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HomeMy WebLinkAboutMcgrath, Stephen - Rehab LoanRECORDING REQUESTED WHEN RECORDED MAIL TO' SPACE ABOVE THIS LINE FOR RECORDER'S USE SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BE- COMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made this filth day of January '19 90 by Stephen A. McGrath & Sandra Sigurdson owner of the land hereinafter described and hereinafter referred to as "Owner," and present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary W ITN ESSETH THAT WHEREAS,Stephen A. McGrath & Sandra D. Sigurdson did execute a deed of trust, dated 1 -18-89 to Bank of America National Trust & Savings Assoc , as trustee, covering: A part of block 92 of said City of San Luis Obispo, as per Harris & Ward's map on file in the office of the County Recorder of the county of San Luis Obispo, State of California, bounded and described as follows, to wit: Commencing at a point on the southerly line of Buchon St., distance thereon 175 feet easterly from the southeast corner of Buchon and Nipomo Streets; and running thence on the southerly line of Buchon St., easterly 50 feet; thence southerly, at right angles with Buchon Sr_., 137 feet and six inches to the northerly line of an alley; thence westerly along the line of said alley, 50 feet; thence northerly at right angles with said line of Buchon St., 137 feet and six inches to the point of commencement. City of to secure a note in the sum of $ $4 , 550.00 dated 1 -18 -89 in favor of San Lu i s Obs i p which deed of trust was recorded 1-18-89 , in book 3259 page 0239 Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $ 25,000.00 dated 1-4`90 , in favor of County Bank hereinafter referred to as "Lender, " payable with interest and upon the terms and conditions de- scribed 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 specifi- cally 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 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 re- ceipt 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 first 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 de- scribed, any prior agreement as to such subordination including, but not limited to, 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 agree- ment 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 re- ferred 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 re- ferred to. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OR WHICH MAY BE EXPENDED FOR OTHE;&.PURPOSES THAN IMPROVEMENT OF THE I ANn CAT. NO. NNO0627 1944 (9 -84) J (I TICOR TITLE INSURANCE (Individuaall ) STATE OF CALIFORNIA COUNTY OF San Luis Obispo SS. On January 5, 1990 before me, the undersigned, a Notary Public in and for W said State, personally appeared *Stephen A. McGrath and Sandra D. Sigurdson* a W Wpersonally known to me or d proved to me on the basis of satisfactory evidence to be mthe person _.SL whose names are subscribed to the within instrument and acknowledged that they exe cuted the same. WITNESS my hand and official seal. Signature Andrea M. Dority ANDREA M. DORITY NOTARY PUBLIC 4. SAN LUIS G"SPO COUNTY CALIFORNIA My Commission Expires on Od 12, 1991 (This area for official notarial seal) IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. (CLTA SUBORDINATION FORM "A") 1266 (6/72) INDORSEMENT RE: Subordination of Loan made by City of San Luis Obispo to Stephen A. McGrath and Sandra D. Sigurdson on January 18, 1989 for $4,550. The City of San Luis Obispo hereby agrees to subordinate this loan on Deed of Trust for property at 665 Buchon Street in favor of County Savings Bank for a $25,000 equity loan to Stephen A McGrath and Sandra D. Sigurdson. BY CITY Wily C. Statler Director of Finance NOTE: FIXED RATE LGaN $ 4,550.00 January 18, 1989 UVE TO: San Luis Obispo City or County San Luis Obispo California 93403 1. PRCMISE TO PAY In return for a loan that I have received, I prmise to pay Four Thousand Five Hundred Fifty and No /100 LbIIars5 4,550.00 is armuht will ca 'principal-) pus interest to the order I, r according to the tens of this note. 2. IMII2EST A_ Interest will be charged on the principal that is unpaid. Interest will start on the date my loan is m de and continue until the principal has been fully paid. B. Starting on the date my loan is made, I will pay interest at the yearly rate of 3 �. C. Interest will be calculated on the basis of a 365 -day year and on the actual run of days that the principal is outstanding (unpaid). 3. PAYMENTS A. Date and Duration I will pay principal and interest by making monthly paytrEnts. These pay mats will be We on the 24th of each nmth beginning Feb 24 ,1989. If I have not crunplete y re a-Rd a 1 that I aoe cn this loan, inc uoing print pal , interest and other clams, before January 24, 1994 -("final payrrmt date ") I will do so on that date. _ B_ Arnult of Mmthly Paym nts Mar principal and interest payments will be Eighty One and 76/100-------- - uollars� . C. Application of Mxrthly Payments My monthly payments will be applied in this orc&:(1) to any interest then due,(2) to any late charges then due, and (3) to principal. � 2, I may prepay this note in full or in part at any time. 5. FAILLE TO PAY AS REQUIRED A. Default If I do not pay the full amuTt of a monthly payment on time or if I fail to keep all Of my pmnises under any security agrearent or other agresrert made in wrectim with this nate, the lender may d�rlare the loam to be in default. In that case, it may require rye to pay imrediately the full arcxnt of principal that has nat been paid and all interest and other charges that I o►e on this loan. If I default and the lender does not require rye to pay imrediately in full as described above, it will still have the right to do so it I default at a later time. B. Effect of Default on Final Payment if my final payment, in whatever arrant if required to fully pay all sums owing u~rier this note, is not paid on time, I understand that interest will continue to accrue on the principal balance until it is fully paid. 6. FE3196IBILM CF PERSONS LNDER THIS NJTE If mare than one person signs this mote as a hxTo ,er, each is fully and personally obligated to pay the full anaxnt awed and to keep all of the promises made in this rote. Any carver, guarantor or endorser of this note is also obligated to do these things. The lender my enforce its rights under this note against each of us individually of against all of us together. Ibis means that any one of us may be required to pay all of the arwT s under this note. 7. U CN SALE CLAUSE If this note is seamed by a deed of trust, the deed of trust contains an accelaration clause shown below. If all or any part of the Property or an interest therein is sold or transferred by Borrcwr (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural persm or persons but is a corporation,parinership, to st, or other _ legal entity) without, Lender's prior written ojw t, Under may, at Lender's option, declare all the stirs seared by this Deed of Tnrst to be irrmmdiately dae and payable. Lender pray, in its discretion, waive its option to accelerate. As a ccndition of Lender's waiving the option to accelerate provided herein, Lender may charge certain fees, my require an increase in the current Note interest rate, an increase in the Nbte base irrhx figure or margin (if applicable) or any or all of them, may reset the limits or interest rate change, or rmy require other changes to the %te, this Daed of Tnis-t, cr both. Stephen A. McGrath 1� a I' Sandra D. Sigurdson city of s.An tuffs oBi spo SUBMITTAL DATE: C.A.0. SPECIA REPORT, FILE NUMBER: FROM William C. Statler, Director of n Dixon Flynnt�5 ancial Systems Manager SUBJECT Subordination of City Historical Preservation Loan to Steven McGrath RECOMMENDATION Authorize the Director of Finance to sign the attached Agreement (Tab A) subordinating the City's low interest historical preservation loan to Mr. Steve McGrath to allow Mr. McGrath to obtain a $25,000 line of credit on his property. DISCUSSION On January 18, 1989, the City authorized Bank of America to loan $4,500 to Mr. Steve McGrath at 3% for 5 years. This is a loan made under the City's historical preservation loan program. Mr. McGrath owns the land and building at 665 Buchon Street on which this loan was made for structural rehabilitation. In November 1989, Mr. McGrath requested the City to subordinate its historical preservation loan to allow him to obtain a $25,000 line of credit on his property for additional improve- ments. The Director of Finance and the Director of Community Development (Tab B) have reviewed his request and concluded that the City would not be harmed by this action. The Director of Community Development stated that: "we must be realistic in our view that other, private financing will often be needed" to finance the preservation of historical buildings. FISCAL IMPACT The subordination of the City's loan to Mr. McGrath will not impact the City budget. The City could incur the loss of the remaining principal and interest on this loan if Mr. McGrath defaulted and the sale of his property did not provide sufficient proceeds to cover this loan after satisfying the mortgage of $120,000 and the equity loan of $25,000. However, the estimated value of the property at 665 Buchon is $275,000 and the approxi- mate balance of the City's loan to Mr. McGrath is $3,300. ALTERNATIVES The City could refuse to subordinate the historical preservation loan and request Mr. McGrath to use the proceeds from his equity loan to retire the City's loan. This was an option discussed with Mr. McGrath. This action would increase available funds for loans on other property. ATTACHMENTS Tab A - Subordination Agreement Tab B - Correspondence of the Finance Department and Community Development concern- ing subordination of the historical preservation loan to Mr. McGrath. Tab C - Deed of Trust dated January 18, 1989 for 665 Buchon Street, San Luis Obispo. (1) Continuation of Subordination of City Historical Preservation Loan to Steven McGrath APPROVED AS TO FORM � r APPROVED AS TO CONTENT City ministrative Officer (2) ►►►Illllllllllllllllllllllll�f ���� �III�E��I��II�I eMN73!9'l13� iE9 GiRRFFP' TO: Dixon Flynn city of sAn Luis oBispo 990 Palm Street / st Office Box 8100 • San Luis Obispo, CA 93403 -8100 December 21, 1989 r FROM: Randy Rossi RE: Subordination of loan - Steve McGrath I have prepared this response to Bill Statler's memo of December 12 on behalf of the Community Development department and Terry Sanville (who is away on vacation). We feel the subordination that is being requested poses interest or rehabilitation loan. In fact, we feel that tain flexibility in the application of its loan program used for the purposes the City wishes to encourage. By constraints on subordination, especially in a case like is ample equity, we will discourage use of the program. no risk to the City's the City must main - or it will not be placing too-many this where there Lastly, since the City can't possibly loan all of the funds necessary to the rehabilitation of old, historic homes, we must be realistic in our view that other, private financing will often be needed. In summary then, we support the request and urge you to approve /authorize the subordination. c: Bill Statler Terry Sanville MEMORANDUM December 12, 1989 TO: Randi Rossi, Community Development Direct FROM: William C. Statler, Director of Finance SUBJECT: Subordination of Loan - Steve Mc Grath Community Development has requested Finance Department concurrence to subordinate a low interest loan ($4,500 over 5 years at 3 %) made by the City to Mr. Steve McGrath. This loan was made to Mr. Mc Grath under the City's historical preservation program. Mr. Mc Grath is seeking a $25,000 line of credit on his property and prefers not to repay the City from the proceeds of his credit line. Apparently, the bank with which he is dealing will not extend the credit without the City subordinating its position. To support your request, I would like a Memorandum from Community Development that either describes the benefit to the City for subordinating its position or a statement to the effect that the subordination, while not a benefit to the City, will not harm or jepordize the City's position. This will require an appraisal of the property and documentation to show current and projected lien's. If the lien to equity ratio does not exceed 60% of the appraised value, I don't believe that the subordination would jepordize the City's position and therefore not harm the City. I recommend that this information be demonstrated with a simple table supported by the appropriate documentation: Appraised Value of Property (Tab A) $275,000 Current Mortgage (Tab B) 120,000 City Loan (Tab C) 4,500 Application for Equity Loan (Tab D) 25,000 Total Lien on Property 149,500 Lien to Equity Ration (149,500 / 275,000) = 54% As reflected above, the City's position is secured by 46% of the unencumbered property value or $125,500. NOTE: FIXED RATE LOAN $ 4,550.00 January 18, 1989 CATE TO: San Luis Obispo aty or County San Luis Obispo California 93403 1. PROMISE TO PAY In return for a loan that I have received, I promise to pay Four Thousand Five Hundred Fifty and No /100 lb-flars($ 4 550.00 is ammou7t wa I I be ca "principal pus interest to the order according to the terms of this note. 2. INTEREST A. Interest will be changed on the principal that is unpaid. Interest will start cn the date my loan is made and continue until the principal has been fully paid. B. Starting on the date my loan is made, I will pay interest at the yearly rate of 3 �. C. Interest will be calculated on the basis of a 365 -day year and on the actual nuffE -w of days that the principal is outstanding (unpaid). 3. PAYMENTS A. Date and Duration I will pay principal and interest by making monthly payments. These payrrnts will be due on the 24th of each month beginning Feb 24 ,1989. If I have not completely repaid all that I owe cn this loan, iron irg principal, interest and other charges, before January 24, 1994 ( "final payment date ") I will do so on that date. B_ Amount of Mxmthly Payrrarts My principal and interest payments will be Eighty One and 76/100-------- - Dollars 81.76 C. Application of Monthly Paynm s My monthly paym nts will be applied in this order:(1) to any interest then due,(2) to any late charm then due, and (3) to principal. 4. PREPAYMENTS I may prepay this note in full or in part at any time. 5. FAILURE TO PAY AS REQUIRED A. Default If I do not pay the full amount of a monthly piyrrer t on time or if I fail to keep all of my pranises under any security agreement or other agnmTent made in correction with this note, the lender may declare the loan to be in default. In that case, it nay require me to pay immediately the full amnumt of principal that has not been paid and all interest and other charges that I owe on this loan. If I default and the lender does not require ne to pay immediately in full as described above, it will still have the right to do so it I default at a later time. B. Effect of Default on Final Payment If my final paymart, in whatever amount if required to fully pay all sans owing under this note, is not paid on time, I understand that interest will continue to accrue on the principal balance until it is fully paid. , 6_ RESMIBILITY OF PERSONS UNDER THIS NOTE If more than one person signs this note as a borrower, each is fully and personally obligated to pay the full a€art owed and to keep all of the premises made in this note. Any co-rmaker, guarantor or endorser of this note is also obligated to do these things. The lender nay enforce its rights under this note against each of us individually of against all of us together. This means that any one of us may be required to pay all of the aTwits under" this note. 7. DUE CN SALE CLAUSE If this note is secured by a deed of trust, the deed of trust contains an aceelarat_ion clause shown below. If all or any part of the Property or an interest therein is sold or transferred by Borrower (or if a beneficial interest in Borrower is sold or transferred and Borraaer - - is not a natural person or persons "but is a corporation, partnership, trust, or other legal entity) without Leis& s prior written consent, Lender may, at Lender's option, declare all the am secured by this Deed of Trust to be immediately due and payable_ r Lender may, in its discretion, waive its option to accelerate. As a condition of Lender's waiving the option to accelerate provided herein, Lender may charge certain fees, may require an increase in the cur ui t NAz interest rate, an increase in the Note base index figure or margin (if applicable) or any or all of them, mey reset the limits or interest rate change, or may require other dwxles to the Note, this Deed of Trust, or both_ f � A" r . Stephen A. McGrath "�� Sandra ► . 1fl Bank of America Branch San Luis Obispo No-61 Principal Amount of Proposed Loan: $ 4,550.00 ANNUAL PERCENTAGE RATE The cost of your credit as a yearly rate. 3.00% FINANCE CHARGE The dollar amount the credit will cost you. $ 355.60* Federal Truth in Lending Disclosure Statement (OL /OT /ST) Fixed or Variable Rate Loan No. Amount Financed The amount of credit provided to you or on your behalf. $ 4,550.00 Date January 18, 1989 Total of Payments The amount you will have paid after you have made all payments as scheduled. $ 4,905.60* 1. Itemization of Amount Financed You have a right to receive a written itemization of the Amount Financed. If you do want a written itemization of the Amount Financed you will receive one only if you check the "Yes" box immediately below. If you check the "No" box or do not check either box, you will not receive a written itemization. ❑ Yes ❑ No 2. Payment Schedule ❑ Your loan is payable on demand, or if no demand is made, your payment schedule will be as shown below: ® Your payment schedule will be: Number of Amount When Payments Are Due _ ip - $ - — — 3. Security and Insurance If one or more of the following boxes is checked, your loan will be secured by a security interest in the type of property indicated. A savings deposit. Securities (stocks. 0onds, etc -). The goods or property being purchased. You are required to obtain property insurance. You may obtain it from anyone you want who is acceptable to the bank. Real Estate You are required to obtain property insurance. You may obtain it from anyone you want who is acceptable to the bank. ❑ Other (specify):.— -- — -- - — — - - 0 You are required to obtain property insurance. You may obtain it from anyone you want who is acceptable to the bank. 4. Prepayment. If you pay off early, you may have to pay a prepayment charge (prepayment premium). S. Variable Rate ❑ This is a variable rate loan. The annual percentage rate may increase during the term of this transaction if the Reference Rate of Bank of America increases. increases in the Reference Rate are within the sole discretion of the bank and will be publicly announced from time to time. Any increase in the annual percentage rate will take the form of higher payment amounts and will be effective on the day specified in the public announcement of the increase in the Reference Rate. For example: if you agreed to pay interest in monthly instalments and your loan were for $15.000 at 12 -0% for 1 year, and the rate increased to 13.0% per year after one month, your regular payments would increase by $1232.` If you agreed to pay principal in monthly instalments with interest added, and if your loan were for $10,000 at 12.0% for 6 months, and the rate increased to 13.0% per year after one month, your regular payments would increase by $6.85.` 6. See your loan documents for any additional information about nonpayment, default, any required repayment in full before the scheduled date„ prepayment refunds, and prepayment charges (prepayment premiums). 'Means an estimate 7. Certain Security Interest Charges Recording /Filing Fees Lien Release Recording /Filing Fees UCC Security Interest Search Fee Other (specify) $ 16.00* $ 5.00* The loan applied for will not be secured by any contractual lien except that resulting from the deed of trust or the security agreement covering the security described in Section 3 (if applicable). Bank of America National Trust and Savings Associaon By: Louis S arra N -90 3-96 I have received a copy of this disclosure statement. I have also received copies of theyloan documents and have no, et signed any of them. , X. Loan Appiica k Stephen Date i A. McGr -nth oan carat Sandra . ` 1 g rdson Date Bank of America NTBSA Bank of America 1. YOUR RIGHT TO CANCEL You are entering into a transaction that will result in a deed of trust or similar lien on your home. You have a legal right under federal law to cancel this transaction, without cost, within three business days, after the latest of the following events: (a) The date of the transaction, which is January 1,8, 1989 _ or (b) the date you received your Truth in Lending dis- closures; or (c) the date you received this notice of your right to cancel. If you cancel the transaction, the deed of trust or similar lien is also canceled. Within 20 calendar days after we receive your notice of cancellation, we must take the necessary steps to reflect the fact that the deed of trust or similar lien on your home has been canceled. We must also return to you any money or property you have given to us or to anyone else in connection with this transaction. You may keep any money or property we have given you until we have done the things mentioned above, but you must then offer to return the money or property. If it is impractical or unfair for you to return the property, you must offer its reasonable value. You may offer to return the property at your home or at the location of the property. Money must be returned to our address shown in the next column under How To Cancel. If we do not take possession of the money or property within 20 calendar days of your offer, you may keep it without further obligation. IF YOU ARE REFINANCING If the transaction is either a new loan to refinance a credit you owe us or an increase in a credit you owe us, your right to cancel applies only to the amount by which the transaction increases the amount of credit you owe us. The preceding section (Your Right To Cancel) would then apply only to the amount of the increase, and would apply to the deed of trust or similar lien securing the transaction only to the extent it secures the in- crease. I WISH TO CANCEL: SIGNATURE DATE Notice of Right to Cancel — Statement of Cancellation /Noncancellation 2. HOW TO CANCEL If you decide to cancel this transaction, you may do so by notifying us in writing, at: BANK OF AMERICA San Luis Obispo _ Branch 1105 Hiouera Street San Luis Obispo . CA 93401 You may use any written statement that is signed and dated by you and states your intention to cancel, or you may use this notice by dating and signing below. Keep one copy of this notice because it contains important in- formation about your rights. If you cancel by mail or telegram, you must send the notice no later than midnight of January 21 ,19 89 (or midnight of the third business day following the latest of the three events listed above under "Your Right To Cancel "). If you send or deliver your written notice to cancel some other way, it must be delivered to the above address no later than that time. If more than one person has the right to cancel under this notice, a cancellation by any of those persons is effective to cancel for all of them. 3. ACKNOWLEDGEMENT OF RECEIPT I have received two (2) copies of this notice of right to cancel. SIGNATURE DATE SIGNATURE DATE I HAVE NOT CANCELED. I confirm that at least four (4) days ago (excluding Sun- g days and federal holidays) I received two (2) copies of I this notice, and I have not canceled the transaction for which this notice is given. SIGNATURE DATE SIGNATURE DATE SIGNATURE DATE SIGNATURE DATE I VL -bb 1 -tf6 Bank of America NTBSA • Member FDIC Bank of America 1. YOUR RIGHT TO CANCEL You are entering into a transaction that will result in a deed of trust or similar lien on your home. You have a legal right under federal law to cancel this transaction, without cost, within three business days, after the latest of the following events: (a) The date of the transaction, which is January-18. I or (b) the date you received your Truth in Lending dis- closures; or (c) the date you received this notice of your right to cancel. If you cancel the transaction, the deed of trust or similar lien is also canceled. Within 20 calendar days after we receive your notice of cancellation, we must take the necessary steps to reflect the fact that the deed of trust or similar lien on your home has been canceled. We must also return to you any money or property you have given to us or to anyone else in connection with this transaction. You may keep any money or property we have given you until we have done the things,mentioned above, but you must then offer to return the money or property. If it is impractical or unfair for you to return the property, you must offer its reasonable value. You may offer to return the property at your home or at the location of the property. Money must be returned to our address shown in the next column under How To Cancel. If we do not take possession of the money or property within 20 calendar days of your offer, you may keep it without further obligation. IF YOU ARE REFINANCING If the transaction is either a new loan to refinance a credit you owe us or an increase in a credit you owe us, your right to cancel applies only to the amount by which the transaction increases the amount of credit you owe us. The preceding section (Your Right To Cancel) would then apply only to the amount of the increase, and would apply to the deed of trust or similar lien securing the transaction only to the extent it secures the in- crease. I WISH TO CANCEL: SGNATURE TPI -RR 7 -RR Notice of Right to Cancel — Statement of Cancellation /Noncancellation 2. HOW TO CANCEL If you decide to cancel this transaction, you may do so by notifying us in writing, at: BANK OF AMERICA SanLuis (bison Branch 1105 Nigwa Street San Leis Obispo CA 93M You may use any written statement that is signed and dated by you and states your intention to cancel, or you may use this notice by dating and signing below. Keep one copy of this notice because it contains important in- formation about your rights. If you cancel by mail or telegram, you must send the notice no later than midnight of Janet 21 , 19-w—, (or midnight of the third business day following the latest of the three events listed above under "Your Right To Cancel ''). If you send or deliver your written notice to cancel some other way, it must be delivered to the above address no later than that time. If more than one person has the right to cancel under this notice, a cancellation by any of those persons is effective to cancel for all of them. 3. ACKNOWLEDGEMENT OF RECEIPT I have received two (2) copies of this notice of right to cancel - SIGNATUR DATE _ A. smawcRt DA Sandra 0. Sigurdsah SIGNATURE SIGNATURE I HAVE NOT CANCELED. DATE I confirm that at least four (4) days ago (excluding Sun- days and federal holidays) I received two (2) copies of I this notice, and I have not canceled the transaction for DATE I which this notice is given. SJC''NA RE DATE A_4-,0 I f � f_ I -SIG WATUPE DATF I h SIGNATL,sARE -o— ' —` DATEw SIGNATURE DATE Pin of A—.6 a AITR.CC . AAomhcr Fr)lr d� �(G REQUESTED B ,City of San Luis Obispo . WHEN RECORDED MAIL TO: City of San Luis Obispo ATTN: Finance Department 990 Palm Street, Box 8100 San Luis Obispo, CA 93401 DOC. NO. 511.9 OFFICIAL RECORDS SAN LUIS OBISPO CO., CA JAN 2 4 1990 FRANCIS M. COONEY County Cleric- Recorder 7nME1 0 : 00 AM �(s SPACE ABOVE THIS LINE FOR RECORDER'S USE SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BE- COMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made this 4th day of January 119 90 , by Stephen A. McGrath & Sandra Sigurdson owner of the land hereinafter described and hereinafter referred to as "Owner," and CITt� o� S,, Lu.,�s nbk spc) present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary" WITNESSETH THAT WHEREAS, Stephen A. McGrath & Sandra D. Sigurdson did execute a deed of trust, dated 1 -18 -89 ,to Bank of America National Trust & Savings Assoc. , as trustee, covering: A part of block 92 of said City of San Luis Obispo, as per Harris & Ward's map on file in the office of the County Recorder of the county of San Luis Obispo, State of California, bounded and described as- follows, to wit: Commencing at a point on the southerly line of Buchon St., distant,- thereon 175 feet easterly from the southeast corner of Buchon and Nipomo Streets; and running thence on the southerly line of Buchon St., easterly 50 feet; thence southerly, at right angles with Buchon St., 137 feet and six inches to the northerly line of an alley; thence westerly along the line of said alley, 50 feet; thence northerly at right angles with said line of Buchon St., 137 feet and six inches to the point of commencement. City of to secure a note in the sum of $ $4,550-00 , dated 1 -18 -89 , in favor of San Luis Obs i po , which deed of trust was recorded 1--89 , in book 3259 page 235 , Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $ 25,000.00 dated 1 -4 -90 , in favor of County Bank , hereinafter referred to as "Lender," payable with interest and upon the terms and conditions de scribed 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 specifi- cally 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 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 re- ceipt 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 first above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. voL 3450 PAGE 5 W i W I W J L 1, GAT. NO. NNO0627 TO 1944 CA (9 -84) (individual) STATE OF CALIFORNIA Ire TICQR TITLE INSURANCE COUNTY OF San Luis Obispo t SS. January 5, 1990 l On before me, the undersigned, a Notary Public in and for said State, personally appeared "Ste hen A. McGrath and Sandra D. Sl urdson;% , personally known to me or proved to me on the basis of satisfactory evidence to be the person? whose names are subscribed to the within instrument and acknowledged that they exe- cuted the same. WITNESS my hand and official seal. Signature Andrea M. Dority ANDREA M. DORITY NOTARY PUBLIC . SAN LUIS ONSPO COUNTY CALIFORNIA My Commission Expires on Oct. 12, 1991 (This area for official notarial seal) I STATE OF CALIFORNIA 1 COUNTY OF SAN LUIS OBISPO. ss. 1 1 I t On this 22nd day of r in the year 990, before me Dig�g_ R �$tjja t . Notary Public- - - - - -- personally appeared -i n Statler _. t - - -- y �ynn _ _ , known to me � Director of Finance and 1 to be �o of _the City_ of_ San_ Luis Obispo , and known to I me to be the person who executed the within instrument on behalf of said public corporation, agency or political subdivision, and acknowledged to me that -the City of San Luis Obispo - - - - -- executed the same. OFFICUIC 5M 11. MAN 11tyFARlf I�LIC • CAYI.