HomeMy WebLinkAboutShort Form Deed of Trust and Assignment of Rents RECORDING REQUESTED BY Doc No: 1994 -0633 Rec No: 00077336
CUESTA TITLE GUARANTY COMPANY 06308-;
AND WHEN RECORDED MAIL TO: Official Records RF 23.00
San Luis Obispo Co.
Dave Bacon
Francis M. Cooney
The City of Arroyo Grande
Recorder
214 Branch
Oct e
Arroyo Grande, Ca. 93420
Time: : 088:: 1994
00
1 4] :TOTAL 23.00
SPACE ABOVE THIS LINE FOR RECORDER'S USE
SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS (OPEN END)
This Deed of Trust, made this 26th day of October 1994, between
SOUTH BAY IMPROVEMENT ASSOCIATION, A California non - profit corporation
herein called Trustor,
whose address is
1411 Marsh Street, Suite 103, San Luis Obispo, Ca. 93401
(number and street) (city) (state) (zip)
CUESTA TITLE GUARANTY COMPANY, a California corporation, herein called Trustee, and
THE CITY OF ARROYO GRANDE, a municipality
herein called Beneficiary.
Witnesseth: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN
TRUST, WITH POWER OF SALE, that property in San Luis Obispo County, State of
California, described as:
FOR LEGAL DESCRIPTION AND ADDITIONAL PROVISIONS SEE EXHIBIT " A "
TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the right,
power and authority given to and conferred upon Beneficiary by paragraph (10) of the
provisions incorporated herein by reference to collect and apply such rents, issues and
profits.
For the Purpose of Securing: 1. Performance of each agreement of Trustor incorporated
by reference or contained herein. 2. Payment of the indebtedness evidenced by one
promissory note of even date herewith, and any extension or renewal thereof, in the
principal sum of 5215,850.00 executed by Trustor in favor of Beneficiary or order.
3. Payment of such further sums as the then record owner of said property hereafter may
borrow from beneficiary when evidenced by another note (or notes) reciting it is so
secured.
To Protect the Security bf This Deed of Trust, Trustor Agrees:
(1) To keep said property in good condition and repair, not to remove or demolish
any building thereon, to complete or restore promptly and in good and workmanlike manner
any building which may be constructed, damaged or destroyed thereon and to pay when due
all claims for labor performed and materials furnished therefor; to comply with all laws
affecting said property or requiring any alterations or improvements to be made thereon;
not to commit or permit waste thereof; not to commit, suffer or permit any act upon said
property in violation of law; to cultivate, irrigate, fertilize, fumigate, prune and do
all other acts which from the character or use of said property may be reasonably
necessary, the specific enumerations herein not excluding the general.
(2) To provide, maintain and deliver to Beneficiary fire insurance satisfactory to
and with loss payable to Beneficiary. The amount collected under any fire or other
insurance policy may be applied by Beneficiary upon any indebtedness secured hereby and
in such order as Beneficiary may determine, or at option of Beneficiary the entire
amount so collected or any part thereof may be released to Trustor. Such application or
release shall not cure or waive any default or notice of default hereunder or invalidate
any act done pursuant to such notice.
S3) To appear in and defend any action or proceeding purporting to affect the
security hereof or the rights or powers of Beneficiary or Trustee; and to pay all costs
and expenses, including cost of evidence of title and attorney's fees in a reasonable
sum, in any such action or proceeding in which Beneficiary or Trustee may appear, and in
any suit brought by Beneficiary to foreclose this Deed.
(4) To pay: at least ten days before delinquency all taxes and assessments
affecting said property, inluding assessments on appurtenant water stock; when -due,.all
encumbrances, charges and liens, with. interest, on said property or any part thereof,
which appear to be prior or superior hereto; all costs, fees and expenses of this Trust.
