HomeMy WebLinkAboutD-1349 Recorded 01/19/1990. p
RECORDING REQUESTED BY
Ticor Title Insurance Company
i
AND WHEN RECORDED MAIL TO
ame F_ City of San Luis Obispo
;rest City Hall, 990 Palm Street
ddress P.O. BOX 8100
itva San Luis Obispo, CA 93406
late L ATTN: City Clerk Pam Voges J
0 l noc15(a eA
TO 430.1 CA (7 -84)
DOC. No. 4106
SAN OLU SIOB SPO COSCA
JAN 1 9 1990
FRANCIS M. COONEY
CAXMtY Clerk-Recorder
TRAE 8:00 AM
ACE ABOVE THIS LINE FOR RECORDER'S USE
Full Rec®nveyance 001'
The City of San Luis Obispo as duly appointed Trustee
Z. under Deed of Trust hereinafter referred to, having received from holder of the obligations thereunder
i a a written request to reconvey, reciting that all sums secured by said Deed of Trust have been fully paid,
and said Deed of Trust and the note or notes secured thereby having been surrendered to said Trustee
for cancellation, does hereby RECONVEY, without warranty, to the person or persons legally entitled
thereto, the estate now held by it thereunder. Said Deed of Trust was executed by
John O. Dunn, Jr. and Shirley K..Dunn
Trustor,
and recorded in the official records of San Luis Obispo County, California, as follows:
REC. July 30, 1981s INSTR. No. 55445 IN BOOK /REEL 3027 PAGE /IMAGE 996
DESC.
SEE EXHIBIT A ATTACHED.HERETO
J ✓ ?f3'��g'.
6111 ty
Dated January 5, 1990
— *irliam C. Statler, Director of Finance
FOR CORPORATE ACKNOWLEDGEMENT
STATE OF CALIFORNIA -
COUNTY OF SaALuis
On Januamy 5. 490
personally appeared
personally known to me or
instrument as the Financ
..nersnnalLv_knnwn to_me_nr.
M
before me, the undersigned, a Notary Public in and for said State,
to me on the basis of satisfactory evidence to be the person who executed the within
actor President, and N/A
rn_me_nn_rhe haeik.n£ca,�`icfacrnry evidence rn he the nercnn whn rvernireri the wir in
--------- - - - - --
STATE OF CALIFORNIA------ - - - - -- ----- - - - - -� _�
: COUNTY.OF SAN LUIS OBISPO. ss.
I ' :' <on this 5th day of. January , in the yearl99.0 , before me Marilyn Perry
personally. appeared William C_ S a+=1 Pr , known to me
to be lei rect-nr of Finance of the 'ei ty of Sar, T.,1; a rh
MW
own to
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
I � San Luis Obispo executed the same.
I
.' OFFICIAL SEAL j
I PAIARILYN PERRY
Notary Public — California
(SEAL) =� " ' Principal Office in
San Luis Obispo County j
Notary Pub is My Comm.. Expires on Auj. i9, 1991 I��g
----------------------------------- - - - - -- p
_____-- ______� —_ . vm 1447 PAGE 850
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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.
y 3 W PAGE 8R
END OF DOCUMENT
personally known to me or koved to me on the basis of satisfactory evidence to be the person who executed the within
instrument as the Finan a 1jirector President, and N/A
nersonally known to me or nroved to me on the hacis of caticfartnry evvirncv tin hr the nrrcnn —lin rvrrnrr`1 4— unrh
STATE OF CALIFORNIA
�11- V � �o,,.s,,..t,�,w „c.�.,,�.�.w „oeS OBISpO
�� City O�ShcllUl0c.e3403 „00
January 5, 1990
Ticor Title Insurance Company of California
Attn: Frances Martin, CEO
1212 Marsh Street, P.O. Box 810
San Luis Obispo, CA 93406 ,
RE: Escrow No. 170956FK Borrower: -John O. Dunn, Jr.
Dear Sir• .
We hand you herewith:
1. Note for $45,000.
2. Deed of Trust securing said Note, recorded July 30, 1987 in Book /Reel 3027, Page /Image
996, Recorders Instrument No. 55445, Official Records of San Luis Obispo County.
