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HomeMy WebLinkAboutD-1342 Chumash Mobilehome Pk. Recorded 11/16/1989RECORDING REQUESTED BY . CUSS 4 A ; s 3 LE 3;UA1 4,1D4i_rV CA� . (F-REE-- RECORDING REQETESTED� +PURSUANT TO.GOVER_ —?, E T CODE- S•EC�I;ON 2.'383 DOC- NO. 77749 77.49 OFFICIAL RECORDS SAN LUIS OBISPO CO., CA NOV 1 6 1989 WHEN RECORDED PLEASE MAIL TO:' FRANCIS M. GOONEY CITY OF SAN LUIS OBISPO County Clerk- Recorder 990 Palm Street TIME 9: 55 AM _ _, P.O. Box 8100 San Luis Obispo, CA 93403 -8100 (Space above this line for Recorder's Use) Loan No.89 -003 F'e'el, "1 �'�l �-•�,� I ��. �` I`['n �, 1 CITY OF SAN LUIS OBISPO MOBILEHOME PARK ASSISTANCE PROGRAM NO ROWER THIS EED OF TRUS ONTAINS PROVISIONS RES CTING ASSUMPTIONS DEED OF TRUST WITH ASSIGNMENT OF RENTS THIS DEED OF TRUST, made this 16th day of October ., 1989 . among the Trustors James Vasauez (individually and collectively "Borrower "), and Cuesta Title Guaranty Comoanv ( "Trustee "), and the Beneficiary, the City of San Luis Obispo, whose address is set forth above (together with its successors in interest referred to herein as the "City "). 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 property located in the County of San Luis Obispo, State of California, described in Exhibit "A" attached hereto and made a part hereof by reference; TOGETHER with all the imprcvenient now and hereafter erected on the Property, and all easements, rights, appurtenances, and all fixtures now or hereafter attached to the Property covered by this Deed of Trust; and all of the foregoing, together with said property are herein referred to as the "Property "; TO SECURE to City the repayment of the indebtedness evidenced by Borrower's promissory note dated October 16 1989 , (the "Note "), in the principal sum of Fifteen thousand fifty seven Dollars ($15,057.00 ), with interest thereon, due and payable on October 16 , 2019 ; 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, and in a Security Agreement between Borrower and City of even date herewith. This Deed of Trust is junior and second in lien to a deed of trust in the amount of $14,300.00, in favor of State of California, Department of Housing and Community Development, which is being recorded concurrently herewith. 11�313 q VOL 3 416 PAGE 183 r BORROWER AND CITY COVENANT AND AGREE AS FOLLOWS: 1. Borrower's Estate. That Borrower lawfully owns the estate hereby conveyed and has the right to grant and convey the Property and Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any declarations, easements, or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring City's interest in the Property. 2. Payment of Principal and Interest. Borrower will promptly pay when due the principal of and interest on the indebtedness evidenced by the Note and late charges as provided by the Note. 3. Annlication of Payments. Unless applicable law provides otherwise, all payments received by City under the Note and payments of Funds will be applied by City first in payment of taxes and assessments, then to interest payable on the Note, and then to the principal of the Note. 4. Junior Encumbrances. Any subsequent encumbrancer of the Property is hereby notified that upon exercise of any power of sale or foreclosure by encumbrancer, such encumbrancer will take title to the Property subject to this Deed of Trust, and more specifically, subject to paragraph 12 of this Deed of Trust prohibiting assumptions of the loan made by City to Borrower, except as specified in said paragraph. 5. Charges: Liens. Borrower will pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Deed of Trust, at or prior to the time they are required to be paid, by Borrower making payment, directly to the payee thereof. Borrower will promptly furnish to Lender receipts evidencing such payments. Borrower will promptly discharge any lien which has priority over this Deed of Trust; provided, that Borrower will not be required to discharge any such lien so long as Borrower will agree in writing to the payment of the obligation secured by lien in a manner acceptable to City or will in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 6. Hazard Insurance. Borrower will keep the improvement(s) now existing or hereafter erected on the Property insured in such amounts and for such periods as City may require, which amounts shall be greater of (1) the outstanding principal balance of the Note plus the amount of any other loan for or secured by the property, (2) the amount, in City's determination, necessary to prevent Borrower from becoming a co- insurer, or (3) the amount of the replacement cost of the Property. The insurance carrier providing this insurance shall be licensed to do business in the State of California and be chosen by Borrower subject to approval by City; provided, that such approval will not be unreasonably withheld. All insurance policies and renewals thereof will be in a form acceptable to City and will include a standard mortgagee clause with standard endorsement number 438BFU in favor of and in a form acceptable to City. Unless City and Borrower otherwise agree in writing, insurance proceeds will be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Deed of Trust is not thereby Deed of Trust 2 VOL 3 416 PAGE 184 impaired. If such restoration or repair is not economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds will be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to City within thirty (30) days from the date notice is mailed by City to Borrower that the insurance carrier offers to settle a claim for insurance benefits, City is authorized to collect and apply the insurance proceeds at City's option either to restoration or repair of the Property or to the sums secured by this Deed of Trust. Unless City or Borrower otherwise agree in writing, any such application of proceeds to principal will not extend or postpone the due date of the payment referred to above. If the Property is acquired by City, all right, title and interest of Borrower in and to any insurance- policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition will pass to Lender to the extent of the sums secured by this Deed of Trust immediately prior to such sale or acquisition. 