8.02.22 Special Meeting of the Redondo Beach Housing Authority Complete Report — Redondo Beach City Council, August 2, 2022

AGENDA – SPECIAL MEETING

HOUSING AUTHORITY
August 2, 2022
PAGE NO. 1
AGENDA

SPECIAL MEETING

REDONDO BEACH HOUSING AUTHORITY
TUESDAY, AUGUST 2, 2022

REDONDO BEACH COUNCIL CHAMBERS
415 DIAMOND STREET

CALL MEETING

ROLL CALL
A. APPROVAL OF ORDER OF AGENDA
B. ADDITIONAL ITEMS FOR IMMEDIATE

CONSIDERATION
C. CONSENT CALENDAR #C1 through #C3
Business items, except those formally noticed for public hearing, or those pulled for discussion are assigned to the Consent Calendar. The Authority Members may request that any Consent Calendar item(s) be removed, discussed, and acted upon separately. Items removed from the Consent Calendar will be taken up under the “Excluded Consent Calendar” section below. Those items remaining on the Consent Calendar will be approved in one motion following Oral Communications.

C1. APPROVAL OF AFFIDAVIT OF POSTING for the Special Housing Authority Meeting of August 2, 2022.

C2. APPROVAL OF MOTION TO READ BY TITLE ONLY and waive further reading of all Ordinances and Resolutions listed on the agenda.

C3. APPROVE THE AFFORDABLE HOUSING DOCUMENTS FOR THE
SALE OF 2750 ARTESIA BOULEVARD #116, REDONDO BEACH,
CALIFORNIA 90278.

1. AGREEMENT CONTAINING COVENANTS, RESTRICTIONS AND
OPTION TO PURCHASE [MODERATE INCOME]

2. SUBSTITUTION OF TRUSTEE AND FULL RECONVEYANCE

3. ESCROW INSTRUCTIONS
Contact: CAMERON HARDING, COMMUNITY SERVICES DIRECTOR
D. EXCLUDED CONSENT CALENDAR ITEMS
E. PUBLIC PARTICIPATION ON NON-AGENDAITEMS
This section is intended to provide members of the public with the opportunity to comment on any subject that does not appear on this agenda for action. This section is limited to 30 minutes. Each speaker will be afforded three minutes to address the Commission. Each speaker will be permitted to speak only once. Written requests, if any, will be considered first under this section.

AGENDA – SPECIAL MEETING

HOUSING AUTHORITY
August 2, 2022
PAGE NO. 2
F. EX PARTE COMMUNICATIONS
This section is intended to allow all officials the opportunity to reveal any disclosure or ex parte communication about the following public hearings.

G. PUBLIC HEARINGS
H. OLD BUSINESS
I. NEW BUSINESS
J. MEMBERS ITEMS AND REFERRALS TO STAFF
K. ADJOURNMENT
The next scheduled meeting of the Redondo Beach Housing Authority is a Regular meeting on Tuesday, September 6, 2022 at 6:00 p.m. in the City Hall Council Chambers, 415 Diamond Street, Redondo Beach, California.

It is the intention of the City of Redondo Beach to comply with the Americans with Disabilities Act (ADA) in all respects. If, as an attendee or a participant of this meeting you will need special assistance beyond what is normally provided, the City will attempt to accommodate you in every reasonable manner. Please contact the City Clerk’s Office at (310) 318-0656 at least forty-eight (48) hours prior to the meeting to inform us of your particular needs and to determine if accommodation is feasible. Please advise us at that time if you will need accommodations to attend or participate in meetings on a regular basis.

An Agenda Packet is available 24 hours a day at www.redondo.org under the City Clerk and during City Hall hours. Agenda Packets are also available for review in the Office of the City Clerk.

Any writings or documents provided to a majority of the members of the Authority regarding any item on this agenda will be made available for public inspection at the City Clerk’s Counter at City Hall located at 415 Diamond Street during normal business hours.

STATE OF CALIFORNIA )

COUNTY OF LOS ANGELES ) SS

CITY OF REDONDO BEACH )

AFFIDAVIT OF POSTING
In compliance with the Brown Act, the following materials have been posted at the locations indicated below.

Legislative Body Housing Authority
Posting Type Special Meeting Agenda
Posting Locations 415 Diamond Street, Redondo Beach, CA 90277  City Hall Kiosk
 City Clerk’s Counter, Door “C”
Meeting Date & Time August 2, 2022 6:00 p.m. Open Session

As Community Services Director of the City of Redondo Beach, I declare, under penalty of perjury, the document noted above was posted at the date displayed below.

Cameron Harding, Community Services Director
Date: July 28, 2022
Recreation, Transit and
Community Services Department
Housing Authority
1922 Artesia Boulevard
Redondo Beach, California 90278
www.redondo.org
tel: 310 318-0635

MOTION TO READ BY TITLE ONLY
And waive further reading of all
Ordinances and Resolutions listed on the Agenda.

Recommendation - Approve
Council Action Date: August 2, 2022
To: CHAIRMAN AND MEMBERS OF THE HOUSING AUTHORITY
From: CAMERON HARDING, COMMUNITY SERVICES DIRECTOR
Subject: APPROVE THE AFFORDABLE HOUSING DOCUMENTS FOR THE SALE OF 2750 ARTESIA BOULEVARD, #116, REDONDO BEACH,
CALIFORNIA 90278.

1. AGREEMENT CONTAINING COVENANTS, RESTRICTIONS AND
OPTION TO PURCHASE [MODERATE INCOME]

2. SUBSTITUTION OF TRUSTEE AND FULL RECONVEYANCE

3. ESCROW INSTRUCTIONS

EXECUTIVE SUMMARY
On February 17, 2004, the City Council adopted the Senior Housing Ordinance No. 2927-04, amending the zoning ordinance to establish standards for housing for senior citizens. On June 17, 2004, the Planning Commission subsequently approved a 192 unit senior citizen residential condominium project at 2750 Artesia Boulevard, Redondo Beach, CA, also known as “Breakwater”. As required by Senior Housing Ordinance 2927-04, a condition of project approval requires that the developer enter into an Affordable Housing Agreement with the City to provide and restrict by deed twelve (12) units as affordable for moderate income households and eight (8) units for low income households for a period of not less than 55 years from the date of construction in accordance with all applicable state and local laws.

A moderate income family is defined as a household where the combined gross incomes of all persons residing in the unit exceeds the adjusted qualifying income limit for low income but does not exceed a maximum of 120% of the area median income (AMI) adjusted for household size as published annually by the California Department of Housing and Community Development.

A low income family is defined as a household where the combined gross income of all persons residing in the unit does not exceed a maximum of 80% of the area median income (AMI) adjusted for household size as published annually by the California Department of Housing and Community Development.

This Affordable Housing agreement is necessary due to the current owner’s request to sell the moderate income unit located at 2750 Artesia Blvd., #116, Redondo Beach, CA Administrative Report
HOUSING AUTHORITY SPECIAL MEETING August 2, 2022
Affordable Housing Agreement -Breakwater #116

Page 2 ends

90278. This agreement will preserve the City’s rights in the addendum to the Grant Deed which includes the preservation of the applicable low/moderate income Housing Covenants and Restrictions. These Covenants and Restrictions also grant the City an option to purchase the unit in the case of an uncured default or upon the Owner’s intent to transfer the residence.

BACKGROUND
The City Council adopted Ordinance No. 2927-04 on February 17, 2004 amending the zoning ordinance to establish standards for housing for senior citizens. The Ordinance contains an inclusionary housing requirement for ten percent (10%) of the senior housing units to be affordable to low and moderate income households in proportion to the housing needs identified in the Housing Element of the General Plan. Such units must be maintained as affordable units for at least 55 years; the agreement was entered into on January 15, 2008.

Pursuant to State and local requirements, the income restricted unit at 2750 Artesia Blvd., #116 can be sold or rented only to qualified moderate income individuals.

Moderate income levels are based on a County-wide formula with income levels determined based on household size and in comparison to county wide median income.

The owner of this affordable housing unit made a request to sell their unit and has identified another qualified moderate income buyer. The Affordability Agreement is a recorded document to ensure maintenance of affordability levels. Provisions of the agreement will require housing staff to perform verification of buyer/tenant qualification and annual compliance reporting. The maximum sales price for this unit is $190,349 and is calculated to be consistent with affordability criteria under State Law.

The Affordable Housing Agreement for the specific property being sold and the related documents include: 1) The covenants imposing restrictions on the property pursuant to the original agreement and providing notice of the restrictions to future purchasers and/or lenders, and 2) The Performance Deed of Trust for the developer and purchasers of this unit, securing the developer’s and purchaser’s obligations under the agreement to ensure the continued affordability of this unit throughout the term of this Agreement.

COORDINATION
The City Attorney’s office has approved the Affordability Housing Agreement and all necessary and related documents as to form.

HOUSING AUTHORITY SPECIAL MEETING August 2, 2022
Affordable Housing Agreement -Breakwater #116

Page 3 ends

FISCAL IMPACT
The Affordable Housing Program activities are processed through the City’s Housing Authority office. As part of the adopted FY 2021-22 Budget, the City Council approved a fee for service for the City’s Inclusionary Housing Programs. The Housing Authority has received a $75.00 fee for this transaction.

APPROVED BY:

Mike Witzansky, City Manager

ATTACHMENT
 Affordable Housing Agreement
 Escrow Instructions
 Maximum Sales Price Quote
RECORDING REQUESTED BY:

City of Redondo Beach
WHEN RECORDED MAIL TO:

City of Redondo Beach
City Attorney's Office
415 Diamond Street
Redondo Beach, Califomia 90277
Attention: Michael W. Webb, Esq.

Qtlo Fee per Government Code S 27383)

AGREEMENT CONTAINING
CO\'ENANTS, RESTRICTIONS AND OPTION TO PURCIIASE
IMODERATE INCOME]
Owner: David Taekwon Ahn
Residence Address: 2750 Artesia Boulevard, #116, Redondo Beach, California 9027g This agreement, entitled Agreement Containing Covenants, Reskictions and Option to Purchase (the "Agreement") is entered into as of this 2nd day ofAugust,2022 by and among the City ofRedondo Beach, a chartered municipal corporation (the.,City"), the Housing Authority ofthe City ofRedondo Beach, a public body, corporate and politic (the "Authority") and David Taekwon AIm (the "Ownef').

RECITALS
A.

