HomeMy WebLinkAboutD-1591 1715 Tonini Drive - De Tolosa Ranch Development Recorded 09/05/20031
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Recording requested by
FIRST AMERICAN TITLE CO.
WHEN RECORDED RETURN TO:
City of San Luis Obispo
990 Palm Street
San Luis Obispo, Ca. 93401
Attn: City Clerk
Recorded for the Benefit of the
City of San Luis Obispo at No Fee Under
Section 27383 of the Government Code
The undersigned declare that there is
no documentary transfer tax on this
matter.
(3A &X�- lot q Ci 0
PURCHASE MONEY DEED OF TRUST, DEED OF TRUST COVENANTS,
ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING
THIS PURCHASE MONEY DEED OF TRUST, DEED OF TRUST COVENANTS,
ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this
"Deed of Trust ") is made as of this 24th day of July, 2003 , by _Tana L. Daniel, a
single woman ( "Trustor "), the owner of the real property described herein below, whose
address is:
1715 Tonini Drive, San Luis Obispo, California
To First American Title Insurance Company ( "Trustee ") in favor of the CITY OF SAN
LUIS OBISPO, a municipal corporation, whose address is 990 Palm Street, San Luis
Obispo, California 93401 ( "Beneficiary").
WHEREAS, on September 14, 2001, Beneficiary and SLO Estates, Inc., entered into an
Affordable Housing Agreement ( "Affordability Agreement ") to implement Council Resolution
No. 8886, approving the de Tolosa Ranch development; and
WHEREAS, to implement said Affordability Agreement, Beneficiary and Trustor entered into
that certain Promissory Note ( "Note ") dated _July 24, 2003 pursuant to which Trustor agreed to
certain restrictions on the sale or transfer of that certain real property located in the County of
San Luis Obispo, State of California, which is further described in Exhibit A (the "Real
Property "); and
WHEREAS, Beneficiary and Trustor desire to ensure that the Real Property remain affordable to
moderate - income persons for a period of not less than 30 years following the property's initial
date of sale, pursuant to the Affordability Agreement.
LIS-gl
JULIE RODWOLD
MEL
San Luis ObispOWnty— Clerk/Recorder
9/05/2003
Recorded at the request of
8:00 AM
First American Title Company
D o C # : 20031 01370
Titles: 4
Pages: 20
Fees
0.00
Taxes
0.00
Others
0.00
PAID
$0.00
Recorded for the Benefit of the
City of San Luis Obispo at No Fee Under
Section 27383 of the Government Code
The undersigned declare that there is
no documentary transfer tax on this
matter.
(3A &X�- lot q Ci 0
PURCHASE MONEY DEED OF TRUST, DEED OF TRUST COVENANTS,
ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING
THIS PURCHASE MONEY DEED OF TRUST, DEED OF TRUST COVENANTS,
ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this
"Deed of Trust ") is made as of this 24th day of July, 2003 , by _Tana L. Daniel, a
single woman ( "Trustor "), the owner of the real property described herein below, whose
address is:
1715 Tonini Drive, San Luis Obispo, California
To First American Title Insurance Company ( "Trustee ") in favor of the CITY OF SAN
LUIS OBISPO, a municipal corporation, whose address is 990 Palm Street, San Luis
Obispo, California 93401 ( "Beneficiary").
WHEREAS, on September 14, 2001, Beneficiary and SLO Estates, Inc., entered into an
Affordable Housing Agreement ( "Affordability Agreement ") to implement Council Resolution
No. 8886, approving the de Tolosa Ranch development; and
WHEREAS, to implement said Affordability Agreement, Beneficiary and Trustor entered into
that certain Promissory Note ( "Note ") dated _July 24, 2003 pursuant to which Trustor agreed to
certain restrictions on the sale or transfer of that certain real property located in the County of
San Luis Obispo, State of California, which is further described in Exhibit A (the "Real
Property "); and
WHEREAS, Beneficiary and Trustor desire to ensure that the Real Property remain affordable to
moderate - income persons for a period of not less than 30 years following the property's initial
date of sale, pursuant to the Affordability Agreement.
