The URL can be used to link to this page

Home My WebLink AboutD-2046 Assignment and Assumption of Lease; Laurel Creek Apartments and Housing Authority of SLOL-IFINC1.0 i7LEkK RECORDING REQUESTED BY: AND WHEN RECORDED RETURN TO: City of San Luis Obispo 990 Palm Street San Luis Obispo, Ca. 93401 Attn: City Clerk 2017015714 Tommy Gong San Luis Obispo - County Clerk -Recorder 04/10/2017 04:28 PM Recorded at the request of: PUBLIC Titles: 1 Pages: 5 Fees: $0.00 Taxes: 0.00 Total: 0.00 ASSIGNMENT AND ASSUMPTION OF LEASE This Assignment and Assumption of Lease (the "Agreement") is entered into as of A P r i 1 9, 0,0 1 T , 20%, by and among Laurel Creek Apartments, a California Limited Partnership (the "Assignor"), the Housing Authority of San Luis Obispo, a public body, corporate and politic (the "Assignee") and the City of San Luis Obispo (the "City"), with reference to the following facts: A. Assignee, as "Lessee" and the City, as "Lessor", entered into that certain Lease Agreement (Agreement A -24 -91 -CC) for that certain real property situated at 1090 and 1092 Orcutt Road and 1105 Laurel Lane, City of San Luis Obispo, County of San Luis Obispo, California, dated as of April 29, 1991, between the Assignee and City, a memorandum of which lease was recorded in the Official Records of San Luis Obispo County, California (the "Official Records") on September 17, 1993 as Instrument No. 1993-056148 (the "Lease"). Assignee's interest in the Lease was assigned to SLO Non -Profit Housing Corporation ("SLO") pursuant to an assignment agreement recorded in the Official Records on November 8, 1993, as Instrument No. 1993-069666. SLO's interest in the Original Lease was subsequently assigned to Assignor pursuant to an assignment agreement recorded in the Official Records on October 20, 1994, as Instrument No. 1994-061783. B. The Assignor desires to assign to the Assignee and the Assignee desires to accept the assignment from Assignor of all of Assignor's obligations with respect to the Lease. C. The consent of the City to the assignment of Assignor's rights and obligations under the Lease is required. NOW, THEREFORE, in consideration of the foregoing, of the mutual promises of the parties hereto and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties mutually agree as follows: 1. Assignment by Assignor. Assignor hereby assigns to the Assignee all of Assignor's rights, title and interest under the Lease and the Memorandum of Lease. 2. Acceptance of Assignment. The Assignee hereby accepts the above assignment and hereby assumes, agrees and undertakes to perform all of the obligations, covenants, and 1 0 -)oLiG agreements of Assignor under the Lease. Any reference to Assignor in the Lease shall be deemed a reference to the Assignee. 3. Payment of Obligations. The Assignee agrees that all amounts due from Assignor pursuant to the Lease from the date hereof shall be assumed by the Assignee. 4. Consent to Assi ent. The City hereby consents to the assignment of the Lease from Assignor to the Assignee and hereby releases Assignor from all obligations imposed under the Lease. 5. Representations of Assignor. Assignor hereby represents and warrants that (i) it has not previously assigned, pledged, hypothecated or otherwise transferred any of its rights under the Lease, (ii) no event of default, or event that with notice or the passage of time or both could constitute an event of default under the Lease, has occurred that remains uncured as of the date of this Agreement, and (iii) Assignor has obtained all authorizations and approvals required by law, under its organizational documents and under the Lease to assign its rights and obligations under the Lease to the Assignee. 6. Representations of the Assignee. The Assignee hereby represents and warrants that (i) the Assignee has obtained all authorizations and approvals required by law, under its organizational documents and under the Lease to assume all of Assignor's rights and obligations under the Lease, and (ii) that the Assignee has the financial ability and development experience to carry out the intent of the Lease and to own and operate the Project in compliance with all of the requirements of the Lease. 7. Effective Date. The assignment set forth above shall be effective as of the date of this Agreement. 