HomeMy WebLinkAboutContract 1920-2 DOC # 2021-0189515
Recording Requested By: 03/25/2021 02:46 PM Fees: $0.00
First American Title Insurance Company Page 1 of 9
National Commercial Services,• Recorded in Official Records
County of Riverside
Peter Aldana •
Recording Requested by
Assessor-County Clerk-Recorder
and when Recorded,return to:
City of Cathedral City "This document was electronically submitted
68-700 Avenida Lalo Guerrero to the County of Riverside for recording"
Cathedral City, CA 92234 Receipted by: MARY#420
Attention: City Clerk
EXEMPT FROM RECORDING FEES PER
GOVERNMENT CODE§§6103,27383
(SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE)
•
MEMORANDUM OF OPTION AND GRANT AGREEMENT
This Memorandum of Option and Grant Agreement (this "Memorandum"), dated as
of March 1, 2021, is entered into 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 A0685 Cathedral City, L.P., a California limited partnership
("Developer"). Agency and Developer are hereinafter collectively referred to as the
"Parties."
1. Grant Agreement; Conveyance. Pursuant to that certain Disposition, Development,
and Grant Agreement (the "Agreement") dated as of December 4, 2018, executed by and
among Agency, Urban Housing Communities, LLC, a California limited liability company
("UHC"), and Ikaika Ohana, a Hawaii nonprofit corporation and recorded in the Official
Records of Riverside County ("Official Records") on December 11, 2018 as Document
No. 2018-0481937, the Agency has agreed to convey to Developer (as successor to UHC
under the Agreement), and Developer has agreed to develop, certain real property
consisting of ten (10) vacant parcels located on Landau Avenue between Vega Road and
Elizabeth Road, in the City of Cathedral City, California, known as Riverside County
Assessor's Parcel Nos. 678-060-001, -002, -003, -004, -005, -049, -050, -052, and -053,
and more particularly described in Exhibit A attached hereto and incorporated herein by this
reference (the "Property"). Pursuant to the Agreement, subject to specified conditions, the
Agency has agreed to provide a grant to assist in providing financing for the Project
(defined below).
2. Schedule for Construction. Among other conditions, the Agreement provides that
unless such dates are extended by mutual agreement of the Parties, by not later than May
• 31, 2021, Developer shall have commenced, and by not later than November 30, 2022,
Developer shall have completed, construction of an affordable multi-family housing project
(the "Project") on the Property that will be subject to rent restrictions pursuant to an
Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants
("Regulatory Agreement") that will be recorded in the Official Records of Riverside County
concurrently with the conveyance of the Property to Developer.
3. Agency Option to Repurchase; Power of Termination. The Agreement further
provides that the Agency has the right to enter upon and retake the Property or to purchase
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Recording Requested By:
first American Title Insurance Company
National Commercial Services,Ontario,CA
• NCS-S13l57—
Recording Requested by
and when Recorded,return 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
(SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE)
MEMORANDUM OF OPTION AND GRANT AGREEMENT
This Memorandum of Option and Grant Agreement (this "Memorandum"), dated as
of March 1, 2021, is entered into 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 A0685 Cathedral City, L.P., a California limited partnership
("Developer"). Agency and Developer are hereinafter collectively referred to as the
"Parties."
1. Grant Agreement; Conveyance. Pursuant to that certain Disposition, Development,
and Grant Agreement (the "Agreement") dated as of December 4, 2018, executed by and
among Agency, Urban Housing Communities, LLC, a California limited liability company
("UHC"), and Ikaika Ohana, a Hawaii nonprofit corporation and recorded in the Official
Records of Riverside County ("Official Records") on December 11, 2018 as Document
No. 2018-0481937, the Agency has agreed to convey to Developer (as successor to UHC
under the Agreement), and Developer has agreed to develop, certain real property
consisting of ten (10) vacant parcels located on Landau Avenue between Vega Road and
Elizabeth Road, in the City of Cathedral City, California, known as Riverside County
Assessor's Parcel Nos. 678-060-001, -002, -003, -004, -005, -049, -050, -052, and -053,
and more particularly described in Exhibit A attached hereto and incorporated herein by this
reference (the "Property"). Pursuant to the Agreement, subject to specified conditions, the
Agency has agreed to provide a grant to assist in providing financing for the Project
(defined below).
2. Schedule for Construction. Among other conditions, the Agreement provides that
unless such dates are extended by mutual agreement of the Parties, by not later than May
31, 2021, Developer shall have commenced, and by not later than November 30, 2022,
Developer shall have completed, construction of an affordable multi-family housing project
(the "Project") on the Property that will be subject to rent restrictions pursuant to an
Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants
("Regulatory Agreement") that will be recorded in the Official Records of Riverside County
concurrently with the conveyance of the Property to Developer.
3. Agency Option to Repurchase; Power of Termination. The Agreement further
provides that the Agency has the right to enter upon and retake the Property or to purchase
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• the Property pursuant to certain reversionary interests and option rights upon the
occurrence of certain events, including without limitation Developer's failure to commence
or complete construction of the Project within the time periods set forth in Section 2 above,
Developer's transfer of the Property in violation of the Agreement, and the occurrence of
certain other events of default, as more particularly described in the Agreement.
