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t <br />1 RECORDING REQUEST BY: <br />2 FIRST AMERICAN TITLE <br />3 1225496 -DS <br />4 WHEN RECORDED RETURN TO: <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />City of San Luis Obispo <br />990 Palm Street <br />San Luis Obispo, Ca. 93401 <br />Attn: City Clerk <br />/2- AG -AS <br />JULIE RQDEWA <br />San. Luis Obispo Coin. Glerk/Recorder <br />Recorded at the request of <br />First American Title Company <br />Doc #: 2004004214 <br />The undersigned declare that there is no documentary <br />transfer tax on this matter. <br />LO <br />1/21/2004 <br />8:00 W <br />Titles: 4 <br />Pages: 20 <br />Fees <br />85.00 <br />Taxes <br />0.00 <br />Others <br />0.00 <br />PAID <br />$85.00 <br />Recorded for the Benefit of the <br />City of San Luis Obispo at No Fee Under <br />Section 27383 of the Government Code <br />PURCHASE MONEY DEED OF TRUST, DEED OF TRUST COVENANTS, <br />ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING <br />THIS PURCHASE MONEY DEED OF TRUST, DEED OF TRUST COVENANTS, . <br />ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this <br />"Deed of Trust ") is made as of this 7th day of January, 2004, by Parish L. Ruth and <br />Amanda L. Ruth, Husband and Wife ( "Trustor "), the owner of the real property described <br />herein below, whose address is: <br />1712 Singletree Court, San Luis Obispo, California <br />To First American Title Company ( "Trustee ") in favor of the CITY OF SAN LUIS <br />OBISPO, a municipal corporation, whose address is 990 Palm Street, San Luis Obispo, <br />California 93401 ('Beneficiary"). <br />WHEREAS, on May 21, 2002, Beneficiary and LOVR -SLO, LLC, entered into an Affordable <br />Housing Agreement ( "Affordability Agreement ") to implement Council Resolution No. 9169, <br />approving the Rancho Obispo residential development; and <br />WHEREAS, to implement said Affordability Agreement, Beneficiary and Trustor entered into <br />that certain Promissory Note ( "Note ") dated January 7, 2004, pursuant to which Trustor agreed <br />to certain restrictions on the sale or transfer of that certain real property located in the County of <br />San Luis Obispo, State of California, which is further described in Exhibit A (the "Real <br />Property "); and <br />43 WHEREAS, Beneficiary and Trustor desire to ensure that the Real Property remain affordable to <br />44 moderate - income persons for a period of not less than 30 years following the property's initial <br />45 date of sale, pursuant to the Affordability Agreement. <br />46 <br />47 <br />48 <br />01603 <br />