HomeMy WebLinkAboutD-1801 1043 Ella Street #8 Recorded 10/28/20081
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(Fidelity (National Title'
WHEN RECORDED RETURN TO:
City of San Luis Obispo
990 Palm Street
San Luis Obispo, Ca. 93401
Attn:. City Clerk
JULIE RODEWALD LO
San Luis Obispo County— ClerklRecorder 10/28/2008
Recorded at the re uest of 8:00 AM
Q
Chicago Title Company
Doc #: 2008054118
The undersigned declare that there is no documentary
transfer tax on this matter.
Titles: 4 Pages: 20
Fees
0.00
Taxes
0.00
Others
0.00
PAID
$0.00
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 &a'' —day of , by Bridget Bald ( "Trustor "),
the buyer of the real property described herein below, whose address is:
1043 Ella Street #8, San Luis Obispo, California
To Fidelity National 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 March 4, 2008, Beneficiary and Adelaida Properties, L.P., a California Limited
Partnership entered into an Affordable Housing Agreement to implement Council Resolution
No. 9876 -07, approving the development called Terrace Commons; and
WHEREAS, to implement said Affordable Housing Agreement, Beneficiary and Trustor entered
into that certain Promissory Note ( "Note ") dated March 4, 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
very low - 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.
RECEPvrE -D
NOW, THEREFORE, THIS DEED OF TRUST WITNESSETH: NOV 19 '11108
SLO Ci-i Y CLERK
l� °r,�
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 Trustor's 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,
8 all rents, royalties, issues, profits, revenues, income and other benefits thereof or arising from the
9 use 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
17 fixtures, now or hereafter located in, or on, or attached or affixed to, or used or intended to be
18 used in connection with, the Real Property, including, but without limitation, all heating,
19 lighting, laundry, incinerating, gas, electric and power equipment, pipes, plumbing, fire
20 prevention and fire extinguishing, refrigerating, ventilating and communication apparatus, air
'21 cooling and air conditioning apparatus, shades, awnings, blinds, curtains, drapes, attached floor
22 coverings, including rugs and carpeting and other installed appliances, attached cabinets, trees,
23 plants and other items of landscaping, shall, to the fullest extent permitted by law and for the
24 purposes of this Deed of Trust, be deemed to be part and parcel of, and appropriated to the use
25 of, the Real Property and, whether or not affixed or annexed thereto, be deemed conclusively to
26 be real property and conveyed by this Deed of Trust, and Trustor agrees to execute and deliver,
27 from 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,
32 or 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
34 of 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
2
Deed of Trust
Page 3
1 (a) The repayment of the indebtedness evidenced by Trustor's Promissory Note (the
2 "Note ") of even date herewith payable to the order of Beneficiary, in the principal sum of
3 Dollars ($294,550) ( "Principal "), and any and all late charges, interest costs or fees
4 required thereunder and all extensions, renewals, modifications, amendments and
5 replacements thereof. The amount of the Note is the monetary difference between said
6 property's initial sales price, as allowed by the City's Affordable Housing Standards and
7 its initial market value, as specified in the Note.
8
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 October 10, 2053. Further, Trustor agrees that all future grant deeds for or transfers of interest in
35 the properties shall contain a restriction providing that for the period of time specified in this
36 deed of trust, there shall be no sale, lease, rental, or other transfer of the. properties except for the
37 sale to and occupation by eligible low income households. Any sale, lease, rental, or other
38 transfer of the 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
3
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
3 Real Property as further described on Exhibit A.. Pursuant to Civil Code Section 1468, which
4 governs such covenants, the provisions of this Agreement shall be binding upon all parties
5 having any right, title, or interest in any of the properties described herein, or any portion thereof
6 and on their heirs, successors in interest and assigns for a period of 45 years from the initial date
7 of sale of the property. The parties agree that all future deeds or transfers of interest regarding
8 the properties shall show the restrictions of this Agreement for as long as the Agreement is in
9 effect.
10
11 SECTION 2.06. First Right of Refusal. Upon resale, Trustor and Trustee agree that the City or
12 the Housing Authority of the City of San Luis Obispo shall have the first right of refusal to
13 purchase the property or properties at the then current appraised value, as further described in the
14 Note.
15
16 SECTION 2.07. Performance of Obligations Secured. Trustor shall promptly pay when due
17 the indebtedness evidenced by the Note and any late charges, costs and /or fees provided for in the
18 Note and shall further perform fully and in a timely manner all other obligations of Trustor
19 contained herein or in the Note.
20
21 ARTICLE 3 — INSURANCE REQUIREMENTS
22
23 SECTION 3.01. Trustor shall keep the Property and all improvements thereon insured against
24 loss or damage by fire with extended all -risk coverage clauses, including vandalism and
25 malicious mischief clauses, in an amount not less than one hundred percent (100 %) of the full
26 replacement cost of such improvements with a company or companies and in such form and with
27 such endorsements as may be approved or required by Beneficiary.
28
29 SECTION 3.02. Trustor shall also maintain in full force and effect a policy of homeowners'
30 general liability insurance insuring Trustor against liability for bodily injury, property damage
31 and personal injury arising out of the operation, use or occupancy of the Property. The initial
32 amount of such insurance shall be One Hundred Thousand Dollars ($100,000.00) per occurrence
33 and not in the aggregate and shall be subject to periodic increase based upon increased liability
34 awards or the reasonable recommendation of Trustor's professional insurance advisor. Trustor
35 shall name Beneficiary as an additional insured under such policy. Such insurance shall be
36 primary with respect to any insurance maintained by Beneficiary and shall not call on
37 Beneficiary's insurance for contributions.
38
39 SECTION 3.03. Trustor shall pay all premiums for the insurance policies required to be
40 maintained under this Deed of Trust within fifteen (15) days after Trustor's receipt of a copy of
41 the premium statement or other evidence of the amount due. At least thirty (30) days prior to. the
42 expiration of such policy, Trustor shall deliver to Beneficiary a renewal of such policy.
