HomeMy WebLinkAboutCC Resolution 12955 (BMR; 33 North)RESOLUTION NO. 12955
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL
AUTHORIZING THE SIGNING OF A BELOW MARKET RATE HOUSING
AGREEMENT BETWEEN MC2 CAPITAL PARTNERS LLC AND THE CITY OF SAN
RAFAEL RE: 33 NORTH AVENUE AKA 33 SAN PABLO
THE CITY COUNCIL OF THE CITY OF SAN RAFAEL RESOLVES as follows:
The Mayor or the City Manager and the City Clerk are authorized to execute on behalf of the
City of San Rafael, a Below Market Rate Housing Agreement between MC2 Capital Partners,
LLC and the City of San Rafael, copy of which is hereby attached and by this reference made a
part hereof, with such changes, deletions and insertions as may be approved by the City Attorney.
I, Esther C. Beirne, City Clerk of the City of San Rafael, hereby certify that the
foregoing resolution was duly and regularly introduced and adopted at a regular meeting of the
City Council held on the 17th day of May 2010, by the following vote, to wit:
AYES:
COUNCILMEMBERS:
Brockbank, Connolly, Heller, Levine & Mayor Boro
NOES:
COUNCILMEMBERS:
None
ABSENT:
COUNCILMEMBERS:
None
/L a -Z G . b2e r r-',
Esther C. Beirne, City Clerk
/a of 55,
WHEN RECORDED MAIL TO:
City of San Rafael v
Attention: Esther C. Beirne ,
City Clerk
P.O. Box 151560
San RafaelCA 94915-1560
THIS SPACE FOR RECORDERS USE ONLY
DOCUMENT TITLE
BELOW MARKET RATE HOUSING AGREEMENT AND DECLARATION OF RESTRICTIVE
COVENANTS
THIS PAGE IS ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION
ADDITIONAL RECORDING FEE APPLIES
When Recorded Return to:
City of San Rafael
Attention: Esther C. Beirne, City Clerk
P. O. Box 151560
San Rafael, CA 94915-1560
BELOW MARKET RATE HOUSING AGREEMENT AND
DECLARATION OF RESTRICTIVE COVENANTS
Project Name: 33 San Pablo Condominiums
Location: 33 San Pablo Avenue, San Rafael, CA 94903
Developer: MC2 Capital Partners LLC
This Below Market Rate Housing Agreement and Declaration of Restrictive Covenants (the
"Agreement") is made and entered into this 34Zb day of ./wuE , 201 a , among the
CITY OF SAN RAFAEL, a municipal corporation ("City"), the HOUSING AUTHORITY OF THE
COUNTY OF MARIN, a public body, corporate and politic, created under the Housing Authority Law
of the State of California ("Marin Housing Authority"), and, MC2 CAPITAL PARTNERS LLC, a
California limited liability company, or any successor in interest ("Developer"), collectively the
"Parties," with reference to the following:
A. The Developer is the owner of that certain real property situated within the corporate limits of
the City, which real property is more particularly described in Exhibit "A" attached hereto (the
"Property").
B. The City has adopted Affordable Housing Requirements in accordance with the provisions of the
Housing Element of its General Plan and Zoning Ordinance Section 14.16.030 of the San Rafael
Municipal Code (the "Affordable Housing Requirements").
C. The Developer has received a discretionary approval from the City to construct a total of 82
residential units on the Property (the "Development"). The Developer intends to meet the
Affordable Housing Requirements by constructing or causing to be constructed 16 on site
dwelling units to be sold at prices that are affordable to low, and/or moderate income households
("Affordable Units"). The remaining units in the Development are "Market Rate Units." The
Developer has not yet determined whether the Affordable Units will be sold or rented upon
initial occupancy.
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ORIGINAL
D. Pursuant to the Affordable Housing Requirements and the conditions of approval for the
Development, the Developer is required to enter into this Agreement on terms acceptable to the
City. This Agreement shall be executed and recorded against the Property prior to the
recordation of any parcel map or final map or issuance of any building permit for the
Development. The purpose of this Agreement is to set forth the terms and conditions for
producing and marketing the Affordable Units in greater specificity and to ensure that the
Affordable Units are built as part of the Development.
E. Marin Housing Authority is authorized by law to participate in programs that provide housing for
households of very low, low, and moderate income and is by experience qualified to screen and
determine the eligibility of applicants for very low, low, and moderate income housing.
F. The Parties hereto desire, by this Agreement, to cooperate in implementing the efforts of the
Developer to comply with the Affordable Housing Requirements.
NOW THEREFORE, it is hereby agreed by and between the Parties hereto as follows:
Section 1. Definitions. In addition to those terms defined in the Recitals and elsewhere in this
Agreement, the following terms are specially defined for the purposes of this Agreement:
(a) "Affordable Ownership Price" means a sales price calculated by the Marin
Housing Authority that includes a reasonable down payment and results in a Monthly Housing
Payment during the first calendar year of a household's occupancy that (i) for Low Income
Households, is equal to or less than one -twelfth (1/12) of thirty percent (30%) of sixty five percent
(65%) of Area Median Income, as adjusted for Assumed Household Size; and (ii) for Moderate
Income Households, is equal to or less than one -twelfth (1/12) of thirty percent (30%) of ninety
percent (90%) of Area Median Income, as adjusted for Assumed Household Size. An example of the
calculations and methodology to be used to determine the Affordable Ownership Price is illustrated
in Exhibit "C" attached hereto.
(b) "Affordable Rent" means total monthly housing expenses as calculated by the
Marin Housing Authority for use and occupancy of an Affordable Unit and for land and associated
facilities, including parking; any separately charged fees or service charges assessed which are
required of all tenants, other than security deposits; and including any charges assessed by a public or
private entity and paid by the tenant; and a reasonable allowance for utilities (pursuant to a schedule
provided by the Marin Housing Authority), including garbage collection, sewer, water, electricity,
gas, other heating, cooking and refrigeration fuel, but not telephone or cable television service, that:
(i) for Very Low Income Households, is equal to or less than one -twelfth (1/12) of thirty percent
(30%) of fifty percent (50%) of Area Median Income, as adjusted for Assumed Household Size; and
(ii) for Low Income Households, is equal to or less than one -twelfth (1/12) of thirty percent (30%) of
sixty percent (60%) of Area Median Income, as adjusted for Assumed Household Size. An example
of the calculations and methodology to be used to determine the Affordable Rent is illustrated in
Exhibit "D" attached hereto.
