HomeMy WebLinkAboutSecond Fixed Rate Deed of TrustRecording Requested By.
FidelitY National Title Company
(�rtler Na.,�� ��"�
Requested by and returned to:
c/o Live Well Financial, Inc.
830 E Main, Suite 1000
Richmond, VA 23219
FHA Case Number: 197-5202739-957
9525501
JULIE RODEWALD
San Luis abispo Counry—Clerk/Recorder
Recorded at ihe request of
Fidelity Title Company
���� 201QQ60162
State of California SECOND FIXED RATE DEED OF TRUST
HOME EQUITY CONVERSION
THIS DEED OF TRUST SECURES A REVERSE MORTGAGE LOAN
Purchase Money
Titles: 2
Fees
Taxes
Others
PAID
CAT
11/24/2010
2:19 PM
Pages: 12
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THIS DEED OF TRUST ("Security Instrument" or "Second Security Instrument") is made on November 23, 2010.
The trustor is Edward D. Hinds and Donna Hinds, husband and wife as joint tenants, whose address is 579
Camino Mercado #211, Arroyo Grande, CA 93420 ("Borrower"). "The trustee is the SENIOR OFFICIAL WITH
RESPONSIBILITY FOR SINGLE FAMILY MORTGAGE INSURANCE PROGRAMS IN THE DEPARTMENT
OF HOUSING AND URBAN DEVELOPMENT FIELD OFFICE WITH JURISDICTION OVER THE PROPERTY
DESCRIBED BELOW, OR A DESIGNEE OF THAT OFFICIAL ("Trustee"). The beneficiary is the Secretary of
Housing and Urban Development, whose address is 451 Seventh Street, S.W., Washington, DC 20410, ("Lender" or
"Secretary"). Borrower has agreed to repay to Lender amounts which Lender is obligated to advance, including future
advances, under the terms of a Home Equity Conversion Loan Agreement dated the same date as this Security
Instrument (°Loan Agreement"). The agreement to repay is evidenced by Borrower's Note dated the same date as tt�is
Security Instrument ("Second Note"). This Security Instrument secures to Lender: (a) the repayment of the debt
evidenced by the Second Note, including all future advances, with interest, and all renewals, extensions and
modifications of the Second Note, up to a ma�cimum principal amount of Two Hundred Ninety-Two Thousand Five
Hundred and 00/100 Dollars (U.S.$292,500.00); (b) the payment of all other sums, with interest, advanced under
Paragraph 5 to protect the security of this Secwity Instnunent or otherwise due under the terms of this Security
Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrwnent and the
Second Note. The full debt, including all amounts described in (a), (b), and (c) above, if not paid earlier, is due and
payable on January 03, 2081. For this purpose, Borrower inevocably grants and conveys to Trustee, in trust, with
power of sale, the following described property located in San Luis Obispo County, California, which has the address
of:
579 Camino Mercado #211, Arroyo Grande, CA 93420, and is described more fully on Exhibit A attached to and
hereby incorporated into this Deed of Trust ("Property Address").
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights,
appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shali also be
covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property."
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to
mortgage, grant and convey the Property and that the Property is only encumbered by a First Security Instrument given
by Borrower and dated the same date as this Security Instrument ("First Security Instrument"). Borrower warrants and
will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record.
THIS SECURITY INSTRLJMENT combines uniform covenants for national use and non-uniform covenants with
limited variations by jurisdiction to constitute a uniform security instrument covering real property.
CA Second Deed of Trust (Fixed)
Page 1
iJNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest. Borrower shall pay when due the principal of, and interest on, the debt
evidenced by the Second Note.
2. Payment of Property Charges. Borrower shall pay all property charges consisting of taxes, ground rents, flood
and hazard insurance premiums, and special assessments in a timely manner, and shall provide evidence of payment to
Lender, unless Lender pays property charges by withholding funds from monthly payments due to the Borrower or by
charging such payments to a line of credit as provided for in the Loan Agreement. Lender may require Bonower to
pay specified property charges directly to the party owed payment even though Lender pays other property charges as
provided in this Paragraph.
