HomeMy WebLinkAbout2004-250 Resale Restr - Garcia
When Recorded Return Original to:
Barbara Christensen, City Recorder
20 East Main Street, Ashland, Oregon 97520
Jackson County Official Records 2005-012609
~~;=~ Stn=4 SHAWBJ 03/07/200503:43:19 PM
$60,00 $5,00 $11,00 Total:$76.00
1111111111111111111111111111111
01094855200500126090120121
TRUST DEED
I, Kathleen S, Beckett, County Clerk for Jackson County, Oregon,
certil'y that the Instrument Idel1tifled herein was recorded In the Clerk
records,
Kathleen S, Beckett - County Clerk
This trust deed is made on 11-08-04, 2004, between Adrian Garcia Garcia
and Gregoria Garcia Flores, as Grantors, the City of Ashland, as Beneficiary, and
Mike Franell, an active member of the Oregon State Bar as Trustee.
1. Conveyance by Grantor. For good and valuable consideration, receipt of which is
acknowledged, and for the purpose of securing the loan obligations described in Section
3 below, Grantor irrevocably grants, bargains, sells, conveys, assigns, and transfers to
Trustee in trust for the benefit and security of the Beneficiary, with power of sale and
right of entry and possession, all of Grantor's right, title, and interest in and to the real
property located in Jackson County, State of Oregon, and more particularly described in
the attached Exhibit A (the "Property").
2. The Note. Beneficiary has offered to defer the systems development charges due on
the Property and to make a loan to Grantor for the amount of the charges which loan is
to be evidenced by a promissory note of the same date as this trust deed. (The
promissory note as modified, supplemented, extended, renewed, or replaced from time
to time is referred to below as the "Note".) The date of maturity of the debt s,ecured by
this instrument is 20 years from the date of the Note. In the event the Propel1y, or any
part of, or interest in, the Property is sold, agreed to be sold, conveyed, assilgned or
alienated by the Grantor without complying with the terms of the Note or the Agreement
described below, then, at the Beneficiary's option, all obligations secured by this
instrument, irrespective of the maturity dates expressed above or in the Noto, shall
immediately become due and payable.
3. Obligations Secured. This trust deed secures the following, collectively referred to
as the "loan obligations":
3.1. The payment of all indebtedness, including but not limited to principal and interest,
and the performance of all covenants and obligations of Grantor under the Note)
whether such payment and performance is now due or becomes due in the 1rut&re;
3.2. The payment and performance of all covenants and obligations in the City of
Ashland Affordable Housing Resale Restriction Agreement (SDCs Only) dated
II - ?i - {'"I 'I ("the Agreement") entered into by Grantor and Beneficiary. The term
"loan obligations" as used in this trust deed shall mean all amounts payable to
Beneficiary under the terms of the Note and the Agreement.
4. Possession. Grantor agrees to pay the Note and the Agreement in accordance with
their terms. Until default occurs, Grantor shall remain in possession and control of the
property and subject to the terms of the Agreement, Grantor shall be free to operate and
manage the property and receive the proceeds of operation.
PAGE I-TRUST DEED
5. Warranty of title. Grantor warrants that Grantor holds merchantable title to the
property in fee simple or that Grantor holds a vendee's interest in the property under a
conditional sales contract. Grantor warrants and will defend Grantor's title a~Jainst the
lawful claims of all persons. In the event any action or proceeding is commenced that
questions Grantor's title or the interest of Beneficiary or Trustee under this deed,
Grantor shall defend the action at Grantor's expense.
6. Powers of Trustee. In addition to all powers of Trustee arising as a matter of law,
Trustee shall have the power to take the following action with respect to the property on
the request of Beneficiary and Grantor: (a) joining in the dedication of roads or other
rights in the public; (b) joining in granting any easement or creating any restriction on
the property; (c) joining in any subordination or other agreement affecting this deed or
the interest of Beneficiary under this deed; or (d) selling the property or any part thereof.
Trustee shall not be obligated to notify any other party of a pending sale under any
other deed or trust or lien, or of any action or proceeding in which Grantor, Beneficiary,
or Trustee shall be a party, unless the action or proceeding is brought by Trustee.
7. Deed of Reconveyance. If Grantor pays all of the loan obligations when due and
otherwise performs all of the obligations imposed on Grantor under this instrument, the
Note and the Agreement, Beneficiary shall execute and deliver to Trustee a request for
full reconveyance.
8. Default. Grantor shall be deemed to be in default if Grantor fails to perforrn any of the
obligations imposed by this deed, the Note or the Agreement.
