HomeMy WebLinkAbout0308C - RIVERSIDE COUNTY HOUSING AUTHORITY, and State Street Bank - BOND PURCHASE 3721 CALLE DE CARLOS COVENANT CCR -Sounty Housing Auth - Low/Mod
nc Bond Issue Purch 3721
Calle de Carlos Regulatory Agr
STCWART TMU CO AGREEMENT #308C (Per A190c)
i Exec Dir 3-28-90
RECORDING REQUESTED BY AND
WHEN RECORDED RETURN TO
Jeffrey P: Christopher, Esq.
Canfield, Christopher 6 Huestis <
520. N. Central Ave. , Suite 270 Q
Glendale, CA 91203 <.
REGULATORY AGREEMENT
AND DECLARATION OF RESTRICTIVE COVENANTS
by and among the
HOUSING AUTHORITY OF THE COUNTY OF RIVERSIDE
�O and
REDEVELOPMENT AGENCY OF THE CITY OF
PALM SPRTNGS '
and
STATE STREET BANK AND TRUST COMPANY OF CALIFORNIA, N.A., as Trustee
Dated as of March 1, 19-20
Relating to
3721 Calle De Carlos
Palm Springs, California
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REGULATORY AGREEMENT AND
DECLARATION OF RESTRICTIVE COVENANTS
THIS REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS is
made and entered into as of March 1, 1949q by and among the Housing
Authority of the County of Riverside, a public body, corporate and politic, of
the State of California (the "Authority"), and the Redevelopment Agency of the
City of palm Springs a public body, corporate and politic of the State of
California (t a Agency ), and State Street Bank and Trust Company of Califor-
nia, N. A., as trustee (the "Trustee").
PREAMBLE
WHEREAS, the Authority has acquired a rental housing project as is more
fully described in Exhibit A hereto (the "Project") located within the County
of Riverside (the "County") and in the City of Palm.Spring1the "City"); and
WHEREAS, pursuant to the Health and Safety Code Section 34200 et she
(the 'HAL") and the Indenture (as hereinafter defined), the Authority has
issued its Revenue Bonds, 1988 Series A (the "Bonds") in the aggregate princi-
pal amount of $99,445,000, a portion of the proceeds of which will be used to
acquire and permanently finance the Project; and
WHEREAS,in connection with the issuance of the Bonds, the Authority and
the Agency have entered into an Agreement for Pledge of Redevelopment Agency
Low and Moderate Income Housing Funds (the "Set-Aside Agreement") pursuant to
which the Agency has agreed to pledge certain funds to the Authority for use
by the Authority in connection with the issuance of the Bonds and the opera-
tion of the Project, and therefore the Agency has an interest, pursuant to the
Community Redevelopment Law (Health and Safety Code Section 33000 et seg.)
(the "CRL"), in being assured that the Project meets the requirements of the
CRL; and
WHEREAS, the CRL prescribes that the use and operation of the Project be
restricted in certain respects by recording restrictive covenants in the
office of the County Recorder. The Authority and the Agency have determined
to enter into this Regulatory Agreement with the Trustee, in its capacity as
the administrator of the proceeds of the Bonds on behalf of the owners of the
Bonds.
NOW, THEREFORE, in consideration of the mutual covenants and undertakings
set forth herein, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Authority and the Agency do
hereby contract and agree as follows:
i
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TABLE OF CONTENTS
Page
Section 1. Definitions and Interpretation. . . . . . . . . . . . . . . . . . 2
Section 2. Acquisition of the Project. . . . . . . . .. . . . . . . . . . . ..
Section 3. Multifamily Rental Housing. . 4
Section 4. Low or Moderate and Very Low Income Tenants. . . . . . . . 4
Section 5. Modification of Special Tax Covenants. . . . . . . . . . . . 5
Section6. Indemnification. . . . ... . . . . . . . . . . . . . . . . . . . . . . .. . . . .. . . . . . . . . . ." " " ' 6
Section 7. Reliance.. . . .. . . . 6
Section 8. Project Location; Cooperation Agreement. . . . . . . . . . . . . . . . . . 6
Section 9. Sale or Transfer of Project. . 6
. . . . . . . . . . .. . . . . . .
