HomeMy WebLinkAboutA4386 - CRA PS SUNRISE SAN RAFAEL PROPERTY SALE PURCHASE Community Redevelopment
Purchase & Sale of Property
AGREEMENT #4386
R20105, 7-18-01
PROMISSORY NOTE
2001
Palm Sp ngs, California
FOR VALUE RECEIVED, the undersigned ("Maker") hereby promises to pay to the
CITY OF PALM SPRINGS, a public body, corporate and politic ("Holder"), at a place
designated by Holder, the principal sum of Four Hundred Sixty Five Thousand DOLLARS
($465,000), together with interest thereon at six percent (6%) per annum commencing on
August 15, 2001 ("Interest Accrual Commencement Date").
a. Repayment by Maker. Maker shall pay monthly installments of principal and
interest in the amount of Ten Thousand Dollars ($10,000) each to Holder in
lawful money of the United States, commencing on the first day of the first full
calendar month following the calendar month during which the Interest Accrual
Commencement Date occurs and continuing on the first day of each calendar
month thereafter until principal and interest has been fully paid; provided that
the payment due on the first day of the first full calendar month following the
calendar month during which the Interest Accrual Commencement Date occurs
shall be prorated based on a thirty (30) day month. If not sooner paid, the
unpaid principal balance and accrued interest hereunder shall be due and
payable five years from the Interest Accrual Commencement Date.
Any payments made by Maker in payment of this Note shall be applied first to
the interest then accrued and due on the unpaid principal balance under this Note, and the
remainder of each payment shall be applied to the reduction of the unpaid principal.
b. Prepayment. This Note may be prepaid in whole or in part at any time without
penalty.
C. Note Secured by Grant Deed. This Note is secured by a Grant Deed of even
date herewith, encumbering certain real property located in the County of
Riverside, State of California, more particularly described therein ("Property"),
and any other instruments, now or hereafter executed by Maker in favor of
Holder, which in any manner constitute additional security for this Note ("Grant
Deed").
d. Purchase and Sale Agreement. This Note is executed by Holder pursuant to
the terms of the Agreement for Purchase and Sale of Real Property
("Agreement") of even date. This Note shall be subject to the terms of the
Agreement and any term therein shall supercede any inconsistent term in this
Note.
e. Late Charge. Maker agrees that if Maker fails to make any payment provided
for herein more than ten (10) days after the due date thereof, it would be
impracticable or extremely difficult to fix the actual damages resulting therefrom
to Holder, and, therefore, Maker hereby agrees to pay to Holder a late charge
equal to five percent (5%) of any payment which is not made within ten (10)
days after the due date thereof, not as a penalty, but for the purpose of
defraying the expenses incident to handling such delinquent payment. Such
late charge represents the reasonable estimate of a fair average compensation
for the loss that may be sustained by Holder due to the failure of Maker to make
timely payments. Such late charge shall be paid without prejudice to the right of
Holder to collect any other amount provided to be paid or to declare a default
under this Note or the Grant Deed securing same. Such late charge shall be
payable not later than thirty (30) days after the due date of the delinquent
payment and shall be secured by the Grant Deed.
f. Acceleration of Obligation. Upon the failure to make payment of any installment
due under this Note as and when the same becomes due and payable (whether
by extension, acceleration or otherwise), or in the event of default under the
Grant Deed, or any breach of any other promise or obligation in this Note or in
any other instrument now or hereafter securing the indebtedness evidenced
hereby, then, and in any of such events, Holder may, at its option, declare this
Note and the entire indebtedness hereby evidenced, including, without
limitation, all accrued interest, to be immediately due and payable and
collectible then or thereafter as Holder may elect, regardless of the date of
maturity, and notice of the exercise of said option is hereby expressly waived by
Maker.
g. Due on Sale: Due on Encumbrance. In the event Maker shall, directly or
indirectly, voluntarily or involuntarily, sell, enter into a contract of sale, assign,
transfer, dispose of, alienate or further encumber or agree to sell, enter into a
contract of sale, alienate, assign, transfer or dispose of all or any portion of any
interest in the property which is the subject of the Grant Deed without obtaining
Holder's prior written approval, then, or at any time thereafter, Holder, at its
option, may declare the entire indebtedness evidenced hereby immediately due
and payable.