9. Remedies. On the occurrence of any event of default and at any time thereafter,
Beneficiary may exercise anyone or more of the following rights and remedies:
9.1. The right to declare all sums secured by this trust deed immediat,ely due and
payable.
9.2. The right to foreclose by notice and sale by Trustee or by judicial
foreclosure, in either case in accordance with applicable law.
9.3. The right in connection with any legal proceedings to have a receiver
appointed to take possession of any or all of the property, with the pO'Ner to
protect and preserve the property and to use the property preceding foreclosure
or sale and apply the proceeds, over and above costs of the receivership, against
the loan obligations. The receiver may serve without bond if permitted by law.
Beneficiary's right to the appointment of a receiver shall exist whether or not
apparent value of the property exceeds the loan obligations by a substantial
amount.
9.4. Any other right or remedy provided in this deed, the Note or the A.greement.
PAGE 2-TRUST DEED
~
10. Application of proceeds. In the event the Trustee exercises the power of sale
conferred by this trust deed, the Trustee shall apply the proceeds of the sale in the
following order:
10.1. To the expense of the sale, including reasonable attorney fees,
10.2. To the loan obligations secured by this trust deed, and
10.3. The surplus, if any, to the persons entitled thereto.
11. Waiver. A waiver by either party of a breach of a provision of this agreenlent shall
not constitute a waiver of or prejudice the party's right otherwise to demand strict
compliance with that provision or any other provision. Election by Beneficiary to pursue
any remedy shall not exclude pursuit of any other remedy, and an election to make
expenditures or take action to perform an obligation of Grantor under this deled after
failure of the Grantor to perform shall not affect Beneficiary's right to declare a default
and exercise its remedies under this trust deed or the Contract.
12. Trust Deed Binding on Successors and Assigns. Subject to the limitations stated
in this deed on transfer of Grantor's interest, and subject to the provisions of applicable
law with respect to successor trustees, this deed shall be binding on and inure to the
benefit of the parties, their successors and assigns.
Adrian Garcia Garcia
Gregoria Garcia Flores
.
STATE OF OREGON
COUNTY OF JACKSON
This instrument was acknowledged before me on-.l.t - g -0 LI by
tAJ-v--, 6...~ bo..v L ~ ~ -
d- G r~, 0 v:t\ ( l) Y e~ . C:::'t'\. vt:'i" c....
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Notary Public for Oregon
My commission expires: ~ - ~-C) 7
. OFFICIAL SEAL
AIMEE TIFFEE
'- .i NOTARY PUBLIC-OREGON
. / COMMISSION NO. 365303
MY COMMISSION EXPIRES FEB. 03, 2007
PAGE 3-TRUST DEED
?
Exhibit A
The Property described located in County of Jackson, State of Oregon
Parcel No. Two (2) of Partition Plat recorded September 14, 2000 as Partition Plat
No. P-48-2001 of "Record of Partition Plats" in Jackson County, Oregon and filed as
Survey No. 17063 in the office of the County Surveyor.
PAGE 4-TRUST DEED
~
When Recorded Return Original to:
Barbara Christensen, City Recorder
20 East Main Street, Ashland, Oregon 97520
PROMISSORY NOTE
SECURED BY DEED OF TRUST
$ $8684.54
Ashland, Oregon, 11- <;l - 0 if ,2004
For value received, I promise to pay to the order of the City of Ashland, Ore~,on, ("City"),
at City Hall or such other place as the City may designate, the principal sum of Eight
Thousand Six Hundred Eighty Four and 54/100 dollars ($8684.54). plus accrued
interest, upon the terms and conditions set forth below.
1. AFFORDABLE HOUSING AGREEMENT. This obligation is secured by a Trust Deed
and is subject to all the terms and conditions of such Trust Deed. This obligation is
given pursuant to a "CITY OF ASHLAND AFFORDABLE HOUSING RESALE
RESTRICTION AGREEMENT (SDCs ONLY)" and is subject to all the terms and
conditions of such agreement (further referred to in this note as "the Agreement"). The
promisor shall have the right to prepay all or any portion of the unpaid principal of this
note without penalty. However, any payments shall be applied first to accumulated
interest and then to principal.
2. INTEREST. The unpaid principal balance of this note shall bear simple interest at the
rate of six percent (6.00/0) per year from the date of this note until paid.
3. REPAYMENT.
3.1 . During the first 20 years after this note is executed, no payments of either
principal or interest shall be due or payable so long as I continue to own and occupy the
home as my primary residence, and so long as I am not in violation of any of the terms
of this note or the trust deed securing it. As set forth in the Agreement, I may also make
a qualified transfer of the home to an eligible buyer who shall assume this note without
violating the terms of this note.
