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Home My WebLink AboutDeed 1352 i Deed 1352 13 S2 RECORDING REQUESTED BY: DOC # 2010- 0220358 ' CITY OF CATHEDRAL CITY 05/12/2010 08:00A Fee:NC CITY CLERK — OFFICE OF HOUSING ASSISTANCE Page 1 of 4 68700 AVENIDA LALO GUERRERO Recorded in Official Records County of Riverside CATHEDRAL CITY, CA 92235 -5001 Larry W. Ward Assessor, County Clerk 8 Recorder $ I IIIIII IIIIIII III IIIIIII III IIIIIII VIII III VIII IIII s IIII S R U PAGE SIZE DA MISC LONG RFD COPY i M A L 465 426 PCOR NCOR SMF CHG / XA T: CTY UNI vet COVENANT RUNNING WITH THE LAND and GRANT OF LIEN (PAYABLE ONLY UPON SALE, REFINANCE OR TRANSFER) (l51 THE UNDERSIGNED - - ------ - - - - -- -Laura Walsh and David Wayne Cyr------------------- - - - - -- - - COLLECTIVELY HEREINAFTER REFERRED TO AS "OWNERS ", whose address is: 67345 Ovante Road , Cathedral City, CA 92234, owners of property located in the City of Cathedral City, Riverside County, California, described as follows: Lot No. 375 , in the subdivision known as Tract 2122 Shown by map on file in Book No. 42 Pages 26 through 30 of Maps, Records of Riverside County, California. Assessor's Parcel No.: 677 - 152 -005 (Such property hereinafter being referred to as "THE SUBJECT PROPERTY") do hereby GRANTA LIEN TO and COVENANTwith THE CATHEDRALCITY REDEVELOPMENT AGENCY, 68700 Avenida Lalo Guerrero, Cathedral City, CA 92234, as a covenant running with the land, enforceable by the Cathedral City Redevelopment Agency, a municipal corporation, as follows: The OWNERS hereby acknowledge the receipt of financial assistance, services, repairs and improvements or other benefits provided or paid for by the Cathedral City Redevelopment Agency, which assistance has heretofore been made, or is intended to be made following the execution of this agreement, or both, to property occupied by OWNERS, as his, her or their primary residence, situated in the City of Cathedral City, Riverside county, CA, known as the Subject Property and covenant running with the land as to THE SUBJECT PROPERTY, for the purposes and subject to the terms and conditions set forth hereinafter. "OWNERS" SHALL INCLUDE THE SINGULAR OR THE PLURAL TO REPRESENT ALL OWNERS OF THE SUBJECT PROPERTY. i THIS AGREEMENT MAY CONSTITUTE A LIEN ON THE SUBJECT PROPERTY. i OWNERS COVENANT AND AGREE THAT THE SUBJECT PROPERTY SHALL BE USED AND OCCUPIED AS THE PRIMARY RESIDENCE OF HIMSELF, HERSELF OR THEMSELVES, AND FURTHER AGREES THAT IN THE EVENT THE PROPERTY IS TRANSFERRED OR SOLD, ANY SUCH TRANSFER SHALL BE SUBJECT TO THE LIEN AND COVENANT GRANTED TO CATHEDRAL CITY REDEVELOPMENT AGENCY BY THIS AGREEMENT. THIS AGREEMENT IS INTENDED TO ASSURE CATHEDRAL CITY REDEVELOPMENT AGENCY THAT THE PROPERTY COVERED HEREBY SHALL BE USED AS THE PRIMARY RESIDENCE OF A PERSON OR PERSONS OF MODERATE, LOW, OR