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HomeMy WebLinkAboutAGR-7242 - CSCDA COMMUNITY IMPROVEMENT AUTHORITY - PUBLIC BENEFIT AGREEMENT - LIEN REVENUE BONDS FOR 1055 W TOWN & COUNTRY RD AND 1725 W KATELLA AVERecorded in Official Records, Orange County Hugh Nguyen, Clerk-Recorder Recgrding Requested by: NO FEE Ticor Title National Commercial Services R 0 0 1 3 1 8 4 1 7 9 $ * q1.4g j 2021000585502 12:59 pm.09121121 RECORDING REQUESTED BY 320 PP2A Al2 15 CSCDA Community Improvement Authority 0.00 0.00 0.00 0.00 42.00 0.00 0.000.000.00 0.00 WHEN RECORDED RETURN TO: Orrick,Herrington&Sutcliffe LLP 405 Howard Street San Francisco,CA 94105 Attention: Steffi Chan THIS DOCUMENT IS EXEMPT FROM RECORDING FEES PURSUANT TO SECTION 27383 OF THE CALIFORNIA GOVERNMENT CODE PUBLIC BENEFIT AGREEMENT By and Between CSCDA COMMUNITY IMPROVEMENT AUTHORITY and THE CITY OF ORANGE Dated as of September 1,2021 Relating to CSCDA COMMUNITY IMPROVEMENT AUTHORITY ESSENTIAL HOUSING SENIOR LIEN REVENUE BONDS,SERIES 2021A CITY OF ORANGE PORTFOLIO)(SOCIAL BONDS) CSCDA COMMUNITY IMPROVEMENT AUTHORITY ESSENTIAL HOUSING MEZZANINE LIEN REVENUE BONDS,SERIES 2021B CITY OF ORANGE PORTFOLIO)(SOCIAL BONDS) and CSCDA COMMUNITY IMPROVEMENT AUTHORITY ESSENTIAL HOUSING SUBORDINATE LIEN REVENUE BONDS,SERIES 2021C CITY OF ORANGE PORTFOLIO) 4138-4219-5760.3 Exempt from fee per GC 27388.1 ia)(x)o fee cap of 6225 reached. Recording Requested by: . Ticor Title National Commercial Services g143 gig RECORDING REQUESTED BY CSCDA Community Improvement Authority WHEN RECORDED RETURN TO: Orrick,Herrington& Sutcliffe LLP 405 Howard Street San Francisco, CA 94105 Attention: Steffi Chan THIS DOCUMENT IS EXEMPT FROM RECORDING FEES PURSUANT TO SECTION 27383 OF THE CALIFORNIA GOVERNMENT CODE PUBLIC BENEFIT AGREEMENT By and Between CSCDA COMMUNITY IMPROVEMENT AUTHORITY and THE CITY OF ORANGE Dated as of September 1,2021 Relating to CSCDA COMMUNITY IMPROVEMENT AUTHORITY ESSENTIAL HOUSING SENIOR LIEN REVENUE BONDS,SERIES 2021A CITY OF ORANGE PORTFOLIO)(SOCIAL BONDS) CSCDA COMMUNITY IMPROVEMENT AUTHORITY ESSENTIAL HOUSING MEZZANINE LIEN REVENUE BONDS,SERIES 2021B CITY OF ORANGE PORTFOLIO)(SOCIAL BONDS) and CSCDA COMMUNITY IMPROVEMENT AUTHORITY ESSENTIAL HOUSING SUBORDINATE LIEN REVENUE BONDS,SERIES 2021C CITY OF ORANGE PORTFOLIO) 4138-4219-5760.3 Exempt from fee per GC 27388.1 a)(1);fee cap of$225 reached. PUSLIC SENEFIT AGREEMENT This PUBLIC BENEFIT AGREEMENT ("A,greement ") is dated as of September 1, 2021 by and between the CSCDA COMMiJNI'TY IMPROVEMENT AUTHORITY a joint exercise of powers agency organized and existing under the laws of the State of California (including its successors and assigns, "Owner") and THE CITY OF ORANGE ("Host"). BACKGROUND WHEREAS, Owner proposes to issue Bonds (as hereinafter defined) to finance Owner's acquisition of the certain multifamily rental housing project (the "Project") located at 1055 West Town and Country Road, and 1725 West Katella Avenue, Orange, California, located on the real property site described in Exhibit A hereto; and WHEREAS, Owner intends to sell the Project at the instigation of the Host or upon the retirement of all Project Debt(as defined herein) pursuant to this Agreement. AGREEMENT In consideration of the mutual covenants herein contained, and such other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, Owner and Host mutually agree as follows: Section 1. Right to Cause Sale.Host shall have the right to cause("Sale Ri") Owner to sell the Property (as herein defined) upon payment by the purchaser thereof(the "Purchaser") of the applicable Sale Price(as herein provided)within the Sale Right Term (as herein defined) as provided in Section 4 hereof or following the Sale Right Term as provided in Section 5 hereof, and, in each case, in compliance with and observance of all of the terms and conditions of this Agreement. Section 