�'C1RIrtiA NNW "M UNS iCOUNTY (SEAL) Cow . Sm 6 is MW", I8e&'i D� - "ane R. Stuart, otary Public ) t 1 Subordination Agreement (McGrath & Sigurdson) VOL 3450 PACE 67 INDORSEMENT RE: Subordination of Loan made by City of San Luis Obispo to Stephen A. McGrath and Sandra D. Sigurdson on January 18, 1989 for $4,550. The City of San Luis Obispo hereby agrees to subordinate this loan on Deed of Trust for property at 665 Buchon Street in favor of County Savings Bank for a $25,000 equity loan to Stephen A McGrath and Sandra D. Sigurdson. BY CIT Willa C. Statler Director of Finance END OF DOCUMENT Vo! 3450 PAGE 8 The POLICY PERIOD shall begin and end, at the Location of Property involved. ALLSTATE INSURANCE COMPANY as indicated below (See reverse side for additional policy provisions ). DECLARATIONS Policy ISSUED 01 -26 -89 Number 0 99 484414 11/30 BEGINS ON NOV 30, 1988 AND CONTINUES UNTIL Name of CANCELLED Insured STEPHEN A MCGRATH & AMENDED — JAN 25, 1989 SANDRA D SIGURDSON HWJT 12 01 A.M. STANDARD TIME Location of Property 665 BUCHON STREET Insured SAN LUIS OBISPO CA 93401 DWELLING IS OF FRAME CONSTRUCTION AND OCCUPIED BY 1 FAMILY PREMIUM INCLUDES STATE— REQUIRED SURCHARGE OF $ 1.70 Name and Address CALIFORNIA FEDERAL S &L LOAN NO. of First ITS SUCCESSORS AND /OR ASSIGNS 0087584607 Mortgagee p0 BOX 30089 LOS ANGELES CA 90030 The following coverages and limits of liability apply as shown below. If the word "amended" followed by a date appears above, the insurance applies only from that date. 1 ALLSTATE INSURANCE COMPANY HOMEOWNERS Dr-CLARATIONS PREMIUM STATEMENT Policy Number 0 99 484414 11/30 IF YOU HAVE ANY QUESTIONS PLEASE CONTACT YOUR ALLSTATE AGENT OR OUR NEAREST OFFICE FF6 684231 Policy Mailed to CITY OF SAN LUIS OBI PO BOX 8100 SAN LUIS OBISPO CA 93403 -8100 YOUR POLICY HAS BEEN CHANGED EFFECTIVE ON JAN 25, 1989 FOR THE FOLLOWING REASONS CHANGE IN PROTECTION CHANGE IN MORTGAGEE, SERVICING AGENT AND /OR LOAN NUMBER THERE IS NO CHANGE IN PREMIUM FOR THE CURRENT PREMIUM PERIOD, THEREFORE YOUR BALANCE IS NOT AFFECTED. POLICY COVERAGES AND LIMITS OF LIABILITY A DWELLING PROTECTION(REPLACEMENT GUARANTEE) $77,000 YOUR POLICY IS PAID IN FULL 10% ADDITIONAL PROTECTION PROVIDED FOR OTHER STRUCTURES �C PERSONAL PROPERTY PROTECTION 38,500 LOSS OF USE OF YOUR RESIDENCE ACTUAL LOSS SUSTAINED X FAMILY LIABILITY EACH OCCURRENCE 100,000 Y GUEST MEDICAL PAYMENTS EACH PERSON 11000 IIWC WORKERS' COMPENSATION PRIVATE RESIDENCE EMPLOYES) INCLUDED IN TOTAL STEPHEN A MCGRATH & OCCASIONAL CLASS POLICY PREMIUM Policy SANDRA D SIGURDSON HWJT 9R 01 ADDITIONAL DWELLINGS) RENTED TO OTHERS Issued to 665 BUCHON STREET SAME AS COVERAGES X AND Y SAN LUIS OBISPO CA 93401 AGENT— KATHRYN L ARNDT PROPERTY INSURANCE ADJUSTMENT CONDITION APPLIES Payment Record PHONE— 805 543 -2425 ITHE USING THE BOECKH PUBLICATIONS BUILDING COST INDEX _ Pad �I DEVELOPED BY THE AMERICAN APPRAISAL ASSOCIATES,INC. Amount ED -1 54 040 012 295118 0 70 X 3501501 3 9 58 1771 I Paid T _ 000000 00 LOSS DEDUCTIBLES) APPLICABLE Check Number office use only J i�500 ALL PERIL DEDUCTIBLE APPLIES TO COVERAGE(S)A & C Payment Notice THANK YOU FOR LETTING US SERVE YOU Please tear along this line. Return A099 bottom portion with your payment Policy number Date due 0 99 484414 11/30 NHP REQ. I? DO NOT PAY INSURED HAS BEEN BILLED 4 i SUBJECT TO THE FOLLOWING FORMS AND ENDORSEMENTS %U1774 DELUXE HOMEOWNERS POLICY U9611 -2 AMENDATORY ENDORSEMENT U1176 OPTIONAL COVERAGE ENDORSEMENT STEPHEN A MCGRATH & U319 LENDERS LOSS PAYABLE SANDRA D SIGURDSON HWJT U273 ADDITIONAL MORTGAGEE a Please yordee your check or 684231 01/26 03A00035 70 OK H Y payable a ALLSTATE 09948441411303000000000000000000000000 INSURANCE CO. RECORDING REQUESTED WHEN RECORDED MAIL TO SPACE ABOVE THIS LINE FOR RECORDER'S USE SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BE- COMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made this 4th day of January '19 90 by Stephen A. McGrath & Sandra Sigurdson owner of the land hereinafter described and hereinafter referred to as 'Owner." and s 1 present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary' i WITNESSETH THAT WHEREAS, Stephen A. McGrath & Sandra D. Sigurdson did execute a deed of trust, dated 1-18-89 to Bank of America National Trust & Savings Assoc , as trustee, covering: A part of block 92 of said City of San Luis Obispo, as per Harris & Uard's map on file in the office of the County Recorder of the county of San Luis Obispo, State of California, bounded and described as follows, to wit - Commencing at a point on the southerly line of Buchon St., distance thereon 175 feet easterly from the southeast corner of Buchon and Hipomo Streets; and running thence on the southerly line of Buchon St., easterly 50 feet; thence southerly, at right angles with Buchon Sr_., 137 feet and six inches to the northerly line of an alley; thence westerly along the line of said alley, 50 feet; thence northerly at right angles with said lime of Buchon St., 137 feet and six inches to the point of commencement. to secure a note in the sum of $ $4 , 550.00 dated 1 -18 -89 City of in favor of San Luis Obs i p recorded 1 - 18 -89 , which deed of trust was in book 3259 page 0239 , Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $ 25,000.00 dated 1-4 -90 , in favor of County Bank , hereinafter referred to as "Lender," payable with interest and upon the terms and conditions de- scribed 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, tender 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 specifi- cally 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 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 re- ceipt 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 first above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. f i W C W I W J 4 m (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 de- scribed, any prior agreement as to such subordination including, but not limited to, 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 agree- ment 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 re- ferred to and understands that in relianceupon, 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 re- ferred to. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OR WHICH MAY BE EXPENDED FOR OTHE,&.pURPOSES THAN IMPROVEMENT OF THE l ANn CAT. NO. NNO0627 TO 1944 CA (9 -84) QCJ TICOR TITLE INSURANCE (Individual) STATE OF CALIFORNIA COUNTY OF San Luis Obispo S& On January 5, 1990 before me, the undersigned, a Notary Public in and for said State, personally appeared *Stephen A. McGrath and Sandra D. Si urdson%, , personally known to me or proved to me on the basis of satisfactory evidence to be the person? whose name S are subscribed to the within instrument and acknowledged that they exe- cuted the same. WITNESS my hand and official seal. Signature Andrea M. Dority i. ANDREA 61. DORITY _ NOTARY PUBLIC .' SAN LUIS 021SP0 COUNTY CALIFORNIA A1y Commission Expires on Oct 12, 1991 (This area for official notarial seal) IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. (CLTA SUBORDINATION FORM "A ") 1266(6/72) INDORSEMENT RE: Subordination of Loan made by City of San Luis Obispo to Stephen A. McGrath and Sandra D. Sigurdson on January 18, 1989 for $4,550. The City of San Luis Obispo hereby agrees to subordinate this loan on Deed of Trust for property at 665 Buchon Street in favor of County Savings Bank for a $25,000 equity loan to Stephen A McGrath and Sandra D. Sigurdson. BY CIT Willia�tt'C. Statler Director of Finance NOTE: FIXED RATE LAN $ 4,550.00 January 18, 1989 �x�lt TO= San Luis Obispo u,uty or UXETty San Luis Obispo California 93403 1. PRYISE TO PAY In return for a loan that I have received, I promise to pay Four Thousand Five Hundred Fifty and No /100 ors 4 550.00 is amount will ca rincipa pus interest to the order according to the term of this note. 2. INTEREST A. Interest will be charged on the principal that is uxrpaid. Interest will start on the date rry loan is made and continue until the principal has been fully paid. B. Starting on the date my loan is made, I will pay interest at the yearly rate of 3,1 C. Interest will be calculated on the basis of a 305 -day year and on the actual nurbEF days that the principal is outstanding (unpaid). 3. mreim A. Date and Duration I will pay principal and interest by making morthly payrelts_ These payreTts will be due or the 24th of each month beginning Feb 24 ,1989. If I have not mrplete y repaid a 1 thhat I one on this loan, inc a ing principal, interest and other charges, before January 24, 1994 ("final payfmnt date ") I will do so on that date. B. ATrmt of Monthly Payments Ply principal and interest paym nts will be Eighty One and 76/100 --------- W1 I ors C. ,Application of Mwthly Payments Ply mr mthly lxyrraTts will be applied in this order: (1) to any interest then due, (2) to any late charges their due, and (3) to principal. � o I may Ply this note in full or in part at any time. 5. FAILURE TO PAY AS REQUIRED A. Default If I do not pay the full arrx t of a mmthlY payTenm on tine or if I fail to keep all of my premises under any sechurity agrearent or other agreo t, rmde in cm- ection with this note, the lender may delrJ- Ue the loan to be in default_ In that case, it may require M to pay imrediatelY the full afoi t of principal that has not been paid &,d all interest arrd other merges that I oe on this loan. If I default and the lender does not require ire to pay iurrr>`diately in full as described above, it will still have the right to do so it I default at a later time. B. Effect of Default on Final Payrrmt If my final payment, in 4iatever arurnt if required to fully pay all suxrs owing under this note, is not paid on tiure, I understand that interest will continue to accrue on the principal balance until it is fully paid. 6. RFSPCNSIBILITY CF PEIW6 UNDER THIS MOTE If more than one person signs this note as a born3er, each is fully and personally obligated to pay the full arum owed and to keep all of the Promises grade in this rote. Any cu- -rroker, guarantor or endorser of this rate is also obligated to do these things. The lender gray enforce its rights under this note against each of us individ;ally of against all of us together. This means that any one of us may be required to pay all of the arw is under this note. 7. CUE CN SALE C1lSE If this note is secured by a deed of trust, the deed tnrst cerrtains an accelaration clause shown below. If all or any part of the Property or an interest therein is sold or transferred by Boar (or if a beneficial interest in Bornx er is sold or transferred and Ebrrnpr is not a natural person or persons but is a corporation, part- Frship, trust, or other legal enmity) without [..er&r's -prior written Consent, Lender racy, at Lender's option, _ declare all the suers seamed by this Deed of Trust to be immediately due and payable. Lear may, in its discretion, waive its option to accelerate. As a condition of Lender's waiving the option to accelerate Provided herein, Lender gray charge certain fees, My require an increase in the ccunerm Pate interest rate, an increase in the Pbte base imiex figure or margin (if applicable) or any or all of tlher;r, may rat the limits or interest rate ct3ancJe, or ray require other Cbed of Trust, or both. t°, this Stephen A. McGrath } Sandra D. Sigurdson City of s.An tuts omspo SUBMITTAL DATE Ef;�101E €iilf`ijIE!? C.A. 0. V P E C I IR E PO RT FILE NUMBER r_ FROM William C. Statler, Director of Dixon Flynn,! uncial Systems Manager SUBJECT Subordination of City Historical Preservation Loan to Steven McGrath RECOMMENDATION Authorize the Director of Finance to sign the attached Agreement (Tab A) subordinating the City's low interest historical preservation loan to Mr. Steve McGrath to allow Mr. McGrath to obtain a $25,000 line of credit on his property. DISCUSSION On January 18, 1989, the City authorized Bank of America to loan $4,500 to Mr. Steve McGrath at 3% for 5 years. This is a loan made under the City's historical preservation loan program. Mr. McGrath owns the land and building at 665 Buchon Street on which this loan was made for structural rehabilitation. In November 1989, Mr. McGrath requested the City to subordinate its historical preservation loan to allow him to obtain a $25,000 line of credit on his property for additional improve- ments. The Director of Finance and the Director of Community Development (Tab B) have reviewed his request and concluded that the City would not be harmed by this action. The Director of Community Development stated that: "we must be realistic in our view that other, private financing will often be needed" to finance the preservation of historical buildings. FISCAL IMPACT The subordination of the City's loan to Mr. McGrath will not impact the City budget. The City could incur the loss of the remaining principal and interest on this loan if Mr. McGrath defaulted and the sale of his property did not provide sufficient proceeds to cover this loan after satisfying the mortgage of $120,000 and the equity loan of $25,000. However, the estimated value of the property at 665 Buchon is $275,000 and the approxi- mate balance of the City's loan to Mr. McGrath is $3,300. ALTERNATIVES The City could refuse to subordinate the historical preservation loan and request Mr. McGrath to use the proceeds from his equity loan to retire the City's loan. This was an option discussed with Mr. McGrath. This action would increase available funds for loans on other property. ATTACHMENTS Tab A - Subordination Agreement Tab B - Correspondence of the Finance Department and Community Development concern- ing subordination of the historical preservation loan to Mr. McGrath. Tab C - Deed of Trust dated January 18, 1989 for 665 Buchon Street, San Luis Obispo. (1) Continuation of Subordination of City Historical Preservation Loan to Steven McGrath APPROVED AS TO FORM ME! + W.,,I'AWjt /A APPROVED AS TO CONTENT City ministrative Officer (2) TO: Dixon Flynn city of sAn Luis oBispo 990 FROM: Randy Rossi Office Box 8100 • San Luis Obispo, CA 93403 -8100 RE: Subordination of loan - Steve McGrath December 21, 1989 I have prepared this response to Bill Statler's memo of December 12 on behalf of the Community Development department and Terry Sanville (who is away on vacation). We feel the subordination that is being requested poses no risk to the City's interest or rehabilitation loan. In fact, we feel that the City must main- tain flexibility in the application of its loan program or it will not be used for the purposes the City wishes to encourage. By placing too -many constraints on subordination, especially in a case like this where there is ample equity, we will discourage use of the program. Lastly, since the City can't possibly loan all of the funds necessary to the rehabilitation of old, historic homes, we must be realistic in our view that other, private financing will often be needed. In summary then, we support the request and urge you to approve /authorize the subordination. c: Bill Statler Terry Sanville MEMORANDUM December 12, 1989 TO: Randi Rossi, Community Development Dircct FROM: William C. Statler, Director of Finance SUBJECT: Subordination of Loan - Steve Mc Grath Community Development has requested Finance Department concurrence to subordinate a low interest loan ($4,500 over 5 years at 3%) made by the City to Mr. Steve McGrath. This loan was made to Mr. Mc Grath under the City's historical preservation program. Mr. Mc Grath is seeking a $25,000 line of credit on his property and prefers not to repay the City from the proceeds of his credit line. Apparently, the bank with which he is dealing will not extend the credit without the City subordinating its position. To support your request, I would like a Memorandum from Community Development that either describes the benefit to the City for subordinating its position or a statement to the effect that the subordination, while not a benefit to the City, will not harm or jepordize the City's position. This will require an appraisal of the property and documentation to show current and projected lien's. If the lien to equity ratio does not exceed 60% of the appraised value, I don't believe that the subordination would jepordize the City's position and therefore not harm the City. I recommend that this information be demonstrated with a simple table supported by the appropriate documentation: Appraised Value of Property (Tab A) $275,000 Current Mortgage (Tab B) 120,000 City Loan (Tab C) 4,500 Application for Equity Loan (Tab D) 25,000 Total Lien on Property 149,500 Lien to Equity Ration (149,500 / 275,000) = 54% As reflected above, the City's position is secured by 46% of the unencumbered property value or $125,500. �t� NOTE: FIXED RATE LOAN $ 4,550.00 January 18, 1989 DATE 10: San Luis Obispo City or Oxnty San Luis Obispo California 93403 1. PROMISE TO PAY In return for a loan that I have received, I promise to pay Four Thousand Five Hundred Fifty and No /100 Dollars($ 4,550.00 is amount will ca rincipa pus interest to the order Ei er accoridirg to the terms of this note. 2. INTEREST ..A. Interest will be charged on the principal that is unpaid. Interest will start on the date my loan is made and continue until the principal has been fully paid. B. Starting on the date my loan is made, I will pay interest at the yearly rate of 3 �. C. Interest will be calculated on the basis of a 365-day year and on the actual nurNF—of days that the principal is outstanding (unpaid). 3. PAYMENTS A. Date and Duration I will pay principal and interest by making mmthly paym m s. These payments will be due on the 24th of each month beginning Feb 24 ,1989. If I have not ccnpletely repaid all that I owe on this lean, inclu ing principal, interest and other charges, before January 24, 1994 ( "Final payrrnt date ") I will do so on that date. B. Ararat of Mmthly PaynEnts My principal and interest payments will be Eighty One and 76/100-------- - Dollars $ 81.76 )_ C. Application of Mmffily Payments My monthly payments will be applied in this order:(1) to any interest then due,(2) to any late charges then due, and (3) to principal. 4. PREPAYMENTS I may prepay this note in full or in part at any time. 5. FAILURE TO PAY AS REQUIRED A. Fault If I do not pay the full amount of a monthly pa}meti on t ire or if I fail to keep all of my promises under any security agrearen t or other agreement made in correction with this note, the lender may declare the loan to be in default_ In that case, it may require me to pay immediately the full amount of principal that has not been paid and all interest and other charges that I owe on this loan. If I default and the larder does not require me to pay immediately in full as described above, it will still have the right to do so it I default at a later time_ B. Effect of Default on Final Payment If my final payment, in whatever amount if required to fully pay all sums owing under this note, is not paid on time, I understand that interest will continue to accrue on the principal balance until it is fully paid. 6. RES[OMIBILITY OF PERSONS UNDER THIS NOTE If more than one person signs this rote as a borrower, each is fully and personally obligated to pay the full amount owed and to keep all of the promises made in this note. Achy co- maker, guarantor or endorser of this note is also obligated to do these things. The lender may enforce its rights under this note against each of us individually of against all of us toget}hrr. This means that any one of us may be required to pay all of the amounts under this rote. 7. DUE ON SALE CLAUSE If this note is secured by a deed of trust, the deed of trust contains an aceelaration clause sl� below. If all or any part of the Property or an interest therein is sold or transferred by Borrower (or if a beneficial interest in Borrower is sold or transferred and Borrower -- is not a natural person or persons_but is a corporaticn,partnership, trust, or other legal entity) without Laxier's prior written omssent, lender may, at Lender's option, declare all the sums seamed by this Deed of Trust to be immediately due and payable. Lender may, in its discretion, naive its option to accelerate. As a condition of Lender's waiving the option to accelerate provided herein, Lender may charge certain fees, may require an increase in the current Note interest rate, an increase in the Note base index figure or margin (if applicable) or any or all of therm, may -reset the limits or interest rate change, or may require other changes to the Note, this Deed of Trust, or both. *�LBWOOZI S -SiGA-TUE . v SIWTLRE Stephen A. McGrath Sandra D. Sigurdson M, Bank of America Branch San Luis Obispo No 61 Principal Amount of Proposed Loan: $ 4,550.00 Federal Truth in Lending Disclosure Statement (OL /OT /ST) Fixed or Variable Rate Loan No. Date January 18, 1989 ANNUAL FINANCE Amount Financed Total of Payments PERCENTAGE RATE CHARGE _ $ dated. I The amount of credit The amount you will have The cost of your credit as The dollar amount the provided to you or on your paid after you have made all a yearly rate. credit will cost you. behalf. payments as scheduled. 3.00% $ 355.60* $ 4,550.00 $ 4,905.60* 1. Itemization of Amount Financed You have a right to receive a written itemization of the Amount Financed. If you do want a written itemization of the Amount Financed you will receive one only if you check the "Yes" box immediately below. If you check the "No" box or do not check either box, you will not receive a written itemization. ❑ Yes ❑ No 2. Payment Schedule J Your loan is payable on demand, or if no demand is made, your payment schedule will be as shown below: , Your payment schedule will be: r Number of Payments Payment Amount 3 When Payments Are Due 60 ` s 81.76 As►�er� terms and conditions cif note _ $ dated. 3. Security and Insurance If one or more of the following boxes is checked, your loan will be secured by a security interest in the type of property indicated. ❑ A savings deposit. ❑ Securities (stocks, bonds, etc.). �.J The goods or property being purchased. You are required to obtain property insurance. You may obtain it from anyone you want who is acceptable to the bank. X1 Real Estate You are required to obtain property insurance. You may obtain it from anyone you want who is acceptable to the bank. ❑ Other (specify): You are required to obtain property insurance. You may obtain it from anyone you want who is acceptable to the bank. 4. Prepayment. If you pay off early, you may have to pay a prepayment charge (prepayment premium). S. Variable Rate ❑ This is a variable rate loan. The annual percentage rate may increase during the term of this transaction if the Reference Rate of Bank of America increases. Increases in the Reference Rate are within the sole discretion of the bank and will be publicly announced from time to time. Any increase in the annual percentage rate will take the form of higher payment amounts and will be effective on the day specified in the public announcement of the increase in the Reference Rate. For example: If you agreed to pay interest in monthly instalments and your loan were for $15,000 at 12.0% for 1 year, and the rate increased to 13.0% per year after one month, your regular payments would increase by $12.32.* If you agreed to pay principal in monthly instalments with interest added, and if your loan were for $10,000 at 12.0% for 6 months, and the rate increased to 13.0% per year after one month, your regular payments would increase by $6.85.• 6. See your loan documents for any additional information about nonpayment, default, any required repayment in full before the scheduled date, prepayment refunds, and prepayment charges (prepayment premiums). `Means an estimate 7. Certain Security Interest Charges Recording /Filing Fees Lien Release Recording /Filing Fees UCC Security Interest Search Fee Other (specify) $16.00* $ 5.00* The loan applied for will not be secured by any contractual lien except that resulting from the deed of trust or the security agreement covering the security described in Section 3 (if applicable). Bank of America National Trust and Savings Assoc-tat' n By: _ — Louis S arra I have received a copy of this disclosure statement. I have also received copies of thAlo�n documents and have not et signed any of them. X;,. , Laan AWi CA ` Stephen A. McGrath Date x in I .p� LoanApPicant Sandra tg rdson Date T N -90 3-86 Bank of America NT &SA MBank of America 1. YOUR RIGHT TO CANCEL You are entering into a transaction that will result in a deed of trust or similar lien on your home. You have a legal right under federal law to cancel this transaction, without cost, within three business days, after the latest of the following events: (a) The date of the transaction, which is January 18, 1989 or (b) the date you received your Truth in Lending dis- closures; or (c) the date you received this notice of your right to cancel. If you cancel the transaction, the deed of trust or similar lien is also canceled. Within 20 calendar days after we receive your notice of cancellation, we must take the necessary steps to reflect the fact that the deed of trust or similar lien on your home has been canceled. We must also return to you any money or property you have given to us or to anyone else in connection with this transaction. You may keep any money or property we have given you until we have done the things mentioned above, but you must then offer to return the money or property. If it is impractical or unfair for you to return the property, you must offer its reasonable value. You may offer to return the property at your home or at the location of the property. Money must be returned to our address shown in the next column under How To Cancel. If we do not take possession of the money or property within 20 calendar days of your offer, you may keep it without further obligation. IF YOU ARE REFINANCING If the transaction is either a new loan to refinance a credit you owe us or an increase in a credit you owe us, your right to cancel applies only to the amount by which the transaction increases the amount of credit you owe us. The preceding section (Your Right To Cancel) would then apply only to the amount of the increase, and would apply to the deed of trust or similar lien securing the transaction only to the extent it secures the in- crease. Notice of Right to Cancel — Statement of Cancellation /Noncancellation 2. HOW TO CANCEL If you decide to cancel this transaction, you may do so by notifying us in writing, at: BANK OF AMERICA San Luis Obispo _ Branch 1105 Higuera Street San Luis Obispo CA 93401 You may use any written statement that is signed and dated by you and states your intention to cancel, or you may use this notice by dating and signing below. Keep one copy of this notice because it contains important in- formation about your rights. If you cancel by mail or telegram, you must send the notice no later than midnight of January 21 19 89 (or midnight of the third business day following the latest of the three events listed above under "Your Right To Cancel "). If you send or deliver your written notice to cancel some other way, it must be delivered to the above address no later than that time. If more than one person has the right to cancel under this notice, a cancellation by any of those persons is effective to cancel for all of them. 3. ACKNOWLEDGEMENT OF RECEIPT I have received two (2) copies of this notice of right to cancel. 