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HomeMy WebLinkAboutC-8530-3 - Declaration of Affordable Housing Covenants, Conditions and Restrictions (Newport Crossings Mixed Use Project)(4',N/15/23, 10:57 AM Batch 16643603 Confirmation i P kA v RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Newport Beach 100 Civic Center Drive Newport Beach, California 92660 Attn: City Clerk Recording Fees pursuant to APN: 427A72-02 AND 427-172-03 Recorded in Official Records, Orange County Hugh Nguyen, Clerk -Recorder III I I I II III fj IIII I I 1�111 II II II II NO FEE *$ R 0 0 1 4 6 5 4 0 0 4 $ * 202300027914410:55 am 11/15/23 90 CR-SC06 D02 16 0.00 0.00 0.00 0.00 45.00 0.00 0.000.000.00 0.00 Space use o DECLARATION OF AFFORDABLE HOUSING COVENANTS, CONDITIONS AND RESTRICTIONS (Newport Crossings Mixed Use Project) THIS DECLARATION OF AFFORDABLE HOUSING COVENANTS, CONDITIONS AND RESTRICTIONS (this "Declaration") is dated as of SC)'g-bkSEIZ Q, 20Z3 ("Effective Date"), and is made by and between the CITY OF NEWPORT BEACH, a California municipal corporation and charter city, as covenantee ("City"), and ARYABHATA GROUP LLC, a Delaware limited liability company, as covenantor ("Owner"), with reference to the following recited facts (each, a "Recital'). RECITALS A. Owner is the owner of that certain real property consisting of approximately 5.69 net acres situated in the Airport Area in the City of Newport Beach, County of Orange, State of California, addressed as 1701 Corinthian Way; 1660 Dove Street; 4251, 4253, and 4255 Martingale Way; and 4200, 4220, and 4250 Scott Drive [APN 427-172-02 and 427-172-03], as more particularly depicted in Attachment 1" attached to this Declaration and incorporated herein (the "Property"). B. On February 21, 2019, the Planning Commission approved the Newport Crossings Mixed Use Project (PA2017-107) project which includes developing the Property into a residential project with up to 350 residential units, of which 78 shall be restricted for affordable housing ("Affordable Dwelling Units"), 7,500 square feet of commercial space, and 0.5 acres of park space (the "Project"). C. Project approval included the adoption of Affordable Housing Implementation Plan No. AH2O18-001, dated August 28, 2018 (the "AHIP"), which implements affordable housing requirements for the Project pursuant to the Residential Overlay of the Newport Place Planned Community and density bonus and incentives/concessions pursuant to Chapter 20.32 (Density Bonus) of the Newport Beach Municipal Code and California Government Code Section 65915 ("State Density Bonus Law"). Newport Crossings Mixed Use Project https://gs.secure-erds.com/Batch/Confirmation/l6643603 6/7 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Newport Beach 100 Civic Center Drive Newport Beach, California 92660 Attn: City Clerk Exempt from Recording Fees pursuant to Govt. Code §§ 6103, 27383 Space above line for Recorder's use only APN: 427-172-02 AND 427-172-03 DECLARATION OF AFFORDABLE HOUSING COVENANTS, CONDITIONS AND RESTRICTIONS (Newport Crossings Mixed Use Project) THIS DECLARATION OF AFFORDABLE HOUSING COVENANTS, CONDITIONS AND RESTRICTIONS (this "Declaration") is dated as of 20Z3 ("Effective Date"), and is made by and between the CITY OF NEWPORT BEACH, a California municipal corporation and charter city, as covenantee ("City"), and ARYABHATA GROUP LLC, a Delaware limited liability company, as covenantor ("Owner"), with reference to the following recited facts (each, a "Recital"). RECITALS A. Owner is the owner of that certain real property consisting of approximately 5.69 net acres situated in the Airport Area in the City of Newport Beach, County of Orange, State of California, addressed as 1701 Corinthian Way; 1660 Dove Street; 4251, 4253, and 4255 Martingale Way; and 4200, 4220, and 4250 Scott Drive [APN 427-172-02 and 427-172-03], as more particularly depicted in Attachment 1 " attached to this Declaration and incorporated herein (the "Property"). B. On February 21, 2019, the Planning Commission approved the Newport Crossings Mixed Use Project (PA2017-107) project which includes developing the Property into a residential project with up to 350 residential units, of which 78 shall be restricted for affordable housing ("Affordable Dwelling Units"), 7,500 square feet of commercial space, and 0.5 acres of park space (the "Project"). C. Project approval included the adoption of Affordable Housing Implementation Plan No. AH2O18-001, dated August 28, 2018 (the "AHIP"), which implements affordable housing requirements for the Project pursuant to the Residential Overlay of the Newport Place Planned Community and density bonus and incentives/concessions pursuant to Chapter 20.32 (Density Bonus) of the Newport Beach Municipal Code and California Government Code Section 65915 ("State Density Bonus Law"). Newport Crossings Mixed Use Project D. Owner and City have entered into an Affordable Housing Agreement, dated ("Affordable Housing Agreement") with respect to the Project. E. This Declaration shall be recorded upon the execution of that certain Affordable Housing Agreement. NOW, THEREFORE, IN CONSIDERATION OF THE PROMISES, COVENANTS AND UNDERTAKINGS SET FORTH IN THIS DECLARATION AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, OWNER AND CITY COVENANT, DECLARE AND AGREE FOR THEMSELVES, THEIR SUCCESSORS AND ASSIGNS, AS FOLLOWS: 1. COVENANTS 1.1 Affordability Period. Owner agrees for itself and its successors and assigns, and every successor to Owner's interest in the Property, or any part thereof, that the Affordable Dwelling Units, comprising Required Density Bonus Lower Income Units and Development Standards Additional Lower Income Units, within the Property shall be designated as affordable and shall be held subject to this Declaration for an Affordability Period as follows: 1.1.1 Required Density Bonus Lower Income Units consisting of fifty- two (52) units will remain rent restricted for a minimum of fifty-five (55) years commencing upon the date the final certificate of occupancy is issued for the last Required Density Bonus Lower Income Unit constructed in the applicable Phase providing such Required Density Bonus Lower Income Units. 1.1.2 Development Standards Additional Lower Income Units consisting of twenty-six (26) units will remain restricted for a minimum of thirty (30) years commencing upon the date the final certificate of occupancy is issued for the last Development Standards Additional Lower Income Unit constructed in the applicable Phase providing such Development Standards Additional Lower Income Units. 1.2 Occupancy. The Affordable Dwelling Units shall only be rented and occupied by Lower Income Households. Notwithstanding the foregoing, households with less income may also occupy the Affordable Dwelling Units. "Lower Income Households" means an individual or family with an income eighty percent (80%) or less of the Orange County median income, adjusted for household size. 1.3 Rent. The Affordable Dwelling Units shall only be rented at an Affordable Rental Price to Lower Income Households. 1.4 Notice. Commencement of the Affordability Period shall be memorialized in a Notice of Commencement of Affordability Restrictions ("Notice") or other instrument of similar format to Attachment "2" attached hereto and incorporated herein by reference and shall be recorded. Newport Crossings Mixed Use Project 2 2. RENTERS 2.1 Qualification. Owner shall qualify prospective renters as set forth in the Affordable Housing Agreement. Furthermore, the Owner shall, on renewal of the annual lease for the particular Affordable Dwelling Unit, re -qualify the renter and obtain income certification from the renter. If, at the time of the annual lease renewal, the Owner learns that the renter's income increases above the income level permitted for that Affordable Dwelling Unit, the renter may continue to be permitted to reside in such Affordable Dwelling Unit for no more than one year. Notwithstanding the foregoing, the Owner, at the City's discretion, which shall not be unreasonably withheld or delayed, shall have the option to designate another dwelling unit as an Affordable Dwelling Unit during that one- year period so that the renter may continue to occupy a unit in the Project. 