HomeMy WebLinkAboutResolution - HA 12-01 STATE OF CALIFORNIA ) RESOLUTION NO. HA 12-01
COUNTY OF RIVERSIDE ) ss
CITY OF SAN JACINTO )
A RESOLUTION OF THE SAN JACINTO HOUSING
AUTHORITY AUTHORIZING THE RELEASE OF A
REGULATORY AGREEMENT RECORDED AGAINST 686
S. SAN MARCOS PLACE AS A RESULT OF A
REHABILITATION LOAN PROVIDED TO THE OWNER
OF THE PROPERTY IN ORDER TO ALLOW FOR A
PENDING SHORT SALE AS A MEANS OF PREVENTING
FORECLOSURES AND BLIGHT FROM VACANT,
UNOCCUPIED PROPERTIES
WHEREAS, the former San Jacinto Redevelopment Agency
("Redevelopment Agency") granted a rehabilitation loan ("Agency Loan") on April 14,
2005 for the purpose of assisting Ms. Mary Rocco ("Owner") to finance the rehabilitation
of a residential property located at 686 S. San Marcos Place, City of San Jacinto,
California (APN 437-091-010) ("Subject Property"); and
WHEREAS, the amount of the Agency Loan was originally $30,000, but
was subsequently reduced by the former Redevelopment Agency to $28,988 to reflect
the actual costs of rehabilitation; and
1
WHEREAS, the former Redevelopment Agency agreed to make the
Agency Loan to the Owner for the Subject Property conditioned on, and induced by,
Owner's agreement to restrict the use of the Subject Property for 45 years to owner-
occupancy for low and moderate income individuals ("Regulatory Agreement"); and
WHEREAS, the purpose of the Regulatory Agreement was to increase
the supply of low and moderate income housing available at an affordable housing cost
in accordance with the affordability requirements of the former Community
Redevelopment Law; and
WHEREAS, pursuant to the Regulatory Agreement, the former
Redevelopment Agency was to forgive the Agency Loan in full if, after the thirtieth
anniversary of the date the Regulatory Agreement was recorded, the Owner had not
otherwise breached the terms and provisions of the Regulatory Agreement; and
WHEREAS, the current fair market value of the Subject Property is less
than the outstanding balance due on the first mortgage, and the Owner is not able to
continue making payments on the first mortgage; and
24438.00000\7624791.3 1
WHEREAS, the City of San Jacinto formed the San Jacinto Housing
Authority ("Housing Authority") on March 15, 2011; and
WHEREAS, pursuant to Health and Safety Code section 34172, the
former Redevelopment Agency was dissolved as of February 1, 2012; and
WHEREAS, the City of San Jacinto is the successor agency of the former
Redevelopment Agency ("Successor Agency"); and
WHEREAS, on January 27, 2012, the City of San Jacinto pursuant to
Resolution No. 3410 elected to not retain the former Redevelopment Agency's housing
assets and functions and designated the Housing Authority as the entity to assume the
former Redevelopment Agency's housing assets and functions; and
WHEREAS, on April 6, 2012, the Oversight Board of the Successor
Agency to the San Jacinto Redevelopment Agency approved a resolution transferring
the housing assets to the Housing Authority; and
WHEREAS, due to the economic downturn in the real estate market,
many homeowners who need to sell their properties are often not able to sell at a price
that allows them to recover sufficient funds to pay the existing mortgages on the
property; and
WHEREAS, many first lenders are now agreeing to accept less than is
owed on the first mortgage as full payment (i.e. a short sale) instead of having to seek a
foreclosure sale. Most first lenders are asking junior lien holders to accept less than the
full amount owed, or agree to a short sale; and
WHEREAS, Altura Credit Union, formerly Riverside County's Credit
Union, has agreed to a short sale of the Subject Property subject to a "zero demand"
letter being issued by the Housing Authority, pursuant to which the Housing Authority
agrees to forgive the Agency Loan, in full, and to release the Regulatory Agreement;
and
WHEREAS, the Housing Authority seeks to prevent another foreclosure
in the City and the risk of the Subject Property becoming a future code enforcement
problem during the foreclosure proceedings, and a source of blight; and
WHEREAS, pursuant to existing law and the terms of the Regulatory
Agreement, the Agency Loan will be discharged and the Regulatory Agreement will be
removed from title in the case of a foreclosure; and
WHEREAS, in the event the Subject Property goes into foreclosure the
Housing Authority will not recover any funds, and the likelihood is great that the Subject
Property will be purchased as an investment property, rather than by persons or
individuals who intend to reside in the City; and
24438.00000\7624791.3 2
WHEREAS, the Housing Authority seeks to release the Regulatory
Agreement and forgive the balance of the Agency Loan in order to accommodate a
short sale by a person who desires to occupy the Subject Property as a primary
residence, which is in the public interest of the Housing Authority and the City.
NOW, THEREFORE, BE IT RESOLVED, ordered, and determined by the
Housing Authority as follows:
SECTION 1. Recitals. The Recitals set forth above are true and correct
and are incorporated into this Resolution by this reference.
SECTION 2. Release of Regulatory Agreement/Forgiveness of Agency
Loan. The Regulatory Agreement on the Subject Property attached as Exhibit "A" shall
be released and the balance of the Agency Loan shall be forgiven in its entirety.
SECTION 3. Authorization to Sign Release Documents. The Housing
Authority hereby authorizes and directs the Executive Director to sign a release, in the
form attached hereto as Exhibit "B", and to take any other actions necessary in order to
facilitate a short sale of the Subject Property.
SECTION 4. Severability. If any provision of this Resolution or the
application of any such provision to any person or circumstance is held invalid, such
invalidity shall not affect other provisions or applications of this Resolution that can be
given effect without the invalid provision or application, and to this end the provisions of
this Resolution are severable. The Board of Directors declares that it would have
adopted this Resolution irrespective of the invalidity of any particular portion of this
Resolution.
PASSED, APPROVED AND ADOPTED at a special meeting of the San
Jacinto Housing Authority, on the 19th day of October, 2012, by the following
vote:
AYES: Bartel, Ledezma, Miller, Kotyuk
NAYS: None
ABSENT: Di Memmo
ABSTAIN: None
San Jacinto Housing Authority
Andrew F. Kotyuk, Chairperson
ATTEST:
Richard Miller, Housing Authority Secretary
24438.00000'0624791.3 3
EXHIBIT "A"
REGULATORY AGREEMENT
24438.00000\7624791.3
DOC n 20CM--0620101
96/30/2005 e0:00A Foo:NC
Peg* l or to
Recorded in Official Records
County of Riverside
Larry Y. Ward
Assessor, County
lIlI Clerk 6 RlIlIoeerdor
RECORDING REQUESTED BY and ) I�I�I IIIII IIIII IIII Ilul�IIII IIIII lu IIIII Illf IIII
WHEN RECORDED MAIL TO: )
CITY CLERK )
REDEVELOPMENT AGENCY OF THE)
CITY OF SAN JACINTO ) N e u r.et ae w r000 xocon u. ww
201 EAST MAIN STREET
SAN JACINTO.CALIFORNIA 92583 )
A R l sew vn unw acre nu+1
(Exempt from Recording Fees Per Government Code§8103) (Space provided above for Recorr4�4deeAr)
IYI
REGULATORY AGREEMENT DD
(Covenants Concerning Real Property)
APN 437-091-010
(Notice to Lenders—This Instrument does not Include a Request for Speclal Notice
pursuant to Civil Code Section 2924b—It is filed as a separate Instrument)
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RECORDING REQUESTED BY and ) Recorded to orftetel Records
WHEN RECORDED MAIL TO: county or Riverside
) Lorry U. Nerd
tAssessor. c uulnty uClark & Recorder ,,II
RCITY CLERK
EDEVELOPMENT AGENCY OF THE IIIIIIIIIII��I�IIIA�IIIN�I�I�IIII�IIIIIIIIpIIIIu
CITY OF SAN JACINTO )
201 EAST MAIN STREET ) It
u Pusas w M sesoe Me MM
SAN JACINTO•CALIFORNIA 02583 ) l Ce►f l"Ne krue NNie fill,
(Exempt from Recording Fees Per Government Code§6103.) (Space Above Provided Fo rder)
REGULATORY AGREEMENT M
(Covenants Concerning Real Property)
(Notice to Lenders—This Instrument Includes a Request for Special
Notice pursuant to Civil Code Section 2924b)
A.P•N.4 10
THIS REGULATORY AGREEMENT (°Regulatory Agreement")is made as of April 14,2005
Mary
Rocco,a public(`O favor of wner")
in the REDEVELOPMENT('Agency's AGENCY OF THE CITY OF SAN
JAC
RECITALS
A. Agency, acting to carry out its public purposes under the California Community
Redevelopment Law ("CRU') (Health and Safety Code Section 33000 at seq.) to make financial
assistance available to assist persons and families of low or moderate Income to preserve
ownership housing, Is making a loan ("Agency Loan") to Owner pursuant to the terms of that
certain Housing Rehabilitation Program Agreement ("Agreement's dated April 14, 2005 by
and between Owner and Agency for the purpose of assisting Owner to finance the rehabilitation of
that certain residential real property ("Property") described on the attached Exhibt which is
Incorporated herein by this reference;and
B. Agency's agreement to make the Agency Loan to the Owner Is conditioned on, and
was induced by, Owner's agreement to restrict the use the Property for the term of the Agency
Loan to owner-occupancy for low and moderate income individuals;and
C. Owner desires to subject the Property to the restrictions and provisions set forth In I
these Recitals.
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NOW THEREFORE, Owner covenants, warrants and agrees, for itself, Its successors and
assigns, as follows:
1. Fundamental Provisions: The following shalt serve as the basic terms of this
Regulatory Agreement:
(a) Amount of AgencyL The amount of the Agency Loan made by the
Agency to the Owner named herein is the sum of$30 .00
(b) Definition For purposes of this Regulatory Agreement, the terms listed
below shall have the meanings thereinafter specified.
1. Affordable Housing Cost shall have meaning set forth in California
Health and Safety Code Section 60052.6(b), as such statute may be amended
from time to time with respect to low and moderate income households, and any
successor statutes thereto.
II. Capital Improvement shall be any addition or betterment made to the
Property consists of more than more repairs or replacement of existing facilities
or improvements and which has a useful life of five(5)years or more.
ill. Capital Improvement Investment shall mean and refer to the sum of
cash invested In Capital Improvements in the Property from time to time by the
Owner, as evidenced by receipts for any work or material supplied to Improve
the Property.
IV. Consumer Price Index for "CPNI means and refers to the revised
Consumer Price Index for All Urban Consumers, U.S. City Average, 1982-
1984=100, as published by the Bureau of Labor Statistics of the United States
Department of Labor, or if such agency shall cease to publish such an Index,
then any comparable Index published by any other federal or state agency
which Is approved by the Agency.
V. Qualtfied Persons means Persons and Families of Low or Moderate
Income, as defined in California Health and Safety Cade Section 50093 (as
such statue may be amended from time to time, and any successor statutes
thereto)and otherwise meeting the requirements hereof.
A. Persons and Families of Low or Moderate Income shall have the
meaning ascribed to such term in California Health and Safety Code Section
50093, as such statute may be amended from time to time, and any successor
statutes thereto.
The terms Person or Family of low or Moderate Income and Affordable Housing
Cost are further defined in Title 25 of the California Code of Regulations Section
6910, et seg., as from time to time amended, and any successor regulations
thereto. The terms and provisions of California Health and Safety Code
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Sections 50093, 50105, 50062.5, and Title 25 of the California Code of
Regulations Section 6910, at sea., as amended, and any successor statutes or
regulations thereto,are incorporated herein by this reference,
2. Restriction on Transfer. Owner shall not sell, convey, transfer, lease, assign,
encumber, mortgage, or hypothecate the Property, or enter Into an agreement to sell, convey,
lease, assign, transfer, encumber, mortgage, or hypothecate the Property, except for a sale to a
Qualified Person as set forth in this Regulatory Agreement and except as otherwise provided in
this Regulatory Agreement.
