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HomeMy WebLinkAboutD-1277A, ,z«,.vrtv„v%.a f[GVVL71 GU o r k�UESTA T [TLL 4 Lip, AND WHEN RECORDED MAIL TO City of San Luis Obispo City Hall, 990 Palm St. ae ., Box 8100 itya San Luis Obispo, Ca. 93401 °" L- ttn: Roger Picquet J Doc. No. S544 OFFICIAL RECORDS SAN LUIS OBISPO CO„ CA JUL 3 01987 FRANCIS M. COONEY County Clerk- Recorder TIME 8:00 AM 3 +srlt d °'t 7 IBb' /an070 7 SPACE ABOVE THIS LINE FOR RECORDER'S USE SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS 5000. 1 -2,00 7.000T This Deed of Trust, made this 16th day of July, 1987 - between JOHN 0. DUNN Jr. and SHIRLEY K. DUNN husband and wife herein called TRUSroR, whose address is 2450 Leona Ave. San Luis Obispo, Ca.. 93401 (number and street) (city) (zone) (state) f XC1(L,8MXX XX,Yi�%D4�lMiA2 WMXXg �( a. California corporation, herein called TRUSTEE, and CITY OF SAN LUIS OBISPO, A MUNICIPLE CORPORATION/ CITY OF SAN LUIS OBISPO A MUNICIPLE CORPORATION , herein called BENEFICIARY, Witnesseth: That Trustur IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN TRUST, WITH POWER OF SALE, that property in San Luis Obispo County, California, described as: Lot 6 in Tract 568 in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to map recorded October 29, 1976 in book 9 page 11 of maps. This trust deed is second and subject to first trust deed to be recorded concurrently herewith. . See Exhibit A attatched hereto. TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the right, power and authority given to and conferred upon Beneficiary by paragraph (10) of the provisions incorporated herein by reference to collect and apply such rents, issues and profits. For the Purpose of Securing: 1. Performance of each agreement of Trustor incorporated by reference or contained herein. 2. Payment of the indebtedness evidenced by one promissory note of even date herewith, and any extension or renewal thereof, in the principal sum of $ 50,000.00 executed by Trustor in favor of Beneficiary or order. To Protect the Security of This Deed of Trust, Trustor Agrees: By the execution and delivery of this Deed of Trust and the note secured hereby, that provisions (1) to (14), inclusive, of the fictitious deed of trust recorded October 23, 1961 in Book 1151 at page 12 of Official Records, Records of San Luis Obispo County, California: (which provisions are printed on the reverse hereof) hereby are adopted and incorporated herein and made a part hereof as fully as though set forth herein at length; that he will observe and perform said provisions; and that the references to property, obligations, and parties in said provisions shall be construed to refer to the property, obligations, and parties set forth in this Deed of Trust. The undersigned Trustor requests that a copy of any Notice of Default and of any Notice of Sale hereunder be mailed to him at his address hereinbefore set forth. SIGNATURE OF TRUSTOR STATE OF CAL ORN , COUNTY OF SS. On ci 2 Y before me, the under- signed, ota Public i nd for said County and S te,Aersonally appeare , 14ncter LAG •^ to be the persons whose nam ea subscribed to the within instrument and acknowledged that executed the same. WITNESS my h3 "d d official seal. Signature 4e19 AI 4 Name (Typed or Printed) Notary Public in and for said County and State. TITLE ORDER NO. ESCROW OR LOAN NO. (SPACE BELOW FOR OFFICIAL NOTARY SEAL) 00O 00-000 -* M0 -# ♦*4 � OFFICIAL SEAL VIVIAN L. GRAHAM W 9 Notary Public- galifornia Principal Office In San Luis Obispo County My Comm. Exp. Apr. 26, 1991 �H e♦ oe a e+e e+- H+-�e+�i+rH -�++e /s)-77 A SPACE FOR RECORDER'S USE CT -I 1.5 V 27 q 996 t�- ` �.