HomeMy WebLinkAboutD-1780 Escrow No. 348-02895 Recorded 07/18/20081
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is
Recording Requested By:
Chicago Title Company
WHEN RECORDED RETURN TO:
City of San Luis Obispo
990 Palm Street
San Luis Obispo, Ca. 93401
Attn: City Clerk
Escrow No. 348 -02895 FM /MW
t ..,
JULIE . RODMALD 7nei2ooa
San Luis Obispo county— clerk7Recorder r /
j Recorded at fhe request of 3:42 PM
Chicago Title Company
Titles: 4
DOC#: :2008036997 Fees
Taxes
Others
PAID
The undersigned declare that there is no documentary
transfer tax on this matter.
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 2 day ofJ ZOD by Jennifer L. Beck
( "Trustor"), the buyer of the real property described. h rein below, whose address is:
1075 Ella Street #3, San Luis Obispo, California
To Chicago Title Company ( "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, Beneficiary and Brian and Chenda .Rolph entered into an
Affordable Housing .agreement to implement Council Resolution No. 9801 -07, approving the
development called 1063. Ella Street Condo Conversion; and
WHEREAS, to implement said Affordable Housing A e Beneficiary and Trustor entered
into that certain Promissory Note ( "Note ") dated I 7ent,
0A 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 fiuther described in Exhibit A (the "Real
Property"); and
WHEREAS, Beneficiary and Trustor desire to ensure that the Real Property remain affordable to
moderate - 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:
Pages: 20
89.00
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0.00
$89.00
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Deed of Trust
Page 2
1 Trustor ; = in consideration of the indebtedness referred to below and the trust herein created,
2 irrevocably grants, conveys, transfers and assigns to Trustee, and its successors and assigns, in
3 trust, power of sale and right of entry and possession, all of Trustoes estate, right, title and
4 interest in, to and under the Real Property;
5
6 TOGETHER WITH all structures and improvements now existing or hereafter erected on the
7 Real Property, all easements, rights and appurtenances thereto or used in connection therewith, all
8 rents, royalties, issues, profits, revenues, income and other benefits thereof or arising from the use
9 or enjoyment of all or any portion thereof (subject, however, to the right, power and authority
10 given herein to Trustor to collect and apply such rents, royalties, issues, profits, revenues, income
11 and other benefits prior to an Event of Default hereunder), all interests in and rights, royalties and
12 profits in connection with all minerals, oil and gas and other hydrocarbon substances thereon or
13 therein, development rights or credits, air rights, water, water rights (whether riparian,
14 appropriative or otherwise and whether or not appurtenant) and water stock, all .intangible
15 property and rights relating to the Real Property or the operation thereof or used in connection
16 therewith, including, without limitation, trade names and trademarks and all furniture and fixtures,
17 now or hereafter located in, or on, or attached or affixed to, or used or intended to be used in
18 connection with, the Real Property, including, but without limitation, all heating, lighting, laundry,
19 incinerating, gas, electric and power equipment, pipes, plumbing, fire prevention and fire
20 extinguishing, refrigerating, ventilating and communication apparatus, air cooling and air
21 conditioning apparatus, shades, awnings, blinds, curtains, drapes, attached floor coverings,
22 including rugs and carpeting and. other installed appliances, attached cabinets, trees, plants and
23 other items of landscaping, shall, to the fullest extent permitted by law and for the purposes of this
24 Deed of Trust, be deemed to be part and parcel o f and appropriated to the use of the Real
25 Property and, whether or not affixed or annexed thereto, be deemed conclusively to be real
26 property and conveyed by this Deed of Trust, and Trustor agrees to execute and deliver, from
27 time to time, such further instruments and documents as may be required by Beneficiary to
28 confirm the lien of this Deed of Trust on any of the foregoing;
29
30 TOGETHER WITH all of the estate, .interest, right, title, other claim or demand which Trustor
31 now has or may hereafter acquire in any and all awards made for the taking by eminent domain, or
32 by any proceeding or purchase in lieu thereof of the whole or any part of the Property (as
33 hereinafter defined), including, without limitation, any awards resulting from a change of grade of
34 streets and awards for severance damages;
35
36 TOGETHER WITH all of the estate, interest, right, title and other claim or demand which
37 Trustor now has or may hereafter acquire with respect to the unearned premiums accrued,
38 accruing or to accrue and the proceeds of insurance in effect with respect to all or any part of the
39 foregoing. All of the foregoing property referred to in this Deed of Trust, together with the Real
40 Property, is herein referred to as the "Property."
41
42 ARTICLE 1. PURPOSE AND CONSIDERATION. This trust deed is established for the
43 purpose of securing, in such order of priority as Beneficiary may elect:
44
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Deed of Trust
Page 3
1 (a) The repayment of the indebtedness evidenced by Trustoes�` Promissory, Note (the
2 "Note ") of even date herewith payable to the order of Beneficiary, in the principal sum of
3 One Hundred Twelve Thousand Four - Hundred Dollars ($112,400) ( "Principal "), and any
4 and all late charges, interest costs or fees required thereunder and all extensions, renewals,
5 modifications, amendments and replacements thereof. The amount of the Note is the
6 monetary difference between said property's initial sales price, as allowed by the City's
7 Affordable Housing Standards and its initial market value, as specified in the Note.
9 (b) The payment of all other sums which may be advanced by or otherwise be due to
10 Trustee or Beneficiary .under any provision of this Deed of Trust with interest (if any)
11 thereon at the rate provided herein or therein.
12
13 (c) Performance of all covenants of Trustor made in this Deed of Trust.
14
15 (d) Compliance with all Restrictions as set forth in Article 2 of the Affordable Housing
16 Agreement and this Deed of Trust..
17
18' ARTICLE 2. TRUSTOR RESTRICTIONS. To protect the security of this Deed of Trust,
19 Trustor and Trustee hereby covenant and agree as follows:
20
21 SECTION 2.01. Restrictions on Use and Occupancy. The Real Property shall be used solely
22 for owner- occupied housing and occupied solely by low- or moderate income households, as
23 defined in the Affordable Housing Agreement, the terms and restrictions of which are
24 incorporated by this reference as if fully set forth herein..
