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1988-0202_JULIAN, STEPHEN B._Housing AgreementHOUSING AGREEMENT 0 THIS AGREEMENT is made this dayof 1988 by and between the CITY OF SAN JUAN CAPISTRANO, hereinafter eferred to as Employer, and STEPHEN B. JULIAN, hereinafter referred to as Employee. RECITALS: WHEREAS, Employer and Employee have previously entered into an employment agreement providing among other things for the benefit of housing assistance for Employee; and WHEREAS, Employer has previously loaned funds to Employee to assist Employee in acquiring a single family home at the location of 28121 Calle San Remo, San Juan Capistrano; and WHEREAS, Employee desires to discontinue his residence at said location, NOW, THEREFORE, BE IT RESOLVED between Employer and Employee as follows: 1. Employer hereby agrees to accept transfer of fee title from Employee to Employer for the current fair market value of the single family home located at 28121 Calle San Remo, San Juan Capistrano. A professional appraisal report has been prepared by the Schooler Company, dated January 27, 1987, establishing a fair market value of $280,000. Therefore, Employer shall accept transfer of fee title from Employee for the appraisal price of $280,000. 2. Employee has accumulated a debt with Employer in the total amount of $366,095.77, which said debt consists of an original loan of $250,000 plus accumulated interest arising out of Employee's original employment agreement with Employer. Accordingly, the total fair market value of the property of $280,000 shall be subtracted from the total debt owed by Employee to Employer leaving a difference of $86,095.77. Employee and Employer agree that the amount of $86,095.77 shall constitute the revised debt owed by Employee to Employer upon the effective date of this agreement and shall be memorialized by the execution of a promissory note at no interest. 3. The office of the City Attorney shall be directed to open an escrow account with an escrow company for the purpose of arranging for the transfer of fee title within the next 30 days. A promissory note reflecting the amount of $86,095.77 owed by Employee to Employer is attached as Exhibit A and incorporated herein by reference and is approved as a part of this agreement. 1 - Housing Agreement 4. This agreement contains the entire agreement of the parties relating to the existing debt of Employee to Employer with respect to housing assistance, and any other agreement or representation reflecting this obligation not expressly set forth herein is null and void. CITY OF SAN JUAN CAPISTRANO, Employer By A T ONYL L ND, MAYMT-- STLfPHEN B. JU AN, Employee 2 - Housing Agreement PROMISSORY NOTE San Juan Capistrano, California $86,095.77 On January 1, 1988, after date, for value rceived, I Stephen B. Julian, City Manager, 32400 Paseo Adelanto, San Juan Capistrano, promise to pay to the City of San Juan Capistrano the sum of $86,095.77, over a period of five (5) years, amortized. The amount due shall be paid at no interest in the sum of $1,434.95 monthly. Dated: p`j 1988. Stephen B. Julian EXHIBIT h