HomeMy WebLinkAboutCC Resolution 8976 (Boyd Court Condominiums BMR)RESOLUTION NO. 8976
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SAN RAFAEL AUTHORIZING THE EXECUTION OF
TWO (2) BELOW MARKET RATE AGREEMENTS AND ONE (1)
BELOW MARKET RATE HOUSING GRANT AGREEMENT
RE: BOYD COURT CONDOMINIUMS
BETWEEN THE CITY OF SAN RAFAEL
AND SAN RAFAEL HOUSING GROUP, INC.
BE IT RESOLVED, the MAYOR and the CITY CLERK are
authorized to execute, on behalf of the City of San Rafael,
two (2) Below Market Rate Agreements and one (1) Below
Market Rate Grant Agreement for the Boyd Court Condominiums
between the City of San Rafael and the San Rafael Housing
Group, Inc.; copies of which are hereby attached and by
this reference made a part hereof.
I, JEANNE M. LEONCINI, Clerk of the City of San Rafael,
hereby certify that the foregoining resolutions were duly
and regularly introduced and adopted at a regular meeting
of the City Council of said City held on TUESDAY , the
6TH day of JULY , 1993, by the followinq vote; to
wit:
AYES:
NOES:
ABSENT:
COUNCILMEMBERS: Breiner, Cohen, Thayer & Mayor Boro
COUNCILMEMBERS: None
COUNCILMEMBERS: Shippey
J E M. LEONCINI, City Clerk
ORICINA1
°9�6
Recording Requested by:
City of San Rafael
When Recorded Return to
City of San Rafael
PO Box 151560
San Rafael, CA 94915 —15 6 0
Attention : City Clerk
BELOW MARKET RATE HOUSING AGREEMENT
( Second Trust Deed Units )
Project Name: BOYD COURT CONDOMINIUMS
Total Units: 25 BMR Units : 17
Location: Mission Avenue & "C" Street, San Rafael, California
Developer: San Rafael Housing Group, Inc., or any successor in interest
This Agreement is made and entered into this 6th day of J U L Y , 19_2_3___, among the
CITY OF SAN RAFAEL a municipal corporation (hereinafter referred to as "the City"), the
HOUSING AUTHORITY OF MARIN, a public body, corporate, and politic, created under the
Housing Authority Law of the State of California (hereinafter referred to as "Marin Housing
Authority") and SAN RAFAEL HOUSING GROUP, INC., or any successor in interest
(hereinafter referred to as "Developer").
A. The Developer intends to construct a 25 unit residential housing development on that
certain real property situated within the corporate limits of the City, which real property is more
particularly described in Exhibit "A" attached hereto and incorporated herein.
B. The City, in accordance with the provisions of the Housing Element of its General Plan,
has approved the Developer's proposed development on condition that the Developer provide
therein seventeen (17) dwelling units to be sold at prices which are within the means of
moderate -income households.
June 24, 1993
C. Marin Housing Authority is authorized by law to participate in programs which provide
housing for households of moderate income, and is by experience qualified to screen and
determine eligibility of applicants for moderate -income households.
The parties hereto desire, by this Agreement, to cooperate in implementing the efforts of the
Developer, to comply with the requirement that the Developer make available said dwelling units at
prices which are within the means of moderate -income households.
NOW THEREFORE, it is hereby agreed by and between the parties hereto as follows:
1. THE UNITS. The Developer agrees that seventeen (17) dwelling units selected by the
Developer within the project approved by the City for the property described in Exhibit "A"
attached hereto will be sold to moderate households, in accordance with the terms herein and
pursuant to the procedures set forth in this Agreement. Said dwelling units are identified in Exhibit
"B" attached hereto and will be legally described in an attachment to be recorded with the final
map. Said dwelling units are hereinafter referred to as "the Units".
2. TERMS OF SALE. The terms and conditions of any sale of a BMR unit pursuant to
this agreement shall be as follows :
a. The Developer agrees that the Original Sales Price for the Units shall not exceed
the prices set forth in Exhibit "B" attached hereto. The Original Price represents the unit's Fair
Market Value established by independent appraisal.
b. The purchaser'shall obtain a fust mortgage loan secured by a deed of trust on the
unit in an amount not to exceed the BMR price as set forth in Exhibit "B" attached hereto.
C. As total consideration for the sale of each BMR Unit, Developer shall recieve the
BMR Price.
3. ELIGIBLE PURCHASERS. The Developer agrees to offer the Units for sale only to
individuals or households who have been certified as eligible by Marin Housing Authority.
4. NOTICE PRIOR TO COMPLETION. The Developer further agrees to give written
notice to Marin Housing Authority at least one -hundred -twenty (120) days prior to estimated
issuance of Certificate of Occupancy.
5. 'APPLICANT ELIGIBILITY. Marin Housing Authority agrees to process applications
and certify eligibility of applicants as persons or households of moderate income in an expeditious
manner. An individual or a household shall be deemed to qualify as a moderate -income applicant
provided the income of such individual or household does not exceed one -hundred -twenty -percent
(120%) of the median income for the San Francisco Primary Metropolitan Statistical Area
(DMSA) —San Francisco, San Mateo and Marin County—as determined by the United States
Department of Housing and Urban Development ("HUD"), office of Economic Affairs, Economic
and Market Analysis Division, with adjustments for small or larger households (refer to Exhibit
"D" attached hereto).
June 24, 1993
9.
In certifying eligibility of applicants, Marin Housing Authority shall adhere to the
requirements for eligibility adopted by the City and specified in EXHIBIT "C" attached hereto.
Selection of individuals or households failing within any of the prioritics established in EXHIBIT
"C" shall be determined by a drawing or other equitable method mutually agreed upon by the City
and the Marin Housing Authority.
6. ADMINISTRATIVE FEE. Marin Housing Authority shall be paid a fee of $750.00
per unit to be paid by the buyer, which payment shall be included in the buyer's closing costs
through escrow.
7. TERM FOR SALE OF UNITS. In the event that any Unit remains unsold at the end
of one -hundred -twenty days (120) days from the date of issuance of a Certificate of Occupancy by
the City for the phase of development in which the subject unit is located, the Developer shall
notify Marin Housing Authority in writing of such fact. Within ten (10) working days after receipt
of such written notice, Marin Housing Authority or its assignees may notify the Developer in
writing that it will purchase such Unit. If such notice is given by Marin Housing Authority, the
Developer shall then sell such Unit to Marin Housing Authority or its assignee at the same price it
would have been available for sale to households of moderate income. As used herein, the term
"sold" shall mean the execution of a contract for purchase and the approval of a mortgage loan for
the buyer.
In the event that Marin Housing Authority or its assignees does not give such notice, the
unit may be sold by the Developer on the open market without restrictions as to price. In such
event, the Developer shall pay to the City from the proceeds from the sale of such Unit
seventy-five percent (75%) of the difference between the Net Sales Price and the BMR Price
specified in Exhibit "B".. Net Sales Price shall be the sales price achieved less commission paid not
to exceed six (6%). Said sum shall be paid to the City upon close of escrow on the sale of such
Unit or, if the sale is pursuant to a contract of sale, upon execution of such contract, whichever
shall fust occur. The City shall pay to Marin Housing Authority ten -percent (10%) of this sum
for Marin Housing Authority's use in administering Below Market Rate projects including, but not
limited to, on-going BMR monitoring and future BMR re -sales. The balance of any such
payments made to the City shall be retained by the City in a special account to be used solely for
activities which it deems will facilitate the provision of housing for persons of moderate income.
8. OPTION TO PURCHASE. Each deed or contract conveying a Unit to an applicant
certified by Marin Housing Authority shall contain a restriction constituting an Option to Purchase,
pursuant to which the buyer agrees that prior to selling the property, it will fust be offered for sale
to Marin Housing Authority or its assignee, in writing. The form of the Option to Purchase shall
be as set forth in Exhibit "E" attached hereto.
9. SECOND TRUST DEED. The purchaser of the unit shall execute a promissory note
secured by a second deed of trust on the unit, the principal amount of which shall be the difference
between the Original Sales Price set forth in Exhibit B attached hereto and BMR Price. This
promissory note shall be in the form attached hereto as Exhibit F, and shall be secured by a deed
of trust in the form attached hereto as Exhibit G, which shall be subordinated to the first mortgage
on the unit.
June 24, 1993
I
10. TERMINATION OF AGREEMENT. In the event that the development project is not
constructed or in the event that the master plan for the project is amended or revised such that the
Units specified in Paragraph 1 are no longer required thereby, this Agreement shall thereupon
become void, unless one or more of the Units have previously been sold in accordance with the
provisions of this Agreement, in which event the provisions of this Agreement will continue in
force with respect to the Unit or Units so sold.
11. NOTICES. All notices required to be given under the terms of this Agreement shall be
sent fust class U. S. mail, certified/retum receipt requested, or by express courier service,
addressed as follows:
To the City: City of San Rafael
PO Box 151560
San Rafael, CA 94915 -1 5 6 0
ATTN : City Clerk
To Marin Housing Authority:
To the Developer:
Marin Housing Authority
P. O. Box 4282
San Rafael, CA 94913
ATTN.: Executive Director
San Rafael Housing Group, Inc.
10 "G" Street
San Rafael, CA 94901
Attention: Art Chatham
Any party may change the address to which notice shall be mailed to it by giving notice thereof to
the other parties by certified mail. - �x
12. INDEMNIFICATION. The City shall indemnify and hold harmless Marin Housing
Authority and the Developer, its officers, officials, employees and agents from and against all
claims, damages, losses and expenses including attorneys fees arising out of 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, or caused by the active negligence, sole negligence,
or willful misconduct of the Developer.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year fust
above written.
CITY OF SAN RAF' AE
By: I d�--
AL k'f 4B, l aNr
June 24, 1993
HOUSING AUTHORITY OF THE
COUNTY OF MARIN
By.