2. Definitions. Capitalized terms used in this Agreement shall have the meanings assigned to them in this Section 2; capitalized terms used in this Agreement and not defined in this Section 2 or elsewhere herein shall have the meanings assigned to them in the Indenture(herein defined). a) "Bonds" — collectively, (i) the CSCDA Community Improvement Authority Essential Housing Senior Lien Revenue Bonds, Series 2021A (City of Orange Portfolio) (Social Bonds) (the "Series A Bonds"), (ii) the CSCDA Community Improvement Authority Essential Housing Mezzanine Lien Revenue Bonds, Series 2021B (City of Orange Portfolio) Social Bonds) (the"Series B Bonds"), and(iii) the CSCDA Community Improvement Authority Essential Housing Subordinate Lien Revenue Bonds, Series 2021C(City of Orange Portfolio) (the Series C Bonds"), with such other series and sub-series designations as may be set forth in the Indenture, originally issued to finance Owner's acquisition of the Project and related transaction costs. b) "Bond Trustee" — Wilmington Trust, National Association or any successor trustee under the Indenture. 4138-4219-57603 c) "Closin"—shall have the meaning set forth in Section 8 hereof. d) "Conveyance" —that transaction or series of transactions by which Owner shall transfer, bargain, sell and convey any and all right,title or interest in and to the Property. e) "Extraordinary Costs and Expenses" — shall have the meaning set forth in the Indenture. fl "Indenture"—the Trust Indenture between Owner, as issuer, and Bond Trustee, as trustee,pursuant to which the Bonds were issued. g) "Minimum Sale Price" — means the lowest price at which the Property may be sold, as described in Section 4(c)hereof. h) "Outstandin," — with respect to Bonds, as of any given date, all Bonds which have been authenticated and delivered by the Trustee under the Indenture, except: (i) Bonds cancelled at or prior to such date or delivered to or acquired by the Trustee at or prior to such date for cancellation; (ii) Bonds deemed to be paid in accordance with Article VIII of the Indenture; and(iii) Bonds in lieu of which other Bonds have been authenticated under the Indenture. i) "Owner Indemnified PeYson" — Owner and each of its officers, governing members, directors, officials, employees, attorneys, agents and members. j) "Project Administrator"—Waterford Property Company, LLC and its successors and assigns. k) "Pro ect DebP' — any debt secured by the Project and incurred to finance or refinance Owner's acquisition of the Project and related transaction costs, including any portion of the Bonds and any bonds, notes or other indebtedness issued by Owner to improve the Project or to refund the Bonds in whole or in part. 1) "Pro er " — means all of Owner's right, title and interest (which includes fee simple title to the real property) in and to all property and assets used in or otherwise related to the operation of the Project including, without limitation, all real property and interests in real property, all tangible and intangible personal property including furniture, fixtures, equipment, supplies, intellectual property, licenses, permits, approvals, and contractual rights of any kind or nature together with the right to own and carry on the business and operations of the Project. m) "Regulatory A,reement"—means the Regulatory Agreement and Declaration of Restrictive Covenants by and between Owner and Bond Trustee, relating to the Bonds. n) "Sale Price" —purchase price of the Property to be paid by the Purchaser upon sale of the Property by Owner pursuant to Host's Sale Right in compliance with Section 4 hereof or sale by Owner pursuant to Section 5 hereof. o) "Sale Ri ht" — means the right of Host to cause Owner to sell the Property pursuant to Section 1 hereof. 