Loading...
09-143 Senior Housing Solutions Rehab RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Cupertino Community Development Department 10300 Torre Avenue Cupertino, CA 95014-3255 Attn: Senior Planner No fee for recording pursuant to Government Code Section 27383 APN:369-OS-035 REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS (Senior Housing Solutions Rehab, 19953 Price Ave., Cupertino, CA 95014) This Regulatory Agreement and Declaration of Restrictive Covenants (the "Agreement") is made and entered into as of this 25 day of August 2009, by and between the City of Cupertino, a municipal corporation (the "City") and Senior Housing Solutions, a California nonprofit public benefit corporation (the "Borrower"). RECITALS A. The City and the Borrower have entered into a Loan Agreement pursuant to which the City will provide a loan (the "Loan") to the Borrower to acquire that certain real property located in the City of Cupertino, California as more particularly described in Exhibit A attached hereto (the "Property"), which the Borrower intends to rehabilitate to provide senior congregate housing for up to five (5) very low inc~~me individuals (the "Project"). Capitalized terms used but not defined in this Agreement shall. have the meanings set forth in the Loan Agreement (as defined below). B. The Project will consist of a single family home with five units of affordable housing each being occupied by one (1) very :low income household and/or individual (the "Tenant"). The Project will be available to households and individuals 60 years of age and older in need of affordable senior housing. C. The Loan is funded with Community Development Block Grant funds, received by the City from HUD pursuant to Title I of the Housing and Community Development Act of 1974 (42 USC 5301, et sec .). D. The City has agreed to make the Loan to the Borrower on the condition that the Project be maintained and operated in accordance with restrictions concerning affordability, operation, and maintenance of the Project, as specified in this Agreement and the Loan Agreement. 394\Ol\667428.1 3/13/2009 E In order to ensure that the entire Project will be used and operated in accordance with these conditions and restrictions, the City and the Borrower desire to enter into this Agreement. NOW THEREFORE, in consideration of the recitals, hereof, and other mutual covenants and promises contained herein and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City and the Borrower hereby agree as follows. ARTICLE 1 DEFINITIONS 1.1 Definitions When used in this Agreement, the following terms shall have the respective meanings assigned to them in this Article 1. (a) "Actual Household Size" shall mean the actual number of persons in the applicable household. (b) "Adjusted Income" shall mean the total anticipated annual income of all persons in a household, as calculated in accordance with 25 California Code of Regulations Section 6914 or pursuant to a successor State housing program that utilizes a reasonably similar method of calculation of adjusted income. In the event that no such program exists, the City shall provide the Borrower with a reasonably similar method of calculation of adjusted income as provided in said Section 6914. (c) "Agreement" shall mean thi;> Regulatory Agreement and Declaration of Restrictive Covenants. (d) "Assumed Household Size" shall mean a household containing one (1) or more family members. (e) "Borrower" shall mean the Senior Housing Solutions, a California nonprofit benefit corporation and its successors an~i assigns to the Project. (f) "City" shall mean the City of Cupertino, a municipal corporation. (g) "City Assisted Units" shall mean the Units which, pursuant to Section 2.1(a) below, are required to be occupied by, or if ~racant available for occupancy by, Very-Low Income Households. (h) "CDBG" shall mean the Community Development Block Grant Program, operated pursuant to Title I of the Housing and Community Development Act of 1974 (42 USC 5301, et sec .). (i) "Deed of Trust" shall mean ~:he deed of trust to the City on the Property which secures repayment of the Loan and the performance of the Loan Agreement and this Agreement. 