HomeMy WebLinkAboutCC Resolution 9269 (BMR Agr. Spinnaker Point Development Inc)RESOLUTION NO. 9 2 6 9
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL
AUTHORIZING THE SIGNING OF A BELOW MARKET RATE HOUSING
AGREEMENT BETWEEN SPINNAKER POINT DEVELOPMENT, INC., A
CALIFORNIA CORPORATION AND THE CITY OF SAN RAFAEL AND
GRANTING A WAIVER OF PARKLAND DEDICATION FEES FOR FOUR BELOW
MARKET RATE UNITS AT BAYPOINT LAGOON UNIT TWO
THE CITY COUNCIL OF THE CITY OF SAN RAFAEL RESOLVES as follows:
1. The MAYOR and CITY CLERK are authorized to execute, on behalf of the City
of San Rafael, a Below Market Rate Housing Agreement between Spinnaker Point
Development, Inc., a California Corporation and the City of San Rafael, a copy of
which is hereby attached and by this reference made a part hereof.
2. The City Council of the City of San Rafael waives the Parkland Dedication Fees
for the four Below Market Rate Units in Baypoint Lagoon Unit Two, consistent with
City Ordinance # 1558.
I, Jeanne M. Leoncini, Clerk of the City of San Rafael, hereby certify that the
foregoing resolution was duly and regularly introduced and adopted at the regular
meeting of the Council of said City on Monday, the 19th day of December, 1994, by
the following vote, to wit:
AYES: COUNCILMEMBERS: Cohen, Heller, Thayer, Zappetini & Mayor Boro
NOES: COUNCILMEMBERS : None
ABSENT: COUNCILMEMBERS : None
JE M. LEONCINI, City Clerk
ORIGINAI
�q
Recording Requested by:
City of San Rafael
When Recorded Return to:
City of San Rafael
P. 0. Box 151560
San Rafael, CA 94915-1560
Attention: City Cleric
BELOW MARKET RATE HOUSING AGREEMENT
Project Name: BAYPOINT LAGOON, UNIT 2
Location: Bellam Blvd. @ Catalina Blvd., San Rafael, California
Developer: Spinnaker Point Development, Inc., or any successor in interest
This Agreement is made and entered into this 19th day of DECEMBER , 19 94, 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 SPINNAKER POINT DEVELOPMENT, 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 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:
Baypoint Lagoon, Unit 2 --BMR Agreement Page 1 of 11
Spinnaker Point Development, Inc. / City of San Rafael / Marin Housing Authority 11/04/94
oUPY
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 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 moderate income. 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 020%) of the current 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 smaller or larger households
(refer to Exhibit "D" attached hereto).
i,
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 be
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 $800 per unit to be paid by the
buyer, which payment shall be included 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.
Baypoint Lagoon, Unit 2 --BMR Agreement Page 2 of 11
Spinnaker Point Development, Inc. / City of San Rafael / Marin Housing Authority 11/04/94
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, affordability or future
re -sale, and no deed restricdons,will be placed on the property. In such event, the Developer shall
pay to the City from the sale price of such Unit seventy-five percent (75%) of the difference between:
(1) the net price received after deduction of normal selling and closing costs (including realtor
commissions) and deduction of -all canying costs (interest, taxes and insurance) expended by the
Developer on the Unit from the date of issuance of occupancy permit until sale of the Unit, and (2)
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 of such Unit. 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 Ilousing Authority as set
forth in Exhibit "E" to this agreement, which Agreement shall be executed by the Buyer and recorded
in immediate succession after 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: City of San Rafael
P.O. Box 151560
San Rafael, CA 94915-1560
To Marin Housing Authority:
To the Developer:
Attention: Assistant Executive Director, Redevelopment Agency
,Marin Housing Authority
P. O. Box 4282
San Rafael, CA 94913-4282
Attention: Executive Director
Spinnaker Point Development, Inc.
