HomeMy WebLinkAboutSubordination Agreement (2) �
, .
. JULIE RODEWALD asK
�curd�d at the Request of San Luis Obispo Counry—ClerklRecorder 4/0312013
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RECORDINGREQUESTEDBY coca : ZO13O18888 THlas: 1 Pages: 16
CND WA oyo GraO�RDED MAIL TO: IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Othe s o 00
3 0 0 E a s t B r a n c h S t r e e t p A l p 5 0.0 0
Arroyo Grande, CA 9342U
Atm: City Clerk
(Space Above For Recorder's Use)
(Exempt from Recording fee per Gov. Code §27383)
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR
RIGHTS UNDER CERTAIN AGREEMENTS RELATING TO CERTAIN
REAL PROPERTY BECOMING SUBJECT TO, AND OF LOWER
PRIORITY THAN,THE LIEN OF A SECUR[TY INTEREST.
THIS SUBORDINATION AGREEMENT(this "AgreemenP'), dated as of March 28, 2013,
by and between SAN LUIS OBISPO COUNTY HOUSING TRUST FUND, a Califomia non-
profit public benefit corporation, whose address is 71 Zaca Lane, Suite 130, San Luis Obispo,
CA 93401 ("Subordinating Party"), and CITY OF ARROYO GRANDE, a California municipal
corporation, whose address is 300 East Branch Street, Arroyo Grande, CA 93421("City"), is
made with reference to the following facts:
A. Courtland Street Apartments, L.P., a California limited partnership ("Borrower"),
is the owner(or, concurrenNy with the recording of this Agreement, will be the owner) of certain
real property, which real property is more particularly described in Exhibit "A" attached hereto
and made a part hereof(the "Property").
B. Borrower and Subordinating Party have heretofore entered into or, concurrenUy
herewith, are entering into, that certain:
(i) Development Loan Agreement ("Subordinating Party's Loan AgreemenP')
dated March 28, 2013, pursuant to which Subordinating Party has agreed to make a loan to
Borrower in the original principal amount of Three Hundred Sixty Thousand Dollars
($360,000.00) ('`Subordinating Party's Load');
(ii) Promissory Note Sccured by Dced of Trust ("Subordina[ing Party's
Note") dated March 28, 2013. evidencing Subordinating Party's Loan, which is secured by,
among other things, that certain Deed of Trust with Assignment of Rents ("Subordinating
Party's Deed of Trust') dated March 28, 2013 executed by Borrower for the benefit of
Subordinating Party, and recorded concurrendy herewith in the Official Records (the "Official
Records") of the County of San Luis Obispo, Califomia, and encumbering the Property and all
improvements to be constructed thereon, and
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(iii) Affordable Housing Regulatory Agreement ("Subordinating Party's
Regula[ory AgreemenP'), pursuant to [he terms of which Borrower has agreed, among other
things, for itself and its successors and assigns, to operate a residential rental affordable housing
development to be developed on the Property ("the ProjecP') as a low income apartment project
in accordance with the terms and conditions set forth therein.
Subordinating Party's Loan Agreement, Subordinating Party's Note, Subordinating Party's Deed
of Trust, Subordinating Party's Regulatory Agreement and all other documents evidencing,
securing or pertaining to Subordinating Party's Loan are hereinaRer collectively referred to as
"Subordinating PaRy's Loan Documents".
C. People's Self-Help Housing Corporation, a Califomia nonprofit public benefit
corporation ("PSHH"), and the former Arroyo Grande Redevelopment Agency, a public body,
corporate and politic `'("Agency"), previously entered into an Affordable Housing and Loan
Agreement (the "AHDA"), which AHDA has been assigned by PSHH to Borrower. Pursuant to
the AHDA, the Agency agreed to make [o Borrower a loan (the "RDA Loan") to cover a portion
of the costs to be incurred by Borrower in connection with the construction of the Project.
