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Home My WebLink AboutD-2015-A Agreement Waiving Rights Tract 2353 2~ F.C ORD~G REQUESTED BY: F.:--:sT A)IERICA.'i TIILE COMPA.NY 4791Sft)~LJ- TOMMY GONG San Luis Obispo County-Clerk/Recorder Recorded at the request of First American Title Company NB 8/27/2015 8:08 AM RECORDlNG REQUESTED BY AND WliEN RECORDED RETURN TO: DOC#: 2015043735 Titles: 1 Pages: 4 City of San Luis Obispo COMMUNITY DEVELOPMENT DEPARTM ENT 919 Palm Lreet II II 1111111111 San Luis Obispo, CA. 9340 I AGREEMENT WAIVING RIGHTS TRACT 2353-2 Fees Taxes Others PAID WHEREAS we are tl1e Owner of real property de cribed as Tract 2353-2 in the City of San Luis Obi po County of San Luis Obispo tate of California according to map recorded in Book 35 of Maps Pages :SB-4;;}-in the office of the County Recorder of said County; and WHEREAS, it is the desire and intention of Owner to sell lots within the Tract 2353-2 subdivision; and WHEREAS, Condition #Id of City Council Resolution No. 10512 (2014 Serie) for Tract 2353 requires Owner to enter into an agreement waiving his/her/their rights to oppose formation of an assessment district to fund the pottion of the Margarita Area Specific Plan (MASP) transportation improvements which are not funded by MASP transportation impact fees. WHEREAS, the total construction cost for completing the Specific Plan improvements is estimated to be $28.7 million, including Specific Plan cost allocations for the completion of Prado Road the Prado Road interchange, the improvements to the Prado and Higuera intersection miscellaneous right of way costs, and a contingency; and WHEREAS, the total revenue estimate for development in the Specific Plan area is $26.6 million according to the Goodwin Report, leaving a projected $2.1 million shortfall for the Prado Road improvements; and WHEREAS the total number of daily trips in the Specific Plan area is estimated at 24,200 trips according to the January 6, 2014, traffic study prepared by Central Coast Transportation Con ulting; and WHEREAS, dividing the $2.1 million shortfall by the estimated number of daily trips in the Specific Plan area equates to $86.78/daily trip; and WHEREAS, each single family residential unit generates 10.35 daily trips, each multi-family residential unit generates 6.65 daily trips, and the business park lots generate 12.46 trips per 1,000 square feet of building area according to said traffic study, which equates to $898 per single family residential unit, $577 per multi-family residential unit, and $1 081 per 1000 square feet of business park building area; and WHEREAS, Condition #Id of City Council Resolution No. 10512 (2014 Series) for Tract 2353 allows Owner to pay an amount approved by the City to cover Owner's share of the unfunded MASP transportation improvements in lieu of the agreement waiving rights· and 23 .0 0 0.00 0.00 $23.00 WHEREAS, Owner has entered into a Reimbursement Agreement with the City to construct certain Prado Road improvements that are in excess of its fair share as calculated in the Goodwin Report; and WHEREAS, the costs of the Prado Road improvements required to be constructed by Tract 2353 exceed the reimbursement amount; and WHEREAS, the in-lieu fee of $42,206 for the 47 single-family residential units in Tract 2353-2 is being used to offset the excess reimbursement costs for Prado Road upon recordation of the Tract 2353-2 map, so the single-family residential Lots 7 to 14, inclusive, Lots 91 to 107 inclu ive, and Lots 109 to 130, inclusive of said Tract 2353-2 are not subject to this Agreement Waiving Rights. NOW THEREFORE, the Owner of Lots 4 to 6, inclusive of said Tract 2353-2 hereby agrees to either: 1. Waive our rights to oppose the formation of an assessment or financing district to fund the shortfall in costs of design and construction of Prado Road in its entirety to Broad Street, and other improvements, including all necessary appurtenances, permits and property acquisitions; or 2. Pay an in-lieu fee for