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Home My WebLink AboutD-1705D APN 053-034-002 - APN 053-034-003 Recorded 11/16/2006RECORDING REQUESTED BY: Cit6o STA ll C i WNY S, o 9 4-7 AND WHEN RECORDED MAIL TO: Community Development Director City of San Luis Obispo 919 Palm Street San Luis Obispo, CA 93401 APN: 053- 034 -002 and 053 - 034 -003 I i JULIE RODEWALD DG San Luis Obispo County— Clerk/Recorder 11/16/2006 Recorded at the request of 8:00 AM Cuesta Title Company D 0 C #: 2006081562 ! Titles: 1 Pages: 9 I Fees 0.00 Taxes 0.00 Others 0.00 PAID $0.00 AFFORDABILITY AGREEMENT /DEED OF TRUST COVENANTS . THIS AGREEMENT ( "Agreement ") is made and entered into this of oc* p ✓- , 2006, by and between the City of San Luis Obispo (the "City" or "Lender") and Villas at Higuera Limited Partnership, a California limited partnership ("Contractor"). RECITALS A. The City has loaned to Contractor $500,000.000 of Affordable Housing Funds (the "Loan ") for the purpose of developing that certain property described in Exhibit "A" (attached hereto and incorporated herein) and hereinafter referred to as the "Property." B. Contractor intends to develop the Property for the purpose of creating and maintaining a mixed -use residential & commercial development that will provide a minimum of 28 or more residential units, 13 of which will be for low income households (the "Project "). C. The City and Contractor wish to assure that thirteen (13) units in this mixed= use project remain affordable to persons and /or house_ holds .of low income for a period of 55 years (the "Restricted Units ".). NOW, THEREFORE, the parties acknowledge and agree as follows: ARTICLE 1. DEFINITIONS 1.01. "Households of low income" means persons and households whose income does not exceed 60 percent of area median income adjusted for family size by the State Department of Housing and Community Development. 71) ('105+ 1.02. Persons and households meeting the definitions under section 1.01 shall be referred to as "Eligible Households." 1.03. "Area Median Income" shall mean the county wide median income in the then currently published guidelines of the U.S. Department of Housing and Urban Development. ARTICLE 2. USE RESTRICTIONS 2.01. These affordability requirements shall be covenants running with the land as defined in California Civil Code section 1460. Pursuant to Civil Code section 1468 which governs such covenants, the provisions of this Agreement shall be binding upon all parties having any right, title, or interest in any of the properties described herein, or any portion thereof and on their heirs, successors in interest and assigns for a period of 55 years from the date of this Agreement. The parties agree that all future deeds or transfers of interest regarding the subject Property shall show the restrictions of this Agreement for as long as the Agreement is in effect. 2.02. The Contractor, by and for itself and any successors in interest, 'covenants and agrees that for the period of time specified in this Agreement there shall be no sale, lease, rental, or other transfer of the Restricted Units on the Property except for the rental or leasing of individual housing units to Eligible Households. Any sale, lease, rental or other transfer of any Restricted Unit on. the Property. in violation of this covenant shall be void. unless authorized by the prior written consent of the Community Development Director of the City of San Luis Obispo. 2.03. All existing and future Restricted Units on the Property shall be rented to Eligible Households during the 55 year term of this Agreement. Monthly Rents for the Restricted Units shall not exceed one twelfth of thirty, percent (30 %) of sixty percent -(60%) Area Median Income: . ARTICLE 3. GENERAL 3.01. Notices required to be sent to the City hereunder shall be sent by certified mail, return receipt requested, to the following address: Community Development Director City of San Luis Obispo, 919 Palm Street San Luis Obispo, CA 93401 • • 3.02. The Contractor" hereby specifically acknowledges and agrees to be bound by the covenants respecting affordability on the Property contained herein. VILLAS AT HIGUERA LIMITED PARTNERSHIP By: Peoples' Self -Help Housing Corporation, a California nonprofit public benefit corporation, its general partner l JEAN ETjTli�DUNCAN* Executi46 Director ( *signatures must be notarized) Date ' Date 0 .0 ACKNOWLEDGMENT State of California, County of San.Luis Obispo On September 25, 2006, before me, Ruby M.C. Remigio, Notary Public, personally appeared Jeanette Duncan and Scott Smith personally known to me or proved tome on the basis of satisfactory evidence to be the person (s) whose name (s),i4 /are subscribed to the within instrument and acknowledged to me that-he/the /they executed the same in-1 sow /their authorized capacity (ies), and that byer /their signature (s) on the instrument the person (s), or person (s) acted, executed the instrument. WITNESS my hand and official seal. RUBY M.C. REMIGIO Co' ommission # 1390557 Notary Public - California San Luis Obispo County My Comm. Expires Dec 17, 2006 0 APPROVED AS TO CONTENT: City of San Luis Obispo r„ lKerf Hh(npic, ' - f City Administrative Officer ( *signatures