2017 Habitat for Humanity of the Coachella Valley, Inc. - Amendment No. 3AMENDMENT NO. 3 TO AFFORDABLE HOUSING AGREEMENT
by and between
LA QUINTA HOUSING AUTHORITY,
a public body, corporate and politic,
and
HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC.
a California nonprofit public benefit corporation
882/015610-0040
8669069.6 a02/10/17
AMENDMENT NO. 3 TO AFFORDABLE HOUSING AGREEMENT
This AMENDMENT NO. 3 TO AFFORDABLE HOUSING AGREEMENT
("Amendment") is entered into as of 7 , 2017 (the "Effective Date"),
by and between the LA QUINTA HOUSING AUTHORITY, a public body, corporate and
politic (the "Authority"), and HABITAT FOR HUMANITY OF THE COACHELLA VALLEY,
INC., a California nonprofit public benefit corporation (the "Developer").
RECITALS:
A. On August 23, 2010, the former La Quinta Redevelopment Agency
("Agency") and Developer entered into that certain Affordable Housing Agreement (the
"Original Agreement"), pursuant to which the Agency agreed to provide financial
assistance to Developer, in an amount not to exceed One Hundred Seventy -Four
Thousand Nine Hundred Forty Dollars ($174,940) (the "Agency Loan"), for Developer's
development and sale of two (2) single-family homes within the City of La Quinta ("Home
1 and Home 2") to income -qualified households at a sales price affordable to such
households.
B. In connection with the Original Agreement, the Agency and Developer
executed that certain Affordable Housing Agreement and Declaration of Covenants,
Conditions and Restrictions, which was recorded in the Official Records of the County of
Riverside on August 30, 2010, as instrument No. 2010-0414647, and which was
amended by that certain Amendment No. 1 to Affordable Housing Agreement and
Declaration of Covenants, Conditions and Restrictions, which was recorded in the Official
Records of the County of Riverside on August 18, 2011, as instrument No. 2011-0364931
(as amended, the "Declaration").
C. On or about February 1, 2011, the Agency and Developer entered into that
certain Amendment No. 1 to Affordable Housing Agreement ("Amendment No. 1"),
pursuant to which the Agency agreed to provide additional financial assistance to
Developer for Developer's development and sale of five (5) additional single-family homes
within the City of La Quinta during the five-year period commencing on July 1, 2013, and
ending on June 30, 2018.
D. On or about August 3, 2011, the Agency and Developer entered into that
certain Amendment No. 2 to Affordable Housing Agreement ("Amendment No. 2"),
pursuant to which the Agency agreed to increase the amount of the Agency Loan, by Five
Thousand One Hundred Dollars ($5,100), to cover certain additional costs Developer
incurred in developing Home 1 and Home 2. The Original Agreement, as modified by
Amendment No. 1 and by Amendment No. 2, is hereinafter referred to as the
"Agreement." All capitalized terms not specifically defined herein shall have the
meanings ascribed thereto in the Agreement.
E. On June 28, 2011, the Governor signed Assembly Bill 26 ("ABx1 26") from
the 2011-12 First Extraordinary Session of the California Legislature. ABx1 26
immediately suspended all redevelopment agency activities, except continued
892/015610-0040
8669069,6 a02/10/17
performance of "enforceable obligations," and set forth a process to dissolve
redevelopment agencies and end redevelopment in California. A lawsuit was filed,
challenging the constitutionality of ABx1 26 and Assembly Bill 27 (which would have
allowed redevelopment agencies to remain in existence and continue redevelopment, if
certain remittance payments were made ("ABx1 27")). The California Supreme Court
upheld the constitutionality of ABx1 26, revising the effective dates of certain provisions,
and struck down as unconstitutional ABx1 27. (California Redevelopment Assn. v.
Matosantos (2011) 53 CalAth 231 ("CRA Case"). ABx1 26 is chapter 5, Statutes 2011,
First Extraordinary Session, which added Part 1.8 (suspension provisions) and Part 1.85
(dissolution provisions) of Division 24 of the Health and Safety Code. Under the CRA
Case, all redevelopment agencies dissolved February 1, 2012. Pursuant to Health and
Safety Code section 34176(b)(2), added by Part 1.85 of Division 24, and Authority
Resolution No. 2012-02, Authority elected to be the "housing successor" to the Agency,
enabling Authority to retain the housing assets and functions previously performed by the
Agency, and allowing the Authority to enforce affordability covenants and related activities
pursuant to applicable provisions of the Community Redevelopment Law (Part 1 of
Division 24 of the Health and Safety Code). Administration of the Agreement, the
Declaration, and all documents executed in connection therewith, is a housing function of
the Agency that was transferred to Authority.
F. Developer completed construction of Home1 and Home 2 in July, 2011, and
until recently Home 1 and Home 2 have been occupied by "Eligible Households" (as
that term is defined in the Declaration). Developer has retained ownership of Home 1
and Home 2, but now wishes to sell Home 1 and Home 2 to Eligible Households who
have successfully completed, or are in the process of successfully completing,
Developer's program (the "Home 1 Eligible Household" and "Home 2 Eligible
Household").
G. The Agreement and Declaration provide that (i) a proportionate amount of
the Agency Loan will be transferred and assigned to each of the Home 1 Eligible
Household and Home 2 Eligible Household, in the form of a first trust deed mortgage
(collectively, the "Authority Mortgages"); (ii) Authority will assign to Developer
Authority's right to receive the payments on the Authority Mortgages; and (iii) the
payments on the Authority Mortgages will be the only consideration Developer will receive
from the Home 1 Eligible Household and Home 2 Eligible Household.
H. Authority and Developer now wish to amend the Agreement and
Declaration, as necessary, to (i) terminate the requirement for Developer to develop the
five (5) additional homes, (ii) restructure the portion of the Agency Loan to be transferred
and assigned to the Home 1 Eligible Household and to the Home 2 Eligible Household
from first trust deed mortgages to "silent" second mortgages, (iii) permit each of the Home
1 Eligible Household and Home 2 Eligible Household to obtain a first trust deed mortgage
from a third party financial institution reasonably acceptable to Authority (each, a
"Primary Mortgage"), and (iv) permit Developer to sell each of Home 1 and Home 2 for
a market sales price, provided (a) the Primary Mortgage is the only mortgage on which
the Home 1 Eligible Household and Home 2 Eligible Household will be required to make
monthly payments, and (b) the housing payments to be paid by each of the Home 1
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Eligible Household and Home 2 Eligible Household will constitute an affordable housing
cost, pursuant to Health and Safety Code section 50052.5.