43
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Deed of Trust
Page 5
1 SECTION 3.04. Any insurance which Trustor is required to maintain under this Deed of Trust
2 shall include a provision requiring that the insurance carrier give Beneficiary not less than thirty
3 (30) days written notice prior to any cancellation or modification of such coverage. If Trustor (i)
4 fails to deliver any policy or renewal to Beneficiary required under this Deed of Trust within the
5 prescribed time period or (ii) if any such policy is canceled or modified to reduce the amount or
6 type of coverage without Beneficiary's consent and no substituted comparable coverage is
7 obtained by Trustor prior to such cancellation or modification, Beneficiary may obtain such
8 insurance. In such case, Trustor shall reimburse Beneficiary for the cost of such insurance within
9 fifteen (15) days after receipt of a statement that indicates the cost of such insurance and upon
10 proof that Beneficiary has paid said statement.
11
12 SECTION 3.05. Trustor shall maintain all insurance required under this Deed of Trust with
13 companies holding a "general policy rating" of A -8 or better, as set forth in the -most current issue
14 of "Best Key Rating Guide." Trustor acknowledges that the insurance described in this Section is
15 for the primary benefit of Beneficiary. Beneficiary makes no representation as to the adequacy of
16 such insurance to protect Trustor's or Beneficiary's interests. Therefore, Trustor shall obtain any
17 additional property or liability insurance that Trustor deems necessary to protect Beneficiary and
18 Trustor, in the exercise of reasonable judgment.
19
20 SECTION 3.06. Notwithstanding anything to the contrary contained herein, Trustor's obligation
21 to carry the insurance provided for herein may be brought within the coverage of a so- called
22 blanket policy or policies of insurance carried and maintained by Trustor; provided, however,
23 that Beneficiary shall be named as an additional insured thereunder and that the coverage
24 afforded Beneficiary will not be reduced or diminished by reason of the use of such blanket
25 policy of insurance and provided further that the requirements set forth herein are otherwise
26 satisfied.
27
28 SECTION 3.07. All of the above - mentioned insurance policies or certificates of insurance must
29 be satisfactory to Beneficiary. Beneficiary shall not by the fact of approving, disapproving,
30 accepting, preventing, obtaining or failing to obtain any insurance, incur any liability for or with
31 respect to the amount of insurance carried, the form or legal sufficiency of insurance contracts,
32 insolvency of insurance companies or payment or defense of lawsuits and Trustor hereby
33 expressly assumes full responsibility therefor and all liability, if any, with respect thereto.
34
35
36 SECTION 3.08. Condemnation and Insurance Proceeds.
37
38 SUBSECTION 3.08(a). Any award of damages in connection with any taking or condemnation,
39 or for injury to the Property by reason of public use, or for damages for private trespass or entry
40 onto the Property is hereby assigned and shall be paid to Beneficiary as further security for all
41 obligations secured by this Deed of Trust. Upon receipt of such proceeds, Beneficiary may hold
42 the proceeds as further security or apply or release them in the same manner and with the same
43 effect as provided in this Deed of Trust for the disposition of proceeds of fire or other insurance.
44
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Deed of Trust
Page 6
1 SUBSECTION 3.08(b). Any insurance proceeds or awards in connection with any casualty or
2 damage or injury to the Property covered by insurance ( "Insurance Proceeds ") are hereby
3 assigned to Beneficiary to be held and applied by Beneficiary in the manner hereinafter provided.
4 Beneficiary may, at its option, and at its own expense, appear in and prosecute in its own name
5 any action or proceeding to enforce any cause of action for such Insurance Proceeds. All
6 Insurance Proceeds shall be applied by Beneficiary upon any indebtedness secured by this Deed
7 of Trust and in any order determined by Beneficiary or, at the option of Beneficiary, the entire
8 amount so collected or any part of that amount may be released to Trustor. This application or
9 release shall not cure or waive any default or notice of default under this Deed of Trust or
10 invalidate any act done pursuant to such notice.
11
12 SUBSECTION 3.08(c). Trustor, immediately upon obtaining knowledge of the institution of any
13 proceedings relating to condemnation or other taking of or damage or injury to the Property or
14 any portion thereof, or knowledge of any casualty damage to the Property or damage in any other
15 manner, shall immediately notify Beneficiary in writing. Beneficiary may participate, at its own
16 expense, in any such proceedings and may join Trustor in adjusting any loss covered by
17 insurance.
18
19 ARTICLE 4. TAXES, LIENS AND OTHER ITEMS. Trustor shall pay, when due, all taxes,
20 bonds, assessments, fees, liens (including prior trust deed liens), charges, fines, impositions and
'21 any and all other items which are attributable to or affect the Property and which may attain a
22 priority over this Deed of Trust or the indebtedness or evidence of indebtedness secured hereby,
23 by making payment prior to delinquency directly to the payee thereof. Trustor may initiate
24 proceedings to contest any such taxes, bonds, assessments, fees, liens, charges, fines, impositions
25 or other items so long as Trustor takes steps to ensure that Beneficiary's security is not threatened
26 in any manner. Trustor shall pay all costs of the proceedings, including any costs or fees incurred
27 by Beneficiary. Upon the final determination of any proceeding or contest, Trustor shall
28 immediately pay the amounts due, together with all costs, charges, interest and penalties
29 incidental to the proceedings.
30
31 ARTICLE 5. RENTS AND PROFITS. Trustor acknowledges and agrees that the Property
32 shall at all times be occupied by the Trustor as the Trustor's primary residence and shall not be
33 leased or rented during the term of the Note, Deed of Trust and Affordable Housing Agreement.
