Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
Huntington Breakers Apartments, LTD. - Bijan Sassounian - Sassoon-Mayer Development Co. - Wharf Properties, Inc. - Redevelopment Agency - 1983-01-27
0 REQUEST FOR CITY COUN L ACTION Itll -rlti Date i {r{Il'Iry 'I, 1',., , Submitted to: Submitted by: 1' , :! I:. +., tt , 'ti I.II •t -', , Prepared by: I'" ii,-1 ,- I .I ' I+ I , t I ., •,.1 1 Subject: 1JEFUINDIING OF EXIST1N(; ANI) ISSUANCE (W NL'h Iio -NDS; II UN TI`:G 1 ON' 11It E..%E. EHS AP I TNO, }:ti Jti, I.T1). Consistent r h Council it C nt e w Col c t Policy'IX, Yes 1 New Po.!rcy or Etceptmn �e5 Statement of Issue. Recommendation, Analysis, Fundirnry Source Alternative Actions, Attachrimnts: - l�. { :1 •��'• t • {t• 1,., • !. • . ISM.,,•!' ,�: , '��1•'S�! '1'.It�. 1'le' •• �i1 .'i Ili '' � � , : ' .. ' .' .. , �.`,,. �1t. }�,. .!t� ,� •' � r,' i,l;ti t'... �� ,r , .. : 'i'l!�1'rl.'• I Ys1�,• I;t (uu:4, f►,� ;t , i' .u'7, �` •n,:r,lr'llr'►; ';! t`;� !:: ;i -Ili fl;t•,t'rl.:i ,� !.r• ,,... ��,,rt' � ;, • ►t�' � I ';,: !;,•;,,,, 1►.,IIIt'��Irrt• 1`,• '•�' ,„�r: ; rr111 � '11r' t,i � ,i. t' ., !'i:i .. •. t jjrrIt, tit t •1 \ !'I /r , ( ttl' ! •r"1 • I', t ,I " 1' �'• t t 1, f !'I.. r r r1,! �„'r'!r ll ourrrrlt rvfliro11:1., Ir. , :rr. I;lt t►.,:it , ., !!:,' It'.t:,r; !„i. ;'rtr,1•�iti :r'�: tint ;1 "hi. to>rIi14. 11". !'�t�tl!,,; ►•�n•!� ;,,'.• ,!. ;'• .:.I•�f: •' .,• 1. } r% , ir..; t.I �-vpto;;-bor ICI. '11i, r ' t'r !;rl r' ,;,,•' t} ,� .� , r, !rI !I: ,- t';�' �'�t•,tlrf:; !, r,,t. ,;t thl, ti T{i.• t'. tisk" ;v1,.;lfit r„', ,f I I,,, . ,r!,�,!, ,;:} ,.t�:_, ;, !i••r'•I;1':,, 11rtI)I't•t •' ;l• •'�r114,d iI th or1:'tri,ti titxt"vn IIII, ri. th* r,r rrfl! urn { ; 1tt! ,rt'tl ' ' rl�t'ntt'�nrll (i,minoinj to tip thy' :> 11�1!)I`I' r,f tti•' frlrl,?' r'' ;iJtr'�' !. 'III(, I)o!I(1� 'NII1 1)" t)1 . 14'tt''r .'f rt',tlt fr,v-, it biIvik '•gIth )I r!Itlr)i; of AAA. IIns, 1.4'tIvr of ( rot -di t pttthr• t"ifitI I/(i1'i:; :111 i,II�'rtI !Ind I)rinoq)It• iIm, slit 111111 thr ovinvr default. 'flit' barill;. in tht, propvrt)' It vIf ;r•rurltti' four the Letter of ( 'rrott. Pl0 5/ft • IM89-04 •),Inl.'iry 3. 1949 s %N r 'I'.11 t"o, 'Iff ��rV�r �`i •I� :I rl'�1JIt J tt,• '?r,•;ill'II ,III! r- .,ti', !'. 1) 'i •''' •,r .•1f, �� li /,,•,,! poroont c) t!it )it'''t i'ount" , mt-.11110 Irl«'.,'t « +. 011,(' (1nlc � i r� „►I . r.' !• .: i r: lr,' , • , s, ,'; •'!t •; ;. for h�{If th( it'r'Ti the r ;,'5 �, ',; ,; rr'1, ;.,,, .� , . , ' .. is. I:;'llrtfit: l' )f ll'ty `,!�I1':; ffrim IaIIt :/1l: � � �• ,, �, � r: L,NI)1';- i SI .UI�( ,V: '1.1 �ti► t', I�`.il'Ir11 1' 't�l', ,•'(iU ,,. rill .1 rl � 5 t' ` � t tll' � i 11 .1, � 1 �, � �:1 { »r t I � � ' i, t ' . _ � ; � ' r. .. � . � i • iI.I I'.t>:�•.�il`• 1. '�1• II' �`•: �Y�', :i .Irl'� li1'.1.1�i�•,• 1� tI',• "�. :i A I ' ' 1 :i'.:I�f. �',.. .11'._r 13 ., i;(•f.'i. :�f' i.f'. 'i ' } .: (� P � ( (,I;:r�(: / r . it � 1.' . � , .. � • .. � ' � S .. ' � : � • i,r)1 .1 .Icy .. t'E E- rC- f '. � ..,.. C .. ',ci% t•j Ci fats I to: e s c7na t.u.� c?; i 1= ... _ ., .,, ,_ crr� ,�. ,r� otherwise :r. accorrancQ w nr'erJrur�'• =a r 1; ► ,. tl• .1• f.iTl'i-.• S.. � .1' .'t.' :1: ,. •�. .i• t : ii 1_ �at. i�:.• i. ' . il:iv- Ear ii i rtf OCf�!';' . . i:!' i. ;;:�'.'�: er ;iC'r f'th1 c7t;t.tic)C : �i'cj 0 ri : s r rc r, :: !:• . •j 1 5 t a t e �-. e n t t o i, e r s o rn t o rf 3 �. -4- : :i `l1 •,�ii<<' il• / i. 1. ���l i�.� ,l �f• !. •' "�''• �f(;- 1..'.f•.:/ l�f)i{ ..'C: .i ii l.: .Clt . . .., '♦'or, TeTil t iie C _ ttC:',.(i.`'t ;'A r, �,f_ 1k'j`tl�'I' l :r';' :'t:. .,. r ::;t► a or rriE `.! 1. . � •ho C;Trhsr nc e r s O: t11(� i' I:% t- hf�, L' •� t •Y cc, [I r-,(, , 1 rj# t t.#-. is : t, .,, c): I - . , o r, i -) r ,"-. .7- T, •;. -S 7 : A�111D,geO 16 u:i!R Al.eflrter"enls if an tonal. inCluOing puDiiC notices ;1 Decree Of the Superior Court of Oranje Counit calllo►nra hurriDer A-621a paled :9 :,eptemcni 1961 an0 A•?4831 d.tioc 11 June 1963 STATE Of* CALIFGNN!a County of Orange •.rr pro...• a-.a-i•M.; .,•.rut• Dr rtir •rhC. w. M. . r»w -,.. IC PK a r D�/b• ra01 I am a Ihf. Uni!e(1 Stales and a '_rsloent of tie County aforesaid. I am nver the age of t!Igr'leen years. and not a party to or Interested in the t✓^row entitled matter I AM a prinCipa: rIklrk of the Ora. ge Coast DAILY PILOT trsih which .s Cnmbined the NEVUS -PRESS a newspaper of general circr!lation. printed and published in the City of Costa Mesa. Count;; of Orange, State of 1�ahiornia. and that a Notice of of wh:Ch cop) attached h@rel'D -S a true it ' complete copy, was printed and publisher, in me Costa Mesa, Newport Beach. Huntingtc,n Beach, Foultitaln Valle. Irvine, the South Coast :Ommunit:es and Laguna 9e:!Ch issues of said nevispape! for _ t consecutive •yf: K3 10 wit the issue(s) 0' F 199 196_ __— I declare, under penalty of perjury, that the foregoing Is true and correct. Executed on �'17121 =16 Aga F at Costa Mesa. Calitcrni`a. "jignmore I Is Y-e!/1 / /-7 m ciev /7 Ili /— i 2 -9 �r _:�2!4.SC4All� 4-a61 Ftltl3EIC MOTME NOME OF ►UdL{C IlfAmro •0KDA 1111metee ihotact :407.CE 15 AEREBY; UfVLN that the Ctty county' of ;M CA*j of Huninoonl Beach. al it rep.der mfr wV 1 on January 3, 1989, will 1104 a VAIW, "wing and Mill - Wow a vaNal ct the Is- suance by the City of I/art- Irvslon Befctl of rafu.WbV revwvue bonds in M &mount not to eKteed Swell-. Mpfl+on f,7onan ($16.000.0001 for trio wpow of refunda►g the m tstandxig f :ity of Hunt I n g t On BaaGhi loans—.to—Lencers Ter - onus Bonds (Home Fedws.1 3arinpy and loan Assotia• .ton - rtunlingtorl Brb"f rs ! nreW.1) Itt a "Prior Bonds" 1= TI-.e pr7r Bonds vwo Ifood IV tM pwpose of asslsrirlg in the firam" of trhe ac- l 1Ru'sltton. construct%_1 and I d"Vk%g"nt of a mibti- !lair* rental housnlf ds- tviWnent In it* Cdv of HU 11"gicn OtAch 01%6 P• p- t"Ii •1. Ctmstruclon of the Pro- rt hog Been corrnoWed. e Prowl ccnsfsts of 342 unitis and is located at 2117'0 Beach BSuNv rd in iM City of Hunfingtoti Beach. Cad. loads. The deve1c;iw ant• o*rW of the Protect is Hunt• s-�gtnn Biealers Apart- rn"ll. Linuted, a C"loinie limped per1notifvp r AN tew" InlMgted --- matters raiatod to fM Is- suamo of qy bor+ds we In- vitod t0 att(nd aind be heard IW the mWetalo "Arch will cAmrnencis at 1,02 p.m. end 1 "tu be he►d in the City Coun- to Chafnt srs, City Nail. 2t)0f1 Main Street, Huntington Beath, Caltlorr+ie n you nave &M quefions i"ard- in, the public hesnnp. +posse contact Steahenl Ko", Principal f;edevelop- Imerit speei.lret. city '31i HuAtinglrm coach. at 1714) sssss•st. CONNIE 99OCKWAY CITY C3.EIIK, CITY Gl>I IIUWTPCQTON ICACH Pubbifivo Ofrlge C08111 Dal Pilot Pilot 'December 11&' ItDbb..._... PROOF OF PUBL1CAi ICA i NOTICF. 01' I UBT,I! ' HEARING 1 NOTICE 1s l ii;ltl.1BY OVEN tl,iit the' ('it}• Colliml of the (.'ity of _1luntirrj;tut; 11vach, itt its ar tnveting on ,1cimmry :1. 19S9, will hol(I it j;,u})lir fle ilig and conr;ider approval of thv i«ullnc(' by th(. ('itN, of lluntington Beach of r -funding revenue hollds in an imloui,t "lot to excre'c} 5ixt(e'tl �filli(r:l 1)oilc(r� �� l(i.�►nt7.(?O�►I for the' jlnrnosv of refunding the ollt�4talldinl; City of 11c.pt.injn(I:1 13c•iet•)I I,omis to Lender; Revemiv Bonds (Horne hederal S::vIngs and 1 ooti Al --ociation llul:tingloi! lireilker!; }'rojert) (the Prior 11orids'l. The l't'1()r I30!l(L; were..ssi,.vd ',,�r the jlurjlo!�e of i L�sisting In the financinr of the' :lCljlil`~1t1U11, Ce)h ;L''l'('t Il'lil :ITi(I de''.'e l,lj)lIll'I'lt (If ft irllllilf:t1i11}�' i'('Tita1 }:(llitilr`.t' devi'l(Ij111 ent Ill t}le• (�lt�' ()f Ilntllir-mil Reach (t}le '111*(!1('ct"I. ( 'ollst 1'ttct lm n� t.}le Pro 1)71, h(e'n ( oltlole:e d. The 1'('(M.Si =t S ()it' :1,42 11(l ii � and 1�; b-cated at -)1270 Bear}! Bouh,v,-r-1 in the COY of 11,1101111,totl floach. (':llifo'-1li,l. The dev(doji('r and w.viler of ch(• }'i•(eirc i } 1,:!:im.'trerl 13re'aker• , Liinited..1 California hinit,-d partriet-Aiij). :111 thO..;( 111te'r(st('d ill 111ai11 1'.; r" l:Ite d '111' 1'';Ilail('e ()f tho ll(,rl(L 'Ire Invited te) iltt(.11d :111(? 111 heard :1t t}1(' illl'!'til:j( •.�}Iich '.Ill 0:11111e'1)C'. of 7:0) j),I:I. and %.-ii1 be }1(!Id ill th(• (Clinch, (.'h ul111('rs. ('11%. 11.111. 1I^)(10 '%lx': `�t:'e t ,, i 11lilt 111j,t(.11 Ilea('}". (':lllfo l'i1111. If you Clavv any e111('st-iollr; 1•1•j!;i1'(?i1lj, tile' j►1111;;� t:,r.'I;'. jllc:ict (i►11t.act i('1►hC1I 1`:(lh}t t•. I'rilicijlal I%vd('-'ekipiilell, N111.';1;('tIIll }ie: : }i, at - 714!,)3(; ('ity of 111111tinj►ton lie:lch IT-) hr' 1►t;hlr:;he'(1 n, 1(rt('r tht 1kc'('rr b,"' 19. 19,100 2-900 !VAIN STHEET OFFICE OF THE CITY CLERK Octo-�er 1, 19�4 Huntingtcn Preakers Aoat•tTent s , . t c:. 611 Antor, Blvd. 11973 Costa Mesa, CA 92626 (0"Oe'F)R' '0'16z:7 1% �„ 0 CAL;F09NIA 926482 Tne Cit-. Counci: of t1le City n' r'w'•.nrlt.n') at, its regular meetlnq held September 17, i`)A:. apprn�t-d t'�.(. :rst :•�E",r_T,�nt tc °11*tic!p�tlOn Agreement between the or .4unt ington Beach and the '1Un41'inkjtCJn Brr,a.(t'r,, '1j)i�r "it � ('. a:Eo en; 0 BEd is Exr,:Sit Pror".lt;sor% 1�te, �'xt'c.t('C ' :: T )e Clt� Council r,n r-e;.tenber 17, 19R4 :.� aCnUt(�r' .',' +::�,' No. `�:. j`.� and Resolut l^n .05. 8a and Fry Wert arjQ"7tPC �Y �'11' 't('(:�'1 (': 1:�":''�� �!�►ICY. r'�71f'!i O� these documents arf.' (.'r,!'i n!"Cr' � nt Alicia Y. tnentworth City Clerk AMW:Ct': ,a Enclosure cc: Pat Sprncer. Snecial 'rnl.ect:, nordirator 1 releprKir,o 714 51Ai 51771 0 PUBLIC HEARING - LOANS TO LENDERS REVENUE BOND-S - HUNTI t(CT(,'r BREAKER; APARTMENTS, LTD.j CONTI�IlJED The City Council at its rerlular nk-t-tin(j �:teld iet,rLjar}r 7, i9B3, continue,j a nearing to consider - -whether the Ci t.y Council of the City of '{:.ntington Beach should approve the i s,,uance by the City of H�,ntington Beach of Loans -to -Lenders Revenue Bonds (HOIT)U Federal Savings and Loan Asso.:;ation °roject) in the principal arrlQunt not to exceed S2: ,r)OQ,+;U for the purpose of providing financing to Huntington Breakers Apartr1►ents , Limited, a limited partnership for the ccnscruction of a multi -family residential rental ;project to be located or. the real property situated in the City on t,,le east side of Beach Boulevard approximately one-Nuarter mile north of its intersection wit'), the Pacific Coast Highway. Dated: February 11 , 1983 -- _ A l i e u, H . .vf'_Il t1.40 ►. n _ � — Ci?.y Clerk and ex -of ficio Clerk of the C i t.y Council of the City of. Hun`ington F?,each, California 0 0 REQUEST FOR CITY COUNCIL ACTION Dat© _'J,inuary 19, 19 P 3 Submitted to: Harlort11?1" �irlt.'oT' al1C1 f'1'.... 1111['I I M(,tnA1)(-,r-`; Submitted by. i s; tratar Prepared by: Twin :'i n(�•her , r): rf'ctc r ` !,tl,; 1 nos!: !, Indust ria i Enter pr T s(, Subject: AL)OP 'I )N OF NEWI t;Cli'c'i '1i:':'i' I?ESC)IX T TON F'11,' HUN TNGTOi; F-311ED ( 112 y h 3 — To Re - Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: UIl '';r,•.•�'r.t��'r 1 �, , I �;j,. � .. ���, • i . , r•r••.1:. ' Br•c�:i'-.c s i%partrni.'nts .or's'_rll.. yard anf] Atlant,l S:11, t' t'1' .:or'le tt: !'hc staf ' c :it tC'r1t::C;r1 t ll l' .^!li3ilC;E_' the r(2qu1 r,,c! c(i)n r'nts Iv':: he re tc' 1. s a new rose i +. 1 on w111 c.-►: : ? r.�ected n: _.c.ncresq. Recorrrr.E'ncat ion: Ic-c:7 -nt. retz,. �'.. l't 1:.1•^,.'lrl,, :'r t11E' l+Ullt-lr!I. '.hi S r� s. lutior., l t I a S �u ur- , Cork; r(,ss r7a}' r `;;� 1 Ut 10I:, �ar,di al t ilca(.'d ..� l'r '.�� th( Ilt''.; ,-�?i�Ul.•l'r'li'n�'S Approve and: autlloriz.-.- ;;Q City !'IL'it-tactlf?d reso1'1t Ion No. 5222 Statln�l the�:1 t'; ' s In~('nt:III, t.1-f:jm; Iv rE':'E,nUE' 1)onds t0 f irlance the COnSt:I'tIC't lr)Il of 34., 11!llt_!( 1!7 t !it' tluntln'�t:on Breaker- t'►p, rt.- ments 1n cin clmoun`, (I Si: Anal-sis: Before th e Cl L,. ma'. in•, development pr.oj('t_ t, i". i!; Il.�c-�'s ,�sr;' t!1f' '1 t" Council (and,'or Ped e- ve loprrient. A.genc-) to adol'. t. :1 rc'So1 ut 1 , !, s t :1' l n(: l nt on tion to clo SO. In thc,� cease of the liurlt.i rlotntl such a resolution wtls adopted, by the Ci4.y c_nunc-11 r,r: 15, and the cop'.., is �Ttt�lchE'd for the Counci l's information. :•Fang• d i f ferent st r,lctures a rE' T�.� j 1 : ! t :_ t_he C T t',' and Redtave�.lopmc�n t. �,�;E�nc.. to consummate to (2xerlt.t f Trf,ltic irl'::. 01., th-sf_' structures hrovldi�'s f(�r the proceeds of the hand sale:' -o 1)c, de,.os i b eel in certificates of deposit with a lending institution. Sincr �;uch c1tpf,sits are insured by tho Federal. Deposit Insurance Corporation JTIC� car the Federal Savings and Tnsur- ance Corporation 1FSLIC) the ratilfrls or su,.h I)onds are NA- It is antic ioated that when Congress reccnvenr•s later this month, that it will init- iative chances to the leaislation which onables local jurisdictions to par- ticipate in this type of tax e%empt financing structure. One of these anti, ipated changes which will affe 't pr��jzcts alre�in the planning stage will be new requirements for the specific content of inducement resolutions. :•Fang• d i f ferent st r,lctures a rE' T�.� j 1 : ! t :_ t_he C T t',' and Redtave�.lopmc�n t. �,�;E�nc.. to consummate to (2xerlt.t f Trf,ltic irl'::. 01., th-sf_' structures hrovldi�'s f(�r the proceeds of the hand sale:' -o 1)c, de,.os i b eel in certificates of deposit with a lending institution. Sincr �;uch c1tpf,sits are insured by tho Federal. Deposit Insurance Corporation JTIC� car the Federal Savings and Tnsur- ance Corporation 1FSLIC) the ratilfrls or su,.h I)onds are NA- It is antic ioated that when Congress reccnvenr•s later this month, that it will init- iative chances to the leaislation which onables local jurisdictions to par- ticipate in this type of tax e%empt financing structure. One of these anti, ipated changes which will affe 't pr��jzcts alre�in the planning stage will be new requirements for the specific content of inducement resolutions. In anticipat-ton of '-hi:5 resr,i•1wino(, in t:h(, procedures t)}' w1lic•11 t11c' l• 1 t'1' ma" offor t,ix -XC'!'lpt t" I ;' 11d CCLllls" f I r in �:• Jones if 111 1i1 1 1 ankt ;v!:1 to hrl_'? L7I"E''' :! d l !1(. 1:lcjuc('11(?rlt r c-solutinr. ")r the i1u:,tin -tor. 17rE? lt:c lti A1,:1rtr,''nt ► r ,,, .t :inc: �i �o •; of t1:1 s rc-solut.,jr. IS attached for ttt(' ('r)unri I 's 1C-)I1. : t 1 iml)artant to r:utE_• thaf- ad-?r, t on of thi resolut:lon ---i 1 1 c—ro, t : tilt r no ck-)M'1 i t rictnt L-eyond th:j t wh 1 r•?: }?:.. :I ready h e e n of f e r e d 171 ' ht' C•l t 11.'i1.t.rntl l a'I^'.i.... i Of V:C)us I:;C1Li.'C3iT1C'nt :eSC`IL1t1C?i1. 1tCiClr.'t thiF new ro's ';:.�101i 1S i-t)ortant , howc��'eI', S1nCC' ih()Ulc] C:-rl(iross if ', t I :1:lt:1ciI),lt('C! :han9es, U'ii' Cif t:!lf sPeci f i structure) out i rlc'<? al)c•),ve 1 1,( preempte,C1 •,nd the pre : _ousl}. �-1dopt ed resolut i on w i 1 1 anc: I- r.ause thO F�UntlnC�-on Dreai:ers, Apart, rit Projoct- s moving ing Miead Iat_�idly, staff recom mends that the Council adopt the n-w r-e•:.olution attached tc, take the place of the previous resolution. Alternative Actions: 1. Dc: not adopt. the ne'.•: resc)lut io:: ;z::(? its i nvaI illation b, Congres- sional action. ?. Refer the resolution back tc- t.A `r;r furthor" i(ieration. Fund i n(t Source: Bond proceeds. Attachments 1. Resolution No. 5719 2. Resolution No. 5222 inn • 0 F SEW Lr L r� . -tom• r•.I C\ ri' 1'ot • v 1 Thy oc i cr 1•11, .'�'_. :r1 a„;j►'dinat ar; -• try• nr• t r, �', � f��j` t• ' ri; :•ref' 1 ! •_' I a P 1' C f p" 2 l ` ! . • 11 ! f 7! : i • ►-; a , on , r . r ; r • h . c ' r • I { . . d1evu l . e r ;li Vp r t w �. A, ATTES;: t Ly 71 e A --. E CITY OF HUNTINGTON BEACH BEQUEST FOR LEGAL SERVICES 0 {ieaursr Mmiff Ely I D-jha►tmeri Wynne city miurney Canary City ;le►M Pinw City %dminlittatur Ghldenr-)q Departmental INSTRUCTIONS- File reww'. in the, City Atturmey's Office as soon as posuhlc Print or type fact=necessary for City Attorney. Out. line briefly reasons for the request Attach ;ill information and exhih.ts pertinent to the subject. Tys:- of Legal Service Requerstvd ( I Ordinance ( ) Insur.mcr ( ) Other I Contract/Agn!ement r t Opinion All exhibits must be attached, or this reqLN•t will he returned to you. I Exhibits Attached P10 12no Authorizea to PuCl,sr, Advertist!mtnl5 of All tends. inCludinq putt',( nOtices by Decree of the 5upe►iO► Court of Orange County CAlifornid Number A 621J ClAlf•d 29 �t•ptengw•r 19ti And A '14631 tlAlecl 11 luny 1961 STATE OF CALIFORNIA County of Orange: l .ant .1 ( iti:vn .,f the I nitt•tl Stall- and .t ri•,idt•nl of thy'- Count% dfr,rl ant I .arn o�rr lhr .1�t ti( r1►�htlen '.rare .and nit a li,irt% tr. ,ir interested in tht• hvl(m t•nmlva mmt••r I .im .c princip,il clerk r.f the Or angi- ('().lsl [).ail l 1'11. O'1 with which n conic --led the \F: S 11fiF."S nt•Nsp.apt•r i,f vt•n1•ral circulation printt•d and llwhht ht•cf in thr ('it\ of l•1)sta \14•s.l ('rirint) ni Oran v Staff, 1if ('ahform,i and that i Fi�arin�: tinticNof (if v.hich c(i;)y attacheil ht rvlo i� ,a tr, t• and crlmpk-tv cop% was printrd .and hill,Iltihvd in .hf. ('w to �1i ti,t Nv%4port Beach, 11tJiltIrlgt(in 11vach Fount im �'ailt•� Irvine. the Sleuth Ci!.t,�t Ci'^lmunitit- and l.agun.a Beach Issues +if --aid ne"Np,almr for O."It tri u1t the' 4 of l :IN 19Hi 19M 199 I declare, under penal'y of perjury, that the foregoing is true and correct. Januttr� �2 3 Executed or 1913 at Costa Mesa, California slgnatur f i KIC NOTICE MOTICE OF PILMIX WAlHNG NOTICE IS HEREBY 01VEN piwauant to Settton 103(k) al the Internal F4wenue Coen -f T54. ai emrraed. 11'st .n Fnt"&-y 7. IRS3. at If* t•,cx,r of 7;30 pr*1.. in City Nail Clamtlera, :p(,O Main Str*et, Hun1ir•910n 134801, I;ellfafnin. 11 pubkc o XkiO will W t 41d m t'itl 4"Si on of wtialtar INN City CawiIl Of IN Cifr of Huntington Beach aho.id a;wrcvo the IsAiaimo by the City of HultinpfOn Beach of Gowns-tc-LihWere F#Ave,%w Gon4e (home Ftrclefa; Savirvil and toua Asro"llon P►o!ett•1 M the lihlncipal amount of not to ettaoso 1122.000,0i10 rot the pwpc," of pioylattp fulJ1Kk.y to I:untinyton ©trakarl .lpsrtmonts, t Jnjit t:, a Vm11e0 peflnefship, for the ;eonstr„ctlon of r es,t,lltl:tnily ren:Af rental VOIrCt to be ►ocatec. -t 111$ coal Dtoperly jsituated in tho City Ort the NJtt We? lot Bash EI„rt ye.n am-• Xwrivot1 oae•qua►lpr mile north of Its mtsysa ttrn Mat,, "pa Pac:AG %aaat HIP, Publ.r.heti Citr.;a Cost,. Daily IP-101.:cn 21. IM) 415-83 PROOF OF PUBLICATION 3�' ► WIhtt)► .t•.1 ', Put) -,h AI*vrI -it nit tit% of Al b,n(1t, 'nC IC1,1ICj :)( ?It)0,( t'% r1/ 1,1{•!; If• of !III• 1)wpe0/ r owl ;') •:{n:�t• i r I, .{•. fw, vA rf,.,'"t t;l•r A t',11 der If^�1 2� ST ATE .)1_ ( Al I 0PN14 (_ntlrlir of C't rif)q I i , ., fl: ., I ;t l (i i ! rlt ! I::! rf j tit .lf f ,ta'! t t f" 111 tilt •'{ !1•,. t „.u.I ,tr ti •.t ! I ,tn, tttf, ,tl,t ( h Ivvr. I .,: .tt1f1 rl' .I I',ifi'. f �r irlir'rt' tr'f1 art Iht 1,f'I�,w II 'Irr► Itlr ,ira111i ! ,I,! It'tl' 't I'll I a11lI atl,tll t• "rllt'rl1•,1 !tit' t If r'"�t,, 11t �•t I' ,,, r,;� ( I fr.f n� f �r.lt,• ! I' 11l(tlrnl.t inrl ih.il .i ( ► h1 -h I „1,. .tit ii hf'1 ht•rt•!f- . a !r ui arl(I I , 111plt'If' n ll� {, lrr ltltr'11 ,Iti,1 plJF'Il-ht••1 i n thr 1 '" ,1 t Mf",,i �.t•N lu,ri 14. ,f ''h 11'Jn1in0 ii 11t',t, h F �nJnld l(i \ JIIt'� lr.Itit • I. -;I .,,,j!►; t. ,,,,, rniT.,lnitlf., fnii I .I�un.t I•it'drh if rf• !' i Illl,�t'I tit 1,.I thf t•�':t' 1' . .. . . . It.fh--- i declare, under penalty of perjury, that the foregoing Is true and correct Executed on at Costa Mesa. California I PROOF OF PUBLICATION - -- PUBLIC NOTICE PUBIC HOME NOTICE OF A ,J01UT PUBLIC HCARING BY THE CITY COUNCIL. OF THE CITY OF HUNTINGrON 11 E ACH AtIO T HE FIEDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON MACH ON THE PARTICIPATION AGREEMENT BCTWEEN THE pcDEVELOPIAENT AOENCP AND ►IUNTINGTO14 BAEAKFRS APARTbtElITS. LIMITED. ►Iat,Co i1 wetly gfve.t trial stet City ('cunr.11 of tall City .;( Huntington Beach and the palevdCfpinfant Agwr.y cl Ufa G!y of Hurtinpton Dosch will boil a i."tfnt ►.4am,j C•.f I oLn"s)y i. :W:! at 1.30 p m in the City Council Che;mbera. City Hall. 2000 Ma!n Street, Huntington Beech, Citoornia, to con&def ants Cci upon 1h9 Participation Agreement Calween the Hrdevelepment A2enCy and Hunhn9lon Breakers Apartments, l.R.vfnd, and the sale or land pursuant thofeto The agieerne.11 provides for the 0"oicp n&it of rental Musing on 3 l,for within the Main•nier 11ir4erelopment Survey Area. A 0nscriptioin cf hvn wte Gan to found ,n the Parucipal ifi AVelwrvant The ferirs c 'he I,;a'o of Lrovyiv. t+*tiiv,rn the Agency and K.ntm;tan 5rra►er1 Ai,wllrnpnls. LJrnilfxt err l %e1 forth in the Fnfticip3linn A �feemrr,l ! The proplused gvoigC1 r1 Cov#CWJ or Nopalive Declaraton No. eZ- 114, ayocted Ja,Nuary 4, 103 and for tr-ict+ a Notice of DilWmittet on wil re ls±d C'v :unary 31, 1983 L:opiel of the 4'arttclprsNnn Apfremenl and 11v Ne04tive Declaration ery on fist, for pubbz ,•itcoction and ccp�w g lot fryi cost of at.plicatte" at this Offl,-u cf th" City Clerk, 2000 Alsln :,treat. ►{unlInglvr. Beach. Cali,mnia. t rcN.yn Ine ►+ours of N 00 an, and 5t)0 vm, Monday ttr0u;h Frdii, «f cfuafve of 110400ays InlereffoJ persnn%, may pubm't wlillen Cornments cddit"aiM to trill L,.twctor of Busirwilj and Ind.,,oWel Fefarpri:e, nor. Main Street, i Huftfrt+gtrn Beach, Cwtforn.a M;Aa prior to the hour of 5 or) p rr, Gn I Fentuary 4. 1933 At the time and place noted above• of Lofsont linleresttld in the .ant7ve r-talfe► may appear and he hrif:d 0-1'ibllshoj Orange Coast Only Pilot, Ja,l 22. id, 1963 %43-A3 M 0 m JOINT PUBLIC HEARING - PARTICIPATION AGREEMENT - HUNTINGTON BREAKERS APARTMENTS, LTD. - CONTINUED t _22/83 The City Council/Redevelopnvilt Agency at a regular meeting held February 7, 1983, continued the public hearing on Participation Agreenent - Huntington Breakers, Ltd. Said hearing is to consider and act upon the Participation Agreenv,nt betweE:n the Redevelopment Agency and Huntington Oreakers Apartments, Ltd., and the sale of land pursuant thEreto. Tne agreement provides for the developrr,-..it of rental housing on a site within the Main -Pier nedeveloppY?nt Survey Area. A description of the site can be founr; in the Participation Agreement. Dated: February 11, 1983 Al icia 14. Wentworth _ M _ --.1tyClerk an3 e or�'� a Clem of the City Council of the City of Huntington Beach, California BY -- VP uf)' • After rocor(1inq m Ii 1 t--o: 83-10G113 LiL)o I � i l; I TY OF IIUNTI NGTON MACH 2000 Main Street IIUntingtor, Beach, CA Attention: Ga i 1 rltjtton, c'i tv At.t:nrnev RELEASE OF -OVF.NAINTS MQJt�'OINO REpursrrn H1 F7RSi AMtRICA4 11%L 11jS Ca FIECOADED TN OFF►rIA!_ nrCjaU? OF DPANGE cnuJjTv, GAt is ;aM.t -gso AM FOR h ('0,NSIM-''rt1,'J'T0M, rocr. ipt of »'hicn is heroby the c.'I'I'Y or m."ACH, municipal co.poration, re'Ithat rea1. proper tv herc-imiftnt- itoscr lr)--d yin(! rr'forred to as the ":Uoj"1•'t Property" from thy-' e-f£ect of -ach ()f the f-.)llowinq; The torms, prop: i:.ions, covenant_.:, and conrlit- ion', as con~ a lnod in instrument!; ont i t l ed "L.ovenant and Agreoment" with the City of Eunttnoton Boesch, reccrd• -d Nover,b,=r 26, 1966 in r3nok 8113, iaf-.. 26 of Official Rncords; June 12, lC►GR in A628, Page 76 of Official Records; and Octohpr. 2, 1969 in Soon 9097, Page 273 of Official Records. The "-Subject ProI»rty" it all that rval proporty rlescrirc•ri in or rnforrcd to in or of forted b%, the foregoing in strurr,onts. (_ I T%' OF 1IU`'T I NGT(7f7 I FAC.'ii, a municipal corporation n,-Tt rad: ;•,arch -?—, 1983 ATTEST: Cit yC erk.. APPROVED its (•ro FORM: rc1I1, Itl11"1c1N, City Al rrrr}' L� l / rrcor>zr'rn 1'J - rrt - P. ;,; ^. ; Alf al' 1. r"t}'.' t.t1 � frlt,+.'f1, t•11'. �",1'c`fllr''. • C�i"X'Ur,1ErYTnaY Til" SEER TAX S V i u•1 ..11•7 (in the or ,q'ut rtl f`rnptrtv rn-.r.1..1, '^pUfM1 0^ ?hp CUnt17t1ta1 or. rt/ VO',,N 'I11 !^{ P- tr. R1111,Iilgt(.,n 1;cacti, C_-% `Wor,ingat1,,"tofId/ _ � r' At t:) • i;:l i t L:t". ton, 1. 1 t.'l At tnrnw., [/l;f~ pntllar• (/) liK'�r��,l n, AO�nf O�I�rr+•,nin� 1,• ,'Irn. ,��... At' T CRANE" DEED FQ': ., V•11 ;I PLI. l,rr.`;IDf_;I iIIr)I,; 'r, .tt fo I,.trr, r ' r•fr!t. rl'-. r• TEiF, l ?T'i OF iif••ei'Ii' ii_T" [itf, a T'.1r 1c: i,-f1 Ct7rp-Ir,)t ir)n ttvrf•(t', CifaAN*r' ICI tc,, Tti?: rFTF1.'- D')F'M.J—.'r r1C; . 17.' (V Tf?F C1n' OP ffi BEY11i, t, put)I is 3genc.., thn to ti r";tNrh I" f•,(, C: . nl Hunt i notnn 000'1� C4 Orange J rlp C,r C,11ianf-1141, i:.�<, (•f hlh� ��}. in F�:hihit 11 ant, 13 hAt-Pt.n, %N+uch arc att.achr7-,-! hcirr�tn awl ar• i3c-nrrorratf-1 her*ein b%, refer,?ncr. STATE Or C;t_Ironyl� , t;gvlrT'� L�1/C/t ' pwlorq np few ur,1oP t.,• d a1 '/wa v Puhlr to and 1 r sad Slnte r1w. {nnsCy, Pircl ntf.rt -_ por". nn,,y Mncy>mrMd me IN ed to -nib on th tars Of Allftlec.✓y t!ltdn^CQI ;� be :>M4) wTIMe Mm!(st Is/%/>! I{u-tIMA TO the wl!1-1A ens# -um• *!rno%ladge+d fb me (haf he/0q.1htly e.ecuted thol sAmR WINE 5S, MY h4nd And eff.Ct•11 sn4: 0 'I1TE, CTTY OF Ei'LWiN ."4 BFAC.i, a ruin icirk-11 corporation. Mayor :f,rk Approved as to Ebrm: Cx:.1 Hutton, City Attorney ITfrla @too on, off,c181 rnofs.101 $0011 NWL TAX STATEMENTS AS [?!RECTED ASOVE 1007 161821 � 11 ?I0N 1If" THI Wi: ..1 1,1'•LI CIf 7 11 i ri ,;!,,•:E E"I• ' 1 _ TI 11 , F,rJ1'.(. 1 ! l•JE T , l r! Ti,E i•I'.�;I. ' .� t_►'t' i ri 'tJ'J l:1rJ l�1 Pl►if F.E-L •. F,;1I FI Ire F{Iil�i I f'�1i"�. ; t-' hl I ' L.n►�� r •L'+r f•.E.I_ t'II::h: I:IF ('i��,►1rJi.•E �. 111 try T`+', I. <<L I f 1 1f•rJ I i►. I,E _ I_ r' I t' I1 1,'- F I '.l_�,,1 ; FEE-1; I NN I N17% AT Tf 1E' I-' ITJ IE-11': 1' L CIRNL'F• I:IF THE. LOOP I F+F:CI I r+ THF_ I1r-F. r fll TIIC _•TATE: OF I:At. If.rJli1, kC1.�1f•;C -I.1 Al161►,-,T 1• , 1'':,' ICJ Iir:'i171F: / ;:•�, F'►lI-,E 15 CIF '-',Fr- I C I AL QEC �IRf.1' , Ftr' I NC, A F A I r4T 1 1% Tf1E --,Cl!-IT H L I rat_ OF THE NC; TH HAL` OF THE 00TIM _N1 U1 1ARTI ER I"IF THi: rosiF� Tt:f•: f_1F 'A I C1 DEL- T ION 1 � , LA 7 Ef�I.1' :;7 � . 1 � 1 EE THF-REFIrti ► hC ►1 THE WI: �•TEFtLti' L INE (:IF" I G Z�CC T I C1ri; TIIE=rE r40RIH P 71 Di-_L,`_'i EA" T 1 4�.. � � FCt_T ;'AI CI ;''XITH i_ I IJE TC1 F C1 I NT F►=rr'.'F:F'LY '5`5. Q6 FEET THEP:7Ff='OM ►;; CI WE •TERL�' L I NF: CIFSEC.T I CIrJ 1 �t. E+E I NI-, T F-HE: I h1TE_RC E<s` T I I:1rJ OF �� NIDN-TAN1=,ENT CURVE CI-It•11:AVE FA�-JEFiLY, HAVING FI FACIA . CIF" ID F.EE-T, A RADIAL TO 'SAID CURVE AT ::AICI Ir•J1EF"_4:1.7ICIN PEAR,; C+F_G. 21 17" 41EST! THENCE NI:IRTHI•JE-'2'•TERL1' 11`..-1'7, FEET ALCIIJI, '�•�ICI CI_'�VE TNr:CtL1f,H A CENTRAL ANC,LE O -,4 C1E1:' . r 6 ' 04" ; THENCE SCILITH 3`o DEG. l ET-T 101 . •Z c; FEET TO ThL E A� l LINE CIF SAID LAND CONVEYED TO THE _•TATE OF CAL I F-I:IRN I A; T HE rq1_ E. 51-1LIT H � DEC � . 4 4'� 1.A'_ T 1 U 1 . �r� FEE T 1_1 THE PP I N I Cl'- Is.^ I rNJ I rJG, E X C EPT I NC. T HERE'FROM ►tiNY F 1: P T I Cir) I N1: L LIDS- 11 l•: I TH I r: THE L—ArJt'I IN THE HEED CIRWIC•E= C 1:I!_1r1TY Fl.�_0C1 C CIN T F,1-,L D I'=,TF, I C T. F.EC I-'lR[1EC' IN POCIE: T. 1 :'l OF OFF 1:: I AL AL'--0 E YC EF T 1 NO ALL Cl I L N I I.IFRALr AND f {Y['►rC11: ARriCItJ ISLIP',TAI�C E•- LYING PEUDW A [IEF'TH I_Irr rr.rf, FEET r=F:[1^1 TIE.. Sll:~'FACE CIF Z-IAICI LM11, RIT W I TF1Ci1.1T THE: R I C.NT r,F FrJTPI.wnt`J ArJY PORTI I I-Ir J I_IF THE C!_`F'= At: E . ►��• PY C. W. H-..: TE F.' r,I!CI I:ITH::PT,. IN I HE DEED FE-1-J."Dr. D F'EPF-:1_Ir0-, ' 7. IJJ J CI_ Gr'1 F+',r-•E `.'L11 CIF r:I^Fic :Al RECORD'-,. 0 N " r. Y. H I F3 IT A I ', , .' .. i' I I" (1 • i ' � t , i' '� (!i !) . !: ,"t : !: I r� !t n t ; 'i r• ., , f' 1 . .. �i .. i; !• I 1 11 / �, 7 ii i li {� ;l I r' : :� n } � '' r, � • 11 ' 'n (` ' , ..1 t (' !' t t 1' t }: 1' r? ', r f }i'.i ,' t (• t r ( it t •.: 1. E t2 i' a r t ' t. � - 'rIt �„!�! ,•')irt hr'!n• hl' ..(. .:''� i:'•I' 1`' ii1''��'.'':':�: fur t't!'�. " >, !;er, )^t .n+fir•, lil`t1:, ilr riff ri ; n,orln o` :tirf t' !' , ►; r ( .. ; f r' r' ± r' t }1 f' .: ( t c r ^ r` rat )s,L;ls�!' r :I'J ,!' _,. ,{ ;';Irr' ! �;; t;t•lfnl'•Itf'Ij nnr: �I,,ril•!i ran . ; 3 ' t ;1 !" t ; C' i ; , , .. I 1 t- ' 1�' f' . l , 1 rt r • .. ' : I t 1' : � i i'. } i '. 1 : � :1 � ' ', /) rl f. J , �` : 1 i', 1 • ' ... ., �,1 �;1',ic„ i,, t Is,-r':�� r• .�' ! I' •1�3r .: �� : r,r, f n } ry.-�• -� f, • .i !` � 1' — _ i l .' - r r, '• •. ,. .. '1 tl t ; }: !' . ! i' ', n rt t � (' �r t r C • ,'t U r' •' S ,'{ ! t . ' t7 ') R �� .: t' !' r � � f . � (' t ; !' � . , a i' f' I r, ;� .� , r, r ; t `, ri t� c • ,� . '� t` , r f' ' ,1 � f` �: • ') : ^ i '1 t „ . t }'!' r, r: r� • 1, 1' i l P. (' � , ,>,. l:tt• ,a, i . ('(: i n ti..,o.. � ten; r ��, ! n:,Ir n :'�,•! ,: �� r:a .t •_: f(r, t. r` ;!' •t r_ rnt'r , t'tlr rl r r i ;t ,:. i s- "7 fr; t i " L r, r) t I. , I i .• , .; r t !. rc ^ r, t ,• .r r. t �, ., r) �� c' 1, n t 83-'LCC1.1.5 .. `1• Rr'q;l('ite(I By ; Redc'vr�laptrnnt h(�r?n:-f of the C 1 r.y of liunr i ngton Br -act) Citz y Ii1t1 000 main Stroo, Hunt i nutor Roach, CA 13 6491 A t;r:r Prcc)rdat lOn, md11 1'c: hunt_to-iton Apar!.ml-nt_5, I,imnitSri 611 t-ml on HnI.:lpvard, Sijito 970 .'.la 1 1. i r3:, '-.)'tatr'r Prll: , "'(-): }I.lntinr_1r(,a►:errrlt`;, i•;:�i!.ec] 611 Ant.or S�;it.o 970 0 PEWROING REQUESTFO ..: PW AMERICAN IITLL INS. w PECOADEO IFJ OFricIAL nECOnDS QF ORANGE ::OUNTY, CAU OPUTA .q90 AM wp 11 '63 0 ir'h 1 r THE tlt' N?IN'i 11N(�'1'G'; ar1r1 I)OI It.Ic- o Irr".' .';t,lCc, �1f (,'311t(>rnla jt:�li' '�j�r�inr�)r"! r ,11't 1!Icj r,llr`;i1.7r1~i. rO t.ti" i).- 0 rnl a r1':.)y r. ,�r.t.:; t "1 .i'i.: �,, ;,,�; ' :?:; %,''�i• '1;: ��; I,I.';1 i'I:I), ,1 1ntC'l'"1, th,� rf'.31 ;Iro1)errt..:") �•,t: i11'; •r it,ecl in the (;nuur'on_ itt_:ir-hi-,i hwrr'tn, '.;lh.'1"1� !;:•'rili-)it A, ind incorporated heroin by trll_s rr'foronc(?. llef"rf'nmarj(? to F};hlbit- R :11.`.cjchr'Cl h;?rote -md riidi! part :tr'rc'ot i(:r imposition of Stri(-tiv(? c c)v nrir't.s. 1. Ih,", lrrantQe cov,.-.mlt`; ►)`' -tnC: for itne"E, its h(tirs, adminirtrL-j- lrs and an:;igns, and all pr,rnnns claiming under or thr(111gh thorn, that there shall tao no di +r-riminatinn ;lmiinst or `'Pgr(,gation of any person (1r •� .•I rj Ir Ar I"r - '_- rrl -r.T. -- .. ....... • 831-106115 rlroup of per sons on r3ccr'Unt of racv,, color, creed, reli- (lion, sex, marital status, national oric)in or ancestry in thf? `.kale, 1pa se, ;ublease, transfer, llie, occupancy, tevjurr' or enjoyment of. the Property, nor shell the Grantee 1 eel f, or any person claiming Under or through it, establis' or permit any such practice or practices of discrim, 3,.ion or ;egreyation with reference to the selection, ?ocaL.,on, nu;r,be r , use or occupancy of tenants, l r' ;Srn s , suh tenants, F,unle sseos or vendoo., in the Property. All rieed1,o Iear,es, or contra(-ts marl relative to th,e Property, improvements thereon or any part thereof, shall contain or be suuj(?ct to ! ut-)r,t,anti,ally thp fol lowin? nnndi ;rrimination clauson: (ra) in dond i; "Trip nrantoo hors in Ccovon,ants b and for fll 1'r'lf, his h,?Irs, ('XeCL]tors, cad.ministrrators ar.d <assiar)s, and all 1)"r ions cl )irrinq under or thrount, them, that there ghcalI br' no di`.crimincation ca`iainst Or segreaation of an';' por!7,)n or .roue of persons on (ICCOUnt of race, color, cref,d, rel irilon, .sex, inarit-al status, national orlair, or aric'",t.r .n the !;ale, lease, suhlnase, tran:;f•)r, use, occupancy, tenure or •'n)O.J;rrynt Ur �.h� l�anri fjer'rin con: -eyed, nor shall tho canter? hir^ (,lf, or and 1)i-r!;(,)n c-laiminu under or ►.hrou(ih him, c�ntahl ish or I���rmit .any r;lJch prar_t ico nr practice-. of cilscri-,niriation or ,onroriatiron with r,rferencf-- tc) t.h rv1lan, location, numir-jer, use or r)ccIIPancy onan►_r , ?n, `'ut_)tn,ants, SUt)Ir'Ssees or r,nlinrls in t.ho I;inr, ni-roin cor-vovod. the forvtinITICI �)v—n,inc_c- !-.hall rein with 'h-, land." (h) 1n loan- ,: "The herein covenants b'Y anti for hirnt;,!If, his -idmini,t- to art(1 a!-.F ignr;, and n l l under or thrcltioh him, sand thin; and acrop te(I ul-)On an (I `;lit) j('Ct t•.n t he fol 1 (-)wi nci cnn`i i t_ i ons i 'i'h,a t t. h•� r n';,i 1 1 t-)n nn (l i :c- r i m i nn t i or all,iinst or r,,,,Ire(l,atirn �); ,n'J i)nr;nn or group v)f Per !inns on ,ac.cnunt of r,ace, color, creed, religion, see:, marital .t,atus, nw-.P-in,al origin or ancestry in the 1n,3`;lni, s!1►hl('asinq, trannf^rring, list?, occura r"f, tenure or enjoyment of the land herein leased, nor shall the le> r'e himself, or any person claiming uridor or through him, establish or permit any such pryaction or practices of discrimination or se9rCgcation with reference to the select ion, Ioc.•ation, number, use Or occupancy of tenants, !,71-ihtenants, suble:-soo or vendees in the land herein leaned." r 83-106115 It !c) In contracts: "'1'hore - ;hall be no discrimi- nation against or segregation of any person or group of persons on account of race, color, creed, religion, :-ex, marital status, national origin or ancestry in the stile, lease, sublease, transfer, 11re, occupancy, tenure or enjoyment of the land, nor shall the trans- fo-ree nimself, or any person claiming under or through him, estahl sh or permit any such practice or prac- tices of discrimination or segregatkon With reference to the selection, location, numnr�r, use or occupancy of tenants, lessr!es, ,ubt< nants, sublessees or vendees in the larld. " 2. No violation or breach of the covenants, condi- tions, rest ictiens, provisions or limitations containers in this Grant Deed shall defeat or tender invalid or in ;any way impair the lien or charge or any mortgage, deed of trust or other financing or no. --cur i ty instrument; provided, however, that any successor of the Grantee to the ,Property s;h-i l l be bound by such remaining coo. ,nants, conditions, restrictions, limitations i,nd provisions, whether such �ccessor's title wti, acgljired bl foreclosure, deed in lieu of foreclosure, trustee's sal • or otherwise. IN WITNE;SS WHEREOF, the Grantor and Grantee have causod tnis instrument to be exer_.utnd on their behalf by their re-1poctivr! officers, t_her,?:rntc- duly authorized this nay o � ---- ' ► ` S 3. RF,r;i:V!-:i3OPME,NT AGENCY GF THE: CITY of HUN'TINGTON' BFACH APPROVED AS TO FOc.11: RL,IJ1 c:nairmaA - �4ff /Aa 11rr4 gency ounsel �� a^pncy Clem,; AND -3- ® 83-106115 The CO'!�`�7(�r7`; Of tt17S Gr,rn�: [�tip(I am �)�,IilnL r_'I7'� ilh�7f accepted. 1{UNTINGTON !iRFAKF;; S ApfkRTMF.NTS► �- C,1i fc7_ nia limitr�'j partnr rr;hip D VEI,opMI:NT, I`.C. ► Cornia corpor�lt iOn ((Ir,n,%ral p,irtnr_.r) r� ., , ,in ;f:�t1 r ,'•',r",`i E':R � 1 I 1 (:7rl r-raI parLnr) c;itAtz"rFE —4— 8?-i061150 THAT PORTION OF THE WEST HALF OF THE NORTHWEST OLIAR'TE R OF 5 ErTIC1N 13, TOWN' H I P 6 SOUTH, RANOF_ 11 EJ-':.T , IN THE RANCHO LA; EOL _•A , AS 'SHOWN ON A MAF' RECORDED IN POOL: 51. PAGE-: 14 OF MISCELLANEOUS M�+F"�. RECORD_. CIF ORANGE COUNTY, CAL I FONN I A , [1 ::•C R I 14E[t A ; FCILLCIw`•,. F'E;t_INNING AT THE ^n:_1THEA'_T C'OErNEF C'+F THE LAND DESCRIBED IN THE DEED TO THE STATE OF CAL I FORK I A. RCC'CIRDEG AUGUST 1 L,. 1'65 IN BOOK 7634, r',=+GE 215 OF OFFICIAL RECCE RI '= , ESE I NG A PCt I NT ON THF. SCtLITH LINE OF THE NORTH HALF OF THE C-.0UTHWECj OHARTER OF THE NC1RTHWE•_ T C)UARTEP• OF :,,a I Ct 3 Et= T I ON 1 D, EAC•TERLY ?7Cj. 1 t FEET THERECtN FROM THE WEE, T ERLY LINE OF 1 A I D EC T ION; THENCE NORTH DEG. 6 ' 56" EAST 14/_,, ,1?Z FEET ALi_ING TA ID SOUTH LINE Try A POINT CAr• TEFLY 525. Q6 FEET THEREFROM zss ICi WE2,TERLY LINE OF Et=TIC�rJ 1�, E FIND THE INTERc•ErCTiC�N OF A Ni:jN'-TANC,CNT CURVE C1=1r•J1:9iVE EA'_.TERLY. H�')VINC, A RADIUS CIF= 272.5() FEET, ►a RACIIAL TO SAID CURVE AT FEAR; 'SOUTH 4C DEG. 21 1.7" WEST; THENCE NOR-HWEC•TER'LY 1 1c .5'' FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 24 L+EG . ! 6 ' ('14 " 1 T HLr;C E_ 29 C1EG. 4& " rU" 1•;17 7:.T 1(j1 . 4" FEET TC, 'i Hr- EAST LINE C+c SAID LAND CONVEYED TO THE STATE Cl; GAL I Ft_ R'N I► , THENCE -.f:+LITH ,, E-EC.. 470 ' 4'j" EAST 101 . .f? FEET '41`_1 THE FriINI_ OF EEC= INNING. E C EF'T ING THEREFROM ANY Fi_+PT IC+r! WITHIN THE LANO C EC•C E:I PEiri I r. THE DEED TO C'F-' nrJC,E C I7'.1rJTY F7l_+_1nCi IN Er r�►: �_ ?. FAC•E c 1 OF F'F:C'=!r IS. ►=,! 0 F'r;_ `PT i r:C, ALL OIL, t"•A = . M I rJFRALr A".r+ �4YC+Rt"11_ ARPON SUD STANC E L_ Y I NC, FELC1W A DEF'TH t'+,— 1-100 FEET FF C'M 7 HE: : Lip FACE CI► SAID LAND, PUT W,TNOLtT THE RICH-r i_+R PITR 1-WON ANY F'C'FT ii-1r1 t")F THE C•LIRFAI_E. rq'Z F.ECEFI'�t' F+Y C. W. HE_TER; AND t�TF��>:; IN ;Hi:'E. PEEP RECORDED F'EPR!.tARY 7, 1 W.-I Irl DCii * 6'' 16, F iC'r ='F IC I AL R C('ROI- . I: }: I i I TI I T „ A (Page 1 of 21, �3-106115 Tha[ It1+t[ �lTi (7t t11E' 'C'I'tflwi'`,t (I IS�1I'tt`T r1f '.�(_Ir,Ion 13, Town nhi.j h 5nil [h in the 'ra11ch • I.n�: 1(r;: „1';, a chr)wn on a „,ar rvr,nrcic,' i 1 n r`r,;; ', i,,tc-0 r.• ! ,cl•11nnE•r.n thy' rf f ir•r_ r.f t}Ic rnur,t•• }?!+C( r,��•r �� ..]i(; i'n11:1t <�,',.<'ri},(,t f c r I 1 l o '. . :3E' n a so Flint 1n t}1( t•,1{;[(`r1 Tl(' r, t}1(' .:E' t('r1 ;''r, ')1 pot .• O: 11;� rL}1L (+ (11iart t'C ! }i:it i , 'f lint i }'.r'r ('"'i� fin` j't1 t e !•(1' 1:{� I i`;t fir t frr),,, :1!' no t};t'i'1 i SI1t' ). °;f ��r?rthwe r1 iartPr •,;, ,. 1 t 1. :lU in } ,'✓, .'_, , till' 2 7 :l: ., r('TOriint v, a r r t` t7 i 1 l .. ncr of ':n,c i .1rr E' .(�. n' }';` i t t i i 1 1 1 i I: i' /` 1 I ' ••1: f n r i r�E"• _ C t }i1'['.(:F,, 1 ..t; tli' ! }it' r C r T r c,' 1 r ! 7 Sr.e, )i1t}� "'!r " t 'r{.: ('t ! c? t!Ir ' u crtl• �nr t [ �' t' r (` 1: t .1 ►: i' U •l r'. Tl .:! l JI r C n i 1 r t t, i h I• 1 r. i t` C' ,., ..:1 \i �i �; t, :, C' P. 7 r +' • r ., C r r ,l it is 1' t , r r' 7.r' '1 t'' /' t (, • it r' ( t r r 7 f V. r h ki 1•. v a r[ f I '; l .. .I t . !"' .. t •` . � !' •� {' r t t' 1 l' " t I .. it i'. /' ^. �1 (i , ^ r` t l t }1 �, `� �� ' 1• r• " .. • L � ? f{ . (' !' t ; , • (� ,-. r (• i' . , • . ? t i .. • . r. � t � 1.' f' ',1 [ }1 �' r i i n (' (� : '' ;! 'I I, y I• (, � �• , ;i I. (, '•, 'i C r i 1 , i l' .. i n t" , 0 ►. J , i � a i; (' . i r? t i• t , tt r ., " t' i t (' ! i t ('. i' t` �' I i r i t i O n, nt,r of :aid Ia�t 1, 1r c,. ('I {'. ,ti-+;.G: t}:n •rr�t�rlt• i t^!� (�. � .'f t •'1'I� t i.�Il 1`r. .1 .1I r' f �, ,. r , '�i, • 1. rl •'1' .(1" �,, ram• 7,� � � fl '1 �{. r, t F (u I'' i'I "A" (Page 2 of 2) 9 83 1061 15 0 The re,al pronert1r,►r•cifical I 71arye ;un jc"ct t o a 1 I tl7(- cn': c,n.,nt corm i t ion; ar d rest r ict ions con- t alne'(i In ►'hat c►Trtaln ri,)"'U!T1r'nt rntlt-l('6 "DeC'u Rr'Strlctlnnc 1,-j to r 'i Ayr e e m(_' r. t .7.Aa- ov and !)el.ween the Ci ty of fiur,i_ Irlr)t.(lrl an(; faun•`_ Imiton 5re�a�;��rs Apartments, I.lrn.te•c�, r� r r►r�ic'r. r�vncurr��nk lr herewith. ficrnr.ingtnn tir►?ak('rs Ap%irtrr-nt rtnr�, hr:-r�'n}, cC-i'J('nant for it. f7,►-1f , it s .;c)ccors, a!'.!-1 )n!; ,nri a I (-)t-nl-r part inn, cl -iim- ing by or thrnua_ h 1t, t_o abiriir. , :ovonar)ts, cnnri 1 t Ion:] ann, restrictions in the afuro.,airi ,ayro,1':a�'n�� ,anr! �!r-cept t1tI r► tn�' hQrf-,in dr'scr ibod land as so ,rr,:,�'r�'Cj. c'��IcLu Da t r•ci : .I� •1' , 19 �; }} ill •••I• i t:}I ',i l-. ;r:I-:RS APAR MFNT'S , I, I'•11 ; i:D a C'a11f,►rni,, : lmitPti. partnership I Ci i `<' DEVELOPMENT C,,ol—r a: par-tnpt • v_ c s i a vT ram,. A%-'---�� - - - - - -1 1d5ef}t f'. M.�ver, III, genernl partner A(; R I F, NT HY AND AMONG THE BEACH AND -JONES IIALL 1111,11. & WHITE A PIM FESSI ONA 1, LAW COUP(MATIO.N. FOU BOND CMINSEL SERVICES IN UONNECTWN' BOND 1"IfOCKEDINGS Section 1. Dutiv, of*Att(-rnc,%N .'o.,i HAI.I. IfIf I V,*11ITF.. A 01. to ! I , I , I., - i ., I I A I I , - :1 I ! f : I 11 1 - " t! I , �. ,•,I I I : I. * . . W. flit tilt ailt 1'+T1, Vr- 'ifid 7 :1" 1.." , : th'. "w"I i I i I I I I I all" (look tilil'-nuttl , it I 1 :1 1— f''I t I I I I I ) , I ) nd, 1,11 Ill.. OtY, lildf-litill". ith tilt- N ,I] III Nllrl.! tilt- (.f till, to. Oil- all milmn-d too b. x (.C11 t (-: I by t 11, 1 'it - I it *,)Ill wc1l.'r I I I I I I I IIvo r I'l I I I 11 11 1 .1 11 t t I I :; Il cc( . -: ; 1`111 it t I( It - r . ail ;ill it Lzr- - -I i I i t m )v I d i i :i I p r; i i ri I Y r t i I- - I I I I III I I I f 'III it- I I I i I y ,A It hill tilt, lT 1"t anY rt.prft,wmj,, (otlwr partite; to tilt'trim:-:10wil. !11, P.-I't A ! I -:i fihn.Q:- and tali,r rvj-wur atitt dt1-unit-ntz4 ri-quirt-(1 to I.- filt-I 1,.v tilt- Cit.% ill I I I I ! C t j 11 mith till- ()f tilt- RefullAilli: UP('11(k. Ifir zIll ci-l-tificatt-, (1(. (1:.. r, mi-A r d,-cIlIl)cIII� ri-quiri-d in omnoi�in with tilt, � r � ' � - w _ r r •� .� i.' 0 0 :%tt,"'rlt•' It: !',1111'•t'tt 11 '0,111, 111--;, -, I", IC,•. lit 'It VI'►' rt lII'tt.lIISIL'r lit 11-d. :I! If:i'"tlt tl,'t `l, ,ll }�' tills it(t'f I,:I' '}: I• . 111�`!, tf:.• ;...It;l:l,', �.t il: I:.!!II:iIlii! l;.,l,l-. 'in�l-1''ll! !• ;,'„i:��, ��,�. •,•� •', ;,',tr,1,1� ,:• ,;, �lt :(li'..' �''. r !1' �:.. .,il, IIr1;. 1,,{ ! It: .It �l tli�•1„ f t,', r1, ! i•'••'''I ',rl�f !r !t, t I}It•1' f1:1,1- t tio•rti(►n ,l. }{(•,I oyl.�ihiliti('s of (•Sty •I i, ! :± -}:.,ll l• r.,t• :;!: .'.ttt'r1,• - :tr,!1 -}rtli lur'i!.riJ :1tr rtt• 1%ItiI ,- o rt:tl, ! l,l, t. I, {,t » "llt:, •it.i,i;t.t' li, 1, l• t}u i It` lirrl !{ •':;,t l 1: fl". 1,' •\tt irll, t :l!; I ;t,t "i. tfi, I!I !it ! tl„' };� llllli,IIic Is li l All IiIcIIrI l lfl. f, rlt:t tl., , tt,,,; ! rl, !t) t ,:. 'r• II'•,'' flit !'i it, it tilt t"rl ;In? ,�{•�i,:- ,t� l�,,lIr;n: ,•tttti ! .1,;,. � ,..,. ;is.,•. r,.;•,,:tt,i }'. .1st ,'ri! - ir, ,'�'nl,t'('tI ','•itf, ,,1, l};, 1'-tl;ltl, f,' ili• }: t':t: lJii: I 1 !.• t!;. ' !',;:l: ' :t,' '{,'It '':,. - i!i I r!!:'tl,:' t: .. til• I !:: t1, A! !1. ? ! { , .\ ! !• t !, ''t:-,':1' :i'! ;1!i „t},t , , �:}»•r: • - t:, tlr'', : !1: l;r: r: :, ,. it l: ': ,- !: t:l�. ,,; t!, l;, t�:!� !Its,• i..tl-! •': ,!! }, l ,l,} } , t}n. (•..\ fr ,,. t!,, lir .t •i .I. I,, t'In,lll.: } ! I11 ! !,.,!' i, }� ,!i• r, -,• t'i-11 ,.It ! .\tt n St'c•ti(ln •i'c'rnlin:it i(in t:'' Agr eernc'nt •} !:t- . I,'! 1:. ,, n. , . l• t, r si.,..,tt '! :,t :I:, tf. I'm „t'!, ,, , , . • t: !1, i, .• t, , ,,..:;.Iti ... A Q,.-i IT, r.. : t '' ,:. i• it :; .-l•(•liml 5. Ilir(•('tiUrl (if l'll► AItttf'il,•1 i l;, 1• tl,l .1st rt „ t!. i ... Al `c•(•ti(rn t'�. '�(lnrli�(•rinlin;ilinn. ,t'. .:: • !!, . s: „ ! t!: tt•,'ti� ��t ►:1(. •r. t.lir !•nil,}. ,n',Yi.. t.,.. ;,_ `• :�: t ... r•' .. .. •:: ,I, -tr'. t li• -,,',i Oil Q,l . :,, •:f; ,l. IT. til'(•ti(ln 7. ('tlrnl�li;lnt•t• 11'ith I'!•rlf•t•,�itt(lii} In�uriln(•,-• 1{t'(lllir•t•nit•nt� .1tr r�„ . • -h;,l! ,' �:lll,l: 1LItl: t;l! t '\: �!i.. } .I i i '!. .. .,1�- i,r !I,•i:l'.,:1: '.\ltli i� rt•-l»,'t ti• tll, �., t'•,t-t . ,•, „� r• ;ii� r, !:• r, ,... . `ect illll S. 11.kvI•r, ('(lll) l)t•rl':lt it )II. ' V I %w i, :t 1 t t I„ tilt' I%t''T(ti I.. I ,ittll+ t: :I,1 I ,• I. Ir: I,•;t:l„ ,:I ! �,,' 't. t;, �•,t' i I �1�,1� rr:;,,, Hit - In .' 1 , 1 ,t .! I .!, In ! I!! ..:I: 1, ill :,'flt: 1 il,'Tt tf ;1:1 l i11� � � I11',Jrl, ll� i :,rl .I ; :•I,' i :tl„ f:ll'! I.:,1- >ir'lllil: rt;tit' q. It.., 1':i! ;A 1- ! l.l'.\r 111 l ll:.l: i '. ,I:I'J .:i'i ! ill fttI :111L, tl' i,'1:•. '1:1 l li,il,l I1:1!'1111t•�- 1fl, Cit.v rn'I , lind :lraln�l ;til (l;l:ll:r, tf, !11,1;1,!• l,:!�Ill, fit li!t: ;1.-'tl (ir, l'1 a't t,ilSlL' 111:1 Jl1!l[!1T1, IIt: .'! t \'rrl' Ililtl:rt' !1 [i,l ,l, ",':'11•'I"1,, lr„'llJ lull' ;tit 'r',t ', 111'1 t ^t- t`!'t'r t'rltt 1, h'',U I!ilt (,i 1't :ifti: mst, ti , Cy, Q t,r t 11 ;1,'I•mb! „! in r'tla:41111 t,, I•• 1•'1'!' fill, •1 }•:. .%tt i n..\ - tlll:l,'!' t}]Ir At'r,•,'rtlt tit Section 9. Indvpendvnt C•mltrilvMr. It I:• 1111111••1' 11(1!I! T'r't,•■: aild 1wir-t- d t}lilt AttOrrlt•1 itr,•, and Ai:tll f• , :wtlm' ill •11 dill, �. 't:• 11l'it I" Il!l.•Ilt i illl;l('t•trr 11•1'4•I1t :illii flat !t. enlltl,) joe ,'i tits• i it, :•Itr•'Tr",• t•11:111 s-sirr,• :It, Air ,'\I"' wlr mv! }•' C, r1 •,il:-ll'lt' t•tl' ill)\• Will All I1}i.villt•rlt I,f III-Coll),l:lz, r•�t:li rtt'llrlr'., t:ll,' ,1t-:1l�lllt\ insure no, l'',11111• ilrtliltlil, lit,tl�Itt}'iltt'n! COifgo.,116rlt11 tit lIT11l li;l\71T tlt.1',Wt I1In:- f r Att('rll,•.• r it rill tli('ir (,illy-. i1t;I•:Jt- I,nd t•llilllol t•, r and all 1)Il>Iilt'rr Ill's Tlrf �. It :I11'.. In %."Ant0I'll :\:tll ,hr r:'r\J(• -if,-it -I,"I } .'I(-IIn( i('r IN ,it►t,• first li'P. WA I'll HUNT INOON PEACH NEW") DEUMBER 23, 1988, pa(1p 11 re?1n,-, 1•,a 00swC,rq C•tr c1 Ac+ar. rt, lr.;o:. HUR.yrr1 B#-Z:n LOArs 10A WKU 11 4y"Ild psrrwarV. Ravonuo Rcvr:t (HQrna Fade JI AI -:,to .late►twi a1 rrjiwt Sav" ad Loan Aaaoccatlon . vafa0 r.:,*e a►oatvm oflfr bane ROUE COF H nt +y'lrfn proa►rn P rc4t<I) (t>1,► rr roval b a^. rr d &--1 M h"d a1 rt pU01JC NEAti!!A7 'Prow 90nda'). the Prra Sonde 0-4 rwr.rq .r,cH tr•] C_-XT>Wge a: 6d Wm-8 ratued IDr 1ta rurlrrao of fr. 7 Cr, v rrL ay: v..1 Co rv+.1 Y1 Ma Cdy an-; „ Ira r...!^C-1 cr .-a K.JiI- r. i (:.a e..,. C't Nat. ::.u" IiiXtknow Brug are Project aeon, corev'MW I and a.vucorflent ua n f-vtwr. hn Cris CkWncd ►xr raI " P . NOTICEIS ►.EREBY GtNtN tha of A m1darratr dial n *# &Drn,a it _ wun. Ca, LOW d "City Y Hur11• "`; ►"� r<a.� z+_ c+at+�cr• w�oprrxnl w to I:ly :f Hurf.�r� r.�)we- .. 1 oJa: rn�av,�, Rw►n now. BiiC1. at b ►og%A ' rtatdry 1lltactl (tho 1 ro.u:I Irorts'l ; rvt w+ M.op w. Prcv r w on Jailer* ]. ICAO. W hold a pLA C.ontulc rn o' Ire t'•aryc i Piz% f4sawmuprtvrl row AWI. Cty of IC hwvq"camder a pw.d d bean riv-p S"w the PrgoC mxl- H1,116i910.1 1104.". at ('141 531r WIN )aWww Qp Ina MY d Hwti ? ws d 317 urn sad • locatwd N 5, a, Ion Bwach d tdwldnp fo~U4 71770 Meal (lovers.: r Lw Car Carr umckw b"de an at, arnourit nol to "rood I cd HUMM;-cr. Raw.., Craan,a. I Car L' t 81tINn 14.1110" Oolla r► rto phaxcm a:d owner ty ,Ta I I rf .a.nvvr., ?"XIAt. (lti,(OO.CLX;t tf_• rile wswarr.on Creak. FIRST AMENDMENT TO PARTICIPATION AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AND THE. HUNTINGTON BREAKERS APARTMENTS, LIMITED THIS FIRST AMEM--ENT TO PARTICIPATION AGRFEMFNT i5 entered into as of the 12day of � m��� 1984, by and ! etween the REDEVELOPMENT AGEjN'C, OF THE. CITY OF HUNTINGTON LEACH (the "Agency"), and 11UNTINGTON BREAKERS APARTMENTS, LIMITFD, a limited partnership (the "Participant"). By this First Amendment (the "First Amendment"), the Agenc•• and the Participant modify the terms of the Participation Agreement entered into bctween the Agency and the Participant on � rh? 198.3 (the "Agreement"). 'rhis First Amendment and the Agreement shall be collectively referred to as the "Amended Agreement." The Agency and the Participant agree as follows: 1. Page 5 of Agreement, Section IA, after last line, insert as a new paragraph: In view of the magnitude of the pars: and recreation fee imposed by the city pursuant to its municipal code, it is necessary to effectuate the public purposes of this Agreement and to provide greater assurance that 'housing resources which are to be provided by virtue of this Agreement shall be available, that the Agency assist with the initial p»yment Of such park and recreation fee by advancing funds therefor, with repayment to be made by the Participant on a deferred basis as hereinafter scat forth. The parties hereto agree that the terms for repayment, pursuant to whic': interest shall accrue to the benefit of the Agency, constitute fair and adequate consideration for the approval 1)), the Agency of the First Amendment. The park and recreation fee with respect to the activities undertaken pursuant to this Project shall be the sum of Four hundred Twenty -Eight Thousand Dollars ($4Z8,000) (the "Park Fee Amount"). Promptly upon execution of this First Amendment, the Participant shall furnish to the Agency an unconditional, irrevocable letter of credit or a payment bond by : lank or surety and in form acceptable to the Agency counsel in the Park Fee Amount. Subject to and contingent upon the prior submittal .-)f such security in form satisfactory to the Agency counsel, the obligation to pay the Park Fee Amount shall be ,assumed by the Agency pursuant to part Hi) of Section VG of this Agreement.. 1. Page 16 of Agreement, Section VG, Line 1, before "The" insert: (i). 3. Page 17 of Agreement., after the first paragraph of Section VG insert as a new second paragraph: (i.i) The Agency shall assume all obligation for payment of the Park Fee Amount. 'I'1:^ Agency shall pay to they city the Park Fee Amount from tax increment available to the Agency by virtue of and generated by the Project (as defined herein). The Participant shall thereafter pay to the Agency an amount equal to the Park Fee Amount plus accrued interest payable at the earlier of (a) five (5) years after the d:atc heteof or (b) the sale cf the Site, or ( c ) refinancing of the Sixteen Million Dollar ($16,000,000) tax exempt bond by the Participant. Interest shall accrue as to the obligation 2. of the Participant. Interest shall accrue as to the obligation of the Participant to maize payment of they Para. Fee Amount to the Agency at the rate of twelve 1)erct!nt (121%) simple Per annum, The obligation of the Participant to make payment to the Agency as set forth in the preceding portion of this part (ii) of Section VG shall be evidenced by a promissory note executed by the Participant in the form of exhibit "I", which is attached hereto and incorporated herein by reference. 1. Except -as hereinahove specifically amended, all terms of the Participation Agreement are to remain in full force and effect. IN WITIN'ESS WHEREOF, the Agency and Participant has signed this First Amcndment on the respective dates set forth helow. DATED: , 2 19gp�-- ATTEST: ee In s tag r ri c � . APPROVED AS TO FORM: N Agency Special CoEsel� DATED: lJ a. 0 RED1:VF1,0PMENT AGENCY OF THE C I TY n H[IN'TI NC/0N R F A C I i REVI I WFD AND APPROVED: pity r:Ministrator C Frile. Execut i yr Of f i r.er APPROVED A5 TO FORM: r Agency ..ounseTr��_g _%�-94 `� HUNTINGTON BREAKERS APARTMENTS, LIMITEII, A Limited Partnershin EXHIBIT "I" PROMISSORY t o,m' $428,000 FOR :VALUE iiECEI VF.D, HUNTINGTON BREAKERS APARTMENTS, LIMITED, a limited partnership, promises to pay to the order of the Redevelopment Agency of the City of Huntington Beach the sum of Four Hundred Twenty- Light ':housaric'. Dollars ($.328, 000) , with interest at the rate of twelvu percent (12%) simple per annum, payable as follows: The principal sum of Four Hundred Twenty -Eight Thousand Dollars (t428, 000) and all :icc .:jed interest computed in accordance with the foregoing shall be due and payahl .-it the earlier of (a) five (5) years after the date of c!xecution of a First Amendment to Participation Agreement by and among the Redevelopment Agency of the City of Huntington Beach ( the "Agency" ) , bunt ington Breakers Apartments, Limited, a limited partnership, in form approved by the Agency on 1984 (the "First Amendment") , or (b) the :gale of the "Site", or (c) refinancing of the Sixteen I-1i11ion Dol Ill- ( $1 u, 000, 000) tax excrmpt bf-;rti:i i;;sUcr 11y the "Participant, " as Site anal Participant. ar(2 define(! iri the First Amendment. ;II1::IF 1111G11,ON I BREAKERS APARTMENTS, IIIMITL1!�Limited Partnership ,i r tner EX11TBIT "I" PROMISSORY rioTE t428, 000 FOR VALUE RECEIVED, HUNTINGTON BREAKERS APARTMENTS, LIMITED, a limited partnership, promises to pay to the order of the Redevelopment Agency of the City of Huntington Beach the sum of Four Hundred Twenty -Eight 'Thousand Dollars (.t428,000), with interest at the rats_ of twelve percen,:. (12%) simple per, annum, payable as follows: The principal sum of Four Hundred Twenty -Eight Thousand Dollars (t428, 000) and all accrued interest computed in :accordance with the foregoing shall be due and payable at the earlier of (a) five (5) years after the date of execution of a virst Amendment to Participation Agreement by and among the Redevelopment Agency of the City of Huntington Beach the "Aderacy"), Huntington Breakers Apartments, Limited, a limited partnership, in form approved by the Agency on t.(-,mbor ; '% 1984 ( the "FL" rst Amendment") , or (b) .+hsb as�10 .,c tee,.. �:..,• _.. _� __ <teen idi llion. .1� li �t ,u•, r. C�Jcof�r✓r 5�eyeri Semen So►� '' x Dcve;.t o n-i e» ne 'IAt. 1'I••r..r lr' ..I 1, ,.. r ../. J. .�.. 1. •I. r .�` 1, rn.•l; t •••1•.. MAn+;nj4on y n� 1lCC I Dream «5 �ar'i Mer-&5, 1 OFF10Al� EAL DANALYN L %OLSTRAP Notary Pub&c-Ca ffam4 ORANGE COUNTY MY co"n Eta. Jul? 15. ttn r t ,rl r ,.. 1. i,.r• .�1 / r �.. r i ox 'i! t ViY.�� / T•t r . I r .I.i .1 .'�! 1'i.l� •�1.,1� ticipant," as APARTMENTS. tnership 6 �,/ /Y e��Lotfe� raIP7 PARTICIPATION AGRE:EME'NT By and Between THE PEDE:VE:IAPMi:.N'T AGENCY OF THE CITY OF HUNT I NGTON 13 E:ACII ( "..%(3ericy" ) and SASSOO;+-t��,YER UT;VE:flopME.t:'1' CO. , WHARF PROPERTIES, INC., and H I..IAN SASSOUNIAN cl 11 d IIE�N'I'Itdi;'I'!�f: t�l:i:',F;t'E::� i,I'r�Et!':•fs•:��'[':�, (,Ih11'1'E:U ( "PCi C t: is iI)i,lltt."� 021883 TABLE OF CONTENTS I. SUBJECT OF' AGREEMf.NT A. Purpose of This Agreement B. Description of Property Covered by This Agreement C. F)arties to This Agr---ement 1. Trie Agency z. rhe Participant 3. The Ootionor II. DISPOSITION OF THE surf: A. Sale anti PurcnasE B. Agency Escrow III . DEVELOPI-II'NT OF THE SI !'E A. Dove lop;r:•nt According to Terns of Approvals B. Bodily Injury and Property D.--;nage Insurance; Worker's Comperisirtion C. Rights of Acce!:,_j for Insj-)OCt ion of Construction D. Local, State and FJ,(A-'2'ci1 1-1ws E. Cert i f i-.:ate of c.wipier_ icon I V. U: }: OF THE SIT}; A. Use in A-,; ordi-itic with 1"ipprovals B. i%Lfordabl#,-� r}Utr:,ing V. OTHlIR I,P(.)VI oNS A. ob i9ation to RLr.f.raln from Disci imination B. Form of Nondis:.,.r irnination and '7on.,;egrejiit ion C L : I ta- s C. 