P. 0. Box 3389
San Rafael, CA 94912
Attention: Dennis Home
Baypoint Lagoon, Unit 2 --BMR Agreement Page 3 cf 11
Spinnaker Point Development, Inc. /'City of San Rafael / Marin Housing Authority 11/04/94
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.
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, loses and expenses including
attorneys fees arising out of the performance of this agreement, cause 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:� C
eb)?i-t ro ,/ayy r
ATTEST:
By:A�nll,.
e M. Leonci ni , City C1 erk
HOUSING AUTHORITY OF
THE COUNTY OF MARIN
M
ATTEST:
By:
DEVELOPER: SPINNAKER POINT DEVELOPMENT, INC.
By:
Attachments: Exhibit "A" --Legal Description of Property
Exhibit "B" --Schedule of BMR Ownership Units and Sales Prices
Exhibit "C" --Eligibility Requirements and Priorities
Exhibit "D" --Marin County FY1994 Median Family Income Schedule
Exhibit "E" --Resale Restriction Agreement and Option to Purchase
Baypoint Lagoon, Unit 2 --BMR Agreement Page 4 of 11
Spinnaker Point Development, Inc. / City of San Rafael / Marin Housing Authority 11/04/94
CALIFORNIA ALL-PURPOSw ACKNOWLEDGMENT
State of CALIFORNIA
County of MARIN
On JANUARY 25, 1995 before me,
DATE
personally appeared
JEANNE M.
No. 5907
'�LT1
U
Ru
LEONCINI, NOTARY PUBLIC
NAME. TITLE OF OFFICER - E.G..'JANE DOE. NOTARY PUBLIC'
ALBERT J. BOROt
NAME(S) OF SIGNER(S) '
® personally known to me - OR - ❑ proved to me on the basis of satisfactory evidence
to be the person(# whose name(r4 is/pec
�.
subscribed to the within Instrument and ac- a
knowledged to me that he/sheAhey executed
the same in his/btaxkjhtjk• authorized L
capacityoasoC and that by his4hR0/ k
JEAN"' A! LEONCINI
signature(s) on the instrument the person(#, .
w
or the entity upon behalf of which the
IwwlNc;ouWy
_
person* acted, executed the instrument.}
My Comm. E*&w JAN IgIO 6
WITNESS my hand and official seal.
�
�� ,
SIGNATURE OF NOARY
OPTIONAL `
�f.
Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent
fraudulent reattachment of this form.
CAPACITY CLAIMED BY SIGNER
® iGORP9R2--6TEI OFFICER
T1114s)
❑ PARTNER(S) ❑ LIMITED
❑ GENERAL
❑ ATTORNEY-IN-FACT
❑ TRUSTEE(S)
❑ GUARDIAN/CONSERVATOR
❑ OTHER:
SIGNER IS REPRESENTING:
NAME OF PERSON(S) OR ENTTTY(IES)
CITY OF SAN RAFAEL
1 Y L Li`L L U L - LN. --
DESCRIPTION OF ATTACHED DOCUMENT
BELOW MARKET RATE HOUSING AGREEMENT
BAYPOINT LAGOON, UNIT 2; BELLAM BLVD. ;u
& CATALINA BLVD.. SAN RAFAEL, CA
TITLE OR TYPE OF DOCUMENT
DEVELOPER: SPINNAKER POINT DEVELOPMENT,�I
INC. L.