25
26 SECTION 2.02. Restrictions on Sale. The Real Property shall be sold or otherwise transferred
27 only to eligible households, as defined herein, or to the City, its Housing Authority, or to a non-
28 profit housing agency designated by City. Sales prices shall be based on and consistent with the
29 Affordable Housing Standards published by the City's Community Development Department.
30
31 SECTION 2.03. Term of Use, Occupancy and Sale Restrictions. Trustor agrees that the
32 above restrictions to the use, occupancy and sale of the Real Property shall remain in effect for a
33 period of not less than forty five (45) years from the date of the property's initial sale, or until
34 July 8. 2053. Further, Trustor agrees that all future grant deeds for or transfers of interest in the
35 properties shall contain a restriction providing that for the period of time specified in this deed of
36 trust, there shall be no sale, lease, rental, or other transfer of the properties except for the sale to
37 and occupation by eligible low income households. Any sale, lease, rental, or other transfer of the
38 property in violation of this Agreement shall be void, as provided below.
39
40 SECTION 2.04. Determination of Eligibility. Trustor and Trustee agree to retain the Housing
41 Authority of the City of San Luis Obispo, or other qualified entity acceptable to the City, to
42 determine whether prospective buyers qualify as eligible households as defined in the Affordable
43 Housing Standards.
44
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Deed of Trust
Page 4
1 SECTION 2.05. Covenants "Binding. These affordability requirements shall be covenants
2 running with the land as defined in California Civil Code Section 1460, and shall apply to the Real
3 Property as further described on Exhibit A. Pursuant to Civil Code Section 1468, which governs
4 such covenants, the provisions of this Agreement shall be binding upon all parties having any
5 right, title, or interest in any of the properties described herein, or any portion thereof and on their
6 heirs, successors in interest and assigns for a period of 45 years from the initial date of sale of the
7 property. The parties agree that all future deeds or transfers of interest regarding the properties
8 shall show the restrictions of this Agreement for as long as the Agreement is in effect.
10 SECTION 2.06. First Right of Refusal. Upon resale, Trustor and Trustee agree that the City or
11 the Housing Authority of the City of San Luis Obispo shall have the first right of refusal to
12 purchase the property or properties at the then current appraised value, as further described in the
13 Note.
14
15 SECTION 2.07. Performance of Obligations Secured. Trustor shall promptly pay when due
16 the indebtedness evidenced by the Note and any late charges, costs and/or fees provided for in the
17 Note and shall further perform fully and in a timely manner all other obligations of Trustor
18 contained herein or in the Note.
19
20 ARTICLE 3 — INSURANCE REQUIREMENTS
21
22 SECTION 3.01. Trustor shall keep the Property and all improvements thereon insured against
23 loss or damage by fire with extended all-risk coverage clauses, including vandalism and malicious
24 mischief clauses, in an amount not less than one hundred percent (100 %) of the full replacement
25 cost of such improvements with a company or companies and in such form and with such
26 endorsements as may be approved or required by Beneficiary.
27
28 SECTION 3.02. Trustor shall also maintain in full force and effect a policy of homeowners'
29 general liability insurance insuring Trustor against liability' for bodily injury, property damage and
30 personal injury arising out of the operation, use or occupancy of the Property. The initial amount
31 of such insurance shall be One Hundred Thousand Dollars ($100,000.00) per occurrence and not
32 in the aggregate and shall be subject to periodic increase based upon increased liability awards or
33 the reasonable recommendation of Trustor's professional insurance advisor. Trustor shall name
34 Beneficiary as an additional insured under such policy. Such insurance shall be primary with
35 respect to any insurance maintained by Beneficiary and shall not call on Beneficiary's insurance for
36 contributions.
37
38 SECTION 3.03. Trustor shall pay all premiums for the insurance policies required to be
39 maintained under this Deed of Trust within fifteen (15) days after Trustor's receipt of a copy of
40 the premium statement or other evidence of the amount due. At least thirty (30) days prior to the
41 expiration of such policy, Trustor shall deliver to Beneficiary a renewal of such policy.
42
43 SECTION 3.04. Any insurance which Trustor is required to maintain under this Deed of Trust
44 shall include a provision requiring that the insurance carrier give Beneficiary not less than thirty
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Deed of Trust
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1 (30) days written notice prior to any cancellation or modification of such coverage. If Trustor (i)
2 fails to deliver any policy or renewal to Beneficiary required under this Deed of Trust within the
3 prescnbed time period or (ii) if any such policy is canceled or modified to reduce the amount or
4 type of coverage without Beneficiary's consent and no substituted comparable coverage is
5 obtained by Trustor prior to such cancellation or modification, Beneficiary may obtain such
6 insurance. In such case, Trustor shall reimburse Beneficiary for the cost of such insurance within
7 fifteen (15) days after receipt of a statement that indicates the cost of such insurance and upon
8 proof that Beneficiary has paid said statement.
9
10 SECTION 3.05. Trustor shall maintain all insurance required under this Deed of Trust with
11 companies holding a "general policy rating" of A -8 or better, as set forth in the most current issue
12 of "Best Key Rating Guide." Trustor acknowledges that the insurance described in this Section is
13 for the primary benefit of Beneficiary. Beneficiary makes no representation as to the adequacy of
14 such insurance to protect Trustor's or Beneficiary's interests. Therefore, Trustor shall obtain any
15 additional property or liability insurance that Trustor deems necessary to protect Beneficiary and
16 Trustor, in the exercise of reasonable judgment.
17
18 SECTION 3.06. Notwithstanding anything to the contrary contained herein, Trustor's obligation
19 to carry the insurance provided for herein may be brought within the coverage of a so -called
20 blanket policy or policies of insurance carried and maintained by Trustor; provided, however, that
21 Beneficiary shall be named as an additional insured thereunder and that the coverage afforded
22 Beneficiary will not be reduced or diminished by reason of the use of such blanket policy of
23 insurance and provided further that the requirements set forth herein are otherwise satisfied.
24
25 SECTION 3.07. All of the above - mentioned insurance policies or certificates of insurance must be
26 satisfactory to Beneficiary. Beneficiary shall not by the fact of approving, disapproving, accepting,
27 preventing, obtaining or failing to obtain any insurance, incur any liability for or with respect to
28 the amount of insurance carried, the form or legal sufficiency of insurance contracts, insolvency of
29 insurance companies or payment or, defense of lawsuits and Trustor hereby expressly assumes full
30 responsibility therefor and all liability, if any, with respect thereto.
