HomeMy WebLinkAboutAssignment, Assumption, Agreement **This document was electronically submitted
to San Luis Obispo County for recording**
2019013169
RECORDING REQUESTED BY: Tommy Gong
San Luis Obispo-County Clerk-Recorder
Fidelity National Title Company
04/12/2019 02:07 PM
Escrow Order No.: FSLC-0011900115 Recorded at the request of
FNT SLO MAIN BRANCH COST CEN
Titles:2 Pages:9
When Recorded Mail Document and Tax Fees:$52.00
Statement To: Taxes: $0.00
City of Arroyo Grande Total: $52.00
214 East Branch St
Arroyo Grande,CA 93420
Attn: City Clerk
APN/Parcel ID(s): 077-255-048 SPACE ABOVE THIS LINE FOR RECORDER'S USE
The undersigned declares exemption under the following:
Exempt from fee per GC 27388.1(a)(2);recorded in connection with a transfer subject
to the imposition of documentary transfer tax.
Assignment and Assumption Agreement
THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION
(Additional recording fee applies)
Recording Document Cover Page Printed: 04.12.19 @ 01:00 PM
SCA0000079.doc/Updated: 04.26.18 Page 1 CA-FT-FSLC-01500.075001-FSLC-0011900115
Recording Requested By
And When Recorded Mail To:
City of Arroyo Grande
214 East Branch Street
Arroyo Grande, CA 93420
Attn: City Clerk
(Space above for Recorder's use)
(Exempt from Recording Fee Per Gov. Code § 6103 and 27383)
ASSIGNMENT, ASSUMPTIONJANVIVIOVIPACIVION AGREEMENT
This ASSIGNMENT, ASSUMPTION, AND//MOD1FAQP/VIAIA/ AGREEMENT
("Agreement"), is made as of April 11, 2019 (the "Effective Date"), by and
among the CITY OF ARROYO GRANDE, a California municipal corporation ("City"),
SUSAN PHILLIPS, ACTING SUCCESSOR TRUSTEE OF THE ROZELLE M.
PREDMORE LIVING TRUST DATED FEBRUARY 5, 1997 ("Assignor"), and LEIGH
ANN HUTTON ("Assignee").
WITNESSETH:
A. Assignor is the owner in fee of that certain real property located in the City
of Arroyo Grande, County of San Luis Obispo, State of California described in Exhibit "A"
attached hereto and made a part hereof (the "Property").
B. City and Assignor (as Rozelle Predmore) entered into that certain Buyer's
Occupancy and Resale Agreement with Option to Purchase, dated September 13, 2007,
which was recorded on September 18, 2007, in the Official Records of the County of San
Luis Obispo ("Official Records"), as Instrument No. 2007062548 (the "Resale
Agreement"). The Resale Agreement restricts the Property, for a period of thirty (30)
years, to ownership and occupancy by an income-qualified household, and requires that
the sales price of the Property be consistent with the then-current City Affordable Housing
Standards. By its terms the Resale Agreement runs with the land and is binding on
successor owners of the Property.
C. To secure performance under the Resale Agreement, on or about
September 13, 2007, City and Assignor executed that certain Deed of Trust and Security
Agreement, which was recorded in the Official Records on September 18, 2007, as
Instrument No. 2007062549 (the "Security Agreement"). The Security Agreement and
Resale Agreement, among other provisions, require payment to the City of the "Excess
Sale Proceeds" (as defined in the Resale Agreement) on the occurrence of certain,
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specified events, including the sale and transfer of the Property to a household that does
not qualify as an income-eligible household, or at a sales price in excess of the sales
price permitted by the Resale Agreement.
D. Assignee is acquiring the Property from Assignor and has met all of City's
requirements to qualify therefor.
E. Section 11.6(2) of the Resale Agreement contemplates that in connection
with Assignor's sale of the Property, the purchaser would sign new resale documents
substantially in the form of the Resale Agreement and Security Agreement. As a result
of said section, certain modifications are required to the Resale Agreement and Security
Agreement.
F. City will consent to Assignor's sale to Assignee, and Assignee's purchase
from Assignor, provided that Assignee assumes the obligations of Assignor under the
Resale Agreement and the Security Agreement (collectively, the "City Documents").
NOW THEREFORE, in consideration of the foregoing Recitals, which are
incorporated herein by this reference, and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, City, Assignor and Assignee hereby agree
as follows:
1. Assignment by Assignor. As of the Effective Date, Assignor assigns all of
its rights and obligations under the City Documents.
2. Assumption by Assignee. As of the Effective Date, Assignee assumes and
agrees to be bound by the City Documents. Assignee shall fully and faithfully pay,
perform and discharge, as and when payment, performance and discharge are due, all
of the obligations of Assignor under the City Documents.
3. Modifications to Resale Agreement. As a result of Assignee assuming
Assignor's rights and obligations under the City documents instead of executing new
documents, the Resale Agreement is hereby modified as follow:
A. For purposes of calculating the "Indexed Value" (as that term is
defined in the Resale Agreement), (a) the sales price of the "Home" (as that term is
defined in the Resale Agreement) is Three Hundred Seventy-Four Thousand Dollars
$374,000, and (b) the "date of the original purchase of the Home by the Owner" shall be
the date this Agreement is recorded in the Official Records.
