HomeMy WebLinkAboutD-1931 3591 Sacramento Dr #59, SLO, CA Recorded 11/16/20121
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REWRDING REQUESTED By
WHEN RECORDED REMt I V E D
City of San Luis Obispo DEC 11 Ml
990 Palm Street
San Luis Obispo, Ca. 9346L0 CITY GL RK
Attn: City Clerk
FIDELITY NATIONAL TITLE INS. CO.
HAS REQUESTED THAT THIS DOCUMENT
BE RECORDED AS AN ACCOMMODATION
ONLY. IT HAS NOT SEEN EXAMINED FOR
REGULARITY, SUFFICIENCY OR EFFECT
ON THE TITLE TO THE PROPERTY HEREIN
.RJBED.
The undersigned declare that there is no documentary
transfer tax on this matter.
JULIE =ROD LD
_ San --Luis Obispo ty— Clerkliiecorder
Recorded at the request of
Fidelity Title Company
DG
11/1612012
8:00 AM
D o c # : 2012066712 Titles: 4 Pages: 19
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
DEED OF TRUST, DEED OF TRUST COVENANTS,
ASSIG T OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING
THIS DEED OF TRUST COVENANTS,
ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this
"Deed of Trust ") is_ made as of this 23 day of July 2012, by Jaime Ballew ( "Trustor "),
the real property described herein below, whose address is:
3591 Sacramento Drive #59, San Luis Obispo, California
To Fidelity National 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 January 18, 2006, Beneficiary and Centex Homes, a Nevada general
partnership entered. into an Affordable Housing Agreement to implement Council Resolution
No. 9169, approving the 3592 Broad Street residential development; and
WHEREAS, to implement said Affordable Housing Agreement, Beneficiary and Trustor entered
into that certain Promissory Note ( "Note ") dated August 2, 2007, 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, value of the Property has decreased since that Note was secured in favor of City of
San Luis Obispo and .
WHEREAS, new value of the Note is the difference between the current appraised market value
and restricted sales. price according to the City of San Luis Obispo Affordable Housing Standards
2012; and
Deed of Trust
Page 2
1 WHEREAS, to implement said Affordable Housing Agreement eneficiary and Trustor entered
2 into that certain Promissory Note ( "Note ") dated July 23 , 2012, pursuant to which
3 Trustor agreed to certain restrictions on the sale or transfer of th certain real property located in
4 the County of San Luis Obispo, State of California, which is further described in Exhibit A (the
5 "Real Property"); and
6
7 WHEREAS, Beneficiary and Trustor desire to ensure that the Real Property remain affordable to
8 moderate - income persons for a period of not less than 30 years following the property's initial
9 date of sale, pursuant to the Affordable Housing Agreement.
10
11 NOW, THEREFORE, THIS DEED OF TRUST WITNESSETH:
12
13 Trustor, in consideration of the indebtedness referred to below and the trust herein created,
14 irrevocably grants, conveys, transfers and assigns to Trustee, and its successors and assigns, in
15 trust, power of sale and right of entry and possession, all of Trustor's estate, right, title and
16 interest in, to and under the Real Property;
17
18 TOGETHER WITH all structures and improvements now existing or hereafter erected on the
19 Real Property, all easements, rights and appurtenances thereto or used in connection therewith,
20 all rents, royalties, issues, profits, revenues, income and other benefits thereof or arising from the
21 use or enjoyment of all or any portion thereof (subject, however, to the right, power and authority
22 given herein to Trustor to collect and apply such rents, royalties, issues, profits, revenues, income
23 and other benefits prior to an Event of Default hereunder), all interests in and rights, royalties and
24 profits in connection with all minerals, oil and gas and other hydrocarbon substances thereon or
25 therein, development rights or credits, air rights, water, water rights (whether riparian,
26 appropriative or otherwise and whether or not appurtenant) and water stock, all intangible
27 property and rights relating to the Real Property or the operation thereof or used in connection
28 therewith, including, without limitation, trade names and trademarks and all furniture and
29 fixtures, now or hereafter located in, or on, or attached or affixed to, or used or intended to be
30 used in connection with, the Real Property, including, but without limitation, all heating,
31 lighting, laundry, incinerating, gas, electric and power equipment, pipes, plumbing, fire
32 prevention and fire extinguishing, refrigerating, ventilating and communication apparatus, air
33 cooling and air conditioning apparatus, shades, awnings, blinds, curtains, drapes, attached floor
34 coverings, including rugs and carpeting and other installed appliances, attached cabinets, trees,
35 plants and other items of landscaping, shall, to the fullest extent permitted by law and for the
36 purposes of this Deed of Trust, be deemed to be part and parcel of, and appropriated to the use
37 of, the Real Property and, whether or not affixed or annexed thereto, be deemed conclusively to
38 be real property and conveyed by this Deed of Trust, and Trustor agrees to execute and deliver,
39 from time to time, such further instruments and documents as may be required by Beneficiary to
40 confirm the lien of this Deed of Trust on any of the foregoing;
41
42 TOGETHER WITH all of the estate, interest, right, title, other claim or demand which Trustor
43 now has or may hereafter acquire in any and all awards made for the taking by eminent domain,
44 or by any proceeding or purchase in lieu thereof, of the whole or any part of the Property (as
Deed of Trust
Page 3
1 hereinafter defined), including, without limitation, any awards resulting from a change of grade
2 of streets and awards for severance damages;
3
4 TOGETHER WITH all of the estate, interest, right, title and other claim or demand which
5 Trustor now has or may hereafter acquire with respect to the unearned premiums accrued,
6 accruing or to accrue and the proceeds of insurance in effect with respect to all or any part of the
7 foregoing. All of the foregoing property referred to in this Deed of Trust, together with the Real
8 Property, is herein referred to as the "Property."
9
10 ARTICLE 1. PURPOSE AND CONSIDERATION. This trust deed is established for the
11 purpose of securing, in such order of priority as Beneficiary may elect:
12
13 (a) The repayment of the indebtedness evidenced by Trustor's Promissory Note (the
14 "Note ") of even date herewith payable to the order of Beneficiary, in the principal sum of
15 twenty -one thousand nine hundred twenty ive Dollars ($21,925) ( "Principal "), and any
16 and all late charges, interest costs or fees required thereunder and all extensions,
17 renewals, modifications, amendments and replacements thereof. The amount of the Note
18 is the monetary difference between said property's initial sales price, as allowed by the
19 City's Affordable Housing Standards, and its initial market value, as specified in the
20 Note.
21
22 (b) The payment of all other sums which may be advanced by or otherwise be due to
23 Trustee or Beneficiary under any provision of this Deed of Trust with interest (if any)
24 thereon at the rate provided herein or therein.
