HomeMy WebLinkAboutSubordination Agreement (3) . ASK
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I(1�12�� o o c a : 2013018889 T�ties: � Pee°S: 15
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Olhers 0.00
City of Arroyo Grande PA�p 50.00
300 East Branch Street
Arroyo Grande, CA 93420
Atm: City Clerk
(Space Above For Recorder's Use)
(Exempt from Recording fee per Gov. Code §27383)
SUBORDINATION AGREEMENT
IYOTICE: 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 SECURITY INTEREST.
7'HIS SUBORDINATION AGREEMENT (this "Agreement"), dated as of March 28, 2013,
by and between COiJNTY OF SAN LUIS OBISPO, a political subdivision of the State of
Califomia, whose address is 976 Osos Street, Room 300, San Luis Obispo, CA 93408
("County"), and CITY OF ARROYO GRANDE, a Califomia municipal wrporation, whose
address is 300 East Branch Street, Arroyo Grande, CA 93420 ("Ciry"), is made with reference to
the following facts:
A. Courtland Street Apartments, L.P., a California limited partnership (`Borrower"),
is the owner (or, concurrently with the recording of this Agreement, will be the owner) of certain
real property, which real property is more paRicularly described in Exhibit "A" attached hereto
and made a part hereof(the"PropeRy").
B. Borrower and County have previously entered into that certain:
(i) Agreement Regarding Development of Real Property Within the County
of San Luis Obispo (the "County Loan AgreemenP');
(ii) Promissory Note Secured By Deed of Trust ("County Note");
(iii) County Affordability AgreemendDeed of Trust Covenants, recorded on
March I, 2012, as Instrument No. 2012-01 1456, in the Official Records of the County of San
Luis Obispo (°Initial County Affordabiliry AgreemenP'); and
(iv) Deed of Trust and County Security Agreement, recorded on March I,
2012, as Instrument No. 2012-01 1455, in the Official Records of the County of San Luis Obispo
(`9nitial County Deed of TrusY');
C. Borrower, County, and People's Self-Help Housing Corporation, a Califomia
nonprofit public benefit corporation ("PSHH"), have executed, or intend to execute, an
887/02J600-0003
319612)3 o01R8/13 executed in c�unterpah
/ /
Assignmen�. Assumption and Modification Agreement, the terms of H•hich will modify the Initial
County A(Tordabiliry Agrecmcnt and thc Initial County Deed of Trust and which will be
rccorded against the Property concurrenNy herewith in the Official Rewrds of the Counry of San
Luis Obispo (the `'County AssignmenC'). The Initial County Deed of Trust, as modified by the
Coimry Assignment. is hereinafter referred to as the '`County Decd of Trust." The Initial County
A17ordability Agreement, as modified by the Assignment, is hereinaRer referred to as the
"Coimry Affordability Agreement." The County Luan Agreement, County Note, Counry Deed
of 'I'rusi, and Counry Affordability Agrecment are hereinaRer collectively referred ro as the
'`County Documents."
D. PSFII-I and the former Arroyo Grandc Rcdevelopment Agency, a public body.
coiporate and politic '`("Agency"), previously entered into an Affordable Housing and Loan
Agrccment (thc '`AHDA"), which AHDA has bcen assigned by PSI-Ili to f3orrower. Pursuant to
the AI IDA. the Agency agreed to make to Borrower a loan (thc "RDA Loan") to cover a portion
of the cosls to be incwred by E3orrower in connection with the caistruction of a rental affordable
housing project on the Property (the '`ProjecP').
E. Pursuant to Assembly Bill 26 from the 201 I-12 First Extraordinary Session of the
California Legislature. which was signed by the Governor on June 28, 2011 ('`ABxI 26"), all
redevelopment agency activities, excepl continued performance of "enforceable obligations."
were immediately suspended. A lawsuil was filed, challenging the constitutionality of ABx I 26
and companion bill ABxI 27 (which would havc allowed redevelopment agencies to remain in
eaistence and continue redevelopment, if the Icgislative bodies that established the agencies
ciccted to participate in a "voluntary alternative redcvclopment program° and make certain
rcmivancc paymcnts). Thc Califomia Suprcmc Court uphcld ihe cons�ilutionaliry of ADx I 26,
revising the effective dates of certain provisions, and struck down as unconstiwtional ABx I 27.
