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HomeMy WebLinkAboutZC 00-11; Carlsbad Apts LP; 2005-0579758; Affordable Housing-Regulatory Agreement & Dec. of Restrictive CovenantsDOC # 2005-0579758 2';' AND WHEN RECORDED MAIL TO: City of Carlsbad City Clerk's Office Attn. City Clerk 1200 Carlsbad Village Drive JUL 11.2005 9:05 AM I 111111 ll111U1111111111111 Ulll Ill11 Ulll Rlllll111 lllll11111 lllll Ulil I1 I I 111 Carlsbad, CA 92008 (apace aaovejor Kecoraer s use) REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS This Regulatory Agreement and Declaration of Restrictive Covenants (the "Agreement") is made and entered into as of this 21st day of June, 2005, by and between the City of Carlsbad, a municipal corporation (the "City"), and Carlsbad Apts. L.P., a Nevada limited partnership ("Owner"). RECITALS 1. The City and Owner have entered into that certain Affordable Housing Agreement Imposing Restrictions on Real Property dated August 16, 2004, which was recorded on September 2, 2004, in the Official Records of San Diego County as Document No. 2004- 0842034. The Affordable Housing Agreement (the "Affordable Housing Agreement") set forth the affordable housing requirements for the Summit Apartment Project, located on the real property in the City of Carlsbad, County of San Diego, which such real property is more particularly described in Exhibit A attached hereto and incorporated herein (the "Property''). 2. The Owner intends to develop one hundred forty-three (143) residential apartment units within the Summit Apartment Project. Of the one hundred forty-three (143) residential apartment units, twenty nine (29) units ("Low Income Units") will be restricted to and affordable to low income households. The Low Income Units will be developed to meet the inclusionary housing requirement of the Summit Apartment Project. The Low Income units shall be disbursed throughout the development to prevent concentration in a single building. The Owner will provide the City with a summary of the unit distribution for review and approval prior to occupancy of the low income units. 4. Owner has agreed to observe all the terms and conditions set forth below. 5. In order to ensure that the entire Development will be used and operated in accordance with these conditions and restrictions, the City and the Owner wish to enter into this Agreement. THEREFORE, the City and the Owner hereby agree as follows: A- 1 ARTICLE 1 - DEFINITIONS 1.1 Definitions When used in this Agreement, the following terms shall have the respective meanings assigned to them in this Article 1. (a) "Agreement'' shall mean this Regulatory Agreement and Declaration of Restrictive Covenants. (b) "City" shall mean the City of Carlsbad, a municipal corporation. (c) "Development'l shall mean the Property and the one hundred forty-three (1 43) residential apartment units to be constructed on the Property, as well as all landscaping, roads and parking spaces existing thereon, as the same may from time to time exist. (d) "Gross Income" shall mean the total anticipated annual income of all persons in a household, as calculated in accordance with 25 California Code of Regulations Section 6914 or pursuant to a successor State housing program that utilizes a reasonably similar method of calculation of gross income. In the event that no such successor program exists, the City shall provide the Owner with a reasonably similar method of calculation of gross income as provided in said Section 6914. (e) "HCD" shall mean the California Department of Housing and Community Development. (f) "LOW Income Household" shall mean a household whose annual gross income does not exceed sixty percent (60%) of the Area Median Income, adjusted for household size. (g) "Low Income Units" shall mean the Units limited to occupancy by Low Income Households pursuant to Section 2.1 below. (h) "Market Rate Unit" shall mean the Units limited to occupancy by non-low Income eligible Households, pursuant to Section 2.1 below. (i) "Median Income'' shall mean the median gross yearly income adjusted for actual household size, in the County of San Diego, California, as published from time to time by the U.S. Department of Housing and Urban Development. In the event that such income determinations