Termination of Recorded Memorandum 2010-0351256Recording Requested By:
FIRST AMERICAN TITLE
- 'National Commercial Services
Recorded, requested by and
when recorded return to:
City of Poway
c/o Richards, Watson & Gershon,
A Professional Corporation
355 South Grand Avenue, 40i1' Floor
Los Angeles, California 90071
Attention: Bruce Galloway, Esq.
D O C ## 201 0 -0051 250
IIIIIIIIIII �IIIIII � IIIIIIIIII � �IIIIII� IIII ��IIIII
JUL 14, 2010 8:00 AM
OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
DAVID L. BUTLER, COUNTY RECORDER
FEES: 0.00
PAGES: 6
Exempt from Recording Fees Pursuant to Gov. C. § 6103
Exempt from DTT pursuant to Rev. & T.C. § 11922
TERMINATION OF RECORDED MEMORANDUM
This TERMINATION OF RECORDED MEMORANDUM (tile "Termination')
is dated July jg�K , 2010 and is entered into by and between the CITY OF POWAY, a municipal
corporation, duly organized and existing under the laws of the State of California (the "City ")
and the POWAY REDEVELOPMENT AGENCY, a public body corporate and politic, duly
organized and existing tinder the laws of the State of California (the "Agency ").
RECITALS
A. The Agency and City entered into a Memorandum of Affordable Housing
Covenants dated June 20, 1995 and recorded July 18, 1995 as Document No. 1995- 0303545 in
the Official Records of San Diego County, California (the "Memorandum "). The Agency and
City entered into and recorded the Memorandum because the Agency provided some of the funds
held in its Low and Moderate Income Housing Fund (the "Funds ") to the City to assist with the
City's purchase of the land described in Exhibit "A" attached hereto and improvements thereon,
which are operated as a mobilehome park (tile "Park "). The Memorandum was recorded against
and encumbers the Park.
B. In connection with the Agency providing the Funds to the City and
entering into the Memorandum (and solely as a result of the Agency providing the Funds to the
City and entering into the Memorandum), the Agency and certain park residents (the
"Residents ") entered into Resale Restriction Agreements which imposed certain limitations and
obligations on the Residents party thereto.
C. The City has entered into an Agreement for Purchase and Sale and Escrow
Instructions dated May 4, 2010 ("Sale Agreement ") with Hometown Communities Limited
Partnership, a Maryland limited partnership, which assigned its rights and obligations thereunder
(with the consent of the City) to Hometown Poway Royal Estates, L:LC., a Delaware limited
liability company ("Buyer'). The City has agreed to sell the Park to the Buyer subject to the
terms and conditions in the Sale Agreement.
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D. One of the conditions to the sale is that the Buyer obtain an owner's title
policy for the Park that does not include the Memorandum as a title exception (i.e., the City and
Agency must terminate the Memorandum of record).
E. As provided in Resolution No. R -10 -05 of the Agency and Resolution No.
10 -018 of the City, both adopted on May 4; 2010, the City and the Agency have agreed that in
exchange for the City's repayment to the Agency of the Funds (with interest), which the City
intends to pay upon the closing of the sale of the Park to Buyer, the Agency and the City will
terminate the Memorandum of record.
NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:
1. Upon the recording of this Termination in the Official Records of San
Diego County, California (which is intended to occur subject to and upon the closing of the sale
of the Park by the City to the Buyer), the Memorandum (including the terns of the Joint
Resolution of Agreement described and incorporated therein) shall terminate.
2. Agency agrees for the benefit of the Buyer and its successors -in- interest
(who are intended third party beneficiaries hereof) not to enforce the Resale Restriction
Agreements entered into between the Agency and Residents as such Resale Restrictions
Agreements were entered into in connection with the Memorandum being terminated by this
Termination; provided, however, that the foregoing shall not apply with respect to any Resident
who attempts to enforce its Resale Restriction Agreement against the Agency or makes a claim
against the Agency in connection therewith.