(Californio Rerleve/opmenl Assn. >>. Mnlnsan[n.+• (201 I) 53 CalAth 231 (�he "CRA Case"). AI3x I
26 is chapter 5, Statutes 201 I, Pirst Exlraordinary Session. which added Part 1.8 (suspension
provisions) and Part 1.85 (dissolution provisions) (`'Part I.85") of Division 24 of the Health and
Safcty Codc. Undcr the CRA Case. all rcdcvelopment agencies dissolved February I. 2012. On
June 27. 2012, the California Legislawre passcd, and thc Governor signed. Assembly Bill 1484
('`AB 1484"), which. among other things, made certain rcvisions to certain of the statutes added
by AI3x I 26, and added Chapter 9 to Pan I.85.
P. Pursuant to Health and Safety Code section 34176(a), added by Part 1.85 and
amcnded by AB 1484. thc 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 asse�s of the Agency were iransferred to City on
February I. 2012. Pursuant to subdivision (e)(2) of Health and Safery Code section 34176.
which subdivision was added by AB 1484, the RDA Loan proceeds are one of the "housing
asscts" of the Agency that was so transferred to Cily.
G. As a condition preccden� to receiving thc RDA Loan. Borrower has executcd or
will execute on or about ihe samc datc hercof, (i) that certain Promissory Note Secured by Deed
of "I'rust that cvidences 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
Trust"), and (iii) that certain Regulatory Agreemen[ and Declaration of Covenants and
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Resirictions (thc '`City Rcgulatory AgreemenC'). Each of the City Deed of Trust and City
Regulatory Apreemem will be recorded against the Property concurrendy herewith in the
O(Ticial Rccords. The AHDA. Ciiy Note, City Deed of Trust, and Ciry Rcgula[ory Agrcemcnt
are hereinafler referred to collectively as the '`City Documents."
I�L As a condition precedent ro funding the proceeds of the RDA Loan, City requires
that the City Rcgula[ory Agrecmcnt shall unconditionally be and remain at all times a lien or
charge upon �he Project and the other collareral secured thereby which is prior and superior to the
liens or charges of the County Decd of'1'rust.
I. As a condition prccedent to County permitting Qorrower to encumber thc
Properry with the City Decd of "1'rust, County rcquires that the County Deed of Trust shall
unconditionally be and remain at all times a lien or chargc upon thc Project and the other
collateral securcd thereby which is prior and superior to the liens or changes of the City Decd of
"I�rusl.
NOW, TI�IERH�ORE. in consideration of[he foregoing Rccitals. which are incorporated
hercin by this refcrencc. the mutual promiscs and agrcements hereina(ier contained, and other
good and valuablc considcration, die reccipt and sufficiency of which are hereby acknowledgcd.
the parties to this Agreement do hereby agree as follows:
I. SUBORDINATION OF Cll'Y DEL'D OF TRUST.
l�he Counry Deed of "1'rust, and any and all rcncwals or extensions thereof and all
amendments and modifications hereafter made diereto shall unconditionally be and remain at all
times a licn or charge against the Project and all other collateral secured by the County Decd of
Trust that is prior and superior to the liens or charges of the City Deed of Trust. Notwithstanding
the foregoing. Counry shall not amend or modify the terms of any of thc County Documents
without the prior written consent of the Ciry if such amendment or modification has the effect of:
(i) increasing or decreasing the amount of the loan evidenced by the County Documcnls and
secured by the County Deed oF Trust, except in thc casc of sums advanced by County in
exercising ils rights and remedies under the County Documen[s or as othenvise provided in
Paragraph 3 of this Agreemcnt (ii) incrcasing thc annual interes[ ratc(s), including the default
ralc, abovc the rate(s) described in the County Note; or (iii) modifying the maturiry datc �o bc
sooner ihan the s[ated maturi[y da�e of�he County Note.
2. SU[30RDINATION OF COUNTY RGGULATORY AGRGGMBNT.
'I�hc Ciry Regulatory Agrccmcnt, and all amendments and modifications hereafter madc
thcreto shall unconditionally be and remain at all times a lien or charge agains[ thc Projccl and
all o�hcr collatcral securcd by the City Rcgulatory Agrccment �hat is prior and superior to thc
licns or charges of County Deed of Trust.
