HomeMy WebLinkAbout00143C - PA1B4-6 I MAGNIN DESERT FASHION PLAZA SUBORDINATION AGR 102985
•_ ! Subordination Agr btwn the
Federated Dept Stores & the
Recording Requested By: Comm Redev Agcy
AGR #143
Trans Continental Title a Res 365, 10-30-85
d to s
(� After Recordation Mail To: X Co
,T-1 Trans Continental Title Company p o 0
877 S. Victoria Ave L6 0L.,, =� .
Ventura, CA 93003
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Attn: Wayne Hart y "N s V
U
SUBORDINATION AGREEMENT g
THIS AGREEMENT is made as of the 30th day of October ,
1985, between FEDERATED DEPARTMENT STORES, INC. , a Delaware
corporation, having its principal office at 7 West Seventh
Street, Cincinnati, Ohio 45202 (hereinafter caled "Tenant" )
and THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM
SPRINGS whose address is 3200 Tahquitz-McCallum Way, Palm
O Springs, California 92262 (the "Agency" ) .
CIO
10 WITNESSETH
WHEREAS, Agency granted to North Plaza Associates, a
California General Partnership ( "NPA" ) on April 12, 1984
certain parcels of land (the "Sales Property" ) located within
the Shoppping Center and the Hotel as those terms are defined
in that certain lease ( the "Lease" ) , dated oCTOSE2 z 7, 19e,5' ,
1985 by and among Tenant, NPA and South Plaza Associates, a
California General Partnership ( "SPA" ) . A memorandum of the
Lease is recorded /+S 1ALVr1R#iuew;;-NO, 27Sg7l on l7_�,/98>/98>,
1965. The Sales Property was granted pursuant to a Grant
Deed which was recorded in book 1984, page 76181 on April 13,
1984. SPA joined in the Grant Deed for the purpose of sub-
jecting certain parcels described in Exhibit C to the Grant
Deed to the Agency Liens referred to below. The Sales Prop-
erty and the parcels described in Exhibit C to the Grant
Deed are referred to herein as the "Affected Property. " The
Affected Property is more particularly described in Exhibit
A attached hereto and incorporated herein; and
WHEREAS, the Sales Property is subject to the terms and
conditions contained in the Grant Deed conveying the Sales
Property and the Participation Agreement referred to in the
Grant Deed, which provide among other things that the Agency
has a right of reversion and a right of repurchase covering
the Sales Property. Pursuant to the Grant Deed and the
Participation Agreement referred to in the Grant Deed, the
Affected Property is subject to certain liens ( the "Agency
Liens" ) in favor of the Agency; and
WHEREAS, the Lease grants to Tenant easements and related
4 rights in, over and across the Shopping Center and the Hotel
in order that the Affected Property shall function as a part
N of an integrated regional shopping center; and
t-1
ri WHEREAS, the Grant Deed provides that the Agency' s
rights of reverter and repurchase, as set forth therein,
shall be subject and subordinate to certain reciprocal ease-
ments covering the Sales Property; and
WHEREAS, Tenant has requested as a condition of executing
the Lease that the Agency enter into this Agreement, and the
Agency desires that the Affected Property be operated as a
part of an integrated regional shopping center;
NOW, THEREFORE, Agency hereby covenants and agrees that
so long as the Lease shall be in full force and effect and
Tenant shall not be in material default thereunder (following
the expiration of Tenant' s cure periods as provided in the
Lease) , the Agency Liens, and its rights of repurchase and
reverter, all as provided in the Grant Deed and the Partici-
pation Agreement referred to in the Grant Deed, shall be
subject and subordinate to the easements and other rights
granted Tenant in, over and across the Affected Property
pursuant to the Lease; provided, however, that if the Agency
or any successor shall acquire title to the Affected Property
or a part thereof as a result of a foreclosure, or deed in
lieu of foreclosure, of any of the Agency's Liens or (as to
the Sales Property) as a result of the exercise of its rights
of repurchase or reverter, then neither the Agency nor such
successor shall be obligated to pay any money damages for,
or cure, any defaults occurring or arising prior to the date
that the Agency or such successor acquires title and possession,
and the Agency or successor shall not be bound by any payment
of rent or other payments made for more than one month in
advance.
