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Home My WebLink AboutDeed 1355Deed 1355 RECORDING REQUESTED BY: CITY OF CATHEDRAL CITY DOC # 2010 - 0273134 CITY CLERK — OFFICE OF HOUSING ASSISTANCE 06/15/2010 08 : 00A Fee : NC 68700 AVENIDA LALO GUERRERO Page 1 of 4 Recorded in Official Records CATHEDRAL CITY, CA 92235 -5001 County of Riverside Larry W. Ward Assessor, County Clerk & Recorder I IIIIII IIIIIII III IIIIIII IIII IIII IIIIIII III VIII IIII IIII , S R U PAG SIZE DA MISC LONG RFD COPY M A L 465 426 PCOR NCOR SMF CHG EXAM T: CTY UNI is COVENANT RUNNING WITH THE LAND and GRANT OF LIEN (PAYABLE ONLY UPON SALE, REFINANCE OR TRANSFER) THE UNDERSIGNED, - - ------- - - - - -- Randall M. Cupp------------------- - - - - -- - - 1 COLLECTIVELY HEREINAFTER REFERRED TO AS "OWNERS ", whose address is: 39241 Paradise Way , Cathedral City, CA 92234, owners of property located in the City of Cathedral City, Riverside County, California, described as follows: Lot No. 3 , in the subdivision known as Cathedral Canyon Plaza Subdivision Shown by map on file in Book No. 36 Pages 31 through 32 of Maps, Records of Riverside County, California. Assessor's Parcel No.: 686 - 281 -010 (Such property hereinafter being referred to as "THE SUBJECT PROPERTY ") do hereby GRANT A LIEN TO and COVENANT with THE CATHEDRAL CITY 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. THIS AGREEMENT MAY CONSTITUTE A LIEN ON THE SUBJECT PROPERTY. 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 EVENTTHE PROPERTY IS TRANSFERRED OR SOLD, ANY SUCH TRANSFER SHALL BE SUBJECTTO THE LIEN AND COVENANT GRANTED TO CATHEDRAL CITY REDEVELOPMENT AGENCY BY THIS AGREEMENT. THIS AGREEMENT IS INTENDEDTO ASSURE CATHEDRALCITY 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 UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD). 4 d 5 G 4 Covenant 01102104 Page 1 of 3 E 1 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 PROPERTY TRANSFERRED REPRESENTING THE AMOUNTS CONTRIBUTED BYTHE INVESTMENTOF CATHEDRALCITY REDEVELOPMENT AGENCY IN REPAIRSAND IMPROVEMENTS OR OTHER FINANCIAL ASSISTANCE TO THE PROPERTY WHICH WAS PAID FOR FROM AFFORDABLE HOUSING FUNDS OF k CATHEDRALCITY REDEVELOPMENT AGENCY, INCLUDING AMOUNTSADVANCED PRIORTOTHE DATE I _ OFTHIS INSTRUMENT, ON THE DATE OFTHIS INSTRUMENT, AND SUBSEQUENTTOTHE DATE OFTHIS INSTRUMENT. IN THE EVENT THE AMOUNT CONTRIBUTED BY CATHEDRAL CITY REDEVELOPMENT AGENCY EXCEEDS THE 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, ORANYOR ALL 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 PROPERTY OR 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. IFOWNERS GIVE NOTICETO CATHEDRALCITY REDEVELOPMENT AGENCY IN ADVANCE OF ANY SUCH SALE, REFINANCE OR TRANSFER OF THE INTENT TO EXECUTE SUCH A SALE, REFINANCE OR TRANSFER, CATHEDRALCITY REDEVELOPMENT AGENCY SHALL MAKE DETERMINATION ASTOTHE AMOUNT DUE, IF ANY, UNDER THIS LIEN. 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 OFTHE 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, CATHEDRALCITY REDEVELOPMENT AGENCY SHALL HAVE THE OPTION AT THE TIME OF ANY PROPOSED TRANSFER OR , REFINANCE BY OWNERS, HIS, HER OR THEIR HEIRS, ADMINISTRATORS, EXECUTORS AND ASSIGNS, OR HIS, HER, ORTHEIR 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 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 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 Y= I€ + 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, or its successor. IN WITNESS WHEREOF, THE OWNERS have hereunto executed this document the day of 20 _1 . Randall M. CUPP 1 ACCEPTED BY: City of Cathedral City Redevelopment Agency - Office of Housing Assistance Warren Bradshaw, Housing Programs Manager E I l Covenant 01102104 Page 3 of 3 CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT State of California County of I� i vcr5 i aPe fi On Na. before me, „ - Y HaL c .it ate Here Insert Nam nd Title of the Ofjlcer personally appeared r'c „Z Nam*sj of Signer(s) I who proved to me on the basis of satisfactory evidence to be the persons) whose nameN islaxe subscribed to the within instrument and acknowledged to me that hels4e7ihay executed the same in a his/ wtTieir authorized capacityties), and that by his /her /their signatures) on the instrument the person(s)„ or the entity upon behalf of which the person(s� acted, executed the instrument. SAMANTHA HAWLEY Commission • 1579096 I certify under PENALTY OF PERJURY under the Notsry Public - Cslifornia Riwrsids C OO" laws of the State of California that the foregoing M l . Comm. E*ns Fsb 2 2014 paragraph is true and correct. I . WITNESS my hand and official seal. Signatur A=4 # Place Notary Seal and/or Stamp Above Signature of Notary Public I OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. F� Description of Attached Document Title or Type of Document: Covc�ci.,f 2u,,,, :�.� �..Qo. �. Document Date: Number of Pages: 3 Signer(s) Other Than Named Above Capacity(ies) Claimed by Signer(s) Signer's Name: c. A Signer's Name: ❑ Corporate Officer— Title(s): ❑ Corporate Officer — Title(s): Individual El Individual ❑ Partner — ❑ Limited ❑ General Top of thumb here El Partner — ❑ Limited El General Top of thumb here ❑ Attorney in Fact ❑Attorney in Fact ❑ Trustee ❑ Trustee ❑ Guardian or Conservator ❑ Guardian or Conservator ❑ Other: ❑ Other: l Signer Is Representing: Signer Is Representing: j 02008 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313 -2402 • www.NationalNotary.org Item #5907 Reorder: Call Toll -Free 1- 800 - 876 -6827