HomeMy WebLinkAbout4/2/2008 - STAFF REPORTS - RA.2. RESOLUTION NO.
A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF
PALM SPRINGS, APPROVING A PURCHASE
AGREEMENT WITH THOMAS WHITE AND
YOLANDA MARIE GANT FOR A SINGLE FAMILY
HOME AT 945 COTTONWOOD ROAD FOR THE
SUM OF $166,620, EXERCISING THE AGENCY'S
SALE RIGHT UNDER THE REGULATORY
AGREEMENT, TO PRESERVE THE AFFORDABLE
HOUSING INVENTORY IN THE COTTONWOOD/
CHUCKWALLA AREA, MERGED AREA #1
(FORMERLY PROJECT AREA 9-B)
WHEREAS, the Community Redevelopment Agency of the City of Palm Springs
(the "Agency") has established an affordable housing set-aside fund in
accordance with Section 33000 et. seq. of the California Health and Safety Code;
and
WHEREAS, the funds are earmarked for the acquisition, construction, or
rehabilitation of affordable housing to benefit the community; and
WHEREAS, Seller acquired property (APN 507-042-027) on February 26, 2003
by Document # 2003-132358 and entered into Regulatory Agreement on
February 26, 2008 by Document# 2003-132360; and
WHEREAS, the Agency desires to acquire the, property located in the
Cottonwood/Chuckwalla constituent area of Merged Redevelopment Project Area
No. 1, more particularly described in Exhibit "A" to this Resolution ("Property");
and
WHEREAS, the Agency wishes to exercise its right to identify a prospective
Qualified Purchaser who can meet the legal low or moderate income standard
and qualify for a conventional mortgage; and
WHEREAS, funds for the purchase of the Property are available in the Agency's
Low/Moderate Housing Fund.
THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM
SPRINGS DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The Purchase Agreement between the Agency and Thomas White
and Yolanda M. Gant, as joint tenants, for the Property in the
Cottonwood/Chuckwalla area, more particularly described in Exhibit
"A", is hereby approved in a form acceptable to the Agency
Counsel.
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Resolution No. _
Page 2 of 3
SECTION 2. The purpose of the purchase is to preserve the affordable housing
inventory of for-sale detached single family homes for low and
moderate households in the Cottonwood/Chuckwalla constituent
area of Merged Redevelopment Project Area No. 1.
SECTION 3. The purchase is to be funded from the Agency's Low/Moderate
Income Housing Fund.
SECTION 4. The Executive Director, or his designee, is hereby authorized to
execute on behalf of the Agency the necessary documents to
complete the approved purchase.
ADOPTED this _ day of April, 2008.
Stephen P. Pougnet, Chairman
ATTEST:
James Thompson, Assistant Secretary
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, Assistant Secretary of the Community Redevelopment
Agency of the City of Palm Springs, hereby certify that Resolution No. _ is a
full, true and correct copy, and was duly adopted at a regular meeting of the
Community Redevelopment Agency of the City of Palm Springs on
by the following vote.
AYES:
NOES:
ABSENT:
ABSTAIN:
James Thompson, Assistant Secretary
Community Redevelopment Agency of
the City of Palm Springs, California
Resolution No.
Page 3 of 3
EXHIBIT "A"
LEGAL DESCRIPTION OF PROPERTY
The Land and Improvements is that certain real property located in the
Seller of Palm Springs, County of Riverside, and State of California, more
particularly described as follows:
Lot 4 of Tract 29695, recorded in Book 315, Pages 6 to 8 inclusive, of Maps,
records of Riverside County, California.
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c4tIFORH'o- Community Redevelopment Agency Staff Report
DATE: April 2, 2008 CONSENT CALENDAR
SUBJECT: APPROVAL OF A PURCHASE AGREEMENT WITH THOMAS WHITE AND
YOLANDA MARIE GANT FOR A SINGLE FAMILY HOME AT 945 EAST
COTTONWOOD ROAD BY THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF PALM SPRINGS FOR THE SUM OF $166,620,
EXERCISING THE AGENCY'S SALE RIGHT UNDER THE REGULATORY
AGREEMENT, TO PRESERVE THE AFFORDABLE HOUSING
INVENTORY IN THE COTTONWOOD/CHUCKWALLA AREA, MERGED
AREA#1 (FORMERLY PROJECT AREA 9-13)
FROM: David H. Ready, Executive Director
BY: Department of Community & Economic Development
SUMMARY
Staff recommends that the Community Redevelopment Agency exercise the Agency's
Sale Right by approving a Purchase Agreement with Thomas White and Yolanda Marie
Gant (collectively, the "Owner") for 945 East Cottonwood Road, in the
Cottonwood/Chuckwalla Single-Family Residential Project, in order to maintain the single
family unit in the Agency's affordable housing inventory_ The Owner has received an offer
from a Non-Qualified Purchaser, meaning a purchaser above the maximum affordable
income restrictions. If such a purchaser acquires the house it would then be lost from the
Affordable Housing Inventory. Even with the "equity share" provisions of the Regulatory
Agreement, which provide for the Agency to receive a share of the price appreciation from
the sale to a Non-Qualified Purchaser, the Agency would only receive $700 in
compensation and the loss of the unit from the inventory.
The Agency has a right to acquire the unit from the seller, and would remarket the
property to income-qualified buyers with the assistance of Coachella Valley Housing
Coalition, the original developer of this affordable project. Upon the sale of the unit to an
income qualified purchaser, the Agency would receive most of its funds back through the
buyer's mortgage, but would probably keep a silent second mortgage on the property to
help maintain the affordability.
The Agency's offering price to the seller is under the Maximum Resale Price, the
maximum price that could be paid for the house by an income-qualified buyer. This price
includes all fees, including closing costs.
Item No. R A 2 .
RECOMMENDATION:
Adopt Resolution No. A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, APPROVING A
PURCHASE AGREEMENT WITH THOMAS WHITE AND YOLANDA MARIE GANT
FOR A SINGLE FAMILY HOME AT 945 EAST COTTONWOOD FOR THE SUM
OF $166,620, EXERCISING THE AGENCY'S SALE RIGHT UNDER THE
REGULATORY AGREEMENT, TO PRESERVE THE AFFORDIBLE HOUSING
INVENTORY IN THE COTTONWOOD/CHUCKWALLA AREA, MERGED AREA #1
(FORMERLY PROJECT AREA 9-13)
STAFF ANALYSIS:
As a part of a City effort in the mid-1990's known as Recapture Our Neighborhoods
Program, staff worked with Coachella Valley Housing Coalition (CVHC) on the
revitalization of the Cottonwood/Chuckwalla neighborhood. Using Community
Development Block Grant (CDBG) funds, CVHC conducted a neighborhood study and
determined that developing a single-family residential project would be a positive first-step
in rejuvenating the area.
In 1998, CVHC initially proposed to build seven homes on three vacant lots located at the
corner of Avenida Caballeros and Cottonwood and Chuckwalla. However, CVHC was
successful in acquiring a fourth lot, which allowed them to bring the number of homes to
nine. The Agency and CVHC entered into an Owner Participation Agreement (OPA) in
1999.
The Agency's financial assistance and the use of affordability restrictions imposed by the
Agency enabled this Owner to purchase the Property in December 2002 with financial
assistance provided for in the OPA. In exchange for Agency's assistance, Owner agreed
to the restrictions on the sale, resale, and occupancy of the Property created by the
Regulatory Agreement.
The Owner had attempted "Best efforts" to receive a bona fide offer from a Qualified
Purchaser, but due to the urgency of a Court Ordered sale as a part of a Divorce Decree,
the only offer presented was from a Non-Qualified Purchaser, which was readily identified
in the Sales Agreement as an investment group. The Non-Qualified Buyer did not intend
to occupy the Property as primary residence and therefore did not meet the terms of the
Regulatory Agreement.
The Agency desires to acquire the property and exercise its right to identify a prospective
Qualified Purchaser, in cooperation with CVHC, who can meet the legal low or moderate
income standard and qualify for a conventional mortgage. CVHC, as the developer of the
project, provided the original homebuyer education and buyer qualification and has a pool
of eligible candidates that qualify for the home.
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FISCAL IMPACT:
There is no impact to the General Fund. The Agency's Low/Mod Housing Fund would
cover the purchase and upon resale of the house to a qualified buyer, the funds would be
re-deposited into the Low/Mod Fund for future projects.
74n".'l
JOH . RA OND
Dir for of o munity & Economic Development
THOMAS J. WILSON DAVID H. READY
Assistant City Manager— Development Services Executive Director
Attachments: Purchase Agreement
Regulatory Agreement
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AGREEMENT FOR PURCHASE AND SALE
OF REAL PROPERTY AND ESCROW INSTRUCTIONS
Escrow No.
Date of Opening of Escrow:
THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY AND
ESCROW INSTRUCTIONS ("Agreement") is made this _day of , 2008
("Effective Date"), by and between THOMAS WHITE AND YOLANDA MARIE GANT ("Seller')
and the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS.
RECITALS
A. The Seller is the owner of that certain real property at 945 E. Cottonwood Road,
Palm Springs, CA 92262 as described in Exhibit"A" to this Agreement ("Property")-
B. Seller acquired Property on February 26, 2003, by Document No. 2003-132358.
C. The Agency wishes to purchase the Property from Seller and Seller wishes to
sell the Property pursuant to the terms and conditions of this Agreement.
D. The Agency wishes to acquire the Property and exercise its right to identify a
prospective Qualified Purchaser who meets the low or moderate income standard and qualifies
for a conventional mortgage in cooperation with the Coachella Valley Housing Coalition.
E. Seller wishes to sell the Property to Buyer and Buyer wishes to buy the Property
from Seller pursuant to the terms and conditions of this Agreement.