�r. r Alk DO NOT RECORD The following is a copy of previsions (11 W), ), inclusive, of the fictitlous deed of trust, recorded in each county in Call"a,'ai stated in;thi Joregeing Deed of Trust and incorporated by reference in said Deed of Trust as being a part thereof as if set forth at length therein. - - #{, To Protect the Security of This Deed of Trust, Tnfstor Agrees: (1) To keep said property in good condition and repair; not to remove or demolish any building thereon; to complete or restore tom tl an manner any building which may be constructed, damaged or destroyed thereon 'and to D d y d' R��od and workmanlike g Y pay when due all claims for labor performed avid materials furnished therefor; to comply with all laws affecting said prpDarly or requiring any alterations or improvements to be mode thereon; not to c orry�W,.permit waste thereof; not to commit, suffer or permit any act upon said property in violation of low; to cultivate, irrigate, fertilize, fumigate, prune and do all other dE1ORhich from the character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general. (2) To provide, maintain and deliver to Beneficiary fire rnsuroncs satisfactory to and with less payable to Beneficiary., 'The amount collected under any fire or other insurance policy may be applied by Beneficiary upon any indebtedness secured hereby and in such order as Beneficiary may determine, or at option of Beneficiary the entire omount so collected or any part thereof may be released to Truster. Such application or release shall not cure or waive any defoult or notice of default hereunder or invalidate ony act done pursuant to such notice. - (3) To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; and to pay all coils and expenses, including cost of evidence of title and attorney's fees in a reasonable sum, in any such action or proceeding in which Beneficiary or Trust" may appear, and in any suit brought by Beneficiary to foreclose this Deed. (4) To payi of least ten days before delinquency all taxes and.ossessments affecting said property, including osr,essments on appurtenant water stock; when due, all incumbrances, charges and liens, with interest, on said property or any part thereof,. which appear to be prior or superior hereto; all costs, fees and expenses of this Trust. Should Truster fail to make any payment or to de any act as herein provided, then Beneficiary or Trustee, but without obligation so to do and without notice to or demand upon Truster and without releoting Truster from any obligation hereof, may: make or de the some in such manner and to such extent as either may deem necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the or powers of Beneficiary or Trustee; pay, purchase, contest or comprontite any incumbrance, charge or lien which in the judgment of either appears to be prior or superioe rightr hereto, and, in exercising any such powers, pay necessary expenses, employ counsel and pay his reasonable fees. - (3) To Day Immediately and without demand all sums so expended by Beneficiary or Trustee, with interest from date of expenditure at the amount allowed by low In effect of the date hereof, and to pay for any statement provided for by law in effect at the date hereof regarding the obligation secured hereby any amount demonded by the Beneficiary not to exceed the maximum allowed by law at the time when said statement is demanded. (6) That any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is herehy_assiynad- and - shell be_ fipaid to Beneficiary who may apply or release such moneys received by him in the same - manner and with the same effect as above provided for disposition of proceeds of re_ or other insurance. - (7) That by accepting payment of any sum secured hereby after its due dote, Beneficiary does not waive his right either to require prompt payment when due of all ether sums so secured or fo declare default for failure so to pay. (B) That'at any, lime or from time to time, without liability Therefor and without notice, upon written request of Beneficiary and presentation of this Deed and said note for endorsement, and'rithout affecting the personal liability of any person for payment of the indebtedness secured hereby, Trustee may: reconvey any part of said Property; consent to the making of any map or plat thereof; join in granting any easement thereon: or join in any extension agreement or any agreement subordinating the lien or charge hereof. (9) That upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed and said note to Trustee for cancellation and retention and upon payment of its fees, Trustee shall reconvey, without warranty, the property then held hereunder. The recitals in such reconveyonce of any matters or facts shall be