HomeMy WebLinkAboutOrd 1066 Sares Regis Group cc/o Greg Albert - Case No. DA 03-02 - 73240 Gerald Ford DriveORDINANCE NO. 1066
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
PALM DESERT, CALIFORNIA, APPROVING AN
AGREEMENT RELATING TO THE DEVELOPMENT AND
ONGOING OPERATION OF A 320-UNIT APARTMENT/
CONDOMINIUM PROJECT ON THE NORTH SIDE OF
GERALD FORD DRIVE BETWEEN MONTEREY AVENUE
AND PORTOLA AVENUE, 73-240 GERALD FORD DRIVE
CASE NO. DA 03-02 AS IT RELATES TO CASE NOS. C/Z 03-
04, TT 31363 AND PP/CUP 03-06
WHEREAS, the City Council of the City of Palm Desert, California, did on the 8th
day of April, 2004, hold a duly noticed public hearing which was continued to May 13, 2004
to consider the request by SARES REGIS GROUP, LLC, for approval of DA 03-02; and
WHEREAS, the Planning Commission by its Resolution No. 2240 has
recommended approval of said agreement; and
WHEREAS, said application has complied with the requirements of the "City of Palm
Desert Procedure for Implementation of the California Environmental Quality Act,
Resolution No. 02-06," in that the Director of Community Development has determined that
the project will not have an adverse impact on the environment and a Negative Declaration
of Environmental Impact is warranted based on the data provided as part of the University
Village Master Plan, the General Plan Update and the EIR certified therefore; and
WHEREAS, at said public hearing, said City Council heard and considered all
testimony and arguments of all interested persons.
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Palm
Desert, California, as follows:
1. That the above recitations are true and correct and constitute the findings of
the City Council in this case.
2. That Agreement 03-02 (Exhibit A attached) is hereby approved.
3. That a Negative Declaration of Environmental Impact is hereby certified.
(Exhibit B attached).
4. The City Clerk of the City of Palm Desert, California, is hereby directed to
publish this ordinance in the Desert Sun, a newspaper of general circulation
in the city of Palm Desert, California, and shall be in full force and effect thirty
(30) days after its adoption.
ORDINANCE NO. 1066
PASSED, APPROVED and ADOPTED at a regular meeting of the Palm Desert City
Council, held on this day of , 2004, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
RACHELLE D. KLASSEN, City Clerk
City of Palm Desert, California
ROBERT A. SPIEGEL, Mayor
2
ORDINANCE NO. 1066
EXHIBIT A
HOUSING AGREEMENT
THIS Agreement is entered into this , day of , 2004,
between (hereinafter "Property Owner") and the City of Palm
Desert, (hereinafter "City"), a municipal corporation organized and existing under the
laws of the state of California.
RECITALS:
This Agreement is predicated upon the following facts:
A. Property Owner is owner of certain real property located within the City of
Palm Desert, California, which property is described in Exhibit A attached hereto and
made a part hereof (hereinafter "Property"). In consideration of the Property Owner
entering into this Agreement, City has granted approval of general plan amendment
through a general plan update) from low density residential (3-5 dwelling units per acre)
to high density residential (10-22 units per acre), a change of zone from PR-5 (planned
residential, five units per acre) to PR 13 (planned residential, 13 units per acre), a
precise plan/conditional use permit, including a height exception to allow a 27 foot high
roof element, and tentative tract map for apartment) condominium purposes to construct
320 residential apartment condominium units.
B. City has approved an increase in the permitted maximum density from five
dwelling units per acre to a maximum of 13 dwelling units per acre in return for providing
dwelling units affordable to moderate income occupants.
C. As a condition of said approval, City has required that a specified number
of units associated with the project be set aside at an affordable housing cost to certain
households.
NOW, THEREFORE, the parties agree:
1. Definitions. In this Agreement, unless the context otherwise requires:
(a) "City" is the City of Palm Desert.
(b) "Project" is the development to be constructed in the City pursuant
to Precise Plan/Conditional Use Permit 03-06.
(c) "Property Owner" means the person having a legal or equitable
interest in the real property as described in paragraph 3 and includes the
Property Owner's successors in interest and assigns.
(d) "Real Property" is the real property referred to in paragraph 2.
(e) "Useful Life of the Project" is 55 years.
P6402-0001 \774511 v 1.doc
ORDINANCE NO. 1066
EX. A
2. Description of Real Property. The real property which is the subject of this
Agreement is described in Exhibit A.
3. Interest of Property Owner. Property Owner represents that he has a full
legal and equitable interest in the Real Property and that all other persons holding legal
or equitable interests in the Property are to be bound by the Agreement.
4. Assignment. The rights of the Property Owner under this Agreement may
not be transferred or assigned by the Property Owner prior to the completion of the
construction of the Project unless the written consent of the City is first obtained, which
consent shall not be unreasonably withheld. The City shall have two weeks from the
date of receipt of the request to respond. Upon the completion of the Project as
evidenced by the issuance of a certificate of occupancy therefor, the written consent of
the City shall no longer be required to transfer the rights of the Property Owner under
this Agreement to any successor in interest in the Real Property. Upon the assignment
of this Agreement by the Property Owner to a successor in interest in the Real Property,
the City agrees that it will look solely to such successor in interest to thereafter perform
all of the covenants, terms and conditions of this Agreement and the assigning Property
Owner shall be released from liability accruing under this Agreement from and after the
effective date of such assignment. Notwithstanding the foregoing, the Property Owner
and its assignees shall have the right to collaterally assign this Agreement without the
City's consent to Property Owner's lender in connection with the financing of this
Project.
5. Binding effect of Agreement. The burdens and the benefits of the
Agreement shall constitute covenants that shall run with the Real Property and shall be
binding upon and inure to the benefit of the successors in interest to the Real Property.
6. Relationship of parties. It is understood that the contractual relationship
between the City and Property Owner is such that the Property Owner is not an agent of
the City.
7. Affordable Units.
(a) City has amended the general plan and granted a change of zone
increasing the permitted maximum density on the property from five units per
acre to 13 units per acre. Based on these amendments, the City has approved
the Precise Plan / Conditional Use Permit 03-06 for a 320-unit apartment
/condominium project, including a height exception to allow a 27-foot high roof
element on the Property. In exchange for increasing the permitted density from
five units per acre to 13 units per acre, the Property Owner agrees to set aside
20% of total project units as units affordable to moderate income households.
