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HomeMy WebLinkAboutSDP 93-06; La Terraza Associates; 1994-0645103; Affordable Housing-Regulatory Agreement & Dec. of Restrictive CovenantsVILLA LOMA Recording requested by and when recorded, mail to: Carlsbad Redevelopment Agency, Carlsbad, California 2965 Roosevelt Street suite B Carlsbad, CA 92008 Attn: Executive Director No fee for recording pursuant to Government Code section 27383. AGENCY REGULATORY AGREEMENT (La Terraza Development) This Agency Regulatory Agreement is made this 28th day of October, 1994, by and between the Carlsbad Housing and Redevelopment Commission, in its capacity as governing body of, and by and on behalf of, the Carlsbad Redevelopment Agency, Carlsbad, California, a public body corporate and politic (the "Agency"), and La Terraza Associates, a California Limited Partnership, (the "Borrower"). RECITALS A. The Borrower has a leasehold interest in a parcel of real property located in the City of Carlsbad as more particularly described in Exhibit A attached to this Agreement. The Borrower's leasehold interest in the real property is referred to as the "Property" in this Agency Regulatory Agreement. The Borrower intends to develop three hundred forty four (344) units of multi-family housing (the "Development") on the Property. B. To assist the Borrower in the development of the Development, the Agency has agreed to make a loan to the Borrower in the amount One Million Seven Hundred Twelve Thousand Dollars ($1,712,000) (the "Agency First Loan") and a loan to the Borrower in the amount of Five Hundred Thousand Dollars ($500,000) (the "Agency Second Loan"). The Agency First Loan and the Agency Second Loan are being made available in order to help achieve financial feasibility for the Development and to provide units in the Development which are affordable to Low Income Households and Moderate Income Households. 1442CN.PS0 10/27/94 -1- C. As a condition of the Agency Loans, the Agency has required the Borrower to maintain one hundred sixty (160) Development units as affordable to Low-Income Households and the balance of the Development units as affordable to Moderate- Income Households, excluding any units for resident managers. D. The purpose of this Regulatory Agreement is to regulate and restrict the occupancy and rents of the Development. The covenants in this Agency Regulatory Agreement are intended to run with the land and be binding on the Borrower and its successors and assigns. In consideration of their mutual agreements, the Borrower and Agency agree as follows: DEFINITIONS The following terms have the meanings and content set forth in this section wherever used in this Regulatory Agreement or attached exhibits. 1. "AGENCY" is the Redevelopment Agency of the City of Carlsbad, a public body corporate and politic, and its officers, officials, directors, employees, agents and authorized representatives. 2. "AGENCY LOANS" are the Agency's loans of funds to the Borrower for the Project, in the amounts of One Million Seven Hundred Twelve Thousand Dollars ($1,712,000) and Five Hundred Thousand Dollars ($500,000), respectively. 3. "AGENCY LOAN DOCUMENTS" are collectively the Agency First Loan Agreement, the Agency First Loan Deed of Trust, the Agency First Note, the Agency Second Loan Agreement, the Agency Second Loan Deed of Trust, the Agency Second Note, all of even date herewith, and this Regulatory Agreement as they may be amended, modified, or restated from time to time, along with all exhibits and attachments to these documents. 4. "AREA MEDIAN INCOME" means the median income for the San Diego Primary Metropolitan Statistical Area ("PMSA"), with adjustments for household size, as determined from time to time by HUD pursuant to the united States Housing Act of 1937, as amended. If HUD no longer publishes such income determinations, the Agency shall use the median income for San Diego County as published by HCD. If HCD no longer publishes such income 1442CN.PS0 10/27/94 -2- determinations, the Agency shall calculate median income in a manner consistent with the methods previously used by HUD. 5. "BORROWER" means La Terraza Associates, a California Limited Partnership. 