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Sassoon-Mayer Development Company - Wharf Properties, Inc - Bijan Sassounian - Huntington Breakers Apartments, Ltd. - 1983-03-07
Cl t MISS` REQUEST FOR CITY COUNO; L ACTION., RH 89-04 . Date January 3, 1989 _. Submitted to: Honorable Mayor and City Council 11slemberts 1 Submitted by: Paul H. Cook, City Admirisiratoc ,l./ Orepmred by: Douglas N. Ld=BQile;"Deputy City Adni histratonccoromic Development Subject:, ..,UkNi' DINGS OF,EXWTIN0 AND ISSUANCE'OV NEW BONDS; IIUN,IING dk DREAKERS APARTMENT.„ LTD. �,. Consist.-4ft with Council Policy Yes t }- 1�9w Policy or Exception 1' Statentsnt ue, Recommendation, 4naivaia, Fu� riding Source, Alternative Actions, Attarhm STATEMENT OFF ISSUE: In 1983 t the Cit sold bonds;to finance }construction o£' tiie Huntington 'Breakers ' '= � rice the: car . Apart Ttese bonds will come due in 1991, and the owner of the project wishes to refinance this !oblieetiun at this time with nevr bisndst; ,.:ItE6,0. l M E N D ATIO N to Af: the lo of 'he, required public hearing, approve' and authorise t th, e City Clerk -to toce e.�xecute Ahe,'.attach��,--esolution that approves the sale.of the new" bonds and authorizes ' ,, , ,:. . , the approp�ri a ��ty;.officials to execute *tie bond documents ;docu'ments are or. file in the City Cle-Ws office). ANALYSIS In 1983;' the'''City .issued re'vanue bonds it the amount of $I5 'miia „ to finanee I.he construction of the 342 unit 'Huntin ton 'Brenkprs `P1dartments''laca'~�1 cc' 21270 Beach Boulevard• Those bonds will be due and payable in full in 1991. .. / 1: the .�doeuments o rov ( Ctirrianl taxVzW anc ,p ed ut the time of sale of,the bonds,permit a , Vurrent ; fding'.in ari umount, th' t does not exceed th4e 'outstanding pri dple amount ' o rg bonds hare: ac, eall( provcsion .-on every. March "' st and ` '�� ' Zhe ro etr:owner as ire i;;: sted the'itefuridin of the ex , tin •bond "Septettr�Li r,Mist. r i? �A :, 9 ' :Q 6 s 'at �•._ p , - 1. g rbiia costs sale ,bond-.market. Because t," to .tag, gdVgxteen million th : owner"` will secure additional:conventional• thig� titn nta a of a� favor e�ae"d the'`ori anal si f;I!gr�.ing to mace up`!he balance of;the funds.required. 7t:e new, will be seeticed by a letter,of Credit-'from e�7riet`or Bank with a'rating of � ti , ,,, ..t, r, `AAA. Lauer of titedit psys'the bond owner 411'int6rest.�and.Ftlhciple due 9hbuld �- the;' cti +�ti;t� t, k, n�'1 P pe tY ` , '� * er,defaui mha t1an in tun ookn to the pro r I elf as security'for e. Ceeiiit. tho h, ttec ;r,` 4 s , } + �r i r j 1t - - RH 9-04 January 3, 1989 1 Fege Two IT U9 IMPORTANT TO Ir'n'i E that the siffordable housing reyuiromente placed on'the prIeject`as.a riesuli,of the '►riginal bond issue wiil'remain fit', full force and effect (twenty percent (-.f the project .must te:`rented ;to households"eerning less than;,80% of the Court* 1: `medlan ineoincl These unit. must remain rented to lower Income holuseholds " for half the ter m .of ty'e bonds; or ta'S, years; wh!chever Is longer. By .virtue of the ; issuance, of newt! bonds •, ,hen the afiord6ih+y requirements ..will be extended"' by 1 appr'oximately'Pive yeays. " FUNDING SOURCE: All costs o:,:Issuance and,expenses will, be paid by the.,project owner and. the City Willi ,{ assess the standard one4alf of one percent1ssusnce fee on the newt?bonds '($&0,000). 1; ALTERNATIVE ACTION, Do. n6t 'epprov, ,the at t• p p g . Cached. resolution. 'This will re©m t� rEfundin of .the existing _ bonds and Issuance of the new boads. ATTACHMENT: Resolution. ; PEC/llLBiSVK:sai'415� : \ 1. 1 1 1 , . i , . t r, • 1J . •ter �, ^'',, . llrt i-_ •, • y - l 11 }} RESOLUTION NO . 5974 A RESOLUTION 'OP THE CITY COUNCIL �OF THE CITY 'OF HUNTINGTON Iz3EACH AUTHORIZING T:i,9 ISSUANCE , SALE AND ,UEL' IVERY 02 CITY C�' HUNTINGTON BEACH VARIABLE RATE DEMIND MULTIFAMILY MORTGAGE REVENUE H'NDS ( Hd'NTINGTON„BREAKERS 'PROJECT ) , ISSbE OF 19189s, AUTHORIZING THE EXECUTION AND DELIVERY OF , .•;AN INBENTUREt LOAN AGREEMENT'l . REGULATORY AGREEMENT, t.AFFICIAL STATEMENT AND PURCHASE CONTRACT' P.I:D; AUTHORIZINC OTHER _RELATED DOCUM:NTS AND.; APPROVING OT;iFR RELATED ' ACTIONS IN CONNECTION' THEREWITH ' WHEREAS, Article ;ll of Chapter 3 of Pare 1 of ,Division 2 of . ' Title 5... of the Goveriiiien' t- Co'd-e of the State' of Cali.foinia, commencing with'`-Section",;53580 '( the "Act'" ). a»thori xes ,local agencieE to- incur ''i'ndebtedneso for the purpose of 'refunding any -rdve' nue bonds .of he � loea-1, agency, `and the "'Act provides a complete , additional; and ' i -et su.^for ch-a�.ternat� �� .:.. . 'hod ' financing; , and • The City of ingto Beech (the a pevious , at sr l isrsued its I.oanJs-L6_Lendere� Revenue Bonds (Home Federal Savings"an d xonan Association,, M Fluntington Breakers. Protect ) i the aggregate , rin"ci ail am 'unt''of not to e«ceed *16r000, 000 . 00 `��th� 1983 tBon'a ,. rb 'r. •' to, finance the construction ana' development of a Multifamily amf ly ro*ita1 housing. "Project. by` Huntington Breakers Apartments, Limited (the "Owner" y locared' at 21270 8'ea ' h ,Boulevard in the City of Huntington Bitch (the "P'r,o ject" ) ,. and the Owner has requested the" City 'to issue ► its 'variable,.rate ,,revenue ' bonds under the Act ( the "Bonds" ) ' for the is •.purp,ose of ref of n the 11983 Bonds in full; , and ` A noki,ce. of! a�;'public. hear� ig 'with' Tespect to the propodi d issaance of the Bands, hac ,been published in, a^cordance with the • `• ~.applic Oble requirem4nte, of'` federal, t'ax`• law;.. aud ,r J • P 'r' 'i ,1 it /frl. rf1i .:'. .t ,- l( � ry, •' ► ''t, _l ` •. ,,,v...•..�'M Such public hearing ,has been held before this City Council ,., and an opportunity was provided £o+ interested parties to ' present ' arguments for and against the issuance ofy,.the Bonds; and The firm of 'Stone 6 Youngberg ( the "Underwriter" ) has informed the City, that it expea.ts to submit: a bad' to purchase.'all of th`k ,Bonds and in connection with the marketing of the Bonds ha6 cause �.fo be prepared an Of. cial Statement describing the Bonds; and pl11', coiiaitions, things and acts required to` existi to have %to have been, performed precedent to and in the issuance 'of -the Bonds as contemplatedby this-resolution and the documents ..Teferzed t��'herein ' ex�.st: ; ;have happened and iaave beer performed iri ale time drm and manner r.. ' ,, f� r as r����ired, 'by •thy'` laws of the State of �Y California,, including the .Act ._ 90WO THEREFORE, BF, -IT RESOLVED by the City,; Council of the V. City, .,Of , Huiitington Beach , as ' fol logs': sect.ion ' 1.' FtecttalBe Tito' City,,Counci�l Hereby finds and :r the above ' recit r als w'decla�ces that _ are true and `oo rest . Section • 2 . Authorization-'of Bonds. Pursuzn� to"' the Act , zevenue bnndsi of, the City, designated as City of Huntirigton Beach VArl ablLe .Rate 'Demand,"Multifamily Morf.q'age Revenue Bonds (Hu-iting' E.on, erAakers Pro ject) , Issue of '1989" in an aggregate principal amount4. ' . r, not Ito' exceed , I6 0�0;000 :00' '( the' "bonds" ) are ''hereh authorized,;'to f y� : De, issued-. The Bonds :shall' be executed by the :manual 'o'r lacaimile 9 y �, hre1 seal _9r fmcsi ,h r sign ofr- the Ma or '' t m�.le��.3� 'ttie seal, �of the 'City, shall, ,be reproduced t'hereot., and atheHt:ed•`by ithe matsua`l or � C 1 r Iaceimil'e si9na t:ure' `of the City, CiIs` in the 'form set Earth in` and ' otrherwlse in, accordance 'With t:he.;•'xridenture 1 , 1• Section 3 . indenture . The proposed form of indenture of ' trust ( the "Indenture" ) between the City And the trustee bank named h�ierein ( the '"Trustee" ) in substantially the form on file with hhe ` - Ci,ty Clerk , is hereby approved . The Mayor is hereby authorized and directed , foie and . in the name and on behalf of the City, tol' execute and del•lver ; tr- Indentur`,, and . the City Clerk is hereby authorized and directed, for and in the name and on behalf of the City, to "> attest the Indenture, in substantially the form on file with the city Clerk 'together with any immaterial P.dcition;-thereto or ?► - in►material changes therEin detsmed necessary ' or advisable by the City 4 r �� 64in s' t:rat ar and as approved ,'by ' the City. Attorney . �. Section 4.- Loan Agreement . The '-proposed form-;of` loan 4, eMent ` t t:he "Loan Agreement" ) among' the Trustee, t-he City and the Uwner, in i:ubstanLially the form on file with the City Clerk, is ' hereby la0proved.. The-o4yor is hereby authorized and directed , Eor ' d • in t.!tP name .-and an behalf of the City, to execute and deliver � the-.Loan A reeme si g ntb, wnd the City C1Rrk 'is ,. hereby:, authorized and , d.'reLLed, fd'r 'and in ' the .dame and on behalf of the' City, t•, attest . ,,the Loan Agreement,. in substantially the form „on file with the City Clerk together with any -Immaterial addition thereto or i.inmaterial chan�es �therei,n deemed necessary 'or advisable by the City Administrator and .-as, appzoved , by the City Attorney . 4 . 1.Sectio 5 '' , '. Requ�latory Agreement , the proposed fore of - C I I I << tilitor a r,eement and declaration of ; estrictiv�e covenants (the "regulatory Agreement" ) am6n§ the,, City, 'the Tiustee.1`>and! the `owner,.. R� in abbstantially the , form on file %; t h the C i ty Clerk, is hereby i; approved . The Mayac ti� -herelay author ixed and .di rected, for and. in „ thta name oaf' and on t�ehalf of the City, �o execute �a1td de?iYer the •- t IN; 'fit._ J'.---^"-- _..,.._ `.._. ...w_...' _ _ .. r�. .(. ». r„•i _ .,.:.. ._ __. �._,_�',..a Regulatory Agreement , tend the CLty Clem is hereby authorized and ( directed, for and in the name on behalf, of the City, to at: st the Regulatory Agreement , .iin i..•uhstantially lihe form on file w th the City Clerk together with any immaterial additions t:heteto or immaterial changes therein deemed necesba`ry or advisable by the City ' Administrator ,-and as approved by '-:he City Attorney. Section -6. Sale of Bondi' . ' The proponed form of :bond purcrase ''agreement ( the "Purchase contract" ) among the Ci►:y the ComL� ny and ''the . Und=.�'r,writer, ,in subss:antiaIly the form presented on file ►l th the City Clerk, :,.Is hereby approved . The City ' Admiciistrator is .hereby, authori2zd 'and dii'ei:t:e , for and in the name a1 of and oa behalf of the City, .t G accept the offer of the Under�,•r i te:r to purchase the bonds contained "in the Purchase contract: and to r 'i`xpcute and deliver said ,Purcht:se Contj►a.rt in 'substantially the form , on file with the,'CityrC erk together with any immaterial additions &here't�o or immaterial changes' therein deemed necessary', or advisable . by the" City Administrator and ' as approved by` tile, C+ty, Attorney; •1 'provided , however , ,that the purchase :,pri.ee to be, paid for the bongs t ` shall be- at of the par value thereof. �t ' Sec �tl •, ' , • 6h 7 . . :: flfficial •Statement. The proposed,, form of ji official at:ate;mejtt 'relating to the Bonds ( the "Official, Stakement" ) , }/in substantiality 't:he form .on' ' file 'with the City Clerk , are'. hereby approved . They City dministrator : i,s hereb authorized and' directed, for and - in .heloame.. Wand cn behalf of the City, t.o . execute the a`.enient and to.: a A I al St to—approve any immaterial , changes in;-car immateria? ;add ftionsl-.to a final forin of said-j6fficial Statement: as a ► routd by thee, Citiy At�orne . The Underwriter is hereby authorized FP Y to diatiibuta.:' ctSpiee :�f' said Official Statement to ';persons who may �• +t. 1 i, �1 1 4— 1 1., 10 , I 1 I be interested in the purchase of ('')e Bonds and ari", directed to I deliver such copies to all actual purchasers of the. bonds . Distribution by the Underwriter of a preliminary official, statement relating to:-the Bonds is hereby approved and authorized +� Sectirori. 8 , Issuance of Bonds . The Bonds, when e'gecuted, shall -be delivered to the Trustee for authentication . The Trustee_ �is hereby requested and directed to authenticate the Bordsiby , executing. the Trustez ' s certificate for authentication land registration a�ppearing. thereon , and to, deliver the Bonds, when duly executed -and,:-.authenticated , to the Underwriter in accordance wi'tn 1 y!; r written-Anstruct-�ons executed on heh`alf , of the city arid' anu.. of r,:s o 116, ers . Su0Ii instruct I'd ns shall provide.: for the delivery of the ` Bonde .,to �che Underwriter in accordance 'with the Farchase •contract , upon Jpay;nent of� 'the purchase price therefor . �`'' ,. • Section 9 Enga9emen} of Bond Counsel . The City Couhsei hereby authorizes and directs the engallement of Jones Hall H11l t Whi'te, A Professional Law Corporation , - as bond counsel to the City in "connection with the sale of t f- ' lie Bonds, pursuant to' and in w 'accordance with. the 'form, :oi agreement with sa .d firm on fig " le Witr� t the C'it�y Clerk . The CLt y .c;cauncil herby authc�rizes and directes the 3 ` to execute said a h Mayo=. greement., for and , in t'Yie name and on bph.al�,. of , -the'' City: subject- 'to s_he City Attorney 1-6-- approval ., c S�rt3. on'' 1.� Official Action . All ,actions 'herei:ofore taken l is `'y :the 'officers and . a ents of the City, with res e,ct `ro�.the sale and ;�� ', , ratified,,, issuance cf .he ' Bonbe are ; hezebY'�'aPPxov4d a�nfi'rmed and rats �I :w t• t includin the, Ma' 'or the Mar ur Pro r, an... the offi�..ers ,of , .he �Ci Y-� 9. Y r f - � Temp the C'i'ra Admires rator, the DepuEy City Adm nistra�tor-, the City `} CIerW, the City Tireasurer and any and ell other officers of the -5 n f ';.I , Pik }�'� •�'.. � .. II 1i 'I � • ' -�I i I i t,, C ;ry, "are hereby authorized and directed , €or and in the name and on beha1f':;of the City' , to do any and all things- and take any and all actions and execute and deliver any and all' cet t; if 1.cakes, r freemen`s ij and other documents which they, or any of t:,nem, may deem necessary I or; advisable in order to consummate the lawi,�ail issuance . and delivery of the Bonds in accordance with this resoi►itj,i;iin , ,.including but not l"invited to those certificate-se agreements an�d� other documents derived in the indenture,, the Loan Agreement;; !the 1. regulatory 71. Agreement, the Purchase Contract , and, the other documents herein te'' a ree�nents or du.. ' ci menu ae ;may b�', approy�. an an .,�erti xca ,` g { necessary to further the purpose ,hereof, evidence credit su'ppoz?t or aad tional securit ' for the Bonds or vI e: ce' 'o the obligat'3.o1 A.'n t o s {t purchase Bo nds upon tendr , by the Bend owner and the obligatio 1' " remar.kEi: such E�andc but: 'y;hich shall not: create any obligation ,�r i. ues and y Y - liabilit of, the City other than •wir:h respect {~o the,, rev assets Aerived form' the proceeds of the Ponds :all subject to Ci�'y -'Attorney approval -as required by Charter Whenever in ' this'`rebolution ; any officer - of the "City is T r . auwhori'zed ' ta; execute and deliver any document or take any action,; _- such execution, delivery .or actiun, may be taken on , behalf of - such o'fficPr by any deputy thereof- or 'by any other person desighz ted by ' such 'officer` to . tahe actior•,: on °hi's or+ her, behalf in 'the ,Gas.,• such 1 • ' �. !`;, officer ' -shall 1,be. absent or ,unavailable', 4; section 11 . Effecti,►e-' Da te This resolution • shidll take effect immediately upon i.ta• adoption { t t'. /�' I ' ';, rl• is ro It PASSED AND ADOPTED by the City Council of the City of 7 H cing(on Beach at .a regular meeting thereof held 'on the 3rd day of } January, 1985 . Mayor •1. - , .. A ATTEST : APPROVED AS TO FORM: 'BY,* 'IX.L 7, G L ,y Clerk :.t Attorney REV,I EFPD- AND APPROVED: ITIA CD AND•„ APPROVED : C:i.icy Administrator e ty C ty Admi.nistrator,/ Di ect'or of Economic Aevelop' meiit 1, Ili. 1�',•, �Ir , r ' , , • ,. � •il '� y)+ ! ° � / 1. II 1 Aulhorired to Publ,sh Adverlisemenlz of all kinds including public r notices 0 Deues of the Superior Court of Orange CogMV. Calilorma, Number A•6214, daled 29 Sepimber, 1261, and A-24831, dated 11 June. 190 F STATE Of: CAL(FORNIA County of Orango F. ►big,. �o...,,.,� co.u.a � )f'j ]� in owe Wwood 4 W :A r P M+l .1h 10 P"CD6.~NWI% 1#1 I am a Gluten of the United States arid`a''riesident of (JJr 7 the County aforesaid; I art,over the aye of eighteen , +7"f years, and-not a party to or interested In,the below 1,..,..., entitled"matter., I ant a principal clerk of the Orange Coi zw GAILY PILOT, with which ds combined the, NEWS-PRESS, a :news a or'�of ehira9tl Cfrcul`at tR � 1 Sri ' Ion, i the. printeoilshfd :r� ,City,of Costa Mesa, d and pu 't County c.. Orar;ge; State of California, and theta ;uoKrl;b • �Jotice of _..Public Zyiea An ' ,f which copy attached hereto is a true and complete copy, was printed and.publishAti,in th3 C.6sto Mesa, _. Newport Beach, Hu'Mington T Beach, Fountain Valley, r ; Irvine; the Soijth ,Coast communities' and Laguna El Each ireues'of said new3paper for 1 tame 1:, consecutive,w ks to wit the issuaii-of 1 tikwber I6 8 � ;, 11 fieitNe 19si ;��' p'�/• .'� deaiere, 'under penalty'bf perjury, that the foregoing'is true and •orrect Exbduted on rXce7bei 16 18S a , ,. �� , ,11� . •' :�, it +. ast CQPita` tJietaa a Cslifornla Signature r,%,5+' t PROOF !0F P UBLICA, T1'CN,_' L . L 18019-20 31l1(�Yt;}A:dq December e,IM F82AO NOTICE OF PUBLIC HEARING . . -�;ones • NT OTICE IS' F1ER.EBY GIVEN at the City Council of the City of Huntington Beaah, at its regular meeting on Jhf nary 3;,1E 'Mll hole a public hearing and consider c the` iesueuce by the City of 3untington Beach of refunding raven---- 'AlPonds in Approal o. an aouat not.-to exceed Sixtcen..Million Mei' ($16,000,OOU) for the p;i:rpose of reflmding.,the dutstanding City ,of,Huntington Beech Loans--to-Yje'nders Revenue Bonds k lome.Federal Savings`and Loan Association - Huntington Breakers Project) (the "Prior Bonds"), The Prior Bonds ware issued for the purpose of assisting in the financing of the acquisition j construction and development of a multifamily,rental housing development in the City of 14i ntingtan Beach (the "Project"), Construction of the:Project:has b' Pr. complated. . The.Projeci consists of S42 units and'is located at,21.270 Beach Boulevi�'r'd'in the 'Cit;► of I�untingtor.Beach, California. _ rl The developer and'owner.of the Project 'is 113untinoon Breakers Aparfjnents Limited, a California lui ited'nnrtnarahip. _ ._..... All l- se mtbracte m matfers related to t he issuanco �f the bonds are invited"to' fi tead'andybe�heard�at the meeting*ich will commence fit;;7:60 p.m. and will be held'in • the' City Council bhtunl ens, City"Hell, 2000 Maiu Street, H�.iiitington`Bcarh, California. ' If,,you have any questions regardhig the public hearing, please uor_tact Stephen Kohler, Y . `Principal,Redevelopment'Spe'Specialist', City of Hiwtix�gton Beach, at 1714) 536�5542. &e .City.Clark City of Huntington,Beach 'r [To be pubturhed no,titer than Decembers 19, 19881 •. 1 I( f. C1TY ;0F 4gUNTwl'IIGT N BEACH 2DOO MAIN STREET CALIFORNIA 92648 OFFICE OF THE CITY CLERK I. Y October 1. 1984 [ { r r tt7l1 '2- Huntington Breakers Apsrtmento, Ltd. 611 Anton Blvd. 70 Costa Mese, CA 92626 > r held, eytembar 17 1984 'e raved t ington aPerh at ita ?eguler, meeting P .. , 5t . Gouncal. the Cptp of Huhet' First. Amendrrlent to Part;icipatio'ri Agreement •between the;Redevelnpinent Agency of the City of Hunti,ngto'r� ; Exhchfand ,*he Huntington `8Y•pekere `Apartmenl;s, Ltd. '.Al�u ,pncloted is ( J ibis ber` 1Pro 98�°alsdptdQ executed.,b • r The City► Council. �� " - y' r y jpur firm on Sep em , adopted Resolution No. . 439 and Res:-luti'on l Nos. 08 send 89 were edo' (V pted by the RedLuelopment Agency. ` Cepieo ,of 1 these documents Are enclosed ' for''your records. ' T . Alicia M. Went.warth City`"Clerk ,L Enclosure cc: .Pet encer ' 5peci Projects n r Sp al o Coordi stor r •I,r, , � / 1 •r 1 } 'J.'ll ��.' ,ji I r , ' ,I�i }; rt`! ,. j fir;1' ' I• ftI . - I IJ `I ';:�: +�` �r'• /r , 1f .. r• i - .. c, L>t >}'. ll. Y.; r d � i jf PUBLIC HEARING - LOANS 1107 LENDERS REVENUE BOWS - HUNTINGTON BREAKERS +! F;PARTMENTS, LTD, CONTINUED TO 2/22/83 ) The- City Council at its regular n*'iet,i ng held February 7, 1983, r inti nued a hearing to consider whether the City Council of the City of Huntlington Beach shoul,'d approve the ;ssuance by the City of Huntington Beach of loans-to-Len r, " • den.s Revenue goads (Home'rFederal Savings and Loan Association 1� Project) in the principal amount not to �.xceed $22'9,000,000 for the p!VPoS(! of providing financing to Hunt g i;n ton ••"Breakers .Apartments, Limited, a limited par?�ners►irp for the construction of a multi-family residential rental`'project' t0 be located on the real property "situated in the City on the east side of Beach Boulevard appriix mately ore-:juarter mile north 'of :its 'i ntersecti isn with i the Pacific Coast Highway. tj Dated: February 11 , 1983 „t ' • ' Al ici a"li.' 1�'entwort3�. , '' >� ,. City" Clerk. and ex-o i c o Cl a rit i of the' City Council of the city l of Huntington 'Beach, Calffarnia By I r f; / i l REQUEST FOR CITY COUNCIL. ACTT ?N Date January 19 , 1983 �. Submitted to: Honorable Mayor and City council Members Submitted by: Charles W. Thompson, City Administrator Prepared u-r: Tom Tincher, Director of Business & Industrial Enterprise Subjact: ADOPTION OF NEW INDUCEMENT RESOLUTION FOE'. HUNTINGTON BREAKERS APARTMENTSP-41leD &-i V2-q/93 70 Sc f'e,-)01V-Vb � Stntement of Issue, Recornmendation, Analysis, Funding Saurco, Alternativa Actions, Attacharents: Statement of Issue: On November 15, 1982 , the City Council adopted an inducement resolution stating its intention to provide tax exempt financing for the Huntington Breel:ers Apartments -to be constructed on a site adjacent to Beach Boule- vard and Atlanta Avenue. Since the adoption of this resolution, it ha come to the staff' s attention that in the immediate ?suture , Congress tray change the required contents of such an inducement resolution, and attached hereto is a new resolution which will conform to the new requirements ex- pected of Congress . Recommendation: Approve and authorize the City Clerk to execute the attached resolution No. 5222 stating the City ' s intention to sell . *,multi-family revenue bonds to finance the cons,;ruction of `1042 units in the Huntington Breakers Apart- ments in an amount not to exceed $22 , 000 , 000 . Analysis : - Before the City may cons4.der provis.L;L.n of tax exempt financing for any development project, it ,is necessary for the City Council (and/or Rede- velopment Agency) to adopt a resolution stating the intention to do' SO. In' the case of the Huntington ' Dreakers Apartments, such a resolutions was .adopted b.� the City Council oil November 15 , 1982, and , the copy is attached for. the Ccuncil ' s in€ormatio* . Many .different: stril M ures are available to the City and Redevelopment Agency to consummate tax exempt financing. One of these. stru6tures provides for F the proceeds of the bond sale to be deposited in certificates of deposit with a lending institution. Since such deposits are insured by t:h*, Federal Deposit.`Insuran'cP Corporation (FDIC) or the Federal Savings and I,oan Insur- ance Corporation (FSLIC ) the 'ratings or, such bonds are AAA. It is `: ntic ipated . that when Congress reconvenes later this month , that it will init- iate changes to the'-legislation which enables local jurisdictions to par- ticipate, in this type of tax exP.1'npt ,financing tstructure . One of these anticipated changes which � will' .affeot pruject:s already`.in the planning, L.trage will be new requirements for the specific content of inducement resalutions . POO 4/01, r; ; A' 1 Waft ' � ,rig t,�,�;• _2_ in , anticipation of this Congressional change in the procedures by which the 'City may offer tax exempt financing, the Ci.ty' s bond counsel Firm of Cones, Hall , Bill and White has prepared a new inducement resolut.Lon for the Huntington Breakers Apartment Project and a copy of thi ; resolution J,s attached for C,.e Council ' s cons ider.a4ion. It is important to note that ;�doption of this resolution will constitute no commitment beyond that .which has already been offered by the City Council through adoption of the pi e- vious inducement resolution. Adoption of this new resolution is important , however, since should Congress effect the anticipated changes , use of the soe6ifi-c structure out'Llned above will be preempted and the previously adolated resolution will ' be invalid. For these reasons, and because the Huntington PreakeLs Apartment Project is moving ahead rapidly, staff recom•- mends that :the Council adopt the new resolution attached to take the place of the previoub resolution. Alternative Actions : 1. Do , not adopt the new resolution and risk its invalidation by Cong es- siona'' i action. i 2. Re:f sr,J he resolution back to staff for further consideration . Funding Soures: Bond proceed:. Attachments 1. Resolution No. 5719 2. 'Resolution No, 5222 i 1 , • f Mrs^ . Iva L` • (Authorized to Publish Advertisecnents of all kinds, Intluding public notices by Decree of the Superior Court of Orange County, California, Number A•6214, dated 29 ,�U SeplemM_,r, 1961, and A•24831, dated 11 June, 19b3. ,11 STATE-OF CA.LI FORMA Ito county of Orange trvHk blacks Al"r+lah►y cwasd 4r this wMilivtt 1s tat In I pKW with 1 par saliaeaa witch. � l am a Citizen of the United States and a resident of the Cc my aforesaid; I am over the ege of eighteen V v years, and not 1' party to or interesteu in the below entitied matter. I air a principal clerk of the Orange Ca,mt DAILY FILM. with which Is combined the NEWS-PRESS. a newspaper of general circulation, n" ''i pi�iNC t printed and published in the City of Costa Mesa, No.,.t •�jllrR>C IVY ;-State of California and that a County o! ni•an a Public Hearing Notice of_.......,..... CITY COUNCIL, OF HUNTJNGTOh BEAC11 7 ,41 of which copy attached hereto is a true and complete copy, was printed and published in the Costa Mesa, f � Newport Beach. Huntiogion Beach, Fountain Valley, Irvine, the South Coast communities a1;d Laguna U* Beach issues of said newspaper [or one to wit the issue(*) of eR9 ' laoa _ January 21 3 �5bi� ov " • Pact;+';lM, �._.. 198...r.,_ I df;clare, tinder penalty of perjury, that the foregoing Is true and Ico►•rect, Executed on January 21 , 499 3.. At Costa Mesa, California. 519nntur 'PROOF OF P'lSUcAnoN __, r►A i Authorised to Publish Advertisc+nents of all kinds, �! Including public notices Cy Decree,of trip Superior Court of Orange County, California, Number A•6714, dated 29 � September, 1961, and A•208:1, dated 11 June, 1963. STATE OF CALIFORNIA County of Orange '_"' ,='� 1 .'_' 1661m,_ e ! ' �1 NdTICIR i1 PI a '.bW N.�k•AAvcrtWw cwucal I 'Ir 1 +' jr o offlas evO Is*1,l^ 1 w1n1 wN.1 /� '4150. lfi W THV I f L. } -OF tl/ll CITY f to t►NTON �'' 0EACH. A'Iy tJ NDY�LUPic/1�.M1 A4tld!'inT•OF THE Q VII OP'.:"UNTI UrOPI I am a uiiizen of the. United States anti a resident of M"I'ME FOAAIMINmti AUNP, hli NV1 ART%VERN THE the County aforesalu'; I am over the age of eighteEn RED I,CMtrtRhrl , •. lWV`Vjo HUNTIN41TON IlAws;KEA8 years, and not a party to or interested in the below AP �w *�L Nome ,�_, entitled matter. I am a principal clerk of the Orange city u.ou±! t��ot.,th�, tatty.or Coast DAILY PILOT, with which is combined the Wi HutltltlptrlO she ,'_' t' of �any . of F�A�f tIO.I(ioaclt�y�,� yh NEWT :'CRESS, a newspaper of general circulation, Ruarc lii,�hc► o�y Ct>r;�Wtf ort he.waa,t►ir - s;t r;�p printed and published in the City of Costa Mesa, chembertt, City IIt"', ate;"oil fltrset, Nun inptn+e taaoh;t County of O,an e, State of California, and thht a '', '�� �,`*a+"idw«ra Joint Public Hearing tf, -MartitlpMtton AgrM�ari, y Notice of D� 3wa;the .Radot+fl p *nt CITY COUNCIL 01' HUNTINGTON BEACH �IWWW ApMA, t. rlttaa.t ;salt of REDEVELOPMENT AGENCY OF HUNTINGTON B CH tsnd.�++rauNt�t tlts�itsa. Tt�tr agree.,/ a1' ovld+tsjor�;Elt* ofw+oo., l ofrr 11+d Ott i of which copy attached hereto is a true and complete ett. within ,Ihi.Md.Inj . A ? Aa widPOWnt;8urvey'Ats.. A ropy, was printed and published in the Costa Mesa, a pswhr aw lr�bwta Newport Beach, Huntington Beach, Fountain Valley, ;alto W"W at,Mw'.No of b*1060 th* mildt�t� Irving, the South Coast communities and Laguna two t�w, t� Z1 two `. Beach issues of said newspaper for AttaOttil fli ,aP;++,aal001 "A' consecutive weeks to wit the issue(s) of Itrd .,� 0►i M1b.ti1W 14, •fys be am on.Jsnn.ry 5-4 copies`o1 l'Nrllolpat,on January 22 3 "+tQrsNment-era:the'N attire t�ednrNlomarY:ah fNo't �PUM4 Of dupNo*tlr+t.0, et the Gliv.CtP,rk;,l DCO M*In NOW; JF213uary. 29 1fl8�. Hu Un4tprt bech,:dsh 9rnf wwo vl 8:06&M. .,0L Il1r�uPh F!?d1hr, A 'a AWN(11Saf n'�t 1rYbItS+Ms�'♦3In Ulu, ► Cd�it Unlly, I declare, underpenalty of perjury, that the Islrtt;^iwt,a,29 loregiolhg IS true. and correct. January 29 3 E x ec uW,om:.._.._.: at Costa Mesa, California. r Sipnatdr : ,, PRk_ F OF PUBLICATION � � J + i JOINT PUBLIC HEARING - PARTICIPATION AGREEMENT - HUNTINGTON BREAKERS APARTMENTS, LTD. - CONTINUED 2 22 a3 The City Council/Redevelopment Agency at a regular meeting held February 70 � . t 1983, continued -the public hearing on Participation A-reement - Huntington Breakers, Ltd. Said hearing is to consider and act upon the Participation Agreement bc+Jeen the Redevelopment Agency and Huntington Breakers Apartments , � Ltd. , and the sale of land pursuant thereto. the agreement provides fur the development of rental housing on a site within the Main-Pier Redevelopment Survey Area. A description of the site can be found in the Participation Agreement. Dated: February 11 , 1983 Alicia M. Wentworth ty Merk an •ex-o icio rT`"`�' of the City Council of the City,: of Huntington BeachL -'16aliforn'ia I BY pu y w �E �w 1• 83--10G113 KVQRDING REQUESIED In i ORST AMERWAN TITLE W. C O " ORDED IN OFFCIAL nFcoR 8F0nANOEC01jNru, CALIFpRNIA E$5 - I 1 Auer recording mail to , 9DQ QM MAR 11 '83 i `` f � ! r V rouKry CITY OF HUNTINGTON BEACH "� H�cUrtnrr+ 2000 Midn Street Hur• +:ington Beach , CA f F.4Lention: Gail Ilutton, City Attorney i RELEASE OF COVENANTS= I, FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, the CITY OF HUNTINGTON BGACI3, a municipal corporation, releases that real property I` hereinafter described and referred to as the "Subject Property" from the affect of each of the following; I ' 1 { The terms , provisions , covenants and conditions as contained in instruments ,entitled "Covenant and Agreement" , with the City of Huntington Beach , recorded November 26, 1966 in Book 8113 , Page 26 of Official , Records; June 12 , 1968 in Book 8628, Plige -16 of Official j Records; ands October 2, 1969 in Book 9097 , page 273 of Official Records . The "Subject Property" is all that real property ` described in or referred to in or affected by the foregoing instruments. i' l�Y oF• 1-(UNrrJY(�•;ow CITYI OF HUNTINGTON BEACHr �EnC- H a municipal, corporation i � 1•�� 35•P�t►kl /p,� ���r f F'? �CV�:.LCr�tIL•iv i tl A► OUPs�c;, Dated : .'March 1983 �,r t , I ATTEST: is • • . �' Aordn 07 city Clerk APPROVED ', 5 ' 'I'0 FORM: G11I L IIU'1'1'JN, City At .or. r y ./ ` ' j* L 11' '(. I Icy 1 --1 I �j.l '. , ( r• .21 Qrflrr Na. � 3 —1 0 61.14 � N0: MEpUE3Tt:p � T I IERKAN TITLE INS. M \ Escrcwr No. FIECARDED IN OFFICIAL RECORDS loan No. OF OMANi JE COUNTY,CALIF09NIA IJHEN nr-CORDED MAIL TO; •922 AM MAR 11 '83 Ciro Of Huntington Beach EXEMPT MPT 2000 Main Street � couH1r ' Huntington Eknoach, .CA C 1 G, J +++'�`-�' nEcaRnEA Attn: Gail Hutton, City Attorney I� Si'At:E AtIOVE 'THIS LINE Pon RECORDER'S USE MAIL TAB' STATEMENTS TO: ' D04X.MENTAnY TRAJNSFER TAX P.QJW.1AVVR c- City UC [Tuntinrton Beach ..,,.Computed on thu cone{der fan or value of property conveyed; OR ' 2000 Main Street ......Computed on the consld atlon or value la»Ilona or encumbrances Huntington N ach, CA ,_ 10�alninp at time of / {' Attn: Gail Hutton, City Attorney �quniture?"�" .�'� .•_,�-�f , di 645mi3ht or AScit Name I 6RANT PEED C c� FGh A VALUABLE CONSIDERATION, receipt -)f which Is hereby ac4owledged, / f 1 ,711E CITY OF H[]iVY'MM DEWd, a mthnicipa t corporatiai, hereby GRANTI;SI to THE RFjDVk',LOFI CMr AGMIM OF THE CITY OF HUMUNGTM PEACH, a public agency, the real property In the City of Huntington Beach Cot .ity of Orange , State of California, described xX in Wibits A and B hereto, wh cih are attached hereto and are incorporated herein by Jrcference. i r i THE Crrf nC NtJNrIIV rCN BZACH, a municipal corporatic :, Dot f mayor couSTATE OfCALIFORNI l Attest: if� Ierrr I fnlorri me,the undo Way hulft kt and Mew SIM1r.pelw Y Wrovved as to Forms known to nM , P�rtMMla! . 1 , 14 to Ore at f e of NtlMectory Gail Hutkart, C3 tah11111 �ioknvrM in t0 10i tffMt hefbMM"lnMoeted ee" to off kids neov.191 M11 ii4AIL ,?'A'X' ±.002 1.d/fs2�Sr TAM A ENTS AS DIRECTED, A801 w •i I► tit �; q �� �•.Vor V c, • 83— 10 6114 t THAT PORTION OF THE WEST HALF Of: THE NORTHWEST QUARTER OF SECTION 13, TOWNSHIP 6 St-5UTH, RANGE 11 WEST, IN THE RANCHO LAS SOLSASV AS SHOWN ON A MAP RECORDED IN Hl1OK 51 , PACE 14 OF MISCELLANEOUS MAPS. RECORDS OF ORANGE COUNTY, CAL I FORN I A, DESCR I DELI AS FOLLOWS. BEG I NN I NO AT. THE SOUTHEAST CORN5R OF THE LAND VESCR I BED I N THE EIEED TO THE STATE OF CALIFORNIA, RECORDED AUGUST 13, 1965 IN BOCK 7634, PAGE 315 OF OFFICIAL RECORDS, EAE I NG A POINT ON THE SOLITH LINE OF THE NORTH HALF OF THE SOUTHWEST QUARTER OF THE NORTHWEST oUARTER OF SAID SECTION 13, EASTERLY 379. 13 FEET THEREON FROM THE WESTERLY LINE OF SAID .,ECTION; THENCE NORTH 39 DEG. 36' 56" EAST 146. 33 FEET ALONG SAID SOUTH LINE TO A POINT EASTERLY 525. 96 FEET THEREFROM SAID WESTERLY LINE OF SECTION 13, BEING THE INTERSECTION OF A NON--TANGENT CURV''.= CONCAVE EASSTERI.Y, HAVING A RADIUS OF 272. 50 FEET, A RADIAL TO SAID CURVE` AT SAID I NTERSEi.I"I ON BEARS SOUTH 45 DEC. 210 171 WEST; THENCE NORTHWESTERLY 118. 59 FEET ALONG SAID CURVE THROUGH F CENTRAL ANGLE OFF 24 DEG. 560 04" , THENCE SOUTH el? DED. 36' 56" i WEST IC1. 48 FEET TO THE EAST LINE OF SAID LAND CONVEYED TO THE .STATE OF CALIFORNIA; THENCE SOUTH 9 DEG. 49' 49" EAST 101 . 33 FEET 10 THE POINT OF BECK X NN I N0, i EXCEPTING THEREFROM ANY PORTION INCL;IUED OITHIN THE LAND' DESCRIDED IN THE DEED TO GRANGE COUNTY FLOOD CONTROL DISTRICT, RECORDED IN HOOK 79831 PAGE 518 OF OFFICIAL RECORDS. ALSO EXCEPTINQ ALL OIL, GAS, MINERALS AND HYDROCARBON SUBSTANCES LYING BELOW A DEPTH OF 500 FEET FROM THE SURFACE OF SAID LAND, BUT �WITROUT THE RIGHT OF ENTRY UPON ANY PORTION OF THE SURFACE, AS RESERVED BY C. W. HESTER AND OTHERS, IN ,THE DEED RECORDED FEBRUARY 7, 1964 IN BOOK 6916, PAGE 50J OF OFFICIAL RECORDS. i t i I i f E xH 113 IT H�� .t •t, p3 --106114 i I ' That portion of the Northwest quarter of Sectic:n 13 , Townnhip 6 South , ` Range 11 WEST , in the Rane:h;1 Lau Dalsas , as shown on a mnp recorded in bank. 51 , page 14 of Miscellaneoun Maps , in the office of the County Reeorder of said County , described nn follows : Beginning at a point in the easterly line of thn westerly 489 . 55 feet of said Northwest gtaarter that is distant thereon SOUTH 0' 40 ' 14 " uaOt 1071 . 80 feet from the northerly li*.e of said Northwest quarter , said point being Also the northeast corner of Parcel No . 1 , as shown on mnp 0 files in book 25 , pade 27 of Parcel Maos , records of said County; thence westerly along the northerly line of said Parcel flo . 1 , South 89' 37 ' 06" Test 257 . 33 feet to the northwest corner of said Parcel No . 1 , said last mentioned point being the 'TRUE POINT OF BEGINNING for this description; thence: continuing along the westerly prolongation of said northerly line , South 39' 37 ' 06" West 89 . 21 feet to the westerly line of the frontage road shown as rarcel 1 , as delineated and shaded on inav • recor'ded on October 11 , 1967 in State Highway Map hook 5 , pages 65 and 46 , Records of Orange County , as relinquished to the City of Huntington Beach by Instrument recorded February 26 , 1968 in book 85261 page 461 of 0--ficinl Records 0`f said County; thence southeasterly along said last. mentioned westerly line of the frontage road , South 09° 44 ' 49" Enot 482 . 99 .feet to the westerly prolongnti.on of the southerly line of said Parcel No . 1 , an shown on a map filed in book 25 , page 27 of Parcel Maps; thence easterly along said westerly prolongation, North 89° 37 ' 06" East 89 . 21 feet to the southwest corner of said .last mentioned Parcel No . 1; thence northwesterly along the westerly line of said last mentioned Parcel No . 1; North 09° 49 ' 49" West 482 . 99 feet to the TRUE POINT OF BEGINNING . I I � r i f I 1 EXHIVIT "B" l , ;kl 4 . . t 4 � !!1'IY, RINNS REQUESTED 1:1 1 � 7 AMERICAN TITLE +NS. W + $11,00 RECCRDw IN OFFICIAL RECORDS i CID QF ORANGE COUNTY,CALIFORNIA Requested By: Mso AID MAR 11 '83 'Redevelopment Agency of H couoir�r the City of Huntingtun Beach �- CCtlft�ER tCii:y Hall I 2000 Main Street Huntington Beach, CA 92648 After Recordation, Ma'.:, To: r ~. Huntington Breakers Apartments, Limited y` 611 Anton Boulevard, Suite 970 (� Costa Mesa , CA 92626 Mail. Tax Statements To : f Huntington Breakers Apartments , Limited 611 Anton Boulevard , Suite 970 Costa Mesa , CA 92626 i GRANT DEED i + For valuable consideration, the receipt of which is hereby acknowledged, THE REDEV};T.,►OrMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, a public body , corporate and politic, of the State of California (the "Grantor" ) , acting pursuant to the ' Community Redevelopment Lwa of ,t, ;,..State of California, hereby grants to HUNTINGTON BRE: &r&.. '1,. APARTKENTS , LIMITED , ' 'a California limited �'partnership ( t'ii =' Zranl-•pe" ) , the real property ( the "Proper.+ty") legally 'described in the document attached hereto, lab#,.Jed Exhibit 'A, and incorporated .herein by this reference... Reference , is hereby made to',, Exhibit B a.Ltached, hereto, are made part hereof for imposition of ,restrictive covonanta . 1. The Grantee 6ov0nants by and for,, itself, its heirs, execurorb, adminis,t,r_a6rs and assigns , 'and, all j persons claiming' undex or through them, that there shall be no discrimination against or segregation of anv person or 1' L I Ty H %)Ar r'►Al rT i I>C •J 1. iTtia I`)M� tr�hrr^IJI+t:vn+l*lhY 11r.-'i.':Y V ✓. ctrowu;:.0 M still -w of r�sC1r! �e+►to�y�l. akv• d &'t bill ua Is!t 11N1! a. l:�rthlMn+{ fittl�'M Ot e t ��, MAILTA� R {�trC' jW1.2;'.,11! ,111r. InUltM:C>� �1, ;�• ., , �lr Tr'M�Wit AR ninrtorrn enhur `t. r i ,,group of persons can account of race , color , creed , reli- gion, sex, marital status , national origin or ancestry in I the sales lease, sublease , transfer.----1-::e , occupancy , tenure or enjoyment.. of the , Property, nor shall the Grantee itself, or any person claiming under or through it, est.°ab] i.sh or permit any such practice or practices of discrimination or segregation wi"ch reference to the selection, location , number , use or occupancy of tenants , lessees, subtenants, sublessees or vendees in the Property. 'l All deeds , leases or contracts made relative to the Property , Improvements thereon or any part: thereof , shall contain or be subject to substantially the following nondiscrimination clauses : (a) In deeds : . "The grantee herein covenants by and .for himself, his heirs, executors, administrators anal assigns, and all persons claiming under or through them, that there shall be no discrimination abainst or segregation of any person or group of persons on account of race, color , creed, religion, sex , marital stat-us, ,national origin or ancestry in the sales i' 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 hi.m, establish or permit any such practice or j practices of discrimination or segregation with reference to t•he selection, location , number , use or occupancy of tenants , lessees , subtenants, sublessees or vendees in the land herein conveyed. The foregoing 'f covenants' shall run with the land . " (b) In leases : "The lessee herein covenants by and for himself , his heirs, executors, administrators and assigns, and all persons claiming under or through him, and this lease is ,made and accepted upon and subject to the following conditions : F That there shall be no discrimination against, ,�*., segregat ion of any person or group of persona' on account of race, color , creed, religion , sex, iari.'tal status , national origin ' or ancestry in the lisasing,- subleasing , transferring , use, occupancy , tenure", or enjoyment of the land herein leased , nor shall the lessee 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, location, number , use or ..occupancy of tenants', lessees, subtenants, sublessees { or vehdees fn the land herein leased. " r (c) In contracts : "There shall be no discrimi- nation 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, 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 I to the selection, location , num5er, use or occupancy f of tenants, lessees, subtenant;, sublessees or -4endees in the Land. " i 2. No violation or breach of the coven-nnts , condi- tions , restrictions , provisions or limitations contained in this Grant Deed shall defeat or render invalid or in any j way impair the lien or, charge of any mortgage , deed of f trust or other ,Linancing or security instrumentl. provided , however , that any successor of the Grantee to the ,Property shall be bound by such remaining covenants, conditions, restrict.ions, 11rhitations and provisions i - whether such successor ' s title was acquired by foreclosure , deed in lieu of foreclosure, trustee ' s sale or otherwise . IN WITNESS WHEREOF, the Grantor and Grantee have caused this instrument to be executed on their behalf their respective officers thereunto duly authorized this day of `2j d,4e,,4 ,,. , 1983 . REDEVELOPMENT AGENCY O? THE CITY OF HUNTINGTON BEACH APPROVED AS TO FORM: By Chairmaif I ByAd Agency ounseJ Agency Clerk "GRANTOR" {i t i AND _3_ . •f, i frw t f The pro7isions of. this Grant Deed are hereby Approved and accepted. HUNTINGTON BREAXERS APARTMENTS , ! LIM?"L'ED# a California Mm;ted partoership WILMCRE CITY DEVELOPMENT r INC.,o a California corporation (general partner) i �J Pre r JOSEPH P. MAYLR, _ 1I (general partner) i By �i "GRANTEE" �f i ! t _q i B 3r-10611 S"n j r •� l` THAT PORTION OF THE WEST HALF OF THE NORTHWEST QUARTER OF SECTION 13. TOWNSHIP 6 SLIUTHi RANGE 11 WEST9 IN THE RANCHO LAS BOLSAS, AS SHOWN ON A MAP RECORDED IN BOOR; 51 , PAGE 14 OF MISCELLANEOUS MAPS. RECORDS OF ORANGE COUNTY, CALIFORNIA, DESCRIBED AS FOLLOW'3t BEGINNING AT THE SOUTHEAST CORNER OF THE: LAND DESCR I BED 1 N THE DEED �! TO THE STATE OF CALIPORNIA. RECORDED AUGUST 18. 1965 IN BOOK 7634. l PAGE 315 OF OFFICIAL RECORLIS, BEING A POINT ON TIRE SOUTH LINE OF THE NORTH HALF OF THE SOUTHIWEST 'OUARTER OF THE NORTHWEST QUARTER OF SAID SECTION 13. EAS'rERL.Y 379. 13 FEET THEREON FROM THE WESTERLY LINE OF SAID SECTION; THENCE NORTH 89 DEG, . 36' 56" EAST 146. 33 FEET ALONG SAID SOUTH LINE TO A POINT EASTERLY 525. 96 FEET THEREFROM SAID WESTERLY LINE OF SECTION 13, BEING TFIE INTERSECTION OF A , . NOR—TANGENT CURVE CONCAVE EASTERLY, HAVING A RADIUS OF 272. 50 FEET. A ' RADIAL TO SAID CURVE AT SAID INTERSEC71ON BEARS SOUTH 4.5 DEG. 21 . 17" WESTs THENCE NORTHWESTERLY 118. 59 FEET ALONG SAID CURVE tHROUGH r A CENTRAL ANGLE OF 24 DEO. 56•' 04" ; THENCE SOUTH 99 DE,t3. 36' 56" WEST 101. 48 FEET TO THE EAST Ll�,E OF SAID LAND CONVEYED T4 THE STATE OF CALIFORNIAR THENCE SOUTH 9 DEG. 49' 49" EAST 101 . 33 FEET "TO THE Pozur OF BEGINNING. EXCEPTING THEREFROM ANY PORTION INCLUDED WITHIN THE LAND DESCRIBED IN THE DEED TO ORANGE COUNTY FLOOD CONTROL DISTRICT. RECORDED IN I � BOOR 7983. PAGE 51S OF bFFIcrAL RECORDS. j; ALSO EXCEPTING ALL O I L s GAS, MINERALS AND HYDROCARBON rl-;U tSTf'�h1CGS L Y I ND BELOW A DEPTH OF .500 FEET FROM THE SURFACE OF SA:[D LAND% BUT WITHOUT THE RIGHT OF ENTRY . UPON ANY PORTION OF THE SURFACE, AS, i RESERVED BY C. W. HESTER AND OTHERS. IN THE DEED RECORDO FEBRUARY 7s 1964 IN BOOK 6916. PAGE S01 OF OFFICIAL RECORDS. 1� EXHIBIT "A" (Page i of 2) ass i , ` F J1(f 1 83-106115 �1 That portion of the Northwest quarter of Saction 13 , Township 6 South , Range 11 '.BEST , in the Rancho Las Dolsas , ss shown on a map recorded in book 51 , page 14 of Miscellaneous Mapa , in the office of the County �i Recorder ,of void County, described as follows : Beginning at a point in the easterly line of the westerly 489 . 55 fze:t f!: of said Northwest quarter that is distant thereon SOU111 00 40 ' Vial East 1071 . 80 feet from the northerly Line of said Nurthwest quarter , said f ! point being also the northeast corner , of Pa.:'cel No . 1 , as shown on reap files in book 25 , page 27 of Parcel Maps , records of said County; ( thence westerly along the northerly line of said Parcel No . 1 , South 99 ° 37 ' 06" West 2.57 . 33 feet to the northwest corner of said Parcel No . 1 , said last mentioned point being the TRUE POINT OF BEGINNING far this description ; thence continuing along the: westerly prolongution oz said northerly :line , South 89 ' 37 ' 06" West 89 . 21 feet to the westerly line of the frontage rand shown ae Parcel 1 , as delineated and shaded on mars recorded on October 11 , 1967 in State Highway Map book 5 , png,es 45 i and 46, Records of Orange County , as relinquished to the City of }iuntington Beach b; Instrument recorded February 26 , 1968 in book 8526 , '• page 461 of Official Records of said County; . thence southeasterly along j said last mentioned westerly line of the frontage road , South 09' 49 ' 49" East 482 . 99 feet to the westerly prolongation of the southerly line of ,said Parcel No . 1 , as shown on a map filed in book 25 , page 27 of it Parcel Maps ; thence easterly eloag said Westerly prolongation , North 89° 37 ' 06" Fast 89 . 21 feet to the southwest. corner of said last. � i mentioned Parcel. No . 1 ; thence northwesterly Along the westerly Line I ' of said lart: mentioned Parcel No . 1 ; North 09 ' 49 ' 49" West 482 . 99 feet to the TRUE POINT OF BEGINNIt's . ,I EXHIBIT "All (Page 2 of 2) c t f H . j . Y 83--105115 l EXHIBIT B i The real property hereby conveyed is specifically made subject' to all the covenants , conditions and restrictions cen- twined ,in that certain document entitled , "Deed Restrictione (Regular-ory Agreement) , " dated A - ► 1983 , made by and b,,%.tween the City of Flunta.ngton. Beach and Huntington Breakers ` Apartments, Limited , ,recorded concurrently herewith. Huntington Breakers Apartments, Limited , does hereby covenant . For itself , its, succesors , assigi'is and all other patties claim- ing by or ';through it, to abide by all covenants, conditions a'nd rest.rictiosns in the aforesaid agreement and accepts title to tree ;i here'in described land as so encumbered . f ` Dated ,-, , 1983 I HUNTINGTON BREAKERS APARTMENTS , LIMITED a California limited partnership By : WI LMORE C17Y DEVELOPMENT. General Partner I �. By: I evi 'P!T s J sep P. Mayer, III, ' general. �xrtner } rr1 I. N 1 • t• • JMIY•yQ ` J1I1lti!•:�'fil:lh 1>t�rptt,c•t6,IQMA FAsAI AGREEMENT BY .AND AMONG THE CITY OF HUNrING'rON BEACH AND JONES HALL I~HIIX & WHITEt A PR0FESSI0NAL LAW CORPORATION, FOR BOND C0UNSEL SERVICES IN CONNECTION WITH MULTIFAMILY HOUSING BOND PROCEEDINGS ` THIS AGREEMENT is entered into this 3rd day of January, 1989, ,by and betweep the CITY OF HUNTINGTON BEACH (the "City') and JONES HALL HILL & WHIM., A ii PROFESSIONAL. LAW CORPORATION, San Francisco, California ("Attorneys"). WIT1`E8SETH. WHEREAS, the City has previously issued its I.oans--to-Larders Revenue Bonds (Home Federal Savings and Loan Association - Huntington Breakers Project) in the aggregate principal s amount of $16,000,000 (the "1953 Bonds") to finance the construction and development of a multifamily rental housing project 'ay Hu' ritington Breakers Apartments, Limited (Lhe "Owner") located in the laity (the "Project"), and the Owner has requested the City to issue its variable rate revenue- bonds under Lhe Act .the "Refunding Bonds") for the purpose of refunding the 1983 Refunding Bonds in'full; and ' WHEREAS, in connection with such refinaticing pr.xeedi:lGs the City requires the advice and assistance of bond counsel, and Attorneys Fire willing to provide such services; NOW, THEREFORE, in con3ideration of the premiseR, and the mutual covenants hereinafter set forth, the parties hereto do hereby sgree as follows: i Section 1. Dixlies of Attorneys. Attorneys eliall do, carry out and perform all of the following services as are necessary for the issuance of the Refunding Bonds and the refunding the : 1983 Bonds: i� ? (a) Consultation and ccope:-ation with the City Attorney, City Administrator, City Treasurer and all other Uricers and employeea of the City, with the financial consultant and ether ps<ofessionaI firms engaged by the City with respect to the issuance of the Refunding Bonds and the refunding of the 1983 Bonds, and assisting such persons in the formulation of a coordinated financial'and legal ref1riancirig of the 1983 Ucnds from the proceeds of the Refunding Bonds. (b) Preparation of all legal piweedIngs aeemcd nececsary or advisable by Attorneys for the attthorisatlon, issuance -:end `delivery of the refunding 139nde; includuig preparation of-(i) any dofumentation required ' for the issuunm of the Refunding Blinds by the City,. including an indenture of trust or resolution authors ing the issuance of the-1;efunding Bonds, loan agreenienta with the Owner, resolution, authorizing and directing-;the +sale or the Reruilding Bonds, resolution Awarding the gale of ttie refunding B nds to the:pui�haser thereof, aU documentntion required to be bkkier, an�'all the agr niients providing collectien at re-1 smurity a the ReNh the delivery of the n Refunding Bapda ea cti WIN t mum B�ful fn P B Y S A Y be 1. n-4nih the e�opc of ireaputtsibility of anystttorneys representing other parties to the tiraneaction, lU) all net�eeea�ry California Debt Ad,isan• Corc.riission filings and other reports and documentg required to be tiled by the City in connection with the irauance of the Refunding Bonds, (iil) all certificates,-'deeds, requisitions, receipts and other documents required in connection with the ti , 7:� _F- _;:( 410, 1 (leliwry of rlhc Rti(unding 13chnll t(h tilit nliginnl pul-ditcser tlltivof, -Iul, (:v) all other Ino(-,vIillga o" 1 tflo Cltti' incidentr l to c,r ill C4r121r(t101) with 1.11E i;�tlullrE', �Itic mid rh-livery of thr Refundin?, HOIlds and the refundinN of 1 he 1!)93 Bollils. r tc) Applicatic+ll f'ur• .ally lntE1'nul lieveliue Sevvice or odir.l' rulings deeltiod ncc._ silr}' by Attor w-ys (but wily� f rllwiving ccmn-tlitati(!,t with nild npproval by Ov., (lity) to cnslire Ow vNempti'm of interest oil the h:-f ludilif., Bonds from fedeval. or, if (tt)p!iCntllr. St(tty of (-dif(;t•ui-t � IIICUiT1C' tEl;:(1t1011• (d) :Advising the City as to the nPC4 to t-egister tlh0. R(:ft,rlcliiNI, Bonds utuik_r ripplicable ft'deral securiticm lnvvs or to obtain a permit to issue the Refunding n(-iul urh ier `ititiv or C,aliforni;t laws. or to ortr,in tlo-notion letters rn• siZ111I ' rleWrnlinrlti(rne frunl the: Sevin ities Bxc:hunge c(allinission or California Corm ations Commission. (c) Subjul to they (:Omplotion of prowedings Lo the slitist'avtion of At.tol'neye. providilig n legal opinion (0 uncltuilitiF:dlN• api:rovilig in all resil�-cts Ole leg:ilit`' of LAI] pvc,_eedings of the Cite; for li tiv autivirilllt.iull, is.utlrlcE. and &Aivery of 01 Refillldin" Ponds twd Cite reftinditlr, of the 111F,2) t JSOtltls, and any vdatell iign-''ements to vrllich the City i:, n l,tll•ty, and di) S`atillf' that intor s+t, OIl ehc Refunding 13,D11(}:: 15 -'i:VWAFA fl'Oiii t'derol mid Stan' (if Citlirbrl,ia pm—smial incorllr tnxai;ioll. Stich api:lion shrill be ratldr : (A to the City; provided nrwe:;,;r•, flint. such upinion Anil inure to the l beneiit of the own: ,rs of the Reflundint; bonds and At(orticys shitil be entitlad to o:;ecute letters to Other interested pal tics elttitlirll_, such parties to rul4 11I,(,ll stu:ll opillian. Ill Odditiali, Sllhj(,(:t tit fl �t compli-tion or prow-c-e ling . to the Satis-Nction of :attorneys, At.turncy :all. provi(I:• such : dditiollal . legal upinions to die City, thc' original purchaser of t.h. Loilmiding Bolick and otlit:w intervakrl I1 pin'i.ies its shall be reriut ed of mid deemed appropriate by Attol`lYevs. t ,2 t . �' g (f Any n..(i tl l(•ia.., c�)11,ul.,itinll re{Iur_�_ted lty tilt. 1_hty cntl�+;i�t,i11(, ch(_ I�_titn(Iilh� Tiacltls and all), resolutiw),, agrtC .wieats and Jtlli.-r (1OL!UIll(:IIL6 rr.}ikJrig Lo t110 Et(If1tL+I'1�i1Li+�i)., f i +s tivilce and '[Plit•ery ul• the Rd'unding Eojids at. aw., time following iseiwnr,= of the Refunding Bonds. tgi not bc, rt;til)Lrlsiblc fez tll(~ tu•t•paration cr colltelit of :1fI;: aflicial statwm(cllt ol• other or."Crilla (locti,llent I;t'GjaU'Ca 1:}v or on i)chalf i,f' a-n, unel(.'rwriLet- or Financial COtlfitl]u.lit i)t1.E:l' tli:ltl trl k':ii!'.71lllf-' £1llti' S'.1(`1: C►fttCiitl stlitNnlC'w ur Ut}lc•I' ()ftf+l'lllh (iol;utZ,rtlt .1,= to tt1C; description of the Refiulding -Honds c nd r�-Iaied financial ngmementr, and as to rnat.t(.r. % ithin Attorneys' icuowl:-;iE;e iwithottl llslciert:tl ink' :uly irdet>"ndent inirestigat-ion thereot';. th) Hit.ornE; 's alttil YIEat ae r�s unsiblc fur cote ltizllce I) tit Cit with arbltra ,r rebate! J1 ? p 1 J J f l'E'(illll'NrnE'ilt3 LIIId,:i' fi.dvt•ral tax law, uther thin to rl'!Ilder advice a. tv the leg li intE'i•pr tzAt)oIl of 1 sitch requilel mils a set farih in the cloeuments velating to Oft-. Refunding, Bonds. Without �. limiting 018 9e1er'atit3' Of tIM- foregoing! Attorh6ys shall not, oe r�!apfinisible to :urc_•par•e any i� caiculetions oi• docull:ent-Ition to Qstabii ll cornpliabce «•ith such jebate re-quirvinetit.s or otho'l-wise for u)rllpbting tl:e 'imiourt3 rt rqu rvl; to 1•,e rebat.,,1, .without -epa;'e'.e ngrFarnent: he't%,veetl the City r I rind MUrtleys. { (ij Such ►Ater and f6r0101. set vitas s:= ctrr cust.fink Lily pc-rforini--d by bond counsel on s%tt�ilctr tit.x-•�:�+(;'Ill,^t, fitnalaciup: . $ecdon 2. Cotxllitcsi At,ian. %"r'or tll�/�crvicr.,s li"ed,hi Slwtion !Attornoyp shall be psiid . e i the &11,3sving ctlnir.erlsatior): (HYOII,+ p-scent Of the pritl^_IYlttil ;Ult)Oilt Gf"REli-)rl(lilig 111)rlrls Up ,ill $1 million i:lut+ (b) one-half of ors per nont t l;2 W ? 7,j Of Qio pinc;pnl at,v wk of Rpft'llrciitig Hands in sf r:�ce✓ �;? vh" $1 raiilion but lesti rhan'or vIti ll $n rrlilliou Plus of on'� percent (1i Y of ;1";)'of Sail prillcihal .tlnouiit in rice s (if „5 million twit leF,5.thr;n or equal to $IV, :niilion, r,klr frl) i! 0►)%:-Clghtlt C.f l'lllE PE t'C IIt �ii J of 1( : Ei:tid prlll.:ilm:'�u nlrjunt, ;it, (!I'Cc(�vy of.; $ 10 millicot. In tS. r4lition, the City fall Attorrlep.. for all ��u:-of-F�:;ckct. .r:t (trlJ E`a,rtt�Fs kiwvi-iA by + r' i Irim • .1 `r Attorneys in connection with their services hereunder for out--of-state travel, meimenger and delivery services, photocopying, telecomniunications, and the cost of preparing trap►scripts of the proceedings for closing purposes. Payment of said compensation shall be entirely contingent, and shall be due and payable, upon the issuance of the Refunding Bonds; and shall be payable solely from the proceeds of the Refunding Bouts (or from amounts paid in lieu thereof by the Owner), and frorn no other funds of the City. Section 3. Responsibilities of City. The City shall cooperate with Attorneys and shall fumish Attorneys with certified copies 'of al! proceedings taken by the City and deemed necessaiy by ,Attorneys to render an opinion on the validity of the Refunding Bonds, All coats and expenses Incurred incidental to the actual issuance and delivery of the Refunding Bonds, including the coat and expense of preparing certified copies of proceedings required by Attorneys in connection with the issuance of the Refunding Bonds, the cost of rating agencies, all printing and publication costs, feee and expenses of parties other than .attorneys, costs and expenses of legal advertising and all other expenses incurred in connection with the issuance of the Rehrodinl; Bonds, shall be paid by the City from the proceeds of the Refunding Bonds and shall not be the responsibility of Attorneys. Section 4. Termination of Agreement. This Agreemwit may be term!nated at any time by the City with or without cause upon written notice to Attorneys. In the event of such termination, all finished and unfnislied documents shall at the option of the City become its property and shall be delivered to the City by Attomeys. Section 8. Direction of City Attorney. In performing legal services under this Agreement, Attorneys shall work under the direction and. control of the City Attorney, and shall not render additional legal services other than those specified in this Agreement without the advance concurrence of the City Attorney. Section,(1. Nondiscrimination. Attorneys agree that in the perform 'of the terms of this Agreement, they will not engage in, nor permit their agents to engage in,-4iscrimination in employment of persons because of race, religious creed, color, national origin, ancestry, physical ? handicap, medical condition, marital status, or sex of such persons, axcept as provided in Labor Code Section 1420. Violation of this provision may result in the imposition of r nalties ivilerred to in DIvision 2, Part 7, Chapter I of the California Labor Code, I - Section 7. Compliance With Professional Insurance Requirements. Attorneys3 shall � t comply with the existing policy of the City with respect to errors and ornissions insurance with i respect is the services of Attorneys rendered hereunder. i !Section 8. Workers' Compensation. Attorneys shall comply with all of the provisions of the Workers' Compensation Insurance and Safety Acts of the State of California, the 11p,31"cable d provisions of Divisions 4 and'5 of the California Labor Code and all amendments thereto; and all similar state or federal acts or laws applicable;.arul shall indemnify, defend and hold'harmless the C`iity from and against a!1 claims, demands, payrnente, suits, actions, proceedings and judgments of every nature and description, including attorneys' fens and costs, presented, brought or rf-covered against the City, for or on account of any liability under any of said acts which may be incurred by reason of any wodk to be performed by Attorne;yL: under this Agreement. Section 9. Independent Contractor. It it" further understood and agreed that Attorneys are, and shall be, acting at all times as independent contractors herein and not as employees of the City. Attorneys shall secure at their expense, and be responsible for any and all payment of income tax, aoeial ,secarity, state diahbility Insurance compensation, unemployment compensation and payrol; deductions for Attorneys and their officers, agents end employees and Al s business licensee, if any, in connection with the services to be perforrnn.d hereunder. i -3- 1 ' r•w� •n L is Attorneys in connection wlih their F,errrces heraunder for out--of-state travel, meaaenger and delivery services, photoaoP3ing, telecc�mrianications, and the coat of preparing trursc::pts of the preowdings for closing purposes. Payment of timid compensati9n shell be entirely contingent, and shall be due and payable, upon the issuance of the Refundin j; Bonda; and shall be payable solely fr•ort the proceeds of the Refunding Sonds (or from arnoun',ra paid in lieu thereof by the Owner), and from no other funds -if the City. Section 3. Respons!bPities of City. The City shall cooperate with Attorneys and shall furnish Attorneys with certi!led'�copies of all proceedings taken by the City and deemed tiecesoary by Attorneys to render an %ap1rt6n on the validity of the Refunding Bonds, All costs and expenses incurred incidental to the actual issuance and delivery of the refunding Y,ond:3, including the cost and expense of preparing certified copies of proc"Ings required by Attorneys in connection with the issuance of the Refunding B'or:ds, the cost of rating coencies, all printing and publication costs, fees and expenses of pestles other than Attorneys, costa and expenses of legal advertising find all other expenses incurred in connectior. with the issuance of the Refunding Bonds, shall be paid by the City from the proceeds of the Refunding Bonds and shall not be the responsibility of Attorneys, Section 4. Termination of Agreement. This Agreement may be teinctinaved at any time by the City with or without cause upon written notice to Attorneys. In the event of such termination, nli finished and unfinished docu4i;fits shall at the option of the City become its ' property and shall lee delivered to the C;ty by Attorneys. Section b. Direction of City Attorney. In per(brming legal services under this . Agreement, Attorneys shall work under the direction and control of the''City Attorney, and shall I not render additional legal services other than those specified in this Agreement without the advance concurrence of the City Attorney. s Section E. Nondiscrimination. Attorneys agme that in the perfo►mance of the terms of this Agreement, they will not engage in, nor }�rmit• the�r agents to en a e in, discrimination ir. ernploym.ent of persons because of race, religious creed, color, national origin, ancestry, physical handicap, medical condition, marital status, or eFx of such persons, except as pruvfded in Labor ' Code Section 1424. Violation of this provision may result in the imposition of penalties referred to in Division 2, Part 7, Chapter 1 of the California Labor Cade. s Section 7. Compliance With Professionpl Insurance Requirements, Attorneys shall comply with the existing policy of the City with respect to errors and omissions -insurance with. respect to the services of Attorneys,rendered hereunder. t Section S. Workers' Compensation. Attorneys shall comply with all of the provisions of f the Workers' Compensation Insurance. and Safety Acts of the State of California, the applicable l , proviaions3,of Divisions 4 and 6 of the California Labor Code and,all amendments thereto; and all similar state or federal acts or laws ipplicabie and shall indemnify, defend and hold harmless the City from and against all claims, demands, paymentE, suits, actions, prm.-edings and judgments of every nature and description, ii6lW',1g attorneys' fees and costs, presented, brought or recovered j against the`t^ity, for or an account bsr any liability under arty of said acts which may be incurred by ,i reason of Any'work to be performed,by Attorneys under this Agreement. Section S. liide pendent Contractor. ?t=Is further understood and agreed that 'Attorneys' are, and shall be, acting at all: times tee independent contractors herein and not as _ esrnpbyeee of the Cit;. Attorneys shall secure at their expense, and be responsible for any and all payment of income tax, social security, state disability insurance compensation, unemployment compensation and payroll deductions for'Attorneys and their officers, agents and Employees and all r businece licenses, If any, in connection with the services to bs.- performed hereunder. 1 �! Ill WITNESS WHEREOF, the City and Attorneys havo executed this Agreement as of the date fiat above 7-a itten. CITY OF HU TINGTON BEACH 00,00 00,000 1 '7 By eyor Attest: 13y malty Clerk 4 ' Approved as to legal form. � r 1 By r � '/2 •,42-• PjCil.y Attorney ' JONES HALL HML & WHITE, A PROFESSIONAL LAW CORPORATION t By Charles F. Adams, Vice Preaident t i 1� _4_ { r• •. M�• .� ,a t -�• p 1• Y� r s M •h/rYyWNrv�; .. ,yam 1.�:. .r r .,,�r1 y 10 � 4%k 06 ••,�' 09 46 h Y +- r � •1 r� 1 t t • �t r � - n 1 1 i � k 7 Y J • Y M `4' , i FIRST AMENDMENT TO PARTICIPATION AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BREAKERS APARTMENTS, LIMITED THIS FIRST AMENDMENT TO PARTICIPAT,rON AGREEMENT is entared into as of the day of , 1984 , by and between the REDHVELOPMENT AGENCY OF THE CITY OF HUNTING1'ON BEACH ( the "Agency") , and HUNTINGTON BREAKERS APARTMENTS , LIMITED , a limited partnership (the "Participant") . By this First Amendment ( the "First Amendment") , the Agency and the Participant modify the terms of, the Participation Agreement entered into between the Agency and the Participant on �l , 198.5 (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 : 1 . 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 he provided by virtue of . this Agxaement shall be available , that the Agency assist with the initial ' payment of such, nark and recreation fee by advancing funds therefor , with repayment to be made by the Parti'ci 'p ant or: $ deferred _basis as hereinafter set forth. . The parties hereto agree that the terms for repayment , pursuant to which r , .0. t�,yy • interest shall accrue to the benefi•c of the Agency , constitute fair and adequate consideration for Cle approval by the', Agency of tho 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-Fight 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 counsel in the Park Fee Amount . Subject to and contingent upon the prior submittal of such security in form satisfactory to the Agency counsel , the obligation to pay the Park Fee Amount shall be ass,,imed by the Agency pursuant to part ( i i ) of Section VG of this Agreement. 2. Page 16 of Agreement , Section VG, Line 1 , before "the" i iisert : W . 3 . Page 17 of Agreement , after the f irst paragraph of Section VG insert as a new second paragraph : (1i) The Agency shall assume all obligation for payment of the Park Fee Amount . The '�Agency shall pay to the city the Park Fee Amount From tax increment available to the Agency by virtue of- 'arid 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 date4 hereof . or (b) the sale of the Site , or (c) refi,nanr_in'g ' of :the .Sixteen Million Dollar ' ($16 , 000 ,000) tax , exempt bond by the Participant. Interest shall accrue as to the obligation 2 . 