(c) "Affordable Unit Property" means the legal parcel(s) of land on which the
Affordable Units will be constructed, together with any Affordable Unit and appurtenant
improvements constructed on such land.
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(d) "Agency" means the Redevelopment Agency of the City of San Rafael.
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(e) "Assumed Household Size" shall be based on presumed maximum occupancy
levels of one person in a studio apartment, two (2) persons in a one -bedroom unit, three (3) persons
in a two-bedroom unit, and one additional person for each additional bedroom thereafter.
(f) "Area Median Income" means median yearly income in Marin County as
published pursuant to California Code of Regulations, Title 25, Section 6932, or successor provision.
(g) "BMR Rental Agreement" means that Below Market Rate Rental Unit
Agreement and Declaration of Restrictive Covenants between the Developer and the City, to be
recorded against the Property if the Developer chooses to initially rent the Affordable Units.
(h) "Deed of Trust" means the deed of trust, in the form provided by the Marin
Housing Authority, executed by each buyer of an Affordable Unit, securing the buyer's performance
under the Resale Agreement and the Note.
(i) "Eligible Household" means a household that has been determined by the Marin
Housing Authority to be eligible to purchase an Affordable Unit pursuant to the requirements for
eligibility adopted by the City and specified in Exhibit `B" attached hereto.
0) "Low Income Household" means a household whose income does not exceed the
lower income limits applicable to Marin County, adjusted for household size, as published annually
by the California Department of Housing and Community Development.
(k) "Low Income Affordable Unit" means an Affordable Unit reserved for
occupancy by Low Income Households at an Affordable Ownership Price or Affordable Rent.
(1) "Moderate Income Household" means a household whose income does not
exceed the moderate income limits applicable to Marin County, adjusted for household size, as
published annually by the California Department of Housing and Community Development.
(m) "Moderate Income Affordable Unit" means an Affordable Unit reserved for
purchase by Moderate Income Households at an Affordable Ownership Price.
(n) "Monthly Housing Payment" is determined by the Marin Housing Authority and
includes monthly payment of mortgage interest and principal, property taxes, mortgage insurance,
homeowner's insurance, homeowners' association dues, assessments paid by homeowners, and a
reasonable allowance for utilities and property maintenance costs.
(o) "Note" means the promissory note, in the form provided by the Marin Housing
Authority, executed by each buyer of an Affordable Unit.
(p) "Notice of Affordability Restrictions" means a Notice of Affordability
Restrictions on Transfer of Property in the form required by Health & Safety Code Section
33334.3(f)(3)(B) or successor provision.
(q) "Resale Agreement" means the Resale and Refinancing Restriction Agreement
and Option to Purchase, in the form provided by the Marin Housing Authority, executed by each
buyer of an Affordable Unit, the City, and Marin Housing Authority. If required by California
Community Redevelopment Law, the Agency may also be a party to the Resale Agreement.
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(r) "Very Low -Income Household" means a household whose income does not
exceed the very low income limits applicable to Marin County, adjusted for household size, as
published annually by the California Department of Housing and Community Development.
(s) "Very Low -Income Affordable Unit" means an Affordable Unit reserved for rent
by Very Low -Income Households at an Affordable Rent.
Section 2. Satisfaction of Affordable Housina Reauirement. The Affordable Housing
Requirements shall be satisfied with respect to the Property if. (a) the Developer constructs or causes to be
constructed the Affordable Units meeting the requirements of Sections 3 through 5 below, in compliance
with the schedule set forth in Section 6 below; and (b) Developer either: (i) offers all dwelling units in the
Development for sale and sells all Affordable Units to Eligible Households in compliance with Sections 7
through 9 below, or, (ii) offers all dwelling units in the Development for rent, and rents all Affordable Units
to Eligible Households in compliance with Section 10 below.
Section 3. Number of Affordable Units. Developer shall construct, or cause to be constructed, at
least sixteen (16) Affordable Units. If the Affordable Units are initially sold, eight (8) 2 bedroom units shall
be Moderate Income Affordable Units and eight (8) one bedroom units shall be Low Income Affordable
Units. If the Affordable Units are initially rented, eight (8) two bedroom units shall be Low Income
Affordable Units and eight (8) one bedroom units shall be Very Low Income Affordable Units.
Section 4. Location of Affordable Units. The Affordable Units shall be constructed on the Property
in the location(s) shown or described in Exhibit "E" attached hereto.
Section 5. Anuearance. Size. Bedroom Count and Tenure. The Affordable Units shall be of the
same general design and exterior appearance as the Market Rate Units, of comparable quality of
construction, and with the same number of average bedrooms as the Market Rate Units. Interior features of
the Affordable Units shall be durable and of good quality. The Affordable Units shall include the number of
bedrooms, square footage, and tenure indicated in Exhibit "E" attached hereto.
Section 6. Schedule for DeveloDina Affordable Units; Decision Reaardina Tenure. Developer
shall provide the Affordable Units pursuant to the following schedule:
(a) Prior to recordation of any final or parcel map or issuance of any building permit
for the Development, this Agreement shall be duly executed by the City, Marin Housing Authority,
and the Developer and recorded against the Property.
(b) Building permits for the Affordable Units shall be issued concurrently with
building permits for the Market Rate Units, such that, of the units that have been issued building
permits, at least twenty percent (20%) shall be Affordable Units.
(c) Certificates of occupancy or final inspections for the Affordable Units shall be
issued concurrently with certificates of occupancy or final inspections for the Market Rate Units,
such that, of the units that have been issued certificates of occupancy or final inspections, at least
twenty percent (20%) shall be Affordable Units.
(d) At least one hundred twenty (120) days before issuance of any certificate of
occupancy or approval of a final inspection for any dwelling unit in the Development, Developer
shall inform Marin Housing Authority and City whether all dwelling units in the Development will
be offered for sale or whether all dwelling units in the Development will be offered for rent. If
Developer chooses to offer all dwelling units in the Development for sale, then the Affordable Units
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shall be offered for sale to Eligible Households. The Developer reserves the right to change the
development from ownership to rental up until the time a minimum of one unit has been sold. For the
purposes of this Section, a unit will not be considered sold until the close of escrow to a third party.
If Developer chooses to offer all the dwelling units in the Development for rent, then the Affordable
Units shall be rented to Eligible Households. If Developer chooses to sell the Affordable Units,
Developer shall follow the procedures in Sections 7 9 of this Agreement. If Developer chooses to
rent the Affordable Units, Developer shall follow the procedures in Section 10 of this Agreement.