Section 10. Term; Involuntary Substantial Loss or
Substantial Destruction. . 6
Section 11. Covenants to Run With the Land. . . . . . . . . . . . . . . 7
Section 12. Uniformity; Common plan. . . . . 7
Section 13. Events of Default; Enforcement. . . .. . . . . . . . . . . 8
Section 14. Governing Law. . . . . . .... .. .. . ..
Section15. Amendments. . . . . . .. . .... .. ... . . . . . . ... . . . . . . . . .. . . . . .
Section 16. Severability.. . . . . .... . . . . . . .. . . . . . .. . . . . . . . . . .
Section 17. Time of the Essence. . 8
Section 18. Recording and Filing... . . ... " ' 8
.
Section 19. Notice. . . . . . ... . . . .... . .. . .. .. . . . . . . . . . . . . : 9
� � .
EXHIBIT B CERTIFICATE OF CONTINUING PROGRAM COMPLIANCE. . . . . . . ..... . A-1
EXHIBIT A DESCRIPTION OF PROJECT SITE. . . . . . . . .. . . . : .
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REGULATORY AGREEMENT
Section 1. Definitions and Inter retation. Unless otherwise expressly
provided herein or un ess the chin'
ontext clearly requires otherwise, the follow-
ing terms shall have the respective meanings set forth below for all purposes
of this Regulatory Agreement:
"Adjusted Income" means the adjusted income of all persons who intend to
reside in one residential unit, calculated in the manner determined by the
Secretary of the Treasury pursuant to Regulation Section 1.167(k) - 3(b)(3) .
"Affordable Housing Cost" means rent not in excess of the 25% of the
gross income of the Lower Income Tenants.
"Affordable Rents" means a monthly rental for a unit of the applicable
size which does not exceed 1/12 of 30% of the maximum Adjusted Income permit-
ted for the Very Low Income Tenants in such unit.
"Area" means the metropolitan statistical area in which the Project is
located.
"Bond Counsel" means an attorney at law or a firm of attorneys acceptable
to the Authority and the Trustee of nationally recognized standing in matters
pertaining to the tax-exempt nature of interest on bonds issued by states and
their political subdivisions duly admitted to the practice of law before the
highest court of any state of the United States of America, or the District of
Columbia.
"Certificate of Continuing Program Compliance" means the certificate
attached-hereto as Exhibit B.
"Income Computation and Certification" means the form provided by the
Authority to be completed by a tenant prior to occupancy of a unit.
"Indenture" means that certain Indenture of Trust dated as of October 1,
1988, by and between the Authority and the Trustee, pursuant to which the
Bonds are issued and secured.
"Lower Income Tenants" means individuals of lower income within the
meaning of Sections 34312.3 and 50079.5 of the Health and Safety Code, which
provide that occupants of a dwelling units are considered as individuals or
families of lower income if their Adjusted Income, as adjusted for family
size, does not exceed 80% of the Median Income for the Area.
"Lower Income Units" means that number of dwelling units in the Develop-
ment required to be occupied by or made available to Lower Income Tenants.
"Low or Moderate Income Tenants" means individuals or families with an
Adjusted Income which does not exceed 120 percent of the Median Income for the
Area.
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"Median Income for the Area" shall mean the median income for the Area as
most recently determined by the Secretary of Treasury.
"Mortgage" means that certain deed of trust executed by the Authority for
the bene it oT the Trustee creating a first lien on the Project.
"Project" means the parcel of real property described in Exhibit A
hereto, and all rights and appurtenances appertaining thereto, and the build-
ings, structures and other improvements constructed thereon, including all
fixtures and other property owned, leased or licensed by the Authority and
located on, or used in connection with, such buildings, structures or other
improvements, all of which shall be owned and operated by the Authority in
accordance with the restrictions set forth in this Regulatory Agreement.