the project equal to $1,081 per 1,000 square feet of business park building area prior to issuance of building permit. Said assessment shall be adjusted annually for Consumer Price Index increases beginning on the date of execution of this Agreement. This Agreement Waiving Rights shall be an agreement touching, concerning and running with the land and shall be binding on the Owner's heirs, executors, administrators, successors and assign of said real property. IN WITNESS WHEREOF, this agreement has been executed on AlXiust II --'---~)r.._---'~~~~--' 2015, by: OWNER: ResCal SLO 193, LLC, a Delaware Limited Liability Company --r7DL~ l. ~iosoo \JiCL Pruichit Print ame and Title Print Name and Title ALL SIGNATURES MUST BE NOTARIZED A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached and not the truthfulness, accuracy, or validity of that document . State of California } County of San Luis Obispo } On~l\, 'LD1!;1 ,b,foreme J . ~.,.,0.~s~ .. personally appeared, ~ &~ ~.fu \:,', ".S o ~;:;;'rs ,,ae<•J who proved to me on th e ba s is of satisfactory evide nc e to be the person(s) whose name(s) is /are subscribed to the within in strum e nt and acknowledged to me tha t he/s he/th ey e xecuted the same in his/her/their authorized ca pacity(ies ) and th at by hi s/her/th e ir si gnature(s) on the instrument the person(s), or the entity upon behalf of which th e per on (s) acted , executed the instrument. I certify under PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Si gnatu ~ SlgnnturooNotruy Public Place Notary Seal Above A Notary Public or other officer comp let ing this cert ificate verifies only th e iden til of the individual who signed the docum e nt to which th is cert ificate is ar w c hed and 11 0 1 th e tru thjitlnes , accuracy, or validity of that document. State of California County of San Luis Obispo On ____ na..,...,c----~· before me, _______ "'N,=m.,,,1e-:cn,"'1dm•1""'11 lr::-c"C'lor""1h""c-,,o"'ni""",ccrc-c:-----___. personally appeared,---------------~---~----Name of S,gncr{s) who pro ed to me on th e ba js of sati s factory e vid enc e to be the person(s) whose name( ) is /are subscribed to the within instrument a nd acknowledged to me that he /she/th ey executed the same in hi /her/th e ir authori zed capacity(ies), and that by hi s/her/their s ignature(s) on the in strument the person(s), or the entity upon behalf of which the person(s) acted executed the in s trumen t. 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 ---------~-~~-------Signature of No tnry Pub lic Place Notary Seal Above CONSENT OF BENEFICIARY TO SUBORDINATE The undersigned, beneficiary under those certain deeds of trust recorded August 19, 2011, June 28, 2013, and June 26, 2015, as Document Nos. 2011-040394, 2013-037403, and 2015-031415, respectively, of the Official Records in the Office of the County Recorder, County of San Luis Obispo, State of California, hereby consents to the execution and recordation of the attached Agreement Waiving Rights and hereby agrees that said deeds of trust shall be subordinate and subject to said Agreement Waiving Rights. DATED: hr',� ue C 3 , 2015 BENEFICIARY CALIFORNIA BANK & TRUST, A California 6ankirz oration By: Name: 9�k Us � U � 4'r Title: V ► P r�� p`'"f A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached and not the truthfulness, accuracy, or validity of that document. State of California } County of ' o dClzcvr On before me.I� a!r umr pn it c u t c [ cr personally appeared, — who proved to me on the basis of satisfactory evidence to be the person(A) whose name() is/afe subscribed to the within instrument and acknowledged to me that helsQtehhey executed the same in hisA*efMieir authorized capacity4iesj, and that by hislhentkeir signature) on the instrument the person(4, or the entity upon behalf of which the person() 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 Sigs,pSulr or Nnsnry ih3ic BONNY LORENN ELROD Comntiulon 0 2MI41 Notary Public - California Orange County Comm. Explras Dec 31, 2018