Prepared by and return to: Benjamin J. Rubin, Esq. Gallagher Evelius & Jones LLP 218 N Charles Street, Suite 400 Baltimore, MD 21201 RPC No: 20-012-394 DEED OF PARTIAL RELEASE This Deed of Partial Release ( Release ) is made and entered into this day of, 2016, by VIRGINIA HOUSING DEVELOPMENT AUTHORITY, a political subdivision of the Commonwealth of Virginia, (also called the Authority ); PAUL M. BRENNAN and FREDERICK W. BRYANT, TRUSTEES, either of whom may act, Grantor (also called Virginia Housing Trustees ); BANK OF AMERICA, N.A., a national banking association, (also called BOA ); PRLAP, Inc., a Virginia corporation (also called BOA Trustee ); THE COUNTY BOARD OF ARLINGTON COUNTY, VIRGINIA, a body corporate and politic of the Commonwealth of Virginia, (also called the County ); JULIE MASSIE and SUSAN STOUT, TRUSTEES, either of whom may act, Grantor (also called Arlington Trustees ); and ARLINGTON PARTNERSHIP FOR AFFORDABLE HOUSING, INC., a Virginia nonprofit corporation (also called APAH, and collectively with the Authority, Virginia Housing Trustees, BOA, BOA Trustee, County and Arlington Trustees, the Grantors ). * * RECITALS * * WHEREAS, THE SPRINGS APARTMENTS LIMITED PARTNERSHIP, a Virginia limited partnership (the Owner ) was the sole owner and proprietor of a certain parcel or tract of real property, situate and located in Arlington County, Virginia, identified as Arlington County Real Property Code #20-012-394 and known as Parcel Four-B (4-B) Mrs. Rose Brooks Subdivision (the Property ), by virtue of that certain deed dated v5
January 30, 2015, and recorded in Deed Book 4819 at page 1304, among the land records of Arlington County, Virginia, (the Land Records ); and WHEREAS, pursuant to that certain Declaration of The Springs Condominium dated and recorded in Deed Book at page (the Declaration ) the Owner has caused the Property to be subjected to a condominium regime (the Condominium ) having two units, the Residential Unit and the Commercial Unit, as defined in the Declaration; and WHEREAS, the Condominium s Commercial Unit is referred to herein as the Commercial Unit. WHEREAS, by virtue of that certain Virginia Housing Development Authority Deed of Trust dated January 30, 2015, and recorded in Deed Book 4819 at page 1318 among the Land Records, (hereinafter referred to as the Authority Deed of Trust ), the Property was conveyed in trust to the Virginia Housing Trustees, to secure an indebtedness to the Authority; and WHEREAS, by virtue of that certain Regulatory Agreement dated January 30, 2015, and recorded in Deed Book 4819 at page 1334 among the Land Records (hereinafter referred to as the Authority Declaration ), the Property was subjected to certain regulatory restrictions; and WHEREAS, by virtue of (i) that certain Credit Line Deed of Trust, Assignment, Security Agreement and Fixture Filing dated January 30, 2015, and recorded in Deed Book 4819 at page 1350 among the Land Records, and (ii) that certain Credit Line Deed of Trust, Assignment, Security Agreement and Fixture Filing dated January 30, 2015 and recorded in Deed Book 4819, Folio 1417 among the Land Records (collectively referred v5
to as the BOA Deeds of Trust ), the Property was conveyed in trust to the BOA Trustee, to secure an indebtedness to BOA; and WHEREAS, by virtue of that certain Affordable Housing Land Use Restriction Agreement dated January 30, 2015, and recorded in Deed Book 4819 at page 1451 among the Land Records (hereinafter referred to as the BOA Declaration ), the Property was subjected to certain regulatory restrictions; and WHEREAS, by virtue of that certain Purchase Money Deed of Trust, Assignment of Rents and Leases and Security Agreement dated January 30, 2015, and recorded in Deed Book 4819 at page 1373 among the Land Records (hereinafter referred to as the County Deed of Trust ), the Property was conveyed in trust to the Arlington Trustees, to secure an indebtedness to the County; and WHEREAS, by virtue of that certain Deed of Declaration of Restrictive Covenants dated January 30, 2015, and recorded in Deed Book 4819 at page 1407 among the Land Records (hereinafter referred to as the County Declaration ), the Property was subjected to certain regulatory restrictions; and WHEREAS, by virtue of that certain Right of First Refusal Agreement dated February 28, 2014, and recorded in Deed Book 4819 at page 1483 among the Land Records (hereinafter referred to as the ROFR ), the Property was subjected to a right of first refusal; and WHEREAS, Grantors desire to release the Commercial Unit from the encumbrances described above. v5
