Inclusionary Housing Agreement - 2014WHEN RECORDED MAIL TO:
City of Campbell
Community Development Department
70 N. First Street.
Campbell, CA 95008
Attn: Planning Division
REGINA ALCOMENDRAS
SANTA CLARA COUNTY RECORDER
Recorded at the request of
City
RDE # 091
I/30/2e14
1 55 AM
No fee for recording pursuant to (Space above for Recorder's Use)
Government Code Section 27383
INCLUSIONARY HOUSING AGREEMENT
(Master Developer -Inclusionary For Sale Unit - On-Site)
This INCLIJSIONARY HOUSING AGREEMENT ("Agreement") is entered into as of this
day of ~'~~y~e~P~.~ 2014, by and between the CITY OF CAMPBELL, a municipal
corporation (the "City"). and Taylor Morrison of California, a Limited Liability Company (the
"Developer"), with reference to the following facts:
A. The Cit}~ has adopted an Inclusionary Housing Ordinance, Campbell Municipal Code, Title
21, Zoning Code, Clhapter 21.24 (the "Ordinance") which requires that fifteen percent (15%) of all new
residential units developed in the City be affordable to very low income, lower income and moderate
income households ,and allows, under specified circumstances. the developer to elect alternative means
of compliance. The Ordinance is administered by the City's Community Development Department.
B. Developer is the owner of certain real property in the City of Campbell. California
described in EXHIBIT A attached hereto and incorporated herein by this reference (the "Property").
C. For the purposes of this Agreement. Developer currently intends to construct a total of
twenty-five (25) residential units known as the 125 S. San Tomas Aquino Road Development
(hereinafter referred to as the "Master Development") on the Property, and has been approved for a
Vesting Tentative Subdivision Map (File No. PLN 201 1-256) and a Planned Development Permit (File
No. PLN 2011-255) for the Property. Pursuant to the Ordinance. Developer is required to execute this
Agreement as a condition of the First Approval of the Master Development by the City.
D. Developer intends to meet the inclusionary housing requirements of the Ordinance by
constructing. or causing to be constructed, four (4) on-site single family ownership for-sale housing
units as further described in Sections 3 through 6 below (the "Inclusionary Units") and selling them to
moderate and low income households at affordable purchase prices as described in Sections 7 through
9 below.
E. This Agreement is executed in conjunction with the First Approval for a total of twenty-
one (21) market rate housing units in the Master Development (the "Market Rate Units") and for four
(4) Inclusionary Units in the Master Development.
F. Developer is required by the Ordinance to enter into a regulatory agreement as required
and with the content specified by the Ordinance. on terms acceptable to the City Manager or his
THE ~"~4t=GniNt3 INSTRUMF..NT IS A ray ~~
ANC C;URricC? COr'Y OF THE ORIOINA~
Pg. 1 Of 1 3 ON FILE IN THIS OFFICE.
ATTEST: ANNE BYBEE CITY CLERK
~TV F C 8E , CA
~Y ~ Ck~k
Inclusionary Housing Agreement - 125 S. San Tomas Aquino Road Development
designee. This Agreement is an Inclusionary housing regulatory agreement pursuant to Section
2124.030 and 21.24.060 of the Ordinance, and shall be executed and recorded against the Propert}~
prior to the recordation of the parcel map or the final map in the case of subdivision of the Property, or
prior to issuance of building permits for the Property in the case of all other land use permits.
NOW, THEREFORE, it is mutually agreed by and between the undersigned parties as follows:
Section 1. Definitions. In addition to those terms defined in the Recitals to this
Agreement, the following terms have the following meanings in this Agreement:
(a) "Affordable" means average monthly housing payments during the first
calendar year o;f a household's occupancy, including property taxes, homeowners insurance,
homeowner's association dues, if any, mortgage loan principle and interest, an allowance for property
maintenance and repairs established by the City based on the initial cost and size of the home, and a
reasonable allowa~,nce for utilities, which do not exceed the following:
(I) For Low Income Households: one-twelfth (1/22`0 of thirty percent (30~Io)
of seventy percent (70%) of the area median income.
