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HomeMy WebLinkAbout2005-219 Affd. Housing Docs - Bobb When Recorded Return Original to: Barbara Christensen, City Recorder 20 East Main Street, Ashland, Oregon 97520 PROMISSORY NOTE SECURED BY DEED OF TRUST Ashland, Oregon, I 0 h--~ ,2005 ( For value received, I promise to pay to the order of the City of Ashland, Oregon, ("City"), at City Hall or such other place as the City may designate, the principal sum of Four Thousand Nine Hundred Twenty Three dollars and forty one cents ($4923.4t11 plus accrued interest, upon the terms and conditions set forth below. $4923.41 1. AFFORDABLE HOUSING COVENANT. This obligation is secured by a Trust Deed and is subject to all the terms and conditions of such Trust Deed. This obligation is given pursuant to a "CITY OF ASHLAND AFFORDABLE HOUSING RESAl.E RESTRICTION COVENANT" and is subject to all the terms and conditions of such covenant (further referred to in this note as "the Covenant"). The promisor shall have the right to prepay all or any portion of the unpaid principal of this note without penalty. However, any payments shall be applied first to accumulated interest and then to principal. 2. INTEREST. The unpaid principal balance of this note shall bear simple interest at the rate of six percent (6.0%) per year from the date of this note until paid. 3. REPAYMENT. 3.1 . During the first 20 years after this note is executed, no payments of either principal or interest shall be due or payable so long as I continue to own and occupy the home as my primary residence, and so long as I am not in violation of any of the terms of this note or the trust deed securing it. As set forth in the Covenant, I may also make a qualified transfer of the home to an eligible buyer who shall assume this note without violating the terms of this note. 3.2 . During the first 20 years after this note is executed, the total amount of the principal and accrued interest shall become immediately due and payable in full upon my transfer of the home to any person or entity other than an eligible buyer as defined in the Covenant or to an otherwise eligible buyer who does not assume this note and the trust deed securing it and agree to comply with all of its terms, or whenE~ver I cease to occupy the home as my primary residence, or whenever I am in default for failure to comply with any of the terms of this note or the trust deed. At the end of 20 years following the date of execution of this note, if I am at that time the owner and occupier of the home and am not in default under any terms of this note or the trust deE~d, this note and my obligation to pay the principal and accrued interest shall be cancellHd and forgiven by the City. PAGE 1 of 2-Promissory Note (Rev'd 9/05) 4. BINDING EFFECT: JOINT AND SEVERAL OBLIGATIONS. This note and its terms shall be binding upon my heirs, executors, administrators, personal representatives, successors, and assigns. Throughout this note, the terms "1," "me," and "my" refer individually and collectively to all persons who sign this note, and all persons signing this note shall be jointly and severally liable for its obligations. 5. A TIORNEY FEES AND COSTS. If either party is required to initiate legal proceedings to enforce its rights under this Covenant, the prevailing party in such action shall be entitled to an award of reasonable attorneys' fees and costs in additiion to any other recovery under this Covenant. 6. SEVERABILITY; GOVERNING LAW. If any provision of this note is or becomes inconsistent with any applicable present or future law, rule or regulation, such provision will be deemed rescinded or modified in order to comply with the relevant law rule or regulation, and all other provisions of this note shall continue in full force and effect. This note shall be governed by and interpreted under the laws of the State of Oregon. 7. NO WAIVER. Failure by the City to require strict performance of any term of this note, including the extension of any payment or acceptance of any part of a paymE~nt, shall not affect the City's rights or be considered a waiver by the City of the strict performance of all conditions of this note. No waiver by the City of any default shall be considered a waiver of any subsequent default or a waiver of this paragraph. EXECUTED this ::2-;- day of O~ AA , 2005 NOTICE TO BUYER: THIS DOCUMENT CONTAINS PROVISIONS RESTRIICTING RESALES AND ASSUMPTIONS. S~8u Signature: PAGE 2 of 2-Promissory Note (Rev'd 2004) 1 ~~~~on County Official Records 2005-067580 Cnt=1 5tl1=6 HELMANC~1/03/2005 02:10:00 PM "JJJi5,rrll n 111111I111 @t~m;r 01'154363200500675800040042 I, Kathleen S. Beckett. County Clerk for Jackson Count 0 ~ec~~:~at the instrument identified here-in was record;d i:~~~~lerk Kathleen 5 Beckett - County Clerk . tfOfJcfO?