3. Fyre, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now
in existence or subsequently erected, against any hazards, casualties, and contingencies, including fire. This insurance
shall be maintained in the amounts, to the extent and for the periods required by Lender. Borrower shall also insure all
improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the extent
required by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable
clauses in favor of, and in a form acceptable to, Lender.
In the event of loss, Borrower shali give Lender immediate notice by mail. Lender may make proof of loss if not made
promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for
such loss to Lender, instead of to Borrower and Lender jointly. Insurance proceeds shall be applied to restoration or
repair of the damaged Property, if the restoration or repau is economically feasible and Lender's security is not
lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance
proceeds shall be applied first to the reduction of any indebtedness under the Second Note and this Security Instrument.
Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Second Note and
this Security Instrument shall be paid to the entity legally entitled thereto.
In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the
indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser.
4. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;
Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence after the
execution of this Security Instrument and Borrower (or at least one Borrower, if initially more than one person are
Borrowers) shall continue to occupy the Property as Borrower's principal residence for the term of the Security
Instrument. "Principal residence" shall have the same meaning as in the Loan Agreement.
Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to
deteriorate, reasonable wear and tear excepted. Borrower shall also be in default if Borrower, during the loan
application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender
with any material information) in connection with the loan evidenced by the Note, including, but not limited to,
representations conceming Borrower's occupancy of the Property as a principal residence. If this Security Instrument is
on a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property,
the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing.
5. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental
or municipal charges, fines and impositions that are not included in Paragraph 2. Borrower shall pay these obligations
on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in
the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments.
Borrower shall promptly discharge any lien which has priority over this Security Instrument in the manner provided in
Paragraph 12(c).
CA Sewnd Deed of Trust (Fixed)
Page 2
If Borrower fails to make these payments or the property charges required by Paragraph 2, or fails to perform any other
covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly
affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or
regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights
in the Property, including payment of taaces, hazard insurance and other items mentioned in Paragraph 2.
To protect Lender's security in the Property, Lender shall advance and charge to Borrower all amounts due to the
Secretary for the Mortgage Insurance Premium ("MIP") as defined in the Loan Agreement as well as all sums due to
the loan servicer for servicing activities ("Servicing Fee") as defined in the Loan Agreement. Any amounts disbursed
by Lender under this Paragraph shall become an additional debt of Borrower as provided for in the Loan Agreement
and shall be secured by this Security Instrument.
6. Inspection. Lender or its agent may enter on, inspect or make appraisals of the Property in a reasonable manner and
at reasonable times provided that Lender shall give the Borrower notice prior to any inspection or appraisal specifying a
purpose for the inspection or appraisal which must be related to Lender's interest in the Property. If the Property is
vacant or abandoned or the loan is in default, Lender may take reasonable action to protect and preserve such vacant or
abandoned Property without notice to the Borrower.
7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of any part of the Property, or for conveyance in place of condemnation, shall be paid to
Lender. The proceeds shall be applied first to the reduction of any indebtedness under the Second Note and this
Security Instrument. Any excess proceeds over an amount required to pay all outstanding indebtedness under the
Second Note and this Security Instrument shall be paid to the entity legally entitled thereto.
8. Fees. Lender may collect fees and charges authorized by the Secretary for the Home Equity Conversion Mortgage
Insurance Program.