3. ALL AMOUNTS OWING TO CITY SGCURGD BY THG CITY DL=LD OP
TRUST.
Notwithslanding anything to the contrary sct forth in the County Documents or any other
agreemen� beiween County and Dorrower with respec� to any amounts owin� to County pursuant
xAZmD�rNn-ao7 _3_
51941'_1_l aUJ/'All�
to the Counry Documents and notwithstanding anythina to the contrary con[ained in [his
Agreement. including, but not limited [o, limitations on additional advances pursuant to
Paragraph I, above. any and all amounts owing to County pursuant to the County Documen[s in
connectian with:
(a) any costs or expenses incurred in complying with any laws, rules,
rcgula�ions, or stalutes or any directives of any governmental agencics or authorities having or
e�:ercising jurisdiction over the Project; and
(b) any sums advanced by Counry for the paymenl of real estate taaes or
asscssmcnts or insurance premiums. or any other sums advanced or obligations incurred by
County in conneciion widi die protection or prescrvation of any security given to County with
respect to any of[he County Documents.
shall bc dcemcd to bc, and in all events shall be. secured by the County Deed of"I'rust and, as so
securcd, and regardless of whether [3orrower at the time of any such disbursements may have
been in default undcr any of the Counry Documents.
4. CITY'S RIGHT TO CURE DEFAUL"I'S.
Upon the occurrence of an event of default under any of the County Documents, County
shall (and docs hercby expressly represent, warrant. covenant and agree that it shall) prior to
erercising any right or remedy under the County Documcnts (including, withou[ limitation,
instituting any forcclosurc procccdings),
(a) promptly notify Ciry at its address set forth above of [hc occurrence of
such event of default:
(b) permit City to cure or correct (provided that such even[ of default is
curablc) any such eveni of deFault within thirty (30) calendar days aftcr reccipt of such notice;
and
(c) accept all payments and all acts done by City on bchalf of 13orrower
within such thirty (30) day period as thou�h �he same had been timely done and performed by
Dorrower, so that such ac[s and payments shall fully and totally cure and correct all such
dcfaulls, breaches, failures or refusals for all purposcs.
5. RBLIAT�CC.
Ciq� would not agree to pravide the RDA Loan absent the cxecution of this Agreement
by County, and County would not agree to permit thc Borrower to ob�ain thc RDA Loan absent
lhc czcculion of this A�rccmcnt by City.
6. NO'I'ICES.
Any nolice. demand or request required or penniued �o be delivered hereunder shall be
decmcd [o have been duly and properl}• given at the time of such delivcry if personally dclivercd
(which shall includc delivcry b}• mcans of rcputablc, profcssional ovemight courier service
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which confirms receip� in writing), or if mailed, seventy-two (72) hours after deposi[ in United
States registered or ceiKified mail, postage prepaid, retum receipt rcquested, addressed to Ciry or
Counly, as thc casc may bc, at thcir addresscs sct forth above.
7. NOTICC O� DGFAULT I3Y CITY AND COUNTY.
Ciry and County hereby agree that they shall each deliver to the other a copy of any
notice (and all subsequent communications relating thereto) given ro the Borrower with respec[
to any default (or potential defaulQ under any of the Counry Documents or the Ciry Documents,
as applicable. Such copy shall be delivered in the same manner and at the same time as the
corresponding no[icc of communication [o Borrower. If a dcfault occurs for which no notice is
rcquired by the temu of the respec[ive County Documents or the City Documents, County or
City, as appropriate, shall none[heless deliver no[ice of such default to [he other no less than
thirty (30) days before excrcising any right or rcmedy undcr any of the County Documents or
City Documents. as applicable (includin„ without limitation. insiituting any Foreclosure
proceedings.)
8. ENTIRE AGREEMF..NT.
This Agrcemcnt shall bc thc wholc and only agrcement with respcct ro thc subordination
of the effect of the Ciry Deed of Trust to thc licn or charge of thc Counry Dced of Trust, and all
disbursemen[s and advances made [hereunder, and shall supersede and cancel any prior
agreements as to such subordination: and this Agrccment shall bc thc whole and only agrecment
with respect to the subordination of the effect of die County Deed of Trust to the lien or charge
of the Ciry Rcgulatory Agmement, and shall supersedc and canccl any prior agrcements as to
such subordination.