Section 7. Sale of Affordable Units to Eligible Households. Following completion of construction,
if the Developer has determined that all dwelling units in the Development shall be initially offered for sale,
the Developer shall sell all Affordable Units to Eligible Households at the Affordable Ownership Price
established by the Marin Housing Authority as described in this Section. Developer shall make a good faith
effort to market the Affordable Units to Eligible Households.
(a) The Developer shall provide the Marin Housing Authority with written notice at
least one hundred twenty (120) days before issuance of any certificate of occupancy or approval of a
final inspection for any dwelling unit in the Development or approval of any final inspection for an
Affordable Unit. The notice shall include the number of bedrooms and required income level of the
unit.
(b) The Developer agrees that the Affordable Ownership Price for the Affordable
Units shall not exceed the prices set forth in Exhibit "C" attached hereto, unless modified by the
Marin Housing Authority as described in subsections (c) and (d) below. Developer acknowledges
and agrees that the Affordable Ownership Prices as shown in Exhibit "C" shall be calculated by
Marin Housing Authority in its reasonable discretion in interpreting the requirements of this
Agreement, and that Marin Housing Authority's calculation of the Affordable Ownership Prices shall
be consistent with the methodology illustrated in Exhibit "C", shall be adjusted annually consistent
with the Area Median Income determinations and shall be binding on the Developer. The Affordable
Ownership Price shall be the absolute maximum price that the Developer or any other seller may
receive as compensation for the sale of an Affordable Unit. Any options or upgrades shall be
purchased outside of escrow and not increase the sales price of the unit. The Affordable Ownership
Price does not include proration of taxes, utilities, and homeowner's association fees, nor does it
include such closing costs as insurance premiums, escrow costs, transfer taxes, recording fees,
document preparation cost or similar items.
(c) Recalculation of the Affordable Ownership Price shall be permitted at the time
that the Developer provides written notice to Marin Housing Authority one hundred twenty (120)
days prior to the issuance of any certificate of occupancy or approval of any final inspection for an
Affordable Unit if: (i) the mortgage rate shown in Exhibit "C" is different from the then -current
market interest rate; (ii) Area Median Income has changed from that set forth in Exhibit "C"; or (iii)
the final approved homeowners association dues are different from the estimate shown in Exhibit
«C .39
(d) Upon receipt of the Developer's 120 -day notice, the Affordable Ownership Price
shall be recalculated by Marin Housing Authority using: (i) the most affordable available mortgage
rate for a thirty (30) -year, fixed-rate mortgage as determined by Marin Housing Authority; (ii) the
current Area Median Income; and (iii) the final approved homeowners association dues. Such an
adjustment to the Affordable Ownership Price shall be allowed more than one time only if mutually
agreed by all the Parties to this Agreement.
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(e) Developer agrees to offer the Affordable Units for sale only to Eligible
Households. Marin Housing Authority agrees to process applications and certify the eligibility of
applicants as Low Income Households or Moderate Income Households. In certifying eligibility of
applicants, Marin Housing Authority shall adhere to the requirements for eligibility adopted by the
City and specified in Exhibit "B". Selection of Eligible Households falling within any of the
priorities established in Exhibit "B" shall be determined by a drawing or other equitable method
mutually agreed upon by the City and Marin Housing Authority and administered by the Marin
Housing Authority. Developer shall not unreasonably delay its review and acceptance or rejection of
any purchase offer submitted by an applicant supplied by Marin Housing Authority.
(f) Within the 120 day notice period (Selling Period), the Marin Housing Authority
will provide a letter describing the sales status of each affordable unit to the Developer showing the
number of units sold and ready to close escrow and the Developer shall verbally report
confidential sales status information to the Marin Housing Authority.
(g) In the event that Affordable Unit(s) do not close escrow on the date which is the
later to occur of the following: (i) 90 days after the expiration of the 120 notice period, or (ii) 90
days after the certificate of occupancy has been issued; the Developer will, in writing, offer
Affordable Units which did not close escrow for sale to the Marin Housing Authority or assignee at
the Affordable Ownership Price. Within ten (10) working days after receipt of such written notice,
Marin Housing Authority shall notify the Developer in writing whether or not it will purchase the
Affordable Unit at the Affordable Ownership Price or whether it has assigned the offer to the City,
another public agency, a non-profit organization, or an Eligible Purchaser. If Marin Housing
Authority notifies the Developer that it or its assignee will purchase the Affordable Unit, the
Developer shall execute a purchase and sale agreement and other documents described in Sections 8
and 9 below, as applicable, to sell the Affordable Unit to Marin Housing Authority or its assignee at
the Affordable Ownership Price. Close of escrow shall take place on the date which is the later to
occur of the following: (i) thirty (30) days after the date that the purchase and sale agreement is
executed, or (b) ten (10) days after Developer has done all acts and executed all documents required
for close of escrow. The Developer shall convey title to the Affordable Unit at the close of escrow
free and clear of any mortgage, lien, or other encumbrance, unless approved in advance in writing by
the Marin Housing Authority or assignee.
(h) In the event that Marin Housing Authority declines to purchase the Affordable
Unit or to assign the offer provided pursuant to subsection (f) of this Section within ten (10) working
days after receipt of such written notice or does not close escrow on the unit within 30 days, the
Affordable Unit may be sold by the Developer without restrictions as to price, and Sections 8 and 9
below will not apply to the sale of the Affordable Unit. In such event, the Developer shall pay to the
City at close of escrow sixty (60%) of the difference between the sales price (less any real estate
commissions and seller escrow expenses not to exceed six percent (6%) of the sales price) and the
Affordable Ownership Price. The City shall pay to Marin Housing Authority a minimum of ten
percent (101/0) of this sum for administrative costs related to administration of the City's Affordable
Housing Requirements and shall utilize the remaining amount to provide housing affordable to Very
Low, Low, and Moderate Income Households. Following payment of all sums due to the City, City
shall release the property from this Agreement as specified in Section 13.
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Section 8. Marin Housina Authority Approval of Homebuyer Documents. Approval of the
following documents by the Marin Housing Authority shall be required prior to the offering for sale of the
Affordable Units.