"Qualified Project Period" - means the period beginning on the date this
Regulatory Agreement is recorded and ending on the later of (a) the date which
is 15 years after said date.
"Regulatory Agreement" means this Regulatory Agreement and Declaration of
Restrictive Covenants.
"Very low Income Tenants" means individuals or families with an Adjusted
Income which does not exceed 50 percent of the Median Income for the Area.
"Very Low Income Units" means the dwelling units in the Project occupied
by -Very Low Income Tenants.
Unless the context clearly requires otherwise, words of the masculine
gender shall be construed to include correlative words of the feminine and
neuter genders, and vice versa, and words of the singular number shall be
-construed to include correlative words of the plural number, and vice versa.
This Regulatory Agreement and all the terms and provisions hereof shall be
construed to effectuate the purposes set forth herein and to sustain the
validity hereof.
The terms and phrases used in the recitals of this Regulatory Agreement
have been included for convenience of reference only, and the meaning, con-
struction and interpretation of all such terms and phrases for purposes of
this Regulatory Agreement shall be determined by reference to this Section.
The titles and headings of the sections of this Regulatory Agreement have been
inserted for convenience of reference only and are not to be considered a part
hereof and shall not in any way modify or restrict any of the terms or provi-
sions hereof and shall never be considered or given any effect in construing
. this Regulatory Agreement or any provision hereof or in ascertaining intent,
if any question of intent shall arise.
Section 2. Acquisition of the Project. The Authority hereby represents,
covenants and agrees that it has acquired fee title to the Project, is the
sole owner thereof and no private entity or individual owns any interest in
the Project, except to the extent of the lien of the Mortgage creates any such
ownership interest.
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Section 3. Multifamil.y Rental Housing. The Authority hereby declares
its intent that the Project is to be owned, managed and operated, for so long
as any Bonds remain outstanding under the Indenture, but in any event at least
for the Qualified Project Period, as "multifamily rental housing", within the
meaning of Section 34312.3 of the HAL, and as "rental housing units" within
the meaning of the CRL. To that end, and for- the term of this Regulatory
Agreement, the Authority hereby represents, covenants, warrants and agrees as
follows:
That the Project is being acquired for the purpose of providing
multifamily rental housing, and the Project is to be owned, managed and
operated as such in accordance with the HAL and the CRL as either may be
amended from time to time and in accordance with such requirements as may
be imposed thereby on the Project from time to time.
Section 4. Low or Moderate and Very Low Income Tenants. The Authority
and the Agency hereby agree that their joint objective is to increase the
supply of lower income housing within their respective areas of jurisdiction.
The Authority and the Agency acknowledge that the requirements of the HAL and
the CRL in setting forth this objective are similar but not synonymous, and
that an effort to coordinate such non-synonymous requirements would result in
,, the establishment of tenancy restrictions upon the Development which are more
burdensome upon the owner of the Development then are intended by either the
HAL or the CRL. With such agreement and acknowledgement understood, to the
end of satisfying the requirements of Section 34312.3 of the HAL and Section
33334.3 of the CRL, the Authority hereby represents, warrants, covenants and
agrees as follows:
(a) From the date of recording of this document until the fifteenth
anniversary of said recording:
(1) At least four (4 ) of the completed dwelling units in
the Project will be occupied or made available for occupancy by Low
or Moderate Income Tenants and by Very Low Income Tenants. No
individual or family occupying a Unit as a Low Income Tenant or a
Very Low Income Tenant shall be denied continued occupancy because,
after commencement of such individual 's or family's tenancy, such
individual 's or family's income exceeds that set for Moderate Income
Tenants.
(2) A tenant's status as either a Lower Income Tenant or a Very
Low Income Tenant shall be identified at the time of such tenant's
initial occupancy of the applicable dwelling unit.
(3) If, at any time, the number of units occupied by tenants of
Low or Moderate Income and Very Low Income is less than 4 , the
Authority shall offer all successive vacant dwelling units for .
occupancy by Low, Moderate and Very Low Income Tenants until 4
units are occupied by such tenants.
