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HomeMy WebLinkAboutD-1942 APN: 004-924-012 and APN: 004-951-015 - 830 Lawrence Dr, SLO Recorded 07/15/20131 2 3 4 5 6 7 - 8 9 1.0 I1 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 r RECORDING REQUESTED BY: FIRST AMERICAN TITLE COMPANY z1om - (ICIR / a / - 1-6 WHEN RECORDED RETURN TO` City of San Luis Obispo 990 Palm Street San Luis Obispo, Ca. 93401 Attn: City Clerk 14, . �� JULIE MEMO San Luis Obispo Co Clerk/Recorder Recorded at the request of First American Title Company DOC #: 2013040769 The undersigned declare that there is no documentary transfer tax on this matter. ' Titles: 4 Fees Taxes Others PAID r\ ASK 7/15/2013 8:00 AM Pages- 19 0.00 . 0.00 0.00 $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 /Z1 day o 6C3, by Vincent Chen and Tien Tien C Lin ( "Trustor "), the buyer of the real propert described herein below, whose address is: 830 Lawrence Drive, San Luis Obispo, California To First American 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 March 17, 2009,. the City Council adopted Resolution No. 10066, approving an 81 -unit residential vesting tentative tract map, located at 851 Humbert Avenue ( "the project "); and WHEREAS, on April 7, 2009, the City Council adopted Ordinance No. 1523, approving a Planned Development (PD) Overlay for the site that requires 25% of the units be affordable to very -low, low, and moderate income households; and 40 41 WHEREAS, on June 30,20 11, the City entered into an Affordable Housing Agreement with the 42 Housing Authority of the City of San Luis Obispo for twenty (20) "for -sale" units and one (1) 43 "for- rent" unit; and 44 45 WHEREAS, on April 12, 2013, the City and Housing Authority of the City of San Luis Obispo 46 amended Exhibit A of the Affordable Housing Agreement, which depicts the addresses, 47 affordability levels and locations of the units, to reflect current market demand for the project; 48 and 49 C11 q 6 -c,,- 9 !. Deed of Trust Page 2 1 WHEREAS, to implement said Affordable Housing Agreement, Beneficiary and Trustor entered 2 into that certain Promissory Note ( "Note ") dated , 2013, pursuant to which 3 Trustor agreed to certain restrictions on the sale or trawfeV of tliat 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 45 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 22 authority given herein to Trustor to collect and apply such rents, royalties, issues, profits, 23 revenues, income and other benefits prior to an Event of Default hereunder), all interests in and 24 rights, royalties and profits in connection with all minerals, oil and gas and other hydrocarbon 25 substances thereon or therein, development rights or credits, air rights, water, water rights 26 (whether riparian, appropriative or otherwise and whether or not appurtenant) and water stock, 27 all intangible property and rights relating to the Real Property or the operation thereof or used in 28 connection therewith, including, without limitation, trade names and trademarks and all furniture 29 and fixtures, now or hereafter located in, or on, or attached or affixed to, or used or intended to 30 be 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 45 hereinafter defined), including, without limitation, any awards resulting from a change of grade 46 of streets and awards for severance damages; Deed of Trust Page 3 1 2 TOGETHER WITH all of the estate, interest, right, title and other claim or demand which 3 Trustor now has or may hereafter acquire with respect to the unearned premiums accrued, 4 accruing or to accrue and the proceeds of insurance in effect with respect to all or any part of the 5 foregoing. All of the foregoing property referred to in this Deed of Trust, together with the Real 6 Property, is herein referred to as the "Property." 7 8 ARTICLE 1. PURPOSE AND CONSIDERATION. This trust deed is established for the 9 purpose of securing, in such order of priority as Beneficiary may elect: 10 11 (a) The repayment of the indebtedness evidenced by Trustor's Promissory Note (the 12 "Note ") of even date herewith payable to the order of Beneficiary, in the principal sum of 13 Dollars ($20,100) ( "Principal "), and any and all late charges, interest costs. or fees 14 required thereunder and all extensions, renewals, modifications, amendments and 15 replacements thereof. The amount of the Note is, the monetary difference between said 16 property's initial sales price, as allowed by the City's Affordable Housing Standards and 17 its initial market value, as specified in the Note. 18 19 (b) The payment of all other sums which may be advanced by or otherwise be due to 20 Trustee or Beneficiary under any provision of this Deed of Trust with interest (if any) 21 thereon at the rate provided herein or therein. 22 23 (c) Performance of all covenants of Trustor made in this Deed of Trust 24 25 (d) Compliance with all Restrictions as set forth in Article 2 of the Affordable Housing 26 Agreement and this Deed of Trust. 27 28 ARTICLE 2. TRUSTOR RESTRICTIONS. To protect the security of this Deed of Trust, 29 Trustor and Trustee hereby covenant and agree as follows: 30 31 SECTION 2.01. Restrictions on Use and Occupancy. The Real Property shall be used solely 32 for owner- occupied housing and occupied solely by moderate income households, as defined in 33 the Affordable Housing Agreement, the terms and restrictions of which are incorporated by this 34 reference as if fully set forth herein. 35 36 SECTION 2.02. Restrictions on Sale. The Real Property shall be sold or otherwise transferred 37 only to eligible households, as defined herein, or to the City, its Housing Authority, or to a non - 38 profit housing agency designated by City. Sales prices shall be based on and consistent with the 39 Affordable Housing Standards published by the City's Community Development Department. 40 41 SECTION 2.03. Term of Use, Occupancy and Sale Restrictions. Trustor agrees that the 42 above restrictions to the use, occupancy and sale of the Real Property shall remain in effect for a 43 period of not less than forty -five (45) years from the date of the property's initial sale, or until 44 3` � U IS . 2058. Further, Trustor agrees that all future grant deeds for or transfers of 45 interest in the properties shall contain a restriction providing that for the period of time specified 46 in this deed of trust, there shall be no sale, lease, rental, or other transfer of the properties except 3 • • Deed of Trust Page 4 1 for the sale to and occupation by eligible moderate income households. Any sale, lease, rental, 2 or other transfer of the property in violation of this Agreement shall be void, as provided below. 