3. This Termination shall be governed and construed by the laws of the State
of California.
4. "['his Termination may be executed in counterparts, and all such executed
counterparts shall constitute the same instrument. It shall be necessary to account for only one
set of such counterparts in proving this Termination.
[This Space Intealionally Left Blank: Signatures on the Nest Page)
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IN WITNESS WHEREOF, the parties hereto have entered into this Termination
and Quitclaim by their authorized signatories as of the date first written above.
CITY OF POWAY
By� _
Don Higginson, May r
ATTEST:
Ci Clerk
APPROVED AS TO FORM:
By:
Print Name: Bruce Gallowa
Richards, Watson & Gershon, Special Counsel
POWAY REDEVELOPMENT AGENCY
By WoY
Chairperson
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EXHIBIT A
Description of the Land
THE LAND REFERRED TO HEREIN IS SITUATED IN THE STATE OF
CALIFORNIA, COUNTY OF SAN DIEGO, AND IS DESCRIBED AS FOLLOWS:
ALL OF THE SOUTH HALF OF THE SOUTHWEST QUARTER OF SECTION 13,
TOWNSHIP 14 SOUTH, RANGE 2 WEST, SAN BERNARDINO MERIDIAN, IN "THE
COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO THE OFFICIAL
PLAT THEREOF (INCLUDING THAT PORTION OF THE SOUTHWEST QUARTER OF
THE SOUTHWEST QUARTER OF SAID SECTION 13 KNOWN AS PARCEL "A" OF THE
MAP OF REVERSION TO ACREAGE OF A PORTION OF RUSS ESTATES UNIT NO. 2,
ACCORDING TO MAP THEREOF NO. 5027, FILED IN THE OFFICE OF THE COUNTY
RECORDER OF SAN DIEGO COUNTY, AUGUST 30, 1962.
EXCEPTING THEREFROM THAT PORTION OF THE SOUTHEAST QUARTER OF
THE SOUTHWEST QUARTER OF SECTION 13, LYING NORTHERLY AND
NORTHWESTERLY OF THE FOLLOWING DESCRIBED LINE:
COMMENCING AT THE SOUTHEAST CORNER OF THE SOUTHEAST QUARTER
OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 13;
THENCE ALONG THE EASTERLY LINE OF SAID SOUTHWEST QUARTER, NORTH
01 054'40" EAST, 366.45 FEET TO THE CENTER LINE OF THE POWAY CREEK
CHANNEL AS LOCATED IN MARCH 1971: THENCE ALONG SAID CENTER LINE AS
FOLLOWS:
SOUTH 89 052'00" WEST, 115.28 FEET TO THE BEGINNING OF A TANGENT
115.28 FOOT RADIUS CURVE, CONCAVE SOUTHEASTERLY: SOUTHWESTERLY
ALONG THE ARC Ol' SAID CURVE THROUGI -1 A CENTRAL ANGLE OF 44 038'02" A
DISTANCE OF 155.80 FEET AND "TANGENT TO SAID CURVE SOUTH 45013'58" WEST.
213.31 FEET TO THE WESTERLY LINE OF THE EASTERLY 400.00 FEET OF SAID
SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF THE SOUTHWEST
QUARTER AND BEING THE TRUE POINT OF BEGINNING; THENCE CONTINUING
ALONG SAID CENTER LINE AS FOLLOWS:
SOUTH 45013'58" WEST, 466.38 FEET TO TFIE 1EGINNING OF A TANGENT
250.00 FOOT RADIUS CURVE, CONCAVI NORTHWESTERLY: SOUTHWESTERLY
ALONG THE ARC 01' SAID CURVE "THROUGH A CENTRAL ANGLE OF 44 03810211, A
DISTANCE OF 194.75 PEE "I' AND "TANGEN "I TO SAID CURVE SOUTH 89 052'00" WEST
443.00 FEET TO THE WESTERLY LINE OF THE SOUTHEAST QUARTER OF THE
SOUTHWEST QUARTER OF SECTION 13.
