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HomeMy WebLinkAboutAGENDA REPORT 2019 1002 REG CCSA ITEM 09DCITY OF MOORPARK, 
CALIFORNIA City Council Meeting of October 2, 2019 ACTION Approved staff recommendation. BY B.Garza. D. Consider Affordable Housing Agreement Between City of Moorpark and MP Group, LLC; Moorpark Homes, LLC; and CLP Investment, LLC for Vesting Tentative Tract Map (VTTM) 5882. Staff Recommendation: Approve the Affordable Housing Agreement, subject to final language approval by the City Manager and City Attorney; authorize the Mayor to execute said Affordable Housing Agreement; and direct the City Clerk to cause said Affordable Housing Agreement to be recorded in the Office of the Recorder of the County of Ventura. (Staff: Jessica Sandifer) Item: 9.D. MOORPARK CITY COUNCIL AGENDA REPORT TO: Honorable City Council FROM: Jessica Sandifer, Community Services Manager DATE: 10/02/2019 Regular Meeting SUBJECT: Consider Affordable Housing Agreement Between City of Moorpark and MP Group, LLC; Moorpark Homes, LLC; and CLP Investment, LLC for Vesting Tentative Tract Map (VTTM) 5882 BACKGROUND On September 20, 2017, the City Council commenced a duly noticed public hearing on Development Agreement No. 2016-01 (DA) for a residential development project on 38.7 acres on the south side of Los Angeles Avenue, west of Leta Yancy Road, and at the conclusion of the hearing, approved the DA by Ordinance No. 454 ("the Enabling Ordinance"). On October 4, 2017, the City entered into the DA with MP Group, LLC; Moorpark Homes, LLC; and CLP Investment, LLC (Pacific Communities). The DA outlines the process by which Pacific Communities would develop VTTM 5882 with a total of 284 residential home sites. In consideration for density bonuses received for the project, Pacific Communities is required to provide for-sale affordable housing units. DISCUSSION Section 6.13 of the DA requires the preparation and execution of an Affordable Housing Agreement (AHA) specifying key information pertaining to the affordable housing units. This AHA is to be approved by the City Council prior to the recordation of the final tract map for the project. An AHA has been prepared which addresses the items in Section 6.13 of the DA and requires that the parties agree that twenty-five (25) four (4) bedroom two (2) bath affordable units are to be sold to buyers who meet the criteria for low income (80% or less of median income). The referenced units are collectively referred to as the “affordable units”. In addition, Pacific Communities is also required to sell to the City a 1.6 acre site and provide a $1.5 million dollar payment in lieu of providing seventeen (17) affordable units for very-low income buyers. The 1.6 acre site would be used for a future affordable housing project. Item: 9.D. 93 Honorable City Council 10/02/2019 Regular Meeting Page 2 Generally, the AHA incorporates all the provisions of section 6.13 of the DA verbatim including payment of specified fees, schedule for providing the units, low income affordable sales price calculations, and very-low income affordable sales price calculations. Two clauses of Section 6.13 of the DA are recommended to be modified by the AHA as follows: • Section 6.13 (l) states, in part, “Developer shall pay closing costs for each affordable unit, not to exceed eight thousand dollars ($8,000)…” Language has been inserted in Section 3.8 of the AHA to clarify the City’s intent that the credit apply to all of the buyers transaction costs (recurring and non-recurring closing costs) up to the maximum credit. The maximum credit starting point has also been reduced to six thousand five hundred dollars ($6,500). Recent transactions within the First Time Home Buyer program were analyzed and it was determined that the $6,500 should be enough funding to cover most of the buyers transaction costs as intended. • Section 6.13 (s) states, in part, “…Any low-income units remaining unsold six (6) months after the final inspection approval of the 280th unit will be purchased by the City.” Language has been inserted in Section 3.3 of the AHA that allows Pacific Communities, at the conclusion of their project, to lease out unsold affordable units in the unlikely event that the City has a difficult time finding buyers and/or we experience another crash in the real estate and lending markets. The requirement for the City to purchase an unsold affordable unit six months after the final inspection approval of the 280th unit has been modified to allow for the expiration of a potential existing lease prior to the City’s purchase of the unit. FISCAL IMPACT There is no fiscal impact for the preparation of the AHA. Section 6.13 of the DA requires Pacific Communities to pay for the City’s direct costs for preparation and review of the AHA up to $10,000. STAFF RECOMMENDATION Approve the Affordable Housing Agreement, subject to final language approval by the City Manager and City Attorney; authorize the Mayor to execute said Affordable Housing Agreement; and direct the City Clerk to cause said Affordable Housing Agreement to be recorded in the Office of the Recorder of the County of Ventura. Attachment: Affordable Housing Agreement 94 OFFICIAL BUSINESS Document entitled to free recording per Government Code Sections 6103 and 27383 Recording Requested By: THE CITY OF MOORPARK 799 Moorpark Avenue Moorpark, California 93021 Attention: City Clerk SPACE ABOVE THIS LINE FOR RECORDER’S USE AFFORDABLE HOUSING AGREEMENT THIS AFFORDABLE HOUSING AGREEMENT (the “Agreement”) is dated as of ______________, 2019 and is entered into by and between MP GROUP, LLC, a California limited liability company (“MP Group”), MOORPARK HOMES, LLC, a California limited liability company (“Moorpark Homes”) and CLP INVESTMENT, LLC a California limited liability company (“CLP”), (referred to hereinafter collectively as “Developer”), and the CITY OF MOORPARK (“City”). RECITALS WHEREAS, Developer and City entered into a Development Agreement for Vesting Tentative Tract Map No. 5882 (“VTTM”) on October 4, 2017 (“Development Agreement”) with respect to the land described on Exhibit “A” (the “Property”). Sections 6.13 and 6.14 of said Development Agreement obligate Developer to provide (i) twenty- five (25) dwelling units to be sold to buyers who meet the criteria of low income (80% of median income); and (ii) a 1.6 acre parcel of land (“City Site”) to satisfy the requirement to provide units for buyers who meet the criteria of very low income (50% of median income); and WHEREAS, Section 6.13 of the Development Agreement also provides that prior to recordation of the first final Tract Map for Tract 5882, the City Council must approve an Affordable Housing Agreement and a Purchase and Sale Agreement, that are consistent with the Development Agreement, in order to provide for the sale of the twenty-five (25) dwelling units to qualified low income buyers and the conveyance of the City Site to the City; and WHEREAS, Developer has received City approval to develop 284 homes consisting of 154 small lot single family detached units and 130 detached condominium ownership units on approximately 39 acres, consistent with the Development Agreement and Vesting Tentative Tract Map No. 5882 (collectively, the “Project”); and -1- 12853-0001\2181600v2.doc 95 WHEREAS, the Moorpark City Council adopted Resolution No. 2017-3627 on September 20, 2017, approving Residential Planned Development (RPD) Permit No. 2016-01. Exhibit A of said Resolution approved Special and Standard Conditions of Approval for RPD 2016-01 (Conditions of Approval) and Vesting Tentative Tract No. 5882 for the construction of 284 detached small lot and condominium ownership units. NOW, THEREFORE, the Developer and the City agree as follows: SECTION 1. General Terms. 