B
The City and Authority have determined that it is desirable to stimulate the pulchase ofhomes by Moderate Income Senior Households, and that such households should not be forced to pay housing costs in excess ofan amount that is affordable.

Concurrently with the execution of this Agreement, Owner is purchasing the Residence for a purchase price that is affordable to Owner as the result of that certain Affordable Housing Agreement Imposing Restrictions on Real property (the "Affordable Housing Agreement") by and between the City and Anastasi Development Company, LLC, dated January 15, 2008.
ln order to preserve the affordability ofthe Residence for Moderate Income Senior Households, and in return for and in consideration ofthe opportunity for the seller to sell and the Owner to purchase the Residence under the above-referenced circumstances and for other good and valuable consideration, the receipt and legal sufficiency of which the undersigned hereby acknowledges, the Owner, on behalf of himself, herself, or themselves and with the express intent to bind all those defined as "Owner" in Section I below, has agreed to execute this Agreement.

C
I
D The purpose of this Ageement 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 desigrrate an Eligible Purchaser to purchase the Residence fiom Owner in order to provide for the continued availability of such Residence to Moderate Income Senior Households.

NOW, THEREFORE, in consideration of the benefits received by the Owner, the City and the Authority, the parties agree as follows:
"Deficiencies" - Section 5.
"Desimee" - Section 6.
' glgblg PE9!4EI" shall mean a prospective purchaser of tle Residence whJ meets the then-current requirements established by the City or Authority.
"Excess Proceeds" - Section 9.

1. DEFINITIONS
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.
a.
b.
c.
d.
e. "Moderate lncome Affordable Purchase Price" shall mean a purchase price ,.rottirrg in a monthly housing cost to the buyer which does not exceed to one-tweifth (1112) ot the product of thirty-five percent (35%) of one hundred ten percent (110%) of the area median income for Los Angeles County, adjusted for household size appropriate to the unit, as published -nouily by the California Department of Housing and Comrnunity 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 affordable sale price, the term "household size appiopriate to the unit" shall mean the number ofbedrooms in the unit plus one.
f. lncome Senior Citizen H " shall mean a Senior Citizen Household whose income level does not exceed a maximum ofone hundred twenty percent (120%) ofthe area median income for Los Angeles County, as pubiished annually by HCD, adjusted for the purchaser's actual houiehold size, and determined in accordance with Califomia Health & Safety Code Section 50093 published criteria ftom time to time in effect' "Owner" shall mean the person or persons listed in the first sentence ofthis Agreement, as well as any and all assignees, transferees or successors-ininterest to the Residence. 2 h. "Residence" - Section 2.
"Restricted Period" shall mean fifty-five (55) years commencing from the date the first Certificate of Occupancy for the Residence is issued. "Sales Price" 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, California Civil Code Section 51, et seq., or the Federal Fair Housing Act, 42 USC Section 3607, and all other applicable federal, state and local laws and regulations goveming the use and occupancy ofthe development.
'l1q4Cfef ' 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 life estate, a leasehold interest, or an interest evidenced by a land contract by which possession of the Residence is transferred and Owner retains title. Any Transfer without satisfaction of the provisions of this Agreement is prohibited. Transfers by gift, devise, or inheritance to an existing spouse, suwiving joint tenant, or a spouse as part of a dissolution proceeding or in connection with marriage, or by devise or inheritance to children, shall be a "Excluded Transfer" for purposes of this Ageement; provided, however, that transferees of any Excluded Transfer shall be bound by all covenants, conditions, restrictions, limitations and provisions contained in this Agreement, including, but not limited to, promptly providing the City and Authority with the 'Notice of Excluded Transfer" upon any such Excluded Transfer.

2. DESCRIPTIONOFPROPERTY
This Agreement concerns the real property commonly known as 2750 Artesia Boulevard., #116, Redondo Beach, Califomia, 90278, which is more fully described in Exhibit A attached hereto and incorporated herein by reference (the "Residence',). The Residence shall also include any and all improvements constructed on the real property whether now or in the futue.

J. OWNER CERTIFICATION
Owner certifies the following:

The financial and other information provided in order to qualifu to purchase the Residence is true and cofiect; and
J
3 a.
l.
b. Orxner shall occupy the Residence as Owner's principal place ofresidence.

4. OWNER-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 used as the primary residence of Owner and Owner's household and for no other purpose.
d
c.

Except as provided herein, for the term of this 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 rentaVlease agrcements to the City and Authority.

Any lease in violation of this restriction shall be void and shall constitute a default by the Owner under this Agreement.

The Authority shall have the right to monitor compliance with this Section 4 by requesting that the Owner provide the Authority, not more frequently than annually, the following:
i. A written certification under penalty ofpe{ury that the Residence is occupied by the Owner as his/her/their primary residence, accompanied by supporting documentation reasonably satisfactory to the Authority; or
ii. Ifthe Residence is not owner-occupied, documentation evidencing the requirements of Section 4.b., including, without limitation, all of the following: a copy of the lease then in effect and the written consent signed by the Authority Executive Director or designee; a written certification under penalty of pe{ury stating when the Residence was last owner-occupied, accompanied by supporting documentation reasonably satisfactory to the Authority, and stating the amount of monthly rent collected under the lease; and documentation reasonably satisfactory to the Authority that the Owner is making a reasonable effort to sell the Residence to an Eligible Purchaser.

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 enforce performance of this Section 4, to enjoin any actions which are in breach of this Section 4, and to seek to recover any excess rent that may have been paid to Owner.
d.
4 b.

These owner-occupancy restrictions may be modified or terminated only upon the written approval of the City and Authority. Any modification or termination must be in writing and recorded in the Official Records of the Office ofthe County Recorder oflos Angeles County.

Owner shall be considered as occupying the Residence if Owner is living in the Residence for at least ten (10) months out ofeach calendar year.

5. MAINTENANCEOFPROPERTY
Owner agrees it shall maintain the interior and exterior of the 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 with all applicable City codes. Failue to maintain the Residence in accordance with this Section 5, including, but not limited to, any violations of applicable building, plumbing, electric, fire, housing or other applicable City of Redondo Beach Building Codes, shall be a default by the Owner under this Agreement. In the event the City or Authority, in its sole discretion, determines that the Owner has failed to maintain the Residence, the City or Authority shall noti! Owner with regard to any noted code violations and maintenance deficiencies (collectively, the "Deficiencies"), and Owner shall cure the Deficiencies in a reasonable manner, acceptable to the City or Authority, within sixty (60) days following the date of such notice. Should owner fail to cure all the Deficiencies prior to the time set forth herein, the City, Authority, or designee, shall have the right, but not the obligation, to enter the Residence, correct any Deficiency, and hold the Owner responsible for the cost thereof. Any cost incurred by the City or Authority to cure any such Deficiency, until paid, shall constitute a lien on the Residence pursuant to Civil Code Section 2881.

6. NOTICE OF INTENDED TRANSFER
ln the event Owner intends to Transfer the Residence, Owner shall promptly notifu the Authority and City in writing of such intent ("Owner's Notice,,). The written notice shall be given in accordance with Section 2l of this Agreement at least sixty (60) days prior to the actual date ofany Transfer; provided, however, that in the event ofan Excluded Transfer, the written notice shall occur within ninety (90) days after the date of such Excluded Transfer ("Notice of Excluded Transfer").

Following receipt of the Owner's Notice, the City or Authority shall notiff Owner ofthe 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. DETERMINATION OF RESALE PRICE
The maximum sales price that the Owner may receive for any type of Transfer of the Residence ("Resale Price") shall be the lowest of the following: (l) the Moderate Income Affordable Purchase Price at the time of resale; or (2) the Increased Base price (defined below), as adjusted pursuant to Section 7.b., below. f.
5 Increased Base Price. The "lncreased Base Price" means the purchase price that Owner paid for the Residence, increased by the percentage change in the Area Median Income 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 determination is no longer published, or has not been updated for a period of at least eighteen (18) months, the City or Authority may use or develop such other reasonable method as it may choose to determine the area median income for Los Angeles County. b. Adiusted kr Base Price. The Increased Base Price shall also be adjusted for the "Value of Capital knprovements". The "Value of Capital Improvements" shall mean the value of substantial structual or permanent fxed improvements which cannot be removed without substantial damage to the Residence or substantial or total loss ofvalue of said improvements.

No such valuation shall be made except for improvements: (a) made or installed by or rurder the direction ofthe Owner; (b) with an initial cost of One Thousand Dollars ($1,000) or more; and (c) which can be documented by the Owner to the reasonable satisfaction of the City or Authority. The value of such improvements to be taken into account in calculation of the Increased 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 improvements enhance the market 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 tle event ofa failure to agree, by an independent residential appraiser selected by the Owner from a list of appraisers established by the City or Authority. The cost of the appraisal shall be bome by the Owner.

8. OPTION
As a material part of the consideration for this Agreement, Owner covenants and agrees for itself, its successors and its assigas and every successor in interest to the Residence, that for the Restricted Period, Owner hereby grants the City an option to purchase the Residence or desipate an Eligible Purchaser to purchase the Residence from bwner (the ..Option,') on the terms and conditions set forth in this Section 8 and in the manner set forth herein.
a. Events Precinltatins Ciw's Ootion to Purchase The Owner agrees the City's Option may be exercised upon the occurrence of any of the following:
i. An uncured default by Owner under this Agreement, subject to the notice and cure provisions of Section 10;
a
6 b
ll An uncured default under any promissory note, deed of trust or any other lien, including, without limitation, a judgrnent lien, recorded against, secured by, or encumbering the Residence; or
iii Owner's Notice of Intent to Transfer the Residence.

Manner of Ex ln The Option may be exercised by
the City delivering to Owner written notice of 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 noti{ Owner of its decision to exercise its Option. The notification to Owner regarding the Option exercise shall be pursuant to Section 21 of this Agreement. The City shall have the right, in its sole discretion, to assign the Option to the Authority upon written notice to the Owner 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 ofthe City in relation to the Option as set forth herein and shall be obligated under the terms and the covenants ofthis Section 8.

Pavment for Option. Upon the occrurence 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 of escrow, pursuant to subsection d, below.