are no longer published, or are not updated for a period of at least eighteen (1 8) months, the City shall provide the Owner with other income determinations which are reasonably similar with respect to methods of calculation to those previously published by HCD. (j) "Owner" shall mean Carlsbad Apts. L.P., a Nevada limited partnership and their successors in interest to the Development. A-2 (k) "Project" shall mean the Summit Apartment Project which shall not exceed one hundred forty-three (1 43) residential apartment units. (1) "Property" shall mean the real property described in Exhibit A attached hereto and incorporated herein. (m) "Rent" shall mean the total of monthly payments by the tenants of a Unit for the following: use and occupancy of the Unit and land and associated facilities, including parking; any separately charged fees or service charges assessed by Owner which are required of all tenants, other than security deposits; an allowance for the cost of an adequate level of service for utilities paid by the tenant, including garbage collection, sewer, water, electricity, gas and other heating, cooking and refrigeration fuel, but not telephone service; any other interest, taxes, fees or charges for use of the land or associated facilities and assessed by a public or private entity other than the Owner, and paid by the tenant. (n) "Term" shall mean the period of time beginning on the date of recordation of this Agreement and ending fifty-five (55) years after the Final Inspection approval for the entire affordable project. (0) "Units" shall mean twenty nine (29) units to be constructed on the Property by the Owner, which are offered for rent to and which shall be affordable to low income households. ARTICLE 2 - AFFORDABILITY COVENANTS 2.1 Occupancy Requirement. The Low Income Units shall be rented and occupied by or, if vacant, available for rental and occupancy by Low Income Households. The low income units shall be disbursed throughout the development and shall not be concentrated within a single building. The Owner shall submit a summary of the unit distribution to the City for review and approval prior to occupancy of the units; provided, however, that as of the date hereof, the City has approved such a summary of unit distribution pursuant to a separate correspondence, which such summary of unit distribution may be modified by a written letter agreement between the City and the Owner. 2.2 Allowable Rent. (a) The monthly Rent charged the occupants of the Low Income Units shall not exceed one-twelfth of thirty percent (30%) of sixty (60%) of Median Income, adjusted for household size. The monthly Rent charged the occupants of the Market Rate Units shall be established by the Owner. (b) Subject to Section 2.3 below, in calculating the allowable Rent for all Units, the following assumed household sizes shall be utilized: Number of Bedrooms Assumed Household Size Studio 1 A-3 One Two Three 1.5 3.5 4.5 2.3 Increased Income of Occupying Households. In the event, upon annual recertification of an occupant household's income, the Owner discovers that a Low Income Household no longer qualifies as a Low Income Household, but the household income does not exceed 90% of the Area Median Income, such household's Unit shall continue to be considered a Low Income Unit, and the Rent shall remain at the allowable rent set forth in Section 2.2 above. In the event, upon annual recertification of an occupant household's income, the Owner discovers that a Low Income Household no longer qualifies as a Low Income Household and the household's income exceeds 90% of the Area Median Income, such household's Unit shall be considered a Market Rate Unit, and the Rent may be increased to the levels charged to Market Rate Households, and the Owner shall rent the next available Unit to a Low Income Household to comply with the requirements of Section 2.1 above. Moreover, a Unit occupied by a Low Income Household shall be deemed, upon the termination of such Low Income Household's occupancy, to be continuously occupied by a Low Income Household, as applicable, until reoccupied, at which time the character of the Unit shall be redetermined. 