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HomeMy WebLinkAboutA8974 - CV ESCROW RE: JARO AND FRANCES CHLADEKRECORDING REQUESTED BY AND WHEN RECORDED RETURN TO CITY OF PALM SPRINGS HOUSING SUCCESSOR AGENCY 3200 East Tahquitz Canyon Way Palm Springs, California 92262 Attn: CITY CLERK 2021-0669540 11/10/2021 11:42 AM Fee: $ 0.00 Page 1 of 21 Recorded in Official Records County of Riverside Peter Aldana Assessor -County Clerk --Recorder 111149111Y Null SUBSTITUTION OF TRUSTEE AND FULL RECONVEYANCE WHEREAS the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, California, a public body, corporate and politic ("Redevelopment Agency"), is the named Beneficiary under that certain Deed of Trust dated November 6, 2001 with JARO CHLADEK AND FRANCES CHLADEK, HUSBAND AND WIFE AS JOINT TENANTS, herein called Trustor, and FIDELITY NATIONAL TITLE INSURANCE COMPANY, as Trustee, with such Deed of Trust being recorded on November 30: 2001, as Instrument No. 2001-590471 in the Official Records, County of Riverside, California, and pertaining to that real property in the City of Palm Springs, State of California, described as follows: See EXHIBIT A attached hereto and incorporated herein WHEREAS, on January 4, 2012, the City of Palm Springs, a California charter city, approved action to and did retain the housing assets and functions previously performed by the Redevelopment Agency and became the successor agency ("Housing Successor Agency") by assuming all rights, powers, assets, liabilities, duties, and obligations associated with the housing activities of the Redevelopment Agency, as provided for in California Health and Safety Code §34173 and §34176; WHEREAS, the City of Palm Springs, now acting solely in its capacity as the Housing Successor Agency, is the Beneficiary under the Deed of Trust and the Holder of that certain Promissory Note of the same date, November 6, 2001 secured by the Deed of Trust, with Trustor, JARO CHLADEK AND FRANCES CHLADEK, as Maker; WHEREAS, the Note secured by the Deed of Trust, together with all other indebtedness secured by the Deed of Trust, has been fully paid and satisfied; WHEREAS, the undersigned, the City of Palm Springs as Beneficiary under the Deed of Trust and acting solely as the Housing Successor Agency, hereby appoints and substitutes itself as Trustee in lieu of the original Trustee therein; WHEREAS, the undersigned, the City of Palm Springs as successor Trustee, in accordance with the provisions of the Deed of Trust HEREBY RECONVEYS, WITHOUT WARRANTY, TO THE PERSON OR PERSONS LEGALLY ENTITLED THERETO, all the estate, title and interest now held by it under the Deed of Trust; and 12096321 IN WITNESS WHEREOF, the City of Palm Springs, acting solely in its capacity as Housing Successor Agency has caused this instrument to be executed. Dated 10 12ce Approved as to form: Cit Attor ey LEST: nthony J. , ity Clerk 1209632.1 CITY OF PALM SPRINGS, a California charter city Acting as the Housing Successor Agency By: - A $� � Justin C ' on, City Manager EXHIBIT "A" 3760 CAMINO SAN SIMEON LOT 39, OF VISTA DEL CIELO AS PER MAP ON FILE IN BOOK 20, PAGE 86 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER, OF SAID COUNTY. 1209632.1 CITY OF PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY NEIGHBORHOOD REVITALIZATION PROGRAM This Agreement is to obtain a Loan under the provision of the Palm Springs Community Redevelopment Agency's ("Agency") Neighborhood Revitalization Program. Under the Program, the Agency makes available Grants and Loans to very low, low and moderate income households for property improvements. The Community Redevelopment Law ("CRL") authorizes the Agency to use housing fund monies to increase, improve, and preserve housing available to very low, low and moderate - income persons. You will be required to show proof of income and the number of persons in the household to qualify for the Loan. The Program is specifically provided for those property owners who occupy their homes now and intend to occupy their homes for no less than ten (10) years. 1. We, Jaro and Frances Chladek, are the owners of a single-family dwelling unit located at 3760 Camino San Simeon, Palm Springs, CA 92264 ("Property"). 2. We hereby apply for a Loan in the approximate amount of $25,000.00 to provide financial assistance to make interior and exterior improvements to the Property as described on the Agency's Work Write -Up Form. 3. We hereby authorize the Agency, or its designee, to verify ownership of the Property, and obtain a credit report only for the purpose of confirming that there are no defaults recorded on the Property that will affect our ownership of the Property. 4. We certify (or declare) under penalty of perjury under the laws of the State of California that the family household income at the time we applied did not exceed $42,254.00. 5. There are two persons living within our household. 6. We intend to occupy our home for the next ten (10) years. We understand that if we sell the Property within the ten-year term, the remaining declining balance of the Loan shall become due and payable immediately with interest at the rate of 5%. if we sell the Property at any time within the ten-year term to another income qualified home buyer subject to Agency's approval, then that buyer may assume the remaining balance of the Loan for a new combined term of fifteen (15) years (the sum of our term and the qualified buyer's term will commence upon such sale). 