v
33 �
NUMBER OF PAGES U
December 19, 19.94
DATE OF DOCUMENT
l
Dennis. R. Horne, Spinnaker Point
i
Development, Inc.; Janet Miller Schoder�
Exec.Dir.,Housinq Authority of Marin i
SIGNER(S) OTHER THAN NAMED ABOVE County,
01993 NATIONAL NOTARY ASSOCIATION - 8238 Remmet Ave., P.O. Box 7184 - Canoga Park, CA 91309-7184
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT _ _ No. 5193
State of / %�.�T�,�'/��� OPTIONAL SECTION
County ofd 'VZ)`
On, V -;;S—
before
;;S- '/be ore me, G�
i
DATE ME, TI E OF OFFICER - E.G., "JANE DOE, NOTARY PU C"
qPO
ly appeared �� o
NAME(S) OF SIGNER(S)
nally known to me - OR - El 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 ac-
knowledged to me that he/she/they executed
the same in his/her/their authorized
Capacity(ie , and that by his/her/their
U SUE BOWERS ; signature on a instrument the person(s),
Comm. #1013536 or the ntity u on be a f of which the
^• NOTARY PUBLIC CALIFORNIA person(s acted, ecuted t instrument.
MARIN COUNTY
i
1 V v,:C30 V y Comm. Expires Jan 13 1998 ;
1 WITNESS m nd a ci I s I.
SIGNA NOTARY
OPTIONAL SECTION
CAPACITY CLAIMED BY SIGNER
Though statute does not require the Notary to
fill in tW data below, doing so may prove
invalu to persons relying on the document.
DIVIDUAL
CORPORATE OFFICER(S)
TITLE(S)
❑ PARTNER(S) ❑ LIMITED
❑ GENERAL
❑ ATTORNEY-IN-FACT
❑ TRUSTEE(S)
❑ GUARDIAN/CONSERVATOR
❑ OTHER:
SIGNER IS REPRESENTING:
NAME §F PERSON(S) OR ENTITY(IES)
THIS CERTIFICATE MUST BE ATTACHED TO TITLE OR TYPE OF DOCUMENT
THE DOCUMENT DESCRIBED AT RIGHT:
NUMBER OF PAGES DATE OF DOCUMENT
Though the data requested here is not required by law,
it could prevent fraudulent reattachment of this form. SIGNER(S) OTHER THAN NAMED ABOVF
1993 NATIONAL NOTARY ASSOCIATION - 8236 Remmet Ave., P.O. Box 7184 - Canoga Park, CA 91309-7184
3 9
1-0140941 0
LEGAL DESCRIPTION
BAYPOINT LAGOONS UNIT TWO AND A PORTION OF
BAYPOINT LAGOONS UNIT THREE
All that certain real property situate in the City of San Rafael, County of
Marin, State of California, described as follows:
"Baypoint Lagoons Un i t Two" and a portion of "Remainder - Portion of Parce 1 0 -
20 RM 81", as both are shown on the "Map of Baypoint Lagoons Unit Two", recorded
in Volume of Maps at Page , Marin County Records.
Beginning at the southeast corner of Lot 118; as shown on said "Map of Baypoint
Lagoons Unit Two", which also lies on the northerly boundary of Parcel "N", as
shown on the "Map of Baypoint Lagoons"; -recorded April 23, 1990 in Volume 20 of
Maps at Page 81, Marin County Records; thence along said northerly boundary of
said Parcel "N", South 79'25'00" West, 126.31 feet to the southwesterly boundary
of Bellam Boulevard, as shown on said "Map of Baypoint Lagoons Unit Two"; thence
leaving said northerly boundary, along the southwesterly and northwesterly
boundary of said Bellam Boulevard the following courses and distances:
northwesterly along a curve to the right, whose center bears North 19'50'15"
East, having a radius of 800 feet, through a central angle of 40'14'14", an arc
length of 561.82 feet; thence northwesterly along a curve to the left, whose
center bears South 60'05'29" West, having a radius of 600 feet, through a centi,il
angle of 14'31'40", an arc length of 152.13 feet; thence North 71'32'47" East,
40.16 feet; thence southeasterly along a curve to the left, whose center bears
North 71'32'47" East, having a radius of 640 feet, through a central angle of
1'57'02", an arc length of 21.79 feet; thence North 69'34'55" East, 17.59'feet,
and thence North 14'21'00" East, 24.89 feet to the southerly boundary of Parcel
"K", as shown on said "Map of Baypoint Lagoons"; thence leaving said northwester-
ly boundary, along said southerly boundary of said Parcel "K", the following
courses and distances: North 14'21'00" East, 10.11 feet, and thence South
75'39'00" East, 100.00 feet to the most westerly corner of Parcel "J", as shown
on said "Map of Baypoint Lagoons"; thence leaving said southerly boundary, along
the southerly boundary of said Parcel "J" the following courses and distances:
