HomeMy WebLinkAbout4.3 Rancho Silvera Afford House Agmt 91 �� 181
` ,e 8 STAFF REPORT CITY CLERK
�_�� CITY COUNCIL File #600-$o
DATE: September 17, 2013
TO: Honorable Mayor and City Councilmembers
FROM: Joni Pattillo, City Manager("`` 61-, racaZ
SUBJECT: Proposed Affordable Housing Agreement with Rancho Silvera Ventures LLC
Prepared by Amy Cunningham, Assistant to the City Manager
EXECUTIVE SUMMARY:
Rancho Silvera Ventures, LCC, is seeking an Affordable Housing Agreement with the City of
Dublin to satisfy the remaining affordable housing obligation for the Silvera Ranch Phase III
Project through the payment of in-lieu fees. The in-lieu fee payment would be deposited into the
City's Inclusionary Zoning In-Lieu Fee Fund and used for affordable housing programs which
further the goals of the City's Inclusionary Zoning Regulations.
FINANCIAL IMPACT:
The in-lieu fee payment of$857,040 would be deposited into the City's Inclusionary Zoning In-
Lieu Fee Fund and used for affordable housing programs.
RECOMMENDATION:
Staff recommends that the City Council adopt the Resolution Approving an Affordable Housing
Agreement for the Construction of Inclusionary Units and the Payment of Fees In-Lieu of
Constructing Certain Affordable Ownership Units.
Submitted By Reviewed By
Director of Community Development Assistant City Manager
DESCRIPTION
Silvera Ranch Phase III Project is a residential project that was part of a larger 254 unit
development consisting of four phases. The project is currently owned by Rancho Silvera
Ventures, LLC. Within Phase III, the previous owner (Pfeiffer Ranch Investors II, Inc.)
completed 5 of the proposed 15 structures, consisting of a total of 28 units.
The Developer's predecessor entered into an affordable housing agreement on April 14, 2005
that specified the manner in which it would satisfy its thirty-two (32) affordable unit obligation for
Page 1 of 3 ITEM NO. 4.3
the larger project. Specifically, the agreement required the predecessor to construct 19
affordable units and pay fees in lieu of construction for another 13 units. At the time that
Affordable Housing Agreement expired, the Developer's predecessor had a remaining obligation
to construct eight (8) inclusionary units.
Affordable Housing Agreement
April 14, 2005
Total Unit Obligation
Construct
In Lieu Fees
32 Units
19 Units
13 Units
Rancho Silvera Ventures, LLC, acquired the property in December 2012. Since that time the
developer has been unsuccessful in marketing the affordable, deed restricted units and
attracting qualified buyers.
The new Developer, Rancho Silvera Ventures, LCC, has submitted a request to pay fees in -lieu
of constructing the remaining eight Inclusionary Units at Silvera Ranch Phase III (Attachment 2).
The Inclusionary Zoning Regulations (Section 8.68.040.E, Waiver of Requirements) allow the
City Council to waive the requirements of the Inclusionary Zoning Regulations and approve an
alternate method of compliance if the Applicant can demonstrate, and the City Council finds,
that the alternate method of compliance meets the purposes of the Inclusionary Zoning
Regulations.
Rancho Silvera Ventures, LCC, requests that the City Council approve an alternate method to
comply with the requirement to construct the remaining eight Inclusionary Units (4 low- income
units, and 4 moderate income units). Rancho Silvera Ventures is proposing to pay in -lieu fees
of $857,040 (or $107,005 per unit). In order to approve the proposed alternate method, the City
Council must find that the proposal "meets the purposes" of the Inclusionary Zoning
Regulations.
Because of the specific aspects of this project and the reasons listed below, Staff believes that
the City Council can find that Rancho Silvera Ventures, LCC, proposed alternate method of
complying with the Inclusionary Zoning Regulations "meets the purposes" of the Regulations.
• Due to prevailing market conditions, potential buyers meeting the Inclusionary Zoning
Regulations requirements are able to purchase market rate homes that do not have Deed
Restrictions ; and
• The location is not in close proximity to shopping, transportation, or other amenities that
are important components to the buyers of affordable units.
For the following reasons, Staff suggests that it would be appropriate to find that the project as a
whole will meet the purposes of the Regulations-
1 . If the Developer were to be required to produce the Inclusionary Units, it would
prove difficult because of currently prevailing market conditions for the Developer
including (a) the ability to sell the deed restricted affordable units at prices that are
comparable to the current market price of similar market rate units within the
development, and (b) the difficulty in finding and qualifying lower income buyers in
in the current lending market. As described above, the Developer has attempted
to find buyers for more than 12 months and has been unsuccessful. Such a
requirement would place an unfair burden on the Developer that is not consistent
with the purpose of the Regulations.
Page 2 of 3
2. If the Developer were required to produce the Inclusionary Units, the future buyers
of those units would have difficulty reselling the units, for the foreseeable future,
because of the likely -to -be small difference between the affordable price and the
market price for similar units without deed restrictions. This would place a burden
on low- and moderate - income buyers and make it difficult for them to sell should a
need arise. Such circumstances would be inconsistent with the purposes of the
Regulations.
3. Buyers who wish to re -sell their home to market are required to verify and assure
the prospective buyer meets inclusionary requirements, plus attend workshops
and cover all costs associated with qualification and sale. Again, because of the
minimal price distinction between market rate and affordable units, these
requirements would make it difficult for the Developer to find appropriate buyers
for the Inclusionary Units.
4. Furthermore, the location of the Project is not in close proximity to shopping,
transportation, and other amenities that are important factors for the buyers of
affordable units. Therefore, the units that would be produced with the in -lieu fees
are likely to be more suitable for potential buyers than would be affordable units
within the Project.
The proposed Resolution (Attachment 3) approving the amendment includes the required
findings.
If the City Council approves the amended Affordable Housing Agreement (Attachment 4), other
amendments to the Project Approvals may be required to maintain consistency between the
Planned Development Zoning, Site Development Review and the amended Agreement. The
Dublin Zoning Ordinance allows the Community Development Director to modify these
approvals by administrative action if the changes are consistent with the City's Ordinances and
the intent of the approved Planning Development Zoning and Site Development Review. The
proposed changes are minor and consistent with the intent of the approved Planned
Development Zoning and Site Development Review; therefore an Administrative Amendment to
the Planned Development Zoning and a Site Development Review Waiver would be
subsequently approved by the Community Development Director.
NOTICING REQUIREMENTS /PUBLIC OUTREACH:
The request for an amendment to an existing Affordable Housing Agreement is not subject to a
public hearing therefore a public hearing notice is not required. A copy of this Staff Report has
been provided to the Applicant and posted on the City's website.
ATTACHMENTS: 1. Affordable Housing Agreement April 14, 2005
2. Request Letter Rancho Silvera Ventures LLC
3. Resolution Approving an Affordable Housing Agreement
4. Affordable Housing Agreement with Rancho Silvera Ventures LLC
5. Exhibit 1 to Affordable Housing Agreement
Page 3 of 3
2005217952 05/26/2005 03:25 PSI
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OFFiCiRI RECORDS OF FtLpMEoa COUNTY
PATRICK Q'C4NNELL
4-tRECORDING RE [JESTED BY: RECORDING FEE: 0. 00
``'1 200PNlt
CITY OF DUBLIN
1RM7 PGS
When Recorded Mail To:
City Clerk RECEIVED
City of Dublin CITY CE ou13UN
100 Civic Plaza ti 7 2015
Dublin, CA 94568 ���
Fee Waived per GC 27383 MIpNP,CaEFI' {�FFICE
Space above this line for kccorder- s use
MEMORANDUM OF AFFORDABLE Ilt)USING AGREEMENT FOR THE
CONSTRUCTION OF INCLUSIONARY UNITS AND THE PAYMENT OF FEES IN-
LIEU OF CONSTR(JCTING INCLIJSIONARY HOUSING UNITS
This Memorandurn of Affordable Housing Agreement for the Construction of
Inclusionary Units and the payment of Fees In -Dieu of Constructing Inclusionary Units (this
"Memorandum "} is entered into on this 14th clay of April, 2005, by and between the City of
Dublin, a Municipal Corporation (hereafter "City ") and Pfeiffer Ranch Investors ii, Inc., a
California corporation ( "the Developer ").
1. pursuant to the Affordable Housing Agreement for the Construction of
Inclusionary Units dated as of April 14, 2005 by and between City and Developer (the
"Agreement "), the Parties have set forth their respective obligations with respect to the
provision of affordable units on .lands presently owned by Developer. These obligations run with
the land.
2. Developer and City have executed and recorded this instrument to Ove notice of the
Agreement, and the respective rights and obligations of Developer and City. The unrecorded
Affordable Housing Agreement for the Construction of Inclusionary Units is incorporated by
reference in its entirety in this Memorandum.
3, This Memorandum shall bind and inure to the benefit of the parties and their
respective heirs, successors and assigns, subject however to restrictions set forth in the
Agreement regarding a.ssigmnent.
(EXECU`T'ION PAGE FOLLOWS1
Mernorandi m of Affordable Housing Agreement
FA 02 -024 Pfeiffer Stanch
May 12, 2005
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of
the date and year first above written.
Dated: '5/a k
Attest:
ACit"yCleTk 1h & tr o%
Dated:
CITY OF DUBLIN
By:
City Manager _. prff�ordv
PFEIFFER RANCH INVESTORS 11, INC.,
a C.allfomia corporation
f
** Applicant's Signature shall be notarized prior to returning signed agreement to the City
of Dublin Community Development Department.
Mernorsnciut)1 of Afford ijAc Housing Agreement
PA 02 -024 Pfeiffer Ranch
2 May 12, 2005
CALIFORNIA ALL- PURPOSE ACKNOWLEDGMENT
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AFFORDABLE HOUSING AGREEMENT
FOR THE CONSTRUCTION OF INCLU IONARY UNITS AND THE; PAYMENT OF
FEES IN -LIEU OF CONSTRUCTING INCLUSIONARY HOUSING UNITS
PA 02 -024, Pfeiffer Ranch Investors I1, Inc.
THIS AGREEMENT is hereby entered into this 12th clay of May, 2005 by and between
the City of Dublin ( "the City ") and Pfeiffer Ranch Investors II, Inc., a California. corporation
( "the Developer").
Recitals
1. Chapter 8.68 of the Dublin Municipal Code contains Inclusionary Zoning Regulations
( "the Regulations "). The Regulations were adopted pursuant to Strategy I.B. of the City's
General flan Housing Element, the purpose of which. is to create affordable housing
opportunities in the City of Dublin for very low -, low- and moderate- income households.
2. The City of Dublin adopted the Regulations recognizing that the cost of new housing
is so high that persons with very low -, low - and m oderatc- incomes are increasingly unable to
locate affordable housing in the City. 'I'he purpose of the Regulations is to achieve a balanced
community with housing available at all income levels.
3. Accordingly, the Regulations require that residential projects with 20 or more
units /lots contain at least 12.5% very low -, low - and moderate - income units /lots. The
Regulations require that the units be constructed in the following proportions- 30% very low -
income, 0% low- income, and 50% moderate income. In lieu of constructing 40% of the
i.nclusionary units that the Regulations would otherwise require, the Regulations authorize
developers to pay a fete of $79,754 per unit required but not built. If fees are paid in lieu of
construction, developers are still required to construct 60% of the obligation.
4. Developer is the owner of that real property comprised of 2 separate parcels known
generally as the Silveria and Haight Properties located east of Tassa<jara Road and adjacent to
Tassajara Road's intersection with the planned extension of Fallen Road and more specifically
described in Exhibit A.
5. Developer desires to construct a residential project on two separate parcels that in the
aggregate consists of 254 for -sale units (collectively "the Project ") and that are subject to the
Regulations.
b. Developer applied for and, on September 23, 2003, the Planning Commission ("PC ")
approved Site Development Review (PC Reso. No. 03-48) and a tentative subdivision map (PC
Reso. No, 03-4 8) ( "the Approvals') for the Project to construct a. total of 254 residential units.
Based on 254 units, the Approvals for the project set forth the Developer's obligation under the
Regulations to construct 32 inc:lusionary units.
Affordable Housing Agreement
PA 02 -024 Pfeiffer Ranch
May l2, 2005
7. Developer has, consistent with the Regulations, elected to pay fees to meet its
obligation with respect to 13 (32 times 0.40 equals 12,8) of the 32 inclusionary units.
S. The remaining 19 units ( "the Inclusionary Units ") will be allocated, consistent with
section 8.68.030.13 of the Regulations, in the following manner: (a) 6 very low- income units; (b)
4 low- income units, and (c) 9 moderate - income units.
9. The purpose of this Agreement is to set forth the manner by which Developer satisfies
any and all inclusionary housing obligations applicable to the Project under the Regulations.
NOW, THEREFORE, in satisfaction of'the requirements of Chapter 8.68 of the Dublin
Municipal Code, condition 98 of PC Resolution Nei. 03 -48 and in consideration of the City's
approval of the Project, Developer and City for themselves and their respective successors and
assigns hereby agree as follows:
1. Definitions and Interpretations. Terms used in this Agreement shall be defined as
set forth in Chapter 8.68 of the Dublin Municipal Code.
2. Developer's Compliance with Affordable Housing Obligation. Developer intends
to complete the Project in four separate phases. Section 8.68.030 of the Regulations requires
that all affordable units in a. project he constructed concurrently with a project or phase of a
project. Developer has proposed, and the City hereby approves, subject to the conditions
contained in this paragraph, the following phased scheduled for the construction of the
Inclusionary Units:
Consistent with the requirements of Section 8.68.030.13, Developer and City agree that
the phasing of construction of the Inclusionary Units shall be regulated as follows:
Exhibit B shows the location of the Inclusionary Units within the various phases of the Project
(as described in the phasing plan dated August 22, 2003 and on file with the City's Building
Official). All inclusionary Units identified on Exhibit D shall be constructed concurrently with
the market -rate units in the phase in which the Inclusionary Knits are located. If the Building
Official or Community Development Director determines that the Inclusionary Units in a
particular phase have not been of are not being constructed concurrently with the market -rate
units, the Building Official shall withhold further issuance of building permits in the Project until
construction of the Inclusionary Knits in the phase has been completed to the satisfaction of the
Community Development Director.
Affordable Beta €ing Agrcatnent
RA 02 -024 Ffcil O Ranch
2 May 12, 2005
Total units
eery -low
Low - income
Moderate -
incA me units
units
income units
Phase 1
63
0
0
5
Phase II
45
0
0
3
Phase 111
102
6
4
1
Phase IV
44
0
0
0
Totals
254
6
4
9
Consistent with the requirements of Section 8.68.030.13, Developer and City agree that
the phasing of construction of the Inclusionary Units shall be regulated as follows:
Exhibit B shows the location of the Inclusionary Units within the various phases of the Project
(as described in the phasing plan dated August 22, 2003 and on file with the City's Building
Official). All inclusionary Units identified on Exhibit D shall be constructed concurrently with
the market -rate units in the phase in which the Inclusionary Knits are located. If the Building
Official or Community Development Director determines that the Inclusionary Units in a
particular phase have not been of are not being constructed concurrently with the market -rate
units, the Building Official shall withhold further issuance of building permits in the Project until
construction of the Inclusionary Knits in the phase has been completed to the satisfaction of the
Community Development Director.
Affordable Beta €ing Agrcatnent
RA 02 -024 Ffcil O Ranch
2 May 12, 2005
3, In -Lieu Fees. Developer shall pay in -lieu fees to fulfill its obligations to construct 13
of the 32 inclusionary units in the amount and as required by the Regulations and Council
Resolution No. 56 -02. As required by the regulations, the entirety of the fee shall be paid at
time of issuance of the first building permit in the Project (excluding building, permits issued for
model homes).
4. lnclusionar Unit Desi Location and Size.
a. Exterior Materials and Exterior Architectural Design. 1'he exterior
materials and exterior architectural design of the Irnclusionary Units shall be consistent with the
Project's market -rate units as reviewed and approved through the Site Development Review by
the Planning Commission on September 23, 2003; provided, however, that minor changes to unit
size may be approved by the Community Development Director through a Site Development
Review waiver.
b. Unit Location. Consistent with section 8.68.030 of the Regulations, the
Inclusionary Units shall be dispersal throughout the individual phase in which they are
constructed. Exhibit B shows the location of the Inclusionary Units as proposed by the
Developer, and the City hereby finds that the units as shown are reasonably dispersed through
the Project as required by section 8.68.030.E of the Regulations.
C. Unit Bedrooms and Size. The size of the inclusionary units shall be
consistent with the Site Development Review approvals of the Planning Commission can
September 23, 2003, provided however, that minor changes to unit size may be approved by the
Community Development Director through a Site Development Review Waiver. The developer
proposes to provide
6 very low- income units (3 three - bedroom units and 3 two - bedrooms units);
4 low - income units (2 three- bedroom units and 2 two - bedroom units); and
9 moderate - income units (5 four - bedrooms units and 4 three - bedrooms units).
The City hereby finds this breakdown reflects the rank of numbers of bedrooms provided in the
project as a whole, as required by section 8.68.030.F of the Regulations.
5. Ensuring Affordabilitt.
a.. Sales Price and Marketing-. Developer shall sell the Inclusionary Units at
sales prices that are affordable, as applicable to the individual buyer, to households with very
low -, low -, or moderate- incomes as defined in the Regulations_ The maximum sales price shall
be adjusted for household size and income (except that the income for very low - income
households shall be assumed to equal the maximum income within the very low - income category
for the buyer's household size). Additional detail on the manner of calculating sales prices for
the Inclusionary Units is set forth in Exhibit D. The Inclusionary Units shall be marketed and
sold consistent with the Regulations. Developer shall prepare and receive City approval of a
Marketing flan in the fonrn required by the I cayperson s Guide to the Inclusionary Zoning
AlYordable Housing Agreement
PA 02 -024 Pfeiffer Ranch
May 12, 2005
Ordinance, Regulations, which were adopted by the City Council on June 1, 2004, prior to
issuance of the first building permit in the Project (excluding building permits issued for model
homes).
b. Resale Agreements. Developer shall require the initial buyer of'each
inclusionary Unit to execute a Resale Restriction and Option to Purchase Agreement in
substantially the form attached hereto as Exhibit C. This Affordable Housing Agreement shall
serve as the agreement required by section 8,68,030 of the Regulations.
b. Term. This Agreement shall be effective until all ire -lieu fees have been paid and all
Inclusionary Units are ccanstructed, sold, and subjected to resale restrictions approved by the City
pursuant to the terms of this Agreement.
7. Memorandum of Agreement to be Recorded. Developer and City shall execute
and acknowledge a Memorandum of this Agreement ("Memorandum") substantially in the form
attached hereto as Exhibit E, and City shall cause the Memorandum to be recorded in the
Official records of Alameda County upon its execution.
8. Assisnments and Transfers.
a. Right to Assign. Developer may wish to sell, transfer or assign all or portions
of its Property to other developers (each such other developer is referred to as a "Transferee ").
In connection with any such sale, transfer or assignment to a Transferee, Developer may sell,
transfer or assign to such Transferee any or all rights, interests and obligations of Developer
arising hereunder and that pertain to the portion of the property being sold or transferred, to such
Transferee, provided, however, that: no such transfer, sole or assignment of Developer's rights,
interests and obligations hereunder shall occur without prior written notice to City and approval
by the City Manager, which approval shall not be unreasonably withheld or delayed.
b. &12roval and Notice of Sale. Transfer or Assignment. The City Manager
shall consider and decide on any transfer, sale or assignment within thirty (30) days after
Developer's notice thereof, provided all necessary documents, certifications and other
information are provided to the City Manager to enable the City Manager to determine whether
the proposed Transferee can perform the Developer's obligations hereunder. Notice of any such
approved sale, transfer or assignment (which includes a description of all rights, interests and
obligations that have been transferred and those which have been retained by Developer) shall be
recorded in the official records of Alameda County, in a form acceptable to the City Manager,
concurrently with such sale, transfer or assignment.
c. Effect of Sale, Transfer or A si itg ment. Developer shall be released 4rom. any
obligations hereunder sold, transferred or assigned to a Transferee pursuant to section 8.a of this
Agreement, provided that: a) such sale, transfer or assignment has been approved by the City
Manager pursuant to sections 8.a and 8.b; and b) such obligations are expressly assumed by
Transferee and provided that such Transferee shall be subject to all the provisions hereof.
Affbrdablc Housing Agreement
PA 02 -024 Pfeiffer Ranch
May 12, 2005
9. Successors. Fxcept as specifically provided in this Agreement, this Agreement shall
bind and inure to the benefit of all successors and assigns of the parties and any associates In
interest, and their respective directors, officers, agents, servants, and employees, and the
successors and assigns of each of them, separately and collectively. Developer shall provide
notice to the City of the names and mailing addresses of any such successors or assigns.
10. Hold Harmless. Developer shall hold City, its elective and appointive boards,
commission, officers, agents and employees harmless froze and against any or all loss, liability,
expense, claim, costs, suits, damages of every kind, nature and description directly or indirectly
arising from the performance of the obligations or undertakings of Developer pursuant to this
Agreement. Developer shall defend City and its elective and appointive boards, commission,
officers, agents and employees from any suits or actions at law or in equity for damages caused
or alleged to have been caused, by reason of any of the obligations or undertakings of Developer
pursuant to this Agreement. It is further providW that this hold harmless agreement shall apply
to all damages and claims for damages for every kind suffered, or alleged to have been suffered,
by reason of any of the obligations or undertakings of Developer pursuant to this Agreement.
11. Enforcement. If the Developer defaults in the performance or observance of any
covenant, condition, restriction or obligation of the Developer as set tbrth in this Agreement, and
such default remains uncured for a period of thirty (30) days after notice thereof is given by the
City (or such longer period as may be necessary to cure the default, provided that Developer
commence the cure; ,within the thirty (30) day period and diligently prosecutes the cure to
completion), the City may tape any one or more of the following steps.
a. By specific performance or other action or proceeding at law or in equity,
require the Developer to perform its obligations under this Agreement or enjoin any acts or
things which may be, unlawful or in violation of the rights of the City hereunder.
b. Take such other action at law or in equity as may appear necessary or
desirable to enfOrce the obligations, covenants, conditions and restrictions of the Developer
under this Agreement.
If Developer transfers any portion of the project in bulk and a Transferee defaults under
this Agreement, the City skull exercise the foregoing remedies only with respect to the defaulting
Transferee and its portion of the project; and so long as Developer has not otherwise defaulted
hereunder, the City shall not seek to exercise any rights and remedies against Developer.
12. Attorneys' Fees. If legal action is necessary to enforce any provisions of this
Agreement, the prevailing party shall be entitled to reasonable attorneys' fees and legal costs.
13. Amendments. This Agreement shall be amended only by a written instrument
executed by the parties hereto or their successors in interest and duly recorded in the Official
Records of the County of Alameda, California.
In the event that Developer is unable to perform its obligations under Section 2 of this
Agreement due to significant changes in circumstances, such as unanticipated delays in
Affordable Housing Agr=nent
FA 02 -024 Pfeiffer Ranch
May 12, 2005
construction within any of the neighborhoods, the City shall confer with Developer in an effort to
reach a mutually acceptable resolution, consistent with the terms of the affordable housing
conditions in the Approvals. If an agreement is reached, this Agreement shall be amended
accordingly. Developer shall pay the City its reasonable cosh, including attorneys' fees,
incurred in such negotiations and in amending this Agreement, and Developer shall, if requested
by the City, provide the City with a reasonable deposit to cover the City's reasonable casts, upon
Developer initiating such negotiations.
14. Corporate Authc> rit . If either party is a corporation, each individual signing this
Agreement on behalf of that corporation represents and warrants that each of them is duly
authorized to execute and deliver this Agreement on behalf of the corporation and that the
Agreement is binding on the corporation in accordance with its terms.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of
the date and year first above written.
CITY OF DUBLIN
Dated: �L By. -
City Manager
Attest.
ACit W
P.FEIFaFER RANCH rNVESTORS II, INC.,
a California corporation
Dated:
By; •
Its.
A.fforclabic 1 ]rousing Agreement
PA 02-024 Pfiei `er Ranch
May 12, 7005
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State of California
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Description of Attached Document
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Description of Attached Document
Title or Type of Document:. _ &�i
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DATE SJGNrED -,
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EXHIBIT A
Property Description
Subdivision 7441
City of Dublin
County of Alameda
ExhibiLLAL
Page I of I
Real property situate in the City of Dublin, County of Alameda, State of California, being all. of the
parcels shown within the maP entitled "Tract 7441 Silvera Ranch", said map was fit W- March 11, 2005,
in'Boob 279 of Maps, at Pages 68 -82 inclusive, Alameda County Records.
Containing: 93.45 acres, more or lass.
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No. 5196
Exp. 06.30 -07
Prepared by:
t,harl F. Stillman, Licensed
Professional Land Surveyor pia_ 5186,
Lic:en.se Expires; 06-30 -2007
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RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
CITY OF DUBLIN,
100 Civic Plaza
Dublin, California 94568
Attn: City Clerk
To be recorded without fee.
(Gov. Cede, §§ 6103 and 27383.)
Owner:
€aI;1B17 C
(Space Above This Line For Recorder's Use Only)
RESALE RESTRICTION AGREEMENT
AND OPTION TO PURCHASE
Property Address:
Dublin, California
Name of Development:
This RESALE RESTRICTION AGREEMENT AND OPTION TO PURCHASE
( "Agreement ") is entered into by and between the CITY OF DUBLIN, a California
municipal corporation (the "City ") and - ( "Owner")
regarding certain improved real property which is more particularly described in Exhibit
A attached hereto and incorporated herein and commonly known as , Dublin,
CA, (the "Property ") effective as of , 20— ( "Effective Date "). City and
Owner are hereinafter collectively referred to as the "Parties."
RECITALS
A. The City has Inclusionary Zoning Regulations (Dublin Municipal Code
Chapter 5.68) (the "Regulations ") that require developers of rental and ownership
housing to construct within their projects units that are affordable to very low -, low -, and
moderate - income households ( "the Program "). To further its goal of creating affordable
home ownership opportunities for very low -, low-, and moderate- income persons and
families, the City has initiated a program for the sale of some homes at a price below
their market rate ( "Program "). Pursuant to the Program, developers of housing
developments agree to set aside a certain number of units for purchase or rent, as
applicable, by very low -, low -, and moderate - income persons and families, as defined
herein.
125106-7 —1— Form Revised .tune 29, 2004
B. Owner is an eligible [very low -, low- or moderate - ]income purchaser under the
Program, intends to live in the Property as an owner occupant, and agrees to maintain
the Property as Owner's principal residence.
C. In order to maintain and preserve the Property as housing affordable to
eligible [very low -, low -, or moderate- ] income purchasers, it is necessary to restrict the
use and resale of the Property through imposition of the occupancy and resale
restrictions set forth herein. These restrictions are intended to prevent initial and
subsequent purchasers from using the Property for purposes incompatible with the
Program and realizing unwarranted gains from sales of the Property at unrestricted
prices. The terms and conditions of this Agreement are intended to provide the
necessary occupancy and resale restrictions to ensure that the Property is used,
maintained, and preserved as housing affordable to eligible [very low -, low -, or
moderate - ] income purchasers. To further serve the purposes of the Program, it is
necessary that the City be granted an option to purchase the property so that the
property may be resold by the City to an eligible household.
