2003 Senior Affordable Housing Corp - Memorandum of Disposition & Development AgrmtCOMMONWEALTH LAND TITLE COS,
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
La Quinta Redevelopment Agency
78-495 Calle Tampico
La Quinta, California 92253
Attn: Executive Director
DOC a 2003-627937
08/18/2003 08:00A Fee:NC
Page i of 6
Recorded in Official Records
County of Riverside
Gary L. Orso
Assessor, County Clerk & Recorder
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This Memorandum of Disposition and Development
Agreement is recorded at the request and for the benefit of
the La Quinta Redevelopment Agency and is exempt from
the payment of a recording fee pursuant to Government
Code Section 6 103.
MEMORANDUM OF DISPOSITION AND DEVELOPMENT AGREEMENT
THIS MEMORANDUM OF DISPOSITION AND DEVELOPMENT AGREEMENT
("Memorandum") is entered into this t4l day ofy�V_S�" , 2003, by and between
the LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic
("Agency"), and SENIOR AFFORDABLE HOUSING CORP. NO. 3, a California nonprofit
public benefit corporation ("Developer").
This Memorandum is made with reference to the following:
1. On or about the date of this Memorandum, Developer acquired from Agency fee
title to 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"
and incorporated herein by this reference (the "Property").
2. On or about October 15, 2002, Agency and Developer entered into that certain
Disposition and Development Agreement which provides for Developer to develop an affordable
housing senior rental project on the Property. The definitions of all terms contained in the
Disposition and Development Agreement shall apply to this Memorandum.
3. The Disposition and Development Agreement provides for Agency and
Developer to enter into this Memorandum and to record the same in the Official Records of the
County of Riverside to provide notice to all persons of the existence of said Disposition and
Development Agreement and to cause the Disposition and Development Agreement to run with
the Property and be binding on Owner and Owner's successors -in -interest as to the Property.
4. The parties wish to memorialize that Section 701 of the Disposition and
Development Agreement provides as follows:
T
; 8 4 )1 S61 0-0047
417u66.01 a8/4, o3
Notwithstanding anything herein to the contrary, in the event the Secretary of
HUD ("HUD Secretary"), during the Term of the HUD Capital Advance
Documents, should take title to the Site through foreclosure, deed in lieu of
foreclosure, or otherwise, all covenants, conditions and restrictions set forth in
this Agreement shall cease and terminate and be of no further force and effect.
Notwithstanding anything herein to the contrary, if, during the Term of the HUD
Capital Advance Documents, any provision of this Agreement tends to contradict,
modify or in any way change the terms of the HUD Regulatory Agreement
encumbering the real property described in such Agreement to be entered into
between the HUD Secretary and the Developer, the terms of the HUD Regulatory
Agreement shall prevail and govern; or if any provision of this Agreement in any
way tends to limit the HUD Secretary in his administration of the Housing Act of
1959, as amended, or the Cranston -Gonzalez National Affordable Housing Act, or
the regulations issued pursuant thereto, this Agreement shall be deemed arnended
so as to comply with the Acts, the regulations and the aforementioned HUD
Regulatory Agreement.
Notwithstanding anything in this Agreement to the contrary, during the Term of
the HUD Capital Advance Documents, no amendment to this Agreement shall be
effected without the prior written approval of the HUD Secretary, his successor or
assigns.
5. This Mernorandurn may be executed in several counterparts, and all so executed
shall constitute one agreement binding on all parties hereto, notwithstanding that all parties are -
not signatories to the original or the same counterpart.
e;7s��aas819A
538/015610.0047
417066.01 a8/4/03
IN WITNESS WHEREOF, Agency and Developer have entered into this Memorandum
as of the date first set forth above.
"DEVELOPER"
SENIOR A FORDABLE HOUSING CORP. NO. 3,
a Californ' non-profit, lic benefit corporation
By:
Its..
By.
Its:
"AGENCY"
LA QUINTA REDEVELOPMENT AGENCY, a
public body, corpor to and politic
KCL
ks. Executive Director
ATTEST:
aazaa�e�7sa�&198
538/015610-0047 — —
417066.01a8/4/03
STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELES )
On August 4, 2003 before me, Linda Wreede , personally
appeared , personally known to me (or
proved to me on t e basis o satisfactory evidence) to be the person(s) whose nar>7e(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument
the person(s) or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
jMwj�01275133 rto
La Arwalr County
L a w-q-wq
Mycarrrr>n.���
[SEAL]
STATE OF CALIFORNIA )
LOS ANGELES ) ss.
COUNTY OF )
Notary Pu tic
On August 4, 2003 , before me, Linda Wreede , personally
appeared Benjamin F . Berk 1 P r , personally known to me (or
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.
Witness my hand and official seal.
UNDA WREEDE
Cam bsion # 1275133 Z
Notary public - Cal'i mia
Lis Atgda Couniy
WCarr>rr>1 B0=Sep2D.2D04
[SEAL]
'n da.)
Notary Publi
538A)15610-0047
-4-
417066.01 18/4/03
STATE OF CALIFORNIA )
) ss.
COUNTY O )
On c,'W�, before me, ee7e-0-2 � ; a personally
appeared personally nown to me (trr
to be the person(A whose name(jr) is/are
subscribed to the within instrument and acknowledged to me that he/We/*y executed the same
in his/40/thre'rr authorized capacity(*), and that by his/beer/th#'rr signature(,o) on the instrument
the person(,g) or the entity upon behalf of which the person(K) acted, executed the instrument.
Witness my hand and official seal.
• No ,
@A#/Ckam
lic •
[SEAL]
1111111111111111111111111111111111111111111111111111111 aazasya�,eaA
538i0 1 sc 1 o-0047 _ 5
417066.01 a8/4/03
EXHIBIT "A"
LEGAL DESCRIPTION OF PROPERTY
That certain property located in the City of La Quinta, County of Riverside, State of
California, described as follows:
LOT 285 OF TRACT NO. 24230, IN THE CITY OF LA QUINTA, COUNTY
OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN
BOOK 214, PAGE(S) 69 THROUGH 82, INCLUSIVE, OF MAPS, IN THE
OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
�;as-�;�se�aaa
5 38/015610-01147
417066,01 a(:)7/22/03