The exchange is required pursuant to the goals and objectives of the General
Plan with respect to the provision of affordable housing. The project's affordable
housing requirement shall therefore be established at 64 units. For the entire
period that the Project is operated as an apartment project, at least 64 units in
the Project shall be rented to and shall be affordable to moderate -income families
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ORDINANCE NO. 1066 EK' A
at 100, 105, 110 and 115 percent of area median income on a prorated basis
per unit sizes for the Useful Life of the Project, as follows:
No. of Units % of Income
7@ up to 100%
32@ 101--105%
19@ 106-- 110%
6 @ 111--115%
64
If in the event the Property Owner, after fifteen (15) days of
vacancy, cannot fill an affordable unit at the required level of affordability, and it
has made such vacant unit(s) available to moderate income families from the
City's Housing Authority's tenant waiting list, the Property Owner will be
permitted to fill such vacant affordable unit(s) with moderate income tenants at
higher incomes. No more than six of the sixty-four units will be permitted to be
occupied outside the permitted affordability levels at any given time without prior
written consent of the City's Housing Authority administrator.
(b) (b) If the Project is later converted to condominium units, at
least 64 units in the Project shall be sold to and shall thereafter be affordable to
moderate income families at 100, 105, 110 and 115 percent of area median
income on a prorated basis per unit sizes for the longer of 45 years or remaining
Useful Life of the Project.
The 64 affordable units shall be further designated as follows:
TOTAL
AFFORDABLE UNITS
One (1) Bedroom Units 19
Two (2) Bedroom Units 39
Three (3) Bedroom Units 6
64
(c) Maximum rental rates for such affordable units shall be set by the
Palm Desert Housing Authority pursuant to state law at the time the units first
become available for rent. Annual rent increases shall not exceed the increases
permitted by state law.
(d) Sales prices in the affordable units shall be set by the Palm Desert
Redevelopment Agency pursuant to state law an amount such that the units will
qualify as affordable to moderate income persons pursuant to state law.
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ORDINANCE NO. 1066 EX. A
(e) City shall cause the Palm Desert Redevelopment Agency to
provide second trust deed financing to buyers to secure 45-year affordability
covenants. The amount of such financing shall be at the sole and absolute
discretion of the Agency.
(f) Subsequent sales of any affordable units shall be subject to resale
controls substantially in the form of the deed restrictions attached hereto as
Exhibit " A ", which will assure that said units may only be sold or rented to
income qualified persons provided for in this paragraph 7.
(g) Property Owner or its assigned management agent shall be
responsible for determining the eligibility of prospective tenants in the affordable
units.
(h) Property Owner shall advise the City in writing prior to obtaining
building permit regarding the method to be used to satisfy affordable housing
requirement of the project.
(i) Property Owner shall not discriminate on the basis of race, color or
creed, sex, or national origin.
(j) Change in Project. Property Owner hereby agrees that prior to the
initial completion of the Project as evidenced by the issuance of a certificate of
occupancy, no change, modification, revision or alteration may be made in the
approved precise plan without review and approval by the City and those
agencies and departments of the City approving the plan in the first instance. A
change, modification, revision or alteration in the approved precise
plan/conditional use permit prior to the initial completion of the Project is not
effective until the parties amend this Agreement to incorporate it.
(k) Hold Harmless. Property Owner agrees to and shall hold the City,
its officers, agents, consultants, employees and representatives harmless from
any liability for damage or claims for damage which may arise from the direct or
indirect operations of the °°Property Owner or those of his contractor,
subcontractor, agent, employee or other person acting on his behalf which
relates to the Project. Property Owner agrees to and shall defend the City and its
officers, agents, employees and representatives from third party actions for
damages caused or alleged to have been caused by reason of Property Owner's
activities in connection with the Project.
This hold harmless agreement applies to all third party damages and
claims for damages suffered, or alleged to have been suffered, by reason of the
operation referred to in this paragraph, regardless of whether or not the City
prepared, supplied, or approved plans or specifications or both for the Project.
Property Owner further agrees to indemnify, hold harmless, pay all costs
and provide a defense for City in any action challenging the validity of this
Agreement.
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ORDINANCE NO. 1066
EX. A
(1) Periodic Review of Compliance with Agreement. So long as the
Project is an apartment project, the Property Owner shall, at his expense,
prepare an annual report and deliver such report to the City regarding
compliance with the affordable housing provisions of this Agreement. The City
may inspect the affordable units pursuant to applicable law regarding
inspections. The City may, at the expense of the Property Owner, cause to be
performed an audit of the affordable units in the Project.
(m) Amendment or Cancellation of Agreement. This Agreement may
be amended or canceled in whole or in part by mutual consent of the parties.
(n) Enforcement. Unless amended or canceled as provided in
paragraph (m), this Agreement is enforceable by any party to it notwithstanding a
change in the applicable general or specific plan, zoning, subdivision, or building
regulations adopted by City which alter or amend the rules, regulations or
policies governing permitted uses of the land, density, design, improvement and
construction standards and specifications.
(o) Events of Default. Property Owner is in default under this
Agreement upon the happening of one or more of the following events or
conditions:
(i) If a warranty, representation or statement set forth in this
Agreement by Property Owner to City is false or proves to have been false
in any material respect when it was made;
(ii) A determination by the City that Property Owner has not
complied with any term or condition of this Agreement.
(iii) Property Owner's failure to maintain the Real Property in
substantially the same condition as it exists on the date that City issues
the Certificate of Occupancy with respect to the Project ordinary wear and
tear and casualty excepted.
(iv) Property Owner's failure to appear in and defend any action
or proceeding purporting to affect the rights or powers of City under the
terms of this Agreement, and to pay all costs and expenses, including
attorneys' fees in a reasonable sum, in any such action or proceeding in
which City may appear.
(p) Procedure upon Default. If the City determines that the Property
Owner is in default, the City shall notify the Property Owner in writing as to the
nature of the default. Property Owner has 30 days upon receipt of such
notification to take and complete remedial action. If Property Owner fails to take
and complete remedial action within the 30-day period described above, the City
may pursue all legal and equitable remedies the City may have at law or in
equity, and City shall be entitled to specific performance and enforcement of
each and every term, condition and covenant set forth herein.
P6402-0001\774511v1.doc
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ORDINANCE NO. 1066
EX. A
(q) Damages upon Cancellation, Termination of Agreement. In no
event shall Property Owner be entitled to any damages against the City upon
termination of this Agreement or exercise by City of its rights under this
Agreement.
(r) Attorney's Fees and Costs. If legal action by either party is brought
because of breach of this Agreement or to enforce a provision of this Agreement,
the prevailing party is entitled to reasonable attorneys' fees and court costs.
(s) Notices. All notices required or provided for under this Agreement
shall be in writing and delivered in person or sent by certified mail, postage
prepared. Notice required to be given to City shall be addressed as follows: City
Manager, City of Palm Desert, 73-510 Fred Waring Drive, Palm Desert,
California 92260.
