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Home My WebLink About2010-014962 ' RECORDING REQUESTED BY: JULIE RODEWALD AB CHICAGO TITLE San Luis Obispo County—Clerk/Recorder 3/31/2010 Recorded at the request of 2:13 PM Chicago Title Company RECORDING REQUESTED BY D 0 C#: Titles: 1 Pages: 5 City of Arroyo Grande AND WHEN RECORDED MAIL TO: 201001 4962 214 East Branch Street /III 1111111011111111111 Others 0.00 Fees Arroyo Grande, CA 93421 PAID S0.00 Attn: City Clerk (Space Above For Recorder's Use) This Regulatory Agreement is recorded at the request and for the benefit of the City of Arroyo Grande and is exempt from the payment of a recording fee pursuant to Government Code Section 27383. REGULATORY AGREEMENT This REGULATORY AGREEMENT ("Agreement") is made this /d.WI day of MARGM, 2010, by and between the CITY OF ARROYO GRANDE, a California municipal corporation ("City"), and PEOPLES' SELF-HELP HOUSING CORPORATION, a California non-profit corporation (together with its successors and assigns as owner of the Property, "Owner"), who agree as follows. 1. This Agreement is entered into with reference to the following facts and circumstances: a. Owner is the record owner of the real property described on Exhibit "A" attached hereto ("Property"); b. An agreement similar to this Regulatory Agreement was recorded against certain property owned by Owner located at 205 Barnett Street in the City of Arroyo Grande as Instrument No. 1997-023571; c. City has agreed to terminate the Regulatory Agreement recorded against the property referred to in Section l.b above provided Owner enters into and records this Agreement against the Property; and d. This Agreement restricts the use of the Property to affordable housing. 2. Owner hereby agrees with City that there shall be and hereby are created the following restrictions on the use and enjoyment of the Property: The Property shall be used for the purposes of providing affordable housing to persons with incomes not exceeding 80% of the area median income, adjusted for family size. The monthly housing cost may not exceed 30% of 80% of area median income, adjusted for household size appropriate for the unit. The term "area median income" shall mean the San Luis Obispo County area median income, as established by the United States Department of Housing and Urban Development, and as published periodically by the State of California Department of Housing and Community Development. The term "adjusted for family size appropriate 53SI024e00-00i t 1067144 02 1102/19/10 -I- . for the unit" shall have the meaning ascribed in Health and Safety Code Section 50052.5(h). 3. If any provision of this Agreement is held to be invalid or for any reason becomes unenforceable, no other provision shall be thereby affected or impaired. 4. This Agreement is hereby deemed and agreed by the parties to be a covenant running with the land for a period of thirty (30) years commencing upon its recordation, and shall bind Owner and City and their successors in interest or assigns. 5. It is intended that the restrictions created hereby shall be irrevocable and constitute covenants and restrictions on the use and enjoyment of the Property. City shall not withhold its consent to the subordination and shall consent to the subordination of this Agreement on terms reasonably acceptable to City to recorded liens and terms of any State loan or private bank loaning funds expressly for and limited to expenditures for the improvement of the Property for the purpose of providing affordable housing and thus advancing the purposes of and conforming to the terms and conditions of this Agreement. 6. Owner and City consent to the recordation of this Agreement in the office of the County Recorder of the County of San Luis Obispo. [signatures on next page] 538/024600-0011 1067144.02,02/19/10 -2- • • IN WITNESS WHEREOF, City and Owner have caused this instrument to be executed on their behalf by their respective officers or agents herein duly authorized as of the date first written above. "CITY" CITY OF ARROYO GRANDE , a California municipal corporation By: - Its: C try vrl/AlA&ER_ ' CityClle k, �. "OWNER" jr IO, " , n .., .'r PEOPLES' SELF-HELP HOUSING 'r'u ��'h" CORPORATION, a California non-profit corporation 1. Wall Its: B y: Its: 53M)24600-00I I 1067144.02 n02/19/10 -3- State of California ) County of San Luis Obispo ) On /ea/vh 101 ACID , before me, 2-n� Ga✓li e (insert