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(b) Immediately prior to a Low or Moderate Income Tenant's or a Very
Low Income Tenant's occupancy of a unit, the Authority will obtain and
maintain on file an Income Computation and Certification form from each
such tenant dated immediately prior to the initial occupancy of such
Lower Income Tenant or Very Low Income Tenant in the Project. The
Authority shall verify that the income provided by an applicant is
accurate.
(c) Upon the recording of this document and quarterly thereafter
during the term of this Regulatory Agreement, the Authority shall advise
the Trustee of the status of the occupancy of the Project by delivering
to the Trustee a Certificate of Continuing Program Compliance.
(d) The Authority will maintain complete and accurate records
pertaining to the Lower Income Tenants and Very Low Income Tenants, and
will permit any duly authorized representative of the Agency to inspect
the books and records pertaining to the Project, including those records
pertaining to the tenancy of the Low Income and Very Low Income Tenants.
(e) The form of lease to be utilized by the Authority in renting any
units in the Project to any person other than a Section 8 tenant who is
intended to qualify as a Lower Income Tenant or a Very Low Income Tenant
shall provide for termination of the lease and consent by such person to
immediate eviction for failure to qualify as a Lower Income Tenant or a
Very Low Income Tenant as a result of any material misrepresentation made
by such person with respect to the Income Computation and Certification.
Section 5. Modification of Special Tax Covenants. The parties hereby
-, agree as follows:
(a) To the extent any amendments to the HAL shall , in the written
opinion of Bond Counsel filed with the parties hereto, impose requirements
upon the ownership or operation of the Project more restrictive than those
imposed by this Regulatory Agreement which must be complied with under the CRL
or the HAL, this Regulatory Agreement shall be deemed to be automatically
amended to impose such additional or more restrictive requirements.
(b) To the extent any amendments to the HAL shall , in the written
opinion of Bond Counsel filed with the parties hereto, impose requirements
upon the ownership or operation of the Project less restrictive than imposed
by this Regulatory Agreement, this Regulatory Agreement may be amended or
modified to provide such less restrictive requirements should the Authority
decide that such requirements should be made applicable to the Project.
(c) The Authority, the Agency and at the direction of the Authority,
the Trustee shall execute, deliver and, if applicable, file of record any and
all documents and instruments, necessary to effectuate the intent of this
Section 5.
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1 Section 6. Indemnification. The Authority shall indemnify, hold harm-
less and defend the Agency and the Trustee and their respective commissioners,
officers, members, directors, officials and employees and each of them (a)
from and against any and all claims by or on behalf of any third person
arising from any inaction, indecision, act or decision of the Authority in
connection with the approval of tax-exempt financing for the Project, (b)
against all loss, costs, damages, expenses, suits, judgments, actions and
liabilities of whatever nature (including, without limitation, attorneys fees,
litigation and court costs, amounts paid in settlement, and amounts paid to
discharge judgment's) directly or indirectly resulting from or arising out of
or related to the construction, installation, operation, use, occupancy,
maintenance, or ownership of the Project (including compliance with laws,
ordinances and rules and regulations of public authorities relating thereto.
Section 7. Reliance. In performing its duties and obligations hereun-
der, the Authority may rely upon statements and certificates of the Lower
Income Tenants and Very Low Income Tenants believed to be genuine and to have
been executed by the proper person or persons. In addition, the Authority may
consult with counsel , and the opinion of such counsel shall be full and
complete authorization and protection in respect of any action taken or
suffered by the Authority hereunder in good faith and in conformity with the
opinion of such counsel . In determining whether any default or lack of
compliance by the Authority exists under this Regulatory Agreement, the Agency
shall not be required to conduct any investigation into or review of the
operations or records of the Authority with respect to the occurrence or
absence of a default and may rely solely on any notice or certificate deliv-
ered by the Authority with respect to the occurrence or absence of a default
unless it knows, or in the exercise of reasonable care should have known, that
the notice or certificate is erroneous or misleading.