34 Notwithstanding the foregoing, any rents, royalties, issues, profits, revenue, income and other
35 benefits of the Property arising from the use and enjoyment of all or any portion thereof or from
36 any lease or agreement pertaining thereto (the "Rents and Profits "), whether now due, past due, or
37 to become due, and including all prepaid rents and security deposits, are hereby absolutely,
38 presently and unconditionally assigned, transferred, conveyed and set over to Beneficiary to be
39 applied by Beneficiary in the payment of the principal and all other sums payable on the Note and
40 of all other sums payable under this Deed of Trust. It is understood and agreed that neither the
41 foregoing assignment of Rents and Profits to Beneficiary nor the exercise by Beneficiary of any
42 of its rights or remedies under Article 5 hereof shall be deemed to defeat the owner - occupied
43 restriction set forth in the Agreement or to make Beneficiary a mortgagee -in- possession or
44 otherwise responsible or liable in any manner with respect to the Property or the use, occupancy,
6
Deed of Trust
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i enjoyment or operation of all or any portion thereof, unless and until Beneficiary, in person or by
2 agent, assumes actual possession thereof. Further, the appointment of a receiver for the Property
3 by any court at the request of Beneficiary or by agreement with Trustor, or the entering into
4 possession of the Property or any part thereof by such receiver, shall not be deemed to make
5 Beneficiary a mortgagee -in- possession or otherwise responsible or liable in any manner with
6 respect to the Property or the use, occupancy, enjoyment or operation of all or any portion
7 thereof.
8
9 ARTICLE 6. PRESERVATION AND MAINTENANCE OF PROPERTY. Trustor shall
10 keep the Property and every part thereof in good condition and repair and shall not permit or
11 commit any waste, impairment or deterioration of the Property nor commit, suffer or permit any
12 act upon or use of the Property in violation of law or applicable order of any governmental
13 authority, whether now existing or hereafter enacted and whether foreseen or unforeseen,
14 including, without limitation, violation of any zoning, building or environmental protection
15 statutes, ordinances, regulations, orders, and restrictions or in violation of any covenants,
16 conditions or restrictions affecting the Property or bring or keep any article upon any of the
17 Property or cause or permit any condition to exist thereon which would be prohibited by or could
18 invalidate any insurance coverage maintained or required hereunder to be maintained by Trustor
19 on or with respect to any part of the Property and further shall do all other acts which from the
20 character or use of the Property may be reasonably necessary to protect the security hereof, the
21 specific enumerations herein not excluding the general. Trustor shall completely restore and
22 repair promptly and in a good and workmanlike manner any building, structure or improvement
23 thereon which may be damaged or destroyed and pay, when due, all claims for labor performed
24 and materials furnished therefor, whether or not insurance or other proceeds are available to
25 cover, in whole or in part, the costs of any such restoration or repair. Trustor shall notify
26 Beneficiary immediately in writing of any damage to the Property in excess of Ten Thousand
27 Dollars ($10,000.00).
28
29 ARTICLE 7. PROTECTION OF SECURITY: COSTS AND EXPENSES. Trustor shall
30 appear in and defend any action or proceeding purporting to affect the security hereof or the
31 rights or powers of Beneficiary or Trustee and shall pay all reasonable costs and expenses,
32 including, without limitation, costs of evidence of title and reasonable attorney's fees, in any such
33 action or proceeding in which Beneficiary or Trustee may appear and in any suit brought by
34 Beneficiary to foreclose this Deed of Trust or to enforce or establish any other rights or remedies
35 of Beneficiary hereunder. If Trustor fails to perform any of the covenants or agreements in this
36 Deed of Trust or if any action or proceeding is commenced which affects Beneficiary's interest in
37 the Property or any part thereof, including, but not limited to, eminent domain, code enforcement
38 or proceedings of any nature whatsoever under any federal or state law, whether now existing or
39 hereafter enacted or amended, relating to bankruptcy, insolvency, arrangement, reorganization or
40 other form of debtor relief, or to a decedent, then Beneficiary or Trustee may, but without
41 obligation to do so and upon ten (10) days' prior written notice to and demand upon Trustor
42 (unless a shorter notice period is necessary to protect Beneficiary's interest in the security hereof,
43 in which case only reasonable notice and demand under the circumstances shall be required) and
44 without releasing Trustor from any obligation hereunder, make such appearances, disburse such
7
Deed of Trust
Page 8
1 sums and take such action as Beneficiary or Trustee deems necessary or appropriate to protect
2 Beneficiary's interest, including, but not limited to, disbursement of reasonable attorney's fees,
3 entry upon the Property to make repairs or otherwise protect the security hereof, and payment,
4 purchase, contest or compromise of any encumbrance, charge or lien which in the judgment of
5 either Beneficiary or Trustee appear to be prior or superior hereto. Trustor further agrees to pay
6 all reasonable expenses of Beneficiary (including fees and disbursements of counsel) reasonably
7 related to the protection of the rights of Beneficiary hereunder, and enforcement or collection of
8 payment of the Note, whether by judicial or non judicial proceedings, or in connection with any
9 bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding of Trustor,
10 or otherwise. Beneficiary shall give Trustor ten (10) days' prior written notice before disbursing
11 any amounts pursuant to this Article. Any amounts disbursed by Beneficiary or Trustee pursuant
12 to this Section shall be additional indebtedness of Trustor secured by this Deed of Trust as of the
13 date of disbursement. All such amounts shall be payable by Trustor immediately without
14 demand. Nothing contained herein shall be construed to require Beneficiary or Trustee to incur
15 any expense, make any appearance or take any other action.
