HomeMy WebLinkAbout0307C - RIVERSIDE COUNTY HOUSING AUTHORITY - BOND PURCHASE 3989 CALLE DE CARLOS COVENANT CCR Housing Authority of Co. of
a� Riverside - Reg Agr re 3989
Calle de Carlos per Bond Issu,
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RECORDING REQUESTED BY AND AGREEMENT 307C'
O R861 _5-_26-92_+
WHEN RECORDED RETURN TO ' 0Y I
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Jeffrey P. Christopher, Esq:-- . rn 8 M
Camfield & Christopher b -
Suite 1080 Q
801 North Brand Blvd. W o
M Glendale, CA 91203-1243
REGULATORY AGREEMENT
AND DECLARATION OF RESTRICTIVE COVENANTS
by and between the
HOUSING AUTHORITY OF THE COUNTY OF RIVERSIDE
and
COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF PALM SPRINGS, CALIFORNIA
Dated as of February 1, 1992
Relating to
3989 Calle de Carlos
Palm Springs, CA
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TABLE OF CONTENTS
Page
Section 1. Definitions and Interpretation. . . . . . . . . . . . . . . . . . . . 2
Section 2 . Acquisition of the Project. . . . . . . . . . . . . . . . . . . . . . . . 4
Section 3 . Multifamily Rental Housing. . . . . . . . . . . . . . . . . . . 4
Section 4 . Moderate, Lower, and Very Low Income Tenants. . . . . . 4
Section 5. Modification of Restrictions. . . . . . . . . . . . . . . . . . . . . . 6
Section 6 . Indemnification. . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Section 7 . Reliance. . . . 7
. . . . . . . . . . . . . .
Section 8 . Project Location; Cooperation Agreement. . . . . . . . . . . 7
Section 9. Sale or Transfer of Project. . . . . . . . . . . . . . . . . . . . . . . 7
Section 10. Nondiscrimination. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Section11. Term. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Section 12 . Covenants to Run With the Land. . . . . . . . . . . . . 10
Section 13 . Burden and Benefit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Section 14 . Uniformity; Common Plan. . . . . . . . . . . . . . . . . . . . . . . 10
Section 15. Events of Default; Enforcement. . . . . . . . . . . . . . 10
Section 16 . Governing Law. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . it
Section 17. Amendments 11
Section 18 . Severability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Section 19 . Time of the Essence. . . . . . . . . . . . . . . . . . . . . . . . . . 12
Section 20. Recording and Filing. . . . . . . . . . . . . . . . . . . . . 12
Section 21. Notice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
EXHIBIT "A" DESCRIPTION OF PROJECT SITE. . . . . . . . . . . . . . . . . . . . . A-1
EXHIBIT "B" CERTIFICATE OF CONTINUING PROGRAM COMPLIANCE. . . . B-1
W389-19
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REGULATORY AGREEMENT AND 213660
DECLARATION OF RESTRICTIVE COVENANTS
THIS REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE
COVENANTS is made and entered into as of February 1, 1992 , 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 Community Redevelopment Agency of the City
of Palm Springs, California, a public body, corporate and politic
of the State of California (the "Agency") .
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 Springs (the "City") ; and
WHEREAS, pursuant to the Health and Safety Code Section
34200 et s_eec . (the "HAL") and the Indenture (as hereinafter
defined) , the Authority has issued its Revenue Bonds, 1988 Series
A (the "Bonds") in the aggregate principal amount of $99 , 500, 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 operation of the Project, and therefore the Agency has an
interest, pursuant to the Community Redevelopment Law (Health and
Safety Code Section 33000 et sea. ) (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,
therefore, the Authority and the Agency have determined to enter
into this Regulatory Agreement; and
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:
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REGULATORY AGREEMENT
Section 1. Definitions and Interpretation. Unless
otherwise expressly provided herein or unless the context clearly
requires otherwise, the following 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 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 permitted 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 800 of the Median Income for the Area.
"Lower Income Units" means that number of dwelling units in
the Development required to be occupied by or made available to
Lower Income Tenants.
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"Moderate Income Tenants" means individuals or families with
an Adjusted Income which does not exceed 120 percent of the
Median Income for the Area.
"Median Income for the Area" shall mean the median income
for the Area as most recently determined by the Secretary of
Treasury, as adjusted for family size.
"Mortgage" means that certain deed of trust executed by the
Authority for the benefit of 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 buildings, 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 or (b)
the date on which all moneys pledged to the Authority under the
Pledge Agreement have been repaid or forgiven.
"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, construction and interpretation
of all such terms and phrases for purposes of this Regulatory
Agreement shall be determined by reference to this Section. The
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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 provisions 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.