7. Preservation and Maintenance of Property. Condominium. Cooveratives. Planned Unit Developments. Borrower will keep the Property in good repair and will not commit waste or permit impairment or deterioration of the Property. If this Deed of Trust is on a unit in a condominium, a planned unit development, or cooperative, Borrower will perform all of Borrower's obligations under the declaration or covenants, conditions and restrictions, creating or governing the condominium, planned unit development, or cooperative, the bylaws and regulations of the condominium, planned unit development, or cooperative and constituent documents. Borrower will not, without City's prior written consent, agree to the abandonment or termination of the condominium, planned unit development or cooperative, any change in the percentage interest of owners in the common areas and facilities of the condominium, planned unit development, or cooperative or the termination of professional management and assumption of self- management of the condominium, planned unit development, or cooperative. If a condominium, planned unit development, or cooperative rider is executed by Borrower and recorded together with this Deed of Trust, the covenants and agreements of such rider are incorporated herein by this reference. 8. Protection of City 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 City's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then City at City's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect City's interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any amounts disbursed by City pursuant to this paragraph, with interest thereon, will become additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and City agree to other terms of payment, such amounts will be payable upon notice from City to Borrower requesting payment thereof, and will bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts will bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph will require City to incur any expense or take any action hereunder. Deed of Trust 3 VOL 3 416 PAGE 18 5 9. Inspection. City may make permissible or cause to be made reasonable entries upon and inspections of the Property, provided that City will give Borrower reasonable notice of inspection. 10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and will be paid to City. In the event of a total taking of the Property, the proceeds will be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and City otherwise agree in writing, there will be applied to the sums secured by this Deed of Trust such proportion of the proceeds as is equal to that proportion which the amount of sums secured by this Deed of Trust immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by City to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to City within thirty (30) days after the date such notice is mailed, City is authorized to collect and apply the proceeds, at City's option, either to restoration or repair of the Property or to the sums secured by this Decd of Trust. Unless City and Borrower otherwise agree in writing, any such application of proceeds to principal will not extend or postpone the due date of any scheduled payment referred to above or change the amount of such payment. 11. Forbearance by City Not a Waiver. Any forbearance by City in exercising any right or remedy will not be a waiver of the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by City will not be a waiver of City's rights to accelerate the maturity of the indebtedness secured by this Deed of Trust. 12. Loan Not Assumable. Transfer of Property Prohibited* Limited Exceptions. Where City administered funds continue to be used in financing the purchase or continued use of the Property, no transfer of the Property will be permitted, and no successor in interest to the Borrower(s) will be permitted to assume the Borrower(s) loan evidenced by this Note, unless the written consent of City to the transfer has been first obtained. No such consent will be given by the City except in the following limited circumstances: a) The transfer results from the death of a Borrower and the transfer is to the surviving spouse of the Borrower and the surviving spouse is also a Borrower; b) A transfer by a Borrower to his or her spouse when the spouse becomes by such transfer a co -owner of the Property; c) A transfer of the Property resulting from a decree of dissolution of the marriage or legal separation or from a property settlement agreement incidental to such a decree which requires the Borrower to continue to make payments on the Note and by which a spouse who is already a Borrower becomes the sole owner of the Property. Deed of Trust 21 VOL 3416 PAGE 186 d) A transfer by a Borrower to an inter vivos trust in which the Borrower is the sole beneficiary. e) A transfer by means of encumbering the Property with a lien which is junior to the lien securing the loan to Borrower evidenced by this Deed of Trust. 