31
32
33
34 SECTION 3.08. Condemnation and Insurance Proceeds.
35
36 SUBSECTION 3.08(a). Any award of damages in connection with any taking or condemnation,
37 or for injury to the Property by reason of public use, or for damages for private trespass or entry
38 onto the Property is hereby assigned and shall be paid to Beneficiary as further security for all
39 obligations secured by this Deed of Trust. Upon receipt of such proceeds, Beneficiary may hold
40 the proceeds as further security or apply or release them in the same manner and with the same
41 effect as provided in this Deed of Trust for the disposition of proceeds of fire or other insurance.
42
43 SUBSECTION 3.08(b). Any insurance proceeds or awards in connection with any casualty or
44 damage or injury to the Property covered by insurance ( "Insurance Proceeds ") are hereby
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Deed of Trust
Page 6
1 assigned to Beneficiary to be held and applied by Beneficiary in the manner hereinafter provided.
2 Beneficiary may, at its option, and at its own expense, appear in and prosecute in its own name
3 any action or proceeding to enforce any cause of action for such Insurance Proceeds. All
4 Insurance Proceeds shall be applied by Beneficiary upon any indebtedness secured by this Deed of
5 Trust and in any order determined by Beneficiary or, at the option of Beneficiary, the entire
6 amount so collected or any part of that amount may be released to Trustor. This application or
7 release shall not cure or waive any default or notice of default under this Deed of Trust or
8 invalidate any act done pursuant to such notice.
10 SUBSECTION 3.08(c). Trustor, immediately upon obtaining knowledge of the institution of any
11 proceedings relating to condemnation or other taking of or damage or injury to the Property or
12 any portion thereof; or knowledge of any casualty damage to the Property or damage in any other
13 manner, shall immediately notify Beneficiary in writing. Beneficiary may participate, at its own
14 expense, in any such proceedings and may join Trustor in adjusting any loss covered by insurance.
15
16 ARTICLE 4. TAXES, LIENS AND OTHER ITEMS. Trustor shall pay, when due, all taxes,
17 bonds, assessments, fees, liens (including prior trust deed liens), charges, fines, impositions and
18 any and all other items which are attributable to or affect the Property and which may attain a
19 priority over this Deed of Trust or the indebtedness or evidence of indebtedness secured hereby,
20 by making payment prior to delinquency directly to the payee thereof. Trustor may initiate
21 proceedings to contest any such taxes, bonds, assessments, fees, liens, charges, fines, impositions
22 or other items so long as Trustor takes steps to ensure that Beneficiary's security is not threatened
23 in any manner. Trustor shall pay all costs of the proceedings, including any costs or fees incurred
24 by Beneficiary. Upon the final determination of any proceeding or contest, Trustor shall
25 immediately pay the amounts due, together with all costs, charges, interest and penalties incidental
26 to the proceedings.
27
28 ARTICLE 5. RENTS AND PROFITS. Trustor acknowledges and agrees that the Property
29 shall at all times be occupied by the Trustor as the Trustor's primary residence and shall not be
30 leased or rented during the term of the Note, Deed of Trust and Affordable Housing Agreement.
31 Notwithstanding the foregoing, any rents, royalties, issues, profits, revenue, income and other
32 benefits of the Property arising from the use and enjoyment of all or any portion thereof or from
33 any lease or agreement pertaining thereto (the "Rents and Profits "), whether now due, past due,
34 or to become due, and including all prepaid rents and security deposits, are hereby absolutely,
35 presently and unconditionally assigned, transferred, conveyed and set over to Beneficiary to be
36 applied by Beneficiary in the payment of the principal and all other sums payable on the Note and
37 of all other sums payable under this Deed of Trust. It is understood and agreed that neither the
38 foregoing assignment of Rents and Profits to Beneficiary nor the exercise by Beneficiary of any of
39 its rights or remedies under Article 5 hereof shall be deemed to defeat the owner- occupied
40 restriction set forth in the Agreement or to make Beneficiary a mortgagee -in- possession or
41 otherwise responsible or liable in any manner with respect to the Property or the use, occupancy,
42 enjoyment or operation of all or any portion thereof; unless and until Beneficiary, in person or by
43 agent, assumes actual possession thereof. Further, the appointment of a receiver for the Property
44 by any court at the request of Beneficiary or by agreement with Trustor, or the entering into
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Deed of Trust
Page 7
1 possession of the Property or any part thereof by such receiver, shall not be deemed to make
2 Beneficiary a mortgagee -in- possession or otherwise responsible or liable in any manner with
3 respect to the Property or the use, occupancy,; enjoyment or operation of all or any portion
4 thereof.
5
6 ARTICLE 6. PRESERVATION AND MAINTENANCE OF PROPERTY. Trustor shall
7 keep the Property and every part thereof in good condition and repair and shall not permit or
8 commit any waste, impairment or deterioration of the Property nor commit, suffer or permit any
9 act upon or use of the Property in violation of law or applicable order of any governmental
10 authority, whether now existing or hereafter enacted and whether foreseen or unforeseen,
11 including, without limitation, violation of any zoning, building or environmental protection
12 statutes, ordinances, regulations, orders and restrictions or in violation of any covenants,
13 conditions or restrictions affecting the Property or bring or keep any article upon any of the
14 Property or cause or permit any condition to exist thereon which would be prolubited by or could
15 invalidate any insurance coverage maintained or required hereunder to be maintained by Trustor
16 on or with respect to any part of the Property and further shall do all other acts which from the
17 character or use of the Property may be reasonably necessary to protect the security hereof the
18 specific enumerations herein not excluding the general. Trustor shall completely restore and repair
19 promptly and in a good and workmanlike manner any building, structure or improvement thereon
20 which may be damaged or destroyed and pay, when due, all claims for labor performed and
21 materials furnished therefor, whether or not insurar ce or other proceeds are available to cover, in
22 whole or in part, the costs of any such restoration or repair. Trustor shall notify Beneficiary
23 immediately in writing of any damage to the Property in excess of Ten Thousand Dollars
24 ($10,000.00).
