Release of Affordable Housing Resale Restrictions; Option Agreement and Option to Designate Purchaser 2014-0277969D O C ## 2014 - 0277969
RECORDING REQUESTED BY
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TITLE365
RECORDING REQUESTED BY JUL 02, 2014 4:59 PM
AND WHEN RECORDED MAIL TO: OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
Ernest J. Dronenhurg, h., COUNTY RECORDER
City of Poway FEES: 0.00
13325 Civic Center Drive PAGES: 4
Poway, CA 92064 I I��III IIII IIII ��III IIII �I�II ��III ��III IIII IIII IIII ��III IIII ��III Iill ��II I��I
Attn: Executive Director
41 b- 14QOAO3-40
No fee document pursuant to
Government Code Section 27383 f 1
THIS SPACE FOR RECORDERS USE ONLY
RELEASE OF
AFFORDABLE HOUSING RESALE RESTRICTIONS; OPTION AGREEMENT AND
OPTION TO DESIGNATE PURCHASER
(13832 Frame Road)
This Release of Affordable Housing Resale Restrictions; Option Agreement and Option
to Designate Purchaser (the "Release ") is made as of July 1, 2014 by the City of Poway, a
municipal corporation ( "City") and Patrick S. Reynolds ( "Owner "). This Release pertains to that
certain real property located at 13832 Frame Road, City of Poway, County of San Diego,
California, more particularly described in Exhibit A attached hereto and incorporated herein in
(the "Property").
WHEREAS, City and Owner entered into that certain Affordable Housing Resale
Restrictions; Option Agreement and Option to Designate Purchaser dated September 22, 2005
and recorded against the Property on September 30, 2005 in the Official Records of San Diego
County as Document No. 2005- 0847182 (the "Restriction "), pursuant to which the Owner and
City agreed to certain resale restrictions on the Property;
WHEREAS, in order to accommodate a short sale of the Property by the Owner to Karma
Capital, LLC and LTV Properties, LLC ( "Buyer "), as approved by the City, City has to cause the
removal of the Restriction as an encumbrance on the Property. Consequently, City and Owner
have agreed to enter into this Release.
NOW, THEREFORE, City and Owner hereby agree that, effective upon recordation of
the grant deed for the Property from the Owner to the Buyer, City and Owner hereby release the
Property from the Restriction and direct that the Restriction be removed as an encumbrance on
the Property.
1552 \03 \1531242.1
.
IN WITNESS WHEREOF, City and Owner hereby execute this Release effective as of the date
first written above.
CITY OF POWAY: OWNER:
1 Daniel Singer, City Manager
2
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Patrick S. Reynolds
.I
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
On 1. d o f y before me, Oaro ( S.
Notary Public, personalty appeared -- l A)a. M. wk fra , who proved to
me on the basis of satisfactory evidence to be the person(4whose name(4) is /&* subscribed to
the within instrument and acknowledged to me that be /she /they executed the same in
his/her /tWr authorized capacity(.i*, and that by k; /her /tliir signature(s) on the instrument the
person(j), or the entity upon behalf of which the person(W 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.
WITNESS my hand and official seal.
3 CAROL S. LEGG
1 Commission M 1934186
i Notary Public - California i
San Diego County '
My Comm. Expires Apr 28, 2015 r
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
On
SX
Signature 6f 0
before
9/,
Notary Public, personally appeared 7Piq?1Q tCK EyLA�OGDS who proved to
me on the basis of satisfactory evidence to be the personoo whose nameol) is/L- subscribed to
the within instrument and acknowledged to me that he /sj(/th* executed the same in
his/N,>f,I /thXr authorized capacity(i*, and that by his/t)kr /*r signatureroj on the instrument the
person(), or the entity upon behalf of which the person(§ 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.
WITNESS my hand and official seal.
PHYLLIS SHINN
Commission or 1956215
-: Notary Public - California i
San Diego County '
M Comm. Ex fires Nov 9, 2015 r
1552 \03 \1531242.1
, a.,/, "'
Signature
EXHIBIT A
LEGAL DESCRIPTION OF THE PROPERTY
LOT 152 OF POWAY VALLEY UNIT NO. 2, IN THE CITY OF POWAY, COUNTY OF SAN DIEGO, STATE
OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 3995, FILED IN THE OFFICE OF THE COUNTY
RECORDER OF SAID SAN DIEGO COUNTY OCTOBER 22, 1958.
A -1
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