RBCORDING REQUIiSTED BY:
City of Redondo Beach
WHEN RECORDED MAIL TO:
C ity of Redondo Beach
Citl Attorney's Office
4l 5 Diamond Street
Redondo Beach. California 90277
Attention: Michael W. Webb. Esq
(No Fee per Govrnment Code s\ 27383)
AGRf,EMENT CONTAINING
COVENANTS, RESTRICTIONS AND OPTION TO PURCHASE
IMoDERATE TNCOMEI
Orvner: David Taekwon Ahn
Residence Address:2750 Artesia Boulevard, #ll6^ Redondo Beach. Califbrnia 90278 This agreement, entitled Agreement Containing Covenants, Restrictions and Option to Purchase (the "Agreement") is entered into as of this 2l'r day ofJune. 2022 by. and among the City ofRedondo Beach. a chartered municipalcorporation (the "City"). the Housing Authority ofthe City ofRedondo Beach. a public body. corporate and politic (the "Authorit),") and David Taekrvon Ahn (the "Ou,ner").
RECIl-At,S
The City and Authorit,v- have determined that it is desirable to stimulate lhe purchase of homes by Moderate Income Senior Hor.rseholds. and that such households should not be fbrced to pay housing costs in excess ofan amount that is aftbrdable.
Concurrently' w,ith the execution of this Agreement, Owner is purchasing the Residence for a purchase price that is affordable to Owner as the result ol'that certain Affordable Housing Agreement Imposing Restrictions on Real proper-ty (the "Aftbrdable Housing Agreement") by and between rhe City and Anastasi Development Company, LLC. dated January 15. 2008.
ln order to preserve the aflbrdability olthe Residence for Moderate Income Senior Households. and in return fbr and in consideration ofthe oppofiunity for the seller to sell and the O\a,ner to purchase the Residence under the above,referenced circumstances and lor other good and valuable consideration, the receipt and legal sufficiency of which the undersigned hereby acknowledges. the Owner. on behalf of hirnself. hersell, or themselves and with the express intent to bind all those defined as "Owner" in Section I below, has agreed to execute this Agreement.
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The purpose ofthis Agreement is to place certain use restrictions on the Residence. establish resale controls with respect to the Residence and reserve to the City and Authority an option to purchase or designate an Eligible Purchaser to purchase the Residence from Ou,ner in order to provide for the continued availability ofsuch Residence to Moderate lncome Senior Households.
NOW. THEREFORE. in consideration of the benefits received by the Owner, the City and the Authority, the parties agree as lollows:
l. DI]I]INI'I IONS
As used in this Agreement, the following capitalized terms shall have the corresponding meanings which follow, or are specifically defined in the sections indicated below.
DeIlrglqtc!" Section 5.
"Desi nee" - Section 6.
'Eltgtble PglEhasq" shall mean a prospective purchaser ofthe Residence who meets the then-current requirements established by the City or Authority.
d. "Excess Proceeds" Section 9
"Moderate lncome Affordable PLrrchase Price" shallmean a purchrse pricc resulting in a monthly housing cost to the buver which does not exceed to one-tR'elfth (l/12) ol the product of thirty-five percent (35%) ol one hundred ten percent (ll0%) of the area median income for Los Angeles County. adjusted for household size appropriate to the unit, as published annually by' the California Department of Housing and Community Development ("HCD"). and measured at the time the purchaser and the seller enter into a purchase and sale agreement for the Residence. For purposes of determining al'fordable sale price, the term "household size appropriate to the unit" shall mean the number olbedrooms in the unit plus one.
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L "Moderate l1come Senior Citizen Household" shall mean a Senior Citizen Household whose income level does not exceed a maximum ofone hundred twenty percent ( 120%) olthe area median income for Los Angeles Count),, as published annually by HCD. adjusted flor the purchaser's actual lrousehold size. and determined in accordance with California Health & Salety Code Section 50093 published criteria from time to time in eff'ect. "aU!gI" shall mean the person or persons listed in the first sentence ofthis Agreement. as vn'ell as any and all assignees, transferees or successors-ininterest to the Res idence. )
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h. "Resrdenee" - Section 2.
''Restricted Period" shall mean fifty-five (55) years commencing tiom the date the first Cedificate ofOccupancy for the Residence is issued. 'Selgs_Pl]tg" shall mean the total compensation payable by a purchaser for the Residence.
k. "Senior Citizen Household" shall mean a household where at least one person in residence is fifty-five (55) years of age older and such person intends to reside in the Residence as his/her/their primary residence on a permanent basis. Any other person residing in the Residence shall be a "qualified permanent resident" or a "permitted health care resident" as provided in the Unruh Civil Rights Act. Calilorrria Civil Code Section 51, et seq.. or the Federal Fair Housir.rg Act.42 USC Section 3607, and all other applicable federal. state and local laws and regulations governing the use and occupancy of the development.
'Ttglifu" shall mean any sale. assignment or transfer. voluntary or involuntary, ofany interest in the Residence. including, but not limited to. a fee simple interest. a joint tenancy interest. a lif-e estate. a leasehold interest. or an interest evidenced by a land contract by rvhich possession of the Residence is transferred and Owrrer retains title. Any Transfer without satisfaction ofthe provisions of this Agreernent is prohibited. Translers by gift, devise, or inheritance to an existinB spouse. surr ivingjoint tenant. or a spouse as part ofa dissolution proceeding or in connection lvith marriage. or by devise or inheritance to children. shall be a "Excluded Transfer" lor purposes of this Agreement: provided. however, that translerees of any Excluded Transfbr shall be bound by allcovenants. conditions. restrictions" limitations and provisions contained in this Agreement. including, but not limited to. promptly providing the City and Ar"rthority with the "Notice of Excluded Transfer" upon any such Excluded Transfer.
). DESCRIPTION OF PROPERTY
This Agreement concerns the real propefty commonly known as 2750 Artesia Boulevard., #116. Redondo Beach. Califbrnia.90278. which is more fully described in Exhibit A attached hereto and incorporated herein by relerence (the ''Residence"). The Residence shall also include any and all improvements constructed on the real propefty whether now or in the future.
3. OWNER CERTIFICATION
Owner certifies the following
The financial and other information provided in order to qualily to purchase the Residence is true and correct; and
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b. Ou,ner shall occupy the Residence as Orvner"s principal place ofresidence.
4. OwN-ER-OCCUPANCY: LEASING OF RESIDENCE
For the term of this Agreement, Owner shall occupy the Residence as his/her/their primary residence, and the Residence shall be r,rsed as the primary residence of Owner and Owner's household and fbr no other purpose.
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Except as provided herein. fbr the term olthis Agreement, the Owner shall not lease the Residence. Notwithstanding the foregoing, the Owner may lease the Residence to Moderate Income Senior Citizen Households at a monthly rental rate not to exceed the amount needed to pay the monthly mortgage. taxes. insurance and other housing expenses to be paid by Owner for the Residence upon written consent by the City or designee. The Owner shall provide copies ofall rental/lease agreements to the City and Authority.
Any lease in violation ofthis restriction shall be void and shall constitute a default b1'the Ou,ner under this Agreement.
The Authority shall have the right to monitol compliance with this Section 4 by requesting that the Owner provide the Authority, not more frequently than annually, the fbllowing:
A written certification under penalty ofperjury that the Residence is occupied by the Ownel as his/her/their primary residence. accompanied by supporting documentation reasonably satisfactory to the Authority: or
Ifthe Residence is not owner-occupied. documentation evidencing the requirements of Section 4.b.. including. u,ithout limitation, all of the fbllowing: a copl, of the lease then in effect and the u'ritten consent signed by the Authority Executive Director or designee: a written certification under penalty of perjury stating when the Residence was last owner-occupied. accompanied by supponing documentation reasonably satisf'actory to the Authority, and stating the amount of monthly' rent collected under the lease: and documentation reasonably satist'actory to the Authority that the Owner is n.raking a reasonable effort to sell the Residence to an Eligible Purchaser.
d In the event ofa breach or threatened breach of this Section 4. in addition to any other rights and remedies available to the City and Authority, whether at law or in equity, the City and Authority shall be entitled to institute legal action to enlorce performance ofthis Section 4. to enjoin any actions which are in breach of this Section 4. and to seek to recover anv excess rent that may have been paid to Owner.
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c These owner-occupancy restrictions may be modified or terminated only rrpon the written approval olthe City and Authority. Any modification or termination must be in writing and recorded in the Official Records of the Offlce ofthe County Recorder of Los Angeles County.
Owner shall be considered as occupying the Residence if Owner is living in the Residence for at least ten ( l0) months out ofeach calendar vear.