h. Non-Recourse. Notwithstanding anything to the contrary herein contained, (i)
the liability of Maker shall be limited to its interest in the Property and any rents,
issues, and profits arising the Property and, in addition, with respect to any
obligation to hold and apply insurance proceeds, proceeds of condemnation or
other monies hereunder, any such monies received by it to the extent not so
applied in accordance with the terms of this Note; (ii) no other assets of Maker
shall be affected by or subject to being applied to the satisfaction of any liability
which Maker may have to Holder or to another person by reason of this Note;
and (iii) any judgment, order, decree or other award in favor of Holder shall be
collectible only out of, or enforceable in accordance with, the terms of this Note
by termination or other extinguishment of Maker's interest in the Property.
i. Severability. The unenforceability or invalidity of any provision or provisions of
this Note as to any persons or circumstances shall not render that provision or
those provisions unenforceable or invalid as to any other provisions or
circumstances, and all provisions hereof, in all other respects, shall remain valid
and enforceable.
j. Modifications. Neither this Note nor any term hereof may be waived, amended,
discharged, modified, changed or terminated orally; nor shall any waiver of any
provision hereof be effective except by an instrument in writing signed by Maker
and Holder. No delay or omission on the part of Holder in exercising any right
hereunder shall operate as a waiver of such right or of any other right under this
Note.
k. No Waiver by Holder. No waiver of any breach, default or failure of condition
under the terms of this Note or the Grant Deed or the obligation secured thereby
shall be implied from any failure of the Holder of this Note to take, or any delay
be implied from any failure by the Holder in taking action with respect to such
breach, default or failure from any prior waiver of any similar or unrelated
breach, default or failure.
I. Usury. Notwithstanding any provision in this Note, Grant Deed or other
document securing same, the total liability for payment in the nature of interest
shall not exceed the limit now imposed by applicable laws of the State of
California.
M. Governing Law. This Note has been executed and delivered by Maker in the
State of California and is to be governed and construed in accordance with the
laws thereof.
IN WITNESS WHEREOF, Maker has executed this Note as of the date and year first
above written.
"Maker"
COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF PALM SPRINGS,
a California municipal corporation
By:
Chairman
ATTEST:
//
Agency Secretary
CaW:?t�)�✓t Nn ,'n 7 'ti 3`dts tau 6 iY�uui1 Y9 4;fCf Lw.
APPROVED AS TO FORM: lC w^&.'. } 6 4co f
Agen G unsel APMP� 1 a2?
City of PS/CRA
Sunrise/San Rafael Real Prop
Purchase h Sale
AGREEMENT #4386 (A424C)
R20105, 7-18-01
AGREEMENT FOR PURCHASE AND SALE
OF REAL PROPERTY
THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY
("Agreement") is made this 181h day of July, 2001 ("Effective Date"), by and between the City of
Palm Springs, a California municipal corporation ("City") and the Community Redevelopment
Agency of the City of Palm Springs, a public body, corporate and politic ("Agency"),
RECITALS:
A. The City is the owner of that certain real property and improvements and
easements thereon consisting of approximately nine hundred sixty-seven thousand four
hundred seventy six (967,476) square feet located at west of Sunrise Way and north of San
Rafael Road in the City of Palm Springs ("Parcel Q").
B. City acquired Parcel Q in 1979 by Deed #252689 from the County Water District
for the purposes of constructing low-income housing on the site. Parcel Q was part of a 100-
acre site acquired for that purpose. Over the past 35 years, several low-income or deed-
restricted projects have been constructed on the site, including Sunrise Norte, Coyote Run,
and Sunrise Village Mobile Home Park.
C. In 1995, the Agency acquired an adjacent parcel from the City, ("Parcel R")
which contains the Sunrise Village Mobile Home Park and a vacant 19.17 acres, for a total of
$1,510,000. The Agency has now proposed moving the lot line on Parcel R to add the unused
portion of Parcel R to Parcel Q, and convey the new combined Parcel Q (Combined Parcel) to
a private developer for the purposes of constructing market-rate housing. The fee interest in
the remaining Parcel R, the Mobile Home Park, would be sold to a non-profit corporation
specializing in renovating and managing mobile home parks.