3. Term, The term of the restrictive covenants described in this Regulatory Agreement
("Term') shall commence on the date this instrument Is recorded In the Official Records of the
Riverside County Recorder,and shall end on the date that Is forty-five (45)years thereafter(unless
sooner terminated pursuant to the provisions hereof); provided, however, the covenants against
discrimination set forth herein shall remain in effect in perpetuity.
4. Covenant to Maintain Affordablllty/Principal Residency Reaulrement
(a) The Agency Loan is being given by the Agency to the Owner to increase and
Improve the community's supply of low- and moderate-Income housing available at an Affordable
Housing Cost In accordance with the affordable housing requirements of the CRL. To this end, the
Owner agrees that during the Term the Property shall, except as otherwise provided in this
Regulatory Agreement, remain affordable only at an Affordable Housing Cost and shall only be
sold to and owned by Qualified Persons.
(b) if, after the thirtieth(301°)anniversary of the date this Regulatory Agreement is
recorded in the Official Records of the Riverside County Recorder, the Owner has not otherwise
breached the terms and provisions of the Agreement or this Regulatory Agreement, then the
Agency shall forgive the Agency Loan in full.
5. Permitted Transfers and Mortoaoes.
(a) Conveyances to a Third Party Qualified Person. Subject to the provisions of
this Agreement, the Owner may convey the Property to a Qualified Person on the condition that (i)
Owner compiles with the requirements hereof, (li) the purchase price does not exceed the
maximum permitted resale price set forth herein, and (Ili) the purchaser covenants to occupy the
Property as such party's principal residence. During the Term, any permitted transferee shall
acquire the Property subject to the terms and conditions hereof.
(b) Intr - amily Conveyances. The following transfers of title shall not be
breaches of this instrument: transfer by gift, devise,or inheritance to the Owner's spouse;taking of
title by surviving joint tenant that is the Owner's spouse; transfer of title to a spouse as part of a
divorce or dissolution proceedings; acquisition of title in conjunction with merriage. A transfer to
children of the Owner where the Income of such children exceeds the maximum household income
applicable to the Property permitted hereunder shall give rise to the option In favor of the Agency
to purchase the Property described In Section 6. A transfer to children of an Owner where the
income of such children does not exceed a Moderate Income is permitted hereunder. Any
transferee hereunder shall take title to the Property subject to the terms, conditions, restrictions
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•and requirements hereof and the transferee shall execute any reasonable document required by
the Agency to ratify the assumption by such transferee of the terms hereof.
(c) First Trust Deed. The Owner may encumber or refinance the Property with
a first position deed of trust or mortgage on the condition that the interest, terms and conditions are
reasonable at the time the financing takes place(in the opinion of the Agency).
(d) Second Trust Deeds. The Agency shall consider In good faith whether to
permit a loan, to be secured by a junior trust deed or mortgage encumbering the Property, the
proceeds of which are to be used to pay for repairs or the construction of improvements to the
Property, on the following terms and conditions: (I) the cost of the repairs or the Improvements
(plus loan fees and loan costs), does not exceed the principal amount of such loan, (in the loan Is
originated by a bank, savings and loan association, or other institutional lender, (ill) the Interest
rate and payment terns thereon are reasonable (In the Agency's reasonable opinion), (iv) the
Owner shall be capable of meeting the monthly payments provided by such loan (in the Agency's
reasonable opinion),and (v)the Property Is not over-encumbered.
8, Agency COW to Purchase.
(a) Option, in order to maintain and insure that the Property shall remain
affordable to and only occupied by Persons or Families of Low or Moderate income, the Agency is
hereby granted the option,throughout the Term hereof,to purchase the Property("Option")in the
event the Owner desires to transfer the Property, or to find another Person or Family of Low or
Moderate Income to purchase the Property. The purchase price shall be the amount set forth In
Subsection 8(b) below, and the option shall be exercised by the Agency, if at all, within one
hundred twenty (120) calendar days after the Agency's receipt of the written notice ("Notice of
Proposed Sale') of the Owner's desire to transfer the Property. During such one hundred twenty
(120)calendar day period the Owner may also concurrently attempt to market the Property to sell It
11 P �� � Low or Moderate Income, in the event that the Agency exercises the
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the Property prior to the=bate that is•one-hundreb•eight X1aq) -.alendar days-After the AgengV's
receipt of the Notice of.Proposed Sale. If the Agency exercises the Option to,Durchase but;due to
the Agency's sole fault, the Agency does not close escrow within one hundred eighty (180)
calendar days after the date the Agency first received the Owners Notice of Proposed Sale, then
the Owner shell be entitled to sell the Property to a person or family that is not a Person or Family
of Low or Moderate Income, or otherwise; provided, however, If the Property Is sold to a person or
family that is not a Person or Family of Low or Moderate Income, then the Owner shall repay the
Agency Loan and interest thereon to the Agency as provided In Section 7(c) below. Title to the
Property shall be delivered to the Agency at the close of escrow free and clear of monetary liens
and encumbrances, and closing costs shall be allocated In the fashion as is customary for buyers
and sellers In Riverside County.
(b) Purchase Price. The purchase price of the Property to be paid by the
Agency or Its designee shall be the lower of: j
I. The purchase price as agreed upon between the Owner and the
Agency;or
ii. The sum of:
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(A) The Owner's purchase price of the Property multiplied by
the percentage Increase In the Consumer Price Index from that published for
the date nearest the date of close of escrow of the Owner's purchase of the
Property over that published nearest the date of completion and executing of
the Notice of Proposed Sale;plus
A The actual cost, as evidenced by receipts, of Capital
Improvement Investments in the Property, multiplied by the percentage
Increase in the Consumer Price Index from the time of completion of each item
of Capital Improvement;plus
(C) Brokerage commissions, if any, paid by such Owner in
connection with such resale,and escrow costs,title Insurance premiums paid,
and other customary closing costs and fees:plus
(D) Any ordinary escrow costs incurred by the Owner In
connection with Its original purchase of the Property or that may be incurred in
connection with such resale transaction;plus
(E) in the event the Owner sells the Property after a default
under a mortgage or deed of trust, but prior to a trustee's sale or foreclosure
sale, the purchase price shall be further Increased by all expenses actually
Incurred by the holder of such mortgage or beneficiary under such deed of
trust due to the Owner's default including, but not limited to, trustee's fees,
attorney's fees, casts of sale and debt service on the debt secured by such
mortgage or deed of trust. The foregoing shalt also apply to a deed in lieu of
foreclosure.
7. Resale Price Controls and Procedures.
(a) if the Owner elects at any time during the Term to sell the Property, then the
Owner shall, prior to signing a listing agreement or other authorization to sell with a real estate
broker, first provide to the Agency a Notice of Proposed Sale setting forth the Owner's intention to
self the Properly,and a property information form to be prepared by the Agency. Such Notice shall
contain information about the Owner's original purchase price of the Property and the Owner's
Capital Improvement Investment. Agency or Its designee shall have one hundred twenty (120)
calendar days from the time following the receipt by the Agency or its designee of the Notice of
Proposed Sale to exercise the Agency's Option described in Section 6; provided, however, the
Agency or its designee may shorten such time period upon a showing of hardship by the Owner. I
The Owner agrees to consider as purchasers those Persons or Families of Low or Moderate l
Income Identified on a list that may be obtained by the Agency. Nothing contained herein shall be
construed as imposing on the Agency any obligation to find a purchaser of the Property If the
Owner has elected to sell the Property.
(b) Resale to Qualifed Person. The Owner may sell the Property to
Qualified Person. If the Owner resells the Property to a Qualified Person at a price that does not
exceed the price set forth in Section 9, then the provisions of this Regulatory Agreement shall
continue to encumber the Property, and the Agency shall subordinate its Interest in any new deed
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of trust as provided herein. Each successor in Interest to Owner that Is a Person or Family of Low
or Moderate Income, shall acquire the Property subject to the continuation of the restrictions on
such Property provided in this Regulatory Agreement;and If Agency purchases such Property and
resells the Property, such acquisition shall not operate to merge this Regulatory Agreement into
Agency's fee Interest.
(c) If, after expiration of the one hundred twenty (120) calendar day period,
Agency or Its designee elects not to purchase the Property or has failed to procure an eligible and
qualifted buyer, then the Owner shall then be free to seek a buyer for the Property without any
limitation on resale price or income level of the purchaser. However, if the purchaser is M1 a
Person or Family of Low or Moderate Income, then, to compensate the Agency for loss of the
affordability restrictions on the Property and to allow the Agency to fund the rehabilitation of other
affordable units, the Owner shall pay to the Agency a percentage share of the appreciation in the
value of the Property("Appreciation Share")and the amount of the Agency Loan,as follows:
1) If the Property is sold on or before the (100) tenth anniversary of the
date this Regulatory Agreement Is recorded in the Official Records of Riverside County, then the
Owner shad pay to the Agency: (i) fifteen percent (15%) of the appreciation In the value of the
Property,and (li)the full amount of the Agency Loan.
2) if the Property is sold after the tenth (i&) anniversary of the date this
Regulatory Agreement is recorded in the Official Records of Riverside County and on or before the
twentieth (20th) anniversary of the date this Agreement Is recorded in the Official Records of
Riverside County,then the Owner shall pay to the Agency(i)ten percent(10%)of the appreciation
In the value of the Property,and(11)the full amount of the Agency Loan.
3) if the Property is sold after the twentieth (20°i) anniversary of the date
this Regulatory Agreement is recorded in the Official Records of Riverside County and on or before
the thirtieth (30") anniversary of the date this Regulatory Agreement Is recorded In the Official
Records of Riverside County, then the Owner shall pay to the Agency (1) five percent (5%) of the
appreciation in the value of the Properly,and 01)the full amount of the Agency Loan.
4) if the Property is sold after the thirtieth(301h)anniversary of the date this
Regulatory Agreement is recorded in the Official Records of Riverside County and on or before the
forty-fifth (45 ) anniversary of the date this Regulatory Agreement is recorded in the Official
Records of Riverside County, then the Owner shall pay to the Agency two percent (2%) of the
appreciation In the value of the Property and shall not be required to pay to the Agency the amount
of the Agency Loan or any interest accrued thereon and the Agency Loan shall be forgiven as
further described in Section 4(b).
(d) The escrow Instructions may provide for conditions or contingencies of the
type and nature customarily Included In residential purchase escrows (including but not limited to
financing contingencies, Inspection rights,and preliminary title report approvals), provided that any
such conditions or contingencies (other than the status of title to the Properly at the time of i
conveyance and other conditions which by their nature cannot be satisfied prior to closing)must be
satisfied orwaived on or before the close of escrow. The proceeds of the sale shall be used to pay
off all monetary liens and encumbrances upon the close of escrow.
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(a) The Owner shall notify any proposed purchaser In writing prior to such
person's execution of escrow Instructions,deposit receipt, purchase and sale agreement or similar
agreement, whichever Is earliest, that the Utle to the Property will be restricted in the manner
described herein.
(f) The Owner may require a deposit to open escrow in an amount not to exceed
three percent(3%)of the purchase price, Tide to the Property shall be delivered to the purchaser
at the close of escrow free and clear of monetary liens and encumbrances. Closing costs shall be
allocated between the buyer and seller according to the customary practices in Riverside County in
effect at the time the escrow is opened.
(g) For the purpose of confirming with the Agency that a proposed purchaser is a
Person or Family of Low or Moderate Income that will be paying a purchase price that la In
compliance with the terms hereof, the Owner shall notify the Agency In writing of any offer from a
prospective purchaser and providing the Agency with such financial,credit, or other Information on }
such prospective purchaser as required by the Agency,including the following:
I. Name and address of the purchaser.
ii. Number of persons comprising the purchaser's household and
their names and ages.
lit. Proposed purchase price of the Property, and any other
consideration for the purchase of the Property.