conclusive proof of the truthfulness thereof. The grantee in such reconveyonce may be described as ''the person or persons legally entitled thereto.'' Five years after issuance of such full reconveyonce, Trustee may destroy said note and this Deed (unless directed in such request to retain them). (10) That cis additional security, Truster hereby gives to and confers upon Beneficiary the right, power and authority, during the continuance of these Trusts, to collect the rents, issues and profits of said property, reserving unto Truster the right, prior to any default by Truster in Payment of any indebtedness secured hereby or in perform- ance of any agreement hereunder, to collect and retain such rents, issues and profits as they become due and payable. Upon any such default, Beneficiary may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of said property or any part thereof, in his own name sue for or otherwise collect such rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as Beneficiary may determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default or viatica of default hereunder or invalidate any act done pursuant to such notice. (11) That upon default by Truster in payment of any indebtedness secured hereby or in performance of any agreement hereunder, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of written declaration of, default and demand for sale and of written notice of default and of election to cause to be sold said 'property, which notice Trustee shall cause to be filed for record. Beneficiary alto shell deposit with Trustee this Deed, said note and all docu• menu evidencing expenditures secured hereby. -After the-lapse of such time as may then be required by low following the recordation of said notice of default, end notice of sole having been given as then required by low, Trustee, without demand on Truster, shall sell said property at the time and place fixed by it in said notice of sale, either as a whole or in separate parcels, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sole. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement of the time fixed by the preceding postponement. Trustee shall deliver to such purchaser its deed conveying the property so sold, but without any covenant Of warronty, express or implied. The recitals in such deed of any molter% or facts shall be conclusive proof of the truthfulness thereof. Any person, including .Truster, Trustee, or Beneficiary as hereinafter defined, may purchase at such sole. After deducting all costs, fees and expenses of Trustee and of this Trust, including cast of evidence of title in connection with sole, Trustee shall apply the proceeds of sale to payment oft all sums expended under the terms hereof, not then repaid, with accrued interest at the amount allowed by law in effect at the date hereof; all other sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto. (12) Beneficiary, or any successor in ownership of any indebtedness secured hereby, may from time to time, by instrument in writing, substitute a successor or suc- cessors to any Trustee named herein or acting hereunder, which instrument, executed by the Beneficiary and duly acknowledged and recorded in the office of the recorder of the county or counties where said property is situated, shall be conclusive proof of proper substitution of such successor Trustee or Trustees, who shall, without conveyance from the Trustee predecessor, succeed to all its title, estate, rights, •powers and duties. Said instrument must contain the name of the original Truster, Trustee and Beneficiary hereunder, the book and page where this Deed, is recorded and the name and address of the new Trustee. (131 That this Deed applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrator, executors, successors and assigns. The term Beneficiary shall mean the owner and holder, Including pledgees, of the note secured hereby, whether er not named as Beneficiary herein. In this Deed, whenever the context so requires, the masculine gender Includes the feminine and /or neuter, and the singular number, includes the plural. (14) That Trustee accepts thii Trust when this Deed, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to