15-0701_MILLENNIUM HOUSING, LLC._Rel of Reg Agrt 2015000396757 Recorded in Official Records, Orange County
Hugh Nguyen, Clerk-Recorder
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RECORDING REQUESTED BY AND } 201500039575712:35 pm 07130115
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Preston F. Olsen,Esq. )
Ballard Spahr LLP )
201 S. Main St., Suite 800 )
Salt Lake City,UT 84111-2221 }
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RELEASE OF REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE
COVENANTS
THIS RELEASE OF REGULATORY AGREEMENT AND DECLARATION OF
RESTRICTIVE COVENANTS (this "Release") is made as of the 30th day of July, 2015 by and
among MUFG UNION BANK, N.A. (formerly known as Union Bank of California, N.A.), as
trustee (the "Trustee"), MILLENNIUM HOUSING CORPORATION, a California nonprofit
public benefit corporation (the "Borrower"), and the INDEPENDENT CITIES FINANCE
AUTHORITY (formerly known as Independent Cities Lease Finance Authority), a joint powers
authority organized and existing under the laws of the State of California(the"Authority").
WITNESSETH:
WHEREAS, the Authority previously, issued its Independent Cities Finance Authority
Mobile Home Park Revenue Bonds (San Juan Mobile Estates) Series 2006A; Independent Cities
Finance Authority Mobile Home Park Subordinate Revenue Bonds (San Juan Mobile Estates)
Series 2006B and Independent Cities Finance Authority Mobile Home Park Subordinate
Revenue Bonds (San Juan Mobile Estates)Taxable Series 2006C (collectively,the`Bonds");
WHEREAS, the Authority loaned the proceeds of the Bonds to the Borrower pursuant to
a loan agreement dated as of May 1, 2006 (the "Loan Agreement") among the Authority, the
Trustee and the Borrower to provide financing for a mobile home park known as the San Juan
Mobile Estates located on certain real property in the City of San Juan Capistrano (the "City"),
County of Orange, California, more particularly described in Exhibit A attached hereto (the
"Project"); .
WHEREAS, as a condition of the issuance of the Bonds and the loan of the proceeds
thereof to the Borrower, the Authority required the Borrower to agree to certain restrictions
running with the land as set forth in that certain Regulatory Agreement and Declaration of
Restrictive Covenants, dated as of May 1, 2006, filed in the records of Orange County,
California on the 1st day of June, 2006 as Document No. 2006000368541 (the "Regulatory
Agreement");
WHEREAS, the Authority is issuing its Mobile Home Park Revenue Refunding Bonds
(San Juan Mobile Estates) in one or more series (collectively, the "Refunding Bonds") for the
purpose of refunding the outstanding Bonds;
DMWEST#12502983 v1
WHEREAS, in connection with the issuance of the Refunding Bonds, the Authority, the
Trustee and the owner of the Project will enter into a Regulatory Agreement and Declaration of
Restrictive Covenants dated as of July 1, 2015 (the "2015 Regulatory Agreement") pursuant to
which the Project owner will agree to restrict the use of the Project to ensure that the Project will
be used and operated in accordance with the Internal Revenue Code of 1986, as amended (the
"Code") and Chapter 8, Part 5 of Division 31 of the California Health and Safety Code (the
"Act")
WHEREAS, the Borrower has requested and the Authority and the Trustee have agreed
that the lien and restrictions of the Regulatory Agreement be released and terminated pursuant to
the terms of this Release.
NOW, THEREFORE, in consideration of these premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree and consent as follows:
1. The lien and restrictions of the Regulatory Agreement on the Project are hereby
released and the Regulatory Agreement is hereby terminated.
2. This Release shall become effective upon the occurrence of the redemption and
payment of the Bonds.
3. This Release may be executed in any number of counterparts, each of which shall
be deemed an original and all of which, taken together, shall constitute one instrument.
4. This Release shall be governed by the laws of the State of California.
[BALANCE OF PAGE LEFT INTENTIONALLY BLANK]
DMWEST#12502983 v1 2
IN WITNESS WHEREOF, the parties have executed this Release as of the date
first above written.
INDEPENDENT CITIES FINANCE
AUTHORITY
By: NIL
borah J. Smith, Ex i e Director
A notary public or other officer completing this certificate verifies only the identity of the
individual who signed the document to which this certificate is attached, and not the
truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA )
1 ) ss.
COUNTY OF l tns Arqgias )
On Julyo1$, 2015, before me, a Notary Public,
personally appeared Deborah J. Smith, who proved to me on the basis of satisfactory
evidence to be the person whose name is subscribed to the within instrument and
acknowledged to me that she executed the same in her authorized capacity, and that by
her signature on the instrument the person, 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.
WITNESS my hand and official seal.
MARIANNE FROST
Commission#E 1986601
Notary Public-California
Signature (Seal) Los Angeles County
M Comm.Expires Jul 29,2016
S-1
MILLENNIUM HOUSING
CORPORATION, a California nonprofit
public benefit corporation
By•
Lorraine M. Carraway,Vice President
A notary public or other officer completing this certificate verifies only the identity of the
individual who signed the document to which this certificate is attached, and not the
truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA )
1 ) ss.
COUNTY OF t.0 l2S )
On July, 2015, before me, �&n Q Nna-1 y1-"-C'J' a Notary
Public, personally appeared Lorraine M. Carraway, who proved to me on the basis of
satisfactory evidence to be the person whose name is subscribed to the within instrument
and acknowledged to me that she executed the same in his authorized capacity, and that
by her signature on the instrument the person, 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.
WITNESS my hand and official seal.