3 4 SECTION 2.04. Determination of Eligibility. Trustor and Trustee agree to retain the Housing 5 Authority of the City. of San Luis Obispo, or other qualified entity acceptable to the City, to 6 determine whether prospective buyers qualify as eligible households as defined in the Affordable 7 Housing Standards. 8 9 SECTION 2.05. Covenants Binding. These affordability requirements shall be covenants to running with the land as defined in California Civil Code Section 1460, and shall apply to the 11 Real Property as further described on Exhibit A. Pursuant to Civil Code Section 1468, which 12 governs such covenants, the provisions of this Agreement shall be binding upon all parties 13 having any right, title, or interest in any of the properties described herein, or any portion thereof 14 and on their heirs, successors in interest and assigns for a period of 45 years from the initial date 15 of sale of the property. The parties agree that all future, deeds or transfers of interest regarding 16 the properties shall show the restrictions of this Agreement for as long as the Agreement is in 17 effect. 18 19 SECTION 2.06. First Right of Refusal. Upon resale, Trustor and Trustee agree that the City or 20 the Housing Authority of the City of San Luis Obispo shall have the first right of refusal to 21 purchase the property or properties at the then current appraised value, as further described in the 22 Note. 23 24 SECTION 2.07. 'Performance of Obligations Secured. Trustor shall promptly pay when due 25 the indebtedness evidenced by the Note and any late charges, costs and /or fees provided for in 26 the Note and shall further perform fully and in a timely manner all other obligations of Trustor 27 contained herein or in the Note. 28 29 ARTICLE 3 — INSURANCE REQUIREMENTS 30 31 SECTION 3.01. Trustor shall keep the Property and all improvements thereon insured against 32 loss or damage by fire with extended all -risk coverage clauses, including vandalism and 33 malicious mischief clauses, in an amount not less than one hundred percent (100 %) of the full 34 replacement cost of such improvements with a company or companies and in such form and with 35 such endorsements as may be approved or required by Beneficiary. 36 37 SECTION 3.02. Trustor shall also maintain in full force and effect a policy of homeowners' 38 general liability insurance insuring Trustor against liability for bodily injury, property damage 39 and personal injury arising out of the operation, use or occupancy of the Property. The initial 40 amount of such insurance shall be One Hundred Thousand Dollars ($100,000.00) per occurrence 41 and not in the aggregate and shall be subject to periodic increase based upon increased liability 42 awards or the reasonable recommendation of Trustor's professional insurance advisor. Trustor 43 shall name Beneficiary as an additional insured under such policy. Such insurance shall be 44 primary with respect to any insurance maintained by Beneficiary and shall not call on 45 Beneficiary's insurance for contributions. 46 4 0 s Deed of Trust Page 5 I SECTION 3.03. Trustor shall pay all premiums for the insurance policies required to be 2 maintained under this Deed of Trust within fifteen (15) days after Trustor's receipt of a ,copy of 3 the premium statement or other evidence of the amount due. At least thirty (30) days prior to the 4 expiration of such policy, Trustor shall deliver to Beneficiary a renewal of such policy. 5 6 SECTION 3.04. Any insurance which Trustor is required to maintain under this Deed of Trust 7 shall include a provision requiring that the insurance carrier give Beneficiary not less than thirty 8 (30) days written notice prior to any cancellation or modification of such coverage. If Trustor (i) 9 fails to deliver any policy or renewal to Beneficiary required under this Deed of Trust within the 1 o prescribed time period or (ii) if any such policy is canceled or modified to reduce the amount or 11 type of coverage without Beneficiary's consent and no substituted comparable coverage is 12 obtained by Trustor prior to such cancellation or modification, Beneficiary may obtain such 13 insurance. In such case, Trustor shall reimburse Beneficiary for the cost of such insurance within 14 fifteen (15) days after receipt of a statement that indicates the cost of such insurance and upon 15 proof that Beneficiary has paid said statement. 16 17 SECTION 3.05. Trustor shall maintain all insurance required under this Deed of Trust with 18 companies holding a "general policy rating" of A -8 or better, as set forth in the most current 19 issue of "Best Key Rating Guide." Trustor acknowledges that the insurance described in this 20 Section is for the primary benefit of Beneficiary. Beneficiary makes no representation as to the 21 adequacy of such insurance to protect Trustor's or Beneficiary's interests. Therefore, Trustor 22 shall obtain any additional property or liability insurance that Trustor deems necessary to protect 23 Beneficiary and Trustor, in the exercise of reasonable judgment. 24 25 SECTION 3.06. Notwithstanding anything to the contrary contained herein, Trustor's obligation 26 to carry the insurance provided for herein may be brought within the coverage of a so- called 27 blanket policy or policies of insurance carried and maintained by Trustor; provided, however, 28 that Beneficiary shall be named as an additional insured thereunder and that the coverage 29 afforded Beneficiary will not be reduced or diminished by reason of the use of such blanket 30 policy of insurance and provided further that the requirements set forth herein are otherwise 31 satisfied. 32 33 SECTION 3.07. All of the above - mentioned insurance policies or certificates of insurance must 34 be satisfactory to Beneficiary. Beneficiary shall not by the fact of approving, disapproving, 35 accepting, preventing, obtaining or failing to obtain any insurance, incur any liability for or with 36 respect to the amount of insurance carried, the form or legal sufficiency of insurance contracts, 37 insolvency of insurance companies or payment or defense of lawsuits and Trustor hereby 38 expressly assumes full responsibility therefor and all liability,.if any, with respect thereto. 39 40 41 SECTION 3.08. Condemnation and Insurance Proceeds. 