HomeMy WebLinkAboutD-1754 1063 Ella Street Condo Conversion - APN 003-663-019 Recorded 03/21/20081
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Recording Requested
' Chicago Title #348026-FM
�ASRLL'uu'is RODE D
Obispo ry— Clerk/Recorder
Recorded at the request of
Chicago Title Company
Doc #: 2008014234
WHEN RECORDED RETURN TO:
City of San Luis Obispo
990 Palm Street _
San Luis Obispo, Ca. 93401 /
Attn: City Clerk
The undersigned declare that there is no documentary
transfer tax on this matter.
MEL.
3/21/2008
2:27 PM
i
Titles:, 5 Pages: 1.9
feer
0:00
Taxes
0:00;
Others
0:00'
PAID
50.00
Recorded for the Benefit of the
City of San Luis Obispo at No Fee Under
Section 27383 of-the Government -Code
PURCHASE MONEY DEED OF TRUST, DEED OF TRUST COVENANTS,
ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING
THIS PURCHASE MONEY DEED OF TRUST, DEED OF TRUST COVENANTS,
ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this
"Deed of Trust ") is made as of this _15th day of _February, 2008_, by Briana
Heywood ( "Trustor "), the buyer of the real property described herein below,
whose address is:
ADDRESS, San Luis Obispo, California
To Chicago.Title ( "Trustee ") in favor of the CITY OF SAN
LUIS OBISPO, a municipal corporation, whose address is 990 Palm Street, San Luis
Obispo, California 93401 ( "Beneficiary").
WHEREAS, on July 11. 2007 , Bcneficiary and Briar, acid C- 17erida Rolph entered into an
Affordable Housing Agreement to implement Council Resolution No. 9801 -06, approving the
development called 1063 Ella Street Condo Conversion; and
WHEREAS, to implement said Affordable Housing Agreement, Beneficiary and Trustor entered
into that certain Promissory Note ( "Note ") dated March 15, 2008. pursuant to
which Trustor agreed to certain restrictions on the sale or transfer of that certain real property
located in the County of San Luis Obispo, State of California, which is further described in
Exhibit. A (the "Real Property "); and
WHEREAS, Beneficiary and Trustor desire to ensure that the Real Property remain affordable to
low or moderate (designate)- income persons for a period of not less than 45 _years following the
property's initial date of sale, pursuant to the Affordable Housing Agreement.
NOW, THEREFORE, THIS DEED OF TRUST WITNESSETH:
Second Deed of Trust
Page 2
2 Trustor, in consideration of the indebtedness referred to below and the trust herein created,
3 irrevocably grants, conveys, transfers and assigns to Trustee, and its successors and assigns, in
4 trust, power of sale and right of entry and possession, all of Trustor's estate, right, title and
5 interest in, to and under the Real Property;
7 TOGETHER WITH all structures and improvements now existing or hereafter erected on the
8 Real Property, all easements, rights and appurtenances thereto or used in connection therewith,
9 all rents, royalties, issues, profits, revenues, income and other benefits thereof or arising from the
10 use or enjoyment of all or any portion thereof (subject, however, to the right, power and authority
11 given herein to Trustor to collect and apply such rents, royalties, issues, profits, revenues, income
12 and other benefits prior to an Event of Default hereunder), all interests in and rights, royalties and
13 profits in connection with all minerals, oil and gas and other hydrocarbon substances thereon or
14 therein, development rights or credits, air rights, water, water rights (whether riparian,
15 appropriative or otherwise and whether or not appurtenant) and water stock, all intangible
16 property and rights relating to the Real Property or the operation thereof or used in connection
17 therewith, including, without limitation, trade names and trademarks and all furniture and
18 fixtures, now or hereafter located in, or on, or attached or affixed to, or used or intended to be
19 used in connection with, the Real Property, including, but without limitation, all heating,
20 lighting, laundry, incinerating, gas, electric and power equipment, pipes, plumbing, fire
21 prevention and fire extinguishing, refrigerating, ventilating and communication apparatus, air
22 . cooling and air conditioning apparatus, shades, awnings, blinds, curtains, drapes, attached floor
23 coverings, including rugs and carpeting and other installed appliances, attached cabinets, trees,
24 plants and other items of landscaping, shall, to the fullest extent permitted by law and for the
25 purposes of this Deed of Trust, be deemed to be part and parcel of, and appropriated to the use
26 of, the Real .Property and, whether or not affixed or annexed thereto, be deemed conclusively to
27 be real property and conveyed by this Deed of Trust, and Trustor agrees to execute and deliver,
28 from time to time, such further instruments and documents as may be required by Beneficiary to
29 confirm the lien of this Deed of Trust on any of the foregoing;
30
31 TOGETHER WITH all of the estate, interest, right, title, other claim or demand which Trustor
32 now has or may hereafter acquire in any and all awards made for the taking by eminent domain,
33 or by any proceeding or purchase in lieu thereof, of the whole or any part of the Property (as
34 hereinafter defined), including, without limitation, any awards resulting from a change of grade
35 of streets and awards for severance damages
36
37 TOGETHER WITH all of the estate, interest, right, title and other claim or demand which
38 Trustor now has or may hereafter acquire with respect to the unearned premiums accrued,
39 accruing or to accrue and the proceeds of insurance in effect with respect to all or any part of the
40 ' foregoing. All of the foregoing property referred to in this Deed of Trust, together with the Real
41 Property, is herein referred to as the "Property."
42
43 ARTICLE 1. PURPOSE AND CONSIDERATION. This trust deed is established for the
44 purpose of securing, in such order of priority as Beneficiary may elect:
Second Deed of Trust
Page 3
1
2 (a) The repayment of the indebtedness evidenced by Trustor's Promissory Note (the
3 "Note ") of even date herewith payable to the order of Beneficiary, in the principal sum of
4 Dollars ($84,400.00) ( "Principal "), and any and all late charges, interest costs or fees
5 required thereunder and all extensions, renewals, modifications, amendments and
6 replacements thereof. The amount of the Note is the monetary difference between said
7 property's initial sales price, as allowed by the City's Affordable Housing Standards and
8 its initial market value, as specified in the Note.
9
10 (b) The payment of all other sums which may be advanced by or otherwise be due to
11 Trustee or Beneficiary under any provision of this Deed of Trust with interest (if any)
12 thereon at the rate provided herein or therein.
13
14 (c) Performance of all covenants of Trustor made in this Deed of Trust
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16 (d) Compliance with all Restrictions as set forth in Article 2 of the Affordable Housing
17 Agreement and this Deed of Trust.
18
19 ARTICLE 2. TRUSTOR RESTRICTIONS. To protect the security of this Deed of Trust,
20 Trustor and Trustee hereby covenant and agree as follows:
21
22 SECTION -2.01. Restrictions on Use and Occupancy. The Real Property shall be used solely
23 for owner - occupied housing and occupied solely by low- or moderate income households, as
24 defined in the Affordable Housing Agreement, the terms and restrictions of which are
25 incorporated by this reference as if fully set forth herein..
26
27 SECTION 2.02. Restrictions on Sale. The Real Property shall be sold or otherwise transferred
28 only to eligible households, as defined herein, or to the City, its Housing Authority, or to a non -
29 profit housing agency designated by City. Sales prices shall be based on and consistent with the
30 Affordable Housing Standards published by the City's Community Development Department.
31
32 SECTION 2.03. Term of Use, Occupancy and Sale Restrictions. Trustor agrees that the
33 above restrictions to the use, occupancy and sale of the Real Property shall remain in effect for a
34 period of not less than forty five (45) years from the date of the property's initial sale, or until
35 March 15 , 2053. Further, Trustor agrees that all future grant deeds for or transfers of
36 interest in the properties shall contain a restriction providing that for the period of time specified
37 in this deed of trust, there shall be no sale, lease, rental, or other transfer of the properties except
38 for the sale to and occupation by eligible low or moderate income households. Any sale, lease,
39 rental, or other transfer of the property in violation of this Agreement shall be void, as provided
40 below.
