HomeMy WebLinkAboutRemoval of Affordable Housing AgreementFlecording Requested By
Fldelity IVation�l Titls
�OKDING REQUE
of Arroyo Grande
✓HEN RECORDED MAIL TO:
ity of Arroyo Grande
ttn: Kelly Wetmore, City Clerk
14 East Branch Street
rroyo Grande, CA 93420
AB _
1/31/2D71
8:00 AM
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Fees
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PAID
Recorder
REMO�-'A� OF A.F�ORDABLE HQLTSIN � AGR�'EMENT D'EED RE9�RI�'TI4NS ON
APN 077-184-019
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
Mazch 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 mazketing
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 Properiy; and
WHEREAS, pursuant to the City's election, the Property may be sold on the open housing
mazket to a Mazket Purchaser, unencumbered with the Eligible Purchaser restrictions contained
in the Affordable Housing Agreement; and
WHEREAS, upon a the sale to a Muket Purchaser, any and all deed restrictions created by the
Affordable Housing Agreement aze 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.
_ — __ — _ __ _
JULIE RODEWALD
San Luis Obispo Counry—ClerklRecorder
Necorded at the request ol
Fidelity Title Company
�oc�: 2011005067
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above reserved for use of
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Specifically, this document shall extinguish any and all rights the City has in the Property under
the following document:
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 ��y of
J� N.tv , 2011.
City of Anoyo Grande
� c, �
Steven Adams, City Manager
State of California
County of �t,ti �ts D,(�i5D0
0�0�/ /n /
On ��+'t. as , 291'0 before me, �% ��. /(OI�`�"DI�v , Notary Public,
personally appeared �f!°l�l.h 5
who proved to me on the basis of satisfactory evidence to be the person(e'j whose name(s� is/ero
subscribed to the within instrument and acknowledged to me that he/� executed the same
in his,4�a�Ekeir authorized capacities and that his�ieir signature(aj' on the instruinent the
person(�or the entity upon behalf of which the person(.s}acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California the foregoing
pazagraph is true and correct.
WI1'NES� my hand and oificial seal.
Signature� • �. / / (SEAL)
ti�Y�11N011 � tflMit
N.�w �Mro - e.�loiNO �
M111/� OOYOo Cb�MMY
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EXHIBIT A
Legal Description
Lot 7 of Tract 2532, in the City of Arroyo Grande, County of San Luis Obispo, State of
Califomia, according to map recorded March 23, 2005 in Book 25, Pages 80 through 82
of Maps.
APN: 077-184-019
END �F ����ENT