'I' ex�:•s, '�s:;��s�,its, EncumbL anc es jnd Liens i D. Noticsrs, Duman(ts and Communications Between the Parties E. Conflict of Interest; Agency's or Ci ty's Representatives IJot Individually Liable F. Enforced Delay; I:. -:ten! -;ions of Times of Performance G. Agency Cooperation H. Title of Sections I. Bold Harmless VI. DEFAULT, REMEDIES AND 'TERMINATION A. Defaults -General B. Legal Actions C. Specific Performance D. Oction to Purchi-ise E. Appl icabl-,: I„ �w F. Acceptance of Service of Process G. Hight_s and Remedies are Cumulative H. Inaction Not a Waiver of Default I. Notices, Demands and Co rmun icat ions Between the Parties J. Counte r I)a r is K. Entire Ayr,-(_;T,t--nt, WJivcrs and Amen(i:riunts; EX0Cut- i on Attaca;nent No. 1 Mal) of. LI)e Proposed Project Area Attachment No. 2 ::ap of t`Ic.• Site Attachment No. 3 1,t'(rt'l1 ut. Parl:E�ls Attachment No. 4 Land Sale A(jrec-mi•nt (wiLn Addendum) Attachment: No. 5 of PO1"t-OI'ir,i:nc(.' Attac1imient: No. 6 1"otin of Grant Doi?d ii 021883 PAPTICIPATION AGREE«MF.N1' THIS AGREEMENT is entered into on Afti-) -! _ by and between the REDEVEL01':'SE:t*T AGENCY OF THE; CI'IjY tJ HUNTINGTON BEACH, a public body, corporate and politic (hereinafter called the "Agency") , SASSOON-IMAYER DEVELOPMENT CO., a California gc: nera 1 partnership, WHARF PROPERTIES, INC., a California corporation, and BIJAN SASSOUtJIAN (which three entitles are collpct:ively herein- after called the "Opt ionor") , and NU!> T1 1JG'I'Ot1 :3WEAEERS APARTMENTS, LIMI PEP, a California limited pt-crtnersnip (hereinafter called the "Participant") , all off which are collectively referred to he=rain as the parties. 'The parties agree as follows: I. SUBJECT OF AGRE:i::-ME'NT A. Purpose of the Aore-►ment The purpose of this AyrL'c'rT,ent. is to facilitate the development of the Site (as defined herein) in accordance with this %greemient. Sc)«:-cii iC3ilr, upon fulfillment of: conditions of this Aur.•t ment, the Partici- pant intends to dove lop ()t► the :Site an . par—tmont complex consisting of: approxirnately 342 emits; such units and associitt,�d improvoment-S arc_ ;hart_' Dart iculc-irly (;.s- ;,-ribed in the City's Use Permit tic:). t32-44, ,ind Condit.tontt1 ENC-Option No. 82-65, acid are tl«�rO,(ft.Or to as the "Pro3cc - SUC h I01)'T.!'rlt 01. t.tlt' S1to wl l t farther they purposes of the Com:;lUn i ty I,crw (iicyalth and Safety Code Section s3000, _et seq.) and will help to F f fec- tuate the 1-litlli-1'lt�r R(•tl�':'t'll)T" i�'ilt PrOl' l't (the UI'��]f'Ct area of which is in the pro of lr,,$-rlc.it_d to include the Site and other r,-al pry port,: within the pCOj«_•(.:t 7CE'a; the proposed 4-tmend;nont to ttle Rot it','eIoDiretit Project Area has t)«_ u -en initi:�terl by-T,•-ims of lO!Mltiun t:o. 5169 adopted on Jan,rary 1.8, 1983, by the City f`ounc:ll cif the! Ci ty of Hunt. i ny ton Deactt , and propo::i_d wr,u M acid to thr: existing pro tact arc,a t.h.it arrr•,, dt!pic_t:._'d can the Ma1) of Proposed Project Area lAt.tachax-rit ;1o.• 11) !loreov►-r, notwithstanding the uIti:nate determination of the i'iyt-nc:y and the City of Runti.nyton 8cac;h rt_-yarding ►.he ;drove eference(i pro_por ed amendment to the ;•lain -Pier Itt.-dleve l op- ment Project, the clew.,lopment of the Site and they ut)t tion of P��1•ticipant to nrnv irie of for«l�-tblr> hc,;r�ling, as ht�re- inafter described, wi 1 1 the Ac3enc.y in ful f i 1 1 illy itS ohligations undor Ltie i.O. ;,c;rnit.y Itt't1t�v«�lul�;r,t_nt I.,_rw. -1- The parties hereto acknowledye that ;:he ability of the Participant to develop the Site (as herein defined) is contingent upon (i) the avai lal)il.it;• of and the provision by the City of Huntington Beach (the "City"), of mortgage revenue bond financing (pursuant to Section 52075 et seg. of the California health and Safety Code) and (ii) the assemblage of the Site with title in a condition satisfac- tory to an institutional construction lender. The parties further acknowledge that the obligation of the Agency to convey the Agency Parcels, as hereinafter described, is contingent upon the provision of such mort- gage revenue bond financing. The d(2velopment of the Site pursuant to this Agree- ment, and the fulfillment of this Agreement, are in the best interest of the City and the health, safety and wel- fare of its residents, and are in t-ccord with the public purposes and provisions of applicable federal, state and local laws and requirements under which the Limendment to the Main -Pier Redevelopment I-11an is being Undertaken. The development of the Pro)ect will also facilitate the realignment of Beach Boulevard frontage read in accordance with the established City F o-ararn therefor. it is intended that development of the Site, pursuant to this agreement, will also provide a resource treat may assist the Agency in furnishing housing necessitated by, Agency actions unrelated to try._ sub3ect matter of this Agreement. B CC'scrii?tion of hrC:oe,:ty Covers'Cj 7v This Acireement The description of property cover,_•d by this Agreoment is ds follows: 1. 'rrir2 "S i Le" ; s a I of the re l pro porty shown on the Mcip of' the- S i te, whic h i rif��,rtju:,ateci hf-rein and attached hereto as At t a(.-h; ont No. 2; 2. is .r3J,2 here(Ifter t.0 vd; i(jus portion:-, of the Site, which purc-.ion.) ,irf_: J,,,;►k,minatod "Parc:Pl 1," "Parct_1 2," and "! 1r,_c�1 3," which > >. are rtr�hf:�c- tively do,,ignato--d on Lhe ' k,qj of the Site (At.tactiment No. 2). Pat ceIs 1 and 2 arr, horr-aftr!r collect:ivc"ly referred to as the ",%(jencx P,11:,:t_ls"; such ParcoI" arc: fur- ther designated by t:he i.t:cial Description of Parcels, Attachmr!nt No. 3 hereto, incot i-)orateri horf�in. Thee term "Remaining Jlarcels" ::hall he ►,scci to refer to r111 Ot the Site except the Agori : y Ila rce 1 s. C. Parties to the Aareement 1. The Agency The Agency is a public body, corporate and politic, exercising governmental functions and powers, organized and exi st i.ng under the Community Redevelopment I.aw of the State of California. The principal office of the :agency is located at 2000 Main Street, liuntington Beach, California 92648. "Agency", as u.:.ed in this Agreement, includes the Redevelopment Agency o� the City of Huntington Beach, Cali- fornia, and any nuccessor to its rights, bowers and respon- sibilities. 2. The Participant Participant is a California limited part- nership (of which Wilmore City Development, Inc., a Cali- fornia corporation, and Jos,.ph P. gayer III are the general partners) that qualifies as an owner -participant as that term is used in the Coal ifornia Com;Truni ty kVdc'vclohmnnt L.aw. The address purpose of this Agreement is Mesa, California 92626. 3. The Ootionor of t-hePa r t i � ioant far the 611 Anton BOLII,�vard, Costa The term "Opt:Dnor" is used herein to refer collectively to Bi3an Sassounian and business entities under his control (including, without limitation, Sas ;oon-Mayer Devolop,m . 't Co. , d Cal 1 f ornia general part- nership, and Wharf I'ropertic�;, Inc., a California c•or. & tion) . Bi]an reprrr:.;c?nts and warrants that he is authorizc,d to ex(--cuts� this Agreemenl on behalf of the Optionor (inclrlding Sas_;oon-Mayo Devolo1-mont Co., a Cali forma jenr.ral partnerr-hip, ;an;i Wharf nroportlh.;, inc., a Cal lfornla corporation) . For purpose:; of this cipal office of"the Optionor is Bi jan Dennis G. Harkavy, 1900 Avenue ref t tic• I,os Angeles, California 90067. I I . Dis cos ition of the (.,it--e A. Sale and Purcl�:ase �,yr��en�►_ant, the prin- 1itors, Suite 2200, 'Fhe .site is me .,,ent ly owned t,y ent. i t: ices. The Opt ionor his jigrofl-dt o C gLll rC (or cause to -3- be acquired) port ions of the Site, f rom the Agency and to convey (or cause to be conveyed) SUCK I)OLtiOns to the Par- ticipant (or an entity related to ?articinant), pursuant to the terms of a Lind Sale Agreement (Attacnment No. 4) of which neither the Agency nor the City are parties. Subject to the provision of mortgage revenue bond financing :end the readiness to close of escrow for the Participant's acquisition of the Rema:rring Parcels, the Agency warrants and covenants (to the Participant and to the Optionor), and agrees to acquire from the City the Agency Parcels and to convey to the Participant the Agency Parcels for the sum of SEW'.NTY-FIVE THOUSAND FIVE: HUNDRED THIRTY -six DOLL. -MIS ($75,536) ;the "Acquisition Price") by the time prescribed therefor in the Schedule of Performance (Attachment No. 5 heretri, which is incorporated herein) . Conveyance by the Agency of the Agency Parcels to tiie Participant shall be by grant deed in the form of Attachment No. t, hereto, which is incorporated herein. Title shall be subject to existing encumbrances of record. Tile Agency warrants, covenants and agrees to exer- cise best efforts to provide title fr!!e from encumbrances (other than those which h,?reafter may be agreed to in writ- ing by the Participant) by taking actions (including with- out limitation the exercine of its legal authorityi to remove encumbrances; provided that th,2 Agcnc-v shall not be obligated to incur other than nominal costs by virtue of this warranty and covenant. Possession shall tie delivered by the Agency to the Participant concurrently with such conveyance of title. The Agency shall bear the cost for preparing the grant deed (or grunt deeds), the cost of C.L.T.A. title insurances in the. Demount of the monetary consideration to be rvcc'ivocl by the Ationcy for the Agency P,ircels pur .cant to tnis i gtor-ment (showing that title is conveyed in the cnridit:ion ,?.- scrirjed herein) , :ana any recording costs or fees, or other cho.rgo2s incidental to the conveyance. The P:-irt is i pent ac�r cues, upon exercise of its opL ion pursuant to t.::e� t s� r-ns cif the i,and Sale Agreement (Attachment. No. 4) , to t.onde-r to th(. Optionor a sum deter- mined in accordance with the band Salle Agreement (Attarh- mont No. 4) previously agreed upon the optionor and the rarticipant to represent all consideration to be paid by the Participant to the Optionor in exchange for the "Remainina Parcels" at the time and under the conditions prescr i be i in the Schedule of Performance (At t.,chment No. 5) . The Optionor shall convey (or cause to be con- veyed) to the Participant (or its designee) the Site by the time prescribed in the Schedule of Performance (Attachment No. 5) . Concurrently with such conveyance, and as a condi- tion for the Participant to exercise its optior, the Optionor will provide to trie Participant an A.L.T.A. title insurance policy for the Site :showing title to the Site to oe vested in the Participant upon closing free from encum- brances, except for those nereafter agreed to in writing by the Participant. Such insurance policy shall be based upon the purchase price established in the Lard Sale Agreement (Attachment No. 4), .and the cost of such policy shall be allocated betwo?cn the Optionor and the Participant as provided in said Land Sale Agreement (Attc3c iiment No. 4) . Provided that proceeds of the sale of mortage revenue bonds are available to they Participant, and immediately upon conveyance of the Agency Parcels to the Participant in -accordance with the terms of this Agreement and the Land Sale Anree;nent (Attachment No. 4) the Partici- pant agrees to hake a continuous offer to dedicate to the City (as designee of the agency) Parcel 3 at the time pro- vided in the Schedule of Performance (Atuichment No. 5) , and to convey to the city Parcel 3 after recordation of a parcel map allowing for such conveyt-rnce; provided that the Agency shall provide direct access to the Project (and the Site) across Parcel 3, and shall provide right of way for utilities, Conditional upon the completion of sucn trans- fer, and provided that upon its request the Participant obtains the approval the underwriter, the Participant agrees to set aside for payment to the city a portion of: the proceeds of the mortgage revenue bonds, [which portion shall be referred to as the "IZ,lu i nU Chary-_-"). Tne Issuing Charge shall be equal_ to one quarter of one percent (1/4 of 1%) of the arnount of t-he murt.g. Jjae revenue bonas issued for the development of: the Site by the Participant, pa-,.1 able in four equal annual installments If Ler the is::uance of the bonds. The methori of havrrient -,hall roc: d,rtermined by the Participant and the Ctty W)Un can:,ultation with bond coun- sel; provided that d'_to_rminat ion by bond cOur;sel shall nr,t require gr(rater than that .:rMOL111t pro l.ded nerein (namely, an aggreqate ,ern-acrnt equal to one (JUarter of one percent (1/4 of:' 1 %] of. the :i;nount of the mortgage revenue hands). The Agoncv -yoressly r(.•:)ro!,,onts that no other charges :Jj_all be ,augtit or irri,rus ed by the City or the Agencyis to the Participant':_, 1)ro lect except for charge or fees, i f any, which are(_'tipr,2:, ,iy :na ated by previsions of the Huntington Boacti Municipal Coda or as a condition of approval under and pur _want to the Subdivision i•1ap Act (Government Cade Section 66410, et. sew.) and the local Subdivision ordinance,. 'rrie Agency ac:knowled(jes t.nat the Participant will ex( -cute this In ro 1 ianc,Ee upon such repro:scntittion. -5- f3. Aqc.nc E:;crow The Agency agrees to open art. escrow (the "Agency Escrow") with the First American Title Insurance Company, or any othor reputable escrow company approved by the Par- ticipant as escrow agent (the "Escrow Agent"), in Orange County, California, within ten (10) days after the execu- tion of this Agreement. This Agreement constitutes the joint escrow instructions of the Agency and the Partici- pant, concerning the Agency Parcels, and a duplicate origi- nal of this Agreement shall be delivered to the Escrow Agent —on the opening of escrow. The Agency and the Par- ticipant shall provide such additional escrow instructions as shall be necessary and consistent with this Agreement. The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of the pro- visions of this Section IIB in writing, delivered to the Agency and the Participant within five (5) days after the opening of the escrow, shall carry out its duties as Escrow Agent hereunder. Prior to or concurrent with the close of escrow, the Participant shall pay or cause to be paid into escrow the Acquisition Price (as defined in Section IlA of this Agreement). The Participant shall also pay in escrow to the Escrow Agent the following fees, charges and costs promptly after the Escrow Agent has notified the Partici- pant of the amount of such fees, charges and costs: 1. One-half of the escrow fee. The Agency shall timely and properly execute, dcknowledge, and deliver a deed conveying to tiie Participant ;or its designee) title :.o the Agency Parcels in accordance with the requirements of Section Ito of Lhis Agreement, together with an estoppel c:crt i f irate certifying that the Participant has completed all acts (except deposit of: the Acquisition Price) necessary t.o entitle the Participant to such convey.Ince, if such he the fact. ,ne Agency shell p,. ,, in escrow to the Escrow Argent the following fees, cht,cges and costs 1,r0111,10-ly after the Escrow Agent has notified the Agency of the ,amount of such fees, charges and costs: 1. Nominal costs necessary to place the title to the Agency Parcels in the condition for conveyance required by the provisions of Section II A of this Agreement; 2. One-half of the escrow fee! -6- 3. Cost of drawing the deed; 4. Recording fees; 5. Notary fees; 6. The premium for an owner's C.L.T.A. title insurance policy for. the Agency Parcels in the amount of the Acquisition Price to be paid to the Agency; 7. Ad valorem taxes, if any, upon the Agency Parcels for any time prior to conveyance of title; f3. Any State, County or City documentary stamps; and 9. Any transfer tax. Upon delivery of a deed to the Escrow Agent by the Agency (which shall occur on or before the time established for conveyance of the Agency Parcels as established in the Schedule of Performance (Attachment No. 5]), the Escrow Agent shall record such deed when title can be vested in the Participant (or its designee) in accordance with the terms and provisions of this Agree- ment. The Escrow Agent shall buy, affix and cancel any transfer stamps required by applicaole law and pay any transfer tax required by law. Any insurance policies governing the Agency Paiceis need not be transferred. The Fscrow Agent is authorized to: L. Pay and charge the AyQncy ana the artici- pant, respectively, for any fees, charges and costs pavabLe under this Section IIB of this Agreement. Before such payments are made, the Escrow Agent shall notify the Ag nc:7 and the Participant of the fees, charges and co-sts nocessary to clear title and close the escrow; 2. Disburse funds and deliver the deed and other documents to the parties entitled thereto when the conditions of this escrow have been fulfilled by th,, Agency and the Participant; and -7- 3. Record any instruments delivered through this escrow, if nec.:!ssary or proper, to vest title in the Participant (or its designee) in accordance with the terms and provisions of this Agreement. All. funds receiv(,.rd in this escrow shall be deposited by the Escrow Agent with other escrow funds of the Escrow Agent in a general escrow account or accounts with anv state or national ban); doing business in the State of California. Such funds may be transferred to any other such general escrow account or accounts. All disbursements shall be made on the basis of a 30-day month. If this escrow is not in -)ndition to close before the time for conveyance est..c.)l.shed therefor by this Agreement, either party to the escrow who tr,en shall have fully performed the acts to be performed before the convey- ance of title inay, in writing, demand the return of its money, papers or documents. If neither the Agency nor the Participant shall have fully performed the acts to be cer- formed before the time for conveyance established herein, no demand for return shall be recogni :ed until ten (10) days after the Escrow agent shall have mailed copies of such demand to all parties to this Agreement at the addresses of their principal place or places of business. If any objections are raised within the 10-day periid, the Escrow Agent is authorized to hold all money, papers and documents with respect to the, Agency Parcels until instructed by mutual agreement of the parties to this Agreement or upon determination by a court of competent jurisdiction. If no such demands are made, the escrow shall be closed as soon as possihle. The Escrow Agent shall not be obligated to return any such money, papers or documents except upon the written instructions of the Agency and the Participant, or until the party entitled thereto hay; been determined by a final decision of a court of com:)etent jurisdiction. Any amrritlment of these escrow instructions shall be in writing .and signed by the Agency L-ind the Partici- pant. At the t ime of any amendment, tPr� Escrow Agent shall agree to carry out its duties as Escrow Agent under such amendment. All communications from the Escrow Agent to the Agency or the Participant shall be directed to the addresses and in the manner established in Sections IC and VI(I). of this Agreement for notices, demands and co:rmuni- cations between the Agency, and the Participant. Nothing in this Section 1III shall he construed to impair or affect .ME the rights or obligations of the Agency, the Optionor, or the Participant to specific performance. The liability of the Escrow Agent ender this Agreement is limited to performance of the obligations imposed upon it under Sections IIA and IIB, both inclusive, of this Agreement. Neither the Agency, the Optionor, nor the Par- ticipant shall be liable for any real estate commissions or brokerage fees which may arise herefrom. The Optionor agrees to defend, indemnity and hold harmless the Agency and the City from and against any claims made trirough or on behalf of persons alleging that such real estate commis- sions or brokerage fees are owed by virtue of the acts of the Optionor. The Participant agrees to defend, indemnify and mold harmless the Agency and the City from and against any claims through or on behalf of persons alleging that such real estate commissions or brokerage fees are owed by virtue of the acts of the Participant. Escrow shall close on or before March 15, 1983; provided, nowever, that such date shall be exten:3ed for a period equal to the period of extension, if any, that the Participant obtains from the Optionor (but not exceeding ninety (901 days), and further provided that the date of close of escrow shall be extendable upon mutual agreement of the parties (which agreement and extension shall not be unreasonably withheld). III. De re lopR,ent o f the S i to A. Develn Iiont Acr_ordinq to Terms of ADP royals Provided that mortgage revenue bond financing is available, the Site is assembled, and the Participant exercises its option as herein provided, the Participant shell develop the Site in accordance with the terms of the City's Use Permit No. 82-44 and Conditional Exception No. 82-65 (which permits are collectively referred to as the "Governmental Approvals", and are incor- porated herein by reference). The Agency acknowledges that h by virtue of sucGovernmental. Approvals, the Participant has obtained all land use approvals necessary to proceed with development of the Project exct_!pt for approvals pursuant to the Subdivision ;.lap Act (Government Code Section 66410, et.), and the local subdivision ordi- nance; provided, however, that the Participant acknowledges that not all City fees have been paid as of the date of execution of this Agreement. The Participant shall proceed with construction of the Project in a time and manner con- sistent with applicable legal requirements pertaining to -9- the issuance of the mortgage revenue bonds uned to finance the project. B. Bodily Injury and Pro erty Damage Insurance; Worker's Compensation Prior to the commencement of any construc- tion hereunder, the Participant shall obtain a policy of comprehensive bodily injury and property damage liability insurance and maintain such policy in effect until the final Certificate of Completion provider for in this agree- ment has been issued, providing coverage for bodily injury and property damage in the minimum amount of Three hundred Thousand :dollars ($300,000) combined single limit per occurrence. The poll-y .;hall name, as additional assured, Agency, the amity of Huntington Reach, and their officers and employees, while acting within the scope of their duties, against all claims, suits, or other actions of any nature brought for or on account of any deaths, injuries, damage or loss, arising out of or connected with the work of Participant under this Agreement. Participant shall furnish Agency a certi- ficate of insurance from the insurer evidencing compliance with this paragraph and providing that the insurer shall not cancel or modify the policy without thirty (30) days' written notice to Agency. Participant shell give Agency prompt and timely notice of any claim made or suit insti- tuted. Agency, City, and their officers and employees, shall also he named aE additional insured in any policies of Participant's contractors covering work under this Agreement, and such policies shall comply with this para- graph. Participant shall comply with all of the provisions of the Worker's Compensation Insurance and Safety Acts of the State of California, the applicable provisions of Divisions 4 and 5 of the California Labor Code, and all .amendments thereto, and al' similar State or Federal acts or laws _ihpl icahle, and Participant shall hold Agency and City harmless from any claims arising there- under. participant shall furnish to the Agency a certifi- cate of Wurker's Compensation insurance providing that the insurer shall not cancel or modify the policy without thirty (30) days' prior written notice to Agency. In the alternative, Participant may show proof of a certificate of consent to self -insure issued by the Director of Industrial Relationsaccording to California Labor Code Section 3800. -10- C. Rights of Access for Inspection of Construction Representatives of the Agency and the City shall have the right to access to the Agency Parcels, with- out charges or fees, at normal working hours during the period of construction for the purpose of the inspection of the work being performed in constructing the improvements (provided that such representatives comply with job -site safety rules). Such representatives of the Agency shall be City employees who normally carry out such functions or persons who are so identified in writing by the Chief Executive Officer of the Agency. D. Local, State and Federal Laws The Participant shall carry out the con- struction of the improvements in conformity with all the applicable laws and regulations. F. Certificate of Completion 1. Promptly after completion of all construction to be carried out by the Participant upon the Site, the Agency shall furnish the Participant with a Cer- tificate of Completion upon written request therefor by the Participant. The Agency shall not unreasonably withhold any such Certificate of Completion. Such Certificate of Completion shill be conclusive determination of satisfac- tory completion of the construction required by this Agree- ment upon said Site, and of full compliance with the terms hereof with respect to said Site. After issuance of such Certificate of Completion, any party then owning or there- after purchasing, leasing or otherwise acquiring any interest therein -hall not (because of such ownership, purchase, lease or acquisition), incur any obligation or liability under this Agreement (except as to the provisions of Section 1V B, hereof, and except as set forth in the deeds), and the respective rights and obligations of the parties with reference to the Site shall be limited there- after to those set forth in the deeds. In no event will this Certificate of Com- pletion process prevent the occupancy of individual resi- dential units by Participant or its tenants. 2. A Certificate of Completion of con- struction for the Participant's improvements stiall be in such form as to permit it to be rec-arded in the County Recorder's Office of Orange County. -11- 3. If the Agency refuses or fails to furnish a Certificate of Completion after written request from the Participant, the Agency shall, within ter. (10) days after receipt of said written request, provide the Participant with a written statement of the reasons the Agency refused or failed to furnish a Certificate of Com- pletion. The statement shall also contain the Agency's opinion of the action the Participant must take to obtain a Certificate of Completion. if the reasons for such refusal are confined to the immediate unavailability of si.ecific items or materials for landscaping or beautification, the Agency will issue its Certificate of Completion upon the posting of a bond by the Participant with the Agency in an amount reoresenting a fair value of the work not yet com- pleted. 4. Such Certificate of Completion shall not constitute evidence of compliance with or satisfaction of any obligation of the Participant to any entity pro- viding construction loan financing, contract or subcontract services, or any other form of obligation. Such Certifi- cate of Completion is not a certificate of occupancy or a notice of completion as referred to in `he California Civil Code, Section 3093. IV. Use of the Site A. Use in Accordance w i t.h A prova is Tne Participant intends to develop the Site as a housing project, as generally provided by the terms of the Governmental Approval,. FurLher, by virtue of requirements of state or federal the Participant's Project will be operated consistent with leclal limitations imposed by virtue of the use of mortgage revenue bond financing. B. Affordable llousinq The ParticiprEirrt will comply with legal limitations imposed by the use of mortgage revenue Mond financing and the conditions of the %Soverntnontal Appro- vals. Notwithst;inding anything to the contrary stated herein, the Participant shall not be required to engage in any activity which would jeopardize the tax-exempt status of the mortgage revenuer bond financing for the Partici- pant's projcct. The Participant further agrees to cooperate with the Agency (insorar as permitted by law, including any conditions imposed by virtue of the use of 12 -- mortgage revenue bond financing) to provide the Agency with first claim for use of at least forty (40) unspoo ci f ied affordable units within the Project (for use by occupants selected by the Agency and not as housing credits which may be sold or exchanged by the Agency). The particular terms of agreement concerning such use of units shall be parti- cularized after the Project is under construction and the Agency has determined its need for replacement or reloca- tion housing (arising from projects unrelated to this Agreement). In any agreement providing for a conveyance of the Project by the Participant (including a conveyance entered into for financing purposes), the Participant shall include a provision that the transferee shall be bound by the provisions of this paragraph (concerning availability of units to the Agency) and any agreements that may be hereafter entered into by the parties hereto pertaining to the continuing availability of such units within the Pro- ject. V. OTHER PROVISIONS A. Obligation to Refrain from Discrimination Insofar as consistent with the terms of the mortgage revenue bond financing, there shall be no discrimination against or segregation of any person, or group of persons, on account of sex, race, color, age, handicap, religion, national origin, marital status or ancestry in the sale, lease, sublease, transfer, use occu- pancy, tenure or enjoyment of the Project, nor shall Par- ticipant itself or any person claiming under or through it establish or permit any such permit :any such practice or practices of dis-.:rimination or segregation with reference to the selection, location, nualber, use or occupan:;y of tenants, lessees, subtenants. SUblessees or vendr.es. B. Form of Nondiscrimination and f?onsjq_ egat ion_Ci cruses Insofar as cunsist:c_nt with the terms of the mortgage revenue bond financing, Participant shall refrain from restricting the use, occupancy, rental, sale c,r lease of the Improvements or any portion thereof on the basis of sex, race, color, religion, age, handicap, ances- try, marital status or national origin of any person. Any deed, lease or contract ont:-red into between Participant and Agency in furtherance or: this Agreement, shall contain or be subject to Substantially the following nondiscrimina- tion or nonsegregation clati ses: -13- 1. In deeds: "The Grantee herein covenants by and for himself, his heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of sex, race, color, age, handicap, religion, marital status, national origin or ancestry in the ziale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the grantee himself or any person claiming under or through him, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, locatior. number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants sl,a l l rtin with the land." 2. In leases: "The lessee herei.n covenants by and for himself, his heirs, executors; administrators and assigns and all persons claiming under or through him and this lease is ina,ie and accepted upon and subject to the following conditions: That there shall be no discrimina- tion against or segregation of, any person or group of persons on account of sex, race, color, age, handicap, religion, marital status, or ancestry, in the leasing, subleasing, transferring, use, or enjoyment of the land herein leased, nor shall the lessee himself, or any persons claiming under or through him, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occu- pancy of tenants, lessees, sublessees, subtenants or vendees in the land herein leased." 3. In contracts: There jhall be nu _jiscrimi- nat ion against or seareg ition of., any person or grcup Of persons on ar,*count cf sex, race, color, age, handicap, religion, marital status, or ancestry, in the sale, leaase, sublease, transfer, use, ;occupancy, tenure or enjoyment of the land, nor shall the transferee himself, or any person claiming under or through him, establish or permit any such practice or practict s of discrimination or segregation with reference to the selection, location, rumber, use or Qc cu- pancy of permiLees, tenants, lessees, sut,,)tenants, sublessees or vendees of the land." C. Taxes, ?Assessments, Encumbrances and Mens The Participantsmall pay when due all real estate taxes and assessments assessed and levied upon the Agency Parcels after the Agency Parcels are conveyed to the Participc-int and until such time as the title to the residential units is conveyed to purchasers. -14- D. Notices, Demands and Communications Between the Y.��t:ies Written notices, deniands ana communica- tions between the Agency and the Participant shall be sufficiently given if dispatched by registered or certified mail, postage prepaid, return receipt requested, to the principal office of the Agency and to the local office of the Participant: as specified in IC. Such written notices, demands and communications ,,.y be sent in the same manner to such other addresses as either party may From time to time designate by mail as provided in this Section. F. Conflict of Interest; Agency's or City's Iteprc entativt;-s Not Individually Diable No member, official or employee of. the Agency or rche City shall have any personal interest, direct or indire t, is this Agreement; nor shall any such member, official or employee participate in any dec•.si.on relating to this Agreement that affects his personal interest or the interest of any corporation, par;:nersh:p or associatior in which he is, directly or indirectly, interested. No member, official or employee of the Agency or ti►e City shall be personally liable to Participant or any successor in interest in the event of any default or breach by the Agency or the City, or for any amount that may become due t•D Participant or sucessor, or on any obligation under the terms of this Agreement. F. Enforced Delay_, _Extensions of Times of Pert.ormance Performance by the Agency or the Partici- pant (but no cther party) hereunder shall not be deemed to be in default where delays or do. -faults are due to wac, insurrection, strikes, lockouts, riots, floods, earth- quakes, fires, casualties, acts of Cod, acts of public enemy, epidemics, quarantine re.,trictions, freight embargoes, iack of transportation, governmental iestric- tions or priority or dCts b' a yuvernmenta l agency or entity (other than that acts or failures to act of the Agency or City shall not ex:�us-: performance by the Agency), litigation, unusually seve.-e weather, inability to secure necessary Labor, materials or tools, or delays of any con- tractor, subcontractor or supplier. An extension of time for any such cause shell only be for the period of the enforced delay. 'Dimes of performance under this Agreement may also be .ixtended in writing by the Agency and the Par- ticipant. -15- (;. itgq'nC.v C.'oo w—riit ion The i tP, rtcv :rhea l i cooperate, w i th the Par- t icip.ant in neek ing n or Ltja re revenue nonci L 1 n.anc ing for the Projc-ct, in obtaining building feimits, and if nvc:e_-,ary in promptly initiating and (:ompletion of street vaca- tion hroc o:Od in-os (.is to that port i(in of the old Beach Boulevard frontaye read that is .it rated within the Site) , and to f.acil itf-ite complet.ion of the Pro3ect. If. 'Title of S-c-tions Any titles of the several Sections of the Agreement are inserted for convenience of refeionce only and shall be disro(iarc:ed in construing or interpretina .any of its provisions. I . Ho j Eiji r mless Partici_,int atirees to inoomnify, hold harmless and defend Ac.�-nc',: .end the City of Huntington Beach and all of their al:f 111.3t�u.3, acent_s pan:7 employees In al.1 actions arising from the F'articil�;ant's activities pursuant to this agrer,rrent, and the i+gency agrees to ineemni.fy, hold harmless and defend the Participant-, its ,af f i 1 i.ates, agents and ernploye-�s, in all v-tions ari�;ing frc;:n the activities of the Agency or the City n�ir!�.vant to this Agre.e.rent, pro- vided however, that th(, ohlig,-,tion of the Parti::ipant pur- sriant to this Sfrcction V (I) :nal1 termincat:.t_' upor, completion of Construction of_ the Pr,-)joc_t. VI.. DFIPAULT, PE.'!EDIES i 1NID '1'!•:RMINATION A. Def,,ults--c;�,neral Subject to the extension's of time set forth in Section VI•', f,aiiure or cielay by a party to pe.rf.orrn any t.(?rrn or I:t,,) �i ;icon of tI�is ',ore,:��ien cc�nst itutes a d�11.aunt under tr)is ;,yr'nt. The ;)arty who -so fails or delay-! ;rust to ;pure, correct or rf�in,_•dy such failure or delay, and shall complete :,t,ch cure, cor- rect ion or r.-,:, edy wi th r�•,is )nahl e d i I iy��nce. Except .as otherwise expressly provided in this Agreement, any failure or delay by ci party in .assert- ing any of its rerr,edies as to any d0f,Wlt shaLl not operate as a waiver of any default or. c.f. any such rights or remedies or deprive either such party of its rights to institute .and maintain any actions or pr.occeedings which it may deem necessary to protect ;assert or enforce any such rights. or remorl ies. -16- Ii. T,(!o,i1 Actions in addition to any other r i guts or remedies, either party may inntitute legal action to cure, cot r#.c:t or rr�:r,o,dy any defaul t, to recover 6amage•s for any default, or to obtain any of -her remedy consi!:t•--nt with the purpose of thi;-; Agreoms?nt. Such legal act icns must be instituted in the Superior Court of the County of Orange, State of Cali- fornia, in an appropriate 14unicipal Court in that County, or in the Federal District Court in the Central District of California. C. Specific Performance If a party to this Agreemer.. defaults - Under any of the provisions of this Agreement, any nondefaultina party snail serve written notice of.such default upon the defaulting party. If the default is not cured by the :iefaulting party within twenty (10) days of the service of the notice of (;-_,fault such noridt!f,:aulting party, at its option, may institute_ ,.n action for specific peL-Forinance of the terms of this iNgrec•ment. D. Ontion to Pt4rchase After all Aiscretionary .approvals have been obtained (which wi 11 occur upon compl iance with the Su!.)division Map Act, Government Cade Sumction 66410, et LeA. ,yid the local SUbd i v i s ion ord i nanc(-) , the Agency shaTl have �h right at its option to purchase. the Site (in its .._irety) if, after conveyance of tittle and prior to r-_•cordation of t-he Certificate of Cc.inpleLion: 1. The P art is ipart (or it:.- sL1CC:e:csors in interest) shall in violation of this Agreement and i.n violation of ito caveriants made pursuant to the ,mUrtgage-• bond f in,-inciny: a. Fail to c.o:nm,_nce of the Pro- ji:ct for a period of thirty-six (36) months after the mortgage rt:venue bands for the Project are sold, provided that ( i.) the Participant shall riot have obtained an extension or postponement (which the Agency shall not unreasonably withhold) and (ii) the Agency provides prior written notice of such failure and its intention to exercise its rights pur- suant to this Section V1 D to the Partici- pant and to the record holder of any mort- gage, deed of trust, or other financing interest; or -17- b. after commen%�c.nent of its construction of the Project, abandon construction of the Project for a period of sip; (6) months after written notice of such abandonment: from the Agency (which specifies that the Agency intends to exercise its rights ;)ursuant to this Section VI D) ; or C. Be in default under the terms of its con- struction loan for the Protect after the construction lender provides written notice of default to the Participant and commences proceedings to foreclose, and the Participant shall have failed to cure the default (or otherwise avoid the com- pletion of foreclosure proceedings) within sixty i60) days after receipt of written notice of commencement of foreclosure proceedings; and The Ac,:rlcv shall have provided written notice of such def a ilt to the holder of record of any mortgage, deed of trust or otner security instrument affecting the Site (and to the Participant) (i) at least six (6) mionths in the event the Agency exercises its rights provided in Subparagraphs la or lb of this Section VI D, or (i i) at least sixty (60) clays in the Event the Agency exe-'r'c iseE its rights provi^ed in subparagraph lc of this Sectlan VI 1) prior to the exercise of the Agency's option to purchase the Site (provided that such notice by the Agency shall state that they holder may, but shall be under no onligation to, cure such default, and shall be allowed riot less than the applicable time for cure specifii_-d herein to cure or remedy or commence to cure or remedy the default) . Such option to per rr, hane , as is provided in this Aoree x.ont, shall be subordinate and Subject to r-end be 1 imited by and shal t not defeat, render invaLid or 1 imit; 1. Any mortgage, deed of trust or other security instrument affecting the: Site; or 2. Any rights or interests provided by law or in this Agreement for the protection of the holder of such mortgages, deeds of trust or other security instruments. The Participant shall notify its construction lender that if any written notice of default is del iverea by such lender to ; pie Participant, !;uch lender :-,hall also notify the Ao-- ricy . 'To i'xo-rc is;e its right to purch;i5e the Site, in addition to the o(_currence of the evc-nts d,_:;crih('_d above in this Section V1 1), the Agf!ncy small satisfy all outstanding m.onetiary obl i(jitt ions s,.cured tw the Site, or (ur,der conditions acceptable to the holders of :nortg,iges, deeds of trust, or other security instruments evidencing such obl igat ions) ac; Lu,ne suctl obligations and rna ►:e such paym►,nts as are agreed to by such molders and fully compen- sate tile Participant (as set forth in paragraph ful below') for all c3evelopment costs it has incurrea arising f roe its efforts to L-icqu it e the Site and to develop tree Pros,.: t (as certified by an independent accountant) including, without limitation, reasonanle• allowance for overhead (wri ich costs shall collectively be ref-rr,?d to herein as the "Partici- pant's Costs") . Provicled furtner, however, tnat in the event the Agency acts pursuant to sub:-ec:tien lc of this Section IV I) to cure a dj,fau lt, the Participant shall have the right to reinstate tne loan prior to the expiration of the time allowed for cor-_ under the terms of: its const.uc- t ion lnan. Upon e�xercise of the Agency's option to purchase, the Agency r;i.a l l , pursuant to its rr,spons i - bilities under state law, use its _)r� st efforts to resell the Site (including al.l irnpruvernents thereon) as sc-n ;and in such manner as the Agency shall find feasible and con- sistent with the objecti•�es of such law to a qualified and responsible party or pear t ies (is det-errnined by the Agency) , who will a:;:,ume the ot,' ioat ion of n,akiny or templet my the Project, or such other in their steed, as shall be -W-1t:i ,f ilCLory to the Agp-ncy. Upon such resale of the Site tine procrt.ds tlle_roof appl iced: (a) First, to reimburse the Agency on its own behalf or on hehalf of the City, for all ,.-ost.s and #,xpenn,!s Incurred by the Np_nc;y, including but not limited to :,alar ies of personnel 1'110"iyod In ;Lich action (t7ut oxcludi;ig Agency's o,Jerheod expe•rlse) in I.:onn('cton with th(: r(2cap- ture, :nanagement, and resale of the Site or part thereof (but less any income derived by the Agency from the Site or Dart thereof in c annec- t ion with ",Uch manageriont) ; all taxes, a': ;ess- ments, and water anti sewer charges with respect to the Site or part thereof (or, in the event the Site is exempt from taxation or as ses5ment or such charges during the period of ownership to such tuxe-s, assessments or charges (as det:er- rnined by the Bounty assessing of f. iciall as would 19- l,.ivr' :)c:•t�n r):iy sh1e If 1_hi S 1 t e i:(_•C(' riot -O ('xt';!11)t) ; my pJiy rienu; ;r.,-ide or to hol. ir-iacle t.o di ,(,harge of pt _-v(_nt from (-attaching or h�_• my ;n,-,plc t):.6_cltjo_n* en(-umhr:jii or ns (lu'� to obl, i(a;at P-)riS, clefau Its, or acts of the Partic:ipLint, its ::u(:c(.ri ;ors or transferees; any ext)��ncl i t�_ir��s m. ide or ()h l igat ions incurred wi to re,.*poct to f_he inalKing or-Complet ion of the improvewc,nts or any part thereof on the Site or part thereof; .and any ;::;��unts otherwise o--�'iny the Agency by the P,ir t. ic: ipant and its or transterc•e; and (b) Second, to pay to tr.e i•a I t ic 1pant, i is suc:ci�:; sor or trar,Ef,2r.r-e, uU to the am_).,1nt _qu.aI to ( 1 ) the Farticipk-int's Costs, 1._ss ( 2) ) any grains or incorne withdrawn or miacle by the, Participant from the :.pit(: (')r the impro,:enii-ntS t_l:'_-r•-•un. E:. Aonl icai)le Law Tnc• 13-,.s o: tr,t State c-:f CE':1 i forr•:.a sh�-:11 gov•,rn the inLerpretation and c_nfurct•rnent of thin 1',tirec- inent, E2xcept as to itn:irs gcivu-rneci t)y fral iaWS anC. r<<iu lat ions. E. Accr•i,tance of r v 1(-.(2 of Prc)cess In the ol':ent that lr;_: 1,_-:al action arising from this Aqr(,(�;vent is a(i.,iiist the Aj: ncy, ser- vice of process on the Agency -1hall be df_• by personal sere ice upon t h( C'hi4_• EXt.-CLIt ILL• Officer ur Chair man of the Agoncy, or in f;t.ch other manner as nay provi(ied by law. In th(.••:c�nt that .+ny I -(:aL ,action arising from this „yrr•,•m11nt is omt)),,nceu 1,3ainst. flijan a ,sOtt nian, so ry ic_e o£ !-Irial l he ;na e by personal n ry ice upon Di jan S,3sso;inian or in such ot-i,c�r m,inne! as ma}' to provided by law. In the -:v(,nt ;:hint any lt: (jal a,•t_ion at ising from this Aajreeinont i �.�(). :ii�.'nl ��(1 by the fi.j 'nc.:y iaga i n.st the Participant, service� of proc("o on the VarLicipant !;hall be made bypo--r Bona 1 service upon tiny corporate off icer of the Participant rind shall be %..al id whether made within or with- out the State of Cal i forni,:, o. in nur_h other ;nanner as ;niay he provided by law. G. Kikjht:s and he; ec;ies are CUMOUlt iVe Except as otl,-rwic,e exnrest.ly stated in th i s Agreement, the r ights ,and rs;ined i es of the Dart ies r -20- 1--um,ll&-IL iVe; and the by jiLher Marty Of c:,ne ur more of such rights or roiri dies :,na t 1 nUt preclude the oxereise by it, at Lhe ,;Jime-• or different tines, of any ut_hr:r rights or rernedies for the default or any other defsult by the other party. if. Iri,iction Not a k-tiver of Default Any failures or dol ays by a pal ty in .assert irg zany of, its r i( fits rind rEm;� •Iles as! to any default shall not. operate as a -waiver of any del cult or of any such rights or r('1110dies or deprive such party of its r fight to lnstitilte and inalntaIn an,,,, act iuns or prcco'eriings which it may deem necei;sary to protrrct, assort or ontorce any such r ights or r� ms2dies. I . t;ot ices, r)emands and Commkinicat ions Fie tween tnc, Parties F or;ria 1 r10C.ice-s, iu;-,-,arid s sand cofimun 1cat ions netw,een the Agency, the optionor, and the Participant shall be sufficiently given if di!;patched Us ro-ciistered or certi- f ied ma L, postage pre.)aid, r eturn r-ce1pt reytie ste (I, to the princiha1 of fides of the Agency, the opt ionor, and the Participant, .as set forth in Section IC hereof. Such written notices, c3cmilinc3s and communications, may he sent in the same manner to such otrier addr�,!,.,es as either part.: may f rom t- ime- to-t ime- des i'Inate by ma �J. CU�:nteruar;:s ,I'tlis Acjrs.ement i s in five (5) counterparts, o ach of w.►l i',h is to hl-- an original. K Ent i re A inent , iti,i i :•ers -irid Ain !-n(iment£ ; I•.ri(:Cut icon The Agreome-nt intet:irates all of the terms and conditions montion-ci ht:rein or incidental thereto, and sur)er:.;F_cies all. regot-idl. inns or ;igr(,(:• ;t•nt�:, r:,s,twr.jrn hh ca te parties witr�::l,�•rt t.all sir ,ir1y i)art of the F,ubji.-Cf. ,natter thereof . All waivers of the provisions of this Agreement must t)e in ariting by the .appropriate authorities of the Ac ---ncy or the Participant and Bijan Sassounian and all amendments hereto must he in writing by Bijan 5assounian cind the appropriate ltlthorities of the Agency and the Participant. This Agreement, W11011 c_�xecuted by the Par- ticipant and the optionor and dl-livered to the Agency, must -21- t L atit. i►urized$ s'xs2c iit.i-4 ,irid d vk:rt-�d try the l,ljer►c� within _hi-ty (:�0) days :after Lhe dcit,- c,f �_:,ccuti�n t�f t:ne f',�cti- _ipJ,lt or this A(jrt!I",IT) Pnt_ :;hell r-)e v o i cl. xC:eht to tnc �•.:LE=nL that the P1irt is 1 pant :,con:;ent i n wr iting to a further ext.,ens. Ion cA time for Chc „utnoriz,ition, execution and d--I lvory of t.tiis ,j(Ir-e,I.i?nt. I'i;e ►late cf this Ajreement shall iic the dot:(_- w4hen t-he -;,-ial l nd% :_,n s iyned by the :1goncy. _22_ I TI titi I Tit-o'K'5 �-,' I I Eil I :' o F, tti- Act--ncy , the l,a r z i c: ihant . �.nd the Opt ionor ha, e duly oxecut,-d this. Agr(.-urlient as of the date f i rst (-Anov(, wr itten. Date. A 'TEST: r A�jency Cleri. I N I'I' IATF [) AIND AI PRuVF.I) AS To c: U N Ti-: N'I' : DirCctor, Bu:,Inesnc: T I'ld11StL' In1 I•.rl1 0: I t?r 1 50 APPROVF D.- i Chic f Fxe,o ,1t ive Of f icel, THE REDI VI•:LOPM1 ITI AGENCY OF 'I'IiI: CITY OF HUNTINGTON BEACH, CAI,I Pfl)'ONIA 1 I man "AGENCY" APPROVED AS TO FORM: i: n �77 )..n R :%.fl H:VVD AND APPR,'l.' D AS TO i� l l }l'•1 :i'I'�z1"�[)[,IN i'U(.CA, --LAIlL:iOy, -.23- 11UNTI NVTON bRF•.I%KF'RS APARTMENTS , LIMITED, a California limited Partnership Date of IN "1'�;it'I'ICIPANT" SASSUUt:-MAYER DEVELOPMENT CO. . a California genxI,-T partnership Gate general partner WHARF PROPS' TIES, INC, , a f.'aI ifornira corporation J Date: J .1 rl n t .111 ii I J A)Z S.it� :; 0C� � J I A N, 1<' "UP'i' 1 om,w -24- AT AC'HIMI1,1T NO. 1 01 THE. ITOPOSE7 PRO,7E?CT AREA r v Attachment No. 1 Wage 1 of 2 S1.C' 110NI L 1)1S1 RlCT MiA} FlUNIIII.NGITON HWACA 0 R A N C Ej C 0 U NTYf CA 1, 1 FO R N I A A:J(N"LC EJ :01.1 CAS( IIa /Jr. IIJ. IIl i•7 4.. ; •�- ..: • • •,. ••• 01 1. •-, a• U 1, ,1 •! •: 1, 61 •l Ir II ••fi. I.,-J II.I,1-•♦111i 1 13 ff . f .,• I,L 1 r1 Iu. ll� 1.•111 .IUD: I...v r. •.I ••rl., Y7.1jj, J • • IT, N 1111 �•t'� 1'i :a�l�ra • .. � !� ,•' k3 r3� �' I I I� M, tv J I C4 ,'�•ras 1 I= N] I IaJ(• ki I 1 F N! 11 II�".--•Hr,, i NS..�I f R2 fa= •r •. i �.j• I I %RI �, FI II i '�j � �� � � •�h� I �� _� .. /I�a r.� : _ Fes' fl �_i � � � i •• NI ~ � I � r.••., !:; R1�}r •I RI �•� � r RL : � � � �'� I! � .: p.,. N I I pl I IW.I - p ��I 1 •I h! nl - I n _J �I• AN�• ill. •J' I l• •_ it / nl ~_1 � �` � Ns. ar M•+� ,R) �� 1'� �, H ! I hI (I W1 i I � -_.-, h Qa-o MI -A-o .. '+'. MI - A -o c� ' .Y i ' • 'r RA-0 • 1 . . r . r. ' �� •:�:•' �� i' :. I ::)III • I �� '� Ox r,r. [ li iC iiC f 1' ►1 �� \ �✓ Attactirllent No. 2 of 2 Jr•..` v.l.��:��:-.�i',•.�1',�•.:' ,=~� ; f .."�• -r••�.• �',`�� ��'�•�r',•'• �=� •�� t.• �••.r \. ,\,' - ♦. .• � v'(�'+ ' •��,~i I'<,.•"r �•� ,t oor w di op d a •� 71 • { - 1 • 1 4 FLOOD^a.%� ;,-. r !: t' !:,,: ! t;,:, ,t (,,)•I I t t.I O! `;,•c't r (II1 ►, t }1 h c, l s ,OI t t I,n l)i 1 }t(' t,:t'Si� (; 2 1 li(" r 1 ►1,• t; .:li,: }ICI I.,:., 11, it ! E� �;,,tlt hr Irt .t ' n c',!1 i i nt I11 rl r r)t} Ir i ( t' 1 l slit M15 �, ' t IlI sl tl t 1 rl�)t On I' r I,,trl(' 1 4 c). st't rit,iri I t•t I)1:.)f1 It 21(n C +,O1►t}' fie i)r Iil'r c�I s i ci ('c ,ttt. }' C c,u r t th(' ',(lllt 1;t',!�,t ('c)I ni'r ,)-� � i n t },(• `;::I�r•r � cat' ,+. ,� t'('111 I'll:; 1I1 i'•!.';(_' !. 1 (l? i)I l:l�ll' r ii (: Uj�} t}1(_ 1� or the ('.c,• Ilt.}' - �- 1•r•c,r c}(•c} 1,!)r i 1 1'1 r r;c,llt h i i r)(� c;f t }1`-. c,tl II_ l;tc�c)r ci::, I,�•lrlc� �: 1?.) t� - �. !;,,I t :s•.: .!-,t. �i,lrsrt (fir D li .t ! i:c)Itn II�l1L ii: ('. ,l,•.2}' 1?�'.1 1!r't t: :,t 1.;f�.11i I(:1't 1C: :,(•(.t IUn ice. ! " t i c)ti; tnc(. l;csl.�;( , ((•,_ t ;IVI Iron 1 1 r)c' of t c; t,o 111 t ,:. t rticon :!1 (.il1r� ,i11`J ,` , ti t }1 } 1 1)L' 1 ? �• J1+1 ('rl )r)rl ,, lrlci r ,tci111_� of (,I-; ::,tic: �;r':''t } , ,. t '.I a 1 t. L r I: i. I; I (: �::' (' r•:'I l i)il 't.,•:IL ...+ to r:lC)I'tq mac' 11 ,•..,,-;t r,)1 ,!:l�:lr, r,: ..•r ,G t }, I •'t1 cI }1 ,s I t 1 , s l c: 1 ,c! t?! :.c I ``'. 1 f • t c, ('CI�� J � �)UU i�r.•;t tli �'� } :('('t. � , •1�1'��t t•1 t c� t hi• �) i tl - f 6 . t-. cra r I I 1 o 1 V oo IV) I - `I ry Q i r 1 1 V U ��y � • .: , . ; -tile � •`� � 1 1 � a t i_ Q C7 s rnit A AT ` lJ f r.� , I � 1 •1 � ` ,� • :.'f C� �: /.':. ; , is •1•�.:, . O • l • C�+ r Ct c,N +ri rj ON V •�`` � `� � `• .. _ / r• -• - /�1 try I.,.•f_1far ,1•'\.I ti� I I -4, w O I nr :L1 1 ale 1/ 1 l / L C t •f --' ��� �/_ ,'_ (,£mot►�I . cxR M r' • it • .•`,.� �} �•�� r 1 I ' 'I'h.1t_ 1 c:l t i►)n r)f t hc' f:c)t 1'):;r �;t (,u.+t t c: u� :'« ► i Ot, 13, �',.'.r,t .hi�� G ?;c,t)t h, k.tr1(1c• 1 I tit•:;t_, i r) 111e P,1nc Ilo F.,1 -, POI :',,I ,, 1 n t he Ci Ly ' l)L Hull t ln(Jt_orl Be 1"11, C'millty of of .1111jr' 11 ' �30 ';1)C)1Jr1 C)n )Ui:1) J t•l'Or ►`Pd l t1 t'r)ok I , .'.:'7e 14 of 1•:1'.c'r I1,:nr�(�t):; r' Mops ;, i 11 t he c,f f i re of i he t o"Inty T<o c>r r3c r (>` .1 i ci C r,:ln t_y, c i�•'.c r i 1,r'ci i n c)inning rIt :: I)(>iI)t in fhe erly 1111e of t1) w r1}► ,1'.9 55 ! £t- c)f ';irici N' ( lv.,- t nn,1r t er t1)at i:: (3i .1 .mt t.11 eon :;c,tlt_h Q{) 401 1401 t. 1071.110 f;-et- roar ihc- no. t hr'rIy l Inc2 of!;rti13 ! I�ot t:h�/c•:;t �11,t r t:l,r, s;�li d I:oint h(•.i ng �tI :;c) t hcn ()1 t 13e -;t c.c.)1 ner of I 2:0. L, in id C:it.y Cc>1)nt.}� �tncj r�. �Jrr:, �::, :shown on : INAD f i lvci ill lic)c)h 25, I',1ye 27 of T�ec-c►t cis, of f-"I.i� County; t hc'nc.(r alolln the n(�rt h+-r ly I in(" of :,,. ici r I, col No. 1 . ?,cm t_)1 89c) 3 1 ' 06 257.33 f r ,,t t.c) t hc- I;():' i'w! ;t c:(;rrer ,ilia 11ttr r e I NC). 