25
26 (c) Performance of all covenants of Trustor made in this Deed of Trust
27
28. (d) Compliance with all Restrictions as set forth in Article 2 of the Affordable Housing
29 Agreement and this Deed of Trust.
30
31 ARTICLE 2. TRUSTOR RESTRICTIONS. To protect the security of this Deed of Trust,
32 Trustor and Trustee hereby covenant and agree as follows:
33
34 SECTION 2.01. Restrictions on Use, and Occupancy. The Real Property shall be used solely
35 for owner- occupied housing and occupied solely by moderate income households, as defined in
36 the Affordable Housing Agreement, the terms and restrictions of which are incorporated by this
37 reference as if fully set forth herein.
38
39 SECTION 2.02. Restrictions on Sale. The Real Property shall be sold or otherwise transferred
40 only to eligible households, as defined herein, or to the City, its Housing Authority, or to a non-
41 profit housing agency designated by City. Sales prices shall be based on and consistent with the
42 Affordable Housing Standards published by the City's Community Development Department.
43
3
Deed of Trust
Page 4
1 SECTION 2.03. Term of Use, Occupancy and Sale Restrictions. Trustor agrees that the
2 above restrictions to the use, occupancy and sale of the Real Property shall remain in effect for a
3 period of not less than thirty (30) years from the date of the property's initial sale, or until
4 July 30, 2037. Further, Trustor agrees that all future grant deeds for or transfers of interest in the
5 properties shall contain a restriction providing that for the period of time specified in this deed of
6 trust, there shall be no sale, lease, rental, or other transfer of the properties except for the sale to
7 and occupation by eligible moderate income households. Any sale, lease, rental, or other transfer
8 of the property in violation of this Agreement shall be void, as provided below.
9
10 SECTION 2.04. Determination of Eligibility. Trustor and Trustee agree to retain the Housing
11 Authority of the City of San Luis Obispo, or other qualified entity acceptable to the City, to
12 determine whether prospective buyers qualify as eligible households as defined in the Affordable
13 Housing Standards.
14
15 SECTION 2.05. Covenants Binding. These affordability requirements shall be covenants
16 running with the land as defined in California Civil Code Section 1460, and shall apply to the
17 Real Property as further described on Exhibit A. Pursuant to Civil Code Section 1468, which
18 governs such covenants, the provisions of this Agreement shall be binding upon all parties
19 having any right, title, or interest in any of the properties described herein, or any portion thereof
20 and on their heirs, successors in interest and assigns for a period of 30 years from the initial date
21 of sale of the property. The parties agree that all future deeds Ior transfers of interest regarding
22 the properties shall show the restrictions of this Agreement for as long as the Agreement is in
23 effect.
24
25 SECTION .2.06. First Right of Refusal. Upon resale, Trustor and Trustee agree that the City or
26 the Housing Authority of the City of San Luis Obispo shall have the first right of refusal to
27 purchase the property or properties at the then current appraised value, as further described in the
28 Note.
29
30 SECTION 2.07. Performance of Obligations Secured. Trustor shall promptly pay when due
31 the indebtedness evidenced by the Note and any late charges, costs and/or fees provided for in the
32 Note and shall further perform fully and in a timely manner all other obligations of Trustor
33 contained herein or in the Note.
34
35 ARTICLE 3 — INSURANCE REQUIREMENTS
36
37 SECTION 3.01. Trustor shall keep the Property and all improvements thereon insured against
38 loss or damage by fire with extended all -risk coverage clauses, including vandalism and
39 malicious mischief clauses, in an amount not less than one hundred percent (100 %) of the full
40 replacement cost of such improvements with a company or companies and in such form and with
41 such endorsements as may be approved or required by Beneficiary.
42
43 SECTION 3.02. Trustor shall also maintain in full force and effect a policy of homeowners'
44 general liability insurance insuring Trustor against liability for bodily injury, property damage
4
•
Deed of Trust
Page 5
1 and personal injury arising out of the operation, use or occupancy of the Property. The initial
2 amount of such insurance shall be One Hundred Thousand Dollars ($100,000.00) per occurrence
3 and not in the aggregate and shall be subject to periodic increase based upon increased liability
4 awards or the reasonable recommendation of Trustor's professional insurance advisor. Trustor
5 shall name Beneficiary as an additional insured under such policy. Such insurance shall be
6 primary with respect to any insurance maintained by Beneficiary and shall not call on
7 Beneficiary's insurance for contributions.
8
9 SECTION 3.03. Trustor shall pay all premiums for the insurance policies required to be
10 maintained under this Deed of Trust within fifteen (15) days after Trustor's receipt of a copy of
11 the premium statement or other evidence of the amount due. At least thirty (30) days prior to the
12 expiration of such policy, Trustor shall deliver to Beneficiary a renewal of such policy.
13
14 SECTION 3.04. Any insurance which Trustor is required to maintain under this Deed of Trust
15 shall include a provision requiring that the insurance carrier give Beneficiary not less than thirty
16 (30) days written notice prior to any cancellation or modification of such coverage. If Trustor (i)
17 fails to deliver any policy or renewal to Beneficiary required under this Deed of Trust within the
18 prescribed time period or (ii) if any such policy is canceled or modified to reduce the amount or
19 type of coverage without Beneficiary's consent and no substituted comparable coverage is
20 obtained by Trustor prior to such cancellation or modification, Beneficiary may obtain such
'21 insurance. In such case, Trustor shall reimburse Beneficiary for the cost of such insurance within
22 fifteen (15) days after receipt of a statement that indicates the cost of such insurance and upon
23 proof that Beneficiary has paid said statement.
24
25 SECTION 3.05. Trustor shall maintain all insurance required under this Deed of Trust with
26 companies holding a "general policy rating" of A -8 or better, as set forth in the most current issue
27 of "Best Key Rating Guide." Trustor acknowledges that the insurance described in this Section is
28 for the primary benefit of Beneficiary. Beneficiary makes no representation as to the adequacy of
29 such insurance to protect Trustor's or Beneficiary's interests. Therefore, Trustor shall obtain any,
30 additional property or liability insurance that Trustor deems necessary to protect Beneficiary and
31 Trustor, in the exercise of reasonable judgment.
32
33 SECTION 3.06. Notwithstanding anything to the contrary contained herein, Trustor's obligation
34 to carry the insurance provided for herein may be brought within the coverage of a so- called
35 blanket policy or policies of insurance carried and maintained by Trustor; provided, however,
36 that Beneficiary shall be named as an additional insured thereunder and that the coverage
37 afforded Beneficiary will not be reduced or diminished by reason of the use of such blanket
38 policy of insurance and provided further that the requirements set forth herein are otherwise
39 satisfied.