NOW, THEREFORE, the parties hereto agree as follows:
TERMS AND CONDITIONS
1. PURCHASE AND SALE OF PROPERTY.
Buyer hereby agrees to purchase from Seller, and Seller agrees to sell to Buyer the
Property, upon the terms and conditions hereinafter set forth.
2. OPENING OF ESCROW: CLOSING DATE.
2.1 Opening_ of Escrow. Within one (1) business day after the execution of this
Agreement by Buyer and Seller, the parties shall open an escrow ("Escrow") with Chicago Title
Escrow in Palm Desert, California, ("Escrow Holder") by causing an executed copy of this
Agreement to be deposited with Escrow Holder. Escrow shall be deemed open on the date that
a fully executed copy of this Agreement is delivered to Escrow Holder ("Opening of Escrow").
Escrow Holder shall fax written notice of the Opening of Escrow date to Buyer and Seller.
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2.2 Closing Date. Escrow shall close on or before , 2008
("Closing Date"). The terms the "Close of Escrow' and/or the "Closing" are used herein to mean
the time the Grant Deed (as hereinafter defined) is recorded in the Office of the County
Recorder of Riverside County, California.
2.3 Time is of the Essence. Buyer and Seller agree that time is of the essence and
each party specifically agrees to strictly comply and perform the obligations herein in the time
and manner specified and waives any and all rights to claim such compliance by mere
substantial compliance with the terms of this Agreement.
3. CONSIDERATION.
3.1 Purchase Price. The purchase price for the Property is
DOLLARS ($ ) ("Purchase Price") based on the Maximum Resale Price which
is the maximum price that could be paid for the Property by an income-qualified buyer in
accordance with the terms of the Regulatory Agreement between Seller and Buyer dated
December 17, 2002, by Document No. 2003-132360. This price includes all fees including
closing costs.
3.2 Payment of Purchase Price. On or before the day preceding Close of Escrow,
Buyer shall deposit the Purchase Price with Escrow Holder in "good funds." "Good funds' shall
mean a wire transfer of funds, cashier's or certified check drawn on or issued by the offices of a
financial institution located in the State of California, or cash.
4. ADDITIONAL FUNDS AND DOCUMENTS REQUIRED FROM BUYER AND SFLLER.
4.1 Buver. Buyer agrees that on or before 1:00 p.m, on the business day preceding
the Closing Date, Buyer will deposit with Escrow Holder all additional funds and/or documents
(executed and acknowledged, if appropriate) which are necessary to comply with the terms of
this Agreement, including, without limitation, the following:
(a) A Preliminary Change of Ownership Statement completed in the manner
required in Riverside County;
(b) Such funds and other items and instruments as may be necessary in
order for Escrow Holder to comply with this Agreement.
4.2 Seller. Seller agrees that on or before 1:00 p.m. on the business day preceding
the Closing Date, Seller will deposit with Escrow Holder such funds and other items and
instruments (executed and acknowledged, if appropriate) as may be necessary in order for the
Escrow Holder to comply with this Agreement, including, without limitation, the following:
(a) A grant deed conveying the Property to Buyer in the form attached hereto
as Exhibit "B" ("Grant Deed");
(b) Two duplicate originals of a Non-Foreign Affidavit in the form attached
hereto as Exhibit "C" ("Non-Foreign Affidavit"):
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0000G5
(c) Two duplicate originals of California Form 590-RE Real Estate
Withholding Exemption Certificates in the form required by the California
Franchise Tax Board ("California Residency Affidavit"); and
(d) Such funds and other items and instruments as may be necessary in
order for Escrow Holder to comply with this Agreement.
4.3 Recordation, Completion and Distribution of Documents. Escrow Holder will
cause the Grant Deed to be recorded when (but in no event after the Closing Date) it can issue
the Title Policy in the form described in Section 5.2 below, and holds for the account of Seller
the items described above to be delivered to Seller through Escrow, less costs, expenses and
disbursements chargeable to Seller pursuant to the terms hereof.
5. TITLE MATTERS.
5.1 Approval_of Title.
(a) Promptly following execution of this Agreement (but in no event later than
ten (10) days following Opening of Escrow), Seller shall cause to be delivered to Buyer a
Preliminary Title Report issued through Title Company ("Title
Company"), describing the state of title of the Property, together with legible copies of all
exceptions specified therein ("Preliminary Title Report").
(b) In the event Buyer delivers Buyer's Title Notice within said period, Seller
shall have a period of ten (10) days after receipt of Buyer's Title Notice in which to notify Buyer
of Seller's election to either (i) agree to attempt to remove the Disapproved Exceptions prior to
the Close of Escrow; or (ii) decline to remove any such Disapproved Exceptions ("Seller's
Notice"). Seller shall only elect to decline to remove Disapproved Exceptions which Seller in
good faith believes Seller's reasonable efforts would not result in removal or as to which
removal would result in cost or expense to Seller other than nominal administrative expense
incurred in the process of removal. Seller's failure to deliver Seller's Notice within said ten (10)
day period shall be deemed Seller's election to decline to remove the Disapproved Exceptions.
If Seller notifies Buyer of its election to decline to remove the Disapproved Exceptions, if Seller
is deemed to have elected to decline to remove the Disapproved Exceptions or if Seller is
unable to remove the Disapproved Exceptions, Buyer may elect either to terminate this
Agreement and the Escrow or to accept title to the Property subject to the Disapproved
Exception(s). Buyer shall exercise such election by delivery of written notice to Seller and
Escrow Holder within ten (10) days following the earlier of (i) the date of written advice from
Seller that such Disapproved Exception(s) cannot be removed; or (ii) the date Seller declined or
is deemed to have declined to remove such Disapproved Exception(s).
(c) Upon the issuance of any amendment or supplement to the Preliminary
Title Report which adds additional exceptions, the foregoing right of review and approval shall
also apply to said amendment or supplement, provided, however, that Buyer's initial period of
review and approval or disapproval of any such additional exceptions shall be limited to ten (10)
days following receipt of notice of such additional exceptions, together with copies of the
underlying documents referenced therein.
(d) Nothing to the contrary herein withstanding, Buyer shall be deemed to
have automatically objected to all deeds of trust, mortgages, judgment liens, federal and state
income tax liens, delinquent general and special real property taxes and assessments and
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similar monetary encumbrances affecting the Property, and Seller shall discharge any such non-
permitted title matters of record prior to or concurrently with the Close of Escrow.
5.2 Title Policy. When Escrow Holder holds for Buyer the Grant Deed in favor of
Buyer executed and acknowledged by Seller covering the Property, Escrow Holder shall cause
to be issued and delivered to Buyer and Seller as of the Close of Escrow a CLTA standard
coverage owner's policy of title insurance ("Title Policy"), or, upon Buyer's request therefor, an
ALTA extended coverage owner's policy of title insurance, issued by Title Company, with liability
in the amount of the Purchase Price, covering the Property and showing title vested in Buyer
free of encumbrances, except:
(a) All non-delinquent general and special real property taxes and
assessments for the current fiscal year;
(b) Those easements, encumbrances, covenants, conditions, restrictions,
reservations, rights-of-way and other matters of record shown on the
Preliminary Title Report which have been approved by Buyer pursuant to
Section 5.1 above;
(c) The standard printed exceptions and exclusions contained in the CLTA or
ALTA form policy;
(d) Any exceptions created or consented to by Buyer, including, without
limitation, any exceptions arising by reason of Buyer's possession of or
entry on the Property.
6. DUE DILIGENCE.
6.1 Due Diliaence Date. The "Due Diligence Date" shall mean the date which is
fifteen (15) days following the date of the Opening of Escrow.
6.2 Approval of Due Diligence Matters. Buyer shall notify Seller in writing ("Buyer's
Due Diligence Notice") on or before the Due Diligence Date of Buyer's approval or disapproval
of each item delivered to or available for review by Buyer pursuant to this Section 6 and of
Buyer's approval or disapproval of the condition of the Property and Buyer's investigations with
respect thereto (excluding title matters which are to be approved or disapproved pursuant to
Section 5.1 above) (collectively, the "Due Diligence Items"), which approval may be withheld in
Buyer's sole and absolute discretion. In the event Buyer fails to give written notice of its
approval, then it shall be deemed that Buyer has disapproved the condition of the Property.
In the event of Buyer's disapproval of a condition of the Property, within ten (10) days
after Seller's receipt of Buyer's Due Diligence Notice, Seller shall give Buyer written notice
("Seller's Due Diligence Notice") of those conditions that Seller will attempt to cure. Seller shall
thereafter promptly use all reasonable efforts to cure such conditions, prior to the Close of
Escrow, at its sole cost and expense.
In the event that Seller delivers a Seller's Due Diligence Notice listing any of the
disapproved Property conditions, Buyer shall have the right to (a) terminate this Agreement or
(b) acquire the Property subject to the disapproved Property conditions included within Seller's
Due Diligence Notice. Such right shall be exercised by Buyer by giving either written notice of
such termination ("Termination Notice") or written notice of such election to accept the
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disapproved Property conditions ("Property Acceptance Notice") to Seller within twenty (20)
days after Buyer's receipt of Seller's Due Diligence Notice. In the event that Buyer should fail to
give either the Termination Notice or the Property Acceptance Notice within the time period set
forth in the preceding sentence, Buyer shall be deemed to have given a Termination Notice
6.3 Approval of Additional Due Diligence Matters. In the event Seller becomes
aware of or obtains possession of any new Due Diligence Items after the Due Diligence Date,
Seller will provide Buyer with written notice of such Due Diligence Item to Buyer. Buyer shall
have the right to review and approve such Due Diligence Item in the same manner as set forth
in Section 6.5 above; provided, however, that Buyer's period to review and approve or
disapprove such additional Due Diligence Item shall be limited to fifteen (15) days following
receipt of notice of such new Due Diligence Item, together with a copy of any written document
relating thereto.