Notices required to be given to Property Owner shall be addressed as
follows:
Sares Regis Group, c/o Greg Albert, 18825 Bardeen Avenue, Irvine, California
92612.
A party may change the address by giving notice in writing to the other
party and therefore notices shall be addressed and transmitted to the new
address.
(t) (i) Rules of Construction and Miscellaneous Items. The singular
includes the plural; the masculine gender includes the feminine; "shall" is
mandatory, "may" is permissive.
(ii) If there is more than one signer of this Agreement, on behalf of
the Property Owner, obligations are joint and several
(u) Duration of Agreement. This Agreement shall remain in effect
during the Useful Life of the Project.
(v) Applicable Law. This Agreement shall be construed according to
the laws of the State of California.
(w) Severability. If any portion of this Agreement is for any reason held
to be unenforceable, such determination shall not affect the validity of the
remaining portions.
(x) Authority. Each of the parties hereto covenants and agrees that it
has the legal capacity to enter into this Agreement contained herein, that each
Agreement is binding upon that party and that this Agreement is executed by a
duly authorized official acting in his official capacity.
P6402-0001\774511v1.doc -6- 052004
ORDINANCE NO. 1066 EX. A
IN WITNESS WHEREOF this Agreement has been executed by the parties on
the day and year first above written.
Approved as to form: CITY OF PALM DESERT,
A Municipal Corporation
Dave Erwin, City Attorney
Attest:
Rachelle D. Klassen, City Clerk
By:
SARES REGIS GROUP
By:
By:
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ORDINANCE NO. 1066
STATE OF CALIFORNIA )
EX. A
COUNTY OF RIVERSIDE )
On this day of , 2004, before me, a Notary Public in
and for said State, personally appeared , known to me or
proved to me on the basis of satisfactory evidence to be the person who executed the
within instrument on behalf of , and acknowledged to me
that executed the same.
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ORDINANCE NO. 1066 EX. A
EXHIBIT "A" TO
HOUSING AGREEMENT
ORDINANCE NO. 1066
EXHIBIT A TO THE HOUSING AGREEMENT
RECORDING REQUESTED BY
AND WHEN RECORDED RETURN TO:
Executive Director
Palm Desert Redevelopment Agency
73-510 Fred Waring Drive
Palm Desert, California 92260
Attention: City Clerk
Exempt from recording fees pu
UNIT REGU
THIS U . T RE lE EEMENT the "Agreement"
) g ) is entered
into this y of by and between the PALM DESERT
REDEVELOPME CY,=� o� or.rate and politic (the "Agency"), and
a(n)
(indi
A.
located i
Exhibit "A
in Section 1(b
residence.
RECITALS
oncurrently herewith acquiring that certain real property (the "Unit")
P.. m Desert, County of Riverside, State of California, legally described in
hereto and incorporated herein by reference, the address of which is set forth
of this Agreement, and which the Owner shall occupy as the Owner's principal
B. For the purpose, among others, of effectuating the Redevelopment Plan for Project
Area No. 1, as amended, (the "Project Area"), as originally adopted by Ordinance No. 275 on
November 25, 1981 (incorporated herein in its entirety by this reference), the Agency has provided
assistance to the development of the Desert Rose project for low and moderate income housing.
C. The Owner has represented to the Agency that the Owner and the Owner's
household qualifies as a Person or Family of Very Low, Low or Moderate Income.
D. Concurrently herewith, the Owner is executing a promissory note in the amount,
if any, set forth in Section 1(c), representing a loan by the Agency to the Owner to assist in the
Owner's acquisition of the Unit.
NOW, THEREFORE, the parties agree as follows:
1. Fundamental Provisions. The following shall serve as the basic terms of
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE 1
(a) Name of Owner: The name of the Owner is
(b) Address of the Unit: The address of the Unit is
, Palm Desert, California.
of
). The Loan is evidenced by a promissory note (the "Note") and se
(the "Deed of Trust") executed by Owner concurrently with this Agree
2. Definitions. For purposes of th's Agra nt, the ter meted be .w shall
have the meanings thereinafter specified.
(a) AMI. As us
median family income of the Rivers
annually by the United State
to California Health and Safe
The AMI shall be ®,t ed for
to California Healt _` • afety
occupyin• the Unit.
(c) Amount of the Loan: The principal amount of t Doan is the sum
D.
"Aff
Gros
have the
Section 6
Income"
Regulation
t
a deed of trust
I" means the
ned and published
Urban D cl lent ("HUD"), pursuant
the regula ions promulgated thereunder.
ith state regulations adopted pursuant
the number of persons in the family
Cost. For the purposes hereof, the term
Using cost which does not exceed 30 percent of the
for the purposes hereof, the term "housing cost" shall
to such term in Title 25 of the California Code of Regulations
lations may be amended from time to time, and the term "Gross
e meaning ascribed to such term in Title 25 of the California Code of
n 6914, as such regulations may be amended from time to time.
(c) Person or Family of Very Low, Low, or Moderate Income, or Very- Low
Income Household, a Low -Income Household, ora Moderate -Income Household means a person,
family or household meeting the income qualification limits set forth in California Health and
Safety Code Sections 50093, 50105, 50052.5, and 50053, and Title 25 of the California Code of
Regulations Section 6910, et seq., as the case or context may require, as such statutes and
regulations may be amended from time to time, and any successor statutes thereto.
(d) Qualified Person means a person or family of Very Low, Low or
Moderate Income. Unless the Agency or its designee, in its sole discretion determines otherwise,
in the case of a studio unit, Qualified Person means a household of one person, in the case of a
one -bedroom unit, Qualified Person means a household of two persons, in the case of a two -
bedroom unit, Qualified Person means a household of three persons, in the case of a three -
bedroom unit, Qualified Person means a household of four persons, and in the case of a four -
bedroom unit, Qualified Person means a household of five persons.
DESERT ROSE UNIT REGULATORY AGREEMENT 30%. SAMPLE
(e) Escrow Costs means only those fees charged by an escrow agent or
title insurance company charged solely for the cost of closing an escrow and does not include loan
fees, refinancing fees, broker commissions, prepaid items, homeowners dues, transfer fees, or
other fees, commissions or costs.
(f) Unit means the real property described in attached Exhibit "A" and may
include vacant land, single-family dwellings and multi -family dwellings.
(g) Owner means both the party identifie® ner" in the first
paragraph of this Declaration, and any successor in interest of such n r wig respect to the
Property.
Restriction on Transfer.
