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Home My WebLink AboutRegulatory Agreement R _ r Recording Requested By —City of Arroyo Grande Doc No: 1996-029391 Rec No: 00103677 Official Records NF 0.00 When Recorded, Return to: San Luis Obispo Co. Julie L. Rodewald PlanningDepartment Recorder P Jun 13, 1996 City of Arroyo Grande Time: 11 :40 214 East Branch Street r 1 Arroyo Grande, CA 93420 ` J ;TOTAL 0.00 REGULATORY AGREEMENT THIS AGREEMENT AND COVENANT is entered into by and between the CITY OF ARROYO GRANDE, a municipal corporation and one of the cities of the State of California, (hereinafter called "City") and PEOPLES' SELF-HELP HOUSING CORPORATION, a California non-profit corporation (hereinafter referred to as "Owner"), who agree as follows: I. This agreement is entered into with reference to the following facts and circumstances: A. Owner is the record owner of the real property described on Exhibit "A" at- tached hereto, (hereinafter referred to as "the Property"); and B. Owner has acquired the Property for the development of an affordable housing development located at 163 South Elm Street, Arroyo Grande, hereinafter referred to as the "Development"; and C. The Development has been approved by City subject to the condition that the use of the Property shall be restricted to the development and operation of affordable housing; and D It is intended that the following restrictions shall be irrevocable and shall constitute enforceable covenants and restrictions but are and shall be at all times subject and subordinate to the lien and the terms of any public or private financing whether heretofore or hereafter provided on the Development. II. In consideration of the conditions of the Community Development Block Grant #94- STBG-781 and the agreements for services by and between the City and Peoples' Self-Help Housing Corporation, the Owner for itself and its successors and assigns in interest hereby agree with the City that there shall be and hereby are created the following restrictions on the use and enjoyment of the Property. A. The Property shall be used for the purposes of providing affordable housing to persons with incomes not exceeding 80% of the area median income, adjusted by household size. III. If any provision of this Agreement is held to be invalid or for any reason becomes unenforceable, no other provision shall be thereby affected or impaired. IV This Agreement is hereby deemed and agreed by the parties to be a covenant running with the land for thirty (30) years, and shall bind the Owner and the City and their successors in interest or assigns. V It is intended that any restrictions created hereby shall constitute enforceable covenants and restrictions, but are andshallbe at all times subject and subordinate to the recorded lien and the terms of any public or private financing whether heretofore or hereafter provided for the construction or improvement of the Development and to which the Property is subject. VI. Owner and City intend and consent to the recordation of this agreement in the office of the County Recorder of the County of San Luis Obispo IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the day and year first above written. DATED: 3/439 f Owner: /Peoples' Self-Help Housing Corporation a Caliform n-, co oration By: Aka- L. Mai CITY OF ARROYO GRANDE NOTARY ACKNOWLEDGMENT STATE OF CALIFORNIA } COUNTY OF SAN LUIS OBISPO } S.S. On March 13, 1996, before me, Elizabeth Lopez, a Notary Public in and for said County and State, personally appeared - -JEANETTE DUNCAN- - personally known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity, and that by her signature on the instrument, the person(s) or the entity upon behalf of which the person(s) acted, executed the instrument. (seal) WITNESS my hand and official seal. ljeELIZABElli LOPEZ dJ K Eliza hLopez zg�� . NotaYPublic—Ca ♦4 SIW WM=PO COUNTY My Comm.E s_MMAY 10,1997\ Loose Certificate-Regulatory Agreement (2 pages plus Ex. A) EXHIBIT A DESCRIPTION THE LAND REFERRED TO IN THIS AGREEMENT IS SITUATED IN THE STATE OF CALIFORNIA, COUNTY OF SAN LUIS OBISPO, AND IS DESCRIBED AS FOLLOWS: Parcel A, B, C, and D of Parcel Map no. AG-77-326, in the City of Arroyo Grande, County of San Luis Obispo, State of California, according to map recorded November 8, 1977 in Book 24, Page 23 of Parcel Maps. CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT --a itch t-atLiiYs9y :saGa_cit n•_sat/j,�„c‘ t fe)64-c»A9MR^nt•a?G.tcaf.cnLsat_aizek t ei. i LsnS!stca•vJ el State of ��Ul ed County of C,feio C (Q On l/ZC.GL- /9) /990 before me, L ennc C, JJPnk A A/1iiy /i b/t0 , �(�''7 Dat �I�� Name and Title of Officer(e.g.,' ne Doe,Not�a/i Public") personally appeared �o�ifi L. Thud Name(s)of Signer(s) I personally known to me-OR-❑proved to me on the basis of satisfactory evidence to be the persons, ) F iwhose name(} is/aY subscribed to the within instrument and acknowledged to me that he/s1Ce/tl4.y executed the s same in his/1%r/their authorized capacity(is),and that by his/hXilt�ir signatureO on the instrument the person*, "AP JENNIFER C.JENKINS �p - or the entity upon behalf of which the person(,`s9.acted, 0 Comm.S 976564 executed the instrument. 61 a NOTARY PUBLIC-CALI4CRNIA9 nb San Luis Oblspo County JJ 4• 'IIIFOPN" trbComm.Expires Nov.30,1996 -k WITNESS my hand and offic'. - gggG 1r ; C k)Signature of Nota l•••1� OPTION• L !•sQ4`,, Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent k, fraudulent removal and reattachment of this form to another document. G 4 1 Description of Attached Document ¢ k Title or Type of Document: - / 1 /}p// 1 ' NO, ,Q,Q�/bl at / O. �d Document Date: -murk I3) )99E/�/ (/ ' Number of Pages: 3 (Wt uwA) 's 4 Signer(s) Other Than Named Above: ,ea,4it1 Ione a & g 1, Capacity(i) Claimed by Signer( `5 (N Signer's Name: RoLet L Hutt '•ner's Name: P s. ❑ Individual ❑ Indi •,ual e, Corporate Officer p p I' ( 1 ❑ Corpora ; Officer 1 ti Title(s): �lI(j Miviq i hf 1 i Ant)6/1/9ht Title(s): Y1 ❑ Partner—E Limited ❑ Ge eras L ❑ Partner—❑ L'' ited ❑ General S e ❑ Attorney-in-Fact ❑ Attorney-in-Fact r ❑ Trustee ❑ Trustee RIGHT THUMBPRINT RIGHT THUMBPRINT ID Guardian or Conservator OF SIGNER ❑ Guardian or Conservat. OF SIGNER 1 ❑ Other: \NN. Top of thumb here ❑ Other Top of thumb here Signer Is Representing: 1/��\� Signer Is Representing: Glrt , \ 6 ,,,. ay ie GYanc� ; ,,. tl,�-,, 4-er4-474-oke-e74 v¢-� eurery�.yv.erxig ✓"�nvetr es- es Oeia7.8491428 Cet4C. enCu CE24C 4W4w ',e7' Oren•efl 4C4 er • . • .erC`+�4-8-74 ®1995 National Notary Association•8236 Bernet Ave.,P.O.Box 7184•Canoga Park,CA 91309-7184 Prod.No.5907 Reorder.Call Toll-Free 1-800-876-6827 END OF DOCUMENT