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Home My WebLink AboutMS 96-08; Rancho Carlsbad Partners; 1998-0158219; Future Improvement Agreement/Release-‘\ ’ DOC : 1998-0158219 MAR 24s 1998 12=13 PM I RECORDING REQUESTED BY WHEN RECORDED MAIL TO oFFIcIk REm W DIEGO CaJNTy IEMIRDER’S OFFICE GREGMY ~.MTH, ~TYJEORDER : . City Clerk CITY OF CARLSBAD 265 1200 Carlsbad Village Dr. Carlsbad, CA. 92008 znrPc)t 43 pqvi+-w4 Space above this line for Recorder’s use. CITY OF CARLSBAD CONTRACT TO SECURE FUTURE PUBLIC IMPROVEMENTS Permit Nos. RMHP 96-01; MS 96-08 Parcel k+0%=3,24- 5 Nos. mq-060-03 THIS AGREEMENT is made by the City of Carlsbad, a municipal corporation, hereinafter referred to as “City”, and Ranch0 Carlsbad Partners, a California general partnership, hereinafter referred to as “Property Owner.” RECITALS 1 . WHEREAS, Property Owner (formerly organized as Ranch0 Carlsbad Tenants in Common Group) has applied to City for a Mobile Home Park Permit and Tentative Parcel Map for the real property hereinafter described, now under Property Owner’s ownership; and WHEREAS, it has been found that said property is not suitable for development in its present condition, however said property would be suitable for development if certain public improvements hereinafter described are constructed and certain irrevocable offers of dedication are made to City; and 1 ‘, 266 WHEREAS, the Municipal Code of City requires certain improvements and dedications as a condition of approval of this Mobile Home Park Permit and Tentative Parcel Map; and WHEREAS, Property Owner has requested that approval of said Mobile Home Park Permit and Tentative Parcel Map be granted by City in advance of the time said improvements are to be made; and WHEREAS, Property Owner arguably has a right to promise to pay for said improvements without the necessity of providing security for such payme ri t (pursuant to Government Code section 66428.1 (e)) and Property Owner III esires to unequivocally waive such right and provide security by this Agreement; and’ WHEREAS, Property Owner, in consideration of the approval of said’ Mobile Home Park Permit and Tentative Parcel Map, desires to enter into this agre L. ment securing the construction of said improvements, and City has determined it \o be in the public interest to agree to temporarily postpone said construction; ’ NOW, THEREFORE, IT IS AGREED between the parties hereto as do Ilows: Section I. That City agrees to record this agreement on the same day, and following recordation of Final Parcel Map MS 96-08. Section 2. That Property Owner, in lieu of making the hereinafter described improvements before approval of said Mobile Home Park Permit and Tent a tive Parcel Map is granted, and in full satisfaction of Condition Number IO of the Mobile Home Park Permit approval (Planning Commission Resolution No. 4033, as amended by a City Council minutes dated January 21, 1997) agrees to pay $318,000 f r the flood control improvements set forth in the amendment to the City of Carl&ad Master r 26, Drainage Plan (approved by City Council Resolution No. 96-403 on December 3, 1996), payable as follows: A. Annually commencing one (1) year after the date of the recordation of the Final Parcel Map (“Commencement Date”) and continuing annually thereafter on the anniversary date of the Commencement Date for nine (9) years, without invoice by City Director of Finance; VI Interest will be charged on the declining balance of the obligation. The interest rate applicable to the first twelve (12) month interval shall be six percent (6%). Thereafter, the interest rate for each successive twelve (12) month period shall be equal to the average yield of the City’s investment portfolio, determined as of December of each preceding year. (City will disclose this rate to Property Owner each year, as soon as it is reasonably available.) (2) The amount of each invoice will be calculated in accordance with the attached “EXAMPLE”, so that, absent any prepayments, the principle and interest are fully amortized within the ten (IO) years. B. City shall allow Property Owner to prepay at any time, and without penalty, any portion of the then outstanding principal. Property Owner shall require the Home Owners Association to make an election whether or not to allow individual airspace unit purchasers to prepay their “share” of the debt, prior to the delivery of the Final Public Report, and to treat all purchasers equally without preference, during the time required to retire the obligation created hereby. C. Property Owner shall establish a Reserve Account separate and distinct Ramho Carlsbad 3 Rev. 7/17/97 268 from all other accounts, into which payments of annual (or more frequent) installments (including total prepayments; if any) by owners of individual airspace units within the park shall be deposited in amounts sufficient to pay the annual payment to City when due. Section 3. That for the faithful performance of the promises and covenants herein contained, Property Owner hereby grants a lien for City’s benefit upon the hereinafter described property in the amount