D. The Agency desires to enter a Disposition and Development Agreement with a
developer ("Developer") for the development of Parcel Q, and wishes to enter a Disposition
and Development Agreement with the non-profit for the sale and conversion of the Mobile
Home Park (Parcel R).
E. On July 18, 2001, and pursuant to Government Code Section 37421 et seg., the
City Council of the City ("City Council") duly adopted Resolution No. 20105 finding that the sale
of the Parcel Q is in the public interest insofar as its rehabilitation will aid in the elimination of
blighted conditions on the Combined Parcel, provide for aesthetic improvements thereon, and
provide substantial economic benefits through the development of market rate housing. The
City Council, pursuant to Resolution No. 20105 further found that the sale price of Parcel Q is
based on an appraised fair market value, and approved the sale of Parcel Q to the Agency.
F. Pursuant to Government Code Section 33391, the Agency is authorized to
acquire property within the City of Palm Springs.
G. In order to facilitate the DDA, Agency wishes to purchase the Parcel Q from City
and City wishes to sell the Parcel Q pursuant to the terms and conditions of this Agreement.
Purchase and sale of parcel q a08/06/1 1
I
H. Upon sale to the Developer through a DDA, the Agency will reimburse the City
for the City's pro rata share of the overall sale proceeds of the combined parcel, based on the
appraised value of$0.48 per square foot or$465,000. The sale price is net of expenses,
such as fees or commissions, incurred during the sale.
I. City and Agency are desirous of authorizing a Developer to construct a single
family home development on the Combined Parcel.
NOW, THEREFORE, in consideration of the mutual covenants and conditions
contained herein and for other good and valuable consideration, the receipt and adequacy of
which is hereby acknowledged, the parties hereby agree as follows:
TERMS AND CONDITIONS
1. PURCHASE AND SALE OF PROPERTY. Subject to all of the terms, conditions and
provisions of this Agreement, and for the consideration herein set forth, City hereby agrees to
sell to Agency and Agency hereby agrees to purchase from City the City's fee interest in that
certain real property known as Parcel Q, as more specifically described at Exhibit"A", attached
hereto and made a part hereof. Conveyance of Parcel Q from the City to the Agency shall be
by Grant Deed in the form attached hereto as Exhibit"C".
2. PAYMENT OF PURCHASE PRICE.
2.1 Purchase Price. Agency agrees to purchase the Parcel Q from City and City
agrees to sell the Parcel Q to Agency for a purchase price ("Purchase Price") to be determined
at the time of sale to the Developer through a Disposition and Development Agreement
("DDA"). The Purchase Price shall be based on the fair market value of the Parcel Q, as
confirmed by an appraisal prepared for the City. The City shall make a certain Promissory
Note described at Section 3.1 below for payment of the Purchase Price. The Purchase Price
shall be 56% of the overall sale proceeds, net of expenses, of the Combined Parcels, based
on the relative square footage of the Parcel Q and the Combined Parcels.
2.2 Time of Payment. The entire Purchase Price shall be paid upon the Effective
Date of the Disposition and Development Agreement between the Agency and the Developer.
2.3 Costs of Sale. All costs of sale shall be borne equally between the parties.
3. BALANCE PAYABLE TO Cl
3.1 Agency Indebtedness. The Agency agrees to execute a Promissory Note
("Agency Note") for the Purchase Price. A copy of the Agency Note is attached hereto and
incorporated herein as Exhibit"B".
4. NO WARRANTIES.
Purchase and sale of parcel q a07/06/1 2 �
• •
4.1 "AS-IS" Sale. Except as set forth in this Agreement, Agency acknowledges that
neither City nor any of its employees, agents or representatives has made any
representations, warranties or agreements to or with Agency on behalf of City as to any
matters concerning Parcel Q, the physical condition, the present use thereof, the
merchantability, or the suitability of City's intended use of Parcel Q. Agency further
acknowledges and agrees that (with the exception of the representations and warranties by
City herein) Parcel Q is to be purchased, conveyed and accepted by Agency in its present
"AS-IS" condition.
