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HomeMy WebLinkAboutRDA Res 86-01 1986-02-10 RESOLUTION NUMBER ~ -j A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH, CALIFORNIA, APPROVING AN AMENDED AND RESTATED DECLARATION OF ESTABLISHMENT OF COVENANTS FOR THE SEAL BEACH TRAILER PARK THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE: WHEREAS, WHEREAS, WHEREAS, a Participation and Disposition Agreement weas entered into between the Agency and Seal Beach Associates dated July 25, 1977 for development of the Seal Beach Trailer Park, as amended by a First Amendement dated as of January 30, 1978, by a Second Amendment dated as of April 24, 1978, and as amended by an Amended Participation and Disposition Agreement dated July 14, 1981 between the Agency and Riverbeach Associates; and I Riverbeach Associates proposes to sell the land and improvements of the Seal Beach Trailer Park to Seal Beach Partners, Ltd. and refinance the current loan; and the Riverbeach Associates has proposed an amendment to the existing amended Declaration of Establishment of Covenants in the form of an Amended and Restated Declaration of Establishment of Covenants. NOW, THEREFORE, the Redevelopment Agency of the City of Seal Beach hereby resolves as follows: Section 1. Section 2. Section 3. Section 4. The Agency hereby ratifies the action of the Acting Executive Director through approving the Amended and Restated Decl~ration of Establishment of Covenants in the form as attached hereto as Exh1 bit A. The Agency hereby approves the Subordination Agreement attached hereto as Exhibit B. I The Acting Executive Director is hereby authorized to execute the Amended and Restated Declaration and Subordination Agreement on behalf of the Agency. The Acting Executive Director is hereby authorized to take all action necessary to carry out such amended declaration and is further authorized to make such technical changes to the amended declaration and subordination agreement has may be reasonably required by Coast Savings & Loan or any other institutional lender. PASSED, APPROVED AND ADOPTED by Beac California, of th~City of Seal /0 - day of AYES: NOES: Agency Members ABSENT: Agency Members <L/*_.... A -c-J.-..d- r cha~ I '." Resolution Number 8'-/ STATE OF CALIFORNIA} COUNTY OF ORANGE } SS CITY OF SEAL BEACH } I I, Joanne M. Yeo, City Clerk of the City of Seal Beach, California, and Secretary of the Seal Beach Redevelopment Agency, do hereby certify that the foregoing resolution is the original copy of Resolution Number fJ6 -Ion fil e in the offi ce of the Ci ty Cl erk, passed, approvea and adopted by the Redevelopment Agency of the City of Seal e a regular meeting thereof held on the /t!:J ~ day of 1986. I I Resolution Number 81; --I RECORDING REQUESTED BY AND WHEN RECORDED, RETURN TO: Redevelopment Agency of the City of Seal Beach 211 Eighth Street Seal Beach, California 90740 AMBllDBD AJID RBS'l'A'l'BD DBCLARA'l'IOR OF I BS'l'ABLISIIIUSI'IT OF COVBRAR'1'S Thfs Amended and Restated Declaration of Establishment of Covenants ("Amended and Restated DeclarationW) ' is entered into by and between the REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH (WAgency"), a public body corporate and politic, formed and organized and existing under the provisions of the California Community Redevelopment Law, and RIVERBEACH ASSOCIATES ("River- beachW), a limited partnership. 51.00 RECITALS This Amended and Restated Declaration is being entered into with reference to the following facts and circumstances: Sl.Ol The City of Seal Beach (the WCityW) approved and adopted a certain redevelopment plan by Ordinance No. 780, as amended by Ordinance Nos. 937 and 983, for a project area located within the boundaries of the City in Orange County, State of I California, entitled the Riverfront Redevelopment Project (the WProjectW). Sl.G2 A portion of the Project area was developed by River- beach as a Mobile Home and Trailer Park (WTrailer Park"). Sl.03 East Naples Land Company was the owner of certain parcels of land WhlCh constitute the Site of the Trailer Park (the "SiteP), which is legally described on Exhibit A, attached hereto and made a part hereof. 51.04 East Naples Land Company was the Lessor and River- beach was the Lessee of the Site under that certain Lease Agree- ment dated October 3, 1977, which was shown in the Memorandum of Lease and recorded on June 30, 1978, as Document No. 47347, Official Records of Orange County, California (the "Master Lease") . Sl.G5 Riverbeach purchased the fee estate of the Site from East Naples Land Company on December 19, 1983, as evidenced by grant deeds dated December 5, 1983, and recorded on December 19, 1983, as Document No. 83-57481, Official Records of Orange County, California~ and recorded on December 19, 1983, as Docu- ment No. 83-1504528, Official Records of Los Angeles County, California. I Sl.G6 The Trailer Park has been developed with 125 lots for mobile homes and trailers pursuant to plans submitted to and approved by Agency. Sl.G7 Agency and Riverbeach desire to amend the rental schedule for the Trailer Park which will apply to rental rates during the term hereof. 