1.1 The parties agree that this Affordable Housing Agreement fulfills the requirements of the referenced Development Agreement for Tract 5882 for an Affordable Housing Purchase and Sale Agreement. 1.2 The parties agree that, Developer shall cause the twenty-five (25) four bedroom units with a minimum of 1,400 sq. ft. to be constructed on the Property (the “Project”) based on the following schedule: (Total Units) Prior to Occupancy of # of Affordable Units Constructed 60th Unit 6 120th Unit 7 170th Unit 4 220th Unit 6 270th Unit 2 Total 25 1.3 Developer further agrees that the required affordable units within the Project shall be located on unit (may also be referred to as pad or lot) numbers 2, 4, 6, 17, 20, 27, 39, 41, 43, 47, 54, 62, 78, 82, 84, 86, 95, 99, 102, 105, 109, 111,113, 117, and 128 as shown on the approved Conceptual Site Plan exhibit as part of RPD Permit NO. 2016-10. The City Manager or the City Manager’s designee may approve different unit numbers within the Project so long as the unit contains no less than 1,400 square feet. 1.4 The twenty-five (25) units referenced above are collectively referred to as the “affordable units” or “affordable housing units”, and each of the affordable units shall be sold by Developer for the Affordable Sales Price (as defined below) to qualified buyers who meet the criteria for low income (80% or less of Ventura County Area -2- 12853-0001\2181600v2.doc 96 median income adjusted for family size appropriate for the unit) or the City, subject to and upon the terms of this Agreement. 1.5 Developer agrees to provide the same standard amenities for the affordable units as those standard amenities that are provided for the market rate units. The standard amenities shall include but not be limited to concrete roof tiles; air conditioning/central heating; garage door openers; washer/dryer hook-ups; garbage disposal; built-in dishwasher; stove, oven, and microwave; windows; wood cabinets; shelving; counter-tops; floor coverings; electrical outlets, lighting fixtures, and other electrical items; plumbing fixtures including sinks, toilets, bathtubs and showers; and door and cabinet hardware, and shall all be of the same quality and quantity as the standard amenities provided in the Project’s market rate units as reasonably determined by the City’s Community Development Director and City staff person responsible for City’s Affordable Housing Programs. 1.6 The floor plan and size of the units shall be approved by the Community Development Director and City staff person responsible for City’s Affordable Housing Programs, and include a downstairs bathroom. 1.7 Developer agrees that City (and not Developer) shall have the right to market the affordable units, identify and qualify eligible buyers for these units, and oversee the escrow process to sell the affordable units, require buyers to comply with its First Time Home Buyer Affordable Housing Program with respect to the units, and that City shall provide the Deed of Trust, Promissory Note, Resale/Refinance Restriction Agreement, Option to Purchase Property and Notice of Affordability Restrictions (collectively “Affordability Documents”) and all other necessary contracts and related documents to ensure that the affordable units remain occupied by qualified households. Developer further agrees that the difference between the market value and the Affordable Sales Price (as described in Sections 3.5 below, as applicable) paid by a qualified buyer shall be the amount of the promissory note in favor of City secured by the Deed of Trust. 1.8 Developer agrees, when it sells the affordable units directly to a qualified low income buyer that all requirements of the buyer, including but not limited to completion of a City approved homebuyer education training workshop, and City approved Affordability Documents for the transaction shall be included as a requirement of the sale. The language of all such documents shall be approved by the City at its sole discretion. Notwithstanding any provision of this Agreement to the contrary, Developer shall have sole discretion in selecting lenders to provide financing for the sale of the affordable units provided that (i) the financing provided by the Developer’s designated lender is no less favorable to the buyer as other financing available to such buyer, (ii) Developer’s designated lender is a reputable bank or non-bank lender that is ready, willing and able to fund the approved loan by the scheduled closing date, and (iii) Developer’s designated lender has approved all relevant Affordability Documents. Any lender that fails to satisfy (i) through (iii) immediately preceding must be approved by the City in its sole discretion. Nothing in this section shall preclude Buyers from working with lenders that are already approved to work in the program, so long as the financing -3- 12853-0001\2181600v2.doc 97 provided is more favorable than the Developer’s designated lender. Developer may also select escrow and title companies and real estate professionals to assist with the sale of the affordable units, provided that such escrow and title companies and real estate professionals are reasonably acceptable to the City. 1.9 All of the affordable units shall meet the criteria of all applicable State laws to qualify as newly affordable to low income persons to satisfy a portion of the City’s Regional Housing Needs Allocation (RHNA) obligation. None of the affordable units required by this Agreement shall duplicate or substitute for the affordable housing requirement of any other development project. 1.10 Developer further agrees that it has the obligation to provide the required number of housing units as specified in this Agreement regardless of the cost to acquire or construct said housing units. Developer further agrees that City has no obligation to use eminent domain proceedings to acquire any of the required housing units. 