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Home My WebLink AboutAttachment No. 3 Assignment and AssumptionAttachment No. 3 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: Community Development Commission - Housing Authority of the City of National City 140 East 12th Street, Suite B National City, CA 91950 Attn: Executive Director Free Recording Requested per Government Code Sec. 6103 ASSIGNMENT AND ASSUMPTION OF DECLARATION OF COVENANTS AND RESTRICTIONS (TENANT RESTRICTIONS) AND DEED OF TRUST THIS ASSIGNMENT AND ASSUMPTION OF DECLARATION OF COVENANTS AND RESTRICTIONS AND DEED OF TRUST ("Assignment"), made as December , 2013, by and between PLAZA MANOR PRESERVATION, L.P., a California limited partnership ("Assignor") and SUMMERCREST APARTMENTS, L.P., a Delaware limited partnership ("Assignee"). RECITALS A. Assignor and Assignee have entered into that certain Real Estate Purchase Agreement, dated as of September 9, 2013 ("Agreement"), for the purchase and sale of certain real property known as the Summercrest Apartments located at 2721 Plaza Boulevard in the City of National City, County of San Diego, California ("Property"). B. The Assignor and Assignee is -are requesting the consent of the CDC -HA to this Assignment is -being -made —as required under by: (i) Section 17 of that certain Declaration of Covenants and Restrictions (Tenant Restrictions) ("Declaration") dated December 18, 2001, and executed by Assignor (as "Declarant") and recorded June 19, 2002, in the office of the County Recorder of San Diego County, California as Document Number 2002-0518422; and (ii) that certain Project Deed of Trust ("Deed of Trust") dated December 18, 2001, and executed by Assignor (as "Trustor") and recorded June 19, 2002, in the office of the County Recorder of San Diego County, California as Document Number 2002-0518423. NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee agree as follows: 1. Assignment of Obligations Under Declaration and Deed of Trust. Assignor hereby assigns to Assignee all of its rights, interests, benefits and privileges and all of its obligations in and under the Declaration, as Declarant thereunder, and Deed of Trust, as Trustor thereunder, and Assignee hereby accepts such assignment. National City Assignment - Summercrest 1 Attachment No. 3 2. Assumption of Obligations. By acceptance of this Assignment, Assignee hereby assumes and agrees to perform and to be bound by all of the terms, covenants, conditions and obligations of Assignor, as Declarant, under the Declaration, and as Trustor, under the Deed of Trust for the benefit of the City of National City. This assumption shall have application only to those obligations under the Declaration or Deed of Trust arising after the transfer of the Property to Assignee. 3. Mortgagee Protection. Notwithstanding anything herein to the contrary, no violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in the Declaration shall defeat or render invalid or in any way impair the lien or charge of any provision of that certain deed Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (California) among Summercrest Apartments, LP, a Delaware limited liability company, First American Title Insurance Company as Deed of Trust Trustee, and Citibank, N.A., a national banking association as Beneficiary as assigned by Beneficiary to the Federal Home Loan Mortgage Corporation pursuant to Assignment of Security Instrument, both of even date herewith (as assigned, the "Freddie Mac Deed of Trust"). The Declaration shall be subordinate to the Freddie Mac Deed of Trust, notwithstanding the prior recordation of the Declaration. 4. Successors and Assigns. This Assignment shall be binding upon and inure to the benefit of the successors, assigns, personal representatives, heirs and legatees of the respective parties hereto. 5. Governing Law. This Assignment shall be governed by, interpreted under, and construed and enforceable with, the laws of the State of California. IN WITNESS WHEREOF, the parties hereto have executed this instrument as of the date first written above. ASSIGNOR: PLAZA MANOR PRESERVATION, L.P., a California limited partnership, By: Plaza Manor Development Co., LLC, a California limited liability company, Its General Partner By: Nicholas Real Estate Investments, LLC, a California limited liability company, Its Managing Member By: Name: William A. Witte Title: President National City Assignment - Summercrest 2 Attachment No. 3 By: Las Palmas Foundation, a California nonprofit public benefit corporation, Its General Partner By: Name: Joseph Michaels Title: President ASSIGNEE: SUMMERCREST APARTMENTS, L.P., a Delaware limited partnership, By: AOF Summercrest LLC, a Delaware limited liability company, Its Managing General Partner By: AOF/Pacific Affordable Housing Corp., a California nonprofit public benefit corporation, Its Sole Member By: Name: Title: By: Summercrest Apartments Co -General Partner, LLC, a Delaware limited liability company, Its Co -General Partner By: BLF Holdings, LLC, a Washington limited liability company, Its Sole Member By: The Brian L. Fitterer Revocable Trust, a California Trust, Its Sole Member By: Name: Title: National City Assignment - Summercrest 3 Attachment No. 3 On , before me, , a Notary Public, personally appeared , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) 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. Notary Public On , before me, , a Notary Public, personally appeared , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) 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. National City Assignment - Summercrest 4 Attachment No. 3 Notary Public On , before me, , a Notary Public, personally appeared , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) 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. Notary Public On , before me, , a Notary Public, personally appeared , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) 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. National City Assignment - Summercrest 5 Attachment No. 3 Notary Public National City Assignment - Summercrest 6