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HomeMy WebLinkAbout2014 CON (DEED OF TRUST) David and Sarah Thatcher - 131 East 1st StreetDOC tt 2014-0524907 NO CHARGE ON THIS DOCUMENT FOR THE BENEFIT OF A STATE AGENCY FORMED BY THE CITY OF NATIONAL CITY Recording Requested By and When Recorded Mail To: City of National City 1243 National City Boulevard National City, CA 91950 i i lull DEC 02, 2014 9:22 AM OFFICIAL RECORDS SAN DIEGO COUNTY RECORDER'S OFFICE Ernest J. Dronenburg. Jr., COUNTY RECORDER FEES: 0.00 DA: 1 PAGES: 12 1111111 IIIII IIIII IIIII IIIII IIIII IIIII 111111111111111111011111IIII1 IIIII 111111111 III THIS SPACE FOR RECORDER'S USE ONLY NOTICE: THIS DEED OF TRUST SECURES A LOAN THAT MAY REQUIRE PAYMENT OF PRINCIPAL AND INTEREST UPON THE SALE OR TRANSFER OF THE PROPERTY OR UPON A PREPAYMENT. DEED OF TRUST (HOME Housing Rehabilitation Program; 1% Deferred Interest) THIS DEED OF TRUST is made this 24th day of November 2014, among the Trustor, _David & Sarah Thatcher (`Trustor" or "Borrower'), the City of National City, a public entity (`Trustee''), and the Beneficiary, the City of National City ("Beneficiary-), whose address is 1243 National City Boulevard, National City, California 91950. BORROWER HEREBY irrevocably grants, transfers, and assigns to Trustee, in trust, with power of sale, all that property in the City of National City, County of San Diego, State of California, described as: (See Legal Description - Exhibit "A") which has the address of 131 East 1 ' St., National City, California, 91950 (herein "Property Address"); TOGETHER with all the improvements now and hereafter erected on the Property, and all easements, rights, appurtenances and rents (subject, however, to the rights and authorities given herein to Beneficiary to collect and apply such rents), all of which shall be deemed to be and remain part of the property covered by this Deed of Trust; and all of the foregoing, together with said property (or the leasehold estate if this Deed of Trust is on a leasehold) are hereinafter referred to as the ``Property''; TO SECURE to Beneficiary the repayment of the indebtedness evidenced by Borrower's 1% deferred interest promissory note dated November 241h, 2014 and extensions and renewals thereof (the "Note"), in the principal sum of sixty thousand U.S. Dollars ($60,000.00); the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Deed of 1 f't Users`.bsalazar DesktopRehab 131 C. Isid,oan Does HOME Rehab Deed of Trust.doc Trust; and the performance of the covenants and agreements of Borrower herein contained. Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Property, and that Borrower is unencumbered except for encumbrances of record. Borrower covenants that Borrower warrants, and will defend generally, the title to the Property against all claims and demands, subject to encumbrances of record. UNIFORM COVENANTS Borrower and Beneficiary covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and interest, if any, evidenced by the Note. 2. Funds for Taxes and Insurance. To protect the security of the Deed of Trust, Trustor agrees to pay, at least ten (10) days before delinquency, all taxes and assessments affecting the Property, including assessments on appurtenant water stock, all encumbrances, charges and liens, with interest, on the Property or any part thereof, which appear to be prior or superior hereto, and all costs, fees and expenses of this Trust. Should Trustor fail to make any payment or fail to do any act as herein provided, then Beneficiary or Trustee, without obligation to do so 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 extent as either may deem necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon the 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 Beneficiary or Trustee appears to be prior or superior hereto; and, in exercising any such powers, pay necessary expenses, employ counsel and pay his reasonable fees. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Beneficiary under the Note shall be applied by Beneficiary first in payment of amounts due to Beneficiary by Borrower, then to interest payable on the Note, and then to the principal of the Note. 4. Prior Mortgages and Deeds of Trust; Charges, Liens. Borrower shall perfonn all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this Deed of Trust, including Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Deed of Trust, and leasehold payments, if any. 5. Hazard Insurance. Borrower shall keep the improvement(s) now existing or hereinafter erected on the Property insured against loss by fire, hazards included within the terms "extended coverage,'' and such other hazards as Beneficiary may require and in such amounts and for such periods as Beneficiary may require. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Beneficiary, provided that such approval will not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to Beneficiary and 2 C-d jseis bsalazar:Desktop'.Rehab131 E. 1st Loan Docs‘HOME Rehab Deed of•Irust.doc shall include a standard mortgagee clause in favor of and in a form acceptable to Beneficiary. Beneficiary has the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Deed of Trust. In the event ()floss, Borrower shall give prompt notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made promptly by Borrower. If Property is abandoned by Borrower, or if Borrower fails to respond to Beneficiary within thirty (30) days from the date notice is mailed by Beneficiary to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Beneficiary is authorized to collect and apply the insurance proceeds at Beneficiary's option either to restoration or repair of the Property or to the sums secured by this Deed of Trust. 6. Preservation and Maintenance of Property. Borrower will keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Deed of Trust is on leasehold. If this Deed of Trust is on a unit in a condominium or planned unit development, Borrower shall perform all of Borrower's obligations under the declaration of covenants, conditions and restrictions creating or governing the condominium or planned unit development, the bylaws and regulations of the condominium or planned unit development, and constituent documents. 7. Protection of Beneficiary's Security. If Borrower fails to perform the covenants and agreements contained in this Deed of Trust, or if any action or proceeding is commenced which materially affects Beneficiary's interest in the Property, then Beneficiary, at Beneficiary's option, upon notice to Borrower, may make such appearances, disburse such sums including reasonable attorneys' fees, and take such action as is necessary to protect Beneficiary's interest. If Beneficiary's required mortgage insurance is a condition of making the loan secured by this Deed of Trust, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Beneficiary 's written agreement or applicable law. Any amounts disbursed by Beneficiary pursuant to this paragraph, with interest thereon, at the Note rate, will become additional indebtedness of Borrower secured by this Deed of Trust. Unless Bor- rower and Beneficiary agree to other tei of payment, such amounts will be payable upon notice from Beneficiary to Borrower requesting payment thereof. Nothing contained in this paragraph will require Beneficiary to incur any expense or take any action hereunder. 8. Inspection. Beneficiary may make or cause to be made reasonable entries upon and inspections of the Property, provided that Beneficiary will give Borrower notice prior to any such inspection, specifying reasonable cause thereof related to Beneficiary's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Beneficiary subject to the terns of any mortgage, deed of trust or other security agreement with a lien which has priority over this Deed of Trust. 10. Borrower Not Released; Forbearance by Beneficiary Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Deed of Trust granted by 3 (: si7s bsal a,ar:Desktop Rehab 131 E_ 1st Loan DocsHOME Rehab Deed of Trast.doc Beneficiary to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Beneficiary shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Deed of Trust by reason of any demand made by the original Borrower and Borrower's successors in interest. Any forbearance by Beneficiary in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. 11. Successors and Assigns Bound, Joint and Several Liability; Co -Signors. The covenants and agreements contained herein shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower. All covenants and agreements of Borrower shall be joint and several. 12. Notice. Except for any notice required under applicable law to be given in another manner: (a) any notice to Borrower provided for in this Deed of Trust shall be given by delivering it or by mailing such notice by certified mail, addressed to Borrower at the Property Address or such other address as Borrower may designate by notice to Beneficiary as provided herein; and, (b) any notice to Beneficiary will be given by certified mail, return receipt requested, to Beneficiary's address stated herein or to such other address as Beneficiary may designate by notice to Borrower as provided herein. Any Notice provided for in this Deed of Trust shall be deemed to have been given to Borrower or Beneficiary when given in the manner designated herein. 