2.4 Lease Provisions. Owner shall include in leases for all Units provisions which authorize the Owner to immediately terminate the tenancy of any household one or more of whose members misrepresented any fact material to the household's qualification as a Low Income Household. Each lease or rental agreement shall also provide that the household is subject to annual certification in accordance with Section 3.1 below, and that, if the household's income increases above the applicable limits for a Low Income Household, such household's Rent may be subject to increase. 2.5 Section 8 Certificate Holders. For the Low Income Units, the Owner will accept as tenants, on the same basis as all other prospective tenants, persons who are recipients of federal certificates for rent subsidies pursuant to the existing housing program under Section 8 of the United States Housing Act, or its successor. The Owner shall not apply selection criteria to Section 8 voucher holders that is more burdensome than criteria applied to all other prospective tenants, nor shall the Owner apply or permit the application of management policies or lease provisions with respect to the Development which have the effect of precluding occupancy of units by such prospective tenants. 2.6 Condominium Conversion. The Owner shall not convert Development units to condominium or cooperative Ownership or sell condominium or cooperative conversion rights to the Property during the Term of this Agreement. ARTICLE 3 - INCOME CERTFICATION AND REPORTING 3.1 Income Certification. The Owner will obtain, complete and maintain on file, immediately prior to initial occupancy and annually thereafter, income certifications from each A-4 Low Income Household. The Owner shall make a good faith effort to verify that the income provided by an applicant or occupying household in an income certification is accurate by taking one or more of the following steps as a part of the verification process: (1) obtain pay stubs for the four (4) most recent pay period; (2) obtain income tax returns for the two (2) most recent tax years; (3) conduct a credit agency or similar search; (4) obtain an income verification form from the applicant's current employer; (5) obtain an income verification form from the Social Security Administration and/or the California Department of Social Services if the applicant receives assistance from either of such agencies; or (6) if the applicant is unemployed and has no such tax return, obtain another form of independent verification. Copies of tenant income certifications shall be available to the City upon written request. 3.2 Annual Report to City. Each year the Owner shall submit an annual report to the City, in a form approved by the City. The annual report shall include for each Unit covered by this Agreement, the Rent and the income and household size of the household occupying the Unit. The report shall also state the date the tenancy commenced for each rental Unit and such other information as the City may be required by law to obtain. 3.3 Additional Information. Beginning the first June 1'' after the final Certificate of Occupancy for the Development, the Owner shall provide any additional information regarding the Low Income Units and the Owner's obligations under this Agreement that is reasonably requested by the City. Upon 5 days prior written request and during regular business hours, the City shall have the right to examine and make copies of all books, records or other documents of the Owner that pertain to any Unit. 3.4 Records. Owner shall maintain complete, accurate and current records pertaining to the Units, and, upon 5 days prior written request by the City, shall permit any duly authorized representative of the City to inspect records, including records pertaining to income and household size of tenant households. 3.5 Welfare Reform Act Compliance. If and to the extent applicable, and unless Owner is otherwise exempt from the following requirement under applicable law, Owner shall comply with the requirements of the Public Responsibility and Work Opportunity Reform Act of 1996, as amended, including, without limitation, verifying the citizenship or immigration status of prospective tenants for the Units in accordance with the verification procedures established under such Act. ARTICLE 4 - OPERATION OF THE DEVELOPMENT 4.1 Residential Use. The Development shall be operated only for residential use. No part of the Development shall be operated as transient housing. 