40
41 SECTION 3.07. All of the above - mentioned insurance policies or certificates of insurance must
42 be satisfactory to Beneficiary. Beneficiary shall not by the fact of approving, disapproving,
43 accepting, preventing, obtaining or failing to obtain any insurance, incur any liability for or with
44 respect to the amount of insurance carried, the form or legal sufficiency of insurance contracts,
5
i •
Deed of Trust
Page 6
1 insolvency of insurance companies or payment or defense of lawsuits and Trustor hereby
2 expressly assumes full responsibility therefor and all liability, if any, with respect thereto.
3
4
.5 SECTION 3.08. Condemnation and Insurance Proceeds.
6
7 SUBSECTION 3.08(a). Any award of damages in connection with any taking or condemnation,
8 or for injury to the Property by reason of public use, or for damages for private trespass or entry
9 onto the Property is hereby assigned and shall be paid to Beneficiary as further security for all
10 obligations secured by this Deed of Trust. Upon receipt of such proceeds, Beneficiary may hold
11 the proceeds as further security or apply or release them.in the same manner and with the same
12 effect as provided in this Deed of Trust for the disposition of proceeds of fire or other insurance.
13
14 SUBSECTION 3.08(b). Any insurance proceeds or awards in connection with any casualty or
15 damage or injury to the Property covered by insurance ( "Insurance Proceeds ") are hereby
16 assigned to Beneficiary to be held and applied by Beneficiary in the manner hereinafter provided.
17 Beneficiary may, at its option, and at its own expense, appear in and prosecute in its own name
18 any action or proceeding to enforce any cause of action for such Insurance Proceeds. All
19 Insurance Proceeds shall be applied by Beneficiary upon any indebtedness secured by this Deed
20 of Trust and in any order determined by Beneficiary or, at the option of Beneficiary, the entire
21 amount so collected or any part of that amount may be released to Trustor. This application or
22 release shall not cure or waive any default or notice of default under this Deed of Trust or
23 invalidate any act done pursuant to such notice.
24
25 SUBSECTION 3.08(c). Trustor, immediately upon obtaining knowledge of the institution of any
26 proceedings relating to condemnation or other taking of or damage or injury to the Property or
27 any portion thereof, or knowledge of any casualty damage to the Property or damage in any other
28 manner, shall immediately notify Beneficiary in writing. Beneficiary may participate, at its own
29 expense, in any such proceedings and may join Trustor in adjusting any loss covered by
30 insurance.
31
32 ARTICLE 4. TAXES, LIENS AND OTHER ITEMS. Trustor shall pay, when due, all taxes,
33 bonds, assessments, fees, liens (including prior trust deed liens), charges, fines, impositions and
34 any and all other items which are attributable to or affect the Property and which may attain a
35 priority over this Deed of Trust or the indebtedness or evidence of indebtedness secured hereby,
36 by making payment prior to delinquency directly to the payee thereof. Trustor may initiate
37 proceedings to contest any such taxes, bonds, assessments, fees, liens, charges, fines, impositions
38 or other items so long as Trustor takes steps to ensure that Beneficiary's security is not threatened
39 in any manner. Trustor shall pay all costs of the proceedings, including any costs or fees incurred
40 by Beneficiary. Upon the final determination of any proceeding or contest, Trustor shall
41 immediately pay the amounts due, together with all costs, charges, interest and penalties
42 incidental to the proceedings.
43
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Deed of Trust
Page 7
1 ARTICLE 5. RENTS AND PROFITS. Trustor acknowledges. and agrees that the Property
2 shall at all times be occupied by the Trustor as the Trustor's primary residence and shall not be
3 leased or rented during the term of the Note, Deed of Trust and Affordable Housing Agreement.
4 Notwithstanding the foregoing, any rents, royalties, issues, profits, revenue, income and other
5 benefits of the Property arising from the use and enjoyment of all or any portion thereof or from
6 any lease or agreement pertaining thereto (the "Rents and Profits "), whether now due, past due, or
7 to become due, and including all prepaid rents and security deposits, are hereby absolutely,
8 presently and unconditionally assigned, transferred, conveyed and set over to Beneficiary to be
9 applied by Beneficiary in the payment of the principal and all other sums payable on the Note and
10 of all other sums payable under this Deed of Trust. It is understood and agreed that neither the
I 1 foregoing assignment of Rents and Profits to Beneficiary nor the exercise by Beneficiary of any
12 of its rights or remedies under Article 5 hereof shall be deemed to defeat the owner- occupied
13 restriction set forth in the Agreement or to make Beneficiary a mortgagee -in- possession or
14 otherwise responsible or liable in any manner with respect to the Property or the use, occupancy,
15 enjoyment or operation of all or any portion thereof, unless and until Beneficiary, in person or by
16 agent, assumes actual possession thereof. Further, the appointment of a receiver for the Property
17 by any court at the request of Beneficiary or by agreement with Trustor, or the entering into
18 possession of -the Property or any part thereof by such receiver, shall not be deemed to make
19 Beneficiary a mortgagee -in- possession or otherwise responsible or liable in any manner with
20 respect to the Property or the use, occupancy, enjoyment or operation of all or any portion
21 thereof.
22
23 ARTICLE 6. PRESERVATION AND MAINTENANCE OF PROPERTY. Trustor shall
24 keep the Property and every part thereof in good condition and repair and shall not permit or
25 commit any waste, impairment or deterioration of the Property nor commit, suffer or permit any
26 act upon or use of the Property in violation of law or applicable order of any governmental
27 authority, whether now existing or hereafter enacted and whether foreseen or unforeseen,
28 including, without limitation, violation of any zoning, building or environmental protection
29 statutes, ordinances, regulations, orders and restrictions or in violation of any covenants,
30 conditions or restrictions affecting the Property or bring or keep any article upon any of the
31 Property or cause or permit any condition to exist thereon which would be prohibited by or could
32 invalidate any insurance coverage maintained or required hereunder to be maintained by Trustor
33 on or with respect to any part of the Property and further shall do all other acts which from the
34 character or use of the Property may be reasonably necessary to protect the security hereof, the
35 specific enumerations herein not excluding the general. Trustor shall completely restore and
36 repair promptly and in a good and workmanlike manner any building, structure or improvement
37 thereon which may be damaged or destroyed and pay, when due, all claims for labor performed
38 and materials furnished therefor, whether or not insurance or other proceeds are available to
39 cover, in whole or in part, the costs of any such restoration or repair. Trustor shall notify