6. "DEVELOPMENT" means the development and operation of approximately three hundred forty four (344) units of multi- family housing on the Property according to the terms of this Agency Regulatory Agreement. 7. "HCD" means the California Department of Housing and community Development. 8. "HUD" means the United States Department of Housing and Urban Development. 9. "LOW-INCOME HOUSEHOLD" means a household whose annual gross income does not exceed the qualifying limits, adjusted for household size and other factors, for a low income household for the San Diego PMSA, as determined from time to time by HUD pursuant to the United States Housing Act of 1937, as amended. If HUD no longer publishes such income determinations, the Agency shall use the low income determination for San Diego County as published by HCD. If HCD no longer publishes such income determinations, the Agency shall calculate low income in a manner consistent with the methods previously used by HUD. 10. "LOW INCOME UNITS" shall mean the Units limited to occupancy by Low Income Households pursuant to Section 17 below. 11. "MODERATE-INCOME HOUSEHOLD" means a household whose annual gross income does not exceed the qualifying limits, adjusted for household size and other factors, for a moderate income household as determined from time to time by HCD for San Diego County. If HCD no longer publishes such income determinations, the Agency shall calculate moderate income in a manner consistent with the methods previously used by HCD. 12. "MODERATE INCOME UNITS" shall mean the Units limited to occupancy by Moderate Income Households pursuant to Section 17 below. 13. "PROPERTY" means the Borrower's leasehold interest in the real property described in the attached Exhibit A, which is incorporated into this Agency Regulatory Agreement by this reference. 14. "UNIT" means a housing unit in the Development. 1442CN.PS0 10/27/94 -3- BORROWER'S OBLIGATIONS 15. COMPLIANCE WITH LOAN DOCUMENTS. The Borrower's actions with respect to the Property and the use of Loan funds shall at all times be in full conformity with all of the requirements of the Agency Loan Documents until the repayment of the Agency First Loan and the Agency Second Loan. 16. TERM OF AGREEMENT. The term of this Agency Regulatory Agreement shall commence upon execution and shall remain in full force and effect for thirty (30) years. 17. OCCUPANCY OF PROJECT. The Borrower shall limit for the full term of this Regulatory Agreement the rental of one hundred sixty (160) Units to households whose incomes at initial occupancy do not exceed the income limits for Low Income Households. The Borrower shall limit for the full term of this Regulatory Agreement the rental of the remaining Units to households whose incomes at initial occupancy do not exceed the income limits for Moderate Income Households, excluding any units for resident managers. 18. MAXIMUM RENTAL CHARGES. (a) The total charges for rent and utilities to Low Income Households occupying the Low Income Units shall not exceed the lesser of: (i) the applicable low income housing tax credit rent, or (ii) one-twelfth of thirty percent (30%) of sixty percent (60%) of Area Median Income, adjusted for household size pursuant to subsection (c) below; provided, however, for Low Income Households occupying the Low Income Units whose gross income, upon annual income recertification, exceeds sixty percent (60%) of Area Median Income, the Borrower may charge a rent equal to the lesser of: (i) the applicable low income housing tax credit rent, or (ii) thirty percent (30%) of the gross income of the household, adjusted for household size pursuant to subsection (c) below. In the event the gross income of a Low Income Household, upon annual income recertification, exceeds the maximum income for a Low Income Household, the Borrower shall rent the next available Unit to a Low Income Household and may charge the over-income household a rent comparable to the rent which may be charged for a Moderate Income Unit. (b) The total charges for rent and utilities to Moderate Income Households