2 4138-4219-5760.3 p) "Sale Ri,ht Exercise Date"—the date fifteen (15) years from the issuance of the Bonds. Sale Rie ht Te m"—shall commence on the Sale Right Exercise Date and, if not exercised, shall terminate on the date on which no Project Debt remains outstanding. r) "Transaction Costs"—to the extent not otherwise described herein, any costs or expenses of any kind or nature associated with or incurred by Owner and/or Bond Trustee in connection with the consummation of the Conveyance, regardless of whether such costs and expenses are customarily borne by the seller or purchaser in any such transaction, including but not limited to taxes, recording fees and other impositions, Owner's and Bond Trustee's legal and other professional fees, fees for verification agents, bidding agents, escrow agents, custodians or trustees, assumption fees, prepayment fees, the cost of the appraisal, brokers' fees and expenses, surveys, inspections, title commitments, title insurance premiums and other title-related fees, and all amounts required for indemnification of Owner, Bond Trustee and Project Administrator. Section 3. Effectiveness; Term and Termination. The Sale Right shall become effective on the Sale Right Exercise Date and may be exercised during the Sale Right Term. Owner agrees that it will not enter into any agreement to sell all or any part of the Property during the Sale Right Term other than as may be required by the Indenture (e.g., in the event of default), without the specific written request of the Host and delivery of an Opinion of Bond Counsel to Bond Trustee substantially to the effect that such sale will not, in and of itself, adversely affect the exclusion of interest on the Bonds from gross income for purposes of federal income taxation. Section 4. Manner of Exercise. a) Host's Notice. To exercise the Sale Right, Host shall provide a notice (an Exercise Notice")to Owner(with a copy to the Project Administrator) at any time during the Sale Right Term. b) Owner's Best Efforts to Sell. Unless Host notifies Owner in writing that it is withdrawing its Exercise Notice within fifteen(15)business days of delivering the Exercise Notice under Section 4(a)hereof, Owner shall exercise its best efforts in selling and conveying good and marketable title to the Property within ninety (90) days following receipt of the Exercise Notice, or as soon as possible thereafter, but only if it can sell at or above the Minimum Sale Price. The obligation of Owner to sell and convey the Property shall be on a best efforts basis. Owner shall endeavor to sell the Property at a commercially reasonable price, subject to subsection (c) of this Section, by such means as it shall determine to be suitable for such purpose; provided that Host may direct Owner to sell the Property to Host, to a non-profit corporation designated by Host or to a limited partnership (that has a non-profit corporation as a general partner) designated by Host at a price less than commercially reasonable but at or above the Minimum Sale Price; provided further that Owner's determination of the manner of sale and Sale Price shall be final and incontestable, and Owner shall incur no liability to any party as a result of or otherwise in connection with the sale or failure to sell. Subject to subsection(c),nothing herein shall require or prevent Owner selling the Property subj ect to the restrictions set forth in the Regulatory Agreement or similar types of restrictions established by Owner with the approval of Host. Owner shall direct the Bond Trustee in the foregoing as and to the extent necessary or appropriate. 