4.2 Compliance with Affordable Housing Agreement. Owner shall comply with all the terms and provisions of the Affordable Housing Agreement. A-5 4.3 Taxes and Assessments. Owner shall pay all real and personal property taxes, assessments and charges and all franchise, income, employment, old age benefit, withholding, sales, and other taxes assessed against it, or payable by it, at such times and in such manner as to prevent any penalty from accruing, or any lien or charge from attaching to the Property; provided, however, that the Owner shall have the right to contest in good faith, any such taxes, assessments, or charges. In the event the Owner exercises its right to contest any tax, assessment, or charge against it, Owner, on final determination of the proceeding or contest, shall immediately pay or discharge any decision or judgment rendered against it, together with all costs, charges and interest. 4.5 Nondiscrimination. All of the Units shall be available for occupancy on a continuous basis to members of the general public who are income eligible. Owner shall not give preference to any particular class or group of persons in renting or selling the Units, except to the extent that the Units are required to be leased to Low Income Households or to Carlsbad Redevelopment Agency or City displacees pursuant to Section 4.6 below. There shall be no discrimination against or segregation of any person or group of persons, on account of race, color, creed, religion, sex, sexual orientation, marital status, national origin, or ancestry, in the leasing, subleasing, transferring, use, occupancy, tenure, or enjoyment of any Unit nor shall Owner or any person claiming under or through the Owner, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy, of tenants, lessees, sublessees, subtenants, or vendees of any Unit or in connection with the employment of persons for the operation and management of the Development. All deeds, leases or contracts made or entered into by the Owner as to the Units or the Development or portion thereof, shall contain covenants concerning discrimination as prescribed by the Affordable Housing Agreement. ARTICLE 5 - PROPERTY MANAGEMENT AND MAINTENANCE 5.1 Management Responsibilities. The Owner is responsible for all management functions with respect to the Development, including without limitation the selection of tenants, certification and recertification of household size and income, evictions, collection of rents and deposits, maintenance, landscaping, routine and extraordinary repairs, replacement of capital items, and security. The City and the Agency shall have no responsibility over management of the Development. The Owner shall retain a professional property management company approved by the City in its reasonable discretion to perform its management duties hereunder, unless the s demonstrate to the City that it has the capacity to self-manage the Development and receives written City approval for self-management. A resident manager shall also be required, selection of whom shall be at the discretion of the Owner. 5.2 Management Agent; Periodic Reports. The Development shall at all times be managed by an experienced management agent reasonably acceptable to the City, with demonstrated ability to operate residential facilities like the Development in a manner that will provide decent, safe, and sanitary housing (as approved, the "Management Agent"). Prior to the A-6 first occupancy permit for any building within the Development, the Owner shall submit for the City's approval the identity of any proposed Management Agent. The Owner shall also submit such additional information about the background, experience and financial condition of any proposed Management Agent as is reasonably necessary for the City to determine whether the proposed Management Agent meets the standard for a qualified Management Agent set forth above. If the proposed Management Agent meets the standard for a qualified Management Agent set forth above, the City shall approve the proposed Management Agent by notifjmg the Owner in writing. Unless the proposed Management Agent is disapproved by the City within thirty (30) days, which disapproval shall state with reasonable specificity the basis for disapproval, it shall be deemed approved. 