D. The Property constitutes a valuable community resource by providing decent,
safe, and sanitary housing to persons and families of [very low, low, or moderate]
income who otherwise would be unable to afford such housing. To protect and
preserve this resource it is necessary, proper, and in the public interest for the City to
administer occupancy and resale controls consistent with the Program and the
Regulations by means of this Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the substantial economic benefits
inuring to Owner and the public purposes to be achieved under the Program, Owner
and City hereby agree as follows:
1. Definitions.
a. "Affordable Unit Host" shall be as defined in the Regulations, as follows:
"Owner - occupied units are deemed affordable units if the sales price results
in annual housing expenses that do not exceed 35% of maximum income level for
very -low -, law -, and moderate - income households, adjusted for household size and
as defined below."
b. "Area [Very Low, Low, or Moderate] Income for Alameda County„ means
those income and eligibility levels determined, updated, and published each year by the
California Department of Housing and Community Development, based on Alameda County
median income levels, adjusted for household size.
c. "persons and families of [very low, low, or moderate] income" means
persons and families whose income does not exceed [fifty percent (50 %); eighty percent
(80 %); or one hundred twenty percent (120 %)] of the Area Median Income for Alameda
County, as adjusted for household size.
125106 -7 —2— Form Revised June 29, 2004
d. Persons and families meeting the definition set forth in Paragraph 1(b)
above shall be referred to as "Eligible Households."
2. Program Requirements.
a. Affordability Restrictions. Owner hereby covenants and agrees that
during the term of this Agreement all of the requirements and restrictions of this Agreement
shall apply, and the Property shall be sold or otherwise transferred only pursuant to the
terms and conditions of this Agreement and only to (i) Eligible Households at a price not to
exceed the Adjusted Resale Price, as defined in Paragraph 5, (ii) the City pursuant to
Paragraph 3, or (iii) a permitted transferee pursuant to Paragraph 9.
b. Disclosure. DURING THE TERM OF THIS AGREEMENT THERE
SHALL BE NO SALE OR OTHER TRANSFER OF THE PROPERTY WITHOUT THE
WRITTEN CERTIFICATION BY THE CITY THAT THE TRANSFEREE QUALIFIES AS AN
ELIGIBLE HOUSEHOLD AND THAT THE PROPERTY IS BEING TRANSFERRED AT A
PRICE NOT TO EXCEED THE ADJUSTED RESALE PRICE, WHICH IS CAPPED AT THE
AFFORDABLE UNIT COST AS DEFINED IN PARAGRAPH 1 a. ANY SALE OIL OTHER
TRANSFER OF THE PROPERTY IN VIOLATION OF THIS COVENANT SHALL BE
VOIDABLE BY THE CITY.
c. Principal Residence Requirement. OWNER COVENANTS AND
AGREES THAT HE /SHE/THEY SHALL OCCUPY THE PROPERTY AS HISIHER/THEIR
PRINCIPAL RESIDENCE FOR THE DURATION OF HIS /HER/THEIR OWNERSHIP AND
SHALL NOT RENT OR LEASE THE PROPERTY OR PORTION THEREOF DURING THE
TERM OF THIS AGREEMENT WITHOUT PRIOR WRITTEN APPROVAL OF CITY.
Without limiting the generality of the foregoing, any absence from the Property by Owner for
a period of ninety (90) or more days shall be deemed an abandonment of the Property as
the principal residence of Owner in violation of the conditions of this Paragraph. Upon
request by the City made from time to time, the Owner of the Property shall submit an
affidavit to the City certifying that the Property is the Owner's principal residence and
provide such documents and other evidence as may be requested to verify Owner's
compliance with this requirement. Abandonment of the Property shall constitute an Option
Event (as defined in Paragraph 3.c below) and shall entitle the City to exercise its Option to
purchase the Property.
3. Option to Purchase.
a. Grant of Option to Purchase. Owner hereby grants to the City an option
( "Option ") to purchase all of Owner's right, title and interest in and to the Property upon the
occurrence of an Option Event (defined in Paragraph 3.c below), subject to the terms and
conditions contained herein.
b. Assignment of the Option. The City may assign the Option to another
government entity, a non - profit affordable housing provider or a person or family that
qualifies as an Eligible Household. The City's assignment of the Option shall not extend
any time limits contained herein with respect to the exercise period of the Option or the
period within which the Property must be purchased.
1251W7 —3— Form Revised June 29, 2004
c. Events Giving Rise to Right to Exercise Option. The City shall have
the right to exercise its Option upon the occurrence of any of the following events (each, an
"Option Event "):
Receipt of a Notice of Intent to Transfer (defined in Paragraph
3.d.i below);
ii, Any actual, attempted or pending sale, conveyance, transfer,
lease or other attempted disposition of the Property or of any estate or interest therein,
except as provided in Paragraph 10 below;
iii, Any actual, attempted or pending encumbrance of the Property,
including without limitation by way of mortgage or deed of trust, or by judgment, mechanics,
tax or other lien, except as provided in Paragraph 9 below;
iv, Recordation of a notice of default and/or notice of sale pursuant
to California Civil Code section 2924 (or successor provisions) under any deed of trust or
mortgage with a power of sale encumbering the Property;
V. Commencement of a judicial foreclosure proceeding regarding
the Property;
vi. Execution by Owner of any deed in lieu of foreclosure
transferring ownership of the Property;
Vii. Commencement of a proceeding or action in bankruptcy,
whether voluntary or involuntary, pursuant to Title 11 of the United States Code or other
bankruptcy statute, or any other insolvency, reorganization, arrangement, assignment for
the benefit of creditors, receivership or trusteeship, concerning the Owner; or
Viii. Any violation by Owner of any provision of this Agreement
including, without limitation, the conditions set forth in Paragraph 2 above.
d. Method of Exercising the Option,
i. Notice of Intent to Transfer. If Owner desires to sell, convey,
transfer (other than pursuant to Paragraph 9), lease, encumber (other than pursuant to
Paragraph 10) or otherwise dispose of the Property or of any estate or interest therein, no
less than [45 days] prior to the date of such proposed sale, conveyance, transfer, lease,
encumbrance or disposition, Owner shall notify City in writing to that effect (the "Notice of
Intent to Transfer "). The Notice of Intent to Transfer shall be in substantially the form
attached hereto as Exhibit B. In the case of a proposed sale of the Property to an identified
prospective purchaser, the Owner shall submit to the City, together with the Notice of Intent
to Transfer, a copy of the prospective purchaser's income certification, a list of all assets
owned by the prospective purchaser, and other financial information reasonably requested
by City, in a form approved by the City, along with the income certification to be provided to
any lender making a loan to the prospective purchaser. The City may require
documentation evidencing and supporting the income and rather financial information
contained in the certifications.
125106 -7 —4— Form Revised June 29, 2004
ii, Notice of Exercise. Upon the occurrence of any Option Event,
the City may exercise its Option by delivering notice, pursuant to Paragraph 16 and within
the time period specified in Paragraph 3(d)(iv), to Owner of City's intent to exercise such
Option pursuant to the terms of this Agreement ( "Notice of Exercise "). The Notice of
Exercise may be in the form attached hereto and incorporated herein as Exhi it , or in
such other form as the City may from time to time adopt. If the Option Event relates to the
potential foreclosure of a mortgage under Paragraphs 3.c.iv, 3.c-v, or 3.c.vi, then the City
shall also deliver the Notice of Exercise to the mortgagee or beneficiary under such
mortgage, at such mortgagee's or beneficiary's address of record in the Office of the
Recorder of Alameda County.
iii. Notice of Consent to Transfer_ If the City does not exercise
the Option, it may give its consent to the occurrence of the Option Event ( "Consent to
Transfer"). If the Option Event involves a proposed sale of the Property to a prospective
purchaser, the City's consent shall be conditioned upon (i) the proposed purchaser's
qualification as an Eligible Household; (ii) the sale of the Property at a price not to exceed
the Adjusted Resale Price; (iii) the proposed purchaser's execution of a Disclosure
Statement in the form attached hereto as Exhibit F or such other form or forms as may be
promulgated by the City; and (iv) the proposed purchaser's assumption of Owner's duties
and obligations under this Agreement pursuant to a written assumption agreement in a form
acceptable to City, or execution of an agreement substantially similar to this Agreement,
within thirty (30) nays after the Consent to Transfer has been delivered to Owner and
recordation of such assumption agreement or substitute agreement. SELLER SHALL PAY
REAL ESTATE COMMISSIONS, IF ANY, WHICH SHALL NOT TO EXCEED 6 °lam OF THE
ACTUAL SALES PRICE. If the prospective purchaser (i) fails to qualify as an Eligible
Household, (ii) fails to execute and deliver the Disclosure Statement to the City, or (iii) fails
to execute and deliver to the City an assumption agreement or an agreement substantially
similar to this Agreement within such thirty (30) day period, then the Consent to Transfer
shall expire and the City may, at its option, either notify Owner of the disqualification,
thereby entitling Owner to locate another purchaser who qualifies as Eligible Household, or
exercise the Option, as if no Consent to Transfer had been delivered.
iv, Time Period for Notice. The City shall deliver a Consent to
Transfer, if applicable, not later than thirty (30) days after the date that it receives
notification of an Option Event. The City shall deliver a Notice of Exercise, if applicable, on
or before the date which is the later to occur of the fallowing: (i) thirty (30) days after the
date that the City receives notification of an Option Event or (ii) fifteen (15) days after a
Consent to Transfer has expired. For purposes of computing commencement of the
delivery periods, the City shall be deemed to have received notification of an Option Event
on the date of delivery of a Notice of Intent to Transfer, pursuant to the terms of Paragraph
16 below or on the date it actually receives notice of default, summons and complaint or
other pleading, or other writing specifically stating that an Option Event has occurred. The
City shall have no obligation to deliver a Notice of Exercise or Consent to Transfer, and the
applicable time period for exercise of the Option shall not commence to run, unless and
until the City has received notification of an Option Event in the manner specified in this
subparagraph. If there is a stay or injunction imposed by court order precluding the City
from delivering its Consent to Transfer or Notice of Exercise within the applicable time
period, then the running of such period shall cease until such time as the stay is lifted or the
125106 -7 —5— Form Revised ,dune 2, 2004
injunction is dissolved and the City has been given written notice thereof, at which time the
period for delivery of a Consent to Transfer or Notice of Exercise shall again begin to run.
V. Notice of Abandonment. If the City fails to deliver a Notice of
Exercise or Consent to Transfer within the time periods set forth in paragraph 3.d.iv, upon
request by Owner, the City shall cause to be filed for recordation in the Office of the
Recorder of Alameda County, a notice of abandonment, which shall declare that the
provisions of the Option are no longer applicable to the Property. Unless Owner requests
recordation of notice of abandonment within 30 days of the City's failure to deliver Notice of
Exercise or Consent to Transfer, the City shall have no obligation to record the notice of
abandonment. Upon recordation of a notice of abandonment, the Option shall terminate
and have no further farce and effect. If the City fails to record a notice of abandonment, the
sole remedy of Owner shall be to obtain a judicial order instructing prompt recordation of
such a notice.
Vi. Right to Reinstatement. If the Option Event is the recordation
of a notice of default, then the City shall be deemed to be Owner's successor in interest
under California Civil Code Section 2924c (or successor section) solely for purposes of
reinstatement of any mortgage on the Property that has led to the recordation of the notice
of default. As Owner's deemed successor in interest, the City shall be entitled to pay all
amounts of principal, interest, taxes, assessments, homeowners' association fees,
insurance premiums, advances, costs, attorneys' fees and expenses required to cure the
default. If the City exercises the Option, then any and all amounts paid by the City pursuant
to this Paragraph shall be treated as Adjustments to the Base Resale Price for the Property,
as defined in Paragraph a below.
vii. Inspection of Property. After receiving a Notice of Intent to
transfer or delivering a Notice of Exercise, the City shall be entitled to inspect the Property
one or more times prior to the close of escrow to determine the amount of any Adjustments
to the Base Resale Price. Before inspecting the Property, the City shall give Owner not less
than forty -eight (48) hours written notice of the date, time and expected duration of the
inspection. The inspection shall be conducted between the hours of 9:00 a.m. and 5:00
p.m., Monday through Friday, excluding court holidays, unless the parties mutually agree in
writing to another date and time. Owner shall make the Property available for inspection on
the date and at the time specified in the City's request for inspection.
Viii. Escrow. Promptly after delivering a Notice of Exercise, the
City shall open an escrow account for its purchase of the Property. dose of escrow shall
take place on such date which is the later to occur of the following, (a) sixty (60) days after a
Notice of Exercise has been delivered, or (b) ten (10) days after Owner has performed all
acts and executed all documents required for close of escrow. Prior to the close of escrow,
the City shall deposit into escrow with a title company of City's choosing, the Adjusted
Resale Brice as defined in Paragraph 5 below and all escrow fees and closing costs to be
paid by City. Commissions (not to exceed 6% of the actual sales price), closing costs and
title insurance shall be paid pursuant to the custom and practice in the County of Alameda
at the time of the opening of escrow, or as may otherwise be provided by mutual
agreement. Owner agrees to perform all acts and execute all documents reasonably
necessary to effectuate the close of escrow and transfer of the Property to the City.
125106 -7 —6— Form Revised June 29, 2004
Ix. Proceeds of F- scrow; Removal of Exceptions to Title. Prior to close of
escrow, Owner shall cause the removal of all exceptions to title to the Property that were
recorded after the Effective Gate with the exception of (i) taxes for the fiscal year in which
the escrow for this transaction closes, which taxes shall be prorated as between Owner and
City as of the date of close of escrow; (ii) quasi - public utility, public alley, public street
easements, and rights of way of record, and (iii) such other liens, encumbrances,
reservations and restrictions as may be approved in writing by City ( "Permitted Exceptions ")
The purchase price deposited into escrow by the City shall be applied first to the
payment of any and all Permitted Encumbrances (as defined in Paragraph 1 Q) recorded
against the Property in order of lien priority, and thereafter to the payment of Owner's share
of escrow fees and closing costs. Any amounts remaining after the purchase price has
been so applied, if any, shall be paid to Owner upon the close of escrow. If the purchase
price is insufficient to satisfy all liens and encumbrances recorded against the Property, the
Owner shall deposit into escrow such additional sums as may be required to remove said
liens and encumbrances. In the event that the City agrees to proceed with close of escrow
prior to the date that Owner has caused all exceptions to title recorded after the Effective
Date other than Permitted Exceptions to be removed, then Owner shall indemnify, defend
and hold City harmless from any and all costs expenses or liabilities (including attorneys'
fees) incurred or suffered by City that relate to such exceptions and their removal as
exceptions to title to the Property.
4. Base Resale Price. Prior to adjustment pursuant to Paragraph 5 the base
resale price ( "Rase Resale Price ") of the Property shall be the lowest of:
a. Median Income. The original price ( "Base price ") paid by Owner for
acquisition of the Property pursuant to the Program, increased (but not decreased) by an
amount, if any, equal to the Rase Price multiplied by the percentage increase in the median
household income ( "Median Income ") for Alameda County published by the California
Department of Housing and Community Development, Division of Housing Policy
Development, between the Effective Date and the date that the City receives notification of
an Option Event; or
b. Fair Market Value. The fair market value of the Property as determined
by an appraiser selected and paid for by Owner and approved in writing by the City.
To compute the Base Resale Price, the City may use the Rase Resale Price Worksheet
attached as Exhibit D hereto, or such other form as the City may from time to time adopt.
5. Adjustments to Base Resale Price. Subject to the Affordable Unit Cast
restriction described in subparagraph (d) below, the Base Resale Price shall be increased
or decreased, as applicable, by the following adjustment factors ( "Adjustment'):
a. Capital Improvements. An increase for capital improvements made to
the Property, but only if the amount of such improvements has been previously approved in
writing by the City after Owner has submitted original written documentation of the cost to
the City for verification. The amount of the Adjustment shall equal the original cast of any
such capital improvements.
125106-7 —7— Form Revised .tune 29, 2004
Permitted Encumbrance Amount shall be calculated as if the City had received notification
of an Option Event on the earlier of (a) the date on which the deed of trust or mortgage
securing the indebtedness is filed for record in the Office of the Recorder of the County of
Alameda, or (b) the date the City receives Notice of Intent to Transfer pursuant to
Paragraph 3.d.i above. Owner hereby covenants and agrees that he /she /they shall use
his/her /their best efforts to ensure that any deed of trust or other agreement encumbering
the property shall include provisions providing for notice to be delivered to City of any
default thereunder and for City's right to cure such default at City's election.
11, Obligation of Owner After Option Abandonment. If the City records a notice
of abandonment of the Option, then the Property may be sold by Owner to a third party
without restriction as to price; however, upon such sale, Owner shall pay to City an amount
("City's Share ") equal to twenty -five percent (25%) of the difference between (a) the actual
sales price net of reasonable and customary real estate commissions paid (such
commissions not to exceed six percent (6 %) of the actual sales price), and (b) the Adjusted
Resale Price. The City's Share shall be paid to the City concurrently with close of escrow
on the sale of the Property, or upon receipt by Owner of the sale price for'the Property,
whichever shall first occur.
1, Limits on Liability. In no event shall the City become liable or obligated in any
manner to Owner by reason of the assignment of this Agreement or the Option, nor shall
City be in any way liable or obligated to Owner for any failure of the City's assignee to
consummate a purchase of the Property or to comply with the terms of this Agreement or
the Option, or any escrow instructions or agreement for the purchase of the Property.
13. Insurance Proceeds and Condemnation Award. In the event the Property is
destroyed and insurance proceeds are distributed to Owner instead of being used to rebuild
the Property, or, in the event of condemnation, if the proceeds thereof are distributed to
Owner, any surplus of proceeds remaining after payment of the senior liens and
encumbrances on the Property shall be distributed as follows: that portion of the surplus up
to, but not to exceed, the net amount Owner would have received pursuant to Paragraph
3.d.ix had the City exercised its Option on the date of the destruction of condemnation
valuation elate shall be distributed to Owner, and the balance of such surplus, if any, shall
be distributed to the City.
14. Effective Date. The rights and obligations of the City and Owner set forth in this
Agreement shall be effective as of the Effective ❑ate.
15. Term of Agreement and Option. The restrictions contained herein and the
City's option to purchase the Property shall continue for a period of fifty -five (55) years
commencing on the Effective date. Notwithstanding anything to the contrary in the
foregoing, the Agreement shall remain in effect until the first transfer on or after the
termination of the restrictions and option to purchase pursuant to this paragraph. Upon
such sale, Owner shall pay to City an amount ( "City's Share ") equal to twenty -five percent
(25 %) of the difference between (a) the actual sales price net of reasonable and customary
real estate commissions paid (such commissions not to exceed six percent (6 %) of the
actual sales price), and (b) the Adjusted Resale Price on the date of the termination of the
125106 -7 ---10— Form Revised June 29, 2004
restrictions and option to purchase pursuant to this paragraph. The City's Share shall be
paid to the City concurrently with close of escrow on the sale of the Property, or upon
receipt by {owner of the sale price for the Property, whichever shall first occur. Following
completion of a sale in compliance with this provision, this Agreement shell terminate.
16. Notices. Except as otherwise specified in this Agreement, all notices to be sent
pursuant to this Agreement shall be made in writing, and sent to the Parties at their
respective addresses specified below or to such other address as a Party may designate by
written notice delivered to the other Party in accordance with this Section. All such notices
shall be sent by:
(a) personal delivery, in which case notice shall be deemed delivered upon receipt;
(b) certified or registered mail, return receipt requested, in which case notice shall be
deemed delivered two (2) business days after deposit, postage prepaid in the United States
mail;
(c) nationally recognized overnight courier, in which case notice shall be deemed
delivered one (1) day after deposit with such courier; or
(d) facsimile transmission, in which case notice shall be deemed delivered on
transmittal, provided that a transmission report is generated reflecting the accurate
transmission thereof.
City: City of Dublin,
100 Civic Center
Dublin, California 94588
Attn: City Manager
Owner: At the address of the property
17. Remedies Upon Breach.
a_ Specific Performance. Owner acknowledges that any breach in the
performance of its obligations under this Agreement shall cause irreparable harm to the
City- Owner agrees that the City is entitled to equitable relief in the form of specific
performance upon its exercise of the Option, and that an award of damages shall not be
adequate to compensate the City for Owner's failure to perform according to the terms of
this Agreement.
b. Other Remedies. City shall have all of the remedies provided for at law
or equity.
18. General Provisions.
a. Attorneys' Fees. If either party initiates legal proceedings to interpret or
enforce its rights under this Agreement, the prevailing party in such action shall be entitled
125106 -7 —11— Fora Revised .tune 29, 2004
to an award of reasonable attorneys' fees and coasts in additions to any rather recovery to
which it is entitled under this Agreement.
b. No Joint Venture; No Third -Party Beneficiary. No joint venture or other
partnership exists or is created between the Parties by virtue of this Agreement. Except as
expressly stated herein, this Agreement does not benefit any third party.
c_ Successors; Assignment. This Agreement shall inure to the benefit of
and shall be binding upon the Parties to this Agreement and their respective heirs,
executors, administrators, successors and assigns. City shall have the right to assign all of
its rights and obligations under this Agreement without the consent of Owner.
d. Entire Agreement; Amendment. This Agreement constitutes the entire
agreement of the Parties with respect to the subject matter hereof, and supersedes any and
all other prior negotiations, correspondence, understandings and agreements with respect
thereto. There are no representations, premises, agreements or other understandings
between the Parties relating to the subject matter of this Agreement that are not expressed
herein. This Agreement may be modified only by an instrument in writing executed by the
Parties or their respective successors in interest.
e. Survival; No Merger. All of the terms, provisions, representations,
warranties and covenants of the Parties under this Agreement shall survive the close of
escrow of any sale of the Property and shall not be merged in any deed transferring the
Property.
f. Authority And Execution. Each Party represents and warrants that
it has full power and authority to enter into this Agreement and to undertake all of its
obligations hereunder, that each person executing this Agreement on its behalf is duly and
validly authorized to do so.
g. Severability. The invalidity or unenforceability of any term or
provision of this Agreement shall not impair or affect the remainder of this Agreement, and
the remaining terms and provisions hereof shall not be invalidated but shall remain in full
force and effect.
h. Waiver; Modification. No waiver or modification of this Agreement or
any covenant, condition, or limitation herein contained shall be valid unless in writing and
duly executed by the Party to be charged therewith. No evidence or any waiver or
modification shall be offered or received in evidence in any proceeding, arbitration, or
litigation between the Parties arising out of or affecting this Agreement or the rights or
obligations of any Party hereunder, unless such waiver or modification is in writing and duly
executed as aforesaid. The provisions of this section may not be waived except as herein
set forth. A waiver or breach of any covenant, condition or provision of this Agreement shall
not be deemed a waiver of any other covenant, condition or provision hereof.
L Construction. The section headings and captions used in this
Agreement are for convenience of reference only and shall not modify, define, limit or
125106 -7 —12— Form Revised ,June 29, 2004
amplify any of the terms or provisions hereof. This Agreement shall not be construed as if
it had been prepared by one of the Parties, but rather as if both Parties have prepared it.
j. Governing Law. This Agreement shall in all respects be governed by
and construed in accordance with the laws of the State of California.
k. Time of the Essence. Time is of the essence in this Agreement as to
each provision in which time is an element of performance.
1. Further Assurances. Each Party will, upon reasonable request of the
other Party, execute, acknowledge, and deliver, or cause to be executed, acknowledged,
and delivered, such further instruments and documents as may be reasonably necessary in
order to fulfill the intents and purposes of this Agreement.
M. Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original, and all which together shall constitute one and
the same instrument.
IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed as of the date first written above.
OWNER(S):
CITY:
CITY OF DUBLIN
By:
Its:
ATTEST:
City Clerk
125106 -7 ^1 3�-- Form Revised June 29, 2004
APPHOVED AS TO FORM:
City Attorney
125146 -7 —14— Form Revised June 29, 2004
STATE OF CALIFORNIA }
}
COUNTY OF }
On before me, , a Notary Public
in and for said county and state, personally appeared
personally known to me (or
proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s)
is/are subscribed to the within instrument and acknowledged to me that he /she /they
executed the same in his/her /their authorized capacity(ies), and that by his/her /their
signature(s) on the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature
(Seal)
STATE OF CALIFORNIA )
COUNTY OF }
On before me, , a Notary Public
in and for said county and state, personally appeared
personally known to me (or
proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s)
istare subscribed to the within instrument and acknowledged to me that he/she /they
executed the same in his/her /their authorized capacity(ies), and that by his/her /their
signature(s) on the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature
(Real)
125106 -7 —1— Form Revised June 29, 2004
STATE OF CALIFORNIA )
COUNTY OF )
On before me,
in and for said county and state, personally appeared
a Notary Public
personally known
proved to me on the basis of satisfactory evidence) to be the person(s) w
is/are subscribed to the within instrument and acknowledged to me tha t
executed the same in his/her /their authorized capacity(ies), and that b y
signature(s) on the instrument the person(s), or the entity upon behalf
person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature
to me (or
hose name(s)
he/she /they
his/her /their
of which the
(Seal)
125106 -7 —1— Farm Revised June 29, 2004
CERTIFICATE OF ACCEPTANCE
(Pursuant to Government Code §27281)
This is to certify that the interest in real property conveyed by the Resale Restriction
Agreement and Option to Purchase dated from
to the City of Dublin, a California municipal corporation, is
hereby accepted by the undersigned office or agent on behalf of the City of Dublin pursuant
to authority conferred by the Resolution No- dated �; and the
grantee consents to recordation thereof by its duly authorized officer.
Gated: v By:
Its:
Attest:
City Clerk
125106 -7 —1— Form Revised June 29, 2004
r
EXHIBIT B
FORM: NOTICE OF INTENT TO TRANSFER
VIA CERTIFIED MAIL - RETURN RECEIPT REQUESTED
To: City of Dublin
100 Civic Center
Dublin, California
Attn: City Manager
Date:
Re: Notice of Intent to Transfer
Pursuant to the terms of the Resale Restriction Agreement and Option to Purchase,
dated , the undersigned Owner(s),
hereby give(s) notice of his/her/their intent to transfer the property located at
, Dublin, California (the "Property").
Owner may be contacted at the Property or at the following address:
Owner's daytime telephone number is ( }
{lf applicable: The proposed transfer of the Property is to the following person(s):
Name:
Address:
Telephone: ()
The proposed transfer is (check one):
Sale
Other Specify:
Owner(s) signature(s):
125100 -7 —1— Farm Revised ,tune 29, 2004
EXHIBIT C
FORM: NEXERCISE TICE OF
Date:
To: --
Owner or Transferee
Address
Re: Notice of Exercise
The City of Dublin ( "City') hereby gives notice that it is exercising its option to
purchase the real property located at , Dublin,
California. The option has been granted to the City pursuant to the Resale Restriction
Agreement and Option to Purchase between Owner and the City dated
and recorded on as Instrument No. _- [The
City has assigned its option to purchase the real property to ] An
escrow for the purchase will be opened with the First American Title Company.