Section 8. Project Location; Cooperation A reement. The Agency hereby
represents and warrants that the Project will be ocated entirely within its
area of jurisdiction, and that a cooperation agreement pursuant to the HAL is
in full force and effect with respect to the operation of the Project by the
Authority.
Section 9. Sale or Transfer of Project. Until the fifteenth anniversary
of the recording of this document, the Authority hereby covenants and agrees
not to sell, transfer or otherwise dispose of the Project or any interest
therein (other than the making of leases for the units to members of the
general public) without obtaining the prior written consent of the Agency,
which shall be conditioned solely upon receipt of evidence satisfactory to the
Agency that (i) the Authority has complied with all of the conditions relating
to the disposition of property set forth in Sections 34312.3(b) or 34315.7 of
the HAL, (ii) the transferee has assumed in writing and in full the Authori-
ty's duties and obligations under this Regulatory Agreement, (iii) the Author-
ity has delivered an opinion of counsel to such party that such party has
assumed the obligations of the Authority hereunder and that the obligations
assumed are binding on such party, (iv) the terms and conditions for transfer
set forth in the Loan Funding Agreement have been met, and (v) the Authority
has delivered an opinion of counsel acceptable to the Agency that such
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l transfer will not adversely affect the exclusion from gross income for federal
income tax purposes of interest on the Bonds. It is hereby expressly stipu-
lated and agreed that any sale, transfer or other disposition of the Project
in violation of this Section 9 shall be null, void and without effect and
shall cause a reversion of title to the Authority. Any sale, transfer or
other disposition of the Project in violation of this Section shall be inef-
fective to relieve the Authority of its obligations under this Regulatory
Agreement.
Section 10. Term; Involuntary Substantial Loss or Substantial Destruc-
tion. This Regulatory Agreement and a I I and severs I of the terms hereo shall
become effective upon its execution and recording and shall remain in full
force and effect for fifteen (15) years next following the recording hereof.
Notwithstanding any other provisions of this Regulatory Agreement, this entire
Regulatory Agreement, or any of the provisions or sections hereof, may be
terminated upon agreement by the parties hereto if there shall have been
received an opinion of Bond Counsel that such termination will not adversely
affect the exclusion from gross income for federal or State income tax purpos-
es of the interest on the Bonds.
The terms of this Regulatory Agreement to the contrary notwithstand-
ing, upon evidence satisfactory to the Authority that compliance with the
provisions of this Regulatory Agreement is no longer possible due to the
involuntary loss or substantial destruction of the Project as a result of
unforeseen events which prevent compliance hereunder (e.g., a fire, seizure,
requisition, changes in a federal law or an action of a federal agency after
the date hereof or condemnation), the Project shall not be subject to the
terms and provisions of this Regulatory Agreement provided that (i) all Bonds
outstanding pursuant to the Indenture are redeemed within a reasonable period
and (ii) an opinion from Bond Counsel is received stating that noncompliance
with the provisions hereof as a result of such involuntary loss or substantial
destruction resulting from an unforeseen event will not adversely affect the
exclusion from gross income for federal income tax purposes or state personal
income taxation of the interest on the Bonds.
Section 11. Covenants to Run with the Land. The Authority hereby
subjects the Project and the land described in Exhibit "A" hereto to the
covenants, reservations and restrictions set forth in this Regulatory Agree-
ment. The Authority and the Agency hereby declare their specific intent that
the covenants, reservations and restrictions set forth herein shall be deemed
covenants running with the land and shall pass to and be binding upon the
Authority's successors in title to the Project; provided, however, that on the
termination of this Regulatory Agreement said covenants, reservations and
restrictions shall expire. Each and every contract, deed or other instrument
hereafter executed covering or conveying the project 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 instruments.
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1 Section 12. Uniformit • Common Plan. The covenants, reservations and
restrictions hereoT—shall apply uniformly to the entire Project in order to
establish and carry out a common plan for the use, development and improvement
of the land on which it is to be constructed.