(2) For Moderate Income Households: one-twelfth (1/12`'') of thirty-five (35%)
percent of one hundred ten percent (110°Ic) of the area median income.
Adjustments for household sized based on the number of bedrooms in the unit shall be made in
accordance with t:he requirements of the Ordinance. Amounts utilized for utility allowances and other
monthly housing cost factors, including assumed mortgage interest rates, loan insurance fees,
maintenance and repair allowances, homeowners association dues, if any, shall be as provided by the
City.
(b) "Approval" means any planned unit development or planned
community development approval, subdivision approval, use permit, building permit or combined
development pernnit for a residential development.
(c) "Area median income" (AMI) means area median income for Santa
Clara County as published pursuant to California Code of Regulations, Title 25, Section 6932 (or its
successor provision).
(d) "Eligible Buyer" means a Moderate Income Household or Low Income
Household who has been determined by the City to be income eligible to purchase an Inclusionary
Unit pursuant to this Agreement.
Master Development.
(ej "First Approval" means the first Approval to occur with respect to the
(f) "Homebuyer/City Deed of Trust" means the deed of trust, in the form
provided by the City, executed by each buyer of an Inclusionary Unit at the time of purchase of the
Inclusionary Unit, that secures the buyer's performance under the Resale Agreement and the
Homebuyer/City :Note.
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Inclusionary Housin„ Agreement - 125 S. San Tomas Aquino Road Development
(g) "Homebuyer/City Note" means the promissory note, in the form
provided by the City, executed by each buyer of an Inclusionary Unit at the time of purchase of the
Inclusionary Unit.
(h) "Household Income" means the combined adjusted gross income for all
adult persons living in a unit, as calculated for the purpose of the Section 8 Program under the United
States Housing Act of 1937, as amended, or its successor.
(i) "Inclusionary Unit Property" means the legal parcel(s) of land on which
the Inclusionary Units will be constructed, together with any Inclusionary Units and appurtenant
improvements constructed on such land.
(j) "Low Income Household" means household whose household income
does not exceed the lower income limits applicable to Santa Clara County, as published and
periodically updated by the California Department of Housing and Community Development pursuant
to Section 50079.5 of the California Health and Safety Code.
(k) "Low Income Inclusionary Unit" means an inclusionary unit reserved
for occupancy by Low Income Households at an Affordable sales price.
(I) "Maximum Initial Sales Price" means the purchase price for
inclusionary Units that are Affordable to Moderate and/or Low Income Households, determined by the
City for each income level pursuant to the Ordinance.
(m) "Median Income" means the median household income in Santa Clara
County published periodically by the State of California pursuant to California Code of Regulations,
Title 25, Section 15932 (or successor provisions).
(n) "Moderate Income Household" means a household, with a Household
Income which does not exceed one hundred twenty percent (120%) of the Area Median Income
(AMI), adjusted for actual household size.
(o) "Moderate Income Inclusionary Unit" means an inclusionary unit
reserved for occupancy by Moderate Income Households at an Affordable sales price.
(p) "Resale Restriction" means a Buyer's Occupancy and Resale
Restriction Agreement, in the form provided by the City, to be executed by each buyer of an
Inclusionary Unit and recorded against the Inclusionary Unit at the time of purchase by the buyer.
Section 2. Satisfaction of Inclusionary Housin~Qation and Conditions of
Approval. The Inclusionary Housing conditions of the First Approval and the requirements of the
Ordinance shall be satisfied with respect to the Property if the Developer constructs or causes to be
constructed the :[nclusionary Units meeting the requirements of Sections 3 through 5 below, in
compliance with the. schedule set forth in Section 6 below and the Inclusionary Units are sold to
homebuyers in compliance with Sections 7 through 9 below. An amendment to this Agreement will be
required to receive final subdivision map or other City approval for additional housing units on the
Property above the requested total of twenty-one (21) Market Rate Units identified by Developer in the
First Approval application, to make any changes to the Inclusionary Units as they are described in
Section 3 through 5 of this Agreement, or to otherwise change the terms of this Agreement.
