HomeMy WebLinkAboutAgr 2003-10-14 (Slyvia Vall)
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Recording Requested by:
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2003-0127866
.R~corded I REC FEE
Offlclal Records I · 00
County Of I
Marln I
JOAN C. THAYER I
Recorder I
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11 :25AM 17-0ct-2003 I ~~ge 1 of 10
Town of Tiburon
When Recorded Return to:
Town of Tiburon
Attention: Administrative Services
1505 Tiburon Boulevard
Tiburon, CA 94920
AMENDMENT TO ADDENDUM A TO CONDOMINIUM
GRANT DEED: GRANT OF PREEMPTIVE RIGHT TO
PURCHASE (INSTRUMENT NO. 87-64637)
Owner(s):
Sylvia Vall
Property Address:
5 Marsh Road
Tiburon, CA 94920
Name of Development:
Point Tiburon
Local Jurisdiction:
Town of Tiburon, CA
Original Purchase Price:
$91,900
Date of Original Purchase: September 30, 1987
RECIT ALS
This Amendment to Addendum A to Condominium Grant Deed: Orant of Preemptive Right to
Purchase to the Town of Tiburon ("Amendment") is entered into by and between SYLVIA
V ALL ("Owner") and the TOWN OF TIBURON, a municipal corporation (the "Town")
regarding certain improved real property located at 5 Marsh Road, Tiburon, California (the
"Premises ").
A. The Premises are described more fully on Exhibit A attached hereto and incorporated
herein by reference and are subj ect to the terms and conditions set forth in this Agreement.
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B. The Town made the Premises available for purchase to eligible moderate-income
purchasers at a below-market purchase price pursuant to the Town's affordable housing program
("Program"). Owner purchased the Premises on September 30, 1987, subject to "Addendum A to
Condominium Grant Deed: Grant of Preemptive Right to Purchase to the Town of Tiburon."
("Addendum"). Owner executed the Addendum on September 24, 1987, which was recorded as
Instrument No. 87-64637 on September 30, 1987 in the Official Records of the County of Marin
as an attachment to the Grant Deed. The Addendum set. forth the re-sale restrictions applicable to
the Premises and the Town's option to purchase the Premises under specified circumstances.
The Addendum provided, among other things, that in the event that the Owner rented or leased
the Premises without the Town's prior written permission, the Town would have the right to
exercise its option to purchase the Premises.
C. Owner has rented the Premises without obtaining prior Town approval, which entitles
the Town to exercise its option to purchase the Premises. However, Owner has moved back into
the Premises. Owner has asked the Town to allow her to continue to own and occupy the
Premises.
D. Owner's prior rental of the unit is incompatible with the Program. However, Town is
willing to waive its right to exercise its option in this one instance only, provided that Owner
agrees to amend the Addendum as set forth in this Amendment. The terms and conditions of this
Amendment are necessary to ensure that the Premises are used, maintained and preserved as
housing affordable to eligible moderate-income purchasers.
D. The Premises subject to occupancy and resale controls constitute a valuable
community resource by providing decent, safe and sanitary housing to moderate-income
purchasers who otherwise would be unable to afford such housing. To protect and preserve this
resource it is necessary, proper and in the public interest for the Town of Tiburon to administer
the occupancy and resale controls by means of this Agreement.
NOW, THEREFORE, IN CONSIDERATION OF THE SUBSTANTIAL ECONOMIC
BENEFITS INURING TO OWNER AND THE PUBLIC PURPOSES TO BE ACHIEVED
UNDER THE PROGRAM, TOWN AND OWNER HEREBY AGREE TO THE FOLLOWING
TERMS AND CONDITIONS.
1. Proeram Conditions.
Owner agrees and acknowledges that the Town has allowed Owner to retain the Premises
on the condition that Owner occupies the Premises on a continual and on-going basis as her
primary residence. Without limiting the generality of the foregoing, any absence from the
Premises by Owner for a period of sixty or more consecutive days shall be deemed an
abandonment of the Premises as the principal residence of Owner, in violation of the conditions
of this paragraph. Upon request of the Town, Owner shall certify Owner's continuing
compliance with Program conditions and provide such documents and other evidence as may be
requested to verify Owner's compliance.