7. CONDITIONS PRECEDENT TO CLOSE OF ESCROW.
7.1 Conditions to Buyer's Obligations. The obligations of Buyer under this
Agreement shall be subject to the satisfaction or written waiver, in whole or in part, by Buyer of
each of the following conditions precedent:
(a) Title Company will issue the Title Policy as required by Section 5.2 of this
Agreement.
(b) Buyer has approved or deemed to have approved the condition to title of
the Property on or before the date provided in Section 5.1.
(c) Buyer has approved or deemed to have approved all Due Diligence Items
on or before the Due Diligence Date-
(d) Seller has removed from the Property all equipment, personal property,
debris and waste.
(e) Escrow Holder holds and will deliver to Buyer the instruments and funds,
if any, accruing to Buyer pursuant to this Agreement.
(f) All representations and warranties specified in Section 9.1 are true and
correct.
(g) Buyer's approval of any other conditions specified in this Agreement.
(h) Seller shall not be in default of any term or condition of this Agreement.
Buyer's approval shall be based upon Buyer's sole and absolute discretion; provided, however,
if Buyer has not delivered written notice of approval of the above conditions to Seller and
Escrow Holder by the times provided above, or if no time is provided, on or before the Close of
Escrow, each such condition shall automatically and conclusively be deemed to have been
disapproved by Buyer. Buyer may waive such automatic disapproval in writing.
7.2 Conditions to Seller's Obligations. The obligations of Seller under this
Agreement shall be subject to the satisfaction or written waiver, in whole or in part, by Seller of
each of the following conditions precedent:
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(a) Escrow Holder holds and will deliver to Seller the instruments and funds
accruing to Seller pursuant to this Agreement.
(b) Buyer shall not be in default of any term or condition of this Agreement.
If requested by Escrow Holder or Buyer, Seller shall deliver to Escrow Holder and
Buyer written notice of satisfaction of the conditions set forth in this Section 72.
7.3 Covenant of Seller and Buyer. Buyer and Seller agree to cooperate with one
another, at no cost or expense to the cooperating party, in satisfying the conditions precedent to
Close of Escrow. Buyer shall be responsible for proceeding with diligence and in good faith to
satisfy the conditions to Buyer's performance set forth in Section 7.1 and Seller shall be
responsible for proceeding with diligence and in good faith to satisfy the conditions to Seller's
performance set forth in Section 7.2.
7.4 Termination for Failure of Condition. In the event Buyer fails to approve or
disapprove any condition precedent specified in Section 7.1 or elsewhere in this Agreement on
or before the date for approval set forth therein, Seller shall notify Buyer of such failure and
Buyer shall have a period of twenty (20) days from receipt of such notice to elect to approve
such matter or to disapprove such matter and terminate this Agreement. The failure of Buyer to
approve such matter within said twenty (20) days shall be deemed to constitute disapproval
thereof and Buyer's election to terminate. In the event Seller fails to approve or disapprove any
condition precedent specified in Section 7.1 or elsewhere in this Agreement on or before the
date for approval set forth therein, Buyer shall notify Seller of such failure and Seller shall have
a period of twenty (20) days from receipt of such notice to elect to approve such matter or to
disapprove such matter and terminate this Agreement. The failure of Seller to approve such
matter within said twenty (20) days shall be deemed to constitute disapproval thereof and
Seller's election to terminate. In the event Buyer or Seller terminates this Agreement based on
the disapproval of one or more of said conditions precedent as provided herein, Buyer shall be
entitled to all sums deposited into Escrow, paid to Seller as a portion of the Purchase Price.
8. REPRESENTATIONS AND WARRANTIES.
8A Representations and Warranties. Seller hereby makes the following
representations and warranties to Buyer, each of which (i) is material and relied upon by Buyer
in making its determination to enter into this Agreement; (ii) to Seller's actual knowledge, is true
in all respects as of the date hereof and shall be true in all respects on the date of Close of
Escrow on the Property; and (iii) shall survive the Close of Escrow of the purchase and sale of
the Property as well as any future transfer of the Property to Buyer or any transferee, successor
or assignee of Buyer:
(a) There are no pending or threatened litigation, allegations, lawsuits or
claims, whether for personal injury, property damage, property taxes,
contractual disputes or otherwise, which do or may affect the Property or
the operation or value thereof, and there are no actions or proceedings
pending or, to the best of Seller's knowledge, threatened against Seller
before any court or administrative agency in any way connected with the
Property and neither the entering into of this Agreement nor the
consummation of the transactions contemplated hereby will constitute or
result in a violation or breach by Seller of any judgment, order, writ,
injunction or decree issued against or imposed upon it. There is no
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action, suit, proceeding or investigation pending or threatened against
Seller which would become a cloud on Buyer's title to or have a material
adverse impact upon the Property or any portion thereof or which
questions the validity or enforceability of the transaction contemplated by
this Agreement or any action taken pursuant hereto in any court or before
or by any federal, district, county, or municipal department, commission,
board, bureau, agency or other governmental instrumentality-
(b) There are no contracts, leases, claims or rights affecting the Property and
no agreements entered into by or under Seller shall survive the Close of
Escrow that would adversely affect Buyer's rights with respect to the
Property, except as heretofore disclosed in writing by Seller to Buyer
pursuant to Section 6.3.
(c) Seller has delivered or, within the period required in Section 6.3, will have
delivered true, correct and complete copies of all the documents and
other information specified in Section 6.3 in Seller's possession or control
(or has reasonable access thereto). To the best of Seller's knowledge,
the information contained in the said documents is true and accurate-
(d) No part of the Property has been used by Seller for the use, storage,
disposal, or release of toxic or hazardous substances or wastes and that,
to the best of Seller's actual knowledge, no part of the Property has ever
been so used-
(e) There are no executory contracts, options or agreements existing (other
than this Agreement) relating to the purchase of all or any portion of the
Property or any interest therein.
(f) All federal, state, municipal, county and local taxes, the nonpayment of
which might become a lien on or affect all or part of the Property, which
are due and payable prior to the Closing have been paid, or on the
Closing Date will have been paid in full.
(g) There are no contingent liabilities arising out of the ownership or
operation of, or affecting, the Property or any part thereof which would be
binding upon the Buyer or to which the Property would be subject after
the Closing-
(h) Seller has obtained, or will obtain before the Close of Escrow, all required
consents, releases and permissions in order to vest good and marketable
title in Buyer.
(i) The closing of the various transactions contemplated by this Agreement
will not constitute or result in any default or event that with the notice or
lapse of time, or both, would be a default, breach or violation of any lease,
mortgage, deed of trust or other agreement, instrument or arrangement
by which Seller or the Property are bound. The execution and delivery of
this Agreement and the consummation of the transactions contemplated
hereby will not violate any provision of, or require any consent,
authorization or approval under any law or administrative regulation or
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any order, award, judgment, writ, injunction or decree applicable to, or
any governmental permit or license issued to Seller relating to the
Property.
Q) Other than those conditions or encumbrances expressly identified in the
Preliminary Title Report which have been approved by Buyer pursuant to
Section 5.1 above, no defects or conditions of any portion of the Property
or the soil exists which may impair the use of the Property.
(k) All representations and warranties made hereunder are in addition to any
representations and warranties implied by law and in no event shall this
Section 9.1 be construed to limit, diminish or reduce any obligation of
disclosure implied upon Seller by law.
8.2 Changed Circumstances. If Seller becomes aware of any fact or circumstance
which would change or render incorrect, in whole or in part, any representation or warranty
made by Seller under this Agreement, whether as of the date given or any time thereafter
through the Close of Escrow and whether or not such representation or warranty was based
upon Seller's knowledge and/or belief as of a certain date, Seller will give immediate written
notice of such changed fact or circumstance to Buyer, but such notice shall not release Seiler of
its liabilities or obligations with respect thereto. Seller shall issue a certificate as of the Close of
Escrow stating that all the representations and warranties contained in Section 9.1 are true and
correct as of said date, or setting forth in detail which of such matters are not true and correct.
Buyer shall have ten (10) days from the receipt of any notice by Seller of the material change of
any representation or warranty made by Seller hereunder to terminate this Agreement by
providing written notice to Seller and Escrow Holder, and receive return of its Deposit and any
other sums deposited in the Escrow.
9. ESCROW PROVISIONS.
9.1 Escrow Instructions. This Agreement, when signed by Buyer and Seller, shall
also constitute escrow instructions to Escrow Holder. If required by Escrow Holder, Buyer and
Seller agree to execute Escrow Holder's standard escrow instructions, provided that the same
are consistent with and do not conflict with the provisions of this Agreement. In the event of any
such conflict, the provisions of this Agreement shall prevail.
9.2 General Escrow Provisions. Escrow Holder shall deliver the Title Policy to the
Buyer and instruct the Riverside County Recorder to mail the Grant Deed to Buyer at the
address set forth in Section 14.13 after recordation. All funds received in this Escrow shall be
deposited in one or more general escrow accounts of the Escrow Holder with any bank doing
business in Riverside County, California, and may be disbursed to any other general escrow
account or accounts. All disbursements shall be made by Escrow Holder's check.
9.3 Proration of Real Property Taxes.
(a) All non-delinquent general and special real property taxes and
assessments shall be paid by Seller, prorated to the Close of Escrow on the basis of a thirty
(30) day month and a three hundred sixty day (360) year. Seller acknowledges that Buyer is a
governmental agency, not subject to payment of taxes. Accordingly, Seller shall be solely
responsible for seeking a refund of any overpayment of taxes from the appropriate taxing
agencies. In the event that property taxes are assessed on a parcel of real property which
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QO®OIL I
includes land other than the Property, such proration shall include only taxes attributable to the
Property, calculated in terms of total gross square feet of land assessed pursuant to the tax
statement versus total gross square footage of the Properly. Any supplemental tax bills
received after Close of Escrow shall be paid by Seller to the extent they relate to a period prior
to Close of Escrow. If a supplemental tax bill covers a period commencing before and
continuing after Close of Escrow, Seller will pay the tax and shall be solely responsible for
seeking any refund from the appropriate taxing agency. The provisions of this Section shall
survive Close of Escrow.