D. Pursuant to Assembly Bill 26 from the 201 I-12 First Extraordinary Session of the
Califomia Legislature, which was signed by the Govemor on June 28, 201 I ("ABxI 26"), all
redevelopment agency activities, except continued performance of "enforceable obligations,"
were immediately suspended. A lawsuit was filed, challenging the constitu[ionality of ABxI 26
and companion bill ABxI 27 (which would have allowed redevelopmen[ agencies to remain in
existence and continue redevelopment, if the legislative bodies that established the agencies
elected to participa[e in a "voluntary altemative redevelopment program" and make certain
remittance payments). The Califomia Supreme Court upheld the constitutionality of ABxI 26,
revising the effective dates of certain provisions, and struck down as unconstitutional ABxI 27.
(Calrjornia Redevelopmeni Assn. v. Marosanlos (201 I) 53 Cal.4th 231 (the "CRA Case"). ABx I
26 is chapter 5, Statutes 2011, First Extraordinary Session, which added Part 1.8 (suspension
provisions) and Part I.85 (dissolution provisions) ("Part 1.85") of Division 24 of the Health and
Safety Code. Under the CRA Case, all redevelopment agencies dissolved February I, 2012. On
lune 27, 2012, the Califomia Legislature passed, and Ihe Governor signed, Assembly Bill 1484
(`AB 1484"), which, among o[her [hings, made certain revisions to certain of the statutes added
by ABx I 26, and added Chapter 9 to Part I.85.
E. Pursuant to Health and Safety Code section 34176(a), added by Part 1.85 and
amended by AB 1484, the Ciry Council of the City adopted its Resolution No. 4421 on
January 10, 2012, electing to retain the housing assets and functions previously performed by the
Agency. Pursuant to said resolution, all housing assets of Ihe Agency were transferred to City on
February I, 2012. Pursuant to subdivision (e)(2) of Health and Safety Code section 34176,
which subdivision was added by AB 1484, the RDA Loan proceeds are one of the "housing
assets"of the Agency that was so transferred to City.
F. As a condition to receiving [he RDA Loan, Bortower has executed or will execute
on or about the same date hereof, (i) that certain Promissory Note Secured by Deed of Trust that
evidences the RDA Loan (the "City Note"), (ii) that certain Deed of Trust with Assignment of
Rents that secures Borrower's repayment under the City Note (the "City Deed of TrusC'), and
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(iii) tha[ certain Regulatory Agreement and Declaration of Covenants and Restrictions (the "City
Regulatory Agreement°). Each of the City Deed of Trust and City Regulatory Agreement will
be recorded against the Property concurrendy herewith in [he Official Records.
G. The AHDA, Ciry Note, City Deed of Trust, and City Regulatory Agreement are
sometimes collectively referred to as the "City Documents".
H. As a condition precedent to funding the proceeds of the RDA Loan, City requires
[hat the City Documents shall unconditionally be and remain at all times a lien or charge upon
[he Project and the other collateral secured thereby which is prior and superior to the liens or
charges of Subordinating Pany's Deed of Trust and Subordinating Party's Regulatory
Agreement.
NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated
herein by [his reference, the City's making of the RDA Loan, the mutual promises and
agreements hereinafter contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement do hereby agree as
fol lows:
I. SUBORDINATION OF SUBORDfNATING PARTY'S DEED OF TRUST AND
SUBORDINATING PARTY'S REGULATORY AGREEMENT.
The City Documents, and any and all renewals or extensions thereof and all amendments
and modifications hereafter made there[o shall unconditionally be and remain at all times a lien
or charge against the Project and all other collateral secured by the City Documents that is prior
and superior [o the liens or charges of Subordinating Party's Deed of Trust and Subordinating
Party's Regulatory Agreement. Notwithstanding the foregoing, City shall not amend or modify
the tertns of any of the City Documents without the prior written consent of the Subordinating
Party if such amendment or modification has the effect of: (i) increasing or decreasing the
amount of the RDA Loan, except in the case of sums advanced by Ciry in exercisin� its rights
and remedies under [he City Documents or as othenvise provided in Paragraph 2 of this
Agreement; (ii) increasing the annual interest rate(s), including the default rate, above the rate(s)
described in the Ciry Note; or (iii) modifying the maturity date [o be sooner than the stated
maturiry date of the Ciry Note.
