2011 08 02 RDA00 4 4V adja
Redevelopment Agency agendas are
available on the City' web page
@ www.la-quinta.org
REDEVELOPMENT AGENCY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, AUGUST 2, 2011 AT 4:00 P.M.
Beginning Resolution No. RA 2011-031
CALL TO ORDER
Roll Call:
Agency Board Members: Adolph, Evans, Franklin, Sniff, Chairperson Henderson
CLOSED SESSION — NONE
PUBLIC COMMENT
At this time members of the public may address the Redevelopment Agency on any matter
not listed on the agenda. Please complete a "request to speak" form and limit your
comments to three minutes.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF JULY 19, 2011
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. APPROVAL OF DEMAND REGISTER DATED AUGUST 2, 2011
001
REDEVELOPMENT AGENCY AGENDA 1 AUGUST 2, 2011
2. APPROVAL OF AMENDMENT NO. 2 TO THE AFFORDABLE HOUSING
AGREEMENT BY AND BETWEEN THE LA QUINTA REDEVELOPMENT
AGENCY AND HABITAT FOR HUMANITY OF THE COACHELLA VALLEY,
INC., FOR THE CONSTRUCTION OF AFFORDABLE HOMES AND
APPROPRIATION OF FUNDING
BUSINESS SESSION - NONE
STUDY SESSION - NONE
CHAIR AND BOARD MEMBERS' ITEMS - NONE
PUBLIC HEARINGS - NONE
ADJOURNMENT
THE FOLLOWING REGULAR MEETINGS OF THE REDEVELOPMENT AGENCY HAVE
BEEN CANCELLED: AUGUST 16, 2011 and SEPTEMBER 6, 2011.
The next regular meeting of the Redevelopment Agency will be held on September
20, 2011 commencing with closed session at 3:00 p.m. and open session at 4:00
p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Redevelopment Agency meeting of August
2, 2011, was posted on the outside entry to the Council Chamber at 78-495 Calle
Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630
Highway 111, on July 29, 2011.
DATED July 29, 2011
VERONICA . MONTECINO, City Clerk
City of La Quinta, California
Public Notice
Any writings or documents provided to a majority of the Redevelopment Agency regarding
any item on this agenda will be made available for public inspection at the City Clerk
counter at City Hall located at 78-495 Calle Tampico, La Quints, California, 92253, during
normal business hours.
002
REDEVELOPMENT AGENCY AGENDA 2 AUGUST 2, 2011,
AGENDA CATEGORY:
RDA MEETING DATE: August 2, 2011 BUSINESS SESSION
ITEM TITLE: Approval of Demand Register Dated CONSENT CALENDAR
August 2, 2011
STUDY SESSION
PUBLIC HEARING
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
August 2, 2011 of which $157,155.74
represents Redevelopment Agency Expenditures.
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
•" 003
COUNCIL/RDA MEETING DATE: August 2, 2011
ITEM TITLE: Approval of Amendment No. 2 to the
Affordable Housing Agreement by and between the La
Quinta Redevelopment Agency and Habitat for Humanity
of the Coachella Valley, Inc., for the Construction.of
Affordable Homes and Appropriation of Funding
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: 2
STUDY SESSION:
PUBLIC HEARING:
Approve Amendment No. 2 to the Affordable Housing Agreement between the La
Quinta Redevelopment Agency and Habitat for Humanity of the Coachella Valley, Inc.,
subject to minor modifications approved by the Agency Counsel and Executive
Director, and authorize the appropriation of $5,100 from the Redevelopment Project
Area No. 1 Low- and Moderate -Income Housing Fund.
FISCAL IMPLICATIONS:
The original Affordable Housing Agreement ("Agreement") approved an expenditure of
$174,940 to construct two single family affordable houses. Construction has been
completed; however, Habitat for Humanity ("HFH") experienced minor cost increases
due to Coachella Valley Water District fees and the increased cost of stucco. The cost
increases total $5,100 and are broken out as follows:.