notify any party hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Truster, Beneficiary or Trustee shall be a party unless brought by Trustee. UV 1vUI 11VIUMI) REQUEST FOR FULL RECONVEYANCE To be used only when note has been paid. To Cuesta Title Guaranty Company, Trustee: Dated _ The undersigned is the legal owner and holder of all indebtedness secured by the within Deed of Trust. All sums secured by said Deed of Trust have been fully paid-and satisfied; and you are hereby requested and directed, on pay- ment to you of any sums owing to you under the terms of said Deed of Trust, to cancel all evidences of indebtedness, secured by said Deed of Trust, delivered to you herewith together with said Deed of Trust. and to reconvey, without warranty, to the parties designated by the terms of. said Deed. of Trust, the estate now held by you under the same. MAiL RECONVEYANCE TO: By- Ry Do not lose or destroy this Deed of Trust OR THE NOTE which it secures. Both must be delivered to the Trustee for cancellation before reconveyance will be made. v1 a W w F J- A a V W Excel ® W - V EXHIBIT "A" Beneficiary shall have the right, at its option, to declare all sums secured hereby immediately due and payable within 30 days after such declaration. If trustor:(a) conveys, transfers or assigns the property or any part thereof, whether by deed, contract of sale, lease with option to buy, or otherwise; or (b) further encumbers said property, which encumbrances jeopardizes Beneficiary's security interest therein, or alienates the property or any part thereof; or .(c) leases the property or any part thereof for a term, together with all exercisable options, of one year or more; or (d) suffers his title or any interest therein, divested whether voluntarily or involuntarily, or (e) changes or permits to be changed the character or use of the property including without limitation, drilling, or-extracting oil, gas, or other hydrocarbon substances, or any mineral of any kind or character, (f) makes a gift of any or all of said real property; or (g) if a suit be commenced for the partition or sale of said property. ADDITIONALLY, BENEFICIARY SHALL HAVE THE RIGHT, AT ITS OPTION TO DECLARE ALL SUMS SECURED HEREBY IMMEDIATELY DUE AND PAYABLE WITHIN NINETY (90) DAYS AFTER SUCH DECLARATION, IF TRUSTOR RESIGNS, OR IS DISMISSED, OR FOR ANY OTHER REASON VACATES HIS OFFICE OR EMPLOYMENT WITH BENEFICIARY. Trustor agrees to pay date payment charge of two percent (2% of any installment due but not paid within ten (101 days of the due date. 3017997 END OF DOCUMENT f to Te- TO F/C pflall,r144 Y _ 7�1 r r PROMISSORY NOTE SECURED BY DEED OF TRUST $50,000 San Luis Obispo, CA July 16, 1987 For value received, John and Shirley Dunn jointly and severally promise to pay the CITY OF SAN LUIS OBISPO, a chartered municipal corporation of the State of California, or order, at 990 Palm Street, San Luis Obispo, California 93401, or such other location as the holder hereof may, from time to time designate, the principal sum of Fifty Thousand Dollars ($50,000) on or before July 16, 1990. This note shall bear interest at the rate of eight and one -half percent (8.5%) per annum from and after August 1, 1987. Interest only shall be payable monthly, on or before the first day of each month beginning September 1, 1987. Any unpaid interest and any remaining indebtedness, if not sooner paid, shall be due and payable on July 16, 1990. If any monthly installment under this Note is not paid when due and remains unpaid after a date specified by a notice sent by certified mail to the undersigned at the address stated below, which date shall be not less than thirty days from the date such notice is mailed, the entire principal amount outstanding hereunder and accrued interest thereon.shall at once become due and payable at the option of the holder hereof. Failure to exercise such option shall not constitute a waiver of the right to exercise such option if the undersigned is in default hereunder. In the event of any default in the payment of this Note and if suit is brought hereon, the holder hereof shall be entitled to collect in such proceeding all reasonable costs and expenses of suit, including, but not limited to, reasonable attorney's fees. The undersigned shall pay to the holder hereof a late charge of two percent_(2%) of any monthly installment not received by the holder hereof within ten.