Si natur � wa&� (Seal)
S-2
MUFG UNION BANK,N.A., as Trustee
By:�2 U a& //,,
bklonee loviPthgAzed Officer
i
A notary public or other officer completing this certificate verifies only the identity of the
individual who signed the document to which this certificate is attached, and not the
truthfulness, accuracy, or validity of that document. t
i
STATE OF CALIFORNIA )
` ) ss.
COUNTY OF C� )
On July 27, 2015,before me, �� C��O , a Notary Public,
personally appeared n9 a ,Ae- ,2�. who proved to me on the basis of
satisfactory evidence to be the person(a) whose name(e) is/are subscribed to the within
instrument and acknowledged to me that le/she/tkay executed the same in /her/their
authorized capacity(its); and that by -his/her/their signature(jo on the instrument the
person(o), or the entity upon behalf of which the persor*) 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.
i
WITNESS my hand and official seal.
ROBERT J.72029811a
Commission+Notary Public-
!os Angeles County
Signature (Seal)
M Comm.Expires Jun 20,2017
f
f
S-3
I
EXHIBIT A
LEGAL DESCRIPTION OF LAND
The land is situated in the City of San Juan Capistrano, County of Orange, State
of California, and is described as follows:
k,
DMWEST#12502983 v1 A-1
Exhibit "A"
Legal Description
Real property in the City of San Juan Capistrano, County of Orange, State of California, described as
follows:
PARCEL 3 OF PARCEL MAPS, IN THE CITY OF SAN JUAN CAPISTRANO, COUNTY OF ORANGE, STATE OF
CALIFORNIA, AS PER MAP FILED IN BOOK 62, PAGE 19 OF PARCEL MAPS, IN THE OFFICE OF THE
COUNTY RECORDER OF SAID COUNTY.
SAID LAND IS ALSO BEING A PORTION OF THE FOLLOWING DESCRIBED PARCELS "A" AND "B".
PARCEL A:
BEING THOSE PORTIONS OF LOTS 60, 61 AND 62 OF TRACT NO. 103, IN THE CITY OF SAN JUAN
CAPISTRANO, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 11,
PAGES 29 THROUGH 33 OF MISCELLANEOUS MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF
SAID COUNTY, DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT IN THE NORTHWESTERLY LINE OF SAID LOT 61, LYING NORTH 21° 40'07"
EAST 4.78 FEET FROM THE WESTERLY CORNER OF SAID LOT 61; THENCE NORTH 890 58' 18" EAST
564.75 FEET TO THE WESTERLY LINE OF THE LAND DESCRIBED AS PARCEL 101, IN THE DEED TO THE
ORANGE COUNTY FLOOD CONTROL DISTRICT, RECORDED JUNE 28, 1963 IN BOOK 6609, PAGE 371 OF
OFFICIAL RECORDS OF SAID COUNTY; THENCE ALONG SAID WESTERLY LINE, SOUTH 30 04'46" WEST
1045.00 FEET TO A POINT LYING NORTH 30 04'46" EAST 583.39 FEET FROM THE SOUTHERLY LINE OF
SAID LOT 62; THENCE SOUTH 8911 58' 18" WEST 548.34 FEET; THENCE NORTH 440 01' 54" WEST
687.07 FEET TO THE NORTHWESTERLY LINE OF SAID LOT 62; THENCE ALONG SAID LAST MENTIONED
NORTHWESTERLY LINE, NORTH
420 14'44" EAST 743.84 FEET TO THE NORTHEASTERLY LINE OF SAID LOT 62; THENCE ALONG SAID
NORTHEASTERLY LINE, SOUTH 70° 07'46" EAST 16.40 FEET TO SAID NORTHWESTERLY LINE OF LOT
61; THENCE ALONG SAID LAST MENTIONED NORTHWESTERLY LINE, NORTH 210 40,07" EAST 4.78
FEET TO THE POINT OF BEGINNING.
PARCEL B:
BEING THOSE PORTIONS OF LOTS 60 AND 62 OF TRACT NO. 103, IN THE CITY OF SAN JUAN
CAPISTRANO, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 11,
PAGES 29 THROUGH 33 OF MISCELLANEOUS MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF
SAID COUNTY, DESCRIBED AS FOLLOWS:
BEGINNING AT THE INTERSECTION OF THE WESTERLY LINE OF THE LAND DESCRIBED AS PARCEL 101,
IN THE DEED TO ORANGE COUNTY FLOOD CONTROL DISTRICT, RECORDED JUNE 28, 1963 IN BOOK
6609, PAGE 371 OF OFFICIAL RECORDS OF SAID COUNTY, WITH THE SOUTHERLY LINE OF SAID LOT
62; THENCE ALONG SAID WESTERLY LINE, NORTH 30 04'46" EAST 583.39 FEET; THENCE SOUTH 890
58' 18" WEST 548.34 FEET; THENCE NORTH 440 01'54" WEST 687.07 FEET TO THE NORTHWESTERLY
LINE OF SAID LOT 62; THENCE ALONG SAID NORTHWESTERLY LINE, SOUTH 421 14'44" WEST 290.73
FEET AND SOUTH 360 58' 16" WEST 302.19 FEET TO THE SOUTHWESTERLY LINE OF SAID LOT 62;
THENCE ALONG SAID SOUTHWESTERLY LINE, SOUTH 440 01'54" EAST 862.34 FEET TO SAID
SOUTHERLY LINE;
THENCE ALONG SAID SOUTHERLY LINE, NORTH 890 58' 18" EAST 772.38 FEET TO THE POINT OF
BEGINNING.
APN: 121-171-29 and 121-171-30