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HomeMy WebLinkAbout00017C - VINEYARD LIMITED PARTNERSHIP CARVER OPA COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, CALIFORNIA MODIFICATION #1 TO OWNER PARTICIPATION AGREEMENT #17 WITH VINEYARD LIMITED PARTNERSHIPS AS APPROVED BY RESOLUTION NO. 525 1 THIS AGREEMENT, made and entered into the 4th day of May, 1988 by and between the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, CALIFORNIA (hereinafter referred to as the "Agency") and Vineyard Limited Partnerships (hereinafter, referred to as the "Participant") is a modification to the Owner Participation Agreement entered into by the same parties on the 2nd day of March, 1977. NOW THEREFORE, the Agency and the Participant (for the consideration and under the conditions herein set forth) for the benefit of themselves, do understand and agree for themselves and their assigns, successors and future owners of said real property and for all owners of real property in the Project Area as follows: I. Section IV. F. of the Owner Participation Agreement shall be amended to read as follows: F. Potential Sale of Parking Area In the event the Agency should choose to sell Parcel 2 in the future, the Agency shall require the buyer to provide parking equal to that provided currently on Parcel 2 and any additional parking required for the proposed uses of the new project. Such parking shall be provided in the same location or in a structure above or below ground. II . Section IV. E. of the Owner Participation Agreement shall be amended to read as follows: E. Maintenance of Parking Lot The Participant agrees to provide for the maintenance of the parking lot on Parcel 2 at its costs. Participant may contract with the Agency for such services or may handle such responsi- bilities directly. Maintenance shall include pavement sweeping, landscape upkeep and replacement, and lighting fixture repair and bulb replacement. Pavement replacement and repair, and site utilities shall be the responsibility of the Agency. Should the parking lot be sold by the Agency, pursuant to Section IV. F. of this Agreement, all maintenance responsibilities shall be assumed by the new owner of the property. The Agency and the Participant have executed this document on the date first above written. PARTICIPANT: BY 'u W C;OI'AMUN1TY REDEV. , Go4i ;l..Y BY RES. tjo.,' J— IS-/y��2cl' BY VINE ARD LIMITED PARTNERSHIPS ATTEST: COMMUNITY REDEVELOPMENT AGENCY CITY OF PALM SPRINGS, CALIFORNIA 7�A'ssistant Secretary hairman REVIEWED AND APPROVED:_� AGR 17 - R.W,. Carver amended Supp1 #1, Vineyard Project Res 92-A, 5-16-79 COMMUNITY REDEVELOPMENT AGENCY --- OF THE CITY OF PALM SPRINGS AMENDED SUPPLEMENTAL AGREEMENT #1 TO OWNER PARTICIPATION AGREEMENT 017 WITH ROY WILLIAM CARVER AS APPROVED BY RESOLUTION #56 THIS AGREEMENT, made and entered into the 2nd day of May, 1979, by and between the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, (hereinafter referred to as the "AGENCY") and VINEYARD LIMITED PARTNER- SHIP (hereinafter referred to as the "PARTICIPANT") is an amended supple- mental agreement to the Owner Participation Agreement entered into by the same parties on the 2nd day of March, 1977. NOW THEREFORE, the Agency and the Participant (for the consideration and under the conditions herein set forth) for the benefit of themselves, do understand and agree for themselves and their assigns, successors and future owners of said real property and for all owners of real property in the Project Area as follows: II. TERMS AND CONDITIONS OF THE AGREEMENT A. Parking In-lieu Payment The Participant shall provide monies into the City's parking fund in-lieu of providing required parking at the rate of $3,000 per space for 101 spaces to satisfy 40,376 sq. ft. of retail area. Said area requiring one space for 400 sq. ft. . The Participant is therefore obligated to pay $303,000 to the City's parking fund. B. ACQUISITION OF PARKING AREA (PARCEL 2) FROM PARTICIPANT Parcel 2 is described as follows: All those portions of Lots 17, 18, 19, 20, 21, 22, 23, 7, 8, 9, 10 and 11 in Block 19 of PALM SPRINGS, as shown by Map on file in Book 9, page 432 of Maps, Records of San Diego County, California, more particularly described as follows, by metes and bounds: BEGINNING at the Southwest corner of said Lot 18 in Block 19, being 33 feet North and 33 feet East of the intersection of the centerlines of Belardo Road and Baristo Road; THENCE North 00 08' 06" West, 348.06 feet; THENCE North 890 50' 17" East, 113.79 feet; THENCE North 00 08' 00" West, 52 feet; THENCE North 890 50' 17" East, 15 feet; THENCE North Do 08' 00" West, 8 feet; THENCE North 890 50' 25" East, 56.21 feet; THENCE South 00 08' 00" East, 162.07 feet; THENCE South 890 52' 001' West, 10 feet; THENCE South 00 08' 00" West, 5 feet; THENCE South 890 52' 00" West, 25 feet; THENCE South 00 08' 00" East, 20 feet; THENCE South 899 51' 51" West, 74 feet; THENCE South 00 08' 06" East, 221,04 feet; THENCE South 890 50' 00" West, 76 feet to the Point of Beginning. Said site encompass' s approximately 43,693 sq_. ft. of land with 42,857 sq. ft. devoted to automobile parking and walks and the remaining 836 sq. ft. on the southerly portion dedicated to street widening. The Agency agrees to acquire the 42,857 sq. ft. of land as an improved parking lot to City standards from the Participant at the rate of $11.50 per sq. ft. or $492,855 and the remaining 836 sq. ft. at $10/sq. ft. or $8,360 for a total of five hundred one thousand two hundred and fifteen dollars ($501,215) . 0 4 Amended Supplemental Agreement # 1 Page 2 The Agency' s contribution toward the acquisition of parcel 2 shall be represented by the difference between the purchase price and the amount contributed by the Participant into the parking fund determined in II. A. above or $501,215 - 303,000 = 198,215. $198,215 shall be deposited into an escrow account upon the Participants filing of Notice of Completion. Escrow shall be for a period of 30 days. This Agency and the Participant have executed this Agreement on the date first above written. May 17 1979 COMMUNITY REDEVELOPMENT AGENCY OF THE CIT'*' OF PALM SPRINGS, Chairman Tr: By Secretary U /Q 'AGENCY" — •"`p_.� _� r / ,1979 THE VIN YARD L ITED PARTN HIP By / 9j "PARTICIPANT" l .y�' U COMPANY OF RIVERSIDE COUNTY I Mill L-.