Escrow. Within thirty (30) days following the exercise of the Option, the parties agree that the City shall open, or cause to be opened, an escrow with a title insuance company or such other escrow agent reasonably acceptable to the City (the "Escrow Agent") and the parties agree to execute escrow instructions with Escrow Agent as may be required by Escrow Agent, or to implement or give effect to the terms and conditions of this Agreement. The parties agree to the following escrow terms and conditions:
i. The escrow shall be for a period of ninety (90) days or sooner if mutually agreed by the parties;
u. The City agrees that it will pay, or cause to be paid by the Designee, the Resale Price upon the close of escrow 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 ofescrow, the Owner hereby agrees that the Escrow Agent shall withhold that portion of the Resale price necessary to pay for curing the Deficiencies, based upon wriften 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 of completion of work by the City and./or Designee, the Escrow Agent shall disburse such funds to the City '7
c
d
and/or Designee to pay for said work. Any remaining funds shall be disbursed by the Escrow Agent to Owner;
iii. The Owner agrees that it shall pay the premium for a standard C.L.T.A. policy of owner's title insurance issued by the Escrow Agent or title insurance company reasonably acceptable to the City in the amount of the 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. ln the event the City (or Desigrree, 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.T.A policy or the endorsements shall be paid by the City (or Designee, as the case may be);
iv. 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 with the closing and escrow shal1 be borne one-half (1/2) by the City (or Designee, as the case may be) and one-half(1/2) by the Owner. In the event the City exercises its Option pursuant to Section 8.a.1 or Section 8.a.2, the Owner agtees to pay all costs and fees charged in connection with the closing and escrow; v. 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 form as may be reasonably acceptable to the City or Designee in his,/her/their sole discretion);
vi. 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;
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) free and clear of all mortgages, deeds of trust, liens and encumbrances. Owner agrees that any costs to remove or satisfo 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.

Priority of Option. The Option granted pursuant to this Agreement shall be senior in priority to any lien or encumbrance.
8 e.

9. RESTRICTEDTRANSFERBYOWNER
In the event the City does not exercise its Option pursuant to Section 8, above, Owner may Transfer the Residence to an Eligible Purchaser for not more than the Resale Price.
a
In the event the City does not exercise its Option pursuant to Section 8, above, and Ou.ner experiences an extreme hardship, Owner may submit written request to the City or Authority to waive the requtement that the purchaser ofthe Residence be an Eligible Pwchaser and/or the requirement 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 of 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 of this Section 9.b. and 9.c., Owner may Transfer the Residence to the non-Eligible Purchaser and/or may Transfer the Residence for an amount in excess of t}re 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, subject to limited leasing rights, as provided in Section 4, of this Agreement.
ln the event the City or Authority waives 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 amount 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 down payment, the cost of any 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. DEFAULTSANDREMEDIES
Upon a violation ofany ofthe provisions of this Agreement by Owner, the City or Authority shall give written notice to Owner specifoing the nature of the violation. If the violation is not corrected to the satisfaction of City or Authority within thirty (30) days after the date the notice is mailed, or within such fi.rther 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 Agreement, City or Authority may apply to a court of competent jurisdiction for specific performance of the obligations of this Agreement, for an injunction prohibiting a proposed Transfer in violation ofthis Agreement, for a declaration that a Transfer in violation of the provisions 9 b
c
of this Agreement is void or any such relief at law or in equity as may be appropriate.

Owner, and/or Owner'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 provisions of this Agreement.

Except as otherwise expressly stated in this Agteement, the rights and remedies of tie parties are cumulative, and the exercise or failure 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, of any right or remedy for the same default or any other default by the other party. fughts 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 default persists or is repeated, and no express waiver shall affect any default other than the default specified in thi waiver, and such wavier shall be operative only for the time and to the extent therein stated. Waivefs ofany covenant, term, or condition contained herein shall not be construed as a waiver of any subsequent breach ofthe same covenant, term or condition. The consent or approval by the City or Authority to or of any act by the Owner requiring further consent or approval shall not be deemed to waive or render unnecessary the consent or approval to or oiany subsequent similar act. The exercise of any right, power, or remedy shall in no event constitute a cure or a waiver of any default under this Agreement, nor shall it invalidate any act done pursuant to notice of default, or prejudice the City or Authority in the exercise of any right, power, or remedy hereunder.

11. NOTICE OF DEFAULT AND FORECLOSI.]RE
owner agrees the city and Authority shall have the right to record against title to the Residence a request for notice of default and any notice of sale under any deed of trust or mortgage with power ofsale encumbering the Residence in the Offrce ofthe Recorder oflos Angeles County in substantially the form attached hereto as Exhibit B ('Notice of Sale"). Thi Owner shall provide to the City and Authority a written copy ofany notice of default or notice of sale under any deed of trust or mortgage with power of sale encumbering the Residence immediately upon receipt by the owner. The city or Authority may declare a default under this Agreement upon receipt of any notice given to the City -d Autho.ity p*ruant to Civil Code Section 2924b or pursuant to this Section, and may exercise its remedies as provided in Section 8 and Section 10. In the event of default or foreclosure of such deed of tmst or mortgage, the City or Authority shall have the same right as the Owner to cure defaults and redeem the Residence prior to foreclosure sale.

Nothing contained herein shall be construed as creating any obligation of the city or Authority to cure any such default, nor shall this right to cure and redeem operate to extend any time limitations in the default provisions of the underlfng deed of trust or mortgage. 10 12. NON-LIABILITY OF THE CITY AND AUTHORITY
ln no event shall the City or Authority become in any way liable or obligated to Owner or to any successor-in-interest of Owner 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 for any failure to exercise such Option.

13. 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, his4rer/their heirs, legal representatives, executors, successors-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 of foreclosure of such deed of trust or mortgage, and any conveyance or trarsfer thereafter, shall be bor.rnd by all covenants, conditions, reskictions, limitations and provisions contained in this Agreement.

14. SUPERIORITY OF AGREEMENT
Owner covenants that the Owner has not, and will not, execute any other agreement with provisions contradictory to, or in opposition to, the provisions hereof, and that, in any event, the Owner understands and agrees that this Agreement shall control the rights and obligations between the parties.

15. OBLIGATION TO REFRAIN FROM DISCRIMINATION
Owner covenants and agrees for itself, its successors, its assips and every successor in interest to the Residence or any part thereof, that there shall be no discrimination against or segtegation of any person, or group of persons, on account of race, color, creed, religion, sex, sexual orientation, marital stafus, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Residence nor shall Owner itself or any person claiming under or through it establish or permit any such practice or practices of discrimination or segregation wittr 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 NONSEGRATION CLAUSES
All deeds, leases or contracts relating or pertaining to the Residence shall contain or be subject to substantially the following nondiscrimination or nonsegregation clauses:
a. 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 of race, 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 11 grantee itselfor any penon claiming under or tlrough it, establish or permit any practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein couveyed. The foregoing covenants shall run with the land."
In leases: "The lessee herein covenants by and for itself, its successors and assips, 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 discrimination against or segegation 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, renting, transferring, use, occupancy, tenure or enjoyment ofthe land herein leased, nor shall tle 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 of tenants, lessees, subtenants, sublessees or vendees in the land herein leased."
c In 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 enjoyment of the 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."

17. TERMINATION OF COVENANTS, RESTRICTIONS AND OPTION TO

PURCHASE
The covenants, conditions, restrictions, limitations and provisions of this Agreement shall remain in effect with respect to the Residence for the longest feasible time, * d"t"r-io"d by the City or Authority, but not less than the Restricted Period, except for the covenants, conditions, restrictions, limitations and provisions contained in Section 15 and 16 which shall run in perpetuity.

18. DEEDOFTRUST
Each and every condition, obligation, covenant and agreement contained in this Agreement shall at all times throughout the term be secwed by a deed of trust in favor of the City and the Authority ("Deed of Trust"), substantially in the form attached hereto as Exhibit c. olrmer agtees to execute and deliver the Deed of Trust (in recordable form) and it shall be recorded against the Residence. The Deed of Trust will be subordinate to any liens securing financing for Owner's purchase ofthe Residence, but this Agreement shall 12 b.
be senior to any such liens and shall not be extinguished by foreclosure, a deed in lieu of foreclosure or power ofsale, or sale.

19. ENFORCEMENT
. The City, the Authority, and their successors and assigns are deemed to be the beneficiaries ofthe terms and provisions of this Agreement and the covenants herein, both for and in their ovm right and for the purposes ofprotecting the interests ofthe community and other parties, public or private, for whose benefit this Agreement and the covenants running with the land have been provided. The City and the Authority shall have the right if 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 proceedings to enforce the curing ofsuch breaches to which 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 remedy given under this Agreement or now 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 power or shall be construed to be a waiver of such right or power, but any such right or power may be exercised &om time to time and as often as City or Authority may deem expedient. In order to entitle the City and Authority to exercise any remedy reserved to it in this Agreement, it shall not be necessary to give any notice, other than such notice as may be herein expressly required or required by law to be given.

The City and Authority may, in their sole discretion, desipate, appoint or contract with any other public agency, for-profit or non-profit organization as a beneficiary of this Agreement.

20. INVAL]D PROVISIONS
If any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, then such provision or provisions shall be deemed severable from 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. CONTROLLINGLAW
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, retum receipt requested, as follows:
13 To the Owner:

David Taekwon Ahn
2750 Artesia Boulevard, #116
Redondo Beach, Califomia 90278
To the City:

City of Redondo Beach
City Attomey's OfFrce
4l 5 Diamond Street
Redondo Beach, Califomia 9O277
Attention: Michael W. Webb
To the Authority
The Housing Authority of the City of Redondo Beach
415 Diamond Sreet
Redondo Beach, Califomia 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. INTERPRETATIONOFAGREEMENT
The terms ofthis 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 lncome Senior Citizen Households.

By signature herein below the Owner hereby accepts and approves the foregoing, agrees to te bound by the provisions ofthis deed, and grants to the City and Authority such powers and rights ttrat are set forth in this Agreement. *OWNER"
Date: By:

David Taekwon Ahn
[remainder ofpage left intentionally blank]
[signatures continue on the following page]
l4
Accepted and agreed to by the City this 2'd day of Angtst,2O22.

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]
By:

By:

Michael W. Webb
ATTEST:

Eleanor Manzano
City Clerk
l5
Accepted and agreed to by the Authority this 2'd day of August, 2022.

Michael W. Webb
ATTEST:

Date
APPROVED AS TO FORM:

Michael W. Webb
General Counsel for Authority

HOUSING AUTHORITY OF THE CITY OF
REDONDO BEACH, a public body, corporate
and politic
By:

William C. Brand
Chairman
By:

By:

Eleanor Manzano
Secretary
l6
A notary public or other officer completing this certificate only verifies the identity ofthe individuals who signed documents to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

STATE OF CALIFORNIA
COL]NTY 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 behalfofwhich the person(s) acted, executed the instrument.