41
42 SECTION 2.04. Determination of Eligibility. Trustor and Trustee agree to retain the Housing
43 Authority of the City of San Luis Obispo, or other qualified entity acceptable to the City, to
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Second Deed of Trust
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determine whether prospective buyers qualify as eligible households as defined in the Affordable
Housing Standards.
SECTION 2.05. Covenants Binding. These affordability requirements shall be covenants
running with the land as defined in California Civil Code Section 1460, and shall apply to the
Real Property as further described on Exhibit A. Pursuant to Civil Code Section 1468, which
governs such covenants, the provisions of this Agreement shall be binding upon all parties
having any right, title, or interest in any of the properties described herein, or any portion thereof
and on their heirs, successors in interest and assigns for a period of 45 years from the initial date
of sale of the property. The parties agree that all future deeds or transfers of interest regarding
the properties shall show the restrictions of this Agreement for as long as the Agreement is in
effect.
SECTION 2.06. First Right of Refusal. Upon resale, Trustor and Trustee agree that the City or
the Housing Authority of the City of San Luis Obispo shall have the first right of refusal to
purchase the property or properties at the then current appraised value, as further described in the
Note.
SECTION 2.07. Performance of Obligations Secured. Trustor shall promptly pay when due
the indebtedness evidenced by the Note and any late charges, costs and/or fees provided for in the
Note and shall further perform fully and in a timely manner all other obligations of Trustor
contained herein or in the Note.
ARTICLE 3 — INSURANCE REQUIREMENTS
SECTION 3.01. Trustor shall keep the Property and all improvements thereon insured against
loss or damage by fire with extended all -risk coverage clauses, including vandalism and
malicious mischief clauses, in an amount not less than one hundred percent (100 %) of the full
replacement cost of such improvements with a company or companies and in such form and with
such endorsements as may be approved or required by Beneficiary.
SECTION 3.02. Trustor shall also maintain in full force and effect a policy of homeowners'
general liability insurance insuring Trustor against liability for bodily injury, property damage
and personal injury arising out of the operation, use or occupancy of the Property. The initial
amount of such insurance shall be One Hundred Thousand Dollars ($100,000.00) per occurrence
and not in the aggregate and shall be subject to periodic increase based upon increased liability
awards or the reasonable recommendation of Trustor's professional insurance advisor. Trustor
shall name Beneficiary as an additional insured under such policy. Such insurance shall be
primary with respect to any insurance maintained by Beneficiary and shall not call on
Beneficiary's insurance for contributions.
SECTION 3.03. Trustor shall pay all premiums for the insurance policies required to be
maintained under this Deed of Trust within fifteen (15) days after Trustor's receipt of a copy of
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the premium statement or other evidence of the amount due. At least thirty (30) days prior to the
expiration of such policy, Trustor shall deliver to Beneficiary a renewal of such policy.
SECTION 3.04. Any insurance which Trustor is required to maintain under this Deed of Trust
shall include a provision requiring that the insurance carrier give Beneficiary not less than thirty
(30) days written notice prior to any cancellation or modification of such coverage. If Trustor (i)
fails to deliver any policy or renewal to Beneficiary required under this Deed of Trust within the
prescribed time period or (ii) if any such policy is canceled or modified to reduce the amount or
type of coverage without Beneficiary's consent and no substituted comparable coverage is
obtained by Trustor prior to such cancellation or modification, Beneficiary may obtain such
insurance. In such case, Trustor shall reimburse Beneficiary for the cost of such insurance within
fifteen (15) days after receipt of a statement that indicates the cost of such insurance and upon
proof that Beneficiary has paid said statement.
SECTION 3.05. Trustor shall maintain all insurance required under this Deed of Trust with
companies holding a "general policy rating" of A -8 or better, as set forth in the most current issue
of "Best Key Rating Guide." Trustor acknowledges that the insurance described in this Section is
'for the primary benefit of Beneficiary. Beneficiary makes no representation as to the adequacy of
such insurance to protect Trustor's or Beneficiary's interests. Therefore; Trustor shall obtain any
additional property or liability insurance that Trustor deems necessary to protect Beneficiary and
Trustor, in the exercise of reasonable judgment.
SECTION 3.06. Notwithstanding anything to the contrary contained herein, Trustor's obligation
to carry the insurance provided for herein may be brought within the coverage of a so- called
blanket policy or policies of insurance carried and maintained by Trustor; provided, however,
that Beneficiary shall be named as an additional insured thereunder and that the coverage
afforded Beneficiary will not be reduced or diminished by reason of the use of such blanket
policy of insurance and provided further that the requirements set forth herein are otherwise
satisfied.
SECTION 3.07. All of the above- mentioned insurance policies or certificates of insurance must
be satisfactory to Beneficiary. Beneficiary shall not by the fact of approving, disapproving,
accepting, preventing, obtaining or failing to obtain any insurance, incur any liability for or with
respect to the amount of insurance carried, the form or legal sufficiency of insurance contracts,
insolvency of insurance companies or payment or defense of lawsuits and Trustor hereby
expressly assumes full responsibility therefor and all liability, if any, with respect thereto.
SECTION 3.08. Condemnation and Insurance Proceeds.
SUBSECTION 3.08(a). Any award of damages in connection with any taking or condemnation,
or for injury to the Property by reason of public use, or for damages for private trespass or entry
onto the Property is hereby assigned and shall be paid to Beneficiary as further security for all
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Second Deed of Trust
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obligations secured by this Deed of Trust. Upon receipt of such proceeds, Beneficiary may hold
the proceeds as further security or apply or release them in the same manner and with the same
effect as provided in this Deed of Trust for the disposition of proceeds of fire or other insurance.
SUBSECTION 3.08(b). Any insurance proceeds or awards in connection with any casualty or
damage or injury to the Property covered by insurance ( "Insurance Proceeds ") are hereby
assigned to Beneficiary to be held and applied by Beneficiary in the manner hereinafter provided.
Beneficiary may, at its option, and at its own expense, appear in and prosecute in its own name
any action or proceeding to enforce any cause of action for such Insurance Proceeds. All
Insurance Proceeds shall be applied by Beneficiary upon any indebtedness secured by this Deed
of Trust and in any order determined by Beneficiary or, at the option of Beneficiary, the entire
amount so collected or any part of that amount may be released to Trustor. This application or
release shall not cure or waive any default or notice of default under this Deed of Trust or
invalidate any act done pursuant to such notice.
SUBSECTION 3.08(c). Trustor, immediately upon obtaining knowledge of the institution of any
proceedings relating to condemnation or other taking of or damage or injury to the Property or
any portion thereof, or knowledge of any casualty damage to the Property or damage in any other
manner, shall immediately notify Beneficiary in writing. Beneficiary may participate, at its own
expense, in any such proceedings and may join Trustor in adjusting any loss covered by
insurance.
ARTICLE 4. TAXES, LIENS AND OTHER ITEMS. Trustor shall pay, when due, all taxes,
bonds, assessments, fees, liens (including prior trust deed liens), charges, fines, impositions and
any and all other items which are attributable to or affect the Property and which may attain a
priority over this Deed of Trust or the indebtedness or evidence of indebtedness secured hereby,
by making payment prior to delinquency directly to the payee thereof. Trustor may initiate
proceedings to contest any such taxes, bonds, assessments, fees, liens, charges, fines, impositions
or other items so long as Trustor takes steps to ensure that Beneficiary's security is not threatened
in any manner. Trustor shall pay all costs of the proceedings, including any costs or fees incurred
by Beneficiary. Upon the final determination of any proceeding or contest, Trustor shall
immediately pay the amounts due, together with all costs, charges, interest and penalties
incidental to the proceedings.