40 Beneficiary immediately in writing of any damage to the Property in excess of Ten Thousand
41 Dollars ($10,000.00).
42
43 ARTICLE 7. PROTECTION OF SECURITY: COSTS AND EXPENSES. Trustor shall
44 appear in and. defend any action or proceeding purporting to affect the security hereof or the
7
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Deed of Trust
Page 8
1 rights or powers of Beneficiary or Trustee and shall pay all reasonable costs and expenses,
2 including, without limitation, costs of evidence of title and reasonable attorney's fees, in any such
3 action or proceeding in which Beneficiary or Trustee may appear and in any suit brought by
4 Beneficiary to foreclose this Deed of Trust or to enforce or establish any other rights or remedies
5 of Beneficiary hereunder. If Trustor fails to perform any of the covenants or agreements in this
6 Deed of Trust or if any action or proceeding is commenced which affects Beneficiary's interest in
7 the Property or any part thereof, including, but not limited to, eminent domain, code enforcement
8 or proceedings of any nature whatsoever under any federal or state law, whether now existing or
9 hereafter enacted or amended, relating to bankruptcy, insolvency, arrangement, reorganization or
10 other form of debtor relief, or to a decedent, then Beneficiary or Trustee may, but without
11 obligation to do so and upon ten (10) days' prior written notice to and demand upon Trustor
12 (unless a shorter notice period is necessary to protect Beneficiary's interest in the security hereof,
13 in which case only reasonable notice and demand under the circumstances shall be required) and
14 without releasing Trustor from any obligation hereunder, make such appearances, disburse such
15 sums and take such action as Beneficiary or Trustee deems necessary or appropriate to protect
16 Beneficiary's interest, including, but not limited to, disbursement of reasonable attorney's fees,
17 entry upon the Property to make repairs or otherwise protect the security hereof, and payment,
18 purchase, contest or compromise of any encumbrance, charge or lien which in the judgment of
19 either Beneficiary or Trustee appear to be prior or superior hereto. Trustor further agrees to pay
20 all reasonable expenses of Beneficiary (including fees and disbursements of counsel) reasonably
21 related to the protection of the rights of Beneficiary hereunder, 'and enforcement or collection of
22 payment of the Note, whether by judicial or non judicial proceedings, or in connection with any
23 bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding of Trustor,
24 or otherwise. Beneficiary shall give Trustor ten (10) days' prior written notice before disbursing
25 any amounts pursuant to this Article. Any amounts disbursed by Beneficiary or Trustee pursuant
26 to this Section shall be additional indebtedness of Trustor secured by this Deed of Trust as of the
27 date of disbursement. All such amounts shall be payable by Trustor immediately without
28 demand. Nothing contained herein shall be construed to require Beneficiary or Trustee to incur
29 any expense, make any appearance or take any other action.
30
31 ARTICLE 8. ENFORCEMENT.
32
33 Section 8.01. Acknowledgement of Enforceability. Trustor represents, warrants, covenants
34 and agrees that it is the lawful owner of the Real. Property and that it has good right and lawful
35 authority to encumber the same as provided herein; that the Real Property is free from any and all
36 liens and encumbrances excepting only such as have been approved by Beneficiary and that
37 Trustor warrants and will defend the title to the Property against all claims and demands
38 whatsoever not specifically excepted herein (and except for claims and demands arising from
39 acts or omissions of Beneficiary or any predecessor -in- interest to Beneficiary not previously
40 disclosed to Trustor), and Trustor will execute, acknowledge and deliver all and every such
41 further assurances unto Beneficiary of the title to the Property hereby conveyed and intended so
42 to be or that Trustor may be or shall become hereinafter bound so to do. Trustor covenants and
43 warrants that the Note and this Deed of Trust are valid and enforceable obligations of Trustor in
44 accordance with the terms thereof and hereof; and that this Deed of Trust does not, nor does the
8
Deed of Trust
Page 9
1 Note, nor does the performance or observance by Trustor of any of the matters or things in the
2 Note or this Deed of Trust, contravene any covenant in any indenture or agreement affecting
3 Trustor.
4
5 Section 8:02. Due on Sale and Other Enforcement Provisions. Trustor's agreement to ensure
6 the continued owner occupancy of the Real Property is a substantial material consideration to
7 Beneficiary and Beneficiary's agreement to accept the Note and to accept this Deed of Trust. In
8 accordance with California Civil Code Section 711.5 and in order to induce Beneficiary to accept.
9 this Deed of Trust and the Note, Trustor agrees that Trustor shall not Transfer all or any part of
10 the Property without the prior written consent of Beneficiary. Except for a Transfer to a Eligible
11 Household (as defined in the City of San Luis Obispo's Affordable Housing Standards),
12 Beneficiary may grant or deny such consent in its sole and absolute discretion and as a condition
13 to such consent may require any transferee to assume all obligations hereunder and to agree to be
14 bound by all provisions contained herein. In the event of any proposed Transfer, Trustor shall
15 provide Beneficiary with all financial and other information pertaining to the intended transferee
16 reasonably requested by Beneficiary. In the event of any Transfer without the prior written
17 consent of Beneficiary, Beneficiary shall have the absolute right, at its option, without demand or
18 notice, to declare all outstanding Principal and all other sums due hereunder and under the Note
19 to be immediately due and payable. Further, Beneficiary may bring an action at law or in equity
20 to require Trustor and the proposed transferee to terminate and/or rescind any sales contract or
21 purchase and sale transaction between them and/or to declare the transfer void, notwithstanding
22 that the transfer. may have closed and become final as between Trustor and the transferee.
23 Further, Beneficiary may pursue any other remedy available under this Deed of Trust or the Note
24 or at law or in equity or under any other agreement, instrument or document entered into by
25 Trustor and Beneficiary. Beneficiary's consent to one Transfer shall not be deemed to be a
26 waiver of the right to require consent to a future or successive Transfer. As used herein,
27 "Transfer" includes any sale, agreement to sell, assignment, exchange or other conveyance of the
28 Property or any portion thereof or any interest therein, whether voluntary or involuntary, by
29 operation of law or otherwise, except that a Transfer by gift, devise or inheritance to a spouse or
30 to a spouse as a part of a dissolution proceeding shall not be considered a Transfer for purposes
31 of this Section.