5.3 Performance Review. The City reserves the right to conduct an annual (or more frequently, if deemed necessary by the City) review of the management practices and financial status of the Development. The purpose of each periodic review will be to enable the City to determine if the Development is being operated and managed in accordance with the requirements and standards of this Agreement. The Owner shall cooperate with the City in such reviews. 5.4 Replacement of Management Agent. If, as a result of a periodic review, the City determines in its reasonable judgment that the Development is not being operated and managed in accordance with any of the material requirements and standards of this Agreement, the City shall deliver notice to the Owner of its intention to cause replacement of the Management Agent, including the reasons therefore. Within fifteen (1 5) days of receipt by the Owner of such written notice, City staff and the Owner shall meet in good faith to consider methods for improving the financial and operating status of the Development, including, without limitation, replacement of the Management Agent. If, after such meeting, City staff reasonably determines that the Managing Agent is not adequately performing and recommends in writing the replacement of the Management Agent, Owner shall, as soon as reasonably practical, but in no event less than thirty (30) days, terminate the then Management Agent, and shall appoint as the Management Agent a person or entity meeting the standards for a Management Agent set forth in Section 5.2 above and approved by the City pursuant to Section 5.2 above. Any contract for the operation or management of the Development entered into by the Owner shall provide that the contract can be terminated as set forth above. Failure to remove the Management Agent in accordance with the provisions of this Section shall constitute default under this Agreement, and the City may enforce this provision through legal proceedings as specified in Section 6.3. 5.5 Approval of Management Policies. The Owner shall submit its written management policies with respect to the Development to the City for its review, and shall amend such policies in any way necessary to ensure that such policies comply with the provisions of this Agreement. A-7 5.6 Property Maintenance. The Owner agrees, for the entire Term of this Agreement, to maintain all interior and exterior improvements, including landscaping, on the Property in good condition and repair (and, as to landscaping, in a healthy condition) and in accordance with all applicable laws, rules, ordinances, orders and regulations of all federal, state, county, municipal, and other governmental agencies and bodies having or claiming jurisdiction and all their respective departments, bureaus, and officials. The City places prime importance on quality maintenance to ensure that all affordable housing projects within the City are not allowed to deteriorate due to below-average maintenance. Normal wear and tear of the Development will be acceptable to the City assuming the Owner agree to provide all necessary improvements to assure the Development is maintained in good condition. The Owner shall make all repairs and replacements necessary to keep the improvements in good condition and repair. In the event that the Owner breaches any of the covenants contained in this section and such default continues for a period of five (5) business days after written notice from the City with respect to graffiti, debris, waste material, and any other matter posing a threat to the health and safety of the tenants, or thirty (30) days after written notice with respect to general maintenance, landscaping and building improvements, (and subject to any stricter requirements included in any applicable City ordinance) then the City, in addition to whatever other remedy it may have at law or in equity, shall have the right to enter upon the Property and perform or cause to be performed all such acts and work necessary to cure the default. Pursuant to such right of entry, the City shall be