1, :;i:id Dist tr.c:nt ic,t,(•(,.A p u I1. 1,1.1llc the TRu1: YOI NT OF H l.,G t ►:I:tt:G f or th15 (1—;cL it)" Intl; t 1t+ +;"!., ':OIlt 11)1) l fill 4-11onc t:he e.:;t:.rr 1}• 1)roIOI) It:ion c, ri r)c+r t !.,r),1 1 11)e out_h �dc, 37OCR# H9.21 f eot t o th(. ne of t_hc• f t o111-�j(Ie F'.tt co'I 1 , ,ts CIO i:;+•�tt',i;,:ri( ci (rl �c�:. r t c:c►t c;r�rl can C�ctc);-,er 11 1967 in :;t ilt.+' }ii�)::'.: 1}' ;'..n �)ol: �, F',:tIL':; ,5 ;;lid 4G, Rf. C c)I(lIt'I111(j.11:;;tr'(3 t:o t1)f_' C1ty of. 1111r)t in(11 ml F-tc_,dch by 111 ;1 11::*,«•1lt t t i («: c?t c; ;', t,, s) ,ry G, IS' biU i n 13c.c)}; fi5?..G, .:(7C 461 of r)f f Ici,:1 ?.+•t•oI(1_: .�,Iic1 U• ,11 nt y; t 1i('nce :;ot)t1►c',t::t (_.rly .11c+ny ::,-)ic1 it 1.o'IIt ic,:,r ci ..« :,t ►-c ly 1 )IIu 0f the f r r)nt_<lge t (:),-I (i rc)t:t h U9° +;9' 14 ?'.,:,t 41(2 -9 5 f t o t I I)LC�I('II(:at ir)rl of t1)(: :.c,llt1,+fly Zinc: of !,,Iici f',:I+ vI lFo 1, its sh Own on :;,I i d ,:I' f i l r.c' 7 of f'.:r- roc' ,•,1�:t 3/ 06 f-,! t: i:9,:'I f«-ct to 11:c s)t.,,. :,t 01„1•r c>f ,.:icj 1.sst I...•IIt ? itt•r3 F'.l t c: y 1 i nc• cif :, ,:ici 1 ,:';t. ::.« ,)t i ;« r: :I r I „c, I ;.,I t }t (;� c► .,c? ( ,;n.. :N?.99 ft c't. t r) 1 `)t: (►i: r ,`. r�. ':r;. 1 006 001 1/:' Ii 83 A t t :l r ?'t m (2111! t: t� , 3. . 1':t(1e 3 of fi i At., 671 SOUTH WESiU-'uZELAND A:r--- ;',JE JQ P TO ACC v�� �1`�� / �L 1� 5�'f��P%Q!'✓ LUS A;;GELES, C-A Li-ORNIA 90005 - - 7 vj Ll 15 .•l.ti_— :-:��- o-'.�•it/�, ►cam r•c:cr-a' /^ � jam) �� � �/ � ✓ -' V .� ! / (J • .% .� • yr ✓ � � ��t- ram` j� , U �• ", r'�'a .ice / � / �!;r-' � .' � �"•.' j •^. ��� `� J ^ •'� � .r� 'r• — � \ �r , •`' Y 1 •�•� '• r ^�rr� � � .O• '! �` �.. ` `vim \: `�' •` I/ boop' ✓ -.,��� �1•.� ����kG r� 1 l c.j �n�� d1•• �•.•i•�•�'r// �,`(I SSA /��.7 �•�. ��/' r �1. �',Jsrw'T 1 _3 1` V- ", J G.�� / j/`j C- �LJ ��'i / J� Al— �� r� `►� C.J/11r %-,V 0 IIt, } C 11 _i "Il,:t j�!1 ! '!t (I; t 1'. 1• 1'lll \ 11 r•�,. •, t: nll ill t E'I Oi '; t•l't ] I)rl � .1 � '11,'•, Il 11 l I) (' 1 :!1�;: In t !11' It.:nl•1)c) l,is:: I,(,! ,: ;, itl t !,(: t'i t 1• t �• •; ; "It)' !+, :I'h, l.','t1nL }' r): C�:.lrll•)C' • "t .s(.c' (�: (' ;s ? 1 f cl: n i �s , c)i I!tltt t On is:; ':!►t'��I1 1,l1 :".11, ! �'('t>1 � Cl 11 r • ! :ll;" 1.1 ,�r r?1'r (,!c•r t !1 :f�r� r 11► t Itr� (11 I 1 ,'�.' 1'• '' r, t', ist: !!dint .,t the' ic)rl c): the t(:rl}� lirlr. I�1•Itinrllnc3 .s r`;ili 1 13, ;,li cl w t I ly l int`• 4 the ce�nr c,f ei �;r•Ct 11 • ;sncl t hoil L11c.r1}' line c)i t.hc- tort ,I Hill Hr,;I1I v,sr(1 !'oltilw -rciid !,ect,Ioil I:1.)rt l► lf��o :i�' 43►id l ::it ;: r I,t 1c,n(•c? !;()'.lnc�.rlr, 13; th�.�nc•e [1.0C fl (:L to t_he '111Ll1: 1'0I:J'� OI' ICI:C;I•Jt:I!;G; line a 11C in r: e�:1y line: c�i I',( l(.h I�ol2ll:varCl •;�iiel pint ,11L;o t�t'lnc� LtlIl::t y intof I'f 111_h t_t,ence o ; 0fig ic(_L t:oly l,r;,lurtOi:cic�n }3csulcvard, cs cll:'tisnc:l_• (�: ')Uti.l9 Ito. 1 i n ( 1 t y. Cc,:)nt }' 11Il of :'::r::c'1 . :'.,(!( 21 :�� I ilrc( 1 c3 ';t.i�t:C, a:; :;tt(i "n can r.t�:I) f i.leci in 1)c,c)r. :'5, IJ(.!: t h f!n(! _i I' UG" !•is:;:. , r.;a1,s, :�i- CL-r, o: :;isi(i (.Otltlt t.tletic�: }; }' 1:r1(� alc�ny :valid w(':;tcrrl}' 1,lc�lr�n:_t-It.ioil of :ii:lc) 1:('sr!1'•r Tom? C('.1 !,U. 1 ! (:llci• U1 41.00 iC'it.;til1''jl;n '.'' - -: -:-.=�'�,,;� -. .. • :: _-_:; _;- (I+ :�r(: of :.•� 75 r!'•)U jlr t.rt C. t1••�'',' I'U.'�_.c::'f' ' C. (7Lit i, :r'....(..'t'� , : .1'.':Ilt_' a: : it r : ' . f 1 w ( ( .. , L'o 00 r r ,1 TO ' :1 .J<]V JG. ` ' C. t1 1 "(: t !1 t 0UC'11 a I r c: t :liQ C. C-r 21�? ", ij (11. nl�l (11 .)4. I :i r.h � j; ' •ICr' ';(:'.)rh 75. 00 '�• I r�;',r...:'(_ :1 ' ; ,.I 1 .', t;. ': rlc) 1: r i:ci 1 uS ?00 UU i (.c.t , tl(-(,. :;,'..t !,( rly n�) .:I :,t l.c''.I,, 11 �'r,c� ,;,ilu cur ve, of r 1 r_o :.1Qr f 1 •U ; 1 1" 411. 1 1 i (-•(:t:, o.- .4 U, I thrc)uc;h .: c:�nt:r.?1 ( 11 r vL, illy ! ncl c: r 10 1 us of :100 . UU ('L r r .�r? i 1 i r o ii i r, I. ,, l r; ! „ Ic: a� 36 1 �l,l �' . r .. (r . 11 It he•.� r I� lr r r' : ( 1J '1 1: (: l' I1 t ') 1 �: :1 1 (.• l-) 1 ., V 0 y ' 1 C " , 1! (� _ �` r• , i. �(: '1 . 1 i l' ('... , �.. r 1 111 '•. i h ;Sncl �'c'i'� i,!111(-11.}' � 1(• �'! i1'!1 t� t,�•, t(.! !:,•. ...li 1 1 il! t 11r' ( •. t_ 1_ ,.i1: 1 (!. t 11 �_ ( : t. .:.. ,. ri t. c)f i (i , 1 1 i oll : ? ; '. ( ( I 'J1.('(' lI c� r!.:rh in 1ry `.00G -GU1 L'/1/113 4r lot wr i 1 1: '�\�,T•• ; `,,'1. .1;, .�� ft - •1 !•, •• . i• ••� •,1! :. ,.. • •'•' �' r.�I �I,il' 1 .+ L .� :, - 1 r•� '� ,'`1i1� •1 ' �.� „I-' � \ •• .j"•. �ti e�l �•�}II'7•/, ' ♦tom �, �. ` • ,� !-i ,,.3 ,� ,'� •� �j• \, i'�� .�. • - `- , ,• •. J_i: �.f 'I� t''• ^ •`• .' t:. 1 • .,t�••ti rl,� • •'� ,1 �'�1. �r'.:',i i 1. r Ir `+ �. � ,!. ti,•. .1'1-\``. '��;••\�� �h/ .� \ �► , �J,1 I+1. 1 • . 1_ '•'j'. \.• 1• ,. ,r, ,. .\. •., t• ±ti •�'i .\�jZ i .�.�• SS �• �) r_'�`��fl' 1 .� t;'/ .1 r� •:� c '' y '_�, 'i•' ,, � :'' '•r 1 1 r �,� �: . ,.•;If ,��.:1 ��.. .�t,l • r 7•)+'• _�•,L'.!. t ! ►•••-'.� .,J.r. ..• . rf h,• ;,�� . ��' \ .11- •1 , �• A �� - , j• f Lti •IL /: f•� ,1'' 'i' .t r:�t' �. 1• h •1 .`f . •" .• •„ ♦ 'r 1 •' .". �,� • ►:: �' -••�1',� l,rl j• �► - •;� �• j.•_.\�• • �: t r, . .�_' r•... `.1 t.• 1 , t •��� ,' ,''• 1 - � •�•-r� _• �r . t It IL w• v , '" I v , �.�• • • . � , ' - .. ` ' 1 •' f •. • ' ! ', ' \ � 1 qq, J • �' / • � 1 •~ • � . � •7 � \ 1 • . , �, `„ • 1' � '' ' ' 1 1 ' 1 •. , . {. � , •. , ; • r - . 1 1 : , ' 1 •1 .. _rj' .i�=��s, •f��,_ );1�1 ,'i�i, •;11•'' '�\'�!."r�' '• ,�t;�t.�iC11li�IC'it•t-t•�•n• � ti•C'��• :�\_ ,•'. � .�•1• '1 �� •,• � •� A rl,. 'r 1 i•; •' .1 / ylt '{ •1 r 1 1 ♦ . • . • f • 1 - •1 ��' I . ., , �•,r,� .'•`�1 M .. !' ••� . �i \ •► 1,�1•'1J. •, '' �:•'( ��1J•'�1. r..'1. .. •\' �5 1' i\'1' 1'"-• \ ••�,� 1• '•, •� "�, .� . .1 .'t' .�".r •1.1 \•^:'. . �� ••1 1 h. �.; . �'t/,.r1• �: 'r `�•\'i.,'••ft •' �1{ �� �( '1 t :• `•� •7:/ r," t �`• ` �,9y� � ;� 1• •�.i h.' � •�� 11.\ '•' � �" •'•/�'�i��� 1 •�• .• /r .• J I. •�. • � I ••�.�' , \ • •l• {{� .I� I `� .1 �•-�'•+ �'I' 1' .\ 11 �, .. .�'1. 1.. ..• • \ • •1 7 _ IV. Ir 1 �•''�'� /�•I r �• 1fa• '� •t '1, \/t 't•\`•• �1.•r�l 1 '1 `. 1. .') � c c 5 2, 1 t n r•- I• _ 11 �cl ._•� � u�. r r� - I c, S ! •,• �,►��. '. I _ ! it t. W •� Q � , I ` � C, r .,. a L' J 11� `j. � C� �•s n Q- I- �� Lb Ic>1 -o V PG'Ji• �; �_� ate, • ;: ,� k A G� e ou-U �j cal- �� �:. of Al i I, 1,A1, t,t t ,icllment No. 3 ERVIN ENGINEERING 621 rUUTH' %'1FSTmonrLAt4D AVENUE LOS AWTLE:S• CALIFORNIA DCY-)05 (213121,15 1134 9 R I ji, c(,: n 11O)PERT1 FS, I N' i f• r C P;. i can (3 lit ''m o r. s C".A -1 11 d i s e f CI i ijg t on ch t I L2 C n Ali (in cl Ili,, r t 13 11 -(I by S t 'i i f2 P I c) I ty f (2 (Int 11 1 he Ci Ly - 1 - for HID Ii(.(ju i !;it ion of t(i.j,ic_ or►t I (,;il 1'1 01,01 ty ( "C' i Ly F'rope.rLy") riio',:n on PI at C is t}I;+L i .)I t ion of t lie Ciky ProFI(•I Ly 1w.-1Iic7 ;!(:,iui ►.'c3 by 1;111,IL"f 1,f City ty f7li )'..'n on ],I at C is t}iitt ('')I t 1()n ()I t he c 1 ty i'r Ui'(•I t.y �_;)'i ng ,:C:(7111 red by ( ":i!'i %2Ly i'1III, '_'i ty") . E. SY, i th(_' of rcc c,vd of t Ile I of11 p. up, -I ty ,Is �icscriIwd in FxIii1)it C. If F. T11r' j)rup.'I_ ty 110 r�',�:,•'d 1:11(: 1.O �)!' <rr_,IUI T")'(: :)}' ii(IrA i3I1Cj SM 1 s :i(:iTS•_'i.lT':'"'.S 1)� I i` ft .,j' ( -)I 1 1 ly I (`fl•r l r'-I to i!S t}1e "To t:r-11 PrOpvrty." G. Buyer: dr.`t;i 1 r 5 t o r,l (itli ro, (!n iOn i•()r t }1+2 I, ircha!;c the i,-trfrs rind the I)Ir, rt,, r;, ,. ' ;�� i�t_�c� v•.' SM, of a� :•;(c ;it.c t.o t c;� so that ti;i t.:1 t 1Tc c-c_i:'I,i Ile (I :!t';III i t i ran, i;u •'l�z t; i 1 1 11,!ve OWI7f I Sli ip Ind/(-)r cr,nI I nI o f ic T(-1t ,l l i rCI: IT IS ii'r•:t':EHY .n (',I t li�. ( �'! li!Il S',l�':'.(:`Ilt. cta T ICi:•1�3t'fi tl' i t ,ii t.t'r� ;7,1 ii:l !ii �:,' t; �: 1i1� t)1:�.•(':� ,:n (llit lQn t0 F)utcil,lT:(.' thC! -}l;ti r':; ,l:SCj .-.'•: �.!'I"�'})}• �� nl. !; P11".0:- .-111 (?��t ion t0 I Ilri'}S,'.' }, :.': 1'1-( 1''1 t.}' 1 r• 1.111 'i1, .:(? price ice rid (111c�,'r t:,l' 1''1 S',.'; :i!l} ( Ir�1 t 1 1:i; !f t C'r I"I V 1,:1'd 1111yor r111!it ctnd way IIc)t t-it•c.-t- c,nc_ F)liI ,:n(i i ...r rj t 1-,t- (I! I-if'17. 2. Tlie c.)t-)t ion - 2 - t.o t)Q v 1 id %•c)rlc'llrz (•tit.ly wit h (-xi-cut i on of t }i i ht. If t }1e (-q,i i rill i:; (:x(•, (: i !.('d, t 1)o c) i i on p.ri-rl(-lit !;11:1 l 1 •ti)F1l`y :1(jrl i n t t}:e pu 1 pi i c•e.. 1 i i 1)e opt i rin i F. not c':•.('I c,i !.('cl for A1v I (' ::.ran11)d ''.I cllrl i,ln }ia i in the oi)t i on -tit as c'c)rl!; iclej-ot i On f nr t he fir_ ''lit of c_);)t i on. 3. opt,ion Poriod. ',his op icon wi 11 ,ii1tc a1.1y trr1:11 injItc lic f uI t h'!r f(.:rrc C).- ('`fI'(.-t i f ,trey of t he fo11c-)w-1 ng (-v(-rits (Io lit )t 1,c•c-1lr: a) rt i s Tius(1r':-; ir!t c.rit t:o f i I- :rirc: t }:c t'urc-ti,::,e of t.iie pro, a l �! ��t)c'L t�' t,}i I wigh t iic !;al C 0, t .Ix ('.xt .I:;C%t } ); �1lCl }. On Or before, Nuvc.'mb('r 24, 19P2, Buyer :;itii <::v ;!;(.)unian 'with c�.cdi bl c proof t h'! t the iIppl opl . ate (Ir;'.'�'I 1:::.('fit ill i:(:C•114'�' (t:}:e City tnCl/or 01-; oo (,ollr;ty) , t }I(_' (t r (l)rob,•llAv V."Jl 1)slrg 11.1 I• i l)•ls T�!'Cl:(•r, T1Ic.) , .-Ind the I)l oj(.ct l('nder hiiv'-� ippi oved t llc' i)I C.+(''!'l (_ ,lti 1l t !' "rlt. Novo] o., '-writ bil t c7_;('t h(•'r with Ili,., rl('c: Ali v 1,:..id l!:l: / L; I it i n g . b) or: or lwfOI (' 24, 1 ((H.71, provide �;M .ilid ..1"a! ;(. mii.in with ('': ic? II('C' that E',ll}'('r lias paid the r (•�.ui r (c? 1!(%r t ,cJ�� : �I�t _, t c� tlli!; llfs�'(`I t;r i t (•r ()I ,t�! r,r)t t,3t.e (�('1\�l-'! r::^.i-'ll{ .�1. �'<71•!!��}� i li .IIi .. 'l:ll{. (1� 11(lt. T�'. :i t li tIi � l i�(?, (l(]t%. c) On or to'fOl r- ,i.::tl:.ttS' 70, 1 `ltt3, t l)c-. or t ho }litT (':.i olld t hc• ! I Cry ••I L. . ' hill l l!!' ('('::1p, 1'4. i-(1 �111(1 the pi i c:r, I).-! id i n Fill 1. a. hill ('ll.t!le !)i•i ce. 1}!(. F')12 (_'}1 t!.(' 1.�1.1 (:C 1 `_i t he !.mn o£ $3, 500,, 000lIn he paid in c o!zb at: clone (.!;crow. 3 - 7rlL_.l II(Ie(i wi th i.ri Lhr. pure: h;I!;e pr ice i s the c.•(_ ;t Of t 11e City .Ind t_he }(i r.1j it z-c 1>(:! i ng !;old at c:ut.t to Buyer it Lhis uc:t ion i!� <_xt•l(.i!,vd. rt may be curlvenient for Diiy or to lL:,rtli re t he City i'. c:perty oii(1/or t-110 St.1t.e i'I.of'('rty di rec:tly. if t.hi s !:haI 1 oc.'L.:ur, Lh£�n the pu l ...'11,-t se p ice pay'lbl e to !,M And bc-- I d'tliiC'C'd by the iiriount plt id by Buyer for :aid propex t. ies. Fui t.11r•Irnore, there are Iodns Z it}'.3nIc• by t:,h itrf in the approximate Ir-ourit of $250,000. To ttie •!::t rnt Llii7e lo,'ns t-ire urlp�licl to+� i ile (l�itc of t.>";tn`�Ft'z cif ttilC !'ilclI"c•; i.o u}•c-1^, Buyer slia1l cotjC,ui x ontly W.lth t_l1e of �.►i:2 ��c3V :;tiC�il locins drid the pr ice: _;hal 1 1,e r e•(Im':cd by the I— I.nt of I.tir_h payment.. 5. AI Ir)cat icon of Fllndr. A11 t ,ivint.s un t 11.• c:ton i1nd on t_1w pi ():,poct ivy' !i,11r: i%,:Y;:.''[It 5 IL liii i I I I dA r,?L'',-OIIIIi,I'1 �Ala11 he all ( 1c,It t'd s fn11c"�',.':; a) ".07, t o !*M; t�.;c' I (. ��' hI O'�' i (il'C: A 1 1 L't V( rl"(1C t )Ie (.�r ,IITI OPI"itlt c. u(i�'('I1�:. lit g?1 ,Icjt'r1(;V tga13(_ I1(11 3)t !i ! j"i;i('Iit t ) t.hL i:ili!t I :r't'1 t t'L,/by r)('r't .-,I r 24 , .1982j, I?•tly(r I; ,Ay ('x(.'! (: 1 !;e' i t"s of fit" I (-'n to ptl l cli't'.: u b}' llut 1 fy i.ng ?'! �trid SiI!;�:c�ilr�i Mtn i c1 t. r i t 1 ng rio t t•n (1 0) (*ay s .ift"er rcuch t-.ayri-nt. Upon i t-ce.ipt of :;tic h ilUt.l i ic_.:It.ic`ri, :in o!;c.Iow 1;11,11,1 be (ilwned at F-I r!,t .7,m ,rican Tit:lc. Ijititil iinc;e Comps-lrly which 's-hall provide for a rlL):-Jing no later t fian Javiiary 20, 1983. it•: ,Ind :'�i!;sUllrll.in c,1;ij11 j�l c�vicle -- 4 Tluy '1_' w i Lh a (_.1.n t. l t l ( iii,,iii-micu pnl i cy in tic! t,rik milt of the price !;ubje•ct (only to curr(mt t-.:xr!t, :Ins ,irld .l S . . (,:�cept.i(.)ns 3 to d and 13 t:o 1 Gf(�n pr-rI i in 110L_y title pc) lic:y no. :)11-13335:: -A of Fig ;.I is rn '1'i t 1e ?n_1982, n c,y of %•:h i ch i stCcr; .-.tt itC:hed its Exhibit 1). All oilier ("; 'row c-n,;t:.s 'Irtr1 ch:r l ( es and fir or(-tt i ons shall he h:tndl ed in t hu :nor ::,,31 c: u—,tu,nary in:iiinc.r as provided in Or.aticre County. P,uvor may obtain :in AI TA tit -le policy up,).- Fitt},tl:'nt. c,f tI i(1c1 i t. i l co. :s i rivol ved. Any (exist: i ng wn:-). g ivon t:o ritiver Soil repo rt-.s, boviidary==1`---vey) is 1), -i ny (ic,". lvored wi thallt_ repros(_-ii t-.at:l on or w9-iI"r ant}'. lluyt'r L:l 11 I ('1., on l t_s own indep, r.clent i rivcst i(r,,i.: ran �,: i t h ro(r:erd t.0 al 1 ri;;? t.t (-rs a f f(-ct: i rig the Tot a 1 F( opot,ty. 7. TnI-t,i iln nhl it iort_; caf Ru,,(-r. a) puvc•r !;h 11 :',:' '•i. mii,in inf(irriorl of all Inect: ] ngs wi t:h t-he cit-y, and i:tn :.ttrtl 1 be 9 ivell t1le r�F+nc�I t uni t.y t o .rt t (.:tc? ,:n(1 F .,r t iciF;.jt e ill - ny or all (,£ -;trch r,t_:(I t: i I I u r, . h) ,�::v(�r ::ha}1 t r:.,( t•�;s �Z F�,trc c�: Ir.;•p !.o t't:; t.o divide t}lc� 111.tt c� F'r(,r:c r-ty �,: t�.: t�n that. b(�i itrl till i_ri.tt.e.l�� +c-(rlti rr'd by Tluy(-r• -trid th.tt 1,+•inu rrt.tiri(_(3 by ';!1 in OIclor to f.:cilittitc t:he t.rctn:;:rc.t: i(,its (_:oi-1 F,rnpl atc.-d by this Tn (.)r (i(vr i.o f_ici l i t tt t c! t }t i s i r,rn:_.:c(-t. ion, i t rn;iy be nc:.e�;r ,-try for Puyt=r t o :.1( mli ve t: i t.l (: t_(� all of the - 5 - a ,lllcl/or 1 he Ci ty Pi upo t ty. St at (I. I'It, i.,-I t:y J 7n -�i ch evt'nt, Ijuyc-z- 1;hri1 1 101 oc_'('c'd t'il IA1'.1}' to t•i)::11)1V wi t,h t_hc `Afli' livi Si on Act !'0 as t 0 conve} t' i t. l e 1 0 t 11C. un:::;)..I c i dl l I .' oli ed poi i ion c) f t_lie. St a to PI op( I ty t c )IoIIt L•(T!;t to 8. I.i�.�on!-,e to Fri tor. F-;ayr,r, its tn. e:;iployecs :;Lrlv,Il.ts or I1+.i:7)lrlel.'n, ciI*e I),_•If.'I•,Int.ed t11(.' I-i(111t t0 ('I1tt'r upon t he 1,1 c�! --r,ty i(-)r t lice 1)1II E)c:)_�l�_: o{ l l,l}: > Ilc� :;IIC h -;t1I. ��c ti►r., sc)il te,at.s ,IIId cith(�r ,'cts 1)e!,nit t _d by FeuyI,r iIrl(i-1r :,hc t c i ms of th1 casts ,In(3 ('?;Iw n ;('S lncii1 r1-3 i connect i on wi t_h t lie :Tl,11: i ng r)f t)ch :;11I vc.ys afirl t 1.e! 1-:er-fc)I vvirlce of itny enu i r)c,ri rig, (y-oI oo icaI (:_ nt 11c.'r woI'}; t o he p I-f()I hied by Buyer ,wider the tt_'rIr., of this as WeI1 .-Is the co!-,t i.n filing rind pi rig the :,ul)(livi ion of it_hc.- pl-or,cr.ty, !;11,11 1 be, na it] b", Fiuv r. 9. t•�it:h I (•(-,avd to the nale of t lie :"h:I:'(.s by r,1(ll;r( f I crn .,,n.:1In1n ,: 1In I t 1)e, (!.It t' ll!'I't'of to (l1C L (_)i �''•l-I o , �� 1 t l) 11c I .•:III : ,lilt if's and rt,1)rc':;(: nt.it il)rls (:1r,:;c of t'!,c ;-(.,w, t h( : fc)l Iowing: 3} 'j }1!' ��}i;t 1 (':i 1',i�'(' I�,!'('il 1�1 .�'t1;J('C: � n hl ('(�C�t-'• � I)l1r .ill,illt. ..o t 1;,1L co.i t ,i i 11 'nt. 'ri.'('11f' l Ly F�c1rc'��Inc.�rlt"j �;,ltr•c3 C,:-c,;,1,(�r ?.1, lc�l4, l�,'t•.:c c'n ':c)(1rlifin, N.V. r,:.;.,c;llni,7n :,hall c-.-n and .;hril l (11•1 ivor it, t 11t.• c lo.;(. of "!--c-rrlw 1 11-- ri-ec and c'-lear of the, hl•'Ige and all l it'Il`_i, �"1IC1I'tIC-!7, I,- IlIT>;, en(:umbi-,inces C]r C•(1u : 1 cS of �11j' }: 1 "A O f (1"! c f- i 1)t 11�r1 i.riclu(3ilig, wit pout 1 i mi t-at ion, ails► a, i s i lig out of, r I c)m, cir 6 .. in e.ollf c•c t. ion with the S(•curi ty 1,yrc•c rlr•nt�. b) :::::_;c,uni tan a(,11 ecs t hiit- f r(jrn the (Lite bui c.-of thi.'ollull t.110 r.l us my (I(Ite: (i.) -hall trot :;e11 or in Fitly 1uiJl.;1t.'r cl1 ;pasc of the -s, nur .J t 1 1 o11n1 an ll:,C as Col l ritC-rd1 or i,�Z vd L :my 0(M i t ,Until or liens to ..11: t a c:h to r..r with r(, ;1>t•ct to the 1; i t l:ou t t_hc writt.on c_cr:-(ant of Puv:�r. (i i) t:0 :01C111 1.>c• I::.:(ic• in the z,lpital st; ,7k of t•;harf. C) on the (-Ic):- irr9 ci,lt e, file ':i1tl t will be fre.te i:nd CICcir of Of '1 an Ilas f111 I rand U111 ('. t ric.' cad I".) ('r t!n11 Hilt 11(.+I'i ty t.o ,r'11 :end traI'sf(-r t he . ,. n ;-,*,1_y in all t(i:ltoI'ial ct_s C't`'r11t'r1i.Sp and c.•ond i t. i onn. :rJ,+?'•r 1 11 ? ', y ! nt (''n hi :: j ! 1 t t o lit 1►c•r'1 L':+_•(•i 1)r ic)r to r,r t1' t lI�• cic���- f') +:rl i ,itz },.::, 1 •' !(i 4 h, . ' t ,.;,'nt_ ,:nc3, t o the `.; wtarr,lrlt ic•s ►;,:('.,• lay Mt,-i: f .:r(.: t i lli' .tr;cl C+ 1 1t ct in rind tlu not t>mit oi'i,11 ..lc.t i,r r'+ :,.• !I}' tO 1t.<':r;(� tlt'}I ic,n:; C:110, ;:;:i 1 ::rlt. i .'s I)c)t- I -IA t ! ,,t?i lit•; car I -�., ;'.,11-y i n UI ci,�i i o 1,: t'� i!?c;:}�r,t~ :.'i t.h ::li�1r>t r� t:itd „t.'c'ur ,,;_c� i rlfc)t Int�t- i r.)n aZ; t:o 1•11t1rf. - 7 I :::lt s t.0 j111,1 v r Olic}i (1"t!�)lt;!;t'Ilttlt:ll_)?1:� iilld W.i1r.111t.1('•; 'i}hill },Il t.Ilw'! .15 of t.hC dilte cif vx(•(,ut ion Lei ,inci on the: r:;c)r-i.nv (bite: a ir£ is a cotporat i of (idly uLu,i it i v.ed uri(ler t.hr_ 1:1WS of t-he rt.it:r of Ctlli.fOIni,, v.�li(11y (�r.i!;tillg �Snd in 090d :_Itiiridirig under the laws of that to-at.e, ,inrl hies coti)Orrlte gluthority 1.o u%,rri i:nd op-.'Y'9'0 e i t-s propt-z-trios :nci to C:aI ry on the L)u!;i IICii , .,L)w C01Iiluc-t-o(i by it. will (iol i-vr_:r to nuy(Ir t rue .-ind (, •)r rect cupi r,s of t'le 7%i t i cl cs a£ I I7roi pol .lt- i (.)n and iJy1.Z h'j of i5*}1 c12"r is :.i .il:,!.•11(: �'d, 1: C'I-t.l �lt'd }�}' t he !".I: I.ut .try Of t•,harf, at t.lrc clo:;ing. b) l-£ has full r .:t;d -iTlt }1(-,rity to ex(-cutc iinCl t0 (3E?1 LV('r tlll:, ��s;..( 1'..i !1L .:ilei t.0 C:..)1t' i:..,. 1t.t� t}1(_' t r.ip—)'Ict. iori (:i,rlt t :irT%t rat i'`(1 }1t•I t'ln. Thia F`O ":t't3 O£ Uf arf ;1,: (?,11v his '.tt.r t i.',/,Ilt :nc? tI.e t r..11.:IL:t.ic)r1S (,n )l.tt ('d },� . ( i n, rind }2 . ; (?ii1•: ivai }:r ri :.t'r? the ext-•cilt i on .:rid (lr,l i�•l�zl ti}' tti}1.,r: of thinfni i,•.iric.e by it of t he ( r}?1 1 ti60 t. 1.' I ('1 Tl. 7 }1I r f,r: t 1 s .1 v.I i id .I rid 11 i 1'1c? i ny :'„ r r ''nt :lid ,in oh i (:.-i i On Of ti•.li.irf i n .,r:cc)t'('r1n: r� i t h t }ir. t t },t . t•c); t (tit t }l;: �i,)(_ way he l�v I l ) }1''r 1 1 1''t't rs 1 1'i'J11 he It" 11 Of t })(_ t i 1'I •;L11L :n i)f the tr't;T. (:.I' l 1(.,\'1;,1()n 1.)t Art lcl!' , of 1l`.n or t 'io Fly', of Wll i!-f . C� i' _ l'lli1i isil CL:115; Of 1 t•(-('•t C1 t 110 t.}lc };I1c %qI—.(l';(. of W)1.11. f: m (i) The Share!; ,ire 1)+-nefi ci a l ly oa'ncrci by , ,I ;.'.;c�l)n i it tl; and (i i) The Shares it re o'.tined by ••!. olin i an free and clear of C-iny lien,. plc*cicje, enctimur.ince :,c.C:urity interest of tny kind, n,it-lire of do ,c:ription of which t•,'11arf has imticc, c-::c.ept Cjs de!Jeriberl in Par;vjraph 9a al-)0ve. No Shareholc",c-rs' or similcir ,t(jreeri ants t_o which 1.1harf is a patty are in eff(!ct: with rf.-s ect to the Shares. To the: extent t•:ncirf shrill have imy rioht with respect to any of the Shti rea Wli ir£ does, in t ht-2 event of the cl cr;.ing, hereby waive '.•;UC:h r lcrhts In I ,t,,'(7r of PLI (.':' . The C ,!oi t:al stock of t.."rlarf of trii l l i::rl (1 , 000, 000) .-hares of 1-)_5:%mon !;t-c.)ck, no par v�i l ue , o: ,:in ch ten f hc;tlnd (10, 000) c)!Jt::;,tt,ciilig. F',:ch on :,' .tri(iir)g ShcI? is v,-Il idly i �.:,!i��(i, full. )-lie?, '..1cl All of !;aid i 1-tricl c,tit :"•' .in(ling '1.,:; (':: ,:('r"c. `: _;ll('t: I'll1 :;lt,lllt 1.0 :i�'•i'_t:)on ,"_)1020i1 ofZ ilic Ca.Iifc)IN) a C,-I,.c�:fit i-'tl:; cC,c:r', ,:11d ,Ire !,iilijec.t to i t ;,t I i c. t ion (in t rtin`•fc'r -.,-it 1'1+)tit t 11c C_'otl::t-11, of tlIc C(._):,+itil il'ljjc'r ()f ionr.. co, I:•t'nt. tC) t ; fer w i I 4 rJt_--ci u}',::.::,;lllli ,in. :'} r t> ,trc no OtJ', :: �1nc?i IIC �_�c)t ic�r�`,, I"I".�nt'c;, l(jtit:5 ()1 ��I 2'.'1l;'(:C)I)t_I�,I,�t,U."il, t.0 :1(.c11)i I-r' f I-c)In t-:1 f :ri}' '. 1:.i r es tar :my of li(:'r ::c•t. tlI i t. of �511,lrf, nor i:rc Cho iC -tray(!r'l..i'j)tIIres or 41t•1,t- iIl':t1ill1+:'Iit.s (Jr other of 1-711a f outsuinding t:hic:li .SIc c•c�jlvel t_ible, vow or 13IM11 the C)CC;tll Of .3.'iy C"'(.'r)t: OX i Iit.o c:om,mon stock oi: ,lny ot111-r c cltlit.y : c:curit:y Of W11,irf. 9 d) tlharf does not own, (li rectly or indirectly, any interest in any corporation, business trust, joint stock company or other busincss orgL-lni rat ion or aysociai. ion. e) All properties and a!;ret_s of Wharf other than the Wharf ProperLy 5-hall be sold o. otl&r-wise clinposed of prior to the, cla:;ing. f) t•7harf has n-3t, and followiiig the (•.xecarion of this Agreement, will not, sell any portion or portions of the I-Tharf Property. g) t',n.Irf rocs not and will not have at the closing date :any writt-un or oral cant-r�ict with or c:c)uvnitlrrllts or liabilities to any 1 bur or(Tanizat:ion or of UIT1UlUy0C-G , 1!11('j no nC-'t10 i; 1 cl t l on wi t-h cmv such ur (.-,m i z a t ion or anihUciat;iCln .-nd no (itt.t'1:pt--, u1,:n or t11I-clat t.o ur",Inl::e the uII1p1Ciy(2c! i oIL t.1ioz is 1il'TI(I1ng or, to t)1e 1_,c':;t of t-Incirf's Y.ncw1 (.'(I(je (aft o I C i'.n C;:1i11�1 C 1 T1'�'''=�t t::1; iun) , i_11I !'pit S'11('CI C)r cont.em1-1 nof the ci c.. i ng ?,tt u w i 1 1 not he a p(irty Lc) by any lit colit.I- ict wiLtl v:'110 is F)rl'_ (_'!lt:;}' (`ltil'�1O;'('C: 1J}' ii�i�iit l71" •�11C) ��!}' 1)e (_`illl71C)t'C�d tho, cbate of L11is A(_,: (';"c'T'!t_ !!!!3 the clo!;1I1g C'lat,e, except i:S C'.ti:17i C':i`�1y a11! tI CJt'��d 1J}' ar, rouni-re all c4f.icer:; !nd tliiu tars Of '.'11.lrf to �ul�:nit t.lt►�i_r resiyn�It:ions fc•(.: I ive as of. Lhe c:l c!; i rig 01ite to t.11e c.-nci tI),-'t Buyer miy el c:ct .ind ajpp )int its c..'n di rc_'cLors find of f iCurs .im:: ec-13 iitely folluwillc t-11C c lcJ ink. h) tIiarf (?c:c• iiot or will nc)t liave at the (�lUlilnu diit'.e iiny F11:rision, 1-('t11ums_'nt, dof('1'red cC)111F1('il; ition, t-)rofit-:;Iiari.ng, hums, rot. ainur, consuItinq, welfCire, or incenL i ve compensation pl tin or iri-ari(3uI11o_!ntj or any contract, or ,any fringe or of -her lwni-fit:s or ,1rri(nye1 ents with or for all" officer, director, (.'Iplaye'e or iiny of -leer F;(,ri;on and there shall he no unfunded pow;ion hr'nnf i t 1 i,ihil ity in any amount t:-x i st:i ny ii s of ttic: clw;iny (?site. i) 111-ii3rf has or will pi.omptly provide Buyer with a true find co,-.1plcte copy of the recent f i niiilcinl r;ta teillent of j.'ba 'f i!nd as Boor: 4-is iivii 1 1 i!hl e -m (Iniltid 1 t:ed financial statc;;i-_'nt for V,'h !rf for the f iscEil yoar r'nded July 31, 1981 (c-o11(-ct ivr'ly the "('c;nnnny Fi n:inciill �t,�t.f:I,lcn:'.s") . The t. oulpiiny FinilnC ial St tit s f u I lV and fal rly `:(mot forth t lie f i r(iinci -11 L:(Drl(ii t i On c: t•,711111-f IS Of t.lie di-itt!-, t:nd the CJ,. its, -)C e itt 1 oIIs for the 1`t'r 1 o °; 1 n(1 1 c-,O od in r-I r ('pi"l1.11'i(:C With (IC i;t'I ?11}' .i('C:i.'l�t t'f; ,fl:t:��liIl±_ 111C3 i)I"1Il('11)1eL. cons l St ont. iv :iUi)11,•C�. j) Vwie is no ,.ct ion or _:ult :y,t riding In .-my court in wbic_•h (•itlwr 1,;'(•n .ifft.ctod ' -1 or .is to \:h i h t.. ,.irf ' ( •1. I�t ��('I.: �C! }l�(:� !,Ill` '1,'t:c�(` '.,11 ](.'17 t't.�ll�Cl .:(IVt'] :('1_}► iin(i I:i.i t (.'1- i al l}' ., f f ('('t: i I I C t i t 1 (_', e'..11,' 1 -:Ili r, ,.),iIA'!(j(.;'i;i("11tI IT11.11I)t t_`il.11lcC' 01' ()rll'I tit ](In C.)i Itii1.1I" , t le- :'.rliil'I -11'(.ii+t'I-t:y or :illy significant poit ion or which 1 e'l.it t.0 (7. iii f('(:tS the iir.(.1u i si t it)n c:Urlh(-1 t,hy. 1.-.11,i rf thin no of .-my action (-,)r :'.nit \:llich is t111'12.0t_:tlt_c? find vhi(Ah cmild ad•ier:])ely ,illd Iiliit (.I•i ill I if f('(.t t }1e t i t'.1 (-, 1 P, - 11 •- m<indgerllent, mainte n(illce or operation of t'►')(-irf or the t',I)arf PrupuLty or Amy ;i(;nific:ant portion thereof or which relates to or affects the �icqui.;i(:ion contL-riplalud hereby. S'7:liarf is not a fearLy dofl:ydant to any Diction with respect to which .any under. , writ, injunction or c�.�crcc of any court_ has 1-,Qcn t J-sued atjaiiist: it rior is it :; ocif l cal ly _.ub ject to any order of any goverm:iental �authority, e upart1; nnt, cr�::.:ni ssian, Lailyd, bureau, auuncy or cutler ir.strumeiitali Ly unfler which it is in dr,'fault or brc k-ich and which default or brccich is Iil: Ay to have, a lntiteriall}► effect: u.? n it:. k) as grid t�i the c;:t('nt reflect.crl or i+' s,2rvud IL-.-gainst In the C+-::1,pi1n}' Stat.t':::C'nt s, or ot.h1 _'rwi:ie d i sc:l O.i('.d tit'I e n ar on the exii i 1J1 to heruto or the es or 1 1 .it.; (1!'i 1'Jt.'I"(_'d 111,11.1:i?Tlt, hL'I Ot 0, t'.�}lcirf ilild a5 of Jul}' 31, 19fi1, rind t1,1 =-It t.}li_; ("it�e, rlc) 'naterial l : ill7.l 1. 1 t_ i (.'r C �l 1 (;.it i ! f:.: ► (7j' L''.,: '.:i!'• t it t..� ! 14;; (1111tC' or rant i 11ir:ontr, or t-he 71,:it.11rr' in .111d i ted baL1 nc (i ((lr the not(''s tiit.'1c't0) ;,rei'aLed in C-ic(-c):.(14-1lice with C�e.'rl�.'L.11'. j' :t'�= l't?t.!'d ctt:t:i';:Jlt 1 I)o t'S C1pp1 i (-d. 1) i"'b at f 0'(7C2S 111)t }1=1V(2 .!Sl(1 will not 11,1ve It for t.fl0"' of. I. -it t'(2L I a G, !.,uppiics, l_'liU1F.)ti(:'li°; ur c.-ipitiil ,diturc'Li. 1i1) `'inc:e it.s iliti:C,uportition on ', tu(just 15, 1979, SL11i11"f )1.,S In e ll llli1tC=r a I'!;.':�>t:'CVt.:'_i (:11cr,it_l_'-1 Ln i t:i 1:;;11a r c�yul.ar .1nd orcii miry m,irmer Lind t hu e }i.is not I)Uun: (i) All}' i1l1VUL7 .e i n the fin,mcial cur)(Iltion Or the il`::i('t.�, I19-ibilit. I.eS, pruperties or businC'is of 1--licirf; (i i) l-ny cii",rnaye, de!, t ruct ir}n or Iass, %,.,I wth(--r Or I'I(7t; C'UVC.'l (_ Cd by l I1_;Ilt orice, mA t.er I rt I I end adve_: !: e I y iIf fe(. t.ing ', h�' ',::et:�, I'-r:+j;(art ies ur 1ll.::i11c'.s of .."harf; (iii) Any (leclar-ation, : ett-incl a.,;i(lf? Or leayl-.I_nt of any divi(1,2nd in of t-he capital .-toc_k of S•:nar.f; (iv) Tiny r, 1t eriai c-h,:ri(rc in the isccourit'i ng u;o'k:hod's (,nd pi-,ict ic-c:F of n) 1 !I!' ox- C:II t_ 1 on r! SIC] c1(-1 "L%,t'r3, o. i.h i s dnd the (:U:::'l:i""':'"it:IUn o" t,.0 t_ I i!!'1: !,.'t ;C�r:C coat t•;nplat:ed hvi,e►1rlder wi I rlut: rc:;)11t in my viofpit ion of , u2' c;c'fiiiilt tin(,,rr, any irJ(,('nt.tll'C, r"+()! t(j(! ;i.'., t.t_rd of 1,1I)CI :;:Ilc`s i!(�!.'('t'i:l(•f7t., (.):' �!!1L' r_t!J:`,tl'IIC� ion c(nit.I,!(.;t to IS a Bill Ly, or in I he 1 Un or In the _- i-ciit. 1 c-)n or l; : o—.-.1 t i v n t-)t. - inn �! i,I 1 - 1;, l ,-ll. I ) -n, (:h,! l (!(:'. (Jr r}:i .',1y 0 f f f ' C ;my :.uc h e or ('11curt;}11 ''X i !AL (i l> i ll(" t i ( C' OI" It }lC Fl.: ` ,'.t1(' of t:i me) ;In(I %., i 1 l nut rc' .ul t in v.iol,it i (:'n 01 i lie t o l rn!; '111d cuticlit. iu.n!i of t:'h+ti f'a Art, i(-lCS C.F 11)t'011 ri11.ion ur ;33,1 !,.%!S U) ryl•c.-pt_ GIs 11c•l ei rl;lf t ('1: :'.et ful-t h, i i,clud i ng the (ItI:t1 ific.ltiun ::t_'t forth below in thi -j �;111,:t7i71tag I;!p1I o: (i) t:tlitrf hula (3111y fil('d all fri:nr:h i :-(-, I i c.t•n:;c .-1n(l other ti!x t t_ t.ul n:.= s:h i rh .!I e t cciuir(.�d 13 -- t0 ►c t.iled by lt: 0_hC r£ tax If.•t11111!3"). (i i) To the hLSt of :,'ilaz f' a }:Ilc_��: l c•dc�r�, 1•:tlitr-f has piiicl, rind .A ill(-- r Dosing (Lite will •11,Ivc I%i-iid, ,-Ill. fc-t3(_•r.�l inc.o:-me, .•Ii-:i:1,:-1111lit ea (-•iIrniiigs or other Feel ral t:itxes and a I I st.ate or ]OCc-j1 i_1)CU,1,e, f i;lr,c_hice, t (,a1 1)1,uli =rty, pf_•I-s0na p.:o,oI-ty, s(-II •s, wit11hr)l(IiIig C-lnd .-l11 c,t-Ii -r t,ixes iIilciu,� r,d on L V,:mr•f or i t-s pi-c,1)(:`I-Ly )r 1~i.(:%its are e by i t, .i I-c-l u(I i ng r-1nd 1).,na1 t lt.'�, if ciIly, in I'ut: t ht'I-c-of wh l cal arc clue. f(:)r I.avr',"nt. (i i i ) to t};e 1.)�.-st o ►.;;,il'f ':; } ncl•,tl1�c3(3%, all of Ole S.n�Irf t �I}: r1: /.1;1 ns .: 'c 1.(;,.;:�1 �`t c Ins. c'(�1 : (�l:t i n a 1 I-- it c`ri al iv) TO rC1;: I:rlRti' ~ i n,?rl(71 ,11 rf It �'• IJt :: cc,iI r !1), c:l:iit c•'. I`: c)v i '_; i on 1 !: od ().t7 (: ill •r';Il 1}' ,t(-c,•.,! r•ci n, i nc. '• `-1 on f clr all. fl.�r.t�t-rll :.;;• iiI,iI,-I:, or (lt'.11,r rl :l 1 ,a1 t I_.f ,`:Ild ca11 i r ,t,ai_(� OI' �(�'1',IS Ji(_' .'I� , �1• '1 , .�(�,Z t,'I�i_}', L,,•I I)ror.l�: th, : ,11 , �:, i t h!;(�ll?, ny Ilrl ,Ili. (�t 1:(•r- t ,Ix( :� ? ..lr,c -d can i��lcli f or It r 1 (.- �' t}• r): r'211�;t:; '•:t'1('}1 .31 (' C";lam:•?!�lE' 1)3. lt, 111(: 12(� 1 Ij(7 I Ill 1 1'1 —;t. .!.'i�� .•.11 i `, :- I1?�, 1 n 7 ( �'•t•L't� t 111 I 1-o f c)r I t I e 1` 1 i c)11 ri r2 t 1.(_' t'.!; (? Of Ali' r' :.71 SIIJ; F i !l,t I i c i a c;t;ltr.,_t;t_� Il;,i ii.1.,11 (!il„i;; .?cl:' '!.. 1, to. (V) i�r1,7t f 1;"..`1; ('t 1 I •.'!•J , , d t O nll�.', Z' t l Ile.' •111c� cc.:„plet.c c opics of .all of the 111";! r L` t ,I`: I f,t (IrIIs fi l(-`(l. (v1) 1in;,jI-f I,,!s nntr cI -.ii •_`(1 ,iny (:t,1�1 ('cial ion t(ii t,iX 1-1111:1,1)1;(1S '.4ith I'f",1?t'C:i t0 ,lily C!:1.:L/t_ .1S t'Ci -- 14 - r the hrc--F,c.rt-y :tnd to t-he extent (11,!;cri}wd in tell t'.')larf till: rut urns. (vii) Wharf has not: r_1 a i ined .tny i nvi,!;t m(rnt c:rvdi t ror t ax puz pcn-,c_s wi th r(-. -jp'ct to Tiny propc-r ty. (v 1 1 i) ' I has r 1 o t_ or i i t_ i. J.: !'I C) t e d to cir'fcr any tax with to any :;a1e by r,:port:ing for tax 1)uLpos('S c;•.•. i nq to 1-11,i-rf as ;.On`;i df-rat_ ion for :�UCh SCI1.t_' iv. an : rist r" l lr,('nt (})1 1(j.ft r)n to j'.11it `_ f ( ('Xccpt as `�}10WR 1.R Hie jtill�tL�_ t�'tY, returns. ix) i'.narf 1)-1s rC'iIcII t t•( 1 r: t.}IC t',rla_r f t itY returns. all !;a1(`3 by t•-1:,,rf (,f' r('a1 pi r;i,i ,,-)ty it(lc! all l o.,. c-ut to :;mc-h ,IaI 's. No 1%? i rigs have ' c l :i I i 1 1:: (�c•(t i .(I by t?1,1 r f: , Ilor to be -en i il::i i tu,.i r. �lc1,17n:;t or the 4-ire ."1i1}' for .illy t'ix—S. p) 'In" ft ( .i a I :I.+ l ..,(, t -ix I I•t I;I I1!. nri t he Ciii ifornli3 Fi'.tn('1ilt;e Tax I"t- ui'I,!; C)f I-f }:.::'r r;tover hnen 1111di t r'd by t ho t .ix i:111 Lot- i t;}'in ! hc: r:itJ;-�•'nt l):� :Ii}' 1 :1('( •t: (tT' i ( !I1('}Il. i' fl)I il1(l r'l icir t'o the cq tie by .111y t 'ix i ny 1)c)(iy •.,'h t }` li.t s not 1,. •,,n in f u 1 1. y) leas nc)t with I ,•(i.t i-6 to t 1;f�, V.-11,i rf Prop—r :.y or •my nt?1t:r 1•l oi,('i t.y, h(•1r3, .tcclili r('r1 or to he :tc(lu i r ed by t.'11.t r f , Ott .. ny time f i 1 t.d .t ct)ti :-"' li t t-o t 1ie aphl.ic.it ion of 57cct:ion 341 (f) (2) of the Tntr rnal To_vt-'rrtrc - 15 - Code of 1954, ri s ,"imund:A. 11. Miyer rii.iy not 1-i:. i;i(.jn di.i ectly or indirectly ;iny rights or ()l irl,-it ions i mler this A(jreeme nt except with the writt(:n o-ppi-ov,il of :;2•; rind 5A.;sounian, which will not be unrcasonLibly withl,eld. 12. Yf 4:ny action is hrourjht to rnforce any rights cre,3ted by this Acjr—cL•rr:•,nt, the proviii l ing pai ty Oltill be entitled to r( kl:;un::bl.e c:t-t orneys' fees A-:nd costs. 13. p,•,I-ty to :3i(jn and execlute C-my L:nci -111 ('�7c11"i('nt5 t-iiritL. lliay be ! �.'�IIT T I ('C3 to (j.iin the appl aval O£ any gUvl�I rT;n._�nt ril .i�� - cy cif t l;c' pi,ins for t-he cicvc l (- ',�, 1 of the Total rropuz Ly ,inc ,:rly ot_l:(.r to carry out Ole intent of th i r; Lct r(c ; . •rTt. ., •., •�-r ,. , t ., t •, , �.., ,.....5•...()C• � [1L � .! r t 1 ! � 1i v'�� l' �,t'C. i i ts i:c;rc•( rr�>nt on t h,, c',.-rt_e J T CO BY ,I /ol / ('li. Y r I3ij,:n `.,:� _•cTTn�.,:n, ryr,.,,ic:ont r - 16 -- i-.'i ''y That I'm t i on f t he IF ()I t h;�t':;t: Q11,1 1 ! c'r lac:';t, .in the J:,,nt:}10 !,,::; VO] '.,,::, Sn t 1)t_ r:.i Ly of 13ur1 t i n+3 L c)n 111',1ch, CouI) Ly f 0r,tntle, ':I ,1 t e O. CA ) f r)I n i a i,c)•.:n c)n mip rC'L:Cr0ed in t;c►c)k 51, F', 14 Of t'?::c:('I1,:r�c_c,l1s t4i:17':, 1 n t I)C t)f fI C(` Cif t.}iC C0)111t-y P'•('c,r tat:! Of ';;! i cl r•()1it) Ly, r i Lud ern fo11owS: F3c`yinniny at da I>r)inL in t_he c,-�:tc'rly 1 inc c7£ t }1c• t:c�:;) -•rI}► 4t;9.55 revtr of !_;a C1 Not 1.11wC':it Ql)i) l t er L1)itL 1 )n L. f 1,t'1 con 5U11t.-b 0° 401 14" t 1314.00 feet: from the not t 11(:rly Line of ::,1id NorLliwvst C) rt-cr, ::k,id poi lit ot: i)ct3inni*iq Iintg al!;o a point in Lhe uc-!sterly line c•fParcel Nu. 1, il in.:;id city, Cwii)Ly ilnd SLa t_e, Cs 1shown on rrli,p L r i 1 er3 in Pon). 25, Paye 27 of I'ilrc:c'1 tLips, Recut cis of ) i d County; !.hence Scitlt:h 890 19' 4 G " 1•' estr to t:he �. est vrly 1 i ne of sa i d Parcrl No. z ; t },r_'t,c e :�c�11 t.})c;::: L v rl y, a] ong said :o-st.erly .line and its :bout.ht:0!;11•rIy proIat)9aIion,t.o the norLherly 1 i ne .incl/or its •.u!;tL.rly pi of onclP.-,1.i on of the 1LInd c3e:•cribed C1s P_1rc(-1 2 in Lhe 1)L'ud t_o fAhe (:ity o{ 1:unt intyt~on Bu,1oh, recorded in F;c)c)); 11Q9, P,aye 258 0f Of f iciI Flr(Is of said Colin Ly; t_hullce e"'s t. t_'r7 y, al c,ny i d 1::,; tr ):;r-n f ions-d nor I he rly line andlor its prolc)w,-af icon, to the i,esvLorly line cif t.t1e and c e!;cribee .in the Deed to OL01,i)e Cc,1,nLy Floc-3 C(mt:rol ni!;Lrict, recorded in 1.3ook 19N3, P,)tae .`AB of Of fici.il M—c orcls of ,;1,id County; t },r_t,cc, nor f.';c•rly ,j1 cing ! he wr_ ::tc'rxy T i u>: the I,3nd (iC:SCrlI)c'Cl in !-.aid last:l:•!'t)t'1 clrit'CI F t:r•(l, t 1)1ul)tJh 1 t =i Y,, riCM SO ('111 vus, cout:ses ;1r1(? Ili :.t alic(_s to t }le point I)f 1, +, j nnj 1)',1. }:?:('r:PTTNG 'i'llrJ� 1.:1'1h01•81 '1'}iF: rc1T,? O;; 1, G 1►:'.;c k 11;1.:11 J'(,ii'!' 1 6:1 4'hilt }�r►r t i c)n Of t },c` ;;�,1 t };,:, ';t: (`,,,, t t t•r t>i +'I_ t i c,n 13, '('c,,:t, ,l) ip r T� „ ::.:rl�'�,(� T,,:': r'+1 to t }IC ,i t: 11 i.:( .:t, in f 1,t• , cy of F?t i IJUL (in h, CO111) t.y (,£ (I.,,::,;(,, t ,: t r (►f Ci)l i z c)rlli,�, .1s :.hc:rr) c►n tr,1l) rt�� c;r c?t.`d in ,1 ( ;'1,-,:(? 14 cif. Of f" ( 3" I�c:•iny O 1^,:t + 1•1 1:n. 1 , i ri , i (3 c'i t ��, c',.,,,, i.}► ,:;,c3 ';t .)fear .:s :.1,c-::r� c�r� rr..i2� L iic c3 i,1 :�1 c:): ==`i� ,-;,�. 21 +)f I'..t t•1 1;,,1,,� F, , (,1 (i; of : ,id C, 1;,t}►, cic,,,t r il,, ci ,�.; .tit itt 111e c,.. t, tl}' ly :f39-55 ft_'t�L of ., j cl 1:,�r t 1�,., ::t �•.: t i , r L j �; , i t t ..,, t� t ;,+ t r►j ,' h ,;,: 1 ut1i. 000 4014.110 S,_�'t f1 itic' 0 .,,yid 01:,,, t (•r, "id `.3 •,I"L) .1 jx)int in t1:r_ v.1:1}► 46" V;(•• t r1 f3-(1E; ft 't ! c t },t� ,:t .,1 : r1y 1 i „r_• I,[ ' .1i(? 3`.t1 t'cl .19 1;0_ 1 • i i, .•nt_r. .,I c'))y � ,1 iti •,:c• .t t_'r 7}' 1 i,r, ''+•,)! }7 (1>0 �,9 ° �19" I�:: ,t 23G.34 feat; t o t.1,4` • c+„t 2.::1%,:t �� ► 1,� : Of" , i t3 F'•.. + r' t :•'n, 1 ; i 11, nr_ e .�lnng thc: :,v1)t_1)1-t-1y 3 i1)(: or .,.:id 1',:1•t-(•I NO. Z, t:I)t t }) 1190 :37' OG" Ea A-t 1 130.44 furt t ct t lie -:c .)1 7)(2.1 :t 1.-()r :)c.r Of :„:id P,I 1 (:(-I ' 1io. 1; t.1)I-,1we :) i C,r`lU t he v',!; t e y .1 i,+c• cat :,,1 i d P,c t c. t'1 No. 1, l:or11) 000 4 0 ' 14" 1i(-:;L 134.7. fc'c•L t.o t 1)(' I+''i r)t c,t' I,t'rJir,nin(1. K v 11113 .i. rJ. ! 1 ' _ _I •�i:� :iiJlii+ *firr '•''=57'•a0 LAN0 A%,':�:J OAJ ORNIA SC•005 33:;•7I34 -up^_ 41 / ,Al `c r t .3�aRD.�.�ctio R Noti��s "� T rr, C �, G ��; �A r'� J E c L �� s �'R r :1 % �• �.- /��S �`�,rr�r/•`� e c �= Sec , /�� S.� �. !/.1r.1. • IS jr •.� • -✓ �� l �y j�•:J% rr,�tl :`� if of"O r L/ • , '.1 ' J J7, �'> \ , ,� rocAe ,or l\ 1 1 .01 � .�� � i�,� 7�L71 � � / •\ .`l .—.ter♦•�•-•, ,� } •l •-.•!• .�� ��- ��/ L• YC. ���1— ! r C�- .1 ► 11 (,4 . / \ ��' y.>!—RI•a�•�; � .f L-13.a� [:.:.wi srT.••e.rr:"�T�lf�-r� �•.� ��� �. �. Imo..- � . 14.000 oo, ' / C ; v 1�, ' . :; ti : r- :- ; , /`,� f /4 • ► ,` �_. •� r �`� /�i1 C_� '� �''`' =�; ' �' %� -1 l� 9• S S 1 /:i ! 1i . l7 ' ��v�i) ��� 1,,•'i i.�':� !a{ '`.��V« y. r'r).'� T�?rDL �l� r'�•.� c''1 � _ v i, � i•11'1ION 1' ;1:C1,1. 1: 'Brit i ,art it,,, of tl,e Nof (l;i ,22 fe•t•t cif 01c: Vritt 0.9.',5 f re•t i4 11,r Ni's tl,ut r:! yttiti tr•r of ::e•rt Ion 13, Tc•'--�t,!►1,111 6 SOO tt, 1'.i,111.;i• I 1 1lt fit , in Elie r.,111t itn 1 ;i i Sol l'a", Ct roily of 01 nnJ;e. St nt a cif Cn 1 i ft,t rti n. nri pvt np t t•t ut,!vd In 1,t,cik 51. idle 14, Hiticellrine•itua Htipa, In the i,i i tt e• cif the cuuliiy I e•celtder of trnfd rtit irity. dvvvril,e•d it fuel1vwn: ttt•giuninp tit (l►c Ion of the South Bite of i,ttid Nutth 1)1,8.22 feet of !iaid Not thuest yu,rter of Sect fan 13 witli 7i Ilite 1mritll0 t.l Ch tend tli::t,int Fiisterly 88 feet, inen:'uitrd tit r!l;lit ,ttil;lcn. f tc,iZ 01C t•'rat Brie of ;.nisi 'It'i.tion 13. vaid intervectJon being nlito the N01-tli::1•11terly C01111'r Of Owt certiiin parcel of land conveyed to the St,te of Cnliforriiff, by dved t t•cui ded Atigtist 18, 1965 in bPolc 7634, ;ini;e 315, of if i r. i al Recurda; thence along upend Southerly line, tieing alto• the Northerly litre of mid certain Il.ercel of land South 89' 25' 42" Fa.9t. 221.17 feet; thr•nre South Uri' 52' 37" Wvra, 616.78 fret; thunr.e Northerly nlong n tanbr•nt curve conc,ive Fasterly and 1mvinl a radiuu of 1000 feet ihrtiugli tttt angle of 9' 10' 2.5" ien arc distance of 160.11 feet 'o a I trio parnl7el with and dlutmit ra .t early 198 i'vet, i.u'it!tured tit right nobles from wild t:rtit l i ne. thc•rice tangent to lust descrilwd cttive ,icing (laid Parallel Iinc, North 00` 17' 1e8" F.itnt, 730.44 feet; thence North 45' 26' 06" Fruit. 2F.22 Feet to n line parallel with and distant Soutburly 30 fret, ,:•I r:;,urrd tit rlljht ringlrq, ftcim *he T�arth Iine of r;sid Northlcat yunrt t!r of Section 13, thence alung said pnraIle'1 line, Nortti 89' 25' 42" t.t•trt 110 fveI.; thence Sotit h 1e5' 26' 06" Went, 28.22 ft.-.et to n IIiie pnrtille•1 wIIIt rind dirttnnt F.iiiite�rly 86 feet, : v,-mot'd at rlljht itnl;lt!a. frcrty ';,,id t•'ci:t Itne of Section 13, tht•rice along =nid hnrnIlel line ''outh 00' 17' 1,i3" t.'t•ert. 1498.22 f.-et to Elie point of heginntrig. EXCEPT 'HIFRF:FHt7N till oil. gtin, icinernls and ot!,e'r i,y,'t t'c r: c! t,rtn, l elov v dt-pth of a00 fort, withutit the t lght of !•urfitt'e clit ry, ii. t t""01 ve'd in inStr'lrm(•nt9 of rv(-ord. 'ARCfi, 2: That pt,rt lui of the Nui th tinlf of the '''tiltl;':' tit y;tift t t•r' ()f tl,i i� ,c t1;u, rtt quarter of rC(:t lun 13, 7ci- ship 6 !;c'uth, F.rilli-" 11 t;, tjt , In tl;r• in•rt, by Iris 13ol:4.is. its per r:ip ivuov,`.e'd lit !'t)ok 50, f i-Ee 14, VIti,- IIr.r-.• roil VF7pn, i n the of : it-e cif II a cc,unty t,'rnt t1,'r t,f t ,t itl t I,t,rtty. c't t•r t ll,rd itti P,(.I;',[lilt 1IL; tit the± i�('lilt i'! :nt,., t, ttl,,{ t,t t!,, :' !;f Iii,c of r;:iit' ':,'t t Ion13, ,,tit n lie y, ii,1111 1ti; :,tics .'!:'t n t :' tli U` I ' •;c.) .!it, 12 I"vet. r.t .t:.t,i cif rit t i„1,t I r;ll'r,, to the ': 'r sit t i Ile of i tt'. `: : tl._,'!it tsutt trt; t„•, a by . w'J. 12 i vet; t',t iii r '- ith 13' 52' / 1,1 F•t,,t� ;+�7.t�1J ft,'t t:. tl,t' r „th lil,, • Itf !.itid ;,'•th Half; i`.t'[.ii' ri1, rif• , th �,� 1G' (��,t .; ;t {,'ti 13 f,•e't tv t1,e s' !:t 1 ;m of aId t' t ''' .tit rile :i' ':; ', ;,t ; Ilie ici tl.i, i•.:,1fit t,f !t•�;!t•�itrir. 1-010-61 t3 .!t' ►t sz ,, ��•`;t I,f ,i; e• t,}•, ,,:I i,' itird iri 13 • t ENGINEERING- '1 ,<E 3`7 RELA, AVENUE 7'd ACC aro7 P,x)�,�� CbALii0h"41A Isom r`= . �.L.� +` •i. /..c�G.+r?� PC7��'.,%?Ol-.j • '� -'- • ;Z . JO�•71,�ri ljt . ► 00 D°e-0 ►/4•,1V/ _�-- ��c �-?�c�!G L��% /3/? 77' — ...._ --•� -- ----- --- ____ ._ ._._ /o.ne o� Sec. �3� 7: 65.j72. cz 1 1 n' a 4 �; f i GMT Z3S.8r ( Fr �7�� :Q6 j O,R, �_�� �a :� mot. • ;� G852� Z�rl�• IV- Oil • r t ► is apre 4,1 ID or 4 Ti �i j y_;;+• ;, ;�i•g•it,�' f/.�•. z �..?.r ..1 z�2•z:�-�.If= ... __._r t_. ...__ �/! . � -� .. �•� (`�?p �' rrs•c��'r�.� line f' %+ies7��r•,�� ..,/��.55146 W. 6— ' " �- `� =� `�; �o s- r• tv lye o f s e c. c? % n � L'•O Vv' O r�j Q�rgli�� ���,• �i/OO�I' i�•'I T / 1OFw _�•��I c-LD _. '01 '16>� . :'M 1'H01'F WI'Y (LOT 0) DESCR 111,111 oil: All 1 f)r!t ct-rtain land !;ituaLud in the State Of Cal.ifornin, Co)rnt,y of Oran(jc, City of Stunt: i n(jtun Beach, described its fn11Own : ' That portion of the Northwest yuiirter. of Section 13, Townnhip 6 South, 1iancie 11 W'cst:, in the Rancho Li15 Fir lsas, as ,,Down on a Map recorded in boob; 51, page 14 of Mi scel l:ineous Maps, records of OranUe County, California, described as follows: Parcel No. 1 as shown on a Map filed in book, 25, page 27 of Parcel Maps in the Office of the County Recorder of Orange County, California. Excepting all oil, oi.l rights, minerals, mineral rights, natural cjas, natural gas rights, and other hydrocarbons by whatsoever name }mown, that may be within or under the parcel of land here inabove described,wi thout, however, the right ever to drill, dig or mine through the surface of said land, as excepted in the deed from Surf Land and Water Company to C. 14. fit-ster and others, recorded February 7, 1964 in book. 6915, page 971 of Official Records. u = r`re� �4: • Prepa.re�( For-: -.�.'1N ENG;":EERI" G •SRORD-410OR NOMM.'S - �L+ %71E,s'•;ORELA► D AVENUE 1y'lr9 ry rSCC-aM Pt9fs1 j•' LEC'�G Dx6SC:RlI�r/��• r , :5. CALWORNIA 9CCO5 �..-e-l..'�= :';�'•1� �4�?'7"�a�1 ' • uLG VteI-;:zL? 77 ' - -.�.�r� r -ram -. - - - .- r .. �.. � �� .w•�..�. ��. r� . � �� • -� �. r � Sec. /3� tz- -` � � • C � Aid I 1 � 0 1 kv .� • ,�. to T J . w • .^r �%' �. I c ,a tit r --� �,• ON; l^ 4sr • , ��,��� 7_r,z..R . i\o• �� lily ; L� ` , IV 9 w CL f/'! ,a�•.��. J t�• �i.�. ?3�7.2•r err- Z4Z•ZC1 '� f --• 1�_ - — of �+f�,�cr %� •�ft��.SS -- - Scc. i3�T.Fv�!i!N n AN Ir �mr4 OR - I �l 3 3:533 1 -A 1= 1 RS T AME R I CAN T I T I.E INSURANCE COMPANY 114 F:fIST FIFTH SIRF=ET (P.O. liOX* ?67) sr,rirA AAA. CAI_IFORNIA 92101 (714) .4-JOA-32.11 GfaS2?UC)N--MAYS A DE=VE71_Oi'ME t CO. 1900 AVENUE OF TETE STARS L OS ANGPE;LES, CAI- I r= ORM I A 90067 ATTNI Li I.IAN CMS-SOLIN I AN FORM 0= F'OL.I CY COVE -RAGE RF Q1,1.l-S1I:Dt CAr_IE=ORNI A I.Arm 1 I Tl_E w.soCiAr10N STANDARM POL ICY i N RESPONSE TO TI4E ADOVE APpE_ i CA r I ON FOR A PAL I CY OF TITLE INSURANCE, T141 S CuMtM14Y I IE I;f_E3Y R'Lr ORI S THAT IT IS PF2 _PARErD TO ISSUE, OR CAUSE TO ME I SSUE:D, AS Ur= THE LI 1 E lli�_ F: E=UF, A POI_ I CY OF TITLE INSURANCE IN ME FORM :;PE: G IF 1 FU ABOVE, C'!;:;CF I fs INO THE LAND AND THE ESTATE OR INTEREST THL-REIN K:RI=INAF'II=R ISET FORTH, I NSUR NO AGAINST LOSS 4;H I CH MAY SE ;XU:, TA I N D PY Ri . ASON OF ANY DEFECT. LIEN OF ENCUMEPRANCE NUT SITO:dN OR I hI !_rhFD TO AS AN EXCLP r I ON F3F1_01.) OR NOT F XCI_UIrI-.D FROM COOL!:,,)GE: PLIRS'LIANT TO THE PR I NTE=D CONDITIONS AIM 5 T Ir L11 _AT I ONS OF S%A I D P01_ I CY FORM. THIS RE -PORT (AW ANY S1JVPI_I_MFN T S CIR MI- M—.10) I S I :.�I_JE=D SOLELY FOR ME PIJRE'fJ�'E: OF I70C I I-1 T M I NG T W: UF= A POLICY OF TIT1_E i1.1131_R'ANICE ArJD r40 1.it) nII.Iry Fs `it,r �..•:U Itr:IO'LlY. IF IT IS VEti I RE D THAT !- I AEA 11. I TY rir I'f; 1 LJR TO 1 11c: I :' t;1)nNCE: OF n P01.1 CY OF TI TE_E IrJ�.UR'Ar.ICE, A V I NOF' ; OR 41-11.11.11 IW- f?f=f:►_1:::; I E n. GATE:Dt �r1.1E_1' 30, 1 :%:�2 AT 7: 0 A. H. .� ; - 14 . i';.!=•�:t'7 �r✓���_��;2 pit IJ11 I I (',F1 F1. I'WNNS - I I I 1 1: 01-F' Ii_.1-.R TITLE TO :�nID OR 1NTI AT Im'.- PAIE: 11-1.10-uF IS CITY OF F IUr4,r I I'l0 I0N H r'ir.1!4, A mE rtJ I i' I Fynl_ AS' 10 I I IAT PLIST I CAN OF P11RCE"L I I M-1 L1I+I--D Iti I M I N 1111, Fi'0111) (-a ON A MAP VNIEC► FNDFD 11CTOIJIM 11. 1?67 IN 5T1)IE; IIIL.I{:,'/I1' h11lP P('10K No. -'O, F'AtDES 45 AND46, 1a"rc?Pr_rs lJF +'�i?':��:F: r;r.�L�f�i Yi InFE: ��f- cnl_ IE u r JIA, AS TO THEf:f=!'iAIlJF�I'f: Of:i',�IIt 71_ 1 ,;t:D nl.(_ UL: nS 1C1 ('/)f:r.:Fl_ 21 l:l{1)liF' I'IiUF'I_.R F II IrJG.. nS to �'rF�, l�l_ 4. AND I I Y u1= I{�_�;: i INIJ ION P! A)I:lI, n t1ui.►t c I1'!'11_ I;UIcF'�:�f./1 T Inr•l. n:� 1��7 f',:I:i::!=1_ S. TFII_ F 1_,7,l n rf: I M 11J I F:I:E.-ST IN r 1{1: 1-1141 E1 1 { -ML I r:,111- I F-F2 111: 'Ck I ill-D OR F';tltil�it .� ,�,� ►' '''� �p `tip � � RC-FER ED 'fO CUVl_-' E=D DY 'flyIS REPORT IS, A FETE. AT THE DOTE NE -RE -OF I:XCF;F' f l OPTS 'TO COVERAGE IN ADD I -T I ON TO TtIE PRINTED EXCEnILINS AND EXCLUSIONS CONTAINFI) IN LAID POLICY FORM WOULD DE Aa F-01- l-OWS1 1. GE=NERAL AND -PEC I AL TA xFS [:OR THE F I `;CRL YE= AR 1 ; a2 -1 S•C3 , A l._ r FN NOT YET PAYARI_E. 2. A SALE TO THE STATE OF CAL 11:01- J I A FOR C;FrJE_-RAL AND Or F C r AL TAXES FOR THE FISCAL YEAR 19al--1982, AI:D SLJM_-. t;ll.li=NT DFI_IN�]1_tl NCIE=s. AMOUNT TO RE:DI= EM: 1,2,298.28. PR I OR 'TO: AUGUST 31, 1 102. CODE AREA: 04-001. A. P. No.: 140-021-04 MD 143-02.1-1--20. 3. ME- EIGHT OF WAY FOR DITCH PUTA'POSES, OVER THE ::;ClLlTI{i:FLY 6 FEET OF PARCELS* 3' AND 5, Aa CONVEYED TO TALviAi r DRA I WAGE U I STET I CT OF" CIRhtVGf COUNTY, DY •-DEED RECORD D : LPTF_M:+E-R 1?_, 1927 IN L���OE: E3. f�nOE 309 OF OFF- I C I AL RE.CORGS. 4. A WAIVER IN FAVOR Or THE STAIF OF CAE_ I1= (7F<rJ I A OF ANY r1..Ii I r^ FOR DAMAGES TO PARCELS 2 AND 4 PY F;l.11_ON OF TIIE GM.".311 1-ICTIUN OF A CONTIGUOUS' HIGHWAY DIVIDED BY A i:F:r11R%AL LijvIniNo srf,IF, ns CDNTAINFD IN THE DI_ECr 1=f:Or1 SURF t.nr,Q (ir:[l ll��1l:r< Cc- ;.'nNY. F;►=r;17;tDf=D uCT OI3R_R 1 ©, 1 y'S 1 I N Lroolo ?.:�43. 1'/r��E 1 1 O U;= Ur'E 1 C I nL 1�E CO:; t �S + AIND IN THE DEF' D 1'FZ01; OCI INK A r orl i'(:li:n i I otj, Il ll_Y 1 1 , 1'7.56 IN POOK 79S5, F'/lr:+r 557. OF=F I C I A1. 5. FETE_ I lita7 f'lif;r17l_ 1 `.:.1l�l.L t?E W-t-11 1- UR I R;i t:l-MY 1 r�;F':-r.,r=S AS corJ-rnItJll D IN I'lII: Fr! 1=I) I -ROM l!:.nt:F f_;;t!i}'! R;S. A TIr:)!J, TO THE 'STATE Of:' CAL 11-r �I;^) I A , I:E �:r rF;tlE n tt.►LY fit 1 '.'/,S IN I �ar�i: 7'.-':'S. �'nr"+F OF 1017I= 1 C I AL 1%0=1 0101S. S. T1-IE I►.'R•,MS, I'I;r7VI, II:r1!S, (70V Ft.1 'lTS D ('I) Lr1 l 1Tn IN't-*U IN INSTRUr1ENTS rrJ f I 1 r_E•:Ll ''COV!_t�r"„err D ,' . E:! 1 r;; ,•ji - WI ZH 114E I - I TY OF HUNT INGFON 1f-:D 1.111'.R If! U00K :.113. 26 OF OFFICIAL •.11-rr:E 12, 1`�: 5 IrJ, 76 OF OI=FIGIAI_ F:F=COE;t)S, F;r':[r OCTI1E,I:F 2. i �„ trd t�r.r+71; ':05'7, I'rFT!= ;`/3 OF OFF lr;R1=1'r�}:IrS. f lil-171-C IS E'�.F��'E I.S (.r�U •1) . 7. ALL EZ I0111•S U1= I N.`,f E-,:� 1 U r''tr '.l'�E�i I Fit)-1 r 1 iF: 1 1;�); J I i7l','E- i:,JnD VCS"IE:Cr IN THE CITY IMF HUM If.'GI N 10 ME fln•.it)INING E'!1r ;E 2 Ufa -1 '_4_"ll3 1 -A EXCEPT AT SUC14 POINTS AS 14OW AF:E OR 11AY PE E:S TAIaL I FED, AS F:E: aE VIVED BY T14E STnT'E OF CALIFORNIA iN 'rilE fli'l-I+;UUI611ME:NT RE COr'i Litz D F-E.ElE,UARY 26. 19G9 IN BOOK 5526, PAGE 461 OF OFF ICIAl_ RECORDS, l THIS nl' FECTS PARCEL 1). 8. THE RIGHTS OF THE PUBLIC in -ri lAT r-OFF r I ON OF PnRCEL i I NCLUVE-n WITHIN THE FF;ON T't10E F:n/tD, AS I N THE P'(F_L I NQU I r_-jgrlENT, R'ECORDE D f= EBRUARY '26, 1969 IN VOOK H526, FAO- E 461 OF OFFICIAL F.ECORD£. 9. A DEED OF TRUST I'D SECURE AN ItJ0E:E3TE:Ur:E;S aF 1,60, n00. 00, RECORDED VECENDER 30, 1977 IN POOK 12512, [AGE 253 OF OFFICIAL RECORDS. AS INSTRUMENT NO. 39111, COVE.RINO f`ARCFL 2. DATED: DECMESER 27, 1977. I RUST OR t SASSOON--MAYER I)1= VcLOr ME NT CO., A PART'NEf: E-1I f . T RUS EE, z FIRST BANCORP. , A CAL I F ORtJ I A CORPORATION. BENCF I C I nRY t Ll_ OYDS UtiNK CA!_ I F= ORN I A, A CA!_ 1 J= ORN I A CURF—ORATION. NOTE: NOTICE OF DEFAULT BY THE ALLEGED Clsti'NER AND RECORDED JU14E 15, 1982 AS RECORDS. SA 1 L1 AI.1_1:0-ED r_tt4NlErR= UPl(JE-R THE TERMS OF THE A!-?sJVE LI FO OF TRUST IIOLL+r'R OF THE NOTE SECURED TH RE -BY. INS TRt.)rt_14T NO. S1 -d,_ .. ir'� OF Uf=E= I C I fit_ 1_LCOY1.10, flAfJ: CAl.-II-ORNNIA. 10. A t_ I EN FOR F •LRISONIAL F'ROPI-R T Y 7 AX AGAINST ��t; .; �7+�^1 -!•Itati'E�R l:+E�VEE_UF'MENT, RI-:t:UI+UF D MAY 29. 19/9. AS (1t_�1:U;iE:NT NO. ;i3'�I2 IN E30011- LS'l63, PAGE 1 Z51 OF 01-f= ICIf1L +:()`111U13,. t=OR F= 1AL N,!-.AR 19 k7 %-V.r79. LIEN t_'t_AIMANT: I:UP:RT L. [,.itjtgiY inn AMOUN T r i 14160. ? I. 11. A LIEN FOR I-'f:E `t)PJAL I'f:t]i'(_F:1Y I AX AL41Ir:3T I' AYER [�F�VE=t_UF't'1�:PJT, f:;r.;tiF�E+i;U I•i�iY 29. I79� A:i 1��.���t_+i"f=riT ,''1f]. ?13 IN !�rrOK 1 :i J 63 , PAGE V52 OF OF= (= 1 C I /11_ hl. L'ORPS r ) UF2 F= I :,+7f)L Vi (i R LIEN rE_A I1-11-INT: Ht_7I.t(JiT L. L I I}:O% 111X +.:l t f_r; i oR Tl:t'_(','�i ►i:i�F. A110LINT' i s i . C•;ti, r38. 12. A LIL-1:I1 OF I f-.Lls r V OR I I tr F-t.t1;i~,:+:;ti t1I= .;i t lH I rJU f W_+:: I Qi IS.091-1GAI IUNS t_N01 R THAT +_'I.F.JA11,1 c;E.1,'tf;�;'rT�' 1A)II.0 ilAY 5. I`.•':�E, E )'E'CU;I:D BY I*r%l_+STC,+f: IN FAl.CIR ter P(:t1(_f ICIA1%-D (:AY 6. 191 It' 10JOK U6o 1. t rjr No.14t4S.PAGE- Lill Lt: 1.1nY 5. f;►_t,;Tr,R: t:( (ttE;f= f '(;1;('!.Et I I F:S. IF'r.1I n t'u!tt �_�t:/ti E 1 0% v I f;', r nm!l:h I GAS F 1 I T1. E I f:: U: it";rit'(: +_ ► �i ti ',''Ny ► n It:ttEF1r:I(iF�Ys i:1tiUr�iJr•i!7��Ft Eiui;t_S, A L)IVISlUT4 Ut L_• .rt._',IWj L11 .1I t_L11't•.. Nf INC. , A N1.1.1 VONK c+_+rwo;;Al ION. ..P , , % 0 . C ti NOTEi At-F(:CTS PlIRCFL 4. 13. AN EAS(_MENT FOR F-01_E I_ I iJI:S, 'GUYS AND INC I I1(r(•JTnL I Uf(F'(]:;FS AS VISOLOSE_D IN 'TEIn•f CE_RTnIN At_fA SURVEY MAP DATED FF'SRUARY 17, 19E31 BY E RV I N ENG INFER ING, LE=LAND F. J0r-TM 301,' R.C.E. 13560, AS 101401WN AND DEFINED 7I4EF";E0N, nFlAiCTING Pl'PCFI_S 1, 2 AND 3 OF THE It1_(�1_IN DE=SCRIPIED LAND. 14. AN EASEMENT FOR SF_W'ER LINE PURPOSI-S• AS' D I SCLO-SED IN 714AT CERTAIN ALTA SURVEY P'i,;P DATED F(=DRUARY 17, 1981 BY (_RV I N F_NG I N1;ER I N0, LELAND F. Jrilit:130N, R.C.E. 1 as _.0, nS ,11OW1U AIJ1) 1)LF I NED THERHON AS !_tJ;_R M.H. , A1= f= F C Ir10 PrRCFL 2 OF TILE Hl-_I•:r I t1 LnFJD. 15. AN [_A IEM:_NT FOR WATER l_ 1 r:E PUrRj:lo:•v'!_-S r5 i rJ rHAT CERTAIN ALTA SURVEY MAP DAIEjD FEBRUARY 17, 1981 13Y I::RVIN ENGINEERING, I_FLAND F. J0HWI 0N, R.C.E. 1 :35b0, AS 'SHOWN AND D F I N!_D THEREON AS O. C. W. D. MONH+7L E, AffFC7 1140 F,lk"I,FL 1 OF THE- HE_R I N DESCR I DIr D LAND. 16. FAN E:II FMF_NT FOR WIE_ITY LINE ► S 01t7-Cl_0'!:D IN THAT CE-RTA I N ALTA SURVEY NAP taA T E_ D F l .3RIJARY 17, 1 :',O 1 BY L W I N FNG INEEFi l G, E_E=1_AND F. ,JO1414SO.'J. R.C.E. f :;t56O, AS C14014IN AND DlI'F= I WED THEREON AS (IN 13 INCH WIDE COVERED 1 E%,: r4CH FUR LI T I I- I 1-1 1_ S , A :1_CT 1 NO Pnc:CFI _S 1 AND 2 OF _11 IE 1+1:1; L I r; I. ,I)rjrj. 17. ON OPTION 10 F'Ul;r;! T/1:;E: 1"A 1 != D S, 1 ;•::< 1 AND tiME.NUE rj l:C9 Uf CRY. 1'>'Et2, f--yucUIE-D (-3Y m:vFi.Oi *m_-N t' co., A CALIFORWIA t7,1_NL`.RrlL PORIh:1t�liiP. ns ,E�1.t.t:R i,ND rla-, 1,%0E RT P. t4f)N S I NGTON CO. , A COL I FORt! 1 A rtS HUYEF;, 11 1,17M01:AN'DUM OF WHICH WAS F;FC011%1+1-:0 1-1 P;-tjAFo' 9, 1'.';'? AS NO. C;21 04,6471 (1i=1= Fl__ T• 1 N'G A I''+_+i{ f ION OF 2. --�! I ILIIE (I OF l_oNo wi THIN Fl{t; f:l;r;,JIrJO Ur THE (tCT CODES 4,6410, t. ';t'a) OR I-tWAI_ Nil I_ (liriT A CE IRT I k= 1 CAI F. OF t�+_i� 11='I . I .r!C!� (C �(�VI.1=.r;1�!:tJ i' �. (1tt . ` �•;'*'9. "5 ) I: Y t_ t_t 1.1: D 13Y THE C I I'Y OF 111-1,04 I' l r:t • I ON 1.1 ACH I -VA, A L I r; nl. ".Ll' A., I %, I :: I f :tJ r MAP E+E 1:1:C+ +T_ j fJ I N 114E= i1;:1= ICE: OF I"1'1' Ut +l IN F1' F t: t. t.+!: It; _ R I R I ()R T0. I ^-=•U I I:G (',rJY I 'C-tl .ICY L+l= 1 I ! t. E: I , .t'E= 4 .� .*A %1 1: q ! •� C1 r d6z DESCRIPTION ALL T1IAT CERTAIN OF ORANGE, CITY PARCEL„ 1 c CUR-1:4�+3,i31 --A LAND SITUATED IN THE S'fATE OF CnL I FOR'N I A, COUNTY OF HUN*f I NOTON [JEACH, DESCRIBED A3 FOLLOWS: T14AT PORTION OF NORTHWEST CUARTER OF SECTION 139 •TC1Wt4SHIP 6 SOUTH, RANGE 11 WEST, IN T1IE RANCHO LAS ©OLS AS, AS SHOWN ON A 11AP RECORDED IN BOOK 51, PA DE 14 OF MISCELLANEOUS r1APS7 IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS 1= 01-LOWS= SEGrNNING AT T14E INTERSECTION OF THE SOUTH LINE OF SAID NORTH 154t3. 22 FEET OF SAID NORTHWEST QUARTER OF SECTION 13 WITH A LINE PARALLt`L WITH AND DISTANT EASTERLY 88.00 FEET, t1EASU2E:D AT RIGHT ANr3LES. FROM THE WEST LINE OF SAID SECTION 13, SAID INTERSECTION BE lNG ALSO THE NORTHWESTERLY CORNER OF THAT CERTAIN PARCEL OF LAND CONVEYED TO THE STATE OF CALIFORNIA BY DEED R CORDE:D AUGUST 1S, 1965 IN BOOK 76� 4. PAGE 315 OF OFFICIAL RECO DST THENCE ALONG SAID SOUTHERLY LIVE, Fit; INr3 ALSO THE NORTHEERLY LINE OF SAID CERTAIN PARCEL OF LAND SOUTH 69 DEG. 25' 42" EAST, 221.12 1= E E-f ; THENCE NORTH 08 DEG. 52' 37" WEST, 616.78 FEET I THENCE NOR NIERLY ALCING A TANGENT CURVE CONCAVE EASTI- RLY AND HAVING A RADIUS OF 1000.00 FEET THROUGH AN ANOLE OF 9 DEG. 10' 25" AN ARC DISTANCE OF 160. 11 FEET TO A LINE PARAI_l .E-L E41 TH AND DISTANT EASTERLY. 199.00 FEET, MEASURED AT RIGHT ANGLES FROM SAID WEST LINE; HIENCE TANOE-NT TO LAST DESCRIBED CURVE ALONG SAID PARALLEL LINE, NORTH 00 L+F0. 17' 43" EAST, 730.44 FNET; 114E.NCE NORTH 45 DEG. 26' 06" EAST, 26.22 FEET TO A L I N5 PARALLEL WITH AND UI S rAr1T SOUTHERLY :�0. 00 1= t_E T, ME_A SUITED AT RIGHT ANGLES, FROM THE NORTH LINE OF SA T D tl+JR TI fWE=ST QUART I.R OF ) CTION 13; THENCE ALONG Snlla I_Ir!E, NORTH U9 III-G. 25" 42" WEST, 110.00 I= E1:T 1 T'HE NCE SC)UTH C5 OF 0. ?6' 06" 4.':=.ST. :'t3. ?2 F=F_ET TO A LINE Pnf?A1_E_EL WI Tf{ (1N0 DIS RANT 1:A: HERLY ::t_'.00 F=1:I-T, 1•lE-nSUIE_Q AT RIGHT ANGLES, FROM -AID WEST LINE OF 5E:C 1' 101N 131 THEINCE PLONO SAID PARALI_FL LINE SOUTH CCU UFG. 17" 46" 1 498- %2 I-i-E "T 1'0 THE TRUE POINT of BEGINNING. EXCEPTING 'mF_ F113'nr1 THE SE1,:;T10t•1 LINE. ALSO EXCET) I" I N+3 nE_1. OIL, OIL li I GH I ; , M I t:LRALS , MINERAL R I Gii*rsv NATUr"JAL GAS,. NA l Ui" AL G!*- A"JU U f 11E:f, HY C1ROCAR SONS WHt1T' rr l�l=f: 1':AME' KfQt_J'JN I'ItoT fSAY 1 E 141 E IIIN 0 i 1_040LI: (III: t'tll? :F= I_ OF LAND HERE I ft'ABOVE' I3f: �C f:I l�f:ll, 1 r'lt;'.:1 IIE R W 11 H 1 HE: E'1_Rl't: 1 UAL H I t:1{ f OF DRILLING, MINING, EXf LORINQ AND THIS, SAME FROM SAID UN!? Or-, ANY C1714113 I_ r.rrU , i t:CE. I.Jp I rlt: TEiE: RIG}{ T T 0 tt�IlF 1UCf` OR DIR1_I;I IQrt'('.l l_Y I)f2IL1. AND NINE I'+ 011 LANUS tiliER 11JAN THOSE 141:F:EI11(113•DVF L+l�:•i:i�I I7F D, 01L OR . a !•!1'E.l_S, I Utdt�f=1_S 1N70, 1)t`NC+_S T1IE !