32
33 ARTICLE 9. EVENTS OF DEFAULT. Each of the following shall constitute an event of
34 default ( "Event of Default ") hereunder (including, if Trustor and Trustee consists of more than
35 one person or entity, the occurrence of any of such events with respect to any one or more of such
36 persons or entities):
37
38 SECTION 9.01. Breach of Covenants. Default by Trustor in the performance of any of the
39 covenants or agreements of Trustor contained herein, in the Note, in the Affordable Housing
40 Agreement or any other note or instrument, trust deed or other obligation of Trustor relating to
41 the Property secured by any part of or all of the Property, whether junior or senior to this Deed of
42 Trust.
43
9
0
Deed of Trust
Page 10
1 SECTION 9.02. Appointment of Trustee. The appointment pursuant to an order of a court of
2 competent jurisdiction, of a trustee, receiver or liquidator of the Property or any part thereof, or
3 of Trustor, or any termination or voluntary suspension of the transaction of business of Trustor,
4 or any attachment, execution or other judicial seizure of all or any substantial portion of Trustor's
5 assets; provided, however, that if such attachment, execution or seizure is involuntary, Trustor
6 shall not be deemed in default unless the same is-not discharged within sixty (60) days.
7
8 SECTION 9.03. Bankruptcy Filing. The filing by or against Trustor of a petition in bankruptcy
9 or for an arrangement or for reorganization or for other form of debtor relief pursuant to the
10 federal Bankruptcy Act, as the same may be amended or replaced from time to time, or any other
11 law, federal or state, whether now existing or hereafter amended or enacted relating to insolvency
12 or debtor relief (except that in the case of a filing against Trustor, an Event of Default shall not
13 exist unless Trustor fails to have the proceeding discharged within sixty (60) days after such
14 filing), or the adjudication of Trustor as a bankrupt or an insolvent by a decree of a court of
15 competent jurisdiction, or the making of an assignment for the benefit of creditors, or the
16 admission by Trustor in writing of its inability to pay its debts generally as they become due, or
17 the giving of consent by Trustor to the appointment of a receiver or receivers of all or
18 substantially all of its property.
19
20 SECTION 9.04. Misrepresentations. Any representation or disclosure made to Beneficiary by
21 Trustor as an inducement to the making of the loan evidenced by the Note that proves to be false
22 or misleading in any material respect as of the time the same was made, whether or not any such
23 representation or disclosure appears as part of this Deed of Trust.
24
25 SECTION 9.05. Other Events. Any other event which, under this Deed of Trust, or under the
26 Note or the Agreement, constitutes an Event of Default by Trustor hereunder or thereunder or
27 gives Beneficiary the right to accelerate the maturity of the indebtedness, or any part thereof,
28 secured hereby.
29
30 ARTICLE 10. REMEDIES. Upon the occurrence of any Event of Default and the expiration
31 of any applicable period within which to cure the same, Trustee and Beneficiary shall have the
32 following rights and remedies:
33
34 SECTION 10.01. Acceleration. Beneficiary may declare the entire outstanding Principal and all
35 other sums or payments required hereunder to be due and payable immediately and
36 notwithstanding the date such sums would otherwise be due in accordance with the Note and the
37 Agreement.
38
39 SECTION 10.02. Entry. Whether or not Beneficiary exercises the right provided in Section
40 10.01 above, Beneficiary, in person or by agent or court- appointed receiver, may enter upon, take
41 possession of, manage and operate the Property or any part thereof and do all things necessary or
42 appropriate in Beneficiary's sole discretion in connection therewith, including, without limitation,
43 making and enforcing; and if the same be subject to modification or cancellation, modifying or
44 canceling leases upon such terms or conditions as Beneficiary deems proper, obtaining and
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Deed of Trust
Page 11
evicting tenants, and fixing or modifying rents, contracting for and making repairs and
alterations, and doing any and all other acts which Beneficiary deems proper to protect the
security hereof; and either with or without so taking possession, in its own name, in the name of
Trustor or by court- appointed receiver (which may be appointed on notice or on ex parte
application without notice), suing for or otherwise collecting and receiving the rents and profits,
including those past due and unpaid, and applying the same less costs and expenses of operation
and collection, including reasonable attorney's fees, upon any indebtedness secured hereby and in
such order as Beneficiary may determine. Upon request of Beneficiary, Trustor shall assemble
and make available to Beneficiary at the site of the Real Property any of the Property which has
been removed therefrom. The entering upon and taking possession of the Property, or any part
thereof, the collection of any rents and profits and the application thereof as aforesaid shall not
cure or waive any Event of Default theretofore or thereafter occurring or affect any notice or
Event of Default or notice, and, notwithstanding continuance in possession of the Property or any
part thereof by Beneficiary, Trustor or a receiver, and the collection, receipt and application of
the rents and profits, Beneficiary shall be entitled to exercise every right provided for in this
Deed of Trust or by law or in equity upon or after the occurrence of an Event of Default,
including, without limitation, the right to exercise the power of sale. Any of the actions referred
to in this Section may be taken by Beneficiary irrespective of whether any notice of an Event of
Default or election to sell has been given hereunder and without regard to the adequacy of the
security for the indebtedness hereby secured.
SECTION 10.03. Judicial Action. Beneficiary may bring an action in any court of competent
jurisdiction to foreclose this Deed of Trust or to enforce any of the covenants and agreements of
this Deed of Trust, or the Note and the Affordable Housing Agreement.
SECTION 10.04. Power of Sale.
SUBSECTION 10.04(a). Beneficiary may elect to cause the Property or any part thereof to be
sold under the power of sale herein granted in any manner permitted by applicable law. In
connection with any sale or sales hereunder, Beneficiary may elect to treat any of.the Property
that consists of a right in action or that is property that can be severed from the Real Property or
any improvements thereon without causing structural damage thereto as if the same were
personal property and dispose of the same in accordance with applicable law, separate and apart
from the sale of the Real Property.
SUBSECTION 10.04(b). Trustee may, and upon request of Beneficiary shall, from time to time,
postpone any sale hereunder by public announcement thereof at the time and place noticed
therefor. If the Property consists of several items of property, Beneficiary may designate the order
in which such items shall be offered for sale or sold. Any person, including Trustor, Trustee or
Beneficiary, may purchase at any sale hereunder, and Beneficiary shall have the right to purchase
at any sale hereunder by crediting upon the bid price the amount of all or any part of the
indebtedness hereby secured.