DIITERMINATION OF RESALE PRICE
5. MAINTENANCE OF PROPERTY
Olvner agrees it shall maintain the interior and exterior olthe Residence and any landscaping on the Residence in good condition and repair and in a manner consistent with the community standards which will uphold the value ofthe Residence. and in accordance u,'ith all applicable City codes. Failure to maintain the Residence in accordance with this Section 5. including. but not limited to. any violations of applicable building. plurnbing, electric. fire. housing or other applicable City ofRedondo Beach Building Codes. shall be a default by the Owner under this Agreement. [n the event the City or Authority. in its sole discretion. deterrnines that the O$ner has failed to maintain the Residence, the City or Authority shall notify Orvner with regard to any noted code violations and maintenance deficiencies (collectivell". the "Deficiencies"). and Owner shall cure the Deficiencies in a reasonable manner, acceptable to the City or Authority, within sixty (60) days lollowing the date olsr,rch notice. Should Owner fail to cure all the Deficiencies prior to the time set fonh herein. the City. Authority. or designee. shall have the right. but not the obligation. to enter tlre Residence. correct any Deficiency, and hold the Owner responsible for the cost thereof'. Anv cost incurred by the City or Authority to cure any such Deficiency. until paid, shall constitLrte a lien on the Residence pursuant to Civil Code Section 2881 .
6. NOTICE OF' INTENDED TRANSFER
In the event Owner intends to Transf'er the Residence, Owner shall promptly notif)' the Authority and City in writing of such intent ("Owner's Notice"). The written notice shall be given in accordance with Section 21 of this Agreement at least sixty (60) days prior to the actual date ofany Transfer; provided. however. that in the event ofan Excluded Transttr. the written notice shall occur lvithin ninety (90) days after the date of such Excluded Transfer ("Notice of Excluded Transler").
Follon,ing receipt of the Owner's Notice, the City or Authority shall notill Owner of the Resale Price that may be paid for the Residence and may exercise its Option. as defined below, to purchase the Residence or designate an Eligible Purchaser ("Designee") to purchase the Residence. as provided in Section 8. below.
7. The maximum sales price that the Owner may receive for any type of Transf'er of the Residence ("Resale Price") shall be thc lowest of the following: (l) the Moderate Income Affordable Purchase Price at the time of resale: or (2) the lncreased Base Price (defined below). as adjusted pursuant to Section 7.b., belor.v. 5 l.
a lncreased Base Price. The "lncreased Base Price" means the purchase price that Ou,ner paid for the Residence. increased by the percentage change in the Area Median lncome for Los Angeles County. as published annually by HCD, determined in accordance with HCD published criteria, from the purchase date to the date ofnotification as indicated in Section 6, above. In the event that such income detennination is no longer published, or has not been updated for a period ol at least eighteen (18) months. the City or Authority may use or develop such other reasonable method as it rnay choose to determine the area median income for Los Angeles County. b. Adiusted lncreased Base Price. The lncreased Base Price shall also be adjusted for the ''Value of Capital Improvements". The "Value of Capital Improvements" shall mean the value ol substantial structural or permanent fixed improvements which cannot be removed without substantial darnage to the Residence or substantial or total loss of value of said improvements.
No such valuation shall be rnade except lor improvements: (a) rnade or installed by or under the direction of the Owner; (b) r.r'ith an initial cost of One Thousand Dollars ($1.000) or more; and (c) which can be documented by the Owner to the reasonable satisf'action of the City or Authority. The value ofsuch improvements to be taken into account in calculation ofthe lncreased Base Price shall be the appraised market value of the improvements when considered as additions or fixtures to the Residence (i.e.. the amount by which said irnprovements enhance the rnarket value of the Residence at the time of sale or valuation). The adjustment to the lncreased Base Price for such improvements shall be limited to the increase in value. and shall be determined by the City or Authority and the Owner. or in the event ofa failure to agree, by an independent residential appraiser selected by the Owner lrom a list of appraisers established by the City or Authority. The cost ofthe appraisal shall be borne by the Owner.
8. OPTTON
As a material part of the consideration fbr this Agreement, Owner covenants and agrees for itsell its successors and its assigns and everv successor in interest to the Residence, that fbr the Restricted Period, Owner hereby grants the City an option to purchase the Residence or designate an Eligible Purchaser to purchase the Residence f'ro m Owner (the "Option") on the terms and conditions set lbrth in this Section 8 and in the manner set forth herein.
li Events Precipitatine Citv's Option to Purchase The Owner agrees the City's Option may be exercised upon the occurrence of any of the follo*.ing:
i. An uncured deflault by Owner under this Agreement, subject to the notice and cure provisions ofSection l0;
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I l. An uncured default under any promissory note, deed oftrust or any other lien, including. without limitation. a judgment lien, recorded against. secured by. or encumbering the Residence; or
t Owner's Notice of Intent to 'fransfer the Residence.
Time and Manner ol Exercising Option. The Option may be exercised by the City delivering to Owner r.vritten notice ol such exercise. Upon the City's knowledge of the occurrence of any event listed in subsection a. above, the City shall have sixty (60) days to rlotify Owner ol its decision to exercise its Option. The notification to Owner regarding the Option exercise shall be pursuant to Section 2l ofthis Agreement. The City shall have the right. in its sole discretion, to assign the Option to the Authority upon r.lritten notice to the Olvner that the Option has been assigned to the Authority. [n the event the Option is assigned to the Authority, the Authority shall be entitled to the rights olthe City in relation to the Option as set forth herein and shall be obligated under the terms and the covenants of this Section 8.
Payment lor Option. U pon the occurrence of an event listed in subsection a. above. and the exercise by the City of its Option, the City shall pay (or in the event City designates an Eligible Purchaser, cause to be paid by such Designee). the Resale Price to Owner at the close ol escrow. pursuant to subsect ion d- below.
Escron'. Within thirty (30) days fbllowing the exercise olthe Option, the parties agree that the City shallopen. or cause to be opened. an escrow with a title insurance company or such other escrolv agent reasonably acceptable to the City (the "Escrow Agent") and the parties agree to execute escrow instructions with Escrow Agent as rnay be required by Escrow Agent, or to implement or give e ff'ect to the terms and conditions of this Agreement. The pafties agree to the following escrow terms and conditions:
i. The escrow shall be lor a period of ninety (90) days or sooner if mutually agreed by the partiesl
The City agrees that it will pay, or cause to be paid by the Designee. the Resale Price upon the close ofescrow or as otherwise mutually agreed to by the parties. Notwithstanding the foregoing. should Owner fail to cure all Deficiencies. if any. in accordance with Section 5 prior to the close olescrow. the Owner hereby agrees that the Escrow Agent shall t'ithhold that portion ofthe Resale Price necessary to pay for curing the Deficiencies, based upon written estimates obtained and submitted to the Escrow Agent by the City.
The City and/or Designee shall cause the Deficiencies to be cured and. upon certification ol completion ol work by the City and/or Designee. the Escrow Agent shall disburse such funds to the City 7 d
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and/or Designee to pay for said work. Any remaining iLrnds shall be disbursed by the Escrow Agent to Owner;
Tlre Ou,ner agrees that it shall pay the premiunr lor a standard C.L.T.A. policy ol owner's title insurance issued by the Escrorv Agent or title insurance company reasonably acceptable to the City in the amount ofthe Resale Price. insuring title to the Residence in the City's (or Designee's. as the case may be) name, subject only to those matters approved by the City or Designee in writing. In the event the City (or Designee, as the case may be) requests an A.L.T.A. policy of owner's insurance and/or any title endorsements. the additional costs associated with the issuance of an A.L.'l.A policy or the endorsements shall be paid bir the City (or Designee, as the case may be);
In the event the City exercises its Option pursuant to Section 8.a.3. the Owner and City agree that all costs and fees charged in connection w ith the closing and escrow shall be borne one-half ( l/2) by the City (or Designee, as the case may be) and one-hall( l/2) b,,- the Olvner. In the event the City exercises its Option pursuant to Section 8.a.1 or Section 8.a.2, the Orvner agrees to pay all costs and fees charged in connection with the closing and escrow:
The Owner agrees that it shall deposit in escrow for delivery to the City (or Designee, as the case may be) a grant deed to the City or Designee (in such forrn as may be reasonably acceptable to the City or Designee in his/her/their sole discretion);
Taxes and assessments shall be prorated at the close ofescrow with Owner paying all such taxes and assessments due and payable prior to the close of escrow and City (or Designee. as the case may be) paying all such taxes and assessments due and payable following the close of escrow:
c Priority of Option. The Option granted pursuant to this Agreement shall be senior in priority to any lien or encumbrance.
8 vii. Owner agrees that title shall be conveyed by Owner at the close of escrow to the City (or Designee. as the case may be) lree and clear of all mortgages. deeds oftrust. liens and encumbrances. Owner agrees that any costs to remove or satisfy any mortgages, deeds of trusts, liens or encumbrances shall be the responsibility of Owner, at Owner's sole cost and expense; and
viii. Any other terms or conditions mutually agreed to by the parties.
9. RESTRII]TED TRANSFER BY OWNER
11 In the event the City does not exercise its Option pursuant to Section 8, above. Owner may Transfer the Residence to an Eligible Purchaser fbr not more than the Resale Price.
