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,~~°: 20080589891 023 es:
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TITLE(S)
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Assessor's Identification Number (AIN)
To be completed by Examiner OR Title Company in black ink. Number of AIN's Shown
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First American Idle
`Subdivision Tract Sales
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
Redevelopment Agency of the City of Arcadia
Attention: Executive Director
240 West Huntington Drive
Arcadia, California 91006-6021
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Filing Fees Gov. Code Section 27383 (Space above line for use by Recorder)
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THE REDEVELOPMENT AGENCY OF THE CITY OF ARCADIA
OCCUPANCY AND AFFORDABILITY COVENANTS AND RESTRICTIONS
119 EAST ALTA STREET, UNIT C
Dated as of March 20, 2008
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THE REDEVELOPMENT AGENCY OF THE CITY OF ARCADIA
OCCUPANCY AND AFFORDABILITY COVENANTS AND RESTRICTIONS
(Multi-Family Housing Project)
THIS REDEVELOPMENT AGENCY OF THE CITY OF ARCADIA OCCUPANCY
AND AFFORDABILITY COVENAN"FS AND RESTRICTIONS (the "Covenant Agreement")
is made and entered into as of March 2Q 20 08, among TRA DEMARK DEVELOPMENT
COMPANY, LLC, a California limited liability company (the "Developer"), THE
REDEVELOPMENT AGENCY OF THE CITY OF ARCADIA, a public body, corporate and
politic (the "Agency"), and KEITH MARSHALL, (the "Qualified Home Buyer").
RECITALS
A. The Qualified Home Buyer proposes to acquire a single family residence (the
"New Home"), located within the City of Arcadia (the "City"), from the Developer, to be owned
and occupied by the Qualified Home Buyer as his/her principal residence. The legal description
of the New Home is attached hereto as Exhibit A and incorporated herein by this reference. The
New Home was developed by the Developer pursuant to that certain "Affordable Housing
Agreement" ("AHA") between the Agency and the Developer and reference dated as of June 6,
z 2006.
B. The Agency is obligated to assure that certain specified percentages of homes
~ developed in the Agency's redevelopment project areas will be available to persons and families
of very low, low and moderate income. In fulfillment of this obligation, the Agency and the
Developer have agreed to make the New Home available for acquisition by the Qualified Home
Buyer from the Developer subject to the terms and conditions of the Community Redevelopment
~~ Law found at Health and Safety Code Section 33000, et seq. (the "CRL") and this Covenant.
D. The CRL mandates that the acquisition, use and occupancy of the New Home
shall be restricted in certain respects for the term as provided herein (the "Qualified Residence
Period") in order to ensure that the New Home will be used and occupied in accordance with the
CRL and the affordable single family residential dwelling unit development goals and objectives
of the Agency.
E. In connection with the Qualified Home Buyer's purchase of the New Home, the
Agency may have provided certain financial assistance to the Qualified Home Buyer, in order to
make the New Home affordable for the Qualified FIome Buyer. If such assistance is given, it
shall be evidenced by a promissory note and secured by a deed of trust (the "Silent Second
Loan"). Although the provision of such assistance is not a condition to the effectiveness or
enforceability of this Covenant Agreement, if such assistance is given, the Qualified Home
Buyer's obligations (and those of any Successors-In-Interest) under this Covenant Agreement
shall be secured by the deed of trust given in connection with such assistance.
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F. The Agency also desires to ensure that the Qualified Homebuyer for a particular
~a New Home, and all other successors and assigns thereto, own and occupy such New Home as his
~J9 or her primary residence for a period of forty-five (45) years.
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NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND
UNDERTAKINGS SET FORTH HEREIN, AND FOR OTHER GOOD AND VALUABLE
CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY
ACKNOWLEDGED, THE QUALIFIED HOME BUYER, THE DEVELOPER AND THE
AGENCY DO HEREBY COVENANT AND AGREE FOR THEMSELVES, THEIR
SUCCESSORS AND ASSIGNS AS FOLLOWS:
Section 1. Definitions of Certain Tenns. As used in this Covenant Agreement, the
following words and terms shall have the meaning as provided in the Recitals or in this Section 1
of the Covenant Agreement unless the specific context of usage of a particular word or term may
otherwise require. All other initially capitalized terms used in this Covenant Agreement shall
have the meaning as provided in the AHA, as may be amended from time to time:
(a) Adjusted Family Income. The words "Adjusted Family Income" mean the
anticipated total annual income (adjusted for family size) of each individual or family residing or
treated as residing in the New Home as calculated in accordance with Treasury Regulation
1.167(k) - 3b)(3) under the Code, as adjusted, based upon family size in accordance with the
household income adjustment factors adjusted and amended from time to time, pursuant to
Section 8 of the United States Housing Act of 1937, as amended.
(b) Affordability Covenants. The word "Affordability Covenant" means the
covenant of the Qualified Home Buyer to maintain the affordability of the New Home and the
covenant relating to the sale or transfer of the New Home during the Qualified Residence Period
pursuant to Section 3 in this Covenant Agreement.
(c) Affordable Housing Cost. The words "Affordable Housing Cost" shall have the
meaning as set forth in Health and Safety Code Section 50052.5(b)(4), as this section may
hereafter be amended from time-to-time by the State of California, and shall include an
allowance for utilities and maintenance costs as prescribed by the California Department of
Housing and Community Development from time to time. In the event that either the Qualified
Home Buyer on the Delivery Date, or later that a proposed Successor-In-Interest may be (but
shall not be required to be) an "extremely low income household", a "very low income
household" or a "lower income household", as these terms are defined by the CRL, then in such
event the amount of the maximum Affordable Housing Cost payable by any such Successor-In-
Interest household in connection with the acquisition of the New Home at any time during the
Qualified Residence Period shall be calculated as set forth in Health and Safety Code
50052.5(b)(1) , (2) or (3), as applicable.