(a) Form of Purchase and Sale Agreements for the Affordable Units (to be prepared
by Developer and submitted to the Marin Housing Authority). Purchase and sale agreements between
Developer and Eligible Households shall include requirements that: (i) Eligible Households shall
execute documents for the benefit of the City and Marin Housing Authority as described in Section 9
below; and (ii) Marin Housing Authority shall be paid a transaction fee of 1% of the Affordable
Ownership Price by the Eligible Household at close of escrow. Except for terms required to
effectuate this Agreement, the Affordable Units shall be offered to Eligible Purchasers on the same
terms as the Market Rate Units are offered to purchasers.
(b) Form of Resale Agreement, Note, Deed of Trust, Notice of Affordability
Restrictions, Request for Notice of Default and Sale, and Borrower's Disclosure (to be prepared by
the Marin Housing Authority, following Developer's 120 -day notice to Marin Housing Authority).
(c) The preliminary Department of Real Estate public report for the Development,
including the Affordable Units (to be obtained by the Developer and submitted to the Marin Housing
Authority).
(d) Developer's form escrow instructions (to be prepared by the Developer and
submitted to the Marin Housing Authority).
Section 9. Homebuver Documents and Security Instruments. Prior to the sale of each Affordable
Unit, Developer shall ensure that:
(a) The Eligible Household, the City, and the Marin Housing Authority execute the
Resale Agreement and the Notice of Affordability Restrictions in the form provided by the Marin
Housing Authority. If the Agency's Low and Moderate Income Housing Funds have been granted or
loaned to the Development or the Affordable Units, or if the Agency intends that the Affordable
Units will assist in meeting the Agency's affordable housing production requirements required by
Health and Safety Code Section 33413(b) (2), the Agency shall also be a party to the Resale
Agreement and Notice of Affordability Restrictions. The escrow instructions shall stipulate that the
Resale Agreement and the Notice of Affordability Restrictions shall be recorded against the
Affordable Unit at close of escrow on the sale to the Eligible Household; and that the Resale
Agreement and the Notice of Affordability Restrictions shall be recorded junior only to the lien of
the deed of trust securing the Eligible Household's first mortgage loan, or to a second mortgage loan
only if such loan is provided by a public agency which requires such subordination, or as otherwise
approved in writing by the Marin Housing Authority.
(b) The Eligible Household signs the Note in the form provided by the Marin
Housing Authority.
(c) The Eligible Household signs the Deed of Trust to secure performance of the
Eligible Household's covenants under the Resale Agreement and payment of the amounts due under
the Note. The Deed of Trust shall be recorded against the Affordable Unit, subordinate only to the
Resale Agreement and the lien of the deed of trust securing the Eligible Household's first mortgage
loan or to a second mortgage loan only if such loan is provided by a public agency which requires
such subordination, or as otherwise approved in writing by the Marin Housing Authority.
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(d) A Request for Notice of Default and Sale is recorded for each deed of trust
recorded at close of escrow.
(e) The Eligible Household signs the Borrower's Disclosure in the form provided by
the Marin Housing Authority.
Within five (5) days following closing of the sale of any Affordable Unit, Developer shall forward to the
Marin Housing Authority copies of the buyer's and seller's settlement statement and all closing documents,
including Resale Agreement, Notice of Affordability Restrictions, the original Note, Deed of Trust,
Request(s) for Notice of Default and Sale, and Borrower's Disclosure executed in connection with the sale.
Developer shall retain all records related to compliance with obligations under this Agreement and the
Affordable Housing Requirements for a period not less than two (2) years from the date of sale of all units
in the Development and make them available on five (5) business days' written notice to Marin Housing
Authority or City employees or others designated by the Marin Housing Authority or City for the purposes
of inspection and copying.
Section 10. Affordable Units. If the Developer elects to initially rent the Affordable Units
following completion of construction, the Developer shall rent any Affordable Units to Eligible Households
at Affordable Rents in compliance with this Agreement. Prior to issuance of any certificate of occupancy or
approval of a final inspection for any dwelling unit in the Development, Developer shall enter into and
record a BMR Rental Agreement with the City with a term of fifty-five (55) years, which BMR Rental
Agreement shall include, but not be limited to, provisions regarding allowable rent, procedures for
qualifying tenants, reporting, marketing procedures, and the like. Pursuant to Section 6, the Developer
reserves the right to change the development from ownership to rental up until the time a minimum of one
unit has been sold. If prior to the close of the escrow on the first ownership unit, the Developer chooses to
change the property from ownership to rental, the City shall prepare and the Developer shall enter into and
record a BMR Rental Agreement, as shown above.
(a) The Developer agrees that the initial Affordable Rent for the Affordable Units
shall not exceed the prices set forth in Exhibit "D" attached hereto, unless modified by the Marin
Housing Authority as described in subsections (b) and (c) below. Developer acknowledges and
agrees that the Affordable Rents as shown in Exhibit "D" shall be calculated by Marin Housing
Authority in its reasonable discretion in interpreting the requirements of this Agreement, and that
Marin Housing Authority's calculation of the Affordable Rents shall be consistent with the
methodology illustrated in Exhibit "D" and shall be binding on the Developer. Annual Rent
increases shall be based on the increases in the Area Median Income and shall not be less that the
baseline rents established in this agreement. The Affordable Rent shall be the absolute maximum
price that the Developer or any other seller may receive as compensation for the rental of an
Affordable Unit, including all fees for housing services, parking, and other services. The Developer
or successor may not charge or receive any additional compensation for an Affordable Unit.
(b) Recalculation of the Affordable Rents shall be permitted at the time that the
Developer provides written notice to the City one hundred twenty (120) days prior to the issuance of
any certificate of occupancy or approval of any final inspection for an Affordable Unit if: (i) Area
Median Income has changed from that set forth in Exhibit "D"; (ii) utilities included in the contract
rent have changed from that set forth in Exhibit "D"; (iii)Marin Housing Authority has prepared a
new schedule of assumed utility costs; or (iv) other fees charged to tenants are different from that
shown in Exhibit "D."
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(c) Upon receipt of the Developer's 120 -day notice, the Affordable Rents shall be
recalculated by Marin Housing Authority using: (i) the current Area Median Income; (ii) utilities
included in contract rent; (iii) Marin Housing Authority schedule of assumed utility costs; and (iv)
any changes in other fees charged to tenants. Such an adjustment to the Affordable Rents shall be
allowed more than one time only if mutually agreed by all the Parties to this Agreement.
(d) Procedures for qualifying tenants, reporting, marketing procedures, and the like
shall be as provided in the BMR Rental Agreement entered into between the Developer and the City.