$2,900 for 53220 Avenida Alvarado
$2,200 for 53240 Avenida Alvarado
Per the Agreement, upon HFH's sale of each of the affordable homes to an income -
qualified affordable buyer, fifty percent of the Agency loan would be credited to HFH
and transferred to the buyer in the form of a first trust deed loan. Per the proposed
amendment, the additional financial assistance will also be credited to HFH and
transferred to the buyers, so that the first trust deeds will be recorded with the
following amounts:
$90,370 for 53220 Avenida Alvarado
$89,670 for 53240 Avenida Alvarado „a 004
To amend the agreement as proposed, $5,100 will need to be appropriated from the
Redevelopment Project Area No. 1 Low- and Moderate -Income Housing Fund.
BACKGROUND AND OVERVIEW:
The Agency Board approved the Agreement between the La Quinta Redevelopment
Agency and HFH, in August of 2010, which appropriated $174,940 to assist with the
construction of two homes affordable to very -low income buyers on properties owned
by HFH. As of July 21, 2011, the homes have been completed and RSG is working on
qualifying buyers to purchase the homes.
The first amendment that followed in February 2011, appropriated $1,100,000 over
five years, to assist with the construction of five additional homes within the City. All
five of the additional houses are required to be sold to very low-, low- or moderate -
income families, which is consistent with the existing Agreement.
Due to unanticipated fees related to the Coachella Valley Water District and the
increased cost of stucco, HFH has incurred additional expenses and has asked the
Agency for additional funding. Because of HFH's good track record, and diligent work
with the Agency and other funding partners to contain the costs of constructing these
homes, staff recommends that the Agency Board approve the request.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
1. Approve Amendment No. 2 to the Affordable Housing Agreement between the
La Quinta Redevelopment Agency and Habitat for Humanity of the Coachella
Valley, Inc. subject to minor modifications approved by the Agency Counsel and
Executive Director, and authorize the appropriation of $5,100 from
Redevelopment Project Area No.1 Low- and Moderate -Income Housing Fund to
implement the Amendment; or
2. Do not approve Amendment No. 2 to the Affordable Housing Agreement
between the La Quinta Redevelopment Agency and Habitat for Humanity of the
Coachella Valley, Inc. ; or
3. Provide staff with alternative direction.
Respectfully submitted,
Debbie,Powell
Economic Development/Housing Manager
'»"•� 005
Approvedforsubmission by:
� l
Thomas P. Genovese, Executive Director
Attachment: 1. Amendment No. 2 to Affordable Housing Agreement
•-° 006
ATTACHMENT
AMENDMENT NO.2 TO AFFORDABLE HOUSING AGREEMENT
by and between
LA QUINTA REDEVELOPMENT AGENCY,
a public body, corporate and politic,
HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC.
a California nonprofit public benefit corporation
007
882/015610-0046
2233639.2 a0L27/11
This AMENDMENT NO. 2 TO
("Amendment") is entered into as of August _
the LA QUINTA REDEVELOPMENT AGEN
"Agency"), and HABITAT FOR HUMANIT
a California nonprofit public benefit corporation
FFORDABLE HOUSING AGREEMENT
2011 (the "Effective Date"), by and between
', a public body, corporate and politic (the
OF THE COACHELLA VALLEY, INC.,
le "Developer").
RECITALS:
A. On August 23, 2010, the Agency I and the Developer entered into an Affordable
Housing Agreement (the "Original Agreement), pursuant to which the Agency agreed to
provide financial assistance to the Developer for the Developer's development and sale of two
single-family homes within La Quinta Project Area No. 1 ("Home 1 and Home 2") to income -
qualified households at a sales price affordable to (such households.
B. On or about February 1, 2011, the
Amendment No. 1 to Affordable Housing Agree
the Agency agreed to provide additional fit
Developer's development and sale of five (5) ac
Project Area No. 1 during the five-year period
June 30, 2018. The Original Agreement, as n
referred to as the "Agreement." All capitalized
the meanings ascribed thereto in the Agreement.
