HomeMy WebLinkAboutRemoval of Affordable Housing Agreement Deed Restrictions on APN 077-127-017 kz < <
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JULIE RODEWALD DG
RECORDING REQUESTED BY: - San Luis Obispo County— Clerk/Recorder 11/09/2010
Recorded al the request of 8:00 AM
City of Arroyo Grande First American Title Company
HEN RECORDED MAIL TO: Doc #: 2010056684 Titles: 1 Pages: 3
City of Arroyo Grande 1Pees 0.00
Taxes 0.00
14 E st Steetity Clerk I I 101 I Othe s 0.00
1/4 rroyo Grande, CA 93420 PAID $0.00
REMOVAL OF AFFORDABLE HOUSING AGREEMENT DEED RESTRICTIONS ON
APN 077- 127 -017
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
August 10, 2004 by and between the CITY OF ARROYO GRANDE, a municipal corporation
(the "City "), S &S Homes of the Central Coast, Inc., a California Corporation, and Jasmine Place,
LLC, a Limited Liability Company, and recorded with the County Clerk Recorder's Office as
Instrument No. 2004076535, on August 27, 2004, 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.
Specifically, this document shall extinguish any and all rights the City has in the Property under
the following document:
1. Affordable Housing Agreement dated August 10, 2004 by and between the CITY OF
ARROYO GRANDE, a municipal corporation (the "City "), S &S Homes of the Central
Coast, Inc., a California Corporation, and Jasmine Place, LLC, a Limited Liability
Company, and recorded with the San Luis Obispo County Clerk Recorder's Office as
Instrument No. 2004076535;
IN WITNESS WHEREOF, the party hereto has executed this document on this 2 - 7 day of
/1L 17>ex_ , 2010.
City of Arroyo Grande
Steven Adams, City Manager
State of California )
)
County of San Luis Obispo )
)
)
On OC1bt /zs , 2010 before me, g 1(u1 OJ2. +MorE. , Notary Public,
personally appeared 5- t JFd a, 5
who proved to me on the basis of satisfactory evidence to be the person* whose name(e) is /are
subscribed to the within instrument and acknowledged to me that hem executed the same
in his/h er /their authorized capacities and that his/her/their signature( on the instrument the
person(» or the entity upon behalf of which the person(e) 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 ��.� / ;� �(� (SEAL) t KELLY WETMORE
ComnN 1lf 137670
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� "+% 8sn lu4 OWSp County
Comm. es Fe0 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 16 of Tract No. 2505, in the City of Arroyo Grande, County of San Luis Obispo,
State of California, according to map recorded August 18, 2004 in Book 24, Pages 12, 13,
14, & 15 of Maps, in the office of the County Recorder of said County.
APN: 077 - 127 -017
END OF DOCUMENT