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Home My WebLink AboutD-1798 Parcel Map SLO 06-0234 - Villas at Higuera Recorded 10/03/2008RECORDING REQUESTED BY CUESTA TITLE COMPANY KECORDENCHREQUESUM-BY AND WHEN RECORDED MAIL TO: Community Development Director City of San Luis Obispo 918 Palm Street San Luis Obispo, CA 93401 !, JULIE RODEVIIAL San Luis Obispo County- Clerk/Recorder Recorded at the request of Cuesta Title Company d: zooeoaesis Ni��dAS��IO�IndA�I�AOA�� Space Above This Line for Recorder's Use Only Lo 10/03/2008 8:00 AM Titles: 1 Pages: 7 Fees 0.00 Taxes 0.00 Others 0.00 PAID $0.00 PARTIAL RELEASE TO AFFORDABILITY AGREEMENT/DEED OF TRUST COVENANTS This Partial Release to Affordability Agreement/Deed of Trust Covenants (the "Agreement "), dated as of fed2t. Z3 2008 for informational purposes, is made and entered into by and between Villas at Higuera Limited Partnership, a California limited partnership (the "Borrower") and the City of San Luis Obispo (the "City "). RECITALS A. The Borrower is the owner of the real property described in Exhibit_ A attached hereto and incorporated herein by this reference (the "Property"), and applied to the City for a loan (the "Loan") to finance a multifamily rental housing development (the "Development "). The Development includes the Property, all improvements constructed on the Property and all funds or property, of whatsoever kind or nature, committed to the Development., B. As an inducement to the City to make the Loan to enable Borrower to acquire and develop the Property, the Borrower agreed to enter into the Affordability Agreement/Deed of Trust Covenants dated as of November 1, 2006 and recorded November 16, 2006, in/pppjc*2006081564 in the Official Records of San Luis Obispo County, State of California (the "Affordability Agreement ") and consented thereby to. be and to have the Development regulated and restricted by the City as provided in the Affordability Agreement and in the rules, regulations, policies and procedures of the City promulgated thereunder, and as amended from time to time. C. Borrower filed Parcel Map SLO 06 -0234 in the City of San Luis Obispo, County of San Luis Obispo which recorded May 16, 2008 in Book 71 at Pages 33 -37 of Parcel Maps (the "Parcel Map') in order to create 2 separate parcels, Parcel 1 which the Borrower has developed as an affordable housing rental project (the "Rental Parcel ") and Parcel 2 which the Borrower intend to transfer to Peoples' Self -Help Housing Corporation, the Borrower's general partner, to be developed and used as office space (the "Commercial Parcel "). *as Instrument No. qJr I D. Pursuant to Section 5 of the City's loan agreement, the City agreed to release the "Commercial Parcel" described in the attached Exhibit B from the encumbrance of the Affordability Agreement. NOW, THEREFORE, the parties hereto agree as follows: 1. The City hereby agrees to release the encumbrance of the Affordability Agreement against the Commercial Parcel. 2. Except as modified herein, the Affordability Agreement remains in full force and effect on the Rental Parcel. 3. This Agreement may be executed in several counterparts, each of which will be an original and all of which constitute one and the same instrument. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. Borrower: Villas at Higuera Limited Partnership, a California Limited Partnership By: Peoples' Self -Help Housing Corporation, a California, nonprofit public benefit corporation, its general partner By: Its: City: City of San Luis Obispo B ��-- Name: "j�ej t -462 -+ Title: C� � AJ Y%s- wu7A'iwl 0(4 cv- APPROVED AS TO FORM: Exhibit A - Legal Description of the Original Development Exhibit B — Legal Description of the Commercial Parcel El State of California County of Sccnz!us Date personally appeared Scal� who proved to me on the basis of satisfactory evidence to be the person(e) whose narn*) is /af@ subscribed to the within instrument and acknowledged to me that heAheAhey executed the same in hisAi TM=ir authorized capacity4ic&), and that by his/herftkeir signature4on the instrument the personf *, or the. entity upon behalf of which the persor44acted, 