South 77'21'19" East, 47.16 feet; thence northerly along a curve 'to the right,
whose center bears North 49'12'00" East, having a radius of 40 feet, through a
central angle of 55'09'00", an arc length of 38.50 feet; thence North 14'21'00"
East, 55.77 feet; thence easterly along a curve to the right, whose center bears
South 75'39'00" East, having a radius of 20 feet, through a central angle of
90'00'00", an arc length of 31.42 feet; thence South 75'39'00" East, 70.00 feet,
and thence southerly along a curve to the right, whose center bears South
14'21'00" West, having a radius of 20 feet, through a central angle of 90'00'00",
an arc length of 31.42 feet to the southwest corner of Baypoint Drive, as shown
on said "Map of Beypoint Lagoons"; thence leaving said southerly boundary along
the southerly boundary of said Baypoint Drive, South 75'39'00" East, 50.00 feet
to the most westerly corner of Parcel "G", as shown on said "Map of Baypoint
Lagoons"; thence leaving said southerly boundary, along the southerly boundary
Baypoint Lagoon, Unit 2 --BMR Agreement Page 5 of 11
Spinnaker Point Development, Inc. / City of San Rafael / Marin Housing Authority 11/04/94
.EXHIBIT "A"--Cont'd
Legal Description
of said Parcel "G" the following courses and distances: easterly.•along a curve
to the right, whose center bears South 75'39'00" East, having a radius of 20,
feet, through a central angle of 90'00'00", an arc length of 31..42 feet; thence
South 75'39'00" East, 57.68 feet, and thence easterly along a curve to the left,
whose center bears North 14'21'00" East, having a radius of 90 feet, through a
central angle of 48'11'23", an arc length of 75.70 feet to the most westerly
corner of Parcel "I", as shown on said "Map of Baypoint Lagoons"; thence leaving
said southerly boundary, along the southerly boundary of said Parcel "I", South
75'39'00" East, 104.55 feet to the southwest corner of Parcel "E", as shown on
said "Map of Baypoint Lagoons"; thence leaving said southerly boundary, along the
southerly boundary of said Parcel"E", South 75'39'00" East, 16.95 feet to the
westerly boundary of Parcel "Q", as shown on said "Map of Baypoint Lagoons";
thence leaving'said southerly boundary, along the westerly and southerly boundary
of said Parcel "Q" the following courses and distances: southerly along a curve
to the left, whose center bears South 75'16'56" East, having a radius of 150.07
feet, through a central angle of 35'49'52", an arc length of 93.85 feet; thence
southeasterly along a curve to the left, whose center bears North 68'53'12" East,
having a radius of 130.53 feet, through a central angle of 62'47'45", an arc
length of 143.06 feet; thence easterly along a curve to the left, whose center
bears North 6'05'27" East, having a radius of 98.45 feet, through a central angle
of 49'39'39", an arc length of 85.33 feet; thence North 46'25'48" East, 230.50
feet; thence easterly along a curve to the right, whose center bears South
43'34'13" East, having a radius of 184.13 feet, through a central angle of
47'05'03", an arc length of 151.31 feet; thence South 86'29'10" East, 185.38
feet; thence southeasterly along a curve to the right, whose center bears South
3'30'50" West, having a radius of 239.68 feet, through a central angle of
26'25'12", an arc length of 110.52 feet; thence easterly along a curve to the
left, whose center bears North 18'43'11" East, having a radius of 199.87 feet,
through a central angle of 33'56'30", an arc length of 118.40 feet, and thence
northeasterly along a curve to the left, whose center bears North 15'13' 19" West,
having a radius of 80.00 feet, through a central angle of 17'04'09", an arc
length of 23.83 feet; thence leaving said southerly boundary, South 22'02'31"
East, 50.50 feet; thence South 34'21'40" East, 127.81 feet; thence South
30'19'12" East, 168.92 feet to the northerly boundary of said Parcel "N", as
shown on said "Map of Baypoint Lagoons"; thence along said northerly boundary of
said Parcel "N", South 79'25'00" West, 1126.80 feet to the point of beginning.