This Agreement shall bind and inure to the benefit of,
and be binding upon and enforceable by, the parties hereto
and their respective successors and assigns. This Agreement
contains the entire agreement between the parties and cannot
be changed, modified, waived or cancelled, except by an
agreement in writing executed by the party against which
enforcement of such modification, change, waiver or cancel-
lation is sought.
-2-
IN WITNESS WHEREOF, the parties hereto have duly executed
this Agreement as of the date and year first above written.
!n
1 REDEVELOPMENT AGENCY OF
Ca
tq THE CITY OF PALM SPRINGS
By /zltl�
Executive Director
B
A stant Secretary
"AGENCY"
4PP20k:!ED E3 r HE COMMUiNITY REDEV.
AGENCY BY RES. NO.
WITNESSES: FEDERATED DEPARTMENT
STORES, INC.
By 4.,
/ �nior Vice Presiden
o✓u y CCU ,.� �/t rti Attest
U Q Assistant secr tary
APPROVED AS TO FORM "TENANT"
City Attorney
D e
Consented and Aqreed To:
WITNESSES: NORTH PLAZA ASSOCIATES
BY: DESERT FASHION PLAZA,
INC_ , general partner
QRihard S. Sokolov,
Vice President
By � 4l F f
Arthur D. Wolf e, J . ,
ram.{ Secretary
e+I
"NPA"
WITNESSES: SOUTH PLAZA ASSOCIATES
By: DESERT FASHION PLAZA,
INC. , general partner
dLLC,LP
Richard S . Sokolov,
�J Vice President
By , 1
Arthur D. Wo fc le, J . ,
Secretar
K Qr� By /
Gerson I. Fox,
general partner
fL1910 By /1E
D vid Blum,
general partner
"SPA"
-4-
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
On January 14, 1986 before me, the undersigned
notary public, personally appeared Norman R. King
and Judith Sumich
CO
[VI personally known to me
[ ] proved to me on the basis of satisfactory evidence
to be the per n ssistwnp executed the within instrument as the
Executive Cj[�'aWkYYd and ecre ary, respectively, of the COMMUNITY
Director REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, a public
agency, and acknowledged to me that said agency executed
the same.
OFFICIAL SEAL
ANN'E E WICKLIN
NOTARY PUBLIC -CALIFORNIA
RIVERSI0. COUNTY
My mm-m. expires MAY 22, 1989
STATE OF �/ p
COUNTY OF
On Qe :. /� 3i I9gs , before me, the undersigned
notary public, personally appeared
and
0
[ ✓rpersonally known to me
[ ] proved to me on the basis of satisfactory evidence
to be the persons who executed this instrument as Senior
Vice President and Assistant Secretary on behalf of
FEDERATED DEPARTMENT STORES, INC. , a Delaware corporation,
and acknowledged to me that the corporation executed it
pursuant to its bylaws or a resolution of its board of
directors.
E
EAR$ARA E. ULL374AN
Notary Pnhliq Smtc of Ohio
Mp commission has sso cxPin[ion dam
Section 147.03 O.R.C.
STATE OF OHIO
COUNTY OF MATIDUTNr
In On lyol y-&r before me, the undersigned
� notary public, personally appeared Richard 5 . Sokolov and
CD Arthur D. Wolfcale , Jr . ,
ei
ri
[ ] personally known to me
[ ] proved to me on the basis of satisfactory evidence
to be the persons who executed this instrument as President
and Secretary on behalf of Desert Fashion Plaza, Inc. ,
an Ohio corporation, the corporation being
one of the partners of NORTH PLAZA ASSOCIATES, a California
general partnership, the partnership that executed this
instrument, and acknowledged to me that the corporation
executed it as the partner and that the partnership
executed it.