In the event the City does not exercise its Option pursuant to Section 8, above. and Owner experiences an extreme hardship. Owner may submit written request to the City or Authority to waive the requirement that the purchaser ofthe Residence be an Eligible Purchaser and/or the requirernent that the Sales Price not exceed the Resale Price. Within one hundred and twenty (120) days of such written request. the City may, in its sole discretion, approve the Transfer of the Residence to a non-Eligible Purchaser and/or the Transfer ofthe Residence in excess ofthe Resale Price.
Upon the issuance by the City or Authority ol a written waiver of the requirement that the purchaser be an Eligible Purchaser and/or the requirement that the Sales Price not exceed the Resale Price, subject to the provisions olthis Section 9.b. and 9.c., Owner may Transfer the Residence to the non-Eligible Purchaser and/or may Transfer the Residence tbr an amount in excess ofthe Resale Price. as applicable. Any such transferee shall execute and record a covenant against the Residence. running to the benefit ofthe City and Authority. requiring that the transferee will occupy the Residence. sr.rbject to limited leasing rights, as provided in Section.l, of this Agreernent.
In the elent the City or Authoritl' w,aives the requirement that the Sales Price not exceed the Resale Price. the City shall be entitled to receive. and Owner shall pay to the City. an amour.rt equal to 50% of the "Excess Proceeds". "Excess Proceeds" shall mean the Sales Price minus the sum of the following: repayment in full of any mortgage encumbering the Residence, and reimbursement to the Owner in the amount of the sum of the Owner's original dolvn payment. the cost olany Capital Improvements made by the Owner and any payments made by the Owner to reduce to the principal balance ofthe mortgage prior to the sale.
IO. DEFAULTS AND REMEDIES
Upon a violation o1'any of the provisions of this Agreement by Owner, the City or Authority shall give written notice to Owner specifying the nature ofthe violation. Ifthe violation is not corrected to the satisfaction ol City or Authority within thirty (30) days after the date the notice is mailed. or within such further time as City or Authority determines is necessary to correct the violation. City or Authority may declare a default under this Agreement. Upon the declaration of a default or if Owner makes any misrepresentation in connection with receiving any benefits under this Agreernent. City or Authority may apply to a court of competent jurisdiction for specific perfonrance ofthe obligations of this Agreement, for an injunction prohibiting a proposed Transfer in violation ofthis Agreement, for a declaration that a Transfer in violation ofthe provisions 9 h
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of this Agreement is void or any such relief at law or in equity as may be appropriate.
Owner. and/or Olvner's purchaser or transferee in those circumstances where a Transfer has occurred in violation of this Agreement. shall hold the City. Authority and their employees or other agents harmless and reimburse the expenses. legal fees and costs for any action the City, the Authority or their employees or other agents take in enforcing the provisio ns of this Agreement.
Except as otherwise expressly stated in this Agreement, the rights and remedies of the parties are cumulative. and the exercise or lailure to exercise one or more ofsuch rights or remedies by either party shall not preclude the exercise by it. at the same time or different times. ofany right or remedy for the same default or any other default by the other party.
Rights and remedies hereunder shall be in addition to and shall in no way limit any other rights and remedies provided by law or in equity. No waiver by the City or Authority of any default or breach by the Owner hereunder shall be implied from any omission by the City or Authority to take action on account of such default if such def'ault persists or is repeated. and no express waiver shall aflect any default other than the default specified in the waiver. and such wavier shall be operative only for the time and to the extent therein stated, Waivers ofany covenant. term. or condition contained herein shall not be construed as a waiver ofany subsequent breach ofthe same covenant, term or condition. The consent ol approval by the City or Authority to or ofany act by the Owner requiring fu(her consent or approval shall not be deemed to waive or render unnecessary the consent or approval to or ofany subsequent similar act. The exercise ofany right. power. or remedy shall in no event constitute a cure or a waiver of any det'ault under this Agreement. nor shall it invalidate any act done pursuant to notice ol delault, or prejudice the City or Authority in the exercise ofany right. power. or remedy hereunder.
1 1. NOTICE OF DEFAULT AND FORECI,OSURE
Owner agrees the City and Authority slrall have the right to record against title to tlre Residence a request fbr notice ofdelault and anv notice of sale under any deed oftrust or mortgage w'ith poraer of sale encumbering the Residence in the Office ofthe Recorder of [,os Angeles County in substantially the lbrm attached hereto as Exiibit B ("Notice of Sale"). The Owner shall provide to the City and Authority a written copy of any notice of defar.rlt or notice of sale under any deed o[ trust or mortgage with power of sale encumbering the Residence immediately upon receipt by the Owner. The City or Authority may declare a delault under this Agreement upon receipt ol any notice given to the City and Authority pursuant to Civil Code Section 2924b or pursuant to this Section. and rnay exercise its remedies as provided in Section 8 and Section 10. ln the event of dethult or foreclosure of such deed of trust or mortgage. the City or Authority shall have the same right as the Owner to cure defaults and redeem the Residence prior to fbreclosure sale.
Nothing contained herein shall be construed as creating any obligation of the City or Authority to cure any such def'ault. nor shall this right to cure and redeem operate to extend any time limitations in the default provisions ofthe underlying deed oftrust or rnortgage. l0
12. NON-I-IABILITY OF THE CITY AND AUTHORITY
ln no event shall the City or Authority become in any way liable or obligated to Orvner or to any successor-in-interest olOwner by reason ofthe Option. nor shall the City or Authority be in any way obligated or liable to Owner or any successor- in-interest of Owner tbr any failure to exercise such Option.
I3. BINDING ON SUCCESSOR AND ASSIGNS
Notwithstanding any other provision of law, this Agreement shall run with the land and shall be enforceable against the Owner, his/her/their heirs, legal represerrtatives. executors, successo rs- in- interest. assigns and transferees by the City, the Authority and their successors. Without limiting the generality of the foregoing, any party. and its successors and assigns, receiving title to the Residence through a trustee's sale, a judicial foreclosure sale, or deed in lieu ol foreclosure ofsuch deed oftrust or mortgage, and any conveyance or transfbr therealier, shall be bound by all covenants, conditions, restrictions. limitations and provisions contained in this Agreement.
I]. ST-IPERIORITY OF A(]REEN,'ILN I'
Owner covenants that the Owner has not, and will not. execute any other agreement with provisions contradictory to. or in opposition to. the provisions hereol', and that. in any event, the O$'ner understands and agrees that this Agreement shall control the rights and obligat ions between the parties.
I5. OBLICATION TO REFRAIN FROM DISCRIMINATION
O$ner covenants and agrees for itself. its successors. its assigns and every successor in interest to the Residence or any parl thereol. that there shall be no disclimination against or segregation ofany person. or group ofpersons. on account of race. color, creed, religion. sex, sexual orientation, marital status. national origin or ancestry in the sale. lease. sublease. transfer. use, occupancy, tenure or enioyment olthe Residence nor shall Owner itself or any person claiming under or through it establish or permit any such practice or practices o ld iscriminat io n or segregation with reference to the selection. location. number, use or occupancy oftenants, lessees. subtenants. sublessees or vendees ofthe Residence. This covenant shall run in perpetuity.
16. FORM OF NONDISCRIMINATION AND NONSECRATION CLAUSES
All deeds- leases or contracts relating or pertaining to the Residence shall contain or be subject to substantially the following nond iscrimination or nonsegregation clauses:
In deeds: "The grantee herein covenants by and for itself. its successors and assigns. and all persons claiming under or through them. that there shall be no discrimination against or segregation of, any person or group ofpersons on account ofrace. color. creed, religion, sex. sexual orientation. marital status. national origin, or ancestry in the sale. lease. sublease, transfer. use. occupancy, tenure or enjoyment ofthe land herein conveyed. nor shall the ll
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grantee itself or any person claiming under or through it, establish or permit any practice or practices of discrimination or segregation with ret'erence to the selection" location. number. use or occupancy of tenants. lessees, subtenants, sublessees or vendees in the land herein conveyed. The Ioregoing covenants shall run with the land."
In leases: "The lessee herein covenants by and for itsell, its successors and assigns, and all persons claiming under or through them, and this lease is made and accepted upon and subject to the following conditions: That there shall be no discrirrination against or segregation of', any person or group of persons on account of race, color, creed. religion. sex, sexual orientation. marital status. national origin. or ancestry in the leasing. subleasing, retrting, transGrring, use, occupancy, tenure or enjoyment of tlre land herein leased, nor shall the lessee itself or any person claiming under or through it, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number. use or occupancy oftenants, lessees. subtenants. sublessees or vendees in the land herein leased."
ln contracts: "There shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed. religion, sex, sexual orientation. marital status, national origin, or ancestry in the sale" lease. sublease, transfer, use, occupancy. tenure or enjo)rnent ofthe land. nor shall the transferee itself or any person claiming under or through it. establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location. number. use or occupancy of tenants, lessees. subtenants. sublessees or vendees of the land."
