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Home My WebLink AboutC2011-252 - 5/10/2011 - NAF t NOTICE OF CONFIDENTIALITY RIGHTS: N YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OF THE FOLLOWING INFORMATION FROM THIS INSTRUMENT BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER, DECLARATION OF RESTRICTIVE COVENANT OF AFFORDABILITY Costa Tarragona II, Ltd., makes this declaration of affordability on the date of execution below to assure the long -term use of the real property described below to provide decent and affordable residences for low to moderate income residents, as defined in the HOME Investment Partnerships Program, Final Rule, 24 CFR Part 92.203. 1. Corpus Christi Housing Finance Corporation is the record owner of the real property located in the City of Corpus Christi, Nueces County, Texas, and as more particularly described on the attached Exhibit A, and which is hereinafter referred to as the "Property." 2. In consideration of the loan of funds by the Corpus Christi Community Improvement Corporation to Costa Tarragona II, Ltd., for the construction of Ninety-six (96) rental units of the Villas of Costa Tarragona (the "Project ") which will provide affordable leased residences, as hereinafter provided, Costa Tarragona II, Ltd., hereby agrees to restrict the use of the Property in the manner and for the period of time set forth herein. 3. For the benefit of itself, the Corpus Christi Community Improvement Corporation, and the future leased residents of the Project, Villas at Costa Tarragona, its successors and assigns, do hereby adopt and impose on the Property the following condition, covenant, and restriction, hereinafter referred to as "restrictive covenant," which shall be a covenant running with the land and shall be binding upon any purchaser, grantee, owner or lessee of any land or building on the Property, and their respective heirs, executors, administrators, devisees, successors, and assigns: 3.1 For a continuous period of twenty (20) years from the date of the recording of this Declaration of Restrictive Covenant of Affordability in the Real Property Records of Nueces County, Texas, or from the date on which construction of the Project is completed (such date presently unknown but anticipated to be not later than December 31, 2012), whichever date is later, the Property shall be used only to provide leased housing for eligible low to moderate income residents, as defined herein, under all applicable federal statutes, regulations, and guidelines applicable to the Property. 3.2 For purposes of this restrictive covenant, "persons of low to moderate income" means individuals or families whose income does not exceed sixty percent (60 %) of the City of Corpus Christi area median income, 2011 -252 05/10/11 Costa Tarragona II INDEXED t § a adjusted for household size, as determined by the Secretary of the U.S. Department of Housing and Urban Development. 4. Every person who now or hereafter owns or acquires any right, title, or interest in or to any portion of the Property is and shall be conclusively deemed to have consented and agreed to every restrictive covenant, whether or not any reference to this Declaration of Restrictive Covenant of Affordability is contained in the instrument by which the Property was conveyed to such person. 5. This Declaration of Restrictive Covenant of Affordability shall be binding upon the undersigned party and all successive owners or transferees of the Property or any part thereof. Whenever in this Declaration of Restrictive Covenant of Affordability a reference is made to a party, such reference shall be deemed to include a reference to the heirs, executors, legal representatives, successors and assigns of such party. ADOPTED this Aay of ' 2011. Costa Tarragona II, Ltd. By: CCHFC Costa Tarragona II, LLC, a Texas limited liability company, its general partner By: Corpus Christi Texas cornorat Attachment Exhibit "A" — Property Description (ACKNOWLEDGMENT) STATE OF TEXAS § COUNTY OF NUECES § Corp., a ber General Manager Q C' .,— AUTH0K1,4U1 ...................... T This instrument was acknowledged before me on this 10 day of _ IALl.vk 2011, by Ronald L. Olson, the General Manager of the Corpus Christi Housing Finance Corporation, a Texas housing finance corporation, the sole member of CCHFC Costa Tarragona II, LLC, a Texas limited Iiability company, acting as the general partner of Costa Tarragona II, Ltd., a Texas limited partnership, on behalf of the partnership. r' EMER VE AZOUEZ NOTARY PUBLIC, STATE 0 XAS My commhww Fxplres JuRy O5, Pat4 2 Declaration of Restrictive Covenant of Affordability