HomeMy WebLinkAboutAssignment, Assumption, and Modification Agreement **This document was electronically submitted
to San Luis Obispo County for recording**
2019022203
Tommy Gong
RECORDING REQUESTED BY: San Luis Obispo-County Clerk-Recorder
First American Title Company 06/11/2019 01:43 PM
Recorded at the request of
WHEN RECORDED MAIL DOCUMENT TO: FIRST AMERICAN TITLE COMPANY
City of Arroyo Grande Titles:2 Pages: 14
300 East Branch Street Fees:$0.00
Arroyo grande,Ca 93420 Taxes: $0.00
Attn: City Clerk Total: $0.00
Space Above This Line for Recorder's Use Only
A.P.N.: 007-776-041 File No.:4008-5925329(sss)
Property Address: 579 Camino Mercado#417 ,Arroyo Grande, CA 93420
Assignment,Assumption,and Modification Agreement, Modification of Deed of Trust
Title of Document
The undersigned declares that the document to which this page is affixed and made a part of is exempt from the
fee imposed by the Affordable Housing&Job Act(582)(GC 27388.1)
This document is a transfer that is subject to the imposition of documentary transfer tax.
(x) Recorded [concurrently] in connection with a transfer of real property subject to the imposition of
Documentary Transfer Tax per GC 27388.1 (a)(2).
(x) Recorded[concurrently] in connection with a transfer of real property that is residential dwelling to an
owner-occupier per GC 27388.1(a)(2).
( )Maximum fee of$225 has been reached per GC 27388.1(a)(1).
( )Not related to real property GC 27388.1 (a)(1).
Recording Requested By
And When Recorded Mail To:
City of Arroyo Grande
300 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, ASSUMPTION, AND MODIFICATION AGREEMENT
This ASSIGNMENT, ASSUMPTION, AND MODIFICATION AGREEMENT
("Agreement"), is made as of LQ12_0 I°I (the "Effective Date"), by and
among the CITY OF ARROYO GRANDE, a California municipal corporation ("City"),
GAYLE LEAF ("Assignor"), and VALERIE G. BONNER ("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 Charles Leaf and Gayle Leaf) entered into that certain
Buyer's Occupancy and Resale Agreement with Option to Purchase, dated February 9,
2008, which was recorded on March 18, 2008, in the Official Records of the County of
San Luis Obispo ("Official Records"), as Instrument No. 2008013144 (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 February
9, 2008, City and Assignor executed that certain Deed of Trust and Security Agreement,
which was recorded in the Official Records on March 18, 2008, as Instrument No.
2008013143 (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, specified
events, including the sale and transfer of the Property to a household that does not qualify
1
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 purchase price of the "Home" (as that term is
defined in the Resale Agreement) is Two Hundred Sixty-Four Thousand, Two Hundred
Eleven Dollars ($264,211), 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 not be obtaining a "First Mortgage Loan" (as that term is defined in the Resale
Agreement) and there will be no "First Lender" pursuant to the Resale Agreement.
2
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.
3
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 pal corporation
By: "es-)
James an, City Manager
"Assignor" "Assignee"
GAYLE LEAF VALERIE G. BONNER
By: j" By: Ci[1i
Gayle Leaf Valerie G. Bonner
4
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 c)LAAPAQ tZO l , before me, PS -;\(-'cA rC1ck ,SOn
\\ ( insert name and title of the officer)
Notary Public, personally appeared Ack,KNeS . DJQc_(A
who proved to me on the basis of satisfactory evidence to bete 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_statel2f Cali f2rnia that the
foregoing paragraph is true and correct. _ .�. JESSICAMA-TSON
a N otaryPublic California
_`, ' ' s San Luis Obispo County 1.
WITNESS my hand and official seal. =✓,;•n~ Commission K 2235211
My Comm.Expires Mar 22,2022
Signature (Seal)
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 -fib - Z2/9 , before me, 7/7440//y Al./1/ ,
/ (insert name.and title of the officer)
Notary Public, personally appeared C( v/' L-e f
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.
(M
Signatur't- (Seal)
<s�^`°'ri TIFFANY WHITE
-' �� -�•,;_ , COMM.# 2275706 ,p
N alt - , NOTARY PUBLIC•CALIFORNIA N
��= SAN Luis OBISPo COUNTY
7+Lmoa+`" MY COMM, Exe.FEs.21,2023 T
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 I kel , before me, 361-. A.YA, S
(insert name and title of the officer)
Notary Public, personally appeared \j 0,1e,Y10 t • 776t'1 {lei-.
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.
WITNE y ha a : official seal.
Signature /M �_ (Seal)
/
R,,.�Z SANDRA S. SOUZA
�; Commit 2238681 t^
�
�.�• o NOTARY PUBLIC-CALIFORNIA N r SAN LUIS OBISPO COUNTY
c * MY C�y.EXP.MAY 17,2022—
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.
EXHIBIT "B"
MODIFICATION
[See Attached Document]
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
City of Arroyo Grande
300 East Branch Street
Arroyo Grande, CA 93420
Attn: City Clerk
(Space Above For Recorder's Use)
This Modification of Deed of Trust is recorded at the
request and for the benefit of the City of Arroyo
Grande and is exempt from the payment of a
recording fee pursuant to Government Code Section
27383.