3. Signed Request for Full Reconveyance.
4. Agreement dated July 16, 1987 providing for City to share in net appreciation of equity.
You and /or the Trustee under said Deed of Trust are authorized and requested to issue and
record a Deed of Reconveyance of said Deed of Trust when you-hold for the account of
the undersigned the principal sum of $49,112.66 ($45,000 Note Principal and $4,112.66 City's
share of Equity in accordance with Agreement dated July 16, 1987).
The undersigned hereby certifies that the City of San Luis Obispo is the owner and holder
of the debt mentioned in said Deed of Trust.
Please make remittance by check of your Company mailed to address listed below:
City of San Luis Obispo
Attn: Finance Department
990 Palm Street
San Luis Obispo, CA 93401
Telephone (805) 549 -7127
CITY OF SAN LUIS OBISPO
/Z// ) - ___
Willi-am C. Statler
Director of Finance
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RECEIPT NO RDER OR ASSET NO.
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DEPT. OR TRUST NO.
DOCUMENTS RECEIVED nn _-��
Deed p�' K v1�,e✓
Book Page
Official Records of
County, California
Note secured thereby for the sum of $
Assignment (unrecorded) recorded
Book Page said O.R.
Recorded
For purpose of issuing Reconveyance which is to be Returned
Check
Cash
Charge
DOCUMENT RECEIPT ONLY- NOT VALID FOR BONDS. STOCKS OR MONEY
PURPOSE OF DEPOSIT
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Ticor Title Insurance Company of California
BY Sj, laXLQ:_
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RECEIPT NIV
ORDER OR ASSET NO.
DEPT. OR TRUST NO.
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MUM ENTS RECEIVED of Trust recorded `�— —�
Book �jC�.� Paged /�j(p
Official Records of
County, California
Note secured thereby for the sum of $ 5D QQ(' (�ZD
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A tunrecorded) recorded
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Book Page said 0. R.
s, Recorded
For purpose of issuing R�b which is to be wed-
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Check
Cash
Charge
DOCUMENT RECEIPT ONLY- NOT VALID FOR BONDS. STOCKS OR MONEY
PURPOSE
O�� F DEPOSIT
L06-V 1 Q'1
Tic or Title Insurance Company of California
BY
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
j
more; or (d) suffers his title or any interest therein to be 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; 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
f TICOR TITLE INSURANCE
STATE OF CALIFORNIA
COUNTY OF San Luis Obispo J SS.
On July 27. 1987 before me, the undersigned, a Notary Public in and for
said State; personally appeared John Dunn — — — — — — — — — — — —
a
r
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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 OFFICIAL SEAL exe- MARILYN PERRY
toted the same' �� Notary P,iblic-Califomia
official seal. — _ _ _ Principal Office In
GENERAL ACKNOWLEDGMENT �``l"`f°1CO°CO1n0�
J i
Coun 0
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FOMY OFFICIAL SEAL
CYNTHIA L PARHAM
NOTARY PUBLIC - CALIFORNIA
MONTEREY COUNTY
comm. expires SEP 36, 1988
%,I
;1
1n0 122
the undersigned Notary Public, personally appeared
19 _&&Tbefore me,
,y personally known to me
O Proved .tome on the basis of satisfactory evidence
to be the person whose name4,$)
within instrument, and acknowledged that 10_ su scribed to the
WITNESS my hand and official seal. executed it.
ii I . w . /11
nature
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.
CITY OF SAN LUIS OBISPO
a Chartered Municipal Corporation
of the State of California
By —
unin, Mayor
ATT ST:
Cit Clerk
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
- -. ------ --- ---- ._._..__ _ -- --- ___ -•. —� -�- -y_____s -- ....e1.....o to Pffectuate._ -t
CAT. NO. NNO0627
TO 19aaCA.1 -63' J TICOR TITLE INSURANCE
(l)xiividual)
GENERAL 4clC .z`. - -...