Baypoint Lagoon, Unit 2 --BMR Agreement Page 6 of 11
Spinnaker Point Development, Inc. / City of San Rafael / Marin Housing Authority 11/04/94
EXHIBIT "B"
I
Project Name:
Location:
Developer:
Total Units:
Total BMR Units:
BAYPOINT LAGOON, UNIT 2
Bellam Blvd. @ Catalina Blvd., San Rafael, California
Spinnaker Point Development, Inc., or any successor in interest
241
8 Ownership Units
SCHEDULE OF BMR OWNERSHIP UNITS AND SALES PRICES
Phase
No. of Units
Unit Type
Unit Size
Plan
Lot No.
Sales Price
I
2
2BR/2BA
1050 sf
G
95 & 96
$131,2501J
I
2
3BR/2BA
1300 sf
H
94 & 97
$145,900''—'
II
2
2BR/213A
1050 sf
G
202 & 203
$131,250'-
II
2
3BR/2BA
1300 sf
H
201 & 204
$145,900 J
Family sizes and incomes used to establish the above sales price:
Income Range Unit TvDe Household Size % of Median Income Household Income
Moderate -Income 2BR/2BA ' Three Persons 90% of Median
Moderate -Income 3BR/2BA Four Persons 90% of Median
Baypoint Lagoon, Unit 2 --BMR Agreement
Spinnaker Point Development, Inc. / City of San Rafael / Marin Housing Authority
$46,650
$51,850
Page 7 of 11
11/04/94
Loan rate and term and debt -to -income ratio used to establish the above sales prices:
Effective Mortgage Rate (incl. PMI) / Term:
Loan -to -Value Ratio:
Percentage of Gross Monthly Income for
Mortgage Payment (Principal and Interest):
9.25% / 30 -year, fixed-rate
90%
25%
J 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.
Baypoint Lagoon, Unit 2 --BMR Agreement Page 8 of 11
Spinnaker Point Development, Inc. /City of San Rafael / Marin Housing Authority 11/04/94
EXHIBIT "C"
Project Name: BAYPOINT LAGOON, UNIT 2
Location: Bellam Blvd. @ Catalina Blvd., San Rafael, California
Developer. Spinnaker Point Development, Inc., or any successor in interest
Elitribility Recuirements
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 120% of the current median income
for the San Francisco PMSA as determined by the U.S. Department of Housing and Urban
Development (HUD), as adjusted for household size, in order to qualify as "moderate -income."
2. The total value of the applicant household's assets may not exceed 75% of the sales price of the
unit.
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.
1. First priority in the drawing for the units shall be given to all permanent, full-time employees of the
Citi of San Rafael.