09 •.: 1 . of the Participant: Interest shRll accrue as to the obligation of the Participant to make payment of the Park Fee Amount to the Agency at the rate of twelve percent (12%) simples per annum . The obligation of the Participant to make payment to the Agency as set forth in the preceding portion -)f this part (ii) of Section VG shall be evidenced by a promissory note executed by the Participaut in the form of exhibit "I", which is attached hereto and incorporated herein by reference. 4. Except as hereinabove specifically amended , all terms of the Participation Agreement are to remain in full force and effect . IN WITNESS WHEREOF , the Agency Pn.d Participant has signed this First Amendment on the respective dates set forth below. DATED: , 19r REDEVELOPMENT fjGENCY OF THE CITY HUNTIN ON BEACH ATTEST: REVIEWED AND APPROVED : ar ger.cy er� MY- Administrator/ Executive Officer APPROVED AS TO FORM: APPROVED AS TO FORM : ency pec I ul co se �"•�" Agency ounse -%A DATED: tom.. , __,, 19, HUNTINGTON BREAKERS APARTMENTS , LIMITED, A Limited P rtnership neraPartner 3 . EXHIBIT "I" I PROMISSORY NOTE $429,000 FOR VALUE RECEIVED, HUNTINGTON BREAKERS APARTMENTS, LIMITED, a liiiiited 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 ( t425 ,000) , with interest at the rate of twelve percent ( 12- ) simple per annum, payable as followst The princijial sum of Four Hundred Twenty-Fight 111iousand Dollars ( $4.28,000) and all accrued interest computed in accordance with the foregoing shall be due and payable at the earlier of (a) five ( 5 ) y9ara after the date of execution of a First Amendment to Participation Agreement by and among the Redevelopment Agency of the city of Huntington Beach ( the "Agency" ) , Huntington Breakers Apartments , Limited, a limited partnership, in form approved by the Agency on Septeraber 17 1954 ('the "First Amendment" ) , or (b) �salra.._raf..,_he_:2Site"..-...or.._..1m.). rafinanc w_.o.f:rtha—9i'mteen Million Acipant, as STATE of CALIFORNIA Isa (AUNTY F OrL_Q910.16 to me,the undersigned,a Notary Public In and for \ yakl State,prh wrWty appexrrld— and personally known to me(or proved to me on the basis - d aagst+fc,`tl'yafdsnoe e )to bs the psrscns wtw executed the within Inatnimant ea._.._..—. �'1�3° S�APARTME M Wkf!= - on taehalt ot__ . :nerghip rL t the oali .. named:and a.krowkWwd(o me that as;d corp6kbn siecut" the within Inst.',ament pursuant to its by i iawaas�asoNrtlurrdlRa„h�o dddlreotorz+,fa cerporetionbeing � -OFF1�iML,� to nn to be orrr of Ina ears ot_l i .6ll :AL.YN L IAp tthra paAlherah!p tit sxiwted the within !rattnirimnt, and ack• • , nowp%VW to me that such carporatk)n ex uteri the same as such permw mW thaat such partnership es to the carre. WITNESS my officNh l (This area for official notarial neap t EXHIBIT " I" PROMISSORY NOTE *428,000 FCR VALUE RECEIVED, HUNTINGTON BREAKERS APARTMENTS, LIMITED, a limited partnership, promises to pay to the carder of the Red©velopment Agency of the City of Huntington Brach the sum of Four Hundred Twenty-E.�.ght Thousand Dollars ($A118,000) , with interest at the rate of twelve percent ( 12%) simple per annum, payable as follows : The principal sum of Four Hundred Twenty-Eight Thousand Dollarn ( 6428, 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 first Amendment to Participation Agreement by and among the Redevelopment Agency of the City of Huntington Beach ( the "Agency" ) , Huntington Breakers T%naxtments, Limited, a limited partnership, in form approved by the Agency on September 17 , 1984 ( the "First Amendment" ) , or (b) the sale of the "Site" , or ( c) refinancing of the Sixteen Million Dollar (t16,000,000) tax exempt bond issue by the "Participant, " as Site and Participant are defined in the First Amendment. f DATED: Octuber 3, 1984 HUNTINGTON BREMZRS APARTMENTS, LIMITza. Limited Partnerehip e a ar trier M �i JJ w�► 4 .1e r1les� d 021883 PARTICIPATION AGREEMENT By and Between THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON REACH ( "Agency") and SASSOON-MAYER DEVELOPMENT CO. , WHARF PROPERTIES , INC.. , and BIJAN SASSOUNIAN ( "Optionor") i. and HUNTINGTON BREAKERS APARTMENTS , LIMI`.PED ( "Participant") •rr t TI ',.y�, y ' '� 1 .'tr .. � t� 1' '�1 ,1 1{ Ir � �' rl �� rtT'�•wr r .) r , 1 , 1,, ,f �'..�, P t• � I'•.1 .SQL }:' 'I/ • I t r r a .l+ j I .Ici f r ,[.,, .-.l. ^I1 �� rrl t'r+1' ...,.a3 ,•.,•r •'.r 1... ... • r-.,, .• .. 'N. ,.. � - 'rr5, � • 1'. -� ,I, t�} • 1' 1 r ,I ri�...'' �. •. .. it � ,�,� • , j • 1� , r it TABLE BLE "C9F CONrkENTS Ir;� � ' �+ ti. rr''I 7' .j '-)1+ �'r''' ,)r,l'I,'... '_ .1, 1�' ; •� '� I. , y SUBJECT OF AG"EMENT 1 , ent A it Purpas e of 'This `Agreem L 1 , 's 't + �rr 1}`� � i r � ' r•' i'r n � .e ,. 1 •1 i , 1' .t >;�, " ;� ,A• tiescripti'on of property 'Covered ,by This ' Aigrepment; C. Parties t i Thris Agreement The Agency ` 1 , 20 The hart.icipantl r.�The,%V ptidntor 1 ,�'�• r f . II`. '? DIS SITION ,QF 'THE 'SITE' 1 r + . p.: Sale and Purch'Ase A9 h' y1 EBCYCi1af ' 'OF THaS ''&I TE I nV'EL,OPME „ I . i t 1 , : p Q a dt c r m p a�s 1 pme Acc a 'dirt to :.Term s f''Ap row 16` 1� ,I:•t 11 ,'. , Ilp B. Bod:tly. ',In jury' ind Property Aamage Insuraincd Wa�cAeit s Compensation , C. Ri'ghts Access , oz Insoeckion 'of Construct•isn It Lr U. l, '-'�iitIel and /Federal+ Laws ''; 'Cereificate 'o'•f. Complekion SY 1 S ', I' ',r N�- 1' l�+ r'� 'f r� \ ri •!I S7 _: (. IV') r'>. USE OF ;THE SITE '+! •t ' '��' II �,}� 1. 'J } ,j,. r-.I,Ir.: r r1. . 3 },.,.. ,'J,'..' `' `IBC. ,, �r• �`' � t_� r' :�� �',�. Ilse ' Acle .c�pprdvals in' cocaand with 1B 'Afkf'o'r'dabJ.'e' Housin ' ► �r' it 1y1a1 lII. 1 � 1'r�'. r � r�! f; 1 :•1.•,' , - ' OTHER PROVISIONS = Ob1i1 ati6n to ` iefrairt from• Diacrimi?natior� • ) b� ''Form of Nd�ndliscxim`ination and Nonsegregation Clauses .r ' C. Taxes, Assessments, EncUmbrances and Liens �y Jul ,,i I ! t J ?�i) _, . w • �+�' . , r��Y� 4 a 1/ t7 I 11 a l• i . , , 5 .v . N I No"�i.cee, Demands and :-Co, 'no Between thgb Pacti'es a, L. Wiflict, of Intereit 'Agency ' s or Ci't.y ' s ' Rep`res6ntatives Not ;•Indi.vadu'ally Liable r -•Enforced Delay; Extensions of - TiMes iof Performance ,. .' A�l iV Agency► Cooperationit �Iit Tit:`le 'vf !sectilon9 I . Hold Harmless � l"" ,1 I !- it - .`• -. , f� . I 'I DEFAULT, {REREDIES AND TERMINATION Defaul'ta-'General - B. Leglal Actions � C. 3Fe�e�ifir Pefornance D. 0p t`ion to Purchase E. Applicable Law �►cc'e tarice of Service of process ' � C �r Rights and :Remedies are Cumulative H': Inat:tidr''. Not a waiver , of Default NotIi.ces;,' DemandE aed Communications Between the Parties J. Counterparts , r K',• Ent1re Agreement;:- Waivers and Amendments ; Execution ATTACHMENTS 1! ' 1 Attachment, No. 1 Map of the Proposed Project Area Attachment No 2 Map of the Site )Attachme'rt No. 3' Legal Descriptions of Parcels Attadhment No. 4 Land Sale Agreement (with Addendum) Attachment No. 5 Schedule of Performance Attachment No. 6 Form of Grant Deed ii . jo 1, , ,r f tr i 1, ,'SY ,r 1 r• f. 7? 021883 PARTIC1PATION `A`CREE?4EVNT 'I'HI AGREEME iA ' . , , ...� • ..fir [ ti 8 entered intan. . .. bye r;the REUEVELdPkENT AG,.�NC H C1 yy r V,; and be►t'ween Y OF, T r t; 'HUWT1NGTO4- BEACHj a.n public body.,. 'corporate,- aril -, politic E N MAY R re star Called th 'Agency ) , 'SASJ; Gyy, E r., DEVELOPME W Cd` '., a ,California ' genera . 'partnership, .WHAR, F PROPERTIES, INC. , .a f.aaifo nia corptixa�tion, and 'RIJAN SAS$oUNIAN (wrYich }three��entlties'.are' cbl1'Qct`ively ,he'rein- T afters oalled 'the t-1.0ptionor"')' ;.:.,and HUNTINGTON :BREAKERS 14 ARTMENT5 , LIMITED'y a, `Cal'ifurn�ia limited` partnership 1he e+narfter, called &the . Participant,, ) , all, 'of': wrhirh are GollectiVpe,1y referred to heyreiri as ' the parties. 1'he i parties 'agreea;as follows :{: it I. SURJECx OFwOAGREEMENm ; •A. Purpose .olF^the AgreemiU ent ., AQreQment''r �' t�r ' lAi.r:. ,.riP �. )!�♦•; t�h 7 .p. ... ..',.. :I' iEadflitate.),',the development{ of the tsi �as��d"ef a:edher`ein) ') , ., .. i .fit,.•.,. :'alp �1%115::. t ! I.•t ,:ir cY.f : , .'.tt•.r, .,, .i .�e.v., .5,.:c'/:{i!'- - {f fh ;mccard�rnc with ttiis 'Ag'reemerzt'. Spec, f,a.c!a►lj 'upon l 1 f, S j , + }} 7' r s A reement, , the, Pa"rt cf fulxllment:of conditor�s ' .of. t:Ii g pant` intends deve lo or' the Sfte 'an dpa'rtmen`t .complex t 0 coneist-ing''of ,appcoxirqett~l: 342 uniti sacs "ur�f:ts 'and f' �, = f esgoc�tated fm co�em'ent's ,. . , r f, ;l p m pa is arly dcr,ib d; in ar'e `ore rt ul �3e e the, ity�s Use Permit ,No: �.82'-44 , 'and 'Condit'icnal Exceiaka.on ' �No are hexeafteL- collectively referred ,r 'the "ProjeCt".' ,'$ucht�devel'opmont:;of .thes•,�ite, will J Urttier, t_he, ur - es o 1. p p `s f the Co unity 'Re evelopment ,L�w (Heal`th' and Safel, l'Code,�`Seotlaa ' �3 00,'. et,:'Sea , 'ii'and wi'lr1'l`'hei'r, ro eff `c- f tuate ' the` r:iiri-Pier Red velopment Pro]ect' •(;the+' prod t:�are'a t�f 'which isi'n ;'ttie� raceg's ' e ti e '' a l F of ',b ing mend' d ,to inc ud t e Site':and., ottier�;'reaiY 'proper;ty within the +pro,.ject proposed men`dme rit to the `Main pier ,Redeveloppien p r, 3e a c. , 1 Aired {tide' bean initlated,' by,� means of `Resoluti'on No 5189 ,adopted q *jrAnu!ary 18, t,1983 , he 'Cit'y*' Coii;nci'l of., the.' tCit ;bf11j Hun t'irig on, Bh andaspiiould ''•add 'to the ' T osei exi,stihq p off,. 6 t area dep,idt '`d' 'on •th Pro 3sed ,Pro ec't area .t „ • ,.• � , e :Mapo . gip, Y j: ,, t ArEa ['Attachment No. 12 ) Moreover, iii7tWithetanding, the ultimate determination -of -the Agency each re: • H r g q g. , Y ne above and 'the C'�.ty of , ant xn �iin B ard•i•n t referenced prupo's,ed amendment to the Main-Pier, Redevelop- meet Project, the development of ' t'he Site and the obliga tion; of.. Participant to provide affordable housing, as here- inafte'r 'described, will assist the - Agency' in fulfilling its obligations under the .Community Redevelopment Law. i , r j • .r ado '} The ,;gart .es ti�reto acknowledge thAt the aoilt'ty of the h . • the lite (ashrtic'ipant to develop ein defined);, is 'can tingent ' u n ( tnejtavailabil'ity of :and the pKovisfait t b tihe Cit of Hui�'Eingto ';Bead, : tha "City] ', 'of mortgage Y:. . Y A,` rverru.r.{ band :financin9R.,(pursuant`.to.' Section'- 52075 t : Le of the;; Calift�ct�i`a' Health .arid, Saf Y� d o the 8i'te i��'` o as ,*rblbger with titl c- e - t . .', . e i : � e l c' naition �satiafa tor o' an anstitu,` `t tios�al :Constxuct�ton lender . ,. Ttler,pArtfaB f.urth�rl acknowi-Pdge,,''that , the oii o . obligatif �� # ha �Ag6 y convey thf�y Agency :'Parcels , a h' d�e8crib�d,,.. is.` contingent of ., upon the provision such ntoireihaf 'zt- • r . f�, t gage ,,revenue,, bond rinarzcing'. .,, The , development oEr ttie Site:,"pur'suan'� to ttiis .'Agree- :ment, ,aid ahe fulfillment of', this Agreemen I . a 't r in; he: 'k�eet icyterest ,af, ha t h a ` e t C'i y and t e he' 1'th safety and 'w `1= ,�{ L nt$;�"as�d are ��in accord 'wi;th the,.public j- ur ses and r' fare: of its reside 1 ,p v.L-8io �e� a`f, applicab 'e federal, state and. 'dl aws r, `'anri o <. , unc]er whi`Ch ahe amendment ''t`o, ,, 1ac•, 2,' zequiremenks� the .Main-P, er; Redevel'a` merit'' Plan ,is° being u.;�iiertaken. The , a dev ' lopmen't o f :fine .Project will 'also gac i'l i ta'te the , rea].'i ` 7ment . of„ Be4ch';Hbul`evard frontage ,:ro,ad in' accordance ;writh ',the established Cit'yr Oro" ,th'erefor : It; �.stTintended that' development i of this Site pursuant .to this agreement, ` will; alfso pro.vfa�,°a ret:'burce ,that may s�seist the Agency . in r� uirrrfshiny ' rseplacement�'relocatian,,' ousin necessitated b + , . , /�} g. Aq0 cy :acti.ons_ u'nrel'ated`�to. the .86bJeot 'matter of this ,:` ;F ` l,�'Agreemeant. 'I r }1 A. „-Desc1ri ,tion `of, Pro�rty Covered. !�y "Thi A, reement p P thedescri t ro' 'ertY` covered by this ' p tian of Agreement is as, foll ows if ,f2he - Site„ ib all of., the real; pzoper,ty,. shown'on., the Map „OE the Si'te'; .which is incoirporated herein attach * heret.a g' Attachm.. n o and . et , 2';' ' • ' T,s - "r; 2. R'eferenoeF is 'madef'hereafter' t'o"'various p.oict`ions-of ; fine Site,- w�ii�A portions are, `aeh'oniinated i ` 4"Parel 1, " "Parcel 2. "Parcel 3 , " which are 4?irespec- t`ivQly designated, an the Map of;, the Site (Attarh'ment 4► , . :; '' sINo. 2) Parcels ,�i.' and: 2 are her'eaf ter :�collectiwely,, ' �ceferred ' to ,as` Lhe" "Agency>,parcels" = stuck Parcels , ar.e fur- ' �(ther- ,designated- by. the Legal :Description` of Parcels , !Attachment No. Y'hereto , incorporated herein. The term "Remaining` rarcels" 'hall, be used to refer to all of. the '.Site except tie Agency a -el�s: `-2- III II i i '�� fJr ,' ;�l ` ilk' r;r,rJf ',i: f'1,��• r /`.lE, i, f��� !`. "t << ' + fi)� I ' / 1 t .j JJ rfba'AL,U"w, l.t. ...,. .,. .... 'I ',i • .� � .!!' !r. ..., �t , .� .,. .. / r! r C, Parties try Ehe M'r ement: • JJJr t., 1.. he Agency f i f;, , ; �;ylj ° • _r,' `( r1, :, �Agar�dy� i.8 a pUkil�:c /body►., cQrparr�ts and, �! 7 , L politic a,cara sin avekm` entsl;.1Linot16ha -and yrrrlc�,. ;. 'oigahized and '.misting' under tie Commu►i`ity IRedevelopment 1aw al th* 'State oU'Cal iforrn a C s '; •,� ,Th Princ�•ipal�off'i �:"i of ;tih "hg nc i located at',, 20'0'p , Ma'ini Street , : Huntin' .ao`r. Deach,g.. ,California, 926e6!.' "Agenc'` " �W&a ,used. `ire thi.e Av' eem 3nt,` inc 1udas the ,..:. �. s 3eaoh Cali- • . . . � ,• Y Y 9 and- res '" p �I " tha Cit af��H�ant�n ton r Redeveloand'any s�coesso , , �fornia r tc ita ri:ytts , pGwer �; pon- ' The ?artici 'ant j� .14,; ticipant 'iQ b California: lirifted part- ,; nershXp '(of' wtiicki �Wilmore,'Ci•ty Devol'dpment, Inc: >` fornA' coxpox'r�;tio�j �` and Joseph , . Mayer YII�+,'are the'`' general artndra), �'thait• 'gdall'ifies"ijs An'••own-er�participant, as ..that,' term is used in thi Califoicnfa Cammunity ' Redevelopment Law. e address ' of .the partfciparit .for the ' ;+. 'purpose of: 'thi i- A' dement is 61`1' ,Anton Boulevard, Costa ; Mesa` Cali'fcrn '92626 . • J/ r ,, a _t,. ,I. .r ,, t� ' , _ ' i r .,. �• , .,' Th'e:1.O: 'tionor . ' dms "Opionor r ere .�Tte , n to toBanassouirefer dollectivid nian and 'taus ness. entities u d�,r` t�� 's '`Cdnt'ro1`' (inclue'ipg, without 'limitaiion, �' yr � '.:• ,-.. „ '71 Q, }. 4r•Irr1 � : Sassoori-Mayer Deg~elaprrent",Co. ;' a :`Cala.for�.�.a,,general _;part ner'ship', .'axirl Wh'arfr.`propertee` V� Inc: , a. Ca'li�fbina corpora tionj . Bi jan ' ass4un'i'an'sr`epxsents anr� warrants .that ,he is aut br•i�zecl to`�,execute this `Agreement on behalf; of the O 'tionor ( rrcl:udin ' 5a�ssoo P a n g•, n�Nt�ye r ' Developme_• o. , 'a„ Cal i- P tiE�s,fornia; eryeral r • g , �artnersh3 , and Wharf Proper ,. ++: „ 'Calffornia� corporatidryj':. r r; t• For puicpose's "of, this Agreement r the grin- 01. . of the Optfonor .is Bijan;:s�►ssounian , 'd/o Dennis c3 Harkavy, 1900 Avenue of the stars, Suite 2200 Los : An 'ele9 Cal nia 90067. � 9 r ► i]isl2o,;i t ion of the Site A. Sile and 'Purchase The Site is presently -owned by several entities. The, Optionur has agreed to acquire (or ca6se to w3w , #t • j rh 1 'r , •v r .:1 , 4 . d) portions of ha Site from the A enc and to J conve (or. be ac uire y 1 ,. ,Y, t -..r p ;t1 pursu'�•Par-- an •. f ns to the y, ;.,.causer. to be conve ed�•.. such ,portio f Pant to ( is i . .; • ..tl,e�l, ant of entit rahatea •.ta Part an t ,: the.. terms of aA&yjd. Saie: Agreement• : (AIt ad en 'No. 4 of'' which `neither ..the Agency nor the City are 'parties. �, ,� ► , Subject Jtoti e� provision of mortgagee nc rea row- at k • ,• .�. C venue: bondr. i , • :{ , 'i tar •aha•�paxtici a". fn and.. the d•inese t r'tlaaegoParcels, na ' j u i t t IQ t si ion f, h X� • j ,. .r the ,.A .,. � s ,,$° , , ', o �, ., e , P�naini:np gerray;warrants ,arid covenants j tc,'the°,` art'Lci ant and' 'to.-:the 0' t�io"nor) ' ,",-and:; ag Fees to; ac'qu ire `from the City the,: r . A enc Parcelt and to; - convey to, ttia Participant the; Agen y . f; gor. the;.sum of,,iSEVENTY FIVE THIRTY . - i `F•TVE. HUNDRED Parcels THOU3A,KD• _., ;r r SIX DO L : ($75; 36) (the,, "Ac• ui i • L AR9 . q „ .g +� on • Price" )F , b� y�` ` ttig" tiiyie pzescr'ibod,. therefor in ,the .,Schedule of Performance , ibrporated hbrein )(Attachment )Nr).�, 5 hereto; which is irc Conveyance by;;'the Agency ,of the r,hg.ency' Parcels to,,•ttiePartic'i'pant shell be 'by grant`'deed '`in the. , go `2,,, of Attachment.;;•N'6' , he veto,,, wh ich ' is incor ors Med ' tierei ., Titie, shall b_e subject, do existing `'encuribrances of X'ecord. :The;PAgency ;;warrants , cove'nant`a `and agree$ to exer- rom encuribrances ,1 of a �best ,ef o is to pr > • � r . . ., .. .• . ., s f 'x �� cwide ti le f' Qe •f (other ,than�.those whirh, hereafter;::may, be '• agreed 'to 'in..wr.ft- lip, ng by .thc�• panic pant)-, by tak'ing''`actions; ilncluain with- ` ai , r , 9; I oait ,limitation :.the,.:execcise c� �. its i'ega�.. a�uthori`ty� ao -; removes,.+ecumbrances; ;provided -'that' �th'e Agenc' gtia11 not -be biiga`tiad;' ta� incur ,tither,' than nom'in&ilcos,ts by virtue of t r ., ' ,... ,,1 ..- ,.fat fY , i t" warranty •snd:.covenari- Possession '.shall be `delivered ,f «, bye„the Agency to !ttie Pat' ticioAht: ;concurrently with'+ such ponveyanCd,.,of' title-. ;The Agency,`,,,shallrk,,bea'r the cost.'•`for Iy. i ..9 9 r,.:9 f rE ar n ,ttie rant deed (o rant. deeds) the cost 'd , r ` ,. « C': L:',T.A. title+.� insurance iri 'the 'amount of. the`. monetary r' cuns'i`deratian .t`o be reoeived��,hy ,the. Agenc'yr; for the Agency ' P/arcels. pursuant, to::this 'AgrQement (showing that title is eonvey+f d 3n..(the condition 'described herein);, and: a'ny reccring costa'' or id fees, or other Charges 'inc ental to the`' conveyance'. •�� ,tie 1 c `" •' ,, ;� . . , , , • {� ;T stet c�pant agreesp' upon i'se he„P i exec a its optiaz� pursuant to ',tze 't'erms 'of th'e,;,Land''Sale ,Agreement �Att`ach nt Wo'. 4) , t'o `;tenser 'to the,,Opt'iohgr a sum`''aeter- , mined 'i'n , accordan`ce ,with the Land,;5a].e 'Agreement 't(ALtach' ment No. �;4) previously ;'agreed' upon' tiy,;,the opfionor 'arid ,the t` Farticipant .ao, represent al�L ;cona'ide'raticn to be paid by he Pait,cipant ,.to" the Opti�7nor iiI' exchange' ;fax the "kema'in Dig Parcels"-;;''aIt . the I,:im6 and under the conditions prescribed in the :SC' hedu1e bf„Performance (Attachment'' ' No. 5) . ,The aptionor., shallj�convev ,,,(ar, "Cause ,to +be con- Ve'y�ed) to the Participant '(or. its designee) the !Site by the p '" ;Attachment • time prescribed in the �ctiedul,. of, Performance o No. 5) . Concurrently with such conveyance, and' as . a condi- tion for the Participant to exercise its option, the -4- Ij �,t �i , ,. _ _ •t � •; ' • fit �•. ; •. � r J J , .. z. , Y r. Mob .. ',�: �t •i•; ,. fir,• r /j 1• , r }, r / it C�ptit�riox will. provide to the Participant an A.L T.A., title inouriih4e po7.' oy.. for Ehe :�3i howing title to the ,site. ta. t ; ; s t. the''. Pa*'r,r:tic�.pa• - ,ipantt.,u,p. on`; cla„e i r ee{ :;fr6mtencum- vasied jnt,the Prtic ncs�� ebr ixce t or 'thase °her°eafer 9red :to + n whiti b n S y t uch:'insuranae ,pol'icYt ; upon thy .pi�xcbase ',prise eeta shed "in the Land :S'a1eR Agceemht Y n tr (Attacl iaerit ',No "4) a'na the of ar ch policy ,'shall be �o t . s r. r J.jL1odAted •beetween , tt�e Optf prior and ' the , Part 'c ipant' as;;: pec�vided in:.,se�id Land Sale .Agre"ement' '(Attachment No 4) . ,S irk yfl� y1V+ r IJ '1° 1:,- ,'{�. •t• {'i ,rl f' .. (! Pov,aded .that praceeag of the sale: off: mor'tage;`;revenue 6ond8 are `available , to ,-'the ,Partfci'pant, and T, nveyance o`f thet Agency ° Parcels to ,the immediatel upon ao partici pan t4f','in ;;accordance �,witt ttie �tecmec_` of, tthis. .'Agreement aind the Land Sale A' reement ' Att�ic�iment' No . :, "h e Partici-- ;pa` t a €�" k ' a co ` t`-inuous c?frer to dedicate td -the Cit ;�' as desi reeof', tF,e `A enc Parcel ,3 a't' °the n, greet ,ta ,ma e n 1, 1 Y e , Y• 9 . , �•9 i - z ..time., ,� pro .ided .in ;the Schedule of P,exformance�;''(Attac And ' conve ' tio' ttie Cfty `parcel 3 , ;, y ' after. recordat10 :of a parcel map :allowing for such eronveyance = , provided, that the . Age'iicy ,gtiall provide diirec t''access,r to_- the Praj ect (a'nd= ,the Bi'tey , across', Pardel, '3,'` and `-shall`'pro,vide r ighr. ofti way for utilftiee: ; ;Conditional' upon ;tihe" c mpletri'on of auah :trains- f6r >`. 'and':.;'` ca'vided:;t�iat"u on its�'re�u"est;;tihe: hartici `ar.t ,.;: P q P PP ,+ P L ob" Al'hs, 'the 6 royal `the underwriter .,'the. Partic'i and i�� �Se.r >t..-U. r '.. > o •r f agrees t'o set aside' for, .payments�!to,+t'�e, �iaY �$; poic,tion} of s r , kTrY yi 1 ed',Flr•S:f - the ;proceeds ,dVthe� mortg'aige revenue b6nds' (which 'portion j' shad be re er'i' d! do as) rr -'�, ' ;, ;;C1har•rek• '°s`' hL Ya't ll i',bJear ..r.-. ,, the, Irps,•Ms.: u'•in" g ".. : ssuing fiequRl "to one quarter 'o one,spercen ,'(1/a of g . . '. �'f the ,amount;] of <the mor.tg e, revenues! bonds :`issued'.=-for • the,'development' of, the`4, Sire`,by.' .th6 _]W'ic`ipant, pay,able'. in four equ r1 f• al,`atnnual ��.nstallments. }after she:.Yssi�ance, o ,.: the , bonda.; 1 :The method of 'payment".4ha11 be determined by. 'thei c l ti ,. .. , p4n n o a w bon �PartiL� t: 'and�.;,tt�e City, up, c na'u'r• tat set;,, provide t guc de i b Don 'i� h h t i i el at„' erm na on: y nd cauns shall not v require paymont 'g'reate�r titian that �'tamount provided y,• 9g 9 9 9 here, n, ilha�me:1, an' a e ate amour"t a 'ual tal;one uak r of on`e`.' x'ercent 3 .4. of 1 of t a ount ` ,.• 3.pY :I / '] , he;, m of ;the mortgage , .1• , 1 , evei`�ue bonds),., ,,The 'Agency ';expressly,, represents t� "at :no' other g rr 1 "chargzes 'shall be' ;so,ught or imposed -by 'the 'City or the Agency .•as to the , Par,ti'oiparyt's project except for charges'. 1 ar fees, 'i'f any whid are expressly' mandated by''pravisinns of,'thy;, Huntington Bead Muni'cipa1- tode . o'r , as a .condition ' f a`pproval''; under., and pursuatt {to 'the SUbdivisiron f Map ,Act,. (Government Code 3ectfon •66410,, et . sue.`) and .• the '.local,, subdiviaion�'ordinance . ; The Agency acknowl6dges..that the cipant will execute 'this Agreement. in reliance upon • Par,ti .,. such representation. -5- , of : - , Y •` • r , r• ,,. r , , , B. .; .Agency."Ra 3 The'':Ageni�yr sgreea 'to~ open an sci�ow, (thi, "Agency ;► Escrow") wit.h th�a P',ir"st'�American' Title Insurance,: Company, . or ,err oth�rr.�lre a ible. .ascrow `',`cam 'I, °a roved o the Par- . ._ P, Y Pp � tic i'pent': ae escrow 'agent} the "Esccor� Ageiiti in' rang r, County, Cal-ifor'nia with in`.•teri-- (10) er �daya; aft ; the .execu- � : `•, � �6'Ttiia't'Ageeement const tutes, the tion or,,.'t s Agreement oint escrow 'insteWiti'onii of the'�,Agenoy� and 'the , .Psr;�ici�- �ant ' aoncert�in ;they A ano Par'cele," and a; duplicate` 0k4 1 r ►I. i g g Y, dial of this A reeme•nt„ shall be delivered •to'' thee: c `o 9 Es c w Agent upoh ' the opening :of iescrow. ': , .The Agency and:; the,,Par ticipant shall `provide `sb6h': additional ..escrow i`nstru'cticns ai`s`.'shall be:`itecessa'icy and - con'sistdiit with-,thiec;>Agreement.' , The Escrow Agent: 'he"reby:; fs empower.d .ta ; act', .under' thi's Agreement, 4hd. ,upm,,inai'cating its .a'ceptance'�;o'f: the pro visidnr� of thi's,`S®ctian' 1W. in : writing ' de3ivered to the g ,: *5,,.h 1 i' I* n* five (5) 14aiyg after „the A ency,, and .,-. Particioant' :with•in l'.lo Phin of khe ; escrow, 8 a - .-carry c out its duties 'as Escrow 'Agent hereunder . Pi for ,ta 'ar.' concurrent ,'with the, close of. escrow, the Participanti. 'sha11 pay or cause ..to `,be paid into e`3crow th,a: Aoquisition',. Pcice.. (ss defined :in Section Ilk, this ' Agreement`) . ?,T ie Participant shall also pay= yin_,.scxow to ' Escrawl;Agentfahe' fallowing fees, charges,` and costs„ prvmpthy' after the Escrow,.Agent, has notified :the;. Pa r tici- pan `ref- the ' mouth':of .such``fe'es, , changes` and' `.cagts : : I. , , 'One-half `of tte escrow fees The Agency :shall timely an _;) pr'ope,riy execute, acknowledge":'and:'dehi de d yi`n 't or :�,�It's deaf' nee ti to th'e'`A�enc pai66 the , Pa ed dance + icY• ant ( 9 );� t1e,: g y els in acc withfrthe `'requirements,'of;'Secti'on I"IA" of 'this 'Agre'emlent to' ether with an est0 `1 a-1, certi'ficate•, c rtif"'in th'at the 9 pp , Y 9' t ParticiF nt has co plet'ed fall `Actw.jekcept , deposit ,-of, •.the Acqufsiti'on -Price) I',,.neceIrsary `to .entitl`e ''tihe Part'ir ipant t'c� such ;conveyarca , uch .''be the fact`. I ' { ',; ',1i'•I� ',:f,t�tFi a ,'� '. . '' • ' } C E ..h ;>'�►gen sh n esc to t:h all a " 'row' , ,. � ., s cow Agent ''the,, following''.fees , 'charges and costs .p'romptiYy after the Escrow Agent, has notified the Agency of the a;nount of r such "fe'es , charges and costs: 1, , Nominal costs necessary to _place the'` title to,,,the Agency parcels in the condition for conveyance requ red by,; the provisions of Section II A of this Agreement ; 2. One-half of khe escrow fee; , yy • , t 1 rl, •• 1 'i rM APR 4 Cost oU'drawing . the deed s t c Recording fees= 'i: t; _ 1, 5. Notacy' fees 6. The.,p're�f.`um for �a�n .o ner . a C.•Ir.'_T.A title' insurance ;pol'icj for:, tre'',Agency .,parcels in ;; 'ttte ?amount 'of tie Acquisition price to be . I i I pe d tto� tt�e ,Agei •- �, 'I. Ad',f VailOrem tarx,. f f sny;' upon the ;'F+g'ency T rcela for any � time Orior to conveyance ► o'E, title s ,!Any, State':,r,,Count/y or City documentary stamps; and 96l Any transfer t x. n el Y y, O� a d lied to. ,the. EscrRw gent by Up.� d e r the°'Agen�.y ."(whzcrashall ;occur, on ar ;be a �tim fore ,th i e ',esta�blfshed .for ' cori�tey'ance-iv .the Agency`:'Par'!cels` as estak�lished'`'�ri ;the Soh'aduler,"n'f� 'P�erfo,icmance �:�Attachment No, ►;5] , the;; straw. ent, sha11 ' r.ecoxd such '"dp.ed'.when title can �be tied' fn ttie pa�ticipant'�, (oi its -designee), ari �adcardance :With .jthe texms','and' 'zbvision ` �z'h e..a. s of i p s Agre re�it� �� ° .THe' Eacraw 'Agenti shall buy..,; alftix!? an� 'canc'el; 'any cik. fer`rst Trips. required ,by.. aPPl'icelal'e law �rand",Pay. any at s e �I by w., nsur cae;e' d . .!Aa Any ' ' an policies . ran tr , tax requ�.'r ' c Y`-Parc els need not .,be transferred.o4irn�'n tYie,.A en 'The Escrow Ages n't is autharized : to : ' 1. Pay: endi`.charge ;the Age"�c and, ,the 'Par t''ic i , , ip y „fir,'.' r y` pint; tre sped t vely, `feir <any; fees, charges and ,.Cos to payable under 'this 3ectio'n IM ` t I,of; this iAgreement� Before' s�.tch ,paymente are made, '_the, Escroyi ;'Ag.ent (shall 'no',iIfy, �,., the Agency and the ,Partcip�a irit' of th'e ,feA"%,' ch'arge"s and %oiii ':ne'cesaa`ry to clear �. title and close rtl a eRcraW; 2. sou tt Di se funds srid deliver .the deed and other' �docnments, �'to' the , is 'ties entitled thereto•`when the conditions of this escrow' have been' fulfilled by the Agency and the Participant; an'd; ,I ,r -7- c • ,Tait' , I ..- •' ' ,LL If 1' ,. - .. _ ' � 1 ," ,'• I`', ` . .. I'.. .. �ii tom" r�Y • it ' � J . Renard, any instrumente cieli.vered .through ' 1 , t a if neoessary or. proper, ' to his a crow, .vest tAle-,in the Participant. (or its daaignee)'". in acooycdance. with =the terms and pcovi'aione of th s,; Agreement. ' , All'F,:funda received, 1 n, -thi's')elerow ''a all be 'depositeo by`; ttie Saorow; Agent' with other' escrow fun'c9e atie" sarow Agent fn, a general`,''escrow'accauIt ,0r..aacount'a itb any- stiat�r or , netional' Jbzrnk _doing' 'b'iisnest� ' in the.,,' Stets V'Ca1ifornia. • Such •fundvmay be tran'sferrei to :&hy other lsuch. general escrow account or`' acpounrs. • All ' dieburseme��ts ahall :'be made,;'on the basis of` a 30 I'd ay 'mo'nth 7Gf +this esoxow`rfs ncti`'inf`,conairion tc�-.clone `efore Ith t3.m ;for; conne ance e,st'abli;ahed 'Otherefor, "by t' b,, his 0 Agree:aent;+�'either V, who then mall have party,, to -the e$cr h full perf6tmed ; t a to m ore ,the 'convey- ri acts ' be �aerfor ec '>bef Y . I t` anc�e;.of title may, in •wrk i'ng , ' demat�d• 'thp ` re urn 'vf ,f is ,} mon,e .;, p6pere or. documenrs.- - .If., nii th'er -the 'Agency' nolr the gartici aunt r ha•1 y p yr P... l formed �befor ' Efie time' for c�onveyanc+�aestabli`shed herein, acts to'`be er e no' demihd far r'e'turn shal'1 `'be !',';reco, nized.:un�cil ,t n ' ( l0 �', days ;after the Escrow .Agent sha.�.L", have mailed copies suah'','i�emand ',to ,ail , cities to this A reament '`at 'the g r sddre8se ;'of, their: princ�.paItA •place orplaces of .business'.- '' If ,any "ob�jeCtions` aret�'rai:s d within %'the +l0-day er od j"' the P. d + Lscraw Agent f s4 authorized to tic�ld',.xtl]:'� moneyi papers 'are ` dacuniente w "th respect%�to' the Agency parcels ` until 'ir►structed' by' mutual agreem'entaof the parties 'to this:; . Agx'eement �or ,,t�pon 'aeterj inaticin=' by a. co' `of; compea.'ent ; ju'risdiction.J' Yf no:iauch demands are made , ;.the„ escrow shall- be : closed as:,;'soon as, possible . r e o d ' The', Escrow d r shall,.., i; obligated to return•,, . ,' ,' .. ,.am•' such- .�m�iney papers or a documents except upon. the , writt 1 en.,,ins of,tithe, Ager,,^y, and the 'partici'pznt, or ui�tiY ` the 'pat ty.'-tQnt'itld 'ther�eta' has : been' dtertt�ii�ed' ' key a Ins final•' decision 'off a court � f competent jurisdiction.'' Any `amendment of . these escrow instructions shall weit s 1 ,.. he Agency,' and thene t ; Part r i And pant: `,At the' time , of any aitendment, , the Escrow Agent shall, Wee to 'carry 'out Fits duties as Escrow Agent 'under such amendment. All communications 'from' the Escrow:Agent :to the Agzn�c '' or the Participant ''shall 'berecied t'o ' the addresses and in,-,the manner established 'nSections IC and ' ' 'Vj'(I) 'of this "Agreement for notices, demands and 'corninunf_ cations between the Agency, and 'the Participant. Noth.ng in this Section I'-B shall be construed' to 'impair or affect _8_ f 5 r r t 4 1 r 1. r ' f the right# or" abligat�.ione of the Agency, the Opti'bnor, or ,► tha prrticipant .•:'ta specific performance. theI, by f � ar a e of hs o do the Escrow Agant � u ez this �;Agreea►ent, is �:i�nited to.,perf, m 'nc t bli a ns sed upon ft Wunder 5eotior�s IiA 21n� tile; both inclusive , t afpth'ie. Ag aamei nt the >Ageney , the 0 a on oi� he Par. r � Neith r pti or , , n, ,r t , _ le for an real ect�. te`, commissions or ., . y 'brok�rate�fees, wh�ichanay,k.ari�se;, her,efrom. 1,.t Optionor _ , ,a reins'' t6 defend in�deinhi' y� and hold harmlese 'j,thd, Agency and from- and against anyclaims;,',iad�e..�hrou'gh `'or on 1. behalf of persona 'alleging that such" real,, s . ommtQ. ...., f ',; ',' a \♦�I�a t�! c � '• $� , si�ns,,ar ,brokerage fees are( owed by virtue' of ,the acts' of ;the Optionor,. Tip Participant 'agrees to defend,,; f"naeninify afid hold .,ha'kmless the 'Agency and . the C'ifiy from �anc1 again st ; anyrl:claims ,.ehraugh `ot , on 'oehalf rof 'persons alleging - that such ;real eata'te ,comi�iissions or 'brokerage' fees' are.,' .ow A '1Dy v"i rtue cf :the acts of the Part"iipt�t ' r '' Escrow 'shall close ori' 'or" before .Mirch 15,1, 1983 = ; �Srwid'ed however' that such date ,i , shall<<'be A , extended' for: a per.iod equal to, the period of, ex ens on if " r� any,'aeha± t �t d� Par.txcipant ':obtiains Iroin the Optionor'', (bud,. ; inot ;exceeding nine �► �'9,0) ':days) . and further :'provi'ded tthstt`` the'date .cif clo set of,ti`ei�crow `'shall."be ex'tendaib a 'upr�n ;mutual i , r agreenie`nt,,;of the, pArties (wtii �agreemerit; an risi'on ihal.., snot be '6nreasona►b1y withheld) n in a Develcapmet':, of the Sit' A. Development According to Terms" of Approvals rf • 't ,,, , P'rovided,tthati.mortgage revenuer bond financi'nga is ava`ilarble ,' ,the Si't'e` is assembii^ a'ndYr " Partfcpaiit exeicc'ises >i a ';option `as here �zsprav ided; .:th�r Far tici�p�not+� shall diVvilop the Site in-laccardance' 'wftl the t+�rme,,of� the rCity '.s' Use. Permit No`: , 8:2,r ,,*nd ,P6nditianal xceptit n No. '822 765 4.(whictipermits fare collet tively" ,referred, to. as ',,the Governmen al-'.Appro"vais" ".,in , a e" ,'Incur,- 9 ` porated,;.herein ''byreference) . The,.Agency aoknowled •es that ' P b' virtue o ,., hats ` obtue of.+� a'�:1hlandernm�ntal;aA proval's; the Participant rovals necessary} to proc:Ped. u e a �', . . _ s p :.. ne with'' development of{.the Pro jec except: for . approvals ;';" pursuant to .the Sub,divIsionr• Map Act- (Government Code!".'. sei F, ,( . �tion . 66410, e�t •;oe . ),� and �ii�3 ` local subdivi.sion,�;�rdi-, , nrance;,,,provided , h weve , , that the Participant ackIIowledges that not all`,City fees : have been paid as . of the ' d4te of execution of, thin Agreement. The Participant shall proceed with aons'truct16n of . the Project ' in a time and manner con- sistent with applicable legal requirements pertaining to -9- 1 f , ' 1 ,r S #a .�14 ; tti ;.r ','ter..;•,. ,' .., ,. ,., "r .. ., ''� jr i tt f' /t.I the' iaai ��c�, of the �aort ai a raanue bonc3R uecec� 'to fi'na , • q g nce the eodil <In ur ar�d P'rc ert' Dims'Y Y . - - ...-----. ope r y ,Insurance; Worker;' s CoMenA.�t on prior y ,,'t 3 , , 1 r y c n � tp .the commenoe�aent ,of ,any�'• a 8t'iuc- tiont�ereundeC,;� thai Participant + shall` obtain, a;`polfcy. 'of c�'.. •;;�� compceliens ive b�diij� ,ir��uicy and :p'rop `rty` da-INage l iabiltty ! induranca_ a�nd 'maiintain--suoh p liay', in`;:,6 fedL_'1:'unt11 the , ,: f fi'nAl certificate, of Completion ,provided`; foi.• in �lthits ,lagreeN sieri ; hts-trbeen` `i'ssisdp provid3nl,.*doverago.''fdi, bodily 'injury ,.prop y,f,, m'ini.muia amount o'f ;Three `Hundred , • a`ndert damage in ;the r g 'Thousand Dollars OQ,t'00p vomb `ned sin° lef�'1'imit er, $ 1 0 y: I I, occurrence The 611c stiatll, name as additional Agency the ,City, of: Huntin icers y and ems to ees while;, acting wiih' the: sco ' a of .thc acn- and their .off • ,-,,. P it _ duti'es;' a'gaicist :all cl'a'ima, •suits; or' other actions oaf anj� r; natu`ze tk� li rougkit;'fri`r"or on c'count cif any. "des ths' injurieat damA ge. or , -loss, •ari$'inq out of or, connected 'with the work of Partcipank under ' this Agreement, f Participants sriall furni'sri.i'Agenoy,: a `certi- a�ta` off insurance, from Ft-:he r:inaurer� evic�c�11 nC1hg compliance r tiyititi'� e, para irr`aph` ands prc��it]�f ng °that tri`e ,insurer .shall ' ` rot' ttan e, ill'cr;�.iacid i'f 'they'['�olio j,w'i.�thOut,A, itt ; (10) ;'��'' i s ! rr ,H. .,' +.. , , , yl� .. ,f,S C' .r`•,Y •r at '.tr •! if .,Y ., ,f,,,,.f..,. � writtew, natice,1,to Agency. Pa.r.tic�ipanc ,$tiall give��Agency p ; ` y y r, sd� tr5'inati� romps and time'1 n'otiae of ,xan cha'im;rmade oi. fuse Agency, 'City , band their officers, ;arid ernpYoye:es, ,, stiaYl -also �`be named ads ,.additional frisurec� 'iin :any: 'paif'' ies t of 'Paipint'�'s oontrsictars 'cv,vering ;work' under; this � r Agreement, • a'nd uoh , polfcies shall comply (with this para�- ' g rph a; provi's'i6ni of e Wor`k's'r!�sn�CQ n en'' ivat on Inaurance al a the; ' t � . �afe�y Acts -:af ,t`he :Staite lof Cal am a, �.t•he ab ,. ,. f , app�:i. proy3sions o•f 'Divisions 4).''and :�5� bf ,the Calif6ilhia,.-LAbor' ' :Code,;' n'nd. ilTl,�:amenc]nients thereto,';and. all li's miTlaii�,, St�a` ''or, : Fe dferal .aict$'''or :laws ;applicable,' 'ar�d' Par't'icipAht' 's aLl hold Agency :and City tiarml' ss from; 'ari1 claiis, ' arising there- 1 1 t under. Participant shall furnish :to thi Agency, a- certifi Gate of Worker ';fs CoMpensat'iori 4 urance` providing•, that the insurer ,shal'i not- ctanceI - or . modify Ithe ' p6licy ,witnaut thirty.' (30) day.a � pr_or written.',notice to,,,Agency. In „ the _ etternatiue,.. Parr,i1e1ipant may.. 'show proof:' of 'a certi'f icate of � ' Industrial consent , to self-'inr3ure issued by khE''Di.zector.' o. f-1. Relations accordin" to California Labor.Code Section . 3800. �10- „ 1', �' ' 1 jl rig -i� �, f• f, • f • '..1' :jr Al , it C i Rights,- of, Access •-for., In of , �nstr��ot on - • 1 r Representettive ,of tiha 1�`g'ency�'andi the City l,' havi the: right to access do th' ; Agency Pa"rcals, ;.w►itt - out- ,ehaXges ar geei�., a't normal w0rkin`g h'durs during �thet peril d "oi ct�nstiruc'tion '.for 'the': purpoae 'nf- the,,.'�,n6pect'fari' of. ' ' the 'wvrk:, ,being performed! in constructing 'the; 1,mpraveMent' it r �. 1 �' ,(p,r6v'ide that suoh rep,res�n atives<;`co�Iply � With.;,:j�b-,a•ite , , safety;,ru :esY, Sucb ;`ire resentatives 'of `- the A etc shall be F., 5 Y City '.employees . who normally carry out such , functions- or, 'pperadne ,who a're so ` identified in t�irit3ng b�+ the. Chief : 'E 'ed tive .Off icei of the Agency. � L', ocal State and Federal Laws Partioipant shal'1 carry otat the con- pant re umients�i orm'ity with 8�1•h the` - structian of the improvements: in cant a li'cable .Laws an pF 9 :�, ► E. Certifi.cate .'of .Completion Promptly after gpmpletion'"-cif ''1y onstridation' to. bey.carr ierh out, o `°thej'Par;tic'ipa�r t :upon,;ttie 1 , f 1 .1.. ” :,• :,: •�1..1•r'iq. ;Lrh,,tr.. ,.�- .i Y .1 .5,...�� : 1.1' 1 $ite;, the Agency,, shall furnish ;the„' a`rtialpant :wi,kh '.a ;�er-- tifticat of; Complet;ton upont�wr±itten, 'request;l therefo'r., by, the. p Pa ctiCi 'ant: `; p{the Agency lskidll` nod uri`reasonabl ithhbld r w _any;`such Certificate of Go letion. 15uch (:P=.tif icat'e of Comt le ion �shaY 1'u i n n 'f t 1 be con live' determ atia of gat sac „ ` .torv,tcompletion,•'of the constructiorirequired ';by.' thIs gree . . me`nE upon Wald Site, sind` of full cr�mpl wit iaa ce , h-; h terms n to ectifiextte of$Comtle ion, .any pa'x t_.then" • , hereof .with ,. ti,own�n or ..;there- .' , . , 0 P y nge issua 'aft"er purch asing, leasing or otherwise 'daqu�ic'ing any . intexeat: therein shall not . (because Hof suet. "owner`sh' p ` r air otali ation ar f' liabflit udder:• this uisatentt; exce Y y , rye: or ac incu urc ass.; e� , m a ,' Yf Agree ( , Ft s to,;,;t'he provisiarts` f %+ f $ectioin`:Iv B hereof, &nd except.'-aa 8e't forth', the' deeds ; °and aher xe`spective rights; and obligat';ions of the:, p�irties wit�i' reference to the site'' shall be' 'lim'ited:there after` to those; sit ' fcrth 'in h'e deeds. In , no event will :this 'Certif•icate of Com- pl�tion process prevent the occupancy .of Individual14 resi- dential units .by'�P' axticipant or its tenants . .` „ 2. A Certificate of ;Compl'etion of con ; struction for. the ''Participant`'s improvemen` is shall ' be in such form as to permit it to ' be recorded in the County. ? Recorder ' s Office of Orange County. ' 1 AV r r ' it If the ,A eric refuses orfails` to 9 Y , f4rniah.``a Certificate of'..'Complet,16h' after:''wrAtt' h. .requ`est from this Participant, he ,Ageiney `shal'1,, 'w days :after .ceaei.'pt of said` written' request, _prov;ide 'the T 4. Particpet�t .+eith a wri.'tten stateme`��t of the reasons `ttif� AginCjo :refused or'Jailed .to- urri`ish n Ce ,t,i�f Kate of 'Com- 1 ., j pletlon, Tdo" statement gpiil ( a'lso conta`f"n ' the Age�icyj' s'; ' ` opirtlon, of 'th'e `Motion ' he,, Part'iaipant must takls, ta� obtain a. c Csx_tifiaate; of Completion If.; L 'he, reasons ��for,° such •�'rs•�tieal �` 'r' ,o 'd ,the immediate ;unava l lab'il'ity. of ioecl is ` ,area � n fi'ne ta:� .. r' items `or, materials .for. landscaping, .or bea`utificatfon, the , get�oy , will- issue its Ceitificaite 'af Completion :updn the .. pasting .af a b'ondt'by the Participant viith,fit e" Agency in: an anount - ropresehting. a fair'- Va106" of the work not yet com- plpted. r, a to of Completion Eshall . .i 4., uch C f�ca f ., S rt , not: constitute.,;evi'dence,,of•'corn liance: �Wit'h' or :5atii action of;+.bray .abl'i,gatfon .of the' Partic ipant i to any entity pro- . vidinig 'constxuctian loan fi'na`n'c'ing ,, contract "ox subcontract; ?; a�srwicesc, or' any other 'form oi., obl"igation., Such :Cer`tif�i,� t, .. e cane"of ''Com leti.on is not. a certificate .af occitparioy ox::'at.. f{ n P. evil otiCe. of com letiorc- as referred to in the Calffornia� C , Cade, Section 3093 ;a IV ' Use of the Site ii pn UBe: n`' "AccokdA e' with Approvals ,,, Th"e ,,Pacticipantintends to da'Velop `ttie Site ;as a housi1. proj t, as ,generally; provided .by„ ttie term's of ttie Governmental ;Approvals. Further, by,, virtue of ceguirzmnts df state or feder'a�. th P c , law a art ipant s• r Prd 'ect, will. :be ,operatedconsf:st'ent with legal ,limitations ' iimpoepd ;by virtue of. the use of .mortgage revenue band f.i'nan6 in, g. Affo'rdable Housing.`,' �t �, ; r ,4: The Pa�rtic'ipant will ;comply ,.with legal lf,mitat,tons .imposecl'-by` the "use of mortgage revenue bond' ;fit, financing and the o.?nd tions of ' the Governmental Apilrn gals' Not;4 ihstanr��rig anything Ea the contrary stated' l ere`in, , the Partic'!(pan`t shall 'not be required "to ' engage i.n any a'ctivity whfch ''would''. eopardie'' the tax-`exempt status of , the 'mortigage revenue bond financing 'for the Partici- ' ja,Intis 'project: ' The Participant further agrees to cooperate with_ the_Agency ('int;ofar as permitted, by law, including any conditions imposed by virtue of the use of _ tip• ,. , " -12- +Iy / �J•r• '�� Jt I�{ 11 i1 +`.�r 1 ~ - • .1 11 +r , S 1 1 .) tit It 9 9 n' 9) P � ncy: with mo'rt a e revenue bond : f� na �, n` 'to rovide << �� first ,claim for• use '.of atfitleagt. forty ('40)' ' nspec F d of fordable U is with°ire 'the pr'o j_ect; for u$e;4 by selected b� ` the A enc ' 'and'.nct a`s housin c` editvc hi 'nt, 9 ,,, �c h inay be bold rex:, lined` b the A t�nc f' 1 s .wh r, t , - �►, . ,. .,,.g .,, �-by , the 9 Y� t�,The pa i:fcular,..�terms of U. t 'r ement,:;cancer'nin�> sued .:use of units shalle,.be parti.W cularlitedoafteri rthe 'project , is rider.. construct'f'on an the' ' Agvncy t has ldetexmined its= need for replacement or reloca tion,`h (�si►iig ;(:arfeirig,Ffx m'rp o�er�1 s :unr'elat; d 'to th • � ., ±:t `A rreement �In t'an a re menti','prcvic�i`ng lfor, a 'Conveyance :of the•''P'rc aot 'blthe °1�'a'rticipaint ;(inc�ludi'ng a;'canveyance L, Fs .;,} 1/:•,t.�rats ._ ;i urr,: ,,.. er. enter:eajinto for. fi i g; a ,, t a na►nc p. p:_ se )'' tti Par is s1 , i t. e •■ d by. ,. riClude a ..���[/yyyroV'ision�.that �th tra sf� re� ha�.l 'be 'b. • . the'I provision$, df..th3:s ara xa •h (c•uncerning ��►�ai�.abi`Iity •' o `unt� ' to tie '�Agenc pandgany yreements that may.-,,. ,3 � bey YI the' parties .,t(eketo etainin'g to ter' "j- r e'• . ntv by 1 Alvt r'ttie conti`i�uin avai _ h - eafer erifi re°d , '" g, 1'ability 'of such' units,'' wf triih the Prod jest V 'OCHER PROVISIONS ,+ Y �bl' ge ' Re ro scrl ,im�i, atontiontofrain frn � nA f ;A 'f J„ '4, r .t r-t ,1. ti ' � r, ', rt. , Y ^;r� ',Insof�►r,� as ;consistent with the: .te'rms ``of ttie, mvr'tgage x_evenuekiorid� ihanc: rig there shall b na f r , �S t , r ) ` 1 ;disarimination '"agains or . segregktlon of any er:• son groin cif persci `s, vn acc:ount' of ex F racer ,'iolor , Wage hai"aicap',` `;religion".,Yln$ti'o'nal� vrgxn , nritsls'tiatts on ' 1 -? ', � • t ', e; �, , • . • ncestry `in' 'tl'ie;;sale,; l%iase'�,,. sublddse , t'tansfer , ,use :p qu 'r' , p�incy�` `tein'ure ;an oymen art ic�f the;,'Project; 'nor, shall' Par- ticip&nt , --Lself�,br;:any;s r erson` claiming;: under, ox ip `'through ' 't' estahili sor 'ia� rmi any such ;permit any•' such p�r;actice ,`or • i , }. ".1,`Y prarct cep ' of `;diiicrim'inati'on .or,,segregai ion,.iNith ; reference the., election, Lvcat�ori, °'Umker ,.;, use. or '?occupancy of : ' e . ' ,. '+ 1' tenants', lessees, 'Itibtiha its,; sublessees or ve'ndee's'. 't + 7 r: r - ••1 ,ay1..+( "�,. , 1.1r '•'r'w , ! ;Itt li1 8 ' 1 Form,�of' ,Nondi.4 ftmihdticn.' .:arid ' :Ndh6 gte2ation. Clauses. • 1f' j 1 i, + << 1�ttlry�"'ft'r r f }1�t�ili' ,�• '`j, Insofar �as� consists»t�;1wi th,` the•-terms of ; �(:!•. +t ,.,.•:I 1�,, ,,.1;.,r-'`' { t. ,' L' rL;:'1-7 i.-, '! a^i„t+, - ,41 ./,: l�,". •,r,ft .,, •,'r +Yi• ,, the�1 ortgaje' re enue �bn pair t' tiall 1 ,, .. , t s t;,t,,., t • .', + ., „_,.,, ..,:,:!� ,. .., r! v .< �� nd,� tir�anc�.ng Poiitici , refr in'• from resftli; tin "` the, us'e 'occupancy;, ;rentsl; sale r .., „ .,t., ,. 9 ,, ,,,,, t ;r e ., 4 J "�a least; of rti Impxru,. 'ement-s `mr� any 'per`tiori;;thereof an he' r << bas3.'s' of c Y r, ',.religion, age', 'nian"'d :a p', jai ceB , try., ' maklt' V1stiiEuV ar'< r�ational: 'oric;xn .%f, ahy, 'persan. f luny c�e'ed� lease .or, ai�'ntraidtto t ' "ehtered into betW Wan' Parttc`i eint and'-.Agenc • in fltirth�iacai�ce ':'of this Agreement, sha1�., ,coititai,n ' t _ I 11. . ;.r ,,. i n se +e, tion • cau Y' the following no`::discrimina�r or b.e subjeclr to 'substantia ti n or non g g3 f l seas r I , , 1 ';,tt fie,t 1 ,,, ( '•,. •� '- • '• l{; , �K: ',, i;' t ` ;' •, ; , l 1' 1 : 1► ,' I' Ae6da.. The Grantee here f, ;try. ind.1or tiimself�; hifi,, heirs, executors, ;'administrators 'f } and assign,',, and` ilil pei;sons claiming :under or through them, ''thatr thez'e' small kie, nn discrim3 nation;.against or g ,, .sons on accoun ,eegr`e r�tion" o>``, a►n, •pexsa�~ �or� �roup;�of pQr t of sex;' race, color, age ,,n Ica�,,'•:religion,' ,marital - al 'Vrigin or - ancestry.cestry. 'in 'the sail$ lease, s hl a '"tran r,. . ata�tuB,' nattor� u ea e , ,sf�Lkt use nccu ancy, .tenure ',or `en o` merit 'of ]arid hexe�n co��eyed , lnor shill the`,grantee ` himself :a"r arm, e ga ri c la 4 1 , •u ,; y,� p iminij ' rider o'r through hm,,4 establish o_r 'pee.mit ,Any ` such pr'lic ice or ,pract:iceas.Ct di•scr 'minati'on nor begrega 'on with; ex en Ito, t: e, ele'ctioiri '. location number , use or ;oociapancy ;.of��'tenbnta', lessees, subtenants r I Sublessees or ve.nd6es 1n,: the to land herein convey;od The 'foregoing c'ovenantia shall'; r%In with the, land " ,�i• try<.;� r� N 2. f In leases : The,, lessee:= herein dovenan .s by, ard,{for himselfa�, `hfs 'heir', executors, administratorti and as: igns an a1=1 Ipersons Glai ain under or through haM 9 . • i; and th"is leases , `made aid accepted upon`. and sikiject to;'the ' following ' coridirtiQns: That there shall, be no discri'mina- - 9 f tion ;a` ain't o'r `sec 'egat�ion o,E; any ecaon or "rou Cif , i �( 1 j r � personas ,on�'rcct unt (of sex ,race color a e handicap teli'gi on mar:i'tal, 'statius�, ,hr a+ncestry; in r the, leae.in9 subleasing,; transfE!r'r'ing, ue:} ' or !pnjdyihent. of°j-the1'handl ' h�reiri 'leaf e , nor ;lstialyl the:: 1'essaei?:himself orj�f any pe +sons, clalm.ing 'under,:'or ',t�hroi�gh `h'im 1 'estaoliih, or- pe"rmit 'arty ';such pia ticE or' practices r''of. iscriinination. :br. segregatJ.on': with reference Jt'o 'the srvli�oticin r ' loci on -numbed , .ruse or ocou p cy.' of rteh� rots; �.esse s', sublessees, subtenants or i wendeee• ' ttie •land fierein Iea`s4''d �11 i' ,y`, + tl• 1,� I'}r,t ) + � .�•�,, I f, 1 r 8 � m'„ ... .,. ;� ' } .ntrA•',I�A contract: � �f�Tr ,ire s��all .be', no c�i�cri r�x�tion {,aga, nat .or sesicegat�on, of a `y person air 'group': of .• t.er'scng' �. ,r.t, d'i c a ., s r ` ,` ap' t on c ,ountof sex:, 'racecolar age hain o• fit. a' t s r �ancE!atr i ,the sail ,leas i ',f1 ,il i -+ ,.ifs , t,.,' ��• 1 i rel �fon , m rxtal s atu , o n, a rl e, { ,,a�ib 'eage,r transfer;,{•,,use,. . ccrupancyr,, tenure' cr enjoyment: - �. ,j' t thesiia , 1. = nor ' shdlli r h rn an �p on rid t transfe f self, ' 'or e ` r e , $ la`iifilii Lurid t r r. c '� a ''or through , him, , establish .or ;permit.'/ apt;;. such t• ' , • : prdct'i'c'e` or. practi las of:''diacrimination or ae i , , r,, 9 1 , ,� '• �� refere>rice= .tc+ . the , selacti, ]:ocatidti` number useaozoocu� pancy ,of• perjnxtees• l tenants, lessee`s, subtenants; 1 1 subl;es`sees, 'or ;,venders of the ' land. ,,,C. Takes, Ass'esFments, ,.Encumbidhc:es and ;LiEr�e f� I ,�i (:_ I'h'e„ Pa►rticipantr 'shall, pay whelrtn due alI _, • �_!.{. ,1 � / : f , ' „ '''' .. g',, assessed •,anif". fe* v ed upon ,, . , f,,, . . :•, reel esta,t,6 taxes al]�d assessment ' fr ' ; ' i the ' gericy :parcels ,after. the �',AgEncy- Ya►rcel's ;a,re conveyed to. ttie 'paraf�;`fpant and''. until such'., time asikthe title* to the ice�i'det ti'afl units is crnveyed, ta ,Purchdsers . �� A r•� , • : r 1 _ `Notices bemands a i`nd . Communi'catione Between the Parties written notices demands• and .'communica- t tions, `between 'the_; A enc 1. ,9 Y A.nd; :the Participa- nt .shall be •' .. . s• Y •..9 id slur rec 1i tese,supste ,ar certified . suffici•entl iven if� dis ' atched b ' mrinciFal�ofticeec�f :the�A'" ants sand t z q " , d, : to the. • the �Perticpant 'a9 s edified 'in .IC �Suce locreY aFgic of,� h written `noti • F ,.. ces , a be sent in'•`the ,!same mariner det�bnds and comniuri`icatians m y„ . `' to such`' o*her.`addre 'so e$ as , either,=,party' may,'from ',time t �- t�.me designa'te`'by.,mail as provided in ttiSre"Section. E.. Confiiet''of. Interest A enc s orCity s' RePresentatives Not Ind v dual y,;Li'able ` {(t ` i:,.ci+a .r�o., r -7.inlo f h"e Na member� off prsnaAgency arthe ;pity Ya111- ver anyl) dir,ec; � ar 'ind r`e'ct;' in -thi's Agreement='' nor shall :any 'such"mernberr ofFi:oial or'. employee ;partldipate,An, any`'-recision ielatingl to ,this Agreement tha`t' 'a'ffEct`s hfs . persaar l `inte`rr st or the ,i,.n, t. e,, rest i;ofanycoro ar association in F , ;which he.iis irectly `or -:in,di r c nterested No :ember, ''official' or em` 10 ee, of .the !A 'eriq . ,or. the City, ' y Shall ber peirsona-11}� liable 'to`''Part icgtint ter any successor. : :yin interest in the' even of any default' oz 'breabhy t ,Agency .or the, City; or' for any amount .that -may became due to' :Participant: 'd'Y $uceseor , 'or on any oblf.g'ation ,undez''' the. 'terms �'cf this , Agreement. F. Enforced:�Dila Extensions of ;Times of Performance 41 , 1; ;, c PF,rformance b��: •the, Agency ,or the ,IPair'tici , pant f' (tiut .no`' other a'r,t ) ' hereunder' ;el�all` n't tr1be de me'd• to e be ,'i'n •default her'e�deiays; ,or ;default area etas i W s o w V, ` su rre V tikes; vckotats "r a=`• h ctisn st• 1 iot .floods $ 4.11 k' fxxt � casualties " ctai t gua es, a ' ' .. ,` a 'of God , ;acts of;'p`ublic ,[ ' , 4enemyj epidemics; quarantine restxidt ons, tre'igh't , etabargt�es, lack ofl tran9pdrtation; gov •..A rn t' � e me'r al ":'rest c ' r-. S l -rt r l f` t `tiohg or pfvci y. o ac s+'by 'a gave"rn en al aige ; K r , m nay o <' ,r�l .i . t ,f1 i 1, ts'enti,ty (other than ghat acts or failure's'-,ar, �ae.t of; the ; .�4e'i�c o +Cft�y► shad.l•''no* gxci�se performance the `Agency r b j, , Xttia Sidon, ': unusually seeyere "'w'ea they. ,inability .to secure necessary ,*1abor materials or- tioals, c�;r c3eTaya,,,. 'airy con Eracior'.• subcontra , I �. , r , ctor ,�'or,'supplie�r, An iext6nsidn ot, 'time < for 'nny, sur Y� :cause ll ti • .•h r. of. the s a only be fo t e peraot� „ fr. .I • • .ma ' :�ahso be extended in � 'per,`formance undez' ' th�'s� Agreement enforc±�d Bela ���;-,eis o }, writing bY. the Agency, and. the 'Par` ! ticipant. : �a ' 1 Irr' - r'�. : .. ' -, ,'.• ,r ii ' l G. Agency Cooperation : . 41 . -- r Ttie Agency" shall- ,cooperage with 'the Paz r $k'ing : mortgage ,revenue, bond;;f financing for the i Pro eat frti..obtai`n n . , ici`. ant in, se building _perrmts , a d ii' necessary in I s promptly iaiitfat1hg And seeking completion .of i'street vaca- Y, tion proceedings• (as- to trhat portion of he ,, o7.d Beaich roa that ;ls situated 1withIn the Site) poulevard �it?rontage f,. and to faoilitat:a .completion 'bf the Project. . a , 'H. .: Title f Sect�.ans' r �. • h:: ,1 Any titles o t several 8'r' ct:iong;�f, h _ Agreement .`are inserted•, ' -convenience of reference: only , `'and-: shall be, d 6regarded n' construi.n'g nrr i'nterp eying any . r, .=of :its ko' v'iei•Uns lda'Harmless, a i L1; a f 7{ [ 1. Participant" gag s wj cif- }� t 1 r k Ir a+ t.i1• �� ' d I 1 r , Pa t:is�p g y 9 harmless' and de'fend'''A 'enc and th C3 ty ofeHun n on 'Be4 h J , r 1 a :f , and 'gill h �i'r :,i a a employee bf 't a ffiYt�t sr nts and a es, in a1 1' tr it L� S r ' actions 'arisinO �Ar`om the 'Parti'c ant; s activftie rsu.. . t L ,, n regimentndthe;, Agency, agree"s`''to i`ndemnP: y , kidld harznlems' and defend;. she p&rt 6 pant; its 'A � agents �ind: 'em "1`o'iee's - :in t'all' actiori'e 'ar"isi°r� from toe act�.v:l'ties �( ' of ttie".Agency,o'r th' , i y'„pursuance, .to r,thiS Agreement:;` Pro ` vaded`�t oeve , >`•'�hat: :th' 'pbl'igatiior of. the Pa"rt;i'cipantl'por suant tia thisr'9ection y (I) ` shall 'terminate upon completion 'i, of'.`conatruction of the .Project. I ,1 1• i4A Vol. �EFAGLT ' R DI SA , , •'.['ERMI TIN. A'. j11•Me, aults=Gen' fA1` ,:Ir � i 1� '" 3ub�eal ;tro tti'e r e�kteitision of time stet' r i 3t ,, u dela b 'a act `; tio'` erfa'rm r F f�,,, rth in Section VF, ,,faiiur,e�vr e y p y; p t,5t{+ .car,, i , ' .. './,� c s. 7 r , ..; , it Y„c 'L,• ,. r 1, `�;� y;,Kl erm.:or-, provisc anf.o,g, athis=;�, igre"emend, constitutes `a ,.� ;;,' defau7�t" ; undeK` kh:s A `r'eement: party"'who 1 fai].3 on y , + ,,. tr r , delayal `ust _ immec�fatrl c ncet to cure co ' r ` . '� OIYIJIIe r ,. m y , rrect�' or remedy: i if� � ;; Much. failure ,or''delay arid` -shallr complete `'such .cure , ,,co r rectfon 'oxi ; -'emedy ;pith reaeonakil'e di_ geriae.,, l�Exce t; a�e I othe�r`wi 'ex 'iressl rovi�d`ed� i.n'. r 4 i P.. 1,., P p j r 1 thin 'Ajreemeiat; ari feilu=e ,or •de •ay,, F 'a party; in 'a`ssert, fts riame`di�s ;as :to` `any default sha i °no opera a 'a ' w� iwerr af' an ' or' o"f``any, ; uch nigh, '. y: . • ox � to � • default` r ts;, r,emeai+es ':or, deprivel1'ef1 her: such plix y o'f its right's 'to' at 'tut.el, d `ma,�intai'r� any 'actions: or proceedings which, it ' ma 'aepm''necessar "Lo �rotec,t, a�aert or 'enforce 'an Csuch' Y - y, � P Y rihta �or remadiea. + ,, f R AL 6. it „ ' tit ' ,• 9 1 ♦ w, i '• , • 1 , ♦ i \ A �! Legal ' Actions remedied � ' �� 'pn: a�dit�ori to. any otheer; rights or 'fr, i ...ithe art ma institute 'le al-'action tQ curEj Y ! correct o r remedy an default to recover damages 'for any default , ,or to obtain. any other remedy consistent with the 'purpose of this cram Hgr ant. if ! � Such 1'egal fictions mus ' :��e i.nstit' tited' in atheF Superior.' C ur't of= the C.ount�r;.'af 0rah'O"e State '; of- Cali forn 'a'v in 'an ' appro 'ris :e Munf`cipal 'Court in that,- County, ct p or l"i(ihe `Fed�'ral DIstilct' Court iri the Central' District of 'Ca�li.Eo n3a• l f / 1 ` C. Speci:f1ic Performance } If ��f art to this Ag'reement� defaults P Y . . _ under 'any o1 the prowisi'ons of this .'A�xeemen`t, 'any nonditaultii g , party, ;,sha1,1 .,serve :writto'h ;na,t'ice• o.f , such defaul't upon the :def aul'ting party. I� the default :is not 1 cured by ^trje �defaiulting party, within ;twenty, `( 20) days of the servic:� of the nice of def ot ault -,,,su6h nohdefaulting 'party, a /itS o'ption,' ''`may-. .insti.tute an actidh far specific ' Performan%s of --the terms of this, Agreement. s D,;' Option to ' Purchase Aft6er al'l .dis6retifonary, approvals have been'.''ght` ' 'ned (which will occur upon compliance; with' ,the kr ! Code Sectionet s� Subdivision Ma Apt, Governme and :tote local subdivision:; ordinance) the Agency- ,''' Ji l av,e ` the r` "kit at its o' tion to urchase the. Site ('in its e"iiiaty f a er conveyance off`, title and prior to f ''' eoardation of .th'e `Certii'ficate o'f''comp let'ion: r! - t - r , , ,,A, ;, 1. The ,,Participant (or ite7successor 3:-' in interest), :shall 'in violation of thiaAgreement and i`rr 0. i`i�lation of its.,covenaihta''mado ursu , , i ' f 1 p ant: to the ' Mortgage revenue' bond: "financing': , d. Fail. to commence construction' of th'e Pro s ;X cct :for a'� period;�iof thifi.�ty-six36) :i` ,. i..i.i i months` after the .mor tgage revenue, bonds I tht ;Prod ect ere sold'; pro.i�id�d ' •i�y ' ,'�hr Pa'rtici�a t leh'•n he..nat rot, ootained,'a►n e'kteneion n,,,�pp,stponement' ,which :the `Ag :ncy shaloL 'unreasonahl ' wf;thhvld) and'; (ii) the."Age'ncy provides' prior ,.wr.itteri ..notice of.': such failure . and 1' t . it intention;` o exerc�" a its , rights -pu suaft ao :this Section 1TI D to the partici- pant `and to :the : record', holdEx of any mort- gage, 'deed. of trust, c,r other, financing { r' -interest; or ,• it "17- i,. ��_ 'li 11 r/�,' t21JA • r �� 117 ,J'' / .f tf I- J, ` `I ^\ •' I; •' 1. % ' 1) � _,. , , b. After conme'ncement' �f Ate- constructfon of thee' project, . abandon''construcFi6n 'of, the r n .._ ,. aft p � �/ '�`. '_Project : for ,e eri�d .Uf. six (6 mo..t 1 after written nati.`ce,-of such abandonment from:.the Agency (Oidh specifies that the Agoncyt intenda � to exercise'. it's rights- pursuant to this!l Sdctibn VI Via) f or c. - .: eelt ` rr of it's con- 19ei' h, f, u e br tha Prasec L rthe„st uction todn d6ne.tructi.`6n len der prov°3dF:s I wr7itten notic', o'f' 'defau`lt, to'` the ` Patrticf`p$nt and' +, t0 'e n1• r. COIIF111e17c�B�: CoceedirJ 9 1,' fa ' eCl•os • f the 'Part c' 1pint shall hav6 failed, to cube the default '(•Iar. otherwise�,avoid� ttie 'ca n pletian of ',foreclosure proceedings). - wi'th'in sixty (60) days:: after re"iiot of written notice of commencement of foreclosure proceedings; and 2. The A enc , shall have g,,.. y ',provide'd written notice of such default to the holder ofr;,recordloC. any mortgage , ; deed}"6f t i u i t: -6r nigher security Y1Btr—lxmi ent affecting .the Site land 'tO•r at) least ithe icipant) ix; ( 6) months in •.the par ( g ,. event' the Agency exercises its rights"kproviddd in sulaparag`raphs la o'r `lb of this Sectiar� :.VI D, or ,:( i'i) at least sixty` (6o); days iwlthe ;:eve'rt 1 ,. ' the t�gency -exercises�,its rights provided ;"In subparagraph' ic:, of this'' Section•_VI D: ,prior ' to the exercise of,; the, Agency,,s option, to purchase the Site (provided that such ;notice' by the Agency shall.:state .that the holder'':maY, lout 1. be und` ,. default , as 9 3orr'to , . cure such shal er no obli at a livable time £or cure : r�yy1ecif'ier3 h8B than the x • d ��ha be 11 .a owed not le ereLn to , cure or remedy or c'omme'rice to cure. or, remedy the Aefault)`., Such option-to purchase, an IL provided in, 1 imi Agreement,' shall be s'` e to and be ubord�,nate; and ..sub ecC ted b arid� shil-1 not defeat, render invalid or 'i imit s , 1 . Any mortgage, deed: of trust . or other .secu'r.ity r ingtrument affecting the .site ; or 2. hn is i' hts or interPBts , rov"ided h law or' in ' ,. , Y , g . , 1 �P. y this 'Agrtelrie'nt for i,the protection of t`he'i holder o'f such mortgages,, 'deeds 'of trust or other ksecur ty' instruments. 'The Pa�irt ,, , , . • '` ' that icipant -shall notify its construction ''lender` ' if, any written 'notice 'of �defau'lt is delivered bY` such A.1 �!~1 �'�fl \'J iI... , Is , 11. 111, ..r,' i' �' , -• j[1 :, I 1 ', . y •. , � } f lender ,,to the Paiticip6 t, such lender shall also notify ' the Agenda. „ To: exerc se its 'right to.. • .. p chase t. ,. 31tie i_ addition ,tio th{e occur-rence of the ev 'Scribed abo e "satisfy" all;. 9 Y v „in th�l.s S�otion . VI ; D ttie A enc "ahall•� s •. outstanding. rnonatary obligations �se�ured by the 3itw , or.,, (wader ,'condit"ions". riccept ble :tcr the ;h'ohde'r `'of mortga es� • deeds -orf; trust+;, ar ,otihsr •security''iii6trumehta" evi�dent� hIg h' obl igat ions i;, >. , . euc )t.,assume, such 'obli'gat'ions end mike, such,. payment aei a'rs;='agreed 'to by Guth?` halders 'raixid fu'hly -'compe+n� to khe` Pair a ea.. ticipant �('a8, set :forth inpar«'gr'aph '�CbI ' far.-.all c�e�telopmQnt :costs 'it ,rhas incurr'ed;`'r�rsng fom its j. , sl. t efforts ;ta `acquire 'the ` 3it and vto develo` t,hit pr"oject (a6 , , \ - P,, • r iIn' without c' �cou tar c) incl'ud .. \ inae etide� ,t` a ce f ,,► . ertif,ted by an, � p �. 1'i,mitation ;Treasonable alloa�an or•, overhead (which 'costs ` ) ` Shell colleatively, be referred to'. herein 'as the "Partici� ` ,,'pantC. . .hosts,",) . Provided fuYther, t`'ti`dwever,; that in the 1 _ ' _ ection lc of-,:,this �e _nt _the Agency acts pursuant to subs k Nect3on'''IV to cure, a Zt the Participant she'll have b ;',defait' the ''r'ic�lit t'a ,reinstate' tiie loan 'prioz to the ekP `rat.i.on of the time;: exll; o undrthef erms of`' its onstruc- �.,; . Upon} exercise of the_'Agency' s' optiin',:to 1 ur has th'e ,A -.,,.Upon shall; �. . S N•', • ' i pursuant its respons p. c e , 9 Y . p i- bilitiea under, state 'law +use its best ,effor,ts ;to resell' the ,•;St '( i� eluding . al1? imp' rovements .'thereon) as soon and . in' such` manner as :thee 'Agency shall find feasible opp., sistent `:with• the obaect_�ves;�of such ,,`'aaw ,ta a c�uAlif ied , and reeponsibl`e party, or ppa'rtfes���(`aa: determih6d :by 'th'e. pc enay} , who ' wil;l a'Ssume -the `obligat'ion of making 'or `comp -e- �ng;Y the Pro ect or `-'such other .im 'rovements' in their,, stead :shall'. be rea'sona ' satisfac"t'' tw the Agent Y Y y such! reeala "af th$` Site;, the: proceeds lthereof . sha;lJ. be applied reimburse,° the 'Agency . on x,ts own -.,behalf' ore dh behalf 'of ,; the' `,City,; for all ,costs and ' expenses' incurred by. .tte.'Agency, . 'including TM but ncit Limited do dirert salaicies nf;, personnAl engaiyed; in; such ace ion (btiti excluding . Agen(,y e s overhead a oens in connects n wi.th the,;j'iec p turn::-' menagerne`nt and •resale ',og .ttie &its, ,or part tiher of (:but ',leas ,any inc6me derived by her�`:� Agency from the Site or ;part thereof its connec= Lion �0 th. such management) ; all,',ta ces a_ as`segs�`' I ,, .. 1,, ,,. _ ...i, ' mentsr 'and,;water and ;sewer''' chargea- wit h respect to t_tie Site or: part thereof. ( r t h , in' the event, , the. Site `pis exempt'-,from-;,taxation ' or assessment or.. rich "charges during' .tZie'�peri`od °of ownership such "t'axe ..g C ' .erg g� , as essments or;;char es as c�et y y g al] as would mined 'b the Count ass * official]f is i �19- r N 1 TTT ,• _ J • J iiij L ) . ' 7 • M ,+ r ' F • 1 fit•• (I 4 ,',+ �j,�1t''�1{1 1` '+ J. ,. c+ '! ' , f f' •1 ' ^.i 1 + +1 • is !"r 4 4 r• r have been payab]� if the Site were not so exempt) s any,,,-payments made, or necessary-"to be :-made : to•. discharge or. prevent fx6m attaching. or being• made,•. any ' subsequent encut:�brandes or-1liens ,, c3ug 'to obligations,. defaults , ;,or acts of �• thet • .. '' :' pu d '':or obli ati�+ ..trainsferees ; any Partici• ant, its'�successors or res ma a ns, incurred with expenditures g ,tesped4 to' •the making or completion of the m rov emen a or, anYp art:.ther�d f on teSite`°crh anyaounts tnrise win'and � w g the :Agency 'by ' the Partie ipant aiId �tts successoz u , r ter _trengfR.ee p and (b) ��i5eaor a ,to ,pay to the. Partioipant ,•- its successor r :, trans� ree, up. to the amount equal; ko (1) `'the Partici iht''s�'Costs Less 2 'an gins or , " income- withdrawn'`or made,, by the ''ParticipEnt from r' the Site or ;.the , improvements thereon. , E. - Applicable-Law The. laws of the State of California 8h�:1�:' govern the interpretation and enforcement' of this: Agree meht,, . xcept ; as,,to' . utters:.governed by federal lawn and- regulat•i,'ons. F. ACCe trice-�`of' Servi'ce of :Process In the event that any„' legal aCt :on, a rising from this Agreement.- is commenced a-gainst the Agency,�,:eer-� vice of rote . ss on the Ere ut 0 . •, .r o b er�' ' hal t p e��Agency,,�,shall, be�;;mt�de ; y p service upon the Chie .c iwe ff'ii:e' r Chaxrman :of ' the Agency or in . such other.:manner' a 9 Y may provided,- by s 'm -be ov�ided� law. r In the' ievent that�,a :Legel afftibn 'atrising from this Agreement is con-menced against ;B jars►',tSaasouniah: service of. process shad be made by ersanacl. sexyice, �agon ' Bijan Sa�ssounian 'or in -such other :iranriir `ass'miCy oel provided by law. " t' t � " In .tf e , event 'that an legal: acticn ,airisirag y from',thi's , A r`ee'ment :;1.s :commenced y; ',the gencyr,againsk, .the. Partidi:pant9 service of process un the,, Partilcipant shall•,'be made :by personal service upon any corporat&jofficer' Of the ,. pajc,t part .and`,'shall be valid whether;;:Mader within o`r; th- ' but the State' of California, ors in such :att'ie'r. manner as m y he provided by lawel jr a► tights and Remedies are - �:umulative 1117xcept az ot-her0i e" exp'ressly stated 1� this Agreement;. the ` rights and' remedies foot the parties are ' 1 • w b ' • , " cu�a ulative_';, . e, exerciise by either party of ;:one `or ;more . arnd th . of ;such a rights or remedies ehall�a ' ot:,preclode ::the exercige by it, at,. the arsine or' .different times , of ,any -other rights or'I;.;remedies for the same , default _'or any other de'f•ault by -the otherparay. A Inaction INot a Waiver of "nefa ' , u , • , �, fir,' r.'.• ` t- . >� Any failures or delays b11, a party-,in _ assextiing .. of to'.- rfg i'ts;'and re' tidies s :'6 any default• a�{ W y` oh61 not operate as a way tiar =of� 'any,';d'efault �':or � fE�any, such g A t its,'rig t to t. ri' hta �C rem fes::br deprive ; sucli party of � „ ' 4' ineti�fut'e and �maintai.n• any actions or. roceedin which t 1, p ma ►. deem.''necessiry to protect' assert or"enit:orce` a ny such, r'ti'ght$ or• remedfesi..`,; h. Notices, _Demands. ,and xCommunica►tions Between the' Par Flea s , I FOic I' notices, ' demands ;arid`'commIIhicatians ' �� betvreen 'the` ;'A ' nc` f `� the, 0 Bono , ,;and thd)`Par.txq pan ,.,, sharti: 9 Y P - bei sufficiently given if 'i�ispatctied by r'egistierac 'or';�certi- m'ai: : stays, re 't id return: zecel re ' +�� 'P� �� p. Pt cu t d� ' r. r:ih�i al, offic4s•. o`f 'th es a o"t the •. a ge:rAcy thPl Optfonor'; ,,and the ' P . 1 • Partici �xnt. as set, firth in ;Section IC he"reef Such wir.iCten -ndtioea :de'ma�rids and 'camm�%nic'at'io'ns may be sett 'in ei.. same.' mainner ,to, suoh!:ottie'r 'addresses''AS either' party: mUy 1 fxom ti a'=to-t,.i.me(.des gnate, by . mailll 'ti t.F ,r; ','-' } ` � ,•, J. Counterparts , ' � ,�"• �!' ,Th`is Agreement' ls` :executerd� in five y/ cour�tiarpairts eachi of which is deemed to be an origi'n�t E 'K. Enti.re'` Agreement', Waivers tend Amendmentsr r Execat on � 1' 'ti, ' E /r �� ���' p►f�r�eJGe1'1t`'-ln eg"rcte$� '6f''.the tezims i �.. ` 11:aE ,. Ll •,: S� i' �T.• .