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2. Amendment to Grant of Ontion to Purchase.
Owner hereby agrees that the grant of option set forth in the Addendum shall be amended
as set forth herein.
3. Events Givin2 Rise to Ri2ht to Exercise Ontion.
The Addendum sets forth a number of circumstances that enable the Town to exercise its
Option to purchase the Premises ("Option Events"). Any violation by Owner of the conditions
set forth in Section 1, above, shall also constitute an Option Event. The Town Manager shall
have sole discretion to determine if Owner has violated the conditions set forth in Section 1 or if
any other Option Event has occurred to give rise to the Town's right to exercise the Option under
the Addendum or this Amendment. If the Town Manager determines that an event has occurred
that gives rise to the Town's right to exercise the Option, he or she is hereby authorized to
execute all documents necessary to complete the exercise, including, without limitation, escrow
instructions, certificates accepting title and assignments of the Option to an eligible purchaser.
4. Rieht to Reinstatement.
If the Option Event is the recordation of a notice of default, then the Town shall be deemed
to be Owner's successor in interest under California Civil Code section 2924c (or successor
sections) solely for purposes of reinstatement of any mortgage on the Premises that has led to the
recordation of the notice of default. As Owner's deemed successor in interest, the Town shall be
entitled to pay all amounts of principal, interest, taxes, assessments, insurance premiums,
advances, costs, attorneys' fees and expenses required to cure the default. If the Town exercises
the Option, then any and all amounts paid by the Town pursuant to this paragraph shall be treated
as Adjustments to the Purchase Price for the Premises, as defined in Section 8, below.
5. Insnection of Premises.
After delivering a Notice of Exercise, the Town shall be entitled to inspect the Premises
one or more times prior to the close of escrow to determine the amount of any Adjustments to the
Resale Price. Before inspecting the Premises, the Town shall give Owner not less than forty-
eight (48) hours written notice of the date, time and expected duration of the inspection. The
inspection shall be conducted between the hours of 9:00 a.m. and, 5:00 p.m., Monday through
Friday, excluding court holidays, unless another date and time is mutually agreed to by the
parties. Owner shall make the Premises available for inspection on the date and at the time
specified in the Town's request for inspection.
6. Proceeds of Escrow~ Removal of Excentions to Title.
Prior to close of escrow, Owner shall cause the removal of all exceptions to title to the
Premises that were recorded after the date of this Amendment. All amounts deposited into
escrow by the Town shall be applied first to the payment of any and all liens and encumbrances
recorded against the Premises, and thereafter to the payment of escrow fees and closing costs.
Any amounts remaining after the amounts deposited into escrow by the Town have been so
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applied shall be paid to Owner upon the close of escrow. If the amounts deposited into escrow
by the Town are insufficient to satisfy all liens and encumbrances recorded against the Premises,
then Town shall deposit into escrow such additional sums as may be required to remove said
liens and encumbrances. In the event that the Town agrees to proceed with close of escrow prior
to the date that Owner has caused all exceptions to title recorded after the date of this Option to
be removed, then Owner shall indemnify Town from any and all costs, expenses or liabilities
(including attorneys' fees) incurred or suffered by Town that relate to such exceptions and their
removal as exceptions to title to the Premises.
7. Purchase Price.
The Purchase Price shall be calculated as set forth in Section 4 of the Addendum, subject to the
additional adjustments set forth in Section 8 of this Amendment.