2. Second priority in the drawing ,shall be given to all other applicants.
Baypoint Lagoon, Unit 2—BMR Agreement Page 9 of 11
Spinnaker Point Development, Inc. / City of San Rafael / Marin Housing Authority 11/04/94
EXHIBIT "D"
Marin Countv FY 1994 Median Household Income Schedule
Effective May 31, 1994
MARN
HOUSING
Maku,p Housmg More A90FW0/e
30 N. San Pedro Road
Post Office Box 4282
San Rafael Califomia 94913
415/491-2525
Household
-
----Low Income------
I 1
--Moderate Income -----1
Size
50%
60%
65%
70%
75%
80%
90%
95%
Median
120%
1
20,150
24,200
26,200
28,200
30,250
32,250
36,300
38,300
4 0,3 00
48,400
2
23,050
27,650
29,950
32,250
34,550
36,850
41,450
43,800
46,100
55,300
3
25,900
31,100
33,700
36,300
38,900
41,450
46,650
49,250
51,850
62,200
4
28,800
34,550
37,450
40,300
43,200
46,100
51,850
54,700(
57.600
) 69,100
5
31,100
37,350
40,450
43,550
46,650
49,750
56,000
59,100
62,200
74,650
6
33,400
40,100
43,450
46,750
50,100
53,450
60,150
63,500
66,800
80,200
7
35,700
42,850
46,400
50,000
53,550
57,150
64,300
67,850
71,400
85,700
8
38,000
45,600-
49,400
53,200
57,000
60,800
68,450
72,250
76,050
91,250
This iedian income schedule is based on the FY 1994 median income for the San Francisco PMSA (Primary Metropolitan
Statistical Area), which comprises San Francisco, San Mateo and Marin Counties. The median income for a four -person
household is determined by the Department of Housing and Urban Development ("HUD"), Office of Economic Affairs. Economic
and Market Analysis Division (telephone 415-556-5241) and is adjusted for household size in accordance with HUD standard
adjustment factors. The current median income became effective on 05-31-94. All figures are rounded to the nearest 550.
Baypoint Lagoon, Unit 2 --BMR Agreement Page 10 of 11
Spinnaker Point Development, Inc. / City of San Rafael / Mann Housing Authority 11/04/94
EXHIBIT "E"
Resale Restriction Agreement and Option to Purchase
Baypoint Lagoon, Unit 2 --BMR Agreement Page 11 of 11
Spinnaker Point Development, Inc. / City of San Rafael / Marin Housing Authority 11/04/94
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 (the "Authority") and
("Owner")
regarding certain improved real property located at
,, California (the "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").
Rev. 1/94
C. Owner is an eligible moderate -income purchaser under
the Program (defined below), intends to live in the Premises as
an owner -occupant and agrees to maintain the Premises as Owner's
principal residence.
D. In order to maintain and preserve the Premises as
housing affordable to eligible moderate -income purchasers, it is
necessary to restrict the use and resale price of the Premises by
the occupancy and resale controls. Such controls prevent initial
and subsequent purchasers from using the property for purposes
incompatible with the Program and realizing unwarranted gains
from sales of the Premises at unrestricted prices. The terms and
conditions of this Agreement provide the necessary occupancy and
resale controls to ensure that the Premises are used, maintained
and preserved as housing affordable to eligible' moderate -income
purchasers.
E. The Premises subject to occupancy and 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 occupancy and resale
controls by means of this Agreement.
NOW, THEREFORE, IN CONSIDERATION OF THE SUBSTANTIAL ECONOMTC
BENEFITS INURING TO OWNER AND THE PUBLIC PURPOSES TO BE ACUTEVZD
UNDER THE PROGRAM, OWNER HEREBY GRANTS TO THE AUTFORITY THIS
OPTION ON THE FOLLOWING TERMS AND CONDITIONS.
1. Proqram conditions.
Owner agrees and acknowledges that the Authority's
acceptance of Owner's participation in the Program and purchase
of the Premises is conditioned upon Owner's continuing occupancy
of the Premises. Owner shall use and maintain the Premises as
Owner's principal residence. Without limiting the generality of
the foregoing', any absence from the Premises by Owner for a
period of sixty or more consecutive days shall be deemed an
abandonment of the Premises as the principal residence of Owner,
in violation of the conditions of this paragraph. Upon request
of the Authority, Owner shall certify Owner's continuing
compliance with Program conditions and provide such documents and
other evidence as may be requested to verify Owner's compliance.
2. Grant of Option to Purchase.
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.
