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Home My WebLink AboutC-8128-3 - Assignment and Assumption of Addordable Housing Agreements (for Affordable Housing Grant Agreement Regarding the Property Located at 2800 Pacific View Drive)FIDELITY NATIONAL TITLE COMPANY 3c-0s-7-7to-r5 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Newport Beach 100 Civic Center Drive Newport Beach, California 92660 Attn: City Clerk Recorded in Official Records, Orange County Hugh Nguyen, Clerk -Recorder II I I II III !)III II I II II I II I I I I II 22.00 *$ R 0 0 1 3 0 4 1 2 6 4$ 2021000485392 3:47 pm 07130121 156 403A A30 5 0.00 0.00 0.00 0.00 12.00 0.00 0.000.000.00 3.00 APN: 458-321-04 SPACE ABOVE LINE FOR RECORDER'S USE ASSIGNMENT AND ASSUMPTION OF AGREEMENTS THIS ASSIGNMENT AND ASSUMPTION OF AGREEMENTS (this "Assignment"), made as of July 30, 2021, by and between Seaview Lutheran Plaza, Inc., a California nonprofit public benefit corporation ("Assignor") and Seaview Plaza, LP, a California limited partnership ("Assignee"), RECITALS A. Assignor is the owner of that certain real property located at 2800 Pacific View Drive, Newport Beach (Corona Del Mar area), California (the "Property"), as more particularly described on Exhibit A attached hereto and incorporated hereby. B. Assignor and the City of Newport Beach ("City") are parties to the following Agreements which are recorded against the Property (collectively, the "Agreements"): (1) the Affordable Housing Agreement entered into as of September 22, 2009, by and between City and Assignor and recorded against the Property in the official records of Orange County on November 5, 2009 as document number 2009000601995, as amended by the First Amendment to Affordable Housing Agreement entered into October 12, 2010, by and between City and Assignor and recorded against the Property in the Official Records of Orange County, California ("Official Records") on January 6, 2011, as document number 2011000010923, and the Second Amendment to Affordable Housing Agreement made and entered into July 30, 202 1,. by and between City and Assignor and recorded against the Property in the Official Records on July 30, 2021 (as amended, the "2009 Agreement"); and (2) the Affordable Housing Grant Agreement entered into as of July 26, 2016, by and between City and Assignor and recorded against the Property in the Official Records on August 22, 2016 as document number 2016000396818, as amended by the Amendment No. One to Affordable Housing Grant Agreement made and entered into March 15, 2017, by and between City and Assignor and recorded against the Property in the Official Records on July 30, 2021 as document number 2021000484241 (as amended, the "2016 Agreement"). C. Assignee is purchasing the Property from Assignor on or about the Effective Date (as defined below). In connection therewith, Assignor is assigning to, and Assignee is assuming, the Agreements pursuant to this Assignment. NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee agree as follows: 3783/0002/00732419 1 Assignment and Assumption of Agreements Seaview Lutheran Plaza N `-� 3 c 00 c 'L cO c •E ti W C3 C o. *JCJ n O y •� � C E�s�v= =Z, r=0 FIDELITY NATIONAL TITLE COMPANY RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Newport Beach 100 Civic Center Drive Newport Beach, California 92660 Attn: City Clerk APN: 458-321-04 SPACE ABOVE LINE FOR RECORDER'S USE ASSIGNMENT AND ASSUMPTION OF AGREEMENTS THIS ASSIGNMENT AND ASSUMPTION OF AGREEMENTS (this "Assignment"), made as of July 30, 2021, by and between Seaview Lutheran Plaza, Inc., a California nonprofit public benefit corporation ("Assignor") and Seaview Plaza, LP, a California limited partnership ("Assignee"). RECITALS A. Assignor is the owner of that certain real property located at 2800 Pacific View Drive, Newport Beach (Corona Del Mar area), California (the "Property"), as more particularly described on Exhibit A attached hereto and incorporated hereby. B. Assignor and the City of Newport Beach ("City") are parties to the following Agreements which are recorded against the Property (collectively, the "Agreements"): (1) the Affordable Housing Agreement entered into as of September 22, 2009, by and between City and Assignor and recorded against the Property in the official records of Orange County on November 5, 2009 as document number 2009000601995, as amended by the First Amendment to Affordable Housing Agreement entered into October 12, 2010, by and between City and Assignor and recorded against the Property in the Official Records of Orange County, California ("Official Records") on January 6, 2011, as document number 2011000010923, and the Second Amendment to Affordable Housing Agreement made and entered into July 30, 2021, by and between City and Assignor and recorded against the Property in the Official Records