Iv. Amount of down payment.
V. Terms of any loan that will be used by the purchaser to finance the
purchase of the Property, including, but not limited to, principal,
Interest rate,term,and loan fees.
vi. Closing date.
vii. Aggregate annual Income of the purcheser's household. !
vill. Most recent federal and stale Income tax returns of the purchaser
and all other members of the purchaser's household for the
preceding two (2)calendar years, and verification of the proposed
purchaser's salary or wages from the purchaser's employer,
ix. Copy of any proposed purchase and sale agreement, escrow
Instructions, loan application, or other agreements between the
Owner and the purchaser of the Property or relating to the sale of
the Property.
X. A written statement signed by the proposed purchaser that the
Property will be occupied by the purchaser of such Property and
used as his or her primary residence.
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In Ileu of providing the foregoing Information, these requirements shall be deemed to have been
satisfied by delivery to the Agency of a written certification of the foregoing Information from the
purchaser's lender who shall hold a first position trust deed encumbering the Property, which
certification shall be furnished to Agency at least fifteen (15) calendar days prior to the close of
escrow for the Property.
(h) The Agency shall have thirty (30) calendar days to review the information In
Section 7g. The Agency may require the purchaser to submit other written documentation
reasonably requested by the Agency to verify the Information set forth herein and to determine that
the Affordable Housing Cost restrictions of this Instrument shall be satisfied. If the Agency
receives all such prospective purchaser Information requested by the Agency, the Agency shall
determine whether the prospective purchaser Is qualified to purchase the Property as a Person or
Family of Low or Moderate Income, and shall thereafter promptly notify the Owner in writing that
the prospective sale Is authorized and approved,or that the prospective purchaser does not quality
to purchase the Property as a person or family of low or moderate income. The Agency hereby
designates the Executive Director of the Agency to make the evaluations, reviews and
determinations ser forth In this Section 7.
(1) If the Agency notifies the Owner that the sale Is authorized and approved,the
Owner shall proceed to complete the sale of the Property within seventy-five(75) calendar days of
the date of such approval from the Agency.
S. Notification Prior to Mortaaae Encumbrance or Hypothecation. If Owner desires to
refinance any loan secured by a first deed encumbering the Property, or to borrow funds for a new
loan to be secured by a Junior trust deed encumbering the Property the proceeds of which are to
be used to pay for repairs or the construction of Improvements to the Property,then at least fifteen
(15)calendar days prior to the recordation of the deed of trust or mortgage, the Owner shall submit
to the Agency In writing the following Information:
(a) Name and address of lender.
(b) Terms of the loan, Including, but not limited to,principal,Interest rate,term,
and loan fees.
(c) Closing date of the loan,
(d) Aggregate annual Income of the Owners household.
(a) Most recent federal and state Income lax returns of the Owner and all other
members of the Owners or lessee's household.
(f) Copy of any proposed escrow Instructions, loan application, or
other agreements between the Owner and the lender.
The Agency shall have 30 days to review the information, The Owner shall submit to the Agency
other written documentation reasonably requested by the Agency to verify the information set forth
herein.
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9. Restriction on Resale Price, Except as permitted otherwise herein, the Owner shall not
resdll the Property at a price higher than the greater of the following:
(a) The actual purchase price by the Owner for the Property plus reasonable and
customary escrow closing and title costs, and reasonable and customary brokerage commissions
(not to exceed 6%of the sale price),actually Incurred by the Owner In purchasing the Property and
In reselling some,if any;or
(b) An Affordable Housing Cost for the prospective purchaser, assuming (i)a reasonable
down payment,and (it) a thirty(30)year fixed rate mortgage at prevailing Interest rates.
10. Occuoancv Reauiremenl
(a) The Property shall be used as the principal residence of Owner and Owner's
family and for no other purpose. Owner shall not rent or lease any of the Property, including any
room,out-building,or other portion of the Property or accept any compensation from any person or
entity for the use of the Property. The maximum occupancy of the Property shall not exceed the
maximum occupancy allowed by the San Jacinto Municipal Code or other applicable law,If any.
(b) The Agency shall have the right to monitor whether the Property is Owner-
occupied by requesting that Owner provide the Agency, no more frequently than annually, with a
written certification under penalty of perjury that the Property is Owner-occupied, accompanied by
supporting documentation reasonably satisfactory to the Agency. In the event of a breach or
threatened breach of this Section,the Agency, the City of San Jacinto ("City), or their successors
or assigns shall be entitled to Institute legal action to enforce performance of this Section, and to
obtain an injunction prohibiting anyone but Owner from occupying the Property and/or requiring
Owner to occupy the Property to a person or family who will occupy the Property as Its primary
residence.
(c) These owner-occupancy restrictions may be modified or terminated only upon the
approval of the Agency. Any modification must be In writing.
11, Maintenance of Prooerty.
(a) Owner shell maintain the interior and exterior of the Improvements and the
landscaping on the Property In a manner consistent with community standards, which will uphold
the value of the Property, in accordance with this Regulatory Agreement and the San Jacinto
Municipal Code. Owner shall not commit waste upon the Property. Owner shall not remove or
demolish the Improvements on the Property. If Owner at any time fails to so keep and maintain the
Property in good condition and repair, after 30 days notice from Agency,Agency shall have a right
to enter onto the Property and perform such deferred maintenance, and Owner shall promptly
reimburse Agency for all costs incurred In performing such maintenance.
(b) Owner shall maintain the Property free from drug-related or gang activities, and
from all other form of criminal activity or public nuisance.
(a) After Agency receives a Notice of Proposed Sale, Owner shall permit the Agency
to Inspect the Property prior to sale, upon reasonable prior notice from the Agency. Following such
inspection, if the Agency determines that the Property Is not in compliance with this Section, the
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Agency shall deliver to the Owner a pot of repairs that are required to be made to the Property to
comply with this Section. At Owner's sole cost and expense, Owner shall complete such repairs,
or provide for such repairs to be completed, to the reasonable satisfaction of the Agency prior to
the sale. With the consent of the Agency,Owner may provide for such repairs to be paid out of the
portion of net sale proceeds to be paid to Owner.
12. Indemnification. Owner shall defend, indemnify, and hold harmless the Agency and the
City and their respective officers, agents, employees, representatives and volunteers from and
against any loss, liability, claim or judgment relating in any manner to the Property or this
Regulatory Agreement. Owner shall remain fully obligated for the payment of taxes, liens and
transfer of responsibility to the Agency to make such payments,by virtue of the Agency Loan,
13. Insurance. Owner shall maintain,during the tern of the Regulatory Agreement,an all-risk
property insurance policy Insuring the Property in an amount equal to the full replacement value of
the structures on the Property. The policy shall name the Agency as a loss payee and shall
contain a statement of obligation on behalf of the carrier to notify the Agency of any material
change, cancellation or termination of coverage at least thirty(30)days in advance of the effective
date of such material change, cancellation or termination. Owner shall transmit a copy of the
certificate of Insurance and loss payee endorsement to Agency within thirty (30) days of the
effective date of this Regulatory Agreement, and Owner shall annually transmit to Agency a copy
of the certificate of insurance and a loss payee endorsement, signed by an authorized agent of the
insurance carrier setting forth the general provisions of coverage, The copy of the certificate of
Insurance and loss payee endorsement shall be transmitted to Agency at the address set forth In
this Regulatory Agreement. Any certificate of Insurance must be In a form, content, and with
companies admitted In the State of California and approved by Agency. In the event Owner falls to
provide the Insurance required by this Section,Agency shall have the right, but not the obligation,
to obtain Insurance on behalf of the Agency only, and Owner shall Immediately upon demand pay
Agency the premiums on Insurance procured by its pursuant to this section, Agency may add the
amount of any such premium to the accelerated balance due in the event of a default under this
Regulatory Agreement. Such added sum shall bear interest at the maximum rate provided by law
until the some has been paid In full.
14. Defaults.
(a) This Regulatory Agreement is made pursuant to a property Housing Rehabilitation
program (the"Program") designed solely for the benefit of Qualified Persons as described by the
terms and conditions set forth in the Agreement and this Regulatory Agreement. Default In such
terms and conditions will result in the frustration of the Program objectives and the loss of Program
funds available to assist Qualified Persons pursuant to the Program. The parties agree that
Agency would have not made the Agency Loan but for Owner's representations, warranties, and
agreement to the terms and conditions set forth in the Agreement and this Regulatory Agreement.
Therefore, in the event Owner Is in default of this Regulatory Agreement by fraudulently or
intentionally misrepresenting the Income information submitted to the Agency, or falling to occupy
the Property, or by the occurrence of any event of default hereunder, Owner and Agency further
agree that Interest on the Agency Loan,from and after the date of such default,will accrue and be
due and payable on demand at the rate of ten percent (10%) per annum until such defaults are
cured or the Agency Loan is repaid through sale,foreclosure,or otherwise.
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(b) Failure to delay by either party to perform any term or provision of this Regulatory
Agrttement which Is not cured within thirty (30) days after receipt of notice from the other party
constitutes a default under this Regulatory Agreement;provided,however, if such defaults Is of the
nature requiring more than thirty(30)calendar days to cure, the defaulting party shall avoid default
hereunder by commencing to cure within such thirty (30) calendar day period, and thereafter
diligently pursuing such cure to completion. The party who so fails or delays must Immediately
commence to cure, correct, or remedy such failure or delay, and shall complete such cure,
correction or remedy with diligence.
(c) The Injured party shall give written notice of default to the party in default, specifying
the default complained of by the Injured party. Except as required to protect against further
damages, the injured party may not institute proceedings against the party In default until thirty(30)
days after giving such notice. Failure or delay in giving such notice shall not constitute a waiver of
any default,nor shall it change the time of default.
15. Notices. Except as otherwise expressly provided in this Regulatory Agreement, in every
case when, under the provisions of this Regulatory Agreement, it shall be necessary or desirable
for one party to serve any notice, request, demand, report or other communication on another
party, the same shall be In writing and shall not be effective for any purpose unless served (a)
personally, (b) by Independent, reputable, overnight commercial courier, or (c) by deposit In the
United States mall, postage and fees fully prepaid, registered or certified mail, with return receipt
requested,addressed as follows:
To Owner: Mary F. Rocco
686 San Marcos Place
San Jacinto California 92583
To Agency: Redevelopment Agency of the City of San Jacinto
201 East Main Street
San Jacinto, California 92583
Attention: Executive Director
Either party may change its address for notice by giving written notice thereof to the
other party.
16. Nondiscrimination. Owner covenants by and for himself, his or her heirs, executors,
administrators,successors and assigns, and all persons claiming under or through him or her that
there shall be no discrimination against or segregation of any person, or group of persons, on
account of race, color, religion, sex, marital status, familial status, disability, national origin or
ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the
Property, or any part thereof, nor shall Owner or any person claiming under or through Owner
establish or permit any such practice or practices of discrimination or segregation with reference to
the selection, location, number, use of occupancy of tenants, leases, subtenants, sub-lessees, or
vendees of the Property. Owner shall refrain from restricting the rental, sale or lease of the
Property on the basis of race, color, religion, sex, marital status, familial status,disability, national
origin or ancestry of any person. All such deeds, leases or contracts shall contain or be subject to
substantially the following nondiscrimination or non-segregation clauses:
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(a) in deeds: "The Owner herein covenants by and for himself, his or her heirs,
executors, administrators and assigns, and all persons claiming under or through them: that there
shall be no discrimination against or segregation of,any person or group of persons on account of
race, color, religion, sex, marital status, national origin or ancestry In the sale, lease, sublease,
transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the Owner
himself or herself or any person claiming under or through him or her, establish or permit any such
practice or practices of discrimination or segregation with reference to the selection, location,
•number, use or occupancy of tenants, lessees, subtenants, sub-lessee or vendees in the land
herein conveyed. The foregoing covenants shall run with the land."