51.08 Agency and Riverbeach also desire to provide for the maintenance of 120 of the lots and any trailers or mobile homes owned by Riverbeach or its successor for rental by persons and families of low and moderate income. Reso 1 uti on Number 81, -I Sl.09 Seal Beach Partners, Ltd., a California limited part- nership (-PartnersW) is purchasing both the fee title to the Site and the improvements thereon' identified as the Trailer Park from Riverbeach pursuant to a separate agreement. Sl.lO This Alnended and Restated Declaration shall replace and amend in its entirety that Amended Declaration of Establish- ment of Covenants dated July 21, 1981, and recorded November 24, 1981 as Document No. 27531, Official Records of orange County, California. I 52.00 COVBlllA1ft"S Agency and Riverbeach covenant and agree as follows: 52.01 Rental Rates. I I (l) Riverbeach's current monthly expenses based on the itemization of items to be attributed to rent pursuant to 52.02 hereof are attached hereto as Exhibit B and made a part hereof. (2) Partner's proposed monthly expenses pursuant to 52.02 hereof, and based on its purchase of both the fee title to the Site and the improvements thereon identified as the Trailer Park from Riverbeach pursuant to a separate agreement, are attached hereto as Exhibit C and made a part hereof. (3) The total monthly rental, based on Exhibit C hereof, and effective March 1, 1986, is hereby approved by Agency. Said monthly rental shall be subject to allocation by Partners to the lots based upon the rental schedules set forth in Exhibit D and Exhibit E, both of which are attached hereto and made a part hereof. Any increase or decrease in rental shall be allocated among the lots as follows: (a) Any increase or decrease in monthly expenses, exclusive of monthly debt service, shall be allocated among all of the lots in the Trailer Park by an amount equal to the percel'.- tage increase or decrease in the total amount thereof; (b) Any increase or decrease in monthly debt service shall be allocated as follows: (i) An amount equal to eighty-four percent (84\) of the total monthly debt service shall be included in the rent formula to be allocated among all of the lots in the Trailer Park in accordance with subsection 2.01(a), above: (ii) An amount equal to sixteen percent (16\) of the total monthly debt service shall be satisfied first from the amount allocated for -Return on Investment" expense, as provided in subsection 2.02(4) hereof. If said amount exceeds the monthly debt service amount herein described, then said excess shall be paid to Partners, if said amount is less than the monthly debt service amount herein described, then said balance shall be allocated as a special rental assessment on lots 44 and 60, to- wit: ten percent (lOl) to Lot 44 and ninety percent (90\) to Lot 60. 52.02 Rental Adjustment. The monthly rental established in accordance with subsection 2.01(3) hereof shall be increased or decreased on an annual basis commencing March 1, 1987 and each year thereafter during the term of this Amended and Restated Declaration (WAdjustment Date-) to reflect: (1) Increases in lease payments for ground rent provided in the Master Lease, which Master Lease provides for a One Percent (ll) per annum increase in rental every five (5) years. If the Master Lease is terminated by virtue of Partner's purchase of fee title to the Site from Riverbeach, said leasehold payments shall be excluded from the monthly rental, but the purchase price and financing costs for such purchase may be included in permanent financing obtained by Partners as provided in subsection 2.02(5), below; Resolution Number 8~-1 (2) Increases or decreases for property taxes and assess- ments (exclusive of penalties or late charqes), utility expenses, property and liability insurance, reasonable leqal and accountinq expense~, repairs and maintenance, reasonable automobile expenses, reasonable dues and subscriptions, and supplies based eeon actual out-of-pocket expenses to Riverbeach or its successor in interest in the Trailer Park. (3) Expenses consistinq of salaries and waqes (includinq payroll taxes) for management of the Trailer Park, and overhead I and manaqement, as set forth on Exhibit B, shall be subject to adjustment as follows: The base for computinq sa it' adjustment shall be the Consumer Price index for Urban Waqe Earners and Clerical Workers for the Los Anqeles-Long Beach-Anaheim Metro- politan Area, published by the United States Department of Labor, Bureau of Labor Statistics (WIndexW), which is published for the date nearest November 16, 1985 (WBeqinning IndexW). If the Index published nearest the Adjustment Date (WAdjustment IndexW) has increased or decreased from the Beqinning Index, the monthly amount of the expenses listed in this subsection 2.02(31 to be included in the monthly rental for the year followinq the Adjust- ment Date (until the next year's adjustment) shall be set by multiplying the amount of such expenses, as established pursuant to S2.01 by a fraction, the numerator of which is the Adjustment Index and the denominator of which is the Beginning Index. The resulting amount shall be used as the expenses to be included in determininq the total monthly rental for the year following the Adjustment Date. If the Index is discontinued or revised, such other qovernment index or computation with which it is replaced shall be used in order to obtain substantially the same result as would be obtained in the Index had not been discontinued or revised. (4) Return on investment