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08-0219_SEASONS SENIOR APARTMENTS II, L.P._Memo of Option Agr This Documents electronically recorded by • 6S Norwalk B FIRST AMERICAN TITLE INSURANCE COMPANY Recorded in Official Records, Orange County NATIONAL COMMERCIAL SERVICES Tom Dalv. Clerk-Recorder LOS ANGELES OFFICE` gg�� pp pp IIpp ppII ��pp pp��,,yy qq I®�NIN��IM�®��I�I�IN�11 NO FEE RECORDING REQUESTED BY104 28 M15 7 2008000077137 04:07pm 02/20/08 r m AND WHEN RECORDED MAIL TO: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 w H o San Juan Capistrano Community 0 o .. Redevelopment Agency 0 32400 Paseo Adelanto o = San Juan Capistrano, California 92675 o m Attention: Agency Secretary o yes-aceto aSa-U�2 This document is exempt from he payment of a recording fee pursuant to Government Code Section 27363 MEMORANDUM OF OPTION AGREEMENT This MEMORANDUM OF OPTION AGREEMENT ("Memorandum") is hereby executed as of February 19, 2008, by and between the SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY, a public body, corporate and politic ("Agency"), and SEASONS SENIOR APARTMENTS II, L.P., a California limited partnership ("Owner"). RECITALS A. Agency and Owner have entered into that certain Disposition and Development Agreement dated as of November 7, 2006 ("DDA"), as amended by that certain First Amendment to Disposition and Development Agreement dated as of February 19, 2008 ("First Amendment"). Pursuant to and in consideration of Agency's agreement to enter into the First Amendment, Owner agreed to convey to Agency an Option to repurchase certain real property described in the legal description attached hereto as Attachment No. 1 and incorporated herein ("Site") in the event certain Post-Closing Obligations are not performed within the time set forth in the First Amendment. B. The First Amendment provides that a short form memorandum of the Option granted therein shall be executed and recorded against the Site in the Official Records of Orange County, California. C. All terms used herein have the meanings set forth in the DDA, as amended by the First Amendment. NOW, THEREFORE, the parties hereto certify as follows: Pursuant to the DDA, as amended by the First Amendment, Owner has granted to Agency an Option to repurchase the Site in the event Owner fails to satisfactorily perform certain Post-Closing Obligations as set forth in the DDA, as amended by the First Amendment, upon the terms and conditions provided for therein. This Memorandum is not a complete summary of the DDA or the First Amendment, and shall not be used to interpret the provisions of the DDA or the First Amendment. 1 DOCSOC/1266855v2/022299-0081 IN WITNESS WHEREOF, Agency and Owner have executed this Memorandum of Option Agreement as of the date first set forth above. AGENCY: SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY, a public body,corporate ��and ``politic By: ty-Mr. Dave Adams,Executive Director AeVED han, Agency Secretary A \ r TO FORM: V Stradling Yocca Carlson&Rauth, Agency Special Counsel [Signatures continue on following page.] 2 DOCSOC/]266855v2/022299-0081 [Signatures continued from previous page.] OWNER: SEASONS SENIOR APARTMENTS II, L.P., a California limited partnership By: LINC Housing Corporation, a California nonprofit public benefit corporation, its Managing General Partner By: -r- Name: unter L.Johnson Its: President and Chief Executive Offic By: Affordable Multi-Family, LLC, a Colorado limited liability Company, its Managing General Partner By: Thomas Erickson, Senior Vice President 3 DOC SOC/1266855 v2/022299-0081 ATTACHMENT NO. 1 DESCRIPTION OF SITE That real property located in the State of California, County of