shall not exceed one-twelfth of thirty percent (30%) of one hundred ten percent (110%) of Area Median Income, adjusted for household size pursuant to subsection (c) below. For Moderate Income Households whose gross income, upon annual 1442CN.PS0 10/27/94 -4- recertification, exceeds one hundred ten percent (110%) of Area Median Income, the Borrower may charge a rent equal to thirty percent (30%) of the gross income of the household. In the event a Moderate Income Household's gross income, upon annual recertification, exceeds the maximum income for a Moderate Income Household, the Borrower shall not be required to terminate the tenancy of the over-income household and shall not be restricted in the rent charged to the over-income household so long as the over-income household otherwise remains a tenant in good standing in the Development. (c) In calculating the allowable rent for the Units, the Borrower shall use the occupancy per unit assumptions used by the California Tax Credit Allocation Committee ("TCAC") for so long as the Project is subject to a TCAC regulatory agreement; and if the Project is no longer subject to a TCAC regulatory agreement, the Borrower shall use the occupancy per unit assumption of one more occupant per unit than the number of bedrooms in the unit. In no case, however, shall the Borrower be required by this Agency Regulatory Agreement to use occupancy per unit assumptions which would cause the Borrower to be in violation of any other regulatory agreement recorded against the Property by any other federal or state government agency or any lender. 19. CONDOMINIUM CONVERSION. The Borrower shall not convert Units to condominium or cooperative ownership or sell condominium or cooperative conversion rights to the Property during the term of this Agency Regulatory Agreement. 20. NONDISCRIMINATION. The Borrower shall not discriminate or segregate in the use, enjoyment, occupancy, conveyance, lease, sublease, or rental of the Project on the basis of race, color, ancestry, national origin, religion, sex, sexual preference, age, marital status, family status, source of income, physical or mental disability, or any other arbitrary basis. GENERAL PROVISIONS. 21. SUBORDINATION. The Agency agrees that the Agency Executive Director shall subordinate this Agency Regulatory Agreement to the lien or encumbrance of any private construction or permanent lender providing financing for the Project upon the finding of the Agency Executive Director that: (i) an economically feasible loan is not reasonably available on comparable terms and conditions without subordination; and (ii) the mortgage to which the Agency Regulatory Agreement is being subordinated contains provisions meeting the requirements of Health and Safety Code Section 33334.14(a) reasonably designed to protect the Agency's interest in the event of default under such 1442CN.PS0 10/27/94 -5- mortgage. The Agency agrees that this Agency Regulatory Agreement shall be subordinated to any federal or state government agency regulating the Project which requires that this Regulatory Agreement be subordinate to such government agency's documents or liens. The Agency will execute subordination agreements in a form reasonably acceptable to the lending entity or government agency to subordinate this Agency Regulatory Agreement as provided in this Section. 22. DEFAULT AND REMEDIES. In the event of any breach of any agreement or obligation under this Agency Regulatory Agreement by the Borrower, the Agency shall provide written notice to the Borrower of the breach. The Borrower shall have an opportunity to cure the breach within thirty (30) days from the Borrower's receipt of the written notice or, if the breach cannot be cured within thirty (30) days, the Borrower shall not be in breach so long as the Borrower is diligently undertaking to cure such breach. If the Borrower fails to perform a timely cure of the specified breach, subject to Section 23, the Agency may proceed with any or all of the following remedies upon the Borrower's failure to cure or undertaking to cure: A. Bring an action in equitable relief seeking the specific performance by the Borrower of the terms and conditions of this Agency Regulatory Agreement, or enjoining, abating, or preventing any violation of the terms and conditions, or seeking declaratory relief; B. Pursue any other remedy allowed at law or in equity. 