16
17 ARTICLE 8. ENFORCEMENT.
18
19 Section 8.01. Acknowledgement of Enforceability. Trustor represents, warrants, covenants
20 and agrees that it is the lawful owner of the Real Property and that it has good right and lawful
21 authority to encumber the same as provided herein; that the Real Property is free from any and all
22 liens and encumbrances excepting only such as have been approved by Beneficiary and that
23 Trustor warrants and will defend the title to the Property against all claims and demands
24 whatsoever not specifically excepted herein (and except for claims and demands arising from
25 acts or omissions of Beneficiary or any predecessor -in- interest to Beneficiary not previously
26 disclosed to Trustor), and Trustor will execute, acknowledge and deliver all and every such
27 further assurances unto Beneficiary of the title to the Property hereby conveyed and intended so
28 to be or that Trustor may be or shall become hereinafter bound so to do. Trustor covenants and
29 warrants that the Note and this Deed of Trust are valid and enforceable obligations of Trustor in
30 accordance with the terms thereof and hereof; and that this Deed of Trust does not, nor does the
31 Note, nor does the performance or observance by Trustor of any of the matters or things in the
32 Note or this Deed of Trust, contravene any covenant in any indenture or agreement affecting
33 Trustor.
34
35 Section 8.02. Due on Sale and Other Enforcement Provisions. Trustor's agreement to ensure
36 the continued owner occupancy of the Real Property is a substantial material consideration to
37 Beneficiary and Beneficiary's agreement to accept the Note and to accept this Deed of Trust. In
38 accordance with California Civil Code Section 711.5 and in order to induce Beneficiary to accept
39 this Deed of Trust and the Note, Trustor agrees that Trustor shall not Transfer all or any part of
40 the Property without the prior written consent of Beneficiary. Except for a Transfer to a Eligible
41 Household (as defined in the City of San Luis Obispo's Affordable Housing Standards),
42 Beneficiary may grant or deny such consent in its sole and absolute discretion and as a condition
43 to such consent may require any transferee to assume all obligations hereunder and to agree to be
44 bound by all provisions contained herein. In the event of any proposed Transfer, Trustor shall
8
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Deed of Trust
Page 9
1 provide Beneficiary with all financial and other information pertaining to the intended transferee
2 reasonably requested by Beneficiary. In the event of any Transfer without the prior written
3 consent of Beneficiary, Beneficiary shall have the absolute right, at its option, without demand or
4 notice, to declare all outstanding Principal and all other sums due hereunder and under the Note
5 to be immediately due and payable. Further, Beneficiary may bring an action at law or in equity
6 to require Trustor and the proposed transferee to terminate and /or rescind any sales contract or
7 purchase and sale transaction between them and /or to declare the transfer void, notwithstanding
8 that the transfer may have closed and become final as between Trustor and the transferee.
9 Further, Beneficiary may pursue any other remedy available under this Deed of Trust or the Note
10 or at law or in equity or under any other agreement, instrument or document entered into by
11 Trustor and Beneficiary. Beneficiary's consent to one Transfer shall not be deemed to be a
12 waiver of the right to require consent to a future or successive Transfer. As used herein,
13 "Transfer" includes any sale, agreement to sell, assignment, exchange or other conveyance of the
14 Property or any portion thereof or any interest therein, whether voluntary or involuntary, by
15 operation of law or otherwise, except that a Transfer by gift, devise or inheritance to a spouse or
16 to a spouse as a part of a dissolution proceeding shall not be considered a Transfer for purposes
17 of this Section.
18
19 ARTICLE 9. EVENTS OF DEFAULT. Each of the following shall constitute an event of
20 default ( "Event of Default ") hereunder (including, if Trustor and Trustee consists of more than
21 one person or entity, the occurrence of any of such events with respect to any one or more of such
22 persons or entities):
23
24 SECTION 9.01. Breach of Covenants. Default by Trustor in the performance of any of the
25 covenants or agreements of Trustor contained herein, in the Note, in the Affordable Housing
26 Agreement or any other note or instrument, trust deed or other obligation of Trustor relating to
27 the Property secured by any part of or all of the Property, whether junior or senior to this Deed of
28 Trust.
29
30 SECTION 9.02. Appointment of Trustee. The appointment pursuant to an order of a court of
31 competent jurisdiction, of a trustee, receiver or liquidator of the Property or any part thereof, or
32 of Trustor, or any termination or voluntary suspension of the transaction of business of Trustor,
33 or any attachment, execution or other judicial seizure of all or any substantial portion of Trustor's
34 assets; provided, however, that if such attachment, execution or seizure is involuntary, Trustor
35 shall not be deemed in default unless the same is not discharged within sixty (60) days.
36
37 SECTION 9.03. Bankruptcy Filing. The filing by or against Trustor of a petition in bankruptcy
38 or for an arrangement or for reorganization or for other form of debtor relief pursuant to the
39 federal Bankruptcy Act, as the same may be amended or replaced from time to time, or any other
40 law, federal or state, whether now existing or hereafter amended or enacted relating to insolvency
41 or debtor relief (except that in the case of a filing against Trustor, an Event of Default shall not
42 exist unless Trustor fails to have the proceeding discharged within sixty (60) days after such
43 filing), or the adjudication of Trustor as a bankrupt or an insolvent by a decree of a court of
44 competent jurisdiction, or the making of an assignment for the benefit of creditors, or the
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Deed of Trust
Page 10
1 admission by Trustor in writing of its inability to pay its debts generally as they become due, or
2 the giving of consent by Trustor to the appointment of a receiver or receivers of all or
3 substantially all of its property.
4
5 SECTION 9.04. Misrepresentations. Any representation or disclosure made to Beneficiary by
6 Trustor as an inducement to the making of the loan evidenced by the Note that proves to be false
7 or misleading in any material respect as of the time the same was made, whether or not any such
8 representation or disclosure appears as part of this Deed of Trust.
9
to SECTION 9.05. Other Events. Any other event which, under this Deed of Trust, or under the
11 Note or the Agreement, constitutes an Event of Default by Trustor hereunder or thereunder or
12 gives Beneficiary the right to accelerate the maturity of the indebtedness, or any part thereof,
13 secured hereby.
