HomeMy WebLinkAboutProperty #: C-7945-1 - 3/26/2012 OFFICIAL RECORDS OF
F r 4 MARICOPA COUNTY RECORDER
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When recorded,mail to: CI i ■ CLERK ELECTRONIC RECORDING
CITY OF GLENDALE O R'^mA L
Neighborhood Revitalization u
5850 West Glendale Avenue C-7945-1
Glendale,Arizona 85301 03/26/2012
This Declaration is to be recorded separately.
5041,11
DECLARATION OF DEED RESTRICTIONS
This Declaration of Deed Restrictions ("Declaration"), made and entered into this G' day of
r GL , 2012 by and between the City of Glendale, an Arizona municipal
corporation ("Lender") and Norwood Village Apartments, LLC, a Wisconsin limited liability company
("Owner").
WITNESSETH
In consideration of the mutual covenants and understandings set forth herein, and other good and
valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the Owner and the
Lender hereby agree as follows:
L Definitions and Interpretation. The following terms shall have the respective meanings set forth
below:
1.1 "Deed of Trust" means the mortgage or deed of trust that secures thepromissory note and
the Development Agreement for Multi-Family Housing Development Under the Neighborhood Stabilization
Program("Agreement") and constitutes a lien on a fee simple interest in the Development and the Land.
1.2 "Development" means the residential housing unit(s) to be acquired, constructed or
rehabilitated with the proceeds of the Mortgage Loan and to be located on the Land.
1.3 "Owner" means the party or entity that created the restrictions, conditions and covenants
under which said land is subject.
1.4 "Subject property" means the real property described in Exhibit A attached to this
Declaration.
1.5 "Mortgage Loan" means the loan made to the Owner by the Lender to fmance the
acquisition,construction or rehabilitation of the Development.
1.6 "Note" means the instrument that contains the promise of the Owner to pay the sum of
money stated therein at the time stated therein and that evidences the obligation of the Owner to repay the
Mortgage Loan.
1.7 "Period of Affordability" means the period commencing on (i) the day on which the Project
is acquired by Owner where no Mortgage Loan funds are earmarked for construction or rehabilitation, or (ii)
the date of Project completion (as evidenced by a "Certificate of Compliance" issued by the appropriate
governmental authority)where all or a portion of the Mortgage Loan funds are earmarked fox construction or
rehabilitation (the "Commencement Date") and ending on the date that is 20 years after the Commencement
Date.
1.8 "Regulations" means the rules and regulations promulgated by the U.S. Department of
I Iousing and Urban Development ("HUD") in 24 CFR Part 92.
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1.9 "State"means the State of Arizona.
1.10 Unless the context clearly requires otherwise, as used in this Declaration, words of the
masculine, feminine or neuter gender shall be construed to include any other gender when appropriate and
words of the singular number shall be construed to include the plural number, and vice versa, when
appropriate. This Declaration and all the terms and provisions hereof shall be construed to effectuate the
purposes set forth herein and to sustain the validity hereof.
1.11 The tides and headings of the sections of this Declaration have been inserted for
convenience of reference only,and are not to be considered a part hereof and shall not in any way modify or
restrict any of the terms or provisions hereof or be considered or given any effect in construing this
Declaration or any provisions hereof or in ascertaining intent,if any question of intent shall arise.
2. Covenants, Conditions and Restrictions. The Owner hereby represents, covenants,warrants and
agrees that:
2.1 The Subject Property will be acquired, constructed or rehabilitated for the purpose of
providing"affordable housing," as prescribed in 24 CFR Part 92.252;and
2.2 That, subject to the provisions of Section 4 below, the Development shall continue as
"affordable housing" for the full Period of Affordability.
2.3 These deed restrictions are further stated and explained in the Development Agreement for
Multi-Family Housing Development Under the Neighborhood Stabilization Program 3.
