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HomeMy WebLinkAboutTT 4545 SAN LUIS REY AVENUE SHADOW MOUNTAIN RESORT 1977 ROUTE TO Banning— BH Blythe— —JJ Hemet-- _CD DEPARTMENT OF REAL ESTATE Indio------RI OF THE Perris— — STATE OF CALIFORNIA Other S— TELEPHONE NO. (213) 620-2700 File-- VS BC BJ In the matter of the application of ± f� t c� � FINAL SUBDIVISION �1 iFn JJ PUBLIC REPORT PALM DESERT VENTURE, LTD. L q i U N 2 8 971 LU) a limited partners-hip FILE NO. 35732 COUi,;i y OF RP/_;,d3IDE ISSUED: APR I L 4, 1975 BUILDING DEPARTMENT 3RD AMENDMENT: JANUARY 12, 1977 " for a Final Subdivision Public Report on EXPIRES: APRIL 3, 1980 TRACT NO. 4545 "SHADOW MOUNTAIN RESORT AND RACQUET CLU " RIVERSIDE COUNTY, CALIFORNIA This Report Is Not a Recommendation or Endorsement of the Subdivision But Is Informative Only. Buyer or Lessee Must Sign That He Has Received and Read This Report. This Report Expires on Date Shown Above. If There Has Been a Material Change in the Offering, an Amended Public Report Must Be Obtained and Used in Lieu of This Report. Section 35700 of the California Health and Safety Code provides that the practice of discrimination because of race, color, religion, sex, marital status, national origin or ancestry in housing accommodations is against public policy. Under Section 125.6 of the California Business and Professions Code, California real estate licensees are subject to disciplinary action by the Real Estate Commissioner if they make any discrimination, distinction or restriction in negotiating a sale or lease of real property because of the race, color, sex, religion, ancestry or national origin of the prospective buyer. If any prospective buyer or lessee believes that a licensee is guilty of such conduct, he or she should contact the Department of Real Estate. Information Regarding Schools can be found on Page4. READ THE ENTIRE REPORT on the following pages before contracting to purchase a lot in this SUBDIVISION. -1- R/E Form 618 10/76 i SPECIAL NOTES THIS DEVELOPMENT IS A CONVERSION OF AN EXISTING BUILDING TO CONDOMINIUM USE. THE STRUCTURE IS APPROXIMATELY 13 YEARS OLD. THIS PROJECT IS A CONDOMINIUM. IT WILL BE OPERATED BY AN INCORPORATED OWNERS ASSOCIATION. THE ASSOCIATION HAS THE RIGHT TO LEVY ASSESSMENTS AGAINST YOU FOR MAINTENANCE OF THE COMMON AREAS AND OTHER PURPOSES. YOUR CONTROL OF OPERA- TIONS AND EXPENSES IS LIMITED TO YOUR RIGHT TO VOTE AT MEETINGS. PURCHASERS WILL BE REQUIRED TO JOIN THE SHADOW MOUNTAIN RESORT AND RACQUET CLUB . (A NON-PROPRIETARY CLUB) UNTIL DECEMBER 31 , 1981 . THE CURRENT MEMBERSHIP FEE IS $200 AND THE ANNUAL DUES ARE $240 (DUES WILL NOT EXCEED $300 PLUS COST OF LIVING INDEX INCREASES) . THE SUBDIVIDER SHOULD FURNISH YOU A COPY OF THE CLUB AGREEMENT. THE SUBDIVIDER HAS STATED THAT HE WILL PROVIDE YOU WITH A COPY OF THE ARTICLES OF INCORPORATION, RESTRICTIONS AND BYLAWS, BY FURNISHING YOU. COPIES PRIOR TO CLOSE OF ESCROW. THESE DOCUMENTS CONTAIN NUMEROUS MATERIAL PROVISIONS THAT SUB- STANTIALLY AFFECT AND CONTROL YOUR RIGHTS, PRIVILEGES, USE, OBLIGATIONS, AND COSTS OF MAINTENANCE AND OPERATION. YOU SHOULD READ AND UNDERSTAND THESE DOCU- MENTS. BEFORE YOU OBLIGATE YOURSELF TO PURCHASE A UNIT. IF YOU PURCHASE TWO OR MORE UNITS THE SELLER IS REQUIRED TO NOTIFY THE REAL ESTATE COMMISSIONER OF THE SALE. IF YOU INTEND TO SELL A UNIT OR LEASE A UNIT FOR MORE THAN ONE YEAR, YOU ARE REQUIRED TO OBTAIN AN AMENDED SUBDIVISION PUBLIC REPORT BEFORE YOU CAN OFFER THE UNITS FOR SALE OR LEASE. TO SECURE FINANCING FOR THIS SUBDIVISION ACCEPTABLE FOR ACQUISTTION BY FEDERAL HOME LOAN MORTGAGE CORPORATION, IT