is fixed at Two Thousand Three Hundred Pifty-Four Dollars ($2,354.00) monthly until repayment in I full of the Refinance Loan and adjustment in accordance with subsection 2.02(8). (5) Increases or decreases in the loan payment expense to reflect actual monthly loan amortization expense. The Trailer Park may be refinanced for the purchase of the Site and Trailer Park by Partners (hereinafter referred to as the wRefinance LoanW) provided that the total principal amount of such Refinance Loan which constitutes a lien against the Site and Trailer Park shall not exceed One Million Seven Hundred Thousand Dollars ($l,700,000.00). At such time as such Refinance Loan is obtained, but in no event prior to March 1, 1986, the monthly rental shall be adjusted to reflect those amounts shown on Exhi- bit E hereto. If the Refinance Loan is a variable interest rate loan, the monthly rental shall be increased or decreased to reflect any increase or decrease in monthly debt service as provided in subsection 2.01(3)(b) hereof. (6) In the event that capital expenditures are made to the Trailer Park after completion of construction pursuant to plans and specifications approved by Aqency, Riverbeach shall be entitled to increase the monthly rental by an amount sufficient to amortize any capital expenditure over the reasonable life of the investment at Riverbeach's cost plus a return on investment not to exceed Two Percent (2\) above the prime lendinq rate of Bank of America, N.T. 'S.A. A capital expenditure is defined as an improvement to the real property of the Trailer Park which the Internal Revenue Service rules and regulations require to be depreciated over the life of the improvement. (7) If the lender of the Refinance Loan or any successor in interest of such lender's interest in the Trailer Park acquires fee title to the Site and the Trailer Park, the lender of such successor in interest shall be bound by this Amended and Restated Declaration. However, the lender or any successor in interest throuqh the lender shall be permitted to include as a part of the monthly rental an amount equal to the monthly debt service even though such Refinance Loan may have been canceled and any lien of I I I I Resolution Number Bt, -I ;(;>, ..~ .~\ . , such Refinance Loan canceled/or reconveyed. .The amount equal to such debt service shall be subject to increase or decrease on the same terms and conditions as the variable rate provisions of the Refinance Loan. The lender of the Refinance Loan or successor in interest of such lender who acquires fee title to the Site and the Trailer Park may obtain a new loan which is a lien against the Site and the Trailer Park with the consent of Agency, which consent shall not be unreasonably withheld. (8) During the term of the Refinance Loan, Partners waives its right to payment of a -Return on Investment,- as described in subsection 2.02(4) hereof, to the extent that all or a portion thereof is required for repayment of the Refinance Loan as pro- vided in subsection 2.01(3) hereof. upon repayment in full of the Refinance Loan, Partners or its successor in interest shall be permitted to include as a part of the monthly rental an amount equal to Eighty-Pour Percent (84\) of the last full monthly debt service payment. Said amount shall be treated as a return on investment expense and shall be added to the amount in subsection 2.02(4) hereof. 52.03 Notice of Rental Increases or Decreases. At such time as Riverbeach is entitled to increase the monthly rental or is required to decrease the monthly rental under the terms of 52.02, Riverbeach agrees to give written notice to Agency of the proposed change in rental rates not later than sixty (60) days on or before giving written notice of increase pr decrease to the tenants of the Trailer Park. Agency approval shall be required, unless waived by Agency, before Riverbeach may make such change in rental. Agency shall have the right to dispute any increase by giving written notice to Riverbeach within thirty (30) days after receipt of the written notice from Riverbeach. Such Agency notice shall specify the basis upon which Agency is disputing such increase under the terms of this Amended and Restated Declaration. If Agency fails to either approve or dispute such increase within such thirty (30) days, Agency approval shall be deemed to be waived. If Agency and Riverbeach cannot resolve any dispute within an additional thirty (30) days after Agency's written notice to Riverbeach, then either Riverbeach or Agency may take such legal action as may be appropriate to enforce the terms hereof. 