42 43 SUBSECTION 3.08(a). Any award of damages in connection with any taking or condemnation, 44 or for injury to the Property by reason of public use, or for damages for private trespass or entry 45 onto the Property is hereby assigned and shall be paid to Beneficiary as further security for all 46 obligations secured by this Deed of Trust. Upon receipt of such proceeds, Beneficiary may hold 5 Deed of Trust Page 6 • 1 the proceeds as further security or apply or release them in the same manner and with the same 2 effect as provided in this Deed of Trust for the disposition of proceeds of fire or other insurance. 3 4 SUBSECTION 3.08(b). Any insurance proceeds or awards in connection with any casualty or 5 damage or injury to the Property covered by insurance ( "Insurance Proceeds ") are hereby 6 assigned to Beneficiary to be held and applied by Beneficiary in the manner hereinafter 7 provided. Beneficiary may, at its option, and at its own expense, appear in and prosecute in its 8 own name any action or proceeding to enforce any cause of action for such Insurance Proceeds. 9 All Insurance Proceeds shall be applied by Beneficiary upon any indebtedness secured by this 10 Deed of Trust and in any order determined by Beneficiary or, at the option of Beneficiary, the 11 entire amount so collected or any part of that amount may be released to Trustor. This 12 application or release shall not cure or waive any default or notice of default under this Deed of 13 Trust or invalidate any act done pursuant to such notice. 14 15 SUBSECTION 3.08(c). Trustor, immediately upon obtaining knowledge of the institution of any 16 proceedings relating to condemnation or other taking of or damage or injury to the Property or 17 any portion thereof, or knowledge of any casualty damage to the Property or damage in any other 18 manner, shall immediately notify Beneficiary in writing. Beneficiary may participate, at its own 19 expense, in any such proceedings and may join Trustor in adjusting any loss covered by 20 insurance. 21 22 ARTICLE 4. TAXES, LIENS AND OTHER ITEMS. Trustor shall pay, when due, all taxes, 23 bonds, assessments, fees, liens (including prior trust deed liens), charges, fines, impositions and 24 any and all other items which are attributable to or affect the Property and which may attain a 25 priority over this Deed of Trust or the indebtedness or evidence of indebtedness secured hereby, 26 by making payment prior to delinquency directly to the payee thereof. Trustor may initiate 27 proceedings to contest any such taxes, bonds, assessments, fees, liens, charges, fines, impositions 28 or other items so long as Trustor takes steps to ensure that Beneficiary's security is not threatened 29 in any manner. Trustor shall pay all costs of the proceedings, including any costs or fees incurred 30 by Beneficiary. Upon the final determination of any proceeding or contest, Trustor shall 31 immediately pay the amounts due, together with all costs, charges, interest and penalties 32 incidental to the proceedings. 33 34 ARTICLE 5. RENTS AND PROFITS. Trustor acknowledges and agrees that the Property 35 shall at all times be occupied by the Trustor as the Trustor's primary residence and shall not be 36 leased or rented during the term of the Note, Deed of Trust and Affordable Housing Agreement. 37 Notwithstanding the foregoing, any rents, royalties, issues, profits, revenue, income and other 38 benefits of the Property arising from the use and enjoyment of all or any portion thereof or from 39 any lease or agreement pertaining thereto (the "Rents and Profits "), whether now due, past due, 40 or to become due, and including all prepaid rents and security deposits, are hereby absolutely, 41 presently and unconditionally assigned, transferred, conveyed and set over to Beneficiary to be 42 applied by Beneficiary in the payment of the principal and all other sums payable on the Note 43 and of all other sums payable under this Deed of Trust. It is understood and agreed that neither 44 the foregoing assignment of Rents and Profits to Beneficiary nor the exercise by Beneficiary of 45 any of its rights or remedies under Article 5 hereof shall be deemed to defeat the owner- occupied 46 restriction set forth in the Agreement or to make Beneficiary a mortgagee -in- possession or 6 0 Deed of Trust Page 7 • 1 otherwise responsible or liable in any manner with respect to the Property or the use, occupancy, 2 enjoyment or operation of all or any portion thereof, unless and until Beneficiary, in person or by 3 agent, assumes actual possession thereof. Further, the appointment of a receiver for the Property 4 by any court at the request of Beneficiary or by agreement with Trustor; or the entering into 5 possession of the Property or any part thereof by such receiver, shall not be deemed to make 6 Beneficiary a mortgagee -in- possession or otherwise responsible or liable in any manner with 7 respect to the Property or the use, occupancy, enjoyment or operation of all or any portion 8 thereof. 9 10 ARTICLE 6. PRESERVATION AND MAINTENANCE OF PROPERTY. Trustor shall 11 keep the Property and every part thereof in good condition and repair and shall not permit or 12 commit any waste, impairment or deterioration of the Property nor commit, suffer or permit any 13 act upon or use of the Property in violation of law or applicable order of any governmental 14 authority, whether now existing or hereafter enacted and whether foreseen or unforeseen, 15 including, without limitation, violation of any zoning, building or environmental protection 16 statutes, ordinances, regulations, orders and restrictions or in violation of any covenants, 17 conditions or restrictions affecting the Property or bring or keep any article upon any of the 18 Property or cause or permit any condition to exist thereon which would be prohibited by or could 19 invalidate any insurance coverage maintained or required hereunder to be maintained by Trustor 20 on or with respect to any part of the Property and further shall do all other acts which from the 21 character or use of the Property may be reasonably necessary to protect the security hereof, the 22 specific enumerations herein not excluding the general. Trustor shall completely restore and 23 repair promptly and in a good and workmanlike manner any building, structure or improvement 24 thereon which may be damaged or destroyed and pay, when due, all claims for labor performed 25 and materials furnished therefor, whether or not insurance or other proceeds are available to 26 cover, in whole or in part, the costs of any such restoration or repair.. Trustor shall notify 27 Beneficiary immediately in writing of any damage to the Property in excess of Ten Thousand 28 Dollars ($10,000.00). 