WLEDGMENT .. - is - -- - - - --
.e —
/E _� J
OFFICIAL SEAL
m CYNTHIA PARHAM
NOTARY PUBLIC _ CALIFORNIA
MONTEREY 0"n,
MY comm. expires SEl' 30 1988
On this the
day of
C
the undersigned Notary Public, Personally appeazed
GEC
—e, before me,
personally known to me _
`�. ❑, proved to me on the basis of satisfacto
to be the person ty evidence
within instrument whose name(
, and acknowle
9ed that subscribed to the
WITNESS
MY hand and official seal. executed it.
Notary' Sion +..._
NI 201
t r
C E R T I F I C A T E
I, Pamela Voges, the Duly appointed and qualified City Clerk of the
City of San Luis Obispo, do hereby certify that the foregoing is
a full, true and correct copy of DEED OF TRUST made on July 16. 1987
n City of San Luis Obispo,
between John 0. Dunn Jr. and Shirley K. Dunn and a Municipal Cnrnnratinn.
WITNESS my hand and the seal of the City of San Luis Obispo this
4th day of January , 19 90
f (SEAL]
V
Pam la Voges, City C erk
AGREEMENT
AGREEMENT BETWEEN THE CITY OF SAN LUIS OBISPO AND
JOHN DUNN WHEREBY CITY PROVIDES TEMPORARY
ADDITIONAL COMPENSATION CONSISTENT WITH
RESOLUTION NO. 6198 (1987 SERIES)
THIS AGREEMENT is made and entered into this 16th day of July, 1987,
by and between the CITY OF SAN LUIS OBISPO, a.chartered municipal
corporation of the State of California ( "City "), and JOHN DUNN, an
individual ( "Dunn "); jointly referred to herein as the "parties ").
RECITALS
The parties enter .into and execute this Agreement with knowledge of
and reliance upon the following facts:
1. City appointed Dunn to the position of City Administrative Officer
for the City of San Luis Obispo by Resolution No. 6198 (1987 Series).
2. Dunn accepted employment with City for the compensation fixed and
established by Resolution No. 6198 (1987 Series) of the San Luis Obispo
City Council, subject to the terms and conditions of said Resolution.
3. City and Dunn intend by this Agreement to implement subsection H
of Resolution No. 6198 (1987 Series), to wit, subsection H, entitled
"Housing Relocation Assistance ".
NOW, THEREFORE, in consideration of the mutual and respective
covenants and promises set forth herein, the parties agree to the
following terms and conditions:
TERMS AND CONDITIONS
A. City and Dunn accept the terms set forth in subparagraphs (1)
through (10) below for purchase by Dunn of that certain real property
located at 2450 Leona Avenue, San Luis Obispo, California,
whose legal description is:
Lot 6, 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.
hereinafter referred to as "said real property ";
(1) Dunn, by separate instrument, shall purchase and take fee title
to said real property for the total purchase price of Two Hundred
Thirty -Seven Thousand Dollars ($237,000), and shall occupy and use said
real property as his principal residence.
(2) City shall loan Dunn the total sum of Fifty Thousand Dollars
($50,000), subject to the terms and conditions set forth below, and
secured by a Deed of Trust, as set forth below, to assist Dunn in
purchasing said real property. City shall deposit said sum into escrow
with Cuesta Title Insurance Co. with appropriate escrow instructions
consistent with this Agreement.
(3) On or before the close of escrow on said real property, Dunn
shall execute a promissory note in the form attached hereto as Exhibit "A"
and a Deed of Trust in the form attached hereto as Exhibit "B ". Said note
and Deed of Trust shall contain the following acceleration clause:
Beneficiary (or Holder) shall have the right, at its option, to
declare all sums secured hereby immediately due and payable within
thirty (30) days after such declaration, if Trustor (or Maker): (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 encumbrance
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 to be
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
-2-
commenced for the partition or sale of said property. ADDITIONALLY,
BENEFICIARY (OR 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 TRUSTOR (OR MAKER)
RESIGNS, OR IS DISMISSED, OR FOR ANY OTHER REASON VACATES HIS OFFICE
OR EMPLOYMENT WITH BENEFICIARY.
Said note and Deed of Trust shall also provide for a late payment, charge
of two percent (2%) of any installment due but not paid within ten (10)
days of the due date.