2. ALL AMOUNTS OWING TO CITY SECURED BY THE CITY DEED OF
TRUST.
Notwithstanding anything to the contrary set forth in the City Documents or any other
agreement between City and Borrower with respect to any amounts owing to City pursuant to the
City Documents and notwithstanding anything to the contrary contained in this Agreement,
including, but not limited to, limitations on additional advances pursuant to Paragraph I, above,
any and all amounts owing to Ciry pursuant to the City Documents in connection with:
(a) any costs or expenses incurred in complyin� with any laws, rules,
regulations, or statutes or any directives of any governmental agencies or authorities having or
exercising jurisdiction over the Projecr, and
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(b) any sums advanced by City for the payment of real estate taxes or
assessments or insurance premiums, or any other sums advanced or obligations incurred by City
in connec[ion with the protection or preservation of any security given to City with respect to any
of the City Documents,
shall be deemed to be, and in all events shall be, secured by the City Deed of Trust and, as so
secured, and regardless of whether Borrower at the time of any such disbursements may have
been in default under any of the City Documents, the City Deed of Trust and City Regulatory
Agreement shall be and remain liens or charges against the Project [hat are unconditionally prior
and superior to the liens and effects of Subordinating PaRy's Deed of Trust and Subordinating
Party's Regulatory Agreement.
3. SUBORDINATING PARTY'S RIGHT TO CURE DEFAULTS.
Upon the occurrence of an event of default under any of the City Documents, City shall
(and does hereby expressly represent, warrant, covenant and agree that it shall) prior to
exercising any right or remedy under the Ciry Documents (including, without limita[ion,
instituting any foreclosure proceedings),
(a) promptly notify Subordinating Party at its address set forth above of the
occurrence of such event of default;
(b) permit Subordinating Party to cure or correct (provided that such event of
default is curable) any such event of default within thirty (30) calendar days after receipt of such
notice; and
(c) accep[ all payments and all acts done by Subordinating Pany on behalf of
Borrower within such thirty (30) day period as though the same had been timely done and
perfortned by Borrower, so that such acts and payments shall fully and totally cure and correct
all such defaults, breaches, failures or refusals for all purposes.
4. CITY'S RELEASE OF SECURiTY SHALL NOT AFFECT
SUBORDINATION.
City's release of any securiry for the Borrower's obligations pursuant to the City
Documents, including, without limitation, the reconveyance of any portion(s) of the Project from
the lien of [he City Deed of Trust, shall not cons[itute a waiver or relinquishment of
Subordinating Party's unconditional subordination of Ihe liens or charges of Subordinating
Party's Deed of Trust and Subordinating Party's Regulatory Agreement against the Project to the
lien or charge of the Ciry Documents.
5. RECEIPT AND APPLICATION OF INSURANCE PROCEEDS AND
CONDEMNATION AWARDS; RECEIPT AND APPLICATION OF PROCEEDS FROM
BONDS.
(a) Receiot and Application of Insurance Proceeds and Condemnation
Awards. Notwithstanding anything stated to the contrary in any of Subordinating Party's Loan
Documents, so long as the City Deed of Trust and/or Ciry Regulatory Agreement continue to
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encumber all or portions of the Project, all insurance proceeds that may become available from
time to time as a result of damage or destruction to all or portions of the Project and all
condemnation awards that may become available from time to time as a result of Ihe
condemnation of all or portions of the Project shall be held by City, disbursed by City and
applied by Ciry in accordance with the terms and conditions of the City Deed of Trust and the
other the City Documents and Subordinating Party shall have no right to hold, disburse or apply
any of such proceeds and/or awards. City will consult with Subordinating Party prior to
disbursing insurance proceeds and condemnation awards. Subordinating Party shall execute
such documents as City may require from time to time in order to assure compliance with the
provisions ofthis Paragraph 5(a).