3 4138-4219-57603 c) Sale Price. The Sale Price shall be at least equal to the sum of the amounts set forth below (net of any adjustments or prorations of the type described in Section 8(b)) (the Minimum Sale Price"): i. an amount sufficient to either prepay, redeem in whole or fully defease for redemption on the earliest call date all Project Debt; plus ii. any fees or other amounts not identified in clause (i) that may be necessary to effect the complete release from and discharge of any lien, mortgage or other encumbrance on the Property; plus iii. any amounts due to Owner (including Owner Indemnified Persons, as provided in the Indenture), the Bond Trustee or any predecessor or successor, or any other Person under any indenture, loan agreement, bond, note or other instrument relating to any Project Debt (including, without limitation, indemnification amounts, Owner's Extraordinary Costs and Expenses,recurrent and extraordinary fees and expenses, and reimbursable costs and expenses of any kind or nature); plus iv. Transaction Costs; minus v. Any funds held by or for Owner under the Indenture applied to the retirement of Project Debt. Owner may retain such portion of moneys in the Extraordinary Expense Fund or similar fund under the Indenture it deems reasonable as a reserve against future expected costs and expenses of the type described in subparagraph (iii). Owner's determination of this amount shall be final and incontestable. Section 5. Mandatory Convevance. Upon the retirement of all Project Debt, Owner shall use its best efforts to effect a Conveyance within ninety (90) days thereafter, subject to Section 4(c) hereof; provided, however, that Host, by notice to Owner within two (2) weeks after notice from Owner that no Project Debt remains outstanding, shall have the option to cause Owner to sell the Property (i) to a non-profit corporation or a limited partnership (that has a non-profit corporation as a general partner) designated by Host upon payrnent by such non-profit corporation or limited partnership, as applicable, of a sale price approved by Host,which sale price shall be at least equal to the Minimum Sale Price, or(ii) to Host upon payment of the Minimum Sale Price. Nothing herein shall require or prevent Owner selling the Property subject to the restrictions set forth in the Regulatory Agreement or similar types of restrictions established by Owner with the approval of Host. Section 6. Surplus Cash; Surplus Convevance Proceeds. Upon a Conveyance of the Property, Owner shall apply the proceeds of such Conveyance (i) to redeem the Bonds then Outstanding, (ii) to prepay, redeem in whole or fully defease any other Project Debt, and (iii) to pay any fees or other amounts listed in Section 4(c)(ii)—(iv). Any proceeds remaining following the foregoing payments (such remaining amounts hereinafter referred to as "Surplus Conve ance Proceeds") shall be transferred to Host and Host shall share such Surplus Conveyance Proceeds 4 4138-4219-57603 with other taxing agencies selected by Host, and in the amounts determined by Host in its sole discretion and responsibility. Section 7. Terms of Convevance. a) The Conveyance shall be in the nature of a grant deed to Purchaser in which Owner shall deliver- one or more deeds, bills of sale, or other instruments of transfer without recourse or warranty of any kind or nature. b) The Property will be conveyed to Purchaser in AS IS CONDITION,WITH ALL FAULTS, and without representations or warranties of any kind or nature as to the condition of the Property. c) There shall be no partial transfer and that, upon consummation of the Conveyance, Owner shall be fully divested of any and all right, title or interest in and to the Property. Section 8. Closing. a) The closing of the Conveyance ("Closin") shall take place, in the case of a Conveyance pursuant to Section 4 hereof,not later than the ninetieth(90th)calendar day following Owner's receipt of the Exercise Notice, or as soon as possible thereafter, and in the case of a mandatory conveyance pursuant to Section 5 hereof, not later than the ninetieth (90th) calendar day following the retirement of all Project Debt, or as soon as possible thereafter. b) Prorations. All general and special real property taxes and