. ■ .
By:
Its:
125106 -7 —1— Farm Revised .dune 29, 2004
EXHIBIT,Ci
INCLU IONARY ZONING HOMEOWNERSHIP PROGRAM
INCLUSIONARY ZONING RASE RESALE PRICE WORKSHEET
Date: _
Owner:
Address:
Purchase Price:
Date of Purchase:
Years Owned: years
CALCULATION BASED ON INCREASE IN MEDIAN INCOME'
Present Median Income: Effective Cate:
Family of four, County of Alameda
(at time of sale of unit) Effective Gate: _... ...
Original Median Income: $
Family of four, County of Alameda
(at time of purchase of unit)
Amount of Increase:
Family of four, County of Alameda
(Present median income minus original median
income)
Increase in Price: x
Method #1 Resale Price:
Based on the above, the base resale price as of this date, is:
By:
125106 -7 —1— Form Revised ,dune 29, 2004
EXHIBIT E
REQUEST FOR NOTICE. QF DEFAULT
Order No.
Escrow No.
Loan No.
WHEN RECORDED MAIL TO_
CITY OF DUBLIN
Dublin, California
Attn:
(Space Above This Line For Recorder's Use Only)
REQUEST FOR NOTICE UNDER SECTION 2924b CIVIL CODE
In accordance with Section 2924b, Civil Code, request is hereby made that a copy of any Notice
of Default and a copy of any Notice of Sale under the Deed of Trust recorded as Instrument No.
on , .... ... ... ., in the Official Records of Alameda County,
California, and describing land therein as:
executed by
, as Trustor, in which
is named as Beneficiary, and
as Trustee, be mailed to the City of Dublin,
Dublin, California , Attn:
By_
NOTICE: A COPY OF ANY NOTICE OF DEFAULT AND OF ANY NOTICE OF SALE WILL BE SENT
ONLY TO THE ADDRESS CONTAINED IN THIS RECORDED REQUEST. IF YOUR ADDRESS
CHANGES, A NEW REQUEST MIDST BE RECORED.
STATE OF CALIFORNIA
COUNTY OF )
On before me, a Notary Public in and for
said county and state, personally appeared
personally known to me (or proved to me on the basis of
satisfactory evidence) to be the person(s) whose name(s) is /are subscribed to the within instrument and
acknowledged to me that he /she /they executed the same in his/her/their authorized capacity(ies), and that by
his /her/their signature(s) on the instrument the persons), or the entity upon behalf of which the person(s)
acted, executed the instrument.
WITNESS my hand and official seal.
Signature (This area for official notarial seal)
125106 -7 —1— Form Revised June 29, 2004
EXHIBIT F
DISCLOSURE STATEMENT
THERE ARE RESTRICTIONS ON THE SALE OF THE
PROPERTY YOU ARE BUYING. EXCEPT FOR A TRANSFER
TO THE CITY FOLLOWING CITY'S EXERCISE OF ITS OPTION
TO PURCHASE, THIS PROPERTY MAY ONLY BE SOLD TO AN
"ELIGIBLE HOUSEHOLD" AT A PRICE NOT TO EXCEED THE
ADJUSTED RESALE PRICE WHICH IS CAPPED AT AN
"AFFORDABLE HOUSING COST."
THIS MEANS THAT YOU MAY NOT SELL THE PROPERTY FOR MARKET VALUE TO
WHOMEVER YOU LIKE.
THESE RESTRICTIONS WILL BE IN EFFECT UNTIL
ANY SALE OF THE PROPERTY IN VIOLATION OF THE RESTRICTIONS, SHALL RE
VOIDABLE AT THE ELECTION OF THE CITY.
TO DETERMINE WHO AN ELIGIBLE HOUSEHOLD IS, AND WHAT THE ADJUSTED
RESALE PRICE AND AFFORDABLE HOUSING COST ARE, YOU SHOULD CONTACT
THE OF THE CITY OF DUBLIN.
YOU SHOULD ALSO READ THE RE ALE RESTRICTION AGREEMENT AND OPTION
T{ PURCHASE RECORDED AGAINST THE PROPERTY. YOU MAY OBTAIN A COPY
FROM THE CITY OF DUBLIN OR FROM THE ESCROW COMPANY.
I HAVE READ THE FOREGOING AND I UNDERSTAND WHAT IT MEANS.
BUYER BUYER
125106 -7 —1— Form Revised June 29, 2004
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CITY OF DUBLIN
LAYPERSON'S GUIDE TO
THE INCLUSIONARY
ZONING ORDINANCE
REGULATIONS
April 2005
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CIT'Y OF DUBLIN
TABLE OF CONTENTS
INTRODUCTION 1
I THE INCLUSIONARY ZONING PROCESS 2
1.1 Determining the Number and Sire of Units Required 2
1.2 How to Calculate the Inclusionary Unit Obligation 2
1.3 How to Calculate How Many Units Must Be Constructed and How Many Lints
Will be Subject to the in -Lieu Fee 3
1.4 How to Calculate the Fee That May Be Pain in -lieu of Unit Construction 3
1.5 How to Calculate Haw Many Inclusionary Units bust Be Provided at Each of the
Three Income Levels 4
1.6 How to Determine the Unit Sizes and bedroom requirements for Inclusionary
Units 5
1.7 How to Determine the Location of Inclusionary Units Within the Development 6
2 AFFORDABLE HOUSING AGREEMENT
2.1 What is an Affordable Housing Agreement
7
7
3
FOR SALE PROJECTS
8
3.1
The Marketing Ilan
8
3.2
Applications for Ownership Units
8
3,3
Screening Based on Household Size
10
3.4
Screening used on Priority Preferences
11
3.5
Buyer Selection Process
13
4 ESTABLISHING SAFES PRICE AND LOAN REQUIREMENTS FOR
OWNERSHIP UNITS
4,1 Sales Price of Affordable Units 13
i
4.2 ,Acceptable Hoge Loan Products for inelusionary Zoning Units 16
4.3 Closing of Sale and Escrow 16
5 RENTAL. PROJECTS 17
5.1 Preparation and Approval of Management Plan 17
5.2 Establishing Unit Rents for inelusionary Units 17
5.3 Screening Based on Household Size 17
5.4 Screening Based on Priority Preferences 1s
5.5 Occupant Selection for Rental Developments 20
5.5 Calculating Affordable Rents 21
5.7 Monitoring Rents 22
ii
LAYPERSON'S GUIDE TO THE INCLUSIONA,RY ZONING ORDINANCE
REGULATIONS
(Provision of For -Sale and Rental Inclusionary Units (below market rate units)
Introduction
This document is the Layperson's Guide to the City's Inclu.sionary Zoning Ordinance
Regulations ( "the Regulations "), which are set forth in the City's Municipal Cade at
Chapter 8.68. The City Council's purpose in adapting these Regulations is to increase
the diversity of housing prices/rents in the community and ensure that the range of
prices /rents continue over time.
The purpose of this Guide is to assist the layperson in interpreting these Regulations early
in the development process so that development projects are sensitively designed frorn
the beginning.
Development projects of 20 residential units or more must comply with the Regulations.
In general, the Regulations require that 12.5% of the units constructed in a project be
restricted in occupancy and in sale price or rent charged. Such restricted units are referred
to as Inclusionaty Units or Below - Market -Rate (BMR) units. (Section 8.68.030,A)
Of these units, 50% must be affordable to moderate- income households, 20% to low -
income households and 30% to very low-income households. (Section 8.68.030.13)
Moderate- income households, low - income households, and very low- income households
are defined as households that have an income level, respectively, of 120% to 80 %, 80%
to 50 %, and less than 50% of the median income for the County of Alameda adjusted for
household size. (Section 8,68.030.D.) The State of California Mousing Community
Development Department (HCD) annually publishes income limits for each County. The
City uses the HCD income limits for Alameda County, which are available on the HCD
website (www.hcd.ca.gov), for setting income limits for the Inclusionary Zoning
Regulations (Section 8.68.030.D).
While the Regulations require that 12,5% of the units in the project be Inclus unary Units,
they permit the developer to meet 40% of this obligation by paying a fee in -lieu of
construction. Thus, there is a "must- Build" requirement of 7.5% of the units in the
project, and the obligation with respect to the remaining 5% may be satisfied by the
payment of a fee in -lieu of construction. Inclusionary Units must remain affordable for a
period of 55 years, through affordability restrictions recorded against the property.
In addition, the Inclusionary Zoning Regulations require that Inclusionary Units
Be constructed concurrently with the market -rate units in the project
Have a similar range of bedrooms to the market -rate units in the project
• Not be distinguished by design or materials from the market -rate units in the
project
April 29, 2005
FIGURE 1
Example i s The developer proposes a 224 -unit subdivision. 12.5% percent of 224 is
28. The Inclusionary Obligation is therefore 28 units.
Example 2; The developer proposes a 316 -unit subdivision. 12.5% percent of 316 is
39.5. Rounding the decimal fraction down, the Inclusionary Obligation is therefore
39 units.
1.3 How to Calculate How Many Units Mast Be Constructed and Haw Many Units
Will be SuMeet to the In -Lieu Fee
The Regulations permit the developer to pay a fee in -lieu of constructing up to 40% of
the Inclusionary Unit Obligation. When the calculation of the fee results is a decimal
fraction, the rounding rules contained in Section 8.68.030A are used.
Casing the same examples from Figure 1, Figure 2 illustrates the calculation of the number
of Inclusionary Units that will be subject to the fee.
FIGURE 2
Example 1: The developer proposes a 224 -unit subdivision, for which the
Inclusionary Obligation is 28 units. 40% of 28 units =11.2 units. Disregarding the
fraction, the developer may pay fees in -lieu of construction on the remaining 11
units, and the developer's "must-build" obligation would be 17 units. 11 t 17 = 28
units.
Example 2: The developer proposes a. 316 -unit subdivision, for which the
Inclusionary Obligation is 39 units. 40% of 39 units = 15.6 units. This number is
rounded up to 16 and in -lieu fees may be paid for this amount, instead of providing
units. The 44must- build" obligation would be 23 units. 16 + 23 = 39 units_
1.4 How to Calculate the Fee That May Be Paid in -lieu of Unit Construction
The amount of the in -lieu fee is set by resolution of the City Council. Resolution Igo. 56-
02 establishes that the in -lieu fee per unit is adjusted annually on July 1 to reflect the
greater of the percentage change either in a) the Bay Area Urban Consumer PriQe Index
(CPI) as of March of each year, orb) the United States Department of Housing and
Urban Development (HUD) Fair Market Rent limits for the Oakland. Primary
Metropolitan Statistical Area (PMSA) that are in effect at the time. The fee as of July 1,
2004 is $82,466 per Inclusionary Unit.
April 29, 2005 3
MWWU;1X
The project includes 200 units. The Inclusionary Unit obligation is, therefore, 25
units. The developer chooses to pay the in -lieu fee for 40% of the units, which
equals 10 units. The developer's must -bind requirement (7.5 %) is, therefore, 15
units.
50% of those 15 units would need to be restricted for moderate - income
households, 50% of 15 = 7.5
• 20% of those 15 units would need to be restricted for low - income
households, 20% of 15 = 3
t 30% of those 15 units would need to be restricted for very low - income
households, 30% of 15 = 4.5
7.5 +3 +4.5 =15
Since two of these numbers are fractions at exactly .5, the City of Dublin would require
that the unit be provided in the lower income category.
In this example the income- unit mix would be:
• 7 moderate- income units
* 3 lorry- income units
* 5 very low- income units
1.6 How to Determine the Unit Sizes and bedroom requirements for Inclusionary
Units
The Regulations require that the same proportion of bedrooms be reflected in the
Inclusionary units as are in the market rate units. Once main, the rounding conventions in
Section 8.68.030.A are used, if the allocations result in decimal fractions.
Figure 5 illustrates how to determine the number of Inclusionary Units that must be
provided at each unit size.
April 29, 2005
FIGURE 5
To determine bedroom requirement:
The developer proposes a 200 -unit condominium project and is paying in -lieu
fees for 40 %. The must build obligation is 15 units,
The project includes-
* 50 one- bedroom units (25 % of total)
* 100 two - bedroom units (50% of total)
+ 50 three - bedroom units (25% of total)
"Therefore:
* 25% of the Inclusionary Units are to be one - bedrooms
50% of the Inclusionary Units are to be two- bedrooms
* 25% of the Inclusionary Units are to be three - bedrooms
To determine bedroom requirement per income category;
If 5 of the units are very low- income, using the percentages above the
requirement for bedrooms are-
4b 25% of 5 = 1.25 one- bedroom, units
• 50% of 5 — 2.5 trio- bedroom units
* 25% of 5 = 1.25 three - bedroom units
Therefore, the development would be required to provide:
1 one - bedroom unit
• 3 two bedroom units
* 1 three bedroom unit
The same calculation is performed to determine the bedroom sizes of the low -
income and moderate- income units.
1.7 How to Deterndne the Location. of Inclusionary Knits Within the Deveiopment
Section 8.68.030.E states that ` {All affordable units shall be reasonably dispersed
throughout the project." The purpose of this provision is to avoid concentration of the
Inclusionary Units in a particular location within a development, effectively segregating
them from the rest of the development project. There are many ways in which to
implement this requirement and consultation with Community Development Department
Staff is recommended prior to developing the final site plan. Ultimately, the planning
Commission or City Council will make a determination based on Staff recommendation
if this requirement has been met,
April 29, 2005 6
Management Flan may be produced and submitted after the Affordable Housing
Agreement is executed, but prior to the issuance of building permits.
3 FOR SALE PROJECTS
Amer the Aff=ordable Housing Agreement is executed, and prior to the sale of any
affordable units in the project there is a process that must be followed that includes
Preparation of Marketing Flan, screening, ranking, qualifying and providing
documentation to Housing Staff for final verification of eligibility for an Inclusionary
Unit.
3.1 The Marketing Plan
Prior to the issuance of building permits for any for -sale Inclusionary Units, the
developer shall submit a Marketing flan for the City's approval. The Marketing Ilan
must contain the following:
1. A one -page narrative summary suitable for advertising the availability of the
Inclusionary Units on the City web page and other locations, including a
telephone number for interested applicants to call for additional information;
2. An explanation of the application process to be used. The Regulations require
that applicants be ranked based on preferences set forth in the ordinance (Section
8.68.050.13);
3. The developer trust indicate the process by which it intends to accept applications
and rank applicant households. In order to establish an eligibility list, it will be
necessary that application deadlines be established for each phase of a
development that includes Inclusionary Units;
4. Timelines for buyer selection. If the development is a phased project, information
must be provided on the number of phases and the timelines for those phases; and
S. A requirement that the developer's sales staff meet with the City's Housing Staff
to receive training on the sale selectior.t process and application. (See Exhibit
No. 2)
3.2 Applications for Ownership Units
Each applicant shall be required to complete an application. Exhibit No 3 is a sample
application for the purchase of an Inclusionary Unit.
An applicant receives:
• Explanation of the process used in occupant selection;
+ Eligibility requirements for interested buyers;
April 29, 2005 8
• The income levels for the various units;
* The City preferences in occupant selection as established in the Regulations
(Section 8.68.O50.D);
* Any floor plans for the offered units;
i The City's "Application for Inclusionary Unit "; and
* The Disclosure Statement from the Resale Agreement.
It is important that the developer's sales staff be able to understand the application
process. Pursuant to the Marketing Plan, the Housing Staff will have provided the
developer's sales staff with training so that they understand and can explain the
application process. The developer's sales staff should be able to explain the resale
restrictions that are contained in the resale Agreement that each buyer would need to
execute.
The developer may rank applicants based on the criteria that are set forth in their
Marketing Plan. For example, the developer might only accept those applicants that are
mortgage pre - qualified by a lender or other methods. Once the applicants are ranked, the
developer must use this list and offer the units to the highest ranked household as long as
these households are able to verify that they are in the correct income category and are
able to obtain a loan for the unit. (Acceptable Home Loan Products are discusser) in
Section 4.2). Ae sale prices oLthe units will vaa depending on the income oLeach
ar ospective household , offend cx unit.
Figure 6 illustrates how the selection process works. (See following page)
April 29, 2005 9
FIGURE 6
Step 1, A developer decides to accept Inclusionary Unit applications for a
particular period of time and advertises, as set forth in the ]Marketing Plan.
Step 2. The developer makes application packets available to all who request them.
The, developer will also provide application packets to the City for distribution at
City Hall and the Library,
Stop 3. The applicant response period ends. The developer will sort and establish
a list of all qualified applicants within one month following closin of appliqqq
list.
This initial screening will qualify applicants based on low, very low or
moderate income as the case may be for the particular unit) and whether
the household is the appropriate size for the particular unit. If the developer
has established in the Marketing Plan that they will accept only mortgage
pre - qualified applicants, this will be reflected in the list as well.
,Step 4, All qualified applicants within each income category will be ranked by the
preference categories in the Regulations. Those applicants with the highest number
of points are at the top of the list and others follow in descending order based on
the number of points given.
.Step 5. Units are offered to applicants beginning at the top of the list.
The developer may not pass over an applicant higher on a list in favor of
another because of a higher income. Applicants are to be taken in the order
ranked. The developer may only exclude ranked applicants because the
applicants were not successful in obtaining financing or were not able to
demonstrate their qualifying household income.
Step 6. If the applicant accepts the unit, the applicant's file, ready to eater into
escrow, is delivered to the City of Dublin Housing Staff for review and
confirmation.
Step 7. Applicant's files are returned to developer and escrow may begin for each,
qualified applicant for the unit,
3.3 Screening Based on Household Size
For both rental and for -sale units, household size for each lnclusionary Unit may not
exceed two people for each bedroom and may not be less than one person per bedroom,
unless otherwise prohibited by special financing sources such as the California
Multifamily Housing Program, Selection of applicants will be limited to those
households that match the number of bedrooms in the units being constructed for sale.
The following household sizes for various units sizes are used.
April 29, 20(15 10
One-bedroom units 1 -2 people households
Two- bedroom units 2 -4 people households
Three- bedroom units 3 -6 people households
Four - bedroom units 4 -8 people households
3.4 Screening used on Priority Preferenees
After being screened for initial eligibility based on household income and household size,
applicant households shall be ranked and sorted based on the number of points the
applicant receives under the priorities set forth in the Regulations at Section 8,68.050,13.
If priority categories are checked on the application form, the developer will be required
to request verification of that claimed preference from the applicant and the form letter
requesting verification attached as Exhibit No 4 may be used for this purpose. This
verification may be requested at the initial application or at a later date, after the
developer has performed a preliminary review of all applicants.
The point system set out in the Regulations (see Table 1) provides preferences to those
persons who live in Dublin, work in Dublin, are public - service employees in Dublin, are
seniors, are permanently disabled, are an immediate family member of a Dublin resident,
and/or are being required to relocate from current Dublin residence due to demolition of
dwelling or conversion of dwelling from rental to for -sale (1 point, one per household).
The Regulations provide that even if two persons in the household may be eligible to
receive priority points, the points are only awarded for one person. For example, if a
husband and wife are both employed in Dublin, the couple receives only 3 points for
being employed in Dublin. Similarly, if two seniors make up a household, they would be
entitled to only 1 point.
Table 1, The Priority Paint System
Priority
Points
Employed in Dublin
3 paints
Public service employee in Dublin
1 additional
point
Resides in Dublin
3 points
Seniors (62 and over)
1 point
Permanently disabled
1 paint
Have an immediate family who is a Dublin resident
1 point
& has continuously lived in Dublin the past year
Must move because housing is to be demolished or
1 point
converted to condo
Definitions of the various priority categories are set forth in the Regulations, "Section
8.68.050.D as follows;
• To qualify as employed in Dublin the person shall have been employed within the
City of Dublin for at least six months.
• To qualify as a public service employee the person shall be employed by a public
agency.
• To qualify as a Dublin resident, the person shall have been a resident of the City
of Dublin for at least a one -year period prior to the eligibility determination.
April 29, 2005 11
• To quality as ae relocated Dublin resident, the person shall have been relocated
from the current Dublin residence due to demolition of dwelling or conversion of
dwelling from rental to for-sale unit.
Where definitions are not explicitly stated in the regulations, the City has developed
definitions:
* A senior is defined as a person 62 years or older for the purpose of qualifying for
preference points.
+ To qualify for the permanently disabled paint, the person must be able to provide
written verification from a physician or show receipt of SSI.
• Immediate family is defined as a mother, father, brother, sister, grandparent or
grandchild.
Figure 7 demonstrates how the preference points are calculated.
FIGURE 7
lE xample 1: An applicant for an Inclusionary Unit bath lives in Dublin (for at least
one year) and works in Dublin (far at least 6 months ).
This individual will receive the following paints:
Lives in Dublin 3 paints
Works in Dublin 3 points
Total number of points b points
Example 2: An applicant for an Inclusionary Unit warns in Dublin and is a
schoolteacher.
This individual will receive the following paints:
Works in Dublin 3 points
Public Service Employee l noirrt
Total number of paints 4 paints
Example 3: An applicant for an Inclusionary Unit is a senior citizen (62 years old)
and lives in the City of Dublin (far at least one year).
This individual will receive the following points.
Senior citizen 1 point
Lives in Dublin 3 points
Total number of points 4 points
April 29, 2005 12
3.5 Buyer Selection Process
The developer locates and finally selects purchasers pursuant to the Inclusionary .honing
Regulations. The restricted units are to be made available to very low, low, and moderate
income households. The developer must verify that the prospective occupants' income
is /are appropriate for these categories. This verification must consist of evidence based
on some third party source such as income tax returns or W -2 statements. Proof that the
developer has requested and obtained this verification from prospective occupants will be
requested by the City Housing Staff prior to final approval of occupancy in any
Inclusionary unit.
The selection process requires the developer to use the following process;
Collect applications for a given time period. An initial qualification is made
based on household size (See Section 3.1) and household income (see Section
4.1).
+ Sort and rank the applications based on the Inclusionary Zoning Regulations'
preferences for occupant selection. Complete the ranking process and produce a
list with those applicants with the most City of Dublin preference points at the top
followed by all other applicants in descending order 'based on number of points
received. If more than one applicant receives the same number of City preference
points or if some applicants receive no points, the developer shall use other
objective criteria in occupant selection. The criteria that the developer proposes to
use shall be submitted to City Staff ahead of time in the Marketing Plan. For
example, the developer may date stamp all applicant applications and, in the case
of a tie, will offer the unit to that applicant that applied first, or the developer may
choose to hold a lottery to break ties.
• The ranked list must be completed within 30 days of the application deadline.
+
Offer the units to applicants based on the list established above, offering first to
those applicants with the most points, then in descending order.
# Provide application with income verification, executed Resale Agreement and
final sale price offered as well as loan product to be used to City for final
determination of eligibility. U'all needed documents are included, the City will
return to developer or agent within a week if possible.
4 ESTABLISHING SALES PRICE AND LOAN REQUIREMENTS FOR
OWNERSHIP UNITS
4.1 Sales Price of Affordable Units
The Inclusionary Ordinance (Section 8.68.020A.2) states that the price at which the
Inclusionary Units are to be offered is the price that would allow an applicant in the
April 29, 2005 13
pertinent category to pay no more than 35% of their income toward housing expenses.
This requires that each and every qualified buyer pay no more than 35% of his or her
individual household income toward housing expenses. The only exception is very -low
income applicants. Units for very -low income applicants will be priced using the
maximum in the low income level adjusted for household size as total housing
expenditures.
As described below, a number of assumptions are used to calculate the maximum sale
price for inclusionary units. An individual hornehuyer's actual expenses may differ from
the assumptions. For example, the actual interest rate may be lower if the homebuyer
obtains a variable interest rate mortgage. In addition, the actual downpayment may be
more or less than the assumed 5 %, and the mortgage term may be less than 30 years.
The assumptions are used for the purpose of establishing a standardized method of
arriving at a sales price, and are not intended to limit the choices that a buyer may utilize
or to limit the mortgage products or downpayments that a developer may accept.
Following lending industry standards, housing expenses consist of "PITI," or principal,
interest, taxes and insurance. The City of Dublin also includes Homeowner- Association
dues as a housing expense. .
The maximum sale price is the price that will allow the homebuyer to purchase an
inclusionary unit by paying no more than 35% of their household income for MITI and
Homeowners Association dues, based upon the following assumptions. The only
exception is very4ow income applicants. Units for very -low income applicants will be
priced using the maximum in the low income level adjusted for household size as total
housing expenditures.
Downpayment (For the purpose of calculating the sale price of a home or
condominium, it is assumed that the prospective Buyer will mare a 5%
downpaysnent. The developer may accept alternate amounts for actual
downpayments.)
Interest (Based on the weekly 30-year Fixed rate published by the Federal Home
Loan Mortgage Corporation, (743) 903 -2446. The actual interest rate may vary.)
+ Mortgage Term (A 34 -year terse is assumed. The actual terra may differ.)
• Taxes (Calculated using 1.25% of the estimated sale price of the unit.)
• Insurance (Includes Private Mortgage Insurance (PMI), if any, and homeowners
hazard insurance.
PMI - For the purposes of calculating sale price, PMI may be calculated at 2% of the
estimated loan, or the amount actually required by a given loan product being offered.
o Homeowner's Insurance — The cost of homeowner's insurance may be
calculated based on information researched by each developer, as to what an
April 29, 2005 14
actual policy may cast a new homeowner. (If the homeowner insurance is
covered by a homeowner association structure, homeowners insurance need
not be included, but it must be documented that the HOA will provide
adequate insurance.)
+ Horrmeowner:x' association dues, if any.
The City has an Excel spreadsheet, available for public use, which can assist in the
calculation of the final sales price, based on the listed criteria and housing expenses
(Exhibit No $). Each Inclusionary Unit may sell at a different sale price, depending on
the household income of the selected household.
Figure 8 shows how the sales price is calculated (see following page).
M11 W"RW]
This example is of a four- person household qualifying to purchase a two- bedroom unit. This
household's grass i=ome is $89,000.
The maximum income for a four - person $98,650
moderate income household (using State HCD
2004 income limits)
Household's annual income (hypothetical) $89,000
Monthly income available for housing $2,595.83
expenses:
(35% of $89,000 = $31,150; $31,150 divided
by 12 = $2,595.83)
Developer wishes to sell home at: $300,000
Down Payment (for calculation of sales price 15,000
only — 5 %)
Mortgage Required S 285,000
Calculation:
Monthly mortgage payment (based on
$1,708.72
$285,000, 30 -year fixed at 6% interest)
Other Monthly Housing Expenses:
# Private Mortgage insurance
$ 191.43
* Property Tax (1.25% of sales price)
$ 312,50
• Homeowners Insurance (based on
$ 166.67
demonstrated market rates)
• Homeowners Association Duey
200.00
Total monthly expenses:
$2,589.75
$2,589,75 is less than the buyer's monthly income available for housing expenses of $2,595.83,
therefore, the sales price is in accordance with the lnclusionary Zoniniz Ordinance requirements
April 29, 2005 15
4.2 Acceptable Dome Loan Products for Inclusionary Zoning Units
The City reserves the right to reject certain mortgage products because of the stronger
likelihood that some products could result in loss of the Inclusionary Knit tine to a
foreclosure.