(b) Receipt and Application of Proceeds from Bonds. With respect to all
labor and material bonds and/or completion bonds lhat are issued from time to [ime to assure
payment and completion of the Project and which name City and Subordinating Party (or any
other party) as dual obligees, all proceeds that may become available from time to time under
such bonds shall be held by City and disbursed by City and Subordinating PaRy shall have no
right to hold or disburse any of such proceeds. Subordinating Party shall execute such
documents as City may require from time to time in order to assure compliance with the
provisions of this Paragraph 5(b).
6. CITY'S RELIANCE.
City would not agree to provide the RDA Loan absent the execution of this Agreement
by Subordinating Party.
7. NOTICES.
Any notice, demand or request required or pertnitted to be delivered hereunder shall be
deemed to have been duly and properly given at [he time of such delivery if personally delivered
(which shall include delivery by means of reputable, professional ovemight courier service
which confirms receipt in writing), or if mailed, seventy-two (72) hours after deposit in Uniced
States registered or certified mail, postage prepaid, retum receipt requested, addressed to
Subordinating Party or Agency, as the case may be, at their addresses set forth above.
8. NOTICE OF DEFAULT BY CITY AND SUBORDINATING PARTY.
City and Subordinating Party hereby agree that they shall each deliver to the other a copy
of any notice (and all subsequent communications relating thereto) given to the Borrower with
respect to any default (or potential default) under any of the Ciry Documents or the
Subordinating Patty's Loan Documents, as applicable. Such copy shall be delivered in the same
manner and at the same time as the corresponding notice of communication to Borrower. If a
default occurs for which no notice is required by the tertns of the respective City Documents or
the Subordinating Party's Loan Documents, City or Subordinating Party, as appropriate, shall
nonetheless deliver notice of such default to the other no less than thirty (30) days before
exercising any right or remedy under any of the City Documents or Subordinating Party's Loan
Documents, as applicable (including, without limitation, instituting any foreclosure proceedings.)
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9. ENTIRE AGREEMENT.
This A�reement shall be the whole and only agreement with respect to the subordination
of the effect of Subordinating Party's Deed of Trust and Subordinating Party's Regulatory
Agreement to the lien or charge of the City Documents, and all disbursements and advances
made thereunder, and shall supersede and cancel any prior agreements as to such subordination,
including without limitation any provisions contained in Subordinating Party's Loan Documents
that provide for the subordination of the effect thereof to one or more deeds of trus[.
10. SUBORDINATING PARTY'S ACKNOWLEDGEMENTS.
Subordinating Party hereby declares, agrees, and acknowledges as follows:
(a) Subordinating Party has had the opportunity to review the City
Documents;
(b) City, in permitting disbursements of the proceeds of the City Loan
pursuant to the AHDA, is under no obligation or dury to insure, nor has City represented that it
will insure, the proper application of such proceeds, and any application or use of such proceeds
for purposes other than as provided in any such a�reement shall not defeat or render invalid, in
whole or in part, the subordination provided for in this Agreement;
(c) Subordinating Party intentionally and unconditionally subordinates the
eft'ect of Subordinating Party's Deed of Trust and Subordinating Party's Regulatory Agreement
against the Project and Property in favor of the liens or charges of the City Documents and
Subordina[ing Party understands that, in reliance upon and in consideration ofthis subordination,
specific loans and advances are being and will be made and, as part and parcel thereof, specific
monetary and other obligations are being and will be entered into that would not be made or
entered into absent said reliance upon this subordination;
(d) City has not made any wartanty or representation of any kind or nature
whatsoever to Subordinating Party with respect to (i) the application of the proceeds of any
disbursement made by City for the account of Borrower, upon the security of the City Deed of
Trust, (ii) the value of the Property, the Project, or the marketability or value thereof upon
completion of such construction, or (iii) the ability of Borrower to honor its covenants and
agreemen[s with City or Subordinating Party;
(e) The Subordinating Party's Loan Documents as described in Recital B
above are all of the documents evidencing, sewring or pertaining to Subordinating Party's Loan,
true, correct and complete copies thereof have been delivered to City, and the Subordinating
Party's Loan Documents have not been amended or modified except as reflected thereon;
(� Borrower is not obligated to commence construction of the Project prior to
the recordation of the City Deed of Trust, and construction of the Project need not be completed
until the date tha[ is one (I) year after Borrower commences construction of the Project.