assessments, and rents shall be prorated as of the Closing, with Purchaser responsible for all such items to the extent arising or due at any time following the Closing. General real property taxes shall be prorated at the time of Closing based on the net general real property taxes for the year of Closing. Section 9. Recording. This Agreement, and any amendment thereto, shall be recorded with the recorder's office of the County; provided, that upon termination of the term of this Agreement, Host shall cooperate with Owner to remove any such recorded Agreement or amendment thereto from title to the Property upon Owner's reasonable request therefor and,in any event,by no later than thirty(30) days after the expiration of the original term of this Agreement. In the event that, within said time, Host fails to so cooperate and provide its original signature to a termination of such recorded Agreement or amendment thereto, then Host hereby irrevocably constitutes and appoints Owner as Host's true and lawful attorney (and agent-in-fact) to execute in Host's name any such termination. Section 10. Subordination. This Agreement shall be subordinate to any claim,pledge or interest in the Property securing the Bonds or any Project Debt. Section 11. Maintenance of Membership. In order to preserve the Property's exemption from property tax, Host agrees to remain a member of Owner joint powers authority so long as any Bonds remain Outstanding. 5 4138-4219-57603 Section 12. Assi nment. Neither party to this Agreement shall assign .its interests, obligations, rights and/or responsibilities under this Agreement without the prior written consent of the other party. Section 13. Limitation on Liability. a) Owner shall not be directly, indirectly, contingently or otherwise liable for any costs, expenses, losses, damages, claims or actions, of any conceivable kind on any conceivable theory, under or by reason of or in connection with this Agreement or any sale or Conveyance or failure or price thereof or application of proceeds thereof, except only as to moneys available therefor under and in accordance with the Indenture or this Agreement. b) No Owner Indemnified Person shall be individually or personally liable for the payment of any sum hereunder or be subject to any personal liability or accountability by reason of the execution and delivery of this Agreement, or by any proceedings for the sale or Conveyance or failure or price thereof, or Host's exercise or waiver of same, or otherwise except in the case of such Owner Indemnified Person's own willful misconduct. Section 14. Notices, Governin Law, Bindin Effect and Other Miscellaneous Provisions. a) Notices. All notices provided for in this Agreement shall be in writing and shall be given to Owner or Host at the address set forth below or at such other address as they individually may specify thereafter by written notice in accordance herewith: If to Owner or: CSCDA Community Improvement Authority Designated Agent 1700 North Broadway, Suite 405 Walnut Creek, California 94596 Attention: Jon Penkower Email:jpenkower@cscda.org With a copy to: Waterford Property Company, LLC 130 Newport Center, Suite 230 Newport Beach, California 92660 Attention: John Drachman Email:jdrachman@waterfordco.com If to Host: City of Orange 300 E. Chapman Avenue Orange, California 92866 Attention: City Manager Such notices shall be deemed effective upon actual delivery or upon the date that any such delivery was attempted and acceptance thereof was refused, or if mailed, certified return receipt requested, postage prepaid,properly addressed, three (3) days after posting. 