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Home My WebLink About; MAAC Laurel Tree LP; 2024-0152468; Affordable Housing-Regulatory Agreement & Dec. of Restrictive Covenants';(. \\ RECORDING REQUESTED BY: Corinthian Title Company, Inc. AND WHEN RECORDED MAIL TO: City of Carlsbad-City Clerk 1200 Carlsbad Village Drive Carlsbad, CA 92008 APN : 212-040-59-00 Order No . 20 16150-HT DOC# 2024-0152468 1111111 11111 lllll 11111 1111111111 lllll lllll lllll lllll 111111111111111111 Jun 17, 2024 01 :11 PM OFFICIAL RECORDS JORDAN Z. MARKS, SAN DIEGO COUNTY RECORDER FEES: $0 00 (SB2 Atkins: $0.00) PCOR: NIA PAGES 11 ASSIGNMENT OF REGULATORY AGREEMENT AND DECLARATIOIN OF RESTRICT IVE COVENANTS (Please fill in documenttitle(s) on this line) 1 D Exempt from fee per GC27388.l due to being recorded in connection with concurrent transfer that is subject to the imposition of documentary transfer tax, or, 2 D Exempt from fee per GC27388.l due to being recorded in connection with a transfer that was subject to documentary transfer tax which was paid on document recorded previously on _______ (date) as document number ____________ of Official Records, or, 3 D Exempt from fee per GC27388 .1 due to the maximum fees being paid on documents in this transaction, or, 4 D Exempt from fee per GC27388.l due to the maximum fees having been paid on documents in the transaction(s) recorded previously on __________ (date) as document number(s) _______________________ of Official Records, or 5 D Exempt from fee per GC27388.1; document transfers real property that is a residential dwelling to an owner-occupier, or, 6 D Exempt from fee per GC27388. l due to being recorded in connection with concurrent transfer that is a residential dwelling to an owner-occupier, or, 7 D Exempt from fee per GC27388.1 due to it being recorded in connection with a transfer of real property that is a residential dwelling to an owner-occupier. The recorded document transferring the dwelling to the owner-occupier was recorded on __________ (date) as document number(s) ---------------------------------, or, 8 D Exempt from the fee per GC 27388.1 (a) (1); Not related to real property, or, 9 [Z] Exempt from fee under GC27388.1 for the following reasons: No fee for recording in accordance with Code Sections 27383 27388.1 THIS PAGE ADDED TO PROVIDESENATEBIL12EXEMPTIONINFORMAT1ON (Additional recording fee applies) RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Carlsbad City Clerk's Office 1200 Carlsbad Village Drive Carlsbad, CA 92008 No fee document pursuant to Government Code Section 27383 and 27388.1 (SPACE ABOVE THIS LINE FOR RECORDER'S USE) ASSIGNMENT OF REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS (Laurel Tree) This Assignment of Regulatory Agreement and Declaration of Restrictive Covenants (the "Assignment") is made as of June 1, 2024, by and among the City of Carlsbad, a municipal corporation (the "City"), Carlsbad Laurel Tree Apartments, L.P., a California limited partnership ("Assignor"), and MAAC Laurel Tree LP, a California limited partnership ("Assignee", and collectively with the City and the Assignor, the "Parties"). RECITALS A. The City made a loan Assignor in the original principal amount of Seven Hundred Thousand Dollars ($700,000) (the "City Loan") for the development of an affordable housing project located at 1301-134 7 Laurel Tree Lane, in the City of Carlsbad, California, as more particularly described in Exhibit A attached hereto, consisting of one hundred thirty-eight (138) units of housing affordable to very low-income and low-income households, including two (2) unrestricted manager's unit (collectively, the "Development"). B. In connection with the City Loan, Assignor and the City executed that certain Regulatory Agreement and Declaration of Restrictive Covenants dated as of June 11 , 1998 and recorded in the Official Records of San Diego County (the "Official Records") on December 8, 1998 as Instrument Number 1998-0794068 (the "Regulatory Agreement"), which, among other things, restricts sixty-seven (67) units in the Development to occupancy by very low-income households. C. Assignor desires to assign to Assignee, and Assignee desires to accept from Assignor, all of Assignor's rights, title, and interest in, and obligations under, the Regulatory Agreement. I 982\38\3 762713.2 D. City desires to consent to the assignment of Assignor's rights and obligations under the Regulatory Agreement from Assignor to Assignee. NOW, THEREFORE, the Parties agree as follows: 1. Assignment by Assignor. Assignor hereby assigns and delegates to Assignee, and Assignee hereby accepts from Assignor all of the Assignor's rights, title, and interest in, and obligations under, the Regulatory Agreement (the "Assignment"). 