HomeMy WebLinkAboutRecorded Doc 2009-016 Recording Requested By
First American Title Company 20 ! to I
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RECORDING REQUEeideSTEDe BY: ) DOC # 2009-0261196
05/22/2009 08:00A Fee:18.00
REDEVELOPMENT AGENCY OF ) Page f of 4
�n Recorded in Official Records
rLJ, THE CITY OF CATHEDRAL CITY ) County of Riverside
) Larry W. Ward
AND WHEN RECORDED RETURN TO: ) Assessor, County Clerk & Recorder
REDEVELOPMENT AGENCY OF ) III IIIIIIII III II II I 111 IIII III III
THE CITY OF CATHEDRAL CITY )
68-700 Avenida Lalo Guerrero ) S R U PAGE SIZE DA MISC LONG RFD COPY
Cathedral City, CA 92234 )
Attn: Agency Secretary )
APN: 6 8 0-2 2 2-0 21 ) M A L 465 426 PCOR NCOR SMF NCHG EXAM
IT: CTY UNI _
Exempt from Recording Fees Per Government Code Section 27383
1VOTICE OF AFFORDABILITY RESTRICTIONS ON
TRANSFER OF PROPERTY T
044
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 sold (the "Affordable Housing
Restrictions" ) . The Affordable Housing Restrictions may limit the
sales price of 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 to purchase the Property (referred to in this
Notice individually as "Purchaser" or collectively as
"Purchasers" ) .
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 (the "Agency") ; and Habitat for Humanity of
the Coachella Valley, Inc. ("Developer" ) .
Term of Affordable Housing Restrictions: The term of the Affordable
Housing Restrictions shall be for forty-five (45) years, commencing
1
on April 21 , 2002 and terminating on April 21
2047 .
Summary of Affordable Housing Restrictions:
The Affordable Housing Restrictions restrict the sales price of the
Property which may be charged for the sale of the ownership housing
unit on the Property as follows :
• Affordable Housing Cost: the Property shall be maintained as
affordable as provided under California Health and Safety
Code section 50052 . 5 .
The Affordable Housing Restrictions restrict the income level of the
buyer of the Property as follows:
• Lower income households: Purchaser shall qualify as a lower
income household as that term is defined in California Health
and Safety Code section 50079 . 5 .
The Affordable Housing Restrictions place the following additional
restrictions on the transfer of the Property as follows :
• Right of first refusal: both Developer and the Agency shall
have a right of first refusal upon the proposed resale by
Purchaser;
• Refinance and Cash Out Restrictions: Purchaser may not,
during the term of the Affordable Housing Restrictions,
refinance the loan(s) used to purchase the Property (the
"Purchase Loan") , without the express written approval of the
Agency, which shall not be unreasonably withheld;
• Occupancy Standards: the Property shall be occupied as the
principal residence of Purchaser and for no other purpose;
and
• Prohibited Transfers: any sale or transfer of the Property
or any interest therein in violation of the terms and
conditions of the Affordable Housing Restrictions is
expressly and strictly prohibited and shall be null and void.
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.
2
•
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: 2/123/ /g REDEVELOPMENT AGENCY OF CITY OF
CATHEDRAL CITY
By: /14(c.4.2
Executive Dire for
Donald E. Bradley
ATTEST:
By: � � / Ic
/kS-. Secretary
Bess E. McGladrey
3
Attachment No. 1
DESCRIPTION OF PROPERTY
Legal Description of Property:
The southern one-half of Lot 50, Ramon Palms NO. 1, as shown by map
on file in Book 21, Page 44 of Maps, Official Records of Riverside
County, California.
Street Address of Property:
32370 Pueblo Trail, Cathedral City, CA 92234
APN•
680-222-021