Attachment No. 9
Income Verification
4930-6338-0083v1/200348-0011
1. Tenants qualifying as A, B., or C above, must complete the following:
Monthly Gross Income
(All Sources of Income of All Adult Household Members Must be Listed) Source Head of
Household
Co-Tenants Total
Gross amount, before payroll
deductions of wages, salaries, overtime
pay, commissions, fees, tips, and
bonuses
Interest and/or dividends
Net income from business or from
rental property
Social security, annuities, insurance
policies, pension/retirement funds,
disability or death benefits received
periodically
Payment in lieu of earnings, such as
unemployment and disability
compensation, worker’s compensation
and severance pay
Alimony, child support, other periodic
allowances
Public assistance, welfare payments
Regular pay, special pay, and
allowances of members of Armed
Forces
Other
Total:
Attachment No. 9
Income Verification
4930-6338-0083v1/200348-0011
Total x 12 _________________ = Gross Annual Household Income Note: The following items are not considered income: casual or sporadic gifts; amounts specifically for or in reimbursement of medical expenses; lump sum payments such as inheritances, insurance payments (including payments under health and accident insurance and worker’s compensation), capital gains and settlement for personal or property losses; educational scholarships paid directly to the student or educational institution; government benefits to a veteran for education; special pay to a serviceman head of family away from home and under hostile fire; foster child care payments; value of coupon allotments for purpose of food under Food Stamp Act of 1964 which is in excess of amount actually charged the eligible household; relocation payments under Title II of Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970; payments received pursuant to participation in the following programs: VISTA, Service Learning Programs, and Special Volunteer Programs, SCORE, ACE, Retired Senior Volunteer Program, Foster Grandparent Program, Older American Community Services Program, and National Volunteer Program to Assist Small Business Experience.
2. This affidavit is made with the knowledge that it will be relied upon by the Landlord to determine maximum income for eligibility and (I/we) warrant that all information set forth in this document is true, correct and complete and based upon information (I/we) deem reliable and that the estimate contained in paragraph 1 of this Part III is reasonable and based upon such investigation as the undersigned deemed necessary.
3. (I/We) will assist the Landlord in obtaining any information or documents required to verify the statements made in this Part III and have attached hereto copies of federal income tax return for most recent tax year in which a return was filed (past two years federal income tax returns for self-employed persons).
4. (I/We) acknowledge that (I/we) have been advised that the making of any misrepresentation or misstatement in this affidavit will constitute a material breach of (my/our) agreement with the Landlord to rent an Affordable Unit and will additionally enable the Landlord and/or the Fountain Valley Housing City to initiate and pursue all applicable legal and equitable remedies with respect to an Affordable Unit and to me/us. (I/We) do hereby swear under penalty of perjury that the foregoing statements are true and correct.
Date Tenant
Date Tenant
Attachment No. 9
Income Verification
4930-6338-0083v1/200348-0011
INCOME VERIFICATION
(for employed persons)
The undersigned employee has applied for a rental unit located in a project financed under a multifamily housing program of the City of Fountain Valley for persons of Lower Income. Every income statement of a prospective tenant must be stringently verified. Please indicate below the employee’s current annual income from wages, overtime, bonuses, commissions, or any other form of compensation received on a regular basis.
Annual wages
Overtime
Bonuses
Commissions
Total current income
I hereby certify that the statements above are true and complete to the best of my knowledge.
Signature Date Title
I hereby grant you permission to disclose my income to in order that they may determine my income eligibility for rental of an apartment located in their project which has been financed under a multifamily housing program of the City of Fountain Valley.
Signature Date
Please send to:
Attachment No. 9
Income Verification
4930-6338-0083v1/200348-0011
INCOME VERIFICATION
(for self-employed persons)
I hereby attach copies of my individual federal and state income tax returns for the immediately preceding calendar year and certify that the information shown in such income tax returns is true and complete to the best of my knowledge.