The City or Marin Housing Authority may impose a reasonable fee for annual monitoring of the
Affordable Units.
Section 11. Affordable Units Not Subiect to Costa -Hawkins Act. If Developer elects to initially rent
the Affordable Units, Developer hereby acknowledges that the option of the Developer to rent the
Affordable Units rather than offer them for sale is a regulatory incentive, which is a form of assistance
specified in Chapter 4.3 (commencing with Section 65915) of Division 1 of Title 7 of the Government
Code. As consideration for this regulatory incentive, Developer hereby agrees and acknowledges that Civil
Code Section 1954.51 et seq. (Costa -Hawkins Act) does not apply to the Affordable Units that Developer
has chosen to rent.
Section 12. Sale of Affordable Units Offered for Rent. If Affordable Units initially offered for rent
are located on a separate legal parcel due to recordation of a final or parcel map at any time, then Developer
or a future owner of the Affordable Units may sell the Affordable Units pursuant to the terms of this Section
12. The Affordable Units shall be sold to Eligible Purchasers at an Affordable Ownership Price to Low
Income, or Moderate Income Households, as established by this agreement, except that each Affordable
Unit shall first be offered for sale to the existing tenant at the Affordable Ownership Price as adjusted for
the current year's Area Median Income. At least one hundred twenty (120) days before offering a rental
Affordable Unit for sale, the Developer or current owner shall provide the City and the Marin Housing
Authority with written notice of the proposed sale of the Affordable Unit, including the number of
bedrooms and required income level of the unit, and shall comply with the procedures specified in Sections
7 through 9 of this Agreement in the sale of the Affordable Unit. Additional requirements for sale of
Affordable Units initially rented may be established in the BMR Rental Agreement, including but not
limited to provisions for notice to tenants, rights of first refusal, limitations on rents, and extended lease
provisions.
Section 13. Release of Property From ALreement.
(a) Covenant Runnine with the Land. The covenants and conditions herein
contained shall apply to and bind, during their respective periods of fee ownership, Developer and its
heirs, executors, administrators, successors, transferees, and assignees having or acquiring any right,
title or interest in or to any part of the Property and shall run with and burden the Property until
terminated in accordance with this Section 13. Until the Property is released from the burdens of this
Agreement pursuant to this Section 13, the owners of fee title to the Property shall expressly make
the conditions and covenants contained in this Agreement a part of any deed or other instrument
conveying any interest in the Property.
(b) Affordable Units Offered for Rent. If the Affordable Units are initially offered
for rent, all parts of the Property shall be released from the burdens of this Agreement upon
recordation of the BMR Rental Agreement and Notice of Affordability Restrictions against the
Property.
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(c) Affordable Units Offered for Sale. If the Affordable Units are initially offered
for sale, all parts of the Property except for the Affordable Units shall be released from the burdens
of this Agreement upon recordation of the final map and the City's inspection of the units. The
Owner shall request the City to execute, and record, with the Marin County Recorders Office,
Exhibit "F" to this Agreement specifying the market rate units that will be released. Each Affordable
Unit offered for sale shall be released from the burdens of this Agreement when it is: (i) sold to an
Eligible Household in compliance with this Agreement; and (ii) a Resale Agreement, Deed of Trust,
Notice of Affordability Restrictions, and Request for Notice of Default are recorded against the
Affordable Unit. Upon sale of all of the Affordable Units to Eligible Households as prescribed in this
Agreement or offered for sale to the Marin Housing Authority pursuant to section 7(g), the entire
Property shall be released from this Agreement, and the Agreement shall be released from record
against any portion of the Property.
Section 14. Default and Remedies. Failure of the Developer to cure any default in the Developer's
obligations under the terms of this Agreement within thirty (30) days after the delivery of a written notice of
default from the Marin Housing Authority or the City (or such longer period of time up to an additional one
hundred twenty (120) days as may be necessary to remedy such default, provided that the Developer has
commenced action during the thirty (30) days necessary to remedy such default, and the Developer is
proceeding with reasonable diligence to remedy such default) will constitute a default under this Agreement
and the Affordable Housing Requirements, and, in addition to any other remedy authorized by law or equity
for breach of this Agreement, Marin Housing Authority and.lor the City may exercise any and all remedies
available to it with respect to the Developer's failure to satisfy the terms of this Agreement and the
Affordable Housing Requirements, including but not limited to:
(a) withholding, conditioning, suspending, or revoking any permit, license,
subdivision approval or map, or other entitlement for the Development, including without limitation
final inspections for occupancy and/or certificates of occupancy;
(b) exercising any remedies available under the Subdivision Map Act, the
Affordable Housing Requirements, the City's Municipal Code, or otherwise, with respect to the
Developer's failure to satisfy the terms of this Agreement and the Affordable Housing Requirements;
(c) instituting against the Developer, or other parties, a civil action for declaratory
relief, injunction or any other equitable relief, or relief at law, including without limitation an action
to rescind a transaction and/or to require repayment of any funds received in connection with such a
violation;
(d) where one or more persons have received a financial benefit as a result of
violation of this Agreement or of any requirement imposed under the Affordable Housing
Requirements, assessing, and instituting legal action to recover as necessary, a penalty in any amount
up to and including the amount of financial benefit received, in addition to recovery of the benefit
received; or
Section 15. Remedies Cumulative. No right, power, or remedy given to the Marin Housing
Authority or to the City by the terms of this Agreement or the Affordable Housing Requirements is intended
to be exclusive of any other right, power, or remedy; and each and every such right, power, or remedy shall
be cumulative and in addition to every other right, power, or remedy given to the Marin Housing Authority
and the City by the terms of any such document, the Affordable Housing Requirements, or any statute or
otherwise against Developer and any other person. Neither the failure nor any delay on the part of the
Marin Housing Authority or the City to exercise any such rights and remedies shall operate as a waiver
1220 07 619702.5
city revised 5 5 20 10
-10-
thereof, nor shall any single or partial exercise by the Marin Housing Authority or the City of any such right
or remedy preclude any other or further exercise of such right or remedy, or any other right or remedy.
Section 16. Attornevs Fees and Costs. If the Marin Housing Authority, the City, or the Developer is
required to initiate legal proceedings to enforce its rights under this Agreement, the prevailing party in such
action shall be entitled to an award of reasonable attorneys' fees and costs in addition to any other recovery
under this Agreement.