13. Governing Law, Severability. The state and local laws applicable to this Deed of Trust shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this Deed of Trust. In the event that any provision or clause of this Deed of Trust or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Deed of Trust or the Note which can be given effect without the conflicting provision and, to this end, the provisions of this Deed of Trust and the Note are declared to be severable. As used herein, `'costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Borrower shall be furnished a confoi flied copy of the Note and this Deed of Trust at the time of execution or after recordation hereof. 15. Due on Sale or Breach. (a) Borrower shall pay principal and all accrued interest on the Note, in one lump sum to Lender upon the earliest of (i) a Sale (as defined in Section 15(b), below); (ii) acceleration (as set forth in Section 16, below); or (iii) a nominal thirty (30) years from the date of the Note or until such actions as defined in Section (b) below occur. Borrower shall make any payments at Lender's offices 4 CrLi sees bsalazar.Dcski op Rehab, 131 1-.. Ist Loan Does'. HOME Rehab Deed of Trusl.doc located at 1243 National City Blvd, National City, California 91950, or such other place as designated by Lender (b) Sale. The following shall all he considered transfers or sales of the Property and shall be referred to herein generally as a "Sale": (i) all or any part of the Property or any interest in the Property is sold, conveyed or transferred; (ii) if Borrower is not a natural person and a beneficial interest in Borrower is sold, conveyed or transferred; (iii) all or any part of the Property is refinanced or further encumbered, except as otherwise allowed by law; (iv) Borrower does not occupy the Property as his, her, or their, primary residence; (v) the leasing of all or any part of the Property; (vi) any material breach of the Note or this Deed of Trust; or (vii) the filing of bankruptcy by the Borrower; or (viii) Borrower's failure to maintain the Property as set forth in Section 30, below. Notwithstanding the foregoing, a refinancing of the Property shall not be considered a Sale, provided the Lender provides written consent to Borrower prior to the refinancing, which consent may be granted or withheld in the sole and absolute discretion of the Commission. (c) Sale Resulting From Foreclosure or Short Sale In the event that a sale (as defined in item 15.b) which is the result of superior lender foreclosure and/or a corresponding short sale (i.e. the disposition of property at below the value of all encumbrances) the value of the loan and all accrued interest will be due and payable as provided herein and in the Note. When the HOME loan repayment requirement is triggered by a sale (voluntary or involuntary) of the housing unit, and there are no net proceeds or the net proceeds are insufficient to repay the HOME investment due, the participating jurisdiction can only recapture the net proceeds, if any. The net proceeds are the sales price minus superior loan repayment (other that HOME funds) and any closing costs. (d) No Assumption of Note. The Note may not be assumed by any person, except as otherwise allowed by law. However, under certain teens and conditions, the Loan may be assumed with the prior written consent of Lender. NON -UNIFORM COVENANTS Borrower and Beneficiary further covenant and agree as follows: 16. Acceleration, Remedies. Upon Borrower's breach of this Deed of Trust, the Note or any other document secured by this Deed of Trust and/or the Property, Lender, prior to acceleration, shall give notice to Borrower as provided in Section 12 hereof specifying: (a) the breach; (b) the action required to cure such breach (if any); (c) a date, not less than ten (10) days from the date the notice is mailed to Borrower, by which such breach must be cured, except with respect to non -curable breaches as set forth in Section 18(b), below; and 5 C:..Users bsalazanDesblop Rehab 131 P:. lst Loan Does. HOMI: Rehab Deed of"hrusl.doe (d) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Deed of Trust and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration (except with respect to non -curable breaches as set forth in Section 17(b), below) and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notice, Beneficiary, at Beneficiary's option, may declare all of the sums secured by this Deed of Trust to be immediately due and payable without further demand and may invoke the power of sale and any other remedies pennitted by applicable law. Beneficiary shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 16, including, but not limited to, reasonable attorneys' fees. If Beneficiary invokes power of sale, Beneficiary shall execute or cause Trustee to execute a written notice of the occurrence of an event of default and of Beneficiary's election to cause the Property to be sold and shall cause such notice to be recorded in each county in which the Property or some part thereof is located. Beneficiary or Trustee shall mail copies of such notice in the manner prescribed by applicable law. Trustee shall give public notice of sale to the persons and in the manner prescribed by law. After the lapse of such time as may be 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 such order as Trustee may determine. 