permitted (but is not required) to enter upon the Property and perform all acts and work necessary to protect, maintain, and preserve the improvements and landscaped areas on the Property, and to attach a lien on the Property, or to assess the Property, in the amount of the reasonable expenditures arising from such acts and work of protection, maintenance, and preservation by the City and/or costs of such cure, including an administrative charge equal to ten percent (I 0%) of such expenditures, which amount shall be promptly paid by the Owner to the City upon demand. ARTICLE 6 - MISCELLANEOUS 6.1 Term. The provisions of this Agreement shall apply to the Property for the entire Term as defined in Section 1 above. This Agreement shall bind any successor, heir or assign of Owner, whether a change in interest occurs voluntarily or involuntarily, by operation of law or otherwise, except as expressly released by the City in a writing. Upon the expiration of the Term of this Agreement, and provided the Owner has not breached any of the terms of this Agreement, the City shall execute and deliver a release, in recordable form, to the Owner or its successor in interest, a release from any burden or obligation of this Agreement or the Affordable Housing Agreement. 6.2 Covenants to Run With the Land. The City and the Owner hereby declare their express intent that the covenants and restrictions set forth in this Agreement shall run with the land, and shall bind all successors in title to the Property, provided, however, that on the expiration of the Term of this Agreement said covenants and restrictions shall expire. Each and A- 8 every contract, deed or other instrument hereafter executed covering or conveying the Property or any portion thereof shall be held conclusively to have been executed, delivered and accepted subject to such covenants and restrictions, regardless of whether such covenants or restrictions are set forth in such contract, deed or other instrument, unless the City expressly release such conveyed portion of the Property from the requirements of this Agreement. 6.3 Enforcement bv the City. If the Owner fails to perform any obligation under this Agreement, and fail to cure the default within 30 days after the City has notified the Owner in writing of the default or, if the default cannot be cured within 30 days, failed to commence to cure within 30 days and thereafter diligently pursue such cure to completion within ninety (90) days, the City shall have the right to enforce this Agreement by any or all of the following actions, or any other remedy provided by law. (a) Action to Compel Performance or for Damages. The City may bring an action at law or in equity to compel Owner’s performance of its obligations under this Agreement, and/or for damages. (b) Remedies Provided Under Affordable Housing Agreement. The City may exercise any other remedy provided under the Affordable Housing Agreement. 6.4 Recording and Filing. The City and the Owner shall cause this Agreement, and all amendments and supplements to it, to be recorded against the Property in the Official Records of the County of San Diego. 6.5 California. Governing Law. This Agreement shall be governed by the laws of the State of 6.6 Amendments. This Agreement may be amended only by a written instrument executed by all the parties hereto or their successors in title, and duly recorded in the real property records of the County of San Diego, California. 6.7 Notice. All notices given or certificates delivered under this Agreement shall be deemed received on the delivery or refusal date shown on the delivery receipt, if: (i) personally delivered by a commercial service which furnishes signed receipts of delivery or (ii) mailed by certified mail, return receipt requested, postage prepaid, addressed to the party to receive such notice at the addresses set forth below. Any of the parties may, by notice given hereunder, designate any firther or different addresses to which subsequent notices, certificates or communications shall be sent. TO THE CITY OF CARLSBAD: CITY OF CARLSBAD Housing and Redevelopment Department Attn: Housing and Redevelopment Director 2965 Roosevelt Street, Suite B A-9 Carlsbad, California 92008-2389 TOTHEDEVELOPER: CARLSBAD APTS., LP