2.2 Affordable Rental Price. "Affordable Rental Price" shall refer to (i) thirty percent (30%) of sixty percent (60%) of the Orange County area median income as determined annually by the California Department of Housing and Community Development, Adjusted for Household Size Appropriate for the Unit for the Required Density Bonus Lower Income Units, and (ii) thirty percent (30%) of eighty percent (80%) of the Orange County area median income as determined annually by the California Department of Housing and Community Development, Adjusted for Household Size Appropriate for the Unit for the Development Standards Additional Lower Income Units, OWNER AND EACH SUCCESSOR, HEIR, OR ASSIGN OF OWNER UNDERSTANDS THAT THE MAXIMUM RENTAL PAYMENTS TO BE ESTABLISHED BY THIS FORMULA ARE NOT NECESSARILY EQUAL TO THE FAIR MARKET RENT FOR THE AFFORDABLE DWELLING UNITS AND MAY BE ESTABLISHED AT A LEVEL SUBSTANTIALLY BELOW THE FAIR MARKET RENT LEVELS. Owner's Initials 2.2 Restrictions. During the Affordability Period, Owner shall take all reasonable steps necessary to ensure that each household renting an Affordable Dwelling Unit has knowledge of all terms and conditions of this Declaration by including in each and every lease and rental agreement a clause which incorporates this Declaration by reference and makes this Declaration a part of an attachment to such lease or rental agreement. In addition, during the Affordability Period, each lease or rental agreement for any of the Affordable Dwelling Units shall contain provisions that failure to comply with this Declaration shall be a default under the renter's lease or rental agreement. 3. GENERAL PROVISIONS 3.1 Binding. The Property shall be subject to the covenants, conditions, and restrictions set forth herein, which shall run with the land, and shall apply to and bind the Newport Crossings Affordable Housing Agreement heirs, successors, executors, administrators and assigns of all the parties hereto; and all of the parties hereto shall be jointly and severally liable hereunder. 3.2 Covenants Do Not Impair Liens. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Declaration shall defeat or render invalid or in any way impair the lien or charge of any mortgage or deed of trust or security interest. 3.3 Covenants for Benefit of City. This Declaration shall be binding for the benefit of City and such covenants shall run in favor of City for the entire period during which time such covenants shall be in force and effect, without regard to whether City is or remains an owner of any land or interest therein to which such covenants relate. City, in the event of any breach of any such covenants, shall have the right to exercise all the rights and remedies and to maintain any such action at law or suits in equity or other proper legal proceedings to enforce and to cure such breach to which it or any other beneficiaries of these covenants may be entitled during the term specified for such covenants. 3.4 Counterparts. This Declaration may be executed in a number of counterparts, each of which shall be an original, but all of which shall constitute one and the same document. 3.5 Applicable Law. If any provision of this Declaration or portion thereof, or the application of any provision to any person or circumstances, shall to any extent be held invalid, inoperative, or unenforceable, the remainder of this Declaration, or the application of such provision or portion thereof to any other persons or circumstances, shall not be affected thereby and it shall not be deemed that any such invalid provision affects the consideration for this Declaration; and each provision of this Declaration shall be valid and enforceable to the fullest extent permitted by law. This Declaration shall be construed in accordance with the laws of the State of California. 