25
26 ARTICLE 7. PROTECTION OF SECURITY: COSTS AND EXPENSES. Trustor shall
27 appear in and defend any action or proceeding purporting to affect the security hereof or the
28 rights or powers of Beneficiary or Trustee and shall pay all reasonable costs and expenses,
29 including, without limitation, costs of evidence of title and reasonable attorney's fees, in any such
30 action or proceeding in which Beneficiary or Trustee may appear and in any suit brought by
31 Beneficiary to foreclose this Deed of Trust or to enforce or establish any other rights or remedies
32 of Beneficiary hereunder. If Trustor fails to perform any of the covenants or agreements in this
33 Deed of Trust or if any action or proceeding is commenced which affects Beneficiary's interest in
34 the Property or any part thereof; including, but not limited to, eminent domain, code enforcement
35 or proceedings of any nature whatsoever under any federal or state law, whether now existing or
36 hereafter enacted or amended, relating to bankruptcy, insolvency, arrangement, reorganization or
37 other form of debtor relief; or to a decedent, then Beneficiary or Trustee 'may, but without
38 obligation to do so and upon ten (10) days' prior written notice to and demand upon Trustor
39 (unless a shorter notice period is necessary to protect Beneficiary's interest in the security hereof;
40 in which case only reasonable notice and demand under the circumstances shall be required) and
41 without releasing Trustor from any obligation hereunder, make such appearances, disburse such
42 sums and take such action as Beneficiary or Trustee deems necessary or appropriate to protect
43 Beneficiary's interest, including, but not limited to, disbursement of reasonable attorney's fees,
44 entry upon the Property to make repairs or otherwise protect the security hereof; and payment,
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Deed of Trust
Page 8
1 purchase, contest or compromise of any encumbrance, .charge or lien which in the judgment of
2 either Beneficiary or Trustee appear to be prior or superior hereto. Trustor further agrees to pay
3 all reasonable expenses of Beneficiary (including fees and disbursements of counsel) reasonably
4 related to the protection of the rights of Beneficiary hereunder, and enforcement or collection of
5 payment of the Note, whether by judicial or nonjudicial' proceedings, or in connection with any
6 bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding of Trustor,
7 or otherwise. Beneficiary shall give Trustor ten (10) days' prior written notice before disbursing
8 any amounts pursuant to this Article. Any amounts disbursed. by Beneficiary or Trustee pursuant
9 to this Section shall be additional indebtedness of Trustor secured by this Deed of Trust as of the
10 date of disbursement. All such amounts shall be payable by Trustor immediately without demand.
11 Nothing contained herein shall be construed to require Beneficiary or Trustee to incur any
12 expense, make any appearance or take any other action.
13
14 ARTICLE 8. ENFORCEMENT.
15
16 Section 8.01. Acknowledgement of Enforceability. Trustor represents, warrants, covenants
17 and agrees that it is the lawful owner of the Real Property and that it has good right and lawful
18 authority to encumber the same as provided herein; that the Real Property is free from any and all
19 liens and encumbrances excepting only such as have been approved by Beneficiary and that
20 Trustor warrants and will defend the title to the Property against. all claims and demands
21 whatsoever not specifically excepted herein (and except for claims and demands arising from acts
22 or omissions of Beneficiary or any predecessor-in-interest to Beneficiary not previously disclosed
23 to Trustor), and Trustor will execute, acknowledge and deliver all and every such further
24 assurances unto Beneficiary of the title to the Property hereby conveyed and intended so to be or
25 that Trustor may be or shall become hereinafter bound so to do. Trustor covenants and warrants
26 that the Note and this Deed of Trust are valid and enforceable obligations of Trustor in
27 accordance with the terms thereof and hereofi and that this Deed of Trust does not, nor does the
28 Note, nor does the performance or observance by Trustor of any of the matters or things in the
29 Note or this Deed of Trust, contravene any covenant in any indenture or agreement affecting
30 Trustor.
31
32 Section 8.02. Due on Sale and Other Enforcement Provisions. Trustor's agreement to ensure
33 the continued owner occupancy of the Real Property is a substantial material consideration to
34 Beneficiary and Beneficiary's agreement to accept the Note and to accept this Deed of Trust. In
35 accordance with California Civil Code Section 711.5 and in order to induce Beneficiary to accept
36 this Deed of Trust and the Note, Trustor agrees that Trustor shall not Transfer all or any part of
37 the Property without the prior written consent of Beneficiary. Except for a Transfer to a Eligible
38 Household (as defined in the City of San Luis Obispo's Affordable Housing Standards),
39 Beneficiary may grant or deny such consent in its sole and absolute discretion and as a condition
40 to such consent may require any transferee to assume all obligations hereunder and to agree to be
41 bound by all provisions contained herein. In the event of any proposed Transfer, Trustor shall
42 provide Beneficiary with all financial and other information pertaining to the intended transferee
43 reasonably requested by Beneficiary. In the event of any Transfer without the prior written
44 consent of Beneficiary, Beneficiary shall have the absolute right, at its option, without demand or
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1 °•notice; to -declare all outstanding. Principal and all other sums due hereunder and under the Note
2 to be immediately due and payable. Further, Beneficiary may bring an action at law or in equity to
3 require Trustor and the proposed transferee to- terminate and/or rescind any sales contract or
4 purchase and sale transaction between them and/or to declare the transfer void, notwithstanding
5 that the transfer may have closed and become final as between Trustor and the transferee. Further,
6 Beneficiary may pursue any other remedy available under this Deed of Trust or the Note or at law
7 or in equity or under any other agreement, instrument or document entered into by Trustor and
8 Beneficiary. Beneficiary's consent to one Transfer shall not be deemed to be a waiver of the right
9 to require consent to a future or successive Transfer. As used herein, "Transfer" includes any
10 sale, agreement to sell, assignment, exchange or other conveyance of the Property or any portion
I1 thereof or any interest therein, whether voluntary or involuntary, by operation of law or
12 otherwise, except that a Transfer by gift, devise or inheritance to a spouse or to a spouse as a part
13 of a dissolution proceeding shall not be considered a Transfer for purposes of this Section.
14
15 ARTICLE 9. EVENTS OF DEFAULT. Each of the following shall constitute an event of
16 default ( "Event of Default ") hereunder (including, if Trustor and Trustee consists of more than
17 one person or entity, the occurrence of any of such events with respect to any one or more of
18 such persons or entities):
19
20 SECTION 9.01. Breach of Covenants. Default by Trustor in the performance of any of the
21 covenants or agreements of Trustor contained herein, in the Note, in the Affordable Housing
22 Agreement or any other note or instrument, trust deed or other obligation of Trustor relating to
23 the Property secured by any part of or all of the Property, whether junior or senior to this Deed of
24 Trust.
25
26 SECTION 9.02. Appointment of Trustee. The appointment pursuant to an order of a court of
27 competent jurisdiction, of a trustee, receiver or liquidator of the Property or any part thereof or
28 of Trustor, or any termination or voluntary suspension of the transaction of business of Trustor,
29 or any attachment, execution or other judicial seizure of all or any substantial portion of Trustor's
30 assets; provided, however, that if such attachment, execution or seizure is involuntary, Trustor
31 shall not be deemed in default unless the same is not discharged within sixty (60) days.