Section 3 . Multifamily 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 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 . Moderate. Lower, 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 Project which are more burdensome upon the
owner of the Project than are intended by either the HAL or the
CRL. With such agreement and acknowledgement understood, the
Authority hereby represents, warrants, covenants and agrees as
follows:
(a) During the Qualified Project Period:
(1) The Authority will use its best efforts to rent
all of the units in the Project only to Moderate Income
Tenants, Lower Income Tenants and Very Low Income
Tenants; provided that, however, upon the first vacancy
of a unit in the Project after this Regulatory Agreement
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is recorded and continuously thereafter at least one (1)
unit should be occupied by or held vacant or available
for Very Low Income Tenants. Except for reserving one
(1) unit for occupancy by a Very Low Income Tenant, the
Authority' s inability to perform such covenant shall not
of itself constitute of violation of the terms of this
Regulatory Agreement. No individual or family occupying
a unit as a Moderate Income Tenant, a Lower 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 such Tenants,
respectively.
(2) The rent to be charged for each unit in the
Project shall not exceed the amount then permitted to be
charged under applicable law with respect to Very Low
Income Tenants, Lower Income Tenants, and Moderate
Income Tenants respectively, except that in no event
shall the rent paid by Moderate Income Tenants exceed
the then market-rate rent for similar apartment units in
the City. However, it shall not be deemed to constitute
a default hereunder if the Authority, in order to
generate sufficient net rental income from the Project
in order to satisfy the terms and conditions of the
Indenture, is required to charge rents that exceed the
limits hereinabove set forth. Notwithstanding anything
contained in this paragraph to the contrary, the rent
charged for the unit reserved for occupancy by Very Low
Tenants shall not exceed 1/12 of thirty percent (30%) of
fifty percent (50%) of the Median Income for the Area
and the charging of rent in excess of said amount shall
be deemed to constitute a default hereunder.
(3) A tenant's status as a Moderate Income Tenant, 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.
(b) Immediately prior to a Moderate Income Tenant' s, a
Lower 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, in a
form reasonably satisfactory to the Agency, from each such
tenant dated immediately prior to the initial occupancy of
such Moderate Income Tenant, 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 annually
thereafter during the term of this Regulatory Agreement, the
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Authority shall advise the Agency of the status of the
occupancy of the Project by delivering to the Agency a
Certificate of Continuing Program Compliance together with a
copy of all Income Computations and Certifications received
from new tenants.
(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 Lower 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.
(f) The Authority shall use its best efforts to
lease a vacant unit in the Project to residents of the
City of Palm Springs prior to offering to rent such
units to any other person. If the Authority is unable
to locate a qualified tenant pursuant to the terms of
this Agreement who is a resident of the City of Palm
Springs within thirty (30) days from the date the unit
becomes vacant, the Authority may rent the unit to a
tenant who is not resident. Nothing contained herein
shall require the Authority to offer to rent said units
to persons on terms and conditions which are more
favorable than the terms and conditions on which such
units will be offered to the public generally.
Section 5. Modification of Restrictions. 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) The Authority and the Agency shall execute, deliver
and, if applicable, file of record any and all documents and
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instruments, necessary to effectuate the intent of this
Section 5.
Section 6. Indemnification. The Authority shall indemnify,
hold harmless and defend the Agency and its 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 judgments) 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 hereunder, the Authority may rely upon statements and
certificates of the Moderate Income Tenants, 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 delivered by the
Agency with respect to the occurrence or absence of a default.
Section 8. Project Location• Cooperation Agreement. The
Agency hereby represents and warrants that the Project will be
located 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. During the
Qualified Project Period, 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
7 W389-19
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213�b�
34312 . 3 (b) or 34315 .7 of the HAL, (ii) the transferee has assumed
in writing and in full the Authority' s duties and obligations
under this Regulatory Agreement, (iii) the Authority 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 transfer will not
adversely affect the exclusion from gross income for federal
income tax purposes of interest on the Bonds. It is hereby ex-
pressly stipulated 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 ineffective
to relieve the Authority of its obligations under this Regulatory
Agreement.
Section 10. Nondiscrimination.
10. 1 In General. There shall be no discrimination
against or segregation of any person, or group of persons, on
account of race, color, creed, religion, sex, martial status,
national origin or ancestry in the sale, lease, sublease,
transfer, use, occupancy, tenure or enjoyment of the Project, or
any part thereof, nor shall the Authority, or any person claiming
under or through it, establish or permit any such practice or
practices of discrimination or segregation with reference to the
selection, location, number, use or occupancy of the tenants,
lessees, subtenants, sublessees or vendees of the Project, or any
part thereof.