TERMTNATION OF COVENANTS. RESTRICTIONS AND OPTION TO
PURCHASE
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The covenants. conditions. restrictions, limitations and provisions of this Agreement shall remain in effect with respect to the Residence for the longest f'easible time, as determined by the City or Authority. but not |ess than the Restricted Period. except for the covenants. conditions. restrictions. limitations and provisions contained in Section 15 and l6 which shall run in perpetuity.
I8. DEED OF TRUS'I
Each and every condition. obligation. covenant and agreement contained in this Agreement shall at all times throughout the term be secured by a deed oftrust in favor of the Cit) and the Authority ("Deed ol Trust"). substantially in the form attached hereto as Exhibit C. Owner agrees to execute and deliver the Deed ofTrust (in recordable forrn) and it shall be recorded against the Residence. The Deed ofTrust will be sr-rbordinate to any liens securing financing for Owner's purchase ofthe Residence. but this Agreement shall 12 b.
he senior to any such liens and shall not be extinguished by foreclosure, a deed in lieu of fbreclosure or porver ofsale, or sale.
I9, ENFORCEMENT
The City, the Ar"rthority. and their successors and assigns are deemed to be the beneficiaries ofthe terms and provisions ofthis Agreement and the covenants herein, both for and in their own right and fbr the purposes ofprotecting the interests olthe community and other parties. public or private. for whose benefit this Agreemenl and the covenants running lvith the land have been provided. The City and the Authority shall have the right iI'any covenants are breached. to exercise all rights and remedies, and to maintain any actions or suits at law or in equity or other proper proceedinus to enforce the curing ofsuch breaches to rvhich it is entitled. No remedy herein conferred upon or reserved by the City and Authority is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other rernedy given under this Agreement or no\\'or hereafter existing at law, in equity or by statute. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or polver or shall be construed to be a waiver of such right or power. but any such right or power may be exercised from time to time and as often as City or Authority may deenr expedient. In order to cntitle the City and Authority to exercise any remedy reserved to it in this Agreement, it shall not be necessarv to give any notice. other than such notice as may be herein expressly required or required by law to be given. 'l-he City and Authority may. in their sole discretion. designate, appoint or contract with any other public agencl,.,, for-profit or non-profit organization as a beneficiary of this Agreement.
20. INVALID PROVISIONS
If any one or more of the provisions contained in this Agreement shall lbr any reason be held to be invalid. illegalor unenforceable in any respect, then such provision or prorisions shall be deemed severable fiom the remaining provisions contained in this Agreement, and this Agreement shall be construed as if such invalid. illegal or unenforceable provision had never been contained herein.
21. CONTROLT,ING LAW
The terms of this Agreement shall be interpreted under the laws of the State of California.
22. NOTICES
All notices required herein shall be sent by certified mail. return receipt requested. as follows:
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To the Owner:
David Taekwon Ahn
2750 Artesia Boulevard, #ll6
Redondo Beach, California 90278
To the City:
City of Redondo Beach
City Attorney's Office
415 Diamond Street
Redondo Beach, California 90277
Attention: Michael W. Webb
To the Authority
The Housing Authority of the City of Redondo Beach
415 Diamond Street
Redondo Beach, California 90277
Attention: Director of Community Services
Attention: Housing Supervisor
or such other address that the City. the Authority of Owner may subsequently request in writing.
23. INTERPRETATION OF AGREEMENT
The terms of this Agreement shall be interpreted to encourage to the extent possible that the Sales Price and any mortgage payments of the Residence remain affordable to Moderate Income Senior Citizen Households.
By signature herein below the Owner hereby accepts and approves the foregoing, agrees to be bound by the provisions of this deed. and grants to the City and Authority such powers and rights that are set forth in this Agreement. "owNER"
Date 61 qlActz By
David Taekwon Ahn
[remainder of page left intentionally blank]
[signatures continue on the following page]
14 Accepted and agreed to by the City this 2l't day of June,2022.
Date
APPROVED AS TO FORM
Michael W. Webb
City Attorney
CITY OF REDONDO BEACH. a chartered
municipal corporation
By:
William C. Brand
Mayor
[Signatures continue on following page]
Bv
By:
Michael W. Webb
ATTESl':
Eleanor Manzano
City Clerk
t5
Accepted and agreed to by the Authority this 2l't day of June,2022.
Michael W. Webb
ATTEST:
Date
APPROVED AS TO FORM:
Michael W. Webb
Ceneral Counsel for Authority
HOUSING AUTHORITY OF THE CITY OF
REDONDO BEACH, a public body, corporate
and politic
By:
William C. Brand
Chairman
B)':
By:
Eleanor Manzano
Secretary
l6
A notary public or other of'ficer completing this certificate only verifies the identity olthe indir'iduals u'ho signed documents to which this certi{icate is attached. and not the truthfir lness, accuracy. or validity of that document.
STATE OF CALIFORNIA
COU\ IY OF LOS ANGELES
On th is 4+ day oI ..).4 n g . 20Za before me.
Notary Public, personally appeared. Dnvtl Tr^eVus^ ftz.-. , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she4hey executed the samc in h is/he#the ir authorized capacity(ies), and that by his/herl+heir signature(s) on the instrument the person(s). or the entity upon behalf of which the person(s) acted, executed the instrument.
I certily under PENALTY OF PERJURY under the lar.,' s of the State of California that the fbregoing paragraph is true and correct.
Wl't-NESS my hand and official seal JOOHEE XIM
coMM. # 2247975
toTlRY PUBl.rC . CAufoPlllA
tos at{GEtEs c0ul{rY Signatu ( Seal) c0ril. rxPrn$ JULY 2 2022 A notary public or other officer completing this certificate only verifies the identity ofthe indiliduals who signed documents to which this certillcate is atlached. and not the truthlulness- accurac . or valid it olthat doc unrent
STATII OF CALIFORNIA
COIJNTY OF LOS ANCELES
. 20 - belore me.
nally appeared, _.
who proved
C)
On this day of
Notary Public. perso
to me on the basis of satislactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknorvledged to me that he,rshe/they executed the same in his/her/their authorized capacity(ies). and that by his/her/their signature(s) on the instrument the person(s). or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of Califbrnia that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
S ignature: l Sea l)
EXHIBIT *A''
LEGAL DESCRIPTION
All that certain property situated in the County of Los Angeles. State of California. described as follows:
A CONDOMINIUM COMPOSED OF
PARCEL I:
TIIAT'PORTION OF LOT I OF TRACT NO. 60638, IN THE CITY OF REDONDO BEACI{.
IN fHE COUNTY OF LOS ANGEI-ES. STATE OF CALIFORNIA. AS PER MAP RECORDET) IN BOOK 1328. PAGE(S) 44 AND 45 OF MAPS, DEFINED AS UNIT I l6 OF MODULE 2 ON THAT CERTAIN CONDOMINIUM PLAN ("PLAN") RECORDED ON JANUARY 24,2008.
AS INSTRUMENT NO. 08- 149822. IN TI.{E OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
PARCEL 2:
AN UNDIVIDED Y48TH FEE SIMPLE INTEREST AS TENANT IN COMMON IN AND TO THE, COMMON AREA OF MODULE 2 ON LOT I OF TRACT NO. 60638, AS MORE PARTICULARLY DESCRIBED AND DEL]NEATED ON THE CONDOMINIUM PLAN REFERRED TO ABOVE.
EXCEPT THEREFROM T]NITS I I6 THROUGH I I8, INCLUSIVE, I21 THROUCH 132, INCLUSIVE,, 216 THROUGH 2I8. INCLUSIVE, 22I THROUGH 233, INCLTJSIVE. 3I6 THROUGH 3I8 INCLUSIVE. AND 32I THROUCH 333. INCLUSIVE AS DEFINED AND DELINEATED ON A CONDOMINIUM PLAN RECORDED JANUARY 24" 2008, AS INSI'RUMENT NO. O8-149822. OF OFFICIAL RECORDS.
ALSO, EXCEPT THEREFROM, ALL MINERALS. OILS. GASES AND OTHER
HYDROCARBONS BY WHATSOEVER NAME KNOWN THAT MAY BE WITHIN OR UNDER SAID PORTION OF SAID LAND. WITHOUT. HOWEVER, THE RICHT TO DRILL, DIG OR MINE THROUGH THE SURF'ACE THEREOF. AS EXCEPTE,D IN THE DEED FROM THE STATE OF CALIFORNIA. RECORDED ON FEBRUARY 28. I968, AS DOCUMENT NO. 2480 IN BOOK D-3925, PAGE IOO. OFFICIAL RECORDS, IN SAID OFFICE OF THE COUNTY RECORDER.