2. Acceptance of Assignment. Assignee hereby accepts the Assignment and hereby assumes, agrees, and undertakes to perform all of the obligations, covenants, and agreements of the Assignor pursuant to the Regulatory Agreement. 3. Release of Assignor. Assignee hereby releases Assignor from all obligations imposed under the Regulatory Agreement. 4. City Consent. The City consents to the Assignment and releases Assignor from all obligations imposed on Assignor under the Regulatory Agreement. 5. Notices. The notices to Borrower shall be delivered to the following addresses: To Borrower: MAAC Laurel Tree LP c/o MAAC Housing Corporation 1355 Third Avenue Chula Vista, CA 91911 Attn: President and CEO With a copy to: Goldfarb & Lipman LLP 1300 Clay Street, Floor 11 Oakland, CA 94612 Attn: Elizabeth Klueck and with a copy to the Borrower's limited partner: NEF Assignment Corporation IO South Riverside Plaza Suite 1700 Chicago, Illinois 60606 6. Limited Partner Cure Rights. The City shall accept or reject any cure tendered by the Assignee's limited partner as if same bas been tendered by Assignee. 2 l 982\38\3762713.2 7. Conflict. To the extent that the terms of this Assignment conflict with those of the Regulatory Agreement, this Assignment shall prevail. 8. Representations. Assignor hereby represents and warrants that Assignor has not previously assigned, pledged, hypothecated or otherwise transferred any of its rights under the Regulatory Agreement. 9. Full Force and Effect. Except as set forth in this Assignment, the Regulatory Agreement remains unmodified and is in full force and effect. 10. Successors and Assigns. This Assignment is binding on and inures to the benefit of the legal representatives, heirs, successors and assigns of the parties. 11 . California Law. This Assignment is governed by and construed in accordance with the laws of the State of California. 12. Counterparts. This Assignment may be signed by the different parties hereto in counterparts, each of which will be deemed an original but all of which together constitute one and the same agreement. [Signatures on following page] 3 I 982\38\3762713.2 IN WITNESS WHEREOF, the parties have executed this Assignment as of the day first above written. I 982\38\3 762713.2 ASSIGNOR: CARLSBAD LAUREL TREE APARTMENTS, L.P., a California limited partnership By: Metropolitan Area Advisory Committee on Anti-Poverty of San Diego County, Inc., a California non rofit public benefit corporation, By: ustin oye, Chief Financial Officer A \t~c.~ o.c..l<..-,o w\~G\~'IIUA'\,..\- ASSIGNEE: MAAC LAUREL TREE LP, a California limited partnership By: MAAC Laurel Tree MPG LLC, a California limited liability company, its general partner By: Metropolitan Area Advisory Committee on Anti-Poverty of San Diego County, Inc., a California nonprofit public benefit corporation, its managing member By: Austin F 4-\l.o.c. ~ Q. (. (( V\ 0 w \ ('.cl.5 Wl-C>1 +- [Signatures Continued on Following Page] [Signatures Must be Notarized] S-1 TRUE COPY CERTIFICATION (Government Code 27361. 7) San Diego Place of Execution partner Austin Foye, Chief Financial Officer I certify under penalty of perjury that this material is a true copy of the original material contained in this document. 6/13/2024 Date Signature of Declara nt Teri Hallameyer Type or Print Name 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 7X;\V'\ D \ <:C?> 0 _ On ~°1 3 0 1 '101 ~ before me, ,\o\\OY)Q. Covr a\ Nok( lt (insert name and title of the officer) <l , ~b\c..) \ personally appeared __._--+-'......._,,_t\-.c.....,...\ -'--{\-'--____.