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HomeMy WebLinkAboutRecorded Doc 2020-017 DOC # 2020-0326414 RECORDING REQUESTED BY: 07/23/2020 02:27 PM Fees: $20.00 First American Title Company Page 1 of 9 Recorded in Official Records WHEN RECORDED MAIL DOCUMENT TO: County of Riverside City of Cathedral City Peter Aldana 68-700 Avenida Lalo Guerrero Assessor-County Clerk-Recorder Cathedral City, CA 92234 Attn: City Clerk **This document was electronically submitted to the County of Riverside for recording" Receipted by:JACQUELINE#2386 Space Above This Line for Recorder's Use Only A.P.N.: 678-210-034-3 and 678-210-035-4 File No.: OSA-6000063 (jg) Property Address: , Cathederal City, CA 92234 Termination and Release Agreement Title of Document TRA: 019-013, 019-152 DTT: N/A Exemption reason declared pursuant to Government Code 27388.1 ❑ This Document is a transfer that is subject to the imposition of documentary transfer tax. © This is a document recorded in connection with a transfer that is subject to the imposition of document transfer tax. Document reference: Grant Deed recorded concurrently herewith ❑ This document is a transfer of real property that is a residential dwelling to an owner-occupier ❑ This is a document recorded in connection with a transfer of real property that is a residential dwelling to an owner-occupier. Document reference: THIS PAGE ADDED TO PROVIDE EXEMPTION INFORMATION FOR THE BUILDING HOMES AND JOBS ACT FEE (SB-2; AFFORDABLE HOUSING FEE) ($3.00 Additional recording fee applies) RECORDING REQUESTED BY: First American Title Company WHEN RECORDED MAIL DOCUMENT TO: City of Cathedral City 68-700 Avenida Lalo Guerrero Cathedral City, CA 92234 Attn: City Clerk Space Above This Line for Recorder's Use Only A.P.N.: 678-210-034-3 and 678-210-035-4 File No.: OSA-6000063 (jg) Property Address: , Cathederal City, CA 92234 Termination and Release Agreement Title of Document TRA: 019-013, 019-152 DTT: N/A Exemption reason declared pursuant to Government Code 27388.1 ❑ This Document is a transfer that is subject to the imposition of documentary transfer tax. This is a document recorded in connection with a transfer that is subject to the imposition of document transfer tax. Document reference: Grant Deed recorded concurrently herewith E This document is a transfer of real property that is a residential dwelling to an owner-occupier ❑ This is a document recorded in connection with a transfer of real property that is a residential dwelling to an owner-occupier. Document reference: THIS PAGE ADDED TO PROVIDE EXEMPTION INFORMATION FOR THE BUILDING HOMES AND JOBS ACT FEE (SB-2; AFFORDABLE HOUSING FEE) ($3.00 Additional recording fee applies) I Recording Requested By: First American Title Company Homebuilder Services Division RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Cathedral City 68-700 Avenida Lalo Guerrero Cathedral City, CA 92234 Attention: City Clerk EXEMPT FROM RECORDING FEES PER GOVERNMENT CODE §§6103, 27383 0000v'3 Space above this line for Recorder's use. TERMINATION AND RELEASE AGREEMENT THIS TERMINATION AND RELEASE AGREEMENT(this"Agreement") is dated as of June 1, 2020, by and between the City of Cathedral City, a municipal corporation, acting in its capacity as the Housing Successor Agency to the former Redevelopment Agency of the City of Cathedral City(in such capacity, referred to herein as the"Agency") and National Community Renaissance of California,a California nonprofit public benefit corporation formerly known as Southern California Housing Development Corporation ("NCRC"). The Agency and NCRC are collectively referred to herein as the "Parties." A. NCRC is the owner of the real property located at 31750 Landau Boulevard in the City of Cathedral City, California, known as Riverside County Assessor's Parcel Nos. 678-210- 034 and 678-210-035, and more particularly described in Exhibit A attached hereto (the "Property"). B. As more particularly set forth below, in 1996 and in 2003,the former Redevelopment Agency of the City of Cathedral City("Redevelopment Agency")and NCRC entered into a series of agreements pertaining to the financing and development of the Property and certain improvements located thereon. C. Pursuant to a Resolution adopted by the City Council of the City of Cathedral City in January 2012,the Agency assumed the housing rights and obligations of the