(g) Notwithstanding anything stated to the contrary in the Subordinating
Party's Loan Documents, Subordinating Pany's interest in the plans and specifications and all
BBN12J600-0007
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data, drawings, contracts and agreements relating [hereto and all contracts and agreements
relating to the construction of the Project shall be subject and subordinate to City's interest in the
same;
(h) Notwithstanding anything stated to the contrary in Ihe Subordinating
Party's Loan Documents, in the event that the sole cause of a default under the Subordinating
Party's Loan Documents is the occurrence of a default or Event of Default under the City
Documents, Subordinating Party agrees that if City waives such default or Event of Default or
accepts a cure of the default or Event of Default then the default under the Subordinating Party's
Loan Documents shall be deemed waived or cured; and
(i) Subordinating Party has made such independent legal and factual inquiries
and examinations as Subordinating Party deems necessary or desirable, and Subordinating PaRy
has relied solely on said independent inquiries and examinations in entering into this Agreement.
I I. ATTORNEYS' FEES.
If either Subordinating Party or City shall bring an action agains[ the other by reason of
the breach of any covenant, provision, or condition of this Agreement, or otherwise arising out of
this Agreement, the unsuccessful pany shall pay to [he prevailing pany reasonable attomeys'
fees, which fees shall be payable whether or not any action is prosecuted to judgment. The tertn
"prevailing party" shall include, withou[ limita[ion, a party who brings an action against the other
by reason of the other's breach or default and obtains substantially the relief sought, whether by
compromise, settlement, orjudgment.
12. NO WAIVER BY CITY.
It is unders[ood by the parties to this Agreement that in no event shall City's permitting
Subordina[ing Party's Deed of Trust and Subordinating Party's Regulatory Agreement to
continue to burden the Project be cons[rued as a waiver of City's right to prohibit the creation of
any further liens or charges against the Project, nor shall the granting of such consent be
construed as a waiver of Borrower's obligation to obtain City's consent as a condition to creating
any additional liens or charges against the Project in the future.
13. GOVERNING JURISDICTION.
This Agreement shall be govemed by the intemal laws of the State of Califomia, without
regard to conflict of law principles, and shall be binding upon, and shall inure to the benefi[ of,
the parties to this A�reement and their respective successors and assigns.
14. SEVERABILITY.
In case one or more of the provisions contained in this Agreement shall for any reason be
held to be invalid, illegal or unenforceable in any respec[, such invalidity, illegality or
unenforceability shall not affect any other provisions hereof and this Agreement shall be
construed as if such invalid, illegal or unenforceable provision had never been contained herein
unless the effect thereof would materially alter the benefits or burdens hereof to the parties
hereto.
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51605]2 7 a07R8117 '7'
I5. COUNTERPARTS.
This Agreement may be executed in two (2) or more counterparts, each of which shall be
deemed an original but all of which together shall constitute but one and the same instrument.
[Signawre page follows]
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31603]1 3 a0J/IB/13 'g'
WHEREAS, this Subordination Agreement has been executed by the parties as of the
date first written above.
`'City" ''Subordinating Party"
CITY OF ARROYO GRANDE, SAN LUIS OBISPO COUNTY HOUSING
a Califomia municipal corporation TRUST FUND, a California nonprofit
public benefi[corporation
By. �
StevenAdams, City Manager Gerald L. Rioux, Exewtive Director
ATTEST:
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y�i/�.CityCl ,k �����1
(/
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
Special Counsel to the City
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5160513 2 a0328/13 -9-
WHEREAS, this Subordination Agreement has bcen executed by [hc parties as of the
date first wriuen above.