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Inclusionarv Housing Agreement - 125 S. San Tomas Aauino Road Development
Section 3. Number of Inclusionarv Units. As a condition to the satisfaction of
Developer's Inclusionary housing requirements for the Master Development, Developer shall
construct, or cause to be constructed two (2) Moderate Income Inclusionary Units and two (2) Low
Income Inclusionary Units, as shown and described in the attached EXHIBIT B and EXHIBIT C.
Section 4. Location of Inclusionarv Units. The Inclusionary Units shall be
constructed on the Property in the location(s) shown and described in the attached EXHIBIT B. The
Inclusionary Units shall be dispersed on the Property, intermingled with the Market Rate Units in a
manner acceptable to and approved by the City. The legal parcel(s) of land on which the Inclusionary
Units will be constructed, together with any Inclusionary Units and appurtenant improvements
constructed on such land, is referred to herein as the "Inclusionary Unit Property."
Section 5. Appearance, Size and Bedroom Count. The Inclusionary Units shall be
detached single family dispersed throughout the Property, as shown and described in the attached
EXHIBIT B. Thc; Inclusionary Units shall be of the same general design and exterior appearance as
the Market Rate Units, of comparable quality of construction and with the same average number of
bedrooms per unit as the Market Rate Units. Interior features of Inclusionary Units shall be durable, of
good quality, and. consistent with contemporary standards for new housing. The Inclusionary Units
shall include two (2) three-bedroom units and two (2) four-bedroom units with the square footage
indicated in EXITIBIT C to this Agreement.
Section 6. Schedule for Developing Inclusionary Units. Developer shall provide
the Inclusionary units pursuant to the following schedule:
(a) Prior to recordation of the parcel map or final map in the case of
subdivision of the Property or prior to issuance of building permits for the Property in the case of all
other land use pe;rmits, this Agreement shall be duly executed by the City and the Developer and
recorded against the Property.
(b) Upon satisfaction of all other requirements for issuance of building
permits, building permits may be released by the City of all of the Inclusionary Units.
(c) Concurrently with or following release by the City of building permits
for one hundred percent (100%) of the Inclusionary Units, and upon satisfaction of all other building
permit conditions for the Market Rate Units, the City may release building permits for one hundred
percent (100%) o:f the Market Rate Units.
(d) No certificate of occupancy shall be released by the City for any
Market Rate Units until certificates of occupancy have been released by the City for one hundred
percent (100%) of the Inclusionary Units.
Section 7. Sale by Developer to EIiC ible Buyers. The Developer shall sell the
Inclusionary Units to Eligible Buyers (Low and Moderate Income Households), at Affordable
purchase prices a;s established by the City of Campbell as described in Section 8 below. The City or its
designee shall verify buyer income eligibility based on information submitted by Developer. No later
than one hundred eighty (180) days preceding the anticipated date of issuance of a certificate of
occupancy for an Inclusionary Unit, the Developer shall provide the City with written notice of the
availability of the: of the Inclusionary Unit which is for sale, including the type (detached or attached),
size (square footage and number of bedrooms}, location, and required income level of the unit, with
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Inclusionary Housing Agreement - 125 S. San Tomas Aauino Road Development
specific reference to this Agreement by date and name of the Developer who executed the Agreement
and location of the Property described in EXHIBIT A of this Agreement. The Developer shall be
responsible for determining the qualifications of potential purchasers and request such purchasers to
provide evidence of qualification for first mortgage financing. Developer shall market and sell the
Inclusionary Units to only Eligible Buyers. Selected applicants shall be responsible for obtaining their
own financing for the Inclusionary Units. Purchase contracts between Developer and Elio ble Buyers
shall include requirements that buyers execute documents for the benefit of the City described in
Section 9 below. 1Developer shall conduct all additional screening and selection of applicants. Prior to
consummation of the sale an Inclusionary Unit, Developer shall provide the City with all
documentation of the prospective buyer's eligibility for verification. The City shall either confirm or
deny the eligibility within seven (7) business days of receipt of the documentation. If the City fails to
deny the eligibility within the allotted seven (7) business days, the sale may be consummated. If the
City denies the eliigibiliry, the sale shall not be consummated. Developer shall comply with applicable
fair housing laws in the marketing and sale of the Inclusionary Units.