11
Deed of Trust
Page 12
1 SUBSECTION 10.04(c). Should Beneficiary desire that more than one sale or other disposition
2 of the Property be conducted, Beneficiary may, at its option, cause the same to be conducted
3 simultaneously, or successively, on the same day, or at such different days or times and in such
4 order as Beneficiary may deem to be in its best interests, and no such sale shall terminate or
5 otherwise affect the lien of this Deed of Trust on any part of the Property not sold until all
6 indebtedness secured hereby has been fully paid. Upon any sale hereunder, Trustee shall execute
7 and deliver to the purchaser or purchasers a deed or deeds conveying the Property so sold, but
8 without any covenant or warranty whatsoever, express or implied, whereupon such purchaser or
9 purchasers shall be let into immediate possession; and the recitals in any such deed or deeds of
10 facts, such as default, the giving of notice of default and notice of sale and other facts affecting
11 the regularity or validity of such sale or disposition, shall be conclusive proof of the truth of such
12 facts and any such deed or deeds shall be conclusive against all persons as to such facts recited
13 therein.
14
15 SUBSECTION 10.04(d). In case of any sale of the Property pursuant to any judgment or decree
16 of any court or at public auction or otherwise in connection with the enforcement of any of the
17 terms of this Deed of Trust, Beneficiary, its successors or assigns, may become the purchaser,
18 and for the purpose of making settlement for or payment of the purchase price, shall be entitled to
19 deliver over and use the Note, together with all other sums, with interest, advanced and unpaid
20 hereunder, in order that there may be credited as paid on the purchase price the sum then due
21 under the Note, including principal thereon and all other sums, with interest, advanced and
22 unpaid hereunder.
23
24 SECTION 10.05. Proceeds of Sale. The proceeds of any sale made under or by virtue of this
25 Article, together with all other sums that then may be held by Trustee or Beneficiary under this
26 Deed of Trust, whether under the provisions of this Article or otherwise, shall be applied as
27 follows:
28
29 (a) First, to the payment of the costs and expenses of sale and of any judicial proceedings
30 wherein the same may be made, including reasonable compensation to Trustee and Beneficiary,
31 their agents and counsel, and to the payment of all expenses, liabilities and advances made or
32 incurred by Trustee under this Deed of Trust, together with interest on all advances made by
33 Trustee at the maximum rate permitted by law to be charged by Trustee.
34
35 (b) Second, to the payment of any and all sums expended by Beneficiary under the terms hereof
36 (including; but not limited to, sums paid by Beneficiary on the prior trust deed) not then repaid
37 and all other sums required to be paid by Trustor pursuant to any provisions of this Deed of Trust
38 or the Note, including, without limitation, all expenses, liabilities and advances made or incurred
39 by Beneficiary under this Deed of Trust or in connection with the enforcement hereof, together
40 with interest thereon as herein provided.
41
42 (c) Third, to the payment of the entire amount then due, owing or unpaid upon the Note,
43 including attorney's fees and costs.
44
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Deed of Trust
Page 13
•
1 (d) Fourth, all amounts otherwise due Beneficiary.
2
3 (e) The remainder, if any, to the person or persons legally entitled thereto.
4
5 SECTION 10.06. Waiver of Marshaling. Trustor, for itself and for all persons hereafter
6 claiming through or under it or who may at any time hereafter become holders of liens junior to
7 the lien of this Deed of Trust, hereby expressly waives and releases all rights to direct the order in
8 which any of the Property shall be sold in the event of any sale or sales pursuant hereto, and to
9 have any of the Property and/or other property now or hereafter constituted security for any of the
10 indebtedness secured hereby, marshaled upon any foreclosure of this Deed of Trust or for any
11 other security for any of said indebtedness.
12
13 SECTION 10.07. Remedies Cumulative. No remedy herein conferred upon or reserved to
14 Trustee or Beneficiary is intended to be exclusive of any other remedy herein or by law provided,
15 but each shall be cumulative and shall be in addition to every other remedy given hereunder or
16 now or hereafter existing at law or in equity or by statute. No delay or omission of Trustee or
17 Beneficiary to exercise any right or power accruing upon any Event of Default shall impair any
18 right or power or shall be construed to be a waiver of any Event of Default or any acquiescence
19 therein; and every power and remedy given by this Deed of Trust to Trustee or Beneficiary may
20 be exercised from time to time as often as may be deemed expedient by Trustee or Beneficiary. If
21 there exists additional security for the performance of the obligations secured hereby, the holder
22 of the Note, at its sole option, and without limiting or affecting any of its rights or remedies
23 hereunder, may exercise any of the rights and remedies to which it may be entitled hereunder
24 either concurrently with whatever rights and remedies it may have in.connection with such other
25 security or in such order as it may determine. Any application of any amounts or any portion
26 thereof held by Beneficiary at any item as additional security hereunder, whether pursuant to this
27 deed of trust or otherwise, to any indebtedness secured hereby shall not extend or postpone the
28 due dates of any payments due from Trustor to Beneficiary hereunder or under the Note, or
29 change the amounts of any such payments or otherwise be construed to cure or waive any default
30 or notice of default hereunder or invalidate any act done pursuant to any such default or notice. In
31 the event that Beneficiary shall have proceeded to enforce any right under this Deed of Trust by
32 foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or
33 abandoned for any reason or shall have been determined adversely, then, and in every such case,
34 Trustor and Beneficiary shall be restored to their former positions and rights hereunder with
35 respect to the Property subject to the lien hereof.
36
37 ARTICLE 11. MISCELLANEOUS
38
39 SECTION 11.01. Severability. In the event that any one or more of the provisions contained in
40 . this Deed of Trust shall for any reason be held to be invalid, illegal or unenforceable in any
41 respect, such invalidity, illegality or unenforceability shall not affect any other provision of this
42 Deed of Trust, and this Deed of Trust. shall be construed as if such invalid, illegal or
43 unenforceable provision had never been contained herein.
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Deed of Trust
Page 14
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1 SECTION 11.02. Certain Charges. Trustor agrees to pay the charges of Beneficiary for any
2 service rendered Trustor, or'on its behalf, connected with this Deed of Trust or the indebtedness
3 secured hereby, including, without limitation, delivering to an escrow holder a request for full or
4 partial reconveyance of this Deed of Trust, transmitting to an escrow holder moneys secured
5 hereby, changing the records pertaining to this Deed of Trust and indebtedness secured hereby,
6 showing a new owner of the Property and replacing an existing policy of insurance held
7 hereunder with another such policy.