2 394\01 \667428.1 3/13/2009 (j) "Project" shall have the meaning set forth in Recital A above. (k) "Loan" shall mean all funds loaned to the Borrower by the City pursuant to the Loan Agreement. (1) "Loan Agreement" shall mean the Loan Agreement entered into by and between the City and the Borrower, dated as of August ~ 2009. (m) "Median Income" shall mean the median gross yearly income, adjusted for Actual Household Size or Assumed Household Si~:e as specified herein, in the County of Santa Clara, California, as published from time to time by the United States Department of Housing and Urban Development ("HUD") and the State of~ California. In the event that such income determinations are no longer published, or are not updated for a period of at least eighteen (18) months, the City shall provide the Borrower with other income determinations which are reasonably similar with respect to methods of calc~zlation to those previously published by HUD and the State. (n) "Note" shall mean the promissory note from the Borrower to the City evidencing all or any part of the Loan. (o) "Property" shall mean the real property described in Exhibit A attached hereto and incorporated herein. (p) "Rent" shall mean the total of monthly payments by the Tenant of an Unit for the following: use and occupancy of the Unit z~nd land and associated facilities, including parking; any separately charged fees or service ch~irges assessed by the Borrower which are required of all Tenants, other than security deposit;; an allowance for the cost of an adequate level of service for utilities paid by the Tenant, including garbage collection, sewer, water, electricity, gas and other heating, cooking and refr~.geration fuel, but not telephone service or cable TV; and any other interest, taxes, fees or charges for use of the land or associated facilities and assessed by a public or private entity other than the Borrower, and paid by the Tenant. (q) "Tenant" shall mean a household occupying a Unit. (r) "Term" shall mean the term of this Agreement, which shall commence on the date of this Agreement and shall continue until the fifty-fifth (55th) anniversary date of this Agreement, or such later date in the event the City and Borrower agree to extend such term. (s) "Unit" shall mean one of they five (5) bedrooms rooms in the Project. (t) "Very-Low Income Househ~~ld" shall mean a household with an Adjusted Income that does not exceed the qualifying limits for very low income households, as established and amended from time to time pursuant to Section 8 of the United States Housing Act of 1937, 394\0l \667428.1 3/13/2009 and as published by the State of California Departlnent of Housing and Community Development. (u) "Very-Low Income Rent" shall mean the maximum allowable rent for Very-Low Income Unit pursuant to Section 2.2(a) below. ARTICLE 2 AFFORDABILITY AND OCCUPANCY COVENANTS 2.1 Occupancy Requirements. (a) City Assisted Units. All of the Units shall be rented to and occupied by or, if vacant, available for occupancy by Very-Low Income Households. 2.2 Allowable Rent (a) Very-Low Income Rent. Su~.bject to the provisions of Section 2.3 below, the Rent (including utility allowance) charged to Tenants of the City Assisted Units shall not exceed the lesser of (1)one-twelfth (1/12) of thirty percent (30%) of fifty percent (50%) of Median Income, adjusted for Assumed Household Size or (2) the rent established by HUD for Very-Low Income Households, adjusted for Assumed Household Size. (b) Cit~Approval of Rents. Initial rents for all City Assisted Units shall be approved by the City prior to occupancy. All rent increases shall also be subject to City approval. The City shall provide the Borrower with a schedule of maximum permissible rents for the City Assisted Units annually. 2.3 Increased Income of Tenants (a) Non-Qualifying Household. If, upon recertification of the income of a Tenant of a Very-Low Income Unit, the Borrower determines that a former Very-Low Income Household's Adjusted Income has increased and exceeds the qualifying income for a Very Low Income Household as set forth in Section 1.1(t), such Tenant shall be permitted to continue to occupy the Unit and, then, upon expiration of the Tenant's lease; (1) Such Tenant's Rent shall be increased to one-twelfth (1/121h) of thirty percent (30%) of the actual Adjusted Income of the Tenant upon sixty (60) days' written notice to Tenant; (2) If the Tenant previously occupied aVery-Low Income Unit, the next available Unit shall be rented to a Very-Low Income Household in order to comply with Section 2.1(a) above; 4 394\01\667428.1 3/13/2009 (b) Termination of Occupancy. Upon termination of occupancy of a Unit by a Tenant, such Unit shall be deemed to be continuously occupied by a household of the same income level (e.g., Very-Low Income Household) as the initial income level of the vacating Tenant, until such Unit is reoccupied, at which time the income character of the Unit (e.g., Very- Low Income Unit) shall be redetermined. ARTICLE 3 INCOME CERTIFICATION AND REPORTING 3.1 Income Certification. The Borrower will obtain, complete and m~iintain on file, immediately prior to initial occupancy and annually thereafter, income certifications from each Tenant renting any of the Units. The Borrower shall make a good faith effort to verify that the income provided by an applicant or occupying household in an income certification is accurate by taking two or more of the following steps as a part of the verification pro~~ess: (a) obtain a pay stub for the most recent pay period; (b) obtain an income tax return for the most recent tax year; (c) conduct a credit agency or similar search; (d) obtain an income verification form from the applicant's current employer; (e) obtain an income verification form from the Social Security Administration and/or the California Department of Social Services if the applicant receives assistance from either of such agencies; or (f) if the applicant is unemployed and has no such tax return, obtain another form of independent verification. Copies of Tenant income certifications shall be available to the City upon request. 