(b) In leases: The lessee herein covenants by and for himself or herself, his or her
heirs,executors, administrators and assigns, and all persons claiming under or through him or her,
and this lease is made and accepted upon and subject to the following conditions:
"There shall be no discrimination against or segregation of any person or group of persons
on account of race,color,religion,sex, marital status,famlllal status,disability,ancestry or national
origin In the leasing,subleasing,transferring,use,occupancy,tenure or enjoyment of the premises
herein leased nor shah the lessee himself or herself, or any person claiming under or through him
or her, establish or permit any such practice or practices of discrimination or segregation with
reference to the selection, location, number, use or occupancy of tenants, lessees, sub-lessees,
subtenants or vendees In the premises herein leased."
(c) In contracts: `There shall be no discrimination against or segregation of any person
or group of persons on account of race, color,religion,sex,marital status,familial status,disability,
ancestry or national origin In the leasing, subleasing, transferring, use, occupancy, tenure or
enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person
claiming under or through him or her, establish or permit any such practice or practices of
discrimination or segregation with reference to the selection, location, number, use or occupancy
of tenants, lessees,sub-lessees,subtenants orvendees in the premises."
The foregoing shall be covenant running with the land for the benefit of Agency and City,
and as a burden upon the Property,and shall remain in effect In perpetuity.
17. Richts of First Lien Holder. No violation or breach of this Regulatory Agreement shall
defeat or render invalid or in any way impair the lien or charge of any mortgage, deed of trust or
other security Instrument permitted by the Agreement or this Regulatory Agreement and made in
good faith and for value. Notwithstanding any provisions herein, this Regulatory Agreement shall
not diminish or affect the rights of City Mortgage, or Its successor and assigns (the "First Lien
Lender") under that certain deed of trust (°First Lien Deed of Trust°) dated July 16, 2003 and
executed by the Owner In favor of the First Lien Lender and recorded In the County of Riverside on
July 14, 2092, and assigned Instrument No 7 17 4- 7 Agency and Owner acknowledge
and agree that this Regulatory Agreement is subject and subordinate In all respects to the dens,
terms, covenants and conditions of the First Lien Deed of Trust and to all advances heretofore {
made or which may hereafter be made pursuant to the First Lien Deed of Trust Including all sums
advanced for the purpose of (a) protecting or further securing the lien of the First Lien Deed of
Trust, curing defaults by the Owner under the First Lien or for any other purpose expressly
permitted by the First Lien Deed of Trust or (b) constructing, renovating, repairing, furnishing,
fixturing or equipping the Property. The terms and provisions of the First Lien Deed of Trust are
paramount and controlling, and they supersede any other terms and provisions hereof in conflict
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and they supersede any other terms and provisions hereof In conflict therewith. In the event of a
foreclosure or deed in lieu of foreclosure of the First Lien Deed of Trust, any provisions herein or
any provisions In any other collateral agreement restricting the use of the Property to low or
moderate Income households or otherwise restricting the Owner's ability to sell the Property shall
have no further force or effect on subsequent owners or purchasers of the Property. Any person,
including his successors or assigns (other than the Owner or a related entity to the Owner),
receiving title to the Property through a foreclosure or deed In lieu of foreclosure of the First Lien
Deed of Trust shall receive title to the Property free and clear from such restrictions. Further,if the
First Lien Lender acquires title to the Property pursuant to a deed in lieu of foreclosure, this
Instrument shall automatically terminate upon the First Lien,or diligently pursued curing the default
as determined by the First Lien Lender,within the 60-day period provided In such notice sent to the
Agency.
18. Covenants Run With the Land. Notwithstanding any other provision of law, this
Regulatory Agreement shall run with the land and shall be enforceable against the Owner and
successors In Interest by the Agency or the City. Except for the nondiscrimination provisions set
forth above, which shall remain in effect in perpetuity, the requirements of this Regulatory
Agreement shall remain In effect until the earlier of(a)the end of the Term, or(b) repayment In full
of the Agency Loan with Interest upon a sale to a Non-Qualified Person. This Regulatory
Agreement,without regard to technical classification or designation,shall be binding for the benefit
of the Agency and the City, and such covenants shall run in favor of the Agency and the City for
the entire period during which such covenants shall be In force and effect, without regard to
whether the Agency or the City Is or remains an owner of any land or Interest therein to which such
covenants relate. The Agency and the City. In the event of any breach of any such covenants,
shall have the right to exercise all the rights and remedies, and to maintain any action at law or
suits In equity or other proper proceedings to enforce the curing of such breach. If Owner is more
than one person, the obligations of Owner hereunder are joint and several as to each person
comprising the Owner.
19. Chances to Agreement. Only the Agency, its successor,and assigns, and the Owner and
the successors and assigns of the Owner In and to the Property shall have the right to consent and
agree to changes in,or to eliminate in whole or in part, this Regulatory Agreement or to subject the
Property to additional covenants, easements, or other restrictions without the consent of any
tenant, lessee, easement holder, licensee, trustee, beneficiary under a deed of trust or any other
person or entity having an interest less than a fee in the Property. This Regulatory Agreement
shall not benefit or be enforceable by any person, or firm, or corporation, public or private, except
the Agency and the Owner and their respective successors and assigns.
20. Administration. Agency may administer the terms hereof or may, from time to time
assign Its rights hereunder or designate another entity, person, licensed real estate broker or
organization to administer the terms hereof.
21. Independent and Severable Provisions. In the event that any provision of this instrument Is
held by a court of competent jurisdiction to be unenforceable or invalid, such holding shall not
render unenforceable any other provision hereof, each provision hereof being expressly severable
and Independently enforceable to the fullest extent permitted by law.
22. Successors and Assigns. The restrictions on transfer of the Property shall be binding upon
Owner and Owner's heirs, successors and assigns, and shall Inure to the benefit of Agency and Its
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successors and assigns. Agency may, at its option, assign Its rights under this Regulatory
Agreement and any related documents without obtaining the consent of the Owner.
23. Further Assurances and Recordations Owner covenants that upon request of Agency,
Owner, or its heirs, successors or assigns, will execute, acknowledge and deliver, or cause to be
executed, acknowledged and delivered, such further Instruments and agreements and do such
further acts as may be necessary,desirable or proper to carry out more effectively the purpose of
this instrument. At the expiration of the Term,Agency agrees to provide to Owner an Instrument in
recordable form that has the effect of confirming the termination of the affordable housing
requirements of this Regulatory Agreement.
24. Relationship of Owner and Agency. The relationship of Owner and Agency pursuant to
this Regulatory Agreement Is that of debtor and creditor and shall not be, or be construed to be a
joint venture,equity venture,partnership,or other relationship.
25. Captlons and Section Headings. Captions and section headings used herein are for
convenience only and shall not be used in construing this Instrument.
26. No Waiver. No waiver by Agency of Its rights hereunder,or of any breach by Owner of any
covenant, restriction, or condition herein contained, shall be effective unless such waiver is In
writing, signed by Agency and delivered to Owner. Any waiver by Agency of its power to terminate
Owner's estate herein or of any covenant, restriction, or condition herein contained, or the failure
by Agency to exercise any right or remedy with respect to any breach or breaches, shall not
constitute a waiver or relinquishment for the future of any rights regarding subsequent sales, or of
any such covenant or condhlon nor bar any right or remedy of Agency in respect of any
subsequent breach.
27. Entire Agreement. This Instrument constitutes the entire agreement of the parties hereto,
and the provisions hereof may be modified or amended only by a written Instrument signed by the
party to be charged.
28. Attompy's Fees. In any action brought to declare the rights granted herein or to enforce
or to Interpret any of the terms of this Regulatory Agreement, the prevaUing party shall be entitled
to an award of reasonable attorney's fees In an amount determined by the court.
29. Governing Law. Owner hereby agrees to comply with all ordinances, rules, and
regulations of the Agency and the City. Nothing in this Regulatory Agreement Is Intended to be,
nor shall it be deemed to be, a waiver of any City ordinance, rule, or regulation. This Regulatory
Agreement shall be governed by the laws of the State of California. Any legal action brought under
this Regulatory Agreement must be Instituted In the Superior Court of the County of Riverside,
State of California.
30. Recording. Owner agrees and acknowledges that this Regulatory Agreement shalt be
recorded against the Property with the County Recorder of the County of Riverside and shall
appear of record with respect to and as encumbrances to the Property.
31. Income Information.Owner has submitted eligibility verification Information to the Agency
prior to execution of this Regulatory Agreement. Owner represents,warrants,and hereby declares
to the Agency under penalty of perjury under the laws of the State of Callfornia that all information
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Owner has provided and will provide In the future to the Agency is and will be true, correct ad
complete. Owner acknowledges that the Agency is relying upon Owner's representations that
Owner is a Qualified Person, and Agency would not have entered into this Regulatory Agreement if
Owner did not so qualify.
32. Reauest for Notice from Lenders.Owner shall cause a Request for Notice to be recorded on
the Property requesting a statutory notice of default as set forth in the Califomle Civil Code. Such
notice shall be sent to Agency at the address set forth In this Regulatory Agreement.
(SIGNATURE PAGES FOLLOW)
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WHEREFORE,the parties have executed this Regulatory Agreement as of the day and year
last written below.
"Agenc (J�
Age Exe Ilve Director- T1�ir>r
y--1 81-6 S
(Date Signed)
Attest;
AA
Age y Secrelery
ZQJ ND5
(Date Signed)
"Owner'
f ftnaturelprinted)Mary F.Rocco
QILA 1Yr 2005
(Dais Signed)
N/r4
(Slgnaturelpdnted)
N/A-
(Date Signed)
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
On April 18,2005, before me,Steven G. Pasarow,Notary Public,personally appeared Peter
A. Cosentini, Executive Director, personally known to me, 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.
WITNESS my hand and official seal.
115
ptr,4 (Seal)
Signature canNwwn i 1"74"
Printed: Steven G. Pasarow NMM We
COMO
law CMM bow Am 71
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
On April 14, 2005,before me, Steven G. Pasarow, Notary Public,personally appeared Mary
F. Rocco, 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 she executed the same in her
authorized capacity, and that by her signature on the Instrument the person, or the enlity upon
behalf of which the person acted,executed the instrument.
WITNESS my hand and official seal.
fAURM
V P w�- _ (Sean carr"annwa.rtl07tii!
S gnaturea
Printed:Steven 0. Pasarow, 11NCann F�W�Apr7,
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EXHIBIT A
LEGAL DESCRIPTION
LOT 9 BLK 1 MB 020/055 MANG /DiVINE"S SUB DIVISION. IN THE CITY OF SAN JACINTO,
COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 20,
PAGE 5,OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
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RECORDING REQUESTED BY and ) Recorded in off lelal Records
of
WHEN RECORDED MAIL TO: ) CeUnLarry U. Wardde
I loll ll11111I ll llul llllllnlllllAssessor County Clark{II1 Hill III IRecorder
CITY CLERK )
REDEVELOPMENT AGENCY OF THE )
CITY OF SAN JACINTO )
201 EAST MAIN STREET } U a u PW on w xae I meoR 1 ew 1 uw
SAN JACINTO,CALIFORNIA 92583 j
A R L GOW uma aeon xwo f VeM
IExampt from Recording Pees Per Government Code§GM) (Space Above Provided For Recorder)
REGULATORY AGREEMENT
(Covenants Concerning Real Property) KDA
(Notice to Lenders—This Instrument Includes a Request for Special
Notice pursuant to Civil Code Section 2924b)
A.P.N.437.099.010
THIS REGULATORY AGREEMENT("Regulatory Agreement")is made as of April 14. 2005
by, Mary Rocco. ("Owner") In favor of the REDEVELOPMENT AGENCY OF THE CITY OF SAN
JACINTO,a public body,corporate and politic("Agency').