Section 13. Events of Default: Enforcement. If the Authority defaults
in the performance or observance of any covenant, agreement or obligation of
the Authority set forth in this Regulatory Agreement, and if such default
remains uncured for a period of thirty (30) days after notice thereof shall
have been given by the Authority to the Trustee (or for a period of sixty (60
days after such notice if such default is curable but requires acts to be done
or conditions to be remedied which, by their nature, cannot be done or reme-
died with such 30-day period, and if the Authority commences to remedy the
default with such 30-day period and thereafter diligently and continuously
prosecutes the same to completion within such 60-day period) , or such longer
period as may be approved by Bond Counsel, then the Trustee may, and in the
case of a default affecting the federal or state income taxation of interest
on the Bonds shall , declare that an Event of Default has occurred hereunder
and may take any one or more of the following steps, at its option:
(a) By mandamus or other suit, action or proceeding at law or in
equity, require the Authority to perform its obligations and covenants
hereunder;
(b) Have access to and inspect, examine and make copies of all of
the books and records of the Authority pertaining to the Project; or
(c) Take whatever other action at law or in equity may appear
necessary or desirable to enforce the obligations, covenants and agree-
ments of the Authority hereunder.
No delay in enforcing the provisions hereof as to any breach or violation
shall impair, damage or waive the right of any party entitled to enforce the
same or to obtain relief against or recover for the continuation or repetition
of such breach or violation or any similar breach or violation thereof at any
later time or times.
Section 14. ni 6overng Law. This Regulatory Agreement shall be governed
by the laws of the State of California.
Section 15. Amendments. This Regulatory Agreement shall be amended only
by a written instrument executed by the parties hereto and only upon the
opinion of Bond Counsel that such amendment or revision will not adversely
affect the exclusion from gross income for federal income tax purposes of
interest on the Bonds or the exemption from State personal income taxation of
interest on the Bonds.
Section 16. Severability. If any provision of this Regulatory Agreement
shall be invalid, inoperative or unenforceable as applied in any particular
case in any jurisdiction or jurisdictions or in all jurisdictions, or in all
cases because it conflicts with any other provision or provisions hereof or
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1 any constitution or statute or rule of public policy,. or for any other reason,
such circumstances shall not have the effect of rendering the provision in
question inoperative or unenforceable in any other case or circumstance, or of
rendering any other provision or provisions herein contained invalid, inopera-
tive, or unenforceable to any extent whatever.
The invalidity of any one or more phrases, sentences, clauses or Sections
contained in this Regulatory Agreement shall not affect the remaining portions
of this Regulatory Agreement, or any part hereof.
Section 17. Time of Essence. In each provision of this Regulatory
Agreement which states a specific amount of time within which the requirements
thereof are to be satisfied, time shall be deemed to be of the essence.
Section 18. Recordin and Filin . The Authority shall cause this
Regulatory Agreement and al amendments and supplements hereto to be recorded
and filed in the real property records in the office of the County Recorder of
Riverside County.
Section 19. Notice. Any notice required to be given hereunder shall be
given by personal delivery or by registered or certified mail at the addresses
specified below or at such other addresses as may be specified in writing by
the parties hereto:
If to the Authority: Housing Authority of the
County of Riverside
5555 Arlington Avenue
Riverside, California 92504
Attention: Executive Director
If to the Agency: Community RPdavvinnman_ t_ ATa�cy of the
Cii-V of Palm qn 'ng
R 9nn Fact TA' - +i v_M caI I1-- wa
Palm _ ,-ings rn 9�62 y
If to the Trustee: ttn Exe u e n' eto
tate StreeeE BanK an crucst fompany
of California, N. A.
725 South Figueroa Street
Suite 975
Los Angeles, California 90017
Attention: Corporate Trust Department
Notice shall be deemed given three (3) business days after the date of
mailing, or, if personally delivered, when received.
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IN WITNESS WHEREOF, the Authority and the Agency have caused this Regula-
tory Agreement to be signed, acknowledged and attested on their behalf by duly
authorized representatives, all as of the date first written hereinabove.