3. Covenants to Run with the Land. The covenants, reservations and restrictions set forth herein
shall be deemed covenants running with the Land and, except as provided in Section 4 hereof, shall pass to
and be binding upon the Owner's heirs, assigns and successors in tide to the Land or the Development;
provided, however, that upon the termination of this Agreement in accordance with the terms hereof said
covenants, reservations and restrictions shall expire. Except as provided in Section 4 hereof, each and every
contract, deed or other instrument hereafter executed covering or conveying the Subject Property or the
Development or any portion thereof shall conclusively be held to have been executed,delivered and accepted
subject to such covenants, reservations and restrictions, regardless of whether such covenants, reservations
and restrictions are set forth in such contract, deed or other instruments. If a portion or portions of the
Subject Property are conveyed,all of such covenants,reservations and restrictions shall run to each portion.
4. Term. This Declaration shall remain in full force and effect until the expiration of the Period of
Affordability;provided however, that this Agreement shall automatically terminate in the event of foreclosure
or transfer of title by deed in lieu of foreclosure. In the case of foreclosure or transfer of title by deed in lieu
of foreclosure or similar event, such termination will cease to be in effect if, at any time during the remainder
of the Period of Affordability, the Owner of record immediately prior to the foreclosure or deed in lieu of
foreclosure, or any newly formed entity that includes such former owner or those with whom the former
owner has or had family or business ties,obtains an ownership interest in the Development or the Land.
5. Remedies; Enforceability. If a violation of any of the provisions hereof occurs or is attempted,the
Lender and its successors and assigns may institute and prosecute any proceeding at law or in equity to abate,
prevent or enjoin any such violation or attempted violation, to compel specific performance hereunder, or to
recover monetary damages caused by such violation or attempted violation. The provisions hereof are
imposed upon and made applicable to the Land and shall run with the Land and shall be enforceable against
the Owner or any other person or entity that has or had an ownership interest in the Development at the
time of such violation or attempted violation. No delay in enforcing the provisions hereof as to any breach
or violation shall impair, damage or waive the right of any party entitled to enforce the provisions hereof or
to obtain relief against or recover for the continuation or repetition of such breach or violation or any similar
breach ox violation hereof at any later time or times.
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6. Filing. This Declaration shall be duly recorded in the Office of the Maricopa County Recorder.
7. Governing Law. The laws of the State of Arizona shall govern this Declaration.
8. Amendments. Except as provided in Section 4, this Declaration shall not be amended, revised, or
terminated except by a written instrument, executed by the parties hereto or their successors in title, and duly
recorded in the Office of the Maricopa County Recorder.
9. Notice. Any notice required to be given hereunder shall be given by certified or registered mail,
postage prepaid, return receipt requested, at the addresses specified below, or at such other addresses as may
be specified in writing by the parties hereto:
Lender: City of Glendale
5850 West Glendale Avenue
Glendale,Arizona 85301
Attention: Gilbert Lopez,Revitalization Administrator
Phone: 623-930-3671
Fax: 623-435-8594
With a copy to: City of Glendale
City Attorney
5850 West Glendale Avenue
Glendale,Arizona 85301
Owner: Norwood Village Apartments,LLC
2375 East Camelback Road, 6th Floor
Phoenix,Arizona 85016
Attention: Brian Swanton,Arizona Market President
Phone: 602-708-4889
Fax: 608-835-3922
10. Severability. If any provision hereof shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining portions hereof shall not in any way be affected or impaired thereby.
11. Multiple Counterparts. This Declaration may be simultaneously executed in multiple counterparts,
all of which shall constitute one and the same instrument, and each of which shall be deemed to be an
original.
(Remainder of page intentionally left blank)
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IN WITNESS WHEREOF, the Parties have caused this Declaration to be duly executed as of the
date first written above.