AGREEMENT:
NOW, THEREFORE, in consideration of the foregoing Recitals, which are
incorporated herein by this reference, and for other valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, Authority and Developer hereby agree
as follows:
The Agreement is hereby amended as follows:
a. to terminate the requirement that Developer develop five (5)
additional homes;
b. to permit each of the Home 1 Eligible Household and Home 2 Eligible
Household to obtain a Primary Mortgage;
c. to permit Developer to sell each of Home 1 and Home 2 for a market
sales price, provided (a) the Primary Mortgage is the only mortgage
on which the Home 1 Eligible Household and Home 2 Eligible
Household will be required to make monthly payments, and (b) the
housing payments to be paid by each of the Home 1 Eligible
Household and Home 2 Eligible Household will constitute an
affordable housing cost, pursuant to Health and Safety Code section
50052.5;
d. to provide that the portion of the Agency Loan to be transferred to
each of the Home 1 Eligible Household and Home 2 Eligible
Household shall be in the form of a "silent" second mortgage, which
will be forgiven at the end of the term of said mortgage if repayment
of said mortgage has not been accelerated or extended before such
time; and
e. to provide that, in the event the market sales price of either or both
of Home 1 or Home 2 exceeds the sum of the Primary Mortgage, the
"silent" second mortgage payable to Authority, and the down
payment made by the applicable Eligible Household, Developer shall
be permitted to make a "silent" third mortgage to said Eligible
Household which will be forgiven at the end of the term of said
mortgage if repayment of said mortgage has not been accelerated or
extended before such time.
2. Developer hereby covenants and agrees to defend, indemnify, protect and
hold harmless Authority and the City of La Quinta ("City"), and Authority's and City's
officials, officers, members, employees, agents, and representatives, and all entities,
boards, commissions, and bodies related to any of them (collectively, the
"Released/Indemnified Parties") from and against any and liabilities, obligations, orders,
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decrees, judgments, liens, demands, actions, claims, losses, damages, fines, penalties,
expenses, or costs of any kind or nature whatsoever, together with fees (including, without
limitation, reasonable attorneys' fees and experts' and consultants' fees, or relocation
benefits claimed or payable under the "Relocation Laws" (as defined below) (for purposes
of this Section 4, the foregoing shall be referred to as "Liabilities") which may now or in
the future be incurred or suffered by the Released/Indemnified Parties by reason of, or
resulting, in full or in part, or in any respect whatsoever from the relocation of tenants of
Home 1 and/or Home 2 pursuant to or arising out of, directly or indirectly, the
implementation of the Agreement, including without limitation this Amendment No. 3. At
the request of Developer, Authority shall cooperate with and assist Developer in its
defense of any such claim, action, suit, proceeding, loss, cost, damage, liability,
deficiency, fine, penalty, punitive damage, or expense; provided that Authority shall not
be obligated to incur any expense in connection with such cooperation or assistance. As
used in this Section 4, the term "Relocation Laws" shall mean all applicable federal and
state relocation laws and regulations, including without limitation, (i) the Uniform
Relocation Assistance and Real Property Acquisition Policies Act of 1970 ("URA"), 42
U.S.C. 4601-4655, and the implementing regulations thereto set forth in 49 CFR Part 24,
(ii) the California Relocation Assistance Act, Government Code Section 7260, et seq. and
the implementing regulations thereto set forth in Title 25, Section 6000, et seq. of the
California Code of Regulations, and (iii) any other applicable federal, state or local
enactment, regulation or practice providing for relocation assistance, benefits, or
compensation for moving and for property interests (including without limitation goodwill
and furnishings, fixtures and equipment, and moving expenses), and (iv) any federal law
or regulation prohibiting payment of relocation benefits or assistance to persons ineligible
for relocation benefits or assistance.
3. Developer acknowledges that the La Quinta Housing Program for owner -
occupied affordable housing requires that homebuyers provide a minimum down payment
of three percent (3%). Developer's program requires that homebuyers provide a
minimum down payment of one percent (1 %) of the Primary Mortgage. Authority is willing
to waive its down payment requirement and accept Developer's down payment
requirement for Home 1 and Home 2, because of Developer's reputation for high quality
management and continued involvement with the Eligible Households that purchase
properties from Developer.
4. Within five (5) business days after the Effective Date, Developer and
Authority shall execute and record in the Official Records of Riverside County an
amendment to the Declaration substantially in the form attached hereto and incorporated
herein as Exhibit A.
5. In the event of any action between Authority and Developer seeking
enforcement of any of the terms and conditions to this Amendment No. 3, the prevailing
party in such action shall be awarded, in addition to damages, injunctive or other relief,
its reasonable costs and expenses, including without limitation its expert witness fees and
reasonable attorney's fees.
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6. This Amendment No. 3 shall be construed according to its fair meaning and
as if prepared by both parties hereto.
7. This Amendment No. 3 shall be governed by the internal laws of the State
of California and any question arising hereunder shall be construed or determined
according to such laws. The Superior Court of the State of California in and for the County
of Riverside, or such other appropriate court in such county, shall have exclusive
jurisdiction of any litigation between the parties concerning this Amendment No. 3.
Service of process on Authority shall be made in accordance with California law. Service
of process on Developer shall be made in any manner permitted by California law and
shall be effective whether served inside or outside California.
8. Time is of the essence of this Amendment No. 3 and of each and every term
and provision hereof.
9. A waiver of a provision hereof, or modification of any provision herein
contained, shall be effective only if said waiver or modification is in writing, and signed by
both Authority and Developer.
10. This Amendment No. 3 may be executed in counterparts, each of which,
when this Amendment No. 3 has been signed by all the parties hereto, shall be deemed
an original, and such counterparts shall constitute one and the same instrument.
11. The person(s) executing this Amendment No. 3 on behalf of each of the
parties hereto represents and warrants that (i) such party is duly organized and existing,
(ii) such party is duly authorized to execute and deliver this Amendment No. 3 on behalf
of said party, (iii) by so executing this Amendment No. 3 such party is formally bound to
the provisions of this Amendment No. 3, and (iv) the entering into this Amendment No. 3
does not violate any provision of any other agreement to which such party is bound.
12. Except as otherwise expressly provided in this Amendment No. 3, all of the
terms and conditions of the Agreement shall remain in full force and effect.
[End — Signatures on next page]
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IN WITNESS WHEREOF, Authority and Developer have signed this Amendment
No. 3 on the respective dates set forth below.
ATTEST:
Monika Radeva
Deputy Authority Secretary
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
SIGNED IN COUNTERPART
William H. Ihrke
Authority Counsel
Dated: / `/ ✓1el 4� Zod17
882/0 1 S610-0040
8669069.6 a02/10/17 -6-
LA QUINTA HOUSING AUTHORITY, a
public tidy, corporate_-,�iitic
Frank J. S
Executive
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit p lic benefit corporation
By:
Patrick Swarthout
Its: President
IN WITNESS WHEREOF, Authority and Developer have signed this Amendment
No. 3 on the respective dates set forth below.