7. We shall indemnify and hold harmless the City of Palm Springs ("City") and the Agency, the City Council, the Agency Board of Directors, its officers, agents, employees and independent contractors free and harmless from any liability whatsoever based and asserted upon any act or omission of the City and Agency for property damage, bodily injury, or death or any other element of damage of any kind or nature, relating to or in any way connected with our participation in the Program. Page 1 of 2 r. IMPORTANT. APPLICANT READ BEFORE SIGNING: ► We certify that the above statements are true and accurate to the best of our belief. This application shall remain the property of the Agency. We understand that a condition of receiving the Loan is to agree to keep our property clear of weeds, trash, rubbish and debris, and if we fail to keep the property clean, the Agency may clean our property at our expense. We understand that if we do not pay the cost of clean up within 30 days, a lien shall be recorded against our property for the cost of clean up and administrative costs, and the Agency may collect, in full, the remaining balance of the Loan as set forth in Paragraph 6. We understand that we must provide the Agency with proof of homeowners insurance to receive funds pursuant to the Agreement. Such insurance shall be kept in effect during the term of this Agreement and shall not be cancelable without thirty (30) days' prior written notice of the proposed cancellation to the Agency, as Holder of Cerdricate. We understand that the selection of a dealer or contractor and the acceptance of the material used and the work performed is our responsibility, and the Agency is not a party to our agreement with the dealer or contractor and does not guarantee the quality of workmanship of the property improvements. ► We understand that the Loan is in the approximate amount of $25,000.00 and the Agency does not warrant that it will pay all costs of improvements. Date: it 0 i Gl Pam spnngs Radavdopmen *q Neighborhood bWa0m Program Property Owner Signature: Jak Chladek -��A'vtw ..Uwj� Frances Chladek Page 2 of 2 COMMUNITY REDEYLQPMENT AGENCY OF THE CITY PALM SPRINGS TRUTH IN LENDING DISCLOSURE DEFERRED LOAN 3200 TANQOITZ CANYON WAY PALM SPRINGS, CA 92262 LOAN AMOUNT $ 25,000.00 LOAN R NAME OF BORROWER(S) a hm CKEa= AND gRM=S CMADgg ADDRESS.3760 CAMINO SAN SINEON PALM SPRINGS, CA 92264 ANNUAL FINANCE AMOUNT TOTAL OF PERCENTAGE CHARGE FINANCED PAYMENTS RATE. The dams .n..iol The amount of cmdh unt ount you will hive amo rat of your .Mir the .edit •. a, ji provided to you a a p6d aft. you have made a. a yearly rare. y., ye„, l hAr. all payments . rdreduled. 5.000% C C C The total amount of principal and accrued interest will be due and payable in full when your legal interest, or any part of your interest in the property is sold, transferred or conveyed, whether voluntarily or involuntarily. You may make one payment per calendar year, if you choose, to reduce the amount of your loan. Any payment made shall be applied to reduce interest owed, and then 10 principal amount of the loan. THIS LOAN WILL NOT BE EXTENDED BEYOND THE DUE DATE AND THERE IS NO ASSURANCE THAT FINANCING WILL BE AVAILABLE FROM ANY SOURCE AT THAT TIME OWNER OCCUPANCY- THIS LOAN REQUIRES THAT YOU REMAIN THE OWNER OCCUPANT OF THE PROPERTY SECURING THE LOAN, PREPAYMENT- IF YOU PAY OFF EARLY, YOU WILL NOT HAVE TO PAY A PENALTY SECURITY. YOU ARE GIVING A SECURITY INTEREST IN REAL PROPERTY LOCATED AT: 3760 CAMINO SAN SIMEON, PALM SPRINGS, CA 92264 INSURANCE: YOU MAY OBTAIN PROPERTY INSURANCE FROM ANYONE THAT 1S ACCEPTABLE TO THE STATE. ASSUMPTION: YOUR LOAN IS NOT ASSUMABLE, IN WHOLE OR IN PART, BY ANYONE ACQUIRING AN INTEREST IN THE PROPERTY, EXCEPT THAT YOUR SPOUSE MAY ASSUME THE LOAN 1F HE OR SHE ACQUIRES AN INTEREST. OR A FURTHER INTEREST, IN THE PROPERTY AS A RESULT OF THE DEATH OR THE DISSOLUTION OF YOUR MARRIAGE. See your coarran davmeou fa say addilrooah ioWmaim about aapayrmat, default, any rcquirsd repym m to full before the scheduled date sad pepYMar peaatrie,. E- MEANS AN ESTIMATE I (WE) EcumY AcKNOwLSDu RECSIVING AND READING A COPY OF THIS DISCLOSURE. 46W bWa ('[q101 4JA,,-,1 Wa n- 2-01 aw t:ma= DATE PRhbX S CHEAUM DATE f RE:70RDING REQUESTED BY: r. Escrow No. Title Order No. 1017340 When Recorded Mail Document To: CITY OF PALM SPRINM CCNNMF [ MEVLLAPIEP AG>>iqCY 3200 TAHaa= CANY10ri WAY PALM SPRMW, CA 92262 't6njO APN: 680-061-009-8 SPACE ABOVE THIS 1 DOC N 2001--00o471 21/30/2001 08:00A Fee:17.00 Page 1 of 2 Recorded in Official Records County of Riverside Gary L. Ors e Assessor, County Clerk 8 Recorder III M WC 000 �mm� • • 00 see MMmWMIM MMOd SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS THIS DEED OF TRUST, made November 6, 2001 between JARO CHLADEK AND FRANCES CHLADEK, HUSBAND AND WIFE AS JOINT TENANTS herein called TRUSTOR, whose address is 3760 CAMINO SAN SIMEON PALM SPRINGS, CALIFORNIA 92264 and FIDELITY NATIONAL TITLE INSURANCE COMPANY herein called TRUSTEE, and CITY OF PALM SPRINGS herein called BENEFICIARY. IF17TV WITNESSETH: That Trustor IRREVOCABLE GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN TRUST, WITH POWER OF SALE, that property in RIVERSIDE County, California, described as: LOT 39 OF VISTA DEL CIELO AS PER MAP ON FILE IN BOOK 20, PAGE 86 OF MAPS, RECORDS OF SAID COUNTY. f113ELITY NATIONALTITLE INSURANCE COMPANY HAS RECORDED THIS INSTRUMENT BY REQJEST AS AN ACCOMMODIATlON ONLY AND HAS NOT EXAM HIED IT FOR REGUL4RITY AND SUFFICIENCY OR AS TO ITS EFFECT UPON THE TITLE TO X1Y REAL PROPERTY THAT MAY BE DESCRIBED THEREIN. TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the right, power and authority given to and conferred upon Beneficiary by paragraph (10) of the provisions incorporated herein by reference to collect and apply such rents, issues and profits. For the Purpose of Securing: 1. Performance of each agreement of Trustor incorporated by reference or contained herein. 2. Payment of the indebtedness evidenced by one promissory note of even date herewith, and any extension or renewal thereof, in the principal sum of $ 2 5 , 0 0 0 . 0 0 executed by Trustor in favor of Beneficiary or order. 