(d) Capital Improvements. The words "Capital Improvements" mean the
improvements to a New Home which has: i) an initial cost in excess of Two Thousand Dollars
($2,000); (ii) a useful life of more than one (1) year; and (iii) was commenced subsequent to the
~„,,p purchase of the New Home by the Qualified Home Buyer. The maximum allowable amount of
istr any Capital Improvement shall not exceed the lesser of the actual cost or the appraised value.
(e) Code. The word "Code" means the Internal Revenue Code of 1986, as amended,
tl.Ptl and any regulation, rulings or procedures with respect thereto.
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(f) Covenant Agreement. The word "Covenant Agreement" means this
Redevelopment Agency of the City of Arcadia Occupancy and Affordability Covenants and
Restrictions by and among the Qualified Home Buyer, the Developer and the Agency pertaining
to the New Home.
(g) Delivery Date. The words "Delivery Date" mean the date of delivery of title and
possession of the New Home from the Developer to the Qualified Home Buyer at the close of the
New Home Escrow. In the case of aSuccessor-In-Interest, the words "Delivery Date" refers to
the date on which such Successor-In-Interest acquires the New Home from the Qualified Home
Buyer; provided however, that for the purpose of establishing the termination date of the
Qualified Residence Period, the Delivery Date shall refer to the date on which this Covenant
Agreement is recorded.
(h) Equity Share. The words "Equity Share" mean the share to be paid to the
Agency of the Net Sales Proceeds from the New Home in the same percentage as the Silent
Second Loan to the gross sales price of the New Home at the time the Silent Second Loan is
disbursed to the Qualified Home Buyer according to Section 3(a) in this Covenant Agreement.
(i) Moderate-Income Household. The words "Moderate-Income Household" mean
persons and families whose income does not exceed one hundred twenty percent (120%) of the
then-current area median income of the County of Los Angeles adjusted for family size by the
State Department of Housing and Community Development in accordance with adjustment
Factors adopted and amended Prom time to time by the United States Department of Housing and
Urban Development pursuant to Section 8 of the United States Housing Act of 1937, as
amended, and Health and Safety Code Section 50093, as this section may hereafter be amended
from time-to-time by the State of California.
(j) Net Sales Proceeds. The words "Net Sales Proceeds" mean the amount that is the
difference between: (a) the resale price of the New Home payable by aSuccessor-in-Interest to
the Qualified Homebuyer less (b) the sum of the purchase price of the New Home at the time of
the Agency's assistance, less the costs of any Capital Improvements and less any reasonable and
customary costs of sale (e.g., real estate commissions, escrow costs and title policy expenses) for
similar transactions in Los Angeles County, not to exceed ten (10%) of the gross sales price in
any event).
(k) New Home. The words "New Home" mean and refer to the completed affordable
single-family residential dwelling unit (including the land and landscape improvements thereon)
as constructed and installed by the Developer and sold to the Qualified Home Buyer.
(1) New Home Escrow. The words "New Home Escrow" mean and refer to the real
estate conveyance transaction or escrow by and between the Developer and the Qualified Home
Buyer (or later, by and between the Qualified Home Buyer and the Successor-In-Interest). The
transfer of the New Home from the Developer to the Qualified Home Buyer (or later, by and
between the Qualified Home Buyer and the Successor-In-Interest) shall be accomplished upon
the close of the New Home Escrow.
(m) Notice of Agency Concurrence. The words "Notice of Agency Concunrence"
mean and refer to the acknowledgment in recordable form in which the Agency confirms that the
RVPU~\LWADE1738948.4 - 3 -
proposed Successor-In-Interest of the Qualified Home Buyer satisfies all of the Adjusted Family
Income and other requirements of this Covenant Agreement for occupancy of the New Home by
the Successor-In-Interest at any time during the Qualified Residence Period.
(n) Owner Occupancy Covenant. The words "Owner Occupancy Covenant" mean
and refer to the covenant of the Qualified Home Buyer, and successors-in-interest thereto, to
occupy the New Home as his or her primary residence pursuant to Section 5 in this Covenant
Agreement.
(o) Owner Occupancy Covenant Period. The words "Owner Occupancy Covenant
Period" mean the period of forty-five (45) years from the Delivery Date.
(p) Qualified Home Buyer. The words "Qualified Home Buyer" mean the purchaser
of the New Home from the Developer (e.g.: all persons identified as having a property
ownership interest vested in the New Home as of the close of the New Home Escrow). At the
close of the New Home Escrow, the Qualified Home Buyer shall: (i) have an annual Adjusted
Family Income which does not exceed the household income qualification limits of a Moderate-
Income Household: (ii) shall be a first-time homebuyer, as this term is defined in Health and
Safety Code Section 50068.5 as this section may hereafter be amended from time-to-time by the
State of California; and (iii) pay no more than an Affordable Housing Cost for the New Home
pursuant to the terms of the purchase transaction for the New Home, including all sums payable
by the Qualified Home Buyer for its purchase money mortgage financing, insurance, escrow and
other fees and costs.
(q) Qualified Residence Period. The words "Qualified Residence Period" mean the
period of time beginning on the Delivery Date and ending on the date which is forty-five (45)
years after the Delivery Date.
(r) Restricted Residence Period. The words "Restricted Residence Period" mean
the period of time beginning on the Delivery Date and ending on the date which is five (5) years
thereafter.
(s) Silent Second Loan. The words "Silent Second Loan" mean the loan made by
the Agency to the Qualified Home Buyer from the Agency's low and moderate income housing
fund to assist the Qualified Home Buyer with the purchase of the New Home.
(t) Successor-In-Interest. The words "Successor-In-Interest" mean and refer to the
person, family or household which may acquire the New Home from the Qualified Home Buyer
at any time during the Owner Occupancy Covenant Period by purchase, assignment, transfer or
otherwise. During the Qualified Residence Period, such Successor-In-Interest shall have an
income level for the twelve (12) months prior to the date on which the Successor-In-Interest
acquires the New Home which does not exceed the maximum Adjusted Family Income level for
("'''a aModerate-Income Household. Upon acquisition of the New Home the Successor-In-Interest
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shall be bound by each of the covenants, conditions and restrictions of this Covenant Agreement.