ATTEST:
By:
City Clerk JE NNE M. LEONCINI
ATTEST-
By-
ERA- L
SAN RAFAEL HOUSING GROUP, Pi
By: ��
C�-!L�zP.L Fpa&,-
EXHIBIT "A"—Legal Description of Property
EXHIBIT "B"—Schedule of BMR Units and Sales Prices
EXl-11BIT "C" --Eligibility of Requirements and Priorities
EXHIBIT "D" --Marin County FY 1993 Marin Median Family Income Schedule
EXHIBIT "E" --Option to Purchase
Juste 24, 1993
5
State of California )
County of Marin )
On 0-i,l�i/ l�, `49.6 before me, A. M. MARCOTTE, a Notary Public in
and for the aid Bounty and State, personally appeared Albert J. Boro,
Mavor of the Citv of San Rafael
personally known to me (or praved to me cn the bcs3s of sus=auteirl
---wee) to be the person(e) whose name(a) is/are subscribed to the within
instrument and acknowledged to me that he/ they executed the same in his/
her th authorized capacity (4es) , and that by his/her t,._=_= signature (s) on
the instrument the person( -9), or the entity upon behalf of which the
person(-&) acted, executed the instrument.
WITNESS my hand and official seal. OFFICIAL SEAL
A. M. MARcom
sa Notary PubHo-Colifornia
(� MARIN COUNTY
)9 MY November
Expires .
A. M. MARCOTtE, NOTARY PUBLIC - November 17, 1995 .
My Commission expires 11/17/95
1LL!PURPOSE ACMQWLEo6MW_ None
State of Ca 14 it mm s
CAPACITY MANED BY SIGNER
County of Darin p UMMOLIALM
f) /�` � p coApoanTE
On ULV 1 t% ��� before me st*10f Q'C I&l'ssA� � V A Si
-AR-r14-1
swsE>o>Fce+• aWiooEjouers6 1�
1� - M'�Ax APA�s� - �x6�l>E-rah L
personally appeared`" 1
ATTORNEY-N•FAC'T
ss�fq aF s�
personally known to me - OR -# proved to me on the basis of ry �0 7'R�'1'�(S7
rm 0 S
C b be the person iphose
p nbed to the h1v am O GUARUMCONSETWATIOR
lorowledged to me that hWd*M hex Mftd 0 onwL
the same In his#*Fahgk authorized
• OFFICIAL SEAL capacity(i'ee). and that by hIS/*w1**j*
SREItA K EDWARDS sirMuan the q�Sirm*ntthe
persoqv
NO-A^r PUBLIC - CALIFORNIA orthe � t>ahatfofwhlchthe �
• + r N;ARIN COUNTY P, entitYupon person SIGNER IS REPRESENTING:
•ro� My comm. expires APR 12, 1994 wed exemad the If1�WnenL Z
Y1lramm my hend and dital seal.�,()���,.�_ iQ� TD SAck- a�- a✓��J AOtX lw'-
EXHIBIT "A"
All that certain real IALL4�Ly situate in the City of San Rafael
County of Marin, State of California, described as follows:
PARCEL CNE:
A PCRrICN of Block 21 of the To mite of the Town of San Rafael as shown upon that
certain Record of Survey Map filed for record in Book 16 of Surveys, at Page 84, Marin
County Official Records being more particularly it arly gibed as follows:
BEGI NNDG at the Northeast cornier of said Block 21, said Paint of Beginning is further
described as being this L.L=.L=,./L1 z of the Westerly line of B Street with the
Southerly line of Mission Street, as shown upon said Record of Survey Map; thence F
said Point of Beginning, Southerly along the said Westerly line of B Street South 06°
45' West, 80.00 feet; thence departing frau the said Westerly line of B Street North
83° 16' 08" West, 180.00 feet; thence North 06° 43' 52" East, 80.00 feet to the said
Southerly line of Mission Street; thence Easterly along the said Southerly lime of
Mission Street South 830 16' 08" Fast, 180.03 feet to the Point of Beginning,
occitaining 14,401 squame feet, more or less.
AN EASIIMENr for ingress arra egress, drainage parking and utilities, in, over and upon a
portico of Block 21 of the Townsite of the Tom of San Rafael as shown upon that
certain Record of Survey Map filed for Record in Book 16 of Surveys at Page 84, Marin
County Official Records being more in,larly described as follows:
BEGIlNJM at a point on the Northerly line of Fifth Street, as shorwiz upon said Record
of Survey Map, from whiCh the L.L=&.w=.LLM of the said Northerly line of Fifth Street
with the Easterly line of C Street bears North 830 04' 44" West, 154.656 feet; thence
Fran Said point of beginning, departing from the said Northerly lime of Fifth Street
North 060 44' 59" East, 122.01 feet; thence Norte 83° 16' 08" West, 33.00 feet; tbexm
South 06° 45' 00" West 21.50 feet; thence North 83° 15' 00" West, 7.00 feet; thence
South 060 44' 59" West, 100.38 feet to the said Northerly line of Fifth Street; thence
Easterly along the said Northerly line of Fifth Street South 83° 04' 44" Fast, 40.00
feet to the point of beginning.
EXHIBIT "B"
( Second Trust Deed Units )
Project Name: BOYD COURT CONDOMINIUMS
Total Units : 25 BMR Units : 17
Location: Mission Avenue & "C" Street, San Rafael, California
Developer: San Rafael Housing Group, Inc., or any successor in interest
SCHEDULE OF UNITS -AFFORDABLE & ORIGINAL SALES PRICES
No. of Type Size Income Range Unit # s BMR PRICE Original Sale Price
17 2Br/2Ba 800sf Moderate $153,300 $168,000
* Original sales price to be established by appraisal.
In no event shall the difference between the BMR Price and the Original Sale Price
be less than nine percent (9%) of the Original Sales Price.
Family size, income, loan rate and term and debt to income ratio used to establish the Affordable
sales price. Income as established by Marin Housing Authority. See Exhibit "D"
Income Range Household Size % of Median Median Income * Household Income
Moderate Three Persons- 110% $44,900 $49,390
Mortgage Rate & Term for P&I Loan -to -Value -Ratio Debt to income ratio for P&I
8.5% 90% 29%
Underwriting shall be in accordance with FNMA Community Lending Program.
Recalculation of above sales prices shall be permitted at the time of receipt by Marin Housing
Authority of the Developer's written notice one hundred twenty (120) days prior to the issuance of
Certificates of Occupancy for the Units if either :.(i) it is determined that the above -stated
mortgage rate is different from the then -current market interest rate; or, (ii) it is determined that the
median income for the San Francisco PMSA as determined by the U.S.. Department of H.U.D.
has changed from that set forth in Exhibit "D" attached hereto. Upon receipt of the Developer's
120 day notice, the sales price shall be recalculated by Marin Housing Authority using the most
affordable available mortgage rate for a 30 year, fixed rate mortgage as determined by Marin
Housing Authority and using the most recent median income for the San Francisco PMSA as
determined by H.U.D. Such an adjustment to the sales price shall be allowed more than one time
only if mutually agreed by all parties to this Agreement.
June 24, 1993
EXHIBIT "C"
Project Name: BOYD COURT CONDOMINIUMS
Location: Mission Avenue & "C" Street, San Rafael, California
Developer: San Rafael Housing Group, Inc., or any successor in interest
Eligibility Requirements
In determining and certifying eligibility of applicants for the subject project, Marin Housing Authority
shall adhere to the following criteria:
1. The applicant's total household annual income may not exceed 80% or 120%, respectively, of the
current median income for the San Francisco PMSA as determined by the U.S. Department of
Housing and Urban Development (HUD), and as adjusted for household size, in order to qualify as
"low-income," or "moderate4ncome," respectively.
2. The total value of the applicant household's assets may not exceed 75% of the sales price of the
unit.
3. The applicant must qualify as a "First-time Homebuyer" --defined as not having previously owned a
principal residence.
Priorities for the Drawing,
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 drawing names from the second and subsequent priority groups.
I. First priority in the drawing for the units shall be given to all permanent, full-time employees of the
City of San Rafael.
2. Second priority in the drawing shall be given to all other applicants.
BOYD COURT CONDOMINIUMS—San Rafael Housing Group, Inc. / Page 8 of 9
City of San Rafael / Marin Housing Authority 06/24/93
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BOYD COURT CONDOMINIUMS --San
Rafael Housing
Group, Inc. /
Pag4' 9 of 9
City of San Rafael / Marin
Housing Authority
06/24/93
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Recording requested by:
City of San Rafael
EX14151T L.
When recorded mail to:
CITY OF SAN RAFAEL
P.O. Box 60
San Rafael, CA 94913
THIS OPTION TO PURCHASE is granted , 19
by
("Optionors") in favor of Marin Housing Authority ("Optionee'):
1. OEFINI=S. The following definitions shall apply throughout this Option to
Purchase.
1.1 Fair Market Value. Tho fair market value of the Property.
1.2 Qpm, The option to purchase tho property granted herein.
1.3 tl n )darin Housing Authority and Its successors and assigns,
1.4 ,onors.
and their successors and assigns.
1.5 Pritmissory Note. The promissory note of even date herewith executed by
Optionors in favor of Optionee in connection with Optionors' purchase of the Property.
1.6 j?.wMy. The real property described in Exhibit A attached hereto.