9. CITY'S ACKNOWLGDGEMENTS.
City hereby declares, agrees, and acknowledges as follows:
(a) City has had the opportunity to review the Comity Documents;
(b) County, in permitting disbursements of thc proceeds of the loan evidenced
by the County Loan Agreement and secured by the Counry Deed of Trust, is under no obligation
or duty to insure, nor has County rcpresen[ed [ha[ it will insure. the proper application of such
procceds. and any applica[ion or usc of such proceeds for purposes other than as provided in any
such agreemcnt shall not defcat or rcndcr invalid, in whole or in part, [he subordination provided
for in this Agreemen[;
(c) County has not madc any warranty or rcprescnta[ion of any kind or naturc
whatsoever to City with respect to (i) the application of[he proceeds of any disbursemcnt made
by County for the account of Borrower. upon the securiry of the Counry Deed of"I�rust, (ii) the
value of the Property, [he Project. or the marketability or value thereof upon completion of such
cons[ruction, or (iii) the ability of Borrower to honor its covenants and agreements with County
or Ciry:
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(d) "1'hc County`s Loan Documents as described in Recitals B and C above are
all of the documents evidencing, sccuring or pertaining �o County's loan, true, correct and
complcie copics thercof have been delivered to City, and the County's Loan Documents have not
bcen amended or modified eacept as reFlected thereon;
(e) No[withs[anding any[hing s[ated to lhe contrary in the City Documen[s.
City's interest in the plans and specifications and all data, drawings. contracts and abreemen[s
relating thereto and all contracts and agreements relating to the construction of the Project shall
be subject and subordinate to County's interest in the same;
(t) Notwiths[anding anything statcd [o [he contrary in the City Documents, in
the evem tha� the sole cause of a default under the Ciq� Documcnts is thc occurrence of a default
or Gvent of Default under the County Documents. City agrees that if County waives such defaul[
or Cvcnt of Default or accepts a cure of the defaull or Event of Default then the default under thc
City Documents shall be deemed waived or cured; and
(g) City has made such independent legal and factual inquiries and
examinations as City deems necessary or desirable, and Ciry has rclicd solcly on said
independent inquiries and examinations in entering into this Agreement.
10. GOVERNING JURISDICTION.
This Agreemen[ shall be govemed by the in[ernal laws of the Sta[e of California, wi[hou[
rcgard [o conilict of law principles, and shall be binding upon, and shall inure to the benefit of,
Ihc partics lo this Agreement and �heir respective successors and assigns.
II. SEVERA[31LITY.
In case one or more of the provisions containcd in this Agrecmcnt shall for any reason be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall no[ affect any other provisions hereof and this A�reemen[ 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 par[ies
hereto.
12. COUNTERPARTS.
This Agreemen[ may be executed in two (2) or more coun[erparts. each of which shall be
dcemed an original bu[ all of which together shall constitute but one and thc same instrument.
[Signature page follows]
NR2�O7dbU0�WU? _!_
51941'Z}aU�npll} V
WI-IEREAS, this Subordination Agreement has been e�ecuted by thc parties as of the
datc first written above.
`'County"
COUNTY OF SAN LUIS OBISI'O.
a political subdivision of the Statc of
Califomia
�3 /��/ � � � �J, .�
� Dat J S N GIPPEN, irector
Department of Planning and Building
APPROVED AS TO �ORM AND LEGAL
EFFEC"I':
RITA L. NCAL
County Counsel
����5��3 By: `
Dat Deputy Co y Counsel �
1211z� L ,r�.�a�
::City'.
CI'I'Y OF ARROYO GRANDE,
a Califomia municipal corporation
By:
Date Stcvc Adams
Its: City Manager
ATTEST:
Ciry Clerk
APPROVGD AS TO FORM:
RUTAN &TUCKER. LLP
Special Counsel to the City
xs2,oUaun.ouu±
SI94L'l,l aUal+R�l? '7'
WHEREAS, this Subordination Agreement has been executed by the paRies as of the
date first written above.
