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Notice of Assignment of Rents - 22164 Umland Circle, Jenner, CA 95450 - 22164 Umland Cir, Jenner, CA 95450.pdf

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STINSON Andrew S. Elliott PARTNER OFFICE: 415.398.3344 andrew.elliott@stinson.com June 1, 2026 Via Certified Mail Return Receipt Requested CSC Lawyers Incorporating Service As Registered Agent for Airbnb, Inc. 2710 Gateway Oaks Drive, Suite 150N Sacramento, CA 95833 Re: Notice of Recorded Assignment of Rents and Security Interest; Property at 22164 Umland Circle, Jenner, CA 95450; Airbnb Listing: "Serene Coastal Retreat Clark's Cove" Host Account Associated with Kraig Clark (clark.kraig@gmail.co

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STINSON

Andrew S. Elliott
PARTNER

OFFICE: 415.398.3344
andrew.elliott@stinson.com

June 1, 2026

Via Certified Mail
Return Receipt Requested
CSC Lawyers Incorporating Service
As Registered Agent for Airbnb, Inc.
2710 Gateway Oaks Drive, Suite 150N
Sacramento, CA 95833
Re:

Notice of Recorded Assignment of Rents and Security Interest;
Property at 22164 Umland Circle, Jenner, CA 95450;
Airbnb Listing: "Serene Coastal Retreat Clark's Cove"
Host Account Associated with Kraig Clark (clark.kraig@gmail.com)

Tenant: ECO Systems LLC, as Property Manager and Agent; and Any Current or Future Tenant,
Occupant, or Guest

Property Occupied by Tenant: 22164 Umland Circle, Jenner, CA 95450

Landlord: Kraig Clark
Secured Party: NFS Capital, LLC; 900 Cummings Center, Suite 226-U, Beverly, MA 01915
Dear Sir or Madam:
This firm represents NFS Capital, LLC ("NFS Capital"), a Delaware limited liability company with
its principal place of business at 900 Cummings Center, Suite 226-U, Beverly, MA 01915. NFS
Capital is the beneficiary of a recorded Deed of Trust encumbering the real property located at
22164 Umland Circle, Jenner, CA 95450 (APN 109-420-031-000) (the "Property"). We write to
provide Airbnb, Inc. ("Airbnb") with formal notice of NFS Capital's security interest in the rental
proceeds generated by the Property, which are currently being collected through Airbnb's platform.

I.

NFS Capital's Recorded Security Interest.

On October 21, 2022, Kraig Clark, as trustor, executed and delivered a Deed of Trust (the "Deed
of Trust") encumbering the Property in favor of NFS Capital’s predecessor in interest, NFS Leasing,
Inc. The Deed of Trust was recorded on October 21, 2022 in the Official Records of Sonoma
County, California as Document No. 2022067428. The assignment of the Deed of Trust to NFS
Capital, LLC was subsequently recorded on August 14, 2025 as Sonoma County Document No.
2025038529.

Article 5 of the Deed of Trust contains an absolute assignment of all rents, issues, and profits
generated by the Property (the "Assignment of Rents"). This assignment was duly recorded as part
595 Market Street, Suite 2600, San Francisco, CA 94105
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STINSON LLP \

STINSON.COM

June i, 2026
Page 2

of the Deed of Trust in October 2022 and constitutes a fully perfected security interest in all rental
proceeds generated by the Property under California Civil Code § 2938(b), with priority as of the
date of recordation.

IL

Activation of the Assignment of Rents.

On September 25, 2025, NFS Capital's trustee, Fidelity National Title Company (TS# 25-002672FNT), recorded a Notice of Default and Election to Sell as Sonoma County Document No.
2025045974, reflecting Kraig Clark's default under the obligations secured by the Deed of Trust. A
Notice of Trustee's Sale has been recorded as Sonoma County Document No. 2026000856. The
Trustee's Sale is currently scheduled for June 10, 2026.
The recordation of the Notice of Default on September 25, 2025 constituted an enforcement event
under California Civil Code § 2938(b) and (c), activating NFS Capital's rights under the Assignment
of Rents. From and after September 25, 2025, all rents, issues, profits, and cash proceeds generated
by the Property are subject to NFS Capital's prior security interest.

III.

The Airbnb Listing and NFS Capital's Claim to Proceeds.

NFS Capital is aware that the Property is currently listed on the Airbnb platform as "Serene Coastal
Retreat Clark's Cove" and that rental proceeds from guest bookings are being remitted by Airbnb
to a host account associated with Kraig Clark (clark.kraig@gmail.com) and/or ECO Systems LLC
(earl@earlbnb.com), acting as co-host and property manager. The Airbnb listing was confirmed
active as recently as April 2026.
NFS Capital's recorded Assignment of Rents encompasses all cash proceeds generated by the
Property, including without limitation all booking revenues processed through the Airbnb platform
for stays at the Property. California Civil Code § 2938(a) expressly defines "leases, rents, issues,
and profits of real property" to include "the cash proceeds thereof," and "cash proceeds" to mean
"cash, checks, deposit accounts, and the like." Airbnb booking proceeds for the Property fall within
this definition.

Furthermore, the operation of the Property as a short-term rental is in apparent violation of a Notice
of Abatement Proceedings recorded by Sonoma County Permit Sonoma on September 22, 2025 as
Document No. 2025045111, relating to operation of the Property as a vacation rental without the
required permit. NFS Capital brings this to Airbnb's attention as a matter of compliance
significance.
IV.

Formal Notice and Request.

By this letter, NFS Capital formally notifies Airbnb, Inc. that:

1. NFS Capital holds a recorded, perfected, and activated security interest in all rental proceeds
generated by the Property, including all proceeds collected or to be collected through the
Airbnb platform in connection with guest bookings at 22164 Umland Circle, Jenner, CA
95450.

CORE/3543233.0008/243581718.1