on July 30, 2021 (as amended, the "2009 Agreement'); and (2) the Affordable Housing Grant Agreement entered into as of July 26, 2016, by and between City and Assignor and recorded against the Property in the Official Records on August 22, 2016 as document number 2016000396818, as amended by the Amendment No. One to Affordable Housing Grant Agreement made and entered into March 15, 2017, by and between City and Assignor and recorded against the Property in the Official Records on July 30, 2021 as document number 2021000484241 (as amended, the "2016 Agreement'). C. Assignee is purchasing the Property from Assignor on or about the Effective Date (as defined below). In connection therewith, Assignor is assigning to, and Assignee is assuming, the Agreements pursuant to this Assignment. NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee agree as follows: 3783/0002/00732419 1 Assignment and Assumption of Agreements Seaview Lutheran Plaza ^� a 3 c r- V O CO M M c .E C14 W .� E o y E `-' � o o i' co to I. Effective Date. The "Effective Date" of this Assignment shall be the date that Assignee acquires the Property. 2. Assignment of Agreements, As of the Effective Date, Assignor hereby assigns to Assignee the Agreements and all of the rights, interests, benefits and privileges of the Assignor thereunder, and Assignee hereby accepts such assignment. 3. Assumption of Obligations. By acceptance of this Assignment and as of the Effective Date, Assignee hereby assumes and agrees to perform and to be bound by all of the terms, covenants, conditions and obligations of Assignor under the Agreements for the benefit of City. 4. 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. 5. Notice. All correspondence and notices given or required to be given to the Owner (as such term is defined in the Agreements) under the Agreements, from and after the Effective Date, shall be provided to Assignee and shall be addressed as follows: If to Assignee: Seaview Plaza, LP c/o Housing Preservation, Inc. 795 Ridge Lake Boulevard, Suite 300 Memphis, TN 38120 Attn: James Carmichael If to Assignor: Seaview Lutheran Plaza, Inc. c/o Eric Satermo, President 31851 Via Coyote Coto De Caza, CA 92679 6. Counterparts. This Assignment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. 7. Governing Law. This Assignment shall be governed by, interpreted under, and construed and enforceable with, the laws of the State of California. [SIGNATURES ON FOLLOWING PAGES] 3783/0002/00732419 2 Assignment and Assumption of Agreements Seaview Lutheran Plaza This Assignment and Assumption of Agreements is executed by the parties hereto on the date first above written. ASSIGNOR: Seaview Lutheran Plaza, Inc., a California nonprofit public benefit corporation By: . *-�— C. lel�� Eric Satermo, President [SIGNATURES MUST BE NOTARIZED] 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 ) ss: COUNTY OF OR-tIAJ �E ) On \J"(A Ly �9 , 2021, before me, Lorraine E. Peterson , Notary Public, personally appeared ER /c. SA'TERM a , who proved to me on the basis of satisfactory evidence to be the persono whose name is/ate subscribed to the within instrument and acknowledged to me that he/sheMtey executed the same in his/herfthmir authorized capacity(im), and that by his/herMmir signature( gf on the instrument the personv, or the entity upon behalf of which the person 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 LORRAINE E. PETERSON jj COMM. #2279188 z Notary Public - California p z « Orange County My Comm. Expires Mar. 28, 2023 3783/0002/00732419 Seaview Lutheran Plaza S-1 Assignment and Assumption of Agreements ASSIGNEE: Seaview Plaza, LP, a California limited partnership By: Housing Preservation, Inc., a Texas non-profit corporation, its general partner By: ktzAk " , E eanor White, President [SIGNATURES MUST BE NOTARIZED] 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. STATEop kk-P,�vy%&j•eQ COUNTY OF ss: �� ) On o�rTl" , 2021, before me, j�� t-1�,,�, Notary Public, personall rpeared �J �.(�,,� �.( LA�n �•;( 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 aid official seal. c�%Cp BER�ygR� STATE•• •• , 1 ture OF My Commijsion Expires TENNESSEE _ NOTARY = Cecsrnir 27, 2022 PUBLIC SNELBY COP101111110 N`;�� 3783/0002/00732419 S-2 Assignment and Assumption of Agreements Seaview Lutheran Plaza EXHIBIT A LEGAL DESCRIPTION THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF NEWPORT BEACH (CORONA DEL MAR AREA) IN THE COUNTY OF ORANGE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: PARCEL I IN THE CITY OF NEWPORT BEACH, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS SHOWN ON A MAP FILED IN BOOK 149, PAGES 25 AND 26 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF ORANGE COUNTY, CALIFORNIA. APN: 458-321-04 3783/0002/00732419 A-1 Assignment and Assumption of Agreements Seaview Lutheran Plaza