Dated:
ATTEST:
Susan Maysels
Authority Secretary
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
William H. lhrke
Authority Counsel
Dated: Alveellle aoi
LA QUINTA HOUSING AUTHORITY, a
public body, corporate and politic
By:
SIGNED IN COUNTERPART
Frank J. Spevacek,
Executive Director
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit ene ❑rpora n
By:
Patrick Swarthout
Its: President
8921015610-0040
8669069,6 a02/10/17 -6-
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
La Quinta Housing Authority
78-495 Calle Tampico
La Quinta, CA 92253
Attn: Executive Director
EXHIBIT A
(Space Above for Recorder's Use)
Exempt from Recordation Fee per Gov. Code § 27383
AMENDMENT NO. 2 TO AFFORDABLE HOUSING AGREEMENT AND
DECLARATION OF COVENANTS CONDITIONS AND RESTRICTIONS
This AMENDMENT NO. 2 TO AFFORDABLE HOUSING AGREEMENT AND
DECLARATION OF COVENANTS, CONDITIONS, AND RESTRICTIONS (this
"Amendment No. 2") is made by and between HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California nonprofit public benefit corporation (the
"Developer") and the LA QUINTA HOUSING AUTHORITY, a public body, corporate and
politic (the "Authority") as of the day of _ 2017.
RECITALS
A. Developer and the former La Quinta Redevelopment Agency ("Agency")
entered into that certain Affordable Housing Agreement and Declaration of Covenants,
Conditions and Restrictions dated August 23, 2010, and recorded in the Official Records
of the County of Riverside on August 30, 2010, as Instrument No. 2010-0414647, which
was amended by that certain Amendment No. 1 to Affordable Housing Agreement and
Declaration of Covenants, Conditions and Restrictions dated August 3, 2011, and
recorded in the Official Records of the County of Riverside on August 18, 2011, as
Instrument No. 2011-0364931 (as amended, the "Declaration").
B. The Declaration was executed pursuant to an Affordable Housing
Agreement entered into by and between Developer and the Agency and dated August
23, 2010, which was later amended by that certain Amendment No. 1 to Affordable
Housing Agreement dated February 1, 2011, and by that certain Amendment No. 2 to
Affordable Housing Agreement dated August 3, 2011 (as amended, the "Original AHA").
The Original AHA provides for Developer's construction on the real property encumbered
by the Declaration of an affordable housing project referred to in the Declaration as the
"Project". Unless otherwise defined herein, terms used in this Amendment No. 2 shall
have the meanings ascribed thereto in the Declaration.
C. Pursuant to the Original AHA, (i) the Agency provided Developer with a loan
in the amount of One Hundred Eighty Thousand Forty Dollars ($180,040) (the "Agency
Loan") to construct the Project, (ii) upon Developer's sale of the home to be constructed
at 53220 Avenida Alvarado ("Home 1") to an Eligible Household (the "Home 1 Eligible
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8669069.6 a02/ 10/ 17 -1
Household") at an Affordable Sales Price and the Home 1 Eligible Household's execution
of a complete set of Buyer Affordable Housing Documents, a portion of the Agency Loan
would be credited to Developer and deemed transferred to the Home 1 Eligible
Household, in the form of a first trust deed loan, (iii) upon Developer's sale of the home
to be constructed at 53240 Avenida Alvarado ("Home 2") to an Eligible Household (the
"Home 2 Eligible Household") at an Affordable Sales Price and the Home 2 Eligible
Household's execution of a complete set of Buyer Affordable Housing Documents, a
portion of the Agency Loan would be credited to Developer and deemed transferred to
the Home 2 Eligible Household, in the form of a first trust deed loan, (iv) the Agency
agreed to assign its rights to payment from each of the Home 1 Eligible Household and
Home 2 Eligible Household to Developer, and (v) Developer agreed that such payments
would be the only consideration Developer would receive from the sale of Home 1 and
Home 2 to Eligible Households.
D. On June 28, 2011, the Governor signed Assembly Bill 26 ("ABxl 26") from
the 2011-12 First Extraordinary Session of the California Legislature. ABx1 26
immediately suspended all redevelopment agency activities, except continued
performance of "enforceable obligations," and set forth a process to dissolve
redevelopment agencies and end redevelopment in California. A lawsuit was filed,
challenging the constitutionality of ABx1 26 and Assembly Bill 27 (which would have
allowed redevelopment agencies to remain in existence and continue redevelopment, if
certain remittance payments were made ("ABx1 27")). The California Supreme Court
upheld the constitutionality of ABx1 26, revising the effective dates of certain provisions,
and struck down as unconstitutional ABx1 27. (California Redevelopment Assn. v.
Matosantos (2011) 53 Cal.4th 231 ("CRA Case"). ABx1 26 is chapter 5, Statutes 2011,
First Extraordinary Session, which added Part 1.8 (suspension provisions) and Part 1.85
(dissolution provisions) of Division 24 of the Health and Safety Code. Under the CRA
Case, all redevelopment agencies dissolved February 1, 2012. Pursuant to Health and
Safety Code section 34176(b)(2), added by Part 1.85 of Division 24, and Authority
Resolution No. 2012-02, Authority elected to be the "housing successor" to the Agency,
enabling Authority to retain the housing assets and functions previously performed by the
Agency, and allowing the Authority to enforce affordability covenants and related activities
pursuant to applicable provisions of the Community Redevelopment Law (Part 1 of
Division 24 of the Health and Safety Code). Administration of the Original AHA and
Declaration is a housing function of the Agency that was transferred to Authority.
E. Each of the Home 1 Eligible Household and Home 2 Eligible Household
have successfully completed, or are in the process of successfully completing,
Developer's program, and Developer now wishes to sell Home 1 to the Home 1 Eligible
Purchaser and to sell Home 2 to the Home 2 Eligible Household.
F. On or about the same date hereof, Authority and Developer entered into
that certain Amendment No. 3 to Affordable Housing Agreement ("Amendment No. 3 to
AHA"), which, among other things, (i) restructured the portion of the Agency Loan to be
transferred and assigned to the,Home 1 Eligible Household and to the Home 2 Eligible
Household from first trust deed mortgages to "silent" second mortgages, (ii) permitted
each of the Home 1 Eligible Household and Home 2 Eligible Household to obtain a first
882/015610-0040
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trust deed mortgage from a third party financial institution reasonably acceptable to
Authority (each, a "Primary Mortgage"), (iii) permitted Developer to sell each of Home 1
and Home 2 for a market sales price, provided (a) the Primary Mortgage is the only
mortgage on which the Home 1 Eligible Household and Home 2 Eligible Household will
be required to make monthly payments, and (b) the housing payments to be paid by each
of the Home 1 Eligible Household and Home 2 Eligible Household will constitute an
affordable housing cost, pursuant to Health and Safety Code section 50052.5, and (iv)
permitted Developer to make "silent" third mortgages to the Home 1 Eligible Household
and/or Home 2 Eligible Household provided certain conditions are satisfied.
G. Authority and Developer now wish to amend the Declaration to make
conforming changes to the Declaration as were made to the Original AHA by Amendment
No. 3 to AHA.