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d41 The titles and headings of the sections of this Covenant Agreement have been
~"'' inserted for convenience of reference only and are not to be considered a Bart of this Covenant
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Agreement and shall not in any way modify or restrict the meaning any of the terms or
provisions of this Covenant Agreement.
Section 2. Acknowledgments and Representations of the Qualified Home Bum. The
Qualified Home Buyer hereby acknowledges and represents that, as of the Delivery Date:
(a) the total household income for the Qualified Home Buyer does not exceed the
maximum amount permitted as Adjusted Family Income for aModerate-Income Household,
adjusted for actual family size;
(b) the Qualified Home Buyer shall promptly occupy the New Home after the
Delivery Date as the principal place of residence and the Qualified Home Buyer has not entered
into any arrangement and shall not sell, transfer or assign the New Home to any third party
during the Qualified Residence Period so as to frustrate the purpose of this Covenant Agreement;
(c) the Qualified Home Buyer shall not lease or rent any room or sublet or rent a
portion of the New Home to any relative of the Qualified Home Buyer or to any third person at
any time during the Restricted Residence Period;
(d) the aggregate sum payable each month by the Qualified Home Buyer following
the close of the New Home Escrow as principal and interest, property taxes and, property
casualty insurance for the acquisition of the New Home does not exceed the Affordable Housing
Cost for the household;
(e) the Qualified Home Buyer agrees to provide the Agency with the following items
of information for inspection by the Agency promptly upon written request of the Agency:
(i) State and federal income tax returns filed by all persons who reside in the
New Home for the three (3) most recent tax years preceding the close of the New Home Escrow
for inspection of such State and federal income tax returns;
(ii) current wage, income and salary statements for all persons residing in the
New Home at the close of the New Home Escrow;
(f) The Qualified Home Buyer has been informed by the Developer that this
Covenant Agreement imposes certain restrictions on the use and occupancy of the New Home
during the term of this Covenant Agreement and that this Covenant Agreement imposes certain
restrictions on the resale of the New Home during the Qualified Residence Period. The
Qualified Home Buyer acknowledges and understands that these restrictians shall be applicable
to the New Home and to any resale of the New Home from the Delivery Date to the end of the
Qualified Residence Period which is March 28, 2053. The Qualified Home Buyer also
acknowledges and understands that the entire unpaid balance of the Silent Second Loan may be
immediately due and payable upon the failure of the Qualified Home Buyer to satisfy its
oblieations under this CovenantQAgreement.
Dated: 3 8 ~ D
Initials of
Qualified Home Buyer
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Section 3. Covenant of the Qualified Home Buyer to Maintain Affordability of the New
Home During the Qualified Residence Period and Covenant Relating to Sale or Transfer of the
New Home Duri~ the Qualified Residence Period to aSuccessor-In-Interest.
(a) The Qualified Home Buyer for itself, its heirs, successors and assigns, hereby
covenants and agrees that during the term of the Qualified Residence Period, the New Home
shall be used and occupied by the Qualified Home Buyer as its principal residence, and that the
New Home shall be reserved for sale, use and occupancy by the Qualified Home Buyer and/or
for another Moderate-Income Household as aSuccessor-In-Interest at an Affordable Housing
Cost. The Qualified Home Buyer, for itself, its heirs, successors and assigns, further covenants
and agrees that, during the Qualified Residence Period, the Agency shall have the right as
provided in this Section 3 of this Covenant Agreement to verify that each proposed Successor-In-
Interest oP the Qualified Home Buyer in the New Home satisfies the income requirements and
Affordable Housing Cost limitations of aModerate-Income Household (based upon the Adjusted
Family Income of each household). Provided, however, that after the Restricted Residence
Period, the Qualified Home Buyer may exercise the "Opt-out Option" wherein the Qualified
Home Buyer may elect to avoid the restriction of this Section 3(a) of this Covenant Agreement
by payment to the Agency of a sum equal to the following: (i) the entire outstanding unforgiven
balance of the Silent Second Loan provided to the Qualified Home Buyer (or its predecessor);
and (ii) the Equity Share of the Net Sales Proceeds, as both terms are defined in Section 1 of this
Covenant Agreement. The completion of any resale or transfer of the New Home to a
Successor-In-Interest shall be subject to the recordation of the "Notice of Agency Concurrence"
as provided in Section 3(d) of this Covenant Agreement. If the Qualified Home Buyer chooses
to exercise its rights under the Opt-out Option detailed above, the written notice provided to
Agency under Section 3(b) of this Covenant Agreement shall include a statement that Qualified .
Home Buyer will be proceeding under the Opt-out Provision.
(b) The Qualified Home Buyer, for itself, its successors and assigns, hereby
covenants and agrees that during the term of the Qualified Residence Period, the Qualified Home
Buyer shall not sell, transfer or otherwise dispose of the New Home to aSuccessor-In-Interest
without first giving written notice to the Agency and without first obtaining the written
concurrence of the Agency as provided herein. At least forty-five (45) days prior to the date on
which the Qualified Home Buyer proposes to transfer title in the New Hotne to a Successor-In-
Interest, the Qualified Home Buyer shall send a written notice to the Agency as provided in
Section 18 of this Covenant Agreement of the intention of the Qualified Home Buyer to sell the
New Home to aSuccessor-In-Interest which includes the following true and correct information:
(i) name of the proposed Successor-In-Interest (including the identity of all
persons in the household of the Successor-In-Interest, proposing to reside in the New Home);
(ii) copies of State and federal income tax returns for the Successor-In-Interest
~;I for the calendar year preceding the year in which the notice of intention to sell the New Home is
~4~'~ given to the Agency;
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q~ri (iii) resale price oP the New Home payable by the Successor-In-Interest,
"sCr including the terms of all purchase money mortgage financing to be assumed, provided or
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obtained by the Successor-In-Interest, escrow costs and charges, realtor broker fees and all other
resale costs or charges payable by either the Qualified Home Buyer or the Successor-In-Interest;
(iv) name address, and telephone number of the escrow company which shall
coordinate the transfer of the New Home from the Qualified Home Buyer to the Successor-In-
Interesl;
(v) appropriate mortgage credit reference for the Successor-In-Interest with a
written authorization signed by the Successor-In-Interest authorizing the Agency to contact each
such reference; and
(vi) such other relevant information as the Agency may reasonably request, as
provided in Section 3(c) of this Covenant Agreement.