•: E;,,. , C' 16_ i�neA, ` e' r'eir� ox;; incidetita'l' 'thereto. at�d . yr su�ereedesaal neno p g teat ons; or previous agreements between ' the parties ;�ith',ire"spect' to, all cr any part •of �ahe., sub�a'ct1.4 : (1 matter -thereof + 11,°. wai:,%er's of:., the protvis,fons'I,of% thirst Agreement; 'mst of din 'wr t'iing by ,;ttie `appropriai a authorities t Agency,' or �.he, Part`icipant and 'Biaan,;Sa'ssoun'ian and , ,�,•. gll 'amendments ,hereto m l'sst Ds: in wr'�iting lby-` $ij'an . Sassounian. and '.Ithe aopropriate authorities , of the '.'Agency, and the Participant. l This 'Agreement, when executed by,.,�th'e Par tici ant and p the .Opkionor and delivered to the• Agency, must 1 , r _t [ 1 40 C-4 .I i f ,..i�f y t ,. /i t• , ty 4 , I rho ,izc d .:executed: ei�d delivered ` by , the Agency ' '`within ,4 Y uti.an by the hert - . ; thin (30) ,�c9ays"'after the _dale of exec jpant of this 'Agreement hall o' he ' bed id r .excep� to,. the," extent that •the Patti�F c ' cipa 't shall consent in writihq to A.". . f Wither , ex� riieiarr of time' for:: the ; uthor,ization; :exeutiori ' eof this Ag eeand delivery of tVent. dat ent shall , be 'the; dale . �rhen tFie ''Agreement` shal'I have been sighed by the Agency. , ,.! 1. �4. ;. . 1 ,1 ,�/1 it it , •li 'i '4. +' 11'i Si 1 57 t ,` s • is , t t r \ :1•!I! '�,�[1�'`;`Z/'1I•t l,'' 1\.. ,,,1 � 3 ,,. ' r j ', :` '1 .,u r,l ,.j/ ' � I' IN WITNESS WHEPLEOrg the 'A enc the Part is i a � 'and the ,0ptionor have duly exei:utedr;,this Agreeme` nt as of first. -'ab6v wc'ik n. fyy ,. • 1 11r.' ,it , ! V , t.f .� tr r' ..I � 1,��J, •' _ rLV'I'+ M f i1t I T RED LOP ENT t AGENCY E trlF THE CITY `OF' H[.NTINGTON 'EEACH, • CALIFORNIA ;. Date Z cfiairman - "AGENCY" A'1' L($Ts+!' APYROV'ED' AS TC` FORM: • t , t4f ! l Ag�f�cyl'C . eck' Ac ency .Counsel 1 1.� ,�'^ 11 r ',- /'1'if l.11 lfl` ,`+�d' 1, •. ' 'f' +., , .1. I• �• •( t•.� I,= •i � � .. ' � ' 'II�ITI•ATED ANb;;APPROVED AS REVIEWEb.1 AND APPROVED 'AS -'T0 0,' t3HTE�1T: FORM:' r . JL .121 ' r l A, —Director,� Bus ness 'and +• ?' STIIIRADLING, YOCCAF CARLSON; 4 dus r "a'L Entef'rise MUM S dial' Leg'al''Couusel I.. , • ,I ,'.Chief 61,Execut ve ,Gffice 2 t, „r +r• 1 , '','; \III - - r t.! r r r P : r �4.,,M is , .: , 11 r �•.yi i•�1 � ( ,i./.i +J f' ; u , ( ; 1 1 'y�fitai��t�4rr •/ a -:r ,. ,; ! �•_ c .•. �, '. ` . t , t I' • MfJNTIN TdN BREAKERS APART MENxS � t! LIMITLD, .a�California limited partnership date ' 01PAR'Z'ICIP ►N'1''n l ' r• �I1 !=:`•• ,.. t: elfr. A MV • `. SA85UC�, YER � VE rs .. ^. a Ct��.i.��z'ni.aDEe.n� ip`;> OPMENT CO: : a D1te t , rr it eneral_,:pArtner ,. ', `' WHARF PROPERTYES, IN �,^ a ' Califrrii.a . corpor O�t�l�'' y y; n re s ent ' : t it , ( t ( t i1(11�i {', _ , .l 1, ^^ 1 I( i111I '1,. t ', {S '•�'• •hj ; ` .' ' .1 !4 �OUNrAN Ira ... :� ,, ,, '.. . . :' T� �• .. pop a :, ( • ,i,. .. '. . , ,;��, 7 ,1 (,� 11' .:.• it � Ir. '-., #7 Dates ,i 1•'OPT.L� t 1 r *4� +his i' s , ! "M 1 f 4 r i a s, 1 !• • ` G41 , - , 5• ::. .., try ,.. ,, :•- �+' �+ t ,� 1� � t,: .+,� yt J".,..� ... .. ri. ,f •!,�{N ..S f� -vY tv t ... � 11 y. r ..� .. , __.,. � _ �5 `ATTACHMENT • MAP OF THE, PROPOSED PROJECT. AREA' it low I� ,^.k4 ti7 I• ,'I'. '�Z4` .1 Irr • ,1 :pr~ Jr: c ,• 1 to j+ }' r �+ [ Jam' _t ',,i i r .+ �.� ., 7 •� , t t�.:. r t, J r ICA '. J�t '���`' •�1 .. ' ,t.i tt�,-•, Lu It Ir E3E.3 E-311 E,Mi i i�E ! 1 i ! -1 5 '7•Ir t+` 11 rJ, .�' +`.'.. ... r ti ry l ' '' 1 . 1,M'. � + i L$�r� 1� ,'1.'t, I{, 1`r �1� r ,•1 f0 / .r• r s a ,' •rl t t 'is 1 I !,� r.• `//" Ir .». 1 ,,• 1_ } ,.t ...... 'y I t it 1 -;, -- ER E3E , r E3 EE E Eg 4 E3 EH�E3 E 1 EE E3 ==A* 3 E E-113111ir! .11 , E3 -am LZ Ei t=j ..E H, El E-3 EEfl A LHO l i • .. _ 1.7W 3 to , F1 EE3 tz S f- M El El EE3 El M , M Attachment -No. 1 i Page I 'of , 2 { ! i t fr r� , . .• t 1 ,1 . r , I r, • i do , SECT IONAI D IS T7R I CT MAP • 13-6-61-1 t~ . 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't •.• t•,•1 ei •1w_* `1rP1,/ �� i /�r, i�.yt• •r�.�/•.(�.�• •, �•t. �`,t./t�* •i I,Ik 1�•.. • •�i •t\, r. \ -.�•1 J / \ice+ �/�� / .� L. .. •! . w* t?' • • • • t` i I" .1 J• i L • ♦ '1, fi w � /f ti'/� •� �' 1. 1 ,• 6� a+1 • 1 • t••�J•�'I. •w �r �tr '( :, •'.• ''/'' . tir �+�•��f +:ry• �•�•..�'J.. /•.+r "y , �i—t..r�1 yt(!•II� •r.•�..t.•.�yM*•"i f •mow f� r •. �.1'..�• �r Jr `',frlkt.!'..r' r rl•'• l.t i, .r, 1 ,t , 1 r I'. ;1 r. 1, ', ' 0 �+ 1 i s { 1 i `+ { Ar— AL Ir �� � ' � , �J �, � L � ' ' l ��, . ,� • 1 .yam • '• t s, •.�: .. 1. i..y - •1 Z 1 ' � • • S ., ;•, 1 s _ _ .� 'ram • L _ . - i'. ATTACHMENT NO. LEGAYP uESCRIPTIORS OF PARMS PARCA x 1 ( 'hal: portion of ' the 1-7est half of the 'Northwpst 'Ouarter of Section 13 , T i,'ojish;p G ►south , - Range 11 t•7est , in the Rancho j' as Bo1 �3s , Ci ry of Huntingcan Beach, 'County of Orange, State of as i forni.a', as, per map recorded in Book 51 , Page 14 of 141 scell an a ous • )aps , in the office of the County Resnrder° of said County , described t as follows ; '•'' '�' Ze inning a,t ' the southoaas,, cor. er• Qf,.;the 1•and described in ,parcel 2E `,bf � the Lis Penien's in Case No. 1'23368 ,r ':.in he Superior Court of ,�e st6h'e' of , Calf-Ifornia fcr the. Cnunty of Oranger a copy of hich was recorded April 2J? r ., 1964 in II9ok 7921 , Page '424 , �. of 0ffi,:: , al Recotds, sbei'ng a" poa. nt on the Sou*h 3ine of Ilse ; • North . 111a". f , of: the Sauthwest ,:Quair, ter of the North`uesc Quarter Of Said sect-ion 13 , eaaterly 37r9= x=� feet thereon From, the we:: erIy • l'i.ne" of , ,saaid Section thence `lio'rth 890 36,,' 5611 East 146 .83 feet along said South11ne to 'a, point, easterly 525 . 96 leer- thsareo,n from said westarly line of` Section 13 , being the ntP_rsect' 1an of a- nor--tia 'ht curve concave easterly , having a 'radius of ' 5 , said intersection bears 272 . ., � r; eet a radial to said curve at South 4SQ, 21 ' 171*.�:, Tlest.; thence rnorthweste.ly 118. 59 feet along ' ' . said cuive , through a central angle "of 240 �G '' 04 he:ice South a9p 3G ' S " . West .101 . 40 feet to she. East line of said land described in said Parcel 2H ; thence South 90 49 ' 49 " East, 101 . 38 fee' t =.t'o , the �P'oi•nt of be'gin;oing, SRH/1 r,b . ' • _ `! - .. ` r, 'tit, w.t 77- ' f f i l,! ,,... :,{ •' ..+ ymr w•i..+..�.► r".'�"r.•�... + ..-�.+.r,+�.+.-r...-..I.r-.•...:1 w...w.�-...yl.-. fw••-a•►....w..w•� r 44 49 7Jft �e ti • -I act'1 • I �� ! IIJ, A 6�j: 5�t1 �':E�7t.1URELA14G=A'VeNUE I �• 0 1 .�. _ - . - _ _ _ . _ 0 34 1 eb r • I Go - Allolb z. Z � P - ►� tcMr �.$ • • 3 tS _ ten' all a•��`er y.. - .f - �3�;• ',, Ny . ► } {o.�: ! to �'� w - 11 b _ s,{'� - - • __: ._ .. la�;�38= - - t'a�tia-, :;�� �_-.:fir•���. _ �,Ch lit- tj 915 .a► a �'� -v _ •,. J .j�sg�:. _ - �►- ,,.�• S - �'��,��._� =''! 142.37 _ � �- �, Z-34.2 - -�4r s• �i �� �� :_ N .40 /1-> �yl 1is y,e__- ti'h'7v Gg•5 �r� y Ewa .� Zvt_ w ;7�f- S�c ! - , �` g -� - 3! �� p ;w y, O�t'R=�Y4 �.c-G Qo 7�'� one' 7•�•oL I T r c '•��. Q O . b . � _ ton -LM mom it .s•�' . A'PTACHMENT NO. 3od j LEGAL DESCRIPTIONS «F PARCELS PARCEL 2 . 1 , That portion' of the Northwest Quai:tet of Section 13 , Township 6 South # Range 11 West, in the Rancho Las Bolsa�,r in the City � of Huntington Beach# County of Orange .. State of California , as shown 'on ,map . recorded in Book 51 , Page 14 of Miscellaneous tlaps,' ' in th€ office of the County Recorder of said County, described as follows : Beginning at a x�0int in the•,easterly line; cif the westerly 4 89.55 ate rY •_•.feet of • said Northwest ouarter, tha'r is distant thee._•on South' 60 40 ' 14 " Fast 1071 . 80 feet from tho northerly lure of -said .; . Northk�est quarter, said point being; also the nort-heast ;cor ne•r 1 of parcel. No . '...�: ,. in said City# County an State, as shown on d .iri' Book 25 ,' Page 27 of Par�:el"''!+laps ,, Records of said map ..f ile I Count • thence west O 1 Talon t,h33norther1 , thennoothsa�ir Parcel . NO . 1 . ' South 8• o 37 ' 6" t 257 . rest corner • s,ai+ - areal No. 1', said last rrientionec� point being the Z'RU'E POID'T ;OF BEGINNING for this:,descriptivn;, thence continuing : along the westerly. prolorr at� r�n ,,,of said nortbarty line , South 890 37!' 06" West 89 .'21 feet . to ,the westerly l•in;e of the frontage •road shown as Parcel 1 , 's aelinea-t'ed and shaded on maps recorded- on, October- 11 r 1967 -in 'St_arte nighwey rlaj Book 5 . ?'ages 45 and. Re :ord; , of Or-an,ge, County, .as relingu i she'ct t`o the City, of ti Lin tina:coon _Beach by, Instrumant L,ecor'ded k'ebruavv 26-, 1968 in Hook �,A52,6 , A,,,2 age. 461 , of . Offi'ciel:, Recotds of said County; thence' southeasteraX .long sai'd `'last mentioned westerly .line of •the ! f r r�n'tiige 2'toad r South '0'90 49' 49" East '4a2.99. feet to the westerly rol6 _gati'6n • of the . southerly 'jina of. said Parcel No . 1 , as Ish own on, said said map filed 'In, Boek 25 , Page 27 of_ , Parcel Naps ; th' enc.e, east'erly ,along said , westerly :prolongation , North a90 j ,7 '' taG " East " 89 ..23 reef to. t1i southwest corner of said last i ^ J y . r.9 the westerly mentioned Parcel Nc : -> l, thene , northwest r1 aloe . t men :i.nried Pa �:el` No. 1,, North 09° `49 ''49" West Yzno of ,,. aa.d las r 9't?2'., 99 f ee t `o ,:lhe TRUE POINT OF BEGINNING. SRH/hrb, 1006 ,001 , rr"••a_ .'r.a.+......+�;.rrir ••••�.i '•....:'••..•�_.w•r--^�..--•r•.ia�1�.'•�i�rr•�..:.w-...._.� 104 fp 14 irt, t�•,a hRen6 Nei'. �. :. •,1., . P69r. 3 6. •. . o f _� ' -- !�� _ - /� -�-^ -. li.�•.1.ra�wv•�• -. . .wr rtw•w Nr r.eraw�w.r►�r.r��•.�•..�r + •• • ...ter . - - - -- - � ti * .��y�Tt,t T1, C R ` i!r �/j� f/�(�C r/�)/}�l���dy �j{J) ir�`.S]ivV//t+1 ttJrrc5 f�+i• RLLfji1`RE�r�iG I L V V _tea!'!r ` F'l .L-E-r7�q- 7134 s ! + I-� '• �. _.. _ • .. 1 `� ••. = n � lit-7 0 Se C Ck `y A '�i.!• � ��.�•i�r• • M •.� — N•...• �•• •.• . r_M•.--.• ••rr••.wa...�.�rr.•••r�• —r• � .•fir.• �;. . - �s•JCS . TN� Z - .c cs rya. �+�- ,L:i .. _ - ��.�h• -. �e�,�' sf°1"�� - e� _ � � -:- �: N - ,✓ aa,c� N• R l n 4;z �.1 R. ttz Jim low t in Itl vi� � do 234,=.a , •37 t .2-4. - -� �� 42.2a .. �{ 3 2 — ; - _ - s�'y - s�� ' .�"I'� .. �p'�O f,� ,�"' � .��/sir a a�'.�+lPsf eP-/ .¢ �SS� l�o q�.6/ ' ✓ r tA`r';;• - }: :��D , . ORRlyC � . _. _ T I ATTACMENT NO.3 LEGAL DESCRIP:1rIONS OF PARCELS 1 PARCEL 3 • ouar !ter of Section 13 , Township That portion of the Northwest'. � 6 ,, South , Range 11 West , in the Rancho Gas Bolsas , in tale City Huntington Beach , County of Orange • State of Cali. f.ornia r + as shown on mar recorded in. Book 51 , Page 14 of Miscellaneous 1'1aps, in the office of the Couny Recorder of ,aid County, described as f of l ows; Beginning. at a point at th'_'-,; intersection o f the westerly line , of sago. Section 13 , said westerly line also being the centerline of Beach boulevard , and Lhe southerly lire of the Forth Half of the SouthwestQuarter of the Northwest Quarter of said .Section 13 ; thence north 090 36 ' 43 " East along' said last mentioned southerly _. line a distance of 88 . 00 feet to the TRUC POINT OF BEGINNING = s,a 'd . point also being in . the easterly line of Beach Boulevard; thence North Oo •40 ' 14 " West, along i:he easterly line of Sec. ^h 0to 9 feet tip the westerly prolongation Boulevard?, a distance of. , of the •northe _ly „fine cf Parcel . N04'I. 1 , in said City , Courit.y and State , asp+shown on, map filed in Book 25 , Page 27 of Parcel • - 0 3;7106 " East , ' i'Yapg � Records of sai`'d ,,County; . thence North 89 along ,said westerly prolongation of sak� northerly line of Paz'cel No. 1 . a distance of 41 . 00 : feet ; thence" South 00 40114" jail LU • A t3C:tr,jail G curve , concave norcaeascerly1 ^.3vizg 3 racmu_ s r • ; � � r'.Ci:^.� �fri�L,'J�rsjf ah6 c�Pt�Ll.j c1G�ny 5&i. L'Z'IrE _ .. . . . ,_ o n tance 'of 24 . 75 fee'r., thr;ougjh.., a central. angle of 28 11 24 , a rlis.. •, to a reverse curve , concave south'westerly,.' having - a radius �o 50 00 =LeeL, a radial bearing to sa%d ,point bears Sourly 600 a1n _... , West:;• thence along aa� a curve , through a central angle : of ?3° ' '�1 ' 24" , a dis ,of, ?.4.,75�. feet ; thence South 0° �f0,' 14 " :.>:ast Lance + �E�t, to a tangent ,.curve, concave 1esterly, having a` ' radius 75 . 00;1_ E,.. , . 00 , feet ; thence 'a,outherly, and westerly. 'alone sai�u c:urve,, � • , ' o� 200�. ' through = a central angle of 140 04 ' 10" , a distance of 49 . 11 feet, •' having, a radius of 200 . 00' fees.:. a radial , s to a � ,•over a , curve , 0 1 Wit ; thence alon bearing to said point bears.allorth 7G 3b 09 i�Je� _ g • 9 ,■ p 1 , 11 a nce said ` curvy th�rough:'; a con" r_a. �J; an 1e of l�+ 04 1Q , axsta of., 49`. 11�:feet' thenca South 00i 40 ' 1.4 " East , parallel with and c7is'tan,t ;east•ei,.:1y 129 feat, measured at right ang,le's , -from said . ter1 line of. said Sec+•'ion , 13 . 525 . O0 ' feet to the saidY southerly y ' •line of •t,u0, north Half of 'the Southwest {quarter of_" the, Northwest ■ 0 a4ter; of said Section 13 ; thence along, meritionec� southerly line ' S, uth. 890 36 1 43 " Iles � 41 • 00 feet to the ,2•RUE PUI?�T 'OF ' BEGINNING. I LFJ/1'.G0Irb I 2/l/.8. Ii ; 1, :� ' '•t•�l, �{ ''t{� •'" ll �4i�e} `�lr •ii tf ' '•t�1 •)j+i 'llir{F« ,�. .�:,,. i '� ;'\tl �1�. i+' +'1. ;,•'.�:' V1: [� �•-, �i 1�6. 1_• 1 f. 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" - �1� • .;fig AtIf 1 , A l4' OQ•' �"'3G : iId/ s ; 2m.oQ,' LL Ul . �EFAK5. � . o o p V CL is .•. � r .f • ,,_ OW Y4 OF �� C T •; jr u♦ :fJ •.1,.R• It T7 / {, ' r•u�l it 'i' -{ 1 'i . 1 ' 1 . rtvtr� �NGINE.EMN 621 H'W SYtt1CR L AND;AVEN�JV ; tL�S ANGLES, l�l.lE� '4RNl/lx005I; rr .. 134 ' �•t . ,1' , `�•c men • 3 ti,. r' s •. , t it r. to GEMMIb ; ATTACHMENT K. 4 LAND SALE AGREEMENT AGREEMENT Vhi's +Agreement is made this 21st day of Septc-mber , 1982 , b and among SASSOON•-MAYER DEVELOPMENT CO., a California gener$X. partnex,sh 'p (" H") n,. an ) i S BIJAN SRSSOUNIF,►t� ( Sassc�u i WHARF PROPERTIES, INC. , a California corporation Q "Wharf") and, WILMORE CITY DEVELOPMENT, a California corporation f Buyer ) �'hl°`a `Aareenent is based upon the follo���a.ng: S4ssounian is the owner- of a17;, of the issxaed�;azd -` outstanding st bdk of ',1aharf�, , ;consisting of ten ;thou sand (10, 000) shakes ( "Shares") 1; , l'. 11 Wharf ;owns' real!1`praperty 'in the . City ofe,,Hunt in '�`on Beach' 'j(tlje "City") which is zoned ioz; multiple residential Aft t • use, A dE,sc�ri' t on of .which is attached as Exhibit 1q ( shown on Pl ,i- A) .. „ C. SIB, on behalf of itself and Wharf, has entered in'tb ..i 'an agre+rWmen?t , with the State, of California fort the purchase r :''of ad ' cent • �eal rr_i• ert in the City (the. ".State Pro ert a c7esc.rivzYor, of L:h�ch a.s attached as Exhibi s (sh own on �. .. t and C) Tbat poition,.Of the State Proper beintj ')lac ur ' a.r ("101arf 5tate Prr o��rty „) is Shown on P lat R,n he 'Stag Pa opexty being acquit ed UY SM' c M�• ' t �� i s hown on; Pnit, C. r Pa,-q&i y ,) y, D. 1�1hau� and �Sl�S , a�'e 'cujr,ently nej It Ling i:ith ;thy, City i r: • for the acquisition of adjacent real property ( "City r. Property") . Shown on Plat C is that portion of, the City Property being acquired by Wharf ( "Marf City 'Vi-operty") f Shawn on Plat G is' that 'Portion 'of the City Property -being acc;utra0 by SM ("SM City Propel r, „ z. SM is the owner of record of the real pruperti as described in Exhibit C. ' F. The prcperty_'he owned and to be acquired. by Wharf arid:' Ski is sLrretimes hereafter collectively referr,e3 ta. a: - the ".total Property,, " . '! - G . Buyer, desires ' t-o acouirn in option far the purchase` of they Shares 'and the,: property 'awned and to be owned by Sri eo that: with the :combined. ac uisitian, Bu e'er 'still have. • 9 Y ownership and/or con ral of Oie Total Pxoperfy. IT I", HEREBY•,' AGREED: ►;, 1,. In consideratifan for the option payment as -! pr:ov1ided hereaf te'r, Sa ssounian hereby grarit Buyer an option, too purchasi the Shales and SM hereby grants Buyer an option to purc}iase- the SM property, for the.,combined purchase prase . t and under the terms and' condi.ti.ons as hereakitie' provided. Su er. musti euerei3e and tom lets' both purchases concur, anr3 aisrc and L•he 'o Sher'. arid, may � not elect one purchase g Z • The option payment is the sum `of' $5 ,.000 .:'n0 • ;, AI e to be paid concurrently with execution of this Agreement. If the option 3s exercised, the option payment shall apply against the purchase, price. If 4-'he option is r� not exercised for any reason, SM and Sassounian shall retain the option payment as consideration for the grant of option. r 3. Option '`Period. This option will automatically terminate_.". and have no further force or efface if any of the . folIOwing even • .. nts do not occur: a) It is Buyer's intent to finance the purchase . of t? e Total Property ,through the sale of tax exempt bond A. On or before November 29, •1982, Buyer shall provide SM and Sap'sounian with credible proof that the appropriate 'Igovernmenta11 . agency Rhe• Cit andjor O=range County) , the b frr� underwriter" Y s (probably', Warburg Paribas, Becker, Inc, ),,`1 and the project lender have approved the proposed apart:meht developments by buyer, ..toy�t'�_.ter" with the necessary" bond" underwriting. i ► -N On , ox .bef0ire:1'�Beccmber 24 , 1982r, Buyer, shall . provide SM and Sassounian with eddence 'that Buyer has 'pai dA. i Q e, x•e wired mort�'"age oints to thi� 9 M _ P• s underwr appropriate governmental j agency- in -,an amount. of not less than $120, 000. 'c) On or `before 'January 20 , 1983; the purchase of;'t';the Sh" +res aria 'the SM Piro ex y shall be com`� j t she -1 zted and <- the' rurchase.. Frice' paid in :fvll' 'a ., purchase Price. The purchase price is "the sum of 43,; 5001, 000j less ''adjustmen'tr as hereaf- te: ,provided, to }�Q1 ,• ai�l'��3:n cash at c1, se of egccro�t. :r „ P . r i ",� I, ! ' 1 ! zn:luded within the purchase price is the cost of the City Property ands the State Property which are being sold' at cost to Buyor--if ' this option is exercised. it -nay be convenient for Buyer to acquire the City xroperty and:'_-rr the 15tate PrApprty directly. if this shall occur, then the -purchase ;,p:idce payable to SM and Sasspunian, shall be reduced by- ' the` amount` pai4 by Buyer for sa; c proper ties'. F irthermore there are loans pa 'ab2<;` by Wharf in the , a approximate amount of' pp `'$250,,Q00. To', ths.�extent these loans are unpaid at thel, date of transfer Hof thc'`Shares to Buyer. , ', Buyer`. sha�.l concurrently with the pur Chase df Shames pay such loans '-and thn purchase;'price be reduced by the amount of such, paynent 5, Allocation of Funds . Allpayments an the. option aid , Qn ` the, prospective sale fpayrrents to SM and Sassounilan • shall be Allocated as follows: `r ' F., a) 2t1$ to,,SM; 1: b) 80% to- Sassovnian. <r 6. Escrow. Provided Buyer, Shall have `made the or appropria•4e governrnental' agency mortgage point's' pa ymenf to the underwriter;by; December 24, U,- ' 1982� Buyer may 'exercise its option to purchase bynot`ify fig 8M 'arid, . assounian in "writing nQ ,;X � •� atex `than ton '{10) days• '1 •-.afteen such payment, Upon 'recea.pt of such nutifica.tinn, an escrow shall be opened at First American Title 'Insuxa►n!ce 'Com^any {"Escrow") . which. shall provide -far a closing, no' ' Rater, than ,�anuar.y M1 ' 1983. 'SM and 'Sa..sa provic3a _ ., r , Buyer with a CLTA title insurance policy in the amount 'o€ the purchase price subject only to current taxes and and 18, . exceptions 3 to 18 and 13 to 161 as shown on preliminary title policy 'no. DR--1333531--A of First American Title ,► ' _ Insurance Company dated July 30, 1982 , a copy c.' which J.s attach"d as Exhibit D. '%].),. 'other escii:w costs and charges ' and . prorati+ons 'gha1�1 'fie handled in the 'normal CU5tomary mariner as provided In Orarige County. Buyer may obtain an AL�`A, title policy upon -payment of the additional costs involver3. Any excistfng work product• given to Buyer (e.g. ' Moil reports', boundary ..survey) is being delivered without :',..representation• or warranty. Buyer" will, rely on . its own .nde'endent- irivestigation with regard to 'all matters affecking the Total Property: ,! ' Interim` Obli ations of 'Bu er a)_ Buyer shall keep Sassounian, informed of all meetings A:th the 'City, and Sassounian shall be riven the ';. o } o�rtu7iit to' attend and participate `in any • or all of such PP y .. meet.i•ngs b, ' lBuye' r.�shall process a parcel map so as to divide the State Property 'between "that being 'ultimately acgW.red by Buyer and ', that being rei ta,ine'd by SM in order "to facilitate` ransaot�iohs contem Iated ,b this A ree the p y g merit'. �. 4 In order tc� facilitate this', trans'action', .f t ma be, necessar for B4 er to �ac uire ' , �••� y • � � 'title` to all of'`the : I' �» 5 _ 46 Ile; < 1 and/or the City Property. State 'Pr4erty/ In such event, Buyer shall Proceed diligently to ccomply with the Subdivision Map Act so as to convey ti'tl.e to the commercially zoned portion of the State Proper ty, ., to SM, with ;u t cost to SM. S. License to Enter. Buyer, its agents, employees; servants or: nominees, are hereby granted the right to'' entEr upon , the Property for the purposes of making such surveys, testa and other acts ' erm tted b Buyer under the terms soil � P Y Y of this Agreement. All costs and expenses ,incurr•ed in connection with the making of such surveys and the pecforrnance• of any eng,i�neering, geolocaick or other work to be perfornied b Bi: er under the ' terms ` f,, this Agreement, as veil , as the cost -in fi:li.�n and; processi'a the s tbdivision of the Property, r shall be paiid by Buyer. glit'n regard the sale of the Shaies by Sassounian , to buyer, Sassounian warrants ,.znd represents from ih'e 'date�`hereof ,'ta tYie close of `ese:row,' with such warranties j and representations ..urvivi'ng,;close of escrow, the followings a) The Shares ba:e been pledged- P P.' eOg8 ) 'pursuant :to +ghat certain Security' Agreement "Secusity � Agreement")', dated December 21, 1979 , b6tween Sassounian, Oceanside ntpr iises N.V.` cJ• p, and Nil�oufat, Khad3vi. Sas.sounian �►haYl awn .arid shall ','deliver att, tha close of escrow the. Shams , L' Free As clear of ',the .-Pledge.difd- all liens, charges , claims.10 , encumb , antes or ;Nui -s or =arty' kind of desoraption t including, withau+ Z'imitatiora, any arising ot�t ` cif, from, 'or ~ - e r. r ! • a 1. in connection with the Security {Agreement. b) Sassounitiri" agxeas that from the date hereof' r aihrough the.. closing date.': (i) !aassounian. shall not sell or in,"any manner dispose of the'' Shares, rjor a he1 1` Sassounidn use as collateral, r addi tionaa en i. ; or,•permit-,�any cumbrances or liens to' attach to .or w.1Ih respe t: to the,i Shares without the express written co sent 6f Buyer.' ` �Ifii) -No changa shall _:be made in the capital sock Of Whar# cpi; Oh the 'closin 'aat+er the Shares wi 1x be :,free. , it •- 1.,� �` / and cle-a.r" of ex�cumbrai�ce;/s,` of. every kind, and Sas o�zn ai, has full and unre cted p6wer and''authority to sell And .transfer the s{��ms4 - d Sassounian shawl perform and comply ih aiYl ' . mate"rial respects all olligatacins',' covenants, greementis , and c6 do under this Agreement on Ms part t -� nn�i. ris g p t o be r , pextrrmed prior to or at the closing ,,date . c�) Sassoun ari ha.s read this A x�e g - meet and, to ' the best: of ��5assouaian I's ,knowledge,.. the rep" resenta ti&ns aJnd r t,'f t { � t warrn•f:ie�t' 'made, by '�7harf:.are true and correct- in, all res"ectn , 1{ an'd do not ;omit 'any materialsfact necessary -tc� `make such f p r mislead 9 `or necessary .in x� resentations and warranties. not , •. ` 6rae' .r _to` F'.rovide' Buyer Iw�:th' comp, anc3 accuicate i rif cizmat-i©ii an, to 'Wharf XO. Wi4rf represents and S�arrants to Auyer,•;as follows, ,: :r t r I. r r 1 , which �re. ores m:4ations and warranties shall be trvc as of the date of execution hereof and - on the closing date a) Wharf:is a corporation duly .organized under q ' the laws of the State of GrIlifornia, validly existing and in good stanClling und( , the taws of that state„ and has corporate zuthority to cwn and operate its properties ar,O. to carry on the business now r-onduc; 3!d by it. Wharf ttTill deliver to Buyer true and correct copier: of the Articles of Incorporation and Bylaws of Wharf as amended, certified by 'the Secretary of Wharf, at the closing. b) Marf has full power and authority to execute ana to deliver this Agreement and to consummate the i transactions contemplated herein. i a Board of ilirectors of Wharf has ' duly approved this Agreement a-id Uva transactions contemplated herein, and ha,, :5uly authorized the execution and del . Very- b5r Tr?harf of this Agreement and the performance byp it of the obligations assumed by it herein. This Agreement is a valid and binding ' agreement and an obligation of Wha�:f in accordance with the terms hereof except as the same may be limited by bankruptcy or ether laws affecting creditors' rights. 1rhe- execution and delivery of this Agreement `and the • consummation of L-he transactions contemplated herein will not result in any violation of the 'term or provision of the Articles of I'corporation or the Bylaws of Wharf �e) Sassouni.an owns of. record the 'Shares. To I ; the knowledge' of 11harf 8 . w , 1 , (i) The Shares • are beneficially owned by ti , Sassounian; and ' U i,) lithe Shares are owned by Sassounian free rind clear of any lien,, pledge, • encumbrance o.r security interest of any kind, nature of description of which 11harf hhs notice, . i,-xcept: as described in Paragraph ga above . No Shareholders' or similiir agreements to which Wharf is a party are in affect wIt:h resp--vt to the Shares . To the -extent Wharf shall have any right ,with respect t.r•, any of the Shakes Wharf does,, in the event of the closing, h4reb;y waive such 'rights in favor of Buyer. Tl:e authorized capital stook of Wharf consists of one inillior, ,'(1 , (j00 , 000)- ,Zhares„ of common stock, nu par value, of which ten thousand U10, 00w shares are issued and ontstaiid�:ng. Each outstanding Share is validly issue'.& ful'.y paid, and n/inassessable. '' All of said issued and outstanding Shares were issued pursuan-it to Section 25102 (h) of the Califorr 7 s Corjjorations Code, and are subject to restriction on transfer without the consent of the Comrniss-ioner of`%Corpprations. Consent to transfer will be ob alned by Sassounian. `There are ' no outstanding options , warrants,. rights or Oiivileges, preemptive or contractual , to f acquire :From Wharf any shares or any other securities of Wharf, nor are there any debentures or debt instru;nents or other ecurilties of Wharf ''outstanding which are convertible, now or 'upon the occurrance of any, event or contingency into common s;tock '.or any Other equity .security of ' t,iharf r r d) Wharf does not own, directly or indirectly, arik interest is any corporation, business trust, joint stock company or other business organization or association'. • e? All properties and assets of Wham other than the Wharf Property shall be sold or otherwise disposed of prior. to the closing. f) Wharf has notr and following the execution of thin Agreement., will not, isell any portion or portions of the Wharf Property. g) Wharf does not and will not have at the closing date any written or oral contract with or commitments or liab l ities 'to any labor organization or association of employees , and no negotiation with any such organization or association and no attempt, plan or threat to organize the employees o.: 'Wharf is pending or, to the best of Wharf•' s knowledge (after reasonable investigation) , threatened or contemplated. Wharf as of the closing date will not be a party to nor bound by any emnloyrment contract %;ith ' any person t who is presently employed by Wharf or who may be employed l' between the date of thi'a Agreement and the - closing date , except as expressly approved by Duyer. Wharf and Sassoun? an shall require all officzrs and directors of Wharf to submit their, res.tgnations effective as of the cLosi.ng date to 'Lhe end that Buyer may elect and appoint its own directors and officers immed..1'ately following the ' clo-ing. h) Wharf does not. or will not }i�hve at the �' won" • I closing date any pension, retirement, deferred compensation, profit-sharing,. bones, retainer, consulLing, welfare,, or incentive compensation plan or arrangement, or any ccntract, or vny fringeor other benefits or arrangements with or for any officer, director, employee or any other person and .there shall be no Unfunded pension benefit liability in any amount existing' .is of, the closing date . iy Wharf has or will l»:omptly provide Buyer with a true and complete copy of the most recent financial statement of Wharf and as soon as available an unaudited financial statement for Wharf for the fiscal year ended July 31 , 1981 (collectively the "Company Financial Statements') . The Company financial Statements fully and fairly set forth the financial condition of Wharf as of the dates aha the results of its operations for the periods indicated in accurdance with genearal,%,y accented i Iccounting principles Consistently applied. j) 'Where is no actir,n or suit pending in any f court in which either service has been affected on Wharf or as to 'which wharf otherwise has knowledge which could advearsely and materially affect the title, ownership, management, maintenance or operation of Wharf, the Wharf Property or any significant portion thereof,, or which relates to or affects the acquisition contemplated hereby. Wharf has no knowledge of any action or suit which is threatened and which could adversely and materially 'affect the tithe, ownership, ..... Ar management, . maintenance or operation of Wharf or the Wharf Property or any. significant portion thereof or which relates to or affects the acquisition contemplated hereby. 1 harf is not a party defendant to any action with respect to which any order, writ, injunction or decree of any court has been issued against it nor is it specifically subject to any order of any governmental authority, department, commission, ' board, bureau, agency or other inntrunentali,t:y under ,which it is in default or breach and which default: or l-ze ich ir, likely to have a materially adverse effect upon it. k) Except as 'and to the extent reflected or reserved against "n the '.'ompany Financial Statements, or otherwise disclosed herein or an the exhibits hereto or the schedules or lists delivered pursuant hereto , Wbarf had as of July 31 , ?.581, and has at tbls date, no material liabilities, obligations, or coi mitme:nts, absolute or contingent, or the nature and amount', customarily reflected in audited balanco sheets (or the notes thereto) prepared in accordance with cj;wnerally accepted accounting principles, consi.st:en-ly &pp�.ied. 1) IrAiarf does not have and will not have a' the closing date any contract for.; the purchase of materials, supplies,,, equipment or capital �xpenditu.. my Since its incorporation ain, August 15 , 1979 , • Wharf has in all rnaterial respects operated in its usual , regular and ordinary manner• and there has not beer,: i'. r i 1,r1 . (:t) Any material adverse change in the financial condition or the asset;-; liabilities, properties M or business of Wharf; (fi) Any damage, destruction or loss, • whether- or not covered by insurance, materially alld adversely affecting the. assets, properties or business of My iarf; (iii) Any declaration, setting aside or payment of any dividend in respect of the capital stock of Wharf; (iv) Any material change in the accounting methods and practices of Wharf. n) The execution and delivery of this Agreement and the, consummation of the transactions contemplated hereunder, will :nest result in any violation of , or default under, any indenture, mortgage, deed of trust, lease, land sales agreement, or any construction contract to tahich Wharf is a party, or in the acceleration of any indebtedness or in the creation or imp sition of any additional, lien, charge or encumbrance upon any of Wharf Is assets or property (nor will any such acceleration or violation, defaiiXt., lien, charge or encumbrance exist upon the giving of notice or the passage of • time) and will not result in violation of the terms and conditions of WharffIs Articles of Incorporation or Bylaws , o) Except as hereinafter set forth , including the qualification set forth below in this subparagraph o: ; (ia Wharf has duly filed all income, franchf'se, license and other tax returns which are required IT . , f "'r i i j 1 i to lie f D ed by it (the "Wharf tax returns") . f, f (3 2 To the best, of Wharfs knowledge, Wharf has paid, and at the closing date will have paid, all fer3eral ri i,ncume , accumulated Barr. *ngs or other federal taxes and all •state or locdl income, Franchise, real property, personal i p )perty, sales, r'ithholding and all other taxes imposed on Wharf or its property or rights are payable by it, including t � interest and Fena2ties, it any, in, respect thereof which are due :fear payment.. (iii) To the best of Wharfs knowledge, all of the Miarf tart returns are complete and correct in all material respects. (iv) To the best of vr"harf " s knowledge, the Company Financial Statements contain adequate provision based on generally accepted accounting provisions for all federal income, accuinilared earnings or other federal taxes and all state or local income, franchise#, real property , persona]. property, sales, withholding and all other taxes imposed on Wharf or its property or rights which are payabla by it, including interest and penalties, if any, in respect thereof for the period ended on the date of the Company Financial Statements and fiscal periods prior thereto, (v) Wharf has deliverer to Buyer %-rue and complete copies of all of the Wharf tax returns filed. vi) Wharf has .not claimed any depreciation for tax purposes with respect to any property except as to 14 i 1 the property and to the extent described in teh Wharf tax u returns. (vii) Marf hau not claimed any investment cred..t .for tax purposes with respect to any property. (viii) Wharf has not deferred or attempted to defer any tax with respect to any salty by reporting for tax • purposes indebtedne6s owing to Wharf as consideration for such sale as an installment' obligation to Whirr, except as shown in the Wharf tax returns. (ix) Wharf has repr,rted in the Wharf tax returns all sales by Wharf of real proerp°.y .and all consideration received by Wharf with respect to such sales . No presently pr,nding proceedings, have been instituted against or claims receive.d .by Wharf, nor to the knowledge of 1-7harf are any proceedings threatened, for any taxes. p) The federal income tax returns and the California Franchise Tax returns of Wharf have never been audited by the tax authority. No deficiency in the payment of any income or fz anchi.se taxes for any period prior to the date hereof has been asserted against Wharf.{ by any taxing body which has not been discharged in full. q) Wharf has not with regard to the 1.7harf Property or any other property, held, acquired or to ba acquixed by Wharf, at any time filed a consent to the application of Section 341 (1) (2) of the Internal Re'vanue +i. • Cade of 1354, as amended. 11. Buyer: may not assign directiy or indirectly any rights or -obligations tinder this Agreement: except with the written approval of SM and Sassounian, which will not be unreasonably withheld. 12. if any action i3 brought to enforce any rights created by this %tigr. eementi, tha prevailing party shall be entitled to reasonable attorneys' fees and costs. 13. Each party agrees to sign and execute any and all documents that may be required to' gain the approval of a�iy governmental agency of the plans for the development of the Total Property and any ether documents necessary to carry out the intent of this Agreement. „- IN WITNESS WHEREOF the parties have executed this Agreomaf+t on the date set forth above. SASSOON- SAYER DEVELOPMENT CO. ---•B j an,--S a s urn ian:,- '" r By � Rebecca SaSsounian «HARTF 'PIOPERTIES /-INC. r l By. - .- jan Shssdu6ian, President ' BIJAN SASSOUNIAN-. • ' ,,, WI E IT PNENT , IBC:. 16 1 , .1,MARF PROPERTY J ' That portion of, the Northwest •Quarter of Cert.iotA 13 , Township 6 South, Mange 11 West, 1z the Rancho Las Bolsas, in City of nunti ngton Beach, Coeinty of Orange, State of California, as shown on map recrarcled in 1.300k 51 , Page 14 of Misce2lanecus Maps., in theoff i,ce of the Country Rt?corder of said Ct�unty, descXibetI as f of 1 ows - , • Beginning at a point in the easterly line of the westerly 489. 55 feet of said Northwest Quarter that is distant thereon South 00 4P ' :14 " East 1314 . 00 feet from the northerly 11ne of said Nor U.jwest Quarter, said point of -beginning being also a point in the easterly line of Parcel No. l., in. said Ci ::y, County and State, as sbawn on nap filed in Nook 25 .. Page 27 of Parcel baps, Reccards of said County; thence South 890 19 ' 46 " Taest to the westerly line of said Parcel. No. 1; thence southeasterly, along said westrzrl•y line and its southeasterly prolongation, to the northerly line and/or it:s westerly prolungatiar, of the land described as Parcel 2 in the need to the City of Huntington .Beachr recorded in Book • 7189, Page 258 of Official Records of said County; thence easterly, along said last mentioned northerly line and/or its pr of onga t,i onl to the westerly line of the `Yand described ' ,in the Deed to orange County Flood Control District:, rccoraed in Book 7983 , Page 518 of Official Records of said County; thence northerly along the westerly lines of 'the land described in said last mentioned Deed, through its various carves, courses and ,distances to the point of beginning„ . EXCEPTING TEF—REFROM THE FOLLOWING DESCRIBED PORT1611: That por t-._i. 1.�n of .the Norkbioest Quarter of Section 1 zr . .Township 6 South, Range 11 West, in the Rancho Las Bolas, in the City of Huntington . ,13each, County of Orange's - State of California, as shown on ' map . recorded in Book 51 r Page 14 of Miscellaneous llaps, In th E office of the County Necorc3er of said County, being also a portion of Parcel No. 1 ; in said City., County and State, as shown on map .filed in Book 25, Page- 27 of Parcel ISaps, Records of said County.. clescrV r*_`3 as fol.loNs: Beginning at a point ' ,.;:-,,'the easterly lziie of the westerly 989 . 55' feet of said North%;, .st Q'uarter that, is distant thereon s66L•h 600 ov 14 ", , East 1314 . 00 feet from the northerly line of said Northwest Q`uvrter', . said point, of beginning Toeing also a point ,in the eastrer'l,y line of said Parcel No. 1 ; thence South 1390., 19 ' 46". lipst• 218 . 06 feet to L-be wesLerly line of said Parcel No. 1; thence al orlg said -westerly .J pine, South 090 4.99 49"• Last: '236 .34 feet to the: svu hwest c;?rner of said Parcel Ila. 1 ;,' the'nee along the soutI`je.•rly line of :,aid Parcel No. 1 , Vorth il9 ° �? " 06" rasto 180 . 44 feet to -the southeast corner of said Parcel • No. 1; thence along the easterly I�le of said Parcel Na, ,1,, North 000 40 , 14 " West 234 .24 feet to - Elie point of beginning. do d. EX If I RIT lip .y mom -ENGINEERING 14C14AC:9 - _ 1fi �� _. - �� �. mow•a" -• qo—� �.r•-•.....ram...• •. • of Se 13, ;r. 6S.,�. 1i 41M.. - V•• • %QQ tv zb JAI �. . - ' •'_' °� - VOI per t�6 g �� _ • «: �( • • Oj `�_ _y � 'St Z� '�'= ors•�a .,,, , � r r- �3 6 �` / o•i� to V `'` V' !YMOM Lq tA In tb g box ° � • - i� •� tir .Q i:A R1 n •S bl . cif J .•• Av /14-.CEO• - 4 C 3+ D p �. �.�.5'�'C r �� r G' a f' L�7 S �`!►f 1 ,4. 9 S S �s 9 • .� . �•, • :,.40C)p4. D . I 1�.. . STATC PROP�LIRTY; r 1 , DESCRIPTION , PARCEL 1: That port ion cf the tlorth 1548.22 feet of the Went 469, 55 feet of the Northwest quarter of Section a3, Towriahlp -6 South, Rnnge 11 Weot, In the Rancho I.na Rolsae, County of 0raage, State of CalifoyrniK, as per map recorded in Monk 51, page lei', tiisce:llaneoun Mapa l in the r£fice of the county recorder of said county, deneribed no fvllowat � Beginning at the Intersection of the South line of oald North 1548.,22 feet of said Northwest quarter of Section 1-3 with A line parallel with and cdistr:nt Easterly 88 feet, mcnsured' at right angles, from the West 1 line of sAid Section 13, said ilttersection being aloo the Northwesterly corner of that certs-in parcel of land conveyed to the State of California, by deed recorded August 18, 1965 in budk 7634. page 315, Official Records; thence along said Southn.rly line, being aluo 'thc. Vortherly line of Lnid certain parcel of land South 89' 25i 42" Eastb 221 .12 feet; 21ieace Sough 03' 52' 37" West, 616 .78 feet; thence Northerly along a tangent curve ( concave Easterly, and having a radiu-v of 1000 fret through an angle of 9' 10' 25" an arc distance of 160.11 feet to a line parallel with and diotnnt Easterly 398 feet, menourcd at right anglen from sold Went line; thence tangent to lout deneribed curve along raid parallel line, North 00' 17 ' 4811 East, 730.44 feet; thence North 45' 26' 06" East, 28.22 "keet to a line parallel w1t1i and distant Southerly 30 feet, roeesured at aright angles, from the North Dine of said Northwest quarter of Section. 13 thence along said parallel line, North 89' 25' • 42" he West VD feet; tnce South 45' 26' 06" fleet, 28.22 feet to A line parallel with and distant Uhterly 88 feet, measured at right angled, from said Went line of Section 13, thence along said parallel line South 00' 17' 48" Wcut, 1498. 22 feet to the point or beginning. EXCEPT THEREFROM all oil, ;gas, minerals and oiber, hydrocarbons, below a depth of 500 feet, wi ttiout the right of - curface. entry, as rraerved in Instruments oi record. 'ARCEL 2: That portion of the North half of the, Southwest quarter of the Northweat quarter of Section 13, Township 6 South, Range 11 Weat, in the Rancho Las Rolsas, as per mop recorded in book 50, page 14 , Miacelloneous Maps, in the office of the county recorder of said county, described as , fol '_ruws: Beginning at the point of intersection of rl)e Weat 11ne of -said Sectl*n 13, with a line parallel with and distant South• 0' 17 ' 48" West, 1548. 22 feet, measured at right angles, to the North lane of said Nort;iwest quarter; thence South 89' 25' 42" East, 309.12 feet; thence South 8' 521 37" Fast, 439.08 f eat to the South line of raid North half; , thence along said South lane Nortb 89' 16' 03" Wcat, 379.13 Feet to the west lire of said Section: 13; thence North along said dent 'ine to the point of begl3 ning. UCEPUNC 7HEREFROH the West 88,00 feet thereof. EY•CF•PT VIE.REFROM all oil, gas,' ,.liin,e' ralis and other hydrocarbons, belov a depth of 500 feet, vi thuut' the right of surface entry, as reserved in Instruments of record. I EXHIBIT B 1! 1 • AND 'a�ST �1� L �iO-l4w���UE T- ACC. a� �� ,G.� .sod a�T }'�+' • -_ C�? C' 'ram + 4 . e • ^r ' � • ' ` : �rn1�., � 4' t� `` • �r, -ram' • •,` t� = ' Z .. • � _ rsPoll A4 � V 8 co rjon V Za owl. FA lip co 2A1 95 IN Of ul a ti UJ It JAI _ o •J Car VI n (l• t • e•S• f lip �g � �'•. • 234.Z�r 242.2n �� •� - • Y s�, r V. '�i i er .• • 3f * + - �. �*ti 1 _ z� ,� • 2>r . .r �s'e3 eta ls/ps7��i• � ��n�S er In � �� • � �....- Q,w u ;' ;' ti � Q=-'�1�w�q���_ ' Sec. E3�T.GS� h.�l�+ 4 - = - r0'Q yUr• A. 0 �� c:oa � r 1=4co- rrt�9-`l f !"•►� .' 4• � • a • 1 S14 PROPERTY (LOT 20) 7 OESCRI PTION t r All that certain land situated in the State of California, County of Or i;7Q, City of N>>ntington Beach, de'saribed as �• follows: That portion of the Northwest; quarter of Section 13, Township 6 South, Range; 11 West., .in t}1e Rancho Las no) sas, ras shown on a Map rec'orded -in book 51 , page 14 of Miscellaneous Maps, j records of Orange County, California; described as follows: Parcel No. 1 as shown on a Plan filed in book 25, page 27 o:E Parcel Naps in the Office of the Country Recorder of -Orange County, California . ` h:ccepting all- oil.. oil rights,, minerals,. mineral rights, natural gas , natural gas rights, and other hydrocarbon; by whatsoever name known, that may be within or under the parcel of land hereinabove described,without, however, the right ever to drill , dig or mine Lfirough the surface of said land, as excepted in the deed from Surf Lan(; and hater Company to C. w. nester and others, recorded February 7, 1964 in book 6915, page 9'A of official. Records. • EX)J BI C �'�• � - e pa.re gala (2131 38S•?I34 �r • �!�} �,_ .�`i ., .h. lit /' � L - ...... ice._ - .� � .. .. ...ems.. __ ..r• ........_....e. •.. ....r—.... . .nas.. ..r ..o .......� . .. ,� - := . :u - CIL wool log art i`� ' W •• . ' a C •� f 1 lb ft iNX rl '¢9 µr •3 ' ' -f rcuroo .20 T � rqb c�►•:gav, :b�';' Erg•: er /rh e of � s?�cr/= ,y► . 'S /�7 9c.. r C. don& 1 i ti 1,% . FIRST AMERICAN 1ITLE INSURANCE COMPANY 114 EAST FIFTH STREET (P. O. BOX • 267) SANTA ANAP CALIFOR141A 92701 714) 552--3211 :1 SA4,.%::00N--llAYER,; DE'VELOPMF_NT CO. iVOO AVENUE OF THE . srARS ' LOS ANGELES. CALIFORNIA 90067 ATT14S BIJAN SASSOUNIAN FORM OF POLICY COVERAGE REQUESTED9 CALIFORNIA LA14D TITLE ASSOCIATION STANDARD POLICY IN RESPONSE O THE ABOVE REFERENCED APPLICATION FOR A POLICY OF TITLE INSURANCE. THIS COMPANY HEREBY. REPORTS THAT IT IS PREPARED TO ISSUE, OR CAUSE TO BE IS SUER, AS OF THE DATE HEREOF. A POLICY OF TITLE INSURANCE IN THE FORM SPECIFIED ABOVE. DESCRIBING THE LAND AND THE, ESTATE OR INTEREST THEREIN HERE[ I NAf TER SET FORTE. I NSUR I NCB AQA a MST ,L.OSS WHICH MAY BE SUSTA I NEL BY REASON OF ANY •~ DEFECT. LIEN OR ENCUMBRANCE NOT SHOWN OR REFERRED TO AS AN ` EXCEPTION BELOW OR NOT EXCLUDED FROM COVERAGE PURSUANT TO THE " PRINTED .SCHEDULESv CONDITIONS AND STIPULATIONS OF SAID POLICY FORM. THIS REPORT (AND ANY SUPPLEMENTS OR AtIENDMENTS THERETO) IS 1 SSIJED SUI_EL Y FOR THE PURPOSE OF-t=ACIL I TAT I NO THE ISSUANCE OF A POLICY OF TITLE INSL+RANGE AND NO _;, IA9rLITY IS ASSUMED HEREBY. IF IT IS vES 11RED THAT LIABILITY BE ASSUMED PRIOR TO THE ISSUANCE OF A POLICY OF TI7rLE INSURANCE, A BINDER OR COMMITMENT SHOULD DE REQUESTED, DA'i ED c JULY 30. 1982 AT 7 3:30 A. M. � !j"�.,ri���„�• �. 1d W I LL I All H. DRUNS — TITLE OF i C-t R LC SAID ESTATE OR INTERES-T AT THE DATE HEREOF I S VEST- -EL TI TLE T IN: CITY, OLD HUNT N(3,TI N BC-ACE4r A MUNICIPAL. CORF0i2ATIO N, AS 7G THAT PORT'IdN OF-I ARCEL• 1 INCLUDED WITHIN THE FRONTAUE ROAD . AS 5'.-•1OWN ON A , c: ;41AP REC0RDET) 0l:;T013ER-.A v 1967 IN STATE HIGHWA1, MAP 800K..N0. PAGES 45 ' AND 46r ' RECORDS OF ORANGE COLINTYo S ATE OF ,CALIFORNI'At AS TO''THE _ REMAINDER Or PARCEL i AND ALL OF PARCEL 3; SASSY ONIMAYER DEVELOt MENT COO A PARTNERSHIP. .AS TO PARCEL 21 WHARF PROPERTIES. I W'.. . ;ilS TO PARCEL 4; FIND CITY OF HL NTINGTON BEACH, A MUNICIPAL CON-PO iAT I ON. AS 70 PARCEL S. ESTATE OFF INTEREST IN THE LAND HEREINAFTER CIESCRI D0.) OP. f PAGE 1 , rxhihit._ �_ 1 • r M Al 1` , � �t� . • y . je/ DR--1333531-•A OEFERR•ED TO COVERED BY THIS REPORT IS, + A FEE. AT _THE DA f E HLkEOF EXCEPTIONS TO COVERAGE IN ADDITION TO THE PRINTED EXCEPTIONS A14D EXCLUSIONS CONTAINED IN SAID POLICY FORM WOULD DE AS FOLLOWSI I + GENERAL. AND SPECIAL TAXES FOR TiIE FISCAL YEAR 1982-1953, A LIEN NCT, YET PAYABLE. ; 2. A SALE TO THE STATE OF CALIFORNIA FOR GENERAL AND ;SPECIAL 6TAXES , FOR THE FISCAL YEAR 19S1�-1982. AND *.!J 3SEQUENT DELINQUENCIES. AMOUNT TO PEDEEMS 02, 298.28v. PRIOR TOI AUGUST 319 1982. CODE AREA$ 04-001.• A. P. NO. 14S-021-04 AND 140-021 -20. 3. THEi•RIGHr OF WAY FOR DITCH PURPOSE OVER THE SOUTHERLY 6 FEET OF PARCtU. 3 AND 5 AS CONVEY' C TO TiALVERT DRAINAGE DISTRICT OF GRANCI COUNTY% BY-DEED RECORDED SEPTEMBER 12. 1927 IN 1300r '3:1, PAGE 308 OFF OFFICIAL RECORDS. 4. A WAIVER IN FAVOR OF THE STATE OF CALIFORNIA Ci- ANY CLAIM FOR ,DAMAGES TO PARCELS 2 AND 4 BY REASON OF THE CONSTRUCTIOM OF A - CONTIGUOUS HIGHWAY 1DIVIL'ED BY A CENTRAL DIVIr)XN© STRIP, AS CONTAINED IN ' THE DEED FROM SURF LA';u AND WATER -COMPANY, RECORDED OC:'a0BER 18, 11P51 IN BOOK 2243► "AGE 110 OF OFFICIAL. RECORDS, AND IN :'ht"I DEED FROM DEANE ERGTHERS 9 A CORPORATION 9 RECORDED JULY 119 1966 IN F+WK 7FBS, PAGE 557, OFFICIAL. f E CORDS. 5. THE. r-RoVi S I ONS .THAT :PARCEL 1 SMALL BE USED FOR FREEWAY PURPOSES AS I~GNTA I NED'r IN THE DEED FROM DEANS' BROTHERS,' A CORPURAT I ON, TO THE STATE OF CAL I TORN I A. RECORDED JULY Ili 1` 66 IN POL 7 5S5. . PAGE ' r57' OF ,OFFICIAL REGOkDS b. THE TERII.S. F'ROVI SIIDNSr COVENANTS AND CONDITIONS AS CONTAINED IN INSTRlrT1EAJT5 ENTITLED "COVE[�ANT Af�D ACREEI SENT" WITH THE CITY OF OF :OFF I rC 1i AL RF L:CFtlIS.- ���IIE.D NCVEI'I9ER 26, `i yrb I N I3Clllh ^113, - PAGE 26 HUkTIhlurn I 'BEACH. REUXI �: ENE`' 12, 196$: I y P�?UK _ 62s PI�C•E 76 GF• OFFLCIAL:.;REC 1;(1VS. ANCI ,,OCTODER .2i . 196V IN 'POOI: V0971 PAGE ' 73 Or OFFICIAL RECORDS. to FECTS PARCELS 2 AND 4 ) . 7. ALL RIGHTS OF ING :ESS TO A M D EORESS t=ROM T14E FRONTAGE ROAD VE3TED IN THE CITY HUNTINGTON EtEA:;H TO THE AD.ICININC FREEWAY* FAGS 2. r , y . ww tlf i -kMtit • �_` M�y� -, it. 4 ` sy � uR-133,�ti31—A EXCEPT AT SUCH POINTS AS NOW ARE OR MAY BE ESTABLISHED, AS RESERVED BY THE STATE OF CALIFORNIA IN THE RELINQUISHMENT RECURESED FEBRUARY 269 1963 IN BOOK 55269 PAGE 461 OF OFFICIAL RECORDS, ( THIS AFFECTS PARM 1 )• r ' I • 8. THE RIGHTS OF THE PUBLIC IN THAT PORTION O1= PARCEL 1 INCLUDED h, WIT14IN THE FRONTAGE ROADv AS PROVIDED ?N THE RELINCIUISHMENT. } RECORDED FEBRUARY 26, 1968 IN BUCK 6526. PAOE 461 OF OFFICIAL REiCORDS. ' ' Ps A DEED OF TRUST TV SECURE AN INDEBTEDNESS OF $60, 000. OU, RECORDED PECEMDER 30. 1977 IN BOOK 12512. PAGE 253 OF OFFICIAL RECORDS t AS INSTRUMENT NO. 3911113, COVERING PARCEL 2. DATE09 UECihEBER 27, . 1977,r - TRUSTCORS SASSOON-MAYER DEVELOPMENT CO. , A PARTNERSHIP. TRUSTEEI FIRST BANCORP. , A CALIFORNIA CORPORATION. BENEFICIARY1 L.LOYDS RANK CALIFORNIAv A CALIFORNIA CORPORATION. ' NOTE: NOT OF DEFAULT UNDER THE TERMS OF THE ABOVE DEED OF TRUST BY THE ALLEGED OWNER AND HOLDER OF THE NOTE SECURED THEREBY'. . RECORDED JUNE I S* 1962 AS INSTRUMENT NO. 82--202623 OF OFFICIAL RECORDS. SAID. ALLEGED OWNERI LLOYDS BANK CALIFORNIA. r 10. A LIEN FOR PERSONAL PROPERTY TAX AGAINST SAS:OON-11AYER DEVELOPMENT, RECORDED MAY 29, 197Tv AS DOCUMENT NO. 33912 IN BOOK 131639 PAGE 151 OF OFFICIAL RE.CORDSw FOR FISCAL YEAR 197a-1979. LIEN CLAIMANTS ROBERT L. CITRQNp COUNTY TAX CIOLL ECTUR--TREA23URER. , AMOUNT'1 $2 60.9130 ll A L`IEN FOR PERSONAL PROPERTY TAX AGAINST :SASSOON--MAYER DEVELOPMENT, RECuRE1ED htAY 29, 1979, AS DOCUMENT NO. 38913 IN BOOK • ! 3163a PAGE 152 OF OFFICIAL RECORDS# FOR FISCAL YEAR 1973•--15.79. LIEN ''L-LA I`MANT I ROBERT L. 'CITRON, COUNTY TAX COLLECTOR--TREA IURER. AMOUNT, 12,. A DEED., OF TRUST . FOR THE PURPOSE OF SECUR I NCB T R!�STOR I S OS.LIGATIUNS UNDER THAT CERTAIN' GUARANTY DATED MAY 5. 19819 EXEC;UiED BY TRUSTOR IN FAVOR OF DENEF�. CIARY. RECORDE17 MAY 6, 1Y61 IN BOOK 14048. PAGE 1062 OF OFFICIAL RECORDS, AS I NSTRUMEN'r Ito. C087. VATEDt MAY 5# 1981 . TRUISTJRt WHARF PROPERTIES, IN*C. , A CALIFORNIA CORPORATION% TRUSTEES FIRST AMERICAN TITLE INSURANCE COMPANY, A CALIFORNIA CORPORATION. V NEF I C I ARY 9 CROADMOOR 1-101rjES. A DIVISION OF GENS TAR I'1E vr--LUf-'1^ENT INC. t A NEW YOi:K CORPORATIONS PACE 3 1 Cl 16 low NOTE I AFFECT$ PARCEL 44 We AN EASEMENT FOR POLE LINESv GUYS AND INCIDENTAL PURPOSES AS DISCLOSED IN THAT CERTAIN ALTA SURVEY MAP DATED FEBRUARY 17. 1981 BY ERVIN ENO I VEER I NG, LELAND F. -OHNSON R. C. E. 13gG'.), AS SHOWN AND DEFINED THEREON, AFFECTING PARCELS 19 2 AND 3 OF TI-4,E HERE I N DESCR I DED LAND. 14o AN EASEMENT FOR SEWER LINE PURPOSES AS DISCLOSE4 IN THAT CERTAIN ALTA SURVEY MAP DATED FEBRUARY 179 L981 BY ERVIN ENDINEERI.We LELAND F. JOHNSON, R. C. E. 13550 v AS,.-SHOWN AND DEFINED THEREON AS SEWER M.H. , AFFECI I40 PARCEL. 2 OF THE HEREIN DESCRIBED LAND., vs. AN EASEMENT FOR WATER LINE PURPOSES AS DISCLOSED IN THAT CERTAIN ALTA SURVEY MAP DATED FEBRUARY 17v 1981 BY ERVIN ENGINEERING, LELAND F, JOHNSONa R.C. E. 13560, AS :SHOWN AND DEFINED THEREON AS O. C. W. D. MANHOLE, AFFECTIN© PARCEL 1 , OF THE. HEREIN DESCR I RED LAND, 16. AN EASEMENT FOR UTILITY LINE PURPOSES AS DISCLOSED THAT CERTAIN ALTA SURVEY MAP DATED FEBRUARY 17, 15181 BY ERV'i ENGINEERING, LELAND F. JOHNSON. R. C. E. 1:3560v AS SHOWN"-AND DEFINE© THEREON AS AN 19 INC14 WIDE COVERED TRENC14 FOR LITIL,I•;IE'S, AFFECTINO PARCELS 1 AND 2 OF THE HEREIN DESCRIBED LAND. 17. AN UNRECORDED OPTION TO PURCHASE DATED t4OVEM9 R ' S v 1981 AND AMENDECi FEBRUARY, 19921 EXECUTED BY SASSOCIN:-MAYER DEVELOPMENT CO. r A CALIFORNIA GENERAL PARTNERSHIPv AS 'SELLER AND THE" ROBERT P. WARM I NGTON CO . v A CALIFORNIA ;CORPORAT i ON I AS BUYER, A MEMORANDUM OF WHICH WAS RECORDED FEBRUARY 9, 1982 AS IPiSTRUPIENT NO. G2—C,4/_,G4'/n AFFECTING A FORT I ON OF PARCEL. 2. 1,5. X'HE LAND DESC:RiJocD VIERMIN APPEARS TO'ZONSTIYUTE A "SLIRDIVISION't •oF. LANCE WITHIN THE MEANING OF T14E SURD I V I'S I ON MAP ACT, (GO V ERNMENr COIDE 664101 ET 5EQ) OR -0CAL ORD I P IANCEG. WE WI L.L. REQUIRE THAW A �`EkT I F I^ATE OF Cr1MPl,IANLE C�GVEFNt?ENT CODE 664 519, ' 35) L:X EC:U TED BY PARCEL - ' R' ' THE CITY OF HUNTING-TON ecA�.H �QR A FINAL NAL � ..,'1•tiG I � 15! ON rtap. O MAP ' 8e RF_CURDEIO IN THE OFFICE OF TPE ORANGE COUNTY RECORDER FRIOR TO I S`SUI NG ANY POLICY OF TITLE `INSURANCE. • PAGE 4 t AS' , w.M - .i - A M 1: . M �-L i •tip •• vc� GIB--1333531—A DESCRIPTION ALL THAT CERTAIN LAND SITUATED IN THE STATE OF CALIFORNIA; COUNTY OF Oi't NOES CITY OF HUNTINGTON BEACH. DESCRIDED'A FOLLOWS-4 PARCEL It ' THAT. PORTION OF ,NORTHWEST GlUARTER OF SECTION 13, T014NS14IP 6 SOUTW, • RANGE II WEST* ?N THE RANCHO LAS BOLSASr AS SHOWN ON A MAP RECORDf:D IN BOOS: 51 - PAGE 14 OF MISCELLANEOUS MAPS, IN THE OFFICE -OF THE COUNTY RECORDER OF SAID CQUN,Yr DF:.SCR?6ED AR, F'OLL01,43= BEG INN J NO AT THE INTERSECTION OF THE SOUTH LINE OF SAID NORTH 1548. 22 FEET OF SAID NORTHWEST QUARTER Ot= SECTION 13 WITH A LINE PARALLEL WITH AND DISTANT EASTERLY 88.00 FEET, MEASURED AT RIGHT ANOLl S. FIm THE WEST LINE OF SAID SECTION 13, SAID INTERSECTION BEING ALSO THE NORTHWESTERLY CORNER OF THAT CERTAIN PARCEL OF LAND CONVEYED TO THE STATE OF CALIFORNIA BY DEED RECORDED AUGUST ! 9v 1965 IN BOOK 7634 r PAG"E 315 OF- a'FFI CI AL RECORDS I THENCE ALONG SAID SOUTHERLY LINE, BEING ALSO THE NORTHERLY LINE OF SAID CERTAIN • ' , PARCEL OF LAND SOUTH 8.3. DEG. 25' 42•' EAST. 221 . !,2 FEET; THE,�JCE NORTH UD DEG. 520 37" WEST, 616. Ye F'EETI THENCE NORT14E'RLY ALONG A TANGENT CURVE CONCAVE EASTERLY AND HAV IN4 A RADIUS OF 1000. 00 FEET ; THRi7UGH AN ANGLE GF 9 PEO. 10" 25" AN ARC DISTANCE OF 160. 11 ,FEET TO 'A LINE PARALLEL WITH AND DISTANT EASTERLY. 198. 00 FEET, MEASURED , AT RIGHT MGLES, FROM SAID WEST LINEI THENCE 7ANCJENT TO LAST DESCRIBED CURVE ALONG SAID PARALLEL LINE. NORTH 00 LEI. 17" 4811 ' EAST. 730. 44 FEET; THENCE NORTH 45 DEO. 26' 06" EAST, 28. 22 FEET TO A L d NEB PARALLEL WITH AND DISTANT SOUTHERLY 'fin. 00 FEET* MEASURED AT RIGHT ANGLES, FROM THE NORTH LINE OF SAID NORTHWEST QUARTER OF SECTION 1.31 THENCE ALONG SAID PARALLEL LINE, NORTH 89 DEG. 251, 42" WEST. 110. 00 FEET! TlAtNCE SOUTH 45 DEO. 26' 06" WEST, 20. 22 FEET TO , A LINE PARALLEL. WITH AND DISTANT EASTERLY 88- 00 FEET, MEASURED AT R I OHT ANGLESr "FROM SA I V WEST LINE OF SECTION 19 i THENCE ALONG SAID PARALLEL LINE SOUTH OU DEG. 17' 48" WESTs 149S. 22 FEET TO .THE TRUE POINT OF BEGINNING. , EXCEPTING THE NORTHERLY 1314. 00 FEET THEREOF, MEASURED FROM THE SECT)UN LINE. , ' ALSO ,.EXCEPTING ,THEREFROM A[_L OIL 2 DIL RIGHTS, MINERALS, M i r.ERAL RIGHTS. NATURAL GASs. NATURAL ,QnS RIGHTS, AND OTHER t-1YDR��CE-�;�rCNS WHATSOEVER NME KNOWN ,THAT 0"? , DE 141 THI N OR UIJDER THE PARCEL OF LAND,—HERE INAISOVE DESCRIBED, , TOGETHER WITH THE PERPETUAL RIGHT OF DRIL.IN v MININO,, -EXPLORING AND 'OPERATING TEEREFOR AND REMOVING THE SAME FROP9 SA xD LAND OR ANY CtTHER LAND, Y NCLUD I NG THE RIGHT TO ' WHIPSTOCK OR DIRECTIONALLY DRILL , AND MINE FROM i-ANDS OT14E,R THAN TliOSE HEREINABOVE 'DESCRIBED, OIL OR OAS WELLS, TUNNELS AND SHAFTS INTOP THROUGH OR ACROSS THE' SUBSI.JRFACE OF. 7*14E LAND HEREINfsSOVE: DEE:CRISED, ,A140 TO DO'TTOM SUCH"W14IPSTOCKED OR DIRECTIONALLY DRILLED. WELLS, TLI1414EL.S AND SHAFTS UNDER AND VENEATH OR BEYOND THE EXTERIOR L I M I TSB THEREOF. AND TO REDR I LL, RETUNNEL, EniJ I P. MAINTAIN, REPAIR PARE 5 • t .A M It DEEPEN AND OPEkATE, ANY SUCH WELLS OR MINES, WITHOUT+ 140WEVC-Ro THE � RIGHT TO DRILL, M 1NE,# EXPLORE AND OPERATE THROUGH THE SURFACE OR THE UPPER . 100► F'FEl' OF THE SUBSURFACE OF THE LAND HEREINABOVE DESCRIBED OR SUC1i MANNER AS TO ENDANGER THE SAFETY OF ANY HIGHWAY T14AT MAY BE CONSTRUCTED -ON SAID LA14DS. 'AS EXCEPTED IN THE FROM PEA'�VE BROTHERSP A CGRPORATIONr TO STATE OF CALIFORNIA. RECORDED JUL.Y' Ito 1966s , IN Q40Y. "79a5► P AQF_ 557 OF OFFICIAL RECORDS. PARCEL 21 THAT PORTION OF 'rHE NORTHWEST QUARTER OF SECTION 1.3Y TOWNSHIP 6 SOUTH? RANGE 11 WESTP IN THE RANCHO LAS BOLSAS,# AS SHOWN ON A MAP RECORDED IN 80014 519 PAGE 14 OF MISCELLANEOUS MAPS* RECORDS OF 0RAN(3E CQUPJTY. CALIFORNIA* DESCRIBED AS FOLLOWS1 PARCEL. NO 1, AS SMt7k'N ON A MAP FILED IN BOOK 2;v PAGE 27 OF PARCEL MAPS iN THE OFFICE OF THE COUNTY RECORDER OF ORANOE COUNTY,# � C.:AL I FORNI Aa f' EXCEPTIN3 THE-REFROM THAT PORTION LYING NORTHERLY OF A LINE 1214 . 00 r FE4T SOUTHERLY OF THE NORTH LINE OF SAID SECTION 13. � ALSO EXCEPTINO ALL MINERAL RIGHTS NOT HERETOFORE OTHERWISE CONVEYED OR RESERVED,# INCLUDING WITHOUT" LIMITATION ALL OIL. GA.S# HYDROCARBON AND SIMYLAR RIGHTS. AND ALI. WATE!is WATER RIGHT'S, OE THERMAL STEAM AND STEAM POWEIRt WITHIN OR UNDERLYING THE REAL PROPERTY HEROIN CONVEYEDw TOCETHER 14I TH THE PERPETUAL. RIGHTS OF . DEVELOPMENT THERE!::=1 PROVIDED,# HOWEVER, TI4AT THE RIGHTS HEREIN RESERVED AND EXCEPTED DO NOT INCLUDE THE* RIGHT TO ENTER UPON THE SURFACE AND THE TOP !�-00 FEET ' OF THE SUBSURFAGE OF SAID LAND AS RESERVED IN THE DEED FROM K. — D. VENTURE, A LIMITED PARTNERSHIP RECURLnEr OCTOBER 142 1977 IN BOOK 12418, PAGE 176 OF OFi='I CIAO•. RECORDS. PARCEL '3t THAT PORTION OF THE NORTH HALF OF THE SOUTHWEST rUARTER OF THE: NORTHWEST QUARTER OF SECIIXON '13v TtlWNSHIP 6 SOUTH* RANGE 11 ''14ESTs IN THE RANCl�.da L.fiS FOLSAS, AS SIi04'N ON H PIAP RECORDED IN BOOK 509 PAGE .14 .OF MISCELLANEOUS MAPS, FECORV$ OF ORANCE COUNTY. iCAL I FORNI'A,# DESCR I VED AS FOLLOWS$ EaI iwt'dNl? RT THE" POINT OF ,IIJTERSE�GTt ON OF THE tlEST LINE OF SAID T SEC ION Ot L•jI TH' A LINE PARALLEL 141TH ANo DISTANT SOUTH 'O DECREES 17" 40"' WEST* 1��45.22 FEET► MEA ZURGD 'AT l?fGHT , ANGLES: TO THE NORTH LINE OF SAID NORTHWEST QUARTER: THENCE SOUTH 89 i?EGrc-ES :a5' -42" . EA:TT, ^09. 12 F'EETc THENCE SOUTH S DEGREES 52' 37" EAST. 43V. 09 FEET TO THE SOUTH LINE OF SAID NORTH 14ALF i THENCE ALCING SAID SOUTH LINE NORTH $p DEOkEE•S 160' 03" 14ESTs :379. 13 FEET TO THE WEST LINE O1- SAID SECTION 131 THENCE NORTH ALQNG w,4I0 NEST LINE TO THE POINT OF M ■m 1 O -1 33:3531 •--A t ; EXCEPTING THEREFROM THE WEST 88. 00 FEET WHEREOF. F ALSO EXCEPTING THEREFROM ALL OILv OIL R I C{HTS. MINERAI_So MINERALS R 1 GHTS v JATIJRAL OAS, NATURAL GAS R I GwTS, AND OTHER HYDROCARBONS AY WHATSOEVER NAME KNWGN THAT MAY BE WITHIN OR UNDER THE PARCEL OF LAND HEREINA60VE DESCRIPED. TOGEV Ert WITH THE PERPETUAL RIGHT GF DRIL.L.INOt MININOP EXPLORING! AND OPERATING THEREFOR AND REMOVING THE ` SAME FROM SAID LAND OF ANY OTHER LANDt INCLUVINO THE RIGHT TO WHIPSTOCK OR DIRECTIONALLY DRILL AND MINE FROM LANDS OT14ER THAN THOSE HERE I RABOVE OESCR I L ED, OIL OR GAS WELLS. TUNNELS ANO SHAFTS ! INTO, THROUGH OF AGRGSS THE SUBSURFACE OF THE LAND HERI~I NABUVE IIESCRIBFD AND TO POTT011 SUCH WHIPSTOCKEI) OR DIRECTIONALLYrURTLLED WELLS, TUNNELS AND SHAFTS UNDER AND BENEATH OR BEYOND THE EXTERIOR LIMITES THEREQFt AND TO REDRILLt RETUNNEL, EQUIPo MAINTAINt REPAIR, DEEPEN AND OPERATE ANY SUCH WELLS OF MINES. WITHOUT, HL'WEVER, THE RIGHT TO DR I t_L, MINE, EXPLORE„AND OPERATE THROUGH THE SURFACE OR THE UPPER :500 FEET OF THE SURSURFACE OF THE LAND HEREINRdOVE .�. DE:SCR I BE.D OR CTHERW I SE IN SUCH MANNER AS TO ENUANaER THE SAFETY OF ANY 14I GHWAY THAT MAY BE CONSTRUCTED ON 'SAID LANDS, AS EXCEPTED IN THE DEED FRL-111 C. W. HESTER AND OTHERS, TO THE STATE OF CAL I FURN I A t RECORDED AUGUST` 13, 1965 IN POC:: 76349 PAGE 315 OF OFFICIAL RECORDS. . ALSO eXCEPT ING THEREFROM THA0T PORTION INCLUDED 141 THI N THE LAND DESCRIBED IN A DEED TO THE CITY OF HUNTINa'm REACH, RECORDED AUGUST 21., 1964 IN BOOT: 7189s PAGE 258 OF OFFICIAL RECORDS. PARCEL 41 THE WESTERLY 489. 55 FEET OF THE NORTHWEST QUARTER OF SECTION 13, TOWNS-HIP 6 SOUTH t RANGE 11 WESTt IN THE RANCHO I_AS DOLSAS, AS SHOWN ON A HAP RECORDED IN EsGGI: 51v PAGE 24 OF MISCELLANEOUS I1APc, RECORDS OF ORANGE COUNTY. CALIFORNIA„ M EXCErTIND THEREFROM THAT PORTION LYINO OUTHERLY OF THE NOr?THFRLY LINE OF THE SOUTH HALF OF THE SOUTHWEST QUARTER OF THE NORTHIJE$T QUARTER OF SAID SECTION 13. AL-t+O EXCEPTING THEREFROM THAT PORT 10N DESCRIBED IN A QUITCLAIM DEED TO SECURITY FORE CORPORATION* RECORDED OCTOBER 69 1964 IN Fri 7 •4 7 s PAGE 646 OF OFFICIAL RECORDS. ALSO EXCEPTING THE NORTHERLY 1548.22 FEET. gLStl Elf GCpTYhI's THAT P�'IRTION LYING WES'rERLY" CIF THE EASTERLY LINE OF THE LA140 DESCR12ED IN THE PEE0 TO THE STATE OF CALIFORNIA, RECORDED AUGUST leg 1965 IN BOOK 76 4, FACE 315 OF OFFICIAL F ECEMos. ALSO EXCENTINO THEREFROM ALL OIL, GASP ASP14ALTLIM AND OTHER HYDROCARBONS L.Y I NOI BELOW A DEPTH 4F 500 FEET FROM THE '•UM.FACE PA0E 7 . M AA I � i r , �,�, ��,�,;,..rt/ ORi-• 133:{531—A THEREOF, BUT WITHOUT THE RI UHT OF SURFACE ENTRY TH"RE70, AS CONVEYED TD MANAG"ENT CONTROL, INC. , BY DEED RECCIADED OCTOBER 79 L970 IN BOOK '94251, RAOC 392 OF OFFICIAL RECORDS. PARCEL 51 THAT PORTION OF THE WEST HALF OF THE NORTHWEST QUARTER OF SECTION 131 TOWNSHIP 6 SOUTH. RANGE 11 WEST, IN THE RANCHO i-AS DOLSAS, DESCRIBED AS t=OLLOWS 1 t)EbTNNrNG AT THE SOUTHEAST CORNER OF THE LAND DESCRIBED , IN THE OEED TO ; THE STATE OF CALIFORNIA* RECORDED AUGUST 18, 1965 IN �3001< 7634, PAGE 315 OFF OFFICIAL RECORDS. SEI t40 A POINT ON THE SOUTH LINE OF THE NORTH HALE OF THE SOUTHJES'f QUARTER OF T14E NORTHWEST QUARTER OF SAID SECTION 13, EASTERLY 379. 13 FEET THEREON FROM. THE WESTERLY LINE OP SAID SECTI ONi THENCE NORTH 99 DEGREES 360 56" EAST 146. 83 FEET ALONG SAID SOUTH LINE TO A POINT EASTERLY 525. 96 FEET THEREFROM SAID WESTERLY -LINE OF SECTION 139 BEING THE INTERSECTION , OF A NON-"TANGENT CURVE CONCAVE EASTERLY, HAVING A RADIUS OF 272. 50 FEET, A RADIAL. 'TO SAID CURVE AT SAID INTERSECTION HEARS SOUTH 45 DEGREES 210 17" WEST; THENCE NORTHWESTERLY 11E.59 FEET ALONG SAID _. CURVE THROUGH A CENTRAL ANGLE OF 24 DEGREES, 56" 04" , THENCE SOUTH 89 DEGREES 36' 56" WEST 101. 48 FEET TO THE EAST LINE OF SAID LAND CONVEYER! TO THE STATE OF CALIF-ORNIAs THENCE SOUTH q DEGREES 49` 49" EAST 101 . 35 FEET TO THE POINT OF BEGINNING. EXCEPT IN ALL O TLv• GAS: MINERALS AND HYDROCARBON SUBSTANCES LY I NQ L ELOW A DEPTH OF 500 FEET FROM THE SURFACE OF SA I R LAND. BUT WITHOUT THE RIGHT OF ENTRY UPON ANY PORT I OM OF THE SURFACE, AS RESERVED BY C. 14. HESTER AND OTHERSs IN THE DEED RECORDED FEBRUARY 71 1964 IN BOOK 69161 PAGE 501 OF OFFICIAL RECORDS. WH5: MF . PLA'CS (AND CC&R'S y IF ANY) EUC LOSE13. PACE 0 .,, -. - _ � :: - :., J'it•r:"!y• r d• �Mp•.Hti7,/�l.7r ?�• • 4J. .�.*••. - _ - - - •■••. •ice t •03 04 ' St. let ,.•.. rRACr. Ire IF% ' ! - lie 31 It �� f� t#q-fIf?IJ[t0 L A V J - J _ • N SlrJfllre" +y t• LAVr • . . � �` ` IMMul6T04 L t Nf � NO. 55el lse F. 0 C. A - 133 AC NM � •'' v • y. . 1 - v•tt sA �' � ar ` •mow t i �■ v � �r • Y is r N »•n - d L.' — .• '�.i it •- A.J'7tt 1: / W " i t - F� I•t.�LsO - f. M R!•Il .. .• .rr _ Q 8 d` L3- .� • j7,rA CH I pogNuff VQt a I • � 'rRrrs. r. 'r. • _ : aFacN �,..r-:�:•-r��rJ o • ecru:vaRo • • • � ems• • • - - • 24 -2Q Smolt f e+' • � 2s- 25 R.AV 9?8/ Al At NO1E- J:SsrSiC"S glGcr, S ASSU P S Sys • PARCEL */.P P. Al 1?3•?r A+azCfl WMPERS 148,161.Gf 02 - . Ma1W IJ :r1 t::tits CWMIV OF GRAWC f - • jw MUM r i; •+��� IR ADDENDUM TO ATTACHMENT NO. 9 TO: The Redevelopment Agency of the City of Huntington Beach I hereby certify that the closing date under the L:,nd Sale Agreement of September 21 , 1982 between Sassoon-Mayer Development Company , Bijan Sassouni an rnd Wharf Properties, Inc. %s Sellers and Wilmore City Develop- bent (assignor of Huntington Breakers)- has been extended to March 15, 1983, a►id will be extended for up to ninety (90) days on the sameL terms as received for prior extensions. �..- Date. February 18, 1983 _ Bi1Afr assounian Addendum to Attachment No. 4 (Page 1 of 1 ) .r 4 AMCIIMENT NO. 5 ' SCI3EDULE OF PERFORMANCE Action Date or Time 1. Conveyance . of Agency Upen the notification by the Parcels. Agency shall Participant of the availability acquire from City the to Participant of proceeds from Ageiicy Parcels , shall the sale of mortgage revenue convey the Agency Parcels bonds and upon request therefor to ,the Participant by by the Participant. greint' deed , and shall provide title insurance required by this Agreement. 2. Acquisition of Remainin Upon tender. of the purchaseParcels. Optionor shall price by the Participant, which convey the Remaining tender shall not occur unless : Parcels to Participant. (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 a?.located between Optionor and Participant as provided in the Land Sale Agreement [Attachment No . 41 ) showing that title to the .Site is held in a condition acceptable to Participant' s construction lender and such that Participant will receive markerable, insurable title free from encumbrances (except for those which may hereafter be agreed to in writing by Participant) . 3 . Continuous -0ffer to At close of escrow vesting Dedicate . Participant title to the Site in sh'all make a continuous Participant. offer , to dedicate to the City Parcel 3. f ATTACHMENT 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 Mail Tax Statements To : Huntington Breakers , Limited 611 Anton Boulevard , Suite 970 Costa Mesa, CA 92626 GRANT DEED For valuable consideration , the receipt of which is hereby acknowledged, THE nEDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, a` public body , corporate and politic , of the State of California ( the "Grantor") , acting pursuant to the Com- munity Redevelopment haw of the State of California, hereby grants to [To ,Be' Inserted) (the "Grantee" ) , the 'real pro-' W Ly (the "Property") legally described in the document attached hereto, labeled Exhibit A, and incorporated herein by this reference. 