3.6 No Subordination. The Parties agree and acknowledge that any encumbrance to the Property, or part of the Property, or any improvements on the Property containing Affordable Dwelling Units with any conventional mortgage, construction bond financing or security interest to secure financing with respect to the construction, development, use, or operation of the Project shall be subordinate to this Declaration. 3.7 Recording. This Declaration shall be recorded upon the execution of the Affordable Housing Agreement. 3.8 Termination. Upon expiration of the Affordability Period for each category of Affordable Housing Units, Owner and City shall sign documents in recordable form (provided by Owner giving notice and subject to approval by the City Attorney) to remove the effect of the recorded Declaration from the Property. (Signatures on following page) Newport Crossings Mixed Use Project 4 IN WITNESS WHEREOF, City and Owner have caused this Declaration to be signed by themselves or on their behalf by their duly authorized representatives, as set forth below: CITY OF NEWPORT BEACH, a California municipal corporation By: G . Leung dify' Manager APPROVED AS TO FORM: CITY ATTORNEY'S OFFICE By: J"" aro C. H x.lyavc. Ci Attorney ATTEST: r By: 1.1 Leilani I. Brown City Clerk ARYABHATA GROUP LLC, a Delaware limited liability company By: MOM CA Investco LLC, a Delaware limited liability company Its: Sole Member By: MOM CA Manager LLC, a Delaware limited liability company Its: Managing Manager Signed in Counterpart By: Name: Deba Shyam Its: Manager EW 'Jr <IT0 [SIGNATURES MUST BE NOTARY ACKNOWLEDGED FOR RECORDING] Attachments: Attachment 1 — Depiction of Property Attachment 2 — Notice of Commencement of Affordability Restrictions Newport Crossings Mixed Use Project 5 IN WITNESS WHEREOF, City and Owner have caused this Declaration to be signed by themselves or on their behalf by their duly authorized representatives, as set forth below: CITY OF NEWPORT BEACH, a California municipal corporation By: Grace K. Leung City Manager APPROVED AS TO FORM: CITY ATTORNEY'S OFFICE By: Aaron C. Harp City Attorney ATTEST: By: Leilani I. Brown City Clerk ARYABHATA GROUP LLC, a Delaware limited liability company By: MOM CA Investco LLC, a Delaware limited liability company Its: Sole Member By: MOM CA Manager LLC, a Delaware limited liability company Its: Managing Manager Name `De-`ba Shyam Its: Manager [SIGNATURES MUST BE NOTARY ACKNOWLEDGED FOR RECORDING] Attachments: Attachment 1 — Property Attachment 2 — Notice of Commencement of Affordability Restrictions Newport Crossings Affordable Housing Agreement Exhibit D-6 ACKNOWLEDGMENT 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 Santa Clara On February 3, 2023 before me, JAYDEEP SINGH(NOTARY PUBLIC) (insert name and title of the officer) personally appeared DEBA SITYAM 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) JAYDEEP SINGH U �COMM. # 23511.06 NOTARY PUBLIC • CALIFORNIA ^ SANTA CLARA COUNTY 0 OMM. EXPIRES APR. 2� CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 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 C)iZA NL(., E ) U OT1a R.-i On iJD14 Ct . 20 23 before me, JENrstFE0, ANNJ I(i UL-yt-i Pug"-L Date Here Insert Name and Title of the Officer personally appeared Name(s) of Signer(s) 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/t4ey executed the same in #is/her/the+r authorized capacity(kw4, and that by hi,%�her/the+r.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. JENNIFERASH MULVEY WITNESS my ha d and official seal. Notary Public • California Orange County Commission M 2375299 — My Comm. Expires Oct 12. 