name and title of the officer) Notary Public, personally appeared Scn .5/77 t*j who proved to me on the basis of satisfactory evidence to be the persons)-whose names}is/afe subscribed to the within instrument and acknowledged to me that he{she/they executed the same in his/her/their authorized capacityEies}, and that by hisiter/their signaturc(s) on the instrument the persons); 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 that the forgoing paragraph is true and correct. INIGO F. GARATE WITNESS my hand and official seal. ■ irt: � ,.., Commlulon O 1726168 Notary Public -California '� r►% San Luls Obispo County v� Camm. ibFeD 2011 Signature oc, (Seal) State of California ) County of San Luis Obispo ) On YYt1RQC14 12 2010 , before me, k€LAif L JE-f7nDgE (insert name and title of the officer) Notary Public, personally appeared STaVe-W Pt PA m 5 who proved to me on the basis of satisfactory evidence to be the person(aj whose name(.) is/are subscribed to the within instrument and acknowledged to me that hekhe/the+y executed the same in his/hefitheir authorized capacity(;es), and that by his/lief/their signature(s) 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 that the forgoing paragraph is true and correct. WIITNESS my hand and official seal. KELLY WETMORE Commission• 1837570 Notary Public-California iw f San Luls Obispo County 00" I I J ' ,,^4.446 ^ o Comm.Es Imes Feb 21,2013 Signature /Ask, 4'��^�-Y`^- 5711/024600.0011 1067144 02 a07J19/10 -4- EXHIBIT "1"TO GRANT DEED LEGAL DESCRIPTION OF PROPERTY That certain real property located in the Arroyo Grande Redevelopment Agency, County of San Luis Obispo, State of California legally described as follows: Parcel 2 as described in that certain Certificate of Compliance recorded July 15, 2009 as Document No. 2009038586 of Official Records in the Office of the County Recorder and more fully described as follows: A portion of Lot 1 of the J.F. Beckett's Grand Avenue Tract, in the City of Arroyo Grande, County of San Luis Obispo, State of California, according to map filed September 26, 1891 in Book B, Page 75 of Maps, in the Office of the County Recorder of said County, and that portion of Block 114 of the Town of Grover, in the City of Arroyo Grande, County of San Luis Obispo, State of California, according to map filed November 23, 1892 in Book A, Page 6 of Maps, in the office of the County Recorder of said County, and that portion of Remainder of Tract 2471, in the City of Arroyo Grande, County of San Luis Obispo, State of California, according to map filed August 16, 2004 in Book 24, Pages 9, 10 and 11 of Maps, in the office of the County Recorder of said County, and being the South 172.25 feet of the following description; Beginning at the Northeast corner of Lot 1 of Tract 2158, in the City of Grover Beach, County of San Luis Obispo, State of California, according to map filed May 2, 1994 in Book 17, Page 23 of Maps, in the office of the County Recorder of said County; thence along the Easterly line thereof and along the East line of the land described in deed to John Bradley Forde and Anita Madeline Forde in Document No. 2003122906 filed October 22, 2003 in the office of the County Recorder of said County, South 03°14'51" West, 645.07 feet to the Northwest corner of Lot 7 of said Tract 2471; thence along the Northerly line of said Tract 2471 and the Northerly line of Tract 2260 Phase I, in the City of Arroyo Grande, County of San Luis Obispo, State of California, according to map filed November 3, 2000 in Book 19, Page 43 of Maps, in the office of the County Recorder of said • County thereof, South 86°45'35" East, 411.86 feet to a point on the Westerly line of an existing 50-foot Easement for Road Purposes, as shown on Parcel Map AG 00-301, in the City of Arroyo Grande, County of San Luis Obispo, State of California, according to map filed June 25, 2002 in Book 56, Page 54 of Parcel Maps, in the office of the County Recorder of said County, which point is South 86°45'35" East, 7.00 feet from the Northeast corner of Lot 84 of said Tract 2260 Phase I; thence along the Westerly line of said 50-foot Easement for Road Purposes, North 03°14'46" East, 645.00 feet to a point along the Southerly Right- of-Way of East Grand Avenue; thence along said Southerly Right-of-Way line thereof, North 86°45'00" West, 411.84 feet to the Point of Beginning. APN 077-131-53,55 538/024600-0011 END OF DOCUMENT 106714201 n0129/10