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Home My WebLink About2011-297 Resale Restriction - Snowberry Brook LLC When Recorded Return Original to: RLorcl (wlecFonicRy Barbara Christensen, City Recorder D Ol 1- 20 East Main Street, Ashland, Oregon 97520 Countv�C l:S� Dat0174 -1 l- Time-a This instrument riled for record as an s1�5010e,60m $00,460.5657 accommodation only. It has not been examined as to it's effect upon the.title. First American Title Co. CITY OF ASHLAND AFFORDABLE HOUSING RESALE RESTRICTION COVENANT 3 Owner: Snowberry Brook LLC Property Address: Engle St., Villard St. and Clay St., Ashland, OR 97520 Map and Tax Lot# 391E11C2500 Agreement date:10/18/2010 Purchase Price: NA Name of development: Snowberry Brook Date of Purchase: NA 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 low-income households, pursuant to the City's Affordable Housing Program ("Program"). C. The Owner recognizes that in making the rental units available to eligible low- 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. D. Sale or rental of the home is subject to certain restrictions contained in this Covenant for the purpose of implementing the City's Affordable Housing Program as set forth in Ashland City Council Resolution No. 2006-13 ("Program"). E. The resale or rental restrictions were imposed on this property when the development received Planning Approval, including a density bonus, to develop 60 units at Engle, Villard and Clav Street . 17 of the units are to remain affordable in accordance with the annexation ordinance established under 18.106.030 of the Ashland Land Use Ordinance as in effect on the date of application. The Owner PAGE 1-RESALE RESTRICTION AGREEMENT I a ) Jackson County Official Records 2011-034364 �(E �l�(�lJgctCCv�v R-0R Stn=7 MANCUSTL 11/04/2011 02:01:52 PM 1 " When Recorded Return Original to: $30.00$10.00$5.00$11.00$15.00$3.00 $74.00 Barbara Christensen City Recorder I,Christina Walker,County Clerk for Jackson County,Oregon,certify 20 East Main Street, Ashland, Oregon 97520 that the Instrument Identified herein was recorded In the clerk records. Christine Walker-County Clerk This instrument filed for record as an accommodation only. It has not been examined as to It's effect upon the title. First American Title Co. CITY OF ASHLAND AFFORDABLE HOUSING RESALE RESTRICTION COVENANT .0 Owner: Snowberry Brook LLC Property Address: Engle St., Villard St. and Clay St., Ashland, OR 97520 Map and Tax Lot# 391E11C2500 Agreement date:10/18/2010 Purchase Price: NA Name of development: Snowberry Brook Date of Purchase: NA 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 low-income households, pursuant to the City's Affordable Housing Program ("Program"). C. The Owner recognizes that in making the rental units available to eligible low- 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. D. Sale or rental of the home is subject to certain restrictions contained in this Covenant for the purpose of implementing the City's Affordable Housing Program as set forth in Ashland City Council Resolution No. 2006-13 ("Program"). E. The resale or rental restrictions were imposed on this property when the development received Planning Approval, including a density bonus, to develop 60 units at Engle, Villard and Clay Street . 17 of the units are to remain affordable in accordance with the annexation ordinance established under 18.106.030 of the Ashland Land Use Ordinance as in effect on the date of application. The Owner PAGE 1-RESALE RESTRICTION AGREEMENT I understands that signing this Covenant and complying with its terms are necessary to permit the City to fulfill its affordable housing goals. This Covenant fulfills condition # 12G of Planning Action # PA2004-00141 that requires the applicant to sign an agreement prepared by the City of Ashland stipulating that 17 of the units comply with the Program established by the City of Ashland for purchase or rental housing for a period of not less than 60 years. The agreement is to be recorded in the deed records. Further the applicant has voluntarily provided an additional 43 units of rental housing to be maintained as affordable for a period not less than 60 years, and has received a deferral of System Development Charges and a waiver of the Community Development and engineering fees on those voluntarily provided units. 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 low-income households at affordable rent levels, in accordance with the provisions of Resolution No. 2006-013 adopted by the Ashland City Council. 2. Systems Development Charges (SDCs). City will waive 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 and the Community Development and Engineering fees that have been waived. 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 unit is sold or transferred, Owner agrees to pay any amount due from the promissory note referred to in paragraph 2, unless the qualified low-income rental units remain eligible to low- income households at affordable rent levels, in accordance with the provisions of Resolution # 2006-013 adopted by the Ashland City Council. 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 interest, 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 transferee 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 PAGE 2-RESALE RESTRICTION AGREEMENT agrees to pay a reasonable assumption fee to the City and to reimburse the City for its expenses incurred in administering its rights and obligations in connection with any transfer under this Agreement. Upon the close of any transfer, Owner agree to 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. 5. Priority and Effectiveness of this Agreement. 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 Agreement. The restrictions contained in this Agreement shall continue for a period of sixty (60) years from the date of this Agreement. 7. Survival of Agreement 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: Affordable Housing Specialist City of Ashland 51 Winburn Way Ashland, Oregon 97520 OWNER: Snowberry Brook LLC 2251 Table Rock Road Medford, OR 97501 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. 3 PAGE 3-RESALE RESTRICTION AGREEMENT 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. 11. Binding Effect. Throughout this Agreement, the term "Owner" refers individually and collectively to all persons who sign this Agreement and all persons signing this Agreement shall be jointly and severally liable for its obligations. 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 Report to City. Owner shall submit a report upon request to the City in a form approved by the City. The report shall include the income and family size of the household occupying the rental units. 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. SIGNATURE PAGE FOLLOWS PAGE 4-RESALE RESTRICTION AGREEMENT SNOWBERRY BROOK LLC By: Housing Authority of Jackson County, its Managing Member By: (� Scott Foster, Executive Director CITY OF ASHLAND: Title: State of Oregon County of Jackson This instrument was acknowledged before me on 0 / , by As 2�- C 010 IW `? ;�i� -� DiJ54in d�u.�r �-ih/ rJl cJaC,C�Yi (CJU� 0 On 1n 0 yt LAC. ._, ,w0� GFFICIAL SEAL .q Doti,A O'GRADY Notary Public for Ore on (\\ NOTARY PUBLIC-OREGON ry 9 �. COMMISSION NO. 432730 My commission expires: MY COMMISSION EXPIRES SEPT. 20, 2012 State of Oregon County of Jackson This instrument was acknowledged before me on Wo6e1- a7�a01 291 by Lnr% `fa}�*m as Z,4triM ('4v, Adni 114w+v- of the City of Ashland,(Oregon. OFFICIAL SEAL DIANA R SHIPLEY Notary Public for Ore NOTARY PUBLIC-OREGON - rY on COMMISSION NO. 454135 My commission expires: dourntbtr'.29,.a.01( MY COMMISSION EXPIRES NOVEMBER 28,2014 PAGE 5-RESALE RESTRICTION AGREEMENT EXHIBIT A LEGAL DESCRIPTION PARCEL 2 AS SHOWN ON PARTITION PLAT FILED IN THE OFFICE OF THE JACKSON COUNTY OREGON SURVEYOR AS NO. 20468 AND RECORDED AS PARTITION PLAT NO. P-27-2009 OF "RECORD OF PARTITION PLATS" IN JACKSON COUNTY, OREGON �J