-IA If)UIrr:-McCALLUM,SUITEA-1 -PALM SPRINGS, CALI FORNIA92262 LI EPR Oki E: LEnith 7-9400.1714) 320-1101 SonctilY of ("onRarf Community Redevelopicent Agency of the city of Palm Springs ESCROW NO. 1189 Attention: Frank Marks DATE: 6/5/79 Dear Mr. Marks: Fur use in your escrow al this oflice, we will alzpieeiaie ynou Sending us, if they rneet with your approval, the rtems listed below masked by an ")." Yoiii inomPl (1('hVPiy of thrse in-nis will inatetially assist in the completion of your escrow. X -- Escfnvv Instmctinns NEW SET. Termite Supplenienl Commission Authorization PLEASE SIGN AND RETURN ENCLOSED Amendment _____.______.—_. _—___ INSTRUCTIONS ( RETAIN ADDITIONAL X Legal Description_PLEASE-- ENCLOSED COPY FOR YOUR FILES) INITIAL._- Statement of Identity _. Loan Infimmauon 1_euer - PI EASE FILL IN COMPLETELY, SIGN AND RETURN _._ Deed SIGN AND ACKNOWLEDGE BEFORE A Tiusi Deed (and Note) NOTARY PUBLIC EXACTLY THE WAY NAME APPEARS ON DOCUMENTS, AND RETURN — --------- ---- --'----- } 1 HFM TO US Fire Insuiance __._. Latest Tax Bill fs PLEASE SEND TO US. Money estimated as nredrrl ) — --- liom you $ --�----- (Checks to he pny able to us) A CASHIFR'S CHECK OR CFRTIFIED CHECK WILL FACILI IATL CLOSING Yours very truly, Sel f addressed envelope is t"•' .—� /), enclosed for your ronvience By-/���'�/.i'"_ Lynn' L. Bli cgham, Escrow Manager LLB:tw GRNE.RAL T DRANSMITT A1_ LFT Tr R ST-PS-s zs S-; TEWAMT T I T E E 1189 -- Escrms Nurtilmr COMPANY OF RIVERSIDE COUNTY 1900E.TAHOOITZ-McCALLL1M,SUITEA-1 -PALM SPRINGS,CALIFORNIA 92262 April 2, 1979 TELEPHONE: ZEnith 7-8400.(714) 320-1101 Dale Sanctity of Contract ❑ FHA ❑ VA 1K' OTHER Lynn L. Bingham Escrow Officer 1. Broker will hand you. .. ..... . . . ... . ... . ... . . ....... . .... ............... ... ....... .................. 2. Buyer will hand you,..prio.L'.tA. 10 C1DS@ Of escrow.. . .. . • .. .-... . .. .•. .......•.••..•••.. 5 — rJ.0O 3. Proceeds from loan to be procured by buyer. . .. . . . . . ... .. . . ... ... . . .. . .... .... .......... .......... — — 4. Buyer will execute purchase money encumbrance........... . . . .. .. ..... .... ... .. .. ... ..... ............ S _ 5. Buyer has paid outside of this escrow,to seller(with which you are not to be concerned) .. ........ ................. $ 303 000 00 6. Encumbrance of record,approximate unpaid balance . . . . ... ........ .... . ... .... .. .... . .. . ...... ...... ... 5 1 ���— 7. TOTAL CONSIDERATION .. . .. ... ... .... .. . ...... . ................. .... ....... .............. .. ;.. and any additional funds and documents required from me to enable you to comply with these instructions,all of which you tie authorized to use provided on or before July 1, 1979 you can obtain a standard Owner's or Joint Protection Policy of Title Insurance with the usual tide compcny's exceptions with liability to the amount of total consideration,on real property in the County of Ri yerf3.i de ,State of California. Lot No. (see below) of Tract No. as per map recorded in Book pages) of maps in the office of County Recorder in said Counry. AS PER LEGAL DESCRTPTION ATPA= lIEREriT� AND I=Y D1ADE A PART' 1IEREQL , Known as 43,693 square feet of unimproved property located at the "Vineyards" TITLE TO APPEAR VESTED IN COM19MTY REDE=PDiENT AGENCY OF THE CITY OF PALM SPRED 3S SUB ECT TO: 1. ( ) 17L_1— mstahment(s) of general and special county and city taxes, including any special district levies payments of which are mdudcd therein and collected therewith,for the current fiscal year,not delinquent,including taxes for the ensuing year,if any,a lien but not yet payable. ( ) Assessments and bonds of record,unpaid balance S Mlu 2, (X ) Conditions, restrictions,reservation.covenants m ,rights,rights of way,casements and the exception of minerals,oil,gas,water,carbons and hydro carboas substances in,on or under said land,now of record,and in deed to file,affecting the use and occupancy of said property. ( ) Deed of Trust,now of record,and note secured thereby approximate unpaid balance of S WIMP ss per their terms,further approval of w4rch is hereby waived through this a crow by Buyer and Seller. If unpaid balance shows to be more or less than said amount shown= then you are to keep the- -the the same by accordingly adjusting ( ) 2nd Deed of Trust of Record. ( ) Deed of Trust, to file (New Loan as stated above) securing an indebtedness in the amount of$ this eserox Is contingcut upon Buyers obtaining new loan and Buyers signatures on loan documents shall evideuce full approval and shall constitute waiver of this contingency ( ) DeM of Trust,TO file ss a part of the purchase price,on your usucd))orr form,executed by above V estee(s),in favor of or order, securing a no of dated as written, tormentwith interXt on unpaid principal at %per tormentfrom principal and interest m istallmcnts of S or more on th day of each __ __—_ montli, commencing and continuing -- - -- ( ) Long form security wsttuenl land contract to file on Stewart Title Company X Riverside County usual form,as per its terms executed Iry %crilm and vendee payable at 11SS in the original amount of S X with interest from close of ascravv a: :ha i,,:ul _ payable monthly,pnaalpal and mte,,st,in installments of 5 or more per month,first payment due and p uynhlc and continuing Xticrcaflcr until Contrary to printed instructions, it is agreed between the buyer and seller that all expenses in connection with this escrow are to be paid one-half by each party. The consurn-ation of this escrow is contingent upon Seller herein obtaining and recording a Final Parcel Map designating subject property as "Parcel 2". * The above mentioned $303,000.00 paid outside of escrow to seller represents Seller's finali- zation of parking space requirements with the City of Palm Springs as per the Owner-Participa- tion Agreement no. 17 and Supplemental Agreement no. 1 and escrow holder is NOT to be further concerned with said Agreements or said funds, except from an adjustment standpoint. Grant Deed to recite: "RESERVING unto Grantor, his successors or assigns, an easement in, on, under and across the above described property for underground public utility purposes, includ- ing but not limited to water, gas, electric, sewer and television cable service." "-A,-, SG�-- R1 Sid phis-s is