NOW, THEREFORE, in consideration of the foregoing recitals, which are
incorporated herein by this reference, and for valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Authority and Developer hereby agree as
follows:
The Declaration is hereby amended as follows:
a. to permit each of the Home 1 Eligible Household and Home 2 Eligible
Household to obtain•a Primary Mortgage;
b. to permit Developer to sell each of Home 1 and Home 2 for a market
sales price, provided (a) the Primary Mortgage is the only mortgage
on which the Home 1 Eligible Household and Home 2 Eligible
Household will be required to make monthly payments, and (b) the
housing payments to be paid by each of the Home 1 Eligible
Household and Home 2 Eligible Household will constitute an
affordable housing cost, pursuant to Health and Safety Code section
50052.5;
c. to provide that fifty percent (50%) of the Agency Loan will be
transferred to each of the Home 1 Eligible Household and Home 2
Eligible Household, in the form of a "silent" second mortgage, which
will be forgiven at the end of the term of said mortgage if repayment
of said mortgage has not been accelerated or extended before such
time; and
d. to provide that, in the event the market sales price of either or both
of Home 1 or Home 2 exceeds the sum of the Primary Mortgage, the
"silent" second mortgage payable to Authority, and the down
payment made by the applicable Eligible Household, Developer shall
be permitted to make a "silent' third mortgage to said Eligible
Household which will be forgiven at the end of the term of said
882/015610-0040
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mortgage if repayment of said mortgage has not been accelerated or
extended before such time.
2. In the event of any action between Authority and Developer seeking
enforcement of any of the terms and conditions to this Amendment No. 2, the prevailing
party in such action shall be awarded, in addition to damages, injunctive or other relief,
its reasonable costs and expenses, including without limitation its expert witness fees and
reasonable attorney's fees.
3. This Amendment No. 2 shall be construed according to its fair meaning and
as if prepared by both parties hereto.
4. This Amendment No. 2 shall be governed by the internal laws of the State
of California and any question arising hereunder shall be construed or determined
according to such laws. The Superior Court of the State of California in and for the County
of Riverside, or such other appropriate court in such county, shall have exclusive
jurisdiction of any litigation between the parties concerning this Amendment No. 2.
Service of process on Authority shall be made in accordance with California law. Service
of process on Developer shall be made in any manner permitted by California law and
shall be effective whether served inside or outside California.
5. Time is of the essence of this Amendment No. 2 and of each and every term
and provision hereof.
6. A waiver of a provision hereof, or modification of any provision herein
contained, shall be effective only if said waiver or modification is in writing, and signed by
both Agency and Developer.
7. This Amendment No. 2 may be executed in counterparts, each of which,
when this Amendment No. 2 has been signed by all the parties hereto, shall be deemed
an original, and such counterparts shall constitute one and the same instrument.
8. The person(s) executing this Amendment No. 2 on behalf of each of the
parties hereto represents and warrants that (i) such party is duly organized and existing,
(ii) such party is duly authorized to execute and deliver this Amendment No. 2 on behalf
of said party, (iii) by so executing this Amendment No. 2 such party is formally bound to
the provisions of this Amendment No. 2, and (iv) the entering into this Amendment No. 2
does not violate any provision of any other agreement to which such party is bound.
9. Except as otherwise expressly provided in this Amendment No. 2, all of the
terms and conditions of the Declaration shall remain in full force and effect.
[End — Signature page follows]
882/015610-0040
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IN WITNESS WHEREOF, Authority and Developer have caused this instrument to
be executed on their behalf of their respective officers hereunto duly authorized as of the
date set forth above.
Dated
"Authority"
LA QUINTA HOUSING AUTHORITY, a
public Edy�c��,arM146flCrIN
_. _ .__ • 2017 By:. _ .
Frank J. Spevacek
Its: Executive Director
ATTEST: EX11: SIT -DO NOT SIGN
Susan Maysels, Authority Secretary
APPROVED AS TO FORM
RUTAN & TUCKER, LLP EXHIBIT - DO NOT SIGN
William H. Ihrke, Attorneys for the
La Quinta Housing Authority
"Developer"
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a
California nonprofit public benefit
corporation
Dated 2017 BY
Patrick Swarthout
Its: President
8921015610-0040
8669069.6 a02/10/17 -5-
IN WITNESS WHEREOF, Authority and Habitat have executed this Agreement as of the
date and year first above written.
"Authority"
LA QUINTA HOUSING AUTHORITY, a
public body, corporate and politic
By:
Its: Executive Director
ATTEST:
Authority Secretary
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
Authority Counsel
"Habitat"
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit mutual benefit corporation
By:
Its:
By:
Its:
882/015610-0046
2261595.6 a04/08/15 -5-
Document-3153 925-Page-1
Page 1. of 1
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
La Quinta Housing Authority
78-495 Calle Tampico
La Quinta, CA 92253
Attn: Executive Director
DOC # 2017-0164119
04/25/2017 10:38 AM Fees: $0.00
Page 1 of 8
Recorded in Official Records
County of Riverside
Peter Aldana
Assessor -County Clerk -Recorder
"This document was electronically submitted
to the County of Riverside for recording"
Receipted by: MARIA #309
(Space Above for Recorder's Use)
Exempt from Recordation Fee per Gov. Code § 27383
AMENDMENT NO. 2 TO AFFORDABLE HOUSING AGREEMENT AND
DECLARATION OF COVENANTS CONDITIONS AND RESTRICTIONS
This AMENDMENT NO. 2 TO AFFORDABLE HOUSING AGREEMENT AND
DECLARATION OF COVENANTS, CONDITIONS, AND RESTRICTIONS (this
"Amendment No. 2") is made by and between HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California nonprofit public benefit corporation (the
"Developer") and the LA QUINTA HOUSING AUTHORITY, a public body, corporate and
politic (the "Authority") as of the �-4 day of APR! 2017.
RECITALS
A. Developer and the former La Quinta Redevelopment Agency ("Agency")
entered into that certain Affordable Housing Agreement and Declaration of Covenants,
Conditions and Restrictions dated August 23, 2010, and recorded in the Official Records
of the County of Riverside on August 30, 2010, as Instrument No. 2010-0414647, which
was amended by that certain Amendment No. 1 to Affordable Housing Agreement and
Declaration of Covenants, Conditions and Restrictions dated August 3, 2011, and
recorded in the Official Records of the County of Riverside on August 18, 2011, as
Instrument No. 2011-0364931 (as amended, the "Declaration").
B. The Declaration was executed pursuant to an Affordable Housing
Agreement entered into by and between Developer and the Agency and dated August
23, 2010, which was later amended by that certain Amendment No. 1 to Affordable
Housing Agreement dated February 1, 2011, and by that certain Amendment No. 2 to
Affordable Housing Agreement dated August 3, 2011 (as amended, the "Original AHA").
The Original AHA provides for Developer's construction on the real property encumbered
by the Declaration of an affordable housing project referred to in the Declaration as the
"Project". Unless otherwise defined herein, terms used in this Amendment No. 2 shall
have the meanings ascribed thereto in the Declaration.