4tgpheern DATE A. McGrath 0 _Q� s� andra D. Sigur $ DATE A SIGNATURE DATE SIGNATURE DATE I WISH TO CANCEL: i I HAVE NOT CANCELED. SIGNATURE I confirm that at least four (4) days ago (excluding Sun - days and federal holidays) I received two (2) copies of this notice, and I have not canceled the transaction for DATE which this notice is given. E SIGNATURE DATE I I SIGNATURE DATE SIGNATURE DATE SIGNATURE DATE Bank of America NT &SA • Member FDIC Bank of America 1. YOUR RIGHT TO CANCEL You are entering into a transaction that will result in a deed of trust or similar lien on your home. You have a legal right under federal law to cancel this transaction, without cost, within three business days, after the latest of the following events: (a) The date of the transaction, which is F717,71 �Y A 1; (b) the date you received your Truth in Lending dis- closures; or (c) the date you received this notice of your right to cancel. If you cancel the transaction, the deed of trust or similar lien is also canceled. Within 20 calendar days after we receive your notice of cancellation, we must take the necessary steps to reflect the fact that the deed of trust or similar lien on your home has been canceled. We must also return to you any money or property you have given to us or to anyone else in connection with this transaction. You may keep any money or property we have given you until we have done the things; mentioned above, but you must then offer to return the money or property. If it is impractical or unfair for you to return the property, you must offer its reasonable value. You may offer to return the property at your home or at the location of tl�e property. Money must be returned to our address shown in the next column under How To Cancel. If we do not take possession of the money or property within 20 calendar days of your offer, you may keep it without further obligation. IF YOU ARE REFINANCING If the transaction is either a new loan to refinance a credit you owe us or an increase in a credit you owe us, your right to cancel applies only to the amount by which the transaction increases the amount of credit you owe us. The preceding section (Your Right To Cancel) would then apply only to the amount of the increase, and would apply to the deed of trust or similar lien securing the transaction only to the extent it secures the in- crease. I WISH TO CANCEL: SIGNATURE TPL -86 7-86 Notice of Right to Cancel — Statement of Cancellation /Noncancellation 2. NOW TO CANCEL If you decide to cancel this transaction, you may do so by notifying us in writing, at: BANK OF AMERICA San Luis ispo Branch 1105 Higum-stmt- San Lois Obt-s , CA 93401 You may use any written statement that is signed and dated by you and states your intention to cancel, or you may use this notice by dating and signing below. Keep one copy of this notice because it contains important in- formation about your rights. If you cancel by mail or telegram, you must send the notice no later than midnight of (or midnight of the third business day following the latest of the three events listed above under "Your Right To Cancel ''). If you send or deliver your written notice to cancel some other way, it must be delivered to the above address no later than that time. If more than one person has the right to cancel under this notice, a cancellation by any of those persons is effective to cancel for all of them. 3. ACKNOWLEDGEMENT OF RECEIPT I have received two (2) copies of this notice of right to cancel. t TURV- ■r , r _ v SIGNATURE DATE SIGNATURE DATE " I HAVE NOT CANCELED. I 1 I confirm that at least four (4) days ago (excluding Sun- days and federal holidays) I received two (2) copies of this notice, and I have not canceled the transaction for DATE I which this notice is given. qS465NARE DATE IGN TU E DATE 1 1� r _ r SGNATTURE DATE Bank of America NT &SA • Member FDIC G =QUESTED BY; 'If .4ERICART TITLE Is'TSMtjj C?r' . City of, San Luis Obispo WHEN RECORDED MAIL TO City of San Luis Obispo ATTN: Finance Department 990 Palm Street, Box 8100 San Luis Obispo, CA 93401 FOL# DOC. W. 511.9 OFFICIAL RECORDS SAN LUIS O'SISFO CO., CA JAN 2 4 1990 FRANCIS M. COONEY County Clerk- Recorder TIMEJ 0 : 00 AM f SPACE ABOVE THIS LINE FOR RECORDER'S USE SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BE- COMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. THIS AGREEMENT, made this 4th day of January '19 90 by Stephen A. McGrath & Sandra Sigurdson owner of the land hereinafter described and hereinafter referred to as "Owner," and C _] I LA� O-}- Sa.r Lu15 present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary "; W ITN ESSETH THAT WHEREAS, Stephen A. McGrath & Sandra D. Sigurdson did execute a deed of trust, dated 1-18-89 ,to Bank of America National Trust & Savings Assoc. , as trustee, covering: A part of block 92 of said City of San Luis Obispo, as per Harris & Ward's map on file in the office of the County Recorder of the county of San Luis Obispo, State of California, bounded and described as follows, to wit: Commencing at a point on the southerly line of Buchon St., distant- thereon 175 feet easterly from the southeast corner of Buchon and Nipomo Streets; and running thence on the southerly line of Buchon St., easterly 50 feet; thence southerly, at right angles with Buchon St., 137 feet and six inches to the northerly line of an alley; thence westerly along the line of said alley, 50 feet; thence northerly at right angles with said line of Buchon St., 137 feet and six inches to the point of commencement. City of to secure a note in the sum of $ $4,550-00 , dated 1 -18 -89 , in favor of San Luis Obs i po recorded 1- 23 -89 , in book 3259 235 , which deed of trust was page , Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $ 25,000.00 dated 1 -4 -90 , in favor of County Bank hereinafter referred to as "Lender," payable with interest and upon the terms and conditions de- scribed 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 specifi- cally 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 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 re- ceipt 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 first above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. VO 3450 PAGE 5 a W W I J L a CAT. NO. NNO0627 TO 1944 CA (9 -84) (individual) STATE OF CALIFORNIA CO TICOR TITLE INSURANCE COUNTY OF San Luis Obispo SS. On January 5, 1990 before me, the undersigned, a Notary Public in and for said State, personally appeared *Stephen A. McGrath and Sandra D. Sip-urdson , personally known to me or proved to me on the basis of satisfactory evidence to be the person -R whose names are subscribed to the within instrument and acknowledged that they exe- cuted the same. WITNESS my hand and official seal. Signature Andrea M. Dority ANDREA M`DORITY ., NOTARY PUBLIC �. SAN LUIS Oi?ISPO COUNTY CALIFORNIA My Commission Expires on Oct. 12, 1991 (This area for official notarial seal) ----------------------- —_ - - - -- __... —__ ......__.._------------ ----- ------ I STATE OF CALIFORNIA l l COUNTY OF SAN LUIS OBISPO. ss. 1 e l On this 22nd day of January , in the year 1990, before me Diane R. 2tpart. l t Notary Public------ - - - --- personally appeared, �'�' Cr'a Statler , known to me to be Director of Finance and of the City of San Luis Obis2o , and known to me to be the person who executed the within instrument on behalf of said public i corporation, agency or political subdivision, and acknowledged to me that the City of i v San Luis Obispo - - - - -- executed the same. 8 ) I�IAME R. STUART i NIWIIIyi' PUKIC • CALIFORNIA SAN LUIS O�kSJ" Li l,� ufm r i (SEAL) . M+ry 29,1183 i i Diane R. Stuart, otary Public Subordination Agreement (McGrath & Sigurdson) -- -------------------------------------------------- VO! 3450 PAGE INDORSEMENT RE: Subordination of Loan made by City of San Luis Obispo to Stephen A. McGrath and Sandra D. Sigurdson on January 18, 1989 for $4,550. The City of San Luis Obispo hereby agrees to subordinate this loan on Deed of Trust for property at 665 Buchon Street in favor of County Savings Bank for a $25,000 equity loan to Stephen A McGrath and Sandra D. Sigurdson. BY ;IT Y• C. Statler Director of Finance END OF DOCUMENT va 3450 PAGE 8 The POLICY PERIOD shall begin and end, at the Location of Property involved, ALLSTATE I N S U R A_K E COMPANY as indicated below (See reverse side for additional policy provisions). DECLARATIONS Policy ISSUED 01 -26 -89 Number 0 99 484414 11/30 BEGINS ON NOV 30, 1988 AND CONTINUES UNTIL Name of CANCELLED Insured STEPHEN A MCGRATH & AMENDED — JAN 25, 1989 SANDRA D SIGURDSON HWJT 12 01 A.M. STANDARD TIME Location of Property 665 BUCHON STREET Insured SAN LUIS OBISPO CA 93401 DWELLING IS OF FRAME CONSTRUCTION AND OCCUPIED BY 1 FAMILY PREMIUM INCLUDES STATE— REQUIRED SURCHARGE OF $ 1.70 Name and Address CALIFORNIA FEDERAL S &L LOAN NO. of First ITS SUCCESSORS AND /OR ASSIGNS 0087584607 Mortgagee p0 BOX 30089 LOS ANGELES CA 90030 The following coverages and limits of liability apply as shown below. If the word "amended" followed by a date appears above, the insurance applies only from that date. POLICY COVERAGES AND LIMITS OF LIABILITY A DWELLING PROTECTION(REPLACEMENT GUARANTEE) $77,000 10% ADDITIONAL PROTECTION PROVIDED FOR OTHER STRUCTURES C PERSONAL PROPERTY PROTECTION 38,500 LOSS OF USE OF YOUR RESIDENCE ACTUAL LOSS SUSTAINED X FAMILY LIABILITY EACH OCCURRENCE 100,000 'Y GUEST MEDICAL PAYMENTS EACH PERSON 11000 IWC WORKERS' COMPENSATION PRIVATE RESIDENCE EMPLOYE(S) INCLUDED IN TOTAL OCCASIONAL CLASS POLICY PREMIUM iR 01 ADDITIONAL DWELLING(S) RENTED TO OTHERS 1� SAME AS COVERAGES X AND Y THE PROPERTY INSURANCE ADJUSTMENT CONDITION APPLIES USING THE BOECKH PUBLICATIONS BUILDING COST INDEX DEVELOPED BY THE AMERICAN APPRAISAL ASSOCIATES,INC. LOSS DEDUCTIBLE(S) APPLICABLE 0500 ALL PERIL DEDUCTIBLE APPLIES TO COVERAGE(S)A & C SUBJECT TO THE FOLLOWING FORMS AND ENDORSEMENTS IU1774 DELUXE HOMEOWNERS POLICY t1_19611 -2 AMENDATORY ENDORSEMENT �U1176 OPTIONAL COVERAGE ENDORSEMENT i,U319 LENDERS LOSS PAYABLE iiU273 ADDITIONAL MORTGAGEE T ALLSTATE INSURANCE COMPANY HOMEOWNERS Dr-CLARATIONS IF YOU HAVE ANY QUESTIONS PREMIUM STATEMENT PLEASE CONTACT YOUR ALLSTATE Policy AGENT OR OUR NEAREST OFFICE Number 0 99 484414 11/30 FF6 684231 Policy Mailed to CITY OF SAN LUIS OBI PO BOX 8100 SAN LUIS OBISPO CA 93403 -8100 YOUR POLICY HAS BEEN CHANGED EFFECTIVE ON JAN 25, 1989 FOR THE FOLLOWING REASONS CHANGE IN PROTECTION CHANGE IN MORTGAGEE, SERVICING AGENT AND /OR LOAN NUMBER THERE IS NO CHANGE IN PREMIUM FOR THE CURRENT PREMIUM PERIOD, THEREFORE YOUR BALANCE IS NOT AFFECTED. YOUR POLICY IS PAID IN FULL STEPHEN A MCGRATH & Policy SANDRA D SIGURDSON HWJT Issued to 665 BUCHON STREET SAN LUIS OBISPO CA 93401 AGENT— KATHRYN L ARNDT Payment Record PHONE— 805 543 -2425 Date Paid Amount ED -1 54 040 012 295118 0 70 X 3501501 3 9 58 1771 Paid _ 000000 00 Check Number Office use only Payment Notice THANK YOU FOR LETTING US SERVE YOU Please tear along this line. Return A09 bottom portion with your payment Policy number Date due 0 99 484414 11/30 NHP REQ. DO NOT PAY a INSURED HAS BEEN BILLED a STEPHEN A MCGRATH & SANDRA D SIGURDSON HWJT Please make your check or money order payable to: 684231 01/26 03A00035 70 OK H ALLSTATE 09948441411303000000000000000000000000 INSURANCE CO. To: SECURITY UNION TITLE INSURANCE COMPANY I--) � 6�� P6 m Policy No Date RECORDING INSTRUCTIONS The following documents are handed you for recording in the office of the Recorder of County. You are to make no demand in connection therewith, and you are relieved of any liability and responsibility as to the validity, priority, sufficiency and effect of said documents. Please forward the documents to the County recorder in accordance with the instructions below. Document First Party (Borrower) Second Party (Lender) Recording Fee S epW , A VticGr 2. 3. 4. TOTAL i - PLEASE MARK THE APPROPRIATE BOXES ��i � �� 1. Please record the above documents as soon as possible. ❑ 2. Please record the above documents on Lfo -75 Date Please telephone with verbal confirmation after recordation of said documents. Please advance funds for recording and bill the undersigned. ❑ 5. Enclosed is our check made payable to the County Recorder in the amount of $ ❑ 6. Enclosed is our check made payable to SECURITY UNION TITLE for the Total of Policy and Recording Fees in the amount of $ ❑ 7. Please date down and issue your Continuation Endorsement following recordation of said documents. ❑ 8. Please date down and issue your Updated PIRT following recordation of said documents and bill the undersigned. ❑ 9. Reconveyance to come on item# . After we send the reconveyance to you for recording, or notify you that it has been recorded, please send to us for our file a copy of the recorded reconveyance document. ❑ 10. Reconveyance to come on item# Please issue an updated PIRT after we send the reconveyance to you for recording, or notify you that it has been recorded, and bill the undersigned Ell 1. Please issue your Revolving Credit, Variable Rate Endorsement (RCVE) and bill the undersigned. Lender's Name o C (I - _i Cyr Br1inch e0. n �, - -- l a r� o Street Address I + f � ` City, State /,j L— _ Submitted By print %(,t S(3�(L (�- Telephone Area Code Lender's Reference ed By L sign) L RECORDING INSTRUCTIONS C 93ECURITY UNION iiLle Insurance Company sM Stock No. OSOS -052e (Rev. 9-87) f RECORDING REQUESTED B` AND WHEN RECORDED MAIL TO Name City of San Luis Obispo �l Community Development Dept. Street P.O. Address Box 8100 City San Luis Obispo, CA 93403 -8100 State Zip L J NOTE SPACE ABOVE THIS LINE FOR RECORDERS' USE After having been recorded, This Assignment should be kept with the note and Deed of Trust hereby assigned. ASSIGNMENT OF DEED OF TRUST FOR VALUE RECEIVED, the undersigned hereby grants assigns and transfers to The City of San Luis Obispo A Municipal Corporation of the State of California all beneficial interest under that certain Deed of Trust dated January 18 19 89 , executed by Stephen A. McGrath and Sandra D. Sigurdson, who are marrie to each other. Trustor ' t� Continental Auxiliary Company, A California Corporation Trustee and recorded concurrent I y erewlth19 in Book_ Page of in the Office of the County Recorder of San Luis Obi po County, California. TOGETHER with the note or notes therein described and secured thereby, the money due and to become due thereon, with interest, and all rights accrued or to accrue under said Deed of Trust including the right to have reconveyed, in whole or in part the real property described therein. Any married person signing this Assignment hereby expressly assents to the liability of his or her separate property, for such person's liability under this assignment and such person's liability, if any, for payment of the promissory note(s) or other obligation(s) secured hereby. DATED this 18th — day of . —_— . January , 19 89 STATE OF CALIFORNIA County of On this -----.—.--day of a Notary Public in and for said Bank of America NT & SA Louis Sbarra (ACKNOWLEDGMENT: FOR INDIVIDUALS) SS. known to me to be the person —whose name that —he— executed the same. WITNESS my hand and official seal. , 19, before me, County, personally appeared subscribed to the within instrument, and acknowledged Notary Public in and for said County and State My Commission expires .11.11 , 19 (ACKNOWLEDGMENT: FOR CORPORATION) STATE OF CALIFORNIA SS. County of San Luis Obispo On this 18th day of January 19 89, before me, R. MILLER a Notary Public in and for said San Luis Obispo Count LOUIS SBARRA* * * * * * * * * * * * * * * Y, Personally appeared Assistant Vice President known to me to be the and known to me to be the * * * * * * * * of BANK OF AMERICA NT & SA the Corporation that executed the within instrument, and also known to me to be the personwho executed the within instrument, on behalf of the Corporation herein named, and acknowledged to me that such Corporation executed the same. WITNESS my hand and official seal- OFFICIAL SEAL R. MILLER Notary Public- California N -145 7$1 SAN LUIS OBISPO COUNTY My Comm. Exp. June 18, 1990 Notary Public in and for said County and State My Commission expires 19? Submitted for Recordatio By and Return to Loan Number _— -- I I 1fl Bank of America NT Office City of San Luis Obispo Address Community Development Dept. City P P State P.O. Box 8100 Zip San Luis Obispo, CA 93403 -8101 (Space Above This Line For Recording Data) DEED OF TRUST THIS DEED OF TRUST is made this 18th day of January 19 89 among Trustor, Stephen A. McGrath and Sandra D. Si urdson who are married to each other (herein "Borrower "), Continental Auxiliary Company (herein "Trustee "), and the Beneficiary, Bank of America National Trust and Savings Association, a national banking association, (herein "Lender "). Trustee is a subsidiary of Lender. 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 following described property located in the County of San Lu i s Obi Snr , State of California: A PART OF BLOCK 92 OF SAID CITY OF SAN LUIS OBISPO, AS PER HARRIS AND WARD'S MAP ON FILE IN THE OFFICE OF THE COUNTY RECORDER OF THE COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, BOUNDED AND DESCRIBED AS FOLLOWS, TO WIT: COMMENCING AT A POINT ON THE SOUTHERLY LINE OF BUCHON STREET, DISTANCE THEREON 175 FEET EASTERLY FROM THE SOUTHEAST CORNER OF BUCHON AND NIPOMO STREETS; AND RUNNING THENCE ON THE SOUTHERLY LINE OF BUCHON STREET, EASTERLY 50 FEET; THENCE SOUTHERLY, AT RIGHT ANGLES WITH BUCHON STREET, 137 -FEET AND 6 INCHES TO THE NORTHERLY LINE OF AN ALLEY; THENCE WESTERLY ALONG "THE LINE: -OF SAID ALLEY, 50 FEET; THENCE NORTHERLY AT RIGHT ANGLES WITH SAID LINE OF BUCHON STREET, 137 FEET AND 6 INCHES TO THE POINT OF COMMENCEMENT. which has the address of 665 Buchon Street San Luis Oki i spo ; (street) (City) California 93409 (zip code) (herein "Property Address "); Parcel No. 03-5320-0 TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances and rents (subject however to the rights and authorities given herein to Lender to collect and apply such rents), all of which shall be deemed to be and remain a part of the property covered by this Deed of Trust; and all of the foregoing, together with said property are hereinafter referred to as the "Property'; TO SECURE to Lender the repayment of the indebtedness evidenced by Borrower's note dated_ January 18, 1989 and extensions and renewals thereof (herein "Note "), in the principal sum of $ 4.550.00 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. TPL -1477 5 -86 (Reprint9 -87) Borrower and Lender ay,_,,e as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and interest in- debtedness evidenced by the Note and late charges as provided in the Note. 2. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this Deed of Trust, in- cluding Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any. 3. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage ", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form accep- table to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other securi- ty agreement with a lien which has priority over this Deed of Trust. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Deed of Trust. 4. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Bor- rower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Pro- perty and shall comply with the provisions of any lease if this Deed of Trust is on a leasehold. If this Deed of Trust is on a unit in a condominium or planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by -laws and regulations of the condominium or planned unit development, and constituent documents. 5. Protection of Lender's 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 Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage insurance as a condition of making the loan secured by this Deed of Trust, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Bor- rower's and Lender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 5, with interest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 5 shall require Lender to incur any expense or take any action hereunder. 6. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 7. Eminent Domain. The proceeds of any award or claim for damages, direct or consequential, in connection with any eminent domain action or other condemnation or taking of the Property, or part thereof, or for conveyance in lieu thereof, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Deed of Trust. 8. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in in- terest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for pay- ment or otherwise modify amortization of the sums secured by this Deed of Trust by reason of any demand made by the original Borrower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. 9. Successors and Assigns Bound; Joint and Several Liability; Cosigners. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 12 hereof. All covenants and agreements of Borrower shall be joint and several. Any Borrower who cosigns this Deed of Trust, but does not execute the Note, (a) is cosigning this Deed of Trust only to grant and convey that Borrower's interest in the Property to Trustee under the terms of this Deed of Trust, (b) is not personally liable on the Note or under this Deed of Trust, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the terms of this Deed of Trust or the Note, without that Borrower's consent and without releasing that Borrower or modifying this Deed of Trust as to that Borrower's interest in the Property. 10. Notices. Any notice to Borrower provided for in this Deed of Trust shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. If a mailing address appears below opposite a Borrower's signature, notices to that Borrower shall be sent to the address indicated. Otherwise notices shall be sent to Borrower at the Property Address on page 1 of this Deed of Trust. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Deed of Trust shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 11. Governing Law; Severability. The state and local laws applicable to this Deed of Trust shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal law to this Deed of Trust. In the event that any provision or clause of this Deed of Trust or the Note conflicts with applicable law, such conflict shall 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 the provisions of this Deed of Trust and the Note are declared to be severable. As used herein, "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein. "Attorneys' fees" include fees for the services of Lender's own salaried lawyers or independent counsel that it hires. 12. Due on Sale. If alp _. any part of the Property or an interest there , sold or tansferred by Borrower (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person or persons but is a corporation, partnership, trust, or other legal entity) without Lender's prior written consent, Lender may, at Lender's option, declare all the sums secured by this Deed of Trust to be immediately due and payable. Lender may, in its discretion, waive its option to accelerate. As a condition of Lender's waiving the option to accelerate provided herein, Lender may charge certain fees, may require an increase in the current Note interest rate, an increase in the Note base index figure or margin (if applicable) or any or all of them, may reset the limits or interest rate change, or may require other changes to the Note, this Deed of Trust, or both. 13. Acceleration; Remedies. Upon Borrower's breach of any covenant or agreement of Borrower in this Deed of Trust, including the covenants to pay when due any sums secured by this Deed of Trust, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 10 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Deed of Trust and sale of the Property. If the breach is not cured on or before the date specified in the notice, Lender, at Lender's option, may declare all of the sums secured by this Deed of Trust to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 13, including, but not limited to, reasonable attorneys' fees. If Lender invokes the power of sale, Lender shall execute or cause Trustee to execute a written notice of the occurrence of an event of default and of Lender's election to cause the Property to be sold and shall cause such notice to be recorded in each county in which the Property or some part thereof is located. Lender or Trustee shall mail copies of such notice in the manner prescribed by applicable law. Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable law. After the lapse of such time as may be required by applicable law, Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels and in such order as Trustee may determine. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender's designee may purchase the Property at any sale. Trustee shall deliver to the purchaser Trustee's deed conveying the Property so sold without any covenant or warranty, expressed or implied. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all reasonable costs and expenses of the sale, including, but not limited to, reasonable Trustee's and attorneys' fees and costs of title evidence; (b) to all sums secured by this Deed of Trust; and (c) the excess, if any to the person or persons legally entitled thereto. 14. Assignment of Rents, Appointment of Receiver; Lender in Possession. Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 13 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 13 hereof or abandonment of the Property, Lender, in person, by agent or by judicially appointed receiver shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Deed of Trust. Lender and the receiver shall be liable to account only for those rents actually received. 15. Substitute Trustee. Lender, at Lender's option, may from time to time appoint a successor trustee to any Trustee appointed hereunder by an instrument executed and acknowledged by Lender and recorded in the office of the Recorder of the county where the Property is located. The instrument shall contain the name of the original Lender, Trustee and Borrower, the book and page where this Instrument is recorded and the name and address of the successor trustee. The successor trustee shall, without conveyance of the Property, succeed to all the title, powers and duties conferred upon the Trustee herein and by applicable law. 16. Request for Notices. Lender requests that copies of notices of foreclosure from the holder of any lien which has priority over this Deed of Trust be sent to Lender's address, as set forth on page one of this Deed of Trust, as provided by Section 2924b of the Civil Code of California. 17. Riders to this Deed of Trust. If one or more riders are executed by Borrower and recorded together with this Deed of Trust, the covenants and agreements of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Deed of Trust as if the rider(s) were a part of this Deed of Trust. [Check applicable box(es)] • Variable Rate Rider ❑ Unaffixed Mobilehome /Manufactured Home Rider • Capped Variable Rate Rider ❑ Mobilehome /Manufactured Home Fixture Rider • Other(s) [specify] 16. Statement of Obligation. Lender may collect a fee not to exceed the maximum amount permitted by law for furnishing the statement of obligation as provided by Section 2943 of the Civil Code of California. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Deed of Trust and in any rider(s) executed by Borrower and recorded with it. MAILING ADDRESS FOR NOTICES (see Paragraph 10) Street City and State 665 Buchan Street San Luis Obispo, CA 93401 [Space Below This Line For Acknowledgment] Signature of Borrower ph A. MCG r tY Sandra D. SigilraUbn State of California County of San Luis Obispo Onthis 18th dayof January ,intheyear 1989 ,beforeme, R. MILLER a Notary Public in and forthe San Luis Obispo County, personally appeared STEPHEN A. McGRATH * * * * * * * * * * * * * * * * * * personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name is subscribed to this instrument, and acknowledged that he (she or they) executed it. (SEAL) =OBISPO EAL R • alifornia ' S COUNTY WIT19E$S my hand and official seal, e 18, 1990 Signature STATE OF CALIFORNIA ss. COUNTY OF San Luis Obispo On this 18th day of January , in the year 19 89, before me, the undersigned, a Notary Public in and for said State, personally appeared Sandra D. Sigurdson personally known to me KATHLEEN M. GLAZE t Notary Public (or proved to me on the basis of satisfactory evidence) to be the person_ whose name- San t San Luis Obispo , California is subscribed to the within instrument, and acknowledged to me that _he_ g:Y�1 My Comm. Exp. Aug. 3, 1990 executed it. WITNESS my hand and official seal t ACKNOWLEDGMENT— General— Wolco[ts Form 233CA —Rev 5 -82 Notary Public in and fo said e- 1982WOLCOTTS.ING (price class 8.2( _ Kathleen NI_. �i]..az,E Consumer Loan Center Loan Number - Pay to the following: Non - Negotiable Order to Pay Loan Funds San Luis Obispo #_61 Date January 18, 1989 Accounts Amount 1. City of San Luis Obispo and Stephen A. McGrath and $ 4,550.00 2. Sandra D. Si urdson $ 3. $ 4. $ 5. $ 6. $ 7. $ 8. $ (Plus interest to date of payoff: Customer Initials Charge the above to the Loan Account of: Borrower:_ Stephen A. McGrath Signature TPL- 1551 5-67 (Reprint6- r) Borrower: Sandra D. Sigurdson -. Signature 0007955597 PURCHASER: To obtain irriormation MBank of America NTBSA regaeding this check or to report a CASHIER'S CHECK loss. contact this inslitulfan, 11- 35/1210 FEE COLLECTED VOID AFTER SIX MONTHS tttsr+lt -A� A. N9C1�"ATR 4 DRA D. SI DaG b 1 ` V 2 u: Pay To The Order of CITY or ss Luis 051"o Purchaser Name Z N 0 N NEG0T'IABLE Signature ofPu haser FX -260 8 -66 NOTICE: This copy is your recelpl and you should save il. II you rectu88I a rslund or replacement before the void date, you may he required In sign an indemnity agreernont or provide an Indemnity band holore Ym will provide a refund or replaeemem, Generally, retun s for 1oai, stolen„ or destroyed checks will not be made unill 30 days after your request Is recetvad. It you have this instrument aller the vold date, you may get a refund at any branch of Bank of America if you prmnt the check and this recelpl wilh rdonfilication which Is satisfactory to the branch. PURCHASER COPY Consumer Loan Center Loan Number Pay to the following: Non - Negotiable Order to Pay Loan Funds San Luis Obispo # 61 Date January 18, 1989 Accounts Amount 1. City of San Luis Obispo and Stephen A. McGrath and $ 4,550.00 2. Sandra D. Si urdson $ 3. $ 4. $ 5. $ 6. $ 7. $ 8. $ (Plus interest to date of payoff: Customer Initials Charge the above to the Loan Account of: Borrower:. - Stephen A. McGrath Signature TPL•1551 5-87 (Reprint8• ) Borrower: Sandra D. Sigurdson Signature' PURCHASER: Taobtaur nlormation MBank of America NTISA ., regarding this check or to report a loss, contatl this instilullon. 