2025 Signature ig re tary Public Place Notary Seal Above OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Number of Pages: Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: ©2016 National Notary Association - www.NationalNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907 ATTACHMENT "1" DEPICTION OF PROPERTY [Attached Behind this Page] Newport Crossings Mixed Use Project ' s O ? ` rn �� ._ ' # N Z lw rr . w a / f Z. v 315-28 ft V � Q rri4•: Fg. �' ,•t ems+ NB+ Disclaimer: NEWPO R T BEACH 0Every reasonable effort has been made to assure the accuracy of the data provided, however, The City of EwPo Newport Beach and its employees and agents 0 100 200 disclaim any and all responsibility from or relating to any results obtained in its use. u = a Feet C7�/FORa�' 11 /23/202 ATTACHMENT "2" NOTICE OF COMMENCEMENT OF AFFORDABILITY RESTRICTIONS [Attached Behind this Page] Newport Crossings Mixed Use Project RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Newport Beach 100 Civic Center Drive Newport Beach, California 92660 Attn: City Clerk Exempt from Recording Fees pursuant to Govt. APN: 427-172-02 AND 427-172-03 Space above line for Recorders use only NOTICE OF COMMENCEMENT OF AFFORDABILITY RESTRICTIONS Important notice to owners, purchasers, tenants, lenders, brokers, escrow and title companies, and other persons regarding affordable housing restrictions on the real property described in this Notice: Affordable housing restrictions [have been (or) are being recorded] with respect to the property described below (referred to in this Notice as the "Property") which require that certain units of the Property be developed as Affordable Dwelling Units and be rented to and occupied by persons and households of limited income at affordable rents. ARYABHATA GROUP LLC, a Delaware limited liability company, hereby provides notice that the Property is subject to certain affordable housing requirements: Location of Property: 1701 Corinthian Way; 1660 Dove Street; 4251, 4253, and 4255 Martingale Way; and 4200, 4220, and 4250 Scott Drive in the City of Newport Beach, California. 2. Assessor's Parcel Number(s) of Property: 427-172-02 and 427-172-03 3. Legal Description of Property: see Exhibit "1" attached hereto and incorporated herein by reference. 4. Title of Document(s) Containing the Affordable Housing Requirements: 4.1. Affordable Housing Agreement by and between City of Newport Beach, a California municipal corporation and charter city and Aryabhata Group LLC, a Delaware limited liability company, dated ("Agreement") 4.2. Declaration of Affordable Housing Covenants, Conditions and Restrictions, as recorded with the Official Records of Orange County, California, on 20_ as Instrument No. ("Declaration"). Newport Crossings Mixed Use Project 1 5. Summary of Affordable Housing Restrictions: 5.1. Affordability Period. [Fifty-two (52) of the Property's Affordable Dwelling Units, comprising the Required Density Bonus Lower Income Units, shall be subject to the affordable housing requirements for a minimum of fifty-five (55) years from the Commencement Date. (or) Twenty-six (26) of the Property's Affordable Dwelling Units, comprising the Development Standards Additional Lower Income Units, shall be subject to the affordable housing requirements for a minimum of thirty (30) years from the Commencement Date.] 5.2. The Commencement Date is , which is the date City issued the final Certificate of Occupancy ("CofO") for the [Required Density Bonus Lower Income Units (or) Development Standards Additional Lower Income Units]. 6. This Notice does not contain a full description of the details of all the terms and conditions of the Agreement or the Declaration. You will need to obtain and read the Agreement and Declaration to fully understand the restrictions and requirements which apply to the Property. [Signatures on the following page] Newport Crossings Mixed Use Project 2 CITY OF NEWPORT BEACH, a California municipal corporation By: Grace K. Leung City Manager APPROVED AS TO FORM: CITY ATTORNEY'S OFFICE By: Aaron C. Harp City Attorney ATTEST: By: Leilani I. Brown City Clerk ARYABHATA GROUP LLC, a Delaware limited liability company By: MOM CA Investco LLC, a Delaware limited liability company Its: Sole Member By: MOM CA Manager LLC, a Delaware limited liability company Its: Managing Manager By: Name: Deba Shyam Its: Manager [SIGNATURES MUST BE NOTARY ACKNOWLEDGED FOR RECORDING] Exhibit(s): Exhibit 1 — Legal Description of Property Newport Crossings Mixed Use Project 3 EXHIBIT "1" LEGAL DESCRIPTION OF PROPERTY APN: 427-172-02 Parcel 1: LOT 1 OF TRACT NO. 7770, IN THE CITY OF NEWPORT