-7;2<!) 0 When Recorded Return Original to: Barbara Christensen, City Recorder 20 East Main Street, Ashland, Oregon 97520 TRUST DEED This trust deed is made on & . c2 _~ , 2005, between Arthur B. Bobb, as Grantor(s), the City of Ashland, as Beneficiary, and Mike Franell, an active member of the Oregon State Bar as Trustee. 1. Conveyance by Grantor. For good and valuable consideration, receipt of which is acknowledged, and for the purpose of securing the loan obligations described in Section 3 below, Grantor irrevocably grants, bargains, sells, conveys, assigns, and transfers to Trustee in trust for the benefit and security of the Beneficiary, with power of sale and right of entry and possession, all of Grantor's right, title, and interest in and to the real property located in Jackson County, State of Oregon, and more particularly described in the attached Exhibit A (the "Property"). 2. The Note. Beneficiary has offered to defer the systems development char~~es due on the Property and to make a loan to Grantor for the amount of the charges which loan is to be evidenced by a promissory note of the same date as this trust deed. (The promissory note as modified, supplemented, extended, renewed, or replaced from time to time is referred to below as the "Note".) The date of maturity of the debt secured by this instrument is 20 years from the date of the Note. In the event the Property, or any part of, or interest in, the Property is sold, agreed to be sold, conveyed, assigned or alienated by the Grantor without complying with the terms of the Note or the Covenant described below, then, at the Beneficiary's option, all obligations secured by this instrument, irrespective of the maturity dates expressed above or in the Note" shall immediately become due and payable. 3. Obligations Secured. This trust deed secures the following, collectively rEiferred to as the "loan obligations": 3.1. The payment of all indebtedness, including but not limited to principal and interest, and the performance of all covenants and obligations of Grantor under the Note, whether such payment and performance is now due or becomes due in the future; 3.2. The payment and performance of all covenants and obligations in the City of Ashland Affordable Housing Resale Restriction Covenant dated -. 'I~' J A{ r;L ("the Covenant") entered into by Grantor and Beneficiary. The term "IO~lS" as used in this trust deed shall mean all amounts payable to Beneficiary under the terms of the Note and the Covenant. 4. Possession. Grantor agrees to pay the Note and the Covenant in accordance with PAGE 1-TRUST DEED their terms. Until default occurs, Grantor shall remain in possession and control of the property and subject to the terms of the Covenant, Grantor shall be free to operate and manage the property and receive the proceeds of operation. 5. Warranty of title. Grantor warrants that Grantor holds merchantable title to the property in fee simple or that Grantor holds a vendee's interest in the property under a conditional sales contract. Grantor warrants and will defend Grantor's title against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest of Beneficiary or Trustee under this dE~ed, Grantor shall defend the action at Grantor's expense. 6. Powers of Trustee. In addition to all powers of Trustee arising as a matter of law, Trustee shall have the power to take the following action with respect to the property on the request of Beneficiary and Grantor: (a) joining in the dedication of roads or other rights in the public; (b) joining in granting any easement or creating any restriction on the property; (c) joining in any subordination or other agreement affecting this deed or the interest of Beneficiary under this deed; or (d) selling the property or any part thereof. Trustee shall not be obligated to notify any other party of a pending sale undHr any other deed or trust or lien, or of any action or proceeding in which Grantor, Bf~neficiary, or Trustee shall be a party, unless the action or proceeding is brought by Trustee. 7. Deed of Reconveyance. If Grantor pays all of the loan obligations when due and otherwise performs all of the obligations imposed on Grantor under this instrument, the Note and the Covenant, Beneficiary shall execute and deliver to Trustee a request for full reconveyance. 8. Default. Grantor shall be deemed to be in default if Grantor fails to perform any of the obligations imposed by this deed, the Note or the Covenant. 9. Remedies. On the occurrence of any event of default and at any time themafter, Beneficiary may exercise anyone or more of the following rights and remedies: 9.1. The right to declare all sums secured by this trust deed immediately due and payable. 