(a) The Owner
convey, transfer, lease, sublease, as
into agreements to sell, conve nsf
or hypothecate the Unit, exc
written approval of t Agenc
written approval o enc
this Agreement.
pro
whol
result
Owner to
Term.
dole or in part,
age,t te the Unit, or enter
assign, r, mortgage, refinance
rms of thi 'r reement and with the prior
s designee. Failure to obtain the prior
designee will be deemed a breach of
each of the provisions of Section 3(a) hereof is
nsfer of interest enumerated in Section 3(a) above, in
d unenforceable, and at the Agency or its designee's option,
e Uni by the Agency and/or an acceleration of the Note requiring the
the Note in full if such transfer is made prior to the expiration of the
(c) In the event of the death of the Owner with no qualified surviving joint
tenants, the Agency or its designee will work with the heirs, probate court, or other responsible
party to either exercise its option to reacquire the Unit in accordance with Section 8 hereof or
identify a Qualified Person to purchase the Unit.
4. Term of Agreement. This Agreement shall become effective on the date it is
recorded in the Official Records of Riverside County, California, and shall terminate 30 years after
the date of recordation hereof (the "Term"). The Agency has determined that 30 years is the
longest period feasible for continuing the Term of this Agreement. The Owner's repayment of the
Loan shall not terminate this Agreement.
5. Covenant to Maintain Affordability.
(a) The Unit is being sold to Owner and the Loan is being given by the
Agency to the Owner to increase and improve the community's supply of low and moderate
income housing available at an Affordable Housing Cost in accordance with the affordable
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE
housing requirements of the Community Redevelopment Law (California Health and Safety Code,
Section 33000, et seq). Subject to the provisions of Section 3 hereof, the Owner shall sell,
convey, assign, or transfer ownership or occupancy of the Unit only to Qualified Persons who
cannot obtain comparable housing at an Affordable Housing Cost on the open market as provided
in Health and Safety Code Section 33334.2(e)(8), as amended. To this end, the Owner agrees
that during the Term the Unit shall, except as provided in Sections 6, 9.(c) and 11 hereof, remain
available only at an Affordable Housing Cost and shall only be occupied by Qualified Persons. In
addition, if, without the Agency or its designee's consent, the Owner fails to o .' py the Unitas the
Owner's sole principal residence for a period of 90 calendar days, cum in any calendar
year, then the Owner shall be in breach of this Agreement.
(b) Subject to the provisions of Sec
the entire Term the Owner previously has not either (i) s
the Unit except to a Qualified Person, except wh
leased or subleased the Unit in violation of
encumbered, or mortgaged the Unit in viola
exceeding the maximum price permit
terms and provisions hereof, the
Agen
Own
occ
exce
transf
designee's
form any
12 here
nveyed, r
mitted by
iii) refina
or
expiration of
red, oassigned
Hof, or (ii)
thecated,
nit at a price
rose breached the
rsons. Subject to the option rights of the
ualified Persons on the condition that (i) the
Ions 8 and 9 hereof, (ii) the purchaser covenants to
cipal residence, and (iii) the purchase price does not
ale price set forth in Section 11 hereof. Any permitted
Unitsubjectto the terms and conditions hereof or, at Agency or its
nit Regulatory and Lien agreement and shall execute in recordable
necessary to accommodate the transfer.
(b) Intra-Family Conveyances. The following transfers of title shall not be
breaches of this Agreement: transfer by gift, devise, or inheritance to the Owner's spouse; taking
of title by surviving joint tenant that is the Owner's spouse; transfer of title to a spouse as part of a
divorce or dissolution proceeding; acquisition of title in conjunction with marriage; transfers of title
to an adult child when the child is approved by the Agency's Executive Director or his designee as
a Qualified Person at the time of transfer. A transfer to children of the Owner who are not
Qualified Persons shall give rise to the option in favor of the Agency to acquire the Unit described
in Section 8 hereof; provided, however, such option to acquire shall be exercised by the Agency
within 60 days after receipt by the Agency or its designee of written notice of such transfer, and
the purchase price shall be the amount set forth in Section 8(e).
(c) First Trust Deed - Purchase. The Owner may encumber the Unit with
a first position deed of trust securing a purchase money loan on the condition that the first position
trust deed complies with the terms of this Agreement.
(d) Refinancing of First Trust Deed. Subject to compliance with the
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE
provisions of Section 10 hereof, the Owner may refinance a first deed of trust encumbering the
Unit provided that the Agency's Executive Director or his designee has previously reviewed and
approved the terms and conditions thereof including, but not limited to, the principal amount of the
proposed loan, the interest rate, the terms of repayment, the identity of the maker of the proposed
loan, any documentation pertaining to the subordination or enforcement of the Agency's loan and
related security documents, the costs and fees associated with the making of the proposed loan,
and the Owner shall have received the written approval of the proposed loan by the Agency's
Executive Director or his designee prior to the date of its closing. Any refinancing of a first deed of
trust which has not been previously approved by the Agency's Executiv or or his designee
as herein above described shall constitute a default under this Agrees shall, at the option
of the Agency or its designee, result in the acquisition of the unit b f A and/or in an
acceleration of the Note requiring the Owner to immediate, epay the
��s
(e) Junior Trust Deeds.
Section 10 hereof, the Owner may enter into,
and subordinate to the Deed of Trust • • ide
solely to pay for repairs or the cons
Executive Director or his d
conditions thereof, includin
interest rate, the term ,,of repa
fees associated w
repairs or the con
Owne
Dire
not
grou
reaso
provisions
mortgage; • subordinate to the Deed of Trust shall constitute a default under this
Agreemen all, at the option of the Agency or its designee, result in the acquisition of the
Unit by the Agency and/or in an acceleration of the Note requiring the Owner to repay the Note in
full. Notwithstanding the foregoing, the Agency agrees that the Owner may encumber the Unit
with a third, junior deed of trust securing a loan from the County of Riverside's Economic
Development Agency pursuant to its First Time Home Buyer Program, provided that the amount of
such loan does not exceed the lesser of $20,000.00 or 20% of the Owner's purchase price of the
property.
ave
esig
• ay f
mpliance tt ah •lions of
eed of tru • • gege junior
s of each i stall be used
(ii) the Agency's
ewed ap . oved the terms and
cipal amo of the proposed loan, the
ker of the proposed loan, the costs and
the nature and costs of the proposed
with the proceeds thereof, and (iii) the
of the proposed loan by Agency's Executive
osing, (iv) the proceeds of the proposed loan shall
f improvement of a luxury nature such as, in or above
terior decorative items, or other improvements where the
not exceed 5 years. The failure of the Owner to comply fully with the
e) when entering into a loan which is secured by a deed of trust or
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE 5
7. Subordination to First Trust Deed Encumbrances.
(a) The Agency recognizes that Owner may be entering into a purchase
money loan to acquire the Unit and also recognizes that immediately prior to the recordation
hereof the Owner is or may be recording a deed of trust in connection with such financing that
shall be superior to this Agreement and the Deed of Trust, and the Agency agrees that, in such
event, such deed of trust recorded prior hereto shall be superior to this Agreement and the Deed
of Trust. A default of such deed of trust will also be deemed a default of this U it Regulatory and
Lien Agreement and Deed of Trust in favor of the Agency, if any. There , the event of the
foreclosure of such deed of trust, or the conveyance by deed in lieu re of the Unit to a
bank, savings and loan, or other institutional lender that is the beneficiarydeed of trust,
ect; provi , if the senior
oreclosu he to s hereof
ice of a d u - e senior
der the se i �ftrust, or
tong s received by
the provisions hereof shall terminate and be of no force or
lien holder acquires title to the Unit pursuant to a deed in l
shall terminate only if (i) the Agency has been
deed of trust and (ii) the Agency shall not hav
diligently pursued the curing of the def
the Agency or its designee.