(b) The provisions of this Section shall survive Close of Escrow. If either
party fails to pay its pro rate share of taxes or other expenses by the times herein provided,
interest shall accrue on all unpaid amounts from when owing until paid at five percent (5%) over
the Federal Discount Rate quoted by the Federal Reserve Bank of San Francisco on the 25th
day of the month preceding the date interest commences to accrue.
9.4 Payment of Costs. Seller shall pay one-half (1/2) of the Escrow fee, one-half
(1/2) of the documentary transfer taxes, all title insurance premiums for that portion of the Title
Policy premium which would be incurred for a CLTA form policy, and the charge for drawing the
Grant Deed. Buyer shall pay one-half (1/2) of the Escrow fee, all charges for recording the
Grant Deed,) and that portion of the Title Policy premium which is attributable to the additional
cost of obtaining any additional coverage requested by Buyer, including the difference between
CLTA and ALTA coverage. Seller and Buyer shall each be responsible for their respective
attorneys' fees and costs. All other costs of Escrow not otherwise specifically allocated by this
Agreement shall be apportioned between the parties in a manner consistent with the custom
and usage of Escrow Holder.
9.5 Termination and Cancellation of Escrow. If Escrow fails to close as provided
above, Escrow shall terminate automatically without further action by Escrow Holder or any
party, and Escrow Holder is instructed to return all funds and documents then in Escrow to the
respective depositor of the same with Escrow Holder, provided that any document which has
been signed by a party who is not to receive the return of such document, shall be marked "void
and of no force or effect" by Escrow Holder before it is delivered. Cancellation of Escrow, as
provided herein, shall be without prejudice to whatever legal rights Buyer or Seller may have
against each other arising from the Escrow or this Agreement.
10. BROKERAGE COMMISSIONS.
Neither Buyer nor Seller have engaged a broker on the property and no brokerage
commission shall be paid to any party.
11. POSSESSION.
Possession of the Property shall be delivered to Buyer as of Close of Escrow. In the
event any personal property remains on the Property following the Close of Escrow, it shall
automatically become the property of Buyer.
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000012
12. DEFAULTS; ENFORCEMENT.
12.1 Defaults and Flight to Cure. Failure or delay by either party to timely perform any
covenant of this Agreement constitutes a default under this Agreement, but only if the party who
so fails or delays does not commence to cure, correct or remedy such failure or delay within
thirty (30) days after receipt of a written notice specifying such failure or delay, and does not
thereafter prosecute such cure, correction or remedy with diligence to completion. The injured
party shall give written notice of default to the party in default, specifying the default complained
of by the injured party. Except as required to protect against further damages, the injured party
may not institute proceedings against the party in default until thirty (30) days after giving such
notice. Failure or delay in giving such notice shall not constitute a waiver of any default, nor
shall it change the time of default.
122 Specific Performance. In addition to any other remedies permitted by this
Agreement, if either party defaults hereunder by failing to perform any of its obligations herein,
each party agrees that the other shall be entitled to the judicial remedy of specific performance,
and each party agrees (subject to its reserved right to contest whether in fact a default does
exist) not to challenge or contest the appropriateness of such remedy.
13. MISCELLANEOUS.
13.1 Successors and Assigns. This Agreement shall be binding upon the parties
hereto and their respective heirs, representatives, transferees, successors and assigns. The
transfer of all or any part of the interest of any party hereunder in the Property shall not release
Seller of their obligations under this Agreement.
13.2 Time Period Computations. All periods of time referred to in this Agreement shall
include all Saturdays, Sundays and California state or national holidays unless the reference is
to business days, in which event such weekends and holidays shall be excluded in the
computation of time and provide that if the last date to perform any act or give any notice with
respect to this Agreement shall fall on a Saturday, Sunday or California state or national holiday,
such act or notice shall be deemed to have been timely performed or given on the next
succeeding day which is not a Saturday, Sunday or California state or national holiday.
13.3 Qualification: Authority. Each individual executing this Agreement on behalf of a
partnership or corporation represents and warrants that such entity is duly formed and
authorized to do business in the State of California and that he or she is duly authorized to
execute and deliver this Agreement on behalf of such partnership or corporation in accordance
with authority granted under the formation documents of such entity, and, if a corporation, by a
duly passed resolution of its Board of Directors, that all conditions to the exercise of such
authority have been satisfied, and that this Agreement is binding upon such entity in accordance
with their respective terms. Upon request of either party, Escrow Holder or Title Company,
Buyer and Seller agree to deliver such documents reasonably necessary to evidence the
foregoing.
13.4 Attorneys' Fees. In the event of any dispute between the parties hereto arising
out of the subject matter of this Agreement or the Escrow, or in connection with the Property,
the prevailing party in such action shall be entitled to have and to recover from the other party
its actual attorneys' fees and other expenses and costs in connection with such action or
proceeding (including expert witness fees) in addition to its recoverable court costs.
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0000r3
13.5 Interpretation; Governing Law. This Agreement shall be construed according to
its fair meaning and as if prepared by both parties hereto. This Agreement shall be construed in
accordance with the laws of the State of California in effect at the time of the execution of this
Agreement. Titles and captions are for convenience only and shall not constitute a portion of
this Agreement. As used in this Agreement, masculine, feminine or neuter gender and the
singular or plural number shall each be deemed to include the others wherever and whenever
the context so dictates.
13.6 No Waiver. No delay or omission by either party hereto in exercising any right or
power accruing upon the compliance or failure of performance by the other party hereto under
the provisions of this Agreement shall impair any such right or power or be construed to be a
waiver thereof. A waiver by either party hereto of a breach of any of the covenants, conditions
or agreements hereof to be performed by the other party shall not be construed as a waiver of
any succeeding breach of the same or other covenants, agreements, restrictions or conditions
hereof.
133 Modifications. Any alteration, change or modification of or to this Agreement, in
order to become effective, shall be made by written instrument or endorsement thereon and in
each such instance executed on behalf of each party hereto.
13.8 Severability. If any term, provision, condition or covenant of this Agreement or
the application thereof to any party or circumstances shall, to any extent, be held invalid or
unenforceable, the remainder of this instrument, or the application of such term, provision,
condition or covenant to persons or circumstances other than those as to whom or which it is
held invalid or unenforceable, shall not be affected thereby, and each term and provision of this
Agreement shall be valid and enforceable to the fullest extent permitted by law.
13.9 Merger of Prior Agreements and Understandings. This Agreement and other
documents incorporated herein by reference contain the entire understanding between the
parties relating to the transaction contemplated hereby and all prior or contemporaneous
agreements, understandings, representations and statements, oral or written, are merged
herein and shall be of no further force or effect.
13.10 Covenants to Survive Escrow. The covenants and agreements contained herein
shall survive the Close of Escrow and, subject to the limitations on assignment contained in
Section 14.1 above, shall be binding upon and inure to the benefit of the parties hereto and their
representatives, heirs, successors and assigns.
13.11 Consent of Parties. Whenever by the terms of this Agreement the consent or
approval of Buyer or Seller is to be given, such consent or approval shall be evidenced by the
signature of one person designated for such purpose. Initially such person for Seller shall be
Lincoln Saul and such person for Buyer shall be the Executive Director of Buyer. Such
designated persons may be changed by the party so designating at any time by the delivery of a
written notice to the other party.
13.12 Execution in Counterpart. This Agreement and any modifications, amendments
or supplements thereto may be executed in several counterparts, and all so executed shall
constitute one agreement binding on all parties hereto, notwithstanding that all parties are not
signatories to the original or the same counterpart.
_t l_
OUG9 4
13.13 Notices. Any notice which either party may desire to give to the other party or to
the Escrow Holder must be in writing and shall be effective (i) when personally delivered by the
other party or messenger or courier thereof; (ii) three (3) business days after deposit in the
United States mail, registered or certified; (iii) twenty-four (24) hours after deposit before the
daily deadline time with a reputable overnight courier or service; or (iv) upon receipt of a
telecopy or fax transmission, provided a hard copy of such transmission shall be thereafter
delivered in one of the methods described in the foregoing (i) through (iii); in each case postage
fully prepaid and addressed to the respective parties as set forth below or to such other address
and to such other persons as the parties may hereafter designate by written notice to the other
parties hereto:
To Seller: Thomas White and Yolanda Marie Gant
945 E. Cottonwood Road
Palm Springs, CA 92262-4642
To Buyer: Community Redevelopment Agency of the
City of Palm Springs
3200 E Tahquitz Canyon Way
Palm Springs, CA 92262-6959
Attn: Executive Director
Copy to: Community Redevelopment Agency of the
City of Palm Springs
3200 E Tahquitz Canyon Way
Palm Springs, CA 92262-6959
Attn: Agency Counsel
13.14 Exhibits. Exhibits 'A," "B" and "C" inclusive, attached hereto, are incorporated
herein by this reference.
13.15 Corporate Authority- The persons executing this Agreement on behalf of the
parties hereto warrant that (i) such party is duly organized and existing, (ii) they are duly
authorized to execute and deliver this Agreement on behalf of said party, (iii) by so executing
this Agreement, such party is formally bound to the provisions of this Agreement, and (iv) the
entering into this Agreement does not violate any provision of any other Agreement to which
said party is bound.
[SIGNATURES ON NEXT PAGE)
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00'00i 5
IN WITNESS WHEREOF, the parties hereto have executed this Agreement of Purchase
and Sale of Real Properly and Escrow Instructions as of the date set forth above.
