HomeMy WebLinkAboutSpanish Oaks LLC (2)
This document is recorded for the benefit of the
ity of Arroyo Grande and is exempt from
recording fees pursuant to Government Code
Sections 6103 and 27383.
RECORDING REQUESTED BY:
(City of Arroyo Grande
HEN RECORDED. MAIL TO:
City of Arroyo Grande
(City Clerk's Office
1214 East Branch Street
P.O. Box 550
1
,.
JULIE RODEW,~_ "B
San Luis Obispo Co Clerk/Recorder 8110/2000
Recorded at the request of 4:42 PM
Public
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Titles: 1 Pages: 4
Fees 0.00
Taxes 0.00
others 0.00
PAID $0.00
Space above reserved for use of County
Recorder
Amendment of Exhibit B to the Affordable Housing Agreement
between the CITY OF ARROYO GRANDE, a municipal
corporation (the "City") and SPANISH OAKS, LLC, a Limited
Liability Company (the "Developer") recorded April 7, 2006 in the
San Luis Obispo County Recorders Office as Document number
2006024586.
.,~
IN WITNESS WHEREOF, this amendment has been duly executed by the
undersigned as of the date set forth below:
City: ~~ -,~~
Ste~~e Adams, City Manager
STATE OF CALIFORNIA )
,- ~ ~ _ ~ ~~ )ss
COUNTY OF )
S££ fl•TTRC tF~b ~ oos~CERri Fr tR+t'>;,
On , 2006, before me, ,
personally appeared STEVE ADAMS, personally known to me (or 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.
WITNESS my hand and official seal.
s
,
Developer:
Eileen Dickey, Managin ember Spanish Oaks, LLC
STATE OF CALIFORNIA )
San-{-~ '~rbq~ss
COUNTY OF
On ~ / al ~ O ~v , 2006, before me, Rh odA A • Ca r-~e r ,
personally appeared EILEEN DICKEY, personally known to me ~#aaaaea-t#e
' to be the person{,~j whose name( s re subscribed to
the within instrument and acknowledged to me that he h they executed the same in
his/their authorized capacity(ies`), and that by his their signatures`} on the
instrument the person) or the entity upon behalf of which the person(a`) acted,
executed the instrument.
WITNESS my hand and official seal. aNOOA~.cAarea
coAUA.r~s~rsrr
llR~~ ~ /1 1//I~/ I/ I/~J~1) ,~-1F1 /~/ ,1 `1 N ~. ~ Nohry publk•CrNbenir N
My Comm. Exp. Frb 7, 3005
f "•' "~ l~-(~l. Vl~ • l~~/`~ /WV w • SANTA B~RBARACWNIY +
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Exhibit B
MAXIMUM ALLOWABLE SALES PRICE CALCULATION FOR MODERATE
INCOME UNIT
The maximum allowable sales price calculation for amoderate-income unit shall be
based on the affordable housing standards issued monthly by the San Luis Obispo
County Department of Planning and Building. As of July 3, 2006, the sales price for a
moderate income 3-bedroom unit was $261,131. The prevailing interest rate used to
calculate the maximum allowable sales price shall be determined by the City at its sole
discretion. Below are the steps to calculate the maximum allowable sales price. The
price of the unit shall be determined at the time of sale.
1. Determine the annual Arroyo Grande Moderate or Lower Income Limit for a
household size that is one person larger than the number of bedrooms in the
affordable unit;
2. Multiply the income limit determined in the previous step by thirty percent (30%)
to obtain an annual housing allowance of thirty percent (30%) of income;
3. Divide the annual housing allowance determined in the previous step by twelve
(12) to determine the monthly housing allowance;
4. Using a standard amortization table or formula, calculate the loan amount that
can be repaid over thirty (30) years with equal monthly payments equal to the
monthly housing allowance using the prevailing interest rate for thirty (30) years,
and assuming a fully amortized fixed rate mortgage; and
5. Divide the loan amount calculated in the previous step by 0.95 to determine the
Maximum Allowable Sales Price assuming a five percent (5%) down payment.
Affordable Housing Agreement August 2006
Spanish Oaks
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
,.i
State of California
~~~ ) ss.
County of ~ QB(Sf'b
On 0 ' ~O ~~~.P ,before me, k~~ (il~~Trno~E'~/a?AR~PvF,~U4
Date _ ame antl Trtla of Oficer (e.g., 'J a Dce, Notary Pu61ic~
personally appeared
personally known to me
^ proved to me on the basis of satisfactory
evidence
~ to be the person(sj whose name(a} islace.
Comr~~
Nai1nY
fanUuY
MM Cann.
WITNE my hand and offi ial seal.
Place Notary Seal Above ig lure of Note Public
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document
and could prevent (raudu/ent removal and reattachment of this form to another document.
Description of Attached Document /
Title or Type of Document:
Document Date: Numb f Pages:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer
Signer's Name:
^ Individual Top onnumo Hare
^ Corporate Officer -Title(s):
^ Partner-^ Limited ^ General
^ Attorney in Fact
^ Trustee
^ Guardian or Conserv r
^ Other:
Signer Is Rep senting:
®199] National Notary Association • 9350 Da Soto Ave., P.O. Box 2402 • Chatsvrorth. CA 913132402 Protl. No. 590] Reortler: Gall ton-Free r~uuua/a-aez/
fiibt97ZW subscribed to the within instrument and
111rb1o •CaMaNo acknowledged to me that he/skie{t1~eq executed
ObYpoCo'"'M the same in his/herfH~eiF authorized
~N/~b~'2 capacity(+es~, and that by hisHrerltheir
signature(s) on the instrument the person(a), or
the entity upon behalf of which the personEe)
acted, executed the instrument.
AND OF DocuMr~tT