ARTICLE 5. RENTS AND PROFITS. Trustor acknowledges and agrees that the Property
shall at all times be occupied by the Trustor as the Trustor's primary residence and shall not be
leased or rented during the term of the Note, Deed of Trust and Affordable Housing Agreement.
Notwithstanding the foregoing, any rents, royalties, issues, profits, revenue, income and other
benefits of the Property arising from the use and enjoyment of all or any portion thereof or from
any lease or agreement pertaining thereto (the "Rents and Profits "), whether now due, past due, or .
to become due, and including all prepaid rents and security deposits, are hereby absolutely,
presently and unconditionally assigned, transferred, conveyed and set over to Beneficiary to be
applied by Beneficiary in the payment of the principal and all other sums payable on the Note and
of all other sums payable under this Deed of Trust. It is understood and agreed that neither the
Z,
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Second Deed of Trust
Page 7
1. foregoing assignment of Rents and Profits to Beneficiary nor the exercise by Beneficiary of any
2 of its rights or remedies under Article 5 hereof shall be deemed to defeat the owner- occupied
3 restriction set forth in the Agreement or to make Beneficiary a mortgagee -in- possession or
4 otherwise responsible or liable in any manner with respect to the Property or the use, occupancy,
5 enjoyment or operation of all or any portion thereof, unless and until Beneficiary, in person or by
6 agent, assumes actual possession thereof. Further, the appointment of a receiver for the Property
7 by any court at the request of Beneficiary or by agreement with Trustor, or the entering into
8 possession of the Property or any part thereof by such receiver, shall not be deemed to make
9 Beneficiary a mortgagee -in- possession or otherwise responsible or liable in any manner with
10 respect to the Property or the use, occupancy, enjoyment or operation of al.l or,any portion
11 thereof.
12
13 ARTICLE 6. PRESERVATION AND MAINTENANCE OF PROPERTY. Trustor shall
14 keep the Property and every part thereof in good condition and repair and shall not permit or
15 commit any waste, impairment or deterioration of the Property nor commit, suffer or permit any
16 act upon or use of the Property in violation of law or applicable order of any governmental
17 authority, whether now existing or hereafter enacted and whether foreseen or unforeseen,
18 including, without limitation, violation of any zoning, building or environmental protection
19 statutes, ordinances, regulations, orders and restrictions or in violation of any covenants,
20 conditions or restrictions affecting the Property or bring or keep any article upon any of the
21 Property or cause or permit any condition to exist thereon which would be prohibited by or could
22 invalidate any insurance coverage maintained or required hereunder to be maintained by Trustor
23 on or with respect to any part of the Property and further shall do all other acts which from the
24 character or use of the Property may be reasonably necessary to protect the security hereof, the
25, specific enumerations herein not excluding the general. Truster shall completely restore and
26 repair promptly and in a good and workmanlike manner any building, structure or improvement
27 thereon which may be damaged or destroyed and pay, when due, all claims for labor performed
28 and materials furnished therefor, whether or not insurance or other proceeds are available to
29 cover, in whole or in part, the costs of any such restoration or repair. Trustor shall notify
30 Beneficiary immediately in writing of any damage to the Property in excess of Ten Thousand
-31 Dollars ($10,000.00).
32
33 ARTICLE 7. PROTECTION OF SECURITY: COSTS AND EXPENSES. Trustor shall
.34 - . appear in and defend any action or proceeding purporting to affect the security hereof or the
35 rights or powers of Beneficiary or Trustee and shall pay all reasonable costs and expenses,
36 including, without limitation, costs of evidence of title and reasonable attorney's fees, in any such
37 action or proceeding in which Beneficiary or Trustee may appear and in any suit brought by
38 Beneficiary to foreclose this Deed of Trust or to enforce or establish any other rights or remedies
39 of Beneficiary hereunder. If Trustor fails to perform any of the covenants or agreements in this
40 Deed of Trust or if any action or proceeding is commenced which affects Beneficiary's interest in
41 the Property or any part thereof, including, but not limited to, eminent domain, code enforcement
42 or proceedings of any nature whatsoever under any federal or state law, whether now existing or
43 hereafter enacted or amended, relating to bankruptcy, insolvency, arrangement, reorganization or
'44 other form of debtor relief, or to a decedent, then Beneficiary or Trustee may, but without
7
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Second Deed of Trust
Page 8
1 obligation to do so and upon ten (10) days' prior written notice to and demand upon Trustor
2 (unless a shorter notice period is necessary to protect Beneficiary's interest in the security hereof,
3 in which case only reasonable notice and demand under the circumstances shall be required) and
4 without releasing Trustor from any obligation hereunder, make such appearances, disburse such
5 sums and take such action as Beneficiary or Trustee deems necessary or appropriate to protect
6 Beneficiary's interest, including, but not limited to, disbursement of reasonable attorney's fees,
7 entry upon the Property to make repairs or otherwise protect the security hereof, and payment,
8 purchase, contest or compromise of any encumbrance, charge or lien which in the judgment of
9 either Beneficiary or Trustee appear to be prior or superior hereto. Trustor further agrees to pay
10 all reasonable expenses of Beneficiary (including fees and disbursements of counsel) reasonably
11 related to the protection of the rights of Beneficiary hereunder, and enforcement or collection of
12 payment of the Note, whether by judicial or non judicial proceedings, or in connection with any
13 bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding of Trustor,
14 or otherwise. Beneficiary shall give Trustor ten (10) days' prior written notice before disbursing
15 any amounts pursuant to this Article. Any amounts disbursed by Beneficiary or Trustee pursuant
16 to this Section shall be additional indebtedness of Trustor secured by this Deed of Trust as of the
17 date of disbursement. All such amounts shall be payable by Trustor immediately without
18 demand. Nothing contained herein shall be construed to require Beneficiary or Trustee to incur
19 any expense, make any appearance or take any other action.
20
21 ARTICLE 8. ENFORCEMENT.
22
23 Section 8.01. Acknowledgement of Enforceability. Trustor represents, warrants, covenants
24 and agrees that it is the lawful owner of the Real Property and that it has good right and lawful
25 authority to encumber the same as provided herein; that the Real Property is free from any and all
26 liens and encumbrances excepting only such as have been approved by Beneficiary and that
27 Trustor warrants and will defend the title to the Property against all claims and demands
28 whatsoever not specifically excepted herein (and except for claims and demands arising from
29 acts or omissions of Beneficiary or any predecessor -in- interest to Beneficiary not previously
30 disclosed to Trustor), and Trustor will execute, acknowledge and deliver all and every such
31 further assurances unto Beneficiary of the title to the Property hereby conveyed and intended so
32 to be or that Trustor may be or shall become hereinafter bound so to do. Trustor covenants and
33 warrants that the Note and this Deed of Trust are valid and enforceable obligations of Trustor in
34 accordance with the terms thereof and hereof; and that this Deed of Trust does not, nor does the
35 Note, nor does the performance or observance by Trustor of any of the matters or things in the
36 Note or this Deed of Trust, contravene any covenant in any indenture or agreement affecting
37 Trustor.
38
39 Section 8.02. Due on Sale and Other Enforcement Provisions. Trustor's agreement to ensure
40 the continued owner occupancy of the Real Property is a substantial material consideration to
41 Beneficiary and Beneficiary's agreement to accept the Note and to accept this Deed of Trust. In
42 accordance with California Civil Code Section 711.5 and in order to induce Beneficiary to accept
43 this Deed of Trust and the Note, Trustor agrees that Trustor shall not Transfer all or any part of
44 the Property without the prior written consent of Beneficiary. Except for a Transfer to a Eligible
•
Second Deed of Trust
Page 9
1 Household (as defined in the City of San Luis Obispo's Affordable Housing Standards),
2 Beneficiary may grant or deny such consent in its sole and absolute discretion and as a condition
3 to such consent may require any transferee to assume all obligations hereunder and to agree to be
4 bound by all provisions contained herein. In the event of any proposed Transfer, Trustor shall
5 provide Beneficiary with all financial and other information pertaining to the intended transferee
6 reasonably requested by Beneficiary. In the event of any Transfer without the prior written
7 consent of Beneficiary, Beneficiary shall have the absolute right, at its option, without demand or
8 notice, to declare all outstanding Principal and all other sums due hereunder and under the Note
9 to be immediately due and payable. Further, Beneficiary may bring an action at law or in equity
to to require Trustor and the proposed transferee to terminate and/or rescind any sales contract or
11 purchase and sale transaction between them and /or to declare the transfer void, notwithstanding
12 that the transfer may have closed and become final as between Trustor and the transferee.