Signature Date
Attachment No. 10
Form of Completion Guaranty
4930-6338-0083v1/200348-0011
ATTACHMENT 10
COMPLETION GUARANTY
This COMPLETION GUARANTY (“Guaranty”) is made as of [_____________], 2025 by [insert Shopoff Guarantor entity vesting/legal name and type of corporate entity] (“Guarantor”), in favor of in favor of the CITY OF FOUNTAIN VALLEY, a California municipal corporation (“City”).
R E C I T A L S
A. City and Euclid & Heil FV Owner, LLC, a Delaware limited liability company (“Developer”) are parties to and entered into that certain Density Bonus and Affordable Housing Agreement (16300 Euclid Street, Fountain Valley), dated as of October 23, 2025 (“DBAHA”) B. Capitalized terms used in this Guaranty are as defined in the DBAHA unless otherwise defined herein.
C. Under the DBAHA and as required by the Entitlement of the overall Project, Developer agrees to construct and complete, or cause construction through completion, of eighty-two (82) Affordable Units, inclusive of certain Senior Apartments on the Affordable Parcel, plus one (1) Manager Unit that shall be developed and operated as Low Income affordable housing pursuant to the DBAHA for the 55-year Affordability Period.
D. The DBAHA referenced herein includes such DBAHA, as well as any and all attachments, exhibits, addenda, implementation agreements, and amendments, if any, heretofore or hereinafter entered into between City and Developer or other documents expressly incorporated by reference in the DBAHA.
E. Guarantor is an Affiliate (in particular the [parent] entity) of Developer, has a substantial financial interest in the business and affairs of Developer and it will receive substantial economic benefit from development of the overall Project in the manner and in accordance with the terms of the DBAHA.
F. The DBAHA requires this Guaranty to ensure compliance with the conditions of approval in the Entitlement and requirements of the DBL to cause timely development through completion of the Low Income Affordable Units.
THEREFORE, the foregoing Recitals are intended as a substantive part of this Guaranty; Guarantor unconditionally guarantees and agrees as follows:
1. DBAHA. Guarantor acknowledges receipt of a copy of the DBAHA and all of the instruments described therein and/or attached thereto.
2. Guaranty. Guarantor hereby guarantees the performance by Developer of its obligation to complete construction of the Affordable Units and all associated on-site and off-site improvements that comprise the Affordable Units (collectively, “Affordable Units”) on the Affordable Parcel or within the Apartments Component of the overall Project pursuant to the terms
Attachment No. 10
Form of Completion Guaranty
4930-6338-0083v1/200348-0011
and conditions set forth in the DBAHA and in accordance with the dates for performance described in the DBAHA. Without limiting the generality of the foregoing, Guarantor guarantees that:
(a) such construction shall be substantially completed within the time limits set forth in the DBAHA, subject to force majeure delays; (b) the development of the Affordable Units shall be constructed and substantially completed in accordance with development plans approved by the City and all other plans, specifications related thereto and other provisions of the DBAHA collectively, “Specifications”) without substantial deviation therefrom, as the same may be modified from time to time in accordance with the DBAHA; (c) the Affordable Units shall be constructed and completed free and clear of any mechanic’s liens, materialmen’s liens and equitable liens; (d) all costs of construction shall be paid prior to delinquency, including any cost overruns; and (e) the development and construction of the Affordable Units shall be completed in accordance with all applicable laws.
Notwithstanding anything to the contrary in this Guaranty, Guarantor agrees that the term of this Guaranty and Guarantor’s obligations hereunder shall continue in full force and effect until the expiration of any and all statutes of limitation applicable to the enforcement of or assertion of, claims for damages relating to governmental or regulatory entities.