3. Payment of such further sums as the then record owner of said property hereafter may borrow from Beneficiary, when evidenced by another note (or notes) reciting it is so secured. API: 680-061-009-8 To Proteil:l"the Security of the Deed of Trust, Trustor Agrees: By the execution and delivery of this Deed of tnist and the note secured hereby, that provisions (1) to (14), inclusive, of the fictitious deed of trust recorded in Santa'Barbara County and Sonoma County October 18, 1961, and in all other counties October 23,1961, in the book and at the page of Official Records in the office of the county recorder of the county where said property is located, noted below opposite the name of such county, viz: COUNTY BOOK PAGE COUNTY BOOK PACE COUNTY BOOK PAGE Alameda 435 684 Kings 792 833 Placer 895 301 Alpine 1 250 Lake 362 39 Plumas 151 5 Amador 104 348 Lassen 171 471 Riverside 3005 523 Butte 1145 1 Los Angeles T2055 899 Sacramento 4331 62 Calaveras 145 152 Madera 810 170 San Benito 271 383 Colusa 296 617 Marin 1508 339 San Bernardino 5567 61 Contra Costa 3979 47 Mariposa 77 292 San Francisco A332 905 Del Norte 78 414 Mendocino 579 560 San Joaquin 2470 311 El Dorado 568 456 Merced 1547 538 San Luis Obispo list 12 Fresno 4626 572 Modoc 184 851 San Mateo 4078 420 Glenn 422 I84 Mono 52 429 Santa Barbara 1878 860 Humboldt 657 527 Monterey 2t94 538 Santa Clara 5336 341 Imperial 109I 501 Napa 639 86 Santa Cruz 1431 494 Inyo 147 599 Nevada 305 320 Shasta 684 528 Kern 3427 60 Orange 5889 611 San Diego Series 2 Book 1961, Page 18388' COUNTY BOOK PAGE Sierra 29 335 Siskiyou 468 181 Solano 1105 182 Sonoma 1951 889 Stanislaus 1715 456 Sutter 572 297 Tehama 401 289 Trinity 93 388 Tulare 2294 275 Tuolumne 135 47 Ventura 2062 386 Yolo 653 245 Yuba 334 486 which provisions, identical in all counties, (printed on the attached unrecorded pages) are hereby adopted and incorporated herein and made a part hereof as fully as though set forth herein at length; that Trustor will observe and perform said provisions; and that the references to property, obligations and parties in said provisions shall be construed to refer to the property, obligations, and parties set forth in this Deed of Trust. The undersigned Trustor request thata copy of any Notice of Default and of any Notice of Sale hereunder be mailed to him at his address hereinbefore set forth. STATE OF CALIFORNA COUNTY OF tea/ before me, a Notary Public in and for said County and S te, personally appeared IxT"nailq-knownlo me-(er proved to me on the basis of satisfactory evidence) to be the perso s) hose name( is are ubscribed to the within instrument and acknowledged to me that he / she (! e xecuted the same in his / her their authorized capacit 1 s and that by his / her signaturedVbn the instrument the person, or the entity upon behalf of which the person(o acted, executed the instrument. Witness my hand and official seal. d Signature Z -"y llllll lllll� 111 !ll�lll ll i lillll !lllfl !!l hill ll l ll�l t E ` I vagI R f'9 Signature of Trustor 1W b4m 4-- CuT,> MM 11 b r. - .. M _Z1. _ U ELAINE L, W9DEKIND '� - NOT ROY p BLIC-CAI F RNIA RIVERSIDE COUNTY 0 COMM. EXP. FEB. 3, 2003 -+ APN: 680-061-009-8 DO NOT RECORD The following is a copy of provisions (1) to (14), inclusive, of the fictitious deed of trust, recorded in each county in California, as stated in the foregoing Deed of Trust and incorporated by reference in said Deed of Trust as being a part thereof as if set forth at Length therein. TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR AGREES: (1) To keep said property in good condition and repair; not to remove or demolish any building thereon; to complete or restore promptly and in good and workmanlike manner any building which may be constructed, damaged or destroyed thereon and to pay where due all claims for labor performed and material furnished therefor; to comply with all laws affecting said property or requiring any alterations or improvements to be made thereon; not to commit or permit waster thereof; not to commit, suffer or permit any act upon said property in violation of law; to cultivate, irrigate, fertilize, fumigate, prune and do all other acts which from the character or use of said property may be reasonable necessary, the specific enumerations herein not excluding the general. (2) To provide, maintain and deliver to Beneficiary fire insurance satisfactory to and with loss payable to Beneficiary. The amount collected under any fire or other insurance policy may be applied by Beneficiary upon any indebtedness secured hereby and in such order as Beneficiary may determine, or at option of Beneficiary the entire amount so collected or any part thereof maybe released to Trustor. Such application or release shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. (3) To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; and to pay all costs and expenses, including cost of evidence of title and attorney's fees in a reasonable sum, in any such action or proceeding in which Beneficiary or Trustee may appear, and in any suit brought by Beneficiary to foreclose this Deed. (4) Topay: atlest ten days before delinquency all taxes and assessments affecting said property, including assessments on appurtenant water stock: when due, all encumbrances, charges and liens, with interest, on said property or any part thereof, which appear to be prior or superior hereto; all costs, fees and expenses of this Trust. Should Trustor fail to make any payment or to do any act as herein provided, the Beneficiary or Trustee, but without obligation so to do and without notice to or demand upon Trustor and without releasing Trustor from any obligation hereof, may: make or do the same in such manner and to such extent as either may deem necessary to protect the security hereof. Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; pay, purchase, contest or compromise any encumbrance, charge or lien which in the judgment of either appears to be prior or superior hereto; and, in exercising any such powers, pay necessary expenses, employ counsel and pay his reasonable fees. (5) To pay immediately and without demand all sums so expended by Beneficiary or Trustee, with interest from date of expenditure at the amount allowed by law in effect at the date hereof, and to pay for any statement provided for by law in effect at the date hereof regarding the obligation secured hereby any amount demanded by the Beneficiary not to exceed the maximum allowed by law at the time when said statement is demanded. (6) That any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned and shall be paid to Beneficiary who may apply or release such moneys received by him in the same manner and with the same effect as above provided for disposition of proceeds of fire or other insurance. (7) That by accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his right either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay. (8) That at any time or from time to time, without liability therefor and without notice, upon written request of Beneficiary and presentation of this Deed and said note for endorsement, and without affecting the personal liability of any person for payment of the presentation of this Deed and said note for endorsement, and without affecting the personal liability of any person for payment of the indebtedness secured hereby, Trustee may; reconvey any part of said property; consent to the making of any map or plat thereof; join in granting any easement thereon; or join in any extension agreement or any agreement subordinating the lien or charge hereof. (9} That upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed and said note to Trustee for cancellation and retenti❑n and upon payment of its fees, Trustee shall reconvey, without warranty, the property then held hereunder. The recitals in such reconveyance of any matters or facts shall be cun1:lusive proof of the truthfulness thereof. The grantee in such reconveyance may be described as "the Person or persons legally entitle thereto." Five years after issuance of such full reconveyance, Trustee may destroy said note and this Deed (unless directed in such request to retain them). (10) That as additional security, Trustor hereby gives to and confers upon Beneficiary the right, power and authority, during the continuance of these Trusts, to collect the rents, issues and profits of said property, reserving unto Trustor the right, prior to any default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, to collect and retain such rents, issues and profits as they become due and payable. Upon any such default, Beneficiary may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of said property or any part thereof, in his own name sue furor otherwise collect such, rents, issues, and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as Beneficiary may determine, The entering upun and taking possession of said property, the collection of such rents, issues and profits and the application thereof as aforesaid, shall not cure ❑r waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. (11) That upon default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee Of written declaration of default and demand for sale and of written notice of default and of election to cause to be sold said property, which notice Trustee shall cause to be filed for record. Beneficiary also shall deposit with Trustee this Deed, said note and all documents evidencing expenditures secured hereby. — F'D-2.21 B (Rev, 904) SFA)1' T FORM € FFD OF TRUST- ... - -PW 3 . APN: 680-061-009-8 DO NOT RECORD After the lapse of such time as my then be required bylaw following the recordation of said notice of default, and notice of sale having been given as then required bylaw, Trustee, without demand on Trustor, shall sell said property at the lime and place fixed by it in said notice of sale, either as a whole or in separate parcels, and in such order as it may determine, at public auction to the highest bidder for cash of lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the proceeding postponement. Trustee shall deliver to such purchaser its deed conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary as hereinafter defined, may purchase as such sale. After deducting all costs, fees and expenses of Trustee and of this Trust, including cost of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of: all sums expended under the terms hereof, not then repaid, with accrued interest at the amount allowed by law in effect at the date hereof; all other sums then secured hereby; and the remainder, if any, to the person or persons legally entitle thereto. (12) Beneficiary, or any successor in ownership of any indebtedness secured hereby, may from time to time, by instrument in writing, substitute a successor or successors to any Trustee named herein or acting hereunder, which instrument, executed by the Beneficiary and duly acknowledged and recorded in the office of the recorder of the county or counties where said property is situated, shall be conclusive proof of proper substitution of such successor Trustee or Trustees, who shall, without conveyance from the Trustee predecessor, succeed to all its title, estate, rights, powers and duties. Said instrument must contain the name of the original Trustor, Trustee and Beneficiary hereunder, the book and pages where this Deed is recorded and the name and address of the new Trustee. (13) That this Deed applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors and assigns. The term Beneficiary shall mean the owner and holder, including pledgees, of the note secured hereby, whether or not named as Beneficiary herein. In this Deed, whenever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the plural. (14) That Trustee accepts this Trust when this Deed, duly executed and acknowledged, is made a public record as provided