1.7 Rental. Any rental or leasing of the Property.
1.8 S.AIL Any transfer of title to the Property, or the execution of an installmont sale
contract giving the purchaser a right to possess the Property before sale. Notwithstanding the
foregoing, the following shall not be considered a Sale: (a) the creation of a lien or other
encumbrance subordinate to this Option to Purchase which does not relate to a transfer of rights of
occupancy In the Property; (b) the creation of a purchase money security interest for household
1
appliances; (c) a transfer by devise, dcsuent, ur operation of law on the &adi of a Joint tenRnt or
tenant by the entirety;
(4� it transfer to a relative resulting from the death of an Optionor; M a
transf01 %tore a spouse or child of an Optionoi becomes an owner of the Property; (q) a transfer
resulting from a decree of dissolution of marriage, legal separation agreement, or incidental
property Sottioment ggrecnmcnt by which ft spouse of an Optionor LeComos a sole Owner
of tho Property; and (f) a transfer into an intervivos trust in which wi Optionor is and remains a
beneflclaty and which does not relate to a transfer of rights of occupancy in the Property.
2. ,RANT OF Q>:1'iplL Optionors hereby grant to Optionoo the option to purchaso tho
Froparty on the, terms and conditions act forth herein,
3, CONS I12 'RAi1S?N. Concurrently with the granting of tlie Option, Optioncc is
prgviding Optionors with a loan enabling Optionors to purchase the Property. 'The Option is
gt'itlltc4l In Consideration of Optioneo's making of dto loan.
4. TER The term of the Option slixll commence as of the date of this Option to
Furchase and shall Gxplte exactly sixty (60) years following such date.
S. MFTHOA QF Jd20�RMSF,
5.1 .lint, If and when Optionors intend to effoct a Salc or
R$ntal, Optionors shall notify Optlunut in writing of such intent.
5.2 Notice of�1✓xv.gLu,, 7b exercise the Option, Optionee must, within thirty (30)
days of its receipt of any notice given pursuwit to Section 5.1 above, notify Optionors In writing of
Its lntcnt to exorcise.
5.3 Failure t ProvidLNgtico,gf Inient rg Sell or Rent. To the event Optionors fail to
provide notice of intent to sell or rent pursuant to Section $.1 above, and Optionee learns of a
pending or ConSummated Sale or Rentdl, Optionee may at any tine thereafter, at Its eltictlon,
exercise tho Option by notifying Optionors in writing of its intent to exercise.
4. 'n=)4ASF. PRiC,,
5.1 Fair Muka -N&tue. Upon exercise of the Option, the purchaso price for the
2
Property shall be the Fair Market Value. To determine the Fair Market Value, Optlonors and
Optlorm shall endeavor to agree on a licensed appraiser. In the event Optionors and Optionaeo are
unabl0 to agree, either patty may apply to any judge of the Marin County Superior Court for
appointment of a licensed appraiser. The appraiser thus appointed shalt render appraisals of the
Fair Market Value. This appraisal shall be binding on the parties. Optionors shall pay one-half
and Optionee shall pay one-half of the fee charged by the appraiser.
6.2 Credits A¢alnst Purc Pri e. Optionfo shall be given a credit against the
purchase price for (a) the amount due under the Promissory Note and (b) the amount of any
existing financing that Optionee assumes of takes subject to.
7. O.PSING.
7.1 Escrow. Upon exercise of tho Option, Optionors and Optionee shall establish an
escrow with on escrow agent chosen by Optionee. Optionors and Optionee shall execute all deeds,
Instructions, and othtr instruments required by the escrow agent in order to close the salt and
purchase of the Property in accordance with this Option to Purchase.
7.2 Time for -Close of Escrow, Close of escrow shall occur no later than sixty (60)
days after Optlonee's giving of notice of exorcise pursuant to Swion 5.2 above.
7,3 ProratlpULjWd Closing Coc1, Real property taxes, interest on assessments
assumed, premiums on hazard insurance assigned, and interest on any indebtedness stcured by any
deed of trust to remain on the Property shall all be prorated as of the closing date on the basis of a
thirty -day month. Closing costs shall be paid in accordance with the custom and praCtiee In Marin
County at the time of closing.
7.4 State of Tie. At close of escrow, Optionors shall by grant deed convey to
Optionee fee simple title to the Property free and clear of all title defects, liens, encumbrances,
deods of trust, mortgages, leases, and rights of tenants except nondel%n4uent real property taxes
and such exceptions to title as are approved in writing by Optionee. Optionors shall procure a
California Land Title standard policy of title insurance in the amount of the purchase price of the
Property showing title vested in Optionee subject only to the exceptions permitted above.
7.5 EjLWent of PutchL-ke Price. The purchase price, adjusted by the credits descrlbed
in Section 6.2 above, shall be paid all in cash at close of escrow.
3
8. EQ$ECkQSfiRE, Uptionee may also exercise the Option upon the occurrence of any
ono of the following events: (a) the giving of any noticc of sale under any mortgage or deed of
net with power of sale encumbering the Property, (t>) service of surm"ons in any judicial
for"losure against the Property, or (c) excWtiun of judgement fvrcclosure against the Property.
Optlonee shall have thirty (30) days from the date it teCcives actual notice of any one of the abovo
events tp exercise the Option. '1b exerclse the Option upon the occurrence of any one of the. above
events, Optioned shall give notice to both Optionors and w thr, mortgagcc, bcneflclary under the
deed of trust, or judgCmcnt creditor.
9, aQjjCM Any notice required or per"ned under this Opclon to Purchase shall be
sent by United States niall, postage prepaid, reglstarcd or certified, addressed as follows:
If to Optionors:
If to OptlOtiee; Marin Housing Authority
P.O. Dox 4282
San Rafael, CA 94913
Au: ExecutivC Director
Either Optionors or Optlonv, may change its address for purposes of notiw by giving notice to the
ogier party pursuant to this, Section 4.
10. MM LLAN W..I'R ISTON.
10.1 Vol able Transfers. Any attempt to suit, convey, transfer, assign, font, lease,
mortgage, pr hypothecate the Property In violation of [lie terms of this Option to Parchaso shad] be
vold at the eiNtion of Optlonce.
10,2 Aunn eat. Opclonec may assign Its rights under this Option to Parchaso. In
the event of any assiptiment of Wtionee's rights, tLe assignor shall not be liable. to Optionors for
any failure on the part of the assignoe to consummate a purchase of die Property or to comply with
tho terms of th18 Option to Purchase.
10.3 Finding. Fact. The Option shall Ur, enforceable against Optlotiors' successors
and assigns with respect to the Property and against all parties havhtl; or acquiring any interest in
the Fropor(y during the term of the Option. Failure by Optionec to exerclse the Option at ane time
4
or on one occasion shall not constitute waiver of Optionee's right to exercise the Option at another
time or on Another occasion.
10.4 SeygrphiflM The provisions of this Option to Purchase are severable.
Invalidation of any provision by law, judgement, or court order shall not affect the validity of any
other provision.
10.5 Attorngys' -P es. In the event of any litigation to enforce the provisions of this
Option to Purchase, the prevailing party shall be entltled to reasonable attorneys` fees as awarded
by the court.
WE HAVE READ THE FOREGOING PROVISIONS AND AGREE TO BE BOUND BY THEM.
"Optionors"
STATE OF CALIFORNIA )
COUNTY OF MARIN ) SS.
On , 19 , before me, , a notary
public in and for the State of California, personally appeared
personally known to me or proved to me on the basis of satisfactory evidence to be the person(s)
whose name(s) is/are subscribed to the within instrument and acknowledged to me that helshe/they
executed the same in hislher/ftir authorized oapaclty(ies), and that by his/her/their signatures) on
the. instrument the person(s), or the entity on behalf of which the person(s) acted, executed the
instrument.
WITNESS my hand and official seat.
optpu rch ,3 5
Recording Requested by:
City of San Rafael
When Recorded Return to:
City of San Rafael
P. O. Box 151560
San Rafael, CA 94915-1560
Attention: City Clerk
BELOW MARKET RA'Z'E HOUSING AGREEMENT
(Eight BMR Units To Be Controlled by Resale Restriction Agreement)
Project Name: BOYD COURT CONDOMINIUMS
Location: Mission Avenue & "C" Street, San Rafael, California
Developer: San Rafael Housing Group, Inc., or any successor in interest
This Agreement is made and entered into this 6th -day of JULY , 1993, among the CITY OF SAN
RAFAEL, a municipal corporation (hereinafter referred to as "the 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 (hereinafter referred to as "Marin Housing Authority"), and SAN
RAFAEL HOUSING GROUP, INC., or any successor in interest (hereinafter referred to as "the
Developer").
A. The Developer intends to construct a residential housing development on that certain real property
situated within the corporate limits of the City, which real property is more particularly described in
Exhibit "A" attached hereto and incorporated herein.
B. The City, in accordance with the provisions of the Housing Element of its General Plan, has
approved the Developer's proposed development on condition that the Developer provide therein
eight (8) dwelling units to be sold at prices which are within the means of low- and
moderate -income households.
C. Marin Housing Authority is authorized by law to participate in programs which provide housing for
households of low and moderate income, and is by experience qualified to screen and determine
eligibility of applicants for low and moderate -income housing.
The parties hereto desire, by this Agreement, to cooperate in implementing the efforts of the Developer to
comply with the requirement that the Developer make available said dwelling units at prices which are
within the means of moderate -income households.
NOW THEREFORE, it is hereby agreed by and between the parties hereto as follows:
BOYD COURT CONDOMINIUMS --San Rafael Housing Group, Inc. / Page 1 of 9
City of San Rafael / Marin Housing Authority 06/24/93
1. The Developer agrees that eight (8) dwelling units within the project approved by the City for the
property described in Exhibit "A" attached hereto will be sold to low- and moderate -income
households in accordance with the terms and pursuant to the procedures set forth in this Agreement.
Said dwelling units are identified in Exhibit "B" attached hereto and will be legally described in an
attachment to be recorded with the final map. Said dwelling units are hereinafter referred to as "the
Units."
2. The Developer agrees that the contract sales price for the Units shall not exceed the prices set forth
in Exhibit "B" attached hereto. The contract sales price is defined as the amount paid by the Buyer
to the Developer without regard to proration of taxes, utilities, or other such items and without
regard to Buyer's payment of homeowners's association fees, insurance premiums, escrow costs,
transfer taxes, recording fees, document preparation cost or similar items.