"SELLER"
Thomas White
Yolanda Marie Gant
"BUYER"
ATTEST: COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF PALM SPRINGS,
a public body, corporate and politic
By:
Agency Secretary Executive Director
APPROVED AS TO FORM
Agency Counsel
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cou���.s
SCHEDULE OF EXHIBITS
EXHIBIT "A" LEGAL DESCRIPTION OF PROPERTY
EXHIBIT "B" GRANT DEED
EXHIBIT"C° NON-FOREIGN AFFIDAVIT
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00001.7
EXHIBIT "A"
LEGAL DESCRIPTION OF PROPERTY
The following real property in the City of Palm Springs, County of Riverside, State of California,
described as follows:
Lot 4 of Tract 29695, recorded in Book 315, Pages 6 to 8 inclusive, of Maps, records of
Riverside County, California.
1003/012/31756.02
EXHIBIT "B"
GRANT DEED
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS
3200 E Tahquitz Canyon Way
Palm Springs, CA 92262-6959
Attn: Executive Director
Space above this line for Recorder's Use
(Exempt from recording fee per section 6103 of Government Code)
Order No.
Escrow No.
GRANT DEED
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
THOMAS WHITE AND YOLANDA MARIE GANT hereby grants to the COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, the real property at 945 E.
Cottonwood Road in the City of Palm Springs, County of Riverside, State of California,
described in Exhibit "A" attached hereto and incorporated herein by reference ("Property").
The Property conveyed hereby is subject to (i) non-delinquent general and special real
property taxes and assessments; and (ii) matters of record.
Dated: 2005
THOMAS WHITE
YOLANDA MARIE GANT
STATE OF CALIFORNIA )
ss.
COUNTY OF RIVERSIDE )
On before me, Notary Public, personally
appeared who
proved to me on the basis of satisfactory evidence to be the person(s)whose name(s) is/are subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies),and
that by his/her/their signeture(s) on the instrument the person(s) or the entity upon behalf of which the person(s)
acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the state of California that the foregoing
paragraph is true and correct.
Witness my hand and official seal.
Notary Public
[SEAT,]
1003/012/31756 02
GOR019
EXHIBIT "A" TO GRANT DEED
LEGAL DESCRIPTION OF LAND
The following real property in the City of Palm Springs, County of Riverside, State of California,
described as follows:
Lot 4 of Tract 29695, recorded in Book 315, Pages 6 to 8 inclusive, of Maps, records of
Riverside County, California.
1003/012/31756.02
V �GJQLLI
EXHIBIT "C"
NON-FOREIGN AFFIDAVIT
Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. real
property interest must withhold tax if the transferor is a foreign person. To inform the transferee
that withholding of tax is not required upon disposition of a U.S. real property interest by
("Transferor"), the undersigned hereby certifies the
following on behalf of Transferor:
1. Transferor is not a foreign corporation, foreign partnership, foreign trust or foreign
estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations);
2. Transferor's U.S. employer identification or social security number is
and
3. Transferor's office address is
The undersigned understands that this certification may be disclosed to the Internal
Revenue Service by the transferee and that any false statement contained herein could be
punished by fine, imprisonment, or both.
Under penalties of perjury, we declare that we have examined this certification and to
the best of our knowledge and belief, it is true, correct, and complete, and we further declare
that we have authority to sign this document on behalf of Transferors.
Dated: 2008
Insert name here
"Transferor"
Address of Property for Sale: 945 E. Cottonwood Road, Palm Springs, CA 92262
See legal description attached as Exhibit "A"
1003/012/31756M 000021
RECORDED AT THE )
REQUEST OF .AND WIIEN )
RECORDED RETURN TO: )
Community Redevelopment Agency
of the City of Palm Springs
P.O. Box 2743
3200 Tahquitz Canyon Way )
Palm Springs, CA 92263 )
Attn: Exee>��eetc�r )
C 1-t-y �[ k
(SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE)
(EXEMPT FROM RECORDING FEE PER GOV.CODE'6103)
REGULATORY AGREEMENT
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS
TIIIS REGULATORY AGREEMENT (the "Agreement") is made this /7zJ day of
200Z by and between THOMAS WHITE AND YOLANDA MARIE
GANT ("Owner") and the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
PALM SPRINGS ("Agency").
RE,CITALIS
A. Owner has entered into an agreement (the "Purchase Agreement") to purchase
from the Coachella Valley Housing Coalition (the "Developer") certain real property located at
945 Cottonwood Road, Palm Springs, California, 92264, Palm Springs, California, which real
property is more particularly described in Exhibit"l" attached hereto and incorporated herein(the
"Property").
B. Agency has agreed to provide financial assistance in the development of the
housing project in which the Property is located. Agency's activities in this regard are designed to
implement Agency's effort to assist persons and families of moderate-income or lower ("Eligible
Persons and Families") to purchase residential property and to increase, improve, and preserve the
supply of moderate-income and lower housing available within the territorial jurisdiction of
Agency, in accordance with the Community Redevelopment Law (California Health and Safety
Code Sections 33000 et seq.).
C. Agency and the Developer entered into an Owner Participation Agreement dated
September 1, 1999 (the "OPA"). Pursuant to the terms of the OPA, title to the Property may be
Regalatory Agreement (1 of 16) Thomas White
M Yolanda Mane Gant
vested in Owner subject to this Regulatory Agreement, and the terms hereof shall be binding on
the Owner and its successors in interest in the Property for so long as the Regulatory Agreement
shall remain in effect.
D. The Agency's financial assistance and the use and affordability restrictions
imposed by Agency bave enabled Owner to purchase the Property with financial assistance
provided for in the OPA. In exchange for Agency's assistance, Owner agrees to the restrictions
on the sale, resale, and occupancy of the Property created by this Agreement.
NOW, THEREFORE, the Developer, Owner and Agency declare, covenant and agree, by
and for themselves, their heirs, executors, administrators and assigns, and all persons claiming
under or through them, that the Property shall be held, transferred, encumbered, used, sold,
conveyed, leased and occupied, subject to the covenants and restrictions hereinafter set forth.
1. DEFINITIONS.
(a) Agency Fee. The term "Agency Fee" shall mean the fee the Agency is entitled to
receive for its services under this Regulatory Agreement, which fee shall be in the amount of the
reasonable costs of such services (including out of pocket expenses incurred for any reports, fees,
or other costs related to the approval of the close of a sale of a Residence, but not including the
cost of staff time); provided, however, that, said fee shall not be greater than One-Half of One
Percent(.5%) of the Initial Selling Price or the Maximum Resale Price, as applicable.
(b) Agency Financial Assistance. The term "Agency Financial Assistance" shall mean
an amount determined necessary for the development of the project by the project pro forma, after
all other sources of financing, public and private, have been included, and which have been
assumed by the Agency to assist a Qualified Purchaser. The Agency Financial Assistance shall be
applied to the down payment required to purchase the Property. The amount of Agency Financial
Assistance is Eighteen Thousand Eighty Dollars ($18,080.00),
(c) Capital Improvement. The term "Capital Improvement" shall mean any capital
improvements installed by Owner (but not a predecessor-in-interest of the Owner) to the
Residence costing in excess of Five Hundred Dollars ($500.00) in any one (1) year which are
properly characterized as capital improvements, as distinguished from maintenance items, under
the Internal Revenue Code and the regulations promulgated thereunder pursuant to a building
permit,if required by the City, and approved by the Agency, if required.
(d) Cost of Repair. The tern "Cost of Repair" shall mean the cost, as reasonably
determined by the Agency, to repair any violations of applicable building,plumbing, electric, fire,
or housing codes or any other provision of the Palm Springs Municipal Code, the cost to repair
any damage to a Residence and the cost to put the Residence into a saleable condition, as
reasonably determined by the Agency, including, but not limited to, cleaning,painting, cleaning or
replacing worn carpeting and draperies, and making needed structural, mechanical, electrical,
plumbing and fixed appliance repairs.
(e) Low Income household. The term "Low Income Household" shall mean a
household earning no more than eighty percent (80%) of the median income for a household of
Regulatory Agreement (2 of 16) Thomas While
tit Yolanda Marie Gant
the size of a prospective Qualified Purchaser household living in riverside County set forth in the
regulations published by the California Department of Housing and Community Development
pursuant to Health and Safety Code Section 50093, or its successor statute.
(f) Maximum Resale Price. The "Maximum Resale Price" shall mean (i) the purchase
price paid by the then current Owner, other than the Developer, (except that the purchase price for
the first Qualified Purchaser of the Residence shall be the Initial Selling Price) for the Residence
(including all closing costs actually paid by Owner) (not the purchase price proposed to be paid by
the prospective purchaser to the Owner) increased (but not decreased) by the percentage change
between Low or Moderate IIousehold Income, published for the year the Residence was
purchased by the then current Owner and the Low or Moderate Household Income, published for
the year immediately preceding the year the Residence is to be sold by the then current Owner; (ii)
plus the documentable cost of any Capital Improvements; (iii) plus the usual and customary
closing costs charged to a seller in connection with the sale of a dwelling unit; (iv) less Cost of
Repairs; (v)plus the Agency Fee.
Provided that, however; for the first sale, conveyance, assignment or other transfer of the
Residence occurring on or after the seventh (7a'), fourteenth (141h) and twenty-first (2151)
anniversary of the initial sale of the Residence, the Maximum Resale Price for a Residence shall
be recomputed as the lesser of(i)the amount calculated pursuant to the preceding paragraph or(ii)
(a) an amount which, assuming a ten percent (10%) down payment were made by the Qualified
Purchaser and assuming a loan were made which, if amortized over thirty(30)years at the average
rate of interest published by Bank of America, N_T. & S.A. for thirty (30) year fixed rate
mortgages for the month that the Initial Notice, as hereinafter defined, is given, the annual
principal and interest payments of such mortgage when added to annual casualty insurance
premiums and annual real property taxes and assessments for the Residence shall not exceed thirty
percent (30%) of the then Low or Moderate Household Income; (b) plus the usual and customary
closing costs charged to a seller in connection with the sale of a dwelling unit; (c) less the Cost of
Repairs; (d) plus the Agency Fee. The foregoing calculation of Low and Moderate Household
Income shall be computed based upon a six-person household, if the Residence is a three-
bedroom unit; an eight-person household if the Residence is a four-bedroom unit. If Bank of
American no longer publishes such an interest rate, then the Agency shall designate another bank
or financial institution which publishes such an interest rate. If the California Department of
Housing and Community Development publishes a percentage of Low and Moderate Household
Income to be allocated to housing costs other than thirty percent (30°/u) of said income, then such
other percentage shall be used in calculating the Maximum Resale Price pursuant to subsection
(ii) of this paragraph, above.