by law, Trustee is not obligated to notify any party hereto of pending sale under any other Deed of Trust or any action or proceeding in which Trustor, Beneficiary or Trustee shall be a party unless brought by Trustee. Initials -- FD- 2214 (P ov. 4} SRM-1 f<AW 14LAiD-}F TRUST Page 4 APN: 680-061-009-8 REQUEST FOR FULL RECONVEYANCE , TRUSTEE: The undersigned is the legal owner and holder of all indebtedness secured by the within Deed of Trust. All sums secured by said Deed of Trust have been fully paid and satisfied; and you are hereby requested and directed, on payment to you of any sums owing to you under the terms of said Deed of Trust, to cancel all evidences of indebtedness, secured by said Deed of Trust, delivered to you herewith, tog ether with the said Deed of Trust, and to reconvey, without warranty, to the parties designated by the terms of said Deed of Trust, all the estate now held by you under the same. Dated By: By: Please mail Reconveyance to: Do not lose or destroy this Deed of Trust OR THE NOTE which it secures. Both original documents must be delivered to the Trustee for cancellation before reconveyance will be made. STATE OF CALIFORNIA COUNTY OF ON before me, , personally appeared personally known to me (or proved tome 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 I their authorized capacity(ies), and that by his I her/ their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. Signature Mr : !- 4 0_tir nr,� r r • rr DO NOT DESTROY THIS NOTE: When paid, this Note, with the Deed of Trust securing same, must be surrendered to trustee for cancellation before re -conveyance will be made. PROMISSORY NOTE SECURED BY DEED OF TRUST November 6, 2001 Palm Springs, CALIFORNIA 3760 CAMINO SAN SIMEON, PALM SPRINGS, CA 92264 [PROPERTY ADDRESS] FOR VALUE RECEIVED, the undersigned, JARO CHLADEK AND FRANCES CHLADEK ("Maker") hereby promises to pay to the COM 4UNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, a public agency, corporate and politic ("Holder"), at a place designated by Holder, the principal sum of TWENTY FIVE 7EKX)SM AMID N01100-----------------------------------------------------. Dollars ($ 25,000.00 ), together with interest thereon at five percent (5%) per annum commencing December 1, 2001 ("interest Accrual Commencement Date"). 1. Repayment by Maker. This is a deferred loan. Unless the conditions of Section 8 of this note are met ("Due on Sale; Due on Encumbrance'), the Maker will not make payments on this note. Instead, interest in the amount of five percent (5%) per annum shall accrue on the 15th day of each calendar month after the Interest Accrual Commencement Date until principal and interest have been fully amortized. On the anniversary date of the Interest Accrual Commencement Date, an amount equal to ten percent (10%) of the original principal and the interest accrued over the previous twelve-month period, shall be forgiven by the Agency. 2. Repayment. This Note may be prepaid in whole or in part at any time without penalty. 3. Note Secured by Deed of Trust. This Note is secured by a Deed of Trust and Assignment of Rents of even date herewith, encumbering certain real property located in the County of Riverside, State of California, more particularly described therein, and any other instruments, now or hereafter executed by Maker in favor of Holder, which in any manner constitute additional security for this Note ("Deed of Trust"). 4. Late Chang . Maker agrees that if Maker fails to make any payment provided for herein more than ten (10) days after the due date thereof, it would be impractical or extremely difficult to fix the actual damages resulting therefrom to Holder, and therefore, Maker hereby agrees to pay to Holder a late charge equal five percent (5%) of any payment which is not made within ten (10) days after the due date thereof, not as a penalty, but for the purpose of defraying the expenses incident to handling such delinquent payment. Such late charge represents the reasonable estimate of a fair average compensation for the loss that may be sustained by Holder due to the failure of Maker to make timely payments. Such late charge shall be paid without prejudice to the right of Holder to collect any other amount provided to be paid or to declare a default under this Note or the Deed of Trust securing same. Such late charge shall be payable not later than thirty (30) days after the due date or the delinquent payment and shall be secured by the Deed of Trust. 5. Acceleration of Obligation. Upon the failure to make payment of any installment due under this Note as and when the same become due and payable (whether by extension, acceleration or otherwise), or in the event of default under the Deed of Trust, or any breach of any other promise or obligation in this Note or in any other instrument now or hereafter securing the indebtedness evidenced hereby, then, and in any such events, Holder may, at its option, declare this Note and the entire indebtedness hereby evidenced, including, without limitation, all accrued interest, to be immediately due and payable and collectible then or thereafter as Holder may elect, regardless of the date of maturity, and notice of the exercise of said option is hereby expressly waived by Maker. 6. Collection Costs. Attorneys' Fees. If this Note is not paid when due, whether at maturity or by acceleration, Maker promises to pay all costs of payment hereof or enforcement of any guarantee, incurred by Holder on account of such collection, whether or not suit is filed hereon. 