VERY LOW INCOME, AS DETERMINED BY THE STANDARDS ESTABLISHED BY THE `r UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD). Covenant 01102104 Page 1 of 3 AMOUNT SECURED: IF THIS PROPERTY IS SOLD, REFINANCED OR OTHERWISE TRANSFERRED TO A PERSON OR PERSONS NOT QUALIFYING FROM THE STANDPOINT OF INCOME OR PRIMARY OCCUPANCY, OR IF REFINANCING, CATHEDRAL CITY REDEVELOPMENT AGENCY SHALL BE ENTITLED TO RECOVER FROM OWNERS, TRANSFEREE OR BUYER, OR ANY OR ALL OF THEM, AN AMOUNT REPRESENTING THAT PORTION OF THE SALES PRICE OR THAT PORTION OF THE VALUE OF THE PROPERTYTRANSFERRED REPRESENTINGTHE AMOUNTS CONTRIBUTED BYTHE INVESTMENT OF CATHEDRAL CITY REDEVELOPMENT AGENCY IN REPAIRS AND IMPROVEMENTS OR OTHER FINANCIAL ASSISTANCE TO THE PROPERTY WHICH WAS PAID FOR FROM AFFORDABLE HOUSING FUNDS OF CATHEDRAL CITY REDEVELOPMENT AGENCY, INCLUDING_ AMOUNTS ADVANCED PRIOR TO THE DATE OFTHIS INSTRUMENT, ON THE DATE OF THIS INSTRUMENT, AND SUBSEQUENT TO THE DATE OFTHIS INSTRUMENT. IN THE EVENT THE AMOUNT CONTRIBUTED BY CATHEDRAL CITY REDEVELOPMENT AGENCYEXCEEDSTHE ACTUAL VALUE OF THE PROPERTY, THAT FACTOR SHALL BE CONSIDERED, BUT SHALL NOT BE DETERMINATIVE OF THE AMOUNT DUE TO THE CATHEDRAL CITY REDEVELOPMENT AGENCY FROM OWNERS, THE TRANSFEREE AND/OR THE BUYER, ORANYORALL OF THEM. IN NO CASE, HOWEVER, SHALL THE AMOUNT TO BE RECOVERED BY CATHEDRAL CITY REDEVELOPMENT AGENCY BE GREATER THAN THE TOTAL AMOUNT INVESTED IN REPAIRS, IMPROVEMENTS AND FINANCIAL ASSISTANCE TO THE PROPERTYOR ITS OCCUPANT - OWNERS BY CATHEDRAL CITY REDEVELOPMENT AGENCY. NO INTEREST, FEES OR ADMINISTRATIVE COSTS SHALL BE CHARGED TO THE CONSUMER. { CATHEDRAL CITY REDEVELOPMENT AGENCY SHALL PROVIDE TO THE OWNERS, WITHIN FORTY FIVE (45) DAYS OF A WRITTEN REQUEST THEREFORE. A STATEMENT OF THE TOTAL AMOUNT OF ASSISTANCE TO BE REPAID IN ORDER TO RELEASE THIS LIEN AND COVENANT. IF OWNERS GIVE NOTICE TO CATHEDRAL CITY REDEVELOPMENT AGENCY IN ADVANCE OFANYSUCH SALE, REFINANCE OR TRANSFER OF THE INTENT TO EXECUTE SUCH A SALE, REFINANCE OR I TRANSFER, CATHEDRAL CITY REDEVELOPMENT AGENCY SHALL MAKE A DETERMINATION AS TO THE AMOUNT DUE, IF ANY, UNDER THIS LIEN. 1 TERM: THIS AGREEMENT SHALL REMAIN IN FULL FORCE AND EFFECT UNTIL FORTY -FIVE (45) YEARS FROM THE DATE OF THE LATEST INVESTMENT OF AFFORDABLE HOUSING FUNDS BY CATHEDRAL CITY REDEVELOPMENT AGENCY FOR REPAIRS OR IMPROVEMENTS TO THE SUBJECT PROPERTY, OR UNTIL SUCH EARLIER DATE AS THIS LIEN AND COVENANT AGREEMENT IS RELEASED BY CATHEDRAL CITY REDEVELOPMENT AGENCY. THE PARTIES DO FURTHER RECOGNIZE AS AN ADDITIONAL PURPOSE OF THIS AGREEMENT THAT CATHEDRAL CITY REDEVELOPMENT AGENCY IS INTERESTED IN ENCOURAGING THE CONTINUED OCCUPANCY OF THE PROPERTYAS THE AFFORDABLE PRIMARY RESIDENCE OF PERSONS OF MODERATE, LOW OR VERY LOW INCOME. NO BUILDING OR IMPROVEMENT UPON THE SUBJECT PROPERTY SHALL