(10) days after the installment is due. The undersigned shall have the right to prepay this Note, in whole or in part, without penalty or premium, at any time. Any partial prepayment shall be appleid against the principal amount outstanding and shall not extend or postpone the due date of any subsequent monthly installments or change the amount of such installments, unless the holder hereof shall otherwise agree in writing. The indebtedness evidenced by this Note is secured by a Deed of Trust, of even date, and reference is made thereto for rights as to acceleration of the indebtedness evidenced by the Note. In addition, the holder of this note shall have the right, at its option, to declare all sums secured hereby immediately due within thirty (30) days after such declaration, if Maker (a) conveys, transfers or assigns the property or any part thereof securing this note, whether by deed, contract of sale, lease with option to buy, or otherwise; or (b) further encumbers said property, which encumbrance jeopardizes holder's security interest therein, or alienates the property or any part thereof; or (c) leases the property or any part thereof for a term together with all exercisable options, of one year or more; or (d) suffers his title or any interest therein to be divested, W a W S W J 4 m whether voluntarily or involuntarily; or (e) changes or permits to be changed the character or use of the property, including without limitation, drilling or extracting oil, gas, or other hydrocarbon substances, or any mineral of any kind or character; or (f) makes a gift of any or all of the property; or (g) if a suit be commended for the partition or sale of said property. ADDITIONALLY, HOLDER SHALL HAVE THE RIGHT, AT ITS OPTION, TO DECLARE ALL SUMS SECURED HEREBY IMMEDIATELY DUE AND PAYABLE WITHIN NINETY (90) DAYS AFTER SUCH DECLARATION, IF JOHN DUNN RESIGNS, OR IS DISMISSED, OR FOR ANY OTHER REASON VACATES HIS OFFICE OR EMPLOYMENT WITH THE CITY OF SAN LUIS OBISPO, OR HOLDER. If there be.any conflict between the terms of any acceleration clause contained in the Deed of Trust and the one contained herein, the latter shall prevail. Presentment, notice of dishonor and protest are hereby waived by all makers, sureties, guarantors and endorsers hereof. This Note shall be the joint and several obligation of each of the undersigned. CAT. NO. NNO0627 TO 1944 CA 0 —83) (Individual) ohn D nn J TIC ®R TITLE INSURANCE STATE OF CALIFORNIA COUNTY OF San Luis Obispo SS. On July 27, 1987 before me, the undersigned, a Notary Public in and for said State, personally appeared John Dunn - - - - - - - - - - - - , personally known to me or proved to me on the basis of satisfactory evidence to be the person_ whose name is subscribed to the within instrument and acknowledged that he _ exe- cuted the same. %.,.,rwr>ccc ..,., h2nd and official seal. GENERAL ACKNOWLEDGMENT State of County of SS. OFFICIAL SEAL CYNTHIA L PARHAM m NOTARY PUBLIC - CALIFORNIA MONTEREY COUNTY " My comm. expires SEP 30, 1988 ru, gee On this the � day of OFFICIAL SEAL MARILYN PERRY Notary P-,iblic•California Principal Office In can I uis Obisoo County the undersigned Notary Public, personally appeared 19 9F7before me, ,y personally known to me ❑ proved tome on the basis of satisfactory evidence to be the person whose name) within instrument, and acknowledged that gyp_ subscribed to the WITNESS my hand and official seal. executed it. %i I I 11 . %� /J n Notary'fSignature NO. 201 parties and shall be interpreted consistent with Resolution No. 6198 (1987 Series) . IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date and year first above written. ATT ST: Cit Clerk CITY OF SAN LUIS OBISPO a Chartered Municipal Corporation of the State of California By === unin, Mayor J n D n I, SHIRLEY DUNN, certify that I am the spouse of John Dunn, that I have read the terms and conditions of the foregoing Agreement, that I agree to be bound by such terms and conditions to the extent of any