1.11 Within ten (10) days after written demand from City, Developer shall pay the City’s direct costs for preparation and review of the Affordable Housing Agreement up to a maximum of Ten Thousand Dollars ($10,000.00). SECTION 2. Affordable Housing Fee. 2.1. Developer has agreed to sell City a 1.6 acre parcel of land to be used by the City for any residential, institutional or public use at City’s sole discretion (the “City Site”) pursuant to Section 6.14 of the Development Agreement. 2.2 Concurrent with and subject to the City’s payment to CLP of the Purchase Price for the City Site pursuant to Section 6.14 of the Development Agreement, Developer shall pay to the City a fee (the “Affordable Housing Fee”). The Affordable Housing Fee shall be in the amount of one million five hundred thousand dollars ($1,500,000.00) or the appraised fair market value of the City Site, whichever is less, in lieu of providing seventeen (17) residential units for very low income households. SECTION 3. Terms of Sale. 3.1 Developer shall cause all liens on an affordable unit (except liens for property taxes and assessments not yet due) to be removed/released before the close of escrow for that affordable unit. 3.2 Developer agrees that affiliates of Developer may not be used to provide lending, escrow or other services in connection with sales of the affordable units. Cathay Bank, Wells Fargo Bank, loanDepot, or any other reputable bank or non-bank lender for which Developer neither owns nor controls ten percent (10%) or more of the outstanding voting securities or beneficial interests are not considered affiliates of Developer. -4- 12853-0001\2181600v2.doc 98 3.3 When a qualified low income buyer is identified by City, Developer shall open escrow for the sale of said unit as provided for in this Agreement, and shall enter escrow directly with the buyer identified by City, and proceed to closing of said sale. In the event City is unable to provide a qualified buyer when one of the low-income units has received final inspection approval, Developer shall be allowed to continue to obtain building permits, final inspection approval, certificates of occupancy and all other required permits, inspections and approvals for the non-affordable units notwithstanding Section 1.2 or any other provision of this Agreement to the contrary. Any completed low- income units remaining unsold six (6) months after the final inspection approval of the last market-rate unit in the corresponding tier of the schedule set forth in Section 1.2 (i.e., the first six (6) affordable units after final inspection approval of the 60th market-rate unit, the next seven (7) affordable units after final inspection approval of the 120th market-rate unit, the next four (4) affordable units after final inspection approval of the 170th market-rate unit, and so on) (the “Sale Deadline”) may be purchased by the City, consistent with this Section and Section 4. In either case, once escrow is opened, Developer and City agree to use reasonable efforts to complete the close of escrow within forty-five (45) days of the final inspection approval of an affordable unit. If at the conclusion of construction of the project there are still unsold Affordable units, Developer shall have the right, in Developer’s sole discretion, to lease each of those unsold units to qualified low income tenants for a total period not to exceed three (3) years (each such lease is referred to herein as a “Lease”). Any completed low-income units remaining unsold after the later of (a) the expiration or earlier termination of the Lease for such unit, or (b) six (6) months after the final inspection approval of the 280th market rate unit, shall be purchased by the City, consistent with this Section and Section 4. For the purposes of this section, final inspection approval requires approval of the City’s Building Official and Community Development Director. 3.4 Developer is required to maintain completed affordable units in move-in condition until such time as City finds a buyer. 3.5 The Affordable Sales Price (as defined below) is based on the “affordable housing cost” (as that term is defined in Section 50052.5 (b) (3) of California Health and Safety Code) for lower-income buyers. As provided in Section 50052.5 (h) of the California Health and Safety Code, “adjusted for family size appropriate to the unit” means five (5) persons in the case of a four-bedroom unit. For a lower income household of five (5), the current monthly “affordable housing cost” as of the date of this Agreement (based on 2019 Income Limits) would be 30% times 70% of $105,600, the current median income for a household of five (5) in Ventura County, divided by 12; ), provided, however, that the “affordable housing cost” used to calculate the Affordable Sale Price under this Agreement shall always be based on the Ventura County Median Income for a household of five (5) as set forth in the then- current State Income Limits published by the State of California as of the date of sale of the affordable unit, and such then-current State Income Limits shall be verified by Developer and/or City prior to execution of each Purchase and Sale Agreement for an affordable unit. This monthly amount includes the components identified in Section 6920 of Title 25 of the California Code of Regulations shown below. (See Section -5- 12853-0001\2181600v2.doc 99 50052.5 (c) of the Health and Safety Code.) As of the date of this Agreement, the Affordable Sales Price for a 4-bedroom unit for a low income household of five (5) would be $245,750, based upon the 2019 Income Limits and the following assumptions: Low Income Buyer 4 bedroom 2 bath unit (Household of Five) Item Detail Amount Down Payment 5% of Affordable Sales Price $12,288 Loan Amount Affordable Sales Price less down payment $233,463 Interest Rate 4.275% Monthly Loan Payment $1,152 /mo Property Tax 1.25% of Affordable Sales Price $256 /mo HOA $200 /mo Fire Insurance $60 /mo Maintenance $30 /mo Utilities Electricity, water, gas, sewer and trash collection $180 /mo Total Cost/Month $1,878 The assumptions associated with the above purchase price figures for a 4-bedroom unit for a lower income household include a minimum 5% down payment based on the Affordable Sales Price, mortgage interest rate of 4.275%, no mortgage insurance, property tax rate of 1.25%, based on Affordable Sales Price, HOA dues of $200.00 per month, fire insurance of $60.00 per month, maintenance costs of $30.00 per month, and utilities (electricity, water, gas, sewer and trash collection) of $180.00 per month. Developer acknowledges that amounts listed in the “Low Income Buyer” table above are for illustration purposes only and are subject to change; provided, however, that the amounts listed for fire insurance, maintenance and utilities are fixed allowances for purposes of calculating the Affordable Sales Price and shall not be subject to change; provided, however, that the amounts listed for fire insurance, maintenance and utilities shall be adjusted annually commencing January 1, 2021 by any percentage increase in the Consumer Price Index (CPI) for All Urban Consumers for Los Angeles/Long Beach/ Anaheim metropolitan area during the prior year using the month of October over the prior month of October. 