`'County"
COUNTY OF SAN LUIS OB1SP0,
a political subdivision of the State of
California
Date JASON GIFFEN, Director
Department of Planning and Building
APPROVED AS TO FORM AND LEGAL
EFFECT:
RITA L. NEAL
County Counsel
By:
Date Deputy County Counsel
"City"
CITY OF ARROYO GRANDE,
a Califomia municipal corporation
�I7� ( �� By,��
Date Stev dams
Its: City Manager
ATTEST:
�'ICL�; �� �,��..� �Cf c.-e�,e_�
�City Cle ��^ �UL��(�
'"1
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
Special Counsel to the City
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71%131.1 e0JR8/l3 '7'
WHGRCAS, this Subordination Agreement has been executed by the parties as of the
date first written above.
"County"
COUNTY OP SAN LUIS OBISPO,
a political subdivision of the State of
California
Datc JASON GIFFEN, Director
Department of Planning and Building
APPROVL-D AS TO rORM AND LEGAL
�rrec�r:
RI"1'A L. NLAL
County Counscl
By:
Datc Depury County Counsel
"City"
CITY OP ARROYO GRANDE,
a California municipal corporation
ay:
Date Steve Adams
hs: Ciry Manager
ATTEST:
Ciry Clerk
APPROVGD AS TO PORM:
RUT�U�j, LLP
��
Spccial Counscl to the City
aan,t,S�a.I�N`'
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<i oe i n.i,oir_eiu ']'
State of California )
County of San Luis Obispo )
On ��j- ,��{—I 3 , bcforc mc. ��I � F�1 S I-1 c� ,
\ � m�n mm�c nnJ lillc ol Ihc ulliccr)
Notary Public, personally appcarcd �1-(i Sm in (o ���D�
who proved to me on the basis of satisfacrory evidence to be the person(s) whose name(s is/ re
subscribed to thc within ins[rumcnt and acknowledged to mc tha�'she/they executed the same
in is er/their authorized capacity(ies), and that by fSis/hedtheir signature(s) on the instrument
[h erson(s), or[he entity upon behalf of which the person(s) acted, execu[ed the instrumcn[.
I certify under PENALTY OP PERJURY under the laws of the State of Califomia tha[
the forcgoing paragraph is true and correct.
M.flSHER
W I"I�NESS my hand and of(icial seal. Caname�ron� 1981158
Nefary Pu011e-CdMomle �
� Sen Lule ODl�po Counry
��� � Canm. Ire�Dec 17,20t 5 r
Signature � � �.�i / (Seal)
W1- �sl��-✓
State of California )
Counry of San Luis Obispo )
On �(�aQEaql� , before me, Inirn F_ ��7-,fei11/��an. � ic ,
� (inscrt mm�c anJ titic of ihc 0�
Notary Public, personally appeared ,�Ftcihc�ll'P Z)LI/'ICON
who proved [o me on the basis of satisfactory evidence to be the person(� whose name(sKi5ieFc
subscribcd to the within instrument and acknowledged to me that�he�'H+ey e�ecuted [he same
in ��r ie 'tl�eir authorized capacityEieg), and that by �'Eke+f signa[ureEs� on the insu•ument
the person(s�, or the entity upon behalf of which the persore(s) acted, eaecuted the instrument.
I certify under PENALTY OF PERJURY under the laws of[he S[ate of California [hat
the foregoing paragraph is true and correct.
�NIGO F. GAHq7E
W ITNGSS my hand and ofticial seal. Commlaslon e 1929482
� 'e Nolary publlc-CallfOmla �
San Luis Obispo Counry
� M Comm. Exp7res FeD 20.2015 r
Signature�`� �vse�.,s (Sea )
�i�o �C�✓Q.�.e�
8RLO7JGU0-WOJ _9_
?1941'7 l�U�l'flll 1
State of California )
County of San Luis Obispo )
On ?yJo,zh �,29_ �0/3 , before me, /�/�7� �O� ,
1 (inse e and utle of�he o(Ticer)
Notary Public, personally appeared J!7 Pl�Lh �7 A�ctH�5 ,
who proved to me on the basis of satisfactory evidence to be the person(•rJ whose name(s� islere
subscribed to the within instrument and acknowledged to me that he%he,4hey executed the same
in his/Heeltheir authorized capacity(iesj, and that by his/Herltl�eir signature(ej-on the instrument
the person(aj, or the entity upon behalf of which the person(aj�acted, executed the instrument.
f certify under PENALTY OF PERJURY under the laws of the State of Califomia that
the foregoing paragraph is true and correct.