3.2 . During the first 20 years after this note is executed, the total amount of the
principal and accrued interest shall become immediately due and payable in full upon
my transfer of the home to any person or entity other than an eligible buyer CIS defined
in the Agreement or to an otherwise eligible buyer who does not assume this note and
the trust deed securing it and agree to comply with all of its terms, or whenever I cease
to occupy the home as my primary residence, or whenever I am in default fOlr failure to
comply with any of the terms of this note or the trust deed. At the end of 20 years
following the date of execution of this note, if I am at that time the owner and occupier of
the home and am not in default under any terms of this note or the trust deed, this note
and my obligation to pay the principal and accrued interest shall be cancelled and
forgiven by the City.
PAGE 1 of 2-Promissory Note (Rev'd 8/97)
5
4. BINDING EFFECT: JOINT AND SEVERAL OBLIGATIONS. This note and its terms
shall be binding upon my heirs, executors, administrators, personal representatives,
successors, and assigns. Throughout this note, the terms "I," "me," and "my" refer
individually and collectively to all persons who sign this note, and all persons signing
this note shall be jointly and severally liable for its obligations.
5. ATTORNEY FEES AND COSTS. If either party is required to initiate legal
proceedings to enforce its rights under this Agreement, the prevailing party in such
action shall be entitled to an award of reasonable attorneys' fees and costs in addition to
any other recovery under this Agreement.
6. SEVERABILITY: GOVERNING LAW. If any provision of this note is or becomes
inconsistent with any applicable present or future law, rule or regulation, suclh provision
will be deemed rescinded or modified in order to comply with the relevant la'Jv rule or
regulation, and all other provisions of this note shall continue in full force and effect.
This note shall be governed by and interpreted under the laws of the State of Oregon.
7. NO WAIVER. Failure by the City to require strict performance of any term of this note,
including the extension of any payment or acceptance of any part of a paym~~nt, shall
not affect the City's rights or be considered a waiver by the City of the strict performance
of all conditions of this note. No waiver by the City of any default shall be considered a
waiver of any subsequent default or a waiver of this paragraph.
EXECUTED this
day of I /'-l? - () 'I
,2004
NOTICE TO BUYER: THIS DOCUMENT CONTAINS PROVISIONS RESTRICTING
RESALES AND ASSUMPTIONS.
Signature:
Signature:
CJ-d R 4- C~/y- f"'ic;L R c .--:'0-
Adrian Garcia Garcia
c; :Tr-" (';(~ \;- LA.. c;:,: ':! y (/iA. F,t 0'" (.:>)"
Gregoria Garcia Flores
PAGE 2 of 2-Promissory Note (Rev'd 2004) ~
When Recorded Return Original to:
Barbara Christensen, City Recorder
20 East Main Street, Ashland, Oregon 97520
CITY OF ASHLAND AFFORDABLE HOUSING
RESALE RESTRICTION AGREEMENT (SDCs ONLY)
Owner: Adrian Garcia Garcia and
Gregoria Garcia Flores
Property Address: 181 California St.
A reement date:
Purchase Price: $132,995
Date of Purchase: A ril 23, 2003
Agreement entered into on the date specified above by the City of Ashland ("City") and
the Owner (also referred to as "You") named above regarding certain improved real
property located at the property address specified above ("the home").
RECITALS:
A. The home referred to in this agreement is described more fully on the
attached Exhibit A.
B. The home is being made available for purchase by an eligible
moderate-income purchaser pursuant to the City's Affordable Housing Program
("Program"). The Owner is an eligible moderate-income purchaser under the Program
and intends to live in the home as an owner-occupant.
C. The Owner recognizes that in purchasing the home, the Owner is receiving
the benefits of the City's assistance to the developer of the property upon which the
home is located, and that without such assistance the Owner would not havI3 been able
to purchase the home. The Owner understands that signing this Agreement and
complying with its terms are necessary to permit the City to fulfill its affordable housing
goals.
City and Owner agree:
1. Occupancy Reauirement. You agree and acknowledge that the City's acceptance
of your participation in the Program and purchase of the home is conditioned upon your
continuing occupancy of the home. For purposes of this agreement, continuing
occupancy includes renting of the home by the Owner to others, if you have established
a temporary residence outside Jackson County, Oregon. Any such rental, however,
shall not exceed 24 months in any five year period and the renting household shall be
qualified under the City's affordable rental program income limits and the rental costs
shall not exceed the limits established under this program.
(
PAGE 1-RESALE RESTRICTION AGREEMENT
2. Deferment of Systems DeveloDment Charaes (SDCs). City will defer the payment
of SDCs owed by you and due on the home. You will execute a promissory note
payable to City in a principal amount equal to the total cost of the SDCs that have been
deferred. The note and the obligations under this Agreement will be secured by a trust
deed on the home.