8
9 SECTION 11.03. Notices. All notices expressly provided hereunder to be given by Beneficiary
10 to Trustor and all notices and demands of any kind or nature whatsoever that Trustor may be
11 required or may desire to give to or serve on Beneficiary shall be in writing and shall be served
12 by first class or registered or certified mail, return receipt requested. Any such notice or demand
13 so served shall be deposited in the United States mail, with postage thereon fully prepaid and
14 addressed to the party so to be served at its address above stated or at such other address of which
15 said parry shall have theretofore notified in writing, as provided above, the party giving such
16 notice. Service of any such notice or demand so made shall be deemed effective on the date of
17 actual delivery as shown by the addressee's return receipt or the expiration of forty-eight (48)
18 hours after the date of mailing, whichever is the earlier in time, except that service of any notice
19 of default or notice of sale provided or required by law shall, if mailed, be deemed effective on
20 the date of mailing.
21
22 SECTION 11.04. Trustor Not Released. Extension of the time for payment or modification of
23 the terms of payment of any sums secured by this Deed of Trust granted by Beneficiary to any
24 successor -in- interest of Trustor shall not operate to release, in any manner, the liability of the
25 original Trustor. Beneficiary shall not be required to commence proceedings against such
26 successor or refuse to extend time for payment or otherwise modify the terms of the payment of
27 the sums secured by this Deed of Trust by reason of any demand made by the original Trustor.
28 Without affecting the liability of any person, including Trustor, for the payment of any
29 indebtedness secured hereby, or the lien of this Deed of Trust on the remainder of the Property
30 for the full amount of any such indebtedness and liability unpaid, Beneficiary and Trustee are
31 respectively empowered as follows: Beneficiary may from time to time and without notice (a)
32 release any person liable for the payment of any of the indebtedness, (b) extend the time or
33 otherwise alter the terms of payment of any of the indebtedness, (c) accept additional real or
34 personal property of an kind as security therefor, whether evidenced by deeds of trust, mortgages,
35 security agreements or any other instruments of security, or (d) alter, substitute or release any
36 property securing the indebtedness; Trustee may, at any time and from time to time, upon the
.37 written request of Beneficiary (a) consent to the making of any map or plat of the Property or any
38 part thereof, (b) join in granting any easement or creating any restriction thereon, (c) join in any
39 subordination agreement or other agreement affecting this Deed of Trust or the lien or charge
40 hereof, or (d) reconvey, without any warranty, all or part of the Property.
41
42 SECTION 11.05. Inspection. Beneficiary may at any reasonable time or times make or cause to
43 be made entry upon and inspections of the Property or any part thereof in person or by agent.
44
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Deed of Trust
Page 15
1 SECTION 11.06. Reconveyance. Upon the payment in full of all sums secured by this Deed of
2 Trust or upon forgiveness of such payment in accordance with the Note, Beneficiary shall request
3 that Trustee reconvey the Property and shall surrender this Deed of Trust and Note evidencing
4 indebtedness secured by this Deed of Trust to Trustee. Upon payment of its fees and any other
5 sums owing to it under this Deed of Trust, Trustee shall reconvey the Property without warranty
6 to the person or persons legally entitled thereto. Such person or persons shall pay all costs of
7 recordation, if any. The recitals in such reconveyance of any matters of facts shall be conclusive
8 proof of the truthfulness thereof. The grantee in such reconveyance may be described as "the
9 person or persons legally entitled thereto." Five (5) years after issuance of such full
10 reconveyance, Trustee may destroy the Note and this Deed of Trust unless otherwise directed by
11 Beneficiary.
12
13 SECTION 11.07. Interpretation. Wherever used in this Deed of Trust, unless the context
14 indicates a contrary intent, or unless otherwise specifically provided herein, the word "Trustor"
15 shall mean and include both Trustor and any subsequent owner or owners of the Property, and
16 the word 'Beneficiary" shall mean and include not only the original Beneficiary hereunder but
17 also any future owner and holder, including pledgees, of the Note secured hereby. In this Deed of
18 Trust wherever the context so requires, the masculine gender includes the feminine and/or neuter,
19 and the neuter includes the feminine and/or masculine, and the singular number includes the
20 plural and conversely. In this Deed of Trust, the use of the word "including shall not be deemed
21 to limit the generality of the term or clause to which it has reference, whether or not non - limiting
22 language (such as "without limitation," or "but not limited to" or words of similar import) is used
23 with reference thereto. The captions and headings of the Articles and Sections of this Deed of
24 Trust are for convenience only and are not to be used to interpret, define or limit the provisions
25 hereof.
26
27 SECTION 11.08. Consent. The granting or withholding of consent by Beneficiary to any
28 transaction as required by the terms hereof shall not be deemed a waiver of the right to require
29 consent to future or successive transactions.
30
31 SECTION 11.09. Successors and Assigns. All of the grants, obligations, covenants,
32 agreements, terms, provisions and conditions herein shall run with the land and shall apply to,
33 bind, and inure to the benefit of the heirs, administrators, executors, legal representatives,
34 successors and assigns of Trustor and the successors -in -trust of Trustee and the endorsees,
35 transferees, successors and assigns of Beneficiary. In the event that Trustor is composed of more
36 than one parry, the obligations, covenants, agreements and warranties contained herein as.well as
37 the obligations arising therefrom are and shall be joint and several as to each such party.
38
39 SECTION 11.10. Governing Law. This Deed of Trust shall be governed by and construed under
40 the laws of the State of California.
41
42 SECTION 11.11.. Trustor Waivers. Trustor waives the benefit of all laws now existing or that
43 hereafter may be enacted with respect to any statute of limitations for the filing of any action or
44 claims by Beneficiary.
15
Deed of Trust
Page 16
1
2 SECTION 11.12. Superiority of First Lender Documents.
3
4 SUBSECTION 11.12(a). This Deed of Trust shall not diminish or affect the rights of the First
5 Lender (which for purposes of these documents shall be deemed also to include the California
6 Housing Finance Agency, its successors and assigns (CalHFA), hereinafter collectively referred
7 to as First Lender) under that certain deed of trust dated ' 11/2/12 , executed by the Trustor
8 in favor of the First Lender and recorded in the County of San . Luis Obispo on//—/10-/7, and
9 assigned Instrument No(s). CgWtAe , or any deed of trust in the name of or held by
10 CalHFA., or any subsequent First Lender deeds of trust hereafter recorded against the Security
1.1 (collectively, the "First Deed of Trust "), except as provided in Subsection 1.1.12(b) below.
12 Beneficiary and Trustor acknowledge and agree that this Deed of Trust is subject and subordinate
13 in all respects to the liens, terms, covenants and conditions of the First Deed of Trust and to all
14 advances heretofore made or which may hereafter be made pursuant to the First Deed of Trust
15 including all sums advanced for the purpose of (i) protecting or further securing the lien of the
16 First Deed of Trust, curing defaults by the Trustor under the First Deed of Trust or for any other
17 purpose expressly permitted by the First Deed of Trust or (ii) constructing, renovating, repairing,
18 furnishing, fixturing or equipping the Property. The terms and provisions of the First Deed of
19 Trust are paramount and controlling, and they supersede any other terms and provisions hereof in
20 conflict therewith.