of $318,000, plus interest as set forth above. The lien hereby created shall only be subordinate and inferior to the Declaration of Establishment of Covenants, Conditions, and Restrictions (CC&R’s), the Condominium Plan, Final Parcel Map, and any recorded governmentally mandated restrictions on the property. Upon Property Owner’s failure to pay in accordance with Section 2, above, Property Owner agrees that City may pursue any remedy, legal or equitable (including those specifically referred to herein), for the foreclosure of this lien, and the Property Owner, Property Owner’s successors, heirs, assigns and transferees, shall be liable for reasonable attorney’s fees as a cost in said proceedings. Section 4. A. That at any time during the period herein provided, the Property Owner, Property Owner’s successors, heirs, assigns or transferees may post a surety performance bond satisfactory to the City to charge said surety with the payment of said amount pursuant to Section 2 hereof; the amount of bond to be the amount of the balance unpaid out of the total $318,000 plus interest, at the time of such deposit or posting as ascertained by the City Rancho Carlsbad 4 Rev. 7/17/97 269 Director of Finance, and that upon posting of said bond the City agrees to release the property, or any portion of it as to which said posting applies, from the provisions of this agreement, and to execute any necessary release to enable the record title of the property to be released from the lien herein imposed. City approvals may be granted by the Director of Finance, and shall not be unreasonably withheld. B. If Property Owner posts a surety performance bond pursuant to section 5 A, above, and thereafter fails to timely pay the premium to keep the bond in full force and effect, such failure shall constitute a breach of this agreement and an act of default PRIOR to expiration of said bond, entitling City to call the bond in the full amount then remaining due. Property Owner shall provide City’s Director of Finance with proof of payment of said premium not less than two (2) weeks prior to the otherwise expiration date for said bond. Section 5. A description of the property referred to herein and upon which said lien is imposed is described as follows: Parcels 2 and 3 of Final Parcel Map MS 96-08. Prior to recordation of this Agreement, Property Owner shall obtain and record a release or subordination of all other liens and encumbrances on said parcels, except those specified in Section 3. Section 6. This agreement and the covenants contained herein shall be binding upon and inure to the benefit of the successors, heirs, assigns and transferees of Property Owner, shall run with said real property, and create an equitable servitude upon said real property. Rancho Carltbad Rev. 7117107 h 270 Executed by Property Owner this PROPERTY OWNER: RANCH0 CARLSBAD PARTNERS, a California General Partnership THE CARLSBAD RESIDENT ASSOCIATION, INC., a California nonprofit mutual benefit corporation, Its General Partner (print name/title here) By: OAK SHADOWS BUILDING COMPANY, LTD., a California General Partnership, Its General Partner By: &A ),,.ah \ Q/t-- ABRAHAM KEH, General Partner (print &me/title here) / BROOKVALE TERRACE BUILDING COMPANY, a California Limited Partnership, Its General Partner CITY OF CARLSBAD, a municipal corporation of the State of California Its General Partner By: CARLSBERG MOBILE HOME PROPERTIES, INC., a California corporation, Its General Partner B (print name/title here) APPROVED AS TO FORM: RONALD R. BALL, City Attorney By:1 Assistant City Attorney (sign here) (print name/title By: fk..!,,~&,rcl~- ABRAHAM KEH Its General Partner 6 Ranch Cadsbad Rev. 7/17/97 - STATE OF CALIFORNIA 27‘1 COUNTY OF SAN DIEGO % : r On /q 7 ,’ . , Notary Public, personally appeared A&J L 0 personally known to me - or I & roved 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. . Rev. 06/04/96 STATE OF CALIFORNIA 272 h COUNTY ,,+A+&&- ADS 64+/L On /G /99 7 before me, 49ss,~ 3. schl/eec3eLc Notary Public, personally appeared ,&,‘//,c~Cn u . Q&e+,. 0~. I 4 ‘7 /’ / personally known to me - or q proved to me on the basis of satisfactory evidence to be the person(s) whose name(d is/a@ subscribed to the within instrument and acknowledged to me that he/shMhey- executed the same in his/her/their authorized capacity(&), and that by his/her&heir signature(s) on the instrument the personnel), or the entity upon behalf of which the person(sj acted, executed the instrument. WITNESS my hand and official seal. (Signature of Notary) Rev. 06/04/96 h STATE OF CALIFORNIA h 273 COUNTY OF SAN DIEGO On (Q.& / , /qqq before me, I Notary Public, personally appeared Ln 9,&&U known to me - or [ ] proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) islare subscribed to the within instrument and acknowledged to me that I&he/they executed the same in hi&&their authorized capacity(ies), and that by h&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. - (Signature of Notary) Form Approved By City Council July 2, 1991 Resolution No. 91- 194KJH Form 17A Per Jane Mobaldi, Rev. 01/l l/96