By way of example of computing the Maximum Resale Price under subsection (ii) of the
immediately preceding paragraph, assume that the Low and Moderate Household Income is equal
to $20,000.00 the annual cost of casualty insurance premiums,real property taxes and assessments
for the Residence is equal to $1,000.00, and the average interest rate for a fixed rate 30 year
mortgage charged by Bank of America N.T_ & S.A. is equal to 10%. The annual maximum
principal and interest payments payable for the mortgage is equal to 30% x 20,000.00 - $1,000.00
= $5,000,00 per year or $416.67 per month. The maximum principal amount of the loan is the
present value of$416.67 per mouth paid over thirty years at 10% or$47,479.89. Therefore,the
Regulatory Agreement (3 of 16) Thomas white
fl fllKl Yolanda Marie Gant�y r� r
��v 00002
maximum purchase price under subsection (ii) of the preceding paragraph is equal to
$47,479.89/.9 = $52,755.43 plus the usual and customary closing costs charged to a seller in
connection with the sale of a dwelling unit, less any Costs of Repair,plus the Agency Fee.
Notwithstanding anything contained in this Section to the contrary withstanding, the
Maximum Resale Price shall not be less than (i)the purchase price paid by the then current Owner
for the Residence (including all closing costs actually paid by Owner) increased by an amount
equal to two percent (2%) simple, but not compounded, interest per annum from the date the
Restricted was purchased by the then current Owner through the date of the Initial Notice, as
hereinafter defined; (ii) plus the documentable cost of any Capital Improvements installed by the
then current Owner; (iii) plus usual and customary closing costs charged to a seller in connection
with the sale of a dwelling unit; (iv) less the Cost of Repairs; (v)plus the Agency Fee.
(g) Moderate Income Household. The term "Moderate Income Household" shall mean
a household earning no more than one hundred twenty percent (120%) of the median income for a
household of the size of a prospective Qualified Purchaser household living in Riverside County
set forth in the regulations published by the California Department of Housing and Community
Development pursuant to Health and Safety Code Section 50093, or its successor statute.
(h) Owner. The term "owner" shall mean any person who holds any fee interest in a
Residence during the term of this Regulatory Agreement, including the Developer. A person shall
not be deemed to be an Owner until the person acquires fee title to the Residence. Thus, a
purchaser of a Residence shall not become an Owner until a grant deed is executed and delivered
by the then current Owner of the Residence.
(i) Purchase Price. The term"Purchase Price" shall mean that amount agreed upon by
the Owner and Developer and approved by the Agency's Executive Director as the payment to be
made by Owner to Developer for the purchase of the Property, which amount is One Hundred
Forty Thousand Dollars ($140,000.00)
0) Qualified Purchaser_ The term "Qualified Purchaser" shall mean those persons
who satisfy all of the following requirements:
(1) The potential owner's (or owners') adjusted gross income, as shown on
federal income tax return(s), for the full calendar year immediately preceding the calendar year in
which such person(s) seek to acquire the Property, does not exceed the Low and Moderate Income
Household for the preceding calendar year.
(2) The person(s) certify they intend to occupy the Property as their principal
residence and for no other purpose and that they will not enter into an agreement, whether oral or
written, for the rental or lease of the Property.
(3) The person(s) do not own any other residential real property at the time of
purchase, and have not owned any other residential real property in the three preceding years.
(4) The person(s) demonstrate to the Agency's satisfaction that Agency
Financial Assistance is required for the purchase of the Property.
Regulatory Agreement (4 of 16) Thomas white
v�iw&' Yolanda Marie Gaut
(1) Residence. The term "Residence" shall mean the residence constituting the
Property.
(m) Sale Proceeds. The term "Sale Proceeds" shall mean the net proceeds from the
sale of the Property to a purchaser who is not a Qualified Purchaser. The formula for determining
the We Proceeds is as follows:
(Gross proceeds of sale) minus (costs of sale, such as escrow, title and broker fees
and the Agency Fee) minus (the amount paid to retire any mortgages that financed
the purchase of the Residence) minus (Owner's original investment) minus (the
aggregate amount of principal payments made by Owner on any mortgages that
financed the purchase of the Residence) minus (the documentable cost of any
Capital Improvements)= Sale Proceeds.
2. IDICOME TNF()RMATTON,
Owner has submitted an eligibility verification form to Agency prior to execution of this
Agreement. Owner represents, warrants, and declares under penalty of perjury to Agency that all
information Owner has provided and will provide in the future to Agency is and will be true,
correct and complete. Owner acknowledges that Agency is relying upon Owner's representations
that Owner is an Eligible Person or Family, and Agency would not have entered into this
Agreement if Owner did not so qualify.
3. RFSTRiC'TIONS OLN SALF OE TAF,PROPl'i'.RTY.
Developer and Owner covenant and agree for themselves and their successors and assigns
to their interest in the Property that the sale, resale, and occupancy of the Property shall be
restricted as follows:
(a) Occupancy Standards. The Property shall be used as the principal residence of
Owner and Owner's family and for no other purpose. Owner shall not enter into an agreement for
the rental or lease of the Property.
(b) Notice to Agency of Intent to Sell. If Owner desires to sell, exchange, quitclaim,
or in any manner dispose of the Property, or any part thereof("Proposed Sale"), Owner shall first
notify Agency in writing not less than thirty(30) days prior to entering into any binding agreement
for such a Proposed Sale.
(c) Sale to Qualified Purchaser. Except as expressly provided in this Agreement, the
Property shall be sold, conveyed, assigned or otherwise transferred to a Qualified Purchaser for a
sales price which is equal to or less than the Maximum Resale Price. Agency shall cooperate with
Owner in providing information to Owner and to qualifying lenders to enable them to calculate
the Maximum Resale Price and whether a prospective purchaser meets the legal low or moderate
income standard.
(d) Agency Approval of Prospective Purchasers. Owner shall submit to Agency all
offers received by the Owner for the Property. The Agency may elect to schedule a meeting with
Regulatory Agreement (5 of 16) Thomas White
Yolanda Mane Crmt
ooa�zs
the prospective purchaser. Based upon the information submitted by Owner and the prospective
purchaser, the Agency shall verify that the prospective purchaser is a Qualified Purchaser and that
the sales price is less than or equal to the Maximum Resale Price. The Owner and the prospective
purchaser shall provide such supporting documentation the Agency reasonably deems appropriate,
including an income tax return of the prospective purchaser. Upon Agency's approval, the Owner
may thereafter sell the Property to the Qualified Purchaser upon the terns and conditions
submitted to the Agency, and subject to the restrictions in this Agreement. If the Property is sold
to a Qualified Purchaser, then Owner shall not be required to share any Sale Proceeds with
Agency pursuant to Section 3(e)below.
(e) Sale of Property to Non-Qualified Purchaser. Owner shall use best efforts to sell
the Property to a Qualified Purchaser, including listing of the Property at or below the Maximum
Resale Price. "Best efforts" includes obtaining a broker, listing the Property on the multiple
listing service, holding open houses, advertising and such other methods as normally undertaken
to sell residential property. If after ninety (90) days following the Agency's receipt of written
notice of Owner's intent to sell, and despite Owner's best efforts, Owner has not received a bona
fide offer from a Qualified Purchaser to purchase the Property at the lesser of(i) the Maximum
Resale Price, or (ii) the appraised fair market value of the Property, Owner shall notify Agency in
writing that the Property has not been sold.
(1) Rejection of Offer from Qualified Purchaser. Owner's rejection of an offer
from a Qualified Purchaser shall be subject to Agency's approval of the reasonableness of the
rejection, which Agency approval shall not be unreasonably denied. Notwithstanding the
foregoing, Owner shall not reject a bona fide offer from a Qualified Purchaser solely on the basis
of the offered purchase price, provided that the offer is equal to the lesser of(i) the Maximum
Resale Price, or(ii) the appraised fair market value of the Property.
(2) Termination of Escrow. Once an offer from a Qualified Purchaser has been
accepted and escrow has been opened, and if escrow should thereafter be terminated for any
reason prior to closing, then a new ninety (90) day period for marketing the Property to a
Qualified Purchaser shall commence upon Agency's receipt of written notice from Owner that the
escrow has been terminated.
(3) Agency's Sale Right. If the Owner has not received an offer from a
Qualified Purchaser within the time period set forth in Section 3(e), then Agency shall have the
right to cause the sale of the Property to a third party who is a Qualified Purchaser, at a price not
to exceed the lesser of: (i) the Maximum Resale Price, or (ii) the appraised fair market value of
the Property, Agency's exercise of such right shall be made by delivery of written notice to
Owner within thirty (30) days after Agency receives written notice that the Property has not been
sold. In the event Agency arranges the purchase by a Qualified Purchaser, an escrow shall be
established to close within sixty(60) days after delivery of Agency's notice of exercise.
At the election of Agency, Agency may appoint a certified, independent appraiser
to conduct an appraisal of the Property, at Agency's expense, to assist Agency in determining if
the Maximum Resale Price is at or near the fair market value of the Property at such time.