c essor-s;assig�serzsees and-lessee�tl3e nonexclusive right of--the-use-ef--=tlL--parlFi-,-let--con tedupoa--tbe-abbe-described-prope---ty-wi#h-the right-of THE FOREGOING INSTRUCTIONS AND THOSE "GENERAL INSTRUCTIONS"PRINTED UPON THE REVERSE SIDE HEREOF ARE APPROVED AND ACCEPTED IN THEIR ENTIRETY, AS IS FULLY SET OUT IN THIS PARAGRAPH, AND EACH OF THE UNDERSIGNED BUYER(S) AND SELLER(S) ACKNOWLEDGES RECEIPT OF A COPY OF THESE INSTRUCTIONS. SELLER(S) AND BUYER(S) HEREBY AUTHORIZE ESCROW AGENT TO FURNISH COPIES OF CLOSING STATEMENTS TO LENDER AND/OR BROKER INVOLVED. In accordance with the manner specif rd ON PAGE TWO,the following are to be adjusted or pro-rated to NONE ( ) Taxes(Info.furnished by SellerfTue Co.) ( ) Interest on Encumbrance of Record ( ) Interen on Purchase Money Note ( ) Fire Insurance ( ) Impounds held by Beneficiary ( ) Rentals I will pay, on demand, regardless of The consummation of this e(sccrroo',rw�,,,�r all �cchargess iiniccur(reedd by you for me, including fee fofr pre6.ringImsirumcntt I execute,r,,cuding eharge+and )our buyel'+L+c rn\C(22. �e L}.yyyvirfY SVJJI'.'irVELa,_/ '1 TLIE LIWr�r P�yA�TIA Buyers Signature - ' Buyers Signature ,sf D pal A. Blu uafiLJ, Secretary and Oi rZM) Address Addrev F�rPr-It+isra tr From Funds accruing to our account at close of escrow,pay commission as per separate agreement. I will hand you all instruments and mone) necessary of me to enable you to comply therewith,including a deed to the property described,e.eccied in fawr of the vtraces, which you are authorised to use and deliver when you hold in this escrow for my account the sum of S 191215.00 and any pro-rats adjustments and instrumenn deliverable to me under these instructions. From funds due me,pay at the close of escrn\c any encumbrances of record, plus accrued interest, charges :and bonus, if any, bonds, and/or assessments necessary to comply with same, and/or pay any delinquent mnnthl% mstallment(s)on existing encumbrance(s)as disclosed by Beneficiary statement,without my subsequent approval. Instruct the Title Company to begin search of title at once Deduct and pay from proceeds due me,any expenses incurred in my behalf including ch.ugcs for asau rance of title, for sending in offset, or beneficiaries'statements and/or dem:mds; Revenue Siam on Deed filling in ackn�ItdgM,,and record"" tin) documents necessary on my part,and seller's escrow'fee as charged. Tl')E VINE= L' P , rEner' Shccrs Signature Sellers Signature+; Ship 13DY TAM CARVER, general partner Address 110 C7 T 4 Ton..G Driray San Gahr'al Addreaa California 91776 Phone (213) 285-2132 PAGE 2 PROVISI DNS IT IS MUTUALLY UNDERSTOOD AND AGRFF.D'fO BY ALL PARTIFS OFTHIS FSCROW,JOINTLY ,AMP SEVERALLY. I HA 1. 1. The adjustments and/or prorations provided for on page 1,shall be made in accordmo:with the following instructions A. If any mentioned Trust Deed is now of record, procure statement by the owner of the note secured thereby, or din holder fit collection, :end adjust interest thereon on the basis of such statement. R. Charge the buyer and credit the seller the amount of any funds shown on Benefiaery's Statement o, Impounded for future psymen, of h;c unurancc premiums,taxes and mortgage insurance premiums and prorate mortgage insurance premiums pavd I- 11 A during the past 12 nnmth,, based on,itJ stvruneni C. Adjust interest on new encumbrances by endorsement on note(s). D. Prorate taxes, based on latest tax statements available to you, including all items,appearing on tax bill,ex,tpt i.ixc s on per.on:d property not conveyed through this escrow E. Prorate rentals based on rental statement handed you by seller You are to con„der on basis of said rent statement,that seller e,ll colic,t all reran wi,ich fall due prior to the close of this escrow,unless he instructs you in writing to the contrary No adjustment against buyer on t.o Lullened rental, F Accept for me such insurance policies as are submitted on building sntated on property at being Lomcycd rah thus escrow and Prorate prcr u n tli:lcl,o.Is per instructions given you on the reverse side hereof. You may assume that premiums on said policm, have been paid and th ih, pulicie, h^ur '.hot bur hypothecated. 2. Make all adjustments and/or prorating,on the basis of a 30 day month."Close of Est,row" is the day fill imeno arc cc cor r:c d. 3. It is agreed by the parties hereto, that so far as your right and liabilities are involved, this tror,acrion Is an escrov, and no; ny outer )oi,al rcldion and volt are an escrow holder only on the within expressed terms,and you shall have no responsibility of notifying me or arm of Lill parties";ihe%escrow of any,,.le,ies,lt loan, exchange, or other transaction involving any property herein described or of any profit realized by any person,firm or corin:ra,on(hroker, reua rind p.:rnc to this and/or any other escrow included) in connection therewith, regardless of the fact this such transaction(s) may be handled by :u, I. It Is L c,ow Cl another escrow 4 Any policy of tide insurance called for under these instructions may be issued for the benefit of all pame.m interest sid II br pt—m Lo n : , uJz company operating to the county where the property is located and will be subject to exceptions and conditions contained in such .amre m's i,gula pumi d ant, ., including but not limited to an exception that said policy will not insure against loss by reason of the r,,crvannn or excepuan of a'v wan I glht , water. 5 All disbursements of funds and or instruments of this escrow shall be mailed, unregistered, to the desrgm,ted patty It, au„ data ,,it, vu jr, instructions,address of whom is incorporated herein.Deliver new tide policy to buvcr or to holder of first and/or new encumbrance 6. You shall make no physical examination and or representation of the real and/or personal property dcnenbed in any diILmI dyro,ucd In v.iu ,I,o shall you be responsible for the condition thereof 7. Deposit all funds in connection with this transaction in an "Escrow Fund Account"with any local bank,without.,ray habihLl for Intent Ali d„l:ev to be made by check of your company on said account and employees will not identify any pays,or g,.rantec(his) (her)stgiratell at..n;b:ni, & Your company is not responsible for any personal property tax which may be assessed any former owner of the above den oi,c,l P open m., ! ; I. corporation or license tax of any corporation as a former owner. 