KITiY NORTON
WITNESS my hand and official seal. Comime�ion r te2ee2t
Nofcry Pu011e-Ce11MnNe
Bm Wle OEhpo Cotinry
0 1
Signature� �i,� (Seal)
k� � h��
State of Califomia )
County of San Luis Obispo )
On , before me, ,
(inscrt name and t�tle of ihe olTcer)
Notary Public, personally appeared ,
who proved to me on the basis of satisfactory evidence to be [he 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/hedtheir authorized capacity(ies), and that by his/hedtheir signature(s) on the instrument
the person(s), or the entity upon behalf of which the person(s) acted,executed the instrument.
1 certify under PENALTY OF PERJURY under the laws of the State of Califomia that
the foregoing paragraph istrue and correct.
WITNESS my hand and official seal.
Signature (Seal)
' 882i07J600-000J
5196117 3 a03R8/13 '9"
JOINDER
Unless expressly defined herein, all capitalized terms used herein shall have the same
meanings ascribed to them in the Subordination Agreement (the "Subordination Agreement") 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 [o be bound by all of the tertns and conditions set
forth in the Subordination Agreement.
Courtland S[reet Apartments, L.P.,
a Califomia limited partnership
By: Peoples' Self-Help Housing
Corporation, a Califomia nonprofit public
benefit corporati , its general partner
By. , �,i,��
Name: EA.t�E E �u,uC,q.V
I[s: 2Es�,�F,vr
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5196129 J a0728/U 'g'
State of Califomia )
County of San Luis Obispo )
On� �y, ao/3 , before me,Inic.�C('+nr4r A/nT�,. 1�.6%j� ,
� (�nsert na�d titic of t�o l�ittr)
Notary Public, personally appeared . �r,�.,y1fe �fjccu, ,
who proved to me on the basis of satisfactory evidence to be the person(s� whose name(s�l�e
subscribed to the within instrument and acknowledged to me that-hel�8/ihey executed the same
in 'i�i�Fe #�'r authorized capacity(�ies), and that b}�i�/Ekeir signature(sj on the instrument
the person(s�, or the entity upon behalf of which the person(� acted, executed the instrument.
1 certify under PENALTY OF PERJURY under the laws of the State of California that
the foregoing paragraph is [rue and correct.
INIGO F.GARATE
W ITNESS my hand and official seal. Cammission e t923482
� -n Notary Publie -Calllomle �
San Luis Obispo Counry
M Comm.Ea ues feD 20.2015+
Signawre �,des�Ci9� �+rr� (Seal)
— `� —�'�l `G)0 -���.fG�-�
State of Califomia )
County of San Luis Obispo )
On , before me, ,
Qnscn namc and titic of ihc oRicer)
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 the within instrument and acknowledged to me that he/she/they executed the same
in his/hedtheir authorized capacity(ies), and [hat 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.
1 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 official seal.
Signature (Seal)
BBL074600-000J
si�iaz�oo�rzaro -9-
exHiarr .:A,.
LEGAL DESCRIP"IION
All that certain real property situatcd in thc GTY OF ARROYO GRANDE, Counry of SAN
LUIS OBISPO. State of CALIPORNIA, described as follows:
PARCEL 2 AS DESCRIBGD IN 'I'HA"I' CLR"1'AIN CGR'I'IFICATE OF COMPLIANCL
RLCORDGD JULY I5, 2009 AS DOCUMEN'I' NO. 2009-038586 OF OFFICIAL RECORDS
IN "I'FIE OPPICE Of 'I'IIF., COUNTY RGCORDGR AND MORG FULLY D�SCRIl3ED AS
POLLOWS:
A POR"I'ION OF LO"1' I OF "I'HE J.�. I3ECKETT'S GRAND AVENUf_ TRACT. IN THB CI"I'Y
01= ARROYO GRANDC, COUN"fY OF SAN LUIS OBISPO, S'1'A'I'E OF CALIfORNIA,
ACCORDING TO MAP f ILGD Sf_PTEMBCR 26. I891 IN [300K B. PAGG 75 OF MAPS. IN
'flil� OFFICE O� TIIE COUN"I'Y RCCORDGR OF SAID COUN'1'Y. AND "1'HA"I' POR"PION
OI� l3LOCK I 14 OF "fHE "fOWN OF GROVER. IN '1liE CI"IY OF ARROYO GRANDG
COUNTY OF SAN LUIS OBISPO, STATE O� CALIFORNIA, ACCORDING TO MAP
PILED NOVEMBGR 23. 1892 IN BOOK A, PAGE 6 OF MAPS, IN THE OFFICE OF TI�IE
COUNTY RECORDER OF SAID COUNTY. AND THAT PORTION OF RGMAINDGR OP
TRACT 2471. IN THf CITY OF ARROYO GRANDC. COUNTY OF SAN LUIS OBISPO,
S"I'A"I'E OP CALIFORNIA, ACCORDING TO MAP PILED AUGUST 16. 2004 IN 1300K 24.