4.2 Changed Circumstances. If City becomes aware of any fact or circumstance
which would change or render incorrect, in whole or in part, any representation or warranty
made by City under this Agreement, whether as of the date given or within four(4) months
thereafter and whether or not such representation or warranty was based upon City's
knowledge and/or belief as of a certain date, City will give immediate written notice of such
changed fact or circumstance to Agency. Agency shall have ten (10) days from the receipt of
any notice by City of the material change of any representation or warranty made by City
hereunder to terminate this Agreement by providing written notice to City, and receive return of
its Purchase Price and any other sums paid to City under this Agreement.
4.1 Non-foreign Status. Seller hereby represents and warrants that it is not a
person or entity defined as a "foreign person" under the Internal Revenue Code and
regulations promulgated thereunder. Seller shall execute a certification of non-foreign status if
necessary.
4.2 Nonrecourse Obligation. No officer, official, member, employee, agent, or
representative or Agency or City shall be liable for any amounts due hereunder, and no
judgment or execution thereon entered in any action herein shall be personally enforced
against any such officer, official, member, employee, agent, or representative.
5. RIGHT OF REVERTER. The City shall have the right to reenter and take possession of
Parcel Q with all improvements thereon and to terminate and revest in the City Parcel Q, if
Parcel Q reverts to the Agency pursuant to the terms of the DDA or if the Agency and
Developer fail to execute the DDA within 270 days of the date of this Agreement.
6. MISCELLANEOUS.
6.1 Successors. This Agreement shall be binding upon the parties hereto and their
respective heirs, representatives, transferees, successors and assigns. The obligations of City
under this Agreement shall inure to the benefit of Agency, any purchaser of Agency, and their
respective heirs, representatives, transferees, successors and assigns.
6.2 Time of Essence. Time is of the essence in this Agreement and with respect to
each covenant and condition hereof. City and Agency each specifically agrees to strictly
comply with and perform its obligations herein in the time and manner specified and waives
any and all rights to claim such compliance by mere substantial compliance with the terms of
this Agreement.
6.3 Time Period Computations. All periods of time referred to in this Agreement
shall include all Saturdays, Sundays and California state or national holidays unless the
reference is to business days, in which event such weekends and holidays shall be excluded in
Purchase and sale of parcel q a07/06/1 3 d re, 4
the computation of time and provide that if the last date to perform any act or give any notice
with respect to this Agreement shall fall on a Saturday, Sunday or California state or national
holiday, such act or notice shall be deemed to have been timely performed or given on the
next succeeding day which is not a Saturday, Sunday or California state or national holiday.
6.4 Interpretation• Governing Law. This Agreement shall be construed according to
its fair meaning and as if prepared by both parties hereto. This Agreement shall be construed
in accordance with the laws of the State of California in effect at the time of the execution of
this Agreement. Titles and captions are for convenience only and shall not constitute a portion
of this Agreement. As used in this Agreement, masculine, feminine or neuter gender and the
singular or plural number shall each be deemed to include the others wherever and whenever
the context so dictates.
6.5 No Waiver. No delay or omission by either party hereto in exercising any right
or power accruing upon the compliance or failure of performance by the other party hereto
under the provisions of this Agreement shall impair any such right or power or be construed to
be a waiver thereof. A waiver by either party hereto of a breach of any of the covenants,
conditions or agreements hereof to be performed by the other party shall not be construed as
a waiver of any succeeding breach of the same or other covenants, agreements, restrictions or
conditions hereof.
6.6 Modifications. Any alteration, change or modification of or to this Agreement, in
order to become effective, shall be made by written instrument or endorsement thereon and in
each such instance executed on behalf of each party hereto.
6.7 Severability. If any term, provision, condition or covenant of this Agreement or
the application thereof to any party or circumstances shall, to any extent, be held invalid or
unenforceable, the remainder of this instrument, or the application of such term, provision,
condition or covenant to persons or circumstances other than those as to whom or which it is
held invalid or unenforceable, shall not be affected thereby, and each term and provision of
this Agreement shall be valid and enforceable to the fullest extent permitted by law.
