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Home My WebLink About2004-115 Resale Restriction - ACLTWhen Recorded Return Original to: Barbara Christensen, City Recorder 20 East Main Street, Ashland, Oregon 97520 Jackson County Official Records 2004-033620 Cnt=l Stn=5 BARTLEGE06/17/2004 10:44:55 .AM $25,00 $5oo $11.00 Total:S41.00 81036209200400336200050051 l, Kathleen S. Beckett, County Clerk for Jackson County, Oregon, certify that the instrument identified herein was recorded in the Clerk records. Kathleen S. Beckett - County Clerk CITY OF ASHLAND AFFORDABLE HOUSING RESALE RESTRICTION AGREEMENT (SDCs ONLY) Owner: Ashland Community Land Trust (ACLT) Agreement date: .~~ .~, 2¢o'~ Name of development: Parkview Apartments (6 affordable units) Property Address: 41 Garfield Street Purchase Price: Developed by ACLT Date of Purchase: Agreement entered into on the date specified above by the City of Ashland ("City") and the "Owner" named above regarding certain improved real property located at the property address specified above ("the rental units"). RECITALS: A. The rental units referred to in this agreement is described more fully on the attached Exhibit A. B. The rental units are being made available at affordable rent to eligible Iow-income households, pursuant to the City's Affordable Housing Program ("Program"). C. The Owner recognizes that in making the rental units available to eligible Iow- income households, the Owner is receiving the benefits of the City's assistance to the property upon which the rental units are located. The Owner understands that signing this Agreement and complying with its terms are necessary to permit the City to fulfill its affordable housing goals. City and Owner agree: 1. Rental Unit Occupancy Requirement. The Owner agrees and acknowledges that the City's participation in the Program is conditioned upon Owner's continuous renting of the rental unit to eligible Iow-income households at affordable rent levels, in accordance with the provisions of Resolution No. 93-39 adopted by the Ashland City Council. PAGE 1-RESALE RESTRICTION AGREEMENT(1997) 2. Deferment of Systems Development Charqes (SDCs). City will defer the payment of SDCs owed by the Owner and due on the rental units. The Owner will execute a promissory note payable to City in a principal amount equal to the total cost of the SDCs that have been deferred. The note and the obligations under this Agreement will be secured by a trust deed on the property containing the rental unit. 3. Transfer of Property. When the property containing the rental units is sold or transferred, Owner agrees to pay any amount due from the promissory note referred to in paragraph 2. 3.1. Definition of transfer. To "transfer" the property of the rental units means any sale, assignment or transfer, whether voluntary or involuntary, of any interest in the property, including, but not limited to, a fee simple interest, a co-tenancy inte~rest, a survivorship interest, a life estate, a leasehold interest, any right to possession under a rental agreement, or an interest evidenced by a mortgage, trust deed or land sale contract in which possession of the rental unit is transferred and the Owner retains title. 3.2. Assumption requirement. This agreement shall apply to and bind ~any purchaser or transferee for the term of this agreement. Such purchaser or tra~nsferee shall assume the Owner's duties and obligations under this Agreement in writing, or sign an agreement substantially similar to this Agreement, prior to the transfer of the property. If the purchaser or transferee fails to assume this Agreement or execute and deliver a substantially similar agreement to the City prior to the sale or transfer, then the Owner shall pay any amount due from the promissory note referred to in paragraph 2. Recording of the assumption agreement in the official records of Jackson County, Oregon, shall be a condition of the City's approval of the proposed transfer. Owner agrees to pay a reasonable assumption fee to the City and to reimburse the C, ity for its expenses incurred in administering its rights and obligations in connection wi'th any transfer under this Agreement. Upon the close of any transfer, Owner agree 1:o provide the City with copies of the recorded trust deed, final sales contract, settlement statement, escrow instructions, and any other documents prepared or used in connection with the transaction. 