Page 1
1:7 5 ,?/ . T!i%
Should Trustor fail to make any payment or to do any act as herein provided, then
Beneficiary or Trustee, but without obligation so to do and without notice to or demand
upon Trustor and without releasing Trustor from any obligation hereof, may; make or do
the same in such manner and to such extend as either may deem necessary to protect the
security hereof, Beneficiary or Trustee being authorized to enter upon said property for
such purposes; appear in and defend any action or proceeding purporting to affect the
security hereof or the rights or powers of Beneficiary or Trustee; pay, purchase,
contest or compromise any encumbrance, charge or lien which in the judgment of either
appears to be prior or superior hereto; and, in exercising any such powers, pay
necessary expenses, employ counsel and pay his reasonable fees.
(5) To pay immediately and without demand all sums so expended by Beneficiary or
Trustee, with interest from date of expenditure at the amount allowed by law in effect
at the date hereof, and to pay for any statement provided for by law in effect at the
date hereof regarding the obligation secured hereby any amount demanded by the
- Beneficiary not to exceed the maximum allowed by law at the time when said statement is
demanded.
(6) That any award of damages in connection with any condemnation for public use
of or injury to said property or any part thereof is hereby assigned and shall be paid
to Beneficiary who may apply or release such moneys received by him in the same manner
and with the same effect as above provided for disposition of proceeds of fire or other
insurance.
(7) That by accepting payment of any sum secured hereby after its due date,
Beneficiary does not waive his right either to require prompt payment when due of all
other sums so secured or to declare default for failure so to pay.
(8) That at any time or from time to time, without liability therefor and without
notice, upon written request of Beneficiary and presentation of this Deed and said note
for endorsement, and without affecting the personal liability of any person for payment
of the indebtedness secured hereby, Trustee may; reconvey any part of said property,
consent to the making of any map or plat thereof, join in granting any easement thereon;
or join in any extension agreement or any agreement subordinating the lien or charge
hereof.
(9) That upon written request of Beneficiary stating that all sums secured hereby
have been paid, and upon surrender of this Deed and said note to Trustee for
cancellation and retention and upon payment of its fees, Trustee shall reconvey, without
warranty, the property then held hereunder. The recitals in such reconveyance of any
matters or facts shall be conclusive proof of the truthfulness thereof. The grantee in
such reconveyance may be described as the person or persons legally entitled thereto."
Five years after issuance of such full reconveyance, Trustee may destroy said note and
this Deed (unless directed in such request to retain them).
(10) That as additional security, Trustor hereby gives to and confers upon
Beneficiary the right, power and authority, during the continuance of these Trusts, to
collect the rents, issues and profits of said property, reserving unto Trustor the
right, prior to any default by Trustor in payment of any indebtedness secured hereby or
in performance of any agreement hereunder, to collect and retain such rents, issues and
profits as they become due and payable. Upon any such default, Beneficiary may at any
time without notice, either in person, by agent, or by a receiver to be appointed by a
court, and without regard to the adequacy of any security for the indebtedness hereby
secured, enter upon and take possession of said property . or any part thereof, in his own
name sue for or otherwise collect such rents, issues and profits, including those past
due and unpaid, and apply the same, less costs and expenses of operation and collection,
including reasonable attorney's fees upon any indebtedness secured hereby, and in such
order as Beneficiary may determine. The entering upon and taking possession of said
property, the collection of such rents, issues and profits and the application thereof
as aforesaid, shall not cure or waive any default or notice of default hereunder or '
invalidate any act done pursuant to such notice.
(11) That upon default by Trustor in payment of any indebtedness secured hereby or
in performance of any agreement hereunder, Beneficiary may declare all sums secured
hereby immediately due and payable by delivery to Trustee of written declaration of
default and demand for sale and of written notice of default and of election to cause to
be sold said property, which notice Trustee shall cause to be filed for record.
Beneficiary also shall deposit with Trustee this Deed, said note and all documents
evidencing expenditures secured hereby.