and all interests and benefits I receive therefrom, and that I agree to execute any and all documents reasonably necessary to effectuate the terms and conditions of said Agreement. •3 Dated:; 1987 GENERAL ACKNOWLEDGMENT 7110 122 mmSEAL ARHAM _ CALIFORNIA OUNTY SEP 30, 1988 E F, IVER1 r-'W Mr. NO. 201 On day of V - 192-/, • • ' ' the undersigned Notary Public, personally appeared personally known to me ❑ proved to me on the basis of satisfactoryt evidence to be the person twhose name(sM subscribed to the within instrument, and acknowledged that executed it. WITNESS my hand and official seams '�' 1 ary';fSignature NATIONAL NOTARY ASSOCIATION • 23012 Ventura Blvd. • P.O. Box 4625 • Woodland Hills, CA 91 365-4625 (individual) STATE OF CALIFORNIA SS I COUNTY OF San Luis Obispo On July 27, 1987 before me_ the undersigned_ a Notary Public in and for Jo W said State, personally appeared hn Dunn e W _ , personally known to me or s proved to me on the basis of satisfactory evidence to be mthe person_ whose name is subscribed to the OFFICIAL SEAL i within instrument and acknowledged that he exe- MARILYN PERRY ­t-PA the same_ Fe-1-2,hi No tary Pubfic -Calif orrria CITY OF.SLO E0002 990 PALM STREET SAN LUIS OBISPO CA 93401 08/25/87 12 358 OTHER INTERESTS tit" POLICY NUMBER 90576 0te'65 INSURED JOAN 0 DUNN JR AND SHIRLEY K DUNN HW /JT PROP. LOC. 24.50 LEONA AVE SAN LUIS OBISPO CA 93401 0 • CITY OF.SLO E0002 990 PALM STREET SAN LUIS OBISPO CA 93401 08/25/87 12 358 )MEOWNERS . PROTECTOR PL� �fd— S�IOfKEfx C� A FIRE INSUR NCB EXCHANGE, LOS ANGELES. FORNIA nl i,mfinnc QeflhM I .� NEW .BUSINE`SS Loan AGE T— DARRYL D SHAFFER —PH 805/5+ 4 -66 No. 2 50791.1 -5 fif cfiectm�h re,Mhls po07wi 8 ,S8foatsuc essive0policy periodst fol Time at described residence premises Sol] If we elect to continue this insurance, we will renew this policy if you pay the required renewal premium for each successive policy period subject to our premiums, rules and forms then in, effect. You must pay us prior to the end of the current policy period or else this policy will expire. If a mortgagee is named in Aisipoky, we wit confine this insurance for the mortgagee's %rtemt for ten days after wriMn notice of termination to �3the mortgagees and f11en this porky wi terminate. Policy Number ` EBONT'AV� AND SHIRLEY K DUNN HW /JT F 9i' y €I4 65. SAN LUIS 08iSPO Agent CA 93401 30 =12 -358 Same as mailing address unless otherwise stated: 376NT5TATE ST'PQ- 0OX 21407 9�7©YP LMSS©REETC2 SANTA BARBARA CA 93121 SAN LUIS OBISPO CA 93401 We provide insurance only for those coverages indicated by a specific limit or other notation. , SECTION I - PROPERTY SECTION 11 LIABILITY OTHER — A - Dwellin B - Separate C - Personal * D - Loss *f - Personal F -Medical Pay o . le tu Of "Use Liability To Others ,ID0 b�,� 5C .118.500 5010 *[00 2.000 each ea. occurrence person Construction of Dwelling is: Additional Premises - Section II - Purpose of use is residential, unless stated otherwise. &o of nits is: 001 Insured is: OWNER Outboard Motors over 25 h.p. (Singly or Combined) - Section It Protection Class: 02 MOTOR A ► MOTOR B lo- Premium Group: .01 Premium Total Prepaid Subject to the following Forms and Endorsements Fi Y r Premium 54 G 4388F.QNS 5 -42 Deductible - Cov. A, B or C $ 500 Exception: ❑ 4 if checked here, a deductible of $250 applies to loss for certain perils. In case of a loss under Cov. A, B, or C, we cover only that part cf the total loss over the deductible stated. *For Landlords Protector, Coverage D is Loss of Rents, Coverage E is Business LiablRy. COUNTY SAVINGS BANK 03 60 3760 STATE ST Place of Issuance I SANTA BAREIARA CA P.C. BOX 13255 93121 IVAN NUYS. CA 91409 Date 08 -25 -87 MEMORANDUM OF POLICY — Prepared for convenience of insured when policy is held by mortgagee or other party. This Declarations page is part of. your policy. It supersedes and controls anything to the contrary. It =QA ject to all other terms of the policy. Countersigned . -4102 7by 12507 65010 See reverse side for Lender's Loss Payable End. Author¢ rese tare FIRE INSURANCE EXCHANGE Policy Number From 27 -28 -87 To C'7 -28 -88 at 12:111 AM Standard Time at described residence premises F 90576 G4 f65 Loan No.: 20507911 -5 Agent — le — P.c. ftlelgVgT To: VAN NUYS* LA 91409 Named. 