8. Adjustments to Purchase Price.
Section 5 of the Addendum is voided and replaced by this Section 8. The Resale Price
shall be adjusted by the following ("Adjustments"):
a. Capital Improvements. An increase for capital improvements made to the Premises by
Owner provided that the amount of said improvements had been previously accepted in writing
by the Town after original written documentation of the cost was provided to the Town for
verification. The amount of the Adjustment shall equal the original cost of any capital
improvements depreciated in a straight-line basis based upon the estimated useful life of the
improvement stated in the Town's prior written acceptance of said improvement.
b. Damages. A decrease by the amount necessary to repair damages to the Premises, if
any, and to place the Premises into saleable condition as reasonably determined by the Town,
including amounts attributed to cleaning, painting, replacing worn carpeting and draperies,
making necessary structural, mechanical, electrical and plumbing repairs and repairing or
replacing built-in appliances and fixtures.
c. Advances bv Town. A decrease in an amount equal to the sum of all costs advanced by
the Town for the payment of mortgages, taxes, assessments, insurance premiums, homeowner's
fees and/or associated late fees, costs, interest, attorneys' fees, pest ipspections, resale inspections
and other expenses related to the Premises, which Owner has failed to payor has permitted to
become delinquent. In the event that the Owner fails to deliver the Premises in a vacant
condition, the Town can also decrease the Purchase Price by the costs reasonably anticipated by
Town to terminate the occupancy of the Premises.
9. Priority and Effectiveness of the Addendum and this Amendment.
a. Recordation. The Town and Owner shall execute this Amendment and it shall be filed
for recordation in the Office of the Recorder of the County of Marin prior to any sale,
conveyance, transfer or other disposition of the Premises, or of any estate or interest therein, by
Owner. Nothing in this Amendment shall be construed as diminishing the effect or priority of
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the Addendum. The Town's Option shall have priority over any subsequent sale, conveyance,
transfer, lease or other disposition or encumbrance of the Premises, or of any estate or interest
therein except any deed of trust or other instrument securing financing used to purchase the
Premises. Except as otherwise provided herein, the Town's exercise of the Option at any time
and from time to time shall not extinguish the Option or cause a merger of the Option into any
estate or other interest in the Premises, and the Option shall continue to exist and be effective
with respect to the Premises against any subsequent owner in accordance with the terms and
conditions hereof.
b. Request for Notice of Default. The Town shall file a Request for Notice of Default for
recordation in the Office of the Recorder of the County of Marin promptly upon execution of this
Amendment.
10. Survival of Ontion Unon Transfer.
a. In General. The Town's rights to exercise the Option shall survive any transfer of the
Premises by Owner. The Option may be exercised against the Premises whether owned,
possessed or occupied by (i) an eligible moderate-income purchaser, (ii) any successor,
transferee, assignee, heir, executor, or administrator of an eligible moderate-income purchaser,
including a debtor-in-possession, debtor or trustee pursuant to Title 11 of the United States Code,
or (iii) any person owning, possessing or occupying the Premises who does not meet the
eligibility qualifications established by the Town under the Program (collectively all referred to
and defined herein as "Owner").
11. Voidable Transfers.
As long as the Option has not been abandoned pursuant to Section 12 of the Addendum,
any actual or attempted sale, conveyance, transfer or other disposition of the Premises, or of any
estate or interest therein, in violation of the terms and conditions of this Option, shall be voidable
at the election of the Town.
12. Limits on Liability.
In no event shall the Town become liable or obligated in any manner to Owner by reason of
the assignment of the Option, nor shall the Town be in any way liable or obligated to Owner for
any failure of the Town's assignee to consummate a purchase of the Premises or to comply with
the terms of this Option, or any escrow instructions or agreement for the purchase of the
Premises.
13. Effective Date~ Term.
The obligations of the Owner contained in this Amendment shall be effective when the
Amendment is signed and shall continue without limitation in time; provided, however, that
should any court of competent jurisdiction finally determine that the restrictions contained
herein, if unlimited in time, are invalid, then such restriction shall be deemed to remain in effect
and be enforceable for a period of thirty (30) years from the date signed.
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14. Addendum Continues in Full force and Effect~ Conflicts with Addendum.
Except as expressly modified in this Amendment, the Addendum continues in full force
and effect. To the extent that any conflicts exist between this Amendment and the Addendum,
the former shall prevail.