9. Any amendment or supplement to these instructions shall not brad your company unless in writing and deposited with youi Lornp.n)' 10. You are not to be held liable for the sufficiency or correctness rice to form, manner of execution,or validity of any instrument dePC-6L,f in th. n , .or as to identity, authority, or rights of any person executing the same, nor for failure to comply with any of the provision,. of any agrecmni(, m ,ie:i, nr ^"r instrument filed herein or referred to herein,and your duties hereunder shall be limited to the safekecpng of such money, instrument ,nr othc r durv:rr nu rcr ,i,.I by you as escrow holder,and for the disposition of same in accordance with the written instructions accepted by you in this escrow. 11 Recordation of any instruments delivered through this escrow, if necessary or proper in the u,u:I,ce of the pnhey of 6 1, in,uran,, ,cl',cj for,r autI, 12. Seller agrees to pay,outside of escrow,and before delinquency,all taxes on personal and/or real property not convcyed Ihmugh this e,:Iou 1 1h �, .t' e lien on above described property,and you are not to be concerned therewith 13. Your company is authorized to destroy or otherwise dispose of any and all documents,papers,instructions,coil esponnLnec and ,':her or tc; a ae^ter,-vn : this escrow at the expiration of five years from the date of these in n ns atruco , reg:ndles, of the dare of any .,ubsequcrrt am,ndmems hereto, adJn lun..l e- supplemental instructions or date of close of escrow without liability'and without further notice to its 14. In the event that the conditions of this escrow have not been complied with at the xpuation or the time provided fo, LcIeI I von air III II etcd to:ompl,_c the same at the earliest possible date thereafter Should either of us make written demand upon you fit cancellation of :Ins c,trzn+ I n it to of am' .nil'„ instruments deposited by either of us such demand shall not become effective until 5 on p in of tf( 5th day following Iece,pt of such Denraud al d it MIM, li,e you may withhold and stop all further proceedings in this escrow without liability,for Interest on Fund, hdd or for dam.:gcs until nv Ipt of Fowl,d c:m.I il_'. instructions by all parties have been deposited in this escrow, whereupon you arc then instructed to disburse the escrowed fund,and rw,ruurrenn a, onfiol Iv b your proper charges as provided below,or you may return all instruments and/or funds less your Proper charges to the re=.Pective Parties It'."" ,rru! rho I I t will without further notice be considered terminated 15 We, the buyer and seller,jointly and severally agree, that in the event of cancellation Or other termination of this escrow pno, to till closi„g, Lhucs'l c shall pay you for any expenses which you have incurred or become obligated for pursuant to these mstrectmea, and also a reason:.bl' cis we Ill or '1- ,srvl,:, contracted by us to be rendered by you, and such expense,,d any, and fees slut]be paid and put in escrow before any cancellation or orb,r vrnnn.lion is el`ecuv, We agree that said charges for expenses and fees may be apporhuned between us in a manner which,in yen,sole or....Lion,you Lou... er equitabk. . ,,.., ),ur decision in that regard will be binding and conclusive upon us Any documents or funds depusituj es,th you,may be retained Lv you, ii..i lien, to ,cure , you the rcimbursemcnt of and payment of expenses,if any,and fees above provided for 16 If conflicting demands are made or notice served upon you or Icgal action is taken in onnILtllm with ill,escrow you shall neI M' rt,wlrCd t, di o-rnm same or take any action in the premises, but may withhold and stop all further proceedings without halAny therefor, or you or ij Illr ,.I, in uI ldr— Ir f Ir declaratory relief. If you arc required to respond to any legal summons or proceedings,ter, if any action of mmrpleader nr do Jar:, tit It .,I.'III,Fhl fir you II conflicting demands or notice by paruus to this escrow ar by any other party or part,,,is served upon you,we jointly and severaby.: , to pat' rea unubic es.,.. fees and all costs,expenses, and reasonable attorneys'fees expended or incurred by you as a result of any of the above described evenh,and.I Iren is fereb� cat ai in your company's favor to cover said items.We agree to save you harmless as escrow holder hereunder front all losses and expense,,in,lading rc_snn.dlk lunrIL',. fees and court costs sustained by reason of any claim,demand,or action filed, legal nr otherwise,which rimy in any manner ari,u our n1,„ Irma die Properly v,ft is the subject of this escrow, or out of or from rho escrow, before or after closing, tinny rtMta n ding anything in these inanrcour s to cue contrary,and in.rdd,r tin thereto,wejointly and severally agree to pay reasonable escrow fees therefor 17 You are further authorized and instructed to reran all funds by Your check to the p..rty(ics) depositing same in thn escnns If this escrow is nia consummated,unless specifically instructed to the contrary 18. These instructions may be executed in counterparts, cacti Of which so executed ,hall, uresperuse of the date of its exe,mien slid J:in'en,b,d--coed it, original,and said counterparts together shall constitute one and the same mwument: 19. In the event it may be necessary or proper for the consummation of this escrow, you are authorized to deposit or have deposited funds or docuntcno,ur both, with any bank, trust company, title insurance company, savings and loan association,hwldmg and loan aseOnauun,or licensed escrow n eni,,ubjcct to your order pursuant to closing this escrow and such deposit shall be deemed a deposit in accordance with the meaning of these nscruenoas 20. My signature on all instruments and instructions pertaining to this escrow indicates my unconditional acceptance and approral of same, and 1 hereby acknowledge receipt of a copy of these Instructions. 'IH - I-OLL.OWING IS APPLICABLE UN H.I)LltAL HOUSING ADMINISTRA-11UN LUrAA IN59 KUCI-IONS O]L1 It a cxpres,iv ,.i iL nonvthatanding any other proeisiorn of this co;:u...: the purchasers shall not be oLlig,n,d to complete the purchase of the Properly descnbeJ hoer sr mciu any penalty by y the forfeiture of earn— nnncu deposits or otherwise unle„!if" ,tile„h tie dcln tied in the purLha,cr,, a•cnn,ti ,ra'.m,It nine'b' nii Federal Ifousing Administration (Commil,n , :n sitting forth the apprals,J waduc ,,. ,i„ Pnlpem It,, mortgage pure rase of nor i_ .. 