3.2 Annual Report to the City_ The Borrower shall submit to the City (a) not later than the sixtieth (60th) day after the close of each calendar year, or such other date as may be requested by the City , a statistical report, including income and rent data for the Very Low Income Household Units, setting forth the information called for therein, and (b) within fifteen (15) days after receipt of a written request, any other information or completed forms requested by the City in order to comply with reporting requirements of the United States Department of Housing and Urban Development or the State of California. 3.3 Additional Information. The Borrower shall provide any additional information reasonably requested by the City to the City, as applicable. The City shall have the right to examine and make copies of all books, records or other documents of the Borrower which pertain to the Project. 3.4 Records. The Borrower shall maintain complete, accurate and current records pertaining to the Development, and shall permit any duly authorized representative of the City to inspect records, 5 394\O1\667428.1 3/13/2009 including records pertaining to income of Tenants. All Tenant lists, applications and waiting lists relating to the Project shall at all times be kept separate and identifiable from any other business of the Borrower and shall be maintained ~ls required by the City, in a reasonable condition for proper audit and subject to examination during business hours by representatives of the City. The Borrower shall retain copies of all rrlaterials obtained or produced with respect to occupancy of the Units for a period of at least five (5) years. The Borrower is subject to the audit requirements set forth in 24 C.F.R. 570.502. 3.5 On-site Inspection. The City shall each have the right to perform an on-site inspection of the Project at least one time per year. The Borrower agrees to cooper;~te in such inspection. ARTICLE 4 OPERATION OF THE PROJECT 4.1 Use of the Development. The Project shall be operated as a transactional housing project consisting of four (4) two to three bedroom apartment units, with approximately nine (9) bedrooms, with each bedroom occupied by a Tenant. 4.2 Compliance with Loan Agreement. Borrower shall comply with all the terms alid provisions of the Loan Agreement. 4.3 Taxes and Assessments. Borrower shall pay all real and personal property taxes, assessments and charges and all franchise, income, employment, old age benefit, withholding, sales, and other taxes assessed against it, or payable by it, at such times and in such manner as to prevent any penalty from accruing, or any line or charge from attaching to the Property; provided, however, that Borrower shall have the right to contest in good faith, any su~~h taxes, assessments, or charges. In the event Borrower exercises its right to contest any tax, assessment, or charge against it, Borrower, on final determination of the proceeding or contest, shall immediately pay or discharge any decision or judgment rendered against it, together with all cysts, charges and interest. ARTICLE 5 PROPERTY MANAGEMENT AND MAINTENANCE 5.1 Management Responsibilities. The Borrower is responsible for all management functions with respect to the Project, including without limitation the selection of tenants, certification and recertification of household size and income, evictions, collection of rents and deposits, maintenance, landscaping, routine and extraordinary repairs, replacement of capital items, and security. The City shall have no responsibility over management of the Project. The Borrower shall retain a professional property management company approved by the City in its reasonable discretion to perform its 6 394\01 \667428.1 3/13/2009 management duties hereunder, unless the City approves self-management by the Borrower. A resident manager shall also be required. 