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