9.2. The right to foreclose by notice and sale by Trustee or by judicial foreclosure, in either case in accordance with applicable law. 9.3. The right in connection with any legal proceedings to have a receiver appointed to take possession of any or all of the property, with the power to protect and preserve the property and to use the property preceding foreclosure or sale and apply the proceeds, over and above costs of the receivership, against the loan obligations. The receiver may serve without bond if permitted by law. Beneficiary's right to the appointment of a receiver shall exist whether or not apparent value of the property exceeds the loan obligations by a substantial amount. PAGE 2-TRUST DEED 2- 9.4. Any other right or remedy provided in this deed, the Note or the Covenant. 10. Application of proceeds. In the event the Trustee exercises the power of sale conferred by this trust deed, the Trustee shall apply the proceeds of the sale in the following order: 10.1. To the expense of the sale, including reasonable attorney fees, 10.2. To the loan obligations secured by this trust deed, and 10.3. The surplus, if any, to the persons entitled thereto. 11. Waiver. A waiver by either party of a breach of a provision of this agreement shall not constitute a waiver of or prejudice the party's right otherwise to demand strict compliance with that provision or any other provision. Election by Beneficiary to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or take action to perform an obligation of Grantor under this dee!d after failure of the Grantor to perform shall not affect Beneficiary's right to declare a default and exercise its remedies under this trust deed or the Contract. 12. Trust Deed Binding on Successors and Assigns. Subject to the limitations stated in this deed on transfer of Grantor's interest, and subject to the provisions of applicable law with respect to successor trustees, this deed shall be binding on and inum to the benefit of the parties, their successors and assi s. STATE OF OREGON COUNTY OF JACKSON cknowledged before me on /()I()sjo~- by OFFICIAL SEAL PATRICIA GRAY NOTARY PUBLIC-OREGON COMMISSION NO. 379449 MY COMMISSION EXPIRES JUNE 27, 2008 ~~... PAGE 3-TRUST DEED s Sep 1S 05 10:00a Neathamer Surve~ i nc, I nc. (541) 732 -1382 p.4 EXHIBIT" A " All that certain real property located in the Northeast One"quarter of Section 15, Township 39 South, Range 1 East, Willamette Meridian, Jackson County, Oregon, the exterior boundary being more particularly described as foliows: Lot 3 of 2001 SISKIYOU SUBDIVISION, filed for record the 14th day of September 2005, and recorded in Volume 31 of Plats at Page 47 of the Records of Jackson County, Oregon, and filed as Survey Number 18889, in the office of the Jackson County Surveyor. Prepared By: Neathamer Surveying, Inc. 3 126 State Street, Suite 200 PO Box 1584 Medford, Oregon 97501 Phone: (541) 732"2869 FAX: (541) 732-1382 REGISTERE~ PROFESSIONAL LAND SURVEYOR ~. OREGON ;] JULY 12, 2005 LOGAN MILES 65452 RENEWAL: DEC. 31,..i~ Date: . September 19,2005 \1 .~ Jackson County Officiai Records 2005-067581 R-DR Cnt=1 Stn=6 HELMANC~1/03/2005 02:10:00 PM $40 00 $5 00 $11 .00 Total :$56.00 ,,11/ "" "11/1/ "" "111111111 01154364200500675810080086 I, K~thleen S B;eckett, Cou,nty C.l~rk for Jackson County, Oregon, ~:c~%~hat the Instrument Identlfjed herein was recorded in the Clerk Kathleen S Beckett - County Clerk When Recorded Return Original to: Barbara Christensen, City Recorder 20 East Main Street, Ashland, Oregon 97520 CITY OF ASHLAND AFFORDABL~ HUU~INu RESALE RESTRICTION COVENANT Owner(s): Arthur B. Bobb Property Address: 2005 Siskiyou Blvd. Assessors Ma : Lot 3 of the 2001 Siskiyou Subdivision Maximum Purchase Price: as of June 1, 2005: $146,744.00 A reement date: October 20, 2005 Date of Purchase: . D 2 ~ {f~:- Name of development: 2001 Siskiyou Subdivision. RVCDC Self-Help Project . Covenant Agreement entered into on the date specified above by the City of Ashland ("City") and Individual Owner ("Owner") named above regarding certain improved real property located at the property address specified above ("the home"). RECITALS: A. The home referred to in this covenant agreement is described mom fully on the attached Exhibit A. B. Sale or rental of the home is subject to certain restrictions which require that the home be sold to an eligible low or moderate-income household, or rented to an eligible low-income household, pursuant to the City's Affordable Housing Program ("Program"). The Owner shall transfer or rent the home only to an eligible household where the purchaser or renter intends to live in the home as a primary residence. C. The resale or rental restrictions were imposed on these homes whE~n Rogue Valley