C. Pursuant to the Original AHA, (i) the Agency provided Developer with a loan
in the amount of One Hundred Eighty Thousand Forty Dollars ($180,040) (the "Agency
Loan") to construct the Project, (ii) upon Developer's sale of the home to be constructed
at 53220 Avenida Alvarado ("Home 1") to an Eligible Household (the "Home 1 Eligible
88210 156 10-004 0
8669069 6 ,02/10/17 "
about:blank 4/25/2017
Household") at an Affordable Sales Price and the Home 1 Eligible Household's execution
of a complete set of Buyer Affordable Housing Documents, a portion of the Agency Loan
would be credited to Developer and deemed transferred to the Home 1 Eligible
Household, in the form of a first trust deed loan, (iii) upon Developer's sale of the home
to be constructed at 53240 Avenida Alvarado ("Home 2") to an Eligible Household (the
"Home 2 Eligible Household") at an Affordable Sales Price and the Home 2 Eligible
Household's execution of a complete set of Buyer Affordable Housing Documents, a
portion of the Agency Loan would be credited to Developer and deemed transferred to
the Home 2 Eligible Household, in the form of a first trust deed loan, (iv) the Agency
agreed to assign its rights to payment from each of the Home 1 Eligible Household and
Home 2 Eligible Household to Developer, and (v) Developer agreed that such payments
would be the only consideration Developer would receive from the sale of Home 1 and
Home 2 to Eligible Households.
D. On June 28, 2011, the Governor signed Assembly Bill 26 ("ABM 26") from
the 2011-12 First Extraordinary Session of the California Legislature. ABx1 26
immediately suspended all redevelopment agency activities, except continued
performance of "enforceable obligations," and set forth a process to dissolve
redevelopment agencies and end redevelopment in California. A lawsuit was filed,
challenging the constitutionality of ABx1 26 and Assembly Bill 27 (which would have
allowed redevelopment agencies to remain in existence and continue redevelopment, if
certain remittance payments were made ("ABM 27")). The California Supreme Court
upheld the constitutionality of ABx1 26, revising the effective dates of certain provisions,
and struck down as unconstitutional ABx1 27. (California Redevelopment Assn. v.
Matosantos (2011) 53 CalAth 231 ("CRA Case"). ABx1 26 is chapter 5, Statutes 2011,
First Extraordinary Session, which added Part 1.8 (suspension provisions) and Part 1.85
(dissolution provisions) of Division 24 of the Health and Safety Code. Under the CRA
Case, all redevelopment agencies dissolved February 1, 2012. Pursuant to Health and
Safety Code section 34176(b)(2), added by Part 1.85 of Division 24, and Authority
Resolution No. 2012-02, Authority elected to be the "housing successor" to the Agency,
enabling Authority to retain the housing assets and functions previously performed by the
Agency, and allowing the Authority to enforce affordability covenants and related activities
pursuant to applicable provisions of the Community Redevelopment Law (Part 1 of
Division 24 of the Health and Safety Code). Administration of the Original AHA and
Declaration is a housing function of the Agency that was transferred to Authority.
E. Each of the Home 1 Eligible Household and Home 2 Eligible Household
have successfully completed, or are in the process of successfully completing,
Developer's program, and Developer now wishes to sell Home 1 to the Home 1 Eligible
Purchaser and to sell Home 2 to the Home 2 Eligible Household.
F. On or about the same date hereof, Authority and Developer entered into
that certain Amendment No. 3 to Affordable Housing Agreement ("Amendment No. 3 to
AHA"), which, among other things, (i) restructured the portion of the Agency Loan to be
transferred and assigned to the Home 1 Eligible Household and to the Home 2 Eligible
Household from first trust deed mortgages to "silent" second mortgages, (ii) permitted
each of the Home 1 Eligible Household and Home 2 Eligible Household to obtain a first
882/015610-0040
8669069 6 a02/10/17 -2-
trust deed mortgage from a third party financial institution reasonably acceptable to
Authority (each, a "Primary Mortgage"), (iii) permitted Developer to sell each of Home 1
and Home 2 for a market sales price, provided (a) the Primary Mortgage is the only
mortgage on which the Home 1 Eligible Household and Home 2 Eligible Household will
be required to make monthly payments, and (b) the housing payments to be paid by each
of the Home 1 Eligible Household and Home 2 Eligible Household will constitute an
affordable housing cost, pursuant to Health and Safety Code section 50052.5, and (iv)
permitted Developer to make "silent" third mortgages to the Home 1 Eligible Household
and/or Home 2 Eligible Household provided certain conditions are satisfied.
G. Authority and Developer now wish to amend the Declaration to make
conforming changes to the Declaration as were made to the Original AHA by Amendment
No. 3 to AHA.
NOW, THEREFORE, in consideration of the foregoing recitals, which are
incorporated herein by this reference, and for valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Authority and Developer hereby agree as
follows:
The Declaration is hereby amended as follows:
a. to permit each of the Home 1 Eligible Household and Home 2 Eligible
Household to obtain a Primary Mortgage;
b. to permit Developer to sell each of Home 1 and Home 2 for a market
sales price, provided (a) the Primary Mortgage is the only mortgage
on which the Home 1 Eligible Household and Home 2 Eligible
Household will be required to make monthly payments, and (b) the
housing payments to be paid by each of the Home 1 Eligible
Household and Home 2 Eligible Household will constitute an
affordable housing cost, pursuant to Health and Safety Code section
50052.5;
c. to provide that fifty percent (50%) of the Agency Loan will be
transferred to each of the Home 1 Eligible Household and Home 2
Eligible Household, in the form of a "silent" second mortgage, which
will be forgiven at the end of the term of said mortgage if repayment
of said mortgage has not been accelerated or extended before such
time; and
d. to provide that, in the event the market sales price of either or both
of Home 1 or Home 2 exceeds the sum of the Primary Mortgage, the
"silent" second mortgage payable to Authority, and the down
payment made by the applicable Eligible Household, Developer shall
be permitted to make a "silent" third mortgage to said Eligible
Household which will be forgiven at the end of the term of said
882/015610-0040
8669069.6 a02/10/17 -3-
mortgage if repayment of said mortgage has not been accelerated or
extended before such time.
2. In the event of any action between Authority and Developer seeking
enforcement of any of the terms and conditions to this Amendment No. 2, the prevailing
party in such action shall be awarded, in addition to damages, injunctive or other relief,
its reasonable costs and expenses, including without limitation its expert witness fees and
reasonable attorney's fees.
3. This Amendment No. 2 shall be construed according to its fair meaning and
as if prepared by both parties hereto.
4. This Amendment No. 2 shall be governed by the internal laws of the State
of California and any question arising hereunder shall be construed or determined
according to such laws. The Superior Court of the State of California in and for the County
of Riverside, or such other appropriate court in such county, shall have exclusive
jurisdiction of any litigation between the parties concerning this Amendment No. 2.
Service of process on Authority shall be made in accordance with California law. Service
of process on Developer shall be made in any manner permitted by California law and
shall be effective whether served inside or outside California.
5. Time is of the essence of this Amendment No. 2 and of each and every term
and provision hereof.
6. A waiver of a provision hereof, or modification of any provision herein
contained, shall be effective only if said waiver or modification is in writing, and signed by
both Agency and Developer.
7. This Amendment No. 2 may be executed in counterparts, each of which,
when this Amendment No. 2 has been signed by all the parties hereto, shall be deemed
an original, and such counterparts shall constitute one and the same instrument.