9. Grounds for Acceleration of Deb�
(a)Due and Payable. Lender may require immediate payment in full of all sums secured by this Security
Instrument if:
(i) A Borrower dies and the Property is not the principal residence of at least one surviving Borrower; or
(ii) All of a Borrower's title in the Praperty (or his or her beneficial interest in a trust owning all or part of the
Property) is sold or okherwise transferred and no other Borrower retains (a) title to the Property in fee
simple, (b) a leasehold under a lease for not less than 99 years which is renewable or a lease having a
remaining period of not less than 50 years beyond the date of the 100th birthday of the youngest
Borrower, or (c) a life estate in the Property (or retains a beneficial interest in a trust with such an interest
in the Property); or
(iii) The Property ceases to be the principal residence of a Borrower for reasons other than death and the
Property is not the principal residence of at least one other Borrower; or
(iv) For a period of longer than twelve (12) consecutive months, a Borrower fails to physically occupy the
Property because of physical or mental illness and the Property is not the principal residence of at least
one other Borrower; or
(v) An obligation of the Borrower under this Security Instrument is not performed.
(b)Notice to Lender. Bonower shall notify the Lender whenever any of the events listed in Paragraph 9(a)(ii)-(v)
occur.
CA Second Deed of Trust (Fixed)
Page 3
(c)Notice to Borrower. Lender shall notify Borrower whenever the loan becomes due and payable under Paragraph
9(a)(ii)-(v). Lender shall not have the right to commence foreclosure until Borrower has had thirty (30) days
after notice to either:
(i) Correct the matter which resulted in the Security Instrument coming due and payable; or
(ii) Pay the balance in full; or
(iii) Sell the Property for the lesser of the balance or 95% of the appraised value and apply the net proceeds of
the sale toward the balance; or
(iv) Provide the Lender with a deed in lieu of foreclosure.
(d) Trusts. Conveyance of a Bonower's interest in the Property to a trust which meets the requirements of the
Secretary, or conveyance of a trust's interests in the Property to a Borrower, shall not be considered a
conveyance for purposes of this Paragraph 9. A trust shall not be considered an occupant or be
considered as having a principal residence for purposes of this Paragraph 9.
10. No Deficiency Judgments. Borrower shall have no personal liability for payment of the debt secured by this
Security Instrument. Lender may enforce the debt only through sale of the Property. Lender shall not be permitted to
obtain a deficiency judgment against Borrower if the Security Instrument is foreclosed.
11. Reinstatement Borrower has a right to be reinstated if Lender has required immediate payment in full. This right
applies even after foreclosure proceedings are instituted. To reinstate this Security Instnunent, Borrower shall correct
the condition which resulted in the requirement for immediate payment in full. Foreclosure costs and reasonable and
customary attorneys' fees and expenses properly associated with a foreclosure proceeding shail be added to the
principal balance. Upon reinstatement by Bonower, this Security Instnunent and the obligations that it secures shall
remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit
reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two
(2) years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will
preclude foreclosure on different grounds in the fuhue, or (iii) reinstatement will adversely affect the priority of the
Security Instrument.
12. Second Lien Status.
(a) Modification. Borrower agrees to extend this Security Instrument in accordance with this Paragraph 12(a). If
Lender determines that the original lien status of the Security Instrument is jeopardized under state law (including
but not limited to situations where the amount secured by the Security Instrwnent equals or exceeds the maximum
principal amount stated or the maacimum period under which loan advances retain the same lien priority initially
granted to loan advances has expired) and state law permits the original lien status to be maintained for fuhue loan
advances through the execution and recordation of one or more documents, then Lender shall obtain title evidence
at Borrower's expense. If the title evidence indicates that the Property is not encumbered by any liens (except the
First Security Instrument described in Paragraph 13(a), this Second Security Instrument and any subordinate liens
that the Lender determines will also be subordinate to any future loan advances), Lender shall request the Borrower
to execute any documents necessary to protect the priority of the lien status of future loan advances. Bonower
agrees to execute such documents. If state law does not permit the original lien status to be extended to future loan
advances, Bonower will be deemed to have failed to have performed an obligation under this Security Instrument.
(b) Tax Deferral Programs. Borrower shall not participate in a real estate tax deferral program, if any liens
created by the taac deferral are not subordinate to this Security Instrument.
