Recorded in Official Records, MERCED COUNTY 08/30/2018
•
BARBARA J LEVEY 08:20 AM
RE20
Merced County Clerk - Recorder
RECORDING REQUESTED BY: P Public
City of Merced. A California charter Doo#: 2018026863 Titles: 1 Pages: 7 municipal corporation Fees 3200
Taxes 0.00
Housing Fee 0.00
WHEN RECORDED MAIL TO: 32 00
8800002216765* PAID
City of Merced
City Clerk
678 West 18' Street
Merced, California 95340
Exempt Recording Per Gov't Code
Section 6103
(Above for Recorder's Use Only)
NOTICE OF AFFORDABILITY RESTRICTIONS ON
TRANSFER OF PROPERTY
RELATING TO HOME INVESTMENT PARTNERSHIPS LOAN
NOTICE: Restrictions have been recorded restricting the price and terms at which the real property described below in this Notice ("Property") may be sold or rented. These affordability restrictions may limit the sales price or rents of the Property to an amount that is less than the fair market value of such amounts for the Property and limit the persons and households who are permitted to purchase or rent the Property to persons or households with certain income levels.
Recorded Document Containing Affordability Restrictions ("Affordability Restrictions") recorded (check one):
• as document No. official records of
Merced County on i or
Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement") relating to the HOME Investment Partnership Loan, recorded concurrent with this Notice, official records of Merced County.
Name of Agency: City of Merced
Name of Property Owner: Merced Gateway Investors II, L.P.
Property Legal Description: See Attached legal Description Property Street Address: /235 K ST., Merced, CA 95341
Property Assessor's Parcel Number: 031-323-002-000
Affordability Restrictions Summary (check as applicable):
The Affordability Restrictions Restrict the amount of rent that may be charged for rental housing units on the Property, as follows:
As such terms are defined in the Regulatory Agreement, Rent charged to tenants of the Very Low-Income Units shall not exceed one-twelfth (1/12) of thirty percent (30%) of fifty percent (50%) of Area Median Income ("AMI"), and for Low-Income Units the rents shall not exceed one/twelfth (1/12) of thirty percent (30%) of sixty percent (60%) of Area Median Income ("AMI"). Adjusted for Family Size Appropriate for the Units; and Rent charged to tenants of the Moderate Unit shall not exceed one-twelfth (1/12) of thirty percent (30%) of one hundred twenty percent (120%) of AMI, Adjusted for Family Size Appropriate for the Unit.
The Affordability Restrictions restrict the sales price that may be charged for sale of one or more housing units on the-Property, as follows:
The Affordability Restrictions restrict the income level of tenants or purchasers of the Property, as follows:
Thirty-Nine (39) units shall be restricted for occupancy by households with incomes at or below fifty percent (60%) of the AMI; and one (1) manager's unit shall be restricted for occupancy by households with income at or below one hundred twenty percent (120%) of the AMI of which eight will be HOME assisted units. * The Affordability commence on the date the Notice of Satisfaction of Obligations if filed and terminates after fifty-five (55) years.
This Notice is recorded pursuant to and in compliance with Health and Safety Code Section 33334.3 (f)(3) and (4) and California Government Code Section 27287. This Notice is conjoined with CA AB 382, Chapter 596.
CITY OF MERCED, A California charter
municipal corporation
APPROVED AS TO FORM:
BY: 1 MERCED
Mayor
ATTEST:
CITHOLERK IFORNIA
FINANCE OFFICE DATE
No tundo to encurles lle 118.0
7112|18 APRIL 1, A.D.
FL 7/12/18
MERCED GATEWAY INVESTORS
II, LP, a California Limited Partnership
By: MERCED GATEWAY
INVESTORS II, LP,
a California Limited Partnership
Its: Agency for Services of Process
ADDRESS: 3351 "M" Street,
Suite 100
Merced, CA 95348
TELEPHONE: (204) 388-0782
FAX: 1209 385 3770
E-MAIL:
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
A notary public or other officer completing this certificate verifies only the identity of the individual whe signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of California
County of Merced
on August 8 _. 2018, before me. Dawn Mendonca, Notry Fublic, (insert name and title of the officer)
Personally appeared Michael W. Murphy
who proved to me on the basis of satisfactory evidence to be the person whose namely is/ars subscribed to the within instrument and acknowledged to me that hels/e/they executed the same in(hisher/thair authorized capacity)s), and that by hister/thur signatured 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.
DAWN MENDONGA
Commission # 2126220
Notary Public - California
Signature. Daun Mendenca (san) Merced County
My Comm. Expires Oct 8, 2019
CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT
1 notary public or other officer completing this centificate verifies only the identity of the individual who signec the document to which this certificate is attached. and not the truthfulness, accuracy, or validity of that documen State of California
SS
County of Merced
On August 29, 2018 before me, Jennifer Bertuccio, Notary Public, personally appeared Christina Alley, who proved to me on the basis of satisfactory evidence to be the personts) whose namefs) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/theif authorized capacity(ies), and that by his/her/their signaturefs) on the instrument the personts), or the entity upon behalf of which the personts) 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.
JENNIFER BERTUCCIO
Notary Public - California
Merced County
Commission = 2181181
My Comm. Expires Feb 9, 2021
June Batucas
Notary Public
My Commission Expires:
February 9, 2021
EXHIBIT A
The land referred to is situated in the unincorporated area of the County of Merced, State of California, and is described as follows:
Maced, recorded are a, i cook or as coring to sed enter to re APN: 031-323-002-000