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HomeMy WebLinkAboutDeed 1360 Deed 1360 DOC # 2010 - 0288219 06/23/2010 08:00A Fee:27.00 RECORDING REQUESTED BY: ) Page 1 of 5 Recorded in Official Records County of Riverside REDEVELOPMENT AGENCY OF ) Larry W. Ward THE CITY OF CATHEDRAL CITY ) Assessor, County Clerk & Recorder AND WHEN RECORDED RETURN TO: ) IIIIIIIIIIIIIIIIIIIIIIIIIIIIII I I II VIII III VIII IIII IIII REDEVELOPMENT AGENCY OF ) a� THE CITY OF CATHEDRAL CITY ) S R U PAGE SIZE DA MSC LONG RFD COPY 68 -700 Avenida Lalo Guerrero ) Cathedral City, CA 92234 ) �, Attn: Agency Secretary ) M A L 465 426 PCOR NCOR SMF NCHG ExAM V APN: to 0 - r ) �l it APN: 680-452-047 �'�� T: CTY UNI (Space Above for Recorder's Use) Exempt from Recording Fees Per Government Code Section 27383 NOTICE OF AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY Important notice to owners, purchasers, lenders, brokers, escrow and title companies, and other persons, regarding affordable housing restrictions on the real property described in this Notice: Restrictions have been recorded with respect to the property as more fully described in Attachment No. 1 attached hereto and incorporated herein by this reference (hereinafter referred to in this Notice as the "Property ") which restrict the price and terms at which the Property may be rented (the "Affordable Housing Restrictions ") . The Affordable Housing Restrictions may limit the rents of all residential housing units on the Property to an amount which is less than the fair market value of the Property. The Affordable Housing Restrictions also limit the income of persons and households who are permitted rent and reside in the Property (referred to in this Notice individually as "Renter" or collectively as or "Renters "). Title of Document Containing Affordable House Restrictions: Declaration of Affordability Covenants (referred to in this Notice as the "Affordable Housing Restrictions "). The Affordable Housing Restrictions are recorded concurrently with this Notice, official records of the County of Riverside, State of California. Parties to Affordable Housing Restrictions: Redevelopment Agency of City of Cathedral City, a public body, corporate and politic (the "Agency ") ; and Rancho Housing Alliance, Inc. a California non - profit public benefit corporation ( "Developer "). Term of Affordable Housing Restrictions: The term of the Affordable Housing Restrictions shall be for fifty -five (55) years, commencing on May 13, 2010 and terminating on May 13, 2065. 1 s r Summary of Affordable Housing Restrictions: 1 The Affordable Housing Restrictions restrict the rental price of the residential units on the Property which may be charged for the rental of each housing unit on the Property as follows: • Affordable Rent: As the minimal compliance with the Affordable Housing Restrictions, the Property shall be maintained as affordable to a very low income household as set forth in California Health and Safety Code section 50053 (b)(2). The maximum monthly allowances for utilities and services (excluding telephone) shall not exceed the utility allowances set up by the housing Authority of the County of Riverside. The Affordable Housing Restrictions restrict the income level of a Renter of any housing unit on the Property as follows: • Very Low Income households: Any Renter shall qualify as a very low income household with income at or below 500 of the area median income, adjusted by family size at the time of occupancy, for the County of Riverside. The Affordable Housing Restrictions place the following additional restrictions on the continued management and maintenance of the Property as follows: • Occupancy Standards: every residential unit on the Property shall be occupied as the principal residence of the Renter household under a rental agreement in conformity with the standards set forth in the Affordable Housing Restrictions and for no other purpose. t This Notice does not contain a full description of the details of all of the terms and conditions of the Affordable Housing Restrictions. You will need to obtain and read the Affordable Housing Restrictions to fully understand the restrictions and requirements which apply to the Property. 1; [REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK] _ gG E R- 2 291�N- 0�98�19 111111111111 IN 0E;'�U,2 o © 5 00R \ � } � � } This Notice is being recorded an filed in compliance with health and safety Code Section 33334.3(f) (3) an (4), an shall be indexed against the Agency and the { } current o n r of the Property. ( r Dated: O J o O DEVEz ENT AGENCY of CITY of | 05/20/2010 CAT HEDRAL CITY � } By: Executive Direct £ [ ( ATTEST- By: ( Secretary [ � [ \ [ } � [ ( ( � ( ( } [ [ ; [ [ ( } � � ! � ( r ( { ! [ 3 ( 3!+@88219 2mem.mq 3 of 5 [ I ACKNOWLEDGMENT i i s State of California County of Riverside Wednesday June 2, 2010 Jim L. Sherman N 67 ' 4 P —1 1 v�� On Y before me, (insert name and Re of the officer) personally appeared Donald E. Bradley who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) istare 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. 1 certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand an offici seal JIM L. SHERMAN Commission #F 1879166 Notary Public - California Riverside County Signature (Seal) Comm. re: Feb 2, 2011 II I IIIIII IIIIIII IIII VIII IIIIII VIII VIII III VIII IIII IIII 2910- &6. &of 5 1 &A I i Attachment No. 1 DESCRIPTION OF PROPERTY E' t Legal Description of Property: LOT 77 OF DESERT RETREAT ESTATES AS SHOWN BY MAP ON FILE IN BOOK 26 PAGES 18 AND 19 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF RIVERSIDE COUNTY, CALIFORNIA Street Address of Property: s 33580 CATHEDRAL CANYON, Cathedral City CA 92234 APN: 680 - 452 -047 -0 t r ATTACHMENT NO. 1, Page - 4 Ill III Hill lill 1111 e6 23/ 2010-0280 5 68: &&A