Correspondence, W. Herbert Allen to Sadie B. George

SOUTHWESTERN SECURITIES COM PANY ROOM 1004, TITLE INSURANCE BUILDING 433 SOUTH SPRING STREET LOS ANGELES, CALIFORNIA July 28, 1937 Miss Sadie B. George c/o Willard H. George Co. 3330 Wilshire Bi^. Los Angeles, Calif. Dear Madam* Owner of: Lot 20, Tract 5^-57 Southwestern Securities Company has recently become the owner of a number of lots in Tract 54-57§ Examination of the restrictions discloses the fact that building restrictions on private residences, which are the only kind of buildings that may be built in the tract, were set at $4.,5006 00, $5,000u00, $7,500.00, and |10,000600, No doubt these restrictions were in line with costs as they exist­ed in 1924-,. when the 'tract was originally subdivided, but today houses can be constructed, thoroughly in keeping with those already built in the tract for less than even the lowest of these figures, and such high restrictions are a definite bar to any further building development at this time. It also appears that certain lots were originally subdivided with a frontage larger than is warranted under prevailing conditions. While the present restrictions do permit resubdivision in certain cases, this clause needs to be further extended. We have had prepared, therefore, an Agreement Modifying Restrict­ions which alters the original restrictions in two respects: (1) The cost of residences to be erected is changed to a minimum of $4.,000,00. (2 ) Resubdivision is permitted of certain lots in order to correct their uneconomic size. Under this latter head, provision is made for resubdividing Lot 50, which is a lot 170 x 125 at the Northeast corner of Fair Oakb and Los Flores, into as many as three lots, each having a frontage of approximately fifty-the houses to be built thereon to face. Fair Oaks Avenue and to be subject to the same set-back requirements as prevail in regard to the rest of the lots which front on Los Flores, Under this same head, provision is also made to correct a condition resulting from the resubdivision of a portion of Lots 33 and 34- into one lot of fifty-six feet on which a house was erected some years ago. This leaves a portion of Lot 34. on the corner of fifty-seven feet width and necessitates the resubdivision of the remain­ing portion of Lot 33 and Lot 32 into two lots of fifty-six feet each. These are the. only changes made in the original restrictions. In order to make the situation clearer to you, a copy of the original res- - 2- trictions marked "Exhibit 'A!" is attached to the Agreement Modifying Res­trictions, and a map of the tract is also enclosed. As a property owner or holder of an encumbrance in Tract 5457, we feel sure you are vitally interested in joining in a program which will permit n§Yr construction to start in the tract, thus tending- to improve and silkbilize values. Only by suiting the restrictions to pre^l^t day building costs can this be done, as otherwise prospective homebuilders cannot be at­tracted, and the stagnant condition which has prevailed in the tract for a number'of years past will continue to exist indefinitely. Please sign attached ^pre^nent as indicated and have all sig- >. natures acknowledged by a Notary PuELic. This is important as the Agreement is to be recorded." A slip is enclosed, and if you will have the Notary fill this out we will be glad to reimburse you for such fees as you may be required to pay. A stamped self-atidressed envelope is enclosed in which to return the Agreement after it is signed and acknowledged. Yours very truly SOUTHWESTERN SECURITIES COMPANY W. Herbert Allen. Vice President. WHAjMMD ENC.