PARCEL 3
AN EXCLUSIVE EASEMENT, APPURTENANT TO PARCEL I ABOVE, FOR ALL USES AND PURPOSES OF A BALCONY AREA ANDiOR DECK AREA OVER AND ACROSS THAT PORTION OF THE COMMON AREA WITHIN MODULE 2 OF LOT I OF SAID TRACT NO. 60638, DEFINED AND DELINEATED S EXCLUSIVE USE COMMON AREA,
WHICH BEARS THE SAME NUMBER AS TO THE UNIT REFERRED TO IN PARCEL I
ABOVE F'OLLOWED BY THE LETTER IIYII ON THE ABOVE REFERENCED CONDOMINIUM PLAN.
PARCEL 4
AN EXCLUSIVE EASEMENT. APPURTENANT TO PARCEL I ABOVE. FOR ALL USES
AND PURPOSES OF A PARKINC SPACE AREA OVER AND ACROSS THAT PORTION OF THE COMMON AREA WITHIN MODULE 2 OF' LOT I OF SAID TRACT NO. 60638.
DEFINED AND DELINEATED AS EXCLUSIVE LJSE COMMON AREA. ON THE
CONDOMINIUM PLAN REFERRED TO IN PARCEL I ABOVE FOLLOWED BY THE LETTER "P-78""
Assessor's Parcel Number: 4082-012-l I I
2 EXHIBIT B
NOTICE OF SALE
IBEHIND THIS PAGE}
RECORDING REQUESTED BY:
City of Redondo Beach
WHEN RECORDED MAIL TO:
City of Redondo Beach
City Attorney's Office
415 Diamond Street
Redondo Beach. California 90277
Attention: Michael W. Webb. Esq
(lto Fee per Government Code ! 27383)
REQUEST FOR NOTICE
Under Section 2924b Civil Code
In accordance with Section 2924b. Civil Code, reqlrest is hereby made that copies of any NOTICE OF DEFAULT and copies of any NOTICE OF SALE under the DEED OF TRUST dated as of June 21.2022 and recorded as Instrument No. in the Official Records of Los Angeles County on 2022 and describing the follorving real property. located in Los Angeles County. California as [See E,xhibit "A" attached hereto and incorporated herein] executed by David Taekwon Ahn, a Single Man as sole owner and Trustor, in which the City of Redondo Beach, California and the Housing Authority of the City of Redondo Beach. California are collectively names as Beneficiary and First American Title Company, as Trustee. be mailed to:
City of Redondo Beach
415 Diamond Street
Redondo Beach. California 90277
Attention: City Attorney
NOTICE: A copy of any notice of default and of any notice of sale. will be sent only to the address contained in this recorded request. If your address changes, a new request must be recorded.
I
CITY OF REDONDO BEACH, a chartered
municipal corporation
HOUSING AUTHORITY OF THE CITY OF
REDONDO BEACH. a Public Body Corporate
and Politic
William C. Brand
Mayor and Chairman
Date By
APPROVED AS TO FORM:
Michael W. Webb
City Attorney and Ceneral Counsel for Authority
By:
Michael W. Webb
ATTEST
By:
Eleanor Manzano
City Clerk and Secretary for Authority
2 A notary public or other officer completing this certificate only' verifles the identity of the individuals who signed documents to r,vhich this certificate is attached, and not the truthfulrress, . or valid ofthat document
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
On this _ day of 20_. before me,
Notary Publ ic, personal ly appeared. who proved
to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s). or the entity upon behalf of which the person(s) acted, executed the instrument.
I certifo 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.
S ignature: (Seal)
A notary public or other officer completing this certificate only verifies the identity of the individuals who signed documents to which this certificate is attached, and not the truthfulness, accu . or valid of that document
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
On this _ day of
Notary Public, personally appeared. , who proved
to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknolvledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s). or the entity upon behalf of which the person(s) acted. executed the instrument.
I cerlify 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.
20_. before ffie, _,
S ignature (Seal)
EXHIBIT "A'
LEGAL DESCRIPTION
All that ceftain property situated in the County of Los Angeles, State of California, described as follows:
A CONDOMINIUM COMPOSED OF:
PARCEL I:
THAT PORTION OF LOT I OF TRACT NO. 60638. IN THE CITY OF REDONDO BEACH, IN THE COUNTY OF LOS ANGELES. STATE OF CALIFORNIA. AS PER MAP RECORDED IN BOOK 1328, PAGE(S) 44 AND 45 OF MAPS, DEFINED AS UNIT I l6 OF MODULE 2 ON THAT CERTAIN CONDOMINIUM PLAN ("PLAN") RECORDED ON JANUARY 24.2008.
AS INSTRUMENT NO. 08- 149822. IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
PARCEL 2
AN UNDIVIDED Y48TH FEE, SIMPLE INTEREST AS TENANT IN COMMON IN AND TO THE COMMON AREA OF MODULE 2 ON LOT I OF TRACT NO. 60638, AS MORE
PARTICULARLY DESCRIBED AND DELINEATED ON THE CONDOMINIUM PLAN REFERRED TO ABOVE.
EXCEPT THEREFROM UNITS 116 THROUGH II8, INCLUSIVE, I2I THROUGH I32, INCLUSIVE., 216 THROUGH 2I8. INCLUSIVE, 22I THROUGH 233. INCLUSIVE. 3I6 THROUGH 3I8 INCLUSIVE. AND 32I THROUCH 333. INCLUSIVE AS DEFINED AND DELINEATED ON A CONDOMINIUM PLAN RECORDE,D JANUARY 24, 2008, AS INSTRUMENT NO. 08-149822. OF OFFICIAL RECORDS.
ALSO EXCEPT THEREFROM, ALL MINERALS. OILS. GASES AND OTHER
HYDROCARBONS BY SOEVER NAME KNOWN THAT MAY BE WITHIN OR TJNDER SAID PORTION OF SAID LAND. WITHOI.JT, HOWEVER. THE RIGHT TO DRILL. DIG OR
MINE THROUGH THE SURFACE THEREOF, AS EXCEPTED IN THE DEED FROM THE STATE OF CALIFORNIA. RECORDED ON FEBRUARY 28. I968. AS DOCUMENT NO. 2480 IN BOOK D-3925. PAGE IOO. OFFICIAL RECORDS. IN SAID OFFICE OF THE COUNTY RECORDER.
PARCET- 3
AN EXCLUSIVE EASEMENT, APPURTENANT TO PARCEL I ABOVE, FOR ALL USES
AND PURPOSES OF A BALCONY AREA AND/OR DECK AREA OVER AND ACROSS THAT PORTION OF THE COMMON AREA WITHIN MODULE 2 OF LOT I OF SAID TRACT NO. 60638. DEFINED AND DELINEATED AS EXCLUSIVE USE COMMON AREA.
WHICH BEARS THE SAME NUMBER AS TO THE UNIT REFERRED TO IN PARCEL I
ABOVE FOLLOWED BY THE LETTER IIYI' ON THE ABOVE REFERENCED CONDOMINIUM PLAN.
I
PARCEL 4
AN EXCLUSIVE EASEMENT. APPURTENANT TO PARCEL I ABOVE. FOR ALL USES
AND PURPOSES OF A PARKING SPACE AREA OVER AND ACROSS THAT PORTION OF THE COMMON AREA WITHIN MODULE 2 OF LOT I OF SAID TRACT NO. 60638, DEFINED AND DELINEATED AS EXCLUSIVE USE COMMON AREA. ON THE
CONDOMINIUM PLAN REFERRED TO IN PARCEL I ABOVE FOLLOWED BY THE LETTER..P-78".
Assessor's Parcel Number: 4082-012-l I I
Assessor's Parcel Number: 4082-012-l I I
2 RECORDING REQUESTED BY:
City o f Redondo Beach
WHEN RECORDED MAIL TO:
Housing Authority of the
Citl of Redondo Beach
.11 5 Diamond Street
Redondo Beach. California 90277
Attention: Housing Supervisor
(No Fee per Goternment Co(le rS 27383)
REQUEST FOII NOTICtr
Under Section 292.1b Civil Code
ln accordance r.vith Section 2924b. Civil Code, request is hereby made that copies ofany NOTICE OF DEFAULT and copies of any NOTICE OF SALE under the DEED OF '1'RUSI dated as ofJune 71.2022 and recorded as Instrument No. . in the offlcialRecordsofLosAngelesCountyon-,2022anddescribingthe follou,ing real property. located in Los Angeles County, California as ISee Exhibit "A" attached hereto and incorporated herein] executed b1'David Taekwon Ahn. a Single Man as sole owner and Trustor" in which the City of Redondo Beach, California and the Housing Authority of the City of Redondo Beach. California are collectively names as Beneficiary and First American Title Company. as Trustee. be mailed to:
City of Redondo Beach
The Housing Authority ol'the City of Redondo Beach
4l 5 Diamond Street
Redondo Beach. California 90277
Attention: Director of Community Services
Attention: Housing Supervisor
NOTICE: A copy ofany notice ofdefault and ofany notice ofsale. will be sent only to the address contained in this recorded request. [fyour address changes, a new request must be recorded.