HAS BEEN NECESSARY FOR THE SUBDIVIDER TO IN- CORPORATE INTO THE DECLARATION OF RESTRICTIONS AND OTHER MANAGEMENT INSTRUMENTS, PROVISIONS WHICH GIVE THE MORTGAGE LENDER A VOICE IN THE AFFAIRS OF THE HOMEOWNERS' ASSOCIATION AND. IN THE MANAGEMENT AND OPERATION OF THE SUBDIVISION WHICH A LENDER DOES NOT ORDINARILY HAVE. IT IS RECOMMENDED THAT YOU READ AND UNDERSTAND THESE PROVISIONS BEFORE OBLIGATING YOUR SELF TO PURCHASE A UNIT. THE 40 RESIDENTIAL UNITS AND COMMON AREA COVERED BY THIS REPORT COMPRISE THE FIRST INCREMENT OF AN OVERALL PROJECT PROPOSED TO BE DEVELOPED IN THREE INCREMENTS, WHICH INCLUDE A TOTAL OF 16l RESIDENTIAL UNITS AND COMMON AREAS. THERE IS NO ASSURANCE THAT THE OVERALL PROJECT WILL BE COMPLETED. INTERESTS TO BE CONVEYED: You will receive fee title to a specified unit., together with an undivided fractional fee interest as a tenant in common in the common area, together with a membership in owners' association and rights to use the common area. LOCATION AND SIZE In the City of Palm Desert. Approximately 1 .55 acres on which one building containing 40 units and 60 parking spaces have been constructed. There are no provisions for parking space assignments. MANAGEMENT AND OPERATION: The Shadow Mountain Homeowners Association, Inc. , which you must join, manages and operates the common area(s) in accordance with the Restrictions, Articles of Incorporation and the By-Laws. MAINTENANCE AND OPERATIONAL EXPENSES: The subdivider has submitted a budget for mainte- nance and operation of the common areas. You should obtain a copy of this budget from -2- of 4 pages FILE NO. 35732 Ord Amended) the subdivider. Under this budget, the monthly assessment against each subdivision unit will be $46.25. IF THE BUDGET FURNISHED TO YOU BY THE DEVELOPER SHOWS A MONTHLY ASSESSMENT FIGURE WHICH VARIES 10% OR MORE FROM THE ASSESSMENT AMOUNT SHOWN IN THIS PUBLIC REPORT, YOU SHOULD CONTACT THE DEPARTMENT OF REAL ESTATE BEFORE ENTERING INTO AN AGREEMENT TO PURCHASE. The association may increase or decrease the assessments at any time in accordance with the procedure prescribed in the CC&R's or By-Laws. In considering the advisability of a decrease in assessments, care should be taken not to eliminate amounts attributable to reserves for replacement or major maintenance. EXPENSES OF OPERATION ARE DIFFICULT TO PREDICT ACCURATELY AND EVEN IF ACCURATELY ESTIMATED INITIALLY, MOST EXPENSES INCREASE WITH THE AGE OF FACILITIES AND WITH INCREASES IN THE COST OF LIVING. Monthly assessments have commenced on all units during the month following the closing of the first sale of a unit. From that time, the subdivider is required to pay the association a monthly assessment for each unit which he owns. The remedies available to the association against owners who are delinquent in the payment of assessments are set forth in the CC&Rs. These remedies are available against the sub- divider as well as against other owners. The subdivider has posted a bond as partial security for his obligation to pay these assessments. The governing body of the associa- tion should assure itself that the subdivider has satisfied his obligations to the associa- tion with respect to payment of assessments before agreeing to a release or exoneration of the security. EASEMENTS: Easements foruti sties, roadways and other purpose are shown on the fitle report and the subdivision map recorded in the Office of the Riverside County Recorder, Book 81 , Page 8 and the Condominium Plan recorded March 28, 1975, as Document No. 35471 . RESTRICTIONS: This subdivision is subject to restrictions recorded in the