5 cxdudmg closing test which st,tram uir this seller herJn a;•rcLs ni ddr.er ru ih, Ivnhawr I,romptls elter Itch apPr:IseJ walu, st ,t,n:.nl „In available to the seller;7 he purchaser may, hrnvcaer, hawe the pncd,ge dud opt"to of pr-iLced mg o tin ill, mnsummailn tit till,Lnnirzu w,(hor,: Ili ,'1 amount of the appraised valuation made by the Federal housing Administration. THE FOLLOWING IS APPLICABLE ON VEICR 4N 5' ADNINI>7 RA l0's eUAR VA I I 1 D 1!h 1A IAS I RIJ( 1I0AS oil ) It n esp,us'u i 1, notwithstanding any other provision, of this contract, the purLh ascr,h ell not mcur am p,n do bit Inrfclwrc of earnest mousy ,n mhn,.cne or I e obi dI J n, complete the purchase of the property described herein, if the contract pur,h a,c�pr._e n -r e ceJ,ti r ,wnaLdc ',do,nI rho Pnmert c . L11 t c Veterans Administration. The purchaser shall, hrnverer, have (Ice privdegc and npnno tit pl—ed... „th the nmmnmhn,on nl rho un..air ul,i.I the amount of the reasonable value r,tablish,d by the Veteran,.Admimsrration General Provisions,the following are to be adjusted or pro-rated to. I AXLS L REN I ALS F April 2, 1979 ESCROW NO. 1$89 All those portions of Lots 17, 18, 19, 20, 21, 22, 23, 7, 8, 9, 10 and 11 in Block 19 of PALM SPRINGS, as shown by Map on file in Book 9 page 432 of Maps, Records of San Diego County, California, more particularly described as follows, by metes and bounds: BEGINNING at the Southwest corner of said Lot 18 in Block 19, being 33 feet North and 33 feet East of the intersection of the center lines of Belardo Road and Ba�ilisto Road; THENCE North 00 08' 06" West, 348.06 feet; THENCE North 89" 50' 17" East, 113.79 feet; THENCE North 06 08' 00" West, 52 feet; THENCE North 890 50' 17" East, 15 feet; THENCE North 00 08' 00" West, 8 feet; THENCE North 89' 50' 25" East, 56.21 feet; THENCE South 00 08' 00" East, 162.07 feet; THENCE South 890 52' 00" West, 10 feet; THENCE South 00 08' 00" West, 5 feet; THENCE South 89' 52' 00" West, 25 feet; THENCE South 0' 08' 00" East, 20 feet; THENCE South 890 51' 51" West, 74 feet; THENCE South 00 08' 06" East, 221.04 feet; THENCE South 890 50' 00" West, 76 feet to the Point of Beginning. dry 0 0 CRAla2 COMMUNITY REDEVELOPMENT AGENCY • OF THE CITY OF PALM SPRINGS SUPPLEMENTAL AGREEMENT # I TO OWNER PARTICIPATION AGREEMENT #17 WITH ROY WILLIAM CARVER AS APPROVED BY RESOLUTION #56 THIS AGREEMENT, made and entered into the 18th day of May, 1977 by and between the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, (hereinafter referred to as the "Agency") and ROY WILLIAM CARVER (hereinafter referred to as the "Participant") is supplemental to the Owner Participation Agreement entered into by the same parties on the 2nd day of March, 1977 and is in re- sponse to Section IV. P. as called for in that Agreement. NOW THEREFORE, the Agency and the Participant (for the consideration and under the conditions herein set forth) for the benefit of themselves, do understand and agree for themselves and their assigns, successors and future owners of said real property and for all owners of real property in the Project Area as follows: 1, PARTIES TO THE AGREEMENT The Participant as defined in Operating Agreement #17 shall be amended to read: VINEYARD LIMITED PARTNERSHIPS • PRINCIPAL: ROY WILLIAM CARVER LIMITED PARTNER: LARRY B. THRALL 700 S. Flower, Suite 1515 Los Angeles, Ca. 90017 The Partnership with offices as listed previously. II. TERMS AND CONDITIONS OF THE AGREEMENT A. Parking In-lieu Payment The Participant shall provide monies into the City's parking fund in- lieu of providing required parking at the rate of $3,000 per space for 97 spaces to satisfy 31 ,100 sq. ft. of main floor space and 7,700 sq. ft. of loft space for a total of 38,800 sq. ft. of retail area. Said area requir- ing 1 space for 400 sq. ft. 38,800 = 400 = 97. 97 spaces times 3,000 =- $291 ,000. The 'Participant is to,deposit the .total ama_unt into the City, Trust- and Agency Account prior to 30 -days after the filing -of ,:Noti,ce-of Completion. B. ACQUISITION OF PARKING AREA (PARCEL 2) FROM PARTICIPANT Parcel 2 is described as follows: Beginning 33 ft. northerly and 33 ft. easterly of the intersection of the center lines of Belardo Road and Baristo Road at the corner line of Block 19 Parcel 18 of Palm Springs as shown by Map on file in Book 9, Page 432 of Maps, Records of San Diego County, State of California, and proceeding N. 00 18' 06" W. 348.06' and then proceeding N. 890 50' 17" E. 113.60' and then proceeding N. 00 08' 00" W. 52.00' and then N. 890 50' 17" E. 15.10' and then N. 00 08' 00" W. 8.00' and then N. 890 50' 17" E. 55.30' and then S. 00 08' DO" E. 163.00' and then S. 890 50' 00" W. 36.00' and then S. 00 08' 00" E. 25.00' and then S. 890 50' 00" W. 70.00' and then S. 00 08' 00" E. 220.06' and then S. 890 50' 00" W. 78.00' to point of origin. Said site encompases approximately 43,892 square feet of land with 43,112 sq. ft. devoted to automobile parking and walks and the remaining 780 sq. ft. on the southerly portion dedicated to street widening. -1- The Agency agrees to acquire the 43,112 sq. ft. of land as an improved • parking lot to City standards from the Participant at the rate of $11 .50 per square foot or $495,788 and the remaining 780 sq. ft. at $10/sq. ft. or $7,800 for a total of five hundred three thousand five hundred and eighty-eight dol- lars ($503,588) . The Agency's contribution toward the acquisition of Parcel 2 shall be represented by the difference between the purchase price and the amount con- tributed by the Participant into the parking fund determined in II. A. above or $503,588 - 291 ,000 = $212,588. $212,588 shall be deposited into the City's Trust and Agency Account upon the Participants filing of Notice of Completion. Escrow shall be for a period of 30 days. C. Title To Parcel 2 Title to said parcel as described in II. B. above shall be vested in the name "Community Redevelopment Agency of the City of Palm Springs, Calif. " D. Disbursement of Costs The Agency and the Participant shall share equally in the cost of escrow and title reports as