Loading...
HomeMy WebLinkAbout1986-06-03; City Council; Resolution 8581RESOLUTION NO. 8581 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING THE FIRST AMENDMENT TO THE REGULATORY AGREEMENT FOR LA COSTA APARTMENTS WHEREAS, the City Council of the City of Carlsbad, California adopted Resolution No. 7939 authorizing the issuance of $15,920,000 of its multi-family Housing Revenue Bonds, Series A of 1985 (La Costa Apartments Project), which bonds were issued on April 29, 1985, for the purpose of financing a multi-family residential rental project to be developed by La Costa Partners, a California general partnership; and, WHEREAS, on December 17, 1985 a final tract map designated Carlsbad Tract 84-7 was recored relating to the Project, which final map added approximately one and one-half acres from the legal description contained in Tentative Map CT 84-7; and WHEREAS, the legal description contained in the Final Map varies form the legal description used to describe the project site on the date of issuance of the Bonds; and WHEREAS, the Developer and Security Pacific National Bank as issuer of the letter of credit for the Bonds now desire to amend the legal description in all of the documents relating to the Bonds to reflect accurately the description contained in the Final Map as required by Section 9(d) of the Reimbursement Agreement executed in connection with issuance of the Bonds; and WHEREAS, the amendments are necessary for the Regulatory Agreement and recorded documents to conform to those used on the Final Map. NOW, THEREFORE BE IT RESOLVED by the City Council of the 1 2 7 & 4 F ” E 7 E 9 IC 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 City of Carlsbad, California as follows: 1. That the above recitations are true and correct. 2. That the First Amendment to Regulatory Agreement and Declaration of Restrictive Covenants, a copy of which is attached hereto as Exhibit A and made a part hereof, is approved. 3. That the Mayor is authorized to execute the amendment on behalf of the City. 4. The Council authorizes and approves the modification of the legal description contained in the First Deed of Trust and the Second Deed of Trust (each as defined in the Indenture of Trust dated April 1, 1985 executed in connection with the issuance of the Bonds) and in any ACC-1 statements or other documents recorded in connection with the issuance of the Bonds, as is necessary to conform such documents to the amended legal description set forth in the First Amendment. PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the City of Carlsbad, California held on the 3rdday of June 1986, by the following vote, to wit: AYES: Council Members Casler, Lewis, Kulchin, Chick and Pettine NOES: None ABSTAIN : None ABSENT: None ATTEST : + d.L MARY H. CASLER, Mayor (SEAL) //// //// //// //// 3 RECORDED AT THE REQUEST OF TRANSAMERICA TITLE INSURANCE COMPANY RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: GIBSON, DUMS L CRUTCHER 800 Newport Center Drive Suite 600 Newport Beach, CA 92660 Attn: Xen Wolfson, Esq. (Space Above Line for Recorder's Use) FIRST AMENDMENT TO REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS THIS FIRST AMENDMENT is entered into as of the 6th day of June, -- dz%yxmcB~~ 1986 by and among the CITY OF CARLSBAD, CALIFORNIA (the "City"), THE EANX OF CALIFORNIA, N.A. (the 'vTrusteev') and LA COSTA PARTNERS, a California general partnership (the v'Developern) with reference to the following facts: A. The parties hereto have entered into and caused there' to be recorded that certain Regulatory Agreement and Declaration of Restrictive Covenants recorded on April 29, 1985 as Instrument No. 85-146610 in the Official Records of San Diego County, California (the "Regulatory Agreement") against that certain real property described on Exhibit A attached hereto (the "Propertytv) . The parties hereto desire to release that certain portion of the Property describedbn Exhibit A attached hereto which is not described in Exhibit B attached hereto (the ' I'Release Parcel") from all of the covenants, conditions, restrictions, obligations and other requirements of the Regulatory Agreement and to terminate the Regulatory Agreement with respect to the Release Parcel only and to substitute therefor the real property described in Exhibit B attached hereto. B. C. NOW, THEREFORE, the Regulatory Agreement is hereby amended as follows: 1. The Regulatory Agreement is hereby terminated and rescinded with respect to the Release Parcel only. Regulatory Agreement, and all of the covenants, conditions, restrictions, obligations and other requirements thereof, shall be void and of no further force or effect with respect to the Release Parcel only. 2. delete therefrom the real property described in Exhibit A attached hereto which is not described in Exhibit B attached hereto and to substitute therefor the real property described in Exhibit B attached hereto. The The Regulatory Agreement is hereby amended to 3. Except as amended hereby, the Regulatory Agreement shall remain in full force and effect. WPN: 0951N 4. All exhibits attached hereto are by this reference This First Amendment may be executed in incorporated herein as though fully set forth herein. counterparts, each of which shall be an original but all of which shall constitute one and the same instrument. 