Redevelopment Agency pursuant to California Health and Safety Code Section 34176 upon dissolution of the Redevelopment Agency on February 1, 2012, and as a result thereof,the Agency is the successor in interest to the Redevelopment Agency with respect to the Original Redevelopment Agency OPA(defined below) and the other Original Redevelopment Agency Documents (defined below). D. NCRC and Agency have entered into an Owner Participation and Grant Agreement dated as of July 24,2019 (the"New OPA"). Substantially concurrently with the recordation of this Agreement,NCRC will convey the Property and assign NCRC's rights and obligations under the New OPA to CP Senior Apartments, L.P., a California limited partnership ("CP"). Pursuant to the New OPA, an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants will be executed by and between Agency and CP and OAK#4830-0801-6518 v4 1 recorded in the Official Records of Riverside County("Official Records") substantially concurrently herewith (the "New Regulatory Agreement"). E. As set forth herein,the Parties desire to terminate, release and reconvey the Original Redevelopment Agency Documents. NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,the Parties agree as follows: 1. The Parties acknowledge the truth of the foregoing Recitals which are incorporated into this Agreement by this reference. 2. Agency hereby acknowledges that pursuant to that certain letter from Agency to NCRC dated as of[May 29,2020],Agency has forgiven NCRC's obligation to repay the funds advanced by the Redevelopment Agency pursuant to the Original Redevelopment Agency OPA in the form of a loan in the original principal amount of$1,000,000, and the Parties acknowledge and agree that all other obligations of NCRC under the Original Redevelopment Agency OPA have been satisfied. 3. The Parties further acknowledge and agree that upon recordation thereof in the Official Records,the New Regulatory Agreement shall replace and supersede the following documents in their entirety,each as defined below: (i)the O&M Agreement, (ii)the Original Regulatory Agreement, (iii)the Affordability Covenant, (iv)the Redevelopment Covenant, and(v)the Original Affordable Housing Agreement. 4. Effective upon the date of recordation of the New Regulatory Agreement,the Parties agree that the following documents (collectively, the"Original Redevelopment Agency Documents") shall each be terminated, and shall be of no further force or effect: (i) Operation and Maintenance Agreement, executed by and between the Redevelopment Agency and The Southern California Housing Development Corporation, dated as of October 1, 1996, and recorded December 30, 1996, as Instrument No. 489519, of Official Records (the "O&M Agreement"); (ii) Owner Participation Agreement(Sewer System Upgrade at Cathedral Palms Apartments),executed by and between the Redevelopment Agency and Southern California Housing Development Corporation, dated May 1, 2003, and recorded December 15, 2003, as Instrument No. 2003-977446, of Official Records (the "Original Redevelopment Agency OPA"); (iii) Regulatory Agreement and Declaration of Restrictive Covenants, executed by and between the Redevelopment Agency and Southern California Housing Development Corporation, dated as of October 1, 1996, and recorded December 30, 1996, as Instrument No. 489518, of Official Records(the"Original Regulatory Agreement"); OAK#4830-0801-6518 v4 2 (iv) Declaration of Affordability Covenants, executed by Southern California Housing Development Corporation, dated May 1,2003,and recorded December 31, 2003, as Instrument No. 2003-1017672, of Official Records (the "Affordability Covenant"); (v) Declaration of Redevelopment Covenants, executed by Southern California Housing Corporation, dated May 1, 2003, and recorded December 31, 2003, as Instrument No. 2003-1017895, of Official Records (the "Redevelopment Covenant"); (vi) Deed of Trust, Security Agreement and Fixture Filing(with Assignment of Rents), executed by The Southern California Housing Development Corporation as Trustor for the benefit of the Redevelopment Agency, dated October 1, 1996, and recorded on December 30, 1996, as Instrument No. 489521, of Official Records (the "Original Performance Deed of Trust"); and (vii) Affordable Housing Agreement dated October 1, 1996, executed by and between Southern California Housing Development Corporation and the Redevelopment Agency ("Affordable Housing Agreement")which was not recorded. 