Loading...
HomeMy WebLinkAboutD-1322 665 Buchon St.MORDING REQUESTED 'By ' CURITY:UMO99tEW &H M%V AND WHEN RECORDED MAIL TO Name City of San Luis Obispo Community Development Dept. Street P.O'- Address Box 8100 City San Luis Obispo, CA 93403 -8100 State ZIP L J ooC. NO.... 4075 OFFICIAL RECORDS SAN LUIS OBISPO CO., CA JAN 2 3 1989 FRANCIS M. COONEY County Clerk - Recorder TIME 8.00 AM ThiginalrmmPn +liI®d to; record bySeedrifTFJii6 I SPACE ABOVE THIS LINE FOR RECORDERS' USE h:;urance Company as an accommodation onlNGITE: After having peen recorded, This Assignment should be kept i.s effect upon the title. s not been examined as to its execution or as to its with the note and Deed of Trust hereby assigned. PiKj ` 33 900'7// 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 Ca- lifornia 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 married to eac h other. Trustor to Continental Auxiliary Company, A California Corporation Trustee and recorded concurrent I y herewit iq in Book_ Page_ of in the Office of the County Recorder of San Luis Obispo 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 STATE OF CALIFORNIA 18th County of On this day of a Notary Public in and for said day of January 1g 89 Rink of AmPrins NT R SA (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 (ACKNOWLEDGMENT: FOR CORPORATION) STATE OF CALIFORNIA SS. County of San Luis Obispo ,19 January , 19 89 , before me, R. MILLER On this 18th day of _a Notary Public in and for said San Luis Obispo County, personally appeared LOUIS SBARRA* * * * * * known to me to`1be the Assistant 7 Vice President 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 person _who executed the within instrument, on behalf of the Corporation herein named, and acknowledged to me that such Corporation the same. WITNESS my hand and official seal. OFFICIAL SEAL R. MILLER • Notary Public - California N- 145 7.81 SAN LUIS OBISPO COUNTY My Comm. Exp. June 18, 1990 cwln. nI= nnr�t 1AA�IA1� Notary Public in and for said County and State My Commission expires /r�nl�' '�� , 19 VOL 3259 PAGE 239` RECORDING REQUESTED Y SECURITY Ubjg�ii�t otl�Jyf altlon By and Return to Loan Number Bank of America NT1- 'Office City of San Luis Obispo Address Community Development p ment De t . store P.O. Box 8100 Zip San Luis Obispo CA 93403 -810 DOC. NQ. 4074 OFFICIAL RECORDS SAN LUIS OBISPO CO., CA JAN 2 3 1989 FRANCIS M. COONEY County Clerk- Recorder TIME 8:00 AM L J1 This instrument filed for record by security I inioa.Titl9 (Space Above This Line For Recording Data) Insurance Company as an accommodation only. It ias not been examined as to its execution or as to ts effect upon the titie. THIS DEED OF TRUST is made 19 89 among Trustor, Stl married to each other DEED OF TRUST )is 18th day of )hen A. McGrath and Sandra D. S I/23 ;4:_ i Janua (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 Luis Obispo , 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 Obispo ;- (street) (city) California 93401 (herein "Property Address "); Parcel No. 03- 5320 =05 (zip code) 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 — 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) VOL 3 259 PAGE 235 Borrower and Lender agree 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. VOL 3259 PACE 236 12. Due on Sale. If all o% of the Property or an interest therein is so 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-Peed of-Trust as if the rider(s) were apart 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] 18. 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. VOL 3259 PAGE 2,37 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 Signature of Borrower 665 Buchon Street San Luis Obispo, CA 93401 [Space Below This Line For Acknowledgment] OA- kA ph A. 25.Gr th/ Sandra D. Sigur n State of California County of San _Luis Obispo On this 18th day of_ January , in the year 1989 , before me, R. MILL_ER a Notary Public in and forth San Luis Obispo County, personally appeared STEPHEN A. MdGRA.TH * * * * * * ' * * * * * * * * * * * * 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) ° OFFICIAL SEAL R. MILLER Notary Public - California SAN LUIS OBISPO COUNTY MY Comm. Exp. June 18, 1990 WITNE my hand official Meal, Signature STATE OF CALIFORNIA ss. COUNTY OF San Luis Obispo KATHLEEN M. GLAZE Notary Public San Luis Obispo , California r *My Comm. Exp. Aug. 3, 1990 ACKNOWLEDGMENT - General— Wolcotts Form 233CA —Rev. 5 -82 ©1982 WOLCOTTS, INC. (price class 8 -2) •END`-OF DOCUMENT 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 (or proved to me on the basis of satisfactory evidence) to be the person_ whose name_ i s subscribed to the within instrument, and acknowledged to me that _he_ executed it. WITNESS my hand and official seal 1AL Je Notary Public in and fo said te. \ Kathleen M Glaze 00 -, VOL `' 259 PAGE 238