(4) The promissory note referred to in subparagraph (3) above
(Exhibit "A ") shall be in the amount of Fifty Thousand Dollars ($50,000),
and shall be fully paid on or before July 15, 1990 (the "due date "). Said
note shall accrue interest at the rate of 8.5% per annum from and after
August 1, 1987. Interest shall be paid monthly, on or before the 1st day
of each month, beginning September 1, 1987. Said note shall be secured by
a Deed of Trust on said real property in the form attached hereto as
Exhibit "B ". Dunn may prepay said note in whole or part, without penalty
or premium, at any time.
(5) Dunn shall pay all taxes on said real property, all utilities,
and al.l assessments, and further agrees to repair and maintain said real
property in good condition at his expense.
(6) Dunn agrees to, as of the date of the close of escrow of said
real property, to provide, maintain and deliver to City a certificate of
all risk and liability insurance in conformance with Cal -Vet requirements,
wherein the City is named insured, in an amount of not less than (purchase
price). Dunn shall maintain said certificate of fire insurance in full
force and effect during the life of the notes and deeds of trust described
above. Said certificate of fire insurance shall provide that said fire
insurance cannot be terminated or cancelled or substantially changed
-3-
without thirty (30) days advanced written notice to both Dunn and City.
City's address for purposes of this subparagraph shall be: City Clerk,
City of San Luis Obispo, P. 0. Box 8100, San Luis Obispo, California
93403 -8100.
(7) Prior to the close of escrow of said real property, Dunn shall
provide to the City a copy of the Preliminary Title Report on said real
property. Within five (5) days after close of escrow, Dunn shall provide
to City (a) a copy of the Title Report on said real property showing
title vested in John and Shirley Dunn, and the Deed of Trust in favor of
City, as described in subparagraph (4) above, and such covenants,
conditions, restrictions, reservations, rights and rights -of -way or
record, easements and exception of minerals, oil, gas,-water, carbons and
hydrocarbons on or under said real property, of record as of the date of
this Agreement; and (b) an ALTA policy of title insurance in Cuesta Title
Insurance Co.'s usual form, issued for the protection of City, with a
liability of not less than Fifty Thousand Dollars ($50,000), showing the
trust deed in favor of City (attached hereto as Exhibit "B ") as a lien on
said property, subject only to the exceptions set forth above.
(8) As further consideration for City's loan to Dunn, Dunn shall, if
said real property is sold (or in escrow on or before. June 16, 1990, and
the sale in escrow subsequently consummated), on or before July 16, 1990,
share with City any net appreciation of equity in the proportion that the
sum loaned by City to Dunn towards acquisition of said real property
($50,000), less any sums of principal repaid by Dunn prior to the date of
opening of any such escrow, bears to the total acquisition price of said
real property ($237,000). "Net appreciation of equity" shall be that sum
remaining after (a) reimbursement of that portion of the down payment
-4-
paid by Dunn, aside and separate from the $50,000 City loan, to acquire
said real property; (b) payment of the Deed of Trust in favor of City;
(c) payment of a real estate commission of no more than six percent (6%),
and (d) payment of reasonable termite expenses and escrow costs
attributable to the sale of said real property.
(9) Dunn shall have the exclusive right to control and duty to occupy
said real property, subject only to City's rights under the promissory
note and deed of trust described above.
(10) Dunn shall indemnify and hold City harmless from and against any
and all claims, demands, actions or judgments arising from Dunn's use
and /or occupation of said real property, including, -but not limited to,
any claims, demands, actions or judgments arising from any activity
permitted or suffered by Dunn in or about said real property. Should any
action or proceeding be brought against City by reason of any such claim,
Dunn shall defend City at Dunn's expense by counsel satisfactory to City,
upon written notice by City to do so, and Dunn shall pay all of City's
costs, attorney's fees, expenses and liabilities incurred as a result of
any such action or proceeding.
B. This Agreement has been entered into and is to be performed in the
State of California and shall be construed and interpreted in accordance
with the laws of the State of California.
C. The provisions of this Agreement are severable. If any term or
provision is found to be illegal or invalid, such illegality or invalidity
shall not affect the remainder of the Agreement.
