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Home My WebLink AboutC-6043(A) - Assignment and Assumption of Affordable Housing Agreement Restrictions - Rental (Declaration of Conditions, Covenants and Restrictions for Property)€iDELITY NATIONALTITLE ORANGECOUNTY RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City Clerk City of Newport Beach 100 Civic Center Drive Newport Beach, CA 92658-89155 WITH A COPY TO: Daniel, Andrew, Dustin & Sasha, LLC c/o Brooks Street 1300 Quail Street, Suite 100 Newport Beach, CA 92660 Attgption: Neils Brandom Recorded in Official Records, Orange County Hugh Nguyen, Clerk -Recorder 11[I I IIII jjjIIIIIIIII[I 1I11[IIIIIIIIIIIII JII jIIIII III NO FEE * $ R 0 0 0 9 4 5 0 1 7 1 S 2017000313019 4:30 PM 07128117 65 401 A30 A38 8 0.00 0.00 0.00 0.00 21.00 0.00 0.00 0.00 Free Recording Requested per Government Code Sec. �,1j U-3 ASSIGNMENT AND ASSUMPTION OF AFFORDABLE HOUSING AGREEMENT RESTRICTIONS — RENTAL (DECLARATION OF CONDITIONS, COVENANTS AND RESTRICTIONS FOR PROPERTY) Gee tz,x tbt THIS ASSIGNMENT AND ASSUMPTION OF AFFORDABLE HOUSING AGREEMENT RESTRICTIONS — RENTAL (DECLARATION OF CONDITIONS, COVENANTS AND RESTRICTIONS FOR PROPERTY) ("Assignment"), made July 2S 2017 by and between Daniel, Andrew, Dustin & Sasha, LLC, a Nevada limited liability company ("Assignor") and 305 Bay, LLC, a California limited liability company ("Assignee"). RECITALS A. Assignor and Assignee have entered into that certain Residential Income Property Purchase Agreement and Joint Escrow Instructions dated as of May 26, 2017, as amended by that certain Addendum to Residential Income Property Purchase Agreement and Joint Escrow Instructions dated as of May 26, 2017 (collectively, "Agreement"), for the purchase and sale of certain real property located at 305 East Bay Avenue, Newport Beach, CA 92661 ("Property"). B. This Assignment is being made as required under Section 6 of that certain Affordable Housing Agreement Restrictions — Rental (Declaration of Conditions, Covenants and Restrictions for Property) ("CC&Rs") dated February 5, 2015 and executed by Assignor and the City of Newport Beach ("City") and recorded February 17, 2015 in the office of the County Recorder of Orange County, California as Document Number 2015000081802. NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee agree as follows: 1. Assignment of CC&Rs. Assignor hereby assigns and delivers to Assignee the FIDELITY NATIONAL TITLE ORANGECOUNTY RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City Clerk City of Newport Beach 100 Civic Center Drive Newport Beach, CA 92658-89155 WITH A COPY TO: Daniel, Andrew, Dustin & Sasha, LLC c/o Brooks Street 1300 Quail Street, Suite 100 Newport Beach, CA 92660 Attention: Neill Brandom Free Recording Requested per Government Code Sec. 2'1316'3 ASSIGNMENT AND ASSUMPTION OF AFFORDABLE HOUSING AGREEMENT RESTRICTIONS — RENTAL (DECLARATION OF CONDITIONS, COVENANTS AND RESTRICTIONS FOR PROPERTY) bee Q.xVttb+ A THIS ASSIGNMENT AND ASSUMPTION OF AFFORDABLE HOUSING AGREEMENT RESTRICTIONS — RENTAL (DECLARATION OF CONDITIONS, COVENANTS AND RESTRICTIONS FOR PROPERTY) ("Assignment"), made July 23 , 2017 by and between Daniel, Andrew, Dustin & Sasha, LLC, a Nevada limited liability company ("Assignor") and 305 Bay, LLC, a California limited liability company ("Assignee"). RECITALS A. Assignor and Assignee have entered into that certain Residential Income Property Purchase Agreement and Joint Escrow Instructions dated as of May 26, 2017, as amended by that certain Addendum to Residential Income Property Purchase Agreement and Joint Escrow Instructions dated as of May 26, 2017 (collectively, "Agreement"), for the purchase and sale of certain real property located at 305 East Bay Avenue, Newport Beach, CA 92661 ("Property"). B. This Assignment is being made as required under Section 6 of that certain Affordable Housing Agreement Restrictions — Rental (Declaration of Conditions, Covenants and Restrictions for Property) ("CC&Rs") dated February 5, 2015 and executed by Assignor and the City of Newport Beach ("City") and recorded February 17, 2015 in the office of the County Recorder of Orange County, California as Document Number 2015000081802. NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee agree as follows: 1. Assignment of CC&Rs. Assignor hereby assigns and delivers to Assignee the CC&Rs and all of the rights, interests, benefits and privileges of the Assignor thereunder, and Assignee hereby accepts such assignment. 