Section 17. Hold Harmless and Indemnification. Except for an award of attorneys fee and any other
recovery to Developer pursuant to Section 16, Developer will indemnify and hold harmless Marin Housing
Authority and City and their elected officials, officers, employees, and agents in their official capacity
(hereinafter collectively referred to as "Indemnitees"), and any of them, from and against all loss, all risk of
loss and all damage (including expense) sustained or incurred because of or by reason of any and all claims,
demands, suits, actions, judgments and executions for damages of any and every kind and by whomever and
whenever made or obtained, allegedly caused by, arising out of or relating in any manner to the
Development, the Affordable Units, or Developer's performance or non-performance under this Agreement,
including without limitation the construction or sale of any unit in the Development, and shall protect and
defend Inderrinitees, and any of them with respect thereto, except to the extent arising from the gross
negligence or willful misconduct of the Marin Housing Authority or the City. The provisions of this
Section 17 shall survive expiration or other termination of this Agreement or any release of part or all of the
Property from the burdens of this Agreement, and the provisions of this Section 17 shall remain in full force
and effect. Developer's damages in no case shall exceed its rights to and value of the property subject to
this agreement.
Section 18. Hold Harmless — City. The City shall indemnify and hold harmless Marin Housing
Authority, its officers, officials, employees and agents, from and against all claims, damages, loses and
expenses including attorneys fees arising out of the performance of this Agreement, caused in whole or part
by any negligent act or omission of the City, except where caused by the active negligence, sole negligence,
or willful misconduct of the Marin Housing Authority.
Section 19. Notices. All notices required pursuant to this Agreement shall be in writing and may be
given by personal delivery or by registered or certified mail, return receipt requested, or by express courier
service, to the Party to receive such notice at the addresses set forth below:
To the City: City of San Rafael
Attention: Economic Development Department
P.O. Box 151560
San Rafael, CA 94915-1560
To Marin Housing Authority: Marin Housing Authority
Executive Director
4020 Civic Center Drive
San Rafael, CA 94903-4173
1220.07.619702.5
city revised 5!512010
To the Developer: MC2 Capital Partners, LLC
Thomas M. Monahan
1101 Fifth Avenue, Suite 300
San Rafael, CA 94901
-11-
Section 20.Any party may change the address to which notices are to be sent by notifying the other
parties of the new address, in the manner set forth above.
Section 21. Integrated Agreement. This Agreement constitutes the entire Agreement between the
parties and no modification shall be binding unless reduced to writing and signed by the Parties.
Section 22. Amendment of Agreement. This Agreement shall remain in effect for so long as the
Property is subject to inclusionary housing obligations pursuant to the Affordable Housing Requirements,
unless released pursuant to Section 13. This Agreement, and any section, subsection, or covenant contained
herein, may be amended only upon the written consent of the City, Marin Housing Authority, and
Developer.
Section 23. No Joint Venture or Partnership. Nothing contained in this Agreement or any document
executed pursuant to this Agreement shall be construed as creating a joint venture or partnership between
Marin Housing Authority, City, and Developer. Nothing contained in this Agreement shall create or justify
any claim against the Marin Housing Authority or City by any person that Developer may have employed or
with whom Developer may have contracted relative to the purchase of materials, supplies or equipment, or
the furnishing or the performance of any work or services with respect to the Property or the construction of
the Development.
Section 24. Applicable Law and Venue. This Agreement shall be governed by California law.
Venue for any dispute arising out of this Agreement shall be Marin County.
Section 25. Waivers. Any waiver by Marin Housing Authority or the City of any obligation or
condition in this Agreement must be in writing. No waiver will be implied from any delay or failure by
Marin Housing Authority or the City to take action on any breach or default of Developer or to pursue any
remedy allowed under this Agreement or applicable law. Any extension of time granted to Developer to
perform any obligation under this Agreement shall not operate as a waiver or release from any of its
obligations under this Agreement. Consent by Marin Housing Authority or the City to any act or omission
by Developer shall not be construed to be a consent to any other or subsequent act or omission or to waive
the requirement for Marin Housing Authority's or the City's written consent to future waivers.
Section 26. Title of Parts and Sections. Any titles of the sections or subsections of this Agreement
are inserted for convenience of reference only and shall be disregarded in interpreting any part of the
Agreement's provisions.
Section 27. Multiple Originals, Countemart. This Agreement may be executed in multiple
originals, each of which is deemed to be an original, and may be signed in counterparts.
Section 28. Severabilitv. In the event any limitation, condition, restriction, covenant, or provision
contained in this Agreement is to be held invalid, void or unenforceable by any court of competent
jurisdiction, or if any provision of this Agreement is rendered invalid or unenforceable pursuant to any
California statute which became effective after the effective date of this Agreement, the remaining portions
of this Agreement shall nevertheless remain in full force and effect.
Section 29. Exhibits. The following exhibits are attached to this Agreement:
1220 07 619702.5
city revised 5 5 2010
Exhibit A Legal Description of the Property
Exhibit B Eligibility Requirements and Priorities
Exhibit C Sample Calculation of Affordable Ownership Price
Exhibit D Sample Calculation of Affordable Rent
-12-
Exhibit E Location of Affordable Units
Exhibit F Notice of Release of Below Market Rate Housing Agreement
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and
year first above written.
DEVELOPER:
MC2 Capital Partners LLC, a California limited
liability company
By: Monahan Pacific Corporation
Its: Managin Me
By:
omas M. Monahan, President
MARIN HOUSING AUTHORITY:
Housing Authority of the County of Marin, a public
body, corporate and politic, created under the
Housing Authority Law of the State of California
B . / tz
Its:
DSI til A-C—K GTP, (tiA-,.l
1220\07\619702.5
city revised 5/3/2010
CITY:
City of fan R fel, a municipa oration
By: �
Cita} Wn, ager
ATTEST: 1 54c�
Esther C. Beirne, City Clerk
APPROVED AS TO FORM:
By: �L
City Attorney
- 13 -
STATE OF CALIFORNIA
COUNTY OF MARIN�-
5"-A 10 ,mc
On , before me, ninjk Q. roll, ns, Notary Public, personally appeared , who proved to me on the basis of
satisfactory evidence to be the person) whose name(, is/am subscribed to the within instrument and
acknowledged to me that he/4aeA0iey executed the same in his/kerftheir authorized capacity;(ieS1, and that by
his/heA4heif-signature on the instrument the person, or the entity upon behalf of which the person(A
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.