32
33 SECTION 9.03. Bankruptcy Filing. The filing by or against Trustor of a petition in bankruptcy
34 or for an arrangement or for reorganization or for other form of debtor relief pursuant to the
35 federal Bankruptcy Act, as the same may be amended or replaced from time to time, or any other
36 law, federal or state, whether now existing or hereafter amended or enacted relating to insolvency
37 or debtor relief (except that in the case of a filing against Trustor, an Event of Default shall not
38 exist unless Trustor fails to have the proceeding discharged within sixty (60) days after such
39 filing), or the adjudication of Trustor as a bankrupt or an insolvent by a decree of a court of
40 competent jurisdiction, or the making of an assignment for the benefit of creditors, or the
41 admission by Trustor in writing of its inability to pay its debts generally as they become due, or
42 the giving of consent by Trustor to the appointment of a receiver or receivers of all or
43 substantially all of its property.
44
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1 SECTION 9.04. Misrepresentations. Any representation or disclosure made to Beneficiary by
2 Trustor as an inducement to the making of the loan evidenced by the Note that proves to be false
3 or misleading in any material respect as of the time the same was made, whether or not any such
4 representation or disclosure appears as part of this Deed of Trust.
5
6 SECTION 9.05. Other Events. Any other event which, under this Deed of Trust, or under the
7 Note or the Agreement, constitutes an Event of Default by Trustor hereunder or thereunder or
8 gives Beneficiary the right to accelerate the maturity of the indebtedness, or any part thereof;
9 secured hereby.
10
11 ARTICLE 10. REMEDIES. Upon the occurrence of any Event of Default and the expiration
12 of any applicable period within which to cure the same, Trustee and Beneficiary shall have the
13 following rights and remedies:
14
15 SECTION 10.01. Acceleration. Beneficiary may declare the entire outstanding Principal and all
16 other sums or payments required hereunder to be due and payable immediately and
17 notwithstanding the date such sums would otherwise be due in accordance with the Note and the
18 Agreement.
19
20 SECTION 10.02. Entry. Whether or not Beneficiary exercises the right provided in Section
21 10.01 above, Beneficiary, in person or by agent or court- appointed receiver, may enter upon, take
22 possession of manage and operate the Property or any part thereof and do all things necessary or
23 appropriate in Beneficiary's sole discretion in connection therewith, including, without limitation,
24 making and enforcing, and if the same be subject to modification. or cancellation, modifying or
25 canceling leases upon such terms or conditions as Beneficiary deems proper, obtaining and
26 evicting tenants, and fixing or modifying rents, contracting for and making repairs and alterations,
27 and doing any and all other acts which Beneficiary deems proper to protect the security hereof:,•
28 and either with or without so taking possession, in its own name, in the name of Trustor or by
29 court- appointed receiver (which may be appointed on notice or on ex parte application without
30 notice), suing for or otherwise collecting and receiving the rents and profits, including those past
31 due and unpaid, and applying the same less costs and expenses of operation and collection,
32 including reasonable attorney's fees, upon any indebtedness secured hereby and in such order as
33 Beneficiary may determine. Upon request of Beneficiary, Trustor shall assemble and make
34 available to Beneficiary at the site of the Real Property any of the Property which has been
35 removed therefrom. The entering upon and taking possession of the Property, or any part thereof;
36 the collection of any rents and profits and the application thereof as aforesaid shall not cure or
37 waive any Event of Default theretofore or thereafter occurring or affect any notice or Event of
38 Default or notice, and, notwithstanding continuance in possession of the Property or any part
39 thereof by Beneficiary, Trustor or a receiver, and the collection, receipt and application of the
40 rents and profits, Beneficiary shall be entitled to exercise every right provided for in this Deed of
41 Trust or by law or in equity upon or after the occurrence of an Event of .Default, including,
42 without limitation, the right to exercise the power of sale. Any of the actions referred to in this
43 Section may be taken by Beneficiary irrespective of whether any notice of an Event of Default or
10
• 0
Deed of Trust
Page I 1
1 election to sell =has been given hereunder and without regard to the adequacy of the security for
2 the indebtedness hereby secured.
3
4 SECTION 10.03. Judicial Action. Beneficiary may bring an action in any court of competent
5 jurisdiction to foreclose this Deed of Trust or to enforce any of the covenants and agreements of
6 this Deed of Trust, or the Note and the Affordable Housing Agreement.
7
8 SECTION 10.04. Power of Sale.
9
10 SUBSECTION 10.04(a). Beneficiary may elect to cause the Property or any part thereof to be
11 sold under the power of sale herein granted in any manner permitted by applicable law. In
12 connection with any sale or sales hereunder, Beneficiary may elect to treat any of the Property
13.- that consists of a right in action or that is property that -can be severed from the Real Property or
14 any improvements thereon without causing structural damage thereto as if the same were personal
15 property and dispose of the same in accordance with applicable law, separate and apart from the
16 sale of the Real Property.
17
18 SUBSECTION 10.04(b). Trustee may, and upon request of Beneficiary shall, from time to time,
19 postpone any sale hereunder by public announcement thereof at the time and place noticed
20 therefor. If the Property consists of several items of property, Beneficiary may designate the order
21 in which such items shall be offered for sale or sold. Any person, including Trustor, Trustee or
22 Beneficiary, may purchase at any sale hereunder, and Beneficiary shall have the right to purchase
23 at any sale hereunder by crediting upon the bid price the amount of all or any part of the
24 indebtedness hereby secured.