3.6 Upon the close of escrow for an affordable unit, Developer agrees to deposit with City through escrow at closing $120.00 for each dollar or portion thereof of -6- 12853-0001\2181600v2.doc 100 the monthly HOA assessments for the affordable unit that are in excess of $200.00 per month, using the highest HOA monthly assessment amount documented (in any phase) in the approved Department of Real Estate (DRE) report for the project where the affordable unit is located. These funds shall be used to assist with future HOA fees for each affordable unit. This is a one-time payment to assist qualified low income buyers (whether said buyers or City initially purchases the affordable unit from the developer). 3.7 Developer and City acknowledge that changes in market conditions may result in changes to the Affordable Sales Price, market value, down payment amounts, mortgage interest rates, and other factors for lower income buyers. Furthermore, if “affordable housing cost”, as defined in Section 50052.5 of California Health and Safety Code, should change in the future, the above guidelines will be modified accordingly in order to obtain the same result as would otherwise have been obtained if the definition had not been changed. 3.8 Pursuant to Section 6.13(l) of the Development Agreement, and in addition to its closing costs as the seller, Developer shall pay all of buyers’ transaction fees (i.e., escrow and title fees and any other usual and customary buyer transaction costs), up to a maximum of six thousand five hundred dollars ($6,500) per unit (“Seller Credit”). On January 1, 2021, and on January 1st of each year thereafter, the maximum $6,500.00 per unit Seller Credit shall be increased annually by any percentage increase in the Consumer Price Index (CPI) for All Urban Consumers for Los Angeles/Long Beach/Anaheim metropolitan area during the prior year using the month of October over the prior month of October. In the event there is a decrease in the CPI for any annual indexing, the amount due shall remain at its then current amount until such time as the next subsequent annual indexing which results in an increase. The referenced Seller Credit shall be for the benefit of qualified buyers (or for the benefit of the City if the City is the buyer) in the acquisition of a unit from Developer. SECTION 4. City Purchase of Affordable Units. 4.1 If a qualified low income buyer has not been identified at the time Developer receives the final inspection approval for an affordable unit, City, at its option, consistent with Section 3.3, shall have the right to purchase the affordable unit required to be provided by Developer. 4.2 In the event the City, at its sole discretion, purchases one or more of the affordable units from Developer in lieu of a qualified buyer, the Affordable Sales Price shall be based on a household size appropriate to the number of bedrooms in the unit being purchased by the City, consistent with all requirements of this Agreement. Developer agrees that, pursuant to City’s rights under this Agreement and/or the Development Agreement and prior to and upon the sale of an affordable unit to a qualified buyer (or City in-lieu of a qualified buyer as determined by City at its sole discretion), City, not Developer, shall have sole responsibility for approving any subsequent sale of that housing unit. -7- 12853-0001\2181600v2.doc 101 SECTION 5. Quality of Construction. Developer warrants that the quality of materials and construction techniques of the affordable units sold to the qualified low income buyer, or City, shall in all manner be substantially identical to that of all other units constructed in this Project and be subject to the Development Agreement and all Conditions of Approval and shall meet all Building Codes. SECTION 6. Other Amenities; Home Warranties. Developer agrees to provide the same standard amenities and home warranties for the affordable units as the standard amenities and home warranties provided for the market rate units for the maximum time required by State law. Developer agrees that all such warranties shall inure to the benefit of and be enforceable by the ultimate occupants of the affordable units, and that all warranties by Developer, subcontractors and suppliers shall inure to the benefit of and be enforceable by such occupants. SECTION 7. Standard Finish Selections. The City shall have the same choices of standard finishes as purchasers of market rate units including but not limited to color and style choices for standard carpeting and other standard floor coverings, standard counter tops, roofing materials, exterior stucco and trim of any type, standard fixtures, and other standard decorative items. Developer shall deliver a request for the City’s standard finish selections for cabinets, floor coverings, and countertops to the City staff person responsible for City’s Affordable Housing Programs. Finish selections shall be made within ten (10) days of Developer’s request for selection, and, if such finish selections are not timely made, Developer may, in its discretion, make such selections. The qualified buyer (or if the Buyer is City, then City in lieu of a qualified buyer at its sole discretion) shall have final walk-through approval of condition of unit before close of sale. SECTION 8. Defense and Indemnity. Developer agrees to indemnify, hold harmless and defend at its sole expense, with counsel reasonably acceptable to City, from and against any action brought against it or City by a purchaser of an affordable unit (and any related liabilities, losses, damages, costs and expenses) for any alleged construction defects. Developer further agrees to reimburse City for any court costs and/or attorneys’ fees which City may be required by the court to pay as a result of any such action(s). City may, at its sole discretion, participate in the defense of any such action at City’s cost, but such participation shall not relieve Developer of its obligation under this Section. SECTION 9. Waiver. Developer hereby covenants not to bring any action against City to (a) attack, review, set aside, void, or otherwise annul this Agreement, in whole or in part, or (b) recover any compensation or obtain any relief for any injury, damage, loss, or