7. Waivers by Maker. Maker and all endorsers, guarantors and persons liable or to become liable on the Note waive presentment, protest and demand, notice of protest, demand and dishonor and nonpayment of the note and consent to any and all renewals and extensions near the time of payment hereof and agree further that at any time and from time to time without notice, the terms of payments herein may be modified or the security described in any document securing this Note released in whole or in part, or increased, changed or exchanged by agreement between Holder and any owner of the premises by agreement between Holder and any owner of the premises affected by said documents securing this Note, without in any way affecting the liability of any party to this Note or any persons liable or to become liable with respect to any indebtedness evidenced hereby. 8. Due on Sale. Due on Encumbrance. In the event Maker shall, directly or indirectly, voluntarily or involuntarily, sell, enter into a contract of sale, assign, transfer or dispose of all or any portion of any interest in the property which is subject of the Deed of Trust without obtaining Holder's prior written approval, then, or at any time thereafter, Holder, at its option, may declare the entire indebtedness evidenced hereby immediately due and payable. 9. Severability. The unenforceability of invalidity of any provision or provisions of this Note as to any persons or circumstances shall not render that provision or those provisions unenforceable or invalid as to any other provision or provisions or circumstances, and all provisions hereof, in all other respects, shall remain valid and enforceable. 10. Modifications. Neither this Note nor any term hereof may be waived, amended, discharged, modified, changed or terminated orally; nor shall any waiver of any provision hereof be effective except by an instrument in writing signed by Maker and Holder. No delay or omission on the part of the Holder in exercising any right hereunder shall operate as a waiver of such right or any other right under this Note. 11. No Waiver by Hg1der. No waiver of any breach, defaults or failure of condition under the terms of the Note of the Deed of Trust or the obligation secured thereby shall be implied from any failure of the Holder of the Note to take, or any delay be implied from any failure by the Holder in taking action with respect to such breach, default or failure. 12. Usurv. Notwithstanding any provision in the Note, Deed of Trust or other document securing same, the total liability for payment in the nature of interest shall not exceed the limit now imposed by applicable laws of the State of California. 13. Governing Law. This Note has been executed and delivered by Maker in the State of California securing same, the total liability for payment in the nature of interest shall not exceed the limit now imposed by applicable laws of the State of California. IN WITNESS WHEREOF, Maker has executed this Note as of the date and year first above written. 4W :1 1 Di DAT& M 0 IBM is, M9 M COM&INWYNIMMLOPMM AGENCY FROM: Card COORDINATOR VIA D M ECONOMIC DHVBLOPMEM CRBAMON OF AN AGENCY -FUNDED SDKLE-FAMLY HOM RBNABIIITATM GIANT dt LOAN PROGRAM FOR IOW- AND MDBRATEM4MM OWNER OCC[)PANTS IN MM CUY Oar PAiM SPRIIM S be -go -m I i Ad dMl dw ASanq► gVr*v* dre an -don ofaralkdMuden program hr woe owner ocaquma o[able &n* boom in the City dWhu Springs, Ca- u iyr R*kvd0P=d ASeaay Mffls pIopodrig the ams0w afa program of grws and dellne I I=* to Sd44ns Mmeoainara in do City at Min Spdap fbr do Wq*w of a+rbab dgPean ly, awnrer-*omVM bomea. Seveml piorlty araaa, buWwlbdw Mnre&MoptoWr je ww4lie beeakluMW lbc lirapagnp�thouglydincamaqu�8ed600reaanresiodreClyro�PabrrSprfggaaroela i�r daprqDarrr. TherWwdopaaatprgjeotmaeeareliaoedbdu%buttbaMgwtNob*C=Ama end do C1ty" s Twep w our Xd*6 rbood" wens have do been. fdem h& (rwa aidwe caecaeredmRedeveJoprneetp+ojectuukbutat kdisthernaSerro *southdRamonRoad betel PdmCwn =DrivaendW=S@n&) Stag Edemlapaprogretnmapa xwftmate Wecdobamdake. 9be Coamaaritykawdlopmeat ASea y pvjectarem ind & CenttelBudnewDhaict T*q*m-Aodm RR=oa4k* SPA PaJor Cman 086 North Pdm Cagm Hviudad"M BerbwFemdi Project AresNo.9 C"=PMJ@d 7U el0Ae population Sw the pmv m is ider "R l bebw: Owoer�caq�eeti a[e3r�eRoiily hones (name mart appear oa tilb) PuMinra Palm SpbwSr roaidmt Noreraai propatke(ineddoioatoproatafa�wrreeship, mart � efi�atooarparw3►) No aeaordboarea (snbderx to Metrascm ar Datequicic sestah) Mwtiidwttkaveryloat,law,endmoderebeinoorrre:e(50%.> 120�La�nredbw income, respecdvdy) in addeion to the inoonra- and awrrmrequitaa w t4 the program Wo hu Borne Vwwal mpkenw to aid raakdons lbr ail pact and Jose redpicow 1. A l appUm mart meet iaC o - g and owomMp eiigibpdy criteri M@adfiW abava 2. Ail projects (grants and k w) an atect to a noorded prnpmyr radmensoce Ormond 3. Apapplrl--,ainAbpoetNobePtagmazcaulragn"NonSukC vemwAvkp" iSaswmr regrri W by ALpwt Nabe Mjoa Program 4. MaMcbmw are caly dgVe hr`LowDoc" great program with SS.QM am S. No aquiyr nor odrd®rm home value is regal ' bWWV. r, araxiwmr hams Mahn b FHAt�eptopraweatloniato'�adebtd' Iroroee cria aw C tr44pGu*4akp OO pteffatm is slot v yk w.,bw., and m4deratainoome fmni bl6lt b :o sole tMt iooaone ate Pee by&oUS.DqwU=tafffooft& Udw Dwxbpmant Ox the ahwddoom Dwoodiae comy areas, and dw ate dSW iYvoreble than the Pd m %WW mw 1%'Modmaoe hmme aiaaPoal,y hr ia�►da.d�i ntn�mrberafhMrWlnPdMSp�, Asarea ksummv 'mar can ben a gtnas boom of SSW amd 93 bs d*b ONhe p -my, The are the 1999 fpoonteBGg�ty (luidel6ta 1br Palm Spdt� PAIW,Y S1m MOLYLOW R400ME 50%afbde = LCYWDRXW WAofUalm HOOMLATE DRms IM%atMam 1 16.m 2MM 3916" $I 18,4W 30,= 45,3W $ 21,MO 34,000 $I,= 4 123.00 37,750 AM ,� 2S,S00 40,80Q 27.M A800 65,700 I 29j" 4b48W 70.M $ 3%1sD 149,8% 70M Theta are many gpod temom Sur the program to mafae graab �br the rehab ofsipg�e ti�j► bomm gnu ate ham dnamirg to n=Whomeowmate, eqwwly omb% atd In *atu oa blumA [to wto mgmabm Hmw w RRek%vkp and aw�athesbteofdw � gwAS Wen nwWWA in dome ofew huger grants, "nod" it to mdae gtama 71tst+ hen there atetwo mpmftg w cwomim 1n ade"% an VMS Ed bass" Nowd a property =h twAo oDvenmtt requbhtg the owner to mabttsin the aaerior