Community Development Corporation proposed to build nine affordable town homes in conjunction with a Community Development Block Grant awarded by the City to purchase the property at 2001 Siskiyou Blvd for that purpose. The Owner understands that signing this Covenant Agreement and complying with its terms are necessary to permit the City to fulfill its affordable housing goals. Upon transfer of ownership the home the buyer's income and the price shall be submitted to the Planning Division as well as a written certification, as provided in paragraph 4, signed by the proposed buyer stipulating that they understand and agree to the provisions of this Resale Restriction Agreement. The purchase of the units shall remain affordable to households earning 80% or less the Area Median Income for a period of not less than 20 years. The Resale Restriction Covenant, and any subsequent buyer Assumption Agreements, are to be recorded in the deed records. PAGE 1-RESALE RESTRICTiON COVENANT G.eomm-dev\HOUSING\Houslnq Projeets'Slsklyou_2uD1 ,SDC Deferra!.rvcdc-LUUl SIskiYOU City and Owner agree: 1 Deferment of Systems DeveloDment Charaes (SDCs). City will defer tho payment of SDCs owed by you and due on the home. You 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 home. 2. OccuDancv Reauirement. Owner agrees and acknowledges that the City's acceptance of Owner's participation in the Program and sale of the home is Gonditioned upon occupancy of the home only by qualified low or moderate-income households. Rental of the home is conditioned upon occupancy of the home only by a qW31ified low- income household. For purposes of this agreement, occupancy includes renting of the home by the Owner to others provided the renting household is qualified under the City's affordable rental program income limits and the rental costs do not exceed the limits established under the rental program. 3. Transfer of Home. Except as provided in paragraph 4, Owner agrees to "transfer" the home consistent with this agreement and the provisions of the version of Ashland City Council Resolution 93-39 in effect on the date of signing this Covenant Agreement, or the System Development Charges shall be paid in full as contained in section 4.3. 3.1. Definition of transfer. To "transfer" the home means any sale, assignment or transfer, whether voluntary or involuntary, of any interest in the home, 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 home is transferred and Owner retains title. 3.2. Assumption reauirement. This Covenant Agreement shall apply to and bind any purchaser or transferee in an exempt or qualified transfer (see paragraph 4). Such purchaser or transferee (other than a renting housf~hold qualified under the City's affordable rental program) shall assume Owner's duties and obligations under this Covenant Agreement in writing, or sign an a!greement substantially similar to this Covenant Agreement, prior to the transfer of the home. If the purchaser or transferee fails to assume this Covenant Agreement or execute and deliver a substantially similar agreement to the City prior to the sale or transfer, then the sale or transfer shall be considered void and the City may enforce any of its remedies as contained in section 4.2.7 below. Recording of the covenant agreement in the official records of J1ackson 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 City for its expenses incurred in administering its rights and obligations in connection with any transfer under this Covenant Agreement. PAGE 2-RESALE RESTRICTiON COVENMJT G comm-dev HOUSINGHousl~g PrCJectsSls~lyou~C'Ci1SDC Deferrai r.c:c z :: SiSKIYOU Upon the close of any transfer, Owner agrees 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. ExemDt . Qualified. and Permitted Transfers. Notwithstanding paragraph 3 above, if a transfer is either an "exempt transfer," a "qualified transfer, "or a "permitted transfer requiring repayment of System Development Charges" as provided in this paragraph, such transfer shall not be considered a violation of this agreement. 4.1. Exempt transfer. An "exempt transfer" is: 4.1.1. A transfer by Owner of a home being rented to a low-income household under the Program to a transferee who will continue to rent the home under the Program 4.1.2. A taking of title by a surviving joint tenant; a court-ordemd transfer of title to a spouse as part of a dissolution proceeding; an acquisition of title, or of any interest in the title, in conjunction with marriage; an acquisition of title, or of any interest in the title, either by intestacy under Oregon Revised Statutes chapter 112 or by will or devise. If title is taken as described in this paragraph, and the home is being rented to a low-income household under the Pmgram, the transfer is only exempt if the transferee will continue to rent the home under the Program. 