deprivation of any right alleged to have been sustained as a result of City’s action on any matter related to this Agreement; provided, however, that the foregoing waiver shall not apply to any breach by the City of its obligations under this Agreement. SECTION 10. Defaults and Remedies. Each of the following shall constitute an “Event of Default” by the Developer: -8- 12853-0001\2181600v2.doc 102 10.1.1 Failure by Developer to duly substantially perform, comply with and observe any of the conditions, terms, or covenants of Tract 5882 or RPD No. 2016-01, or this Agreement, or the Development Agreement, or any other Conditions of Approval, if such failure remains uncured ten (10) days after written notice of such failure from the City to the Developer in the manner provided herein or, with respect to a default that cannot be cured within ten (10) days, if the Developer fails to commence such cure within such ten (10) day period or thereafter fails to diligently and continuously proceed with such cure to completion. 10.1.2 Any representation or warranty contained in this Agreement or in any certificate or report submitted to City by Developer proves to have been incorrect in any material respect when made. 10.1.3 A court having jurisdiction shall have made or rendered a decree or order (a) adjudging Developer to be bankrupt or insolvent; (b) approving as properly filed a petition seeking reorganization of Developer or seeking any arrangement on behalf of Developer under the bankruptcy law or any other applicable debtor’s relief law or statute of the United States or of any state of other jurisdiction; (c) appointing a receiver, trustee, liquidator, or assignee of Developer in bankruptcy or insolvency or for any of its properties; or (d) directing the winding up or liquidation of Developer, providing, however, that any such decree or order described in any of the foregoing subsections shall have continued unstayed or undischarged for a period of ninety (90) days. 10.1.4 The Developer shall have assigned its assets for the benefit of its creditors or suffered a sequestration or attachment or execution on any substantial part of its property, unless the property so assigned, sequestered, attached, or executed upon shall have been returned or released within ninety (90) days after such event (unless a lesser time period is permitted for cure hereunder) or prior to sale pursuant to such sequestration, attachment, or execution. If Developer is diligently working to obtain a return or release of the property and the City’s interests hereunder are not imminently threatened in City’s reasonable business judgment, then City shall not declare a default under this subsection. 10.1.5 The Developer shall have voluntarily suspended its business or dissolved. 10.1.6 Should there occur any default declared by any lender under any loan document or deed of trust relating to any loan made in connection with the Project or property on which the Project is to be constructed, which loan is secured by a deed of trust or other instrument of record. 10.2 Liens. Prior to the close of escrow for Developer’s sale of an affordable unit pursuant to this Agreement, Developer shall pay or discharge of record, at Developer’s cost and expense, all monetary liens and monetary encumbrances upon such affordable unit, or any part thereof or interest therein, except non-delinquent real property taxes and assessments, which shall be prorated as of the close of escrow. -9- 12853-0001\2181600v2.doc 103 10.3 Costs of Enforcement. If any Event of Default occurs, City may employ an attorney or attorneys to protect its rights hereunder. Subject to California Civil Code Section 1717, Developer promises to pay to City, on demand, the reasonable fees and expenses of such attorneys and all other reasonable costs of enforcing the obligations secured hereby including without limitation, recording fees, receiver’s fees and expenses, and all other expenses of whatever kind or nature, incurred by City in connection with the enforcement of the obligations secured hereby, whether or not such enforcement includes the filing of a lawsuit. 10.4 Specific Performance; Injunctive Relief. City shall have the right to specific performance and may proceed at law or in equity to require Developer to perform its obligations and covenants under this Agreement, and may enjoin acts or things which may be unlawful or in violation of the provisions hereof. 10.5 Developer Right of Contest. Developer shall have the right to contest in good faith any claim, demand, levy, or assessment the assertion of which would constitute an Event of Default hereunder. Any such contest shall be prosecuted diligently and in a manner unprejudicial to City or the rights of City hereunder. 10.6 No Remedy Exclusive; No Waiver by City. No remedy of City is intended to be exclusive of any other remedy herein or by law or in equity provided or permitted, but each shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of such right or power, but any such right or power may be exercised from time to time and as often as City may deem expedient. SECTION 11. Warranty of Authorized Signatories. Each of the signatories hereby warrants and represents that he or she is competent and authorized to execute this Agreement on behalf of the party for whom he or she purports to sign. SECTION 12. Miscellaneous. (a) Successors and Assigns; Runs With Land. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, successors-in-interest (but not bona-fide third party buyers of homes in the Project) assigns, legal representatives, parent, subsidiary, affiliated and related entities, officers, directors, principals, agents, servants, employees, representatives, and all persons, firms, associations and/or corporations connected with them, including, without limitation, their insurers, sureties and/or attorneys. This Agreement shall encumber and bind the Project and shall “run with the land” with respect to the Project, but shall not bind bona-fide third party buyers of homes in the Project. (b) Attorneys’ Fees. In the event that any action, suit or other proceeding is instituted to remedy, prevent or obtain relief from a breach of this Agreement, or arising out of a breach of this Agreement, the prevailing party shall be -10- 12853-0001\2181600v2.doc 104 entitled to recover reasonable attorneys’ fees and cost incurred in such action, suit or other proceeding, including any and all appeals or petitions therefrom. (c) Severability. Should any part, term or provision of this Agreement be declared or determined by any court to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Agreement. (d) Assistance of Counsel. Developer and City acknowledge that: (i) they have been represented by independent counsel in connection with this