14
15 ARTICLE 10. REMEDIES. Upon the occurrence of any Event of Default and the expiration
16 of any applicable period within which to cure the same, Trustee and Beneficiary shall have the
17 following rights and remedies:
18
19 SECTION 10.01. Acceleration. Beneficiary may declare the entire outstanding Principal and all
20 other sums or payments required hereunder to be due and payable immediately and
21 notwithstanding the date such sums would otherwise be due in accordance with the Note and the
22 Agreement.
23
24 SECTION 10.02. Entry. Whether or not Beneficiary exercises the right provided in Section
25 10.01 above, Beneficiary, in person or by agent or court- appointed receiver, may enter upon, take
26 possession of, manage and operate the Property or any part thereof and do all things necessary or
27 appropriate in Beneficiary's sole discretion in connection therewith, including, without limitation,
28 making and enforcing, and if the same be subject to modification or cancellation, modifying or
29 canceling leases upon such terms or conditions as Beneficiary deems proper, obtaining and
30 evicting tenants, and fixing or modifying rents, contracting for and making repairs and
31 alterations, and doing any and all other acts which Beneficiary deems proper to protect the
32 security hereof; and either with or without so taking possession, in its own name, in the name of
33 Trustor or by court- appointed receiver (which may be appointed on notice or on ex parte
34 application without notice), suing for or otherwise collecting and receiving the rents and profits,
35 including those past due and unpaid, and applying the same less costs and expenses of operation
36 and collection, including reasonable attorney's fees, upon any indebtedness secured hereby and in
37 such order as Beneficiary may determine. Upon request of Beneficiary, Trustor shall assemble
38 and make available to Beneficiary at the site of the Real Property any of the Property which has
39 been removed therefrom. The entering upon and taking possession of the Property, or any part
40 thereof, the collection of any rents and profits and the application thereof as aforesaid shall not
41 cure or waive any Event of Default theretofore or thereafter occurring or affect any notice or
42 Event of Default or notice, and, notwithstanding continuance in possession of the Property or any
43 part thereof by Beneficiary, Trustor or a receiver, and the collection, receipt and application of
44 the rents and profits, Beneficiary shall be entitled to exercise every right provided for in this
10
Deed of Trust
Page 11
1 Deed of Trust or by law or in equity upon or after the occurrence of an Event of Default,
2 including, without limitation, the right to exercise the power of sale. Any of the actions referred
3 to in this Section may be taken by Beneficiary irrespective of whether any notice of an Event of
4 Default or election to sell has been given hereunder and without regard to the adequacy of the
5 security for the indebtedness hereby secured.
6
7 SECTION 10.03. Judicial Action. Beneficiary may bring an action in any court of competent
8 jurisdiction to foreclose this Deed of Trust or to enforce any of the covenants and agreements of
9 this Deed of Trust, or the Note and the Affordable Housing Agreement.
10
11 SECTION 10.04. Power of Sale.
12
13 SUBSECTION 10.04(a). Beneficiary may elect to cause the Property or any part thereof to be
14 sold under the power of sale herein granted in any manner permitted by applicable law. In
15 connection with any sale or sales hereunder, Beneficiary may elect to treat any of the Property
16 that consists of a right in action or that is property that can be severed from the Real Property or
17 any improvements thereon without causing structural damage thereto as if the same were
18 personal property and dispose of the same in accordance with applicable law, separate and apart
19 from the sale of the Real Property.
20
2.1 SUBSECTION 10.04(b). Trustee may, and upon request of Beneficiary shall, from time to time,
22 postpone any sale hereunder by public announcement thereof at the time and place noticed
23 therefor. If the Property consists of several items of property, Beneficiary may designate the order
24 in which such items shall be offered for sale or sold. Any person, including Trustor, Trustee or
25 Beneficiary, may purchase at any sale hereunder, and Beneficiary shall have the right to purchase
26 at any sale hereunder by crediting upon the bid price the amount of all or any part of the
27 indebtedness hereby secured.
28
29 SUBSECTION 10.04(c). Should Beneficiary desire that more than one sale or other disposition
30 of the Property be conducted, Beneficiary may, at its option, cause the same to be conducted
31 simultaneously, or successively, on the same day, or at such different days or times and in such
32 order as Beneficiary may deem to be in its best interests, and no such sale shall terminate or
33 otherwise affect the lien of this Deed of Trust on any part of the Property not sold until all
34 indebtedness secured hereby has been fully paid. Upon any sale hereunder, Trustee shall execute
35 and deliver to the purchaser or purchasers a deed or deeds conveying the Property so sold, but
36 without any covenant or warranty whatsoever, express or implied, whereupon such purchaser or
.37 purchasers shall be let into immediate possession; and the recitals in any such deed or deeds of
38 facts, such as default, the giving of notice of default and notice of sale and other facts affecting
39 the regularity or validity of such sale or disposition, shall be conclusive proof of the truth of such
40 facts and any such deed or deeds shall be conclusive against all persons as to such facts recited
41 therein.
42
43 SUBSECTION 10.04(d). In case of any sale of the Property pursuant to any judgment or decree
44 of any court or at public auction or otherwise in connection with the enforcement of any of the
11
•
Deed of Trust
Page 12
•
1 terms of this Deed of Trust, Beneficiary, its successors or assigns, may become the purchaser,
2 and for the purpose of making settlement for or payment of the purchase price, shall be entitled to
3 deliver over and use the Note, together with all other sums, with interest, advanced and unpaid
4 hereunder, in order that there may be credited as paid on the purchase price the sum then due
5 under the Note, including principal thereon and all other sums, with interest, advanced and
6 unpaid hereunder.