4. Owner Must Notify City of Transfer. If Owner desire to transfer the property containing the rental units, Owner is required to notify City in writing to that effect. The notice shall state the street address of the Owner's home, full name or names, the address and telephone number at which the Owner may be contacted if not at the home. The notice shall be given at least 30 days prior to the transfer and shall be delivered as provided in paragraph 8. PAGE 2-RESALE RESTRICTION AGREEMENT(1997) 5. Priority and Effectiveness of this Ac~reement. This Agreement, or a memorandum of this agreement, shall be filed for recordation in the County Clerk deed records, Jackson County, Oregon prior to any sale, conveyance, transfer or other disposition of the property, or of any estate or interest in the rental unit, by the Owner. The Agreement shall have priority over any subsequent sale, conveyance, transfer, lease or other disposition or encumbrance of the property, or of any estate or interest in the rental unit. 6. Term of A_~reement. The restrictions contained in this Agreement shall continue for a period of 20 years from the date of this Agreement. 7. Survival of Aqreement Upon Transfer. The City's rights under this Agreement shall survive any transfer of the property by Owner. 8. Notices. Except as otherwise specified in this Agreement, all notices required to be sent pursuant to this Agreement shall be made by personal delivery or by deposit in the United States mail, first class postage prepaid, and shall be deemed to have been delivered and received on the date of personal delivery or five days after deposit in the mail, if sent to the following addresses: City: Housing Program Specialist City of Ashland 51 Winburn Way Ashland, Oregon 97520 OWNER: Ashland Community Land Trust PO Box 3027 Ashland, Oregon 97520 The addresses above may be changed by notice given pursuant to this paragraph. 9. Waiver. No condition of this agreement or of the note or trust deed shall be deemed waived unless expressly waived in writing by City. 10. Default. A default shall occur if Owner fails to perform or observe any of the provisions of this agreement, the note or trust deed. If any default occurs, City may, at its option, declare the entire unpaid balance of principal and accrued interest on the note immediately due and payable and enforce any of the remedies set forth in the trust deed. PAGE 3-RESALE RESTRICTION AGREEMENT(1997) 11. Bindinq Effect. Throughout this Agreement, the term "Owner" refers to the Ashland Community Land Trust of Oregon (ACLT) and this agreement and its terms shall be binding upon the heirs, executors, administrators, personal representatives, successors, and assigns. 12. Attorneys' fees. If either party is required to initiate legal proceedings to enforce its rights under this Agreement, the prevailing party in such action shall be entitled to an award of reasonable attorneys' fees and costs in addition to any other recovery under this Agreement. 13 Annual Report to City. Owner shall submit an annual report to the City iin a form approved by the City. The annual report shall include the income and family size of the household occupying the rental unit. The report shall also state the date the tenancy commenced for the rental unit and such other information as the City may be required by law to obtain. OWNER: .~/' ' t'~. ' i / By: State of Oregon County of Jackson This instrument was acknowledged before me on ~,- and ~'~/r~ ,2004, 7, ~ OFFICIAL SF_.AL ~~ NANCY E SLOCUM ~ '.' NOTARY PUBLIC - OREGON COMMISSION NO. 371650 MY COMMISSION EXPIRES SEPT. 18, 2007 stat'e'~)~f O-Fe~bh~ ....... ~ County of Jackson This instrument was acknowledged before me by ~./~/..~ ~/"/'/.~,~ as ~/ Ashland, Oregon. NotCry Publi~ for Oregon ,.-, My commission expires: ,20 of the City of I~ly cc;m°tary PCbJiCom~si fn°~xO~ieregs°.'n /-7/- ~- Z2 ~,, PAGE 4-RESALE RESTRICTION AGREEMENT(1997) EXHIBIT "A" · TRACT A: Beginning at the southeast corner of Lot Ten (10) of THE ASHI0kND HOMESTEAD ASSOCIATION tract in the City of Ashland, Jackson County, Oregon; thence North, along the east line thereof, 80.0 feet; thence West, 113.5 feet to the west line of the East Half of said Lot; thence South, along said line, 80.0 feet to the south line of said Lot; thence East, along said line, 113.5 feet to the point of beginning. TRACT B: Beginning at a point on the division line between the East Half and the West Half of Lot Ten (10) of THE ASHLAND HOMESTEAD ASSOCIATION tract in the City of Ashland, Jackson County, Oregon, which point bears 80.0 feet North of the south line of said Lot; thence North, along said division line, 52.71 feet to the southwest corner of tract conveyed to the Lithia Lumber Co., thence North 78o00' East, along the southerly line of said tract, 46.21 feet; thence South, 62.32 feet; thence West, 45.2 feet to the point of beginning. (Code 5-01, Account #1-007643-7, Map #391E10BC, Tax Lot #3101) PAGE/TRUST DEED