6 4138-4219-57603 b) Consents and Approvals. All consents and approvals and waivers required or asserted hereunder shall be in writing, signed by the party from whom such consent, approval, waiver or notice is requested. c) Non-liabilitv of Host or Owner Officers and Emplovees. No officer or employee of the Host shall be personally liable to the Owner, or any successor in interest, in the event of any default or breach by Host of any obligation of the terms of this Agreement. No officer or employee of the Owner shall be personally liable to Host, or any successor in interest, in the event of any default or breach by Owner of any obligation of the terms of this Agreement. d) Pronouns. Where appropriate to the context, words of one gender include all genders, and the singular includes the plural and vice versa. e) Amendments. This Agreement may not be modified except in a written instrument signed by Host and Owner. fl Complete A reement; Benefits. This Agreement together with all schedules and exhibits attached hereto and made part thereof supersedes all previous agreements, understandings and representations made by or between the parties hereto. This Agreement shall inure solely and exclusively to the benefit of the Owner and Host, and no other party shall have any right, remedy or claim under or by reason of this Agreement. g) Governin Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to conflicts of law principles. All claims of whatever character arising out of this Agreement, or under any statute or common law relating in any way, directly or indirectly, to the subject matter hereof or to the dealings between Owner and any other party hereto, if and to the extent that such claim potentially could or actually does involve Owner, shall be filed and maintained in the Superior Court of California, County of Sacramento, California. By executing and delivering this Agreement, each party hereto irrevocably: (i) accepts generally and unconditionally the exclusive jurisdiction and venue of such court; (ii) waives any defense of forum non-conveniens; and (iii) agrees not to seek removal of such proceedings to any court or forum other than as specified above. The foregoing shall not be deemed or construed to constitute a waiver by Owner of any prior notice or procedural requirements applicable to actions or claims against or involving governmental units and/or political subdivisions of the State of California that may exist at the time of and in connection with such matter. h) Legal Construction. In case any one or more of the provisions contained in this Agreement shall for any reason be held by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such invalid provision shall be deemed severable, and shall not affect the validity or enforceability of any other provisions of this Agreement, all of which shall remain fully enforceable. i) Term. This Agreement shall terminate upon the Conveyance. j) Captions. The captions used in this Agreement are solely for convenience, and shall not be deemed to constitute a part of the substance of the Agreement for purpose of its construction. 7 4138-4219-57603 k) Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original; and all such counterparts shall together constitute but one and the same Agreement. SIGNATURE PAGE TO FOLLOW] 8 4138-4219-57603 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth above. . CSCDA COMMUNITY IMPROVEMENT AUTHORITY By: Jon Penkower Authorized Signatory Signature Page to Public Benefit Agreement) 4138-4219-5760 A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy,or validity of that document. State of California County of Col k r - L.lss tti ) On gijb /t1 before me, gen IQ/ 1Vt5 l; w0IC II (insert_ name and title of the officer) Notary Public,personally appeared 0 H Ch ` 1 P 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. Signature Seal) BEN WEINER Notary Public-California z • Contra Costa County vnJ Commission a 2352285 My Comm.Expires AD,14.2025 4138-4219-5760 THE CITY OF ORANGE By: Rick Otto aKa R - and Paw\ c-4-o City Manager Signature Page to Public Benefit Agreement) 4138-4219-5760.3 