HomeMy WebLinkAboutAmended Restriction Agreement�.. \.�-
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RECORDING REQtr�S'�D �BY AND �
WHEN RECORDED°•�tE'�'TJR�1 T�l:f; ��? Off i ci al Records
San Lui Ob' C
CITY OF ARROYO GRANDE
P.O. Box 550
Anoyo Grande, CA 93421-0550
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Julie L. Rodewald
Recorder
Dec 05, 1997
Time: 12:14
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Rpt No: 00087479
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This AMENDED RESTRICITON AGREEMENT is made this ,� day of October, 1997,
by ATcLO1�fA CORPORATION, a Caiifornia corporation ("AIiIAMA"):
WI-IEREAS, ARLOMA is the owner of certain real property located in the City of Arroyo
Grande described as follows:
Parcels 1 and 2 of Pazcel Map AG 95-068 in the City of Anoyo Grande,
County of San Luis Obispo, State of California, according to the map filed
November 6, 1996, in Book 52, Page 25 of Parcel Maps; and
WHEREAS, there exisu a dwelling unit on Pazce12 of said Parcel Map AG 95-068 which
the City of Anoyo Grande requires to be designated as a Low to Moderate Income housing unit
pursuant to Planning Commission Resolution No. 95-1539; and
WHEREAS, ARLOMA entered into a Restricdon Agreement dated October 11, 1996,
recorded as Document No. 1996-057177 on November 6, 1996, and desires to amend said
Restricfion Agreement in its entirety and replace it with this Amended Restriction Agreement.
NOW, THEREFORE, ARLOMA hereby declares and agrees that said e�cisting dwelling
uni! located �n Pazce? 2 of Pa_*cel Mag 95-Q68 shal� be znd is hereby designa!ed as a"L�w to
Moderate Income" housing unit.
In the event of a sale of said dwelling unit located on Parcel 2, the selling price of the unit
shall be calculated by the Housing Authority of the City of San Luis Obispo based upon a formula
limifing total housing costs to thirty percent (30%) of one hundred twenty percent (120%) of the
median income for a family of three in San Luis Obispo County. Sales by ARLOMA will be
limited to ihose families who have a qualifying income of $47,280 or less, current U.S. Dollazs,
as adjusted for inflation. ARLOMA should consult with the Housing Authority as to available
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prog�ams which would make the housing available to families whose income is substantially below
the qualifying income.
In the event said dwelling unit is used as a rental, total rental costs should not exceed thirty
percent (30%) of eighty percent (80%) of inedian income for a family of three in effect at the dme
of the rental. These controls will extend for a minimum of thirty (30) years if the unit continues
to be used as a rental.
The restrictions contained in this Agreement shall run with the land and shall be binding
on all heirs or assigns.
This Agreement cannot be amended or modified without the pri�r written consent of the
City of Arroyo Grande.
IN WITNFSS WHEREOF, ARLOMA has executed this Agreement on the date first
above written.
CALIFORIVIA )
COUNTY OF
ARLOMA CORPORATION
A California Corporation
By: C���- �/. i��
rthur N. Rupe, Pres ent
ss
)
On October _, 1997, before , a Notary Public, personally
appeare� ARTHUR N. RUPE, personally kn o me (or proved to me on the basis of satisfac-
tory evidence) to be the person whose name is scribed to the within instrument and
aclrnowledged to me that he executed the same in his autho ' ity, and that by his signature
on the instrument the person, or the entity upon behalf of which t son acted, executed the
instrument.
WITNESS my hand and official seal.
[SEAL]
STATE OF
COUNTY C
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On /(,� ��j�y�_�}2/ /D, /9�� before me, /�� / r,cJ3>i9 ,L _ �ff/�/1�S
personallyappeared �,t�Ttl�U�2 �l� �/)�f=
, 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.
hand and official seal.
MELINDA L. PHILLIPS
COMM. 91085628
� .. Notary Public-CaliTorMa
� . San Lws Obispo Cou�y
My Comm. �p. Feb. 4, 2D00
(This area for official nohanal seal)
Title of Document
Date ofi Document '- No. of
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Other signatures not acknowtedged f7�yL.��.
aoos �i�sv� tceneraq
First Amencan Title Insurance Company
�ND OF D�(.`UM�NT
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