24 1. " The Grantee covenants by and for itself, its heir,:, executors, administrators and assigns ; and all per- sons,,� claiming under or through them, that there shall be no 'discrimination against or segregation of any person or 9 roue of persons on account of rice, color , creed , reli ion,. sX`, -Mari u - status , netfanal origin or ancestry in the sale, lease, s s tal calease , tran,�fex , use , . oocupancy,, , "'tenure or enjoyment of the Property, nor shall the Grantee t Attachment No . 6 Page l of 3 1 1 • 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 deeds, leases or contracts made relative to the Property, improvements thereon or any part thereof, shall contain or be subject to substantially the following nondiscrimination clauses: (a) 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 race , color , creed, religion , seat , marital status, national origin or ancestry in the sale , lease, sublease , transfer, use, occupancy, tenure or enjoyment of the land herein conveyed , nor shall the grantee himself , or any per-on claiming under or through him, establish or permit any such practice or practices of' Uscrintination or segregation with reference to 't_he selection, location, number , use or occupancy of tenants, . lessees, subtenants , sublessees or vendees in the land herein conveyed . The foregoing covenants shall run with the land. " (b) In leases: "Tree lessee herein covenants by and for himself, his heirs , executors , administrators and assigns , and all persons claiming under oc through him, and this lease is made and accepted upon and subject 4o the following conditions : That here shall be no discrimination against or segregation of any person or group of per- sons on account of race , color, creed , religion , sex., marital status, national origins or ante-stry in the leasing, subleasing, transferring,. use , occupancy, tenure or enjoyment of the land herein leased, nor shall the lessee himself,, 'or any i person claiming under or through hime establish or permit any ,such practice or, practices of discrimination or segregation with reference .to the selection, location , number, lase or occupancy of. tenants,, lessees, subtenants, sublessees or vendees "in the land herein leased. " (c) In contracts : "Thera shall be no dis� rimi nation against •or segregation -of any person or group oe persons on account of race, ;color , creed, religion, sex, marital status, national origin or ancestry in the sale , .lease, sublease , t-i ansfer , use, occupancy, Attachment No. 6 Page 2 of 3 , i ,','; ,' 4 _ , . I' {.. ,•, it rl i' , • r '. ... 1, ^•' , ,. at he '!eland +.�• sh`al�• '•• trans- under .1. tenurel,, ' �n3oyment•; t nor the fecee himself;.dr any,: person alaimi'ng., or through hfm !est&b - tices, of ,d �: h ,ltsr prr�nit '' ny,, such' ;�araCtic . or pcc.. � iscriminatiw or, segregation with, referenae ,I ; r {;•�, ,. .i _' . „ to ,the T, select,io,r, - loca't!iori;'s number�( .use or :occupancy t. ! , r ,' �'�'!3 vend , •r; , •. 1 s Sukil@® Qee �'Or ,• ,J fn .the land _ � �rydt1 B !!88@e� �� . nary S +' .;!". y 1 + �, 1 t•l�r 'li, , ;✓ ,5 1 r 2 r breach. of the` aovehahts -, cand i tfons; restr`3otions, �, r0 isic�ns nrt lir��ita ions contained in thi o ,Gr,ant Deed` sha1L, d6fe'at 'or, render'` Invalid 'or in any way, im�air':`th hie ar 'char of mo ':cg `3e n ge any r age:,,: ed of ; x r : a•. i trust ' ,r other ifinAncing; or sec.ux'ity., instrument- Pro�iided, howev,i�r. , :.that; any suocesRor 6'f ;;the Grantee to the Property- , shall `'kie bouncll.tiy such re"malir irig coven'anti's,; ,condi'tions. • rettYictiorts, 1;im ikt•:iong' and pruv,3sion`s, whether such :successor' s ;title was acquired by for deed: in lieu !; e,Iof foreclosure „ troastee'`s gal ter othervis r% IN WI1,011 TNESS WHEREC� '� " the'.Granto and Gtzintee havb ra�asec� tti 'm 'nstru n't'' ba _ cu`tE tic e ,me tc� ex 'ect o their 'behalf by es ective off • • their ' r iaers' thereunto duly':a»tnorized ' this ,. day of- - • 198 (`• ;; REDEVELOPMENT 'AGENCY ' + QF 'T'Ii -ICITY ';OF HUNTINGTON, BEACH" (' �+ 'r( + •' t ' , � ,. ''+ 1•1 '1• is +t. •f. i : it 5.�, Chairman BY t I( Seri 1; + + ��( .1' + •(., .i 1 , r l 111 GRANTOR" .• 1_ L ,, :'AND '► The;, pCoviion's cf this`-�Grant>> need , are hereby approve and :;. [To Be Inserted] , , ' GRANTEE" ' Attachment No. C Page 3 .of 3 I • 4 t + 1 If .1 EXHIBIT A r .' e i ft « real `1� �r��� on of the Propert [To Be Inserted) .. • „ .. i I: Exhibit A Va g e 1 o f 11 «, 7 4 • r •v N N r,f s w;lr fj -, 'r fl , •'' .li l✓Jw + "1'• , •, '1' .��Id�r/ 11 i t! �. ,. • r1 ' IT, r : OEd:q Rtsl aI'C;I114 A5 ,J' ; 'J �R��'J�r'�l\�E.r�\i/ i1GI�CC'1��1� •� !• J ;; '' /I Ilk M TfI SE l ►E0 RES I RICTIOP�S (RCGIJLA70ri'r' 'AG;:Eri,'�t,; i s 'tr; ,~ .ind en rai ,f of 'March ,1: I0 3 h an'd arrant :;If} CITY .UF :HUNT I-`11G C :EEACN, u cr;ar-t �•`.ti c� �:,� '.'.; ?`,,/ , c, <<7ted� or•c��r, zed and existir :itidcr t112 ;:Gnsti`tL4ior of tit� Sate Cr waii �,• •^ �.� ., (tbg@%�ier. vi t.n aTv '_',:xcessor .tll i6S richts , CJr1Lies .'and C�', iCa�ions ��1� ": SS::.2y artd .HUNT.Ih'GTt7t; C'Rr�t� RS, ARi�kTi�EiJtS Lih?' C��. a t:ali ;�rnia i1:n; ,;ed ar•�rl2rSI;; ;C.. ►?. p "Owners") ; F,- 1'! ? T P! t 5_S E _T t• ti�lilERE,t�, tl�e G ;y '%ounC i i u Ci ty' ;. or ic:n; i rr,; ?aC:�1 , Csl , Iris, ►ict jnq 'pu'r•su.,r, trl'• Cr1�j:tt7r•" .7, .[ rw;met1c f r: t', i t.r; �)i;C - i nrt 5a11r:i ►1t:!'t � ,: .%; :' i 3. � t ,'I ?f the I 'r gild Sataty Coje b. the ;Sate lof," Cal I.�o:�: ;a as_ '.a. .:^~ _t: 410 supf'�lnrri ri�eu (•.he ";1c4"� , htY's ertnr ec' into sit Irc;ertdre dt' Tr`L:,. data~ 1, .1983° (the`'" I nde`ntur..%' ' S';.{E /�� , ;6e .ii• �1nCf irl�� I:rcl�r 11. O'.�th\or-,ze t}14 U r iU / ! , 11 a , ant � tei� TIC ! r,t.dri C �I,t11 It r�,- ' areIt Istitu�;ars fl', ,iill J C;(�3 ; i1ltt ' t:�i Q.tf1�r ►'•�••"lLI,iI'll �')•; i :: ,! i . '�ul .�.'•" '" , 1 t;� ' ! Ga'i;':, �, ,Elrs;`�,ns , r i : , , ;.r�`r,,,�t•at i I�n> �,.-=',•tn�rSli i •iS ��I' tr � r turnnsu of ap•in '.!.,r'-prbvid�nr rl' ��r, gal i'; u " i `,�IiPtSI in rUi^t}'�E'rat'.Ce. Qi �ha 7��';3G 'es Ot', i11a Act s '0. aS ,a 0O.'s •! 1. ii,C, , ). t _ _ • ssuer' S I�]!arl \�r�f, f, nitrCing , tale Issuer prypo5 5 ►-o •issL',? ,�iU�1 ;t •iJ aa�,, ' . 11 jlrin'c. `;ru ar;cunt' of :i`ts r;evEr;uc ponds de� i n.1. ated ""Loans-';.;'-LE•ice1 S, R?:'-2-.:Ue ;as -% ri0ine Federal Savings dnd I_ciwn• 'Asso�iatiorl Nuntir''g oi)' ur;t:,t=:t?1'S :'?YJJt?CtI :le !� Rond�''� , 'ta'ie .�rgCt?Gt}S . q� 1rrt11C" w'i 11 kit? IiSE?a t0 rila�.0 .�I Gt?:)1�Si'ii, 'h!it1h ac^,t�' 4Ji.o in , . iI jiC.i; i f.i�.ateS ' of i)t?OCJSii. ft'p,it. Ohl@ �f'Cit'r1: 1 5t]'d1nCS and L�isrt r•.:• 5GC)"c.L;01'' a' 1'2::L-",13j raVin95 :and loan 'nsSGC1a'l;io'n Under the laws qf' the Li, tad St;�2i2ti 0f'.rtl;lo1"iCu nder'",� 'nrlfth "ti•rl 1 i, rrui;e :i oans to thF_ C;.to,jr ta` r i naric tall'+ r:c sr.s br. a. �.'� t ! I :rrli �y Le :�sldenwid'l )'�nZ;ai dt?Vela�lri'?;I. (titQ �'P;'QjC'C: �`) tU �►�Cu.t?Ci Gr�'d Ci::'ta r arI, 10T c real �rOpert;,'. Wle� " Oct:r'C)a Ji`L0 t0 tie uCQUi :'t3G� cr:d �/ill�ii!C) �it t:i•� G';J:i_r and r 1q%iitG'f�i. 'ii1tl1iIZ tf1L' 1SS'.1i'r,, The ivmer' .'!i11 rC'nt n 1oa5i? .. 10GS►':' c1'rrL'1;1 irll� 'Ur :S in f e 'Dra,;'eCt t0 J'd.�t1 ; ;'e a r'Ci ivi(itl/ , :)ri' iOtti' a''1C' r:i�C., 1'i.tC incorae , .i-rithirr t:he neaninQ 6 Sr:C It.iaA 103(;;}( I?)(C) 0f t:i e Co:�c:'; " a11 :r Z:-11:' 11 is purpos-e oV,,Ps , st;ng' i;l':r_:ons C,f Io-r, a'tIC1, to Z ard tm�costs of.,��•cer�t , `sa f� ' and stln i to r,� no.:. � Nor; ah�'. ' f1�f�E/1`.i'� tl1C Co e? , afi!7 t1�G redlllat;on5 [.iu ru' i "gS ;1Y';,:i::� �gii d ',:'i _rr r •%J�C� 1 lf:'?ret.Q+ pr'escrib� that the Use and opl?rn, :`,11 CT t:I%c. ilrajeC4 t`�,_ I,e t:'iCi.ai. irir C01't'alrl respects avid in'.orCi+:r to e'nSL,r(., t►., i�lt? �rUJ act �f i i t J: C7:cSC!'y.Ct :-f usa, 1 , .l, , go ' � f :1 ,'. ' !«fit' t•. ;all' ry` • •I ,.� !! -. i and;•,cperated t`n accorditnca with thr� Co,:: the Iss!,I`:r tfi;.;' ;t•us; er+ ;gnu : �,: G;;,��t• ` have1 to on a1 :..,o •,:1 ' i;i:'_ tr ,ct ans`� (!; r deterJrin d •` h se q, t t''ai:oi•y .r;;•'.es r �) in �' G'rth r CerI l' n 1, m5 and :6,jdi ti ons re uti r gj :0 .tno accu � ' Oft a der to: set f i t i g and ,t.rJi 'PrnjaGt; �i construction+ equ• j p �J rI � • tir�n or �i•J�,' :>- "�HCRi.,. OR i'1 `CO ..I'd rat�ian of thP. rrJ t l is + t� er`1aP.i.i s' T..�• .tit , NOW'j fir: �, i 4 rig � i ua cove�r,r, nn;. r.11<1 t et. fo'rth. herein, ' and �6t ler' ro}"d a''nd ti�alualyl,-;• cons �d�rat;o;;, the rcce iTit arc i su1r;l:iCtiency,'of ti►iiicli he,ce� are`'ac :na'r�leccled , tne' ,j sscel �; the ,Trc.'stet' 'r.rlci t;►� GIJrna-,� hereby b as Fal.l'ow��,: a �V •'� (� SP.,Ce n ] . �cftn��t�ciO.hS � l�n`IeSS Ct+'.�r u'1''M� 71 11`QS l;/ I J'C.•?� a I „ un�e�s the* c�ont ar!t clea►•1y `,regUi r r othar'Vol Spa;, '010 fo�l.l Owi'n9 ;.el•ns s1i,'{i 1 ,",w.•a gin_ . t re spec t.tve r egan, ih s set forth �)eIOv for„the pul-POC es heITO • , E3an,Jds" shall .rnearn ti'te rs rer•' s boftds a'peci jd'd i'n Sectic'n ? 02 of tltc ` ntu IfC6da' S`ne'11 mean Itho 1I l?• � U + i aC .. ?ntl C6t ' �, a t+,CArt�l)leti'pi1 r1�3tP11 s;,1,1ly��(liQc��'!' ;.hC Ci11t�1,�Clf Ci,Mj7�1at''�,r;n 0f- }10 P)'C. Ct as �tp�c f i ati<' 'i n :tn(i C��til I i Ca o1 •'Corn 'I ' on b i !'�:? Project � '�_•,,,r i';�� Uy tt',:d i:. �' rpement' i:'a•,Ue 'lei i'vereti t.a hlre Tru �.�.ep by the rLerldcr and' tr'+~� , re'r, 0 -.jiOat_Y acic}I't'>±tilCrlt Shu11 ri��a�t the L� �n -t��'�e 1Gar j,'rLd as of i•11a'rchi I;`• I)ir3 , .atliodt- the Issued1`' the I,ustue, the , Lender 111 l ndt?nt�.lr;�'I '$ila 11` i M!2a1l %hat: �•t el I:c7it) wl•J;~itin�t:sl.',:i1••C:. : � ,a,,. ac.' :.1 rc:, 1 1 ./L�t1"ir�Lll l.h •) 1 r �t 1 1 1 d !C1 L 60• ••li'- c", I'•1.1 C "1�: \, C Is •Ur,lt ,u,ICj' ),E 'I r'Lf �,lt•ir U)'� l r'+ T ^1} = _ 1titilS U�rI� shu; 1 n1>c7r>, Cit.y` bt' riLr�t.i``rt .Oli f:•:aci1, Ct:1 : *011 c , ,G,�u and.Ma s S,1 LaI�: shal }r kean .,he real 1propt�.rly desci,ibed, in a'L'%:I:tt71 � .i„I:a.-'hed `heretc • 3J1 ,,. •f I �I \� , "Lender" :-'shall` ne' an' ;�iorrle redi'ra i t..1Iavings FJ+ LOan. Asso "'at}C� 3nCI ' 1 tS sUcce s soi=s ar'tua s s i gn s . 1'LCW r i!`(1CAtt1P.1 �'4nants''t 's:�all litt�.un nI1C7 i��C'1'Ud+? 1nd-i--!idua 5 Of IOi•/ %,1' J„OCiei- to 1 incoma v+ t.tiin t't12 neaning of Sr, tion ]03 b)( 12)(C} of ine Code. rar"tili s ai r,,Use, '. the ClCCIl�larll'.Sit,o,P,`'a Unii Fri the ;�t'0, e. - Shal1 nok , b6 cn'gsi�l ri?u to be Oi j 'Iow Gr.; - n�ode'rate . ir,corr� •� f � a11 of' .such `oc:.)tr�ants are 5tude•nts; (as cefin2e in S+_.tion tfl+?., 0.aE� n0 1/f1O7 As E•rit i Ll ed t'o: a jOl;li, rti?`:Utt`ri v n.7c:i' C'CL on `G0:1'3 `p f• the 'Curt?i 41 "p,lner" shill l mean tiu9tinrton Brnal-ers, L)'mi ted , ir, 'al i fGt'•G f1 tbCf partii'ers'h'ip and i;,s successors add assi,,,n— "Pro i~ct." stlal1` r.aan he i�.�I arri1y r•�_ idi.•ntia r rt l lal p'rc j��::� e:; a . . finandid 'wi 1.11 the P r 6 p.c loan and to be constructed upon trl• and .1 • Ali , f� .IF + , "Project: Lcan" sittll I M H I1 tho 1'� is to hi� mar;e ;�y tr,�: ur•, :'r ,: liar; �;,rovidf: f in i pcin`g for 1,hu PI-o•ic:ct . " ta,7ec t NrarLq:�!le" Pr b11a101 rtiwai; i1)4 ;ltl';tain` dCic11' ?r,t (.'rfi•iCl �?Ci �iw'��l'':.i Jf I'I•L';:r :i and: Secur1ty Agr�+ement.": 1J•y tiriliclt ' th�'rt? t �fe . ^,1'E?c,i.f.'Ci ,1 l lE•n ,Orl ;.hL real f1.t'ui2i:1'.:j''`ui11. sour ty int e. t, F•nt t• cr s in . the I:quiitrl with o'�};er p£r5ont: i farai)ert�; �:,?ifii)1'1 f1r�G 0 llSV in con'nection''Wtn the Project , as securt::J far ,tha reiiay,ite �f the Ps•c,;l7c- L;J :i , r - '! "ProJect i 9 .r:" Jshal'1 ;rr>>n that:,,"cer�c� it �rorni ssrary rote nd i�d �,s U f tr,_ ��a'i � r '• heriof,� in },thy i}�tial �irinci�ia; arj,t�unt of t; ,0170, u s rr ,1 CQ of , �n V:S,fer �� trwl Lender Evidenc61'n, the Owner ' s obIic� a . 9 w ,at, 0 _ P, o,, 1 ..•pa ec van • , "Qual i'fi ed Number `of i)ays" $ha i 1 mu' n 50" o; the tote i -1u,,ba �• ' comprising,,the term of t'hz final rna�iri,iy ;If r.1)e 0onds . tl !j ualifted project Poriod" shall mz2an a pei-io:` bt: inrfir; tin the, later 1a�" tea :, ;: , first•``Nday• on ,i4hich Iat lbast 100 'of the Units in the Pr•ojt:,cz are first izcl. `�it:q C, the da Le •o f i s sua r'ce o f the 'bonds aiid Arta"n;7 o:i h 1 :,• '.��• do t ip ;r;i c�s�-i .$ ( ) t e ,�.t of ! iIb,7.'9earsv after the dote on' which at 1PaSt :5G of th'e Un'l ts;arr first oc::.v^.z4.,i cl" is 5 „ a 'Qua 1it,),CC! '1flrib01• :of Days` tiftor tilt'. dtitl:+ on MriliCitC)f the ,1!ni " 5 ' view lerl ':, ):;ovidNrl that` �il-� OW i i i lad r`1-r ',�1-t }' :r; oti h 111. ::e '' .s 1?, 1. 20 Itl,'i a s . fil U ,• 5 i (2 • ,, ��,.... ' th•e eriods set ', orth, in sub )t�ra Ma f s a anCi ` ti titil Section .,2OfiQ or' the Cal'iforniu t � t.,t• arci L C�I��� p 1 y, n ( ) '(' ) "TnUStee" shall• nl@ftn A'lbtsr+uErt�l;C I �iCtn%I1 Banl , an Undor the 1'W's of the,. hrli'tCd States anC� ii':5 `S;1CCG�sSC�1'S ,Sn' ' t.r �s. U:fCI . , k, Tnden ture,'_ t ill• 11 (lrlit. Sha : I 'rif'.3 J7 L' 2i CI','iarff•i1 7n Tre,-isury r�, 1, io ii Unlp5s the conte';t ^'lE'af•ly' r gU.li•�•s rji:ilc'1'ti `i�2 , 5'�CI'I'i S Gi i;4t'r: 2 rdSC:.� li'',? �c.'n �•'t' !. Shal 1 'be co strUi6d t'o :1i1C`I Jr Q tc'rlt�nir)r ' q el• .it_ u P COrI"el d:; f yn ,lUrd5 1) ti1 + � arid vice v.e:r..sa , •ano �,rords of the .sinyla'Iar nufi,1�� r � hai � i): CGnst�'U6. correlative: ;cards ;of 'the 'r -1ura,l numaer and . vita vPrs' A11 tie Lerrfs+ and jr �royi s.ons,,he,re'o'f �shal l,` be. `cori sti ueri to effeGtu'atp flit `pu`rposes; sf t: fo,•t:h rert: ;., ' ..,Andto sust'a-in 'the,,yalidit}� hereof fhe 'tities and heading's of: �'he secLion,s ' :�el: tof have been ;inset=te'd' for' corivrr,i once c+`';`•ar• ten nr. N n - 1 s •dery " -n d e, fart he'reo'f:.`aijCj,i;,;`steal l nt in �r:ar moC:i.f; 1sorlyresLrict art 4uf th n ;.erns oa : ' P ', Y y ,y the erns + . pro'yisiiins hei'eo,f and;-,,siiaa 1. never b;ea, oon�i�iere ,.or riven an' erfei:� 'in cot sk r.;jir,' + n r this an:strGme t: ur a provision i:e1•e'of cz• to ascertaini ijintent. ; tf `any question J of. i merit, st•Ioul d: : ' SECtitjr� 2 LO"O.-r hr:r�i Ten'r;,�s '1'0 ;to. -'n•i o• s ti r;,► ' N ,� r s _ _ t. f u in t,fe c: uIr[.uL,lt Of , Section 103{ D A -ott thr_• ~'t;ude and the , reyul`atri o1- ;.iz�:reu11 er , th6 O -11ar f hereGy 'i�epresr�r:"ts cr,'-If ena:its: a d ac r n ,; ec•s a s. ul 10 s (cZ) at all Limes durinl) she tjual i iil-d`''Pi?GjG'Ct ;�r•r Cfi t�� �lSur• ''r,C:t L ' er--Incr,rne Tenants rJccu•� a►. ieas� 2u; cf CC1,.f` lr_.rf. ' 1 ! f • i i / ` .d iin11»5 , �j►C2 �� i:�Vl Sr? tip@ ' Trustee in 'wr•it.i a''f such ol:c►.'�anc a r ' r - P 'I ;,�, o t a tr�artthl , L•:tsis, or any r�v -on thereof, unless inn th�� opfnion'`or rl�ttinnr.11'y 'rec:o;�nized bond ccunserl a,:c:ept�bi� I. f : 11• d ``•• 11 r "' w f , 15 11 it it�t):� f r :. 1 i. lT ��y 1;.. .1• '� r 1� +it / - r r 1, 1'� '�t� I•1 - � �1 + '.+. ' 1 • 1 11 , l 4 ,` he lrus ee GCCupancy by a I,t -a r r1+21 C�11:�i Cli UhtS ia� �,GI•It_ r 111� �rlly ntsuwlllnnot ' fed rar dnd�� • - •Tepah adversal°y affect the ',��.:�'.,,>tion fr'OM � ' • dnt6Yrest on the Eonds; pro v.i.0 od I :hnweVol, Lhilt the tuni t:s so desi �natea s;nM; '. IhL1'Et " eubs.tantialiy t 5a+me: c.�uirinent aiicf. amenlc.l �zs (nat i!rcludir,n luxul•y a�;,e,�i:;.iei Sc;ch ,. f P 9 y . ype i as ;t;,a . cli•,rr r, • dw�ll'fn 1 u its, ain , bhe prodeiat _ f , s" ual� t _ and t �. of tilynsLi�c►.i?un _. , sins"tcti�pir' , ;a -u' ,1.t 'ocr;u led u yin-i �i ridcu�� 1 or' fa tip, ,;h� :;t` the c;�c,',�.s u* tl> f i y • - ri, 1. 1 + arriencc�,re�jt o~ th , oetru and his'. atb' r IhGorrc T'er,ant i treated G's occt, d oy such; z nrw w., ..s 1 ar f0d'Iy' durini� ,,,the`ir '°ten`ancy, in `such 'f!nIL, even`-thoUgh they) lisp. to • rnoderate income and 'such i ' trey d i� i1 c,.�•t Irco; rs,.- U111. Un �s , to as accup .d ,b a L :;:.. � Tc: ? Pied, other for a p r c•r=1 od n,�t„ a>;cPc•dti ny 31 ' da" s ,';; at whi:ii t'►r,a �ccU + 'character •o'f .the Uni ted tiii 11 be. redetermi ned ; ' (b} until the CAr �letion Date , 'to �;r,sl re' th�;t ,'�con".`inuausly ancf at al times , no mo're than 80°a of..rentdci Units' are ' n::r=d' to r-nants irho are •n'at Lc�•r_•r- °;tncomd` Tenants� ` r;'to tain: a'nd'`maintain .on file income •cert'i ficati'cr,s ,;rr„m e ch ob lbWp.r•=Income Tena'nt residing,'in Ahe Project 'i no the fare and ria'riner rc t,i'red, h Treasury Rc►qul`a'tion 1 161(�'r;}- (��� (1!• in SliCil 01"hei Oornr d"'i, ti "ir1C _ e a e�1 an 1 cabl rul a .� ,.'.r `11J� � �,' 1'�� i �� t,+, ...'r'A.1, �tilir}< ftl' 1''•l 1'n •?C1 t- �•il .�i�:�:lyl:+ ..(� .; liy tie De Pa.rtm nf'lof the Treasury"( r the Ir�tt�i;nal ''Rcvenue 5� '•v�i'ce wit�l 1 �- '- ob11gatIdn's Issue.d,u*.hder Scctio'n;'103(b).(`4);(A)' of'. tne Coda; ' CI �'to 'oL•ta�'n a d rna i nt,� i n rJil i''1 l e from. each r C1�'►3Y;-►'ii"�.lr: ! a 4' t! re5' cding in; �he';�ro]ec;: a �Opy 0 5�1Ch. !cv.e.'t ; Ir'cor.ie o-Ian,- s �;':l "a)- incr.nt ;'x return fdr ,'�the ''tax3tilr--. S�znr immediately, .�irl:cc�' di11': strh " Ld-.., -:nCo7; , i:r•., -'� ini ccupaney I the 1�rrj'ec.t ot='' i f �.i:Gh ,'I��rl' C i `• r: s'af{ Sf.actory e%�id6icc� of iI c ►h,e'.for. .suc1h, ya.+r•; . . 1 t 1 1 , ip ��err ; r. ari 1 1 . :li A �r Q3to � '►Tr,ustee , thc.'Depar-ment ,o,- :the ' n2as'u`rj` ,Gr the" Interrlul +�v-a S� rti� ,,.;.• -!.•� t�P ` i.00ks and 1 �co•, cis ,o� t'r h adninq to, tha incr�-1:s 'o� Lc►;2r•- T;;c•_m� dIng�� n t iie Groja�.t; Tenant's° .rPs i (f) to �prepar-e`,and sutmit to 'the Trustiee / ''v�ILhir, 30' 'd'ays aitCr• cacn r ann, versa'ry 'of : the commencement of the "Qua i ied 'F�ra,iect Ferioc!, a 'cent i ;i cater;. execubed .by she 'Owifer•'sta t i r.g ' the pe r•c'en t,age = d,i the"dv., I I i ng;-Ai t s of trte Ga �cr.' f which 'w ei,',occupied by 'Lovier��Incori�e recta"nts ('or, in ,:the carp_= of lJnits pr`eviou`s1y r`ented:to Lo�;�ar71,'hcomq Tenan' t1s and ,sui�se uf.ntl�1 held 'vac`anc ';' 'wi"shout ar, �ntLr�le.ling + , d .tenanc,�,;;'and a��ailaole for occupancy by l:c;ti�ieN hncame �eriants) a: a? 1 tiros duriing' year.'1prerced rtig 'the date 'of such'ce rt i•f .cafe a'nil sta ti i;g I. a? 1 ;dtiral l i ng. iini is + . ;rare` rentei) arl 'ava..ilao'le tor; �ren a i on a ccntinuous-'bael during such year Lo' �, ►; ;mIT.lie r<s o f the genera 1 publ.i c;, aril `! (g ) to prep'a re' �7nd S'Ubid L �G ..ilf,/ T1'UStpe ti;'} t}� r� 3r3 'dozy;, a i.�e f ' 'f 11^5+. occup�'Iney' of 50°o of PrOjeCt units, a cv� O f Kate ?xecut,CG hip' ti'e q;;riL�r aLut illJ tile upon' w' hich' 5p°o;o, Project U. i is .4.2re vi rst occupied. Section ;"3. i'.?Stde:�tial 'Ron i roLsrty Th'e issuer• and the G',r.,er �I��re5y declare their understanding'- and in,�eht thaL Lhe 'PruJec� t - �� - i s to Ga �ot'rr,e;], managed ana WV , ri soft If n ratrcf. as a "re,idential i•c.'nLa1 [irnjer,l '' sUCh Etr'd;;.r; iS uti i iced ir) cL or, j` 'A 03(ti)(4)(A� ofr- the i~;,df'' cor�tinueu Iw C!L# �irirl the loiigar of' t.;'.. Qualm� �,.I ?raja:-t Periaq.,.,ar, untt 1-' no 8611ds remain o,utsca',ding . Ao ;that fiend,, the r h0k-Ay, rep'r*seat , toYenan�t -anci ac'rees' ghat,, dr:r irig such pdrind At1, '' (a) the' Pro,jert: .is be.'irtci arr,:sited land' con s.tructeI for �. � purPo!`�' 0T ,� �j ,R, , ,} ,proylJ. g rrlti'ltifamily' residential rantrll i-�ro'party , ana '-he- Ole., or' shall owri , ma natla airj�d,' dpe'rite - the Aro;je[t to' provide ;�iu'ltifamily. :residcntia; rantCi = prcpar6y' o'ripri'sed o•f� a ''building or ;�stiruct:ut•a or se'veri i ��r•oa;ir"(atL a,�i�i ; r,tnrraleted bui';ldi'ngs +.or';}st:r•uotui�es' owhed 'by the same .pers'b for' fPdara1 t'ax 'Pu'rE.';)ses each of which' 'contains ' at feast ane unit �•lnci' a.: i'lities N-nct`ional ly i-c fated and sub�ilyditiate , tiler@t0 , 6i10E n0 Other f7Cili �les,, lfl i3Cc41'dance wi 'h eCt",c •iW(b)(4)'(A) of -the Ccde any! Treatur'y'`Eegulation' Section I 'A03-'3(a) ; :,;' (h) 'each Unit in: th'' ',P.rojecL sha 1 bt sign l �ir•1y cor, s;,;�uct :d ar.d contain C:6#nJet:e, and, separate facili,t'i'e' for living, slegl n:;', sating ;' coci;iI; nd tit sanitation or a' s'irjgle pe.r;a*n' or .a fa tly ,, .11cluding a sI ep� ng 4rea ,: bathir.o and sanitation 1"aci 1,'i�ti�es and cooking fnc:i 1 i ti e�s. equi o;ied h a cooly r c; r4r• ,�,rerrigerator and- sin'k• , -�' (C) 1.khat, 'once `avai1abI fo,• ric�. .rp4�rcy ' cc i �;rli Stir I I b�: availabae for genital 'on `a canti`iluous''basis to ,r�rrb' 1" Ui t!iC� '��ai+?rc'ii ,7uF,l ;.�. i:':C L:11e Owner stall .not gi k., preference in' r► nt:i nd knits ilt .the pl.o,jo c , to any' rare c rru of ersons other �han`Lo-e,,e '-Ine'ome i e'nants ; class or .i p p none'`Gf 'the Units i ! -Lhe PrG,)e' slat l at' any t1''+'a �'� ''.!�' 1 i?� ". a trari `ienlr,Ea Si 's ; none .af the- Uriit�s in:,c7?' p:•,ajeCt si.a11 '(��'ter r��� leas�,d of rcr:���c: . . 1• f' , . i ' )i • ; 1a n rit r P 'ojLtrra "rC : e; er E7C uses 'dS," a1 .1�,���.�`� motel , 'dorr(i � OC�� , r il'is :t"nl :�' t?, ` rOOrtlfi3g 'ho"uae, `nu'rsi (ltl �10r:1C , a1'Othe l' , ll(K`, c5 i+e-l: : ,,t' '► ('�!• 1,.` �, C0u`t"tCr pi3rr:.i: (e) rlc p'urt at ` the Proje'C't tiri l i at any i. ,"i[' Gc' owr,E?a 3r use,a b coo'peramve housing. corporatiari. t �= f)- Ircorn� ,Tenants ti'i,l1 `have 'equal access :.o'; and, 'eh�cyi;,,_r.t of all c�ammon fa�ci i sties of the Project ;}, ) theR:rajet t:' i s I oC'ated can a. angle frets' o• iiurid 'or' twG 6 r ((++ors (g e i n►. r�G t i n g n T a t.u..�i',' s.,eet , :straart r; cottiti �.i6us•+tract,s of •l arid;`i exc� t` tot t'h' �'e '+ s t' o o - „ or'�simi,Iar ,n.roi�erty) , 'and ;a1'1 'o f the improvem•?rts CG,rj1� , S� .a 5ingl�� ` '��gr`a;t leal ly' and 'funtiunaiiy,'ir.t'eg11^Il1rt'Ci �ro,jeC.t''. Qr i"r?5'id+:rit3dl 1'Ci'ii.c i �i';"1�E't'�y; ?+S '2�' {1�riC�G� ` �.. by the 'o��r,�tprship,;'rnaiiar�'enen't , a'crahnt'inr� r,nd 'o eratior� of `6Ine ''Proiect• ;:rid tlie' 0tirner`wilI rot: earive thv ,gra,icct to ccndomi iGrn o„^O,ship. • Section 4 Cov,�nar,tK tun ►�'{ th t'r,•' Land; '1,�rn, 1'he lwjer a"nd t:l'e ;'.reari r ' " he'retiy' declare •ttteir er.f,reS s� 1 n ?n tr L�iut -tilt_' �CC�'1C�ri r , C` .^r t est:ricC ions ,si!L ''farLh he'i-Pin shaI 1 bl2 tii .rcPJ covonant....,t'L,r i n vii ',.1, : 1-ie a-4df Leal shay, l' be an cncunbruric@' -On the Lanni dnCj shaI l , 1� ';';:'.CUt t•<,�,��rd '.(; '- chniC7 i r.lassification or': a;iln�� tio`n be bindinC, u,tcin 'and er,forceablD acla► rst t',, Ow ner-arid , + i d awe it SucceS sof s A n ti t,ln , .v the (.ana. ::Ir:,r �,11tJ i?. or Cif►1:.�'uwt , ti�::c. C�, ,:,.., rr' 1 � trU @nt h f 1 r� i , o ' , .Ill yi .iiO Lim! o any r,rt,1,C11 r't�wt erca ter exec• tecl 'coti t ri n.l :1 :.c �, r,� ,; , p, . '.. sha ] : conclusively bw, h�liJ to have been P: cuted, delivered nJ accaj:',: , s s fu ' 1 1 a r c L..' c . to �( such cavonap S,; reservations. and' rar,tririn, rt?gar'Clle.'s5 gt'�,4rh?khar' Si;►,i1 :C,�':na fit 5 " are set _forth fn such Cortract., deed or (5t,l 'r in5t"r,lli,166' �1,^,1.c;5S 3+?C�tl�_1' ; 2 ,liinated in `'8CC41''dance .with Soct:i ort_g lter{tiof SUC-0 ccovenants � re serva t,-on s . dn�d reS tr i c L i wi5 &`%4 ere c'ont fined: int' Sectitin '2 and 3 herof sh'a`11 cnntinue ir, fc;ll I'Llrr4" ar,d aftcc{' ' tiVe P.e. eiosour ng the-" respec ` et ford itrei n Vt bt exp sl, Igre d nJ . understoad tha t t . he prov.t sions hereof are i'ntencit:d ' .o survive site ,Ci•(�i,r iiti Uil of 6h D j�asit Agreement , P,ro,�ect,;tiotd and tFie: f�rojOct IMOrtgage,.Vilf sucl, `pirutiac� occ'I:r•s pri or to those,.lpari•ods'", section :5. On, i fa'r'mi ty �Colilriinn .J In , T17@ pro S 1 0nS h?reo f Slla l i ..j1r i j a„ un,i for ily to• the entire r'roi ct in,, order to c�stabl isn and carry .out a co .I.act fo'r``the 'use � devilo mew and improvement of t1-.e Laid. Section'''6. Si.,rden . anrJ Corc:`i'ti. The Issuc�;r, arid, the, GI'iner m`•"n��,S' c'.,'c1 • t.he;rr understandirla .and' intent�t'hat the hr�rien of t'rte covacant,s rase; '�tiC,;lti r~r'•1 << r strtctiori's .set .forth herein taucn and concern . t,le Lai1e1 iri that pile t:,„r,e:'' s ?c'_.� 11. interest `in th'P Land ,is rc�:�e;r'ri's lass `val.ua`.�le ;nel'l'�Jy lile ISSU+?1 ,'t:" r r r, f. ' � th I dF'e l a their.' and"�_r' t a I111 r lr: 1, �1L1' f,111 "r :l. l V hereby, r: s" d i n; n t: t ' ravenz�ts , r ;, c i "ouch' d -cone r Lz.rci o�,' erl;:riw•Irt;� eserva0o'ns S.nd ► •r: r s 1 - . E: t 1 � Q r 1 � , and, tncreasing the en�o ','ll@lll: 'dnC1 iJ:t? o` the !dnCi onq the Pr' j�C,,y,L`,�' :�:.?!'�.�IC plc of L o Tenants , the in,tEnded 'bo'neficiari'e's' t)f `such ro•ianar.ts : , Section 7; R(_l.;eii'.trs EnforcF%tJi11t.y 'In t'r,e . event c,` a Zvi I .cn :r l dtt2�T�t@d V.i,o'lat'nn Oi my 0,' �tha 'Gr`o'!i :•lonS,. h'lrl?�f ti1Q I !'t:5 I,; ►:fir q'_ .� rler and .-fts,"successo'is and assigns �h'may` i7sLi ;,t,ttp-•ii�ii {'it ^i`'` ' y r .4t L c1t' 1`31,':;Qr 1'!1 @t1U1,tY t0 en`urce. th0 ,'(ir0'�i�li;:'i5 `:G:-t--o� Or `CJ ul�i.:l� , i7! :'' ;i� �,r' t, ; ;rl any such' vi,f�l.at1C)n or. a'ttc'ritl•tl?,J, 'r'ila � : �'G�� , :Jr w�� ��n. C1t'Ce CC", � � 1C':lZ "17,�' L:( t' k. ? �sI ' r 1 ' y t ! • I� l ' 'ri10r1$Ldi' C eil; riCeS• CZllrndr 11J' ;SUC,h ':-001 a; ivli qt' db.1.Ll.i})? hereof art, imr,.oaec 'upon','anld inaac ap;)l,ica' )ie ILo tlie l: ,fie, , sc.L=i1 ,�;t: 0iic`umibra6ce. the'r�eor, end ` sha'11 , ru:1' 'with "Lh,- Land :-nal shai l b, er.fo, �,i.� a '�, L: ;;c O n� r,, each purchaser• grantee,. owner 'or• lesse�:"tot t:i: l , rESp,t?C.tiVq heirs., legal repr"esenta1:iveS ;' successors r'iid as lgns :rf t.ie t�l•.:1_r a'nci each` silch .purch.aser', Sr.antee; o,r .-,,er " or.� lessee . No' � ;e. ltiy in erforciiiz, t;1a provls"ionshtreof as to' any. I:rracti. or. vio.l�t'on shall impzir,' •danage or lrra'ilre 'the ;ra'ght of laity party 'erititl"ed to 'enforce the same or :0 Oi7t4in rei ',e a}� i•n<_4 b ' �'pcover for-;,the ' 'cont nua61dn or. repetirion�•"of ' such breach o^ ,violation or any. �' simi'lar b'rea�:h ,br violation th reos "at an la�tcr t`ihle '�or I tir,:.s Any a'Ltemjlted Sale ,' trdr.Sfer, "1 ease 'or' 0t:tiar di spe siti,on' ''rm i rh ISO; ld cause `or r'CSil1 t '' r' V.iolation o'f"any 'of:.the prov is,f ores .he:-eof sh'a11' bu nUl l aria void and'of ,nr ef,-ect. : Sect `a`n 8 Amend nt ; 1etcina o. Th. p;-ovi'si:-tns ";ar-eof s'r1a.i ' rtr,. be :, '�iernendeci, revisecl.� OC '.terrnirlatl.(i '�r1Ur' :o• t1'ii' .5tato"d t/G't'1�1 ''I:Cr�:t�f L?iG�'(l', ;1, can instrument in' wr:i;tin' duly exi:cuted by theeissuer;ur:d the dr;n;�r or its, sucr;essnr in tlo and duly',rerorde�J in the Oi,fice of they R(--corder of, Oran�,e County, C,Y' ifGrrl; a . The Isst:"er' s' r •nsent to any such Lim"e'ndrne►lt, rt'vi lion or ter- n• -,,iof sha; 1 .Un ;1 ;v�:n Gnly, (i) in ace' rdance %Yith 'Ai'ticle III of she Indent ur,e , or ( i i ) uplgn r-!c.ei t 0i (a) an "opinion of nationally recognized b.-ind" counsr.l -that such an,-, nun.La: t , rel:: sic.n or termination 'wi l'1" not adversely,' affect the exEmption fr ol,�` fe:+:_eal irlcca::: t_=XatiOf 0 + G l , , 7 r1 • V . ( i' 1 i 1 i r fir• ,•: ` S' „ ,,. ,, - `) ... r r of i6tp:re,st .0n any rf tho bonrfa b, t ,t'i �•.r'G C' S�11L1 :f a c::j�' to tlhe : � a:'r/r• ��il:t , e`bleRl tart a wi t( the prov i slans here0l no 1 o n c nos:i i; it c,r' ea: ihl reasons',e'nurperated in , Treasury, Regpla,tint, S,ICt.ion 1 1020-8(b) i i i ) ,' r•I:la�` n� `tc involuntary loss-or change in Taw. S. 1. , � , t)t' Q li d �i ni, l e t:ri S. t , t (1 L� ` the Pro ram . ulitler.;kihich the ssuel - r,i l l riak-2 a deposit ;iith t'he ! ectian 9' Considr.ration The 'I s uLr has determJ,,,lp ! to a 9 , .._. .......� ' r 1 erd��� flu� i r��u�,n� e�osit Ayreenlen the 'q i o ike 'th3 n ��r,t ours to''th_ ,;ner� ' t to; enabl a th{t' Ler r1 r to r�, ro L g to u ,r pr�v,IldP caristr�ctian: +and p rman_ni: financing fdr tho Prefect , 'and has • fun r.ti•�r. su id' the ' BOndS to "'oht�in' funds �t'o carry,: ,�lt ;'the Prcg:a;1"for the �;,L1))0se 'a.,•,a�g e , of d o iel \it 1 c OtF{pl',S, Of �induCillf� .LhE; QIrR,EIr' , t0''.11CgU 1' .CnnSti•u gall ( � • n �ri�.. r')".je�` res;lderltjal rertalypr44perty. 'in %.,hich at least 20" 'of t4c- units are, 'to 1e '0:7Lnrc� "y 1, Low r In'com'q'. Ten'3�nt' In ConsiC!eration bf the a jo' pl.0n anll, i�tlai��L11�n�at;on o �'"L:;� ,Program'fend' the ;i ssuancu' rof t.he,' Boras' b, liI! s s u e r 'tile 'u%;^er na s acc`, terms anrd 'p:rovisian: hereof. ; ,., '-Section :10., Governir,�LatiJ: 3hi r i n5trur;lert ,Steal i bt' coverr.�s�i �y t!�;; i a.:s`' of,the 'State of c,al.i,forni.a . 1' ( • ,` 1' S i;iQn 11, H/Ot1GI? . 1'l,ny nOi.iCC '1'e'tUir"; J i.? (J�, gilcn ,it?r_L',ICi: t1f' gt'ven as proti%idt'cJ i,nI1 Ir;Genture i 1 r,.1 ` Ser ion 17. . .Selerabil ,�y If yin•} S)r-'a isioi t, al' s��r: i.l n A, 11 1,.or ureuf.orceabi'e the, validity, layulity 'ana enra -ceabiIi y L; re(itdl11l ll(a :QOr'tlq^S Sha'l l ii0`, In •8fi)/ way, ��?� L i rected or' ll.1pa 11 r.;i :1 ' 1 ` 1 1 �,• ., 1 �.{ .M.rr 4 �' 'I' 1 $eCtipn,,'•13, fl�,l tii,l •. �04nteCi',\i, s . This A n� �.t urir� •, G!3 �I !,� �. l ..c. � �: �, ei;eowteu in riui ' iPl 'a 'c�lcrr�tl�r•pat�;.5 , dl iwrll .: ;cn_ isi�aj l c�i:i . , �0Umeht r�riI eaCs1 o.f' tililich 5�1u I l be dJe'1' 0 �o ►�..�3.,an or iq i 1 , • • r - � ��sr C r �r ' ,• � '' •) t t�I)�t � , �r' � ,or r ` S, f ,, , .,''. x .'t{-. `.• � Mir - , :' ''' . , - 1 • r }f ' Jr j c ►'� IN: �'l17IESS W14ERE0F 'Gra'nto►• 'j hi a :r,��slicl th 1 l n r rr•, r St �'7,u7L LO u_ 5 ! rl'Itir ia•i.i r) taC`tes�ed''on its �Vehal f by Qs. .duly `+a'u�� �;'i :ecl re, presr:ntati in , '� s cTli.7 C;t'1t;: c , �( mac` , i,ne�icarte its tceptance of ,the terms. a,ici provisions `her��;f anci to �:;:'� r':: �• is ,_. r i unde itapol4ng af' and -agreement with,' Lhi� in h !1 t tit he► erpf. . ' ';b '" andt � as u J phi' 0 ,sign t`a its b9ha )� is duly ntithorl=�..i, ►e�-ir' :►e; �s:.t ve's� a'.1 'ed attes � on 1 ; .l 1 � ks of March 1 1983;, Y �hUNT1142T01►'E /%CH , I 1 n�: • At't''ti Mayor Clerk r fi��ii 1 Il�liTl/ii FIR,A.X; RS Pi11\ A C I i,forrild i IICI tZ:l '; .'ier,.l IGo�ne,re :1 }il :; + r.f� r�4 �"1• � _ — J/7��`'�rY;,r1 Z`.ti1/�: --- -- �' r ,fk •� ,, r''''11 I ',, Y 1 1 [tiT,ThC;-i E:}:NI3Ii nh11� N rr �M'rlr r � ' 1 ,• t,. r•• 1 t i ••1• .1 � ` it •` ,` �f iI 1J � •1 0 1 .i1� r,� � � r I •;. r � �, ,. tt ,. r r V r t - r y , 1 .,.r ti ':h::•q. r rlr .. r .. r •r jr .. .» . r.... ... �. '.1 i ,�'I +i ♦�'1 r i r �. iSTATE uF CALI f:q �NIA ) ,I SS . Ik i COUNTY aF �'.C)NAAjd : r • r r S On t ,is , �, day of ✓E'f.�'� �... �. 1983beral•e f,ie,• tiha ' undoi-s{5n�a f;otat•�% personally a0pdared 1 c/�f`.. �%fr1l..c and <<< ,N.��: ' acknowled rnsel ycis to be, J,espet,tivel>! ty, C . erk a thr C'i ty , . T -`I of ,Huntington hach, Cal'i,forni�a , and ,.hat trey; as such Ofirirer,s , being authar•tz :d to ''do sip; ex Cuted :the forec�ci~nq Deed `r�.:st'r,i c ti ons,.:( negu'ate`;•y r���y;reerer',) nr pur.pa�E•s' ther`P. Cdrlt n a y signing th>~1 ;►zarlc of 'Vlte corporat�c'n by .•n•�mselti�Es .as ch 'officers , i, r , AN WITNESS 1nHEREOF, I, have set my fla•16And'-atf'ic�al ,,saaa�i��re�.r�o 1 , ` 1• �'�� i ;, ','„ .•ate-. .-..�.� r.e.^" �:, :..:�-. ilr�Ldt'f'j) ie wane i'p'r'"Sal�j.r'Jtr'C t,f �.-ter.-..w•�.� .,�rt"i.'i-•s'C'4'+i:.�. ,� .} I `+aFfi2.1NAt15EAL �111' a(iC '.�tLd t 1( p r�r�Ol`i��IGn' , _ r�V�ARY1-uJI.IC'• �j`�I(U:{i;�lA 11� lye I�•.tlli.l ,�1�i� A/��Z j t',i: 1�� ��,✓,. "C/\)r` .,. } ORANGE COUNTY ' • C Ati� Ct7M1�1ISSt N ocr 10 05 ?� „r . . Ekiflp .+t r� r ' ,r_ 1'I r- I 'r •III ` r i tj ✓, I' . .... ,.. is .. ". '. • r Ir, Ir 1.. r71, t ', lY• it � ! � 1 `' I rr I t ti` r � ��' � • r r, Si r , J r ' { y J - 1 . � f r ,'1� , {` a ,, '►,f'.' ', J , �� r' � 1' 1 ' Ot , STATE OF -CALIYr, 4IA COUNTYI r RA 'dE On`'thi`s ��`th ay of 1,1a)4ch`,�.1g83,'; "hP,f0"i"e�'nee",` the !.6d'ersi zar' �1-r06b11'1 ���.pr=rsonally,, i' ��ei�red 5.�eva.� F= : 5eii» n` sorr, 'tivitd achn'o;�r1e ;r�a hi�r;�, l F •. r, ;;'to.be +pF `sidit: o f 1'li�liiiare Ct�;,,�._ U4velo'a;ilen u a oi�e�°a i ��'4�ti eh� T r S { .! f o 1 , BraaKer ,' toil'' ', l.irnited�; a�:�al i fal niu' 1 imi red 'par•tnershi p;• and . tha ,, lie, as Such.-of 7 oer,•� d ied:`t6 d6 'so exe4 ited th DeLd T fi beii �,� aupov e.:.forjegoi non r' Restr ct�ons' Ne ui=pose err:in ronG4 n4 , �'b .. si�n.in� . ;(�e � nau��:ofnt egr-arnecrshior�thej�p ,e as "tlt "•d j� Y 9 9 . �I p p y h to i is el f s s uci ' off i cer` IN 'W17NESS "WHEAEOF, I ;'have set III/ hared and officiai ' 5aai ?lei OFFIC �L SEl, ;} � .Opp �� ,I r 1ff .} • ,�_ '.G7��hit-r1 , G�ROC Wr11r'-. NOTAW PUBLIC CALI;•0«tiIIA t; �y J, f'nR�ClFtll: t�FFiCL IN ��Otai"y' 'pL'Vl1C 7i� 8ndI' I sale' CG�I ` COU:ri 1' �f dll(l 3 Cd tG' � ' ;1r ct MY CQ,11'1 r 17Ita"t�rJE�a1r.ESCI'.tD 17t: ,. :.� i';y Ccf"tnissi G1 12 0 r ' �,i'' r •` r'I ' ' I /,', f 1, '1 .. f; ^ aT r 1 1 a� t I • ,Akl OWL �1.a �1 ft t ��• � t • M % tj r�)• 1 e 1 AA t r �; j r r ' 1 1� ? � ' "• , } • t li f , ' •rE OF, CAL l FGRN IA , • P COUN rY OF` ORANGE ss:: ' �• !t. Irk' On. .this ;8thtdayW Mai-chi 19•83, beFure' me; the undersjgnzd, iNaiwi7y Public, p�rsl7rifjlly. � hcared Steven P..,::Senai'ngSort, ,�'rfio" acknowlei:y d"h iil ar'l Fl 1 1, ;to 'be'.Ypre i ent; 6F W1.1more Ciay 'Develop'mont, a "y ail era 1 partner of �tln> ion- 'ton Breakers; l.ilni�ei1, a Cal iforh7a 1• 111 ted partnership, and that he ,:s such off cer' '�'bejnj a�uLhor zed tc °,do so, ei�ecuted the:, fog e��qi leg Deed r I 1•'J ... 11 • � • Zz i .. tory. Aa.r abnen r) ror a�ie: pug p.ases thy,I e 1i n con t;. :rjed bassi�n�ngntheRhame �ai= •the,�partnership by ��insel f as such or1'ice ra ' i(� I�IITNE'S.S WHEREOF,' T haVe set ' my hand 'ai d �o pa i. ,hrireL,l; �c,. P:L:�w.'.�Mir'�1�1• :. . ,. - t: 'OFFICIAL SEAL l f'� 'CONNI�'�11 ''�RO�f�WiSY � ►; x ',, � ^.•tea ,.r-;-y ,� 'l 1.-►4•.. ,. I40ul%S PL1211C• `CALIFO.�1111 fi O <�l AL OFFICE' I�1 }�#, �, r� tart' P6U1-ic' i n' and. �'or� saic Ca,���t;,' .,�r�►�s' 0GrA1:CE"COUNlY' C ,• t� ,. dhd Sate 1�1Y (.0111r,St5;IGiJ Eai'IP.:: r�'� QCr; ' 19115 Rtt � "1 '44 Ay V C01L'li l SS 1 GI?• 1':;pi i'�� ;'`� .�fti �_ S ,, �LII A ,1 it t IT - Sfr 1 I, r a1 yiQ, 7 , h - 1• r t•j•, , I I , 1� /'�,.��I�`sr�f � '...I,., t-�•l „ ' -� I '. , ; J , � '},11 •1..: �--1',l.t t'! - ' t bow , a •1 11 1 t�,�.1 , '1 .., Ij fr( 4 1fl • .,' ` �,' � 1 , I. r L FI , ;¢'�k '.y �r 1 �:/t .•11 1..,/yy♦ ` ,f t + 7 ,. •. J'Lr t, '...c,. ..r• a. .f��. -r•• :l .:r. ...{f, .._. . �.. s. s_ •i.. ,. .�,tlri,. JH'HWcACN�;I '� 01/lr4/ 3 ' , a . # 1i , µ, 01/2:eid/83 ,IJ , : ea 03/05/83 • OVUM t\ ��,� r' 1 1 i• i! 7 !J r { • , ti THE;,C IT`S 0F HUNTI NGTON BEACH, •rAL I FONN IA f j TO %f � {,fit r f f,` •i� 7 . Cv ALBUQUERR�1 'MAT.IONAL BANK • i r/ as: Trustee J 3 `'. Ill •• I' � {! i; ,' i, .. ��- t { .,7 .11 •1 '.elf , t,' f y' • r ' I ND NTURE.':OFI.TRUST ,,, �, R SECUAING16 .i ri L � . • U, 'BONDS LO NS TO OE S kEVE ,: , .� '"�� ., ,' � • • ,, • : �'��",' I�0 ME ^ ' :FCDERAL;.SA1,'INGS WAND 1.0A.N'ASSOCIATION'•, ,,, ' •� , ,,,..� 3 HUNI'INGTOW BREAKERS' PROJECT) f.f r � i••I t .t ,• ,i , , f ' r ., , 'I' :.� �/ rT e. Ir„],:..1, J` '`� ., 1 ' �r �. '',_.I•t ,I, t j; ' tl:: � 11 s t .11 �'� ! l�•'t •�. 1 �. 1' r f ' , ' ,f �11 1t 1 , , Dated .as uf, Mardh '1 ,. 1983 • „ •t { , 1 I 17 1 Vf ,r r i t i` T._ +° r �' t { t 11 1'Ir• rI �AAA�`,�y +� >. .,1 sl 1 c ,' •• ' � `',/ + SM1`t�• ,.. �[' 1 •r1 1 1 I `l `,I it - �/ ,� 1 i, ` ' 1.' CCC ��• a ., ' - 1 r r 1. + ; � 5.;' .. •: �. r . �.`i 1, a .•' (1• t r M1 • �y C fff((((({ 1i.•. r. .,. uw.. 1i ! �t•�4. r it Ir 7 t,. t. ( .,,.' C =A r ' ..J,.' 13 TABLE .dF CONTENTS r . .. PAge ciTAL ' G( TIt6IXUU5ES 2 "ARTICLE: I } DEFII ITYo15 f Seotio 101 I` ne init;lons t, .. if •�• �Ter� s. . � . �': . . ,. �, ... , .. • ` 4 ,. , ,Section -1.02., Constr: �ct n of m ARTICLE 11 j , ,!. . , •. , ; . : ,-�. . ., . :, . :,1 AUTHORI,ZATION }AND SSUANC. OIL •_ ;• Sec 2' U1 r�utho i'zat ion; and IsS. suance of the ` C'. ,�. f •Buns 11 tr- , 4 Section 2:~02 Farm of the,`Bonds;�arid Confirmation Receipt. + tayme onds .2: 3Setir r h 1� `Sects an 2:0,4. Exetu'ti on; ''L�mi i ed 'Obl i'gati a'n`s 12 . . Section 2:'05• Co ditibns Precedent to De1•i ►ery of the" Bonds;'' 12 I , ;.l ,,=:1i � / ; 1. Ail hpntiGationl '.; , . ; • . : , , t Section 2. 06'. Optional '.Redem�,tion, . " , 13 `, i ' 'SeMtiori 2:07;. Maitidatary, 'Redem 'ti,on 14 icti Notice=S 08 16 e r, 5ectiu. 2•:09. ` Ridempt'iop fPayMents';';Effect o,f Call for Redemption Section I. Fa r.ti a�' Red- Section on ;, 16 ARTIcL III i � I L.', �iri l �{� ' ctl S -' ri •�yl , �1,, r 1, •.° t. ,� ' � • i Se=lien 3.0l . Authbr�z,ati'or� fors, Indenture;_J' denture tr1 i ,iry,+ 1'.,..'ril`• �' ;: Constrjtute Cen'traCt. . •' ' • ' ' . •. •., . • . . . 17 �5ect. on>�3:02.; (?aymen17, t�o'fDe�it Service.. .`' 17 t t L, 5e ion 303. , peri'orma C,•' �f• O��.eriants Issuer :`Sec'tiofiA't.04 Instru me!nts ;�if Further`Assur�ance �... Se'cti oti' 3;o5 Record a ti .1 . �. • . e' o i 3"06. Re"`i's'trati dv' f 'the' Bonds• Trustee A` o6i`nted, $ dti n y, PP v �. ., Bond ;Regi'str•a'n; Persons Treated :as lOwners 18 'rl ,a Section '30�. Cartcellation '�. =. 19.,' Sect on � p No�i-Redem ti{�i� of 'tihe Bonds. t 1 Per,:t K6,`,Ue`osit" Agreement 'an, the'', �• ` Sects on 3'Aq Ri'gh s .Urid ' ; 11 Deed Restrictions 20 ,.1 •+f - +• ., is � �`•i ' 'i ..". ... ,. ilffr, `'.. , �., ,` ' !, ' 1 it r '• •' ' `•-'� _ '. ' � i f, ,' , ,. , ', �`Yi�f�'i`r!1+� '' ,. • t r. �t�, i j,il J , 1 : �'1` �, , • il: ,� 1 . .,. r., . � •�. 1` rJ tt e l.'.(xlY�il i f ''r r tt '7 J � . ,. , •�• , , ��, ;� , �� t '1 :_` ,_, u• It 1 1 1 ,+. ✓� , 1 - , i. , µ J j• •�a��rr 'F A - r f , - AkA 1 '4'W 51'1 !1 • , • �J Sedtiuh ,318: GenQr.a l . Compliance:wi th'. Al 1� Duties ; , h 20 Sec' O n . CnrMo`,ate Ex s, �tce of ,she; Issuer. '. Sacion . 12 a 20. , T, 'empt S a#� '� off` the Unds 20 ' .; - Tax F _ , 4: S- r 1 1. •� •• • • . .• • •' • . • � , t Sec'i�an 3 1�t:. Oiinu�i�tiort`of, or EncUrobrance on , the Trust' Estate , 20 ` . . Sdc't`ia•i;•J` 14. 8a+ks', Records and:�Accounts. . ` ' 1 Sectidr�' 3 15. Raporl�'st'oIf° the .1, u'st`ee ,r�'''• .ti'�:: 21 }section 3 '16: , �-N'011'�c:ation Upon Defa: It are the Certi f m ate i . It 21 ART1CLE IV � E r : • JF4j. � ,., It ,. .' ,.: , l�',• r i r, ,. I � l�ts� EI�UES AND 'FUN05� i t � Sr ��•• r I.:�r�•y f• ��'�� t, �.� SCCtC±11 '.4.01 5urco: 4f :Payment•.'of�,the�Bonds f�2` Section 4� 02 Creat�t`on oi';` Bondt Fund e. Section C'03:. Payments) in'�o Bond 'Fund: . is t �. ,, r r Sect�oh �4.0!4'., Usp of'Mohe'ys ,zi Bond Fund Z2, `Sectionzc405: Operat'i nOExpense Fund 12` Section 4 06 Crea#, ors of De bsit Fund 23'' 1 . i I . ' : . ,}r Payrfieilts `into .Deposi t Fund; •D1 sburiements� c:3: 1 ;Section 4,' 0$. eai1-on 'Fof' tie' Reserve- FUnd' Section• 4.0.9. Fayme'ts into. �ese'rVe. FUndl .. 2:3, Sectfian . r .10. Use o�Aoney nl°the Reserve Fund: 2��si Section 4. 11 . Creat.i;on !of the ,,C' of 'Issuance Fund �'' , �� 24t .r 1, l' ' • 5tcti"an 12 7 , 7.► is, -.. Pa mes into Costs of Issuance Fund Disbur�'emen12 71, J 5ecti on 4. 13 CU`stotly`'of Funds i+ 2 r. . . Se'c`tlon Cie, • Irivesltment'aof Moneys section 4 `15. SeGur ty' for Funds 25 SgCt It,n•, A,:16. 1 t' •n Moneys. 'td: he Held ..in ;T� us Section .4 11' Repayment .to the::Owrtie,r from Indenture Fund 2S` ..;'. s. 1• Section 4 '18' Bonds' Not to Become ' A'rbit� �ge Bonds c"5' .4 'lil iy' ' 1 r jr� 4f7 1 t ,�� 1�•1;, , r� ' .,>•. I,. " -1., 1 ' .,ARTICLE V. � DISCHARGE OF I LADEN T URF Section 5:01 , Di scFiar4ge. :•. : r,<� ': r , ( 2 i :r it ,�''1 ', i�_•,.,} 1�J .. ,li 1. '(f .' , I � - :•� till �lPA, � ,.,°ry f° 7 7 ,'•, 2' ', ' .'fit' ' 1 flr 1 !� '+:w r,,. �.1 '1 .•i• ��/w•G.rd•� r '•t ,r' ,,• ' ; ;I i i -' 1 •�i r1 ,j'r - L, r_ - JJ f 1 r + 'ARTICLE VI;' cr jr E rl ' c%y 11 - EVENTS ••OF DEFAULT. A D • R MiEDIES'7 • Sectltin 6 Ot Events,' of ,Clot aul t l 27. { . ' , . ' . _ �'Sectior� 502. ,,.Accel���tic►.� ,:>�: :.K.� ', •, ' . r•' , ,,..':� , , ;. . � . : .` ' , : , �7. ,.; {S*ct�o�, 6' 03. Cther, Ri�medies ;:. Rigf ts° of the 8ondfio'lders: 2.7 ' + 5ectrlar�, 604. r Ri9ht of `the' Banohold�rs 'to 'alrect Proceedings 28' 'Sett 64A, 05. '+�tAPpointment bf ReceiVerr' ` 28 :. ct{i on !6 0� Wa'i � 28 Ca►t f ors Of;1M6iie r• - . r ySeCtiGil � Y/ A 1 i .S :Section 6 i t08 Remedi s .Tested a n': the,Trustee 30 i, (1 Section 6•,09 Rfi'gh sra d' Remedies' of.' the Bondhol piers t n 'S0 1 Setia�i'•6:10: Ter`minati6n'`;of1 Proceedins : • '`. 31 1 n �11 t. :`''` 31 1 5ecti6 6 11 . Waivers of Events of Defa _, 1, Section 6.1z. �otioe' �f,;defau1t Under Section 6,-Ol(b) Opportunitly ••• r f r _ o . .the .Issuer;' the Lender -and the. t>h+ner ca r: ,4. 1 r f Cure,`Sucfi 0ef4Its . .,'� • 31 T Sat 6. 13 , Sur,'renfir of rust Estate. .: . 3Z r .; Section 6. 1'a. Re'stri'cit1"6s on;`the Use of FSLIC Proceeds and • Reserve Fund 32 ARTICLE VII THE *TRUSTEE t:a Sectic�n: :7.01: Acceptance of tf1 ,Trusts 33'' ;q Sectio'r! 7' 02. AnnUkT-'; frees Charges. and 'E�tpenses;,of 't1 Trustee 35 i, Sect�dm °7:03. 1 Notice ,to the �ondhi;,lders ''of Default `35 Section .7 04 Inter,Vention by,;tF�e Trustee. Secti'an r7:05. Successdr, :TruStee by;'Me1^ger or t�tfierwise 36 Section � `OG': ' Res`ignatior~ :bv `the �Trustiee �. 36 ' . ,, 36 ,., rSetti on 7:p1. RemcVa l J jf Trus'tee :: . .. :';', `.; , t = �i Section' 7 '08. �� Appoin `ment .of.� ucessor Trustee by Sondho•l�ers ; "rt: T,emparary Trustee b: Succes'sor.Tr.1as�ee. .• : . 37 Section 7 '0� OR' 1 , . Sic on 7, In. DW'InW6 , `,P,,ayi ng Agent.. . � �. O r . S' y r` r Reg�i sti,"jr, !Y, •� ,, C iJ r i ecti n 7. 1'1 Sucre sar Trustee a °Bond t 'Custiodinrti,'' of A1,1 `Fundi and Payi ng,.Agent.' Srectio'n 712 Trustee and=:;Issuer Rzqui red to Accept. Directions ,1, .. l;. ` and Acti'ors' of the 'aw'rtier 3r, 7 1S Trustee May Orrn sar;d's 38 Secttor; , SPcti tyh 7' 14 Appal ritrnent',o'•f 'Co Trustee, 38 , , I,Ifr; r' t +< p: `ja'•: ray „ i! F, ;'•L + ' y T : 1 .7 • r' •y , � r�f� i iSV r ,.IJA r.'i I ,. /' ' ,f� r•.• .. � 'r' ,' Ir7�.{F 4 t ,'• I7f ,' I .r., „ +I f It it. t rF. I,• ''� Pa9O!! ARTICLE VIII SUPPLEMENTh INDENTLRES r ,Serction 8.'01 .. Sup`pl ment�'1 Indentures "Not aequi ri ng Con sent ti tre Bo. C � � ndhol`ders .. :'39 Sict i n 8.02. Supp�emintal Indenture Requiring Consent of the- r Bon0o1ders. jSect'7on ��0 tftthe! nor, andhe`Lendcr 'Ried 4 Consent 0 ; , AR TICLE ' • � T�ICLE IX MISCELLA.NEOU.I Section'' 9'`al Consents of the :Bondholders. �` 41 I J 1 ) •1 , • • • • • • '• • •4:• • • 7l •t SectI'd,0 .'0Z Limifk'CUn `af Rights : ' 41' , , ,5ectiont,9.03:: SeVerab:i'1'ity Section 04" 41, '(�• r111 :' r Section',9 '05. ,,pa'yments Due•ton 'Nol i days 42 f } r, Ti•' F , Gil,, 1 rr. 7.. i-. • 11 • • • • •. • • ' • • �, •'I ,Sectio �t9"06. > Execution dfrrCount'erparts • •,; . .42' 'Section g':07 . 'AO pI cable'.Law 4 Settion ris 4',. , �!� �rtlr�e4�r rr r :� ' j t . � i�1J � •.1 :I •, 1 �'- EXN.IBI•T, ^ . � Orf�1 Oft��OnfC� �r ` 'a. I , • ; _ XHtBtT: �` tCap f i r�mat i on', Re e HIBhT .0 Farm i1of'Over.�Regi stration Notice= =- Standard :,EX m g`i s i n`No ; �,. NIBiT. Q For ae' tra`t o ` -tire Mµ Trust EXNIBI�T' E :,, Notices,,:; r ,i7 f,l� { i' 7�+• 7i �f31�J t �7/ :r � 7 'r ` I• r ;tf f1 L j.} F tit 1(1 4r ' ,1• t •�'` ,.t,' .. � t. � 1 ,l � . 1 rrf !.• of.r ' ,� l r•li 1,� �:;�„ i •.. � r ' r • r �, fi , •11 'rl , , y , I . fit• F!� l 1 '., it •',.,i7 +. '1 7 r: 7 ,,Il ..rf I .I r ": I ..'. ,r .. ..'} 'I ,. I+ :r.: ��y,M�� it s�is, �f', r !?!�`: t )! — ,' 1,' •. . , .• 1'' , • ��. 1 •J 1 '` ��' " !� it '�-•. ii i Ai INDENTURE OF TRUST Thi si INDENTURE OF RUST' :da y j rc,li T ted as of March ' I `'lga3, by a'hd between. THE CITY; Q OF HUNTINGTON. BEACH•',;: CALIFOiZNIA,`'a po_l,i'tical 'subdivision of:,the St1ate of Cal'ifornfa t e r.Issuer And'' U UER UE .NATIONAL BANK; a ' (Na `u ,') Q Q E Al-ION the 'United: national` banking i.nstituti'An 5 ; ,.a. ganiied and exi sting.,.urider;..,s 1 w States and ,puthori zedsto accent N, eicecute' trusts ;o:f the. .character herein' set out' acti°n'g/l in ,the capac'i(� as i' 1 trustee hereunder the ' "Trustee" Ca iir'al ized terms in the `Freamble and recitals ( ) P p i ' shall` harve the meartin'gs ascribed in Article I . 1 ►'' RECITALS: �.;.. WHEREAS, `1.he Issuer a dul constituted city and municipal co;rlporation and political subdivision of the State of Ca:lifornia",(withi'n the mean tn'g of'•tho`se term"s f in 'the :Act and in th'e Regulations and the rulings, of the Internal Revenue Service 'romul gated,pursuant to Section 103 of 'the Co prescribed and P 9 p de) ; WHEREAS, the Act authorizes the Issuer to issue r.,eve.nue bonds for . the purrpose ,6f ,fi nanci,ng the construction or, development of multifamily. rental`housing and to'':make or purchase loans to persons , firms, cor'porations`, partnerships 'or other.;entities for the purpose of developing or, providing` such multi�familyt'rerntal `z. ,'housing ; ` WHEREAS, in' ' further.anc� of ' the: purposes of`' the Act and`',as a art of the Issuel,! s ;plan if financing r,esidentia1,, hous,in , the, Issuer ' proposes ao' ; issue $16 ,0O0.�Q00 aggregate principal amount of its revenue bonds designated "City loft' `"Ohgton Beach' Ca] fornia,, to. Lenders,;kevenue, Bonds (Home Federal Sa,v.ings t , H Loans Loan'AssocIatioh Huntington"Breakers;aro�ect)",7(the "Bonds!!') , the procee`ds:'of w ' eposit Oth Hame Federal, avings and='Caen Association (the h th wi�l1 be olaced',on d ► "Le'gder' which;; i'w' con'sideratilon, of the Depo it,` will issue to the Tidu Ue the ` p ~, Certif1' te.in ,theVa gregate..`princi al,,amount, of the Bonds and 'will` make l,oan3 toy ,a tlier.'davelo :'ers ?;of the, ro ect . to finance m ,I1 ce -the •,of: a multifamily . resid�en,tl'ttl; ' - P P J , It1-• `` p ( o "Project')' to be 1 ocated within the City of ,Hilnti'ngton �eachl Celelo mfat to, be''accupied partially (Tat least' �0 percent) by'' It low.:ifow r, and mader.ate� income', wi:thfi`n `the 'meaning of Section 103(b)('#)(A) of the .Code , all ,, . for the; public;;purpcse: of assisting persons 6f;!low i,.nd moderate income-'within ` the Issuer to af.ford 'th6 costs of Dec "it safe and sanitary houSfng; ME cAS the Issuer trhe' Linder the Tru � " e� and the Owner, h`a �e entirLd 1 aeposi ,, ,..p ing. for ( i ) thoe purciase of the Cert ftcate '';frc,m t A ' reement -,pray P . , . ( the Lender with the roce'eds of the sale of the B nds,� i ) the 'terms and condl Lions under which the Lender. t�11 L:`make loans to the OgnEr to finance the acquisition, Ir�ssarvesd tfr tihe benefitsof1 het r s of owne of thena0( i ii) the esta�bl ishmE�nt of certaip'' ,., •'• P nas ;,. ,� , 1, • w r i, 1 t WHEREAS the, Certi ficatQ , in the; Aggregate original principal ''amount equal to 'the aggregate initial principal . amount, of"the Bonds to,be ,issued hereunder', has been issued to. the Trustee by the Lender to be held by she Trustee in t'r'ust for the '! benefit' of, the Bondholders- pursuant to the terms, of this 'Indenture to pay when due the debt service on the Bonds; ` • �; the T � ', �• - .:WHEREAS rustee ties agreed"to accept the' trusts herein` created upon the , terms set `forth , 't WHEREAs,�- the.. execute an �and. a sl ects�dul •''and v 1 i dl _ suthori zed bv•ua'nce, arld this Indenture and:'the, i ss sail a of the Bonds'have been i n all r the:9nrid = P P , y 1 y .., ;. Res�olutlon-'duIy. ado ted'by the ,City Counci 1 of the Issuer• ; and ! 1 fi t r WHEREAS, all things necessary to make the Boq'ds', when i.s 2 Sp sued a rovided i�n , this ,In',Jentu,re, the, valid, binding, ' land legal limi�ted '. obl-igations•of the Issuer according toy, the . import , thereof, .,and, to constitute -;.,th`is Indenture'` 'a ' valid assignment of."the `amounts pledged, to the payment of.�'the' principal of, and premium, if any, Vance interest),on, the; Bonds have been done sand 'per I f'rmPd,• and-the creation, execut'ion., and delivery of'Ahis Indenture and io thii executn and . issuance:, of the Bonds, subJect'to the terms hereof,' have in all respects been duly authorized . GRANTING CLAUSES 1 NOW . , THEREFORE, they Issuer, in 1`.consideration of "the premises; and the acce Lance ;'by, the •7Trustee of the trust ,hereby created 'and , .of ;the ' purchase�:'an.d pt. "�; •ds by the. Bondholders, and . for 'other. good; -and '`va;luable.-' 'accept ce of the ''Bon Consideration, the, receipt, of which is hereby ackn owl'edged:, ` And-:inl,order- to secure the payment of the` pr,iiicipal, of, and premium; •if any , and in1 . terest on , ,the Bonds 9,' .r� a �r„ e: t bli at o .�,e per orni�n� li dobservance ,by` +,accordIn to thei. ,tenor and-effect and' to secure the e the Issuer o r . i 1 teb i rrevocs. and o nt alien bar a P ' hP;,ei n. and t i h covenan S ins . .xpr the Bonds, does her' y ably gra' , g' in, sell , convey, yransfer ossign ,,•and pledge unto` the �Trustee '(,to,;the extent of its legal capacity-to hold the same for ;,the-;purposes hereof)`, and the successors yin -,trust ''and assigns. of the t, Trustee forever GRANTING CLAUSE FIRST Al right, 'ait;.e; and ante"rest .of the Issuer , i n', ,to ar}d under' the'`Deoosit `g < < P r s:. ri his thereunder,Agreement . and the'` Regul story Agreement exce t jthe Issue ' ' g, ,. . 1. relating r to indemnification and;. notice), ' ncl.udi ng':a1.1,..ektPnsi ons and �renewa; s�nf, the for n' thereof; i f any, thereto -and. thereunder,: incl udi ng; but; without;.I,imiti ng o the gner. l sty cf the foregving ,, 'thQ',present 'and ;contin�ai'ng .rights o makea�claim' far, 'collect, receive,' and make recei` t' for a meat"'antl :other sums of ' Olney payable ' j; th 9 .1 p g ereun e'r or for, the enforceivatl_th ' eof nand to do',ananandGallpother1 things which the Issuer is o ; me 1 �>. s., r may . . .-I' tg he Deed Restrictions', rovided .tha,t -thy assi nment� made "by !�hi s clause shall , not, P M g regiment or timpair cr,'diminish any +. become �•entitled to do under the DP osit g ',provisions ement or ,the Deed ob'li ation, of the Issuer under t e Deposit Agre Restrictions {. 1 1 qq i , ~ I'K ' fie •! t. '. i .1 . � -' " - r If 1 bi It '� - aim .. . i�! ..., �•. ... ... . .. .. .. .. . .. .• ,.,.. ' r. ,f ffl►r "GRANTING CLAUSE SECOND A11 ' night , . title; and interest of the ' Issuer in and .to the: Certificate, } g�: .' g generality , the foregoing ;: -the ' right to' "Cl reca4ve dyments of the. rinci a1 of, and ante din brut, without 1 imiti n e eneral irest�o�n �, the Certi f icatp ;from time to pursuant. p p p„ time::when,'; end as the. same_ become , due to the terns of .the Cartaficate, ,'whether paid by, the Lender or by�"FSLIC or an, entity arranged by FSLIC; and GRANTING CLAUSE THIRD ' :A1'1 right, tl"e, and interest of.'•the Issuer, ' in antl ' to all moneys .and "secIirlties from tine to't;ime, held by',the Trustee, uiider''the terms of"this Indenture ; f ;' ( ` r '�' rl r `ifs .�%" pt � +:�' i - � .:•' .;,t ' .. ' ;r r r ( 5 TO HAVE AND'TO HOED all and - sIngular'::the Trust Estate1 whether now, owned or, hereafter,{acquired, irrevocably: unto ,iihe 'Trustee and its ,successors in trust and a"ssigns `forever; „ S 'lE' ERT? ELF.SS u`*` �usts herein set forth for t t t �IN TRU T V H the terms and tr ��• ,�� N � ,{ pon he e� erg, hf .the Bonlds issued under rity," a►d protection of '.•al!l . resent) and 'future , r^ enef i t, secu P a 1; �r ,p�'•.,, `•, " , and secured by this Indenture without privilege, the other, o n sti ncti on as t"o the 1 i e of any of the Ronde over any of Y , Bon en or otherwise s .. tl it pR01�IDED;,NOWEVER,° t,hat�ii f 'the Issuer, :its s`�ccessor,s or assigns, sha1,1 �reh.l an y truly ay ,�or cause to b'e"p�ai;d, �the print pal . of th'e' Bonds,and;`the Interest•and' remi.um :if, any, duo `or;: to .ibeco a due thereon , ,,at the times:.'and Ah: .the 'manner -p• _ `mentionedt'.inte Bands' ccording intent aridmea ingthereof, and s�al� a to the 'true rl i ca`use `th`fm�paymcr��ts to be' made �into' the Hond Fund a's required'under,Article IV hereo'1= _or, sha;11�ji'rovide, as permitted by Article V hereof, fob^ i;he payment the'reo`f� acid ` truly; •k'''( 'rform and :obsei•Ve al'1 of;the! covenarrts and condi`tidns shal 1 wel,l ; and 1t p ; served ,by i t p��rsuant i.o:thra terms of �thi s Indentur.e to, be'. ke t, perfArmed and ota rE[r ,. ,p a1,1 paying .agents,'for,2`. e-'Bonds) nd ,shall ,pay or.c� use .to be; aid"_'to the Trustee and uei,ar. to become, due in accordance •with .the-•,terms and allr'surns ot: money d pr . ovis on hereo f then :;th i s Ind ure ri reby o.r.a ant and 'the yhts he rated shall cease grid termi`nsite;` btherwi se`. th,i s Indenture shall he. and remain ins fu'11 force and 'effeit; 1 , '• F}1 t} /tT .^—'r' r ,.1 •{ t ,I,. ♦i r r il' ' ' •I5 YNDENTURE .FURTfIER .WITNESSETM , and i.t'r is , exprPs's'ly-,decl tired, ,that 'all, , ,. .. , r �orids ;assue�: and ,secured hereunder. are 'rta be "issued , authenti'cated, 'and'del ivered, • j �•' I } and all ' sai'd; property, rights and interests , includ,ing,,, witliout lamitat"ion, the, r amours s .-,)he te'r s' canditiions ..:'sty ul'atio s' covenanted ; of, under,, u an' and rr { si ned, are to ° be .deal,t: wI th. 'and Ai ' p p t rr s Jett to `, tie P „� ,. agr��{ ,. � �• ens rut , uses' ''sand ' '`purposes.. hc:rein'after ;expre`ssed, :and, that the �I'ssuer ties 'agreed Sand =; r. , tfP , P. y 4; ': ,� s,,'hereb agree and 'covenant Frith' the'.'Tru•stee and with the Cavenant.ed� and doe r;•spittiyVe holders Ud • owners , from `time, :to time, of said Eo'nds, . or any part ' thereof, as follows: 3 r,. I •, Y a , , a , . i. ,� is ;� t• -14 a ART It.LE I . DEFINITIONS Section 1,.01, Definitions . The following terms shall have the respective meanings assigned them in this 'Article I whenever they are used fn this Indenture : Actl, Chaoter 7 coma• ( encin'g with Section 52075') of Part 5 of Division 31 of . the ,Heal th and Safety Code of California , as now in effect and as hereafter amended. . 1 :•;� ' "Rdnd"' ,:- The µportton' of.ithe Bonds owned by a Bondholder, as:reflect6d on the- ' ' Open Account Balance 86oks. . • ' .It` . d , B�n'thounseect- t n tte�iseuanc�e�'y iiof bofrdstabrnesta�:es-Wend their'ationally recognized ' ,t rm' of s an ing wi resp h yp jtical subdNisions of'.obligations constituting indust��^ial�;deyelopment. `6"' ds '-Within ,the . meaning a-of : Section 1Q3(b)(2) of the Code, the. interest on which`'is ex6.1 p!t : from Federal , income,taxes` for, the' purppse of. financing projects to be owned, and +operated by` non-exempt persons (within the meaning of Section 103(b) of the Cede) . "Bond Fund'!, . The fund created by Section 4 .02 of this Indenture. Bon�' dhoade-r" or "holder", or "ow' ne'r of the Bonds" or "Bond `owrEr" :- The, regi stared' owner b'f ,any : Bond: as' shown on the Open Account Balance Books of the Iss�+er maintained by the Trustee pursuant to this Indenture . "Bond Purchase Agreement" oh`. '.',Purchase Contract" The Purchase Contract, dated February 25, 1983, anv'ng;the Underwriters , the Issuer and the Lender. Band Resolution ke'solution ,No`. 5227 entitled "A Resoluti.on�'of, the City Council of the City of Huntington Beach.Authorizing'`the. Issuance,, Sale and',Del ivery of Loan '( me Federal Savings < an Association - ans-to-Lenders Revenue Bands .' Ho "' and Lo Mintington Breakers Project)" . duly.,-46pted by ; ,the city council of Issuer on February 22, 1983, suthorizIng ,and diredOng,;. among other , things , the :issuance, sale and de i ivory of the Bonds ah'd the execut' 0 and 'del ivory of this, Indenture. Beac Bon k" .. The ' City of Hunt•i�,gton h; ,Call i forma Loans ,to-Lenders Revenue Bonds (Horne Federal Savings , and; Loan ` Assoc Huntingtron Breakers Project) issued fn, the aggregate original pr'ir�LiF,al amount' of•$16 000',000. Certificate 0 The certificate .or certificati`tts" f depo'sit i.n ,:the,;aggregate principal ,amount ,af,*161 ,0100,000 issued by the LPndert��n ''thg .name` of; the Trustee to be. held-by, the T,rusteeo f ar ;the bane f i t of the owners o,f `the Bonds; ` _ i� City Huntington Beach , California . 't : ade", Th'e Internal Revenue Code of 1954',',' as now or hereafter amended or any successor statute thereto. !'Comple'tion Certificate", The certificate of completion of the Project required to be 'de' livered' to the IssUer , the Lender and the Trustee by the Owner pursuant to the Deposit Agreement. 4 '� it - ,v •i 'I1 q1T" I..:ir - N of , , r� ,_. - .•: .,��, .. ._ +,rr.. , .. ..vim- .: ._ . .. �•{ _ _ 43i !. I + i "Completion ,Date'' - The date'' of the completion of+ the _cons6tructiQn d,nd �- purchase of the Pro,�ect , as that date shall be certified as`provided i.n the Deposit Agreement. • yr' �� .(1 �'' r r; Confirroafion Receipts The . receipts delivered to confirm a nershipl`of' a, - Band and the terms a n'd condi tion s of the` Bonds, • i "Casts of, I'ssuaj�ce' If�e s''of apse payable,'or •rein able rectl,� or X`p ` burn. ; indir.e�tly by, the '.Owne'r ass prw Qd', in �th De aft reeme related -to the e A r�t a d `'authorizat on`,` sale -and issuance;,of Bdnd �� i'ch ,tt m"'� "f ex s n`c1'uo s .wh ,i e' o 'perise � hall i e but'nak:b6."1nit d to' `' ' ri" tin costs t-cosi's► of 'r.e''roducin •an`d :'f,indin dacume'nts 0 9 '!�, k.� r.J.,j `., .�, .'9j1.' �� lr .i ,.':�.11+-. , f t'•..i +�� •ti closirl9 'costs ,r filing and;:reco. ding .fees', initial fees't�.and" chargestof the Trustee, t and''fee's of..: t e:. Tr�'stees .fc: . the: period terminating +. 5e tert+E�n 1, 1983( :. Bond'(un ;:: . ., ees ';ofr Trustee' s counsel erg ) di cot;nt ,,''legal fees and .charges, includ ng b p ' 1 derwr t o• un3c�li and s nd o pec'ial' FSLIC .counsel , professional` consul tants't fees _,i-6cl uding T . f' { 'feasibility ,,contultint fees, costs of credit, ratings, fees, 'and charges , for ,,.. ; executioh ' ttalsportatior� and safpke epin cg 'of Bonds 'and other costs, charges and ee§ in' connection with the` forenoing. '' Costs of Issuance', Fund The fundr�eated by Section 4. 11 of this . Indenture. (tjj ' Debt Ser'O ce' Pri nci pal of and i ntei-est and any tpremi um On the' Bonds, t ''Deed ,`Restr'ictions" `� That zerta'in document entitled..'!Deed Rest'ri'cti'ons• (Recjula'tory, Agreement) to-be': date`o as of March 1,; 1983, executed by the, Issuer and accepted. by the Owner. '' ,.P , " p y �e De osit The` de• osit made with the Lender b the Trustee on behalf of t IS'suer pursO.nt to,the Deposit Agreement. �Th�e l.'oan s to`-l.e Deposit Agreement" niters' Deposit Agreement dated -as of March .,, 19$3, among `t e I suer, - the Tru' h st'ee Owner and the Lerida'the r. "Deposit Fund" ' lThe fund c"rested^by Section 4 .66 of this Indenture. `+ a Deter nation of�4a mi xebility" ,- A 'jlidgmegt 'ortorder of; a (court ."of ,6i'fg1nal' ,7u1",isdict,fon;s- or,'a. final ruling, technical advice ; or dec'isio`n of I e'�.'Int•ern:�1' , I�ellenue Servilce , 'or ';a •'wr'ftten :o inio''n `'by` an> att' ;,or firm of atto'rne siof recognized sta'ndirg on the '`subject of 'miinio 'a11<bon s "sele'crted by.' the {T'ruatee' `wind -ap roved k�yt'' Fie Owner, !whi`ch' a "roal, 'sha1'lp"na.t be unreasona lyr'withheld 'an';'a'n� P sucf� case ,to the effect that 'theppntere�t `on .thiAoi nds (other than '. inter`est 'oi��'ary 1 �Bo�d or ;any,,pe;r,idd during .which such Bond. i,s` field •by 'al.,''su stantial t�s`er•' of, ' ny. 1 M 1 facil i t . f 1 nih,ded with th !' '`' ., - { ,the'•;p,roceeds ,of ej Bonds' 'or a' elated person! , as' sdcrti' fl t:`erms are'"used"in Section ;1Q'rb) of: the',.Code) "is 'ircludable .fnr Feder ali',incom slit ' purposes ►in the,., gross' incames,'`of rerip: ents t e e o to Fbr',' ur ose5 "of 'this defi'nition a rut in f r dbje t ;'.to r er`al com her u axes . . P,. p:: g,. ' eci Sion of ;the Internal , f, Revenue ,Service shall be`.`:cons'idered 'final if no appeal . ar `'action for ' judicial ` review has'been. YiI' and the tiire for filing such appeal 'or,action ha's 'expirQd. . ( ., arr _ •' it { ` 'ti• Al 1, tr , :E ,i ., •{ I Y r 10 1 5 1 w "Completion ' Date". The date of the completion of the construction and ,purchase �of the Project; a that date shall be,certified as provided in the Deposit Agreement. Confirm a ation Receipts" .- ;•The receipts del".ivered to tan firm' ownership 'of `a Plond and`-,the terms and conditions of the Donds. ''� _!Costs off• Is'suance'! - Ytems '.°f''expense.',payablejr ',reii�tbursable direcsstly ,.ar { •� y � rj, "..1ra t e `. irdir�ectly by the. Qwner as t,proi/aded in th`e Deposit. Agreeinant .and related h' <<`ti a.uthur�iatio.t' ' safe ariii ',i's's'uadc'e, 6� Bonds' which ;i•tems ;of. expen`se',"!' 4 1o'lnc, We •I •?I�, .., •w` iY, 1: : Ii.l•."-, 1. .: ' ., • ,•I ,;j• . 1 ..1 :. ,dol• .1111�11. s- .. ,. fi ' but of be 1imtied t'o , tnfio COsts COSts of re roducin Wand;`bt d n n s n 's fili and record r ) , =• cla 'i Cos ' n irtg' fees 'initial fees: and charges``of'tfie Trustee r ' fees; of the- , rustee = for the : period terminating` ' 9 ,9 � i, p er ,1 , 1983 Bond sunderwriter� discount, Aeq�i•1 ; fees a•nd`cha'rges; including'' fees o f Trust Se temb .; bond-counsel and special' FSLIC counsel+; prof essional cornsulaan'ts' 'fees, ''including i~easibt 1 >,t consultant es casts of credi't„ `'ratings ; fen`s. '' ands chars` fo ,. . Y g r ti execution ransportation and safekeeping �'6f Bonds and -other , costs, char.�ge_s 'and 4 fees in connection With the foregoine tit, .` -- ,l .J• _;. •,.,. .. I�! •I. ' Co'sts of '. Is'suan`ce Fund The � fund.•,.• crea+ted by Section `4. 11 of ' th1is indenture. ' ' „ ebt' Servic'e •..p. 1 " Pr al' of and intr''rest slid a"ny premiUm 'on the Bonds. I r 11 :n :el. `• 11 - It' Il r' DPed Restr,tctions w That � certain document. entitled Deed Restr; ctions (Regu1atory 'A'gheement)'! , to be 'dated �as``of March;,I , 19839 execruted by "'the °Issuer acid accepted by thl)Jowner, ' , . •t "Depcsit" - ;The .denositt:made`wtn the LEn'der: by the Trustee on' behalf 'of the: ` ' Is'suer pur'suant 'to''the'.Depasit''Agreement; "Deposl t Agre''�nent'!> - The"Loans=torLende'rs Deposit Ag'reeme'nt 'dated as• of ' Ma`hch' 1 ,, 1983, among 't'iie 'I'ssupr - the Trustee, the•,bi and theLender. De'pos'it Fund The fund created by, Section''4 06 of this Indenture. r '�,, till '( ' 1 /( I;•r'1 r•.' rI 'ti ., ,11• �t '\`. et. S; �t: t,.. .� rl }f.1'YIf•�`�fr''1 1 •'._ .� I..''' •.1T j'.l?l IS` 'r, r• . � ff• ! 37. ) [•(. ,,. r N "Determination ofs�'�'arabilaty!'; A,;;�udment' or, drder 'of a cau, t of;or'igina•1 ,1 Yc) ,� •f:1, :'4b ,, ,1 ,, ;a` ,�• ! ,r.i ;�,11 ( 1 .�-: 'f !•i }� ;1.f,tl All, urisdiction or 'a .final �.rU!l:in technical adv ce or' sian of decf' the. Internal' t. � +,"!, JP 1. + f.r A•,,.`t,is r f;S ',,.:,; n,� ,�1 1. ,� ..,. �.. - 1},t,Y ' I { Rei►+enue Servica orf a :;writtPn' c in`'ion 'by 'an= attorney ,tor firm afs 'a'ttor., eys of , a,_� �Q she` ct ici ectad b th and, racogrtiized ' t n ing', n sub,�e ' of''mun pals bonds .sel y;'the',"Trustee. a d r...: " •,;.c `.'.1�.. , ?.r i„ i •,,'- 4r: ? .I ); i:. ! i r, ,.f /•', .' .�l1 ..•�.T:<<.. a pro4ed by,l the;';C rpew, which ,approV shall; ;not be unreas',onably withheld ;in any, r . such'tase',to the-offact rthat ,the:; interest'•o i'the1�Bonds (ottie'r .,,an •,interest="' any r; :. i 7, II 11 ` !goad forr a eriad,sdurn which''�such' Bond ,i's lie'ia 'by 3 substantia'1 ,user of any ,:"► p, g ,., ti :1 IVfaci.l 'Ity 'financed With the proceeds of the Bonds _or a' rel;ated.;'person �` as; ,such : 1 t0rm's�are''u`sed in�'�ect`ion, ;10:3(ti of the Cade as ri.ncluc�a l.ble for:Federal '';income' tar. u+^ 'oses� irn` the,',' grorss;"incoines 'of' rec. :»ts 'the`'reoi• ;!subie de income ct 't d P- p °,1 Fe i,.., t'aze's "� For ;purpo`ses 'of th'is'''definition, �a. rul'ing or dec:i'sion of the Internal ' Revenue 'Service shad l '.be considered j.final if no appeal or•, acti'c'n for Judicial . review has ,been fiied,an t.heti`me for filing such appeal "or' action�,'ha's expired. l i• r ( is ' ' ' • • t t ;t r t r it -i � � '•;y�� ',c 1 S,'tfl'ys'�''�• Pti t+ �';, r r .r � ��r ` •' ,`,� r. `r .- t.. "Def'aul t" a�rd . Eve nt of Default - Any occurrence or event specified 1n f" ' a Section 6. 01. of this indenture. i< " " The Federal 'Savings a d .Loan Insurance Coeporatio t'� " , I .,FSLIC ;• n nl. ' or, any r,suceessAr ' to its, rights; ''duties. and, obligati'ons wlth` 'respe_ct to', which Standard` b p . ( such age has con I Poor!s,! , • • �;: h reti ng; 9 Y) -• firmed i n . • . i ely ,6� of 10 ing the ti a ' $ Cor oration a r an succe s so►� to su ` ' •`•, `a61;i 'at�ons ;of.��FSLIC�,b .__. ssumption of the ;_ rights: duties •ac'i ," •.; i'. wr.itn that, mmedi y suchf suc es'sar' 'the Bonds;'i�i'.11 ava` the, ` same rating from r such,age es;`the d; ediately prior"to :such subWtotion n`c 1 Bonds ha imm 1 ''y, iti11S�}, � .i;{ ,I� ,•� !� . •`t 1. �fr ! �' 4•i.!Gove .nment ,:Qo1'i gate on s U, :Direct', :obl.i ga't j hn s 'Sof , o'r. ob1;i Kati o' s, ,�dthe'r, c . ' n 9 4 i• n n'tassoo'iation savings 'and=11`oai� tha obl'i�''ati `ns ssued'by aha pt bu'ildtng''and loa 11 I , asso 'iationf, home Lead associat.o,on ,-"cooperative. bank ",'6r mutual :savings bank) , the r a i a t e.ly' payment oi= `the princip'a,l of•- and 'intere'st' '.on, which �'� ara fully ai d i ti e n m fi 4 'unco•r�dit tinal`lv.,gi� rant •ed; bye U ited: States , which; :at the ti e 'o vestment, � alre aegai '�ir�vestm nt's under the': laws -of' the State '•for the moneys p>#aposed to be i + + invested tFier6in "Home:IArt" - �homi Owners' � Loan Act of 1933; as'.amended{ ' "Home Loan Act"' Federal Home" Loan`'Bank Act, as `amended Ithousi ' Act" H'atioval 'Ho�s`i'ng Act of 1934 as amlesicie'd ` "Indent'ure" Thies Inidenture of" Trust, and any indenture sup"elemental; .