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HomeMy WebLinkAbout; Aviara East Housing LP; 2025-0026217; Affordable Housing-Regulatory Agreement & Dec. of Restrictive CovenantsRecorded at the Request of Exempt from fee for recording Old Republic Title Company -pursuant to Government Code Oakland Section 27383 and 27388.1 \\, o v·) NO CHARGE ON TIDS DOCUMENT FOR THE BENEFIT OF THE CITY OF CARLSBAD Recording Requested By: When Recorded Mail To: Christensen & Spath LLP 401 West A Street, Suite 2250 San Diego, CA 92101 DOC# 2025-0026217 111111111111 lllll 11111111111111111111 lllll lllll lllll 111111111111111111 Jan 31, 2025 04:21 PM OFFICIAL RECORDS JORDAN Z. MARKS, SAN DIEGO COUNTY RECORDER FEES: $0.00 (SB2 Atkins: $0.00) PAGES: 8 FIRST AMENDMENT TO REGULATORY AGREEMENT (Aviara East Apartments) THIS FIRST AMENDMENT TO REGULATORY AGREEMENT ("Amendment") is dated as of the'J,\ day of January, 2025, by and between Aviara East Housing LP, a California limited partnership ("Developer") and the City of Carlsbad ("City"). RECITALS A. Developer is the owner of that certain real property ("Property") in the City of Carlsbad, County of San Diego, California, as more particularly described in that that certain Regulatory Agreement ("Regulatory Agreement") between the Developer and City dated as of November 15, 2022, which was recorded in the Office of the Recorder of the County of San Diego, State of California on November 22, 2022, as Instrument No. 2022-0446718. All terms not defined herein shall have the meanings set forth in the Regulatory Agreement. B. Developer and City desire to amend the Regulatory Agreement as set forth in this Amendment. The Regulatory Agreement provides that it may be modified only in writing signed by Developer and City (Regulatory Agreement, Section 17). NOW, THEREFORE, in consideration of their mutual promises and for full, adequate and valuable consideration the receipt and sufficiency of which are hereby acknowledged, Developer and City hereby amend the Regulatory Agreement and agree, promise and declare as follows: 1. Restatement of Section l(a), Table of Rent and Income Restriction Criteria, and Section l..(hl. Section l(a)-l(b) of the Regulatory Agreement is hereby amended and restated in its entirety to provide as follows: (a) Affordable Unit Restrictions. The following restrictions shall apply to the sixty-nine (69) Affordable Units. The restrictions set forth in the Table below shall establish the maximum rental rate, which shall be adjusted for household size appropriate for the unit. Rents shall also be adjusted to reflect a utility allowance. TABLE OF RENT AND INCOME RESTRICTION CRITERIA 1 TABLE OF RENT AND INCOME RESTRICTION CRITERIA NUMBER OF UNIT TYPE MAXIMUM MONTHLY MAXIMUM AFFORDABLE RENTS* INCOME OF UNITS ELIGIBLE TENANTS* 3 IBR 1112th of30% of Extremely Extremely Low Low 30%) AMI Level 30% AMI 3 IBR 1/12th of 30% of Very Low Very Low (50%) 50% AMI Level AMI 26 !BR 1112th of30% of Low (60%) Low ( 60%) AMI AMI Level 2 2BR l/J2th of30% of Extremely Extremely Low Low 30%) AMI Level 30%) AMI 2 2BR !/]2th of30% ofVery Low Very Low (50%) 50% AMI Level AMI 14 2BR J/121h of30% of Low (60%) Low (60%) AMI AMI Level 2 3BR 1/12111 of30% of Extremely Extremely Low Low 30%) AMI Level 30%) AMI 2 3BR I/121h of30% of Very Low Very Low (50%) 50% AMI Level AMI 15 3BR l/121h of30% of Low (60%) Low ( 60%) AMI AMI Level TOTAL -69 * AMI levels shall be the most restrictive of the HCD published Income Levels for 30% AMI Extreme! Low, 50% AMI Ver Low and 60% AMI or MTSP Income Levels (b) Eligible Tenants. "Eligible Tenants" are those tenants whose aggregate gross annual income does not exceed the respective percentages set forth in the Table of Rent and Income Restriction Criteria set forth in Section l(a), above, as adjusted for family size. For purposes of this Regulatory Agreement, the current annual area median income shall be the area median income defined by California Department of Housing and Community Development ("HCD") for the as the then current area median income for the San Diego-Carlsbad Metropolitan Statistical Area, as adjusted for family size. HCD publishes maximum income limits for Extremely Low Income 30% and Very Low Income 50%, but does not currently publish a maximum income level for 60% of Median Income. Until such a time that HCD published a 60% maximum income level, the HCD-referenced income level for Multifamily Tax Subsidy Projects can be utilized to identify 60% maximum income levels and maximum rent calculations. When determining income eligibility, Developer shall use actual household size. When determining rents, Developer shall use the household size appropriate for the unit as determined by the HCD. In the event HCD or CTCAC ceases to publish an established area median income as aforesaid, City may, in its sole discretion, use any other reasonably comparable method of computing adjustments in the area median income. Notwithstanding anything contained herein to the contrary, to the extent any other agreement contains restrictions applicable to the Property which limit the rent and/or occupancy of the Property, the most restrictive shall apply. 