BEACH, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 299, PAGES 15 AND 16 OF MISCELLANEOUS MAPS, TOGETHER WITH THOSE PORTIONS OF PARCELS 1 AND 2 AS SHOWN ON A MAP FILED IN BOOK 53, PAGE 13 OF PARCEL MAPS, BOTH IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS: COMMENCING AT THE CENTERLINE INTERSECTION OF CORINTHIAN WAY AND MARTINGALE DRIVE, AS SHOWN ON SAID TRACT NO. 7770, THENCE ALONG SAID CENTERLINE OF MARTINGALE DRIVE SOUTH 06059'31" EAST 495.91 FEET; THENCE LEAVING SAID CENTERLINE SOUTH 85055'37" WEST 34.84 FEET TO THE WESTERLY LINE OF SAID MARTINGALE DRIVE AS SHOWN ON SAID TRACT NO. 7770, SAID POINT BEING ON A NON -TANGENT CURVE, CONCAVE WESTERLY, HAVING A RADIUS OF 90.00 FEET, A RADIAL LINE THROUGH SAID POINT BEARS SOUTH 89021'49" EAST; THENCE NORTHERLY ALONG SAID CURVE 11.98 FEET THROUGH A CENTRAL ANGLE OF 07037'42"; THENCE NORTH 06059'31" WEST 14.65 FEET TO THE TRUE POINT BEGINNING; THENCE LEAVING SAID WESTERLY LINE OF MARTINGALE DRIVE SOUTH 85055'37" WEST 324. 79 FEET; THENCE SOUTH 42056'12" WEST 51.51 FEET TO A POINT ON A NON -TANGENT CURVE, CONCAVE SOUTHWESTERLY, HAVING A RADIUS OF 634.00 FEET, A RADIAL LINE THROUGH SAID POINT BEARS NORTH 47059'42" EAST; THENCE NORTHWESTERLY ALONG SAID CURVE 81.22 FEET THROUGH A CENTRAL ANGLE OF 07020'25"; THENCE NORTH 49020'43" WEST 217.66 FEET TO THE BEGINNING OF A CURVE, CONCAVE EASTERLY, HAVING A RADIUS OF 15.00 FEET; THENCE NORTHWESTERLY, NORTHERLY, AND NORTHEASTERLY ALONG SAID CURVE 23.56 FEET THROUGH A CENTRAL ANGLE OF 90000'00" TO THE SOUTHEASTERLY LINE OF SCOTT DRIVE AS SHOWN ON SAID TRACT NO. 7770; THENCE ALONG SAID SOUTHEASTERLY LINE NORTH 40039'17" EAST 486.55 FEET TO THE BEGINNING OF A CURVE, CONCAVE SOUTHERLY, HAVING A RADIUS OF 15.00 FEET; THENCE NORTHEASTERLY, EASTERLY, AND SOUTHEASTERLY ALONG SAID CURVE 19.22 FEET THROUGH A CENTRAL ANGLE OF 73023'53" TO THE SOUTHWESTERLY LINE OF SAID CORINTHIAN WAY; THENCE ALONG SAID SOUTHWESTERLY LINE SOUTH 65056'50" EAST 204.85 FEET TO THE BEGINNING OF A CURVE, CONCA VE SOUTHWESTERLY, HAVING A RADIUS OF 15.00 FEET; = ==- --- -_--= Newport Crossings Mixed Use Project Exhibit 1-1 THENCE SOUTHEASTERLY ALONG SAID CURVE 15.43 FEET THROUGH A CENTRAL ANGLE OF 58057'19" TO THE WESTERLY LINE OF SAID MARTINGALE STREET; THENCE ALONG SAID WESTERLY LINE SOUTH 06059'31" EAST 439.84 FEET THE TRUE POINT OF BEGINNING. CONTAINING 5.080 ACRES. APN: 427-172-03 Parcel 22 THAT PORTION OF PARCEL 1, IN THE CITY OF NEWPORT BEACH, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS SHOWN ON A MAP FILED IN BOOK 53, PAGE 13 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS: COMMENCING AT THE CENTERLINE INTERSECTION OF CORINTHIAN WAY AND MARTINGALE DRIVE, AS SHOWN ON TRACT NO. 7770, RECORDED IN BOOK 299, PAGES 15 AND 16, IN THE OFFICE OF SAID COUNTY RECORDER; THENCE ALONG SAID CENTERLINE OF MARTINGALE DRIVE SOUTH 06059,31" EAST 495.91 FEET; THENCE LEAVING SAID CENTERLINE SOUTH 85055'37" WEST 34.84 FEET TO THE WESTERLY LINE OF SAID MARTINGALE DRIVE AS SHOWN ON SAID TRACT NO. 7770 AND THE TRUE POINT OF BEGINNING; THENCE LEAVING SAID WESTERLY LINE SOUTH 85055'37" WEST 15.96 FEET TO THE BEGINNING OF A CURVE, CONCAVE SOUTHEASTERLY, HAVING A RADIUS OF 1.50 FEET; THENCE WESTERLY, SOUTHWESTERLY, AND SOUTHERLY ALONG SAID CURVE 2.36 FEET THROUGH A CENTRAL ANGLE OF 90°00'00"; THENCE SOUTH 04004'23" EAST 16.50 FEET; THENCE SOUTH 85055'37" WEST 52.00 FEET; THENCE NORTH 04004'23" WEST 16.50 FEET TO THE BEGINNING OF A CURVE, CONCAVE SOUTHWESTERLY, HAVING A RADIUS OF 1.50 FEET; THENCE NORTHERLY, NORTHWESTERLY, AND WESTERLY ALONG SAID CURVE 2.36 FEET THROUGH A CENTRAL ANGLE OF 90000'00"; THENCE SOUTH 85"55'37" WEST 74.00 FEET; THENCE NORTH 04004'23" WEST 26.60 FEET; THENCE NORTH 85055'37" EAST 144.40 FEET TO SAID WESTERLY LINE OF MARTINGALE DRIVE; THENCE SOUTH 06059'31" EAST 14.65 FEET TO THE BEGINNING OF A CURVE, CONCAVE EASTERLY, HAVING A RADIUS OF 90.00 FEET; THENCE SOUTHERLY ALONG SAID WESTERLY LINE AND CURVE 11.98 FEET THROUGH A CENTRAL ANGLE OF 07037'42" TO THE TRUE POINT OF BEGINNING. CONTAINING 0.110 ACRES. Newport Crossings Mixed Use Project Exhibit 1-2