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HomeMy WebLinkAboutDeed 1364 N DOC # 2010- 0288223 Deed 1364 06/23/2010 08:00A Fee:27.00 Page 1 of 5 Recorded in Official Records RECORDING REQUESTED BY: ) County of Riverside Larry W. Ward Assessor, County Clerk 8 Recorder REDEVELOPMENT AGENCY OF THE CITY OF CATHEDRAL CITY j IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII AND WHEN RECORDED RETURN TO: ) REDEVELOPMENT AGENCY OF ) -1 THE CITY OF CATHEDRAL CITY ) S R U PAGE SIZE DA MISC 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 : G /D' �S�"OO / Q ) IIN T: CTY UNI wU (Space Above for Recorder's Use) Exempt from Recording Fees Per Government Code Section 27383 NOTICE OF AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY s 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 1 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 3, 2010 and terminating on May 3, 2065. 1 t Summary of Affordable Housing Restrictions: E 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: x • Very Low Income households: Any Renter shall qualify as a very low income household with income at or below 50% 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 s 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. 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. [REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK] s : i r gg t F t 2 IIIIII IIIIIII IIII VIII IIIIII VIII VIII III VIII IIII IIII 2M-0288223 06/23/20 f 68 ?00R i i t f This Notice is being recorded and filed in compliance with health and Safety Code Section 33334.3(f) (3) and (4), and shall be indexed against the Agency and the current owner of the Property. Dated: D e? pip REDEVELOPMENT AGENCY OF CITY OF CATHEDRAL CITY r�. By: Executive Dire or ATTES By: t Secretary k t r` F i Y i g 's g S; I 6' Y 7, A t k k pp E 3 II IIII IIIII IIII VIII II IIII V III (II III VIII IIII IIII 96,2 1 201f 808290A Attachment No. 1 DESCRIPTION OF PROPERTY Legal Description of Property LOT 9 OF PALM SPRINGS PANORAMA fl, IN THE CITY OF CATHEDRAL CITY _ COUNTY OF RIVERSIDE STATE OF CALIFORNIA AS PER MAP RECORDED IN BOOK 38, PAGES 83 — 86 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY Street Address of Property: 29660 Landau Blvd, Cathedral City CA 92234 _ APN: 675- 251 -009 -7 3 ATTACFMMNT NO. 1, Page - 4 I IIIIII IIIIIII IIII VIII IIIIII III 2f 1 08 : G 06/23/2& II IIIII IIIIIIIIIIII IIII 4of 5 ©R ACKNOWLEDGMENT State of California County of Riverside r Wednesday June 2, 2010 Jim L. Sherman N07'4A (- A&) C- On Y before me, (insert name and litle of the offs r) personally appeared Donald E. Bradley 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. JIM L. SHERMAN WITNESS my hand arld officio se Commi: :ion # 1879186 Notary Public - California Riverside County My Comm. Expires Feb 2, 2014 Signature (Seal) ti i I � IIIIII IIIIIII IIII VIII IIIIII VIII VIII III VIII IIII IIII 06 /23/ 20 16 ©l f$ 58200R