�13Ft�ti�LH:t"t�CE: Uf= 1"I If_ 1.17;:D 11I=1?l:111(',:3UVE: DE'SCRIDED. /'iIJU TO 11011'OM 'SUCH LIR DI f:t_ C I' 10f.'A1.I_Y DRN I.E_1.D 14I=1_1_S, TL11JN:=1.S (IND SHAF fS L! LIER I)ND OR I�I:Y� +!!L� THE f_X 1 I_Rj C!R I_1MI TS 11-1 l:0+_11I . iMAIN1 AIN, I IPAIR 'A. A M E• h I. C OR-13 .3 31 -A DEEPEN AND OPERATE ANY SUCH WELLS OR MINES, WITHOUT, HOWEVER, T14E RIGHT TO DRILL MINE, EXPLORE AND OPERATETHROUGH T14E SURFACE Oil THE UPPER 100 FEET OF THE SUBSURFACE OF THE LAND IgERE I NABOVE DESL':R I VED OR OTHERWISE IN SUCH MANNER AS TO ENDANGER THEW CAI=ETY OF ANY MIGITWAY THAT MAY BE CONSTRUCTED -ON SAID LANDS, AS EXCEPTED IN THE HEED FROM DEANE A CGRIOPtATION, TO STATE OF CALIFORiNIA. RECORDED JULY lit 1966, IN VOOK 7985t PAOE 557 OF OFFICIAL RECORDS. PARCEL 21 THAT PORTION OF THE f BUR 7 HWES T OUARTER OF SE C'T I ON 13. TOWNSHIP 6 SOUTHs, RANGE 11 NEST, IN THE RANCHO LAS VOLSAS. AS S140LIN ON A MAP RECORDED IN ROOK Sit PAGE 14 OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, CALIFORNIA, DL=SCRIFE_D AS t=OLLOWS1 PARCEL. NO. 1, AS SHOWN ON A MAP FILED IN BOOK 25, PAGE 27 O` PARCEL MAPS IN THE OFFICE OF THE— COUNTY F:ECO."WER OF OF.'1;'•JG'=' COUNTY. CALIFORNIA. EXCEPTINO TI1ERfZ R011 THAT PORTION L1ING 140131'HERLY OF A LINE 1314.00 FEET `FOUTHERLY OF rHE NORTH LINE O!' SAID S-E-CT I ON 13. ALSO EXCEPTING ALL MINIERAL RIGt{fS NOT HERETOFORE OTHERWISE CnNVEYED OR RESERVED, INCLUDING WITHOUT LIMITATION ALL OIL. OAS, fil'GI:OCARBON AND SIMILAR RIGHTS, AND ALL WATER, t•:/1-rLR R I Gi 11 S, STEM ►'1ND ST'EA11 P01.V R, WITHIN On' UNDERLYING T14E~ REAL ;= ROPE=RTY 14-REIN CONVE 1'ED, j OGE NIER t4I 'm Tt'.E. F't_F,*PL rUAL R I GI i r S OF DEVELOPMENT THERELIF 1 PROVI L►F0, I1U1-;L.V;::R, THAT IVE" RIGHTS W-1iE: I N I?E_`..3!::RVi D AND EXCEPTED DO 140T INCLUDE 1112 RIGHT 14 EN 1 L F: UPON THE .;Ufsf= ACE AND THE TOP ` 00 FEET OF THE OF SAID LAND f)S 1 Jqt THE DEED FROM K. - D. VE:NIURE , A E_IMI f f:ll 1:l.L'CJf?V!-U 0C10'+!:.R 14T 1977 IN EXtt_-11; 12,118, PAGE 176 OF OFFICIAL UIS. . THAT PORTION OF THE NOR Ill IIAL1= OF 1 t{E :'"OU71 3,11--ST ►:U IR t L"f; 13F TETE N1,11-Z C0! 1.'i1i I f:t: CUf= 13, T 01.JiL'gf{ I P 6 C.ULtT't-1• ►iAi GLE 1 I rJE OT, IN TIDE+ f�f�iJt:lEt.� E.I1S (+Ut.;;15. I;S �,Etf?l:fJ nN A tE�'�P f;E:t c►f�i►!_U IrJ UL�UI; :.t7, F'AC1: 14 OF 1-1I Ut +'iI C(JUR' 1*Y. +;fal_ i I�"►_�fi�1l A, U1;�=t:E� I I+FD As I•01_1_ell: St VEC+INNING AT 111E POINT OF INTfJ?-_'A=CE1W`4 OF INE' NEST LINE OF /)10 .L-C'rION 1 . t1ITII n t_IIN i'f'F'Nl_t_El, (41114 AND UI-�-TnNT :;OuiH O L1f`61•i:C:S 17" 40" t•11:,3T, F EST, f'fL/..t<<,LU AT F.IbINT ('+tV L.E Ov Tt.Z T'tli= t4i-mm LINE O ',AID 1Q'0f1%'T 1 i1.'L c_, T CJ1_ Pf'%, i f Ji ; 4 2" 12 !=t 1<Tc itt!,tJC'E •+:+U11{ S LIL-0-*':t:S 'i2, ;'l" 1:(�C�T, 4:3i'.0�3 f :-t.T TO 1'i 1E 11:UU 114 LINE 01: '#_'AID tit +FiT1I !TALI" 1 11i(=.i�'i. t_ ALCINIG ;:AID '.:--(+U 1 H LINE NORTH 09 1Lf.131itzt:5 16, O:V, WEST, '419. 13 1JA__. t" 10 THE t:E::'ST L I N'E' 01: : 01 D !SECT TON 13; tl it_t,1t: E; t.'i)t.11{ f+1_L1i!0 : !I I V W. t>T t_ iNE TO THE_ ri i t,ir GF VC:C 1 NN INO. wry t--_.`O_ r^` F_"XCI-EPT IfJO THE WITS r 013.00 F=FET riff RKOF. ALSO EXCEPTING THI:RFI=ROM AI-L OIL, OIL RIGHTS, ilINE.RALS, MINERALS RIGHTS, NATURAL OfIS, NAWRAL GAS RIGHTS, iiNU OTHER 11YOROCARDOWSP DY WHATS011VER NAME KNWON THAT HAY GE WITHIN OR UNDE.13 THE PARCF-"L OF L,1ND ! ERE INABOVE CJt=SCF:1:'t: U TOGS rml-ri WITH TFIE r'ERPE-TUAL RIGHT OF DRILI_INO, MINING, F XPI_CIRING ANO OPf:rf4rIF1G THEREFOR AND I�E�M0VINIG THE E:AME FROM Sill!) LAND OF ANY OTHER LAND, INCLUDING T14E RIGHT TO 1.1HI P%-TOCN OR D I RECT I OF!AI. LY DRILL AND IIINE FROM LANIDS OTHLF 1'i3AN THOSE HERE INAUOVE 01:SCR I BE_D, OIL OR GAS WFI_I.S, TUNNELS AFID ,%HAF TS INTo, THROUGH OF ACf; JSS ruE SUDSURFACE OF I N!E LANID Nr:I:E I r:: f1C�1lc DE,c-;:CR 1 RE D, AND 'r0 LVT rum sucH WH I PS TOCK1= D OR D I REG r I O A! I_Y raR 11_L ED WELLSo TUNW-1-S OND SHAF rS UNDER API) I ENEATH OR DEYOND THE 1_X11:RIQR LIMITES THEREOF, AND r0 F?E_GRILL, F:E=; NNEL, EQUIP, mnIrIrAIN, Rf:PAIR, DEEPEN AND ONf-:'ROTE ANY SUCH W►=L.LS Or 111UPS, WITHOUT, I�0'.Jf:VFR, THE R I ui+r 'r0 CIR I LL. M I ENE, L XPt.QRE AND UPE RA 1 E THROUGH OUGH THE SUIR ACE OR THE LIPPER ;DO FEET OF TFIE Sur SIURFACE OF THE LAND 1IL" R I r.AP0Vc DESCRIBED OR OTHERWISE IN SUCH AS TO E.NriANGER THE !,rP ETY OF ANY HIGHWAY THAT MAY 13E C9[,:3 i F(LIC I Et► DN SAID LOWDS, AS F_ XCI-' P T F U IN THE DEED FROM C. W. FI:-51.1=13 #-'JN OTIII: RS , 1'0 ri IE STATE OF CA!_ I V GRN I A, RECORDED AUGUST 16, 1965 IN' POOL: 7634, PAGE - 1 S OF OFFICIAL RECORDS. ALSO F=XCF P r I NG THF_r: t_FP0M 1 HAT F''CUR r ] ON I NCL_UDErI lJ I r H I N THE (_AND DESCRIBED IN A DFk D TO THE CITY AF HL1N1 INGT ON VEACH, F1%FC0J1; Gf:D ALIGUIST 21, 1964 IN III)OK 7109v PAGE OF OFFICIAL F%'i:C0.q1r.3s. PARCEL 4z ,rHE WE-S T ERLY 4 C49.:;5 I t: E: T uF 1 f fE 1.0R 1 F IWf: S T I ILIr R 1 I. f: 0; C'I I (7)N 13, rU1.1r�1'�NIP 6 s uTIC, RWIGE 11 Wi Sr, IN Ir{F= RIINCHO I_AS U101.:3AS, t4S S14111.1N ON A NAP Ri=CORIA:D IN BI.JOK 51, PnGE 14 OF NISLI•:1.1 (N FOLIS 111iP , RVC- ORDS CIF URANr[; rrjl_IN rY. CAI. I F'�JF�rI I A. EXt EPT-INC+ N11-1.:1�R111.1 11IAT f•(_,10-10N I.Y:;.CJ :-nt_Ifl:::t:l_Y OF Il(F_ (:CR1*I1Fr1LY LINE CIF THE HALF UI= yIi� G,u,AI: Tl._ R OF 13. ill 1.1'-U F-: X C 1=F' T I NG mi-j LI ROM I HAT VI IR F I CIN 131: D IN A L IL1 1 F I-71 _AIM nl 1= r.1 1�I Sr:I�LItIITY F=I:�r:F: ht"_�F�r'I=1f�n1'ION, F:i:l�.►�:r_1;=:D I1(:lll;t�;(� !�. 1ti';�•3 Irk F.:Ilr71•' 7�: •! 7 , vAf.-Oz f_., tl Uf= Iai: t: I C I AI. 1;1 C OR 115. AL"O EXCEPTING T:IAT PORTION I_Y I NO 1-1k= := r 1- F21..Y C11= I*11': 1 �`'I f.F:LY LINE V F THE LAND I)1=SI.Flil{I:U IN THE 111-1:D TO 114 :;IAIF: OF CA1.1F Ut,r�lA. f:1 r,I11.I1FU r1UVIJ3 r 1 C1. 1 .716'13 IN /4.24 , "1 ;7 OF 111 PLSO EXCIJIT I NG Tf i1 RL-T :IJ11 All. COIL, (SAS, fill_ TCIPI hir.D 01 1 fI:R 1-4yIURC11---Ar?:fClrJ; LYI:jo DITOW A I1I:NTF� Uf= ::�(�P 1 t F:1 F I:OM 1F1F T IM -1_ 7 4. ev TIiL-`I:I;QF. BUT WI Mow mE HYC31�t OF `•IJr1FhCE: f:Nrry iflt:F<FTO, AS CONVEYI_D TO MANAGEMENT CONT1301_9 MC., DY D!_!:D f�E.00r%COED OGTom:R 7, 1970 IN BOOK 9425, 111t3E 392 OF OFFICIAL P CORDS. PARCEL 5g THAT FORT I ON OF T14E WF ST HALF OF THE NUt rl i:JI=S r ou.u; ! F_r; Ur sE"C r 1 ON 13, T OWNaN I P 6 SOU T14, kA-"JGE 1 1 Wl:ST, IN rf il_ PANC110 I_AS UOL SAS, UESCI?I UED AS BEGINNING AT THE ', CMi rw:AST CUR,:':R OF THE I_AtJO I'tl:*_ rCRI I.! D IN TIlE 13I: Fr) TO THE STATE OF CALIFORNIA, Rl't:0WX D AL15UST 18, 1965 IN ©COOK 7634, PAGE 315 OF OFFICIAL U CORDS, 11:: I r:0 A F-0 I N T ON ME ;.;r)U TH LINE OF THE NORTH HALF OF mE SOUTIT,4ES r OU,ARTEIR Uf= THE N0f: rHw+:ST QU.ARI'l_r'( OF SAID SEC rI ON 13, F;ASTEF;LY 319.13 FEET TI1!:R►'0N r t20r•I wF_ W": S 1 ERLY LINE OF SAID S' CT IONi THENCE MIRTH 09 36' 56" FAST 146.a3 FEET ALONG SAID SOUM t-INE rO A POINT 1!_RLY 525. Y6 FFET THEREFROM SAID WE31'!_R!_Y LINE OF POTION 13, Nr Irm mE INTILk? ��:CrION OF A NON -TANGENT CLIP?VE CONCAVr I=A;T_RLY, A PMUI1.1S OF 212.50 FEET, A RADIAL 10 SAID CURVE AT -AID SOUTH 45 U!_GREES 21' 17" WESTi THENCE fJ'0i'7llUF5l!-_F:LY 11E.59 FEET Al_X413 SAID CURVE THROUGH A Cf'.tl rRAL AiNGI_E OF: 24 56' 04"; '1111:NCE SOUTN 89 DEGREES 36 e 56" t�+r;ST i of . �f� I I_kT 1 o THE t.AST l_ I r.E OF SA i D t_AtJD CONVEYED TU THE S TA I E OF CA!_ 11-UFNNIAi :ICIUTH 9 UIFGF' ti FS 42' 49", EAST 101.33 FELT TO MIE' POINT 0= E�rIt;NIrJG. f XCF-P r ING A1.1_ OII_, UAS, r'+tlU 14YURU�'1:f;1+0N :3IJIiSTAt�Jrt�S LYI 40 PELOW A DEPTH O 500 F-1:= ET F I:CIM THE OFF �'A 1 D l_Ar1D, !)lJT W d THOUT THE p I of i r OF f:hi i r�',' IJ,'uN ANY 1'ON. I I r!N Ur THE " likFACE, AS riE;it=RIVED DY C. IJ. 011i'_ftiS, It: lw U'.!'U t;I=t:l�itl+t'p 1=l=1'RU(�iZY ?. 1'�G4 I N f.�t r rF; !_'� 1 b, f'/=�:,!= ::•(11 l..r' l:!l=i= I �_ ! AI_ f:'. t'� tj; i��S. a � r �► a a 1.1f i5 : Mf= 13 • rV•f. fl � r /r.f. )��r.+•... Imo• f bd.�...• • •• - — t 03 C" rRAC r n , fe ll j SUR/nOGO •: J• ti � f..r j I for i T r o. C. F 7 C. o. �— 5 !7 •G vow rvlol aft 4. ,� ,- r--- o do 0 1.1 0 •� �I OfACN i .,Q.r•�t i0•a! �C<s %�- � .�[r-•. t @£ACH j'VJM.i.,•r •.r) CGUt £►'� RO •— •� • Za— 25 �. ,w-lRCN 1955 il?,hV JJS/ MR 00J-35M-OFINC PARC£L MAP P Al ;15 • I7 1 . "Oft 'slfss(•. c rtGcr. 6 Mrcfl +.1jopfRS !wo%%)J it, theirs 11 AS11MI s +uAD rCOt '48 r,%Gr Q2 COVuIr Of Q1A*JC/ r I ADDENDUM TO ATTACHMr P NO. 9 TO: The Rode velop;,'ent Agency of the City of Huntington Brach I hereby certify that the closing date under the Land Sale Agreement or September 21, Me" between Sassoon-t-laver Develon••rent Company, Bi jan Sassounian and !•lharf Properties, Inc. as Sellers and Wilr,ore City Develop- ment (assignor of H!Jntinaton Breakers) has teen ex.t,2nded to t-larch 15, 1983, and will be extended for up to ninety (99) days on the Sarre Peon:,;;4r terms as received for prior extensions. Da to • f ebrua ry 18 , 1983 Bi �ouni am , Acicienclum to Attac:hmc-nt No. 4 (P.jge I. of 1 ) ATTACHMENT NO. 5 SCHEDULE OF PERFORMANCE Act ion 1. Conveyance of Agency_ Parcels. Agency shall acquire from City the Agency Parcels, shall convey the Agency Parcels to the Participant by grant deed, and shall provide title insurance required by this Agreement. 2. Acquisition of Remaining Parcels. Optionor shall convey'the Remaining Parcels to Participant. 3. Continuous Offer to Dedicate. Participant shall make a continuous offer to dedicate to the City Parcel 3. Date or Time Upon the notification by the Participant of the availability to Participant of proceeds from the sale of mortgage revenue bonds and upon request therefor by the Participant. Upon tender of the purchase price by the Participant, which tender shall not occur unless (1) proceeds from the sale of mortgage revenue bonds are available to Participant, and (ii) Optionor provides to Participant a title report (the cost for which shall be allocated between Optionor and Participant as provided in the band Sale Agreement (Attachment Nu. Q)) showing that title to the Site is held in a condition acceptable to Participant's construction lender and such that Participant will receive marketable, insurable title free from encuYnbrances (except for those which may hereafter he agreed to in -;citing by Participant) . At close of vesting title to the Site in Participant. ATTACIII-IE:NT NO. 6 FORM OF GRANT DEED Requested By: Redevelopment Agency of the City of Huntington Beach City Hall 2000 Main Street Huntington Beach, CA 92648 After Recordation, Mail To: Huntington Breakers, Limited 611 Anton Boulevard, Suite 970 Costa Mesa, CA 92626 :fail Tax Statements To: Huntington Breakers, Limited 611 Anton Boulevard, Suite 970 Costa I4e ;a, CA 92626 GRANT DEED cor valuable considerati,-n, the rr,(-_-ript of which is hereby acknowledood, THE REDI:VFLOI't• ENT AGENCY OF TILE CITY OF HUNTING'TON BEACH, a public body, corporate and politic, of the State of California (the "Grantor") , acting pursuant to the Com inunity hedovolommnnt Laws of the State of California, hereby grants to ('To Be Insur•.ed) (Lhe "Grantee"), the reel pro- perty (the "Property") IQCjally (12Scribed in the doct nlent attached hereto, l ahr l ed Exhibit A, and incorporated here:.n by this reference. 1. The Grantee covenants by and for i L f;e l t , its heirs, executors, admin-Istrators, and asniljns, and all per- sons claiming under or through them, that there shall be no discrimination against or segregation of any person or group of persons on account of race, color-, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Property, nor shall the Grantee Attachment No. 6 Page 1 of 3 itself, or any person claiming under or through it, esta- blish or permit any such practice or practices of discrimi- nation or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the Property. All :seeds, leases or zontracts made relative to the Property, improvements thereon or any part chereof, shall contain or be subject to substa►tt Tally the following nondiscrimination clauses: (a) In deeds: "The grantee herein covenants by and for himself, 'is heirs, executors, administrators and assigns, and all persons claiming under or throug:, them, that there shall be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nr�or shall the grantee himself, or any person claiming ender or through him, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, locaticn, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants shall rtin with the land." (b) In leases: "'The herein covenants by and for himself, his heirs, executors, administrators and assigns, and .311 persons claiming under or through him, and this lease is made and acc:ept.od upon and subject to the following conditions. That there shall be no discrimination against or r-egreclation of any pur!;on or group of per- sons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the lei1!3ing, .Uhle.-i sing, transferring, Urge, occupan'.:y, tenure or enjoyment of the land herein lod-i:;cad, nor shall the lessee himse:t, or any nel"son claiming tinder or through him, ustabl.ish or permit Any such practice or practices of discrimination or :;eyregation with reference to the selection, location, number, use or occ-ipancy of t:en lrlts, lessees, :;UbLen.int.s, suhlossee;, or vendees in the bind herein (c) In contracts: "There O)al.l be no discrimi.- nation against or seyreg,ation of any person or group of per:;ons on account of race, color, ct-eed, religion, sex, inarit.al _status, national origin or ,ancestry ire the sale, leave, :;uhlease, transfer, ti e, occupancy, At t acl,,irent No. 6 Paue 2 of 3 tenure or enjoyment of the land, nor shall the trans- feree himself, or any person claiming under or through him, establish or permit any such practice or prac- tices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, suht,_nants, sublessees or vendees in the lend." 2. No violation or breech of the covenants, condi- tions, restrictions, provisions or limitations contained in this Grant Dead shall defeat or render invalid or in any way impair the lien or charge of any mortgage, deed of trust or other financing or security instrument; provided, however, `hat any successor of the Grantee to the Property shall be bound by such remaining covenants, conditions, restrictions, limitations and provisions, whether such successor's title was acquired by foreclosure, deed in Lieu of foreclosure, trustee's sale or otherwise. IN WI1'rJE:SS 1,1HEREOF, the Grantor and Grantee have caused this instrument to be executed on their behalf by their respective officers thereunto duly authorized this day of , 1983. IZEDEVELOPME:N'I' AGENCY OF THE C 1'TY OF HUNT' I NGTON REACH By Choi i rman RY-- Secretary "GRANTOR" '.`JU The provisions of this Grant 11�,-ed are hereby approved and .-Icr-epted. I -To Be Inserted) _ _iiZ-1 WIA r F:F Attachment No. 6 rage 3 of 3 F:XilIBI,r A Legal Description of the Pro er t (To Be Inserted) Exhibit A Page 1 of 1 :. • � , � �� .. � � ► .; u • r i .� � � � r A • • �, i 4 d 1 • ` ;� � • -� } r , I *- a s M� • -. � cr Y � • - � � . r '4. ♦ � _' _ � � _, ' � M f 4 � `_ f - F M �. i 1 _ j /yam R •a - �' _ - i. � ,`�y . 1• 1 x 1 « Ik ' 7k A 4 f � 1 . A � I • - • I h e all sor's t1IQ i_I=,'i ;::ir.j ,. ►-► ,. ,',��, -; ie- , h re- , ' y ' i ' '1 ,, i r. . \ r , , r. .. 4. ,1 1' l� 1 � { 1 ;1 r .. 1 •• f nSirii,;t_,�t C ,.i' .�.f �.,,;. ,i �•t.ti cc•11: , r-1 .:/ I ,' �, • f s hal Coric Ius 1-4,ellrr t,- i}+:l i t.J h vl1 .}i:'l,•I: .L!'.. 1. ri^ such CU.an3t:�5, rC�;'rti..,.iv, :i1.t :':'....C`i ,i• C?st',,sc. a?I ,2 i,�' .,���. .,•;.i;. al.e set flil'�.li i�+ S::�r,, Ll.^i't'iiCS.• (;t' '►i i►' �'t`1` in accordance n'i 11 Sez: i i." :� f,�t:'t; I i !t;arI4' as are con .ain< i:i �-C- iprt �,n: ? ii�t'.;f' 11 �' :cr�� ^::• r, tcli :.-,:;: .., :•'E :;." duri nQ the i L,pe- Il_ j: I' : � ; l ri �-_ ;, If , .•'.� .. understood that t�L til•L`'�1 j nti il: 'll.u' f . 1.�'�i'_;•i �f �` prior to those perk s. .. ���. ►,U� '.�.. ,,i� � �' l.'{ � r, - t' � : .rf' �r -: rL, .i. -..r- f f Ci` i ylr uni 1 V�-mil ' 0 Irs1C en l.. rf: ' rC �14.. `I { �J '�. 1'r ,. .w '. to ..r i ;, •: C �..i ., ,•;'i ,. `i. ._ ... �.I for the use, dev: `oT;7ert anc ll?cor, �i. `J) it r.!ity i':.r, '. : `r'.r. .'' ii'..: .1 ,. �.• . t.neir urt. C?'stc, 1• iStricti Cris s':% lntE?t'Q5: In t:l#? Le'1C: r- •' :'r '! _ t _ ... cov r,antS, ,Teni:r';:1-•, • •. .. • • •••i • n , r.. •. • ,. _ ,. _ _ I aSt: t dl^/a, l r.s .,u is'. t4. iirIC V7. I f4yip .r,': r 12 ,- f " r .• ; t. , a t.hf: 0 na:,'yt', ,;t-rl �'.rr ).. :1' i; s•.i: ., r _ :, c' i't?sp c: 1.':♦i he t -:,, f ,.. each such purcnaser, ;;riit.:.�_� pro- ;"isions tniireo o :rJ an r':!a �i ,,a' :....,,: ;.�� �.;�' . ': it , ::: a�L ;. I:;:�vc' :►.� , r7Rnt of an- part] t3 :Jr , .� .. roGo`�Ier far !.he ct;�.n,.,'s• ic;ri or ►-,:'�t:tft. ,:�r c: .; �,.�, ,. iciatiari or. �rf',' s'imi I a r brei- or ; �:�i,.L ,, t! _ •{ . a ;,3:�, : �:' _� �, . :,:,; :ttl� Rat+: SdTt3, tI'3n5'%r, 1!?.._? ! o�:.h+'i' i� ...,_;.:'� /;17'.'; I,>i C:,;S_ C'I' 'c5rt in u diiari Gi L}r-1'r 0i i.ii1. ;-a\��i;:li� r^., ,;,1 S•,c: :`� ,,G, :: .v .. »"u �� "V Lt. �G?C2:iC/I iJ. N.'1�^:ii� tr? 1'�-,y't li,:) h•`:'rii ij t'i]''t�(i tf`a, !ii.'� 1'mencif?:., revis i or 1 t c. r,r, 1i t t- (;rt51, C•'J aGI 1, LL �n�1. r n writing d 1 I r • / • I C r .3 , , 1 • 1'1 r, N.. • � ( LrlJ�i2 (:11t �r� ,. i1}� 1: ►: l:��%•�'��i �� Ll-1l J'.i'.r l:rJ bh/' 1,II i,. �' L � bJ l�j^ri.J rI1 111 ti t le and dully ►-ecoror_ci in the Off ice : ; t„a R,1corc:'2:' of 0+•onyc: `auor;-,'i a, The issutr''s ccnsant to ary such amonk,.--ent, rcv1sicn or- a 4V y only ii) in accc,r•ci�nce '1,'i:rl Art:oic II' cr ,n_.: ,. r ;� { , . • '.ril E: r 13U .. ri \ �i :.. . ,✓:' l t' lillf• 1 1. y 1! .�.. r,1. ;t,; • ♦' `" 'li•U•.�J Ut, .r••. 1'llll (a)an 'oR% niOZ to �..na,.i Or�I�. 11y r+s CC,Un�: f:+:i Jr, if ur ,�, .nip s f.•,+ �-il l'_ S or terrni'nati on will riot. aore..•se 1, affect :,lid e r� i`�t l �r I•U:,1 f c::cr'a i i r,_o,: ; a;;4t - { • -f ; 's �♦ '2•". �.`r,l \fpiYl;�, .•ww�a�.s v♦ r11.,�1 ♦,'.il .it 'Y •'�I� ♦ Ve.'. �.. .lr+ ri � _L�, '{�I 17 ��ilk�^,�M.,1 1r, ..\+1 Rel x+rr".h � • _�'.t _� } Iof irti!r st C'n ally r, the—AWS Cir r. i •r.:Q IL `:,,: :: S ,r• hnl 1i iCe Wf.,•, - .. C,. rns r; •-` CQi1�� u7 ,,.4 tZ+� :�I• �. / t � 4 4•r.'l�l t .. . , _'t.l j r tt:'?i.`. �• �r.'... y4 � u w ' t 1 reasons `►� yerated in ire , r r' �: g ,1 �. , ,r r : ,_� ► ,, � ... invdluntar loss or chwtc;e ir, }�;.. Sect1a11 Ur ns n" i/ icn, by J:-. haan term! , 1 1_ •i ♦♦}},,'[[�1 [� �,�,�t•� the Program, Under 'Iq li chthe ✓�i•�_ � _•; i/+" „ i i _ I. :1 .•l: .S vl,.�obt �". ': 7i ..t': �i�`� i t �i• �•�� •, 41.i t• `. .r�r O$lt >*+���!•tr @f,1�'^,t A tynu.i�t ' the li- 1,4 ..'�: i' �lr I-' ^ _� :�'' 4' � •i /� pro'I id construction and ;er �,r nano f � �i ]n � i r , s `: r1 I " • 25 MAW issued the Bonus to ;-,:;,:yin (unis r _, r .r ., •, •. ,. ? pr 6fa- : y . ' rithers'.. of I ducinq the Owner o .`n,,. _, c .,r.i r_ara are a Je r�e i d`►; t: a i rt . s Program and me issuance , • t _ Eoncj so tvv lbiwvr,., •_ az- terms and provision r.;:reof, . _ z section ,i, , �of the sta;? o`r' Sec•r t c,, � ' • •- .1n ,� . . ,',, r legal• n f remaining portion: AL:t ... �. in Sect inn 13 •,..• oil' • _in .�•w executed i .. '.•. . �_ 7 1a t STATE OF' CALIFORNIA CGU, DTI' Or 0 A:,%G Vii Lila 84-11 day o ?t bi ic, ;�al's n a I t,r �.�,:c.,•, ►r.�; ( S I.,ir.� on ..►��, a�..+c: ; 1. I: ,• i . to be Pros tdecl4 of •I1{iot'�. C t, •�• c,(�.:r. �� '�.r;�:+•;; i ;.,. •t.;r;r{• ;: I:;i., � „+� , , ton Brea irs, Lil: etc,-, .. ,y ,� ` , such G� �'C :•, bc, i ,�( autjlUri Cd ,. �, ,. r•.,� �., t �r� �.o .,c�, 4.<, c,.�; Gfi � �i•t:ir. ,.,:; ��.:; ReStJ•ictions {Rey:J3a�or'; ,%i r'���'i.i!rl�i i't,t' 41:r• 'ri2.i•:/.f�L� ��'+L•!'�'I' ��-' ...��1 by si nir. ti,a r,a .2 of the pal'tr.cr :.;�{ ; f Sy r►;.; a� i ; Us :::c:, : ,'� i c:: . IfI ,.I;,,,.5„ •�.1..i7cCF, J i'„'s � .:.��r 2�,, r,�l+�,: „t'{�. .,1'; :;.i�.; ��:;' �,��: _. _ ' •,ti 1!�'^.i ,f 1 h• .•1 '� .t, �� J •, �•I �� .,. _._..-..+r���l -. �.. J' /.�«. .'.: �,%... .�t �.V t •L•'..V ...«•r. , _ � _ . , ...�... � , , . +' . a.. ;.� + .., • 1 ..: ,: a ..:i .. � ...; ; _ r TABLE OF CONTENTS Page RECITALS . . . . . . . . . . . . . . 1. GRANTING CLAUSES . . . . . . . . . . . . . . . . . . . . . . . . . 2 ARTICLE I DEF]NITIOhS Section 1,01. Definitions. . . 4 Section 1.02. Construction Of' Terms. 10 ARTICLE II AUTHORIZATION At;Q ISSUANCE OF TUE 63'�OS Sew 1n 2.01. Authorization and Issuance of the Dnnds. . . . . . . . . 11 Section 2.02. Form of the Bonds and Confir-ni tion R?ceipts. . . . . . . 11 Section 2.03. Details, Payment of the Bonds. . . . . . . . . . . . . , 11 Section 2.04. Execution; Limited Obligations . . . . . . . . . . . . . 12 Section'2.05. Conditions Precedent to Delivery of the Bonds; Authentication . . . . . . . . . . . . . . . . . . . . 12 Section 2.06. Optional Redemption. 13 Sec_tion 2.07. Mandatory Redemption 14 Section 2.03. Notice or Redemption 16 Section 2.09. Redemption Pay-. ents; Effect of L.1 l for Redemption 16 Section''2.10• Partial Redemption . . . . . . . . . . . . . . . . . . . 1E - ARTICLE III Section 3.01. Authorization for 'indenture; Indenture to Constitute Contract . . . . . . . . . . . . . . . . 17 Section 3.02. Payment of Debt Service. . . . . . . . . . . . . . . 17 Section'3.03. Performance of Covenants; Issuer. . . . . . . . . . . . • 17 Section 3.04 Instruments of Further- Assurance . . . . . . . . . . . . .' 17 Section 305. Recordation. . •. . . . . . . . . . . 17 Section'3.Q6. Registration of the Bonds; Trustee Appointed Bond Aegistrar; Persons Treated as Owners. . . . . •18 -, Section 3:Q7. Cancellation ,.. . . . 19 :Section .308. Nnn-Redemption of the Bonds. . •� 19 Section 3.09. Rights Under't he Deposit Agreement and the Deed�Restrictfions. . . . 20 , Page Section.3.10. General Compliance with All Duties `. 20 Section 3.11. Co►•porat^ Existence of the Issuer, 20 Section 3.12. Tax -Exempt Status of the Bonds . . . . . . . . . 20 Section 3.13. Dirrunition of, or Encumbrance on, the Trust Estate '. 20 -Section 3.14. Books, Records and Accounts. . . . . . . . . . . . . 21 Section 3.15. Reports of the Trustee . . . . . . 21 Section 3.16. Notification Upon Default on the Certificate . 21 r,RTICLE IV REVENUES AND FUNDS Section 4.01. Source of Payment of the Bo^ds . . . . . . . . . . . . . 22 Section 4.02. Creation of Bond Fund . . . . . . . . . . . . . . . . . . 22 ; Section 4.03. Payments into Bond Fund. . . . . . . . . . . . . . . . 22 `Section 4.04. Use of Honeys in Bond Fund . . . . . . . . . . . . . . . 22 Section 4.05. Operating Expense Fund . . . . . . . . . . . . . . . . . 23 Section 4.66. Creation of Deposit Fund . . . . . . . . . . . . . . 23 Section 4.07. Payments into Deposit Fend; Disbursements. . . . . . . . 23 Section 4.08. Creation of the Reserve Fund . . . . . . . . . . . . 23 Section 4.09. Payments into Reserve Fund . . . . . . . . . . . . . . 23 Section 4.10. Use of Moneys in the Reserve Fund. . , . . , . . . . . 24 Section 4.11. Creation of the Costs of Issuance Fund . . . . . . . . . 24 Section 4.12. Payments into Costs of Issuance Fund; Disbursements.. 24 "Section 4.13. Custody of Funds . . . . . . . . . . . . . . . . . . . . 24 Section 4.14. Investment of honeys . . . . . . . . . . . . . . . . . . 24 Section 4.15. Security for Funds . . . . . . . . . . . . . . . . . . . 25 Section 4.16. Mtoneys to be Held in Trust . . . . . . . . . . . . . . . 25 'Section 4.17. Repayment to the Owner from indenture Funds. . . . 25 Section 4.18. Bonds Not.to Become Arbitrage Bonds. . . . . . . . . . 25 ARTICLE V. - DISCHARGE OF I IIDE14TURE Section i 5.01 Discharge. . . . . . . . . 26 I y Page ARTICLE VI EVENTS OF DEFAULT AND REMEDIES Section 6.01. Events of Default. 27 Section°6.02. Acceleration . . . 27 Section 6.03. Other Remedies; Rights of the Bondholders. 27 . Section`6.04. Right of the Bondholders to Direct Proceedings 28 Section 6.05. Appointment of Receiver .. . . . . . . . . . . . . . . . 28 Section 6.06, Waiver- 28 Section 6.07. Application of honeys. . . 29 Section 6.08. Remedies Vested in the Trustee 30 Section 6.09. Rights and Remedies of the Bondholders . . . . . . . . . 730 Section 6.10. Termination of Proceedings 31 Section 6.11. Wavers of Events of Default 31 Section 6.12. Notice of Default Under Section 6.01(b); Opportunity of the Issuer, she Lender and :he 0r~ner to Cure Such Defaults . . . . . . . . . . . . . . . . . . 31 Section 6.13. Surrender of iru..t Estate. 32 Section 6.14. Restrictions on the Use cf FSLIC Proceeds and Reserve Fund . . . . . . . . . . . . . . . . . 32 ARTICLE V I I THE TRUSTEE Section.7.01. Acceptance of the Trusts . . . . . . . . . . . 33 Section 7.02. Annual Fees, Charges and Expenses of the Trust-ee . . . . 35 Section 7.03. Notice to the Bondholders of Default . . . . . . . . . , 35 Section 7.04. Intervention by the Trustee. 35 Section 7.05. Successor Trustee by Merger or Otherv,i se . . . . . . . . 36 Section 7.06. Resignafion'by the Trustee.. . . . . . . . . . . . . . . '36 Section`7.07. Removal'df Trustee . . . . . . . . . . . . , 36 Section 7.08. ee Appointment of Successor Trustby Bondholders; Temporary Trustee. . . . . . . . . . . . . . . . . . 36 Section 7.09. Successor Trustee. .. . . 37 Section 7.10. Designation of Paying Agent . . . . . . . . . . . . . . 37 Sect1 n'7.11. Successor Trustee as Bond Registrar, Custodian of All Funds and Paying Agent. 37 Section 7.12. Trustee and Issuer Required to Accept Directions and Actions of the Nner . . . . . . . . . . . . . . . 37 Sec' tIon`7.13. Trustee Nay awn Bonds . . . . . . . . . . . . . . . . . 3B 'Section 1- 7.14. Appointment of Co -Trustee. . . . . . . . . . . . . . . 38 'ii. Page ARTICLE VIII SUPPLE! MENTAL INDENTURES Section 8.01. SLpplerr,ental Indentures Not Requiring Consent of the Bondholders . . . . . . . . . •. . . . 39 Section 8,02. Supplemental Indenture Requiring Consent of Bondholders. 39 Section 6.03. Consent of the Owner and tn- Lender Required 40 ARTICLE Ir ��ISCELLht�ECIJ� , .Section 9.01. Consents or the Bondholders. . . . . . . . . . . . . 41 Section 9,02. Limitation of Bights . . . . . . . . . . . . . . . . . al Section 9.03. Severabilit, . . . . . . . . . . . . . . . . . . . . 41 Section 9.04. Notices. . . . . . . . . . . . . . . . . . . . . . . 41 Section 9.05. Payments Due or 'W idays . . . . . . . . . . . . . . . . 42 Section 9.05. Execution or Cou;.!erparts. . . . . . . . . . . . . . . . 42 Section 9.07. Applicable Law . . . . . . . . . . . . . . . . . . . . . 42 Sectior; 9.02. Captions . . . . . . . . . . . . . . . . . 42 EMBIT A Form of Bond EXHIBIT B Confirmation Receipt EXtIIBI'i C Form of Over-Regi;tration ca -- Standard EXHIBIT D Form of Registration Notico -- Trust EXHIB?T C 110tices Iv. t p ,i ; i{. , I1;DENTURE OF TRUST This INDE.&JURE OF TRUST, dated as of March 1, 19313, by and between THE CI fY OF HUKINGTO?i BEACH, CALIcORNIA, a political subdivision of the State of California (the "Issuer") and ALF.QUERQUE '1.ATIONAL 84NK, a national bantling institution organized and er.istinq under the laws of the United States and authorized to accept` a'nd execute trusts of the character herein set out-, acting in the capacity a; trustee hereunder (thr "Trustee") Capitalized tarns in the preamt'le and recitals shall have the meanings ascribed in Article I. RE%CI FALS: WHEREAS, tre Issuer is a duly constiL,uted ci:.y and ^:unicipal corporation and political subdi,. i sion of the State of California (r itnin the nearing of tnose terms in the Act and in the Regulations and the ruling; uf the Into rnal RQver.-je Service prescribed and promulgated p+,,rsuant to Section 103 of the Code); ln'1'EREfiS, the Act, authorizes tree I ssucr• to issue rever-.ue bonds for the purpose of financing the construction or deveIopment of multifamily rental housing and to make cr purchase loans to persons, firms, ccrp-)ration', partnerships or other entities for th•: purpose of de�:elcpi^g or providing such multi-"anily reo•,tal housing; WHEREAS, in furtherance of the purposes of the Act. and as a part of the Issuer's plan of financing residential housing, the issuer- proposes to issue S16,000,000 aggregate principal amount of its rpveri.e bonds designated "City:of Huntinaton'Beach, California, Loans -to -Lenders Revenue Bonds (None i`ederal Savings and Loan Association - Huntington Breakers Project)" (the "Bonds"), the proceeds of which will be placed on deposit with Home Federal Savings and Loan Association (th(_ "Lender") whi_h, in consideration of the Deposit, will issue to the Trustee the Certificate in the aggregate principal amount oil the Bonds and will make a loan to the developers of the project to finance the cost of a multifamily residential_ rental development (the "Project") to be located within the City of Huntington partially Beach, California , to be occupied p � (at leas.. 20 per -cent) b, persons of low. and moderate income, within the meaning of Section 103(b)(4)(A) of the Code,,all for the public purpose of assisting persons of low and moderate income within the Issuer to afford the costs of 'decent, safe and sanitary housing; WHEREAS, the Issuer, the Lender, the Trustee and the Owner, have entered into the'Deposit Agreement, providing for (i) the purchase of the Certificate from the Lender with the proceeds of the sale of the Bonds, (ii) the terms and conditions under'r'hich'the Lender will make loans to. the Griner to finance the acquisition, construction and purchase of the Project and (iii) the estatleshment of certain reserves for the benefit of the owners of the Bonds; WHEREAS, the Certificate, in the aggregate original principal 'cmount equal to the aggregate initial principal aru,unt of the Bonds to be issued hereunder, 'has been issued to the Trustee by the Lender to be held by tyre Trustee in trust for the benefit of the Bondholders pursuant ter the terms of this indent -ire :o pay'whendue the debt service ,n the Bonds; WHEREAS, the Trustee has agraed to accept the trusts herein created upon the terms set forth; WHEREAS, the execution and delivery of this indenture and the issuance and sale of the Bonds have been in all respects duly and validly authorized by the Bond Reso 1 ut i on du iy adopted by the City Council of the Issuer; and WHEREAS, 311 things necessary tc r.,a:.e the $ands, ; he6n issued as pruvio'ed in this Indenture, the valia, binding, and 1-cal limited obligations of the Issuer according to the irrp,ort thereof, and to constitute the inoenture a valid assignment of the amounts pledged to the payment co the principal of. and ,.remium, if any, and interest on, the Bonds have been done and perform?d, and the creation, execution, and deliver; of this Ir.d-1-,ture and the execution and issuance of the Bonris, subject to the tears nereaf, have= in all respects been duly authorized. GRA ;T Pal CLAUSES NOW, THEREFORE, the Issuer, in consideration of the premises and the acceptance by the Trustee of the trust hereby created and of the purchasQ and acceptance of the Bonds by the Bcn&olders, and for other good and valuable consideration, the receipt of which is hereby acknorledged, and 'n order to secure the payrent of the principal of, and premium, if any, and interest on, the Bonds' according t.'their tenor and effect and to secure the performance and observance by .the Issuer of all the covenants and obligations expressed or j;,rpl ied herEin •rnd in the Bonds, does hereby irrevocably grant, alien, bargain, sell, convey, transfer, � assign, and pledge unto the Trustee (to the extent of its legal capacity to holm the same for the purno'_es hereor), and the successors in trust and assigns of the Trustee `or•ever; GRANTING CLAUSE FIRST r'.11 right, title, and interest of the Issuerin, to and under the Deposit Agreement and *.he Regulatory Agreement (except the Issuer's rights thereunder relating to indemnification and notice), including all extensions and renewfls 'if the term thereof, if any, thereto and thereunder, including, but without limiting the generality of the foregoing, tre present and continuing right to make claim' for, collect, receive, and make r-3ceipt for payment and other sums'of mohey,payaE•,le or receivable thereunder to bring any actions and proceedings thereunder or for the enforcement thereof, and to d,-, any and all other things which the Issuer is or'may ,he Deposit Agreement or the Deed orRdimi ictions, rovidLd. _hate the assignment made b this clause shall not im become entitled to do under t ` obligatiP"on the Issuer under t g the any of he provisions of Depo t.••grFement or the Deed Restrictions; 2 ,p 17 1 1 '7t 1 e emp oyees, .Rop'r,esen,'.atiVe" 7 The pet -son or persons (who 6a e h6r)��,&signa't' d from time to t i me to act on beha'if of the �4 i t t if C r, , specimen e Jurni shed to the Issuer, the Lender and Trustee containing th signature , .'6VsUch person or persons and signedan behalf Of the Owner by 'any . ne _partnOr o f't- he Owner. d statement��',� ate The p re I i rii na r "official d Official Stateiment" Y February 14 1983 relating to the Bonds. t to principal :� Premium" or it P r em i u "1I ni interest on, any`66nd that are requit-ed t Any aounts in :add- `6Vand, to be paid in t h e event of t h, e exercise 6f', e' e hereby. "',.an option to pay the principal of any Bond prior to maturity as p rmitt d her 7 ac ec t 5 i e Fa -,:j tic r o Project" ThF_- Project i I i•i e a r "Project Ccsts" - All costs incurred -by the Issuer or the'Owner'with res e ,.to'.,.t h e construction or purchase, as tine case may be., of the Project., whether paidor Deposit Agreement, ir, luding,.'without incurred. prior to or after the da,e of the c limitation, costs for site prepaiy-ati6n, the planning of housing and improven.en . eyistina structures,'th the'acqu i s i t i on of property, the re:-*Yal cr demo I i t ion ri construction . c -:ta*-on of housing, relit'eid,,"�.t�, tion, purchase, i -construction and rehabi 1� and gall ,facililties and �,iprove!ments, and all other work in Connecti or, Mherewith, f i n a r, c i n g , i n c I ud i n. a , w i t h C u It. m. i -�. a 6, i o n , n reserve fUnds, the ..Costs 64 Cost -of:.'Consul tant, accounting ard legal services, other expensessary :or 1 n c i d�. 6 t to determining the feasibil t,, of 1h housing de:elopment acm in i s tratNe � and,thel"', an -cessary -is, nq 4eve I d "other 'ex nF ur ncidn L o the h o oprr.,?nt tity county or�c t i nanc i ng',� the reo f ( i nc I ud i nil r e i r, u r s em a r, t to any municipallit,, n Project) made, with the - approval of the Issuer, for the Pt any amount f 6 r', expenditures 'ect), 7 ;paid d , by' -the Co, pan- to the Lende r a reimbursemerit for the Program PartiCipiticin' Fee ('as defined in the Oepo s i 1%. -'k'greement) and interest accrued during construction he *Co.-,.p I e i or, Da te. and prior to Project Facilities" �a The, bui Idings, f,cili,ies, equipment n, d improvements described in the Deposit Agreement. by. ject Loan" - The loan made to the 0.4ner by the Lender as contemplated �'fhe Dt-posit Agreement. Ct' "Project Loan Documents" Collectively, the Project Note, 'the 'Proje'"L y r -t Loar, executed''by the Own 'Mortgage, an'd, al I other docurr.,ents related to the Praje� r the Lender. y Z.. - Project' Mortgage" •The Deed of Trust and Security Agreement, to be dated ,., -,M�arch 1, :'1983,' to be executed by the Oviner in favor of the Lender for ,'th'e pUrpose`,oV,.,-,',,�,, he obligations f .-Securi ations o the Owner with -respect to the Project Loan g t 9 7 0�-nt of S16,00,000,.�to'b The promissory �no'le in the am ,�..ProJect, N o' te e 'o + "d M�r6h It 1983, to be executed by the Nner and made''oayibl, to the ord d r'. ate �?� ' t. e obligations, r , ;-;�4h i h promissory note -wi I' evidenZ.- the obligati n of 'the 'N'ner `tbel 11; ep'gy"t. an . he'Project Lo" 7 d t K,4f11'§zk'vt"V4' 1 21 Vd Al 'bJ ed t e h described I, n %: t h 6 o rty t P pa rc e I or parcel s 'of 'r real 'p r pO d Depi� s�iAg r e em e n t " on which'the'Project is to be located. 7 A"Quaff ified Project Costs" 'p Project Costs aid or incurred afterth e ''d 6 t-f theOfficial Action Res luli6n that a re chargeable to ".the Pro,;' clS capital tal, a cc o U"n 'for a or `wool d be so, chargeabi e e i ther w i t h a proper election or but D, .0 6r,6146 1. n SFr -ch to':'deduc t such costs, within the meaning of )03(b)(41)(A) ' of the' Code and % 0related 1 r n - u, ii t costs for r;isiden, *a I rental property an, nc"onall 'constitute n s t i t e re a e. ,Tiensurate subordinate facilities con; in size and use v.rith such proni.;rty. "Qualified ProjectPeriod" - The period 'Deginning cn t. t-. e s t day on which on in the Proji-ct, ar the", 0 T �the dwelling units n "ten percent e cccu�.ied and d, ending C it ',;! i " * . later of (i) *Lhe date which is ten years after the d a t e c) n w I i 6y percent7 0 T n the dwelling units in the Pro-ject a r e oc c u 01 o r i the datewhich, is 'qua I i f ted iuTbe r cf days after t h;? date on any cf ire-diweliliing units in the Project a re : occup i ed, or ( i i i ) the date on whch ary ass'stanci_v, provided with .-respect to .the Pro-_-,.,-t under Sect6.in 8 of the United H,,,usirn .act of .1937'. 'L terminates; providr..d, ho-.-eyer, that if *here is a D�n ri a ion of Taxability the,. �Qu;%l i f i ed, Proie-ct Period sha 1 14 er,id, 'on lth,,-, date r, such d rn i r. a inn and provided t iat , tor Purposes o further, i f clauses (i) sand I-), the, Qua 1-; 1; -,d Project Period' S'fia 1 1, be"twenty years un I ess, 'and Un-_i I SecL or, 5 of Lh,r i.c: i s in Jed to perm t7lIf-, For Put'PQ�_es Of clause (ii).. the the peHods set foi. in clauses (i and (M. .:i L 'if, L _15 rcent �of the "qua,l dl n,jrroe r" m e a r, s w,' tj rpsjit,�,c t 'I o the 6 Z t6rn, number 0f cays which compose the term f the Eor.dh ma -.0 r i ty ogula*ions" -the In Ia* ReCUlat or,p i u I g a e d by the Departmentof `the Treasury f r o m time to t i 1, e Pursuant to the r,,r, Rel a ted Sor-ies Bonds" Any bondis, other than, tne Cord5, i ssued by the Issuet pursuan6 to a t i,L,.,, t incenture or other i r. 1, at r, and wh i ch,' i' s �a secured`by certificates of deposit issued b, t h e Lender. provided th a t,'"any such Lt'- tonds shall n o t be considered to br- Related Series Eonds i; there is delivered.; o- op,nior, of the Federal Home Loar Eoard to, th'-., the Issuer and the Tru s i ri e. 1, : effect that the �,erson using the proceets of sL-h bonds is considered the settl6r, d - of the related,trusL:esLablished by the Issuer f or' the benehe h0Iders an' fit of t owners of such bonds ' and that the principal airo6nt of the bonds, issued to'provide'�,: f i hanc i ng 'f or such person, if secured by cert i f ica te s of deposit i n-zur'ed by FSLIC,,,:,,-, -will not be aggregated;for purposes OT aprlY ing the FSLIC insurance limitation,., 4 With bonds issued U,.-. ,er the tennis of a separate trust, Which bonds are secured 'by:, certificates of deposit insured by'FSLiC 'and the proceeds of which are to be'used bY:'.'.� opinion 1 dgeable a ter a different person and ( i i ) an opi, of of counsel knoi e n `matters - ..s relating to savings and loan associal. 0 i 'ns and FSLIC insurance and acceptable tc.�the Trustee Ao.;the effect that such opinion of the F deral 'Hore Loan Ban$ Board applies to the tonds and such other bonds in question. An day interest on the Bb n iC "Required ReserVe" amount equal to '65 5 00ts'tinding''at the time in questio'n. ''The fund treated by Section 4.00-P of thi s' Indenture. r I . ..... Reserve it 9 11 f The State of California.. r the time serving as such under this Indenture. ; ,. Trustee!' -The trustee at "Trust Estate" - The property -conveyed, to the Trustee pursuant ;to the ` this Indenture. > granting:clauses''of UnderwritersThe rt�al purchseroasf the B tonds �ur,iaBodo thernt , purcha se Agreement . " F Terms. If 1.02. Con_truction of_ a ropriate', in this Indenture PP Section be to include 'he plural words..ot words of the singular number snall considered `the _ Pe, -r, and words of th_ mascul its„ d u..e t nqul e lural shall be consider to incl include the genders. � other t_4 ` .. . Feminine or neuter gender shall h� cons to . s , • ; .' `. ' r ...pit t• ,r ,. i 10 r t' • S � I ( 4 t Pi k� �.F y>'•t r. _. �: .+, _..- a,- .. !.Y: - .- .. .. t . ._ _ .. .. i ., i '{. .... .. n, F, .de . ._.;.. •f i .. 'A- is{.. 4y� b kyr♦t i " ,.4 r , i , + r r. :.r rs > , r'rsq -ARTICLE II . ' AUTHrJRIZnTIO�t A"10 ISSUA'JCE OF THE BONDS':'1 , „ u. A Sectio s 2.01, A_uthorizatior, and Issuance of the Bonds. The Fonds ,are n �� hereby `authorized .to be issued in tf�N agregaLe p�'in�pal. ariount of SIGOQ0;,000'`for the p osecarp`or f inancing' tare construction anu development of multi -family ,ho6sing R. The.,Bonds shall be due on May-ch. '991 and shall bear interest, from their at lint;; it .,payment of the principal amount thereof at the rate of.1,-3/4%'per annun. SEch `'interest shah be 'paid semiannually on March 1 and September 1, in'each,'`year car.-nencing'Sep`:ember 1, 1983, and thereafter until the :'principal .'And premium, if any, of'and the interest on the Efl..►►ds have been paid in full. a , , Section 2.02. Fora; of the fonds and rmat Confiiori neeeipt� Onfully s _ 'e registered Bond, it substan-0 ..11y� the form rattached� hereto as 'Exnibit �'A, representing the Bonds sha l l � b:! i ssued to and r egi stered i n� the nave o f the Trustee the benefit- of the 8).nd.1�lders from time to time as re€lectec on the..Open Account, Balance Books, and shaII be deiivered to the Trustee, as trustee for ,the or bene fit of the Bondholders ' The trustee steal i r•ef lect the ownership of each Sand cn the Opeh ''Account Balance boo►: s in the dQn„ 4,i r;3 t i ores of 55, 000 or any i n tegra l multiple .thereof ''and shall deli er non-nrjgotiaole Confirmation Receipts to 1the Bondholders confirming Their ownership of each Bond. The Bondholder. `recorded on „ the Open Account %Balance `'Flool:s as the f. ner of a Bond shal l for al l purposes "'.be considered the'c owner of each 8oJId so :•etorccd. The Con, rrr.ati on Receipts for 'songs steal i be ' substartitia' lY in the fore set forth in Exhibit `B hereto, with such h appropriate variations, or.issinns and irisertions as are perry teed or requlredfby this 'Indenture,' and may have ?ndOr•sed 'thereon such legends or text as ,may be noVernmental en appropriate any, usage o'r ra u�,re�p�t,ica a rubs and regulations of any , to b1 9 Y •' Y. �g• h respect h ch.., ,: � +, en�,of la�f with res� c� � ere�o or su , identify Ong nun4bers or symbol s as .he Trus�ee na, `choose. `Bond owners sha11 not, be required to surrender their Confirmation ' ne:ei pts in order to receive payment �on 4 redeened or matured 'Bonds. Section 2.03. Details, Payment of, the 3onds. The Bends shall be 'dated-4 ' nd bear' `interest from,the date of their issuance. Each Con`i.rnation Receipt shall e .` ,dated':the date of registration of cwnership of the E-cnds to which such Confirmation - Receipt reiates, ThP principal of, and premium, .if any, a"1.1 'interest on, the nonds'.shaI1 .be - theaTrus�ee an the I5 h dz ble to the owner of each of n he month orlaediatel e Open Recount Balance Books'of °: •, y y preceding the Interest''Payment. Date In`lawful money of the United States of America by check or draft mai.led'to'the , registered owner at his address as i t appears, on the Open Account Balance Books pp p If Any Bond shall not be paid upon the surrender thereof at or the maturity ;• 1 redemption date thereof, such Bond shall continue' to bear interest 'unt;l paid and, to�'he extent perritted by law, interest on any overdue payment of. the principal of, p'rerium, if any, 'or interest on such Bond shall 'be paid at the rate of ode' percent per annum` above the interest rate borne 'by such Bond. j. Upon purchase in the open market and cancellation ov' redenption'o'f.any'Bor;d, �.: .gg. g p p 1 amount'of each `Bond. so purchased and the Trustee „sha 11 `note` the as re ate r� nc i a "caprcpiled or so'redeened'nn the "Table rf `Bond Payments" set forth on the bond ' r'e reseritIn 'the "Bonds issue: rirsuant to Section 2.02 `hereof . p. g p r. p t fl Lf 4 Jli _ 11 "1_t A r " ' Sectior 2 Q4. Execution. Liml ted Obligations. The bcnd re��t Esenti'ng ,the .._. .. _ W . `Bvnds,;tielf�►eyed to the .Tr,stee pursvar�t to Section 2.02 small be executed onybeha1f gfAhe 1ss6er'with the manual .sig,nalur•e'of the Mayor and attested with the manupl`'.or facsimile signature 6f the its Clerk. Any such facsimile signatures shall fi`ave:the same force and effect as if saici Mayor or• the Cle,►:, as the -,case may°bE, had manually signed each :f said Bonds In case any ofticer whose ;19na U r u Or a 4acyinl11e 0fowhose signature shall appear 'on. the °Bonds shai l cease to ;:e such of. r before the .:ei ivery dt such 5 rile shall ne':ertheI_,ss be valid and sufficient forallSUcurposes signature _ `� he p tie had r'�r,a 1ne y i n office un j l dP fiver, T t) " Gonfir-nation Receipts shalI be man�,�t.tly nyec�.:ts:d by 0,0 TrusLee. -, d s � e r•a l obl i 'c,r, . of the Issuer The ponds a: noc, an,. gal i never b���cr~a ge�ti gat 5 o►' be payable p ) e from the general funds or ca16her' S'or dSSt'LS ni the `ISSUer; the Bonds are liri;.ed obi scat ons payable by the Issuer s�lel,' and onlyfrom (i) the Payments received pur,uant to Isle CFrti,`'icatii: ;nd :heC�lposit Ant and (ii)'a pledge ,of the moneys held in the 'funds and ac-,iunts establ i Strad under this IrdPnture, tog ether with :r'.rta`n in,.es`i' ent earnings which amounts, together with, any atl�ar secu"ity pro`: i ;e:: }le re r, are ,er�.L.y sp�dc� lean'; assigned and pledged to such p r os:2s n ,rr,•? Mariner a to the eyterlt pro'tioed herein. Neitner .the City, the Slate nog' an) p l i tfLal c;;c~1 ,': s nor th0?r'eof stall in any t event be liable for the payment of c:e�t �ery'iccj en t`r�� S;�rds cr for thr aerf,,rna�ce of any pledge, mortgage, obi iQdtion or agree"en Ufl e al.en by the tsSwp! not. shall 'any of the Issuer's ayreemert,S or obI iga16ions be construed to ccnstii�Jte an indebtedness of, or a`oleuge of the faith, cr'ec:it 7►• taxing paw'er of. the City, the State or any poi ftfcal subdivision thereof within tie +"ea>< ng Of dnS' CorrStiLUt10nd1 or, statutory provision whatsoever of the State. ' No recourse shall br- had for the payment of debt ser0ce on any of the 'Bonds "or for .any 'clain based thereon or Upon any obligation, co,,�enant'or`agree-rent in this Indenture`r:onrained, against. any mast, p:'esent'or future of:'icpr, emplo`yee'or aenL g 'of the Issuer, or<any incnrpnratar, officer,. d�-rector, mer..�er, agent or. employee " any successor -corporation, as such, eitht direcor through the of Issuer 'or• any successor corporation, under any rule ul law or equity, statute'or constitution or by the enforcer;en, of any assessment or`nenalty or otherwise, and ,+ all such ii`ability of any such incarpot•ator, oi;icer, director, merrbera9ent'0r I mployee as 'such is hereby expressly waived' and `released as a condition of and in ; A u , . - - . a z, � r � the ' cansideration for the ex_cJLton of this In��_,rtu. and h_ Issuance of any of the F „Bonds. Section 2.05. Conditions Precedent to bel ivery of _tee Bonds, }. Authentication. The Js.S�i,er:hall tx:cute. and deliver to the irusstee, and' the Trustee shall authenticate, the bond representing the Sonds -del ivered to the Trustee pursuant to Section 2.02 as:hereinafter• in this Section provided. y Prior to axed as a condition ion' precedent . to the delivery of such "bond , there shall be filed with'and delivered to the Trustee: (a) A copy, duly certified by the City Clerk; of the Issuer, -of the 4 t Bond Resolution; d F �y G i /� 12 , t sf + a a t t , tq t • 9F 1 + J fit, t J L Z o''�' :( b)' An original er.ecuted 'counterpart of th'e Deposit Agr•ees,�nt and' �4 th . s ;I nden ture ; is (c) A written order of the Issuer• directed t,; the Trustee; irtstruc• rng the Trustee to authenticate the Bonds -and to 'redit the ?onds o the , '' purchasers tdertt f red in such .►•der or in a su►;Seq�u;in�I deI ivered 'n'rltt6 order of the Issuer, upon payment to the Trustee for the . acrount . or Ahe", Issuzr of 'the Burr spNc.i f iPd in such written order Su,.!i w,,i tten <order sK41 :r direct the Trustee, to 'deposit the proc?r.ds of the 8cnds in- the Deposit - Fund and` to deposit the the payment made rursuant to Section 3,6. of ' the Deposit Agreement into the: Reserve Fund; (d) r",r, opinion of Bond Courael subs-LarJally to the effect that tfie Bonds :oustitute lecal, valid and binding Iinited obiiga�tons of 'the ISsue r, . enforceable in acccr-dance with their ter,,.,-, except as l i^ited by bankruptcy, a i ►- f ;actin c red' tor: insolv..ncy, moratorium,` reGrgsnlza+� on and ot,,.er laws a g rights, and that interest on he Bonds i s exe-,.)pt Irc-i federal incom'd taxation under existing laws, regulations, ruling; and judicial decisions, except for irtityre,t on and 'pond 'or ar j�ericd dur•irg'�ihich such'Bond'is y heldby.a "subs,tant i a user" of any ,:=c i l i t ` os f `nancod with the proceeds '.of , r_la p-_ er, or a, use t� i, s a e used i i S• ction 10 the Bonds or `d '�r - 5 ��� ,}- '- , �.-^1 ►- r 3(b)'of the Code and tfie regulationsa � , ,' t ,tir•.t.rz,rr•; (e) `A certification'of tne'Is:su`r statirn teat it has :crrplied with all requi regents i npo`sed by the Apt and this ` ;;;';:�;nt;;re, and w- Lh ai l other applicable laws and regulations; and (f)` Such other documents and opinicns as Bond Ccusnses nay reasonably -equ; re. Up.�n receipt of tite foregoing and cf the purchase p+•ice -cot- the Bonds, ti►e Trustee shail, authenticate the 'b nd and credit -,he ponds as required by Section 2.02 x. hereof. No Bcrd shall be validor obl iratory for- ary purpose or enti tlad to any security or benefit under this Indenture unless. and until authenticated and r credited on the Open Account Balance Bo-,;,sr~air tame by the Trustee. Section 2.06, Optional Redem ,.ior, (a) The Bonds are subject to Optional t redemption prior ta'maturitv,at the option of the Issuer upon notice as pro vi`dQd `in subsection (c) of this Section,under the circo"mstar,czs described below: t T ntegral nultiples of 55,000, on !larch (') .n ,r!tol� or in part, in i : r a , ea f ter ' to the extent of the or on any Interest Payment Date 6her _ proceeds of aptia�al prepayr,.ent by the Nner of the Project Loan. (ii) In whola at any time within 90 days after the date of any '-amen'drrent to, or the promulgation of any final Regulations governing t e issuance of bonds under and/or the administraticn of, the >Code which'have ;the effect of imposing requirements uirements upon the ownership or ope.ration,'of the ° - . Project materially_ more restrictive than those iripo;ed by the Deed Restrictions;' or �t t Ip > yt + 1:3 a r »t s .4! 4F ' it •..' t. rand cotltainSng the sane terms and corditions as the C`erti fica`ti'e, have been ti `` "° :subS'tituted` fvr the Certificate and the Issuer acid the' Trustee.h"ave "`received } _ an 'opinion of, counsel Knowledgeable, in matters concerning savings 'and can-- ;F . r'associatians.and`FSLIC insurance that the certificates of''deposit"proposed to 66 substiitutgd do not createadditional insurance 1;imitations ;that,,wottld}' adve rsely affer_t the Bondholders or (ii) the Trustee has received other certSf;icates of deposit; insurance-, letters cif credit or'other, security,;for.;, ;Lhe.:`Bonds'("Mternate Security") which will entitle the Trustee to` receive a`n'. amount sufficient to pay, as and when due , principal of, premium, -i i 'any, -'and:," interest on the `Bonds and -which' wi 11 pay and secure the Ponds for.,'the' e'rm thereof and, simultaneously there�w�ith, there ` i s delivered to :"the .; :trustee written evidence from Standard � Poor's' Corporation (or `any; successor to such rating agency) to the effect that such"rating agency.`has reviewed the proposed Alterrate Securit and, immediately. after the Substitution.of the 'proposed AI errate Secur+ty ter the Certificate, the:; Sands wi 11 have the same rating from such rating agency as the Boards had irimediately prior to such substitution; (c) _Proceeds of the Project Loan are not uti l iced or reserved to w`acyuire, cbnstruct, develop or equip he Protect (Fxcep, that,upon approval of the Lencer, the Owner and the Issuer such proceeds may be used.; for": ,another multifamily rental project o-,n,�d by the O.rner upon Iappropriate. amendment to the Deposit Agreer,e rt and Deed Res tr•ict ions or owned by another;a entity upon executicn os new lepoeit a9reer7ent and deed restrictions in substantially; Lhe;sang roc"; as the Deposi t A, re_Ment and Deed Restrictions)` by`the date which i s-three years after the date of issuance o` the Bonds; t (d) The foreclosure of the Pro,iect Loan by the Lender, to the extent of cash proceFds `there`rorn; Y. (e) Default in the due arid;purctuaI pi;j''^?nt of the principal of, and interest on, any t erti; icate and the"c3r,'-.ink;a•�ior� thereof for Lro days; (f) The Trustee shall have received notice of ;he occurrence ol"any,, "Event of Defau1 t" 'undor the Denosi t Agreement; (9� The Trustee shall have raceived notice of the occurrence of, `any,; r,.:default under or -breach o,1 the Deed Restrictions and the continuance of :such ,t�default or breach 'for 30 days after notice by the Trustee to the Owner; a'nd (h) I f ahe Owner exercises its option to prepay the Project loan "upon; ;fan. involuntary l;�ss or substantial destt•uction of the Project'as a resu) t of f 9 atioO unforeseen events (,.e. . , tire, seizure. re ur s; tion or condpmr+ In''the event -of the cccurrence. of an event described in, clause ('a), ``(bj, ; e#�, ,'(;f); or ;(g) "above, the Bonds shall tip redeemed in whole; in thc',pvent iccurrence 'o;f an event described i n clause (c j , `(d) 'or � (h) above, he Bonds shah be edeerried in: Fart, in integral multiples of S5,0CJ, :to the extent of funds a'vai table ortredemption'as a result of the occurrerce of such;e-jent. � n J V F [ '� is +,'r•J1 � f . } s i ° � t r^ "Sect'ion.` 2 i)$: Notice of Rec;en tion. 'Not less than .10 days ;`prior to €any • '.