(c) Prior Liens. Bonower shall promptly discharge any lien which has priority over this Security Instrument
unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable
to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legai proceedings
CA Second Deed of Trust (Fixed)
Page 4
which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the
Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to all
amounts secured by this Security Instrument. If Lender determines that any part of the Property is subject to a lien
which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien.
Borrower shall satisfy the lien or take one or more of the actions set forth above within ten (10) days of the giving
of notice.
13. Relationship to �rst Security Instrumen�
(a) Second Security Instrument. In order to secure payments which the Secretary may make to or on behalf of
Bonower pursuant to Section 255(i)(1)(A) of the National Housing Act and the Loan Agreement, the Secretary has
required Borrower to execute a Second Note and tt�is Second Security Instrument. Borrower has also executed a
First Note and First Security Instrument.
(b) Relarionship of First and Second Security Instruments. Payments made by the Secretary shall not be
included in the debt under the First Note unless:
(i) The First Security Instrument is assigned to the Secretary; or
(ii) The Secretary accepts reimbursement by the holder of the First Note for all payments made by the
Secretary.
If the circumstances described in (i) or (ii) occur, then all payments by the Secretary, including interest on the
payments, but excluding late charges paid by the Secretary, shall be included in the debt under the First Note.
(c) Effect on Borrower. Where there is no assignment or reimbursement as described in (b)(i) or (ii) and the
Secretary makes payments to Borrower, then Borrower shall not:
(i) Be required to pay amounts owed under the First Note, or pay any rents and revenues of the Property
under Paragraph 19 to the holder of the First Note or a receiver of the Property, until the Secretary has
required payment in full of all outstanding principal and accrued interest under the Second Note; or
(ii) Be obligated to pay interest or shared appreciation under the First Note at any time, whether accrued
before or after the payments by the Secretary, and whether or not accrued interest has been included in
the principal balance under the First Note.
(d) No Duty of the Secretary. The Secretary has no duty to the hoider of the First Note to enforce covenants of
the Second Security Instrument or to take actions to preserve the value of the Properiy, even though the holder of
the First Note may be unable to collect amounts owed under the First Note because of restrictions in this Paragraph
13.
(e) Restrictions on Enforcement. Notwithstanding anything else in this Security Instnunent, the Bonower shall
not be obligated to comply with the covenants hereof, and Paragraph 19 shall have no force and effect, whenever
there is no outstanding balance under the Second Note.
14. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy shall not
be a waiver of, or preclude the exercise of, any right or remedy.
15. Successors and Assigns Bound; Joint and Several Liability. Borrower may not assign any rights or obligations
under this Security Instrument or under the Second Note, except to a trust that meets the requirements of the Secretary.
Borrower's covenants and agreements shall be joint and several.
16. Notices. Any notice to Borrower provided for in this Security Insirument shall be given by delivering it or by
mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the
Property Address or any other address all Borrowers jointly designate. Any notice to the Secretary shall be given by
CA Second Deed of Trust (Fixed)
Page 5
first class mail to the HUD Field Office with jurisdiction over the Property or any other address designated by the
Secretary. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or
Lender when given as provided in this Paragraph 16.
17. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the
jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the
Second Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instnunent or
the Second Note which can be given effect without the conflicting provision. To this end the provisions of this
Security Instrument and the Second Note are declared to be severable.
18. Borrower's Copy. Borrower shall be given one conformed copy of the Second Note and this Security Instrument.
NON-iJNIFORM COVENANTS. Bonower and Lender fiuther covenant and agree as follows:
19. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the
Property. Bonower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each
tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of
Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents
aod revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an
absolute assignment and not an assignment for additional security only.
If Lender gives notice of breach to Borrower:(a) all rents received by Borrower shall be held by Borrower as trustee for
benefit of Lender only, to be applied to the sums secwed by this Security Instrument; (b) Lender shall be entitled to
collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid
to Lender or Lender's agent on Lender's written demand to the tenant.
Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would
prevent Lender from exercising its rights under this Paragraph 19, except as provided in the First Security Instrument.