3. Lien Free Completion. Substantial completion of construction of the Affordable Units shall be free and clear of liens shall be deemed to have occurred upon: (a) (i) City’s receipt of all required occupancy permit(s) for the Affordable Units issued by the City and if applicable other government agency(ies) having jurisdiction and authority to issue same, and (ii) the expiration of the statutory period(s) within which valid mechanic’s liens, materialmen’s liens and/or stop notices may be recorded and/or served by reason of the construction of the Affordable Units, or, alternatively, City’s receipt of valid, unconditional releases thereof from all persons entitled to record said liens or serve said stop notices; or (b) City’s receipt of such other evidence of lien free completion as City deems satisfactory in its reasonable discretion.
4. Obligations of Guarantor upon Default by Developer. If the construction of the Affordable Units is not substantially completed in the manner and within the time required by the DBAHA, subject to force majeure delays, Guarantor shall, within thirty (30) calendar days of receipt of written demand of the City: (a) diligently proceed to complete construction of the Affordable Units on the Affordable Parcel or otherwise within the Site at Guarantor’s sole cost and expense; (b) fully pay and discharge all claims for labor performed and material and services furnished in connection with the construction of the Affordable Units; and (c) release and discharge all claims of stop notices, mechanic’s liens, materialmen’s liens and equitable liens that may arise in connection with the construction of the Affordable Units.
5. Remedies. If Guarantor fails to promptly perform its obligations under this Guaranty, the City shall have the following remedies:
5.1 At the City’s option, and without any obligation to do so, to proceed to perform on behalf of Guarantor any or all of Guarantor’s obligations hereunder and Guarantor shall, upon demand and whether or not construction of the Affordable Units is actually completed by the City, pay to the City all sums expended by the City in performing Guarantor’s obligations hereunder together with interest thereon at the greater of (a) 10% compounding interest per annum, or (b) 5% plus the federal discount rate, or (c) maximum interest rate allowable under California law;
5.2 From time to time, and without first requiring performance by Developer, to bring any action at law or in equity or both to compel Guarantor to perform its obligations hereunder,
Attachment No. 10
Form of Completion Guaranty
4930-6338-0083v1/200348-0011
and to collect in any such action compensation for all loss, cost, damage, injury and expense sustained or incurred by the City as a direct or indirect consequence of the failure of Guarantor to perform its obligations.
6. Rights of the City. Guarantor authorizes the City, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) approve modifications to the development plans and Specifications so long as such modifications do not materially increase the cost of constructing the Affordable Units nor materially increase the time necessary to complete the Affordable Units; or (b) assign this Guaranty in whole or in part.
7. Guarantor’s Waivers. Guarantor waives: (a) any defense based upon any legal disability or other defense of Developer, any other guarantor or other person, or by reason of the cessation or limitation of the liability of Developer from any cause other than full payment and performance of those obligations of Developer that are guaranteed hereunder; (b) any defense based upon any lack of authority of the officers, directors, partners or agents or purporting to act on behalf of Developer or any principal of Developer or any defect in the formation of Developer or any principal of Developer; (c) any and all rights and defenses arising out of an election of remedies by the City, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed Guarantor’s rights of subrogation and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise; (d) any defense based upon the City’s failure to disclose to Guarantor any information concerning Developer’s financial condition or any other circumstances bearing on Developer’s ability to pay and perform its obligations under the DBAHA; (e) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal; (f) any defense based upon the City’s election, in any proceeding instituted under the Federal Bankruptcy Code, of the application of Section 1111(b)(2) of the Federal Bankruptcy Code or any successor statute; (g) any defense based upon any borrowing or any grant of a security interest under Section 364 of the Federal Bankruptcy Code; (h) presentment, demand, protest and notice of any kind; and (i) the benefit of any statute of limitations affecting the liability of Guarantor hereunder or the enforcement hereof.
Guarantor further waives all rights and defenses that Guarantor may have because Developer’s debt(s) is/are secured by real property. This means, among other things: (1) the City may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by Developer. These rights and defenses being waived by Guarantor include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the Code of Civil Procedure.