C/O 3993 Howard Hughes Parkway, Suite 450 Las Vegas, NV 89 109 Fax No. (702) 734-4645 All notices given under this Agreement with respect to any and all defaults by the Owner, but not successor owners, shall also be delivered to the following parties set forth below. These parties, the Owner’s lenders, shall be provided with a thirty (30) day opportunity to cure any default of Owner. Such notices are governed by the same procedures mentioned above. Prudential Summit Carlsbad General Partnership c/o The Prudential Insurance Company of America 8 Campus Drive, 4th Floor Parsippany, New Jersey 07054 Attn: Charles Walters Bank One, NA Western Region Real Estate P.O. Box 29542 Dept. AZ1-1321 Phoenix, Arizona 85038 Attn: Gail Grace 6.9 Severability. If any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining portions of this Agreement shall not in any way be affected or impaired thereby. - 6.10 Estoppel Certificates. No later than thirty (30) days after Owner’s written request for an estoppel certificate, the City shall provide an estoppel certificate to the Owner in favor of any person identified by Owner, that (except as set forth on a schedule to the estoppel certificate) there are (a) no defaults by Owner under the Regulatory Agreement, (b) the City has neither made nor investigated nor is the City about to make, any claim, pursue any judgement, cause of action, and Owner has no unhlfilled monetary obligations in favor of the City, any of which such matters have arisen out of or related to the Regulatory Agreement, (c) there are no amendments, modifications or other changes to the Regulatory Agreement, except as set forth in the copy of the attached instrument, (d) the attached copy of the Regulatory Agreement is a true, correct and complete copy of the Regulatory Agreement and (e) any other matter that Owner or any lender, prospective lender or purchaser or prospective purchaser may reasonably request. 6.11 Lenders. The City acknowledges and consents to the liens and security interests created by those certain loans and encumbrances secured by the Property granted by Owner in A-10 favor of Prudential and Bank One or their respective successors and assigns (collectively the “Lenders”). The City hereby expressly consents to the exercise of Lenders’ rights and remedies in and against the Property (whether pursuant to the loan documents or at law or equity), including, without limitation, any foreclosure or deed in lieu of foreclosure and any subsequent sale of the Property and the City agrees to recognize any such new owner of the Property and hereby consents to any such new owner as an assignee of this Agreement and shall release Owner upon such assumption of all obligations set forth in the Regulatory Agreement by the new owner of the Property. IN WITNESS WHEREOF, the City and the Owner have executed this Agreement by duly authorized representatives, all on the date first written above. OWNER Carlsbad Apts. L.P., a Nevada limited partnership By: Carlsbad Apts MM, Inc. a Nevada corporation Its General Partner By: Name: Mark H. Caudy Title: President By: Name: ’Steven D. Molasky Title : S ecretary/Treasurer CITY CITY OF CARLSBAD, A Municipal Corporation Sandra L. Holder Community Development Director APPROVED AS TO FORM: RONALD R. BALL, CITY ATTORNEY uistant City Attorney If required by City, proper notarial acknowledgment of execution by Developer must be attached. If a Corporation, Agreement must be signed by one corporate officer from each of the following two groups. *Group A. Chairman, President, or Vice-president **Group B. Secretary, Assistant Secretary, CFO or Assistant Treasurer Otherwise, the corporation must attach a resolution certified by the secretary or assistant secretary under corporate seal empowering the officer(s) signing to bind the corporation. A-1 1 .1 . ‘t ) ss. COUNTY OF &\ Wk ) On (01 2 I ,2005, before me,m?