Lender shall not be required to enter upon, take control of or maintain the Properiy before or after giving notice of
breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any
application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This
assignment of rents of the Property shall terminate when the debt secured by this Security Instrument is paid in full.
20. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 9, Lender may
invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect
all expenses incurred in pursuing the remedies provided in this Paragraph 20, including, but not limited to,
reasonable attorney's fees and costs of title evidence. If Lender invokes the power of sale, Lender shali execute
or cause Trustee to execute a written notice of the occurrence of an event of default and of Lender's election to
cause the Property to be sold. Trustee shall cause this notice to be recorded in each county in which any part of
the Property is located. Lender or Trustee shall mail copies of the notice as prescribed by applicable Iaw to
Borrower and to the other persons prescribed by applicable taw. Trustee shall give public notice of sale to the
persons and in the manner prescribed by applicable law. After the time required by applicable law, Trustee,
without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time and
place and under the terms designated in the notice of sale in one or more parcels and in any order Trustee
determines. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time
and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale.
Trustee shall deliver to the purchaser Trustee's deed conveying the Property without any covenant or warranty,
expressed or implied. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the
statements made therein. Trustee shall apply the prceeeds of the sale in the following order: (a) to all expenses
of the sale, including, but not limited to, reasonable Trustee's and attorneys' fees; (b) to all sums secured by this
Security Instrument; and (c) any excess to the person or persons legally entitied to it.
21. Lien Priority. The full amount secured by this Security Instrument shall have a lien priority subordinate only to
the full amount secured by the First Security Instrument.
CA Second Deed of Trust (Fixed)
Page 6
22. Reconveyance. Upon payment of all sums secwed by this Security Instrument, Lender shall request Trustee to
reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this
Security Instnunent to Trustee. Trustee shall reconvey the Property without warranty to the person or persons legally
entitled to it. Lender may charge such person or persons a reasonable fee for reconveying the Property, but only if the
fee is paid to a third-party (such as the Trustee) for services rendered and the charging of the fee is permitted under
applicable law. If the fee charged does not exceed the fee set by applicable law, the fee is conclusively presumed to be
reasonable.
23. Substitute Trustee. Lender, at its option, may from time to time appoint a successor trustee to any Trustee
appointed hereunder by an instrument executed and aclrnowledged by Lender and recorded in the office of the
Recorder of the county in which the Property is located. The instrument shall contain the name of the original Lender,
Trustee and Bonower, the book and page where this Security Instrument is recorded and the name and address of the
successor trustee. Without conveyance of the Property, the successor trustee shall succeed to all the title, powers and
duties conferred upon the Trustee herein and by applicable law. This procedure for substitution of trustee shall govern
to the exclusion of all other provisions for substitution.
24. Request for Notices. Borrower requests that copies of the notices of default and sale be sent to Borrower's address
which is the Property Address.
25. Statement of ObGgation Fee. Lender may collect a fee not to exceed the maacimum amount permitted by law for
furnishing the statement of obligation as provided by Section 2943 of the Civil Code of California.
26. Obligatory Loan Advances. Lender's responsibility to make Loan Advances under the terms of the Loan
Agreement, including Loan Advances of principal to Borrower as well as Loan Advances for interest, MIP, Servicing
Fees, and other charges shall be obligatory.
27. Riders to this Security Instrument If one or more riders are executed by Borrower and recorded together with
this Security Instrument, the covenants of each such rider shall be incorporated into and shall amend and supplement
the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument.
[Check all riders that are a licable .
X Condominium Rider PUD Rider
Shared A reciation Rider X Other Purchase Rider
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Secwity Instrument
and in any rider(s) executed by Borrower and recorded with it.
Signature: �
f� e u�--�-� �,�.�,.��c..