29 3o ARTICLE 7. PROTECTION OF SECURITY: COSTS AND EXPENSES. Trustor shall 31 appear in and defend any action or proceeding purporting to affect the security hereof or the 32 rights or powers of Beneficiary or Trustee and shall pay all reasonable costs and expenses, 33 including, without limitation, costs of evidence of title and reasonable attorney's fees, in any such 34 action or proceeding in which Beneficiary or Trustee may appear and in any suit brought by 35 Beneficiary to foreclose this Deed of Trust or to enforce or establish any other rights or remedies 36 of Beneficiary hereunder. If Trustor fails to perform any of the covenants or agreements in this 37 Deed of Trust or if any action or proceeding is commenced which affects Beneficiary's interest in 38 the Property or any part thereof, including, but not limited to, eminent domain, code enforcement 39 or proceedings of any nature whatsoever under any federal or state law, whether now existing or 40 hereafter enacted or amended, relating to bankruptcy, insolvency, arrangement, reorganization or 41 other form of debtor relief, or to a decedent, then Beneficiary or Trustee may, but without 42 obligation to do so and upon ten (10) days' prior written notice to and demand upon Trustor 43 (unless a shorter notice period is necessary to protect Beneficiary's interest in the security hereof, 44 in which case only reasonable notice and demand under the circumstances shall be required) and 45 without releasing Trustor from any obligation hereunder, make such appearances, disburse such 46 sums and take such action as Beneficiary or Trustee deems necessary or appropriate to protect 7 `0 • Deed of Trust Page 8 1 Beneficiary's interest, including, but not limited to, disbursement of reasonable attorney's fees, 2 entry upon the Property to make repairs or otherwise protect the security hereof, and payment, 3 purchase, contest or compromise of any encumbrance, charge or lien which in the judgment of 4 either Beneficiary or Trustee appear to be prior or superior hereto. Trustor further agrees to pay 5 all reasonable expenses of Beneficiary (including fees and disbursements of counsel) reasonably 6 related to the protection of the rights of Beneficiary hereunder, and enforcement or collection of 7 payment of the Note, whether by judicial or non - judicial proceedings, or in connection with any 8 bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding of Trustor, 9 or otherwise. Beneficiary shall give Trustor ten (10) days' prior written notice before, disbursing 10 any amounts pursuant to this Article. Any amounts disbursed by Beneficiary or Trustee pursuant 11 to this Section shall be additional indebtedness of Trustor secured by this Deed of Trust as of the 12 date of disbursement. All such amounts shall be payable by Trustor immediately without 13 demand. Nothing contained herein shall be construed to require Beneficiary or Trustee to incur 14 any expense, make any appearance or take any other action. 15 16 17 ARTICLE 8. ENFORCEMENT. 18 19 Section 8.01. Acknowledgement of Enforceability. Tru stor 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 22 all 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 45 provide Beneficiary with all financial and other information pertaining to the intended transferee 46 reasonably requested by Beneficiary. In the event of any Transfer without the prior written. 0 Deed of Trust Page 9 1 consent of Beneficiary, Beneficiary shall have the absolute right, at its option, without demand or 2 notice, to declare all outstanding Principal and all other sums due hereunder and under the Note 3 to be immediately due and payable. Further, Beneficiary may bring an action at law or in equity 4 to require Trustor and the proposed transferee to terminate and /or rescind any sales contract or 5 purchase and sale transaction between them and/or to declare the transfer void, notwithstanding 6 that the transfer may- have closed and become final as between Trustor and the transferee. 7 Further, Beneficiary may pursue any other remedy available under this Deed of Trust or the Note 8 or at law or in equity or under any other agreement, instrument or document entered into by 9 Trustor and Beneficiary. Beneficiary's consent to one Transfer shall not be deemed to be a 10 waiver of the right to require consent to a future or successive Transfer. As used herein, 11 "Transfer" includes any sale, agreement to sell, assignment, exchange or other conveyance of the 12 Property or any portion thereof or any interest therein, whether voluntary or involuntary, by 13 operation of law or otherwise, except that a Transfer by gift, devise or inheritance to a spouse or 14 to a spouse as a part of a dissolution proceeding shall not be considered a Transfer for purposes 15 of this Section. 16 17 ARTICLE 9. EVENTS OF DEFAULT. Each of the following shall constitute an event of 18 default ( "Event of Default ") hereunder (including, if Trustor and Trustee consists of more than 19 one person or entity, the occurrence of any of such events with respect to any one or more of 20 such persons or entities): 21 22 SECTION 9.01. Breach of Covenants. Default by Trustor in the performance of any of the 23 covenants or agreements of Trustor contained herein, in the Note, in the Affordable Housing 24 Agreement or any other note or instrument, trust deed or other obligation of Trustor relating to 25 the Property secured by any part of or all of the Property, whether junior or senior to this Deed of 26 Trust. 27 28 SECTION 9.02. Appointment of Trustee. The appointment pursuant to an order of a court of 29 competent jurisdiction, of a trustee, receiver or liquidator of the Property or any part thereof, or 30 of Trustor, or any termination or voluntary suspension of the transaction of business of Trustor, 31 or any attachment, execution or other judicial seizure of all or any substantial portion of Trustor's 32 assets; provided, however, that if such attachment, execution or seizure is involuntary, Trustor 33 shall not be deemed in default unless the same is not discharged within sixty (60) days. 34 35 SECTION 9.03. Bankruptcy Filing. The filing by or against Trustor of a petition in bankruptcy 36 or for an arrangement or for reorganization or for other form of debtor relief pursuant to the 37 federal Bankruptcy Act, as the same may be amended or replaced from time to time, or any other 38 law, federal or state, whether now existing or hereafter amended or enacted relating to 39 insolvency or debtor relief (except that in the case of a filing against Trustor, an Event of Default 40 shall not exist unless Trustor fails to have the proceeding discharged within sixty (60) days after 41 such filing), or the adjudication of Trustor as a bankrupt or an insolvent by a decree of a court of 42 competent jurisdiction, or the making of an assignment for the benefit of creditors, or the 43 admission by Trustor in writing of its inability to pay its debts generally as they become due, or 44 the giving of consent by Trustor to the appointment. of a receiver or receivers of all or 45 substantially all of its property. 