52.04 Maintenance of Lots for Persons and Families of Low and Moderate Income Persons. (1) Riverbeach agrees that not less than One Hundred and Twenty (120) of the trailer lots (including any trailers on such lots owned and leased by Riverbeach or its sublessee) shall be maintained as a housing resource for persons and families of low and moderate income as those terms are defined in California Health and Safety Code S50093 in effect as of the date of this Amended and Restated Declaration, and as it may be amended throughout the term hereof. (2) Not less than half of said units (i.e., sixty [60] lots on the Site) shall be maintained for persons and families of low income as defined in California Health' Safety Code 550093 in effect as of the date of this Amended and Restated Declaration, and as it may be amended throughout the term hereof. (3) Riverbeach shall cooperate with Agency in accepting persons and families of low and moderate income referred by Agency or the City for rental of trailers or pad spaces as they become available within the Site. Notwithstanding such agreement to cooperate with Agency and the City in considering referral of , persons and families of low and moderate income, the final selec- tion of tenants shall be the decision of Riverbeach. In the event that persons meeting the requirements of subsections 2.04(l) and 2.04(2) are not available to rent vacant trailer lots or cannot afford the then current monthly rental after reasonable efforts by Riverbeach to locate such persons, inClUding written notice to Agency and the City of any vacancies, Riverbeach may rent such vacant lots to persons and families having incomes above the limits set forth in subsections 2.04(l) and 2.04(2). Resolution Number B~-I (4) Riverbeach shall be required to determine of each tenant referred to in subsections 2.04(1) and 2.04(2) that such tenant is of low or moderate income as defined herein. (5) Aqency may examine, at least once per year, any rele- vant records of operation by Riverbeach's Trailer Park manage- ment, subjct to the confidentiality of individual tenant finan- cial information, to insure that such income determinations have been appropriately performed by Riverbeach.in fulfilling the standards set forth in subsections 2.04(1) and 2.04(2). (6) Upon dissolution or cessation of operation of Aqency, the City shall undertake the duties imposed upon Aqency by sub- section 2.04(5). I 52.05 Duration of this Declaration. If the Master Lease is terminated by Partner's purchase of fee title to the Site from Riverbeach, or terminates for any reason other than expiration of the term of the Master Lease, this Amended and Restated Declara- tion shall remain in effect until February l, 2044, at which time all covenants and restrictions herein shall terminate. 53.00 GBIIBRAL 53.0l The burdens and benefits of all covenants and aqree- ments contained herein shall run with the leasehold and any fee interest of Riverbeach in the Site. All burdens shall be binding upon Riverbeach so lonq as it has an interest in the Site and shall be bindinq upon any successor or assiqn of Riverbeach in the Site, includinq any sublessee of Riverbeach. The benefits of this Amended and Restated Declaration shall accrue to the benefit of Aqency. 53.02 Notice of Amendments (1) Any amendment to this Amended and Restated Declaration or the Exhibits hereto shall require the consent of (l) Partners so long as Partners is the tenant or lessee of the Site, and (2) the beneficiary of any deed of trust secured by the leasehold interest of Riverbeach in the Site. Any amendment shall not require the consent of any other lienholder whether such lien arises voluntarly or involuntarily. I (2) Agency and Riverbeach, its successors and assiqns, from time to time, shall have the riqht to consent and aqree to chanqes in, or to eliminate in whole or in part, any of the covenants or restrictions contained herein, or to subject the leasehold interest of Riverbeach to additional covenants or restrictions, without the consent of any tenant, lessee, easement holder, licensee or any other person or entity except: (1) Partners, so long as Partners is the tenant or lessee of the Site, and (2) the beneficiary of any deed of trust secured by the leasehold interest of Riverbeach or secured by fee title to the Site. (3) Before any amendment hereto is approved by Aqency, Riverbeach (or its successor in interest in the Trailer Park) shall qive not less than thirty (30) days written notice deli- vered personally or by Onited States mail, postaqe prepaid, to I the tenants of the Trailer Park as shown on the then current reqister of tenants maintained by the then current operator of the Trailer Park. Such notice shall contain the text of any proposed amendment. 53.03 Aqency has the right at all reasonable times to inspect the books and records of Riverbeach and its successors and assigns in the Site pertaininq to the Site as pertinent to the purposes hereof. Riverbeach also has the right at all reasonable times to inspect the books and records of Aqency pertaininq to the Site as pertinent to the purposes hereof. I I I Resolution Number Bh -/ ,.- '. 53.04 Riverbeach covenants by and for Riverbeach and its assigns, and all persons claiming under or through Riverbeach, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed. religion, sex, marital status, national origin, or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Site, nor shall Riverbeach or any person claim- ing under or through Riverbeach, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees, or vendees in the Site. The foregoing covenants shall run with the leasehold and fee interests of Riverbeach in the Site, and shall obligate Riverbeach and any subcontracting party or parties, or other transferees hereunder. 53.05 In the event Agency shall be dissolved or its powers suspended, the City shall be the successor in interest to Agency of all rights and benefits hereof. 