5.2 Management Agent; Periodic Reports. Unless the City approves self management by the Borrower, the Project shall at all times be managed by an experienced management agent reasonably acceptable to the City, with demonstrated ability to operate residential facilitie;~ like the Project in a manner that will provide decent, safe, and sanitary housing (as approved, th~~ "Management Agent"). The Borrower shall submit for the City's approval the identity of any proposed Management Agent. The Borrower shall also submit such additional information about the background, experience and financial condition of any proposed Management Agent as is reasonably necessary for the City to determine whether the proposed Management Agent meets the standard for a qualified Management Agent set forth above. If the proposed Management Agent meets the standard for a qualified Management Agent set forth above, the City shall approve the proposed Management Agent by notifying the Borrower in writing. Unle:;s the proposed Management Agent is disapproved by the City within thirty (30) days, w}iich disapproval shall state with reasonable specificity the basis for disapproval, it shall be deemed approved. The City approves Borrower as the initial Management Agent for the Development. 5.3 Performance Review. The City reserve the right to conduct an amiual (or more frequently, if deemed necessary by the City) review of the management practices and financial status of the Project. The purpose of each periodic review will be to enable the City to determine if the Project is being operated and managed in accordance with the requirements and standards of this Agreement. The Borrower shall cooperate with the City in such reviews. 5.4 Replacement of Management A eg_nt_ If, as a result of a periodic review, the City determines in its reasonable judgment that the Project is not being operated and managed in accordance with any of the material requirements and standards of this Agreement, the City shall deliver notice to Borrower of its intention to cause replacement of the Management Agent, or, if the Project is being self-managed, to cause the Borrower to retain a Management Agent, including the reasons therefor. Within fifteen (15) days of receipt by Borrower of such written notice,, City staff, as applicable, and the Borrower shall meet in good faith to consider methods for improving the financial and operating status of the Project, including, without limitation, replacement of the Management Agent. If, after such meeting, City staff, as applicable, recommends in writing the replacement of the Management Agent, Borrower shall promptly dismiss the then Management Agent, or cease self-management if the Project is self-managed and shall appoint as the Management Agent a person or entity meeting the standards for a Management Agent set forth in Section 5.2 above and approved by the City pursuant to Section 5.2 above. Any contract for the operation or management of the Project entered into by Borrower shall provide that the contract can be terminated as set forth above. Failure to remove the Management Agent or to appoint a Management Agent instead of self-management in 7 394\O1\667428.1 3/13/2009 accordance with the provisions of this Section shall constitute default under this Agreement, and the City may enforce this provision through legal proceedings as specified in Section 6.8. 5.5 Approval of Management Policies. The Borrower shall submit its written man~lgement policies with respect to the Project to the City for its review, and shall amend such policies in any way necessary to ensure that such policies comply with the provisions of this Agreement. 5.6 Property Maintenance. The Borrower agrees, for the entire Term of this Agreement, to maintain all interior and exterior improvements, including landscaping, on -the Property in good condition and repair (and, as to landscaping, in a healthy condition) and in accordance with all applicable laws, rules, ordinances, orders and regulations of all federal, state, City, municipal, and other governmental agencies and bodies having or claiming jurisdictio~~ and all their respective departments, bureaus, and officials. The Borrower shall make all repairs and replacements necessary to keep the improvements in good condition and repair. ARTICLE 6 MISCELLANEOUS 6.1 Lease Provisions. The Borrower shall use a form of Tenant lease approved by the City. The form of Tenant lease shall also comply with all requirements of this Agreement and the Loan Agreement, and shall, include the following provisions for the City Assisted Units: (a) provide for termination of the lease and consent by the Tenant to immediate eviction for failure: (1) to provide any information required under this Agreement or reasonably requested by the Borrower to establish or recertify the Tenant's qualification, or the qualification of the Tenant's, for occupancy in the :Project in accordance with the standards set forth in this Agreement, or (2) to qualify as a Very-Low Income Household, as a result of any material misrepresentation made by such Tenant v~~ith respect to the income computation or certification; and (b) be for an initial term of not less than one (1) year, and provide for no Rent increase during such year. After the initial year of tenancy, such lease may be month to month by mutual agreement of the Borrower and the Ter.