46 9 0 Deed of Trust Page 10 • i SECTION 9.04. Misrepresentations. Any representation or disclosure made to Beneficiary by 2 Trustor as an inducement to the making of the loan evidenced by the Note that proves to be false 3 or misleading in any material respect as of the time the same was made, whether or not any such 4 representation or disclosure appears as part of this Deed of Trust. 5 6 SECTION 9.05. Other Events. Any other event which, under this Deed of Trust, or under the 7 Note or the Agreement, constitutes an Event of Default by Trustor hereunder or thereunder or 8 gives Beneficiary the right to accelerate the maturity of the indebtedness, or any part thereof, 9 secured hereby. 10 11 ARTICLE 10. REMEDIES. Upon the occurrence of any Event of Default and the expiration 12 of any applicable period within which to cure the same, Trustee and Beneficiary shall have the 13 following rights and remedies: 14 15 SECTION 10.01. Acceleration. Beneficiary may declare the entire outstanding Principal and all 16 other sums or payments required hereunder to be due and payable immediately and 17 notwithstanding the date such sums would otherwise be due in accordance with the Note and the 18 Agreement. 19 20 SECTION 10.02. Entry. Whether or not Beneficiary exercises the right provided in Section 21 10.01 above, Beneficiary, in person or by agent or court- appointed receiver, may enter upon, 22 take possession of, manage and operate the Property or any part thereof and do all things 23 necessary or appropriate in. Beneficiary's sole discretion in connection therewith, including, 24 without limitation, making and enforcing, and if the same be subject to modification or 25 cancellation, modifying or canceling leases upon such terms or conditions as Beneficiary deems 26 proper, obtaining and evicting .tenants, and fixing or modifying rents, contracting for and making 27 repairs and alterations, and doing any and all other acts which Beneficiary deems proper to 28 protect the security hereof; and either with or without so taking possession, in its own name, in 29 the name of Trustor or by court- appointed receiver (which may be appointed on notice or on ex 30 parte application without notice), suing for or otherwise collecting and receiving the rents and 31 profits, including those past due and unpaid, and applying the same less costs and expenses of 32 operation and collection, including reasonable attorney's fees, upon any indebtedness secured 33 hereby and in such order as Beneficiary may determine. Upon request of Beneficiary, Trustor 34 shall assemble and make available to Beneficiary at the site of the Real Property any of the 35 Property which has been removed therefrom. The entering upon and taking possession of the 36 Property, or any part thereof, the collection of any rents and profits and the application thereof as 37 aforesaid shall not cure or waive any Event of Default theretofore or thereafter occurring or 38 affect any notice or Event of Default or notice, and, notwithstanding continuance in possession 39 of the Property or any part thereof by Beneficiary, Trustor or a receiver, and the collection, 40 receipt and application of the rents and profits, Beneficiary shall be entitled to exercise every 41 right provided for in this Deed of Trust or by law or in equity upon or after the occurrence of an 42 Event of Default, including, without limitation, the right to exercise the power of sale. Any of the 43 actions referred to in this Section may be taken by Beneficiary irrespective of whether any notice 44 of an Event of Default or election to sell has been given hereunder and without regard to the 45 adequacy of the security for the indebtedness hereby secured. 46. 10 Deed of Trust Page 11 1 SECTION 10.03. Judicial Action. Beneficiary may bring an action in any court of competent 2 jurisdiction to foreclose this Deed of Trust or to enforce any of the covenants and agreements of 3 this Deed of Trust, or the Note and the Affordable Housing Agreement. 4 5 SECTION 10.04. Power of Sale. 6 7 SUBSECTION 10.04(a). Beneficiary may elect .to cause the Property or any part thereof to be 8 sold under the power of sale herein granted in any manner permitted by applicable law. In 9 connection with any sale or sales hereunder, Beneficiary may elect to treat any of the Property 10 that consists of a right in action or that is property that can be severed from the Real Property or 11 any improvements thereon without causing structural damage thereto as if the same were 12 personal property and dispose of the same in accordance with applicable law, separate and apart 13 from the sale of the Real Property. 14 15 SUBSECTION 10.04(b). Trustee may, `and upon request of Beneficiary shall, from time to time, 16 postpone any sale hereunder by public announcement thereof at the time and place noticed 17 therefor. If the Property consists of several items of property, Beneficiary may designate the 18 order in which such items shall be offered for sale or sold. Any person, including Trustor, 19 Trustee or Beneficiary, may purchase at any sale hereunder, and Beneficiary shall have the right 20 to purchase at any sale hereunder by crediting upon the bid price the amount of all or any part of 21 the indebtedness hereby secured. 22 23 SUBSECTION 10.04(c). Should Beneficiary desire that more than one sale or other disposition 24 of the Property be conducted, Beneficiary may, at its option, cause the same to be conducted 25 simultaneously, or successively, on the same day, or at such different days or times and in such 26 order as Beneficiary may deem to be in its best interests, and no such sale shall terminate or 27 otherwise affect the lien of this Deed of Trust on any part of the Property not sold until all 28 indebtedness secured hereby has been fully paid. Upon any sale hereunder, Trustee shall execute 29 and deliver to the purchaser or purchasers a deed or deeds conveying the Property so sold, but 30 without any covenant or warranty whatsoever, express or implied, whereupon such purchaser or 31 purchasers shall be let into immediate possession; and the recitals in any such deed or deeds of 32 facts, such as default, the giving of notice of default and notice of sale and other facts affecting 33 the regularity or validity of such sale or disposition, shall be conclusive proof of the truth of such 34 facts and any such deed or deeds shall be conclusive against all persons as to such facts recited 35 therein. 