I certifu under PENALTY OF PERIURY under the laws of the State of Califomia that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature: (Seal)
A notary public or other officer completing this certificate only verifies the identity ofthe individuals who signed documents to which this certificate is attached, and not the truthfulness, accuracy, or validity ofthat document.

I certil) under PENALTY OF PERIURY rmder the laws of the State of Califomia that the foregoing paragraph is true and correct.

WITNESS my hand and official seal
Signature: (Seal)
EXIIIBIT "A"

LEGAL DESCRIPTION
All that certain property situated in the County of Los Angeles, State of Califomia, described as follows:

A CONDOMINIUM COMPOSED OF:

PARCEL 1:

PARCEL2:

AN UNDIVIDED V48TH FEE SIMPLE INTEREST AS TENANT IN COMMON IN AND TO THE COMMON AREA OF MODULE 2 ON LOT 1 OF TRACT NO. 60638, AS MORE PARTICULARLY DESCRIBED AND DELINEATED ON THE CONDOMINruM PLAN REFERRED TO ABOVE.

EXCEPT THEREFROM UNITS 116 THROUGH II8, INCLUSryE, 121 THROUGH I32, INCLUSTVE, 216 THROUGH 218, INCLUSIVE,221 THROUGH 233, INCLUSTVE, 316 THROUGH 318 INCLUSTVE, AND 321 THROUGH 333, INCLUSIVE AS DEFINED AND DELINEATED ON A CONDOMINIUM PLAN RECORDED JANUARY 24, 2008, AS INSTRUMENT NO. 08-149822, 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,

DIGORMINETHROUGHTHE SURI'ACE THEREOF, AS EXCEPTED IN THEDEED FROM THE STATE OF CALIFORNIA, RECORDED ON FEBRUARY 28, 1,968, AS DOCUMENT NO. 2480 IN BOOK D-3925, PAGE 1OO, OFFICIAL RECORDS, IN SAID OFFICE OF THE COI.JNTY RECORDER.

PARCEL 3
THAT PORTION OF LOT 1 OF TRACT NO. 60638, IN T}IE CITY OF REDONDO BEACH, IN THE COI]NTY OF LOS ANGELES, STATE OF CALIFORNL{, AS PER MAP RECORDED IN BOOK 1328, PAGE(S) 44 AND 45 OF MAPS, DEFINED AS t-lNIT I 16 OF MODULE 2 ON T}IAT CERTAIN CONDOMINIUM PLAN C'PLAN") RECORDED ON JANUARY 24,2008, AS INSTRUMENT NO. 08- 149822, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COI,]NTY.

AN EXCLUSTVE EASEMENT, APPI,]RTENANT TO PARCEL 1 ABOVE, FOR ALL USES

AND PURPOSES OF A BALCONY AREA AND/OR DECK AREA OVER AND ACROSS TTIAT PORTION OF THE COMMON AREA WITHIN MODULE 2 OF LOT 1 OF SAID TRACT NO. 60638, DEFINED AND DELINEATED S EXCLUSIVE USE COMMON AREA, WHICH BEARS THE SAME NI,IMBER AS TO THE UNIT REFERRED TO IN PARCEL 1 ABOVE FOLLOWED BY THE LETTER "Y' ON THE ABOVE REFERENCED CONDOMINIUM PLAN.
1 PARCEL 4

AN EXCLUSNE EASEMENT, APPURTENANT TO PARCEL I ABOVE, FOR ALL USES AND PURPOSES OF A PARKING SPACE AREA OVER AND ACROSS TI{AT PORTION OF THE COMMON AREA WITHIN MODULE 2 OF LOT 1 OF SAID TRACT NO. 60638,

DEFINED AND DELINEATED AS EXCLUSWE USE COMMON AREA, ON TIIE CONDOMINIUM PLAN REFERRED TO IN PARCEL 1 ABOVE FOLLOWED BY THE LETTER *P-78".

Assessor's Parcel Number: 4082-012-11 I
2 EXHIBIT B

NOTICE OF SALE
[BEHIND THIS PAGE}
RECORDING REQUESTED BY:

City of Redondo Beach
WHEN RECORDED MAIL TO:

City of Redondo Beach
City Attomey's Office
415 Diamond Street
Redondo Beach, Califomia 90277
Attention: Michael W. Webb, Esq.
(No Fee per Government Code S 27383)
REQT]EST FORNOTICE
Under Section 2924b Civil Code
ln accordance with Section 2924b, Civll Code, request 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 August 2, 2022 and recorded as Instrument No . in the Official Records of Los Angeles County on 2022 ard describing the following real property, located in Los Angeles County, Califomia as [See Exhibit "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, Califomia and the Housing Authority of the City of Redondo Beach, Califomia are collectively names as Beneficiary and First American Title Company, as Trustee, be mailed to:

City of Redondo Beach
415 Diamond Street
Redondo Beach, Califomia 90277
Attention: City Attomey
NOTICE: A copy ofany notice ofdefault and ofany notice ofsale, will be sent only to the address contained in this recorded request. If your 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
ATTEST:

By:

Eleanor Manz aoo
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, , or validity of that document

STATE OF CALIFORNIA
COUNry 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 behalfofwhich the person(s) acted, executed the instrument.

I certifu under PENALTY oF PERJURY under the laws of the State of califomia that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.
(Seal)

STATE OF CALIFORNIA
On this dav of 20_, before me,
Notary Public, personally appeared who proved
A notary public or other officer completing this certificate only verifies the identity ofthe individuals who signed documents to which this certificate is attached, and not the truthfulness, accurac , or validity ofthat document.
to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instmment 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 behalfofwhich the person(s) acted, executed the instrument.

I certifu under PENALTY OF PERIURY under the laws of the State of Califomia that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature: (Seal)
Signatue:

COLTNTY OF LOS ANGELES
All that certain property situated in the county of Los Angeles, State of califomia, described as follows:

A CONDOMINruM COMPOSED OF:

PARCEL 1
THAT PORTION OF LOT 1 OF TRACT NO. 60638, IN THE CITY OF REDONDO BEACH, IN THE COUNTY OF LOS ANGELES, STATE OF CALIFORNLA., AS PERMAP RECORDED IN BOOK I32S, PAGE(S) 44 AND 45 OF MAPS, DEFINED AS UNIT I16 OF MODULE 2 ON THAT CERTAIN CONDOMINIUM PLAN ('PLAN',) RECORDED ON JANUARY 24,2008, AS INSTRUMENT NO. 08- 149822, IN THE OFFICE OF THE COLTNTY RECORDER OF SAID COTINTY.

PARCEL 2:

AN UNDTVIDED V48TH FEE SIMPLE INTEREST AS TENANT IN COMMON IN AND TO THE COMMON AREA OF MODULE 2 ON LOT 1 OF TRACT NO. 60638, AS MORE PARTICULARLY DESCRIBED AND DELINEATED ON TIIE CONDOMINruM PLAN REFERRED TO ABOVE.

EXCEPT THEREFROM UNITS 116 THROUGH 1I8, INCLUSIVE, 121 THROUGH I32, INCLUSTVE, 216 THROUGH 218, INCLUSWE, 221 THROUGH 233, INCLUSTVE, 316 THROUGH 318 INCLUSIVE, AND 321 THROUGH 333, INCLUSME AS DEFINED AND DELINEATED ON A CONDOMINIUM PLAN RECORDED JANUARY 24, 2OO8' AS INSTRUMENT NO. 08-149822, OF OFFICIAL RECORDS.

ALSO EXCEPT THEREFROM, ALL MINERALS, O[S, GASES AND OTHER

FTYDROCARBONS BY SOEVER NAME KNOWN TIIAT MAY BE WITHIN OR UNDER

SAID PORTION OF SAID LAND, WITHOUT, 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, 1968, AS DOCUMENT NO. 2480 IN BOOK D-3925, PAGE IOO, OFFICIAL RECORDS, IN SAID OFFICE OF THE COI.INTY RECORDER.

PARCEL 3
AN EXCLUSWE EASEMENT, APPURTENANT TO PARCEL 1 ABOVE, FOR ALL USES AND PURPOSES OF A BALCO}{Y AREA AND/OR DECK AREA OVER AND ACROSS T}IAT PORTION OF THE COMMON AREA WMHIN MODULE 2 OF LOT 1 OF SAID TRACT NO. 60638, DEFINED AND DELINEATED AS EXCLUSIVE USE COMMON AREA, WHICH BEARS T}IE SAME NUMBER AS TO THE UNIT R.EFERRED TO IN PARCEL 1 ABOVE FOLLOWED BY T}IE LETTER 'Y" ON THE ABOVE REFERENCED CONDOMINruMPLAN.

I
EXEIBIT "A"

LEGAL DESCRIPTION
PARCEL 4
AN EXCLUSNE EASEMENT, APPURTENANT TO PARCEL I ABO\'E, 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 EXCLUSN,'E USE COMMON AREA, ON TTIE CONDOMINIUM PLAN REFERRED TO IN PARCEL 1 ABOVE FOLLOWED BY THE LETTER'P-78".

Assessor's Parcel Number: 4082-012-1 1 I
Assessor's Parcel Number: 4082-012-l 11
2 RECORDING REQUESTED BY:

City of Redondo Beach
WHEN RECORDED MAIL TO:

Housing Authority of the
City of Redondo Beach
415 Diamond Street
Redondo Beach, Califomia 90277
Attention: Housing Supervisor
(No Fee per Government Code $ 27j83)

REQIIEST FORNOTICE
Under Section 2924b Civil Code
In accordance with Section 2924b, civtl code, request 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 August 2, 2022 and recotded as Instmment No in the Offrcial Records of Los Angeles County on 2022 and describing thc following real property, located in Los Angeles County, Califomia as [See Exhibit "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, Califomia and the Housing Authority of the City of Redondo Beach, califomia are collectively names as Beneficiary and First American Title Company, as Trustee, be mailed to:

City of Redondo Beach
The Housing Authority ofthe City ofRedondo Beach
415 Diamond Street
Redondo Beach, Califomia 90277
Attention: Director of Community Services
Attention: Housing SuPervisor
NOTICE: A copy of any notice of default and ofany notice ofsale, will be sent only to the address contained in this recorded request. If your address changes, a new request must be recorded.
1 Date:

CITY OF REDONDO BEACH, a chartered
municipal corporation

HOUSING AUTHORITY OF THE CITY OF
REDONDO BEACH, a public body corporate
and politic
By:

William C. Brand
Mayor and Chairman
APPROVED AS TO FORM:

Michael W. Webb
City Attorney and General 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 verifies the identity ofthe 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 sigrrature(s) on the instrument the person(s), or the entity upon behalfofwhich the person(s) acted, executed the instrument.

