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Deed of Trust 14873 Olivia Street
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Deed of Trust 14873 Olivia Street
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9/22/2020 10:05:49 AM
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9/22/2020 9:40:26 AM
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CM City Clerk-City Council
Document Date (6)
10/1/2018
Recorded Document Type
Performance Deed of Trust
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PERM
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EXHIBIT A <br />FIRST AMENDMENT TO PROPERTY VALUE RES1"RICTIONS, RESALE <br />AGREEMENT AND OPTION TO PURCHASE <br />This First Amendment (this "Amendment") amending that certain <br />Property Value Restrictions, Resale Agreement and Option to Purchase <br />Agreement recorded as document number 2003705539 on December 3, 2003 <br />in the official records of Alameda County, is entered into by and between the <br />City of San Leandro, a California charter city (the "City"), and Fidel Maniago, <br />·Aurelia Maniago, and Geoffrey Maniago ("Owner") as of ______ _ <br />2018 (the "Effective Date"). City and Owner are hereinafter collectively <br />referred to as the "Parties". <br />RECITALS <br />A. Owner is the owner of that certain real property located at 14873 Olivia <br />Street, San Leandro, California, as more fully described in Exhibit A, <br />attached hereto and incorporated herein (the "Property"). <br />B. The Redevelopment Agency of the City of San Leandro ("Agency") <br />and the Owner entered into that certain Property Value Restrictions, <br />Resale Agreement and Option to Purchase Agreement (the <br />"Agreement") recorded as document number 2003705539 on <br />December 3, 2003 in the official records of Alameda County. <br />C. Pursuant to the Agreement, Owner agreed to only sell the Property to a <br />qualified moderate-income purchaser at a price not to exceed the <br />adjusted resale price capped at an affordable housing cost, and <br />provide the Agency a right of first refusal for such sale. <br />D. The City is the successor-in-interest to the Agency with respect to the <br />Agreement. <br />E. The Owner is refinancing its mortgage on the Property. As part of that <br />refinancing, Owner desires to remove Geoffrey Maniago from title as <br />an owner of the Property. <br />F. It is necessary to amend the Agreement to change the definition of <br />Owner to exclude Geoffrey Maniago, and to ensure that any <br />subsequent deeds or mortgagees are subordinate to the Agreement. <br />Performance Deed of Trust 11
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