The following is a non - exclusive list of the loan products that are acceptable to the City.
The list is not intended to be exhaustive and other loan products may be evaluated upon
request.
1. 97 -100% Loan to Value Loans
2. 90 -97% Loan to Value Loans
3, Up to 95% Loan to Value Loans
4. Adj astable Rate Mortgages
• Two -Step Mortgage (adjusts only once -- depends on rate adjustment)
• Six Month ARM (Depending on initial interest rate, adjustment caps and
lifetime caps)
• One Year ARM (Depending on initial interest rate, adjustment caps and
lifetime caps)
• Fixed - Period Adjustrnent Rate Mortgages (Depending on adjustment rates,
caps and lifetime caps). In evaluating ARMS the City will consider the
effect of the mortgage provisions on the ability of the buyer to make
payments
• Pledged - Assets Mortgages
• Virtually all CalHFA products available to First Time Homebuyers in
California
4.3 Closing of Sale and Escrow
Once the Inclusionary Unit buyer has been selected and price calculated, the necessary
documents must be completed and buyer fully qualified for the mortgage. When the
buyer is fully qualified and ready to enter into an agreement to purchase, the qualifying
packet is sent to the City of Dublin Mousing Staff' for review. The documents necessary
for Housing Staff review are the following:
l . Completed and Signed Application for Inclusionary Unit;
2. Completed and signed loan application;
3. Completed Truth in Lending Statement;
4. Complete Income Verification information on household;
5, Complete information on unit offered to prospective buyer, including unit sire,
number of bedrooms and additional amenities;
6. Completed, executed, and notarized City of Dublin Resale Restriction Agreement
and Option to Purchase; and
7. If claiming an Inclusionary Preference, verification of that preference (covered in
Section 3.0).
April 29, 2005 16
unless otherwise prohibited by special financing sources such as the California
Multifamily 1- lousing Program. Selection of applicants will be limited to these
households that match the number of bedrooms in the units being constructed for sale.
The following units household sizes for various units sizes are used:
Cane - bedroom units
1 -2 people households
Two- bedroom units
2 -4 people households
Three - bedroom units
3 -6 people households
Four - bedroom units
4 -8 people households
5.4 Screening Based_ on Priority Preferences
After being screened for initial eligibility based on household income and household size,
applicant households shall be ranked and sorted based on the number of points the
applicant receives under the priorities set forth in the Regulations at Section 8tt58.050D.
If priority categories are checked on the application form, the developer will be required
to request verification of that claimed preference from the applicant and the form letter
requesting verification attached as Exhibit No. 4 may be used for this purpose. This
verification may be requested at the initial application or at a later date, after the
developer has performed a preliminary review of all applicants.
The point system set out in the Regulations (see Table 1) provides preferences to those
that live in Dublin, that work in Dublin, that are public - service employees in Dublin, that
are seniors, and that are permanently disabled. The Regulations provide that even if two
persons in the household may be eligible to receive priority points, the points are only
awarded for one person. For example, if husband and wife are both employed in
Dublin, the couple receives only 3 points for being employed in. Dublin. Similarly, if two
seniors make up a household, they would be entitled to only 1 point.
Table 2: The Priority point System
Priority
Paints
Employed in Dublin
3 paints
Public service employee in Dublin
1 additional paint
Resides in Dublin
3 paints
Seniors (62 and over)
1 paint
Permanently disabled
1 point
Have an immediate family who is a Dublin
i paint
resident and has continuously lived in Dublin the
past year
Must move because housing is to be demolished or
1 point
converted to condo
Definitions of the various priority categories are set forth in the Regulations, Section
8.68.050.D.
• To quality as employed in Dublin the person
shall have been employed within the
City of Dublin for at least six. months.
* To qualify as a public service employee the person shall be employed by a public
agency.
April 29, 2005 18
• To qualify as a Dublin resident, the person shall have been a resident of the City
of Dublin for at least a one-year period prier to the eligibility determination.
• To qualify as a relocated Dublin resident, the person shall have been relocated
from the current Dublin residence due to demolition of dwelling or conversion of
dwelling from rental to for -sale unit.
Where definitions are not explicitly stated in the regulations, the City has developed
definitions:
• A senior is defined as a person 62 years or older for the purpose of qualifying for
preference paints.
• To qualify for the permanently disabled point, the person must be able to provide
written verification from a physician or show receipt of SSI.
• Immediate farnily is defined as a mother, father, brother, sister, grandparent or
grandchild.
Figure 9 demonstrates how the preference points are calculated.
FIGURE 9
Example 1: An applicant for an Inclusionary Unit lives in Dublin (for at least one
year) and works in Dublin (for at least 6 months).
This individual will receive the following points:
Lives in Dublin 3 points
Works in Dublin. 3 points
Total number of points 6 paints
Example 2: An applicant for an Inclusionary Unit works in Dublin and is a
schoolteacher.
This individual will receive the following points:
Works in Dublin 3 points
Public Service Employee I point
Total number of paints 4 points
Example 3: An applicant for an Inclusionary Unit is a senior citizen (fit years old)
and lives in the City of Dublin (far at least one year).
This individual will receive the following paints:
Senior citizen 1 point
Lives in Dublin 3 points
Total number of points 4 points
April 29, 2005 19
5.5 Occupant Selection for Rental. Developments
In rental developments, the management firm (which could be the owner or builder) is
the entity that will be responsible for occupant selection and documentation.
The Management Plan for the development will outline how tenants will he selected and
prioritized to comply with the Regulations' preferences. Each applicant shall complete
the Application for Inclusionary Unit and return it to the management company.
Exhibit No 3 is a copy of the Application for Inclusionary Unit.
The management company's leasing staff should be trained to understand and explain the
Affordable Housing Application and process to applicants. To lease the Inclusionary
Units the developer/management company will need to do the following:
* Collect applications for a given time period, An initial qualification is made
based on household size (See Section 5.3) and household income (see State of
California, Housing and Community Development Department website,
www..hcd.ca. gov);
Sort and rank the applications based on the Inclusionary Zoning Regulations'
preferences for occupant selection. Complete the ranking process and produce a
list with those applicants with the most City of Dublin preference points at the top
followed by all other applicants in descending order based on number of points
received. If more than one applicant receives the same number of City preference
points or if some applicants receive no points the developer shall use other
objective criteria in occupant selection. The criteria that the developer will use in
the event of a tie shall be submitted to City Staff ahead of time in the
Management Plan. For example, the developer may date stamp all applicant
applications anti, in the event of a tie, will offer the unit to that applicant that
applied first, or the developer may choose to held a lottery to break ties. The
ranked list-must be completed within 30 days of the application deadline;
• Offer the units to applicants based on the list established above, offering first to
those applicants with the most points, then in descending order, and
+ Maintain application with income verification for City to review at onsite
monitoring.
If a project is financed through a program that has stricter occupant selection or occupant
documentation requirements than the City, the City may elect to defer to these
requirements and not require additional documentation. The City will require tenant
income verification and restriction of the units for 55 years for the three income
categories; however, the management firm may send to the City copies of the
documentation that is required and produced for other monitoring agencies.
April 29, 2005 20
5.6 Calculating Affordable Rents
Affordable rents are calculated by multiplying the annual household income of the
income - qualifying household by 0.30, then. dividing'by 12. The result is the maximum
monthly rent for the Inclusionary Unit if the tenant pays no utilities.
The Inclusionary Zoning Ordinance Regulations state that maximum rents cannot exceed
30% of household income for the maximum income in a given category. Following
rental programs such as HUD's Section $ or the Talc Credit Allocation Committee rental
tables, reduction in rental amounts are taken if tenants arc required to pay utilities.
If tenants pay for utilities, the maximum rent must be reduced to account for the coast of
utilities (a utility allowance). Utilities include gas, electric, water, and trash disposal. If
tenants are required to provide their own stove, refrigerator, or washer and dryer, those
expenses are considered utilities, and the maximum rent is further reduced. If the tenant
is responsible for any of the above, an allowance reduces the rent by the amounts listed in
Exhibit No. 7 *.
Figure 10 illustrates the calculation of maximum rent.
FIGURE 10
Example 1: A developer provides 2 bedroom rental units for moderate- income households.
The developer establishes a tenant eligibility list and for moderate - income the first
household can the list for a two - bedroom unit is a family of four with an annual income of
$91,900. Thirty percent of $91,900 is $27,570, and 1/12 of $27,570 is $2297.50. This
would be the maximum monthly rent.
The maximum rent could be charged to this household ff the household were not responsible. for
any Utilities.
Example 2: Following can Fxample 1, the maximum resat for the moderate - income unit for
a household of four was $2297.50, but this development requires tenants to pay electric:, gas
and water and water heating (gas) bills. The heating and cooking are bath gas. The
management pays for trash, provides the refrigerator and the stave.
Using the current Utility Allowance in Exhibit 7, the following amounts are to be deducted
from the maximum monthly rent.
$2,297.50
gas heating (2 bdrm) $ 12.00
gays cooking" " $ 2.00
gas water heating " " $ 10-00
water 14.00
$2,259.50
The rent that may be charge to this household could not exceed $2,259.50 monthlv.
* The Utility Allowances are established by the Housing Authority of Alameda County and revised
periodically_ The most current Utility allowances for Alameda County may be aceessed at the following
web site_ lhltp:! /www.haca.net., then click on statistics.
April 29, 2005 21
5.7 Monitori>na Rents
The Inclusionary Ordinance (Section 8.68.050.B) Mates that the management entity for
the development will provide the City of Dublin an Annual Report (Exhibit No 8). The
annual report will include the following information:
1. Income of BMR tenant households, reviewed annually;
2. Identification of all Inclusionary Units (very law -, low- and moderate -
income units) within the development;
3. Monthly rents charged to all BMR tenant households; and
4. Vacancy of Inclusionary Units during the previous year.
This report will be due annually on October 31 st. The City of Lublin Housing Staff will
send a reminder letter to the management firm, with a copy of the Annual Report form
for completion and certification at least three months prior to the anniversary date. This
form must be completed and returned to the City by the anniversary date.
GAPA #12001\01 -038 Inclusionary ZOAAnclusionary Guidelinestinciusianary ideliocs - Final an 4- 24- 05.doc
April 29, 2005 22
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
CITY OF DUBLIN,
100 Civic Plaza
Dublin, California 94568
Attn: City Clerk
To be recorded without fee.
(Gov. Code, §§ 6103 and 27888.)
(Space Above This Line For Recorder's Use Only)
RESALE RESTRICTION AGREEMENT
AND OPTION TO PURCHASE
Property Address:
Dublin, California
Name of Development: Dublin Ranch pillages
This RESALE RESTRICTION AGREEMENT AND OPTION TO PURCHASE
("Agreement") is entered into by and between the CITY OF DUBLIN, a California
municipal corporation (the "City ") and ( "Owner")
regarding certain improved real property which is more particularly described in Exhibit
A attached hereto and incorporated herein and commonly known as , Dublin,
CA, (the "Property ") effective as of , 20 ( "Effective Gate "). City and
Owner are hereinafter collectively referred to as the "Parties."
RECITALS
A. The City has Inclusionary Zoning Regulations (Dublin Municipal Code
Chapter 8.88) (the "Regulations ") that require developers of rental and ownership
housing to construct within their projects units that are affordable to very low -, low -, and
moderate - income households ( "the Program "), To further its goal of creating affordable
home ownership opportunities for very low -, low -, and moderate - income persons and
families, the City has initiated a program for the sale of some Domes at a price below
their market rate ( "Program "). Pursuant to the Program, developers of housing
developments agree to set aside a certain number of units for purchase or rent, as
applicable, by very low -, low -, and moderate- income persons and families, as defined
herein.
Cv1, 19
709134.2 —1— Farm Revised August 17, 2004
E. Owner is an eligible moderate - income purchaser under the Program, intends
to live in the Property as an owner occupant, and agrees to maintain the Property as
Owner's principal residence.
C. In order to maintain and preserve the Property as housing affordable to
eligible moderate - income purchasers, it is necessary to restrict the use and resale of
the Property through imposition of the occupancy and resale restrictions set forth
herein. These restrictions are intended to prevent initial and subsequent purchasers
from using the Property for purposes incompatible with the Program and realizing
unwarranted gains from sales of the Property at unrestricted prices. The terms and
conditions of this Agreement are intended to provide the necessary occupancy and
resale restrictions to ensure that the Property is used, maintained, and preserved as
housing affordable to eligible moderate - income purchasers. To further serve the
purposes of the Program, it is necessary that the City be granted an option to purchase
the property so that the property may be resold by the City to an eligible household.
D. The Property constitutes a valuable community resource by providing decent,
safe, and sanitary housing to persons and families of moderate] income who otherwise
would be unable to afford such housing. To protect and preserve this resource it is
necessary, paper, and in the public interest for the City to administer occupancy and
resale controls consistent with the Program and the Regulations by means of this
Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the substantial economic benefits
inuring to Owner and the public purposes to be achieved under the Program, Owner
and City hereby agree as follows:
1. Definitions.
a. "Affordable Unit Cost" shall be as defined in the Regulations, as follows:
"Owner- occupied units are deemed affordable units if the sales price results
in annual housing expenses that do not exceed 35% of maximum income level for
very -low -, low -, and moderate- income households, adjusted for household size and
as defined below."
b. "Area Moderate Income for Alameda County" means those income and
eligibility levels determined, updated, and published each year by the California Department
of Housing and Community Development, based on Alameda County median income levels,
adjusted for household size.
c. "Persons and families of moderate income" means persons and families
whose income does not exceed one hundred twenty percent (120%) of the Area Median
Income for Alameda County, as adjusted for household size.
d. Persons and families meeting the definition set forth in Paragraph 9(b)
above shall be referred to as E=ligible Households."
709134,2 —2— Form Revised August 17, 2004
. Program Requirements.
a. Affordability Restrictions. Owner hereby covenants and agrees that
during the term of this Agreement all of the requirements and restrictions of this Agreement
shall apply, and the Property shall be sold or otherwise transferred only pursuant to the
terms and conditions of this Agreement and only to (i) Eligible Households at a price not to
exceed the Adjusted Resale Price, as defined in paragraph 5, (ii) the City pursuant to
Paragraph 3, or (iii) a permitted transferee pursuant to Paragraph g.
b. Disclosure. DURING THE TERM OF THIS AGREEMENT THERE
SHALL BE NO SALE OR OTHER TRANSFER OF THE PROPERTY WITHOUT THE
WRITTEN CERTIFICATION BY THE CITY THAT THE TRANSFEREE QUALIFIES AS AN
ELIGIBLE HOUSEHOLD AND THAT THE PROPERTY IS BEING TRANSFERRED AT A
PRICE NOT TO EXCEED THE ADJUSTED RESALE PRICE, WHICH IS GAPPED AT THE
AFFORDABLE KNIT COST AS DEFINED IN PARAGRAPH 1 a. ANY SALE OR OTHER
TRANSFER OF THE PROPERTY IN VIOLATION OF THIS COVENANT SHALL BE
VOIDABLE BY THE CITY.
c. Principal Residence Requirement. OWNER COVENANTS AND
AGREES THAT HE /SHE/THEY SHALL OCCUPY THE PROPERTY AS HIS /HER/THEIR
PRINCIPAL RESIDENCE FOR THE DURATION OF HIS /HER/THEIR OWNERSHIP AND
SHALL NOT RENT OR LEASE THE PROPERTY OR PORTION THEREOF DURING THE
TERM OF THIS AGREEMENT WITHOUT PRIOR WRITTEN APPROVAL OF CITY.
Without limiting the generality of the foregoing, any absence from the Property by Owner for
a period of ninety (80) or more days shall be deemed an abandonment of the Property as
the principal residence of Owner in violation of the conditions of this Paragraph. Upon
request by the City made from time to time, the Owner of the Property shall submit an
affidavit to the City certifying that the Property is the Owner's principal residence and
provide such documents and other evidence as may be requested to verify Owner's
compliance with this requirement. Abandonment of the Property shall constitute an Option
Event (as defined in Paragraph 3.c below) and shall entitle the City to exercise its Option to
purchase the Property.
3. Option to Purchase.
a. Grant of Option to Purchase. Owner hereby grants to the City an option
( "Option ") to purchase all of Owner's right, title and interest in and to the Property upon the
occurrence of an Option Event (defined in Paragraph 3.c below), subject to the terms and
conditions contained herein.
b. Assignment of the Option. The City may assign the Option to another
government entity, a non -profit affordable housing provider or a person or family that
qualifies as an Eligible Household. The City's assignment of the Option shall not extend
any time limits contained herein with respect to the exercise period of the Option or the
period within which the Property must be purchased.
c. Events Giving Rise to Right to Exercise Option. The City shall have
the right to exercise its Option upon the occurrence of any of the following events (each, an
"Option Event*):
709134.2 —3— Form Revised August 17, 2004
Receipt of a Notice of Intent to Transfer (defined in Paragraph
or,W- ai i►��1
ii. Any actual, attempted or pending sale, conveyance, transfer,
lease or other attempted disposition of the Property or of any estate or interest therein,
except as providers in Paragraph 14 below;
iii. Any actual, attempted or pending encumbrance of the Property,
including without limitation byway of mortgage or deed of trust, or by judgment, mechanics,
tax or other lien, except as provided in Paragraph g below;
iv. Recordation of a notice of default and/or notice of sale pursuant
to California Civil Code section 2924 (or successor provisions) under any deed of trust or
mortgage with a power of sale encumbering the Property;
V, Commencement of a judicial foreclosure proceeding regarding
the Property;
vit Execution by Owner of any deed in lieu of foreclosure
transferring ownership of the Property;
Vii. Commencement of a proceeding or action in bankruptcy,
whether voluntary or involuntary, pursuant to Title 11 of the united States Code or other
bankruptcy statute, or any other insolvency, reorganization, arrangement, assignment for
the benefit of creditors, receivership or trusteeship, concerning the Owner; or
Viii. Any violation by Owner of any provision of this Agreement
including, without limitation, the conditions set forth in Paragraph 2 above.
d. Method of Exercising the Option.
L Notice of Intent to Transfer. If Owner desires to sell, convey,
transfer (ether than pursuant to Paragraph g), lease, encumber (other than pursuant to
Paragraph 1 Q) or otherwise dispose of the Property or of any estate or interest therein, no
less than 45 days prier to the date of such proposed sale, conveyance, transfer, lease,
encumbrance or disposition, Owner shall notify City in writing to that effect (the "Notice of
Intent to Transfer "). The Notice of Intent to Transfer shall be in substantially the form
attached hereto as Exhibit R. In the case of a proposed sale of the Property to an identified
prospective purchaser, the Owner shall submit to the City, together with the Notice of Intent
to Transfer, a copy of the prospective purchaser's income certification, a list of all assets
owned by the prospective purchaser, and rather financial information reasonably requested
by City, in a form approved by the City, along with the income certification to be provided to
any lender making a loan to the prospective purchaser. The City may require
documentation evidencing and supporting the income and other financial information
contained in the certifications.
ii. Notice of Exercise. /Upon the occurrence of any Option Event,
the City may exercise its Option by delivering notice, pursuant to Paragraph 16 and within
the time period specified in Paragraph 3(d)(iv), to Owner of City's intent to exercise such
Option pursuant to the terms of this Agreement ( "Notice of Exercise"). The Notice of
7091 4.2 —4— Farm Revised August 17, 2004
Exercise may be in the form attached hereto and incorporated herein as Exhibit C, or in
such other form as the City may from time to time adopt. If the Option Event relates to the
potential foreclosure of a mortgage under Paragraphs 3.c.iv, 3.c.v, or 3.c.vi, then the City
shall also deliver the Notice of Exercise to the mortgagee or beneficiary under such
mortgage, at such mortgagee's or beneficiary's address of record in the Office of the
Recorder of Alameda County.
iii. Notice of Consent to Transfer. If the City does not exercise
the Option, it may give its consent to the occurrence of the Option Event ( "Consent to
Transfer'). If the Option Event involves a proposed sale of the Property to a prospective
purchaser, the City's consent shall be conditioned upon (i) the proposed purchaser's
qualification as an Eligible Household; (ii) the sale of the Property at a price not to exceed
the Adjusted Resale Price; (iii) the proposed purchaser's execution of a Disclosure
Statement in the form attached hereto as Exhibit F or such other form or forms as may be
promulgated by the City; and (iv) the proposed purchaser's assumption of Owner's duties
and obligations under this Agreement pursuant to a written assumption agreement in a form
acceptable to City, or execution of an agreement substantially similar to this Agreement,
within thirty (30) days after the Consent to Transfer has been delivered to Owner and
recordation of such assumption agreement or substitute agreement. SELLER SHALL RAY
REAL ESTATE COMMISSIONS, IF ANY, WHICH SHALL NOT TO EXCEED 6% OF THE
ACTUAL SALES PRICE. If the prospective purchaser (i) fails to qualify as an E=ligible
Household, (ii) fails to execute and deliver the Disclosure Statement to the City, or (iii) fails
to execute and deliver to the City an assumption agreement or an agreement substantially
similar to this Agreement within such thirty (30) day period, then the Consent to Transfer
shall expire and the City may, at its option, either notify Owner of the disqualification,
thereby entitling Owner to locate another purchaser who qualifies as Eligible Household, or
exercise the Option, as if no Consent to Transfer had been delivered.
iv. Time Period for Notice. The City shall deliver a Consent to
Transfer, if applicable, not later than thirty (30) days after the date that it receives
notification of an Option Event. The City shall deliver a Notice of Exercise, if applicable, on
or before the date which is the later to occur of the following: (i) thirty (30) days after the
date that the City receives notification of an Option Event or (ii) fifteen (1 b) days after a
Consent to Transfer has expired. For purposes of computing commencement of the
delivery periods, the City shall be deemed to have received notification of an Option Event
on the date of delivery of a Notice of Intent to Transfer, pursuant to the terms of Paragraph
16 below or on the date it actually receives notice of default, summons and complaint or
other pleading, or other writing specifically stating that an Option Event has occurred. The
City shall have no obligation to deliver a Notice of Exercise or Consent to Transfer, and the
applicable time period for exercise of the Option shall not commence to run, unless and until
the City has received notification of an Option Event in the manner specified in this
subparagraph. If there is a stay or injunction imposed by court order precluding the City
from delivering its Consent to Transfer or Notice of Exercise within the applicable time
period, then the running of such period shall cease until such time as the stay is lifted or the
injunction is dissolved and the City has been given written notice thereof, at which time the
period for delivery of a Consent to Transfer or Notice of Exercise shall again begin to run.
V. Notice of Abandonment. If the City fails to deliver a Notice of
Exercise or Consent to Transfer within the time periods set forth in paragraph 3.d.iv, upon
request by Owner, the City shall cause to be fled for recordation in the Office of the
7091�4.2 —5— Farm Revised August 17, 2004
Recorder of Alameda County, a notice of abandonment, which shall declare that the
provisions of the Option are no longer applicable to the Property. Unless Owner requests
recordation of notice of abandonment within 30 days of the City's failure to deliver Notice of
Exercise or Consent to Transfer, the City shall have no obligation to record the notice of
abandonment. Upon recordation of a notice of abandonment, the Option shall terminate
and have no further force and effect. If the City fails to record a notice of abandonment, the
sole remedy of Owner shall be to obtain a judicial order instructing prompt recordation of
such a notice.
vi. Right to Reinstatement. If the Option Event is the recordation
of a notice of default, then the City shall be deemed to be Owner's successor in interest
under California Civil Code Section 2924c (or successor section) solely for purposes of
reinstatement of any mortgage on the Property that has led to the recordation of the notice
of default. As Owner's deemed successor in interest, the City shall be entitled to pay all
amounts of principal, interest, taxes, assessments, homeowners' association fees,
insurance premiums, advances, costs, attorneys' fees and expenses required to cure the
default. If the City exercises the Option, then any and all amounts paid by the City pursuant
to this Paragraph shall be treated as Adjustments to the Base Resale Price for the Property,
as defined in Paragraph 5 below.
Vii. Inspection of Property. After receiving a Notice of Intent to
transfer or delivering a Notice of Exercise, the City shall be entitled to inspect the Property
one or more times prior to the close of escrow to determine the amount of any Adjustments
to the Base Resale Price. Before inspecting the Property, the City shall dive Owner not less
than forty -eight (48) hours written notice of the date, time and expected duration of the
inspection. The inspection shall be conducted between the hours of 9:00 a.m. and 5:00
p.m., Monday through Friday, excluding court holidays, unless the parties mutually agree in
writing to another date and time. Owner shall mare the Property available for inspection on
the date and at the time specified in the City's request for inspection.
viii. . Escrow. Promptly after delivering a Notice of Exercise, the
City shall open an escrow account for its purchase of the Property. Close of escrow shall
take place on such date which is the later to occur of the following, (a) sixty (60) days after a
Notice of Exercise has been delivered, or (b) ten (10) days after Owner has performed all
acts and executed all documents required for close of escrow. Prior to the close of escrow,
the City shall deposit into escrow with a title company of City's choosing, the Adjusted
Resale Price as defined in Paragraph 5 below and all escrow fees and closing costs to be
paid by City. Commissions (not to exceed 6% of the actual sales price), closing casts and
title insurance shall be paid pursuant to the custom and practice in the County of Alameda
at the time of the opening of escrow, or as may otherwise be provided by mutual
agreement. Owner agrees to perform all acts and execute all documents reasonably
necessary to effectuate the close of escrow and transfer of the Property to the City.
Ix. Proceeds of Escrow; Removal of Exceptions to Title. Prier to close of
escrow, Owner shall cause the removal of all exceptions to title to the Property that were
recorded after the Effective Date with the exception of (i) taxes for the fiscal year in which
the escrow for this transaction closes, which taxes shall be prorated as between Owner and
City as of the date of close of escrow; (ii) quasi - public utility, public alley, public street
easements, and rights of way of record, and (iii) such other liens, encumbrances,
709134.2 —6— Form Revised August 17, 2004
reservations and restrictions as may be approved in writing by City ( "Permitted
Exceptions ").
The purchase price deposited into escrow by the City shall be applied first to the
payment of any and all Permitted Encumbrances (as defined in Paragraph 10) recorded
against the Property in order of lien priority, and thereafter to the payment of Owner's share
of escrow fees and closing costs. Any amounts remaining after the purchase price has
been so applied, if any, shall be paid to Owner upon the close of escrow. If the purchase
price is insufficient to satisfy all liens and encumbrances recorded against the Property, the
Owner shall deposit into escrow such additional sums as may be required to remove said
liens and encumbrances. In the event that the City agrees to proceed with close of escrow
prior to the date that Owner has caused all exceptions to title recorded after the Effective
Date other than Permitted Exceptions to be removed, than Owner shall indemnify, defend
and hold City harmless from any and all casts expenses or liabilities (including attorneys'
fees) incurred or suffered by City that relate to such exceptions and their removal as
exceptions to title to the Property.