15. Notices.
Except as otherwise specified in this Amendment, all notices required to be sent pursuant to
this Amendment shall be made by personal delivery or by deposit in the United States mail, first
class postage prepaid, and shall be deemed to have been delivered and received on the date of
personal delivery or five (5) days after deposit in the mail, if sent to the following addresses:
TOWN:
Town of Tiburon
1505 Tiburon Boulevard
Tiburon, CA 94920
Attn: Administrative Services
OWNER:
At the address of the Premises
The addresses above may be changed by notice given pursuant to this section.
16. Attornevs' fees.
If either party is required to initiate legal proceedings to enforce its rights under this
Agreement, the prevailing party in such action shall be entitled to an award of reasonable
attorneys' fees and costs in addition to any other recovery under this Agreement.
17. Specific Performance.
Owner acknowledges that any breach in Owner's performance of Owner's obligations under
this Agreement or in the transfer of the Premises to the Town shall cause irreparable harm to the
Town. Owner agrees that the Town is entitled to equitable relief in the form of specific
performance upon its exercise of the Option, and that an award of <;lamages shall not be adequate
to compensate the Town for Owner's failure to perform according to the terms of this Agreement.
IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the
~ tfPv day of ~ ~ U)03
OWNER:
SIGNATURES CONTINUED ON NEXT AGE
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CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
STATE OF CALIFORNIA
On
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Personally known to me OR ~roved to me on the basis of satisfa~ry evidence to be the person(s)
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ins~ent and acknowledged to ~that
h~hey executed the same in hi the /their
authorized capacity(ies), and that by hi e heir
signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted,
executed the instr nt.
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(Although this information is optional, it could prevent fraudulent
attachment of this certificate to another document.)
This certificate is for attachment to the document
described below:
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SAV-191A (7/98)
SIGNATURES CONTINUED FROM PREVIOUS PAGE
ALEX D. Mc
Town Manager, Town 0
TOWN:
By
APPROVED AS TO FORM
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ANN DANFORTH
TOWN ATTORNEY
TOWN OF TIBURON
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ALL-PURPOSE ACKNOWLEDGMENT
County of
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person all y appeared
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~~. DIANE CRANE IACOPI (
- Comm, # 1286660
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the same in his/her/their authorized
capac i ty (ies), and that by his/her/their
signatures(s) on the instrument the person(s),
or the entity upon behalf of which the
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OPTIONAL INFORMATION
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VALLEY-SIERRA, R(x)-362-3369
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DESCRIPTION
All that certain real property si tuate in the Ci ty of Tituron, County of
Marin, State of California, described as follows:
PARCEL ONE
UNIT NO. 29, as shown and defined on that certain Condominium Plan recorded
May 1, 1987 as Recorder's Serial No. 87-29234, Marin County Records, and as
definea and limited in the Declaration of Restrictions recorded May 1, 1987
as Recorder's Serial No. 87-29235, Marin County Records.
PARCEL '!WO
AN UNDIVIDED 1/34th interest as Tenants in .Cammon in and to the Common Area,
designated Lot 9, as shown upon that certain map entitled, "Point Tihlron, in
the Town of Tiburon, Marin County, California", filed for record February 16,
1984 in Volume 19 of Maps, at Page 4, Marin County Records, and as shown and
defined on the Condominium Plan referred to herein and as defined and lirrlited
by the Declaration of Restrictions referred to herein.
RESERVING THEREFROM the following:
1.) Exclusive Easements for maintenance and use of roof or balcony or deck
overhangs and Ior use and enjoyment of areas and parking spaces which are
restr icted for the use of individual condominium .uni ts in the project, as
more fully set forth in the above mentioned Declaration of Restrictions.
2.) Easanents through said Unit, appurtenant to the Corrmon Area and all
other Ul)i~s for support and repair of the Conmon Area and all other units;
and
3.) Easements appurtenant to the Common Area, for encroachment upon the air
space of the Unit ~ those portions of the Common Area located within the
Unit.
PARCEL THREE
1.) A non-exclusive easement .for ingress, egress and support through the
Common Area as shown upon the filed map referred to herein and as shown and
defined on the Condaminil~ Plan referred to herein.
2.) Exclusive easements for use of the areas designated as #55 for parking,
as shpwn and defined on the Condominium Plan referred to herein.
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