HOUSING AUTHORITY OF THE
COUNTY OF RIVERSIDE
�
By-
Executive
Direct
REDEVELOPMENT AGENCY OF THE
CITY OF
` By:
Executive Director
STATE STREET BANK AND TRUST COMPANY
OF CALIFORNIA, N.A., as Trustee
! By:
Its:
10
DOC27727/15
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119670
STATE OF CALIFORNIA )
ss.
COUNTY OF Riverside )
On this end day of April in the year 1990, before the undersigned
Notary Public, personally appeared William A. Rosenberger , personally
known to me to be the person who executed this instrument as the Executive
Director of the Housing Authority of the County of Riverside, a public body,
corporate and politic, organized and existing under the constitution and laws
of the State of California, that executed the foregoing instrument; and he
acknowledged to me that he executed the same pursuant to a resolution of its
Board of Commissioners, for the purposes and consideration therein expressed,
in the capacity therein stated, as the act and deed of said Housing Authority.
ancws WITNESS MY HAND AND OFFICIAL SEAL
JIDY A.1mf0in
- lgTAlIY pUEIIC-CAIiCPMA
QNERSICE Cp1lRY ], ,, � - .
HY CC14lSSICM EXP.JI1LY 37.f992 � /(,� _
Notary Pu is for the Stat,0 of California
STATE OF CALIFORNIA )
ss.
COUNTY OF )
On this day of in the year 19 before the undersigned
Notary Public, personally appeared , personally
known to me to be the person who executed this instrument as the Executive
Director of the Redevelopment Agency of the City of , a
public body, corporate and politic, --organized and existing under the constitu-
tion and laws of the State of California, that executed the foregoing instru-
ment; and he acknowledged to me that he executed the same pursuant to a
resolution of its Board of Commissioners, for the purposes and consideration
therein expressed, in the capacity therein stated, as the act and deed of said
Redevelopment Agency.
WITNESS MY HAND AND OFFICIAL SEAL
Notary Public for the State of Ca ifornia
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J IN WITNESS WHEREOF, the Authority and the Agency have caused this Regula-
tory Agreement to be signed, acknowledged and attested on their behalf by duly
authorized representatives, all as of the date first written hereinabove.
HOUSING AUTHORITY OF THE
COUNTY OF RIVERSIDE
B
xecutive Direct
REDEVELOPMENT GENCY OF THE 1
CITY OF �/•��/
By:
Executive hector
STATE STREET BANK AND TRUST COMPANY
OF CALIFORNIA, N.A. , as Trustee
By:
Its:
10
DOC27727/15
11-10-88
STATE OF CALIFORNIA ) 1�
ss.
COUNTY OF Riverside )
On this 15th day of March in the year 19.9q before the undersigned
Notary Public, personally appear�ec—illi n nber er , personally
known to me to be the person who executed t is instrument as t e Executive
Director of the Housing Authority of the County of Riverside, a public body,
corporate and politic, organized and existing under the constitution and laws
of the State of California, that executed the foregoing instrument; and he
acknowledged to me that he executed the same pursuant to a resolution of its
Board of Commissioners, for the purposes and consideration therein expressed,
in the capacity therein stated, as the act and deed of said Housing Authority.
arealsm
JAY A.PWaD WITNESS MY HAND AND OFFICIAL SEAL
rorAW M1C-cxsaa]
RIYU McwrtY
P
mm9"FMB.JMY 51,1m
Notar ubli4t for the State of California
STATE OF CALIFORNIA )
ss.
COUNTY OF j
On this may of IA �- in the year 19 q b ore the undersigned
Notary Public, personally appeared I?782t�ca personally
known to me to be the person who exec ted this ins
n a he Exec tive
Director of the Redevelopment Agency of the City of� au , a
public body, corporate and politic, organized and existing u der Vne constitu-
tion and laws of the State of California, that executed the foregoing instru-
ment; and he acknowledged to me that he executed the same pursuant to a
resolution of its Board of Commissioners, for the purposes and consideration
therein expressed, in the capacity therein stated, as the act and deed of said
Redevelopment Agency.
