HomeMy WebLinkAboutD-1731B 21 Santa Rosa - Parcel map # SLO 79-223 Recorded 05/07/1987J
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Escrow_No. 31665 5/07/?74�I c 4 I eC� ;�'li i
DOC.. NO.
Loan No. OFFICIAL RECORDS
SAN LUIS OBISPO CO., CAL
ZEN RECORDED MAIL TO: MAY 7
City Attorney, City of San Luis
Obispo, 990 Palm Street FRANCIS M. COONEY
P. 0. Box 8100 County Clerk Recorder
San Luis Obispo, CA 93403 -8100 TIME 10` 30 AM
SPACE ABOVE THIS LINE FOR RECORDER'S USE
SUBORDINATED DEED OF TRUST WITH ASSIGNMENT OF RENTS
(SHORT FORM)
This DEED OF TRUST, made this J1'*4- day of April, 1987 between
SOUTHWOOD APARTMENT PROJECT, a California Limited Partnership, herein called TRUSTOR,
whose address is 21 Santa Rosa (Mailing: P.O. Box 283) , San .Luis Obispo, Calif.
(Number and Street) (City) (State)
FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, herein called TRUSTEE, and
CITY OF SAN LUIS OBISPO, a chartered Municipal
Corporation of the State of California herein called BENEFICIARY,
WITNESSETH: That Trustor grants to Trustee in Trust, with Power of Sale, that property in the City of
San Luis Obispo County of San Luis Ob3_Sp0 , State of California, described as:
Attached Exhibit "A"
its Subordinated Deed of.Trust shall, provided that no notice of default under the terms hereof
ten appears of record,. be subject to a deed of trust, to be hereafter executed by Trustor, or his
>ccessor in interest; covering said property, to secure loans, herein called "Take -Out Loan"
1 said property or portions thereof, subject to the provisions of Exhibit "B" which is attached
!reto and incorporated herein by reference.
Together with the rents, issues and profits thereof, subject, however, to the right, power and authority hereinafter given to-and conferred upon Beneficiary to
collect and apply such rents, issues and profits.
For the Purpose of Securing (1) payment of the sum of 5 145,650.00 with interest thereon according to the terms of a promissory note or
notes of even date herewith made by Trustor, payable to order of Beneficiary, and extensions or renewals thereof, and (2) the performance of each
agreement of Trustor incorporated by reference or contained herein (3) Payment of additional sums and interesPihereon which may hereafter be loaned to
Trustor, or his successors or assigns, when evidenced by a promissory note or notes reciting that they are secured by this Deed of Trust.
To protect the security of this Deed of Trust, and with respect to the property above described, Trustor expressly makes each and all of the agreements,
and adopts and agrees to perform and be bound by each and all of the terms and provisions set forth in subdivision A, and it is mutually agreed that each
and all of the terms and provisions set forth in subdivision B of the fictitious deed of trust recorded in Orange County August 17, 1964, and in all other
counties August 18, 1964, in the book and at the page of Official Records in the office of the county recorder of the county where said property is located,
noted below opposite the name of such county, namely:
COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE
Alameda 1288 556 Kings 858 713 Placer 1028 379 Sierra 38 187
Alpine 3 130.31 lake 437 110 Plumas 166 1307 Siskiyou 506 762
Amador 133 438 Lassen 192 367 ' Riverside 3778 347 Solana 1287 621
Butte 1330 513 Los Angeles T•3878 874 Sacramento 5039 124 Sonoma 2067 427
Calaveras 185 338 Madera ' 911 136 San Benito 300 405 Stanislaus 1970 56
Colusa 323 391 Marin 1849 122 San Bernardino 6213 768 Sutter 655 585
Contra Costa 4684 1 Mariposa 90 453 San Francisco A•804 596 Tehama 457 183
Del Norte 101 549 Mendocino 667 99 San Joaquin 2855 283 Trinity 108 595
El Dorado 704 635 Merced 1660 753 San Luis Obispo 1311 137 Tulare 2530 108
_w.wmJ&wno 5052 623 Modoc 191 93 San Mateo 4778 175 Tuolumne 177 160
inn 469 76 Mono 69 302 Santa Barbara 2065 881 Ventura 2607 237
inboldt 801 83 Monterey 357 . 239 Santa Clara 6626 664 Yolo 769 16
>erial 1189 701 Napa 704' 742 Santa Cruz 1638 607 Yuba 398 693
u 165 672 Nevada 363 94 Shasta 800 633
3756 690 Orange 7182 18 San Diego SERIES 5 Book 1964, Page 149774
�l inure to and bind the parties hereto, with respect to the property above described. Said agreements, terms and provisions contained in said subdivision
std B, (identical in all counties, and printed on the reverse side hereof) are by the within reference thereto, incorporated herein and made a part of this Deed
bust for all purposes as fully as if set forth at length herein, and Beneficiary may charge for a statement regarding the obligation secured hereby, provided
4charge therefor does not exceed the maximum allowed by law.
`undersigned Trustor, requests that a copy of any notice of default and any notice of sale hereunder be mailed to him at his address hereinbefore set forth.
Signature of Trustor
I SOUTHWOOD APARTMENT PROJECT
TE OF CALIFORNIA I
NTYOF I a California Limited Partners 'p
re me, the undersigned, a Notary Public in and for said State, per-
tly
appear YATRICK N. SMITH
General 1-2artan-pr
�nally known to me (or proved to me on the basis of satisfactory
nce) to be the person(s) whose name(s) is /are subscribed to the
I
......In instrument and acknowledged to me that he /she /they executed
the same.
WITNESS my hand and official seal.
Signature
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(This area for of6ciol notoriel seal)
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LEGAL DESCRIPTION OF PROPERTY
Parcel 1 of Parcel Map No. SLO -79 -223 in the City of San Luis Obispo,
County of San Luis Obispo, State of California, recorded April 23; 1980
in Book 29, Page 25 of Parcel maps in the Office of the County Recorder
of said County.
EXHIBIT "A"
VOL 29 78 PAGE 541
1. The terms of the Take -Out Loan secured by the First Deed
of Trust from Lender to Trustor shall be as follows:
a. The total amount of the take -out Loan shall not exceed
the sum of 8.7 million dollars;
b. The proceeds of such take -out loan shall be used to pay
in full any construction loans on the Real Property;
C. The interest on such take -out loan shall not be greater,
excluding late charges and penalties or fees payable on default,
than twelve percent ( 12 %) per annum; or no more than 2.50% over the 11th
District Cost of Funds.
d. Such .take -ou.t loan shall be payable over a period of not
more than 45 years;
e. The total amount of such take -out loan shall not exceed
ninety percent (90 %) of the value, as determined by the lender
thereof, of said property as improved by Buyer or his successors
in interest; and ,
f. The term "Lender" as used in this Agreement shall mean a
bank, insurance company or correspondent thereof, building and
loan association, savings and loan association, pension fund, or
similar organization.
EXHIBIT "B"
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