RECITALS
A. Agency, acting to carry out Its public purposes under the California Community
Redevelopment Law ("CRL") (Health and Safety Code Section 33000 et seq.) to make financial
assistance available to assist persons and families of low or moderate Income to preserve
ownership housing, is malting a loan ("Agency Loan") to Owner pursuant to the terms of that
certain Housing Rehabilitation Program Agreement (°Agreement") dated April 14, 2005 by
and between Owner and Agency for the purpose of assisting Owner to finance the rehabilitation of
that certain residential real property ("Property") described on the attached Exhibit A which Is
Incorporated herein by this reference;and
B. Agency's agreement to make the Agency Loan to the Owner is conditioned on, and
was induced by, Owner's agreement to restrict the use the Property for the term of the Agency
Loan to owner-occupancy for low and moderate income Individuals;and
C. Owner desires to subject the Property to the restrictions and provisions set forth In
these Recitals,
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NOW THEREFORE, Owner covenants, warrants and agrees, for itself, Its successors and
assigns,as follows:
1. Fundamental Provisioner The following shall serve as the basic terms of this
Regulatory Agreement:
(a) Amount of Agency Loan. The amount of the Agency Loan made by the
Agency to the Owner named herein is the sum of$30.000.00
(b) Definitions. For purposes of this Regulatory Agreement, the terms listed
below shall have the meanings thereinafter specified.
L Affordable Housing Cost shall have meaning set forth in California
Health and Safety Code Section 50052.5(b), as such statute may be amended
from time to time with respect to low and moderate income households, and any
successor statutes thereto.
1. Capital Improvement shall be any addition or betterment made to the
Property consists of more than mere repairs or replacement of existing facilities
or improvements and which has a useful life of five(5)years or more.
ill. Capital Improvement Investment shall mean and refer to the sum of
cash invested in Capital Improvements In the Property from time to time by the
Owner, as evidenced by receipts for any work or material supplied to improve
the Property.
iv. Consumer Price Index for 'CPI") means and refers to the revised
Consumer Price Index for All Urban Consumers, U.S. City Average, 1982-
1984-100, as published by the Bureau of Labor Statistics of the United States
Department of Labor, or If such agency shall cease to publish such an Index,
then any comparable index published by any other federal or state agency
which Is approved by the Agency.
V. Qualified Persona means Persons and Families of Low or Moderate
Income, as defined In California Health and Safety Code Section 50093 (as
such statue may be amended from time to lime, and any successor statutes
thereto)and otherwise meeting the requirements hereof.
vi. Persons and Families of Low or Moderate Income shall have the
meaning ascribed to such term in California Health and Safety Code Section
50093, as such statute may be amended from time to time, and any successor
statutes thereto.
The terms Person or Family f Low or Moderate Income and Affordable Housing
Cost are further defined In Title 25 of the California Code of Regulations Section
6910, at sea., as from time to lime amended, and any successor regulations
thereto. The terms and provisions of California Health and Safety Code
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Sections 50093, 50105, 50052.6, and Title 25 of the California Code of
Regulations Section 6910, et seq., as amended, and any successor statutes or
regulations thereto, are incorporated herein by this reference.
2. Restriction on Transfer. Owner shall not sell, convey, transfer, lease, assign,
encumber, mortgage, or hypothecate the Property, or enter into an agreement to sell, convey,
lease, assign, transfer, encumber, mortgage, or hypothecate the Property, except for a sale to a
Qualified Person as set forth In this Regulatory Agreement and except as otherwise provided in
this Regulatory Agreement.
3. Term. The term of the restrictive covenants described in this Regulatory Agreement
("Termj shall commence on the date this Instrument Is recorded in the Official Records of the
Riverside County Recorder, and shall end on the date that is forty-five(45)years thereafter(unless
sooner terminated pursuant to the provisions hereof); provided, however, the covenants against
discrimination set forth herein shall.remain In effect In perpetuity.
4. Covenant to Maintain AffordabiiitvlPrincioal Residency Reauirement
(a) The Agency Loan is being given by the Agency to the Owner to increase and
Improve the community's supply of low- and moderate-income housing available at an Affordable
Housing Cost In accordance with the affordable housing requirements of the CRL. To this end, the
Owner agrees that during the Term the Property shall, except as otherwise provided In this
Regulatory Agreement, remain affordable only at an Affordable Housing Cost and shall only be
sold to and owned by Qualified Persons.
(b) If,after the thirtieth(30")anniversary of the date this Regulatory Agreement is
recorded In the Official Records of the Riverside County Recorder, the Owner has not otherwise
breached the terms and provisions of the Agreement or this Regulatory Agreement, then the
Agency shall forgive the Agency Loan In full.
5. Permitted Transfers and Modooges.
(a) Conveyances to a Third Party Qualified Person Subject to the provisions of
this Agreement,the Owner may convey the Property to a Qualified Person on the condition that(1)
Owner compiles with the requirements hereof, (it) the purchase price does not exceed the
maximum permitted resale price set forth herein, and (Ili) the purchaser covenants to occupy the
Property as such party's principal residence. During the Term, any permitted transferee shall
acquire the Property subject to the terms and conditions hereof.
(b) lntra-Family Conveyances. The following transfers of title shall not be
breaches of this Instrument:transfer by gift,devise, or inheritance to the Owner's spouse;taking of
title by surviving joint tenant that is the Owner's spouse; transfer of title to a spouse as part of a i
divorce or dissolution proceedings; acquisition of title In conjunction with marriage. A transfer to
children of the Owner where the Income of such children exceeds the maximum household Income
applicable to the Property permitted hereunder shall give rise to the option In favor of the Agency
to purchase the Property described In Section 0. A transfer to children of an Owner where the i
Income of such children does not exceed a Moderate Income Is permitted hereunder. Any
transferee hereunder shall take title to the Property subject to the terms, conditions, restrictions
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and requirements hereof and the transferee shall execute any reasonable document required by
the Agency to ratify the assumption by such transferee of the terms hereof.
(c) First Trust Deed. The Owner may encumber or refinance the Property with
a first position deed of trust or mortgage on the condition that the interest,terms and conditions are
reasonable a1 the time the financing takes place On the opinion of the Agency).
(d) Second Trust Deeds. The Agency shall consider in good faith whether to
permit a loan, to be secured by a Junior trust deed or mortgage encumbering the Property, the
proceeds of which are to be used to pay for repairs or the construction of Improvements to the
Property, on the following terms and conditions: (1) the cost of the repairs or the Improvements
(plus loan fees and loan costs), does not exceed the princlpal amount of such loan,(ii)the loan is
originated by a bank, savings and loan association, or other Institutional lender, (III) the Interest
rate and payment terms thereon are reasonable (in the Agency's reasonable opinion), (iv) the
Owner shall be capable of meeting the monthly payments provided by such loan (in the Agency's
reasonable opinion), and(v)the Property is not over-encumbered.
S. Agency 0 tlon to Purchase.
(a) Option. In order to maintaln and Insure that the Property shall remain
affordable to and only occupied by Persons or Families of Low or Moderate Income,the Agency is
hereby granted the option, throughout the Term hereof,to purchase the Property("Option')in the
event the Owner desires to transfer the Property, or to find another Person or Family of Low or
Moderate Income to purchase the Property. The purchase price shall be the amount set forth in
Subsection 6(b) below, and the option shall be exercised by the Agency, if at all, within one
hundred twenty (120) calendar days after the Agency's receipt of the written notice ("Notice of
Proposed Sale") of the Owner's desire to transfer the Property. During such one hundred twenty
(120)calendar day period the Owner may also concurrently attempt to market the Property to sell it
to a Person or Family of Low or Moderate income. In the event that the Agency exercises the
Option, then the Agency shall promptly open escrow and shall close of escrow for the purchase of
the Property prior to the date that is one hundred eight (180) calendar days after the Agency's
receipt of the Notice of Proposed Sale. If the Agency exercises the Option to purchase but, due to
the Agency's sole fault, the Agency does not close escrow within one hundred eighty (180)
calendar days after the date the Agency first received the Owner's Notice of Proposed Sale, then
the Owner shall be entitled to sell the Property to a person or family that is Mt a Person or Family
of Low or Moderate Income, or otherwise; provided, however, if the Property is sold to a person or
family that is not a Person or Family of Low or Moderate income, then the Owner shall repay the
Agency Loan and interest thereon to the Agency as provided in Section 7(c) below. Title to the
Property shall be delivered to the Agency at the close of escrow free and clear of monetary liens f
and encumbrances, and closing costs shall be allocated in the fashion as is customary for buyers
and sellers in Riverside County.
(b) Purchase Price. The purchase price of the Property to be pald by the j
Agency or Its designee shall be the lower of: I
1. The purchase price as agreed upon between the Owner and the
Agency;or
ii. The sum of,
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(A) The Owner's purchase price of the Property multiplied by
the percentage increase In the Consumer Price Index from that published for
the date nearest the date of close of escrow of the Owner's purchase of the
Property over that published nearest the date of completion and executing of
the Notice of Proposed Sale;plus
(B) The actual cost, as evidenced by receipts, of Capital
Improvement Investments in the Property, multiplied by the percentage
increase In the Consumer Price Index from the time of completion of each item
of Capital Improvement;plus
(C) Brokerage commissions, if any, paid by such Owner in
connection with such resale,and escrow costs,title insurance premiums paid,
and other customary closing costs and fees;plus
(D) Any ordinary escrow costs Incurred by the Owner in
connection with its original purchase of the Property or that may be Incurred In
connection with such resale traneaotion;plus
(E) In the event the Owner sells the Properly after a default
under a mortgage or deed of trust, but prior to a trustee's sale or foreclosure
sale, the purchase price shall be further Increased by all expenses actually
Incurred by the holder of such mortgage or beneficiary under such deed of
trust due to the Owner's default Including, but not limited to, trustee's fees,
attorney's fees, costs of sale and debt service on the debt secured by such
mortgage or deed of trust. The foregoing shall also apply to a deed In lieu of
foreclosure,
7. Resale Price Controls and Procedures.
(a) if the Owner elects at any lime during the Term to sell the Property, then the
Owner shall, prior to slgrling a listing agreement or other authorization to sell with a real estate
broker, first provide to the Agency a Notice of Proposed Sale setting forth the Owner's Intention to
sell the Property,and a property information form to be prepared by the Agency, Such Notice shall
contain information about the Owner's original purchase price of the Property and the Owner's
Capital Improvement Investment. Agency or its designee shall have one hundred twenty (120)
calendar days from the time following the receipt by the Agency or Is designee of the Notice of
Proposed Sale to exercise the Agency's Option described In Section 6; provided, however, the
Agency or its designee may shorten such time period upon a showing of hardship by the Owner.
The Owner agrees to consider as purchasers those Persons or Families of Low or Moderate
Income identified on a list that may be obtained by the Agency. Nothing contained herein shall be
construed as Imposing on the Agency any obligation to find a purchaser of the Property if the
Owner has elected to sell the Property.
(b) Resale to Qualified Person, The Owner may sell the Property to
Qualified Person. if the Owner resells the Property to a Qualified Person at a price that does not
exceed the price set forth in Section 9, then the provisions of this Regulatory Agreement shall
continue to encumber the Property, and the Agency shall subordinate its Interest In any new deed
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of trust as provided herein. Each successor In Interest to Owner that Is a Person or Family of Low
or Moderate Income, shall acquire the Property subject to the continuation of the restrictions on
such Property provided in this Regulatory Agreement,and If Agency purchases such Properly and
resells the Properly, such acquisition shall not operate to merge this Regulatory Agreement into
Agency's fee interest.
(c) If, after expiration of the one hundred twenty (120) calendar day period,
Agency or its designee elects not to purchase the Property or has failed to procure an eligible and
qualified buyer, then the Owner shall then be free to seek a buyer for the Property without any
limitation on resale price or income level of the purchaser. However, If the purchaser is not a
Person or Family of Low or Moderate income, then, to compensate the Agency for loss of the
affordability restrictions on the Property and to allow the Agency to fund the rehabilitation of other
affordable units, the Owner shall pay to the Agency a percentage share of the appreciation in the
value of the Property("Appreciation Share")and the amount of the Agency Loan,as follows:
1) If the Property is sold on or before the (11Y ) tenth anniversary of the
date this Regulatory Agreement is recorded In the Official Records of Riverside County, then the
Owner shall pay to the Agency: (i) fifteen percent (150/6) of the appreciation In the value of the
Property,and(II)the full amount of the Agency Loan.