13 Further, Beneficiary may pursue any other remedy available under this Deed of Trust or the Note
14 or at law or in equity or under any other agreement, instrument or document entered into by
15 Trustor and Beneficiary. Beneficiary's consent to one Transfer shall not be deemed to be a
16 waiver of the right to require consent to a future or successive Transfer. As used herein,
17 "Transfer" includes any sale, agreement to sell, assignment, exchange or other conveyance of the
18 Property or any portion thereof or any interest therein, whether voluntary or involuntary, by
19 operation of law or otherwise, except that a Transfer by gift, devise or inheritance to a spouse or
20 to a spouse as a part of a dissolution proceeding shall not be considered a Transfer for purposes
21 of this Section.
22
23 ARTICLE 9. EVENTS OF DEFAULT. Each of the following shall constitute an event of
24 default ( "Event of Default ") hereunder (including, if Trustor and Trustee consists of more than
25 one person or entity, the occurrence of any of such events with respect to any one or more of such
26 persons or entities):
27
28 SECTION 9.01. Breach of Covenants. Default by Trustor in the performance of any of the
29 covenants or agreements of Trustor contained herein, in the Note, in the Affordable Housing
30 Agreement or any other note or instrument, trust deed or other obligation of Trustor relating to
31 the Property secured by any part of or all of the Property, whether junior or senior to this Deed of
32 Trust.
33
34 SECTION 9.02. Appointment of Trustee. The appointment pursuant to an order of a court of
35 competent jurisdiction, of a trustee, receiver or liquidator of the Property or any part thereof, or
36 of Trustor, or any termination or voluntary suspension of the transaction of business of Trustor,
37 or any attachment, execution or other judicial seizure of all or any substantial portion of Trustor's
38 assets; provided, however, that if such attachment, execution or seizure is involuntary, Trustor
39 shall not be deemed in default unless the same is not discharged within sixty (60) days.
40
41 SECTION 9.03. Bankruptcy Filing. The filing by or against Trustor of a petition in bankruptcy
42 or for an arrangement or for reorganization or for other form of debtor relief pursuant to the
43 federal Bankruptcy Act, as the same may be amended or replaced from time to time, or any other
44 law, federal or state, whether now existing or hereafter amended or enacted relating to insolvency
9
I or debtor relief (except that in the case of a filing against Trustor, an Event of Default shall not
2 exist unless Trustor fails to have the proceeding discharged within sixty (60) days after such
3 filing), or the adjudication of Trustor as a bankrupt or an insolvent by a decree of a court of
4 competent jurisdiction, or the making of an assignment for the benefit of creditors, or the
5 admission by Trustor in writing of its inability to pay its debts generally as they become due, or
6 the giving of consent by Trustor to the appointment of a receiver or receivers of all or
7 substantially all of its property.
8
9 SECTION 9.04. Misrepresentations. Any representation or disclosure made to Beneficiary by
10 Trustor as an inducement to the making of the loan evidenced by the Note that proves to be false
11 or misleading in any material respect as of the time the same was made, whether or not any such
12 representation or disclosure appears as part of this Deed of Trust.
13
14 SECTION 9.05. Other Events. Any other event which, under this Deed of Trust, or under the
15 Note or the Agreement, constitutes an Event of Default by Trustor hereunder or thereunder or .
16 gives Beneficiary the right to accelerate the maturity of the indebtedness, or any part thereof,
17 secured hereby.
18
19 ARTICLE 10. REMEDIES. Upon the occurrence of any Event of Default and the expiration
20 of any applicable period within which to cure the same, Trustee and Beneficiary shall have the
21 following rights and remedies:
22
23 SECTION 10.01. Acceleration. Beneficiary may declare the entire outstanding Principal and all
24 other sums or payments required hereunder to be due and payable immediately and
25 notwithstanding the date such sums would otherwise be due in accordance with the Note and the
26 Agreement.
27
28 SECTION 10.02. Entry. Whether or not Beneficiary exercises the right provided in Section
29 10.01 above, Beneficiary, in person or by agent or court- appointed receiver, may enter upon, take
30 possession of, manage and operate the Property or any part thereof and do all things necessary or
31 appropriate in Beneficiary's sole discretion in connection therewith, including, without limitation, =
32 making and enforcing, and if the same be subject to modification or cancellation, modifying or
33 canceling leases upon such terms or conditions as Beneficiary deems proper, obtaining and
34 evicting tenants, and fixing or modifying rents, contracting for and making repairs and
35 alterations, and doing any and all other acts which Beneficiary deems proper to protect the
36 security hereof; and either with or without so taking possession, in its own name, in the name of
37 Trustor or by court- appointed receiver (which may be appointed on notice or on ex parte
38 application without notice), suing for or otherwise collecting and receiving the rents and profits,
:39- including those past due and unpaid, and applying the same less costs and expenses of operation
.40'
40 ' and collection, including reasonable attorney's fees, upon any indebtedness secured hereby and in .
41 such order as Beneficiary may determine. Upon request of Beneficiary, Trustor shall assemble
42 and make available to Beneficiary at the site of the Real Property any of the Property which has
43 been removed therefrom. The entering upon and taking possession of the Property, or any part
44 thereof, the collection of any rents and profits and the application thereof as aforesaid shall not
10
Second Deed of Trust
Page 11
1 cure or waive any Event of Default theretofore or thereafter occurring or affect any notice or
2 Event of Default or notice, and, notwithstanding continuance in possession of the Property or any
3 part thereof by Beneficiary, Trustor or a receiver, and the collection, receipt and application of
4 the rents and profits, Beneficiary shall be entitled to exercise every right provided for in this
5 Deed of Trust or by law or in equity upon or after the occurrence of an Event of Default,
6 including, without limitation, the right to exercise the power of sale. Any of the actions referred
7 to in this Section may be taken by Beneficiary irrespective of whether any notice of an Event of
8 Default or election to sell has been given hereunder and without regard to the adequacy of the
9 security for the indebtedness hereby secured.
10
11 SECTION 10.03. Judicial Action. Beneficiary may bring an action in any court of competent
12 jurisdiction to foreclose this Deed of Trust or to enforce any of the covenants and agreements of
13 this Deed of Trust, or the Note and the Affordable Housing Agreement.
14
15 SECTION 10.04. Power of Sale.
16
17 SUBSECTION 10.04(a). Beneficiary may elect to cause the Property or any part thereof to be
18 sold under the power of sale herein granted in any manner permitted by applicable law. In
19 connection with any sale or sales hereunder, Beneficiary may elect to treat any of the Property
20 that consists of a right in action or that is property that can be severed from the Real Property or
21 any improvements thereon without causing structural damage thereto as if the same were
22 personal property and dispose of the same in accordance with applicable law, separate and apart
23 from the sale of the Real Property.
24
25 SUBSECTION 10.04(b). Trustee may, and upon request of Beneficiary shall, from time to time,
26 postpone any sale hereunder by public announcement thereof at the time and place noticed
27 therefor. If the Property consists of several items of property, Beneficiary may designate the order
28 in which such items shall be offered for sale or sold. Any person, including Trustor, Trustee or
29 Beneficiary, may purchase at any sale hereunder, and Beneficiary shall have the right to purchase
30 at any sale hereunder by crediting upon the bid price the amount of all or any part of the
31 indebtedness hereby secured.