4. Restrictions on Transfer. The Agreement further provides that (i) except as
permitted by the Agreement, Developer shall not voluntarily or involuntarily make or attempt
any total or partial sale, transfer, conveyance, assignment or lease of the whole or any part
of the Property or the Project without the prior written approval of the Agency; and (ii) any
transferee of all or part of the Property shall be subject to and shall expressly assume all of
the covenants, obligations and restrictions of the Agreement which pertain to the portion of
the Property transferred, including without limitation, the provisions of the Regulatory
Agreement.
5. Agreement Controls. The Parties have executed and recorded this instrument to
give notice of the Agreement and the respective rights of the Parties thereunder. Copies of
the unrecorded Agreement are available at the offices of the Agency, 68-700 Avenida Lalo
Guerrero, Cathedral City, CA 92234, and such document is incorporated by reference in its
entirety in this Memorandum. This Memorandum is solely for recording purposes and shall
not be construed to alter, modify, amend or supplement the Agreement. In the event of any
inconsistency between this Memorandum and the Agreement, the Agreement shall control.
6. Interpretation; Counterparts. This Memorandum shall be interpreted and enforced in
accordance with California law without regard to principles of conflict of laws. This
Memorandum may be executed in counterparts, each of which shall be an original and all
of which together shall constitute one instrument.
7. Binding Effect. The Agreement shall bind and inure to the benefit of the Parties and
their respective successors and assigns, subject to the provisions of the Agreement
concerning assignment.
SIGNATURES ON FOLLOWING PAGE
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IN WITNESS WHEREOF, the Parties hereto have executed this Memorandum
as of the date first set forth above.
AGENCY:
City of Cathedral City, a municipal corporation, acting in its capacity as the Housing
Successor,;nency the former .edevelopment Agency of the City of Cathedral City
By:"�
Print Name: P.
I AC'S P. 00-0,1-ein(lori
Title: CA+9 H a ncttic K-
APPROVED S T .
City Attorney
DEVELOPER:
A0685 Cathedral City, L.P., a California limited partnership
By: A0685 Cathedral City Holdings LLC, a California limited liability company
Its: Managing General Partner
By: Ikaika Ohana, a Hawaii nonprofit corporation
Its: Sole Member and Manager
By: COUNTERPART
John F. Bigley
Its: Secretary
By: A0685 Cathedral City Admin Holdings LLC, a California limited liability company
Its: Administrative General Partner
By: COUNTERPART
John F. Bigley
Its: Manager
SIGNATURES MUST BE NOTARIZED.
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L
IN WITNESS WHEREOF, the Parties hereto have executed this Memorandum
as of the date first set forth above.
AGENCY:
City of Cathedral City, a municipal corporation,on, acting in its capacity as the Housing
Successor Agency to the former Redevelopment Agency of the City of Cathedral City
By: COUNTERPART
Print Name:
Title:
APPROVED AS TO FORM:
COUNTERPART
City Attorney
DEVELOPER:
A0685 Cathedral City, L.P., a California limited partnership
By: A0685 Cathedral City Holdings LLC, a California limited liability company
Its: Managing General Partner
By: Ikaika Ohana, a Hawaii nonprofit corporation
Its: Sole Member and Manager
By:
J7i:g! y
Its: Secretary
By: A0685 Cathedral City Admin Holdings LLC, a California limited liability company
Its: Administrative General Partner
By:
Joh . Bigl
Its: Manager
SIGNATURES MUST BE NOTARIZED.
OAK#4827-6873-3286 v6
•
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 \ ve✓o I d C
On nV'CA 1 (P , 20 21, before me,"neciA e.MGb4 2_
(Name of Notary)
notary public,personally appeared ci ho on P. (' (r uv)
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.
WITNESS my hand and official seal.
90 AT
. � NotaryTRACEY PublicR.MCaliforRINEZ nia
(N• .ry Si_ ature) - Riverside County
• Commission#2282778
My Comm.Expires Apr 21,2023
OAK#4827-6873-3286 v6
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 Orz-Ptp )
On A.MO; , 2024, before me, eSC.1—,.e/ �ri abhc*
(Name o otary)
notary public, personally appeared Toh"
who proved to me on the basis of satisfactory evidence t61be t e 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 certi n e 'ENALTY OF PERJURY under the laws of the State of California that the
for .oing arag , .h is true and correct.
I :S my ha d and official seal.
AIL -ice / �, f CrESAR DELGADO
_ y,-+�• NotaPublic California
(NotarySignat re) 1
g 3€ i:‘,4111,.�=� Orange County
` Commission#2334228
7 _ " My Comm.Expires Sep 23,2024
OAK#4827-6873-3286 v6
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 0r-L,gt )
On a 16 . 2021 , before me, _Far, (5 c rtc-- a'//C. ,
(Name of N6tary)
notary public,personally appeared( 3 L sF(54cy
whoproved to me on the basis of satisfactory evidencbe 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), o le entity upon behalf of which the person(s)acted, executed the instrument.