21
22 SUBSECTION 11.12(b). In the event of default, the First Lender may take the following actions
23 to cure the default, provided first that: (i) the Beneficiary has been given written notice of a
24 default under the First Deed of Trust (which requirement may be satisfied by recordation of a
25 notice of default under California Civil Code Section 2924), and (ii) the Beneficiary shall not
26 have cured the default under the First Deed of Trust within 60 days after such notice sent to the
27 Beneficiary:
28
29 1) Foreclose on the subject property pursuant to the remedies permitted by law and written
30 in a recorded contract or deed of trust; or
31
32 2) Accept a deed of trust or assignment to the extent .of the value of the unpaid first
33 mortgage to the current market value in lieu of foreclosure in the event of default by a
34 trustor; or
35
36 3) Sell the property to any person at a fair market value price subsequent to exercising its
37 rights under the deed of trust._ Any value in excess of the unpaid mortgage and costs of
38 sale administration shall be used to satisfy the City loan. In no case may a first mortgage
39 lender, exercising foreclosure assignment in -lieu of foreclosure or sale, obtain value or
40 rights to value greater than the value of the outstanding indebtedness on the first
41 mortgage at the time of the debt clearing action.
42.
43 The following types of transfers shall remain subject to the requirements of the City's loan and
44 right of first refusal: transfer by gift, devise, or inheritance to the owner's spouse; transfer to a
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Deed of Trust
Page 17
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surviving joint tenant; transfer to a spouse as part of divorce or dissolution proceedings; or
acquisition in conjunction with a marriage.
SECTION 11..13. Request for Notices of Default and Sale.
SUBSECTION 11.13(a). Trustor hereby requests that a copy of any notice of default and notice
of sale as may be required by law or by this Deed of Trust be mailed to Trustor at its address
above stated.
SUBSECTION 11.13(b). In accordance with Section 2924b of the California Civil Code, request
is hereby made that a copy of any notice of default and a copy of any notice of sale under that
deed trust recorded concurrently herewith, be mailed to: Community Development Director,
City of San Luis Obispo, 919 Palm Street, San Luis Obispo, California 93401.
SECTION 11.14. No Transfer. Trustor shall not voluntarily or involuntarily (except for a
transfer in accordance with the Affordable Housing Agreement) assign or otherwise transfer any
of its rights, duties, liabilities or obligations hereunder or under the Note without the prior written
consent of Beneficiary.
SECTION 11.1.5. Attorney's Fees. In any action to interpret or enforce any provision of this
Deed of Trust, the prevailing party shall be entitled to reasonable costs and attorney's fees.
IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the day
and year first above written.
TRUSTOR:
By:
Ja' e Ballew
17
Deed of Trust
Page 18
1 EXHIBIT A
2
3 Legal Description
4
5 THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF SAN LUIS
6 OBISPO, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, AND IS
7 DESCRIBED AS FOLLOWS:
8
9 PARCEL 1:
10
11 UNIT 87 (THE "UNIT ") AS SHOWN AND DESCRIBED IN THE CONDOMINIUM PLAN
12 FOR PHASE 3 OF BROAD STREET (TOGETHER WITH ANY AMENDMENTS THEREOF,
13 COLLECTIVELY, THE "PLAN ") WHICH WAS RECORDED MARCH 2; 2007 AS
14 DOCUMENT NO. 2007014424, IN OFFICIAL RECORDS OF SAN LUIS OBISPO COUNTY,
15 CALIFORNIA, ( "OFFICIAL RECORDS ") WHICH PLAN CONCERNS A PORTION OF LOT
16 2 OF TRACT NO. 2534, ACCORDING TO THE MAP ( "MAP ") FILED IN BOOK 28 AT
17 PAGES 35 TO 38, INCLUSIVE, OF MAPS, IN THE OFFICE OF THE SAN LUIS OBISPO.
18 COUNTY RECORDER.
19
20 PARCEL 2:
21
22 AN UNDIVIDED ONE - TWENTIETH (1/20) FEE SIMPLE INTEREST AS A TENANT IN
23 COMMON IN AND TO THE COMMON AREA DESCRIBED IN THE PLAN.
24
25 PARCEL 3:
26
27 EXCLUSIVE .EASEMENTS APPURTENANT TO PARCEL NOS. 1 AND 2 DESCRIBED
28 ABOVE, OVER PORTIONS OF LOT 2 OF TRACT NO. 2534 DESCRIBED IN THE PLAN,
29 FOR USE AND ENJOYMENT OF DECKS AND PATIOS, ALL AS APPLICABLE AND AS
3o DEPICTED AND ASSIGNED IN THE PLAN, AND DESCRIBED IN THE DECLARATION,
31 FOR PLACEMENT, MAINTENANCE, USE AND ENJOYMENT OF AN AIR
32 CONDITIONER. COMPRESSOR AND COMPRESSOR PAD, AS DESCRIBED IN THE
33 DECLARATION, AND FOR INTERNAL AND EXTERNAL TELEPHONE WIRING
34 DESIGNED TO SERVE A SINGLE UNIT.
35
36 PARCEL 4:
37
38 NONEXCLUSIVE EASEMENTS FOR ACCESS, USE, ENJOYMENT, DRAINAGE,
39 ENCROACHMENT, SUPPORT, MAINTENANCE, REPAIRS AND FOR OTHER
40 PURPOSES, ALL AS DESCRIBED OR DEPICTED IN THE DECLARATION, THE NOTICE
4.1 OF ADDITION, THE PLAN AND THE MAP
42
43 APN:053- 234 -068
44
18
State of California )
County of San Luis Obispo )
On November 8. 2012 before me,
Deena.L.Peak , Notary Public (here insert name and title of the officer),
personally appeared Jaimie Ballew,
who proved to me on the basis of satisfactory evidence to be the persons) Whose names) is /are subscribed to the within
instrument and acknowledged to me that he /she /they executed the same in his /her /their authorized capacity(ies), and
that by his /her /their signature(s) on the instrument the person(s); or the entity upon behalf of which the person(s) 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. �1
WITNE�
Signatu
(Seal)
DEENA L. PEAK
Commission #.1915309
i ._ Notary Public - California z
Z "' San Luis Obispo County D
My Comm. Expires Dec ?.9, 2014
(notary)(12 -07)
END OF DOCUMENT