25
26 SUBSECTION 10.04(c). Should Beneficiary desire that more than one sale or other disposition
27 of the Property be conducted, Beneficiary may, at its option, cause the same to be conducted
28 simultaneously, or successively, on the same day, or at such different days or times and in such
29 order as Beneficiary may deem to be in its best interests, and no such sale shall terminate or
30 otherwise affect the lien of this Deed of Trust on any part of the Property not sold until all
31 indebtedness secured hereby has been fully paid. Upon any sale hereunder, Trustee shall execute
32 and deliver to the purchaser or purchasers a deed or deeds conveying the Property so sold, but
33 without any covenant or warranty whatsoever, express or implied, whereupon such purchaser or
34 purchasers shall be let into immediate possession; and the recitals in any such deed or deeds of
35 facts, such as default, the giving of notice of default and notice of sale and other facts affecting
36 the regularity or validity of such sale or disposition, shall be conclusive proof of the truth of such
37 facts and any such deed or deeds shall be conclusive against all persons as to such facts recited
38 therein.
39
40 SUBSECTION 10.04(d). In case of any sale of the Property pursuant to any judgment or decree
41 of any court or at public auction or otherwise in connection with the enforcement of any of the
42 terms of this Deed of Trust, Beneficiary, its successors or assigns, may become the purchaser, and
43 for the purpose of making settlement for or payment of the purchase price, shall be entitled to
44 deliver over and use the Note, together with all other sums, with interest, advanced and unpaid
11
• 0
Deed of Trust
Page 12
1 hereunder, in order that there may be credited as paid on the purchase price the sumlthen due
2 under the Note, including principal thereon and all other sums, with interest, advanced and unpaid
3 hereunder.
5 SECTION 10.05. Proceeds of Sale. The proceeds of any sale made under or by virtue of this
6 Article, together with all other sums that then may be held by Trustee or Beneficiary under this
7 Deed of Trust, whether under the provisions of this Article or otherwise, shall be applied as
8 follows:
10 (a) First, to the payment of the costs and expenses of sale and of any judicial proceedings wherein
11 the same may be made, including reasonable compensation to Trustee and Beneficiary, their
12 agents and counsel, and to the payment of all expenses, liabilities and advances made or incurred
13 by Trustee under this Deed of Trust, together with interest on all advances made by Trustee at the
14 maximum rate permitted by law to be charged by Trustee.
.15
16 (b) Second, to the payment of any and all sums expended by Beneficiary under the terms hereof
17 (including, but not limited to, sums paid by Beneficiary on the prior trust deed) not then repaid
18 and' all other sums required to be paid by Trustor pursuant to any provisions of this Deed of Trust
19 or the Note, including, without limitation, all expenses, liabilities and advances made or incurred
20 by Beneficiary under this Deed of Trust or in connection with the enforcement hereof together
21 with interest thereon as herein provided.
22
23 (c) Third, to the payment of the entire amount then due, owing or unpaid upon the Note,
24 including attorney's fees and costs.
25
26 (d) Fourth, all amounts otherwise due Beneficiary.
27
28 (e) The remainder, if any, to the person or persons legally entitled thereto.
29
30 SECTION 10.06. Waiver of Marshaling. Trustor, for itself and for all persons hereafter
31 claiming through or under it or who may at any time hereafter become holders of liens junior to
32 the lien of this Deed of Trust, hereby expressly waives and releases all rights to direct the order in
33 which any of the Property shall be sold in the event of any sale or sales pursuant hereto, and to
34 have any of the Property and/or other property now or hereafter constituted security for any of
35 the indebtedness secured hereby, marshaled upon any foreclosure of this Deed of Trust or for any
36 other security for any of said indebtedness.
37
38 SECTION 10.07. Remedies Cumulative. No remedy herein conferred upon or reserved to
39 Trustee or Beneficiary is intended to be exclusive of any other remedy herein or by law provided,
40 but each shall be cumulative and shall be in addition to every other remedy given hereunder or
41 now or hereafter existing at law or in equity or by statute. No delay or omission of Trustee or
42 Beneficiary to exercise any right or power accruing upon any Event of Default shall impair any
43 right or power or shall be construed to be a waiver of any Event of Default or any acquiescence
44 therein; and every power and remedy given by this Deed of Trust to Trustee or Beneficiary may
12
Deed of Trust
Page 13
1 be exercised from time to time_ as often as may be deemed expedient by Trustee or Beneficiary. If
2 there exists additional security for the performance of the obligations secured hereby, the holder
3 of the Note, at its sole option, and without limiting or affecting any of its rights or remedies
4 hereunder, may exercise any of the rights and remedies to which it may be entitled hereunder
5 either concurrently with whatever rights and remedies it may have in connection with such other
6 security or in such order as it may determine. Any application of any amounts or any portion
7 thereof held by Beneficiary at any item as additional security hereunder, whether pursuant to this
8 deed of trust or otherwise, to any indebtedness secured hereby shall not extend or postpone the
9 due dates of any payments due from. Trustor to Beneficiary hereunder or under the Note, or
10 change the amounts of any such payments or otherwise be construed to cure or waive any default
11 or notice of default hereunder or invalidate any act done pursuant to any such default or notice. In
12 the event that Beneficiary shall have proceeded to enforce any right under this Deed of Trust by
13 foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or
14 abandoned for any reason or shall have been determined adversely, then, and in every such case,
15 Trustor and Beneficiary shall be restored to their former positions and rights hereunder with
16 respect to the Property subject to the lien hereof.
17
18 ARTICLE 11. MISCELLANEOUS
19
20 SECTION 11.01. Severability: In the event that any one or more of the provisions contained in
21 this Deed of Trust shall for any reason be held to be invalid, illegal or unenforceable in any
22 respect, such invalidity, illegality or unenforceability shall not affect any other provision of this
23 Deed of Trust, and this Deed of Trust shall be construed as if such invalid, illegal or unenforceable
24 provision had never been contained herein.
25
26 SECTION 11.02. Certain Charges. Trustor agrees to pay the charges of Beneficiary for any
27 service rendered Trustor, or on its behalf; connected with this Deed of Trust or the indebtedness
28 secured hereby, including, without limitation, delivering to an escrow holder a request for full or
29 partial reconveyance of this Deed of Trust, transmitting to an escrow holder moneys secured
30 hereby, changing the records pertaining to this Deed of Trust and indebtedness secured hereby,
31 showing a new owner of the Property and replacing an existing policy of insurance held hereunder
32 with another such policy.