-:here o`. ; r`+11 .1" I.{r4 Interest 'Payment' Oate - Any March 1 or September 1 , commencing September •1., 1983 . 2 "Issuer" The ,City of N�lntington Beach,, California ;;'and its succg`s'sors ; and any p'ublic,;b6ddy corporate an`dipolitic' res`ulting from or.' sure'iving 'any ' consol;idati`on or. merger to'�which t: � r its ''urcessors' may be`a party, • `"'1'Ssuer '"'Representa'tiV Thee Mayo1^;, City Ad�iinistrator, Cit ',Cler'k ,. . p rectivr.;'af �:Busines's rand ;Indust"r,,ial Enterprise, or 5e'nior' Conam�in`ity 0evela meat S ec alist of, t e Iss'> er or ant r<r pe I< p�' i +' h h rson .':at ,,:the time duly designated by " the „ Y I S3tl r.; tto`r'`act `o its,'�b'eh , f Ly w'rj to cQrt�ficate urni hid - to' he e. r al si ��f• s t Trust` se coritai��ing the,','sp c,imen; signature' df;,such person n'd ianed op hal of e tiy' its Mayor or, ni s,trato' , Such certJi f icate ma des.i gn � a s he f the Issu r , �:C�ty Admi y atp ,;an alternate or r `t alternates:, ,,'.3nd ' may designa'te� different Issuer Representatives to act for the , Issuer, , "Lihder,�', 'Home ;Federal Savings and ,L'oari' Association, '•a savings and loan + assoc#ation' organized antl existing under the laws: of the Up,� ted''Statesof Amarica, arid ' is siiccessars , and any entiit;y. resulting fr'om 'or si1'r'viving an consolidatl6h' 'or merger` tu'whith i t; or its •successors may be a part,. ' Lender,A presentative - 61 he person ar, 'persan ' (Who nay :be empl ogees:.of the lender) de:sIgh ,. ..: „ ime to , act. on behalf of the Len a written ated'�,from �t i�ne to• t der i n. ed to - the Owner, the Issuer, and the Truste terE.ificate furnish a containing the `i',, fir. I +, ,; • r 4 ale • 1 11 s ecimen signature of 'such persan:'or,`persans and signa'd on behalf of the Lender by tje:'presi'dent or'any:'vice president of the Leader. "Low and` ModeratZ' Units" The dwel l in, units itn the Prdjec t.dPsighAed for Occupancy. -by Lower-Income Tenants pursuant ''to Section 2('a)` of the Deed Restriztl,?ns. h y �I ' �� ome"Sri thin t+/he', r -LowedivJd� 1 s of low .o�^ Income -�;ensnts In a r moderate ,.i nc , rmeartii'►iga of -Seciion' 10 (b� ]2) C) of t�t�e Code For this purpose the' otcc ;l;�a'nts "of a 1 ` it she not be c'.. r ; j' un ", income if `all •such :occupants al ons de ed to be of 1ow' or moderate r are students, '(as Secti of.`the code) no one of wham is' ,defined in �Jn 151 ) to �� enti t+ ed ao a `a 1 , f 1 joint -return'under' Sect�inn 6.013 'of he Code , , f onOffcjalAction Resolutio The February Z, 1983',` pursuant ta ' filch, suGject `to certain conditians' the Issuer agreed to , i he:,of y slue t w + 11 official :Statement - The of f icia1,, atatement dated ' the date of .the Bond, Purchase` Agreement rel at'ing to ;the' Bonds'.' n.Account Bala ce' 'Books T ' ' "Ol ep� n " he registration rPcords 'of the Issuer, lept ' by' the 1'rustee,`'as registrar; ('or`the.f3onds and Related Series ,Bonds, f f` a.iy: 11 11 h • _ t s'• Op g x'p t o .0 i . ; gratin erase, Fund Th 1•und create suar of •E� e d pur � to Secti n 4 5 Indenture 'J; 1l Ot�tsta�d;i rag ; or Bonds Outstand�rag or .Bonds{;tFier� Otit'standi rag - As 'of the 'r t time ,ini.gaestion all 'Bonds "whit c.h have ; been„executed and .de1 Vered. by 'the ' Issuer t : and authenticated by th�6 Trustee under,-this Inde'ntu're, `except: ; _ ,t ' ' , 1 !;lt ' ;Ai r a' + 4 ,• . mot.( {a},=•tThose portibns.:of the- Bonds theretrofore •cancel led after purchase` in the open market 'ar because 'of payment or redemption prior to maturity; and.r -,'t. . C'rylfr '. 1'„ ', ) a . �!, r, :1( '• (b) :1�Tho Se,poi�ti o'ns•of ttie•Bond s If or; the .POment,or.,jr,edempti on `of .which ntdn`e s- suff10 ntl'�� or' Government:.Qbl t `atio'ns th'e`• ��]. r ii'tiny"al% and, 'i'n:ter�e'st,ion ' y .,r,,...r• :.f..,.s, ,)i. ,. , �, _ r -tJ.'Cr"ai:j;,�n.. •• c J• ,., tHhen::dUe .wi Ill + be sufficient; 'to ,pay, tf a pr'inciE,•,?1;.+'of, `or, premium;il any t5 and '`,i n'te'resV,ion "those ,, art f ons b_f ',the !,Bonds ao they date 'f•i xed foy+ payment ar',redemption ,�`shal'1 have"been the Etofore or shall ` �e•`'co�``�u1Krently . I },.t ,e.. .`fi• + ,, t: w r ;.1,, ,1,�.,r 4 =�.+• l f . it: t. •I d� ns'ited' twath the,a;Truste (.whether ban ;or ,t�pri'ori� Jte , the m�e..u�•:ity or .reden flora date>,ofr any,.' such',porti"ons of the ::Bonds) ; provided ' 'than if such �ns, ' f ;they a'nd redee ed rior` a ' 0 0 0 �, rB �r'are, to 'be� 'nit �p , �� to the m turd ty;,`thereof �notice:'af' reelerrptiortishall ;haVe'.bpen''giVen or �arrangeinents 'satisfactory i {r. tie a ;shad l' 'haVbeen';j tot Truste a made ',' therefor or�,�w i irei^ � of . su'th nati c sat` .sfactory jh.: form�'to� the ��Trustee`'shall ha'ie' been "fi�led,wi t'h..the 'Tr us tee 'J f ,,1•�� i� .i, " sl i i 1 • �t1 , )t , 1 1t, Col '!toner",r;,,= Huriting,ton't Brea Ws Apar-tmkts, Limited;'' a:..limited `partnership,'( "under :,the i,l,aws�! 'aF. the .State, . and its succes;s'om- 'hd , assigns ;and , any formed ; surriv'ing, 'resulting 'or trdnsferee entity ` \ , • N V p. 1. 4 •t { , • .,is - ,�• is •./ • • a,l ,+• '; , y,� . •.- . . •. .•. ..: •-. . ... ....... .. ,, ... . " • :. ,1. 1 tom. '.• .♦ Owner ,,epresentati ve!!; The person or persons (who may.be employee. of the 0wner.).':designated ,'from. time to time ;to 'act - on ;behalf -o'f'�the Owner - in a written " t ,,� 'a g j , t:r cart'if'icate furtished to the Issuer the Lender and Trustee containin the specimen g p p g • al f o t the Owner by any general ,n or. e signature ,o , such arson or arsons do si nr part Qr. of ;the.. ner. L ..: Preliminary Offi�,i�l • Statement The;preliminai ;.,.offacial .statement , dateu Pebrua'ry'4.14; 1983, relating 'ta he, Bonds ., ��`• it 1 "PremWin" or. "p:remium �' uAny=� nour�ty in addition to, principal o_f, and ntiertt o .. anti Bond.tta ' .f - i y tare required to:be paid in }=the event ofthe, exercise 6f -'an';opfi`o;n` to pay .the ,pr.iiic.ipa ; of''any and prior;;•to maturity.as aertrl'itted hereby. ' r {S: • Y .,�', �:f.'i, ,1 q It ,I !'Project" -� rThe Pi o�ect -Fa l ities an' -the Projects Site yr "P,HJe'ei+L;'C6sts!; .11) d,by et:I u?r he: r{w-ith re+spect ' to ss or: t -.'Own , ... to` the; c6hitruction or- '* hase,�as tsfeU.ase'mayt,be ' of the 'Prroject, ,w iethar .pa.id pr ' -. e it�curred' pr1, - a `ari.after t a date. 6 the ;Deposit• Agr em nt, ud �ithou �. . e.. 96 inn ' 4 t , , J t , , e � . i` 1 .9 lima+ation, costs r or' sfte prep `i ation , the ``'lann`in of �'iousir. ` end irn ravements ' he, acgUisi.t'io 'ofr o" arty 'the removal 'or de,7olit'iono;f 'ex'isting stt�uctures `>the construction, purchasel,i reconst uctiop ,.and reh'a�i ? itation .of', housing; related facil`itAies: nd'`imtr iieme!nt's r end a1.1 'other work ;;in co��necti;on, t�ierewf h ` and' �i11' _.,.f-. -i - (•T. •^ pr- •,t;,. rlt:.,, costs of :f>fnancing ,9ncludi:ng without imitat (on necessary .re�serye ands the J .;.I Ly .f+ ,... ,A•, ,.' , , f .: .;,'; y ,'jrJr . cost;o 1t,cbrisu,lt'ant,' acco�r�ting,: and Tega)�' servlces,' other - exnehses � ecessary+ r n o ' incident`' tad termin{ng'�the fea'si bi l i y :of the 'housing devel op� ent; admi na st'rati ye; ex�'en"ses�;'neee`sser or`-. nCiornt to the ho l u'si.ng;',devel'opment: and they._ s T r, ,) ,f:i�r�artc ng; �tnereof)�,,(:?r.eluding':=reaimbur.sement' .to; any R�uriicipality `.count+� or ent ty . or e;Xpendir> �res'made,' wiah``the approval of the Issuer, for the',C?roject) and! amount A*- id 'bl the , om any,: to t. a Lender as rein?oursement for the Pro ram °artic. ,'�'tion , diflned Agi^eement) and interest accrued during construction t= ar�d prior', p tion Date. r, "Project facilities" The buildings, {',; ci,l ,ities , equipment J and imp'ro'vement-s;described in the`Deposit ,Agreement . , T. P! ,ojedt 'Loan_" he ''1 oan .madE'- to the Owner by the Lender Fats contemp.' ated ,ey s thc� Depost't Agieeineht. .I' , :;t; x Pro ectf Loan Docum t,s C, . + e Project ;No e, the ,Project, rt,gage,,,. end.4 1 t .- en oflectivei the ro ct t ( � o her documents related to the Project Loan executed by. the ;Owner, z7 or"by the;.Lendeh; , ,► , , :,Pr.o�ecfi Mortgage,,, ; The Deed of Trust 'and Security Agreement, to�-'be dai.ed •xpurpose - March '�'1983 ;.:,tp'be executed � y the Ownar in favor. izf''the l.ender_'for/,the purpose of ,. securing th'e1obligations-of the Owner with respect to the Project Loan. • "Project Noie1 The promissory note in the`, amount of ; SI6 ,000 ,000 , by be ';dated March ], A983 ,- to be executed by Lhe Owner and made payable to she 'arder of. the.;;Lender•, ,,which promisF,ory note 0,11, evidence the' obligations- of the'.Owner ' to repay the ,pr•6'iect Loart'. 1 ) r t? Rio q•,,1 ,� t � r :�' ,t , / �rC• ►-' +., ��.. i F . • • a . r ,r I , lam.,._..,-y r...... •. :..r,•..-,,. .......: ...-. •.:., , ..,, .. . .., � t, u. ., iy, • , De osit.�', gcV,Site ;, Tte,:parcel or ,.parcels of real . propf��ty described -in - the u n P — p greement on which the ProJect' isl to be located. ,.. "Qua lifled Pro,iect Casts'' '• Project:Costs paid i�i" incurred after, the date of the Of, c• a�1 c i� " o. t qJ Vic+)_s 1 n c^ 1 h fi 1 ; A t on, Re• oluti' n that .�irelctiargea�,,le�.• o ttie ro Jcapita accou t , ar:would;:besa:cF,ar'geablei e,ither_;with:.a ro er,election`oh _' ' ��`' P;. P . but for. ,a prup election i to '.de'duct such`+' costs ,. within the meaning '.103(b)(4)(A)' of the�, Corse _Wand: w�% ch cor► tltuter costs,,for ; residential rentail proparty,` ands functional'ly'' rel�at'ed ; and ' f: , subor�'inate 'fats;lsties-'commPnsurate',fn' size and:use with Stich property:' S i , r • uah'i Mid: Pro a t`,'pera nd!r� The '. 6ribd- be ''i'nni ` ,ion `th'e fi rat. day t' teti,rpev�cent of tie-dwel'��ir�g Y �ini(ts ih ;the ; Pro,,ect are .f,ccupied� apd:�*en on th'e ' ` :1'ater 'o years after: the date art whi`ch�,ftf,typercent ,af r' 'tote` ;drvel Ti ngiinn: the 'Pro,� ct are iycup ed > the .datetich t `t as ;ila1i:f-led number of ,days' a fter�:ahe' date'.`on which 'any tof�� the' dwel.'l i ng -uni.ts':;i n. t'he ►.( q Project sire occupi: or. ;(i,i i ) the date .0 1 ny assistance 1pravioed with `n t;wh ch a respect to the Pro 3;e 'i,: under Section 8 of 'the United St""'-! Housingt,Act t'eirm'i`natesprovided, However, that of theta is a Dete`rmiriation'' of °Taxabi'litytithe y j r ,;, , Q r r..o,ie�t'r period. shad 1 end, t nd� roWided ' . ual i f fed:+P on the' date of such'' cletermina sots a further; _'that;y ,for, purposes of cl a`Uses '(i) and '(i i ) , the` •Qua•1`i f i ed proeot' :Period , shal'1 be t entyyears :u' t S; nl es s',and u i'1 Sects 5208 f, the 'Act i smehded 't,o ernii t they eriotls set forth in clauses ( 1) . an :( ii).: ' For purpasQs Qf clause ( i� )r ' the term,'"qua,li,fied ',hwber'!'=rnearis , with r"espect',:to t'hp Bonds, fifty 'percent of the. number' of daystwhich compose the term''af the Bonds W1'6,` he 1origest maturity, tit ,` :. . ' t ' ., � J: ' r ,•' 'oRg ]atiorspramlateby' theRegUl'at. ax Departmencf ,. s the Treasury from ti"me to time jursuant to th`e, Code. , 1 , rl: ` 1,•,, l:- , t r ! ,t tt Il`!l I • ! , 1 1i 1 r f,.4r( '�{ " e1if,ed; Ser: es'`Bonds`1` Any .`.bonds, tither thatt' the 6an'ds, issued -'by::-the , ' Issuorynui"'suant+l,ta ''a rust".inde"ntur+e ��or ot`tier` simiiar in`s'trumen:t:�Ta'nd h'ieh Al '�',; y,', p r f i c i i �., secured, b ce ;ti ates :of:�cJe os t' sued by++ the Lender;. ptto ided .t any , such bonds 'shriill +n`ot ;be 'ciinsidered to'; be Relat6d' Series `Bands ,if there ' i,<<`'de l;itiered; to. Y r ,,, r, {► _.the' IsSGe and.th TrtJstee an a i io 'of the: '' r.' p federal` Home Loan,'-3ank' Board<<to;tt�ia'; 't, `!:. 1' •. ' �,. f Jt r` rr` - l ;,+, .,. �G � .�1."u. �•.[' �' t';,t'C. !4,' ,�,;• C, r�..1r effect �: 'at` theE;' a son ,Gsi ;;;the, rnceeds,`.of-�,s�lch 'Gonds' is considered ttiel'se"ttlor • + .r, .t'[L,.P '.;.,•t• .�'' .1't�+'1 .1�- •:x,: ,!_ . 1,,.. .,, t'•i �4, 1• .r+, ,i: h 1 i + suer ►for th ;.benef i.t�. a;f the holders and' lie af•. t e re ated: trust �sta 1" sued';by tie `I .r 1.1..sty I•,.cir i�rt . ,S •�, r 'v.!". 4. .i t,• :�, ylh , , j' x,-.:J<r'Y'r •owners; of sue bands ' and.' that ,the' r,i,rrcioal amou►tt ';of ;the botnds' a ssuetl td . }0i;ovide 1 l,n,IS•..;a�! jw- r� .(; r.r 31�' ,,. P,. ,,. r• f. ,t. ,T,. +. J-i�'1 met .5 Y�. , ffnancin(, fvir: surh�t}�'er4on;° ,y f secured 6y`ce�rti:fi'cn±;es of;�icie 'bAIt�:it/7lsured by FSLIC; I , �•' ;`,;, 9y,.1 P.., `•i•' :. .1 .+.� •r..' i .A' , { .,i •..^.,.^t, p_.(- .tti'r: t ,,• ..�,•.,.r4.• X .t + I , , wti11 :riot,:' e'::a�J�f're(�'ated or,.,. urn{"yoses :of= a lying 'th�4 FSLIC �1nsu"ranee 1',imi.tatioh,: 'i .Y")h ,7 a,1 .J., .1r' � �o�.J,. .,. J '. .p P,.,., 7 .I• ,•.. .t Jk •4::'i [!,I• , f. wtth�tbdn6`: i,s'sued=:under the i•'terms' of';a'�'se` ar'at' ,tr Est' .,1 fi ch.,barids are s'ecu red` oy. { cefrti.fi'cates,of, deposit insuir a bYh,F5LIC; and ithle procPed of',which are`ito b'e used by ' , 1 a;,dif.f,erent,lper•son; 'and ;( i'i an` 'opinion 'of' °o counsel knowleogeatl t `,r>t tt_r J j latir t vin s and,'d1 t'• R t g' o'sa `g oan associations :and' FSLIC insirance',and;accept. hle to''theiir' ` 1'rlstee tci';th'e 'effect thhat such; opirii'or`i of-the' 'Fedeeal 'ftri an Bank` 8o rd� pp1` es ` ;to• t e'''86nds` and�,s�,cb oth'or`;bo`n`ds':in quest;°pn , � •, ' _ •r .'i+ y•,I11' '1 Required Re'sehve - An amount equal to 65 ,:days .interest on 'the Bonds. O�itstandfng at' the;''tiirne i� question. ' '' ,•i , �'i "Reser4e Fu�rid"„- Thr .fund 'created by •Section 4. 68 of ;this':Lndenture;' =ft . �1' `! , ,. - ,fit i .. 1 1 '', i • •;t "Sta`te" ~ The State of CO' i orni 1 . "Trustae" - The trustee at the+�t!lnie servi'rg as such under this Indenture . "Trust �Fstat•e" he property curiveyed to the Trustee pursuanr. to the granting claus�s of this Didenture, ' "Underwr�'tors" - The initial purchasers of the Bo'nds pursuant to the Bonc! Purchase Agr•eemE�t. Secti on. 1.02. C6nstructi66'• of Term.,. . .tf ,-LL�pgropriate , in-. this Indenture ' Wor,s, of the singular number`'shalVbe cunsidered:,to �incltide the: pf6ra1 , words , of�, the ;kluval shall he considered to include ttip.,sinntriai'=, andvords of the masculine,, feminine .or reute gdnder, shall be cvnsidoared to i•ncIude the•`other genders .tli n , 1. 1 . t r , J: r It 1r � ..1. •1 t.' ) ' r,1 ; '' , 1�.: t ,', I,s , •� 1. I/ ,, , �, } S' t ♦'�r�r } Idr � 'yl ;il r� ��.11 . , ,. �1\1 i ::�. 1(! I �' " • q 1.. ti...1 Ali r '(t' _ rS �• t I/�� y 1 y, rr , S' i rl f• � I ,I �{ '� � �'�/I' '1 , � � '/ I '; r /�: .1 .+� FAO 'r�! ' .. r• . �t r '�1t �f a11i 1 1' t;{ � 'r' �){{, .' ,/S •I IV t `j 11 tr I'. ', ,t 'j'. ;. � , .. � S' l� 11� ) '�1 �r t �•11 r` r .r 1 ,�I, 1 ,� S i'. �,'i I �•t -,` t 'r,� ,1 )i; 'AA`: �i, } r' ,. ti '� 11 S , ''f� '1, , } •tr ' �i \'� � S,_., ,/�` ..rlst/{`` .t,l�"•I �, '� 1`, l• `"•�, '/ ,,, 1'i � 1 „�, .r. '-.:t' ,�� Ili.,'ri; , i ARTICLE 11 . AUTHNIZATION AND ISSUAN.,E OF THE BONDS ,y Sections 2.01. A:uthorization;iand Issuance of the Bonds. The Bonds are heN*bl authorized to be issued in the,aggregate principal agiount o'f $16 ,000,000 for the purpdse.;of financing the construction and development of mui•'Ci-family housing. Tfie Bonds sha l ;..`fie due on March i , 1991 , and shall bear interest f om their date until •'pay,ne'nt••of. t.h:e''princ-ipal amount 'thereof at the re.fb of 7-�3/401 per annum. Surlh interest shall be paid 'sem,;annualiy. on March 1 and September 1 , in each year commencing Septenber,. 19 1983, and' the' reafter' intil the pi^incipal and premium, if en;/,,of and the interest'on the Bonds have been paid in ful l . Section 2 .01 . Form' ct., 'the 'Bonds and Confirmation -Receipts. One ;. f111ly registered Boer;{ in substantially the form attached hereto as Exhibit .,A, repr )sent,ng the Bonds shall La i':'3'U d �.o an'd 'ragi stered in the - name of the Trustee Jior ,:the benefit o` the BandFolcipr,s rrom time to time .as reflected op. the Open Account' Bal ance..Gc�o , s ,, and 'S1�01 be delivered ` to the Trustee , as i;rus*ep fo�� the be; fit of` the Bcdhe'.jders Thr? Trustee steal 1 reflect the ownership of. ea'c`:n Bond on •the;Open :A�.� isar.t 'Balanre books in the, denominations of $5,OOO or any integral mu i ti 01 a -thereof and shall deliver non�-negoti ab f e Coni rmat f on Receipts to the c`o,io, ' 'i'ders confirming their ownership of each Bond. ;'!The Bondholder recorded= on ,,. the pen Account, Balahce ,Books, as the owner of a Sono shall for ul1 purPoses Ge considered the owner of each Bond so recorded;' The Confirmation Receipts for Bonds shall:': be ;,substantially in 'the form set forth 'in Exhibit B hereto, with such appropriate'.,variations, omissions , and insertions as are e perdmittel''' raquf ed ;by s 1~ndenture', „and.. muy have -endorsed thereon u h 1 gays or e t 5 may, be necessary or appropriate to conform to any applicable `rules and regu?at'ions of any governmental, ,entity or any usage or. requirement of law wi,tti respect thereto or such re�ui rec,, to numhars or symbol's as thr�, Trustee ma choose Bond owners steal i not be , o' ., 1 y surrender„' the r LanFi'rfnation Rece,ipts in order to receive payment on redeemed or matured Bonds, Section 2.03 . ' De'tai Payment 'of the." Bonds 'rhe Bonds he ate d � bear. interest - from t l s� shall d , c ,an , he date of their issuance. Each Confirmatinn Rcc'eipt steal be `dat'ed the date of registration of oi;►nership of the Bonds to'"w;;ic� -such Confirmat�'on �• Receipt re.late's. 7 he: principal 'of, and premium, ,if any, and interest,`-`on ,•, the Bonds shall ear: payabl e: t o ;the owner of 'each Bond .as 'set, forth. or; ,'the` Open Account Bat ante Books of the l7r f.tee on�,rhe -15th,day of thp:'. month immedi'a'cely preceding the Interest>Payrnont'' l!ewfu?�•m hey`.o f the United States o f•America by check or'draf t mail ed to the rs:ni?tare owisar ,at his address a's it appedrs ;on ;the Open Account Balance Books . If any, Bond,, shall not ,`b�,�= paid upon the :'surrender thereof'at 'the maturity_or r, tIIi ; pa ' t ' ` ��interest Q overdr 1 ri nci p redemQtion'date thereof,, •:such Bo, ;,steall continue t•o• gear ;nter_�st ,unt}l; id an , �a o''the'; extent permitted;;by ^l aw, -r any !e payrrant: ref the p al -� of, .pr`�mium 'if 'any, . or Anthrest"on such 'Bond;:.-shall, bit paid at the rate cf' one ' }'Y percent• per annum.'above� the interest rate borne byt �suct� Bond., Upon purchase. in 'the open ma: ,and cancellat'fan or redemption''of '`any. Bo�od . th0l"r6'tW ."shall . note the aggregate .Pr,`indipal `amount ufi;eachl;Bond sol;p'urcha'sed a`nd hg y ff , 'set forth �an the bond =cance,l tad, or so = 'redeemed, on =a "Table of 'Bond `Pd ments reptoopent1,ng'`tha Gonds••i ssuedpiirse:ant 'to 'Spcti on 2 .02 ,hereo` o it . 5, •�4 r`i r 1 1 •u 1 . 1�M11 ; 1 0 Section 2.04, Execution ; '_imited Obligations, The bend reprener,ting the Bonds delivered to the Trustee pursuant to Section 2.02 shall be executed on behalf of the Issuer wkth the manual signature of the Mayovr and i*tested witis` the manual 'or � facsimile signature of thn its Clerk. Arty such fa 'simile si Viiatures shall have the same force and effect 'as ' if suid -H 'yur or the Clergy;, as, the case may be, had manually signed each ff said Bonds. !, In case any officer whose signature or a facsimile of whose signature shall y appear on the Bonds shal l ,ceas,e,, to be such off ir.er before the delivery of such Bonds, such signature or such facsimile, shall nevertheless be valid and sufficient for all purposes, cite sane' as i f he had remained i n cf f ice unti 1 delivery . The Confirmation Rece{pt', shall be manually executed by the Trustee. The. Bonds Ore trot' and shill never become genera; obligations, of the Issuer or be payablefrom':the,;.general funds or other funds ar'•assets of the Issuet�'; the Bonds are . limited ubliga.tions payable by the Issuer solely ' and only frorn. (i ) the , payments received pu�r,uant to'`the Certificate and the Deposit Agreement and (ii ) a pledge of the moneys held in the funds and accounts established under this 'Indenture, together;: with cartain '-investment earnings 'ti erecn , which amounts' together with any other security provided ' . ' p rovided `herein ,' herein ,' are hereby specf'ically„ass ig ned lit such- the manner and to the extent provided here- n. Neither he„Cii , h`ettie not,- ' any poi `tcal subdivision thereof sha1 n -a ny, event be 1 iable for h eyment of debt sFrvice on the Bonds .or fiir the performance .of' any pledge , mortgage, obligation or agreement,, u' dertaken ' by the Issuer, nor `shall ariyr of the Issuer! s -,agreements cr obligations be construed to cont" "t;,atute an indebtedness of�, or;a''pI dge cf the .faith , 'cr'A'Vt• or taxing power,. cif`) the 'pity, :the state- or any. Folitfca,l;, sLbdi:vision thereof: Y..." Fiin the meaning of any co :stituti►�nal or stat�ufory;proVi si on whatsoever' of the State . , 1 Nn"'rec�,urse r shall l. ►e ha8 fc r the'payment of -debt sere i re_ on any of 'the Bonds' g r8 or for. 'any claim`, basocl .thereon, ;or upan,,any ohYi anon, r. �,enart fir agreement in this Indenture ,c6ntained, against any,pas`t, present• or futuro officer, empldyee�o;r agent , of. the A ss'6gr, ,6r any 'Incorporator, , of f i cer ' `di rector, ,r timber;; agent.. or P' q 9h ` the IS�uer; or any,,. successor. corpora under, r,, • ule of law are u p position , as sunyh r either directly ity,t swat em o �.ee o any .';.successor,. cos ,. . ate or tens+.',itution or >by the 'enforcemeht of any a`ss�ssment 'c�^,� penal ty or, otherwise, a;nd abi:lity of, :any ''stl'ch ' incor'orator officer , director mer>�b-er, .agent or, �j con:, ,d r co ti on of and i n co lo'derationufbri the rexe ut on suY tnisvIndenture'-indedthesisscance of any'•of the Bonds . Sectio 2.0 5. Conditions Preced,n � � 'dent to Del ive� of the -Bonds ; Authentication. The Issuer shall execute and delivar to" the Trustee, and :the rustee shall ;,authenticate, the bond (representing., the,, Bond: . del,lver,^- to the Trustee p'ursuarit to Section 2:Oz as here,inafter. 'in this-Section provide A l:J Prior,lb, a`nd as 'a condition pt�ecedent t.o. t;te del i��ery of suet l bond Lhere sha11, be Filed witih''and"deliv�red� to the Trustee: A 'copy,' 'duly certified by the City C1"erk of ,the Issue r , ,of the. Bond Resolution; r '12 i i T (Li) A'i original executed counterpart of the Deposit Agreement end 4 this Indenture; (c) A written order of the Issuer directed to the Trustee , instructing the Trustee to authenticate the . Bonds end to credit the Bonds to the pur^hesers identified in such order or in a subsequently delivered written order of the Issuer, Upon payment to the Trustee for the account of the Issuer of the,,sum specified in such,written order. • Such written order.,,shal l '-direct t)e Trustee to deposit the proceeds of the Bonds into the Depos'lt Fund ` and to deposit the the payment made pursuant to Faction 3 .6 of the Deposit Agreement into :.he Reserve Fund; ( 1) ; An opinion of Bond Counsel s►ibstantially to the effect that the Bord.s;- consti tuta legal , valid-'and bi ndi n'g limit::''' obligations of the Issuer, enf' ceable in accordance with 'their terms , Ocert' as 1 i��ii*ed by bankruptcy, insolvency, moratorium, reorganization and other laws affecting creditors' rights , and that , i nte!Pe.:J ors the Bonds i s, exempt from federal income taxation under existing laws, regulations, rulings and judicial decisions, except for i ntp.,est on,,afiy Bond for any' period auring which such Bond is held'by-a "substantial user" otany facilities financed with 'the proceeds of the Sonds oil. a "rE{fated parson" as those terms are user, in Section 103(b) of the Cnde`and' the i-egulations 'thereurrder; . (e),,,' 'Al certification 64 the Issuer statino that iw has complied, with`-, ail requirements imposed by the Act and .thi s Indentu're, and ;pith all other I a Pl icable laws and vegOations; and f) , Such other documents and ,opinions as Bond Counsel rr,".` reasonably require. Upon ,receipt `of the :.foregoing and -of the purchase price, for the Bonds the Trustee � - sha11.',.authenti cafe the bond;, and credit the Bonds as required by Section 2.02 hereof. r; No-, Bond '•shal l` be ;val i d or obl i ga Tory for_,any'-purpose or enti 41 ed to any: ' serur•i-ty or, benefit, under. this Indenture unless . and until , authenticated and rredited.,onthe Open 'Account Balance Books maintained by the Trustee. Section' 2.Q6. Optional Redemption. (u) The Bonds are sub,�ec,� to:'optionaI redemption prior 'to.,maturi ty, at the option or the' Issuer upon notice as provided in subsection (c) 'of thi s Section under the circ'umstances 'dpscribed below: ` ( i ) In Whole''or • in"'pa'rt ,, `'in Antegral multiples of`.$5 000„;'on March .1 , 1988 or o t any. . Interest . Payment'' Date :thereafter to the extenC'of the proceeds of op icnal prepayment by the`Owner of -the Project Loan,. .(i i ) I n, whole at any time'' within 90 days after lthe. ,dAt'e of any _ 9 amendmeh to, or the promu,l gation' c'f any 'f i na1 Regul ation5 overn ng the ..s' suance of, bonds under and/or,,the administration `of, 'the 'Code ;which have the, effect o`f i6 osin 're uirements u0 on .the rtwnershi or o• er *ion of the p S 4 F, P P , pr.o3ect` materially more restrictive than those imposed b '; :the Deed Restr` i-tions; or 13 ' r ►� ';`. wry ' � . .,.. (iii ) In whoie .or in part upon foreclosure by the Lender of ,the lien of the Project Mortgage or acceptance of delivery of a deed in lieu of foreclosure. " (b) Any such redemption shall be at a price equal to the principal amount of tithe Bonds to be redeemed plus th. premium set forth in the following schedule expressed as a percentage of principal amount of the Bonds to be redeemed) applicable to the date of redemption , plus accrued interest to the date of redemption: " Redemption Pericd Redemption Premium W P!'�F r to March 1 , 1989 2% " Hi F.h 1 , 1989 through February 28 (29) , 1990 1 ,., Mardi .. 1990 and •thereafter 0 ( )� 1 ,� c Tn . upon shallw,be so, redeems-j u on i del by the Owner .to 4 ( ) d . ., the lender of the notice of optional prepayment, of the Pro,iect ,Loan in accordance with Sectiett 4: 7(a) of the Deposit AgrEement and the deposit with the Under by the Owner of'funds 'in an amourf t'''suf fi cient to effectuate, such prepayment of the Project Luan i.nc'i udi na_ the- appropriate remi um and i i deli,yery to the Trustee by the Issuer:'of a written notice of the exercise of '-the option contained in, this Section 2:06(a)-not 'later that --the thirtieth day..prior'' -o. tha date of the redemption o� the 1. Bonds and the. deposit of the redampti on premium, -if any. (d) For purposes of this "'se:ction �I.;ny notice received by :the Trustee pursuant "to Section 4.7 of-'the Deposit Agreement shad l` tie deemed to be ,11otice of the Issuer' s. election pursuar.- to the applicable provisions of-this Section . ` Section. 2,.07. Mandatory Reedemption.Trustee are,, subjsc � atory •' t to ,{land _redemption , and shall o.. redeemed by the T s p for to: their, acfieduled maturity, on the thi rti eth ,AyAf?,f+ter the occurrence of one or more' of the following events ,,at a redemption pricy equal to the principalamourt thereof plus accrued interest thereon to thf ; date of redemption, -and without premium, if , cne or more of; the foll6wing events shall have occurred: ' • (a) the Trustee receiwps notice of the occurrence -of a Determination of Taxabi'l i ty; '(b) Either the . Trustee as received notice thatz or; F•SLt�C has deliVered notice to ;the Trustee that FSLIC' insurance on the Certificates of Deposit will be 'terminated or' ,that ,, •the ',;Scndhol dens ' wi 11;—no 1 onZir .be ''entitled to the 5erelift' of, FSLIC .nsurance oh' the;Corti f mate .tu '}Zhe same t extent'•as on the date hereof', upon fai 1 ure,.of• the .Certi f i catp to" be insured A Iree e t . u less ri renewal•i of the Cer.ti•ficat� 'as' required 'by the Deposit by. FSLIC or"� an non g +m n n `'p or 'to':the �ffectiv.`e date of l „the; nonrenewal '.or. the loss' or ieme rment' of 'FSLIC insurance benefits on tha ��rtific' 6e. "will ;germinate, ►ill be `the date of, ahe next renewal of the Cehtifi.care) „ ( i ) cer;tifickates P , unt of of, de osit in an amount at lest"equal to t�ie',,aggregate principal,,.amo atll them' Du.tstanding�`t lids insured by ``FSLIC:' to , fhe •sarne extent with respect to the Bondholders, as the' Corti ficafe i s` in"cured on the" date hereof f; 14 {1 1 � • •1. _ , • .1,. ,` • .. • + ' �• ' i1 1, to 1 t land 6ontaining the same terms and conditions as the Certificate, have been substituted for' the Certificate and the Issuer and the Trustee have ;•eceiyed an opinion of counsel knowledgeable in matters concerning savings and loan associations and FSLIC insurance that the certificates of deposit' proposed to be substituted do not create additional insurance limitations that would adversely affect the Bondholders "or ( ii ) the Trustee has roceived other certiificates of deposit, insurance, letters of credit or other- security .for the Bonds ("Alternate Security") which will entitle the Trustne' to receive an amount sufficient to pay , as and when due, principal of , premlom, if any,,,,, and interest on the Bonds and which will pay and secure . ..be Bonds for the term thereof ;and, simultaneously therewith,• there is delivered to the Trustee ,` from Standard & Poor' s Corporation (or any y'.• sucr-essor to such rating agency) to the effect .'that such rating agency has reviewed . 'the proFosed Alternate Security and, immediately after the substitution of the proposed Alternate Security for the, Certificate , the Bonds"-will have the same 'rating from such rating agency ait' the Bonds had immediately prior to such substitution ; - ' (c) Proceeds of the. Project are not utilized or• reserved to 'acquire,' construct, dpvelop,,.or eouip the- Project (except that upon approval of the Lender, the Owner and the I.5suer such proceeds may be' used for'' ano-ther multifamily, r4ntal project owned by the Owner upon appropriate amendment to 'ihe 'Oeposit i� "reemei�t -'CA Restrictions or "owned bye another. enti t��, upon, execution of a new. deposit' agreement and deed restrictions i n substantially'.the same form as the Deposit Agreement;;and Deed Restrictions) by the date: which is three years after .the date of i ssuanc^ of the Binds; (d) The foreclosure of the Project Loan by the Lender , to the extent of cash proceeds .therefrom; (e) Del in the due ir'id punctual payment of the princi pul" of, and interest ph , any.'Certificate„and the continuation thereof for twa days; j (f j Tile Tr.us'tee ''shal l have received notice-of the, occurrence of any "Event of 6 ia' ult" under the,Depos-it Agreement; (9'J The.'Trustee shall have received notice of the -occurrence of 'arty default -under or breach of tWDeed, Restrictions and the .continuance,of' such default or breach for 30 days after notice'by the Trustee to the Owner; and If the, Owner exercises its option to prepay thej;Project Loan upon ' +'the. Project as, a, result of • ;• unforeseenteven•ts��f�r` sul:s,tai�l•tial destruction °.ion or.condemnation) . 9' re s se zur� e u _ In ,the eve n tt of the occurrence of an ''euent described i'n clause (a} (b) �• (e) ; , �f).;or .(g)- 'above , '..-the' Bonds shall be redek.6d' in whole, -in the,.ev'ent ;af' the` occurrenceAof an event described in' c),ause (c); (d) or (n) `'above, the Bonds shall b redeemed 1K- part, in integral multiples of S5,`000, to the extent of funds available f or •r:.dempti o event. p n as a result of the occurrence :of such ev ,. jto i r r lv�v I W Sectior: 2.08. Notice of Redemption . Not less than 10 days prior to any redemption date (nor in the case of ,optional redemption , sooner than receipt by the Trustee of moneys sufficient tc effect the redemption) , the Trustee shall cause notice of the call for any redemption, identifying the redemption fiv/olved to be given in the name of the Issuer and to be sent by first class prepaid mail ' to the ! registered owners of the Bonds to be redeemed at the address of each such owner shown on the Open 'Account Balance Books; privided, however, that any defect in such notice shall . not affect the validity of any proceedings for the redemption of such i partions of the Bonds . The Trustee shall bot give notice of any redemption j pursuant to Section 2.06 unless and until it has , receiv,"i the applicable pre'inium amount from the Lender. Any notice mailed as pro;,,'.ded in this Section shall be conclusively presumed to 'have been duly given, irrespective of whether -received. Section 2.09. Redem Lion Payments : ' Effect of Call .for Redem lion. Prior to the date fixed for redempti on 'of any Bond, funds shall be ( i ) in the event of a redemption pursuant-'to Section 2.07(c) ,' on deposit in the . Band Fund or (M in the event of any o her redemption, have all moneya .:in the Bond Fund , including moneys from the Ra-se' rve Fund , tranferred to the Bond,. Fund from the appropriate fund, to pay,' and the Trustee i_s .hereby authorized and directed to apply such funds to the, payment of, each Band or portion thereof for redempt•ion', together with accrued interest thereon to the redemption date and any required premium. On, the date- so designated;, for redemption , notice having been given it the manner and under the conditions' here inabove ' provided,' any- Bond or portion thereof so ;;cal led for redemption shal'.1;"become and be due' and payab ie at the redemption ., "a'rice prov de' d for herein; and if sufficient moneys, or. i f Governrnel;t',0bl igat'ions, ' the principal of and ' nte'rest on which' wil,� provi'de 'sufficient. nionuys' at tha, times requi red, for, !-%,Jyment of, the 'redempti on price ( i ncl udi ng a►iy appl i cab.l e f e6mi um) and :accrued ,interest to the' 'redemption, are then held by the Trustee in= trust for the owner of every.Bond or'pokAon''thereof to be redeemed, interest on each such Bond or portion so called for redemptiun shal l cease to accrue and shal l cease to be' .entitled to anyA benefit or, security under this Indenture, and the ow..Jer of 'each ,s'uchi:''Bond or portion thereof shall have nc- rights in respect thereof except to rer:eive payment of the redemption prig thereof and accrued interest to the redemption date. Section2�. J 0. Parti a,s` Redempti o'n . In case ` part, but r'o�l, a l 1 , ;if' the Out standing Bonds shall b6- selected for redemption; the Trustee shall make the apnropriai:e - entr{es on the Opan Account Balance Books. 1f less than all of the 80If s shall be ral'led for redemption, the' portion of Bonds to be redeemed shall be seleCted by lot by the Trustee :from among Bonds own6d by al 1� Bondholders snag as ,. nearly.asr'practical each Bondhol dertiishal I" have hi s total princ,ip'aI amount of- Bond S reduced by,,,t:he ,'aercentage which the "aggregate; principal amount cf 86nds' 're' deemed bears; tc the aggregate principal amount,,'o'f Outstandin'g•' Bonds irnmediat-fly prior to such redemption'; provided; . however, that the portion o`. any Band t' ' be; re'deemed steall' be in tha' principal AIMount of $S,000!or some integral multiple thereof. i 16 i' r . ARTICLE Hill GENERAL PROVISIONS , Section 3. 01. Authori zation Indenture; Indenture to Constitute ' Contract. This Yndenture is entered into pursuant to the Act. In consideration or the nurchase and acceptance of the Bonds by the Bondholders from time to time, the p'ro%di � ions of this Indenture shall be a part rf the contract of the Issuer with the owners of the '3onds, and .shall be deemed to be and shall constitute a contract between the.-:"ssuer, the Trustee , and the Bondholders f. um time to time, and such �prwi. ions are covenants and agreements with such Bondholders ,the Issuer hereby determines tc be necessary and deji\�-3bie for the secur( ty and payment of the Bonds . ?` ;•, Section 3.02. Payment of Debt Service. The Issuer covenants that it will duly and punctually pay or cause to be paid the debt service on the Bonds issued under this Indenture at the place, on the dates , and in the manner,, provided. therein accordingti the Prue intent and meaning thereof, , but solely from the payments , revenues an'd receipts specifically assigned herein for s' ucn purposes as set forth in Sectinh 4. 01 of this Indenture. it ', 'l,efa.ithful03• er-form at all times ans; _Issuer•... The Issuer covenants that Performance- of Covenant wi ? y p y and a i l covenants, undelrta ki ng s , stipulations; and' pr•ovis`ions required to be 'performed by it and containeu in _this Inde.nture,`''or in rny; of its proceedings -pertaining hereto. The, Issuer covenants'.. that is- Ouly . authorized under Iche Taws of-the State, incl udi iig 'F,ar-ti cularly and ` w"' hout•, 1 imitation the Act, toy"i slue ; the Bonds authorized hereby'��ihd to execute tl i�. Inden.ur'e tp �y,;g� its`;t iahts under the Deposit Agreement, and to assign the * as t Cer i jr. is .payable under the Deposit Agreement which; hereby are f f _ate and 'al] " amours geed in, the manner, and to -the extent herein ' set forth; that all ';actions on its ar1r.;ro., „ ` +; ;�'�i s Indenture pp '' r the i_suence o','' ti a Bonds arid the execution andAel ivory. of fiat/c been duly and pffectively taken , and that. the Bonds are and wil y,oe valid aiid b,i ndi ng limited obligations of, the I s suer entorceabl P 'in accordance w• ch -the terms thereof. and hereof, except as , limited 'by bankruptcy, '' insolvency, moratorium, reorganization and othr,, simi lar -laws affecting the rights of creditors. i it ` will edoio execute; a kr�owl dg f andtdel ver ,rorccause etos ber�n� �nuts that ;<ecuted , acl'.nowledged, and' oeliyared; "such indentures .supplemental h'ereto.,arid such 'further acts. { nstr•umerits`', und' aransfers as the Trustee may,, reasonably require .br 'the •g, y �t better and more of ectual assi nmen� to the Trustee of all payments , re.}enue_, and 001er amounts payable ifrde� ,the Depos•i,t Agreement , and any other income- and other moneys assigned �iereby,• to the payment of thetprincipal of , and premium'; 'if any ; . and in,ter•est` on ,. *he• 'Sonds . The Issuer f6rth"r covenants ,that it wi it not' creatr;..or::: sufferi xa be created'/`;any 1 i en, ' encumbran'ce, or, charge upon i ts,_ i nterest in '►he revenues and 'othe'r amounts payable �undert the Cer.ificate; the Ceposit Agreement`O' r P + any other income thr�refrom, except LhE` l i en and cha'r'ge granted hereby. 1t Section .3_05. Recordat`ion. The Issuer covenants that i t wi 11 ,;'cooperate to' .' hie entl 'that th'�1Depos.i,t A reerr t, this 'Indenture , ,the :Deed Restrictio' s and` any t 9 y, . , '•'1 P p y fenui red from, /, be •ke�t a wi 11 ber,rQcordid andef i l cd i n su h manner and ancin state meats -dad al l •q ' '!O'me to a•imP to p � s t from inie r red by, law in'` order fully tu_ r` in SUGh pla..es. as `n.y m ,t to, time 'be , equir preserve:a,rc! pl•ot'sct th'A secu'r',ty 'of the owners of, the 'Bonds and the rights o'f, the 7ru's,tce hereunder. if 117 •fir . r,�i '.��yf �' . • i , y r j t , 11 Section s .06. Regist�7ati6n of the Bonds; Trustee Appointed Bond Registrar 'persons Treated as Owners . ", (a) Re istraticn. The Trustee is -hereby apininted as Bond Registrar and , as, such, shall mainta'1ln the books of the Issuer for the registration of ownership of each Bone, and, ,if applicable , the Related Ser''ies Bond, as provided in this Indenture . The Trustee , as Bond Registrar, shall accept. a Bond for registration of ownership onl�,� if ownership therecif is to be registered in the nave ,. of an individual ( including jo,jnt owners) , a corporation, a partnership or a trust. (b) Notice of Certain Transfer:. In the -event the TrusteL,-.receives trans to regisi'er the ownership of a Bond in the name 'of a person who, . at.cording to the Open Account Balance • Bock, after such registration is completed would own a Bond"•wiW',,a r,inci al amount '• c r a Bond, and a Related Ser es Bond with�a combined principal amount, pf mor;e than $100,000 (Qr•, if greater, tt'e " then current, insurance l imi t of 'FSLIC) , the Tru'stee', shall immediately deliver to transferee by registered or cer6 fied the a written notice in _substantially the form attached as Exhibit "C" he►•eto , For ' purposes of, determining whot-'er such a notice is required, Bonds and �Re'Aated_ Series Bonds registere&. 1n an - individual ' s name, regi stered.,in joint owner.shli� ,whi.ch include such i ndi vid. a-' , apd regi stered, in '"the name of a revocable trust with that individual as settlor shal-f he aggregated'. ' (c� ,,,Notice to "Certain 1Tru�ts, T.n the event that the -Trustee receives .transfer instructions to r'egister. a fond' in-,the name or a trust, the Trustep shall asc6rliain .from the Open '`Account BaTa;ice Books whather the' settlor• of r,such trust also `owns -individually :orjointly, 'or','�j`is' the settlor'; af other trus "Wated -Trusts"). which awn , Bonds ;jr Relaters Series` Bonds• which, when agg.,egated, 'would total more than ;.$'100;.,G00 (ur,; ,.if greater; the then current ins.urapce l imi'L.,` of FSLIC) , the Trustee , shal I * immediately del i Ver to the' trustee "of sucf� trust and the trustees of all Relatied Trusts with such,.common settlor; by registered or, certified ma'i1 , a written notice in the-,form attached as Exhibit "0" hereto and such other notice as..the.Trustee' may deem 'appropriate. Notice, to' Lertain Nominee Holders.' In the event ghat the Trustee". receives transfer instrucrtions, to,--register lownership of a Bond in ''the name of`a e who owns or after Isuch 're g`ist'rat.ion i s corrp`leted wi 11 on as a 'nominee Bonds.. and;''Reiatee.OSeries' Bonds with a• combined .principal amount of more than $100,000 (or, i f ' rureater, ,the•ahe'n current insurance .,limit of FSLIC) , the Trustee „j�shal M,mmedi ate ly de.liver' to such nominee by registered or certified mai?�a written notice- An substantially the form attached a:; Exhibit E hereto . Jo Transfer After De'faui,t. The •Trustee shal l ,:not regi ster -he 'ownershi of,�or trance r ' any' Bond fol l owi ng the occurrence of, a p ( �fe � -+ n. EvQ^*"a`f ,Default. ofwhieh ,the' T,rustee..has notice or is deemed"to have, notice pur'SJiiis'.''to :i,section - 7.01(h)'H�-+e0f`which is neither 'walved nur- 'cured'. Inspection. At reasonable times and under reasonable r,,p'gulatian's ,F established by the Trustee, the Open,;Account Balance Books: may',ve inspec ed' and .� Copied'by he Owner, the,, Issuer. and the Lender .'th'or by owners (o,r. any designat'zd repres.entatile 'thereof) of '25t' or:•'more in the; aggregate; prfncipal,.amount''of� Bonds then Outstanding: 1 18 , u. 1 (g) Transfer. The Bonds issued pursuant to the provisions of this Indenture maybe transferred upon the Open Account Balance Rooks upon delivery to the Trustee of a bona' poorer , duly , executed ,by the owner of the Bond to be transferred or his attorn,�y-in-fact or legal representative, containing written instructions as to the details of the transfer of such Bonds , along with the address, -the sociaV,security number or federal employer identification number of such transferee and, if such transferee is a trust , he nam,a , address , the tax identification number of the trust: and the name and the social security number of the settl or and name and address of the trustee of the propo,..ed r transferee•. No • transfer of any Bond shall be effect until credited on the Open Account Balance' ' Books . (h) Delivery, Cancellation , Charges . In all cases off the tra'n'sfer of a Bond the Trustee , shall credit at the earliest practicahle ••time,; on the ,Open Account Balance Books, the Bond in accordance .,..With thel� pro'ii lions of the s -Indenture,, The Issuer oil the Trustee may make a charge to . the-,Bondliclder ,for every t, such 'transfer o.f, a Bond sufficient to reimburse it for any tax;,1 ee , or 'other governmental charge required to be _paid with respects to such -transfer, and,+,may, demand that such charge be paid before any such new Bond shall be creijited• Neither the , Issuer nor the Trustee shall be required to make any such transfer of a Bond during the 10 business days immediately- precedi�g an Interest Paymr"rt Date , or, in the case of any propose&%,redemption of Bonds, durinS '-he 10 business days immediately precedir•g the 3"election of each Bond for such redempt,lon�,:or after each 'such Bond or any portion thereof has been selected for redemption . (i). ' Own"ership• As to any. Bond, the person in whose name the .ownership of; +he .same sha l 1 be..rpgi s+cer,ed on the Open Account Bal ance Books maintained by the Trustee Isha11' .be deem"d and regarded as thQ�a'abselute' owner ;thereof for all .purp'gses , and.payine of o+� on account of the p�,incipal of any►:; such"Bond 'and the interest thereon shall be -made only to or upon. ithe order of the registered owner, thereof or his legal re;jresentptive . All su; h payments shall , be valid and effectual to satisfy, and discharge 'the, liability upon such Bond , including the Interest thereon, to the extent of the sum or sums so paid. ,. Ser.ri � . • _ ons 1.01. Cancellation. All Bonds which have been redeemed or purchased i n ;the open market.- shal l ; rot be recredi ted but 'shal 1 be cancel l ed•by tha Trustee -� Section 3.08, Nun-Redemption of the, Bonds. In the event .any, payment check representing payment of any. Bond mailed pursuant to. Sect•ion`'2' 03 hereof is returned "- to the_Trustee ,ar is not presented for payment; by the payee'`ih6reof, and , if funds ;or Gov,e'rnment Obligations sufficient to' pay such` Bond shall have been made aWai'lable to`,the Trustee foti• the bene'r;i t of'�the owner. thereof, al l l i abi l i ty of the Issuer to the,-own'er, thereof for tfie ,payment of such Bond shall, forthwith cease, terminate, „ and ;b'e ''completely, discharged"and, thereupon , it' shall be,-the duty of• the Trustee; to ' 'h*ld such funds',_ .wi'thout l iab,i l !,ty for „in'terest thereon ' ,for ,the benefit, of .ttie {'dnn�claimsp;f whatever nature ohereafter be 'restricted� exclusively to such- finds; t=,or y n h'i s'part under this Indenture. or on , er'wi th respect " i1 The Trustee' s obli atibn to hold such funds shall continue}`,for �a, to, said J 8ond. g per equal to 'the; lesser of , ('i ) Five years following ,the. date on which the ' p'rincipal tof -alI Bonds has become due , whether at mat'urity,''o'r at the ,date fixed ',for h; r( 19 e, Z 1 redemption thereof. �.or otherwise, or (.11 ) 90 days before the expiratit;b of the shortest period specified by any applicable escheat or unclaimed funds statute , at which' time the Trustee , upon receipt of indemnity satisfactory to it, Shill surrender any ' remaining funds so " held to the Issuer, whereupon any claim of whatever natire under this Indenture by the owner of any Bond shall be made only upon the Issuer. Section 3 .09. R,'I�ghts under the Deposit Agreement and the Deed Restrictions . 1'he..irsuer covenants to maintain, at all times, 'he validity and effectiveness of .the . Deed. Restrictions and the Deposit Agreemen'v-'and (except as expres0!i permitted by the Deed Restrictions a,nd the Deposit Agreement) shall take no action, shall permit no action to betaken by others and shall npt•,amit to take any action or permit others to omit to take any action, which action or omission might release the Owner frog, liabilities or obligations under the Dead Restrictions nr ,the pe osA•`-AgreemenL,' or result in the surrender, termination, amendment 'or mudificlition of, or impair the , val idity of, the ,Deed Restrictions or --.he Deposit Agreement. Iss Tne• �- � uer covenants to enforce diligently all cov.inants , undertakings and obligations of the Owner. and the Lender under the. Dee'd' Restrict'ions and the Deposit: Agreement, and,hereby"authorizes and directs 'ihe Trustee .t� enforce any and all of its rights une.?,h . the Deed Restrictions and the Deposit Agreement on br:half of the Issuer and the awnera of the Bonds. �. Section. 3. 10. :General Compliance, -yith All Duties T►ie issuer shall,' 61thfully. :and punctul;yal perform all duties . with reference . to the Deed Re'Strictions, the Deposit Agreement :and the, Protect, required by. the laws of .'the State a6d by the;teri.s anu Prbvisipns of this 'Jndenture . ae t on :+]1 � Corporate Existence, o stence, the Issuer. The Issuer covenan • c .,, - covenants that, it will at all `tirr,�s maintain its• corporate existence and wil 1 duly procuref. ? a.ny. necessary ,renewal'S) and, extensions thereof ; will use_ its. best efforts to ` maintain ,;,,preser,ve , and renew all I'ie rights ,. powers , privileges, and franchises . , :,. 6W!1ed`•hy 'it; ' and will comply,-with ?11 . valid acts , rules, regulations , and ora r, :of,' any le isla'MY4 ekec'ut'ive ,ludic •`� g• Judicial' , or adroinistrative body .;applicable to t{ie • !r Issuer in connectio►rwith' the Bonds .� ..;Section '3. 12 , Tax�Exempt Status of the Bonds: The Issuer covenants too commit 'or suffer no' act with'in• the cont`rei of the Issuer that would jeopardize the Issuer' s 'status as; set fq,rth' in -the recitals ,hereof, or alter the status or character of the Bands , or the intirest to be paid- on the Bonds, for purposes of •�� ate orfederal taxation.• local , state � 1 Section` 3. 13, :Dimiiilitior� of or Encumbrance on the. Trust Estate.: Exc2p,t as ;expressly permitted in thin Indenture, the Issuer covenants not ',�`to sel'r•; transfei ass ign, ; ,ledge; release encumber or •'other'wise di fn-'sh` :or dispose-of', df.' ectly ar ; indirectly, by merger o'r:,'otherwise , .,or cause,,:, or suffer the 'same to .occur, -or.' create or allo'W '.to be created or to exist any lien upon, all or any part of ts interests in' the Trust Estate. ,45 •, , —. .• , .1 is ,�'� r 'N� • � 0 Section 3. 14 . Books , Records and Accounts . The Issuer covenants to cause the Trustee to keep , and the Trustee agrees to keep, proper books fer registration of and;.transfer, of ownership of each Bond, and proper books, records and accounts in which complete and correct entries shall be made of all transactions relating to the rei:eipt, disbursement, investment, allocation and application of the proceeds rece,ivild from the sale of the Bcnds , the revenues received from the Deposit Agreemi+nt, the funds created pgrsuant to this Indenture and the Certificate, and all ot�ier moneys held by. the' Tr'u-stee hereunder. The Trustee shal 1 make such books , record,f and accounts available for inspection by the Issuer or the owner of any Bond ,during reasonable hours and under reasonable conditions. ;;Section 3. 15. Reports -"of the Trustee. Not later:',than the close of business on:. the 30th day following; . aclj; scheduled Inte,-est: ,Payment Date on the Bonds, the Trusteil, shall prepare and - file with ,the Jssr,er a repot '-, sett , forth: as of the Intere:;t Payment Date for which such 'r•epbrt is prepared; ( i ) amounts wi thdi-awn from and dejjosited An each fund under this Indenture; (ii ) the balance on dPposi;t in each find under this Indenture'; (iii ) a brief description of all obligations held as invilstments in each fund under..thi s Indenture; and ( iv) the 'amount applied to the.; payInerit or redemption of Bonds,, and a description cf each Bond or portions,.of each ' so paid or redeemed.,,,Copies of such reports shal l be mai l ed or del ivered to tha,;Owner, -upon written r•Pquest , and to the owner of any Bond , upon written request) therefor, , at a cost not to exceed the Trustee' s actual costs of duplication and mji ing or delivery. ection 3. 16. Notification upo De' fault on the Certificate. Promptly upon ,! =- default in payment by . tha Lender of : the pri ncipal of or interest on the Certi fic'ate, the Trustee shall (i ) notify-any Bond''owners holding Borids in trustt'or las, iio fail anon numbers lY the Vie Trustee with the names , address , and tax ', � i A, P he beneficial, owners of, those Bonds and (ii ) prov;i.de to FSLIC th& identity of all owners of the Bonds. t: a. 2, 1 1. 1 r :: ' 1... .I1. �Iltiti• ARTICLE IV. REVENUES AND FUNDS Section 4. 01 . Source of Payment of the Bonds. The Bonds herein authorized and all iayments by the Issuer hereunder are not and shal I never become general obligations of the Issuer, but a'rc limited obligations payable solely and only from revenues'and receipts under the Deposit Agreement and the Certificate and the funds created pursuant to this Indenture and the Certi f icate and 'as authorized by the Act and provided herein. Sectioc '4. 02. Creations of Bond Fund. There is hereby created by the Issuer and ordered' established with the Trustee a trust fund to be designated "City of Huntington Beach Loans-to-Lenders Revenue Bonds , (Home Federal Savings and Loan Association - Huntington Breakers Project) -- Bond Fund, " which shrill be used and applied as specified in apction 4. 04 hereof. Section 4.03► Payments into Bond Fund, (a) Concurrently with the delivery of the':.Bonds , there shall be deposited into the Bond Fund from moneys paid by the' Owner an amount equal to two days ' interest on the Bonds . In addition, there shall be deprs`It.ed into the Bond Fund when received: ( i ) any amounts .'in the Reserve' Fund directed An , accordance with t'he provisions,-of this Indenture' to be paid int•u ,the Borld Fund; (i i) all other moneys when received by the Trustee under and pursuant to any of the rprovi'sions ,of the Deposit Agreement or this Indenture that such moneys are, t.o be paid into the' Bond Fund, including w'th' ut 1 imi tati or, moneys for the redemption of Outstanding Bonds `and. ( iit) +hP Certificate. b For so lon as any Bon:is , ��Main Outstandin ( ) g Bonds f` 9 ,. the Trustee shal , .on the date upon which the maturity of any Certificate - or:•:urs , use the proceed-.; thereof t�.. ,rer,ew the Certiffcate `ri'n an amount equal ;,;to 'the then ' Outstariding` p`rinri' :al amount 'of Bond's other than the principal amount of any Bond or portion thereof which shall become due (whether at -stated maturity o r option or mandatory redemption prior- to maturity) prior to `the maturity of, such renewed Certificate, unless the-�:TrusteP,.shsll receive any notice described ii Section 2.07 (.h ) hereof, inlwhich' crase the Certificate shall not he renewed. All such proceeds not used to - .renew th `Certi.ficate shall be paid into the Bond Fund.' c On the maturit date of the Certificate next " (' �} y t i`o l l owl ng' the: De th? Lender to the Tr��szee of a notice pursuant t o Section 4 ►5� } of the p q' the Trustee shall. r. ., q� a.l`it A reement all not renew, the',Certificate in an amount e u to the amount sEt, forth- i n such n.Jti ce . i here _hal 1 'be d,_�.� s ted into the Bond F.�nd funds- frnm any such nonrenewal 6f the Certificate pu 'dant t (Section 4.5(c) of the `'Deposit`A'greement to allow for' the,'mandatory redemption ofi)ut'S,and ing,Bonds. Sect'iorj 4.04. Use ,of Moneys in Bond Fund.;,, Except as oth'erwi a expressly • a mantdo�1 debtise rvice ton the, Bonds i'n the' Bo nd ,Fund shill l be", used, solely for the • I; •, ,, '. Trustee .� i , 1 .F 'The Issuer: hereby authorizes 'an'd 'di:rects the', .to -withdrat�lsuff,icient funds. from''.the' Bond•ru' nd 'to p'ay ;the principal of ' `and -premi um, i f any', and,interest an, 'the, Bonds as th'e`,sain6 become clue a•nd payable and',to snake said: funds so"vJi`thdrawn; ` available for the purpose of ,-oaying, ,..aid principal .' Of,, and premium, if any, and nteir st on, the Sonds�'l whicFl°,authorization . and direction the. Trustiee.;;;hereby 22 �1 11, ,, �r rye ,-' .. ', IIr l r.0 — •'. 'i.. � accepts. :,On each Interest--Payment Date (other than after all the Bonds have been' paid in ''full) , any,. moneys remaining in the Bond Fund after the payment of debt service on the Bonds shall be transferred first to the Reserve Fund to maintain the required reserve and then to the Operating Expense Fund, Section 4.05. Operating Exh�,nse Fund. There is hereby estabi fished witri the Trustee a trust fund to be designate "City of Huntington Beach Loans•-to-Lenders �. Revenue Bonds '-(Home Federal Savings and Loan Association - Huntington Breakers Project), — Operating Expense Fund," into which shall be depo;'sited all earnings from the investment:of moneys held in'the Bond Fu'nd , nll amounts paid to the Trustee ..Cy th.e Owner pursuant. to Fection 4.,9 of the ,09posit, Agreement ''and any'ot4r moneys directed to be deposited the'rein pursuant to the terms of this Indentu,•e . From time to, time, the Trustee shal;l,. payAo the Issuer the actual out-of-pocket expenses ' of the Issuer, incurrnd in connection with the Bonds , and the Trustee may make d:•isbursementsto itself from the Operating Expense Fund to pay its 'annual fee ,• 'in an amount of 4/100 c�i, l'A of the ,princip "F� amount of the. Bonds then:f;utstanding (but j hat sass thar' 2,000) , ;and -charges and expenses in connection herewith.:, The Trustee shall monthly ply to the Owner all moneys held in' the Operal,.'.ing. Expense Fund which have not been di,shursed;'to `p6i.thP Trustee! s fe s,' charges and expenses. or, tnk actial '�out-of-packet expenses of the Issuer,' provided that, after, the Completion Certificate:. is delivered to the Trustee, the Trustee shall only make ' monthly payments to the Owner of anounr;`s in :tie Operating Expense Fund -in ekcess' ofrr: $7,500 . Ser,tion �4 .06'. Creation' oaf pEposit fund, There. i s hers, by ' created;;; and established with the Trustee a .trust fund � t�abe des gnatsda and oaf e s rc�aing - e tan Beach ; LbA'h's�to-Lenders ReVenue"Bonds (Home F oral Swing n Loan A s i ti on' `l�, � '' Huntington Breakers Project) -- Deposit FUn'a, " which shall; bp expended for 'the ' purposes and i n the' manner specs f i eo i n 1; the Deposit Ag'r'eemeht and in this ' "',- Indenture. Upon expend;ture of all 'moneys in the Oeposia Furi�.. the Trustee i,s; adthorized to close the Deposit Fund. AV fSection r4� 07. Pa' h'ents 'into Depose t''�Fund; 'Disbursements The proceeds' of the' i ssuance and: deli very, o f the :Bonds .shill ,be deposited' in the 'Deposit Fund. The I Trustee i ` a'uth ., s ' oriieO.�'and directed to transfer all funds in the Deposit Fund to the Lenderr Nagai nst simul t� neous delivery'' of the Certi fi cate and a written' ' regl�est of she Lender for d.isbursement,of such funds, which states that al.l cohdfiions- to the j mak{ rg of,,the ,Deposit contained in the Deposit ',agreement have been sa ti sf i ed. ` Section 4:08, Gr;eatioW of the Reserve Fund . There is hereby createa by the Issuer and ordered ,estab i+shed with the Trustee a trust fund to be designated "CityIA .� Associatinno,n :huntinLoans. to-Lenders .Revenue Bonds (Home Federal Saving and Loan ,. i, ton Breaker-, Project Reserve Fund, which. 'sha11 be used 9 ) and applied"as specified in Section 4. 10'^hereof. �e�ti o'n' '4;69. Pa" me�n'ts .into 'Re serve Fund There sha l l be deposited into t the Reserve Fund..by he 'TrusteN from ,moneys paid by the Owner a cash. 'deposit in- an '�I; 1 zmcunt equal �to the aequir_60`,'Res;;rve The funds held 'in,'the' Reserve'- Fund " "' "tb' invested as`�provi.ded in Section 4. 14, os :thisi Indenture; and any earnings from the investment of such. funds shall be deposited intn, the Res` Yve Funu; At;•'the ;end of r each=calenda uar q e Trustee unless an Event `o.f Default has occurred arid has'ter- th ' I . `�. ti•e,rail . :. ,i�. ,, '.: � -., . , .. ; .. 1, !l• 1• I , a �r .1 . not been waived or cure,`% shall withdraw from the Reserve Fund and transfer to the ,Operating Expense Fund all funds held in •she Reserve Fund in e::cess of the Required Reserve . Section 4. 10, Use of Moneys in the Reserve Fund. One day prior to Each Interest Payment (late and any date on which Bcnds are due as a result of a cal 1 for redemption or as a result of the occurrence of an Event of Default , the Trustee shall determine if sufficient funds, are available in the Bond Fund to pay in full the interest on the Bonds Niue on the next day. If sufficient funds are not available in the Bond Fund , 'Lhe Trustee shall transfer an amount equal 0 the amount of such deficiency from the Reserve Fund to the Bond Fund nn the day prior to the recui red, payments. Subject to maintaining an amount in the Reserve Fund equal to Required Reserve , the Trustee shall pay quarterly to the Lender for disbursement to the Owner interest earnings derive., from investment of the Reserve Fur.d. Except as provided in subsection (b) of this Section , any funds remaining in the Reserve Fund immediately prior to the payment of all the Bonds then Outstanding (whether at stated maturity or upon optional or mandatory redemption or as a resuit of, acceleration) , shall be transferred into the Bond Fund and used as herein provided. ' (b) If Bonds are redeemed pursuant to Section 2 .07(c) hereof, the Trustee shall transfer from the Reserve Fund to the Bond Fund and ar;diy as a ►•edemptiun 'premium on Bonds redeemed , an amount equal to ES days' interest on the Bands so redeemed. Section 4 . 11 , Creation of the Costs of Issuance Fund. There is hereby created and established with the Trustee a trust fund in the name or ;t.h.e Issuer to be designated "City of Huntington Beach, Loans-to-Lenders Revenue Bonds , (Home Federal Savings and Lean Association - n'u'Itington Breakers Project) Costs of Issuance Fund," which shall be expended for the purposes and in the manner specified in the Deposit Agreement and in this Indenture. Section 4. 12 . Payments i;-ito Costs of Issuance Fund; Disbursements. The Owner' s payment for Costs of Issuance required by Section 3 . 6 of the Deposit Agreement shall be deposited in the Costs of Issuance Fund. The Trustaz is hereby authorized upon receipt of written in;tructiuns from the Issuer to pay from the Costs of Issuance Fund the Cost ; )f Issuance. All amounts remaining in tlp 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 Coss of Issuance Fund. Sections- 4. 13 . Custody of Funds . All funds created pursuant to this Indenture shall be in the custody cf the Trustee , but held in the name the Issuer, in trust. Section 4 . 14 Investment of Moneys . Except as otherwise provided herein , any moneys held in the Deposit Fund shall be deposited by the Trustee with the Lender in non-interest bearing segregated accounts of the Lender. No proceeds of ' the Certir`icate representing principal thereof or interest thereon shall be held by the Lender but rather shall be held by the Trustee and invested as provided in the first sentence of the next succeeding parzgraph hereof . 24 A� . s.s. i. Y 1 a Any moneyE held in the Band Fund, the Costs of Issuance Fund and the Reserve Fund shall be invested and reinvested by the Trustee as it deeins appropriate in Government Obligations maturing not more than 90 days after the date purchased and not later than the next succeeding Interest Payment Date. Any moneys held in the Operating Expense Fund shall be invested so as to permit the monthly disbursements required by Section 4. 05 , provided that any moneys held therein and not required to be disbursed monthly shays be invested as set forth in the preceding sentience. The Trustee inay make any and all such investments through its own trust or investment department. Any obligations acquired by the Trustee as a result of suz-h investment or "reinvestment shall be held by or under the cont►•ol cf the Trustee . The Trustee shalt sell and reduce to cash no earlier than 3 days prior to the use of such funds, a sufficient amount of such investlrv.ants credited to the Bond Fund, the Redemption Fund and the Reserve Fund whenever the+;,aggregate cash balance in . the Bond Fund, , the Redemption Fund and the Reserve Fend is insufficient to pay' the principal of , and premium, if any, and interest on , the Bonds due within five days . Section 4. 15. Security for Funds . All uninvested money in all funds i established pursuant to thus Indenture shall be secured by the Trustee in the Wanner "d to the extent provided in Section 4 . 14 hereof. Section 4. 16 . Moneys to be Held in Trust. The Certificate and all moneys required to be deposited with or paid to the Truster for the account of any fund, under any provisions of this Indenture shall be her.d, by the Truscee in trust, and, except for moneys deposited with or paid, to tiie.'': rustee for the redemption of Bonds , notice of the redemption for which has been duly giver , shall , : while held by 'the Trustee , constitulte part of the Tf-ust Estate and be subject to the pertected security interest creaked hereby. Section 4 . 17 . Repayment 'to the Owner' from Tndeotu a Funds. ' Any amounts remaining in the funds created under this Indenture , after pa,ymei,t in full of 'the Bonds , the reasonable and necessary fees, charges , and expense; of '.he Trustee and the Issuer and all other. amounts required to be paid hereunder, shail be paid to the Owner upon "the expiration of, or upon the sooner termination af , .the term of this Indenture . Section 4. 18. Bonds Not to Become, Avbitra a Bonds. The Issuer covenants4 with the owners of the Bonds that, notwithstanding a,)y other provision of this :, Indenture or any-other instrument , it will make no investment or :other use of the proceeds of the -Bonds or an t... other moneys held under thi's indenture which would cause the ?odds t6' be arbitrage bo'r.ds withi r, the hjeaning of Section 103(c) of the Code. The foregoing covenants shall extend throughbut the term of the Bonds to all funds created` under this Indenture and all moneys on - deposit to, the credit of any such fund , and to.. any other amounts which are proceeds of the Bonds for purposes or" Section 1O3(c) of the Code. • i L , ' 1 ARTICLE V. DISCHARGE OF INDENTURE Section 5. 