5. IN WITNESS WHEREOF, this Regulatory Agreement has been executed as of the day first above written. CITY OF CARLSBAD, CALIFORNIA ATTEST: City Clerk” THE BANX OF CALIFORNIA, N.A. as Trustee By: Trust Officer LA COSTA PARTNERS, A CALIFORNIA GENERAL PARTNERSHIP By: THE FERMANIAN FAMILY TRUST, General Partner By: George A. Fermanian, Trustee under Declaration of Trust Agreement dated By: THE-STONE FAMILY TRUST, General Partner By: Rodney F. Stone, as Trustee under Declaration of Trust Agreement dated , Septepber 1, 1983 -- r A 1 STATE OF CALIFORNIA ) ss. 1 cou" OF SAN DIEGO On this 6th day of June , 1986, before me, a notary public, personally appeared Mary H. Casler and Aletha L. Rautenkranz , personally known to me or proved to me on the basis of satisfactory evidence to be the persons whose names are subscribed to this instrument as the Mayor and the City Clerk, respectively, and acknowledged to me that the City of Carlsbad executed it. WITNESS my hand and official seal. 1 STATE OF CALIFORNIA ) 5s. COUNTY OF Jb&JC/@ ) , 1986, before me, a notary public, personally appeared 'P /37?ov.EA personally known to me or proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to this instrument as the Trust 0fficer.of the Bank of 'California, N.A., and acknowledged to me that The The Bank of California, N.A. executed it. - On this 2May of mu t WITNESS my hand and official seal. [SEAL] STATE OF CALIFORNIA 1 COUNTY OF SflU D1€.60 1 ) 88. On this fi day of Mac& , 1986, before me, a notary public, personally appeared RODNEY F. STONE and GEORGE A. FERMANIAN, personally known to me or proved to me on the basis of satisfactory evidence to be the trustees of the General Partners of La Costa Partners, a California general partnership, the general partnership that executed the within instrument and acknowledged to me that they executed the same for the purposes and consideration therein expressed, in the capacity therein stated, and as the act and deed of said general partnership, in accordance with a resolution of said general partnership. WITNESS my hand and official seal. EXHIBIT A DESCRIPTION OF LAND Parcel 2 of Parcel Map 13524, in the City of Carlsbad, County of San Diego, State of California, filed in the Office of the County Recorder of San Diego County, October 25, 1984, as File No. 84-403293 of Official Records. Excepting therefrom, all minerals, mineral rights, oil, oil rights, natural gas, natural gas rights, petroleum, petroleum rights, other hydrocarbon substances, geothermal steam, all underground water, and all products derived from any of the foregoing, in or under or which may be produced from the property which underlies a plane parallel to and 500 feet below the present surface of the property together with the perpetual right of drilling, mining, exploring and operating therefor and storing in and removing the same from the property or any other land, including the right to whipstock or directionally drill and mine from lands other than the property, oil, water, or gas wells, tunnels and shafts into, through or across the subsurface of the property, and to bottom such whipstocked or directionally drilled wells, tunnels, and shafts under the beneath or beyond the exterior limits thereof, and to redrill, retunnel, equip, maintain, repair, deepen, and operate any such wells ar mines, without, however, the right to drill, mine, store, explore, and operate through the surface or the upper five hundred (500) feet of the subsurface of the property; as reserved to Daon Corporation in Grant Deed recorded October 29, 1984, Official Records, File/Page No. 84-407544. EXHIBIT B Lots 1 through 4 inclusive of CARLSBAD TRACT NO. 84-7, in the City of Carlsbad, County of San Diego, State of California, according to Map thereof No. 11391, filed in the Office of the County Recorder of San Diego County, December 17, 1985. RECORDED AT THE REQUEST OF TRANSAMERICA TITLE INSURANCE COMPANY RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: GIBSON, DUNN & CRUTCHER 800 Newport Center Drive Suite 600 Newport Beach, CA 92660 Attn: Ken Wolfson, Esq. (Space Above Line for Recorder's Use) FIRST AMENDMENT TO REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS THIS FIRST AMENDMENT is entered into as of the 6th day of June, AayxmEx~aqx~~ 1986 by and among the CITY OF CARLSBAD, CALIFORNIA (the rrCitya), THE BANK OF CALIFORNIA, N.A. (the llTrUstee'l) and LA COSTA PARTNERS, a California general partnership (the I@Developert1) with reference to the following facts: A. The parties hereto have entered into and caused there to be recorded that certain Regulatory Agreement and Declaration of Restrictive Covenants recorded on April 29, 1985 as Instrument No. 85-146610 in the Official Records of San Diego County, California (the "Regulatory Agreement") against that certain real property described on Exhibit A attached hereto (the "Propertyll ) . B. The parties hereto desire to release that certain portion of the Property described on Exhibit A attached hereto which is not described in Exhibit B attached hereto (the IIRelease Parcel") from all of the covenants, conditions, restrictions, obligations and other requirements of the Regulatory Agreement and to terminate the Regulatory Agreement with respect to the Release Parcel only and to substitute therefor the real property described in Exhibit B attached hereto. C. NOW, THEREFORE, the Regulatory Agreement is hereby amended as follows: 1. The Regulatory Agreement is hereby terminated and rescinded with respect to the Release Parcel only. Regulatory Agreement, and all of the covenants, conditions, restrictions, obligations and other requirements thereof, shall be void and of no further force or effect with respect to the Release Parcel only. The 2. The Regulatory Agreement is hereby amended to delete therefrom the real property described in Exhibit A attached hereto which is not described in Exhibit B attached hereto and to substitute therefor the real property described in Exhibit B attached hereto. 