3. The Developer agrees to offer the Units for sale only to individuals or households who have been
certified as eligible by Marin Housing Authority.
4. The Developer further agrees to give written notice to Marin Housing Authority at least one hundred
and twenty (120) days prior to estimated issuance of Certificate of Occupancy.
5. Marin Housing Authority agrees to process applications and certify eligibility of applicants as
persons or households of low and moderate income. An individual or a household shall be deemed
to qualify as a low-income or a moderate -income applicant, respectively, provided the income of
such individual or household does not exceed eighty percent (80%) or one hundred twenty percent
(120%), respectively, of the median income for the San Francisco Primary Metropolitan Statistical
Area (PMSA)--San Francisco, San Mateo and Marin County --as determined by the United States
Department of Housing and Urban Development ("HUD"), Office of Economic Affairs, Economic
and Market Analysis Division, with adjustments for smaller or larger households (refer to Exhibit
"D" attached hereto).
In certifying eligibility of applicants, Marin Housing Authority shall adhere to the requirements for
eligibility adopted by the City and specified in EXHIBIT "C" attached hereto. Selection of
individuals or households falling within any of the priorities established in EXHIBIT "C" shall he
determined by a drawing or other equitable method mutually agreed upon by the City and Marin
Housing Authority. Marin Housing Authority shall be paid a fee of $750 per unit to be paid by the
buyer, which payment shall be include] in the buyer's closing costs through escrow.
6. In the event that any Unit remains unsold at, the end of one hundred twenty (120) days from the date
of issuance of a Certificate of Occupancy by the City for the phase of development in which the
subject unit is located, the Developer shall notify Marin Housing Authority in writing of such fact.
Within ten (10) working days after receipt of such written notice, Marin Housing Authority or its
assignee may notify the Developer in writing that it will purchase such Unit. If such notice is given
by Marin Housing Authority, the Developer shall then sell such Unit to Marin Housing Authority or
its assignee at the same price it would have been available for sale to households of moderate
income. As used herein, the term "sold" shall mean the execution of a contract for purchase and the
approval of a mortgage loan for the buyer.
BOYD COURT CONDOMINIUMS --San Rafael Housing Group, Inc. / Page 2 of 9
City of San Rafael / Marin Housing Authority 06/24/93
In the event that Marin Housing Authority or its assignee declines to purchase such Unit, it may be
sold by the Developer on the open market without restrictions as to price, affardability or future
re -sale, and no deed restrictions will be placed on the property. In such event, the Developer shall
pay to the City from the sale price of such Unit seventy -live percent (75%) of the difference
between the net price achieved after normal selling and closing costs and the below -market -rate sales
price specified in Exhibit "B". Said sum shall be paid to the City upon close of escrow on the sale
ol' such Unit or, if the sale is pursuant to a contract of sale, upon execution of such contract, which-
ever shall first occur. The City shall pay to Marin Housing Authority ten percent (10%) of this sum
for Marin Housing Authority's use in administering Below Market Rate projects including, but not
limited to, on-going BMR monitoring and future BMR re -sales. The balance of any such payments
made to the City shall be retained by the City in a special account to be used solely for activities
Which it deems will facilitate the provision of housing for persons of low or moderate income.
7. Each contract conveying a Unit to a Buyer certified by Marin Housing Authority shall contain a
resale restriction and an option to purchase constituting a right of first refusal, pursuant to which the
buyer agrees that prior to selling the property, it will first be offered for sale to Marin Housing
Authority or its assignee, in writing. Said deed restrictions shall be in the form of a Resale
Restriction Agreement and Option to Purchase to be provided by Marin Housing Authority as set
forth in Exhibit "E" to this agreement, which Agreement shall be executed by the Buyer and
recorded in immediate succession aiier the Grant Deed conveying title to the property.
8. In the event that the development project is not constructed or in the event that the master plan for
the project is amended or revised such that the Units specified in Paragraph 1 are no longer required
.thereby, this Agreement shall thereupon become void, unless one or more of the Units have
previously been sold in accordance with the provisions of this Agreement, in which event the
provisions of this Agreement will continue in force with respect to the Unit or Units so sold.
9. All notices required to be given under the terms of this Agreement shall be sent by first class U.S.
mail, certified/return receipt requested, or by express courier service, addressed as follows:
To the City:
To Marin Housing Authority:
To the Developer:
City of San Rafael
P.O. Box 151560
San Rafael, CA 94915-1560
Attention: Redevelopment Manager
Marin Housing Authority
P. 0. Box 4282
San Rafael, CA 94913
Attention: Executive Director
San Rafael Housing Group, Inc.
10 "G" Street
San Rafael, CA 94901
Attention: Ari Chatham
Any party may change the address to which notice shall he mailed to it by giving notice thereof to
the other parties by certified mail.
BOYD COURT CONDOMINIUMS --San Rafael Housing Group, Inc. / Page 3 of 9
City of San Rafael / Marin Housing Authority 06124/93
10. The City shall indemnify and hold harmless Marin Housing Authority and the Developer, its
officers, officials, employees and agents from and against all claims, damages, losses 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 and/or Developer.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above
written.
CITY OF SAN RAFAEL
By:
ALB 7 J�/ ORO, Mayor
ATTEST:
By:
YMNE M. LEO�IINICity Clerk
HOUSING AUTHORITY OF
THE COUNTY OF MARIN
W To •
ATTEST:
B y:
Z,44—
DEVELOPER: San Rafael Housing Group, 4tm
Attachments: Exhibit "A" --Legal Description of Property
Exhibit "B" --Schedule of BMR Units and Sales Prices
Exhibit "C" --Eligibility Requirements and Priorities
Exhibit "D" --Marin County FY 1992 Median Family Income Schedule
Exhibit. "E" --Resale Restriction Agreement and Option to Purchase
BOYD COURT CONDOMINIUMS --San Rafael Housing Group, Inc. / Page 4 of 9
City of San Rafael / Marin Housing Authority 06/24/93
State of California
County of Marin
On�Tu �1 . /3 . / 9�/3 before me, A. M. MARCOTTE, a Notary Public in
and for th' said County and State, personally appeared Albert J. Boro,
Mavor of the Citv of San Rafael
personally known to me (er preved te c o:. the -basis —ef sat sfa t
-:r) to be the person(s) whose name(s) is/ase subscribed to the within
instrument and acknowledged to me that he/she/they '-''=�1 executed the same in his/
he 'the r- authorized capacity (ies) , and that by his/h__ 't......; = signature (s) on
the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
WITNESS my hand and official seal.
i2. 6k 0o7/ce
A. M. MARCOTTE, NOTARY PUBLIC
My commission expires 11/17/95
X -PURPOSE ACKPIOWLEDGMiEN_ T
OFFICIAL SEAL r
A. M. MARCOTTE
m Notary Public -California
MARIN COUNTY ;
Commission Expires .
ovember 17. 1995
,Mate of
;ounty of Marin
)n ct [/ 1, i before me. CD Lit ilC. �Lt7 $
�TE rwE GFs+cfn • M -uorsutr Rauf'
ersonally appearedAp"-Mv > - 0-1t P�r4 ��
am
F personally known to me - OA PvvWdlo me on the basis ad satisfactory evidence
be the
b persono whoeisle�e
subscribed to the within arw ac_
bwwledaed•to me that heJs#mM" executed
the same in hisfkagghe& authorized
,.• OFFICIAL SEAL i;
capacity , and that by hls!#eamep.
SHEILA K EDWARDS
a o�i j f1C7A''.' f UbUC - CALIFORyIAorthe
sign= on the instrument the person
nbeWcifwhkhft 'f(d��1i1►
person
i MARIN GOWN
My camm. expires APR 12, 1994
slCted, executed the �6tr1Jlilefl% l "
Witness my hand and ofBoal seal.
NONATLM CF NMA
CAPACITY CLAW® U SIGNER
p WDNtDLIALM
OFFICERS)
PARM13YS1
ATTOPM-f-N-FACT
CIi87
D SUMFISM wrrrlMs
13 GUAR M&CONSI;VATOR
p OTHER:
SIGNER IS REPRESENTING:
.ul� D Pau >
ei r&1F-f' -rD 'cm
- AOvs,MC- GrkovP
rage -+c u
EXHIBIT "A"
Project Name: BOYD COURT CONDOMINIUMS
Location: Mission Avenue & "C" Street, San Rafael, CA
Developer: San Rafael Housing Group, Inc., or any successor in interest
DESCRIPTION:
All that certain Real Property situated in the CIty of San Rafael. State of California, described as follows:
PARCEL ONE:
A PICM CN of 131 21 of the 4ownsite of the Town of San Rafael as shown upon that
certain Record of Survey Man filed for record in Book 16 of Surveys, at Page 84, Main
County Official Records being more pe all arly described as follows:
BMINNING at the Northeast corner of said Block 21, said Paint of Beginning is fuer
described as being this Inl=..�llan of the Westerly lime of B Street with the
Southerly line of Mission Street, as shoran upon said Rec=d of Survey Map; thence from
said Point of Beginning, Southerly along the said Westerly line of B Street South 06
45' West, 80.00 feet; thence 4-j.� t ing frtstt the said Orly lira_ of B Street North
83' 16' 08" West, 180.00 feet; time North 06' 43' 52" East, 80.00 feet to the said
Southerly lime of Mission Street; thence Easterly along the said Southerlyline of
Mission Street South 83' 16' 08" East, 180.03 feet to the Point of Beginning,
containing 14,401 square feet, more or less.