01 . Oischarge . If the Issuer shall pay or cause to be paid, or there shall be otherwise paid, or provision for payment shall be made (other than by delivery of the Cortifica.te) to or for the owners of all Bonds, the principal , premium, if any, and interest due or to become due on the Bonds at the times and in the manner stipulated therein , and if the Issuer shall not then be in default in any of the other covenants and promises in the Bends or this Indenture to be kept, performed , and observed by It or on its part , a-, if the Issuer shall pay or cause to be paid to the Trustee all sums of money due or to become due according to the provisions hereof, then these presents and the estate and rights hereby granted shall cease , determine, and be void, whereupon the Trustee shall take such actions as may be necessary to evidence the cancellation and discharge of the lien of this Indenture . Under no circumstances shall the delivery to the Trustea of the Certificate (or any other security provided pursuant to Section 2. 07(b) hereof) constitute, or be deemed to constitute, provi .ion for the payment of the principal of , or premium, if any, or interest on , the Bonds for purposes of this Section 5. 01 , and the estate and rights hereby granted shall not cease , determine or be void, nor si:.all the lien of this Indenture be cancelled or discharged as a result of the delivery thereof. Any Bond shall be deemed to be paid within, the meaning of this ,article and for all purposes of this Indenture when ( i ) payment of the principal of and the applicable redemption premium, if any , or. such Bcnd , plus interest thereon to the due date thereof (whether such due date be by reason of maturity or upon redemption as pra,/ided in this Indenture , or otherwise) , either (A) shall have been made or caused to be made , in accordance with the terms thereof , or (B) shall have been p-i,ovided by irrevocably- depositing with the Trustee , in trust, and the Trustee shall have irrevocably set aside exclusively for such payment, (1) moneys sufficient to make such payment or ( 2) Government Obligations matur,fng as to principal and interest in such amount and at.;.such times as will insure the avail,I�bility of s-efficient moneys without reinvest-.Tl nt to make such payment , nr (3) any combination of ( 1) and (2) ; and ( ii ) a �=, necessary and proper fees, compensat:ion, , and expenses o•i the 'trustee pertaining to the Bonds shall have been paid or the payment thereof provided for to the satisfaction. of the Trustee. At soich time as a. Bortd shall be deemed to be paid hereunder, as aforesaid , it shall no longAr be secured by or entitled to the benefits of this indenture , except for the purposes of any such payment fr,rr such ni'or,eys or Government Obligations. Any moneys so deposited with the Trustee as provided in this Article requested to be invested and reinvested in Government Obliga-,J ons , maturir"g• in the amounts and times ,as hereinbefore set forth, and all income from all Government Obligations , except -those depcsited in the Reserve Fund, in the hands of the Trustee pursuant to thi's Article iihi ch is not required for the payment cf the Bonds and interest and premium thereon with respect to which such moneys shall have been so deposited, shall be deposited in the Bond Fund as and when real "zed and collected for use and application as are other moneys deposited in that fund, 26 I�J MAO .1 ARTICLE VI . EVENTS OF DEFAULT AND REMEDIES Section 6.01 . Events of Default . E'ach � of the following events is hereby defined as raid declared to be and to constitute an "Event of Default" under this Indenture: (a) Default in the due and punctual payment of the principal of , or prem•; .;i, if any, or interest on , any Outstanding Bond, whether at the stated maturity thereof, or upon proceedings for redemption, or Upon the maturity thereof by declaration , and (b) Default in the performance or observance cf any of the other covenants, agreements or conditions on the Dart of the Issuer in this Indenture contained and continuation thereof for the period after notice specified it, Section 6 . 12 hereof. Section 6.02 . Acceleration . Upon the occurrence of an Event of Default under Section 6 .01(a) , the Bonds shall become immediately due and payable . Upon the occurrence of an :vent of Default under Section 6,01(b) hereof, .the Trustee may, and if requested so to do by the owners al: not less than 25/% in aggregate principal arnounIL of the Outstanding Bonds, shall , accelerate the maturity of the Bonds then Outstanding , whereupon the principal of, and premium, if any, and all accrued interest on , the Bonds shal 1 become iinrredi ately 'due and payabl e. Section 6,03 . Other Remedies` Rights of the Bondholders . Upon the occurrence of an Event of Default, the Trustee may proceed to pursue ,any available remedy by suit at law or in equity to 'enforce tha payment of the. pi�incipal of, ana premium, if any , and interest on , the Bends then Outstanding , incl-riding, without limitation , the following: (a) by mandamus , or other suit, action , or proceeding at law or in equity, enforce -all rights of the Bondholder,,: and require the Issuer, the Owner and the Lender to carry out their respective obligations under this Indenture , the Deposit Agreement, the Deed Restri rti o'ns and the Act; (b) bring suit upon the Bonds; (c) b'y action , suit or proceeding at law or in equity require the Issuer to accormt as i f it were the trustee of an express trust for the Bondholders ; (d) procure direct payment of the Certificate on behalf of the owners of the Durds ; and ' (e) by action, suit, or proceeding at law or in equity enjoin any acts ,or things which may be unlawful or in violation of the rights of the Bondholders. Any Ju dgment against the Issuer shall be enforceable only against,.- the s ecii'ic;�assigned payments, funds and accounts in the custody of , the Trust�.e. ` There shall not be authorized any deficiency judgment against any assets of, or tie general credit of, the Issuer. - 27 f rt . The Trustee is authorized and directed to take all approoriaLe actions , including the filing of claims , to effect the collection of the principal of, and interest on , the Certificate following the occurrence of d "default" (within the meaning of the National Housing Act of 1,934 , as amended) or the assumption by a federal or stage supervisory agency of operating control or possession of the Lender or al l or substantial ly a, I of its asset-,. If an Event of Default shall have occurred , and if requestEd so to du by the owners of not less than 2510' in aggregate principal amount of all Bonds then Outstanding and if indamr.ified as provided in Section 7 .01( l ) hereof, the Trustee shall be obligated to exercise one or more of the -rights and puwers conferred by this Section and by Section 6. 02 hereof, as the Trustee , being advised by�•counspl , shall die;n most expedient in the interests of the Bondhoiders , No remedy conferred upon or reserved to the Trustee or to the Bondholders by the terms of this Indenture is intended to be exclusive of 'ary other remedy, but each and every such remedy steal ! be cumulative and steal ' ,be i-. addition to any other, remedy given to the Trustee or tc the Bondholders hereunder or now or hereafter existing at law or in equity. No delay or omission to exercise any right or power accruing upon any default or Event of Default shall impair any such right or power or shall be construed to be a waiver of any such default or Event of Default or acquiescence therein; and Every such right and power may be exercised from t Ime to time as often as may be deemed expedient. No waiver of ary- default or Event of Default hereunder, whether by the Trustee or by the Bondholders, shall extend to or shall affect any subsequent default or Event of Default or call impair any right or remedies consequent thereon . Section 6.04 . Right of the Bondholders to Direct Proceedin s. Anything in this Indenture to the contrary notwithstanding, the owners : of a majority in aggregate principal.. amount of Bonds then 'GAstanding shall have the right. at any time, by an instrument or instruments in `writing executed and delivic-red to the Trustee , to direct the method and place of conducting all proceedings to be taken in connection with the enforcement, of the terms and conditions of' this Indenture, or for the appointment of a receiver or any other proceedings hereunder; provided, that such direction shall not be otherwise '.han in accordance with the provisions of law and of this •lndenture . Seet'ion 6.05. AEpointment of, Receiver. Upon the nccurrence of an Event of Default, and upon the filing of a suit or other commencement of Judicial proceedings; to enforce the rights of the Trustee and of the Bondholders under this Indenture , `:the Trustee shall be entitled , as a matter of right, to request the appointm e;t, l of a receiver or receivers of the Trust Estate and of the revenues , issues, !Parnings, income, products a'nd "profits 'thereof, pending such proceedings , with such powers as the court making such. app6.nt vent shall confer. Sect Ion 6.06.- Wa i ver. Upon ;the occurrence of an Eger':, of Default, :to the extent that such rights may then lawfui'ly be waived, neither the, Issuer nor, the I. 28 • f• i 1, r i State nor any political subdivision thereof , not, anyone claiming through or urder any of them, shall claim or seek to take advantage of any apprceisement , valuation, stay, extension or redemption lags iiow or hereafter in force , in order to prevent or hinder the enforcement of this Indenture, and the Issuer, for itself and al I who may claim through or under it, hereby waives, to the extent that it lawfully may {o so, the benefit of all such laws. Section 6.07 . Application of Moneys. Subject to Section 6. 14 of this Indenture, all moneys received by the Trustee pursuant to any right , given or action taken under the provisions of this Article shall (after pavment of the costs and expenses of the proceedings resulting in the collection of such moneys and of the expenses, liabilities and advances incurred or made by the Trustee) be deposited in the Bond Fund and all mcney in the Bnnd Fund shall be applied as follows : (a) unless the principal of all the Bonds Outstanding shall have become or shall have been declared due and payable , all such moneys shall be applied: First, to the payment to the persons entitled thereto of all installments of interest then due on the Bonds Outstanding , in the order of maturity of the installments of, such interest and, if the amount available shall not oe sufficient to pay in full any particular installment , then to the payment ratably, according to the amounts due on such installment, to the persons entitled thereto, without any discrimination or privilege except as to the respective rateF of interest specified in the Bonds; and Second, to the payment to the persons entitled thereto of the unpaid principal of and premium, if any, on any of- the Bonds. which shall have become due (other tha6 Bonds matured or called for redeinption 'For the payment of which moneys are held pursuant to the provisions of this Indenture) in the order of their due dates, with interest on the principal of each such Bond at the rate per annum borne by such Bond from the 'date upon which it becomes due until paid , and, if the amount available shall not be sufficient to pay in full Bonds due on any 'particular date , tooether with such interest, then to the payment ratably, according to the amount of principal , due on such date , to the persons entitled thereto without any ,discrimination or privilege . (b) If the principal of all the Bonds Outstanding shall have become due or shall have been declared due and payable , al i such ;Honeys shall be applied to the payment of the principal , premium, if any, and interest then due and unpaid upon the Bonds Outstanding , without preference or priority of principal and premium over interest or of interest over principal and premium, or of any installment of interest over any other installment of interest, or ''of any Bond over any other Bond, ratably , according to the amounts due respectively for principal , premium, if any, and interest, to the persons entitled thereto without any discrimination or ' privilege. (c) If the principal of all the Bonds Outstanding shall have been declared due and payable, ' and if 'such declaration shall thereafter have been rescInded and annulled under the provisions of this Article then , subject ta the provisions of subsection (b) of this Section in the event that the principal of all 29 c i the Bonds shall later bocome due or to be declared due and payable , the moneys shall bp applied in arco► dance with the provisions of subsection (b) of this Section . Whenever , moneys a,,~e to be applied pursuant.- to the rrovi s ions of this Section. , such moneys shall be applied at such times , and from time to time, as the Trustee, shall determine is appropriate upon due consideration of the amount of such moneys available for application &,id the likelihood of additional moneys becoming available for such application in the future. Whenever the Trustee shall apply such funds it shall fir, the date (+vhich shall be an Interest Payment Cate unless it shall '::eem, in the reasonable c ercise of its discretion, another date more suitable) . The Trustee stall give such notice as it may deem appropriate of the deposit with it of;any such moneys and of the fixing of any such date Section 6 .GR, Remedies 'rested in the Trustee . All rights of action ( includinu the rigt;t to file rronf of claims) under -this Indenture or under the fj Bonds or any Bond mar be enforced bJ! the Trustee without the possession of any Bond or the production thereof in any trial or proceedings related thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its name as Trust`o without the necessity of joining as plaintiff or defendant the owner of any 'r Bond . ;,' Section 6.09. ` {tights and Remedies of the Bondholders . No uwner of any Bond shall have any right to institute any suit. action , or proceeding in equity or at taw for the enforcclment of this Indenture or for the execution of any trust 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 provided an Section 7 .01(h) hereof, or of which by said subsection (h) it is deemed to have notice ; (b) Such default shall have become an Event of Default and the 'owners of not less than 2_5°0' In aggregate principal amount of Bonds then Outstanding shal_1 have made written request to the Trustee and shall have offered it reasonable opportunity dither to proceed to exercise the powers hereinbe';ore granted or to institute such action , suit or proceeding in the name or names of such owners, and shall hav'' offered to the Trustee indemnity as provided in Section 7. 01( 1 ) hereof; and , (c) The Trustee shall thereafter fail or refuse to exercise the powers hereinbefore granted, or to institute such action , suit or proceeding in its own name within a reasonable time; and such notification, request .'and offer of indemnity are hereby declared in every case .at the option .of the Trustre , to be conditions precedent to the- execution of the powers ind-trusts of this Indenture, and to any action or cause of action for the enforcement of this Indenture ,; or for the appointment of a receiver 'or for any other remedy ;hereunder; i t bei ng understood and intended that, no; one or more owners of the Bonds shall have an right in any manner whatsoever to affect , distt,rb or prejudice the lien of this Indenture by such owners ' action or to enforce any right hereunder except;yin the manner herein provided, and that :all proceedings at law or in equity shall be instituted, had and maintained in the manner herein provided and :30 for the equal and ratable benefit of the owners of a. I Bonds then Outstanding . Nothing rontained in this Indenture , however, shall affect or impair the rights of any Bondholder to enforce the payment of the principal of , and premium, if any, and interest on , any Bond a� and after the maturity thereof, or the obligation of the Issuer to pay the principal of, and premium , if any, and interest on , the Bonds issued hereunder to the respective Bondholders at the time , place, from the source , and in ':he mariner expressed in the Bonds . Nothing contained herein shall be construed as p�-'%rmittiitg or afford+nq any Bondholder a right or cause or actii-in ,kgainst. the Trustee or ir, respect of an issue of Bond.; where a default has been waived under Sectior, 6. 11 or cured under Section 6 . 12 of this Indenture . Secticn 6. 10. Cerminaion of ,F'roceedinys . In cafe the Trustee shall hav,: proceeded to enforce any right under this Indenture by the appointment of receiver or otherwise , and such proceedings shall have been discontinued or' ,abandoned for any reaso,i, or shall have been determined adversely to the Trustee, then and in every such case the Issuer and the Trustee and the Bondholders shall be restored to their former positions and rights hereunder, and all rights , remedies :and powers of the Trustee shall continue as if no such, proceedings had been taken. Section 6. 11 . Waivers of Events of {Default, The Trustee may in its disc^etion 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 majority in aggregate pi^inc;pal amount of al i Bonds' then Outstanrli ng; provided, however, the Trustee may not waive an Event. of Default describer : In subspetion (a) of Section 6.01. hereof. r' Section 6 . 12. Notice of Default Under Section 6. 01 bjL Opportunity of the Issuer, the lender and the Owner to Cure Such Defaults . Anything herein to the contrary 'notwithstanding, no default under Section 6. 01(b) hereof shall co.'.s;f'ituLe an Event of Default until actual notice of such default by registered or ce:�tifled mail shall be given to the Issuer, the Lender and the Owner by the Trustee or by the owners of not less than 25n in aggregate principal amcunt of all Bonds Outstanding and the issuer, the Lender and the Owner shall have had 60 days after receipt of such notice to correct said default or to cause said default to be corrected, and shall not have corrected said default or caused said default to.,!,a corrected within the applicable period; provided, however., that if said default bE such that: i.t cannot 'we , corrected within the applicable period, it shall not const" ute an Event of Default if corrective action is instituted by the Issuer, Z:he •l.ender or the Owner within the applicable period and diligently pursued until l!ie default is corrected. With regard to any default concerning which notice i � given to the Issuer and the,_Qwner under 'the provisions of this Section , the Issuer, to the full extent permitted ,by; law, hereby grants the Owner full authority ,to perform and observe for , the account 'of this Issuer- any covenant or obligation alleged in said notice not to 'have been performed or observed in the name and stead of the Issuer with full Bower to do any and all' things and acts',to the same extent that the Issuer Could do and perf any such things and acts and with power of substitution , and the Trustee hereby consents to such grant of authority. 31 ' 4 a&Jab .. M l �.. Section .'6 . 13. Surrender of Trust "state, Upon demand of tile owners of two- thirds in aggregate principal amount of the Outstanding Bonds made at any tine after the occurrence of a,,, Event of Default which has not been waived or corrected , the Trustee shall,. transfer to the owners of the Bonds, in complete ,,atisfaction of the cldims of all'i Bondholders against the Trustee. , all right, title and interest of the Trustee ;n a;7d to the Tru Estate (except the Operating Expense Fund) , includirg, withcu%-, limitation, the Certificate. Such right, title and interest shall be accepted toy the Bondholders as tenants-iri-common , who , thereafter, shall hold such right , t';itle and interest as their sole source of payment of the Bonds . Any such transfer �sha'l1 act as a complete discharge of the Trustee ' s and the Issuer' s responsibilities under this Indenture . Sectioi 6, 14 , P,estrictions on Use of r=SLIC Proceeds and Reserve Fund. Notwithstandi,og Gny provision in this Indenture �to the contrary, any proceods of the Certi0 cate that are attributable to FSLIC insurance shall be used only to pay the principal of , and interest on , Bonds the principal amount of which, when added to the principal amount of each other Bond (and Related Series Bonds) held by. any Bondholder`, does not nxceed the FSLIC insurance 1 imi t appl %cable to Bondholders. Any payme'ots received for the benefit of the B:,ndhclders attr-ibutable to FSLIC insurance shill be distributed to each Bondholder entitled thereto, without preference or '1`priority of principal over interest or interest over principal , up to the FSLIC insurance limit applicablE to such Bondholder; pi-ovided, however, that for purpd,'ses of this Indenture only, all distributions s!'iall be 6-emed to be applied fir'tist against principal . In addition , any funds transferred to the Bond Fund from the Reserve Fund shall be applied rata;11y, only i gafn st interest (but not p,r•incipal or, except as provided it Section 4. 10(b) , premium) due on the Outstanding Bonds held by all Bondholders to the. end that each Bondholder will receive a prop6rtilinate share of such funds equal to his proportionate interest (based upon aggre ate principal amount) in the Bends . i r ARTICLE VI I , TN!: TRUSTEE Section 7.01 . Acceptance of the Trusts. The Trustee hereby accepts the trusts impcsed upon it�_'Jy thi s Indent.ure,_'al►d agrs:es to perforce said trusts, but only upon and subject to the following express Corms and conditions : (a) The "'rustee, prior to the occurrence of an event of Default and after ,.the curi ny of ",all Events of Default which Pi.?y have occurred , undertakes to perform such duties and only such duties as are stecificaIly set forth in this Indenture , 'In ease an Event of Default has occurred (which has not been cured or waived) the ' Trut;tee shall exercise such of the rights arcl powers vested is it by ':his Indenture , ''and use the same dsgree of care and skill in their exercise, as 6 prudant person would exercise or use under the circumstances in the conduct of his own affairs . (b) 'The Trustee may executo any of the trusts or powers hereof and perform any of its duties by or through attorneys , agents, receivers or employees but shall be answerable for the conduct of the same in accordance with the standards specified above , and shall be entitled to advice of cnunsel concerning all matters of trust hereof and the duties hereunder , and in all cases may ply such reasoiiab'le compensation to all such attorneys , agents , receivers and .nmployees as may reasonably be employed in connection with the trust hereof . The Trustee .day act upon the opinion or advice of any attorneys approved by the Trustee in th,�`'' exercise of reasonable care . The Trustee shall not be responsible for a,iy loss or, damage resulting from any action or nonact.ion exercised in rood faith ,1n reliance, upon such opi niun or advice. (c) The Trustee shall riot be responsible. for any 'recital herein or the legality or validity of this Indenture , the Deposit Agreement, the Deod Restrictions , the Bond Purchase Agreement or any document , instrument or certificat;.r ►:r deposit relating thereto ; the recording or re-recording , or filing or refiling of. this Indenture, or a�iy other instrument - required by this Indenture to secure the Bonds ; insuring the Project or collecting any .insurance moneys; the validity of the execution by the Issuer of this Indenture or of any supplements hereto or instruments of further assurance; or the sufficiency of the security for the Bonds i ;sueu hereunder or intended to be secured hereby, or otherwise as to the maintenance of the security hereof, (d; 1he Trustee W-3 not be accountable for the use of any Bonds authenticated or credited herliio e'r. The Trustee may in good faith, buy, sell , own and hold any of the Bonds anc, -.,y join in any action which any Bondholders maybe entitled to take with like , ffec•.,.- as if the Trustee were not a party to the Indenture. The Trustee may 'also engage i.n or he interested in any financial or other transaction with the Issuer, the Lender or the Ovrnar, provided that if the Trustee determine, that any such relation is in conflict with its duties under this Indenture, it shall eliminate the conflict or resign as Trustee. To the extent permitted , by. law, the Trustee may also receive ,Pnders and purchase in good faith Bonds from itself , including,, any department, affiliate or subsidiary, with like effect as if it were not t;iie Trustee . 33 1 • rf ' (e) The Truster shall be protected in acting upon and may conclusively rely upon any notice, request, consent, certificate , order, affidav!t, letter, telegram or other paper or document reasonably believed to be genuine and correct and reLsor,ably believed to have been ,signeo or sent by the 'proper person or persons. Any action taken by the T.,_:,cep pursuant to this Indenture upon the f request:, authority or consent of any person who at the time of making su,-h request 'or giving such authority or consent, is the owner of any Bond, shall be conclusive and binding upon all future owners of the same Bond. (f) As to the existence or nonexistence of any fact or as to the sufficiency or validity of any instrument , paper or• proceeding , the Trustee shall be entitled to rely upon a certificate signed by the Issuer Representative , the Lender Representative or the Owner Representative as sufficient evidence of the Facts therein contained; and prior to the occurrence of a default of which the Trus;.ee has been notified as provided in subsection (h) of this Section , or of +` which by said subsection it is deemed to have notice, shall also be at liberty to 'accept a similar certificate to the effect that any particular dealing, transaction `'or action is necessary or expedient, The Trustee may at its discretion secure such further evidence deemed necessary or advisable, but shall in r,u rase be bound to secure the same . The Trustee may accept a certificate of the Mayor, Vice 'Iayo'r, or ►ity Clerk of the Issuer under its seal -to the effect that a resolution and order in the form therein set forth Sias 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 perform any discretior,3ry acts er`umerated in this Indenture shall not he construed as a duty, and the Trustee shall not be answerable for other than its negligence or wi'. lful misconduct in the performance of such acts . (h) T�e Trustee shall not be required `;o take notice or be deemed to have notice of an_, default hereunder except failure by the Issuer to cause to be made any of the payments to the Trustee required to be made by Article II hereof or the, failure of the Issuer cr the Ovmer to file with the Trustee any document required by th{ s Indenture Ito be so filed subsequent to the issuance of the Bonds, unl4f'ss the Trustee shall be specifically notified in writing of such default by the ISSuer, the Lender or by the owners of at least 25% in eggregate principal amount of Bonds then Outstanding ; and al.'•. notices or other iristruments required by this IndP,ityre to be*del ivered to the Trustee shall be delivered at the corporate trust office of, the Trustee and , in the absence of such notice so delivered, the Trustee may !:onclusively assume- there is not default except as aforesaid. If moneys sufficient to pay maturing principal of, and premium, if any, and interest cn , the Bonds; is not timely received by the Trustee, the Trustee covenants to give notice ors such fact to the Owner and the Issuer. ( i ) At any and all reasonable times the Trustee , and its duly authorized agents, attorneys , experts, engineers , accountants and representatives shall have the right to ;inspect fully all books , papers and records of the issuer pertaining to the Project and the Bonds , and to take such memoranda therefrom and in regard thereto as may be desired, J 34 r t ..1 (j ) The Trustee shall not be required to give any bond or surety in respect of the execution of staid trusts and powers. ( k) Notwithstanding anything con jai ned el se'where in this Indenture , the Trustee shall have the right , buy shall not be required, to demand, in respect of the authentication of any Bonds, the withdrawal of any cash , the release of any property, the taking of any action whatsoever within the purview of this Indenture , any showings , certificates, opinions , appraisals, or other information, or corporate action or evidence thereof, in addition to that required by the terms hereof as a condition of such action by the Trustee, as deemed desirable for O e purpose of Fstablishing the right of the Issuer to the authentication of any Bor,ds , the withdra all of any cash, or the taking of any other action by the Trustee. ( 1 ) Before taking the action referred to in Sections G. 02, 6 .03, 6.0 4 , 6 .05 or 6 ','09 hereof , the Trustee may require that a satisfactory indemnity bond be furnished for the reimbursement of all expenses wh',ch it may incur and to protect it against all liability , except liability which is adjudicated to have resulted from its negligence or willful misconduct by reason of any action su taken. (m) All moneys received by the Trustee shall , until used , applied or i lives te.•i as herein provided , be held in trust for the purposes for which they were received but need not be segregated from other funds except to the extent required by 1 aw., The Trustee shall be under no liability for i nta rest on any moreys received hereunder except such as may be agreed to by it'. Section. 7. 02. Annual Fees Charges and Expenses of the Trustee. As ' payment of its annual fees and reimbursement for its services renderEd hereunder, the Trustee shall be entitled to payment of the amounts set forth i�: Section. 4.05. In ' ad-`'ition, the Trustee shall be ,entitled to receive from said source reimbursement for its charges and expenses ' including reasonable counsel ' s fees) incurr.l.d in connection with such services. The Trustee may make disbursements from the Operating Expense Fund to pay such amounts from time to time as i t , in its so l e discretion , deems appropriate. Upon an Event of Default, the Trustee shall have a lien upon the Operating Exper!se Fund, with right of payment for the foregoing fees , charges , and expenses incurred by it, prior to payment on account of any other I amount therefrom. Subject to the preceding sentence and anything in this Indenture to the c6ntrary 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 . Notice to the Bondholders of Default . If a default occurs { of which the ' Trustee is required by Section 7 .01( h) hereof to take notice or if in Section 7. 01(h notice'. of default he given as provided, , then the Trustee shall, ) promptly give written notice thereL.,', by registered or certified mail to each registered owner of Bonds then Outstanding. The Trustee shall promptly give , written notice to the Lender by registered or certified mail of any such notice of default sent' -to any owner of Bonds ,, as provided hereunder. . Secti'on 7.04 . Intervention by the Trustee . In any judicial proceeding , to i which the Issuer or the Owner is a party and which in the opinion of- the Trustee and its counsel, has a substantial bearing on the interests of owners of the Outstanding 35 «n+n •**%c We Bonds , the Trustee may intervene on behalf of the Bondholders and shall do so if requested in writing by the owners of at least 25a of the aggregate pri-icipal amount of Bonds then Outstanding , Section 7 .05 . Successor Trustee b Merger or Otherwise . Any corporation or a sscc i a ti on into 'wh-i ch the Trustee may Fbe converted or merged, with which it may be consolidated, or to which it may sell or tra,,filer its trust business and assets as a whole or substantially as a whole , or any corporation or association resulting from any such conversion, sale , merger , consolidation , or, transfer to which it party ; i2so facto , shall be a»d become the successor Trustee hereunder and vew1_: -' with all of 'the tit.lo to the Trust Estate and all the trusts, powers , discretions, ImmLlnities , privileges , responsibilities , obligations and all other matters 'Is ��;as its predecessor, without the execution or filing of any instrument or any fur-�her act,. Heed , or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding. Section 7,06. Resignation by the Trustee . The Trustee 'may resign from the trusts hereby created t ,i giving written notice to tile 'Issuer , the Lender and the ',Owner , and to each registered owner of Bonds .-.hen Outstanding. Such notice to the Issuer, to the Lender and to the Owner may be served pc.-sonally or sent by registered or certified mail , and such notice to the registered owners of the Bonds shall Lie sent by registered or certified mail . Such resignation shall not take effect until the appointment of a permanent successor Trustee . If no successor ,Trustee is appointed by the Bondholders pursuant to Section 7. 08 hereof within 30 �. days after the delivery of such notices , a temporary Trustee may be appointed by the Issuer pursuant to said Section 7. 08. Section 7 .07. Removal of Trustee. The Trustee may be removed at any time by an instrument or substantially concurrent instruments in writing deliv'l�red to the Trustee , the Issuer, and the Owner and signed by the owners of a majority in aggregate principal amount of Bonds then Outstanding. Such removal shall take effect upon appointment of a successor trustee. Section 7 .08. ointment of Successor Trustee bondholders ; Temporary Trustee . In case the Trustee hereunder shall resign , be removed, be dissolved, be in course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case the Trustee shall be taken under the control of any public officer or officers or of a receiver appointed by a court, a successor may be .appointed by the owners of a majority in aggregate principal { amuunt of Bonds then Outstanding, by an instrument or substantially concurrent instruments in writing signed by such owners', or by their attorneys-in-fact, duly .authuriied; provided, however, that the Issuer, by an instrument executed and signed by . its Mayor and attested 'by its City Clerk under its seal , may, appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be-provided; and any such temporary Trustee so appointed by the Issuer shall immediately and ► without further act be superseded by a Trustee appointed by the Bondholders . Evory ' such Trustee appointed pursuant to the provisions o'f"this Section 7 .08 shall be a trust company or bank organized and doing business in the United States in good ' standing having a reported capital and surplus of not less than S50,000,GOO, if there be such an institution . ... �.11ing, qualified, and able to accept the trust upon reasonable or customary terms. 36 �r I1; Section 7 ,09. Successor Trustee, Every successor Trustee ( including any temporary Trustee appointed pursuant to Section 7. 08 hereof) appointee; hereunder shall ej!ecute , acknowledge , and deliver to its predecessor and to the Issuer an i.nstrument in writing accepting such appointment hereunder, and shall exe:cutt: an account signature card or the Lender and thereupon such successor-, without any further act, deed, or conveyance , shall become fully ves�td with the title to the Trust Estate and all of the trust powers , discretions , ' l,nm,inities , privileges, responsibilities, obligations and all other matters of its predecessor; but such predecessor shall , nevertheless , on the written request of the Issuer; or of its successor Trustee , execute and deliver an instrument transferring to such successor Trustee all the estates , properties, rights , powers , and trusts of such predecessor hereunder ; and every predecessor Trustea shell deliver all securities and moneys held by it as the Trustee hereunder to its successor Trustee . Should any instrument in writing from the Issuer, be required by any successor Trustee for more fully and certainly vesting in such successor the estates , rights, powers and ' duties hereby vested or intended to be vested in the predecessor , any and all such instruments in writing shall , on request, be executed , acknowledged, and c'el ivered by the Issuer. The resignation of any Trustee and the instrument or instruments removing any Trustee and appointing a successor hereunder, together with al-1 other instruments provided for in this Article , shall be filed and/or recorded by the successor Trustee in each recording office where this Indenture shall have been filed and/or recorded. Section 7 , 10. Designation of Paying Agent , The Trustee is hereby appointed paying agent for the Bonds. Section 7 .11 . Successor Trustee as Bond_Registrar, Custodian of All Funds and Nayinq Agent. In the event of a change in the office of the Trustee , .the Trustee which has resigned' or been removed shall cease to be holder of the registered bond representing the Bonds issued pursuant t:ion 2.02 hereof, in trust.' for the Bondholders as from time to time shown on the Op an Account Balance Boers, `'a:# well as registrar for the Bonds and custodian 6f the funds held hereunder, and paying agent for principal of, premium, if any,, and interest on the Bonds, and the successor Trustee shall l:ecome such holder, Bond registrar, custodian, and primary paying agent . The Trustee agrees that all records pertaining to the' Pro,iect, the Bondholders and the Open Account Balance Rooks shall be transferred to the successor trustee. Section 7. 12 . Trustee and Issuer Required. to Accept Directions and Actions of the 'Owner. , Whenever- , after a reasonable request made by the Owner, the Issuer or the Lender shall fail , refuse , or neglect to give any direction to the Trustee or to require the Trustee to take any action which the Issuer or the Lender is required to 'have the Trustee take pursuant to the 'provisions of the Deposit Agreement or this Indenture , the Owner may give any such direction to the Trustee or require the Trustee to take any such action, and the Trustee is hereby I irrevocably empowered and directed to accept such direction from the Owner as sufficient for all purposes of this Indenture. The Owner shall have the right to cause the Trustee to comply with any of the Trustee ' s obligations under this Indenture to the same extent th.a'V the Issuer or the Lender is empowered so to do. i I f 1 b, P uaN. 1 Certa in actions or fat lures to act by the Issuer un der thi s Indenture .,, ;; create or result in an Event of Default undr.,r this Indenture; thErefore , the Owner may, to the extent permitted by law, perform any and all acts or take such action as may be necessary for and on behalf of the Issuer to prevent ar correct said Event cf Default, and the Trustee shall take or accept such perfc.-,en%•e by the Owner as performance by the Issuer in such evert . Section 7. 13. Trustee May Own Ocnels . The Trustee , in its individual or any other capacity , may become the owner or pledgee of Bonds with the same rights it would have if it vierc not the Trustee. Section / . 14 . Anointment of Co-Trustee. It is, the purpose of this Indenture that there snall be �no violation of any law of any jur) sdict-lon ( including particularly the laws of the State of California) denying or restricting the rights of banking corporatioti, or associations to transact busiii�'iss as a trustee in such jurisdiction . It is recognized that in case of litication under this Indenture , and in pc;•ticular in case of the enforcement of this Indenture on default, or in case the Trustee deems that by reason of any present or -future law •'of ny jurisdiction it may rot exercise any of the powers , rights or rerr. dies herein granted to the Trustee , or hold title to the properties , in trust, as herein granted, or take any other action which may be desirable or necessary connection therewith, it may bra necu.sary that the Trustee rappoint an additional individual or institution as a separate or co-trustee . The following provisions of this Section 7 . 14 are adopted to these ends. In the event that the Trustee appGints an additional individual or institution as a separate cc-trustee , each arl every remedy, power , right, claim , demand, cause of action , immunity, estate , duty , obligation , title , interest and lien expressed or intended by this indenc.ure to be exercised by, vested in or conveyed to the 'trustee -with • espect: thereto shall be exercisable by and vest in such separate or co-trustee , but only to the extent necessary to enable such separate or co-trustee to exercise such powers , right and remedies , and every covenant and obligation necessary to the exercise thereby by such separate or co- trustee shall run to and be En;orceable by either of them. Should any instrument in writing from the Issuer he required by the separate t.rusteE or co-trustee so appointed by the Trustee for more fully and certainly vesting in and confirming to him or it Such properties , rights , growers, trusts , duties and obligations , any and P.11 such instruments in writing shall , on request, be executed , acknowledged and delivered by the 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 nbl ig�.tions of such separate trustee or co-trustee , so far, as permi tt::d by law, shall vest in and be exercised by the Trustee until the appointment of a successor to such separate trustee or co-trustee . f 38 i . f` ad ARTICLE VIII . SUPPLEMENTAL INDENTURES ' Section 8. 01 , Supplemental Indentures Not Requiring Consent of the Bondholders. The Issuer and the Trustee may, without the consent of, or nc,tii:e to , any of the Bondholders, enter into an iridenture or indentures -`.Pplemental tci this Indenture , not inconsistent with the terms and provisions hereof, for any (ine or more of the following purposes: (a) to cure any ambiguity or formal defect cr omissions in this Inder.10re which r.ure 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 , remedies, powers , or authorities that may lawfully be granted to or conferred upon the Bondholders or the Trustee; (c) to subject to this Inderture additional revenues, properties or collateral ; (d) to modify , amend or supplement this Indenture, or any indenture supplemental hereto , in such manner as to permit the qualification hereof and thereof under the Trust Indenture Act of IM , as amended, or . a. y similar federal statute hereafter in effEct, or to permit the qualification of the Bonds for sale under the securities lavrs of any of the states of the United States , and , if they so determine , to add to this Indenture or any indenture supplemental hereto such other term., conditions and provisions as may be permitted by the Trust Indenture Act of 1939 , as amended or any similar federal statute; and (e) to add to the covenants and agreements of the Issuer contained in this Indenture other covenants and agreements thereafter to be observed for the protection of the Bondholders , or to surrender or limit any right, powe�� or authority herein reserved to or conferred upon the Issuer. Section 8.02 . Supplemental Indenture Requiring Consent of the Po11dholders . Exclus•i've of supplemental indentures ccvered by Section , 01 hereof �an1 bubject to the terms and provisions contained in this Section 8 .02, and no: otherwise, the holders of not less than 66--2/3 V in aggregate principal amount of theBonds then Outstanding shall have the right , from time to time , anything contained in this Indenture to the contrary notwithstanding , to consent to and i a'Narove the execution by the Issuer and the Trustee of such other indenture or indentures supplemental hereto as shall be deemed necessary and desirable by the ' Trustee for the purpose of modifying, altering , amending , adding to , or rescinding,. in any parti ctilar, any of the terms or provisions contained .i n this Indenture or in any supplemental indenture; provided, however, that nothing contained in this Section 8. 02 or- in Section 8.01 shall permit, or be construed as permitting, without the consent and approval of the owners of all the Bonds then Outstanding, (aa , an ertensiun of the maturity ^` principal p any or the rind al 'of , or premium, i f any, on , any Bond, or a reduction is the principal amount of any Bond or the rate of interest or redemption -premium thereon, or a reduction in the amount, or extension of the time of any . payment required by , any ' mandatory sinking fund tr t1 1 r i f 39 i 4 � i PP requirements herein ; (b) a privilege or priority of any Bond over any ,,,other Bond (except as herein provided) ; (c) a reduction in the aggregate principa.-J :mount of the Bonds required for consent to such supplemental indenture ; (d) the Jepr•ivation cf the owner of any Bond then Outstanding of the lien created by this Indenture; (e) an alteration of the Lender' s obligation under the Doposit Agreement; (f) a modification of the notice provisions in Section 3. 06 hereof; ov (g) the amendment of this 'Section 8. 02 ,. If at a',iy time the Issuer shall request the Trustee to enter into any such supplenental indenture for any of the purposes of this Section, the Trustee , upon being sail sfac`ti,.ori ly indemnified with respect to expenses , shall cause notice of the proposed ex►:cution of such supplemental indenture to be mailed to etch of the BGndholders, _�t; address- indicated on the Open Account B:"' lance Books , Such notice'',,shalI briefly soft forth the nature of the proposed supplemental indenture and shal i state that copi'E�s, thereof rre on file at the principal office of " the Trustee fori,,Jnspection by all Bondholders. If, within 60; days, or such longer period as shall be rrescrihed by the Issuer following the final publication of such notice , the owners of the requisite percentage in aggregate principal amount of the Eionds Outstanding at the time of the execution of any such supplemental indenture shall have consented to and approved the execution thereof as therein provided , no owner of any Bond shall have any right to object to any of the terms and provisions contained therein , or the operation thereof; in any manner question the priority of the execution thereof; or enjoin or restrain the Trustee or the Issuer from executing the same or from taking any a( Li,:n pursuant to the 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 Owner died the Lender Required. Anything herein to the contrary notwithstanding , no supplemental indenture under this j Article VIII shall become effective sinless and until the Owner and the Lender shall have consented in writing to the execution and delivery of such supplemental 1 indenture . i S i r t i i 40 ARTICLE IX. MISCELLANEOUS Section 9. 01 . Consents of the Bondholders ., Any consent, ' request, direction , approval , objection, or other Instrument required by this Indenture to be signed and executed by the Bondholders may be in any number of concurrent � writings of similar, tenor and may be signed or executed 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 Bond, may`.be proved by the certificate of any officer in any jurisdiction who by law has power to take acknowledgments within such jurisdiction that the person signing such writing acknowledged before hire the execution thereof, or by an affidavit of any witness to such execution, and if made in such manner, shall be sufficient for any of the purposes of this Indp:rtur•e , and shall be conclusive in favor of the Trustee with regard to any action taken by it under such request or other , instrument, For all purposes of this Indenture and of the proceedings for the enforcement hereof , sucr$ person shall be deemed to continue to be the owner of such Vnd until the Trustee shall have received notice in writing to the contrary . Section 9. 02 . Limitation of Rights. With the exr.eption of rights herein expressly conferred, nothing expressed or ment-Ioned In or to be implied from this Indenture or the Bonds 'is intended or shall be construed to give to any person other than the parties hereto , and the owners of the Bonds any legal or equitable right, remedy, or claim under or in respect of this Indenture or any covenants , conditions and provisions herein contained , this Indenture and all of the covenants, conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of the parties hereto a!id the owne,-s of the Bonds as herein provided. Section 9 .03. :3everabiI i ty . If any provision of this Indenture shall be held or deemed to be orshall, in fact , be illegal , inoperative, or unenforceable the same shall not affect any other provision or provisions herein contained or redder the same invalid, inoperative ; or unenforceable to any extent whatever. 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, addres. ed as follows : If the Issuer: City of Huntington Beach City Hall 2000 Main Stl•eet Huntington Ee'arh, Ca'i,i forni a 92648 Attention : Ci 'iy Adm{nistrator 41 r �• '-MOW,. If tc; the Owner: Huntington Breakers Apartments, Limited c/o Wilmore City Development, Inc, 611 Anton Bc,ul evard, Suite 970 Costa Mesa , California 92626 Attention: Steve Semingson If to the Trustee : Albuquerque National Bank 303 Roma, N.W. Albuquerque , New Mexico Attention: Trust Department If to the Lender: Nome Federal Savings and Loan Association 701 North Broadway San Diego, California 92101 Attention: Allan Tomechak A duplicate c:c;,y of each notice required to be given hereunder by eft her the Issuer or the Trustee shall also be given to the Owner and the Lender , and a duplicate copy of aach notice required to be given hereunder by the Trustee to the Issuer , the Owner or the Lender shall also he given to each of the others , The Issuer, the Owner, the Trustee and the LeInder may , by notice given hereunder, designate any further or different addresses to which subsequent notices, certificates or other communications shall be sent. Section 9 .05. Payments Oue on Holidays . If the date for making any payment or the last date for performance of any act or the exercising of any right, as provided in this Indenture be a, Saturday, Sunday, legal holiday or a day on which banking institutions in the city in which the principal office of the Trustee or any paying agent for the Bonds , as tha 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 Saturday, Sunday , or legal holiday or day on which such banking institutions are authorized or required by law to close with the same force and effect as if done on the nominal date provided in this Indenture , .and if done on such succeeding day no interest shall accrue, solely in respect of the operation of this Section 9.05, for the period after such nominal date. Section 9.06 . Execution of Counterparts. This Indenture shall he simultaneously executed in several counterparts , each of which shall be an original and all of which shall constitute but one a,^,d the same instrument. Section 9 .07. Apslicable Law. This Indenture shall be governed by and construed in accordance with the laws of the State. .Sectiron 9. 06. Captions . The captions or headings in this Indenture Lre for convenience only and in no way define, 1 imi t or describe the scope or intent .of any .:, provisions , article_ or sections of this Indenture. 42 t , r R ' IN WITNESS WHEREU, the City of Huntington Beach, California , has caused these presents to be signed in its name and behalf by its Mayor and its ,official seal to be hereunto affixed and attested by the City Clerk, and to evidence its acceptance of the trtis,+ hereby created the Trustee has caused these presents to be signed in its nave and behalf by one of its Trust Officers , all as of the first day of March, 1983. CITY OF HUNTINGTON BEACH, CALIFORNIA (SEAL) ATTEST: - Mayor City Clerk ALBUQUEROUE NATIONAL BANK, as Truste,� By - Vice President and " rust Officer By Msistant Trust Officer 43 o l EX,HIB:'f A FORM OF BOND] The faith and credit The City of Huntington Beach, California is not pledged to the payment of the principal of or interest on this Bond , $1610001000 THE CITY OF HUNTINGTON BEACH, CALIFORNIA LOANS-TO-LENDERS REVENUE BOND (HOME FEDERAL SAVINGS AND LOAN ASSOCIATION - HUNTINGTON BREAKERS PROJECT) The City, ; of Huntington Beach, California (the "Issuer" ) , a 'political subdivision of the State of California , hereby promises to pay $16,000,000 to the order of Albuquerque National Bank for the benefit of the owners from time to time of the Bonds described below on March 1 , 1991 (or earlier as hereinafter provided) and to pty interest thero!)n, from the data hereof at the rate of 7. 75% per- annum, payable on September 1 , 1983, and semiannually thereafter on each March I., and 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 , commencing with Section 52075, Part 5, Division 31 of the Health and Safety Code of the State of California (the "Act") . The principal of this bond is payable in lawful money of the United States of America , without exchange or collection charges to the registered owner, at the corporate trust office of The Albuquerque National Bank, Albuquerque , New Mexico (the "Trust(,e") . 'principal of and interest on this Bond shall be paid by check or draft drawn upon the Trustee and mailed to the registered owner. Thi's Bond i s one of! a series of bonds dated as of March 1, 1983 (the "Bonds") authorized and issued in the aggregate principal amount of $16 ,000,000 under aiid pursuant to the Act', a resolution adopted by the Issuer, and an Indenture of Trust dated as of March 1, 1983, by and between the Issuer and the Trustee (the "indenture") .for the purposes of financing the cost of a multi--family residential rental project , (the "Projer-01 located in the City of Huntington Beach, +orange County,- California (the "Unit".) to be oocupieo in part (at least 20 percent, 15 p g ) y. 'moderate income as defined : erce'rit i n ttr eted 'areas b individuals of low or m y Section 103(b)(12)(C) 'of. the Internal Revenue Code of 1954, as amended. • " .�. .*4' The transfer of this Bond may he made only by the registered owner in person or by his attorney or legal representative at the corporate trust office of the Trustee, but only in the manner and subject to the limitations and conditions provided in the Indenture . Upon any such registration or transfer the Issuer shall execute and the Trustee shall authenticate and credit a new registered bond, registered in the name of the transferee , of authorized denominations on the Open Account Balance Books of the Trustee . The Bonds are subject to mandatory and optional redemption prior to maturity as set forth in Section ?..06 and Section 2 . 0 of the Indenture. If less than all of the Bonds are called for redemption , the particular aonds or portions thereof to be redeemed shall be selected by the Trustee on a pro rata basis from among the Bonds owned by all Bondholders; provided , however, that portions of Bonds shall be redeemed only in integral multiples nf $5 ,000. At least 10 days prior to the date fixed for any redemption of the Bonds prior to their scheduled maturities, the Trustee shall cause a written notice of such redemption to be mailed, postage prepaid, to each registered owner of the Bonds to 6e redeemed, at its address shown on the Open Account Balance Books of the Trustee. Failure to mail or receive any such notice, or, any defect therein or in the mailing thereof shall not affect the validity of any proceeding for the redemption of Bonds . By the date fixed for any such redemption , due provision shall be 'made with the Tru�Lee for the payment of the appropriate redemption price . If such written notice of redemption i �- made and if due prevision for payment of the redemption price is made, all as provided above, the Bonds which are to be redeemed, automatically shall bH deemed to have been redeemed prior to their scheduled maturities , they shall no•� bear interest after the date fixed for redemption , and they shall not be regarded as being outstanding except for the right of the registered owner to receive the redemption price out of the funds provided for such payment. If any Bond .:all not be paid upon the surrender thereof at the maturity or redemption date thereof, such Bond shall continue to bear interest until paid and, to the extent permitted by law, interest, on any overdue payment of the principal of, premium, if any , or interest on such Bond shall be paid at the rate of one percent per annum above the interest rate borne by such Bond. If the date for the payment of the principal of or interest on this Bond shall be a Saturday, Sunday, a legal holiday, or a day on which banking institutions in the city where the corporate trust offices of the Paying Agent or thz Trustee are authorized or required by law or executive order to close , then the date, for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday , or day on which banking institutions are authorized dr required to close ; and payment or, such date shall have the same force and effect a if made on the original date of payment. It has been certified and coyenanted that this Bond has been duly and validly authorized, issued,' and delivered; that all acts , conditions, and things required or proper to be performed, exist and be done ;precedent to or in the q p P p authorization ,` issuance , and delivery of this Bond have been performed, ',existed, and, done 'in ,accordance with law; that this Bond is a limited and special obligation of the Issuer, and that the principal of, and premium, if any and interest on, this '0, Bond are payable from and secured by Certificates of Deposit issued by Home Federal Savings and Loan Association ( the "Lender") to the Issuer pursuant to the Loans-to- Lenders Deposii Agreement dated as of March 1 , 1983 ( the "Deposit Agreement") among the Issuer, the Lender, the Trustee and Huntington Breakers Apartments , Limited (the "Owner") , and to be made or paid , or caused to be made or paid, to the Issuer and certain reserve funds created , pursuant to the Indenture , The Lender is unconditionally obligated ( subject only to the provisions of the Deposit Agreement relating to merger, consolidation , and transfer of assets) to the Issuer and the Trustee to make or pay, or cause to be made or paid , without set-off, recoupment, or counterclaim, to the Trustee for deposit into the Bond Fund created for the benefit of the Bondholders by the Indenture, amounts in the aggregate sufficient to pay and redeem, and provide for the payment and redemption of, the principal of, and premium, If any, and interest on , the Bonds , when due, subjert to and as required by the provisions of the Deposit Agreement and Li:e Indenture . The Bonds 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 may 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 of the registered owners of at least a majority in principal amount of the Bonds then outstanding shall , waive any Event of Default and its consequences provided that an Event of Default in the payment of the principal of, 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. 'fhe registered owner of this Bond shall have no right to institute any action , suit , or proceeding at law or. in equity to enforce the Indentura except as provided 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 the principal of, and premium, if any, and interest on , the Bonds from the source and in the manner 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 reserved the right to amend the Indenture as provided therein ; and, under some (but not all ) circumstances amendments thereto must be approved by the owners of 66-2/3'/b in aggregate principal amount of the outstanding Bonds . The owner oareof shall never have the right to demand payment of .this obligation out °of the funds raised or to be raised by taxa-''Jon or from any source whatsoever except the paymenks and amounts described in this Bond , the Indenture j, and the Deposit Agreement . The Bonds are 'limited, obligations payable solely, as !; provided _herein. ;.THIS BOND SHALL NOT BE DEEMED TO„CONSTITUTE,.AN INDEBTEDNESS NOR A LOAN OF,, OR A_ PLEDGE OF THE FAITH AND CREDIT OF THE ISSUER OR THE STA1 E OF CALIFORNIA, . OR ANY POLITICA! SUBDIVISION THEREOF WITHIN THE : MEANING OF ANY it CONSTITUTIONAL OR STATUTORY PROVISION, AND NEITHER THE ISSUER NOR THE STATE OR +f I4 j� i - '1 'f.i POLITICAL SUBDIVISION THEREOF SHALL BE LI4BLE HEREON; NOR IN ANY EVENT SHALL THIS BOND BE PAYABLE OUT OF ANY FUNDS OR PROPERTIES 01'HER THAN THOSE PLEDGED TO THE SECURITY THEREOF IN THE INDENTURE. This Bond shall not be entitled to any benefit under tha Indenture, or become valid or obligatory for any purpose , until the Trustee' s Certificate of Authentication and Registration hereon shall have been signed by the Trustae. IN WITNESS WHEREOF, The City of Huntington Beach, California , has caused this Bond to be executed in its name by the manual signature of its Mayor and attested by the manual signature of its Clerk, all as of this 1st day of March, 198L THE CITY OF HUNTINGTON BEACH, CALIFORNIA ATTEST: By Mayor Clerk TRUSTEE' S CERTIFICATE OF AUTHENTICATION AND REGISTRATION 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 auth3nt;ication: March 1083 . Albuquerque National Bonk, as Trustee By . Authorized Officer 87a6C EXHIBIT B [FACE OF CONFIRMATION RECEIP, ] � I THIS IS A CONFIRMATION RECEIPT ONLY AND jS NOT A. NEGOTIABLE INSTRUMENT. BONDS MAY BE TRANSFERRED ONLY. ON THE RECORDS OF THE TRUSTEE. THIS RECEIPT DOES NOT WXNCE THE OBLIGATION REPRESENTED BY THE F;:iI.O. THE CITY OF HUNTINGTON BEACH, CALIFORNIA LOANS-TO-LENDERS REVENUE B014D (HOME FEDERAL SAVINGS AND LOAN ASSOCIATION - HUNTINGTON'RREAKERS PROJECT) , The City of Huntington Beach , California (the "Issuer") , a municipal corporation duly created and existing under and by virtue of the Constitution and Taws of the State of California has promised to pay S �w to the order of the principal sum of Dollars on March 1 , 1991 (or earlier as hereinafter stated) and to pay interest , to the owner as shown on the Open Account Balance Books of the Trustee as of the date 15 days prier to the Interest Payment Date , from the Interest Payment Date (ors hereinafter defined) immediately preceding the crate of this Confirmation Rer,eipt (unless this Confirmation Receipt is dat---d an Interest payment Date, in which case interest shill be payable from the date of original delivery of the Bonds) , at tha rate of 7. 750 per annum, payable on each March 1 and September 1 (an " Interest Payment Date") following the date of this Confirmation Receipt while the Bond to which this Confirmation Receipt relates is outstanding ; provided that such principal and interest are payable solely from the sources and in tie manner hereinafter described, and solely as authorized and provided in the Act. The obligation to make stch payments is evidenced by a Bond, which has been delivered to, and is held by, the Trustee (as hereinafter defined) for the benefit of the owner of .the Bond to which the Confii-mation Receipt relates and the owners of all other Bonds !the "Bonds") of the series of which such Bond is a part The Trustee , acting through its duly authorized representative, confirms that the Open Account Balance Books reflect the i .suance of a Bond registered in the name of the holder named above in the principal amount stated above'. Albuquerque National Bank, as Trustee By Authorized Signature CERTAIN OTHER PROVISIONS OF THE BONDS ARE SUMMARIZED ON THE REVERSE SIDE OF THIS CONFIRMATION RECEIPT. e (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 capon one of the Trustee for the Bonds , rurrently Albuquerque National Bank and mailed to the registered owner thereof at the address of such 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 authorized and issued under `nd oursuant to authority conferred by the Act, the Trust - Indenture , dated March 1 , 1983, by and between the Issuer and the Trustee (the "Indenture") . The Bonds have been issued in the aggregate principal amount of $16 ,000,000 for the: purpose of financing the cost of a multifamily residential rental project (the "T'roject" ) to be located in Huntington Beach, California , and to be occupied in pArt (at least 20 percent) by individuals of low and moderate income (within the meaning of the Internal Rcvenue Code of 1954, as amended) . The proceeds of the Bonds have been placed on deposit with Home Federal Savings and Loan Association (the "Lender") pursuant to the terms of the Luans-to-�Lenders Deposit Agreement, dated as of March 1 , 1983 , among the Issuer, the Trustee: , the Lender and the owner 'of the Project ( the "Deposit Agreement" ) . fhe Bons are issuable in the denomination of $5,000 or integral mulitples thereof . The Bond to which this Confirmation Receipt. relates may be transferred on the Open Account Balance Books upon delivery to the Trustee , as Registrar, of a bund power duly executed by the registered owner of such Bond ( as shown on the Open Account Balance Books) or his attorney-In-fact or legal representative . A form of bond power, containing all the Anformation necessary for the Trustee, is printed below. In the case of the transfer of such Eond, the Trustee shall credit, at the earliest practicable time, a new Bond, in an authorized denomination, registered in the name of the transferee on the Open Account Ba 1 ante Books . The Bonds are subject to mandatory and optional redemption prior to maturity as set forth in Section 2. 