EDWARD A HINDS (B rower) DONNA HINDS (BORROWER)
CA Second Deed of Trust (Fixed)
Page 7
State of California
County of � � �, ,� (��,
Notarv Acknowledeement
On �vlAaP.l�,�j,� �i3�� ((� before me, V" �• l. )•����'�' � ���> a Notary Public, personally
appeared �i� �y�D •�IJQS�'tM0 L�C,�(�N/1 t'� who proved to me on the basis of
satisfactory evidence to be the perso� whose nam ('s is/�subscribed to the within instrument and acknowledged to
me that he/she�y�executed the same in his/her/their authorized capacity s and that by his/her� signature� on
the instrument tfie person(�r the entity upon behalf of which the pers s cted, executed the ins ent.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true
and correct. M. K. GHIGLIA
.- COMM. #1703944 m
WITNESS my hand and official seal. W Noa�ry �udto-Ca��t«^�a �'
SAN LUIS OBISPO COUNTY �
Signature [SEAL] � �+'��'�'�^��
(This area for official notary seal)
NOTARY MUST PRINT OR TYPE
This must be printed or typed in a manner that is photo¢raphicallv reproductible (GC27201.5)
Name of the Notary: �� K• ����'
County of notary's principal Place of business: ��� ��.•�. 3� JI�I_ 6
Notary's phone number: �� � �S� '—' � T
Notary's registration number: _� � � � `i �-F
Commission expiration date: � Z` �� ��
Title of Document:
Date of Document: No. of Pages
Other Signatures not acknowledged:
TO TRUSTEE:
REQUEST OF RECONVEYANCE
The undersigned is the holder of the note or notes secured by this Deed of Trust. Said note or notes, together with all
other indebtedness secured by this Deed of Trust, have been paid in fu1L You are hereby directed to cancel said note or
notes and this Deed of Trust, which are delivered hereby, and to reconvey, without warranty, all the estate now held by
you under this Deed of Trust to the person or persons legally entitled thereto.
Signature
CA Second Deed of Trust (Fixed)
Page 8
EXHIBIT A
E�chibit A to the Deed of Trust made on November 23, 2010, by Edward D. Hinds and Donna Hinds, husband and
wife as joint tenants ("Borrower") to the senior official with responsibility for single family mortgage insurance
programs in the Department of Housing and Urban Development field office with jurisdiction over the property
described below, or a designee of tt�at official ("Trustee") for the benefit of the Secretary of Housing and Urban
Development, and whose address is 451 Seventh Street, S.W., Washington, D.C. 20410, ("Lender" or "Secretary").
The Property is located in the county of San Luis Obispo, state of CA, and is described as follows:
Description of Property
Legal description attached hereto as Exhibit A and by this reference made a part hereof
CA Second Deed of Trust (Fixed)
Page 9
Escrow No.: 10-400203341-SS
Locate No.: CAFNT0940-0940-0002-0400203341
Title No.: 10-400203341-RB
EXHIBIT "A"
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:
A Condominium comprised of:
Parcel 1:
Airspace Envelope No. 17 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. 2007-015380 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 )uly 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:
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: 007-776-017
Exhibit Page - Legal(exhibit)(08-07)
CONDOMINIUM RIDER
FHA Case Number: 197-5202739-957 9525501
THIS CONDOMINIUM RIDER is made on November 23, 2010, and is incorporated into and shall be deemed to
amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument" or "Second Security
Instnunent") of the same date given by the undersigned ("Borrower") to secure Borrower's Second Note to the
Secretary of Housing and Urban Development ("Lender") of the same date and covering the Property described in the
Security Instrument and located at:
579 Camino Mercado #211, Arroyo Grande, CA 93420
The Property Address includes a unit, together with an undivided interest in the common elements of, a condominium
project known as: OCEAN OAKS (the "Condominium Project"). If the owners association or other entity which acts
for the Condominium Project ("Owner's Association") holds title to property for the benefit or use of its members or
shareholders, the Property also includes Borrower's interest in the Owners Association and the uses, proceeds and
benefits of Borrower's interest.