EXHIBIT A PROPERTY DESCRIPTION For a 6.174 acre tract located in Nueces County, Texas, being a portion of Lot 3A, Amending Plat of West Park Addition Lots 3A and 3B, a Subdivision of record in Volume 67, Page 494 of the Map Records of Nueces County, Texas; Said 6.174 acre tract being more particularly described by metes and bounds as follows with all bearings being referenced to the Easterly line of said Lot 3, Being S 04 1 05'20" W; Commencing at a found 5/8 -inch iron rod at the Southerly Right -of -Way Iine of North Padre Island Drive - S.H. 358 (variable R.O.W.), for the Northeast corner of said Lot 3B, and the Northwest corner of Lot 1, West Park Addition Subdivision of Record in Volume 47, Page 25 of the Map Records of Nueces County, Texas; Thence, N 88 °12'41" W, 230:81 feet, along the Southerly Right -of -Way line of North Padre Island Drive - S.H. 358 (variable R.O.W.), to a found TXDOT Monument, for corner; Thence, S 75 0 43 1 45" W, 167.98 feet, to a found TXDOT Monument, on the Southerly Right -of -Way line of North Padre Island Drive - S.H. 358 (variable R.O.W.), For the Point of Beginning of a non - tangent curve to the left and the Point of Beginning hereof; Thence, Southeasterly, along the common line of said Lot 3A, Lot 3B, and the arc of a non - tangent curve to the left having a radius of 2200.00 feet, a central angle of 32 °46'07 ", an arc length of I258.22 feet and a chord bearing: S 37 0 07'57" E, a distance of 1241.15 feet, to a set 112 -inch iron rod with BPI cap located in the southerly line of said Lot 3B, being a point in the irregular Northerly line of Lot 2 or West Park Addition Lots 2 and 3, a Subdivision of record in Volume 65, Pages I1 -12 of the Map Records of Nueces County, Texas for the Southeast corner of the herein described tract; Thence, S 88 0 25 1 13" W, 478.14 feet, along a portion of the common boundary line of said Lot 3A and said Lot 2, to a set 1/2 -inch iron rod with BPI cap, for the Southwest corner of the herein described tract; Thence, continuing along the common line of said Lot 2, and Lot 3A the following courses: N 20 0 28'58" W, 303.75 feet, to a set 1/2 -inch iron rod with BPI cap for corner; N 34 0 53'28" W, 151.74 feet, to a set 1/2 -inch iron rod with BPI cap for corner; N 31 0 38'26" E, 47.83 feet, to a set 1/2 -inch iron rod with BPI cap for corner; N 20 °28 W, 12.67 feet, to a set 1/2 -inch iron rod with BPI cap for corner; N 58 °21'34" W, 70.00 feet, to a set 1/2 -inch iron rod with BPI cap for corner; N 31 °38'26" E, 27.21 feet, to a set 1/2 -inch iron rod with BPI cap for corner; N 55 °43'57" W, 170.07 feet, to a set 1/2 -inch iron rod with BPI cap for corner; N 48 °37'13" E, 66.05 feet, to a set mag nail for corner; N 44 °18'22" W, 296.99 feet, to a found 518 -inch iron rod on the Southeast right of way line of North Padre Island Drive (variable R.O.W.), for the Northwest corner of said Lot 3A; Thence, along the Southeast right of way line of North Padre Island Drive (variable R.O.W.), the following courses: N 52 0 30'09" E, 54.97 feet, to a found TXDOT monument, for an angle corner of the herein described tract; N 60 0 52'19" E, 93.63 feet, to a found TXDOT monument, for an angle corner of the herein described tract; N 67 ° 12'55" E, 129.63 feet, to a found TXDOT monument, to the Point of Beginning, containing 6.189 acres (269,575 square feet) of land, more or less. SAVE AND EXCEPT that certain called 0.006 acre and 0.009 acre tract as conveyed to Corpus Christi Housing Finance Corporation, by Special Warranty Deed dated December 13, 2007 and recorded in Document No. 2007061698 of the Nueces County Records, leaving a net acreage for said Lot 3 of 6.174 acres. Declaration of Restrictive Covenant of Affordability Corpus Christi Community Improvement Corporation P. O. Box 9277 Corpus Christi, TX 78469 CHARGE & MUM ID: Son Jacinto Wk Ser4ces 802 N o. Caraneshus, Suite 1500 Corpus Christi. Texas 78470 a.* HUMBOR OF FEE: Doc, 2 1 13 110 17 7 9 g Pa3es 4 Q5/ 24/2011 11214AN Official Records of i~li.€t: CES COUNTY DIANA T. BARRERA WUNTY CLERK Fees $2M)tj Ans Provision herein which restricts the Slay R adol or u% pi th e descr RE,Al._ PROPERTY because or p.a =peg Color, Rplisilan Seir:r Ha ndilsupis Familial Staf..Lj � jr 14ai.,iF)nQ1. Origin is invalid and unenforl::eable STATE O`.. TEXA COUNTY OF WES 1 'i4ersri}J IWWtifu that this instrument was FILED in file +i4.f mW srs=7t3wKe an the Me and at th , t i m e sS:amped h e r e i n imi trze � cind was djj �j ire t-he Fiff iI:;ia! r "ulllic Racard-� of." NUF:ces cL}i.ntm Texa €�Iiana1 i,: A :ar'par 4 Declaration of Restrictive Covenant of Affordability \/