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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 />RECORDING REQUEST BY: <br />FIRST AMERICAN TITLE <br />1225510 -DS <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 />JULIE RODE QLD! <br />San Luis ObispoWnty— ClerklRecorder <br />Recorded M the request of <br />i <br />First American Title Company <br />DG <br />3/31/2004 <br />1:51 PM <br />D o C # : 1 2004025979 Titles: 4 Pages: 20 <br />Fees 0.00 <br />Taxes 0.00 <br />Others 0.00 <br />PAID $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 no documentary <br />transfer tax on this matter. <br />PURCHASE MONEY DEED OF TRUST, DEED OF TRUST COVENANTS, <br />ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIX''TURE FILING <br />THIS PURCHASE MONEY DEED OF TRUST, DEED OF TRUST <br />COVENANTS, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND <br />FIXTURE FILING (this "Deed of Trust ") is made as of this 29th day of March, <br />2004 by Jeffrey W. Sebem, a Married Man as his Sole and Separate Property <br />( "Trustor "), the owner of the real property described herein below, whose address <br />is: <br />1963 DEVAUL RANCH, 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 March 29, 2004 pursuant to which Trustor agreed to <br />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 t6 <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 />D161D <br />