B. In connection with Assignee's acquisition of the Property, Assignee
will be obtaining a"First Mortgage Loan"(as that term is defined in the Resale Agreement)
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from CMG Financial, who will constitute the "First Lender" pursuant to the Resale
Agreement.
4. Modifications to Security Agreement. Concurrently with the recordation of
this Agreement, Assignee and City shall execute and record the modification in Exhibit
"B" attached hereto and made a part hereof(the "Modification").
5. Conforming Changes. The Resale Agreement and Security Agreement
shall be interpreted in a manner consistent with, and to further the intent of, this
Agreement.
6. Consent by City. As of the Effective Date, City consents to the transfer of
the Property by Assignor to Assignee. Such consent by City shall not constitute a consent
to any further or subsequent sale, conveyance or transfer by Assignee of the Property, or
any part thereof, or any interest therein.
7. Legal Effect. Except as modified by this Agreement, the Resale Agreement
is unchanged and, as so modified, the Resale Agreement shall remain in full force and
effect. The Security Agreement, as modified by the Modification, shall secure the Resale
Agreement (as modified by this Agreement), all extensions, renewals and modifications
thereof, all substitutions therefor, and all other indebtedness and obligations recited in the
Security Agreement.
8. Entire Agreement. This Agreement contains the entire agreement among
City, Assignor and Assignee with respect to the subject matter hereof and supersedes all
prior agreements, understandings, offers and negotiations, oral or written, with respect
thereto. This Agreement shall bind and inure to the benefit of City, Assignor and Assignee
and their respective personal representatives, heirs, successors and assigns. This
Agreement shall be governed and construed in accordance with the laws of the State of
California.
9. 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.
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IN WITNESS WHEREOF, City, Assignor and Assignee have executed this
Agreement as of the date first hereinabove written.
"City"
CITY OF ARROYO GRANDE, a
California m i;,ipal corporation
By:
Jamee=ir ity Manager
"Assignor" "Assignee"
9 9
SUSAN PHILLIPS, ACTING LEIGH/AIM'HUTTON
SUCCESSOR TRUSTEE OF THE E
ROZELLE M. PREDMORE LIVING By:. QUAL_ 14u.,--t-tin ..
TRUST DATED FEBRUARY 5, 1997 Leigh pi
,,�� Anne.D��j_
By: d
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,rSusan, hillips1i r� te�-
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A Notary Public or other officer completing this certificate verifies only the identity of the individual
who signed the document to which this certificate is attached, and not the truthfulness, accuracy,
or validity of that document.
State of-6afifcrrrdi 4.16- )
ca,A ceaflty of ' of'OO( ) fE H2a>e*Ii
On ' a\ 210 f 1O 1 g , before me, �Gu�(1 X. Uarf ,
_ (inse ame and title of the officer)
Notary Public, personally appeared ''''' V ,,• • - v-ca.n Rt rl(r ps l'` `;
who proved to me on the basis of satisfactc 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 sf' 0i 4 at the
foregoing paragraph is true and correct. P� ........,h4
��'� NOTARY�' .'Sij'�
WITNESS my hand and official seal. .1:67.
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A Notary Public or other officer completing this certificate verifies only the identity o'f theindividual
who signed the document to which this certificate is attached, and not the truthfulness, accuracy,
or validity of that document.
State of California )
County of San Luis Obispo )
On O Li" 1(' 19 , before me, "-114(,6,. Malt /-12-2./ ,
, (insert name and title of the officer)
Notary Public, personally appeared 8�� � —'� 1 c '\ lk Awe, N u..-l-F0 to
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.
Signature74._„
;;,i,; TRICIA MART
$,z Commission#2210866
'A�3'►4' Notary Public
,- !s;' California
:�yjg
\( oil; SAN LUIS OBISPO COUNTY '
\►a.,. . My Commission Expires September 17,2021
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A Notary Public or other officer completing this certificate verifies only the identity of the individual
who signed the document to which this certificate is attached, and not the truthfulness, accuracy,
or validity of that document.
State of California
County of San Luis Obispo )
On �`-\ \ �. 20161 , before me, c\`e' n `fl SOi'1
��� �pn (insert name title of the officer)
Notary Public, personally appeared <
who proved to me on the basis of satisfactory evidence to kiVthe 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.
Signatur (Seal)
JESSICA MATSON
Public California
Notary ;,
'f ' San Luis Obispo County
;�--- i° Commission k 2235281
° `da"` My Comm.Expires Mar 22,202
EXHIBIT "A"
LEGAL DESCRIPTION
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF ARROYO
GRANDE, COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA AND IS
DESCRIBED AS FOLLOWS:
Lot 47 of Tract No. 2310-2, in the City of Arroyo Grande, County of San Luis Obispo,
State of California, according to the map recorded May 23, 2006 in Book 28, Page 45 of
Maps, in the office of the County Recorder of said County.
IN WITNESS WHEREOF, City, Assignor and Assignee have executed this
Agreement as of the date first hereinabove written.
"City"
CITY OF ARROYO GRANDE, a
California municipal corporation
By:
James Bergman, City Manager
"Assignor" "Assignee"
SUSAN PHILLIPS, ACTING LEIGH/MN HUTTON
SUCCESSOR TRUSTEE OF THE E I
ROZELLE M. PREDMORE LIVING By: -N-u
TRUST DATED FEBRUARY 5, 1997 Leigh/ rif utton
Anne-__ 1
By: d`�t'.�� -
i/usan1)p-
hillipsi 1 r✓ te-
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