Section 8. Affordable Purchase Prices. Pursuant to Section 21.24.040 and 21.24.060
of the Ordinance, the Inclusionary Units shall be sold to Eligible Buyers at Affordable prices that do not
exceed Maximum Initial Sales Prices established by the City of Campbell for Low or Moderate Income
Households. Maximum Initial Sales Prices for the- Inclusionary Units, in effect for the first twelve (12)
months following the date of this Aa Bement (and subject to change thereafter) are shown in EXHIBIT
D attached hereto and incorporated herein. Developer shall notify the City thirty (30) days prior to
offering an Inclusionary Unit for sale to allow the City adequate time to calculate and notify the
Developer of the Maximum Initial Sales Prices currently applicable to such units. Developer
acknowledges and agrees that Maximum Initial Sales Prices are determined based on current income
levels in Santa Clara County, changes to which are published annually by the State of California,
Department of Housing and Community Development, and other housing cost factors required to be
considered under the Ordinance. Developer agrees that the Maximum Initial Sales Prices of the
Inclusionary units shall be calculated by the City in its reasonable exercise of discretion in interpreting
the requirements of the Ordinance and that the City s calculation of Maximum Initial Sales Prices shall
be determinative .and binding upon Developer. The Maximum Initial Sales Price established for each
Inclusionary Unit by the City shall be the absolute maximum price that the Developer or any other
person may charge for the Inclusionary Unit or may receive as compensation for the Inclusionary Unit.
The Developer or other seller may not charge or receive an}~ additional amount for an Inclusionary Unit
regardless of whether the additional amount is (a) for options, upgrades or additional improvements to
the unit, (b) paid 1:hrough escrow or outside of escrow, (c) paid prior to, after or as part of the purchase
escrow or (d) paid in cash or in kind. The sale of the Inclusionary Units shall remain restricted for the
period set forth in section 21.24.060 of the Ordinance.
Section 9. Homebuyer Documents and Security Instruments. Prior to the sale of
each Inclusionary Unit, Developer shall ensure that:
(a) The Eligible Buyer and the City execute a Resale Restriction. The Resale
Restriction shall be recorded against the Inclusionary Unit Property at close of escrow on the Sale to the
Eligible Buyer. The Resale Restriction shall be recorded junior only to the lien of the deed of trust
securing the Eligible Buyer's first mortgage loan, unless otherwise approved in writing by the City.
(b) The Eligible Buyer signs a Homebuyer/City Note that obligates the
Eligible Buyer to pay the City any excess sales proceeds or excess rents received by the Eligible Buyer if
the Eligible Buyer fails to comply with the Resale Restriction on rental or resale of the Inclusionary Unit.
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lnclusionary Housing Agreement - 125 S. San Tomas Aauino Road Development
(c) The Eligible Buyer signs aHomebuyer/City Deed of Trust to secure
performance of the Eligible Buyer's covenants under the Resale Restriction and payment of the
amounts due under the Homebuyer/City Note if the Eligible Buyer fails to comply with the terms of
the Resale Restriction. The Homebuyer/City Deed of Trust shall be recorded against the Inclusionary
Unit, subordinate only to the Resale Restriction and the lien for the first mortgage loan obtained by the
Homebuyer to finance the purchase of the Inclusionary Unit (and second mortgage loan if such loan is
provided by a public agency which requires such subordination).