A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of (ro,Y a On laS e b-1 ,before me, ' P No Ar ; i insert name and itle of the officer) Notary Public personally appeared r tCii.. ti who proved to me on the basis of satisfactory evidence to be the person s'f whose name( isl- subscribed to the within instrument and acknowledged to me that heFgke%l e executed the same in his`-' `n authorized capacity(e j, and that by his/er kei signature(.s on the instrument the person(, or the entity upon behalf of which the person(e'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. r SALLY R.TR JO WITNESS my hand and official seal. r+ocary P nij-caaro;a = Orange Counry Z ` Commission+t 2283155 My Comm.Expires Apr 24,2023 Signature ea , 4138-4219-5760.3 EXHIBIT "A" LEGAL DESCRIPTION OF REAL PROPERTY The Land referred to herein is situated in the State of California, County of Orange, City of Orange, and described as follows: PARCEL 1: PARCEL 1A: PARCEL 1 OF PARCEL MAP NO.2017-156,IN THE CITY OF ORANGE,COUNTY OF ORANGE, STATE OF CALIFORNIA,AS PER MAP FILED ON DECEMBER 11,2017 IN BOOK 392,PAGES 30 THROUGH 32, INCLUSIVE,OF PARCEL MAPS,IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. PARCEL 1B: THOSE CERTAIN NON-EXCLUSIVE EASEMENTS OVER AND ACROSS PARCEL 2 OF PARCEL MAP NO.2017-156, IN THE CITY OF ORANGE,COUNTY OF ORANGE,STATE OF CALIFORNIA, AS PER MAP FILED ON DECEMBER 11,2017 IN BOOK 392,PAGES 30 THROUGH 32, INCLUSIVE, OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY FOR THE PURPOSES OF VEHICULAR AND PEDESTRIAN ACCESS FOR INGRESS AND EGRESS,FIRE LANES, SURFACE STORM WATER DRAINAGE,PEDESTRIAN ACCESS,UNDERGROUND STORM WATER DRAINAGE,FIRE SUPPRESSION PIPELINES AND VISITOR PARKING,ALL AS DESCRIBED AND DEPICTED IN THAT CERTAIN DOCUMENT ENTITLED DECLARATION OF COVENANTS RUNNING WITH THE LAND FOR ESTABLISHMENT OF ACCESS,PARKING,DRAINAGE AND UNDERGROUND UTILITY EASEMENTS," RECORDED DECEMBER 11,2017,AS INSTRUMENT NO.2017000531859 OF OFFICIAL RECORDS., COUNTY OF ORANGE,WITH THE USE OF SAID EASEMENTS BEING SUBJECT TO THE TERMS AND CONDITIONS AS CONTAINED THEREIN. APN: 041-214-06 PARCEL 2: THAT PORTION OF LOT 2 OF THE TRAVIS TRACT,AS PER MAP RECORDED IN BOOK 5, PAGE 120 OF MISCELLANEOUS RECORDS,IN THE OFFICE OF THE COUNTY RECORDER OF LOS ANGELES COUNTY, CALIFORNIA,DESCRIBED AS FOLLOWS: S BEGINNING AT THE SOUTHEAST CORNER OF SAID LOT 2,ALSO BEING THE CENTERLINE INTERSECTION OF MAIN STREET AND STRUCK AVENUE;THENCE, NORTH 89 DEG.31' 50" WEST 1323.95 FEET ALONG THE CENTERLINE OF SAID STRUCK AVENUE TO THE WEST LINE OF SAID LOT 2; THENCE,NORTH 0 DEG.29' 10"EAST 99.15 FEET ALONG SAID WEST LINE TO THE TRUE POINT OF BEGINNING, BEING A POINT ON THE NON-TANGENT CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 940.00 FEET,A RADIAL TO SAID POINT BEARS SOUTH 16 DEG. 07'28" EAST,SAID CURVE BEING CONCENTRIC AND 60.00 FEET NORTHWESTERLY OF A 1000.00 FOOT RADIUS CURVE, DESCRIBED IN DEED TO THE COUNTY OF ORANGE RECORDED NOVEMBER 18, 1957 IN BOOK 4106, PAGE 451 OF OFFICIAL RECORDS,HAVING A LENGTH OF 994.19 FEET AND A CENTRAL ANGLE OF 56 DEG. 57' 47", SAID LAST MENTIONED CURVE ALSO BEING THE CENTERLINE OF KATELLA AVENUE; THENCE,CONTINUING ALONG SAID WEST LINE,NORTH 0 DEG. 29' 10" EAST 310.99 FEET TO A POINT OF THE SOUTH LINE OF THE WEST 5.68 ACRES OF THE NORTH 20.36 ACRES OF SAID LOT 2 AS SHOWN ON A MAP FILED IN BOOK 9,PAGE 48 OF RECORD OF SURVEYS; THENCE ALONG SAID SOUTH LINE, SOUTH 89 DEG. 30'45"EAST 171.70 FEET;THENCE SOUTH 0 DEG.29' 10" WEST 240.65 FEET TO A POINT ON SAID CONCENTRIC CURVE HAVING A RADIUS OF 940.00 FEET,A RADIAL TO SAID POINT BEARS SOUTH 27 DEG.27'09" EAST;THENCE,ALONG SAID CONCENTRIC CURVE SOUTHWESTERLY 185.85 FEET THROUGH A CENTRAL ANGLE OF 11 DEG. 19'41" TO THE TRUE POINT OF BEGINNING, EXCEPT THAT PORTION DESCRIBED IN THE DEED TO THE CITY OF ORANGE, RECORDED AUGUST 24, 1971 IN BOOK 9775,PAGE 10 OF OFFICIAL RECORDS. APN; 375-301-06 APN: 041-214-06, 375-301-06