Termination of Regulatory Agreement & Declaration of Restrictive Covenenats 1989-015306*4;
0 1877
RECORDING REQUESTED BY AND
WHEN RECORDED RETURN TO:
CITY CLERK
'CITY OF POWAY
P.O. BOX 789
POWAY, CA 92064
8.9 0 1 5`3 6
r ,.
OF
89 AN I I FM 1 1: 34
L VERA L. LYLE
SCUHTY E:f CCIP.DER
TERMINATION OF
REGULATORY AGREEMENT AND
DECLARATION OF RESTRICTIVE COVENANTS
if
This TERMINATION OF REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE
COVENANTS (the "Termination ") is made and entered into as of January lo, 1989,
by and among the Poway.Redevelopment Agency ( the "Agency "), Seattle -First
National Bank, as Trustee'(the "Trustee ") and Poway Congregate Care Joint
Venture (the "Developer "). _
WHEREAS, on December 30, 1985, the Agency cy issued $10,000,000 Poway
Redevelopment Agency Multifamily Housing Revenue Bonds (Sycamore,Springs
Project), 1985 Series A (the "Bonds ") pursuant tot he. provisions of a certain
Trust Indenture dated as of December 15, 1985 between the Agency and the Trustee
(the "Indenture ") to provide permanent financing for a 130 -unit multifamily ren-
tal housing development known as Sycamore Springs (the "Development "); and
WHEREAS, on December 30, 1985, the Agency, the Trustee, and the Developer
entered into that certain Regulatory Agreement and Declaration of Restrictive
Covenants dated as of December 15, 1985, which agreement was recorded on
January 6, 1986 in the Official Records of the County of San Diego as
Instrument No. 86- 004360 (the ` "Regulatory Agreement "),nand
W.HEREAS, the Developer has been unable to obtain construction financing for
tKe.Development and has abandoned the development of the Development; and
WHEREAS, on December 15, 1988, the Bonds were redeemed in accordance with
the provisions of the Indenture; and
NOW, THEREFORE, pursuant to Section 11 of the ,Regulatory Agreement,'the
Agency, the Trustee and the Developer hereby agree as follows:
The;Regulatory Agreement is hereby terminated and all the terms and
conditions and covenants, reservations and restrictions set forth
therein shall have no further force and effect.
2. This Termination shall be recorded in the Official Records of the
County of San Diego, it being the intent of the parties hereto that the
Regulatory Agreement no longer appear in said public records in rela-
tion to the Development Site as defined in said Regulatory Agreement,
the legal description of which is attached hereto as Exhibit A. The
cost of such recordation shall be borne by the Developer.
1878 �.
-z-
3. This Termination -may be simultaneously executed in multiple counter-
parts, all of which shall constitute one and the same instrument, and
each of which shall be deemed to be an original.
4. Nothing herein shall amend, alter or diminish the obligation of the
Developer to indemnify the Agency and the Trustee as set forth in
Section 7 of the Regulatory Agreement which.obligation shall survive
the termination of the Regulatory Agreement.and, in addition, such
indemnification provisions shall apply to any claim, demand, action or
proceeding arising out of the subject matter of this Termination.
However, the provisions set forth in Section 7 of the Regulatory
Agreement shall no longer run with the Development Site, and shall
have no effect on the real property described in Exhibit A to the
Regulatory Agreement.
IN WITNESS WHEREOF, the Agency, the Trustee, and the Developer have executed
this Termination by duly authorized representatives, all as of the date first
written hereinabove.
POWAY REDEVELOPMENT AGENCY
N,
POWAY CONGREGATE CARE JOINT VENTURE
By:
Garth L. Chambers
By:
Phillip S. Norfleet
S EATTLE -FIRST NATIONAL BANK
CORPORATE ACKNOWLEDGMENT —" t � q /eemort N0.202
.P,Qmrn4'tOOr1 .o� 1` LL "
FStateof L.I �oQ ri On this the day of C 19g 9 , before me, SS.
r�� � } CA 7)4 J�Roki W
the undersigned Notary Public, personally appeared
,
7 1 - ImES L. V&LoLz So;c
personally known tome
-ff proved -to- meen- the-basrs-ef satisfactory evidence
to be the persor" who executed the within instrument as
Z YECte � /UC of the corporation therein
named, and acknowledged to me that the corporation executed it.
WITNESS my hand and official seal.