36 37 SUBSECTION 10.04(d). In case of any sale of the Property pursuant to any judgment or decree 38 of any court or at public auction or otherwise in connection with the enforcement of any of the 39 terms of this Deed of Trust, Beneficiary, its successors or assigns, may become the purchaser, 40 and for the purpose of making settlement for or payment of the purchase price, shall be entitled 41 to deliver over and use the Note, together with all other sums, with interest, advanced and unpaid 42 hereunder, in order that there may be credited as paid on the purchase price the sum then due 43 under the Note, including principal thereon and all other sums, with interest, advanced and 44 unpaid hereunder. 45 11 • Deed of Trust Page 12 i 1 SECTION 10.05. Proceeds of Sale. The proceeds of any sale made under or by virtue of this 2 Article, together with all other sums that then may be held by Trustee or Beneficiary under this 3 Deed of Trust, whether under the provisions of this Article or otherwise, shall be applied as 4 follows: 5 6 (a) First, to the payment of the costs and expenses of sale and of any judicial proceedings 7 wherein the same may be made, including reasonable compensation to Trustee and Beneficiary, 8 their agents and counsel, and to the payment of all expenses, liabilities and advances made or 9 incurred by Trustee under this Deed of Trust, together with interest on all advances made by 10 Trustee at the maximum rate permitted by law to be charged by Trustee. 11 12 (b) Second, to the payment of any and. all sums expended by Beneficiary under the terms hereof 13 (including, but not limited to, sums paid by Beneficiary on the prior trust deed) not then repaid 14 and all other sums required to be paid by Trustor pursuant to any provisions of this Deed of Trust 15 or the Note, including, without limitation, all expenses, liabilities and advances made or incurred 16 by Beneficiary under this Deed of Trust or in connection with the enforcement hereof, together 17 with interest thereon as herein provided. 18 19 (c) Third, to the payment of the entire amount then due, owing or unpaid upon the Note, 20 including attorney's fees and costs. 21 22 (d) Fourth, all amounts otherwise due Beneficiary. 23 24 (e) The remainder, if any, to the person or persons legally entitled thereto. 25 26 SECTION 10.06. Waiver of Marshaling. Trustor, for itself and for all persons hereafter 27 claiming through or under it or who may at any time hereafter become holders of liens junior to 28 the lien of this Deed of Trust, hereby expressly waives and releases all rights to direct the order 29 in which any of the Property shall be sold in the event of any sale or sales pursuant hereto, and to 30 have any of the Property and /or other property now or hereafter constituted security for any of 31 the indebtedness secured hereby, marshaled upon any foreclosure of this Deed of Trust or for any 32 other security for any of said indebtedness. 33 34 SECTION 10.07. Remedies Cumulative. No remedy herein conferred upon or reserved to 35 Trustee or Beneficiary is intended to be exclusive of any other remedy herein or by law 36 provided, but each shall be cumulative and shall be in addition to every other remedy given 37 hereunder or now or hereafter existing at law or in equity or by statute. No delay or omission of 38 Trustee or Beneficiary to exercise any right or power accruing upon any Event of Default shall 39 impair any right or power or shall be construed to be a waiver of any Event of Default or any 40 acquiescence therein; and every power and remedy given by this Deed of Trust to Trustee or 41 Beneficiary may be exercised from time to time as often as may be deemed expedient by Trustee 42 or Beneficiary. If there exists additional security for the performance of the obligations secured 43 hereby, the holder of the Note, at its sole option, and without limiting or affecting any of its 44 rights or remedies hereunder, may exercise any of the rights and remedies to which it may be 45 entitled hereunder either concurrently with whatever rights and remedies it may have in 46 connection with such other security or in such order as it may determine. Any application of any 12 • • Deed 'of Trust Page 13 1 amounts or any portion thereof held by Beneficiary at any item as additional security hereunder, 2 whether pursuant to this deed of trust or otherwise, to any indebtedness secured hereby shall not 3 extend or postpone the due dates of any payments due from Trustor to Beneficiary hereunder or 4 under the Note, or change the amounts of any such payments or otherwise be construed to cure 5 or waive any default or notice of default hereunder or invalidate any act done pursuant to any 6 such default or notice. In the event that Beneficiary shall have proceeded to enforce any right 7 under this Deed of Trust by foreclosure, sale, entry or otherwise, and such proceedings shall have 8 been discontinued or abandoned for any reason or shall have been determined adversely, then, 9 and in every such case, Trustor and Beneficiary shall be restored to their former positions and 10 rights hereunder with respect to the Property subject to the lien hereof. 11 12 ARTICLE 11. MISCELLANEOUS 13 14 SECTION 11.01. Severability. In the event that any one or more of the provisions contained in 15 this Deed of Trust shall for any reason be held to be invalid, illegal or unenforceable in any 16 respect, such invalidity, illegality or unenforceability shall not affect any other provision of this 17 Deed of Trust, and this Deed of Trust shall be construed as if such invalid, illegal or 18 unenforceable provision had never been contained herein. 19 20 SECTION 11.02. Certain Charges. Trustor agrees to pay the charges of Beneficiary for any 21 service rendered Trustor, or on its behalf, connected with this Deed of Trust or the indebtedness 22 secured hereby, including, without limitation, delivering to an escrow holder a request for full or 23 partial reconveyance of this Deed of Trust, transmitting to an escrow holder moneys secured 24 hereby, changing the records pertaining to this Deed of Trust and indebtedness secured hereby, 25 showing a new owner of the Property and replacing an existing policy of insurance held 26 hereunder with another such policy. 