(c) Within twenty (20) days following receipt of the notice of intention described in
Section 3(b) of this Covenant Agreement, the Agency shall provide the Qualified Home Buyer
with either a preliminary confirmation of approval or a preliminary rejection of approval in
writing of the income and household occupancy qualifications of the Successor-In-Interest. The
Agency shall not unreasonably withhold approval of any proposed sale of the New Home to a
Successor-[n-Interest who satisfies the Adjusted Family Income and the Affordable Housing
Cost requirements for occupancy of the New Home and for whom the other information as
described in Section 3(b) of this Covenant Agreement has been provided to the Agency, or any
proposed sale that meets the requirements of the Opt-Out Option described in subsection (a) of
this Section 3 of this Covenant Agreement. In the event that the Agency may request additional
information relating to the confirmation of the matters described in Section 3(b) of this Covenant
Agreement, the Qualified Home Buyer shall provide such information to the Agency as promptly
as feasible.
(d) Upon its final confirmation of approval of the Adjusted Family Income and
Affordable Housing Cost eligibility of the Successor-In-Interest to acquire the New Home, the
Agency shall deliver a written acknowledgment and approval of the resale of the New Home to
the Successor-In-Interest in recordable form to the escrow holder referenced in Section 3(b)(iv)
of this Covenant Agreement, and thereafter the Successor-In-Interest may acquire the New
Home subject to the satisfaction of the following conditions:
(i) the recordation of the Notice of Agency Concurrence executed by the
Successor-In-Interest and the Agency at the close of the resale escrow;
(ii) the escrow holder shall have provided the Agency with a copy of the
customary form of the final escrow closing statement of the Qualified Home Buyer and the final
escrow closing statement for the Successor-In-Interest; and
f°j (iii) the other conditions of the resale escrow as established by the Qualified
~'~ Home Buyer and Successor-In-Interest shall have been satisfied.
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U'd (e) The Qualified Home Buyer for itself, its successors and assigns hereby covenants
r';o and agrees that until the end of the Owner Occupancy Covenant Period, the New Home shall not
Uy be leased, subleased, or rented to any third person, except for a temporary period (not to exceed
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twelve (12) months) in the event of an emergency or other unforeseen circumstance as may be
expressly approved in writing by the Agency subject to compliance during the temporary rental
period with the reasonable temporary rental occupancy conditions required by the Agency. The
Qualified Home Buyer shall submit a written request to the Agency prior to the commencement
of the temporary occupancy, as practicable, but in any event within not more than sixty (60) days
following the commencement of a temporary rental occupancy of the New Home by a third
party, which notice shall set forth the grounds on which the Qualified Home Buyer believes an
emergency or other unforeseen circumstance has occurred and that a temporary rental occupancy
in necessary.
(f) Restrictions on Transfer of the New Home. QUALIFIED HOME BUYER
UNDERSTANDS THAT THE DETERMINATION OF THE SALES PRICE OF THE NEW
HOME TO ASUCCESSOR-IN-INTEREST CAN BE MADE ONLY AT THE TIME OF THE
PROPOSED TRANSFER TAKING INTO CONSIDERATION INTEREST RATES,
PROPERTY TAXES AND PRICE PERMITTED HEREUNDER MAY NOT INCREASE OR
DECREASE IN THE SAME MANNER AS OTHER SIMILAR REAL PROPERTY WHICH IS
NOT ENCUMBERED BY THE RESTRICTIONS OF THIS COVENANT AGREEMENT.
QUALIFIED HOME BUYER FURTHER ACKNOWLEDGES THAT AT ALL TIMES IN
SETTING THE SALES PRICE OF THE NEW HOME'CHE PRIMARY OBJECTIVE OF THE
CITY, THE AGENCY AND THE RESTRICTIONS OF THIS COVENANT AGREEMENT IS
TO PROVIDE HOUSING TO ELIGIBLE PERSONS OR FAMILIES AT AFFORDABLE
HOUSING COSTS. THE SALES PRICE WILL ALMOST CERTAINLY BE LESS THAN
OTHER SIMILAR PROPERTIEpS WHICH HAVE NO COVENANT RESTRICTIONS.
Dated: ~ a-~ ~O
Initials of
Qualified Home Buyer
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(g) The entirety of the Silent Second Loan may, at the Agency's option, be immediately
due and payable upon the sale, lease, or other transfer of the New Home prior to the expiration of
the full term of the Qualified Residence Period in contravention of either this Agreement or the
affordability covenants. Notwithstanding any other provision herein to the foregoing, nothing in
this Section 3 of this Covenant Agreement shall operate to terminate the Owner Occupancy
Covenant or the maintenance condition, as set forth in Section 4 of this Covenant Agreement,
during the term as defined in Section 10 of this Covenant Agreement.