Agreement; (ii) they have executed this Agreement with the advice of such counsel; and (iii) this Agreement is the result of negotiations between the Parties and the advice and assistance of their respective counsel. Each of the Parties has equally participated in the drafting and preparation of this Agreement, and it is the intention of the Parties that the construction of interpretation of this Agreement shall be made without reference to the Party who drafted any portion or particular provision of this Agreement or the relative size and or bargaining power of the Parties. SECTION 13. Moratorium on Development. Nothing in this Agreement shall prevent City, whether by the City Council or through the initiative or referendum process, from adopting or imposing a moratorium on the processing and issuance of Subsequent Approvals (as defined in the Development Agreement) and building permits and on the finalizing of building permits by means of a final inspection or certificate of occupancy, provided that the moratorium is adopted or imposed (i) on a City-wide basis to all substantially similar types of development projects and properties with similar land use designations and (ii) as a result of a utility shortage or a reasonably foreseeable utility shortage, including without limitation a shortage of water, sewer treatment capacity, electricity or natural gas. SECTION 14. Waiver of Protest Rights. Developer agrees that any fees and payment for this Project under this Agreement shall be made without reservation, and Developer expressly waives the right to payment of any such fees under protest pursuant to California Government Code Section 66020 and statutes amendatory or supplementary thereto, or any other applicable state or federal law. SECTION 15. Notices. Any notice to be given pursuant to this Agreement shall be in writing, and all such notices and any other document to be delivered shall be delivered by personal service or by deposit in the United States mail, certified or registered, return receipt requested, with postage prepaid, and addressed to the party for whom intended as follows: To City: City Manager City of Moorpark 799 Moorpark Avenue Moorpark, CA 93021 -11- 12853-0001\2181600v2.doc 105 To Developer: Developer C/o Pacific Communities 1000 Dove Street, Suite 300 Newport Beach, CA 92660 Attn: Nelson Chung Either party may, from time to time, by written notice to the other, designate a different address or contact person, who shall be substituted for the one above specified. Notices, payments and other documents shall be deemed delivered upon receipt by personal service or as of the third (3rd) day after deposit in the United States mail. SECTION 16. Amendments and Waivers. No term or provision of this Agreement can be amended or waived, either orally or by a course of conduct, but only by an instrument in writing signed by the party against whom enforcement of such amendment or waiver is sought. SECTION 17. Entire Agreement. This Agreement and the Development Agreement constitute the entire agreement and understanding of the parties with respect to its subject matter and they supersede all prior and contemporaneous agreements and understandings of the parties with respect to that subject matter. SECTION 18. Headings and Attachments. The title of this Agreement and the headings of its sections are for convenience of reference only and are not to be referred to in interpreting or construing this Agreement. However, all attachments and exhibits to this Agreement, as well as the Recitals, are a part of this Agreement. SECTION 19. Governing Law and Interpretation. This Agreement is to be governed by and construed in accordance with the laws of the State of California. No term or provision of this Agreement is to be construed against a party by reason of its having drafted the same. This Agreement is made, entered into and executed in Ventura County, California, and any action filed in any court for the interpretation, enforcement or other action arising from any term, covenant or condition herein shall be filed in Ventura County. SECTION 20. Time of Essence. Time is of the essence of every provision hereof in which time is a factor. SECTION 21. Mortgage Protection. (a) Discretion to Encumber. The parties hereto agree that this Agreement shall not prevent or limit Developer, in any manner, at Developer’s sole discretion, from encumbering the Property or any portion thereof or any improvements thereon then owned by such person with any mortgage, deed of trust or other security device (“Mortgage”) securing financing with respect to the Property or such portion. Any mortgagee or trust deed beneficiary of the Property or any portion thereof or any improvements thereon and its successors and assigns (“Mortgagee”) shall be entitled to the following rights and privileges. -12- 12853-0001\2181600v2.doc 106 (b) Mortgage Protection. This Agreement shall be superior and senior to the lien of any Mortgage. Notwithstanding the foregoing, no breach of this Agreement shall defeat, render invalid, diminish or impair the lien of any binding and effective against the Mortgagee and every owner of the Property, or part thereof, whose title thereto is acquired by foreclosure, trustee sale or otherwise; provided, however, Mortgagee and such owner shall not be responsible for any matters that occurred prior to their acquisition of the Property or such portion. (c) Written Notice of Default. If a non-monetary default is not cured by Developer within thirty (30) days after written notice by City to Developer or a monetary default is not cured with in five (5) days after written notice by City to Developer, then each Mortgagee shall be entitled to receive written notice from City of the applicable default by Developer under this Agreement provided the Mortgagee has delivered a written request to the City for such notice and shall have provided its address for notices in writing to the City. Each such Mortgagee shall have a further right, but not the obligation, to cure such default for an additional period of thirty (30) days after delivery of such notice of default by City to the Mortgagee. City shall not commence legal action against Developer by reason of Developer’s breach without allowing the Mortgagee to cure the same as specified herein. CITY: CITY OF MOORPARK By: Janice S. Parvin Mayor DEVELOPER: MP GROUP, LLC a California limited liability company By: Pacific Housing, LLC, Manager By: Christine Chung, Manager ATTEST: By: Ky Spangler, City Clerk MOORPARK HOMES, LLC a California limited liability company By: Pacific Communities Builder, Inc., LLC, Manager By: Nelson Chung, President CLP INVESTMENT, LLC a California limited liability company By: Christine Chung, Manager -13- 12853-0001\2181600v2.doc 107 EXHIBIT “A” LEGAL