AN FASIIMENr for and egress, drat rk-W parking and u: t it iti ES, in, over and upon a
pom-tian of Block 21 of the Tow nsite of the Town of San Rafael as shown upon that
certain Record of Survey Map filed for Record in Boric 16 of Surveys at Page 84, Marin
County Official Records being more particularly desc rIbed as follows:
BEGI MNMG at a point on the Northerly line of Fifth Street, as shown upon said Record
of Survey Map, from which the InL= ._-'=_LLcn of the said K.,L tlx�--ly line of Fifth Street
with the Easterly line of C Street bears North 83' 04' 44" West, 154.656 feet; thence
from said point of begirr ing, departing from the said R.LL U my line of Fifth Street
North 06' 44' 59" Fast, IM.01 feet; thence North 83' 16' 08" West, 33.00 feet; thence
South 06. 45' 00" West 21.50 feet; thence North 83' 15' 00" West, 7.00 feet; thence
South 06' 44' 59" West, 100.38 feet to the said Northerly line of Fifth Street; thence
Easterly alcxV the said 11. t141y line of Fifth Street South 83' 04' 44" East, 40.00
feet to the paint of beginning.
BOYD COURT CONDOMINIUMS --San Rafael Housing Group, Inc. / Page 5 of 9
1'iry of Ca.r 12nNi-I / Marin Housine Authoritv 06/24/93
EXHIBIT "B"
Project Name: BOYD COURT CONDOMINIUMS
Location: Mission Avenue & "C" Street, San Rafael, California
Developer: San Rafael Housing Group, Inc., or any successor in interest
Total Units: 25
Total BMR Units: 8
SCHEDULE OF BMR UNITS AND SALES PRICES
No. of Units
Unit Tune
Unit Size
Income Range Unit No. or Address
Sales Price
2
2BR/213A
800sf
Low -Income
$108,700
6
2BR/2BA
800sf
Moderate -Income
$139,800
The family sizes and incomes used to establish the above sales price are as follows:
Income Range Unit Tvoe Household Size % of Median Income Household Income
Low -Income 2BR12BA Two Persons 70% of Median $30,400
Moderate-Lncome 213R/213A Two Persons 90% of Median $39,100
The loan rate and term and debt -to -income ratio used to establish the above sales prices are as follows:
Mortgage Rate (Inc] PMI) & Term: 7.5% fixed / 30 -year, fully amortized
Loan -to -Value Ratio: 90%
Percentage of Gross Monthly Income for
Mortgage Payment (Principal and Interest): 27%
BOYD COURT CONDOMINIUMS—San Rafael Housing Group, Inc. / Page 6 of 9
City of San Rafael / Marin Housing Authority 06/24/93
Recalculation of the above sales prices shall be permitted at the time of receipt by Marin Housing
Authority of the Developer's written notice one hundred twenty (120) days prior to the issuance of
Certificates of Occupancy for the Units if either: (i) it is determined that the above -stated mortgage rate is
different from the then -current market interest rate; or, (ii) it is determined that the median income for the
San Francisco PMSA as determined by the U.S. Department of H.U.D. has changed from that set forth in
Exhibit "D" attached hereto. Upon receipt of the Developer's 120 -day notice, the sales price shall be
recalculated by Marin Housing Authority using the most affordable available mortgage rate for a 30 -year,
fixed-rate mortgage as determined by Marin Housing Authority and using the most recent median income
for the San Francisco PMSA as determined by H.U.D.. Such an adjustment to the sales price shall be
allowed more than one time only if mutually agreed by all the parties to this Agreement.
BOYD COURT CONDOMINIUMS --San Rafael Housing Group, Inc. / Page 7 of 9
City of San Rafael / Marin Housing Authority OW24/93
EXHIBIT "C"
Project Name: BOYD COURT CONDOMINIUMS
Location: Mission Avenue & "C" Street, San Rafael, California
Developer: San Rafael Housing Group, Inc., or any successor in interest
Elidbility Requirements
In determining and certifying eligibility of applicants for the subject project, Marin Housing Authority
shall adhere to the following criteria:
1. The applicant's total household annual income may not exceed 80% or 120%. respectively, of the
current median income for the San Francisco PMSA as determined by the U.S. Department of
Housing and Urban Development (HUD), and as adjusted for household size, in order to qualify as
"low-income," or "moderate -income," respectively.
2. The total value of the applicant household's assets may not exceed 75% of the sales price of the
unit.
3. The applicant must qualify as a "First-time Homebuyer" --defined as not having previously owned a
principal residence.
Priorities for the Drawine
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 drawing names from the second and subsequent priority groups.
1. First priority in the drawing for the units shall be given to all permanent, full-time employees of the
City of San Rafael.
2. Second priority in the drawing shall be given to all other applicants.
BOYD COURT CONDOMINIUMS—San Rafael Housing Group, Inc. / Page 8 of 9
City of San Rafael / Marin Housing Authority 06/24/93
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EXHIBIT "E"
Recording Requested by:
Marin Housing Authority
When Recorded Return to:
Marin Housing Authority
P.O. Box 4282
San Rafael, CA 94913-4282
Attn: BMR Program
RESALE RESTRICTION AGREEMENT AND OPTION TO PURCHASE
owner(s):
Property Address:
Name of Development:
Local Jurisdiction:
Purchase Price:
Date of Purchase:
RECITALS
This Resale Restriction Agreement and Option to Purchase
("Agreement") is entered into as of the day of ,
19 , by and between the Housing Authority of the County of
Marin ("Authority") and ("Owner")
regarding certain improved real property located at
California ("Premises").
A. The Premises are described more fully on Exhibit A
attached hereto and incorporated herein by reference and are
subject to the terms and conditions set forth in this Agreement.
B. The Premises are being made available for purchase by
an eligible moderate -income purchaser at a below-market purchase
price pursuant to the Below Market Rate Home Ownership Program
("Program") administered by the Authority on behalf of the above-
named Local Jurisdiction ("City").
C. The Owner is an eligible moderate -income purchaser
Rev. 8/92
under the Program (defined below) and intends to live in the
Premises as an owner -occupant.
D. In order to maintain and preserve the Premises as
housing affordable to eligible moderate -income purchasers, it is
necessary to restrict the resale price of the Premises by resale
controls. Such controls prevent initial and subsequent
purchasers from realizing unwarranted gains from sales of the
Premises at unrestricted prices. The terms and conditions of
this Agreement provide the necessary resale controls to ensure
that the Premises are maintained and preserved as housing
affordable to eligible moderate -income purchasers.
E. The Premises subject to resale controls constitute a
valuable community resource by providing decent, safe and
sanitary housing to moderate -income purchasers who otherwise
would be unable to afford such housing. To protect and preserve
this resource it is necessary, proper and in the public interest
for the Authority to administer the resale controls by means of
this Agreement.
NOW, THEREFORE, IN CONSIDERATION OF THE SUBSTANTIAL ECONOMIC
BENEFITS INURING TO THE OWNER AND THE PUBLIC PURPOSES TO BE
ACHIEVED UNDER THE PROGRAM, THE OWNER HEREBY GRANTS TO THE
AUTHORITY THIS OPTION ON THE FOLLOWING TERMS AND CONDITIONS.
1. Program Conditions.
Owner agrees and acknowledges
acceptance of Owner's participation
of the Premises is conditioned upon
of the Premises.
2. Grant of Option to Purchase.
that the Authority's
in the Program and purchase
Owner's continuing occupancy
Owner hereby grants and gives to the Authority a right to
purchase all of Owner's right, title and interest in and to the
Premises upon the occurrence of events specified in this
Agreement ("Option"), subject to the terms and conditions
contained herein.
3. Assiqnment of the Option.
The Authority may assign the Option to another government
entity or to a moderate -income purchaser who meets the
eligibility qualifications established by the Authority under the
Program. The Authority's assignment of the Option shall not
extend any time limits contained herein with respect to the
exercise period of the Option or the period within which the
Premises must be purchased. As used in this Agreement, the term
"Authority" shall mean the Authority and any assignee to which it
has assigned the Option under this paragraph.
Rev. 8/92 2
4. Events Qivin4 Rise to Riaht to Exercise Option.
The Authority shall have the right to exercise its Option
upon the occurrence of any of the following events (an "Option'
Event"):
a. Receipt of a Notice of Intent to Transfer (defined in
paragraph 5 below);
b. Any actual, attempted or pending sale, conveyance,
transfer, lease or other attempted disposition of the Premises or
of any estate or interest therein, except as provided in
paragraph 15 below;
c. Any actual, attempted or pending encumbrance of the
Premises, including without limitation by way of mortgage or deed
of trust, or by judgment, mechanics, tax or other lien, except as
provided in paragraph 16 below;
d. Recordation of a notice of default and/or notice of sale
pursuant to California Civil Code sgction 2924 (or successor
provisions) under any deed of trustor mortgage with a power of
sale encumbering the Premises;
e. Commencement of a judicial foreclosure proceeding
regarding the Premises;
f. Execution by the Owner of any deed in lieu of
foreclosure transferring ownership of the Premises; and
g. Commencement of a proceeding or action in bankruptcy,
whether voluntary or involuntary, pursuant to Title 11 of the
United States Code or other bankruptcy statute, or any other
insolvency, reorganization, arrangement, assignment for the
benefit of creditors, receivership or trusteeship, concerning the
Owner.
5. Method of Exercising the Option.
a. Notice of Intent to Transfer. If the Owner desires to
sell, convey, transfer, lease, encumber or otherwise dispose of
the Premises or of any estate or interest therein, Owner shall
notify Authority in writing to that effect (the "Notice of Intent
to Transfer"). The Notice of Intent to Transfer shall also state
the street address of the Premises, the Owner's full name or
names, the address and telephone number at which Owner shall be
contacted if not at the Premises, and shall be delivered
personally or deposited in the United States mail, postage
prepaid, first class, certified -return receipt requested,
addressed to the Housing Authority of the County of Marin, P.O.
Box 4282, San Rafael, CA 94913, Attention: Executive Director.