10.2 Clauses in Agreements. The Authority shall not
restrict the rental, sale or lease of any portion of the Project
on the basis of race, color, creed, religion, sex, martial
status, ancestry or national origin of any person. Any and all
agreements relating to the rental, sale or lease of the Project,
or any portion thereof, shall contain the following
nondiscrimination or nonsegregation clauses (or clauses
substantially similar thereto) :
10. 2 . 1 Clause for Deeds. The following language
shall appear in deeds:
"The grantee herein covenants by and for himself
or herself, his or her heirs, executors, administra-
tors, 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, creed, religion,
sex, marital status, ancestry or national origin in
the sale, lease, sublease, transfer, use, occupancy,
8 W389-19
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tenure or enjoyment of the land herein conveyed, nor
shall the grantee himself or herself, or any persons
claiming under or through him or her, establish or
permit any such practice or practices of discrim-
ination or segregation with reference to the selec-
tion, location, number, use or occupancy of tenants,
lessees, subtenants, sublessees or vendees in the
land herein conveyed. The foregoing covenants shall
run with the land. "
10. 2 . 2 Clause for Leases. The following language
shall appear in leases:
"The lessee herein covenants by and for him-self
or herself, his or her heirs, executors, admin-
istrators and assigns, and all persons claiming
under or through him or her, and this lease is made
and accepted upon and subject to the following con-
ditions:
That there shall be no discrimination
against or segregation of any person or group of
persons on account of race, color, creed,
religion, sex, marital status, ancestry or
national origin in the leasing, subleasing,
transferring, use, occupancy, tenure or enjoy-
ment of the land herein leased nor shall the
lessee himself or herself, or any person claim-
ing under or through him or her, establish or
permit any such practice or practices of dis-
crimination or segregation with reference to the
selection, location, number, use or occupancy of
tenants, lessees, sublessees, subtenants, or
vendees in the land herein leased. "
10. 2 . 3 Clause for Contracts. The following lan-
guage shall appear in contracts:
"There shall be no discrimination against or
segregation of any persons or group of persons on
account of race, color, creed, religion, sex,
marital status, ancestry or national origin in the
sale, lease, transfer, use, occupancy, tenure or
enjoyment of land, nor shall the transferee himself
or herself, or any person claiming under or through
him or her, establish or permit any such practice or
practices of discrimination or segregation with
reference to the selection, location, number, use or
occupancy of tenants, lessees, subtenants, subles-
sees or vendees of land. "
Section 11. Term. This Regulatory Agreement and all and
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0 213660
several of the terms hereof shall become effective upon its
execution and recording and shall remain in full force and effect
for the Qualified Project Period.
Section 12 . 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 Agreement. 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.
Section 13 . Burden and Benefit. The Authority and the
Agency hereby declare their understanding and intent that the
burden of the covenants set forth herein touch and concern the
land in that the Authority's legal interest in the Project is
rendered less valuable thereby. The Authority and the Agency
hereby further declare their understanding and intent that the
benefits of such covenants, touch and concern the land by
enhancing and increasing the enjoyment and use of the Project by
tenants and, specifically, by Median Income Tenants, Lower Income
Tenants and Very Low Income Tenants, the intended beneficiaries
of such covenants, reservations and restrictions, and by fur-
thering the public purpose for which the Bonds were issued.
Section 14 . Uniformity; Common Plan. The covenants,
reservations and restrictions hereof 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 15. 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 Agency to the Authority (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 remedied with such 30-day period,
and if the Authority commences to remedy the default with such
30-day period and thereafter diligently and continuously
10 W389-19
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STATE OF CALIFORNIA )
ss. 213gfi0
COUNTY OF RIVERSIDE )
On this 2"l day of J_UNE in the year 1992 , before
the undersigned Notary Public, personally appeared
k11;14,q/H R• , 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 constitu-
tion 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.
KIAL WITNESS MY HAND AND OFFICIAL SEAL
NQT PIKIC„C!iLiu�pM'.
R116=0 CGU'N"
Notary Pub f r the St9tte of California
State of California 213660
SS.
County of Riverside
On this 27th day of March. 1992 before me, ELAINE L. SCHWARTZ, the
undersigned Notary Public, personally appeared ***TUCK BROICH and
JUDITH SUMICH***, personally known to me to be the persons who
executed the within instrument as VICE CHAIRMAN and ASSISTANT
SECRETARY on behalf of the Community Redevelopment Agency of the
City of Palm Springs, and acknowledged to me that the corporation
executed it.
WITNESS my hand and Official seal. OFFICIAL NOTARY SEAL
c =.�• ELAINE L.SCHWARTZ
/ - Notary Public—California
N tary Pc
MY Comm IRExp,,s PE6 a,1995
140Laiy ruui '
14 W389-19
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EXHIBIT A TO REGULATORY AGREEMENT 213 S6Q
DESCRIPTION OF PROJECT SITE
LEGAL DESCRIPTION:
Lot 23 , Vista del Cielo, Unit No. 3, as
per plot recorded in Book 21 of Maps,
Page 55, in the office of the County
Recorder for Riverside County,
California.
A-1 W389-19
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EXHIBIT B TO REGULATORY AGREEMENT
CERTIFICATION OF CONTINUING PROGRAM COMPLIANCE
To: Community Redevelopment Agency of the
City of Palm Springs
Re: 3989 Calle de Carlos
(4 units)
The undersigned, on behalf of the Housing Authority of the
County of Riverside, hereby represents and warrants that in
connection with the Regulatory Agreement and Declaration of
Restrictive Covenants dated as of February 1, 1992 , between the
Authority 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 Lower Income and Very Low Income (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 Moderate
Income Tenants (Units Nos. : )
Occupied by Lower
Income Tenants (Units Nos. : )
Occupied by Very Low
Income Tenants: (Units Nos. : )
Held vacant for occupancy
by Moderate Income, Lower
Income and Very Low Income
Tenants: (Units Nos. : )
Dated: HOUSING AUTHORITY OF THE COUNTY
OF RIVERSIDE
By:
Its:
B-1 W389-19
2-14-92