6.8 Merger of Prior Agreements and Understandings. This Agreement, and other
documents incorporated herein by reference contain the entire understanding between the
parties relating to the transaction contemplated hereby and all prior or contemporaneous
agreements, understandings, representations and statements, oral or written, are merged
herein and shall be of no further force or effect.
6.9 Execution in Counterpart. This Agreement and any modifications, amendments
or supplements thereto may be executed in several counterparts, and all so executed shall
constitute one agreement binding on all parties hereto, notwithstanding that all parties are not
signatories to the original or the same counterpart.
6.10 Authorization. By official action of the City Council and the board of the
Community Redevelopment Agency of the City, City and Agency, respectively, has authorized
the entering into this Agreement by such party and the signing of this Agreement by the City
Manager on behalf of City, and by the Agency Executive Director on behalf of Agency.
Purchase and sale of parcel q a07/06/1 4
IN WITNESS WHEREOF, the parties hereto have executed this Agreement of
Purchase and Sale of Property as of the date set forth above.
"AGENCY"
COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF PALM SPRINGS,
a public body, corporate and politic
By:(::]
_Chair an
ATTEST:
Agency $ecre ary �i') n 0V 8 Y,
�iz- 4s0A"" k 1
Rr'��.��J p Y Ia�.t3Eti'.
APPROVED AS TO FORM: t1110E-N yur RED &O.��
Agency Co& sel
"CITY"
CITY OF PALM SPRINGS, a California municipal
corporation
y: � �
City manager �—
`6TF€ST:
City Clerk APPROVED BY T14E CITY COUNCIL
APPROVED AS TO FORM: It37(p
ity Attorn .�
cm 6w� 0
Purchase and sale of parcel q a07/06/1 5
EXHIBIT "A"
LEGAL DESCRIPTION OF PARCEL Q
The Land is that certain real property located in the City of Palm Springs, County of
Riverside, State of California, more particularly described as follows:
PARCEL Q
LOTS 9 AND C, OF TRACT NO. 17642-1, AS SHOWN BY MAP ON FILE IN BOOK 122
PAGE(S) 88, 89 AND 90 OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA;
EXCEPTING THEREFROM THAT PORTION THEREOF LYING WITHIN TRACT NO. 26943-1,
AS SHOWN BY MAP ON FILE IN BOOK 235 PAGE(S) 84 AND 85 OF MAPS, RECORDS OF
RIVERSIDE COUNTY, CALIFORNIA;
ALSO EXCEPTING THEREFROM THE EASTERLY 920 FEET OF LOT C;
ALSO EXCEPTING FROM LOT C THAT PORTION THEREOF CONVEYED TO THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS,
CALIFORNIA, A PUBLIC BODY, CORPORATE AND POLITIC, BY DEED RECORDED APRIL
25, 1996 AS INSTRUMENT NO. 148930 OF OFFICIAL RECORDS OF RIVERSIDE COUNTY,
CALIFORNIA.
EXHIBIT
TO AGREEMENT FOR PURCHASE
AND SALE OF REAL PROPERTY
Purchase and sale of parcel q a07/06/1 1
EXHIBIT B
DO NOT DESTROY THIS NOTE: When paid, this Note, with the Deed of Trust securing
same, must be surrendered to Trustee for cancellation before reconveyance will be made.
PROMISSORY NOTE SECURED BY DEED OF TRUST
August_, 2001
Palm Springs, California
FOR VALUE RECEIVED, the undersigned ("Maker") hereby promises to pay to the
CITY OF PALM SPRINGS, a public body, corporate and politic ("Holder"), at a place
designated by Holder, the principal sum of Four Hundred Sixty Five Thousand DOLLARS
($465,000), together with interest thereon at six percent (6%) per annum commencing on
August 15, 2001 ("Interest Accrual Commencement Date").