I certifo under PENALTY OF PERJURY under the laws of the State of Califomia that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

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 behalfofwhich the person(s) acted, executed the instrument.

I certift under PENALTY OF PERJURY under the laws of the State of Califomia that the foregoing paragraph is true and correct.

WITNESS my hand and official sea1.

Siglature: (Seal)
All that certain property situated in the County of tos Angeles, State of Califomia, 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 COLINTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 1328, PAGE(S) 44 AND 45 OF MAPS, DEFINED AS UNIT 116 OF MODULE 2 ON Tr{AT CERTATN CONDOMTNIUM 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 I.INDTVIDED V48TH FEE SMPLE INTEREST AS TENANT IN COMMON IN AND TO THE COMMON AREA OF MODULE 2 ON LOT 1 OF TRACT NO.60638, AS MORE PARTICULARLY DESCRIBED AND DELINEATED ON THE CONDOMINruM PLAN REFERRED TO ABOVE.

EXCEPT THEREFROM UNITS 116 THROUGH 118, INCLUSIVE, 121 THROUGH 132, INCLUSTVE, 216 THROUGH 218, INCLUSIVE, 221 THROUGH 233, INCLUSIVE, 316 T}IROUGH 3I8 INCLUSME, AND 321 THROUGH 333, INCLUSIVE AS DEFINED AND DELINEATED ON A CONDOMINIUM PLAN RECORDED JANUARY 24, 2008, AS INSTRI.]MENT NO. 08-149822, OF OFFICIAL RECORDS.

ALSO EXCEPT THEREFROM, ALL MINERALS, O[S, GASES AND OTHER

HYDROCARBONS BY WHATSOEVER NAME KNOWN THAT MAY BE WITHIN OR

TINDER SAID PORTION OF SAID LAND, WITHOUT, HOWEVER, THE RIGHT TO DRILL,

DIGORMINETHROUGH THE SURTACETHEREOF, AS EXCEPTED IN THE DEED FROM THE STATE OF CALIFORNIA, RECORDED ON FEBRUARY 28, 1968, AS DOCUMENT NO. 2480 IN BOOK D-3925, PAGE 1OO, 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 BALCO].IY 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 EXCLUSTVE USE COMMON AREA,

WHICH BEARS THE SAME NUMBER AS TO THE LINIT REFERRED TO IN PARCEL I ABOVE FOLLOWED BY THE LETTER "Y" ON TTIE ABOVE REFERENCED CONDOMINruMPLAN.
1 EXHIBIT "A"

LEGAL DESCRIPTION
PARCEL 4
AN EXCLUSryE EASEMENT, APPURTENANT TO PARCEL 1 ABOVE, FOR ALL USES

AND PURPOSES OF A PARKING SPACE AREA OVER AND ACROSS THAT PORTION OF THE COMMON AREA WITHIN MODULE 4 OF LOT 1 OF SAID TRACT NO. 60638, DEFINED AND DELINEATED AS EXCLUSWE USE COMMON AREA, ON T}IE CONDOMINruM PLAN P.EFERRED TO IN PARCEL I ABOVE FOLLOWED BY THE LETTER "P-78".

Assessor's Parcel Number: 4082-012-111
2 EXIIIBIT C

PERFORMANCE DEED OF TRUST
[BEHIND THIS PAGE}

RECORDING REQUESTED BY
Housing Authority of the
City of Redondo Beach
WHEN RECORDED MAIL TO:

Housing Authority of the City of Redondo Beach
415 Diamond Street
Redondo Beach, Califomia 90277
Attention: Angelica Zaval4 Housing Supervisor
Q,{o Fee per Government Code $ 27383)

TO MAINTAIN AND PROTECT TIIE SECURITY OF'TIIIS DEED OF TRUST' TO SECURE THE, FULL AI\D TIMELY PE,RFOR]UANCE BY TRUSTOR OF

THE SECURE,D OBLIGATION, TRUSTOR IIEREBY COVENANTS AND
AGREES AS FOLLOWS:

PERFORMANCE DEED OF TRUST
(Option to Cure and Purchase Agreement)
TIIIS PERFORMANCE DEED OF TRUST (this "Deed of Trust") dated as of August 2, 2O22 is entered into by David Taekwon Ahn, a Single Man ("Trustor") whoseaddiess is 2750 Artesia Boulevard, #l16, Redondo Beach, Califomia 90278 tn favor of Chicago Title Company ("Trustee"), for the benefit of the City of Redondo Beach, a chartered municipal corporation (the "City") whose address is 415 Diamond Street, Redondo Beach, Californi a 90277 arld the Housing Authority of the City of Redondo Beach, a public body, corporate and politic (the "Authority") whose address is also 415 Diamond Street, Redondo Beach, califomia 90277 (the City and Authority are refened to hereinafter collectively and individually as the "Beneficiary').

Trustor, in consideration of the 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 interest in and to that real property located in the City of Redondo Beach, Corurty of Los Angeles, State of Califomia, described in Exhibit "A" attached hereto and incorporated herein by this reference.

FOR THE PURPOSE OF SECURING: performance of Trustor's obligation to allow the Beneficiary to cure any default or otherwise purchase the Property in accordance with, and subject to, the terms and conditions ofthe Auglst 2,2022 Agleement containing Covenants, R.estrictions and Option to Purchase ("Covenant Agreement") executed by Trustor and Beneficiary, recorded concurrently herewith and incorporated herein by reference.
1 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 all laws having a material effect on the Property; and d. not commit or permit waste on or to the Property.

Taxes and Other Sums Due. Trustor will promptly pay, satis$ and discharge when due:
a- prior to delinquency, all general and special taxes, and assessments, water and sewer district charges, rents and premiums affecting the Property; and all encumbrances, charges and liens on the Property, with interest thereon, which are prior or superior to the lien of this Deed of Trust. Upon request by Beneficiary, Trustor will promptly fumish Beneficiary with all notices of sums due for any amounts specified in subparagraph (a) hereof, and upon payment of any such sum by Trustor, Trustor will promptly fumish Beneficiary with written evidence of such payment. Should Trustor fail promptly to make any payment required hereunder, Beneficiary may (but is not obligated to), at Beneficiary's sole expense, make such payment.

Trustor will notifu Beneficiary immediately upon receipt by Trustor of notice ofany increase in the assessed value ofthe Property 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.

Lease of the Property by Trustor. Except as permitted under the Covenant Agreement, Trustor shall not enter into a lease for all or any portion ofthe Property. b
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2. Defense of Deed of Trust; Litigation. Trustor will give Beneficiary immediate written notice of any action or proceeding (including, without limitation, any judicial or non-judicial proceeding to foreclose the lien of a junior or senior mortgage or deed oftrust) affecting or purporting to affect the Property or this Deed of Trust. Trustor shall commence, appear in, prosecute, defend, compromise and settle, and incur necessary costs and expenses, including reasonable attomeys' fees, in so doing, any action or proceeding, whether judicial or non-judicial, deemed necessary in Beneficiary's reasonable judgment to preserve or protect the Property or this Deed of Trust. Trustor shall utilize counsel reasonably satisfactory to Beneficiary in connection with any such action or proceeding. Trustor will pay all costs and expenses of Beneficiary and Trustee, including costs of evidence of title and reasonable attomeys' fees, in any such action or proceeding in which Beneficiary or Trustee may appear or for which legal counsel is sought, whether by 5 virtue ofbeing made a party defendant or otherwise, and whether or not the interest of Beneficiary or Trustee in the Property is directly questioned in such action or proceeding, including, without limitation, any action for the condemnation or partition ofall or any portion ofthe Property and any action brought by Beneficiary to foreclose this Deed of Trust or to enforce any of its terms or provisions.

Failure of Trustor to Comply with Deed of Trust. Should Trustor fail to do any act required by this Deed of Trust, or should there be any action or proceeding (including, without limitation, anyjudicial or non-judicial proceeding to foreclose the lien of a junior or senior mortgage or deed of trust) affecting or purporting to affect the Property or this Deed of Trust, Beneficiary or Trustee may (but is not obligated to):
a. 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 of Trust, Beneficiary and Trustee being authorized to enter upon the Property for any such purpose; and
In exercising any such power, pay necessary expenses, employ attorneys and pay reasonable attomeys' fees incurred in connection therewith, without notice to or demand upon Trustor and without releasing Trustor from 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 allowed by applicable law. 7 Default. Each of the following shall constitute a "Default" under this Deed of Trust:

The filing by Trustor of any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law, or any other law or laws for the relief of, 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, kansfers 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. [n the event ofany Default hereunder which remains uncured following notice from Beneficiary and any cure period for such Default set forth 3 b
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9 herein, Beneficiary, at Beneficiary's option, and to the extent permitted by applicable law, may, by delivering to Trustee a written declaration of default and demand for sale, executed by Beneficiary and reciting facts demonstrating such default by Trustor, together with a written notice of default, cure ,my defaults or purchase the Property pursuant to the terms of the Covenant Agreement.

Beneficiary shall also 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 of such affidavit or declaration ofdefault and such notice of default and election to sell, Trustee shall accept as true and conclusive all facts and statements contained in such affrdavit or declaration of default and shall cause such notice of default and election to sell to be recorded as required by applicable law. Upon the expiration of such period as may then be required by applicable law following recordation ofsuch notice ofdefault, and after notice ofsale has been given in the maaner and for the period required by applicable law, Trustee, without demand on Trustor, shall sell the entire Prcperty at the time and place fixed in such notice of sale, to Beneficiary, subject to the minimum bid requirement, for cash in lawful money of the United States, payable at the time of sale. Such sale shall be subject to all of the terms and conditions of the Covenant Agreement. Trustee may postpone the sale ofall or any portion ofthe Property by public announcement made at the initial time and place of sale, and from time to time thereafter by public announcement made at the time and place ofsale frxed by the preceding postponement. Trustee shall deliver to Beneficiary at such sale its deed conveying the Property, but without any covenant or waranty, express or implied. The recital in such deed ofany matter of fact shall be conclusive proofof the truthfulness thereof. After deducting all costs, fees, and expenses of Trustee under this Section, including costs ofprocuring evidence oftitle and Trustee's and Trustee's attomeys' fees incurred in connection with such sale. Trustee shall deliver all proceeds up to the purchase price to Trustor and any excess to Beneficiary.