Office of the Riverside County Recorder, April 29, 1975, as Instrument No. 48562 and Amended August 26, 1976, as Instrument No. 126997. TAX ESTIMATES: If the subdivider is unable to give you the current tax information, you may approximate your taxes as follows: TAKE 25% OF THE SALES PRICE, DIVIDE BY 100, AND THEN MULTIPLY BY THE TOTAL TAX RATE. THE TAX RATE FOR THE 1976/77 FISCAL YEAR IS $12.323. THE TAX RATE AND ASSESSED VALUATION MAY CHANGE IN SUBSEQUENT YEARS. FOR EXAMPLE, ANY BONDED DEBT OR SPECIAL DISTRICT ASSESSMENT APPROVED AFTER THE ABOVE TAX RATE HAD BEEN SET COULD INCREASE THE FURTURE RATE. CONDITIONS OF SALE: If your purchase involves financing, a form of deed of trust and note will be used. These documents contain the following provisions: An acceleration clause. This means that if you sell the property, or use it as a security for another loan, the lender may declare the entire unpaid balance immediately due and payable. (This provision may be unenforceable under certain conditions. Reference section 2924.6, Civil Code.) -3- of 4 pages FILE NO. 35732 Ord Amended) I A late charge. This means that if you are late in making your monthly payment you may have to pay an additional amount as a penalty. A Prepayment penalty. This means that if you wish to pay off your loan in whole or in part before it . is due, you may be required to pay an additional amount as a penalty in accordance with the terms of the loan. BEFORE SIGNING, YOU SHOULD READ AND THOROUGHLY UNDERSTAND ALL LOAN DOCUMENTS. PURCHASE MONEY HANDLING: The subdivider must impound all funds received from you in an escrow depository until legal title is delivered to you. (Refer Sections 11013, 11013.2(a) Business and Professions Code.) SEWAGE DISPOSAL: Septic tanks will be used for sewage disposal . PUBLIC TRANSPORTATION: Not available. SCHOOLS: The Desert Sands Unified School District has furnished information of the nearest schools, distances to the most remote unit, availability of school bus transpor- tation, and bus charges, as indicated: SCHOOLS GRADES DISTANCE BUS AVAILABLE Washington Elementary K-2 4 mile Yes 45-768 Portola Palm Desert Lincoln Elementary 3-5 12 miles Yes 74-100 Rutledge Way Palm Desert Palm Desert Middle School 6-8 12 miles Yes 74-100 Rutledge Way Palm Desert Indio High 9-12 9 miles Yes 81-750 Avenue 46 Indio NOTE: This school information was provided by the school district prior to issuance of the public report. Purchasers may contact the local school district office for any changes in school assignments, facilities, and bus service. For further information in regard to this subdivision, you may call (213Y 620-2700, or examine the documents at 107 South Broadway, Room 8136, Los Angeles, California 90012 TCD:sw -4- and last FILE NO. 35732 Ord Amended) INTEROFFICE MEMORANDUM City of Palm Desert TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: MARTIN J. BOU?BAN, CITY MANAGER SUBJECT: RELEASE OF BONDS FOR TRAC 4545 DATE: June 16, 1977 The subject Tract 4545 was originally approved by the County of Riverside shortly after incorporation of the City of Palm Desert and subsequently transmitted to us for our records . In reviewing the records, Mr. Cook, City Engineer, has determined that the work on the water system is complete as well as the monumentation. I am, therefore, recommending that' you accept -the work as complete and authorize the City Clerk to release the bonds immediately as there has been more than a 6-month time lapse since completion and no liens have been filed against the project or the bonds. MARTIN J. BOUMAN CITY MANAGER MJB/srg Attachment (Request from Industrial . Indemnity) x INDUSTRIAL INDEMNITY COMPANY San Diego Division 3255 Camino del Rio,South Mailing Address: P.O. Box 80965 d F `��-��f�_.7�� San Diego, California 92138 Julie 15, 1977 Telephone (714) 283.4471 JUG! 1G1977 Mr. Martin Bouman City Manager City of Palm Desert P.O. Box 1648 Palm Desert, Ca 92260 Re: Tract 4545 Palm Desert Venture, Ltd. Bond No. YS698-4454 - $2500.FP/$1250.LM - Water System Bond No. YS730-2111 - $800. Monument Dear Mr. Bouman: We are the Surety on the above bonds which run in favor of the County of Riverside. In order to close our files we must have proper release documentation. Mr. Homer Watson of the County of Riverside advised us to write your City for these releases. He has advised you by letters o.f .February 14, and April 1, 1977 that it is in order to release bonds. Would you please check your records and advise us accordingly. You may use the attached copy of this letter for your reply. Also enclosed is a pre-addressed stamped returned envelope for your convenience. Thank you very much. Sincerely, atti Barak Bond Department pb ACC&l FORSTER INSURANCE COMFY Aj DEPARTMENT OF REAL ESTATE OF THE STATE OF CALIFORNIA TELEPHONE NO. (213) 620-2700 In the matter of the application of FINAL SUBDIVISION PUBLIC REPORT PALM DESERT VENTURE, LTD. a limited partners-hip FILE NO. 35732 ISSUED: APRIL 4, 1975 3RD AMENDMENT: JANUARY 12, 1977 for a Final Sub ��ision Publi Report on EXPIRES: APRIL 3, 1980 TRACT. NO. 4545 "SHADOW MO RESORT AND RACQUET CLU " RIVERSIDE COUNTY, CALIFORNIA This Report Is Not a Recommendation or Endorsement of the Subdivision But Is Informative Only. Buyer or Lessee Must Sign That He Has Received and Read This Report. This Report Expires on Date Shown Above. If There Has Been a Material Change in the Offering, an Amended Public Report Must Be Obtained and Used in Lieu of This Report. Section 35700 of the California Health and Safety Code provides that the practice of discrimination because of race, color, religion, sex, marital status, national origin or ancestry in housing accommodations is against public policy. Under Section 125.6 of the California Business and Professions Code, California real estate licensees are subject to disciplinary action by the Real Estate Commissioner if they make any discrimination, distinction or restriction in negotiating a sale or lease of real property because of the race, color, sex, religion, ancestry or national origin of the prospective buyer. If any prospective buyer or lessee believes that a licensee is guilty of such conduct, he or she should contact the Department of Real Estate. Information Regarding Schools can be found on Page4. READ THE ENTIRE REPORT on the following pages before contracting to purchase a lot in this SUBDIVISION. -1- R/E Form 618. 10/76 SPECIAL NOTES THIS DEVELOPMENT IS A CONVERSION OF AN EXISTING BUILDING TO CONDOMINIUM USE. THE STRUCTURE IS APPROXIMATELY 13 YEARS OLD. THIS PROJECT IS A CONDOMINIUM. IT WILL BE OPERATED BY AN INCORPORATED OWNERS ASSOCIATION. THE ASSOCIATION HAS THE RIGHT TO LEVY ASSESSMENTS AGAINST YOU FOR MAINTENANCE OF THE COMMON AREAS AND OTHER PURPOSES. YOUR CONTROL OF OPERA- TIONS AND EXPENSES IS LIMITED TO YOUR RIGHT TO VOTE AT MEETINGS. PURCHASERS WILL BE REQUIRED TO JOIN THE SHADOW MOUNTAIN RESORT AND RACQUET CLUB (A NON-PROPRIETARY CLUB) UNTIL DECEMBER 31 , 1g81 . THE CURRENT MEMBERSHIP FEE IS $200 AND THE ANNUAL DUES ARE $240 (DUES WILL NOT EXCEED $300 PLUS COST OF LIVING INDEX INCREASES) . THE SUBDIVIDER SHOULD FURNISH YOU A COPY OF THE CLUB. AGREEMENT. THE SUBDIVIDER HAS STATED THAT HE WILL