dlX ' 3� � �
STATE OF OHIO
COUNTY ,,OF MAHONING
On A10616m6ar 6, /9F-5 , before me, the undersigned
notary public, personally appeared Richard S. Sokolov and
Arthur D. Wolfcale, Jr . ,
[personally known to me
[ ] proved to me on the basis of satisfactory evidence
to be the persons who executed this instrument as President
and Secretary on behalf of Desert Fashion Plaza, Inc. ,
an Ohio corporation, the corporation being
one of the partners of SOUTH PLAZA ASSOCIATES, a California
general partnership, the partnership that executed this
instrument, and acknowledged to me that the corporation
executed it as one of the partners and that the partnership
executed it.
`✓7%��i7c ckZ vlGG ( �. /�; /9 90
STATE OF CALIFORNIA
till COUNTY OF LOS ANGELES
n
(p On DECEMBER 5 , 1985
before me, the undersigned
notary public, personally appeared Gerson I . Fox,
[ X ] personally known to me
[ l proved to me on the basis of satisfactory evidence
to be the person that executed this instrument as one of
the general partners on behalf of SOUTH PLAZA ASSOCIATES, a
California general partnership, and acknowledged to me that
the partnership executed it.
IAC1 d yy�d . 1� _ OFFICIAL SEAL
CHARMAINE K ROCKEY
m NOTARY PUBLIC-CALIFORNIA
LOS ANGELES COUNTY
My comm, expires AUG 4, 1959
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
On DECEMBER 5 , 1985 , before me, the undersigned
notary public, personally appeared David Blum,
[ x ] personally known to me
[ ) proved to me on the basis of satisfactory evidence
to be the person that executed this instrument as one of
the general partners on behalf of SOUTH PLAZA ASSOCIATES, a
California general partnership, and acknowledged to me that
the partnership executed it,
OFFICIAL SEAL
CHARMAINE K ROCKEY
"a N07ATZY PUBLIC-CALIFORNIA
LGS ANGELES COUNTY
My comm. expires AUG 4, 19C9
EXHIBIT A
Vj
LEGAL DESCRIPTION OF THE AFFECTED PROPERTY
GO
e-i Parcel 1 .
Lots 15 through 27, inclusive in Block 22; the
Southerly 20.00 feet of Lot 28, in Block 22 and the
Northerly 10.00 feet of Block 21 together with that portion
of Andreas Road (Lawn Street) now vacated and closed to
public use reverting to said Block 21 and 22 and in the
townsite of Palm Springs, according to Map thereof recorded
in Book 9, Page 432 of Maps, Records of San Diego County,
California.
Parcel 2.
That portion of Belardo Road and Andreas Road as
described in documents recorded November 20 , 1968 as docu-
ment No. 111594 and recorded November 22, 1968 as document
No. 112899 both of official records of Riverside County,
California, described as follows:
Beginning at the northwest corner of Lot 27 in
Block 22 of the townsite of Palm Springs, according to Map
thereof recorded in Book 9, Page 432 of Maps, Records of
San Diego County, California; thence South 0008 '00" East
along the Westerly line of said Block 22 , a distance of
164.98 feet to the beginning of a tangent curve concave
Northwesterly, having a radius of 35 .00 feet; thence
Southerly, Southeasterly and Easterly along the arc of said
curve, through a central angle of 90002 ' 00" , a distance of
55.00 feet ; thence tangent to said curve North 89'50 '00"
East, a distance of 71.98 feet; thence South 0'08 ' 00" East,
a distance of 5 .00 feet; thence South 89'50 '00" West, a
distance of 140.00 feet to the center line of said Belardo
Road, thence North 0'08 ' 00" West, a distance of 205.0 feet;
thence North 89'50 '00 " East, a distance of 33 .00 feet to
the point of beginning.
Parcel 3.
Lots 1 through 5 , inclusive, in Block 22 of the town-
site of Palm Springs, according to Map thereof recorded in
Book 9, Page 432 of Maps, Records of San Diego County,
California.