0007955597 CASHIER'S CHECK 11- 3511210 FEE COLLECTED VOID AFTER SIX MONTHS Pay To The Order of A. 1111110111111MU OR SaMM D. 81GURD80N***+**** Da0 b I Ix- CITY Or "M LUIS 03100 Purchaser Name N Signature of Pu haler N0N- NEGOTIABLE FX -280 8 -86 NOTICE: This copy is your receipt and you should save fl. if you request a refund or replacement before the void date you may be required In sign an indemnity agreement or provide an Indemnity bnrrd heforO we will provide a refund or replacement. Generally, refunds for [Wa stolen, or desitoryed checks will riot be made unl l 30 days alter your request Is recelve& It you ha+� thks inatrumenfafter the void dale, you may gel a refund at arty branch of Bank of Armh -,a it you present the check and Ibis recelpi +Mich identlfiCalion which Is satistactory to the branch PURCHASER COPY IflBank of America National Trust and Savings Association Account No. Loan /Contract Amount $4,550. 00 NOTICE TO COSIGNER (Traduccion en Ingles Se Requiere Por La Ley) You are being asked to guarantee this debt. Think carefully before you do. If the borrower doesn't pay the debt, you will have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility. You may have to pay up to the full amount of the debt if the borrower does not pay. You may also have to pay late fees or collection costs, which increase this amount. The creditor can collect this debt from you without first trying to collect from the borrower. The creditor can use the same collection methods against you that can be used against the borrower, such as suing you, garnishing your wages, etc. If this debt is ever in default, that fact may become part of your credit record. This notice is not the contract that makes you liable for the debt. AVISO PARA EL FIADOR (Spanish Translation Required by Law) Se le esta pidiendo que garantice esta deuda. Pienselo con cuidado antes de ponerse de acuerdo. Si la persona que ha pedido este prestamo no paga la deuda, usted tendra que pagarla. Este seguro de que usted podra pagar si sea obligado a pagarla y de que usted desea aceptar la responsabilidad. Si la persona que ha pedido el prestamo no paga la deuda, es posible que usted tenga que pagar la suma total de la deuda, mas los cargos por tardarse en el pago o el costo de cobranza, to cual aumenta el total de esta suma. El acreedor (financiero) puede cobrarle a usted sin, primeramente, tratar de cobrarle al deudor. Los mismos metodos de cobranza que pueden usarse contra el deudor, podran usarse contra usted, tales como presentar una demands en corte, quitar parte de su sueldo, etc. Si alguna vez no se cumpla con la obligacidn de pagar esta deuda, se puede incluir esa informacidn en la historia de credito de usted. Este aviso no es el contrato mismo en que se le echa a usted la responsabilidad de la deuda. Traduccion en Ingles Receipt of copy of this notice, copy of contract or note and, if applicable, guaranty and security agreement/ deed of trust is hereby acknowledged. Spanish Translation Por la presente se acusa recibo de copia de este aviso, como asimismo de copias del contrato y/o del pagare y segun el caso, del acuerdo de garantia y caucion /hipoteca fideicomisaria. SIGNATURE /FIRMA DATE'FECHA DATE /FECHA DATE /FECHA N -302 1 -e6 FIRST COPY T.Q. BANK POPIA PRIMERA AL BANCO Bank of America To: California Federal P.O. Box 60093 Los Angeles, CA 90060 Re: Your loan number 97584607 Notice to Senior Lienholder (Tn,o is not a request for notice of delinquency) Date: January 18, 1989 City of San Luis Obispo This is to inform you that on January 18, 1989 - La�8� made a loan ( Home Improvement ) to Stephen A. McGrath and Sandra D. Sigurdson Loan Number secured by a deed of trust on the property commonly known as 665 Buchon Street. San Luis Obispo. CA 93401 Street Address beneficiary under the following described deed of trust: Trustor's Name(s): __Sandra D. Sigurdson Stephen A. (McGrath Date of Deed of Trust Recorded Dec. 8, 1988 Amount of Deed of Trust $120,000.00 A title investigation shows you as Bank of America NT &SA San Luis Obispo Br. ¢61 Branch P.O. Box 731 Street San Luis Obispo, CA 93401 City, State, Zip By: Authorized Officer Louis Sbarra TPL -92 2 -86 Bank of America NTBSA un0ank of America National Trust and Savings Association San Luis Obispo #61 BRANCH P.O, Box 731 ADDRESS ITYSan Luis Obi sp, CA 9340 F LETTER TO INSURANCE AGENT REQUESTING CHANGE IN POLICY. Kathryn L. Arnot, Agent Allstate Insurance Co. 11549 Los Osos Valley Road Suite B -2 San Luis Obispo, CA 93401 J January 18 ,1989 ESCROW NO. «.MAILIE.1 TYPE Home Improvement ru the City of San Luis Obispo Please change policy, No. 0 -99- 484414 11 /30 of the A11 state Insurance Company which names Stephen A. McGrath and Sandra D. Sigurdson as the assured, as indicated below, and FURNISH US WITH ENDORSEMENTS. Ei Add "Lender's Loss Payable Endorsement" in favor of this bank, showing complete branch name and address as shown above. Add "Lender's Loss Payable Endorsement" in favor of this bank, Branch California. F Add Lender's Loss Payable Endorsement in favor of [� Add SECOND Loss Payable Endorsement in favor of city of San Luis Obispo - See Address below jl Add "Extended Coverage Endorsement ". 0 Add Vendors Single Interest coverage (includes collision, conversion, embezzlement and secretion). 0 Consent to assignment. C1 Policy or endorsement to be signed. CJ Add "Contract of Sales" clause showing ❑ Change the amount of insurance to $ and bill /or send adjustment to r-* Name of assured Should read Stephen A. McGrath and Sandra D. Sigurdson L'f' Address of assured should be -- 665 Buchon Street, San Luis Obis as purchaser 0 Recognize as the assured, as we are advised that title Is now so vested. E5 Description of property or car should read 665 Buchon Street, San Lui S_ -'Qbi. po, CA 93401 ■ Car No. should read: Motor No. Waive Loss Payable Clause in favor of as their interest has now been satisfied. SEND COPYIIES) OF ENDORSEMENTS TO: Serial No City of San Luis Obispo Community Development Dept. P.O. Box San Luis 061spo, CA 93403-8100 MISCELLANEOUS ITEMS: N -164 7-87 (REPRINT 8 -88) SEND COPYIIES) OF POLICY TO: AUTHORIZED SIGNATURE Louis Sbarra PIRT° SCHEDULE A DATE OF POLICY COUNTY BORROWER POLICY NO. 1/4/89 @ 7:30 a.m. I San Luis Obispo McGrath /Sigurdson 33800711 Amount of Insurance: Actual loss not to exceed $50,000.00 Premium: $100.00 NAME OF INSURED Bank of America The assurances referred to on the face page are: A. The latest available equalized assessment roll in the office of the Assessor of said County discloses the following with the respect to the land referred to herein: STREET ADDRESS TAX PARCEL NO. on San Luis Obis o 03- 532 -05 ASSESSED LAND VALUATION IMPROVEMENTS TOTAL TAXES l ❑ Vet. Exemption 1 $ 22,058 $ 259.28 fX H.O. Exemption !I B. The last document in the chain of title to said land as disclosed by the Official Records of the Recorder of said County purporting to convey the fee title to said land is: CONVEYED TO STEPHEN A. MC GRATH AND SANDRA D. SIGURDSON, HUSBAND AND WIFE, AS JOINT TENANTS INSTRUMENT FILE NO. RECORDED BOOK PAGE 72543 12/8/88 3239/935 DOC TRANS TAX $ 165.00 C. Subject to any conflicts in boundary lines, or discrepancies that would be revealed by a correct survey, the land referred to in this policy is that land located in the County shown above, in the State of California, and is described in the above referenced instrument as follows: SEE ATTACHED GRANT DEED D. That an examination of the chain of title to said land as disclosed by such Official Records reveals no homestead executed by the party(ies) named in paragraph B above, nor mortgages or liens purporting to affect said land, other than those set out below under Exceptions; provided, however, that no liability is assumed with respect to the identity of any party named or referred to in this Schedule, nor with respect to the validity, legal effect or priority of any matter shown as an Exception. Exceptions: Any assessment for improvements which may be disclosed by the records of said County. 1. Deed of Trust in the amount of $120,000.00 Trustor: Sandra D. Sigurdson and Stephen A. McGrath Trustee: Cal Fed Enterprises Beneficiary: California Federal Savings and Loan Association Recorded: 12/8/88 in Book 3239 Page 937 as Document #72544 * *END OF REPORT ** Page 1 of e1hSCHEDULE A PIRT° Reorder Form No. 12172 t RECOP 'EOUEiTEO ev . .FIRST' AMERICs. f1TLE INSURANCE CO. `� B1ATf i AND WHEN RECOROED MAIL THIS DEjO AND, UNLESS OTHERWISE SHOWN FIELOW. MAIL TAX 1 STATEMENTS DOC. NO. OFFICIAL RECORDS 0 FiAN LUIS pBlSPO CO.. CA STEPHI-N A. MC GRATH SANDRA D. SIGURDSON DEC 0 8 1988 P.O. Box 874 CAMKUA, CALIFORNIA 93428 _ Cl5 M. COONEY County Clerk -AKWdw L J TAAE ago AM i / r ESCROW NO. T °`Lm�iw�+ IWI - I - TITLE ORDER NO. —— ♦}�OEya T'-'. --.� ^- SPACE ABOVE THIS LINE FOR RECORDER'S USE GRANT DEED �ILLU FLC PAID I Xr MP I nUr OF `� B1ATf The undersigned grantor(s) declare(s). Documentary transler lax is S 165.00 A.P.N. 1 X ) computed en full value of properly conveyed. or ( ) cuntputed on full value less value of liens and encumbrances remaining at time of sale' and ( ) Unincorporated area: ( X 1 Cily of _ By this instrument dated FIFTH DAY OF OCTOBER, 1988 for a valuable consideration LE NN BRAZIL , a single woman who acquired title as LENA BRAZIL without vesting hereby GRANTS to STEPHEN A. MC (MATH AND SANDRA D. SIGURDISON, HUSBAND AND WIFE, AS JOINT TENANTS the following described real properly in the CITY OF SAN LUIS OBISPO County of SAN LUIS OBISPO State of CALIFORNIA SEE LEGAL DESCRIPTION ATTACHED HERE'RE AND MADE A PART HEREOF AS MIIBIT "A ". /V FB RA 5 KR STATE: OF € At-tl`-0ftl+h4. COUNTY OF S- 4u,vP.F'C s 1 Y Urr o p�-o bee 3 /� / +� belorc me l" BRAZIL Ibc undcnlyncd, j Nuur) Puldn m •nJ hn wJ Cuun� �oJ Si+t c. pct—null) apff,rcd L e >7 A— B 010'./ personalty known to me for proved to me on the basis d "tlslacto,y avWanos) to be the person(*) who" name(*) is/are subscrlbed to the wMhtn Inatrumenl and acknowledged to me that halshoAhey executed Ble "me. WITNESS my.JM{t�'y'Jd iFCla) seal. Oigr wee - 101AtY3Lb rt kIrW C. A BRONM Mrest Esa Or 011.1m MAIL TAX STATEMENTS TO PARTY SIIOWN ON I OLDOWING LINE: 11' NO PARTY IS SHOWN, MAIL AS DIRECTED ABOVE, . 1 Slreel Addreu City 1 39WE935':- w� ESCROW NO: SLO- 860697 -MSK DATE: OCTOBER 5, 1988 "EXHIBIT A" LEGAL DESCRIPTION A P oF_&MrL-mTy LUIS OBISPO, A5 PER RARRIS AND MRD''S ON FILE IN THE OFFICE OF THE COUNTY RECORDER OF THE COUNTY OF SAN LUI OBISPO, STATE OF CALIFORNIA, BOUNDED AND DESCRIBED AS FOLLOWS, TO WIT: CC!'tENCING AT A POINT ON THE SOUTYiFaLY LINE OF BUCHM STREET, DISTANCE THEREON 175 FEET EASTk LY FROM THE SOU'i' EAST CORNER OF BUCFiON AND NIPUID STREE'T'S; AND RUNNING " jhhCE ON THE SOUTHERLY LINE OF B0010N STREET, EASTERLY 50 FEET; T[-TENCE SOUTHERLY, AT RIGHT ANGLES WITH BUCHON STREET, 137 FEET AND 6 INCHES TO THE NOFMfERLY LINE OF AN ALLEY; THENCE WESTERLY ALONG THE LINE OF SAID ALLEY, 50 FEET; THENCE NYOMTERLY AT RIGTTT ANGLES WITH SAID LINE OF BUCHON STREET, 137 FEEL' AND 6 INC, -ES TO THE POINT OF MDIENCEMEdT. END OF DOCUMENT VOL'3239mr,E 936 ti- - RECO �G REQUESTED BY FIRST AMERICAN TITLE INSURANCE CO. iorsn)87584607 escrow 3slo- 860697 -Tri k WHEN RECORDED. MAIL TO: CALIFORNIA FEDERAL SAVINGS AND LOAN ASSOCIATION P.O. BOX -54090 - TERMINAL ANNEX - LOS ANGELES, CA 90054 600DNIGHT0- '3i7'. Ave a Doc. No. 7k -14. OFFICIAL RECORDS SAN LUIS OBISPO 40„ CA DEC 0 8 1968 FRANCIS Ill- COONEY COUTIty Clerk- AcCnrder TIME B-Do AM SPACE ABOVE FOR RECORDER'S USE ONLY BETH DEED OF TRUST AND ASSIGNMENT OF RENTS This is ❑ Is not L( a Construction Deed of Trust iLS�d41 G�XiaXi (1fJi�ikr��i�lld�'fi:�l�ilL` �Xa1bJC�i�Il�f#��X THIS DEED OF TRUST SECURES A NOTE WHICH CONTAINS PROVISIONS ALLOWING FOR INTEREST RATE, MONTHLY PAYMENTS, PRINCIPAL BALANCE OR TERM. LOAN NO- This Deed of Trust executed NOVEMBER 28 19 88 , between SANDRA D. SIGURDSON STEPHEN A. MCGRATH , the Owner, herein called TRUSTOR, CHANGES IN THE 0087584607 whose address Is 665 BUCHON STREET SN LUIS OBS O CA 93401 (Number and Street) ICNYI (State) (Zip Code) CAL FED ENTERPRISES, a California corporation, herein called Trustee, and CALIFORNIA FEDERAL SAVINGS AND LOAN ASSOCIATION, A CORPORATION, The Lender, herein "lied BENEFICIARY, whose solicits" is 5670 Wilshire Boulevard, Los Angeles. California 00036. Winn ! T 4 fU a Ir...ec.. bly gesnlll. [ranefers and &&signs to TRUSTEE IN TRUST. WITH POWER OF SALE, that property In AT IUR W00 Win UrCgI'[aaLl t I I UIF SFN LUIS OBISPO. AS PER RECORDER OF THE COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, BOUNDED AND DESCRIBED AS FOLLOWS, TO WIT: MORE PARTICULARLY DESCRIBED IN ATTACHED EXHIBIT "A ". 665 BUCHON STREET _ _SN LUIS OBSPO CA 93401 commonly known u -� - - - -- - - — (Stre*t Addresel TOGETHER WITH Oil the roilk iaaus s. royalties and potit% thereof. subject, however, to the nghl, powor and aullki hafeinall *r given to &rid iewle rred upon Beneficiary 10 collect and ■WY such rent/.. %Suva. royalties and profits AND AL all the eclat&. right, title and filer&Fl. homestead or other Glaim or demand In law as well Aa In aqut[Y, which /e Id Ttu /IVr nOur has Of may AND AL r a all hii in Of to acid properly. with the epPYrtanenees. Inaludmg wafer, water %toCk waler right-, PIPSs. dlleh*a and ossAmenls, and all buildings and Imporem*Fifa thereon at than may be Placed that4cm For the Purpose of Secufirrg: 3� iIY Payment al the mum of f _ of 120,000-00 w lh filer& %I IhereOn and such other amounts ae maY beGOms duo according to Ina farms d ■ prorki note 0, notes bi wren data herawilh, made by Truslol, payable la Beneficiary or order• End any moddreatwn,, tArIFF It of sxlensloAS there 421 Performance at each agreement of Truator Gonlamed OF ,Ccfporeted herein by fale+ance. 101 I`eymanl of such sddllmnal sum or %umm wilh lntefeat Ihar*er+ &e 1" BY � h *rolllef bplrawad Uam Be nelicra ry or it %uccee50rs in A la to al by The 7ru%lof YV the tr.en rec'otd Own a of ss id pfoperly wh an avlde need } by another promissory ? Ola of "tea or e9reemenl provided for herein. and. lal' Payment al all Eums of money, with YAlmreat the r *an, at IAO fate aMi11Gab1a in the note secured heraby,which may be paid out or mdvancad by or may btherwi4a be dye to Trusl*s of Beneficiary vAdar any pfavi4fbn at this Goodell Tfust, TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR AGREES: r 1. MONTHLY PAYMENTS, TAXES, INSURANCE. Togaiher with and m addition beoies due monthly tthanola I{+m fo terms � ~� Fief*, at the option .1 of the Benelitlary, to pay to the Beneficiary an the day each monthly paymen (al An tnlm0menl OF the fares and special aalassmonts lawod or 10 be levr/d against The promises coca'&, DY Ihn, Dyed g. Trull. end &I : and.other Of IM premium or d+amlums that will become due and Psy &ble to tong the insurance on Inn Promises eore+ed hereby wgs.niT Iasi by hater,/ and 10 f *rrew paticfes d p,kr610 martgAQO iMUlanee..I any, all as msy be requiryd by Benelic.ary. rued pa-d mant& r, lames and as n as number eh&II be he alllmifed taxes and aaaeaamen1a viaaf dye Im %&Sheaf-, by Ban O }+Cis ryl 1e54 all tn5lmhme nl3 alreydY Daid Inan 1pr, d ^vidoa9 by the number of months 1h &l ■re to etapsa b*fois two monlns prof to the data when such le.e% and assessments will ba[ome dw Such inmtallmanl, for to w +anC* Marl Nke+MN be the eallmaled premium or premiums Fie ml due Ms eshmalad by Be"l,c.aryl l *s %all nnslanm*nls p! ^d Iherafar,d,vldad by in* number of monlhs M ;S ar* to afapea balore two months pflor to the dole when such premium or oremluma will became due eanef.ci4ry Shall held and accumutan such =marrinly paymanta to pay such premium or prpm.ums and lases and special assassmants al any time Pnof to lams becoming dN,nauent end.. ERAU Pay no 12h; payaf W on such fund. except pl. Fa repaired by law {b1 All payments manl.Orred m the prnced,ng subsecl +on at this paFA9r■pf. and all payments to be made under In hole seeurud hereby shall be added logalher and the agdregala amount lhereal snail be pa.d am 4h month .via arnolS W * :Rids. bl he applied W eanN GlEry sa the fauowmg items In The order set lorth I'II Inlafusl on the nee secured hereby. IPl lsaaa, wecyi AmOV11 8110n by 94milk piny ath . t31 Paymmnl of shy other sums dye Iha Banaf.c.ery undo, the terms of IN- Dead of f'vsl, and f tl AmO11ua1.On of the principal l al said hot S. {CI if ih* IW E1 of the p&ynte File mode under Im1 OF }h's pnl au l a ph 1 pteced+no %hen by 80h lie amount 0f Payments mad/ by ee "Vitoria let la sea e &aEee,rn evil, a11R %YlanGe pram +u rn a. eM1 the [aSy may fM1. YYt:h r?,t.tl }5 rr1Jy [IN Credited by BYAeI,1.rnTY it it! apt.an An s46a *y Yenl tlaymant/ a} the same helyr* ar Pri any Other rice wood Ow ar s. i ba awed rO Ban tlhC. *rY as a r*EUII Of a d /r9Yt1 by borrovier II, hewer ►r -Iha menlhNy D *YmMtF made under Ill d this p &rag +soh f pro cod rig ilea I no be fufl.cke Fir Io Pay lases and ha Ac%SmaAl4 and MsufanCe pia miuma, a! In/ CMe m,Y [M. when the &ama %hen became when dye and p/yabta• the Tfust if than pay la Benel,e.ary any amount nac O55ArY tY mars- up the dahGnnCy nol leis than I,re 151 d &Y% before the dale when p*ymenl +>< WGh lase&, lm seam /Ma or miylar.n,:a prem,uma ,n ah be dud. fl of any lime TrYSID. -hall lendaf to Benahcuiry. rrr accordance with the WO"Isiana llareel, IyII Payment OI Iha *ntNi Indebted neaa -eCV ftld hereby. eandlic.aly &hall, in Compylmil She ilmOYnl DI indellleone,4. Gndil 10 the lCCYYFiI OI Tlyilar any (7Elarre/ remalndng In the Tunes accumulated under Iha provieran& pf 1e! aI lhn pang & *ph 1 hareol "the property Cover Od hate under Is Tran&I erred, any bell &p+CIA "fly hei*OY ssagni to the Nanarrrea and hie s+iccam %orS alt r.9h1, titre end ,nlerasl. in and to any fund& sc cvmul sl4d under the prOVisrpn! Of ti stlyds per&crlly 1l"y al assigns the o the IIAA tvia his o III Fkaorl II there sn alt be a default Under any Of the pia++ &roes of thi,. Dead 01 bail and Ih *frailer s -ate of the of spsam In sof t dl Fir ■ will rho sod' ono herao1. or It a deed in lies 9s. foreclosure l aCcepled by BanahCyry Benefieilrry SA41114 PIY &t Of befog* tMf,me of s::�at* F, when a II *dw vial my amyunt of `me amt o4`ed-the albOl+4. Ihenra m&mirig +unpaid Yndmr u d noted under pEea9HPh ul of iNS p&r" pf. W +%iy E, IMNTL'NANCE AND REPAIR. To profecl e14 Pressf.a said pepaflry, and maintain it m good condlfion and f*perr. Truatot furlhel 09nee 10 begin am proceed diligently within 10 days Ell&, receiving wliilen notice I,om eenelicleq tO- r*palr said properly &nd failure 10 do yo shall ConatRut L It tlli owlen of Srnalleisry. a default brioundef I'ALTEMTbN, DEMOLITION OF PROPERTY, Net 10 forme--. demohsh of sal rimily Miler Any Ountdmg W Impro"manl tharean wl[haut fly prtW Wki,tienavvrbvsl of B*neifCfa/Y b%N+rg Irrol hod and oblalnsd, . , .�..; -r r' tti..iv, =se•,ea rarsrts e ,.. „r ,A . rW ,.,..r 1 n+/ sir •naFet„eJ.,.ar nsv,x• -u;#: rr. rrw . , - - - . . 1 at' "ehr•w.+i! iA_.. fur %41•e6 and *M*44 •,i:r.f.s -: serrm #saw:'', a •'., .,f -. r. ,• CONTINUE0ON PAQE1- — }( ❑��}� _C1"':iN"D`as PAGE 9- ►ql i]Cl, .c?.93 f, 1 CONDITIONS AND STIPULATIONS 1. DEFINITION OF TERMS The following terms when used in this policy mean: (a) "insured ": the insured named in Schedule A. (b) "insured claimant': an insured claiming loss or damage hereunder.. (c) "loss or damage ": the out of pocket loss suffered by the insured in reliance upon the assurances of this policy. (d) "knowledge ": actual knowledge, not constructive knowl- edge or notice which may be imputed to an insured by reason of any public records. (e) "land ": the land described, specifically or by reference in Schedule A, and improvements affixed thereto which by law con- stitute real property. (f) "mortgage ": mortgage, deed of trust, trust deed, or other security instrument. 2. NOTICE OF CLAIM TO BE GIVEN BY AN INSURED CLAIMANT The insured shall notify the Company promptly in writing in case knowledge shall come to an insured hereunder of any claim for which the Company may be liable by virtue of this policy. If such prompt notice shall not be given to the Company, then as to such insured all liability of the Company shall cease and terminate in regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify shall in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by such failure and then only to the extent of such prejudice. 3. PROOF OF LOSS OR DAMAGE — LIMITATION OF ACTION In addition to the notice required under Paragraph 2 of these Conditions and Stipulations, a proof of loss or damage, signed and sworn to by the insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain or determine the facts giving rise to such loss or damage. Such proof of loss or damage shall describe the matter insured against by this policy which constitutes the basis of loss or damage, and, when appropriate, state the basis of calculating the amount of such loss or damage. Should such proof of loss or damage fail to state facts sufficient to enable the Company to determine its liability hereunder, insured claimant, at the written request of the Company, shall furnish such additional information as may reasonably be necessary to make such determination. No right of action shall accrue to insured claimant until 30 days after such proof of loss or damage shall have been furnished. Failure to furnish such proof of loss or damage shall terminate any liability of the Company under this policy as to such loss or damage. 4. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS The Company shall have the option to pay or otherwise settle for or in the name of an insured claimant any claim insured against, or to terminate all liability and obligations of the Company hereunder by paying or tendering payment of the amount of loss or damage or the amount of insurance under this policy. 5. DETERMINATION AND PAYMENT OF LOSS (a) The liability of the Company under this policy shall in no case exceed the least of: (i) the actual loss of the insured claimant because of reliance on the assurances herein set forth; or (ii) the amount of insurance stated in Schedule A. (b) When the amount of loss or damage has been definitely fixed in accordance with the conditions of this policy, the loss or damage shall be payable within 30 days thereafter. 6. LIMITATION OF LIABILITY No claim shall arise or be maintainable under this policy (a) if the Company, after having received notice of an alleged lien or mortgage insured against hereunder, by litigation or otherwise, removes such lien or mortgage within a reasonable time after receipt of such notice; (b) in the event of litigation, until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the assur- ances of this policy; or (c) for liability voluntarily admitted or assumed by an insured without prior written consent of the Com- pany. 7. REDUCTION OF INSURANCE; TERMINATION OF LIABILITY All payments under this policy, shall reduce the amount of the insurance pro tanto. 8. SUBROGATION UPON PAYMENT OR SETTLEMENT Whenever the Company shall have paid or settled a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which such insured claimant would have had against any person or property in respect to such claim had this policy not been issued, and the Company is hereby authorized and empowered to sue, compromise or settle in its name or in the name of the insured to the full extent of the loss sustained by the Company. If requested, the insured shall execute any and all documents to evidence the within subrogation. If the payment does not cover the loss of such insured claimant, the Company shall be subrogated to such rights and remedies in the proportion which said payment bears to the amount of said loss. If loss should result from any act of such insured claimant, such act shall not void this policy, but the Com- pany, in that event, shall as to such insured claimant be required to pay only that part of any losses insured against hereunder which shall exceed the amount, if any, lost to the Company by reason of the impairment of the right of subrogation. 9. LIABILITY LIMITED TO THIS POLICY This instrument together with all endorsements and other instru- ments, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. Any claim of loss or damage, whether or not based on negli- gence, or any action asserting such claim, shall be restricted to the provisions and conditions and stipulations of this policy. No amendment of or endorsement to this policy can be made except by writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Com- pany. No payment shall be made without producing this policy for endorsement of such payment unless the policy be lost or destroyed, in which case proof of such loss or destruction shall be furnished to the satisfaction of the Company. 10. NOTICES, WHERE SENT All notices required to be given the Company and any statement in writing required to be furnished the Company shall be addressed to it at the office which issued this policy or to: Security Union Title Insurance Company Claims Department P.O. Box 2233 Los Angeles, California 90051 E BECURATY UNIOK Title Insurance Company POLICY OF INSURANCE OF RECORD TITLE SECURITY UNION TITLE INSURANCE COMPANY .r SUBJECT TO THE CONDITIONS AND STIPULATIONS HEREOF, SECURITY UNION TITLE INSURANCE COMPANY, a California corporation, herein called the Company, insures the insured, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the amount of insurance stated in Schedule A, sustained or incurred by said insured by reason of any incorrectness of the assurances set forth in Schedule A. Issued by: SECURITY UNION TITLE INSURANCE COMPANY SECURITY UNION BY: TITLE INSURANCE COMPANY 1043 Marsh Street's. San Luis Obispo, CA 93401 ���t UVS President (805) 543 - 8211► ............... I—— .... I ............. Authorized Signature Reorder Form No. 12007 Secretary POLICY OF INSURANCE OF RECORD TITLE (PIRT)° -•t• Real 'EState 'info iination •iJ SJ � 1.800'.527.9663 .•] .. � �•) 1v of 60 6/ W ° n Oy O CA. Z 60 P I S M!0 60.75 5825 13 1 413634 45.36 50 98 I (D 3 1 4 x 0 3 ,1 m n ✓ I - °(D n 11 ttz- I � i t7a71 IY 7Q 130 I SQ 11 ,:- 3 60.75 51.75 m3 33 65 34. n2.5 375 ,2 'SQ B 7 4 IS __ISO 2 J 9 501 (49.81 4I $ 10 err s ,6 M U e � - 7 11 QV 3 ° 6 �' Jos 4 o so sQ fz. " r43 ' o SUCHON 50 r" '1i 40 rs 1^ v I+ y I I - , i92 i r a ISLAY / F A 53 007'E 3 / �J REv. S ir7/77 2- /- 2� 55 N RA Vl. Jf r IQ ' r6 s !01.37 ! J n (too) d p r6 : Q - O Ib 60 _ - r:an'E A'rY ,! ;a7 t✓••LC1ViRS rl s,y + serARErc assesar+ rr ukrrs 3-53 J C ? ° ST. ° 83 I 67 71 70.3 ! 2 0 t N 83 I 67 i lil t .rr Y71 ~ 703 t100j I9 3 ,1 m n r3 x^100 \ J 110 1 4'00 n M _ C V � I � i t7a71 IY 7Q 130 I SQ 1 6 1 q i 60.6 1 70.7 ~ A 138.8 44,4 s0 50 v I 7 1 , I t �.J B /� � r7 s A 1� -- °1 � n 10 • ^f651 T— C] ,:- r5 ° n 1.YI tM. 16.. 65 34. fi5 'rr r13a81 ; rs I r _ ° {� Qp(4D110 501 (49.81 4I [+n 10 err 9 w t 11 QV 3 Is 6 n✓ 4 ✓ 1✓ t✓ H 1 ~ 94.4 —1 50 50 1 49.6 45 60 F- DDI ° Z W . OC /Q V y 60 'R 60 1355 30,4 65 n tl4 i 6 v t !I I 21 1 fi601g�L r 1� -- °1 � n 10 • ^f651 T— — � 7 � 4 (aR 1 ° 11� r5 ° n 1.YI tM. 16.. 65 34. fi5 30 45.3 7 1 45 50.4 r I I 1Rll n 19 0 .1°.4 1 31 I A50A 1— n 6 i a _g -✓ 3 0 r IY 95.5 Pe 6 95.4 63 NOTE— ASSESSOR'S BLOCK Br LOT NUMBERS SHOWN IN CIRCLES s0 O a 9 O` OC cr O r V 60 f s PM 36-44 44.3 6 t/�as VI 60 (y } +°I f60 as) ° a 118 4=` d 95 so� 6 ! a a 7_ °Y 10 ° 13 3 0 14 10 �0 45.3 9 ,3 r 44.3 4 14 13 45 100 /9 <fs.vr 2 zat<fr PN3e 44 23 #B 14 10 err 9 w 4 10 f307 1 f501 (45, Is 2° 1 t + ° - 11 1 r 2 1 , a ° 16 +i 1 e 6 1 145 9 443 44.3 50 50 ST. 95 50 r 17 I I t 44.3 44.3 6 t/�as VI 60 (y } +°I f60 as) ° a 118 4=` d 95 so� 6 ! a a 7_ °Y 10 ° 13 3 0 14 10 �0 45.3 9 ,3 r 44.3 4 14 13 45 100 4• 6 16 v 145 6 � � 45 100 f ST. ° r L so 7 FL' cn 1 W n e m Oy SO G 60 CITY OF SAN LUIS OSISPO SAN LUIS OBISPO COUNTY CALIFORNIA .. - � -. � a- � r `j _ r f .-+. h,�i.. y� - ,L�ljf..:._w i, y. _ _:. � _,r `. •-+G- _ � .. YnuR COP" ESCROW NO: SLO- 860697 MSK DATE: OCTOBER 5, 1988 "EXHIBIT A" LEGAL DESCRIPTION A PART OF BLOCK 92 OF SAID CITY OF SAN LUIS OBISPO, AS PER HARRIS AND WARD'S MAP ON FILE IN THE OFFICE OF THE COUNTY RECORDER OF THE COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, BOUNDED AND DESCRIBED AS FOLLOWS, TO WIT: COMMENCING AT A POINT ON THE SOUTHERLY LINE OF BUCHON STREET, DISTANCE THEREON 175 FEET EASTERLY FROM THE SOUTHEAST CORNER OF BUCHON AND NIPOMO STREETS; AND RUNNING THENCE ON THE SOUTHERLY LINE OF BUCHON STREET, EASTERLY 50 FEET; THENCE SOUTHERLY, AT RIGHT ANGLES WITH BUCHON STREET, 137 FEET AND 6 INCHES TO THE NORTHERLY LINE OF AN ALLEY; THENCE WESTERLY ALONG THE LINE OF SAID ALLEY, 50 FEET; THENCE NORTHERLY AT RIGHT ANGLES WITH SAID LINE OF BUCHON STREET, 137 FEET AND 6 INCHES TO THE POINT OF COMMNCEMENT. Home Secured Loans /Lines of Credit Application PLEASE TELL-US _• YOUR CREDIT REQUEST • CUSTOMLINETm EQUITY (HOME EQUITY LINE OF CREDIT) NOOME EQUITY LOAN ❑ HOME EQUITY COMBO'"' (LOAN AND LINE OF CREDIT) • MANUFACTURED HOUSING ❑ MANUFACTURED HOUSING AND LOT COMBINATION k OTHER C{{-9-49 LINE DESIRED $ AT CAPPED VARIABLE INTEREST RATE LOAN DESIRED $ FOR MONTHS ❑ FIXED INTEREST RATE [I CAPPED VARIABLE INTEREST RATE FOR THE PURPOSE OF r0QHOME IMPROVEMENT ❑ PURCHl Srf_ Cl REFINANCE ❑ OTHER ADDRESS OF PROPERTY Li SECURING LOj i � !!11 0-19- 'fa (If different from your address) ❑ TO BE IMPROVED YOU INTEND "k DO NOT INTEND ❑ TO OCCUPY THIS PROPERTY AS YOUR PRIMARY RESIDENCE MARITAL STATUS ;4 MARRIED (If married, complete information about your spouse ) ❑ UNMARRIED ❑ SEPARATED You may apply for an individual account regardless of your marital status. This application is ❑ in your name alone k jointly with your spouse or, ❑ jointly with who is not your spouse. If applying jointly with someone who is not your spouse, each of you must complete separate applications. YOURSELF FfR�M MIDDLL• INITIAL LAST ,1R1SR A — vc_ Q /� EARII� CIIRRFNT AnnRF.;S STREET APT NO TIME THERE MU-) Vy fy yr4 YRS MOS CI COUNTY STATE ZIP CODE SOWN ' RENT PREVIOUS ADO STREET APT NO TIME THERE (Itl 5 1 fires less Ina it? hr e I ( YRS _ MOS CITY I STATE ZIP 000E DATE OF BIRTH (AAALA r * Of 31.8 0(. Z2. 53 !YOURINCOME Monthly Gross Salary And Wages" $ 7700 Dividends And Interest $ YOUR •• H E PHONE NUMBER #DEPENDENTS OTHER THAN SELF OR SPOUSE {! 