1. Repayment by Maker. Maker shall pay monthly installments of principal and
interest in the amount of Ten Thousand Dollars ($10,000) each to Holder in lawful money of
the United States, commencing on the first day of the first full calendar month following the
calendar month during which the Interest Accrual Commencement Date occurs and continuing
on the first day of each calendar month thereafter until principal and interest has been fully
paid; provided that the payment due on the first day of the first full calendar month following
the calendar month during which the Interest Accrual Commencement Date occurs shall be
prorated based on a thirty (30) day month. If not sooner paid, the unpaid principal balance and
accrued interest hereunder shall be due and payable five years from the Interest Accrual
Commencement Date.
Any payments made by Maker in payment of this Note shall be applied first to
the interest then accrued and due on the unpaid principal balance under this Note, and the
remainder of each payment shall be applied to the reduction of the unpaid principal.
2. Prepayment. This Note may be prepaid in whole or in part at any time without
penalty.
3. Note Secured by Deed of Trust. This Note is secured by a Grant Deed and
Assignment of Rents of even date herewith, encumbering certain real property located in the
County of Riverside, State of California, more particularly described therein ("Property"), and
any other instruments, now or hereafter executed by Maker in favor of Holder, which in any
manner constitute additional security for this Note ("Grant Deed").
4. Purchase and Sale Agreement. This Note is executed by Holder pursuant to
the terms of the Agreement for Purchase and Sale of Real Property ("Agreement") of even
date. This Note shall be subject to the terms of the Agreement and any term therein shall
supercede any inconsistent term in this Note.
EXHIBIT B
PROMISSORY NOTE SECURED BY DEED OF TRUST
Purchase and sale of parcel q a08/27/1 1
5. Late Charge. Maker agrees that if Maker fails to make any payment provided
for herein more than ten (10) days after the due date thereof, it would be impracticable or
extremely difficult to fix the actual damages resulting therefrom to Holder, and, therefore,
Maker hereby agrees to pay to Holder a late charge equal to five percent (5%) of any payment
which is not made within ten (10) days after the due date thereof, not as a penalty, but for the
purpose of defraying the expenses incident to handling such delinquent payment. Such late
charge represents the reasonable estimate of a fair average compensation for the loss that
may be sustained by Holder due to the failure of Maker to make timely payments. Such late
charge shall be paid without prejudice to the right of Holder to collect any other amount
provided to be paid or to declare a default under this Note or the Grant Deed securing same.
Such late charge shall be payable not later than thirty (30) days after the due date of the
delinquent payment and shall be secured by the Grant Deed.
6. Acceleration of Obligation. Upon the failure to make payment of any installment
due under this Note as and when the same becomes due and payable (whether by extension,
acceleration or otherwise), or in the event of default under the Grant Deed, or any breach of
any other promise or obligation in this Note or in any other instrument now or hereafter
securing the indebtedness evidenced hereby, then, and in any of such events, Holder may, at
its option, declare this Note and the entire indebtedness hereby evidenced, including, without
limitation, all accrued interest, to be immediately due and payable and collectible then or
thereafter as Holder may elect, regardless of the date of maturity, and notice of the exercise of
said option is hereby expressly waived by Maker.
7. Due on Sale; Due on Encumbrance. In the event Maker shall, directly or
indirectly, voluntarily or involuntarily, sell, enter into a contract of sale, assign, transfer, dispose
of, alienate or further encumber or agree to sell, enter into a contract of sale, alienate, assign,
transfer or dispose of all or any portion of any interest in the property which is the subject of
the Grant Deed without obtaining Holder's prior written approval, then, or at any time
thereafter, Holder, at its option, may declare the entire indebtedness evidenced hereby
immediately due and payable.
8. Non-Recourse. Notwithstanding anything to the contrary herein contained, (i)
the liability of Maker shall be limited to its interest in the Property and any rents, issues, and
profits arising the Property and, in addition, with respect to any obligation to hold and apply
insurance proceeds, proceeds of condemnation or other monies hereunder, any such monies
received by it to the extent not so applied in accordance with the terms of this Note; (ii) no
other assets of Maker shall be affected by or subject to being applied to the satisfaction of any
liability which Maker may have to Holder or to another person by reason of this Note; and (iii)
any judgment, order, decree or other award in favor of Holder shall be collectible only out of, or
enforceable in accordance with, the terms of this Note by termination or other extinguishment
of Maker's interest in the Property.