The Notice of Intent to Transfer shall be in substantially the
Rev. 8/92 3
form attached hereto and incorporated herein as Exhibit H.
b. Notice of Exercise. Upon the occurrence of any Option
Event, the Authority may exercise its Option by delivering notice
to Owner that it will exercise such Option pursuant to the terms
of this Agreement ("Notice of Exercise"). The Notice of Exercise
may be in the form attached hereto and incorporated herein as
Exhibit C, or in such other form as the Authority may from time
to time adopt. The Notice of Exercise shall be delivered by
deposit in the United States mail, postage prepaid, first class,
addressed to the Owner at the Premises, or at such other address
as may be indicated on the Notice of Intent to Transfer, and
delivery shall be deemed effective on the date of deposit. If
the Option Event relates to the potential foreclosure of a
mortgage under paragraphs 4d, a or f, then the Authority shall
also deliver the Notice of Exercise to the mortgagee or
beneficiary under such mortgage, at such mortgagee's or
beneficiary's address of record in the Office of the Recorder of
the County of Marin.
C. Notice of Consent to Transfer. If the Authority does
not exercise the Option, it may give its consent to the
occurrence of the Option Event ("Consent to Transfer"), which
consent shall be conditioned upon the proposed transferee's or
encumbrancer's assumption of Owner's duties and obligations under
this'Agreement in writing, or execution of an agreement
substantially similar to this Agreement, within thirty (30) days
after the Consent to Transfer has been delivered to Owner. If
the proposed transferee or encumbrancer fails to assume this
Agreement or execute and deliver a substantially similar
agreement to the Authority within the thirty (30) day period,
then the Consent to Transfer shall expire and the Authority may
exercise the Option as if no Consent to Transfer had been
delivered.
d. Time Period for Notice. The Authority must deliver a
Consent to Transfer, if applicable, not later than sixty (60)
days after the date that it receives notification of an Option
Event. The Authority must deliver a Notice of Exercise, if
applicable, on such date which is the later to occur of the
following dates: (1) sixty (60) days after the date that the
Authority receives notification of an Option Event or (2) fifteen
(15) days after a Consent to Transfer has expired. For purposes
of computing commencement of the delivery periods, the Authority
shall be deemed to have notification of an Option Event on the
date that it actually receives a written Notice of Intent to
Transfer, notice of default, summons and complaint or other
pleading, or other writing specifically stating that an Option
Event has occurred. The Authority shall have no obligation to
deliver a Notice of Exercise or Consent to Transfer, and the
applicable time period for exercise of the Option shall not
commence to run, unless and until it has received notification of
Rev. 8/92 4
an Option Event in the manner specified in this subparagraph. If
there is a stay or injunction imposed by court order precluding
the Authority from delivering its Consent to Transfer or
exercising the Option within the applicable time period, then the
running of such period shall cease until such time as the stay is
lifted or injunction dissolved and the Authority has been given
written notice thereof, at which time the period for delivery of
a Consent to Transfer or exercise of the Option shall again begin
to run.
e. Notice of Abandonment. If the Authority fails to
deliver a Notice of Exercise or Consent to Transfer within the
above -stated time periods, then the Option shall terminate and
have no further force and effect. Thereafter, upon request by
Owner, the Authority shall cause to be filed for recordation in
the Office of the Recorder of the County of Marin a notice of
abandonment, which shall declare that the provisions of the
Option are no longer applicable to the Premises. If the
Authority fails to record a notice of abandonment, the sole
remedy of the Owner shall be to obtain a judicial order
instructing such a recordation, and,the Owner shall have no right
to damages against the Authority for failure to record such
notice promptly.
6. Riaht to Reinstatement.
If the Option Event is the recordation of a notice of
default, then the Authority shall be deemed to be Owner's
successor in interest under California Civil Code section 2924c
(or successor sections) solely for purposes of reinstatement of
any mortgage on the Premises that has led to the recordation of
the notice of default. As Owner's deemed successor in interest,
the Authority shall be entitled to pay all amounts of principal,
interest, taxes, assessments, insurance premiums, advances,
costs, attorneys' fees and expenses required to cure the default.
If the Authority exercises the Option, then any and all amounts
paid by the Authority pursuant to this paragraph shall be treated
as Adjustments to the Resale Price for the Premises, as defined
in paragraph 11, below.
7. Inspection of Premises.
After delivering a Notice of Exercise, the Authority shall
be entitled to inspect the Premises one or more times prior to
the close of escrow to determine the amount of any Adjustments to
the Resale Price. Before inspecting the Premises, the Authority
shall give Owner not less than forty-eight (48) hours written
notice of the date, time and expected duration of the inspection.
The inspection shall be conducted between the hours of 9:00 a.m.
and 5:00 p.m., Monday through Friday, excluding court holidays,
unless another date and time is mutually agreed to by the
parties. The Owner shall make the Premises available for
Rev. 8/92 5
inspection on the date and at the time specified in the
Authority's request for inspection.
8. Escrow.
Promptly after delivering a Notice of Exercise, the
Authority shall open an escrow account for its purchase of the
Premises. Close of escrow shall take place on such date which is
the later to occur of the following: (a) sixty (60) days after a
Notice of Exercise has been delivered, or (b) ten (10) days after
Owner has done all acts and executed all documents required for
close of escrow. Prior to the close of escrow, the Authority
shall deposit the Resale Price as defined in paragraph 10 below,
plus or minus any Adjustments as defined in paragraph 11 below.
Closing costs and title insurance shall be paid pursuant to the
custom and practice in the County of Marin at the time of the
opening of escrow, or as may be provided otherwise by mutual
agreement. Owner agrees to do all acts and execute all documents
necessary to enable the close of escrow and transfer of the
Premises to the Authority.
9. Proceeds of Escrow; Removal of Exceotions to Title.
Prior to close of escrow, Owner shall cause the removal of
all exceptions to title to the Premises that were recorded after
the date of this Agreement. All amounts deposited into escrow by
the Authority shall be applied first to the payment of any and
all liens and encumbrances recorded against the Premises, and
thereafter to the payment of escrow fees and closing costs. Any
amounts remaining after the amounts deposited into escrow by the
Authority have been so applied shall be paid to Owner upon the
close of escrow. If the amounts deposited into escrow by the
Authority are insufficient to satisfy all liens and encumbrances
recorded against the Premises,•then Owner shall deposit into
escrow such additional sums as may be required to remove said
liens and encumbrances. In the event that the Authority agrees
to proceed with close of escrow prior to the date that Owner has
caused all exceptions to title recorded after the date of this
Option to be removed, then Owner shall indemnify Authority from
any and all costs, expenses or liabilities (including attorneys''
fees) incurred or suffered by Authority that relate to such
exceptions and their removal as exceptions to title to the
Premises.
10. Resale Price.
Prior to adjustment pursuant to paragraph 11, the resale
price of the Premises shall be the lowest of ("Resale Price"):
a. Median Income. The original price paid by the Owner for
acquisition of the Premises pursuant to the Program ("Base
Price") increased (but not decreased) by an amount, if any, equal
Rev. 8/92 6
to the Base Price multiplied by the percentage increase in the
median household income for the San Francisco Primary
Metropolitan Statistical Area (PMSA)--San Francisco, San Mateo
and Marin Counties --published by the Department of Housing and
Urban Development, Office of Economic Affairs, Economic and
Market Analysis Division ("Median Income") between the date of
this Agreement and the date that the Authority receives
notification of an Option Event.
b. Index Price. The Base Price increased (but not
decreased) by an amount, if any, equal to the Base Price
multiplied by the percentage increase in the Consumer Price Index
for All Urban Consumers for the San Francisco Bay Area published
by the U.S. Department of Labor, Bureau of Labor Statistics
("Index") between the date of this Agreement and the date that
the Authority receives notification of an Option Event.
C. Fair Market Value. The fair market value of the
Premises as determined by an appraiser selected and paid for by
the Owner and approved in writing by the Authority.
d. Resale Price Worksheet. To compute the Resale Price,
the Authority may use the Resale Price Worksheet attached as
Exhibit D hereto, or such other form as the Authority may from
time to time adopt.
11. Adiustments to Resale Price.
The Resale Price shall be adjusted by the following
("Adjustments"):
a. Caoital Improvements. An increase for capital
improvements made to the Premises by the Owner provided that the
amount of said improvements had been previously accepted in
writing by the Authority after original written documentation of
the cost was provided to the Authority for verification. The
amount of the Adjustment shall equal the original cost of any
capital improvements depreciated in a straight-line basis based
upon the estimated useful life of the improvement stated in the
Authority's prior written acceptance of said improvement.
b. Damaaes. A decrease by the amount necessary to repair
damages to the Premises, if any, and to place the Premises into
saleable condition as reasonably determined by the Authority,
including amounts attributed to cleaning, painting, replacing
worn carpeting and draperies, making necessary structural,
mechanical, electrical and plumbing repairs and repairing or
replacing built-in appliances and fixtures.
C. Advances by Authority. A decrease in an amount equal
to the sum of all costs advanced by the Authority for the payment
of mortgages, taxes, assessments, insurance premiums, homeowner's
Rev. 8/92 7
fees and/or associated late fees, costs, interest, attorneys'
fees, pest inspections, resale inspections and other expenses
related to the Premises, which Owner has failed to pay or has
permitted to become delinquent.
12. Priority and Effectiveness of the Option.
a. Recordation. This Agreement shall be filed for
recordation in the Office of the Recorder of the County of Marin
prior to any sale, conveyance, transfer or other disposition of
the Premises, or of any estate or interest therein, by the Owner.
