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Release of Construction Covenants 2022-0226415RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Poway Housing Authority 13325 Civic Center Drive Poway, CA 92064 Attn: Poway Housing Authority DOC# 2022-0226415 1111111111111111111111111111111111111111111111111111111111111111111 May 27, 2022 09:01 AM OFFICIAL RECORDS Ernest J. Dronenburg, Jr., SAN DIEGO COUNTY RECORDER FEES: $0.00 (SB2 Atkins: $0.00) PAGES: 4 (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 25th day of May, 2022, by the CITY OF POWAY HOUSING AUTHORITY, a public body, corporate and politic ("Authority"), in favor of POWAY COMMONS, LLC, a California limited partnership ("Developer"). RECITALS A. Developer owns fee title to that certain real property located in the City of Poway, County of San Diego, State of California, more particularly described in the legal description attached hereto as Exhibit "A" ("Property"). B. On or about April 11, 2019, Authority and Poway Commons, LLC ("Poway Commons") entered into that certain Affordable Housing and Property Disposition Agreement ("Agreement") which provides for Poway Commons to develop on the Property a forty-four (44) unit senior rental affordable housing development, as more particularly described therein as the "Project." Poway Commons has assigned to Developer, and Developer has assumed from Poway Commons, all of Poway Common's rights and obligations in and to the Agreement. C. Pursuant to the Agreement, Authority 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 Agreement 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 Agreement, 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 Agreement. /- 0.0 a05/24/22 -1- 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 Property, 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 Agreement, including, without limitation, that certain Affordable Housing Regulatory Agreement recorded on November 20, 2020, as Instrument No. 2020-0740276, in the Official Records of the County of San Diego (the "Official Records"), and that certain Deed of Trust recorded on November 20, 2020, as Instrument No. 2020-0740284, in the Official Records, all of which shall survive recordation of this Release. IN WITNESS WHEREOF, Authority has executed this Release as of the date set forth above. Date: 51'1-S-11422-2_ CITY OF POWAY HOUSING AUTHORITY, a public body, corporate and politic By: Chri H xecutive Director /- 0.0 a05/24/22 -2- CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 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 San Diego On May 25, 2022 Date before me, Yvonne Mannion, Notary Public Here Insert Name and Title of the Officer personally appeared Chris Hazeltine Name(s) of Signer(s) 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. YVONNE MANNION Notary Public - California San Diego County Commission # 2363699 My Comm. Expires Jul 1, 2025 Place Notary Seal Above WITNESS my hand and official seal. Signature Signature of Notary Public t OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Release of Construction Covenants Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General El Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: ©2016 National Notary Association • www.NationalNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907 EXHIBIT "A" LEGAL DESCRIPTION OF PROPERTY THAT PORTION OF THE SOUTHWEST QUARTER OF THE NORTHWEST QUARTER OF SECTION 13, TOWNSHIP 14 SOUTH, RANGE 2 WEST, SAN BERNARDINO BASE AND MERIDIAN, IN THE CITY OF POWAY, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO OFFICIAL PLAT THEREOF DESCRIBED AS FOLLOWS. COMMENCING AT THE SOUTHEAST CORNER OF LOT 6 OF HERITAGE HILLS UNIT NO. 1, IN THE COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 5934 FILED IN THE OFFICE OF THE SAN DIEGO COUNTY RECORDER AUGUST 9, 1967, BEING A POINT ON THE WESTERLY SIDELINE OF TARASCAN DRIVE DEDICATED THEREON; THENCE ALONG SAID WESTERLY SIDELINE SOUTH 01 '59'50" WEST, 156.82 FEET (RECORD N01°33'47"E PER SAID MAP) TO THE TRUE POINT OF BEGINNING; THENCE LEAVING SAID WESTERLY SIDELINE NORTH 88°44'00" WEST, 196.60 FEET TO THE WESTERLY LINE OF THE LAND DESCRIBED IN THE GRANT DEED TO THE CITY OF POWAY RECORDED MARCH 11, 2011 AS DOCUMENT NO. 2011- 0133672 OF OFFICIAL RECORDS IN THE OFFICE OF SAID SAN DIEGO COUNTY RECORDER; THENCE ALONG SAID WESTERLY LINE SOUTH 01°52'27" WEST, 183.03 FEET TO THE NORTHERLY SIDELINE OF POWAY ROAD AS DEDICATED PER GRANT DEED RECORDED JULY 29, 1964 AS DOC. NO. 136183, OF OFFICIAL RECORDS; THENCE ALONG SAID NORTHERLY SIDELINE SOUTH 88°42'27" EAST, 176.45 FEET TO AN ANGLE POINT IN THE WESTERLY SIDELINE OF SAID TARASCAN DRIVE, BEING THE BEGINNING OF A 20.00 FOOT RADIUS CURVE CONCAVE NORTHWESTERLY; THENCE LEAVING SAID POWAY ROAD NORTHEASTERLY ALONG SAID TARASCAN DRIVE AND THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 89°17'43" A DISTANCE OF 31.17 FEET; THENCE CONTINUING ALONG SAID WESTERLY SIDELINE NORTH 01°59'50" EAST, 163.37 FEET TO THE TRUE POINT OF BEGINNING.