C. In completing Home 1 and Hon
Agency Financial Assistance provided to Deve
Developer and Agency now wish to provide for
in the amount of Five Thousand One Hundred D
[cy and Developer entered into that certain
("Amendment No. 1"), pursuant to which
I assistance to the Developer for the
ial single-family homes within La Quinta
nencing on July 1, 2013, and ending on
ed by Amendment No. 1, is hereinafter.
not specifically defined herein shall have
2, Developer incurred costs in excess of the
per pursuant to the Original Agreement, and
i increase in the Agency Financial Assistance
ars ($5,100) to cover such excess costs.
AGREEMENT:
NOW, THEREFORE, in consideration
herein by this reference, and for other valuat
which is hereby acknowledged, the Agency and
1. The Agreement is hereby am
Financial Assistance for the development of
Hundred Dollars ($5,100) (the "Additional Hot
2. The Additional Home 1 and Hot
from the Agency's Low and Moderate Income
Additional Home 1 and Home 2 Agency Finan
accordance with the disbursement provisions in
3. Prior to, and as a condition to
and Home 2 Agency Financial Assistance, De
Agency (i) a replacement promissory note
8821015610-0046
2233639.2 a07/27/11
he foregoing Recitals, which are incorporated
consideration, the receipt and sufficiency of
weloper hereby agree as follows:
led to increase the amount of the Agency
ome 1 and Home 2 by Five Thousand One
1 and Home 2 Agency Financial Assistance").
2 Agency Financial Assistance will be funded
)using Fund. Subject to Section 3 below, the
l Assistance will be disbursed to Developer in
ticle II of the Original Agreement.
's disbursement of the Additional Home 1
shall be obligated to execute and deliver to
ntially in the form attached hereto and
"• 008
incorporated herein as Exhibit "A" (the "Replacement Promissory Note"); (h) a modification to
the Deed of Trust substantially in the form attached hereto and incorporated herein as Exhibit
"B" ("Modification to Deed of Trust"), and (iii) an amendment to the Affordable Housing
Agreement and Declaration of Covenants, Conditions and Restrictions substantially in the form
attached hereto and incorporated herein as Exhibit "C" ("Amendment No. 1 to Declaration").
4. Upon Developer's sale of Home 1 (53220 Avenida Alvarado) to an Eligible
Household, and the Eligible Household's execution of a complete set of Buyer Affordable
Housing Documents, Two Thousand Nine Hundred Dollars ($2,900) of the Additional Home I
and Home 2 Agency Financial Assistance (in addition to fifty percent (50%) of the Agency
Financial Assistance disbursed to Developer pursuant to the Original Agreement) shall be
credited to Developer and deemed transferred to the Eligible Household purchasing Home 1.
Upon Developer's sale of Home 2 (53240 Avenida Alvarado) to an Eligible Household, and the
Eligible Household's execution of a complete set of Buyer Affordable Housing Documents, Two
Thousand Two Hundred Dollars ($2,200) of the Additional Home 1 and Home 2 Agency
Financial Assistance (in addition to fifty percent (50%) of the Agency Financial Assistance
disbursed to Developer pursuant to the Original Agreement) shall be credited to Developer and
deemed transferred to the Eligible Household purchasing Home 2.
5. In the event of any action between Agency 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.
6. This Amendment No. 2 shall be construed according to its fair meaning and as if
prepared by both parties hereto.
7. 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
law. 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 Agency 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. 2 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 Agency
and Developer. No waiver of any breach or default by any party hereto shall be considered to be
a waiver of any breach or default unless expressly provided herein or in the waiver.
10. 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.
'�"• i - 009
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2233639.2 a07/27/11 _2
11. The person(s) executing this Amendment No. 2 on behalf of each of the parties
hereto represent and warrant that (i) such party is duly organized and existing, (ii) they are 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. .
12. Except as otherwise expressly provided in this Amendment No. 2, all of the terms
and conditions of the Agreement shall remain in full force and effect.