cabs pro" k ao mptabk amadm aw s years (in the ease o!'gmttls) or 10 yom(in the case ofbaaa). MmDoeGmPm o m om to up to S5,000 VA be available to very bar- and law4mxro, o►vnw-ocogw households Moderate baome Sent Am not d&U for this krei cf aaa3atanoa No nWe realties oa thehomeaa+e neoeassry, tltaugh apenperty � oavetpmt is roqui�, Basichouseholdbroomsandhomeownerq=Uc@e(as wean dWaAafooa*uq)v a be pe Obrnaed(oo need twin depth do* The CWS Catutntctioa SWwWlmdW vM be used to crime work quality and sip off an the comt wwr i weioa 7% Comracbs wID teodveabmWsumPayment, Atkale20%afthe$rentmwft(up to$1,000)mad beused for aaot dw kqwovwwqtl6 smelt as debris removal, ram, or lam, Yay low a low4toome mobile home owms are only dift far the Low Doc Progtarn, the 3l,000 ext+etlm bpovo,w tegenat< b waived. Lerder am"Up to SA000 A9 oWb ar (vary logy bw. or modwoe baoome) aW ap* hr dds I N %MAPS liaw amwarvfwslo.000. ] admLorwboempaa%. 20% Gfdw gms aeeomt anal be NW far eerlericr ioepovemeaos swch aadleb is rearovd. or I - 4 - be addidm a rop ly maintaoaaoe" aaarrt is wed. Them SrM have a S year reala rnsMooion is dre o em b reeteicoed to r mft the ho m smother ho m"pli d brier &ft do On year perbd at no nm do mmk ft bdaaaea[dtegrao;aorauedimaat. Tbexwmaeoroebuter�ettat�bertvrill befbrglveaa�vardenSveyeearpedod SgIAd!►8an�eloanpranawiaoovle- gwBBedbuyetismbnerpaadblederdearamabeigBbdwmuwd ndaremahebggterar. lJr! im (a& additlood y m) are pl eced an the pmprty side tbme a(mdL 7be aslbrda114 aatrldioa to der IW yew s* rggeud w of das ow&w atawmas dot pWwtybw&zfqdWpaiA Alf project aadrmroeaw$lo,000 o"bepatafdeerateabloafpragrara Laaesadlbe wedeaades ed(aOeOt)k0m.I11oefic0 erateayarpabd Nopayme vMbon*d ed an the part of;1 mioipaaips dmbs do perm ofdee logy proaided odw are met. LOUIS Pordivea ifboarwww reooai m asowa 4wup t &Hb6 term afhm me mrrm loan awuM sm S2S,000 br all qpilearga, bat the "wined beo ur wi vmyaoocadngto den aw6ft et'sineI f le sad wIwlhwdwvp0Iw tVm Im m pdoft ne*bwhAd. The bm am w b and oorreapoadheg i -I on, rdw am Harededd![uoane M01ti YAWW Q AYtBA& VaryLoworLawlfaooam (8096 atmedmm erbelow) =1000 14000 0%) (*A) ModwasIncome(between M and lM of median) W.000 U%000 (4%) (s%) 1MAROOiotions There is a reeds reetrictiaa placed on all low Selo ortlww% cram hone Uing am loan tamvewbcaitwbewidtoaab aomegmdlliedbmm*Ad(La deeaWdbmboldernma 800 oo as aquivalart l r m -e qe %UW houldwid. Le a bw income howdeold meat seato a very low ar bw become howeloft a ripaata l m rae honeehold rapet sell to a aroderaro iaooare [or less] housdW4 The "baaet' wM be aaortis over a period of 10 yaam. blfmem, the al>hrdablfity restriction wM placed on the home liter a period of 15 yeas, W& one aewspeion: if the arigieai padcipaoing Owner lives In the house ooapnnoe* AW the 10 yam the affixddft oovem is rehmaed at do ad of l0 yeas when the loan is S* lfibe home to aom prbr m din releaet;e ufthe adlbdab8ity ooverwrl. the new boyar inset 6e bee wquaffed. lfdonewbuyerbnotincomequsfi W dinnearaheiregbabemmustbepaid dm*dmeaavgv irdmnewbowlsinoaneWOW,grow agreaamtnottomosed 10 yewswillbeartaedimoibrdeebalemoadua TbonwkrjWsk= two% lam&* a CuM vA be lass time 10 yam No* an aoaarr�pla Hanmawrrer A enters des prog m and receiwea the mwd mrm loan of m.00Q Whkh b sew ded and aeeortined 0 era 10 yaerperiod. At the aad of'S yeas(60 owled fmcpOw"s com w C, wat monft dw ub w house t0 a oo„pte T„h0 = net income gta9Sed, t>�e bdomdoto d* Aamq. Pew throng Oweaosaron, wM b*SIMM.S& Sara*aieoeiarAwIMaamesnaeamm. pAmbwsha et6D and afSMT(60aao j6uttoanboome'9WUW5*i &ml Tbewwbuywdm mo Qft afew IOM agneaineat aA& dW ASMWhr the Sl3,4M3l balLWL If P OPIY is fto& ed witbin the hu* (a& upon do& of the homwmwr brooms qpdocifteisaMlijam ifdu*mom11 does not gtrefigr, prJw,= ofooteit dua APPLEA7 t i 9i70iRII+iCf S�Adtbember�lu>or�oir4eafappdcation��aL�B�� aithepndrao� q�t�as r&pW sod ApomftSmftVVakdm do rand app9, byhou@dw -ad pcjft need,aawdlaatheChy'raad�a�cy'sae�bo�hood�p��, g� wA be USIOad a wmaiai axone bmW on 1lre Mmft am* with dre bVm appiiattioett dmded fiat 8adr quee m below hat a fwV afpow bie toor to A8 the mores in �+ �� and than nr hftip6ed by the nkvaore rt sc!n the dadwo t gmwft (ioduft'WSonoat Any "doesact Min ash Om CUL it act In quaMW or does sot owo the home) is at least=Wwi* qw" Was the home FWdendWby the CkYJk pard4"m is the ten? An *Am bomea on the am meet that am*0 in need ofraspai ? to MIPlop�merst araaa� each at doAbport Noire sees ar a OVMX VAM hoPM waatd dte impWVMMnt ofthie haute have oaths meet? Is the home is a ,ny under4epre,ertted plahy me Scope of Wank Am drere mdw mnrcttnat daib u *0 oadd waacted by Ws pr+og =? Are these mat Code vlolado= dW MM be oorraxad by this p ogmm? Does it appear that dm aW be iced pahrt in Se home? Ie thane a need afesroen" exterior r ion tnrdlor deaW ISdm a=W to b*aL%pairan avapmgkv *DOW? Is dm a need to bdiaeafeed bbreeo It thae a steed to � bsodc waltz!! Are Owe direbied sooeas how in the homo BoatrwwQwmcldm Would dre owns qudfy for an add' kxW pimWw >: (e & Aupat Noise PmSmo Is the appSant a sew" dmm? L dw IPPIMM di WW or ddm to be di:ebled? What W the Sae of do house? Dabs the bwrowr rorwn odorpmperty(we}? ANdjtolWftR"*mm I000nseLeval of the Borrower 1% bkd hn&g St the pv®nua dM be:1,000.000. *0 de find hdum atdw 2md oa the wA#aW n& olss,,000� si;ow eua M,M p the $I nm;000 w dd eetbt ae r loo hoi mwms b da &t year. ffN is 0 Emim aeooeµ Off mW raga to do Apw ibr Iva -9CA MWM41.0-� Meow A1Tr �eeo�6ioa.�'�..