Section 4. Maintenance Condition of the New Home. The Qualified Home Buyer, for
itself, its successors and assigns, hereby covenants and agrees that:
(a) The exterior areas of the New Home which are subject to public view (e.g.: all
improvements, paving, walkways, landscaping, and ornamentation) shall be maintained in good
repair and a neat, clean and orderly condition, ordinary wear and tear excepted. In the event that
at any time during the term of the term of this Covenant Agreement, as set forth in Section 10 of
this Covenant Agreement, there is an occurrence of an adverse condition on any area of the New
Home which is subject to public view in contravention of the genera] maintenance standard
described above, (a "Maintenance Deficiency") then the Agency shall notify the Qualified Home
Buyer, or its Successors-in-Interest, in writing of the Maintenance Deficiency and give the
Qualified Home Buyer thirty (30) days from the date of such notice to cure the Maintenance
RVPUB\L~4'AD81738948.4 - g -
Deficiency as identified in the notice. The words "Maintenance Deficiency" include without
limitation the following inadequate or non-confirming property maintenance conditions and/or
breaches of single family dwelling residential property use restrictions:
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(i) failure to properly maintain the windows, structural elements, and painted
exterior surface areas of the dwelling unit in a clean and presentable manner;
(ii) failure to keep the front and side yazd areas of the property free of
accumulated debris, appliances, inoperable motor vehicles or motor vehicle parts, or free of
storage of lumber, building materials or equipment not regularly in use on the property;
(iii) failure to regularly mow lawn areas or permit grasses planted in lawn
areas to exceed nine inches (9") in height, or failure to otherwise maintain the landscaping in a
reasonable condition free of weeds and debris;
(iv) parking of any commercial motor vehicle in excess of 7,000 pounds gross
weight anywhere on the property, or the parking of motor vehicles, boats, camper shells, trailers,
recreational vehicles and the like in any side yard or on any other parts of the property which are
not covered by a paved and impermeable surface;
(v) the use of the garage area of the dwelling unit for purposes other than the
parking of motor vehicles and the storage of personal possessions and mechanical equipment of
persons residing in the New Home.
In the event the Qualified Home Buyer fails to cure or commence to cure the
Maintenance Deficiency within the time allowed, the Agency may thereafter conduct a public
hearing following transmittal of written notice thereof to the Qualified Home Buyer ten (10) days
prior to the scheduled date of such public hearing in order to verify whether a Maintenance
Deficiency exists and whether the Qualified Home Buyer has failed to comply with the provision
of this Section 4(a) of this Covenant Agreement. If, upon the conclusion of a public hearing, the
Agency makes a finding that a Maintenance Deficiency exists and that there appears to be non-
compliance with the general maintenance standard, as described above, thereafter the Agency
shall have the right to enter the New Home (exterior areas only) and perform all acts necessary to
cure the Maintenance Deficiency, or to take other action at law or equity the Agency may then
have to accomplish the abatement of the Maintenance Deficiency. Any sum expended by the
Agency for the abatement of a Maintenance Deficiency as authorized by this Section 4(a) of this
Covenant Agreement shall become a lien on the New Home. If the amount of the lien is not paid
within thirty (30) days after written demand for payment by the Agency to the Qualified Home
Buyer, the Agency shall have the right to enforce the lien in the manner as provided in Section
4(c) of this Covenant Agreement.
(b) Graffiti which is visible from any public right-of--way which is adjacent or
contiguous to the New Home shall be removed by the Qualified Home Buyer from any exterior
surface of a structure or improvement on the New Home by either painting over the evidence of
such vandalism with a paint which has been color-matched to the surface on which the paint is
applied, or graffiti may be removed with solvents, detergents or water as appropriate. In the
event that graffiti is placed on the New Home (exterior areas only) and such graffiti is visible
from an adjacent or contiguous public right-of-way and thereafter such graffiti is not removed
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within 72 hours following the time of its application; then in such event and without notice to the
Qualified Home Buyer, the Agency shall have the right to enter the New Home and remove the
graffiti. Notwithstanding any provision of Section 4(a) of this Covenant Agreement to the
contrary, any sum expended by the Agency for the removal of graffiti from the New Home as
authorized by this Section 4(b) of this Covenant Agreement shall become a lien on the New
Home. If the amount of the lien is not paid within thirty (30) days after written demand for
payment by the Agency to the Qualified Home Buyer, the Agency shall have the right to enforce
its lien in the manner as provided in Section 4(c) of this Covenant Agreement.
(c) The parties hereto further mutually understand and agree that the rights conferred
upon the Agency under this Section 4 expressly include the power to establish and enforce a lien
or other encumbrance against the New Home in the manner provided under Civil Code Sections
2924, 2924b and 2924c in the amount as reasonably necessary to restore the New Home to the
maintenance standard required under Section 4(a) or Section 4(b) of this Covenant Agreement,
including attorneys fees and costs of the Agency associated with the abatement of the
Maintenance Deficiency or removal of graffiti and the collection of the costs of the Agency in
connection with such action. In any legal proceeding for enforcing such a lien against the New
Home, the prevailing party shall be entitled to recover its attorneys' fees and costs of suit. The
provisions of this Section 4 of this Covenant Agreement shall be a covenant running with the
land for the Term of this Agreement as set forth in Section 10 of this Covenant Agreement and
shall be enforceable by the Agency in its discretion, cumulative with any other rights or powers
granted by the Agency under applicable law. Nothing in the foregoing provisions of this Section
4 of this Covenant Agreement shall be deemed to preclude the Qualified Home Buyer from
making any alterations, additions, or other changes to any structure or improvement or
landscaping on the New Home, provided that such changes comply with the zoning and
development regulations of the City and other applicable law.
Section 5. Covenant of the Qualified Home Buyer and all Successors-in-Interests to
Occupy the New Home as his or her Primary Residence. The Qualified Home Buyer, for itself,
its heirs, successor and assigns, hereby covenants and agrees that, for the Owner Occupancy
Covenant Period, the New Home shall be used and occupied solely as the primary residence of
the Qualified Home Buyer and its Successors-in-Interest, subject to Section 3(e) of this Covenant
Agreement. During the Qualified Residence Period, the entirety of the Silent Second Loan may,
at the Agency's option, be immediately due and payable upon the lease or other transfer of the
New Home prior to the expiration of the full term of the Owner Occupancy Covenant Period in
contravention of this Covenant Agreement.