8. Counterparts. This Agreement may be signed by different parties hereto in counterparts with the same effect as if the signatures to each counterpart were upon a single instrument. All counterparts shall be deemed an original of this Agreement. 9. Additional Documents. Assignor and the Assignee agree to execute such documents and instruments, including escrow instructions, as may be necessary to effectuate the intent of this Agreement. 10. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California. 2 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. Assignor: Laurel Creek Apartments, a California Limited Partnership By: SLO Non -Profit Housing Corporation, a California nonprofit public benefit corporation By: Ken Litzinger, Chi xrecutive Officer L41EF &uA(JCf& ()FFj4EZ- Assignee: Housing Authority of an Luis Obispo, a public body, corporate and politic 17 Bye City: City of San Luis Obispo By: GW �co, Katie Lichtig, City Manager ATTEST Sk' By:_ Lee Interim Cit .Cje�k ti�:� SrG1VA fS MUST BE NOTARIZED] EXHIBIT A LEGAL DESCRIPTION THE LAND SITUATED IN THE STATE OF CALIFORNIA, COUNTY OF SAN LUIS OBISPO, CITY OF SAN LUIS OBISPO, DESCRIBED AS FOLLOWS: LEASEHOLD IN AND TO THAT PORTION OF LOT 3 IN SECTION 1 IN TOWNSHIP 31 SOUTH, RANGE 12 EAST, MOUNT DIABLO BASE AND MERIDIAN, IN THE CITY OF SAN LUIS OBISPO, IN THE COUNTY OF SAN LUIS OBISPO, STATE OF CALIFORNIA, ACCORDING TO THE OFFICIAL PLAT OF SAID LAND FILED IN THE DISTRICT LAND OFFICE DECEMBER 3, 1875, DESCRIBED AS FOLLOWS: BEGINNING AT THE INTERSECTION OF THE CENTERLINE OF ORCUTT ROAD, 40 FEET WIDE, WITH THE CENTERLINE OR LAUREL LANE, 40 FEET WISE; THENCE ALONG THE CENTERLINE OF SAID LAUREL LANE NORTH 30040' EAST, 303.74 FEET; THENCE SOUTH 59°20' EAST, 38.00 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING SOUTH 59°20' EAST, 100.00 FEET; THENCE SOUTH 30040' WEST, 39.89 FEET TO THE NORTHERLY LINE OF THE LAND DESCRIBED IN THE DEED TO HENRY A. BERNARD, ET UX. RECORDED MAY 22, 1953 IN BOOK 711 PAGE 62 OF OFFICIAL RECORDS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY; THENCE ALONG SAID NORTHERLY LINE SOUTH 82017' EAST, 182.52 FEET TO THE NORTHEASTERLY CORNER OF SAID LAND OF BERNARD AS FOLLOWS: FROM A TANGENT LINE BEARING SOUTH 19°56 WEST, SOUTHERLY ALONG A CURVE CONCAVE EASTERLY HAVING A RADIUS OF 175 FEET, THROUGH A CENTRAL ANGLE OF 20018' AN ARC DISTANCE OF 62 FEET; TANGENT TO SAID CONCAVE NORTHWESTERLY HAVING A RADIUS OF 20 FEET, THROUGH A CENTRAL ANGLE OF 90°, AND ARC DISTANCE OF 31.42 FEET TO THE NORTHERLY LINE OF ORCUTT ROAD 40 FEET WIDE; THENCE ALONG SAID ORCUTT ROAD NORTH 89038' EAST, 90 FEET TO THE WESTERLY TERMINUS OF THE COURSE RECITED AS HAVING A BEARING AND LENGTH OF SOUTH 89038' WEST, 197.00 FEET IN THE DEED TO CHARLES E. FREEMAN AND WIFE RECORDED MAY 1,1957 IN BOOK 890, RECORDER; THENCE ALONG THE WESTERLY BOUNDARY OF THE LAND DESCRIBED IN SAID DEED TO FREEMAN AS FOLLOWS: NORTHWESTERLY ALONG A CURVE CONCAVE 90°, AN ARC DISTANCE OF 31.42 FEET THROUGH A CENTRAL ANGLE OF 31-, AN ARC DISTANCE OF 67.63 FEET; THENCE NORTHEASTERLY ALONG A TANGENT CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 175 FEET THROUGH A CENTRAL ANGLE OF 31-, AN ARC DISTANCE OF 67.63 FEET; THENCE NORTHEASTERLY IN A DIRECT LINE TO THE MOST SOUTHERLY CORNER OF LOT 7 IN BLOCK A OF TRACT NO. 208, AS SHOWN ON MAP RECORDED IN BOOK 6, PAGE 49 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY; THENCE ALONG THE SOUTHWESTERLY LINE OF SAID 'BLOCK A NORTH 59020' WEST, 312.70 FEET TO THE MOST WESTERLY CORNER OF LOT 43 IN SAID BLOCK A; THENCE SOUTH 30°40' WEST, 90.69 FEET TO THE TRUE POINT OF BEGINNING. APN: 004-961-047 El 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 Agri a2DI ,before me, _Yj Q For' CL C on,zfljf fn.ry Al Uc , Date Name aACI Title of 1 hear personally appeared, w Lr f a I tl !- r Name of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. VICTi-A I COWfflt-RL-EY CCOAM. S 2072418 WITNESS my hand and official seal. M TAWMAMJc`aax+a0111itti SAN. LUM 011ISPO COUNTY ��[� Comm. E�ql. dUHE 27 701 Signature Igna u(5fo vary Public Place Notary Seal Above 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_(�c;; I' 'f. aO'. ,before me,y{Cc jxriCr� , AIc)F-artj P0,1611C Date Name and Ti lie bf the officer personally appeared, Name of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. =QVICTORLANNERLEY2918AM WITNESS m hand and official seal. IFAM Y COUNTY 27 2010 Signature Igna ure o aryl Public Place Notary Seal Above 5 END 0-r :)C)1' -")U Vi ENT