[End — Signatures on next page]
�". 010
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2233639.2 a0727/11
IN WITNESS WHEREOF, the Agency and the Developer have signed this Amendment
No. 2 on the respective dates set forth below.
Dated:
ATTEST:
Veronica J. Montecino, CMC
Agency Secretary
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
M. Katherine Jenson, Agency Counsel
Dated:
Dated:
LA QUINTA REDEVELOPMENT AGENCY,
a public body corporate and politic
IN
Thomas P. Genovese,
Executive Director
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit public benefit corporation
By:
Its:
By:
Its:
'"n
882/015610-0046 � ''�
2233639.2 a07/27/11 _4 Oil
EXHIBIT "A"
REPLACEMENT PROMISSORY NOTE
[See following document]
012
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2233639.2 a07/27/11
REPLACEMENT PROMISSORY NOTE
$180,040
La Quinta, California
FOR VALUE RECEIVED, HABITAT FOR HUMANITY OF THE COACHELLA
VALLEY, INC., a California nonprofit public benefit corporation ("Borrower") promises to pay
to LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic
("Agency") at 78-495 Calle Tampico, La Quinta, California 92253, or at such other address as
Agency may direct from time to time in writing, the sum of One Hundred Eighty Thousand Forty
Dollars ($180,040) (the "Note Amount"), plus accrued interest (if applicable), and other charges
owing hereunder, or such lesser amount which shall from time to time be owing hereunder
pursuant to the terms of this Note.
Reference is made to:
(a) That certain Affordable Housing Agreement between Borrower and
Agency dated August 23, 2010, as may be amended from time to time
("Original AHA"), which sets forth terms and conditions for Borrower's
redevelopment of that certain real property located in the City of La
Quinta, County of Riverside, State of California, more particularly
described in the Original AHA as the "Site."
(b) That certain Amendment No. 1 to Affordable Housing Agreement
between Borrower and Agency dated February 1, 2011 ("Amendment No.
I"), which provides for Borrower's redevelopment of additional real
property located, or to be located, in the City of La Quinta, County of
Riverside, State of California.
(c) That certain Amendment No. 2 to Affordable Housing Agreement
between Borrower and Agency dated August _, 2011 ("Amendment
No. 2"), which provides for Agency's provision of additional financial
assistance to cover certain excess costs incurred by Developer in
developing the Site. The Original AHA, as amended by Amendment
No. I and Amendment No. 2, is hereinafter referred to as the "AHA." All
terms not otherwise defined herein shall have the meanings given in the
AHA.
(d) That certain Promissory Note executed by Borrower on August 18, 2010,
that evidences Borrower's repayment obligations for the Agency Financial
Assistance provided to Borrower by Agency pursuant to the Original AHA
(the "Original Note").
(e) That certain Affordable Housing Agreement and Declaration of
Covenants, Conditions and Restrictions between Agency and Borrower,
recorded against the Site in the Office of the Riverside County Recorder
(the "Official Records") on August 30, 2010, as Instrument No. 2010-
0414647 ("Original Declaration").
'�"• - 013
8821015610-0046
2233639.2 a07/27/11 _ 1 _
(f) That certain Amendment No. 1 to Affordable Housing Agreement and
Declaration of Covenants, Conditions and Restrictions between Agency
and Borrower, recorded against the Site in the Official Records on or
about the date hereof ("Amendment No. 1 to Declaration"). The Original
Declaration, as modified by Amendment No. 1 to Declaration, is
hereinafter referred to as the "Declaration.")
(g) That certain Deed of Trust securing the Original Note executed by
Borrower in favor of Agency, recorded against the Site in the Official
Records on August 30, 2010, as Instrument No. 2010-0414646 ("Original
Deed of Trust").
(h) That certain Modification to Deed of Trust executed by Borrower in favor
of Agency, recorded against the Site in the Official Records on or about
the date hereof ("Modification to Deed of Trust"). The Original Deed of
Trust, as modified by the Modification, is hereinafter referred to as the
"Deed of Trust."