BE REMOVED FROM ITS PRESENT LOCATION WITHOUT THE WRITTEN CONSENT OF CATHEDRAL CITY REDEVELOPMENT AGENCY, WHICH WRITTEN CONSENT WILL NOT BE UNREASONABLY REFUSED. IN THE EVENT THE SUBJECT PROPERTY IS OR BECOMES IN SUCH CONDITION AS TO BE CLASSIFIED AS SUB - STANDARD HOUSING, CATHEDRAL CITY REDEVELOPMENT AGENCY SHALL HAVE THE OPTION AT THE TIME OF ANY PROPOSED TRANSFER OR , REFINANCE BY OWNERS, HIS, HER OR THEIR HEIRS, I ADMINISTRATORS, EXECUTORS AND ASSIGNS, OR HIS, HER, OR THEIR SUCCESSORS IN INTEREST, TO BUY THE PROPERTY FROM OWNERS AND TAKE TITLE TO THE PROPERTY AND PAY TO THE OWNERS THE REASONABLE VALUE OF OWNERS' INTEREST IN SUCH PROPERTY, AFTER DEDUCTION OF AMOUNTS DUE s TO THE REDEVELOPMENT AGENCY. CATHEDRAL CITY REDEVELOPMENT AGENCY SHALL HAVE NO OBLIGATION TO CONSENT TO THE SALE, REFINANCE OR TRANSFER OF SUB - STANDARD HOUSING, AND I SHALL HAVE THE RIGHT TO ENFORCE THIS OPTION AGREEMENT AT THE TIME OF ANY SUCH PROPOSED TRANSFER, REFINANCE OR SALE, OR AT ANY TIME AFTER ANY SUCH TRANSFER, REFINANCE OR SALE WHEN CATHEDRAL CITY REDEVELOPMENT AGENCY BECOMES AWARE OF SUCH TRANSFER, REFINANCE OR SALE. Covenant 01102104 Page 2 of 3 This covenant shall apply to, and continue to run with the land described herein, unless and until released by the Cathedral City Redevelopment Agency. Any sale, refinance or transfer of the property without full compliance with the terms hereof shall be deemed a violation of this Covenant, in which event the grantors, their heirs, executors, administrators and assignees, and any other successor in interest to the property, shall be liable to the Cathedral City Redevelopment Agency for all reasonable costs and attorney fees reasonably necessary to seek abatement and /or enforcement of the terms of this covenant, or to recover funds invested from the Agency's Affordable Housing Fund. This covenant shall remain in full effect unless and until released by the Cathedral City Redevelopment Agency, a municipal corporation, f or its successor. IN WITNESS WHEREOF, THE OWNERS have hereunto executed this document the oi-4A day of u , 20 (� { Laura Wash Da id Wayne Cyr - ACCEPTED BY: City of Cathedral City Redevelopment Agency - Office of Housing Assistance i Warren Bradshaw, ousing Programs Manager Covenant 01102104 Page 3 of 3 i ACKNOWLEDGMENT State of California County of _ Riverside ) } On Thursday, April 8, 2010 before me, Jim L. Sherman (insert name and title of the offic r) i personally appeared Laura Walsh and David Wayne Cyr 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 m e 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 per son(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. JIM L. SHERMAN Commission #t 1879166 t WITNESS my hand and offs 'al s al. z Notary Public - California Riverside County M Comm. Ex ires Feb 2. 2014 Signature (Seal) z