2. Assumption of Obligations. By acceptance of this Assignment, Assignee hereby assumes and agrees to perform and to be bound by all of the terms, covenants, conditions and obligations of Assignor under the CC&Rs for the benefit of City. 3. Successors and Assigns. This Assignment shall be binding upon and inure to the benefit of the successors, assigns, personal representatives, heirs and legatees of the respective parties hereto. 4. Governing Law. This Assignment shall be governed by, interpreted under, and construed and enforceable with, the laws of the State of California. [Signature Pages Follow] 2 IN WITNESS WHEREOF, the parties hereto have executed this instrument as of the date first written above. ASSIGNOR: DANIEL, ANDREW, DUSTIN & SASHA, LLC, a Nevada limited liability company By: Name: Neil Brandom Title: Member [Signatures Continue on Following Page] Signature Page to S-1 Assignment and Assumption of Affordable Housing Agreement Restrictions — Rental (Declaration of Conditions, Covenants and Restrictions for Property) ASSIGNEE: 305 BAY, LLC, a California limited liability company By: me: Z y Naiii � �k5 1"►�, �^tbE,� Signature Page to S-2 Assignment and Assumption of Affordable Housing Agreement Restrictions — Rental (Declaration of Conditions, Covenants and Restrictions for Property) A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California ) County of 0RAN(.r On JULY, 2dl`} before me, riyl-1�+ �G<Lrt�af� (insert name and title of the officer) Notary Public, personally appeared who 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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand � and official seal. Signature [ %" � (Seal) HOLLY M. MCLEMO ER COMM. 02163792 3 NOTARY PUPW OCAUfORPRA ORANGE COUNTY Comm. Ems. AUG. 29, 2020 A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of Califo t'a ) County of ) On -7- J7 before me, _ .1 2 -14)C)( - (I= 0(-(+ qmcor=r) No �rYPublic,Personall appeared �y��`1� aI(Or-'E who proved to me on the basis of satisfactory evidence to be the person(sl whose name(s)oare sub rbed to the within instrument and acknowledged to me that(oshe/they executed the same in "er/their authorized capacity(ies), and that by�' her/their signature(s) on the instrument the person(s), 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 foregoing paragraph is true and correct. WITNESS my an and official �® L Signature "X (Seal) :�, LESLIE A. TAYLOR .-v i Commission No.2110244 y� �; ' NOTARY PUBLIC -CALIFORNIA 4 y�'' z.„. ORANGE COUNTY My Comm. Expires MAY 7, 2019 A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of Californi County of Uca () @_p ) On 7 - , to - an) -7 before me, e,,5 ice_4 / -u_i I0 r Not Public, personally a lL 1 ,� 1(Y'�`� ena ttlk or nti ccr> �'Y Y Ppeared r� I1 -C.1 I2� ll -JI who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s4are subscribed to the within instrument and acknowledged to me that h sh /they executed the same in hNgMeir authorized capacity(ies), and that by hi6altheir signature(s) on the instrument the person(s), 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 foregoing paragraph is true and correct. WITNESS my hand and official seal. Signa �0 (Seal) LESLIE A. TAYLOR 'Commission N0.2110244 z <- 5a. >o NOTARY PUBLIC -CALIFORNIA n ORANGE COUNTY L_±•.r.' MY Comm. E.pves MAY 7, 2019 EXHIBIT A LEGAL DESCRIPTION THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF NEWPORT BEACH, IN THE COUNTY OF ORANGE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: LOT 16 IN BLOCK 3 OF NEWPORT BAY TRACT, IN THE CITY OF NEWPORT BEACH, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 4, PAGE 16, MISCELLANEOUS MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. APN: 048-092-03