The AHA, Declaration, and Deed of Trust are collectively referred to herein as the "Agency
Agreements." The Agency Agreements are incorporated herein as though set forth in full.
1. Replacement of Original Note. This Replacement Note replaces, in its entirety,
the Original Note.
2. Note Amount; Interest.
(a) Note Amount. The principal amount of Agency's loan to Borrower is
One Hundred Eighty Thousand Forty Dollars ($180,040) ("Note Amount"). The Note Amount
represents the financial assistance provided by Agency to Borrower to enable Borrower to
develop the Project on the Site.
(b) Interest. Subject to Section 4 below, no interest shall accrue on the
outstanding principal Note Amount.
3. Term of Note; Repayment. Repayment of the Loan Amount shall be as follows:
(a) Subject to the provisions of Section 4 herein, which provide for
acceleration of the then outstanding principal and accrued interest and immediate payment
thereof in the event of a default by Borrower, Borrower shall not be required to make any
payments of principal or interest on this Note until such time as Borrower sells a Home to an
Eligible Household. Upon Borrower's sale of Home 1 to an Eligible Household at an Affordable
Sales Price and the Eligible Household's execution of a complete set of Buyer Affordable
Housing Documents, the Note Amount shall be reduced by Ninety Thousand Three Hundred
Seventy Dollars ($90,370). Upon Borrower's sale of Home 2 to an Eligible Household at an
Affordable Sales Price and the Eligible Household's execution of a complete set of Buyer
Affordable Housing Documents, the Note Amount shall be reduced by Eighty -Nine Thousand
Six Hundred Seventy Dollars ($89,670). Upon the occurrence of either of such sale and
corresponding reduction in the Note Amount, the amount by which the Note Amount is reduced
882/015610-0046
2233639.2 a07/27/11 -2-
shall be deemed transferred to the applicable Eligible Household, in the form of a first trust deed
loan. Upon Borrower's sale of the last Home in the Project to an Eligible Household at an
Affordable Sales Price and said Eligible Household's execution of a complete set of Buyer
Affordable Housing. Documents, this Note shall be automatically cancelled, as evidenced by
Agency's return to Borrower of the original of this Note marked "cancelled," and the Deed of
Trust shall no longer secure the obligations hereunder.
(b) Borrower shall have the right to prepay all or any portion of this Note at
any time without penalty.
(c) Any payments made by Borrower in payment of this Note shall be applied
in the following order: (i) first to the interest then accrued and due on the unpaid principal
balance under this Note, (ii) second to reduction of the principal balance of this Note.
4. Default and Cross -Default. Borrower shall be deemed in default of this Note in
the event Borrower (a) fails to timely make a payment required by this Note within ten (10) days
following the due date of any payment due hereunder; or (b) Borrower is in material default of
any of the covenants, terms, or provisions of this Note, or any of the Agency Agreements, and
Borrower fails to timely cure such default under the terms of the applicable agreement, it being
understood and agreed by Borrower that a default of any of the Agency Agreements (beyond any
applicable cure period) shall be a default of this Note. In the event of a default, all portions of
the Note Amount that have been disbursed to Borrower and all accrued interest thereon shall
become immediately due and payable. The rate of interest applicable to periods of default for
the defaults set forth in this Paragraph 4 shall be calculated at the lesser of ten percent (10%) per
annum or the maximum legal rate, and shall accrue as of the date such payment was originally
due.
5.. Collection Costs; Attorneys' Fees. If the Note Amount becomes due and is not
paid, Borrower shall pay all costs of collection, including, but not limited to, attorneys' fees, and
all expenses incurred in connection with the protection or realization of the collateral securing
the payment hereof or enforcement of any guarantee, incurred by Agency on account of such
collection, whether or not suit is filed hereon.