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the Security
Instrument, Borrower and Lender further covenant and agree as follows:
A. So long as the Owner's Association maintains, with a generally accepted insurance carrier, a°master" or
"blanket" policy insuring all property subject to the condominium documents, including all improvements
now e�sting or hereafter erected on the Property, and such policy is satisfactory to Lender and provides
insurance coverage in the amounts, for the periods, and against the hazards Lender and the Secretary require,
including fire and other hazards included within the term "extended coverage," and loss by flood, to the extent
required by the Secretary, then (i) Lender waives the provision in Paragraph 2 of this Security Instrument for
the payment of the premium for hazard insurance on the Property, and (ii) Borrower's obligation under
Paragraph 3 of this Security Instrument to maintain hazard insurance on the Property is deemed satisfied to the
extent that the required coverage is provided by the Owner's Association policy. Borrower shall give Lender
prompt notice of any lapse in required hazard insurance coverage and of any loss occurring from a hazard. In
the event of distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the
Property, whether to the condominium unit or to the common elements, any proceeds payable to Borrower are
hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instrument,
with any excess paid to the entity legally entitled thereto.
B. Borrower promises to pay Borrower's allocated share of the common expenses or assessmeots and charges
imposed by the ovmer's Association, as provided in the condominium documents.
C. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them. Any
amounts disbursed by Lender under this paragraph C shall become additional debt of Borrower secured by
the Security Insmzment. Unless Borrower and Lender agree to other terms of payment, these amounts shall
bear interest from the date of disbwsement at the Note rate and shall be payable, with interest, upon notice
from Lender to Borrower requesting payment.
BY SIGMNG BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium
Rider.
- �Ua-�.�.�..� ��
EDWARD D. INDS ( rrower) DONNA HINDS (BORROWER)
2" Condo Rider
HECM PURCHASE RIDER
FHA Case Number: 197-5202739-957
9525501
THIS PURCHASE RIDER is made on November 23, 2010 and is incorporated into and shall be deemed to amend and
supplement the second Mortgage, Deed of Trust, or Security Deed (the "Security InstrumenY') of the same date given bythe
undersigned (the `Borrower," whether there are one or more persons undersigned) to secure Borrower's Second Note to the
Secretary of Housing and Urban Development (the "Lender") of the same date and covering the Property described in the
Security Instrument (the "Propert}�'), which is located at:
579 Camino Mercado #211, Arroyo Grande, CA 93420
In addition to the covenants and agreements made in the second Security Insriument, Borrower and Lender further covenant
and agree that Paragraph 9(a) of the second Security Instrument is amended and Paragraph 9(b) and (c) of the second
Security Inshument are modified by the following:
9. (a) Due and Payable with Secretary Approval. Lender may require immediate payment-in-full ofall sums
secured by this Security Instrument if:
(vi) Borrower fails to occupy, establish, and use the Property as Borrower's principal
residence within 60 days after the execution of the Security Instrument.
(b) Notice to Lender. Borrower shall notify the Lender whenever any of the events listed in Paragraph
9(a)(ii)-(vi) occur.
(c) Notice to Borrower. Lender shall notify Borrower whenever the loan becomes due and payable under
Paragraph 9(a)(ii)-(vi). Lender shall not have the right to commence foreclosure until Borrower has had
30 days after notice to either:
(i) Conect the matter which resulted in the Security Instrument coming due and payable; or
(ii) Pay the balance in full; or
(iii) Sell the Property for the lesser of the balance or 95% of the appraised value and apply the
net proceeds of the sale toward the balance; or
(iv) Provide the Lender with a deed-in-lieu of foreclosure.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this HECM Purchase Rider.
Edward D. inds (Borro r
�J c�-.�..., ��.,,�.�.�
Donna Hinds(Borrower)
Rider to 2n Mortgage / Deed of Trust / Security Deed
Bay Docs, Inc. 1 ]/08
ENp �F pC?CUMENT