Section 6. Acknowledement of Priority Subordination of the Provisions of Section 3 and
Section 7(b) of this Covenant Agreement to the Mortgage Security Interest of the First Mort a e
Lender. Concurrently upon the execution and recordation of this Covenant Agreement the
Qualified Home Buyer shall obtain certain purchase money mortgage financing for the
acquisition of the New Home from Countrywide Bank, FSB (the "First Mortgage Lender"). The
term "First Mortgage Lender" as used herein shall include Ca1HFA in the event Ca1HFA acquires
beneficial interest in the security interest of First Mortgage Lender in the Property. As of the
Delivery Date, the Qualified Home Buyer has provided the Agency with a true and correct copy
of the loan agreement by and between the First Mortgage Lender and the Qualified Home Buyer.
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This Covenant Agreement, with the exception of the Owner Occupancy Covenant in
Section 5 of this Covenant Agreement, shall be subordinate to the security interest of the First
Mortgage Lender in the New Home and shall not impair the rights of the First Mortgage Lender
or such lender's assignee or successor-in-interest, to exercise its remedies under the lien of the
First Mortgage Lender in the event of default by Owner.
No breach or default by the Qualified Home Buyer of any provision of Section 3 and/or
Section 7(b) of this Covenant Agreement, nor the exercise by the Agency of any remedy it may
have against the Qualified Home Buyer in the event of such a breach or default shall affect or
render invalid the lien of the First Mortgage Lender in the New Home. In the event that the First
Mortgage Lender (or its assignee) may foreclose the lien of the First Mortgage Lender in the
New Home, subject to Section 7(a) of this Covenant Agreement through trustee sale, judicial
foreclosure or by acceptance of deed in lieu of foreclosure, this Covenant Agreement shall be
forever terminated and shall have no further effect as to Che New Home or any transferee
thereafter; provided, however, if the holder of such deed of trust acquires title to the New Home
pursuant to a deed or assignment in lieu of foreclosure, this Covenant Agreement shall
automatically terminate upon such acquisition of title only if: i) the first deed of trust secures
repayment of a promissory note, the proceeds of which were used to acquire fee title to the New
Home; ii) the Agency has been given thirty (30) days written notice of default under such first
deed of trust; and iii) the Agency shall not have cured the default under such first deed of trust
within the thirty (30) day period provided in such notice sent to the City. The notice requirement
of subsection (ii) of the previous sentence shall be satisfied by the recordation of a notice of
default in the manner set forth in California Civil Code Section 2924.
Section 7. Foreclosure of Purchase Monev Mortgage Loan and Agency Right of First
Refusal.
(a) During the Qualified Residence Period, the Agency shall have the right (but not the
obligation) to bid on the purchase of any mortgage loan lien secured by the New Home at the
time of any trustee foreclosure sale or any judicial foreclosure sale.
(b) During the Qualified Residence Period, the Agency shall have the right of first
refusal to purchase the New Home from the Qualified Home Buyer on the same terms which the
Qualified Home Buyer may propose to offer the New Home for resale to aSuccessor-In-Interest.
The Agency must exercise such a right of first refusal within thirty (30) days following written
notification of the intention of the Qualified Home Buyer to resell the New Home, and if the
Agency accepts the offer in writing within such time period the Agency shall be bound to
complete the purchase of the New Home strictly in accordance with the offer. Thereafrer the
Agency shall pay the "resale price" to the Qualified FIome Buyer and close an escrow for the
transfer of the New Home to the Agency within sixty (60) days following written notification of
the intention of the Qualified Home Buyer to resell the New House.
Section 8.Covenants to Run With the Land. The Developer, the Agency and the
Qualified Home Buyer hereby declare their specific intent that the covenants, reservations and
restrictions set forth herein are part of a common plan for the development of affordable multi-
family housing improvements in 119-121 Alta Street Affordable Housing Project and that each
shall be deemed covenants running with the land and shall pass to and be binding upon the New
Home and each Successor-In-Interest of the Qualified Home Buyer in the New Home for the
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term set forth in Section 10 of this Covenant Agreement, except for the Affordability Covenants
with shall be deemed a covenant running with the land and shall pass to and be binding upon the
New Home and each Successor-In-Interest of the Qualified Home Buyer in the New Home for
the Qualified Residence Period. The Qualified Home Buyer hereby expressly assumes the duty
and obligation to perform each of the covenants and to honor each of the reservations and
restrictions set forth in this Covenant Agreement. Each and every contract, deed or other
instrument hereafter executed covering or conveying the New Home or any interest therein shall
conclusively be held to have been executed, delivered and accepted subject to such covenants,
reservations, and restrictions, regardless of whether such covenants, reservations and restrictions
are set forth in such contract, deed or other instrument.
Section 9. Burden and Benefit. The Developer, the Agency and the Qualified Home
Buyer hereby declare their understanding and intent that the burden of the covenants set forth
herein touch and concern the land in that the Qualified Home Buyer's legal interest in the New
Home is affected by the affordable single family dwelling use and occupancy covenants
hereunder. The Agency and the Qualified Home Buyer hereby further declare their
understanding and intent that the benefit of such covenants touch and concern the land by
enhancing and increasing the enjoyment and use of the New Home by the intended beneficiaries
of such covenants, reservations and restrictions.
Section 10. Term. This Covenant Agreement shall apply to the New Home and the
Qualified Home Buyer and to each Successor-In-Interest as of the Delivery Date for the Owner
Occupancy Covenant Period - e.g.: this Covenant Agreement shall remain in full force and
effect for forty-five (45) years after the Delivery Date. Any provision or section hereof may be
terminated afer the Delivery Date upon agreement by the Agency (given or withheld in its sole
and absolute discretion) and the Qualified Home Buyer (or the Successor-In-Interest in the New
Home), if there shall have been provided to the Agency an opinion of special legal counsel that
such a termination under the terms and conditions approved by the Agency in its reasonable
discretion will not adversely affect the Agency.