05 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 redeemed shall be selected by the Trustee on a pro rata basis from among the Bonds owned by all Bondholders and as nearly as practical each Bondholder shall have his "total principal amount of Bonds reduced by the percentage which the aggregate principal amow t 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 $5 ,000. Not-less than 10 days prior to any redemption date, the Trustee shall cause notice of the call for `redemption, ' identifying each Bond or portion thereof to be redeemed, to be given in the . 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 l to the registered owner of each Bond to be redeemed 'at the addre_,s shown .on .the Oper: Account Balance. Books. Airy defect therein shall not affect the validity,,; of any proceedings for the redemption of Bonds. By: the date fixed for any such redempti on, due provi si on shal l be made wi W the Trustee and tf�e Paying Agents for the payment of the appropriate redemption nrice and interest on the Bonds to be redeemed to the date of redemption . If notice of redemption is given as provided herei r.•-„and if 'due provision for payrrent of the redemption prI ce and accrued interest is made , all as provided in the Indenture, the Bond which is to be redeemed EXHIBIT B 2 shall not bear interest after the date fixed for redemption and shall not be regarded as being outstanding except for the right of the registered owner• thereof to receive the redemption price thereof and accrued interest out of the funds provided fo, such payment. In the event any payment check representing payment of any Bond is returned to the T,-ustee or is not presented for payment by the payee thereof, if provision has been made for the payment of the amounts represented thereby as provided in the Indenture, all liability of the Issuer to the owner of the applicable Bond for the payment of such Bond shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such funds (but only for the 'period specified in the Indenture) without liability for interest thereon, for the benefit of the owner of such Bond, who shall'- thereafter be restricted exclusively to such funds for any claim of whatever nature :finder the Indenture or on, or with respect to sa- d Bond. If the date for the payment of the principal of, or premium, if any, or interest on , the Bonds shall be a Saturday, Sunday , legai holiday or day on %1-hich taanking institutions in the city where the corporate trust offices of 'the Paying Agents or the Trustee are authorized by law or executive order to close , then the date for such payment shall be the next succeeding day which is not such a.'Saturday , Sunday , legal holiday or day on which banking institutions are authorized or requi red to close , and payment to such date shal 1 have the same force and of fect as if made on the nominal date of payment. It has been cert i f i ed and covenanted that the Pond to whi rh the Conf i rmati on Receipt relates has been duly and validly authorized, issued, and delivered; that all acts , conditions and things required or, proper to be performed, exist and be clone precedent to or in the authorization , issuance and delivery of such Bond have been performed , existed and done in accordance with law; that the Bonds are limited and special obligations of the Issuer; and that the principal of premium, if any, and interest on the Borids are payable from and secured by a Certificate of Deposit issued by the tender to the Issuer 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 insurance is limited Fo that the benefit to an owner of the Bonds will not exceed the greater of $100,000 or the then applicable maximum amount of insurance provided by FSLIC . The Bonds 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 cai�ditions stated in the Indenture . In case an "Event of Default" ( as defined 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 immediately upon the conditions and in the manner provided in the Indenturo. The Trustee may, and upon written request of the registered owners of at least, a ma c,rity .,in principal amount of the Bonds then outstanding 'shall , waive any Event of Default and its consequences provided that default in the payment of the principal of, and premium, if any , and interest on, the Bcnd s may not be waived . The registered owner of the Bond to which this Confirmation Receipt relates shall have no right to institute any action, , suit 'or proceeding at„ law or in equity to enforce the Indenture except as provided in the Indenture, provided that nothing in the Indenture shall affect or impair the rights of the registered uwner hereof to enforce the payment of the principal of, premium, if any, and interest on , the Bond EXHIBIT 3 r P from the source and in the manner herein expressed, Reference is hereby made to the Indenture for the prcvisions governing with respect to the nature and extent of the security; the rights, duties, and obligations of the owner of the r'roject., the Issuer , the Trustee , and the registered ownet-s 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 resarved the right to amend the Indenture, as provided therein. Under some (but not all ) circumstances amendments thereto must I)e approved by the oviners of 66-2/3'0' in aggregate principal amount of the acts-anding Bonds. . . THE BONDS ARE NOT AND SHALL NEVER BECOME GENERAL OBLIGATIONS OF THE ISSUER BUT ARE LIMITED OBLIGATIONS PAYABLE BY THE CITY SOLELY AND ONLY FROM THE PAYMENTS RECEIVED PURSUANT TO THE ABOVE-REFERENCED CERTIFICATE OF DEPOSIT AND "SHE DEPOSIT AGREEMENT ( EXCEPT TO THE EXTENT PAID OUT OF MONEYS ATTRIBUTABLE TO THE PROCEEDS DERIVED FROM THE SALE OF THE BONDS OR TO INCOME FROM THE TEMPORARY INVESTMEIV, OF SUCH FUNDS OR OF OTHER FUNDS HELD THEREUNDER) , THE BONDS AND TFIEI R PREMIUM, IF ANY, AND INTEREST THEREWSHALL NEVER CONSTITUTE A DEBT, INDEBTEDNESS, OR A PLEDGE OF THE FAITH AND CREDIT OR TAXING POWER OF THE CITY OF HLJNTI14GTON BEACH, THE STATE OF CALIFORNIA OR ANY POLITICAL CORPORATION, SUBDIVISION OR AGENCY THEREOF. THE BONDS SHALL NOT BE PAYABLE FROM THE GENERA!_ REVENUES OF THE CITY , A14D NEITHER THE CITY OF HUNTINGTON BEACH, THE COUNTY OF ORANGE OR THE S1ATE OF CALIFORNIA OR ANY POLITICAL CORPORATION , SUBDIVISION OR AGENCY THEREOF SHALL BE LIABLE THEREON, NOR IN ANY EVENT SHALL THE BON05 BE PAYABLE OUT OF ANY FUNDS OR PROPERTIES OTHER THAN THOSE OF THE CITY SPECIFICALLY PLEDGED TH,=REFOR . EXHIBIT B 4 .PJ1J a .�+1. �. , 1.• .. , tiroAl to - •. {rr •;, •�� I• �� ., ',_; , J {;' a, I i t:qJ � �, rti ' '• I, ,, r, ' t,l / + - ''� f I!. ;� * s �i :I: 'f, ,i' .0 , y i• 14 1 W. II•lr.' .�'..I �.:.i+sa.....1.1�+�..'+ii _.. !_.!1`..r.... .. ,.. ill.. .. ..t... . i. ri - �i Mr1•Ii , 1 • r �1 , it ((' �,.. ,. , •If _ , rill . ; BOND POWER, r , •, FOR VALUE.RECEIVED, the undersigned hereby' sells,: assigns'and .t'�igsffers unto . h t i • " iacei urt'.-. re ate% ' rid. does . .hereby, i r1^evo ably �ansti'tute� andr appoi • n he M r nI nt .• r 1 f•, . '. rl to transfer such ; Band on the' books kep+ f,or, gistraL on and transfer/ o such Fond, with'; fu1;.1 ,Powev of substitution in the" ''� ! "+ premises.' ' Tie - �ontt to wh1c(;;t,he Confirmatio� ''Receip,t relalres. is'numbered is th'e' pr I nci pal 'amount . dt' , '+ _ - I'and . i s ',' regi•stpred ' i n ' the name r `of' [ins.�,t exact name of registrat` or -" without.. any 'vari ati am . `,�, The undersigned dlbes (do) lher&y irrev cab'I, co+nstitute ar�d appoint ........ attorney to transfer the said tiond on the books of the Trustee, _ r, Wi.t ful:1 'power;of s'ubs`ttution in the` premises. ! 1 r F. rr� Signature,,,oa anteed by: 1 I I l 1 .rti , i.• , !� 'i 1 � '7.� 11 I , 'i � ,. -.., , ,, • I� h,. 1, . I � . ,,r•• - , ' •The Trus"tee'.wi11 :not ef. ect: transfer";,Of,`tf�e 'Bond 'de'scr,ibed above t,un�lass, the . f , h Olo"matid, cartce, n,ing the ;transferee required� below: 'is pr�avided. ,Trie trarisfernr `s &M&coma,l ete whichever' df- the 'foil uwinq ,.i a 'i able fiv' the event .hat the s , PP1 c f . ' ::above,-! scri bad• 3o`t1d o�' e;, a wrier `A s i s ` t b held in nominee ne name the factthat ''such 0 ho1dI'ng .as nominee must bed -sclosed'. ` 71 . ,, Individual :. r r + Address: s Socia'1, Se,cuMty No. : . oil s Coir'P o'rati on"Andress'; Tax Identi f i cati or" No. {` `Par.tner•shl 1p: .4ddress dentifi'cat�.ion Tax I EXHIBIT s 5 ' 13 mom of ��. t C. ,1 Trust: Namo pf Settler: r , Address of Trustee: t fir.„ Tax, I'dentif icati ors No . of Tri;st: . Tax Iidenti f lcati on )No. `of Settl or: Nord nee:. ►! 1� Addr6ss: �t Ta T identification No . , 10 ,i t I t i EXIIIBIT B sP13'a�4 is sr, .fj 1 ,..•I�� .r• , �� 1 '• , '•gut �! ,�� t.ri• .. '.... - �`' ;�, '. .. � r I , ' ,y , ..) " t 1..• lld k+rn+��: `�y�..'+ -t •La ^., , .�5 •, �^�.,• .. . .e.... ', s i,.,,r ,. -. -.. . .. .. � .. .. .. . _.....- r,,if,: I ,: - 't r , ,( �•. rf; 1't' 1,, ._ 1 ,t \ II .,', .. t ,1 c61 T7 C �F r.m of Over_Registration Notice Standard] 19 rJ. Re•� Cit' af';Hun`t n'Aton, Beach'` California Coans�t'o-handers Rev"enu, Bonds 11(Home 'Federal -Savin gs and Loan Association art ;`\Huntington'''Breakers 'pro ect)� f - -- dear Sir r' Madam: "'AlbUqu�rque _National Bank; as reg stray, .for 'the above�caationed issue of r ; `'t' b �' ds'� collectively with: any.'"Re1'"ted`' Series .Bonds" as def'i ned i n ;the;-I'ndenture"laf' pp �. R X i, t Trust ,securi ,the above ' captioned ,:issue of "blinds (the !!Bonds",) has; receire''d instructions ,;to' reg .stet; - princi amount of he ds ' pal, , t Bon i;n our i `Of Me 'After iv i n o f-:re s u c, t ii u O: g: g to re n',, a • a rig. Ope ct -Such o c 'rdi o the Acco nt Balance Books maintained .by us:W L respect to`the Bonds: You own individual ly principal amount, of;the Bonds', You own Jalrifily'A r principal amount of the Bond's` You ar4-,Ahe- settl o of a trust or' trusts ��ihicfti own , ; rincial; amount of the Bo - , t r , :maybe);:aware;' the 'securi ty_ for .the bonds t;s c6rt_i::f l Cates• of 'deptr'sit + '� • t e ' Certi'f. s as' trustee under tFie ,'[rid t (, Ij" ;•�,,, licate") field by u enure '61 rust pur?'s'uant to' i a o 'ds e're':i ssu a TFie Ce r' wh ." h B� w e` ��it i f i Cate i s i n sured by tihe: Federal Sav g acid i't r Loci h Insu'rance 'Con oration 'FS�Iw b'u'ti' t e; ` " t!,; n l ' itl� i n surance i.s � i i ted Asa tha{ the ' n ' own a r` 1 benefitf, ko t a of the o`nds iwi not, exceed'' [$1�OO,npO "If you ow in , divitlual`1 in 0k'des5, of 10a' 000 p�. roof al" r ' u`nt of: t.,e� Bonds.:,suc a P.Y� rceand is c��, p, M ,, A, s is '' ,,�amo h' xc. not rotected b'y FSL.0 insura ,n l rd &':Poor ,: s Corp o1 ati on p side ed 'by p T A 1 to'be unrat'ed � f•,'i. „ ' f ',I 1ti ' lyS�•,1 ' � l , 1 , fr t�;,Ybur'; interests in: Bonds heldoint� r.;and an�r. B,onds,.wh_ich =a're !owned by.trust's ,,,1'[ ;, (.'`\ r 1. 1• , .:,11 r1�. ♦rt';wh` ch''y,QU havela reversion ; or..revo'cation Sr-i;ght. may per aggi',egai:ed witti the.�Bond's you owrl-'Iinoi`vfd'' a' by�you'`3oir%t'ly'`or by .tr`rusts in,whidh'you ret�.in `a'�rever'Si'on '6r �tr:t v ! ', the greater,- of '� PP 1` bl a maxi m`um ! reyocati on ri ghit exceeds , �10p 00 .or -che then z l i ca , amount' of irisurancel e rotpcted- by. FSLIC, t , r �� ' provided; by.;:FSL7C su..h excess' may ,not b , p '� ; , L:•, , - Standa Corp insur,ante•, and if unprotected, will. be considered:by rd & Poor s,Co to�be unrated. Very truly:`yours , ALBUQUERQUE NATIONAL BANK, as Trustee By ;si�tl e i'1 if y " r► { ,7 ,, l�y~v,) �, �` r ♦'M+ vs ' I+ , �y-� / �� ._` .' � �� / r . . '' ..�r .r - � '.:f 1 .'t 4 ��',+• ..'+.. 74,.•Y 111.a w{. rp. .,. ,..,... • ., ,✓.[. air .. . . ,.,..�,. •. , _.. ..r w , ,1r EXHIBIT D [ gl ice'Form•' of Ra 1 stration No't Trust! r„• f i. .wry.«.' /' .r 1' . ,+� r . y Huntde tdh Binuej CC' l i forma It Laanrs� Len rs 2 v 8' ads rl ; f, 9 '}fir • ' ( Homeedera� SaVin s and Loan Associa Huntington '8reak'ers Pro,iect Dear Sir or Madam' ,..Albuqu�:rque Nat,1'onal Bank,: as 'r.egis`tra' for the,; above'-•ca 'boned `;iss 'e of. bo'h ds ,t ool l'ecti ve,ly`�w,i,th any !,Related,.Series Ron as,defined `i n the .I ndenture;of.' l _ _, 11 „ received Trust' Securi�tg the above captioned issue of bonds . (6e Bands ) ha s '�nstry�cti66-s ,to:iregi'ster �w_ _ pranci pal( amount -af the Bo name or the ab'u`v.e; ta Cloned trust ncfs in the p_ t the Trust'!•) . After giving effect to such' ' .g t J.. 9 p oy us' with. re i strdtion at.cordi'n to the '0 en Account Ba 1 ance gooks mai ntai n'ed:' respect, to the 9orids iJ /, The Trust' and an'other trust or t'riusts,.'(the'! "elated Trusts�'J�/ of whiff the settl or 'of .the t'i^ust Yi s the settl or awn ! P 1^i ncipi l amount of Bonds r t :The . settlor of-':tne' Trust'Ii dfv,itdually' or So;intly and the ,IEI'rus�c own ' principal amount of th-e''Bonds. The 'settI or, "of the Trust,..i ndi V'idua l ly.'o'r' ,ioi ntlyj `,he ;iYust and 1the Related Trusts :own 'rprinc•+pal amount, of the Bolds ; . 1ti''' '' As '=yout,'may beaware 'the security far thel ab'oye-ca tton Pd 'Bond ' ,., �• 11 11 , .i dertif. cater af' deposia (the Certificate. ) . ,he1d �'y .us,;��as '�1rustr=e' 'tinder ,he � � ;t, „ f Indenture: of Trust ursuan`t','.to, whic�t ,the BontlS were !Issued :;Tree C'Or)�i;f i%ate i s; ,, p . } , t ,t u • ,. ." p ( FSL7(I fit he'' ,i„ ; , •, _ Spre,dj,Jby ,`ahe l'iiFedei°al .'S'av�ngs � and Loan I'nsui+ace Ccir oration, � _ , , ,, t insurance:.i s 'l imi'ted so th . 'the be�efi t to an3• owner of the Bonds wit�l ,,not exceed -;,You sho'ultl '6e awarre', that, under apol'icable': re`g'ulationls' ';relating: ,to FSL�1C �nsurai ce, ('i ) i f, any bQneficia a Trust , 'is .ail so the `bi�nefici Mry , 6f'"A) y +' ry. of ,,th Related 'Trust, that beneficiary''s interest in 'the Bonds' an►i Rie�ated Se'rles ,, Bonis he I'd .:s �� ;�.tains a, reversidin d by those trusts may be aggregated ,and ( ii ) if the ett1or �' or revacation 'raght in the Trust or. any Related Trust (a Rev ocable' Trust") , ariy Bonds' or Related. Series Bonds held by a Revocable Trust may b` aggregated with ,rl� ' ' }�'�■ cif {Il rt .I �t -�q I'Mri. ...,�. •.Y•. .`1C♦a.ii ,,•. 1 _ .L�.�IY.. .. j . — e � ., Ir 1. .r...... - _r.' ..� c�: s, Mid Re1at'ad Seri owned 1ndivid'6all �or jo y, y , r� herd by It Bonds, 7 r u tab sresult in • y._ Intl the a r,, ots of: FSLIC,, end, es. a. r,rs0t, the . e.q e.s . ' ftran fer May, _ ur�anc F any.,othrr, Ravoca lei Trust . ._ . 1 FSLIC i n`s a covelrage on the Certi f,i cats `attri butdbl(e to the port on R h : Qf,rt '�o d: in excess° of 100"Ab ich I are or` after,. the, :proposed' ra'llsfer, ' . C$ , ] wh wo�ild .be he your trustrand:othe'r' trusts. In addltion,; such trai sfer 'ma�y cause ' tFdt 'portion "of 'the .Bonds .so "Wn bed''' exceeds [$100,000] '`to be considered -'by Y , tandarslb P car.' s4Cgrparaticn to be`,urratedl' ' ♦ - „: <<' ery ;truly yours,' ALBUQUERQUE NATIONAL BANi(, ras Trustee f` Title T rustee's'''af't'ru"st's mentioned: herein ' At t `� :11 f11 1 t'f 1 i�} ,1• ', .. /'I I , 1 .'tl it l r1 " , I r , 1� 1 •l. , Exhlbi t D z r 1 : 1 �, f:r• i r '• �! Z / :o It 1' it , a Ir ;}. 1 1, t ffj CC ' I ,f1���5 ��•rl j , •i Ill'[ 1 �; i.'}Jrl `� }- .. 1. i t.�i. 4 • d ,T coo , f ! , .-. '.N ir4rN•ai+d •.ha tiJttif �•-• '...-. .t..r•... �I•.. .L. 1. 1�... �,' i'' .1 .. ..: . ,� Ir�!I .. 1••.11��Jfj , 1► { v - rj:; {` Jr l•� ;1 i� it 'f, 7+ r?_ NOTICE TO NOMINEE HOLDER rtr iA i t I , }• 1 I' is „ 'i. �' � �•,, -,. ., Re "Cai ty of Huntington Beach; Cz91 if i a J' ,L�ia�ts-to, L -",tiers' Revenue, ,Rands f `tiiame Federal Savings' .and an Association `w Huntington Breakers �prciject i J,pe�r:,,Str 'or' Maraam;' Albu``ue'r'+ ue :National' Bank as , ve i strar for the ,.abaye=ciptioner -1icsue' a'f , g > , �, o��nt of Bores , as race%ved'f'ir�structi4t�s ' ts1' rag star lncipai ;am pr Binds it your �ame 'a's nominee. Please send tFie 2nc1osed riot ce ;tv the beneficial ,owner'I of such Binds" 0 y �1' very ,tr,li�•y�Ryou•�^'s, ,ALBgQUERQ AT, ) ISM'' U UE N IOI�AL;BANK; '`es Trusteeit BY If ir • 1,' << Exhibit E t}, r „ Goo , I�Yn�Ybw•wWiYeriwtM:uML�wlr.w._.IYi.r.yrr�`-i`.ww..�Mwilwlwi�.l.�rvMlu�....rr i:. .►�tr- .�Jw• 1► ►wr.a.wr.fyW�wYI 1 r , . NOTICETO BENEFICIAL 0W NER:.OF BONDS HELD':IN NOMINEE NAME Al 1. .s, '' •1i 11t, I, Re: '11/City of;Hunt ngton Beach :Cal i'f orni a ' ._. to�L�nd ers dslans Re enuelBon Home Feder,alSavngsano Loan Association r t 1 Hu itington,,'Breakers_ Project Dear''Si r or Madam:: �AIbu_queY"que� 'NAtional. Bank, as registrar for the , above--capt�o`ned issue of Viands',';(the ;"Bon_ds!!)':tlas'..'rocei'; ed -instru'ctions .` o register stem principal $ amount of Bo;�ds' i n nami nee name for your benefit. 'A's :you may Abe' aware; the security forr the "Bonds'.'i � certificates �o.f deposit'` '- �' ' . 1R, rl I�' ...r , ' ' -. . .. ( he • Cert t; .: the Inde�nt;ure of Trust pursuant�..to _ trustee, undei} iticate, held by'us as ; • wh.i i:h 'the e' ds: were i s shed ;rip - - r y nsured by the Federal Savings and The .Ce, tificate .� s i r L'oan - nsurance' Corporation,,`(,, FS C-;rj ; but the ins �i s ;limited so Ghat. ,the r LZ 11 benefli , to"an !owner of. .the . Bonds; or Related Series Bond ``(i '`e.`; any o.ttier 'bonds. `1 slued b the Mun' � - y�, ' `' . g /. p Agency -.a are secured by . . tin ion Be � ,, nd • which. ., ,. , Cer,ti ficAte,,:; slued by i ie "N` ent acli Redevel o m e s ame '�F decal Savings -and Loah As ociati•o'n) will not exceed 0010001. ; Inthec r tl R. f;'B eld io17 s , a:nd 'staff; ale o Bonds i� • nominee .name`; FSLIC. .regulat n .I'P �! P PP• holdings of.: the . ante r,etati o s . thereof' rovi de that ,thi s. �l mi t ''a 1_i es„-;_to the ACtuaI ' b'eneftctal',c�wner�';of';.the. Bonds,; 'not the, nominee h6fder. ,Our. records do not ' t P , dl:sclose the names` or, f�oldfin s o'f, the ben _ wnominee , ,1, eficial own, r- for, ' hom your is ' ,:i` caney g ' Related ac? ng, tihet efor,e we `not determine whethd! ' our Aholdin s of .'Bor••ds. and nsuranSo an s fed � 100 ,000a . �If they dat .{such 'excess i s not p'ro`'t'ected 'by FSLIC .t ated, . : r f�! , considered by Standard b Poor' s Corporation to be unr b n r' a ., Oaner,ship of`6 , ds o Rel`ated,Se'ries��Bohds in �differejit.c p�acities�;'�'e g .', inl , . irtidiVidual :name ,; in '`Jaint account: or as be'ne.ficiary: or,,settlor''af a :trust;.. may Vie.,, `aggreaated;'•for purposes of determining;;the amo"u'nt of F5LIC i'i 'sura'nce coverage. tel owner,,ot 8o•nd" or -Related 5eri'es`;8andsl wno `owns or seeks to ownj,Bands ,or, Relad'`'. S 'ries,Bnnds in,4, aggregate principal amount in. excess'of (10U;000] ,t hether>.in one 1: or:;.more. caaa'citips;' ,shl;uld consult, hi's '.own l e�ga1 counsel as' to 'the effect of ,sij h ownership ,on , the ;insurance'�;t,coverage, 'available' from 'FSLIC, including . - the' applicabfilitiy, of FSLrC, aggregation regulations set forth in '12 CFR Part 564 . l Very truly yours', ALBUQUERQUE NATIONAL, BANK, as Trustee By �. 1. Exhibit E 2 pp I tt 1• ,f fl Ch �� iie Dev, nhi lit, !' •'yj; 1 1'l.y�lr�� Ii• ii ,!' ��,. ; Street' it 1� r r ff•� n,�n ;, •CA fl,27(�`.4' jlr f I � , ;�1,,• �I) rr(l r! r J November 14, 1983 � ! � ! A+.`"r ,l, Il •'I 1'' �1• j�� '� (+I� '� �, � •,,;! rat ,i,l; r,: I � , 1 �'��� ��;��, �: 1f � �� (i � a'ttinB�)�3 �f , !, ,Uir�otor Ron' F? . , , -+`�' ,, t, ! Board o'f'}'Dir"ectors; ' ount Santat:i�on . 'Commission „ ot:...Oran a CouMt Fountain V`a11eV'i iA 92728X, f r .. 1 a: i .,,-' Dear, , irecto �a � D r t tinson I ,Moults :ap recxate ;your help 111 sold J:nf� `a proulem 1].' h�cv® `wilt my, Hunti6g'ton'%\BreakPra pro'j ect! ! �r �`• J E 't, , , tr-tf; �a. � ,�•Z'{ i,' � �Ih' Marche :,,rod this '`,'Near. we sole,,, OV , mullion, .tax�exertiPt,�r Y multifarnil hoed issue;�•to rf.LnancQ �`a ,2 nit, r�fi;in 42 u pa a pro , r located at . Aea.ch Boulevard and 'At`l�n;tic Sti, Bet gin, Hunt ngton a ' A"ii h'., " ;As ' you• ;prohati:ly of t'en lis ar,`; bu'3lding %�partm'ents very;'`dlf:ficui.t 1n mange County '].et alone in ,t}i'e'' c`ba t h are,, of the '.C"uhty , gi'v n e-xt'raordinar-y h qh ,land c6sts k�uildifig !' _� COBtB etc . it �, ..- :• i rf,': ,� My <�,ro ' ct is ,' unique" in that '-we are attempting r� large. i �► +� ;`. apa`r,tmer�. project ".with. .no_' su ,sidi.es and still` ,provid��,i 20 ' ! percent .� ,' .the units" , as a. far�a �e—un er 'the bend 'prop,rMam teed witch the pro j ect. I' must, stragkle Y , itain Mith each fend mever cost; !' budget . The, proril ern Ir �� ! I n , •or er •., in ttie ace,; is' that the. :sewer ;.;fees' in ,� this district , area are, very {•,..h:tgh;. I understand because' ogthe cost of a. ,new :sewer sv,stem in the area'. ' li 'I ,,understand that the sewer Pees Ior my proiecV will total 427;'SCO,,cir 1 ^�0 per unit . ,r This , is exceptionally high for Orangd County and more tha rr my pro,i ect "can afford out of the construction loan. rr :1 r i t dVP 1' Director P8'ttinson `r Norrember. 14 , i Iage :two I real�:ze that the lees are ndcrssary tc� 'properly finance the a yse e'm`�`for`;=the l aYrea,; therefore, 1 :am riot requesti that ,you , . , . 1drrer Ithe Fees Eor my . prb,i`ect What at, L 'am requesting. is that 1►ou al ma teJ'�iieike installment Payment€r 'on 'thQ 5427,,�p0 ( less g;ro ect;'•to mature and ene' if arid) , Aso that -I can allow �thn , . .,povernmental reimbursemgnt..rgte, Income- to make ,the payments . Ae'. you'',;Prapab�.y now most:,.apartment p`r,o,iects (as .'apposod . to i condominium: ptoje"cts do not,' produce a. profit in the first year , '',there#ore, ,an ' installment plan would be . ,very feasible ` and ',helpful:' •to me:' What I.,:-:propose �.s that I ''m&tch the tnstal-lments on t'ie sewer fees with the term of the bond (•se'y'en years) . _ here.fore , would a �81 `071 a ear. "for seven ears Your security 1 jr n .y v Y ty wouldhe 1'►n` the property to th'e form of a : 1 en . ' q„ woulgd appreciate t. our ,earliest c ,. ,.,• . . �,�� � ae we area. nsiaerat PP Y < p ss�.blp res onse ion ti radin the 61te 'right now. Than► va.t� far < yc.ur co : . "this proposal . . Please let' me know if I 'can ,be of �.ssistance`. ' ISinc,erel'y:, Daniel H. Yo ng 1 1: ' __ ......+.::....i.. ..ww.w+ww.w•.«.i.w�+wrwinM►rrYwW'M r. y} ;'{ .i ' . '• , ►ram , f iw. 'i. {, RE CUES R' FORJ VTY COUNCI,ACTION I February 9. 1183 Date , tird`�c; 1 tiQnorabl'e Mgbir%dial rman',� and ,Ci ty Gbunci l/Redevelopment Agency ' eid bars C�arlea `N. Thampso r of ve .r n, -City Adnii`ni�st` 'tar/Chi xecd�ti� t?fficer +' P�r!rprr by� iff ice 'of Business and Industrial Enterpri se t .��� t .I :1. '� f!! •f)1 .;f ,•.r r'i�•r-i.I ,:i1.,1's thi r .:.i t '� ..-.. NUNTINGTON'SkEAIC5� APARTMENTS;a`LIMITED ' • PARTICrPATYON AG EEMENT ; 1 �' DOCUMENT. . :(AND TAX- EXEMpT- B0 , ._i1D FINANCING DO , 41Iwo# AGOOM4�det6,Anmlys6, Fundibg Source, Attentive Actlom, Atteohments: STATEMENT Of: AStUE: • tr�l " 1, (i a t R 1 It ! `i�l -: ,rfl`' % 1'"• ' '� .2,.� .: �,� �Att'ade' "! s'"'.the' er. 4Parti'ci ationY�Agreement between �the ;Ci t of:,'Huntin to'n'' B�ath�'s Riedtvel � nt Agency a d Huntington�6rea , y � J f „ ._. , ,►, •. • . �'!!!;r,.3>w ',.� z . � 1 ker mEnts .n n fi ng 'the 1 s `Apart Lfm ted;,�de i ` Pdrti ei#Ws 'I ' g y 'F responsi tii,l i ties,Ah the pro`vi si on'''of��'a :342=uni t r a�partw and::A enc ' s ., „ , o attached .ment;;co�npl`ex` 1 ocatid•tsouth.Ibf Atl anta sand east iof Beach 866l evard; Al$ re re ,olutions',necessary to; cor;siammate .the,;City!Is ;efforts in the rov,ision, of P > ' tax extp!t 'mortgages"evenua'1#i nanci ng for this. prof ect. A"sh are'."of alii's);=prbj- t' ..,p , .. l ` ect .9s to` ''. , ,and 'is llocated : 'i;tfiin the ro osad',Main-P er Amendir.erit 'No 1„ Project,"Are be are lacemerit%relocation housi,n resource for the ':Redeveiv meet ' t A9en �� p P 1 a. ►'. RECO NNENDMION:` sr Z'..i ! t.rar'1 .1. S� Ytt.�.l. f ttrl'l Ro ,. ,• ll�y. ),t} s. ';/' t ,1l . 3, ItY• t•.. �1d Joint; publit .tieararig 'on`ahe Huntington breakers Apartments, L"imi'ted 'Perjtici�aie �ion, Afire merit, adopt, :appropri ate resol utions: td ;the Agreements hold :City Counci , publi �c'�hears ng', and;',ado t a ro _p Po, p to resol utj ons ; re arding the tax•'exem t bond '• ri a g• ' p , fine icing; 'for the project to authorize the. bond sale. ANALYIS: � ,,.{. t ,,L •EI, i aF ,`'SI.I;�.'.it. ,..��It' li;.!•' �w-. I, Ir• i ft " '�'� 1. nl 1oi"eraber -1 F! .1g82,t''tie Qty•'Counci 1,�amended :the Mai.n Pier 'Ra�level opment Survey 1 ,F. - .. , 7 t. , �,1 r t..�- .. .,. ,r_r 1'I,1,"::YU.' r ! � �,1/l.. Area' to r�inc� ude the site, of;r.the;rrrr;��ntingtarr Freak r`srtApartnent p Ject.; r Thi s act t t., t , .i Wasi`fdllo d tiy,;the p1an`ini'ng' Commission's recammendatio'n, to incorpoj^at� 'the' site' �� propose. ` the' d Main-''pi r Amendment' No ' 1` Pro ec't Area; .'as 'grante`d 'on` January This i^bec`f. ha�s'r been 'a raved 'b they Pl,ann'in Commis lion thr ligh�Crin'difiona t' + �, c� 1 E' 1 cE: tion'`8 and''Use Permit �82-44`v'hich�'�were a ` roved"an Janlaar 18; 983: The p . . . : PP, y' p'r'oect wiilt contain` 34 ' apartment'•units'. and ,,,since "ti ~ rb,ie'ct was, g anted a K.'percent elensity 'bonus by the' Pl annfn'g `Co*i`ssiony 25 'perceht-'Of th►a 'Uhiis r�ithin th s�'1' ro�eC, Cation` o,f, p t must'be rented at affordable levels. The" impiemen this pro;�ec will ac;comp� sh several'',objectives : i1. The,,current divei�se ownership of the project site (inclrjding"`the City! CalTrans, and' se'v'eral p'ri vale entities) ' will be consolidated maki 9 the 'parcel devel opa- ble. 2. Since; the pr6Ject ;tIs located within a proposed redevelopment pro,iect area, upon�adaption of t�e project area, ;:az`increment may accrue to the Agency. , I ! 1 _ b , • f7 t y }i fRCA Huntington Brarker: �. , Ptbruer�y g, 1983 :pig to I •Ill ,, '' , .. ', '' ' r, 3. Most :1 ortant'ly,, this':pi�ject wt1L11` proiide', {i .a ''very short time, a replacew' pentlre ;ocatlon .hourihq:lr�esource ,which the -Agency may =use for ''displacees withi n the :Maih4ler.:Prod ct -Area,';,and t i a rel atf onshi p 1 s establ�i shed by` ` L+ they,`Partii ci patii� Agreeine ''tihansmi tted hereWi th - f 1'o!mO.Ve forward with ha �1 iementation'?of this ,pr0�ect,' the fal lotting actions l " stioul d e taken by the' City Council ait 'this time: I' 4 Adopt .Caunci 1'�' Resol ution 5z30'declaring Cfty�awned property"as surplus and "approving. .its. 'sale. r:.. Ado t'Council Resolution 5225 providing:for the sale of the ''frontage road 1 d rim in station to` the Redevelopment Agency. an P P 9 3. ?Ado t: Counc`i,T. Resolution 'S224 documentin- that al r"itlie necessar ,enviraiemental ; l1 , .., review roceoures have been completed for the Huntingtor,f Breakers Apartrnents proJectp; ,. ,";. r ,1. ' y• t - ri71 '( ,I, 1 ` � I -Adop't ;Council Resolution. 5226��app,roving' the:;sale-.•ofAhe,=surpla t�pw�pedfe�-. referenced atioye to-the� Participant so that this property maybe subsequent) Bold. r, .5 Adoprt' Agency rResolutlyon 70 arpproving the: acgi` sition of tt e 'surplus propew ties by tle Redevelopment Agency from the" City! ; f t + ryt: Ili ; I ;.�', '& ,,MopV` gency ResolUtian, 69 documenting that a11' the, necessary' envi ronr 3nta1, review procedures have'been,'compIke' d for- the IlUntington Breakers 'Apa0t4itics proit ject. r 7.. Adopt'-, gencY_,Resolution 71 'approvi14:th' Par,,tic'ipa'tionl�'Agre,ement with ,Anting- ,, ton Breakers Apartments , Limited, and authorizing its execution. ,, 1 _,1 L..i •'f � . r After`.concl ua .ngr these actions, ,the' !City+, Counci l shoul'd :conduct' a pub) �c hearing r i S. 1 regarai ng Mahe� proposedt,tax 'e empt fi nanci'ngl.'for thi s pro3ect whi ch i s'';requi`red . ,the' Tax E ii and Fiscal Res dnsi bi l i t Act XtFNA) and Secti osik103 k)' of the „ :: P y_" '�� y I tnter,nal• Revenue Code.' S6biequent•'to the cl ose of,' thei publ i c hee;ri ng the Counci l should adopt 'the following rresolutions" and attachments: 1. �ilopt Council; Resolution 5231 approving the issuance of Loans-•to--Lenders revenue• bonds for the ,Hunt`ingtoh Breakers, Apartment Projkt. . , "Adopt' Council Resol uti oil ,5227 ,'authori ii ng .the l ssuance sale and delivery of Loans-to-Lenders revenue -bonds , and authorize the�'execution af:' a) ; Preliiniiniry Official ,Statement b) Indenture of Trust c) Loans-to-Lenders Deposit Agreement Ito 14 ,. , ,l, .t' 'j •tit , ,,,, � lk r� RCA -' Hunti n, ,on Br�takir February 9 063 Page`Thrf r.;• , , /fit ',, r 1 .7 '.,P fin+�noir� J f.� rt 1i 1 0,tant to note 'that ;bands"sa1d. to' ravide t- ,exempt ' g fnr thist pr!o ect are g o, - tt na why l;rebl,ioiti n' of the Ci 4, �4664,s :are .aimor-d ene t ti Z" by :revenues of 'the p' t ,� ante f oanstri��ted,'. arid; i n' -th1 s .fi,ne�rci rrg the `bQnd',;bbye"rs. ere further rotected,;by,templ,'o�rilfg' the federal Savings and n it►surdnaa 70arporaitibh-;(PSL'IC)' nsuranO" >>; 'Ihl,auanaary�`.1.them JT the.'i pl ementiati on of��'the :�i641t gton Breaike'rs"A artMents • t , , ether, rovi ion' o.f . t fi�ieinci ng, wil I' i ncrease the rental ho�u' std p ax ,exemp oe k w1tFlin the City, provide ,a pa01 `of a►f ordable rental,• units, and provide .a� shave of,,, vi, ppol as a replacement/relocation hauling resource for the ;�id�velopment Agency' r FUNt1ING '.7WRNL: Bond'1prQ6eds. j ALT�RFIATIVE ACTIONS: .� t ontinue: the'ab6i' referenced' actions 'and refir the matter backto` staff fbr- Aurther, coi�sI., a on. 2. Termi Waite the, prajec.t; t CWT:SVK:'Jb !, t' 't+ j r r r . t 1 1 Mob Y r •1' ti • 1r / i �a.'it' 1► " STItAIiLIM01 'YOCCA4 GAILBOX & RAUTA r n 'A MOF95610110AL.CON OMYNCFI i. :ATTOPOWf AT LAW , . . 600 MCW00*T C9MT1&A DPIVE,avIrg,1000 •wt��• �Awa rA.NM •uiL.61Y "i�til1"•lrj',d� MOM",1 POST cirri Fs SON T0AO,, 'ddY11+� j ,.,a3;1 .t T�Ls�Mir1N[ (7i1)•�O•tOdA �� r LL - August 21, 1904 . •,C>R!1 :Kttliliiiwocs , li�Mtr* In log" . F CAM Rede'val op nt Ageiiy `at',the 6;City of �unt'ir�g ,1�n Beach _. Y., o witih rr .Beac r r !r 2000 �1�4uin'Streto h ' Human' to .Beadri CA 926448 AV Y , D tx: Cxty<'At ,ornry :City= oi..Run'tin Such 2000 Main $tet Hunt idgtnri Baab, .A 92648 oft on ftompson chiki cft >M{.y, '�d in `etkator . ' . ' •1 a ';Nuntit ion Beach 1 'Cif e , ,:20W0 ,Ma n street ' Hun n9ton :Beach;. Ca 92648 1 •. ,, ` RolHunti.ngton''Break ers 1Amendment`.,ta ' Participation ^1r1 �ti� Agreemae'nt and 'xelatid da onto Gari l smell.t =Sncic�med 'you will' find a` revised draft of Firm: +mendiacnt E Jar r ,.. to PAiiibiP& 9 cdnc+ernin the Buntin tran$atct.iah. tine/ an ex�hikait to ' 1the; g. gtvr, B �la�®,cs, y .., utedt'.on behalf of Runtinee a form Amendment, wa► encl af. 'prom seory riots to';be• a' xecl gtan Brei eics� .: Also ,, we enclose` a Re1 .eolution�' by the, A,Igency to ap riyve the 'A�mendme'nt In addition'': to � bi plemaht• Ithe deferral o!E lees'-,by - hs, City and later, payment by the Agency, we enci61,me a Resolution for .each of the City and the Agency,- along with e fort of 'p'cbaffiiaaory note to 11m executed by the Agency and delivered °to the City upon receipt of evidence of the City' s consent to def eiral of .'feeb. ' r= ctr���fr{Pf%.I i( .r; + i Y: ' `' •IF r 1 1 , } r��•.:r ' ,) • No 1 ,- ' v r dWft �� � :r, � (r r I, r.. •�f 1 • � ' r �� �� .rrat .1. ��' J f( t -Ali r _ ! (,• l� t r, ,...- l am:...._ 1� 1 rf�,!� :. T ,..:. ' .,y: ::r f r ', ,... ♦.y►.err.• r rrrrl'r+r.r'ra' i • 1) 4E� (t •�f J,AGZNCYRL86LUTION .NO, + ,f r' 't - �• '� J. F''t�� t1 �- Y;' rct} ` ,7)' .''.f, 7j�.;�'i f .. RS81 LU'r I Mi :C1 '`-THE IiGU1�V L► P�Eio; AGENCx ' k OF THX..C I TYA 'OF ItUNT I oil, BEACH- ( x' 40 ROVxNG';►,0F A FIRST AMkl 4T TO ,PARTICIPATION AGREEMENT . f , AGENCY RESOLUTION NO: ; ,;��M • } yr f. `�•t t': rt 4;`' t' f'� � ! V) .rf . N"I , '{( •j+�`, r, f :, t'`. RESOLUTIQN ,OF THE REDEVELOPMENT AGENCX , CITY C�F'.HUNT",N ON:BEACH: 4; A71PROVING 'AND,.,! TI N UTHORIZINGEXECU 0 OF ' ' �t' , ;• :A PROMISSORY ,NOTE ' i f Y► tr .. ,1 i •,� , 1 ,r 'r' '• rl t •' r. Si r S � �r ,.-.,i r ti (` , 1 rl� �, ° : ` .l �, f t 1 y• f �.f I 1 '.�, r�ii 14 IrIrYi" OUNCI L !RESOLUTI'ON 7N0• si2.. ,_� ! :.:..� ' f � ( ' ++I '•. i'J:ti'9 ' 1 L�Ir •'y 1j}ta , .'i f RESOLUTION OF ,THE `CITY, CO MCM OF ? CITY OF,-HUNT I NCTON EACM,'f AFPROVINC ;+Cr'. DJ FER1�rAL OF "CF. PT. 'aF'J'.'_CERTAIN , FEES`,', o2y 198'. a .du3''y-noticed 1, !j •t' + rii �I'�A ,1••jle,r / Ij� {If 1`/ , r .,•, � r' '. `, ,, }1 .i'i public a g, :Redeye opmani. `Agency cf 'than City, of r t � t Huhtin4taxl $ „ t. � ,, .; Beech .(tl a Agency" )' a�Arove'd a `partiripat`i.an t Agz eri :cipsttitn Agreem.eilt" ) 'be twaen the Agency ' and Huntington Bi,eakers, Lih tod '( the "Participant" ) ; and WAhREAS the pFirties i6 thert 'Piici 1, .+� paL•ion Agreement are ,,� f' ,•'�. proi,ceedi'ng to m lement the' redevelopment activitieea provided r r. , for ,In the Participation Agreement, determined that' it will facilits � WHEREAS, the agency ��se date to the suc ces'sful complation, of the ac�.ivities ro os* 1 3 • 1• ! /I • pit If t i li t'-'' � ... t �r iY 1 '►►it j'. jr i iF1- , �` {. , ., ! ,;• �:, fl • . ..ff 1 it r (♦ 1 1 7, . �, •, ,•' , (,- r _ ,l ,; it r. ..FIRST AMENDMENT TO PhR'`J - '• ''; mICIPATION AGREEMENT ! c .f .{'..,'1 r ,sa-r 1:. :/1!r t�' t. r�r„.j..� , �"G� k ,, li•'; I, _ 4 ,4 V11111 IriI 3T AME DMFNT, Tt� �AI�' ICIPATtON.'`�AGRREEMENT iw1 ahtax•ad ' 1994` b �bnd: between the x 1 Ir' , 'f l NUT, A.a �OF ;TH C O ��iiJNTTNGT r� VT;apaAYr ON > EACH (t 4 � 1 x 1 x. .Hu _ T 'Lill , '> "JRg4 ►c awnd: N�'xNGTO w$R"kiM APO NtEOTIS IMr D1,, ; ,t. t 1� 1'i�aited� Fa mars (*theN"Par`ticipant,�$ � . 8 �;thi� :F r t 1 Ame dnir�nt •'(ti>t• "'Ff`irst� 'Ame*iidment' );, t'46 ,Agency and ,t'he ' • , P�►i-ti cipa;nt :mcidifx "the.; ta'rms "ofi`!iths Pa.rtici'pat�ron 'Agreamnt: i enter'ed' f hto bi twa n 'the `A`gezidjr end t1�ie. 'Partici'pa�nt'. ;• '' on, t ,Y t "�, 198 (tha ,"Agrenmarnt" ) . This: -F ret 'Ameinc3ment :anQ t ei.' 'f1'• be collectively referred' to a A reeenont' esha _ a the , ,r "#amended' 'A" reement. " The Agency' $nd. 'the PerticiFant agree as 1 . Tag -5 6f; , on IA ;:f ter.1 •� Agree�, ,: S. f. � last lino E 'nee:t as a new paragraph: ' view of"•t]ia ma►7• n nude '<<£ .the ark 'ana 'recre`etion r' ` f04e `iimposed> hY ,th'a' 'City puirsu$nl'. (,t4 `it.s�,unicipal code, -it', ie neCeae effectua►too they. ublic�� pur roe®e,:'of this . Agreement ` a :F i e greator a►s�surance '•tihat. hou"sing •reesaurces which `` r 'ara' to Yie " r:ov de l:,b vi° tuer'd 'tt ie A r�emeh�t' shall. be ' a 'lati a that thie'tl ei�e a�ieist '`wi'th9tT a 6,Aixit`';` "a gent 'of, " n � ,'. .9 � , . P Y, a cti�r�ps: k,t aid' recrey ' ion feo bpi ,ii v'snain'y fi'lnc 'a tl +erefor; withi' ' rrip iy d'e fb -'tba' Participant ''on a'•`deferred t asa.e as' hereinart er ' et forth `The' p trtieei� herein agree that ti ,- .��� � >tie terms P _ . � rr ursaa�n', t o �'wh' ch''� n'terest 'shall 'accrue,:-to Oi`e ' • .:�. bino.lt of l th'i �Age'n�c canatia�.ute i • cons'idarac:'on for ';tWe of Al. by . u irat j{�'' '�fa' �. ` and ��+ �+ _ appr ,iiiei Agency 'e�f. `ttie. ' -•'`• 1,`,: i •.,': 11 �..(. ,',�. ,`,w,1 I �, t ` I; �'�tiy 7 ,t r+t{jr '1�' 1 ltyrf 'v, ,t '!•i �' , ,y , jr'��i1 ,+" ; tit' ' ,Th'e,'p�rrk s ►nds r�cteetion ;fed' with'• respect to'{�thQ �'ct'i v t�f''®i1� ';tlild tUiken. _' mant;,ita%''t 1•,,+ r: r: , . ! , ,• f pu su he' P oeCt, eh ►11'' be the QQ'y Y •., ,SS I 1 .J � �•,4u�; 1 •. O 1iFaurn Lund ac�s,;Twenty�.Eiaht 'T oueai�d`f i�ollare ��$426't600 � the i,, !•.11 •h, � .�t�" t•�s'.SI• '.\ �. f�, i. �� il;, tt t ;'' d f, rYtL t y1° l �; ,��.t. �; � 1 i IPa` .k. r 66 m n� c; •,-. { .?:-1� . :;�.: ,'': # + s� ptly . v' lie ele'u i of s t, ' r Gp x ` t n ; 'th First ndawK�nt,ltlthaf'par`t,ieiga�nt shall �;I niehi o ,the Agency tan undo n'dl ona i rf 'r''ovoca*��. tter t`of e _ ;�y - 1 -,' ...''•"1 , i� I�i,A i+ .f, -',i� •., 1',�, :d'=� tO tr .•� t ra t , , ► , . e : t •• e r it 'payment ,• " b a► bank t� sure( and" in form • trice tables torthe A enc in -the• . • tr pa t bo , Patk?`4;F'et l�inouht Sub j�sct, o "u gig ;- is ., P, � �_ . ' tt� ' rind a nt' n�ent ;' pan ` t e �r ._, ubmitta'1 f such s661i'ity in form sati actiary :to the: Ayencx h { r Si,,• , ,fir )1..21',' , ,':. t ., , ,, the oblig tiara �tc�'_ APy' th+� P ►'rk 'ea Amount shrill `be^o�a`etamec .by th'•'�Xgeney�� pursuant to �p�irt' '( ii), of ���eotioti YG �af tY is�� tt 3 . Page; 16' of Ajreemarnt, Saot3.on`�V'Q 11 r.�� 1'; before '"Thee" tt ., a''' a I • , 1 , - ,t .. s t = •1 it do .�, .. . •` - ,fir •.; .; A'`;} . 1 1 If + ;' :fir it k ET ATTACI�lN9 N . RE, T FOR CITY Cif. DICTION F$bruary 3 , 1983 DM t ;r! Hbhorabl. Ciit e Mayor and y Council mod f6o in ttsd : ,C W Tto peo ti� Aih Stra by 1� ; Paul E. !,Caok , Direotor o,g ,Public Worka uejsat: is les 1of Surpius City Property �: tt bf hruo,•i� r tt nd777 �rtion Arr�ly:i:, Fu Why SWrm,Aftwnsft Aativns,:Atteohmmu: .STAT924ENT! OF ISSUi~3. ., ',k, .} ".,.' /. ,%. •� 1 '.y1�1 Thdr,,Er�gf`nc stung �'Diyieion has requested , the disposal of. an 7uhdev610ped ! section+; of street'' rights-c� --way 'which. the City owns ,'in fee but has been I >, dete3i Mined '..tibi ,be of 'no further' rise to the City. XDA f ' Adapt the,=,atta chest resolution 5230y �eclarincx; roperty Burp us- ,- in eocordance with 'siectiothe 1 i ( arid' ,ord-ering,. iii ai1e n 3 .06 . 01� of 'he - Huntingtan ;deeori' .Muiil6ipal 'Code., P P. : Sub ect', ro art is a orton of 'olio Beaoh Boulevard', as 'relinquished, to Y 171 ' , tt�e City; from ,the ;State of Cali�ornialt when''plans for .'she Route 3 9 freeway 'were`�abandohed: ' Trie sit'a ,�;8 now `abandoned ,and unsuAied , for m public; ! Usis fr , ."} •3,/ 1 , , 1 1..v i.:+N`i�N1tj)4 }+ , .f) ! _ r ;,r " it r ,�,. 1 . 1. Ley i /I'r •' j f+ At Lthef r No remUram ' ,, 1980 rmeetin , ',the +Huntingtgh Beach plann ng= :Gommis®icn; ♦rr'. :. _. .'!t't N{I14 7._ ._/, •,, ,. ;r,!� F� . ' o� ;j r , ound ' the propoaesd sale { f the ,prcpferty� to be, ins oo.rlormar' im t f , h .4 �: � 'the :. t t'ioxl of ' the attaciecl res�.iluti''•` r r f Genie gal Plan. U 16 adop t, n i, Props ty' ( + ` o the x'- ,{ �wihl'It�e4f eP raie +.;' p i �a1. y P ea and sold at ub1 c aulction in rclance with Cit f oxdinarias oca , 's .• it : " {;7 M r, FUNDI'..G. SOURCEr I , 17 No»e No funds' 2 e i'rd A raisal' y fees 3 wi.11 ,b�� xeca 'Eured •upon s$le r 4 _ pp e '`;trie land. Yric �ime derivad from this sale Will l kie deposited in 'the , . ` t City gaiierml.'funt I ;ALTERN&r1V'ES : Z. �#etiain the, 1�3nd. .for future City, use 0 lease -;the -land ' Prop pmed Resolution D 14 , + CWT .PEC. JS . Jy 't t } 0 vii t { • ,� tt •�r • t. I. ' .,;/ �►aCi9��/ �f�Ili I�' � ., f—��J t�C.j- 1�'—'t. ��'" +: i • f , s , •y 40 re a At Pee r 14 /III, eK yt r r ,/ / .• tt fey ir�' A'I / ' " 'fir. , •tf { !•p`.` •� �ir/ r•+J/- t ,1 Lam'+ . �.f _ •+ 'GTE •�,'• ,, `� S'/• .P"oy' .. ✓ ,\J :/ �� K// �� t•,. tl r zz • Ili I 1 , s t '7' ., if.. i• � ..� a - � !-, f ', r 1.. 1. N ! , 11 1 r {l •I1{ ~ l If( 1 r.. r r '1 1- .. - •1� . � ray. r r , �> AGENDA ' CITY COUNC I t,si 'CITY OF;�;MUNT,I�1GTOW BEACH y t t1 r ,t 'Council Chembrr; Civic Center ' Tuesday;' February 22, 19P3. .7:30 pt,tlt, ' FLAG CEbIMY . gip' - Gi r ' Sdout 1 T` 15ai3 spat cads � t>eacans `.l r 1�LE06E OF, ALLEG't 'MCE INY TtON - Ju+dy Berea ' ..` OWN1 r 60 1.67 , Rbl.L CALL: MA1 andfc ' �1ntey, _Balley Kel�la " ery C. AWARDS, . t C-1 � J.Prc4 on ,� M�trch,�6 l :as "Girl Stout Week:" P • to t ,' resent t P s nn er ` Copiinuni{ty' :Chatl rwn ,tillkilipf1 r �!'� d , .f�•'itrty fir,;t r 7j.` eMUM on` o,'i� 1O check rothy' prsi the, r'- 1 f , r e o a ry, �fr�o�a . P&I l .vM a Art` be 'Shop 14 Ntl 11 ir.+.� � J 1 pit ,.t t ( F`( `r , ,•YI �1 , � : '., � ''l� 1 'tl' ,` i UED N • {� fY i.�• � 7( �•' i; , S ,) l ,iJ', , "' ' r lip. Jp, � r' �, 1 ( •`I '�`rp rt' �Y�,t,♦M.M'�(���/ I ` +t fl I Jrl - r ; }. ' 1 , � t'f�r °I rlr r','r'w} t f•�' } i��"�11 '�..�� ♦ '''f ,5: ,.�. l7 -:, i'.i r 1 �1y �' ; ! 'I 2n." ;AP�EJI!} T4-,PC APPAOYAL` Off' UP! 8�: 44; 6 82.65 APPE& WITHDRAWN _BY �j�r +.�...._... ♦• 7�`` `; '''s pp"'t`filed bj,"' Urt,'l.. ''1! i+�re`; ',"Jr.`, Attgrhey 'at law'; - ' ,, � ati've 'tn I��. a ,rovf31 ;a'ndsWaterCo ny r elha 1, o M 11 s Lind: f t is r Qf, Ubi::8244�.'and CE` 62a65 342 unit a artmei�it;'cQmt,�lu' ld ted 'e .s 'Bea�ch=l;ou tvar!id; s%o Atlanta '.lvenue. RA =ye,;, , w tdm4l of spoea2 purs4 nt to s Robert L. Moore. J)'nieati nretied from oe , dated".718/$3. Ir • .,r 41 , •.+.': - it ... - - • • i ' t.. / , r Y • t :.,' y c page #21`- Council Agenda - 2/22/83 ; D-3. JOINPubMiETING - CZT, :C L/REDEVELOPMENT AGENCY �( OUNC I earings and R ) . � .(public H elated Items) Under State Law, the :City Courk-1 .nay 'es tab1 i sh` t tse 1 f'as Re'dewel op. m t A` nc for the: ur s s. f :.. , .:.+ g • �, �� : ' �� _ ' . `�rarr�tin� �eo nomi�c� th`•pn' selecrobl erns;?meet- • 9e- y �ieY t`i nient �n housing deeds ' P „ . row ,. ted ,e ' :of our 'community., t; this. time, .the ity Council ,W ll also be convened ais` ' thy; Retie e�opmetit Ager�c�i' i,� jai ntessi an `wi thf��the City Cdunti l to 1 t • •. '• •cons i der• seVera n�a - - ,, - . •r t ars. AGENCY ROLL CALL: Aattinson,, Thomas , Mac Al I inter, Mandi k" Finley .If Bai ley, K�;ly'. [ J3+. ,',"i3'Vr. ',, ,{t_.:e•��� :. ' 't , tFYli D•-3a. JOINT, RUBE=1 AE it, AR11A6,, '��, PAgTF�IGIPATION AGRECMENT� - NUTiTINGTON BR ERS ' RTIMEN S�7LIMITED:= C N NUED-a EN`:FR M 2 83 a.Public eari"ng ly City;ounc'il an dr'�edevelopm`en gency t.i tt�, r �..'., y..... t, ,.. 1 w der and`.act 'up�ns+the. Participation ASreen�nt between th`e ' consi t g makers, Ap�rtrn�nts� .Limited, andQthe��aletof�land pudsuuntin ton B �,. . ant thereto. The agreement pr\ovi des' for the ''deve,lopment of rental hous',ing on. a site Within the ivelopment iuiv AreA '-,�, description of the site Mani ri-Pi er.4 Red - ' y can ,be' found n, the Part c p t ,tin ! gree nt i 1 . -C ' ' fs'i, . y T `IYU ispositiono s{'propper esa to o . 0: 5230 "A RESOLUTIOaP _tE" TY)' s,CO- UNCIL �i V �i GF HEr C„TY �F,� !�J -INCTN,•BEACH; DECLARING TNAT;THE 'Pl`�BL I C Nr INTEREST"AND,:NECES� ITY :REQUIRES, T �DISPOSITIbN,Q� SURPLUS PIiQPERI'Y: GENERALLY LdCATED'`ONi BEAD BOULEVARD SOUTH OF , • AT ANTA AVENUE. s` .5"•-4f i '•t. I, ,' i 1',' •!f_f +.•�1 �:,{•it. ,. •.:., .t tl�,rt 7:1•: ;r 7 tf:?. ..�i�: ,. �s,• i_'`;f t ,,, f tl i 2., CITY.;CBUNCIL w{'Approve sale'rofr �al ' rohartyi'ta they Redevelop ! {' rr� • r, men .gency , ' ,Kesel u'tion No �'a22a � 'A `t1ESOl`;U'��IO. OF TH • r(ltJ 1TY„O , ,�I ` NCT(1N gEACli:ApPROVING. Er '' GIT,.Yt NCIL ;OFiF.: -C UNTT i SAIE ,OF''CERTAIN REAL' PROPERTY ;TCI 111E HUNTIi�GTON BEA'CH.��REDEYELF� MENT AGENCY '' �P /4�G'�/ ,�' i2 ;� ih' / :{i ,• .I�.�IP! ,.,'.. r ' , 1,:� •>ti .,-; � r 'f, •.1 t' ,C f j r�di n,�s `'Resol uti on' No. 522q 3. C I TY>>'COUNC I L Ada Ef�A p 'rlC� !, N„OF�: tHE Ci,T,Y.,' D41NCI,L, OF,,"f1T'V' }1 ;'�TON: BEA6 MAICI1rG' CE fi�II N DET ERN I I�ATI DNS`�REI AI'I NG TO 'CEQA C0�1� HLIANCE: 1N;;C�NME+CT10N NI H'/THE .DEVR'6PMENT aF THE;:HUNTINGYOW. te BREAKERS APARTMENTS, IMITrD, PR T i, f •i 1 •i t.tj r�t��� . � • �' - '�' ,\f 7 4. , .CITY �C(111�iCiL'` Alirove 'sa're of land and terr��s of, agrer�°nt ' Ro•ution ,No; " ESOLUTIGN tIF 'TIDE 'CITY 'CBU��C1L' flf , A,.R r APAkTVC IiPAT I0N AG Of CF.R Tll I t! 1�liN'fT1� TrN QF.AC�. TILE SALE REAL,'PROP,ERT,Y;PURSUANT. T'Q THE; I OEEMENT BY �••. AND; BETWEEN. YkE,,NUNTING70N; BEACH, aEDEVELQPMEEIT AGENCY ACID HUNTINGTON BREAKERS ' APAR' TNENTS, •,LIMITEO 17 ;Jta i� bi :a. .I, l: I I, •i .. ,, sit' 11 „,• \�' f� 13;I, 8{ Pagv A3 Council. Agenda - 2/22/83 S - Resolution . No ..lring• certain, real pr�iperty , ,. 'AGE CY Adopt resolutioh acqu r m; sty ,,� "A• RESOLUTION �OF THE HUNTINGTON BEACH REDEVELOPMENfi - ,i,�AGENCY APPROVING THE• ACQUI-, , SITION OF CERTAIN`REAL PROPERT,t FROM 'THE CITY- OF, HUNTINGTON • ' BEACIi " , (` ,► � ;*? AV✓ '�r . JA�irIP/ it k / �1 r 1 ti' • � f ter . ,1 t 6. ; ,'AGENCY =A�opt.CE�A ,fi'ndingslt�:tResolutid"n No.� 69`•-�"' RE U ON ' MAKING- , `• ; OF 'THE HUNTINGTON :BEACH RED. L MEN•,; GEM'Q CERTAINT•IONSf:REIA`rI,NG• T0` CEQA,LC( {PLIANCE IN,`CON „bETEMI�VI!..- NECTION WITH-THE `DEVELOPMEN�T''OF THE NUNT;NGTON BREAKERS 'I. 1 APARTMENTS, LIMITE , ,pROJE&.I D . �I 7.' AGENCY ; Approve Nuntingt�'n' Brea'kE�^s"Apartments ,• 'Lfmf'te'd artTcipation Agreement Resrli�a'on No '71 "A! RESOLUTION OF TNE; iiUNTINGJON;!BEACH •F;E �F f:';APpROVI0 :fiHE PRRTIGIPATjION AGREEMENT'i3E? TEEN. THE AHON;Y`r Na. HJNTI NGTbN' , GE BREAKERS APARTMENTS, LIMITED AN6 AOT RIZING ' TH€ EXECUTION• . THEREOF, , 40 ► r D-3b. CITY COUNCILt ,i'UBLIC :HEARING. LOANS -T n"LENDER S' r:- NUE�; -' U N •8 S RTME ;-f� ; C H UED N" F M 2 -? ,B3)`_ Hears g :: t;' �rtmhother� the t�y Counci: n to cods i de , n df;;- e,`C t.Y �I Huntington �ftach shoDld ,appr t•�e ua I n t ove ss ce� b' i ho'.City�''of ., bm�e:,Fp��eral 5avin ,:and loan ,Asiociat�on Pro ect)R rieth.' p ci al amount�,ti. - Hunts , ton beach of Loans �i+o Lender a goRds (N r } e {:j hat toy exce $22 OLEO O(N?` 6r, ,the purpose b prbV, ding _financing to Htenti ngtor� Bre�iker�s %p4etments; •°l.i mi ted;;fa' l�imi ted partnersht p 3. for the cortstr'u tint��af a ;multi`-family; resideptfal' urental project to .be iocnted o i,the ,real 'property`sf tuated':A .the, Cit on 'the east side,,,df Beach) Boulevard ap roximately onel uarter 'mil e north of its intersectioh,,Wlth the pa�,ific coast ;Hi 'n hwa j } y ,'4� ' , •tt. 3 C .•"�1 pt� Fl t'ittY if ( 1I,,,, ,.: t} li ' Elf} ,�': 1, Pr rr lt. + 04 —i rti 1'..t ' f,OUNGIL�':RE50LUTiON �NO1�5231 `�' "A ,�:�, 3 ��� 1 . ,, ,�� ��RE50LUT'LOf�,,f1,F 3 ,HE,;C I?,Y �COUrJC.IL T�T'BEACN APpROVING.k,{ ' ISSUANCE BY 'THE -CITY OF. HUNITI GTON 'B�AC,IiAF LOANS=TO�IENDERS',REVENhE BONUS (HONiE':'FEDERAL°`SAVINGS 'ANO I:oAN :gSSOrtATION;'PRuECTy : FOR THE,, ' PURPOSE 'OFFOVIDING'FINANCxNG ,'OF' HUN1`INGTO?I BREAKS APART ' MENTS, IMITED,''tA LIMIT,ED','PARTNERSHIP ':FOR� THE COW RO ION' 1 AF"A, MULTI.-FAMILY RESTOUNTIAL. RENTAL .PROJECT,,"�' I r �; . . .R Adopt Res No. �231 .1 . � �� V��1 ClI•'v'�/1RJf• r11�Rift ~�i/� ikl-�`2. COUN L�t`RES6OLO ON'r�0�,52�)tY:: `(C timed from, 7 � /8 'r", IL OP THE CITY KNTINGTON BEACH C FI I1JG FURTiCER AG NS .WITH RESPECT ROVI DING ;. . FINANC!N 0', UN'IINGTON B AK S:WARTMENT5' ;MIT A' LIMITED A ERSHIP F THE CO TRUCTION' A MULT -FAMILY, RESiD I NTAL 'Pa ECl', RA Adopt _R _No. 5222. +, , r f E .. _ - ,, , • '+,' ,`ter;.•. ' .r ,' { {NtJ ' 7 r I� t • womb / n page (=4 • ;Caunci l Ag�ndo - '2/22/8'3 , {, .• it 3. .COUNCIL::RESOLUTION NO 592 . '':A RESOLUTI OW,OFj,THE CITY COUNCIL 4 Gfi�1G"BEACH AUTHORIZING 'THE ISSUANCE, SALE AN6,DEL ' •, F � RA. Ado t Res. No. 5�2 And order the City' Cl" execut IVEAY OF,t.OANS 1'O�L�NDE�.S,'R_VENUE BONQS�. . , pY ' 'the', resC U on an atte'Chm'ehts. (a) Rreliminary Ofisi-ial Statement. (b) Indenture of Trust. (c) Loans-.to«Lenders DepQs #t Agreement. a. pi, pPPr v ,S�-f C Me rxiri� i 3 'minte ti PUDI ,YC COIMr kTS u me limit per speaker ' r ' I Argyane� wi sll n :s e hat ! :',' •, �,. p• ak` ',�o ,any item t i s not..,��Ipul�l i c Se ng, should r, to , address r the issue at this` time: wit Spo ka' # e,I re�iM to y! �+a/s rs�t r�7": ali /fie 4�%Nfo le r if t d l' " ' ,1'. 4,i n 4. � OTHER:,,,REOEVEL`OPMENT',AGENCY/COUNCIL, ITEMS - (To, be' acted `upon h92. PUbl i c,' tents): r(�r• 1! J ti �,'�fR� lip c ' }f ! pit 1 ' ?` ^ : ,. 3.'!'11Jf� l.+ 1Uf'!k'1 t r , f•; ! . ! - .'r, 1'yr .,-, ..• l.'-. ' ,. a-4e., '11G MINUTE5►'w Apftb*,e .mi►'Jtes ,,of .the ';regul air;'*eti ng of 2/,7/83 r` ,• fl as Nr. tten, and on :file. in ;tha!'Of ce' of ,'tFi�'Clerk. \' 1 (• ^ 7 l; lrr`S t r�Qa 5 ��Yi: t Ir1 i!(l:�''h7. r i r.-.. r 5...1�Y ,jrrt "y; 1• , .fit 7 L1 !, D=4b: AGE 1! ! IONN !.P. RE tL. I M,I+NARY 1"!D,E'V% ELDi PM,;7E, NT,•P."LAN:. - C , � INp 1 PROJECT PLAN AMENOMENT'4,1oll r, , a 1 rarrsrn a rom ce .o us ` r • i nterprise t e t �r�es5 :A; Indust al E p . Res. 'No: :t�8 achnbwl edgi n°q ,rece'i pt,`o f`,,the Pre1 imi nary P1 an for, the Main/F,ier`'Pro`ject� Plan`;Am n nt�t.�+l Addpt`''aes.. too.° 68 ' l'A RESQLUTIOfi OI•;{T11E -REOEVEL,OPMEf,lt AGE : NCY-b H IfYrOF `HUNTIIJGTON BEACN RECEIVING'' 7fIE•:' ,,'PRELIMINARY;'PLAW'FOR'.THE RAIN/PIER REDEVELOPMENT *1END- MENV YO. , 1 PROJECT AREA,: : . .authorize staff: 'to dis- tribute it and related documents -to 'all a0propriate f ' ,,ADJOORN•,REDEVEI.OPMENT AGENCY �, 1 1 1 1 1 aim I RESOLUTION NO. 69 RESO• � LUTtON: Oh THE;,HUNTINGTON', BEACH REDEVELOPMENT 'P.GENCY MAKING`'CERTAIN DETERMINATIONS RELATING '10 CEQA COMPLIANCE IN CONNECTION ,WITW.THE DEVELOPMENT OF THE HUNTINGTON' BREAKERS. APARTMENT'S. LIMITED PROJECT rhIERESS, the I�edavel opment::Agency of the City "of Hunt,1 ngtonaeh the` r "Aaartcy" ) pis resaona'�ble for implementing the redevelopment pl an for- the amended Mein-Pier 'Redevelopment' Project Area; and r• 1 . g WHEREAS, Ne at ve' Decliratic+n Na. ?��41 was prepared in`'conjunction with the land use approwel of this project, sand ' .h WHEREAS$ ' ti;epropo'sed%Idevel opment of a mul ti=faml lyl resi denti al" rental , inou5ing'proiect`. pursuant to the -Participation Agreement (the "Agreement") be.. tween. the-.Agency„and .Huntington 'Er'.eakers Apartments, Limited is consistent,. with the Redevelopment"'Agency's Policies ; NOW THEREFORE; 'the ;Redevelopment Agency, of the City of Huntington Beach ` does hereby find, , determine and resolve as folrows: Section ,l: Having , revs ewed' the proposal'`to :+develop the resi dents ail '. housing ro�ect pursuant to �th�;, Agr p j Bement` and: be rig familiar with Negative Declaration No�',82-41 a �d` de ine' a 11e • o otedndevelopmentththspao��ct'• teAgency,-dosi( hireby:�find prepared i n Go�ine , n , term that, t ; pr p soe not involve any Un' icant environmenta1 impacts. 1 �1' • section 2: ' It U.-hereby determined that, no subsequenVor supplemental EIR is.,.,requ red J`h connection with the proposed 'development, ''Secti*on' 3: The staff, i s hereby au'thori zed a0 directed to' i'i le';a notice of detsrm ne fcn with .the County Clerk. day oP PASSED AND ADOPTED this f , 1983�, ' ATTEST: it ` he Oka r n - APPROVED:"AS TO FORM: APPROVED AS TO FORM 'AND CUNT ENT: ' ego ounse URADU169 ' • SpeciailRedevelopment Counsel ,; ill+''�,. � ',1:r, - •�• '! '. �� -- 1 ,� ` ,t a 1 ,...1«.'::_1r..w.t-t.` .. � yt 1:4f�!•r'i��,. a ..'- ...,. t �`. �.��. . . . `1.�� '1 . ,.. ,' _'i. -. 1, � ffi 01 � If ;«� •ti 1�! r r I; l+ r• �. r iNITIA'MD' M APPROVED M TO 'cONTEO': ' Director, us ness and. Industrialn erplri so ,• . ' ,. .. , 1. 4� APPROVED: • ef Execut-1 Ve Offi Ceh • it 1. al' � r 1 - 'I1 <', 11 , �1 1 I t' } ��•, t 41 L'r ail ,1 t �• ' .r ,, �' n f ir , , 1 - 1+ .', ., .fit ' 'r� �. ,1 - .1 e., � •�� �1„ v STATE�OF:.CAL I FORKA :,COUNTY:::QF,'�• t� �RAl11GE: ;: , CITY OF 'INIMTIWTa H REACH • a , '- rti f •, {1• - 1� I�,� 1 I; AlICIA`'M MEWWRN or 'Clk aft �il�O It Ag icy of the 'City-of, �6ht'logton Basch'`Ca1 i Qrnia, �'b0 EREBY ERTIFY . fb , C th e o ng ? resolutlOh 'was duly adopted by the Red' lopnant'`A9e�iry .of the City''of i0gWi4each at a meting'bf said Redevelo emicy 6eltl oh .the l 2Znd day .of Feb ru&ry, , 119 85 , andt that it:'Nas so adoRted by the fala e►wing vote: :, 'AYES` Mer rf r , ' Pa1tt `n'o' M ll:Allister, Flhftyr, Sailed, .: NOES. ire: r• f } '�, ,► None t' '�f :! ,.�1 ", , '. ,.1. '�•• 1` 1 ifs• � 1, 1 f` ,. .. • I: �.�� �' `, .'' �t � , � ', .,, ti; •fit •�r ' � l irk .of tr ve ap!Ren get�Cy o ' t the`''Ci'!y of Huai r tn ;,Reach, `'�` Ca. ,, 1,,, . ,� ITT '.•'lt 1 , .�. i , '�•.\� �r� „i r Y`1,r, 1. , It' +-. � , • .h 13 1. ' 'f.,' • L 1l• � � r, ,. '*rti ',. ., II l` ' :�� � J + t i' (,i ,�ll� •' , t , .,.I , 1 r1 I. .� � �' ,. S` ', .i. r`', 1! , ��'' •1, f r : �'as` r,• �� f.i• it . - - . ,- h; ev RESOLUTION NA. 70 I'�' •.. ,4 . aJtt f: ' v .�(;�Ifs t,-=ti I' ,:. r . . .It-' rr! •, �, 'i RESOLUTION-.0F THE16TI,NGTON BEACH,. REDEVELOPMENT .AGENCY _APpROyING,'THE:ACgUISITION'OF CERTAIN SURPLUS PROPERTY • I NG FROM TH'E'� 1Y OF HUNTI TOh- BFACH , 1 r' 7� ' 'r S"' 'i ,. ,w...• . EitEAS; ;the``Hunti ngton Beach RedeVelaptnent�,Agency ("'Agency") i s"respc►nsi ble for 'itnpI"n"ti ng"the` Ma`i rt Pl er.; Redev'el opmisnt` Survey;A}rea', as` amended; and �:. r I '{�• ,`���, Y i}Mr ' `� , t tlf ,r 1, 1.1 , 'i l li�itr l . �IdL'.'i2 )u- ' ) ' 4: .,t' Sj2; (t,• ,rr:. } F AREk1, "the ;`City 'Ca �nc',it of. ,ttie City ,of Hun j1ington ,Beach' has declard,';eerta�i n' City aw�red,cpPo rty within;;the.=��ain=.Pier.,: Rosdevelar Rt, Survey�Arear.as surplus: and has a, 1 ppeeI t t.. . t t `, t t pproved fihe sale of sa,1d surpl.Us property 'to. theHuntington ;Beac, p- w menu ency' at" n h' t v ��- of 'l ess' t yin ;:fai r''market' va 1 ue, ,b �t underrnis and condi tiuns�as `)�.., ,r -• shaia;�, �estaalished;,and roved 'by':the' ft tington Beach Redevelopment Agency; ertd.. ,,,., WHEREA9,;,Section'333g6"of Article 7, af' Division, 24, of the California Health ; I and Safety-'Code. pt�pVides ;that the ':l�genoy` may accept conveyance af 'real` property owned byethe `City and`that'.the Agency may dispose of such property 'for ;develop- n�i�, t purposes,' , T EREF,ORE�1'the RedevOlopment Agency of fitie, City of Huntington Beach does resolve -as folln+vs`: , i.� j �r r ,F.= lr t '. fit :1 /2 , , 'G• r .`t j,• ;T14, 0'i tf'!Executi Ve Off i cA r ;of 't a Rede`veI o!pment Agency s here- b aut or/ze ar�d diriected`;to 'have prepared''for the Chai'rman'.s signa►tura the appro J►.. „ more articulari described, as follows . surplus' prt bite;documents ,needed aa.'ecqu i re''from ,the �Ci ty of Huntington: Beach ttie properfiy p y Parcel 1`� r + -,'.That, port7on;2nf t tfie weet half of the 'ncrfhwest quarter of, Section 13 . Town- ship;5 sauth` "Raange, l l wept • l;n the Rancho las Bo_ 1 sas, Ci ty` of 'Huntington i .... . ,. as er ma recorded i n Book 51 , 2;•� ;y 1, , Beach,, ,County, of Orange, `State of Cal i forty i a, P P:;, t Page 14 of-`Mise61'lanecus Maps in the oMce '•af' the county Recorder of said county, described es folloMre: ,I: Al1. ' ` 1 •' ' 9 9 in parcel 28 of the . s ,P,, a� 12365;. 1n the 'Su eri ' Be innin at'.the sautheast��corner of-'the.,land described 1 4�< ':Lis,• ens. Ill Case,No`. .. _ p or :Courf of the' Sfate of:Cal i fo�na, for the County; ''of`'ara�nge, :a' copy of: which wail recorded April 17:, 1964 in -Rgok -7g21,":pa e;',424 Off Records; 'being a point an ;the south*`line (� '. ' ',fihe< north hal of the s'tuthwest` uarter;,of the northwest° quarter of''said { q Section"1 , easterly. 37Q. 13' .feet ,ther`eon .from the, westerly a iie of. said sec i� `'tion;''thence``;north M9 36'' ,5E;,,,east'446 83 feet along `said'.south' line-.ta a ' point' easterly 525:96 feet;'�Ui� eori `from'said westerly. 1 ine o,f,, Section 13, ' j Za;Ve easterly;' havi n' - a,. bei n4 the. a ntersecti on of:a nntangent: curve coy 2� radius ' of 272.50,,;feet I radi a1 `'to said-:curve' at','said 'intersectioh. beat's south 45 21' , 17" :;west; thence•`�northivesterly 118.59: feet Al' "'ong. sAi.d curve through,°a''central - angle`.of '240 561 04 ;thence south' g9o, 361 . 56" Nest '191.4s feet. Via'' the east iir�e of said`'land 'described,jn'�'sai& Parcel '29 thence south i 90 49 49 east 101. 38 .feet to the °poi tit of beginning. 44 cartel That portion of' the northwest quarter of Section 13, Yownshlp 6 south, Range.. 11 west, in `the Rancho Las Bol sas,,, in the City 'of Hunting tior* 9each, County of 4 + v ••�J"" * 1 - l f ,. 11 17 Orange, State. of, Cal i forma, 'as shown ,an map"recorded in Btbbk 61 - page . l4 -Y.""'r+ of"" MiscellaneoustMaps, 1n the office of the County Recorder of said County, r d"'"H bed as • fol lows • ' t Y�t'�{'F J r ,.. ,;... ' �l y..` r :'+• ti _ f, './ft '4 ,i J«1 ,�.• . y• 1 4• I • — i ginns Eet, a .poin ;1n dine of 3m, sterly. as9'465 0 (, sa df thwestc �a�rterJ , ' sterly �5 :o i =that is d Oy.ry ;,;e S, ..Ir _ �stant: thereon South";� 4 1Q gist 1071:$d " teet,�ft�om f the-,"north-, e' d,.N Qt r."' poi n9. ' y 1in o1 : sei orthwest arat said nt be.i: gal so "t ,I he rnortlreaat corner oft Parcel No. l',. i said'C1ty, Cdun,ty snd State'. ! %' es rsho!w1l t:on t`atapj,fi lid a nh Book :' N e� 27�.of Parcel Ma s 'Records o`x'aaid, ' t j' ,. r Caurlty; 'thence, ae �l ng; tr rt 1y ," No'.-1 South ster. a1 o th o her line of,1 said Parcel ' ',,. �9°i�3�1f.06� K2 ,�. N�4; tit westG, 57 S9 ,°foet sy orthws ne 'of .'sidf Par e1' ' , to' " he ri` ;t�s r c•' 1 said 1�ast•ymenti - d poi nay ; i',o r�ip- INNI r this desc o ,..=nt'��bet+, the;TRUE., Pa NT ,OFF AEG �, 'tion thence corttinuin ,e1,en ahe westerl colon ation of said nort�rerly 1 �, o e9� f o6 Nest969.21 'fe t to he er i net�` uth ,` '" a we9 t •`': `. 'troad-� „h � ., .. . , S i , a � st ... y;;1 ine �of l ties frontage . as? Parcel f ,as deli nea tad„and; shaded' on' maps+, recorded bh! October 11, -1967,t^iri State's Higlntay lei Book 6, Pages, ,. 5 and -46;{ aetowsls of ,Oran'ge 1 ,, ,, , pp Count ,; a�sr rel n wi shed to°the :wi t of Hunti n ton Baach b Instrun ant re- y # 26, .'1968 'i n.Book 'g526;` Pa e• 461' of 'pi~fii cial R�tor'c�s of:, ,u�, 9. , Y,� 9 y, corded; ehr, F uary�� said Q1 County; I' ence, �outreaster1y,''a1 ng "sai t;m�" y in n he ror�ta� a raa�d '::South09a 4g d' 1as i� ned er. e of ;t �f J g '. 49,! °east48Z.99 :feet �-te westerly - pro l"ongation of.=the'; southerly l nei,of` saiId pacce,l aye ahown `ont said Wrap `filedi in =,Boo5, pays' 27 arc Map . C gee ly a ri safe P f P el� .$ then a star F .' wester l rol.on atior� North 89. , 37 'p6".,,East 8921, feet fio thesoutMrest 1 !.i . - -A, corner,' of said ast rntioned 'Pareel r l; :',thence northwes"t`er,1 along `:the . westerly ;line of saidF-.last" mentiched Parcel Na, 1�''yorth `O9 491 4911 West • �482 �99 feet to'•the TRl#k"P,dINT OF ` EGINNING.B {` e:; .�t•y.. I+1jr. - 1 1,,.,. _t•.•. .'• ••_:1�'`' � i ,.' ' 1 I-•. 1 r, Agency shall 'hereby acce t conveyance "of said ' - i Orin i"ty'' ran< t�eTCity pfvHuntt!" , ,5. Sectionz I1 . 1 �a ai lei. j p po• n pe ch for, th@''f r markat va +e of `the;.pro- art Nhi�h i s Sdet refined to be " J The ''c a vit , ^, ,y„ e 4 5,536,.Ik ;;Agency 'will. amp ns 4,a that,Ci ty afar,` skid;conveyance .from ;<and 'a't the times Agency_, receives;,; ,futU � tax'�:increnaint do11`ars. 'A Aq ;perten't ; jiff) annual`� interest gate steel{l �d.�a 1 iced"to'•`yin un aid;} �1 6la1 once o1� the ar`i gi na safes price from this "di 'i r' rd "until . y• . ' P y', fo a ,11 the fug l sal es't price Is,:paidFT . ,, i '• is 1. :f+' ,J- �D,,,;��Eb ,+:PASSED, APPROVED this ' 'day of ', 1�`83: J ATTEST:' `l '' l l �1 Ij (�� . "1 'i ` � 'r I' • 4 . r '1 Il -1`,'1 t i CQ , ;: •.r agency TTer !aa rman +_ * which may be represented 6y cash or other.leansldmi otioh: �1 ` it�1•%. 7 t• �!� ?• •r '1 a �- •� , err _ - Y.�. ,.;. :� ::.. '• � �+_� r • •i ' ',11•�''f_.wn,.rv..a} if..w..w1.1i...•.'��}�.Jl-.,.� ...�.. ., ,:. r .... .. .1.«, , .., .. .�. ...__.. _. .._ -a' jal ki ee APPROVED' AS TO-FORM: AP . . r �aovEu 'As TO FORK-'ANa 'coNTEi +M i,r,. Coonsa •' . ISTRADLIM,IJKCAr. k Special 1:0gail COuna l 1� tr ,1' J! `f >1"'�1� . ..�, 'i ,� �,`., .r,• 4 r, .i,1 ��,y! j'�,� ,1 ,4 .� ,i.t -INITIATED''`I IIppYD 'A5`TO C4�lTEN'I' ' ft , '� •t t '- 7 If IWO ' j ,,.U1c r •. s,IMa And IndustrialT' nterpri s6 ., . • J) 10 ' r . r APPROVED: , t 1• + Mef Executive, r cer i ' l , 'l I • , l r;f` 1(7 t .. J.. ut r t tti r 1 Y ,.r " I •.rt 1. � a 1} ; .1 i ' Ii (\ r f ,, ,I \ '}.'. •, f'. ,.1' -. . •'. '1: 1'.J . !' i� ,, Iry� � ✓. . d .. t ' ,t 1 ,# t-' ., 1, . ' -i - J t,. ,'Ir 'jl' ti' .••I'•I! ' /•_ ``f _I. `' I!. 1 fit. +'':,I ,�I-a\ , r 1 Jt .f', �Y.i, T% i' .71 0 r.+ jF y- ,.' 1 , L e� r t ,, f.., t i� I y ' , - I y f'. tt ) 1 "I,, .�, i , ., I .� r ,I Ij' t t-• �T�-. 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'I r t ( I t -•a ',l, �♦� I�:, I `�� +It ;� , 'i I II I I -l_ �' r, 1 1 I f l; 11 I, f' t,~ ,�1 to I \�.�` I 1 i1 . �, J 'I 1 tt .ri 1, I i 11 I t 7 , 7! t-'fit. !1`, I, 1;: 'I I , 1 1 1 , , 1. , 't -, 7 ;a f • - 1 .- :L it ,- ! t y ,; , .i ,r l,.r' i I , f 7 ,k r L t 11! t , 1 , , 1 � t t ( 1 '„ 1 ..�; J t. , r .,t 4;� ,• t , t� 2 I> I ,t , I' .1 i t ;; �,r; t 1.•f I Y r 1 '1 1 1. : •.� . .. `r 1 '+, •. ;r r ,• t +fir' r ��'�Y�M�� ^�Y r• �.e._.. .. ,. .. i 1, � is �1 J� .... .• .r .11 ..�.•' y• �t Res. No. 70 I!' f • ' SWE OF Ggt'f COUNTY Or �kRANGE VTY OF HUNTINGTON B cil ` 11 ; I : AL Di ZA M, WENTWORIH, Clerk ' of the 'Redevel aP1 'imt ' Agency of �tha 1ff ty oir Huiatin�ton ,Beach, Cali r%inI.A.. M HEREBY CERTIFY that the for-goln ?esolutior. was duly iolopte4 by the Itod we2opment"Agency of the Ci tv cf Hunt�i,y�0;- Venc!~I at c. Meet-ing of said Reddve'lopmint Agency , helu; on the 22n, 'ay 1 ; ,� and .that it was s0 adopted -by tie fdl llowi ng. vote: • '1 1 AYES: hfpnbirs' 1• :�. 11.115�1� �Piac&1.].i i'�' i i� :f± a ipy,, ' IC /rr� ., DOES: Member' df .�r�.....w�er..•..�+.rw.+�TKWwr�w. •.r . ,' 11 r� '. C1 y1 11 �1 , , f �1 Ir. 1 .� •' r'Y •�.' ./AaS�PI: : �,'ambers . 1 _ 1 , �•� �1. 1 V..,. ,�• I �f U`'�`>ij .�iALM 3SYriwrw.w.rrr '.�Lw ' 1 ,�.�rw.....+.i.aww�.w.r.���.r r V !r l ., 1 1 l'r• ,r' J 1 I )I., t1 ' .. '� 'a _ r ,, � � `• p •_. r%r�' �' i . I V , 1 , ' � r �� � � v � 1 r II I . is•I /�� � 1 �1 � • 1 I L N rl1 't r 1�1\1 ' 'J.r '. 1 iv r!' ..IT •, 11�.t .{. 'a �i. •1 '' f ' e e I ever opme ency W the pi ty of Munti ngtcn Beach,' Ca s r 10 to Ir 'r 4'� � r•' is III 1 .r 11 1: •I, 1. 1 .. .� j1 , Il '^i 1�,, t � �r, ?Ir' •`�4�� 1. 111: ! �.i �• � ,• ti 1 ;� �: ,�f, i �';� ',;f E,'`' fir` 11 ._� - � ' .. - •;.. i i RESOLUTION NO. 71 RESOLUTION OF SHE HUNTINGTON BEACH REDEVELOPMENT AGENCY APPRI1VING' THEw`PARTICIPATION AGREEMENT '3cTWEEH THE AGENCY AND HUNTINGTON BREAKERS APARTMENTS, LIMITED, AND AUTHORIZING THE EXECUTION THEREOF WHEREA . ' S,. the .r Huntington wear.,It "Redcvelo*nt Agency ("Agency") is authorized to acquire and convey: real property for private devetbpment ;, and ' WHEREAS, the Agency :desires ,to,enter..into `a Part ci, tion rAgreement (the �AgOeqment" )�'-wi7th H��nti ngt�n' 8re'akers `apartments; - Limited, a Limited' partnership the form .atta+heather g p des `r'r the"Part.i�i pant!!) --',In � re�to, Which',Agreement provide conveyance of,.cprta i n rea i . proNPr.,y, spe,,;i fi ca11,y dPscri bed in the kgreanenl*, tt' 'from. tha Ager;ra ,to"the `participan•+ and;the improvement of said real =property by the Particiftnit .as a ,residential housing project, and , Council of ths 'Cit of Huntir ton BeachWH_EREAS, the Agency and the CtitY1 -=: �` ave conduct "C1 y Cduotj ,"' n duly noticed %�o i nt'.pubs i c ,,hearing,`regarcli r.g t � ' ed a , 9eeiment 'in accordance' with California Health and Site' y Sections 33431 i 33; 'and L and 334 Id�iEREAS, a ropy` of the Agreement and the summary � ptt'ing' forth -the matters ' . y required, by. Cal9 foirnia:; Health -and 'Safety'Code Scction 33433 have been made available far. put+.lic inspection and- copying, '1 „, �•J�r. NOW, `•THEREFORE;;, the Huntington Beech Redevel opment Agency does hereby r resole, as 'fo1lo- s : Section`Jl Ther' l�gency,' hereby approves "the ,form 'of trye;Agreemen attaGh6ld' hereto and.lhe r.e4 author:iies the Cha� " ari and< C1erk-'o•f thou' ig W`V to"exec',ite 9 n pp teaAgreement I , baithe Ci _ t on' b�ha1'f of the Agency, �uh,;sc.t to' the a rove l of + y y Council ,. ' ,AJsE. O'`'AND ADOPTED this 22nd rlay of FbrUeM 1983. .. ATitST: J t r M 1 1 ri, 1 1 ......., -�..w.Y•-r,I T' r...nw�.,+..w�.,.•+ y,a�.. __ .•..-,-.,+#--r*••�w..+•-.,wY�..,.:• .�ri1• .....r.�.+.� —►•^♦.-+rwr+r•.r-��r + ...1.. ...Yj,.jr�.'•+�..�....+�.+...r,.•_,.q�y�.--i♦ r r � _ r 1 t. ' ' ' � 1 1 • " ' 1 1 1 1 'r 1 1 �• �. i • 1 1 " ` 1 1 1 1 '� � 1 • i • r - r 1 ' f ' I •.N J • � 1 1 r , I , r ' � V L / Y Rqs. No. 71 i. E STATE OF CALIFORNIA CCUNTY OF ORANGE CITY, OF HUNTINGTON BEACH I , ALICIA M. WENTWORTH, Clerk of the RedeYelopment t A O of of Huntington Beach, California, DO HEREaY 9 CERTIFY that the `foregoing re�ol uti o : dopted by th• n was duly as � ,e - KedevelolmentmAgency of the City of Huntington Beach at a meeting of saii d .gedevel opment Agency held on the``' 22nd day of ; February , and that it was so' adopted by the following votrt` AYES: Members ;. Pattinso«, MacAllistc4v ,, .'-Wey , Bailey, (Kelly,, ~` NOES: Members:, .Thomas ,,,Makic l ABSENT: Members;: V LW , � err . o t e e. eke opmerrl gEflCS' f, of the City of Hun t,i ngton ,Beach, Cad It Al 40 . 1 w L RESOLUTION NO. 5224 RESOLUTION OF THE- CITY COUNCIL OF: THE, CITY OF. HUNTINGTOY t BEACH MAKING; CERTAIN DETERMINATIONS RELATING TO CEQA I I*W LANCE IN CONNECTION WITH THE DEVELOPMENT OF THE +t` HU{tiNGTON BREAKERS APARTMENTS , LIMITED PROJECT WHEREAS,. the Redevelopment Agency of,,,the City, of Huntington Beach (the i� ' �. Agency ) 1s responsible for implementing the redevelopment Man for the amended Main-Pier. Redevelopment Project Area; and r��Uu;�E�1S, [�iegative ,Declaratio ed`No. 82-41 was prepar in conjunction with , the l:.pa use approval of this project and wNER AS;' the proposed development of a-'muI ti-;fimi ly residential rental hous- ing prnigtt pursuant to 1116,he Participation A•greemenf� (the, Agreement ) between h the Agency and Huntington Breakers Apartments, limited is censistenc with the f .,• 4 Redevelopment Agency' s policies; NOW THEREFORE. thi!,% City Council of the .City of Huntington Beach does hereby find, ,'determine and resolve as follows: Section• 1: Having reviewed the proposal' to,develop the.-Yesidenti,al hdising iil'-rP prof eC*;::pursuaht to ,the Agreement 'nd bei.ng .f mi 1 i rr with Negative Declaration No. 82. �'rl prepai-ed, i n connect•,:on 'wi th this `project, the Agency does hereby. fi nd +" and determine that the proposed development does not involve any, significant environmen,I imp4cts. Sect-ion 2: It=.._is,, hereb �:determined+ that. no subse'quent or supplen�!ntal EIR I d de. i s raqu . red t,.n .Connection With the propose ve'i oilmen t. ' Setitioh 3. ' she staff is hereby authorized and di rested torfile a notice ff ; of deterT na on"with the County Clerk. PASSED AND`ADOPTED "this 22nd. day of February 1'983, .� ATTZST: ty er ayor " 1 APPROVED AS TO•'FORM: APPROVED AS TO FORM AND CONTENT: 1 � , { tip• ' ,�i +J urney STRADLI111 y 0 , CARLS N, H Speoi al Redevelopment'Coo sel .' it . •r• A • . T 1' 41* i : F lb . f I oil IL L rr: / . r - J 1. r e ' 1 . t � • a' i G1*. R rr � O 1 • I f • I • 1 � l - _ r •.1'• _ 'ice • f • 1 f Y y r_ ' I Y.. 1' Y! " F 1 yJ ,• ,+� \ . r F � M 1 ` �Y Mir 4 f 4 M - F 1 r u 1 , 1' f� r Re:) No. 5224 "! STATE OF CALIFORNIA ) r 1; COUWff OF ORANGE CITY Of HUNTINGTON BEACH ) l • E; ALICII�' M: WENTWORTH.