(b)
of trust that was supe
all respects to th
subordination agr
subor rl this A
save st n as
Loa th Chas
the
hat, in the 'nt of a refinancing of a deed
r to th "= ' f 1 t , and which such refinancing complied in
Hof, the Agency agrees to execute a
acceptable to the Agency or its designee,
T to any first deed of trust, in favor of any bank,
Tonal lender which makes a loan to refinance the
ch secures the obligations under such loan, subject to
(i) The principal amount of the new loan does not exceed the
original unt of the loan being refinanced, plus reasonable loan fees and costs up to a
maximum r e rcent (5%) of the original principal amount, unless Agency or its designee has
provided written authorization otherwise.
(ii) The terms and provisions of the loan secured by such deed of
trust, including interest rate, term, amortization, fees, acceleration clauses, late payment charges,
and prepayment charges, shall conform substantially to the provisions in the lender=s loan
documents for comparable loans, unless deviations are given written approval in advance of the
subordination by the Agency's Executive Director or his designee.
(iii) The Owner shall deliver to the Agency or its designee true and
accurate copies of the loan agreement, proposed promissory note, deed of trust, and a written
statement from the Owner certifying that such documents are true and accurate copies of the loan
documents which the Owner intends to execute in connection with the loan; and
(iv) The Agency or its designee may condition any such
subordination upon its receipt of a title policy or endorsement from a reputable title company, at
the Owner's sole cost and expense, assuring that this Agreement and the Deed of Trust are not
DESERT ROSE UNIT REGULATORY AGREEMENT 30% SAMPLE
being subordinated to any liens or encumbrances other than those imposed by the deed of trust or
mortgage securing such new loan as the result of such subordination.
If the Agency, at the election by the Executive Director or his designee, has advanced any
sums to any senior lien holders such amounts shall immediately be due and payable by the
Owner to the Agency, together with interest accrued thereon at the maximum legal rate permitted
under California usury laws, upon the closing of any refinancing or sale.
8. Agency Option to Purchase.
(a) Option. In order to maintain and insure
affordable to and only occupied by Qualified Persons, th & gency is
throughout the Term hereof, to purchase the Unit if the S desires t
find another Qualified Person .to purchase the
the Agency or its designee, if at all, within 6
designee's receipt of the written notice
transfer the Unit (as more fully des
Owner may also concurrentl
provided in Section 9 here
Qualified Person (pr usly a
a price that does n d th
Agency shall not th
Unit.
purch
the
clos
escr
mone
customary
shall be
cy's Exe
le"
shall remain
ed an option,
the Unit, or to
iting by
r or his
is desire to
hersuch 60 day period
it to s Qualified Person, as
into an a ment to sell the Unit to a
irector of the Agency or his designee) at
Section 11 hereof. In such event, the
e tide Unit or find another Qualified Person to
e m ercises the option to purchase the Unit, then
se shall promptly open escrow therefor and shall
prior to the date that is 60 days after the Agency opens
tvered to the Agency at the close of escrow free and clear of
brances, and closing costs shall be allocated in the fashion as is
ellers in Riverside County.
(b) Agency's Failure to Close Following Exercise of the Option to Purchase
the Unit. If the Agency or its designee exercises the option to purchase the Unit but, due to the
Agency's sole fault, the Agency does not close escrow within 60 days after the date the Agency's
Executive Director or his designee opens escrow, then the Owner shall be entitled to sell the Unit
to a person or family that is not a Qualified Person; provided, however, (i) if the Unit is sold to a
person or family that is not a Qualified Person, or (ii) if the Unit is sold at a price that exceeds the
maximum resale price set forth in Section 11 hereof, then the Owner shall repay the Loan
(including all accrued interest thereon) to the Agency as provided in Section 9(c), below, plus an
amount equal to 25% of the amount by which the net sale proceeds received by the Owner ("net
sale proceeds" being the gross sale proceeds minus customary and reasonable costs of sale
incurred by the Owner, including brokerage commissions, and adjusted for reasonable pro -
rations) exceeds the maximum resale price set forth in Section 11 hereof.
(c) Terms of Purchase. if the Agency or its designee exercises the option
to purchase the Unit, the purchase price to be paid by the Agency shall be paid all in cash at the
close of escrow. The Owner may require a deposit to open escrow in an amount not to exceed
three percent (3%) of the purchase price. Title to the Unit shall be delivered to the Agency at the
DESERT ROSE UNIT REGULATORY AGREEMENT 30%- SAMPLE
close of escrow free and clear of f monetary liens and encumbrances. Closing costs shall be
allocated between the buyer and seller according to the customary practices in Riverside County
in effect at the time the option is exercised.
(d) Conditions to Close of Escrow. The escrow instructions may provide
for conditions or contingencies of the type and nature customarily included in residential purchase
escrows (including but not limited to inspection by the Agency and elimination of pests, and
preliminary title report approvals), provided that any such conditions or contin ncies (other than
the status of title to the Unit at the time of conveyance and other conditi' wh h by their nature
cannot be satisfied prior to closing) must be satisfied or waived on orb f, a close of escrow.
The proceeds of the sale shall be used to pay off all monetary liens an u ® ces upon the
close of escrow. Escrow shall close within 60 days afteropening
(e) Purchase Price. T
Agency pursuant to the Agency's exercise o
(i)
reasonable and customary e
actually incurred by the Own
the AMI for the year which
the Owner purch
Agency shall assu
e of the.
he lesser
by the
e p i er for the Unit plus
s (de dF Section 2(e) hereof)
imes a fra , the numerator of which is
e denominator of which is AMI in which
the amount of the Loan, which the
resale price determined pursuant to Section 11(a)
her • tha �_ it;
haser, is of the same income level as was the Owner at
the t p or
iii) the fair market value of the Unit, as determined by an appraiser
approves ' ° �:®ncy or its designee.