32
33 SUBSECTION 10.04(c). Should Beneficiary desire that more than one sale or other disposition
34 of the Property be conducted, Beneficiary may, at its option, cause the same to be conducted
35 simultaneously, or successively, on the same day, or at such different days or times and in such
36 order as Beneficiary may deem to be in its best interests, and no such sale shall terminate or
37 otherwise affect the lien of this Deed of Trust on any part of the Property not sold until all
38 indebtedness secured hereby has been fully paid. Upon any sale hereunder, Trustee shall execute
39 and deliver to the purchaser or purchasers a deed or deeds conveying the Property so sold, but
40 without any covenant or warranty whatsoever, express or implied, whereupon such purchaser or
41 purchasers shall be let into immediate possession; and the recitals in any such deed or deeds of
42 facts, such as default, the giving of notice of default and notice of sale and other facts affecting
43 the regularity or validity of such sale or disposition, shall be conclusive proof of the truth of such
11
Second Deed of Trust
Page 12
1 facts and any such deed or deeds shall be conclusive against all'persons as to such facts recited
2 therein.
3
4 SUBSECTION 10.04(d). In case of any sale of the Property pursuant to any j udgment or decree
5 of any court or at public auction or otherwise in connection with the enforcement of any of the
6 terms of this Deed of Trust, Beneficiary, its successors or assigns, may become the purchaser;
7 and for the purpose of making settlement for or payment of the purchase price, shall be entitled to
8 deliver over and use the Note, together with all other sums, with interest, advanced and unpaid
9 hereunder, in order that there may be credited as paid on the purchase price the sum then due
10 under the Note, including principal thereon and all other sums, with interest, advanced and
11 unpaid hereunder.
12
13 SECTION 10.05. Proceeds of Sale. The proceeds of any sale made under or by virtue of this
14 Article, together with all other sums that then may be held by Trustee or Beneficiary under this
15 Deed of Trust, whether under the provisions of this Article or otherwise, shall be applied as
16 follows:
17
18 (a) First, to the payment of the costs and expenses of sale and of any judicial proceedings
19 wherein the same may be made, including reasonable compensation to Trustee and Beneficiary,
20 their agents and counsel, and to the payment of all expenses, liabilities and advances made or
21 incurred by Trustee under this Deed of Trust, together with interest on all advances made by
22 Trustee at the maximum rate permitted by law to be charged by Trustee.
23
24 (b) Second, to the payment of any and all sums expended by Beneficiary under the terms hereof
25 (including, but not limited to, sums paid by Beneficiary on the prior trust deed) not then repaid
26 and all other sums required to be paid by Trustor pursuant to any provisions of this Deed of Trust
27 or the Note, including, without limitation, all expenses, liabilities and advances made or incurred
28 by Beneficiary under this Deed of Trust or in connection with the enforcement hereof, together
.29 with interest thereon as herein provided.
30
31 (c) Third, to the payment of the entire amount then due, owing or unpaid upon the Note,
32 including attorney's fees and costs.
33
34 (d) Fourth, all amounts otherwise due Beneficiary.
35
36 (e) The remainder, if any, to the person or persons legally entitled thereto.
37,
38 SECTION 10.06. Waiver of Marshaling. Trustor, for itself and for all persons hereafter
39 claiming through or under it or who may at any time hereafter become holders of liens junior to
40 the lien of this Deed of Trust, hereby expressly waives and releases all rights to direct the order in
41 which any of the Property shall be sold in the event of any sale or sales pursuant hereto, and to
42 have any of the Property and /or other property now or hereafter constituted security for any of the
43 indebtedness secured hereby, marshaled upon any foreclosure of this Deed of Trust or for any
44 other security for any of said indebtedness.
12
Second Deed of Trust
Page 13
1
2 SECTION 10.07. Remedies Cumulative. No remedy herein conferred upon or reserved to
3 Trustee or Beneficiary is intended to be exclusive of any other remedy herein or by law provided,
4 but each shall be cumulative and shall be in addition to every other remedy given hereunder or
5 now or hereafter existing at law or in equity or by statute. No delay or omission of Trustee or
6 Beneficiary to exercise any right or power accruing upon any Event of Default shall impair any
7 right or power or shall be construed to be a waiver of any Event of Default or any acquiescence
8 therein; and every power and remedy given by this Deed of Trust to Trustee or Beneficiary may
9 be exercised from time to time as often as may be deemed expedient by Trustee or Beneficiary. If
10 there exists additional security for the performance of the obligations secured hereby, the holder
11 of the Note, at its sole option, and without limiting or affecting any of its rights or remedies
12 hereunder, may exercise any of the rights and remedies to which it may be entitled hereunder
13 either concurrently with whatever rights and remedies it may have in connection with such other
14 security or in such order as it may determine. Any application of any amounts or any portion
15 thereof held by Beneficiary at any item as additional security hereunder, whether pursuant to this
.16 deed of trust or otherwise, to any indebtedness secured hereby shall not extend or postpone the
17. due dates of any payments due from Trustor to Beneficiary hereunder or under the Note, or
18 change the amounts of any such payments or otherwise be construed to cure or waive any default
19 or notice of default hereunder or invalidate any act done pursuant to any such default or notice. In
20 the event that Beneficiary shall have proceeded to enforce any right under this Deed of Trust by
21 foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or
22 abandoned for any reason or shall have been determined adversely, then, and in every such case,
23) Trustor and Beneficiary shall be restored to their former positions and rights hereunder with
24 respect to the Property subject to the lien hereof.
25
26 AR'T'ICLE 11. MISCELLANEOUS
27
28 SECTION 11.01. Severability. In the event that any one or more of the provisions contained in
29 this Deed of Trust shall for any reason be held to be invalid, illegal or unenforceable in any
30 respect, such invalidity; illegality or unenforceability shall not affect any other provision of this
31 Deed of Trust, and this Deed of Trust shall be construed as if such invalid, illegal or
32 unenforceable provision had never been contained herein.
33,
34 SECTION 11.02. Certain Charges. Trustor agrees to pay the charges of Beneficiary for any
35 service rendered Trustor, or on its behalf, connected with this Deed of Trust or the indebtedness
36 secured hereby, including, without limitation, delivering to an escrow holder a request for full or
37 partial reconveyance of this Deed of Trust, transmitting to an escrow holder moneys secured
38 hereby, changing the records pertaining to this Deed of Trust and indebtedness secured hereby,
39 showing a new owner of the Property and replacing an existing policy of insurance held
40 hereunder with another such policy.
41
42 SECTION 11.03. Notices. All notices expressly provided hereunder to be given by Beneficiary
43 to Trustor and all notices and demands of any kind or nature whatsoever that Trustor may be
44 required or may desire to give to or serve on Beneficiary shall be in writing and shall be served
13
Second Deed of Trust
Page 14
1 by first class or registered or certified mail, return receipt requested. Any such notice or demand
2 so served shall be deposited in the United States mail, with postage thereon fully prepaid and
3 addressed to the party so to be served at its address above stated or at such other address of which
4 said party shall have theretofore notified in writing, as provided above, the party giving such
5 notice. Service of any such notice or demand so made shall be deemed effective on the date of
6 actual delivery as shown by the addressee's return receipt or the expiration of forty -eight (48)
7 hours after the date of mailing, whichever is the earlier in time, except that service of any notice
8 of default or notice of sale provided or required by law shall, if mailed, be deemed effective on
9 the date of mailing.
10
11 SECTION 11.04. Trustor Not Released. Extension of the time for payment or modification of
12 the terms of payment of any sums secured by this Deed of Trust granted by Beneficiary to any
B successor -in- interest of Trustor shall not operate to release, in any manner, the liability of the
14 original Trustor. Beneficiary shall not be required to commence proceedings against such
15 successor or refuse to extend time for payment or otherwise modify the terms of the payment of
16 the sums secured by this Deed of Trust by reason of any demand made by the original Trustor.