Obligation to lnform Beneficiary of Default. Trustor will notifu Beneficiary in writing, at or prior to the time ofthe occurrence ofany Default event described in Section 7 hereof, of such event and will promptly fumish Beneficiary with any and all information concerning such event which Beneficiary may request.

Remedies Cumulative. Each remedy provided by this Deed of Trust 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 Trustee shall be deemed to have accepted the tems 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 notifu any party hereto of any pending sale under any other Deed of Trust or ofany action or proceeding in which Trustor, Beneficiary or Trustee is a party, unless such sale relates to or reasonably might affect the Propedy or this Deed of Trust, or unless such action or proceeding has been instituted by Trustee against the Property, Trustor or Beneficiary. l0

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14. 15
Reconveyance. Upon written request of Beneficiary reciting that the right to cure or purchase will not be exercised by Beneficiary, surrender of this Deed of Trust to Trustee for cancellation, and payment by Beneficiary of any reconveyance fees customarily charged by Trustee, Trustee shall reconvey, without waranty, 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 Beneficiary's option, may from time 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 acknowledged by Beneficiary and Trustor and recorded in the office of the Recorder ofthe county in which the Property is located, shall constitute conclusive proof of the proper substitution of such successor Trustee, who shall, without conveyance from the predecessor Trustee, succeed to all right, title, estate, powers and duties of such predecessor Trustee, including without limitation, the power to reconvey the Property. To be effective, such instrument must contain the name of the original Trustor, Trustee, and Beneficiary hereunder, the book and page at which, and the county in which, this Deed of Trust is recorded and the name and ad&ess ofthe substitute Trustee and be signed by Trustor. If any notice of default has been recorded hereunder, this power of substitution cannot be exercised until all costs, fees and expenses ofthe then acting Trustee have been paid. Upon such payment, the then acting Trustee shall endorse receipt thereof upon the instrument ofsubstitution. The procedure herein provided for substitution of Trustees shall be exclusive of other provisions for substitution provided by applicable law.

No Waiver by Beneficiary. No waiver by Beneficiary of any right or remedy provided by the Covenant Agreement, this Deed of Trust or applicable law shall be effective unless such waiver is in writing and subscribed by Beneficiary. Waiver by Beneficiary of any right or remedy $anted to Beneficiary under the Covenant Agreement or any provision thereof, this Deed of Trust or applicable law as to any transaction or occurrence shall not be deemed a waiver as to any future transaction or occurrence. The assertion by Beneficiary ofany right or remedy provided by this Deed of Trust shall not constitute a waiver of Beneficiary's right to require prompt performance of the Secured Obligation and Trustor's obligations under this Deed of Trust.

Consents and Approvals to be in Writing. Whenever the consent or approval of Beneficiary 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 effective unless such consent or approval is in writing, subscribed by Beneficiary or Trustor, as applicable. Such consent shall not be unreasonably withheld, delayed or conditioned.

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 16.
the parties in the manner set forth below, and shall be conclusively deemed to have been properly delivered:
a. 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 forth below (provided, however, that notices given by facsimile shall not be effective unless the sending party delivers the notice also by one other method permitted under this Section);
upon the day of delivery if the notice has been deposited in an authorized receptacle of the United States Postal Service as first-class, registered or certified mail, postage prepaid, with a retum receipt requested (provided that the sender has in its possession the retum receipt to prove actual delivery); or
one (l) business day after the notice has been deposited with either FedEx or United Parcel Service to be delivered by overnight delivery (provided that the sending party receives a confirmation of actual delivery from the courier).

The addresses ofthe parties to receive notices are as follows:

TO BENEFICIARY:

City of Redondo Beach
415 Diamond Street
Redondo Beach, Califomia 90277
Attention: City Manager, Joe Hoefgen
Attention: Director of Community Services
Facsimile: (3 10) 543-l 730
Housing Authority ofthe City ofRedondo Beach
415 Diamond Street
Redondo Beach, Califomia 90277
Attention: Housing Supervisor
TO TRUSTOR:

David Taekwon Ahn
2750 Artesia Boulevard, #116
Redondo Beach, Califomia 90278
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18. 19.
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TO TRUSTEE:

First American Title
207 Goode Avenue, Suite 410
Glendale, Califomia 91203
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 herein.

Governing Law. This instrument shall be governed by and construed in accordance with the laws of the State of Califomia.

Severability. If any paragiaph, clause or provision of the 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, ciauses and provisions of the Covenant Agreement or this Deed of Trust.

Relationship. Nothing contained herein or in the Covenant Agreement shall be deemed to create or construed to create a partnership, joint ventue or any relationship other than that of Trustor and Beneficiary' Trustor and Beneficiary expressly disclaim any intent to create a partnership orjoint venture pursuant to this Deed of Trust or the Covenant Agreement.

Attomey Fees. If any party to this Deed of Trust shall bring any action for any relief against any other party, declaratory or otherwise, arising out of this Deed of Trust, the losing party shall pay to the prevailing party a reasonable sum for attomey fees incuned in bringing such suit and/or enforcing any judgment granted therein, all of which shall be deemed to have accrued upon commencement of such action and shall be paid whether or not such action is prosecuted to judgrnent. Any judgrnent 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, attomey fees shall include, without limitation, fees incurred in the following:
a. post-judgmentmotions;
contempt proceedings;
gamishment, levy, and debtor and third party examinations; discovery; and
b.
c,
d.
e. bankruptcy litigation.
7 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 oflegal 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 "hereof' shall mean and include this Deed of Trust as a whole, rather than any particular provision hereof.

In exercising any right or remedy, or taking any action provided herein, Beneficiary may act through its employees, agents or independent conkactors, 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 of this Deed of Trust and shall not be used in construing it.

IN WITNESS WHEREOF, the parties have entered into this Deed of Trust as of the date first written above.

TRUSTOR:

David Taekwon Ahn, a Single Man
David Taekwon Ahn
b
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g
8 A notary public or other officer completing this certificate only verifies the identity ofthe individuals who sigrred 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 dav 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 sigrature(s) on the instrument the person(s), or the entity upon behalf ofwhich the person(s) acted, executed the instrument.

I certiff under PENALTY OF PERIURY under the laws of the State of Califomia that the foregoing paragraph is true and correct.

WITNESS my hand and offrcial seal.

Sigrature: (Seal)
EXIIIBIT *A"

LEGAL DESCRIPTION
All that certain property situated in the County of Los Angeles, State of Califomia, described as follows:

A CONDOMINIUM COMPOSED OF
PARCEL I:

THAT PORTION OF LOT 1 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 116 OF MODULE 2 ON THAT CERTAIN CONDOMINruM PLAN C'PLAN") RECORDED ON JANUARY 24,2008, AS INSTRT]MENT NO. 08- 149822, IN THE OFFICE OF THE COI.]NTY RECORDER OF SAID COLTNTY.

PARCEL 2:

AN LINDTVIDED Y48TH FEE SIMPLE INTEREST AS TENANT IN COMMON IN AND TO THE COMMON AREA OF MODULE 2 ON LOT 1 OF TRACT NO. 60638, AS MORE PARTICULARLY DESCRIBED AND DELINEATED ON TIIE CONDOMINruM PLAN REFERRED TO ABOVE.

EXCEPT THEREFROM UNITS 116 THROUGH 1I8, INCLUSIVE, 12I THROUGH 132, INCLUSTVE, 216 THROUGH 218, INCLUSN'E, 221 THROUGH 233, INCLUSNG, 316 THROUGH 3I8 INCLUSIVE, AND 32I THROUGH 333, INCLUSTVE AS DEFINED AND DELINEATED ON A CONDOMINIUM PLAN RECORDED JANUARY 24,2008, AS INSTRUMENT NO. 08- I 49822, OF OFFICIAL RECORDS.

ALSO, EXCEPT THEREFROM, ALL MINERALS, OLS, GASES AND OTHER

HYDROCARBONS BY SOEVER NAME KNOWN THAT MAY BE WITHIN OR UNDER

SAID PORTION OF SAID LAND, WITHOUT, HOWEVER, THE RIGHT TO DRILL, DIG OR

MINE THROUGH THE SURT'ACE THEREOF, AS EXCEPTED IN THE DEED FROM TIIE STATE OF CALIFORNLA., RECORDED ON FEBRUARY 28, 1968, AS DOCUMENT NO. 2480 IN BOOK D.3925, PAGE IOO, OFFICIAL RECORDS, IN SAID OFFICE OF T}IE COUNTY RECORDER.

PARCEL 3
AN EXCLUSTVE EASEMENT, APPURTENANT TO PARCEL 1 ABOVE, FOR ALL USES AND PURPOSES OF A BALCONI^Y AREA AND/OR DECK AREA OVER AND ACROSS T}IAT PORTION OF THE COMMON AREA WITHIN MODULE 2 OF LOT 1 OF SAID TRACT NO.60638, DEFINED AND DELINEATED AS EXCLUSIVE USE COMMON AREA, WHICH BEARS T}IE SAME NUMBER AS TO THE UNIT REFERRED TO IN PARCEL 1

ABOVE FOLLOWED BY THE LETTER 'Y' ON THE ABOVE REFERENCED CONDOMINIUM PLAN.

I
PARCEL4

AN EXCLUSTVE EASEMENT, APPURTENANT TO PARCEL I ABOVE, FOR ALL USES

AND PURPOSES OF APARKING SPACEAREA OVERAND ACROSS TIIAT 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 T}IE CONDOMINIUM PLAN REFERRED TO IN PARCEL 1 ABOVE FOLLOWED BY THE LETTER'P-78".

Assessor's Parcel Number: 4082-012-111
2 RECORDING REQUESTED BY:

Chicago Title Insurance Company

WHEN RECORDED MAIL TO
Taesung Yan and Aiko Shiono
C/O Hiro Shiono
7072 Moon Shadow Court
Eastvale, Califomia, 92880
(SPACE ABOVE IS RESERVED FOR RECORDER'S USE)
SUBSTITUTION OF TRUSTEE AND FULL RECOI{\'EYAI\CE
The undersigned City of Redondo Beach and the Housing Authority of the City of Redondo Beach are collectively the present Beneficiary under the Performance Deed of Trust dated as of December 10,2O1O and recorded on December 13, 2010 as lnstrument No. 20101837589, Official Records of Los Angeles County, California, and executed by Taesung Yang and Aiko Shiono as Trustor, and Lawyers Title Company as Original Trustee. Beneficiary hereby appoints and substitutes the City of Redondo Beach ,a chartered municipal corporation and the Housing Authority ofthe City of Redondo Beach, a public body, corporate and politic (collectively the "City/Authority") as the new and "Substituted Trustee" under the Performance Deed of Trust.