, �eotl&ryPu
WIITTNNESS MYHAND AND OFFICIALL SEAL
Ctl SEAL /ELFINELSCN,4YARTIbfic or t3ie State o CT is
�+ t4 NOT ARYPUHt1GCAlMORNIA
RIVERSIDECOUNTY
y'%"�' � MY Canm Feprp O.c P3 1990
11
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11-10-88
J IN WITNESS WHEREOF, the Authority and the Agency have caused this Regula-
tory Agreement to be signed, acknowledged and attested on their behalf by duly
authorized representatives, all as of the date first written hereinabove.
HOUSING AUTHORITY OF THE
COUNTY OF RIVERSIDE
By:
Executive Director
REDEVELOPMENT AGENCY OF THE
CITY OF
By:
Executive Director
STATE STREET BANK AND TRUST COMPANY
OF CALIFORNIA, N.A., as Trustee
By: IT
i
ItS: VICE PRESIDENT
10
DOC27727/#5
11-10-88
1196'70
4
STATE OF CALIFORNIA )
ss.
COUNTY OF Los Angeles )
On this 30tlday of March in the year IM0, before me the under-
signed Notary Public, persona I ly appeared L nda A. Vo e1 personally
known to me or proved to me on the basis of sat Is f actory evi ence to be the
person whose name is subscribed to this instrument as the Vice President
of State Street�gn1l, nd Trus , Ad national banking association organized
under the o t e n� aStates and acknowledged to me that such associa-
tion executed the same.
WITNESS MY HAND AND OFFICIAL.SEAL
OFFICIAL
E'✓ELYN RUKAWA
'1 BLIC -CALWCzralA Notary,,Public in and for the State
^aclrscn!`Nn ofCalifornia
Cy :umm. e.� B 26, 1993 -
OFFICIAL SEAL
EVELYN T FURUKAWA
c+ NOTARY PUBLIC- CALIFORNIA
J LOS ANGELES COIRfTY
My comm. expires MAR 26, 1993 -
r'
12
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11-10-88 d. E.
1196'70
EXHIBIT A TO REGULATORY AGREEMENT
DESCRIPTION OF PROJECT SITE
LEGAL DESCRIPTION:
The land referred to in this Regulatory Agreement is
situated in the State of California, County of Riverside,
and is described as follows:
Lot 21 of VISTA DEL CIELO, as shown by Map on
file in Book 20 page 86, of Maps, Records of
Riverside County, California.
i
A-1
DOC27727/l4
11-10 88
119670
EXHIBIT B TO REGULATORY AGREEMENT
CERTIFICATION OF CONTINUING PROGRAM COMPLIANCE
To: State Street Bank and Trust Company
of California, N. A. , as trustee
725 South Figueroa Street
Suite 975
Los Angeles, CA 90017
The undersigned, on behalf of the Housing Authority of the County of
Riverside, hereby represents and warrants that in connection with the Regula-
tory Agreement and Declaration of Restrictive Covenants dated as of
March 1 , 19 99 between the Authority, the Trustee and the Agency; and
As of the date of this certificate, the following number of completed
residential units in the project (i) are occupied by persons and families of
low or moderate income and very low income households (as such terms are
defined the Regulatory Agreement) or (ii) are currently vacant and being held
available for such occupancy and have been so held continuously since the date
a Lower Income Tenant or a Very Low Income Tenant vacated such unit, as
.;indicated and the following percentages of the units are occupied by Very Low
Income Tenants at an Affordable Rent (as defined in the Regulatory Agreement) :
Occupied by Low and
Moderate Income Tenants 3 (Units Nos. : A-s-n )
Occupied by Very Low
Income Tenants: 1 (Units Nos. : C )
Held vacant for occupancy
by Low or Moderate Income
and Very Low Income
Tenants: 0 (Units Nos. : --- )
Dated: March 16, 1990 HOUSING AUTHORITY OF THE COUNTY
OF RIVERSIDE
By;r:G�.?��•
Its: Executive Director
B-1
DOC27727/H4
11-10-88