17 Without affecting the liability of any person, including Trustor, for the payment of any
18 indebtedness secured hereby, or the lien of this Deed of Trust on the remainder of the Property
19 for the full amount of any such indebtedness and liability unpaid, Beneficiary and Trustee are
20 respectively empowered as follows: Beneficiary may from time to time and without notice (a)
21 release any person liable for the payment of any of the indebtedness, (b) extend the time or
22 otherwise alter the terms of payment of any of the indebtedness, (c) accept additional real or
23 personal property of an kind as security therefor, whether evidenced by deeds of trust, mortgages,
24 security agreements or any other instruments of security, or (d) alter, substitute or release any
25 property securing the indebtedness; Trustee may, at any time and from time to time, upon the
26 written request of Beneficiary (a) consent to the making of any map or plat of the Property or any
27 part thereof, (b) join in granting any easement or creating any restriction thereon, (c) join in any
28 subordination agreement or other agreement affecting this Deed of Trust or the lien or charge
29 hereof, or (d) reconvey, without any warranty, all or part of the Property.
30
31 SECTION 11.05. Inspection. Beneficiary may at any reasonable time or times make or cause to
32 be made entry upon and inspections of the Property or any part thereof in person or by agent.
33
34 SECTION 11.06. Reeonveyanee. Upon the payment in full of all sums secured by this Deed of
35 Trust or upon forgiveness of such payment in accordance with the Note, Beneficiary shall request
36 that Trustee reconvey the Property and shall surrender this Deed of Trust and Note evidencing
37 indebtedness secured by this Deed of Trust to Trustee. Upon payment of its fees and any other
38 sums owing to it under this Deed of Trust, Trustee shall reconvey the Property without warranty
39 to the person or persons legally entitled thereto. Such person or persons shall pay all costs of
40 recordation, if any. The recitals in such reconveyance of any matters of facts shall be conclusive
41 proof of the truthfulness thereof. The grantee in such reconveyance may be described as "the
42 person or persons legally entitled thereto." Five (5) years after issuance of such full
43 reconveyance, Trustee may destroy the Note and this Deed of Trust unless otherwise directed by
44 Beneficiary.
14
Second. Deed of Trust
Page 15
2 SECTION 11.07. Interpretation. Wherever used in this Deed of Trust, unless the context
3 indicates a contrary intent, or unless otherwise specifically provided herein, the word " Trustor"
4 shall mean and include both Trustor and any subsequent owner or owners of the Property, and
5 the word 'Beneficiary" shall mean and include not only the original Beneficiary hereunder but
6 also any future owner and holder, including pledgees, of the Note secured hereby. In this Deed of
7 Trust wherever the context so requires, the masculine gender includes the feminine and /or neuter,
8 and the neuter includes the feminine and /or masculine, and the singular number includes the
9 plural and conversely. In this Deed of Trust, the use of the word "including" shall not be deemed
10 to limit the generality of the term or clause to which it has reference, whether or not non - limiting
11 language (such as "without limitation," or "but not limited to" or words of similar import) is used
12 with reference thereto. The captions and headings of the Articles and Sections of this Deed of
13 Trust are for convenience only and are not to be used to interpret, define or limit the provisions
14 hereof.
15
16 SECTION 11.08. Consent. The granting or withholding of consent by Beneficiary to any
17 transaction as required by the terms hereof shall not be deemed a waiver of the right to require
18 consent to future or successive transactions.
19
20 SECTION 11.09. Successors and Assigns. All of the grants, obligations, covenants,
21 agreements, terms, provisions and conditions herein shall run with the land and shall apply to,
22 bind, and inure to the benefit of the heirs, administrators, executors, legal representatives,
23 successors and assigns of Trustor and the successors -in -trust of Trustee and the endorsees,
24 transferees, successors and assigns of Beneficiary. In the event that Trustor is composed of more
25 than one party, the obligations, covenants, agreements and warranties contained herein as well as
26 the obligations arising therefrom are and shall be joint and several as to each such party.
27
28 SECTION 11.10. Governing Law. Tl is Deed of Trust shall be governed by and construed under
29 the laws of State of California.
.30
31 SECTION 11.11. Trustor Waivers. Trustor waives the benefit of all laws now existing or that
32 hereafter may be enacted with respect to any statute of limitations for the filing of any action or
33 claims by Beneficiary.
34
35 SECTION 11.12. Superiority of First Lender Documents.
36
37 SUBSECTION 11.12(a). This Deed of Trust shall not diminish or affect the rights of the First
38 Lender under that certain deed of trust dated , executed by the
39 Trustor in favor of the First Lender and recorded in the County of San Luis Obispo on
40 , and assigned Instrument No. or any subsequent
41 First Lender deeds of trust hereafter recorded against the Security (the "First Deed of Trust "),
42 except as provided in Subsection 12.13(b) below. Beneficiary and Trustor acknowledge and
43 agree that this Deed of Trust is subject and subordinate in all respects to the liens, terms,
44 covenants and conditions of the First Deed of Trust and to all advances heretofore made or which
15
L J
Second Deed of Trust
Page 16
•
1 may hereafter be made pursuant to the First Deed of Trust including all sums advanced for the
2 purpose of (i) protecting or further securing the lien of the First Deed of Trust, curing defaults by
3 the Trustor under the First Deed of Trust or for any other purpose expressly permitted by the First
4 Deed of Trust or (ii) constructing, renovating, repairing, furnishing, fixturing or equipping the
5 Property. The terms and provisions of the First Deed of Trust are paramount and controlling, and
6 they supersede any other terms and provisions hereof in conflict therewith.
7
8 SUBSECTION 11.12(b). In the event of default, the First Lender may take the following actions
9 to cure the default, provided first that: (i) the Beneficiary has been given written notice of a
10 default under the First Deed of Trust, and (ii) the Beneficiary shall not have cured the default
11 under the First Deed of Trust, or diligently pursued curing the default as determined by the First
12 Lender, within the 60 -day period provided in such notice sent to the Beneficiary:
13
14 1) Foreclose on the subject property pursuant to the remedies permitted by law and written
15 in a recorded contract or deed of trust; or
16
17 2) Accept a deed of trust or assignment to the extent of the value of the unpaid first
18 mortgage to the current market value in lieu of foreclosure in the event of default by a
19 trustor; or
20
21 3) Sell the property to any person at a fair market value price subsequent to exercising its
22 rights under the deed of trust. Any value in excess of the unpaid mortgage and costs of
23 sale administration shall be used to satisfy the City loan. In no case may a first mortgage
24 lender, exercising foreclosure assignment in -lieu of foreclosure or sale, obtain value or
25 rights to value greater than the value of the outstanding indebtedness on the first
26 mortgage at the time of the debt clearing action.
27
28 The following types of transfers shall remain subject to the requirements of the City's loan and
29 right of first refusal: transfer by gift, devise, or inheritance to the owner's spouse; transfer to a
30 surviving joint tenant; transfer to a spouse as part of divorce or dissolution proceedings; or
31 acquisition in conjunction with a marriage.
32
33 SECTION 11.13. Request for Notices of Default and Sale.
34
35 SUBSECTION 11.13(a). Trustor hereby requests that a copy of any notice of default and notice
36 of sale as may be required by law or by this Deed of Trust be mailed to Trustor at its address
37 above stated.