4. Base Resale Price. Prior to adjustment pursuant to Paragraph 5 the base resale
price ( "Base Resale price ") of the Property shall be the lowest of:
a. Median Income. The original price ( "Base Price ") paid by Owner for
acquisition of the Property pursuant to the Program, increased (but not decreased) by an
amount, if any, equal to the Base Price multiplied by the percentage increase in the median
household income ( "Median Income ") for Alameda County published by the California
Department of Housing and Community Development, Division of Housing policy
Development, between the Effective Date and the date that the City receives notification of
an Option Event; or
b. Fair Market Value. The fair market value of the Property as determined
by an appraiser selected and paid for by Owner and approved in writing by the City.
To compute the Base Resale Price, the City may use the Base Resale Price Worksheet
attached as Exhibit D hereto, or such other form as the City may from time to time adopt.
5. Adjustments to Base Resale Price. Subject to the Affordable Unit Cost
restriction described in subparagraph (d) below, the Base Resale Price shall be increased
or decreased, as applicable, by the following adjustment factors ( "Adjustment "):
a. Capital Improvements. An increase for capital improvements made to
the Property, but only if the amount of such improvements has been previously approved in
writing by the City after Owner has submitted original written documentation of the cost to
the City for verification. The amount of the Adjustment shall equal the original cost of any
such capital improvements.
b. Damages. A decrease by the amount necessary to repair damage to the
Property, if any, and to place the Property into saleable condition as reasonably determined
by the City upon City's exercise of its Option hereunder, including, without limitation,
amounts attributed to cleaning; painting; replacing worn carpeting and draperies; making
necessary structural, mechanical, electrical and plumbing repairs; and repairing or replacing
built -ire appliances and fixtures. Owner hereby covenants to, at Owner's expense, maintain
709134.2 —7— Form Revised August 17. 2004
the Property in the same condition as in existence on the date of City's Notice of Exercise,
reasonable wear and tear excepted.
c. Advances by the City. A decrease in an amount equal to the sum of all
casts advanced by the City for the payment of mortgages, takes, assessments, insurance
premiums, homeowner's association fees and /or associated late fees, costs, penalties,
interest, attorneys' fees, pest inspections, resale inspections and other expenses related to
the Property, which Owner has failed to pay or has permitted to become delinquent.
d. Adjusted Resale Price Not to Exceed Affordable Unit Cost. The Ease
Resale Price as adjusted, is hereinafter referred to as the "Adjusted Resale Price."
Notwithstanding any other provision hereof to the contrary, in no event shall the Adjusted
Resale Price exceed the Affordable Unit Cost.
£. Priority and Effectiveness of the Option.
a. Recordation. This Agreement shall be recorded in the Office of the
Recorder of the County of Alameda on or as soon as practicable after the Effective Gate.
The Option shall have priority over any subsequent sale, conveyance, transfer, lease or
other disposition or encumbrance of the Property, or of any estate or interest therein, and in
the event of exercise of the Option by City, the City shall take the Property subject only to
Permitted Exceptions. Except as otherwise provided in Paragraph 7.a, the exercise of the
Option by the City at any time and from time to time shall not extinguish the Option or cause
a merger of the Option into any estate or ether interest in the Property, and the Option shall
continue to exist and be effective with respect to the Property against any and all
subsequent owners in accordance with the terms and conditions hereof.
b. Request for Notice of Default. The City shall file a request for Notice of
Default for recordation in the Office of the Recorder of the County of Alameda promptly
upon execution of this Agreement (see Exhibit E).
c. Subordination. The City agrees that in order to assist qualified
purchasers to secure purchase money financing for the acquisition of the Property, the City
will enter into a subordination agreement with a senior purchase money lender to
subordinate this Agreement under such terms as the City and the senior purchase money
lender shall negotiate.
7. Survival of Option Upon Transfer.
a. In General. The City's right to exercise the Option shall survive any
transfer of the Property by Owner. Each transferee, assignee or purchaser of the Property
during the term hereof shall be required to execute an agreement substantially in the form
of this Agreement, provided that the term of any such agreement shall be for the duration of
the term hereof as of the date of any such transfer, assignment or sale. The Option may be
exercised against the Property throughout the term hereof, regardless of whether the
Property is owned, possessed or occupied by Owner or any successor, transferee,
assignee, heir, executor, or administrator of Owner, regardless of household income (if
applicable) including a debtor -in- possession, debtor or trustee pursuant to Title 11 of the
United Mates Code. Notwithstanding the foregoing, the Option shall not survive (i) the sale
and transfer of the Property to a third party purchaser pursuant to a judicial or non judicial
709134,� —8— Form Revised August 17, 2004
foreclosure or a deed -in -lieu of foreclosure under a power of sale contained in a mortgage
or deed of trust held by an institutional lender, or (ii) the recording of an instrument
conveying Owner's interest in the Property to the City, or its assignee, provided the
conveyance is in accordance with the terms of this Agreement.
b. HUD insured Mortgage. If Owner has acquired the Property by a
mortgage insured by the Secretary of the United States Department of Housing and Urban
Development, and a notice of default has been recorded pursuant to California Civil Cade
Section 2924 (or successor provisions), then this Option shall automatically terminate if title
to the Property is transferred by foreclosure or deed -in -lieu of foreclosure, or if the insured
mortgage is assigned to the Secretary.
8. Voidable Transfers. As long as the Option has not been abandoned pursuant
to Paragraph 3.d.v, any actual or attempted sale, conveyance, transfer or other disposition
of the Property, or of any estate or interest therein, in violation of the terms and conditions
of this Agreement, shall be voidable at the election of the City.
9. Permitted Transfers. Provided that the transferee assumes, within 30 days of a
written request by the City, all of Owner's duties and obligations under this Agreement
pursuant to a written assumption agreement in a farm acceptable to City, or at City's
election, execution of an agreement substantially similar to this Agreement, the following
transfers ( "Permitted Transfers ") of title to the Property, or of any estate or interest therein,
shall not be subject to the City's prior approval, shall not trigger the exercise of the Option,
and shall not be considered Option Events: (a) a good -faith transfer by gift, devise or
inheritance to Owner's spouse or issue; (b) a taking of title by a surviving joint tenant; (c) a
court- ordered transfer of title to a spouse as part of a divorce or dissolution proceeding; (d)
a transfer by Owner into an inter vivos trust in which the Owner is a beneficiary and the
Owner continues to occupy the property as his/her primary residence; (e) an acquisition of
title, or of any interest therein, in conjunction with marriage; or (f) any good faith transfer to
an Eligible Household. Notwithstanding any Permitted Transfer, the Option shall remain
effective with respect to the Property for the duration of the term hereof.
10. Permitted Encumbrances and Refinancing. This Option shall not became
exercisable as the result of Owner's encumbering the Property for the purpose of securing
financing to purchase the Property pursuant to the Program, to refinance indebtedness
incurred to purchase the Property pursuant to the Program, or to make necessary repairs to
the Property in an amount approved by City pursuant to Paragraph 5a ( "Permitted
Encumbrances "), The maximum aggregate amount of such encumbrances outstanding at
any time (the "Permitted Encumbrance Amount ") shall not exceed an amount equal to
ninety percent (90%) of the Ease Resale Price calculated as provided in Paragraph 4. The
Permitted Encumbrance Amount shall be calculated as if the City had received notification
of an Option Event on the earlier of (a) the date can which the deed of trust or mortgage
securing the indebtedness is filed for record.in the Office of the Recorder of the County of
Alameda, or (b) the date the City receives Notice of Intent to Transfer pursuant to
Paragraph 3.d.i above. Owner hereby covenants and agrees that he /she /they shall use
his/her /their best efforts to ensure that any deed of trust or other agreement encumbering
the property shall include provisions providing for notice to be delivered to City of any
default thereunder and for City's right to cure such default at City's election.
709134,2 —9— Form Revised August 17, 2004
11. Obligation of Owner After {option Abandonment. If the City records a notice
of abandonment of the Option, then the Property may be sold by Owner to a third party
without restriction as to price; however, upon such sale, Owner shall pay to City an amount
( "City's Share ") equal to twenty -five percent (25 %) of the difference between (a) the actual
sales price net of reasonable and customary real estate commissions paid (such
commissions not to exceed six percent (6 %) of the actual sales price), and (b) the }Adjusted
Resale Price. The City's Share shall be paid to the City concurrently with close of escrow
on the sale of the Property, or upon receipt by Owner of the sale price for the Property ,
whichever shall first occur.
12. Limits on Liability. In no event shall the City become liable or obligated in any
manner to Owner by reason of the assignment of this Agreement or the Option, nor shall
City be in any way liable or obligated to Owner for any failure of the City's assignee to
consummate a purchase of the Property or to comply with the terms of this Agreement or
the Option, or any escrow instructions or agreement for the purchase of the Property.
13. Insurance proceeds and Condemnation Award. In the went the Property is
destroyed and insurance proceeds are distributed to Owner instead of being used to rebuild
the Property, or, in the event of condemnation, if the proceeds thereof are distributed to
Owner, any surplus of proceeds remaining after payment of the senior liens and
encumbrances on the Property shall be distributed as follows: that portion of the surplus up
to, but not to exceed, the net amount Owner would have received pursuant to Paragraph
3.d.ix had the City exercised its Option on the date of the destruction of condemnation
valuation slate shall be distributed to Owner, and the balance of such surplus, if any, shall
be distributed to the City.
14. Effective Date. The rights and obligations of the City and Owner set forth in this
Agreement shall be effective as of the Effective Date.
15, Term of Agreement and Option. The restrictions contained herein and the
City's option to purchase the Property shall continue for a period of thirty (30) years
commencing on the Effective Date. Notwithstanding anything to the contrary in the
foregoing, the Agreement shall remain in effect until the first transfer on or after the
termination of the restrictions and option to purchase pursuant to this paragraph. Upon
such sale, Owner shall pay to City an amount ("City's Share ") equal to twenty -five percent
(25 %) of the difference between (a) the actual sales price net of reasonable and customary
real estate commissions paid (such commissions not to exceed six percent (6%) of the
actual sales price), and (b) the Adjusted Resale Price on the date of the termination of the
restrictions and option to purchase pursuant to this paragraph. The City's Share shall be
paid to the City concurrently with close of escrow on the sale of the Property, or upon
receipt by Owner of the sale price for the Property, whichever shall first occur. Following
completion of a sale in compliance with this provision, this Agreement shall terminate.
15. Notices. Except as otherwise specified in this Agreement, all notices to be seat
pursuant to this Agreement shall be made in writing, and sent to the Parties at their
respective addresses specified below or to such other address as a Party may designate by
written notice delivered to the other Party in accordance with this Section. All such notices
shall be sent by:
(a) personal delivery, in which case notice shall be deemed delivered upon receipt;
709134.2 —10— Farm Revised August 17, 2004
(b) certified or registered mail, return receipt requested, in which case notice shall be
deemed delivered two (2) business days after deposit, postage prepaid in the United Mates
mail;
(c) nationally recognized overnight courier, in which case notice shall be deemed
delivered one (1) day after deposit with such courier; or
(d) facsimile transmission, in which case notice shall be deemed delivered on
transmittal, provided that a transmission report is generated reflecting the accurate
transmission thereof.
City: City of Dublin,
100 Civic Plaza
Dublin, California 94568
Attn: City Manager
Owner:
17. Remedies Upon Breach.
a. Specific Performance. Owner acknowledges that any breach in the
performance of its obligations under this Agreement shall cause irreparable harm to the
City. Owner agrees that the City is entitled to equitable relief in the form of specific
performance upon its exercise of the Option, and that an award of damages shall not be
adequate to compensate the City for Owner's failure to perform according to the terms of
this Agreement.
b. tither Remedies. City shall have all of the remedies provided for at law
or equity.
18. General Provisions.
a. Attorneys' Fees. If either party initiates legal proceedings to interpret or
enforce its rights under this Agreement, the prevailing party in such action shall be entitled
to an award of reasonable attorneys' fees and casts in additions to any ether recovery to
which it is entitled under this Agreement.
b. No Joint Venture; No Third -Party Beneficiary. No joint venture or other
partnership exists or is created between the Parties by virtue of this Agreement. Except as
expressly stated herein, this Agreement rides not benefit any third party.
c. Successors; Assignment. This Agreement shall inure to the benefit of
and shall be binding upon the Parties to this Agreement and their respective heirs,
executors, administrators, successors and assigns. City shall have the right to assign all of
its rights and obligations under this Agreement without the consent of Owner.
d. Entire Agreement; Amendment. This Agreement constitutes the entire
agreement of the Parties with respect to the subject matter hereof, and supersedes any and
709134.2 —11— Form Revised August 17, 2004
all ether prier negotiations, correspondence, understandings and agreements with respect
thereto. There are no representations, promises, agreements or ether understandings
between the Parties relating to the subject matter of this Agreement that are not expressed
herein. This Agreement may be modified only by an instrument in writing executed by the
Parties or their respective successors in interest.
e. Survival! No Merger. All of the terms, provisions, representations,
warranties and covenants of the Parties under this Agreement shall survive the close of
escrow of any sale of the Property and shall not be merged in any deed transferring the
Property.
f. Authority And Execution. Each Party represents and warrants that
it has full power and authority to enter into this Agreement and to undertake all of its
obligations hereunder, that each person executing this Agreement on its behalf is duly and
validly authorized to do so.
g. Severability. The invalidity or unenforceability of any term or
provision of this Agreement shall not impair or affect the remainder of this Agreement, and
the remaining terms and provisions hereof shall not be invalidated but shall remain in full
farce and effect.
h. Waiver! Modification. No waiver or modification of this Agreement or
any covenant, condition, or limitation herein contained shall be valid unless in writing and
duly executed by the Party to be charged therewith. No evidence or any waiver or
modification shall be offered or received in evidence in any proceeding, arbitration, or
litigation between the Parties arising out of or affecting this Agreement or the rights or
obligations of any Party hereunder, unless such waiver or modification is in writing and duly
executed as aforesaid. The provisions of this section may not be waived except as herein
set forth. A waiver or breach of any covenant, condition or provision of this Agreement shall
not be deemed a waiver of any other covenant, condition or provision hereof.
i. Construction. The section headings and captions used in this
Agreement are for convenience of reference only and shall not modify, define, limit or
amplify any of the terms or provisions hereof. This Agreement shall not be construed as if
it had been prepared by one of the Parties, but rather as if both Parties have prepared it.
j. Governing Law. This Agreement shall in all respects be governed by
and construed in accordance with the laws of the State of California.
k. Time of the Essence. Time is of the essence in this Agreement as to
each provision in which time is an element of performance.
I. Further Assurances. Each Party will, upon reasonable request of the
other Party, execute, acknowledge, and deliver, or cause to be executed, acknowledged,
and delivered, such further instruments and documents as may be reasonably necessary in
order to fulfill the intents and purposes of this Agreement.
M. Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original, and all which together shall constitute one and
the same instrument.
709134.2 —12— Form Revised August 17, 2004
IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed as of the date first written above.
OWNER(S):
CITY:
CITY OF DUBLIN
By:
Richard C. Ambrose
Its: Cit Mana er
City Clerk
APPROVED AS TO FORM:
John Bakker, Assistant City Attorney
709134.2 —13— Form Revised August 17. 2004
STATE OF CALIFORNIA }
}
COUNTY OF }
On before me, , a Notary Public
in and for said county and state, personally appeared
personally known to me (or
proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s)
is /are subscribed to the within instrument and acknowledged to me that he /she /they
executed the same in his /her /their authorized capacity(ies), and that by his/her /their
signature(s) on the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature ---
(Seal)
STATE OF CALIFORNIA
COUNTY OF
Can before me, , a Notary Public
in and for said county and state, personally appeared
personally known to me (or
proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s)
is /are subscribed to the within instrument and acknowledged to me that he /she /they
executed the same in his /herltheir authorized capacity(ies), and that by his /her /their
signature(s) on the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature
(deal)
709134.2 —1— Farm Revised August 17, 2004
STATE OF CALIFORNIA
�610111`►���'L+>>
On before me, , a Notary Public
in and for said county and state, personally appeared
personally known to me (or
proved to me on the bads of satisfactory evidence) to be the person(s) whose narne(s)
is /are subscribed to the within instrument and acknowledged to me that he /she /they
executed the same in his/her /their authorized capacity(ies), and that by his/her /their
signature(s) on the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument~
WITNESS my hand and official seal.
Signature
(Seal)
709134.2 —11— Form Revised August 17, 2004
EXHIBIT A
Legal Description
709134.2 —1— Farm Revised August 17, 2004
EXHIBIT B
FORM: NOTICE OF INTENT TO TRANSFER
VIA CERTIFIED MAIL - RETURN RECEIPT, BE—QUESTED
To: City of Dublin
100 Civic Center
Dublin, California
Attn: City Manager
Date:
Re: Notice of Intent to Transfer
Pursuant to the terms of the Resale Restriction Agreement and Option to Purchase,
dated , the undersigned Owner(s), ,
hereby give(s) notice of his/her /their intent to transfer the property located at
, Dublin, California (the "Property ").
Owner may be contacted at the Property or at the following address:
Owner's daytime telephone number is { }
[If applicable: The proposed transfer of the Property is to the following person(s):
Name:
Address:
Telephone: (_)
The proposed transfer is (check cane):
1*71177
Other Specify:
Owner(s) signature(s):
709134.2 —1— Form Revised August 17, 2004
EXHIBIT CC
FORM: NOTICE OF EXERCISE
Date:
To:
Owner or Transferee
Address
Re: Notice of Exercise
The City of Dublin ("City ") hereby gives notice that it is exercising its option to
purchase the real property located at , Dublin,
California. The option has been granted to the City pursuant to the resale Restriction
Agreement and Option to Purchase between Owner and the City dated
and recorded on as Instrument No. [The
City has assigned its option to purchase the real property to j An
escrow for the purchase will be opened with the First American Title Company.
City of Dublin
By:
Its:
709134.2 —1— Farm Revised August 17, 2004
` EXHIBIT D
INQL. J.SIONARY ZONING HOMEOWNER _I -illy PROGRAM
INCLUSIONARY ZONING BASE RESALE PRICE WORKSHEET
Date:
Owner:
Address:
Purchase Price:
Date of Purchase:
Years Owned: years
CALCULATION BASED ON INCREASE IN MEDIAN INCOME ***
Present Median Income; $ Effective Date:
Family of four, County of Alameda
(at time of sale of unit) Effective Date:
Original Median Income: —
Family of four, County of Alameda
(at time of purchase of unit)
Amount of Increase:
Family of four, County of Alameda
(Present median income minus original median
income)
Increase in Price:
Method #1 Resale Price:
x
x
Based on the above, the base resale price as of this date, is:
By:
709134.2 —1— Form Revised August 17, 2004
Rancho Silvera Ventures. LLC
C/O Nuvera Homes
8226 Rinconada Court
Newark, CA 94560
June 7, 2013
Lucas Sims
Community Development Director
City of Dublin
100 Civic Plaza
Dublin, CA 94568
RE: Silvera Ranch Unit 111 Affordable Housing
Mr Sims,
Per the Affordable Housing Agreement for Tract 7441 Silvera Ranch, the current owner, Rancho
Silvera Ventures, LLC ( "Owner') of the remaining 68 units of Silvera Ranch Unit III( "Project ") is to
meet the remaining Project obligation under the City's inclusionary housing ordinance by
supplying 8 affordable housing units recapped below.
An original requirement of 11 units for all of Silvera Ranch Unit III to be sold at below market
rates as follows:
1. One unit sold at moderate income pricing by former owner.
2. Two units sold at very low income pricing by former owner.
3. ,Four units proposed to be sold at low income pricing by current Owner.
4. Four units proposed to be sold at moderate pricing by current Owner.
The Owner is requesting that the affordable housing obligation for the remaining 68 units of
Silvera Ranch Unit III be satisfied thru the payment of $107,005 per unit for each of the remaining
8 units -a total of $857,040. The payment is to be made 30 days after execution of a new affordable
housing agreement allowing payment to satisfy /replace the obligation to deliver the following 8
units:
3642, 3649, 3664, 3675; 3687, 3725, 3806, 3821 Branding Iron Place
Please review the above proposal and let me know if you have questions or require additional
supporting documentation.
Rancho Silvera Ventures. LLC
C/0 Nuvera Homes
8226 Rinconada Court
Newark, CA 94560
Ms. Marnie Delgado, June 7, 2013
Senior Planner
City of Dublin
100 Civic Plaza
Dublin, CA 94568
Dear Marnie,
This letter confirms our conversation after the City council approved the resolution allowing the
payment of in -lieu fees for the balance of the Tralee Town Homes inclusionary units. We are
asking that the City approve the attached request for the payment of In -leu fees in place of the
remaining requirement of Silvers Ranch Unit III to provide a new agreement for the provision of 8
affordable housing units.
As you know from our several meetings and extensive conversations, we agree with the position
taken by Shea Homes and have shared the same concerns regarding the challenges of marketing
inclusionary units, which specifically are:
1. Finding buyers that meet all the criteria to necessary to make a purchase including strict
qualification windows of approval.
2. Buyers who purchase deed - restricted homes never have a chance to realize the important
economic benefits of home ownership due to very limiting resale restrictions.
3. Because the projected pricing of our homes (see market pricing analysis and appraisal
attached in support of projected pricing) is already very close to or under existing
affordable pricing guidelines, there is no incentive.for buyers to acquire the restricted
affordable units.
4. Limiting the marketability: of already affordable units by imposing the inclusionary
restrictions tends to limit the true availability of affordable housing to qualifying buyers.
We also agree with the well stated position of Shea homes that the acceptance of cash in -lieu
payments and releasing otherwise deed restricted homes to the market place can "both enhance
the stock of lower priced market rate homes and bolster local funding sources" for well conceived
"publicly funded projects targeted specifically to lower income households ".
We appreciate your consideration of the specific proposal attached for the payment of in lieu fees
in satisfaction of the remaining inclusionary housing requirements for Silvera Ranch Unit III.
Since
Jeffr B: Lawrence .
Authorized Agent
Rancho Silvera Ventures, LLC
Addendun- Market Pricing Analysis:
We have attached a pricing analysis prepared by the Ryness Company, letter dated 5/8/13, as well
as an appraisal dated 4/28/13 in substantiation of the pricing detail below. Ryness is a highly
experienced and reputable company recognized for their expertise in the research, sales, and
marketing of new homes subdivisions, with specific current knowledge of the Tri Valley market.
The Ryness Company has recommended the pricing for the 4 most affordable plans as follows:
Plan 3 2 Bed / 1.5 Baths 1070sf $380,000 (7 Units)
Plan 4 2 Bed / 2.5 Baths 1275sf $435,000 (7 Units)
Plan 3M 3 Bed / 2.5 Baths 1587sf $495,000 (8 Units)
Plan 4M 3 Bed / 2.5 Baths 1624sf $515,000 (8 Units)
Combined, these units account for a total of 30 out of 68 units.
Based on the BMR pricing formula published on the City of Dublin website, we calculated the
maximum sales price for Moderate Income BMRs to be as follows:
2 BR: $437,785
3 BR: $491,974
4 BR: $535,838
As you can see our market price units are already priced close to or below the BMR max. sales
prices for moderate income households.
Page 2 of 2
May #,20|3
James Wang
Rancho Si|voruVenkron, LLC
8226 RioconodmCmur|
Newark, C/k94560
Am requested, v/c have evaluated anticipated pricing and absorption rates for select floor plans,
both existing and upcoming new models, at the Sihcm Ranch Villas community. 'File subject
homes are located within the Silvera Ranch master planned community in tile City oil' Dublin.
The site is within oomy aoccam uf0ighvvuym 580 and 680, as well as 0/\Kl. This site will be very
desirable tn those employed locally in the Tri-\/a||uyarea. Because o[ the convenience Lo
commute corridors, the lifestyle, good schools and the relatively better prices than the central
Bay Area, we also expect a certain number of prospective buyers may work in tile Sari
Jose/Silicon Valley area, Oakland and San Francisco.
Sales price recommendatinnmlor the hornes at the sul�ject site are based upon tile Current resale
and new homes market in the Dublin area and the pro.jected demand for new homes.
The recommended sales prices nsk the assumption that relatively similar market conditions
will bein evidence in the future. The methodology utilized to formulate the recommended prices
includes a comparison of both active and recently sold-out new attached communities in the area
om well ms the vast resale market io and near Dublin. 'file sales data has been analyzed and
compared io the recommended product, assessing the strengths and weaknesses Vf each floor
plan. In addition, the changing Tri-Valley and greater Bay Area housing market and economic
trends over the past |8 months wereumomidcred. Inflation, housing supply shortages, and
oignifiounijoh growth will have the tendency tw push prices up. Job declines, deflation, and over
mnpphes will have the opposite effiez1.
The following chart provides recommended bunc sales prices R)r1bc specific floor plans at
Silvera Ranch Villas.
Plan
Square.
Mix
Bedrooms
Baths
Location
Parking
Sales Price
Footage
T'hc above are base prices only and dn not include any type ofprcoziunm.
It is assumed that homeowner's dues will fall within the range of $180 to $250 per month, and
adjusted fior the size ofthe condominium.
Value Ratio Graphs comparing Lhe recommended base sales prices for the subject property hothe
local resale home market comparables is included with this report.
8ttachedhornes at the subject site Would sell at the rate of approximately two to three homes per
month. Currently, there are several attached townhomc developments io the "I'ri-VuUeyarea.
The new home market and the demand for affordable attached housing in the area are the basis
for the absorption projections at the subject site. While the current market is m(i|] aonzcp/hnY
unsettled, there has been a steady increasing demand fior attached starter homes.
N
E'rnp|oymentuumbers appear to be stabilizing and more recently actually improving month to
month. In addition, all eupp| d 'ec(kx/y indicate that housing demand will likely
continue io exceed supply over the next decade.
With the recovery of the mcnnonmy, specifically the local employment, buyer confidence and the
demand for housing has increased in the first quarter oF20|3. Even though the Federal Reserve,
in their most recent monthly meeting, made no aJiosbncn1xto interest rates, interest rates have
remained near mo all-time low. The national uoonomyiy growing with amtrcugthcning.jnb
market along with obnag growth in the stock market. The Buy Area and Tri-Vu||cy region will
be direct beneficiaries o[u recovering national and local economy.
'he relatively improving market conditions, coupled with the very competitive and relatively
affordable prices anticipated for the homes at Si/veru Ranch Villas, indicates that the proJect
Should be well received in the market and fill a strong need for entry level, affordable housing in
the greater Dublin area.
lf You should have any further need tbr additional analysis or market data lor tile homes at
Si|wecu Ranch Villas please dm not hesitate to contact om.