The Option shall have priority over any subsequent sale,
conveyance, transfer, lease or other disposition or encumbrance
of the Premises, or of any estate or interest therein. The
exercise of the Option by the Authority at any time and from time
to time shall not extinguish the option or cause a merger of the
Option into any estate or other interest in the Premises, and the
Option shall continue to exist and be effective with respect to
the Premises against any subsequent owner in accordance with the
terms and conditions hereof.
b. Reauest for Notice of Default. The Authority shall file
a Request for Notice of Default for recordation in the Office of
the Recorder of the County of Marin promptly upon execution of
this Agreement (see Exhibit E).
13. Survival of Option Upon Transfer.
a. In General. The Authority's rights to exercise the
Option shall survive any transfer of the Premises by the Owner.
The Option may be exercised against the Premises whether owned,
possessed or occupied by (i) an eligible moderate -income
purchaser, (ii) any successor,• transferee, assignee, heir,
executor, or administrator of -an eligible moderate -income
purchaser, including a debtor-in-possession, debtor or trustee
pursuant to Title 11 of the United States Code, or (iii) any
person owning, possessing or occupying the Premises who does not
meet the eligibility qualifications established by the Authority
under the Program (collectively all referred to and defined
herein as "Owner"). Notwithstanding the foregoing, the option
shall not survive the sale and transfer of the Premises to a
third party purchaser pursuant to a judicial or non -judicial
foreclosure or a deed -in -lieu of foreclosure under a power of
sale contained in a mortgage or deed of trust recorded against
the Premises in the Office of the Recorder of the County of Marin
on or prior to the date of this Agreement, provided that the
Authority has received timely notice of such Option event and has
failed to either reinstate said mortgage or deed of trust or
exercise its Option.
b. HUD Insured Mortaaaes. If Owner has acquired the
Premises by a mortgage insured by the Secretary of the United
Rev. 8/92 8
States Department of Housing and Urban Development, and a notice
of default has been recorded pursuant to California Civil Code
section 2924 (or successor provisions), this option shall
automatically terminate if title to the Premises is transferred
by foreclosure or deed -in -lieu of foreclosure, or if the insured
mortgage is assigned to the Secretary.
14. Voidable Transfers.
As long as the Option has not been abandoned pursuant to
paragraph 5e, any actual or attempted sale, conveyance, transfer
or other disposition of the Premises, or of any estate or
interest therein, in violation of the terms and conditions of
this option, shall be voidable at the election of the Authority.
15. Permitted Transfers.
The following transfers of title to the Premises, or of any
estate or interest therein ("Permitted Transfers"), will not
authorize the exercise of this Option: a good -faith transfer by
gift, devise or inheritance to the Qwner's spouse or issue; a
taking of title by a surviving joint tenant; a court-ordered
transfer of title to a spouse as part of a divorce or dissolution
proceeding; or an acquisition of title, or of any interest
therein, in conjunction with marriage. Notwithstanding any
Permitted Transfer, the Option shall remain effective with
respect to the Premises.
16. Permitted Encumbrances.
This Option shall not become exercisable as the result of
the Owner's encumbering the Premises for the purpose of securing
financing to purchase the Premises pursuant to the Program, or to
refinance existing indebtedness incurred to purchase the Premises
pursuant to the Program, in an amount not to exceed the
outstanding principal amount of such existing indebtedness.
17. Obligations of Owner After option Abandonment.
If the Authority records a notice of abandonment of the
Option, then the Premises may be sold by Owner to a third party
without restriction as to price. Upon such sale, Owner shall pay
to Authority an amount equal to eighty-five percent (85%) of the
difference between the Net Sales Price and the BMR Resale Price
plus Adjustments. Net Sales Price shall be the actual sales price
achieved, less real estate commissions paid up to but not to exceed
six percent (6.0%) of the sales price. This amount shall be paid
upon close of escrow on the sales of the Premises, or upon execution
of a contract of sale, whichever shall first occur.
18. Limits on Liabilitv.
In no event shall the Authority become liable•or obligated
in any manner to the Owner by reason of the assignment of the
Rev. 8/92 9
Option, nor shall the Authority be in any way liable or obligated
to the Owner for any failure of the Authority's assignee to
consummate a purchase of the Premises or to comply with the terms
of this Option, or any escrow instructions or agreement for the
purchase of the Premises.
19. Insurance Proceeds and Condemnation Award.
In the event the Premises are destroyed and insurance
proceeds are distributed to the Owner instead of being used to
rebuild the premises, or in the event of condemnation, if the
proceeds thereof are distributed to the Owner, any surplus of
proceeds remaining after payment of the encumbrances of the
premises shall be distributed as follows: that portion of the
surplus up to, but not to exceed the net amount that the Owner
would have received pursuant to paragraph 9 had the Authority
exercised its Option on the date of the destruction or
condemnation valuation date shall be distributed to the Owner,
and the balance of such surplus, if any, shall be distributed to
the Authority.
20. Term of Option.
The restrictions contained herein shall continue for a
period of thirty (30) years from the date that this Agreement is
filed for record in the Office of the Recorder of the County of
Marin.
21. Notices.
-Except as otherwise specified in this Agreement, all notices
required to be sent pursuant to this Agreement shall be made by
personal delivery or by deposit in the United States mail, first
class postage prepaid, and shall be deemed to have been delivered
and received on the 'date of personal delivery or five (5) days
after deposit in the mail, if sent to the following addresses:
AUTHORITY:
Housing Authority of the County of Marin
Post Office Box 4282
San RafaQl, California 94913
Attn: Executive Director and BMR Program
OWNER:
at the address of the Premises
The addresses above may be changed by notice given pursuant to
this section.
22. Attornevs' fees.
Rev. 8/92 10.
If either party 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.
23. Svecific Performance.
Owner acknowledges that any breach in Owner's performance of
Owner's obligations under this Agreement or in the transfer of
the Premises to the Authority shall cause irreparable harm to the
Authority. Owner agrees that the Authority is entitled to
equitable relief in the form of specific performance upon its
exercise of the Option, and that an award of damages shall not be
adequate to compensate the Authority for Owner's failure to
perform according to the terms of this Agreement.
IN WITNESS WHEREOF, the undersigned have caused this Agreement to
be executed this day of 19
Rev. 8/92
OWNER (S)
11
State of California
County of Marin
On this day of , 199 , before me,
commissioned and sworn, personally appeared
personally known to me (or proved to me on the basis of
satisfactory evidence) to 'be the persons) that executed the*
within document and acknowledged to me that executed it.
WITNESS my hand and official seal.
Notary's Signature
Rev. 8/92 12
CERTIFICATE OF ACCEPTANCE
(Pursuant to Government Code §27281)
This is to certify that the interest in real property conveyed by
the Resale Restriction Agreement and Option to Purchase dated
from
to the Housing Authority of the County of Marin, a political
corporation and/or governmental agency, is hereby accepted by the
undersigned officer or agent on behalf of the Housing Authority
of the County of Marin pursuant to authority conferred by
resolution 110-81, dated 5/19/81; and the grantee consents to
recordation thereof by its duly authorized officer.
Dated:
by
JANET MILLER SCHODER, Executive Director
Housing Authority of the County of Marin
Rev. 8/92 13
EXHIBIT A
Legal Description
ATTENTION:
TO BE INSERTED PRIOR TO CLOSING
Exhibit A, page 1 of 1
EXHIBIT B
VIA CERTIFIED MAIL - RETURN RECEIPT REOUESTED
To: Housing Authority of the County of Marin
Post Office Box 4282 ,
San Rafael, California 94913
Date:
Re: Notice of Intent to Transfer
The undersigned Owner(s), ,
hereby gives notice of his/her inteto transfer roperty
located at ( e "Premises"). Owner may
be contacted at the Premises or a�the llowing dress:
Owner's daytime telephc
The proposed trans
person(s):
Name: IN�
Address:
Telephon�
The propos
er ( )
the Pr ises is to the following
ansfer is: (check one)
V LA ML
Specify:
e
OWNER
Signature
Exhibit B, page 1 of 1
EXHIBIT C
To:
Owner or Transferee
Address
Re: Notice of Exercise
Date:
The Housing Authority of the County of Marin uthor' y")
hereby gives notice that it is exercising its option p chase
the real property located at e
option has been granted to the Authorit ursuant to the Resale
Restriction Agreement and Option to Purch a between -Owner and
the Authority dated and corded
he utho y h assigned its
option to purchase the real pro rty to .]
An escrow for the purchase wil be open with F st American
Title Company of Marin.
The Hou&ing AXtWTity of the County of Marin
by
Its Au
presentative
S* A* M* P* L* E
Exhibit C, page 1 of 1
,
MARfIN
HOUSING
ar.,u.y i�M arrr �Irr:.lfr
WI N. 6n Hair" Karl
1141%1 Orrke INa 4292
Sart Rarocl Califnrnin 11191 j
41 .5/172- 0MI
tI:AX111.S/172.21RL
' h:A"1We IN.ec&R
ianei MillcrSOunk'r
Deputy INmmim
Michel 1). WICIrcr
EXHIBIT "D"
SHR RE -SALE PRICE WORKSHEET
Date:
Mame:
Address:
Purchase Price: ;
Date of Purchase:
Months owned:
% / annum
Present CPI: 1 For Month of:
Original CPI: For Month of:
Difference: No. of Months: mo.
_.ILte or Increa ' x 12 no. / yr. s / annum
r'
bcreaseIce:•ix i / annum x mo.12 ■o./yr.
ice: i + ;
C.FAIR MARXET VALUE
The fair market value. if unrestricted by the OMR Deed Restrictions, Is estimated to be in excess of
the above BMR Re -Sale Price calculations, and thus would not govern.
AS OF THIS DATE, THE BMR RE -SALE PRICE IS I BASED ON
Exhibit D, page 1 of 1
0
mo.
% / annum
Present CPI: 1 For Month of:
Original CPI: For Month of:
Difference: No. of Months: mo.