53.06 Upon conveyance of fee title to the Site by River- beach to Partners, Partners shall succeed to all of the rights and obligations of Riverbeach hereunder and at such time River- beach shall be fully relieved of same. 53.07 Construction of Two-Story Cabanas. (1) In order to insure the continued attractiveness of the Trailer Park and to insure the continuation of adequate space for light and air of lots within the Trailer Park, and to minimize any fire hazards, Riverbeach agrees that it shall not construct or permit any tenants of the Trailer Park to construct or install a cabana in excess of one (1) story in height, if any such cabana would be located within twenty (20) feet of any cabana in excess of fifteen (15) feet in height. (2) Riverbeach further agrees that it shall require any tenant who commences cons~ruction of a cabana but who has not completed construction within seven hundred thirty (730) days from the date of issuance of a building permit for such cabana to remove such structure from the Trailer Park. (3) If Riverbeach fails to take action to enforce the requirements of this 53.06 within sixty (60) days after written notice from Agency of a violation of this 53.06, Agency may bring any appropriate legal or equitable proceedings against any person having interest in the Trailer Park, including any tenant. In the event proceedings are brought by any party or parties to enforce or restrain violation of any of these restrictions, or to determine the rights or duties of any person hereunder, the prevailing party in such proceedings may recover all costs and reasonable attorneys' fees to be fixed by the court, in addition to court costs and any other relief awarded by the court in such proceedings. ZR WIT.ESS WHERBOP, Agency and Riverbeach have instrument to be executed on their behalf by their duly authorized officers this day of 1986. caused this respective , REDEVELOPMENT AGEJ/CY OF THE CITY OF SEAL BEACH RIVERBEACH ASSOCIATES, A Limited Partnership By: ActUgExecutive Director By: General Partner Resolution Number 81. -/ Consent to this Amended and Restated Declaration of Establishment of Covenants is hereby given pursuant to S3.02. SEAL BEACH PARTNERS, LTD., A California Limited Partnership By: William T. Dawson, General Partner Consent to this Amended and Restated Declaration of Establishment of Covenants is hereby qiven pursuant to 53.02. COAST SAVINGS AND LOAN ASSOCIATION, formerly COAST PEDERAL SAVINGS AND LOAN ASSOCIATION, as beneficiary of the deed of trust of Riverbeach Associates recorded January 30, 1980, as Document No. 35497 in Official Records of Oranqe County, California. By: By: STATE OP CALIFORNIA COUNTY OF ORANGE ) ) SSe ) On " before me, the under- siqned, a Notary Public in and for said State, personally appeared , known to me to be the ActUg Executive Director of the Redevelopment Aqency of the City of Seal Beach, and known to me to be he person who executed the within instrument on behalf of said public aqency and acknowl- edqed to me that said public aqency executed the same. WITNESS my hand and official seal. I I I I I I Resol ution Number 8"--1 ~ STATE OF CALIFORNIA ) ) SSe ) COUNTY OF On " before me, the under- signed, a Notary Public in and for said State, personally appeared , known to me to be the General Partner of the limited partnership which executed the within instrument and acknowledged to me that such limited partnership executed the same. WITNESS my hand and official seal. STATE OP CALIPORNIA COUNTY OP ORANGE ) ) SSe ) On " before me, the under- signed, a Notary Public in and for said State, personally appeared WILLIAM T.,DAWSON, known to me to be the General Partner of the limited partnership which executed the within instrument and acknowledged to me that said limited partnership executed the same. WITNESS my hand and official seal. STATE OF CALIPORNIA I I ss. ) COUNTY OF On " before me, the under- signed, a Notary Public in and for said State, personally appeared , known to me to be the and of the corporation which executed the within instrument, known to me to be the persons who executed the within instrument on behalf of th~ corporation therein named, and acknowledged to me that such corporation executed the within instrument pursuant to its bylaws or a resolution of its board of directors. WITNESS my hand and official seal. Resolution NumberJ?~-I DJIIBI'r A Legal Descr1pt1OD A PORTION OP THAT PARCEL OP LAND GRANTED TO THE CITY OP SEAL BEACH BY THAT CERTAIN PINAL ORDER OF CONDEMNATION, SUPERIOR COURT OF LOS ANGELES COUNTY, CASE NUMBER C-78004, PARCEL 4, A CERTIPIED COPY OF WHICH WAS RECORDED MARCH 2, 1977 IN BOOK l2115, PAGE 195 OP OFFICIAL RECORDS OP ORANGE COUNTY, CALIFORNIA; AND A PORTION OP TIDE LAND LOCATION NO. 137 .SURVEY NO. 106,. AS PATENTED BY THE STATE OF CALIPORNIA ON PEBRUARY 12, 1901 AND RECORDED APRIL 27, 1901 IN BOOK 9, PAGB l05 OP PATENTS, RECORDS OP LOS ANGELES COUNTY, AND RECORDED SBPTEMBBR 5, 1905 IR BOOK l, PAGE 23l OF PATENTS, RECORDS OP ORAGE COUNTY, SAID ABOVB PORTIONS OP LAND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS, BEGINNING AT THE MOST NORTHERLY CORNER OP TRACT NUMBER 9783 IN THE CITY OP SEAL BEACH, COUNTY OP ORANGE, STATB OP CALIPORNIA AS SHOWN ON A MAP FILED IN BOOK 437, PAGES 32 TO 36, OP MISCELLA- NEOUS MAPS RECORDS OP ORANGE COUNTY; SAID CORNER BEING A POINT IN THE SOUTHEASTHERLY LINE OP THE LOS ANGELES COUNTY PLOOD CONTROL DISTRICT LAND DESCRIBED AS PARCEL 8 IN S.C.C. NO. 231287 IN AND FOR THE