HomeMy WebLinkAbout1999-008064 Recording requested by:
City of Arroyo Grande Doc No: 1999-008064 Rpt No: 00009956,
Official Records NF -1 0 .00
And when recorded, return to: San Luis Obispo Co.
Julie L. Rodewald
City Clerk Recorder
City of Arroyo Grande Feb 02 , 1999
P O. Box 550, 214 East Branch Street • Time: 16 :04
Arroyo Grande, CA 93421 [ 3] ;TOTAL 0 . 00
EXEMPT FROM RECORDING FEES-GOVERNMENT CODE SECTIONS 6103 AND 27383
AGREEMENT AFFECTING REAL PROPERTY
This Agreement, dated Jamin ry 99 , 1999, for the convenience of the parties is
by and between the City of Arroyo Grande (hereinafter"City") and Juniper Street Associates, A
California Limited Partnership (hereinafter referred to as "Owner").
RECITALS
WHEREAS, Owner is the fee owner of that certain parcel of real property generally
described as situated at 119 Juniper Street, Assessors Parcel Number 077-141-002 , City
of Arroyo Grande, County of San Luis Obispo, California (the "Property"), more specifically
described in Exhibit"A" attached hereto and incorporated herein; and
WHEREAS, the Planning Commission of the City of Arroyo Grande approved Conditional
Use Permit Case Number 97-0561, pursuant to Resolution No. 98-1650, ,which, in conjunction
with related approvals, entitled a fourteen (14) unit multi-family apartment complex for lower
income persons; and
WHEREAS, Condition No. 8 of Resolution 98-1650 states:
"Prior to issuance of building permits, the applicant shall enter into an
agreement, or shall record a deed restriction, at the discretion of, and in a
form approved by the City Attorney, whereby the applicant agrees on
behalf of itself and its successors in interest, to maintain the affordability
of the units for 30 years or a longer period of time if required by the CBDG
program, or the construction or mortgage financing assistance program,
or the mortgage insurance program or rental assistance program."
and;
WHEREAS, City desires to give recorded notice to all persons, and especially subsequent
owners and occupants of the Property, of the restrictions that apply to the Property
NOW,THEREFORE, in consideration of the foregoing and the following mutual promises,
covenants and conditions, the parties agree as follows:
1. Owner agrees on behalf of itself and its successors in interests, to maintain the
affordability of the fourteen (14) units at the Juniper Street Apartments for of 30 years or a longer
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period of time if required by the CBDG program, or the construction or mortgage financing
assistance program, or the mortgage insurance program or rental assistance program.
2. Notwithstanding anything to the contrary contained herein or in any documents
secured by this Agreement or contained in any subordination agreement, the City acknowledges
and agrees that in the event of a foreclosure or deed-in-lieu of foreclosure (collectivity,
"foreclosure") with respect to the property encumbered by this Agreement, the following rule
contained in Section 42 (h) (6) (E) (ii) of the Internal revenue code of 1986, as amended, shall
apply.
Fora period of three (3)years from the date of foreclosure, with respect to
any unit that had been regulated by the Regulatory Agreement with the
California Tax Credit Allocation Committee, (I) none of the tenants
occupying those units at the time of foreclosure may be evicted or their
tenancy terminated (other than for good cause), (ii) nor may any rents be
increased except as otherwise permitted under Section 42 of the Code.
3. This Agreement shall run with the land and shall be binding upon, and inure to the
benefit of, all successors in interest in any manner of the parties hereto.
Executed on the date first written above.
CITY / OWNERS
AjiJUNIPER STREET ASSOCIATES, LP
MICLAt( , rr OR BY PEOPLE'S SELF-HELP HOUSING
CORPORATION
ITS: GENERAL PARTNER
ATTEST
unaAtur (iL SCO MIT SISTANT TREASURER
NANCY A. Dims
CITY CLERK
APPROVED AS TO FORM:
TIM•THY �CARM , C ATTORNEY
STATE OF CALIFORNIA
) ss.
COUNTY OF SAN LUIS OBISPO )
On Jail W9 ZS , 1999, before me, the undersigned, a Notary Public in and for said State,
personally appeared SCOTT SMITH, personally known to me (e f
satisfactory-evidence) to be the person whose name is subscribed to the within instrument and
acknowledged that he executed the same in his authorized capacity, and that by his signature on
the instrument the person or the entity upon behalf of which the person acted, executed the
instrument.
WITNESS my hand and official seal. r^`"a', ELIZABETH LOPEZ
,> '�� Comm.P 1126391 N
N`: Fj NOTARY PUBLIC•CALIFORNIA
(\•StC \ rtu My Comm. Expires May 10,2001
�3)
STATE OF CALIFORNIA
) ss.
COUNTY OF SAN LUIS OBISPO )
On January 2 s , 1999, before me, the undersigned, a Notary Public in and for said State,
personally appeared MICHAEL A. LADY, personally known to me (or proved to me on the basis
of satisfactory evidence)to be the person whose name is subscribed to the within instrument and
acknowledged that he executed the same in his authorized capacity, and that by his signature on
the instrument the person or the entity upon behalf of which the person acted, executed the
instrument.
WIITTNESS my hand and official seal.
Q' £t ZO 4,iNANCY A.DAVIS
Notary Public V// +frillf.ryt "r�7
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