4.1.3. A refinancing of the existing purchase money first mortgage or trust deed encumbering the home by securing a new first mortgage or trust deed on the home in an amount that does not exceed the then present affordable housing purchase price as determined by the version of Ashland City Council Resolution number 93-39 in effect on the date of signing this covenant, plus applicable loan fees and closing costs. An exempt transfer also includl9S a home equity loan secured by a third mortgage or trust deed on the home, which shall be subordinate to this note and the trust deed securing it, provided that the proceeds of such home equity loan shall only be used for improvements to the home, including landscaping. 4.2. Qualified transfer. A "qualified transfer" is a transfer to an eligible buyer under the Program for a sales price that does not exceed the affordable housing purchase price as determined by the version of Ashland City Council Resolution 93-39 in effect on the date of signing this Covenant Agreement. A qualified transfer shall include the rental of the home to an eligible household as determined by the version of Ashland City Council Resolution number !93-39 in effect on the date of signing this Covenant Agreement. At least 30 days prior to the transfer, Owner shall provide the following information to the City: 4.2.1. The name, address and telephone number of the propOSEld buyer or renter(s); PAGE 3-RESALE RESTRICTION COVENANT G.\COmm-dev\HOUSINGIHousing Projects\Siskiyou 2001 \SDC Deferral rvcdc-2001 SIskiYOU s 4.2.2. A financial statement signed by the proposed buyer and his or her spouse, if any, in a form acceptable by the City and accompanied by such supporting documentation as requested by the City. Use of the propf~rty, as a rental, requires all members of the rental household provide income verification documentation to the City to qualify as an eligible renter. The financial information shall be used by the City to determine the income eligibility of the proposed buyer. To be an eligible buyer under the Program, a buyer shall certify that he or she will occupy the home as his or her principal home. ThE! buyer and all other members of the buyer's household shall meet the income guidelines established from time to time by the City for partiCipation in its affordable housing program. 4.2.3. A copy of the proposed sales agreement or rental agreement and all related documents, which set forth the terms of the transfer; 4.2.4. A written certification signed by the proposed buyer or mnter(s) and Owner in a form acceptable to the City stating that: 4.2.5. The transfer shall be closed in accordance with the terms of the sales agreement or rental agreement and other documents submitted and approved by the City; 4.2.6. Neither the proposed buyer nor any other party has paid or will pay to Owner or for Owner's benefit, and Owner has not received nor will Owner receive from the proposed buyer, renter(s), or any other party, either directly or indirectly or for Owner's benefit, money or any other consideration in addition to what is set forth in the sales agreement and related documents; 4.2.7. In the event that a transfer is made in violation of the terms of this agreement, or that false or misleading statements are made in any documents or certifications submitted to the City, the City shall have the right to file cl legal action to force the parties to terminate or rescind the sales agreement, or rental agreement, or to declare the sale void notwithstanding the fact that thE! sale may have closed and become final as between the buyer and Owner. 4.3 Permitted Transfer requiring repayment of System Development Charges. A "Permitted Transfer requiring repayment of System Development Charges" is a transfer for a sales price that exceeds the limits established by the version of Ashland's City Council Resolution 93-39 in effect on the datf9 of signing this covenant, but is less than or equal to the maximum purchase price limit established in the Rogue Valley Community Development Corporation Lease Agreement. Owner shall not transfer this Home to a household whose estimated payments for principal, interest, taxes, and insurance exceed 30% of the household gross monthly income for a period of not less than 20 YE!ars. In the event the home is transferred for any amount greater than the maximum purchase price limit set forth in the version of 93-39 in effect at the signing of the Covenant, the Owner agrees to pay the amount due on the promissory note, plus accrued interest. PAGE 4-RESALE RESTRICTION COVENANT \.