HomeMy WebLinkAboutRemoval of Affordable Housing Agreement Deed Restriction on APN 077-181-021 t t JULIE RODEWALD DG
r IFt r ° San Luis Obispo County— CIerWRecorder 11/12/2010
Recorded at the request of 3:22 PM
First American Title Company
RECORDING REQUESTED BY:
City of Arroyo Grande D o c # : 2010057338 Titles: 1 Pages: 3 Fees
Taxes
C ty of Arroyo Grande AIL TO: I III IIIII 1011111111111 Others
0.00
ttn: Kelly Wetmore, City Clerk PAID $0.00
14 East Branch Street
P.O. Box 550
Arroyo Grande, CA 93421 Space above reserved for use of County Recorder I
36y-3 Erg —KA
REMOVAL OF AFFORDABLE HOUSING AGREEMENT DEED RESTRICTIONS ON
APN 077- 181 -021
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
March 8, 2005 by and between the CITY OF ARROYO GRANDE, a municipal corporation (the
"City "), and Mal -Hun, LLC, a Limited Liability Company, 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 to sell the Property as a moderate - income unit have been expressly waived by the City;
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.
Specifically, this document shall extinguish any and all rights the City has in the Property under
the following document:
1. Affordable Housing Agreement March 8, 2005 by and between the CITY OF ARROYO
GRANDE, a municipal corporation (the "City "), and Hal -Mun, LLC, a Limited Liability
Company;
IN WITNESS WHEREOF, the party hereto has executed this document on this 40 of
I?0 /a Air , 2010.
City of Arroyo Grande
Steven Adams, City Manager
State of California )
County of 54 Zais 44iyo )
)
�/ ) /
On ii //O , 2010 before me, /r, i 7 8. nO,7 .-,., , Notary Public,
personally appeared 5-l(y 4 d
who proved to me on the basis of satisfactory evidence to be the person(e) whose name is /ate
subscribed to the within instrument and acknowledged to me that he /eke/they executed the same
in hisavaltheir authorized capacities and that hisplerkheir signature(s)-on the instrument the
person(sj'or the entity upon behalf of which the persona} 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 and official seal. _
Signature Xj / . Li..J (SEAL)
li S. N RTON
t r Commission • 1729916
• • Z • Naar Public • California
\: _ i ta, ar. Obispo couar -
1iMC•mip•NMQ9,2011
•
EXHIBIT A
Legal Description
Lot 6 of Tract 2532, in the City of Arroyo Grande, County of San Luis Obispo, State of
California, according to map recorded March 23, 2005 in Book 25, Pages 80 through 82
of Maps.
APN: 077 - 181 -021
END OF DOCUMENT