CITY OF REDONDO BEACH. a chartered
municipal corporation
HOUSING AUTHORITY OF THE CITY OF
REDONDO BEACH. a public body corporate
and politic
William C. Brand
Mayor and Chairman
Date By:
APPROVED AS TO FORM:
Michael W. Webb
City Attorney and General Counsel for Authority
By
Michael W. Webb
Al'-l't:ST:
By:
Eleanor Manzano
City Clerk and Secretary for Authority
2 A notary public or other officer completing this certificate only verifies the identity of the individuals who signed documents to which this certificate is attached. and not the truthfulness. accuracy. or validity of that document.
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
On this _ day of _,20-. before me,
Notary Public, personally appeared. , who proved
to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s). or the entity upon behalf of which the person(s) acted, executed the instrurnent.
I certifo under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and officialseal.
S ignature (Seal)
A notary public or other officer completing this certificate only verifies the identity of the individuals who signed documents to which this certificate is attached. and not the truthfulness, accurac . or valid of that document
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
On this _ day of 20_. before me,
Notarl'Public, personally appeared. , who proved
to me on the basis of satist-actory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacitylies). and that by his/her/their signature(s) on the instrument the person(s), orthe entity upon behalf of which the person(s) acted, executed the instrument.
I certily under PENALTY OF PERJURY under the laws of the State of California that the loregoing paragraph is true and correct.
WITNESS my hand and official seal.
S ignature: (Seal)
EXHIBIT..A''
LEGAL DESCRIPTION
All that ceftain property situated in the County of Los Angeles, State of California. described as follows:
A CONDOMINIUM COMPOSED OF
PARCT]L I
THAT PORTION OF LOT I OF TRACT NO. 60638, IN THE CITY OF REDONDO BEACH, IN TI'IE COUNTY OF LOS ANGELES. STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 1328, PAGE(S) 44 AND 45 OF MAPS, DEFINED AS UNIT ll6 OF MODULE 2 ON THAT CERTAIN CONDOMINIUM PLAN ("PLAN") RECORDED ON JANUARY 24,2008.
AS INSTRUMENT NO. 08- 149822.IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
PARCEL 2
AN IJNDIVIDED Y48TH FEE SIMPLE INTEREST AS TENANT IN COMMON IN AND TO THE COMMON AREA OF MODULE 2 ON LOT I OF TRACT NO. 60638, AS MORE
PARTICULARLY DESCRIBED AND DELINEATED ON THE CONDOMINIUM PLAN REFERRED TO ABOVE.
EXCEPT THEREFROM UNITS II6 THROUGH II8, INCLUSIVE. I2I THROUGH 132, INCLUSIVF,, 216 THROUGH 2I8. INCLUSIVE. 22I THROUGH 233. INCLUSIVE. 3I6 THROUGH 3IS INCLUSIVE. AND 32I THROUGH 333. INCLUSIVE AS DEFINED AND DELINEATED ON A CONDOMINIUM PLAN RECORDED JANUARY 24, 2008, AS INSTRUMENT NO. O8-149822. OF OFFICIAL RECORDS.
ALSO EXCEPT THEREFROM, ALL MINERALS, OILS, GASES AND OTHER
HYDROCARBONS BY WHATSOEVER NAME KNOWN THAT MAY BE WITHIN OR UNDER SAID PORTION OF SAID LAND. WITHOUT" HOWEVER. THE RIGHT TO DRILL, DIG OR MINE THROUGH THE SURFACE THERE,OF. AS EXCEPTED IN THE DEED FROM THE STATE OF CALIFORNIA, RECORDED ON FEBRUARY 28, I968, AS DOCUMENT NO. 2480 IN BOOK D-3925, PAGE IOO. OFFICIAL RECORDS. IN SAID OFFICE OF THE COUNTY RECORDER.
PARCEL 3
AN EXCLUSIVE EASEMENT. APPURTENANT TO PARCEL I ABOVE, FOR ALL USES
AND PURPOSES OF A BALCONY AREA AND/OR DECK AREA OVER AND ACROSS THAT PORTION OF THE COMMON AREA WITHIN MODULE 2 OF LOT I OF SAID TRACT NO. 60638. DEFINED AND DELINEATED AS EXCLUSIVE USE COMMON AREA.
WHICH BEARS THE SAME NUMBER AS TO THE LINIT REFERRED TO IN PARCEL I
ABOVE FOLLOWED BY THE LETTER I'Y'I ON THE ABOVE REFERENCED CONDOMINIUM PLAN.
I
PARCEL 4
AN EXCLUSIVE EASEMENT. APPURTENAN'I'TO PARCEL I ABOVE. FOR ALL USES AND PURPOSES OF A PARKING SPACE AREA OVER AND ACROSS THAT PORI'ION OF .IHE COMMON AREA WITIjIN MODULE 4 OF LOT I OF SAID TRACT NO. 60638, DEFINED AND DELINEATED AS EXCLUSIVE USE COMMON AREA. ON TI.IE CONDOMINIUM PLAN REFERRED 1'O IN PARCEL I ABOVE FOLLOWED BY THE LETTER "P.78".
Assessor's Parcel Number: 4082-012- l I i
2 EXHIBIT C
PERFORMANCE DEF]D OF TRUST
IBEHIND THIS PAGE}
RECORDING REQUESTED BY:
Housing Authority of the
City of Redondo Beach
\\,HEN RECORDED MAIT, TO:
llousing Authority olthe City of Redondo Beach
4l 5 Diamond Street
Redondo Beach" Calilornia 90277
Attention: Angelica Zavala, Housing Supervisor
(No Fee per Goyernment Code
"t
27jgj1
PERFORMANCE DEED OF TRUST
(Option to Cure and Purchase Agreement)
THIS PERFORMANCE DEED OF TRUST (this "Deed of Trust") dated as of June 21. 2022 is entered into by David Taekwon Ahn. a Single Man ("Trustor") whose address is 2750 Artesia Boulevard, #116. Redondo Beach. California 90278 in t-avor of Chicago Title Company ("Trustee"). for the benefit of the City of Redondo Beach. a chartered municipal corporation (the "City") *,hose address is 4l5 Diamond Street.
Redondo Beach, Calilornia 90277 and the Housing Authority of the City of Redondo Beach. a public body. corporate and politic (the "Authority") w.hose address is also 415 Diarnond Street. Redondo Beach. Califbrnia 90277 (the City and Authority are referred to hereinafter collectively and individually as the "Beneficiary").
Trustor. in consideration ofthe obligations referred to below and the trust hereby created, irrevocably grants, transfers, conveys, and assigns to Trustee. in trust. with power of sale. Trustor's fee inlerest in and to that real property located in the City ofRedondo Beach, County of Los Angeles, State of Calitbmia, described in Exhibit "A" attached hereto and incorporated herein by this reference.
FOR THE PURPOSE OF SECURING: perlbrmance of Trustor's obligation to allow the Beneficiary to cure any default or otherwise purchase the Property irr accordance with. and subject to, the terms and conditions o1'the June 2l, 2022 Agreement Containing Covenants. Restrictions and Option to Purchase ("Covenant Agreement") executed by lrustor and Beneficiary. recorded concurrently herewith and incorporated herein by ref-erence.
TO MAINTAIN AND PROTECT THE SECURITY OF THIS DEED OF TRUST,
TO SECURE THE FULL AND TIMELY PERFORMANCE BY TRUSTOR OF
THE SECURED OBLIGATION, TRUSTOR HEREBY COVENANTS AND
AGREES AS FOLLOWS:
2 Maintenance of the Property. Trustor will:
a. keep the Property in good condition;
b. not permit any mechanic's or materialman's lien to arise against the Property;
c. comply with alI laws having a material effect on the Property; and d. not commit or permit \4,aste on or to the Property.
Taxes and Other Sums Due. Trustor will promptl)'pay, satisfy and discharge when due:
prior to delinquency. all general and special taxes. and assessments. water and se*,er district charges. rents and premiums affecting the Property: and all encumbrances. charges and liens on the Properfy, \.vith interest thereon. which are prior or superior to the lien of this Deed olTrust. Upon request by Beneficiary, Trustor will promptly l-urnish Beneficiary with all notices ofsums due for any amounts specified in subparagraph (a) hereof. and upon payment of any such sum by Trustor^ Trustor will promptly furnish Beneficiary u'ith written evidence of such payment. Should Trustor lail promptly to make any payment required hereunder, Beneficiary may (but is not obligated to). at Beneficiary's sole expense. make such palment.
Trustor r.vill notify Beneficiary immediately upon receipt by Trustor of notice of any increase in the assessed value ofthe Prope(y and agrees that Beneficiary. in the name of Trustor. may (but is not obligated to). at Beneficiary's expense. contest by appropriate proceedings such increase in assessment.
a
b
4 Lease of the Property b) Trustor. Except as perrritted under the Covenant Agreement. Trustor shall not enter into a lease for allor any portion ofthe Propefiy.