Exhibit A
Page 1 of 2
.Teat portion of Belardo Road and Andreas Road as said streets were granted to
Mine City of Palm Sprin as easements for street purpos in those certain
documents recorded Jan y 3, 1967 , as Document No. 1571acorded November 20,
1968, as Document No. 111594, recorded November 22, 1968, as Document No.
112899 and recorded February 16, 1977 , as Document No. 23296, all of official
records of Riverside County, California , described as follows:
Conmencing at the Northeast corner of Parcel 13 as shown on parcel map recorded
in Book 1 , Page 17 of Parcel Maps, Records of Riverside County, California ,
r� Bence South 00 08' 00" East, along the Easterly line of said Parcel 13, a
cistance of 9.87 feet to the True Point of Beginning; thence continuing South
i° 08' 00" East, along said Easterly line , a distance of 199.13 .feet; thence
South 890 50'25" West (record South 89' 50' West) , a distance of 402.60 feet;
thence South 0° 08' 00" East, a distance of 67.99 feet to a point on the arc ,
of a curve concave Southeasterly, having a radius of 20.00 feet, a radial line
passing through said point bears South 89° 52' 00" West; thence Northerly,
N.)rtheasterly and Easterly along the arc of said curve, through a central
angle of 89' 58' 25" : a distance of 31.41 feet; thence tangent to said curve
North 89' 50' 25" East (record North 89' 50' East) a distance of 382.61 feet;
tnence South 0° 08' 00" East, a distance of 5.00 feet; thence North 89' 50'
2:V" East (record North 89° 50' East) , a distance of 283.47 feet to the beginning
of a tangent curve concave Southwesterly, having a radius of 20.00 feet;
t7,ence Easterly, Southeasterly and Southerly along the arc of said curve through
central angle of 90° O1 ' 35" , a distance of 31.43 feet to a point on the arc
o' said curve, a radial line passing through said point bears North 89' 52' 00"
East; thence North 0° 08' 00" West, a distance of 20.01 feet; thence North 190
11 ' 55" East, a distance of 60.42 feet; thence South 89' 50' 25" West (record
South 89° 50' West) a distance of 150. 50 feet; thence North 0° 08' 00" West, a
distance of 5.00 feet; thence South 89' 50' 25" West (record South 89' 50'
WPst), a distance of 71.96 feet to the beginning of a tangent curve concave
Nz;rtheasterly having a radius of 35.00 feet; thence Westerly, Northwesterly
and Northerly along the arc of said curve, through a central angle of 90° 01 '
35", a distance of 5J. 99 feet; thence North 0° 08' 00" West, a distance of
221.11 feet; thence South 44' 51 ' 12" West, a distance of 93.36 feet to the
True Point of Beginning.
Excepting therefrom:
That portion of Belardo Road and Andreas Road as
described in documents recorded November 20, 1968 as docu—
ment No_ 111594 and recorded November 22 , 1968 as document
No. 112899 both of official records of Riverside County,
California, described as follows:
Beginning at the northwest corner of Lot 27 in
Block 22 of the townsite of Palm Springs, according to Map
thereof recorded in Book 9, Page 432 of Maps, Records of
San Diego County, California; thence South 0'08 ' 00" East
along the Westerly line of said Block 22 , a distance of
164 .98 feet to the beginning of a tangent curve concave
Northwesterly, having a radius of 35 .00 feet ; thence
Southerly, Southeasterly and Easterly along the arc of said
curve, through a central angle of 90'02 ' 00" , a distance of
55 .00 feet ; thence tangent to said curve North 89'50 '00"
East, a distance of 71.92 feet ; thence South 0'08 ' 00" East,
a distance of 5.00 feet; thence South 89 '50 '00" West, a
distance of 140.00 feet to the center line of said Belardo
Road; thence North 0°08 ' 00" West , a distance of 205.E feet ;
thence North 69'50 ' 00 " East , a distance of 33 .00 feet to
the point of beVinniny .
Exhibit A
Pa^e 2 of 2