Regulatory Agreement (6 0£16) Thomas'White
v��k k Yolanda Marie Gant
000027
In the event Agency fails to agree in writing to nominate a Qualified Purchaser
within thirty (30) days of receipt of written notice from Owner, the Property may be marketed by
Owner to non-Qualified Purchasers at a market rate that may exceed the Maximum Resale Price;
provided, however, that Owner shall continue to use its best efforts to sell the Property to a
Qualified Purchaser. Owner's failure to sell the Property to a Qualified Purchaser shall obligate
Owner to share the Sale Proceeds, if any, with the Agency in accordance with the formula set
forth in Section 3(e)(4) below.
(4) Agency's Share of Sale Proceeds. If the Property is sold to a purchaser who
is not a Qualified Purchaser, then the Agency shall receive a declining pro rata percentage of the
Sale Proceeds at the time of the sale, depending on the year in which the Property is sold. The pro
rata percentage (the "Share Ratio") shall be equal to the ratio determined by dividing (a) the
Agency Financial Assistance by (b) the Purchase Price. The Agency' share is then derived by
multiplying the Sale Proceeds by the Share Ratio by the applicable percentage set forth in the
following table. The Ionger the Property is owned, the less Sale Proceeds are shared with the
Agency. After a period of nine years, no Sale Proceeds are due the Agency. The Agency shall
receive its share of the Sale Proceeds at the close of escrow for the sale of the Property.
The schedule for determining the Agency's share of the Sale Proceeds is as follows:
CALENDAR YEAR. :AQE7NCY'S.SIdARE
OF RESALE S PROCLL7.5...
2002 100%
(or prior)
2003 90%
2004 80%
2005 70%
2006 60%
2007 50%
2008 40%
2009 30%
2010 20%
2011 10%
The sharing of Sale Proceeds with the Agency shall not apply when: (i) Owner
sells or transfers the Property to a Qualified Purchaser; (ii) the transfer is due to the assumption of
ownership by inheritance upon death of the Owner; (iii) the transfer is due to the assumption of
ownership by one spouse in connection with a divorce; or (iv) the transfer is due to some other
circumstance that does not involve the exchange of consideration and is approved in writing by
Agency.
Regulatory Agreement (7 of 16)
�l Thomas white
OYi1 Yolanda IvMaie Gant
oa�a� g
(f) Agency Fee. The Agency shall be entitled to receive the Agency Fee for the
services provided under this Regulatory Agreement. The Agency Fee shall be paid to the Agency
through the escrow for the sale of the Residence_ The Agency Fee shall be paid from funds
accruing to the benefit of the Owner.
(g) Section 143 of the Internal Revenue Code. If and for so long as the Residence is
financed by a loan made with the proceeds of qualified mortgage bonds, it may only be sold to a
person or family who qualifies for such financing under Section 143 of the Internal Revenue
Code.
4. LIMITATION ON FNCjJMRRANCRS.
Notwithstanding anything to the contrary contained in this Agreement, Owner shall not
mortgage the Property or any portion thereof or any interest therein, or enter into any other form
of conveyance for financing during the term of this Agreement, except for the following purposes:
(a) financing the purchase of the Property from Developer or a subsequent owner (the
"First Lien"); or
(b) refinancing of the First Lien for a loan amount not to exceed the then current loan
balance secured by the First Lien; or
(c) financing the construction of improvements on the Property but only if such
improvements are approved in writing by Agency and do not exceed five percent (5%) of the then
current loan balance secured by the First Lien. The Owner shall provide such documentation as
may be reasonably required by Agency to show that the financing permitted by this Section'4(c)
was used for the construction of the improvements approved in writing by Agency.
The Owner shall not enter into any such conveyance for financing without the prior written
approval of the Agency. Any lender approved by the Agency shall not be bound by any material
amendment, implementation, or modification to this Agreement subsequent to the recordation of
its mortgage without such lender giving its prior written consent thereto.
5. SUBORDWATION.
This Agreement shall be subordinate to any First Lien on the Property held by the First
Lien's Holder ("holder's, and shall not impair the rights of I3older, or Holder's assignee or
successor in interest, to exercise its remedies under the First Lien in the event of a default under
the First Lien by Owner. In the event of a foreclosure or deed in lieu of foreclosure of the First
Lien, this Agreement shall be terminated and shall have no further force or effect on subsequent
owners of the Property. Any person, including his or her successors or assigns (other than Owner
or a related person or entity of Owner), receiving title to the Property through a foreclosure or
deed in lieu of foreclosure of the First Lien shall receive title to the Property free and clear from
the restrictions in this Agreement.
Further, if the holder acquires title to the Property pursuant to a deed in lieu of
foreclosure, this Agreement shall be terminated upon holder's acquisition oftitle, provided that
Regulatory Agreement (8 of 16) Thomas"te
jA Yolanda Marie Crantt Z
(i) Agency has been given written notice of a default under the First Lien concurrently with any
notice provided to the Owner, and (ii) Agency shall not have cured the default under the First
Lien, or diligently pursued curing the default, within the time period provided to Owner under the
First Lien, as shall be described in the notice sent to Agency.
6. MAINTENANCE OF PROPERTY_
(a) Maintenance Obligation. Owner shall maintain the improvements and landscaping
on the Property and adjacent landscaped parkways in a manner consistent with community
standards which will uphold the value of the Property, in accordance with the Palm Springs
Municipal Code. Owner also agrees to comply with any and all covenants and agreements
established by any Declaration of Covenants, Conditions, and Restrictions controlling the
Property and to comply with all applicable federal, state and local laws-
(b) Right of Entry. In the event any Owner fails to maintain his, her, or their
Residence in the above-mentioned condition, and satisfactory progress is not made in correcting
the condition within thirty (30) days from the date of written notice from the Agency, the Agency
may, at its option, and without further notice to Owner, declare the unperformed maintenance to
constitute a public nuisance. Thereafter, the Agency, or its employees, contractors or agents, may
cure the default by entering upon the Residence and performing the necessary landscaping and/or
maintenance. The Agency shall give Owner notice of the time and manner of entry, and entry
shall only be at such times and in such manner as is reasonably necessary to carry out his
Regulatory Agreement. Owner shall pay such costs as are reasonably incurred by Agency for such
maintenance.
(c) Lien. If the costs incurred pursuant to Section 4.2 are not reimbursed within thirty
(30) days after receipt of notice thereof, the same shall be deemed delinquent, and the amount
thereof shall bear interest thereafter at a rate of ten percent (10%)per annum until paid. Any and
all delinquent amounts, together with said interest, costs and reasonable attorney's fees, shall be a
lien and charge, with power of sale, upon the Residence. Any such lien may be enforced by
power of sale by the Agency following recordation of a Notice of Default given in the manner and
time required by law as in the case of a deed of trust. Such sale shall be conducted in accordance
with the provisions of Section 2924, et seq., of the California Civil Code applicable to the
exercise of powers of sale in mortgages and deeds of trust, or in any other manner permitted by
law.
Any monetary lien provided for herein shall be subordinate to any bona fide mortgage or
deed of trust covering an ownership interest in and to the Residence, and any purchaser at any
foreclosure or trustee's sale (as well as any deed or assignment in lieu of foreclosure or trustee's
sale) under any such mortgage or deed of trust shall take title free from any such,monetary lien,
but otherwise subject to the provisions hereof; provided that, after the foreclosure of any such
mortgage and/or deed of trust, all other assessments provided for herein to the extent they relate to
the expenses incurred subsequent to such foreclosure, assessed hereunder to the purchaser at the
foreclosure sale, as owner of the subject parcel after the date of such foreclosure sale, shall
become a lien upon such parcel upon recordation of a Notice of Default as herein provided.
Regulatory Agreement (9 of 16) Thomas white
Yolanda Marie Gant
G00030
7. ENFORCEMENT.
(a) Events of Default. In the event Owner defaults in the performance or observance
of any covenant, agreement or obligation of Owner set forth in this Regulatory .Agreement, and if
such default remains uncured for a period of thirty (30) days after written notice thereof shall have
been given by Agency, or, in the event said default cannot be cured within said time period,
Owner has failed to commence to cure such default within said thirty (30) days and diligently
prosecute said cure to completion, then Agency shall declare an "Event of Default" to have
occurred hereunder, and, at its option,may take one or more of the following steps:
(1) By mandamus or other suit, action or proceeding at law or in equity,require
Owner to perform its obligations and covenants hereunder or enjoin any acts or things which may
be unlawful or in violation of this Regulatory Agreement; or
(2) Take such other action at law or in equity as may appear necessary or
desirable to enforce the obligations, covenants and agreements of Owner hereunder.
Failure or delay in giving notice shall not constitute a waiver of any default, nor shall it
change the time of default.
8. NONDISCREMNATION.
(a) Obligation to Refrain from Discrimination. There shall be no discrimination
against, or segregation of, any persons, or group of persons, on account of race, color, ancestry,
religion, sex, marital status, disability (including AIDS and HIV diagnosis), national origin,
familial status, sexual orientation or source of income, in the sale, transfer, use, occupancy or
enjoyment of the Residences, or any portion of the Residences, nor shall Developer or any Owner,
or any person claiming under or through Developer or any Owner, establish or permit any such
practice or practices of discrimination or segregation with reference to the selection, location,
number, use or occupancy of purchasers of the Residences or any portion thereof. The
nondiscrimination and nonsegregation covenants contained herein shall remain in effect in
perpetuity-
(b) form of Nondiscrimination and Nonsegregation Clauses. Owner shall refrain from
restricting the sale of any portion of the Residence on the basis of race, color, ancestry, religion,
sex, marital status, disability (including AIDS and HIV diagnosis), national origin, familial status,
sexual orientation or source of income, of any person_ All such deeds or contracts shall contain or
be subject to substantially the following nondiscrin-ination or nonsegregation clauses:
(1) Deeds. In deeds the following language shall appear: "The grantee
herein covenants by and for himself or herself, his or her heirs, executors, administrators, and
assigns, and all persons claiming under or through them, that there shall be no discrimination
against or segregation of any person or group of persons on account of race, color, ancestry,
religion, sex, marital status, disability (including AIDS and ETV diagnosis), national origin,
familial status, sexual orientation or source of income, in the sale, transfer,use, occupancy, tenure
Regulatory Agreement (10 of 16) �p Thomas white
\AJV1 KZ Yolanda Marie Gant
J �
or enjoyment of the land herein conveyed, nor shall the grantee, or any persons claiming under or
through him or her, establish or permit any such practice or practices of discrimination or
segregation with reference to the selection, location, number, use or occupancy of purchasers in
the land herein conveyed. The foregoing covenants shall run with the land."