24 Q .LEONADffl JR Insured & SAN LUIS OR I SPO Mailing CA 9134D1 Address 3309057LO46 Premium Memb. Fee or Pol. Fee Payments or Credits Credit For F�crSt b 1s'f Tagil (G.tRt�DD 5GOOV000001500 $ 545.17 $ 5911.DOCR ►$ 43.00CIR Fail r . . The endorsement shown below applies only if you live in one of the following states: Arizona, California, Idaho, Mont�na.`•Novada „Oregon, Utah, or Washington. - Further it applies only to buildings insured under Coverages A and B. As to Coverages A and B, it replaces the' Mortgage Clause in. Section I Conditions of the policy. Form 438BFU NS LENDER'S' LOSS PAYABLE EN90RSEMENT '(Rev: May 11, 1942) x 1. Loss or damage, if any, under this policy, shall be paid to the Payea named in the Declarations at this policy, its successors and assigns, hereinafter referred to as "the Lender ", in ,whatever form or capacity its interests may appear -and whether said interest be vested in said Lender in its individual or�intiits disclosed or undisclosed fiduciary or representative capacii�y, or otherwise, or vested in a nominee or trustee of said Lender. `2: The insurance under this policy, or any rider or endorsement attached thereto, as to the interest only of the Lender, its successors and assigns; Shall not be invalidated nor suspended: (a) by,, error, omission, or change respecting the ownership,. description, possession, or location of the subjgct of the insurance or the interest therein, or the title thereto; (b) by the cornmemlement of foreclosure proceedings or the giving of notice of sale of any of the property covered by this policy by virtue of any mortgage or trust deed; (c) by any- breach of.warranty, act, omission, neglect, or non - compliance with any of the provisions of this policy, including any'and all riders now or hereafter attached thereto, by the 'named ,insured, the borrower, mortgagor, trustor, vendee, owner, tenant, warehouseman, custodian, occupant, or by the agents of either or any of them or 'by the happening of any event permitted by them or either of them, or their agents, or which they failed to prevent, whether occurring before or after the attachment of,this endorsement, or whether before.or after a loss, which'under the provisions of this policy of insurance or of any rider or endorsement attached thereto would invalidate or suspend the insurance as to the named insured, excluding herefrom, however, any acts or omissions of the Lender while exercising active control and management of the property. 3. In the event of failure of the insured to -pay any premium or additional -premium_ which shail.be or become due under the terms of this policy or on account of any change in occupancy or increase in hazard not permitted by. this policy, this Company agrees to give written notice to the Lender of such non - payment: of premium after sixty. (60) days from and within one hundred and twenty (120). days after due date of such: premium and it is a-condition•of the continuance of the rights of the Lender hereunder thafthe Lender when so notified in writing by this Company of the failure of-the insured to pay such premium shall pay or cause to be paid the premium due within ten (10) days following receipt of the Company's demand in writing therefor. If the Lender shall decline to pay said premium or additional premium, the rights of the Lender under this Lender's Loss Payable Endorsement shall not be terminated before fen (10) days after receipt of said written notice by the Lender. 4. Whenever this Company shall pay to the Lender any sum for loss or damage under this policy and shall claim that as to the insured no liability therefor exists, this Company, at- its option, may pay to the Lender the whole principal sum and interest and other indebtedness due or to become due from the insured, whether secured or unsecured, (with refund of all interest not accrued), aPd this, Company, to the extent of such payment, shall thereupon receive a full assignment and transfer, without recourse, of the debt and all rights and securities held as collateral thereto. 5. If there be. any ,other insurance upon 'the within described property, this Company shall be liable under this policy as to the Lender for the proportion of such loss or damage that the sum hereby insured bears to the entire insurance of similar character on said property under policies held by, payable to and expressly consented to by the Lender. Any Contribution Clause included in any Fallen Building Clause Waiver or any Extended Coverage Endorsement attached to this contract of insurance is hereby nullified, and also any Contribution Clause in any other endorsement or rider attached to this contract of insurance is hereby-nuffified except Contribution Clauses for the compliance with which the insured has received reduction in-the rate charged or has received extension of the coverage to include hazards other than fire and compliance with such Contribution Clause is made a part ofe,the consideration for insuring such other hazards. The Lender upon the payment to it of the full amount of its claim, -will. subregate this Com pry' (pro rata with all other insurers contributing to said payment) to all of the Lender's rights of contribution under said other' insurance. 6. This Company - ,reserves the right to cancel this policy at any time, as provided by its terms, but in such case this policy shall continue to force for the benefit of the, Lende('for ten (10) days after written ratite of such cancellation is received by the Lender and shalt then cease. 7..lis policy shall remairNn, full force and effect'.;as to the interest of the Lender for a period..of ten (10) days after its expiration unless an acceptable policy in renewal thereof, with loss thereunder payable to the Lender in accordance, with She terms of this' Lender's .Loss Payable -Endorsement, shall have -been issued by some insurance company and accepted by the Lender. 8. Should legal tits to and beneficial ownership of any of the property covered under this policy become vested in the Lender or its agents, 'insurance under this policy shalt continue for the term -thereof for the benefit of the Lender but, in such .event, any privileges granted by this Lender's Loss Payable Endorsement -which are not also granted -the insured under the terms and conditions of this policy and /or under other riders e,r endorsements attached- thereto shall not apply to the insurance hereunder as respects such property. 9. All notices herein provided tote given by the Company to tip ,1, nde,;n connection with this policy and this Lender's Loss Payable Endorsement -shall be mailed to or delivered to the Lender at its offacP or branch. described in the Declarations �bf the go14 Approve': Board of Fire Underwriters of'the Pac)ic, / California Bankers' Association, t Committee on Insurance. Attacn t0 your poncy d It a same.poucy numoer snown on znls enoorsemenz. ENDORSEMENT ti Uctive Date 07 -28 -87 90576 04 65 Policy Number of. the. Company designated in the Declarations COMPLETE NAME OF SECOND MTGE: CITY OF SAN LUIS OBISPO - A CHARTERED MUNICIPAL CORPORATION OF THE STATE OF CALIFORNIA 990 PALM STREET SAN LUIS OBISPO, GA 93401 This ehdorsement is part of your policy. It supersedes and controls anything to the contrary. It is otherwise subject to all other terms of the policy. Countersigned Authorize presentative 91 -0000 (E -0000) 1ST EDITION 1.87 1501 SH1500 PRINTED IN U.S.A. FARMERS 1AR11,- �� 4R, • FIRE II'*R�NC E EXCHANGE, LOS ANG .- AL,I FOR NOTICE OF CANCELLATION OF MORTGAGEE OR OTHER INTEREST APR 11 POLICY NUMBER i port a ee CITY _OF SLO E0002 L F 90576 04 65 . 9 9 990-:PALM STREET )r Other � ATE MAILED AGENT nterest SAN-LUIS OBISPO CA 93401 �04 -12 -90 30 -12 -358 CANCELLATION LDATE 1036 TREVOR WAY SAN LUIS OBISPO CA 93401 You are hereby notified that all coverage extended to you under the above described policy is cancelled effective at 12:00 NOON (12:01 A.M. in California, Oregon, Texas, Washington, Oklahoma and fire policies in Arkansas and Idaho) on the cancellation date shown in this notice. Your loan with this policyholder may have expired; however, this notice complies with the provision of our policy. FARMERS INSURANCE GROUP OF COMPANIES REGIONAL OFFICE P.O.-'BOX 92.55 VAN NUYS,.CA 91409 Named Insured JOHN OUNN JR 25 -0007 8 -89 11981 3600 /c PRINTED IN U.S.A.