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Home My WebLink AboutOLSON URBAN HOUSING LLC. (2) - 2017RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO. City of Santa Ana. 20 Civic Center Plaza Santa Ana, California 92701 Attention: City Clerk A-zor(e-II_+--o✓y� Retarded in Official Records, Orange County Hugh Nguyen, Clerk -Recorder 11111IIIl1111111111111111111111111111111111111 If 11111Jillll11l11118.00 20170001716069 17 am104128117 48 414 T01 a 0.00 0.00 0.00 0.00 0.00 0,00 0.00 0.00 (Space Above This Line For Recorder's Use Only) TERMINATION OF INCLUSIONARY HOUSING AGREEMENT THIS TERMINATION OF INCLUSIONARY HOUSING AGREEMENT is dated as of April , 2017 ("Effective Date"), by and between the CITY OF SANTA ANA, a charter city and municipal corporation organized and existing tinder the Constitution and laws of the State of California ("City"), and OLSON URBAN - SANTA ANA 4, LLC, a Delaware limited liability company ("Developer' M.,_ RECITALS 2 A. Developer is the fee owner of the Property located at 1506, 11524,`'a---' 1548 West First Street, Santa Ana, California ("Property"). B. Developer's predecessor in interest, Olson Urban Housing, LLC, and City exact ted tl iat cei Lain incluoioria y Hours ,ig Agreement ii uc Payment of !,I - Lieu Fee, which was recorded against the Property on October 18, 2016, in the Official Records of the County of Orange, as Instrument No. 2016000509408 ("Inclusionary Housing Agreement"). C. Article 2, Section II of the Inclusionary Housing Agreement required that, "in lieu of providing any Inclusionary Units, the Developer shall pay to the City the sum of $757,600.00 pursuant to the applicable payment deadline(s) prescribed by the Ordinance in effect at the time of obtaining the first building permit related to the Project." 4. D. Developer has now paid the full In -Lieu Fee payment of $757,600.00 to the City. Termination of Inclusionary Housing Agreement Page 1 City of Santa Ana 84800,000 - 1148811 E. Pursuant to Article 4, Section XII of the Inclusionary Housing Agreement, Developer and City now mutually desire to terminate the Inclusionary Housing Agreement with respect to the Property and cause it to be removed from record to the Property. TERMINATION NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated hereiii an' d made -a partiereof, and the covenants and promises hereinafter contained, and other good and valuable consideration, the receipt and sufficiency of which is acknowledged by the City and the Developer, the Parties hereto agree as follows: 1. The Inclusionary Housing Agreement recorded in the Official Records of the County of Orange, as Instrument No. 2016000509408, is hereby terminated with respect to the Property and shall be deemed removed from record title to the Property. 2. Notwithstanding the foregoing, nothing herein is intended to or does terminate any covenants, conditions, or restrictions contained in any other instrument recorded against the Property, all of which shall survive the recordation of this Termination. 3. This Termination may be executed in counterparts, each of which, after all the parties hereto have signed the Termination, shall be deemed to be an original, and such counterparts shall constitute one acrd the.�,�me instrurnent. Termination of Inclusionary Housing Agreement City of Santa Ana 84600.000 - 114883,1 N IN WITNESS WHEREOF, the Parties hereto have duly executed this Termination of Inclusionary Housing Agreement as of the dates set forth below. SIGNATURE PAGE TO TERMINATION OF INCLUSIONARY HOUSING AGREEMENT ATTEST: Maria Huizar, Clerk the Council APPROVED AS TO LEGAL FORM: M RECOMMENDE , OR APPROVAL: Roe . Cortez Deputy Community Development Agency Termination of Inclusionary Housing Agreement City of Santa Ana 84600.000 - 114883.1 CITY: CITY OF SANTA ANA A California Charter City and Municipal Corporation Y. Name: Robert C. Cortez Acting City Manager Its: Date: Page 3 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 Orange ) On April 25, 2017 ^ before me, Claudia M. Fernandez -Shaw (insert name and title of the officer) personally appeared Robert C. Cortez who proved to me on the basis of satisfactory evidence to be the person) whose namnae subscribed to the within instrument and acknowledged to me thatJjPfth&Any executed the same in ,baer/tre—u'authorlzed capacity(i?�), and that by Wheff elr-signatureV on the instrument the person(s�, or the entity upon behalf of which the person(Vacted, executed the instrument. certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. O'AwlaA CLAUDIA M. FERNANDE'L-SHAVV Commission # 2n53995 WITNESS my hand and official seal. z ®s Notary Public California z f' orange County (/ My Comm. Expires Jan 25, 2018 SIGNATURE PAGE TO TERMINATION OF INCLUSIONARY HOUSING AGREEMENT DEVELOPER OLSON URBAN — SANTA ANA 4, LLC a Delaware limited liability company By: OLSON URBAN COMMUNITIES, LLC a Delaware limited liability company Sole Member By: OLSON URBAN VENTURES, LLC a Delaware limited liability company Sole Member By: OLSON URBAN HOUSING, LLC a Delaware limited liability company Managing Member By: IN TOWN LIVING, INC. a Delaware corporation Managing a er By:_ Name:: j n..ekst,_ Title: OF sidentCommunn Development Todd Olson Name: V,ee Title: President Community Development Termination of Inclusionary Housing Agreement Page 4 City of Santa Ana 84600,000 - 114883,1 CALIFORNIA• r 8. 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 Orange On 4 r i 1 U , 2b 1-1 before me, Valerie Weisel, Notary Public Date Here Insert Name and Title of the Officer personally appeared 0 h r> S o n O'n d To rld (3 � S,�n Names) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person($) whose name(s) 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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature V "!-J' Signature of Notary Public Place !Votary Seal Above OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General Individual ❑ Attorney in Fact ❑ Trustee lel Guardian or Conservator ❑ Other: Signer is Representing: Number of Pages: Signer's Name: F1 Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual Cl Attorney in Fact ❑ Trustee ❑ Guardian or Conservator Other: Signer Is Representing: 02016 National Notary Association - www.NationalNotary.org • 1 -800 -US NOTARY (1-800-876-6827) Item #5907 VALERIE WEISEL Commission # 2026792 ¢ I �i" mol Notary Public - California i Orange County — My Comm. Expires Jun 10, 2017 I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature V "!-J' Signature of Notary Public Place !Votary Seal Above OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General Individual ❑ Attorney in Fact ❑ Trustee lel Guardian or Conservator ❑ Other: Signer is Representing: Number of Pages: Signer's Name: F1 Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual Cl Attorney in Fact ❑ Trustee ❑ Guardian or Conservator Other: Signer Is Representing: 02016 National Notary Association - www.NationalNotary.org • 1 -800 -US NOTARY (1-800-876-6827) Item #5907