CITY OF GLENDALE,an Arizona
municipal corporation
E easley,City Manager
AI I'L+ST:
Pamela Hanna,City Clerk (SEAL)
APPROVED AS TO FORM:
4 ►A,
Craig Tindall, City Attorney
NORWOOD VITT AGE APARTMENTS, LLC, a
Wisconsin limited liability company
By: NORWOOD VILLAGE APARTMENTS MM, LLC,
a Wisconsin limited liability company,its managing member
By: GORMAN & COMPANY, INC., a Wisconsin
corporation authorized to do business in Arizona, its
manager
Signed in counterpa't
Gary J. Gorman,President
STATE OF WISCONSIN
) ss.
County of Dane
On this the day of March, 2012, before me, the undersigned Notary Public, personally
appeared Gary J. Gorman,who acknowledged himself to be the President of Gorman & Company, Inc. and
that he, as such official,being authorized to do so, executed the foregoing Note for and on behalf of Gorman
& Company, Inc., as manager of Norwood Village Apartments MM, LLC, as member of Norwood Village
Apartments,LLC for the purpose and consideration therein expressed.
IN WITNESS WHEREOF,I hereunto set my hand and official seal.
Notary Public
My Commission Expires
4
CITY OF GLENDALE,an Arizona
municipal corporation
Jo,— 4+
easley,City Manager
STATE OF ARIZONA )
ss.
County of Maricopa )
On this the Zg day of March, 2012, before me, the undersigned Notary Public, personally
appeared James H. Colson, who acknowledged himself to be the Deputy City Manager of the City of
Glendale and that he,as such official, being authorized to do so,executed the foregoing Recapture Deed
of Trust for and on behalf of the City of Glendale for the purpose and consideration therein expressed.
IN WITNESS WHEREOF,I hereunto set my hand and ficial seal.
1
Notary \,��i.
My Co mission Expires
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IN WITNESS WHEREOF, the Parties have caused this Declaration to be duly executed as of the
date first written above.
CITY OF GLENDALE,an Arizona
municipal corporation
Ed Beasley, City Manager
ATTEST:
Pamela Hanna, City Clerk (SEAL)
APPROVED AS TO FORM:
Craig Tindall,City Attorney
NORWOOD VILLAGE APARTMENTS, LLC, a
Wisconsin limited liability company
By: NORWOOD VILLAGE APARTMENTS MM, LLC,
a Wisconsin limited Iia.,.:e, company,its managing member
GORMA,t COMPANY, INC., a Wisconsin
arporation . tho ed to do business in Arizona, its
.nager
.14
G. . Go ( , esiden
STATE OF WISCONSIN
ss.
County of Dane
On this the ZZ day of March, 2012, before me, the undersigned Notary Public, personally
appeared Gary J. Gorman,who acknowledged himself to be the President of Gorman & Company, Inc. and
that he,as such official,being authorized to do so, executed the foregoing Note for and on behalf of Gorman
& Company, Inc., as manager of Norwood Village Apartments MM, LLC, as member of Norwood Village
Apartments,LLC for the purpose and consideration therein expressed.
IN WITNESS WHEREOF,I hereunto set my hand and official seal.
Notary Public
My Commission Expires
12 k-S
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Exhibit A—Legal Description of Property
Address: 6738 North 45th Avenue, Glendale,Arizona 85301
Legal Description:
PARCEL NO. 1:
TRACT "A," GRANADA VISTA, ACCORDING TO BOOK 134 OF MAPS, PAGE 42 AND
CERTIFICATE OF CORRECTION RECORDED IN DOCKET 8965, PAGE 235, RECORDS OF
MARICOPA COUNTY,ARIZONA.
PARCEL NO. 2:
THAT PORTION OF THE ABANDONED ALLEY LOCATED TO THE WEST OF TRACT "A,"
GRANADA VISTA, ACCORDING TO BOOK 134 OF MAPS, PAGE 42,RECORDS OF MARICOPA
COUNTY, ARIZONA, AS ABANDONED BY THE CITY OF GLENDALE ORDINANCE NO. 2019,
NEW SERIES, RECORDED IN RECORDING NO. 98-0823776, LYING BETWEEN THE WESIERLY
EXTENSION OF THE NORTH AND SOUTH LINES OF SAID TRACT "A."
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