer _ Ttle(s): C'1 Partner —C1 Lm n, tenae0a"F iJ Attorney -in -Fact r.I Trustoe r'J Guardian or Conservator LJ Other. or O Lpr ►+ere signer Is Representing- glances Namo: 0 Individual 0 Corporate Oiflcar Trtle(s): F1 Partner — U Limited f-I General ' Ll AttornSy -in -Fact I:7 Trustee n Guardian or Conservator LJ Other. signer Is Representing; 0 1004 Mirhwrd Pmey A'A.Mjj.Wa • &U F MIRK Awn- P.O. 0- "en . - a.- - -_ 1-4 1W, Nuf ROORIaI, Opp ruu ree,•COa fl 6up 02103120.04 13:07 FAX JAN- 202004 TUE 11.33 AM FIRST AMERICAN TITLE Ca 0081008 • FAX NO. 9164083841 P. 08 .w Villa ROM Aftox bibIa IIcnUinQ Promissory Nate Pdi;c G Dl+;, f 4LT- IOM Qlv pIgE )PrIkZ'Y 913 Lavratjcc priva, City or San Luca Obispo, Tract 2066, Lot 62. Asae'anx-'zs Parcol Number 053 -198 -031 LOT 62 Of TItAL'T NO_ 20661 IN THE CITY SF►N E.CTIS 011'iJSPO, STATE ' OF SAN LUIS OBISI'O, IN THE COUNTY OLD' IN BOOK I G, PAGl; 71 p �1I'x� nCOORDIt�la Tp RECORDED C9?�Y 12, 1992 ti5 OL° MAPS' F NAPS AND ADWADED OF4IBER 31, 1992 IN P4M 16, pAGE IN TEIE OPEICS vii` THE =My RF.00RDZR OP SAID OXWry �rN6 Ti1E[3E@YxOM THE I �piEIZL,9T IN 5% oIr TgE + AFa70V} 7 F ►LOIy DENEATH THE ABOYG DES(32I _ VALUE jl, OI' ALL OIL 1�1n MINERALS T13EREN, INCL' UDT,LgC; OIL OR NYNaMLS TA= �'EiL�REIE 'i'iiROt1Gl1 OL�ERATION ODATDUC.Cr:D WELLS 6nII('f3 MAY ; pO� p pp� pg UNDFd2 THE ABOVE By SO-CALLED SL,ANIING i;7i YACIk'IG �' RAILWAY OOMP DESCRIBED PRRMISES, AS rZESERVED R»CORDL",D .1URGE r3, 1942 IN BOOK 335, PAM 7z J .or Cpg,.r ALRE�DSN DEED