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Home My WebLink About2005-294 Resale Restriction Agrmt - Steele When Recorded Return Original to: Barbara Christensen, City Recorder 20 East Main Street, Ashland, Oregon 97520 Jackson County Official Records 2005-077186 R.DR 5 PM Cnt=1 Stn=3 MORG,Il,NS~2121/2005 03:15:2 $25.00$500$11.00 Total:$41.00 11111111111 ~ I ~ 1I11 II 01164654200500771860050059 I, Kathleen S Seckett. 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 COVENANT (SDCs ONLY) Owner: Michael D. Steele Property Address: 967 Elkader Street Ashland Or, 97520 Agreement date: / ~ - -ZI - 0.., Rental Price: Not more than $52:~ per month adjusted annually Name of development: Date of Purchase: Owned Accessory Residential Unit PA# 2005-153 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 unit referred to in this agreement is described more fully on the attached Exhibit A. B. The rental unit is being made available at affordable rent to eligible low-income households, pursuant to the City's Affordable Housing Program ("Program") and shall benefit households earning 60% Area Median Income or less. ThE! rent charged for the rental unit shall comply with the maximum rents established by the State of Oregon HOME Program based on the target income qualification for the Medford-Ashland MSA, including any home-owners association or maintenance fees. The HOME program indexed allowable rents are adjusted annually by the State of Oregon for the Medford-Ashland MSA. C. The Owner recognizes that in making the rental unit 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. City and Owner agree: PAGE 1-RESALE RESTRICTION COVENENT (2004) 1. Rental Unit Occuoancy Reauirement. 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. 93-39, with any amendments, adopted by the Ashland City Council. 2. Deferment of Systems Develooment Charaes (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 Agr€!ement will be secured by a trust deed on the property containing the rental unit. 3. Transfer of Prooerty. 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. 3.1. Definition of transfer. To "transfer" the property of the rental unit 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 reauirement. 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 transfHr 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 transf1er, 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 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 propl~rty containing the rental unit, 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 Shelll be delivered as provided in paragraph 8. PAGE 2-RESALE RESTRICTION COVENENT (2004) ) 5. Prioritvand Effectiveness of this Aareement. 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, transf,er, lease or other disposition or encumbrance of the property, or of any estate or interest in the rental unit. 6. Term of Aareement. The restrictions contained in this Agreement shall continue for a period of 20 years from the date of this Agreement. 7. Survival of Aareement UDon Transfer. The City's rights under this Agref:!ment 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: Michael D. Steele 967 Elkader Street Ashland, OR 97520 The addresses above may be changed by notice given pursuant to this para!~raph. 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 COVENENT (2004) ~ 11. Bindina 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 recov1sry under this Agreement. 13 Annual Reoort to City. Owner shall submit an annual report to the City in 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 bo required by law to obtain. ow. NE.. RS:,. / . / I It/ -I._ v/;ff.c.-~ Michael D. Steele " State of Oregon County of Jackson This instrument was acknowledged before me on DecfI'm/x'r..(J I, 2005, by /1: el?aL../ IJ. Sftfe/t::- and IV,/ /1 , ~. I) OFFICIAL SEAL CAROLYN SCHWENDENER . 1 NOTARY PUBLIC-OREGON . ..... COMMISSION NO 390825 MY COMMISSI..oN EXPIRES r"'.'.K. 20, 2009 ~'......:..,,-~,:,,~~;>;::). a 'l~) xfds~ j(V Notary ublic for Oregon My commission expires: ~ - ~C" - 09 State of Oregon County of Jackson This instrument was acknowledQed before me _on ~~'l ~ d..... I , 2005, by ~ /110 C7/~ r'fH /l-d I as (lief Udlnin f7Tf<. /#-0-< of the City of Ashland, Oregon. I) OFFICIAL SEAL ~ <:=: - - r;i () ______ B.BOSWELL ~~/~ NOTARY PUBLIC-OREGON N t P bl' f 0 COMMISSION NO. 391525 0 ary u IC or regon ~ f /. /. a MY COMMISSION EXPIRES APR. 07, 2009 My commission expires: I-f1 7/ [\ 1 , I PAGE 4-RESALE RESTRICTION COVENANT v\ Commencing at the Northeast corner of the Southeast one-quarter (114) of Section 16 in Township 39 South, Range 1 East, Willamette Meridian, Jackson County, Oregon; thence along the north line of said Southeast one-quarter (1/4) North 89058'04" West 25.00 feet to the Northeast corner of that tract ofland described in Instrument No. 95-19844, official records, Jackson County, Oregon for the POINT OF BEGINNING; thence eontinue along said north line, North 89058'04" West 20.00 feet; thence leaving said north line, South 00006'23" East 30.00 feet; thence South 89058'04" East 20.00 feet t9 the east line of that tract of land described in the aforesaid Instrument No. 95-19844; thence along the east line of said tract, North 00006'23" West 30.00 feet to the point of beginning. f\ 5 ,1 EXHiBiT PAGE --1- OF -L.~ !---- ~