�redempt1an .dat4`(n6e in the case of. optional .r:edemption, sooner than, receipt by';the :Trustee of ''moneys sutf•icient to effect the , redemption), the Trustee ,,shal ,: cause p• . '-nt y 9 r • . inti�ol ved Lo Abe the P A notice 'of call 'for any r•edem ,.ion, ta, nti f in the rederr,ot�on i the given .:in the,irame, r,t the Issuer and to'be sent by first class re u d mail to •regi stered: owtrers of the Bonds .to be redeemed at the address of, e.jch such oFir�er shown on,'th`e ,OpEn Account 3alanc'e Books; provided, however, -that any'defec,t in ;such notice,,;shal>1 not affect the validity Uf any prOCPI��'iif�5 fOr' he redemption, of,,`s"uch po.rtlons, of the Bonds. The Trustee shall not give notice of any redemption Pursuant to'Section 2.06.unless and until it has received the applicable pren;um amount °fr'om the lender. noti hny cz �ai�ed as provided ir', this Section shall ho conclusively prest,�ed'` ""to.h�:�'e been duly give;:, ic�,espective of',,1i}eI r received. FSectior, 2:09. .^ _ . ; Redef,ltt�on Pa,;, n• E`fect of Call for i1da ption Prior s to' the date fixed for re'derption of an, "odd, funds shall'^ha (i) in the event of a "redengti.dn pursua►;t ,,o. Sect i on 2. p7(c) , or, deposit in the Brand =end or (i i) i n; the event',of.any other `redemption, have all moneys in -,he Bond Ford, including moneys :fro�� the.. Reserve Furd, tra-iferrEd to the E. rnd Fund from. the aporopri ate fund, to :pay, aril the Trustae i b, i eby author 4 Zed and (i! rested to apply such funds .t0 the . _.. P,Y nL. of, each Bond or portion ther-eaf called for- riu?-ptlion, together with'r ,,accru y F`; 1 e a� urn. a ne Qd-interest thereon to the rfde�' ' ,cr; ;late ant any r•'.�u1 red ;�► :,..; On, the date so des,,;na-ed for ri�,.Cee„-pticn, notice having been given in `the Manner an .: , i ,� - ,• ,.. i A, d un�er• thr: cer,d= , ,or. �e, e r� �� �� c , an, Bond, or portion` thereof . s0-' called; fcr re'dempticn shal i becc7,e and be due and payableat the redemption pr;ic,y provided for her•eir.; and if surf ic ient Moneys, or if Go•,,ern.ent Obl igations, the p�incipaI of and iot',irest Cart which 'ri i 1 pr•G';ioe sufficient r"Srtey,5 dt the t3TiS; required, ;for payment, of the`red_mpl'on price (inclu'dir any app p ) ,T a1, dy,.c a tt:e'r meld i the i rusee int�un and,`aCCrued interest to the reder:nt i or date �• �' rust for the owner of every Bond or portion thereof t0 5e 1•C..__• _,•, �rt.r_st on each such.;` Bond'or"portion so called for redemption steal; cease trr, accrue and shall cease to he:' enti t.led to any benefit or security under this Indenture, and the, owner of each i ;such :�ond'or 'portion thereof shall have no rights in respect thereof 'except to .' r.ecei.ve payment of the- r•edeription price thereof and accrued interest to the re'dempti,on date. ;Section '2 10. Partial Redemption In case part, but not all, of the' r0utstardarr Bds�on•�,.he~0� n� cLoun � Balance Books. I � less than a 11 f 9 - i _f_tEci for �reder t ian, i mad, the he i ru5�c.2 shall a ro 0 to entries pe a. C ` the p A P. Bohr!, shall by pal led for redemptior,, tha, portion of Bonds to. be -edeemed steal, be selzc.t'ed ' by loin by the Trustee from amionn Bonds 'owned by a i l ' ?ondholders acid as nearly.ds..ipr•actical each Eondholde'r shall have, his total, principal 'amount, of Bdnds =dredued°'hthe ag5retepicipamount -ti b'e`ars to the aggregate principal amount of 0.itstanding Fonds imnediately prior` "o' such r.edempt,ion; provided, however, that the portion 4f any Bond to be :redeemed shall'be inMthe,pi Incipal'amount of S5` 000 or some integral. multiple thereof ;1 r J. \ t f �a v r�e4N ,i f 9 S V 4 Y ':16 z.+y Fl ARTICLE III . GENERAL _PROVISIO►iS, p = Section 3=01. 'Authorization for Indenture, Indenture to ,rans0t�te .�' Contract -'T:'' "Andentureis entered into pursuant to the Act. An consideration' of th'P pur'chase.and-acce'ptance of the Bunds'-p, the Bondholders from time to time, p,,uYi stuns .of; this; Indenture' shaI 1 be apart of the contract, of .the Issuer o�!n:ers r�`of".the `Bonds, and shad 1 be deemed' to be and shall corst i tune a : contract r and �n_ „undhalc,ers from �rri tr. o :time, a ; between' the.I�ssu'er,' the 'Trustee', the E nd such s�. provisi'ons,:are ,covenants and aar enients with such Bondhc,'-'ers the Issuer. herebyl determ.ines'to b'enecessary and desirabl«i for the securil. ari,. F_,,ment.of the: -'Bonds Section 3.02. 'ay_;'nent-.0"DQbt Service The Issuer covenants ,that Jt wfill duTs' and p6tictua1.1y pay or c�u>e�t� be paid the debt service on the Bonds issued 'Under•th' 'Indent;:r•a'at thk place, cn the dates, and in tfie rr3rner provided"therein r acc ng_ to the true ordt a intent and meaning thereof, but solely trom., the payrt'ients, re�'enues. and recelpts.,specifically assigned t?-;.-rein for s'uCh purpose as set forth in `Section "4,01 of this Indenture, Section 3.G3, per f��+list: E' of 4G':E'nurl's SsSU?►' ic> i55(1�_1' CG�`leRd►ltS tf1aL' ` - ... }1 fai:thcul 1 rtorm I I , ' it,"1171:�- I J C�� Cj� l•1 :•5 `r, ar� �l1 �'itICTi�.S, l:ndert�.al.in 5. sti put a'ti oils, and p:'ev 1 s i Cfi 5 tell :i ►"t?�� tG `?C i�i.'!' 1 Ct+'^ er il� t and contained in :hi s Indenture,- or, in any of its pr-oceec, r s pr=tr airing hc• etn. The Issuer covenants that it` i s' duly authorized under' t►,,, 1.1";s C ; the State, including particularly and wi thout I imitation the Act, to is lue the Fonds au th,t-i -ed hereby and to execute ,t> this =Indenture, to assign its +'r i is UnLer the Deposit ��gree':nnt, and. to dssign'Lhe Certi'fi`cate and all amnounts payablo t.',' =_.r the Dee, ,sit A,u^ree-er.' which hereby are` ass'jgried in the manner and to the ►�� .�:•rrt h►.rein set for h; that.ai l actions on :its par.:.fo'r'the issuance of ;.he Bonds any: the eaec;:titir. and di ---livery of this Indenture have'be:en duly °'and 'af festively tat -,en, an- that 'the .;c^r�s are and wli l i' be vali�� and Bind iig',iimited obligations 'f t"r l su, �nfor-reaJla in a:cordaric�� with 'the terms thereof ,-and hereof, exceaIt, as li^ited by banl.rup tcy, insolvency; moratar.ium, is ' e.organization and other Simi lai- laws` affecting the rights of creditors. , t Section '3 0 Iris Lrurn _ • ent`s of Further Assurance. Tne Issuer covenants that i t `-kill do execute, acE no�nl midge, and deliver, or cause to be done, executed, ae)nohledged, and 'deiivered, s:jch indentures supplemental hereto and such `Further acts, instruments, and trans`ers as the Trustee may reasonably require, for the bett,er.,ani d more effectual assigilmer•t to the Trustee of all payments, revenues, ",'and othe►- amounts payable under the. Deposit Aareement, and any other income and'other man` i, eys':assigned hereby �a the payent of the, principal of ; and premium, if any, and jnterest �on; the Bonds. i;he Issuer further covenants that it WiII not create or suffer '' o: be created any 1 f en, encunbrance , or charge upon i t.s : interest i n '.the reVenues.and other amounts payable under the Certificate, the Deposit Agreement;or ;; any. nther':income` therefrom, except the 1 ien ard'charge granted hereby. r ` 'Secti'on-305. Recordation. The Issuer covenants that it will coo erate' to tie: er►d that. the; beposit Agreement, this 'Indenture, the Deed Restrictions>.and financing statements and all supplemen.s thereto, ,and other, istrumer is as may be • *y T required`from time to time to be i;ept,will be recorded'and filed -in slick manner, acid in`,`such``placesy as ma'y :from 'tirne to tune be required ;by law in. orderlo,'fully to ""4, p p ^r P t security o,f the :or,;ners of .the Bonds a7d the rigl}tsofN tfiej; reserve and �otect he i'rust e,,hereunder" t, t rrAy X A, rl 7 r. `. v.Section 3 06,,'Regi'stration of the Bonds; Trustee Appointed Eond\,ReO'str^ar; Per'sons:_=='.T.reate'd.'`a's, Owners-. _ r J :(a) Re istration. The' Trustee is Hereby appointed as bond R'gist'rar _ pd, sha of the Issuer for' re istratim bf altd',`.ras', such maintain tiie books g .,GYM ownership of .etch Bond, and. if appl icAble, the Relat d Series'6ond, ,as praYlded this Inderifure The Trustee, a s Bond Registrar, sha l l accept a : Eond, for l registration of, ownership only i f ownership thereof i s to� be registered in the name afl`an in"df i,dual'(incIuding j u i n t own ers),`a corporation, a vat =tnP.r•snip or a trust. (b) hatire of Certain Transfers In the c �,'ert the Trustee receiJve� transfer instruct iorrs.}tu register= Lhe�owner-ship of a Bond in the name of a person < wh'o'; according to the ` OpenAccorun". Balance Book, after such registration \is completed; would own`a Pond with'`a principal 2-',ount, or a Bond and'a Rf:late'd Series BonJd.:hi th. a=cornbi ned principal amount, oi' more than $100, 000 (car, if ' greater, the then cu.`r.rentAnsurance limit of FSL1L), the :Trust�,e shall immediately deIiver transferee,. by re gred 'ra � nereto1ec'f.or r luraovsGst of �_ s�.ch-he g tantialry t form,attacteed as Exhibit C p determining whether a notice is required, Bonds and Related Series Bondsregistered r eryis♦ered inan i,ndi�idual.r s `: re r i ;• - r, i i nC 1 ch n• l an reg stered i n name, ,�,te ed: in join-, own;! , �., i�ch � udr s�.: i 1i�, id,a ae i the' crane of,a revocable trus: with that, i r.di virdua l as se ttl or hFal l- be 'aggregated, (c) ttotic? to Certa; n huts. i- 'thy ee,1rt :neat the Trustee receives _ transfer, iClstr•uctiort, to register a Bond in the nar-e of a trust, the Trustee�shali r�" r tt`. r thy` sett for of such trust ascertia n f ron she 0,)cn . cc_au,n . 501 an,. _ ., ,n , also owns individually or jointly, or is tree settlor of other rusts (the "Related Trusts"), which awn, Bonds or �'_lated Series Bond% which, when aggt•egated, ,would to:yo tal re - than . S100,000 (or-, if ; greater, the :her current insurance, limit FSLIC); the Trustee shall im7,,ediately dui iver to the trustee of such 'trust and the t'ru tees of all Related Trusts with such common settlo►•, by reg` steredor certified naii, a"written' not ice in the ;:or:,, attached as E)hibit "U" hereto and such other notice 'as the Trustee mas deem arpropria:f'. ( d ) to`.__�.' 1, n,;nee Holders In the event that the Trustee .,. o,.`oi _ �a. rec eiv.es transfer Rstru..tionsregister ownership of a Rond in the name of a nominee,,'who'61ns or after such 'registration is completed will own as°a nominee Related 'Series Bonds with ,a combined principal - amount `oif more than S'100;000: (or, if` greater,' the then current insurance i imit 'of FSLIC), the'TrusteF' shai'1 .irimediate1y dniiver`to `such nominee by registered or certified mail a;w, tten notice ,-in substantially the form attached as Exhibit E hereto. ('e) tlo Transfer After Default The Trustee shall hot register"the ownershfip of ,: or Aransfer, .any Boma fallowing the occurrence of an :Event -of pefaiiI t ofer�hich the' Trustee has notice or i s deemed to have notice pursuant. to 'Sect o,l `' 7:U1(h)' hereof:�rn.ich is nei the,• waived nor cured: e f (f) IMection. At ,reason'able' times and under reasonable`'regu ations e s tr , _ . at ablished: by, ;the Trustee, the Open Account Balance Books may 'be -insoecte'dr;arld� -,' , copied by :th`e :Owner; the `Issuer and the Lender or by the ownersdesignated �< ' repr,eser tative thereat) of. 251a or,`morL3 n the aggregate principal amount ,of `Bonds then Outstand i ng ; ,t DVT..F fkc �. e E t t y .' ...Y1 it f:Tf nriC•,. 'tS, ', Y'�a;7�3��SC=, f'xs: ""P...,,, .Y 9, .._ .,,, .. .. .. .. _ . >, c ` - - - r. .. :., :5 ,y, ., .. ,. J .,,. .,. Y.. ... y.'T-..: '',•'{�':'�t.'4`tiXeII'-if.: - a • ���^•a #art ' r ^.t F f � f �'�. � t.. ;fig) ., Transfer The '8o'nds i sstJed pursuant to, provisions ;f this ri 1In�enture may be.` transferred `upon the '0pen Account Balanre. Bob%s 'upan.dei ,very" to rr9 ; ,the �Trustee' ot^ a bvnd `power, duly `'executed by the "o�+ner of "the, , Bdn to bes °,. •transferred.or :hi's attorney -in -fact or ` legal 'representative, containing 'written �' f instructions' as, to ..the details of the Transuch'Bondalongththe address the social, securi,ty.`number or•' federal `employer identification n�mber''of such`tra;nsferee•�^and,; i f ' such tr- nsferee' i s a trust, the name, address,. the '.taX id0n.tific_at oh'-n'umber'of'' the 'trust and the name' and the social security n'un,ber of tiie: ;settlor:g,"and :'name and addressof 'the:'trustee of the propnsed transferee. f10 3 f' transferof.�'any Sand `steal 1 � be,effeat;ve until credited on the 'Open Account 9alanre Baoi,s t (h) Delivery, Cancpllotion, Charges. In all cases of the transfer of a oond `the'^':Trustee :hall credit at^ the earliest practicable :.ime, on he Open nrJnt;Bal`ance Bad►.s, the E'onci in accordance the provisions, of this Intl n ure.._:The issuep or the�Trc.3ne nny ratie a charge to the Bondholder for ,every R stitch Aranster of a Bond sup f►c.ie'rL to reirrbur se it for an), tax, fee, or other gove rnmenta Vv charge 'reauired, to bF paid with respect to such transfer; and may ` demand. that such charae�be paid 5 •- ore array such new q^nd shal l be rrediced tleither the'' Issuer' nor the Trustee shall be rec;uired'_o mays: any ,ich transfer of a -Bond dining the;10 business days ir,,;ed;ately pr•e:ed,nq a r; Irterest -ay,i.ent Date, or. in the "case ' of any p r,nsod r�,� p d , ,, �,, g t , business Y n r, �., r _>~ t,t .on pf or,.� ,., � n she 1t, bU� Hess ,days imn�dia''tely preceding the �,•':inct�cr of eacr, 'crud for -uch r►�der',�Jtion or after each such Bond;or` any portion 'here ha- `beer. se l ec t•,d fur r•ede"pt i on ti (;1 Cwrn��rsh p rs to any ?^ d, Lhe ;�e`r_on i n whose name the ownership • e rea i stered on t► e U;)an Account Ea lance Sool.s maintained by `t of ,;the sane shnhe l l b TrUste e. shall `be deemed and reyardad as. 1Lhe ab_ ►lute OnnFr thereof for :all purposes, , ind pa'y ent of or- on acc^tlnt 'cT the pri ncl pa l ^f any such Bond and the interest thereon shal l be mace only to or `upon tt.e order -.f the registered 'owner thereof,-: or his lu,al representative. AI t .;uc►, pa;•re! is shal l be val id and ef,fectu' al 't,o satisfy and discha►-ge the liability upon suc;� Eond, including the interest'the r_on to th_ o ex�ent er ..r.� sun or su,,s so -aid. :. =Sect°ions ?.07. Cancellation, All lords which have been redeemed or, pwrchase'd +: in the open ma►•et shall not be recredi ted but shall be cancelled by. the .Section' 3.08. lion-Redemnt-ion of the ?orals In the event t, y payment check represen"t`ing payment ot.anyVDandmailed .pursuant to Section 2.01 hereof, is.returned to. the Trustee.or is not presented for payment by the payee thereof' and, i f funds. <•:' 3overnment'-Obligations sufficient to pay such Bond shall have been- made availaf le he' TrtJste'e",for the benefit of the or'ner thereof, all liability of the Issuer ^to or the hfie toy tetelo�f di schar ed ande�there�uuoh � t .steal i befLrthwith cease,. terminate, , Bond steal n p?, 9 , p he. duty of, ttie` 7ru'stee:;to iotd such ,funds, 'without liability for interest thereon, fo►• the'be 6efit.af .the �wri` y' er or tuch,Bond who shal I th nds for r er.after -be' exclusive} to such fu any C Tim ofkhatever�:nature on his"part under this -Indenture or.on, or Wi ih `re5ppct �o,";said i3ond g tine , ,The Trusteer- s obli ition .to hold such funds shal 1 con ue far. ar } ter od� equal to ::the ;lesser.. 'of ` (i) five years following the. date on nth ch ;t_hP ari;ncipal of al VBonds' has become due, i.hethe r at,maturity or at the'date fi'xeC for w rtt r 7 a V c i. ah h jd�r I metµi on , *-'he red V,, `''or othervi se or ( i 1) 90 days before t►ie exp i ration t of rtesE.r period sob ci f i e & by any'appl icable °escheat or uncIai ne'd funds 'statute,- at`, ch `.time ,the Tr��stee, upon receipt, of inde^�nity satisfactory to it; shall ` rrertder any r,Te^raining`` funds so held to the` Issuer, r heroupon . any ciaim ,- of y '`! s`tever nature :oi,der, this Indenture by the owner of any Bond .shall be made only r =Section 3 09. Rights under the Do, os i t` Ayre�j^��nt and theDeed<< _ r _ _ stra.ct.ions. The Issuer covenants _. � '� �' �enants tomaintain, at all Lines, the validity Eectiverless,of'the Deed Restrictions and` the Deposit Agreement and (except as a'ressIy permitted by the Deed Res: rictions' and t!-�e Deposit Agreerent) sha11 ..taVe anion; shall pernit' no action to be tai.en bl, others and shall not omit to taN.e �`'action, 'or permit others to omit to ta►;e any action, which action or on,iss,Ion` 3ht zre';?as`e the Qvrrer from 1 iaFsi l ides or obligations under the Deed Restrictions the' Deposit Agreement, or• result in the surrender, germination, amendment-, or j'iftcation of, or impair the validity of, the Derd Restrictions or''the Oeposit ' ceement; i i., a The issuer covenants �o en'cr,.e di all co:��,�ar.ts, undertakings a± "G nd 1:1gations of the Gvr�r and the Lender under Lhe dA Restrictions and the Oepostt reement, and hereby authoriZes are;; direcs._. the TusLee to enforce any and'al'l',o rights under the C?ed '�!strictions and the Deposit ra,;rr„ti,: eat on behal f of the .. , .. wer., and the owners of the eorr;is. Section 3: 10. General �T .,c, W'tfl All Dut4es. The : ssuer' shaJ 1 _ ithful ly and punctual ly -er f o „i all duties rr th refer -once "'a the Deed strictions, the Deposit Ag reerrent and the Project ruqu !-ed by the laws of the Ite�'and by the terms and provisions of this in4enture . section 3.11. Carac,rat�• `ExistF►rc_e a" t►e ?ss r. The Issuer covenants 3t it will at all timies:"-mairtain its corporate e) stence a^d will duly procure e,. necessary rena-waIs and �.:xten sion s ;.hereof; �,:i11 use its oe:st efforts''to intain, preserve, and renew ail the rights, pawer•s,'privileges, and franchises ` ied`by 'it; and will i comply with all valid acts, rules, rEgulations,"and orders, 0, /e9i slati.ve, executive, judicial, or adninistratr"re bony applicable to the ;uer`..in' connection ti;i th the `Bonds Section 3.12. Tax Exempt Status of the p_rnds. The Issuer covenants rto Aj. ntt,ar su, er'` no act within ��Y antral o� the Issuer that wouid 'eo and ze 'the `f the e r J P 'uer�s .status as set forth in the recitals hereof; or alter the status`,or irac,er of the ►3ords; or the interest to be paid on the Bonds, for purpose`s ,of :al', stateor federal taxation. - Est 3.13. il ` i,miruton of, or Encurbrance_on,��the Trust` Esta p Except execs s'ly per A_ this+ Indenture, 'the Issuer .covenants not 'tor isel i`ns-fen, ,js'sign, pledge ~release encumber or:atherwise`diminish or,.dispose'of,K4t -eeO1 or 'ind.irectly, by merger or otherwIise, or cause or suffer .'' same A`to � �:.,► E� :ur, ,or+create�,cr"a`llow to,'be created or to exist any lien upon, all or any part its interests `in :he.Trt:��t Estate." d 4 E h Wt�� rA* Jia{� rr { tf .� +✓r a�lrxc��vi. 15ectfon 3:I,4 Boc2f:s,"'Records _and Accounts the Issuer covAnants to cause � > ire Trustee "to'i<,eep} nal' the Trustee agrees' *o ���.eep, proper boo�:s� fo►` regi sttation, 4 of ';and` transfer:'6` :p'rtnership of each Bond, and `proper books, records a icu accourtts� ," in 'which conplete and correct entries sha11 hz'rude of all transactions `relating o, an and apulScation oI the proceeds rece i ve'd Bonds th ' ei t disbursement in`vest P. .from ,.the sale o1' the oea revenue s - rece i vpd. f rora ' . DPpos';i t ment, a the ragfreement the rFun ds created pursuant to this Indenture and the Certificate, al,lxother r�opeys `h61d`by the Trustee fie reurder, The Trustee shall m4ke:such `boo'r.s,tvr r4e6r8s'and-`accountsavailable for inspection 'by the Issuer or the owner of any, 8on'd during''reasonable hours and under reasonable conditions. t Settionl 15. Repu, •Ls of the Trustee. !act la,.er than the close of busiiress on 30th `day fol lowing each scheduled Interest Pay' ens. Date on the' Bonds''the'` Trustee`=sha1.1 prepare and file with the Issuer a report setting` forth as or;,the Interest;Payment Gate for- which sucrr report. is prepared: i ano..sts ;withdrawn from ,t and deposited in' each fund under this I ndentui- ; (i i) the balance on deposit i`n each fund under this Ir:denture; OH) a oriel d?scripticn of all ob�gations'he1d as -t -nvestrnents -in each `fund under this Indenture; and ( iv) the arnount applied '.to the payment or redeMr Lion of Bonds, arrd a d scr,pti-on of each Bond or;portions of each Bor3d so paid or, rede',:~,_,d.. Copies,c? such rtports hal l be srai led'or. delivered to 'the ''Owner, upon w'rit,Ln i''e-crest, and to the Dwr,er of any Ccnd, upon h'r1.tt'en request therefor, at a cost not to e,tcepd -%.he Trt;stre's actual costs f CUP Iication aid railing'or deIi-ery f ; ►`r c r Pr'Om tl ti On Sec+Jon 3.I6. ��ctificat cn up:)n Nfault`on t. C t.ficate. P Y. P. default' in payment by thp. l.. d•=r of t'r1e principal 'Tc>; or interest on the Certificate, the Trustee shall '(i)'►:itiiY ar;; C-nd c'oners hc;dinq Ponds -in trust i or h , Trustee with t-,A ra es es an t a �ddr s d apt as-::,nontnees to prsk,p,.1S provide �. ►_ �► ,..�. ht•` era r � zrd (. •, p � identification nunbers of the bene' ciai owri rs of ",:,,._ „ond, x ii routde :to FSLIC the identity o+ all owners of • nc r v L : 4 k , ik Y,Sv ,✓ iF.3. l ..{� v', Ca �Mih Au;. il. t.Ya'..,wY_:ti'ne, .tl _a: fl .. �� i .r .. :7-.. ti ,.1.'' •.h .,.. n. �e riF ART ICIE : !► REIrEt3i1E5 AtJp FUt�05? - a e h_ uonds. The'Bonds herein authorized _,. Section, �.01 Sours_ of Palm nt of t dal��payments',by the Issuer hereunder are not and shall 'never :�ecomE gpner�l obli ations a able' solely and an-ly from .: � 9 �P sc1 venue�ons of, the :Issuer, ',.. s and'rece:i ti under the 0e posit. Agreement but.are ; rm� to Bated: ursuant to thr s Indenture and the Certificate hand.as authorized, to and zhe: fupds �21 P P _P orued by. the Act d=pro'vided.herein ,f .'Section 4 02 Crea;.ion of,_Brand •7und There is hereby created by the Issuer d ered estab►ished' with the Trustee a trust fund to be designated "Cit :of F `l.oart nting.on'.B.each`. moans -to -Conners Revar�u�� Bonds.}� `�c-�.: Federal Savi rigs and, soc�ation Huntington'.3re;a►,er;'Projec:.) -- pond Fund, rihich sha11 be used and' PIied'es specified in Section 04 hereof i Sectian'4:03, Par�nents into torrid Fund. (a) Ccr,c;;`rrent l;, with the delivery the ;bonds there she 11.'be dEnos tea into the Bond Fun" f rar•i rio►�eys paid ° by the net'r,an..amount equal to t-1 o days' interest on the Eonds. In ad-iticn.,',there sha11 r h_n re ei d i pry ..c • he depo.si ted' i r,to the Band Fund '.; ��' r. ( ) .�:+, a+l+. .n s i n ti. Res�rie . Find • rected in accordance with trt': i S 10r S < o1 tnI s Indenture to by paid Into the ,` nd.Fund, (i i ) al l o1.her n,or,ey :r'h�:^ r e c e i v r.1, 7y :he TI rjitee, und_'r and cursuant t0 y of ,he provi signs of Fte —isi t 'Kgr��e ,Nrit or tnis t. ?ntura tNt�t such rroneys to be ;paid •;r.to :.he E=ord Fund, in iudin, wit�:Lt:t 1 i-ri tat;on r.;or.eys for the deript,ion'of Outstanding Bonds aru Oil) the :Certi i irate. (b) r"cr 50 long as any ;,ores remainutStar;;;inr, _he It'ustee shall, on e date upon which the Maturity of any Certi f icatr P occurs, use the roceeds : ereof., to renew the Certificate in an a,-, ou 11t equa1 `to the then Outstanding incipal a,:.; 1nt o` Eonds other than t►•n principal `arol.:n• of any Bond or, portion e.rIeof Hai ch shall become jue ( whether a 'stated mci turi t.) or, opt ion or mandatory dernmaturity) prior to prior to the maturity oi such renewed Certificate, less the Trustee shall receive an; notice described In Section 2.07 (b) hereo`, `w,hich case the Certificate' shall not be renewed. f:11 su_h proceeds net used ao new ...the Certificate shall be paid inta the Bond Fund, o (c) On the maturity date of the Certificate n?At solloNinq the Ij very by the Lender to the Trustee of a notice hur•suant to Sect -ion 4 5(c) of the posit..Agr'eement, the Trustee shall not renew the Ce'rti f irate in'`an: a�rount .equal <thp `amount set forth in such notice. There sha i l be deposited into the Bond Fund , ads :from any such ncnrene,al of, the Certificate pursuant to Si::tiun 4.5(c)"cf.the 0.60t.-Agreement to allow for the rand, tort' redemption of outstanding Bonds. Seciion 4.,d�i. Use of ��!oneys in Eond Fund. Except as se expressly, ov idea i n hi s I nden surf , money s • n the Bond Fund, sh.a 11 be :used y �, the :�1e1 for yment jof debt service on the Bonds. r l he .L3suer hereby authorizes and `di 'reefs the Trustee to wi thdraw` .jt ficiert ads f .,,66, the.. Bond Fund,,to pay'the. pr•i nc i pa l o f , and premium, i f-any,..'and: l terest me duean'``And to 'mahe s� id funds so `-,wi,thdra= the;'Bonds as=the `same becodpayable 4 a,i iabl'e for ttie,' ur ose r p " p of paying said principal of, -and. premium, it�any, and';' terest "on;' the 'Bonds, `'Nhich authorization and di rertion the Tr>>stee thereby c r� 5 I + s y e t rr � iT � y .� i � i' •j r Y 1' Liu p.!7 r F y� "� .7rs +° F ♦ ' r r f r . � ;{ p On each:Interest Payment Date (ot.her� than after all the'�Bands l�a,ve been acre is ``paid? in full),;Any:moneys rE�iaini'ng in the t'.and Fund aster the: paymento'f debt:. ser,vice'ori theBonds s�iai l be transferred r i rst to the'Reserve Fund to maintain .the `req'ui�re`tl resere.e' and'then�to the Operating Expense Fund. ' 5ect� an 4 05. Operating Expense Fund. _There i s' hereby etlaal ished.Idifh..the,' w ar Trustee�a'trust. fdnd to beydesignated "Cit,y of Huntington .Beach Loaris=to-Lendi'rs RevenuE,; Bonds: (None Federa l ' Savings and loan Association - Huntington Bre''a e'rs Project) " Operating Expense Fund," into which aha11 be deposited all earnings from th'e iriiestment of noreys held i•7 the pond Fund, all a,r7ounts'paid, to the 'T'rustee tiy,,the"„Owner..pursuant to Section 4. , of the Deposit Agree,^ent and any other moneys ?directed..to; he deposited the►•ein pursuant to the terms `of thislndunture,`Frbm`' ti a to,,time, the Trustee -;hall pay to the Issuer the actual but-of-Focket•expens es of the"`[' suer incurred` in connection with the Fonds, and the Trustee may "make di sburs'ements to itself from the Operating Expense Fund to Ray its arnual. 'ree", :"in 'an'amount.of 4/100-cif Ili of the principal a7-,ourtit cf the Bonds '.hen Outstanding (but no t,' less .'than 'Sc,JGO), and charges and erpr:nses in The'': Tr'stee:':sha11 monthly pay, to the Omer all rn 7 eld in 1-2 Op�:rating Expense.: FtSrid hiCh have' not been Gi sbursed to pay the Trust?e,'s files, charges'and expenses, or the. -actual out-of-poci.et exp�•nses '`of tna I�s'�er, . ..; ;cd 1.hat,' after. the ConplPti 7n .Certiri'cat? i s delivered! t� the Trustee, ,he rustee shall only ri f mont'Fayments to ni the Grrter of a,%us in trtps? n;`� t1R(�' Unse? Fund in excess of hly $7 5D0,, `5"ection 4.06. Cre3rz of 0 oit Fun:;. there is hereby created and established with'the Trustee a ti-uSt :1.r to be designated "City of Huntington Reach; ,Loans -to -Lenders Revenue Ecnds (Norse Federal Savings, and Loam Association Huntington Breai;ers Prc.ject) -- Delpcsit Fun::,'' ti,hicy sha,? be expend?d for 'the.;' purposes and 1n' .the 1 ranner specifies: in t'r,e 0epp,it AQreem,ent and. in this a Indenttl re. Upon 'e;;perd i ture cf all moneys 4 r, the Fund, the Trustee is author, zedto close' the, Deposit Fund. Sec,.ion 4.01. aym nts into Llep � �_u d; Disburse eats. the proceeds of; th'e ssuance and del iver of the Blonds shal l to a til a r,.7 • r. "Y a .t�csi ;ed in ttie Deposit Fund. - Thn,' Trustees' aiauthorized and directed to transfer all funcs ;n the Deposit Fund to cite Lender ' g nst sirnul':anecus del i vera of - the Certif ica;.e - and a written request of the`, Lender ':Tor disbursement of such fur'ds, which states that all conditions'ta the' mil ing 01 7the Deposi` contained in the Cleposit Agreement have been satisfied.'. Section 4:03. Creation of the Rc-serve Fund. There is hereby created by then Issiier:,`and ordered established with the Trustee a trust' fund to be designated "City of„NunL'ington"Bear-h Loars-to-Lenders Revenue Bords (Hone Federal Savings and Loan.. Asfocia'tion' Hunt.incton Breakers project) Reserve Fund," which shall 'be used ano'4pP sp J .lied as _,ecified.,n-Section'4.10 hereof. 4r secti'on'4 '09 Pa�rrents into. Reserve Fund. here` shall be deposlte'd into - _. _. the: Reserve,FUnciby the-=rustee from moneys 'paid by� the Orner,a .cash depc_Sits in °an amount equal' to ':the .Requi red 'Reserve. The funds held i:n the ,Reserve •Fund ;nay be if�ivest`ed a=',proV ded, in`Section 4.14. of'`this Indenture, and any earni�igs fr�on the" tnv,estment of such :ftinds ; steal 1 'be `deposited into the Reserve Fund: At the fiend of;r eaIc :ca° endar" qua'r'te0 the'. Trustee, 'unless an Event of `Defaul t"has ,,occiuir:red and Y ti� �`p e n "Vr ; r 1 1 s • .i J t �2.3 . t *,tK3 4Sh tt n° u _ vm the Reserve Fund and transfer to thedy a iye'd arr cared, steal 1 hi tndraH r Wry of been w ,,Operat�i'ng Expense Fu�d'al�l funds held .In the`ResPr, e Fund in excess of ;,he Required' �Reserve ;r` Y�Sectian 4,,10. Use of None s i n the_ Reserve Fund. One day prior ;'to each Interest payment Date':and any date'on which Bonds are due 'as a'result of a`caII=`for redemption or as -'a result �"of the occurrence c` an Event of Default, the `T,-ustee sha l detercgine. if. sufficient funds are avai ]able in the Bond .Fund to pay �n fui 1 .; th i6t6re`st,. on. 'the Bonds ''due on the next day, If sufficient _funds .'are "'not 1 ava i lab.le ,i n the Bond Fund, ' the Trustee sha l 1 trap sf er an amount ° equa l ' 'to,_ 6,rnadnt !of;'.such, def is i e ncy from the Reserve Fund to the Bond Fund on the day, pr i or'to trip regvared.payrrents. Subject to maintaining an amount in the Reserve Fund",equal.;: to:Requ:ired"Reserve,' the Trustee shall pay quarterly`to the Lender for cis burs ement. io`the'Gwner interest earnings derived from itives ment of the Reserve Fund, Except;- a`s,'prov,ided'in subsection (b) of this Section, any funds remaining i the Reserve Fund immediately prior to the pc;;'•�nt of all the. Bonus then Out_tandin I(whether 'at redempt ion or as rs0t.16; acc'e Ie atio ri t sha lri ' be transf erred into the -non�d ]Fund and �used as herein proti ided f j (b) If Bonds are re:dee^ic•d fjurs,jant to Section 2.07(c) hereof,, the' rom f,5asvp'Ftna o hTrustee steal1 'transfer fe Bond ►and and apply redemption preJum on 3onds redeerned, an Wrlunt E^ual to 65 dajrs' interest` on the Bonds.1so redeh;^ed. Gn ".4.I1 CCn o the �n.Stc Gf Issuance Fund. There is hereDy Sect i �._._ ._._._.. _._ . _.__ ._ _ _.w _ _ ., _.. created and a stabl i shed'wi to the I r'ustee a -.,-u t t ,.;nC in t~� name Q; she I SSUer, ;to be:,:des mated "City of Huntington Beacr, Loan s-to=Lenders Rev n u e Bonds, (H6rne Federal Savings and Loan Association - Runtingtorl BrE,,4.ers Project) = Costs 'of Issuance `Fund," which shall be hxpende': ;or the purposes arc in the manner srpeci`i,ed in the Deposit Agreemert and in ti;is Iridertur•e. .f Section 4.12 Pa�,?��!1Ls ,rtU Casts of issuance Fund, DisbarsaTten1%. The _. _ a. _ . _.. _..._ _. _ . _ _ _ Or�rner;'sr payment for Costs of I4s ,once requ, red by Section .�.6 of the Deposit';, Agreement shall' be deposited in the Costs of Issuance Fund. The Trustee i's.hereby aU'thorize'd ,upon receipt of written instructions =root the Issuer to pay, from the Cost-;s''of'Issuance Fund the Costs of Issuance. Ail aruunts remaining in the 'Costs'`of: Issuance Fund 180 days after the date of issuance of the Bonds shall be paid `to.'the` Owner;and the Trustee shall then close the Costs of ssuan;e Fund. Section 4.13. Ctlsto;;y of -:nds. Allsunds created pursuant to. .this Inddi ture shal l be in the custody of the Trustee, but held in, the name ''of' the Issuer;'in trust `. Section 4.1G.,; Investment cf M'ori , Except'as otherwise provide'd"here in, any moneys # eid i n the �De osi t^ Fund Sha 1 1 be deposited by the Trustee with the' - g 9 Lender''n"no,�-interest bearing `se re ate>t` accounts of 'the`<Lender, too proceeds of. the Certificate `representinc principal thereoE,or interest thereon`'sha l'1 'fie. hel d by' the lender but rather shall be 'held by :the Trustee rand invested as,proV.i,ded'in:the first sentence of the' succeeding�paraarw-h 4reo,f: >' ` lr 44, 2�� t x t err- a� t r r !^ �id - '� yta i per; Lei 9 yi �,'3?GI' �f ? R' Y 5 %• `Any Yrioney's he:lci. i r the Bond` Fund, the Costs of Issuance Fund and'ti�e ,Reserve Fiiid�shall'be .nvested 'anti reinvested by the Trustee as it deems appropi' atE ;i►t'G,,,s '„ Governm4nt _Obligations maturing •not more than 90 days after the date purchased and � 1+ not later ,than the.ne:(t succeeding Interest Pay�er,t Da e. A.ny moneys held' in 'he zl s Dpe'rating`,EapensQ Fund shall be :invested so as'to perm it Lhe rranthly disbursements required by -.Section 4.05, provided that any moneys held therein and not; required to be';disbu:•sed-"rionthly shall be invested as set forth in the preceding sentence } • such in�-estrler,ts through io ts wn. tiu,t; or ;S The Jrustee. tr�a; make eny and all investment'aepartment. Any obligations a:, -'fired by the Trustee as a r_esult'of,$, investment'or reinvestment shall be held by or undtha'he cc 3rr 3 da s ri�r?tohe rustee. e use o f , T.h,e Trustee'' -hall sei:l and i-educe to cash no e , �r y P suet} f'. n`ds,,` a` sufficient amount of such i nve strn►_=nts credited to the'Bond ;Fund, tho ,. cash balance i n the Reder�ption. Fund 'and thA Reserv•y Fund w'henev��r the. agereg='�e s° i i n sc� f f i i rnt to a .' the Bond .T nd, the ;Reder.pticn Fund and the Res+�rvG Fund R a principal' -of, and premium, if any, and ir:terest on, the Bards due chin five days N 4 , .1 , Section 4.15. Securi ty for Funds hll I ur, rrvasted' moni: in all fun s e'stablish'ed pursuant to this Ir entur- s^ai1'be sr�ured by the trustee in the ?n:. pro ;d d 1n Section c manner.': ;to the ext L:. �y Ater c,s Section 4 15. �'on?Xs to b� field in Trust ifl� Ce►'LI scat? and all moneys;µ requ#red, to be 1 posit-,J 4i h orypaid to thy_ iru:�te�= frr the a_coun* of any fund, L rovi'sions of this Indenture shai l be `! �L' by t'�e Tr-usteE ;n trust, and, ty'ndpr.'atr � p ,, except far :roneys d?pts t��d with cr paid to .► E T rus tee •or• the redenption of Bonds,'"notice of the r ece.-.r,tsan file '„�'tiCh nas Oeer; duty c".en, shall , while held; by , the -Trustee, constitute part of t!heTrust F tatp and be subject to the perfected securinterest created hereby r t:..Sectton 4.11 Rt?Ut?j'f:1=��} to tr�P 110 rP.r !''r.� :rar?ntU"e rt;ris, 'Mny .,._._.__ _. mo n s a u t _ rr. after r oa t n r.enaini;ng in the funds created ur�•r tr,is«Ir,ce y �=r full of the fionds;,>;the rea:,onable and neces -ary fees, charges, anc evpensrs Of the7 trustee 'and the Is:s'uer and all othQr amounts, rec,ili red to be pair. her.aunder, shai i be paid to lithe Owner upon `the expiration af,' ar upon tee sooner �r�t•"'ill�tion of, the term of this In ent6re rids 'Jnt to B�ule wrbit+aye Fonds. The Issuer covenants Section 18.�a. - --._,...._ • ?or�ds that, nothithstand`•n9 an; other provision of this with 0'e. ohnPrs of the Ind"nit"':, „or any other i ristrur,.ent, i t will ma�.e no i rvest_~•ent or„ other 'use of tide proceeds:yof the Bands or any otherrrareys heid under this Indenture .,�hicli would cat sE 8onds to be arbitrage bonds within the meaning of Sec t i on � 103(c:) of ';tht: Co61e .The foregoing co�'enants shall extend throus�hout.thN tarn of the `Bonds to `all n funds created under this Indenture and all moneys on deposit to the creait of any such fU'nd;`. and to any other amouni.s which are proceeds of th,z'Bond s>for pur' oyes` of Section':,103(c) 'of the Code. r f I ` °+ •w 1. Y d,4 T. A i]J F,i�„ 1 > L 4 ' y G /} i `l k 1•"ItinP t 74 ¢4`u AM ICLF V. UISCHARG'_: OF ?NMINTUR- ti }5ecttio� 01, 'DiscFargf.' If the Issuer shall .pay or cause'to `be 'pa'id, 'or , here sha11 ;be otherwi s'e p�a id, or 'pr•ov i s i o n : for payrrert sha I I be made (other, than,,,,,,.,x' y delivery of the Certificate) to or for the owners of a11'Bonds, the principaa,° remium;' i f any, and i ntere st due or, to become due on the :Bonds -at the times and,,tn r he matiner;st Mated therein, and if the Issuer shall not then be in default in any 5` f :the other covenants and promises in she Bond: or this Irdenture to be' tiept, erformed;,'and observed by it or on its part, and if. she Issuer shall pay, or cause 6;1b paid Tto the' Trest.�e all ,IIv; of money due or to become due, according rov� signs 'hereof, theta these presents arrd the estate ar,d rights hereby granted hail 'cease.' :"determine,,,a nd be void, whercauf-on the Trustee 'shall take such actions t' s`may be 'necessary to evi fence the cerncel la• ion and di scharge o` the lien of this rid�_�trtctre. Under no c i rl-umstances shall the Cc�F ivery to the Tr.u:s:.ee `of the _ific_ , be .• ,a pursuant ea „ ate. ,(ar :any ether ,E,.url ty p, a nit.+.�' rsuan t to Section �Li,.0 .p,ty e, at' be aaF, ►_d to tUtr;titute, pr�:�vis�s�n` in+` the pa rent of the principal t preni'um, if any, or interest on, thz- C,cnds `or •pur,,cses of this Section,, 01, i , 1 ereby ;ranteti sha11 nrjt cease, de.ErRtiine .,r be void,'' no'r ' nd, the=es ,?te and rig a hail. the'lien'of this 1r;n.cir:ure be carcEllpd or d'iscflarg--d as a result 'of tale , eh very; theNaof. ;Any "Bond shall be dr4. ei: �o ae pair wit.ir, tie �.r�.ar:ing rf this Article and cr all pun osPs cf this indenture +.0,111l ( ) ;)d'„ �� `_ (,f t,.-e p ri-►r_ipal. of and tine Pp:l feeble red et:;:tio ' era �i a:,:, if `a►1y , -n suc`rr tone t,l -.js , n :err: st .he to the de .date t!ie -eo`. (�rr.ett �•r suit, dc: ? Cate b!? by seas :r ;�� raturi ty orr u, on redemption s `prov i`ded i n this Ind ntiee, or c • hiPr., i se) , f.' i thC. (A) shall rave been made;, or a'used to be Wade in accc=rdar ce w'tki e terms :t•,:rrac,f , c,r (B) s,hai i have been r'OVided by irrey'n1cably deJositirig with ,:he 'Fru,,tei', in t1'LJSL, and the Trustee ,{ hall ha�ie irretrc.a�.�1�� set asiore e .c ius i rt.�'�' f rr s.-h pay ,.er,t , (i} moneys uf,ftt lent to make such pay,�r:rtt o± G) G—or-enrent Obl ica:ions maturing as ,to rip Pal and interest in such a^o 1nt ar;;! 3t su�,h :ir+�.5 as 'wii 1 insure the vatlab11ity'of sU ficieht r!ure.►tS wIthtauL r.e4T1ve- trrty'na►.e such payn-ent,'or ry i..conbina;.ion of ( 1) and. { 2}; and ( i i) all necessary and proper' fees, ompensation, and experse of the Trust'e Ert.3 r,ir,g to the C:;nds shall have been ai`d':or -the pay,nent thereof pro; idedl for to t:he Sat.` s`+ ct ion of the Trustee uc'h tuns as a,Bnrd shall be deemed to be paid r?ereundev, as aforesaid, it.shall `'no onger.,be. Secured y Gr cnt.i tied to tfi.' bur. r its o' thi s reertur•e, ;e'xcppt for the urposes of any such payment 'f-oT.:.uch t, 0neys 'CIT- Ci,vernr-,ent Obligat ion•,. r A_ny.: honeys so de'i osi It wi th *.Jle Trustee as pro,; ided in this Arttcle equested to be'investe%d a,nd re i nvf' s te-.4, inn Gov errrnent ObIigatIons, rlaturing in t�'• mounts.,,and tire`s as `hereirbefore set fUrth, and "ail inco-e . from a 11 Governr.`ent bi:lyations, except tro5e deposited in .he Reserve, Fund, in the hands of''the rustee';pursuant to this , rti cle which i s not redui red f or the payment of .the Bonds rld'int(?rest,`and premium thereon with respect to which such rroneys`s?salt -have been a,.deposiaed shall be deposited in the Bond rand as and .r,�tlen realized °and p r moneys de os i ted i n that fund ol,lected for use and a pl ication as are oth� p ', t.. t,4 p y t , + - .i ti r y •, Mi'' b t� #t ARTICLE VI . cVEi;TS OF `DEFAULT rN'D'RE EfrGDIES Section ,6.01. Events of Default. Each of the following events is hereby defined as and declared .to be and to constitute an "Event of Default" under thi's 0.t Indenture: (a) Default in the due and punctual , payment of the principal of, or premium, if any, or interest on, any OutstandingBond, whether 'at the stated maturity thereof, or upon proceedinos'for redemption, or upon the maturity thereof by declaration; and (b) Default in the performance or observance of any of the .:other covenants, aareemen;.s or ccriditior.s on the part of the Issuer in this Indenture 1, contained and continuation thereof for the period after notice specified it Section 6 12 hereof. Sk—rion 6.02. Acceleration. Upon the occur--enCe of an Event of Default u'nder'Settion 6.01(a), the Bonds shall become immediately due and payable. Upon ' the vccu•rence of an'Event of Default under. Section 6,01(b) hereof, the Trusttle rnay,' and if requested so to do by the o%.iner-s of not. less than, ,'y`v in 'ai gregate principal amount of the Outstanding Bonds, shall , accelerate` th- maturi_t;y of the ' Bonds then ,Outstard ng, whereupon the princ40paI of, and premium, if any, and all accrued interest on,'the Bonds shall beco;ne immediately due and payable Section' '6.03. Other Remedies, Ri,3hts of the'Bcrdroider•12. Upon the "F occurrence of an Even:. of Default, ttie' 1 rust_': riLly proceed to pursue any ''available remedy by sAt at law or in equity to enforce the payrent of the �,rincipal of, and s; premium, i` any; and interest on, the Bonds then Outstanding. in_ludine, without l imni t.ati on , the 'following: (a) by mandamis, or other suit, action, ,,- procee-dina at law or in equity, enforce a11. rights of the E^rdt;c�lrers, an; r• uirep the Issuer, the Owner and the !.wider to carry out their respective ob1 ations uncle this Indon ture, 'the Deposit Agreerent, the Geed Restrictions and th? i�ct �. f (b) bring -suit upon the Bonds; 7 h: (c) by ac.icn, suit cr• proceeding at 'aw_or- in .equity require the Issuer to account as i f it. were the tr a -tee of an e gross ; rust for the Bondholders; dprocure direct payment oil the Certificate on behaI f of the oiriners of the Bonds; and ;.; (e) by action, ;ti,it, or• proceeding at law or in equity enjoin any acts or things which may bt: unlai;'tl or in violation of the rights of the Bondholders. ;. An uU' nt aarns�' y j -+gme e• the I ssuiu shy l l be en; or•eeable only against the specific assigned payments, funds and accoklnts in the custody of the Trustee.`' — l � =` y ) - ` g' y There shall net be authorized d+-: iciFnc � ,'ud,:�m,en,. against an assets of, or the general credit of. the Issuer. 4 r 5 f ♦Z } e , i ( 1' f ,, A �. 1 t �1 ! �a - A f d ' 4 A r•' d 'i n4R A3 a appropriate p propri. 'actions, The Trustee is authorized`11 and directed �to take i"nc I ud"i 6" filing'of clathis e-.Orincipal. 'of, a6" g,,the to� ef fe,ct the'col I.ect ion �of th d e 't e''occUrr6nce of a "defaUlt" (within 'ihe interest 'an . the''C 'ftificate followirig " h 0 'by��a i n'g of r"the Nati ona V"Housing ""Act f 1934, ,as am,6) or' the�,assu-nption o f'ede r-a I `6'r s'tatE. supervisory �agency of operating control or possession f the Lehder''or all"or substd-4tially a 11 '66f i t s assets. an Ev6nt'o'f Default shall have occurred, and if requested so to do"SY`6`6 ,If owners 6" f `not less than 25*,0' in d9giregate principal amount of all `•Bonds.��'ihen tanding a �d if indemnified'as provided in Section 7.01(1) "he're6f tee Outs'rip • 1'sh , all be oblig-a-ted to exercise one or I more of tl,e rights and powers,co I ,con by t-hi 5 S6 c' t i On a - nd by Sect -ion 6 02 hereof, as Trustee, 'being advi s'ed..by co . un sel, shall deern mo-.-.t expedient in the interests of the Bondholders. No remedy conferred upon or reserved to the 1rustee or to the Bondholders by the terms of this indenture is intended to be exclusive of any other �6medy, ut each and every such remedy shall be cumulative and shall be in addition to a"ny, other r em, e d y, given to- the Trustee or to the Bondholders hereunder or now or herea IF t'e'r existirg''at law or in equity. 11;o delay o r a.mi s s; on to exercise any right or power accruing upon any oi- power. o r. 'shall be default or Event of•De 'ault shall Impair any such right ' construed -waiver of any such def-- ault or Ev-rit of Default or acquiescence d to be a -a therein: and e*t ry such right and po-iier -..;:y be exey-ci se d from time to time as often as may be'deerfed ex pedient. {. No. waiver or any defaul t or Even t of Default he reunder, wheiher by, the Trustee 'or' -by the Bondholders, ;hall extend to or shall a iffect :!ny su'b"s'6quent default or Event of Default or shall impair any right or remedies- c on se I quent thereoii. Sectioh 6.04. Right of the Bondholders to Direct Proceedings.. Anything in this Indenture to 4%,.he contrary notwithstanding, the owners of -a .rnajority:,,,in aggregate principal 'amount of Bonds then 06tstanding shall ha'Ve the an- �time, "by an instrument or instrUme'nIts in writing execut.2d "And ` d e I i ere to t the n ace of conduct all proceedings to n Trustee, to direct t "method a d pla 9 be tak4i in connection vith,.the ,:enforcement of the terms and conditions -olf-this Irndehtd'r-4e or hereunder;provided,or for the appointmenCof a: receim any pioceedings her that such direction'shall not be Otherwise than in accordance with the' provisions of I'4w and of this Indenture. Upon "he -occurrence of E' Section 6..-25. `ARLain ment ofl:Rece'iNer. po an Event o. Defautt, and upon the '-filing of a suit or other -,ommencement of Judicial, proc ''dings toenforce��I-he rights of,the Trustee and of'the ',"jon'dholders under this proceedings Indenture 'the Tru'stee shall be e as a matter 'of right, to 'request -t entitled, A t, t-E receivers 6 f the Trust. st-ate and of the ,revenues, appoin m-nt'of a receiver or recei A, issues earnings, inco'me,,:products 'a nd prof it�' thereof, 'Pe'ndin such proceedings 9 A. with such powers as the court ma' king such appointment shall "confer. Section 6.06.. Waiver. 'Upon the occurrence of 'a n' EV e n t of Default to-jhe the 6it�nt;ihat such'rig'hts may' then lawfully' be waived, neither the I s su:e' r'." nor 1 is 28 P" St'aYte `nor any poIitical'subdivision thereof, n,or• anyone claiming'through or; under any of."them,. shall claim or'�seek to take' advantage' of any,"appraisemen t, ,valuation, stay,,,; extension or'`redemption;taws now or 'hereafter in+°force, in 'order to 'prevent ' ur hinder `the'"enforcement of "this, Indenture,,+and the Issuer, 'for itsel r acid all'hJho may claim th' o °, , - e a:. rough�or'rnder iat, hereby waives, to`th.-�xt_nt that -it lawfully may do. so, the�benefitof all such laws. Section ,'6.07. Application of Moneys. Subject to Section 6.14. ''of -this Indentdre, all+moneys received by the Trustee pua11ua l 9 given or action afterana mentt �p'��d taken under the =" rovisions of this Article sh � an . P . ' of the .costs `. x - _'proceedi nss resulting_ f such moneys an ' ` i r the collection on expenses of` thed of. the expenses, l i'abi l ities and advances incurred or made `by the Trustee) be deposited'`in .Y the ' Bond Fund and -,all moneys in the Bond Fund shall be "applied `a s follows: tidal Outstanding "(a) Unless the principal of all the S) g ail K'Ve �'shal become' or shall have been declared due and pa3 ;.; ;e moneys l be _. - appl ie`d: :.,. First, to the payment to the persons entitled tnEreto of all installments of interest tkJen due on the Bonds Butstandina, in the order of maturity of the instal`i;-en of such interest and, if the amount available shall not be sufficient to pay in full an'J`'particular installment, then 6o the, payment � ,, . ra`,.abl accordi .. y,' ng to the amounts 'due on such installment, 'to the persons entitled ' thereto, without any discrimination or privilege except as to the. respectivegates of iriterest`specified in the Bonds; and Second, to the payment to the persons entitled thereto of the u6pa+id of ,and premium, , f ,.he Bonds which shall -have become . r i f 'any, on any o - a e ,due -. ,p ;inci�pal� , .. . � (other than Bonds matured 'or called for redem ,.ion for _he payment. a. ,whi moneys z. r tit t th'e ro isions of thispIndenture inpthe order ofth }are held 'pig sua o p v ) their `due a' d .... ,, ates, with; in on the principal of each such Bond at the `rate per annn borne Eby r such Bond 'from the date upon' h�hich i t becomes due.. until aid and,"if f the amo,Unt p p . l no, be sufficient pth_ ay full Broatablly,. ramate, 'with thl�su by interest, then '-to �payment according rtocthe ount :togeaher principal due,on such, date, to the persons entitled 'thereto without any Yof discrimination`or privilege. (b) I f ,.the principa of all the Bonds �utstind'iiig shall h� ve become dire or. shall have been declared due,and payable,` all 'such'"mcJneys shall be applied`tio ., ,.. , .. ,. r�nc� al nd unpaid the payment .of. -he "p p '"O O ,. re�i"refere + .S thou ce orandlvritrof rincidal nd�premium u on .the Bonds. 0utstandi`n` w ' P, g' P p �. P P ' `. ; over inter rinci al and rem�um t 'o f est or, of interest over n p P p, - � or of any insta.11men .. ,,. interest over any other ins..al.lment of interest, 'or of any 'Bond over any other 4 .. Bond,,ratably; accordino`to the amounts due respectively �f'orlprincipal-, premium, if =' n'ariy; and interest, 'to the ' arsons entitled :here'to`► ithout any'disci•iminatian or P rivi ege. 4 7 ( �': P shall have .bee`n cand�f , . e clar`e a ablerinandalifosuchl d+eclaBratdionBshajaridirig e d.Adu' tihe;reafter have. been. d e ,,'. . rescin8ed'and'an'n611ed under the `rovision s ofa'thi s "Art b ect to `the , iclE then su r ov s ohs _ p of subsection (b) of this Section in'the Avert that the principal of ;all. ' s. IY A 29} the Bonds shall'Tater'beconedue or to`be+declared due and``payable, the Honeys sh'aII '- be "appl ied in accordance pith the provisions' of subsection (`b) of this Secion. ' h'henever moneys are to 'be app.) ied 'pi�rsi�ant to'`{the provisions of thi s Section, - such monreys shal 1 :be applied at .-such times, .and from time to time, as�'the Trustee` shall ''determine is appropriate upon 'due:consideraticn of the amount. of, such y' «' a` l icatton. and 'the ,likelihood of additional' moneys becoming moneys available for PP , . "' the future. 4�heneve;r the Trustee shall apP1Y pp ication in ' available i`or rsuch a` 1' ` ,, . such funds it shall fix t which shall be an Interest Pa�ment.Date unless he date ` (xerct 4' , ,, 66 'moreit em b 1 e se of i ' dl ideem , ano roe ri to of suitable The Trustee shall t ve such notice a s t m y 9 PP p ::he 'deposit with' it of� any such moneys and of the of any such hate. Section 6.06; Remedies Vested in the Trustee. All rights of -action ( including the ;right to file proof of claims) under this Indenture or under the 6`ds'6r'any,B6nd may be enforced by the Trustee without tile possession of any -Bond ., or. the `production thereof in any trial or proceedings related thereto, and any, such suit or aroceedin institu`.pd b� the Trustee shall 'be brought in its, name:°as 9 - , ., Trus6ee''wi�hout the necessity of joins as plaintiff or defendant the owner of any Bond. Section 6.09. h,,s`and_R�emedies of the Bondholders. No owner of any ' _Ri .___ Bond 'shalI *hatie'any right to insti-.u=e an quit action, or-proceeding •9 j proceeding.`in equity:or k. law for the enforcement of this indenture or for the execution of any ``trust W hereof or for'the appointment of a receiver or any other remedy hereunder, unless: (a) ;A'default has occurred of which the Trustee has been notified as 4 arovided .in Section 7:01(h) hereof, or of which by said subsection (h) it is'deemed to'have `not ice; (b) Such `default shall have become_an Event of Default and the owners of not Iess'than 25'0' in aggregate'; principal amount of Bonds then Outstanding sha11 have made `written `request ,to the Trustee and sha11 have , offered 'it reasonable o portuni ty either', to proceed to exercise the powers ;he`rei nbefore granted or - to - .,, Ute ' ' names of such `owners,, ,and i�nstl thave s f f red to the1Trus teen i indemnity astF rovi,ded i '=hal o p n Section 7.01(1) hereof; an:d ; , refu,e� (c) The -Trustee shall-thereafterfail or to uexerci se `the powers �hereinbefore granted, or. to institute such action, suit'or� proceeding in its own name within -a reasonable time'; . `n btificatio'n, ,request an'd offer of indemnity are.hereb� declared in ever and such no y RI b. ,Y case at `the option of the Trustee, 'to be conditions precedent to the execution of <.I the. powers and trusts of this ;Indenture, and �to any action or cause'cf.action"far .,.;. tf�eenforcement Hof. this Indenture, or for the appointment of a receiver or `for;`any or more owners other„remed hereunder• it bein umbers o Y 9 of � the �6o�nds' shall have an .,rt ht i n any manner lwhatsoevehattonoa�ne ' feet, I disturb,`6r, the 1 ten of this Indenture by such owners' action or to enforce any ri.gt �pre3udice r .tu h'ereitnd'er except the manner`herein 'provided, and that. all proceedings at law:>'or i > .in in ;equity, shal T.`be instituted,: hid''and maintained in` the manner herein provided and : S I J : '30 x i i Jo y for the equal and ratable benefit of "the owners of.- all then Outstanding. ,Bonds i4othing ,contained in this Indenture, h6ld6ver, shall of fect'or impair .the rights of ' any Bondholder to�enforce the payme.nt,Iof the principal of, and -premium, i f .any, and "of..the ... �. ' the matu`rit thereof or..the �bli gation interest`on, y Bond at and:afte anhe ls:.. rinci al o far n � ; nds `' � �nd` remium i r an .and inter..st on the: Bo p R p . � y, - ,, ` issued hereunder` to the re'spect�ve, Bondholders at the time, place, from the; source, irid."in the manner 'expressed inn the `Bonds. flothing contained herein shall :'be construed as 'permitting,'or affording any Bondholder a 'right "or cans'e or action against the-`'•�•ustee or in �respe�ct' of an issue 'of Bonus where a default has �b`e'e'n wai'vedund,`Section'6.11, or'cured'under Section 6.12 of this Indenture. Section 6.10. Termination of Proceedina.. In case the Trustee shall`have proceeded to enforce any right underthis In by she appointment of a receiver or otherwise, and such proceedings shall have been discontinued'or abandoned for any reason, or shall have been determined adversely to the Trustee, 11'--hen and in'eVery such case the Issuer ar,d the Trustee and the Bondholders shall be restored to'their former positions and rights hereunder, and all 'rights, remedies a rid'por�ers of the Trustee shall continue as if no such pr•oceedi►gs had':b'ee'ntaken . Section 6.11. Waivers of Events of Default. The Trustee may in its discret16n Waive any default or Event of Default hereunder and its consequences and shall do 'so upon the written request of the owners of at least a rnajo►•ity:,in aggregate principal amcunt of all Bonds then Outstanding; provided, however, the Trustee may not waive an Event of Default described in subsection (a) of'Section . 