Defense of Deed ol Trust: [.itigation. Trustor *,ill give Beneficiary immediate written notice of any action or proceeding (including. rvithout limitation. any .iudicial or non-judicial proceeding to foreclose the lien of a.junior or senior mortgage or deed oftrust) alfecting or purporting to atf'ect the Propefty or this Deed of Trust. Trustor shall commence. appear in, prosecute. defend, cornpromise and setlle. and incur necessary costs and expenses, including reasonable attorneys' fees. in so doing. any action or proceeding. whether judicial or non-judicial. deemed necessary in Beneficiary's reasonable -judgmenl to preserve or protect tlte Property or this Deed of -frust. Trustor shall utilize counsel reasonably satisfactory to Beneficiary in connection u,ith any such action or proceeding. Trustor willpay all costs and expenses of Beneficiary and Trustee. including costs ofevidence of title and reasonable attorneys' fees. in any such action or proceeding in which Beneficiary or Trustee may appear or for rvhich legal counsel is sought. ,uvhether by 1 l.
5 virtue ofbeing made a party delendant or otherrvise, and whether or not the interest ofBeneficiary or Trustee in the Property is directly questioned in such action or proceeding, including. without limitation. any action tbr the condemnation or partition ofall or any porlion ofthe Property and any action brought by Beneficiary to foreclose this Deed ofTrust orto enforce any of its terms or prorisions.
Failure olTrustor to Comply with Deed of Trr"rst. Should Trustor failto do any act required by this Deed of Trust. or should there be any action or proceeding (including, witlrout limitation. any judicial or non-judicial proceeding to foreclose the lien of a junior or senior mortgage or deed oftrust) affbcting or purporting to affect the Property or this Deed of Trust. Beneficiary or Trustee may (but is not obligated to):
Make any such payment or do any such act in such manner and to such extent as either deems necessary to preserve or protect the Property or this Deed ofTrust, Beneficiary and Trustee being authorized to enter upon the Property for any such purpose; and
In exercising any such power. pa)' necessary expenses, employ attorneys and pay reasonable attorne)'s' fees incurred in connection therewith. without notice to or demand upon Trustor and without releasing Trustor tiom any obligation hereunder.
Amounts Advanced to Bear Interest. At Beneficiary's request. Trustor will immediately pay any expenses or other amounts advanced or paid by Beneficiary or Trustee under any provision of this Deed of Trust. Until so repaid. all such amounts shall be added to, and become a part of, the indebtedness secured hereby and bear interest from the date of advancement or payment by Beneficiary or Trustee at the highest rate then allou,ed by applicable law.
Delault. Each of the following shall constitute a "Default" under this Deed of Trust:
a The filing by Trustor of any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium lall, or any other law or laws lor the relief oll or relating to, debtors: or
In the event that after the date hereof. except as provided in the Covenant Agreement Trustor sells, contracts to sell, gives an option to purchase. conveys. transfers or alienates the Property. or suffers its title to, or any interest in the Property to be divested, whether voluntarily or involuntarily; or
c. Trustor defaults under the terms and conditions ofthe Covenant Agreement.
Remedies on Default. In the event ofany Default hereunder which remains uncured following notice liom Beneficiary and any cure period for such Default set forth 3 ll
t)
6 7
8 b.
9 herein. Beneficiary. at Beneficiary's option. and to the extent permitted b,v' applicable law, may" by delivering to Trustee a uritten declaration of default and demand for sale. executed by Beneficiary and reciting facts dernonstrating such detault by Trustor. together with a written notice of default. cure any defaults or purchase the Property pursuant to the terms of the Covenant Agreement.
Beneficiary shallalso deposit with Trustee the Covenant Agreement (including any amendments thereto). this Deed of Trust and such other documents necessary or appropriate. Upon receipt by Trustee ofsuch affidavit or declaration of def'ault and suclr notice of default and election to sell. Trustee shall accept as true and conclusive all facts and statements contained in such affidavit or declaration ol det'ault and shallcause such notice ofdefault and election to sell to be recorded as required by applicable law. Upon the expiration ol such period as may then be required by applicable law lollowing recordation ofsuch notice ofdefault, and after notice of sale has been given in the manner and forthe period required by applicable la!v, Trustee. rvithout demand on Trustor, shall sell the entire Property at the time and place fixed in such notice of sale" to Beneficiary, subject to the minimum bid requirement. Ibr cash in law,ful money of thc United States. pa,v-able at the time of sale. Such sale shall be subject to all ofthe terms and conditions ofthe Covenant Agreement. l'rustee may postpone the sale ofall or any portion ofthe Property by public announcernent made at the initial time and place of sale. and from tirne to time thereafter by public announcement made at the tirre and place of sale tixed by the preceding postponement. Trustee shall deliver to Beneficiary at such sale its deed conveying the Property. but w'ithout any covenant or waranty, express or irnplied. The recital in such deed ofany matter ollact shall be conclusive proolof the truthfllness thereof. After deducting all costs, fees. and expenses ofTrustee under this Section. including costs of procuring evidence oltitle and Trustee's and 'frustee's attorneys' fees incurred in connection rvith such sale. 'lrustee shall deliver all proceeds up to the purchase price to Trustor and any excess to Beneficialy.
Obligation to Infbrm Beneliciary of Delault. Irustor will notify Beneficiary in writing, at or prior to the time ofthe occurrence ofany Default event described in Section 7 hereoi ofsuch event and will promptly lurnish Beneficiary with any and all infbrmation concerning such event which Beneficiary may request.
Remedies Cumulative. Each rernedy provided by this Deed ofTrust is separate and distinct and is cumulative to all other rights and remedies provided hereby or by applicable law. and each may be exercised concurrently. independently or successively. in any order whatsoever.
Trustee. The'Irustee shall be deemed to have accepted the terms of this Trust when this Deed of Trust. duly executed and acknowledged, is made a public record as provided by law. Trustee shall not be obligated to notify any party hereto ofany pending sale under any other Deed ofTrust or olany action or proceeding in which Trustor. Beneficiary or Trustee is a party. unless such sale relates to or reasonably might affect the Property or this Deed ofTrust, or unless such action or proceeding has been instituted by Trustee against the Property. Trustor or Beneficiary. l0
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Reconveyance. Upon written request of Beneficiary reciting that the right to cure or purchase will not be exercised by Beneficiary. surrender ofthis Deed ofTrust to Trustee for cancellation. and payment by Beneficiary ofany reconveyance fees customarily charged by Trustee, Trustee shall reconvey, without warranty, the Property as directed by Beneficiary and Trustor in a joint writing. The recitals in such reconveyance of any matters of fact shall be conclusive proof of the truthfulness thereof.
Substitution of Trustee. Beneficiary. at Benellciary's option. may tiom tirre to time. by written instrument approved in writing by Trustor. substitute a successor to Trustee named herein or acting hereunder. which instrument. when executed and acknou'ledged bv Beneficiary and Trustor and recorded in the office of the Recorder ofthe county in which the Propefty is located. shall constitute conclusive proof of the proper substitution oi such successor Trustee. who shall. without con!eyance lrom the predecessor Trustee. succeed to all right. title. estate, po$,ers and duties of such predecessor Trustee, including n,ithor.rt limitation. the power to reconvey the Property. To be eff'ective. such instrument must contain the name of the original Trustor. Trustee, and Beneficialy hereunder. the book and page at which. and the county in which, this Deed of Trust is recorded and the name and address ofthe substitute Trustee and be signed by Trustor. lf any notice of default has been recorded hereunder. this power of substitution cannot be exercised until all costs. fees and expenses of the then acting'Irustee have been paid. Upon such pa)ment. the then acting Trustee shall endorse receipt thereofupon the instrument ofsubstitution. The procedure herein provided fbr substitution ofTrustees shall be exclusive ofother provisions fbr substitution provided by applicable law,.
No Waiver by Beneficiary. No waiver by Beneficiary of any right or remedv plovided by the Covenant Agreement. this Deed olTrust or applicable law.shall be eft-ective unless such waiver is in r.vriting and subscribed by Beneficiary. Waiver by Beneficiary ofany right or remedy granted to Beneficiary under the Covenant Agreement or any provision thereol this Deed ofTrust or applicable law as to any transaction or occurrence shall not be deemed a rvaiver as to any future transaction or occurrence. The assertion by Beneficiary ofany right or remedy provided by this Deed ofTrust shall not constitute a waiver ofBeneficiary's right to require prompt perlormance ofthe Secured Obligation and Trustor's obligations under this Deed of Trust.
Consents and Approvals to be in Writing. Whenever the consent or approval of Beneliciary or Trustor is specified as a condition ofany provision of this Deed of Trust. such consent or approval by Beneficiary or Trustor. as applicable, shall not be eff'ective unless such consent or approval is in writing" subscribed by Berreficiary or Trustor. as applicable. Such consent shall not be unreasonably u,ithheld" delayed or cond it ioned.