Section 10. City Approval of Documents. The following documents, to be
approved in writing by the City, shall be used in connection with the development and sale of the
Inclusionary Units. Approval of the following documents by the City shall be required prior to the
issuance of building permits for the lnclusionary Units.
(a) A schedule of Maximum lnitial Sales Prices for the Inclusionary Units,
subject to annual adjustment to reflect published changes in Median Income levels and other housing
cost factors (to be prepared by the City, following Developer's request).
(b) Form of Purchase and Sale Agreements for sale of the lnclusionary
Units (to be prepared by Developer and submitted to the City).
(c) Form of Resale Restriction, Homebuyer/City promissory note, and
Homebuyer/City ]Deed of trust (to be prepared by the City, following Developer's request).
(d) The preliminary Department of Real Estate public report for the Master
Development, including the Inclusionary Units, if any (to be obtained by the Developer and submitted
to the City).
Seaction 1 1. Compliance Reports, Inspections. Monitoring. Following completion of
construction of .any of the lnclusionary Units, a Compliance Report verifying compliance by
Developer with the terms of this Agreement, and certified as correct by the Developer under penalty of
perjury, shall be submitted monthly to the City on the first (1 ") calendar day of each month,
commencing thirty (30) days following the date of issuance of a final certificate of occupancy for the
first Inclusionary Unit to be completed and continuing until all Inclusionary units have been sold to
Eligible Buyers. ANithin five (5) days following the sale of any Inclusionary Unit by the Developer to a
Homebuyer, Developer shall forward to the City copies of the buyer's and seller's settlement statement
and all closing documents, including Resale Restriction, Homebuyer/City Promissory Note, and
Homebuyer/City :Deed of Trust executed in connection with the sale. Developer shall retain all records
related to compliance with obligations under this Agreement and the Ordinance for a period not less
than two (2) years from the date of sale of all units in the Master Development, and make them
available to City employees or others designated by the City for inspection and copying on five (5)
business days' written notice.
Section 12. Release of Property From Agreement. The covenants and conditions
herein contained shall apply to and bind, during their respective periods of fee ownership, Developer
and its heirs, executors, administrators, successors, transferees, and assignees having or acquiring any
right, title or interest in or to any part of the Property and shall run with and burden such portions of
the Property until terminated in accordance with this Section 12. Until portions of the Property are
released from the burdens of this Agreement pursuant to this Section 12, the owners of fee title to the
Property shall expressly make the conditions and covenants contained in this Agreement a part of any
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Inclusionarv Hou sing Agreement - 12> S. San Tomas Aauino Road Develonment
deed or other instwment conveying any interest in such property. Upon issuance of final certificates of
occupancy for one hundred percent (100%) of the Inclusionary Units, the Property, except for the
Inclusionary Unit Propert}~, shall be released from the burdens of this Agreement. As Inclusionarv
Units are sold to Eligible Buyers in compliance with this Agreement, and Resale Restrictions and
Homebuyer/City Deeds of Trust are recorded against the Inclusionary Units, the portions of the
Inclusionary Unit Property sold to Eligible Buyers shall be released from the burdens of this
Agreement.