(b) Contracts. Any contracts which any Owners or their heirs, executors,
administrators, or assigns propose to enter into for the sale or transfer of the Residence shall
contain a nondiscrimination and nonsegregation clause substantially as set forth in this Section 8.
Such clause shall bind the contracting party and subcontracting party or transferee under the
instrument.
9. COYENANTS.'O_RIJN WITH TT F, LAND.
Owner hereby subjects the Property to the covenants, reservations and restrictions set forth
in this Regulatory Agreement. The Agency and the Owner hereby declare their express intent that
all such covenants, reservations and restrictions shall be deemed covenants running with the land
and shall pass to and be binding upon the Owner's successors in title to the Property; provided,
however, that on the termination of this Regulatory Agreement said covenants, reservations and
restrictions shall expire, except as otherwise expressly provided. All covenants without regard to
technical classification or designation shall be binding for the benefit of the Agency, and such
covenants shall run in favor of the Agency for the entire term of this Regulatory Agreement,
without regard to whether the Agency is or remains an owner of any land or interest therein to
which such covenants relate. Each and every contract, deed or other instrument hereafter
executed covering or conveying the Property or any portion thereof 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.
Agency and Owner hereby declare their understanding and intent that the burden of the
covenants set forth herein touch and concern the land in that Owner's legal interest in the Property
is rendered less valuable thereby_ Agency and Owner hereby further declare their understanding
and intent that the benefit of such covenants touch and concern the land by enhancing and
increasing the possibility of enjoyment and use of the Property by Low and Moderate Income
Households, the intended beneficiaries of such covenants, reservations and restrictions, and by
furthering the public purposes for which the Agency was formed.
10. TERM- TRRMINATTON_
The term of this Agreement shall commence upon the close of escrow for the sale of the
Property from Seller to Owner, and shall continue until the expiration of the land use controls in
the Redevelopment Plan (December 29, 2028), unless terminated earlier. This Agreement shall
automatically terminate without any further action of the parties upon the earlier of: (a) the
expiration of the land use controls in the Redevelopment Plan (December 29, 2028), or (b) the
sale of the Property to a purchaser who is not a Qualified Purchaser,provided the Agency receives
its share of the net equity pursuant to Section 3(e)above.
Regulatory Agreement (11 of 16) Thomas White
h\ Yolanda Marie Gant
Il. Tf�SCFLL ANF�(]rJ�_
(a) Notices. Any notices, requests or approvals given under this Agreement from one
party to another may be personally delivered or deposited with the United States Postal Service for
mailing, postage prepaid, registered or certified mail, return receipt requested to the following
address:
If to Agency: Community Redevelopment Agency
of the City of Palm Springs
P.O. Box 2743
Palm Springs, CA 92263
Attn: Executive Director
With a copy to: Burke, Williams& Sorensen, LLP
18301 Von Karman Avenue, Suite 1050
Irvine, California 92612
Attn: David J. Aleshire, Esq.
If to Owner: Thomas White and Yolanda Marie Gant
945 Cottonwood Road
Palm Springs, CA 92264
With a copy to:
Notices personally delivered or delivered by document delivery service shall be
effective upon receipt. Mailed notice shall be effective at noon on the second business day
following deposit with the United States Postal Service. Either party may change its address for
notice by giving written notice thereof to the other party.
(b) Attorneys' Fees. In the event that a parry to this Regulatory Agreement brings an
action against the other party hereto by reason of the breach of any condition or covenant,
representation or warranty in this Regulatory Agreement, or otherwise arising out of this
Regulatory Agreement, the prevailing party in such action shall be entitled to recover from the
other reasonably attorney's fees to be fixed by the court which shall render a judgment, as well as
the costs of suits. Attorney's fees shall include attorney's fees on any appeal, and in addition a
party entitled to attorney's fees shall be entitled to all other reasonable costs for investigating such
action, including the conducting of discovery.
Regulatory Agreement (12 of 16) Thomas White
Vl� Yolanda Marie Gant
(c) Amendments. This Regulatory Agreement shall be amended only by a written
instrument executed by the parties hereto or their successors in title, and duly recorded in the real
property records of the County of Riverside.
(d) Severability/Waiver/Integration.
(1) If any provision of this Regulatory Agreement shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining portions hereof shall not
in any way be affected or impaired thereby-
(2) A waiver by either party of the performance of any covenant or condition
herein shall not invalidate this Agreement nor shall it be considered a waiver of any other
covenants or conditions, nor shall the delay or forbearance by either party in exercising any
remedy or right be considered a waiver of, or an estoppel against, the later exercise of such
remedy or right.
(3) This Agreement contains the entire Agreement between the parties and
neither party relies on any warranty or representation not contained in this Agreement.
12. FUTURE ENFORCEMENT BY CITY.
The parties hereby agree that should the Agency cease to exist as an entity at any time
during the term of this Regulatory Agreement, the Agency shall have the right to assign its rights
and delegate its duties and obligations hereunder to the City of Palm Springs or to another
governmental or quasi-governmental agency approved by the City in writing or to a non-profit
corporation devoted to developing affordable housing approved in writing by the City.
Regulatory Agreement (13 of lb) 6 Thomas allure
Jf'\9 Yolanda Marie Gant
�� 000034
IN WITNESS WHEREOF, the Agency and Owner have executed this Regulatory
Agreement as of the day and year written below_
"OWNER„
Date: By:
Thomas White
By: �\&`kW,an"
,Yolanda Marie Gant
"AGENCY"
tD
COMMUNITY REDEVELOPMENT AGENCY,
OF THE CITY OF PALM SPRINGS, a public body
corporate)and politic
Da �� By:
AS'T.�
Assistant ecretary Z i IV o z
APPROVED AS TO FORM:
BURKE, WILLIAMS & SORENSEN, LLP
Agen ounsel
[END OF SIGNATURES]
Regulatory Agreement (14 of 16) Thomas White
'O Yolanda Marie Gant
�0
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of California
County of Riverside
On /.-,2 -/ 7 — before me, —Elaine L. Wedekind, Notary Public—
Cato Name and Title of omcor(o.g,'Jane Coe,Notary Public')
personally appeared William 07. Kleindienst and Patricia A. Sanders
Namo(s)of Signer(s)
impersonally known to me- to be the person(s)
whose name(s)Ware subscribed to the within instrument
and acknowledged to me that 1RAN6/they executed the
same in MWM/their authorized capacity(ies),and that by
t!p14gMthelr signature(s)on the instrument the person(s),
_ or the entity upon behalf of which the person(s) acted,
executed the instrument.
,�,� CGRrtM.�42PG934
NfJTFlfZY plJ.^,LIC-CALIFCRNIq�
'" r l ERSIDE CpUryTy C WITNESS my hand and official seal.
CO&Ihl,E:CP.FEB,3, +e
20C3 �
5gneture of Notary Public
OPTIONAL
Though the information below is not required by law,it may prove valuable to persons relying on the document and Could prevent
fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document:
Document Date: Number of Pages:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer's Name: Signer's Name:
❑ Individual 0 Individual
❑ Corporate Officer ❑ Corporate Officer
Title($): Title(s):
0 Partner—❑ Limited ❑ General ❑ Partner—❑ Limited ❑ General
❑ Attorney-in-Fact ❑ Attomey-in-Fact
❑ Trustee ❑ Trustee
❑ Guardian or Conservator ❑ Guardian or Conservator
❑ Other: Top of thumb here ❑ Other: Top of thumb here
Signer Is Representing: Signer Is Representing:
m 1994 National Notary Aeao[mtiw•9233 Reramot Ave. P D.Box 7164-Canoga Par.CA 91309.71&1 Prod No 5907 Reorder.C+II Tall¢rea 1AOa-376G821
nnnnnre-
STATE OF CALIFORNIA )
SS.
COUNTY OF RIVERSIDE )
On 02/18/2003 before me, YVETTE GARZA-MUELA personally
appeared THOMAS WHITE AND YOLANDA MARIE GANT , pr-mama ,/MpymAP/w/(or
proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) N/are
subscribed to the within instrument and acknowledged to me that 60"/ e executed the same
in UA4//their authorized capacity(ies), and that by/lp)S#yq/their sign r e instrument the
person(s), or the entity upon behalf of which the per$on ) t , e e c e ' stzument.
WITNESS my hand and official seal.
M �1
OFFICIAL SEAL
YVETfE GARZA MUELA
a NOWY Public-CaliEomn a i
RIVERSIDE COUNTY i
(.SEAL.) My Commission Expires it
d OyER20,
STATE OF CALLFORNIA )
ss.
COUNTY OF RIVERSIDE ) —
On before me, personally
appeared personally known to me (or
proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by his/her/their sigaature(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) acted, executed the inst=ent.
WITNESS my hand and official seal-
(SEAL)
Regulatory Agreement (15 of 10) 'Thomas White
Yolanda Marie Gan[
QQQt�37
ATTACHMENT"J." TO REGULATORY AGREEMENT
LEGAL DESCRIPTION OF PROPERTY
Lot 4 of Tract 29695, recorded in Book 315, Pages 6 to 8 inclusive, of Maps, records of Riverside
County, California.
Regulatory Agreement (16 of 16) Thomas White
y(y1iS Yolanda Marie Gant
5 r w OHM
�p�7,rr FJv0qO
Vil1