13. Events of Default: Acceleration, Intention of Foreclosure. Any one or more of the following events shall constitute a default under this Deed of Trust: (a) failure of the Borrower to pay the indebtedness secured hereby, whether principal, interest or otherwise, when and as the same becomes due and payable, whether at maturity or by acceleration or otherwise; or (b) failure of Borrower to observe or to perform any covenant, condition or agreement to be observed or performed by Borrower pursuant to this Deed of Trust, the Note or the Security Agreement. In the event of any default as set forth in this paragraph, City, without demand on Borrower, may declare all sums hereby secured immediately due and payable by notice thereof to the Borrower or by executing and recording or by causing the Trustee to execute and record a notice of default and election to cause the Property to be sold to satisfy the obligations secured hereby or by the commencement of an appropriate action to foreclose this Deed of Trust or by any other appropriate manner. 14. Remedies Cumulative. All remedies provided in this Deed of Trust are distinct and cumulative to any other right or remedy under this Deed of Trust or afforded by law or equity, and may be exercised concurrently, independently or successively. 15. Successors and Assigns Bound. The covenants and agreements herein contained shall bind, and the rights hereunder shalt insure to, the respective successors and assigns of Lender and Borrower subject to the provisions of this Deed of Trust. 16. Joint. and Several Liability. All covenants and agreements of Borrower shall be joint and several. 17. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Deed of Trust will be given by certified mail, addressed to Borrower at the Property address or such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to City will be given by certified mail, return receipt requested, to City's address stated above, or to such other address as Lender may designate by notice to Borrower as provided above. 18. Governing Law. This Deed of Trust shall be governed by the laws of the State of California. 19. Severability. In the event that any provision or clause of this Deed of Trust or the Note conflicts with applicable law, such conflict will 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 with provisions of the Deed of Trust and the Note are declared to be severable. 20. Captions. The captions and headings in this Deed of Trust are for convenience only and are not to be used to interpret or define the provisions hereof. Deed of Trust 5 VOL 3 416 PAGE 18 7 1 21. Reconvevance. Upon payment of all sums secured by this Deed of Trust, Lender will request Trustee to reconvey the Property and will surrender this Deed of Trust and the Note evidencing the indebtedness secured by this Deed of Trust to Trustee. Trustee will reconvey the Property without warranty and without charge to the person or persons legally entitled thereto. Such person or persons will pay all costs of recordation, if any. 22. Substitute Trustee. City, at City's option, may from time to time remove Trustee and appoint a successor trustee to any Trustee appointed hereunder. Without conveyance of the Property, the successor trustee will succeed to all the title, power and duties conferred upon the Trustee herein and by applicable law. 23. Reauest for Notices. Borrower .requests that copies of the notice of default and notice of sale be sent to Borrower's address which is the Property. 24. Beneficiary Statement. The City may charge a fee of fifty dollars ($50) for furnishing any statement required by California Civil Code Section 2943. IN WITNESS WHEREOF, BORROWER HAS EXECUTED THIS DEED OF TRUST. S t-- Cl.��f #9a Borr wer aq 93�10 Borrower INDIVIDUAL ACKNOWLEDGMENT State of California County of San Luis Obispo S.S. On this 3rd day of 'November in the year 1989 r R. Miller a Notary Public in and for the do U1 S 1 SpOCounty, personally appeared �A � � QUEZ ❑ personally known to me 6 proved to me on the basis of satisfactory evidence to be the persons) whose name is subscribed to this instrument, and acknowledged that _he_ executed it. (SEAL) OFFICIAL SEAL R. MILLER • Nowy Public - California • SAN LUIS 08iSP0 COUNTY My Comm. Exp. June 18, 1990 P -169 7 -83 Deed of Trust WITNESS mvAnd and o ' 'al se4W r Notary Public in and fWthe San Luis Obispo County and State.. My commission expires /a ---Z , 19-2:� 6 VOL 3 416 PAGE 18'8, i, EXHIBIT A LEGAL DESCRIPTION A CONDOMINIUM UNIT COMPRISED OF: • PARCEL 1: AN UNDIVIDED 1/235TH INTEREST IN AND TO LOT 1, TRACT 1476., CHUMASH VILLAGE MOBILE HOME PARK, CITY OF SAN LUIS OBISPO, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO THE MAP THEREOF RECORDED JUNE 29, 1987 IN BOOK 13, PAGE 98 OF MAPS. EXCEPTING THEREFROM THE FOLLOWING: (A) UNITS 1 THROUGH 136, 138 THROUGH 143 AND 145 THROUGH 237, INCLUSIVE, AS SHOWN AND DEFINED ON THAT CERTAIN CHUMASH VILLAGE CONDOMINIUM PLAN RECORDED NOVEMBER 16, 1987 AS INSTRUMENT NO. 80994 IN BOOK 3074, PAGE 83 OF OFFICIAL RECORDS. (B) THE EXCLUSIVE RIGHT TO POSSESSION OF THOSE PORTIONS DESIGNATED AS EXCLUSIVE USE AREAS ON THE ABOVE REFERENCED CONDOMINIUM PLAN. PARCEL 2: UNIT NO.,f AS SHOWN AND DEFINED ON THE CONDOMINIUM PLAN.REFERRED TO ABOVE. PARCEL 3: THE EXCLUSIVE RIGHT TO POSSESSION OF THOSE AREAS DESIGNATED AS EXCLUSIVE USE AREAS ON THE CONDOMINIUM PLAN REFERRED TO ABOVE, AS APPURTENANT TO PARCELS 1 AND 2 ABOVE DESCRIBED. FND bF DOCUMENT VOL 3416 PAGE 189