* the duly elected, qualified City Mirk of tha`City of Huntington Beach, and ex-officto Clerk of the City Council of maid Cixy, do hereby certify that the whole number of ambers. of the'City Council of the City of Huntington Beach is nelarm; that the foregoing resolution was paebed 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 rt 2�nd day February,of F 1 Y , is 83 , ,by the fallvwirg vote: AYES: Councilmen: Pattitison, MacA11irster, Finlsy, Qailpy, Kelly fir, ji ,11 i ' it I• NOEf r�' `Counci.liaen: .. Thanas._ I ABSENT: Coufacilrien: 1 NOhe ri I City Clark. and ex-of ficio'.Clerk ' of the City., Couecil of toe City", ,1 � of Huntington beaach, California : I r t�II , \1 1;l. .I - , I . •. +: 1 ' ' it / :1 1� ' RESOLUTION NO,. 5225 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH APPROVING THE SALE OF CERTAIN SURPLUS 'REAL PROPERTY TO THE HUNTING-- -� T;.N BEACH REDEVELOPMENT AGENCY WHEREAS, the City Council cf „the City of Huntington beach' has previously declared parcels of land south of Atlanta and -east ,of-Beach Boulevard as surplus and stated its . intention. tj sell said City-owned property; and � WHEREAS, said parcels are the Main=Pier Redevelopment Survey, Area an located within u are proposed to be acqquired by the Huntington Beach Redevelopment Agency for ►'edevelopment purposes, and , WHEREAS� the Ci ty:.of Nun�i ngton beach desires to sell said parcels for the } :um'of four hundred five thousand five hundred thirty-six' dollars '($405,536.00) , r; which amogint is not less that the' fa:i r market; value of the property, WHEREA�`;. a 5, the City Council finds that said parcels are not reasonabt y capable u park and recr+eati ono develop ment, ! NOW, THEREFORE, the City Council of the City of Huntington Beach does hereby , resolve as 'follows: section 1: The City ,Coc',nci l heresy approves 'anc+ 'authorizes c i'y4eyar ce i to the Hunt n5�ton. Beach Redevelopment Agency of the surplus property, wdscribed herein �. and author,ixes and'directs•"the .Mayor to execute a dve'd and .other appropriate;'doeu- '+ menu seeded to convey ,the said parcels, which' are described -is follows : Pa roe: 1 , That-,p4r�ion of. the west half, of the northwest quarter of Section 13, ' Town- '` ski o'I6, outs, . Range 11 west, in the Rancho, ,Las Bol sas, .City of Huntin�tor� ` Beach' Cou Miscal 1 anty `of Oranneous Ma `s , i n, the office of the Caunge; State of CaTffornia, as per. map rec page 14 a� orded in Bock 519 p ty Recorder or said ; cqunty;' d%' cribed as follows a Qe inni n at�t��e 5outnwest corner of ' 6 .. L's`�pe de �s 9r- CaSe�� o. 123 .. + ,�, a�:d,��descrik�ed••in; Parcel+,;26 of the,, th forni'a f6r-'the County of Orai .e.� a ,top u�►erior.`:Court of 'the State' of Cali- , T n n N 368 .i n the S - �g •� y. ',of which was recorded Apri•( 17 , :1964'' ' in Book 7g21;; page 424 ,of. Jfficial Record�1, being a point on the, south line' o f the north, hal f' of the , southwest quartr:r o ` a_ _ ;, f ahe ;r�crthwest. gc:arter. of said Section: 13;.;esterly:379. 1 feet then eori from the ;westerly 1 i ne; af, said sec- -ti on; thence ,north .890 .361 56" east 1,4f:A3 feet. al ong sai d :'south "`ne :to a i t point':;easterly:5�5;9b feet thereon from said westerly line' of,.S6uz1onvtl39 1 being�,tht`iiit rsection of=a :�ontangenv curve` concave tea terly f'fhaving 'a'' . rAdlta 45ff,�1�''17. west, thence•�northwesterly at.-said �intersecfioh>bears i 50 feet, 4 radial to said curve ' SO o ' " 118.,59 :feet along. said curve' through a central angle. of 140. 5d 04 ,:thence south '890 6 S6 west 101.48 .feet' t' `the ;ea 't' l i ne of saki d land descri bed''i n `saki d parcel, 2B; � 'thence -south 90 491 , 490 east 101638 feet to `the Of hi of beginning. paarcel� That 'portion 0f thM; northwest` quarter_ of section139 1'ewnship 6 `south`' .Raily'e,' 11, Wiest, ;in'' the Raikhd'Las B0 sas, in' the City. of 'Huntington Beach ,Cou►ity''6f f arangi. :State `ot"Cal'ifc rnia, as shown on ma p,''recorded in Book 511 page 14 of : Miscellaneous Map' a`, in''tr�e Office of '`the County Recorder, of said county,. described as follows; y f _ • Beginning at a point in the easterly line of the ,wes•terly 489.55 feet of said Northwest Quarter that is distant thereon South 00 40' 1411east 1071.80 ! feet from the northerly line of said Northwest Quarter, said point being also the northeast ,corner of Parcel ,No. 1, in said :,:!ty, County and State, as shown on map filed in Book 25, Page.,27 of Parcel Maps , Records of said County; thence westerly along the northerly. line of said Parcei No. 1 , South 890: 37' 03". west 157.33 feet to the northwest corner of said :Parcel, No. 1 , said last mehOnned'`point being the TRUE POINT 'OF BEGINNING for •this.` iescrip- tion; thence continuing along• the westerly prolongation of,, said nort'nerly line, south 890 37' 0611 west 89 21. feet to the westerly liile of ,the"frontage road shown • as Parcel 1;, as delineated and shaded on maps recorded `op October 6 P f 'Orangef 1 11,"196T�: in State•,tii ghwav•Map ,Book 5, ages 45 aT� q6 Records o • , COIAnty/, as re�inguisf,ed t�. th- City of Huntington Beach; by: Instrument` re� corded February 26, 1968 %-,Book 8526, ,Page 461, of Official Re6brds of f said County; .:thence southeas!: � :. er1y; along said last mantioned�kesterly line' !,,. of th,Jf Gntage road, South '09a -49`49" East 482.99 ' feet to the westerly , prolongation of the southerly 1,i ne, of said. Parcel No. 1 , .as shown.. on said ' ' map Filed-in Book 25, Page 27 ofk,Parcel Maps; thence easterly along` jaid westerly prolongation, North 890 •37' 06" , East 89.21 feat' co the southwest' Pare'.) 1 ..,thence northwester) ilo corner of said -1ast� mentioned � y q the -west- • ;�• erly'..line of said last mentioned Parcel No. 1, North' '090 49' 49 West 482.99 feet: to the TRUE POINT OF BkGI(VNI7VG:;'•. The Ci t counci 1 hereby, authorizes, t Section �:. y,, y tharizAs, the Ci' i 'Administrator to draft and, de vet to; the` City Co�;nci l a cooperati Ve agrpbnent which vi l l p'rovi deb that the City of Huntington :Beach` undertake the necessary iiasks required`'to provide the he- qui si tion -for and publ is improvements requi rdd, under -the terms of -he' Agreement ' and that requires that the•J Ci ty b'e reimbursed `;-or"part or all of its expenses as.. future. Agency, funding permits. PASSED A � APPROVED thi's 22nd day of Fet�,ruary 1983. ATTEST:' f, i'ty Cl er Mayor fiFt RCIVED AS TO FOFft APPROVED AS TO ' '�'RM AND CONTENT: C ty ttornay , TOCC . c r: Special Redevel o llt Counsel INITI' TEb Ab"APPROVED AS -TO CONTENT: APPROVED: r 1 00 rector,; us Hess, Industrial ty 'Administrator Enterprise 1' NAP OF �VIE SITE i ' i . r � CL •I r,'` '' ♦I , I `�, \ � ' .. �,1.1, 1. i. .• -� •� lu co wo 1 � • l� 1 : ;i 1 r Reg. No, 52255 STATE OF CALIFORNIA ) COUKTY OF OSAME ) Cs CITY QR HUMr1wTON BEAca ) d I, ALICU"N. WENTWORTH, the duly elected, qualified City ;. ,. Mirk of the City of iiuntiag-on Beach'- and ex-officio Clerk of the City Council of Laid Citl-_, 'dui hereby certify, that the ,•Thole number of City of Hun }, ` ;i members of- the CityCouncil of the tingtc�n Beach is • seven; that the foregoing rasolittriowwas passed and adopted by the: affirmative vote of more thap-' A majority of all the members of said City Council at' ie 'reguxar meting thereof held an the 22nd day J og February 19 83 - b the following vote: I�I .,,..,..�.._.,• ._.�......,,,e Y g I AYES: 'Councilmns ;! Patti nson, MacA1.9 i ster, Finley, Bai 1 ey, Kelly . ,!. Thomas , Mandic . 41 a`r Nave t City* Clark and,ens-nfficio "Clerk of the City Council of the City ' .00 of Huntingt"tin Beach, California The lbr'egoins;irifstrumarit is a corrert ropy"af the er 06l'M file in thl"a;tire: .fittest �. AJGIA M, WENTWORT�1 City C�rk atid,Ex-off d' (1 k 6f i he City Council of tht CIt of Huntin ion Bp f By- -- Deputy I • RESOLUTION NO. 5226 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH APPROVING THE SALE OF CERTAIN REAL PROPERTY F1IRSUANT TO THE PARTICIPATION AGREEMENT-.-BY AND.,BETWEEN THE HUNTINGTON BEACH REDEVELOP14ENT AGENCY ANd HUNTINGTON BREAKERS APARTMENTS% LIMITED WHEREAS, the, Huntington Beach Redevelopment Agency ("Agency") is authorized to acquire and convey real property for private development; and WHEREAS, the Agency 'des i res, to* en ter", i nto a Pa rti c i pati on,, Agreement (the' '=Agreement") with Huntington Breakers Apartments , Limited 'a Limited Partnership ("Participant" ) in the form attached heretowhich''Agreement provides for the conveyance of:-certain, real property, ,and the i►nprovement'of said real property by the, Pariici Pant ,`as"'a multi-family residential housing project; and WHEREAS, the Agency • and the City 'Council ( "City Council,,") -o the City of Huntington' Seach have conducted a duly noticed joint public hearing regarding �r the Agreement in accordance with California Health and Safety Code ;actions j 33431 and 33433; and i WHEREAS, a copy of 'the' emsnt and •tc�` summary seating forth the•,matters required by ,California Health and Safety Code Section 33433•'have been made available for public inspection and copying, NOW* THEREFORE, .the City Council of the City of Huntington Beach does hereby resolve• as follows : ► Section '1 s The' City Council , finds• n� determines, ba si ed `upon. the 't 6iti y mony ,,ana nformatign presented`durf nq t;he public ,l earing,,w1th• respect to; the Agreement, that the consideration for, the, real property.' to be 'conveyed.,,to'�parti cipant'.hy the Agency pursuant to ,the Agreement is not .less. than the fair,.markep value thereof in Qccordaince with the ,covenants and conditions`governing 'such' j stle. b + he CiJliy nci rf 4 Secti n 2 T ►:ou 1 hereby�y pp`.ti � ,p 4perty � v reb a rove the�"sale ''�s reap-,Property referre o n the recital hereinabove to Participant purs" :ant i+c,�the terms ` and 'provisions of the Agr%ement and hereby approves all of the' ter7� a_ :prp visions of the' Ag►*Omentl:' . Sect'16n 13: ii The Crf'ty cc�lr�cil herpb aci.nowl e�' es_.that er.fonna�ice `.under the �.. an con bans off' the 'Agreement ,satisfies, in ful;1 Pbrtici`pant ' , abliga;tions ` terms t_. ` regarding: affardabie, ;replaceml�ntlrelocation�:hausing. end dedication'`of ,fren.te9 ' road .right-'of-h ay a $I required in Condition'.Nos'; ,2 ands,,:l7 ,6 f Conditional Excep lion No . B2 B5 as e y s. planning Commission an January 18, 1963 . arpro, ed by the Oi�t A PASSED AND 00PTED thil's , ,, day o f Febru 1 933 i TTEST: r • 4^ .l,l 1, , 1 �(,� .' ;� .7 ,••1 ;;t' y er �; ;', Mayor,, - �T .�--,.•.-�=r__�-��.�.—� wa... ...r. ,.._.T r.,�..�.'rr•.... . -.-�...-..-�r...�-,,.�.-...-..-. ...r _ _ 1. t^'T"�„"...--..w-�.'�-'-_"*'-'^�-T--....,,,.i_-^��•--."^^-"_'T�"r..... • • •r' } AAA//( r I - i. h' i' _ r - • . tLl f M.. • a ' 1 1 f i o • 1 _ u. csws , Ree. No. 5226 STATE 07 CA1,1FOlMA ) Cnt)M OF ORANGE 0: CITY OF HIM 112CUN BEACH -19 ALICIA M.. M.MORTH, the duly elected, qualified City Cldrlc of the City of 11%,,itington Acae:n, and ex-ufficio Merl: of the city Council of said City, do hereby certify that the whole number of ! members of the City Council of the City of Huntingtoil Desch is so-•,ren; that the fovogoitg retiolutioa vas passed and adopted by the affir»tive vote of more than a, majority of all the m mber2 of amid City Council at a regular �..M..._..____�. meeting thereof held on the. ,�and day of ar , 1.9 , by the followring vats: 1 R AYES s` Councilmen: Pattinson, 'MauAllister,Finley, Bailey, Kell r"7 VOES: Councilsent Thomas, Mandic: ABREM Councilman: None tZd City Clerk and ex-officio Clerk of the City Counncil of the 'City of Huntington Beach, California I � r` r, ) �1 RESOLUTION NO. 5227 ti A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF LOANS-TO-LENDERS REVENUE BONDS (HOME FEDERAL SAVINGS ANC LOAN ASSOCIATION PROJECT) ! RESOLVED, by the City Council of the City of Huntington Ueach, California , that: WHEREAS, the City is a duly constituted city i',nc, pclit+cal subdivision e the Stare of California (within the nwani ng of those terms in Chapter 7, co:wenc- +! i ng with Section 52075, Part 5, Division 31 of the Hea i th and Safety Code )f ,tiie ! State of California (the "Act") and in the Regulations oil' the Department of the Traosury and the rulings of `the Internal Revenue Service prescribed and promul- ' the Code � � . ated pvr cant to Section 103 of the Internal Revenue Cede of 1954, a.; amended t �i n)) , WHEREAS, the. Act authorizes the City to issue revenue bonds for the purpose of financing the construction or development of niv','ti-family rental housing and to 'make or purchase loans to persons, firms, cor, P,"Itions , partnerships or other entities for the purpose of developing or providing such multi-fami?5• rental housing; avid WHEREAS, in furtherance of the purposes of the Act ana as. part of the City' s plan of financing residential hr.%ssing, the City proposes to issue $15,000,000 aggregate pr-incipal amount of i`ts revenue bonds designated 'tity..of,Huntingtori j, Beach, Calisornia, .Loans-to-Lenders Revenue Bonds (Home Federal Sevings and Loan Associatior, ProJect)" (the "Bonds") , the proceeds of which' will F•e placed on i, dcpo_i t with Home Federal Savings and Loan Association (the "Lend0i ,!--), which, in consideration of the Deposit, will issue to the Trustee certificotes -of deposit (the "Certificate") in the, aggregate pri►:c',..�1 amount of the Bonds;;avid will make a loan to, the developer of the protect :,the "owner") to finance thG,,cost of a multi-family residential rental development the "Project") to be-11c'Oted with- in the City of Huntington Beach, Cral i fors.i a (06 "City"') and occupied partially (at:-least 70 percent), persons of low and moderate,:income, ktithin the meaning of. Section .103(bj(12)( of the Cole, all for thep p ublic purpose of assisting persons, of 'low and• moderate income within the City to afford the costs of decent, safe and sanitary housing; and WHEREASP the Bonds are proposed to be issued pursuant to and secured by an Indenture of Trust. (the "Indenture") by and' between the City and Albuquerque National sari; _(the "Trustee"); i WHEREAS, the City, the Lender, the Trustee and ' the Owner propose to enter `` he purchase of the�Certificatenfromhtit`'Deposit Agreement") , providing ' into a Loans"to-L ' the sale of'the,,B !, Lender with the proceeds of for (i ) 'the , i dhds, (i i ): the to ms and conditions under which. the Lender will make'` loans tr; 'the M'er to finance the acquisition, construction' and purchase of the .protect and (i i i ) the establishment of certain reserves for the be'nefi t of the holders of the Bonds ; and 1. .. I WHEREAS, in order to assure compliance with the Code , the City and the Owner propose to enter into Deed Restrictions with respect to the Project (the "Deed Restrictions") ; i WHEREAS, the City has heretofore appointed L ,F, Rothschild Unterberg Towbin to act as managing underwriter (the "Underirriter") with respect to the Bonds, and the Underwriter has caused to by prepared and presented to this meeting a form of Bond Purchase Contract (the "Purchase Contract") for :he consideration of the Cnuncil ; ' WHEREAS, the City has now determined to issue the fonds and to enter into the Indenture to secure the Bonds by a pledge and assignmant of the Deposit Agreement, the Reguiatory Agreement, the Certificate and various other funds and property more particularly described in the Indenture (the "Trust Estate") ; WHEREAS, all things necessary to cause the Bonds, when authenticated 'bv thl;: Trustee and issued as in the Indenture provided, the valid, binding and legal-limited obligations of the City according to the import thereof, and to constitute the Indenture a valid assignment and pledge of the amounts pledged to the payment of principal of and interest on the Bonds and a valid pledge and assignment of the rights of the City in and to the Trust Estate; ' WHEREAS, the City has caused to be prepared and presented to this meeting various. documents and instruments, all of which are necessary to the consummation of the transaction and which are hereafter enumerated and identified; and i 'r... f WHEREAS, It appears that each of said .documents and instruments whit:h are i now before this meeting is in appropriate form and is art appropriate doc►ament or instrument to be executed and delivered for thf'.'�,urpose intended, NOW, THEREFORE, IT IS ORhERED as fellows: Section 1, Authorization of the Bonds. For the purpose of raising moneys with which to finance the ro ect', t e City hereby determines ,to issue its Loans- to-Ltnders Revenue Bonds, (Home Federal Savings and Loan Association Project) , In the agg:,egate principal amount of $16,000,000, maturing and bearing interest at the rates provided and subject to all of the terms and conditions set forth in the Purchase Contract. The Bonds 'shad l'.: be 1 imi ted 'ob't i gati ons of the City and shall be payable as to principal and 'interest, and th-.: obligations of the City under the Indenture shall be 'paid and satisfied, solely from the revenues , receipts and 'other moneys and property pledged therefor under the Indenture. Section 2. ,Arotral of indenture. To provide for the details of and to prescrlbe .the terms an —co-n-d ons upon which the Bonds are to be issued, secured, executed, buthenticated and held, the Mayor` or, Mayor pro Tem of the City is hereby authorized and directed to execute and the City Clerk or Deputy City Clerk of the City 'is authorized 'to ,attest and to affix the official seal of the City to, ' and to`-de'liver the Indenture to the. Trustee in' the form presented to this meeting ; or with such changes as may be approved by the officers of the City executing ,F: 'i j . 1 f ' the same, suWect to the advice and counsel of the Ci ty's Underwriter, Bond Counsel and City Attorney, such execution thereof tc constitute conclusive evi- dence of the approval of such officers and of the City of all changes from the •for;^m of Indenture presented to this treating, which form of Indenture is hereby in zl.l ' :espects approved and incorporated by reference and made a part hereof. Section 3, Approval of Various Instruments. Ebch oll" the following docu- ments is hereby approved and the City Adm n strator,• is authorized to execute and to affix the official seal of the City and to deliver each of the following documents; a) The Deed Restrictions; b) The Deposit' Agre'ement; ana i I 6) The Purchase Contract, The foregoing authorization applies to the Purchase Contract only if the Purchase Contract provides for an annual stated intereFt, rate on the Bonds which does not exceed eight and one-half perc'e t (81�%) per aioirum. The'f6regoing authorization applies to each of the foregoing documents in the form presented to this meeting or with such changes as may be approved by the officer of the ` City executing the same, subject to the advice and counsel of the City's Under- writer', Bond Counsel and City Attorney, such execution thereof tu' enstibite conclusive evidence of ,the approval of Wch officer and df the City of all changes 'from the form of each suchdocumnen-r .presented to this meeting, which form of document, respectively, is hereby in all respects Approved and incor- porated by reference and made a part thereof. ! Section �4. Approval oT Official Statement. The Official Statement per- taining to the offer and sae of e Borias ana its use by the Underwriter in the offer and sale of the ' Bonds, is hereby approved and the City Administrator'- is hereby authorized and dlrnctedl to executmr and 'deliver the Official Statement in the form presented to this meeting or/ wit'+' such changes as may be approved by the officer of the City executing the same, subject to the advice and counsel of the Cit!,.'s Underwriter, Bond Counsel and. City Attorney,, his execution thereof to constitute conclusive evidence of t'1e approval by such officer and the City of all changes from the form of such Official Statement presented to this meet- ing, wrich form of Official ` Statement is hereby in all respects approved and incorporated by reference and made a part hereof. t Section 5, Authorit ' to Consumnmmate Transaction. The Mayor, Mayor Pro Tem, City Clerk, Oepu�y ty Clerk, City n strator and other proper officers of the City are',' hereby authorized 'ind directed to execute and deliver any and alai pmapers� an'd Instruments .and to do and cause to be done any and all acts and things i necessary or proper for carrying out the transaction contemplated by this Reso- lution. y , - Section 6, Effective Date, This Resolution shall be effective upon its adoP ti on. \y .•. � 1, ., .i' ii ,..t .. J' ,. ..- •�i 1 i I t •If t� .•. .r • .:.. �•... • .• .♦f. • r ♦ ram♦-.. •.. _ .i y� • •.. .� ' 1 . i. PASSED AN6 APPROVED this , 2n day of ._F.� y 1983. ATTEST: ty e r _._�--- ----, Mayor APPROVED) AS TO POR14: APPROVED AS TO FORM AND CONTENT: ,�l 1 01t w J � r y tt STRADLING9 Y G , C RLSON, WAUTH Special Redevelopment Counsel ;'INITIATED AND APPROVED AS TO CONTENT: 1 s 1 e Dfector, us ness an n ustrifl—�n re prise APPROVED: � . �. I ty ,dmin s•trator 1. e i Res • No, 5227 r + STATE OF CALIFORIA ) COURV OF CRAMS ) as: CITY OIL HUNTINGTON BCACH ) Al �f 'I, ALICIA M. WE► IVORTH, the duly elected, qualified City i Clark of the City of Huntington Beach, and ex-;Mcio derk of the City Council of said City, do hireby certify that the aliole number of members c:f 'the City Council of the City of Huntington Beach is seven; if that the foregoing revolution was prao2d• and adopted by the affirmative J s vote of morn chary a majority of all the members of said City Council ` at a regular meeting thereof held on the 22nd day of February 19 83 by the foiling vote: AYES., CouneUtaen: NOES: Councilmen; T WAS� 1Jidndic. 1...;A y: w ..�� /rrr_..�rrr _ s� ... r .+r�.�..rr��ur �r •r..+.�.r..w ABSENT: Councilmen: 14ne....:.__,_ City Clerk and ex--officie Clerk of the Ciky 'Council of the City , ti.`•: Huntington Beach, California , i.i, % 1 .1 1 • 1 k i RESOLUTION NO. 5230 A RESOLUTION OF THE CITY COUNCIL OF THE CITY I , Or HUMTzNaTON BEACH DEC.LARINA THAT THE PUBLIC INTEREST AND NECr3SITY REQUIRES THE DISPOSI- TION OF CERTAIN SURPLi1S PROPERTY`, GENERALLY LOCATED ON BEACH BOULEVARD SOUTH OF ATLANTA AVENUE I i WHEREAS, the City of Huntington Beach is the aifner of certain real' property, generally located on Beach Boulevard i south of Atlanta Avenue, and more particularly described as : 'Chat portion of the northwest quarter of Section 13, Township 6 South, Range 11 4 West , in the Rancho Las Bolsas in the City Ij o" Huntington Brash, County of Orange, State of California , as shown on map recorded in Book 51 , page 14 of Miscellaneous Maps in the -offl.ce of the County Recorder of said county , described as follows : Beginning at a point in the easterly line of the westerly 489 . 55 feet of said northwest quarter that is ,distant thereon south 0° 40 , 14" east 11'14 . 00 feet from the northerly line of said northwest quarter, said point being also j a point in the easterly line of Parcel No. , 13 �. in said city, county and states as shown on map filed in Book 25, page 27 of Parcel Maps , records of said county ; thencesouth 8901914611 west to a point in the westerly line of said Parcel No. 1, said last inentioned point being the true point of beginning, for this descrip- tion ; , thence continuing south 89019 ! 46" west to the westerly line 'of the frontage road shown as Parcel 1' ace 'delineated and shaded on maps recorded on October 119 1967 in state Highway Map nook 5, pages 45 and 46, records . of Orange County , as relinquished to the City of Huntington Beach byinstrument , recorded February 269 1968.,in Book 8526 , page 46). of i official records of said county; thence south- eaeaterly, along o'aid last . mEntioned easterly line, to the westerly prolongation of. the ahb e. a' southerly line of Parcel No. 1, as shown on said map filed in Book 25, page 27 of Parcel Maps ; thence easterly along said westerly pro- longation, to the southwesterly corner of said last mentioned Parcel No . 1; thence north.- westerly along the westerly litre of said last mentioned Parcel No . 1 to the true point of I beginning . ' and . The City Administrator has recommended to this Council I 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 . ollows : SECTION 1 . That -the real property ';`%;escribed hereinabove is surplus and that this public interest and necessity requires the disposition thereof. SEC'-'ION 2 . That the City of Huntington Beach acquired such real property by relinquishment from the State of California , SECTION 3 . That an independent appraisal shall be obtained to. establibh the fair market value of the real property sought to I 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 i shall. be sold for cash. II SECTION 5. The City AdrAnistrator is hereby authorized and i directed to execute all documents and take all steps necessary to ,dispose of such surplus real property, pursuant to the de-- terminations of this Council and the procedures set forth in section 3 . 06 .010 of the Huntington Beach Municipal Code . I�' PASSED AND ADOPTED by the City Council of the Cityof I 1yy1 kTI N i . Huntington Beach at za- regular meeting thereof held on the 22nd day of February 19 83. I r I` Mayor J, ATTE-ST: APPRO'{IED AS TO FORM: Hty Clerk USj Att; rn I REVIEWED AND' APPROVED: , INITIATED AND APPROVED: !` ity Admibistrafor D tector of uhlic Woks i l , i 3• � r x,• 1 f` � ECwTIONAL DI RICT MAP 13--6�- ! ! . 1 CIS OF , �jT' � 1 x I " mn BEACH DM 14 � 1 « ANG'JE COUNTY, CALIFORNIA Subject Propert• i USE of PROPERTY MAP ' 'x•�1 J` I ATLANTA �L AVC ( r • � �L celltv , Uf u7�wlgn•♦ t�wr�n. _ •� f If I Imam ol balm me J11 _ • i � III � i .� I 1 '1 ICI Ill.l _� CF-R ol o 1' ....N oO f 1 { 1� Iu��v •ir for for \ �w r � • '`� _ � ROTARY 0 i (7)4 �.•�} PlAr-Wic OCEAN `j ,` O 4 �• 1 1 womb r, I . 1 ' Res. No. 5230 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) Be: C117 OF HUNTINGION SF.ICxi ) 1�A 10 JVJCIA H. I EWIVI ORT11, the duly elected, qualified City i Cldrk of the City of Huntington Reach, and ex-officio Clerk of the City Council of said City, do hereby cevttfy that the whole number of members of the City Council of the City of Huntington Reach ie eleven; that the foregoing redolution was passed and sdopted by the affirmative i vote of more than a majority of all the menbers' of mad City Council at a-,regular ......... meting thereof held on the 22nO- day of February 19 33 , by the following vote: I I � AYES: - Councilmen: Pattinson , MacAllister, Finley, Bailey, Kelly NOES: Councilmen. Thomas, Mandic SENT: Catmcilmon: None i City Clerk and ex-officio Clerk of the City Council of the City of Huntington leach y California I I I I 1 1t �I I y;. RESOLUTION NO. 5231 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH APPROING THE ISSUANCE BY THE CITY OF HUNTINGTON BEACH OF LOANS-TO-LENDERS REVENUE BONDS (ROME FEDERAL SAVINGS AND LOAN ASSOCIATIGI; PROJECT) FOR THE PURPOSE OF PROVIDING FINANC- ING TO HUNTINGTON BREAKERS APARTMENTS , LIMITED, A LIMITED PART- NERSHIP FOR THE CONSTRUCTION OF A MULTI-7AMILY RESIDENTIAL RENTAL. i PROJECT ' RESOLVED, by the City Council of the City of Huntington Beach, California, as follows: WHEREAS, the City of Huntington Beach proposes to issue its Loans-A.c-Lenders Revenue Bonds (Home Fe:;eral .Savings and Loan Association Project) for the purpose of providing financing` to Huntington Breakers Apartments, Limited, a Limited Partnership, for the construction of a multi-family rental project; 1 R A5 e WHEREAS, Sectio�� 1Q3(k) of the Internal RE venue Cods of 1954, as amend,.,), requires that, this Council shall approve the issuance of said Bonds only after i a public hearing following reasonable notice on the question of whether this Council should approve the issuance of said Bonds ; and 1 WHEREAS this Council as held on the elate hereof a ub c hearin follow- ing nc h 1 h p li g f ing reasonable public nctice on the question of whether this Council should approve the issuance of said Bonds, and all persons desiring to be heard have been heard, NOW, THEREFORE, Il' IS HEREBY FOUND, ORDERED AND DETERMINED as follows: Section 1: The City Council of the City of Huntington Beach does approve the issuance�iy ` ie City, of the City of Huntington Beach Loans-t Lenders Revenue Binds (Home Federal Savings and Loan Association Project) for the purpose. cf pro- viding financing to Huntington Breakers Apartments, Limited, a Limited Partnership, for the construction of a multi-family rental protect to be located on the real property s;tuate in the City on the east side of Beach Boulevard approximately one-quarter mile north of its int�rsectiori with the pacific Coast Highway. i Section' 2: . The financing of said :project requires that the principal amount of sal Bo�n s not exceed $22,0009000 ..no 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. ATTEST: J/6011 . woo ?&Oov� ,; City Clerk Waay7o r i w 4 APPROVED AS' TO FORM: APPROVED AS ''0 FORM AND CONTENT: 1. Cit y tt,orr� Y b J ' ;,• Special Legal Counsel I YNI MATED AND APPROVED "S TO CONTENT: recur, Bus ness and Indus" r a ntdrprise APPROVED: Cl-ty A m n strator I 1 ' 1 t 1 E , I i I 1 w Res. No. 5231 STATE OV CALIFORNIA ) COUNTY OF OP.ANGE ) B a CI1T Of HUNTINGTON BENCH ) , i 1, ALICIA M. WENTWORTH, the d+:ly elected, qualified City Clerk of the City of Huntington Beach, and e..c-officio C.lurk of the City Couftell of said City, do hereby certify that the, whole nv--rber of members of the City' Council of the City of Huntington Beach in aeven; that .the foregoitlg resolution Was pamsed' and adopted by the affirmative vote of morn than a mjority of all the niemberx of said City Council at a replar w ee4ing thereof held on the 22nd day of February,� , 19 by the fol loving vote: AXES: Councilman: Pattinson, MacAllister, Finley, Bailey, Kelly NOES: Councilmen: Thomas, Mandic ABSENT: Councilmen: ' None City Clerk and ex-officio Clerk of the ,rity Council of. ''the City of Huntingt-17n B:each,,California .l RrhSf r� 1 ' t l ' REQUEST FOR REDEVELOPP1l:��T AGENCY ACTION Date January 27, 1983 Submitted to: Honorable Chairperson and Redevelopment Agency Submitted by: Charles W. Thompson, Chief Executive Officer a� Prepared by: Office of Buainess and Inrlustriai Enterprise A1jv\i3 Subject: RECEIVING AND TRANSMITTING PRELIMINIARY REDEVELOPMENT PLAN FOR MAIN--PIER PROJECT PLAN 41ENDMENT NO. t � f Statement of Issue, Recommendation, Analysis, Funding .3ource, Alternative Actions, Attachments:T./ STATEMENT OF ISSUE: Pursuant to Section 33323 of the California Community Redevelopment Lav,, � ttached � is the preliminary plan which was approved by the Planning Commission ot.-- January 18, 1983, as reflected by the attached resolution. The next step of the. redevelop- ment process for the amended Main-Pier Project Area is for the Redevelopment Agency to acknowledge receipt of the preliminary plan, adopt said preliminary plan, and direct the Clerk to transmit said plan to the appropriate government agencies. The amended redevelopment project area conforms %gith the bnundaries of the survey area designated by tKe City Council with the adoption of Resolution No. 5090 on February 1, 1982, and Resolution No. 5189 on Nov�rbe•r 15, 1982. RECOMWENDATION: Adopt Agency Resolution No. 68 acknowledging receipt of the preliminary Plan for the Main-Pier Project Plan Amendment No. 1 , a.rd authorize staff to distriblite it ; and related documents , to all appropriate agencies. ANALYSIS: The California Health and Safety Code , Division 24 , California Redeveloprl�ent and Housing, Part I , Chapter 1), Article 3, Sections 33320. 1 through 33328. 7, requires that designation of a redevelopment project area and preliminary plan be adopted by resolution of the Planning Commission of the locl:l jurisdiction undertaking the redevelopment activity. The State Law provides that the Planning ColrimiSrion may select one or more project areas which comprise all or a part of any previously designated survey area, and requires that the Planning Commission formulate a preliminary plan for each selected project area. It is also required that the Planning Commission forward this preliminary plan to the Agency prior to distri- but-lon. State Lard provides that the preliminary plan need nut be detailed but that such plan should: (a) hescribe the boundaries of the project area: (b) contain a general skatern nt of the land uses, layout of principal streets, population den- sities dnd bui'Iding intensities and standards proposed as the basis for the rede- velopment of the project ares; (c) show hnw the purposes of this part wauid be attained by such development; (d) show that the proposed redevelopment conforms PIC)CAI to the muster or general community plan ; (e) describe, generally, the i,'npact of the project upon residents thereof and upon the surrounding neighborhood. Staff ills reviewed the attached Resolution, the Planning Corrrnission resolution, and the preliminary plan for the Mai: -Pier Amendment No. 1 Project Area, and it is the opinion of staff that these resolutions and plan conform tf)".he above refer- enced requirements of State haw. FUNDING SOURCE: None required. ATTACHMENTS: 1. Planning Commission Resolution No. 1300 2. Agency, Resolution No. 56 3. Main-Pier Plan amendment No. 1 Preliminary Plan C4lT:MW:J b 0,. 1 PRELIMINAFtY PLAN MAIN-PIER REDEVELOPMENT PROJECT PLAN AMENDMC14T N0. 1 HUNTING,rOlhl 131-ACH, CALIFORNIA JANUARY, 1983 1 /f Z II f RESOLUTION NO. 1300 A RESOLUTION OF THE PLANNING COMMISSION Of 'rHE .CITY OF HUNTINGTON BEACH, CALIFORNIA, DESIGNATING AMENDED REDE- VELOPMENT PROJECT AREA FOR THE RAIN-PIER REDEVELOPMENT 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 , the redevelopment of which is necessary to effectuate the public purposes declared in the California Community Redevelopment Law. Section 2: The certain areas described in City Council Resolutions No , 5090 and U89 are hereby designated to be an amended Redevelopment Project Area , in .its entirety, to he known as the Mai n-Pler Redeve.l opment Plan A end-• ment No. 1. Section 3: That the Preliminary Plan attached hereto is adopted , in its entirety, as the Preliminary Plan for this Main-Pier Redevelopment Plan A7lendment No. 1 . Section 4: The Secretary is directed to forward a copy of this Reso- lution aionq wFt�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: Higgins , Liverigood, Winchell, Paone , Porter, Mirjahangir NOES Nnne ABSENT: Schumacher ABSTAIN: None ATTEST: a s Palin, Secretary Tim Paone, Chairman • 1 f •1,0. r. TABLE OF CONTENTS Shan pane 1.0 Introduction i. .I 2.0 ' Prcljecf 'Area Boui derle" ' ` 1 "3.0 General Statemerit of IR�oposed Land User ? 4.0 Ge'h9rel• Steteme-`ta of froJpose' d La a��ty of Principal51reets' , 2 ..[1 General Statement of Proposed Population C`en:�ities 2 s � t 6.0 General Statement of 4opoaed Buildirg Intensities and Standards 2 7.0 Attainmenti� o f the Purp, seg o f the C'a lif omi a Community R,edeve';;opment. Law 3 11.0 Co nformrnce to the Huntington Beach 1,vnernl flan 3 9.0 General Impact of the Project upon Re aidents located within the Prnjert Aren and upon the iurrnindinq Neighborhoods _ LIST 0,r- EXI-01TS Exhibit A. Plan Amendment No. 1 Project Area Legs'l Descriptions 0. Plan Amendment No. 1 Project Area Maps r Mli 1,0 INTRODUCTION t- This Preliminary Plan for the proposed Maln-Pler Redevelopment Project AmendrTmnt No. 1 was prepared in campliance with the California CammMlcy Redevelopment Law which re uires `reprotion of such a plan as the basis for subsequent devela meet of a snore f flnitive plan amendment, for redevelopment within a designated Project Aren. The j aforementioned law definer "Project Area" as an area within u community which has been determined to be blighted,and requiring redevelopment to effectuate the public purposes for which the California Community Redevelopment Lew was deaIgnad to e.hievb. Tto proposed Main-Plan Rsdevelopme+nt Project Amendment No. 1 is part of the ongoing Community, and Neighborhood Enhancement Program by the City of Huntington Beach to revitalize ersd:• wit'iin the community. The Redevelopment Program will. enable the City of Huntington Desch to remove and mitlLote adverse conditions within selected areas of the community and help improve the overall economic climate. fin February 1, 1982, the City Council of the City of i-'kuntington Beach deg',gnated by Remlution No. 5090 a Redevelopment Survey Area as an area that requirld further study to datermine If n redevelopment project is feasible. Cn November 15r . 1902, the City Council added cne additional area at Beach Boulevard end Atlanta Avenue by Resolution No. 5189. Also, on November ly, 1982, the City Council directed the Planning Commisalon to select a Project Area from within the survey areas and to formulate and adopt a Preliminary Plan for the selected amended Project Area. The ibIlowing Preliminary Flan has been prepared as an amendrne;lt to the Main-Pler Redevelopment Plan pursuant to this directive. This Preliminary Plan Amendnent has been prenered pursuant to the California 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, population • densities, and building intensitlea and standards proposed as the basis for the amended redevelopment project area; r A demonstration of how the purposes of community radevelopment 'lsw would be atteineo by such development; A den-onntration that the proposed redevelopment conforms to the community general plena and A general description of the Impact of the project upon residents bated within ttwi amended Project Area and upon surrounding neighborhood(s). 2.0 PROJECT AREA BOUNDARIES The propmd project consists of one area (with seven neighborhood "woos), the boundaries of which are describr,4 in Exhibit "A" attached hereto. The ®rep Is further , illustrated In Exhibit "B" attached hereto. 1 Exhibit "A" Area #1 j LEGU. USCnlPTrON Existing Main-Pier Redevelopment project Area . 'slut portion of Huntington Bench, Count), of Orange, State of California as shown on a nap recorded in Hook 3, page 36 of Miscellaneous Maps in the Office of the County Recorder of said County descY'ibed as fol lcnvs; Beginning at the centerline, intersection of Pacific Coast Highway and Lake ` Street shown as Ocean .,lvcnue' and l:i:st Street respectively on said mentioied man; _ thence along the centerline 'of Pacific Const Highway South 480 21 ' 4211 Last 37.5 feet tvr the intersection with the sc'kluvesterly extension of the.. southeast line of Lake Street; thence along said mentioned extension South 410 '38, 18" Ivest 50 feet to the True Point of Beginning, said Point being distant Southeast 4,9n --) I ' C rnest• 1655 fEc:: along the southwest. 'line of Pacific Coast Highway to the in-ersect•ion ' with the southwesteray extension of the northwest line of. Sixth Street; thence cuntinong South 410 38' 18" West 525 feet snore or less along said extension to , Hie High Tide Line, of the Pacific Ocean; thence northwesterly 910 feet more; or � less along said High Tide Line to a line parallel with and 35 feet southeasterl�- incasured at right angles from the southwesterly► extension of the line of Rlin Street as shown on said MAP of Ilwitingt:on 1lcach; thence along, said mentioned parallel line South, 410 38' 18" West 11170 feet to a line Parallel with and t'10 feet southwesterly, mcasured at right angles from the southwcsterly end of the Iltuttington Beard Mmicipal Pier; thence North 48' 1-1' 42" best 14S feet along sold parallel line to a line pnr.o llel with and 35 feet northwesterly measured at right angles, from the southwesterly extension of the northwest line of Main Strec . ; thence North 410 381 18" East 1470 Net to the High Tide Line A the Pacific Oce:ir, thence northwesterly 000 feet more or less along said High Tide Litre to the southwesterly extension of the northwest line of Sixth Street; theme along li(I extension and northwest line of .sixth Street North 410 38' 1811 last 103S feet morn • or less to the Intersection with, the. northeast line of Walnut Avenw, being 60 rest in width, 130 feet either side of ccnterl ine, said point being distant North- 4l° 38' 18" Fast along said nort;�west line 510 fact from the southwest line of Nici.r:ic Coast iiigiway; thence along said northoost dine of Walnut Menue South 480, ,Z1 ' 42" Cast 1330 feet to an angle point in said line, said point pilso being; on the southeast line-of Second Street being 60 feet in width, 3C feet either side of centerlirA; thence continuing' along said northeast line South 100 09' 0.1" Gast 414 feet to the southeast lieu of Lake Street; thence along said southeast .line South 41° 38' 18" Ifest 2S4 feet to the True Point of Beginning. f'ovs oil" i .i Thir dmpnrl. will be hirtirly ot.lrnu,itntd will- lho Agvnry'm (1 ) Inking delibertitr. stoles to ' iirnnriiAn t.lin purchn.se of prnpertirs In lip ;irgiiit•rri at fair inarket value; (2) initi,ntilill ztirji'naiiottntinn9 no sons nr. prnrlicri stibso-pirid to ,itdoption of the Rode vcluprncnt Plan ,imrntimnnt.; (3) prnvidinc; rnlnnat inn nrlvim.iory wisirl.,nrn find hviiirrits to sill who :lro r11 phiced anti rirti quill fiml for lienp flts; VO rnsuring ample t.imrr, for purchasn. of prnprrt y to ho nPgotinted and suf fir.icnt time thrrr..ifl.vr. In rniisuininnIx, the proceas of rt:lornLion; and (5) keeping all concerned continuously apprised of the Agrney's progress anti it.s act:ivitins. While the irnpiict of, relocation r_niild initially he negative, Its long-tern irnpactAs expected to be positive in that relocation will afford buslrpsses and residents in the Project Aren a unique opportunity to move to a more desirable location of their chnice with little nr no enpital nutlay nPeesonry from perronal cash resources. The impact of the project an the existing neighborhoods is at so expected to be positive over the long-term., Developm nt of new residential uses will flay a beneficial Impact on the existing, newer and rehahilitated res'dentint units.. Miring the ehort-term construction period, it is possible that the existing neighborhoods surrounding the amended Project Aren multi experience certain negative impart" rosulting from heavier truck traffic, noise and dust; however, these .impacts will be rniitigated by confinina construction and trucking activities to daylight hours and by raquiring spray watering, ns necessary, to control the impact of dust. Over the long term, positive Imp4ets to surratinding neighhorhoods will rrsult with the construction of modern and well designed development which will have eliminated the blighting influences in the arnendad Project Area. 1 4 0 7.0 ATTA1NMErNT OF THE I't.)RPM1 �� OF HE. C'•�LWORNi'A COMMUNITY ITEF—H V- -L.l')I'MhNT 1-/1W _.._, _ _..- Thn proposed rminvelopmrnt of the rmrrnlod hrojr vl , Arr.;i H oxprcted to attnin Ihv pm-pasos of community rriir.veinprnrnt inw of I hr Stain or Cal hy: Providing edditionnl decent, safe and sanitary residential housing to the rxistinq stock within the C:iLy of Huntington llc►a h. Providing construction and ernploycnpnt opportunities in thr. dcvclopment of thrsr. facilities and by providing .employment opportunities in the operation of till. proposed new commercial and industrial facilities. Mitigating severe development limitations which result in the lack of proper utilization of the amended Project Area to such an extant that it constitutes a serious physical, social and economic burden on the: community which cannot reasonably be expected to be reversed or allcvlatee, by private enterprise acting alone. . Providing a&quat.e public Improvement-s, public facilities, open spaces :and utilities which cannot be rr.medind by private or govprnmentEM action without r,-development. implementing the ronstructinn of radmiuntr streets, curbs, gutters, strret lights, storm drains and other imprnvernrnts as necessary to rnsurn proper vehicular and pedestrian access within rnci around lilt. nmr'ntivd Project Aren. EsLaablishing development criteria and controls for the permitted reuses within thh r n!nrn(irci Prnjrct Area in nerordanrn with mndern rind competitive dovelopnivriL prar_Lices. . Providing fear relocation assistance and benefits to amended Project Area businesses and residences which may he displaced, in accordance with the proviyions of the, community redevelopment law and the government code of the State of California. 0.0 CONFORMANCE TO THE FUNTINGTON REACH GENERAL PI.AN The proposed redevelopment as set forth in this Preliminary Plan conforms to the General PIAn of the City of Wntington'Oeach. q.a GENERAL IMPACT OF THE PROJE. T UPON tZESIf)CNTS !_.t:;;;ATED WITHIN TIT7 rib CT AREA AND UPON THE SURROUWDING PICiGH 30RHOODS The rity's objective ,in pursuing the Main-Pier Redevelopment Pinn Amendment No. I Is Ln mitigate'Ahr.srvorP devnln t n. L limit it inns theist arr_ 'now, end will continirc to lie in llir Lure, constraints tn`firoper utilization of th6 nrnended Project Area. The plan r.s presr+ntly env ior�ed will;provide for the sale of properties and portions of properti�!s to the ,Redevelopment Age'ncy. HoOinver, it the owners of thesu parcels are desirous of participating in the protect, owner participation arrangements will be made avalinble. The most direct impact' to businesses and property owners within the amended Prnjer_t Area - will be the displacement ' (except for owner participants) resulting from implementation of the Redevelopment Plan. 3 r�r . f _ 7 1 1 • Irr l 4 1 3,0 GENERAL STATEMENT OF PROPOSED LAND USES Proposed land uses for the amer:ded Project Area include: Commercial: Principal um s would include general commercial, visitor-serving Commercial, and office uses. Residential: Principal ums would include: low to high density residential unis � Including condominium*deve lop ment. Community Facilities: Civic and street. and highway uses will be Improved when feasible. Permitted land uses within the emended Project Area vvlll be those uses as shall be illdotrated from time to time hi the General Plan of the City. Specific permitted .uses with;n the amended Project Area will be those that are permitted, or conditionally permitted, by the zoning ordinance contained in the Municipal Code when the zoning ordinance conforms to the General Plan. The number of dwelling units will be in accordance with the provialon of the General Plan of the City. , 4.0 GENERAL STATEMENT OF PROPOSED LAYOUT C/'F PRINCIPAL STREETS The layout of principal streets will be as adapted In the Downtown Specific Plan, or as subsequently amended. Street improvements will be installed as necessary and financially feaulble. Certain streets may be terminated, abandoned, vacated or re-routed to accommodate specific future developmen s. 5.0 GENERAL STATEMENT OF PROP05ED POPULATION DENSITIES Popcilation densities will conform to the Orneral Plan as follows: 1-7 dwelling units per acre for Low Density Residential development; 7+-15 dwelling units per acre for, Medium Density Rt sidenUal development; 15+-25 units for ti"edium High and 25+ units for High Density. U.n GENERAL STATEMENT OF- PROPO' SED BUILDING 1N7ENSITIES AND STANDARDS It is proposed that ail permitted-uses throughout the amended Project Area shall althrr meet or exceed the minimum standards stipulatarl in the City of Huntington 11wir10, current zoning ordinances, or'subsequert f n,�l:emenrird Redevcloocnsnt Plan approvnrl wid adnp;ed by ordinanee'if the City Council. f s applicable Stgndarde for' the amended Forai ect Area shnII con fur m to or exceed a pp licable feder a 1, atate arch local codes, lncluding .standards for. street IHyout, • design and land subdcvis:on. The construction of build!ngs shall meet oioxceed the prnv1sion3 of the"Uniform Building i arle" M adopted by the City of Huntington Beach and other applicable codes and regulations) including the California Health and Safety Code. i; Exhibit "A" Area #3 LEGAL DESCRIPTION Oceanview Subarea Beginning at the southwest corner of Lot 20 of Block 103 of Vista Del Mar Tract, a►s . shown on a map recorded in Book 4 , page 5 , Miscel- laneous 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- way 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 Une of the Pacific Ocean; thence northwesterly along said high tide line to the southwesterly extension of the southeasterly .right--tf-way line of Lake Street (formerly Firsts Street) ; thence northeasterly along said extension and said southeasterly lint 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 ot: Lake Street ; thence easterly 842 . 10 feet along the north right-of - way of Atlanta Avenue to the Point of Beginning. fM 1 1 Exhibit "A" {. Area 02 LEGAL DESCRIPTION Olufftup Subarea - Beginning at the most southerly corner of Lot 1 of Block 206 of Huntington Beach, au shown on a map recorded in Book 3 , pmp 36, Misosl1aneous 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 dine 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 nort►hwesterly right--of-way line of Gol,denw•eest Street as it now exists; thence southwesterly along said northwesterly rig:. t-of-way line of Goldelhwest Street and its extension to the high tide line of the Pacific Ocean; � thence southeasterly along Pain high tide line to a point on a Tina, said line being the extension of the northwesterly right-of-way line of Sixth Street; thence northeasterly along said right-of-way line to the Point of Beginning . 1 r- ti Exhibit "A" ' Area 05 LEGAL DESCRIPTION Downtown Core 5isbarea - Beginning at the most southerly corner of Lot 2 of 3lock 206 of Huntington Beach, as shown on a map recorded in Book 3, page 36, Mifsed1laneous daps, 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 the alley located between Sixth Street and Seventh Strect ; thence northeasterly 760 . 00 feet along said northwesterly right- of-way line to a point, said point being the most eanterlh corner -of Lot 28 of Block 306 of said Huntington Beach, said corner also being the intersection of the southwesterly right- of-way ]tine 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 northviesterly right-of-way line of Second Street; thence southerly 96 feet mare 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 southeasterly right-of-way ,line of Second Street and the westte*y right=-of- way line of Lake Street; thence southerly along said westerly 'light-of-way line to a point which is the westerly prolongation of the north right-of-way line of. Atlanta Avenue ; thence' easterly �= 90. .feet more or lees to a point, said point being. the southwest cornesr of Block 301A of Huntington Beach, Main Street Section , Ps shown on a `map recorded in Book 3 , page 43 , Mieo6llaneous MAPS , records of Orange County, said corner also being the intersection of the easterly right--of-way of Lake Street: and the north right- of-way line of Atlanta Avenue; thence southerly alone said easterly right.-of-way line of Lake Street to a point, said point being at the terminus of the northerly prolongation of the southeasterly right-of-way line of Lake Street; thence southwesterly 648 feet more or lose along said prolongation and said right-.of-way line o,ca. Exhibit ►►A" Area #4 LEGAL DESCRIPTION Ocean-Beach Subarea ► Beginning at the southeast corner of Tract 9580 as shot-nl on a map recorded in Hook 444 , pages . 29 , 30 and 31 , Miscellanouu Malis, Records of 'Orange County; thence North 69043 ' 00" east 50. 00 f6et along the easterly prolongation of the . south line of said tract to the True roint of Beginning, said paint also being on the survey centerline of Beach Boulevard; thence southerly along said 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 norpheasterly along said extension anti the southeasterly line of Huntington Street -to an angle point in Huntington Street; thence northerly along the east line of Huntington Street to the westerly extension of the south line of Said Tract 9580 ; thence easterly along said extension and south line to the True Point of Beginning. 6 1 r , r Y 'r •, Exhibit "A'': ' :Area 06 M 'DiSCRIPTxaN' t, . 01d17Civ1c' Clstsr Su,b 1''!a He '3ti t�"r At the 'iao1�t eeatar`1 earner of ha1.t, 2 of H1ock�" 06 o iihtingto Teach as show f `H n' non a�. map 'recorded in Hook' � Pigla ::3 ,. Mifjoellaneaus Maips-;; -Records of .Oraings; County,;ssaid oarrierr .4160 being ,the inteigect'ion.:of the southwasteil;y .right 'of- way 1 line of Orange Avenue and the 'northwesterly' ri"ght-of- l _, ,f .. is ,. ,. '•+ 7fr^ r Ay. ling; cf ttii alley, ,batween Sixth Straet and Seventh Stir"eat ; theitcendi�theaatgrly 835Ij00 feet" along 4 aAid alley •rl`ght-af-way joint sair� poi t bein ?the mas•to o f n t easterly corxaer Z 8 a � 9;, o f Ley t i . o f flock 506 og said Huntingtion BO ich; ' said corrtex.� ewlao' being ' Ith±s intersection 'of, the ' northwes ter ly ''right-oaf"wa line cf naf.d '.i4 y 'a,nr. df'_4� ill I._ I steryI, right-o1; !-; w!� y lineof, AcacaAvenue; .thil , tlfence; ; ro tliweete=ly `19 :'50 feet along. said sou`,hweste ly right- ' of-�ray, ;to a int . said,''poir:� Mein :;the rni�$t east erl�r darner of ,j , ' ,Tr , l , •,5 5 , ,I 1i 1tT "��' i ,�: 1 „'i lr!. jl �11. .�; r •.,jjf , J,. ` Lt�t' 2 7 " of Piack ;5 p'f of Huntington 84izch, Mairi Streetcoton, as shorn on a: trta�p recorded are Book. , 3 , page 43 ;. Miseell'ai kus Maips, ,i,,, r� Recmrc9a of 'Orariga 6ount��; said cornea ;also being the intersecticri it of the northwesterly right o'f way :!ins of Seventh Street ansA the southwestc'rh right--of�way. °line .of Acacia Avenue; thence 'northw off aasterly r410 60 ee aeon aid `northwestierl r.i. ., ttdf-way line ; f t g 3 Y 9 ', �i ,.}' 'j`;, 'IS, � r� to .eel point', said point j� eing `the mo easterly ',cd*n3�r .af."Lot 2 �of,.� . • ; I 1, - , e.'.%•� I p �� ' chock -607 ,of 'said Huntington' Beach', Main Street Sedition 'shill r ' 1 ; corner `also being the hitter siction' of said nor.thwesterl r right- ''. /% , 7 �. '':' " •'1 } ' ' 1 ,' ;, ,.• ,, .;. , �, • ' t, ,� .,:;; „i :of--way 'tine af' SeventYi; Str+�et and the; southwesterly right-of?iway A line' of palm 'venue ; thence `northe7asterly, 95 feet morn or,:i•ess to thentersection of 'th ' ' '{ a nc.:th right-�af way line of Patin Avenue +,f • r., , sand ' the northeasterly right.--of-way line cif Main Streets trience 1 easterly along said north ling; to the intersection of said north •1 rig�it-af�way line and the west right-of-way line ref Y.ake� Street; thence north alon g ' said west right-of-�wa►y line to a .po nt at the , west', prol'" ation of the north right-of-way line of Indianapolis . , Avenue= ; th; point, point .-I. ence • Qgst� g0 feet, more or less to� a said I being the southwest• corner of Block 804 of Huntington beach, tt to rz 17; i `,rr .. - • i ,, rj _, . . -•. ,.� it ii '/,'' //J, to,-,a 'parpendicul'ar •line ; thence porthwesterly ,7540 feat aI 'i'j said per pen air line to a point is d ' Dint liein( ' the gUuth 15 corner r�f� nor I -Pof. B1ock 201 of eai`d Huntf gt „ t''/` r . �� h, n ,r u r� o eo aid' or er , , taq also .the f;ntersecti6n of, the northwesterly rfht -of.M�►ay bind -of -.T.Ake Street' and the easterly right-of'.=way 'lime of r , wilnutq;Xvsnue,= i:herioe northerly alb. n t h o'` ' g said /eas er1�r '�i'� 't 'f'- way ifee► ';ta ,a, fperint •aid po 'rlt being the `eaat.erly tz°ninu`s ,'`• pzIl'bhgkti0" 1,,;ihe `northeasterly right 'f- way line of 'Na'' nut Averts 1 `t+h hrie icortt waBterly along' said prolongation $rid said nprOpapterly' rit�Ft=ot;_way ' line. of Walnut Avenu© 1�82 54 feet moreif6 less' �.to ;th6 .Point :of He i►inin I , f , yk IL i 1 • '.:.., .. 1. � �� � � r! Ir Ifs,- jI � �� _' r', ,. � �i +; r, . 1.�• `; , Jy + yy • 1 .{ 1 JP ,, y 1 1 1 1 xhib 1 r Area f7 -•� 1E61At.': DESCRIP I4N i1 ',!,.;; , 1� �''• Mich AMAn—t ' 'Sda reii' r, r, �• 4 y •'i. 1 �' ' ,/ +_� ,i r s � ; �. .. � f �, -- ., 1. .�•_ �'h '/ri6rth'"1980:0 fs t` o }ttie 'wrest 490 ;Oa eet '+ f the rthweet quarter of Section 13 ,"•0"Ship `b south :Ringd 11 Nest, •ss shown• on ,a „map, recorded . i� B�ok-t`51� � paoe '14 , -Milce1].�dh Oi a mava-0 Ft�ic�rds e .1,•� , � :13•! ,1 .. t. .I Il 1. .. _ , 4 r r do IV , Af- y,' Pails section - as shown ,on afA ''recar�dd in �aok 4 , a e p,. 9 17: IMi'soe neour .mape, I�caid5 of `Ordngo. County, paid pbin also • f „ baing theaters t ,. r. Q f d i.�on f the rth� right�af. ey line o 'Xndian :• `pour ►venue and tho aast '`r ght-nf way , line of Lake Street; ' thence east 167 . 1� feet along said ,,north right- , .:. o of-wary line t. �►�' int , said_. point wing ;an .thy east right .of way. line of !thfi' abandoned Pad if o Electr,fc RailroP.'d right-of-,way,' ea, pain alga 'beii g" the eouthw'est corn�e Iat"t;at 1 ' of Blook 901 of'`Viital b9i : Mar rrTract es ehfbf an a naip recorded n��Hook 4'' page 3,' 'Miscallaneoue R „Me►ps, 'Records of Orange County; thence so 2631 ' ' t more or less along 1 sa►id fast 'right-of- w ay line of,: the railroad to 'a paint on' tha north right�of�way Tina of Atlanta Avenue , said point r along being '� a southeast corner tof Las 1 of-',Block , 101 'of said ., 'Vista' :Oe1.'Mar Tr�icti= thence we�ste '•°��'6 t more or, less along r1y fee laid north right way ' line toga rioint:'on -the west right-of-sway lino of La S , lie treat= tlwel de 'northerly 350� feet' mare or, less to most, ea to ly corner. of Ldt;�'27 of Slock'';30� of $ ►id Huintirigton 1 Beacho said point also beiri'g the fr�tersection' of the. northwestarly r'ight"af-way. line of Sedond,,''$treet :and the eouthwraater,ty right- Al of-way line bf. Orange Avenue ; r thence northwesterly 1422. 0 ` feat do thei po int of 'So gistt�i; g�' r , ;i i � r r , wr:r•■1r�...:.rr ..r •r, EXHIBIT "B" (cont SECT ON'AL" DI TRI T MAP 13-('5-. 1InT } „ r ' .�� :,; ���«otrgr•t1�i111 jai, CIT OF r',�1 r , ._ ,. h�IIMf •11,•Iy ••••' rH•1�' 1M ,r I,CcU td0 r, , f „u„w ULU IL'Shlli� �•��w q:Iamr l`v rit HUNTING 'Iof-itia ii 1 •11 'i10li i. 1 �..� ; l.i.M fe f •K•1, Ii1�tf/, • t.1.N 1.1M Iwl ,y„11r1, Hl,tl•111•a :++ 1• !•M M* M/�MIiY .w•Nr..N.•NM• ' r, .' l ' , i•�A N E COUNTY',N CALIF r "« �Iw►ht1.1IN,�1'•11,1 Mpool••l l,ff,,' A <p,�t.4 ,..•F M�f . fr pu • 1.1.11 I/A a1a P 0wrolw••.,1•P.41 • t 1 1941" 11.11-ft � ':�M/ � .1momi'�•1■OWL •4wr•••• MbRb iY YGMI[ CI a 1 Nfl, 11.,1•t1 IfM 'Nr+rll g1Y.•.Irw.n f•IIrN 1, f.., h4opt.R11.�10.11Q/� IIN,�f1.Mi1�i1,�.•1!,N 41,N.N, /�•I N I,M•41,11•li, /•1•M N�1 Mew+q•w(�nN••rlPln.w.,M r M11 �1tR'16trt'c 11Tf111•�. �.��� a�j wfrlr �gC11o1 1` ; 1 •J fj�� �} .•fir ' 8:r' �rn r••,rll lttllqiv 1.1e r� y, , • •r V1 1 jf,' �t NN f N3 r R3• RI 1 1 111 NI I( i ■ R3 ' R! IqP w h f y ^ r '{ Ri Al �'4 Rai t N J11 N* •.NI f NI �'1 Ra' N .,R7Y'+ ,.r,. :'" 110 ) ,RI' Rr RI !yj N pfI R! �R�� :1 y ■`,.`' l wnW•w+ 1 111 C+�Rjj �E � • • r. 1 ttl' ' , 1 11 •�,• •� RI.. R1 RI 1 j ff '1 * A'� 'ih�• 1 Al' +'i;� r "Ill ■ (Sb' , ' r!s RI 1 f ��•'R ~ 'iia Aa , � 'RI ,' s�`RIM� . '," s •� �` ,�f ` ' -C':. •:ra«"�•� rRA �h��;ri ,�J 111 i R1 11' CF- ,�r • Ir Poll •"It.� �'. t' '�• ',' ,r!"""711•sriz'['�i 71l` ...- 1.�,• ' �.:•' /i1� Y1 S' '1! 1/•'l.�r�' 1 Way �'i.' '1 1". all MHO 1 • :+rl�, ,� 7 r .�•_ •I,wt,/ oft w ■r, g 41,1 palrrn. 1 M 2_0 � � � rlrl■ � Mc-4 = wAC1rK, OCEAN , r ' 'Ii Ire 1 ."' •••«� .r r , 1•. I JEE E3 H Iwo .E3 • I 1. i .. '. M�rj,' � ��� t• '1 t�a�. '•r I t '1,/rl�l.t t''Jj. �� •/,., .. ,. .. J .. .. it Ei,HE3 J }t • .r I T r T FBEE3 +1 + I {' *,. 1 ' i i .. r •.r.. ! 1 1 ;I_t ''� r' r�)1 is ' I 1 1 it ,ii ao �,• 11:r r (, ':5, r /.' I+ ,{ �� } i , ,';, .. � r �� J. � i '•. � ! -ri, .-[n••r JAI � `I{Ir / , "', I. , : i' rr1�� _', I • , '11 , y' *'. r* ar �•/;. 1 r,r. +r vM'+•, f J S t1' _ �, �r `�'r'�':r•---�'' ram.....+ i 1 ': I i ,,-, rn.n. 1 r r• � HIT 1 'r N.,.. !• ` { ;'! `• r+' 11 r { r S � Ar ' tr.y jlt�,'�:: j13t r t,' +• {l� t'rl I R'. , .t +• + li ` frl I' � � �� Iialn n I � r. � 41�l lr f r ��' 'rl 1�' ,�• r ,,; '� �r,+s �7ra. 7Rr � n I r I II ' r , I ' c I r p 1 It J. o r '�� wI• 1f k. ' •`� �.1;: y,wvr♦ T, ,}� k 2'; t '.. li t t • JF l 1 :1 J ,I' t i J r 1- I .: t •'i .� Jlt• + + e, r l r , 1. • -' It I '" , �1 l 1,J. .• y,. ` + `• 'f r r I !•� , , / i I.' `�' ro �) ,. ,71 ',t4 i Jl,. , y41 r J _r r t 1 I � , �.• t r � �. t 1;. , all uq140", 4 1 ► t )r lit 1 1 ► S / )1 �(7r .!� r t fl ..r .J� - it � (_i�l � �. � -1,j 1 it r.,1 ' •Ir. it 11 1 1 J .;JI 1 '' , � ;. '. ;I tl' _ � �; .:� r)'• !t •, 1 7:/-J ./J,•'�! J ll . tjt {i : + It .i� , I •e1� - tl Y r I i• �,, au ' . r M / r - t •r , ,,, .. t � •l •1' it l� i , , , r r r 1 1 ,r I 11 Ji 1 11 t_. lit;' • Ili` RESOLUTION NO$ 15179 '•1. .'. /, 't. '(: t i ``''fit 'J{% r ' { '1 .;'k :�{ ���.1 A;FtE OLU'�iOhl OF ,THE.-,PIT Y. C,OUNCiI.I (y t „F TI-1E�'t ITY C3F',P=it.1NTINQ tON BEACH,-AUtHORIiING`THE ISSUANCE OFiREVENUE BONDS'FOR THE + PuRpuSE;OF;PROVIDING FINANCING FDR' MULThFAIAILY RENTAL HWSiNG'DEVELOPMENT HUNTINOTON BREAKEkt'APARTMENTS t ,. - .•ti'- f 1 t_+ry j! Z:' �I.r :' I i,'I r i��,.1 ` �..t", :` '1; . ''�: Jc � 7. , +:.• ,{ ,. t �'• �� , 'WHEREAS;'• * It jai �u ie by�Chgpter � (coimmenc � 207} ' y `t ri d ing`with'Ssctiarti„S Vdf Pert S:` 4iviilon'3' of'.the F-bAtthentl .Srfet' 'Code` oY. tl�ra'„ State of Califacnl1 the "Act") Y, / . to itsur, ell revenue bonds for th6',' ur as of I'd"' ' fin ri 1 of r p p p 0 „siheing for the ccnstructioin !� multi-faun,lly reniai housing structures located within the City; and 1 e ; : r'. it ,} �;. I elll T 7 :!• 7 ,.` r '<. , Ir r 1NHEREAS Huntl igton:8reakers; Ltd; (the'��DevelopeRr . has'epp liad to the, it�y to •' iE Iseua an so i Irev%n bonds .for the^purpase of,prov'iding financing `for the construction of 342, unit multi family, rental ,hausing development:end related .euxillary facilities to`,be { located at Seach'and Atlanta, Tract No. 5581 within the City, arid' WHEREAS, the City`wI he's to induce the developer to construct said deve' loprrrent and'facilities; and_ , ', , WHEREAS ik.is ire' the`'public Interest, for public bdnbf it`and in furtherance of"the public. Purpose of of the City that the CIty authorize revenue bonds .for.;. the aforesaid purpose; NOW, THEREFORE, b'e 'it' eso.. •r Ived: r ,. / n::'. The'.'':City?,Council ,�f��the,.Citi �:of. Fiiantin 't_on 8tech-a'utau nce a d' •i/ r%lf V.rt"tF ue {rt;r ly n tY t�rr, sale of t yt , reVCn 60 8/of n Fla �it pursue t e �Act in a•principal Iamoun not fo trexc ebd ,twenty=aix miliioh',i lars 26 000,000) 'for,"'the',purpose 'of providing conetr�ck ��rrd he feVelop r for 'the•„constructiqn of a fon� `permrihent' financing to !t 342 unit''mi ti development ,;and related''auxiliBr facilities at l f�$rrtitl rents h558i Beech hod Atla'nte, Tract '1, Hut o C�alifornie. No. n ingt n 8oach, , y 2. The:lesuance. and..We of eatd bonds shall'be upon eucfi terms end,conditions es mdy lie mutusilly agreed'upon by th'©`City, the Developer 'end the purchaser'of said `bonds and shell;'be' subject +IE6 completion of proceedings for and.`issuance, sale dell4ery;of sail: bonds'by th6'C Ity:, {; 3. 1'Fe+ 0rd1dei ;af' the` bands shall include such related and necessuiry iewance sevic1e r e• si.e rvesed teestexpenes,.edmini ointerest" } •> t9. N. , it payments As may • 'be required tt'` iiccessfully bccompllsh this, financing method. dtr ;The ouncI Hereby finds that({the issuance of' they bonde ii, a substantial indu66iinent to. the baVeloper to construct' the Pioject and that said Project"will • further the public purposes of the City. ,,gyp 5: C� WeI r shall` be re oneible for cos•3, in connection with the iesuance :of the b�,'ir clueing:.printing of the; of fl6al statemOntl a market' feasibility study t4 be used jn connection with"the financing and the rating agency; cost of 'ratings on the bonds;'and ordinary travel expenasa; if necessery, to New York to 'obtain a rsiting, and bond and financial counsel selected by the City. � f i� Y• . ( r i• I I , I y � - ,�. '..., .y �.,. .. r . I • 1 • , Exhibit "V 1 . �f 1., t Y �r/{Irl1 •.s IIA Al in - ,f' pw W S ,t t. {.- ( r f ' �+., I ar�lh• �r�le;l ,'.:bs► �1w�.{ '� � � , In',.� � � 1 .... 11' �` .,.r 'I•u , 1 /L:., W 14 .06 1' 'r )., 1' ae. •,\:.1111 "i4 :Lfly :Ur. 75 -1 •` / f':t,', � '.�' •, iL , E]E,. ED E3 EE.E. BO t r '���' it (t�' 'I I Irl, ', �• '>':w. � .�sv !r ,! '� �+ ' -, �.i I 1 / u • YI a r• 11 1 III t't�l ' I r i •/ + ( �1 , "" - E3E3 t �wr o- ��fi Il' f a 11 p It , A 1• �yJ�•1 � � �i'. ;it � '•1+ - ., ,•.;� i 1 • r� UTM ND: 5179 Pop , , Twa ,�►� PAS AND ACK)PTED thli' th day ofAfTbTi Movaipb w ', 198�. 141 , 1• '' 1 1 1 a+ f AF PROVO AS TD'i"AF Mt I(`�lITIArtED ANDD ,PPROVED 'A5,TO CONTENT: 1 •p 1i 1,,•!11 ' l � it h j r ' 1 , 4 '] ty ornmy Dirdctor usinasa an n atrie ntero�ise' APPROVEDt �• or , ,C ty dfY1 Istret01` ,• 1, '*i jr' , , pp ISM,41 •r ;� - ' ., ,�'.,i� r. _ -. r 1, `.� ' •. 1 1 1 I ,J. r, I� r I. : t. � r , � ,31/ '� n� a '+ �'• :!� Ra/. 'No, 5179 I Cart "Off=ft ems ) ', , eu m. tIii1R orm, the dUi y v i �eea`, qual Reid' city.. �, „y =�olfic10 _C1imrk o� t1h j� Clt 'of l�u�dti toa beach', and ex , City Com 1.1 'df /aid city, da birAy certify that tha. Whole m bar 'of t' Ord of the City Counail of the City of � ton Beach lip seven; ` ttuat lad i ( that ,ilia fore�oluR reoaxation-'ter pa�sea 'seed adopted by the .al�f itt Iva Vote .of viore .thA a otity►. of ail tha of said City -Council n �� 'milber� r at a' ta�ulas mstiaf thereof bald on the 151h,, : day of „(�OYMME , 19 8 ', 'by the Poll 'inb vote: 111 f ATU. Co11hC i it l:. A'jhaiia`s.,' MaCA11 �l� 6e1 t t�in1e.�C. .t��1Lr �L_:. i S w i�rrr Ili .r 1+ Odic , I +, t i1a8 M t , Causeiliro: Palttti Wean } �� dp 1r, �(• ` r., • +'' t l; I I I 't ' } `Y 1.�f � 1f . I.f..lll, '. ,' '. '' �... l 71 j. it' . littitY aAd ex-of flalo. Clerk , of 1be City. Cowell ofC1 s C1ty of AwAtiot ton' seacb. Colifaewia I