`City" "Subordinating Party"
CITY OF ARROYO GRANDE, SAN LUIS OBISPO COUNTY HOUSING
a Califomia municipal corporation TRUST FUND, a California nonprofit
public benefit corporation
[3y:
Steve Adams, City Manager Gerald L. Rioux, Executive Director
ATTCST:
Ciry Clerk
APPROVED AS TO PORM:
RUTAN & TUCKER, LLP
��4��
Special Counsel to the City
�,i,�.L���P/li
R82/0?JG00-0007
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WHEREAS, this Subordination Agreement has been executed by the panies as of the
date first written above.
"City" "Subordinating Party"
CITY OF ARROYO GRANDE, SAN LUIS OB1SP0 COUNTY HOUSING
a Califomia municipal corporation TRUST FUND, a Califomia nonprofit
public benefit c rporation
By: �
Steve Adams, City Manager Gerald L. Rioux, Execu ve Director
BBL02d600-000J
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State of Califomia )
County of San Luis Obispo )
On {Y�urcl� a9, a0/3 , before me, �%7�s�OS�'7�c.. ,
�r un/� e and title of�he of5ca)
Notary Public, personally appeared �e��dLLl�Y!5 ,
who proved to me on the basis of satisfactory evidence to be the person(� whose name(� is/ar�.
subscribed to the within inswment and acknowledged to me that he/skeff4�e� executed the same
in his/�erliF+ei� authorized capacity(+esj, and that by his/kerkheir signature(ej on the instrument
the personEs�j, or the entity upon behalf of which the person(sj acted, executed Ihe instrument.
I certify under PENALTY OF PERJURY under the laws of the State of Califomia that
the foregoing paragraph is true and correct.
W ITNESS my hand and ofticial seal. Kirrr NoRTON
Commiseion a i820921
Notary PuEllc -Callfomla
��^ Sen Luls ODlepo County
��-• Co m. Iree Mu 9.2015
Signature !��
K, (1�,�-n'1
State of Califomia )
County of San Luis Obispo )
On , before me, ,
(inscn namc and�itic of the afTcer)
Notary Public, personally appeared ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to [he within instrument and acknowledged to me that he/she/they executed the same
in his/hedtheir authorized capacity(ies), and tha[ by his/hedtheir signature(s) on the ins[rument
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 Califomia that
the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature (Seal)
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JOINDER
Unless expressly defined herein, all capitalized terms used herein shall have the same
meanings ascribed to them in the Subordina[ion Agreement (the `Subordination AgreemenP') to
which this Joinder is attached.
The undersigned hereby acknowledges receipt of a copy of the Subordination Agreement
and hereby consents to, approves and agrees to be bound by all of the terms and conditions set
forth in the Subordination Agreement.
Courtland Street Apartments, L.P.,
a Califomia limited partnership
By: Peoples' Self-Help Housing
Corpora[ion, a Califomia nonprofit public
benefit corporation, its general partner
By: �'li�_
Name: AN�77E Ju.vr4.c�
Ics: , R Es l,jj�,�
BBL01J600-0007
5160572.7 o07/IB/U '�Q'
ACKNOWLEDGMENT CERTIFICATE
State of Califomia,
County of San Luis Obispo }ss.
On March 28, , 2013, before me, Inigo F. Garate, Notary Public for said State,
personally appeared Jeanette Duncan and Gerald L. Rioux ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s)
-i� subscribed to the within instrument and acknowledged to me that lae,�sk�e
executed the same in l�isf�ed�e authorized capacity(ies), and that by ' ei
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 Califomia that
the foregoing paragraph is true and correct.