Sincerely,
Nathan Brown
~� ^�
Regional Account Manager
The RyncssCmnpmy
Danville, California
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The Appraisal Management Group (510) 552 -2583
Uniform Residential Appraisal Report File# TAMG1304004
The purpose of this summary appraisal report is to provide the lender /client with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address 3818 Branding Iron Place City Dublin State CA Zip Code 94568
Borrower N/A Owner of Public Record Rancho Silvera Ventures LLC County Alameda
Legal Description Not available on county records
Assessor's Parcel # 985- 0057 -050 Tax Year 2012 R.E. Taxes $ 4,272
Neighborhood Name Silvera Ranch Villas Map Reference N/A Census Tract 4507.21
Occupant ❑ Owner ❑ Tenant ® Vacant Special Assessments $ 0 ® PUD HOA $ 201 ❑ per year ® per month
" Property Rights Appraised ® Fee Simple ❑ Leasehold ❑ Other (describe)
Assignment Type ❑ Purchase Transaction ❑ Refinance Transaction ® Other (describe) Market Valuation
Lender /Client N/A Address N/A
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? ❑ Yes ® No
Report data source(s) used, offering price(s), and date(s). Per Bay East the sub ect is not currently offered for sale and has not been listed the previous
thirty-six months from the effective date of the appraisal.
I ❑ did ❑ did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
performed.
Contract Price $ Date of Contract Is the property seller the owner of public record? ❑ Yes ❑ No Data Source(s)
Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? ❑ Yes ❑ No
• If Yes, report the total dollar amount and describe the items to be paid.
Note: Race and the racial composition of the neighborhood are not appraisal factors.
NeighborhoodCharaoteCstics
One -Unit Housing Trends
One- Unit Housing
Present Land Use % i
Location ❑ Urban ® Suburban ❑ Rural
Property Values ❑ Increasing ® Stable ❑ Declining
PRICE AGE
One -Unit 85 %
Built -Up ® Over 75% ❑ 25 -75% ❑ Under 25%
Demand/Supply ❑ Shortage ® In Balance ❑ Over Supply
$ (000) (yrs)
2 -4 Unit 3%
• Growth ❑ Rapid ® Stable ❑ Slow
Marketing Time ® Under 3 mths ❑ 3 -6 mths ❑ Over 6 mths
350 Low 5
Multi- Family 2%
• Neighborhood Boundaries See Attached Addenda.
500 High 30
Commercial 5%
400 Pred. 15
Other 5%
Neighborhood Description Sub ect property located in a neighborhood of SFR's showing average to good levels of care and maintenance.
Shopping, schools parks, banks offices and other related services are convenient. Proximity of freeway is within 5 -10 minutes with ob centers
being a 10 -60 minute commute.
Market Conditions (including support for the above conclusions) See attached addenda.
Dimensions See Plat Map Area 0 sf Shape Rectangular View N Res
Specific Zoning Classification R1 Zoning Description Single Family
Zoning Compliance ® Legal ❑ Legal Nonconforming (Grandfathered Use) ❑ No Zoning ❑ Illegal (describe)
Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? ® Yes ❑ No If No, describe
Utilities Public Other (describe) Public Other (describe) Off -site Improvements - Type Public Private
Electricity ® ❑ Water ® ❑ Street Macadam ® ❑
Gas ® ❑ Sanitary Sewer ® ❑ Alley None ❑ ❑
FEMA Special Flood Hazard Area [:]Yes ® No FEMA Flood Zone X FEMA Map # 060705/06001C/0326 G FEMA Map Date 08/03/2009
Are the utilities and off -site improvements typical for the market area? ® Yes ❑ No If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? ❑ Yes ® No If Yes, describe
There are no adverse site conditions or external factors
General Description
Foundation
Exterior Description matedols /condition
Interior matesfals /condition
Units ® One ❑ One with Accessory Unit
® Concrete Slab ❑ Crawl Space
Foundation Walls Concrete /Avera e
Floors Hdwd /C t/Tile /Av
# of Stories 2
❑ Full Basement ❑ Partial Basement
Exterior Walls Stucco /Avera e
Walls Drywall/Average
Type ❑ Det. ❑ Att. ® S -Det. /End Unit
Basement Area 0 sq.ft.
Roof Surface Com Shin Ie /Av
Trim /Finish Wd /Pnt/Avera e
® Existing ❑ Proposed ❑ Under Const.
Basement Finish 0 %
Gutters & Downspouts Existin /Avera e
Bath Floor Tile/Average
Design (Style) Contemporary
❑ Outside Entry/EAt ❑ Sump Pump
Window Type DualPane /Avera e
Bath Wainscot Tile /Avera e
Year Built 2007
Evidence of ❑ Infestation
Storm Sash /Insulated N/A
Car Storage ❑ None
Effective Age (Yrs) 0
❑ Dampness ❑
Settlement
Screens Existing/Average
® Driveway # of Cars 0
Attic ® None
Heating ® RNA
❑ HWBB ❑ Radiant
Amenities ❑ Woodstove(s) # 0
Driveway Surface Concrete
❑ Drop Stair ❑ Stairs
❑ Other Fuel Gas
® Fireplace(s) # 0 ® Fence Wood
® Garage # of Cars 2
❑ Floor ❑ Scuttle
Cooling ® Central Air Conditioning
® Patio /Deck Con ® Porch Con
❑ Carport # of Cars 0
❑ Finished ❑ Heated
❑ Individua ❑ Other
❑ Pool None ❑ Other None
❑ Att. ❑ Det. ® Built -in
Appliances ® Refrigerator ® Range /Oven ® Dishwasher ® Disposal ® Microwave ❑ Washer /Dryer ❑ Other (describe)
Finished area above grade contains: 5 Rooms 2 Bedrooms 2.1 Bath(s) 1 277 Square Feet of Gross Living Area Above Grade
. Additional features (special energy efficient items, etc.). See attached addenda.
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). C3 No updates in the prior 15 ears Sub ect is an
good quality home currently displaying good levels of care and maintenance. The overall condition of the property is good. The modified age-life
method of physical depreciation was used to determine the noted physical depreciation.
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? ❑ Yes ® No If Yes, describe
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? ® Yes ❑ No If No, describe
Freddie Mac Form 70 March 2005 LAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD - "TOTAL" appraisal software by a la mode, Inc. - 1- 800- ALAMODE
Uniform Residential Appraisal Report File# TAMG1304004
There are 0 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 0 to $ 0
There are 4 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 350,00 to $ 500,000
FEATURE I SUBJECT
COMPARABLE SALE # 1
COMPARABLE SALE # 2
COMPARABLE SALE # 3
Address 3818 Branding Iron Place
Dublin CA 94568
7491 Oxford Cir
Dublin CA 94568
7568 Silvertree Ln
Dublin CA 94568
7610 Arbor Creek Cir
Dublin CA 94568
Proximity to Subject
2.54 miles W
4.22 miles SW
4.13 miles SW
Sale Price
$
$ 401 000
$ 380 000
$ 420,000
Sale Price /Gross Liv. Area
$ 313.23 sq.ft.
$ 297.92 sq ft
"
$ 305.96 sq ft
:$::::350 .00 sq ft
Data Source(s)
Ba East#40598216
DOM 7
Bay East#40590010
DOM 6
Bay East#40605838
DOM 5
Verification Source(s)
NDC Data / Doc
#5474
NDC Data / Doc #399258
NDC Data / Doc#
N/A
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+(- )$Adjustment
DESCRIPTION
+(- )$Adjustment
DESCRIPTION
+(- )$Adjustment
Sales or Financing
Concessions
ArmLth
Cash ;O
ArmLth
Conv O
ArmLth
Conv3500
-3,500
Date of Sale/Time
s01/13 c12/12
s11/12 c09/12
s04/13 c03/13
Location
N Res
N Res
N Res
N Res
Leasehold/Fee Simple
Fee Simple
Fee Simple
Fee Simple
Fee Simple
Site
0 sf
0 sf
0 sf
1995 sf
-2,000
View
N Res
N Res
N Res
N Res
Design (Style)
Contemporary
Contemporary
Contemporary
Contemporary
Quality of Construction
Q3
Q3
Q3
Q3
Actual Age
6
23
+2500
32
+4,000
26
+3,000
Condition
C3
C2
C2
C3
Above Grade
Total
Bdrms.
Baths
Total
Btlrms.
Baths
Total
Bdrms.
Baths
-5,000
Total
Bdrms.
Baths
-5,000
Room Count
5
2
2.1
4
2
2.1
7
3
2.1
6
3
2.1
Gross Living Area
1,277 sq.ft.
1,346 sq.ft.
0
1,242 sq.ft.
0
1,200 sq.ft.
0
Basement & Finished
Rooms Below Grade
Osf
Osf
Osf
Osf
Functional Utility
Average
Average
Average
Average
Heating/Cooling
FWA C /Air
FWA C /Air
FWA C /Air
FWA C /Air
Energy Efficient Items
None Noted
None Noted
None Noted
None Noted
Garage /Carport
2 Car Garage
2 Car Garage
1 Car Garage
+2,000
2 Car Garage
Porch /Patio /Deck
Porch /Patio
Porch /Patio
Porch /Patio
Porch /Patio
• Fireplace
None
1 Fireplace
-500
1 Fireplace
-500
1 Fireplace
-500
. Net Adjustment (Total)
®+ El-
$ 2,000
®+ El-
$ 500
E1+ ®-
$ -8,000
Adjusted Sale Price
of Comparables
Net Adj. 0.5%
Gross Adj. 0.7%,$
403,000,
Net Adj. 0.1 %
Gross Adj. 3.0%
$ 380,50J
Net Adj. 1.9%
Gross Adj. 3.3%,$
412,000
1 ® did ❑ did not research the
sale or transfer history of the subject property and comparable sales. If not, explain
My research ❑ did ® did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s) NDCdata and the multiple listing service
My research ❑ did ® did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data Source(s) NDCdata and the multiple listing service
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM
SUBJECT
COMPARABLE SALE #1
COMPARABLE SALE #2
COMPARABLE SALE #3
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s)
Bay East & Tax Records
Bay East & Tax Records
Bay East & Tax Records
Bay East & Tax Records
Effective Date of Data Source(s)
04/18/2013
04/18/2013
04/18/2013
04/18/2013
Analysis of prior sale or transfer history of the subject property and comparable sales The sub ect has not sold or transferred the previous thirty-six months
from the effective data of the appraisal.
Summary of Sales Comparison Approach See attached addenda.
Indicated Value by Sales Comparison Approach $ 400,000
Indicated Value by: Sales Comparison Approach $ 400,000 Cost Approach (if developed) $ 402,663 Income Approach (if developed) $ 0
See attached addenda.
This appraisal is made ® "as is ", ❑ subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
completed, ❑ subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or ❑ subject to the
• following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
Based on a complete visual inspection of the interior and exterior areas of the sub)ect property, defined scope of work, statement of assumptions and limiting
conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the sub)ect of this report is
$ 400,000 , as of 04/19/2013 , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD - "TOTAL" appraisal software by a la mode, Inc. - 1- 800- ALAMODE
Uniform Residential Appraisal Report File# TAMG1304004
The Intended User of this appraisal report is the Client. The Intended Use is to evaluate the property that is the sub ect of this appraisal
for a
market valuation sub ect to the stated Scope of Work purpose of the appraisal, reporting requirements of this appraisal re ort form
and
Definition of Market Value. No additional Intended Users are identified bytheappraiser.
Based on the previous 36 months I have not provided services on the sub ect property prior to the acceptance of this assignment.
The reasonable " Exposure Time" for the sub ect property is 60 -90 days.
The utilities were on and working at the time of the inspection.
The other Present Land Use % is for vacant land.
This report was signed electronically with a digital signature and is password protected.
COSTAPPROAUH TO VALUE (not required by Fannie fMae)
Provide adequate information for the lender /client to replicate the below cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) Sales data for raw land is very limited in this
market area therefore land value was derived from extraction.
ESTIMATED ❑ REPRODUCTION OR ® REPLACEMENT COST NEW
OPINION OF SITE VALUE _______________
=$ 120,000
Source of cost data Marshall and Swift
DWELLING 1,277 Sq.Ft. @ $ 219.00 - - - - - --
=$ 279,663
Quality rating from cost service Average Effective date of cost data 04/19/2013
Sq.Ft. @ $ - - - - - --
=$
- Comments on Cost Approach (gross living area calculations, depreciation, etc.)
=$
Reproduction cost new for sub ect is estimated by figures obtained from
Garage /Carport 400 Sq.Ft. @ $ 20.00 - - - - - --
=$ 8,000
local marshall /swift cost guide and local builder estimates. Site value
Total Estimate of Cost -New - - - - - --
=$ 407,663
obtained by abstraction. Land value typical for area as noted by
Less Physical
Functional
External
com arables below. Living area obtained by exterior perimeter
Depreciation 10,000
=$( 10,000)
measurement.
Depreciated Cost of Improvements --------------------- - - - - --
=$ 397,663
"As -is" Value of Site Improvements ---------------------------
=$ 5 000
Estimated Remaining Economic Life (HUD and VA only) 65 Years
INDICATEDVALUE BYCOSTAPPROACH ----------------- - - - - --
=$ 402,663
INCOME APPROACH TO VALUE
(not required by Fannie Mae)
Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach
Summary of Income Approach (including support for market rent and GRM)
PROJECT INFORMATION FOR PUOs (if applicable)
Is the developer /builder in control of the Homeowners' Association (HOA)? ❑ Yes ® No Unit type(s) ❑ Detached ® Attached
Provide the following information for PUDs ONLY if the developer /builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal Name of Project
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data source(s)
Was the project created by the conversion of existing building(s) into a PUD? ❑ Yes ❑ No If Yes, date of conversion.
Does the project contain any multi - dwelling units? ❑ Yes ❑ No Data Source
Are the units, common elements, and recreation facilities complete? ❑ Yes ❑ No If No, describe the status of completion.
Are the common elements leased to or by the Homeowners' Association? ❑ Yes ❑ No If Yes, describe the rental terms and options.
Describe common elements and recreational facilities.
Freddie Mac Form 70 March 2005 LAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD - "TOTAL" appraisal software by a la mode, Inc. - 1- 800- ALAMODE
Uniform Residential Appraisal Report File# TAMG1304004
This report form is designed to report an appraisal of a one -unit property or a one -unit property with an accessory unit;
including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and /or private sources,
and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
INTENDED USE: The intended use of this appraisal report is for the lender /client to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender /client.
DEFINITION OF MARKETVALUE: The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both
parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a
reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms
of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is
subject to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.
The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination
of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will
be performed in a professional manner.
Freddie Mac Form 70 March 2005 LAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1- 800- ALAMODE
Uniform Residential Appraisal Report File# TAMG1304004
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that
1. 1 have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2. 1 performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition
of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the
livability, soundness, or structural integrity of the property.
3. 1 performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared.
4. 1 developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report.
5. 1 researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. 1 researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7. 1 selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. 1 have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. 1 have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10. 1 verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. 1 have knowledge and experience in appraising this type of property in this market area.
12. 1 am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. 1 obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
reliable sources that I believe to be true and correct.
14. 1 have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I
have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these
adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
marketability of the subject property.
15. 1 have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16. 1 stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
17. 1 have no present or prospective interest in the property that is the subject of this report, and I have no present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis and /or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and /or compensation for performing this appraisal or any future or anticipated appraisals was not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application).
19. 1 personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no
responsibility for it.
20. 1 identified the lender /client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1- 800- ALAMODE
Uniform Residential Appraisal Report File# TAMG1304004
21. The lender /client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other
secondary market participants; data collection or reporting services; professional appraisal organizations; any department,
agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public
relations, news, sales, or other media).
22. 1 am aware that any disclosure or distribution of this appraisal report by me or the lender /client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and /or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and /or
criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. 1 directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. 1 accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,
statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub - contractor or an employee of the supervisory appraiser (or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and /or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
C
APPRAISER
V c,��
Signature G' ~
Name Mark P. Asercion
Company Name The Appraisal Management Group
Company Address 4061 E. Castro Valley Blvd. #336
Castro Valley CA 94552
Telephone Number 510 - 552 -2583
Email Address markasercion(a)gmail.com
Date of Signature and Report 04/28/2013
Effective Date of Appraisal 04/19/2013
State Certification #
or State License # AL022279
or Other (describe) State #
State CA
Expiration Date of Certification or License 12/17/2014
ADDRESS OF PROPERTY APPRAISED
3818 Brandina Iron Place
Dublin CA 94568
APPRAISED VALUE OF SUBJECT PROPERTY $ 400,000
LENDER /CLIENT
Name N/A
Company Name N/A
Company Address N/A
Email Address N/A
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature
State Certification #
or State License #
State
Expiration Date of Certification or License
SUBJECT PROPERTY
❑ Did not inspect subject property
❑ Did inspect exterior of subject property from street
Date of Inspection
❑ Did inspect interior and exterior of subject property
Date of Inspection
COMPARABLE SALES
❑ Did not inspect exterior of comparable sales from street
❑ Did inspect exterior of comparable sales from street
Date of Inspection
Freddie Mac Form 70 March 2005 LAD Version 9/2011 Page 6 of 6
Form 1004UAD - "TOTAL" appraisal software by a la mode, Inc. - 1- 800- ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report File# TAMG1304004
FEATURE
I SUBJECT
COMPARABLE SALE # 4
COMPARABLE SALE # 5
COMPARABLE SALE # 6
Address 3818 Branding Iron Place
Dublin CA 94568
4366 Fitzwilliam St
Dublin CA 94568
7463 Oxford Cir
Dublin CA 94568
6607 Pioneer Ln
Dublin CA 94568
Proximity to Subject
1.75 miles S
2.52 miles W
2.76 miles SW
Sale Price
$
$
430,000
$
429 000
$ 395,000
Sale Price /Gross Liv. Area
$ 313.23 sq.ft.
$ 283.08 sq ft
$ 310.20 sq.ft
$ 322.45 sq ft
Data Source(s)
Ba East#40610202
DOM 8
Bay East#40609993
DOM 7
Ba East#40607555
DOM 13
Verification Source(s)
NDC Data
NDC Data
NDC Data
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+(-
)$Adjustment
DESCRIPTION
+(- )$Adjustment
DESCRIPTION
+(- )$Adjustment
Sales or Financing
Concessions
Relo
Unknown ;O
ArmLth
Unknown ;O
ArmLth
Unknown ;O
Date of Sale/Time
c04/13
-8,500
c04/13
-8,500
c04/13
-8,000
Location
N Res
N Res
N Res
N Res
Leasehold/Fee Simple
Fee Simple
Fee Simple
Fee Simple
Fee Simple
• Site
0 sf
0 sf
0 sf
0 sf
View
N Res
N Res
N Res
N Res
Design (Style)
Contemporary
Contemporary
Contemporary
Contemporary
' Quality of Construction
Q3
Q3
Q3
Q3
Actual Age
6
8
0
23
+2,500
27
+3,000
Condition
C3
C3
C3
C3
' Above Grade
Total
Bdrms.
Baths
Total
Btlrms.
Baths
Total
Bdrms.
Baths
-5,000
Total
Bdrms.
Baths
Room Count
5
2
2.1
4
2
2.0
+1 500
5
3
2.1
4
2
2.0
+1500
Gross Living Area
1,277 sq.ft.
1,519 sq.ft.
-12,000
1,383 sq.ft.
-5,500
1,225 sq.ft.
0
Basement & Finished
Rooms Below Grade
Osf
Osf
Osf
Osf
Functional Utility
Average
Average
Average
Average
Heating/Cooling
FWA C /Air
FWA C /Air
FWA C /Air
FWA C /Air
Energy Efficient Items
None Noted
None Noted
None Noted
None Noted
Garage /Carport
2 Car Garage
2 Car Garage
2 Car Garage
1 Car Garage
+2,000
Porch /Patio /Deck
Porch /Patio
Porch /Patio
Porch /Patio
Porch /Patio
Fireplace
None
1 Fireplace
-500
1 Fireplace
-500
1 Fireplace
-500
Net Adjustment (Total)
E1+ ®-
$
-19,50o
E1+ ®-
$
-17 000
E1+ ®-
$ -2,000
Adjusted Sale Price
of Comparables
Net Adj. 4.5%
Gross Adj. 5.2%
$
410,500,
Net Adj. 4.0%
Gross Adj. 5.1 %
$
412,000,
Net Adj. 0.5%
Gross Adj. 3.8%
$ 393,000
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM
SUBJECT
COMPARABLE SALE # 4
COMPARABLE
SALE # 5
COMPARABLE SALE # 6
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s)
Bay East & Tax Records
Bay
East & Tax Records
Bay East & Tax Records
Bay East & Tax Records
Effective Date of Data Source(s)
04/18/2013
04/18/2013
04/18/2013
04/18/2013
Analysis of prior sale or transfer history of the subject property and comparable sales
Analysis /Comments
Freddie Mac Form 70 March 2005 LAD Version 9/2011 Fannie Mae Form 1004 March 2005
Form 1004UAD.(AC) - "TOTAL" appraisal software by a la mode, Inc. - 1- 800- ALAMODE
Market Conditions Addendum to the Appraisal Report File No TAMC;1�n4nn4
The purpose of this addendum is to provide the lender /client with a clear and accurate understanding of the market trends and conditions prevalent in the subject
neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.
Property Address 3818 Branding Iron Place City Dublin State CA ZIP Code 94568
Borrower N/A
Instructions: The appraiser must use the information required on this form as the basis for his /her conclusions, and must provide support for those conclusions, regarding
housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent
it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an
explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data
in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an
average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the
subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.
Inventory Anarysis
Prior 7 -12 Months
Prior 4-6 Months
Current— 3 Months
Overall Trend
Total # of Comparable Sales (Settled)
2
2
0
❑ Increasing
® Stable
❑ Declining
Absorption Rate (Total Sales /Months)
.33
.67
0
❑ Increasing
® Stable
❑ Declining
Total # of Comparable Active Listings
0
0
0
❑ Declining
® Stable
❑ Increasing
Months of Housing Supply (Total Listings/A b. Rate)
0
0
0
❑ Declining
® Stable I
❑ Increasing
Median Sale & List Price, DOM, Sale/List %
Prior 7 -12 Months
Prior 4-6 Months
Current— 3 Months
Overall Trend
Median Comparable Sale Price
470,000
1 386,000
1 0
❑ Increasing
® Stable
❑ Declining
Median Comparable Sales Days on Market
10
14
0
❑ Declining
® Stable
❑ Increasing
Median Comparable List Price
0
0
0
❑ Increasing
® Stable
❑ Declining
Median Comparable Listings Days on Market
0
0
0
❑ Declining
® Stable
❑ Increasing
Median Sale Price as % of List Price
0
0
0
❑ Increasing
® Stable
❑ Declining
Seller- (developer, builder, etc.)paid financial assistance prevalent? ❑ Yes ® No
❑ Declining
® Stable
❑ Increasing
Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5 %, increasing use of buydowns, closing costs, condo
fees, options, etc.). Seller concession trends for the past 12 months have been for buyer's closing costs.
Are foreclosure sales (RED sales) a factor in the market? ❑ Yes ® No If yes, explain (including the trends in listings and sales of foreclosed properties).
Based on a search within the sub ect's neighborhood, 75% were Fair Market Value Sales 25% were Short Sales and 0% were REO Sales.
Cite data sources for above information. The local Mls Paragon - Bay East Association of Realtors.
Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as
an analysis of pending sales and /or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.
Based on a search of sales within the sub ect's neighborhood, there were 4 sales. Some of the sold sales were approximately 1 -2% above
list price based on sales within the past 12 months.
If the subject is a unit in a condominium or cooperative project, complete the following: Project Name:
Subject Project Data
Prior 7 -12 Months
Prior 4-6 Months
Current— 3 Months
Overall Trend
Total # of Comparable Sales (Settled)
❑ Increasing
❑ Stable
❑ Declining
Absorption Rate (Total Sales /Months)
❑ Increasing
❑ Stable
❑ Declining
Total # of Active Comparable Listings
❑ Declining
❑ Stable I
❑ Increasing
Months of Unit Supply (Total Listings /Ab.Rate)
❑ Declining
❑ Stable I
❑ Increasing
Are foreclosure sales (RED sales) a factor in the project? ❑ Yes ❑ No If yes, indicate the number of RED listings and explain the trends in listings and sales of
foreclosed properties.
• Summarize the above trends and address the impact on the subject unit and project.
Signature
Signature
Appraiser Name Mark P. Asercion
Supervisory Appraiser Name
Company Name The Appraisal Management Group
Company Name
Company Address 4061 E. Castro Valley Blvd. #336 Castro Valley, CA
Company Address
State License /Certification # AL022279 State CA
State License /Certification # State
Email Address markasercion @gmail.com
Email Address
Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009
Form 1004MC2 - "TOTAL" appraisal software by a la mode, Inc. - 1- 800- ALAMODE
File No TAMG1304004
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix D: UAD Field- Specific Standardization Requirements)
Condition Ratings and Definitions
The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new
and the dwelling features no physical depreciation.
Note: Newly constructed improvements that feature recycled or previously used materials and /or components can be considered new dwellings
provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been
rehabilitated /remanufactu red into like -new condition. Improvements that have not been previously occupied are not considered "new" if they
have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without
adequate maintenance or upkeep).
C2
The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components
are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and /or replaced
with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and
are similar in condition to new construction.
Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical
depreciation, or an older property that has been recently completely renovated.
C3
The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every
major building component, may be updated or recently rehabilitated. The structure has been well maintained.
Note: The improvement is in its first -cycle of replacing short -lived building components (appliances, floor coverings, HVAC, etc.) and is
being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of
short -lived building components have been replaced but not to the level of a complete renovation.
C4
The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been
adequately maintained and requires only minimal repairs to building components /mechanical systems and cosmetic repairs. All major building
components have been adequately maintained and are functionally adequate.
Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short -lived building
components have been replaced, and some short -lived building components are at or near the end of their physical life expectancy; however,
they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.
C5
The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,
rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains
useable and functional as a residence.
Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many
of its short -lived building components are at the end of or have exceeded their physical life expectancy but remain functional.
C6
The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,
soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many
or most major components.
Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property
with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.
Quality Ratings and Definitions
Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such
residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship
and exceptionally high -grade materials throughout the interior and exterior of the structure. The design features exceptionally high - quality
exterior refinements and ornamentation, and exceptionally high - quality interior refinements. The workmanship, materials, and finishes
throughout the dwelling are of exceptionally high quality.
02
Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in
this quality grade are also found in high - quality tract developments featuring residence constructed from individual plans or from highly
modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high - quality interior refinements, and detail. The
workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.
UAD Version 9/2011 (Updated 4/2012)
Form UADDEFINEI - "TOTAL" appraisal software by a la mode, inc. - 1- 800- ALAMODE
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae LAD Appendix D: LAD Field- Specific Standardization Requirements)
Quality Ratings and Definitions (continued)
03
Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above - standard
residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interiors
that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been
upgraded from "stock" standards.
04
Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans
are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,
finish, and equipment are of stock or builder grade and may feature some upgrades.
05
Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a
plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation
and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials
with limited refinements and upgrades.
06
Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year -round occupancy. Such dwellings
are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or
expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical
systems and equipment may be minimal or non - existent. Older dwellings may feature one or more substandard or non - conforming additions
to the original structure
Definitions of Not Updated, Updated, and Remodeled
Not Updated
Little or no updating or modernization. This description includes, but is not limited to, new homes.
Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major
components have been replaced or updated. Those over fifteen years of age are also considered not updated if the
appliances, fixtures, and finishes are predominantly dated. An area that is `Not Updated' may still be well maintained
and fully functional, and this rating does not necessarily imply deferred maintenance or physical /functional deterioration.