9. Severability. The unenforceability or invalidity of any provision or provisions of
this Note as to any persons or circumstances shall not render that provision or those provisions
unenforceable or invalid as to any other provisions or circumstances, and all provisions hereof,
in all other respects, shall remain valid and enforceable.
EXHIBIT B
PROMISSORY NOTE SECURED BY DEED OF TRUST
Purchase and sale of parcel q a08/27/1 2
10. Modifications. Neither this Note nor any term hereof may be waived, amended,
discharged, modified, changed or terminated orally; nor shall any waiver of any provision
hereof be effective except by an instrument in writing signed by Maker and Holder. No delay
or omission on the part of Holder in exercising any right hereunder shall operate as a waiver of
such right or of any other right under this Note.
11. No Waiver by Holder. No waiver of any breach, default or failure of condition
under the terms of this Note or the Grant Deed or the obligation secured thereby shall be
implied from any failure of the Holder of this Note to take, or any delay be implied from any
failure by the Holder in taking action with respect to such breach, default or failure from any
prior waiver of any similar or unrelated breach, default or failure.
12. Usury. Notwithstanding any provision in this Note, Grant Deed or other
document securing same, the total liability for payment in the nature of interest shall not
exceed the limit now imposed by applicable laws of the State of California.
13. Governinq Law. This Note has been executed and delivered by Maker in the
State of California and is to be governed and construed in accordance with the laws thereof.
IN WITNESS WHEREOF, Maker has executed this Note as of the date and year first
above written.
"Maker"
COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF PALM SPRINGS,
a California municipal corporation
By:
Chairman
ATTEST:
Agency Secretary
APPROVED AS TO FORM:
Agency Counsel
EXHIBIT B
PROMISSORY NOTE SECURED BY DEED OF TRUST
Purchase and sale of parcel q a08/27/1 3
r
EXHIBIT "C"
GRANT DEED
FREE RECORDING REQUESTED BY
AND WHEN RECORDED RETURN TO:
CITY OF PALM SPRINGS, CALIFORNIA
3200 East Tahquitz Canyon Way
Palm Springs, California 92263
Attn: David J. Aleshire
Order No.
GRANT DEED
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
CITY OF PALM SPRINGS, a public body, corporate and politic hereby grants to the
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, a California
municipal corporation, the real property in the City of Palm Springs, County of Riverside, State
of California, described in Exhibit"1" attached hereto and incorporated herein, by reference
subject to the existing easements, restrictions and covenants of record thereon (the
"Property").
Dated: COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF PALM SPRINGS, a California municipal
corporation
By:
Chairman
ATTEST:
Agency Secretary
EXHIBIT "C"
TO AGREEMENT FOR PURCHASE
AND SALE OF REAL PROPERTY
Purchase and sale of parcel q a07/06/1 1
EXHIBIT "1"
LEGAL DESCRIPTION OF PARCEL Q
Parcel Q is located in the City of Palm Springs, County of Riverside, State of California,
more particularly described as follows:
PARCEL Q
LOTS 9 AND C, OF TRACT NO. 17642-1, AS SHOWN BY MAP ON FILE IN BOOK 122
PAGE(S) 88, 89 AND 90 OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA;
EXCEPTING THEREFROM THAT PORTION THEREOF LYING WITHIN TRACT NO. 26943-1,
AS SHOWN BY MAP ON FILE IN BOOK 235 PAGE(S) 84 AND 85 OF MAPS, RECORDS OF
RIVERSIDE COUNTY, CALIFORNIA;
ALSO EXCEPTING THEREFROM THE EASTERLY 920 FEET OF LOT C;
ALSO EXCEPTING FROM LOT C THAT PORTION THEREOF CONVEYED TO THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS,
CALIFORNIA, A PUBLIC BODY, CORPORATE AND POLITIC, BY DEED RECORDED APRIL
25, 1996 AS INSTRUMENT NO. 148930 OF OFFICIAL RECORDS OF RIVERSIDE COUNTY,
CALIFORNIA.
Purchase and sale of parcel q a07/06/1 -2- C ra - -* 1