D. This Agreement constitutes the entire agreement between the
parties with regard to the matters set forth herein. This Agreement may
not be altered or otherwise modified except by writing executed by the
-5-
parties and shall be interpreted a)nsis ten t. with Resolution No. 6198 (1987
Series).
IN WITNESS WHEREOF. they parties heret-o have executed this Agreement an
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
unity. Mayor
hn DLlnn
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
-6-
/ice W�. R
1 it i
STATE OF CALIFORNIA i
- I
COUNTY OF SAN LUIS OBISPO. ss.
i
On this 5th day of January , in the yearl99.0 , before me Marilyn Perry
personally appeared William C, S a+-1 Pr , known to me
Of +-he- CJ J-3; of San T,ii i a Own to
to be ni rPn+ -nr p F; nance O�b�$ �
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.
OMCIAL SEAL '
I ,•• MARILYN PCc RY '
R �,r
o Notary Pubiic — Califemia
(SEAT) s � " t Pincipal Office in I
San Luis Obispo county j
Notary Pub is - 46y Comm. Expires on Aug. 1s, 1891 I
------------------------------------------------------------ - - - - -- . YOf 4 P0.GE 850�i
RECORDING REQUESTED BY
Tier Title Insurance Company
AND WHEN RECORDED MAIL TO
Name r City of San Luis Obispo
Street City Hall, 990 Palm Street -
Address P.O. Box 8100
City & San Luis Obispo, CA 93406
State L ATTN: City Clerk Pam Voges J
a 1'109I% eh
TO 430.1 CA (7 -84)
Doc. No. 4106
SAN OLUIS IoS S O COSCA
JAN 1 9 1990
FRANCIS M. COONEy
C,aMty Clerk-Recorder
TIME 8:00 AAA
I
1/13/90 346 3
SPACE ABOVE THIS LINE FOR RECORDER'S USE
Full Rec®nveyance nnu.
The City of San Luis Obispo , as duly appointed Trustee
Z under Deed of Trust hereinafter referred to, having received from holder of the obligations thereunder
a a a written request to reconvey, reciting that all sums secured by said Deed of Trust have been fully paid,
and said Deed of Trust and the note or notes secured thereby having been surrendered to said Trustee
for cancellation, does hereby RECONVEY, without warranty, to the person or persons legally entitled
thereto, the estate now held by it thereunder. Said Deed of Trust was executed by
John 0. Dunn, Jr. and Shirley K. Dunn
Trustor,
and recorded in the official records of San Luis Obispo County, California, as follows:
REC. July 30, 1981s . INSTR. No. 55445 IN BOOK /REEL 3021 PAGE /IMAGE 996
DESC.
SEE EXHIBIT A ATTACHED HERETO
J.
G r ty �l 1 u's eb"s
Dated January 5, 1990
illiam C. Statler, Director of Finance
FOR CORPORATE ACKNOWLEDGEMENT
STATE OF CALIFORNIA
COUNTY OF Sa Luis ObisRo
On J before me, the undersigned, a Notary Public in and for said State,
personally appeared
Personally known tome or oved to me on the basis of satisfactory evidence to be the person who executed the within
Instrument as the Finance ireetor President, and N/A
personally known to me or prov to me on the basis of satisfactory evidence to be the person who executed the within
Instrument as the N/A Secretary of the Corporation that executed the within instrument and
acknowledged to me that such corp o tion executed the within instrument pursuant to its by -laws or a resolution of its
board of directors.
WITNESS my hand and official seal. Signa re
FOR INDIVIDUAL ACKNOWLEDGEMENT
` STATE OF CALIFORNIA
COUNTY OF } SS'
On before me, the
undersigned, a Notary Public in and for said State, personally
appeared
personally known to me or proved to me on the basis of
satisfactory evidence to be the person—whose name
subscribed to the within instrument and acknow a Uge
that executed the same.
WITNESS my hand and official seal.
Signature (This area for official notarial seal)
Title Order No. Escrow or Loan No.
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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
lim.ita tion''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.
von_ 3447 PAGE 85i
END OF DOCUMENT