must be notarized) APPROVED AS TO FORM AND LEGAL EFFECT: Jonath owell City Attorney Date Date STATE OF CALIFORNIA ) )SS COUNTY OF SAN LUIS OBISPO ) On October 4, 2006, before me Audrey Hooper, City Clerk, personally appeared Ken Hampian, City Administrative Officer, CITY OF SAN LUIS OBISPO, personally known to me4efjweved It-g- me on the to be the personWwhose nameVis /afe- subscribed to the within instrument and acknowledged to me that he /sh&the3,- executed the same in his/her /their authorized capacity(jW), and that by his heir- signaturef06 the instrument the person(, or the entity upon behalf of which the person fy acted, executed the instrument. WITNESS my hand and official seal. Signature (Seal);,, _. CERTIFICATE OF ACCEPTANCE THIS IS TO CERTIFY that the interest in real property conveyed by Affordability AgreemendDeed of Trust Covenants, dated October 4, 2006, from Villas at Higuera Limited Partnership, is hereby accepted by the undersigned officer on behalf of the City Council pursuant to authority conferred by Resolution No. 5370 (1984 Series), recorded June 15, 1984, in Volume 2604, Official Records, Page 878, San Luis Obispo County, California, and the Grantee consents to recordation thereof by its duly authorized officer or his agent. October 4, 2006 ATTEST: .r i i udrey Hv er ., 'City Clerk s CITY OF SAN LUIS OBISPO a 10 Mayor David F. Romero Parcel A• APN: 053,034,002 EXHIBIT "A" LEGAL DESCRIPTION • The land referred to in this report is situated in the County of San Luis Obispo, State of California, and is described as follows: That portion of Lot 24 according to the map of the Subdivision of the San Luis Obispo Suburban Tract, in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to map recorded February 7, 1906 in Book 1, Page 93 of Record of Surveys, described as follows: Beginning at a point in the Easterly line of the California State Highway at a concrete monument at the Southwest corner of said Lot 24; Thence along the Easterly line of said highway, North 3 029' East, 132.57 feet to a concrete monument; Thence North 3 °49' West, 213.46 feet to a point in the Easterly line of said highway, Thence North 11 °07' West, 9.99 feet for the TRUE POINT OF BEGINNING, said point being the Southwest corner of the land conveyed to N.W. Biddles by deed dated February 19, 1937 and recorded in Book 211, Page 319 of Official Records; Thence from said TRUE POINT OF BEGINNING, Southeasterly along the said Easterly line of the California State Highway 120 feet; Thence North 89 °49' East, 208 feet, more or less, to the East line of the property conveyed to Octavia Augusta Martin, by deed dated March 10, 1934 and recorded in Book 150, Page 231 of Official Records; Thence along said East line North 0° 11' West, 120 feet, more or less to the Southeast comer of the land so conveyed to N.W. Biddles as aforesaid; Thence South 89 °49' West along the South line of the land so conveyed to said N.W. Biddles, 235 feet, more or less to the'POINT OF BEGINNING. Parcel B• APN: 053,034,003 The land referred to in this report is situated in the County of San Luis Obispo, State of California, and is described as follows: Those portions of Lot 24 of the Subdivision of the San Luis Obispo Suburban Tract, in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to Map recorded February 7, 1906 in Book 1, Page 93 of Record of Surveys, described as follows: Page 1 of 2 EXHIBIT "A" Parcel B1• Beginning at a point in the Easterly line of the California State Highway at a concrete monument at the Southwest comer of said Lot 24; Thence along the Easterly line of said highway, North 3 °29' East, 132.57 feet to a concrete monument; Thence North 3 °49' West, 213.46 feet to a point in the Easterly line of said highway, Thence North 11 °07' West, 59.99 feet for the TRUE POINT OF BEGINNING, said point being the Northwest comer of the land conveyed to Octavia Augusta Martin by deed dated March 10, 1934 and recorded in Book 150, Page 231 of Official Records; Thence from said TRUE POINT OF BEGINNING, South I 1 °07' East, 50 feet; Thence North 89 °49' East, 235 feet, more or less, to the East line of the property conveyed to said Octavia Augusta Martin; Thence along said Easterly line, North 0° 11' West to the Northeast comer of the land so conveyed to said Octavia Augusta Martin; Thence along the North line of the property so conveyed, South 89 °49' West, 235.13 feet to the POINT OF BEGINNING. arcel B2: Beginning at a point in the North line of the property conveyed to N.W. Biddles, by deed recorded in Book 211, Page 319 of Official Records, said point being North 89 °49' East, 200 feet from the Easterly line of the California State Highway, said point being also the Southeast comer of the property conveyed to R.C. Terhune and Wife, by deed recorded in Book 85, Page 281 of Official Records; Thence North 89 °49' East along the North line of the property so conveyed to said N.W. Biddles,35.13 feet; Thence North 0° 11' West, 70 feet; Thence South 89 °49' West, 48.65 feet to the East line of the property so conveyed to said R.C. Terhune and Wife; Thence South 11 007' East along said East line, 71.29 feet to the POINT OF BEGINNING. End of Legal Description Page 2 of 2 END OF DOCUMENT