HomeMy WebLinkAboutD-1400A 1090 Orcutt HASLO Assignment of AgreementRECORDI' G RE STE 8Y ML O 7
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Doc No: 1993 - 06966
Official Records
340 3 -81vI. San Luis Obispo Co.
�J Francis M. Cooney
Recorder
Nov 08, 1993
Time: 14:29
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Rec No: 00082009
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TOTAL 0.00
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ASSIGNMENT OF AGREEMENT A- 24 -91 -CC BETWEEN THE CITY
OF SAN LUIS OBISPO AND THE HOUSING AUTHORITY OF THE CITY OF SAN LUIS
OBISPO FOR CITY OWNED PROPERTY LOCATED AT 1090 ORCUTT ROAD FROM
HOUSING AUTHORITY OF THE CITY OF SAN LUIS OBISPO TO THE SAN LUIS
OBISPO NON - PROFIT HOUSING CORPORATION (approved 12 -1 -92)
Whereas, in April of 1991 the City Council deemed City owned property located at
1090 Orcutt Road as surplus to City needs; and
Whereas, the City Council subsequently leased (Agreement A-24-91 -CC, hereafter
referred to as the Original Lease Agreement) the 1090 Orcutt Road property to the
Housing Authority of the City of San Luis Obispo for a fifty -five year period to develop an
elderly and handicapped housing project; and
Whereas, the Housing Authority of the City of San Luis Obispo has requested to
assign their interest in the Original Lease Agreement to their affiliate, the San Luis Obispo
Non- Profit Housing Corporation, which was created in 1990 for the purposes of securing
advantageous financing for public housing projects; and
Whereas, the lease assignment will allow the Housing Authority of the City of San
Luis Obispo to secure tax credits that will significantly reduce the cost of the elderly and
handicapped housing development; and
Whereas, the Original Lease Agreement between the City and the Housing
Authority of the City of San Luis Obispo requires written approval from the City Council
for any lease assignments to insure that the successor is capable of fulfilling the terms
and conditions of the Original Lease Agreement;
Whereas, the City has reviewed the performance of the San Luis Obispo Non - Profit
Housing. Corporation and. concluded that the Corporation is capable of fulfilling the terms .
and conditions of Original. Lease Agreement between the City and Housing Authority of
the City of San Luis Obispo.
Now, therefore, in consideration of the mutual covenants, conditions, promises and
agreements herein, the City and the Housing Authority of the City of San Luis Obispo
hereby agree to the./following:
1. The'City hereby consents to the assignment of the Original Lease
Agreement with the Housing Authority of the City of San Luis Obispo for
City owned_ property located at 1090 Orcutt Road to the San Luis Obispo
Non- Profit Housing. Corporation for the purposes of developing an elderly
and handicapped housing project..
2. The San Luis Obispo Non - Profit Housing Corporation, hereby assumes and
agrees to fulfill all terms and conditions in the Original Lease Agreement
between the City and the Housing Authority of the City of San Luis Obispo,
and the same shall remain in full force and effect.
A- 24 -91 -CC
(reassign of orig. lease)
In witness whereof this agreement has been executed by:
APPROVED:
City of San Luis Obispo
By:
ay Peg Pinard
Housing Authority of the City of San Luis Obispo
0
San Luis Obispo Non -Profit Housing Corporation
By:
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ladwel , Ci k
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APPROVED AS TO FORM:
LP- CiV Attorney
i:ha.agr
•
State of California
County of San Luis Obispo
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i
On / before irre, f
appeared P Y p� Y , to me (or
proved to me on the basis of satisfactory ev ) to be the perscn(s) whose
name(s) is /are subscribed to the within instrument and acknowledged to me that
he/ she /they executed the same in his/hex /their authorized capacity(ies), and that
by his /her / their signature(s) on the instrument the person(s), or the entity
upon behalf of which the person (s) acted, executed the instrument.
WITNESS my hand off' seal.
MCraL sFA
signature _ (Seal) SHARIE A. ROOT
NOTARY PUBLIC • CALIFCRMA
SAN LUIS OBISPO COUNTY
E9F My Comm. Expires June 20.1994
1
v
Y
On / before irre, f
appeared P Y p� Y , to me (or
proved to me on the basis of satisfactory ev ) to be the perscn(s) whose
name(s) is /are subscribed to the within instrument and acknowledged to me that
he/ she /they executed the same in his/hex /their authorized capacity(ies), and that
by his /her / their signature(s) on the instrument the person(s), or the entity
upon behalf of which the person (s) acted, executed the instrument.
WITNESS my hand off' seal.
MCraL sFA
signature _ (Seal) SHARIE A. ROOT
NOTARY PUBLIC • CALIFCRMA
SAN LUIS OBISPO COUNTY
E9F My Comm. Expires June 20.1994
1