Resale Price Controls and Procedures.
(a) If the Owner elects at any time to sell the Unit, then the Owner shall,
prior to signing a listing agreement or other authorization to sell with a real estate broker, first
provide to the Agency's Executive Director or his designee the Notice of Proposed Sale setting
forth the Owner's intention to sell the Unit. Such Notice of Proposed Sale shall contain
information about the Owner's original purchase price of the Unit and such other information as
the Agency shall require. Agency or its designee shall have sixty (60) days from the time following
the receipt by the Agency or its designee of the Notice of Proposed Sale to find a new buyer for
the Unit being sold, or sixty (60) days to exercise the Agency or its designee's option to purchase
described in Section 8 hereof; provided, however, the Agency or its designee may shorten such
time period upon a showing of hardship by the Owner. The Owner agrees to consider as
purchasers those Qualified Persons identified on a list that may be maintained by the Agency's
Executive Director or his designee. Nothing contained herein shall be construed as imposing on
the Agency any obligation to find a purchaser of the Unit if the Owner has elected to sell the Unit.
DESERT ROSE UNIT REGULATORY AGREEMENT 3096- SAMPLE
(b) If the Owner resells the Unit to a Qualified Person at a price that does
not exceed the price set forth in Section 11 hereof, then the provisions hereof shall continue to
encumber the Unit, and the Agency or its designee, if necessary, shall subordinate its interest in
this Agreement and the Deed of Trust as provided in Section 7 hereof. Each successor in interest
to Owner that is a Qualified Person shall acquire the Unit subject to the continuation of the
restrictions on such property provided in this Agreement and the Deed of Trust; and if Agency
purchases such property and resells the Unit, such acquisition shall not operate to merge this
Agreement and the Deed of Trust into Agency's fee interest.
(c) If, after expiration of the sixty (60) day per
has failed to procure an acceptable and qualified buyer and the Age
exercised its option to purchase the Unit, then the Owner hal then be
Unit without any limitation on resale price or income level
if the purchaser is not a Qualified Person, or (ii)
price set forth in Section 11(a) hereof, then
interest thereon) to the Agency, plus an
proceeds received by the Owner ex
hereof .
(d)
the type and nature cu toman
to financing contininsp®
any such conditio ; tiingek
nd ot
aive
conve
be s
pay
a re
person's
agreemen
Agreement.
t
of.
urchase
e excee
ay the L
am
cy or its designee
nee has not
buyer for the
ed, however, (i)
resale
accrued
the net sale
in Section 11(a)
provide for: n ditions or contingencies of
chase escrows (including but not limited
ry title report approvals), provided that
t he status of title to the Unit at the time of
it n ure cannot be satisfied prior to closing) must
escrow. The proceeds of the sale shall be used to
es upon the close of escrow. Escrow shall close within
rye
The Owner shall notify any proposed purchaser in writing prior to such
escrow instructions, deposit receipt, purchase and sale agreement or similar
ever is earliest, that the title to the Unit will be restricted as provided in this
(f) The Owner may require a deposit to open escrow in an amount not to
exceed three percent (3%) of the purchase price. Title to the Unit shall be delivered to the
purchaser at the close of escrow free and clear of monetary liens and encumbrances, except as
provided for in this Agreement. Closing costs shall be allocated between the buyer and seller
according to the customary practices in Riverside County in effect at the time the escrow is
opened.
(g) For the purpose of confirming with the Agency that a proposed
purchaser is a Qualified Person that will be paying a purchase price that is in compliance with the
terms hereof, the Owner shall notify the Agency's Executive Director or his designee in writing of
any offer from a prospective purchaser which the Owner intends to accept, disclosing the identity
of such prospective purchaser and providing the Agency's Executive Director or his designee with
such financial, credit, and other information on such prospective purchaser as required by the
Agency, including the following:
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE
(i) Name and address of the purchaser.
(ii) Number of persons comprising the purchaser's household and their
names and ages.
(iii) Proposed purchase price of the Unit, and any other consideration
for the purchase of the Unit.
(iv) Amount of down payment.
(v) Terms of any loan that will be used by
purchase of the Unit, including, but not limited to, princip i terest ra
(vi) Closing date.
(vii) Aggregfi
viz
and all other members of the
verification of the pr•tased p
current pay stubs
years.
i nst
Unit
the Ag
to finance the
loan fees.
old.
ate inc turns of the purchaser
the preced two (2) calendar years, and
from the purchaser's employer or from
ayroll for the preceding two (2) calendar
Proposed purchase and sale agreement, escrow
eements between the Owner and the purchaser of the
cluding closing documents or any other documentation that
ctor or his designee deems appropriate to implement this Agreement.
(x) A written statement signed by the proposed purchaser that the Unit
will be occ the purchaser and used as his or her sole residence.
In lieu of providing the foregoing information, these requirements shall be deemed to have been
satisfied by delivery to the Agency of a written certification of the foregoing information from the
purchaser's lender who shall hold a first position trust deed encumbering the Unit, which
certification shall be furnished to Agency's Executive Director or his designee at least 20 days
prior to the close of escrow for the Unit.
The Agency's Executive Director or his designee shall have 30 days from the date of its
receipt by the Agency to review the information (unless the Agency received the certification from
prospective purchaser's lender, in which case the Agency's Executive Director or his designee
shall have 15 days to review the information). If the Agency or its designee fails to approve the
purchaser within such period of time, then the purchaser shall be deemed approved by the
Agency. The Agency's Executive Director or his designee may require the purchaser to submit
other written documentation reasonably requested by the Agency to verify the information set forth
herein and to determine that the Affordable Housing Cost restrictions of this Agreement shall be
satisfied. If the Agency's Executive Director or his designee receives all such prospective
purchaser information requested by the Agency, the Agency's Executive Director or his designee
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE 10
shall determine whether the prospective purchaser is a Qualified Person, and shall thereafter
immediately notify the Owner in writing that the prospective sale is authorized and approved, or
that the prospective purchaser does not qualify to purchase the Unit as a Qualified Purchaser.
The Agency hereby designates the Executive Director of the Agency or his designee to make the
evaluations, reviews and determinations set forth in this Section 9(g). If the Agency notifies the
Owner that the sale is authorized and approved, the Owner shall proceed to complete the sale of
the Unit within 75 days of the date of such approval from the Agency.