6.01°hereof:' Section 6.12. Notice of Default Under Section '6.01 b Op2oi•_tunit of e Such Defaults, Anything herein to the Issuer the Lender and Lhe U�,ner to Cure S ��_ the contrary notwithstanding,no de�ault under Section E.01(b) hereof shall ;. constitute an Event'of Default until actual notice of such default by'registered or : ` Owner by the Trustee certified mail shall'be given to the'Issuer,; the Lender• and the ; or by the owners of not less than 25% in aggregate principal amount of.all Bonds, `ou the Lender and the Owner shall have had 60 days after ts�an in an t e s suer• g- • e`faul t to .be d default or to cause. said, d h correc said r e ceipt� of suc notice . to - ,, � ;, - .d said default or caused said defaulttobe corrected, and shall'`noi have corrected corrected within the '"applicable period; provided, however, that if said default be such that it cannot be corrected "within the applicable period, it shall not constitute an Event of Default if corrective action is instituted by, the Issuer, :the ,Lender or the Owner within the 'applicable ."period and diligently pursued until ;- �the''defauIt.is'corrected. With regard to an 'defauolt coicerninSec►.ron otice is given, to the Issuer 9 S which,n+ , p t and the Owner under the ovisi ns,o 1s she Issuer 'to to ,.he full extent p 15 _ „permitted'by iaw, hereby grants the Owner '; ul1 'authori ty� to perform and observe for - ,Perm the account of the Issuer any,covenant'or.obli ation.,all`eged in said notice not to `" ' n. performed or observed in,,the name and stead Hof .the `Issuer' with, full power hake bee t r g to the same extent that the Issuer could do and to,'do, any and a l`l thins and acts '` ; per any ?s►jch things and 'acts and' with power ' f substitution, and .-he 'Trustee hereby consents"to such grant of authority. 4 I 1 t kill. r 31 til ill: I i L( • F 4 �'{k1Y. n..i ..k. ♦ .. ,.{ 1 �t `:- !., ... ,.. .. ... .v.. tM .,, tF . .,, .:F, 'f�+ .. .. 1 s �..4, t, ' ARTICLE 'JII.THE TRUSTEE Section 7.01. "Accept'ance '.of. the Trusts. The Trust6e herebya6cepts the trusts ",iiiposesubikt updn it'by this� Indeoture,`and agrees to 'perform, said trusts. `b'b't to the' fol'towing express terms and conditions: only,, upon and a)� TThe rusitpe, prior t-o the occurrence of an Event :of,De'fAUlt "and ,the curing of all Events if Default,whi h r. n a'k e's, - t o 'afterlt u 0 c may have occur 'ed dert. pe'rform I such ,'duties and only such duties 'as are specifically I set Jorth in `,Ois In case an Event of Default has occurred (which h �6 "n r Indenture. as not,. ee cured or waived the Trustee shall exercise such of the rights and powers �es t6d , in it by this Indenture, and use the 'same degree of 'care and 0- , ill in their e x e r c"i s e as a pru;'dent,','p'erson would exercise or use under the circumstan'ces in the conduct of his own 'a, fairs. and any of the trusts or powers hereof (b) The Trustee may execute %, perform any of its duties by or through attorneys, agents, receivers or employees : but �shall be answerable, for the conduct of the sale' in .accordance with the, standards specified above. and shall be entitled to advice of counsel concerning all matters of trust hereof and the duties hereurder, and in all cases may pay such reasonable, comipen sat. ion to all such attorneys, agents, receiver-s and employees as may reasonably be employed in connection with the trust hereof. The Trustee may , act upon the opinion or advice of any attorneys approved by the Trustee,in the exercise or. 'a reasonable care. The Trustee shall cot be respcnsible forany,Joss_or damage i re'sul.ting fromny action or nonaction exercised in good faith `in rel6n''ce upon such opinion or advice. The Trustee shall not be responsible for any recitaLherein'or"the leg'ality or validity of this Indenture, t h e Deposit Ageeement,' 'the Deed Restrictions, the Bond Purchase Ag reerre n t or any docurrient,. instrument 'or er i "ate o f d p' recording or re-r c' " ti ' c e osit 'relating thereto; the recordi ecording, 0" r,'' f i, I i ng or refiling"6f this Indenture, or any other instrument required by''Llhis.IndentUre to secure 'the'Bo'nds; insuring the Project or collecting any insurance monethe Validity of -the eyocution by the Issuer of this Indenture or or any supplements hereto or instrume'nts',of further assurance; or the sufficiency of the security for the Bonds, issued hereunder or intended to be secured hereby, orlotherwise 'as to the 'maintenance of,'the security hereof. Trustee s (d) The shall not be accountable for the use of -any, Bonds - authenticated or - credited hereunder. The Trustee may in good faith buy, sell own . may join i n. any. act i on whi ch - Any Eond e may be and hold any o f '' the. Bonds and in, hP I'd. r s entitled to take with like effect� as' if the Trustee ' were 'not a party to the' ru' �'t e' e �ma,,`Al�o engage' i'n o ."be interested in -any fin n Indenture. The T r 6'cial or other transaction with the Issuerthe Lender or the Owner, p r' v i dirJ that' if,.the 44- detiermines :tha`t,;'a'ny such, rel6tion� i'To s in conflict with its duties :under this T extent . Indentures shall el Imi it conflict or resign as Trustee. the' e.nale,.. the , and h permitted by 'law,' the Trustee may ,Olso. receiVe :tehders I d purchase i in godd 'a.i th f Bonds ron J om itself, including U-hy"deparlLmeint, a+-Iiate.or subsidiary, 'with like ` effect as if it were net the Trustee. 33_ s-` V" _ak I '(e) ) p g 'upon d, may conclusively rely u on any::no The request,l, consent, certificate,dorder, qff idavit, letter, telegram-or,other paper, orAocument rEasonably'be'lieved'to be genuine and correct anI'd reasgAnyl acbel ie ed '' ob ha e:"bee`n signed or sent by the proper person or ,p, y. he Trustee pursuant to this Indenture upon '"the request,'auth orQ� rv�n such atithorit sent,of any person who at the'time of making such request , or�ty cr con g•'.{ 'g y • hall be conclusive or consent is the owner of an, Bond, s and binding upon all future owners of the same Bond. (f) As to the existence_ or nonexistence of any fact or as�to' he sufficiency;^or 'validity of any ,instrument, paper or proceeding, the Trustee shall s" e entit1ed��to, on 'a certificate signed by the Issuer Representative, the Lender, �Repr rely up_ , be A tat ��e or the Or'►ier Representative as suf`icient evidence of °the ,facts ,therein contained; and prior to the occurrence of a de'fauiL,of which''the' Trustee has been notified as pravidad in subsection (h) of this Section, or of <. y 'deemed to have notice, .shail also be at liberty to accept a simidlar.bcert ificate to the effect that any particular dealing, transaction or atticn is necessary or'e,�pedient. ire Trustee may at its discretion,sectr`e such ` fur�her�evidencn deemed necessary or advisable, but shall in no case be o `bound ,t secure ` the sarre. The Trustee may, accept a certificate of the `Mayor, Vice Mayor, 'or City Cler,k,;of the Issuer- under its seal to the effect that a resolution and order in the form therein set forth has been adopted by the Issuer as conclusive evidence that such resolution has been duly adopted, and is in full force and effect. (g) The right of the Trustee to per orm any discretionary acts e.nurerated `in -this, indenture shall not be construed as a duty, and `the Trustee shall not'be answerable for other than its negligence or willful misconduct in the performance of such acts. h) The Trust ee Lee shall not be required to ta�:E notice or'be�deemed to , have notice of any 'default hereunder except f ai lure by the Issuer to cause to be made any 'af the payments to the Trustee required to be made by Article 11 hereof . or the ufailure f the "Issuer or the Owner to file with .he :Trustee ..a,ny °document r'eq' re by Indenture to be so o i led "subsequent to she issuance of the Bonds, 1.. Unless 6-he Trustee ' p ically notified in writin of such default by the orb the owner shall'be s ec�f `Issuer, the'Lender `' ' r, 9: y � 25°o in aggregate principal- aniount;of Bonds then' Outstanding; `and all Snotices or, other instruments required by this Indenture.to'be' del ivered" to rhe.Trustea shallbe delivered at the corporate trust off ice of the ,Trustee and, in 'the;'absence of such notice so,'delivered the Trustee may conc,lutiVely assume there is no: default except as aforesaid.- If moneys s. �sufficient'to pay.ma`tUii ring principal'of, and prerniuh, if any,'arid interest'on, the 'Bonds i`s not timely {received by'the Trustee, the Trustee covenants to give notice, of such fact! to the Ov" erand the Issuer -At any 'a h1d 'a 1l reasonable times the Trustee, and its 'duly , ttor eys, experts, engineers, accountants and representatives tf - authorized agen�s9 a p y ,, `books,records of the Issuer h `papers pertaining `to ethe Project takeesuchnmemoranda therefrom;anld in'`rig a �d '.thereto as may be desi red.. ` r .t 1 r R 4 5 -.rp7 .}1Y v ,t-..g t,',+,�,i 'fit x•.t ��,i 3 0�, .rr'..t uu. X Y' ! .{': { ;r m .t. ; 4 �.".t ..;,o r ^;,i •�, sty ,.,: '',}a°.•�r5: t;?r ,� "!-;,_S ,at 'f. .;•1+.', ;i, J', '�. - . T• e 1 ,s '% x s ry. •e i]'S k..,,Y» 'Id'{.�J'{,'..r irS '� (j) The Tru's tee .`'`sha l 1 not be r•equ i red to give any bond or surety f r, respect of the `execution'of said -trusts and`'powerls. , (1•) 'Notwithst'an-ding anything contained eIse"wh0 I' 'this Iridenit;ure, X the Trustee shall have the- right,'but shall not be required, to demand, in respect of "the authentication of Bonds, the withdrawal of any cash, the relea`se'of any ro art ,the to f: ing 'of and action h4i-�a tsoe per within "she ury i ear of this I nden Lure, _any Any showings, certificates, opinions, appraisals, or other information, or inhat required by'the terms corporate action or evidence thereof, n addiLion to t hareof+'as a condition of such action by Trustee, as deemed desirable ror'; the � J.. _ then�1ication'a any Eonds, ur ose of establ isfiin the ridht of the Issuer to the au �^ P P g .. .. J the withdrawal of`' n�� cash, or Ehe tal:in of any other action by the Trustee. g .(1) Before taking the action referred to in Sections 6.02, 6.03, 6:04, ?� 6'.05`or.6.09 hereof, the Trustee may require that a satisfactory indemnity bond be ' furnished`.for-the reimburseme t of all expenses which it may incur and,`t'o protect, } it 'against -al liability, except liability which is adjudicated to have resulted .1' ''f •om i - s negligence or wi ll tul misconduct by reason of any action so ta►;pn. ' m All moneys received by the Trustee shall, until used, applied.°'or• ' invested as herein provided, be held in trust for the purposes for which. they -were receiv d but need not be segregated from other funds except to the extent required <` by: law The Trustee shall be under no l ;ability for int.rest on arty moneys received "'hereunder except such as may agreed to by it. Section 7:02. Annual Fees,_ Charges and Expenses of the Trustee. As y. pay menu of, its :annual tees and. reir;.oursenent for its services rendered hereunder, th'e- Trustee shall .be: enti tied to payment of the amounts -set forth in Section 4:05. , In addition, the Trustee shall be entitled to receive from said source s reimbursement for., its charges and expenses (including reasonable'c0unsel's fees) ?' incurred in"conriection with such services. The Trustee may maize disbursements from 'Operating Expense Fund to pay Such amounts from tine to tine as' i ,, in its sole :,the discretion, deems appropriate. Upon an Event of Default, the Trustee shall'have a 1 e6n .upon the Operating Expense Fund, with r•iuht of 'pageant for the `oregoing fees, cha"rges, 'and expenses incurred by it prior to -payment on account of any other amodnt therefrom. Subject to the preceding sentence and anything in this Indenture to the'contrar•y`'notwithstanding, the right of the Trustee "to, receive such fees, charges and expenses shall be at all times subordinate'to the payment of debt service on the Bonds. Section 7.03. 116tice'to the Bondholders of Default. If a "default "occurs of `khich `the Trusteeis required by Section 7:01(h)hereof to' take notice .or if T ' not'ice'of default be given �as provided in Section 7'01(h), ' then the Trustee sh:a11 pro',tiy give written notice thereof, by registered ar ce'rtified mail to each .h t v, el, registzred o.�n'er of Bonds then Outstanding. The Trustee shall pra�npt,ly 'give wrI ten notice to the Lender'by'reg�stered or certified mail of any such 'notice'`of x j .; 'default:s?nt to any owner of Bonds, `as proitided hereunder. ... ' 'Section 7:`04. Intervention'b�� the Trust ' e2 I n any judicial proceedirig 4 b' ' r 4t 'Nhich tihe Issuer ot,"the Owner is a'party and which in'the opinifln,of` the Trustee and , x A Odtstandi i is courisel � has a substanti a l beari ng on'"the interests of owners of ' , ng � , 6 t T 3 5 >. y/1f t t - O�it.?,�i-.t4.1f:~,. i �1 yY'r„•,.W y ; Sl Bonds, the Tru:.tee may intervene on behalf ,"oi ` the Bondholders arid, steal 1 do so if' requested ; i.n.;writIng by tlie ownersof at heist .25%' of 'theaggregate principal am6r'- `, J r.`:rtds`then Outstanding, _ Suc�e.sar Trustee_h tier' er'or Otherwi se. `An an 7.05. � ,' g y corporation 7 or association nto'kfiich the�Trustee may merged, with >^�hich it may - • . , be consolidated, or .to which it may ,sel l or transfer its .trust,business an'd assets as'a whole`or. 'substantially as a inholc� or any corporation or association resulting :. ,., .. "'any' such. conversion, 'sake, merger,-consal idation, or transfer to°which it is':'a . fr',ty, aom P _ i so facto, s-hal l be and become the successor Trustee "h0 nder acid crested , with all of he title to the Trust Estate and all the trusts, ohers, di.scretions �rivile immunities es responsibilities, obligations and all other natters as was P �, P g its predecessor, without the execution or filing of any instrument or any further act, deed, or conveyance on he part of any of the .parties hereto,'anS�thing herein to the contrary` notwithstanding. Section 7.06Resfa►ration by_the Trustee The Trustee may resign from the trusts `hereby' created by giving written notice to the Issuer, the Lender and the Owner, and,'to each registered owner of Bonds then Outstanding. Such notice to the ` Issuer ,to the lender and 'to the Owner may be ,served personally or- sent,;'by registere'd'or certi f ied Rai l , and such notice to the registered owners of the Bonds shall be sent by registered or, co.rtified mail. Such resignation .shall not take effect until the appointment of a permanent successor Trustee. If no successor the .., _ pursuant to Section 7.00 hereon r,�thin days after thedeliverysuch ices a temporary i rustee may be 'a ointed'by ►� , P P the Issuer' pursuant to said Section 7.08. Section 7.07. Removal of Trustee. The Trustee clay be remov0d "at any time instrument or concur r ; to y'an,instrumo �ma . ..�substantially.. des i nedtbu1 �he5oilners off "a joered the Trustee the. Issuer and she Owner, and signed Y city to _ aggr_A gatp principal amount of'Bonds then Outstanding. Such removal 'shall take `. effect'Upon 'appointment'of a successor trustee. Section 7 08. anointment of Successor 'trustee'by Bondho)ders; Tem orary�Trustee. In rase' t;ie. Trustee hereunder shall resign, `be removed, be `dissolved, ,be in course of dissolution or liquidation. or `otherwise;. become incapable c`f actinc hereunder, or in case the Trustee shall be taken undAr the control of any publ ic'of.fice'r or officers or o, a receiver appointetl "by a court, a succ essor may 'be, appointed by the owners of a majority in aggr•e�ate principal instrument amount of g, r'substantially concurrent Bonds ,.hen Outstand n by an nstr .., instruments'in hritin si ned by such owner s o r by attorneys-in-fact, duly 9 9 1 . .: ., � that the Issuer, by an instrument executed and _ ,... -, °x g ". M attested 'by its City.de?4. 'under- its seal, may appoint , a sitnediby Its, 'and -attested 1' .. temporary Trustee to f i I 1 such v acancy un 6i l a succes sor Trus, ee sha 11' be provided; and any such tem orary Trustee so a ointed by the Issuer shall immediately and . P � PP s Without further 'act be su erseded'by a Trustee a ointed by; .he Bondhoider� ' Every p pP . such Trustee appointed `pursuant''t0 the i signs of phis `Section< 7: be`-- � 08,-shall , trust com 3n or band. 'or anized and doing 'business in the UnIted�Statestlit?, good P Y_ 9 9 " fi Section 7.09, Successor Trustee, Every successor Trustee ( including ar;,y temporary Trustee 'appointed 'pursuant to Section 7.08 hereof) appOnted hereunder eliver to its_ predecessor and to the Issuer an .1 e, instrument in'writing1 acre tin such a " accepting .t ppointment hereunder, and shall `execute`�an ' account si nature c f the Lender `and 'thereupon suc"h ;successor, without any, further art 'deed ordCo - nveyance, shall becone fully ves"ted with the title to'the Trust Estate and 'all of the 'trust powers, discretions, immunities 'privileges, 'responsibilities , obligations and all other matters of its,'predecessor; but such pred ssr re ce. e hwritten request of the Issuer, or of its successoroTrustee,execute andsdeliveranins:.rument transferring"to such successor }'I Trustee all ;.`the'est.�tes, properties, rights, powers, and trusts of suchpredece,s sor ,:"a Q. , a d ever! pr_dece�sor Trustee shall deliver all securities ;and moneys hereunder an held by .it as the Trustee ` hereunder to its successor Trustee.' Should any instrument in from trte Issuer be recut ed b an successor T e g _ e ;• r y y� s rustee for more fully and ,certainly vesting in such successor the estates, rights, powers antl duties hereby vested or intended to be vested in the predecessor, any and 'all such instruments in writing shall, on request, be executed, acknuwledged, and delivered by`the Issuer. The resignation of any Trustee and the instrument or instruments removing any Truster and appointing a successor hereunder, together with all other r instruments provided for- in this Article, shall be filed and/or- recorded by the successor`Trustte.in each recording office ,;here this indenture shall ha��e been filed and/o r• `reCorded. Section 7.10, Resivnation of Pa inn N.c;�-rt. the Trustee is hereby appointed paying agent For the Eonds. Section 7.11r Successor Trustee as Bond Reoistrar, Custodian of All -Funds land Paying__tin^n^t. Ln he, event -o`.a chance 'in rthe�of`ice of the Trustee, the Trustee which:`has resigned or been removedshall cease to be holder of the " registered''.,bond'representing the Bonds issued pursuant to Section 2.02 hereof in f' `trust for the Bondholders as from time to 'tire shown or. the Open "Account Balance , Boos, -•as well as 'registrar for the Bonds and custodian of the ',funds n for of, �,reium, i t an, , and to hereunder, and paying aqe principal � " �te'rest on -the Bonds,, and the` successor Trustee shall become such holder, Borrd, registrar, ' custodia .n, and . _ primary: paying agent. L The Trustee agrees that all records ertainin to the Project, the Eo olders and the Open Account Balance Books shall p g ndh be transferred to 'he successor trustee. Section i 12 Trustee and Issuer Required to_Accept �;rections V,.n Actions- of the Owner.,'henever,` a f ter a reasonable request made 5y the O+;ner, the Issue:• or the !.ender shal 1 ' f a i 1 ,; refuse, or neglect to gil'�e, any, direct ion''to the Trustee or to require the Trustee to Lake any action'which' the Issuer or the, Lender is 'required'- to -have. the Trustee -taste pursuant to the provisions of the D posit Agreement. or this indenture,.the,Owner may 'give nny'such direction to the Trustee or e tod�'ta1.e an such 'action, ion, and the Trustee is . hereb y y "irrevocably ,4 accept ion from the Owner'as, empo,erPs� and stiff icierit fora l purposes oi'e this :Indenture. SThe Gwner 'shall have the "right to -', Cause the Trustee to comply with any''of the Trustee's obligations`under'fhis :. , - r empo iered so to do. IndnLure to the same extent ,.hat the Issuer or tht Lender is _ _^ ,. .; ,} ;a f 37., �ei{+� s`t } , .3` + r`i t • ,.1 ,. '� 1 ttcp r }'.. 4 Certain actions or failures. to act''by .the Issuer under this Indenture may create'o►- result in an Event of. Default under this Indenture';'°tFerefore, the Owner may, to the extent pe.rrr,,i tted'-by law jierform any a'nd 'ill acts or 'take such actian:as ,,. may be'necessary for and on behalf of the 'Issuer to prevent or correct said Event of Default, and the Trustee shall Lal:e or accept such perfor-mance �by � the "Owner as performance by 'the � I ssue r• i n such event. Section 7.13. ' Trustee May Own Bonds. The Trustee, in its individual -or any other:capacity,'may become the owner or pledgee of 2Bonds with the same rights it would have i f i * `were not the Trustee. Section 7 14. Appointment of Co -Trustee. It is the purpose of this indenture that there shall be no violation of an law of any jurisdiction including particularly the laws of the State of California) 'denying or restricting the rights of 'ban►.ing corporations or associations to trar�sact business �as a a trustee in such jurisdiction. It is recognized that in case of litigation under a this`Indenture, and in particular in case of the enforcement of this Indenture on -default,or in case the Trustee deems that by reason at an presen; or future 'Iaw of any jurisdiction it may°not exercise any of the powers, rights or reHudie`s herein granted toy the Trustee. or hold title to the properties, it truss, as herein granted, or take any other actionwhich may bi, desirable or necessary in connection therewith. it may be necessary that the Trustee appoint an additional individual' or inst3 ion as a separate or'co-t-,�stee. The following provisions of: this'Section 7.14 are adoptFd to these ends. ; An .'the event that the Trustee appoints an additional indi-��idual or p , insti;.ution as:a 'separate co -trustee, each and every remedy, power, eight, claim, "demand, cause of action, immunity, estate, duty, obligation. title, ` interest and r: lien expressed or intended by this indenture to be exe.-cised by, vested in or ; 'conveyed to the'irustee with respect thereto shall be exerc{sable by and.'vest {n such separate or co -trustee, but only to the extent 'necessary _to enable such wremedies, and everyseparate or co-trustia to 'exrcise sh'poers, right and = `separate or ca- covenant and obligaton necessary to �a ex rci thereby b such trustee shall rUr to`'and"be enforceable by either of the-,-. Should any in writing from the Issuer be required b the separate trustee or ''co -`trustee ; so appointed by the Trustee for pore Iful ly and certainly vesting in and confirming to him or it such properties, rights, sowers, trusts, duties and obli at,ions, any and all such instruments in writing shall, on request, 9 'be .executed, acl•:nowledged and delivered by I he Issuer. In case any separate trustee 'or co=trustee, or' a successor to either, shall die, become incapable of acting,' resign or be removed, , all the estates, properties, 'rights, powers,, trusts, duties and`obl{ atiens of such se crate trustee or co -trustee, so far as ermilted. 9 p . , Ti by' taw, shall vest in and be exe►•ci sed -by ,the ruste'e unti 1 t`hc appointment o,f . a 7r successor to such separate 'trustee,or co-trustee.t r„A 36 r ARTICLE tiri II. SUPPLEMENTAL ItlUEtlTURES Section 8.01. Supplemental Indentures Clot Requiring Consent of the ' ; the Trwithout the consent of, or no:.ice''to, Bondholders. 7he Trustee may, any,IssuerAaof the Bondholders, ented into an indenture or indentures supplemental to this Indenture, not inconsistent with the terms and provisions hereof, for any one'or "mo 'af the, following purposes: (a')` to cure any ambiguity or formal defect or omissions in thus. Indenture which cure does not have an adverse effect upon the interest of the Bondholders; (b) to °grant to or confer upon the Trustee for the benefit of the Bondholders any additional rights, remiedies, powers, or authorities `tha`t , may lawfully`be granted to or conferred upon the Bondholders or the Trustee; (c) to subject to this Indenture additional revenues, properties or col lateral; (d) to modify, amend oi- supplement this Indenture, or any in&nture supplemental hereto, in such manner as to permit the qualification hereof and thereof under the Trust Indenture Act of 1939, as amended, or any similar federal statute hereafter in affect, or to permit the qualification :I of the Bonds for sale under the securities laws of any of the states of the 4� United States, and, if they so determine, to add to this Indenture or any indenture supplemental hereto such other terms, conditions and 'provisidns as may be 'permitted by the Trust Indenture Act of 1939, as amended or any s1mi lar federal statute; and (e) to add to the covenants and agreements of the Issuer contained in this In'oenture other Covenants and agreer+_nts thereafter to be observed for ; the protection of'the `Bondholders, or to surrender or limit any right, power ` or authority herein reserved to or conferred upon the Issuer. Section'8.O2. Supplemental Indenture Requiring Consent of the Bndholders. 'Excl►usive of supplemental indentures covered by�Section 8.01 hereof znd subject to the terms and provisions contained in this Section 8.02, and riaa atherwi`s' the 'holders of not less than 66-2/3 % i n aggregate principal amount of , t}ie 'Bon'&• then Outstanding shall have the right, from time to time, .`anything` coltaine'd in this Indenture to the contrary notwithstanding, to consent to and Issuer bv.. ' s her_ i ndent,.jre,'or snecessarucanotdesirable :. indentures sueXlernen�3lbhereto, shallnbetdeemed y by the PP Trustee for the purpose o f modi fyi ng , altering, amending ,, adding to, or resci tdi ngt, the Bern ` yin articular any of s o r provisions 5 i y P aln� � g y supplem_ntal n p s ' e i demure- ro�idedp howe ers cthati nothinthcontadinedurin othis r. ,h or in Section ,8.01 shall permit. or be, construed as e'rmitting, Section P .8;02 i pp owners of all the Bonds then Outstanding, without the consent and a royal of the _ (a) an <extensidn- of the maturity of the principal of, or premium., if ; any 1 ;or �� ion in the 'pr's.. i terest 'on any, Bond, or a reduct ` incipal amount of any -Bond or, the ` . , rate of. interest or. redemption premium thereon, or, a reduction in the amount,, or merit required 'by, any mandatory; sin�:in extension of he time of any pay g ,fu'nd 34 Y requirements herein'; (b) a privilege or ;priority of any Bond over any other'Bond , exceP t'as'.herein provided); (c) a reduction in the aggregate principal --r"ou6. of re ui red for consent to such supplemental indenture; d• the.rde rivat,ion the�Bands q pp ( ) p ' of the owner of g S 5 n nr Srepmenture •f (e) of the Lender' obligation under theDpdosi t 'an � alteration f 9 -A �9 ( ) a modification of the notice provisions in Section 3,06 hereof; or (g) the amendment- of this Section `8 02. If at any time the Issuer shall request the Trustee to enter into, any such supplemental indenture for any of the purposes of this Section, the trustee, upon being satisfactorily indemnified with respect to expenses, shall r cause notice of ,the proposed execution of such supplemental indenture to be mailed to 'each of the Bondholders at the address indicated on the Open Account Balance` Books. Such notice shalI'brief ly set forth the nature of the proposed supplemental indenture and shall state that copies thereof are on file at the'principal office of the Trustee for inspection by all Bondholders. If, within 60 days,. or .such longer period'as shall 'be prescribed by the Issuer following the final publication` of such notice, .the owners of the requisite percentage in aggregate 'principal amount of the Bonds Outstanding at the tirre of the execution of any such supplemental indenture shall have consented to and approved the execution thereof as therein provided, no owner of eny Bond shall have any right to object to any of the tennis and provisions contained therein, or the operation thereof; in any manner question the pr'ority of the execution thereof; or enjoin or restrain the Trustee e or the Issuer from executing the same or- from taking any action pursuant to the n provisions thereof. Upon the execution of any such supplemental indenture as in this Section 8.02 permitted and provided, this Indenture shall be and be deemed to be modified and amended in accordance therewith. Section 8.03. Consent of the and the Lender Required. Anything _Owner- herein ,,o the contras notwithstanding, n �s y notwithstanding, g o supplemental indenture under ;:this Article`VIII shall become effective unless and until the Owner and the Lender shall have consented in writing to the execution and delivery of such supplemental indenture. t' I i 40 t ARTICLE IX. hlI5CELl.AtIEOUS Section 9,01. Consents of the Bondholders. Any consent, reques t, direc�ion, approval objection, or other instrument required by this ,Indenture; t`o be si ned 'and executed by the Bondholders may be in any number of concurrent g writings of similar tenor and may be signed or execute d by such Bondholders In person or by agent appointed in writing. The fact and'date of the execution by. any` person of any such consent, request, direction, approval, obJection, or other Instrument or of the writing appointing any such agent and of the ownership of a has power to takeeacbnowled m ni,,siwithinf such that he peon who by law Y P y + p _ � � � person signiri;g such writing acknowledged before him the execution thereof, or by an affidavit:, of any wit ness.to such execution, and if made in such manner, shall be sufficient for any of thepurposes of this Indenture, and shall be conclusive in favor of the Trustee with regard to any action taken by it under such request or other instrumen_• For all purposes of this indenture and of the proceedings for the enforcement hereof, such person sha11 be deened to continue to be the owner of such Bond until the Trustee shall have received notice in writing to the contrary. Section 9.02. !_ir-►itation of Rinhts. 'dith the exception of rights herein expressly conferred, nothing expressed cr nen;ioned in or to be implied from this Indenture or the Bonds is intended or shall be construed to give to any person other ihan the parties hereto, and the owners of the Bonds an; legal or- equitable right, remedy, o e y e Lions r claim under or in resp..ct o; this Indent or an covenants, conditions and provisions herein cantained, thes Indenture and all of the covenants,, conditions and provisions hereof being interred to be and being for the sole and exclusive benefit �f the parties hereto and the owners of the Bonds as herein provided. Section 9.03. Severabi 1 isLy. If any provision of this Indenture shall be held or deemed to be or�shalI in fact, be illegal inoperative, or- unenforceable the same shall not affect any other provision or provisions herein contained or render the same invalid, inoperative, or unenforceable to any extent 11ihatever. Section 9.04. Notices. All notices, certificates, or other communications hereunder shall be sufficiently given and shall be deemed given when personally delivered or mailed by registered or certified mail, postage prepaid, or on the day sent by telegram, addressed as follows: If the Issuer; City of Huntington Beach City Hail LOGO Main Street Huntington Beach.-, California 92648 Attention: City Administrator i, If -to the Grin on partments, Limited . er: c/o 4tilmore�Cit`� y Development, Inc. 611 Anton Boulevard, Suite 970 Costa Mesa, California 92626 Attention: Steve Semingson If to the Trustee: Albuquerque National Banff: 303 Rona, N.W. Al buque rque , New Vex i co Attention: Trvst Department If to the Lender: Home Federal Savings and Loan Association 701 ' ►'th Broadway San Diego, California 92101 Attention: M Nan Tomecha►: A'duplicate copy of each notice required to be given hereunder by either the Issuer or the Trustee shal 1 a i so be riven to the Owner and the Lender, and a duplicate copy of each notice required to be g'ven hereunder by the Trustee to the Issuer•, the Niter or the Lender shall also be given to each of the others. The Issuer, the Owner, the Trustee and the Lender may, by notice given hereunder, designate any further'or'dif"ferent addresses to which nubseouent notices, certificates or other communications shall be sent. Section 9.05. Payments Rue onHoliday,s. If the date for ma':ing any payment' or the last date for performance of any act or the exerci sing of any right, as provided in this Indenture be a Saturday, Sunday, legal holiday or a day on which baO.ing institutions in the city in which the principal office of the Trustee or ; any paying agent for the Bonds, as the case may be, is located are authorized or required by law or executive order to close, such payment may be made or`act performed or right exercised on the next succeeding day which is not a 5aturh8ay,:. Sunday, or legal holiday or'day on which such banking institutions are authorized or; requi red by law to c 1 cse with the same force and e t fec t as if done on the .nominal date provided in this Indenture, and if done on such succeeding day no interest ,accrue, solelyin respect of the operation or this Section ..05, for the ; •khaii period after such nominal date. Section 9.06. Executionof Counterparts. This Indenture shall be simultaneously executed in several counterparts, each of which shall be an originai .and all of which shall constitute but one and the same instrument. Section 9.07`. ►j_plicable law. This Indenture shall be governed 'by °A`n'd construed in accordance with the laws of the State. Section 9.08. Cations. The captions or headings in this Indenture are for ; convenience only and in no way define, limit or describe the scope or intent of `any , pro visions, articles or sections'of this Indenture. 42 999 . : • A. EXHIBIT'A ,. LFORM OF FOND].. The faith 'and credit The City of Huntington Beach, California is not pledged to the a,ment of the principal 'of or interest o ,- P 9 A p P n this Bond. S16,000,000 THE CITY OF 'HUN T INGTON BEACH, CALIFORNIA LCIANS-TO-LENDERS REVENUE BOND (HOME FEDERAL SAVINGS A14D LOAN ASSOCIATION - HUNT INGTON BREAi ERS PROJECT) The City of Huntington Beach, California (the "Issuer"),. a. `political subdivision of the State of California, hereby promises to pay S16,000,000 to'the -.: .. 4 q • f - from"time 'to t'ime order of Albu uer Thereinafter bed+belowaonFMarcho1,t199be(orleaorliereas of the Bonds described provided), • • � um', "'• p t h ,. h thereon, from the da,.e hereof at the rate of 7.75ti per an'n� ` and to ay interest p`ayabi'e on Se "Lem.ber 1, 1983, and semiannually thereafter on each March 1, a`nd September 1, while this Bond is outstanding; 'provided, however, that such principal and interest are payable solely from the sources and in the manner hereinafter described and solely as authorized and provided in Chapter 7, cor{menc. �qT wifh :Section 52075,`Part 5, Division 31 of the Health and Safety Code of .he State'of .' California (the "Act") The princial of p:'s this bond is payable in lawful money of the United State o,VAcnerica,. without exchange or collection charges to the registered owner, :at the corporate trust 'office of The Albuquerque National Bank, f.lbuquerque, New Mexico (the "Trustee"). -'Principal of and interest on this 'Bond shaI l be paid by check or kciraft drawn upon the Trustee and'ma i led :to the registered owner, - This Bond is one of a series of bonds dated as of March 1, 1983 (the '.Bonds,!,,) authorized and issued in the aggregate principal amount of,S16,000,000 under and ,pursuant to the Act, a'resolution ado ted'by the Issuer, and n Indenture of Tr1st "dated .-as of Nlarch 1 1983 b and between the Issuer an d the Trusieez(1t�e; ' Y � 'f ; , !'Indenture") for the'purpo's'es of financing the cost of a multi -family res"dentinal :rental project :(the "Project'!) located in the City of Hfintington Beach, j,Orange County, California the "Unit") to be occupied in part`(at least 20 percent,`15 :. 9 ) mo.derate `income as defined by . r `Sects"on 103(b)(12)(C) of'the IntednaldReven�le Code of 1954, as amended. :. S - `h' 's BoAd'' a be made r 'the' registered owner "i'n -person jhe_ti��nsfe'rOf 'this may m ly�,�Y_ at th,e, corporate,,trust,off ce of 't�e or.: igaI representative ' h y;,h"is.`attorney" or legal 1;11 b.,' ,i; Trustee,66tonin ;the manner '.and sUbjCct tothe I imi taAifns and cbh i't ion s :r7' ' provided the Indenture. Upon ny such regist ationlor"transfer the Issuershall , ' tfie frOstee 'shall authenticate 'and credit a new registered bond `execute "and ' registeredithe"nameof thetronsferee, or authorized denbminatiohs on the Open AccoVrt 'Balah;ce Books 6f the T'rUstee. ' option'.re prior to maturity 1`he,46`nds,a're subi-eic"'t to ma6�datory-aihd o'ptio'n''a I denture. asset forth in Section 2.06 and Section 2.07Of the Innture. If less thin all of the Bonds are called for redemotibin,, the "particular Bonds 'or porti dris th6r6of A'b be redee^med shal I 'be selected by'the Trustee on •a pro rata basis from am, 6 ng d,.-however, that she Bonds owned by all Bondholders; provide portio'hs'of Bo'nds shall be redeemed only in integral multiples of S5,000. °At least 10 'days prior to the date fixed for any redemption of :the Bonds 6" pri-dr 'to'their scheduled maturities,the Trustee sha 11 cause a, written notice:of 'of ..such redemption to be mailed, postage prepaid, to each registered ownerthe e to be r'ede'e'meid, at its address shown on the Open Account Balance Books of 'the Trustee. Jailure 4to mail or receive any such notice, or any defect therein crin - the, mailing. thereof shall not affect the validity 0f any proceedin g for the r.edempti6n of Bonds. 'By 'By the date fed for any such redemption, *e. provi,sion `shall be made with t F e Trus't6e for the payment of the Appropriate redemption price. 'h :` itt" nbilce 0`f redemption is made 'a' payment of the I f '�bc :wr en and if due fqr payme red6m0,t"i'6n price is, made, all, as, provided above, 4%-.he Bonds which are to be e 6'shall be deemed to have been re prior to. 'their rdeemed,'deemed I "d 'sc e u e maturities, th,_6y shall not bear interest -after the date fixed for r e d e'mpLion and 'they shall not be regarded as being outstanding " :except for the. r to �receive the rede.tpLio'n price out 'of the funds "f the registered ow'nL C r g q . .7, - I Bond pro*�ided f6r.such payment. IfanyBond shall not be paid Upon the surr_e6d'er_,_there6f at,. %the �maturfty or redemption date thereof, such Bond shal I 'continue to � V4 a, r -by law, interest verdde interest until paid and,,. to the extent permitted on any paymbn t of �'64 principal 6 f , premium, i f any, or '6te rl est "o'n such Bones shall I I be pa"48 at the 'rate of 6ne'percent per antrum above the interest rate borne by such'Bond. if the date for the m men' of the principal 'of or interest 'on 'this "Bond shall Satu'r-day, Sunday, a legal ho I i day , or a -6y on whic'h.'ban' Pg 'or 'i n t. w"here the -.orporate trust offices of the Payi p g %ge'nt -1-rist.tutiohs he 'city r stee are, a uC66 r i z e'd or re' law or executive order to clo'e, th-en the t"b qui red by s the _date- fo r sueh*pa , ymOnt.shall be the next succeeding day which is not � such a Saturday, Sunday,, legal I holiday, or ,.day on Which banking, institutions are authorized" or red", t"o. close; payment'on such date shall have the same force and effect 'a� �C r _Pui -i 6'n'the 'original date of 'paymen't. 1'tha's been cert fied,and covenanted 'that this Bond has been"d6l n y and: 'i,., val i I'y4',"AUth6riied, issued a6d del ivere'd; that "al I afts, conditions, and :thing's 'h �or requ re f -done precedent to'' 'in ,,,t e - d',,��&r O�6per to z be,, per ornied, ex i �t �i6d , ,existed;'-i" ,-be, rmed ssuance,_j`nd 8el i -of this Bond have a R h b'r-i �z i 0o very been "p'eirf6., • obligation and ,d6n'e �A iv,` accordance with '.iw; that this Bond is a limited and specialb I" of :i he I 'ss"u'e'r 'a"n"d' i ha"t', t he princi al of, and pr�midm if any and interest on this p .a Bond�are payable from'and secured by Certificates of Deposit issued by Nome Federal Sav logs .and Loan' ', ,. ( I' . " 'r) ;gyp �' "� Association the Lender to he Issuer ursuant to the �oans-to- Len;ders Deposit Agreement dated as of March 1, 1983'(the Deposit'Agreement) among the Issver,.,the..lender, the Trustee and Huntington Breakers Apartments, Limited (' ) _ or -pa id, or caused to, 'be made or pa id, to the',1 ssuer 'I reserve tunas c` , and .to be made seated pursuant to the ntler is ,and certain. Ind _ t 'e Wner Y 9, ( � _ p Indenture. ' The L g ,.��<.�, . r.el'atin to`mer merger, consolidation, and transfer of assets) of the Deposit�A regiment unconditionall obligated subject only to the provisions g . 9 r " and the ssets to the Issue Trustee to make or pay, or d paid,set-off, recoupment,-or cause to be made or- without , of Rthe Bondholders b the5Indentureepamountstintthe aggregate, gate sufficientd for the benefit ,counterclaim, to the T g to; pay grid . tredteem, and provide for the payment and redemption of, the principal of,,and prerdum, if any, and interest on, the Bonds, when due, subject to and as required by the provisions`of the Deposit Agreement and the Indenture. The BQn ds are secured by the Indenture whereunder the Trustee is custodian` of'�"the Bond Fund and is obligated to enforce the rights of the owners'of thE'Bonds and to"perform other duties in the manner and under the conditions stated in the Indenture. In case an "Event of Default.," as defined in the Indenture, "shall occur, the .principal of the Bonds then outstanding nay and, under certain circumstances, shall be declared to be due and payable immediately upon the conditions and in the manner provided in the Indenture. The Trustee may, and upon Written request o� the registered owners of at least a majority in principal amount 4ajghenEDu d itfsoftqe Bonds o consequences provided Event of Defaultin the payment. of the principal o, .I premium, if any, and interest on the Bonds must have been remedied and made good or ,such waiver must be consented to by the owners of all the Bonds then outstanding. at laworBond equity the to institute any action, ; suit The r of sproceed ng r q y e Indenture except as provided 9 1 in"'the Indenture; provided, however, that nothing in the Indenture shall affect or impair the rights of the registered owner hereof to enforce the payment of th'e ` nasal of, and premium, i f any, and interest on, the Bonds from the source andin , Pri ncip '., 'he, .,.ner herein. expressed. Reference is hereby made to the Indenture for additional provisions with respect to the nature and extent of the security,; the rights, duties, and obligations of the Owner, the Issuer, the Trustee, "and the registered ,owners of the `Bonds; the terms upon which the Bonds are issued and '�secured and the modification of any of the foregoing. The Issuer also has rpserved the right tu amend the Indenture as provid'ed therein; and under some (but not all) circumstances amendments thereto'must;b"e ,apRrote'd by the owrers of 66-2/3" in aggregate principal anDunt of the outstanding Bonds. The Whe' r hereof .shall never have the right to demand payment of. thisoblf. whatsoever. exce `f the fp' y s ra ised or to be raised by tazat.ion or from any' source pt the a meets and amounts described in this Bond, the Indenture r e ep . g o M he Bonds are.,`,l imited.,obIigatio s payable ,soIe:lY,-as aritd t�`e.- O os i t A regiment. T ArI OF OR rpi: PLEDGE OF THE ALL NOT , BE DEEMED TO CONSTITUTE A INDEBTEDNESS W0R''A pro TNI5, BONQ� SN ..,. _ . LO t, FAITEI , Af�D CREDIT , OF THE ISSUER 'OR. T HE STATE 14, OF CAL`IFORNIA�, ;OR, ANY :;.POLITICAL SUBDIVISION ..T'HEgEOF,,VITHIN THE MEANING ",OF, ANY ' CONSTITUTIONAL OR STATUTORY PROVISION, kl'D ;NEITHER `THE ISSUER OR THE STATE 'OR t, POLITICAL SUBDIVISIOIN THEREOF MALL BE,,LIABLE HEREON; NOP -IN A11Y_ EVENT SHALL. THIS BONO�:; EE .PAYABLE OUT 'OF, AM FUNDS ' OR PROPERTIES OTHER THAN THOSE PLEDGEVTO -THE SECURITY THEREOF IN THE INDENTURE._ This Bond steals not. be entitled to any benefit under the Jndenture,"or ! atory for Any Certificate of until hsi ,� Registrationhe a nushall have beenose, Authentication andsigned byetheTr, 9 9 ee . IN WITNESS 'W'HEREOF, The City of Huntington Beach, California, has caused this Bond to be executed in its nave by the manual signature of its Mayor anc' -attested by the manual signature of its Clerk, all as of this lst day of parch,-,, THE CITY Or ;?JtTIt;GTC�� EEnCH, CALIr4RNIA 'ATTEST: BY Mayor Clerk TRUSTEE'S CERTIFICATE OF AUTHEIN7I CA T I Ot; ANC REGI STRAT IOtI ' This Bond is one of the Bonds described in the within -mentioned Indenture of Trust and is hereby authenticated as required by Section 2.05 of the Indenture. Date of registration and authentication: Parch ,, I953. Albuquerque'National Bank, as Trustee Authorized 0.ficer . .. 4 6�"�,., .:: ' _ .• -�` x ti.. ,`.•s='' ,fir. �' � °.' ,. „ � .,•r,"i*?�'�r' ( REVERSE SIDE OF CONFIRMATION RECEIPT) - The. debt service on the Bond to which the Confirmation'Receipt relates shall be paid by check or draft drawn upon one of the Trustee for ;'the Bonds, currently Albuquerque National Bank and mailed to the registered owner thereof at the `addrzs,• of's+ich registered owner as it appears on the Open Account Balance Books of the Issuer maintained by the Trustee. The Bond to`which this Confirmation Receipt relates is adtharized and is Ued .,under and pursuant to authority conferred'by the Act, the Trust Indenture', dated March ,1, 1983, by and between the Issuer and the Trustee ( the "Indenture" j . The Bonds have been issued in the aggregate principal amount of S16",000,000 for the purpose of financing the cost of a multifamily residential 'rental proje.-t.(the "Project") to be located in Huntington Beach, Calit'ornia, a'r'd to'be occupied .in part (`at least 20 percent) 'by individuals of low and Moderate income (within the mn4nihn of the. Internal Revenue Code of 1954, as amended). The 'proceeds of the Bonds have been placed on deposit with Home Federal Savings and Loan Association (the "Lander") pursuant to the terms of the Loans -to -Lenders. Deposit Agreement, dated as of March 1, 1983, a,rnong the Issuer, the Trustee, the Lender and the owner of'the Project (tire "Deposit Agreement"). The Bonds are issuable In the deno,"nination`of S5,0;.,u or integral mulitples thereof, The Bond to which this Confir-r;ation Receipt relates may be transfer•red'on the Open Account Balance Books upon delivery to the Trustee, as Registrar, of :"a bond power duly executed by the registered owner of such Bond (as shown on the Open Account. Balance Boors) or his attorney -in -fact or legal representative. A form of bond power, containing all the information necessary for the Trustee, is printed below. In the case of the transfer of such Bond, the Trustee shall credit, at the earliest practicable time, a new Bond, in an authorized 'denomination, 'registered in the`name``of the trans`eree on the Open Account; Balance Books. The Bonds are subject to mandatory and optional rederrp, un prior to maturity. as set forth in Section 2.06 and Section 2.07 of the Indenture. If less than all of .the Bonds are called for redemption, the particular Bonds or portions thereof to be r686emed sha l l_ be se l ected by the Trustee on a pro rata. ba s i s f rom among the Bond s owned by all Bondholders and as nearly as practical each Bondholder shall Havey.'h,is total principal' amount of Bonds reduced by the percentage which the aggregate principal 'amount of Bonds redeemed bears to the 'aggregate principal amount''of Outstanding Bonds immediately prior to redemption; provided, however, that portions of Bonds shall be redeemed in integral multiples of S5,000. trot less than 10 days prior to any rr;uemption 'data, the Trustee shall cause notice of ,the call for- redemption, identifying each Bond or portion thereof 'to;'be redeemed, to be `giver, i n'th"e name of the Issuer and published in a daily newspaper of 'general circulation in Huntington Beach, California and to be sent by registered or certi f-ied mai 1 to ..he re istered -o wner ' h. Bond" to'be be redeemed-, at 'the add"res s g wrier o each. �, _ � . + ., ks . Any defect there i n steal lnot' af,t ect the validity ofeAnnyeproceedings a,for rthe Books. redemption of Bonds. By the date fixed for airy Any suc rep p Trustee and the Paying;Agents forhthpaeof avimoori to redemationitrice�a - "paymentpp P P p rid interest on the`Bonds to`be p. notice of redemption„is given as provided hereine a d If duce provision yfor payment of 'the :redemptii n price 'and 'Accr`lie'd , i nte're"st' i s 'made, a l 1` a s'provided i n the I ndenture , the Bond whi ch i s to be redeem'e`d EXHIBIT B 2 . r sha11 not bear interest after the elate f:Aed''for• redemption and shall not be re`g3rded,as being outstandingexcept for the right of the registered owner thereof interest out of the funds to rec_ive the redemption price thereof and accrued i ec4 pr �� ed �or such payment. In the event any payment check representing payment of o y w ', presented p y ' t y payee. an Bond is rtiturned to ,.he Trustee or is not es��,ed for a men,. b the a p rov. sign has beer made for the 'payment of the amounts re resen therebf aif i 2d_in the Indenture all liability of the Issuer to theAownerted he h y_ s prow d S of ' the`appl,icable Bond; for the payment of ;uch Bond shalt forth,rith cease, terminate .. and.be completely tlischar.ged, and thercopon it shall be .he duty 6f the Trustee to hold such funds (but only for- 'the period specified in the Indenture) without liability for interest thereon, for the ben•ifit of the owner of such Ccnd, who shall `thereafter be ►•estricted exclusively to such funds for any claim of whatev� r nature under' the Indenture or on, or with resnect to sat d Bond. If the date for the payment of the pri:,cipal of , or premium, if any, or ;nterest'on, the Bonds shall be a Saturday, Sur:day, legal holiday or day on which ban,-An'9''institutions in the city There the corporate tru:,t offices of the Paying 1 r i• �r close, ,.n- the ,tigen,.s or the trustee are authorized by yaw o executive order to os �n '.date for such payment shall be the next succeeding day whi ; h is not such a Saturday, Sunday, legal holiday or day on which banking institutions are authorized or required to close, and payment to such date shalt have the same Force and effect as if,nade on the nominal date of payment. I. has been certified and covenanted that the Bend to which the Confirmation Receipt relates has been duly and validly authorized, issued, and delivered,; that all 'acts, conditions ind things required or proper to be performed, exist 'and be done precedent to or, in the authorization, issuance and delivery of such have "been performed, existed and dor i n a� cordance wi tr law; that `thE� Bonds are 1 imi-t�:d aM special 'obligations of the `ssuer; and that the principal of premium, if any, anti interest on the ponds are p i gable from ar,d secured by a Certi f icate of Deposit issued by ,the Lender to the Isstar pursuant to the Deposit ,Agreement and certain reserve funds created pursuant to the Indenture. The Certificates of Deposit are insured by the Federal Savings and Loan Insurance Corporation ("FSLIC") but the ` `nsurance is limited so that -the benefit to an owner of the Bonds will not exceed 'the greater of SIO-3,000 or the then applicaole maximum arnount of insurance provided by FSLIC. , The Eon& are secured by the Indenture, whereunder the Trustee holds the above -referenced Certificate of Deposit and is obligated to enforce the rights'of .the, owners of the Bonds and to perform other duties in the manner and, under the conditions stared in the Indenture. In case an "Event -of Default" (as d,,In ,,. the Indenture) shall occur, the .principal of the Bonds then outstanding may, and, under•„`certain.�circumstances, shall, be declared to be due and payable, immedjately a conditions and in the ma the Indenture. The o n t h': � F Trust:ee may, anal upon Written r';ouest of the registered isteredeaowners of at least a, majority in g 3 Y,. •u al amount of the Bonds then outstanding shall wa'Ve an Event of Doffaalt -` arinci fault in the payment of they nd provided `tnat de p ' principal '" ^`nd ,lts'consequences premium_ :if any, and interest on, the Bonds may not be waived. The registered -owner r ;af the,'Ban"d to 'Hhich this Confirmation Rece'p"t relates sha it have no 'right 'to `institute any action, suit or proceeding _at law or in equity to enfarre the ~ Indenture excA t as - ro>r•ided in the Indentu � ex` P P re, provided that nothing 'i'n ..th{e . Indenture shall affect or impair the rights of the registered 'owner hereO' f, t' enforce::the payment Of'the principal 'of, premium, if any, and �interest'on, the Bond Ff EXNIBI'T .d A' 3 ,. from the source a►,d in th-? manner herein express�'d. Reference is hot -Eby r',ade to the Indenture for the pr•ovi_.ions governing with r-!spnCt to the nature and ext2nt of the security; the rights, dudes, and obligations of the rwner• of the Project, the Issuer•, the Trustee, and the rF-gistered owners of the Bonds; the terms upon which the Bonds are issued and secured; and the mortification of any of the foregoing. The Issuer also has reserv-.d tn,:! r•i:ht to ar„end the Indenture, as provided therein. Under score (but not all) r.ircum:stan-' ? s a�nu7ents thereto must be approved by the ovmcrs of 66-2'3% in angregate rrir:ci;al a-�Dunt of outstanding Bonds. ^" • r i • 'D U • 1. l� ur ric , Ir . a 1 T ' T T 11 THE ru,.DS r1 t t,Ql ..t,�' J. ALL t'I- 0 .R •-CC':,;.