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Item 13 - Affordable Housing Project at 1411 N Broadway
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03/07/2023 Special and Regular
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Item 13 - Affordable Housing Project at 1411 N Broadway
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City Clerk
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Agenda Packet
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Clerk of the Council
Item #
13
Date
3/7/2023
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<br />EXHIBIT 3 <br />GROUND LESSOR JOINDER <br />THE UNDERSIGNED (“Ground Lessor”) is joining in the execution of these <br />Affordability Restrictions on Transfer of Property (“Restrictions”) to evidence its consent <br />to these Restrictions and its agreement that the Restrictions bind the fee simple interest in <br />the Property and the leasehold interest created by the Ground Lease, and further these <br />Restrictions run with the land; provided that, by recording these Restrictions, the City, on <br />behalf of itself and its successors, and assigns and on behalf of all other parties who, <br />pursuant to the terms of these Restrictions, shall be entitled to the benefit thereof, shall be <br />deemed to have agreed that: (i) Ground Lessor's execution of this joinder to the <br />Restrictions shall not give rise to any personal liability or obligation under these <br />Restrictions or any of the Loan Documents on the part of the Ground Lessor, its <br />successors and assigns or any present or future officer, director, employee, trustee, <br />member, agent or advisor of any of the foregoing, and (ii) all notices of default hereunder <br />and under the other Loan Documents to the Trustor shall also be given to the Ground <br />Lessor, and the Ground Lessor shall have the right to cure any such default on the terms <br />and conditions set forth in the applicable Loan Document and Beneficiary shall accept or <br />reject such cure on the same basis as if made by the Trustor. <br />The address for notices to Ground Lessor is: <br />WISEPlace <br />1411 N. Broadway <br />Santa Ana, CA 92706 <br />Attn: Executive Director <br />Dated: ______, 2023 <br />WISEPlace, a California nonprofit public benefit corporation <br />By: ____________________________ <br />Brateil Aghasi <br />Executive Director <br />26 <br />WISEPlace Permanent Supportive Housing <br />City HOME-ARP Affordability Restrictions on Transfer of Property
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