Rev. 1/94 2
3. Assignment 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.
4. Events Giving Rise to Right 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 section 2924 (or successor
provisions) under any deed of trust or mortgage with a power of
sale encumbering the Premises;
e. Commencement of a judicial foreclosure proceeding
regarding the Premises;
f. Execution by 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
nsolvency, reorganization, arrangement, assignment for the
benefit of creditors, receivership or trusteeship, concerning the
O�•m e r .
Rev. 1/94 3
h. Any violation by Owner of the conditions set forth in
paragraph 1 above.
5. Method of Exercising the Option.
a. Notice of Intent to Transfer. If 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, 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 form attached hereto and incorporated herein as
Exhibit B.
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 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, e 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
Rev. 1/94 4
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
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 injunctiondissolved 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 Countv 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 Owner shall be to obtain a judicial'orderinstructing
such a recordation, and Owner shall have no right to damages
against the Authority for failure to record such notice promptly.
6. Riqht 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,
Rev. 1/54 5
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. Owner shall make the Premises available for 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 Authoritv.
9. Proceeds of Escrow; Removal of Exceptions 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
Rev. 1/94 6
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 Owner for
acquisition of the Premises pursuant to the Program ("Base
Price") increased (but not decreased) by an amount, if any, equal
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. Inde_{ 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
("Inde.x") 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
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. Adjustments to Resale Price.
The Resale Price shall be adjusted by the following
("Adjustments"):
a. CaTDital Improvements. An increase for capital
improvements made to the Premises by Omer provided that the
amount of said improvements had been previously accepted in
Rev. 1/94 7
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
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 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. Except as
otherwise provided in paragraph 13a, 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 hereon.
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 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,
Rev. 1/94 8
executor, or administrator of an eligible moderate -income
-)urchaser, 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 (i) 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 recordation 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, or (ii) the recording of
Owner's conveyance of the Premises to the Authority, or its
assignee, provided the conveyance is in accordance with the terms
of this Agreement.
b. HUD Insured Mortaaaes. If Owner has acquired the
Premises by a mortgage insured by the Secretary of the United
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
utomatically 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 'Co
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 Owner'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
Rev. 1/94 9
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 (a) the actual sales price net of reasonable
and customary real estate commissions paid (such commissions not
to exceed six percent (6%) of the actual sales price), and (b)
the Resale Price plus Adjustments. This amount shall' be paid tb
the Authority upon close of escrow on the sale of the Premises,
or upon execution of a contract of sale, whichever shall first
occur. Owner shall not receive any proceeds from the sale unless -
and until the Authority has been paid in full the amount
determined pursuant to this paragraph.
18. Limits on Liability.
In no event shall the Authority become liable or obligated
in any manner to Owner by reason of the assignment of the Option,
nor shall the Authority be in any way liable or obligated to
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 Owner instead of being used to
rebuild the premises, or in the event of condemnation, if the
proceeds thereof are distributed to 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 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 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.
Rev. 1/94 10
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:
8
AUTHORITY:
OWNER:
Housing Authority of the County of Marin
Post Office Box 4282
San Rafael, California 94913
Attn: Executive Director and BMR Program
at the address of the Premises
The addresses above may be changed by notice given pursuant to
this section.
22. Attorneys' fees.
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. Specific 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
Authoritv. 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 04mer'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_
OWNER(S):
Rev. 1/94 11
STATE OF CALIFORNIA )
COUNTY OF MARIN )
On
before
me, personally appeared -
personally
known to me OR proved to me on the basis of satisfactory
evidence to be the person (s).. whose names) is/are subscribed to
the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies), and
that by his/her/their 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.
Signature of Notary
Rev. 1/94 12
CERTIFICATE OF ACCEPTANCE
(Pursuant to Government Code 927281)
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 #10-81, dated 5/19/81; and the grantee consents to
recordation thereof by its duly authorized officer.