7
8 SECTION 10.05. Proceeds of Sale. The proceeds of any sale made under or by virtue of this
9 Article, together with all other sums that then may be held by Trustee or Beneficiary under this
10 Deed of Trust, whether under the provisions of this Article or otherwise, shall be applied as
11 follows:
12
13 (a) First, to the payment of the costs and expenses of sale and of any judicial proceedings
14 wherein the same may be made, including reasonable compensation to Trustee and Beneficiary,
15 their agents and counsel, and to the payment of all expenses, liabilities and advances made or
16 incurred by Trustee under this Deed of Trust, together with interest on all advances made by
17 Trustee at the maximum rate permitted by law to be charged by Trustee.
18
19 (b) Second, to the payment of any and all sums expended by Beneficiary under the terms hereof
20 (including, but not limited to, sums paid by Beneficiary on the prior trust deed) not then repaid
21 and all other sums required to be paid by Trustor pursuant to any provisions of this Deed of Trust
22 or the Note, including, without limitation, all expenses, liabilities and advances made or incurred
23 by Beneficiary under this Deed of Trust or in connection with the enforcement hereof, together
24 with interest thereon as herein provided.
25
26 (c) Third, to the payment of the entire amount then due, owing or unpaid upon the Note,
27 including attorney's fees and costs.
28
29 (d) Fourth, all amounts otherwise due Beneficiary.
30
31 (e) The remainder, if any, to the person or persons legally entitled thereto.
32
33 SECTION 10.06. Waiver of Marshaling. Trustor, for itself and for all persons hereafter
34 claiming through or under it or who may at any time hereafter become holders of liens junior to
35 the lien of this Deed of Trust, hereby expressly waives and releases all rights to direct the order in
36 which any of the Property shall be sold in the event of any sale or sales pursuant hereto, and to
37 have any of the Property and/or other property now or hereafter constituted security for any of the
38 indebtedness secured hereby, marshaled upon any foreclosure of this Deed of Trust or for any
39 other security for any of said indebtedness.
40
41 SECTION 10.07. Remedies Cumulative. No remedy herein conferred upon or reserved to
42 Trustee or Beneficiary is intended to be exclusive of any other remedy herein or by law provided,
43 but each shall be cumulative and shall be in addition to every other remedy given hereunder or
44 now or hereafter existing at law or in equity or by statute. No delay or omission of Trustee or
12
9 0
Deed of Trust
Page 13
1 Beneficiary to exercise any right or power accruing upon any Event of Default shall impair any
2 right or power or shall be construed to be a waiver of any Event of Default or any acquiescence
3 therein; and every power and remedy given by this Deed of Trust to Trustee or Beneficiary may
4 be exercised from time to time as often as may be deemed expedient by Trustee or Beneficiary. If
5 there exists additional security for the performance of the obligations secured hereby, the holder
6 of the Note, at its sole option, and without limiting or affecting any of its rights or remedies
7 hereunder, may exercise any of the rights and remedies to which it may be entitled hereunder
8 either concurrently with whatever rights and remedies it may have in connection with such other
9 security or in such order as it may determine. Any application of any amounts or any portion
10 thereof held by Beneficiary at any item as additional security hereunder, whether pursuant to this
11 deed of trust or otherwise, to any indebtedness secured hereby shall not extend or postpone the
12 due dates of any payments due from Trustor to Beneficiary hereunder or under the Note, or
13 change the amounts of any such payments or otherwise be construed to cure or waive any default
14 or notice of default hereunder or invalidate any act done pursuant to any such default or notice. In
15 the event that Beneficiary shall have proceeded to enforce any right under this Deed of Trust by
16 foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or
17 abandoned for any reason or shall have been determined adversely, then, and in every such case,
18 Trustor and Beneficiary shall be restored to their former positions and rights hereunder with
19 respect to the Property subject to the lien hereof.
20
21 ARTICLE 11. MISCELLANEOUS
22
23 SECTION 11.01. Severability. In the event that any one or more of the provisions contained in
24 this Deed of Trust shall for any reason be held to be invalid, illegal or unenforceable in any
25 respect, such invalidity, illegality or unenforceability shall not affect any other provision of this
26 Deed of Trust, and this Deed of Trust shall be construed as if such invalid, illegal or
27 unenforceable provision had never been contained herein.
28
29 SECTION 11.02. Certain Charges. Trustor agrees to pay the charges of Beneficiary for any
30 service rendered Trustor, or on its behalf, connected with this Deed of Trust or the indebtedness
31 secured hereby, including, without limitation, delivering to an escrow holder a request for full or
32 partial reconveyance of this Deed of Trust, transmitting to an escrow holder moneys secured
33 hereby, changing the records pertaining to this Deed of Trust and indebtedness secured hereby,
34 showing a new owner of the Property and replacing an existing policy of insurance held
35 hereunder with another such policy.
36
37 SECTION 11.03. Notices. All notices expressly provided hereunder to be given by Beneficiary
38 to Trustor and all notices and demands of any kind or nature whatsoever that Trustor may be
39 required or may desire to give to or serve on Beneficiary shall be in writing and shall be served
40 by first class or registered or certified mail, return receipt requested. Any such notice or demand
41 so served shall be deposited in the United States mail, with postage thereon fully prepaid and
42 addressed to the party so to be served at its address above stated or at such other address of which
43 said party shall have theretofore notified in writing, as provided above, the party giving such
44 notice. Service of any such notice or demand so made shall be deemed effective on the date of
13
0 0
Deed of Trust
Page 14
1 actual delivery as shown by the addressee's return receipt or the expiration of forty-eight (48)
2 hours after the date of mailing, whichever is the earlier in time, except that service of any notice
3 of default or notice of sale provided or required by law shall, if mailed, be deemed effective on
4 the date of mailing.
5
6 SECTION 11.04. Trustor Not Released. Extension of the time for payment or modification of
7 the terms of payment of any sums secured by this Deed of Trust granted by Beneficiary to any
8 successor -in- interest of Trustor shall not operate to release, in any manner, the liability of the
9 original Trustor. Beneficiary shall not be required to commence proceedings against such
10 successor or refuse to extend time for payment or otherwise modify the terms of the payment of
11 the sums secured by this Deed of Trust by reason of any demand made by the original Trustor.