COUNTY OP LOS ANGELES, IN BOOK 2383, PAGE 42, RECORDS OF ORANGE COUNTY, SAID SOUTHEASTERLY LINE BEING A CURVE CONCAVE SOUTHEASTERLY AND HAVING A RADIUS OF 2000.00 FEET, A RADIAL LINE PROM SAID POINT BEARS SOUTH 350 57' 55. EAST; THENCE NORTH- EASTERLY ALONG SAID CURVE AND SOUTHEASTERLY LINE AN ARC DISTANCE OF 356.05 FEET; THENCE TANGENT TO SAID CURVE AND CONTINUING ALONG SAID SOUTHEASTERLY LINE NORTH 540 02' 05. EAST 239.79 FEET TO THE NORTHEASTERLY LINE OF THAT 200.00 POOT WIDE STRIP OF LAND DESCRIBED IN THE QUIT CLAIM DEED TO THE PACIPIC ELECTRIC RAILWAY COMPANY RECORDED PEBRUARY 2l, 1924 IN BOOK 514, PAGE 44 OP DEEDS, RECORDS OP ORANGE COUNTY, THENCE SOUTHEASTERLY ALONG SAID NORTH- EASTERLY LINE SOUTH 420 l5' 32. EAST 492.08 FEET TO THE NORTH- WESTERLY LINE OF PIRST STREET AS IT NOW EXISTS, SAID LAST MENTIONED NORTHWESTERLY LINE BEING A LINE PARALLEL WITH AND DISTANT NORTHWESTERLY 110.00 PEET, MEASURED AT RIGHT ANGLES, FROM THE BOUNDARY LINE OF THE RANCHO LOS ALAMlTOS PER MAP RECORDED IN BOOK l, PAGES 460, 461 AND 462 OF PATENTS OP LOS ANGELES COUNTY, CALIFORNIA AND AS SHOWN ON RECORD OP SURVEY RECORDED IN R.S. BOOK 90, PAGES 23 TO 30; AND AS MORE PARTICULARLY ESTABLISHED BY SEAL BEACH BOUNDARY LINE AGREEMENT NO.2, DATED PEBRUARY 5, 1968 AND RECORDED APRIL 8, 1968 IN BOOK 8565, PAGE 1 OP OFFICIAL RECORDS OF ORANGE COUNTY; THENCE SOUTHWESTERLY ALONG SAID LAST MENTIONED PARALLEL LINE, AND THE NORTHWESTERLY LINE OP PIRST STREET, SOUTH 540 48' 38. WEST 606.8l PEET TO THE BEGINNING OP A TANGENT CURVE, CONCAVE SOUTHEASTERLY, AND HAVING A RADIOS OP 6l0.00 PEET, THENCE SOUTHWESTERL ALONG SAID CURVE AN ARC DISTANCE OF 6.79 FEET TO THE MOST EASTERLY BOUNDARY CORNER OP SAID TRACT NUMBER 9783; THENCE NORTHWESTERLY ALONG THE NORTHEASTERLY BOUNDARY LINE OP SAID TRACT NUMBER 9783 THE POLLOWING COURSES; NORTH 420 l7' ll. WEST 203.39 FEET TO THE BEGINNING OP A TANGENT CURVE CONCAVE EASTERLY AND HAVING A RADIUS OF 1~.00 FEET; THENCE NORTHERLY ALONG SAID CURVE AN ARC DISTANCE OF 2l.79 PEET TO THE BEGINNING OF A REVERSE CURVE CONCAVE NORTHWESTERLY AND HAVING A RADIUS OP 1l2.50 PEET, THENCE NORTHEASTERLY ALONG SAID CURVE AN ARC DISTANCE OP 10.24 FEET TO THE INTERSECTION OP A NON-TANGENT LINE BEARING NORTH 430 58' 37. WEST, A LINE PROM SAID POINT OF INTERSECTION BEARS NORTH 540 l5' 24. WEST, THENCE NORTH 430 58' 37. WEST 230.28 PEET TO THE MOST NORTHERLY CORNER OP SAID TRACT NUMBER 9783 AND THE POINT OF BEGINNING. SAID ABOVE DESCRIBED PARCEL OP LAND IS SHOWN AS .NOT A PART. ON THE MAP OF TRACT NUMBER 9783 PILED IN BOOK 437, PAGES 32 TO 36, OP MISCELLANEOUS MAPS, RECORDS OP ORANGE COUNTY, CALIFORNIA. EXCEPTING THEREFROM THAT PORTION LYING NORTHWESTERLY OF THE BOUN- DARY LINE BETWEEN LOS ANGELES AND ORANGE COUNTIES AS SHOWN ON LOS ANGELES COUNTY SURVEYOR'S MAP NO. 8l75, SHEET 21, AND AS SHOWN ON SAID MAP OF TRACT NUMBER 9783. I I I I I I Resolution Number~6 - J BDIl:Bl:'r B CUrrent JIontb1:r R..t........ - Biverbeach Ground Rent Loan Payment Auto Dues , Subscriptions Insurance Legal , Accounting Operating Supplies 'raxes , Licenses Repairs , Maintenance Salaries , Wages '1'axes - Payroll '1'elephone OVerhead , Management Return on Investment Utilities 1985 '1'OTAL ALLOWABLE RENT $ 3,500.00 11,060.00 298.35 .83 l,881.69 325.66 245.85 745.45 l,500.60 2,754.70 260.04 193.26 3,443.22 2,354.00 2,130.74 $ 30,694.39 Resolution Number 8/e,-/ DIIIBI!' C Proposed IIDDtbl:r lhtpuses - Bffective ..rch 1, 1986 Seal Beach Partners, L1:d. ree title Purchase ALL LO'1'S SPBCIAL ASSBSSIIBII!' Loan Payment Auto Dues , Subscriptions Insurance Legal , Accounting Operating Supplies Taxes , Licenses Repairs , Maintenance Salaries , Wages Taxes - Payroll Telephone Overhead , Management Return on Investment Utilities 1986 TOTAL ALLOWABLE RENT $ 13,338.00 298.35 .83 l,881.69 325.66 245.85 745.45 l,500.60 2,754.70 260.04 193.26 3,443.22 2,354.00 2,130.74 29,472.39 (2,354.00). $ l86.00 $ 2,540.00 $ $l86.00 Special Assessment: lOt - LOT 44 $ 19.00 $168.00 90t - LOT 60 .payment of Return on Investment, fixed at $2,354.00 per month during the life of the Refinance Loan, has been waived by Partners to the extent that all or a portion thereof is required for repayment of the Refinance Loan as provided in subsection 2.02(8). I I I Resolution Number at. -J I DIIIBI'l D Space ReDtal Schedule Bffect:ive llarch I. 1986 Based on Proposed IIoDthly ~.naes Seal Beach Part:Ders. Lt:d. Pee 'litle Purehase Prior to Special Assessaeat Jldjust:aeDt 5 Lots , $ 149.00 ('75, 78, 79, 82. 83) $ 745.00 3 Lots , $ l54.00 (IBl, l03, 105) 462.00 5 Lots @ $ l61.00 ('lOO, l02, l04, l06, l07) 805.00 1 Lot , $ 172.00 (142) l72.00 13 Lots @ $ l79.00 (.43, 70, 76, 77, 80, 84, 86, 88, 108, l09. llO, ll2, 113) 2,327.00 2 Lots @ $ l84.00 (174, 11l) 368.00 1 Lot , $ 190.00 (166) 190.00 8 Lots @ $ 192.00 (172, 73, 85, 96, 97, 98, 99, lOl) l,536.00 1 ,Lot @ $ 196.00 (171) 196.00 2 Lots @ $ 202.00 (IB7, 95) 404.00 4 Lots , $ 214.00 (168, 69, 89, 90) 856.00 7 Lots , $ 226.00 (193. 94, 132, l33, l33, 134, l37 l39) l,582.00 lO Lots @ $ 231.00 ('6l, 62, 63, 64, 67, l23, l24, l35, l36, l38) 2,30l.00 1 Lot @ $ 249.00 (149 ) 249.00 I 43 Lots @ $ 266.00 (.l, 2, 3, 4, 5, 6, 8, 9, lO, ll, l2, l3, 14, 15, l6, l7, l8, 19, 20, 2l, 22, 23, 24, 26, 27, 28, 29, 30, 3l, 32, 34, 35, 38, 39, 41, 92, 125, 126, l27, l28, 129, l30, 131 11,438.00 2 Lots @ $ 279.00 (1122, 140) 558.00 l2 Lots @ $ 297.00 (146, 47, 48, 49, 50, 51, 52, 53, 54, 56, 57, 58) 3,564.00 2 Lots @ $ 311.00 (.25, 55) 622.00 1 Lot @ $ 316.00 (17) 316.00 1 Lot @ $ 386.00 (144 ) 386.00 1 Lot @ $ 386.00 (160) 386.00 1986 TOTAL MONTHLY INCOME $ 29,472.00 I Resol uti on Number el, ~ I DIIISI'I' B Space Rental Schedule Bffective lfarch 1. 