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. INIGO F. GARATE WITNESS my hand and official seal. Commission #F 1726168 Notary Public - California - p.. Place Notary se son luls. Obispo County CaMe li9if�6b SQ11 Signature of Notary Public tate of California C unty of On Dal perso lly appeared me who prove \PEN he basis of satisfacto evidence to be the p rsonl to the witht and acknowledged me that he /she /they a eci authorized ), and that by his/her/ it signature(s) on the upon behalhe person(s) acted, exec ed the instrument. I certify unTY OF PERJURY under th aws of the State of paragraph orrect. Place Notary Seal Above ) whose narne(s) is /are subscribed rd the same in His/her' /their ument the person(s), or the entity my hand and that the foregoing Signature of Notary seal. 0 STATE OF CALIFORNIA ) )SS COUNTY OF SAN LUIS OBISPO ) On September 30, 2008, before me Audrey Hooper, City Clerk, personally appeared Ken Hampian, City Administrative Officer, CITY OF SAN LUIS OBISPO, who proved to me on the basis of satisfactory evidence to be the person(�,whose nameO�is /ere- subscribed to the within instrument and acknowledged to me that he /she4hey executed the same in his/herheir authorized capacity( 4), and that by his/herftheir signature(&n the instrument the person(s� 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 1jjz& A La Clerk rd- • • Exhibit A Legal Description of the Original Development All that certain real property situated in the State of California, County of San Luis Obispo, City of San Luis Obispo, described as follows: Parcels 1 and 2 of Parcel Map SLO 06 -0234 in the City of San Luis Obispo, County of San Luis Obispo, State of California, according_ to Map recorded May 16, 2008 in Book 71 at Pages 33 -37 of Parcel Maps. Exhibit B Legal Description of Commercial Parcel 0 All that certain real property situated in the State of California, County of San Luis Obispo, City of San Luis Obispo, described as follows: Parcel 2 of Parcel Map SLO 06 -0234 in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to Map recorded May 16, 2008 in Book 71 at Pages 33 -37 of Parcel Maps. EIJ®`Of DMUMINT . R C ESTA TI7LE COMPANY Y AND WHEN RECORDED (WAIL TO: Community Development Director City of San Luis Obispo 918 Palm Street San Luis Obispo, CA 93401 10LIE RODEWALD San Luis Obispo County — cierklRecorder i Recorded at the request of Cuesta Title Company DOC #: 2008049511 Space Above This Line for Recorder's Use.Only LO 10/03/2008 8:00 'AM Titles: 1 Pages: 7 Fees 0.00 Taxes 0.00 Others 0.00 PAID $0.00 PARTIAL RELEASE TO AFFORDABILITY AGREEMENT/DEED OF TRUST COVENANTS This Partial Release to Affordability Agreement/Deed of Trust Covenants (the "Agreement' ), dated as of a4f. 7_3 2008 for informational purposes, is made and entered into by and between Villas at Higuera Limited Partnership, a California limited partnership (the "Borrower ") and the City of San Luis Obispo (the "City "). RECITALS A. The Borrower is the owner of the real property described in Exhibit A attached hereto and incorporated herein by this reference (the "Property"), and applied to the City for a loan (the "Loan") to finance a multifamily, rental housing development (the "Development "). The Development includes the Property, all 'improvements .constructed on the Property and all funds or property, of whatsoever kind or nature, committed to the Development. B. As an inducement to the City to make the Loan to enable Borrower to acquire and develop the Property, the Borrower agreed to enter into the Affordability Agreement/Deed of Trust Covenants dated as of November 1, 2006 and recorded November 16, 2006, ;f )6,6)t*2006081562 in the Official Records of San Luis Obispo County, State of California (the "Affordability Agreement ") and consented thereby to be and to. have the Development regulated and `restricted by the 'City; as provided in the Affordability Agreement and in the rules, regulations, policies- and procedures of the. City promulgated thereunder, and as amended from time to time. C. Borrower filed Parcel Map SLO 06 -0234 in the City of San Luis Obispo, County of San Luis Obispo which recorded May 16, 2008 