Recording Requested By
And When Recorded Mail To:
City Manager/ Executive Director
Affordable Housing Program Administration
Attn: City Clerk
City of Hercules
111 Civic Drive
Hercules, CA 94547
APN: 404-650-074-2 (Space above for Recorder’s use)
(Exempt from Recording Fee Per Gov. Code § 6103 and 27383)
ASSIGNMENT AND ASSUMPTION AGREEMENT
This Assignment and Assumption Agreement (“Agreement”), is made as of [date], 2022, by and among the City of Hercules, a public body, corporate and politic (“City”), and the new assumed owner, Rogelio N. Villegas, Jr. (“Assignee”).
W I T N E S S E T H:
WHEREAS, Aurora C. Nagrampa was the previous owner in fee of that certain real property located in the City of Hercules, County of Contra Costa, State of California described in Exhibit “A” attached hereto and made a part hereof (the “Property”).
WHEREAS, Aurora C. Nagrampa purchased the Property from the former Hercules Redevelopment Agency (“Agency”), and in connection with said purchase entered into that certain Promissory Note and Loan Agreement, dated March 2, 2005 (the “Loan Agreement”) for the Property and a Resale Restriction Agreement and Option to Purchase Inclusionary Below Market Rate Affordable Housing Homebuyer Program (the “Restriction Agreement”), dated March 2, 2005 and recorded March 8, 2005 as Instrument No. 2005-0078898-00, in the Official Records of the City. Pursuant to which the Agency agreed to provide financial assistance for a Note Amount of $135,000 (“Note Amount”) of which is outstanding, to the participant Aurora C. Nagrampa to purchase the Property. In section 1 a, and b of the Loan Agreement, requires the Note Amount not to accure interest for the first 20 years of the term and thereafter a simple interest at the rate of 3%. Addtionally, such interest payment will accure Equity Sharing. At the time of repayment the monthly payment will be fixed for 20 years based on a amortization schedule and payable the first day of each calendar month. The total term of the Loan Agreement is 40 years. Additionally the Loan Agreement requires the owner to reside at the Property as its principal place of residence and to provide notice to the Agency of the option to purchase or transfer if applicable. Further details are provided in the Loan Agreement and Restriction Agreement, executed by Aurora C. Nagrampa and the Agency.
WHEREAS, Pursuant to a certain executed, Promissory Note (the “Promissory Note”) originally dated March 2, 2005 and revised date of April 19, 2008, with a note amount of thirty thousand Dollars ($30,000). The Promissory Note is secured by that certain Deed of Trust Attached Hereto dated March 2, 2005, from Aurora C. Nagrampa as trustor to Affodable Housing Solutions Group, as trustee, in favor of the Agency as beneficiary, Loan Number B-2005-04 (the “Deed of Trust”). The City has confirmed that the Promissory Note of $30,000 has no balance, is no longer payable and is not assumable to the Assignee. The Loan Agreement, Promissory Note and the Deed of Trust are sometimes hereinafter referred to collectively as the (“Agency Documents”).
D. WHEREAS, The Assignee inherited the Property from Aurora C. Nagrampa, who is deceased, and obtained the transfer of the Property as a result. Given, the circumstances, the Assignee agrees to assumes the terms in the Loan Agreement and as permitted, the Note Amount of $135,000 which will not accelerate as it meets the exemptions stated in Section 1 (c)(iii) of the second paragraph of the Loan Agreement: …the transfer of the Property soley as a result of the marriage, divorce, incompetence or death of one or more individuals constituting the participant shall not accelerate the term of this agreement or cause the note to become due and payable, so as long as the transferee give notice to the Agency of such event within forty-five (45) days of its occurrence and the the transferee assumes the participant’s obligation under this agreement by execution of an assignment assumption agreement to be provided by the Agency. Aurora C. Nagrampa is not actively involved in this transaction, and has named the next of kin to the Assignee to transfer of ownership of the Property as beneficiary under the Agency Documents, consent to the Property transfer of the obligation of the Agency Documents from Aurora C. Nagrampa to Assignee.
E. WHEREAS, The City will consent to such Property transfer provided that Assignee assumes the obligations of Aurora C. Nagrampa under the Agency Documents, as set forth in this Agreement.
NOW THEREFORE, The City and Assignee agree as follows:
1. Effective Date. As used in this Agreement, the “Effective Date” shall be the date of recordation of this Agreement.
2. Assumption by Assignee. As of the Effective Date, Assignee assumes and agrees to be bound by the Agency Documents. Assignee shall fully and faithfully pay, perform and discharge, as and when payment, performance and discharge are due, all of the obligations of Aurora C. Nagrampa under the Agency Documents, and each of them.
3. Consent by City. As of the Effective Date, the City consents to the transfer of the Property to the Assignee. Such consent by the City shall not constitute a consent to any further or subsequent sale, conveyance or transfer by Assignee of the Property, or any part thereof, or any interest therein.
4. Entire Agreement. This Agreement contains the entire agreement among the City, and the Assignee with respect to the subject matter hereof and supersedes all prior agreements, understandings, offers and negotiations, oral or written, with respect thereto. This Agreement shall bind and inure to the benefit of the City, and the Assignee and their respective personal representatives, heirs, successors and assigns. This Agreement shall be governed and construed in accordance with the laws of the State of California.
SIGNATURE ON FOLLOWING PAGE
IN WITNESS WHEREOF, The City, and the Assignee have executed this Agreement as of the date first hereinabove written. “City”
City of Hercules, a public body, corporate and politic
By: _______________________________
Name and Title Dante Hall, Executive Director
“Assignee”
By:_____________________________
Printed Name:
By:_____________________________
EXHIBIT “A”
Property Street Address: 1027 BAYWOOD LANE, HERCULES, CALIFORNIA 94547 A.P.N: 404-650-074-2
PROPERTY LEGAL DESCRIPTION
The land referred to is situated in the County of Contra Costa, City of Hercules, State of California, and is described as follows:
LOT 74, AS SHOWN ON THE MAP OF SUBDIVISION 8599, FILED SEPTEMBER 17, 2003, MAP BOOK 456, PAGE 42, CONTRA COSTA COUNTY RECORDS.
STATE OF CALIFORNIA )
) ss.
CITY OF HERCULES )
On _________________________________, 2022, before me, ____________________________________________, Notary Public, personally appeared BY:_____________________________, who proved to me on the basis of satisfactory evidence to be the persons whose names are subscribed to the within instrument and acknowledged to me that they executed the same in their authorized capacities, and that by their signature on the instrument to be the persons or the entities upon behalf of which the persons 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.
_________________________________
Notary Public
[SEAL]
STATE OF CALIFORNIA )
) ss.
CITY OF HERCULES )
On _________________________________, 2022, before me, ____________________________________________, Notary Public, personally appeared BY:_____________________________, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument to be 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.
_________________________________
Notary Public
[SEAL]
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