2. No Novation. This Amendment is made with respect to the Regulatory Agreement only; nothing contained herein or in any of the documents executed in conjunction herewith, shall be deemed an amendment, novation, waiver, exoneration, revision or restatement of any other 2 contract, instrument, deed of trust or agreement between the Developer and the City, or any portions thereof, and the same shall remain in full force and effect, notwithstanding the execution and recordation hereof. 3. General Provisions. (a) Counterparts. This Amendment may be executed in any number of counterparts and, as so executed, the counterparts shall constitute one and the same agreement. The parties agree that each such counterpart is an original and shall be binding upon all the parties, even though all of the parties are not signatories to the same counterpart. (b) Conflicts. In the event of any conflict between the Regulato1y Agreement or any document executed in conjunction therewith and this Amendment, this Amendment shall control. ( c) Recitals Incorporated. The Recitals to this Amendment are hereby incorporated into this Amendment by this reference. (d) Severability. If any provision of this Amendment is deemed to be invalid or unenforceable by a court of competent jurisdiction, that provision shall be severed from the rest of this Amendment and the remaining provisions shall continue in full force and effect. (e) Signature Authority. All individuals signing this Amendment for a party which is a corporation, partnership, limited liability company or other legal entity, or signing under a power of attorney, or as a trustee, guardian, conservator, or in any other legal capacity, covenant to the other parties hereto that they have the necessary capacity and authority to act for, sign and bind the respective entity or principal on whose behalf they are signing. DEVELOPER: AVIARA EAST HOUSING LP, a California limited partnership By: A viara East GP LLC, a California limited liability company Its: Managing General Partner By: BRIDGE Housing Corporation, a California nonprofit public benefit corporation Its: Sole Member and Manager ... , ' rt. 1' I h I .~-,, 1 -;' , · / 1 t;" ~-. _/ . ),, By. t_)\C\i\t{I {.,',ll. µu\(1,.,-"~Lt<l-& .::::A • ' I Name: Mary Jane Jagodzinski Its: Senior Vice President of Development 3 DEVELOPER: A VIARA EAST HOUSING LP, a California limited partnership By: A viara East GP LLC, a California limited liability company Its: Managing General Partner By: BRIDGE Housing Corporation, a California nonprofit public benefit corporation Its: Sole Member and Manager By: ---C,------f-+-"'---r--r------- N am e: nski Its: 1dent of Development ·2·1nS [SIGNATURES CONTINUED ON FOLLOWING 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, State of California County of San Diego accuracy, or validity of that document. ) ) ) On January 16, 2025 , 2024, before me, lain Michael Burns, Notary Public , notary public, personally appeared Mary Jane Jagodzinski who 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. 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. / Q -/J / ff'-Signature ~ 1,,-...,. 1 ~" (Seal) ~-···········f ~ > IAIN MICHAEL BURNS : " ; Notary Public • California j San Diego County l f Commission # 2475943 - c: My Comm. Expires Dec 11, 2027 5 [SIGNATURES CONTINUED ON FOLLOWING PAGE] 4 CITY: City of Carlsbad By:~--C?✓-- Geoff Patnoe, City Manager Approved as to form: City of Carlsbad Office of the City Attorney 5 CALIFORNIA ACKNOWLEDGMENT CIVIL CODE § 1189 oom£ !l 3 JO 8 O:OOOOQ!ll9 C Cg~ g:g ~g § § B moo ~ro 006) JOO@! 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~ D,~o On :S-M\All.v'.½/i71 2~ before m~, ~\Ja~.N'tlSfiY'-1 N~~\;C ... • ~te (). ~ Insert Name and Title o~r personally appeared ______ rr-"-L.--fl"'-t)-"-Pf?"---'-_9_.__,..(1--tn._"--· .:.....:;,,,D<.,cL,-,,,.,,,e__ ____________ _ Name(s} of Signer(s} who proved to me on the basis of satisfactory evidence to be the person(s/whose nameM is/ar~ subscribed to the within instrument and acknowledged to me that he/sh{lthrfy executed the same in his!hf !thfir authorized capacity(ies), and that by his/hir/thefir signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. Place Notary Sea/ and/or Stamp Above I certify under PENAL TY OF PERJURY under the, laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signatur OPTIONAL _ _:::,,....-:::;. ___________ _ Completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document. A.... Title or Type of Document:=Fi ct;l ~ b Rei5u.l~:cti V~ Document Date: __________________ __,~_ Number of Pages: ____ _ Signer(s) Other Than Named Above: ______________________ _ Capacity(ies) Claimed by Signer(s) Signer's Name: ____________ _ Signer's Name: ____________ _ o Corporate Officer -Title(s): ______ _ □ Corporate Officer -Title(s): ______ _ o Partner -□ Limited D General □ Partner -□ Limited □ General o Individual D Attorney in Fact □ Individual □ Attorney in Fact □ Trustee □ Guardian or Conservator □ Trustee □ Guardian or Conservator D Other: □ Other: ______________ _ Signer is Representing: _________ _ Signer is Representing: _________ _ ~ oa oo~ 00000000 e om o as ~c~~ ©2019 National Notary Association