&u personally appeared personally known to me (or proved to me on the basis of satisfactory evident;) to the person(s) whose name(s) idare 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 hishedtheir 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. Notary Public in and for said State (SEAL) My Appointment Expires A-12 EXHIBIT A LEGAL DESCRIPTION OF SUBJECT PROPERTY A-13 -11- Au THAT PORTION OF PARCEL "A" AS s" BY CERTIFICATE OF COnPLIANCB RBcm~~rn JULY 15, 2003 As FILE NO. 2003-0838234 OF OFFICIAL RECORDS OF SAW DIEGO COUUlY, CALIFORNIA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: THOSE PORTIONS OF LOTS 3 AND 4 OF SECTION 32, TWNSHIP 11 SOURI, RANGE 4 WESp, SAN BBRNARDIMO BASE AblD MERIDIAN, AND PARCEL 2 OF PARCBL MAP NO. 4838, IN THE CITY OF OF SAN DIBOO, STATE OF CALIFORNIA, PILED Ju#B 18,1976 IN THB OFFICE OF COUNTY RECORDER OF SAN DIEGO COUNTY, AS DISUOSBD BY CERTIFICATB OF COMPLIANCE RECORDED JANUARY 24, 1985 AS FILE NO. 85-024949 OF OFFICIAL RECORDS, MORE PARTICULARLY DeSCRIBED AS FOLulwS: COMMENCINO AT THE NOR-Y CORNER OF !%ID fMT 4, BEING AN ANGLE POINT IN THE WXINDARY OF PARCEL 2 AS SHOWN OLS PARCEL MAP 487, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO CooNTY, MARCH 30, 1971; THENCE ALONG THE SOUTHERLY PROLONGATION OF THE EASTERLY LINE OF SAID PARCXL 2 OF PARCEL MAP 487, SWTH 00°48'25" WBST, 525.95 FEET TO A POINT ON THE NORTHERLY BOUNXMRY OF MARRW ROAD DESCRIBED IN DEED To THE CITY OF CXRLSBAD, RECORDED MAY 23,1973 AS DOCWENT NO. 73-144269 OF OFFICIAL RECORDS, SAID POINT BEINO Atso THE TRUE POINT OF BBGINNIM3; THEWCB AIx)No SAID NORTHERTY BOUNDARY OF MARRW ROAD SOUTH 81°06'26m WEST, A DISTAUCB OF 212.49 FEET TO THE BBGINNILJO OF A TANGENT CURVB CONCkVE WY, HAVING A RADIUS OF 1008.00 Fm; THENCE WESTERLY ALONG SAID CURVE THRoclGH A CENTRAL ANGLE OF 04°36'26a, A# ARC DISTANCB OF 81.05 FEET; THENCE SWTH 76°30'00" WEST, A DISTANCE OF 59.06 FEET; THEblcE COdllJBR OF THB L?WD DESCRIBED 11s DEED TO LARWIN SAM DIEGO, INC., REa31RDgD DWER 29, 1972 AS FILE NO. 347021; 81O06'26' WEST, A DISTANCE OF 208.52 PBET TO THE NORTHwBsTgRLY "HEN- LBWIMG SAID NORTHBRLY BOUNDARY OF MARRo# RQRD NORTHERLY AIx31M3 THE PmTIoaS OF THE mY LINE OF SAID Dm TO LARnIlS SAM DIECK), I=. booRTH 04.19'29a WEST, A DISTANCB OF 74.41 2 OF PAR- MAP 487; TIlENcE AIx3No THE S-Y mY OF SAID PARCEL 2 OF PAR- MAP 487 NORTH 46°00'31m EAST, A DISTANCE OF 103.80 FEET TO THB MOST SoVllJERziY CORNER OE PARCEL 2 OF SAID PAR= MAP NO. 4838; To THE S-Y CORNER OF SAID PARCEL .. - THENCE THE WESTERLY LINE OF SAID PARCEL 2 OF SAID PARCEL MAP NO. 4838 NORTH 03009'03" WEST, A DISTANCE OF 599.40 F'EBP; THEtscE LEAVING SAID WESTERLY LINE NORTH 86O50'57" EAST, A DISTANCE OF 92-41 -; T"CB NORTH 65O40'28" EAST, A DISTANCE OF 115.19 FEET; THENCE NORTH 87O19'55" BAST, A D1S"CE OF 11.15 FEET; THENCE SOUTH 52°10'48n EAST. A DISTANCE OF 12.91 FEET, THENCE NORTH 74O12'22" EAST, A DISTANCE OF 52.63 FEET; ,THENCE SOVM 63°48'00w EAST, A DISTANCE OF 96.71 FEET; THBNCB NORTH 89O07'23" EAST, A DISTANCE OF 36.14 FEET; T"CB SOUTH 59O29'42" EAST, A DISTANCE OF 38.37 FEET; THENCE SOUTH 39@22'47" EAST, A DISTANCE OF 61.30 Pm; T"CE SOUTH 17O02'52" EAST, A DISTANCE OF 12.89 FEET; THENCE SOUTH 19°11'54n WEST, A DISTANCE OF 40.74 FEET; T"t3 SOUTH 0O034'05" WEST, A DISTANCE OF 32.59 FEET; THENCE SOVRI 14O22'51" EAST, A DISTANCE OF 67.04 FEET; THENm SWlM 85°33'44" EASP, A DISTANCE OF 123.74 FEET; THENCE SCKJl" 76°03'18" EAST, A DISTANCE OF 55.57 FEET; THENCE SOVIM 22819*31" EAST, A DISTANCE OF 57.20 FEET, THhlCB SOUTH 34O12'56" EAST, A DISTANCE O# 75.80 FEET; THENCE SOIITH 30O26'24" EAST, A DISTANCE OF 18.79 FEET; THBNCE NORTH 52O35'27" EASP, A DISTAMCE OF 15. 36 PEST; THENCE SOUTH 52°27'00n EAST, A DISTANCE OF 27.03 FEET; THENCE SCKCTH 39O06'22" BAST, A DISTANCE OF 72.19 Fm; TWENCE Sm 48°08'40" WBST, A DISTANCE OF 13.75 PEEET; mm SotlTw 34OS4'11 " BAST, A DISTANCE OF 35.62 FEET; l'€llBlC!B SOVFW 25*03,48. EAST, A DISTAWCE OF 53.72 FBBT; THEPSCE Sm 42°07*25a EAST, A DISTANCE OF 31.06 PBET; l%&WCB Sm 71°30'33" -, A DISTANCE OF 65.66 FBET; THENCE NORTH 68O36'43" EAST, A DISTANCE OF 22.32 FEET; THENCE NORTH 79O23'01" EAST, A DISTANCE OF 35-75 FEET; THEbICE SOUTH 57°03'48n EAST, A DISTANCE OF 6.75 FEE" TO A POINT ON THE NOR-Y BovNIlARY OF RANCHO AGUA "lIoNI1R ACCORDING TO THE PARTITION MAP - TwgRBop No. 823, FILED NmER 16,1896 IN THE OFFICE OF THE COUNTY RECDRDBR. OF SAN DIEGO COUNTY; THEN= AIDNG SAID NORTHWESTERLY BOUNDARY SOUTW 32"56'12' WEST, A DI!3"CE OF 55.88 FEgP TO A POINT ON SAID NORTHERLY BOUNDARY OF MARRON ROAD; THENCE ALOWG NORTHERLY BOUNLZARY SOW" 81O06'26" WEST, A DISTANCE OF 437.03 FEET TO THE TRul POINT OF BEGINNING.