~ant, however the Rent may not be raised more often than once a year. The Borrower will provides each Tenant at least sixty (60) days' written notice of any increase in Rent applicable to such ~''enant, and with such further notice as may be required by Section 2.3 above. (c) provide that any termination of a lease or refusal by the Borrower to renew must be in conformance with 24 CFR 574.310(e), :rnd must be preceded by no less than sixty (60) days written notice to the tenant by the Borrower specifying the grounds for the action. 394\O1\667428.1 3/13/2009 6.2 Nondiscrimination. All of the Units shall be available for occupancy on a continuous basis to members of the general public who are homeless and income eligible. The Borrower shall not give preference to any particular class or group of persons in renting ~or selling the Units, or any part of the Project except to the extent that the Units are required to be leased to Very-Low Income Households. There shall be no discrimination against or segreg~ltion of any person or group of persons, on account of race, color, creed, religion, sex, sexual ~~rientation, marital status, national origin, source of income (e.g., SSI), age, ancestry, or disability, in the leasing, subleasing, transferring, use, occupancy, tenure, or enjoyment of any Unit or in the use or enjoyment of the Development, nor shall the Borrower or any person claiming under or through the Borrower, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy, of tenants, le:~sees, sublessees, subtenants, or vendees of any Unit or any part of the Project or in connectior- with the employment of persons for the construction, operation and management of any Project. 6.3 Section 8 Certificate Holders. The Borrower will accept as Tenants, on the same basis as all other prospective Tenants, persons who are recipients of federal certificates for rent subsidies pursuant to the existing housing program under Section 8 of the United Suites Housing Act, or its successor. The Borrower shall not apply selection criteria to Secti~~n 8 certificate or voucher holders that are more burdensome than criteria applied to all other prospective Tenants, nor shall the Borrower apply or permit the application of management policies or lease provisions with respect to the Project which have the effect of precluding occupancy of Units by such prospective Tenants. 6.4 Term. The provisions of this Agreement shall apply to the Property for the entire Term even if the Loan is paid in full prior to the end of the Term. This Agreement shall bind any successor, heir or assign of the Borrower, whether a change ili interest occurs voluntarily or involuntarily, by operation of law or otherwise, except as expres:~ly released by the City. The City makes the Loan on the condition, and in consideration of, this; provision, and would not do so otherwise. 6.5 Compliance with Loan Agreement ;end Program Requirements. Borrower's actions with respect to the Property shall at all times be in full conformity with: (i) all requirements of the Loan Agreement; and (ii) all requirements imposed on projects assisted under the CDBG Program as contained in 42 USC 5301 et sec ., 24 CFR Part 570, and other implementing rules and regulations. 6.6 Notice of Expiration of Term. At least six (6) months prior to the expirati~~n of the Term the Borrower shall provide by first-class mail, postage prepaid, a notice to all Tenants in City Assisted Units containing (a) the 9 394\01 \667428.1 3/13/2009 anticipated date of the expiration of the Term, (b) piny anticipated Rent increase upon the expiration of the Term, (c) a statement that a copy of such notice will be sent to the City, and (d) a statement that a public hearing may be held by tree City on the issue and that the Tenant will receive notice of the hearing at least fifteen (15) d~lys in advance of any such hearing. The Borrower shall also file a copy of the above-described notice with the Senior Planner of the City. In addition Borrower shall comply with the requirements set forth in California Government Code Sections 65863.10 and 65863.11. 6.7 Covenants to Run With the Land. The City and the Borrower hereby declare their express intent that the covenants and restrictions set forth in this Agreement shall run with the land, and shall bind all successors in title to the Property, provided, however, that on the; expiration of the Term of this Agreement said covenants and restrictions shall expire. Each ;end every contract, deed or other instrument hereafter executed covering or conveying the Property or any portion thereof, shall be held conclusively to have been executed, delivered and accepted subject to such covenants and restrictions, regardless of whether such covenants ~~r restrictions are set forth in such contract, deed or other instrument, unless the City expressly release such conveyed portion of the Property from the requirements of this Agreement. 