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. Beneficiary or Beneficiary's designee may purchase the Property at any sale. Trustee shall deliver to the purchaser Trustee's deed conveying the Property so sold without any covenant or warranty, expressed or implied. The recitals in the Trustee's deed shall be prima facie evidence of the truth ofthe statements made therein. Trustee shall apply the proceeds of the sale in the following order: (1) to all reasonable costs and expenses of the sale, including, but not limited to, reasonable Trustee's and attorneys' fees and costs of title evidence; (2) to all sums secured by this Deed of Trust; and (3) the excess, if any, to the person or persons legally entitled thereto. 17. Borrower's Right to Reinstate. (a) Curable Breach. Notwithstanding Beneficiary's acceleration of the sums secured by this Deed of Trust due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Beneficiary to enforce this Deed ofTrust discontinued at any time prior to five (5) days before the sale of the Property pursuant to the power of sale contained in this Deed of Trust or at any time prior to entry of a judgment enforcing this Deed of Trust if: (1) Borrower pays Beneficiary all sums which would be then due under this 6 '.Uses bsalazar..Desktop Rehab I 3 I IL ist Loan Does' HOME Rehab Deed of Trustdoc Deed of Trust and the Note had no acceleration occurred; (2) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Deed ofTrust; (3) Borrower pays all reasonable expenses incurred by Beneficiary and Trustee in enforcing the covenants and agreements ofBon-ower contained in this Deed of Trust and in enforcing Trustee's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (4) Borrower takes such action as Beneficiary may reasonably require to assure that the lien of this Deed of Trust, Beneficiary 's interest in the Property and Borrower's obligation to pay the sums secured by this Deed of Trust shall continue unimpaired. Upon such payment and cure by Borrower as set forth in this Section 17(a), this Deed of Trust and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. (b) Non -Curable Breach. Notwithstanding Section 17(a), above, or anything to the contrary set forth in this Note or in any other documents executed by Borrower or Lender with respect to the Loan, the provisions of this Section 17(b) shall apply with respect to any non -curable breach as described in this Section 17(b). (1) Failure to Occupy/Renting Out the Property is a Violation of Law. Borrower hereby acknowledges that the Note secured by this Deed of Trust may be fully or partially funded through a federal grant awarded under the HOME Program, which is to be used to assist eligible homeowners in rehabilitating and repairing the home they live in. The HOME Program is subject to certain U.S. Department of Housing and Urban Development ("HUD") regulations. Section 215 of the HOME Investment Partnerships Act (42 U.S.C. § 12745) and the HOME program regulations (24 C.F.R. §92.254) require Borrower to occupy the Property as Borrower's principal residence. Renting out the Property and/or Borrower's failure to occupy the Property as Borrower's principal residence is a violation of the HOME regulations (in addition to being a violation of this Note). Borrower hereby further acknowledges that the HOME Program, Note and this Deed ofTrust require Borrower to occupy the Property as Borrower's principal residence. Lender is obligated by law to enforce the HOME Program, Lender's failure to do so would jeopardize Lender's ability to help other eligible homeowners to rehabilitate and repair their homes. (2) Failure to Occupy/Renting Out the Property Materially Impairs Lender's Security. Borrower hereby acknowledges and agrees that renting out the Property and/or Borrower's failure to occupy the Property as Borrower's principal residence, materially impairs Lender's security for the Note and the Lender's ability to help other eligible homeowners to rehabilitate and repair their homes. Borrower further acknowledges that if the Property is rented out or Borrower fails to occupy the Property as Borrower's principal residence, then during any such period: (i) the Property will not qualify as "affordable housing"; (ii) Borrower will be in breach of its obligations under the HOME. regulations; and (iii) Borrower will be in breach of its obligations to the 7 Cr:I lsers