{ G-\comm-dev\HOUSINGIHousin9 ProjectsIS,skiyou_2U01 ISDC Deferral_rvcdc-2001 SIskiYOU 5. Notification to City of Transfer is Reauired. Prior to transfer of the home, Owner agrees to notify City in writing of such proposed transfer. If the proposed transferee is a qualified transferee or a permitted transfer requiring repayment of System Development Charges, the notice and information provided must comply with paragraph 4.2. For any other transfer the notice shall state the street address of the home, full name or names of the proposed transferee(s), the address and telephone number at which the proposed transferee(s) are to be contacted. The notice shall be given at least 30 days prior to the transfer and shall be delivered as provided in paragraph 9. 6. Priority and Effectiveness of this Covenant Aareement. This Covenant 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 home, or of any estate or interest in the home, by Owner. The Covenant Agreement shall have priority over any subsequent sale, conveyance, transfer, lease or other disposition or encumbrance of the home, or of any estate or interest in the home. 7. Term of Aareement. The restrictions contained in this Covenant AgreemE~nt shall continue for a period of 20 years from the date of this Covenant Agreement. 8. Survival of Aareement Upon Transfer. The City's rights under this Covenant Agreement shall survive any transfer of the home by Owner. 9. Notices. Except as otherwise specified in this Covenant Agreement, all notices required to be sent pursuant to this Covenant 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 Coordinator City of Ashland 20 E. Main Street Ashland, Oregon 97520 OWNER: Arthur B. Bobb 2005 Siskiyou Blvd. Ashland, Oregon 97520 The addresses above may be changed by notice given pursuant to this paragraph. 10. Waiver. No condition of this agreement or of the note or trust deed shall be deemed waived unless expressly waived in writing by City. 11. Amendment This Covenant Agreement may be amended upon mutual agreement in writing signed by the City of Ashland and the Owner or the Owner's successor in PAGE 5-RESALE RESTRICTION COVENANT G \comm-dev\HOUSING\Housing PrOjects\Slsklyou__2001 \SDC Deferral_rvcdc-2001 SISKIYOU ( interest. 12. Default. A default shall occur if Owner fails to perform or observe any of the provisions of this Covenant Agreement. If any default occurs, City may, at its option, require Owner to rescind any sale or rental, or the City may seek specific pHrformance of this Covenant Agreement by suit in equity. The remedies provided above shall be nonexclusive and in addition to any other remedies provided by law. 13. Bindina Effect. Throughout this Covenant Agreement, the terms "Owne~r" refer individually and collectively to all persons who sign this Agreement and all persons signing this Covenant Agreement shall be jointly and severally liable for its obligations. 14. Attornevs' fees. If either party is required to initiate legal proceedings to enforce its rights under this Covenant 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. PAGE 6-RESALE RESTRICTION COVENANT G Icomm-dev\HOUSINGHousin~ ProJectsISlsklyou_2CiI.J1,5DC Deferral "CdC-LCi01 SIskiYou Co ;tE~ Arthur B. Bobb State of Oregon County of Jackson This instrument was acknowledged before me on by 11r+fuur. €:>. r3dP b I OiJ 5-- ! ,2005, (0 K Gino Grimaldi, City Administrator State of Oregon County of Jackson This in$trument was acknowledged before me on ')c6-{.~~ 3 I ~"-I ll'.-"'l 'I J. ,}- / /1 '1 by H-{tvO ."Vt L 1'7t.-/...L~ as CDtcl /u' IZ'-~l ./ Ashland, Oregon. / ,2005, of the City of . OFFICIAL SEAL :11. SONJA N AKERMAN ~. j NOTARY PUBLIC - OREGON . .... COMMISSION NO. 355829 ... .. MY COMMISSION EXPIRE S APRil 6. 2006 \::,,~~~~': ~;;:~;~~. /~ AI:' - .0 f '.j.' . . ./1 /1", " )t.~';J,,v It , i,:tAb'l'rh~ Notary '. lic for Oregon . My commission expires: cj - & _ o(<? PAGE 7-RESALE RESTRICTION COVENANT G\comm.dev\HOUSING\Hous!ng ProJects\Siskiyou_2001 ISDC Deferral_rvcdc-2QG1 SIskiYOU I ~~~ ~~ U~ !U:UUa Neathamer Surve~inc, Inc. (541) 732-1382 p.4 EXHIBIT" A " All that certain real property located in the Northeast One-quarter of Section 15, Township 39 South, Range 1 East, Willamette MeridiaJ.1, Jackson County, Oregon, the exterior boundary being more particularly described as follows: Lot 3 of 2001 SISKIYOU SUBDIVISION, filed for record the 14th day of September 2005, and recorded in Volume 31 of Plats at Page 47 of the Records of Jackson County, Oregon, and filed as Survey Number 18889, in the office of the Jackson County Surveyor. Prepared By: Neathamer Surveying, Inc. 3126 State Street, Suite 200 PO Box 1584 Medford, Oregon 97501 Phone: (541) 732-2869 FAX: (541) 732-1382 Date: . September 19,2005 r- REGISTERED ""'l PROFESSIONAL LAND SURVEYOR ~, OREGON ;] LO~;r~2, Mftes 65452 RENeWAL: DEC. 31,.i~ ~