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HomeMy WebLinkAboutA050 - Second Amendment to Restrictive Covenants for Baker Subdivision signed July 23, 2024 Instr. Number: 2024-05233 Recorded: 7/25/2024 at 11:32:08.0 AM County Recording Fee: $12.00 Iowa E-Filing Fee: $3.22 Combined Fee: $15.22 Stacie L. Herridge - Recorder Transfer Tax: Story County, Iowa SPACE ABOVE RESERVED FOR OFFICIAL USE Return documeutto: City Clerk,515 ClarkAvenue—P.O.Box 811,Ames IA50010 Document prepared by: Mark 0.Lambert City ofAmes Legal Department,515 CIarkAve.,Ames,IA 50010—515-239-5146 SECOND AMENDMENT TO RESTRICTIVE COVENANTS FOR BAKER SUBDIVISION, AMES, IOWA WHEREAS,the City of Ames, Iowa, (hereinafter "City") adopted certain Restrictive Covenants, fled January 6, 2022, as Instrument No. 2022-00200, which were amended by a document filed May 9, 2024, as Instrument 2024-02923; and WHEREAS, the City continues to be the titleholder and owner of multiple lots in Baker Subdivision, Ames, Story County, Iowa, and in accordance with Paragraph 12 of the Restrictive Covenants,retained the right to amend the Restrictive Covenants affecting all lots in the subdivision without the consent of any other party until such time as the City no longer owns a Lot(as that term is defined in the Restrictive Covenants)within the subdivision; and WHEREAS, to clarify that the City's purpose in developing Baker Subdivision is to make available affordable housing to low and moderate income persons on a continuing basis, the City has determined that the Restrictive Covenants should be amended. NOW THEREFORE,the City amends the Restrictive Covenants as follows: 1. The Restrictive Covenants are supplemented by adding new Paragraph 7A,which reads as follows: ALL AFFORDABLE RATE (AR) LOTS IN THE BAKER SUBDIVISION MUST BE CONVEYED TO, OWNED, AND OCCUPIED BY TITLEHOLDERS WITH HOUSEHOLD INCOME THAT DOES NOT EXCEED 80% OF THE CURRENT AMES METROPOLITAN AREA INCOME LIMITS UNDER THE HOME PROGRAM AS PUBLISHED BY THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) BASED ON FAMILY SIZE AT THE TIME A PERSON ACQUIRES AN INTEREST IN AN AR LOT. NO PERSON SHALL ACQUIRE AN INTEREST IN AN AR LOT WITHOUT THE WRITTEN CONSENT OF THE CITY,WHICH SHALL BE CONDITIONED UPON THE PROPOSED GRANTEE'S QUALIFICATION UNDER THE AMES METROPOLITAN AREA INCOME LIMITS, OR IF DISCONTINUED, SUCH SUCCESSOR MEASURE AS THE CITY MAY REASONABLY DESIGNATE. However, notwithstanding any of the foregoing, nothing herein shall impair the rights of a mortgagee to acquire or hold title. 1 2. Paragraph 12 is amended adding the following sentence to the paragraph: I, f Notwithstanding the foregoing, at such time as the City no longer owns a Lot within the subdivision, the owners of Lots may not amend, diminish; delete or supplement either(1)the requirement for the homes to utilize and connect to the geothermal wells without the written consent of the City or (2) the requirement that fine written consent of the City of Ames is required prior to the saie or transfer of any AR Lot as set forth in paragraph 7A. Passed and approved on 1 ,2©24, by resolution No. 24- adopted by the City Council of the City of Ames, Iowa. CITY OFAMES,IOWA J � Bohn A. aila,Mayor Attest: r �v aeeall,.-1 l ,STATE OF IOWA,COUNTY OF STORY, SS., W This instrtlmsnt was acknowledged before me on ,2024, by John A.Haila and Renee Hall,as Mayor and City Clerk,respectively, of the City of Ames,Iowa, i IL Q LTBLIC y _ CARLY M.WATSON 1F CWWkftn Nter W#29444 0i