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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 r h 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 V C m C _ >- U 0 v a la o U � 0 c 0- E 0 U CD U C m c a� 0 U RECEIVED FROM A yu�� DATE' RECEIPT NO RDER OR ASSET NO. .- 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 U Q.J bur\ N /2a00I,kq I eA-C • `. Ticor Title Insurance Company of California BY Sj, laXLQ:_ _o U 0 c 0_ E 0 U a� U c Vf c a� E- V 0 U re Alk RECEIVED FROM rn�,�i Ic ICs DATE RECEIPT NIV ORDER OR ASSET NO. DEPT. OR TRUST NO. 1 5 D 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 _� — f.C. A tunrecorded) recorded . Book Page said 0. R. s, Recorded For purpose of issuing R�b which is to be wed- c CL",r, C4 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 x 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 r. • j 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. 0 0 0 � � C n o � c �r n O v P - r � i P m �m D z Z M -4 M IMM r0 z ® M, D m M n m D r rm r m m q �a z x o r < CD ,1 nm 0 0 0 � � C n o � c �r P . c P � r z O T ® 0 0 0 � � C n o � c s' c®wMal P � r � rn O m ® O D Z z °i o < CD ,1 nm CT r -i D m r 2 (� rm O A -�i c m fn s' c®wMal P z T r' 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