1986 Based OD Proposed IIonthly ~_s Seal Beach Partners. Ltd. Pee 'l'itle Purchase AI"I'BR Special AIIses_t Adjust:aeDt I 5 Lots @ $ 149.00 ('75, 78. 79, 82, 83) $ 745.00 3 Lots @ $ l54.00 (181, l03, l05) 462.00 5 Lots @ $ l6l.00 ('lOO, 102, l04, l06, l07) 805.00 1 Lot @ $ 172.00 (142 ) 172.00 l3 Lots @ $ 179.00 ('43, 70, 76, 77, 80, 84, 86, 88. l08, l09, 1l0, ll2, 113) 2,327.00 2 Lots @ $ 184.00 (174, 11l) 368.00 1 Lot @ $ 190.00 (166) 190.00 8 Lots @ $ 192.00 (172, 73, 85, 96, 97, 98, 99, lOll 1,536.00 1 Lot @ $ 196.00 (l7l) 196.00 2 Lots @ $ 202.00 (187, 95) 404.00 4 Lots @ $ 214.00 (168, 69, 89, 90) 856.00 7 Lots @ $ 226.00 (193, 94, 132, 133, l33, l34, l37 l39) 1,582.00 lO Lots @ $ 231.00 ('61, 62, 63, 64, 67, l23, 124, I l35, 136, l38) 2,30l.00 1 Lot @ $ 249.00 (149) 249.00 43 Lots @ $ 266.00 (11, 2, 3, 4, 5, 6, 8, 9, lO, ll, l2, 13, l4, 15, l6, l7, l8, 19, 20, 2l, 22, 23, 24, 26, 27, 28, 29, 30, 31, 32, 34, 35, 38, 39, 4l, 92, 125, l26, l27, 128, l29, 130, l31 11,438.00 2 Lots @ $ 279.00 (1122, 140) 558.00 12 Lots @ $ 297.00 (146, 47, 48, 49, 50, 5l, 52, 53, 54, 56, 57, 58) 3,564.00 2 Lots @ $ 311. 00 (125, 55) 622.00 1 Lot @ $ 316.00 (17 ) 316.00 1 Lot @ $ 405.00 (144) 405.00 1 Lot @ $ 554.00 (160) 554.00 1986 TOTAL MONTHLY INCOME $ 29,659.00 I ::.,. Resolution Number ~, ~ SUBORDlRATIOR AGRBBMBIIT T~is Subordination Agreement is made and entered into and I among the REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH (here- inafter referred to as WAgency"), a public body corporate and politic, formed and organized and eXisting under the provisions of the California Community Redevelopment Law, RIVERBEACH ASSOCIATES (hereinafter referred to as "Ri verbeachW), a limited partnership, and SEAL BEACH PARTNERS, LTD., a California limited partnership (hereinafter referred to as "Partners"). This Subordination Agreement is being entered into with reference to the following facts and circumstances: (a) Concurrently with the execution hereof, Agency and Riverbeach have executed that certain document entitled wAmended and Restated Declaration of Establishment of CovenantsW (herein- after referred to as "Amended Declaration") regarding certain parcels of land which constitute a mobilehome and trailer park, II commonly known as the wSeal Beach Trailer Park,w and more partic- ularly described on Exhibit A, attached hereto and made a part hereof (herinafter referred to as the "Trailer ParkW). (b) Partners is purchasing both the fee title to the Trailer Park and the improvements thereon from Riverbeach pursuant to a separate agreement. (c) The Trailer Park is currently subject to a deed of trust in favor of Coast Savings and LoaD Association, formerly Coast Federal Savings and Loan Association (hereinafter referred to as "Coast"); said deed of trust of Riverbeach was recorded on I January 30, 1980, as Document No. 35497 in Official Records of Orange County. Coast has agreed to refinance the current loan and provide additional financing for the above-described purchase from River- be~ch by Partners in the sum of One Million and Seven Hundred Thousand Dollars ($l,700,0001 upon the following terms and condi- tions: Resolution Number 81, -/ (d) Partners shall execute a promissory note in the sum of One Million and Seven Hundred Thousand Dollars t$l,700,000l in favor of' Coast; said promissory note shall be secured by a new Deed of Trust on the Trailer Park (hereinafter referred to as the WNew Deed of TrustW). (e) Various provisions of the Amended Declaration contains restrictions on allocations by Partners of monthly d<!bt service amounts among the Trailer Park lots. Agency hereby expressly agrees that the following provisions of said Amended Declaration shall be automatically subordinated to said New Deed of Trust: Section 2.01(3), Section 2.02(l), Section l.02(4), Section 2.02(5), Section 2.02(8), and Section 3.06. tf) In consideration of Agency's subordination agreement as hereinabove provided, Partners hereby expressly agrees that in the event that Partners shall agree to sell, convey, transfer, or otherwise dispose of the Trailer Park, then Partners shall, as a condition of Agency's approval of, and prior to or concurrently with, such sale, conveyance. transfer, or other disposition, either: (i) Pay in full the then-existing balance of the promissory note secured by said New Deed of Trust; or (ii) Pay to Coast a sum equal to sixteen percent (16\) of the then-existing balance of the promissory note secured by said New Deed of Trust and obtain an additional amendment to the Amended Declaration providing for one hundred percent (100\) of monthly debt service amounts to be allocated to all Trailer Park lots on a pro rata basis consistent with the current allocation of rents. I I " I I I I Resolution Number ~~ ...1' ~ IN WITNESS WHEREOF, the parties hereto have caused this instrume~t to be executed on their behalf by the respective duly authorized officers this REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH By: Executive Director SEAL BEACH