Without limiting the generality of the foregoing or any other provision hereof, Guarantor further expressly waives to the extent permitted by law any and all rights and defenses, including without limitation any rights of subrogation, reimbursement, indemnification and contribution, which might otherwise be available to Guarantor under California Civil Code Sections 2787 to 2855, inclusive, 2899 and 3433, or under California Code of Civil Procedure Sections 580a, 580b, 580d and 726, or any of such sections. Finally, Guarantor agrees that the performance of any act or any payment which tolls any statute of limitations applicable to the rights and obligations under the
Attachment No. 10
Form of Completion Guaranty
4930-6338-0083v1/200348-0011
DBAHA shall similarly operate to toll the statute of limitations applicable to Guarantor’s liability hereunder.
8. Guarantor’s Warranties. Guarantor warrants and acknowledges that: (a) Guarantor has reviewed all of the terms and provisions of the DBAHA, including the City Covenants; (b) there are no conditions precedent to the effectiveness of this Guaranty; (c) Guarantor has established adequate means of obtaining from sources other than the City, on a continuing basis, financial and other information pertaining to Developer’s financial condition, the Affordable Parcel and overall Site, the progress of construction of the Affordable Units, and the status of Developer’s performance of its obligations under the DBAHA, and the City has made no representation to Guarantor as to any such matters; (d) the most recent financial statements of Guarantor previously delivered to the City are true and correct in all material respects, have been prepared in accordance with generally accepted accounting principles consistently applied (or other principles acceptable to the City) and fairly present in all material respects the financial condition of Guarantor as of the respective dates thereof, and no material adverse change has occurred in the financial condition of Guarantor since the respective dates thereof and (e) Guarantor has not and will not, without the prior written consent of the City, sell, lease, assign, encumber, hypothecate, transfer or otherwise dispose of all or substantially all of Guarantor’s assets, or any interest therein, other than in the ordinary course of Guarantor’s business.
9. Subordination. Guarantor subordinates all present and future indebtedness owing by Developer to Guarantor to the obligations at any time owing by Developer to the City under the DBAHA and Entitlement related to the Affordable Units. Guarantor further agrees not to assign all or any part of such indebtedness unless the City is given prior notice and such assignment is expressly made subject to the terms of this Guaranty.
10. Bankruptcy of Developer. In any bankruptcy or other proceeding in which the filing of claims is required by law, Guarantor shall file all claims which Guarantor may have against Developer relating to any indebtedness of Developer to Guarantor and shall assign to the City all rights of Guarantor thereunder. If Guarantor does not file any such claim, the City, as attorney-infact for Guarantor, is hereby authorized to do so in the name of Guarantor or, in the City’s discretion, to assign the claim to a nominee and to cause proof of claim to be filed in the name of the City’s nominee. The foregoing power of attorney is coupled with an interest and cannot be revoked. The City or its nominee shall have the right, in its reasonable discretion, to accept or reject any plan proposed in such proceeding and to take any other action which a party filing a claim is entitled to do. In all such cases, whether in administration, bankruptcy or otherwise, the person or persons authorized to pay such claim shall pay to the City the amount payable on such claim and, to the full extent necessary for that purpose, Guarantor hereby assigns to the City all of Guarantor’s rights to any such payments or distributions; provided, however, Guarantor’s obligations hereunder shall not be satisfied except to the extent that the City receives cash by reason of any such payment or distribution. If the City receives anything hereunder other than cash, the same shall be held as collateral for amounts due under this Guaranty. If all or any portion of the obligations guaranteed hereunder are paid or performed, the obligations of Guarantor hereunder shall continue and shall remain in full force and effect in the event that all or any part of such payment or performance is avoided or recovered directly or indirectly from the City as a preference, fraudulent transfer or otherwise under the Bankruptcy Code or other similar laws, irrespective of (a) any notice of revocation given by Guarantor prior to such avoidance or recovery, or (b) full payment and
Attachment No. 10
Form of Completion Guaranty
4930-6338-0083v1/200348-0011
performance of all of all obligations under the DBAHA related to development through completion of the Affordable Units pursuant to the DBAHA, Entitlement and DBL.