bsalazatsDesktot'.Rehab 131 F. I sf.Loan Does IlOME Rehab Deed ofTrust Lender, and therefore the Lender's security for the Loan will be materially impaired. (3) Failure to Occupy/Renting Out the Property is a Non -Curable Breach. Borrower hereby acknowledges and agrees that renting out the Property and/or Borrower's failure to occupy the Property as Borrower's principal residence, will be a non -curable breach and Lender shall have the right to accelerate the Loan and foreclose on the Property as provided herein and in the Deed of Trust. Notwithstanding anything to the contrary set forth in this Note, Borrower agrees that in the event Borrower rents out the Property and/or fails to occupy the Property as Borrower's principal residence, Borrower shall not have the right to cure the breach and reinstate the Loan, the Deed of Trust or the obligations secured thereby. (4) Borrower's Waiver. Borrower hereby knowingly waives and relinquishes any and all legal and/or contractual rights Borrower may have to cure or otherwise reinstate the Deed of Trust and the obligations secured thereby, in the event that the Property is rented out or Borrower fails to occupy the Property as Borrower's principal residence. (5) Representation of Comprehension. Borrower acknowledges and agrees that Lender has advised Borrower (and each of them if there is more than one Borrower) to retain an attorney to represent Borrower with respect to the Loan. By executing this Note, Borrower (and each of them if there is more than one Borrower) represents that: (i) Borrower fully understands and accepts the teems of this Note and the Deed of Trust being executed by Borrower concurrently herewith; (ii) Borrower has relied upon the legal advice of Borrower's attorneys or that Borrower has freely and independently chosen not to seek the advice of an attorney; (iii) that neither the Lender nor its attorneys represents Borrower; (iv) that Borrower has had a full and ample opportunity to consult with any other professionals of Borrower's choice in connection with the rights and liabilities created by this Note and the Deed of Trust; (v) that Borrower does not have any questions with regard to the legal import of any tern, word, phrase, or portion of this Note or the Deed of Trust, or any of the foregoing documents in their entireties; and (vi) Borrower accepts the tenns of this Note and the Deed of Trust as written. 18. Assignment of Rents; Appointment of Receiver; Beneficiary in Possession. As additional security hereunder, upon acceleration of the Note or abandonment of the Property, Lender, in person, by agent or by judicially appointed receiver shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied first to payment of the cost of management of the Property and collection of rents. including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Deed of Trust. Lender and the receiver shall be liable to account only for those rents actually received. 19. Reconveyance. Upon payment of all sums secured by this Deed of Trust, Beneficiary shall request Trustee to reconvey the Property and will surrender this Deed of Trust and all Notes evidencing indebtedness secured by this Deed of Trust to Trustee. Trustee shall reconvey the Property without warranty and without charge to the person or persons legally entitled thereto. Such person or persons shall pay all costs of recordation, if any. 8 CI 1s bsalazar Desktop Rehab 131 E. 1st Loan Docs,IiOME Rehab Deed ofTrust .doc 20. Substitute Trustee. Beneficiary, at Beneficiary's option, may from time to time appoint a successor trustee to any Trustee appointment hereunder by an instrument executed and acknowledged by Beneficiary and recorded in the office of the Recorder of the county where the Property is located. The instrument shall contain the name of the original lender, Trustee and Borrower, the book and page where this instrument is recorded, and the name and address of the successor trustee. The successor trustee shall, without conveyance of the Property, succeed to all the title, power 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. 21. Request for Notices. Borrower requests that copies of the notice of sale be sent to Borrower's address which is the Property Address. 22. Statement of Obligation. Lender may charge a fee not to exceed the amount allowed by law for furnishing the statement of obligation as provided by Section 2943 of the Civil Code of California. 