3. Except as amended hereby, the Regulatory Agreement shall remain in full force and effect. WPN: 0951N 4. All exhibits attached hereto are by this reference incorporated herein as though fully set forth herein. 5. This First Amendment may be executed in counterparts, each of which shall be an original but all of which shall constitute one and the same instrument. IN WITNESS WHEREOF, this Regulatory Agreement has been executed as of the day first above written. CITY OF CARLSBAD, CALIFORNIA Mayor ATTEST : THE BANK OF CALIFORNIA, N.A. as Trustee By: Trust Officer LA COSTA PARTNERS, A CALIFORNIA GENERAL PARTNERSHIP By: THE FERMANIAN FAMILY TRUST, General Partner By: George A. Fermanian, Trustee under Declaration of Trust Agreement dated By: THE STONE FAMILY TRUST, General Partner By: Rodney F. Stone, as Trustee under Declaration of Trust Agreement dated . Saptepber 1, 1983 --. c n 2 STATE OF CALIFORNIA 1 COUNTY OF SAN DIEGO 1 ) ss. On this - 6th day of June , 1986, before me, a notary public, personally appeared Mary H. Casler and Aletha L. Rautenkranz , personally known to me or proved to me on the basis of satisfactory evidence to be the persons whose names are subscribed to this instrument as the Mayor and the City Clerk, respectively, and acknowledged to me that the City of Carlsbad executed it. WITNESS my hand and official seal. * OFFICIAL SEAL NOTARY PUL)LE--CAltFO~NIA * SAN DIEGO COUNTY $ KAREN R. KUNDTZ $ MY Camm Exa sept 27. 1989 2 [SEAL] * * * **++************+++*********** ) STATE OF CALIFORNIA ) ss. COUNTY OF d!u /&~Jc/xo ) , 1986, before me, a - -c On this 2may of m?U notary public, personally appeared satisfactory evidence to be the person whose name is subscribed to this instrument as the Trust Officer of the Bank of California, N.A., and acknowledged to me that The The Bank of California, N.A. executed it. 'e. fZ7t;nygA personally known to me or proved to me on the basis of I WITNESS my hand and official seal. [SEAL] 3 STATE OF CALIFORNIA COUNTY OF SfiU D\€60 ) ss. On this a day of muck , 1986, before me, a notary public, personally appeared RODNEY F. STONE and GEORGE A. FERMANIAN, personally known to me or proved to me on the basis of satisfactory evidence to be the trustees of the General Partners of La Costa Partners, a California general partnership, the general partnership that executed the within instrument and acknowledged to me that they executed the same for the purposes and consideration therein expressed, in the capacity therein stated, and as the act and deed of said general partnership, in accordance with a resolution of said general partnership. WITNESS my hand and official seal. OFFICIAL SEAL LYNN MORAN NOTARY PUBLIC - CAUfORNlA SW DIEGO COUN7Y My EO". expirm AUG 5. 1988 [SEAL] Not&* Public 4 EXHIBIT A DESCRIPTION OF LAND Parcel 2 of Parcel Map 13524, in the City of Carlsbad, County of San Diego, State of California, filed in the Office of the County Recorder of San Diego County, October 25, 1984, as File No. 84-403293 of Official Records. Excepting therefrom, all minerals, mineral rights, oil, oil rights, natural gas, natural gas rights, petroleum, petroleum rights, other hydrocarbon substances, geothermal steam, all underground water, and all products derived from any of the foregoing, in or under or which may be produced from the property which underlies a plane parallel to and 500 feet below the present surface of the property together with the perpetual right of drilling, mining, exploring and operating therefor and storing in and removing the same from the property or any other land, including the right to whipstock or directionally drill and mine from lands other than the property, oil, water, or gas wells, tunnels and shafts into, through of across the subsurface of the property, and to bottom such whipstocked or directionally drilled wells, tunnels, and shafts under the beneath or beyond the exterior limits thereof, and to redrill, retunnel, equip, maintain, repair, deepen, and operate any such wells or mines, without, however, the right to drill, mine, store, explore, and operate through the surface or the upper five hundred (500) feet of the subsurface of the property; as reserved to Daon Corporation in Grant Deed recorded October 29, 1984, Official Records, File/Page No. 84-407544. . .. . ... . . .. ,. . . .- ~. . . , .. . .- e. EXHIBIT B Lots 1 through 4 inclusive of CARLSBAD TRACT NO. 84-7, in the City of Carlsbad, County of San Diego, State of California, according to Map thereof No. 11391, filed in the Office of the County Recorder of San Diego County, December 17, 1985.