6. Waiver of Presentment, Etc. Borrower and all endorsers, guarantors and
persons liable or to become liable on this Note waive presentment, protest and demand, notice of
protest, demand and dishonor and nonpayment of this Note and any and all other notices or
matters of a like nature, and consent to any and all renewals and extensions near the time of
payment hereof and agree further that at any time and from time to time without notice, the terms
of payment herein may be modified or the security described in any documents securing this
Note released in whole or in part, or increased, changed or exchanged by agreement between
Agency and any owner of the premises affected by said documents securing this Note, without in
any affecting the liability of any party to this Note or any persons liable or to become liable
with respect to any indebtedness evidenced hereby.
7. Severability; Governing Law; Amendment. The unenforceability or invalidity
of any provision or provisions of this Note as to any persons or circumstances shall not render
that provision or those provisions unenforceable or invalid as to any other provisions or
'-" 015
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2233639.2 a07/27/11 -3
circumstances, and all provisions hereof, in all other respects, shall remain valid and enforceable.
This Note has been executed and delivered by Borrower in the State of California and is to be
governed and construed in accordance with the internal laws thereof Neither this Note nor any
term hereof may be waived, amended, discharged, modified, changed, or terminated orally; nor
shall any waiver of any provision hereof be effective except by an instrument in writing signed
by Borrower and Agency.
8. No Waiver by Agency. No waiver of any breach, default, or failure of condition
under the terms of this Replacement Note or the Deed of Trust or the obligations secured thereby
shall be implied from any failure of Agency to take, or any delay be implied from any failure by
Agency in taking action with respect to such breach, default, or failure from any prior waiver of
any similar or unrelated breach, default, or failure.
9. Usury. Notwithstanding any provision in this Replacement Note, the Deed of
Trust, or other document securing same, the total liability for payment of any interest shall not
exceed the limit imposed by applicable laws of the State of California.
10. Non -Recourse Obligation. In the event of any default under the terms of this
Replacement Note or any of the Agency Agreements, the sole recourse of Agency for any and all
such defaults shall be by judicial foreclosure or by the exercise of the trustee's power of sale, and
Borrower and its partners shall not be personally liable for the payment of this Replacement Note
or for the payment of any deficiency established after judicial foreclosure or trustee's sale;
provided, however, that the foregoing shall not in any way affect any rights Agency may have
(as a secured party or otherwise) hereunder or under any of the Agency Agreements to recover
directly from Borrower any amounts secured by the Deed of Trust, or any funds, damages or
costs (including without limitation reasonable attorneys' fees and costs) incurred by Agency as a
result of fraud; intentional misrepresentation, or bad faith waste, and any costs and expenses
incurred by Agency in connection therewith (including without limitation reasonable attorneys'
fees and costs).
11. Assignment. Borrower may not transfer or assign this Replacement Note without
the express written consent of Agency, which may be given or withheld in Agency's sole and
absolute discretion. Agency may transfer or assign Agency's interest in this Replacement Note.
12. Counterparts. This Replacement Note may be executed in counterparts, each of
which, when this Replacement Note has been signed by all the parties hereto, shall be deemed an
original, and such counterparts shall constitute one and the same instrument.
[End of Replacement Note — Signature page follows]
016
882/015610-0046 2233639.2 a0727/11 -4-
Dated:
Dated:
Dated:
ATTEST:
Agency Secretary
APPROVED AS TO FORM
RUTAN & TUCKER, LLP:
Agency Counsel
"Borrower"
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit public benefit corporation
By:
Its:
By:
Its:
"Agency"
LA QUINTA REDEVELOPMENT AGENCY,
a public body corporate and politic
By:
Executive Director
•,.a 017
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511
EXHIBIT "A" TO
ATTACHMENT NO.3
DISBURSEMENT RECORD
Disbursement Amount
Date
Acknowledgment of
Receipt of Borrower
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
8821015610-0046
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EXHIBIT `B"
MODIFICATION TO DEED OF TRUST
[See following document]
0119
882/015610-0046 _
2233639.2 a07/27/11 _
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:)
La Quinta Redevelopment Agency
P.O. Box 1504
La Quinta, CA 92247
Attn: Executive Director
Exempt from Recordation Fee per Gov. Code § 27383
MODIFICATION OF DEED OF TRUST
This MODIFICATION OF DEED OF TRUST ("Modification") is dated as of
August , 2011, and made by and between the LA QUINTA REDEVELOPMENT
AGENCY, a public body, corporate and politic ("Agency" or "Beneficiary"), and HABITAT
FOR HUMANITY OF THE COACHELLA VALLEY, INC. ("Trustor").