INIGO F.GARATE
WITNESS my hand and official seal. comm�seion r te23482
� .r Notary PuDlic•Calllomle
San Lufs O�ispo County
M Comm-E� ves FeG 20.2015 r
�src�i � ��i�
S�gnature of Notary
�,h��� ��,��� Place Notary Seai Above
EXHIBIT"A"
LEGAL DESCRIPTION
All that certain real property situated in the CITY OF ARROYO GRANDE, County of SAN
LUIS OBISPO, State of CALIFORNIA, described as follows:
PARCEL 2 AS DESCRIBED IN THAT CERTAIN CERTIFICATE OF COMPLIANCE
RECORDED JULY I5, 2009 AS DOCUMENT NO. 2009-038586 OF OFFICIAL RECORDS
IN THE OFFICE OF THE COUNTY RECORDER AND MORE FULLY DESCRIBED AS
FOLLOWS:
A PORTION OF LOT I OF THE ].F. BECKETT'S GRAND AVENUE TRACT, iN THE CITY
OF ARROYO GRANDE, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA,
ACCORDING TO MAP FILED SEPTEMBER 26, 1891 IN BOOK B, PAGE 75 OF MAPS, IN
THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, AND THAT PORTION
OF BLOCK I 14 OF THE TOWN OF GROVER, IN THE CITY OF ARROYO GRANDE,
COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP
FILED NOVEMBER 23, 1892 IN BOOK A, PAGE 6 OF MAPS, IN THE OFFICE OF THE
COUNTY RECORDER OF SAID COUNTY, AND THAT PORTION OF REMAINDER OF
TRACT 2471, IN THE CITY OF ARROYO GRANDE, COUNTY OF SAN LUIS OBISPO,
STATE OF CALIFORNIA, ACCORDING TO MAP FILED AUGUST 16, 2004 IN BOOK 24,
PAGES 9, 10 AND I I OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID
COUNTY, AND BEING THE SOUTH 172.25 FEET OF THE FOLLOWING DESCRIPTION;
BEGINNING AT THE NORTHEAST CORNER OF LOT I OF TRACT 2158, IN THE CITY
OF GROVER BEACH, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA,
ACCORDING TO MAP FILED MAY 2, 1994 IN BOOK 17, PAGE 23 OF MAPS, IN THE
OFFICE OF THE COUNTY RECORDER OF SAID COUNTY;
THENCE ALONG THE EASTERLY LINE THEREOF AND ALONG THE EAST LINE OF
THE LAND DESCRIBED IN DEED TO 10HN BRADLEY FORDE AND ANITA
MADELINE FORDE IN DOCUMENT NO. 2003-122906 FILED OCTOBER 22, 2003 IN THE
OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, SOUTH 03° 14' S1" WEST,
645.07 FEET TO THE NORTH WEST CORNER OF LOT 7 OF SAID TRACT 2471;
THENCE ALONG THE NORTHERLY LINE OF SAID TRACT 2471 AND THE
NORTHERLY LINE OF TRACT 2260 PHASE 1, IN THE CITY OF ARROYO GRANDE,
COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO MAP
FILED NOVEMBER 3, 2000, IN BOOK 19, PAGE 43 OF MAPS, IN THE OFFICE OF THE
COUNTY RECORDER OF SAID COUNTY THEREOF, SOUTH 86° 45' 35" EAST, 411.86
FEET TO A POINT ON THE WESTERLY LINE OF AN EXISTING 50-FOOT EASEMENT
FOR ROAD PURPOSES, AS SHOWN ON PARCEL MAP AG 00-301, IN THE CITY OF
ARROYO GRANDE, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA,
ACCORDING TO MAP FILED JUNE 25, 2002 IN BOOK 56, PAGE 54 OF PARCEL MAPS,
IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, WHICH POINT IS
88LON600-0007
51605'!7 3 o0JR8�13 '�3-
SOUTH 86° 45' 35" EAST, 7.00 FEET FROM THE NORTHEAST CORNER OF LOT 84 OF
SAID TRACT 2260 PHASE I;
THENCE ALONG THE WESTERLY LINE OF SAID 50-FOOT EASEMENT FOR ROAD
PURPOSES, NORTH 03° 14' 46" EAST, 645.00 FEET TO A POINT ALONG THE
SOUTHERLY RIGHT-OF-WAY OF EAST GRAND AVENUE;
THENCE ALONG SAID SOUTHERLY RIGHT-OF-WAY LINE THEREOF, NORTH 86° 45'
00" W EST, 41 1.84 FEET TO THE POINT OF BEGINNING.
Assessor Parcel No(s).: 077-I 31-053
077-131-055
sazoz+aao-000�
sieosn,a ao�asiu -14-
END OF DOCUMENT