Signature / q,(
STATE OF CALIFORNIA
(seal)
MINDY R. COLLINS
Commission # 1872535
Notary Public - California
Marin County
@WCmmE0resD9c30,20l3
M 2(o Zai COUNTY OF MARIN ),
On, before me, SOI 1�4 ZQYigit , Notary Public, personally appeared, w o proved to me on the basis
of satisfactory evidence to be the person( -s-) whose name(a) is/are. subscribed to the within instrument and
acknowledged to me that he/sheMiey executed the same in his/hen4heir authorized capacity(4"), and that by
his/herMwir signature(( on the instrument the person(&}, or the entity upon behalf of which the personEe�
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.
Signature eauz 4'
1220\07\619702.5
3/19/2009
CAROL J. KAZARIAN
Commission # 1675252
@My
Notary Public - Colifornla
(seal) Marin County.,
Comm. Expires Jun 15, 2010
ACKNOWLEDGMENT
State of California
County of Marin
On June 3, 2010 before me, Esther C. Beirne, Notary Public
(insert name and title of the officer)
personally appeared Ken Nordhoff ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name( is are
subscribed to the within instrument and acknowledged to me th fii /she/they executed the same in
her/their authorized capacity(ies), and that by(!5/her/their signature(s) on the instrument the
erson(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.
Signature IS&G-- j&4e-4{ - (Seal)
ESTHER C. BEIRNE
CommisIlon #E 1744802
Notary Public - California
Marin County
MVCamn E I's - Jun 10, 2011
EXHIBIT A
LEGAL DESCRIPTION OF THE PROPERTY
The land referred to herein is situated in the State of California, County of Marin, City of San Rafael,
and described as follows:
Beginning at a point on the Westerly line of San Pablo Avenue, distant thereon South 230 46' West 300 feet
from the intersection thereof with the Southwesterly line of Manzanita Lane; thence running along said
Avenue line, South 23° 46' West 140.0 feet; thence leaving said line and running North 66° 14' West 150.0
feet; thence South 23° 46' West 50.0 feet to a point in the Southwesterly line of the parcel of land conveyed
by Louis Martini, et ux to Jacob Inauen, et ux, by Deed recorded August 21, 1946 in Book 527 of Official
Records at Page 358, Marin County Records; thence running Northwesterly along the Southwesterly line of
said parcel so conveyed to Inauen to a point in the Easterly line of the lot conveyed to Robert Lauchenauer by
Deed recorded November 8, 1921 in Book 233 of Deeds at Page 279, Marin County Records; thence running
Northeasterly along said Easterly line to the Southerly line of Block 20, as shown upon that certain Map
entitled "Map of Golf Links Tract Near San Rafael, Marin County, California", filed for record January 14,
1908 in Volume 2 of Maps, at Page 107, Marin County Records; thence running Easterly along the Southerly
line of Lots 5, 6 and 7, Block 20 of the above mentioned Map to the Southeast corner of said Lot 7 of the
above mentioned map; thence running South 23° 46' West 100 feet; thence Southeasterly in a straight line to
a point which bears North 661 14' West 110 feet from the point of beginning; thence running South 669 14'
East 110 feet to the point of beginning.
(End of Legal Description)
1220\07\619702.5
city revised 5/5/2010
EXHIBIT B
ELIGIBILITY REOUIREMENTS AND PRIORITIES
Eligibility Reauirements
In determining and certifying eligibility of applicants for the Development, Marin Housing Authority
shall adhere to the following criteria:
1. Applicants shall be Very Low Income Households, Low Income Households, or Moderate
Income Households, as applicable, as defined in this Agreement.
2. For ownership Affordable Units, the total value of the applicant household's assets may not
exceed 75 percent of the sales price of the unit.
3. For ownership Affordable Units, the applicant must qualify as a first time homebuyer defined as
not having owned residential real property within a three-year period preceding purchase of an
Affordable Unit.
4. The applicant must have at least two persons in his/her household to purchase or rent a two-
bedroom unit, three persons to purchase or rent a three-bedroom unit, and one additional person
for each additional bedroom, unless a reasonable accommodation is required for a caretaker for a
disabled person.
5. Eligible households must provide Marin Housing Authority with pre approval documentation
from an acceptable lender demonstrating financial capacity to purchase the Affordable Unit at
the Affordable Ownership Price.
Selection of Homebuvers
In selecting prospective purchasers from among all eligible applicants, a drawing shall be conducted.
The City of San Rafael has determined that the following priorities shall be employed in conducting the
drawing to select prospective purchasers. All names shall be drawn from the group of applicants falling
within the first priority before names are drawn from the second and subsequent priority groups.