After the lapse of such time as may then be required by law following the
recordation of said notice of default, and notice of sale having been given as then
required by law, Trustee, without demand on Trustor, shall sell said property at the
time and place fixed by it in said notice of sale, either as a whole or in separate
parcels and in such order as it may determine, at public auction to the highest bidder
for cash in lawful money of the United States, payable at time of sale. Trustee may
postpone sale of all or any portion of said property by public announcement at such time
and place of sale, and from time to time thereafter may postpone such sale by public
announcement at the time fixed by the preceding postponement. Trustee shall deliver to
such purchaser its deed conveying the property so sold, but without any convenant or
Page 2
warranty, express or implie�. The recitals in such deed of any matters or facts shall
be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee,
or Beneficiary as hereinafter defined, may purchase at such sale. After deducting
all costs, fees and expenses of Trustee and of this Trust, including cost of evidence of
title in connection with sale, Trustee shall apply the proceeds of sale to payment of:
all sums expended under the terms hereof, not then repaid, with accrued interest at the
amount allowed by law in effect at the date hereof; all other sums then secured hereby;
and the remainder, if any, to the person or persons legally entitled thereto.
(12) Beneficiary, or any successor in ownership of any indebtedness secured hereby,
may from time to time, by instrument in writing, substitute a successor or successors to
any Trustee named herein or acting hereunder, which instrument, executed by the
Beneficiary and duly acknowledged and recorded in the office of the recorder of the
County or Counties where said property is situated, shall be conclusive proof of proper
substitution of such successor Trustee or Trustees, who shall, without conveyance from
the Trustee predecessor, succeed to all its title, estate, rights, powers and. duties.
Said instrument must contain the name of the original Trustor, Trustee and Beneficiary
hereunder, the book and page where this Deed is recorded and the name and address of the
new Trustee.
(13) That this Deed applies to, inures to the benefit of, and binds all parties
hereto, their heirs, legatees, devisees, administrators, executors, successors and
assigns. The term Beneficiary shall mean the owner and holder, including pledgees, of
the note secured hereby, whether or not named as Beneficiary herein. In this Deed,
whenever the context so requires, the masculine gender includes the feminine and /or
neuter, and the singular number includes the plural.
(14) That Trustee accepts this Trust when this Deed, duly executed and
acknowledged, is made a public record as provided by law. Trustee is not obligated to
notify any party hereto of pending sale under any other Deed of Trust or of any action
or proceeding in which Trustor, Beneficiary or Trustee shall be a party unless brought
by Trustee.
SIGNATURE OF TRUSTOR
STATE OF CALIFORNIA
COUNTY or Sari Luis Obisno ) SS SOUTH BAY IMPROVEMENT ASSOCIATION
A California non - profit corporation
On October 27, 1994 before me,
By: ���,z
personally appeared Ed Konopa Ed Kcnopa
Asst. Treasurer
personally known to me (or 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) 111 /r,._ - s) acted, executed the , ,,.r, C o m • 169 B. BEVAN 38
I � r t
instrument. .. m . 9 07
N o t a r y p -
WITNESS my hand and official seal. t C alifornia
� ,,;,,,. SAN uic OBI CO UNTY N
M Comm Expires April 7. 1997
Signature
B Bevan above area for official notarial seal)
Title Order No. Escrow -
Page 3
EXHIBIT "A"
That portion of Lot 10 in Block 3 of Fair Oaks Tract, in the
City of Arroyo Grande, County of San Luis Obispo, State
of California, according to map recorded November 18,
1926 in Book 3, page 82 of Maps, in the office of the
County Recorder of said County, described as follows:
Beginning at a point in the North Line of Lot 10, 80 feet
west of the Northeast corner of said lot;
Thence south and parallel with the East line of said Lot
10, 118.37 feet to a point in the south line of said lot;
Thence west along the south line of said lot, 249 feet,
more or less, to the Southwest corner of said lot;
Thence North along the west line of said lot, 50 feet;
Thence east and parallel with the south line of said Lot
10, 149 feet;
Thence north and parallel with the east line of said Lot 10,
53.37 feet;
Thence east and parallel with the south line of said Lot
10, 20 feet;
Thence north and parallel with the east line of said Lot 10,
15 feet;
Thence east along the north line of Lot 10, 80 feet to the
point of beginning.
•
END OF DOCUMENT