NATIONAL NOTARY ASSOCIATION • 23012 Venture BNd. - P.O. Box 4625 • Woodland Hills. CA 91364
9 ro 1879
0
TERMINATION OF
REGULATORY' AGREEMENT AND
DECLARATION OF 'RESTRICTIVE COVENANTS
THIS TERMINATION OF REGULATORY AGREEMENT AND DECLARATION OF
RESTRICTIVE COVENANTS (the "Termination ") is made and entered
into as of January /o, 1989, by and among the Poway
Redevelopment Agency (the "Agency "), Seattle -First National
Bank, as Trustee (the "Trustee ") and Poway Congregate Care
Joint Venture (the "Developer ").
WHEREAS, on December 30, 1985, the Agency issued
$10,000,000 Poway Redevelopment Agency Multifamily Housing
Revenue Bonds (Sycamore Springs Project), 1985 Series A (the
"Bonds ") pursuant to the provisions of a certain Trust
Indenture dated as of December 15, 1985 between the Agency and
the Trustee (the "Indenture ") to provide permanent financing
for a 130 -unit multifamily rental housing development known as
Sycamore Springs (the "Development "); and
WHEREAS, on December 30, 1985, the Agency, the Trustee and
the Developer entered into that certain Regulatory Agreement
and Declaration of Restrictive Covenants dated as of December
15, 1985, which agreement was recorded on January 6, 1986 in
the Official Records of the County of San Diego as Instrument
No. 86- 004360 (the "Regulatory Agreement "); and
WHEREAS, the Developer has been unable to obtain
construction financing for the Development and has abandoned
the development of the Development; and
WHEREAS, on December 15, 1988, the Bonds were redeemed in
accordance with the provisions of the Indenture; and
NOW, THEREFORE, pursuant to Section 11 of the Regulatory
Agreement, the Agency, the Trustee and the Developer hereby
agree as follows:
0 � 1880 0.
1. The Regulatory Agreement is hereby terminated and all
the terms and conditions and covenants, reservations
and restrictions set forth therein shall have no
further force and effect.
2. This Termination shall be recorded in the Official
Records of th6 County of San 'Diego, it being the
intent of the parties hereto that the Regulatory
Agreement no longer appear in said public records in
relation to the Development Site as defined in said
Regulatory Agreement, the legal description of which
is attached hereto as Exhibit A, The cost of such
recordation shall be borne by the Developer.
3. This Termination may be simultaneously executed in
multiple counterparts, all of which shall constitute
one.and.the same instrument, and each of which shall
be deemed to be an original.
Nothing herein shall amend, alter or diminish the
obligation of the Developer to indemnify the Agency
and the Trustee as set forth in Section 7.of the
Regulatory Agreement which obligation shall survive
the termination of the Regulatory Agreement and, in
addition; such indemnification provisions shall apply
to any claim, demand, action or proceeding arising out
of the subject matter of this Termination. However,
the provisions set forth in .Section 7 of the
Regulatory Agreement shall no longer run with the
Development Site, and shall have no effect on the real
property described in Exhibit A to the Regulatory
Agreement.
IN WITNESS WHEREOF, the Agency, the Trustee and the
Developer have executed this Termination by duly authorized
representatives, all as of the date first written hereinabove.
POWAY REDEVELOPMENT AGENCY
By;
Executive Director
2724/2345/06 -2-
10 89 12: 32 PM mSNrC Newp o r t Do h CA 1-06
0 1881
POWAY CONG TS CARE NTURE
BY:
"r L. Chambers
B; ph,l
Norfleet�_
SEATTLE-FIRST NATIONAL BANK
By:
2714/2345/06 -3-
O 1 -, 1 0. 89 1 2: 3 PI'Z
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO°
*S Crca.,P. Newport :Bch CA P06
n 1882. 0
)
) 68.
On this day of , 19 , before me, the
undersigned, a Notary :Pub'lic n an for said, State, personally
appeared known to me. or. proved to me on
the basis . of satisfactory - evidence to be the person whose.name
is subscribed to the foregoing instrument as the Executive
Director of the Poway.Redevelopment? Agency, - a legal subdivision
and'body corporate and politic;organi'ied and existing under the
constitut'i'on and Taws of' the .State of California that executed
the foregoing, instrument, and acknowledged to me that he
executed the same for the purposes and consideration therein
expressed, in the capacity therein stated, as the act and deed
of the Poway Redevelopment Agency.
WITNESS my hand and official seal.
Notary Public
STATE OF CALIFORNIA
ss..