Section 13. Default and Remedies. Failure of the Developer to cure any default in
the Developer's obligations under the terms of this Agreement within thirty (30) days after the delivery
of a notice of default from the City will constitute a default under this Agreement and a failure to
satisfy the conditions of Approval with respect to the Property and the requirements of the Ordinance
and, in addition to remedies for breach of this Agreement, the City may exercise any and all remedies
available to it under the Subdivision Map Act, the Ordinance, or otherwise, with respect to the
Developer's failure to satisfy the conditions of approval and the requirements of the Ordinance,
including but not limited to:
(a) withholding, conditioning, suspending or revoking any permit, license,
subdivision approval or map, or other entitlement for the Master Development, including without
limitation final inspections for occupancy and/or certificates of occupancy;
(b) instituting against the Developer, or other parties, a civil action for
declaratory relief., injunction or any other equitable relief, or relief at law, including without limitation
an action to rescind a transaction and/or to require repayment of any funds received in connection with
such a violation;
(c) where one or more persons have received financial benefit as a result of
violation of this Agreement or of any requirement imposed under the Ordinance, the City may assess,
and institute legal action to recover as necessary, a penalty in any amount up to and including the
amount of financial benefit received, in addition to recovery of the benefit received;
(d) prosecuting a misdemeanor against any person who has sold a
residential unit at a price exceeding the maximum allowed under this Agreement or to a household not
qualified under this Agreement, or who has otherwise violated the Ordinance, or any other agreement,
restriction or requirement authorized or imposed under the Ordinance; or
(e) any other means authorized under the Campbell Municipal Code.
Section 1~4. Remedies Cumulative. No right, power, or remedy given to the City by the
terms of this Agreement or the Ordinance is intended to be exclusive of any other right, power, or
remedy; and each and every such right, power, or remedy shall be cumulative and in addition to every
other right, power, or remedy given to the City by the terms of any such document, the Ordinance, or
by any statute or otherwise against Developer and any other person. Neither the failure nor any delay
on the part of the City to exercise any such rights and remedies shall operate as a waiver thereof, nor
shall any single or partial exercise by the City of any such right or remedy preclude any other or
further exercise oaf such right or remedy, or any other right or remedy.
Section 15. Attorneys Fees and Costs. The City shall be entitled to receive from the
Developer or any person violating the requirements of this Agreement, in addition to any remedy
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Inclusionary Housi~ Agreement - 125 S. San Tomas Aquino Road Development
otherwise available under this Agreement or at law or equity, whether or not litigation is instituted, the
costs of enforcing this Agreement, including without limitation reasonable attorneys' fees and the
costs of City staff time.
Section 16. Appointment of Other Agencies. At its sole discretion, the City may designate,
appoint or contract with any other public agency, for-profit or non-profit organization to perform some
or all of the City's~~ obligations under this Agreement.
Section 17. Hold Harmless. Developer will indemnify and hold harmless (without limit as
to amount) City and its elected officials, officers, employees and agents in their official capacity
(hereinafter collectively referred to as "Indemnitees"), and any of them, from and against all loss, all
risk of loss and gal damage (including expense) sustained or incurred because of or by reason of any
and all claims, demands, suits, actions, judgments and executions for damages of any and every kind
and by whomever and whenever made or obtained, allegedly caused by, arising out of or relating in
any manner to thf° Master Development, the Inclusionary Units, or Developer's performance or non-
performance under this Agreement, and shall protect and defend Indemnitees, and any of them with
respect thereto, except to the extent arising from the gross negligence or willful misconduct of the
City. The provisions of this section shall survive expiration or other termination of this Agreement or
any release of part or all of the Property from the burdens of this Agreement, and the provisions of this
section shall remain in full force and effect.
Section 18. Insurance Requirements. Until the sale of lnclusionary Units to Eligible Buyers
in compliance with this Agreement Developer and its successors and assigns acquiring title to the
Property shall obl:ain, at their expense, comprehensive general liability insurance for development of
the lnclusionary IJnits, naming indemnities as additional named insureds with aggregate limits of not
less than Two Million Dollars ($2,000,000), for bodily injury and death and property damage,
including coverarres for contractual liability and products and completed operations, purchased by
Developer or its successors or assigns from an insurance company duly licensed to engage in the
business of issuing such insurance in the State, with a current Best's Key Rating of not less than A-V,
such insurance to be evidenced by an endorsement which so provides and delivered to the City prior to
the issuance of any building permit for the Inclusionary Units.