5. This Agreement shall be recorded in the Official Records of Riverside County. 6. The Parties each agree to execute such further instruments and to take such further actions as may be necessary or desirable in order to implement this Agreement, including without limitation the execution, delivery and as applicable,the recordation,of such additional instruments as may be necessary to evidence the termination of the Original Redevelopment Agency Documents. 7. This Agreement may be executed in counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. SIGNATURES ON FOLLOWING PAGE(S). OAK#4830-0801-6518 v4 3 IN WITNESS WHEREOF, the Parties have executed this Termination and Release Agreement as of the date first written above. AGENCY: City of Cathedral City, a municipal corporation, acting in its capacity as the Housing Successor Agency to the former Redevelopment Agency of the City of Cathedral City 13;7660.4—i) Print Name: Ct,,c% / /)CC./,A, J Title: co, /1�A✓✓A f*-,�_— ATTEST: `c �� Trcic \ 12. 1CAv+)nez City Clerk ' APPROVED • S TO FC M: 2a`� /A. I (),16 \vO'pa City Attorne, NCRC: National Community Renaissance of California, a California nonprofit public benefit corporation By: Print Name: Title: SIGNATURES MUST BE NOTARIZED. OAK#4830-0801-6518 v4 4 IN WITNESS WHEREOF, the Parties have executed this Termination and Release Agreement as of the date first written above. AGENCY: City of Cathedral City, a municipal corporation, acting in its capacity as the Housing Successor Agency to the former Redevelopment Agency of the City of Cathedral City By: Print Name: Title: ATTEST: City Clerk APPROVED AS TO FORM: City Attorney NCRC: National Cs i y ' -naissance of California, a California nonprofit public benefit corporation By: Print Name: hl ri,JA/ Title: ed SV egad count SIGNATURES MUST BE NOTARIZED. OAK#4830-0801-6518 v4 4 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 ) ) ss County of 1kitrSi Cte ) On at l,j , before me, 1JL1rit G. ea re`jet oO\--ay , (Name of Notary) notary public,personally appeared Nor 1,0_5 u-Nn.L C,, .nc cin who proved to me on the basis of satisfactory evidence to be the person(s) whose namee(s)..is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same iniiis/her/their authorized capacity(ies), and that by h s/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. C&DJY)t q,(,tho_, 4 (Notary Sign ture) >•or rN LAURA E.GARCIA Notary Public-California I Riverside County %!!y Comm.Expires Dec 16,2023 OAK#4830-0801-6518 v4 5 California All-Purpose 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 San Bernardino s.s. On July 2, 2020 before me, Monica Rodriguez, Notary Public personally appeared Michael Finn who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws CA of the State of California that the foregoing paragraph �` Notary Pury Pu R DRiGUEz blic-California is true and correct. • San Bernardino County I i Commission*2194994 WITNESS my hand and official seal. 1_24:: M Comm.Ex tree Ma 26,2021 / I OPTIONAL INFORMATION acknowledgment to en unauthorized document end me,, nrnve vspfui to rcxc:-:n ...,...;nn �.r =h.c. �}`:�h�d document. Description of Attached Document Method of Signer Identification The preceding Certificate of Acknowledgment is attached to a document titled/for the purpose of Proved to me on the basis of satisfactory evidence: ❑ form(s)of identification El credible witness(es) Notarial event is detailed in notary journal on: containing pages, and dated • Page# Entry# The signer(s)capacity or authority is/are as: ❑ Individual(s) Notary contact. ❑ Attorney-in-fact Other ❑ Corporate Officer(s) El Additional Signer❑ Signer(s)Thumbprints(s) ❑ Guardian/Conservator ❑ Partner-Limited/General ❑ Trustee(s) ❑ Other: representing: Exhibit A PROPERTY The real property situated in the City of Cathedral City, County of Riverside, State of California, described as follows: PARCELS 2 AND 3 OF PARCEL MAP NO. 9536 AS SHOWN BY MAP ON FILE IN BOOK 63, PAGE(S) 62 AND 63 OF MAPS IN THE OFFICE OF THE COUNTY RECORDER OF RIVERSIDE COUNTY, CALIFORNIA. EXCEPTING THEREFROM ALL MINERAL RIGHTS AS RESERVED BY ELMER R. BIECK AND GRACE E. BIECK IN A DOCUMENT RECORDED APRIL 11, 1955 AS INSTRUMENT NO. 23600, OFFICIAL RECORDS. APN: 678-210-034-3(Parcel 2) and 678-210-035-4(Parcel 3) OAK#4830-0801-6518 v4 7