�,r� 2 BWSdAmm&nw 1.j cra -c, - 5 REsOLMON NO. 1082 OF TM CO MONITY R8OEVELAFIf W AGENCY OF THE CITY OF PALL! SFBINcs, CALIFMIA, AnMrNQ Tea BaDGM FOR TM 1999-00 FISCAL YEAR. SEAS Resolution 1066 approving the budget for the fiscal year 1099-00 Was adopted on June 9, t9991 am WMMHAS the RMecutive Director hue r0000mendea, an4 the Agwwyr desires to approve, certain anendments to said budgets NOW TMUIPORE BE IT RESOLVED that the Director of Finance in authorised to record inter-innd cash transfera as required in accordance With this Resolution, and that Resolution 1066, adoptingr the Midget for the 1999-00 fiscal year is hereby amended as follows: SECTION 1. ADDITIONS FUND Activity Account Amount $82 Slagle -Family NOW $1,000,000 Rehab Propan Title= Tabqutta- Andreas tow -clod Creation of Single -Family Rehab Program for Low -Hod Sooeoanere SECTION 2. SOURCE FUND* Activity Account Amount No. 882 2930 $1,000,000 Title: Tabquits- Fund Ealance Andreae Loa -Hod Adopted this 15th day of _ September . 1999. AYES: Members, Barnes, Hodges, 0den, Reller-Spargin and Chairman Klefndienst NOts: Mona ABSENT: None ATTEST: BY Assistant ecru ry REVIEWED AND APPROVED AS TO FORT! COMMUNITY RBDEVEIAPMSNT AGENCY OF THE CITY OF PALM SPRINGS a rman coor4 0C 40 OFT= COMMUMY RE NVEW ME3N'i' AaWCY OF TLM MY OF PALM M MLiS, CALIFORNIA, CMTLNO M PALM SPRQ+ItiS SOD REMALUATION PROGRAM, A RMLM3 L,iTA[MU PROGRAM FOR GOW AND MODBRAM 1NCObM OWNMAXXIIPW SR40LE FAM L.Y MNES ]N nE Ct1Y OP PALL SPRINGS WH REAS in a000edeaos wide Secdm 33334.2 of Calikmio Redevelopment Lary (bwobraft M") redevelopment e8en,oies moat establish a boask9 fitad by > nib tainq peroeat Cm) ottax fneresseot Seoera-1 Rom prgjeot areas b ioovens and impmve co ' top* otaflbndabte housing Ibr; p u ni of low or sradeea0s iaoome; and WHEM44 MhVWCPCWM MONda RM *and houslag Head monies to. SWIMS other lbbr. bolldlop of et,rroOxm% and, Wi18MW Bee. City sad RedeveWPASast Agsaoy seek to Provide magi aHbrdsble bomb tlaoorgbM dw COY, Pam eHbnd" bou ft Ito* &MvgboW the Ctly, and maintain dap commnmibr'e supply of mobile homer end WEAR M ftod= 33334.2W 46aftes mftyrolopmw gpno s to spend bomba fimd monies d &w within of oatdde the pgjed aces Wthe COY Cotmcil and the Redevelopment Age W find drat the P"mdM of db ebls tmh ouW& tbs pq d areal , g the project ama; and, WHMU A% do Nelglrborbood Rovifeltuttioo Program (hrreirudj "Program') helps dw Amy MMI ib "Whoords andar do AB I M hoplemenadoo Plea, as wdl as subbe We City mem doe V* of its HUD ComolW W Pion; end WiWRBAS, do Pnoptam Is offieed In all radevabpownt p cried areas within dw Cif , and, WHM MS, the Palm Spria84 Cowan* Rode+rol*md ASenoy w;tbu to Mgmd doe PYW= so low and modevok Income homeowners wbo live in areas oedslde of ProJed areas Swing Fiodgi to des Airport Cone Noise Area and rile Chy's "Remplure Our Neighborhood" emn and secondsrily to do rawkbrieg portion, oitbe Cih, arid, WHER As, tbere aro numerous bMft so the project are na by O tending the Program to areas do am DM-P[*eet eras, In 114 craready, dWO toe tea projsd areas widda the City and the prged areas we *Mw dire* aeu ent b a noo proJed area or within a project area's spbere of inihmmm, and, WFMMAS, dun Pnopw oorrPorrm to tha OftMal Plea of"Ctyy of Pabnn Springs, hWudiag, but not Ilrtioed % the City. doming BlameoL NOW TMEFORB, the Cyr Redavelap nW ASeacy of the City of Palm Spdags, Calitbmb, don hereby nsohv tho tbllow SBCM)N 1. That the Ne4hbodwod RevftWhzdan, Peogme, for the purpose of providing nsiftaoe to low- and moderde-huotno owner oomymts of sb& hmny homes in pWm Spring,, t'br Propertyr improvements, Is hereby ahbl dW. SBCIION 2. Pnogrem assb ftm Is HOW to owner oompmb ofeble llmniiy homes is lice City of Palm SAW dMt meat do Icom Suidelines *r "Van, Law." "Low," and uMbdaate" bewm% m sd Po:ih by the U.S. Dgatneat of Homing A Ueban Development for the Palm Springs area or ft the RJwersidmMon, Bernw dbo Camty area 88CTLON 3. Pursuard to CRL 33334.2(S), the Commonky Redevelopment Agerray hemby Hods that the pa bim of affirdable boueiag funds oadslde ASeaey project areas will be of bamm to die project son beause the fiords Will bo utWzed to provide more a0brdabia bou*g OFF ortrurltke WIND to Ctty. Mum atibrdable housing dock ihroughout the Chy, and mehntain the oownumigr's supply of mobile bow. RI08I Page 2 C ('11, �c -.a SBCTION 4. NdwfflmftWbtg the eaebiteat of the Program purs+r I I I to this resoltdoa and the propu s huplems - ", critarh developed by the Apaay. The allowdioe of Pengrrum ae/hleaoe % aq applioam chap be d the dbu etlon asthe Ca vane fqr Re&mdopmeat Apoey. Nothing in the gWdafinea ar in ihh mohdm .apbae #w Agency to eiloa& Honda to any appRoeut SSMON S. Aphlimce to homeowners shall be is flee farm otS ate or dahrred loaoa. The 0" of asshtsaoe aha9 be solely desermhmd by the dadarmount of*$ project. SECTMIR 6. All Prelp s p delpaob dhail inter Into a eeooided ProMly MWwww oo Covenmt wbh the AVM hr a period of cat lees them Sve (5) yema SBCTION 7. An Pmgraoa partielpenb recelviog more *w S5.000 In misawe sl dl eater frAo a reeaded Properly AfikdWWft Agreement wltb the Apacy of not low than five (S) yeas. SWnON L NOtWOMmidbog too AVWS l mftp"the use of bou/tag hoods orr "the radevelap =d PMJMd areas b appropriaee aaAd bare A UP to ffie PVJM t arcs, addidiond oa d.ratbn is rite epplleadioa praoae will be made for nppl kx= who lire ho the ten project aeaa:. as weU as tho/e is 15e Airport Noire Coca area arrd the City'/ "Reaptrae Oarlr.#g�arhood:" aree:. SECTION S. The Apm reserves the right to room and priositiae applicetlow beard on borrower quRflodim scope of wok and asigiobahood hapact. as well w prioritize lmpro►vb m a bone based on the Agency's eftbli/hed ariterla ibr the Pmlp SWTION 9. The 8ndi ip and Mmolaaiioas at ft& herein shall be deemed gnat and cowAwf a IlBe n obi lo. The $secafte Direotor or his desipae an u Aborbed to tIp all neeeawny dowmah In a than appaYed by the Agency Coaaect fackiding grant alpammenb up to SI%000 and low gpeemen a up to 05.000. ADOPTED this 15th dW of Septeaber I.M. AYES: limbers Barnes. lodges, Oden. Re11er-Spurgin and Chairman Klelndienst woes: Rope ABSBNT: NOW ATTBST: C0>►iHlCMITY R DEVELOPNOW AGENCY MY OF PALM SPRD40S. CAUFORMA By AsdIM Seaeeary Chebnm REVMWWED AND APPROVED: