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Home My WebLink AboutModification to Deed of Trust _ ; JULIE RODEWALD RT San Luis Obispo County—Clerk/Recorder 812812013 Recorded al the request of 11:09 AM RECEI`/ blic RECORDING REQUESTED BY elf Y OF ^RI? Y9 RIODE2013050260 Titles: 1 Pages: 4 A&D WHEN RECORDED MAIL TO: SEP 24 P'1 I Fees 0.00 Taxes 0.00 City of Arroyo 300E Branch Grande �I .��II 111 I IIIIIII�I Others 0.00 PAID 50.00 Arroyo Grande, CA 93420 Attu: City Clerk (SPACE ABOVE FOR RECORDER'S USE) This Modification to Deed of Trust is recorded at the request and for the benefit of the City of Arroyo and is exempt from the payment of a recording fee pursuant to Government Code Sections 6103 and 27383. MODIFICATION TO DEED OF TRUST This MODIFICATION TO DEED OF TRUST ("Modification") is made this 1g IC day of Mai , 2013, among HABITAT FOR HUMANITY FOR SAN LUIS OBISPO COUNTY, a California nonprofit public benefit corporation ("Trustor"), FIDELITY NATIONAL TITLE COMPANY ("Trustee"), and the CITY OF ARROYO GRANDE AS HOUSING SUCCESSOR TO THE DISSOLVED ARROYO GRANDE REDEVELOPMENT AGENCY ("Beneficiary"). RECITALS A. Trustor executed that certain Deed of Trust dated December 10, 2010, in favor of the Redevelopment Agency of the City of Arroyo Grande ("Agency") as the beneficiary thereunder, recorded on December 29, 2010, as Instrument No. 2010-066720 in the Official Records of San Luis Obispo County, California ("Deed of Trust"). All terms not otherwise defined herein shall have the meaning ascribed in the Deed of Trust. B. The Agency was dissolved as of February 1, 2012, pursuant to the terms of Assembly Bill 26 from the 2011-12 First Extraordinary Session of the California Legislature as modified by the California Supreme Court decision in California Redevelopment Association v. Matosantos (2011) 53 Ca1.4m 231 ("ABxI 26"). C. Pursuant to a provision of ABx1 26, at subdivision (a) of Health and Safety Code Section 34176, the City elected to retain the housing assets and functions of the dissolved Agency and pursuant to that section all housing assets and functions of the dissolved Agency were transferred to the City. The City thus is the "housing successor" to the dissolved Agency and in that capacity has the rights, powers, duties, and obligations of the dissolved Agency with respect to the transferred housing assets and functions. The City, therefore, is the beneficiary under the Deed of Trust and has the power and authority to modify the Deed of Trust pursuant to this Modification. 394/024600.0013 1160644.9 805/08/13 D. The Deed of Trust secures a loan in the amount of$260,000.00 as evidenced by thg Note. E. On or about the date hereof, Trustor and Beneficiary executed that certain Modification to Promissory Note Secured by Deed of Trust ("Note Modification"), which amended the repayment terms under the Note. The Note Modification was entered into pursuant to that certain Affordable Housing Agreement between Trustor and Beneficiary dated Fla. i4 , 2013 ("AHA"). Any capitalized terms contained in this Modification which are not defined herein shall have the meaning given in the AHA, unless expressly provided to the contrary. F. Trustor and Beneficiary now desire to modify the Deed of Trust on the terms set forth herein. NOW, THEREFORE, the parties hereto agree as follows: 1. Section 3 of the Deed of Trust is hereby modified to read in its entirety as follows: "To the extent permitted by applicable law, in the event: (a) Trustor shall directly or indirectly, voluntarily or involuntarily, sell, assign, transfer, dispose of, alienate, encumber, lease, or agree to sell, assign, transfer, dispose of, alienate, encumber, or lease all or any portion of any interest in the Property (excluding the sale of the Homes in compliance with the requirements of the AHA and the lien of the Permitted Encumbrances); or (b) Trustor shall refinance any lien or encumbrance secured by the Property for loan amount in excess of the then outstanding sum secured by such lien or encumbrance or extend the term of any loan secured by any such lien or further encumber the Property; or (c) Trustor shall default on any of its obligations set forth in the Loan Documents and fail to cure within any notice and cure period set forth in the applicable document or (d) Trustor shall default on any obligations under any documents relating to any other financing that is secured by the Property; or (e) the Project Conditions (as defined in the AHA) are not satisfied within the time periods set forth in the AHA, or by the date that is sixty (60) months after the Effective Date of the AHA (as defined in the AHA) if no earlier time period is set forth in the AHA, then, or at any time thereafter, Beneficiary, at its option, may declare the entire indebtedness evidenced secured by this Deed of Trust immediately due and payable. This term "Loan Documents" shall mean the Deed of Trust and this Modification, the Note, the Note Modification, the AHA, and the Loan and Negotiation Agreement between Trustor and Beneficiary dated December 14, 2010, as such agreements may be amended from time to time." 2. All references in the Deed of Trust to the "Note" shall include any modifications to the Note, including the Note Modification referred to in Recital E. 3. Except as expressly modified by this Modification, the Deed of Trust shall remain unmodified and in full force and effect. (signatures on next page) 394/024600.0013 1160644.9 e05N8/13 -2- • IN WITNESS WHEREOF, the parties have executed this Modification as of the date set Earth above. "TRUSTOR" HABITAT FOR HUMANITY FOR SAN LUIS OBISPO COUNTY By: . . ��.I It Its: A :,. . � ). . - C . - - - By: irMt'i Its: Chuck Sievenson , -Board Chair "BENEFICIARY" CITY OF ARROYO GRANDE AS HOUSING SUCCESSOR TO THE DISSOLVED ARROYO GRANDE REDEVELOPMENT AGENCY By: Tony F yor A IpilOY0 ea Kelly Wetmoy'-, City Clerk • / JULY 10.19\1 g. C4L.Oe 394/074600-0013 - 11606449 e05108013 -3- • State-of California ) Ggunty of ,gctri Cutts Obispo ) / " /_ _ On {ivisotAS " q, 201i , before me, &�'letSin4C kl.c 1 -e.� uU insert name and title of the officer) Notary Public, personally appeared 'J cilc &. K. �/gd2j'J 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/her/their authorized capacity(ies), and that 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_ _ _- I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. I�r,, aria sums oIm:.. .tsp �/}} � ��- ^ II qq /cam. (jim •_ 1017 Signature ( t v (Seal) T• Comm6Lkmmtolpls V roman) ig=tam m Comm 1 impO 17 State of Calic2rnia ) County of OQM. uUS O{;Il`apb ) On 14$1- I 141'; , before me, Ii 4 %k s ft1gt3 , (inset name and title of the officer) Notary Public, personally appeared (.� S}C' ovtc ervi 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/her/their authorized capacity(ies),, and that by his/her/their signature(s) on the instrument the person(s), ofthe 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 California that the foregoing paragraph is true and correct _ Cmgntm110tL21t1 WITNESS my hand and official seal. eamnaim " " 0150" •m smart h0 Csp I •1 sin he mum Cast ■ m1Camm ben At22.201/1L Signature-- 111216-1-20: 1 - (Seal)`-- — - 39410246060013 1160644.90s/oSn3 -4- END OF DOCUMENT . - )`� 1• ( ..knl t'. -,-8,1 ',,. .l.• i, ,`C 1 'C• 1—, —,'.jJ'.i n1' t y' 41 ST.C. 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