Orange, City of San Juan Capistrano, and described as follows: Parcel 17 of Parcel Map No. 79-856, in the City of San Juan Capistrano, County of Orange, State of California, as shown on a map filed in Book 143,Pages 1 through 8,inclusive, of Parcel Maps and as amended by that certain amended map filed in Book 176, Pages 1 through 8 inclusive of Parcel Maps, in the office of the County Recorder of said County. ATTACHMENT NO. 1-1 DOCSOC/1266855v2/022299-0081 STATE OF CALIFORNIA ) ss. COUNTY OF ) On before me, 0i za.6e-+h /><- DO-Jis Notary Public, (Print Name of Notary Public) personally appeared Lkl. -Oh who proved to me on the basis of satisfactory evidence to be the personf�whose namefo is/arc' subscribed to the within instrument and acknowledged to me that he/sWShey executed the same in his/Jser/th�authorized capacity(aej;and that by his/Ijcrft1)air signature(s,)'on the instrument the persoty(g), or the entity upon behalf of which the person 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. ELMISS 017"2A.DAVIS WITNESS my hand and official seal. COANAI3810N117N202 NOWy ANW Ceiram4 OR/ulOE r.0U/11Y ' %MyCanes.EyPMAW 20.2017 Sigma e of NqWy Public OPTIONAL Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of this form. CAPACITY CLAIMED BY SIGNER DESCRIPTION OF ATTACHED DOCUMENT ❑ Individual 52 Corporate Officer fres;den {' 4 CE0 /L,*,,.,,.-,..,.,/u_r.. o-f Ob•�i'or, FfArebn..7' Title(s) �/Rpft Tile Or Type O ocument ❑ Partner(s) ❑ Limited ❑ General ❑ Attorney-ln-Fact 5 ❑ Trustee(s) ❑ Guardian/Conservator Number Of Pages ❑ Other: Signer is representing: /q Name Of Person(s)Or Entity(ies) Date Of Documents Signer(s)Other Than Named Above DOC SOC/1266855v2/022299-0081 Au...�111...Y .fie P �J.-�i..�KA.�� ♦."df�, t 1 4 1. �-f.') I� d t A�N .,....1 ;�' ; r s' �.Y.�.�y. ,r STATE OF CALIFORNIA ) ss. COUNTY OF It-) A"?Y00 ) .i On before me, �i G�l� f�1��� Notary Public, (Print Name of Notary Public) personally appeared 7 F'l l`-maS f fir/ who proved to me on the basis of satisfactory evidence to be the person(&) whose name(s) is/aTe subscribed to the within instrument and acknowledged to me that he>� executed the same in histherhheir authorized capacity(ies} and that by his/herkhetr signature(&) 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. DIANE C.Wg16N7WITNESS my hand and official seal. COMMIsslon N 1745521 s Notary Public -Calltornla 1 /1 f Los Anp0144 County 1 � l//�; (/j�, �rCpnn.6nll�.kn1J,2011 !Got /1 Signature of Notary Public OPTIONAL Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of this form. CAPACITY CLAIMED BY SIGNER DESCRIPTION OF ATTACHED DOCUMENT ❑ Individual ❑ Corporate Officer Title(s) Title Or Type Of Document ❑ Partner(s) ❑ Limited ❑ General ❑ Attomey-In-Fact ❑ Trustee(s) r-1 Guardian/Conservator Number Of Pages ❑ Other: Signer is representing: Name Of Person(s)Or Entily(ies) Date Of Documents Signer(s)Other Tban Named Above DOCSOC/1266855v2/022299-0081 c PUBLIC AGENCY FORM OF ACKNOWLEDGEMENT State of California ) County of Orange ) ss. City of San Juan Capistrano ) (Gov't Code 40814 & Civil Code 118 1) On February 12,2008,before me,Margaret R.Monahan,Agency Secretary,personally appeared David F.Adams,who proved to me on the basis of satisfactory evidence to the be person(s)whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/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. (SEAL) ox' '; fl~ 1rAa WITNESS my hand and officialrseai Mar e . Monahan, City Chex$ OPTIONAL Capacity Claimed by Signers Description of Attached Document Title or Type of Document Officer title Memorandum of Option Agreement Title Executive Director Signers are Representing San Juan Capistrano, Community Redevelopment Agency