Notices. All notices. demands, consents, requests or other communications required to or permitted to be given pursuant to this Agreement shall be in writing. shall be given only in accordance with the provisions of this Section, shall be addressed to 5 l.l
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the parties in the manner set forth below. and shall be conclusively deemed to have been properly delivered:
upon receipt when hand delivered during normal business hours (provided that notices which are hand delivered shall not be effective unless the sending party obtains a signature ofa person at such address that the notice has been received);
upon receipt when sent by facsimile to the number set tbnh below (provided. however. that notices given by f'acsimile shall not be eflective unless the sending party delivers the notice also by one other method permitted under this Section):
upon the day ofdelivery if the notice has been deposited in an authorized receptacle ofthe United States Postal Service as first-class, registered or certified mail. postage prepaid, with a return receipt requested (provided that the sender has in its possession the return receipt to prove actual delivery); or
one ( l) business day after the notice has been deposited r.vith either FedEx or United Parcel Service to be delivered by overnight delivery (provided that the sending party receives a conflrmation of actual delivery f'rom the courier).
The addresses ofthe parties to receive notices are as follows:
TO BENEFICIARY:
City of Redondo Beach
41 5 Diamond Street
Redondo Beach. California 90277
Attention: City Manager. Joe Hoefgen
Attention: Director of Communitv Services
Facsimile: (3 l0) 543- | 730
Housing Authority ofthe City ofRedondo Beach
4l 5 Diamond Street
Redondo Beach. California 90277
Attention: Housing Supervisor
TO TRUSTOR:
David Taekwon Ahn
2750 Artesia Boulevard. #ll6
Redondo Beach. Calilornia 90278
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20. TO TRUSTEE:
First American Title
207 Goode Avenue. Suite 4l 0
Glendale. Califbrnia 9 I 203
Email: [email protected]
Request for Notice of Default. The undersigned Trustor requests that a copy ofany Notice of Default and any Notice of Sale hereunder be mailed to it at the address specified here in.
Governing Law. This instrument shall be governed by and construed in accordance u,ith the laws of rhe State of Califbrnia.
Severability. Ifany paragraph. clause or provision ofthe Covenant Agreement or this Deed of Trust is construed or interpreted by a court of competent jurisdiction to be void. invalid or unenforceable, such decision shall affect only those paragraphs, clauses or provisions so construed or interpreted and shall not affect the remaining paragraphs, clauses and provisions ol the Covenant Agreement or this Deed ofTrust.
Relationship. Nothing contained herein or in the Covenant Agreement shall be deemed to create or construed to create a padnership. joint venture or an-r relationship other than that of Trustor and Beneticiary. Trustor and Beneticiary expressly disclaim any intent to create a partnership orjoint venture pursuant to this Deed of Trust or the Covenant Agreement.
post- judgment motions;
contempt proceedings:
garnishment. levy. and debtor and third party examinations; discoveryl and
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7 21. Attorney Fees. lfany party to this Deed ofTrust shall bring any action tbr any relief against any other party. declaratory or otherwise, arising out ofthis Deed ofTrust. the losing party shall pay to the prevailing pafty a reasonable sum for attorney fbes incurred in bringing such suit and/or enforcing anyjudgment granted therein. all of which shall be deemed to have accrued upon commencernent of such action and shall be paid whether or not such action is prosecuted to judgment. Any.iudgment or order entered in such action shall contain a specific provision providing for the recovery of attomey fees and costs incurred in enforcing such judgment. For the purpose ofthis Section, attorney fees shall include. rvithout limitation, fees incurred in the lollowing:
22. General Provisions
This Deed of Trust applies to, inures to the benefit of, and binds the respective heirs, legatees, devisees, administrators, executors. successors and assigns ofeach ofthe parties hereto.
As used herein, the word "person" shall mean and include natural persons, corporations, partnerships. unincorporated associations, joint ventures and any other form of legal entity.
As used herein, the word "Property" shall mean and include the Property and part thereof.
As used herein and unless the context otherwise provides, the words "herein," "hereunder" and "hereol'' shall mean and include this Deed of Trust as a whole, rather than any particular provision hereof. ln exercising any right or remedy. or taking any action provided herein.
Beneficiary may act through its employees, agents or independent contractors, as authorized by Beneficiary.
Wherever the context so requires herein. the masculine gender includes the feminine and neuter, the singular number includes the plural, and vice versa.
Captions and paragraph headings used herein are for convenience only, are not a part ofthis Deed ofTrust and shall not be used in construing it. b
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TRUSTOR:
David Taekryon Ahn, a Single Man
David Taekwon Ahn
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tN WITNESS WHEREOF, the parties have entered into this Deed of Trust as of the date first written above.
A notary public or other officer completing this certificate only verifies the identity of the individuals who signed documents to which this certificate is attached, and not the truthfulness" accuracy. or validity of that document.
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
On this ?il day of 5u ne )0l-. before me, lltvNotary Publ ic, personal ly appeared. I v;A Tae.V'oo." An". . who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/sHthey executed the same in his/he#their authorized capacity(ies). and that by his/Mrfuir signature(s) on the instrument the person(s). orthe entity upon behalf of which the person(s) acted. executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of Califbrnia that the foregoing paragraph is true and correct.
WITNESS my hand and officialseal.
S ignature: (Seal) S AiIGEI.ES COUl{TY
EXHIBIT "A''
LEGAL DESCRIPTION
All that certain property situated in the County of Los Angeles, State of California, described as follows:
A CONDOMINIUM COMPOSED OF
PARCEI, I:
]'I-IA'| PORTION OF LOT I OF TRACT NO. 60638. IN THE CITY OF REDONDO BEACH.
IN THE COUNTY OF LOS ANGELES. STATE OF CALIFORNIA. AS PER MAP RECORDED IN BOOK r328, PAGE(S) 44 AND 45 OF MAPS. DEFTNED AS r.JNrT r l6 OF MODULE 2 ON THA'| CERTAIN CONDOMINIUM PLAN ("PLAN") RECORDED ON JANUARY 24.2008.
AS INSTRUMENT NO. 08- 149822.IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
PARCEI,2
AN TJNDIVIDED Y48TH FEE SIMPLE INTEREST AS TENANT IN COMMON IN AND TO THE COMMON AREA OF MODULE 2 ON LOT I OF TRACT NO. 60638. AS MORE
PARTICULARLY DESCRIBED AND DELINEATED ON THE CONDOMINIUM PLAN REFERRED TO ABOVE.
EXCEPT THEREFROM UNITS II6 THROUGH II8, INCLUSIVE. I2I THROIJGH I32" INCLUSIVE.216 THROUGH 2I8. INCLUSIVE, 22I THROUGH 233. INCLUSIVE, 3I6 THROUGH 3I8 INCLUSIVE. AND 32I THROUGH 333. INCLUSIVE AS DEFINED AND DELINEATED ON A CONDOMINIUM PLAN RECORDED JANUARY 24, 2008. AS INSTRUMENT NO. O8-149822. OF OFFICIAL RECORDS.
ALSO. EXCEPT THEREFROM, ALL MINERALS. OILS. CASES AND OTHER
HYDROCARBONS BY SOEVER NAME KNOWN THA'T MAY BE WITHIN OR UNDER SAID PORTION OF SAID LAND, WITHOUT, HOWEVER, THE RIGHTTO DRILL. DIG OR
MINE THROUGH THE SURFACE THEREOF, AS EXCEPTED IN THE DEED FROM THE STATE OF CALIFORNIA. RECORDED ON FEBRUARY 28. I968, AS DOCUMENT NO. 2480 IN BOOK D-3925. PAGE IOO. OFFICIAL RECORDS. IN SAID OFFICE OF THE COUNTY RECORDER.
PARCEL 3
AN EXCLUSIVE EASEMENT, APPURTENANT TO PARCEL I ABOVE. FOR ALL USES
AND PURPOSES OF A BALCONY AREA AND/OR DECK AREA OVER AND ACROSS THAT PORTION OF THE COMMON AREA WITHIN MODULE 2 OF LOT I OF SAID TRACT NO. 60638, DEFINED AND DELINEATED AS EXCLUSIVE USE COMMON AREA.
WHICH BEARS THE SAME NUMBER AS TO THE UNIT REFERRED TO IN PARCEL I
ABOVE FOLLOWED BY THE LETTER IIYII ON THE ABOVE REFERENCED CONDOMINIUM PLAN.
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PARCEL 4
AN E,XCLTJSIVE EASEMENT. APPURTENANT TO PARCEL I ABOVE, FOR ALL USES
AND PURPOSES OF A PARKING SPACE AREA OVER AND ACROSS THAT PORTION OF TF{E COMMON AREA WITHIN MODULE 2 OF LOT I OF SAID TRACT NO. 60638.
DEFINED AND DELINEATED AS EXCLUSIVE USE COMMON AREA. ON THE CONDOMINIUM PLAN REFERRED TO IN PARCEL I ABOVE FOLLOWED BY TI_IE LETTER..P-78".
Assessor's Parcel Number: 4082-012-l I 1
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