PROVIDE YOU WITH A COPY OF THE ARTICLES OF INCORPORATION, RESTRICTIONS AND BYLAWS, BY FURNISHING YOU COPIES PRIOR TO CLOSE OF ESCROW. THESE DOCUMENTS CONTAIN NUMEROUS MATERIAL PROVISIONS THAT SUB- STANTIALLY AFFECT AND CONTROL YOUR RIGHTS, PRIVILEGES, USE, OBLIGATIONS, AND COSTS OF MAINTENANCE AND OPERATION. YOU SHOULD READ AND UNDERSTAND THESE DOCU- MENTS BEFORE YOU OBLIGATE YOURSELF TO PURCHASE A UNIT. IF YOU PURCHASE TWO OR MORE UNITS THE SELLER IS REQUIRED TO NOTIFY THE REAL ESTATE COMMISSIONER OF THE SALE. IF YOU INTEND TO SELL A UNIT OR LEASE A UNIT FOR MORE THAN ONE YEAR, YOU ARE REQUIRED TO OBTAIN AN AMENDED SUBDIVISION PUBLIC REPORT BEFORE YOU CAN OFFER THE UNITS FOR SALE OR LEASE. TO SECURE FINANCING FOR THIS SUBDIVISION ACCEPTABLE FOR ACQUISTTION BY FEDERAL HOME LOAN MORTGAGE CORPORATION, IT HAS BEEN NECESSARY FOR THE SUBDIVIDER TO IN- CORPORATE INTO THE DECLARATION OF RESTRICTIONS AND OTHER MANAGEMENT INSTRUMENTS, PROVISIONS WHICH GIVE THE MORTGAGE LENDER A VOICE IN THE AFFAIRS OF THE HOMEOWNERS' ASSOCIATION AND. IN THE MANAGEMENT AND OPERATION OF THE SUBDIVISION WHICH A LENDER DOES NOT ORDINARILY HAVE. IT IS RECOMMENDED THAT YOU READ AND UNDERSTAND THESE PROVISIONS BEFORE OBLIGATING YOUR SELF TO PURCHASE A UNIT. THE 40 RESIDENTIAL UNITS AND COMMON AREA COVERED BY THIS REPORT COMPRISE THE FIRST INCREMENT OF AN OVERALL PROJECT PROPOSED TO BE DEVELOPED IN THREE INCREMENTS, WHICH INCLUDE A TOTAL OF 161 RESIDENTIAL UNITS AND COMMON AREAS. THERE IS NO ASSURANCE THAT THE OVERALL PROJECT WILL BE COMPLETED. INTERESTS TO BE CONVEYED: You will receive fee title to a specified unit, together with an undivided fractional fee interest as a tenant in common in the common area, together with a membership in owners' association and rights to use the common area. LOCATION AND SIZE: In the City of Palm Desert. Approximately 1 .55 acres on which one building containing 40 units and 60 parking spaces have been constructed. There are no provisions for parking space assignments. MANAGEMENT AND OPERATION: The Shadow Mountain Homeownersl Association, Inc. , which you must join, manages and operates the common area(s) in accordance with the Restrictions, Articles of Incorporation and the By-Laws. MAINTENANCE AND OPERATIONAL EXPENSES: The subdivider has submitted a budget for mainte- nance and operation of the common areas. You should obtain a copy of this budget from -2- of 4 pages FILE NO. 35732 (3rd Amended) . the subdivider. Under this budget, the month.ly assessment against each subdivision unit will be $46.25. IF THE BUDGET FURNISHED TO YOU BY THE DEVELOPER SHOWS A MONTHLY ASSESSMENT FIGURE WHICH VARIES 100/, OR MORE FROM THE ASSESSMENT AMOUNT SHOWN IN THIS PUBLIC REPORT, YOU SHOULD CONTACT THE DEPARTMENT OF REAL ESTATE BEFORE ENTERING INTO AN AGREEMENT TO PURCHASE. The association may increase or decrease the assessments at any time in accordance with the procedure prescribed in the CC&R's or By-Laws. In considering the advisability of a decrease in assessments, care should be taken not to eliminate amounts attributable to reserves for replacement or major maintenance. EXPENSES OF OPERATION ARE DIFFICULT TO PREDICT ACCURATELY AND EVEN IF ACCURATELY ESTIMATED INITIALLY, MOST EXPENSES INCREASE WITH THE AGE OF FACILITIES AND WITH INCREASES IN THE COST OF LIVING. Monthly assessments have commenced on all units during the month following the closing of the first sale of a unit. From that time, the subdivider is required, to pay the . association a monthly assessment for each unit which he owns. The remedies available to the association against owners who are