PAGLS 9. 10 AND I I OP MAPS, IN 'I'HE OFFICE OP "fHE COUN'I'Y RECORDER OP SAID
COUNTY, AND BEING THE SOUTI-I 172.25 �F.ET O� TI�IE POLLOWING DESCRIPTION:
13GGINNING AT TI-IE NOR'Il16AST CORNGR O� I_OT I OF TRACT 2158. IN THG CITY
OI� GROVER BEACH. COUN"I�Y OF SAN LUIS OBISPO. STATE OF CALIFORNIn.
ACCORDING TO MAP fILCD MAY 2, 1994 IN BOOK 17, PAGG 23 OF MAPS, IN THL'
OFFICC OF THG COUNTY RCCORDBR OF SAID COUNTY;
"I'IIL"NCE ALONG THG CAS'I'LRLY LINE THEREOF AND ALONG 7'HE EAST LINE OF
"I'FIL' LAND DCSCRIBLD IN DGGD TO JOHN DRADLEY FORDE AND ANITA
MADF'.LINE FORDE IN DOCUMEN'f NO. 2003-122906 FILED OC'I'OBER 22, 2003 IN "fl-IE
OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. SOUTH 03° 14' S1" WGST.
645.07 FC�T TO TI-IE NORTI-I W GST CORNER OI' LOT 7 Of SA ID TRACT 2471;
THGNCG ALONG THC NORTHGRLY LINE OF SAID TRACT 2471 AND TFIf
NORTIiGRLY LINF.. O(' TRACT 2260 PIIASF.. I. IN TI�IE CI'I�Y OI' ARROYO GRANDE.
COUNTY OP SAN LUIS OL31SP0. STATE OF CALIFORNIA. ACCORDWG 'I'O MAP
PILED NOVEMBER 3. 2000. IN BOOK 19. PAGE 43 OF MAPS. IN THG OFFICB OF "I�HI:
COUN"1'Y RECORDGR OP SAID COUNTY TIIEREOf. SOUTI-I 86° 45' 35" EAST, 41 I.S6
FLL'-T "I'O A POINT ON TI If' WGSTGRLY LINC OI' AN GXISTING 50-FOOT EASL'ML'N"I�
1=0R ROAD PURPOSLS. AS SHOWN ON PARCBL MAP AG 00-301, IN TI-IE CITY OP
ARROYO GRANDE, COUNI�Y OF SAN LUIS ODISPO. STATE O� CALI�ORNIA.
ACCORDING TO MAP PILED JUNE 25, 2002 IN [300K 56, PAGE 54 OF PARCEL MAPS.
IN THC OF�ICE Of THE COUNTY RECORDER OF SAID COUNTY. WHICH POINT IS
xxz,oznaun-oum
swnr_�.�u��,xn, -� �-
SOU'I'li 86° 45' 35" GASI�, 7.00 FGET fROM TIiG NOR'fFIEAST CORNHR OP LO'f 84 OF
SAID TRACI'2260 PHASE I:
THENC6 ALONG THE WGSTERLY LINE OF SAID 50-�OOT EASEMENT FOR ROAD
PURPOS�S. NOR"1'li 03° 14' 46" EAST, 645.00 FEE"I' TO A POINT AI.ONG TI-IG
SOUTHERLY RIGFIT-Of-WAY Of' GAST GRAND AVENUG;
"I'H6NCH ALONG SAID SOUTHCRLY RIGHT-Of-WAY LINE THLREOI'. NORTI-1 8G° 45'
00" WES"I'. 41 1.84 I'EET TO THE POINT OI� [3EGINNING.
Assessor Parcel No(s).: 077-131-053
077-131-055
„",M1;";;`�;°R,,, -I 2- EA1D OFDOCUME,�IT