23. LIMITED PARTNER CURE PERIODS. (a) Notwithstanding anything to the contrary contained in this Agency Regulatory Agreement or the Agency Loan Documents and in addition to any other cure provisions contained in this Agency Regulatory Agreement, the limited partner of the Borrower shall have the right but not the obligation to cure any defaults of the Borrower hereunder, and the Agency agrees to accept cures tendered by the limited partner on behalf of the Borrower within the cure periods described below: the limited partner of Borrower shall have the right to cure all defaults within sixty (60) days after receipt of notice thereof. However, if a default is not reasonably capable of being cured within sixty (60) days or if the limited partner notifies the Agency that it is in the process of removing the managing general partner of the Borrower (as such process may be stayed by injunction, bankruptcy or similar proceedings), the limited partner shall have such additional time as is reasonably necessary to cure such default or remove the managing general 1442CN.PS0 10/27/94 -6- partner, provided the limited partner has commenced and is diligently proceeding to cure such default or remove the managing general partner, as applicable (taking into account the effect of injunction, bankruptcy or similar proceedings). (b) If, after the time provided in Sections 22 and 23, Borrower or the limited partner has not cured the default, the Agency may apply to any court, state or federal, for specific performance of this Agency Regulatory Agreement or an injunction against any violation of this Agency Regulatory Agreement, or any other remedies at law or in equity or any such other actions as shall be-necessary or desirable so as to correct non-compliance with this Agency Regulatory Agreement. 24, GOVERNING LAW. This Agency Regulatory Agreement shall be interpreted under and be governed by the laws of the State of California. 25. ATTORNEYS' FEES AND COSTS. In the event that any legal or administrative action is commenced to enforce, protect, or establish any right or remedy under this Agency Regulatory Agreement, the prevailing party in any such action shall be entitled to recover all reasonable attorneys' fees and costs incurred in such action. 26. TIME. Time is of the essence in this Agency Regulatory Agreement. 27. CONSENTS AND APPROVALS. Any consent or approval of the Agency required under this Agency Regulatory Agreement shall not be unreasonably withheld. Any approval must be in writing and executed by an authorized representative of the Agency. 28. NOTICES, DEMANDS AND COMMUNICATIONS. All notices, demands and communications between the Borrower and the Agency shall be sufficiently given and shall not be deemed given unless dispatched by certified mail, postage prepaid, return receipt requested, or delivered by express delivery service with a delivery receipt, to the principal offices of the Borrower and the Agency as follows: Agency: 1442CN.PS0 10/27/94 City of Carlsbad Housing & Redevelopment Department 2965 Roosevelt Street, suite B Carlsbad, California 92008 Attention: Agency Executive Director -7- partner, provided the limited partner has commenced and is diligently proceeding to cure such default or remove the managing general partner, as applicable (taking into account the effect of injunction, bankruptcy or similar proceedings). (b) If, after the time provided in sections 22 and 23, Borrower or the limited partner has not cured the default, the Agency may apply to any court, state or federal, for specific performance of this Agency Regulatory Agreement or an injunction against any violation of this Agency Regulatory Agreement, or any other remedies at law or in equity or any such other actions as shall be· necessary or desirable so as to correct non-compliance with this Agency Regulatory Agreement. 