12 Without affecting the liability of any person, including Trustor, for the payment of any
13 indebtedness secured hereby, or the lien of this Deed of Trust on the remainder of the Property
14 for the full amount of any such indebtedness and liability unpaid, Beneficiary and Trustee are
15 respectively empowered as follows: Beneficiary may from time to time and without notice (a)
16 release any person liable for the payment of any of the indebtedness, (b) extend the time or
17 otherwise alter the terms of payment of any of the indebtedness, (c) accept additional real or
18 personal property of an kind as security therefor, whether evidenced by deeds of trust, mortgages,
19 security agreements or any other instruments of security, or (d) alter, substitute or release any
20 property securing the indebtedness; Trustee may, at any time and from time to time, upon the
21 written request of Beneficiary (a) consent to the making of any map or plat of the Property or any
22 part thereof, (b) join in granting any easement or creating any restriction thereon, (c) join in any
23 subordination agreement or other agreement affecting this Deed of Trust or the lien or charge
24 hereof, or (d) reconvey, without any warranty, all or part of the Property.
25
26 SECTION 11.05. Inspection. Beneficiary may at any reasonable time or times make or cause to
27 be made entry upon and inspections of the Property or any part thereof in person or by agent.
28
29 SECTION 11.06. Reconveyance. Upon the payment in full of all sums secured by this Deed of
30 Trust or upon forgiveness of such payment in accordance with the Note, Beneficiary shall request
31 that Trustee reconvey the Property and shall surrender this Deed of Trust and Note evidencing
32 indebtedness secured by this Deed of Trust to Trustee. Upon payment of its fees and any other
33 sums owing to it under this Deed of Trust, Trustee shall reconvey the Property without warranty
34 to the person or persons legally entitled thereto. Such person or persons shall pay all costs of
35 recordation, if any. The recitals in such reconveyance of any matters of facts shall be conclusive
36 proof of the truthfulness thereof. The grantee in such reconveyance may be described as "the
37 person or persons legally entitled thereto." Five (5) years after issuance of such full
38 reconveyance, Trustee may destroy the Note and this Deed of Trust unless otherwise directed by
39 Beneficiary.
40
41 SECTION 11.07. Interpretation. Wherever used in this Deed of Trust, unless the context
42 indicates a contrary intent, or unless otherwise specifically provided herein, the word "Trustor"
43 shall mean and include both Trustor and any subsequent owner or owners of the Property, and
44 the word "Beneficiary" shall mean and include not only the original Beneficiary hereunder but
14
Deed of Trust
Page 15
1 also any future owner and holder, including pledgees, of the Note secured hereby. In this Deed of
2 Trust wherever the context so requires, the masculine gender includes the feminine and /or neuter,
3 and the neuter includes the feminine and /or masculine, and the singular number includes the
4 plural and conversely. In this Deed of Trust, the use of the word "including" shall not be deemed
5 to limit the generality of the term or clause to which it has reference, whether or not non - limiting
6 language (such as "without limitation," or "but not limited to" or words of similar import) is used
7 with reference thereto. The captions and headings of the Articles and Sections of this Deed of
8 Trust are for convenience only and are not to be used to interpret, define or limit the provisions
9 hereof.
10
11 SECTION 11.08. Consent. The granting or withholding of consent by Beneficiary to any
12 transaction as required by the terms hereof shall not be deemed a waiver of the right to require
13 consent to future or successive transactions.
14
15 SECTION 11.09. Successors and Assigns. All of the grants, obligations, covenants,
16 agreements, terms, provisions and conditions herein shall run with the land and shall apply to,
17 bind, and inure to the benefit of the heirs, administrators, executors, legal representatives,
18 successors and assigns of Trustor and the successors -in -trust of Trustee and the endorsees,
19 transferees, successors and assigns of Beneficiary. In the event that Trustor is composed of more
20 than one party, the obligations, covenants, agreements and warranties contained herein as well as
21 the obligations arising therefrom are and shall be joint and several as to each such party. .
22
23 SECTION 11.10. Governing Law. This Deed of Trust shall be governed by and construed under
24 the laws of the State of California.
25
26 SECTION 11.11. Trustor Waivers. Trustor waives the benefit of all laws now existing or that
27 hereafter may be enacted with respect to any statute of limitations for the filing of any action or
28 claims by Beneficiary.
29
30 SECTION I L 12. Superiority of First Lender Documents.
31
32 SUBSECTION 11.12(a). This Deed of Trust shall not diminish or affect the rights of the First
33 Lender (which for purposes of these documents shall be deemed also to include the California
34 Housing Finance Agency, its successors and assigns (Ca1HFA), hereinafter collectively referred
35 to as First Lender) under that certain deed of trust dated l.v I to Zcx�6 , executed by the
36 Trustor in favor of the First Lender and recorded in the County of San Luis Obispo on
37 (0-20- 200 , and assigned Instrument No(s) d / & 'ror any deed of trust
38 in the name of or held by Ca1HFA1 or any subsequent First Lender deeds of trust hereafter
39 recorded against the Security (collectively, the "First Deed of Trust "), except as provided in
40 Subsection 11.12(b) below. Beneficiary and Trustor acknowledge and agree that this Deed of
41 Trust is subject and subordinate in all respects to the liens, terms, covenants and conditions of the
42 First Deed of Trust and to all advances heretofore made or which may hereafter be made
43 pursuant to the First Deed of Trust including all sums advanced for the purpose of (i) protecting
44 or further securing the lien of the First Deed of Trust, curing defaults by the Trustor under the
I.L
Deed of Trust
Page 16
1 First Deed of Trust or for any other purpose expressly permitted by the First Deed of Trust or (ii)
2 constructing, renovating, repairing, furnishing, fixturing or equipping the Property. The terms
3 and provisions of the First Deed of Trust are paramount and controlling, and they supersede any
4 other terms and provisions hereof in conflict therewith.