RECITALS
A. Trustor, as "Trustor," executed that certain Deed of Trust With Assignment of
Rents dated September 15, 1992, in favor of First American Title Company, as Trustee, and
Beneficiary, as the beneficiary thereunder, recorded on August 30, 2010, as Instrument No.
2010-0414646, in the Official Records of Riverside County, California ("Deed of Trust"),
pursuant to which they granted to the Trustee, for the benefit of Beneficiary, certain real property
more particularly described in the Deed of Trust ("Property").
B. Trustor and Beneficiary now desire to amend the Deed of Trust as more
particularly described herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of
which is hereby acknowledged, the parties hereto agree as follows:
1. Modification to Deed of Trust. The Deed of Trust is hereby modified as follows:
a. To replace the clause (a) of the second paragraph on page 1, in its entirety,
with the following:
(a) payment of the sum of One Hundred Eighty Thousand
Forty Dollars ("Note Amount'), with interest thereon
according to the terms of a promissory note or notes of
even date herewith made to Trustor, payable to order of
Beneficiary, and modifications, extensions or renewals
thereof ("Note").
b. No Other Modification. Except as expressly modified by this
Modification, the Deed of Trust shall remain unmodified and in full force and effect.
".» 020
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2233639.2 a0727/11 -1
C. Counterparts. This Modification may be executed in counterparts, each of
which, when this Modification has been signed by all the parties hereto, shall be deemed an
original, and such counterparts shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Modification as of the date set
forth above.
"Beneficiary"
LA QUINTA REDEVELOPMENT AGENCY, a
public body, corporate and politic
Executive Director
ATTEST:
Agency Secretary
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
Agency Counsel
"Trustor"
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit public benefit corporation
By:
Its:
By:
Its:
'""•J 021
882/015610-0046
2233639.2 a0727/11
EXHIBIT "C"
AMENDMENT NO. I TO DECLARATION
[See following document]
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RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
La Quinta Redevelopment Agency
P.O. Box 1504
La Quinta, CA 92247
Attn: Executive Director
(Space Above for Recorder's Use)
Exempt from Recordation Fee per Gov. Code § 27383
AMENDMENT NO. 1 TO AFFORDABLE HOUSING AGREEMENT AND
DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS
This AMENDMENT NO. 1 TO AFFORDABLE HOUSING AGREEMENT AND
DECLARATION OF COVENANTS, CONDITIONS, AND RESTRICTIONS (this
"Amendment No. 1") 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 REDEVELOPMENT AGENCY, a public body, corporate
and politic (the "Agency") as of the day of August, 2011.
RECITALS
A. Developer and Agency are parties to 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 (the "Declaration"). Unless otherwise defined herein, terms used in this Amendment
No. 1 shall have the meanings ascribed thereto in the Declaration.
B. The Declaration was executed pursuant to an Affordable Housing Agreement
entered into by and between Developer and Agency and dated August 23, 2010, which was later
amended by that certain Amendment No. 1 to Affordable Housing Agreement dated February 1,
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".
C. Pursuant to the Original AHA, (i) the Agency agreed to provide Developer with a
loan in the amount of One Hundred Seventy -Four Thousand Nine Hundred Forty Dollars
($174,940) (the "Original Agency Loan Amount") to construct the Project, and (ii) upon the
Developer's sale of each Home to an Eligible Household at an Affordable Sales Price and said
Eligible Household's execution of a complete set of Buyer Affordable Housing Documents, fifty
percent (50%) of the outstanding principle balance of the Original Agency Loan Amount was to
be credited to the Developer and deemed transferred to said Eligible Household, in the form of a
first trust deed loan.