8. The person(s) executing this Amendment No. 2 on behalf of each of the
parties hereto represents and warrants that (i) such party is duly organized and existing,
(ii) such party is duly authorized to execute and deliver this Amendment No. 2 on behalf
of said party, (iii) by so executing this Amendment No. 2 such party is formally bound to
the provisions of this Amendment No. 2, and (iv) the entering into this Amendment No. 2
does not violate any provision of any other agreement to which such party is bound.
9. Except as otherwise expressly provided in this Amendment No. 2, all of the
terms and conditions of the Declaration shall remain in full force and effect.
[End — Signature page follows]
882/015610-0040
8669069.6 a02/10/17 -4-
IN WITNESS WHEREOF, Authority and Developer have caused this instrument to
be executed on their behalf of their respective officers hereunto duly authorized as of the
date set forth above.
"Authority"
LA QUINTA HOUSING AUTHORITY, a
public body, corporate and politic
Dated 12017 By:
SIGNED IN COUNTERPART
Frank J. Spevacek
Its: Executive Director
ATTEST:
SIGNED IN COUNTERPART
Susan Maysels, Authority Secretary
APPROVED AS TO FORM
RUTAN & TUCKER, LLP
William H. Ihrke, Attomeys for the
La Quinta Housing Authority
Dated 12017
882/0156[0.0040
8669069.E e02110/11 -5-
"Developer"
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a
California nonprofit public benefit
corporation
By: 1-44 le,
Patrick Swarthout
Its: President
IN WITNESS WHEREOF, Authority and Developer have caused this instrument to
be executed on their behalf of their respective officers hereunto duly authorized as of the
date set forth above.
Dated,c2q 2017
ATTEST:
Monika Radeva , Deputy Authority Secretary
APPROVED AS TO FORM
RUTAN & TUCKER, LLP
SIGNED IN COUNTERPART
William H. Ihrke, Attorneys for the
La Quinta Housing Authority
Dated
"Authority"
LA QUINTA HOUSING AUTHORITY, a
public body, corpol a and politic
BC -\A ; �J, -_1 '" ,,//v
Frar,* 3\l5pevacek
Its: Ex utiv Director
"Developer"
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a
California nonprofit public benefit
corporation
2017 By:
Patrick Swarthout
Its: President
882/0156[0-0040
8669069.6 a02/10/17 -5-
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 Riverside
On pril a-2- 2017 before me, TERESA THOMPSON, Notary Public, personally
appeared FRANK J. SPEVACEK who proved to me on the basis of satisfactory evidence
to be the person whose name is subscribed to the within instrument, and
acknowledged to me that he executed the same in his authorized capacity, and that by
his signature on the instrument the person, or the entity upon behalf of which the
person 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 seat. TERESA THOMPSON
Commission # 2030796
Notary Public California
z v .
„ ,. Riverside County
Signature'°' My Comm_. Expires Jun 24, 2017
M
DOCUMENT:
AMENDMENT NO. 2 TO AFFORDABLE HOUSING AGREEMENT AND
OF COVENANTS, CONDITIONS AND RESTRICTIONS between
Humanity of the Coachella Valley, Inc. and La Quinta Housin
53220 Avenida Alvarado, La Quinta, CA and
53240 Avenida Alvarado, La Quinta, CA.
(seal)
g
DECLARATION
Habitat for
Authority re:
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 Riverside )
On n1a h % . "20I4 before me, L- Rwl e CA
insert name anQ title of t e officer)
Notary Public, personally appeared `
who proved to me on the basis of satisfactory evidence to be the person(,' whose
name) is/aA subscribed to the within instrument and acknowledged to me that
hefsyelt"y executed the same in hisf *rlthdir authorized capacity(io), and that by
his/he'r/th,dir signature] on the instrument the person(g, or the entity upon behalf of
which the person} 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.
/I' , V47A
882/015610-0040
8669069.6 a02/10/17 -7-
(Seal)
VERONICA L. RUTLEDGE
Commission >t� 2112086
Notary Public - California
Riverside County
Cvmm.l IresJunis 20tli
Document-315 3 93 6-Page-1
Page 1 of 1
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
DOC # 2017-0164139
04/25/2017 10:43 AM Fees: $23.00
Page 1 of 6
Recorded in Official Records
County of Riverside
Peter Aldana
Assessor -County Clerk -Recorder
"This document was electronically submitted
LA QUINTA HOUSING AUTHORITY to the County of Riverside for recording-
78-495 Calle Tampico Receipted by: KIYOMI #289
La Quinta, CA 92253
Attention: Executive Director
(Space Above for Recorder's Use)
Exempt from Recordation Fee per Gov. Code § 27383
RELEASE OF CONSTRUCTION COVENANTS
This RELEASE OF CONSTRUCTION COVENANTS ("Release") is made this
4L.144 day offebr ry,, 2017, by the LA QUINTA HOUSING AUTHORITY, a public body,
orporate and politic ("Authority"), in favor of HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California nonprofit public benefit corporation
("Developer").
RECITALS
A. Developer is the owner of that certain real property located in the City of
La Quinta, County of Riverside, State of California, more particularly described in the
legal description attached hereto as Exhibit °A" ("Site").
B. On or about August 23, 2010, the former La Quinta Redevelopment
Agency ("Agency") and Developer entered into that certain Affordable Housing
Agreement, as amended from time to time ("AHA") which provides for Developer to
develop two affordable single family residential dwelling units on the Site, more
particularly described therein as the "Project."
C. Pursuant to the AHA, Authority, which is the housing successor to the
Agency, is required to furnish Developer with this Release upon request by Developer
after completion of construction of the Project.
D. The issuance by Authority of this Release shall be conclusive evidence
that Developer has complied with the terms of the AHA pertaining to the construction of
the Project.
NOW, THEREFORE, in consideration of the foregoing Recitals, which are
incorporated herein by this reference, the parties hereto agree as follows:
1. As provided in the AHA, Authority does hereby certify that the construction
of the Project has been satisfactorily performed and completed, and that such
development and construction work complies with the AHA.
0021015610-0040
10575405.1 a02/10/17
about:blank 4/25/2017
2. This Release does not constitute evidence of compliance with or
satisfaction of any obligation of Developer to any holder of a mortgage or any insurer of
a mortgage security money loaned to finance the work of construction of improvements
and development of the Site, or any part of thereof.
3. This Release is not a notice of completion as referred to in Section 3093
of the California Civil Code.
4. This Release does not terminate any other agreement or document
executed by Developer in connection with the AHA, including, without limitation, that
certain Affordable Housing Agreement and Declaration of Covenants, Conditions and
Restrictions, which was recorded in the Official Records of the County of Riverside (the
"Official Records") on August 30, 2010, as Instrument No. 2010-0414647, as amended
by that certain Amendment No. 1 to Affordable Housing Agreement and Declaration of
Covenants, Conditions and Restrictions, which was recorded in the Official Records on
August 18, 2011, as Instrument No. 2011-0364931, and that certain Deed of Trust,
which was recorded in the Official Records on August 30, 2010, as Instrument Na.