required. E. Reimbursement for Appraisal The Agency agrees to reimburse Participant $1 ,250 for costs advanced • for an appraisal_ of Parcel #2 within 30 days of-the execution of -.this .supple- mental agreement. F. Guarantee of Minimum Property Tax Revenue Section IV. I of the above-described agreement calls for a guarantee of a minimum property tax revenue to assure the Agency adequate funds to participate in this development. In the event the supplemental amount due the Agency be- comes delinquent the Participant agrees to the Agency's right to place a lien on the land in order to secure said amounts due. G. Demolition of Structures The Agency shall demolish and clear the structures on Parcel 2 as described in Section II B above on or before July 15, 1977 and the remaining structures by July 15, 1977 providing the Participant is effective in vacating Dr. Noles office by July 1 , 1977 and if the Agency is provided the right to trespass-prior to July 1 , 1977. This Agency and the Participant have executed t s ag eement on the to first above written. n�z By/ U ° Date articipant Chairmagg%�;� Community RedeaCe"lopment Agency City of Palm Springs , California COMMUNITY REDEVELOPMENT AGENCY FNTENTS APP : • BY/ % �i ?L�, L4 '� By ( A Secretary an Execut e is ar J. S t Director Director Community Development ATTEST: Donald A, Blubaugh, APPROVED AS TO FORM: City Clerk Deputy City Clerk City At ney ,S- Date CRA I a 3 N , N.00 08' 00" W CRA l a 4 8.00 55.30' 15,10, V C.S. Church . N.89050'17"E — Q Reading Room 0 O I 3 � 1f -- � 00 O � 113,60 C) - z o A O CO �` -- o I 0 -- vi 94 Parking SpacesO89050'owC' 050'00"W.70.00'OSy CO A Eo - o w o I F�•I tD - o o z o o C: CO i - N O d l W N M i O Q O s C I U I♦ I D ^� a8� 5�6 -Q -- 78.00' Baristo Road � r The Vineyard Palm Canyon Drive, Palm 5pringe, California TNf- CNV�-h COM f,,b I E�O- P\rrhlt5c t- 5 n KaewvIG / W R II® Wei Lag Tunas Pr(ve P. Stadeiman 5ar; G(5tbrteA % CP 9177(b 715105 Nighway III Telephone. (215) 2(55- 2152 f)ancno hIr-age, c^ Roy William Carver - owner COMMUNITY REDEVELOPMENT AGENCY partic agr re hi fashion cntr OF THE CITY OF PALM SPRINGS Palm Canyon & Baristo AGREEMENT #17 (Orig 3-2-77) OWNER PARTICIPATION AGREEMENT CRA Res #56, 3-2-77 THIS AGREEMENT, made and entered into this 2nd day of March, 1977, by and between the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS (hereinafter referred to as the "Agency") and ROY WILLIAM CARVER (herein- after referred to as the "Participant") . This agreement is entered into with reference to the following facts: (a) The Palm Springs Central Business District, Redevelopment Project area, has been selected and designated as an area which required de- velopment in the interest of the Health, Safety and General Welfare of the City of Palm Springs and the State of California and in accordance with Section 33000 through 33600 of the California Health and Safety Code. (b) The Redevelopment Plan for the Palm Springs Central Business Dis- trict, Redevelopment Project area, was prepared and approved by the Agency. On July 11 , 1973, the Plan was adopted by the Palm Springs City Council upon the passage of Ordinance #952, following a joint Public Hearing of the Agency and the City Council . (c) The parties hereto recognize and agree that the Redevelopment Plan is a plan for the improvement of real properties within the project area and for the prevention of further blight therein. (d) The Redevelopment Plan provides for the participation of owners of parcels of property therein , if the owners of such property agree to participate in the redevelopment in conformity with the Plan, by enter- ing into an agreement with the Agency to effectuate improvement of such property. (e) The Participant is in the process of acquiring Parcels 1 , 2, 3 and 4 described herein, located in the 200 block of South Palm Canyon Drive, Palm Springs, California. (f) Successful redevelopment of the total Project area would benefit the Participant's property by the elimination of old and nonconforming commercial and residential buildings and by the replacement thereof with modern, well planned, attractively designed buildings and related improvements. NOW THEREFORE, the Agency and the Participant (for the consideration and under the conditions herein set forth) for the benefit of themselves, do understand and agree for themselves and their assigns, successors and future owners of said real property and of all owners of real property in the Project Area as follows: I. PARTIES TO THE AGREEMENT A. The Agency The Agency is a public body, corporate and politic, exercising govern- mental functions and powers and organized and existing under the Community Redevelopment Law of the State of California. The office of the Agency is located as part of the City of Palm Springs, at the Palm Springs City Hall , 3200 Tahquitz-McCallum Way, Palm Springs, California, 92262. B. The Participant The Participant, Roy William Carver, an individual , operates under the name of Carver Companies, with offices at 110 West Las Tunas Drive, San Gabriel , California, 91776, phone (213) 285-2132. The Participant may bring into this Agreement, a partner or partners who shall be named in an addendum to this Agreement, pursuant to which said partners shall be fully bound to the terms and obligations hereof. -1- CRA 3 CRA 4. II. PROPERTY DESCRIPTION Assessor's Block 513-153, parcels 003 through 014 (Portion of Block 10 of CBD map - See Exhibit #1 ) Parcel 1 : That portion of the northwest corner of Baristo Road and South Palm Canyon Drive presently owned by Great Western Financial and to be used by Participant, after acquisition, for the "Vineyard" development. (See Exhibit #2). Parcel 2: That portion of the northeast corner of Baristo Road and South Be a-1 rdo Road presently owned by Great Western Financial , to be purchased by the developer and re-sold to the Agency for development as a public park- ing lot. (See Exhibit #2). Parcel 3: The majority of the parcel at 235 South Palm Canyon Drive presently owned by the Christian Science Church and to be used by the Participant, after acquisition, for the extension of the "Vineyard" development. (See Exhibit #2) . Parcel 4: The balance of parcel #3 described above that is presently owned yU the Christian Science Church and will be acquired by the