Updated
The area of the home has been modified to meet current market expectations. These modifications
are limited in terms of both scope and cost.
An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute
updates include refurbishment and /or replacing components to meet existing market expectations. Updates do not
include significant alterations to the existing structure.
Remodeled
Significant finish and /or structural changes have been made that increase utility and appeal through
complete replacement and /or expansion.
A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include
some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation
of plumbing /gas fixtures /appliances, significant structural alterations (relocating walls, and /orthe addition of)
square footage). This would include a complete gutting and rebuild.
Explanation of Bathroom Count
Three - quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not
included in the bathroom count. The number of full and half baths is reported by separating the two values using a
period, where the full bath count is represented to the left of the period and the half bath count is represented to the
right of the period.
Example:
3.2 indicates three full baths and two half baths.
LAD Version 9/2011 (Updated 4/2012)
Form UADDEFINEI - "TOTAL" appraisal software by a la mode, inc. - 1- 800 - ALAMODE
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae LAD Appendix D: LAD Field- Specific Standardization Requirements)
Abbreviations Used in Data Standardization Text
Abbreviation?
Full Name
Fields Where This Abbreviation May Appear'
ac
Acres
Area, Site
AdjPrk
Adjacent to Park
Location
AdjPwr
Adjacent to Power Lines
Location
A
Adverse
Location & View
ArmLth
Arms Length Sale
Sale or Financing Concessions
ba
Bathroom(s)
Basement & Finished Rooms Below Grade
br
Bedroom
Basement & Finished Rooms Below Grade
B
Beneficial
Location & View
Cash
Cash
Sale or Financing Concessions
CtySky
City View Skyline View
View
CtyStr
City Street View
View
Comm
Commercial Influence
Location
c
Contracted Date
Date of Sale/Time
Conv
Conventional
Sale or Financing Concessions
CrtOrd
Court Ordered Sale
Sale or Financing Concessions
DOM
Days On Market
Data Sources
e
Expiration Date
Date of Sale/Time
Estate
Estate Sale
Sale or Financing Concessions
FHA
Federal Housing Authority
Sale or Financing Concessions
GlfCse
Golf Course
Location
Glfvw
Golf Course View
View
Ind
Industrial
Location & View
in
Interior Only Stairs
Basement & Finished Rooms Below Grade
Lndfl
Landfill
Location
LtdSght
Limited Sight
View
Listing
Listing
Sale or Financing Concessions
Mtn
Mountain View
View
N
Neutral
Location & View
NonArm
Non -Arms Length Sale
Sale or Financing Concessions
BsyRd
Busy Road
Location
o
Other
Basement & Finished Rooms Below Grade
Prk
Park View
View
Pstrl
Pastoral View
View
PwrLn
Power Lines
View
PubTrn
Public Transportation
Location
rr
Recreational (Rec) Room
Basement & Finished Rooms Below Grade
Relo
Relocation Sale
Sale or Financing Concessions
REO
REO Sale
Sale or Financing Concessions
Res
Residential
Location & View
RH
USDA - Rural Housing
Sale or Financing Concessions
s
Settlement Date
Date of Sale/Time
Short
Short Sale
Sale or Financing Concessions
sf
Square Feet
Area, Site, Basement
sqm
Square Meters
Area, Site
Unk
Unknown
Date of Sale/Time
VA
Veterans Administration
Sale or Financing Concessions
w
Withdrawn Date
Date of Sale/Time
wo
Walk Out Basement
Basement & Finished Rooms Below Grade
wu
Walk Up Basement
Basement & Finished Rooms Below Grade
WtrFr
Water Frontage
Location
Wtr
Water View
View
Woods
Woods View
View
Other Appraiser- Defined Abbreviations
LAD Version 9/2011 (Updated 4/2012)
Form UADDEFINEI - "TOTAL" appraisal software by a la mode, inc. - 1- 800- ALAMODE
Supplemental Addendum File No.TAMG1304004
Borrower /Client
N/A
Property Address
3818 Branding Iron Place
City
Dublin County Alameda State CA Zip Code 94568
Lender
N/A
Neighborhood Boundaries
The neighborhood boundaries are Camp Parks to the North, hills to the West, Fallon Rd. to the East, and Interstate Highway
580to the South .
• URAR: Improvements - Additional Features
Subject has hardwood floors, granite kitchen counters, stainless steel appliances, plantation shutters, ceiling fans, built -in closet
organizers, A/C, custom paint and tech nook.
• URAR: Sales Comparison Analysis - Summary of Sales Comparison Approach
Gross living area adjustments made at $45 per square foot rounded to the nearest $500. Bedroom adjustments made at
$5,000. Half Bathroom adjustments made at $1,500. Garage adjustments made at $2,000. Cooling adjustments made at
$2,000. Age adjustments made at $1,500 for every 10 year difference. Most weight assigned to comparable #3 for haivng
similar bathroom count and being the most recent closed sale.
Comparable #1 has newer hardwood flooring, carpet and furnace and side by side 2 car garage with epoxy flooring and new
paint.
Comparable #2 has updated kitche and bath, recessed lighting, laminate floors, newer A/C and patio with spa.
Comparable #4 has modern kitchen with upgraded cabinetry, granite counters and walk -in pantry, master suite with double door
entry and walk -in closet and plantation shutters.
Comparable #5 has kitchen with granite, pantry and newer hot water heater.
Comparable #6 has new paint, fixtures, dual pane windows and new flooring and appliances.
The adjustments were made by using a paired sales analysis with comparables within the subject's neighborhood.
Adjustments made 2% downward for the listings for listing to sales price ratio.
Due to the lack of comparables within the subject's neighborhood, search parameters expanded over 1 mile for similarities in
age, bedroom count, bathroom count, gross living area, and design.
• URAR: Neighborhood - Market Conditions
Property values in the neighborhood have been stable the past year. Active listings have been on the market from 1 to 6
months per the multiple listing services. The approval on short sales is taking some time causing the sales of the properties to
be longer. Financing readily available through conventional or fha and seller concessions are minimal.
Per Dataquick news, the sales activity for properties located in Dublin zip code 94568 from February 2012 as compared to
February 2013 had 70 sales with a 9.4% change. The median price change was 45.8% . The high price change was 15.3%
and the price per square foot was at $308.
• URAR: Reconciliation - Reconciliation and Final Value Conclusion
Greatest weight assigned to market approach to value as it best reflects the current market conditions. The cost approach
supports the market approach. The income approach is not applicable as the neighborhood is predominantly an owner
occupied area.
This appraisal is rendered "as is" with no conditions noted or implied. Comparables #1, #2 and #3 are closed /verified sales.
Comparables #4, #5 and #6 are pending sales.
Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1- 800- ALAMODE
Location Map
Borrower/Client
N/A
Property Address
3818 Branding Iron Place
City
Dublin County Alameda State CA Zip Code 94568
Lender
N/A
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17 Irani Place
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7568 Silveiftree Ln
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Form MAPIOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Building Sketch (Page - 1)
Borrower /Client
N/A
Property Address
3818 Branding Iron Place
City
Dublin County Alameda State CA Zip Code 94568
Lender
N/A
Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1- 800- ALAMODE
oV1
20'
oV1
25'
20'
0�
0p
12'
Dining
Kitchen
Master Bedroom
Master Bath
20'
Garage
20' 2'
(half) `O-
30'
Laundry
20
14'
Living
Bedroom
6'
6'
12'
3'
Bath
3'
5'
10'
16'
First
Floor
Second Floor
6' R nce
5'
Front Porch
TOTAL s,emh by a is mode, mr.
Area Calculations Summary
Living Area
Calculation Details
Second Floor
669 Sq ft
25 x 19 = 475
11 x 16 = 176
6 x 3 = 18
Third Floor
578 Sq ft
20 x 12 = 240
14 x 12 = 168
17 x 10 = 170
Undefined Area
30 Sq ft
6 x 5 = 30
Total Living Area (Rounded):
1277 Sq ft
Non - living Area
2 Car Attached
400 Sq ft
20 x 20 = 400
Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1- 800- ALAMODE
Plat Map
Borrower /Client
N/A
Property Address
3818 Branding Iron Place
City
Dublin County Alameda State CA Zip Code 94568
Lender
N/A
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Form MAP.PLAT - 'TOTAL" appraisal software by a la mode, inc. - 1- 800- ALAMODE
Subject Interior Photo Page
Borrower /Client
N/A
Property Address
3818 Branding Iron Place
City
Dublin County Alameda State CA Zip Code 94568
Lender
N/A
Subject Front
3818 Branding Iron Place
Sales Price
Gross Living Area
1,277
Total Rooms
5
Total Bedrooms
2
Total Bathrooms
2.1
Location
N,Res,
View
N,Res,
Site
0 sf
Quality
Q3
Age
6
Form PICPIX.SI - "TOTAL" appraisal software by a la mode, Inc. - 1- 800 - ALAMODE
Subject Rear
Subject Street
Subject Interior Photo Page
Borrower /Client
N/A
Property Address
3818 Branding Iron Place
City
Dublin County Alameda State CA Zip Code 94568
Lender
N/A
Subject Address Verification
3818 Branding Iron Place
Sales Price
Gross Living Area
1,277
Total Rooms
5
Total Bedrooms
2
Total Bathrooms
2.1
Location
N;Res;
View
N;Res;
Site
0 sf
Quality
Q3
Age
6
Form LPICPIX.DSS LTIR - "TOTAL" appraisal software by a la mode, inc. - 1 -800-ALAMODE
Subject Side
Subject Side
Subject Interior Photo Page
Borrower /Client
N/A
Property Address
3818 Branding Iron Place
City
Dublin County Alameda State CA Zip Code 94568
Lender
N/A
Living Room
3818 Branding Iron Place
Sales Price
Gross Living Area
1,277
Total Rooms
5
Total Bedrooms
2
Total Bathrooms
2.1
Location
N;Res;
View
N;Res;
Site
0 sf
Quality
Q3
Age
6
Form LPICPIX.DSS LTIR - "TOTAL" appraisal software by a la mode, inc. - 1 -800-ALAMODE
Half Bath
Dining Room
Subject Interior Photo Page
Borrower /Client
N/A
Property Address
3818 Branding Iron Place
City
Dublin County Alameda State CA Zip Code 94568
Lender
N/A
Kitchen
3818 Branding Iron Place
Sales Price
Gross Living Area
1,277
Total Rooms
5
Total Bedrooms
2
Total Bathrooms
2.1
Location
N;Res;
View
N;Res;
Site
0 sf
Quality
Q3
Age
6
Balcony
Master Bedroom
Form LPICPIX.DSS LTIR - "TOTAL" appraisal software by a la mode, inc. - 1 -800-ALAMODE
Subject Interior Photo Page
Borrower /Client N/A
Property Address 3818 Branding Iron Place
City Dublin County Alameda State CA Zip Code 94568
Lender N/A
f
Master Bath
3818 Branding Iron Place
Sales Price
Gross Living Area
1,277
Total Rooms
5
Total Bedrooms
2
Total Bathrooms
2.1
Location
N;Res;
View
N;Res;
Site
0 sf
Quality
Q3
Age
6
Form LPICPIX.DSS LTIR - "TOTAL" appraisal software by a la mode, inc. - 1 -800-ALAMODE
Bath
Bedroom
Subject Photo Page
Borrower /Client
N/A
Property Address
3818 Branding Iron Place
City
Dublin County Alameda State CA Zip Code 94568
Lender
N/A
Attic
3818 Branding Iron Place
Sales Price
Gross Living Area
1,277
Total Rooms
5
Total Bedrooms
2
Total Bathrooms
2.1
Location
N,Res,
View
N,Res,
Site
0 sf
Quality
Q3
Age
6
Form PICPIX.SR - "TOTAL" appraisal software by a la mode, Inc. - 1- 800- ALAMODE
Laundry
Built -in Organizers
Subject Photo Page
Borrower /Client
N/A
Property Address
3818 Branding Iron Place
City
Dublin County Alameda State CA Zip Code 94568
Lender
N/A
Garage
3818 Branding Iron Place
Sales Price
Gross Living Area
1,277
Total Rooms
5
Total Bedrooms
2
Total Bathrooms
2.1
Location
N,Res,
View
N,Res,
Site
0 sf
Quality
Q3
Age
6
Form PICPIX.SR - "TOTAL" appraisal software by a la mode, Inc. - 1- 800- ALAMODE
Ceiling Fan
Tech Nook
Comparable Photo Page
Borrower /Client
N/A
Property Address
3818 Branding Iron Place
City
Dublin County Alameda State CA Zip Code 94568
Lender
N/A
Comparable 1
7491 Oxford Cir
Prox. to Subject 2.54 miles W
Sale Price
401,000
Gross Living Area
1,346
Total Rooms
4
Total Bedrooms
2
Total Bathrooms
2.1
Location
N,Res,
View
N,Res,
Site
0 sf
Quality
Q3
Age
23
Comparable 2
7568 Silvertree Ln
Prox. to Subject 4.22 miles SW
Sale Price
380,000
Gross Living Area
1,242
Total Rooms
7
Total Bedrooms
3
Total Bathrooms
2.1
Location
N,Res,
View
N,Res,
Site
0 sf
Quality
Q3
Age
32
Comparable 3
7610 Arbor Creek Cir
Prox. to Subject 4.13 miles SW
Sale Price
420,000
Gross Living Area
1,200
Total Rooms
6
Total Bedrooms
3
Total Bathrooms
2.1
Location
N,Res,
View
N,Res,
Site
1995 sf
Quality
Q3
Age
26
Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc. - 1- 800- ALAMODE
Comparable Photo Page
Borrower /Client
N/A
Property Address
3818 Branding Iron Place
City
Dublin County Alameda State CA Zip Code 94568
Lender
N/A
Comparable 4
4366 Fitzvvilliam St
Prox. to Subject 1.75 miles S
Sale Price
430,000
Gross Living Area
1,519
Total Rooms
4
Total Bedrooms
2
Total Bathrooms
2.0
Location
N,Res,
View
N,Res,
Site
0 sf
Quality
Q3
Age
8
Comparable 5
7463 Oxford Cir
Prox. to Subject 2.52 miles W
Sale Price
429,000
Gross Living Area
1,383
Total Rooms
5
Total Bedrooms
3
Total Bathrooms
2.1
Location
N,Res,
View
N,Res,
Site
0 sf
Quality
Q3
Age
23
Comparable 6
6607 Pioneer Ln
Prox. to Subject 2.76 miles SW
Sale Price
395,000
Gross Living Area
1,225
Total Rooms
4
Total Bedrooms
2
Total Bathrooms
2.0
Location
N,Res,
View
N,Res,
Site
0 sf
Quality
Q3
Age
27
Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc. - 1- 800- ALAMODE
License
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Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1- 800- ALAMODE
E&O Insurance
11
INSURED; NUrk P Asacien
MAU-ING ADDRESS. 4061 E, Castro Valley Blvd. #336
Castro Valley, CA 9455:2
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EFFECTIVE. 12JW2012 EXPIRATION. 12/26/2013 RETROACTIVE: 12/26IM3
COVE RAGE: FREA Errors & Omissions Profcssional Liability Policy
Profmion: RcA E.9tatc Appraiser
Claims Made Fonw 90395 (3/06)
Limits: Per0ccurrence: $1,000,000 Annual Aggregate: $1,000,000
$1,000 Retention each wrongfid act
CONDITIONS.
Rea I Estate AgcW B rokcx Rcfcrral Indemnity
Known wrongful act exclusion
P0ndirWprjQT liti$3tiffll CxClU$iQn
Defeme within policy limit
COMPANIES Pr' RTICIPATINQ
National Union Fire Insurance Company of Pittsburgh, PA
COVER NOTE # Z FREA #3-4537
C USTOM ER # 002A 171
Issuod at 4907 Morcria Blvd., Sn ite 1415
San Diego, CA 92117
DATE, 12/14/2012 By. -J
Insurance, when effected shall be subje�l toall terms and conditions ofpolicy(ies) whichwill be
issued, and in the event of any irxxnqistency herewith, the terms and provisions of the policy
prevail,
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
RESOLUTION NO. XX - 13
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
* * * * * * * * * **
APPROVING AN AFFORDABLE HOUSING AGREEMENT FOR THE CONSTRUCTION OF
INCLUSIONARY UNITS AND THE PAYMENT OF FEES IN -LIEU OF CONSTRUCTING
CERTAIN AFFORDABLE OWNERSHIP UNITS
WHEREAS, pursuant to the requirements of the Inclusionary Zoning Regulations of the
City of Dublin Zoning Ordinance (the "Ordinance "), the City of Dublin (the "City ") and Rancho
Silvera Ventures, LLC ( "Developer "), wish to enter into an Affordable Housing Agreement for the
Construction of Inclusionary and the Payment of Fees In Lieu of Constructing Certain
Inclusionary Units (the "Agreement ") for the Silvera Ranch Phase III Project ( "Project ")
WHEREAS, the Project was part of a larger 254 -unit development project consisting of
four phases. The Planning Commission, on September 23, 2003, approved Site Development
Review (PC Reso. no. 03 -48) for the larger project. Within Phase III, the previous owner
completed 5 of the 15 proposed structures, consisting of a total of 28 units; and
WHEREAS, Developer's predecessor had entered into an affordable housing agreement
that specified the manner in which it would satisfy its thirty -two (32) affordable unit obligation for
the larger project. In particular, the Developer's predecessor agreed to construct 19 affordable
units and pay fees in lieu of construction for another 13 units; and
WHEREAS, Developer's predecessor satisfied its obligations under the previous
affordable housing agreement as to 24 of the 32 units in the larger 254 -unit project; and
WHEREAS, the previous affordable housing agreement expired, and the Developer still
has an obligation to satisfy the terms of the Regulations by producing the remaining eight (8)
Inclusionary Units; and
WHEREAS, Developer has proposed to satisfy its obligations through payment of fees in-
lieu of constructing the remaining eight (8) Inclusionary Units; and
WHEREAS, Section 8.68.040.E of the Dublin Zoning Ordinance allows the City Council,
at its discretion, to waive, wholly or partially, the requirements of the Inclusionary Zoning
Regulations and approve an alternate method of compliance if the applicant demonstrates, and
the City Council finds, that such alternate methods meet the purposes of the Inclusionary Zoning
Chapter; and
WHEREAS, the purpose of the Inclusionary Zoning Regulations are to enhance the
public welfare and assure that further housing development contributes to the attainment of the
City's housing goals by increasing the production of residential units affordable by households of
very-low, low and moderate - income and assure that the limited remaining developable land in
the City's planning area is utilized in a manner consistent with the City's housing policies and
needs; and
WHEREAS, the City Council hereby finds that the proposal by Developer to pay fees in-
lieu of constructing the remaining eight (8) Inclusionary Units is an alternate method of
complying with, and is consistent with the purposes of, the Inclusionary Zoning Regulations for
the reasons that follow and hereby waives the requirement that 12.5% of the units in the project
be affordable-
1 . If the Developer were to be required to produce the Inclusionary Units, it would
prove difficult because of currently prevailing market conditions for the Developer
to sell the units at prices that approach the current maximum affordable price,
since the market prices for units with deed restrictions are less than the affordable
prices. Such a requirement would place an unfair burden on the Developer that is
not consistent with the purpose of the Regulations.
2. If the Developer were required to produce the Inclusionary Units, the future buyers
of those units would have difficulty reselling the units, for the foreseeable future,
because of the likely -to -be small difference between the affordable price and the
market price for similar units without deed restrictions. Such circumstances would
be inconsistent with the purposes of the Regulations.
3. Buyers who wish to re -sell their home to market are required to verify and assure
the prospective buyer meets inclusionary requirements, plus attend workshops
and cover all costs associated with qualification and sale. Again, because of the
minimal price differential between market rate and affordable units, these
requirements would make it difficult for the Developer to find appropriate buyers
for the Inclusionary Units;
4. Furthermore, the location of the Project is not in close proximity to shopping,
transportation, and other amenities that are important factors for the buyers of
affordable units. Therefore, the units that would be produced with the in -lieu fees
are likely to be more suitable for potential buyers than would be affordable units
within the Project.
WHEREAS, the Project has been found to be Categorically Exempt from the California
Environmental Quality Act (CEQA); and
WHEREAS, a Staff Report setting forth in further detail the background and terms of the
Agreement has been submitted to the City Council for consideration of this request.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does
hereby approve Affordable Housing Agreement for the Construction of Inclusionary Units and
the Payment of Fees In -Lieu of Constructing Certain Inclusionary Units Between the City of
Dublin and Developer, as described in Exhibit A. ( "Agreement ")
BE IT FURTHER RESOLVED that the City Manager is authorized and directed to
execute the Agreement and such other documents, and to take such other and further action, as
necessary and appropriate to carry out the Intent of this Resolution.
BE IT FURTHER RESOLVED that the Community Development Director is authorized
and directed to modify the approved Planned Development Zoning and Site Development
Review by administrative action to maintain consistency between the Agreement approved
Planned Development Zoning and Site Development Review.
Signature Page Follows
PASSED, APPROVED AND ADOPTED this 17th day of September 2013, by the
following vote-
AYES-
NOES-
ABSENT-
ABSTAIN-
ATTEST-
City Clerk
2123810.1
Mayor
AFFORDABLE HOUSING AGREEMENT
FOR THE CONSTRUCTION OF INCLUSIONARY UNITS AND THE PAYMENT OF
FEES IN -LIEU OF CONSTRUCTING CERTAIN INCLUSIONARY UNITS
Rancho Silvera Ventures, LLC, a California limited liability company.
Silvera Ranch Phase III Project
THIS AGREEMENT is hereby entered into this 17th day of September, 2013 by and
between the City of Dublin (the "City ") and Rancho Silvera Ventures, LLC, a California limited
liability company (the "Developer ").
Recitals
A. Chapter 8.68 of the Dublin Municipal Code contains Inclusionary Zoning
Regulations (the "Regulations "). The Regulations were adopted pursuant to Strategy I.B. of the
City's General Plan Housing Element, the purpose of which is to create affordable housing
opportunities in the City of Dublin for low- and moderate - income households.
B. The City of Dublin adopted the Regulations recognizing that the cost of new
housing is so high that persons with very low -, low- and moderate - incomes are increasingly
unable to locate affordable housing in the City. The purpose of the Regulations is to achieve a
balanced community with housing available at all income levels.
C. Accordingly, the Regulations require that residential projects with 20 or more for
sale units /lots contain at least 12.5% low- and moderate - income units /lots. The Regulations
require that the for -sale units be constructed in the following proportions: 40% low- income, and
60% moderate income. Previous to 2012, the Regulations had required 30% very low income,
20% low income, and 50% moderate income. In lieu of constructing 40% of the Inclusionary
Units that the Regulations would otherwise require, the Regulations authorize developers to pay
a fee, currently set by the City through June 30, 2013 at $107,005 per unit required but not built.
If developers opt to pay the maximum allowable fees in lieu of construction, they are still
required to construct 60% of the obligation.
D. Developer is the owner of approximately 3 acres plus 18 condominium units of
real property in the City of Dublin generally located northeast of the Tassajara Road and Fallon
Road intersection and more specifically described in Exhibit 1 (the "Property "). The Property
was part of a larger 254 -unit development project known as Silvera Ranch consisting of four
phases. The Planning Commission, on September 23, 2003, approved Site Development Review
(PC Reso. No. 03-48) for the project. The Property consists of a portion of the 102 -unit Phase
III. Within Phase III, the previous owner completed 8 of the 15 proposed structures, consisting
of a total of 52 units.
E. Developer now desires to complete the construction of the remaining 50 for -sale
units (collectively "the Project ").
Affordable Housing Agreement
Silvera Ranch Phase III
F. Developer's predecessor had entered into an affordable housing agreement that
specified the manner in which it would satisfy its 32 affordable unit obligation under the
Regulations. In particular, the Developer's predecessor agreed to construct 19 affordable units
and pay fees in lieu of construction for another 13 units.
G. Developer's predecessor by constructing and selling affordable units, and paying
fees in lieu thereof, has satisfied the obligations under a previous affordable housing agreement
as to 24 of the 32 units in the larger 254 -unit project. Within Phase III, Developer's predecessor
completed and sold 3 affordable units (a 3 bedroom low- income unit, a 3 bedroom very low -
income unit, and a 2 bedroom very low- income unit).
H. The previous affordable housing agreement expired, and the Project still has an
obligation to satisfy the terms of the Regulations as originally contemplated in the SDR by
producing the remaining 8 units. The Regulations were amended in 2012 to eliminate the
requirement to produce very low income units.
L Accordingly, consistent with the Regulations, Developer has proposed to pay fees
in -lieu of constructing four (4) low income and four (4) moderate income units.
J. The purpose of this Agreement is to set forth the manner by which Developer
satisfies any and all inclusionary housing obligations applicable to the Project under the
Regulations.
NOW, THEREFORE, in satisfaction of the requirements of Chapter 8.68 of the Dublin
Municipal Code, condition 98 of PC Resolution No. 03-48 and in consideration of the City's
approval of the Project, Developer and City for themselves and their respective successors and
assigns hereby agree as follows:
1. Definitions and Interpretations. Terms used in this Agreement shall be defined as
set forth in Chapter 8.68 of the Dublin Municipal Code.
2. Developer's Compliance with Affordable Housing Obligation. Consistent with its
approved alternative method of compliance with the Inclusionary Zoning Regulations, Developer
will satisfy its obligation for the remaining 8 inclusionary units by paying fees in lieu of
construction.
3. In -Lieu Fees. Developer will satisfy its obligation for eight (8) Inclusionary Units
by paying fees in -lieu of constructing said units. Accordingly, Developer will pay $107,005 per
unit, a total of $857,040 to fulfull the obligation to construct Inclusionary Units required by the
Ordinance. The entirety of the fees shall have been paid prior to the issuance of any further city
approvals for the project, such as occupency authorizations or building permits, and in no event
later than October 18, 2013.
4. Attorneys' Fees. If legal action is necessary to enforce any provisions of this
Agreement, the prevailing party shall be entitled to reasonable attorneys' fees and legal costs.
Affordable Housing Agreement
Silvera Ranch Phase III
-2-
5. Amendments. This Agreement shall be amended only by a written instrument
executed by the parties hereto or their successors in interest and duly recorded in the Official
Records of the County of Alameda, California.
In the event that Developer is unable to perform its obligations under Section 2 of this
Agreement due to significant changes in circumstances, such as unanticipated delays in
construction within the Project, the City shall confer with Developer in an effort to reach a
mutually acceptable resolution, consistent with the terms of the affordable housing conditions in
the Approvals. If an agreement is reached, this Agreement shall be amended accordingly.
Developer shall pay the City its reasonable costs, including attorneys' fees, incurred in such
negotiations and in amending this Agreement, and Developer shall, if requested by the City,
provide the City with a reasonable deposit to cover the City's reasonable costs, upon Developer
initiating such negotiations.
6. Corporate Authority. If either party is a corporation, each individual signing this
Agreement on behalf of that corporation represents and warrants that each of them is duly
authorized to execute and deliver this Agreement on behalf of the corporation and that the
Agreement is binding on the corporation in accordance with its terms.