2010-0414646. each of which shall survive recordation of this Release.
882/015610-0040
10575405.1 a02/10/17 -2-
IN WITNESS WHEREOF, Authority has executed this Release as of the date set
forth above.
LA QUINTA HOUSING AUTHQRITY
■70m W..4 � -T- ON:, P,
/ ff MR I I ' � �{M
ATTEST:
4�q
Monika Radeva
Deputy Authority Secretary
CONSENT TO RECORDATION
HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC., a California nonprofit
public benefit corporation, owner of the Site described herein, hereby consents to the
recordation of this Release against the Site.
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit public benefit corporation
Date: `"'`'� ,�,.;�c� By:�
Name: Patrick SwaRhout
Its: President
882/015610-0040
10575405.1 a02/10/17 -3-
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 Riverside
On rl l 1 2017 before me, TERESA THOMPSON, Notary Public, personally
appeared FRANK J. SPEVACEK who proved to me on the basis of satisfactory evidence
to be the person whose name is subscribed to the within instrument, and
acknowledged to me that he executed the same in his authorized capacity, and that by
his signature on the instrument the person, or the entity upon behalf of which the
person 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.
7r TERESA THOMPSON
WITNESS my hand and official seal commission # 2030796
V
Notary Public California x
}:= " Riverside County
My Comm. Cxpires Jun 24, 2017
Signature
(seal)
DOCUMENT: RELEASE OF CONSTRUCTION COVENANTS by La Quinta Housing
Authority in favor of Habitat for Humanity of the Coachella Valley, Inc. on APNs
774-044-012-3 and 774-044-011-2.
-4-
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 Califon is )
County of �J V ,PCs
On ��'c ,%< oZ4 /% , before me, /') 6e1zlea-e ", �lAW �d e
insert name and title of the officer)
Notary Public, personally appeared
who proved to me on the basis of satisfactory evidence to be the persory(.a) whose
name()are subscribed to the within instrument and acknowledged to me that
/shelthey executed the same in -i lherltheir authorized capacity0e✓s), and that by
i, ►+'herftheir signatureW on the instrument the person), or the entity upon behalf of
which the person(eacted, executed the instrument.
certify under PENALTY OF PERJURY under the laws of the State of California
that the foregoing paragraph is true and correct.
P. BERT�NE
WITNESS m hand and official seal. Commission #
y a °•. Notary Public - California p
z Riverside county
I MX Comm. Ex ices Jul 2, 2017
Signature
882/015610-0040
10575405.1 a02/10/17 -5-
EXHIBIT "A"
LEGAL DESCRIPTION OF PROPERTY
Real property in the City of La Quinta, County of Riverside, State of California,
described as follows:
LOTS 13 AND 14 IN BLOCK 175 OF SANTA CARMELITA AT VALE LA
QUINTA, UNIT NO. 18, AS SHOWN BY MAP ON FILE IN BOOK 19
PAGES 30 AND 31 OF MAPS, RECORDS OF RIVERSIDE COUNTY,
CALIFORNIA;
EXCEPTING THEREFROM ONE -SIXTEENTH OF ALL COAL, OIL, GAS
AND OTHER MINERAL DEPOSITS IN SAID LAND, AS RESERVED IN
THE PATENT FROM THE STATE OF CALIFORNIA, RECORDED JULY
26, 1934 IN BOOK 182 PAGE 463 OF OFFICIAL RECORDS OF
RIVERSIDE COUNTY, CALIFORNIA.
APN: 774-044-012-3 and 774-044-011-2
8821015610-0040
10575405.1 a02110117 Exhibit A
• H [ �
C T
First American Title
= s�
City of La Quinta Public Works/Engineering
Department
78495 Calle Tampico
La Quinta, CA 92253
Attn: Becky Caha
Re: Seller: Habitat for Humanity of the Coachella Valley, Inc.,
Buyer: Eduardo Verdugo Castillo and Mariana Navarro Melchor
Property: 53-240 Avenida Alvarado
La Quinta, CA 92253
First American Title Company
500 S. Palm Canyon Drive, Suite 210
Palm Springs, CA 92264
(760)318-7180
Fax - (866)623-4186
September 11, 2017
Escrow No.: RPS-5476311 (LRDJ)
The closing of the above referenced transaction is now complete. For your records we enclose the following (If
checks are included in this package, please negotiate as soon as possible):
Final Settlement Statement
Additional documents, if applicable
Keep these instruments secure as some of them cannot be replaced. Any recorded documents to which you may
be entitled, and your policy of title insurance, will follow shortly.
Should you have any questions or need further assistance, please contact the undersigned. Thank you for
working with First American Title Company. We look forward to serving you in the future.
Sincerely,
Lynae Rendon/ Dusty Jeffries
Escrow Officer
palmspringsescrow@firstam.com
LRDJ/MO
American Land Title Association ALTA Settlement Statement - Combined
Adopted 05-01-2015
File No: RPS-5476311 First American Title Company
Printed: 09/11/2017, 8:31 PM +
Officer/Escrow Officer: Lynae Rendon/ 500 S. Palm Canyon Drive, Suite 210 • Palm Springs, CA 92264 4
Dusty Jeffries/MO Phone: (760)318-7170 Fax: (866)623-4186� 1
Settlement Location: Final Settlement Statement
500 S. Palm Canyon Drive, Suite 210, '
Palm Springs, CA 92264
Property Address: 53-240 Avenida Alvarado, La Quinta, CA 92253 copy of the original.
Buyer: Eduardo Verdugo Castillo, Mariana Navarro Melchor First American Title Company
Seller: Habitat for Humanity of the Coachella Valley, Inc.,
Lender: First Bank��.��,�.�/%uty���.�
Settlement Date: 09/08/2017
Disbursement Date: 09/08/2017 13y
Seller
Description
Buyer
Debit
Credit
Debit
Credit
Financial
243,100.00
Sale Price
243,100.00
Deposit: Receipt No. 1355108053 by Eduardo Verdugo Castillo /
Mariana Navarro Melchor
52.31
Deposit: Receipt No. 1355107900 by Mariana Navarro Melchor
1,300.00
Loan Amount -First Bank
135,200.00
90,020.00
New Loan to File City of La Quinta Public Works/Engineering
Department
90,020.00
21,780.00
New Loan to File Coachella Valley Habitat for Humanity
21,780.00
Prorations/Adjustments
637.65
County Taxes 07/01/17 to 09/08/17 @$1,713.09/semi
637.65
Loan Charges
Loan Charges to First Bank
Prepaid Interest 09/06/17 to 10/01/17 @$12.960000/day
324.00
Appraisal Fee
475.00
Credit Report
32.50
Flood Certification
7.00
Tax Service
62.00
Appraisal Processing Fee
11.00
Property Tax Direct Fee
2.50
Non -Specific Lender Credits
344.00
Impounds
Aggregate Adjustment
263.01
Homeowner's Insurance 3 mo(s) @$52.59/mo
157.77
County Property Taxes 10 mo(s) @$285.52/mo
2,855.20
This is a summary of the closing transaction prepared by First American Title Company. This document is not intended to replace the
Closing Disclosure form.