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D. On or about August _, 2011, Agency and Developer entered into that certain
Amendment No. 2 to Affordable Housing Agreement ("Amendment No. 2 to AHA"), pursuant
to which Agency agreed to increase the amount of the Agency's financial assistance to
Developer by Five Thousand One Hundred Dollars ($5,100) (the "Additional Agency Financial
Assistance").
E. Agency and Developer now wish to amend the Declaration to provide that, upon
the transfer of the two Homes to Eligible Households, the Additional Agency Financial
Assistance shall be credited to the Developer and transferred to said Eligible Households, all as
more fully described herein.
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, the Agency and Developer hereby agree as follows:
1. The Declaration is hereby amended as follows:
A. As used in this Amendment No. 1 and in the Declaration, the term
"Agency Loan" shall mean and refer to the sum of the Original Agency Loan Amount and the
Additional Agency Financial Assistance.
B. Upon Developer's sale of the Home to be constructed at 53220 Avenida
Alvarado to an Eligible Household at an Affordable Sales Price and the Eligible Household's
execution of a complete set of Buyer Affordable Housing Documents, Ninety Thousand Three
Hundred Seventy Dollars ($90,370) of the Agency Loan shall be credited to the Developer and
deemed transferred to said Eligible Household, in the form of a first trust deed loan. Upon
Developer's sale of the Home to be constructed at 53240 Avenida Alvarado to an Eligible
Household at an Affordable Sales Price and the Eligible Household's execution of a complete set
of Buyer Affordable Housing Documents, Eighty -Nine Thousand Six Hundred Seventy Dollars
($89,670) of the Agency Loan shall be credited to the Developer and deemed transferred to said
Eligible Household, in the form of a first trust deed loan. As used in the Declaration, the term
"Homebuyer Loan" shall refer to the portion of the Agency. Loan transferred to the Eligible
Buyer in question pursuant to this paragraph.
2. In the event of any action between Agency and Developer seeking enforcement of
any of the terms and conditions to this Amendment No. 1, 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. 1 shall be construed according to its fair meaning and as if
prepared by both parties hereto.
4. This Amendment No. 1 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
law. 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. 1. Service of process on Agency shall be made in
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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. 1 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. No waiver of any breach or default by any party hereto shall be considered to be
a waiver of any breach or default unless expressly provided herein or in the waiver.
7. This Amendment No. 1 may be executed in counterparts, each of which, when
this Amendment No. 1 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. 1 on behalf of each of the parties
hereto represent and warrant that (i) such party is duly organized and existing, (ii) they are duly
authorized to execute and deliver this Amendment No. 1 on behalf of said party, (iii) by so
executing this Amendment No. 1 such party is formally bound to the provisions of this
Amendment No. 1, and (iv) the entering into this Amendment No. 1 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. 1, all of the terms
and conditions of the Declaration shall remain in full force and effect.
[End — Signature page follows]
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IN WITNESS WHEREOF, the Agency 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.
"Agency"
LA QUINTA REDEVELOPMENT AGENCY,
a public body, corporate and politic
Dated 2011 By:
ATTEST:
Agency Secretary
APPROVED AS TO FORM
RUTAN & TUCKER, LLP
Attorneys for the
La Quinta Redevelopment Agency
Its: Executive Director
"Developer"
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit public benefit corporation
Dated 2011 By:
Its:
Dated 2011 By:
Its:
• 882/015610-0046 076
_ -
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State of California
County of Riverside
On before me,
(insert name and title of the officer)
Notary Public, personally appeared ,
who proved 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.
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.
State of California
County of Riverside
On
before me,
(Seal)
(insert name and title of the officer)
Notary Public, personally appeared
who proved 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.
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.
Signature (Seal)
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