Section 11. Acceleration of Agenc~Note and Deed of Trust. QUALIFIED HOME
BUYER ACKNOWLEDGES AND UNDERSTANDS THAT, DURING THE QUALIFIED
RESIDENCE PERIOD, UPON THE OCCURRENCE OF AN EVENT OF DEFAULT
ARISING FROM, IN CONNECTION WITH OR RELATED TO THE FAILURE OF
THE QUALIFIED HOME BUYER TO SATISFY ITS OBLIGATIONS UNDER
SECTION 2, SECTION 3 OR SECTION 5 OF THIS COVENANT AGREEMENT, THE
AGENCY MAY, AT AGENCY'S OPTION, DECLARE THE ENTIRE OUTSTANDING
BALANCE OF THE SILENT SECOND LOAN TO BE IMMEDIATELY DUE AND
PAYABLE, AND THE SAME SHALL BE IMMEDIATELY~D/U,,E,, AND PAYABLE.
Dated: 3 a8 ~~ /"~"t
Initials of
Qualified Home Buyer
Section 12. Breach and Default and Enforcement.
(a) Failure or delay by the Qualified Home Buyer to honor or perform any material
term or provision of this Covenant Agreement shall constitute a breach under this Agreement;
RVPUE\LWADE1738948A - 12 -
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provided however, that if the Qualified Home Buyer commences to cure, correct or remedy the
alleged breach within thirty (30) calendar days after the date of written notice specifying such
breach and shall diligently complete such cure, correction or remedy, the Qualified Home Buyer
shall not be deemed to be in default hereunder.
The Agency shall give the Qualified Home Buyer written notice of breach specifying the
alleged breach which if uncured by the Qualified Home Buyer within thirty (30) calendar days,
shall be deemed to be an event of default. Delay in giving such notice shall not constitute a
waiver of any breach or event of default nor shall it change the time of breach or event of
default; provided, however, the Agency shall not exercise any remedy for an event of default
hereunder without first delivering the written notice of breach as specified in this Section 12 of
this Covenant Agreement.
Except with respect to rights and remedies expressly declared to be exclusive in this
Covenant Agreement, the rights and remedies of the Agency are cumulative with any other right
or power of the Agency or the City or other applicable law, and the exercise of one or more of
such rights or remedies shall not preclude the exercise by the Agency at the same or different
times, of any other right or remedy for the same breach or event of default.
In the event that a breach of the Qualified Home Buyer may remain uncured for more
than thirty (30) calendar days following written notice, as provided above, an event of default
shall be deemed to have occurred. In addition to the remedial provisions of Section 4 of this
Covenant Agreement as related to a Maintenance Deficiency at the New Home, upon the
occurrence of any event of default the Agency shall be entitled to seek any appropriate remedy or
damages by initiating legal proceedings as follows:
(i) by mandamus or other suit, action or proceeding at law or in equity, to
require the Qualified Home Buyer to perform its obligations and covenants hereunder, or enjoin
any acts or things which may be unlawful or in violation of the rights of the Agency; or
(ii) by other action at law or in equity as necessary or convenient to enforce
the obligations, covenants and agreements of the Qualified Home Buyer to the Agency.
(b) No third party shall have any right or power to enforce any provision of this
Covenant Agreement on behalf of the Agency or to compel the Agency to enforce any provision
of this Covenant Agreement against the Qualified Home Buyer on the New Home.
(c) The remedies set forth herein are in addition to and may be exercised concurrently
or independently of any remedies available to the Agency pursuant to any security interest held
by the Agency in the New Home.
Section 13. Governing Law. This Covenant Agreement shall be governed by the laws of
~°•' the State of California.
~=,o Section 14. Amendment. This Covenant Agreement may be amended after the Delivery
~r~ Date only by a written instrument executed by the Qualified Home Buyer (or the Successor-In-
Interest, as applicable) and by the Agency. The Developer shall have not any right or power to
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approve any such amendment to this Covenant Agreement, and the execution by the Developer
of any such amendment after the Delivery Date shall not be required.
Section 15. Attorney's Fees. In the event that the Agency brings an action to enforce any
condition or covenant, representation or warranty in this Covenant Agreement or otherwise
arising out of this Covenant Agreement, the prevailing party in such action shall be entitled to
recover from the other party reasonable attorneys' fees to be fixed by the court in which a
judgment is entered, as well as the costs of such suit.
Section 16. Severability. If any provision of this Covenant Agreement shall be declared
invalid, inoperative or unenforceable by a final judgment or decree of a court of competent
jurisdiction such invalidity or unenforceability of such provision shall not affect the remaining
parts of this Covenant Agreement which are hereby declared by the parties to be severable from
any other part which is found by a court to be invalid or unenforceable.
Section 17. Time is of the Essence. For each provision of this Covenant Agreement
which states a specific amount of time within which the requirements thereof are to be satisfied,
time shall be deemed to be of the essence.
Section 18. Notice. Any notice required to be given under this Covenant Agreement
shall be given by the Agency or by the Qualified Home Buyer, as applicable, by personal
delivery or by First Class United States mail at the addresses specified below or at such other
address as may be specified in writing by the parties hereto:
If to the Agency: Redevelopment Agency of the City of Arcadia
Attention: Executive Director
204 West Huntington Drive
Arcadia, California 91006-6021
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Qualified Home Buyer:
Keith Marshall
119 East Alta Street, Unit C
Arcadia, California 91006
Notice shall be deemed given five (5) calendar days after the date of mailing to the party,
or, if personally delivered, when received by the Executive Director of the Agency or the
Qualified Home Buyer, as applicable.
IN WITNESS WHEREOF, the Developer, the Qualified Home Buyer and the Agency
have caused this Covenant Agreement to be signed, acknowledged and attested on their behalf
by duly authorized representatives in counterpart original copies which shall upon execution by
all of the parties be deemed to be one original document. The recordation of this Covenant
Agreement is authorized under Health and Safety Code Section 33413(c)(2) and 33334.3(f).