6.8 Enforcement by the City. If the Borrower fails to perform any obligation under this Agreement, and fails to cure the default within thirty (30) days after the City has notified the Borrower in writing of the default or, if the default cannot be cured within thirty (30) days, failed to commence to cure within thirty (30) days and thereafter diligently pursue such cure and complete such cure within ninety (90) days, the City shall have the right to enforce this Agreement by any or all of the following actions, or any other remedy provided by law: (a) Calling the Loan. The City may declare a default under the Note, accelerate the indebtedness evidenced by the Note. and with respect to the Loan proceed with foreclosure under the Deed of Trust. (b) Action to Compel Performance or for Damages. The City may bring an action at law or in equity to compel the Borrower's performance of its obligations under this Agreement, and/or for damages. (c) Remedies Provided Under Loan Agreement. The City may exercise any other remedy provided under the Loan Agreement. 6.9 Attorneys Fees and Costs. In any action brought to enforce this Agreement, the prevailing party shall be entitled to all costs and expenses of suit, including attorneys' fees. This section shall be interpreted in accordance with California Civil Code Section Ill 7 and judicial decisions interpreting that statute. 10 394\0l \667428.1 3/13/2009 6.10 Recording and Filing. The City and the Borrower shall cause this Agreement, and all amendments and supplements to it, to be recorded in the Official Records of the County of Santa Clara. 6.11 Governing Law. This Agreement shall be governed by the l~lws of the State of California. 6.12 Waiver of Requirements. Any of the requirements of this Agreement may be expressly waived by the City in writing, but no waiver by the City of any requirement of this Agreement shall, or shall be deemed to, extend to or affect any other provision ~f this Agreement. 6.13 Amendments. This Agreement may be amended only by ~l written instrument executed by all the parties hereto or their successors in title, and duly recorde~~ in the real property records of the County of Santa Clara. 6.14 Notices. Any notice requirement set forth herein shall be deemed to be satisfied three (3) days after mailing of the notice first-class United States certified mail, postage prepaid, addressed to the appropriate party as follows: Borrower: Senior Housing Solutions 512 Valley Way Milpitas, California, 95035 Attention: Executive Director City: City of Cupertino 10300 Torre Avenue Cupertino, CA 95014-3255 Attention: Senior Planner Such addresses may be changed by notice to the other party given in the same manner as provided above. 6.15 Severability. 11 394\O1\667428.1 3/13/2009 STATE OF CALIFORNIA J COUNTY OF ~~ Zl ~ /vl.~- ) On ~ ~ , before m ~ J I I ~ r~~~ ,Notary Public, personall app ared ~ C~,l,~- ,proved to me on the basis of satisfactory evidence to be the per on(s) whose names 1 /are subscri ed to the within instrument and acknowledged to me th ~/she/thE;y executed the same in bier/their authorized capacity(ies), and that by~er/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify UNDER PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. J. TINDLE F Commission # 1766057 <~~~ s Notary Public -California ~ ~.~.~, Santo Clara County Corrxn. 20, 2011 STATE OF CALIFORNIA COUNTY OF _`x~~ ~'~ On , ~ SOD ~ , `before me E3v~lGe Se~~1 ~ ,Notary Public, personally appeared Q,~ ~ (~ l..)• ~~~ ,proved to me on the basis of satisfactory evidence to be the person(p~ wh name(~j is/y fe subscribed to the within instrument and acknowledged to me that he/~fe/lkfe;y executed the same in his/h~f/their authorized capacity(i~), and that by his/her/tlt~ir s ignature(s') on the instrument the person(, or the entity upon behalf of which the person(~a'j acted, executed the instrument. I certify UNDER PENALTY OF PERJUR'~ under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. GRACE >3CFMMDT _ Co~M~ien t 1MOtZ7 ~ C1~n Cowl~r ~~~~ ~ Mp Cars. EtpN~s Fib 2t, 201i Notary Public 394\01 \667428.1 3/13/2009 EXHIB:[T A (Legal Description of the Property) All that certain real property situated in the City of Cupertino, County of Santa Clara, State of California, described as follows: LOT 81, "TRACT NO. 4461 WILLISTON PARK UNIT NO. 2", WHICH MAP WAS RECORDED IN BOOK 236, PAGE 19 AND 20 OF MAPS, RECORDS OF SANTA CLARA COUNTY, CALIFORNIA". EXCEPTING THEREFROM THE UNDERGROUND WATER RIGHTS, WITH NO RIGHT OF SURFACE ENTRY, AS CONVEYED OF CALIFORNIA WATER SERVICE COMPANY, A CALIFORNIA CORPORATION, BY DEED RECORDED IN BOOK 8119, PAGE 196 OF OFFICIAL RECORDS. ALSO EXCEPTING THEREFROM THE UNDERGROUND WATER RIGHTS AS CONVEYED TO THE CITY OF CUPERTINO, A. MUNICIPAL CORPORATION, BY DEED RECORDED IN BOOK 8140, PAGE 215 OF OFFICIAL RECORDS. APN: 369-OS-035-00 Approximately 2,002 square foot, 4 bedroom/two bath, single-family residence on a 7,405 square foot lot. Attachmenr. No. 1 103\06\459795.1