- G- ,_r{r� -G••. GAS OF THE ISSUc BUT ARE LIMITED OBL IGATI�C';S ?AY,4S' E EY T�'S Cl IY SOLELY AJND ONLY FROER M THE PAYMENTS RECEIVED PURSUANT TO THE NE_C;'E-"tE��R.E';!CCJ CEn1ir?C:=.Tc Or DEPOSIT A';D THE DEPC'SIT E"! (EXCEPT r. 7EIN PAID Y r I,- • cLE TO THE PROCEEDS GRE_•_�+r E.;C�PT TO TFi, ti. ,.,.T Pl.,J ., T VF S .,� NI Ji r2nI.rD rn., ? THE 5nL;: Or i�E Gn J I„.�.C Y E rKn r, YuE TE ),.�DR: Rf II1VE STt;T 0 SUCH FUNDS OR OF 0TNER FUNNDS 'rl_LD THtnEU';Dc:n). THE :50'.0: r'10 THEIR P�FXIL"', IF ANY, AND INT EREST THEREON SH11 LL II ER CC';STITi1IE A CEP,T , 1NDEETEDt;ESS, OR A PLEDGE OF THE FAITH AND CREDIT C)n T.A. • tlii I'G'a: o: OF T , C I ;'r' OF HtJ'�T i tJGTCA BEACH, THE SiA7E OF CALIFIO.nN j A CR A•,;'r' PLDLITiCI,;�.• ,Sc,:. 1T. ISi 1'; OR .GEtCTrcREOF. THE BONDS R TSNrLL „:DI BE PAY.AaLE T�` G t_R L 'ME OF CITY •_ I T E, HE CITY OF HUNT ING TON' ?EACH , THE CC.1t; T Y 0;. 0 G c•_ S ; AT E 0= CC. GR 4 N Y P 0 L I T i CAL CORPunAT MN, SUED 1 V l 5 ION OR S.4' L L E F L 1 SLE T . c;'EGN NOR I i1 ANY 1 T S .i 1 'IT r;E E' �D c. � c GU%- .,c ,...'r' �' � �.; S ,:� �-;Urn i I ES 0 'iER 7�iNtr THOSE OF �t S C�i�. Y .ThJ►.� THE CITY SPECI F ICALLY PLEDGED T'~Eh:: FOR . EXHIBIT B 4 BOND POWER FOR VALUE RECEIVED, the undersign=.d hereby sells, assicns and transfers unto the 'nond to which the Cont irnation Receipt relates-- -and- does hereby irrevocably cc, r,stitL:'e Lnd appoint to transfer such Pond on ;,he books kept for _ registrationand traMSTer of~su-h Eund, with full po- er• of substitution in the pre-'ses. The Bond to which the Con„irm-ation Receipt relates is numbered —! , is in the principal ar�unt of and is recister�-d in the name of _ _ __...__. L,inse rt exaCL na^;a of registration - withcut any variationJ� The under'sign•cd does (dC�� h�:!'_5, 1."r'r'.jiCa)1y cc'''�t,t'j*.e- and a -point att,orne; to tr'G►1s=cr the s.. ci bo .^e b: of the Trustee, rlith�iuII pc'.er of subs:.it'Jtion in the is Dated' Signature guaranteed by: The Trustee will not effect transfer of the Gone Cescribed above unless the information concerning the transferee rey::ired c•low is pr'o•;id?d. The trans`eror should complete ti:hicheve►• of the following is <iD;11 stable. in the event that the above -descY-i bed Lone is to be held in ro-i n.-e na.--e the fact :!art such owner is hol'''ng as norinee must be disclosed. individual: Address: Social S-_-curity No. . Corporation: Address: Tax Identification No. Partnership: Address: Tax Identification Uo. EXHIBIT B 5 Ll Trust: iia.,e of Settlor: Address of T r.; s tee : Tax Iden: i 1 ,cation No. cf Trt ;t: Tax Identificat.lGjR !gip. of SE-ttl0 : 1.1on Inee : Tay EXHIBIT 6 6 10 EY"TB1T C (Form of Over-Regi stratlon 'Notice -- Stu^dardl Re: City of Huntington Bach, California Loans - to- Lenders Bonds (Home Federal Savincs any Lc; -An r•,sc. a.'cn Hunti nw n Brea► ers Prz iect.) Dear Sir or•Madam: AlbuCU-rque INationaI as rc-�i:trar far the issue of le ,. bonds (col c.i:El,y "-;.? . with .n; � a ec: ce •i , Ec,7ids" �defined i thy ., r +_� � .� a� r Indenture of Trust sec'urir.q the ab,)ve cape, rP- issue of Lords (the "Bo^ems") has rece';ved instructfens .o register 5 r.r �rci;;a; amount of he Bonds in our nar.:e. Aft giv44rg _ ef'ect to ��.1.�1 '''''�'r-�'at "R, aCr7 t0 the Open Account Balance Boc,-.s ;.sinta,rec by us ti, -;_s;;�_t •.o _ht•: ;^:. You own inrividuaiIy S nt, cf the °onds. You own jointly S of t7- R, rds. Yo" are tI - sett1,or of a ��t or trus'.s .,hip!-, own 5 V principal amount of the a-;rCS. As you may We aware, the security for the tines i5 Certi"Cat?s of deposit ( the "Certificate") held by us as tru:.ee urcEr the I nd,Fn Lure of i r.ist pursuant to which the Bonds were issued. The Certificate is -,nsured by the Federal Savings and Loan Insurance Corporation ("FSLIC") but the insurance is H m-ited so that the benefit to an owner of the Bonds will not exceed [1-:100.000]. If you own individually, in excess of S100,000 principal a'rount of the Bonds such excess is not protected by FSLIC insurance and is corsid�-rem by Standard U Poor's Corporation to be unrated. Your interests in Ponds held jointly and any Eonds which are owned by trusts in which you have a reversion or revocation: right may be aggregated with the Bonds you own individually, by you jointly or by trusts in which you retain a reversion or revocation right exceeds the greater of -.',100,000 or the then applicable maximum amount of insurance provided by FSLIC such excess may not be protected, by FSLIC insurance, and if unprotected, will be considered by Standard &Door's Corporation to be unrated. Very truly yours, ALBUQUERQUE NATIONAL BANK, as Trustee By ' -- - --- T;tIe E►.HIEI1 D [Form of' Registration 'Notice -- Trust] Re: City of Hunt'r•gtor' Reach, Cal i for•r,i a Loans- to -Lenders e-venue rums (HUTS? Fede-al Savings dr_ .'Jci^ �>SC'� ir:t i•Jn - Huntington °r•ealers Pr•oiect Dear Sir or 'iadam: f11hL'�'J?t L:t �iatl^,!2%:l ,. ., q --.an ., as r a ? i :' 'fir _ tray t, ''i; nove-ca ptioned iSSUL of �; a:� , bands (collectively ti:ith an RQlatea Series Fon:s" as deIFined ir, the I ndenture of Trust securing ;,he above captioned i ssue cif b-n th:"Ror,-;�") has received instructions to register S princ?:ai amourt of the Bonds in the name of the above-cap1ionec trust re.._"ir,::t"). .-ter giv",nq effect to such registeat ion, accor•dinq to ance Ro,)' : maintaired by us with respe t to the Bonds : : / / The Trust and another trust cr trusts (the " elated Trusts") of which the settlor cf t� i� trust i s the ?:: 1or n 5 Pr irci pa'a,,:aunt of Bonds The settlor of Trust individually or jointly and the Trust owll S �_-------- principal arount. of the Ronds, / / The settlor of the Trust inoividually or jointly, Lhe Trust and the Related Trust; own S principal of the Bonds. .» s you may be aware, certificates of deposit (the Indenture of Trust pursuant to insured by the Federal Savings insurance is limited so that the [S100,000]. the security for the above -captioned Bonds is "Certificate") held by us as trustee under the which the Bonds were issued. The Certificate is and Loan Insurance Corporation ("FSLIC") but the benefit to any owner c;f the Bonds will not exceed You should be aware that, under applicable regulations relating to FSL1C insurance, (i) if any beneficiary of the Trust is also the beneficiary; of any Related Trust, that beneficiary's interest in the Bonds and Related Series Bonds held by those trusts may be aggregated and (ii) if the settlor retains a reversion or revocation right in the Tr•I:st or any Related Trust (a "Revocable Trust"), any Bonds or Related Series Bonds held by a Revocable Trust may be aggregated with Bonds ar.d Related Series owned individually or jointly by th«: settior or held by any other Revocable Trust and, as a result, the requested transfer may result in the loss of FSLIC insurance coverage on the Certificate attributable to the portion of the Bonds in excess of [i100,000] which are or, after the proposed transfer, would be held by your trust and nther trusts. In addition, such transfer may Cause that portion of the Bonds so owned which exceeds [5100,000] to 5e considered by Standard & Poor's Corporation to b,, unr•ated. cc: Trustees of trusts r?ntioned herein ;'ery trul,, yours, hL 1:�U���,'�� ri'�tt TGNI'L BA'.1v as Trustee By: i tle Exhibit 0 2 NOTICE TO NO INrE HOLDER 19 Re: Ci t;. of Huntingtcn Belch, Cal i ,o!-r,ia Loans -to -Lenders REve-nue Fonds (Hcime Federal Savings and Loan rssociat ion - Xuntinatcn Brea►,er; Pr'aject Gear Sir c•, :.,'ain: Albuquer''ue INatioral Bank, as r-_yi stray 'or the above-capti0ned issue of Bonds has re'ceiYFd ins.ructions .o reiiSter 1 principal amount of Bonds in your ndme as nominee. Please end the en= rsed notice to the beneficial owner of such ponds. Very truly }ours, a 'r::StFe By Exhibit E 1 44• ituTICE TO Ett�rIC:AL O';; tEn Or [3Gt;rS HELD I'; IS- ttr-.E 't�. .9 Re: City of 'Hun ting.or. Beach, CaIifiirnia Loans - co- Lenders Rev,_--nue E-Inds (HoTe Federal 5:vings and Loan Assoeiati^n - hurt i ►; ton P.rea►,ors Pr c ject Dea r S i r o;- �'adam, : Albuquerque National Ear,., as or the at-ve-cape iur;ed issue of nc bonds (thc "Bonds') "as re.�ivedr� i_tructi:^s to regist•p ri _r 5 i p a 1 amount of Bonds in norn.re_ na; e fcr• yo,;r :ert` As v c u ma; to a�,;are _he s,: c u r i .y ; ; r- th:_ E; •.d, i s cates of deposit (the "C_rtificate") hold by us as trusses? .. dr _hcf ir'ust Fursuant to which the Bonds mere issued. he ,s ederal Sati'irgs and Loan Insurance Corporation ("= t t h ? insUra!�C is 1 i-ited so that the benef i t to an owner of the E,ends or a- er: Seri e:• pcnds (i . e . , any other bonds issued by t^e Huntington Beach are secured by Certificate issu_d by the Ho-e Fe:ieraI Savings and Loan Association) will not Exceed [SIOO,0007. In the case of Bonds Feld in r., ,inee ram?, FSL':C reaulations and staff interpretations t1hereof provide the. tt;i s 1ir,it apc•1 s to ..he holdings of the actual beneficial owner of the cords, not th(: ne^inec_ hei;:er. Cur records do not disclose the nanes or holdings cf the be'ne`icial o►.rer for whom your nominee is acting, therefore we cannot ceter.mine whether your hcA dings of Bonds and Related Series Bonds exceed [$100,000]. If the.y do, such excess i; not prot'_.ted by FSLIC insurance and is considered by Standard E Poor's Corporation to be unra;ed. Ownership of Bonds or Related Series ?ands in differWnt capacities, e.g., in individual name, in joint account or as beneficiary or settler of a trust, may be aggregated for purposes of deterr-inirl the amount of FSLIC insurance coverage. Any owner of Bonds or Related Series Bonds who owns or se0.s to own Bonds or Related Series Bonds in an aggregate principal a.-ount in excess of [100,000] whether in one or more capacities, should consult his owm legal counsel as to the effect of such ownership on the insurance coverage available from FSLIC, including the applicability of FSLIC aggregation reg;;lations set forth in 12 CFR, Fart 564. K Very truly Fours, ALBUQUERQUE NATIO114AL BANK, as Trustee Exhibit. E 2 !` 3-JY • x ati ��-�:.� � � � r.rc Wit a pity De ' el©P r ient, 16C. 3740 S. Susan Street Suite 250 Santa Ana, CA 92704 (714) 611-8810 November 14, 1983 Director Ron Pattinson Hurd of Directors County Sanitation Commission of Orange County P. 0. Box 687 Fountain Valley, CA 92729 Dear Director Pa t t inson I would appreciate vour help In solving a Problem I have with my Huntington Breakers project. In March of this vear wee sold it S16 million tax --exempt multifamily bond issue to finance a 342 unit apartment project located at Reach Boulevard and Atlantic Street in Huntington Reach. As you probably often hear, building apartments ::s very difficult in Orange County lot alone in the coastal area of the nounty, given extraordinarily high land costs, hitilW .g Costs, etc. Sly project is unique in that we, rare attempting a large apartment project with no subsidies and still provide 2.0 percent of the units as affordable under the bond program. In order for me to succeed with the project I must struggle with each and every cost item in the budget. The problem I face is that the sewer fees in this district area are very high, 1 understand, because of the cost of a new sewer system In the area. I understand that the newer fees for my project w' i total S427,560 0: $1,2.50 per unit. This is exceptionally high for Orange County And more than my project can atfo^d out of the construction lean. Director Pattinson Novemher 14, 1983 Page 'two I realize that the fees are necessary to properly finance the system for the area, therefore, I ani not requesting that you lower the fees for my project . WI -sat 1 am requesting is that you allow me to maAe installment payments on the $427,500 ( less governmental reimbursements, if anv) so thtst i can allow the project to mature and generate Income, to make the payments. As you probably know most apartment pro;iects (as opposed to ccndominium projects) do not produce a profit In the first year, therefore, an installment Plan would he very feasible and helpful to rap. What I propose is that I ma'.1 the installments on the sewer fees with the term of tho bond ( seven v a r s) . Therefore, I would nay S61 ,D71 a veer for .seven vears . Your security would be in the Property in the fr,rrn of a lien. I would appreciate your earliest possihee response as we are grading the site right now. Thank you f -r your consideration of this proposal. Please let me know if t can be of assistance. Sincerelv, Da.nivi H. Yo ng D11Y : dlg i I Page 4 - Council hii notes - 2/28/83 A mootion as made by MacAllister, -seconded by Patbtinsann, to approve Budset .pp 'pr iop Revision increasing tale y articunt of increasing the allocation by an account of $16',400 and to authorirc issuance of a Purchase Order to John L. Meek in the amount of S16,400. The motion carried by the following roll call vote: AYES: Pattinson, Thomas, MacAllister, Mandic, Finley, Bailey, Kelly NOES: None ABSENT: None BROWN ACT DISCUSSED 16 -1 s h:t ''h gybed by the City Attorney that if four Mayor Mandic stated than a had been adv' or more count I Imember meet wyi h the am ` Commerce March 2, 1983 the meeting of February 28th should be adjourned to that date to comply with Li`e Brown Act. Discussion was held regarding the matter. Councilman Kelly stated that he had received a letter inviting all counc'ilmembers to attend a meeting to be held March 11, 1983 at the Palomesa Resort in San Diego County. fie asked the City Attorney if the drown Act would be violated if all seven members attended the meeting. y .,_ t If four or more count i lmembers attended the The Cit Attorne stated ttta meeti ng the*"' wo i d-be in v lol ation of the Brown Act. She then started that Council could calf a Special Meeting of the City Council to be held out.,of p y Charter, She further stated that she City`Ch'arter tow.-. ursuant to the. C it requires that the,regular and adjourned regular meeL�ngs of the City Council be open to, the public and held in the City. Further discussion was held regarding the matter. PROPERTY' EXH&MGE TO,,AC QUIRE `LINDBORG-DAL - PREVIOUS ACTION RECONSIDERED - AGREEMENT A E LD CITY 9 1 TE7L-WF Councilman Thomas stated that he would Council on ,February 22, 1983 regarding the City and Lindbarg-Dahl relative to like to reconsider the action taken by. to a proposed revised agreement between an exchange of property. A motion was made b'Thomas, seconded b Kell to re�onsid� February22 1983.hy Kell second MacAllister, re ardin an,aareement bete . tween , ity a4 Lindborg-Dahl �relitive to an exchangeofproperty. The motion to the C reconsider carried by the following roll call vote: e' ES: Patti nson, ,,Thomas, MacA l l i ster, Kelly !�- Mandic Finley Bailey ABSENT: None A niotic�n ryas .made by Thomas,: seconded.'by,Kelly-to approves the revised terms of. aaan,, eanreement, between, the,, City apd`Lindborg: Dahl antl ` to auto Mize' i e p ture of an additional 523, ,00 in 4ousing and`Comniuriity Development,,., authorizectherCitdiAdm",�nf1strator fit s,.a;ssoci:ated"'wit�i�°`the transaction,d_nd...to h Attorney, City Clerk and Mayor to` draft and Pxecute'the app;-friate,,.tlocuments to implement the project. The motion carried by the following roll call vote: 439 pal Page 5 - Council Min-Otes - 2/28/83 AYES: Pattin'son, Thomas, MacAllister, Kelly NOES:' t4andic, Finley, Bailey ABSENT: None MINUTES Councilman MacAllister requested the Clerk to review Cou . ncil tapes for precise w6rding when writing the minutes of the meetings . LINDbORG-DAHL AGREEMENT FUNDING CLARIFIED The Di'i , 6ctor of Business and Industrial Enterprise spoke regarding the source of fuh,ding relative to the Li'ndborg-Dahl agreement. MONTHLY STATEMENT RE: HUD A11D REDEVELOPMENT FUNDING TO DE PREPARED 4 , 7 ep' ' ing HUD fun8fn"' She Ccuncilw ' oman Finley requested.a periodic r 'brt re 9 also requ ' ested'periodic,reports regarding Redevelopment Agency fOndi'nq. The City Administrator stated that monthly reports would be prepared. ADJOURNMENT The May"or,adj6brhed the aidjo'u'rn"ed regular meeting of the City Council of the City, of Huntingt6n Beach to Wednesday, March 2, 1983, at 4:GJ P.M. at the point Powers Training Center. ATTEST: Wen tworth entwor ity -Cl erk BY: Depbfy City Clerk and .,ex -of ficio Clerk of the City Cou`hcil of tie City of Huntington Beach, California ME WE A EAV V�OYA *-, a J�"R.Y-, t; e.4 �'23�4 V.. P. --a - --- 0 Depu —ty 21 R—ay—or- f REQU F UNC ACTi "N Date February 9, 1983 Submitted to: Honorable Mayor/Chairman and City Council/Redevelopment Agency Subin,hied'by: Charles W. Thompson, City Administrator/Chief Executive Officer Prepared by: oj7 Office of Business and Industrial Enterprise e5 � Subje+t: HUNTINGTON BREAKERS APA.RITIENTS, LIMITED PARTICIPATION AG EEMENT AND TAX EXEMPT BOND FINANCING DOCUMENTS `�+�� ���� Z � z z �3 Statement of Issue, Racommendation, Analysis, Funding Source, Alternative Actions, Attachments: STATEIdENT OF ISSUE: Attached is the Owner Participation Agreement between the City of HuntingtonBeach's Redevelopment Agency and Huntington Breakers Apartments, Limited, defining the Participant's and Agency's responsibilities in the provision of a 342-unit apart- ment complex located south of Atlanta and east of Beach Boulevard. Also attached arE resolutions nece«ary to consummate the City's efforts in the provision of tax exempt mortgage revenue financing for this project. A share of this prof ect is to be a replacement/relocation housing resource for the Redevelopment Agency, and is located within the proposed Main -Pier Amendment No. 1 Project Area. RECOMMENDATION: Hold joint public hearing on the Huntington Breakers Apartments, Limited Participa- tion Agreement, adopt appropriate resolutions to the Agreement. hold City Council public hearing, and adopt appropriate resolutions regarding the tax exempt bond financing for the project to authorize the bond sale. ANALYSIS: On November 15, 1982, the City Council amended the Main -Pier Redevelopment Survey Area to include the site of the Huntington Breakers Apartment project. This act was followed by the Planning Commission's recommendation to incorporate the site into the proposed Main -Pier Amendment No. 1 Project Area, as granted on January 18, 1983. This project has been approved by the Planning Commission through Conditional Ex- ception 82-65 and Use Permit 82-44 which were approved on January 18, 1983. The project will contain 342 apartment units and, since the project was granted a 25 percent density bonus by the Planning Commission, 25 percent of the units within this project must be rented at affordable levels. The implementation of this project will accomplish several objectives: 1. The current diverse ownership of the project site (including the City, CalTrans, and several private entities) will be consolidated making the parcel developa- ble. 2. Since the project is located within a proposed redevelopment project area, upon adoption of the project area, tax increment may accrue to the Agency. P!O 4MI r. RCA -'Huntington Breaker February 9, 1983 Page Two 3. Most importantly, this project will provide, in a very short time, a replace- menu/relocation housing resource which the Agency may use for displacees within the Main -Pier Project Area, and this relationship is established by the Participation Agreement transmitted herewith. To move forward with the implementation of this project, the following actions should be taken by the City Council at this time: 1. Adopt Council Resolution 5230 declaring City -owned property as surplus and approving its sale. 2. Adopt Council Resolution 5225 providing for the sale of the frontage road and pumping station to the Redevelopment Agency. 3. Adopt Council Resolution 5224 documenting that all the necessary environmental review procedures have been completed for the Huntington Breakers Apartments project. 4. Adopt Council Resolution 5226 approving the salq of the surplus properties referenced above to the Participant so that this property may be subsequently sold. 5. Adopt Agency Resolution 70 approving the acquisition of the surplus proper- ties by the Redevelopment Agency from the City, 6. Adopt Agency Resolution 69 documenting that all the necessary environmental review procedures have been completed for- the Huntington Breakers Apartments project. 7. Adopt Agency Rrsolution 71 approving the Participation Agreement with Hunting- ton Breakers Apartments, Limited, and authorizing its execution. After concluding these actions, the City Council should conduct a public hearing regarding the proposed tax exempt financing for this project which is required Internal aRevenueyCode.FandiSubsequent scal ntobthe siili tclose ofCthe y Act )publicanehearing, the Council Y. should adopt the following resolutions and attachments:. 1. Adopt Council Resolution 5231 approving the issuance of Loans -to -Lenders revenue bonds for the Huntington Breakers Apartment Project. 2. Adopt Council Resolution 5227 authorizing the issuance, sale and delivery of Loans -to -Lenders revenue bonds, and authorize the execution of: RCA - Nuntington'Breaker 176br`uary 9 1983 Page Three It is important to note that bonds sold to provide tax exempt financing for this project are in no way a general obligation of the City. Bondsareamor tized by revenues of the project once constructed, and, in this financing, the bond buyers arE further protected by employing the Federal Savings and Loan Insurance Corporation (FSLIC) insurance. In'summary, then, the implementation of the Hunting4.,n EreLkers Apartments and the provision of tax exempt financing will increase the rental housing stock within the City, provide a pool of affordabl,_• rental units, and provide a share of this pool as a replacement/relocation housing resource for the Redevelopment Agency. FUNDING SOURCE: Bond proceeds. ALTERNATIVE ACTIONS: 1. Continue the above referenced actions and refer the matter back to staff for further consideration. 2. Terminate the project. CWT:SVK:jb j r` STRADLINO, YOCCA. CATiLSON 19t "RAUTA (�• �• , NICK Z. YOCCA A PPtOrESSIONAL CORPOPATION _ c C. CRa3o CURL/Of1 ATTORNEYS AT LAW R. R•trYa III ` A.C.UNA&? Ae0 NEWPORT CEP/TER DRIVE. SUITE leo0 t {V • R1CR•ND C. 00nmea3r JOMMJ.MURPET WELLS CARGO BANK 31UILDING ""•'I.."�.itm1R1MMMEAEInO{ T33OKN P. CLAW I. JR. _ C" COVAssL BRW A. FUTnK•w Posy Orr,CE eo■ -reeo D��tn 8 McE••ss �P•uLL.G•Ls Ntw'TORT bEACII,CALMORNI♦ 026130-0401 RVDOLPN C.SE><T&ED Ai. D. TA LOOT TEL[P1404[ 1/111 e40 T07S BRVOs C.STUAWT 7CL[COPII q (7141 e,0 TJJt DOVOL•S F. 113osta3l E. AVET YR•oss Dam H. C•sLoco RODRRT J. WK•LEPa 'JINR/ M: Pt11LU1P%.Js. 'Scar? K. MCCOPrVNLL Rsre C. Sro1ra RLx3MLL J. SsR1KAA 21A,xv IT A. Astiscy A ntevCIt la i'Rvice<Tss `J\, Uwxamcs LX FasRiRL // r X .UX J. Rnssec■ 1 1 P10IA.GEovt•DWATtls August 21, 1984 Vll - 'IIOP•LDJ.R•IINaJr / TaP.T L. La- a C33s3sTarn as J. KtLrLrntcs NaLp" RAvsR WxttRMs.n LawiSrLv 0. TE DNAN %ry9<n STsr3. D. LavT>.cn CL•zz R. L3ssssow Mr. Stephen Kohler Redevelo ment A enc of the City of i:untingyto Beach '` 94~ City of Huntington Beach �''� c� • �/ 2000 Main Street Huntington Beach, CA 92648 Mr. Art Folger Deputy City .Attorney " City :of Huntington Beach 2000 Main Street Huntington Beach, CA 92648 Mr. Charles Thompson City Administrator City of Huntington Beach 2000 Mann Street Huntington Beach, CA 92648 Re: Huntington Breakers, Amendment to Participation Agreement and related documents Gentlemen: Enclosed you will find a revised draft of First. Ainendme nti t0 Participation Agreement concerning the Huntington reakers enclose a form of. promissory note to the Amenhal f 'of. Huntington " dmenr we p executed on re Breakers.;_ Also, we enclose a Resolution by the Agency to, approve the Amendment. In ; addition, to, implement the deferral of fees'by• the, City and later payment by the Agency, .we enclose executed b , the Agency, dnid 'del ive a, Resolution for each of the Cityand. the Agency,- alon with a;,,., ... P s iRscry note to be exe y• q y. . red .form , of; rom , to the City urn receipt of evidence of the City s consent 'to 'deferral of fees. r , CITY COUNCIL RESOLUTION NO. � 2 9 RESOLUTIOIJ OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH APPROVING OF DEFERRAL OF RECEIPT OF' CERTAIN FEES WHEREAS, on 198_, after a duly -noticed public hearing, the Redevelopment Agency of the City of Huntington Beach (the "Agency") approved a participation Agreement ( the "Participation Agreement") between the Agency and Huntington Breakers, Limited (the "Participant"); and WHEREAS, the parties to the Participation agreement are proceeding to implement the redevelopment activities provided for in the Participation Agreement; WHEREAS, the Agency 'has determir,;,v Lha' t it will" facilitate 1 the successful campletion of :iie activitiesY P' '' es proposed ln } A, � i FIRST AMENDMENT TO PARTICIPATION AGREEMENT THIS FIRST AMENDMENT TO PARTICIPATION AGREEEMENT is entered into, as of the day of .. 1984, by and between the REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH (the "Agency"), and HUNTINGTON BREAKERS APARTMENTS, LIMITED, a limited partnership (the "Participant"). By this First Amendment (the "rirst Amendment"), the Agency and the Participant modify the terms of the Participation Agreement entered into between the Agency and the Participant on 198 (the "Agreement"). This First Amendment and the Agreement shall be collectively referred to as the "Amended Agreement." The Agency and the Participant agree as follows: I. Page 5 of Agreement, Section IA, after last line, insert as a new paragraph: In view of the magnitude of the park and recreation fee imposed by the City pursuant to its municipal code, it is necessary, to effectuate the public purposes of this Agreement and to provide greater assurance that housing resources which are to be provided by virttie of this Agreement shall be available, that the Agency assist with the initial payment of such park and recreation fee by advancing funds therefor, with repayment to be made by the Participant on a deferred basis as hereinafter set forth. The parties hert!Lo agree that the terms for repayment, pursuant to which interest shall accrue to the benefit of the Agency, constitute fair and adequate consideration for the approval by the Agency of the First Amendment. The park and recreation fee with respect to the activities undertaken pursuant to the Project shall be the sum of Four Hundred Twenty Eight Thousand Dollars ($428,000) (the "Park Fee Amount"). Promptly upon execution of this First Amendment, the Participant shall Furnish to the Agency an unconditional, irrevocable letter of credit or a payment bond ,by a bank or.surety and in form acceptable to the Agency in the Park Fee Amount. Subject to and contingent upon the prior submittal of such; security in form satisfactory to the Agency, the obligation to pay the Park Fee Amount shall be assumed by 'the Agency pursuant to part (ii) of Section VG of this Agreement. �. Page 16 of Agreement, Section VG, line 1, before "The" 'I inserts M . WAA I -ATTACHMENT 1 RUE T FOR CITY CUfICiL ACTIUN Date February 3, 1983 Submit &c'to: Honorable Mayor and City Council Submittedby. C. W. Thompson, City Administrat Kv/;—/- Pripared b Paul E. Cook, Director of Pu�lic ti�'or'r.s \ �-�--'y 1\ 5 Subject: Sales of Surplus City property Statement of Issuo, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: STATEMENT OF ISO : The Engineering Division has requested ':he disposal of an undeveloped � section of street right-of-way which the City owns in fee but has been determined to be of no further use to the City. REC. OMMENDATION Adopt the attached resolution (5230) declaring the property surplus and ordering its sale in accordance with section 3.06.010 of the Huntington Beach Municipal Code. ANALYSxr: Subject Froperty, a portion of old Beach Boulevard, was relinquished to the -City from the State of California when plans for the Route 39 freeway were abandoned. The site is now abandoned and unsuited for any public use. At their Nc vember 2, 1980 meeting, the Huntington Beach Planning Commission found the proposed sale of this property to be in conformance with the l General Plan. Upon adoption of the attached resolution, the property will be appraised and sold at public auction in accordance with City ordinance. FUNDING SOURCi:: None. No funds required. Appraisal fees will be recaptured upon sale of the land. Income derived from this sale will b-i deposited in the City general fund. ALTERNATIVES L. Retain the land for future City use. 2. Seek to lease the land. ATTACHMENTS: Proposed Resolution DM ' 14 C1T:AEC:JS : jY Flo 4/81 C row' AGENDA CITY COIJUCIL CITY OF HUNT PIGTON BEACH Council Chamber, Civic , Ce`n`ter Tuesday, February 22, 19P3 7:30 PA ' A. FLAG CEREMONY - Girl Scout Troop 1508 Pat Deacons, Leader PLEDGE Or ALLEGI NCE & INVOCATION - Judy Barela 41` 5. R P�^ �� � ✓ � ✓ ,1 ✓ OLL CALL: Pattinson, Thomas, MacAllister, Mandic, Finley, Bailey, Kelly C. AWARDS C-1. Proclariation - March 6 12 as "Girl Scout Week." Present tc accept is Ann ffi7Fer, Community Chairman. C•2. P, ern i6o n of 1? OO check, rothy Presides the Fre s 'of tie ry, from>l�crr"ate Pell �e Art 4p ask Shop a he , b-a ry: ,1xier Afrx riNa D-1. PUBLIC HEARINGS - CONTINUED - ;NONE) D-2. PUBLIC HEARINGS ' 0-2a. APPEAL:T.0 PC APPROVAL OF UP 82-44 & 82-65 - APPEAL WITHDRAWN BY � APPELLANT pPea. filed by Robert L. Moore, Jr,, Attorney at Law, 'on behal r of Mills Land and Wa"ter Company, relative to Vr. ari(irova 1 of UP 82-44 and CE 82-45 (342 unit apa rtment' .cornpl p� to t,�, located e/s BeachBoulevard, s/o. Atlanta Avenue. RA. Approve a . ellant s withdrawal of appeal„pursuant to communi cation received from Robert L. Moore, Jr., dated 2/ 8/83. t S—o 11,;- (2/12�83 j Page +2 Council Agenda - 2./22/83 D-3. JOINT MEETING - CITY COUNCIL/REDEVELOPMENT AGENCY (Public Hearings and Related Items) 11nder State Law, the City Council may establ i sr. itself as a Redevelop- ment Agency for the purpose of addressing development problems, meet- ing housing needs and promoting economic growth in selected areas of our coinnunity. At this time, the City Council will also be convened as the. Redevelopment Agency in joint session with the City Council to consider sever-tj matters, AGENCY ROLL C1'.LL: Parttinson, omas, MacAllister, Mandic, Finley Bay ev, Kel ly D-3a. JOINT PU3LIC NEARING - PARTICIPATION AGREEMENT - HUNTINGTON BREAKERS APARTMENTS LIMITED CONTINUED OPEC FROM 22/7 88.3_ �PU51ic Eearing y Zi ty Zounci and RedeveloDnvnt Agency to consider and act upon the Participation Agreenent between the Redevelopment Agency and Huntington Breakers Apartm.nts, Limited, and the sale of land nursuar.t thereto. The agreement provides for the development of rental housing on a site within the Plain -Pier Redevelopment Survey Area. A description of the site can be found in the Participation Agreement. 1. CITY COUNCIL - Disposition of surplus property - R_ tio1 u ilon—?Io. 5230 - "A RESOLUTION OF THE CITY COUNCIL �F THE CITY OF HUNTINGTON BEACH DECLARING THAT THE PUBLIC INTEREST AND NECESSITY REQUIRES THE DISPOSITION Or SURPLUS PROPERTY GENERALLY LOCATED ON BEACH BOULEVARD SOUTH OF ATLANTA AVENUE. AP " PRd y�'h .2 li�l Jr — .9#0J 2. CITY COUNCIL - Approve sale of real pronerty to the Redeveloo rnent Agency Resolution No. 5225 - "A RESOLUTION OF THE CITY CnUNC I L OF -T NF C i TY OF HLINT11I Nr,Tnn BEACH APPROVING T14E SALE OF CERTAIN REAL PROPERTY TO THE HUNTINGTON BEACH RFDEVELOr.-- MEdT AGENCY.' i}t'PRo!/6 .S -Z ir%�Om41� /�OrX�rc — MOJ dl IYr/l ece 3. CITY COUNCIL - Adopt CEOA findings Reso'►ution No. 5224 'Tn RESQI.I IT ITm OF THE CITY COUNCIL OF CIIF'� C I TY F NII�IT 111r fOt� BEACH MAKING CERTAIN DETERM?NATIONS RELATING TO CEQA COM- PLIANCE IN CONNECTION WITH THE DEVELOPMENT OF THE HUNTINGTON' BREAKERS APARTMENTS, LIMITED, PRQJggT." � ,#l`0 YEb J�—Z evsroS, %na're �O / A. CITY C01INCIl - Approve sale of land and terms o` agreement Res'olition No. 5226 - "A RrSOLIITION,Or THE CITY COUNCIL 0!' Tw illy —or 111RITTWntt BEACH APPR(P/ I Nr� THE SALE nF CC k t A I tl REAL PROPERTY PURSUANT TO THE PARTICIPATION AGREEMENT BY AND BETWEEN; TPE HUNTINGTON BEACH REDEVELOPMENT AGENCY AND HUNTINGTON BREAKERS APARTMENTS, LIMITED." ✓h C /it.01�7Q1, �n c HUNTINGTON BEACH REOLVELOPMENT AGENCY APPROVING THE ACQUI SITION OF CERTAIN REAL PROPERTY FROM THE CITY OF HUNTINGTON 6. AGENCY - Adopt CEQA findings - Resolution No. 69 "A RES- �—LuT I (% OF Till HUNTINGTON BEACH REDEVELOPMENT AGENCY MAKING CERTAIN DETERMINATIONS RELYING TO CEQA COMPLIANCE IN CON- NECTION VITH THE DEVCLOPMENT OF THE HUNTINGTON BREAKERS APARTMENTS LIMITED PRWECT." 'fir o r/,c� l k nee., 7.' AGENCY - Approve Huntingt:.i Breakers Anarttaents, Limited, Participation Agreement Resolution tic•-.71 - "A RESO►XTIO OF THE HUNTINGTON BEACH RE E L M NT ►- V-CY ;4PPROV I NG THE PARTICIPATION AGREEMENT BETWEEN' T'iE AGENCY A!JD HUNTINGTON BREAKERS APARTMENTS, LIMITED, AND ALITHORIZINr. THE EXECUTION' THEREOF. 11 -TAaJ , D- 3h. CITY COUNCIL PUBLIC HEARING - LOANS TO LENDERS REVENUE BOtIDS HUNTINGTON BRE_AKERS Yh7;;T`t,E'�T_S, I TD '14UED OPEN FROM 2/7/83) '- !Hearing to consider whither the City Council of. the City of Huntington Beach should approve the issuance by the City of Huntington Beach of Latins - to-t.en +e'1 s RevenLe Bonds (Nome Federal Savings and Loan Association Proj :t) in the principal amount not to exceed S?2,nDO,ODO for the purpose of providing financing to Huntington Breakers Apartments, Limited, a limited partnership, for the construction of a multi -family residential rental project to be located on the real property situated in the City on the east side of Snach Boulevtird approximately one -quarter mile north of i t�, intersection with tho Pacific Coast Highway, 1. COIINC I L kESOLUT 101i NO 5231 - "A RE. -SOLUTION OF THE Cis Y CnVNC HU?IT i NCtTi1;I BEACH APPROVING THE ISSUANCE E3Y_ CITY OF HUNTINGTON BEACH OF LOANS-TO-LENURS REVENUE BONDS (HOME FEDER►'!t. SAV114GS AND I_OA'N ASSOCIATION PROJECT) =0R «E PURPOSE OF PRCV I DIt1G FINANCING OF '4UNT I NGTON BREAKERS Ap4,N IIE.NTS, LIMITED, A L iMI TED PARTNERSHIP FOR THE COliSTRUCT N1 OF A M1I1.71-FAMILY RFSIDENTIAL RENTAL PROJECT, RA: Adopt Res. No. 5211.. A PPPoVF 6rod 2. COLIN L RESOLU ON tI0 52Z (C ti nued from 7/83 TM1i t Ui`1�F- c IiY'C 1t I L OF TNF, CITY IJ T I11GTON ffCAf`!t /` *ICf JT►1/' C11'1711CD A/`T lt� LIf T11 nrnnr�r -r n��ii.w•�.w i Page =a Catncil Agen.,! - 2/22/83 R EVIs s 3. COUNCIL RESOLUTION 110 522.7 'A "ESOLUT I ON OF THE CITY COUNCIL 01- THE C I TY7 NUF T 1 �IGTOTI—BrACN AI;TNOR I Z I NG THE ISSUANCE, WiL L AND DELIVERY OF LOANS-10-LENDERS REVENUE BONDS." i IAA: Adopt Res. No. 522.7 and order the City C'ie7k to execute s the resolution and attachments. i (a) Preliminary Official Statenr_nt. (h) ind^nture of Trt:st. (c) Loans-.Lo-lenders Deposit Agreement. v e- a rit tract A TA rnal E. PUBLIC COMMENTS - 3 mi nu*e tirr. limit per sneaker Anyone wishing to speak to any item that is not a public hearing, should address the issue at this time. .J m �lYn o w l eS — S p o ke- P-ey r rab re -de •� % o P'rn t ►n7" � r rer/Ari.:i"J �G'7�1' �°Q/,��„•� _ r+��.tt��fla� C' eaeb, /ac.. SOdAe �.J/ V,444i/P A1011M9 D-4. OTHE" REDEVELOPMENT AGENCY/COU11CIL ITEMS - (To be acted upon following Public Comments) D-4a. AGENCY MINUTES - Approve minutes of the regular meting of 2/7/83 as wril-ten and on file in the Office of the Clerk.. A rpred Qf 47rreddci 7'- p PP D-4b. AGENt.Y.i RESOLUT ON NO 6d - PRELIMINARY DEVELOPMENT PLAN -- MAI UP I ER .PROJECT PLAN AMENDMENT 11 ransm ttal from Office 'ofBusiness R Industrial Enterprise of Res. No. 68 acknowledging receipt of the Preliminary Plan for the Main/Pier Project Plan Amendment "l. „A: Adopt Res. No. 68 - "A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE MY OF HUNT I NGTON BEACH, RECE I V I NG THE ! PRELIMINARY PLAN FOR ,,THE 71A1II; PI ER REDEVELOPMENT AMEND MNO.1 PROJECT AREA, ....authorize staff to -` dis- tributei tad related docu nts to a l i appropriate � agencies. J�I¢fL aw 0 Ai QUuY RED[ ELOPMENT AGENCY p fo tA�___. z. _ ,� A 'h FI Oes. No. 69. ' STATE OF CALIFORNIA ) COUN rY OF„:ORANGES CITY OF HUNTINGTON BEACH1) I, ALICIA M. WENTWORTH, Clerk of the Redevelopment Agt..cy a' the City of Huntin . , y gtoh Beach, California, DO HEREBY CERTIFY that the :::'regoing . uxtion was duly adopted by the resol Redevelopment Agency of the City of ' Huntin ton Beach at a meeting of sa(d Redevelopment Agency he g g 1d on the 22nd day of February 19 83 , and that it was so adopted by the following vote: 'AYES : Members Pattinson, MacAllister, Finley, Bailey, Kelly ..a _ NOES: Members Thomas, Mandic I ABSENT: Members: None 'Clerk of the a eve opment Agency o r the City of Huntington Beach, Ca., i MW y • ' k#"! J Ll'Xa4�'. 7 {fig „t� i'1 r410 l' �,.'; Y. i �". RESOLUTION NO. 70 RESOLUTION'OF THE.; HUNT BEACH REDEVELOPMENT AGENCY '> GENCY APPROVING `THE ;ACQUISITION:; OF'CER1AIN SURPLUS PROPERTY FROM THE`CITY OF HUNTINGTON BEACH WHEREAS,"the,Nuntin'gton Beach Redevelopment Agency ("Agency':) is responsible `for implementing the Main -Pier Redevelopment Survey Area, as amended; and WHEREAS, the. City Council of the ,City of Huntington Beach, has decl a«red cent ty=owned property within the Main -Pier Redevelopment Survey Area as su plus and has approved. the..sale of said surplus property to the Huntington Beach'.,Redevelop- meat a, escy at not less than fair markEt value, but under terms and condition:; as shall be established and approved by the�Huntington Beach Redevelopment Agency; and WHEREAS, AS, Septiorr 33396 of Article 7 of Division 24 of the California Health HERECode provides that the Agency may accept conveyance of real property owned' by the `Ci tv ar.d that the Agency may dispose of such property for develop meet purposes, � � y NOW, THEREFORE the Redevelopment Agency of the City of Huntington Beach does resolve as follows: b authorize andThe Chief directed toehaveVerefaredrof the for the Chairman'snt nature is hare-; Y p signature the appro-priate documents needed to acquire from the City of Huntington Beach the surplus property more particularly described as follows: Parcel 1 That portion of the rest half of the northwest quarter of Section.13,;,Town- +sou.outh, Range 11 west, in the Rancho Las Bolsas, City of Huntington Beach ship , sty of Orange, State of California, as per map recorded in Book 51, Page 14"of Miscellaneous Maps in the of Tice of the County Recorder of said county,described as follows: Beginning at the southeast corner of the land described in Parcel 2B of the ' Lis,Pendens in Case No. 123368.in the Superior Court of the State of Cali- Fy y 9 Py 4 corded April, 1711964 fornia, for the County of Orange, a co of which was re in Book 7921,:page 424 of Official Records, being a point on,the south line half of the southwest quarter of the northwest quarter of, said 'Sectionn13,h aaster,ly. 379.13; feet thereon from the, westerly li�e,.of,,,said sec f tion; ence north 89 et alo�;g said sough;line to a _ th5terly 525 96 146 83 feet point'tea feet thereon from said westerly line of Section 13, • , e' i being `the -intersection of a' nontangent curve concave easterly, .having„a radius,.of 27250 feet; a °radial to ;said curve at said ' iri`tersection `bears e , terl id throw 45o.'central a`nsl`e ofe24p 56rt04�s thence18outhfi890 36' 65awe'stu101 48 K,o gh "a 9 feetu to; i6 eas t :l i ne of said l and `described in .said Parcel 28; thence south .. 9� 49' 49" ea st'101.38 feet to the point of beginning. Parcel 2 tit �ThaLpo`rtionaof the northwest quarter of Section I3,,;Township'`6 south, 'Range %I1 west, in 'the Rancho Las Bol sas, In the City of Nuntingtan Beach, County 'of .i 144r. Director, Business and IndustrialEnterprise APPROVED: f , Chief Execut ve afficer �t , .x FLOOD D C D N TROL C1IANM,F'L �:s'�'��t�`+J'�'.••t,. `'�. -orbit t," - t ."s, kr -� F. - INITIATED AND APPROVED AS TO CONTENT: •a, erector, Business and Indurt�rl`alnterprfise 0 L.� APPROVED: 10 ity Administrator i i r Res. No• 5224 STATE,, OF, CA_LIFORNIA ) COUNTY OF ORANGE , ) so CITY OF HUNTINGTON BEACH ) I, ALICIA M. WENTWORTH, the duly elected, qualified City Clerk of the Cis` Hunting ton'Beach, and ex ty of Hun g officio Clerk of the City Council of said City, do herr�°: certYify that the whole number of membe'rre of the City Council of the 'City of Huntington Beach ais seven; that the foregoing resolution was passed and adopted by the affir mative vote of more than`a majority of all the mea6ers of said City Council at a regular meeting thereof he� ld on the Znd day of February ig 83 by the following vote: AYES: Councilmen: Pat. nson`,'MacAllister, Finley, Bailey, Kelly k; NOES: Councilmen: i 7homa5 , Mandi c ABSEW: Councilmen: None 1 �, 5225 �+ � ;, .,. � . RESOL,, TIC . �.,� :: ,.;�, F r A;RESOL TIOj��OF;ECIT.Y�COUICIL';OFa THE' CITY OF�HUNTING 6EACN;. APPROVING JH SALEF;OF CERTAI9.SURPLUS REAL PROPERTY TO THE `HUNTING -- TON'`BEACN'REDEVELOPMENT AGENCY .�: +' gr iv lt J � i� ,..,,'.d,.' . WHEREAS, }the CiCouncil of'the;Cit of Huntington Beach has previously declared, parcels�of�,l•and`I'sout�:, (:Atlanta and east 'of BeachBoulevard as surplus and stated its intention to sell said City -owned property; and _ WHEREAS said �`arce s are, --I oica.4 ted w`i t `n `the Mai n'�Pf ee ' Redevel o merit Survey }.:. .w { P, ,..,,.,,,,.. x,.. ,:..�, p,, , Y Area and are;proposed to be acquired ty the Huntington Beach"Redevelopment Agency for redevelopment purposes, and ;i , *,-'theCiy"of ,Hunt�rgton`'Bead"desires, to sell sad parcels for th WHEREAS'e sum 'of moue; h'n i3 ' rty.=si'x dollars ($405;536.OQ), which amount snot less than5the fair markr�rvalue of the property, WHEREAS,, the".C,it Council finds that said parcels are not reasonably capable of park and recreational development, No' TN, , � ,..; y Council of t: .. FORE, .he Ci t , N, f he City of Huntington` Beach does hereby resolve as follows: } �,* t _ �R'� �,'4\..4 Jilt y i'i. i��. S; , Section 1:The ;City Counci 1 'hereby approves and , authorizes conveyance to... the Hur ti r gton Beach; Redevelopment Agency of 'the surpl us ',propperty described herei n and authorizes anddirects the Mayor,to execute a: 6ed-and'other appropriate docu- rrents needed to convey the said parcels, which are described as follows: Pa reel 1 , ...� � � •�^ :: - •ter j'-•r„a:F r. That!'portlon of the west 4� 1 f of the „northwest quarter of Se,ction 13 Town- shp;a,6 sau, :Range=11; west;, in ;'the;Rancho Las Bolsas, City; of Huntington Beach, Cointyo0�range, Slate of .Califor'nia 3s per map recorded in Book 51, page,14 of`Miscellaneaus`` aps in'the office of the County Recorder of said county, described as follows 'L 7 .., 4'�4� c 1 i .IE f ^t KC�i aya ' 6 �itrr• `i �� t �y• f r Beginni ngat the sou�westcorner of .the land ,described in, Parcel 2B. of .the Lis 'A"'edens , '�in. Case No. «123368 in the. Superior'»Court of the, Stale of :Cal i-. f o'r for, th'eCounty of Oria g `' . a co"pr of whias recorded Ap �i 117 ,,, 1964 w in 'Book` 79r1, p gets424xof Of vial Records, beN ga point` onth'e"t'so th line „. >4,r. •w C 1` n v w ih ' {:e�.., fi!�.Yi rNwS sa:a,�h..r• S ,•1; " , y, M'.r.eM ^j..tthe,; northhat f foU, t e? sout west quarter o e nortbwe t q` arter .of a d 1'.- < d/., '�I ,t� fy, N. M. � i�� don `then gh rthl89<0 36' 56" east,146,83 feet aIongferly line ol.in itosec- Sec1nf ion, l3, t `eas ter y,��379 13 :feet thereon .fram.,the � � ong s,outh,� _ ,. a poi t`,easterly525;9fi. feet thereon from said westerly 1ineYof Section 13, section of a,nontanyent;curve concave easterl ,' avin "a raa1us`� of �272:'50'feet, radial to ,,said curve at ;"sa1'dk intersection? be` bei gt"iie .inter y h g '+� ly, 118 ;59 'feet a;lonij,:said cars so45o'2lz' 17;' west; thence `northwester '""` urve through a 4,centraI angle of 24� 56' 04"; thence south `89() 36!,{ 56".;west 101.48 feet to the `east line of, said land desc'ribed In 'said Parcel 2B; thence south`90 49' 49" east 101.38 feet to the point of beginning. Parcel 2 .. . ,_..x ;`� ,..;..,. �.south Ra . ;+ That ortion of the northwest uarter'of Section 13 Townsh'ip 6 . n Oran` 1 6 State of Cal iforn`ia asashown 'on'mai trecordedt�ngtook8each� County;,of ll; west, ns the Rancho Las Bol range' p., n Bo 51, age '14 of miscell'aneoUs. Ma s,' in the Office of the County Recorder, of said county, ' de'scr`ibe'd as follows: .. 1 0 0 � L , ; .{„', t•.,+..r C ram' 401t r.4 rBeginning at a' p tint ex easterl,� line of'thesterly<.489.55r feet of�.sailed `". , � � �t„E�:._ o ��, _Nar..thwest uarter that is `disc thereon ,Sh �0 40 14 east ',1071 80 feetfrom the norther`-ly` li a o`f said orthwest quarter- sai po nt� being. also t"ie port eastcorn.er o Parcels It,',ginsaidCit,; Con�t;and'State, as' shown on map fid ed i'n Book 25 Pa;ge 27of,.:Parcel' Ma s;"Reco d"s of seed... M y,:t�iencei�es eri talon' the Wort er 4 sl tio sa "�`{"P 'rce1'No. 'rr. Ca nt y' g y1 South 890;37.. 06 west '257.33 feet`to the "no h e U7ft a sad arceI Na- 1 said''lastrkmentio'�e of nt bein i the `TR E` P OIf TEGIN I�G`for the s �escri tion thenc`e'con inupn "` al`ong`' th " westerly ''colon ation of;'sai�d'northerl_. p- �37... 06 west 89'`21 feetto t e �vesterly 1in�` "'�'y"F' �.-i ne; 'sough 89y. N x ��, e r .,-.. e o thef on age 4 roadfs�hown- as 0p el �1, as del ineated"and shaded one maps recor 0b an,0ctober ..fib vb +r uK r„u.. r.... 11, 1967 n State.Nigh a Map Book 5 Pages 45rand`46, Records.of-Orange y 1�., , M^ . ^«e:r� r `4 ,fir ,Yt+ }L^ Count"``;�`�as`�rel3nguished to .the City, of H�fnt�hgton BeacF ,by,;Instrument. re- corrded;,FebruarJJ26 "1968Book 8526 ' Page 461of Official`'Records of ` •. .�;,' %"swyh??'T�.,L� � �_�'��° -i ~ �i�'F,- :�r.. y.f ,,,cy>. D� rt� Nk„^:•�-Sc1!fr �.,{�., n y,�.�,, nc o r.. _ eterly,.l i ne o'f 'te` frontage road,, So h, 09,., 49 e49 East 482 to the<westerly:: sa�d.Co nt ,aahence sou easterly along"said last mentioned .. �, 4,r rcel 9 feet o ation' of the sout er,l 1jn of said Pa 'No 1, asp shown on said colon the ce�easterl a map fi led i n B ok,.25, Page - 27 ,of Parcel Maps;, l ong' say d, wlakNpw'.�t: � P .s.�i �`.., westerly prolongation, North 890 ;37' 06" East 892I feet' to` tFie `sou'thwest corner:of 'said*.last men tinned �eadrPel 1', thence northwesterly along: the west- erly`line..'of said last mention arcel No. 1, North 090 49 49 West 482.99 feet to the TRUE POINT 4F BEGINNING. N, Sec i��:.3 The City Counci l ;iereby`authori zes jhe Ci ty,, Admi ni s tr r `o `draft and de ver to he Cit CaBn"rov City,of;Huntington Beach undertalsec'the�necessaryrtask�s"trequ'ired.ao'pro011' that the ' which wi A'' . f der_the terms a e ac and that requires. hat�themCityebenreimburseddfor part or all 'of the Agreement uisi_t�on` t ; r...$x, . , fits expenses as future Agency funding 'permits. PASSED AND APPROVED this 22nd day of February 1983. ATTEST: City Clerk Mayor A , APPROVED AS TO FORM AN f� .�:, APPROVED AS TO FORM: D CONTE�T: 14 C City ttorney INITIATED`AND APPROVED AS TO`CONTENT: Special Redevelopment Couns APPROVED few City Administrator FLOOD C O N',TROL� �. tfA�i►NFL' .r Res. No. 5225 Wi S'TAM OFI CA IFOORRRA ) COUNTY OF ° ORANGI E CITY OF HURTINCTON'BEACH ) -IA H. WEMVORTH, the duly elected, quilifie I, ALIC d City Clerk of the City of Huntington Beach, and ex'bfficio Clerk of the City . . y Council. of as,id City, do hereby 'certify that the Whole,number of members of the City Council of the City of Huntington Beach is seven; that the foregoing reao p +" lotion was passed and adopted by the affirmative ,i t o Counc i vote of more t j f all the members of said 1 than a majority y d city at a regular meeting thereof held on the 22nd day of February lg 83 by the following vote: AYES : Councilmen: Pattinson, MacAllister, Finley, Bailey, Kelly NOES: Councilmen': Thomas, Man ABSWr: Couacilwen: None - 1z 0, t City, C1rk and -.ex': officio `Clerk of `the Ci[y Council of. the''City of Huntington Beach, Californi'e i The forepoinp ins, anent is a correct copy of !fie original on file in thisotii,,.e. Attest 6UCu M. �VENiW r City Ci O, �! d rx-��ffiri I�,c;(t;?a 'i , zh + Council of the Clty of Huntingtop 13eacjj. Ca 1. By`...�.. _ popsy, e RESOLUTION NO. 5225 RESOLU IO 0 T E CITY CO NCLL, O�,TNE�CIY OF U�TRINGTON BEACH APPROYIVG T AVEES,OF :,CERTAIN; REAL; P,ROPERT,Y�PURS� A�,T„To`;TF(E'; PARTICIPATION`AGREEMENT.'8Y`ANDrBETWEEN THE,ANTINGTON BEACN �.._ REDEVELOPMENT AGENCY AND HUNTINGTON BREAKERS APARTMENTS`, LIMITED ih , i# ...,,,,:; t r$t. ;' rA.r; ,.WHEREAS, the Huntington,Beach Redevelo ment'A enc ty") is authorized P 9 Y (.. Agee, to acquire and convey real property fo'r private development; and ti y i nto" a Pa rtr'�s,, y W AREAS ` the,,�Agenc des i res ° to enter p n ;Agreement .: (thet,, i atio A raeeme 't with Nuntingt�on Breakers A' artment`s, '' e ' ' r 4. """ ,�� " Limited a Limited Partnership ("participant") ��in.Vhe: form attached hereto, which. Agreement`'provides or the co . " �' stain real .property, ,and the improvement of 'sa"id 'realproperty nveyance,;of ce b the Partici y p as amulti-family residential housin roject and {s r ` o ncil �o�f,the„City. of WHEREAS the A enc and: the Ctrt Council ,(ed ; Ci the�inreementan accordancecwithaCaliforniacNe loint:publ�ic::hearing regarding A9 , � Health and Safety Code Sections 33431 and 33433 and WHEREAS','" a' 0 of the Agreement and`the summary'sett41ngforth the matters required by Cal fornia�Nealth and Safety,. -Code Section 33433 have been made available for public inspection and copying, NOW- THERE FORE ;the City Counc i µ'me` �:` r ..•', 1 of the City of Huntington'Beach does hereby resolve as follows .,;.;r.aP9� �y,� � � •. rr � 2; •;KY�� a��.t, . to . .�- fi+•rnl�t..+er..: :. ased upon testi - Section 1 The Cit Council finds and determines b mony ana nformation presented :during the public hearing,.,w "respect- to Agreement, -:that":: the consideration,'for. the real''property,yto be conveyed to Parti- valuetthereof inenc urs'uant to the Agreement is not less; than the. fair market f � P ...,,., � accordance with the covenants and conditions governing such sale. 'lilt e one2': T„a City Cr,uncIl here'by approves,`,the sale'of the real property referee to . n'.the:recitals 'here to Pi icipant',pursuant to. the.,,terms visionsVofith� `qf, the Agreement` and hereby approves all of the terms and pro- P f greement. Section 3"'Ah �'' yI Ya t ` i r �,, �F*''' .r�'+ih.i';.iy 4 ..��'' , terms` and,cort itionsQofi; heCAureem+entrsatrisfies'{tn full Pars per�formanceunder he x eb acknowled es that ' a e,'4 5 a Y, f.,,., ,,.f tici ant s .obligations regarding;.affordable' replacement%relocation housing, ;an'd dedaKtiono'f'fronta'ge road right-o'f-way as required to Cortoi-tion-Nos. 2 'and'v17 of Conditional Excep- tion No. 82-65 as approved by the City's Planning Commission"on January 8, 1983. PASSED'AND ADOPTED this 22nd day of February 1983. ATTEST: �� ayor f APPROVED'AS TO FORM: City Attorney INITIATED AND -APPROVED AS TO CONTENT: Director, Business,. and Industrial Enterprise APPROVED'AS TO FORM AND CONTENT: Special Redevelopment Co A, APPROVED: C ty Administrator 0 i Res. No. 5226 f STATE OF CAL'IFORNIA ) COUNTY OF 'ORANGE CITY OF HUNTINCTON BEACH ) - ^�. ;,. ;,tii'. .'4,•: "ti.; tax: -r? .; I, ALICIA H. KENIWORTH, the duly elected, qualified 'City Clerk of ti>ia C of Huntiington Beach, and ex-of£icio Clerk of the y City Council of said Cit do hereby certify that the whole number of members of the City Council of the City of Huntington'Beach is seven; that the foregoing resolution vas 'passed and adopted by'the affirmative i vote of morye than a majority of all the members of said CitCouncil at a regular -: meeting thereof held on the day 1 , f Of February ,'1`9 83 by the following vote: t � AYES. Council men: t Pattinson,``MacAlifi,�ter Finley, Bailey, Kelly r"+ Ct•r u l NOES: on.,' inen: I Th6mas, Mandic I " /►ASENT: Councilmen: No . i i i € Ci Clerk' and , ex�-officio Clerk ty, k, , i of the City Council ofttie City of Huntington Beach, California 1` I <s • i f } z i ,--- RESOLUTION N0. ' 5227 ARESOL TIO OFT E CI CO CIL. OF E t7l OF" t THY _. . HUNTINGTQ BEACH A . UTNOf�IZI G i E' ISS ANCE SALE AD;'DELIVERY ,0, LOANS=TQ-LENDERS;, REVIATIONONDS,,'1 i yes s; (HOME FEDERAL SAVINGS AND LOAN ASSOC PROJECT) RESOLVED b the Ci t Council of "the C * � ; *� � � rt • y y ity of Huntington Beach, California, i that: WH^EREAS, hfejyj]'riClpj[�_ty is,"'a�'duly�co stitute'd4ci`ty and po 3ticalys divi�sio �of� :Sr r.•F!A;rleq . •np w p1 ,.,Jo��ca,fft,• irlgof .those 'terms:inChapter'1C`52 / 5aCw� thi n�r�ax•� r4�k {• r3 $t. "" hi't+a Pnngw thi n r i eaHealth and Safiety Code°oft o � ,! �� xil �, 11 �� zYa t,=5 Qvsion3lof th F' Trea,sur and�he Tul in' s of the Internal . Re°venue Servicef prIt eecribed Gent of,�the ate''of 1 ifornia,! the Act) anc� in}.:thee egul ations :0 p, Y�,� g an prom ' gated 'pursuant to Section 103 of the Internal Revenue Code of 1954, as amended ( the "Code")")';of/ w�� f :. bK' ; Te. e: ttn, � .,,.. �F {.+,- 4 �. i 3 C)+ r4 >, f btr�41+`Y*'` ,.L. M ..... .,y., : :.,.ri f;..'