2) If the Property is sold after the tenth (1d ) anniversary of the date this
Regulatory Agreement is recorded in the Official Records of Riverside County and on or before the
twentieth (201h) anniversary of the date this Agreement Is recorded in the Official Records of
Riverside County,then the Owner shall pay to the Agency(1)ten percent(10%)of the appreciation
In the value of the Property, and (ii)the full amount of the Agency Loan.
3) If the Property is sold after the twentieth (20w) anniversary of the date
this Regulatory Agreement Is recorded in the Official Records of Riverside County and on or before
the thirtieth (30") anniversary of the date this Regulatory Agreement is recorded in the Official
Records of Riverside County, then the Owner shall pay to the Agency(1) five percent(5%)of the
appreciation in the value of the Property, and(11)the full amount of the Agency Loan.
4) If the Property is sold after the thirtieth(301h)anniversary of the date this
Regulatory regiment Is recorded In the Official Records of Riverside County and on or before the
forty-fifth (4b� anniversary of the date this Regulatory Agreement is recorded in the Official
Records of Riverside County, then the Owner shall pay to the Agency two percent (2%) of the
appreciation In the value of the Property and shall not be required to pay to the Agency the amount
of the Agency Loan or any Interest accrued thereon and the Agency Loan shall be forgiven as
further described in Section 4(b).
(d) The escrow instructions may provide for conditions or contingencies of the
type and nature customarily Included In residential purchase escrows (including but not limited to 4
financing contingencies, inspection rights, and preliminary title report approvals), provided that any
such conditions of contingencies (other than the status of title to the Property at the time of I
conveyance and other conditions which by their nature cannot be satisfied prior to closing)must be
satisfied or waived on or before the close of escrow. The proceeds of the sale shall be used to pay
off all monetary liens and encumbrances upon the dose of escrow. w
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(a) The Owner shall notify any proposed purchaser in writing prior to such
person's execution of escrow Instructions, deposit receipt,purchase and sale agreement or similar
agreement, whichever is earliest, that the title to the Property will be restricted in the manner
described herein.
M The owner may require a deposit to open escrow in an amount not to exceed
three percent(30/9) of the purchase price. Title to the Property shall be delivered to the purchaser
at the close of escrow free and clear of monetary liens and encumbrances. Closing costs shall be
allocated between the buyer and seller according to the customary practices in Riverside County in
effect at the time the escrow is opened.
(g) For the purpose of confirming with the Agency that a proposed purchaser is a
Person or Family of Low or Moderate Income that will be paying a purchase price that is in
compliance with the terms hereof, the Owner shall notify the Agency In writing of any offer from a
prospective purchaser and providing the Agency with such financial,credit,or other information on
such prospective purchaser as required by the Agency, including the following:
1. Name and address of the purchaser.
11. Number of persons comprising the purchaser's household and
their names and ages.
III. Proposed purchase price of the Property, and any other
consideration for the purchase of the Property.
iv. Amount of down payment.
V. Terms of any loan that will be used by the purchaser to finance the
purchase of the Property, including, but not limited to, principal,
Interest rate,term,and loan fees.
vi. Closing date,
vil. Aggregate annual income of the purchaser's household.
vili. Most recent federal and state Income tax returns of the purchaser
and all other members of the purchaser's household for the
preceding two (2) calendar years, and verification of the proposed
purchaser's salary or wages from the purchaser's employer.
Ix. Copy of any proposed purchase and sale agreement, escrow
Instructions, loan appilostion, or other agreements between the
Owner and the purchaser of the Property or relating to the sale of
the Property.
x. A written statement signed by the proposed purchaser that the
Property will be occupied by the purchaser of such Property and
used as his or her primary residence.
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In libu of providing the foregoing information, these requirements shall be deemed to have been
satisfied by delivery to the Agency of a written certification of the foregoing information from the
purchaser's lender who shall hold a first position trust deed encumbering the Property, which
certification shall be fumished to Agency at least fifteen (16) calendar days prior to the close of
escrow for the Property.
(h) The Agency shall have thirty (30) calendar days to review the information In
Section 7g. The Agency may require the purchaser to submit other written documentation
reasonably requested by the Agency to verify the information set forth herein and to determine that
the Affordable Housing Cost restrictions of this instrument shall be satisfied. If the Agency
receives all such prospective purchaser Information requested by the Agency, the Agency shall
determine whether the prospective purchaser Is qualified to purchase the Property as a Person or
Family of Low or Moderate Income, and shall thereafter promptly notify the Owner In writing that
the prospective sale is authorized and approved, or that the prospective purchaser does not qualify
to purchase the Property as a person or family of low or moderate Income. The Agency hereby
designates the Executive Director of the Agency to make the evaluations, reviews and
determinations ser forth in this Section 7.
(1) If the Agency notifies the Owner that the sale is authorized and approved,the
Owner shall proceed to complete the sale of the Property within seventy-five(75)calendar days of
the date of such approval from the Agency.
8. Notification Prior to Mortgeaq. Encumbrance or Hypothecation. If Owner desires to f
refinance any loan secured by a first deed encumbering the Property, or to borrow funds for a new
loan to be secured by a junior trust deed encumbering the Property the proceeds of which are to
be used to pay for repairs or the construction of improvements to the Properly, then at least fifteen
(15)calendar days prior to the recordation of the deed of trust or mortgage,the Owner shall submit
to the Agency in writing the following Information:
(a) Name and address of lender.
(b) Terms of the loan, Including,but not limited to, principal,Interest rate,term,
and loan fees.
(c) Closing date of the loan.
(d) Aggregate annual Income of the Owners household.
(a) Most recent federal and state Income tax returns of the Owner and all other
members of the Owner's or lessee's household.
(f) Copy of any proposed escrow Instructions, loan application, or
other agreements between the Owner and the lender.
The Agency shall have 30 days to review the information. The Owner shall submit to the Agency
other written documentation reasonably requested by the Agency to verify the Information set forth
herein.
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P. Restriction on Resale Price. Except as permitted otherwise herein,the Owner shall not
resell the Property at a price higher than the greater of the following:
(a) The actual purchase price by the Owner for the Property plus reasonable and
customary escrow closing and title costa, and reasonable and customary brokerage commissions
(not to exceed 6%of the sale price),actually Incurred by the Owner In purchasing the Property and
in resetting same, if any;or
(b) An Affordable Housing Cost for the prospective purchaser, assuming (I) a reasonable
down payment, and(li)a thirty(30)year fixed rate mortgage at prevailing interest rates.
10. Occupancy Requirement.
(a) The Property shall be used as the principal residence of Owner and Owner's
family and for no other purpose. Owner shall not rent or lease any of the Property, Including any
room, out-building,or other portion of the Property or accept any compensation from any person or
entity for the use of the Property. The maximum occupancy of the Property shall not exceed the
maximum occupancy allowed by the San Jacinto Municipal Code or other applicable law,if any.
(b) The Agency shall have the right to monitor whether the Property Is Owner-
occupied by requesting that Owner provide the Agency, no more frequently than annually, with a
written cerllficatlon under penalty of perjury that the Property is Owner-occupied, accompanied by
supporting documentation reasonably satisfactory to the Agency. In the event of a breach or
threatened breach of this Section, the Agency, the City of San Jacinto("Chy'), or their successors
or assigns shall be entitled to Institute legal action to enforce performance of this Section, and to
obtain an Injunction prohibiting anyone but Owner from occupying the Property and/or requiring
Owner to occupy the Property to a person or family who will occupy the Property as its primary
residence.
(c) These owner-occupancy restrictions may be modified or terminated only upon the
approval of the Agency. Any modification must be In writing.
ill Maintenance of PropwW.
(a) Owner shall maintain the Interior and exterior of the Improvements and the
landscaping on the Property In a manner consistent with community standards, which will uphold
the value of the Property, In accordance with this Regulatory Agreement and the San Jacinto
Municipal Code. Owner shall not commit waste upon the Property. Owner shall not remove or
demolish the improvements on the Property. If Owner at any time fails to so keep and maintain the
Property in good condition and repair,after 30 days notice from Agency,Agency shall have a right
to enter onto the Property and perform such deferred maintenance, and Owner shall promptly
reimburse Agency for all costs Incurred in performing such maintenance.
(b) Owner shall maintain the Property free from drug-related or gang activities, and S
from all other form of criminal activity or public nuisance.
(c) After Agency receives a Notice of Proposed Sale, Owner shall permlt the Agency
to Inspect the Property prior to sale, upon reasonable prior notice from the Agency. Following such
inspection, 9 the Agency determines that the Property is not In compliance with this Section, the
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Agency shall deliver to the Owner a list of repairs that are required to be made to the Property to
comply with this Section. At Owner's sole cost and expense, Owner shall complete such repairs,
or provide for such repairs to be completed, to the reasonable satisfaction of the Agency prior to
the sale. With the consent of the Agency,Owner may provide for such repairs to be paid out of the
portion of net sale proceeds to be paid to Owner.
12. Indemniflcatlon. Owner shall defend, Indemnify, and hold harmless the Agency and the
City and their respective officers, agents, employees, representatives and volunteers from and
against any loss, liability, claim or Judgment relating in any manner to the Property or this
Regulatory Agreement, Owner shall remain fully obligated for the payment of taxes, liens and
transfer of responsibility to the Agency to make such payments,by virtue of the Agency Loan.
13. Insurance. Owner shall maintain,during the term of the Regulatory Agreement, an all-risk
property insurance policy Insuring the Property In an amount equal to the full replacement value of
the structures on the Property. The policy shall name the Agency as a loss payee and shall
contain a statement of obligation on behalf of the carrier to notify the Agency of any material
change, cancellation or termination of coverage at least thirty(30)days in advance of the effective
dale of such material change, cancellation or termination. Owner shall transmit a copy of the
certificate of Insurance and loss payee endorsement to Agency w(thln thirty (30) days of the
effective date of this Regulatory Agreement, and Owner shall annually transmit to Agency a copy
of the certificate of Insurance and a loss payee endorsement,signed by an authorized agent of the
Insurance carrier setting forth the general provisions of coverage. The copy of the certificate of
Insurance and loss payee endorsement shall be transmitted to Agency at the address set forth In
this Regulatory Agreement Any certificate of insurance must be In a form, content, and with
companies admitted In the State of California and approved by Agency. In the event Owner falls to
provide the insurance required by this Section,Agency shall have the right,but not the obligation,
to obtain Insurance on behalf of the Agency only, and Owner shall Immediately upon demand pay
Agency the premiums on insurance procured by Its pursuant to this section, Agency may add the
amount of any such premium to the accelerated balance due in the event of a default under this
Regulatory Agreement. Such added sum shall bear Interest at the maximum rate provided by law
until the same has been paid In full.
14. Defaults.
(a) This Regulatory Agreement is made pursuant to a property Housing Rehabilitation
program (the"Programl designed solely for the benefit of Qualified Persons as described by the
terms and conditions set forth In the Agreement and this Regulatory Agreement. Default In such
terms and conditions will result in the frustration of the Program objectives and the loss of Program
funds available to assist Qualified Persons pursuant to the Program. The parties agree that
Agency would have not made the Agency Loan but for Owner's representations, warranties, and
agreement to the terms and conditions set forth in the Agreement and this Regulatory Agreement.
Therefore, In the event Owner Is In default of this Regulatory Agreement by fraudulently or
Intentionally misrepresenting the Income Information submitted to the Agency, or failing to occupy
the Property, or by the occurrence of any event of default hereunder, Owner and Agency further
agree that Interest on the Agency Loan, from and after the date of such default,will accrue and be
due and payable on demand at the rate of ten percent (10%) per annum until such defaults are
cured or the Agency Loan Is repaid through sale,foreclosure, or otherwise.