As duly appointed Substituted Trustee, the undersigned City/Authority does hereby reconvey to the person or persons legally entitled thereto, without warranty all of the estate, title and interest acquired by the Original Truslee and by the City/Authority as the Substituted Trustee under the Performance Deed of Trust as to certain real property described in the Legal Description, Exhibit A, aftached and herby fully incorporated. lN WITNESS WHEREOF, the owner and holder above named and the City of Redondo Beach and the Housing Authority of the City of Redondo Beach as Substituted Trustee has caused this instrument to be executed each in its respective interest.

Dated this 2"d day of August, 2022.

Housing Authority ofthe City ofRedondo Beach, a public body, corporate and politic By:

William Brand
Chairman
City of Redondo Beach, a chartered municipal corporation William Brand
Mayor
By
A notary public or other officer completing this certificate only verifies the identity ofthe individuals who sigaed documents to which this certificate is attached, and not the truthfulness, , or validity of that document.

STATE OF CALIFORNIA
COI]NTY 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 vrithin instrument and acknowledged to me that he/she/they executed the same in his/herltheir 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 certifu under PENALTY OF PERJURY under the laws of the State of Califomia that the foregoing paragraph is true and correct.

WITNESS my hand and oflicial seal
Signahre (Seal)
A notary public or other officer completing this certificate only verifies the identity ofthe individuals who signed documents to which this certificate is attached, and not the truthfulness, , or validi ofthat 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 instmment and acknowledged to me that he/she/they executed the same in hislher/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalfofwhich the person(s) acted, executed the instrument.

I certifu under PENALTY OF PERJURY under the laws ofthe State ofCalifornia that the foregoing paragraph is true and correct.

WITNESS my hand and ofticial seal.

Signature: (Seal)
EXIIIBIT *A"

LEGAL DESCRIPTION
All that certain property situated in the County of Los Angeles, State of Califomia, described as follows:

A CONDOMINTUM COMPOSED OF:

PARCEL I:

THAT PORTION OF LOT I OF TRACT NO. 60638, IN TIIE CITY OF REDONDO BEACH, IN T}IE COLTNTY OF LOS ANGELES, STATE OF CALIFORMA, AS PER MAP RECORDED IN BOOK 1328, PAGE(S) 44AND 45 OF MAPS, DEFINED AS UNIT 116 OF MODULE 2 ON THAT CERTAIN CONDOMTNTLM PLAN ("PLAN') RECORDED ON JANUARY 24,2008, AS INSTRUMENT NO. 08- 149822, IN THE OFFICE OF T}IE COUNTY RECORDER OF

SAID COUNTY,
PARCET- 2:

AN UNDIVIDED V48TH FEE SIMPLE INTEREST AS TENANT IN COMMON IN AND TO THE COMMON AREA OF MODULE 2 ON LOT 1 OF TRACT NO.60638, AS MORE

PARTICULARLY DESCRIBED AND DELINEATED ON THE CONDOMINIIJM PLAN REFERRED TO ABOVE.

EXCEPT THEREFROM I.]NITS 116 THROUGH I18, INCLUSI\'E, 12I THROUGH 132, INCLUSIVE, 216 THROUGH 218, INCLUSI\IE, 221 THROUGH 233, INCLUSTVE, 316 T}IROUGH 318 INCLUSIVE, AND 32I THROUGH 333, INCLUSNE AS DEFINED AND DELINEATED ON A CONDOMINIUM PLAN RECORDED JANUARY 24, 2008, AS INSTRI,MENT NO. 08. 1 49822, OF OFFICIAL RECORDS.

ALSO EXCEPT THEREFROM, ALL MINERALS, OILS, GASES AND OTHER }IYDROCARBONS BY WHATSOEVER NAME KNOWN THAT MAY BE WITHIN OR I.]NDER SAID PORTION OF SAID LAND, WITHOUT, HOWEVER, THE RIGHT TO DRILL, DIGORMINE THROUGH T}IE SURIACE THEREOF, AS EXCEPTED INTHEDEED FROM THE STATE OF CALIFORNIA, RECORDED ON FEBRUARY 28, 1968, AS DOCUMENT NO. 2480 IN BOOK D-3925, PAGE IOO, OFFICIAL RECORDS, IN SAID OFFICE OF THE COUNTY RECORDER.

AN EXCLUSIVE EASEMENT, APPURTENANT TO PARCEL 1 ABOVE, FOR ALL USES

AND PURPOSES OF A BAICONY AREA AND/OR DECK AREA OVER AND ACROSS THAT PORTION OF THE COMMON AREA WITHIN MODTILE 2 OF LOT 1 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 FOLLOWED BY THE LETTER "Y' ON THE ABOVE REFERENCED CONDOMINIUM PLAN.
1 PARCEL 3
PARCEL4

AN EXCLUSIVE EASEMENT, APPURTENANT TO PARCEL I ABOVE, FOR ALL USES

AND PURPOSES OF A PARKING SPACE AREA OVERAND ACROSS THAT PORTION OF THE COMMON AREA WITHIN MODULE 2 OF LOT I OF SAID TRACT NO. 60638,

DEFINED AND DELINEATED AS EXCLUSTVE USE COMMON AREA, ON THE CONDOMINIUM PLAN REFERRED TO IN PARCEL 1 ABOVE FOLLOWED BY THE LETTER *P-78".

Assessor's Parcel Number: 4082-012-111
2 1rvl"r"'l;9"o;
redondo AEACH
Community Services Department
Housing Authority
1922 Artesia Boulevard
Redondo Beach, Califomia 90278
www.redondo.org
tel: 310 3'184635
fax:3'10 798-8463
August 2 2022
Cindie Kim
Sr. Escrow Officer
Hana Escrow Company, lnc.
3580 Wilshire Boulevard, Suite 1170
Los Angeles, California 90010
Re: Escrow No. 23402
Dear Ms. Kim:

These instructions are submitted by the City of Redondo Beach (the "Cit/') and the Housing Authority of the City of Redondo Beach (the "Authoriff') in connection with the following transaction.

The Unit is subject to the covenants, conditions, restrictions, limitations and provisions contained in the Addendum to Grant Deed - Covenants, Restrictions and Option to purchase [Moderate lncome] dated December 10, 2010, and recorded in the Official Records of Los Angeles County on December 73,zOtO, as lnstrument No. 10-1837588 (the ,,Existing Covenants Agreement").

Taesung Yang and Aiko Shiono (the "Seller,') and David Taekwon Ahn (the "Buye/') have entered into that certain California Residential Purchase Agreement and Joint Escrow lnstructions dated February 28, 2022 relating to the sale of the residential unit located at 2750 Artesia Blvd.. #115, Redondo Beach, California 90278. The "Unit" is more particularly described in the legal description attached to this letter as Exhibit A.

Cindie Kim, Sr. Escrow Officer
Escrow No. 002719-CK
Augusl 7, 2022

Page 2 ends

The Existing Covenants Agreement places certain income and sale price limits on the Unit to assure that th€ Unit remains affordable to moderate income senior households. Performance of these obligations are secured by that certain Performance Deed of Trust dated December 10, 2010 and recorded in the land records of Los AnEeles County on December 13, 2010 as lnstrument No. 10-1837589. The Seller is the trustor, the City is the beneficiary and Lawyers Title Company is the trustee of the Performance Deed ofTrust.

The Buyer, the City, and the Authority will execute an Agreement Containing Covenants, Restrictions and Option to Purchase [Moderate lncome] (the "2022 Covenants Atreement") for recordation against the Unit. The 2022 Covenants ,qgreement also requires the Buyerto execute a Performance Deed of Trust (Option to Cure and Purchase Agreement) in favor ofthe City and the Authority, for recordation against the Unit (the "2022 Performance Deed of Trust").

The purpose ofthis lefter is to provide the Citys and Authority's instructions relatint to the above referenced transaction. Your recordation ofthe "Recording Documents" shall be deemed to be your acceptance ofthese escrow instructions. However, we askthatyou return to the undersigned a copy of thi5 letter signed by you, indicating your acceptance of these instructions.

The City and Authority hereby instruct the Escrow Agent as follows. The transaction will close when allconditions precedent to the transaction have been satisfled.

I. DOCUI||ENTS
Enclosed herewith are the followinB documents that will need to be signed and returned to the City and Authority prior to execution by the City and the Authority.

1. One original ofthe 2022 covenants Agreement that has been signed by the Buyer,

2. One originalofthe 2022 Performance Deed ofTrust that has been signed by the guyer.

The signed documents are to be returned to the following address:

Angelica Zavala, Housing Supervisor
Housing Authority ofthe Cityof Redondo Beach
1922 Artesia Boulevard
Redondo Beach, California 90278
Cindie Kim, Sr. Escrow Officer
Escrow No. 002719-CK
August 2, 2022

Page 3 ends

II. CLOSING PROCEDURES
You are instructed to close this transaction when and only when all of the following occurs The City and the Authority have deposited into escrow one original 2022 Covenants Agreement executed in recordable form by the Buyer, the City and the Authoritv.

The Buyer has deposited into escrow one original 2022 Performance Deed ofTrust, executed in recordable form by the Buyer, the City and the Authority.

The City and the Authority have deposited into escrow one original Request for Notice Under Section 2924b Civil Code - City, and one Request for Notice Under Section 2924b Civil Code - Authority executed in recordable form by the City and the Authority (the "Request for Notice").

All of the Buyer's and Selle/s conditions precedent to closing this transaction have either been satisfied or waived by the party to be benefited and you have received confirmation from the Buyer and the Seller that you are to proceed with this transaction.

You are committed to complying with all the instructions contained in these escrow instructions.
ln closing escrow, you will adhere to the procedures set forth in the instructions below. All requirements with respect to closing shall be considered as having taken place simultaneously and no delivery shall be considered as having been made until all deliveries and closin8 transactions have been accomplished. Donotrecordordeliveranyofthedocumentsdescribed above unless all conditions to closing are satisfied. When all conditions precedent to the close of escrow have been satisfied, you are authorized to:

With respect to any documents that have not been dated (whether or not such documents are to be recorded), fill in the date of recordation. With respect to any other blanks in the documents, fill in the appropriate information (for example, recording information or dates of other documents). lfyouhaveanyquestionsregardinghowto fill in any blanks, contact the undersigned immediately.

