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JULIE RODEWN 3 DG <br />}- <br />Recording San Luis Obispo Cq— Clerk/Recorder 3/31/2004 <br />g reQlleSted by Recorded at the request of 8:00 AM <br />FAT AMERICAN TITLE CO. First American Title Company <br />1 <br />2 <br />3 <br />4 <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 />43 <br />44 <br />45 <br />46 <br />47 <br />48 <br />WHEN RECORDED RETURN TO <br />City of San Luis Obispo <br />990 Palm Street <br />San Luis Obispo, Ca. 93401 <br />Attn: City Clerk <br />20040YSfidR <br />Titles: 4 Pages: 20 <br />Fees <br />0.00 <br />Taxes <br />0.00 <br />Others <br />0.00 <br />PAID <br />$0.00 <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 />The undersigned declare that there is <br />no documentary transfer tax on this <br />matter. <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 9th day of February, 2004 _James Edward <br />Buchanan and Hollie Dawn Buchanan, husband and wife ( "Trustor "), the owner of the <br />real property described herein below, whose address is: <br />1594 Eto Circle, San Luis Obispo, California <br />To First American Title Insurance Company ( "Trustee ") in favor of the CITY OF SAN <br />LUIS OBISPO, a municipal corporation, whose address is 990 Palm Street, San Luis <br />Obispo, California 93401 ('Beneficiary"). <br />WHEREAS, on September 14, 2001, Beneficiary and SLO Estates, Inc., entered into an <br />Affordable Housing Agreement ( "Affordability Agreement ") to implement Council Resolution <br />No. 8886, approving the de Tolosa Ranch development; and <br />WHEREAS, to implement said Affordability Agreement, Beneficiary and Trustor entered into <br />that certain Promissory Note ( "Note ") dated _February 9, 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 />WHEREAS, Beneficiary and Trustor desire to ensure that the Real Property remain affordable to <br />moderate - income persons for a period of not less than 30 years following the property's initial <br />date of sale, pursuant to the Affordability Agreement. <br />