Record Without Fee
Pursuant to Government Code § 6103
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
City of Santa Clara
City Clerk’s Office
1500 Warburton Avenue
Santa Clara, California 95050
SPACE ABOVE THIS LINE FOR RECORDER’S USE ONLY
AMENDMENT NO. 1
TO THE AMENDED AND RESTATED AFFORDABLE HOUSING AGREEMENT between the
CITY OF SANTA CLARA, CALIFORNIA,
and
SHAC LS APARTMENTS II LLC
PREAMBLE
This agreement (“Amendment No. 1”) is entered into between the City of Santa Clara, California, a chartered California municipal corporation (City) and SHAC LS Apartments II, LLC, a Delaware limited liability company, (Developer), whose address is 777 California Avenue, Palo Alto, CA 94304. City and Developer may be referred to individually as a “Party” or collectively as the “Parties” or the “Parties to this Agreement.”
RECITALS
The Parties previously entered into an agreement entitled “Amended and Restated Affordable Housing Agreement”, which was recorded in the official records of Santa Clara County, California on May 1, 2020 as Document No.24469213 (“Agreement”); and The Parties entered into the “Amended and Restated Affordable Housing Agreement” of having Developer provide fifty-three (53) Affordable Housing Units within the project that will be designated for low and moderate income residents, and the Parties now wish to amend and restate the Agreement to decrease the number of Affordable Housing Units available for rental in the Project to forty-three (43).
The Parties agrees with respect to the Developer’s election (if ever) to sell the units as condominiums during the term of the Affordability Period, there shall be fifty-three (53) Affordable Housing Units to be sold at an Affordable Sales Price as provided in the Agreement without regard to this Amendment No. 1.
Developer accepts responsibility for meeting the provision of forty-three (43) Affordable Housing Units within the Project. The forty-three (43) Affordable Housing Units shall be provided in the Project according to the terms herein stated. The proportion of Affordable Housing Units shall be 58% moderate income and 42% low income. Moderate income shall be defined as 120% of the Area Median Income (AMI) and low income shall be defined as 80% of the AMI. The distribution of these Affordable Housing Units shall be twenty-five (25) moderate income and eighteen (18) low income units.
All forty-three (43) proposed Affordable Housing Units shall be made available at Below Market Rate (BMR) rents that do not exceed Affordable Housing Cost, as defined in the Amended and Restated Agreement Containing Covenants and Restrictions recorded on May 27, 2020 as Document No. 24488932, Official Records. Each of the forty-three (43) Affordable Housing Units are designated and identified in the attached Exhibit B.
NOW, THEREFORE, the Parties agree as follows:
AMENDMENT TERMS AND CONDITIONS
Section 1.1(b) of the Agreement is amended and restated in its entirety as follows:
“An apartment community containing 286 residential dwelling units is intended to be constructed on the Site as Building A (the "Project"). As a Condition of Architectural Review Approval, Developer has agreed to provide forty-three (43) affordable rental units ("Affordable Housing Units" or "Units") within the Project that will be designated for low and moderate income residents and shall meet affordability requirements for low and moderate income residents for a period of 55 years ("Initial Term"). The proportion of Units shall be 58% moderate income and 42% low income. Moderate income shall be defined as 120% of the Area Median Income (AMI) and low income shall be defined as 80% AMI. The distribution of Units shall be twenty-five (25) moderate income and eighteen (18) low income. Should a condominium plan be approved to allow condominium or other individual unit sales in the Project, prior to occupancy of any such units, Developer shall enter into an affordability agreement with the Community Development Department's Housing & Community Services Division restricting fifty-three (53) Units to meet affordability requirements for low and moderate residents for a period of 45 years. The Units shall be constructed to the same standards as the market rate apartment units, and shall be distributed throughout Building A. Review and approval of the distribution of Units, whether as rentals or as market rate sales, shall be at the discretion of the Director of Community Development.” Developer’s address information in Section 1.4(b) of the Agreement is hereby changed as follows:
Attention:
President
777 California Avenue
Palo Alto, CA 94304
Copy to:
777 California Avenue
Palo Alto, CA 94304
Attn: General Counsel
Pursuant to Section 1.6 of the Agreement, City and Developer agree that the Affordable Housing Agreement entered into between City and Developer that was recorded in the Official Records of Santa Clara County on March 20, 2019 as Document No. 24138221 is hereby terminated and removed from title to the Site and to the Project and shall be of no further force and effect.
The Agreement defined in Recital A above, as amended by this Amendment No. 1, remains in full force and effect in accordance with its terms.
References to “fifty-three (53)” in Section 3.1(a) and Section 3.1(b) of the Agreement are hereby changed to “forty-three (43)”.
Exhibit B of the Agreement, entitled “Amended and Restated Affordable Housing Agreement” is amended and replaced by Exhibit B of this Agreement.
Except as set forth herein, all other terms and conditions of the Agreement shall remain in full force and effect. In case of a conflict in the terms of the Agreement and this Amendment No. 1, the provisions of this Amendment No. 1 shall control.
The Parties acknowledge and accept the terms and conditions of this Amendment No. 1 as evidenced by the following signatures of their duly authorized representatives.
CITY OF SANTA CLARA, CALIFORNIA
a chartered California municipal corporation
Approved as to Form:
Dated:
GLEN R. GOOGINS
City Attorney
JŌVAN D. GROGAN
City Manager
City of Santa Clara
1500 Warburton Avenue
Santa Clara, CA 95050
Telephone: (408) 615-2210
Fax: (408) 241-6771
“City”
DEVELOPER’S SIGNATURE ON NEXT PAGE
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of California )
County of )
On before me, , personally appeared , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature ______________________________________ (Seal) shac ls apartments ii llc,
a Delaware limited liability company
By: SHAc LS Apartments II Venture LLC,
a Delaware limited liability company, its manager
By: SHAc LS Apartments II Manager LLC,
a Delaware limited liability company, its manager
By: SummerHill Apartment Communities LLC,
a California corporation, its managing member
Dated:
By (Signature):
Name:
Doug McDonald
Title:
President
Dated:
By (Signature):
Name:
Jason Biggs
Title:
Assistant Secretary
Principal Place of Business Address:
777 California Avenue, Palo Alto, CA 94304
Email Address:
[email protected]
Telephone:
(650) 494-1400
Fax:
(650) 213-8849
“DEVELOPER”
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of California )
County of )
On before me, , personally appeared , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature ______________________________________ (Seal)
EXHIBIT B
Unit Size
Low Income
(80% AMI)
Moderate Income (120% AMI)
Number of Units
1X1
12 17
29 2X2
6 8
14 TOTAL UNITS
18 25
43 Amendment No. 1 to Amended & Restated Affordable Housing Agreement Page 7 SHAC LS Apartments II LLC
Rev. 05/24/2024
Amendment No. 1 to Amended & Restated Affordable Housing Agreement Page 6 SHAC LS Apartments II LLC
Rev. 05/24/2024
Amendment No. 1 to Amended & Restated Affordable Housing Agreement Page 7 SHAC LS Apartments II LLC
Rev. 05/24/2024