Participant and leased to the Christian Science Church for the development of a Reading Room by the Church in conformance to the design theme of the "Vineyard" develop- ment. (See Exhibit #2). III. USE OF THE PROPERTY: COVENANTS AND RESTRICTIONS Participant covenants and agrees for itself, its successors , its assigns and every successor in interest to the property or any part thereof, that: A. Participant, such successors and assigns, shall devote the property to uses specified in the Redevelopment Plan, as it now exists or is here- after amended consistent with the provisions of this agreement. B. There shall be no discrimination against or segregation of any person, or group of persons, on account of race, sex, color, religion, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the property, nor shall the Participant itself nor any person claiming under or through it establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the property. C. Participant agrees to submit copies of its schematic and prelim- inary plans and drawings to the Agency, for review and approval pursuant to the Redevelopment Plan and at such appropriate times as to give the Agency reasonable time to approve or disapprove such plans and drawings. Reasons must be stated for disapproval and if disapproved, the parties shall work cooperatively to attain a mutually agreeable solution. Ap- proval of the plans by the Architectural Advisory Committee of the Palm Springs Planning Commission, acting as the Design Review Board, will be required prior to Agency review and approval . D. The provisions of this agreement do not limit the right of obligees of Participant to foreclose or otherwise enforce any mortgage, deed of trust or other encumbrance upon the property, or the right of obligees to pursue any remedies for the enforcement of any pledge or lien upon the property; provided, that in the event of a foreclosure sale under any such mortgage, deed of trust, or other lien or encumbrance, or sale pursuant to any power of sale contained in any such mortgage or deed of trust, the purchaser or purchasers and their successors and assigns, and such Property, shall be and shall continue to be subject to all the conditions, restrictions and covenants herein provided for. -2- IV. TERMS AND CONDITIONS OF THE AGREEMENT A. Assignment and Sale The Participant may transfer or sell the property consistent with the Redevelopment Plan and City ordinances but may not assign this Agree- ment to a third party without the approval of the Agency, and provided that such purchaser shall be bound in writing by all of the terms and conditions of this Agreement, and upon such transfer Participant shall be relieved of any further responsibility under:' this Agreement with respect to such transferred property. Participant shall promptly notify the Agency of any proposed transfer or sale of the property and shall advise any prospective purchaser or transferee of the terms of this Agreement. B. Parking In-lieu Payment The Participant agrees to pay to the Agency an amount equal to Three Thousand Dollars ($3,000.00) times the number of parking spaces required by the proposed development, as established by City ordinances, said amount to be placed in an Agency Trust Account to be utilized toward the purchase of an improved parcel 2. C. Description of Development The Participant agrees to develop a high-fashion, low density, retail complex of between 37,000 and 40,000 square feet on parcels 1 and 3. To assure this intent, the Participant represents to the Agency that tenants selected for initial occupancy of at least 60 percent of the retail space in the property shall be known and have a reputation in California for merchandising the quality of goods carried by such stores in Palm Springs as I. Magnin, J. Magnin, Robinson's , Bullocks-Wilshire. Such initial tenants shall operate under the name for which''they have the high fashion recognition. Participant shall submit to Agency the names and store sizes of its tenants to assure satisfaction with this provision. D. Development and Sale of Parking Area The Participant agrees to develop and Agency agrees to acquire for $11 .50 per square foot, a fully developed parking lot to City standards on parcel 2. E. Maintenance of Parking Area The Agency agrees to provide for the maintenance of the parking lot on parcel 2 at its costs while under its ownership but should parcel be dispose of to another party, said party will assume responsibility for maintenance. F. Potential Sale of Parking Area In the event the Agency should choose to sell parcel 2 in the future, the Agency guarantees to provide parking no less than that provided on parcel 2 within three hundred (300) feet of said development. If the land is offered for sale to other than another public entity, the Participant shall be given the right of first refusal to purchase the land; and if the use is changed from a parking lot, he shall provide, within three hundred (300) feet, parking for the tenants of the shopping complex a similar number of parking spaces. G. Credit of the Participant to the Acquisition of Parcel 2 In the event Participant is successful in the acquisition of parcel 2, as specified in paragraph (F) above, any monies paid by Participant directly to satisfy a guaranteed tax increment and that portion of the in-lieu fee paid to satisfy the parking deficiency, as specified in paragraph (B) above, r✓ ��jP U.cy -3- CRA 5 • • CRA 6 but only to the extent represented by actual parking spaces, may be credited toward the purchase of parcel 2. H. Regulation of Parking While under its ownership the Agency agrees to regulate the parking in such a manner as to retain it primarily for the use of the public for shopping and business purposes. The Agency agrees to prohibit meters from being installed on individual spaces but reserves the right to regulate parking. I. Guarantee of Minimum Property Tax Revenue The Agency, in order to guarantee sufficient revenue to justify par- ticipance in this development, requires Participant to guarantee a minimum property tax income of $57,000 per year to commence upon the Participant' s receipt of the first full property tax assessment by the County of River- side, Said amounts to be computed after yearly tax rolls have been equalized and