3. SDCs Due UDon Transfer of Home. Except as provided in paragraph 4, you agree
to pay to the City when you "transfer" the home any amount due from the promissory
note referred to in paragraph 2.
3.1. Definition of transfer. To "transfer" the home means any sale, assignment or
transfer, whether voluntary or involuntary, of any interest in the home, including, but not
limited to, a fee simple interest, a co-tenancy interest, a survivorship interest, a life
estate, a leasehold interest (except as provided in paragraph 1), any right to possession
under a rental agreement (except as provided in paragraph 1), or an intereslt evidenced
by a mortgage, trust deed or land sale contract in which possession of the home is
transferred and you retain title.
3.2. Assumption reauirement. This agreement shall apply to and bind any
purchaser or transferee in an exempt or qualified transfer (see paragraph 4). Such
purchaser or transferee shall assume your duties and obligations under this Agreement
in writing, or sign an agreement substantially similar to this Agreement, prior to the
transfer of the home. If the purchaser or transferee fails to assume this Agreement or
execute and deliver a substantially similar agreement to the City prior to the sale or
transfer, then you shall pay any amount due from the promissory note referred to in
paragraph 2.
Recording of the assumption agreement in the official records of Jackson County,
Oregon, shall be a condition of the City's approval of the proposed transfer. You agree
to pay a reasonable assumption fee to the City and to reimburse the City for its
expenses incurred in administering its rights and obligations in connection vvith any
transfer under this Agreement. Upon the close of any transfer, you agree to provide the
City with copies of the recorded trust deed, final sales contract, settlement statement,
escrow instructions, and any other documents prepared or used in connection with the
transaction.
4. ExemDt and Qualified Transfers. No amount shall be due under paragraph 3,
however, if the transfer is either an "exempt transfer" or a "qualified transfer'" as
provided in this paragraph:
4.1. Exempt transfer. An "exempt transfer" is:
4.1.1. A transfer by gift or inheritance to your spouse or childrBn;
4.1.2. A taking of title by a surviving joint tenant; a court-ordered transfer
of title to a spouse as part of a dissolution proceeding; or an acquisition of title,
or of any interest in the title, in conjunction with marriage.
PAGE 2-RESALE RESTRICTION AGREEMENT
~
4.1 .3. A refinancing of the existing purchase money first mort~)age or trust
deed encumbering the home by securing a new first mortgage or trust deed on
the home in an amount not greater than the then present balance of the first
mortgage or trust deed plus applicable loan fees and closing costs. An exempt
transfer also includes a home equity loan secured by a third mortgage or trust
deed on the home, which shall be subordinate to this note and the trust deed
securing it provided that the proceeds of such home equity loan shall only be
used for improvements to the home, including landscaping.
4.2. Qualified transfer. A "qualified transfer" is a transfer to an eligible
buyer for a sales price that does not exceed the affordable housing purchase
price as determined by Ashland City Council Resolution number 93-39 including
amendments, if any. A qualified transfer must also meet the requirerrlents set
forth in this paragraph. At least 30 days prior to the transfer, you shall provide the
following information to the City:
4.2.1. The name, address and telephone number of the proposed buyer;
4.2.2. A financial statement signed by the proposed buyer and his or her
spouse, if any, in a form acceptable by the City and accompanied by such
supporting documentation as requested by the City. The financial information
shall be used by the City to determine the income eligibility of the proposed
buyer. To be an eligible buyer, a buyer shall certify that he or she will occupy the
home as his or her principal home. The buyer and all other members of the
buyer's household shall meet the income guidelines established from time to
time by the City for participation in its affordable housing program.
4.2.3. A copy of the proposed sales agreement and all related documents,
which set forth the terms of the transfer;
4.2.4. A written certification signed by the proposed buyer and you in a
form acceptable to the City stating that:
4.2.5. The transfer shall be closed in accordance with the termls of the
sales agreement and other documents submitted and approved by the City;
4.2.6. Neither the proposed buyer nor any other party has paid or will pay
to you or for your benefit, and you have not received nor will you receive from the
proposed buyer or any other party, either directly or indirectly or for your benefit,
money or any other consideration in addition to what is set forth in thH sales
agreement and related documents;
4.2.7. In the event that a transfer is made in violation of the terms of this
agreement, or that false or misleading statements are made in any documents or
certifications submitted to the City, the City shall have the right to file a legal
action to force the parties to terminate or rescind the sales agreement, or to
declare the sale void notwithstanding the fact that the sale may have closed and
become final as between the buyer and you.