MODIFICATION OF DEED OF TRUST
Th's MODIFICATION OF DEED OF TRUST ("Modification") is dated as of
��n� U2_12-0n , 2019, and made by and between the CITY
OF ARROYO GRANDE, a California municipal corporation ("Beneficiary"), and
VALERIE G. BONNER ("Trustor").
RECITALS
A. Trustor's predecessor executed that certain Deed of Trust and Security
Agreement dated February 9, 2008, in favor of the City of Arroyo Grande, as Trustee, and
Beneficiary, as the beneficiary thereunder, recorded on March 18, 2008, as Instrument
No. 2008013143, in the Official Records of San Luis Obispo County, California ("Deed of
Trust"). Pursuant to the Deed of Trust, Trustor granted to the Trustee, for the benefit of
Beneficiary, certain real property more particularly described in the Deed of Trust and on
Exhibit "A" attached hereto ("Property").
B. Trustor and Beneficiary now desire to amend the Deed of Trust as more
particularly described herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties hereto agree as follows:
1. Modification to Deed of Trust. Section 1 of the Deed of Trust is hereby
modified to provide that there is no "First Lender."
2. No Other Modification. Except as expressly modified by this Modification,
the Deed of Trust shall remain unmodified and in full force and effect.
-1-
IN WITNESS WHEREOF, the parties have executed this Modification as of the
date set forth above.
"BENEFICIARY"
CITY OF ARROYO GRANDE, a California
municipal c• •oration
By: _
Jam�� :' gman, City Manager
4110
"TRUSTOR"
VALERIEG. BONNER
By: 4-yotill__
Valerie G. Bonner
-2-
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 3 X1.(.,2 -01ei , before me, 3P�S\Cok'(�a—�SC7�1
(insert name and title of the officer)
Notary Public, personally appeared 3cX.C(1-CS A . cuf
who proved to me on the basis of satisfactory evidence to be a 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.
JESSICAMATSON
Notary Public-California
WITNESS my hand and official seal. San Luis Obispo County
I = f. Commission N 2235281
� My Comm.Expires Mar 22,2022
Signaturegx (Seal)
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 1U YlCI R1 9,01 9 , before me, Jg iirtekM S
tosenrt name and title of the officer)
Notary Public, personally appeared
�( �eY � l� YK�12—
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 han. • official seal.
ot`« SANORA S. SOUZA
- f_ '= COMM. m# 2238681
Signature /, � / WNOTARY PUBLIC-CALIFORNIA (Seal)
+ 911 J SAN LUIS OBISPO COUNTY
c+cuooto MY Comm. Exp. MAY 17,2022"
EXHIBIT "A" TO MODIFICATION OF DEED OF TRUST
LEGAL DESCRIPTION OF PROPERTY
REAL PROPERTY IN THE CITY OF ARROYO GRANDE, COUNTY OF SAN LUIS
OBISPO, STATE OF CALIFORNIA, DESCRIBED AS FOLLOWS:
A CONDOMINIUM COMPRISED OF:
PARCEL 1:
Airspace Envelope No. 41 of Tract 2616, in the City of Arroyo Grande, County of
San Luis Obispo, State of California, as shown and particularly described on the First
Amended Condominium Plan for Tract 2616, recorded January 11, 2007 as Instrument
No. 2007-002198 of Official Records.
EXCEPTING AND RESERVING THEREFROM, a non-exclusive easement for
access, ingress, egress, encroachment, maintenance, repair, drainage, support and for
other purposes, all as described in the Second Amended and Restated Declaration of
Covenants, Conditions and Restrictions Establishing a Plan of Condominium Ownership
of Tract 2616 ("Declaration"), recorded March 7, 2007 as Instrument No. 200-015380 of
Official Records.
PARCEL 2:
An undivided 1/61 interest as a tenant in common in the Undivided Interest
Common Area as defined in the Declaration, referred to above, which Undivided
Interest Common Area consists of the real property described as Lot 1 of Tract
2616, in the City of Arroyo Grande, County of San Luis Obispo, State of California,
according to map recorded July 19, 2005 in Book 26, Pages 81 and 82 of Maps,
in the office of the County Recorder of said county, including any Undivided
Interest Common Area duly joined through a duly authorized Declaration of
Annexation pursuant to the Declaration.
EXCEPTING AND RESERVING THEREFROM, Airspace Envelopes 1
through 61 inclusive, and any and all improvements that are or will be located
thereon.
ALSO EXCEPTING AND RESERVING THEREFROM, non - exclusive
easements for access, ingress, egress, encroachment, maintenance, repair,
drainage, support, and for other purposes, all as described in the Declaration.
PARCEL 3:
An exclusive easement for storage and parking appurtenant to Parcel One,
which storage area and parking area are defined in the Declaration, for use as may
be permitted in the Declaration.
PARCEL 4:
-4-
Non-exclusive rights appurtenant to Parcel One above, for access, ingress,
egress, encroachment, maintenance, repair, drainage, support and for other
purposes all as described in the Declaration referred to above.
APN: 007-776-041
-5-