PARTIAL RELEASE BY THE AUTHORITY WITNESSETH that in consideration of the sum of Ten Dollars ($10.00), cash in hand paid, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Virginia Housing Trustees, as authorized to act by the Authority, and the Authority, do hereby release the Commercial Unit from the lien and encumbrance of the Authority Deed of Trust and the Authority Declaration. It is expressly understood that the release of the Commercial Unit shall not affect in any way the lien of the Authority Deed of Trust or the encumbrance of the Authority Declaration upon any other properties subjected to the Authority Deed of Trust and the Authority Declaration, and the Authority Deed of Trust and the Authority Declaration shall remain in full force and effect as to the land described therein and not released herein. PARTIAL RELEASE BY BOA WITNESSETH that in consideration of the sum of Ten Dollars ($10.00), cash in hand paid, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the BOA Trustee, as authorized to act by BOA, and BOA, do hereby release the Commercial Unit from the lien and encumbrance of the BOA Deeds of Trust and the BOA Declaration. It is expressly understood that the release of the Commercial Unit shall not affect in any way the lien of the BOA Deeds of Trust or the encumbrance of the BOA Declaration upon any other properties subjected to the BOA Deeds of Trust and the BOA Declaration, and the BOA Deeds of Trust and the BOA Declaration shall remain in full force and effect as to the land described therein and not released herein. v5
PARTIAL RELEASE BY THE COUNTY WITNESSETH that in consideration of the sum of Ten Dollars ($10.00), cash in hand paid, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Arlington Trustees, as authorized to act by the County, and the County, do hereby release the Commercial Unit from the lien and encumbrance of the County Deed of Trust and the County Declaration. It is expressly understood that the release of the Commercial Unit shall not affect in any way the lien of the County Deed of Trust or the encumbrance of the County Declaration upon any other properties subjected to the County Deed of Trust and the County Declaration, and the County Deed of Trust and the County Declaration shall remain in full force and effect as to the land described therein and not released herein. PARTIAL RELEASE BY APAH WITNESSETH that in consideration of the sum of Ten Dollars ($10.00), cash in hand paid, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, APAH does hereby release the Commercial Unit from the ROFR. It is expressly understood that the release of the Commercial Unit shall not affect in any way the encumbrance of the ROFR upon any other properties subjected to the ROFR, and the ROFR shall remain in full force and effect as to the land described therein and not released herein. FREE CONSENT This Release is made with the free consent and in accordance with the desire of the undersigned Grantors as holders of security interests in the Property and/or beneficiaries of certain encumbrances affecting the Property, and is in accordance with v5
the statutes of Virginia and the ordinances in force in Arlington County, Virginia. This Release may be executed in counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument. This Release shall be construed, interpreted and applied according to the law of the Commonwealth of Virginia. The recitals are hereby incorporated into this Release. [SIGNATURES APPEAR ON THE FOLLOWING PAGES] v5
THE COUNTY BOARD OF ARLINGTON COUNTY, VIRGINIA By: Name: Title: COUNTY OF : to-wit The foregoing instrument was acknowledged before me this day of, 2016, by the of ARLINGTON COUNTY, VIRGINIA. My commission expires: Notary Registration #: [Signature Page County]
JULIE MASSIE, TRUSTEE COUNTY OF : to-wit The foregoing instrument was acknowledged before me this day of, 2016, by JULIE MASSIE. My Commission Expires: Virginia Notary Registration #: SUSAN STOUT, TRUSTEE COUNTY OF : to-wit The foregoing instrument was acknowledged before me this day of, 2016, by SUSAN STOUT. My Commission Expires: Virginia Notary Registration #: [Signature Page Arlington Trustees]
Approved as to form: County Attorney [Signature Page County Attorney]
PAUL M. BRENNAN, TRUSTEE COUNTY OF : to-wit The foregoing instrument was acknowledged before me this day of, 2016, by PAUL M. BRENNAN. My Commission Expires: Virginia Notary Registration #: FREDERICK W. BRYANT, TRUSTEE COUNTY OF : to-wit The foregoing instrument was acknowledged before me this day of, 2016, by FREDERICK W. BRYANT. My Commission Expires: Virginia Notary Registration #: [Signature Page Virginia Housing Trustees]
VIRGINIA HOUSING DEVELOPMENT AUTHORITY, a political subdivision of the Commonwealth of Virginia By: Name: Title: COUNTY OF : to-wit The foregoing instrument was acknowledged before me this day of, 2016, by, of VIRGINIA HOUSING DEVELOPMENT AUTHORITY. My Commission Expires: Virginia Notary Registration #:
[Signature Page Authority]
BANK OF AMERICA, N.A., a national banking association By: Name: Title: COUNTY OF : to-wit The foregoing instrument was acknowledged before me this day of, 2016, by the of BANK OF AMERICA, N.A.. My commission expires: Notary Registration #: [Signature Page BOA]
PRLAP, Inc., a Virginia corporation, Trustee COUNTY OF : to-wit By: Name: The foregoing instrument was acknowledged before me this day of, 2016, by the of PRLAP, Inc.. My commission expires: Notary Registration #: [Signature Page BOA Trustee]
Arlington Partnership for Affordable Housing, Inc., a Virginia nonprofit corporation By: Nina Janopaul President COUNTY OF : to-wit The foregoing instrument was acknowledged before me this day of, 2016, by Nina Janopaul, the President of Arlington Partnership for Affordable Housing, Inc. My commission expires: Notary Registration #: [Signature Page APAH]