.ul ti ='family #rental - houS fi � WHEREAS, the r the urpose of financin the ^,„ +' .y � w�. °�Aconstructrionxor-.,development Qssme' revenue yonds fo 4 9 and +G .a •,. Y . .k.. +!r-m T + to.make or,purchase';loans to persons,,fii�ns, corporations;partnerships or other entitYies'for the purpose of developing or providing such multi -family rental s d housing; an MSU 'yy!1. .9Tcf: f,thTI rAJfry")}FVi y.WNERErt, a ante` of~the puurrposesl of the. Act and�'as a t o t, a City' s P. .of� financ g es Ldent"ial; ho sing,, the, City propos for Issue $16,0DO' 000: a f,s rt#,r w . ,,� f r., . .a �r :•,,.4 �r�,s w a�l� , . srs� 'y�Qtrs . �► w •y �a, Bach Ca �P*'alwa.: P - `.,,► ,.� �� " 6on"ds� si o0:4tom me Federal ySay. Flung ng ton aggregates r..i nci al'amo`'nt oi+ tsyrevenue. bo ds de '; Tifor a; �.oans to Lenders Raven e, � H me Y �.�gs >,,. B r D ( W ingsand$Loan loci a 4f. :,._ }� . 1 M y) ? f f hit w.411_be� l:acedf;on tleposit,t. i lAome federal Sav ngs ande Loa Assoeiat on (t e' ?l:ender) which, tion Project) (tie onds t e rocPeds o i n�tconsidera on ,of ;,,the Deposit vi11 ss e,; . o` the��Trust' a certi icates ;of. deposi t 9f r 1t e r 11 �� r ..►s yw r Noi + a �Ya' "ra (the Cert fi cate )'Tin the aggregayt_e,�_{� pr�i nci pa`1 amount b of. t�h�e' Bons"'and wi l aka V� V i.y1..Ri 11:�l1w f!. i AS 1'�' l�'.e J. '�i .. P , ...,, p s. rid (.. ,. , f i' 'Y.r/ t ram'.' 4: t 1� f 4: : �.#. ,r.�sl:� r. r � � 1 a loan.;:toythe de elo er of the ro ect� t e . Ow er tofinancethe icost.of a;, multi family re's'de�ifia}l rental, devel pmen't `(the "Project"), to la te5d wyith s y., e'-'7Ri�e+'� "."lrah "itxl.,. .Kn ,..AyiR ,� ., '.. t .Y„}ih8� r•r' .� Y.�. �.5. dead . • F 'kRX r tel:. ri al,, t '+ II 11 pIw 4 i n the ::�i City o ,,Nunn ngton 8eac Cal i forn i a(the City )viand occupied .partially y, r§ 20 eecent b arsons of ,,l own. come,r� wi thi n t e,, meani ng P� and�moderaptu�,n p p a .. ofaSection5103(b);(12 (C), of ahe, Code, :all f21 the blic ur ose'of assist7ng persons "osal`iwarnd `moderate income within 'the City to afford the costa of decent, Safean n t y housing, and 4R� ... j is rarN ro o ,� ,WHEREAS, to Bo,, x P po sad to be,' i ssued pursuant to and; sed;tby 'an Indenture of Trust (tie'Intlenture") by and between the City and Albuquerque ' National Bank (the "Trustee"); .:�r�w 4.r b":�, k+. � .y�.P l^ Y`.r'::. ��� i�f {� � '1a' I,'�,s, '`:.r� � 1 ro • .,: - us tee and r the Owr er 1propose to a ter the Ci y, the Lender, the Tr n WHEREAS � ,-te P - ft,_ 9 ,, a ment - the "Deposit Agree a t" );, pro i frog s into a Loans to Lenders De osf,t A Tee f for (i�)�the p�irchase;'of. the`'Certi f�cate from,theiLender� w,it 'ihe%,proceMstf the sale of nthe ,Bonds, (i i) aheterms and 'condi,C ons under' which 'the LehderA� wi l l ... �,, . .n. . f' =.. 1 1• + •R'.f"1,7" =. - make: loans=to thek:Owner to. finance the. acquisition,'`construction 'and7purc�iase j{ yw:� �..,;. ca�j; •3F4t'•�";,, ,:.;'w 2�:�;;, 7 �u'"`• %".Y k,�ir.}�t �A•s,. dry- '��;.... r-- WHEREAS; in order to assure compliance= with the Code, the'Ci ty and the Owner propose ;toP,enter into Deed Restrictions with respect to`the'Project (the "geed Restrictions" )' 7 4„ WHEknerwri �t e Ci t s as d schi ber -, � y • „�p...II UnerbergTowbin { ldrt=r tarr4 +a fto act aagiv g, underwri tertthereUndewri tern) wi th'respect .,;to the Bonds, ( r red' an° present .�ri,, �:and' the t�:r, has caused to +be .,prepared tea to this , meets ng a form af..Bond`Purciiase Contract (the "Purchase Contract") for the consideration of the Council; ' 'D'• kAia'�+'J+X :Y►- N.F`, a =a,�xr' WHEREAS ttt'e City has now°det-ermined to issue the Bon s sand to enter into , *,.�: Y . , �.g Fssignmentof' the D'epos`it the Andenture to; secure, the Bonds :by a pled e;anxd a_.. yam. Agre m n , tf a Regu1 story, Agreement, the Certi fi cateand' vari oust: other funds and property more particularly described in the`Indenture (the "Trust Estate"); ' the Bonds, whe aut ticated by WHEREAS; ,al.1 �t i ngs necessary toy ca se k ! t _ ,r INcab`:.!!i�'•"• 'J. ;].F, < ,i to ,,. N •Yr+t/w,.,y o.t .» rK K.+i Kf,�`"y i(F#, , ;gnu, .4>,• w'4RJ.4 the Trustee and; i ssued�as n .,tie ' Indenture provi ded�» thoifil i d � hj ndi ng and ;.�+r� r N..yw.w of �`js r : . _.,"- "a.aa, r, a+ �:7.p i r.4sw+ legal , l im ted4,obl i,gaations {of; the .C,i tyj., rdi,ng to' the�`import tfi`ereof; aid s to cons+titutet t e , Lndenurea valid. 'assignment andpaedge".af# the, amounts pledged to the .;payment 'of 'princi`pal of and interest on the Bonds, and a .valid pledge and assignment of the rights'of the City in and to the Trust Estate; , a.w,. is • r, +.+ - r. WHEREAS, �th:e City -has caused to� ,be .prepared and presented to,thi s meeting .., s, M ., . r ,necessary;;to the consummation various` documents and in'striaments all of which are of the 'tra'nsaction and which are hereafter'enumerated and identified; and a �t da/ e�.t#r• �:` , . },iyyA�r c. . ;: ICti►M .- ' WHEREAS',k,it appears:•that each of.,said ;documents and instruments which are .✓" ,.:EW i ,i'�+ •.',: �, , i. ..•..: :2J7+'ifi cp �y.,'. !' . ,y?: , '1 r ►, ..>ti,.Atir yl,{. >,. . P. i now, before �, this, meeting ' i s ":i n appropriate form and ' i s.; an; appropri ate document or instrument'to ppbe executed and delivered for the purpose intended, ..@ rrippr NO'.,!. THEREFORE; IT 'IS ORDERED 'asfollows: ¢ } y ! _ ,+�.;'':i r i ` .•' t r,y'. � Y t{{w'?l�.`t.e"_, n 1. qn Y ,' a, tori'zation of+ the`=Bonds.,,, For the' urposeiof :raising moneys Sectio nancetY a ro er.t,` t e' C�.tyreby determinestissue itsLoars- to-Lenders Ro' ,fi .( with •;which .t in theta' `+re�ateuergncisal amount of $16 OOD OOO; ma ' �.iatioing i Beres 99 g p p (Nome,Federal Savi ss and.;�uringsa�d�bear�'n•g ,interest n at the`'''r`ates pro and subject to all of the terms and conditions set forth in the Purchase Contract, The Bonds ' shal lobe ;Limitedobl i gatiyons of he Ci ty, and shai l be payable as r' interes� andithe , s `of the C� ty under ; her .Inden't re to. rincipal and F .. ,,,n. obligation shall �be paida, d satisfied, solely from the. revenues, receipts and other moneys and property pledged therefor under.the Indenture. .� k ,.. ..,„fr.� :io -Jirs } p'n�'tl„�v,.h r,F ,t•�+;. r AD roval of In enturE To }�c ction`�2:_p�provi de,feor`'the de'till s of .and to restribe'thete ms `a dgcond tions ,upon; which the. Bonds are to bet issued` ; secuYred executed aiith `� u y� P k=�` , ent�ica edand heirs the Mayor or, Mayor' Pro Temof the Ci,tJy :{i s ,he w .r _: .• � •` K'AN 'w � .. = .p. ;, -., •,, RM :• w" :rkt, :r •: �y ized; and,, rected,, to` execute ands the City , Cierk'r'or�Deputy 'City,:Clerks of auh�r .. rd R'�d to`'attest a►td to,;affix; tile{ official seal of.. the Ci y to �- �.,. and ;to delithe wertthe Indenture to .the Trustee in``the 'form presented; to this meeting or`wi`th such changes as may be approved by the officers of the City execrating i.,j .k r. t 1 4.1 - Bon' 661, same, the`' Of 'e I i 'd 0 cCand counsel�'g`of'jh -Xi .,,s Mi�Wrfter , %onsi ,fkeco u I #'L� 0i J . , , '. ... _ .h,. e,.- f ip,j m, 'ropy ,�,V � to ncl s e d7i - '6 h,6 i ,Counsel qndY`CitY,`A .,�Sb —xe`cfip"'n':" ereof ers�,,.' d' a from 6e �O C an of the,, City die`n'qe' of' flhe"�-J• pproval ; OT. SUC if resented en by i 0 f;1nd -vt1dr,�'-fs" hire form , Indenture'; ".ry'', "W, me e t'i in g'; win 1 ch'. fo fo f"4? in all respects approved and incorporatzd by reference and ma'de'a pa rt hereof. S6tt'ibn3. ,,Approval ".,�fWario T-1 ins trumen ts cVoff the, fol owi g:dotu- mentst e'W w is'lhirapproved nd the' City Administrato'r.',',is'�'a"uor'lh"'�"'.i'z'e'd�,�t-o"e�'x''0-"c'ute.,� and,to_` affix the official seal of the City and 'to"deliv"er eac''h"o'f the fo'flbw'�`h"g' documents: a) The Deed Restrictions; b) The Deposit Ag-rdemeht; and e) T he P'urchase Contract '"i 00 ej6Fegoi authorization Thit 6 P rchase' pg_I ids �t&' ntractlonI74jjf�t e an.� annual :,.'state J n tt_e`r"'e`mi't- ei"s `' fo r' d S `*r*"ate`,66 t "OB Puichik.�� Contract, pF6vj`d` ,,Bond 'd'' i"Al'i "`�"h lf:'pe��en �'h*%X e,K�annum 'ThO"� 1.11. 1 - `X doesgotexcee g and:, a ,.foreg one a q t h o ri zja ti b"na' l,i 9 41 o each bf,-the,foregoing d`oqqrroEn6 i inah e% fo P N ea ed A 44 1`6 'ih'k 's,.,'meeting`f6l �d th" such changes -a s ma%`6e ap_`�piwr"6"VeA - y.,the"', ,officer '� of the toT Ir subjects 'the a vi '"d Vof thei ity �,U der- t `tubj d - ing e same-', ce 'an cou se 5 �qouns.l Cos e e t u t i 6Jh,`,:th6 thereof f t0cons te C torney wrr„er, Adind o s 1 `and,',,- 10", : - . 'of o conclusive i ��e e V18 e in c�..-, e approval �U�C'WV officer' f �h6,��typf al .1 I—, jJ,1'_,.4_'., '. 4 j . . '-' �- ,, , -I f ange! each such document�,present, a tO, ch 5 s1meeting'-, wh i "C"h f „from ' n" I t regrg'�O'�-61y` is respects approved and in ib r - d by refe r' d , �d pi- Ah' porate ence an ma e a rt ereof. imdl. �1_ St T c 'I Sta'temgpy, on 4 'ftjol"^ Off i atOmeh �41_ i 1pro al .4sedt p e r V`R, he,'.'Off C C n i in e ffe an sa I e, of-,", the s:�an t s "use_ by. %uh e, U 'd e`�,r "I n the �I tF 6f P-re 11 �'j, � - ;11Q. - �,approved-" t h 61 C i ty,;, 'a to t fe and' 4 . .,an of d, , t Bohds*,,i� s,.,here .,,Admi h i s t�, ,e- gw� e re to",,execu e: an , e hereby; 4, '',authorl zed an cted ad "i I !�`i V 6 rs t h Offi�jalD ..�tatem roved CAU t. n the f this i r with's ,,,,,,qM;pre§en ed7to s,.,-'rnee,t meeting u'dh7thanges, as i o c City y 1 execs I g,*, the e same, s u b act t o the,�, ad0c'eiai :counsel by s"execution ' thereof 16 f J,s Underwr ter!-�'��Bon`d todhisel " ihd,,.Ci'ty.:., Attorney., h f i �Or, a n ,the C o consitivii, c6hclus�iye,�Wdence, 8""" h ,City ppr o t Jorim, of, -Oc '0 1presented��'t'' thin meet of h ff1cidl1St6te4)6'rt o a qanges. TrDT� meet- ing, which I , "fom of,'Pfficial,�,,StIal6ment, is hereby in all respects approved a nd incorporated by reference and 'made apart hereof. JuL61 a.4_1U LUVILU b 110 ru"�06 A2 k'- "T Deputy" Ctty,��, inistrator other proper .-,ff!'c0ers.,,'6"f 'Clerk, City�, r ��-, ci ty ,Adm the 0' 1'�i 6� ��: Will ih e de"I i ver any, 'and"al I, h ty. ' -a re he" - orfie'd 46'd "d'i rected'.',to ' xecute and io��i papers, and in's"i;�uiiie'Akts and io.,dim an&�'c*ause to be-d6'n'e any i6`d-'all'4c"'is�,6n`dthings o" contemplated b 6is Res'o- neces I sary or proper for carrying out the transacti n cbn'tem la y I utio'n. 'Sec an 6. adoption. E4e'ciAVe Date. This Reso`16`6oin' shi'l I !be effective up6ni"'i is I PASSED AND APPROVEth''. D 6 i's 22nd day of February 1983. ATTEST: ' ' Y Via✓ I �� r— �' /� 1 � / / .ate � � •(%'� �r ty Clerk ayor APPROVED AS TO FORM: City Attorney ...: y�jr �hkfi'.,. INITIATED : AND APPROVED AS TO CONTENT: APPROVED AS TO FORM AND CONTENT: 1 Y fi yg'f RADLING, YO C. RLSON; UTN Special Redevelopment Counsel Director, Business and In ustrial Enterprise APPROVED: 04 City Administrator Rea. No. 5227 STATE "OF� CALIFORNIA ) CPUNTY OF, `ORANC>r ) s s : CITY OF HUNPINGTON BEACH ) . r I, ALICIA H. WENIWORTH, the duly elected, qualified City Clerk of the City of Huntington Beach, and ex-officio Clerk of the City Council of said City, do hereby certify that the whole number of members of the City Counc11 il of t i*s he City of Huntington Beach is seven; that the foregoing resolution vas passed'and adopted by the affirmative vote of more than a majority of all the''members of said City Council at a regular meeting 'thereof held on the 22nd day of Febi6ary 1983 by the following vote: AYES: Councilmen: Pattille,nn, ar-Al i cter_, E alex,. Rai lu. Kpl 1 NOES: Councilmen: ABSENT: Councilmen: None City' Cl.eri! and ex-officio .Clerk of he ' Cit„� Council of ° the, CU of Huntington Beach, California r, ggRESOLUTION NO. y5230 a•' ..>?+lt�.`'J Y,,�d Ya{ . ro•3'i'�jF �ih' .+::16 au; %pj��^.: f =7y+ r�, i. r_,;.'. A ;' RESOLUTIO OF' .. THE . CITY.,.. COUNCIL OF . THEa CITY �..,... ,.�,w�-, ,.:..,... ter, `�F �.. OF4HUZJTIN"GT�,ONr BEACHt-DECL�AnRIH 8KI.fTktli' IC INTEREST.;;AND NECESSLTY :REQUIRES THE ,DISPOSI- TIO?1,OF AIN`SURPLUS PROPERTY, GENERALLY . ,, CERT LOCATED ON BEACH'BOULEVARD SOUTH OF ATLANTA AVENUE IMEREAS the City of Huntington Beach is the owner of certain real'property, generally located on Beach Boulevard south of Atlanta Avenue, and more particularly described as: That portion of the northweste t quarr. of Sect o4'n 13"" f TowAns,Wip 6 South; Range 11 _ West.`,�;uin the Rancho Las Bolsas in; the City `� ' t Orange, Si ate of;,Cal,ifornia Bascshowounny ma I o Book „51 a e .14 of Miscel lane`ouscmaps in ,:p g Maps in the ,,office or_, he County Recorder of said county, described as follows: Beginning at a':°point in the easterly ..line, of .the,westerl;,' 11189.5,5 feet 'of said northwest liar t Ts' distant thereon, south`0°40'14" q.ter that east 1314.00 feet, from the northerly line of said northwest quarter, said point., tjeing also a,. point in, the easterly, line of Parcel No. ,; 1, in,'said city, county and s tat e , as,}shown ,on map fi led in Book. 25, page 27, of Parcel Maps, records of said co.. linty; thence south $9°19;'.46" west to a oint, p in the. westerly line `of. said Parcel tNo. , 1, said last mentioned point .,bei,nE the true point of beginning , for,`t;hisdescrip- tion;'thence continuing south, a89Q19�,'.4,6" wbdt''to the .westerly line of the front . W0461 , o as, Parcel, l as delineated ;;and shaided onma recorded on October al, 1967 in .'stat:e Highway Map;Book .5, ,pages 45 , and 46, ;records 'of Orange County,, a,s.'�relinquished ,,.to } the C-Ity. of 1 HuntIfitton' Beach �by ins„trument�, recorded Feb,iuary 26, 108 in Book 8526t', page 461, of;:: l said count�y�; ,thencesouth-- officia� records of easterly,, along said last mentioned wes�Cerly line, to the westerly prolongation of the 1. •-� southerly} line of Paircel No. 1, as shown on said a s map, filed ,1n Book 25, ` page 27.rof ,'Parc,el s p;`. thence easterly along said westerly pro- longation, to, the southwesterly, corner, of said last. mentioned Parcel tJo.- 1; thence north westerly;, along the westerly line of said last mentioned Parcel No. 1 to the true point of beginning. and The City Administrator has recommended to this Council that such real property be declared surplus; and Huntington Beach Municipal Code section 3.06.010(b) au- thorizes the city to dispose of surplus property, and sets out procedures therefor, NOW, THEREFORE, the City Council of the City of Huntington Beach does find, determine and resolve as follows: SECTION 1. That the real property described hereinabove is surplus and that the public interest and necessity requires the disposition thereof. r" SECTION 2. That the City of Huntington Beach acquired 3 . such real property by relinquishment from the State of California. SECTION 3. That an independent appraisal shall be obtained to establish the fair market value of the real property sought to be disposed of, and such fair market value appraisal shall also Include the cost of city's preparing land for sale and appraisal fees. SECTION 4. That the real property herein declared surplus shall be sold for cash. i SECTION 5. The City Administrator is hereby authorized and directed to execute all documents and take all steps necessary p h surplus real property, pursuant to th to dispose of such a de- terminations of this Council and the procedures set forth in E section 3.06.010 of the Huntington Beach Municipal Code. PASSED AND ADOPTED by the City Council of the City of i i i �• i 2. Hun tin ton Beach at a regular meeting the'i.,of held o k< �� n the 22nd day of February , 19 8 3 . ATTEST: City Clerk REVIEWED AND' APPROVED: ity Adm nistra or `3. Mayor APPROVED AS TO FORM: Cit•; Att rn INITIATED AND APPROVED: Dire c t or of Public Works i SELT10NAIL, Dl'STk CT kkp 13--6 "ll CITY Of'' 11UNT ING'-T:�Q�'�'N BEAC-H OHANGE COUNTY, CALIFORNIA USE OF PROPERTY MAP ATLZA TA � � 1 43 o c) m \ PAC irIC 0c6N \� `� • • DH 14 Subject Propert' I►yE . t •� t err-E 4 .f • • � 1 I w 1 �.':. { {. T 1 r w I I{ • Tl �.T � CF-R it, A 1 ._..Y�; %'•••oft ' Il ROTARY M'U:D; . `p o• L V, - 4 cb I.— V1 J 0 n E f Res. No. 5230 STATE`OF'CALIFORNLA ) COuNTY OF"ORANGE ) as: CITY OF HURUNCTON BEACH ) I, AhICIA M. WENTWORTH, the duly elected, qualified City Clerk of the City of Huntington Beach, and ex-officio Clerk of the City Council of said City, do hereby certify that the �rhole number of members of the City Council of the City of Huntington Beach is seven; that the foregoing reaolution'waa passed and adopted by the affirmative vote of more than a majority of all the 'members of said City Council at a regular meeting thereof held on the 22nd day of Februarry 19 83 by the following vote: AYES: Counc i linen : Patt i nson, MacAllister, Finley, Bailey, Kelly i y NOES: Councilmen: Thomas, Mandic j ABSENF: Councilmen: None W I00 S Ctcy;,Clerk" `and ex" officio Clerk ........ :....... of the City Council of.,the City of Huntington Beach, California f f i i RESOLUTION'NO. 5231 MIYV A , .. • ( • A' hrcA T.1 n\ nr T r /!.7T nn � PT nC Tl1rY^r t, &fr%-P0%kM nTA BEA1r Rv,_ rv+' WAKE s�J.v s��i� u + u ri V BEACH '„*}}gyp (pME FEDERAL.,SA�II� GS, A D P 0 I G E ISS CE B HE CITY OF NTINGO BE C �, OF`"L"OANS TO LE�UERS EIIENUE.BONDS ' i _x w_.P..., �..�. LOAN'ASSOC IAT I ON,`N PR0 1-) FOR T Ea�URPOSE OF, PROYIDIt�G FINANC JEC � ��. INGTO,t; HUNTIt�GTON: BREAKERS APARTMENTS, LIMITEO;x'�A; L"IMITED PART- NERSHIP rFOR THE CONSTRUCTION'OF A MULTI -FAMILY` RESIDENTIAL RENTAL PROJECT RESOLVED, by the City Council of the City of Huntington Beach, California, as follows: t` #� :" eri? :Ct ''Fi•E„rj"�uwa' ;. 1 .; y d� ,tr 4ai 'y ,,'s';: WHEREAS, y Beach proposes to issue its.Loans-to Lenders Revenue;;Bonds '(Nome -Federal Savi gs and, Loan Association Protect) for lh`e'purpose the City of Huntington of providing fnan%ng to Hunt�ing'ton�`Breakers Apartments,.. Limi ted', a Limi ted Partnership, for the construction ofCa multi -family rental project; , t17t i., +'.r '.,�4x t� r ,.,..=f,,s ES }�'.• :`X.a.�F�,-'. . ,„ , `t on�j103(k) of� they Internal Revenue`'Codes 0195 as amended, q HEREAS, ectl,Coun fl steal l approve,_the i ssuanc inii� a publ ec hearing fol l owing reasonable note ce on: the uessaid Bonds.7only after q tion of whether this Council should approve the issuance of said Bonds; and ., :HEREAS, thi s Co� nci lr��a,: �. ,�; .. ; p,. � - � z� W s held on the date hereof a" ubl.ic` K aring follow- l ng reasonabl a public notice on the `questi on of whether thi s .Council should approve the issuance of said Bonds, and all persons desiring to be heard have been heard, NOW, THEREFORE, IT IS HEREBY FOUND, ORDERED'AND DETERMINED as follows: ?�FI.r r ,y'r ' YS .., *P � ,i;}Section 1::,The Ci tCouncil of *tie Ci ty �o untington. Betoci does #appro��e the 'is ;nce y `t: a CityttieCi ty'ofFunting�an 8eachl.oans-to-lenders ,Revenue �? �.y•>.., q. era �ti onProject})` for ttie;p., roseaf pro. ssocia Bonds .Nome^`Federa1 ,SAVi s, an n. F g g r 'n tondBreaker's Apartments, ;Limited, aLimitedPartnership, vi:d16 C.fi nanci n to Huntir g ` g,.. _.. _e :, P fo'r the, construction Hof ,a miulti-family, rental project to tae` located;honthe' real proper-O` si tua to i n .the City, on, the east ^ sQe . ofr,Beach Boulevard apPproximately one -quarter mile north of its intersection Hith the Pacific Coast Nighaay. s '.F:* The fici g'"of s 'id ro ect re uri�res that :the rinci+�.al amain' �Secti�odn�.2; ^ Exeed 22 000"000 ,FaP`` j, q, p pal amount of, said Bons not c S nd the issuance of said Bonds in the prin- cipal amount of not to exceed $22 000,000 is hereby approved, PASSED AND ADOPTED this 22nd day of February , 1983. r ATTEST: Ij C _ Clerk Mayor .1 F4 17 APPROVED AS TO FORM: yr Attorndy k.= Special Legal Counsel INITIATED AND APPROVED AS TO CONTENT: 04 Director, Business and Industrial nte'rprise APPROVED AS TO FORM`AND:CONTENT: APPROVED: AW ty Admin strator I Res. No. 5231 STATES OF CALIFORNIA ) CQUNTY OF,,�ORANGE . ) s s : CITY OF HUNT INGTON BEACH ) , I, ATEACIA M. NE . r N'I�TORTH, the duly elected, qualified City erk of the City of Nunt y ington'Beach, and ex-officio Clerk of the City Council of said City, do hereby certify that the whole number of rs of the C... y ,•; ; y Huntington ; membe it .Coun;cil of the City of Beach ie seven; that the foregoing resolution was passed and adapted by the affirmative . a than a majority a~ , f more j y of all the 'rri ers of sand City Council vote o �:. thereof held on the 22nd da at a re lar meetingth y ` of February 19 83 by the following vote: AYES: Councilmen: j Pattinson, MacAllister, Finley, Bailey, Kelly j i NOES: Counci.imen: I Thomas',Mandic ABSEtI : Councilmen-. ilmen: None P. City Clerk and;ex- officio Clerk of the;Cty Council of :theCity of Huntington Beach,.California T REQUEST FOR REDEVELOPMEN AGENCY ACTION Date January 27, 1983 n airperson a' Submitted to: Ho orable Chairperson andRedevelopment Agency �ti0 1 Submitted 6v: Charles W. Thompson, Chief Executive Offi u ce r CLK p j I Pre paired by: 91'0 f f i c e of Business a n d In8usit"rial E'n'"ter'prise Sub'R(CE'I V ING, AND' TRANSMITif NG, PRELIMINAJRY REDEVELOPMENT PLAN FOR WN-PIER,PROJECT PLAN AMENDMENT NO. I ' Statement of Issue Reco'mi"m en''dation, Analysis, Fiu`iiding Source, Alternative Actions, Atta chment STATEMENT OF ISSUE: t Purstia"ni"t to Section 33323 of the California Community,:,RReVelopment Law, 'a 6d is the""p'relimi"hary, plab .•ihich was ap"p';-rov16d 'by. th6 �Pla,nnfhiig' Commi's'sioin on Jahq"ci"�Y 18, 1983, as r&'fle'cted by the attached resolution. The next ste"p•o"f the red&61op�- m I ent roce . ss or the a -iihd'd Main`-' t Area is for the Redevelop t ,p ' " f, me e Pier Pro men Agency to acknowledge receipt of 'the pr'elim'ihary plan, adopt said prel'i'm'i`h'3'.ry plan, and direct the Clerk 'Co transmit said plan to the appropriate go vernment agencies. '4 The amended redevei"otbp'�me:'nt,.pro36ct area conforms with the bo"u'Kda"ries of the survey ted' y th area ' d6si'g"na' b e City. Council with the ado'p'tioh of Resolution '61ution No. 5090 on February 1, 1982, and Resolution No. 5189 on November 15, 1982. RECOMMENDATION: 4, y Addi"pt' A'g'e'hcy Resolution No. 68 ac6owledging receipt of the Prei imi6ary Plan for the Main-PI,--r Pr6ject Plan Amendirer! No. 1, and authorize staff to distribute it and related docuir-ents.to all appropriate agencies. ANALYSIS: The Caiif6rnia Health end Safety Code, Division 24 Ca I i fo rn'ila' Rede M d 6 m eh. Ut" a h d t Housing�, Par 11 Chapter,,,,4, Article 3, Secti6hs 33320.1 Or6ugh 33328., - r'equi res that desi"'J"' 'f a i r�deV 6 ad 66 gnation o elopme-pt project area and, pre I iml nary-� p 'an e,. te uris A by resolution of the 'PI a"hni nq Commission of' the local., j d i C t" 1 16" n`u 'n d 6' r, t � k' n g comVr�se ssi nthe"re"dev61 0p'ment activity. ,Thtt,hPlnn ngmay"selict one or more projectareas4"H6 -: al I 6r,'a pa"rt of 66YOr'evi obs'ly p designated s6rv`eyl.' `rea,, in'd �requires ikit the, P166ning, Commission , formulate -a prel 1" 'na"'ry -pl an :for each sel ec te'd projec't area. It is also 're4uired th6t. the Plabnlnq Com�ission forward this preliminary plan to the Agency prior to distri- bution. State Law. provides, that, thepreliminary plan "need ,not%be detailed "but. that , such c riboundaries", "a plan' sho'uld:,.,,(fl-des be the '"`'" 6f the ObJeft area'- (b co, t Ul general, statem6Wt-,.-6fihe land uses, layout, of al. streets,,�po 'a' il 6 , n", dede- - s e n i n th ten fl ti eis and ' standards-p r IR p- "th d i f i' s 'a' d, bui I d" oppsed" 'as e. basis, for the re e- ve160'en't 'of the 'project area; (c) showho'w 6e"pUrposes of this part would be attained by such development; (d) show that'the'propo'sed re'developmeint conforms j« YNi fio k s,;. ter o�r "7g. enerYa�.. lV, com;.r. y�5. ,anh; ' the m'.p, act„. o,A *f. has reviewe"d`the attachedehereof-,and upon trig surrounding neighborhoad, Staff thep^ ject up on resitlents t 1 ''`'' y `plan for theSMainiPiertAm.aN � ,on resolution, and p �mina'r endmentnNr). I ,P oject Area, and it is the rel the o0ini'66"of staff that, these resolutions and plan conform to the above refer- enced requirements of State Law. FUNDING SOURCE: None'`"requ`ired. ATTACHMENTS: 1. Planning Commission. Resolution No. 1300 2. Agency`: Resol uti on' No. 68 3. Main -Pier Plan Amendment No. 1 Preliminary Plan CWTMW:jb PRELIMINARY PLAN I MAW-P1EER REDEVELOPMENT PROJECT PLAN r\JC-). 1 HUNTING TON I IFAC'►• I, CA1.1FORNI A JAN(JA Y, 1903 RESOLUTION NO. 1300 A RESOLUTION OF THE PLANKING COMMISSIOW.OF THE CITY OF HUNTINGTON'BEACH, CALIFORNIA, DESIGNATING AhfENDED REDE- VELOPMENT PROD+ECT AREA FOR THE MAIN -PIER REDEVELOPAENT. PLAN, AND ADOPTING THE PRELIMINARY PLAN FOR SAID AMENDMENT The Planning Commission of the City of Huntington Beach does re- solve: Section 1: Certain areas set forth in City Council Resolutions No. 5090 and 5189 are found to be blighted areas, tie redevelopment of which is necessary to effectuate the public purposes 4eclared in the California Community Redevelopment Law. SectionZ: The certain areas described in City Council Resolutions No. 5090 and 5189 are hereby designated to be an amended Redevelopment Project Area, in its entirety, to be known as the Main -Pier Redevelopment Plan Amend- ment No. 1. Secti6n:3: That the Preliminary Plan attached hereto is adopted, in its entirety, as the Preliminary Plan for the Main -Pier Redevelopment Plan Amendment No. 1. Section 4: The Secretary is directed to forward a copy of this Reso- lution along_ with the attached Preliminary Plan to the Redevelopment Agency of the City of Huntington Beach. Section 5: The Secretary shall certify to the adoption of this Resolution. .REGULARLY PASSED AND ADOPTED by the Planning Commission of the City of,Huntington Beach, California, on the 18th day of January, 1983, by the following roll call vote: AYES: NOES:; ABSENT:, ABSTAIN: ATTEST: a Higgins, Livengood, Winchell, Paone, Porter, Mirjahangir None Schumacher None es W. Palin, Secretary T m Paone, Chs rman TA BLE nF- -ONTEN TS Section 1.0 Introduction 2.0 Project Area Boundaries 3.0 Ceneral Statement of Proposed. Land Uses 4.0 General Statements of Proposed Layout of Principal Streets 5.0 General Statement of Proposed Popiflation Densities 6.0 General Statement of Proposed Building intensities and Sttindard s 7.0 Attainment of the Purposes of the California Community Redevelopmvnt. Law n.O C o- fo'rmnnce`to the Htintingt.on Bench (oviu rnl Plan O.r) Genernl`Impact of the Project upon FIv :itIvnts located within t.lie Prnjert Area and upon the Surrmindinq No ighborhoods LIST OF EXHIBITS Exhibit A. Plan Amendment No. t Project Ares+ Legal Descriptions B. Plan Amendment No. 1 Project Area i-taps PaoF., 1 1 2 .. 2 1 3 3 • 1.0 1NTR6DmCTION s . ,.. ,' the proposed .., This Preliminary Plan for p posed Main -icier Redevelopment Project Amendment No. 1 was re wires preparation Of compliance a with plan the as Californin t asis for gUb�icy Redevelopment Law which prepared q p p quant development of a more afore rnentiored law defines "Project Are pm`ent within a designated, Protect;.Area. The definitive plan amendment for redevelo j a" as an area within,e community which has been determined to be blighted and requiring redevelopment to effectuate the public purposes for which the California Community Redevelopment Law was designed to achieve. The, propo ed tvlain-Pler , Redevelopment Project 4mendment No, 1 is part, ;of the ongoing Community and Neighborhood Enhancement Program by the City of Huntington Beach to revitallie'areas within the community.. The Redevelopment Program will -enable the City of Huntington Beach to remove and m1tignte adverse conditions within selected areas of the community and help improve the overall economic climate. On February 1, 1982, the City Council of the City of Huntington Beech designated by Remlu lion No. 5090 a Redevelopment Survey Area as an area that requirgd, furth6r study to determine if a redevelopment project is feasible. On Novemr.-ar 15, 1982, the City Council added one additional area at Beach Boulevard and Atlanta Avenue by Re'5o16tion No. 5189. Also, on November 15, 1982, the City Council directed the Planning Commission to select a Project Area from within the survey areas and to formulate and adopt a Preliminary_ Plan for the selected nmended Project Area. The following Preliminary Plan has been prepared as an amend;-nent to the Main -Pier Redevelopment Plan pursuant to this directive. This Preliminary Plan Amendment has been prepared pursuant to the Californis Health and Safety Code, Section 33324, which requires the following: . A description of the boundaries of the amended Project Area; . A general statement of the land uses, layout of the principal streets, populatlon densities, and building intensities and standards proposed as the basis for the amended redevelopment project area; A demonstration of how the purposes of community redevelopment low would be attained by such development; . A demonstration that the proposed redevelopment conforms to the community general plan; and . A general 'deseription of the impact of the project upon residents located within the amended Project Area and upon surrounding neighborhood(s). 2.0 PROJECTAREA BOUND AR iES Theproposed ,p"rojectu consists of one area boundaries of;whlclti"are deac1i6e' d in ';Exhibit Illustrated In Exhibit "B" attached hereto. 1 (with seven neigh6ort ood subureas), the "A" attached hereto. The area Is further Exhibit "A" Area #1 IIECIM, i I'SClti1'TION Existing Main -Pier Redevelopment Project Area 11int portion of Hunt:iiigton ]leach, County of Orruigc, State of California as shotin on a map recorded in Rook 3, Pale 36 of Miscellaneous Ti ns in the Office of the County Recorder of said County described as follows; Beginning at the centerline intersection of Pacific Coast Highway and Lake Street shown as Ocean Avenue and i'irst Street respectively on said mentioned i 1p; thence along the centerline of Pacific Co.nst Highway South 480 21' 42" East 37.5 feet to -the intersection with the southwesterly extension of the.soi thea'st line of La.e Street; thence along said mentioned extension South 410 38' 18" West 50 feet to the True Point of Beginning, said Point being distant Soiithcri t. 48 1' t f-'St. 1655 feet along the southwest line of Pacific Const Highway to the intersection with the 'southwesterly extension of the northwest line of. Sixth Areet; thence continuing South 410 38' 18" West 525 feet more or less along said extension to ncc High Tice Line of the Pacific Oconn; thence northimsterly 910 feet more or less along said high Tide Line to a 1 iiic parallel with and 35 feet southwesterly mcantirctl at right ankles from the southwcsterly extension of the line of i+h in Street as shown oil said KV of fl nitington lic,ach; thence alr:ng said mentioned parallel line South 410 331 18" West 1470 feet to ,� line pnrallcl with and i11) feet southwesterly, measured at right anglcs from the southwesterly end of the Iliuitington Boach 14unicipal Pier; thence North 48' 21' 42" We-st 145 feet along said parallel line to a line parallel with and a5 feet northuosterly measured -it right angles, from the southwesterly extension of the northwest line of >Liin Strc,:: thence North 410 38' IA" East 1470 feet to the High Tide Line o'°f the Pacific Occar: thence northwesterly Gr;O feet more or less nlong said iligh Tide Line to the. southwesterly extension of the northwest i inc of Sixth Street; thence alonf: --:sill extension and northwest line of Sixth Strcct North 410 38' 18" E2,t 1035 feet nirc or less to the intersection with the northeast line of Walnut Avenue, being 60 rect in width, 30 feet either side of centerline, .snid poi11 nt being distant North 11 ° g said norlthti�esk line 510 feet from the southwest line of 38' 18" i;ast aloe' � r nici fie Coast Hi , . ghw;iy; thence ;iloit-1 said northeast line of Walnut Avcnuc South . 980 21' 42" East 1330 feet to an angle point in said line, said'Poi.nt also being; on the southeast line -or Second Street l)eing 60 feet in`width, 30'feet either ° sidle of centerline; thence continuing along said northeast line South' 10 09, Oa" C..7st 414 feet to the southeast line of l.akc Street.; thence along said southeast line South 410 381 18" nest 254 feet to' the True i'oint of Beginning. IN:; iniport will itr lorrtr•ly allentrnte(I will- tlr,• Agvnr,y's: (1) t:►t:inq(Ir ibernti, stivr' Io rtrnntintr• tltr littrrhasr of lirnprrher. in !►r w-flrtircri nt fnir rnarl:rt value; (2) inilintiroi stirh nr•rlotiation, a, sons ar. prnrtical In ndohtinn of thr Redeveloprnrrit Flinn nrnr,nrlmr.nt; (3) hrnvidinri rnlovntinn nrivkoo-N, and h(•nrfits to all who rrt• dinplaced and aro ritiali find for h,:!nefits; (-'0 onsrtririq rtrnplr tirrin for htlrchasr' of prnhr•ri v to hr nrrintiatrd and suf fit•irnl time tltrrr,;&i•j-.10 r•nrtst.tmrnatr Ihv process of rolnr:ition; and (5) keeping all conrPrned rontinuntink apprirod of the Agv,m:y's progress and i:,, .ir:tivitics. `'lhilr the impact of relncatiur r•nuld initially he nerlative, its long-'.erin impact is expected to he positive in that relarntion will afford businesses and residents in Lhe Project Aren a unique opportunity to rnn►-r, to a more desirable location of their rhnice with little or no cnnitnl outlay nrrvssary from personal cash resources. 7t►r'► impact of the project on thr' existing nnighborhoods is also VxprcLed to be posit ive ni.,r.r the long term. neveloprnent of new residr-ntial uses will havr a beneficial imaart nn the existing, newer and rrhnhilitntcd rr,idrnlial units. nttring the short-term construction period, it i:. possible !hat the existing neighborhoods surrounding the amendrd Prnjcct Area rnul►1 experience certain negative imnaot resulting from heavier truck traffic, nntsr� and dust; '-inwever, these impacts will '10 rniLiriated by confining rnnstrur.tion and Lntr•king ar-tivities to daylight hours and by requiring spray watering, ns nrcessary, to control the impact of dust. (Wer the long term, pnsit.ivn impacts to surrnundinq neighhorhnndr, will rr.sttll with the construction of -nodF,rn -ind well designed development which will have eliminated the blighting influences in the amr rided Project Area. 7.n ATTAININI1-NT CIF THI7 i*11 )RrOrI I IF THr (--11 Ii't 1RNIA C'(1t:1FaL I1;: i V RF")1C�I '.V_i1i�r.1f"NT'I_Ati;►` _--_. l'hr. proposed r► drvr.lnnnivnl of Ihr irtion Ire) Vroirrl Area t:; ,-�hrctetl to the ltttrhnses of community rodovidt-ipmrnt. law of t h• ,t alr cif C',nl if ornia 1.0y: Providinq additional decent, snfe nnrt nanitnry rr,sidrnti.-tl hnusing to thr. rxisttnq stock within the ri! y of "funt in(lt un I tt•:trh. Providinn constrUCtion and ernploy►nrnl npportunitirs in thp development of thrr-r facilities and by providing ,vmpin)-tient npportunitirs in the operation a` tlo, proposed new commercial and indttstrinl facilities. Mitigating severe development limitations which result in the lack of proper utilization of the amended Project Arra to such an ext^.nt that it constitutes ,a serious pJ�ysical, social and economir hurden on the cornrnunity which cannot reasonably be expected to hP revrtsed or alleviated by private enterprise acting alone. Providinh adequate puhlir imfirnvr.rnrnts, public facilit ics, open spares and utilities which cannot he remediod by private or cvovCrnmrntA action without redevelopment. Imptrmrntinq thr, rnnstrur.t.inn of mlogtt,ntr streets, rurhs. clutters, strr.rt liglar., storm drains Lind other irnprnvrmrntr x. nr•crs-sary to ensurr proper vehirular onrl. pedestrian -icress within onrl nrnund thr ;trnrntlyd r'rojvrL Arva. Establishing development r-riter is anri contrnls for the permitted reuses within thr amr.ndr.rl Prnjrct Arra in ,ncrnrrlanrr v:tth ,-iodern and c o-npetitive deJ171opillrnt prar�ticr ,. Providing fnr relocation nssisttrnry and hrnrsfits to ntrlended Project Arra businesses and residences which rriny lie displaced, in accordance with tl+r prnvisions of thr community redc•vclnpment law and the government code of the State of California. f1.0 CONFORMANCE To rHE I--UNITiNGTON BEACH GENERAL PLAN The proposed redevelopment ins set forth in this Preliminary Plan conforms to the General Plan of the City of F+intingt.on Onarh. 9.0 GENERAL. IMPACT OF THE Pr air(- T UPON RI-_SIr)rN TS U )C ATEo TI -1'- PROJFCTAREA: AND UPON THE SUimntitJDING NEIGHBORHOODS --� Thr. (:ity's objective in pursuing the Main-Pirr Redcvr.loprnent PI.nn Amendment, No. i in to rnitlgnLe thr srver(,. dr.vr,lnl;rnrnl limitalinns thnt arr. now, and %•.ill continue to :)r, in Ihr fttt.uret constraints to prnper utilization of the nmrndrd Project Area. The plr+n r-s nrrsnntl,v envisioned wlll provide for the sale of properties and portions of properties to partiripaItIn in the n ect, owner partirlratinn arras ernents will be rnadcd available. tier. RrdPvelo ,mr+nt A� enc . However, i f the owners of these parcels are g P j,. 9 � , Arna will sect impact to 'businesses and property owners viithin the amended Projer.t ':nc.� direct p . the displacement (except for owner participants) resulting (ruin Implementation of the Redevelo'mcnt Phin. J 3.0 GENERAL STATEMENT OF PROPOSED I_At4f) USES Proposed land uses for the. amended Project Ama inr.luc{n: Commercial: Principal tjws wntild inrltirlr i;tinr.ral commercial, visitor -serving commerch, 1, and office usr,s. Residential: Principnl usr.s wc.;uld im-lude low to high density residential uq.s irr.luding condominium development. Community Facilities: Civic and strrrl and highway u::?s will be Improved when fca ,ible. Permitted land uses within the amended Project Area will be those uses as shall be illustrated from time to time in the General flan of the City. Specific permitted uses within the amended Project Area will br these that are permi` ted, or conditionally permitted, by the zoninq ordinance containrd in the Municipal Code when the zoning ordinance conforms to the General flan. The ntimbor of dwelling units will be in accordance with the provision of the Gvneml ►'1an of the City. , 4.0 GENERAL STATEMENT OF PROPOSED 1_i-Wail'OF PPiNCIP.AL STREE75 Thu! layout of principal streets will be as ;a(Jn;itvd in the Downtown Specific Plan, or as st.hscquently amended. Street improvements will be installed as ner.essary and financially feasible. Certain streets may he tertninratrd, abandoned, vacated or re-routed to ac .nrnmod ate specific future. devclopments. 5.0 rENF_RAL STATEMENT OF PRnpoF11-1) POPUL_ATim DENSITIES 13uptila►.ion densities will conform to Vie Ornf,rat Plan as follows: 1-7 dwelling units per acre for Ltw/ Density Residential development; 74-15 dwelling units per acre for Medium Density Residential development; 154-7-5 units for Nladiurn High and 25.+ units for High Density. 6.0 GEt ERAL STATEMENT OF PROPOSED BUIi_DING NTENSITIE'S AND STANDARDS It is proposed that all permitted uses throughout the immided rrnjf.- t Area shall either meta or exceed the rninimurn standards ;lipul,ated in the City of Huntington (lrarrli'n current zoning ordinances, or stbserltjent final arnendmi Rpclevvinprraenl Plan nppruvr!rt :trill adnpted by ordin''ance of the City Council. Sta iidards for the amended Project t Area shall conform to or exceed a 4lic®b standards for street layout, design pP u fedora I, local. , r . q Y 9 . , state a cedes irr ludira l r n acxi land subdivision. The: con: 41ructIion of buildings shall meet or exceed the provisions of the 'Unlform building ..ode" as adopted by, the City of Huntington Beach and other applicable codes ;and regiilations, including the C,n4fdrnia Health and Sofety Code. Exh� b t "A„ Area #3 ......... . LEGAL DESCRIPTION Oceanview Subarea Beginning at the southwest corner of Lot 20 of Block 103 of Vista Del Mar Tract, as.shown on a map recorded in Book 4, page 5, Miscel- lane%jus Maps", Records of Orange County said corner also being the intersection of the north right-of-way line of Atlanta Avenue and the east right -of -war line of Huntington Street; thence southerly 1375 feet more or less along said east right-of-way line to a point; thence southwesterly along the southeasterly right -of -why line of Huntington Street and its extension to the high tide line of the Pacific: Ocean thence northwesterly along said high tide line to the sout hwesterly extension of the southea3tzrly.right-bf-way line of Lake Street (formerly First Street); thence northeasterly along said extension and said southeasterly line of Lake Street to an angle point in Lake Street; thence north along the east right-of-way line of Lake Street to a point, said point being the southwest corner of Block 301A of Huntington Beach, Main Street Section, as shown on a map recorded in Book 3, page 43, Miscellaneous Maps, Records of orange County, said point also being the intersection of the north right-of-way line of Atlanta Avenue and the east right-of-way line of. Lake Street; thence easterly 842.10 feet along the north right-of- way of Atlanta Avenue to the Point of Beginning. t ® E x h i brit "A" Area #2 LEGAL DESCRIPTION Bl ufftop Subarea Beginning at the most southerly corner of Lot 1 of Blr_-k 206 of Huntington Beach, as shown on a map recorded in Book 3, page 36, Miscellaneous Maps, Records of Orange County, said corner also being the intersection of the northeasterly right- of-way line of Walnut Avenue and the northwesterly right-of-way line of Sixth Street; thence northwesterly 5555.00 feet along said northeasterly right-of-way line of. Walnut Avenue to a point on a line, said line being the northwesterly right-of-way -Line of Ooldenwest Street as it now exists; thence southwesterly along said northwesterly right-of-way line of Go ditwest Street and lts extension to the high tide line of the Pacific Ocean; thence southeasterly along said high tide line to a point on a line, said line being the extension of the northwesterly right-of-way line of Sixth Stree_; thence northeasterly along said right-c.f-way line to the Pnint of Beginning. Exhi b`i t "A" Area 45 LEGAL DESCRIPTION Downtown Core Subarea Beginning at the most southerly corner of Lot 2 of Block 200' of Huntington Beach, as shown on a map recorded in Book 3, page 36, Miscellaneous Maps, Records of Orange County, said corner also being the intersection of the northeasterly right- of-way line of Walnut Avenue and the northwesterly right-af-way line of the alley located between ,Sixth Street and Seventh Street; thence northeasterly 760.00 feet along said northwesterly right- of-way line to a point, said point being the most easterly corner -of Lot 28 of Block 306 of said luntington Beach, said corner also being the intersection of the southwesterly right-af-way line of Orange Avenue and the northwesterly right-of-way line of said alley; thence southeasterly 1422.50 feet along said southwesterly right-of-way line of Orange Avenue to a point, said point also being the most easterly corner of Lot 27 of Block 302 of said Huntington Beach, said corner also being the intersection of the southwesterly right-of-way line of said Orange Avenue and the northwesterly right-of-way line of Second Street; thence southerly 96 feet more or less to a point, said point being the north corner of Lot 20 of Block 301 of said Huntington Beach, said corner also being the intersection, of the souti:eastexly right-of-way line of Second Street and the westerly right-of- way line of Lake Street; thence southerly along said westerly right-of-way ,,ie to a point which is the westerly prolongation of the north right-of-way line of Atlanta Avenue; thence easterly 90 feet more or less to a point, said point being the southwest corner of Block 301A of iiuntine*ton Beach, Main S4_reet section, as shown on a map recorded in Book 1, page 43, Miscellaneous Maps, records of Orange County, said corner also being the intersection of the easterly right-of-way or Lake Street and the north right- of-way line of. Atlanta Avenue; thence southerly along said"ea'sterly right-of-way line of Lake Street to a point, said point being at the terminus of the northlongtati" �oo;, "heras' tt erlyey pronf the t right of -way n lie 'of La..e Street, thence southwes ` �'v � terly 648 feet more or less along said prcionga'tion and said right-of-way line Exhibit "A" Area #4 LEGAL DESCRIPTION Ocean -Beach Subarea Beginning at the southeast corner of Tract 9580 as shown on a map recorded in Look 444, pages 29, 30 and 31, Miscellanous naps, Records of Orange County; thence Nc,rth 80.043100" east 50.00 feet along the easterly prolonSaticin of the.south line of said tract to the True Point of Beginning, said point also being on the survey centerline of Beach Boulevard; thence southerly along saiu centerline and its extension to the high tide line of the Pacific Ocean; thence north- westerly along said high tide line to the southwesterly extension of the southeasterly line of Huntington Street; thence northeasterly along said extension and the southeasterly line of Huntington Street to an angle point in Hunt�:igton Street; thence northerly along the east line of Huntington Street to the westerly extension of the south sine of said Tract 9580; `hence easterly along said ext,insicn and south line to the True Point of Beginning. • Beginning at the most easterly corner of Lot 28 of Block 306 .)f Huntington Beach, as shown on a map recorded in Book 3, page 36, ,Miscellaneous Maps, Records of. Orange County, said corner also being the intersection of the southwesterly right- of-way line of Orange Avenue and the northwesterly right-of- way line of the alley between Sixth Street and Seventh Street; thence northeasterly 835.00 feet along said alley right-of-way -to a point, said point being the most easterly corner of Lot 28 of Block 506 of said Huntington Reach, said cor.ner4also being the intersection of the northwesterly right-of-way line of said alley and the southwesterly right-of-way line of Acacia Avenue; thence northwesterly 192.50 feet along said southwesterly right- of-way to a point, said point bein,; the most easterly corner of Lot 27 of Block 507 of Huntington reach, Main Street Section, as shown on a map recorded in Book 3, page 43, Miscellaneous Maps, Records of Oran.9e County, said corner also being the intersection of the northwesterly right-of-way line of Seventh Street and the southwesterly right-of-way line of Acacia Avenue; thence north- easterly 410.00 feet along said northwesterly ,~ight--of-way line to a point, said point being the most easterly corner of Lot 27 of Block 607 of said Huntington Beach, Main Street Section, said corner also being the intersection of said northwesterly right- of-way line of Seventh Street and the southwesterly right-of-way line of Palm Avenue; thence northeasterly 95 feet more or less to the intersection of the north right-of-way line of Palm Avenue and the northeasterly right-of-way line of Main Stare e't; thence easterly along said north line to the intersection of said north right-of-way line and the west right-of-way line of Lake Street; thence north along said west right-of-way line to a point at'the west prolongation of the north right--of-way line of Indianapolis Avenue; thence east 90 feet more or less to a point, said point being 'the southwest corner or Block 804 of Huntington Beach, to a perpendicular line; thence northwesterly 75.00 feet along said 'perpendicular line to a point, said point being the south corner of Lot 1 of Block 201 of said Eluntington Beach, said corner being also the intersection of the northwesterly right-of-way line of Lake Street and the easterly right-of-way line of Walnut Avenue; thence northerly along said easterly right-of- way line to a point, said point being the easterly terminus prolongation of the northeasterly right -of --way line of Walnut Avenue; thence northwesterly along said prolongation and said northeasterly right -of. -way line of Walnut Avenue 1482.50 feet more or less to the point of Beginning. A i I, I The north 1980.00 feet of•the west 490.00 feet of the northwest quarter of Section 13, Township 6 sooth, Range 11 west, as shown on a map recorded in Hook 51, pages 14, Miscellaneous Maps, Recc'rds of Orange County. Wesley Park Section, as shown on a map recorded in Book 4,.page 17, Miscellaneous Maps, Records of Orano,,-- County, said point also - being the intersection of the north right-of-way line of Indiana- polis Avenue and the east right-of-way line of Lake Street; thence east 167.10 feet along said north right-of-way line to a -point, said point being on the east right-of-way line of the abandoned Pacific Electric Railroad right -cif -way, said point also being` the southwest corner of'Lot I of Block 901 of Vista Del Mar Tract as shown on a map recorded in Book 4, page 3., Miscella`neou's Maps, Records of Orange County; thence south 2631 feet more or less along said east right-of-way line of the railroad to a point on the north right-of-way line of Atlanta Avenue, said point along being the southeast corner of Lot 1 of -Block 9101 of said Vista Del Mar Tract; thence westerly 262 feet more or less along said north right-of-way line to a point on the west right--of-•.4ay line of Lake Street-; thence northerly 350 feet more or less to the most easterly corner of Lot 27 of Block 302 of said Huntington ©each, said "point also beinq the intersection of the northwesterly right-of-way line of Second Street and the southwesterly right- of-way line of Orange Avenue; thence northwesterly 1422.50 feet to the Point of Beginning. ".:.._Admak EXHIBIT 8 (cont SECTIO•N'AL, DISTRICT MAP 13 6-I'i _ -- ITY 016000-fIr .�, C11• MI.Ir t, Me/ ••• 1... r.•� . ► - r ••• COY•CU 09f-16•CI •O rN ,.r �'• •--• •' w {'. lttlf •A , _ + i�L"Gl! Q11�� !•.L�CL 25�.•isi (iD /w •.....e1M.•1 •a..l �` r ���{\` I i A H•0•t•/1HU1 I INN �O1 ,� B C 1.1...1 IfJ1 �U "^.'•• ., •.• 1.11./1 /CI 1 1 H N•p. � wt'M'U •w•r •••N.•1'••• 1 -%.11 off a 11 1.11 1•� •a �••1 •w,• «•tl ••• : �•..• (f A 11��f , 1/�I 1f �T t1 CALIFORNIA /� 1 2 11 '�- n.1 roar • •• // NN 1�M. M•.�� ...�• .•1 •.mot .1••+• ORANGE �l(11�`` E COUNTY, CALIFOI\1\IA 1rs-64 W1• !N1. IfY •r••!1••w••w•.'•t : f•'t•.1 101I • 1 �1 IfM •+•11 •+•1 u••••• r1'w/ - AmENDED IV ME CASE, l.f,/1 11.1 ) •/ 1/If [j] fer�Nl .•- r• w.••,. 1./•1• 1011 '1 • �1 f1M [l7�) 1••••1 v.••arrr,t rt••t• 11., q•. 11t. 111 $40 W4 f•O.•O•, 0M.44,441.46-,16•13, 64.41 . N•// 01.11 U•1$, 04•41 n•:1 1-11. 11 10f11 • 1 •Q f"11 QZ •rr,.l• .r•••+• 0110In0 r. M I. fl•1,rf 1•.Ir t't;•O ff a1.1_ 1 •/.01 k0�1 IIMf1i ` L got 410, 1•'•.1 111• - rrt•r• •••• • �ri >�ZeY K AVE 11 R 1f71i� 115 C7 I^ AI 1 RI RI P1 "i • RI •r I i ; R 1 RI'O��1 �1111 ■ 4'7 i..•.•.� Bpi , :;'�_� R t ► } I '.1 ij R 1 r l r I ••R' p R! T .�_? ! r Lr `+ Al Jill I •! Rt '�' - r►i• + 1RI R2 1 �.. ■ I� r..013 , RAN . I� p� I f 'rrz- o ! i 1 ! �. -�„llr �--11'� Rt� • I ...R.•�•I RI I. Rs u,R) Ry AS RI j Ri R3 1 -ql i RI 01 I! NI RI �R �t . _.... A � i � .�.. �,_. _ . ._.. _; _: �^v.�-_, t• - till .' 111 ' I ,„•a • . v •.1 1 + 1 ` •rf 1�_J L •I I RA-0 MI-A-O I 1 �_ _�.. - 1 RI • . t w / to r M I -A -o i; �t ,C/ � .j`�`�• �•s� __'11^If~1�I',10N` ,. _ �^•' i t-_. _._.._—__•----�.� • '.t /1 c. RA-0 � '•r1if:,��IIn � o I ':�• �, 4 �, ICE C �* .," ! � !'.•:� •r `` � t •. 10c, �� ,� 0 •IY. ••., j 1 111 • •_ I I Ni H M2--0 1 I0 i i,J� • f PACIf fC OCEAN t, • ¢� C�,• tiff` .f- RESOLUTION INIO. 5179 A RESOLUTION OF, THE CITY COUNCIL OF THE CITY OF HUNTIN .• ...� - JG'TON BEACIH,AUTHOR IZ ING. THE ISSUANCE OF REVENUE D.._ THE 1. PURPOSE OF PROVIDING FINANCING FOR MULTI -FAMILY RENTAL HOUSING DEVELOPMENT F" INTINrJON BREAKERS APARTMENTS WHEREAS the City is authorized -by Chapter 7 (commencing with Sec:tton� 52075 of Part 5, Division 31 of the Health, ` issue >s Ith and Safety Cade of the State of California)`(the "Act") to i nd sell revenue bonds for the `purpose of providing financing for the construction of multi -family rental housing structures located within the City; and WHEREAS, Huntington Breakers,Ltd., (the "Developer") has applied to"the' City to Issue and sell revenue bonds for the purpose of providing financing for the"construction of ,a 342 unit multi -family rental housing development and related auxiliary facilities to be located at Beach and Atlanta, Tract No. 5581 within the City, and WHEREAS, the City wishes to Induce the developer to construct said development and facilities; and WHEREAS it is in the public interest, for public benefit and in furthefrence o , f the . h a public purposes of the City that the City authorize revenue bonds for the aforesai purpose; NOW, THEREFORE, be it resolved: r � h` n � 1. The City Council of the City o. I fur tington Beach aut orixes the Issuance and toe of exce d revenue twentbonds s twf the enty-six million �olarsuant i$ZGc0u0100 ct in a principal amount of 'not :.,:., p 0) for the purpose of ,providing construction and ermAnent financin g to the Developer fur the construction of a 342 unit multi -family rental housing development and related auxiliary facilities at Beach and Atlanta, Tract No. 5581, 'Hunr ;ngton Beach, California. 2. be Issuance aeed adsale of said bonds shall be upon such terms and conditions as may y g upon by the City, the Developer And the purchaser of said bonds and shell be subject to completion of � p proc•�edings for issuance, sale and delivery of said bonds by the City. 3.ex enses administrative costs debt `service reserves and -interest a e issuance The roceeds :of the bonds shall include such relate sary p, .. � ,. payments as may be required to successfully accomplish this financing method. -4. The Council hereby finds that the issuance of the bonds is a substential inducen•ent' to :the Developer to construct the Project and that said Project will further the public purposes of the City. 5. Developer .shall , responsible for costs' in „connection with the 'is u°ance of benre.. I . in tin of the official statement a market feasibi ty study to be used; in connection with the financing and the rail , he bonds inclu►3 xs ., ' .... p , 9 ;. ng agency; cost:; of rat .F,.,.., ode• d 'and unary travelnex expenses, If'bnecessary to New York 'to obtiiin a on the bon rating, a d bon financial cou sal !acted y t e City. t; v