7. Notices, Demands and Communications Between the Parties. Any and all
notices, demands or communications submitted by any Party to another Party pursuant to or as
required by this Agreement shall be proper if in writing and dispatched by messenger for
immediate personal delivery, or by registered or certified United States mail, postage prepaid,
return receipt requested, to the address of City and Developer, as applicable, as set forth below.
Such written notices, demands and communications may be sent in the same manner to such
other addresses as either Party may from time to time designate as provided in this Section. Any
such notice, demand or communication shall be deemed to be received by the addressee,
regardless of whether or when any return receipt is received by the sender or the date set forth on
such return receipt, on the day that it is dispatched by messenger for immediate personal
delivery, or two (2) calendar days after it is placed in the United States mail as heretofore
provided.
If to Developer: Rancho Silvera Venture, LLC
8226 Rinconada Ct.
Newark, CA 94560
Attention: James Wang
Phone: (510) 745 -8826
Fax No.: (240) 208 -7757
If to City: City Manager
City of Dublin
100 Civic Plaza
Dublin, CA 94568
8. Entire Agreement. This Agreement contains the entire understanding between the
parties relating to the transaction contemplated hereby, and all prior or contemporaneous
agreements, understandings, representations and statements, oral or written, are merged herein
Affordable Housing Agreement
Silvera Ranch Phase III
-3-
and shall be of no further force or effect. No provision of this Agreement may be amended,
waived, or added except by an instrument in writing signed by the Parties hereto.
9. Incorporation of Exhibits. All exhibits referred in this Agreement are
incorporated herein by reference.
10. Counterparts. This Agreement may be executed in counterparts, which when
taken together shall constitute a single signed original as though all parties had executed the
same page.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
as of the date and year first above written.
Dated:
Attest
City Clerk
Dated:
M
CITY OF DUBLIN
City Manager
RANCHO SILVERA VENTURES, LLC, a
California limited liability company
ME
James Wang
Its: Manager
Affordable Housing Agreement
Silvera Ranch Phase III
EXHIBIT 1
Property Description
The real property of the Project is currently described as follows, subject to modifications
that may occur in the future:
SEE ATTACHED DESCRIPTION ENTITLED
"To Deed Legal Description"
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
O 449
2012429098 1212412012 12:44 PM
OFFICIAL RECORDS OF ALAMEDA COUNTY
PATRICK O'CONNELL
C44JFOVk RECORDING FEE: 42.00
Rancho Silvera Ventures LLC
I II������ ��I �I('I �� I� I� �) If 1, e PG.
8226 Rinconada Ct.
1 111 Lll i rno ern
Newark, California 94560
'V
�L
MAIL TAX STATEMENTS TO:
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
O 449
2012429098 1212412012 12:44 PM
OFFICIAL RECORDS OF ALAMEDA COUNTY
PATRICK O'CONNELL
C44JFOVk RECORDING FEE: 42.00
Rancho Silvera Ventures LLC
I II������ ��I �I('I �� I� I� �) If 1, e PG.
8226 Rinconada Ct.
1 111 Lll i rno ern
Newark, California 94560
Attn: James Wang`
�L
MAIL TAX STATEMENTS TO:
SAME AS ABOVE
U (S. -F)& 07)j- (Above space for Recorder's use only)
UITCLAIM DEED
The undersigned grantor declares:
Documentary Transfer Tax not shown pursuant
to Section 11932 of the Revenue and
Taxation Code, as amended
County of Alameda, California
FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, SA
CHALLENGER, INC., a Minnesota corporation ( "Grantor ") does hereby remise, release and forever
quitclaim to RANCHO SILVERA VENTURES LLC, a California limited liability company
("Grantee") ' all of its right, title and interest, if any, in and to that certain real property in the County of
Alameda, State of California, more particularly described in Exhibit 111" attached hereto and incorporated
herein by this reference.
DATED: December 2012
SELLER:
SA CHALLENGER, INC.,
a Minnesota corporation
By: _ —..`
Sco ........o i -, Authorized Signatory
STATE OF CALIFORNIA
COUNTY OF LGS Cl(i_"Cde-S
On Deccw�r 1&j2617-2012 before me, Luo_lji 0 C' G�lqr_'
name and -title of the officer), personally appe�r_d 5�cv& e (here insert
who proved to me
on the basis of satisfactory evidence to be the person(-s-} whose name(sjare subscribed to the within
instrument and acknowledged to me that &Ahefthey executed the same in erA+&-ir authorized
capacityfies)r, and that by(h�i5 fterfthrtr-signature(*on the instrument the perslow, or the entity upon
behalf of which the person(s)-acted, executed,the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.
WITNESS my hand and official seal.
Signature
(Seal)
LLJ ILLIN GL QUAN
0 COMM. # 1969952
NOTARY PUBLIC -CALIFORNIA
LOS ANGELES COUNTY 0
COMM. EXPIRES FEB. 17,2016
EXHIBIT I
To Deed
Legal Description
The land situated in the City of Dublin, County of Alameda, State of California, and described as follows:
CONDOMINIUM COMPRISED OF:
PHASE 1:
PARCEL ONE:
UNIT 3788 LOCATED IN BUILDING COMMON AREA PARCEL 1 OF THE CONDOMINIUM
BUILDING M AS DEPICTED UPON THAT CERTAIN CONDOMINIUM PLAN (THE "PLAN ") SET
FORTH AS 'EXHIBIT A" AND AS DEFINED IN THE AMENDED AND RESTATED
DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS ( "DECLARATION ")
RECORDED APRIL 26, 2007 AS INSTRUMENT NO. 2007 - 163632 OF OFFICIAL RECORDS,
ALAMEDA COUNTY, AND ANY AMENDMENTS AND OR ANNEXATIONS THERETO, SAID
UNIT AND BUILDING BEING SITUATED UPON THAT CERTAIN PARCEL SHOWN ON THE
MAP ENTITLED "PARCEL MAP 9075 SILVERA RANCH - PHASE 3" WHICH MAP WAS FILED
IN THE OFFICE OF THE RECORDER, COUNTY OF ALAMEDA, STATE OF CALIFORNIA, ON
JULY 03, 2006 IN MAP BOOK 290, PAGES 36 THROUGH 40, INCLUSIVE.
PARCEL TWO:
AN UNDIVIDED 8.8% INTEREST IN THE BUILDING COMMON AREA PARCEL 1 OF THE
CONDOMINIUM BUILDING M IN WHICH THE CONDOMINIUM UNIT DESCRIBED IN PARCEL
ONE ABOVE IS LOCATED, AS DEFINED IN THE DECLARATION AND AS DEPICTED ON THE
PLAN.
PARCEL THREE:
THE EXCLUSIVE RIGHT TO THE USE, POSSESSION AND ENJOYMENT OF THE EXCLUSIVE
USE COMMON AREAS APPURTENANT TO PARCEL ONE ABOVE, AS DEFINED IN THE
DECLARATION AND AS DEPICTED ON THE PLAN WHICH ARE SET ASIDE AND
ALLOCATED FOR THE EXCLUSIVE USE OF THE OWNER OF THE UNIT TO WHICH THEY
ARE ATTACHED OR ASSIGNED.
IV-111
lif�Tali1
A NON - EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS, SUPPORT, USE, ENJOYMENT
AND RIGHTS OVER, UNDER, UPON AND THROUGH THE COMMON AREAS AS SHOWN ON
THE PLAN AND DEFINED IN THE DECLARATION.
PHASE 2:
PARCEL ONE:
UNITS 3713, 3725 AND 3727 LOCATED IN BUILDING COMMON AREA PARCEL 4 OF THE
CONDOMINIUM BUILDING E, AND UNITS 3685, 3687; 3689, 3691, 3693, 3695, 3697 AND 3699,
LOCATED IN BUILDING COMMON AREA PARCEL 5 OF THE CONDOMINIUM BUILDING F,
AS DEPICTED UPON THAT CERTAIN CONDOMINIUM PLAN (THE "PLAN ") SET FORTH AS
"EXHIBIT A" TO THE DECLARATION OF ANNEXATION SILVERA VILLAS -PHASE II
RECORDED OCTOBER 25, 2007 AS INSTRUMENT NO. 2007375401 OF OFFICIAL RECORDS,
AND AS DEFINED IN THE AMENDED AND RESTATED DECLARATION OF COVENANTS,
CONDITIONS AND RESTRICTIONS ( "DECLARATION ") RECORDED APRIL 26, 2007 AS
INSTRUMENT NO. 2007 - 163632 OF OFFICIAL RECORDS, ALAMEDA COUNTY, AND ANY
AMENDMENTS AND OR ANNEXATIONS THERETO, SAID UNIT AND BUILDING BEING
SITUATED UPON THAT CERTAIN PARCEL SHOWN ON THE MAP ENTITLED "PARCEL MAP
9075 SILVERA RANCH - PHASE 3" WHICH MAP WAS FILED IN THE OFFICE OF THE
RECORDER, COUNTY OF ALAMEDA, STATE OF CALIFORNIA, ON JULY 03, 2006 IN MAP
BOOK 290, PAGES 36 THROUGH 40, INCLUSIVE.
PARCEL TWO:
AN UNDIVIDED 31% INTEREST IN THE BUILDING COMMON AREA PARCEL 4 OF THE
CONDOMINIUM BUILDING E, AND AN UNDIVIDED 100% INTEREST IN THE BUILDING
COMMON AREA PARCEL 5 OF THE CONDOMINIUM BUILDING F IN WHICH THE
CONDOMINIUM UNITS DESCRIBED IN PARCEL ONE ABOVE ARE LOCATED, AS DEFINED
IN THE DECLARATION AND AS DEPICTED ON THE PLAN.
PARCEL THREE:
THE EXCLUSIVE RIGHT TO THE USE, POSSESSION AND ENJOYMENT OF THE EXCLUSIVE
USE COMMON AREAS APPURTENANT TO PARCEL ONE ABOVE, AS DEFINED IN THE
DECLARATION AND AS DEPICTED ON THE PLAN WHICH ARE SET ASIDE AND
ALLOCATED FOR THE EXCLUSIVE USE OF THE OWNER OF THE UNIT TO WHICH THEY
ARE ATTACHED OR ASSIGNED.
PARCEL FOUR:
A NON - EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS, SUPPORT, USE, ENJOYMENT
AND RIGHTS OVER, UNDER, UPON AND THROUGH THE COMMON AREAS AS SHOWN ON
THE PLAN AND DEFINED IN THE DECLARATION.
PHASE 3:
PARCEL ONE:
UNITS 3742 AND 3744 LOCATED IN BUILDING COMMON AREA PARCEL 6 OF THE
CONDOMINIUM BUILDING L, AND UNITS 3684, 3686, 3696 AND 3698 LOCATED IN BUILDING
COMMON AREA PARCEL 7 OF THE CONDOMINIUM BUILDING K, AS DEPICTED UPON
THAT CERTAIN CONDOMINIUM PLAN (THE "PLAN ") SET FORTH AS "EXHIBIT A" TO THE
DECLARATION OF ANNEXATION SILVERA VILLAS -PHASE III RECORDED OCTOBER 25,
2007 AS INSTRUMENT NO. 2007375402 OF OFFICIAL RECORDS, AND AS DEFINED IN THE
AMENDED AND RESTATED DECLARATION OF COVENANTS, CONDITIONS AND
RESTRICTIONS ('DECLARATION ") RECORDED APRIL 26, 2007 AS INSTRUMENT NO. 2007-
163632 OF OFFICIAL RECORDS, ALAMEDA COUNTY, AND ANY AMENDMENTS AND OR
ANNEXATIONS THERETO, SAID UNIT AND BUILDING BEING SITUATED UPON THAT
CERTAIN PARCEL SHOWN ON THE MAP ENTITLED "PARCEL MAP 9075 SILVERA RANCH -
PHASE 3" WHICH MAP WAS FILED IN THE OFFICE OF THE RECORDER, COUNTY OF
ALAMEDA, STATE OF CALIFORNIA, ON JULY 03, 2006 IN MAP BOOK 290, PAGES 36
THROUGH 40, INCLUSIVE.
PARCEL TWO:
AN UNDIVIDED 19.9% INTEREST IN THE BUILDING COMMON AREA PARCEL 6 OF THE
CONDOMINIUM BUILDING L AND AN UNDIVIDED 39.8% INTEREST IN THE BUILDING
COMMON AREA PARCEL 7 OF THE CONDOMINIUM BUILDING K IN WHICH THE
CONDOMINIUM UNITS DESCRIBED IN PARCEL ONE ABOVE ARE LOCATED, AS DEFINED
IN THE DECLARATION AND AS DEPICTED ON THE PLAN.
THE EXCLUSIVE RIGHT TO THE USE, POSSESSION AND ENJOYMENT OF THE EXCLUSIVE
USE COMMON AREAS APPURTENANT TO PARCEL ONE ABOVE, AS DEFINED IN THE
DECLARATION AND AS DEPICTED ON THE .PLAN WHICH ARE SET ASIDE AND
ALLOCATED FOR THE EXCLUSIVE USE OF THE OWNER OF THE UNIT TO WHICH THEY
ARE ATTACHED OR ASSIGNED.
PARCEL FOUR:
A NON - EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS, SUPPORT, USE, ENJOYMENT
AND RIGHTS OVER, UNDER, UPON AND THROUGH THE COMMON AREAS AS SHOWN ON
THE PLAN AND DEFINED IN THE DECLARATION.
PHASE 4:
PARCEL ONE:
UNITS 3663, 3665, 3667, 3669, 3671, 3673, 3675 AND 3677 LOCATED IN BUILDING COMMON
AREA PARCEL 10 OF THE CONDOMINIUM BUILDING G; UNITS 3647, 3649, 3651, 3653, 3655
AND 3657, LOCATED IN BUILDING COMMON AREA PARCEL I I OF THE CONDOMINIUM
BUILDING H; UNITS 3640, 3642, 3644, 3646, 3648, 3650, 3652 AND 3654, LOCATED IN
BUILDING COMMON AREA PARCEL 9 OF THE CONDOMINIUM BUILDING I; AND UNITS
3662, 3664, 3666, 3668, 3670, 3672, 3674 AND 3676, LOCATED IN BUILDING COMMON AREA
PARCEL 8 OF THE CONDOMINIUM BUILDING J, AS DEPICTED UPON THAT CERTAIN
CONDOMINIUM PLAN (THE "PLAN') SET FORTH AS "EXHIBIT A" TO THE DECLARATION
OF ANNEXATION SILVERA VILLAS -PHASE IV RECORDED OCTOBER 25, 2007 AS
INSTRUMENT NO. 2007375403 OF OFFICIAL RECORDS, AND AS DEFINED IN THE AMENDED
AND RESTATED DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS
( "DECLARATION') RECORDED APRIL 26, 2007 AS INSTRUMENT NO. 2007 - 163632 OF
OFFICIAL RECORDS, . ALAMEDA COUNTY, AND ANY AMENDMENTS AND OR
ANNEXATIONS THERETO, SAID UNIT AND BUILDING BEING SITUATED UPON THAT
CERTAIN PARCEL SHOWN ON THE MAP ENTITLED "PARCEL MAP 9075 SILVERA RANCH -
PHASE 3" WHICH MAP WAS FILED IN THE OFFICE OF THE RECORDER, COUNTY OF
ALAMEDA, STATE OF CALIFORNIA, ON JULY 03, 2006 IN MAP BOOK 290, PAGES 36
THROUGH 40, INCLUSIVE.
PARCEL TWO:
AN UNDIVIDED 100% INTEREST IN THE BUILDING COMMON AREA PARCEL 10 OF THE
CONDOMINIUM BUILDING G; AN UNDIVIDED 100% INTEREST IN THE BUILDING COMMON
AREA PARCEL I 1 OF THE CONDOMINIUM BUILDING H; AN UNDIVIDED 1.00% INTEREST IN
THE BUILDING COMMON AREA PARCEL 9 OF THE CONDOMINIUM BUILDING I; AND AN
UNDIVIDED 100% INTEREST IN THE BUILDING COMMON AREA PARCEL 8 OF THE
CONDOMINIUM BUILDING J, IN WHICH THE CONDOMINIUM UNITS DESCRIBED IN
PARCEL ONE ABOVE ARE LOCATED, AS DEFINED IN THE. DECLARATION AND AS
DEPICTED ON THE PLAN.
PARCEL THREE:
THE EXCLUSIVE RIGHT TO THE USE, POSSESSION AND ENJOYMENT OF THE EXCLUSIVE
USE COMMON AREAS APPURTENANT TO PARCEL ONE ABOVE, AS DEFINED IN THE
DECLARATION AND AS DEPICTED ON THE PLAN WHICH ARE SET ASIDE AND
ALLOCATED FOR THE EXCLUSIVE USE OF THE OWNER OF THE UNIT TO WHICH THEY
ARE ATTACHED OR ASSIGNED.
PARCEL FOUR:
A NON - EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS, SUPPORT, USE, ENJOYMENT
AND RIGHTS OVER, UNDER, UPON AND THROUGH THE COMMON AREAS AS SHOWN ON
THE PLAN AND DEFINED IN THE DECLARATION.
ASSOCIATION COMMON AREA PARCEL FOR PHASE IV (ACAP4) AS SHOWN AS EXHIBIT "1"
IN THE DECLARATION OF ANNEXATION SILVERA VILLAS -PHASE IV RECORDED
OCTOBER 25, 2007, AS INSTRUMENT NO. 2007375403 OF OFFICIAL RECORDS, AND AS
DEFINED IN THE AMENDED AND RESTATED SILVERA VILLAS ASSOCIATION ENABLING
DECLARATION ESTABLISHING A PLAN FOR CONDOMINIUM OWNERSHIP, RECORDED
APRIL 26, 2007 AS INSTRUMENT NO. 2007- 163632 OF OFFICIAL RECORDS, ALAMEDA
COUNTY, AND ANY. AMENDMENTS AND OR ANNEXATIONS THERETO, BEING SITUATED
UPON THAT CERTAIN PARCEL SHOWN ON THE MAP ENTITLED "PARCEL MAP 9075
SILVERA RANCH -PHASE 3" WHICH MAP WAS FILED IN THE OFFICE OF THE RECORDER,
COUNTY OF ALAMEDA, STATE OF CALIFORNIA, ON JULY 03, 2006 IN MAP BOOK 290,
PAGES 36 THROUGH 40, INCLUSIVE.
f.��.�
PARCEL ONE:
UNITS 3819, 3821, 3823, 3825, 3827 AND 3829, LOCATED IN BUILDING COMMON AREA
PARCEL 13 OF THE CONDOMINIUM BUILDING A; UNITS 3803, 3805, 3807; 3809, 3811 AND
3813, LOCATED IN BUILDING COMMON AREA PARCEL 12 OF THE CONDOMINIUM
BUILDING B; AND UNITS 3804, 3806, 3808 AND 3810 LOCATED IN BUILDING COMMON
AREA PARCEL 14 OF THE CONDOMINIUM BUILDING N, AS DEPICTED UPON THAT
CERTAIN CONDOMINIUM PLAN (THE "PLAN ") SET FORTH AS 'EXHIBIT A" TO THE
DECLARATION OF ANNEXATION SILVERA VILLAS -PHASE 5 RECORDED APRIL 26, 2007 AS
INSTRUMENT NO. 2007163634 OF OFFICIAL RECORDS, AND AS DEFINED IN THE AMENDED
AND RESTATED DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS
( "DECLARATION') RECORDED APRIL 26, 2007 AS INSTRUMENT NO. 2007- 163632 OF
OFFICIAL RECORDS, ALAMEDA COUNTY, AND ANY AMENDMENTS AND OR
ANNEXATIONS THERETO, SAID UNIT AND BUILDING BEING SITUATED UPON THAT
CERTAIN PARCEL SHOWN ON THE MAP ENTITLED "PARCEL MAP 9075 SILVERA RANCH -
PHASE 3" WHICH MAP WAS FILED IN THE OFFICE OF THE RECORDER, COUNTY OF
ALAMEDA, STATE OF CALIFORNIA, ON JULY 03, 2006 IN MAP BOOK 290, PAGES 36
THROUGH 40, INCLUSIVE.
PARCEL TWO:
AN UNDIVIDED 100% INTEREST IN THE BUILDING COMMON AREA PARCEL 13 OF THE
CONDOMINIUM BUILDING A; AN UNDIVIDED 100% INTEREST IN THE BUILDING COMMON
AREA PARCEL 12 OF THE CONDOMINIUM BUILDING B; AND AN UNDIVIDED 50%
INTEREST IN THE BUILDING COMMON AREA PARCEL 14 OF THE CONDOMINIUM
BUILDING N, IN WHICH THE CONDOMINIUM UNITS DESCRIBED IN PARCEL ONE ABOVE
ARE LOCATED, AS DEFINED IN THE DECLARATION AND AS DEPICTED ON THE PLAN.
PARCEL THREE:
THE EXCLUSIVE RIGHT TO THE USE, POSSESSION AND ENJOYMENT OF THE EXCLUSIVE
USE COMMON AREAS APPURTENANT TO PARCEL ONE ABOVE, AS DEFINED IN THE
DECLARATION AND AS DEPICTED ON THE PLAN WHICH ARE SET ASIDE AND
ALLOCATED FOR THE EXCLUSIVE USE OF THE OWNER OF THE UNIT TO WHICH THEY
ARE ATTACHED OR ASSIGNED.
PARCEL FOUR:
A NON - EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS, SUPPORT, USE, ENJOYMENT
AND RIGHTS OVER, UNDER, UPON AND THROUGH THE COMMON AREAS AS SHOWN ON
THE PLAN AND DEFINED IN THE DECLARATION.
PARCEL FIVE:
ASSOCIATION COMMON AREA PARCEL FOR PHASE V (ACAP5) AS SHOWN AS EXHIBIT "A"
IN THE DECLARATION OF ANNEXATION SILVERA VILLAS -PHASE V RECORDED APRIL 26,
2007 AS INSTRUMENT NO. 2007163634 OF OFFICIAL RECORDS, AND AS DEFINED IN THE
AMENDED AND RESTATED SILVERA VILLAS HOMEOWNERS ASSOCIATION ENABLING
DECLARATION ESTABLISHING A PLAN FOR CONDOMINIUM OWNERSHIP, RECORDED
APRIL 26, 2007 AS INSTRUMENT NO. 2007 - 163632 OF OFFICIAL RECORDS, ALAMEDA
COUNTY, AND ANY AMENDMENTS AND OR ANNEXATIONS THERETO, BEING SITUATED
UPON THAT CERTAIN PARCEL SHOWN ON THE MAP ENTITLED "PARCEL MAP 9075
SILVERA RANCH -PHASE 3" WHICH MAP WAS FILED IN THE OFFICE OF THE RECORDER,
COUNTY OF ALAMEDA, STATE OF CALIFORNIA, ON JULY 03, 2006 IN MAP BOOK 290,
PAGES 36 THROUGH 40, INCLUSIVE.
IV
PARCEL ONE:
UNITS 3812, 3814, 3816 AND 3818 LOCATED IN BUILDING COMMON AREA PARCEL 14 OF
THE CONDOMINIUM BUILDING N, AS DEPICTED UPON TIIAT CERTAIN CONDOMINIUM
PLAN (THE "PLAN'), RECORDED APRIL 26, 2007 AS INSTRUMENT NO. 2007 - 163634, AS
DEFINED IN . THE AMENDED AND RESTATED DECLARATION OF COVENANTS,
CONDITIONS AND RESTRICTIONS ( "DECLARATION') RECORDED APRIL 26, 2007 AS
INSTRUMENT NO. 2007 - 163632, ALL OF OFFICIAL RECORDS, ALAMEDA COUNTY, AND
ANY AMENDMENTS AND OR ANNEXATIONS THERETO, SAID UNIT AND BUILDING BEING
SITUATED UPON THAT CERTAIN PARCEL SHOWN ON THE MAP ENTITLED "PARCEL MAP
9075 SILVERA RANCH - PHASE 3" WHICH MAP WAS FILED IN THE OFFICE OF THE
RECORDER, COUNTY OF ALAMEDA, STATE OF CALIFORNIA, ON JULY 3, 2006, IN MAP
BOOK 290, PAGES 36 THROUGH 40, INCLUSIVE.
PARCEL TWO:
AN UNDIVIDED 50% INTEREST IN THE BUILDING COMMON AREA PARCEL 14 OF THE
CONDOMINIUM BUILDING N, IN WHICH THE CONDOMINIUM UNIT DESCRIBED IN PARCEL
ONE ABOVE IS LOCATED, AS DEFINED IN THE DECLARATION AND AS DEPICTED ON THE
PLAN.
EXCEPTING THEREFROM AND RESERVING THE FOLLOWING
1. ALL THE CONDOMINIUM UNITS DEPICTED ON THE PLAN AND DEFINED IN THE
DECLARATION OTHER THAN THE UNIT DESCRIBED IN PARCEL ONE ABOVE.
2. THE EXCLUSIVE RIGHT TO THE USE, POSSESSION AND ENJOYMENT OF THE
EXCLUSIVE USE COMMON AREAS AS DEFINED IN THE DECLARATION AND /OR DEPICTED
ON THE PLAN WHICH ARE SET ASIDE AND ALLOCATED FOR THE EXCLUSIVE USE OF THE
OWNERS OF CONDOMINIUMS OTHER THAN THE CONDOMINIUM UNIT DESCRIBED IN
PARCEL ONE ABOVE.
3. NON - EXCLUSIVE EASEMENTS FOR INGRESS, EGRESS, SUPPORT, USE, ENJOYMENT AND
RIGHTS OVER, UNDER UPON AND THROUGH THE COMMON AREAS APPURTENANT TO
ALL UNITS AS SAID EASEMENTS AND RIGHTS ARE DEFINED IN THE DECLARATION.
PARCEL THREE:
THE EXCLUSIVE RIGHT TO THE USE, POSSESSION AND ENJOYMENT OF THE EXCLUSIVE
USE COMMON AREAS APPURTENANT TO PARCEL ONE ABOVE, AS DEFINED IN THE
DECLARATION AND AS DEPICTED ON THE PLAN WHICH ARE SET ASIDE AND
ALLOCATED FOR THE EXCLUSIVE USE OF THE OWNER OF THE UNIT TO WHICH THEY
ARE ATTACHED OR ASSIGNED.
PARCEL FOUR:
A NON - EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS, SUPPORT, USE, ENJOYMENT
AND RIGHTS OVER, UNDER, UPON AND THROUGH THE COMMON AREAS AS SHOWN ON
THE PLAN AND DEFINED IN THE DECLARATION.
OXK 3l i
3657
985 -0057 -099
3640
985 -0057 -100
3642
985 - 0057 -101
3644
985 -0057 -102
3646
985 - 0057 -103
3648
985- 0057 -104
3650
985 -0057 -105
3652
985 - 0057 -106
3654
985 - 0057 -107
3662
985- 0057 -108
3664
985 - 0057 -109
3666
985- 0057 -110
3668
985 -0057 -111
3670
985 - 0057 -112
3672
985 - 0057 -113
3674
985 - 0057 -114
3676
985 -0057 -115
3812
985 - 0057 -047
3814
985 -0057 -048
3816
985 - 0057 -049
3818
985 -0057 -050