HomeMy WebLinkAbout00083C - DEBARTOLO DESERT FASHION PLAZA ASSUMPTION AGR 0 32684
.Assumption Agr w/DeBartolo
Corporation -Des Fashion Plaza
allowing for General Partner
ASSUMPTION AGREEMENT AGREEMENT #83, 4-12-84
Res 212, 4-4-84
THIS ASSUMPTIONWAGREEMENT (herein "this Agreement" ) is
entered into this / " day of 1? // r��'�� , 1984, by and
between DESERT FASHION PLAZA, IINC . (herein "DFP , Inc. " ) and
the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM
SPRINGS (herein the "Agency" ) .
Recitals
A. The Agency has entered into a Participation
Agreement, dated November 8, 1983 , with North Plaza Asso-
ciates and South Plaza Associates ( the "Participant" ) , as
modified by a First Implementation Agreement, dated
February AP2�8 ,� 1 9 IAI194, and a Second Implementation Agreement,
dated herein collectively referred to as
the "Participation Agreement " ) , pursuant to which the Par-
ticipant agreed to purchase and develop certain real prop-
erty ( the "Sales Property" ) together with property already
owned by the Participant (the "Participating Property" ) .
B. DFP , Inc . , an Ohio corporation, is a wholly-owned
subsidiary of the Edward J. DeBartolo Corporation, an Ohio
corporation, "Guarantor" under the Participation Agreement.
C. DFP, Inc. , desires to become a general partner in
each of North Plaza Associates and South" Plaza Associates,
both of which are California general partnerships, and to
assume, as a general partner in each of such entities , all
of the rights and obligations of the Participant under the
Participation Agreement.
Agreements
NOW, THEREFORE, DFP, INC . , AND THE AGENCY HEREBY AGREE
AS FOLLOWS :
Section 1 . The Agency hereby consents to the associa-
tion of DFP , Inc. , as a general partner in each of North
Plaza Associates and South Plaza Associates .
Section 2 . DFP , Inc. , hereby agrees expressly for the
benefit of the Agency that upon becoming a general partner
in each of North Plaza Associates and South Plaza Associ-
ates it shall and does hereby assume, as a general partner
in each of such entities, all of the rights and obligations
of the Participant under the Participation Agreement .
IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written,
which is the date of approval for execution by the Agency.
DESERT FASHION PLAZA, INC .
BA. W. jAberati, Vice President
By " f G� � u��,t°t
Art Wolff e, . , S cretary
VPDFP J INC. "
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF//P SPRINGS
BYw
_ Chair
By ..✓�n
Secretary'
"AGENCY"
,APPROVED BY THE COMMUNITY REDEV,
0,9NCy By REBe NO,
-2-