5
6 SUBSECTION 11.1.2(b). In the event of default, the First Lender may take the following actions
7 to cure the default, provided first that: (i) the Beneficiary has been given written notice of a
8 default under the First Deed of Trust (which requirement may be satisfied by recordation of a
9 notice of default under California Civil Code Section 2924), and (ii) the Beneficiary shall not
10 have cured the default under the First Deed of Trust within 60 days after such notice sent to the
11 Beneficiary:
12
13 1) Foreclose on the subject property pursuant to the remedies permitted by law and written
14 in a recorded contract or deed of trust; or
15
16 2) Accept a deed of trust or assignment to the extent of the value of the unpaid first
17 mortgage to the current market value in lieu of foreclosure in the event of default by a
18 trustor; or
19
20 3) Sell the property to any person at a fair market value price subsequent to exercising its
21 rights under the deed of trust. Any value in excess of the unpaid mortgage and costs of
22 sale administration shall be used to satisfy the City loan. In no case may a first mortgage
23 lender, exercising foreclosure assignment in -lieu of foreclosure or sale, obtain value or
24 rights to value greater than the value of the outstanding indebtedness on the first
25 mortgage at the time of the debt clearing action.
26
27 The following types of transfers shall remain subject to the requirements of the City's loan and
28 right of first refusal: transfer by gift, devise, or inheritance to the owner's spouse; transfer to a
29 surviving joint tenant; transfer to a spouse as part of divorce or dissolution proceedings; or
30 acquisition in conjunction with a marriage.
31
32 SECTION 11.13. Request for Notices of Default and Sale.
33
34 SUBSECTION 11.13(a). Trustor hereby requests that a copy of any notice of default and notice
35 of sale as may be required by law or by this Deed of Trust be mailed to Trustor at its address
36 above stated.
37
38 SUBSECTION 11.13(b). In accordance with Section 2924b of the California Civil Code, request
39 is hereby made that a copy of any notice of default and a copy of any notice of sale under that
40 deed trust recorded concurrently herewith, be mailed to: Community Development Director,
41 City of San Luis Obispo, 919 Palm Street, San Luis Obispo, California 93401.
42
43 SECTION 11.14. No Transfer. Trustor shall not voluntarily or involuntarily (except for a
44 transfer in accordance with the Affordable Housing Agreement) assign or otherwise transfer any
16
Deed of Trust
Page 17
1 of its rights, duties, liabilities or obligations hereunder or under the Note without the prior written
2 consent of Beneficiary.
3
4 SECTION 11.15. Attorney's Fees. In any action to interpret or enforce any provision of this
5 Deed of Trust, the prevailing party shall be entitled to reasonable costs and attorney's fees.
6
7 IN WITNESS WHEREOF, the undersigned have executed this Deed of Trust as of the day and
8 year first above written. (attach notarization)
9
10
11
12
13 - -
14 "Trustor"
15
16
17
18
19
20
.21 c
22 1
23 Ken H plan, City A ministrative Officer
24 `Beneficiary"
25
26
27
17
• i •
ATTACHED TO PURCHASE MONEY DEED OF TRUST DTD 9/26/08 CITY OF SLO /BALD
State of CALIFORNIA_ . _ )
County of SAN LUIS OBISPO )
On October 17, 2008
C. MERSAI
personally appeared BRIDGET BALD,
who proved me-Whe basis of satisfactory
instru t and acknowledged to me that h
by his er heir signature(s) on the instru
execu e. instrument.
before me,
Notary Public (here insert name and title of the officer),
ence to be the person(s) who me(s is re subscribed to the within
he ey executed the same in hi her/ eir authorized capacity(ies), and that
KA
the person(s), or the entity behalf of which the person(s) acted,
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 (Seal)
(notary)(12 -07)
4EXpIRj S .jam
C. MERSAI
0 COMM. # 1792535
• NOTARY PUBLIC. CALIFORNIA +n
SAN LUIS OBISPO COUNTY 0
COMM. EXPIRES MARCH 27, 2012 j
•
STATE OF CALIFORNIA )
)SS
COUNTY OF SAN LUIS OBISPO )
•
On September 30, 2008, before me Audrey Hooper, City Clerk, personally appeared Ken
Hampian, City Administrative Officer, CITY OF SAN LUIS OBISPO, who proved to me on the
basis of satisfactory evidence to be the person whose name ish re subscribed to the within
instrument and ackn wledged to me that he/shetfty executed the same in his/herAheir
authorized capacity(), and that by hisJhsignature(s�,on the instrument the person(,1or
the entity upon behalf of which the person(16 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
r'
Clerk)
�1
Deed of Trust
Page 18
LEGAL. DESCRIPTION
EXHIBIT W
Parcel 1:
An undivided ?,`16th interest in Lot 1 of T,r= No. 2865, in the City of San Luis Obispa, County of San Luis
CI , State of Caiifom[a, accvrdii�tt to ttte irx1p recorded April 1, 2008, in Book 31, Page 30 of, Maps, io the
oft`ace of the County Recorder of said County.
EXCEPT THEREROM Units. 1 through 16 and the exctusNe use ccoman areas appurtenant tD each unit as
diOctsed and delineated on the Condomiaium Plan recorded April 1, 2008, Instagnent No. 2t'} B01626fi Mcial
Records.
Parcel 2:
Unit 8 tocgether with the tvdusgive tlse comnw areas appurteriant to each. unit as disc am d del nwte t on
the Condurninium Plan recorded Aprd 1, 2008, instrument No. 2006016266, Official Records.
Al?W pci-tiorr of CO3- 663.011
18
END OF DOQ!t��tT