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(b) Failure to delay by either party to perform any term or provision of this Regulatory
Agreement which is not cured within thirty (30) days after receipt of notice from the other party
constitutes a default under this Regulatory Agreement; provided, however, If such defaults Is of the
nature requiring more than thirty(30) calendar days to cure,the defaulting party shall avoid default
hereunder by commencing to cure within such thirty (30) calendar day period, and thereafter
diligently pursuing such cure to completion. The party who so falls or delays must Immediately
commence to cure, correct, or remedy such failure or delay, and shall complete such cure,
correction or remedy with diligence,
(c) The Injured party shall give written notice of default to the party in default, specifying
the default complained of by the Injured party. Except as required to protect against further
damages,the Injured party may not Institute proceedings against the party in default until thirty(30)
days after giving such notice. Failure or delay In giving such notice shall not constitute a waiver of
any default,nor shall It change the time of default.
15. Notices. Except as otherwise expressly provided in this Regulatory Agreement, In every
case when, under the provisions of this Regulatory Agreement, It shall be necessary or desirable
for one party to serve any notice, request, demand, report or other communication on another
party, the same shall be In writing and shall not be effective for any purpose unless served (a)
personally, (b) by Independent, reputable, overnight commercial courier, or (c) by deposit In the
United Slates mall, postage and fees fully prepaid, registered or certified mail, with return receipt
requested,addressed as follows:
To Owner: Mary F. Rocco
886 San Marcos Place
San Jacinto California 92583
To Agency: Redevelopment Agency of the City of San Jacinto
201 East Main Street
San Jacinto, California 92583
Attention: Executive Director
Either party may change its address for notice by giving written notice thereof to the
other party.
18. Nondiscrimination. Owner covenants by and for himself, his or her heirs, executors,
administrators, successors and assigns, and all persons claiming under or through him or her that
there shall be no discrimination against or segregation of any person, or group of persons, on
account of race, color, religion, sex, marital status, familial status, disability, national origin or
ancestry In the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the
Property, or any part thereof, nor shall Owner or any person claiming under or through Owner
establish or permit any such practice or practices of discrimination or segregation with reference to
the selection, location, number, use of occupancy of tenants, leases, subtenants, sub-lessees, or
vendees of the Property. Owner shall refrain from restricting the rental, sale or lease of the
Property on the basis of race, color, religion, sex, marital status, familial status, disability, national
origin or ancestry of any person, All such deeds,leases or conlracts shall contain or be subject to
substantially the following nondiscrimination or non-segregation clauses:
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(a) In deeds; "The Owner herein covenants by and for himself, his or her heirs,
executors, administrators and assigns, and all persons claiming under or through them;that there
shall be no discrimination against or segregation of,any person or group of persons on account of
race, color, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease,
transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the Owner
himself or herself or any person claiming under or through him or her,establish or permit any such
practice or practices of discrimination or segregation with reference to the selection, location,
•number, use or occupancy of tenants, lessees, subtenants, sub-lessee or vendees in the land
herein conveyed. The foregoing covenants shall run with the land."
(b) In leases: "The lessee herein covenants by and for himself or herself, his or her
heirs, executors,administrators and assigns, and all persons claiming under or through him or her,
and this lease Is made and accepted upon and subject to the following conditions:
"There shall be no discrimination against or segregation of any person or group of persons
on account of race,color,religion,sex,marital status, familial status,disability, ancestry or national
origin in the leasing,subleasing,transferring,use,occupancy, tenure or enjoyment of the premises
herein leased nor shall the lessee himself or herself, or any person claiming under or through him
or her, establish or permit any such practice or practices of discrimination or segregation with
reference to the selection, location, number, use or occupancy of tenants, lessees, sub-lessees,
subtenants or vendees In the premises herein leased."
(c) In contracts: "There shall be no discrimination against or segregation of any person
or group of persons on account of race,color, religion,sex, marital status,familial status,disability,
ancestry or national origin in the leasing, subleasing, transferring, use, occupancy, tenure or
enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person
claiming under or through him or her, establish or permit any such practice or practices of
discrimination or segregation with reference to the selection, location, number, use or occupancy
of tenants,lessees,sublessees,subtenants or vendees In the premises." I
The foregoing shag be covenant running with the land for the benefit of Agency and City,
and as a burden upon the Property,and shall remain in effect in perpetuity.
17. Rights of First Lien Holder. No violation or breach of this Regulatory Agreement shall
defeat or render invalid or in any way Impair the lien or charge of any mortgage, deed of trust or
other security instrument permitted by the Agreement or this Regulatory Agreement and made In
good faith and for value, Notwithstanding any provisions herein, this Regulatory Agreement shall
not dlminleh or affect the rights of City Mortgage, or Its successor and assigns (ihe "First Lien
Lender") under that certain deed of trust ('First Lien Deed of Trust") dated July 16. 2003 and
executed by the Owner In favor of the First Lien Lender and recorded in the County of Riverside on
July 14. 2003 and assigned Instrument No 37031734-E75 Agency and Owner acknowledge
and agree that this Regulatory Agreement is subject and subordinate In all respects to the ilens, i
terms, covenants and conditions of the First Lien Deed of Trust and to all advances heretofore
made or which may hereafter be made pursuant to the First Lien Deed of Trust including all sums
advanced for the purpose of(a) protecting or further.securing the Ilan of the First Lien Deed of
Trust, curing defaults by the Owner under the First Lien or for any other purpose expressly
permitted by the First Lien Deed of Trust or (b) constructing, renovating, repairing, furnishing,
flxturing or equipping the Property. The terms and provisions of the First Lien Deed of Trust are
paramount and controlling, and they supersede any other terms and provisions hereof In conflict
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and they supersede any other terms and provisions hereof in conflict therewith. In the event of a
foreclosure or deed In lieu of foreclosure of the First Lien Deed of Trust, any provisions herein or
any provislons In any other collateral agreement restricting the use of the Property to low or
moderate Income households or otherwise restricting the Owner's ability to sell the Property shall
have no further force or effect on subsequent owners or purchasers of the Property. Any person,
including his successors or assigns (other than the Owner or a related entity to the Owner),
receiving title to the Property through a foreclosure or deed In lieu of foreclosure of the First Lien
Deed of Trust shall receive title to the Property free and clear from such restrictions. Further, If the
First Lien Lender acquires title to the Properly pursuant to a deed in lieu of foreclosure, this
Instrument shall automatically terminate upon the First Lien,or diligently pursued curing the default
as determined by the First Lien Lender,within the 60-day period provided In such notice sent to the
Agency.
18. Covenants Run With the-Land. Notwithstanding any other provision of law, this
Regulatory Agreement shall run with the land and shall be enforceable against the Owner and
successors in Interest by the Agency or the City. Except for the nondiscrimination provisions set
forth above, which shall remain In effect in perpetuity, the requirements of this Regulatory
Agreement shall remain in effect until the earlier of(a)the end of the Term, or(b)repayment In full
of the Agency Loan with Interest upon a sale to a Non-Qualified Person. This Regulatory
Agreement, without regard to technical classification or designation, shall be binding for the benefit
of the Agency and the City, and such covenants shall nin in favor of the Agency and the City for
the entire period during which such covenants shall be In force and effect, without regard to
whether the Agency or the City is or remains an owner of any land or Interest therein to which such
covenants relate. The Agency and the City, In the event of any breach of any such covenants,
shall have the right to exercise all the rights and remedies, and to maintain any action at law or
suits In equity or other proper proceedings to enforce the curing of such breach. if Owner Is more
than one person, the obligations of Owner hereunder are Joint and several as to each person
comprising the Owner.
19. Chanaes to Agreement. Only the Agency, its successor,and assigns, and the Owner and
the successors and assigns of the Owner in and to the Property shall have the right to consent and
agree to changes In,or to eliminate in whole or In part,this Regulatory Agreement or to subject the
Property to additional covenants, easements, or other restrictions without the consent of any
tenant, lessee, easement holder, licensee, trustee, beneficiary under a deed of trust or any other
person or entity having an Interest less then a fee in the Property- This Regulatory Agreement
shall not benefit or be enforceable by any person, or firm, or corporation, public or private, except
the Agency and the Owner and their respective successors and assigns. j
20, Adminlstralton. Agency may administer the terms hereof or may, from time to time
assign its rights hereunder or designate another entity, person, licensed real estate broker or j
organization to administer the terms hereof.
21. Independent and Severable Provisions. in the event that any provision of this Instrument Is
held by a court of competent jurisdiction to be unenforceable or Invalid, such holding shall not
render unenforceable any other provision hereof,each provision hereof being expressly severable
and Independently enforceable to the fullest extent permitted by law.
22. Successors and Assigns. The restrictions on transfer of the Property shall be binding upon
Owner and Owner's heirs, successors and assigns,and shall Inure to the benefit of Agency and its
13
RvaDOWM684334.2
Orden fOukkMav] Doe:RV•200500445915-06065 QB :mraynaa P nl 2 1 8:32.40 AM P
i
I'I
successors and assigns. Agency may, at its option, assign its rights under this Regulatory
Agreement and any related documents without obtaining the consent of the Owner.
23. Further Assurances and Recordation& Owner covenants that upon request of Agency,
Owner, or its heirs, successors or assigns, will execute, acknowledge and deliver, or cause to be
executed, acknowledged and delivered, such further Instruments and agreements and do such
further acts as may be necessary, desirable or proper to cant'out more effectively the purpose of
this instrument. At the expiration of the Term,Agency agrees to provide to Owner an instrument In
recordable form that has the effect of confirming the termination of the affordable housing
requirements of this Regulatory Agreement.
24. Relationship of Owner and Agency. The relationship of Owner and Agency pursuant to
this Regulatory Agreement is that of debtor and creditor and shalt not be, or be construed to be a
joint venture,equity venture, partnership,or other relationship.
25. Captions and Section Headings. Captions and section headings used herein are for
convenience only and shall not be used in construing this Instrument.
20. No Waiver. No waiver by Agency of Its rights hereunder,or of any breach by Owner of any
covenant, restriction, or condition herein contained, shall be effective unless such waiver is In
writing,signed by Agency and delivered to Owner. Any waiver by Agency of its power to terminate
Owner's estate herein or of any covenant, restriction, or condition herein contained, or the failure
by Agency to exercise any right or remedy with respect to any breach or breaches, shall not
constitute a waiver or relinquishment for the future of any rights regarding subsequent sales, or of
any such covenant or condition nor bar any right or remedy of Agency in respect of any
subsequent breach.
27. Entire Aareement. This instrument constitutes the entire agreement of the parties hereto,
and the provisions hereof may be modified or amended only by a written instrument signed by the
party to be charged.
28. Attorney's Fees. in any action brought to declare the rights granted herein or to enforce
or to Interpret any of the terms of this Regulatory Agreement, the prevailing party shall be entitled
to an award of reasonable attorney's fees in an amount determined by the court.
29. Goyeming Law. Owner hereby agrees to comply with all ordinances, rules, and
regulations of the Agency and the City. Nothing in this Regulatory Agreement is Intended to be,
nor shall it be deemed to be, a waiver of any City ordinance, rule, or regulation. This Regulatory
Agreement shall be governed by the laws of the State of California. Any legal action brought under
this Regulatory Agreement must be instituted In the Superior Court of the County of Riverside,
State of California.
30. Recordino. Owner agrees and acknowledges that this Regulatory Agreement shall be
recorded against the Property with the County Recorder of the County of Riverside and shall
appear of record with respect to and as encumbrances to the Property,
31. Income Information.Owner has submitted eligibility verification information to the Agency
prior to execution of this Regulatory Agreement. Owner represents,warrants, and hereby declares
to the Agency under penalty of perjury under the laws of the State of California that all Information
14
RYPUB11CM14534.2
Order rgulckYlewl 0. RY 2005 OD445915 06065 IW4$nAde Created BY mraynes Printed:8/24/2012 e•32 48 AM
Owner has provided and will provide In the future to the Agency is and will be true, correct ad
complete. Owner acknowledges that the Agency is relying upon Owner's representations that
Owner is a Quailfled Person,and Agency would not have entered Into this Regulatory Agreement if
Owner did not so qualify.