33
34 SECTION 11.03. Notices. All notices expressly provided hereunder to be given by Beneficiary to
35 Trustor and all notices and demands of any kind or nature whatsoever that Trustor may be
36 required or may desire to give to or serve on Beneficiary shall be in writing and shall be served by
37 first class or registered or certified mail, return receipt requested. Any such notice or demand so
38 served shall be deposited in the United States mail, with postage thereon fully prepaid and
39 addressed to the party so to be served at its address above stated or at such other address of
40 which said party shall have theretofore notified in writing, as provided above, the party giving
41 such notice. Service of any such notice or demand so made shall be deemed effective on the date
42 of actual delivery as shown by the addressee's return receipt or the expiration of forty-eight (48)
43 hours after the date of mailing, whichever is the earlier in time, except that service of any notice of
13
Deed of Trust
Page 14
1 default or notice of sale provided or required by law shall, if mailed, be deemed effective on -the
2 date of mailing..
3
4 SECTION 11.04. Trustor Not Released. Extension of the time for payment or modification of
5 the terms of payment of any sums secured by this Deed' of Trust granted by Beneficiary to any
6 successor -in- interest of Trustor shall not operate to release, in any manner, the liability of the
7 original Trustor. Beneficiary shall not be required to commence proceedings against such
8 successor or refuse to extend time for payment or otherwise modify the terms of the payment of
9 the sums secured by this Deed of Trust by reason of any demand made by the original Trustor.
10 Without affecting the liability of any person, including Trustor, for the payment of any
11 indebtedness secured hereby, or the lien of this Deed of Trust on the remainder of the Property
12 for the full amount of any such indebtedness and liability unpaid, Beneficiary and Trustee are
13 respectively empowered as follows: Beneficiary may from time to time and without notice (a)
14 release any person liable for the payment of any of the indebtedness, (b) extend the time or
15 otherwise alter the terms of payment of any of the indebtedness, (c) accept additional real or
16 personal property of an kind as security therefor, whether evidenced by deeds of trust, mortgages,
17 security agreements or any other instruments of security, or (d) alter, substitute or release any
18 property securing the indebtedness; Trustee may, at any time and from time to time, upon the
19 written request of Beneficiary (a) consent to the making of any map or plat of the Property or any
20 part thereof; (b) join in granting, any easement or creating any restriction thereon, (c) join in any
21 subordination agreement or other agreement affecting this Deed of Trust or the lien or charge
22 hereof; or (d) reconvey, without any warranty, all or part of the Property.
23
24 SECTION 11.05. Inspection. Beneficiary may at any reasonable time or times make or cause to
25 be made entry upon and inspections of the Property or any part thereof in person or by agent.
26
27 SECTION 11.06. Reconveyance. Upon the payment in fall of all sums secured by this Deed of
28 Trust or upon forgiveness of such payment in accordance with the Note, Beneficiary shall request
29 that Trustee reconvey the Property and shall surrender this Deed of Trust and Note evidencing
30 indebtedness secured by this Deed of Trust to Trustee. Upon payment of its fees and any other
31 sums owing to it under this Deed of Trust, Trustee shall reconvey the Property without warranty
32 to the person or persons legally entitled thereto. Such person or persons shall ,pay all costs of
33 recordation, if any. The recitals in such reconveyance of any matters of facts shall be conclusive
34 proof of the truthfulness thereof The grantee in such reconveyance may be described as "the
35 person or persons legally entitled thereto." Five (5) years after issuance of such full reconveyance,
36 Trustee may destroy the Note and this Deed of Trust unless otherwise directed by Beneficiary.
37
38 SECTION 11.07. Interpretation. Wherever used in this Deed of Trust, unless the context
39 indicates a contrary intent, or unless otherwise specifically provided herein, the word " Trustor"
40 shall mean and include both Trustor and any subsequent owner or owners of the Property, and the
41 word "Beneficiary" shall mean and include not only the original Beneficiary hereunder but also
42 any future owner and holder, including pledgees, of the Note secured hereby. In this Deed of
43 Trust wherever the context so requires, the masculine gender includes the feminine and/or neuter,
44 and the neuter includes the feminine and/or masculine, and the singular number includes the plural
14
• •
Deed of Trust
Page 15
1 and conversely. In. this Deed of Trust, the use of the word "including" shall not be deemed to limit
2 the generality of the term or clause to which it has reference, whether or not non - limiting
3 language (such as "without limitation," or "but not limited to" or words of similar import) is used
4 with reference thereto. The captions and headings of the Articles and Sections of this Deed of
5 Trust are for convenience only and are not to be used to interpret, define or limit the provisions
6 hereof
8 SECTION 11.08. Consent. The granting or withholding of consent by Beneficiary to any
9 transaction_ as required by the terms hereof shall not be deemed a waiver of the right to require
10 consent to future or successive transactions.
11
12 SECTION 11.09. Successors and Assigns. All of the grants, obligations, covenants, agreements,
13 terms, provisions and conditions herein shall run with the land and shall apply to, bind, and inure
14 to the benefit of the heirs, administrators,. executors, legal representatives, successors and assigns
15 of Trustor and the successors -in -trust of Trustee and the endorsees, transferees, successors and
16 assigns of Beneficiary. In the event that Trustor is composed of more than one party, the
17 obligations, covenants, agreements and warranties contained herein as well as the obligations
18 arising therefrom are and shall be joint and several as to each such party.
19
20 SECTION 11.10. Governing Law. This Deed of Trust shall be governed by and construed under
21 the laws of the State of California..
22
23 SECTION 11.11. Trustor Waivers. Trustor waives the benefit of all laws now existing or that
24 hereafter may be enacted with respect to any statute of limitations for the filing of any action or
25 claims by Beneficiary.
26
27 SECTION 11.12. Superiority of First Lender. Documents.
28
29 SUBSECTION 11.12(a). This Deed of Trust shall not diminish or affect the rights of the First
30 Lender (which for purposes of these documents shall be deemed also to include the California
31 Housing Finance Agency, its successors and assigns (CaIHFA), hereinafter collectively referred to
32 as First Lender) under that certain deed of trust dated , executed by the
33 Trustor in favor of _the First Lender and recorded in the County of San Luis Obispo on
34 , and assigned Instrument No(s). . or any deed
35 of trust in the name of or held by Ca1HFk or any subsequent First Lender deeds of trust hereafter
36 recorded against the Security (collectively, the "First Deed of Trust "), except as provided in
37 Subsection 11.12(b) below. Beneficiary and Trustor acknowledge and agree that this Deed of
38 Trust is subject and subordinate in all respects to the liens, terms, covenants and conditions of the
39 First Deed of Trust and to all advances heretofore made or which may hereafter be made pursuant
40 to the First Deed of Trust including all sums advanced for the purpose of (i) protecting or further
41 securing the lien of the First Deed of Trust, curing defaults by the Trustor under the First Deed of
42 Trust or for any other purpose expressly permitted by the First Deed of Trust or (ii) constructing,
43 renovating, repairing, furnishing, fixturing or equipping the Property. The terms and provisions of
15
Deed of Trust.