(SIGNATURE ON THE FOLLOWING PAGE]
R VPUBALWADE1738948.4 - 14 -
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SIGNATURE PAGE
TO
THE REDEVELOPMENT AGENCY OF THE CITY OF ARCADIA
OCCUPANCY AND AFFORDABILITY COVENANTS AND RESTRICTIONS
119 EAST ALTA STREET, UNIT C, ARCADIA, CALIFORNIA
f) QUALI~IE~D~H~OME BUYER:
Dated: ~ ~'g ~rJ By: ~~~""u" ~~iVtiO~~i~
KEITH MARSHALL
DEVF,LOPER:
TRADEMARK DEVELOPMENT
COMPANY, LLC
a California limited liability company
Dated: ~ ~ ~`+~
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By:
Its: emb
AGENCY:
THE REDEVELOPMENT AGENCY OF THE
CITY OF ARCADIA, a public body corporate
and politic
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Attest:
Agenc ecretary
APPROVED AS TO LEGAL FORM:
BEST BEST & KRIEGER LLP
By:
Agency Special Counsel
Stephen P. Deitsch
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Donald Penman
Executive Director
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SIGNATURE PAGE
TO
THE REDEVELOPMENT AGENCY OF THE CITY OF ARCADIA
OCCUPANCY AND AFFORDABILITY COVENANTS AND RESTRICTIONS
119 EAST ALTA STREET, UNIT B, ARCADIA, CALIFORNIA
Dated: ~ a' ~ ~~
Dated:
Dated:
QUALIFIED HOME BUYER:
By: ~~~' ~G~f~
KEITH MARSHALL
DEVELOPER:
TRADEMARK DEVELOPMENT
COMPANY,LLC
a California limited liability company
By:
Its:
Member
AGENCY:
THE REDEVELOPMENT AGENCY OF
THE CITY OF ARCADIA, a public body
corporate and politic
By:
Donald Penman
Executive Director
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Agency Secretary
APPROVED AS TO LEGAL FORM:
BEST BEST & KRIEGER LLP
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Agency Special Counsel
Stephen P. Deitsch
11
ACKNOWLEDGMENT
State of California
County of ~ OS ~~U6E .t.E S
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A Notary Public in and for said
L
who proved to me on the basis of satisfactory evidence to be the person(.s~ whose name(
is/are' subscribed to the within instrument and acknowledged to me that he/shekhey executed
the same in his/herftheirauthorized capacity(ies), and that by his/heMthel~ signature(s) on the
instrument the person(s), or the entity upon behalf of which the person(s3 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.
my hand and official seal.
Signature ~ ' '9e~~~c.~
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COMM. #1704247
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ACKNOWLEDGMENT
State of Califomia
County of ~05 FWC~ I_E,'~
before me, t"~2~~r-1 WF12fLtl-t, ~yUT}~~'~~L,13~cr
Notary Public in and for said State personally appeared
proved to me on the basis of satisfactory evidence to be the person( whose name(sa
subscribed to the within instrument and acknowledged to me that he/s'he/1Rey executed
same in his/Raf/thbi~ authorized capacity(tesJ, and that by his/het/tRejr signature(s~ on they
•ument the person(a~, or the entity upon behalf of which the person(s~ acted, executed the',
I certify under PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct.
my hand and official seal.
KRISTIN WARREN
Comm. # 1542795
1 N "® .NOTARY PUBLIC-CALIFORNIA UI
County of Las Angeles "'
Signaturen~~~~~V~ MY Comm. Expires Jan. 9,20D9"
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ACKNOWLEDGMENT
State of Calif rnia
County of~J Pi C 5
On %'~~~~ before me,i'/SC( //(~ll~~<///~(SSC!'/Ue~ ,
A Notary Public in and for said State
who proved to me on the basis of satisfactory evidence to be the person whose name(p~ is/ark
subscribed to the within instrument and acknowledged to me that he/s~/t~ executed the same in
his/}y6r/t~r authorized capacity(ip~, and that by his/h~f/thpi'r signature(p'J on the instrument the
personyvJ, or the entity upon behalf of which the person(p') acted, executed the instrument.
paragraph is true and correct.
certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
WITNESS my hand and official seal.
Signature (~
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ILLEGIBLE NOTARY SEAL DECLARATION
Government Code Section 27361.7
I certify under penalty of perjury that the notary seal on the document to which this
statement attached reads as follows:
Name of Notary: Lisa Marie Mussenden
Date Commission Expires: April 7, 2001
Notary Identification No: 1737305
(for Notaries commissioned at 1/1/92)
ManufacturerNendor identification No: NNA1
(for Notaries commissioned at 111192)
Place of Execution of this Declaration: Rancho Cucamon4a
Date:April 1, 2008
First American Title
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LEGAL DESCRIPTION
Real property in the City of Arcadia, County of Los Angeles, State of California, described as
follows:
PARCEL 1:
UNIT NO. 106 AS SHOWN ANO DESCRIBED ON THE CONDOMINIUM PLAN FOR TRACT MAP NO.
67480, RECORDED FEBRUARY 14, 2008 AS INSTRUMENT NO. 2008-0267938, OF OFFICIAL
RECORDS OF LOS ANGELES COUNTY.
PARCEL 2:
AN UNDIVIDED 1/6TH INTEREST, AS TENANT IN COMMON, IN LOT 1 OF TRACT MAP N0.
67480, AS FILED IN BOOK 1341 PAGES 24 TO 26 OF MAPS, IN THE OFFICE OF THE COUNTY
RECORDER OF SAID COUNTY.
EXCEPT THEREFROM UNITS 101 TO 106 INCLUSIVE AS SHOWN ON THE CONDOMINIUM PLAN
REFERRED TO IN PARCEL 1.
ALSO EXCEPTING AND RESERVING THEREFROM EXCLUSIVE EASEMENTS FOR PORCHES AND
INCIDENTAL PURPOSE OVER THOSE AREAS SO DESIGNATED IN THE CONDOMINIUM PLAN
REFERRED TO IN PARCEL 1.
PARCEL 3: '
AN EXCLUSIVE EASEMENT FOR PORCH AND INCIDENTAL PURPOSES OVER THAT/THOSE
SPACE(S) DESIGNATED IN THE CONDOMINIUM PLAN REFERRED TO IN PARCEL 1 AS P-106.
(Commonly known as: 119 E. ALTA STREET, UNIT C, ARCADIA CA)
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