Dated:
by
JANET MILLER SCHODE'R, Execs- -:Lve Director
Housing Authority of the County of Marin
Rev. 1/94 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 REQUESTED,
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 e roperty
located at ( e "Premises"). Owner may
be contacted at the Premises or a�the flowing address:
Owner's daytime telephon
The proposed transf
person(s):
Name:
Address:
Telephone`
The propos
wises is to the following
ansfer is: (check one)
ncumbrance
Other
Specify:
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 Marinuthor' 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 e 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 Fist American
Title Company of Marin.
The Hour&ing AXhAity of the County of Marin
by
Its Au
resentative
S* A* M* P* L* E
Exhibit C, page 1 of 1
MAR N
HOUSING
Mutiny 11n ik.y Mwe Aftw.Mhk
111 K S:m 1'crh" It"ad
I'"%1 O(licc 11"• 4282
San Italncl Califnr"ia 94911
41 3/472-40.10
(FAX) 4151472.2186
leaccwi.c Dircelm
Imlel Miller Schmler
Depuy Uiecclnr
Michael 1). Kcllcllcr
A. MEDIAN INCOME
Present Median: }
Original Median:
Difference:
Rate of Increase: ;
Increase In Price: I
BMR Re -Sale Price:
B. CONSUMER PRICE I
Present CPI: _
Original CPI:
Difference:
Rate of Increa
EXHIBIT "D"
DMR RE -SALE PRICE WORKSHEET
Date:
(lame:
Address:
Purchase Price:
Date of Purchase:
Months Owned:
Effective Date:
Effective Date:
No, of Months:
x 12 mo. /y`
x mo.
12 mo./yr.
JFor Month of:
For Month of:
No. of Months: mo.
Z / annum
x 12 mo. / yr. % / annum
MO.
crease 1n Ice:• x T / annum x mo.
IZ mo./yr.
UI a Price: +
C. 'FAIR MARKET YALUE
The fair market value, If unrestricted by the OMR Deed Restrictions, Is estimated to be in excess of
the above UMR Re -Sale Price calculations. and thus would not govern.
AS OF THIS DATE, THE BMR RE -SALE PRICE IS j BASED ON
Exhibit D, page 1 of 1
mo.
x mo.
12 mo./yr.
JFor Month of:
For Month of:
No. of Months: mo.
Z / annum
x 12 mo. / yr. % / annum
MO.
crease 1n Ice:• x T / annum x mo.
IZ mo./yr.
UI a Price: +
C. 'FAIR MARKET YALUE
The fair market value, If unrestricted by the OMR Deed Restrictions, Is estimated to be in excess of
the above UMR Re -Sale Price calculations. and thus would not govern.
AS OF THIS DATE, THE BMR RE -SALE PRICE IS j BASED ON
Exhibit D, page 1 of 1
Order No.
Escrow No.
=.oars No.
WHEN RECORDED MAIL TO: EXHIBIT °E"
SPACE ABOVE THIS LINE FOR RECORDERS 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 a ny
otice of Sale under the Deed of Trust recorded as instrument No.
n , 19 , in Book , Page Official
ecords of County, California, and describing land therein as
xecuted by . as Trustor,
which is named as
eneficiary, and as Trustee,
mailed to
Number and Street
City and Slate
40-11 ICE: A COPY OF ANY NOTICE OF DEFAULT AND OF ANY NOTICE OF SALE WILL BE SENT ONLYTO THE
DDRESS CONTAINED IN THIS RECORDED REQUEST. IF YOUR ADDRESS CHANGES, A NEW REQUEST MUST
E RECORDED.
I
WrE OF CALIFORNIA
]UNTY OF I
i r
lore me, the undersigned, a Notary Public In and for said Slate, personally
speared
�rsonally known to me (or proved to me on the basis of satisfactory evidence) to
the person(s) whose name(s) Is/are subscribed to the within Instrument and
knowlodged to me that he/she/They executed the same.
ITNESS my hand and official seal. Exhibit E, page 1 of 1
gnalura (This area for official nclarinl seal) 1168 (Rev. 1/8 7)