HomeMy WebLinkAboutRemoval of Affordable Housing Agreement Deed Restrictions JULIE RODEWA 8N
San Luis Obispo County Clerk/Recorder 2/25/2010
Recorded at the request of 8:00 AM
Fidelity Title Company
RECORDING REQUESTED BY:
City of Arroyo Grande Doca: 2010008884 Titian: 1 Pages: 3
WHEN Taxes 20.00
0.00
ityofAr Arroyo GrndeAAll TO: I 11111111111111111111011 Others 0.00
Attn: Kelly Wetmore, City Clerk PAID 520.00
214 East Branch Street
P.O. Box 550
Arroyo Grande, CA 93421 Space above reserved for use of County Recorder
REMOVAL OF AFFORDABLE HOUSING AGREEMENT DEED RESTRICTIONS
Any capitalized term not defined herein shall have the meaning attributed to it in the Affordable
Housing Agreement Discussed herein.
RECITALS
WHEREAS, pursuant to the Affordable Housing Ordinance (Ordinance No. 514 C.S.), Chapter
16.80 of the Arroyo Grande Municipal Code, and the Affordable Housing Agreement dated
September 13, 2006 by and between the CITY OF ARROYO GRANDE, a municipal
corporation (the "City"), and Parkside Village LLC, a Limited Liability Company, and recorded
with the County Clerk Recorder's Office as document number 2006068944, certain restrictions
on transfer were placed on real property that is described in the attached Exhibit A (the
"Property "); and
WHEREAS, the Property was initially designated as a moderate - income unit; and
WHEREAS, pursuant to the Affordable Housing Agreement, bona fide good faith marketing
efforts have been made to sell the Property as a moderate - income unit; and
WHEREAS, an Eligible Purchaser was not located; and
WHEREAS, the City elected not to exercise its option to purchase the Property; and
WHEREAS, pursuant to the City's election, the Property may be sold on the open housing
market to a Market Purchaser, unencumbered with the Eligible Purchaser restrictions contained
in the Affordable Housing Agreement; and
WHEREAS, upon a the sale to a Market Purchaser, any and all deed restrictions created by the
Affordable Housing Agreement are extinguished;
NOW THEREFORE, City hereby extinguishes any and all restrictions created by the Affordable
Housing Agreement currently encumbering the Property and rescinds the Affordable Housing
Agreement in its entirety as it applies to the Property.
NOW THEREFORE, City hereby extinguishes any and all restrictions created by the Affordable
Housing Agreement currently encumbering the Property and rescinds the Affordable Housing
Agreement in its entirety as it applies to the Property.
Specifically, this document shall extinguish any and all rights the City has in the Property under
the following document:
1. Affordable Housing Agreement dated September 13, 2006 by and between the CITY OF
ARROYO GRANDE, a municipal corporation (the "City"), and Parkside Village LLC, a
Limited Liability Company, and recorded with the San Luis Obispo County Clerk
Recorder's Office as Instrument No. 2006068944;
H
IN WITNESS WHEREOF, the party hereto has executed this document on this I l d ay of
February, 2010.
City of Arroyo Grande
Steve Adams, City Manager
State of California )
)
County of SQN.•5 17615?* )
aolo
On F t bl u Ai q 19 , j before me, r e.•. , Notary Public,
personally appeared 5�}' -W2 r� Ad. 5
who proved to me on the basis of satisfactory evidence to be the person(a) whose name(a)is/an
subscribed to the within instrument and acknowledged to me that he/the/they executed the same
in his /herftheir authorized capacities and that his/herAlteir signature(e) on the instrument the
person(a) or the entity upon behalf of which the person(a) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California the foregoing
paragraph is true and correct.
WITNESS my hand . d official seal.
I '^
Signature ' I / V ` d (SEAL) 1cEUV %EtMORE
Conaniobn 1 1!37570
' • • Notary Public • California
\ I.+% Sae this Obispo Cowry
Coma. Fa 21 2013
-
EXHIBIT "A"
LEGAL DESCRIPTION
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF ARROYO GRANDE, COUNTY OF SAN
LUIS OBISPO, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:
Lot 41 of Tract No. 2310 -2, in the City of Arroyo Grande, County of San Luis Obispo, State of California,
according to the Map recorded May 23, 2006 in Book 28, Page 45 of Maps, and as shown on that certain
Certificate of Correction dated as November 30, 2007 and recorded on January 04, 2008, as Document
Number 2008- 000505, in the Office of the County Recorder of said County.
APN: 077- 255 -042
END OF DOCUMENT