Copyright 2015 American Land Title Association. File # RPS-5476311
All rights reserved Page 1 of 2 Printed on 09/11/2017 at 8:31 PM
Seller
Description
Buyer
Debit
Credit
Debit
Credit
Title Charges & Escrow / Settlement Charges
1,043.00
Title - Owner's Title Insurance (optional)
Eagle Owners Policy to First American Title Company
Title - Lender's Policy
ALTA Loan Policy Extended -1 to First American Title Company
175.00
Title - Lender's Policy
ALTA Loan Policy Extended - 2 to First American Title Company
384.00
Title - Lender's Policy
ALTA Loan Policy Extended - 3 to First American Title Company
395.00
1,615.00
Title - Escrow Fee
Escrow Fee to First American Title Company
Title - New Loan Services Fee
New Loan Services Fee to First American Title Company
710.00
200.00
Title - Notary/Signing Fee
Notary/Signing Fee to First American Title Company
Title - Notary/Signing Fee
Notary/Signing Fee 2nd Loan to First American Title Company
175.00
Title - Notary/Signing Fee
Notary/Signing Fee 3rd Loan to First American Title Company
100.00
Government Recording and Transfer Charges
* Record Deed Paid by Others -Settlement
Agent $21.00
* Record First Deed of Trust Paid by Others -Settlement
Record Deed of Trust - 1 Agent $78.00
* Record Deed of Trust - 3 to Riverside Paid by Others -Settlement
County Clerk -Recorder Agent $72.00
Record Agreement Paid by Others -Settlement
Agent $66.00
267.85
County Documentary Transfer Tax
Miscellaneous
425.00
Home Warranty to First American Home Warranty
Homeowner's Insurance Premium to Wells Fargo Insurance
631.00
89.95
Special Hazard Disclosure(CA) to First American Natural Hazard
Disclosure
3,833.24
Payoff good through 09/30/17 to Riverside County Treasurer -Tax
Collector
119,911.69
243,100.00
Subtotals
249,596.97
249,596.97
Due From/To Buyer
123,188.31
Due To Seller
243,100.00
243,100.00
Totals
249,596.97
249,596.97
"Recording fees are paid by the Settlement Agent.
This is a summary of the closing transaction prepared by First American Title Company. This document is not intended to replace the
Closing Disclosure form.
Copyright 2015 American Land Title Association File # RPS-5476311
All rights reserved Page 2 of 2 Printed on 09/11/2017 at 8:31 PM
Closing Disclosure
Closing Information
Date Issued
9/11/2017
Closing Date
9/6/2017
Disbursement Date
9/6/2017
Settlement Agent
First American Title Company
File #
5476311
Property
53-240 Avenida Alvarado
La Quinta, CA 92253
Sale Price
$243,100
Transaction Information
Borrower Eduardo VerdugoCastillo and Mariana Navarro Melchor
53-240 Avenida Alvarado
La Quinta, CA 92253
Seller Habitat for Humanity ofthe Coachella Valley, Inc.,
53-240 Avenida Alvarado
La Quinta, CA 92253
Summaries of Transactions Contact Information
SELLER'S TRANSACTION REAL ESTATE BROKER (B)
Due to Seller at Closing
Sale Price of Property
Sale Price of Any Personal Property Included in Sale
Adjustments for Items Paid by Seller in Advance
City/Town Taxes to
County Taxes to
Assessments to
$243,100.00 Name
$243,100.00
Address
CA License ID
Contact
Contact CA License ID
Email
Phone
REAL ESTATE BROKER (S)
Name
Address
CA License ID
Contact
Due from Seller at Closing
$119,911.69
Contact CA License Id
Excess Deposit
Email
Closing Costs Paid at Closing (J)
$7,474.04
Phone
Existing Loan(s) Assumed or Taken Subject to
SETTLEMENT AGENT
Payoff of First Mortgage Loan
Name
Payoff of Second Mortgage Loan
New Loan to File to City of La Quinta Public
$90,020.00
Address
New Loan to File to Coachella Valley Habitat for
$21,780.00
Seller Credit
CA License ID
Contact
Contact CA License ID
Email
Phone
Adjustments for Items Unpaid by Seller
City/Town Taxes to
County Taxes 7/1/17 to 9/8/17
$637.65
Assessments to
CALCULATION
Total Due to Seller at Closing (M) $243,100.00
Total Due from Seller at Closing (N)-$119,911.69
Cash OFrom ®To Seller $123,188.31
First American Title Company
500 S. Palm Canyon Drive, Suite 210
Palm Springs, CA 92264
151
Lynae Rendon/ Dusty Jeffries
palmspringsescrow@firstam.com
(760)318-7180
Questions?If you have questions about the
loan terms or costs on this form, use the contact
information above. To get more information
or make a complaint, contact the Consumer
Financial Protection Bureau at
www.consumerfinance.gov/mortgage-dosing
CLOSING DISCLOSURE PAGE 1 OF 2
Closinq Cost Details
A. Origination Charges
%of Loan Amount (Points)
B. Services Borrower Did Not Shop For
C. Services Borrower Did Shop For
Title - Escrow Fee to First American Title Company
Title - Notarv/Sia ni nq Fee to First American Title Companv
Seller -Paid
AtClnsing Before Closing
$1,615.00
$200.00
Other
E. Taxes and Other Government Fees
Recording Fees Deed: Mortgage:
Countv Documentary Transfer Tax $267.85
F. Prepaids
Homeowner's Insurance Premium
Mortgage Insurance Premium
Prepaid Interest
Property Taxes
G. Initial Escrow Payment at Closing
Homeowner's Insurance per month for mo.
Mortgage Insurance per month for mo.
Property Taxes per month for mo.
Aggregate Adjustment
H. Other
Home Warranty to First American Home Warranty $425.00
Payoff good through 09/30/17 to Riverside County Treasurer -Tax Collector $3,833.24
Special Hazard Disclosure(CA) to First American Natural Hazard Disclosure $89.95
Title - Owner's Title Insurance (optional) to First American Title Company $1,043.00
J.TOTAL
CLOSING DISCLOSURE PAGE 2 OF 2
Addendum to Closing
Disclosure
Closing Information
Date Issued 9/11/2017
File # 5476311
Closing Date 9/6/2017
Sale Price $243,100
Disbursement Date 9/6/2017
Settlement Agent:
First American Title Company
Property Information:
Property 1: 53-240 Avenida Alvarado La Quinta, CA 92253
Borrower Information:
Borrower 1: Eduardo Verdugo Castillo and Mariana Navarro Melchor 53-240 Avenida Alvarado
La Quinta, CA 92253
Seller Information:
Seller 1: Habitat for Humanity of the Coachella Valley, Inc., 53-240 Avenida Alvarado
La Quinta, CA 92253
ADDENDUM CLOSING DISCLOSURE PAGE 1 OF 1