Section 19. Notices. All notices required pursuant to this Agreement shall be in writing and
may be given by personal delivery or by registered or certified mail, return receipt requested, to the
party to receive such notice at the addressed set forth below:
TO THE CITY: TO THE DEVELOPER:
City of Campbell Taylor Morrison of California, LLC
Attn: Planning Division Attn: Stuart Wagner
70 N. First Street 4309 Hacienda Drive, Suite 450
Campbell, CA 95008 Pleasanton, CA 94588
Any party may change the address to which notices are to be sent by notifying the other parties of the
new address, in the manner set forth above.
Section 20. Integrated Agreement. This Agreement constitutes the entire Agreement
between the parties and no modification hereof shall be binding unless reduced to writing and signed
by the parties hereto.
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Inclusionary Housing Agreement - 125 S. San Tomas Aquino Road Development
Section 21. Duration and Amendment of A~Qreement. This Agreement shall remain in effect
for so long as the Property is subject to inclusionary housing obligations pursuant to the Ordinance.
This Agreement, and any section, subsection, or covenant contained herein, may be amended only
upon the written consent of the City Manager or designee who shall have authority to approve or
disapprove amendlments on behalf of the City.
Section 22. No Claims. Nothing contained in this Agreement shall create or justify any
claim against the City by any person that Developer may have employed or with whom Developer
may have contracted relative to the purchase of materials, supplies or equipment, or the furnishing or
the performance of any work or services with respect to the Property or the construction of the Master
Development.
Section 23. Ayplicable Law. This Agreement shall be governed by California law.
Section 24. Waivers. Any waiver by the City of any obligation or condition in this
Agreement must be in writing. No waiver will be implied from any delay or failure by the City to take
action on any breach or default of Developer or to pursue any remedy allowed under this Agreement or
applicable law. Any extension of time granted to Developer to perform any obligation under this
Agreement shall not operate as a waiver or release from any of its obligations under this Agreement.
Consent by the City to any act or omission by Developer shall not be construed to be a consent to any
other or subsequent act or omission or to waive the requirements for the City's written consent to
future waivers.
Section 25. Title of Parts and Sections. Any titles of the sections or subsections of this
Agreement are inserted for convenience of reference only and shall be disregarded in interpreting any
part of the Agreement's provisions.
Section 26. Multiple Originals; Counterpart. This Agreement may be executed in multiple
originals, each of which is deemed to be an original, and may be signed in counterparts.
Section 27. Recording of Agreement. The Developer shall cause this Agreement to be
recorded against t:he Property, in the Official Records of the County of Santa Clara.
Section 28. Severability. In the event any limitation, condition, restriction, covenant, or
provision contained in this Agreement is to be held invalid, void or unenforceable by any court of
competent jurisdiction, the remaining portions of this Agreement shall nevertheless, be and remain in
full force and effect.
Section 2'9. Exhibits. The following exhibits are attached to this Agreement:
Exhibit A Legal Description of the Property
Exhibit B Location of Inclusionary Units
Exhibit C Income Level, Size and Bedroom Count of Inclusionary Units
Exhibit D Maximum Initial Sales Prices for Inclusionary Units and Maximum
Income Level of Homebuyers
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lnclusionary Housing Agreement - 125 S. San Tomas Aquino Road Development
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of
the day and year first above written.
DEVELOPER:
Taylor Morrison of California
A California Limiited Liability Company
BY~ ~_~~i~~ .
Pierrette Tierney
CITI':
City of Campbell
A Municipal Co ration
~~~
By: Paul Ker oyan
lts: Vice President, Sales and Marketing
lts: Community Development
Director
Pg. 10 of 10
Inclusionary Housing Agreement - 125 S. San Tomas Aquino Road Development
STATE OF CALIFORNIA ~`'
COUNTY OF $~ACR~1f-t E/~l'CZ~
On JAN W41LY (p Ot before me, KATItL,ir.El~l LO(~EZ ~ N OT/arL.Y ~t~t-le.