delinquent in the payment of assessments are set forth in the CC&Rs. These remedies are available against the sub- divider as well as against other owners. The subdivider has posted a bond as partial security for his obligation to pay these assessments. The governing body of the associa- tion should assure itself that the subdivider has satisfied his obligations to the associa- tion with respect to payment of assessments before agreeing to a release or exoneration of the security. EASEMENTS: Easements for uti sties, roadways and other purpose are shown on theT-itle report and the subdivision map recorded in the Office of the Riverside County Recorder, Book 81 , Page 8 and the Condominium Plan recorded March 28, 1975, as Document No. 35471 . RESTRICTIONS: This subdivision is subject to restrictions recorded in the Office of the Riverside County Recorder, April 29, 1975, as. lnstrument No. 48562 and Amended August 26, 1976, as Instrument No. 126997. TAX ESTIMATES: If the subdivider is unable to give you the current tax information, you may approximate your taxes as follows: TAKE 25% OF THE SALES PRICE, DIVIDE BY 100, AND THEN MULTIPLY BY THE TOTAL TAX RATE. THE TAX RATE FOR THE 1976/77 FISCAL YEAR IS $12.323. THE TAX RATE AND ASSESSED VALUATION MAY CHANGE IN SUBSEQUENT YEARS. FOR EXAMPLE, ANY BONDED DEBT OR SPECIAL DISTRICT ASSESSMENT APPROVED AFTER THE ABOVE TAX RATE HAD BEEN SET COULD INCREASE THE FURTURE RATE. CONDITIONS OF SALE: If your purchase involves financing, a form of deed of trust and note will be used. These documents contain the following provisions: An acceleration clause. This means that if you sell the property, or use it as a security for another loan, the lender may declare the entire unpaid balance immediately due and payable. (This provision may be unenforceable under certain conditions. Reference section 2924.6, Civil Code.) -3- of 4 pages FILE NO. 35732 Ord Amended) A late charge. This means that if you are late in making .your monthly payment you may have to pay an additional amount as a penalty. A Prepayment penalty. This means that if you wish to pay off your loan in whole or in part before it is due, you may be required to pay an additional amount as a penalty in accordance with the terms of the loan. BEFORE SIGNING, YOU SHOULD READ AND THOROUGHLY UNDERSTAND ALL LOAN DOCUMENTS. PURCHASE MONEY.HANDLING: The subdivider must impound all funds received from you in an escrow depository until legal title is delivered to you. (Refer Sections 11013, 11013.2(a) Business and Professions Code.) SEWAGE DISPOSAL: Septic tanks will be used for sewage disposal . PUBLIC TRANSPORTATION: Not available. SCHOOLS: The Desert Sands Unified School District has furnished information of the nearest schools, distances to the most remote unit, availability of school bus transpor- tation, and bus charges, as indicated: . SCHOOLS GRADES DISTANCE BUS AVAILABLE Washington Elementary K-2 4 mile Yes 45-768 Portola Palm Desert Lincoln Elementary 3-5 12 miles Yes 74-100 Rutledge Way Palm Desert Palm Desert Middle School 6-8 12 miles Yes 74-100 Rutledge Way Palm Desert Indio High 9-12 9 miles Yes 81-750 Avenue 46 Indio NOTE: This school information was provided by the school district prior to issuance of the public report. Purchasers may contact the local school district office for any changes in. school assignments, facilities., and bus service. For further information in regard to this subdivision, you may call (213Y 620-2700, or examine the documents at 107 South Broadway, Room 8136, Los Angeles, California 90012 TCD•sw -4- and last FILE NO. 35732 Ord Amended)