Page 16
1 _the First Deed of Trust are paramount and controlling, and they supersede any other terms and
.2 provisions hereof in conflict therewith.
3
4 SUBSECTION 11.12(b). In the event of default, the First Lender may take the following actions
5 to cure the default, provided first that: (i) the Beneficiary has been given written notice of a
6 default under the First Deed of Trust (which requirement may be satisfied by recordation of a
7 notice of default under California Civil Code Section 2924), and (ii) the Beneficiary shall not have
8 cured the default under the First Deed of Trust within 60 days after such notice sent to the
9 Beneficiary:
10
11 1) Foreclose on the subject property pursuant to the remedies permitted by law and written in
12 a recorded contract or deed of trust; or
13
14 2) Accept a deed of trust or assignment to the extent of the value of the unpaid first
15 mortgage to the current market value in lieu of foreclosure in the event of default by a
16 trustor; or
17
18 3) Sell the property to any person at a fair market value price subsequent to exercising its
19 rights under the deed of trust. Any value in excess of the unpaid mortgage and costs of
20 sale administration shall be used to satisfy the City loan. In no case may a first mortgage
21 lender, exercising foreclosure assignment in -lieu of foreclosure or sale, obtain value or
22 rights to value greater than the value of the outstanding indebtedness on the first mortgage
23 at the time of the debt clearing action.
24
25 The following types of transfers shall remain subject to the requirements of the City's loan and
26 right of first refusal: transfer by gift, devise, or inheritance to the owner's spouse; transfer to a
27 surviving joint tenant; transfer to a spouse as part of divorce or dissolution proceedings; or
28 acquisition in conjunction with a marriage.
29
30 SECTION 11.13. Request for Notices of Default and Sale.
31
32 SUBSECTION 11.13(a). Trustor hereby requests that a copy of any notice of default and notice
33 of sale as may be required by law or by this Deed of Trust be mailed to Trustor at its address
34 above stated.
35
36 SUBSECTION 11.13(b). In accordance with Section 2924b of the California Civil Code, request
.37 is hereby made that a copy of any notice of default and a copy of any notice of sale under that
38 deed trust recorded concurrently herewith, be mailed to: Community Development Director, City
39 of San Luis Obispo, 919 Pahn Street, San Luis Obispo, California 93401.
40
41 SECTION 11.14. No Transfer. Trustor shall not voluntarily or involuntarily (except for a
42 transfer in accordance with the Affordable. Agreement) assign or otherwise transfer any
43 of its rights, duties, liabilities or obligations hereunder or under the Note without the prior written
44 consent of Beneficiary.
45
16
Deed of Trust
Page 17
1 SECTION 11.15. Attorney's Fees. In any action to interpret: or enforce any provision of this
2 Deed of Trust, the prevailing party shall be entitled to reasonable costs and attorney's fees.
3
4 IN WITNESS WHEREOF, the undersigned have executed this Deed of Trust as of the day and
5 year first above written. (attach notarization)
6
7
8 `
9
10
11 "Trustor"
12
13
14
15 "Trustee"
16
17
18. i
19 i
20 Ken ian, ity A trative Officer
21 "Beneficiary"
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40 EXHIBIT A
41 (Legal Description)
42
43 Parcel 1:
44
17
•
i
Deed of Trust
Page 18
i An undivided,1 /9th interest in Lot 1 of Tract 2832, in the City of San Luis Obispo,
2 County of San Luis Obispo, State of California, according to the Map recorded. August
3 16; 2007 in Book 30, Page 73 of Maps, in the Office of the County Recorder of Said
4 County.
5
6 Excepting therefrom Units 1,2,3,4,5,6,7,8, and 9 as disclosed and delineated on the
7 Condominium Plan recorded August 16, 2007 as instrument number 2007 - 056066 of
8 Official Records and as Amended and Restated by Condominium Plan recorded August
9 30, 2007 as instrument number 2007 - 059200 of Official Records.
10
ii Parcel 2:
12
13 Unit 3, with appurtenant exclusive rights of use, ,possession and occupancy of the
14 exclusive use common area, as disclosed and delineated on the Condominium Plan
15 recorded August 16, 2007 as instrument number 2007- 056066 of Official Records and
16 as Amended and Restated by Condominium Plan recorded August 30, 2007 as
17 instrument number 2007 - 059200 of Official Records.
18
i9 APN: 003 - 663 -015 (New)
20
18
•
STATE OF CALIFORNIA )
)SS
COUNTY OF SAN LUIS OBISPO )
•
On July 10, 2008, before me Audrey Hooper, City ,Clerk, personally appeared Ken Hampian,
City Administrative Officer, CITY OF SAN LUIS ABISPO, who proved to me on the basis of
satisfactory evidence to be the person�Twhose name is /awsubscribed to the within
instrument and acknowledged to me that he /sheAh6rexecuted the same in hisNimftheir
authorized capacity(igo, and that by his/kerAheir signature] on the instrument the persong, or
the entity upon behalf of which the personQ6 acted, executed the 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 hand and official seal.
Signature
ty Cle
• •
State of California
County of San Luis Obispo
On I—Z - oe before me,
Emilee Cavazos , Notary Public (here insert name and title of the officer),
personally appeared >fl t2 �C [L
who proved to me on the basis of satisfactory e ' ence to be the person(s) who ame s is are subscribed to the within
instrume and acknowledged to me that he e/ ey executed the same in hi er eir a rized capacity(ies), and that
by his er %t eir signature(s) on the instrume a person(s), or the entity up behalf of which the person(s) acted,
execut instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and
correct.
WITNESS y hand and official ,seal.
Signatu (Seal)
(notary)(12 -07)
„�..; EMILEE CAVAZOS
COW #1684617 D
Q NOTARY PUBLIC - CALIFORNIA
Q SAN LUIS OBISPO COUNTY
My Comm. Expires JULY 29, 2010
END OF DOCUMENT