10. Notification Prior to Mortgage, Encumbrance or Hypoh�
desires to refinance any loan secured by a first trust deed encum
Section 6(d) hereof, or to borrow funds for a new loan to be secu
encumbering the Unit the proceeds of which are to be used
of improvements to the Unit, pursuant to Section 6(e)
Agency's Executive Director or his designee i
pursuant to Section 6 will be allowed. The Q
30 days prior to the recordation of a d
loan, the Owner shall submit to the
following information:
term
-� fees
Name!
b pay for r
of, prior
y loans
uch appr
ring
Unit, pursuant to
or trust deed
construction
apprw al of the
he Unit
at least
financing or
ee in writing the
tion. If Owner
ut not limited to, principal, interest rate,
proposed escrow instructions, loan application, or other
agree €: twner and the lender.
e) Written documentation of compliance with the conditions for Agency
approval a in Section 6(d) or Section 6(e) hereof, as applicable.
(f) Other written documentation reasonably requested by the Agency or its
designee.
The Agency's Executive Director or his designee shall have 20 working days after its receipt of all
of such information to approve or disapprove the proposed refinancing or loan.
11. Restriction on Resale Price. Except as permitted by Sections 8 and 9(c) hereof,
the Owner shall not resell the Unit at a price higher than the lesser of the following:
(a) An Affordable Housing Cost (as defined in Section 2(b) hereof) for the
prospective purchaser, assuming (i) a reasonable down payment, and (ii) a 30 year fixed rate
mortgage at prevailing interest rates.
(b) The sum of:
(i) the selling Owner's original purchase price of the Unit times a
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE 1 1
fraction, the numerator of which is the AMI for the year in which the sale takes place, and the
denominator of which is AMI in which the Owner purchased the Unit; plus
(ii) escrow costs, title insurance premiums paid, and other
customary closing costs and fees as described in Section 2(e) hereof; plus
(iii) if the Owner sells the Unit after a default under a mortgage or
deed of trust, but prior to a trustee's sale or foreclosure sale, all expenses act .iIy incurred by the
holder of such mortgage or beneficiary under such deed of trust du ``:t Owner's default
including, but not limited to, trustee's fees, attorney's fees, costs of sa , debt service on the
debt secured by such mortgage or deed of trust will be paid from Own r•, s.
(c) the fair market value of the U
approved by the Agency or its designee.
12. Repayment of they
and payable, except as follows:
If the re s e t a Qualified eion and, at the option of the
Agency's Executive i ector -- chi haser either executes an assumption
agreement (and s -r doe xecutive Director or his designee may
require) evidencin a - umpf t A g e , the Note and the Owner's obligations
thereu exec --liv it gulatory and Lien Agreement, Note and Deed
of Try � ��� - t onl Agency's Executive Director or his designee shall
app ), t all i - • ' the date of the Owner's acquisition of the Unit through
the cw Qualified Person shall be paid at close of escrow of such
resale, t en accrue from and after the closing date of the resale (with such
accrued int reste subject to payment upon another resale to yet another Qualified
Person), tii principal amount of the Loan shall be due only to the extent that the
purchase ° by the purchaser exceeds the amount that would have been the maximum
resale price to another purchaser at the same income level as was the Owner's at the time of the
Owner's original acquisition of the Unit. (Thus, if the seller and the purchaser are of the same
income level, then none of the principal would be due, but if the purchaser is of a higher income
level, then it is possible that some of the principal may be due because the maximum resale price
calculated pursuant to Section 11(a) hereof, may be higher if the purchaser is of a higher income
level than was the Owner at the time of the Owner's acquisition of the Unit.) 'At the end of the
Term hereof, if there have been no resales to any person or family other than a Qualified Person,
the principal balance outstanding and any accrued interest shall be forgiven by the Agency subject
to and in accordance with the provisions of Section 5(b) hereof.
determin
eU
p • aiser
shall be due
13. Annual Report. The Agency shall have the option of requiring that the Owner
provide, on an annual basis, such information as the Agency's Executive Director or his designee
deems necessary to implement this Agreement.
14. Nondiscrimination Covenants. By the Owner's acceptance hereof, the Owner
agrees, for itself, its successors and assigns, to refrain from restricting the transfer of the Unit on
the basis of race, color, creed, religion, ancestry, sex, marital status, national origin or age of any
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE 12
person. All such deeds entered into with respect to the Unit shall contain or be subject to
substantially the following nondiscrimination or nonsegregation clauses:
"The grantee herein covenants by and for himself or herself, his or her heirs,
executors, administrators, and assigns, and all persons claiming under or through them, that there
shall be no discrimination against or segregation of, any person or group of persons on account of
race, color, creed, religion, sex, marital status, national origin, or ancestry in the sale, lease,
in conveyed, nor
,permit any such
election, location,
dees in the
sublease, transfer, use, occupancy, tenure, or enjoyment of the premises h
shall the grantee or any person claiming under or through him or her, esta
practice or practices of discrimination or segregation with referenc
number, use or occupancy of tenants, lessees, subtenants, suble
premises herein conveyed. The foregoing covenants shal�n with th
The foregoing shall be a covenant running with t
the Unit, and shall remain in effect in perpetu
permitting the Owner to transfer the Unit
prior written consent.
enefit of,
d herein
tive Direc
n upon
GIs rued as
is designee's
15. Maintena �4 h ��n ��� o t •� � e oAgainst e. d demolish the improvemehe Owner nts
not
commit waste upon Unit. o; on the
Unit. The Owned; ° throw �� - er®, deep and maintain the Unit and the
improvements there ��,�od c: gi s � r If e Owner at any time fails to so keep and
maint ° ' Unit in 0 days notice from the Agency, the Agency's
Exe ctor •_ • �s �` ,fie � = a right to enter onto the Unit and perform such
def . a t nanc II promptly reimburse the Agency for all costs incurred
by th = - � rfc . intenance. The Agency shall also use reasonable efforts to
provid Rose Residents' Association prior to such entry.
If either party defaults with regard to any of the provisions of this
Agreem'` efaulting party shall serve written notice of such default upon the defaulting
party. If the °' is not cured by the defaulting party within thirty (30) days after service of the
notice of default, or if the default is not commenced to be cured within thirty (30) days after service
of the notice of default and is not cured promptly within a reasonable period of time after
commencement, the defaulting party shall be liable to the other party for damages caused by such
default.
17. Notices. All notices to be delivered to the parties pursuant to the terms hereof
shall be in writing and shall be delivered in person or by U.S. Mail or other delivery service to the
addresses listed below.
Any of the following addresses may be changed by written notice. If notice is given it shall
be deemed effective upon 3 business days after deposit of same, postage prepaid, in the U.S.
Mail, or the date of actual receipt as evidenced by personal acknowledgment, return receipt or
other comparable means.
If to Owner: At the address for the Unit set forth in Section 1 (b).