61211 _335 -5- CURRENT ADDRESS ! BEST TIME TO CALL YOU BEST PLACE TO CALL YOU ,*VORNIHG ❑ AFTERNOON 20ENING i;'%ME ❑ WORK YOUR • TTY STATE CURREN E PLOVER , cc WORK .PHONE NO EMPLOYER'S ADDRESS CITY STATE 71P COOS up �0>t bl-r �I3wZ� TIME THERE OCCUPATION _& YEARS IN FIELD r/,y / CF (&.fre YRS MOS '^' f T" •' zJ rr V PREVIOUS EMPLOYER OCCUPATION TIME THERE (If at current employer less than five years) ¢ ZIP CODE DATE OF BIRTH YRS MOS EMPLOYER'S ADDRESS CITY STATE ZIP CODE !YOURINCOME Monthly Gross Salary And Wages" $ 7700 Dividends And Interest $ YOUR •• FIRST NAMES MIDDLE INITIAL �If't'�r'X— A b . �fL�I NAM ipn > tCl sA CURRENT ADDRESS ! APT NO. TIME THERE /STREET 6S 9,J 6twq YRS MOS TTY STATE ZIP CODE )OWN M RENT �1COUNTY st'i 1J a SA [?ks,(Q 9,0 CA, Q� } Q I PREVIOUS ADDRESS STREET APT. NO TIME THERE (I c7 ddress less than hrte yea�5r A—lA_— 'Z+ zJ rr V YRS MOS CITY STATE ZIP CODE DATE OF BIRTH e.&JKg cry ( • (0.S3 SOCIAL SECURITY NUMBER DRIVER'S LICENSE NUMBER S16;---9)- -3S3s. HOME PHONE NUMBER (Cbtr #DEPENDENTS OTHER THAN SELF OR SPOUSE %] - 33 5 ]TIME BEST TO CALL YOU BEST PLACE '10 CALL YOU CANING ❑ AFTERNOON ❑ EVENING ❑ HOME DRx YOUR • EMPLOYMENT CURRENT EMPL R r23", EMPLOYER'S ADDRESS CITY STATE ZIP CODE 24 So RA, � ��& Qk °13"+U TIME THERE OCCUPATION YEARS IN FIELD "11RS (PMOS C KGre— r PREVIOUS EMPLOYER OCCUPATION TIME THERE (I1jy�t current�employer five years) " e L�3�a]tti` N[ YRS MOS EMP'LOYER'S ADDRESS' CITY STATE ZIP CODE CA SPOUSE'S INCOME Monthly Gross Salary And Wages' $ E :5[ae> Dividends And Interest $ $ CSC) $ ZE-3 CMG $ o is Other Income (Describe)•• $ Other Income (D.escdbe)•' 4:6vL (1) Your Monthly Income $ �00 (2) Spouse's Monthly Income "If you are self - employed, attach a federal income tax return with operating statements Total Monthly Income (1 Plus 2) for the past two years. Alimony, child support or separate maintenance income needs to be listed only if you wish such income to be considered in evaluating this application. The bank will report tax information in the name of one borrower only In whose name do you wish to have it reported? Taxpayer identification number (check one) Same as social security number ❑ Employer identification number ❑ I am neither a citizen, resident, nor doing business in the U.S. CLS -2 4-08 PLEASE COMPLETE THE OTHER SIDE OF THIS APPLICATION Bank of America NT 8 SA aleW ❑ a,lewa)6 x3S i "(ti, Ja410 ❑ N191HO ` alewry 40111gov (Al!oads) Ja410 ❑ 1111110111:110 al!4 olueds!H ❑ )IMIS ❑ IVN0IIVN I ally /�, r . olueds!H El 13ele ❑ IVN0IiVN Japuelsl a11!oed 'ue!sV D MIEN ueIselV 'ue!puI ueouawy ❑ 133VH I aapuelsl 31113ed 'ue!sy ❑ an!leN ue)lseIV 'ue!pul ueouawy ❑ /33VU (slpll!ul) uo.1ew�ol . slyl yslwnl of ys!m 1ou op I :(1uea�/dde 1u�ol �i) 3Sf10dS I (sle!1!u!) uonewjolw s!yl gs!uwnl of yslm lou op I :1Ntl01lddtl -molaq Ie11!ul aseald 'uo!lewjolui s!ql gsluwnl of gslm lou op noA 1I 'aweuwns jo uo!1eAJasgo Iens1A to s!seq ayl uo xas pup aoei alou of pai!nbai sl Nueq slgl suolleln6ei Iejapaj japun '1! gslwnl of lou asooyo noA 11 AMMOH l! yslwnl of asooyo noA jaglagm uo jou 'uollewjolul s!yl to s!seq 941 uo aleu!wuos!p iayl!ou Aew Japual a leUl sap!Aad mel a41 'os op of pa6emowa an inq 'uo1lewolui s!ql ys!wnl of pailnbai lou aie noA smel 6u!snoy nel pup Apunuod -do 1!pajo Ienba 41!m aoue!Idwoo s,jueq slyl jolluow of japio ul '6u!6amp Iedlou!jd a 01 pale191 sl ueol slyl l! 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(hays papelle ue uo aouelswnwo aql pue uagm uleldxo aseald „'saA„ sl jamsue Aue ll) asnods moA pue noA gloq of Aldde suollsanb osayl 1!Pajo paulelgo aney noA golym /apun awn jaylo Aue mogs aoeds ajow paou noA 11 hags alejedas a goellV L""7 $ HAOM 13N = o0 6 $ S3111118VII 1V101 — 0o' ' qC $ S13SSV 1Vi01 0p fi $ S SMI'llowil 1tl101 t t?v $ S S13SSV 1V101 $ $ $ S S1N3WAVd A1HINOW 1tl101 1 13SSV 83H10 30NVN31NIVIN 31VdVd3S' 11:10MAS 01I1­13 'ANOINIIV ' '00 l lV 83d ONV 3Hn11N5nj 1N38 30VdS 80 1N3a P PWYA5 VS ow R aNew) O1nV S3n0 NOIIVIOOSSV SH3NM03WOH 0 09 %5 " " SSiiF Tow -2 aNew) 01nV SWnIW38d 30NvunSNI OHVZVH % %2–V e71 0 03NMO SS3NISne j0 H180M AN zx S S3XVl kiH3dOHd O ONnj 1N31A138I138 NI IS383INI 031S3A / 3 311❑IOVII831­I10 0 004 a a1,S / 5 j N NVOI O111V 0 03NM0 31V1S3 1V3H / N NVOI O1nV S S13SSV OH1011 1tl1018ns O o4 0 / / 0 � �� ( (anleA LIM tau) 30NVanSNI 3311 Goo, 0 0 ( 1 'rw?4 r4os ( (olnpayos goeue) SON69 ONV SN001S / ( ( sueol A11nba apnlou!) SNV01 31V1S3 IV38 ! ! H903N/VHI Vty / 0 000 i OOQ Z l l � � :r4,59 - of a aoA y ys / A Ar asmuq)o aleolpul noA sselun suo!le6!lgo Al!unwwoo aje slgap Ile pue Aliedoid Al!unwwoo aje slasse Ile ownsse p!m am 'pawew 11 • asnods jnoA pue noA yloq iol sa!1!I!gell pue slasse ls!l NOliVWHOJNI IVIONVNIJ HnoA HIBank of America State of California Fair Lending Notice TO: ALL APPLICANTS FOR A LOAN FOR THE PURCHASE, CONSTRUCTION, REHABILITA- TION, IMPROVEMENT OR REFINANCING OF A ONE -TO -FOUR FAMILY RESIDENCE. 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 CONSIDERATION: 1. NEIGHBORHOOD CHARACTERISTICS (SUCH AS THE AVERAGE AGE OF THE HOMES OR THE INCOME LEVEL IN THE NEIGHBORHOOD) EXCEPT TO A LIMITED EXTENT NECESSARY TO AVOID AN UNSAFE AND UNSOUND BUSINESS PRACTICE. 2. RACE, SEX, 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 QUESTIONS ABOUT YOUR RIGHTS, CONTACT: OFFICE OF THE COMPTROLLER OF THE CURRENCY (O.C.C.) ATTENTION: CONSUMER COMPLAINT DEPARTMENT 50 FREMONT STREET, SUITE 3900 SAN FRANCISCO, CA 94105 OR CALL: (415) 545 -5975 IF YOU FILE A COMPLAINT, THE LAW REQUIRES THAT YOU RECEIVE A DECISION WITHIN THIRTY (30) DAYS. I (WE) RECEIVED A COPY OF THIS NOTICE. SIGNATURE OF IPPLICANT DAT SIGNATURE OF APPLIC T DATE N -31 9 -84 UanK 01 AMeflC8 N'4 &Z: A *STATEMENT OF iDENI (For use of Transar -,erica True Inwrance Company) FIRST PARTY FIRST NAME MIDDLE NAME MAIDEN NAME LAST NAME (K NpnE Inca itE; (11 Nor* IndK�le' SECOND PARTY � � �bs � S'i� -mss LN 904 FIFE' rLIDDLE NAME MA-DEN NAME LAS' NAME (if Name Ino.cale j1! None Intl,-,81e To be filled In by Firs' Party DatE of Birth �-Z -!5:?. Place of Births i}.r! Residences —Past 10 Years ��.�'j�ho>� 81* Lo Occuna' Icns— Pas'. 1C Years r - C N rr e A-r-" 0 Date of Marrtaoe Place of M a,rlaoe Previejs'y Maned to . I K-7 PK.I::'� MAogF: * =TE AJtiE Daie and Place of Death Dale and Place of Divorce PreviCUS'y Married to Date and Pace of Death Date and Place of Divorce Social Security number t 9. 215 D\e.., 0 �1.6✓l4 �-4-v a.r1GEc ,� TC be fr!lec In by Seccn-- Paty ! - • 10 (. TS'3 "fb 7 ° p,ar 1&,A&!�,fi —s" Po B6%L- 4'7 * q SR2o Cog e..��r k&-'et fli(— tr 15 `Y &- �f6- 15; 35 Dated La 19 Signature L Signature �" 'I hanks for giving us the above information It is necessary In the completion of your real estate transaction and will help us to g1w you beer service by ellrnlnaiing delay caused by lack of information or by matters affecting persons with names similar to you own The facts you have given will be considered confidential and not for public record (See explanation on back of this fol'rrt Policy No Escrow No Trust No (OVER) g m-j� A-z c ixvv N �3 k _g �T�Stc�c. l?�Z8776 -�i 12o Z g 1'1 c - 0,- 06 ct oo 2!69 4 - ur S. L- Q9� * 41000 SoC.terq- (LA'slpo"r;►B► ,r 4. 134-00 t- NR 9.*.jD 14 QS GT15vT 5CCAJ�'M V. 500 71 cc some C Q L a 0 a O 4) W •V U LL r11 4� z W V E Q ,z v u. CD 7- =D C ) /] J u °U L-) w w 1 liJ mr s � F>= w Ja.X p,•�1 fl kL w �z 69 z p z, >- Z N Q ° - (l a. z a 1/ Q a ° 69 ° ti'lL CJ � V 64. Q: w LL y Y J J IIJVVV��� fJ _ •(i w�zz � c (nm04 w g J cz a.O m G c N ww EO � Z?z�Q p c N ' -?NO co O Tj �J O i =°ZO Y .2 CL U) w CL � d c a z z�- < �g�16M 0 ® ID a Q RI U LL r11 4� z W V E Q city Of s Luis OBISPO 990 Palm Street/Post Office Box 8100 * San Luis Obispo, CA 9340-'8100 September 6, 1988 Stephen A. McGrath P.O. Box 874 Cambria, CA 93428 Dear Mr. McGraph: The San Luis Obispo Community Development Department has received your application for financial assistance for improvements to the House at 665 Buclion Street. I have reviewed your application and have the following comments: 1. The property at 665 Buchon Street and the proposed foundation work meets the city's eligibility criteria. 2. The plans that you submitted adequately shows the work to be done. No additional plans are needed at this time. 3. Your cost estimate for the work ($7,500) appears to include the labor costs for installing the new foundation. The city's program only covers 100% of the m grin is costs of the project -- up to $20,000. Therefore, you should submit a revised cost estimate itemizing only the materials cost (eg. form materials, concrete and concrete delivery costs). 4. You should also submit a statement indicting whether you will be the owner /occupant of the house when the foundation work is done. Please submit the information noted above to the Community Development Department, attention Terry Sanville, by September 20, 1988. If you have any questions, feel free to contact me. Or I can meet with you to go over your project. Feel free to call for an appointment. After your application is complete, it will be reviewed by the city's Cultural Heritage Committee. We will need 11 copies of your completed plans for the committee to review. Thanks for your participation in the city's program. If I can be of any help, give me a call. Sincerely, Terry Sanville' — Principal Planner Phone 549 -7178 r IC B I REPORT ON CO- APPLICF SEG. # : 051102013160 STEPHEN MCGRATH SIGURDSON SANDRA D 548963535 665 BUCHON SAN LUIS OBISPO CA93401 * REPORTING AFFILIATE 171 * *SIGURDSON, SANDRA, D SINCE 12/29/82 FAD 10/08/86 BOX 874 POB CAMBRIA, CA 93428 349 CAMBRIDGE CAMBRIA, CA 93428 BOX 1356 POB CAMBRIA, CA 93408 SSS- 548963535 *FIRM /ID CODE RPTD OPND H/C TRM BAL P/D PMT CS MR ECOA ACCOUNT NUMBER MERVYNS 161DC00146 10/88 10/83 $1100 U 8438 - 0871811611619 $0 R1 39 I 9701998520 CITIBK -MC 906BB00040 09/88 04/85 $3300 542418001559 $279 $20 R1 40 A 542418001559 SEARS 906DC00029 10/88 06/80 $946 $910 $45 R1 83 U 8438 - 0871811611619 CAL 1ST BK 162BB13120 09/88 02/84 $9556 $0 I1 23 61- 614040135 WELLS M -C 162BB05388 09/88 06/84 $1500 $0 R1 51 I 541037690110 CITI GOLD 906BB01808 09/88 03/87 $5000 2 $3131 $2 R1 17 A 541065453134 AMEX 9060N00259 09/88 05/85 $57 $57 01 07 I 3734776578100 CAL 1ST BK 162BB13120 09/86 02/84 $9556 48M I1 16 I 614042135 SEARS 906DC00029 04/84 04/81 $442 R1 36 A 871768413332 AVCO 906FP00509 09/82 01/81 $1485 24M $0 I1 15 J 637 - 83805779 CONSUMER DEBT $4377 $67 MORTGAGE RELATED $0 $0 T O T A L $4377 $67 * REPORTING AFFILIATE 171 * *SIGURDSON, SANDI, D SINCE 04/06/84 FAD 04/06/84 381 E 18TH ST #4 COSTA MESA, CA 92626 4250 MARTINGALE WY NEWPORT BEACH, CA 92660 *FIRM /ID CODE RPTD OPND H/C MERVYNS 161DC00146 07/85 12/83 $1100 SEARS 906DC00029 05/85 06/80 $928 WELLS M -C 162BB05388 05/85 06/84 $1500 CITIBK -MC 906BB00040 05/85 04/85 $1500 CAL 1ST BK 162BB13120 04/85 02/84 $9556 CONSUMER DEBT MORTGAGE RELATED T O T A L END OF REPORT 11/02/88 TRM BAL P/D PMT CS MR ECOA ACCOUNT NUMBER R1 18 I 9701998522 R1 38 U 8438 - 0871811611619 R1 10 I 541037692110 R0 A 542418001559 48M I1 11 I 614042135 $4377 $67 $0 $0 $4377 $67 IC B I REPORT ON APPLICANT �Q. # : 051102013160 MCGRATH STEPHEN A 558452865 665 BUCHON SAN LUIS OBISPO CA93401 * REPORTING AFFILIATE 171 * * MCGRATH, STEPHEN, A SINCE 09/03/85 FAD 10/28/86 BOX 874 P 0 1675 DOVEDALE CAMBRIA? CA 93428 SSS- 558452865 *FIRM /ID CODE RPTD OPND H/C TRM BAL P/D B OF A -TPL 162BB11630 10/88 07/85 $7665 159 $1437 AUTO LOAN AMEX 9060N00259 09/88 05/85 $57 $57 CONSUMER DEBT $1494 MORTGAGE RELATED $0 T O T A L $1494 END OF REPORT 11/02/88 STEPHEN MCGRATH PMT CS MR ECOA ACCOUNT NUMBER $159 I1 38 I 1389 - 167205 01 07 A $159 $0 $159 3734776578100 PROFIT& LOSS STATEMENT FROM: 1 -1 -88 TO 9 -30 -88 Month /Day /Year Month /Day /Year NAME OF BUSINESS: Stephen A.McGrath Construction ADDRESS: P.O.Box.874,Cambria,Ca. 93428 TYPE OF BUSINESS: General Building Contractor GROSS INCOME .:. ............................. .............................. S 52,635.82 OPERATING EXPENSES: SALARIES (do not include owners) ....... . ... . . . . . ... . . . S 41 , 515. 50 RENT........ ............................... S -_ SUPPLIES & MATERIALS ........................... , .a" " EQUIPMENT (AUTO, MACHINES, ETC.) ................. .S . TAXES (other tlian income taxes) ..................... . .S LICENSE FEES & INSURANCE ...... .................. S� _ 34 . QO ADVERTISING ........................... I ........S 502.44 REPAIRS (EQUIPMENT, AUTO, ETC.) ...................$ 301.50 GAS & OIL .............................. r ....... $ 2,600.00 TELEPHONE & UTILITIES ....,..,,,,, ,,,,,,,,,,,,g DEBT REPAYMENT .................. $ OTHER $ OTHEn ...................5 TOTAL OPERATING EXPENSES ...................... ..............................$ _ 53,827.17 NET PROFIT .................................... ..............................$ 39, 808.65 To the best of my knowledge and belief the above statement is true and correct. BY: Sandra D.Sigurdson DATE NAME Chief Financial Officer TITLE OF PREPARER ATE OWNER: TAX RETURbi ANALYSIS Borrower: SCPI C� I2a�,e.c i f� Amount: � > > v Date: 9- 0 11Z 10 19 g6 19-Ij 19 Wages, Salaries, Tips .................................. ..............................+ $ /6 '7 $ r Interest....................................................... ..............................+ $ "7 R $ e $ Dividends................................................... ............................... Business Income (Schedule C) ................... ............................... Depreciation.................................. ............................... Capital Gains (If Recurring) .......................... ............................... Pensions.................................................. ............................... Rents /Royalties (schedule E) ..................... ............................... Depreciation.................................. ............................... Mortgage Interest .............. ............................... Total Payments ...... ............................... Partnership Cash Flow: Contributions ......... ............................... Withdrawals................................... ............................... Social Security Income ............................... ................ ............... Employee Business Expense .................... ............................... Other: 1'r 4=:f TOTAL GROSS INCOME ........................... ............................... - 12 = Monthly Gross Income ...................... ............................... 2 or Year Average Monthly Gross Income .... ............................... TAXES: Federal ................................... ............................... State....................................... ............................... SelfEmployment ..................... ............................... FICA....................................... ............................... SDI......................................... ............................... TotalTaxes ............ ............................... Total Net Income .... ............................... M hl N + I 1$ %1b. t;� 1 4) $® '3Z� $ ' 7v $ f -7v $ T $ S $ 1 6 $ $ $ $ $ 1CI�G• G�„ss - 12 = ont y e ncome ...................................... 2 or 3 Average Monthly Net Income ........................................... ............................... $ 1270 -38 £00`£ 000'Zti 9 VL Z6/-'Z 009'6£ 90'L ££9'Z 086'L£$ %L9'9 Z6£'Z$ - 413HH11M 1Nnovgv Wf1WIXVW 43XV11Nf10WV XVW 31VU XVl ONIaiOHHlIM 'd '3 '1 'A 9861 9861 V961 £86l HV3A XVl 3 MCC,RATH 0738 -99 186- 03 CC E ,ry Department of the Treasury- Inr,., oal Revenue Service r° 1 040 U.S. Individual Income Tax Return For The y.ai January- December 31. 1907, or other tax ycat he,pimiut} Your first name and initial fit joint return, also give spouse's name and initial) STEPS A. MCGRATJ"_ SA�N RA D. SI( Present home address P.O. _HOX 874 -- Cily,- town -or -Post- oflicer state- and -Z III code - -- 1967, endirrj Last name 19 , I OMB No. 1645-0074 Your social security number 558 -45 -28 Spouse's social security no. 548 - 96-3' For Pfivocy Act and Paperwork Reduction Act Notice, see Instructions. Presidential Note: Checkin, Yes" Election , Do you want $1 to go to this fund? - Y X No will rrot l:h, , e your tax Campaign If joint return, does your siriouse want $ 1 to r10 to this fund? X Vac I�In w reduce vuur rctuvrr. Filing Status Check only one box. Exemptions (See Instructions on page 7.) If more than 7 dependents. See Instructions on page 7. 1 — Single 2 X Married filing joint return (even if only one had income) 3 Married filing separate return. Enter spouse's social security number above and full name here. _. 4 Head of household (with qualifying person). (See page 7, of Instructions.) If the qualifying person Is your child but not your dependent, enter child's name here: 5 QualTf in widow(er) with dependent child (year s use died ► 19 }. (See 2aAe 7 of Instructions.) Caution: It you can be claimed as a dependent on another person's tax return (such as your parents' return); No. of boxes �� do not check box 6a. But be sure to check the box on line 32b on page 2. Cho ckod on 6. -nn 17t I yF,.. —if 11 I et X I cn,.,.— and 61a C Dependents (1) NamehirsT,inilial,andlastnatoe) (2) Check it under age 6 (3) If age 5 or over, dependent's social secu(fly number _ (4) Relationship (5) No. of months lived in your home in 1987 MARQARET X 9 DAUGHTER 12 10 live with you duel and VV-2P here. 11 to divorce or It you do not have 12 separation a W -2, see page 6 of 13 No. of parents Instructions. listed on 6c 111110D No. of other 15 dependents listed on 6c . 16a 16a Pensions, IRA distributions, annuities, and rollovers. Total received b Taxable amount (see page 11) . . . . . . . . . Nu, of 7 on 6c who hu lived d Income with you Taxable interest income (also attach Schedule B if over $400) No. of children 9 on 6c who didn't Copy B of your Forms W -2, w -2c, 10 live with you duel and VV-2P here. 11 to divorce or It you do not have 12 separation a W -2, see page 6 of 13 No. of parents Instructions. listed on 6c 111110D No. of other 15 dependents listed on 6c . 16a d If your child didn't live with you but is claimed as your dependent under a pre -1985 agreement, check here Add numbers entered In e Total number of exemolions claimed (alsQ &Rmplete lime 35) . boxes abava Please 20 a Social security benefits (see page 12) . , , . . . . . N 20a 7 10,8 B- ---- __A7.9_.— 10 11 12 13 14 15 16b 17 18 19 attach check b Taxable amount, if an from the worksheet. on page 12 ,� 20b or money Y. P 9 order here. 2 1 Other income (list type and amount -see page 12) 2 1 22 Add the amounts shown in she far right colurtln for lines 7, a, and 10 -21. This is your total income ► j 22 7 Wages, salaries, tips, etc. (attachForrn(s) w -2) SEE STATEMENT 1 Income 8 Taxable interest income (also attach Schedule B if over $400) Please attach 9 Tax – exempt interest income (see pg. 10) DON'T include on line 8 -- Copy B of your Forms W -2, w -2c, 10 Dividend income (also attach Schedule B if over $400) and VV-2P here. 11 Taxable refunds of state and local income taxes, if any, from worksheet on page 11 of Instructions , It you do not have 12 Alimony received , a W -2, see page 6 of 13 Business income or (loss) (attach Schedule C) , , , , . , , , Instructions. 14 Capital gain or (loss) (attach Schedule D) . . . . . . . . . . . . • .CGD Instructions on page 12.) 15 Other gains or (losses) (attach Form 4797) . . . . . . 16a 16a Pensions, IRA distributions, annuities, and rollovers. Total received b Taxable amount (see page 11) . . . . . . . . . 17 Rents, royalties, partnerships, estates, trusts, etc. (attach Schedule E) , 18 Farm income or (loss) (attach Schedule F) 19 Unemployment compensation (insurance) (see page 11) Please 20 a Social security benefits (see page 12) . , , . . . . . N 20a 7 10,8 B- ---- __A7.9_.— 10 11 12 13 14 15 16b 17 18 19 attach check b Taxable amount, if an from the worksheet. on page 12 ,� 20b or money Y. P 9 order here. 2 1 Other income (list type and amount -see page 12) 2 1 22 Add the amounts shown in she far right colurtln for lines 7, a, and 10 -21. This is your total income ► j 22 and social security no. - ) ?$ ..I 29 Add lines 23 through 28. _ -- ► 29 AGI 30 Subtract line 29 from line 22. This is your adjusted gross income. . . . . . . . 0-1 30 1 23,008. 11708 23 Reimbursed employee business expenses 23 Adjustments ments 24a Your IRA deduction, from applicable worksheet on page 13 or 14 24a to t0 II1C b Spouse's IRA deduction, from applicable worksheet on page 13 or 14 24b 25 Sell - employed health insurance deduction, from worksheel on page 14 25 26 Keogh retirement plan and self-employed SEP deduction 26 (See 27 Penally on early withdrawal of savings . . . . . . _27 -- - Instructions on page 12.) 28 Alimony paid llaslname and social security no. - ) ?$ ..I 29 Add lines 23 through 28. _ -- ► 29 AGI 30 Subtract line 29 from line 22. This is your adjusted gross income. . . . . . . . 0-1 30 1 23,008. 11708 4 MCGRATH 186 0738 -99 558 -45 -2865 form 1040 {1907} Tax 3 31 Amount from line 30 (adjusted gross income , 3 31 32a Check if: ❑ u Blind; Spouse was 65 or over Blind. Compu- u Y tation t Add the number of boxes checked and enter the total here ► 32a' 4 t 4 b If you can be claimed as a dependent on another person's return, check here . . . . ► 32b c If you are married filing a separate return and your spouse itemizes deductions, or you are adual - status alien, see page 15 and check here - ► 32c NN 33a Itemized deduCtions 5ee pagu tb 1u seu ll yuu shnuld italn;rr� ll yuu don't ilemite, unror zero. 11 you do itemize' 3 33a skip lino 33h. Caution: b Standard deduction. naad Caution in fell. If it applies, silo page, IB tar Ilia nine nt to eater• 12 04 Lage 2 Z. -- Foreign tax creolt farcur:rr rrn rrr r e re, ,. ,. 45 cal business t. Check if f:f arm 3800, farm 3488, RII, Fenn 5884, Form 6478, Farm 6765, or form 8586 45 =- 46 Add lines 44 and 45. Enter the total . . . . . . . . . . • . . , • , . 46 - 47- S.ub.tra.ct- line_46 from liae 41- LitWrAbv-wsulL1twt`not I s thatlz . . ,► 47 397. Other 48 Self - employment tax (attach Schedule SE) . . . . . . . . . . . . . . , , . _4.8- 1,448, Taxes 49 Alternative minimum tax (attach Form 6251) , , , , • • • . • . • . _ , . 49 (Including 50 Tax from recapture of investment credit (attach Form 4255) . . . . . . . 50 Advance 51 Social security tax on tip income not reported to employer (attach Form 4137) . EIC Payments) 52 Tax on an IRA or a qualified retirement plan lattach Form 5329) . . _ • . . . 52 53 Add lines 47 through 51. _, _ _. —._ , -... _ _ 53 Payments 54 Federal income tax withheld . . . , , , • • • . • 54 55 1987 estimated tax payments and amount applied from 1986 return . 55� Attach 56 Earned income credit (see page 18) . . . . . . , , , 56 Forms w -2, 57 Amdunt paid with Form 4868 (extension request) 57 'll w -zP and 58 Excess social security tax and RRTA tax withheld (see page 19) 58 IQ Iron 59 Credit for Federal tax on gasoline and special fuels (attach Form 4136) 1 59 1 i'e, l ilii 60 Regulated investment company credit lattach Form 24391 60 61 Add lines 54 thrin"oh_60 these are your total payments Refund or 62 If line 61 is larger than line 53, enter amount OVERPAID . . , . . . . . , , , • ► 62 Amount 63 Amount of line fit to be REFUNDED TO YOU . . . . . . . . II . . ► 63 You Owe 64 Amount of line 62 to be applied to your 1988 estimated tax 04 G4_!_ 65 If line 53 is larger than line 61, enter AMOUNT YOU OWE, Attach check or money order for full' amount payable to "I t coal Revenue Service." write your social security number, daytime phone number, and "1987 65 Form 1040" on fl 55 8 4 _ Check ► I X if Form 221D 221DF is attached. See page 20. Penalty. $ $ _ Under penalties of perjury, I declare that I have examined [his return and accampenying schedules and shournents, and to the best of my knowledge and T belief, they are true, correct, and complete. Declaration of preparer (other than laxpayed is based on all fnlosmatforr of which preparer has any knowledge. Please tour signature ` Fate Yaw aeeupaliun Sign r ELF— EMPLQYED Here `Spouse's signature (11 Inl return, BUT must sign) B to spouse's occupation ti - F pre arer's Dale Preparer's social security no. Paid p , �_ r Chock R Preparer's slgnalwe .� _ a j sell- employed —62 -3176 Use Only Firm's name (or R. �E.L No. 25-3a-10-245 yours it sell -emptn d) 4 A BURTON DRS and address 11788 11788 5 MCGRATH SF 186 0738 -99 05 SCHEDULES A &B Schedule A - Itemized Deductions oM0 NU. 51545 -11074 (Form 1040) (Schedule B is on back) 1987 Department of the Treasury Internal Revenue Service ► Attach to Form 1040. ► See Instructions for Schedules A and B (Form 1040). Attachment sequence No. 07 Name(s) as shown on Form 1040 Your social security number STEPHEN A. TH —45-2 - Medical and Dental-Expenses—la—Prescription-medicines and drugs, insulin, doctors, dentists; nurses, hospitals, insurance premiums you paid for medical and dental a` � • (Do not include care, etc . . . . . . . . . . . . . . . . � la IIII pIIIIC, Illd;. I I "� k(L) �Ilp;i ii 1b Q$ , expenses b Transportation and lodging . . . . . . . . . . . . . u' reimbursed or c Other (list- include hearing aids, dentures, eyeglasses, etc.) paid by others.) ► ............................ ...........................:... ......: .......................... 1c (See 2 Add lines 1a through 1c, and enter the total here . . . . . . 2 3z 9: instructions 3 Multiply the amount on Form 1040, line 31, by 7.5% (.075) on page 21.) 3 U. II 4 Subtract line 3 from line 2. If zero gr le s enter -0 -. Total m di al and dental. ► Taxes You Note: Sales taxes are no longer deductible. Paid 5 llIi1�ll ff1it State and local income taxes . , , , . . , • . . • INl� ll If�ill 6 Real estate taxes (See I I <I Gi uII'�i`il�`F�Iqq 7 Other taxes (list - include personal property taxes) ► ........... on page 22.) FEE SE ME J ill�,l�;} nn ..................... ..................................... 7. 8 Add the amounts on lines 5 thrSWgh 7 Enter the total h r . Total taxes. ► 8 1. 40R Interest You Note: If you borrowed any new amounts against your home a IIItIIVI Ill 1. Paid 8/ 16/86 and at any time In 1987 the total of all your !I It it mortgage debts was more than what you paid for your home I— I r" El i�llll �` Iii plus improvements, attach Form 8598 and check here uAirili ,I it Ili, 1 (See 9a Deductible home mortgage interest you paid to financial institution instructions IILIljlli�i Ihli I' =11 II report deductible (points on line 10) STMT. .9. 9a ill� 15 on page 22.) b Deductible home mortgage interest you paid to individuals(shew Ihal person's name and' ►......... S. EE _5,5_41. llhlljlll °f �i;'• 44 f Ci NA �;, a dd i e ss) ..S.TATEME�IT.....7...... - - - -.. I I SSSI �I. ........ .. ........ ... ... ....... ............... r 10 Deductible points. 1 11 11 Deductible investment interest l IE STMT 8 12a Personal interest (see 22) ` 12a1 670 p L!,t` you paid page {11t1,'ifill 12 b Multiply the amount on line 12a by 65% (.65). Enter the result. 4 1� 1' ,�,�.lrr-= Total intrlra� ► 13 Contributions 14a Cash contributions. (If you gave $3,000 or more to any one organi- �II illl+ la'" You Made zation, report those contributions on line 14b.) . . . . . . . b Cash contributions totaling $3,000 or more to any one organization. (See instructions (Show to whom you gave and havv much you gave.) 14a 210, ;li + }�j'�IIw IF =iii I �IUIII�II Il it I on page 23.) ► .... ..........� _.. .. _.... ............ ............................... 14 �. III I�f 1 I r s 15 Other than cash (You must attach Farm 820'3 it over $500.) 15 Y a �I!iylllll�tl lIh I'I 'I 16 Carryover from prior year . . . . . . . . . . . . . . ► 17 2ly 17 Add the amounts on lines He Dueu t, 10. Enter the total here. Total conuibuauns Casualty and 18 Casualty or theft loss(es) (attach Form 4684). (See page 23 , �i ,,i', lip Theft Losses Moving 19 Moving expenses (attach Form 3903 or 3903F). (See page 24 NH OWN 11 1111 Ha Expenses _ R. Miscellaneous 20 Unreimbursed employee business expenses (attach Form 2106) Deductions 21 Other expenses (list type and amount) ► wl h i7l� I �p a'J 1 ......................... Subject to 2% ............... ... .......... .. ..... ....;.:......:.... 1 ,I ,�� ; — I �'if,Il r• AGI Limit 22 Add the amounts on lines 20 and 21. Enter the total (See 23 Multiply the amount on Form 1040, line 31, by 2% (.02). Enter the „ E p � I �h �h1ll "II�I� instructions result here . . . . . . . . . . . . '�;�lf>'•��ibi4� �l�r+ on page 24.) 24 Subtract 10,24 Other 25 Miscellaneous deductions not subject to 2% AGI limit (see page 24). (List type and kl Ii tiFl l l!!' pJ ll 1 �" Miscellaneous amount.) ► ........ _ ... ICI u IfV! Ili;" Deductions ► 25 Total Itemized 26 Add the amounts on lines 4, 8, 13, 17, 18, 19, 24, and 25. Enter the total here and Deductions on Form 104Q- line 3�a _ .. ► 26 For Paperwork Reduction Act Notice, see Form 1040 Instructions H788 SCHEDULE A (Form 1040) (1987) b MCGRATH 186 0738 -99 06 Name(s) as shown on Form 1040 (Do not enter name and social security number if shown on Page 1.) Your social security number Schedule B- Interest and Dividend Income Attathm Sequence"` No. 08 Part I If you received more than $400 in taxable interest income, you must complete Part I and list ALL interest received. If Interest you received, as a nominee, interest that actually belongs to another person, or you received or paid accrued interest Income on securities transferred between interest payment dates, see page 24. Interest Income _ Arrlounl (See -- - °- - - -- loslruc- 1 Interest income from seller- financed mortgages. (See Instructions and list name of payer.) 01 lions on pages 9 and 24.) ................ ...., ........................,... 1 Other interest income (list name of payer) 0 ...................... ........... .......................... ....................................... ....:. . PAlso camp!e!e 2..... ....MI�.._ST�l,T,��,a'----BANK_ _ .................. 432 an Ill. ..........._ ............................................................ ............................... 32. ....... SANTA .... BARSARA .... SAVINGS .... & .... LOA. IV .......----------------- __ ......................... ................. . .. 47. Note: If you ............... received a Form 1099 -INT or ... ..... .........................,..... __.........» .__......... ............. ........... ............................... Form1099 -OID .... ......... ......... ... .... ................................................... ....... ......... .. .......... ............... .................. ..... ...... ............,..:......... from a brokerage firm, enterthe firm's ............ ........................... ............................... .•- ..........................W . ........... ............................ .............. ,............................ nameand the - --- _ ..........................._ .v .— ... ..........................._. ....... totalinterest _ _ :: ........................,...:............. .......,..;.................... shown on that form. .. ........................ ..... ._..,......... .......... ........................................................... .............................. ..._:................... ................... .... _ ...................... ............... .I............_............. -.. - ,..... _ 3 OmQunts F 3 Part II If you received more than $400 in gross dividends and /or other distributions on stock, complete Part II. If you Dividend received, as a nominee, dividends that actually belong to another person, see page 25. Income Dividend Income Amount _ (sec 4 Dividend income (list name of payer - include on this line capital gain distributions, nontaxable v :lfuc- distributions, etc.) R .... ............................... lionson ............................_-----.-----................................. ............................... pagesIll and 25.) - ................... ............................... - ...................... ..,_»......... .. ...................... __................... ........ Also complale � . _- Pall 111. ....................................................... _ ......... ................ ............,............_,............ ............................... .................. ...... .................... ... ... ......... ............ . Note: If you ....... received a Form 4 1099 -DIV from a --- _------- ------------------------- * ......................... ,.............._...._........................ .......:.,........,............ . brokeragefirm, __ :.................................................. »....».......:» ....................... ......_.._._. ........................... .,..............r ........ enter the firm's name and the total dividends _..,._ ..... ............................... ._ _............................. ....., ............................. ........ — .. ...... ............. shownon that ........ ..........:..,,,... ,. ..... .................... .................... ...................................................... ............................... form. ......... ,..... .. 5 Add the amounts on line 4. Enter the total here• • . . . . . . . , . 5 6 Capital gain distributions. Enter here and on line 13, Schedule D* . a a L7 I 7 Nontaxable distributions. (See Schedule D Instructions for adjustment to basis.) . �I�S'r ";IIdCI� I'�Iit�fiJ 8 Add the amounts on lines 6 and 7. Enter the total here . . . . . . . . . . . . . 8 9 Subtract line 8 from line 5. Enter the result here and on Form 1040, line 10 , , , . . . . � 9 'It you received ca+piral grain distributions bur do not rwod Schedule D to report any other gains or losses or to figure your tax (see the Tax Tip under Capital gain distributions. oil !rage 10), enter your capital gain distributions on form 1040, line 14. Write "CGD" on the dotted line to the left of line 14. Part III If you received more than $400 of interest or dividends, OR if you had a foreign account or were a grantor Yes No Foreign of, or a transferor to, a foreign trust, you must answer both questions in Part III. Accounts and 10 At any time during the lax year, did you have an interest in or a signature or other authority over a financial Foreign account in a foreign country (such as a bank account, securities account, or other financial account)? (See page Trusts Ise@ 25 of the Instructions for exceptions and filing requirements for Form TD F 90- 22.1.). . . . . . . . . . X_ Inslruc- lions on If "Yes," enter the name of the foreign country 00 ... ... - - -. CANADA ............................. page zs.1 11 Were you the grantor of, or transferor to, a foreign trust which existed during the current tax year, whether ... ...., ...... k 1..... .. «.. L.......L;.....1. ...,.. -.. -• ... .,T 1s 1, ..- N .. -.. __ _.. � _.. _ ._ •.... r .�.rr..n r.f,... .... . ... For Paperwork Reduction Act Notice, see Form 1040 Instructions. Schedule B (Form 1040) 1987 7 MCGRATH SCHEDULE C (Form 1040) Department o( the Treasury Internal Revenue Service 186 0738 -99 07 Profit or kLoss) From Business or Procession (Sole Proprietorship) Partnerships, Joint Ventures, etc., Must File Form 1065. OMB No. 1545 -0074 1987 J Attachment 09 01 Attach to Form 1040, Form 1041, or Form 1041S. 00, See Instructions for Schedule C (Form 1040). j Seuneecc No Name of proprietor A Principal business or profession, including product or service CONSTRUCTION Social security number ISSN) - 55$- 45=.2.8.x.5 B Principal business code (from Part IV) ► C Business name and address 0 ...... S.TEP.HEN...A.. MCGRATH...CON.ST.. D Employer ID No. (Not SSN) ................ ......... P..Q .......BO.X- -.8.7 4 ......... ........ _ CAMBRTA _ CA 93478 5 8- 45-23fL5 E Method(s) used to value closing inventory: (1) ❑ Cost (2) tower of oast Ior market (3) Other (attach explanation) F Accounting method: (1) [2 Cash J2)11 Accrual (fl Other (specify) 11 ............ ...... _ .- ............. Yes No G Was there any change in determining quantities, costs, or valuations between opening and closing inventory? (If "Yes," attach explanation.) H Are you deducting expenses for an office in your home? . . . . . . . . . . . . . . . . . . . I Did you file Form 941 for this business for any quarter in 1987? . . . . . . . . . . . . . . . . J Did you "materially participate" in the operation of this business during 19877 (If "No," see Instructions for limitations on losses.) K Was this business in operation at the end of 1987? . . . , . . , . • X L How man r months was this business in eration_ during 1987? _. . _. ► M If this schedule includes a loss, credit, deduction, income, or other tax benefit relating to a tax shelter required to be registered, check here ► If YOU check this box, you MUST attach Form 8271. LEFUEN Income 1 a Gross receipts or sales . . . . . . . . . . . . . . . . . . . , 1a ,.43 b Less: Returns and allowances . . . . . . . . . . . . . . . 11b c Subtract line lb from, line 1a and enter the balance here . . . . . . . . . . , 1c 2 Cost of goods sold and /or 2 g operations (from Part III, line 8) . , , 3 Subtract line 2 from line 1c and enter the gross profit here 3 _1 4 Other income (including windfall profit tax credit or refund received in 1987). SEE STMT 2 4 r5 Add Nries 3 and 4. This is the gross income 5 22.714- Deductions 6 Advertising. • • 2 23 Repairs . . . . . . . . . . . . . . _ _.._ 2.3.2: -_3_-2-B_& • a = 2.r 6 4 0 • c 22, s 0 MCGRATH 186 0738 -99 08 Schedule C (Feral 1040) 1987 Page 2 Cost of Goods Sold and /or Operations (See Schedule C Instructions for Part III) 1 Inventory at beginning of year. (If different from last year's closing inventory, attach explanation.)• 1 2 Purchases less cost of items withdrawn for personal use . . . . . . . . . . . . . . . . . 2 3 Cost of labor. (Do not include salary paid to yourself.) . . . . . . , . , , , , • 3 48,800. 4 Materials and supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 87. 0 -7Js 5 Other costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s 6 Add lines 1 through 5 . . . . . . . . . . . . . . . . . . . . . _ , 6 _ 135,-7 -7s 7 Less: Inventory at end of year . . . I . . . . . . . 8 Cost of goods sold and /or operations. Subtract line 7 from line B. En[ here and in Part I line 2 8 GM Codes for Principal Business or Professional Activity Locale the major business category,that best describes your activity (for example, Retail Trade Services, etc.). Within the major category, select the activity code that identifies (or most closely identifies) the business or profession that is the principal source of your sales or re- ceipts. Enter this 4 —digit code on line B on page 1 of Schedule C. (Note: It your principal source of lrxonae is Iron? larmirxf activities, you should file Schedule F (form 1040), farm Income and Expenses.) V MCGRATH 186 0738 -99 09 OMB No. 1545 -0074 SCHEDULE Computation of Social Security Self -Employment Tax 1997 (Form 10401 ) Deparunenl of the Treasury ► See Instructions for Schedule SE (Form 1040). Attachment Internal Revenue Service ► Attach to Form 1040. Sequence No. 18 Name of person with self - employment income (as shown on social security card) Social security number of person STEPHEN A. MCGRATH I with self - employment income ► _ 5 -2865 A If your only self - employment income was from earnings as a minister, member of a religious order, or Christian Science practitioner, AND you filed Form 4361, then DO NOT file Schedule SE. Instead, write "Exempt -Form 4361" on Form 1040, line 48. However, if you filed Form 4361, but have LJ $400 or more of other earnings subject to self - employment tax, continue with Part I and check here ► - B If you filed Form 4029 and have received IRS approval, DO NOT file Schedule SE. Write `Exempt-Form 4029" on Form 1640, line 48. C If your only earnings subject to self - employment tax are wages from an electing church or church- controlled organization that is exempt from employer social ecuri tie and you are t a minister tar a member of a rglioiat4S_order.ait lines 1 -8 Enter, zero one, Continue with line 113 Regular Computation of Net Earnings from Self - Employment 1 Net farm profit or (loss) from: a Schedule F (Form 1040), line 37 , , , , , , , , , , , , , , , , , b Farm partnerships, Schedule K -1 (Form 1065), line 14a. . , , , , , , Net earnings from farm self - employment . . • • . . . . . . . . . . . . 2 Net profit or (loss) from: a Schedule C (Form 1040), line 31 . . . . . . . . . . . . . . . b Partnerships (other than farming), Schedule K -1 (Form 1065), line 14a , c Service as a minister or member of a religious order. . , , , . . . d Service with a foreign government or international organization. . . . . eOther ► ------------------- - - - - -- - - -- - - ............ .. ...... - ................................ -- • ----------------- . Total . . . . . . . . . . . . . . . . 11 lJ Adjustments. . . . . . . . . . . . . . . . At am gs from nenferm- SeLLempJ4 VMAn1 . . . . . . . . . _ . _ _ . . . . 2 �, Ll ti_onal Computation of Net Earnings from Self- Employment (See "Who Can Use Schedule SE ") See Instructions for limitations. Generally, this part may be used only if you meet any of the following tests: _T A Your gross farm income (Schedule F (Form 1040), line 12, and Schedule K -1 (Form 1065), line 14b) was not more than $2,400; or B Your gross farm income (Schedule F (Form 1040), line 12, and Schedule K -1 (Form 1065), line 14b) was more than $2,400 and your net farm profits (Schedule F (Form 1040), line 37, and Schedule K -1 (Form 1065), line 14a) were less than $1,600; or C Your net nonfarm profits (Schedule C (Form 1040), line 31, and Schedule K -1 (Form 1065), line 14a) were less than $1,600 and also less than two- thirds (2/3) of your gross nonfarm income (Schedule C (Form 1040), line 5, and Schedule K -1 (Form 1065), line 14c). Note: if line 2 v&we is two-thirds 12131 or more of your rosy nonfarm incorrre , or, if line 2 is $1,600 or more, au rrr not use the o tiurraf methrxl. 3 Maximum income for optional methods . . . . 3 4 Farm Optional Method -If you meet test A or B above, enter: the smaller of two- thirds (2/3) of gross farm income from 4 Schedule F (Form 1040), line 12, and farm partnerships, Schedule K -1 (Form 11165), line 14b; or $1,600 . 5 Subtract line 4 from line 3 5 6 Nonfarm Optional Method -If you meet test C above, enter: the smallest of two- thirds (2/3) of gross nonfarm income from Schedule C (Form 1040), line 5, and Schedule K -1 (Form 1065), line 14c (other than farming); or $1,600; or, if you elected the farm optional method, the amount on line 5 6 Computation of Social Security Self -- Employment Tax 7 Enter the amount from Part I, line 1, or, if you elected the farm optional method, Part 11, line 4 . . . . 7 8 Enter the amount from Part I, line 2, or, if you elected the nonfarm optional method, Part II, line 6 . . . 8 9 Add lines 7 and 8. If less than $400, do not file this schedule (Exception: If you are an employee of an electing church or church - controlled organization, and the total of lines 7 and 3 is less than $400, enter zero and complete the rest of this schedule.) 9 0 10 The largest amount of combined wages and self - employment earnings subject to social security or railroad retirement tax (tier 1) for 1987 is . . . . . . . . . . , , 10 $43,800.00 11 a Total social security wages and tips from Forms W -2 and railroad retirement compensation (tier 1) . . . . . . . . . . . . . . . 11 b Unreported tips subject to social security tax from Form 4137, line 9, or to railroad retirement tax (tier 1) . . . . . . . . . . . 11b c Add lines 11a and 11b . . . . . . . . . . . . . . . . . . . . . . . . . . 11c 12 a Subtract line l lc from line 10. (If zero or less, enter zero.) . . . . . . . . 123 _ (� b Enter your medicare qualified government wages if you are rewired to use the worksheet in Part III of the instructions. P 12b c Enter your Form W -2 wages of $100 mo a from an electing c urch or church - controlled organization. 12 d Add lines 9 and 12c . . . . . . . . . . . . . . . . . . . . . . . . . . 12d 13 Enter the smaller of line 12a or line 12d . . . . . . . . . . . . . . . . . 13 1 1 77P If line 13 is $43,800, fill in $5,387 on line 14. Othorwiso, rnulliply lino 13 by ,123 and 66W R the result an line 14 1 ^.4 14 Seff-efrl to rnenl tax, Enter Ilns arnount on Fum 1(1!11!,!, frn0 48 II7aa For Paperwortt Reduction Act Not", we Rorer 1440 ilw46tsgtynra _ A& 1 U MCGRATH 186 0738 -99 10 2441 Credit for Child and Dependent Care Expenses OMB No. 1545 -0080 Form Oeparlmenl of the Treasury Op, Attach to Form 1040. 1987 Inlernel Revenue Service ► See instructions below. Atlachment Sequence No. 23 Name(s) as shown on Form 1040 Your social security number -qTEPHEN .A.-- MCGRAT.HLf_BANV,RA - -D.. _S1.G.URDSON __- 558-16- 28.6.5 - -- Note: if you paid cash wages of $50 or more in a calendar quarter to an individual for services performed in your hone, you must file an employment tax return. Get Form 942 for details. 1 Enter number of qualifying persons who were cared for in 1987. (See instructions for definition of qualifying persons.) III,. ,,.1. 1 2 Enter the amount of qualified expenses you incurred and actually paid in 1987 for the care of the qualifying person. (See What are Qualified Expenses in the instructions.) Do not enter more than $2,400 ($4,800 if you paid for the care of two or more qualifying persons) . . . . . . , , , , , 3a You must enter your earned income on line 3a. See line 3 instructions for definition of earned income. b If you are married, filing a joint return for 1987, you must enter your spouse's earned income on line 3b. (If spouse is a full -time student or is disabled, see the line 3 instructions for amount to enter.) , , . . c If you are married filing a joint return, compare the amounts on lines 3a and 3b, and enter the smaller of the two amounts on line 3c . . . . . . . . . . . . . . . . . . . . 4 • If you were unmarried at the end of 1987, compare the amounts on lines 2 and 3a and enter the smaller of the two amounts on line 4. *If you are married filing a joint return, compare the amounts on lines 2 and 3c, and — — — — -- ant"e Smaller of the-two- amounts -ort ne 4. ------- - - - - -- 5 Enter percentage from table below that applies to the adjusted gross income on Form 1040, line 31 If line 31 is: Percentage is: If line 31 is: Percentage is: Over- But not Over- But not over- over - 0- $10,000 30 %(.30) $20,000-22,000 24 %(.24) $10,000 - 12,000 29 %(.29) 22,000-24,000 23 %(.23) 12,000 - 14,000 28 %(.28) 24,000- 26,000 22 %(.22) 14,000 - 16,000 27 %(.27) 26,000- 28,000 21%(.21) 16,000 - 18,000 26 %(.26) 28,000 20 %(.20) 18,000- 20,000 25 %(.25) 6 Multiply the amount on line 4 by the percentage shown on line 5, and enter the result.. 7 Multiply any child and dependent care expenses for 1986 that you paid in 1967 by the percentage that applies to the adjusted gross income on your 1986 Form 1040, line 33, or Form 1040A, line 15. Enter the result. (See line 7 instructions for the required statement.) . . . . . . . . . . . . . . . . 8 Add amounts on limes 6 and 7. See the worksheet in the instructions for line 8 for the amount of credit You a? •laiirr ­1 . . . . . . . . . . . . For Paperwork Reduction Act Notice, see separate instructions. 11788 3b LU.p�BW• _3c�.._._ 10rSL��r— -._ . Z r 4 0 0 i - I I i 6 I 7 ff � Form 2441 (1987) it MCGRATH 186 0738 -99 11 210 Underpayment of OMB No. 1646 -0140 Form ' Depamneril of the Treasury Estimated Tax by Individuals and Fiduciaries 1987 Internal Roveoue service 1► Attach to Form 1040 or Form 1041 Sequeorenl _ sequence No. rJF) Name(s) as shown on tax return Identifying number T_ PHFN A. MCGRATH—&—S-ANDRA Q. SIQURD-SQN 558-45-2865 IMPORTANT NOTES In most cases, IRS can figure the penally for you and you do not have to complete this form. See the separate instructions for more information. For 1987, you will not owe a penally for any underpayment of your taxes, and you do not need to complete this form if you have salary income on Form 1040, line 7, that is equal to or greater than your adjusted gross income on Form 1040, line 31. If you have salary income that is less than your adjusted gross income, part of the penalty will be waived. You can complete this form through line 32 to figure the net penalty. Or, if your choose, IRS will figure the penalty for you in most cases. See the separate instructions. Figuring Your Underpayment 1 1987 tax after credits (from Form 1040, line 47 or Form 1041, line 26) . . . . . . . . . . . 1 _ 397 2 Other taxes . . . . . . . . . . . . . . . . . . . . . . . . . 2 _ 1,448. 3 Add lines 1 and 2 . . . . . . . . . . . . . . . . . 3 1 4 4 Earned income credit . . . . . . . . . . . -4- 5 Credit for federal tax on gasoline and special fuels . . . . . . . . . . 5 6 Credit for overpaid windfall profit tax attributable to amounts withheld 6 - 7 Add lines 4, 5, and 6 . . . . . . . . . . . . . . . . . . . . . . . • 7 8 Subtract line 7 from line 3 . . . . . . . . . . . . . . . . . . . . . 8 1 845 . 9 Multiply line 8 by 80% (.80) . . - 10 Withholding taxes from 1987 Form 1040, lines 54 and 58. (or Form 1041, line 31c). (Include any credit from Form 4469.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Subtract line 10 from line 8. If the result is less than $500, do not complete rest of form . 11 12 Enter your 1986 tax . . . . . . . STMT. , 5 , 12 -� 13 Enter the smaller of line 9 or line 12 • . . . __ 13 1,476, 1 _ -____- Payment Due Dates 14 Divide line 13 by four (4) and enter result in each column. However, if you use the annual- ized income installment method, complete the worksheet in the instructions and enter the amount from line 26 in each column of line 14 . . . . . . . . . . . . . . . Complete lines 15 through 22 for one column before com- pleting the next column. 15 Estimated tax paid and withheld. (For column (a) only, enter the amount from line 15 on line 19) . . . . . . . . . . . . . . If line 15 is equal to or more than line 14 for all payment periods, do not complete the rest of this form. However, it you used the annualized income instalAnont method, you must attach this form to your return. 16 Enter amount, if any, from line 22 of previous column • • • • 17 Add lines 15 and 16 . 18 Add amounts on lines 20 and 21 of the previous column and enter the result . . . . . . . 19 Enter line 17 minus line 18. If zero or less, enter zero. (For column (a) only, enter the amour from line 15) . . . . . . . . . . . . 20 Remaining underpayment from previous period. If the amount on line 19 is zero, enter line 18 minus line 17 . . . . . . . . . . . . 21 UNDERPAYMENT. If line 14 is larger than or, equal to line 19, enter line 14 minus line 19, Then go to line 15 of next column. Otherwise, go to line 22 . . . . . . . . . . . 22 OVERPAYMENT. If line 19 is larger than line 14, enter line 19 minus line 14. Then go to line 15 of next column (al (b) (c) I (d) Apr. 15, 1987 June 15, 1987 Sept. 15, 1987 _ Jan. 15, 1988 14 15 rl - ,y = mom 369. 369.1 369. 369. 191__ 318.I 2 21 see separate instructions, form 2210 (198 12 MCGRATH Form 2210 (1987) Figuring the Penalty 23 Underpayment from line 21, page 1 23 _ Rate Period 1 - 9% (April 15, 1987 - September 30, 1987) 24a Computation starting date for this P eriod �24a _ b Number of days FROM the date on line 24a TO the date line 23 was paid or September 30, 1987, whichever is earlier 24b c Number of days on line 246 x 9% x underpay - 365 ment on line 23 24c $ Rate Period 2 - 10% (October 1, 1987 - December 31, 1987) 186 0738 -99 12 Page 2 Payment Due Dates (a) (b) (c) (d) Apr. 15, 1987 June 15 1987 SepL 15, 1987 Dart. 15r 1988 25a Computation starting date for this period 25a Sept 30, 1987 Set 30, 1987 Sept. 30, 1987 b Number of days FROM the date on line 25a Days Days Days TO the date line 23 was paid or December 31, 1987, whichever is earlier , . 25b c Number of days on line 25b x 10% x under - 365 payment on line 23 25c $ - .T - - - -- Rate Period 3 - 11% (January 1, 1988 - April 15, 1988) 26a Computation starting date for this period 26a Dec_. 31, 1987 31, 1987 31, 1987 _ b Number of days FROM the date on line 26a Days Days Days TO the date line 23 was paid or April 15, 1988, whichever is earlier 26b c Number of days on line 26b x 11 %x under - 366 payment online 23 26c $ _ - $ $ $ 27 Penalty (add all amounts on lines 24c, 25c, and 26c in all columns). Form 1040 filers, if you have an entry on Form 1040, line 7, complete lines 28 through 32. Otherwise, enter the amount from line 17 In the space provided on Form 104U, line 65 and check the box on that line. Form 1041 filers, enter the amount from line 27 in the space provided on Form 1041, line 35 and check the box on that line . . . . . . . . STMT. 4 27 $ 28 Enter amount from Form 1040, line 7 - 28$ 10-1- 29 Enter adjusted gross income from Form 1040, line 31 29 $ 23 ( 30 Divide line 28 byline 29 and enter the result as a decimal amount Oo not enter more than 1.0 30 31 Multiply line 27 by line 30. This is the amount of your penalty to be waived , , , . , , . . . 31-$ 32 Subtract line 31 from line 27. Enter this amount in the space provided on Form 1040, line 65 and check the - -box on Vial line . . . . . . . 32 $ 11788 ,I. I i.l I I A, �I Jan. 15, 1988 Days I MCGRATH 186 F.,. 4562 Depreciation and Amortization ► See separate instructions. Internal Re of the Treasury ► Attach this form to your return. Internal Revenue Service Names) as shown on return 0738 -99 OMB No. 1545 -0172 1987 Sequence No. 67 Identifying number 13 STEPHEN A. &C-GRATE—IL—SANDRA D. SiGURDS -QN � Business or activity to which this town relates SCHEDULE C COPY_,_STEPHEN_A- . MCGRATH CON S T. Depreciation (Do not use this part for automobiles, certain other vehicles, computers, and property used for entertainment, recreation or amusement. Instead use Part III.) Section A. – Election To Expense Depreciable Assets Placed in Service During This Tax Year (Section 179) a) Description of property — F_(b) Dale placed in service I (e) cost (d) Expense deduction 1 2 Listed property - Enter total from Part III, Section A, column (h) , , , , , , , , , , , , , , , , 3 Total (add lines 1 and 2, but do not enter more than $10,000) . . . . . . . . . . . . . . . . . 4 Enter the amount, if any, by which the cost of all section 179 property placed in service during this tax year is more than $200,000 • • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Subtract line 4 from line 3. If result is less than zero, enter zero. (See instructions for other limitations) Sartinn R ..- nanrariafinn (a) Class of properly (b) Dale placed in service (a)Basis for depreciation (Business use only -see instructions) (d)Recover period y p (e)Method of ee on deporilaig (f) Deduction 6 Accelerated Cost Recovery System (ACRE): For assets placed in service ONLY during tax year &VInning in 1987 a 3 -year property b 5 -year property c 7 -year property d 10 -year properly 2 AmQuizalign for QEg=rJy Placed in servirg 3 Total. Enter here and on Other Deductions or Other Expenses line of your return . e 15 -year property f 20 -year property 9 Residential rergal property h Nonresidential real properly 7 Listed property - Enter total from Part III, Section A, column (g) , , , , , , _ . . . 8 ACRS deduction for assets placmd in service prior to 1987 . Section C.- -Other De reciation 9 Properly subject to section 168(fXl) election . . , , , , , , _ _ 100ther depreciation Section D.– Summary - -- 11 Total (add deductions on lines 5 through 10). Enter here and on the Depreciation line of your return (Partner- ships and S corporations - Do NOT include any amounts entered on line 5.) . . ,_ 12 For assets above placed in service during the current year, enter the portion of the ba si;i altrabu tab] V to additiCp al sec lion 263A m—sis. (,Snp insl[uctmong for z1ho mus L use. Amortization (a) Description of properly (b)Dale acquired (c) cost or I q other basis (d) Code section (e)Amorliza- lion period or ttLeafa tr (f) Amortization for Ihls year ,1 Amortization for properly placed in service_ only during tax_ Year be innin in 198 �, 2 AmQuizalign for QEg=rJy Placed in servirg 3 Total. Enter here and on Other Deductions or Other Expenses line of your return . ........, I +irta Form 4562 (1987) 14 MCGRATH 186 558 -45 -2865 Form 4562 (1987) 0738 -99 14 Page 2 s � -dMIIM f+utomonlles, Qertaln ether Vehicles, Computers, and Property Used for Entertainment, Recreation, or Amusement (Listed Property). if you are using the standard mileaye rate or deducting vehicle lease expense, curnplcte columns (a) through (d) of Section A, all of Section B, and Section C if applicable. Section A.' — Depreciation (If automobiles and other listed property placed in service after June 18, 1984, are used 50% or less in a trade or business, the Section 179 deductioh is not allowed and depreciation must be taken using the straight line method over 5 years. For other limitations, see instructions.) Do you have evidence to support the business use claimed? X Yes No If yes, is the evidence written? _ ��es No (b) (c) (d) cost or (f) Deprecia- - — — (a) Type of Property Date Business (e) Basis for depreciation alien I Y other basis P lion method (list vuliicles first) placed use (sec instructions for (Business use only-see and (9) deduction (9 section in percent instructions) recovery deduction 179 expense i -age ( %) leased property) period atal (Enter here and on line 7, paste 1.) Section B. — Information Regarding Use of Vehicles Complete this section as follows, if you deduct expenses for vehicles: i Always complete this section for vehicles used by a sole proprietor, partner, or other more than 5% owner or related person. If you provided vehicles to errr ees, first.answer the a"n i S t C / 1 Total miles driven during the year • . . . 2 Total business miles driven during the year. 3 Total commuting miles driven during the year . . . . . . . . . . . . . . . 4 Total other personal (noncommuting) miles driven. . . . . . . . . . . . 5 Was the vehicle available for personal use during off -duty hours? . . . . . . . . 6 Was the vehicle used primarily by a more than 5% owner or rotated person? . . . . 7 Is another vehicle available for personal t 7 �u ions in Vehicle 1 ec won to see; Vehicle 2 you rnc�t an exec Vehicle 3 W rtion tv ew Vehicle 4 this sactier� /nr Vehicle 5— those items. Vehicle 6 Yes No I Yes No Yes No Yes No Yes No Yes No X Section C. — Questions for Employers Who Provide Vehicles for Use by Employees. (Answer these questions to determine if you meet an exception to completing Section B. Note: Section B must always be completed for vehicles used by sole proprietors, partners, or other more than 5% owners or related persons.) No 8 Do you maintain a written policy statement that prohibits all personal use of vehicles, including commuting, by your employees? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting, by your employees? (See instructions for vehicles used by corporate officers, directors, or 1% or more owners.) . . . . . . . , 10 Do you treat all use of vehicles by employees as personal use? . . . . . . . . . . . . . . . . ... . 11 Do you provide more than five vehicles to your employees and retain the information received from your employees concerning the use of the vehicles? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Do you meet the requirements concerning fleet vehicles or qualified automobile demonstration use (see instructions)? . Note: if your answer to B, 9, 10, 11, or 12 is "Yes," you need not currrplere Section B for the covered vehicles. H788 I 558 -45 -2865 MCGRATH 186 0738 -99 1987 FEDERAL INCOME TAX STATEMENTS PAGE 1 STATEMENT-1- 1 -- WAGES, SALARISS-, -TIPS , ETC. INCOME WAGES FICA EMPLOYERS NAME AND ADDRESS TAX SALARIES FICA WAGES FOR WITHHELD TIPS, ETC SCH SE (W) DAVID L. MCBRIDE, M.D. 936 10,880 778 10,880 TOTAL WITHHELD, WAGES, & FICA 936 '10,880 778 _ ~v10,880 STATEMENT 2 -- OTHER BUSINESS INCOME BUSINESS NAME STEPHEN A MCGRATH CONST. EXPLANATION OF INCOME DETTMER DESIGN & CONSTRUCTION TOTAL OTHER BUSINESS INCOME AMOUNT 5,188 STATEMENT 3 - PROFIT OR LOSS FROM BUSINESS OR PROFESSION BUSINESS NAME STEPHEN A MCGRATH CONST. OTHER BUSINESS EXPENSES TOOLS 1,911 LICENSES 222 BOND 115 TOTAL OTHER EXPENSES STATEMENTS 1 °- 3 5,188 2,248 16 558 -45 -2865 MCGRATH 186 0738 -99 1987 FEDERAL INCOME TAX STATEMENTS PAGE STATEMENT 3 — PROFIT OR LOSS FROM BUSINESS OR PROFESSION (CONTINUED) AUTOMOBILE EXPENSE (H) REGULAR METHOD DEPRECIATION 2,640 AUTO EXPENSES — REGULAR METHOD 2,640 TOTAL EXPENSE DEPRECIATION CALCULATION 2,640 2 ----- - - - - -- uubT UK k4cluft IftipUtti - -- CURRENT ACQUIRED BASIS DEPRECIATION METHOD YRS PCT DEPRECIATION 3 —YEAR RECOVERY PROPERTY __ — — NISSAN TRUCK # 07/27/85 7,136 2,712 3 37.00 2,640 TOTALS 7,136 2,712 2,640 ------- - - - - -- # — LISTED PROPERTY STATEMENT 4 — PENALTY COMPUTATION FOR UNDERPAYMENT OF ESTIMATED TAX DUE DATE OF INSTALLMENT 4/15/87 6/15/87 TOTAL AMOUNT DUE 369 369 PAYMENT DATE 4/15/87 AMOUNT 318 REMAINING UNDERPAYMENT 51 369 PAYMENT DATE 6/15/87 6/15/87 AMOUNT 51 266 9/15/87 369 369 1/15/88 369 OR STATEMENTS 3 (CONTINUED) — 4 1/ 558 -45 -2865 MCGRATH 186 0738 -99 1987 FEDERAL INCOME TAX STATEMENTS STATEMENT 4 - PENALTY COMPUTATION FOR (CONTINUED) UNDERPAYMENT OF ESTIMATED TAX DUE DATE OF INSTALLMENT 4/15/87 6/15/87 9/15/87 NUMBER OF DAYS FROM DUE DATE OR LAST PAYMENT TO EARLIER OF PAYMENT DATE OR 9/.30/87 61 PENALTY AT 9 PERCENT 1 REMAINING UNDERPAYMENT 0 103 369 PAYMENT DATE 9/15/87 9/15/87 AMOUNT 103 214 NUMBER OF DAYS FROM DUE DATE OR LAST PAYMENT TO EARLIER OF PAYMENT DATE OR 9/30/87 92 PENALTY AT 9 PERCENT 2 REMAINING UNDERPAYMENT 0 0 155 PAYMENT DATE 1/15/88 AMOUNT 155 NUMBER OF DAYS FROM DUE DATE OR LAST PAYMENT TO EARLIER OF PAYMENT DATE OR 9/30/87 15 PENALTY AT 9 PERCENT 1 NUMBER OF DAYS FROM DUE DATE OR LAST PAYMENT TO EARLIER OF PAYMENT DATE OR 12/31/87 92 PENALTY AT 10 PERCENT 4 PAGE 3 1/15/88 369 369 1/15/88 162 STATEMENT 4 (CONTINUED) .L 0 558 -45 -2865 MCGRATH 186 0738 -99 1987 FEDERAL INCOME TAX STATEMENTS PAGE 4 STATEMENT 4 - PENALTY COMPUTATION FOR (CONTINUED) UNDERPAYMENT OF ESTIMATED TAX DUE DATE OF INSTALLMENT 4/15/87 6/15/87 9/15/87 1/15/88 NUMBER OF DAYS FROM 1/1/88 OR LAST PAYMENT TO EARLIER OF PAYMENT DATE OR 4/15/88 15 PENALTY AT 11 PERCENT 1 REMAINING UNDERPAYMENT 0 0 0 207 NUMBER OF DAYS FROM 1/1/88 OR LAST PAYMENT TO EARLIER OF PAYMENT DATE OR 4/15/88 91 PENALTY AT 11 PERCENT 6 - -- TOTAL PENALTY PER -- - -- - INSTALLMENT 1 2 6 6 15 STATEMENT 5 - COMPUTATION OF THE 1986 TAX LIABILITY 1986 TAX 1,488 GENERAL TAX CREDITS 0 ----------- 1986 INCOME TAX AFTER CREDITS 1,488 SELF - EMPLOYMENT TAX 433 1,921 ---------- TOTAL 1986 TAX LIABILITY 1,921 STATEMENTS 4 (CONTINUED) - 5 19 558 -45 -2865 MCGRATH 1987 FEDERAL INCOME TAX STATEMENTS STATEMENT 5 - ITEMIZED TAXES PERSONAL PROPERTY SDI TAX 186 0738 -99 251 131 PAGE 5 TOTAL OTHER TAXES 382 STATEMENT 7 - MORTGAGE INTEREST EXPENSE HOME MORTGAGE PAID TO INDIVIDUALS EARL" HUFF 800 TOTAL HOME MORTGAGE PAID TO INDIVIDUAL 800 STATEMENT 8 - PERSONAL INTEREST CREDIT CARDS 454 MID STATE BANK 7 CA. FIRST BANK 209 TOTAL PERSONAL INTEREST 670 STATEMENT 9 - MORTGAGE INTEREST PAID TO FINANCIAL INST. NAME & ADDRESS OF PAYER OF RECORD EARL HUFF - 7190 LEWIS LANE SAN LUIS OBISPO, CA. 93401 STATEMENTS 6 - 9 zu 558 -45 -2865 MCGRATH 186 0738 -99 1987 FEDERAL INCOME TAX STATEMENTS PAGE 6 STATEMENT 10 — DOCTORS, HOSPITALS, DRUGS, AND INSURANCE PREMIUMS MEDICINE AND DRUGS 45 DOCTOR, DENTIST, ETC. EXPENSES OTHER DOCTORS,DENTISTS,NURSES,ETC 1,804 TOTAL DOCTOR, DENTIST, ETC. EXPENSES 1,804 HOSPITAL EXPENSES OTHER HOSPITALS 500 TOTAL HOSPITAL EXPENSES 500 — - - - MEDICAL P3S�JItAs.�E���iL�'M3�#M - -- , TOTAL DOCTORS, HOSPITALS, DRUGS,AND INS. PREMIUMS 3,395 STATEMENT 10 G 1 558 -45 -2865 MCGRATH 1987 FEDERAL INCOME TAX STATEMENTS STATEMENT 11 - CASH CONTRIBUTIONS UNDER $3,000 CHARITIES QUALIFYING FOR 50 PCT LIMITATION MISC. ORGANIZED CHARITIES TOTAL CASH CONTRIBUTIONS TO CHARITIES QUALIFYING FOR 50 PCT LIMITATION TOTAL CASH CONTRIBUTIONS UNDER $3,000 :. STATEMENT 11 0738 -99 210 PAGE 7 210 210 558 -45 -2865 MCGRATH 1987 FEDERAL INCOME TAX STATEMENTS STATEMENT 12 - DIVIDEND INCOME CALVERT SOCIAL INVESTMENT FUND TOTALS 186 0738 -99 CAPITAL NON REGULAR GAIN TAXABLE 51 7 51 7 STATEMENT 12 PAGE 8 Z.3 MCGRATH 186 0738 -99 15 H Form Approved Department of the Treasury REPORT OF FOREIGN BANK OMB No. 1505 -0021 TD F 90 -22.1 (9 -88) AND FINANCIAL ACCOUNTS Expiration Date: 8189 SUPERSEDES ALL PREVIOUS For the calendar year 19.87..... EDITIONS Do not file this form with your Federal Tax Return This form should be used to report financial interest in or signature authority or other authority over one or more bank accounts, securities accounts, or other financial accounts in foreign countries as required by Department of the Treasury Regulations (31 CFR 103). You are not required to file a report if the aggregate value of the accounts did not exceed $10,000. Check all appropriate boxes. File this form with Dept of the Treasury, P.O. Box 32621, Detroit, MI 48232. 1. Name (Last First, Middle) 2. Social security 3. Name in item number or employer 1 refers to MCG identification num- _ — _ -_ -- -- STEPHEN A. ber if other than X Individual RATII 4. Address (Street, City, State, Country, ZIP) individual Partnership P.O. BOX 874 Corporation CAMBRIA CA 9342$ 1558-45-2865 Fiduciary 5. 0 1 had signature authority or other authority over one or more foreign accounts, but I had no "financial interest" in such accounts (see instruction A Indicate for these accounts: (a) Name and social security number or taxpayer identification number of each owner ••••• ......... •.,,•• .................................... ...................._..._..,. . ...... .. _ ....................... . ............ (b) Address of each owner ..... - ...................................................... ............................... lete item 9 for these account. I had a'financial interest" in one or mare frreign acCounts ovyned by a M required to file TD F 90 -22.1. (See instruction L). Indicate for these accounts: (a) Name and taxpayer identification number of each such corporation, partnership or trust - -- - -- ..... ••••••••••••••••• ............................. ............................... ........ ..................._........... (b) Address of each such corporation, partnership or trust * ....,.,• -•. ., .,.• .............._ . ...... ................................................. ............................... (Do not commiete item 9 for these accounts) 7. U I had a "financial interest" in one or more foreign accounts, but the total maximum value of these accounts (see instruction 1) did not exceed $10,000 at any time during the year. (If you checked this box, do not complete item 9.) 8. I had a "financial interest" in 25 or more foreign accounts. (If you checked this box, do not complete item 9) _ 9. If you had a "financial interest" in one or more but fewer than 25 foreign accounts which are required to be reported, and the axinitutn value of the accounts exceeded $10,000 during the year (see instruction 1), write the total number of those accounts here: Complete items (a) through (f) below for one of the accounts and attach a separate TO F 90 -22.1 for each of the others. Items 1, 2, 3, 9, and 10 must be completed for each account. Check here if this is an attachment. (a) Name in which account is maintained (b) Name of bank at uthel person with whom account Is maintained (c) Number and other account designation, if any (d) Address of office or branch where account is maintained (e) Type of account (If not certain of English name for the type of account, give the foreign language name and describe the ~ nature of the account. Attach additional sheets if necessary.) IBank Account f Securities Account L- -I Other (specify) (0 Maximum value of account (see instruction 1) I -1 Under $10,000 1 1 $10,000 to 10. Signature DO 1 1 $50.000 to $ 100.000 I j Over $ 11. Title Not necessary ff reporting personal account) 12. Date PRIVACY ACT NOTIFICATION Pursuant to the requftomerils of Public law 93 -579, (Privacy Act of 1974), notice is hereby given that the authority to collect information on TD F 90 -22.1 in accordance with 5 U.S.C. 552(eN3) is Public Law 91 -508; 31 U.S.C. 1121; 5 U.S.C. 301, 31 CFR Part 103. 1110 IImhrcipal porppose for callecrinr the ialorrnalion is to assure matalraance of repurls or records where such reports or records have a high degroo of usefulness in criminal, lax, or fogull., y lavesligations or proceedings. The information collected may to provided ra those officers and omptoyees al any Constftuenl unit of tho Beparsmcut of the Treasury wlro have a aa0d for she records 1Fl the pe[tatm. +nets u! their Duties. lira ruumQs May be referred to any other Flop it OF agency of Ura Federal l;overnmear upon the request of the head at such dopanmenl at agency for use In a criminal, sax, or regulatory investigation or pruc00ding. Disclosure of this inlormation is mandatory. Civil and criminal penalties; including under certain circumstances a line at not more their $500,000 and imprisonment of Flat more than live years, ara provided for failure to file a report, supply information, and lot tiling a false or fraudulent report. Disclosure of the social security number is mandatory. The authority to collect this number is 31 CFR 103. The social security number will be used as a means to identify the individual who files [lie report. H788 1CGRAT i 1474 -36 376 01 CC E Department of the Treasury roof Revenue Service LL 0-4 }- U.S. Individual Income Tax Return for the year January I- December 31, 1986, or other lax year beginning 1986, endiml .. Your first name and initial (ii joint return, also give spouse's name and initial) Last name~ -- S.TEPfLEN- r-,— MC .GRATH_ &__SANDRA-D-.sSIG.URDS "ON Present home address (numbor and Waal, or rural route.) " City, town or post office, slate and ZIP code — Presidential 11 Alimony received . . , Election ' Do Care a+ a If Filing Status 1 14 2 Check only 16 Fully taxable pensions, IRA distributions, and annuities not reported on line 17 (see page 9) . 16 3 one box. b Taxable amount, if any, from worksheet on page 10 of Instructions Exemptions Always check the box labeled Yourself. Check other boxes it they apply. Income Please attach Copy B of your Forms W -2, W -213, and W -2P here. II you do not have a W -2, see page 4 of Instructions, ase ch chock noney r here. 4 5 ou want $1 to go to this fund? . nt return, does your spouse_wanl $1 to on to this fund? . . . 19 . j OMB No. 1546 -0074 Your social security number -- 5 5J Spouse's social security no. If this address is different from the nn shown on your 1985 return, check here riQ Note: Checking "Yes" Y will not change your tux NYes fo I or reduce your refund. Single I for Privacy Act and Paperwork Reduction Act Notice, see Instructions. Married filing joint return (even if only one had income) Married filing separate return. Enter spouse's social security number above and full name here. Head of household (with qualifying person). (See page 5 of Instructions.) If the qualifying person is your un- married child but not your dependent, enter child's name here. 6 aX P Yourself 65 or over Blind b � Spouse 65 or over Blind c First names of your dependent children who lived with you —MARGARET-- d First names of your dependent children pre-1985 a r§ re 10 e Other dependents: not live with you (1) Name 1 (2) Relationship f Total number of exemptions claimed (also (3) Number of (4) Did dependent months lived have income of in your home $1,080 or more? line 36) Enler number of boxes checked on 6a and b 10111:2 Enter number of children listed on 6c Enter number of children listed on 6d 0.0 (5) Did you provide more than one -hall of r —� dependent's support? Enter number Enter other � J dependents _ Add numbers entered in boxes above 3 7 Wages, salaries, tips, etc. /attachForm(s)W -21 SEE STATEMENT. 8 Interest income (also attach Schedule Bit over $400) . , . . , . . . . , . , 9a Dividends (also attach Schedule Bit over $400) _ 9b Exclusion — c Subtract line 9b from line 9a and enter the result . 9c 10 Taxable refunds of state and local income taxes, if any, from the worksheet on page 9 of Instruct'ion's -10- 11 Alimony received . . , 11 12 Business income or (loss) (attach Schedule C) . . . . 12 13 Capital gain or (loss) /attach Schedule D) 13 14: 40% of capital gain distributions not reported on line 13 (see page 9 of Instructions) 14 15 Other gains or (losses) (attach Form 4797). _ 15 16 Fully taxable pensions, IRA distributions, and annuities not reported on line 17 (see page 9) . 16 17a Other pensions and annuities, including rollovers. Total received 1 17a 1 - _- b Taxable amount, if any, from worksheet on page 10 of Instructions 17b 18 Rents, royalties, partnerships, estates, trusts, etc. /attach Schedule E) 18 19 Farm income or (loss) (attach Schedule F) . 19 20a Unemployment compensation (insurance). Total received b Taxable amount; if any, from worksheet on page 10 of Instructions, . 20b 21a Social security benefits. (see page 10). • ,.2. b Taxable amount, if any, from the worksheet on page 11. (Tax- exempt interest )_21b 22 Other income (list type and amount) __ " "... _. _ 22 23 Add the amounts shown in the far right column for lines 7 through 22. This isyour total income■ 23 ustments 24 Moving expense (attach Form 3903 or 3903F). . 1 24 /come 25 Employee business expenses . . . , , . 25 26 IRA deduction, from the worksheet on page 12 26 27 Keogh retirement plan and self - employed SEP deduction 27 page 1 L) 28 Penalty on early withdrawal of savings 28 29 Alimonypaid (laslna„ rt _ -- and social security no. ) 29 30 Deduction for married couple when both work (attach Schedule 30 31 Add lines 24 through 30. _ AGI 32 Subtract line 31 from line 23. This is yrwr a sted grass income. 31 32 96- 2396893 9 MCGRATH 376 1474 -36 02 558 -45 -2865 luim 1040 (19861• Page 2 Tax 33 Amount from line 32 (adjusted gross income ) . . . . . . . . . . . . . . . 33 Compu- 34a If you itemize, attach Schedule A (Form 1040) and enter the amount from Schedule A, line 26 34a tation Caution: If you have unearned income and can be claimed as a dependent on your parents' return, see page 13 of the Instructions and check here OoD- Also see page 13 if you are married filing a (See separate return and your spouse itemizes deductions, or you are a dual- status alien. Inslluc- b If you do not itemize but you made charitable contributions, enter lions on your cash contributions here. (If you gave $3,000 or more to any page 13.) one organization, see page 14.) 34b C Enter your noncash contributions (you must attach form 8283 it over $500) _ A� d Add lines 34b and 34c. Enter the total . . . . . . . . . . . , , 34d 35 Subtract line 34a or line 34d, whichever applies, from line 33 . . _ , 35 LL -0 6 5 36 Multiply $1,080 by the total number of exemptions claimed on line 6f (see page 14) . 36 3 a-.` Q..- __ _ 37 Taxable income. Subtract 36 from li 5. Enter the result (but not ies than zero). . 37 4-,i,_$Z5_ _ 38 Enter tax here. Check if from � Tax Table, Tax Hate Schedule X, Y, or Z, or Schedule 6 38 , 8 8 39 Additional taxes (See page of Instructions). Enter here and check if from I 4970, 114 . _/Form �I Form 4972, or I] Form 5544 . . . 39 -40 —Add lines `18 and 39. Enter the total . ► 40 Credits 41 Credit for child and dependent care expenses (attach Form 2441) 41 ` - 42 Credit for the elderly or for the permanently and totally disabled (attach Sch. fl) 42 (See Inslluc - 43 Partial credit for political contributions for which you have receipts 43 lions on 44 Add lines 41 through 43. Enter the total 44 45 �$ „ page 14.) 45 Subtract line 44 from line 40. Enter the result (but not Icss than zero),. . • . , , , 47 General business credit. Check if fro � arm 3800, form 34b'8, loin b8U4, LJ Funn '478, or Form 676'6 - 47 , 46 Add lines 46 and 47. Enter the total . • • • • • . • . . . . . . . . . 48 — 49 5s�t7t citirte<?3 r t l le 5.�nler�i to re_suli (but oo lie than Zera) ■ 49 1 4 a1L _ Other 50 50 Self-employment lax (attach Sclaudu /c SE/ _ _ _ _ -__��l 431, Taxes 51 Alternative minimum tax (attach Forrn 6251) 51 - ilucluding 52 Tax from recapture of investment credit (attach Form 4255) 52 Advance 53 Social security lax on tip income not reported to employer (attach Form 4137) , , . 53 HE Payments) 54 Tax on an IRA (attach Form 5329). , , , . , . . . . . . 54 55 Add lines 49 through 54.. ■ 55 J Payments 56 Federal income tax withheld • • • • • • • • • . . . 58 Z7_. 57 1986 estimated tax payments and amount applied from 1985 return . 57 Vlach 58 Earned income credit (seepage 16) . . . . . . . . . 58 = Forms W -2, 59 Amount paid with Form 4868 • . . . . . . . . . , 59 W -2G, and 60 W-21' 60 Excess social security tax and RRTA tax withheld - to page 1. 61 Credit for Federal tax on gasoline and special fuels lattach form 41361 _611 62 Regulated investment company credit (attach Furm 2439) . . - a 63 Add lines 56 through 62. These are your total payments _ F__._ ■ 63 —L, 477. Refund or 64 If line 63 is larger than line 55, enter amount OVERPAID . . . ■ 64 Amount 65 Amount of line 64 to be REFUNDED TO YOU . . . . . ■ 65 You Owe 66 Amount of line 64 to be applied to your 1987 estimated tax ■� Bs_L 67 If line 55 is larger than line 63, enter AMOUNT YOU OWE, Attach check or money order for full amount Write your social security number, daytime phone number, and "1986 payable to "Internal Revenue Service." term IDao^ on it ■ 67 _ Check ■ I i f Form 2210 2210E is attached. See page 17. Penalty: $ �+i'u i',': 'i i:� 1, `•! r,! !! Under penalties of perjury, I declare that I have examined [his return and acctonpanying schedules and statemoais, and to the best of my knowledge and belief, they are true, conecl, and complete. Declaration of preparer (other than laxpayorl is based on all infonnalfon of which preparer has any knowledge. Please ' Your signature Bate Your occupation Sign _F- EMAi.IZYF(7 Here ' Spouse's signature (if joint return, BOTH roust sign) Date Spouse's occupation _. _... Paid 1lreperer's' Dale Check it Preparer's social security no. .Preparer s signalure sell- employed - Use Only Firm's name (or LAPd1Y_N _C0PY.LAbM E.b No. 5 ^3€3 - o -2 4rr+ yours, if sell - employed+ ,_0?3J5__BU$T_0N_DR _ and address - - -- _ -------- -. __ _.CAMBRIA.. CA _ ZIP code 96- 2396893 MCGRATH 376 1474 -36 03 SCHEDULES A &B OMB NO. 1545 -0074 (Form 1040) Schedule A - Itemized Deductions llepatlnleul of [lie Treasury ► Attach to Form 1040. ► See Instructions for Schedules A and B (Form 1040). 1986 Inlerual Revenue Service Atlachment Sequence No 07 Names) as shown on Form 1040 Your social security number TEPHCN A. M GRATH SANDRA © I URD N 558-45-2865 Medical and Dental Expenses 1 Prescription medicines and drugs; and insulin . . . . 1 3.,, I' Jill 1 I 2 a Doctors, dentists. nurses, hospitals, insurance premiums you (Do not include paid for medical and dental care, etc. ' expenses reim— r 662. .I. � � � k�•i� � t •;� bursed or paid b Transportation and lodging . . . . . . . . . . 2b " I .'" -- l d (I . , _ � hli Nlk� by others.) a' c Other (list - include hearing aids, dentures, eyeglasses, etc.) �, (See .............:...... ....... - ............. ,..... 2c <t instruc -� Lions on 3 Add lines 1 through 2c, and enter the total here . . . . , , • , 3 pH. 19.) 4 Multiply the amount on Form 1040, line 33, by 5% (.05). . , . , , 4 'fir' ' ttFl ' sly a 5 - - T I ■ 5 Padxes You 6 State and local income taxes . 6 7 Real estate taxes . . . . . . . . . . . . . . . . . IIIII -'I i� l''ll 8 a General sales tax (see sales tax tables in instruction booklet) b instruc- General sales tax on motor vehicles 8b tions on iii ri N, tpyfl�6.. 9 Other taxes ►..SD.I - -- .TAX .................__... 74. page 20.) .................... •,................ ............................... - ».. ........ ........... 4 Il 10 Add the amounts n lines 6 through 9. Enter the to al here. Total.laxg q ► 10 SEE STMT 6 11 a Home mortgage interest you paid to financial institutions - 11a - �4,97.�Ili Interest You b Home mortgage interest you paid to individuals (show person's name I f i i ,;ii i�1i, Paid and address) ...............SEE .. STATEMENT ...._.4 .... ................. ............._ _ 4''ll.� (See , instruc- 12 Total credit card and charge account interest you paid . . . . . . m_8 Z I! Lions on 13 Other interest you paid Dist) ►. -SEE _- S.TATEMENT------- 5 ..... 12 576J, page 20.) I 111 r .1, .................. ................ ........ »..»..........• ...... ........:......................... .................. » ............ ................... .. ... .............. , 13 1 I�p 9d!. iddl'y�l 14 6dd the aMmint gh 13, Enter thg nteresi ► 14 Contributions 15 ou gave Y a Cash contributions. (If S3,000 or more to You Made one organization, report those contributions on line 15b.) . . b Cash contributions totaling $3,000 or more to an organization. (See Y one p . (Show to whom you gave and how much you ave.) ► ........................ instruc- y 9 Y 9 Lionson .............. .,------- - - - - -- _...,....... ._............................. 1 - page 21.) ,7 . 16 Other than cash. (Attach Form 8283 if over $500.) 16 17 Carryover from prior year . . . . . . . . . . . , 17 5111 ' i. 18 Add the amounts on lines 5a ihr u h 17. Total contribution ■ 18 Casualty and 19 Total casualty or theft loss(es). (You must attach Form 4684 or similar statement.) Theft Losses (See page 21 of Instructions.) . ► 19 Miscellaneous 20 Union and professional dues 2 Deductions 21 Tax return preparation fee . , . 21 4 . . . . _v 22 Other (list type and amount) ► .. ....... .... ..------------ •.-....-........... -------- - - - - -- ....... (See .. BUSINESS-... P.UBLICATIONS..... ....w......... instruc- ........... ....... ............ .. 18. Lions on ... ....... H01'IE....PURCHASE- -- FEES ..... .:........ ............................... ... 1,305. page 22.) ............ ............. ...............,............... ... ..... ..,..... .........- ......... ....... .,... .......... ......... ».,.. .............. _- ....... .............. : ................................................ I —...................... LZ2 23 Add the amounts fines 20 thr u h 22. Eater th t tat her 2. Total mi-scellaneous. ► 23 Summary of 24 Add the amounts on lines 5, 10, 14, 18, 19, and 23. Enter your answer here 24 Itemized Filing Status box 2 or 5, write $3,670 Deductions 25 If you checked Form 1040 Filing Status box 1 or 4, write $2,480 . 25 See instruc- Filing Status box 3, write $1,835 1 lions on 26 Subtract line 25 from line 24. Enter your answer here and on Form 1040, line 34a. (If page 22.) tine 25 is more than li 24 a the Instructi n for line 2 n a e 22. ► 26 For Paperwork Reduction Act Notice, see Form 1040 Instructions. Schedule A (Form 1040) 1986 95- 2396893 4 MCGRATH Name(s) as shown on Form 1040 (Do not enter name and social security number if shown on page 1.) 376 1474 -36 04 Your social security number Schedule B- Interest and Dividend Income Sequence Sequence No. 08 Part 1 If you received more than $400 in interest income, you must complete'Part I and list ALL interest received. If you Interest received, as a nominee, interest that actually belongs to another person, or you received or paid accrued interest Income on securities transferred between interest payment dates, seepage 22. (See Interest income Amount - -- Inslruc- 1 Interest income from seller- financed mortgages. (See Instructions and list name of payer.) Bil. lions on pages 8 and 22.) ........................ - .............. 1 Also complete 2 Other interest income (list name of payer) 0. ... ...... ............................................ ..:....:............ ._._......................... Part111. .......... .._ _. MID .... STATE... BANK .............. • -- ........ -•- .............;................. ...•........................... ....... ...I .... .... ........................... I........ - -- - -- ---.........,. ........... ....._... ...... . ............................................. ...................... 2 _.�. .......................... . ................ ...... . ......... __ ...................... __ ............... .................................. ............................... _ . _................................. ,...- ...................... • . .............. ..._.............,............. 3 3 Part II If you received more than $400 in gross dividends and /or other distributions on stock, complete Part IL If you Dividend received, as a nominee, dividends that actually belong to another person, see page 23. Income Dividend income Amount (Soo 4 Dividend income (list name of payer - include on this line capital gain distributions, nontaxable tosuoc- distributions, etc.) 10'_ ............ .... _. -- -- .. ...... °- ...,,......... ........... ....... 1lons an - -- pages8 and 22.) ............................................. ».... .. ............. ............ .._- ............ ................. ................ __....-......_.. .......... _., ...... . _....,......_.........:........ .................................. ............................... ..' - -... -•---.-._......._.................»..,_.......,........,.....,..,.... ............................... �.......... �.......... ,....... r Also complete - - - -- Por I Ill. .... ............ ................................... ............,»............. .,.......................,..... •,,.,.................................. ..............- ........,....... .......................... ........ ___ ................... - ........................ __ ....... I... • ................... »_....... ..................... .».._.............. ... 4 .... .... .. ...... c............. ..... ... .,...:... ......................... I ... ........ .., ....... ................................. ,...1- ........ ._............. .......... ........ ...,.:.:.._.. ....... ............... 5 Add the amounts on line 4. Enter the total here. . . 5 :'v ' ., :. 6 Capital gain distributions. Enter here and on line 13, Schedule D.- ' -- — An Ir, 7 Nontaxable distributions. (See Schedule D Instructions for adjustment to basis.) . 7 :I' 9. I�' 8 Add the amounts on lines 6 and 7. Enter the total here . . . . . . . . . . . . . . 8 9 Subtract line 8 from line 5. Enter the result here and on Form 1040, line 9a . l! you received capital gain distributions for the year and you do not need Schedule D to report any other gains or losses, do not file that schedule. Instead, eater 40% of your rapirul guirr disrfibutions on Form 1040, line 14. Part III If you received more than $400 of interest or dividends, OR if you had a foreign account or were a grantor Yes No Foreign of, or a transferor to, a foreign trust, you must answer both questions in Part III. Accounts and 10 Al any time during the tax year, did you have an interest in or a signature or other authority over a financial Foreign account in a foreign country (such as a bank account-, securities account, or other financial account)? (See page Trusts (see 23 of the Instructions for exceptions and filing requirements for Form TO F 90- 22.1.). . . . . . . . . . nsltuc- Mons on If "Yes," write the name of the foreign country ....... ......... . ............................... Pago 23.) 11 Were you the grantor of, or transferor to, a foreign trust which existed during the current tax year, whether or not You have any beneficial interest in R? If "Ye you MAX have to file.Fqrms 3520, 3520-A. or 92 For Paperwork Reduction Act Notice, see Form 1040 Instructions. Schedule B (Form 1040) 1986 95- 2396893 D MCGRATH 376 1474 -36 05 IOMO No. 1545 -0074 SCHEbUt_E � Profit (L ) F B oss rom usiness or Pro, ssion (Forni 1 040) (Sale Proprietorship) Deparlmeul of the Treasury Partnerships, Joint Ventures, etc., Mus! File Form 1065. Internal Revenue Servtre ILO- Attarh in F— 10Ah F,..... In 1 ... C...... 4AA V � \ "1986 Attachment sequence No. 09 Name of proprietor Social security number STEPI xL�RCGRATH -- 5.7-2.8 6 5 A Principal business or profession, including CONSTRUCTION B Principal business code product or service (see. instructions) Hr3MES_ (from page 2) NO- C Business name-and-address ►.,..ST_EPBF,.N - A - MCGR-A.TB... -CQNST . U— E:mplayer lf5 nutnrber .. .......... P...O. ...... BOX ---- 87.4 ...................• .......................- CAMMHRIA CA _____934 28 E Methods) used to value closing inventory: flOther (1) 0 Cost (2) Lower oft or rnwket (3) Other (attach explanation) F Accounting method:(►) x Cash (2) Accrual (3) (specify) ........' ............. .. .................. ............... _.- ................. Y G Was there any change in determining quantities, costs, or valuations between opening and closing inventory ?. If "Yes," attach explanation. HE jf H Did you cled-urj-expensils for n office in vcxjr 1t If this schedule includes a loss, credit, deduction, income, or other tax benefit relating to a tax shelter required to be registered, check here If you check" this box, you MUST attach Form 8271. Income _ 1 a Gross receipts or sales . . . . . . . . . . . . . . . . . . . . . . . . . . 1a b Less: Returns and allowances . . . . . . . . . . . . . . . 1b c Subtract line lb from line la and enter the balance here . . . . . . . . . . . . 11C 2 Cost of goods sold and /or operations (from Part III, line 8) . . . . . . . . . . . . 2 3 Subtract line 2 from line lc and enter the gross profit here . . . 3 4 a Windfall profit tax credit or refund received in 1986 (see Instructions) . . . , 4a . , b Other income. S.EE ,STATI AMENT 2, 4b 5 Add lin 4a and 4b. This is the ross income Ill- 5 10 664. Deductions 6 Advertising . . . . . . -. 20 Office expense. . . . . . . . . . , . - - 7 Bad debts from sales or services 21 Pension and tCash method taxpayers, profit- sharing plans. . . . . see fnsuucuonsl - _.._ .... 22 Rent on business property . . . 8 Bank service charges . - - - -- _ __ 23 Repairs . . . . . . . . . . . . . 