LIS-gl
Second Deed of Trust
Page 2
2 NOW, THEREFORE, THIS DEED OF TRUST WITNESSETH:
4 Trustor, in consideration of the indebtedness referred to below and the trust herein created,
5 irrevocably grants; conveys, transfers and assigns to Trustee, and its successors and assigns, in
6 trust, with power of sale and right of entry and possession, all of Trustor's estate, right, title and
7 interest in, to and under the Real Property;
9 TOGETHER WITH all structures and improvements now existing or hereafter erected on the
10 Real Property, all easements, rights and appurtenances thereto or used in connection therewith,
11 all rents, royalties, issues, profits, revenues, income and other benefits thereof or arising from the
12 use or enjoyment of all or any portion thereof (subject, however, to the right, power and authority
13 given herein to Trustor to collect and apply such rents, royalties, issues, profits, revenues, income
14 and other benefits prior to an Event of Default hereunder), all interests in and rights, royalties and
15 profits in connection with all minerals, oil and gas and other hydrocarbon substances thereon or
16 therein, development rights or credits, air rights, water, water rights (whether riparian,
17 appropriative or otherwise and whether or not appurtenant) and water stock, all intangible
18 property and rights relating to the Real Property or the operation thereof or used in connection
19 therewith, including, without limitation, trade names and trademarks and all furniture and
20 fixtures, now or hereafter located in, or on, or attached or affixed to, or used or intended to be
21 used in connection with, the Real Property, including, but without limitation, all heating,
22 lighting, laundry, incinerating, gas, electric and power equipment, pipes, plumbing, fire
23 prevention and fire extinguishing, refrigerating, ventilating and communication apparatus, air
24 cooling and air conditioning apparatus, shades, awnings, blinds, curtains, drapes, attached floor
25 coverings, including rugs and carpeting and other installed appliances, attached cabinets, trees,
26 plants and other items of landscaping, shall, to the fullest extent permitted by law and for the
27 purposes of this Deed of Trust, be deemed to be part and parcel of, and appropriated to the use
28 of, the Real Property and, whether or not affixed or annexed thereto, be deemed conclusively to
29 be real property and conveyed by this Deed of Trust, and Trustor agrees to execute and deliver,
30 from time to time, such further instruments and documents as may be required by Beneficiary to
31 confirm the lien of this Deed of Trust on any of the foregoing;
32
33 TOGETHER WITH all of the estate, interest, right, title, other claim or demand which Trustor
34 now has or may hereafter acquire in any and all awards made for the taking by eminent domain,
35 or by any proceeding or purchase in lieu thereof, of the whole or any part of the Property (as
36 hereinafter defined), including, without limitation, any awards resulting from a change of grade
37 of streets and awards for severance damages;
38
39 TOGETHER WITH all of the estate, interest, right, title and other claim or demand which
40 Trustor now has or may hereafter acquire with respect to the unearned premiums accrued,
41 accruing or to accrue and the proceeds of insurance in effect with respect to all or any part of the
42 foregoing. All of the foregoing property referred to in this Deed of Trust, together with the Real
43 Property, is herein referred to as the "Property."
44
0
Second Deed of Trust
Page 3
1 ARTICLE 1. PURPOSE AND CONSIDERATION. This trust deed is established for the
2 purpose of securing, in such order of priority as Beneficiary may elect:
3
4 (a) The repayment of the indebtedness evidenced by Trustor's Promissory Note (the
5 "Note ") of even date herewith payable to the order of Beneficiary, in the principal sum of
6 Dollars ($210,675.00) ( "Principal "), and any and all late charges, interest costs or fees
7 required thereunder and all extensions, renewals, modifications, amendments and
8 replacements thereof. The amount of the Note is the monetary difference between said
9 property's initial sales price, as allowed by the City's Affordable Housing Standards and
10 its initial market. value, as determined by City's Community Development Director based
11 on sales information for comparable market rate units provided by Trustee.
12
13 (b) The payment of all other sums which may be advanced by or otherwise be due to
14 Trustee or Beneficiary under any provision of this Deed of Trust with interest (if any)
15 thereon at the rate provided herein or therein.
16
17 (c) Performance of all covenants of Trustor made in this Deed of Trust.
18
19 (d) Performance of all obligations and conditions of the Housing Agreement.
20
21 ARTICLE 2. DEED COVENANTS. To protect the security of this Deed of Trust, Trustor and
22 Trustee hereby covenant and agree as follows:
23
24 SECTION 2.01. Restrictions on Use and Occupancy. The Real Property shall be used solely
25 for owner - occupied housing and occupied solely by low- or moderate income households, as
26 defined in the Affordability Agreement.
27
28 SECTION 2.02. Restrictions on Sale. The Real Property shall be sold or otherwise transferred
29 only to eligible households, as defined herein, or to the City, its Housing Authority, or to a non-
30 profit housing agency designated by City. Sales prices shall be based on and consistent with the
31 Affordable Housing Standards published by the City's Community Development Department.
32
33 SECTION 2.03. Term of Use, Occupancy and Sale Restrictions. Trustor agrees that the
34 above restrictions to the use, occupancy and sale of the Real Property shall remain in effect for a
35 eriod of not less than thirty (30) years from the date of the property's initial sale, or until September
p5 2033.
36 ' __ _ _ Further, Trustor agrees that all future grant deeds for or transfers of interest in the
37 properties shall contain a restriction providing that for the period of time specified in this deed of
38 trust, there shall be no sale, lease, rental, or other transfer of the properties except for the sale to
39 and occupation by eligible low or moderate income households. Any sale, lease, rental, or other
40 transfer of the property in violation of this covenant shall be void, as provided below.
41
42 SECTION 2.04. Determination of Eligibility. Trustor and Trustee agree to retain the Housing
43 Authority of the City of San Luis Obispo, or other qualified entity acceptable to the City, to
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