1. First priority in the drawing shall go to applicants living or working in Marin County.
2. Second priority in the drawing shall go to all other applicants.
1220\07.619702.5
city revised 5:5;'20 10
EXHIBIT C
SAMPLE CALCULATION OF AFFORDABLE OWNERSHIP PRICE
Moderate Income Units 2009: 30 vear loan @5.5%
Affordability target: 90%
Eligibility limit: 120%
Number of bedrooms
3BR
2138
1 BR
Household size (for calculation purposes)
4 persons
3 persons
2 persons
Median income for household size (see chart below)
96,800
87,100
77,450
Median income reduced to affordability target shown above
87,120
78,390
69,710
Monthly income (annual income divided by 12)
7,260
6,530
5,810
33% Housing -expense -to income ratio
2,400
2,150
1,920
Breakdown of monthly housing expense
Property Tax (estimated @ 1.25% of sales price)
325
290
255
Homeowners Association Dues (estimated)
250
200
200
Mortgage Insurance (estimated at 75 basis points)
180
165
145
Debt Service on home purchase financing (P & 1)
1,645
1,495
1,320
Total Housing Expense
2,400
2,150
1,920
Financing -- assuming 30 -year, fixed-rate mortgage
4 persons
$96,800
$116,160
Rate (current prevailing rate / to be updated at completion)
5.50%
5.50%
5.50%
Term (months)
360
360
360
Loan amount
289,700
263,300
232,500
Loan -to -value ratio
95%
95%
95%
Purchase price
1 304,9001
1 277,2001
1 244,7001
Downpayment
15,200
13,900
12,200
Estimated closing costs (@ 4%)
12,200
11,100
9,800
Estimated cash required for downpayment plus closing costs
27,400
25,000
22,000
EXHIBIT C
Page 1 of 2
FY2009 Marin County
HUD Median Family Income
effective 3/19/09
HH Size
Median
120%
1 person
$67,750
$81,300
2 persons
$77,450
$92,940
3 persons
$87,100
$104,520
4 persons
$96,800
$116,160
EXHIBIT C
SAMPLE CALCULATION OF AFFORDABLE OWNERSHIP PRICE
Low Income Units 2009: 30 vear loan@ 5.5%
Affordability target:
Eligibility limit:
Number of bedrooms
Household size (for calculation purposes)
Median income for household size (see chart below)
Median income reduced to affordability target shown above
Monthly income (annual income divided by 12)
33% Housing -expense -to income ratio
Breakdown of monthly housing expense
Property Tax (estimated @ 1.25% of sales price)
Homeowners Association Dues (estimated)
Mortgage Insurance (estimated at 75 basis points)
Debt Service on home purchase financing (P & 1)
Total Housing Expense
Financing -- assuming 30 -year, fixed-rate mortgage
Rate (current prevailing rate /to be updated at completion)
Term (months)
Loan amount
Loan -to -value ratio
Purchase price
Downpayment
Estimated closing costs (@ 4%)
Estimated cash required for downpayment plus closing costs
EXHIBIT C
Page 2 of 2
65% 1
80% 1
3BR
2BR
11131R
4 persons
3 persons
2 persons
96,800
87,100
77,450
62,920
56,615
50,340
5,240
4,720
4,200
1,730
1,560
1,390
225
205
180
225
200
200
125
115
100
1,155
1,040
910
1,730
1,560
1,390
5.50%
5.50%
5.50%
360
360
360
203,400 183,200 160,300
95% 95% 95%
1 214,1001 192,8001 168,7001
10,700 9,600 8,400
8,600 7,700 6,700
19,300 17,300 15,100
FY2009 Marin County
HUD Median Family Income
effective 3/19/2009
HH Size Median
80%
1 person $67,750
$54,200
2 persons $77,450
$61,960
3 persons $87,100
$69,680
4 persons $96,800
$77,440
EXHIBIT D
SAMPLE CALCULATION OF AFFORDABLE RENT
TOTAL NUMBER OF VERY LOW AND LOW INCOME UNITS: 16
Seven 1 Bedroom units @ Very Low and Nine 2 Bedroom Units @ low income
ALLOWABLE RENT CALCULATION: Housing expense includes utility allowance per
schedule below (allowances from Marin Housing). Very Low Income is 50% of Area Median
Income, Low Income is 60% of Area Median Income and Moderate Income is 80% of Area
Median Income. The applicable household and unit sizes are listed below. Actual households
can exceed the household size indicated but the rental calculation will not change.
For example, using the 2009 Area Median Income such calculation would be as follows:
The One Bedroom Housing Expense shall not exceed 1/12 of 30% of 50% (very low income) or
60% (low income) of the Area Median Income for a 2 -person household. The Two Bedroom
Housing Expense shall not exceed 1/12 of 30% of 50% (very low income) or 60% (low income)
of the Area Median Income for a 3 -person household.
The maximum qualifying tenant income is 50% of Area Median Income for very low and 80% of
Area Median Income for low income or a lesser income as defined by the Owner.
Household Size
2 Person
3 Person
Unit Type
1 BRM
2 BRM
Median Income
77,450
87,100
50%
38,700
43,550
Monthly Income
3,225
3,629
30% of Income
968
1,089
Monthly Utility
I
I
Allowance
(46)
(64)
Allowable Rent
922
1,025
60%
46,500
52,250
Monthly Income
3,875
4,354
30% of Income
1,162
1,306
Monthly Utility
Allowance
(46) I
I (64)
Allowable Rent
1,117
1,242
1220\07'.619702.5
city revised 5!5 2010
EXHIBIT E
LOCATION OF AFFORDABLE UNITS
Unit
Bedroom/
Income
Garage
Low Income Moderate Income 2
Number
Bath
Level
Parking
1 Bdrms
Bdrms
101
1/1
Low
1
101
102
1/1
Low
1
102
103
2/1
Moderate
1
103
202
1/1
Low
1
202
204
2/1
Moderate
1
204
210
2/1
Moderate
1
210
214
1/1
Low
1
214
312
2/1
Moderate
1
312
313
1/1
Low
1
313
314
1/1
Low
1
314
315
2/1
Moderate
1
315
316
2/1
Moderate
1
316
413
1/1
Low
1
413
414
1/1
Low
1
414
415
2/1
Moderate
1
415
416
2/1
Moderate
1
416
8
8
,
r
EXHIBIT E
LOCATION OF AFFORDABLE UNITS
BMR UNIT SUMMARY
LEVEL
1B
20
TOTAL
1
2
1
3
2
1
2
3
3
2
3
5
4
2
3
5
5
10
0
6
0
0
0
TOTAL
7
8
10
Second Level Plan
1220107\619702.5 EXnoff E
city revised 5/6/2010 PAGE 3 OF 5
Conceptual BMR Exhibit
BMR COUNT:
1 Bedroom -1
2 Bedroom - 2
0
;
B®
J
EXHIBIT F
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
City of San Rafael
P.O. Box 151560
San Rafael, CA 94915-1560
Attn: Esther C. Beirne, City Clerk
No fee for recording pursuant to
Government Code Section 27383
(SPACE ABOVE THIS LINE FOR RECORDER'S USE)
NOTICE OF RELEASE OF BELOW MARKET RATE HOUSING AGREEMENT
This Notice of Release of Below Market Rate Housing Agreement (the "Notice") is made
as of the _ day of , 200_, by the City of San Rafael, a municipal corporation
(the "City"), and a ("Developer").
1. This Notice relates to that certain Below Market Rate Housing Agreement by and
between the City and the Developer dated , and recorded in the Official Records
of the County of Marin (the "Official Records") on as Document No.
(the "Housing Agreement").
2. The City and the Developer hereby release the real property described in Exhibit A
attached hereto and incorporated herein from the encumbrance of the Housing Agreement.
3. This Notice may be signed in multiple counterparts, which, when signed by all
parties, shall constitute a binding agreement.
IN WITNESS WHEREOF, the City and the Developer have executed this Notice as of
the day first above written.
DEVELOPER:
By:
Its:
1220\07\619702.5
city revised 5; 5i2010
CITY:
a CITY OF SAN RAFAEL, a municipal
corporation
By:
Its:
SIGNATURES MUST BE NOTARIZED