_.ILte or Increa ' x 12 no. / yr. s / annum
r'
bcreaseIce:•ix i / annum x mo.12 ■o./yr.
ice: i + ;
C.FAIR MARXET VALUE
The fair market value. if unrestricted by the OMR Deed Restrictions, Is estimated to be in excess of
the above BMR Re -Sale Price calculations, and thus would not govern.
AS OF THIS DATE, THE BMR RE -SALE PRICE IS I BASED ON
Exhibit D, page 1 of 1
0
Urder NO.
Escrow No.
Loan No.
WHEN RECORDED MAIL TO:
EXHIBIT "E"
SPACE ABOVE THIS LINE FOR RECORDEWS USE ONLY
Request For Notice Under Section 2924b Civil Code
In accordance with Section 2924b, Civil Code, request is hereby made that a copy of any Notice of Default and a copy of any
dolice of Sale under the Deed of Trust recorded as instrument No
)n , 19 -,.In Book Page , Official
lecords of . County, California, and describing land therein as
xecuted by as Trustor,
i which is named as
ieneficiary, and
as Trustee,
,e mailed to '
t '
Number and Street
City and State
q OTI C E: A COPY OF ANY NOTICE OF DEFAULTAND OF ANY NOTICE OF SALE WILL BE SENT ONLYTO THE
,DDRESS CONTAINED IN THIS RECORDED REQUEST. IF YOUR ADDRESS CHANGES, A NEW REQUEST MUST
IE RECORDED.
I
TATE OF CALIFORNIA it+•
OUNTY OF
It r
store me, the undersigned, a Notary Public In and for said State, personally
ppeared
9rsonelly known to me (or proved to me on the basis of satisfactory evidence) to
s the person(s) whose name(s) Is/are subscribed to the within Instrument and
:knowledged to me that he/she/they executed the same.
'ITNESS my hand and official seal.
Exhibit
E,
page
1
of
1
rtw..-.-.--1.1 ---1
a.ar, .....,
in_..
41071
BELOW MARKET RATE HOUSING GRANT AGREEMENT
PROJECT NAME: BOYD COURT CONDOMINIUMS
LOCATION: Mission Avenue & "C" Street in San Rafael, CA
DEVELOPER: San Rafael Housing Group, Inc., or any
successor in interest
This Agreement is made and entered into this 6th day of
JULY , 1993, between the CITY OF SAN RAFAEL, a municipal
corporation, (hereinafter referred to as "the City"), and SAN
RAFAEL HOUSING GROUP, INC., or any successor in interest (here-
inafter referred to as "the Developer").
A. The Developer intends to construct a residential housing
development on that certain real property situated within
the corporate limits of the City, which real property is
more particularly described in Exhibit "A" attached hereto
and incorporated herein.
B. The City, in accordance with the provisions of the Housing
Element of its General Plan, has approved the Developer's
proposed development on condition that the Developer pro-
vide therein four (4) dwelling units to be sold at prices
which are within the means of low- and moderate -income
households.
The parties hereto desire, by this Agreement, to cooperate in
implementing the efforts of the Developer to comply with the
requirement that the Developer make available said dwelling
units at prices which are within the means of moderate -income
households.
NOW THEREFORE, it is hereby agreed by and between the parties
hereto as follows:
1. The Developer agrees that four (4) dwelling units within
the project approved by the City for the property described
in Exhibit "A" attached hereto will be sold to low- and
moderate -income households in accordance with the terms and
pursuant to the procedures set forth in this Agreement. Said
dewlling units are identified in Exhibit "B" attached hereto
and will be legally described in an attachment to be recorded
with the final map. Said dwelling units are hereinafter
referred to as "the Units."
-1-
COPY
9. Completion of Construction. The Developer hereby cove-
nants and agrees to diligently prosecute to completion the
Construction and recieve_its Notice of Completion within one
(1) year following the commencement of construction.
10. Prevailing Wage Requirements. Developer agrees to comply
with the provisions of Labor Code Section 1720 et seq having
to do with prevailing wage requirements.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date and year first above written.
DEVELOPER:
SANRAFAEL HOUSING GROU
By:
Its: ��1— pmn'-ALk-
CITY:
CITY OF SAN RAFAEL, a municipal
corporation
By: /%_ �-✓
A be t J. oro
Its: Mayor
ATTEST:
By: .
J�eM.Leonc'ni
Its: City Clerk
-4-
State of California
County of Marin
On �TI1, /3 19 9,3 before me, A. M. MARCOTTE, a Notary Public in
and for thysaid�County and State, personally appeared Albert J. Boro,
Mavor of the Citv of San Rafael
personally known to me (+r pre'aei is w..-- z n bre tasis of sat ,. faet rry
:-_a_ncc) to be the person(s) whose name(e) is/are subscribed to the within
instrument and acknowledged to me that he/=he: t .=j executed the same in his/
her/their authorized capacity (4-e-9) �.
s) , and that by his/he 'he r signature(s) on
theinstrument the person(s), or the entity upon behalf of which the
person(-&) acted, executed the instrument.
WITNESS my hand and official seal.
A. M. MARCOTti, NOTARY PUBLIC
My Commission expires 11/17/95
►LLTkURP951 ACXNoWWq*W
er ■.�.•
r .I
C1uq of Karin
On / )16-�
personally appeared
-. .....
OFFICIAL SEAL
A. M. MARCOTTE '
Notary Public -California '
MARIN COUNTY
,'.,. My Commission Expires
.. .. November 17, 1995
beforeme; sig l LM CTT -1 L FfVT k>Tgop- '477"_ evPA
w�goFaareys� .
Personally known to me - OR -�Ivo
�.P� to me on the basis der eviderm
be the Person wi l n� is/a�s
subscnbed to theta instrwrnmd and ac-
k"Wedged to me that h1WdWAk WWclu19d
the same In his/hedaiej& authorized
capacity(fr*. and that by histba Ahak
e- �� - signature on the mshunent the person(,
OFFICIAL SEAL ortheerrt�yuImbeWatwhichtheper5on
SHEILA K EDWARDS - acted, exearted the instrument
r!O'-W. PL'bL1C - CALIFORNIA
6.i ua1
M4ARIN COMM �` ViidneSs my hand and official Seal.
V' Nly rcmm. expires APR 12, 1994 y 1
SKINATLIRE CFNOTARY
- 5 -
- CAPACITY CLAWED BY SIGNER
■ e -1-.
ATTOFiitY-NfACT
a �
13
ATOA
SIGNER IS REPRESENTING:
of r mMm am emr M
7CU�i0-4tDaLLeff
EXHIBIT "A"
MeWminjiguy•
All that certain real property situate in the City of San Rafael
County of Marin, State of California, described as follows:
A PCRTICK of Block 21 of the Townsite of the Tuan of San Rafael as shown upon that
certain Record of Survey Map filed for record in Book 16 of Surveys, at Page 84, Marin
Coity Official Records being 7 more particularly l arly described as follows:
BBGI R4DG at the Northeast corner of said Block 21, said Point of Beginning ng is further
described as being this L A,. --,.-- L.i cn of the Westerly line of B Street with the
Southerly line of Mission o Street, as shown upon said RBOord of Survey Map; thence f=an
said Point of Beginnirxj, Southerly along the said Westerly line of B Street South 06*
45' West, 80.00 feet; t berxm departing from the said Westerly line of B Street North
63° 16' 08" West, 180.00 feet; thence Nandi 06° 43' 52" Fast, 80.00 feat to the said
Southerly line ne of Mission o Street; thence Easterly along the said Southerly line of
Mission r n Street South 83* 16' 08" East, 180.03 feet to the Point of Beginning,
oontaini=xj 14,401 square feet, more or less.
AN FASIIIEN7 for ids and egress, drainage parking and utilities, in, over and
portion of Block 21 of the Zbwsite of the Town of San Rafael as shown upon that
certain Reccxd of Survey Map filed for Record in Book 16 of Surveys at Pie 84,
County Official Renis being more particularly described as follows:
BEGINNRU at a point on the 1.-,L L: _ , ly line of Fifth Street, as shown upon said Record
of Survey Map, Eton which the L-L=.L--*=&-LLcn of the said Northerly lime of Fifth Street
with the Easterly line of C Street bears Nil 830 04' 44" West, 154.656 feet; tierce
F ' Said paint of beginning, departing from the said N... Lh r • 1y line of Fifth Street
North 06* 44' 59" Fast, 122.01 feet; tune North. 830 16' 08" West, 33.00 feet; thencm
South 06° 45' 00" West 21.50 feet; thence North 830 15' 00" West, 7.00 feet; thence
South 06° 44' 59" West, 100.38 feet to the said N-, U—ly line of Fifth Street; thence
Easterly along the said Northerly l i rw of Fifth Street South 83* 04' 44" Fast, 40.00
feet to the point of beginning.
EXHIBIT "B"
BELOW MARKET RATE HOUSING GRANT AGREEMENT
PROJECT NAME: BOYD COURT CONDOMINIUMS
LOCATION: Mission Avenue & "C" Streets in San Rafael
DEVELOPER: San Rafael Housing Group, Inc. or any
successor in interest
TOTAL UNITS: 25
TOTAL BMR UNITS: 4
SCHEDULE OF BMR UNITS AND SALES PRICES
No. of Unit Unit Income Unit No. Sales
Units Type Size Range or Address Price
4 2BR/2BA 800 sf Mod -Income $139,800
The family
sizes
and incomes used
to establish
the above
sales price
are
as follows:
Income
Unit
Household
% of Median
Household
Ranqe
Size
Size
Income
Income
Moderate
2BR/
Two
900 of
Income
2BA
Persons
Median
$39,100
The loan rate and term and debt -to -income ratio used to
establish the above sales prices are as follows:
Mortgage Rate (incl. PMI) & Term: 7.5 fixed/30 year,
fully amortized
Loan -to -Value Ratio: 90%
Percentage of Gross Monthly
Income for Mortgage Payment
(Principal and Interest): 27%