27 28 SECTION 11.03. Notices. All notices expressly provided hereunder to be given by Beneficiary 29 to Trustor and all notices and demands of any kind or nature whatsoever that Trustor may be 30 required or may desire to give to or serve on Beneficiary shall be in writing and shall be served 31 by first class or registered or certified mail, return receipt requested. Any such notice or demand 32 so served shall be deposited in the United States mail, with postage thereon fully prepaid and 33 addressed to the party so to be served at its address above stated or at such other address of 34 which said party shall have theretofore notified in writing, as provided above, the party giving 35 such notice. Service of any such notice or demand so made shall be deemed effective on the date 36 of actual delivery as shown by the addressee's return receipt or the expiration of forty -eight (48) 37 hours after the date of mailing, whichever is the earlier in time, except that service of any notice 38 of default or notice of sale provided or required by law shall, if mailed, be deemed effective on 39 the date of mailing. 40 41 SECTION 11.04. Trustor Not Released. Extension of the time for payment or modification of 42 the terms of payment of any sums secured by this Deed of Trust granted by Beneficiary to any 43 successor -in- interest of Trustor shall not operate to release, in any manner, the liability of the 44 original Trustor. Beneficiary shall not be required to commence proceedings against such 45 successor or refuse to extend time for payment or otherwise modify the terms of the payment of 46 the sums secured by this Deed of Trust by reason of any demand made by the original Trustor. 13 0 1 Deed of Trust Page 14 0 1 Without affecting the liability of any person, including Trustor, for the payment of any 2 indebtedness secured hereby, or the lien of this Deed of Trust on the remainder of the Property 3 for the full amount of any such indebtedness and liability unpaid, Beneficiary and Trustee are 4 respectively empowered as follows: Beneficiary may from time to time and without notice (a) 5 release any person liable for the payment of any, of the indebtedness, (b) extend the time or 6 otherwise alter the terms of payment of any of the indebtedness, (c) accept additional real or 7 personal property of an kind as security therefor, whether evidenced by deeds of trust, 8 mortgages, security agreements or any other instruments of security, or (d) alter, substitute or 9 release any property securing the indebtedness; Trustee may, at any time and from time to time, 10 upon the written request of Beneficiary (a) consent to the making of any map or plat of the 11 Property or any part thereof, (b) join in granting any easement or creating any restriction thereon, 12 (c) join in any subordination agreement or other agreement affecting this Deed of Trust or the 13 lien or charge hereof, or (d) reconvey, without any warranty, all or part of the Property. 14 15 SECTION 11.05. Inspection. Beneficiary may at any reasonable time or times make or cause to 16 be made entry upon and inspections of the Property or any part thereof in person or by agent. 17 18 SECTION 11.06. Reconveyance. Upon the payment in full of all sums secured by this Deed of 19 Trust or upon forgiveness of such payment in accordance with the Note, Beneficiary shall 20 request that Trustee reconvey the Property and shall surrender this Deed of Trust and Note 21 evidencing indebtedness secured by this Deed of Trust to Trustee. Upon payment of its fees and 22 any other sums owing to it under this Deed of Trust, Trustee shall reconvey the Property without 23 warranty to the person or persons legally entitled thereto. Such person or persons shall pay all 24 costs of recordation, if any. The recitals in such reconveyance of any matters of facts shall be 25 conclusive proof of the truthfulness thereof. The grantee in such reconveyance may be described 26 as "the person or persons legally entitled thereto." Five (5) years after issuance of such full 27 reconveyance, Trustee may destroy the Note and this Deed of Trust unless otherwise directed by 28 Beneficiary. 29 30 SECTION 11.07. Interpretation. Wherever used in this Deed of Trust, unless the context 31 indicates a contrary intent, or unless otherwise specifically provided herein, the word " Trustor" 32 shall mean and include both Trustor and any subsequent owner or owners of the Property, and 33 the word 'Beneficiary" shall mean and include not only the original Beneficiary hereunder but 34 also any future owner and holder, including pledgees, of the Note secured hereby. In this Deed of 35 Trust wherever the context so requires, the masculine gender includes the feminine and /or 36 neuter, and the neuter includes the feminine and /or masculine, and the singular number includes 37 the plural and conversely. In this Deed of Trust, the use of the word "including" shall not be 38 deemed to limit the generality of the term or clause to which it has reference, whether or not non- 39 limiting language (such as "without limitation," or "but not limited to" or words of similar 40 import) is used with reference thereto. The captions and headings of the Articles and Sections of 41 this Deed of Trust are for convenience only and are not to be used to interpret, define or limit the 42 provisions hereof. 43 44 SECTION 11.08. Consent. The granting or withholding of consent by Beneficiary to any 45 transaction as required by the terms hereof shall not be deemed a waiver of the right to require 46 consent to future or successive transactions. 14 Deed of Trust Page 15 2 SECTION 11.09. Successors and Assigns. All of the grants, obligations, covenants, 3 agreements, terms, provisions and conditions herein shall run with the land and shall apply to, 4 bind, and inure to the benefit of the heirs, administrators, executors, legal representatives, 5 successors and assigns of Trustor and the successors -in -trust of Trustee and the endorsees, 6 transferees, successors and assigns of Beneficiary. In the event that Trustor is composed of more 7 than one party, the obligations, covenants, agreements and warranties contained herein as well as 8 the obligations arising therefrom are and shall be joint and several as to each such party. 