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CD 1200 Irwin Street BMRRECORDING REQUESTED BY AND WHEN RECORDED MAIL City of San Rafael Attn: City Clerk 1400 Fifth Avenue San Rafael, CA 94901 No fee for recording pursuant to Government Code Section 27383 JUL 5 2018 _CITY CLERK'S OFFICE IIIlIII VIII VIII VIII I�il IIlIII I�III l�II! ILII IIT illi! VIII �I�I III 20118-00122024 Recorded REC FEE Official Records County of Marin RU N. BENSON _ssor-Recorder County Oerk a : 3PM 19 -Jun -2016 Page 1 of 7 (SPACE ABOVE THIS LINE FOR RECORDER'S USE) AMENDMENT TO BELOW MARKET RATE HOUSING AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS Project Name: Mission Irwin Carriage Houses Location: 1200 Irwin Street -524 Mission Avenue, San Rafael (APN 014-013-05) Developer: 524 Mission Street, LLC This Amendment to Below Market Rate Housing Agreement and Declaration of Restrictive Covenants (this "Amendment") is made and entered into as of August 14, 2017, 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 524 MISSION STREET, LLC, a California limited liability company, or any successor in interest ("Developer"), collectively the "Parties," with reference to the following: RECITALS A. The Developer is the owner of certain real property located at 1200 Irwin Street, San Rafael, County of Marin, California, which is more particularly described in attached Exhibit A incorporated herein by this reference (the "Property"). B. The Parties entered into that certain Below Market Rate Housing Agreement and Declaration of Restrictive Covenants dated May 20, 2016 and recorded July 26, 2016 as Instrument Number 2016-0033359 in the Official Records of the County of Marin (the "BMR Agreement"). C. Under the BMR Agreement, the Developer has determined to initially rent the Affordable Units and to record a BMR Rental Agreement against the Property. D. The Parties desire to amend the BMR Agreement to ensure that the BMR Agreement and the BMR Rental Agreement are consistent and will require the Developer to sell the Affordable Units in the future as provided in the BMR Agreement. The Amendment to Below Market Rate Housing Agreement and Declaration of Restrictive Covenants that will be recorded on the Property is in the form approved by the San Rafael City Council on July 17, 2017. 885\01 \2162042.1 6/30/2017 J 00 221 E. All capitalized terms not otherwise defined in this Amendment are as defined in the BMR Agreement. NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree as follows: 1. The Recitals set forth above are hereby incorporated into this Agreement by the Parties as if fully and completely rewritten below Section 13 of the BMR Agreement is hereby amended to read as follows: Section 13. Release of Property from Agreement (a) Covenant Running 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) Completion of Construction. (i) Affordable Units on Separate Parcels; Subdivision Public Report Issued. If: (A) all Affordable Units have received a certificate of occupancy or final inspection; (B) all Affordable Units are located on separate legal parcels; (C) the Developer has complied with the provisions of this Agreement; and (D) a subdivision public report has been issued under Business & Professions Code Section 11000 et seq. or successor provisions, then all parts of the Property except the Affordable Unit Property may be released from the burdens of this Agreement. (ii) Affordable Units to be Rented. If the Affordable Units are to be rented, then the BMR Rental Agreement shall be recorded against the Property, and the Property may not be released from the burdens of this Agreement and the BMR Rental Agreement until the expiration of the Density Bonus Term, as defined in the BMR Rental Agreement. (c) Affordable Units Offered for Sale. If the Affordable Units are initially offered for sale, 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 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 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 all portions of the Property. (d) Recordation of Release. If the Developer believes that any portion of the Property may be released from the burdens of this Agreement, the Developer shall specify the parcels to be released and shall request the City and the Marin Housing Authority to execute and 2 885\0 1 \31 63043.1 6/30/2017 record the release in the Official Records of Marin Count) in substantially the form attached as Exhibit "E" to this Agreement. 3. Except as modified by this Amendment, the BMR Agreement shall be unchanged and shall remain in full force and effect 3. This Amendment may be signed in counterparts, each of which shall constitute one and the same instrument. IN WITNESS WHEREOF, the Parties have executed this Amendment by duly authorized representatives, all on the date first written above. DEVELOPER: CITY: 524 Missio LC, a California limited City of San Rafael, a municipal corporation liability c mpa By: a By: Managing Membe �Gt�s cit�n�,-r+� Ji &(� y Manager ATTEST: MARIN HOUSING AUTHORITY: D-. City Clerk Li rcl$ay LQr0. Housing Authority of the County of Marin, a public body, corporate and politi , created under the Housing Aut ri aw State of California APPRO ED AS TO FORM: By. By: Lewis A. rdan Robert F. "Epstein Executive Director City Attorney 3 885\01\2162012.1 6/30/2017 EXHIBIT A LEGAL DESCRIPTION OF THE PROPERTY The land referred to is situated in the County of Marin, City of San Rafael, State of California, and is described as follows: Commencing at the corner formed by the intersection of the Northerly line of Mission Street with the Easterly line of Irwin Street; running thence Northerly along the Easterly line of Irwin Street 160 feet; running thence Easterly and parallel with Mission Street 165 feet to the Westerly line of Park Avenue thence Southerly along said Line of Park Avenue 160 feet, more or less, to the Northerly line of Mission Street, and thence Westerly along said last mentioned line of Mission Street, 165 feet to the point of commencement. 885\01\2 162012.1 6/30/2017 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA COUNTY OF oa vV n On 'Lk 1', before me, V/2 I (6t- N I �'� Notary Public, personally appearefl 1--"/LVI(LrVy)A-) , who proved to me on the basis of satisfactory evidence to be the person k<whose name Is a subscribed to the within instrument and ackn ledge to me tha e sX/t)/y executed the same 1 1 / r/t�r authorized capacity), and that by is/ /t it signature on the instrument the person 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. DALIA NIETO Commission # 2047836 a -m Notary Public - California a Z v"' Marin County n V My Comm. Expires Nov 3, 2017 Name: Notary Public 885\01\'-7162042.1 6/30/2017 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA COUNTY OF M Ar- 'h On Autist 21 , 26 1 , before me, _( 4",o I T. Kazdr (.4 vt , Notary Public, personally appeal��p� , who proved to me on the basis of satisfactory evidence to be the personW whose nameW is/afe subscribed to the within instrument and acknowledged to me that he/*hekkay executed the same in his/fir authorized capacity4es), and that by his/Herftheir signaturgjrs) on the instrument the person(rr)r, or the entity upon behalf of which the person(e) 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. CAROL J. KAZARIAN Commission # 2070835 Notary Public - California z Z ' - Marin County D My Comm. Expires Jun 15, 2018 885\01\2162042.1 6/30/2017 — 4�f'tej' ��� CA ir)���i i. Notary. ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of Marin On �A I Z-1 I ul VO before me, Lindsay Faye Lara, Notary Public (insert name and title of the officer) personally appeared J aywe S-scylut'Z who proved to me on the basis of satisfactory evidence to be the person(,) whose name(d) is/are- subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/heOthsirauthorized capacity(i-*, and that by his/her/it6r signature(&) on the instrument the person(s� or the entity upon behalf of which the person(ar) 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. LINDSAY FAYE LARA rCOMM. #2182818 z 0 m Notary Public • California e �"� WaAlr— Z Marin County Signature -1 (Seal) Cow. Feb, to 2021