24. GOVERNING LAW. This Agency Regulatory Agreement shall be interpreted under and be governed by the laws of the state of California. 25. ATTORNEYS' FEES AND COSTS. In the event that any legal or administrative action is commenced to enforce, protect, or establish any right or remedy under this Agency Regulatory Agreement, the prevailing party in any such action shall be entitled to recover all reasonable attorneys' fees and costs incurred in such action. 26. TIME. Time is of the essence in this Agency Regulatory Agreement. 27, CONSENTS AND APPROVALS. Any consent or approval of the Agency required under this Agency Regulatory Agreement shall not be unreasonably withheld. Any approval must be in writing and executed by an authorized representative of the Agency. 28. NOTICES, DEMANDS AND COMMUNICATIONS. All notices, demands and communications between the Borrower and the Agency shall be sufficiently given and shall not be deemed given unless dispatched by certified mail, postage prepaid, return receipt requested, or delivered by express delivery service with a delivery receipt, to the principal offices of the Borrower and the Agency as follows: Agency: 1442CN.PS0 10/27/94 City of Carlsbad Housing & Redevelopment Department 2965 Roosevelt Street, Suite B Carlsbad, California 92008 Attention: Agency Executive Director -7- Borrower: La Terraza Associates, a California Limited Partnership One Hawthorne, 4th Floor San Francisco, California 94105 Attention: Managing General Partner Following notice by Borrower to the Agency that Mission Housing (or its affiliate) has been admitted as a limited partner of Borrower, with a copy to: Mission Housing 18101 Von Karman Ave., Suite 1700 Irvine, CA 92715-1046 Attention: Asset Manager Notice shall be deemed to have been effective on the date shown on the delivery receipt as the date of delivery, the date delivery was refused, or the date the notice was returned as undeliverable. 29. BINDING UPON SUCCESSORS. All provisions of this Agency Regulatory Agreement shall be binding upon and inure to the benefit of the successors, transferees and assigns of the Borrower and the Agency, and shall run with the land for the full term of this Agency 'Regulatory Agreement. 30. AMENDMENTS AND MODIFICATIONS. modifications to this Agency Regulatory writing, and shall be effective only if Borrower and the Agency. Any amendments or Agreement must be in executed by both the 31. SEVERABILITY. Every provision of this Agency Regulatory Agreement is intended to be severable. If any provision of this Agreement shall be held invalid, illegal, or unenforceable by a court of competent jurisdiction, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired. 1442CN.PS0 10/27/94 -8- The parties have executed this Regulatory Agreement as of the date first above written. APPROVED AS TO FORM: C1 .. .,,.R-.P.,._~ Ron Ball /~, 2.. p, 1','-. Agency Counse1. 1442CN.PS0 10/27/94 BORROWER: La Terraza Associates, a California Limited Partnership By: By: Its: BR Ca be ma AGENCY: . , a t public , its rtner Carlsbad Housing and edevelopment Commission, in its ca acity as governing body of, a~ by and on behalf of, the Carls d Redevelopment Agency, Carlsbad, California, a public body corporate and politic Its: -9- STATE OF CALIFORNIA ) )ss COUNTY OF SAN FRANCISCO) on October 28, 1994, before me, Sarah c. Whitney, personally appeared I. Donald Terner, 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 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. STATE OF CALIFORNIA ) ) ss COUNTY OF SAN FRANCISCO) O before me, Sarah c. Whitney, personally appeared . , personally known to me (or proved to me on the asis of satisfactory evidence) to be the person(s) 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. WITNESS my hand and official seal. Sarah C. Whitney t Comm. #1 030708 (j) Af('f P\,181..IC CAllFORNIAO Ctt)' & Coumy 01 San Ftancisco ~=✓ Comm Expires Aug ,a. 1998 _. EXHIBIT A The real property located in the City of Carlsbad, County of San Diego, State of California and described as follows: A leasehold estate in Parcel A described below, created by a Ground Lease dated October 28, 1994 by and between the city of Carlsbad, as lessor, and La Terraza Associates, a California Limited Partnership, as lessee, a memorandum of which Ground Lease was recorded in ~e office of the county Recor~!Qof San Diego county on {Vcrv-~ , 1994 as File No. 00l/:501] , Official Records, and a fee estate in Parcel B described below. 