11. Additional, Independent and Unsecured Obligations. This Guaranty is independent of the obligations of Developer under the DBAHA. The City may bring a separate action to enforce the provisions hereof against Guarantor without taking action against Developer or any other party or joining Developer or any other party as a party to such action. Except as otherwise provided in this Guaranty, this Guaranty is not secured and shall not be deemed to be secured by any security instrument unless such security instrument expressly recites that it secures this Guaranty.
12. Attorneys’ Fees; Enforcement. The provisions of the DBAHA related to Third Party Costs apply under this Guaranty. Further, and not to diminish City’s right to be paid and reimbursed Third Party Costs, if any attorney is engaged by the City to enforce or defend any provision of this Guaranty, or the DBAHA relating to the construction through completion of the Affordable Units, or as a consequence of any Default, breach or failure of condition thereunder relating to the construction of the Affordable Units, with or without the filing of any legal action or proceeding, Guarantor shall pay to the City, immediately upon demand all reasonable attorneys’ fees and costs incurred by the City in connection therewith, together with interest thereon from the date of such demand until paid at the highest rate of interest described above in Section 5.1.
13. Rules of Construction. The word “Developer” as used herein shall include both the named Developer and any other person at any time assuming or otherwise becoming primarily liable for all or any part of the obligations of the named Developer under the DBAHA. The term “person” as used herein shall include any individual, company, trust or other legal entity of any kind whatsoever. If this Guaranty is executed by more than one person, the term “Guarantor” shall include all such persons. When the context and construction so require, all words used in the singular herein shall be deemed to have been used in the plural and vice versa. All headings appearing in this Guaranty are for convenience only and shall be disregarded in construing this Guaranty.
14. Credit Reports. Each legal entity and individual obligated on this Guaranty hereby authorizes the City to order and obtain, from a credit reporting agency of the City’s choice, a third party credit report on such legal entity and individual.
15. Governing Law. This Guaranty shall be governed by, and construed in accordance with, the laws of the State of California, except to the extent preempted by federal laws. Guarantor and all persons and entities in any manner obligated to the City under this Guaranty consent to the jurisdiction of any federal or state court within the State of California having proper venue and also consent to service of process by any means authorized by California or federal law.
16. Miscellaneous. The provisions of this Guaranty will bind and benefit the heirs, executors, administrators, legal representatives, nominees, successors and assigns of Guarantor and the City. The liability of all persons and entities that are in any manner obligated hereunder shall be joint and several. If any provision of this Guaranty shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be deemed severed from this Guaranty and the remaining parts shall remain in full force as though the invalid, illegal or unenforceable portion had never been part of this Guaranty.
Attachment No. 10
Form of Completion Guaranty
4930-6338-0083v1/200348-0011
17. Enforceability. Guarantor hereby acknowledges that: (a) the obligations undertaken by Guarantor in this Guaranty are complex in nature, and (b) numerous possible defenses to the enforceability of these obligations may presently exist and/or may arise hereafter, and (c) as part of the City’s consideration for entering into this transaction, the City has specifically bargained for the waiver and relinquishment by Guarantor of all such defenses, and (d) Guarantor has had the opportunity to seek and receive legal advice from skilled legal counsel in the area of financial transactions of the type contemplated herein. Given all of the above, Guarantor does hereby represent and confirm to the City that Guarantor is fully informed regarding, and that Guarantor does thoroughly understand: (i) the nature of all such possible defenses, and (ii) the circumstances under which such defenses may arise, and (iii) the benefits which such defenses might confer upon Guarantor, and (iv) the legal consequences to Guarantor of waiving such defenses. Guarantor acknowledges that Guarantor makes this Guaranty with the intent that this Guaranty and all of the informed waivers herein shall each and all be fully enforceable by the City, and that the City are induced to enter into this transaction in material reliance upon the presumed full enforceability thereof.
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