in Book 71 at Pages 33 -37 of Parcel Maps (the "Parcel Map ") in order to create 2 separate parcels, Parcel 1 which the Borrower has developed as an affordable housing rental project (the "Rental Parcel') and Parcel 2 which the Borrower intend to transfer to Peoples' Self -Help Housing Corporation, the Borrower's general partner, to be developed and used as office space (the "Commercial Parcel').. *as Instrument No. D. Pursuant to Section 5 of the City's loan agreement, the City agreed to release the "Commercial Parcel" described in the attached 9xhibit B from the encumbrance of the Affordability Agreement. NOW, THEREFORE, the parties hereto agree as follows: 1. The City hereby agrees to release the encumbrance of the Affordability Agreement against the Commercial Parcel. 2. .Except as modified herein, the Affordability Agreement remains in full force and effect on the Rental Parcel. 3. This Agreement may be executed in several counterparts, each of which will be an original and all of which constitute one and the same instrument. i IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. Borrower: City: Villas at Higuera Limited Partnership, a City of San . Luis Obispo California Limited Partnership By: Peoples' Self -Help Housing Corporation, a California nonprofit public benefit corporation, By: its general partner Name: ,n IQr Title: C. Paft,- %- XA� atLee, By: Its- APPROVED AS TO FORM: Exhibit A - Legal Description of the Original Development Exhibit B — Legal Description of the Commercial Parcel State of California County of Sal) L"W"I's OnS�7 l a3.,jf before me �i� /aa �i 'a%. Date �+ personally appeared Sc t)7f J!!'7 I tA Who proved to me on the basis of satisfactory evidence to be the person($} whose namo(e) isAa+& subscribed to the within instrument and acknowledged to me that.he /executed the same in hisA%wAbo4- authorized capacity(iee}; and that by hisF wfAkok.signatura(e) 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 liws of the State of California that the foregoing paragraph is true and correct. INIGO F. GARATE WITNESS my hand and official seal. Commission # 1726168 Notary Public - California - Son lull Obispo County Platt Notary Seal Feb20,2DII Signature of Notary Public of California of M me ��o Ito who proved tom on the basis of satisfactory e ' ence to be the person(s) who *se name(s) is/are subscribed to the within ins ent and acknowledged to me t he /she /they executed the s in his/her /their authorized capacity s); and that by his/her /their si ature(s) on the instrument th erson(s), or the entity upon behalf of which a person(s) acted, executed th ' nstrument. I certify under PE_NALT F PERJURY under the laws :LSate of California that foregoing paragraph is true and correc WIv hand and official seal. Place Notary Seal Above \ azure of Notary Public • • STATE OF CALIFORNIA ) )SS COUNTY OF SAN LUIS OBISPO ) On September 30, 2008, before me Audrey Hooper, City Clerk, personally appeared Ken Hampian, City Administrative Officer, CITY OF SAN LUIS OBISPO, who proved to me on the basis of satisfactory evidence to be the person( ,4 whose name( is/we- subscribed to the within instrument and acknowledged to me that he /sheAhey executed the same in hisAterftheir authorized capacity(i4 and that by his/heD4reir signatureWn the instrument the person( 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 ity C16rk � j �I • • Exhibit A Legal Description of the Original Development All that certain real property situated in the State of California, County of San Luis Obispo, City of San Luis Obispo, described as follows: Parcels 1 and 2 of Parcel Map SLO 06 -0234 in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to Map recorded May 16, 2008 in Book 71 at Pages 33 -37 of Parcel Maps. 7 � � Exhibit B Legal Description of Commercial Parcel All that certain real property situated in the State of California, County of San Luis Obispo, City of San Luis Obispo, described as follows: Parcel 2 of Parcel Map SLO 06 -0234 in the City of San Luis Obispo, County of San Luis Obispo, State of California, according to Map recorded May 16, 2008 in Book 71 at Pages 33 -37 of Parcel Maps. END OF DOCUR4ENT