9 1 o SECTION I L 10. Governing Law. This Deed of Trust shall be governed by and construed under 11 the laws of the State of California. 12 13 SECTION 11.11. Trustor Waivers. Trustor waives the benefit of all laws now existing or that 14 hereafter may be enacted with respect to any statute of limitations for the filing of any action or 15 claims by Beneficiary. 16 1.7 SECTION 11.12. Superiority of First Lender Documents. 18 19 SUBSECTION 11.12(a). This Deed of Trust shall not diminish or affect the rights of the First 20 Lender (which for purposes of these documents shall be deemed also to include the California 21 Housing Finance Agency, its successors and assigns (Ca1HFA), hereinafter collectively referred 22 to as First Lender) under that certain deed of trust dated -J a 2013, executed by the 23 Trustor in favor of the First Lender and recorded in the County Yf San Luis Obispo on 24 ' J_, 2013, and assigned Instrument No(s). ,w1-An or any deed of trust in 25 the name of or held by CalHFA, or any subsequent First Lender deeds of trust hereafter recorded 26 against the Security (collectively, the "First Deed of Trust "), except as provided in Subsection 27 11.12(b) below. Beneficiary and Trustor acknowledge and agree that this Deed of Trust is 28 subject and subordinate in all respects to the liens, terms, covenants and conditions of the First 29 Deed of Trust and to all advances heretofore made or which may hereafter be made pursuant to 30 the First Deed of Trust including all sums advanced for the purpose of (i) protecting or further 31 securing the lien of the First Deed of Trust, curing defaults by the Trustor under the First Deed of 32 Trust or for any other purpose expressly permitted by the First Deed of Trust or (ii) constructing, 33 renovating, repairing, furnishing, fixturing or equipping the Property. The terms and provisions 34 of the First Deed of Trust are paramount and controlling, and they supersede any other terms and 35 provisions hereof in conflict therewith. 36 37 SUBSECTION 11.12(b). In the event of default, the First Lender may take the following actions 38 to cure the default, provided first that: (i) the Beneficiary has been given written notice of a 39 default under the First Deed of Trust (which requirement may be satisfied by recordation of a 40 notice of default under California Civil Code Section 2924), and (ii) the Beneficiary shall not 41 have cured the default under the First Deed of Trust within 60 days after such notice sent to the 42 Beneficiary: 43 44 1) Foreclose on the subject property pursuant to the remedies permitted by law and written 45 in a recorded contract or deed of trust. The restrictions will automatically and 46 permanently terminate upon foreclosure, deed -in -lieu of foreclosure, or assignment of the J(G. CONCURRENTLY HEREWITH 15 0 1 • Deed of Trust Page 16 1 insured mortgage to HUD; or 2 3 2) Accept a deed of trust or assignment to the extent of the value of the unpaid first 4 mortgage to the current market value in lieu of foreclosure in the event of default by a 5 trustor; or 6 7 3) Sell the property to any person at a fair market value price subsequent to exercising its 8 rights under the deed of trust. Any value in excess of the unpaid mortgage and costs of 9 sale administration shall be used to satisfy the City loan. In no case may a first mortgage 10 lender; exercising foreclosure assignment in -lieu of foreclosure or sale, obtain value or 11 rights to value greater than the value of the outstanding indebtedness on the first 12 mortgage at the time of the debt clearing action. 13 14 The following types of transfers shall remain subject to the requirements of the City's loan and 15 right of first refusal: transfer by gift, devise, or inheritance to the owner's spouse; transfer to a 16 surviving joint tenant; transfer to a spouse as part of divorce or dissolution proceedings; or 17 acquisition in conjunction with a marriage. 18 19 SECTION 11.13. Request for Notices of Default and Sale. 20 21 SUBSECTION 11.13(a). Trustor hereby requests that a copy of any notice of default and notice 22 of sale as may be required by law or by this Deed of Trust be mailed to Trustor at its address 23 above stated. 24 25 SUBSECTION 11.13(b). In accordance with Section 2924b of the California Civil Code, request 26 is hereby made that a copy of any notice of default and a copy of any notice of sale under that 27 deed trust recorded concurrently herewith, be mailed to: Community Development Director, 28 City of San Luis Obispo, 919 Palm Street, San Luis Obispo, California 93401. 29 30 SECTION 11..14. No Transfer._ Trustor shall not voluntarily or involuntarily (except for a 31 transfer in accordance with the Affordable Housing Agreement) assign or otherwise transfer any 32 of its rights, duties, liabilities or obligations hereunder or under the Note without the prior 33 written consent of Beneficiary. 34 35 SECTION i 1.15. Attorney's Fees. In any action to interpret or enforce any provision of this 36 Deed of Trust, the prevailing party shall be entitled to reasonable costs and attorney's fees. 37 38 39 40 41 42 43 44 45 m 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Deed of Trust Page 17 IN WITNESS WHEREOF, the undersigned have executed this Deed of Trust as of the day and year first above written. (attach notarization) Vincent Chen "Trustor" Tien Tien C Lin "Trustor" 17 • STATE OF )SS COUNTY OF rt LG[[,S /.SoD ) On 6?0/3 before e, �� �lSn'1lf� Notary Public, personally appeared /!'iC�P,I'I f >� A T/ f who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his /her /their authorized capacity(ies), and that by his /her /their 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. WITNESS my hand and official seal, Signature My Commission Expires: Notary Name:. _ Notary Registration Number: KYLE W SMITH Commission # 1866272 z ; Notary Public - California z Z '"O San Luis Obispo County D My Comm. Expires Sep 26, 2013 This area for official notarlal seal Notary Phone:. County of Principal Place of Business: Deed of Trust Page 18 1 EXHIBIT A ,2 3 Legal Description 4 5 Real .property in the City of San Luis Obispo, County of San Luis Obispo, State of California, described as follows: 6 7 Lot 49 of Tract 2977, Unit 1, in the City of San Luis Obispo, County of San Luis Obispo State California, according 8 to map recorded December 28, 2012 in Book 33, Page 48 through 53 of Maps in the office of the County Recorder 9 of said County, 10 I 1 APN: 004 - 924 -012 and 004 - 951 -015 ptn 12 18 END OF DOCUMENT