HomeMy WebLinkAboutC-4035 - Termination of Affordable Housing Agreement for Bayridge Park2012 AUG 2AAM 10: 13
City of Newport Beach v
Attn: City Clerk Off ICE OFD`
3300 Newport INI"ll `( Cl EnK 0
P.O Box 1 OF 1 :i'P AT ei_A?,W'
Newport Beach, CA 92658 -8915
Recorded in Official Records, Orange County
Tom Daly, Clerk- Recorder
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TERtd INA T ION OF AFFORDABLE HOUSING AGREEMENT FOR BAYRIDGE PARK
WHEREAS, the City of Newport Beach, a California municipal corporation ( "City ") and
Bayridge; a joint venture, ( "Owner ") entered into an Affordable Housing Implementation
Agreement for Bayridge Park on June 11, 1984, with official document recording number 84-
( "Agreement "); and
WHEREAS, the Agreement Was in full force and effect for a period of fifteen (15) years;
and
WHEREAS, the Agreement required Bayridge to sell 33 of the 168 condominium units
developed at an initial sales price that did not exceed three (3) times the County of Orange
Moderate County Family Income li in effect at the time of the opening of the escrow for the
first sale of an affordable unit ( "Affordable Unit "); and
WHEREAS, those purchasers having a verified annual gross income equivalent to or
less than the County of Orange Moderate Family Income 11 as defined in the Agreement were
qualified to purchase an Affordable Unit ( "Qualified Buyers "); and
WHEREAS, each Qualified Buyer signed a declaration under penalty of perjury stating
that it is his and /or her intention to use the unit as his and /or her principal residence at all
times after close of escrow; and
WHEREAS, the Agreement required the use of a deed restriction to restrict the
subsequent resale of Affordable Units during the term of the Agreement to similarly Qualified
Buyers whose verified annual ,gross income was equivalent to or less than the County of
Orange Moderate Family Income II as defined in the Agreement for a sales price that did not
exceed three (3) times the County of Orange Moderate County Family Income II in effect at
the time of the opening of the escrow for the resale of an affordable unit ( "Resale Restriction ");
and _
WHEREAS, the Agreement expired on August 24, 1999.
NOW, THEREFORE, the City does hereby terminate the Bayridge joint venture?s
obligation to provide affordable housing units under the Agreement and also removes any
Deed Restriction from all properties located within the Project Site as follows:
- 1 -
Tract No. 11604, as shown on a Map recorded in Book 529, pages 25 to 28; inclusive, of
Miscellaneous Maps, Records of Orange County, California.
And
Tract No. 12164, as shown on a Map recorded in Book 529, pages 29 to 32, inclusive, of
Miscellaneous Maps, Records of Orange County, California.
IN WITNESS WHEREOF, this instrument is duly executed this day of August,
2012.
APPROVED AS AO FORM:
CITY ATTORN Y S OF ICI
By:
aeon C. Harp,
City Attorney
ATTEST:
Leilani I. Brown,-
City Clerk
CITY OF NEWPORT BEACH,
A Municipal Corporation
-2-
City Manager
S +cph -ern G. Ocldvrn
)e-'s Direc+o
CERTIFICATE OF ACKNOWLEDGEMENT OF NOTARY PUBLIC
STATE OF CALIFORNIA, )
COUNTY OF ORANGE )
OnII^�11 Z�� beforeme, l r(5 IvILJ✓im�fLU "{
VIN I (here insert name and title of the officer), personally appeared r I�
(J 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 &���eal)
1911
CAfSTAL MCDONALD
Commleelon 0 1950148
Rfotary Public - California
Orange County
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