32. Reouest for Notice from Lenders,Owner shall cause a Request for Notice to be recorded on
the Property requesting a statutory notice of default as set forth in the California Civil Code. Such
notice shag be sent to Agency at the address set forth In this Regulatory Agreement.
(SIGNATURE PAGES FOLLOW)
1
I
15
MUMCM4514.2
Ciders rOulcNewl Doc RV 2005 00445915 06065 t 46oA6 Created er mrawies Printed•8/74/20128.32.48 At4 P57
WHEREFORE,the parties have executed this Regulatory Agreement as of the day and year
last written below.
"Agenc
�1\
Agee Exe Nve Director- tY}itit
(Date Signed)
Attest:
Agency Secretary
(Dale Signed)
"Owner"
(Slgnaturelprinted)Mary F.Rocco
&q:2A I yr 2ao5 -- — -
(Date Signed)
A)�A
(Signaturelprinled)
0/&
(Dale Signed)
1 f3
RVPU81KCWI4SA2
Order fOukkVlewl Doc RV 2005 00445915 06065 I> 18vb08 Created BY:mravna Printed 8/24/2012 8.32 48 RM PST
r
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
On April 18,2005,before me, Steven G. Pasarow, Notary Public,personally appeared Peter
A. Cosentini, Executive Director, personally known to me, 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.
WITNESS my hand and offidai seal.
Ptl.,4 (Seal)
Signature STOMCLWAft
E 6
Printed: Steven G. Paserow NWWo01" hAft-10s7°9s
monme CCU*
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
On April 14, 2005, before me,Steven G. Pasarow, Notary Public, personally appeared Mary
F. Rocco, 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 she executed the same In her
authorized capacity, and that by her signature on the Instrument the person, or the entity upon
behalf of which the person acted,executed the Instrument.
WITNESS my hand and official seal,
a
(Seal) COMM%"#15575 e
Signature `t10�`'ctftmb
Printed: Steven G. Pasarow
MVCemm.tl�Yu 7,
17
R UFMCW44531.1
Onler:f0uIc awl Doc;RV ZW5 00145915-06065 F$d:N4R®60B Created 11V•mravnes Printed:0/24/2012 9:32:4e AM PSI
1
EXHIBIT A
LEGAL DESCRIPTION
-LOT 9 BLK 1 MB 0201055 MANG!DIVINE"S SUB DIVISION, IN THE CITY OF SAN JACINTO,
COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 20,
PAGE 5,OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
I
19
RVPUBVCCVW45342
Order [Oulck%Aewl Dm,RV 2005 00415915 060 5 FW[Lo4sp0$ Created By mravnes Printed:012412012 8:32.48 M PST
RECORDED REQUESTED BY and )
WHEN RECORDED MAIL TO: }
CITY CLERK }
REDEVELOPMENT AGENCY OF THE
CITY OF BAN JACINTO )
201 EAST MAIN STREET )
SAN JACINTO,CALIFORNIA 92583 }
(Exempt from Recording Fees Per Government Code 16103.) (Space Above Provided For Recorder)
REQUEST FOR NOTICE
UNDER SECTION 2924b CIVIL CODE
REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO
In accordance with Civil Code,section 2924b, request Is hereby made that a copy of any Notice of
Default and a copy of any Notice of Sale under the Deed of Trust recorded as Instrument No.
onv_ I/A01c3 Official Records of Riverside,
California, .
executed by rt as Trustor
In which Is named as Benficiary
and r Y as Trustee
be mailed to:
CITY CLERK
REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO
201 EAST MAIN STREET
SAN JACINTO,CALIFORNIA 92583
NOTICE: A copy of any notice of default and any notice of sale will be sent only to the address
ii,
this recorded request. if your address changes, a new request must be recorded.
OF AN JACINTO
( gnelure
(Printed Name)111AW ht C:.bnsermrn
Iva f o te--
(TItle)
_ 04- 18 - lour
(Date Signed)
20
RVPUB1SCVM5341
Order.rOuldNlewl nac:RV:Z005 00445915-06065 "W40e1049 Created BY:mravnes Printed:8r2412012 832:49 A14 PST
EXHIBIT "B"
RELEASE DOCUMENTS
I
24438.00000\7624791.3
TO BE RECORDED AND UPON
RECORDATION RETURN TO:
San Jacinto Housing Authority
Authority Secretary
595 S. San Jacinto Avenue
San Jacinto, CA 92583
APN 437-091-010 SPACE ABOVE THIS LINE FOR RECORDER'S USE
EXEMPT FROM RECORDING FEES -GOVERNMENT CODE SECTION 27383
RELEASE OF REGULATORY AGREEMENT
(Covenants Concerning Real Property)
by and among
SAN JACINTO HOUSING AUTHORITY,a California public agency as successor to the
REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO, a public body corporate
and politic
and
MARY ROCCO
as Owner
Dated as of April 14, 2005
Relating to:
$30,000
REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO
AGENCY LOAN
24438.31 DOD\7626898.1
RELEASE OF REGULATORY AGREEMENT
THE RELEASE OF REGULATORY AGREEMENT (this "Agreement") is made and
entered as of this th day of October, 2012, by and among SAN JACINTO HOUSING
AUTHORITY, a California public agency as successor to the REDEVELOPMENT AGENCY
OF THE CITY OF SAN JACINTO, a public body corporate and politic, duly organized and
existing under the laws of the State of California, as lender (the "Agency" or "Authority"), and
MARY ROCCO,as owner(the"Owner").
WITNESSETH
WHEREAS, Agency, acting to carry out its public purpose under the California
Community Redevelopment Law ("CRL")("Health and Safety Code 33000 et seq.) to make
financial assistance available to assist persons and families of low or moderate income to
preserve ownership housing, made a loan ("Agency Loan") to Owner pursuant to the terms of
that certain Regulatory Agreement dated April 14, 2005 by and between Owner and Agency
recorded as Document Number 2005-0445915 in the County of Riverside for the purpose of
assisting owner to finance the rehabilitation of that certain residential real property ("Property")
described on the attached Exhibit A which is incorporated herein by this reference; and
WHEREAS, Agency's agreement to make the Agency Loan to the Owner was
conditioned on, and was induced by, Owner's agreement to restrict the use of Property for the
term of the Agency Loan to owner occupancy for low and moderate income individuals; and
WHEREAS, since that time the Owner has defaulted on the Altura Credit Unions 1st
Mortgage loan and the Property is now facing foreclosure. Authority/Agency has approved the
release of the Agency Loan in order to allow the approved short sale by Altura Credit Union to
go forward.
WHEREAS, Authority now agrees to release this Regulatory Agreement its
proportionate share of any appreciation in the value of the Property from any subsequent sale;
NOW, THEREFORE, in consideration of the mutual covenants and undertakings set
forth herein, and other good and valuable consideration, the receipt and sufficiency of which
hereby are acknowledged, the Authority and the Owner hereby agree as follows:
Section 1. Release of Property from Regulatory Agreement. The Authority and the
Owner hereby agree that the Regulatory Agreement shall have no further force or effect with
respect to the Property and each such document shall cease to be an encumbrance on the
Property.
Section 2. Agreement to Record. The parties hereto represent, warrant and covenant to
cause this Agreement to be recorded in the real property records of the County of Riverside,
California.
Section 3. Effective Date, This Agreement shall be effective as of the date hereof.
24438.3 1 000\7626898.1
Section 4. Multiple Counterparts. This Agreement may be simultaneously executed in
multiple counterparts, all of which shall constitute one and the same instrument, and each of
which shall be deemed to be an original.
Section 5. Governing Law. This Agreement shall be governed by the laws of the State
of California.
IN WITNESS WHEREOF, the Authority, the Association and the Owner have
executed this Release by duly authorized representatives,all as of the date first written above.
SAN JACINTO HOUSING AUTHORITY, a California public
agency as successor to the REDEVELOPMENT AGENCY OF
THE CITY OF SAN JACINTO, a public body corporate and politic
Tim Hults,Executive Director
Attest:
Authority Secretary, Rick Miller
MARY ROCCO, Owner
24438.3 1 000W626898.I
EXHIBIT A
LEGAL DESCRIPTION OF PROPERTY
APN: 437-091-010
LOT 9 BLK I MB 020/055 MANG/DIVINE'S SUB DIVISION. IN THE CITY OF SAN
JACINTO, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP
RECORDED IN BOOK 20, PAGE 5, OF MAPS IN THE OFFICE OF THE COUNTY
RECORDER OF SAID COUNTY.
1
2443 8.3 1 000\7626 898.1
ALL-PURPOSE ACKNOWLEDGMENT NOTARY FOR CALIFORNIA
STATE OF CALIFORNIA )
COUNTY OF )
On before me,
Date Name And Title Of Officer(e.g.'Jane Doe.Notary PubfC)
personally appeared
Name of Signer(s)
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.
Signature of Notary Vublic
OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the document and could
prevent fraudulent reattachment of this form.
CAPACITY CLAIMED BY SIGNER DESCRIPTION OF ATTACHED DOCUMENT
❑ Individual
❑ Corporate Officer
Title(s) Title or Type of Document
❑ Partner(s) ❑ Limited
❑ General
❑ Attorney-In-Fact Number of Pages
❑ Trustee(s)
❑ Guardian/Conservator
❑ Other:
Date Of Document
Signer is representing:
Name Of Person(s)Or Entity(ies)
Signer(s)Other Than Named Above
99999.91466\7245017.I
ALL-PURPOSE ACKNOWLEDGMENT NOTARY FOR CALIFORNIA
STATE OF CALIFORNIA )
COUNTY OF )
On before me,
Date Name And Tdb Of Olticer(e.g.'Jane Doe,Notary Publlc')
personally appeared
Name of Signer(a)
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.
Signature of Notary VUblIC
OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the document and could
prevent fraudulent reattachment of this form.
CAPACITY CLAIMED BY SIGNER DESCRIPTION OF ATTACHED DOCUMENT
❑ Individual
❑ Corporate Officer
Title(s) Title or Type of Document
❑ Partner(s) ❑ Limited
❑ General
❑ Attorney-In-Fact Number Of Pages
❑ Trustee(s)
❑ Guardian/Conservator
❑ Other:
Date Of Document
Signer is representing:
Name Of Person(s)Or Entity(ies)
Signer(s)Other Than Named Above
99999.91466\7245017.1
ALL-PURPOSE ACKNOWLEDGMENT NOTARY FOR CALIFORNIA
STATE OF CALIFORNIA )
COUNTY OF )
On before me,
Date Name And 7XIe Of Officer(e.g."Jana Doe,Notary Public')
personally appeared
Name of Signer(s)
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.
Signature of Notary Pubhe
OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the document and could
prevent fraudulent reattachment of this form.
CAPACITY CLAIMED BY SIGNER DESCRIPTION OF ATTACHED DOCUMENT
❑ Individual
❑ Corporate Officer
Title(s) Title or Type of Document
❑ Partner(s) ❑ Limited
❑ General
❑ Attorney-In-Fact Number Of Pages
❑ Trustee(s)
❑ Guardian/Conservator
❑ Other:
Dale Of Document
Signer is representing:
Name Of Person(s)Or Entity(ies)
Signer(s)Other Than Named Above
99999.91466 V 245017.1
CERTIFICATION
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE ) ss
CITY OF SAN JACINTO )
I, Richard Miller, hereby certify that the foregoing is a true copy of Resolution No. HA
12-01, was adopted by the Board of Directors of the San Jacinto Housing Authority at a
special meeting thereof held the 19th day of October, 2012. WITNESS my hand this
19th day of OctobeJr,12012.
1k, k a
Richard Miller, Housing Authority Secretary
24438.0000017624791.3