With respect to any documents that do not have a legal description appended, insert the legal description attached to this letter as Exhibit A. 4 5
1 2

1. 2.

3. cindie Kim, Sr. Escrow officer
Escrow No. 002719-CK
August 2, 2022

Page 4 ends

Record the following documents {the "Recording Documents") in the Land Records of Los Angeles County, California, in the following order and in no other order:
a The grant deed conveying fee title to the Unit from the Seller to the Buyer c
d
b. The 2022 Covenants Agreement
The 2022 Performance Deed ofTrust
The Request for Notice
Promptly after recordation, conformed and certified copies ofthe Recording Documents (showing all recording information) and a copy ofthese escrow instructions signed by you in the space provided at the conclusion of this letter to indicate your acceptance are to be delivered to:

Angelica Zavala, Housing Supervisor
Housing Authority ofthe City of Redondo Beach
1922 Artesia Boulevard
Redondo Beach, California 90278
These instructions may be modified only by written or telephonic instructions from the undersigned. lf any of the instructions in this letter cannot be followed for any reason, please call the undersigned immediately.

Please bill the Seller for any charges you incur associated with the foreSoing documents Any documents signed by the City or the Authority are entitled to free recording pursuant to Government Code 55 6103 and 27383:
lf any of such docLrments do not contain a legend to that effect, please insert the legend in the upper left corner of such documents
Neither the City nor the Authority shall incur any expense in connection with the fulflllment of these escrow instructions
All costs incurred by you with respect to this escrow shall be the sole obligation ofthe seller.

4. 5

6. a
b.
c.

Cindie Kim, Sr. Escrow Officer
Escrow No. 002719-CK
August 2, 2022

Page 5 ends

City of Redondo Beach, a chaftered municipalcorporation HousingAuthorityofthe City ofRedondo Beach, a public body, corporate and politic By
william c. Brand
Mayor and Chairman
The undersigned acknowledges receipt ofthe within escrow instructions and a8rees to proceed in accordance therewith.

Hana Escrow Company, lnc
By
Cindie Kim
Sr. Escrow Officer
EXHIBIT "A"

LEGAL DESCRIPTION
All that certain property situated in the County ofLos Angeles, State of Califomia, described as follows:

A CONDOMINIUM COMPOSED OF:

TIIAT PORTION OF LOT 1 OF TRACT NO. 60638, IN THE CITY OF REDONDO BEACH, IN THE COT]NTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 1328, PAGE(S) 44 AND 45 OF MAPS, DEFINED AS UNIT 116 OF MODULE 2 ON THAT CERTAIN CONDOMINIUM PLAN (''PLAN',) RECORDED ON JANUARY 24,2008, AS INSTRI]MENT NO. 08. 149822, IN THE OFFICE OF THE COTJNTY RECORDER OF SAID COUNTY.

PARCEL 2:

AN LNDIVIDED V48TH FEE SIMPLE INTEREST AS TENANT IN COMMON IN AND TO THE COMMON AREA OF MODULE 2 ON LOT 1 OF TRACT NO. 60638, AS MORE

PARTICULARLY DESCRIBED AND DELINEATED ON THE CONDOMINTUM PLAN REFERRED TO ABOVE.

EXCEPT THEREFROM UNITS 116 THROUGH 118, INCLUSIVE, 121 THROUGH 132, INCLUSTVE, 216 THROUGH 218, INCLUSryE, 221 THROUGH 233, INCLUSTVE, 316 THROUGH 3I8 INCLUSIVE, AND 321 THROUGH 333, INCLUSTVE, AS DEFINED AND DELINEATED ON A CONDOMINIUM PLAN RECORDED JANUARY 24, 2008, AS INSTRUMENT NO. 08-1498226, OF OFFICIAL RECORDS.

ALSO, EXCEPT THEREFROM, ALL MINERALS, OILS, GASES AND OTHER }IYDROCARBONS BY SOEVER NAME KNOWN THAT MAY BE WITHIN OR UNDER

SAID PORTION OF SAID LAND, WITHOUT, HOWEVER, THE RIGHT TO DRILL, DIC OR MINE THROUGH THE SI.JRTACE THEREOF, AS EXCEPTED IN TTIE DEED FROM THE STATE OF CALIFORNIA, RECORDED ON FEBRUARY 28, 1968, AS DOCUMENT NO. 2480 IN BOOK D.3925, PAGE 1OO, OFFICIAL RECORDS, IN SAID OFFICE OF THE COUNTY RECORDER.

PARCEL 3
AN EXCLUSIVE EASEMENT, APPURTENANT TO PARCEL 1 ABOVE, FOR ALL USES AND PURPOSES OF A BALCONIY AREA AND/OR DECK AREA O\'ER 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 1 ABOVE FOLLOWED BY THE LETTER 'Y" ON THE ABOVE REFERENCED CONDOMINIIA4 PLAN.

PARCEL I:

PARCEL 4
AN EXCLUSIVE EASEMENT, APPURTENANT TO PARCEL 1 ABOVE, FOR ALL USES

AND PURPOSES OF A PARKING SPACEAREA OVERAND ACROSS THAT PORTION OF THE COMMON AREA WITHIN MODULE 4 OF LOT 1 OF SAID TRACT NO. 60638,

DEFINED AND DELINEATED AS EXCLUSIVE USE COMMON AREA, ON THE CONDOMINIIJM PLAN REFERRED TO IN PARCEL 1 ABOVE FOLLOWED BY THE LETTER *P-78".

APN: 4082-012-111
.--ffi]
ADvtsons tN:

Real Estate
Affordable Housing
Economic Development
BrR([r.rY
Debbie M. Xern
David Doerema

LOSANGELTS
Kathleen H- Head
James A. Rabe
Gregory D. Soo-Hoo
Kevin E. Engstrom
Julie L. Romey
Tim R. Bretz

KEYSE R MARSTON ASSOCIATES
ADVI5OR5 tN PtrBttC/PRtVArI RIAt tSTATt DtVltOIMtN',r
January 26, 2022
Taesung Yan and Aiko Shiono
2750 Artesia Boulevard #116
Redondo Beach, California 90278
Re: Maximum Sales Price Request
Dear Mr. Yan and Ms. Shiono:

The City of Redondo Beach Housing Authority (Housing Authority) has engaged Keyser Marston Associates, lnc. (KMA) to provide consulting services related to the affordable housing units located in the Breakwater Village project. The following letter is a response to your request for an assessment of the maximum allowable sales price for the Moderate-lncome unit you own at 2750 Artesia Boulevard #116, Redondo Beach, California 90278.

The conditions imposed on the resale of the residence are presented in the Agreement Containing Covenants, Restrictions and Option to Purchase, which is dated December 10, 2010 and was recorded on December 13, 2010 by the Los Angeles County Recorder as lnstrument No.20101837588. Under the terms and conditions included in Section 7 of the Agreement Containing Covenants, Restrictions and Option to Purchase, the maximum sales price that you may receive for any type of Transfer of your residence ("Resale Price") shall be the lesser of the following:

The Moderate lncome Affordable Purchase Price at the time of Resale; or The lncreased Base Price plus the "Value of Capital lmprovements" that have been approved by the City of Redondo Beach, if any.

PaulC, Marra
1 2
5OO SOUTH GRAND AVENUE, SUITE 1480 , LOSANGELES, CAI"IFORNIA 90071 , PHONE 213,622.8095 WWw'KEYSERMARSTON.COM
2201015.R8:KHH
18545.m7.016
Taesung Yang and Aiko Shiono
2750 Artesia Boulevard, Unit #116
January 26,2022

Page 2 ends

The unit Resale Determination Worksheet follows this letter. Based on the calculations included in the Worksheet, the Resale Price is based on the lncreased Base Price. As of today's date, the maximum Resale Price is 5190,349.

The Resale Price provided to you will be valid for three months from the date of this letter. Should the Resale Price expire, a new Maximum Sales Price Request must be submitted. ln that case a completed application (and fee payment, if applicable) should be submitted to the Housing Authority.

Sincerely,
Keyser Marston Associates, lnc.

Kathleen Head
2201015.R8:KHH
18545.007.016
/C"-il/"*- /l*-g-

UNIT RESATE PRICE DETERMINATION WORKSHEET
Owner's Name Taesung Yang and Aiko Shiono
Development Breakwater Village
Unit Number 116
Assessor Parcel Number (APN) 4082012111
lncome Level Moderate
Number of Bedrooms 1
The Maximum Resale Price ls equalto the Lesser of:

1. The lncreased Base Prlce, and the

2. The Moderate lncome Affordable Purchase Prlce
lncreased Base Price
cur.ent owner's Purchase Price s149,900
Currcnt Owner's Purchase Oate (HCD lncome 2010) 72l70l10 Area Median lncome at Time of owner's Purchase ss0,400
Area Median lncome at Calculation Date (HCD lncome 2021) S64,ooo Percentage lncrease in Area Median lncome 76.98%
lncreased Ease Value 5190,349
lncrease in Value Due to Capital Improvements so
lncreared Base Price s190,349
Moderate lncome Affordable Purchase Price S31s,600
s190,349
4126122
Aftet this dote, if ownet hds not entered into o putchose ond sole ogrcement, the soles price will need to be rccolculoted to toke into considerotion ony chonges in the Arco Medidn lncome, HOA dues, etc. Pledse see below fo r o d d it i ono I inlomo tion,
Maximum Resale Prlce
Cal€ulatlon i5 valid Through
Prepared by Keyser Marston Associates, lnc
Date the Calculation is Completed r126122
The Moximum Soles P ce is bosed a the formuld induded in the Addendum b Gront Deed rccotded on the propefty with the County d Los Angeles- The formulo tqkes into considerction the Areo Medlon lncome qs detetmined by the Stof€ q cofifomio ond mokes ollowonces fot utllitlcs, HOA duet toxet PMl, homeowoets insuronce, etc Additionolly, colculotions ore subkct to chdnge dt dny tlme due to chqnges in the obovementioned ioformotion- Pleose check wfth the Housing Authorry prior to enterlng into o purchose ond sole ogrcement.

Prepared by: Keyser Marston Associates, lnc.

File name: ASP Calcs 126 22
Kathleen Head

Redondo Beach City CouncilAugust 2, 2022

Redondo Beach City Council
August 2, 2022