23. Representations and Warranties of Borrower. Borrower represents and warrants to the Lender as follows: (a) Annual Gross Income. Borrower's annual gross income, including the income of any other permanent occupant of the Property, at the time of the execution of this Note does not exceed eighty percent (80%) of the Area Median Income. "Area Median Income'' means the lesser of: (i) the median income for San Diego County, as adjusted for family size, as said median income is determined by HUD; or (ii) the median income for San Diego County, as adjusted for family size, as said median income is determined by the California Department of Housing and Community Development. (b) Principal Place of Residence. For so long as the Deed of Trust is recorded against the Property, Borrower will reside in the Property as Borrower's principal place of residence. The Borrower shall be considered as occupying the Property as a principal place of residence if the Borrower is living in the Property for at least eleven (11) months out of each calendar year. Borrower agrees not to neglect, sublet, lease or rent out all or any portion of the Property during such period. (c) Liquid Assets. There are no limits on the amount of liquid assets that an income qualified borrower can have. (d) Property. Borrower is the owner -occupant of the Property, which is a single family residence or condominium located in the City of National City, California; (e) After -Rehabilitation Value. The Property has an estimated after -rehabilitated value that does not exceed 95% of the median purchase price for that type of single family housing for the jurisdiction as determined by HUD and which information is available through the Lender; and the ratio of total secured property debt to property value shall not exceed 100% of the after rehabilitation value. 9 alazar.De,ktoR`Rehab 1; I E. I st Loan Rocs,I[OMtI Rehab Deed Ibustdoc (t) Use of Funds. Borrower agrees to use said funds solely for material and labor expenditures associated with the Rehabilitation of the Property. 24. Request for Notice of Default. Lender requests that copies of notices of foreclosure from the holder of any lien which has priority over this Deed of Trust be sent to Lender's address, as set forth on page 1 of this Deed of Trust, as provided by Section 2924b of the Civil Code of California. 25. Inspections by Lender. Borrower shall continually maintain the Property in a condition which satisfies the written rehabilitation standards enacted by Borrower, as such standards are interpreted and enforced by the City of National City under its normal policies and procedures. Lender shall have the right to inspect the Property from time to time, on reasonable notice and at reasonable times, in order to verify compliance with the foregoing maintenance covenant. Any deficiencies in the physical condition of the Property shall be corrected by Borrower at Borrower's expense within ten (10) days of the identification of such deficiency by Lender and delivery of written notice of the same to Borrower. Date: Date: IN WITNESS WHEREOF, Borrower has executed this Deed of Trust. Borrower: David Thatcher Borrower: Sarah Thatcher 10 C. Users bsalezar Desktop.Rehab 3l L. Ist Loan Does 1IOMI Rehab Deed ofirust. doc CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 State of California County of On Date before me, (-1:Ck Here Insert Name an Title of the/Officer personally appeared 1 -\•2atc-1-&-\ ,Drc4 Name(s) of Signer(s) a AIN Alb. INGRID L. SLETTENGREN Commission 0 2023130 Notary Public - California San Diego County My Comm. E es Ma 4, 20 7 Place Notary Seal Above who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) Vare subscribed to the within instrument and acknowledged to me that lit.i.theithey executed the same in his/her/their authorized capacity(ies), and that by bis/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. Signature: OPTIONAL Signature of Notar I c Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: (3' Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Number of Pages: 1:1[ Corporate Officer — Title(s): Individual Partner — Li Limited [ [ General 1 Attorney in Fact 1_1:[ Trustee [I] Guardian or Conservator [ Other: Signer Is Representing: Signer's Name: -_-_ Corporate Officer — Title(s): Individual Partner — _' Limited General [Attorney in Fact Trustee Guardian or Conservator Other: Signer Is Representing: 02012 National Notary Association • NationalNotary.org • 1-800-US NOTARY (1-800-876-6827) item #o907 EXHIBIT "A" Legal Description Real property in the City of National City, County of San Diego, State of California, described as follows: THE EASTERLY HALF OF LOT 5 OF THELEN'S RESUBDIVISION OF A PORTION OF 10 ACRE LOT 1, QUARTER SECTION 155 , RANCHO DE LA NACION, IN THE CITY OF NATIONAL CITY, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO, 1233 FILED IN THE OFFICE OF THE SAN DIEGO COUNTY RECORDER ON FEBRUARY 3, 1910. Assessor's Parcel Number 556-010-19 Address: 131 East 13''' Street, National City, CA 91950 11 C: Useis` bsalazarDesktop `.RehaI, 137 P. 1 st.Loan Does HO'vll: Rehab Deed of Trust.doc