ALSO EXCEPTING THEREFROM THAT PORTION OF THE SOUTHEAST
QUARTER OF THE SOUTHWEST QUARTER OF SECTION 13, TOWNSHIP 14 SOUTH,
RANGE 2 WEST, SAN BERNARDINO MERIDIAN, IN THE COUNTY OF SAN DIEGO.
STATE OF CALIFORNIA, ACCORDING "TO THE OFFICIAL PLAT THEREOF LYING
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SOUTHEASTERLY OF THE CENTER LINE OF ROAD SURVEY NO. 1587 -3 AS
DESCRIBED IN DEED TO COUNTY OF SAN DIEGO, RECORDED AUGUST 24, 1971 AS
FILE NO. 189667 OF OFFICIAL RECORDS.
ALSO EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE
COUNTY OF SAN DIEGO BY DEED RECORDED APRIL 13, 1976 AS FILE NO. 76- 108156
OF OFFICIAL RECORDS, DESCRIBED AS FOLLOWS:
BEGINNING AT A 3/4 INCH IRON PIPE MARKING THE NORTHEAST CORNER
OF SAID SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 13,
ACCORDING TO RECORD OF SURVEY MAP NO. 4195; THENCE ALONG THE
NORTHERLY LINE OF SAID SOUTHWEST QUARTER OF THE SOUTHWEST
QUARTER, NORTH 89 °09'25" WEST, 1,338.34 FEET TO THE NORTHWEST CORNER OF
SAID SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER; THENCE SOUTH
00 049'00" WEST, 868.18 FEET ALONG THE WESTERLY LINE OF SAID SECTION 13;
THENCE LEAVING SAID WESTERLY LINE, NORTH 77 °40'53" EAST, 17.97 FEET TO
THE BEGINNING OF A TANGENT 227.00 FOOT RADIUS CURVE, CONCAVE
NORTHWESTERLY; THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE,
THROUGH A CENTRAL ANGLE OF 41 °10'53 ", A DISTANCE OF 163.16 FEET; THENCE
TANGENT TO SAID CURVE, NORTH 36 °30'00" EAST, 20.31 FEET TO THE BEGINNING
OF A TANGENT 73.00 FOOT RADIUS CURVE, CONCAVE SOUTHEASTERLY; THENCE-
NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL
ANGLE OF 30 004'00 ", A DISTANCE OF 38.31 FEET; THENCE TANGENT TO SAID
CURVE, NORTH 66 °34'00" EAST, 871.70 FEET TO THE BEGINNING OF A TANGENT
373.00 FOOT RADIUS CURVE, CONCAVE SOU "FHL- AS1'ERLY; "fFIL'NCE
NORTHEASTERLY ALONG THE ARC 01, SAID CURVE, THROUGH A CENTRAL.
ANGLE OF 23 018'00" A DISTANCE OF 151.68 FEE "F; THENCE TANGENT TO SAID
CURVE, NORTH 89 °52'00" EAST, 201.86 FEET TO A POINT ON THE EASTERLY LINE
OF SAID SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 13;
THENCE NORTH 01 021'50" EAST, ALONG SAID EASTERLY LINE, 340.14 FEET, MORE
OR LESS. TO THE POINT OF BEGINNING.
11261- 0008V1240253v2.doc
STATE OF CA IF RNIA ,
COUNTY OF
On
a notary pu 'c, personally appeared
}ss.
}
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who proved to me on the basis of satisfactory evidence to be the person, e whose name(s)69/a+e
subscribed to the within instrument and acknowledged to me that 1p executed the same in
115het/4 a authorized capacityorR), and that by signahlre(i�on the instrument the
person or the entity upon behalf of which the person(,$)- acted, executed the instrument.
I certifv 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 /
I1261- 0008 \1240253v2doc
HELL toot
Commution f 17a7470
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