ATTACHMENT NO. 10
ATTACHMENT NO. 10
RELEASE OF CONSTRUCTION COVENANTS
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO: )
)
)
City of Riverside )
3900 Main Street )
Riverside, CA 92522 )
Attn: Housing Project Manager )
)
Project: Oaktree Apartments )
(Space above for Recorder’s Use Only)
This document is exempt from the payment of a recording fee pursuant to Government Code Section 27383.
RELEASE OF CONSTRUCTION COVENANTS
THIS RELEASE OF CONSTRUCTION COVENANTS (“Release”) is hereby made as of this day of , 2025, by the CITY OF RIVERSIDE, a California charter city and municipal corporation (“City”) in fa vor of RIVERSIDE HOUSING DEVELOPMENT CORPORATION, a California nonprofit public benefit corporation (“Borrower”).
R E C I T A L S
A. The City and the Borrower entered into that certain American Rescue Plan Act Loan dated for identification purposes only as of September________, 2025 (“ARPA Loan Agreement”).
B. Pursuant to the Agreement, the City and the Borrower entered into that certain ARPA Regulatory Agreement dated Sept ember_____, 2025 . The ARPA Loan Agreement provides for the completion of certain improvements (“Project”) to certain real property (“Site”) situated in the City of Riverside, California, and more particularly described on Exhibit “A” attached hereto and made a part hereof by this re ference. Capitalized te rms used herein and not otherwise defined shall have the meaning set forth in the ARPA Regulatory Agreement.
C. As required in the ARPA Loan Agreement and the ARPA Regulatory Agreement, the City shall furnish the Borrower with a Release of Construction Covenants upon completion of the Project which Certificate shall be in such form as to permit it to be recorded in the Riverside County Recorder’s Office.
D. The City has conclusively determined th at the construction of the Project required by the ARPA Loan Agreement, and the ARPA Regulatory Agreement on the Site has been satisfactorily completed.
ATTACHMENT NO. 10
NOW, THEREFORE, the City hereto certifies as follows:
1. As provided in the ARPA Regulatory Agreem ent, the City does hereby certify that all of the construction of the Project on the Site has been fully and satisfactorily performed and completed in accordance with the ARPA Loan Agreement and the ARPA Regulatory Agreement.
2. After the recordation of this Release any person or entity then owning or thereafter purchasing, or otherwise acquiring any interest in the Site will not (because of such Ownership, purchase, or acquisition) incur any obligation or liability under the ARPA Regulatory Agreement to construct the Project, however, such party sh all be bound by any and a ll of the covenants, conditions, and restrictions con cerning the use, maintenance a nd operation of the Site which survive such recordation.
3. This Release is not a notice of completi on as referred to in Section 3093 of the California Civil Code.
IN WITNESS WHEREOF, the City has executed this Release as of the date set forth above.
CITY OF RIVERSIDE, a California charter city and
municipal corporation
By:______________________________________
City Manager
ATTEST:
_______________________________
City Clerk
APPROVED AS TO FORM:
By: _____________________________
Deputy City Attorney
ATTACHMENT NO. 10
EXHIBIT “A”
LEGAL DESCRIPTION
[Attached]
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