I certif ,. de PENAL' Y OF PERJURY under the laws of the State of California that the
fore!, ng agraph is t ue and correct.
W E : my hand and official seal.
/ e /,
��.._ ✓ ..,:'.411W-..
'S�'-°°`rti CrESAR DEL.GADO
�1 NotaPublic Califor
(Notary Signature) nia =
i `_ i = Orange County >
vcyr+ Commission#2334220
't_'•'� My Comm.Expires Sep 23,2024
OAK#4827-6873-3286 v6
Exhibit A
PROPERTY
Real proert in the City of Cathedral City, County of Riverside, State of California, described as follows:
PARCEL A:
PARCEL A OF LOT MERGER/LOT LINE ADJUSTMENT NO. 2020-529 RECORDED JANUARY 25, 2021
AS INSTRUMENT NO. 2021-0048173 OF OFFICIAL RECORDS OF RIVERSIDE COUNTY, CALIFORNIA,
DESCRIBED AS FOLLOWS:
All of Lots 101 through 107 and a portion of Lot 108 inclusive as shown by Assessors Map No.46 on file in
Book 2 Page 3 of Assessor's Maps, in the Office of the County Recorder of Riverside County, in the City of
Cathedral City, State of California, lying within the Northwest quarter of the Southwest quarter of the
Northwest quarter of Section 16, Township 4 South, Range 5 East, San Bernardino Meridian, more
particularly described as follows:
COMMENCING at the Northeast Corner of Lot C as shown by Tract No. 26424 on file in Book 257 Pages
49 and 50 inclusive records of said County, said point also being the Southeast Corner of Lot 110 as
shown on said Assessor's Map;
THENCE along the North line of said Lot C of said Tract Map and South line of said Lot 110 and
subsequent Lots 109 and 108 of said Assessor's Map, North 89°27'13"West, a distance of 174.56 feet to
the TRUE POINT OF BEGINNING;
THENCE continuing along said line and South line of subsequent descending Lots 107 through 101
inclusive North 89°27'13"West, a distance of 447.85 feet to a point on the Easterly Sideline of Landau
Boulevard (40.00 foot half width Right of Way) as shown on said Assessor's Map said point also being the
Southwest corner of said Lot 101;
THENCE along said Easterly Sideline and West Lot line, North 00°08'23" East, a distance of 632.52 feet to
the Southerly Sideline of FrankNega Road (30.00 foot half width Right of Way) as shown on said
Assessor's Map said point also being the Northwest corner of said Lot 101;
THENCE along said Sideline and North line of said Lot 101 and subsequent Lots 102 through 108, South
89°34'59" East, a distance of 452.34 feet to a point being 169.90 feet distant from the Northeast Corner
of said Lot 110;
THENCE South 00°32'47"West, a distance of 633.52 feet to the TRUE POINT OF BEGINNING.
APN: 678-060-001 through 005, and 49, 50 and a portion of 52.
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PARCEL B:
PARCEL B OF LOT MERGER/LOT LINE ADJUSTMENT NO. 2020-529 RECORDED JANUARY 25, 2021 AS
INSTRUMENT NO. 2021-0048173 OF OFFICIAL RECORDS OF RIVERSIDE COUNTY, CALIFORNIA,
DESCRIBED AS FOLLOWS:
Lots 109 and 110 and a portion of Lot 108 inclusive as shown by Assessors Map No. 46 on file in Book 2
Page 3 of Assessor's Maps, in the Office of the County Recorder of Riverside County, in the City of
Cathedral City, State of California, lying within the Northwest quarter of the Southwest quarter of the
Northwest quarter of Section 16, Township 4 South, Range 5 East, San Bernardino Meridian, more
particularly described as follows:
BEGINNING at the Northeast Corner of Lot C as shown by Tract No. 26424 on file in Book 257 Pages 49
and 50 inclusive records of said County, said point also being the Southeast Corner of Lot 110 as shown
on said Assessor's Map;
THENCE along the North line of said Lot C of said Tract Map and South line of said Lot 110 and
subsequent Lots 109 and 108 of said Assessor's Map, North 89°27'13"West, a distance of 174.56 feet;
THENCE North 00°32'47" East, a distance of 633.52 feet to a point on the Southerly Sideline of
Frank/Vega Road (30.00 foot half width Right of Way) as shown on said Assessor's Map and the North
line of said Lot 108 said point being 169.90 feet from the Northeast Corner of said Lot 110;
THENCE along said Southerly Sideline and North line of said Lot 108 and subsequent Lots 109 and 110,
South 89°34'59" East, a distance of 169.90 feet to the said Northeast corner of said Lot 110 said Corner
being on the Westerly line of Palm Springs Highlands Unit No. 3 on file in Book 37 Pages 77 and 78
inclusive records of said County;
THENCE along the East line of said Lot 110 of said Assessor's Map and West line of said Palm Springs
Highlands Map South 00°07'30"West, a distance of 633.92 feet to the TRUE POINT OF BEGINNING.
APN 678-060-51, 53, and a portion of 52.
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