~(h ra insert name) (here insert title of office)
personally appeared P-CRRE~'(l~ I I~KMEY ,who proved to me on the basis of satisfactory
evidence to be the person~j whose name is/a~ subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in ~/her/th~ authorized capacity), and that by ht~/her/th~ signature(~l on the
instrument the person, or the entity upon behalf of which the persons 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)
KATHLEEN LOPEZ
COMM. #2032398 ~
°~ ~ Notary Public • California o
Z Sacramento County
Comm. Ex fires Ju 31, 2017
STATE OF CALIFORNIA
COUNTY OF SANTA CLARA
Orl i .~.1 _.~ ~ `~~ 2.. ~ t before me, ~') C' ~vw'. ~~~'~'vvlt;.=~-,.- . ~ ~,i L7 'V c ti ~' ~ 1 _ V V~\ t
(here insert name) (here insert tide of office) ,
personally appeared '~ex ~-' < \~~'' ~ ~. i`% ~ G. ~-''~-- ,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 persons(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
\, ~- JOANN THOMASON
Signature:~~~ ~,,,,~.i~ ~ , a) ~ Commiaaion #t 1930682
Notary Public -California z
Santa Clara Countlr
._..._,> Comm. re: Mar 28, 2015 r
EXHIBIT A
LEGAL DESCRIPTION OF THE PROPERTY
LEGAL DESCRIPTION
Real property in the City of Campbell, County of Santa Clara, State of California, described as
follows:
PARCEL "B", MAP ENTITLED, "PARCEL MAP BEING A PORTION OF QUITO RANCHO", WHICH
MAP WAS FILED FOR RECORD IN THE OFFICE OF THE RECORDER OF THE COUNTY OF SANTA
CLARA, STATE OF CALIFORNIA, ON JULY 15, 1964 IN BOOK 256 OF MAPS, AT PAGE(S) 18.
APN: 403-02-039
First American Title Insurance Company
EXHIBIT B
LOCATION OF INCLUSIONARY UNITS
Lot Number of Inclusionary Units
(Illustrated further in the map, below)
Lot 2
(Plan 1 12-Story)
Lot 10
(Plan 3 13-Story)
Lot 14
(Plan 3 13-Story)
Lot 20
(Plan 2 12-Story)
EXHIBIT C
INCOME LEVEL, SIZE AND BEDROOM COUNT OF INCLUSIONARY UNITS
Income Level Number
Unit Plan Number of Approximate Sq. Ft.
of Units Bedrooms (Living Area)
Plan 2
M
d
I 1
C2-Story 3 1,620 s ft.
q'
o
erate
ncome Plan 3
1
(3-Stor ) 4 2,600 sq. ft.
1 Plan 1 3 1,450 sq. ft.
L
I (2-Stor )
ow
ncome Plan 3
1
(3-Stor ) 4 2.600 sq. ft.
EXHIBIT D
MAXIMUM INITIAL SALES PRICES FOR INCLUSIONARY UNITS AND
MAXIMUM INCOME LEVEL OF HOMEBUYERS
(Effective only for twelve (12) months from date of A,reement -subject to change thereafter as
determined by the City)
A. Maximum Initial Sales Price
1. 3-Bedroom Units (Assumed 4-person household)
Moderate Income Unit: $495,000
Low Income Unit: $230,000
2. 4-Bedroom Units (Assumed 5-person household)
Moderate Income Unit: $542,000
Low Income Unit: $255,000
B. Maximum Household Income
1. 3-Bedroom Units (Assumed 4-person household)
Moderate Income Household: $126,600
Low Income Household: $84,900
2. 4-Bedroom Units (Assumed 5-person household)
Moderate Income Household: $136,750
Low Income Household: $91,650