38
39 SUBSECTION 11.13(b). In accordance with Section 2924b of the California Civil Code, request
40 J is hereby made that a copy of any notice of default and a copy of any notice of sale under that
41 deed trust recorded concurrently herewith, be mailed to: Community Development Director,
42 City of San Luis Obispo, 990 Palm Street, San Luis Obispo, California 93401.
43
44 SECTION IL 14. No Transfer. Trustor shall not voluntarily or involuntarily (except for a
45 transfer in accordance with the Affordable Housing Agreement) assign or otherwise transfer any
16
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3
4
5
6
7
8
9
10
11
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13
14
15
16
17
18
19
20
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25
26
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35
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37
38
39
40
41
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44
Second Deed of Trust
Page 17
of its rights, duties, liabilities or obligations hereunder or under the Note without the prior written
consent of Beneficiary.
SECTION 11.15. Attorney's Fees. In any action to interpret or enforce any provision of this
Deed of Trust, the prevailing party shall be entitled to reasonable costs and attorney's fees.
IN WITNESS WHEREOF, the undersigned have executed this Deed of Trust as of the day and
year first above written. (attach notarization)
jfLiAtQX Ly w�oJ
"Trustor" I
&IIA
"Trustee"
N�
"Beneficiary"
17
Esceaw No.: 08- 34802627 -FM
Locate No.: CACT17740- 7740 - 1348 - 0034802627
Title No.: 08- 34802627 -Mw
EXHIBIT "A"
Parcels:
•
An undivided 1 /9th interest in Lot 1 of Tract 2832, in the City of San Luis Obispo, County of San Luis Obispo, State of
California, according to the Map recorded August 16, 2007 in Book 30, Page 73 of Maps, in the Office of the County Recorder
of Said County.
Excepting therefrom Units 1, 2, 3, 4, 5, 6, 7, 8 and 9 as disclosed and. delineated on the Condominium Plan recorded August
16, 2007 as instrument number 2007- 056066 of Official Records and as Amended and Restated by Condominium Plan
recorded August 30, 2007 as instrument number 2007 - 059200 of Official Records.
Parcel 2:
Unit 7, with appurtenant exclusive rights of use, possession and. occupancy of the exclusive use common area, as disclosed
and delineated on the Condominium Plan recorded August 16, 2007 as instrument number 2007- 056066 of Official Records
and as Amended and Restated by Condominium Plan recorded August 30, 2007 as instrument number 2007-059200 of Official
Records.
APN: 003 - 663 -019
Exhibit Page - Legal(exhibit)(08 -07)
State of California _ )
County of San Luis Obispo )
On Teacg 15, 2.o before me,
Amy LouAnn Beasley , Notary Public (here insert name and title of the officer),
personally appeared. Briana He wood _
who proved tome on the basis of satisfactory evidence to be the person(s) whos ame(s y re subscribed to the within
instrum and acknowledged to me that h _ she hey executed the same in hi er/ eir aized capacity(ies), and that
by his er/ heir signature(s) on the instrument the person(s), or the entity u ehalf of which the person(s) acted,
execute he instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and
correct.
WITNESS my han nd o ci a
Signature (Seal)
AMY LOUANN BEASLEY
COMM. #1511832
m NOTARY PUBLIC - CALIFORNIA M
Q SAN LUIS OBISPO COUNTY m
My Comm. Expires SEPT. 5.2008
(notary)(12 -07) END OF DOCUMENT
'A4
Recording requested by:
-_
cuESTa -TITLE
When recorded, mail to:
City of San Luis Obispo
Public Works Department
919 Palm Street
San Luis Obispo; CA 93401
APN: 003 - 752 =007
No fee per Government Code 6103
GRANT DEED
No Documentary . Transfer Tax per Revenue Taxation Code 11922
For a valuable consideration, receipt of which is hereby acknowledged,
EXEMPT I OUrat=
STATE
Patrick B Clemens and Joy Clemens, Husband and Wife as Community Property
with rights of survivorship, as to an undivided 25% interest; Michael Clemens and
Virginia Clemens, Husband and Wife as Community Property with rights of
survivorship, as to an undivided 25% interest; David R. Atkinson and Cathy
Atkinson, Trustees of the Atkinson Family Trust utd February 11, 1991, as to an
undivided 25% interest; and Garden Station, LLC, a California limited liability
company, as to an undivided 25% interest; as Tenants in Common. (hereinafter
collectively "Grantor ")
do(es) hereby grant(s) to
The City of San Luis Obispo, a 1lMunici'al Corporation-and A Charter City of the
State of California (City)
The following interests in real property in the City of San Luis Obispo, County of San Luis
Obispo, State of California; described below:
In Fee:
All that certain real property, in fee, in the City of San Luis Obispo, County of San Luis
Obispo, State of California, described in Exhibit "A -1" and depicted in Exhibit "A -2 ", attached
hereto and incorporated herein.
�- JULIE'ROD EWALD
mEl
,,:',,San Luis OW VWUUV— Clerk/Recorder
2/29/2008
'`'_ -- }Recorded at the.request of - -
8:00 AM
>Cuesta.Titl' p Company
j '. b O c # : 2008009937
Titles: t
Pages: 11
Fees
0.00
Taxes
0.00
Others
0.00
PAID
$0.00
No fee per Government Code 6103
GRANT DEED
No Documentary . Transfer Tax per Revenue Taxation Code 11922
For a valuable consideration, receipt of which is hereby acknowledged,
EXEMPT I OUrat=
STATE
Patrick B Clemens and Joy Clemens, Husband and Wife as Community Property
with rights of survivorship, as to an undivided 25% interest; Michael Clemens and
Virginia Clemens, Husband and Wife as Community Property with rights of
survivorship, as to an undivided 25% interest; David R. Atkinson and Cathy
Atkinson, Trustees of the Atkinson Family Trust utd February 11, 1991, as to an
undivided 25% interest; and Garden Station, LLC, a California limited liability
company, as to an undivided 25% interest; as Tenants in Common. (hereinafter
collectively "Grantor ")
do(es) hereby grant(s) to
The City of San Luis Obispo, a 1lMunici'al Corporation-and A Charter City of the
State of California (City)
The following interests in real property in the City of San Luis Obispo, County of San Luis
Obispo, State of California; described below:
In Fee:
All that certain real property, in fee, in the City of San Luis Obispo, County of San Luis
Obispo, State of California, described in Exhibit "A -1" and depicted in Exhibit "A -2 ", attached
hereto and incorporated herein.
8/30/07 (slo /gardenstation /deed.doc)
Temporary Construction. Easements:
Temporary Construction Easements for the purposes of facilitating construction within and upon
-the Fee parcel described above, in, on, over, under, along, through and across those certain
parcels of land identified as "Temporary Construction Easement# 1" and "Temporary
Construction Easement # 2" as depicted in Exhibit "A -3", attached hereto and incorporated
herein. The Temporary Construction Easements and all access rights related thereto shall
automatically terminate at the conclusion of City's construction or by December 31, 2008,
whichever occurs first.
This Deed may be executed in counterparts, each of which so executed shall irrespective of the
date of its execution and delivery be deemed an original, and all such counterparts together shall
constitute one and. the same instrument.
Signatures on following pages:
IN W E OF, the undersigned have executed this instrument as of the �c�day of
2 , 2007.
State of California
GRANTOR:
�jPatrick B.QClemens and Joy Clemens
I 4Tt B_U�_�� 1-1/
) I/'
County of.�C�ec ✓�C�Gc�✓C�
On Y_ before me,_ Penny PeIL Sharrett, Notary PubNc
,Notary Public
personally appeared (-) L°3/Y1 -e-
^"ally laum u., to we (or proved to Ine on the basis of satisfactory evidence) to be the person(s) whose
name(s) is /ere subscribed to the within instrument and acknowledged to me that-Ie /she /thy executed the
same in#4;/her/tlaeir authorized capacity(ies), and that by- liis/�th%iF signatures(s) on the instrument the
person(s); or the entity upon behalf of which the person(s) acted, executed the instrument.