--="-=li«-'-------------------- who proved to me on the basis of satisfacto 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 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. Signature -..u-~::;_;;_----=-· -"---~=-'--..;..uJ ___ ·_ (Seal) CITY: CITY OF CARLSBAD, a municipal corporation By: Name: Geoff Patnoe [ts: Assistant City Manager APPROVED AS TO FORM AND LEGALITY BY: By: Name: Its: ~ Allegr • st ¥ ~ssi=::: [Signatures Musi be NotarizedJ S-2 I 982\38\3762713.2 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 ) • ) COUNTYO~~ ) -A _ //1J1 11 -Nufary On ...._ before me~ -Uo:d'-/Yk.nfu,li~ Public, personally appeared --L::Y..~'1.1.,A..1~-F""'-.A--'-....L.>o"""'"-----'~ho proved to me on the basis of satisfactory evidence to be the 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. 1982IJ8\3 762713.2 v..~~ Notary Public S-3 TAMARA R. CLOUD-MCMINN [ COMM. #2407464 z Notary Public • California ~ San Diego County .... Comm. ires June 8, 2026 EXHIBIT A LEGAL DESCRIPTION OF THE PROPERTY The land referred to herein below is situated in the County of SAN DIEGO, State of CALIFORNIA, and is described as follows: PARCEL A: PARCEL 1 OF PARCEL MAP NO. 15661, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, MAY 5, 1989 AS FILE NO. 89-239677 OF OFFICIAL RECORDS TOGETHER WITH PORTION OF THAT PARCEL OF LAND DESIGNATED AS "DESCRIPTION NO. 5", AS SHOWN AND DELINEATED OF RECORD OF SURVEY MAP NO. 5715, FILED IN THE OFFICE OF COUNTY RECORDER OF SAN DIEGO COUNTY, DECEMBER 19, 1960 BEING A PORTION OF LOT "G" OF RANCHO AGUA HEDIONDA, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 823 FILED -IN THE OFFICE OF COUNTY RECORDER OF SAN DIEGO COUNTY, NOVEMBER 16, 1896, DESCRIBED AS A WHOLE AS FOLLOWS: BEGINNING AT THE MOST NORTHERLY CORNER OF SAID PARCEL 1 OF PARCEL MAP NO. 15661 , SAID POINT BEING THE INTERSECTION OF THE CENTER LINE OF LAUREL TREE LANE AND THE NORTHERLY LINE OF SAID DESCRIPTION NO. 5; THENCE ALONG SAID NORTHERLY LINE, NORTH 83°40'44 EAST, 31.91 FEET; THENCE LEA VINO SAID NORTHERLY LINE ALONG THE EASTERLY LINE OF LAUREL TREE LANE, SOUTH 13°35'23" WEST, 15.90 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE NORTHEASTERLY, HA VINO A RADIUS OF 540.00 FEET; THENCE SOUTHWESTERLY AND SOUTHEASTERLY ALONG SAID CURVE 800.55 FEET THROUGH A CENTRAL ANGLE OF 84°56'26"; THENCE TANGENT TO SAID CURVE SOUTH 71 °21'03" EAST, 301.37 FEET; THENCE LEA VINO SAID EASTERLY LINE OF LAUREL TREE LANE, SOUTH 18°38'57" WEST, 30.00 TO A POINT ON THE MOST EASTERLY CORNER OF SAID PARCEL 1 OF PARCEL MAP NO. 15661 ALSO BEING A POINT ON A NON-TANGENT CURVE CONCAVE SOUTHERLY HA VINO A RADIUS OF 510.00 FEET, A RADIAL LINE TO SAID POINT BEARS NORTH 13°59'46" EAST; THENCE WESTERLY ALONG SAID CURVE AND ALONG THE SOUTHERLY BOUNDARY LINE OF PARCEL 1 OF SAID PARCEL MAP NO. 15661, 436.76 FEET THROUGH A CENTRAL ANGLE OF 49°04'04", THENCE TANGENT TO SAID CURVE SOUTH 54°55'42" WEST, 364.43 FEET TO A POINT ON THE MOST SOUTHERLY CORNER OF SAID PARCEL 1, ALSO BEING A POINT ON A NON-TANGENT CURVE CONCAVE SOUTHWESTERLY HA VINO A RADIUS OF 1349.00 FEET, A RADIAL LINE TO SAID POINT BEARS NORTH 54°54'52" EAST; THENCE NORTHWESTERLY ALONG SAID CURVE AND ALONG THE WESTERLY BOUNDARY LINE OF SAID PARCEL 1, 84.63 FEET THROUGH A CENTRAL ANGLE OF 03°35'40"; THENCE TANGENT TO SAID CURVE NORTH 38°40'48" WEST, 199.98 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE NORTHEASTERLY, HAVING A RADIUS OF 1451.00 FEET; THENCE NORTHWESTERLY ALONG SAID CURVE 732.98 FEET THROUGH A CENTRAL ANGLE OF 28°56'36U TO THE MOST NORTHWESTERLY CORNER OF SAID PARCEL 1; THENCE A-1 l 982\38\3762713.2 ALONG THE NORTHERLY BOUNDARY LINE OF SAID PARCEL 1 NORTH 71 °35'51" EAST, 560.32 FEET TO THE POINT OF BEGINNING. NOTE: SAID LAND IS FURTHER SET FORTH AND DESCRIBED AS PARCEL "B" PURSUANT TO THAT CERTAIN CERTIFICATE OF COMPLIANCE, RECORDED JULY 30, 1998 AS INSTRUMENT NO. 1998-0474922 OF OFFICIAL RECORDS. PARCELB: EASEMENTS FOR ROADWAY AND UTILITY PURPOSES OVER THOSE CERTAIN STRIPS OF LAND DESIGNATED AS "60.00 FOOT EASEMENT AND 66.00 FOOT EASEMENT RESERVED FOR ROADWAY AND UTILITY PURPOSES", AS SHOWN ON RECORD OF SURVEY MAP NO. 5715, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, DECEMBER 19, 1960, BEING A PORTION OF LOT "G" OF THE RANCHO AGUA HEDIONDA, IN THE COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 823, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, NOVEMBER 16, 1896. EXCEPTING FROM SAID 60.00 FOOT STRIP THAT PORTION WHICH LIES WITHIN PARCEL A ABOVE. Assessor's Parcel Number: 212-040-59-00 A-2 1982\38\3762713.2