PARTNERS, LTD., A California Limited Partnership By: William T. Dawson, General Partner day of , 1986. RIVERBEACH ASSOCIATES, A Limited Partnership By: General Partner Resol uti on Number B6-1 STATE OF CALIFORNIA ) ) SSe ) I COUNTY OF ORANGE On " before me, the under- signed, a Notary Public in and for said State, personally appeared , known to me to be the ActUqExecutive Director of the Redevelopment Agency of the City of Seal Beach, and known to me to be the person who executed the within instrument on behalf of said public agency and acknowl- edged to me that such agency executed the same. WITNESS my hand and official seal. COUNTY OF ) ) SSe ) STATE OF CALIFORNIA On " before me, the under- signed, a Notary Public in and for said State, personally I appeared . known to me to be the General Partner of the limited partnership which executed the within instrument and acknowledged to me that such limited partnership executed the same. WITNESS my hand and official seal. STATE OF CALIFORNIA ) ) SSe ) COUNTY OF ORANGE On _, , before me, the under- signed, a Notary Public in and for said State, personally appeared WILLIAM T. DAWSON, known to me to be the General Partner of the limited partnership which executed the within instrument and acknowledged to me that such limited partnership executed the same. WITNESS my hand and official seal. I 02/03/86 - 4 - I I I Resol ution Number St, -/ DIIIBI'!' A LeCJal Description A PORTION OF THAT PARCEL OF LAND GRANTED TO THE CITY OF SEAL BEACH BY THAT CERTAIN FINAL ORDER OF CONDEMNATION, SUPERIOR COURT OF LOS ANGELES COUNTY, CASE NUMBER C-78004, PARCEL 4, A CERTIPIED COPY OF WHICH WAS RECORDED MARCH 2, 1977 IN BOOR l2l15, PAGE 195 OF OFFICIAL RECORDS OF ORANGE COUNTY, CALIFORNIA; AND A PORTION OF TIDE LAND LOCATION NO. 137 .SURVEY NO. 106,. AS PATENTED BY THE STATE OF CALIFORNIA ON FEBRUARY l2, 1901 AND RECORDED APRIL 27, 1901 IN BOOK 9, PAGE l05 OF PATENTS, RECORDS OF LOS ANGELES COUNTY, AND RECORDED SEPTEMBER 5, 1905 IN BOOK 1, PAGE 23l OF PATENTS, RECORDS OF ORAGE COUNTY, SAID ABOVE PORTIONS OF LAND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE MOST NORTHERLY CORNER OF TRACT NUMBER 9783 IN THE CITY OF SEAL BEACH, COUNTY OF ORANGE, STATE OF CALIFORNIA AS SHOWN ON A MAP FILED IN BOOK 437, PAGES 32 TO 36, OF MISCELLA- NEOUS MAPS RECORDS OF ORANGE COUNTY; SAID CORNER BEIN~ A POINT IN THE SOUTHEASTHERLY LINE OF THE LOS ANGELES COUNTY FLOOD CONTROL DISTRICT LAND DESCRIBED AS PARCEL 8 IN S.C.C. NO. 231287 IN AND FOR THE COUNTY OF LOS ANGELES, IN BOOK 2383, PAGE 42, RE.CORDS OF ORANGE COUNTY, SAID SOUTHEASTERLY LINE BEING A CURVE CONCAVE SOUTHEASTERLY AND HAVING A RADIUS OP 2000.00 PEET, A RADIAL LINE FROM SAID POINT BEARS SOUTH 350 57' 550 EAST; THENCE NORTH- EASTERLY ALONG SAID CURVE' AND SOUTHEASTERLY LINE AN ARC DISTANCE OF 356.05 FEET; THENCE TANGENT TO SAID CURVE AND CONTINUING ALONG SAID SOUTHEASTERLY LINE NORTH 540 02' 05. EAST 239.79 FEET TO THE NORTHEASTERLY LINJ: OF THAT 200.00 FOOT WIDE STRIP OF LAND DESCRIBED IN THE QUIT CLAIM DEED TO THE PACIFIC ELECTRIC RAILWAY COMPANY RECORDED FEBRUARY 2l, 1924 IN BOOK 5l4, PAGE 44 OF DEEDS, RECORDS OF ORANGE COUNTY; THENCE SOUTHEASTERLY ALONG SAID NORTH- EASTERLY LINE SOUTH 420 15' 320 EAST 492.08 FEET TO THE NORTH- WESTERLY LINE OF FIRST STREET AS IT NOW EXISTS, SAID LAST MENTIONED NORTHWESTERLY LINE BEING A LINE PARALLEL WITH AND DISTANT NORTHWESTERLY llO.OO FEET, MEASURED AT RIGHT ANGLES, PROM THE BOUNDARY LINE OF THE kANCHO LOS ALAMITOS PER MAP RECORDED IN BOOK l, PAGES 460, 46l AND 462 OF PATENTS OF LOS ANGELES COUNTY, CALIFORNIA AND AS SHOWN ON RECORD OF SURVEY RECORDED IN R.S. BOOK 90, PAGES 23 TO 30; AND AS MORE PARTICULARLY ESTABLISHED BY SEAL BEACH BOUNDARY LINE AGREEMENT NO.2, DATED FEBRUARY 5, 1968 AND RECORDED APRIL 8, 1968 IN BOOK 8565, PAGE 1 OF OFFICIAL RECORDS OF ORANGE COUNTY; THENCE SOUTHWESTERLY ALONG SAID LAST MENTIONED PARALLEL LINE, AND THE NORTHWESTERLY LINE OP FIRST STREET, SOUTH 540 48' 38. WEST 606.81 FEET TO THE BEGINNING OF A TANGENT CURVE, CONCAVE SOOTHEASTERLY, AND HAVIN~ A RADIUS OF 610.00 FEET; THENCE SOUTHWESTERL ALONG SAID CURVE AN ARC DISTANCE OF 6.79 FEET TO THE MOST EASTERLY BOUNDARY CORNER OF SAID TRACT NUMBER 9783; THENCE NORTHWESTERLY ALONG THE NORTHEASTERLY BOUNDARY LINE OF SAID TRACT NUMBER 9783 THE FOLLOWING COURSES; NORTH 420 17' ll. WEST 203.39 FEET TO THE BEGINNING OF A TANGENT CURVE CONCAVE EASTERLY AND HAVING A RADIUS OF l5.00 FEET; THENCE NORTHERLY ALONG SAID CURVE AN ARC DISTANCE OF 2l.79 FEET TO THE BEGINNING OF A REVERSE CURVE CONCAVE NORTHWESTERLY AND HAVING A RADIUS OF l12.50 FEET; THENCE NORTHEASTERLY ALONG SAID CURVE AN ARC DISTANCE OF 10.24 FEET TO THE INTERSECTION OF A NON-TANGENT LINE BEARING NORTH 430 58' 37. WEST, A LINE FROM SAID POINT OF INTERSECTION BEARS NORTH 540 l5' 24. WEST; THENCE NORTH 430 58' 37. WEST 230.28 FEET TO THE MOST NORTHERLY CORNER OF SAID TRACT NUMBER 9783 AND THE POINT OF BEGINNING. SAID ABOVE DESCRIBED PARCEL OF LAND IS SHOWN AS wNOT A PART. ON THE MAP OF TRACT NUMBER 9783 FILED IN BOOK 437, PAGES 32 TO 36, OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, CALIFORNIA. EXCEPTING THEREFROM THAT PORTION LYING NORTHWESTERLY OF THE BOUN- DARY LINE BETWEEN LOS ANGELES AND ORANGE COUNTIES AS SHOWN ON LOS ANGELES COUNTY SURVEYOR'S MAP NO. 8l75, SHEET 2l, AND AS SHOWN ON SAID MAP OF TRACT NUMBER 9783.