COUNTY OF SAN DIEGO ) n
On this ,� da ' o y ,`before me, the
undersigned,.a Notary. Pub l'' in an for 19 sa d state, personally
.appeared dar,th L. : Chamber person ly known to me or proved to
meson the basis of satisfactory evidence to'be the person whose
name is subscribed to the foregoing insirument. am a partner of
Poway Congregate Care Joint Venture a California corporation,
the j oint" venturer that; executed tha.foregoing instrument, and
acknowledged .to me,-that he executed the same both individually
and as joint venturer of isaid joint .venture for the: purposes
and consideration therein °expressed;, and as' 'thee act -and deed of
said joint.ventur;a.
WITNESS, my hand ,and
.........................................
OFFICIAL SEAL
BETTE A. ESSLEY
g NOTARY - CALIFORNIA
PRINCIPAL OFFICE IN
LOS ANGELES�COUNTY
My comm. expires DEC 21,1989
� ................... ....•......: .....
2724/2345/06 -4-
01: 1'0. 69 1 2 : 32 PM .k SYCS R I eT t: c h CA P07
n 1883
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
)
ss,
}
On this_ day o 19Z, before me, the
Undersigned, a Notary Publ n an for said State, personally
appeared' Philip L.'NorfJoe , personally known, to. me. or proved
to me on the basisof satisfactory evidence to be the person
whose name is subscribed to the foregoing i_ristrument as a
partner of Poway Congregate Care Joint Venture, d California
corpor.atidn executed the foregoing instrument, and
acknowledged to me that he executed the same both individually
and as joint venturer of said joint 'venture for the purposes
and consideration therein expressed and as the act and deed of
said joint venture.
WITNESS my hand and official seal.
■ ............................:. ..........
e OFFICIAC.SEAL
BETTE A. ESSLEY
• t NOTARY PUBLIC - CALIFORNIA':
PRINCIPAL OFFICE IN Not ry P, ub -1
LOS, ANGELES:COUNTY
- My comm. expirss, DEC, 21, 1989
............................. u ....
Y.Sut
STATE OF WASHINGTON )
ss.
COUNTY OF ).
On this day of 19 before me, the
undersigned,, a Notary Public in and, for said State, personally
appeared Nancy Stahl, personally . known to me or proved to me on
the basia'of satisfactory evidence to be the person whose name
is subscribed to the foregoing instrument as the Trust Officer
Of SEATTLE-FIRST NATIONAL BANK, a national banking association
that executed the foregoing instrument, and acknowledged to me
that she executed 'the same for the " "
purposes and consideration
therein expressed,, in the capacity therein stated', and as the
act and deed of said national banking association.
WITNESS my hand and'officiai seal.
Notary Public
2724/2345/05 -5-
P I A
Y C R N t D F
1884
POWAY CONGREGATE CARE JOINT VENTURE
BY: — - —
Garth L. Chambers
By: Fhjlip S, °Nprf1o@t
SEATT.LE –FIRS7 NATIONAL BANK
By: FE&4A 2-- —
Jol'
STATE, OF CALIFORNIA
COUNTY OF' SAN DIEGO
On this day pf 19 before me, the
undersigned, - ' a Notary Public 1 -and f6 said State, persdn'a'l ly
appea,red Philip L,. No:rfleet, personally known to ne or . proved
to me. an the basis of satisfactory evi�dence to be the person
whose, name is subscribed to the foregoing instrument as a
partner of Poway Congreg:a,te, Care Joint Ventu a, California
corpora. '-pn that executed the foregoing instruffent-, and,
acknowl to me tha't he•executed the same both, in'dividual,ly
and a's, joint venturer o,f said joint venture, for the purposes,
and cons , ideratign therein exp- ressed and as the act and deed of
said joint venEure-i
WITNESS my hand,and.officia,l seal*
Notary Public
STATE OF WASHINGTON
COUNTY OF
R
On th's V�
I . day of. ..(76M).AA 19LT b4fo]re me, the
undersigned a Notaty PU61 in and fo'r' said State;, perschal.17
a p p e ems' e d. peis6na1ly known to me or proved to me on,
the basis of satisfa6t6ry evidence to, be the person whose name__
i,s, subscribed to the foregoing iiistr.urnent as the Tr
Of' SEATTLE-FIR NATIONAL' BANK, a national banking asscciation
that executed the foregoing instxument and acknowledged to me
tha she executed the same for the purposes and considerat-ion
the -o exnzessed, in the capad - i - ty therein staked- and as the
act and' deed of said national banking ass'oc'iation"
WITNF,p�5�,q vied and of ici
N OTA R Y
0 1 . 4�'
otar P ublic
(Z)
272'4/ -4-