9 Car and truck expenses — _- 8644 24 Supplies (not included in Part III below) . 10 Commissions. ____25 Taxes (Do not include windfall 11 Depletion . . . . . . - -- - — —_ profit tax here., See line 29.) . . . . . _ 12 Depreciation and Section 179 deducliorl from Fnfrn 4562 26 Travel and entertainment . . . . . - -•• _ -- - - - -- (no[ includad in part III 5elaw)r'12 _ 27 Utilities and telephone _.._._20.5... 13 Dues and publications. 28 a Wages 14 Employee benefit programs b Jobs credit . . . 15 Freight (not included in Part NI oatuwl _ _._ c Subtract line 28b from 28a e 16 Insurance . . . . . , , -- - - -- - 29 Windfall profit tax withheld in 1986 — 17 Interest 30 Other expenses (specify): a Mortgage (paid to financial institutions) - -- - — _ a ...._._ SEE .... STATEMENT _ - -- --- 3. ......... ......... bOther — 4.6.8_. b ---- ------ - - - - -- _._.......... _ .....- ................. 18 Laundry and cleaning . _.... c ........__ _ ................................_.............. ..........,.................... . 19 L tal and r f oat >rvi d -- - - - - -- -•._. 31 Add amounts in columns for lines 6 through 30d. These are the total deductions . . . , , , , No- 31 32 Net profit or (loss). Subtract line 31 from lime 5 and enter the result. If a profit, enter on Form 1040, line 12, and on Schedule SE, Part I, line 2 (or line 5 or Form 1041 or Form 10415). If a loss, you MUST90 on to line 33 -- - -- 32 . 33 If you have a loss, you MUST answer this question: "Do you have amounts for which you are not at risk in this business (see "Yes," Instructions)?" Yes No ff2 If you MUST attach Form 6198. If "No," enter the loss on Form 1040, line 12, and on Sch. SE, Part I, line 2 (or line 5 of Form 1041 or Form 10415). lZUEJ Cost of Goods Said and /or Operations (See Schedule C Instructions for Part III 1 Inventory at beginning of year (if different from last year's closing inventory, attach explanation). 1 2 Purchases less cost of items withdrawn for personal use . . . . . . . . . . . 2 _ T . . 3 Cost of labor (do not include salary paid to yourselO . . . . . . . . . . . . . . . 3 4 Materials and supplies . . . . . . . . ; . . . . . . . . . . . . . . . . . . . 4 5 Other costs . . . . . . . . . . . . ... . . . . . . 5 6 Add lines 1 through 5 . . . . . . . . . . . . . . . . . . . . . 6 . . 7 Less: Inventory at end of year. . . . , . . . , , , . . 7 . . . . . . . . . . 8 Cost of goods sold and /or operations. Subtract line 7 from line 6. Enter here and in Part 1, line 2, above . 8 0 . For Paperwork Reduction Act Notico, see Form 1040 Instructions' Schedule C (Form 1.1 1986 9b- 2396891 U MCGRATH 376 SCHEDULE Computatioi, of Social Security Self- Empsoymen (Form 1040) ) Oeparunenl of the Treasury 10- Sao Instructions for Schedule SE (Form 1040). Internal Revenue Service 111111* Attach to Form 1040. 1474 -36 06 OMB No. 1545 -0074 Tax 19,96 Attachment Sequence No. 18 Name of person with self - employment income (as shown on social security card) Social security number of person ST);PH],_A_. - ^.��1 {�(;, A with self - employment income 10. l�- Regular Computation of Net Ear_nin's from Self - Employment _ Note: if you performed services for certain churtb4s or church- comrolled or anizations and you are not a minister or "';i ` a member of a reftgtous order, see the instructions be /ure completing the schedule 1 Net farm profit or (loss) from: a Schedule F (Form 1040), line 38. . . . , . . , . , , , . . , , b Farm partnerships, Schedule K -1 (Form 1065), line 13a. . . . . , , , , Net earnings from farm self - employment . . . . . . . . . . . . . . 2 Net profit or (loss) from: a Schedule C (Form 1040), line 32 . . . . . . . . . . . . . . . . r 22 - b Partnerships (other than farming), Schedule K -1 (Form 1065), line 13a c Service as a minister or member of a religious order. NOTE: If you are exempt from self- employment tax because you filed Form 4361, but you have other earnings of $400 ►� -_.l or more that are subject to self - employment tax, check here d Service with a foreign government or international organization. eOther 01 -- -------- - - - - -- - -- - -- -- -- -- - - - - -- - ___ ....... . T..k,.l � �. •i .`. . . . .. . .• Adjustments. .„� _ f Net earnincis from nonfarm t o al Cam utateon of Net Earnln s from Self -Em to men# ISee "Who Can Use ex E ") _P__ p e Schedule SE") _ Generally, this part may be used only if you meet any of the following tests: A Your gross farm income (Schedule F (Form 1040), line 12, and Schedule K -1 (Form 1065), line 13b) was not more than $2,400; or B Your gross farm income (Schedule F (Form 1040), line 12, and Schedule K -1 (Form 1065), line 13b) was more than $2,400 and your net farm profits (Schedule F (Form 1040), line 38, and Schedule K -1 (Form 1065), line 13a) were less than $1,600; or C Your net nonfarm profits (Schedule C (Form 1040), line 32, and Schedule K -1 (Form 1065), line 13a) were less than $1,600 and also less than two - thirds (2/3) of your gross nonfarm income (Schedule C (Form 1040), line 5, and Schedule K -1 (Form 1065), line 13c). Note: if line 2 above is iwtrfhirds /2131 or more o/ your sross rrvnla_rm income or, it fine 2 is $1,500 or moro ou may not use rho o rtional rrretlxrd. 3 Maximum income for optional methods . . . . . . . . . . . . . . . . . . . . . . . 3 $1,600000 4 Form Optional Method -It you meet test A or D above, enter: the smaller of two - thirds (2/3) of gross farm income from Schedule F (Form 1040), line 12, and farm partnerships, Schedule K -1 (Form 1065), line 13b; or $1,600 , , , . 4 5 Subtract line 4 from line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Nonfarm Optional Method -If you meet test C above, enter: the smallest of two- thirds (2/3) of gross nonfarm income from Schedule C (Form 1040), line 5, and Schedule K -1 (Form 1065), line 13c (other than farming); or $ 1,600; or, if you elected the farm optional method, the amount on line 5, _ 6 nTF Computation of Social Securlty Self - Employment Tax 7 Enter the amount from Part I, line 1, or, if you elected the farm optional method, Part ll' line 4 7 8 Enter the amount from Part I, line 2, or, if you elected the nonfarm optional method, Part II, line 6 . 8 9 Add lines 7 and 8. If less than $400, do not fill in the rest of the schedule because you are not subject to self - employment tax . . . . . . . 9 . . . . . . . . . . . . - 10 The largest amount of combined wages and self - employment earnings subject to social security or railroad retirement tax (tier 1) for 1986 is . . . . . . 10 $42,000.00 11 a Total social security wages and tips from Forms W -2 and railroad retirement compensation (tier 1) . 11a b Unreported tips subject to social security tax from Form 4137, line 9, or to railroad retirement tax (tier 1) . . . . . . . . . . . . . , 11b ------ c Add lines 11a and 11b . . . . . . . . . . . . . . . . . . . . . . . . . . . 11c 8.3 12 a Subtract line 11c from line 10 . 12a (} r 5. b Enter your medicare qualified government wages if you are re aired to use the worksheet in Part III of the instructions. 1_2 b c Enter your Form W -2 wages of $100 or more from an electing c lurch or church - controlled organization. 13 Enter the smaller of line 9 or line 12a . . . . . . . . . . . . . . . . . . . . . . . 13 r �J If line 13 is $42,000, fill in $5,166 on line 14. Otherwise, multiply line 13 by. 123 and enter the result on line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .123 14 Self- employment tax. Enter this amount on Form 1040, line 50 . . . . . . 14 95- 2396893 For Paperwork Reduction Act Notice, see Form 1040 Instructions. Schedule SE (Form 1040) 1986 MCGRATH 376 Schedule•W uction for a Married Couple (Form 1040) When Both Work uepaltment ul the Treasury For Paperwork Reduction Act Notice, see Form 1040 Instructions. Inlernal Revenue Service 01 Attach to Form 1040. Names as shown on Form 1040 Step 1 Figure your earned income 1 Wages, salaries, tips, etc., from Form 1040, line 7. (Do not include pensions or annuities reported on Form 1040, line 16 or lines 17a and 17b.) 2 Net profit or (loss) from self - employment (from Schedules C and F (Form 1040), Schedule K -1 (Form 1065), and any other earned income) 3 Add lin s 1 and Vained J110ame Step 2 Figure your qualified earned income 1474 -36 07 OMO No. 1545 -0074 19496_ Allachmenl Seeuence Nn. 20 Your social security number (a) You (b) Your spouse 2 3,522, 2 3 1 13 3 $.329. 4 Add amounts entered on Form 1040, lines 25, 26, 27 and any repayment of supplemental unemployment benefits (sub -pay) included on line 31. Enter the total. . . . . . 4 4 5 Subtract line 4 from line 3. This is your qualified earned income. If the amount in column (a) or (b) is zero ( -0-) or less, stop here. You may not take thi 5 5 Step 3 Figure your deduction 6 Compare the amounts in columns (a) and (b) of line 5. Enter the smaller amount here. (Enter either amount if 5(a) and 5(b) are the same.) Do not enter more than $30,000 . . . . . , 7 Percentage used to figure the deduction (10 %) . . . . . . . . . , . 8 Multiply the amount on line 6 by the percentage on line 7. This is the amount of your deduction. Enter tt5e answer here and on Fprm i040� tine 30 _ 95- 2396893 x .10 Schedule W (Form 1040) 1986 6 MCGRATH 376 1474 -36 08 Form 45 2 Department of the Treasury Internal neverluo Sorvfca Name(s) as shown on return Depreciation and Amortization lli� See separate instructions. i► Attach this form to your return. OMB No.-1545- 01..72 Attachment Serluonce No. 67 Identifying number STEPHEN —A MCGRAT & SANDRA n_ SJ;_Gt.RDS0N_. - -- - -- . — 2 8 6 5__ Business or activity to which this form relates SCHEDULY__C JCQ. PY_- .__STEPHEN ATH_CONST. _ Depreciation (Do not use this part for automobiles, certain other vehicles, computers, and property used for entertainment, recreation, or amusement. Instead, use Part III.) See instructions under Items You Should Note for new rules for certain assets placed in service alter July 31, 1986. Section A. — Election to Expense Recovery Property (Section 179) (a) Class of properly (b) Cost. (c) Expense deduction 2 Listed property - Enter total from Part III, Section A, column (h) . . . . . . . . . . . . . . . . 3 Total (see instructions for limitations). (Partnerships or S corporations - see the Schedule K and Schedule K -1 Inslru gions of Form 1065 or 1 12.05)• _ . . Section B. — Depreciation of Recovery Property _ (b) pate (c)Basis lot depreciation (e)Method (a) Class of properly laced in (Business use onl (d)Recovery of P (Bi y see period figuring If) Deduction service ins(ruclions) P depreciation 4 Accelerated Cost Recovery System (ACRS) (see instructions): for assets placed in service ONLY during tax year beginning in 1986 -lit a 3 -year property b 5 -year property c 10 -year property d 15 -year public utility property e Lovv income housing f 15 -year real property 9 18 -year real property h 19 -year real property 5 Listed property - Enter total from Part III, Section A, column (g) _Section C.— Depreciation of Nonrecovery Property 7 Property subject to section 168(eX2) election , , , , . , , . , , , _ 8 Other depreciaLion-(see Instructions) _ Section D.— Summary 9 Depreciation from Form 4562A (see instructions) . . . . . . . . . . . . . . . . . . . . . 10 Total (add deductions on lines 3 though 9). Enter here and on the Depreciation line of your return (Partoerahips and 5 coipQ[iitions - Do NOT . arnounts enteLpd Qn It ULTEM Amortization (a) Description of properly - Mime acquired (c) Cost or other basis d ( ) Code section (e)Amorliza- lion period or perconlage (f) Amortization for or ibis year 1 Amortization for property placed in service only during tax year beginning in 1986 ; 2 Amortization for propertLElaced in service prior to 1986. 3 Total. Enter here and on Other Deductions or Other Expenses hne of your return . aee raperworK neauctron Act notice on page I or the separate Instructions. Form 4562 (1986) 95- 2396893 558 -45 -2865 376 1474 -36 09 Form 4562 (1986) Page 2 Automobiles, Certain Other Vehicles, Computers, and Property Used for Entertainment, Recreation, or Amusement (Listed Property. li you are usr'rry the standard mileage rate or deducting vehicle lease expense, complete columns (a) through (d) of Section A, all of Section B, and Section c it applicable. Section A. – Depreciation (If automobiles and other listed property placed in service after June 18, 1984, are used 50% or less in a trade or business, the Section 179 deduction is not allowed and depreciation must be taken using the straight line method over 5 years. For other limitations, see instructions.) — - -- oyou have evidence to support the - business use claimed ? -" I Yes tNo If yes, i s the evidence written? Yes No (b) (c) (d) cost or (a) Type of properly Dale nosiness other basis sls for depreciation (f) Deprocle- (hsl vehrclos first) placed use (see inslruclions for inesz use only -see lion method (y) Depreciation in percent leased properly) acid (h) Section ry a -a a ( %) inslruclions) recovery deduction 179 expenso period Total (Enter here and on line 2, page 1.) . , ' I Total (Enter here and on line 5, a e 11 Section B. – Information Regarding Use of Vehicles Complete this section as follows, it you deduct expenses for vehicles: • Always complete this section for vehicles used by a sole proprietor, partner, or other more than 5% owner or related person. w 11 you l?rpvkted vehicles to employees, /first Answer the uestipns in Section C to sec if ou tr +eat an exrc Rion to corrruletin this section fur those Items. Vehicle 1 Vehicle 2 Vehicle 3 `Vehicle 4 Vehicle 5 Vehicle 6 1 Total miles driven during the year . 2 Total business miles driven during the year. 3 Total commuting miles driven during the year . . . . . . . . . . . . . . . 4 Total other personal (noncommuling) miles driven . . . . , . , , , Yes No Yes No Yes No Yes No Yes No Yes No 5 Was the vehicle available for personal use during off -duty hours? . . . . . . . . 6 Was the vehicle used primarily by a more than 5% owner or related person? . 7 Is another vehicle available for personal use? Section C. – Questions for Employers Who Provide Vehicles for Use by Employees. (Answer these questions to determine it you meet an exception to completing Section B. Note: Section B must always be completed for vehicles used by sole proprietors, partners, or other more than 5% owners or related persons.) 8 em you maintain a written policy statement that prohibits all personal use of vehicles, including commuting, by your TYesNo employees? 9 Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting, by your employees,? (See 'instructions for vehicles used by corporate officers, directors, or 1% or more owners.) 10 Do you treat all use of vehicles by employees as personal use? . 11 Do you provide more than five vehicles to your employees and retain the information received from your employees concerning the use of the vehicles? . . . _ 12 Do you meet the requirements concerning fleet vehicles or qualified automobile demonstration use (see instructions)? . Note: 11 your answer to B, 9, 10, 11, or 12 is "Yes," you need not complete Section B for the covered vehicles. oc nn nc 000 .......... _...�ii fly lU 558 -45 -2865 MCGRATH 376 1474 -36 1986 FEDERAL INCOME TAX STATEMENTS PAGE 1 STATEMENT 1 - WAGES, SALARIES, TIPS, ETC. STATEMENT 2 - OTHER BUSINESS INCOME BUSINESS NAME STEPHEN A MCGRATH CONST. EXPLANATION OF INCOME DETTMER DESIGN & CONSTRUCTION TOTAL OTHER BUSINESS INCOME AMOUNT 6,074 6,074 STATEMENT 3 - PROFIT OR LOSS FROM BUSINESS OR PROFESSION BUSINESS NAME STEPHEN A MCGRATH CONST. OTHER BUSINESS EXPENSES TOOLS 2,543 LICENSES 300 BOND 50 TOTAL OTHER EXPENSES 2,893 STATEMENTS 1 - 3 INCOME WAGES FICA EMPLOYERS NAME AND ADDRESS TAX SALARIES FICA WAGES FOR WITHHELD TIPS, ETC SCH SE (W) SNELLING & SNELLING 63 979 70 979 (W) DAVID L. MCBRIDE, M.D. 584 7,350 494 7,350 (H) ODENWALD CONSTRUCTION CO. 22 205 15 205 (H) DETTMER DESIGN 808 ---------------------------------------- 8,190 586 8,190 TOTAL WITHHELD, WAGES, & FICA 1,477 16,724 1,165 16,724 STATEMENT 2 - OTHER BUSINESS INCOME BUSINESS NAME STEPHEN A MCGRATH CONST. EXPLANATION OF INCOME DETTMER DESIGN & CONSTRUCTION TOTAL OTHER BUSINESS INCOME AMOUNT 6,074 6,074 STATEMENT 3 - PROFIT OR LOSS FROM BUSINESS OR PROFESSION BUSINESS NAME STEPHEN A MCGRATH CONST. OTHER BUSINESS EXPENSES TOOLS 2,543 LICENSES 300 BOND 50 TOTAL OTHER EXPENSES 2,893 STATEMENTS 1 - 3 11 558 -45 -2865 MCGRATH 376 1474 -36 1986 FEDERAL INCOME TAX STATEMENTS PAGE STATEMENT 3 - PROFIT OR LOSS FROM BUSINESS OR PROFESSION (CONTINUED) AUTOMOBILE EXPENSE (H) REGULAR METHOD DEPRECIATION 2,712 AUTO EXPENSES - REGULAR METHOD 2,712 TOTAL EXPENSE DEPRECIATION CALCULATION DATE COST OR PRIOR YEARS ME- DESC ACQUIRED BASIS DEPRECIATION THOD YRS PCT 3 -YEAR RECOVERY PROPERTY - - - -- NISSAN TRUCK # 07/27/85 7,136 3 38.0 TOTALS 7,136 0 - -- ------- - - - - -- # - LISTED PROPERTY STATEMENT 4 - MORTGAGE INTEREST EXPENSE HOME MORTGAGE PAID TO INDIVIDUALS EARL HUFF TOTAL HOME MORTGAGE PAID TO INDIVIDUAL 104 2,712 2 CURRENT DEPRECIATION 2,712 2,712 104 STATEMENTS 3 (CONTINUED) - 4 558 -45 -2865 MCGRATH 376 1474 -36 1986 FEDERAL INCOME TAX STATEMENTS STATEMENT 5 - OTHER INTEREST EXPENSE OTHER INTEREST EXPENSE MID STATE BANK CA. FIRST BANK TOTAL OTHER INTEREST EXPENSE STATEMENT 6 - MORTGAGE INTEREST PAID TO FINANCIAL INST. NAME & ADDRESS OF PAYER OF RECORD EARL HUFF - 7190 LEWIS LANE SAN LUIS OBISPO, CA. 93401 74 502 STATEMENTS 5 - 6 PAGE 3 576 558 -45 -2865 MCGRATH 376 1474 -36 1986 FEDERAL INCOME TAX STATEMENTS STATEMENT 7 - DOCTORS, HOSPITALS AND INS. PREMIUMS DOCTOR, DENTIST, ETC. EXPENSES OTHER DOCTORS,DENTISTS,NURSES,ETC 727 TOTAL DOCTOR, DENTIST, ETC. EXPENSES 727 HOSPITAL EXPENSES OTHER HOSPITALS 1,935 TOTAL HOSPITAL EXPENSES 1,935 TOTAL DOCTORS, HOSPITALS AND INS. PREMIUMS 2,662 STATEMENT 7 PAGE 4 Barak of America GREATER BAY AREA C.L.C. 47142 MISSION FALLS COURT FREMONT, CA 94539 11/09/88 STEPHEN McGRATH SANDRA SIGURDSON 665 BUCHON SAN LUIS OBISPO, CA 93401 Dear STEPHEN McGRATH and SANDRA SIGURDSON: Thank you for your recent application for credit. We assure you that we have carefully considered your request; however, I regret to inform you that the Bank is unable to grant your request for a Home Equity CIRP at this time. Bank of America bases credit decisions on several factors which can include credit history, employment, residential stability and the ability to repay, as well as bank policy considerations. If you would like a statement of specific reasons why your application was denied, please contact us within sixty (60) days of receipt of this notice. If you make this request, we will provide a written statement of reasons within thirty (30) days after receiving your, request. To better inform you of your rights under, the Equal Credit Opportunity Act, please read the notice on the reverse side of this letter. I thank you for your interest in our product and look forward to assisting you with your credit needs in the future. If you have any questions, please contact me. Sincerely, L. WOM K L CONSUMER CREDIT OFFICER (415) 683 -5542 Reference No: 14110900887 CORR -1010 11 -86 (Reprint 12 -87) Bank of America National Trust and Savings Association NOTICE TO ALL CONSUMERS The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion. national origin, sex, marital status, age (provided that the applicant has the capacity to eater into a binding contract); because all or pert of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Erotcction Act. The 'federal agency that administers compliance with thfs taw concerning this creditor is the Comptroller of the Currency, Consumer Examinations Division, Washington, D.C. 20219. a. CALIFORNIA FEDERAL For inquiries only, Please write P.O. BOX 60093 LOS ANGELES, CA 90060 or call (800) 431 -4842 SANDRA D. SIGURDSON STEPHEN A. MCGRATH 665 BUCHON STREET SN LUIS OBSPO CA 93401 nappy t oZtdayz 6Aom att a4 u� a Cad Fe We Caafz axwand to nenv,cn vu �� 19 9. ACTIVITY SINCE LAST STATEMENT DATE TRANSACTION PAYMENT PRINCIPAL 12 -07 -88 NEW LOAN INTEREST 120,000.00- 120,000.00 LOAN INFORMATION INTEREST PRINCIPAL INTEREST RATE BALANCE YEAR TO DATE 8.5000% 120,000.00 0.00 AMOUNT DUE PAYMENT PRINCIPAL AND DUE DATE INTEREST 01 -01 -89 922.70 DATE: 12 -07 -88 MORTGAGE LOAN LOAN NO. 87584607 l� LATE CHARGE OTHER TOTAL AMOUNT DUE 922.70 ALLSTATE INSURANCE C PANY DECLARATIONS ME )RANDUM COPY Policy ISSUED 12 -07 -88 Numbei 0 99 484414 11/30 Name of STEPHEN A MCGRATH & Insured SANDRA D SIGURDSON HWJT BEGINS ON NOV 301 1988 AND CONTINUES UNTIL CANCELLED 12 01 A.M. STANDARD TIME Lncatior (7.f665 & 665 1/2 BUCHON STREET SAN LUIS OBISPO CA Property 93401 Insured DWELLING IS OF FRAME CONSTRUCTION AND OCCUPIED BY 2 FAMILIES PREMIUM INCLUDES STATE — REQUIRED SURCHARGE OF $ 1.70 Name and CALIFORNIA FEDERAL S &L LOAN NO. Address ITS SUCCESSORS AND /OR ASSIGNS 0087584607 of First Mortgagee PO BOX 30089 LOS ANGELES CA 90030 The followingcoverages and limits of liability apply as shown below. If the word "amended" followed by a date appears above, the insurance applies only from that date. POLICY COVERAGES AND LIMITS OF LIABILITY A DWELLING PROTECTION(REPLACEMENT GUARANTEE) $77,000 10% ADDITIONAL PROTECTION PROVIDED FOR OTHER STRUCTURES C PERSONAL PROPERTY PROTECTION 38,500 LOSS OF USE OF YOUR RESIDENCE ACTUAL LOSS SUSTAINED X FAMILY LIABILITY EACH OCCURRENCE 100,000 Y GUEST MEDICAL PAYMENTS EACH PERSON 1,000 WC WORKERS' COMPENSATION PRIVATE RESIDENCE EMPLOYE(S) INCLUDED IN TOTAL OCCASIONAL CLASS POLICY PREMIUM R 01 ADDITIONAL DWELLINGS) RENTED TO OTHERS SAME AS COVERAGES X AND Y THE PROPERTY INSURANCE ADJUSTMENT CONDITION APPLIES USING THE BOECKH PUBLICATIONS BUILDING COST INDEX DEVELOPED BY THE AMERICAN APPRAISAL ASSOCIATES,INC. LOSS DEDUCTIBLE(S) APPLICABLE '500 ALL PERIL DEDUCTIBLE APPLIES TO COVERAGE(S)A & C SUBJECT TO THE FOLLOWING FORMS AND ENDORSEMENTS kU1774 DELUXE HOMEOWNERS POLICY kU9611 -2 AMENDATORY ENDORSEMENT kU1176 OPTIONAL COVERAGE ENDORSEMENT kU319 LENDERS LOSS PAYABLE ALLSTA--T,�E INSURANCE COMPANY HOMEOWNERS DECLARATIONS PREMIUM STATEMENT Policy Number 0 99 484414 11/30 PREMIUM PERIOD FROM NOV 30, 1988 12 01 A.M. TO NOV 30, 1989 STANDARD TIME FF6 684231 Policy STEPHEN A MCGRATH & Mailed to SANDRA D SIGURDSON HWJT 665 BUCHON STREET SAN LUIS OBISPO CA 93401 -4331 TOTAL PREMIUM FOR THE PREMIUM PERIOD STATED IS $ 171.70 BALANCE $ 171.70 k �A -,,c STEPHEN A MCGRATH & Policy SANDRA D SIGURDSON HWJT Issued to 665 BUCHON STREET SAN LUIS OBISPO CA 93401 Payment Record Date Paid Amount Paid Check Number — (.) 1 LOAN NO. 0087584607 AGENT— KATHRYN L ARNDT PHONE— 805 543 -2425 D -1 54 040 012 295118 0 70 X 3501501 3 9 58 1772 —1,1 000000 00 HP LOffice use only J i I �i if � A `5qq C 99 4c 4414 11/3C STEPHEN A MCGRATH C SANDRA D SIGUFDSON HWJT EFFECTIVE DATE OF ENDORSEMENT — NOV 309 1986 SECTION III - CPT IONAL COVERAGE ENDORSEMENT (1622) IN CONSIDERATION OF AN ADDITIONAL PREMIUM STATED ON THE DECLARATIONS PAGE, THE FOLLOWING SECTION III OPTIONAL COVERAGES SHALL APPLY UNDER THIS POLICY, SUBJECT TO THE PREVISIONS OF THAT COVEPAGE AND THE PROVISIONS OF THE POLICY APPLICABLE TO THAT COVERAGE. COVERAGE P - ADDITIONAL DWELLING RENTED TO OTHERS 01 FAMILY RENTAL PROPERTY ADDRESS - 665 112 BUCHON ST CITY /ST - SAN LUIS OBISPO CA HP G11Cc -OC3'l 1' /n7 /8A PAGE 001 (LAST PACE) AU 1176 city, of SM Luis OBISPO Office Box 8100 a San Luis Obispo, CA 93403-8100 December 1, 1988 Mr. Lou Sbarra Bank of America P.O. Box 731 San Luis Obispo, CA 93401 Subject: City authorization to prepare loan documents for Mr. Stephen McGrath for the rehabilitation of property at 665 Buchon Street. Dear Mr. Sbarra: It is our understanding that Mr. Stephen McGrath would not qualify for a loan from the Bank of America under the Collateralized Loan Program described in the Rehabilitation Loan Program Agreement (paragraph 10). However, the city feels that Mr. McGrath's rehabilitation project is appropriate and will help achieve the city's historical preservation objectives. 1. Level of City_ $unnort -- Deferred Payment Loan The City requests that the bank prepare all necessary loan documents for a loan to Mr. Stephen McGrath consistent with Paragraphs 26 through 32 of the Rehabilitation Loan Program Agreement. Consistent with Paragraph 29 of the agreement, the terms of the loan shall be as follows: _A_rspl ica nt /Prodect Location Loan Amount Interest gate Pa.y Back Period Stephen A. McGrath $4,550 3% 5 years 665 Buchon Street The purpose of the loan is to fund the repair and construction of a new foundation for the house at 665 Buchon Street and make minor repairs to the ceiling joists and rafters. Consistent with Paragraph 29 (b), we assume that you will deliver this letter to the Bank of America's Corporate Community Development Department #3246. 2. Out Of P cket Costs and Administration -- Defer" Payment Loan Consistent with Paragraph 31 of the Rehabilitation Loan Agreement, the city requests that the Bank provide installment collection services for the loan to Mr. McGrath. Furthermore, the city authorizes the use of its funds for necessary out -of- pocket fees (eg. title report, recording fees, etc.) described in Paragraph 30. Prior to the approval of this loan; the city will need to receive an itemization of all fees that it is paying. If you have any questions about the city's intent or need additional information, feel free to call Terry Sanville at (805) 549 -7178. Sincerely, Michael Multeri Community Development Director City of San Luis Obispo of STEPHEN A. McGRATH General Bullding Contractor R.O. Box 874 CAMBRIA, CALIFORNIA 93428 (805) 927 ,3355 Lic. #500248 PRO L SUBMITTED TO fO E DATE STREET r AME ��CITY, STATE AND ZIP CODE CATION ARCHITECT I DATE OF PLANS JOB PHONE We hereby submit specifications and estimates for Pages Ile 11rovagp hereby to furnish materiakand labor — complete in accordance with above specifications, for the sum of: M � Ga 1(_ �-&5 - --i��' dollars ($ it to be made as follows, � 3 . All material Is gusranteed to be as specified, All work to be completed in a workmanlike manner according to standard practices. Any alteration or deviation from above speclffca• Authorized Lions involving extra costs will be executed only upon written orders, and will become an extra charge ever and abase the estimate. All agreements Signature contingent upon strikes• accidents or delays beyond our control. Owner to carry fire, tornado and other necessary insurance- Note: This proposal may be Our worilers are fully covered by workmen's Compensation Insurance . withdrawn by us if not accepted within Arritp nre of f rovajoal —The above pf�ces, specifications and conditions art satisfactory and are hereby accepted. You are authorized Signature to do the work as specified. Payment will be made as outlined above. Date of Acceptance: Signature "mss Cev�� C P,;s ll �r PC..��./5 1 <..11 T1-k i� c c� ►- tiP�4t�r� t nrLT �QSZ'S Leo P �z —vp, ens Ile 11rovagp hereby to furnish materiakand labor — complete in accordance with above specifications, for the sum of: M � Ga 1(_ �-&5 - --i��' dollars ($ it to be made as follows, � 3 . All material Is gusranteed to be as specified, All work to be completed in a workmanlike manner according to standard practices. Any alteration or deviation from above speclffca• Authorized Lions involving extra costs will be executed only upon written orders, and will become an extra charge ever and abase the estimate. All agreements Signature contingent upon strikes• accidents or delays beyond our control. Owner to carry fire, tornado and other necessary insurance- Note: This proposal may be Our worilers are fully covered by workmen's Compensation Insurance . withdrawn by us if not accepted within Arritp nre of f rovajoal —The above pf�ces, specifications and conditions art satisfactory and are hereby accepted. You are authorized Signature to do the work as specified. Payment will be made as outlined above. Date of Acceptance: Signature days. rage ivu. ul r'dgea STEPHEN A. McGRATH General Building Contractor P.O. Box 874 CAMBRIA, CALIFORNIA 93428 (805) 927 -3355 Lic. #500248 PROPOSAL S1,13MITTED TO PHONE. — mye STREET - - JOB NAel/ /� (j� Q �/S C� CITY, STATE AND ZIP CODE JOB LOCATION h ARCHITECT I DATE OF PLANS JOB PHONE We hereby submit specifications and estimates for: -:F� Tit 007,- t f f &--- - j_-jr\/Ac r A-L_ Pv,�, k , �+ Ttt-14*./"6l) 25�Cc!' C i_ k r JO( 15 � wa �QCGD L G C � �'1 �""` � CD, Or propilSr hereby to furnish material and labor — complete in accordance with above specifications, for the sum of: "e 1`!."' 6D dollars ($ s�`�- 0 } to be made as follows: All material is guaranteed to be as specified. All work to be completed in a workmanlike manner according to standard practices. Any alteration or deviation from above specifica- Authorized tions involving extra costs will be executed only upon written orders, and will become an Signature ... -__ extra charge over and above the estimate.. All agreements contingent upon strikes, accidents or delays beyond our control. Owner to carry fire, tornado and other necessary insurance Note: This proposal may be Our workers are fully covered by Workmen's Compensation Insurance. withdrawn by us if not accepted within Arrrptttnre nlf 11roposat —The above prices, specifications and conditions are satisfactory and are hereby accepted. You are authorized Signature to do the work as specified. Payment will be made as outlined above Date of Acceptance: Signature days. q21 lff Mc GRATH CONSTRUCTION P.O. Box 874 Cambria, CA 93428 805/927 -3355 1 t I►•.1 - - CAL CIL t � Q-c--e k-�&j & - Vc STEPHEN A MCGRATH PO BOX 874 CAMBRIA CA 93428 (805 )927 -3355 11.15.88 Dear Terry Pursuant to our conversation today,and with respect to the determination of the Bank of America regarding my loan application,I would like to apply directly to the City for the deferred payment loan as decribed in the agreement between the City of San Luis Obispo and the Bank of America. 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