1442MW.PS0 10/28/94 PARCEL A: PARCEL l OF CERTIFICATE OF COMPLIANCE RECORDED JULY l, 1994 AS FILE NO. 1994-0418120, OFFICIAL RECORDS AND DESCRIBED AS FOLLOWS: ALL THAT PORTION OF PARCEL 2 OF PARCEL MAP 1188, RECORDED: DECEMBER 20, 1972, AS FILE NO, 340334, BEING A PORTION OF FRACTIONAL SECTION 23, TOWNSHIP 12 SOUTH, RANGE 4 WEST, SAN BERNARDINO MERIDIAN, BEING WITHIN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID PARCEL; THENCE EASTERLY ALONG THE NORTHERLY LINE OF SAID PARCEL, SOUTH 89° 26' 1411 EAST, 1347.93 FEET (RECORD: SOtITH 89° 27' 42" EAST, 1347,93 PM 1188), TO THE NORTHEAST CORNER OF SAID PARCEL 2; THENCE SOtITHERLY ALONG THE EASTERLY LINE OF SAID PARCEL, SOtITH 0° 33' 08" WEST, 6.99' (RECORD: SOtITH 0° 33' 17 11 WEST, PM 1188), TO A LINE BEING 45,00 FEET WESTERLY AND PARALLEL WITH THE CENTERLINE OF EL CAMINO REAL AS SHOWN ON ROAD SURVEY 1800-1; THENCE SOUTI!ERLY AND PARALLEL WITH SAID CENTERLINE, SOtITH 37° 03' 37" WEST, 293.58 FEET (RECORD: SOtITH 37° 03 1 56" WEST, RS, 1800-1), TO THE BEGINNING OF A TANGENT 1545.00 FOOT RADIUS CURVE, CONCAVE SOUTHEASTERLY, THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 24° 37' 58 11 1 A DISTANCE OF 664.24 FEET, TO AN INTERSECTION WITH THE SOtITHERLY LINE OF THE ABOVE DESCRIBED PARCEL 2; TiENCE WESTERLY ALONG SAID SOtITHERLY LINE, NORTH 89° 32' 21 11 WEST, 903.35 FEET (RECORD: NORTH 89° 32' 01" WEST, PM 1188), TO THE SOtITHWEST CORNER OF SAID PARCEL 2; THENCE NORTHERLY ALONG THE WESTERLY LINE OF SAID PARCEL 2, NORTH 0° 33' 53" EAST, 845.89 FEET (RECORD: NORTH 0° 34' 26" EAST, PM 1188), TO THE POINT OF BEGINNING. EXCEPTING THEREFROM ALL BUILDINGS AND IMPROVEMENTS NOW OR HEREAFTER LOCATED ON SAID LAND GRANTED IN THAT CERTAIN MEMO,.RANDUM OF LEASE DATED /1),Xl-<t ~ TO LA TERRAZA ASSOCIATES RECORDED {l-t./-'--/ l{ IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY. PARCEL B: ALL BUILDINGS AND IMPROVEMENTS NOW OR HEREAFTER LOCATED ON SAID LAND GRANTED IN THAT CERTAIN ME!?RANDUM OF LEASE DATED /Q--.)_'g~qt{TO LA TERRAZA ASSOCIATES RECORDED //-'(-9 IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, SITUATED ON THE FOLLOWING DESCRIBED PROPERTY: PARCEL l OF CERTIFICATE OF COMPLIANCE RECORDED JULY 1 1 1994 AS FILE NO. 1994-0418120, OFFICIAL RECORDS AND DESCRIBED AS FOLLOWS: ALL THAT PORTION OF PARCEL 2 OF PARCEL MAP 1188, RECORDED: DECEMBER 20, 1972, AS FILE NO. 340334, BEING A PORTION OF FRACTIONAL SECTION 23, TOWNSHIP 12 SOUTH I RANGE 4 WEST, SAN BERNARDINO MERIDIAN, BEING WITHIN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, BEING MORE PARTICULARl.,Y DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID PARCEL; THENCE EASTERLY ALONG THE NORTHERLY LINE OF SAID PARCEL, SOUTH 89° 26' 14" EAST, 1347.93 FEET (RECORD: SOUTH 89° 27' 42 11 EAST, 1347.93 PM 1188), TO THE NORTHEAST CORNER OF SAID PARCEL 2; THENCE SOtITHERLY ALONG THE EASTERLY LINE OF SAID PARCEL, SOtITH 0° 33' 08" WEST, 6. 99' (RECORD: SOtITH 0° 33' 17" WEST, PM 1188), TO A LINE BEING 45. 00 N .. .., \ FEET WESTERLY AND PARALLEL WITH THE CENTERLINE OF EL CAMINO REAL AS SHOWN ON ROAD SURVEY 1800-1; THENCE SOUTHERLY AND PARALLEL WITH SAID CENTERLINE, SOUTH 37° 03' 37" WEST, 293.58 FEET (RECORD: SOUTH 37° 03' 56" WEST, RS. 1800-1), TO THE BEGINNING OF A TANGENT 1545.00 FOOT RADIUS CURVE, CONCAVE SOUTHEASTERLY, THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 24° 37' 58", A DISTANCE OF 664.24 FEET, TO AN INTERSECTION WITH THE SOUTHERLY LINE OF THE ABOVE DESCRIBED PARCEL 2; THENCE WESTERLY ALONG SAID SOUTHERLY LINE, NORTH 89° 32' 21" WEST, 903.35 FEET (RECORD: NORTH 89° 32' 01" WEST, PM 1188), TO THE SOUTHWEST CORNER OF SAID PARCEL 2; THENCE NORTHERLY ALONG THE WESTERLY LINE OF SAID PARCEL 2, NORTH 0° 33' 53" EAST, 845. 89 FEET (RECORD: NORTH 0° 34' 26" EAST, PM 1188), TO THE POINT OF BEGINNING, WHICH BUILDINGS AND IMPROVEMENTS ARE AND SHALL REMAIN REAL .PROPERTY.