PAGE 3-RESALE RESTRICTION AGREEMENT
q
5. You Must Notifv City of Transfer. If you desire to transfer the home, you are
required to notify City in writing to that effect. If the transfer is a qualified transfer, the
notice and information provided must comply with paragraph 4.2. For any other transfer
the notice shall state the street address of the home, your full name or names, the
address and telephone number at which you are to be contacted if not at the home.
The notice shall be given at least 30 days prior to the transfer and shall be delivered as
provided in paragraph 9.
6. Priority and Effectiveness of this Aareement. This Agreement, or a memorandum
of this agreement, shall be filed for recordation in the County Clerk deed records,
Jackson County, Oregon prior to any sale, conveyance, transfer or other disposition of
the home, or of any estate or interest in the home, by you. The Agreement shall have
priority over any subsequent sale, conveyance, transfer, lease or other disposition or
encumbrance of the home, or of any estate or interest in the home.
7. Term of Aareement. The restrictions contained in this Agreement shall continue for
a period of 20 years from the date of this Agreement.
8. Survival of Aareement Upon Transfer. The City's rights under this Agreement shall
survive any transfer of the home by you.
9. Notices. Except as otherwise specified in this Agreement, all notices required to be
sent pursuant to this Agreement shall be made by personal delivery or by deposit in the
United States mail, first class postage prepaid, and shall be deemed to have been
delivered and received on the date of personal delivery or five days after deposit in the
mail, if sent to the following addresses:
City:
Affordable Housing Coordinator
City of Ashland
20 E. Main Street
Ashland, Oregon 97520
OWNER:
Adrian Garcia Garcia and Gregoria Garcia Flores
181 California St.
Ashland, OR 97520
The addresses above may be changed by notice given pursuant to this paragraph.
10. Waiver. No condition of this agreement or of the note or trust deed shall be deemed
waived unless expressly waived in writing by City.
11. Default. A default shall occur if you fail to perform or observe any of the provisions
of this agreement, the note or trust deed. If any default occurs, City may, at its option,
declare the entire unpaid balance of principal and accrued interest on the note
immediately due and payable and enforce any of the remedies set forth in the trust
deed.
12. Bindina Effect. Throughout this Agreement, the terms "Owner" and "you" refer
individually and collectively to all persons who sign this Agreement and all persons
PAGE 4-RESALE RESTRICTION AGREEMENT
)\J
signing this Agreement shall be jointly and severally liable for its obligations.
13. Attornevs' fees. If either party is required to initiate legal proceedings to enforce its
rights under this Agreement, the prevailing party in such action shall be entitled to an
award of reasonable attorneys' fees and costs in addition to any other recovlsry under
this Agreement.
OWNER:
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,,"" d ^ . ,.- /)c
(~-- f<,..-- t~":>I->' /;. c:2- , ").. v-
State of Oregon
County of Jackson
This instrument was acknowledged before me on ~ \ -~
,2004,
by &(l)Dr~ (jI, {'oY-~S &ct(tj{"and A-olrt."," &,y.,_;~.- (?(1.I/'LI"<:\.
. OFFICIAL SEAL
AIMEE TIFFEE
\, i NOTARY PUBLIC-OREGON
~ / COMMISSION NO. 365303
MY COMMISSION EXPIRES FEB. 03, 2007
k~l-
Notary Public fo I Oregon
My commission expires:
d -3"07
CITY 0 /f) LAN :
By: ~'
Title: C.{ '( ,4" Nw 1.\ t Jf24~
State of Oregon
County of Jackson
This instrument was acknowledged before me on j)ee...e-rx--h e,y- :2.
by 01no 0 r,'~L4' as et'fzt AdYhA--rusty~hr
Ashland, Oregon.
,2004,
of the City of
. OFFICIAL SEAL "
. '. SONJA N AKERMAN
~ ! NOTARY PUBLIC'" OREGON
...." ....: COMMISSION NO. 355829
'" .., MY COMMISSION EXPIRES APRil 6. 2006
7/( . {l j)//, y;e< ../ ~--C.-/
Notary P ic for Oregon
My commission expires: + ' ,(p ,- () &.
-:t'::;~ f~ (;;'-"'"
1 \
PAGE 5-RESALE RESTRICTION AGREEMENT
Exhibit A
The Property described located in County of Jackson, State of Ore!~on
Parcel No. Two (2) of Partition Plat recorded September 14, 2000 as Partition Plat
No. P-48-2001 of "Record of Partition Plats" in Jackson County, Oregon and filed as
Survey No. 17063 in the office of the County Surveyor.
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