payments to coincide with the bi-yearly payment of property taxes prior to the delinquency dates for the payment of County taxes. The amount paid to the County of Riverside Tax Collector for property tax on said parcels shall be deducted from the above amount indicated. Said guarantee to be for a period of eight years from date of first full due bill . J. Demolition of Existing Structures The Agency agrees to bear the cost of demolition, removal and restor- ation of site for all existing structures on parcels 2, 3 and 4. K. Reimbursement for Appraisal The Agency agrees to reimburse Participant $1 ,250. for cost of ap- praisal to establish fair value of parcel 2. L. Time of Performance The Agency agrees to purchase the ful}y developed public parking lot on parcel 2 immediately upon its completion, providing it is developed in the manner consistent with plans and specifications for its development, and providing satisfactory evidence is furnished to assure the completion of development on parcels 1 and 3. M. Use of Agency Trust Account The Participant may draw from the Agency Trust Account amounts not to exceed that deposited by Participant to satisfy parking requirements, as established in (B) above, to be utilized only for the improvements made by the Participant on parcel 2 and including right of way improvements adjacent. The Agency will deposit into the Trust Account an amount equal to the value of parcel 2 computed at the rate of Ten Dollars ($10.00) per square foot plus One Dollar and Fifty Cents ($1 .50) per square foot for that portion developed for public parking less the amount provided by the Participant for the parking in-lieu payment established in (B) above. N. Termination by Agency The Agency reserves the right to terminate this Agreement if Partici- pant fails to close escrow with Great Western Savings and Loan Association in accordance with Agreement dated December 7, 1976, and fails to commence physical construction of retail development on parcels 1 and 3 by November 18, 1977, or fails to perform any other obligation under this Agreement prior to sale of the parking lot to the Agency. -4- i • 0. Termination by Participant Participant shall have the right to terminate his obligations under this Agreement at any time prior to the date when Participant delivers Parcel 2 to the Agency and Agency has paid the required purchase price, provided however, that Agency shall be reimbursed for any costs of de- molition, site clearance or appraisal fees. In the event of termination and in the event Participant proceeds with the development of the prop- erty, Participant shall be required to pay such in lieu parking fees as may be required to satisfy deficient parking spaces. P. Supplemental Agreements Within forty-five (45) days from the date of this Agreement, and based on Participant's approved preliminary plans for the property, the Agency and Participant shall enter into supplemental agreements as necessary to implement this agreement. Said supplemental agreements shall be consistent with the terms of this agreement and include: (a) Any additional partners under the Agreement as "Participant" up to the above date (b) The exact timing and amount of the in-lieu contribution required under IV (B) . (c) The price, condition of title, allocation of costs of escrow and title insurance, pro-ration of taxes , and other details of the sale of the parking lot to the Agency under IV (D). (d) The terms of the guarantee of minimum property tax revenues and Agency's remedies thereunder (e) The manner of demolition of structures and site clearance on parcels 2, 3 and 4 and ascertaining the costs thereof. (f) Such other matters as necessary to implement this agreement. If such supplemental agreements are not entered into within said forty-five (45) day period, subject to such extensions as may be mutually agreed to by the parties, then either party for a period of thirty (30) days thereafter may terminate this agreement upon written notice to the other. -5- CRA 7 • CRA 8 V. GENERAL PROVISIONS A. Agency Employees, Members No member, official , or employee of the Agency shall have any personal interest, direct or indirect, in this agreement, nor shall any such member, official , or employee participate in any decision relating to the agree- ment, which affects his personal interests or the interests of any corpor- ation, partnership, or association in which he is, directly or indirectly, interested. No member, official , or employee of the Agency shall be per- sonally liable to Participant or any successor in interest in the event of any default or breach by the Agency or for any amount which may become due to Participant or successor or any obligations under the terms of this agreement. B. Right to Enter The employees and agents of the Agency shall , at all reasonable times, have access to the property for the purposes of making such inspections, surveys and examinations of the same as may be reasonable and necessary in the performance of its obligations to carry out the redevelopment in accordance with the Redevelopment Plan. C. Acquisition by Other Public Agency Upon the acquisition of the property by any other governmental entity, the Agency may, in its sole discretion, terminate this Agreement and all obligations and duties of the parties hereunder. D. Time is of the Essence Time is of the essence hereof; provided, however, that any time lim- itation set forth herein may be extended by the Agency, in its sole discretion, upon the receipt of written request therefor from Participant. E. Binding Effect of Agreement This agreement shall be binding upon and shall inure to the benefit of the parties hereto, their legal representatives, successors and assigns. This agreement shall likewise be binding upon and obligate the property and the successors in interest, owner or owners thereof, and all of the tenants, lessees, sublessees and occupants of such property. This Agency and the Participant have executed th' agreement on the date first above written. Y Date P ticip n ATTEST: BY B, µ Chairman ' By Community R velopment Agency Secretary City of Palm Springs, California COMMUNITY REDEVELOPMENT AGENCY CONTENTS APPROVED: / /Z By By CRA Secretary and Executive Richard J. 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