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE 13
If to the Agency: Palm Desert Redevelopment Agency
73-510 Fred Waring Drive
Palm Desert, California 92260
Attn: Executive Director
18. Covenants to Run With the Land. Except as otherwise provided in this
Agreement, the covenants established in this Agreement shall be binding on the Owner and any
successor in interest of the Owner to the Unit, and shall be for the benefit nd in favor of the
Agency, its successors and assigns, the City of Palm Desert, and Alpha` • Sanchez the real
party in interest under that certain Stipulation for Entry of Judgment ._ - County Superior
Court Case No. INDIO 51124, and the covenants shall run with the 1 f the Agency
and shall be a burden upon the Unit and shall be for the
Project Area owned by the City of Palm Desert, as descri
on December 22, 1981 in the Official Records of
this Agreement shall be incorporated by refer
Unit. The Owner (and each successor ' to
instrument to any successors in inte%
breach by the Owner of an
remedies, and to maintain
enforce the curing •such
however, the Own
performance here°
"trans
obli
Unit b
investment
fit of the ® t omprise the
Instrume.. ®� 3610recorded
. The c• M an • fished in
veying al h®• Eton of the
shf copy of this
the event of any
erein, • - c se all the rights and
n equity or er proper proceedings to
ment. Notwithstanding the foregoing,
wner named herein shall be liable for
b-ownership of the Unit, provided that the
an , agreed to perform the "transferor" Owner's
stment. The Owner ackowledges that the acquisition of the
ant to this agreement is not intended as a speculative financial
dministration. The Agency may administer the terms hereof or may, from time
to time assign its rights hereunder or designate another entity, person, licensed real estate broker
or organization to administer the terms hereof.
21. Independent and Severable Provisions. If any provision of this instrument is
held by a court of competent jurisdiction to be unenforceable or invalid, such holding shall not
render unenforceable any other provision hereof, each provision hereof being expressly severable
and independently enforceable to the fullest extent permitted by law.
22. Further Assurances and Recordations. The Owner covenants that upon request
of the Agency, the Owner, or its heirs, successors or assigns, will execute, acknowledge and
deliver, or cause to be executed, acknowledged and delivered, such further instruments and
agreements and do such further acts as may be necessary, desirable or proper to carry out more
effectively the purpose of this instrument. At the expiration of the Term, the Agency agrees to
provide to the Owner an instrument in recordable form that has the effect of confirming the
termination of the affordable housing requirements of this instrument.
Concurrent with the recordation of any deed of trust or mortgage which is senior or
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE 14
subordinate to the Deed of Trust, the Owner, at its sole cost and expense, shall cause to be
recorded in the official records of the Office of the Riverside County Recorder a written request for
a special notice of default in favor of the Agency.
23. Captions and Section Headings. Captions and section headings used herein
are for convenience only and shall not be used in construing this instrument.
24. No Waiver. No waiver by the Agency of its rights hereun
by the Owner of any covenant, restriction, or condition herein contained
such waiver is in writing, signed by the Agency's Executive Director orb
to the Owner. Any waiver by the Agency of its power to terminate the
any covenant, restriction, or condition herein contained, o e failure
any right or remedy with respect to any breach or breo shall no
relinquishment for the future of any rights regards a - s t sales, or
condition nor bar any right or remedy of the a asp any subs
25. Entire Agreement.
parties hereto, and the provj
instrument signed by the pa
26.
enforce or to interp
an aw + ason
or of any breach
effective unless
nee and delivered
to herein or of
y to exercise
Lute a waiver or
enant or
agreement of the
ed only by a written
declare the rights granted herein or to
t, the prevailing party shall be entitled to
nt determined by the court.
e Agency, its successors and assigns, and the Owner
ande Owner in and to all or any part of the fee title to the Unit
shall hnt and agree to changes in, or to eliminate in whole or in part, any of
the covena ts, e A or other restrictions contained in this Agreement.
uccessors and Assigns. This Declaration shall be binding upon and inure to
the benefit of the Agency and the Owner, and their respective successors, owners and assigns.
The terms and provisions hereof shall run with the land and shall be a burden upon the land,
including the Unit and each Unit, and shall be binding upon the Owner's successors in interest as
purchasers of the Unit, for the benefit of the Agency.
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE
15
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written.
"AGENCY"
PALM DESERT REDEVELOPMENT AGENCY,
public body, corporate and politic
By:
"OWNER"
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE 16
State of California
County of
On , 2004, before me,
personally appeared
, a Notary Public,
, personally known to me (or proved to
me on the basis of satisfactory evidence) to be the person(s) whose name s):is/are subscribed
to the within instrument and acknowledged to me that he/she/they exec =mac. same in
his/her/their authorized capacity(ies), and that by his/her/their signatu » he instrument
the person(s), or the entity upon behalf of which the person(s) acted,= ®utdte instrument.
Signature
(seal)
Stat
Cou
personal.
WITNESS my hand and official se
, 2004, before me, a Notary Public,
, personally known to me (or proved to
me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed
to the within instrument and acknowledged to me that he/she/they executed the same in
his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument
the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature
(seal)
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE
EXHIBIT A
LEGAL DESCRIPTION
That certain real property situated in the City of Palm Desert, County of Riverside, State of
California, described as follows:
LOT OF TRACT MAP NO. 27546, IN THE CITY OF PA M„ RT,
COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PE
RECORDED IN BOOK 249 OF MAPS, PAGES 63 THROUG mN 1 - IVE,
RECORDS OF SAID COUNTY.
DESERT ROSE UNIT REGULATORY AGREEMENT 30% - SAMPLE
ORDINANCE NO.
1066
EXHIBIT B
Pursuant to Title 14, Division 6, Article 6 (commencing with section 15070) of the California
Code of Regulations.
NEGATIVE DECLARATION
CASE NO: DA 03-02 as it relates to Case Nos. C/Z 03-04, TT 31363 and PP/CUP 03-06
APPLICANT/PROJECT SPONSOR:
Sares Regis Group
c/o Greg Albert
18825 Bardeen Avenue
Irvine, CA 92612
PROJECT DESCRIPTION/LOCATION:
An agreement relating to the development and ongoing operation of a 320-unit
apartment/condominium project on the north side of Gerald Ford Drive between Monterey
Avenue and Portola Avenue, 73-240 Gerald Ford Drive.
The Director of the Department of Community Development, City of Palm Desert,
California, has found that the described project will not have a significant effect on the
environment. A copy of the Initial Study has been attached to document the reasons in
support of this finding. Mitigation measures, if any, included in the project to avoid;
potentially significant effects, may also be found attached.
PHILIP DRELL DATE
DIRECTOR OF COMMUNITY DEVELOPMENT
4