DESCRIPTION OF PROPERTY ATTACHED APN – 506-0-030-255 506-0-030-205 506-0-030-180 506-0-030-245 506-0-050-525 506-0-050-515 12853-0001\2181600v2.doc 108 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 Ventura ) On _________________________, before me, , (insert name and title of the officer) Notary Public, 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) 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 Ventura ) On _________________________, before me, , (insert name and title of the officer) Notary Public, 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) 12853-0001\2181600v2.doc 109 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 Ventura ) On _________________________, before me, , (insert name and title of the officer) Notary Public, 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) 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 Ventura ) On _________________________, before me, , (insert name and title of the officer) Notary Public, 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) 12853-0001\2181600v2.doc 110 EXHIBIT "A" LEGAL DESCRIPTION Order Number: NHSC -5540106 (tc) Page Number: 11 Real property in the City of Moorpark, County of Ventura, State of california, described as follows: PARCEL 1: (APN : 506 -0-030-255) THAT PORTION OF LOT K, TRACT L, RANCHO SIMI, IN THE CITY OF MOORPARK, COUNTY OF VENTURA, STATE OF CALIFORNIA, ACCORDING TO THE MAP RECORDED IN BOOK 5, PAGE 5 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT IN THE CENTERLINE OF LOS ANGELES AVENUE, 60 FEET WIDE, BEING ALSO THE NORTHERLY LINE OF SAID LOT K, DISTANT ALONG SAID CENTERLINE WEST 1164.74 FEET FROM THE NORTHEASTERLY CORNER OF SAID LOT K, THE NORTHWESTERLY CORNER OF THE LAND DESCRIBED IN THE DEED TO APOLONIO R. CORONADO AND WIFE, RECORDED OCTOBER 29, 1954 IN BOOK 1230, PAGE 465 OF OFFICIAL RECORDS; THENCE ALONG SAID CENTERLINE, lST: WEST 526.46 FEET; THENCE PARALLEL WITH THE WESTERLY LINE OF SAID LAND OF APOLONIO R. CORONADO AND THE SOUTHERLY PROLONGATION THEREOF, 2ND: SOUTH 1278.52 FEET TO THE SOUTHEASTERLY LINE OF SAID LOT K; THENCE ALONG THE SOUTHEASTERLY AND SOUTHERLY LINE OF SAID LOT K BY THE FOLLOWING TWO COURSES, 3RD : NORTH 24° 00' EAST 571.36 FEET TO AN ANGLE POINT; THENCE, 4TH: EAST 294 .07 FEET TO THE SOUTHWESTERLY CORNER OF SAID LAND OF APOLONIO R. CORONADO; THENCE ALONG THE WESTERLY LINE OF SAID LAST MENTIONED LAND, STH: NORTH 756 .55 FEET TO THE POINT OF BEGINNING. EXCEPT THE INTEREST IN THAT PORTION THEREOF LYING WITHIN LOS ANGELES AVENUE, AS CONVEYED TO VENTURA COUNTY , BY DEED DATED APRIL 6, 1889, RECORDED IN BOOK 28, PAGE 190 OF DEEDS. ALSO EXCEPT 50 PERCENT OF ALL OIL, GAS AND MINERAL RIGHTS, AS RESERVED BY APOLONIO R. CORONADO, ET AL., IN DEED RECORDED DECEMBER 8, 1955 IN BOOK 1358, PAGE 533 OF OFFICIAL RECORDS . ALSO EXCEPT THAT PORTION OF SAID LAND DEEDED TO THE CITY OF MOORPARK BY A GRANT DEED RECORDED NOVEMBER 24 , 2006 AS INSTRUMENT NO. 06-248347 OF OFFICIAL RECORDS. PARCEL 2: (APN: 506 -0-030 -205) PARCEL A AS SHOWN ON LOT LINE ADJUSTMENT NO 99-1, AS EVIDENCED BY DOCUMENT RECORDED DECEMBER 13, 1999 AS INSTRUMENT NO. 1999-0221273 OF OFFICIAL RECORDS, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: A PORTION OF LOT K, TRACT L, RANCHO SIMI, IN THE CITY OF MOORPARK, COUNTY OF VENTURA, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 5, PAGE 5 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT IN THE CENTERLINE OF LOS ANGELES AVENUE, DISTANT WEST 414.95 FEET First American T7tle 111 Order Number: NHSC-5540106 (tc) Page Number: 12 MEASURED ALONG SAID CE NTERLINE FROM THE NORTHEAST CORNER OF SAID LOT K; THENCE, lST: SOUTH 00° 02' 05" WEST 59.00 FEET TO THE SOUTHERLY R/W LINE OF LOS ANGELES AVENUE, SAID POINT BEING THE TRUE POINT OF BEGINNING; THENCE, 2ND: SOUTH 00° 02' 05" WEST 774.21 FEET TO A POINT IN THE SOUTHERLY LINE OF SAID LOT K; THENCE, 3RD: NORTH 65° 57' 10" WEST 188.46 FEET ALONG SAID SOUTHERLY LINE TO AN ANGLE POINT THEREIN; THENCE, 4TH: NORTH 89° 57' 10" WEST 577 .79 FEET, MORE OR LESS, TO THE SOUTHWESTERLY CORNER OF THE LAND DESCRIBED IN THE DEED TO APOLONIO R. CORONADO AND WIFE, RECORDED OCTOBER 29, 1954 IN BOOK 1239, PAGE 465 OF OFFICIAL RECORDS; THENCE, STH: NORTH 00° 02' 49" EAST 697.56 FEET TO A POINT IN THE SOUTHERLY R/W LINE OF LOS ANGELES AVENUE; THENCE, 6TH: SOUTH 89° 57 ' 10" EAST ALONG SAID SOUTHERLY R/W, 749.79 FEET TO THE TRUE POINT OF BEGINNING . EXCEPT THEREFROM, ONE -HALF OF ALL OIL, GAS, MINERALS AND OTHER HYDROCARBON SUBSTANCES, BUT WITHOUT THE RIGHT OF SURFACE ENTRY ABOVE A DEPTH OF 500 FEET BELOW THE SURFACE OF SAID LAND, AS RESERVED BY APOLONIO R. CORONADO AND LADISLADA T. CORONADO, IN DEED RECORDED MAY 11, 1954 IN BOOK 2538, PAGE 353 OF OFFICIAL RECORDS. ALSO EXCEPT THAT PORTION OF SAID LAND DEEDED TO THE CITY OF MOORPARK BY A GRANT DEED RECORDED NOVEMBER 24, 2006 AS INSTRUMENT NO. 06-248347 OF OFFICIAL RECORDS. ALSO EXCEPT THE INTEREST IN SAID LAND EXCEPTED IN THE FOLLOWING DEEDS: DEED FROM APOLONIO R. CORONADO AND LADISLADA CORONADO, HUSBAND AND WIFE, RECORDED NOVEMBER 23 , 1955 IN BOOK 1354, PAGE 450 OF OFFICIAL RECORDS, WHICH EXCEPTS 50% OF ALL · OIL, GAS, MINERAL AND OTHER HYDROCARBON SUBSTANCES. DEED FROM NEIL A. MAHONY AND MARY L. MAHONY, HUSBAND AND WIFE, RECORDED APRIL 21 , 1960 IN BOOK 1859, PAGE 78 OF OFFICIAL RECORDS, WHICH EXCEPTS 50% OF ALL OIL, GAS, MINERAL AND OTHER HYDROCARBON SUBSTANCES . PARCEL 3 : (APN : 506-0-030 -180) THAT PORTION OF SUBDIVISION "M" OF THE RANCHO SIMI, IN THE CITY OF MOORPARK, COUNTY OF VENTURA, STATE OF CALIFORNIA, AS PER MAP THEREOF RECORDED IN BOOK 3, PAGE 7 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS : BEGINNING AT THE INTERSECTION OF THE NORTHWESTERLY LINE OF SAID SUBDIVISION "M", WITH THE CENTERLINE OF THE STRIP OF LAND, 160 FEET WIDE, DESCRIBED IN THE EASEMENT FROM LIBERTY BELL RANCH TO VENTURA COUNTY FLOOD CONTROL DISTRICT, RECORDED IN BOOK 1392, PAGE 391 OF OFFICIAL RECORDS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY; THENCE , lST: NORTH 24° 00 ' EAST 471.37 FEET ALONG SAID NORTHWESTERLY LINE TO AN ANGLE POINT THEREIN; THENCE CONTINUING ALONG A NORTHERLY LINE , First American Title 112 Order Number: NHSC -5540106 (tc) Page Number: 13 2ND: EAST 409.22 FEET TO THE SOUTHEAST CORNER OF THE LAND DESCRIBED IN THE DEED TO NEIL A. MAHONY AND MARY L. MAHONY, RECORDED IN BOOK 1354, PAGE 450 OF OFFICIAL RECORDS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY; THENCE ALONG THE SOUTHERLY PROLONGATION OF THE EASTERLY LINE OF SAID LAST MENTIONED DEED, 3RD: SOUTH 150.91 FEET TO THE CURVED CENTERLINE OF SAID STRIP OF LAND, A RADIAL LINE BEARS NORTH 18° 14' 55" WEST; THENCE ALONG SAID CENTERLINE, BEING A CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 1,000 FEET, 4TH: WESTERLY 129.83 FEET THROUGH A CENTRAL ANGLE OF 7° 26 ' 20"; THENCE TANGENT TO SAID CURVE, STH : SOUTH 64° 18 ' 45" WEST 533.33 FEET TO THE POINT OF BEGINNING. PARCEL 4: (APN : 506-0 -030 -245) PARCEL B AS SHOWN ON LOT LINE ADJUSTMENT NO 2000-12, AS EVIDENCED BY DOCUMENT RECORDED JANUARY 23, 2001 AS INSTRUMENT NO. 2001-0013825 OF OFFICIAL RECORDS, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: THAT PORTION OF LOT K, TRACT L, RANCHO SIMI, IN THE CITY OF MOORPARK, COUNTY OF VENTURA, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 5, PAGE 5 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY , DESCRIBED AS FOLLOWS: BEGINNING AT A POINT IN THE CENTERLINE OF LOS ANGELES AVENUE, 60 FEET WIDE, AT THE NORTHWESTERLY CORNER OF SAID LOT K; THENCE, ALONG SAID CENTERLINE, EAST 306.62 FEET TO THE NORTHWEST CORNER OF THE LAND DESCRIBED IN THE DEED TO ARTHUR BARON AND WIFE, RECORDED DECEMBER 8, 1953 IN BOOK 1358, PAGE 533 OF OFFICIAL RECORDS; THENCE, ALONG THE WEST LINE OF SAID LAND OF BARON, SOUTH 1,278.52 FEET TO THE SOUTHEASTERLY LINE OF SAID LOT K, SHOWN ON SAID MAP AS "NORTH 24° EAST 11.32"; THENCE , ALONG SAID SOUTHEASTERLY LINE, SOUTH 24°WEST176.17 FEET TO THE SOUTHWESTERLY TERMINUS OF SAID SOUTHEASTERLY LINE; THENCE, ALONG THE SOUTHERLY LINE OF SAID LOT K, SHOWN ON SAID MAP AS "EAST 3.56", WEST 234.96 FEET TO THE SOUTHWESTERLY CORNER OF SAID LOT K; THENCE ALONG THE WESTERLY LINE OF SAID LOT K, NORTH 1,439.46 FEET TO THE POINT OF BEGINNING . EXCEPT THAT PORTION THEREOF LYING SOUTHERLY AND SOUTHEASTERLY OF THE SOUTHEASTERLY LINE OF THAT CERTAIN EASEMENT 160 FEET WIDE AS DESCRIBED IN THE DEED TO THE VENTURA COUNTY FLOOD CONTROL DISTRICT, RECORDED MARCH 30, 1956 IN BOOK 1392, PAGE 456 OF OFFICIAL RECORDS . ALSO EXCEPT THAT PORTION THEREOF LYING WITHIN LOS ANGELES AVENUE, 60 FEET WIDE, AS CONVEYED TO VENTURA COUNTY, AS A PUBLIC HIGHWAY, BY DEED DATED APRIL 6, 1889 RECORDED IN BOOK 28 , PAGE 190 OF DEEDS . ALSO EXCEPT A PORTION OF THE WESTERLY 5.00 FEET THEREOF, AS DESCRIBED IN LOT LINE ADJUSTMENT NOS. 2000-01 TO 2000-11, RECORDED JANUARY 23, 2001 AS INSTRUMENT NO. 01- 0013825 OF OFFICIAL RECORDS . First American Title 113 Order Number: NHSC-5540106 (tc) Page Number: 14 ALSO EXCEPT THAT PORTION OF SAID LAND DEEDED TO THE CTIY OF MOORPARK BY A GRANT DEED RECORDED NOVEMBER 24, 2006 AS INSTRUMENT NO. 06-24a347 OF OFFICIAL RECORDS. ALSO EXCEPT A PORTION OF THE WESTERLY 5.00 FEET THEREOF, MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID LOT K, SAID POINT ALSO BEING THE NORTHEASTER CORNER OF SAID BROWN-LIVINGSTON SUBDIVISION; THENCE, ALONG THE WESTERLY LINE OF SAID LOT K, SAID LINE ALSO BEING THE EASTERLY LINE OF THE BROWN-LIVINGSTON SUBDIVISION, SOUTH 00° 05 '00" EAST A DISTANCE OF 1,oga.OO FEET TO THE SOUTHEAST CORNER OF LOT 12, IN THE BROWN-LIVINGSTON SUBDIVISION TRACT, AS PER MAP RECORDED IN BOOK 22, PAGE a7 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, SAID POINT BEING THE TRUE POINT OF BEGINNING; THENCE, ALONG SAID WESTERLY LINE OF SAID LOT K, SOUTH 00° 05' 00" EAST A DISTANCE OF 110.46 FEET FROM THE SOUTHEAST CORNER OF SAID LOT 12; THENCE, NORTH 64° 10' 37" EAST A DISTANCE OF 5.55 FEET TO A LINE PARALLEL WITH SAID WESTERLY LINE OF LOT K; THENCE, NORTH 00° 05' 00" WEST A DISTANCE OF 108.05 FEET; THENCE SOUTH ago 55' 00" WEST A DISTANCE OF 5.00 FEET TO THE TRUE POINT OF BEGINNING. PARCEL 5: (APN: 506-0-050-525) PARCEL C AS SHOWN ON LOT LINE ADJUSTMENT NO gg -1, AS EVIDENCED BY DOCUMENT RECORDED DECEMBER 13, 1ggg AS INSTRUMENT NO . 1ggg-0221273 OF OFFICIAL RECORDS, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS : THAT PORTION OF LOT K, TRACT L, RANCHO SIMI, IN THE COUNTY OF VENTURA, STATE OF CALIFORNIA, AS PER MAP THEREOF RECORDED IN BOOK 5, PAGE 5 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT IN THE CENTERLINE OF LOS ANGELES AVENUE, AT THE NORTHEASTERLY CORNER OF SAID LOT K; THENCE, lST: SOUTH 00° 02 ' 55" WEST 10la.3a FEET TO THE SOUTHEASTERLY CORNER OF SAID LOT K; THENCE, 2ND: NORTH 65° 53' 3g" WEST 16.43 FEET ALONG THE SOUTHERLY LINE OF SAID LOT K TO THE TRUE POINT OF BEGINNING, THENCE, 3RD: NORTH 65° 53' 3g" WEST 437.7a FEET ALONG SAID SOUTHERLY LINE TO AN ANGEL POINT IN THE SAID SOUTHERLY LINE OF LOT K; THENCE, 4TH: NORTH 00° 02 ' 05" EAST 442.21 FEET; THENCE, STH: SOUTH ago 57' 10" EAST 3a4.3a FEET TO THE WESTERLY LINE OF DEED RECORDED MAY 4, 1gg3, AS DOCUMENT NO. g3-07g362 OF OFFICIAL RECORDS; THENCE, 6TH: SOUTH 01° 57' 54" EAST 14 .55 FEET; THENCE, First American Title 114 7TH: SOUTH 89° 57' 05" EAST 7.03 FEET; THENCE, 8TH: SOUTH 04° 31' 30" EAST 99.64 FEET; THENCE, Order Number: NHSC-5540106 (tc) Page Number: 15 9TH: SOUTH 00° 02' 55" WEST 506.82 FEET TO THE TRUE POINT OF BEGINNING. EXCEPT AN UNDIVIDED ONE-HALF INTEREST IN ALL OIL AND GAS THEREON, AS RESERVED BY APOLONIO R. CORONADO AND LEEN. CORONADO, IN DEED RECORDED AUGUST 3, 1954 IN BOOK 1219, PAGE 406 OF OFFICIAL RECORDS. PARCEL 6: (APN: 506-0-050-515) PARCEL BAS SHOWN ON LOT LINE ADJUSTMENT NO 99-1, AS EVIDENCED BY DOCUMENT RECORDED DECEMBER 13, 1999 AS INSTRUMENT NO. 1999-0221273 OF OFFICIAL RECORDS, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: A PORTION OF LOT K IN TRACT L, RANCHO SIMI, IN THE CITY OF MOORPARK, COUNTY OF VENTURA, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 5, PAGE 5 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT IN THE CENTERLINE OF LOS ANGELES AVENUE, DISTANT WEST 414.95 FEET MEASURED ALONG SAID CENTERLINE FROM THE NORTHEAST CORNER OF SAID LOT K; THENCE, lST: SOUTH 00° 02' 05" WEST 59.00 FEET TO THE SOUTHERLY R/W LINE OF LOS ANGELES AVENUE, SAID POINT BEING THE TRUE POINT OF BEGINNING; THENCE, 2ND : SOUTH 00° 02' 05" WEST 332 .00 FEET; THENCE, 3RD: SOUTH 89° 57' 10" EAST 214.87 FEET; THENCE, 4TH: NORTH 00° 02' 55" EAST 332.00 FEET TO A POINT IN THE SOUTHERLY R/W LINE OF LOS ANGELES AVENUE; THENCE, STH: NORTH 89° 57' 10" WEST 214.95 FEET ALONG SAID SOUTHERLY R/W LINE TO THE TRUE POINT OF BEGINNING. EXCEPT AN UNDIVIDED 1/2 INTEREST IN ALL OIL AND GAS THEREON, AS RESERVED BY APOLONIO R. CORONADO, A MARRIED MAN AND LEER. CORONADO, A SINGLE MAN, IN DEED RECORDED AUGUST 3, 1954 IN BOOK 1219, PAGE 406 OF OFFICIAL RECORDS. First American .77tle 115 ~ ...... ::t:.. ~ ~ !:)· ~ ~ ~ NW COR LOT JB J Rl09 ® RANCHO SIMI Tax Rote Area 506-03 (Bk\ \ ~ PORTION ;~~~~-CTL I ~ I (Bk\ !~~~ I () \E.!Y ~ .J I ~ ~ \E.!Y ~ g ~~·r= ~ ~ ~)lt--=--~~;;~~::~-;=-~~-=f;:~~t=~~~.~~j~_:;~f~.:=i;:_"'=_d_~c:~-:~--:_-~(-~-~---,-z~-I-_~---~--?-:-_=_-_= 1f1.' "'·) •. ,""'·= 200 · . i@ 1 I n ''l•u •UOU!Hl ] L.ot.K • • ~ I I ,~,~~@ "fil I : ,o ''° I -· 1 -LY ' I @ II ;z l 1.4llc. :1 5 @ $2 @ I '"'@! • fo 4 9.1llc. I 9.911.c. I +.#,r,e-\:'. / :0 lLAC!OCIJm ! ~ "'rW ' I UA01001lm ~ ~ ~ '~ ,. ~ ~ ~' K ~ ~ 39 ~I 40 ~~ ~ ... r <( . 17Pll8/l ~.~I~~ ·1: 38 '®° ~ I t~·:©, I • l.32Ac 191.1 01 ' 11' 2S ..,·N ~ ·1 ~I ·~ ~I 'K 'I @ 1 @) 17 R570 u •noa1111 .... 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