WITNESIL
Signature
2
(Seal) MW K 9 WAR
?;09%"&:IamWmW • 1678131
I%WNOM PUM - ealtotno
scrod Mao Couror
IMvCcffmEVMA026,!Ej
i
)VERNMENT CODE 27361.7
I certify under the penalty of perjury that the notary seal on the
document to which this statement is attached reads as follows:
Name of Notary:
j eel�n�y
Name of County: -9,4r-L F ,zA
Date Commission Expires: �v, Z� , Za)o
Commission # X6'7 � %2/
Signature of person (Firm name if any)
making verification.
Date: 2 z.516 �
Location:,
(City)
State of California
8/30/07 (slo /gardenstation /deed.doc)
st
IN WITNESS WHEREOF, the undersigned have executed this instrument as of the day of
N o \3 ewt 1ce-f 72007.
M' el d Virginia Clemens
Michael Clemens
�A Vir is Clemens
State of Gal f4mia
County of /'jA(Li&PJ
On N 0J • i 12�o'I before me �k mr11e- Pp_tk_0 r , Notary Public
personally appeared R. Cvx&e_
personally known to me (or proved to me on IYe basis of satisfactory evidence) to be the person(s) whose
name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they_ex,ecut& the
same in his /her /their authorized capacity(ies), and that by his /her /their signatures(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) acted, executed the instrument: `-
WITNESS my hand and official seal
Signature czu- 1" (Seal) i r`
--------------------------------------------------------------
IN WITNESS WHEREOF, the undersigned have executed this instrument as of the day of
2007.
Atkinson Family Trust utd February 11, 1991 .
David R. Atkinson, Trustee
By:
Cathy Atkinson, Trustee:
State of California
County of
On before me, , Notary Public
personally appeared
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose
name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the
same in his/her /their authorized capacity(ies), and that by his/her /their signatures(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal
Signature
(Seal)
3
—d(
Ae Iz
8/30/07 (slo /gardenstation /deed.doc)
IN WITNESS WHEREOF, the undersigned have executed this instrument as of the day of
2007.
Michael Clemens and Virginia Clemenss
Michael Clemens
Virginia Clemens
State of California
County of
On before me,
Notary Public
personally appeared
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose
name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the
same in his/her /their authorized capacity(ies), and that by his /her /their signatures(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) acted; executed the instrument.
WITNESS my hand and official seal
Signature
(Seal)
IN WITNESS WHEREOF, the undersigned have executed this instrument as of the Zt 'day of
OC'fDP�C�- , 2007.
Atkin &a Trust utd February 11, 1991
By:
4avid R. Atkinson, Trustee
By:
Cathy Atwson, Trustee
State of California
County of 5� -17 �-1,k-,,
On VGf ; 7S zG`jj' before me, L\/AG,Ai /5 ,Notary Public
personally appeared
pe o allylua m to —me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose
name(s) ' are ubscribed to the within instrument and acknowle=beir me thatldAe executed the
same in their uthorized capacity(ies), and that by his er ignatures(s) on t e instrument the
person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal
L-- ` �L
Signature "
tz
WILLIAM B. MULLEN
V61MY Commission # 1604815
Notary Public - California
(Sea Santa Barbara County
Comm. Expires Sep 5, 2009
7 0
8/30/07 (slo /gardenstation /deed.doc)
IN WITNESS WHEREOF, the undersigned have executed this instrument as of the gr day of
�'I'02ig2., 2007.
Garden StJilon. LLC
By: v
Name: P1 V� L. F-0591
Title: MNW A6EV-
State of California
County of S 1 0
On
7 before me, 'Y'Yv l , Notary Public
personally appeared \U 'Tl r I L• I
�inhis own to me (or proved to me on the basis of satisfactory evidence) to be the person whose
nsu scribed to the within instrument and acknowledged to me that he /s e /t1Xy executed the
s� /thlir authorized capacity( ), and that by his/h/r /thg(r signatures on the instrument the
person, or the entity upon behalf of which the person acted, executed the instrument.
WITNESS my hand an ffi i se�1
Ow GARCI A
Signature (S C=M ** n f 164M1
�Y A . C01IMft
1M Ni 0bkP0 Cor< *
Co�lllL e��l�=1. ml
CERTIFICATE OF ACCEPTANCE, GOVT CODE SECTION 27281
This is to certify that the City of San Luis Obispo, grantee herein, hereby accepts for public
purposes the real property, or interests therein, described in the within deed and consents to the
recordation thereof.
In Witness Whereof, I have hereunto set my hand this L day of 2007.
A-1.
`s.''✓ F.a� x-.41' � �
City Cler .. 4
Rabobank
State of California
County of Santa Barbara
0
CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT
On October 26, 2007 before me, Matthew A. Sainz, Notary Public, personally appeared Patrick B. Clemens,
-E] persernaily la t4&-me - OR - ® proved to me on the
basis of satisfactory evidence to be the personK whose
name(, is /aye subscribed to the within instrument and
acknowledged to me that he/sheAhey executed the same in
his /kter4heir authorized capacity(ies% and that by
his /hcrhh& signaturekg7 on the instrument the person(,sJ, or
the entity upon behalf of which the person j acted,
executed the instrument.
MATTHEW A. 741 N WITNESS m hand and official seal.
p COMM. ;81662741 y
NOTARY PUBLIC - CALIFORNIA K
SANTA BARBARA COUNTY
My Comm. Expires May 1, 2010 b
I.J
OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the document and
could prevent fraudulent reattachment of this form.
CAPACITY CLAIMED BY SIGNER (PRINCIPAL)
❑ Individual
❑ Corporate Officer
Title
❑ Partner(s) ❑ Limited
❑ General
❑ Attorney -in -Fact
❑ Trustee(s)
❑ Guardian/Conservator
❑ Other:
Absent Signer (Principal) is Representing:
ADM -005 (07/01) Platform
DESCRIPTION OF ATTACHED DOCUMENT
Grant Deed
Title or Type of Document
7
Number of Pages
10/26/2007
Date of Document
Joy Clemens,
Signer(s) Other Than Name(s) Above
EXHIBIT A -1
Right of Way
Legal Description
A portion of Block A, Fairview Addition to the City of San Luis Obispo, in the City of San Luis
Obispo, in the County of San Luis Obispo, State of California, according to map tiled for record
October 24, 1887 in Book A, Page 98 of Maps and a portion of Block 13 of the Buena Vista
Addition to the City of San Luis Obispo, in the City of San Luis Obispo, County of San Luis
Obispo, State of California,-according to map recorded October 20, 1887 in Book A, Page 47 of
Maps, in the office of the County Recorder of said County, described more particularly as follows:
Parcel L
That portion of Lot 1, Block 13 of said Map of Buena Vista Addition laying Northwesterly of a
curve which is tangent to the North and West lot lines of said Lot 1, having a radius of 8.00 feet a
curve length of 11.85 feet and a central angle of 84'50'19".
Containing 11.1 sq. ft., more or less.
Parcel 2:
Being a strip of land which is parallel and contiguous with the East Line of Santa Barbara Avenue
and containing the West 7.00 feet of lots 4, 5 and 6 together with the West 7.00 feet of the South
15.91 feet of Lot 3 of Block 13 of said Map of Buena Vista Addition
Containing 942.8 sq. ft., more or less.
Parcel 3:
Being a strip of land which is parallel and contiguous with the East Line of Santa Barbara Avenue
and containing the West 7.00 feet of lots 9, 10 11 and 12 of Block A of said Fairview Addition,
excepting East 2.20 feet of the South 9.51 feet of Lot 11 of said 7.00 foot wide strip and the East
2.20 feet of the North 38.76 feet of Lot 12 of said 7.00 foot wide strip.
Containing 1,218.3 sq. ft., more or less.
THIS DOCUMENT WAS PREPARED BY ME
OR UNDER MY DIRECTION.
Robert A. Livick, PLS 8126 exp 12/31/08 Date
A.
-r No. 8126 W
EXP. 12/3
OF CAL��O
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