HomeMy WebLinkAboutA3617 - SANTIAGO SUNRISE SAN RAFAEL ASSIGN SUBLEASE CRA R 990NOTICE OF CANCELLATION, NONRENEWAL, CONDITIONED RENEWAL, DECLINATION OR CHANGE IN POLICY
PREMIUM/TERMS
(California)
NAME AND . Response Indemnify Company of California
ADDRESS 10751 Deerwood Park Blvd, Suite 200
OF INSURANCE
COMPANY dacksomAlle FL 32256
NAME AND . Santiago Sunrise Village Mobile Home Park
ADDRESS do Santiago Communities, Inc.
OF INSURED P.O. Box 11927
Santa Ana CA 92711
TO THE ADDITIONAL INTEREST:
KIND OF POLICY:
Commercial Package
POLICY/APPLICATION/BINDER NO.: RMP 1006357-04
EFFECTIVE DATE OF NOTICE:
09/19/2024 12:01 AM
(DATE) (HOUR -STANDARD TIME AT THE ADDRESS OF THE INSURED)
DATE OF MAILING: 07/11/2024
NAME AND ADDRESS OF AGENT/BROKER:
King Insurance Support Systems, Inc.
PO Box 500399
Sandy Springs GA 31150
(Specific information concerning the cancellation
or nonrenewal has been given to the Insured.)
RECEIVED
JUL 16 2024
OFFICE OF THE CITY CLERK
You are notified that the above policy is cancelled or nonrenewed effective on and after the hour and date mentioned above. This notice is beinM provided to You as you have
been provided with a certificate of insurance on the above policy. Any interest you may have in the above policy is terminated.
NAME AND
City of Palm Springs
ADDRESS OF
ADDITIONAL
P.O. Box 2743
INTEREST
Palm Springs
CA 92262
(E)GU 351h (Ed. 5-06) UNIFORM ADDITIONAL INTEREST'S COPY Page 1 of 1
Santiago Sunrise Village Mobile Horne Park Corporation
c/o Santiago Corporation
P.O. Box 11927
Santa Ana, California 92711
November 4, 2014
Via Certifled Mail
ISSUER: LENDER:
CITY'OF PALM SPRINGS RED MORTGAGE CAPITAL, LLC
3200 E.Tahquitz Canyon Way 1717 Main Street, Suite 9o0
Palm Springs, CA 92262 Dallas, TX 75201
Ann! City Manager Attn: Veronica M.Davis
TRUSTEE:
MFUG UNION BANK,N.A.
120 South San Pedro Street,Suite 400
Los Angeles,CA 90012
Attn: Corporate Trust Department(Timothy
Miller)
The City of Palm Springs
Multifamily Mortgage Revenue Bonds
(GNMA Collateralized—Sunrise Village Mobilehome Park Project)
$3,470,000 Series 2004A
$ B
Ladies and Gentlemen: 300,000 Series 2004
Pursuant to Sections 3A and 8.2 of the Financing Agreement, dated as of November 1, 2004 (the
"AB Financing Agreement'), by and among the City of Palm Springs (die "Issuer"), Union Bank of
Califomia, N.A. (now known as MFUG Union Bank, N.A.) (the "Trusted'), Red Mortgage Capital, Inc.
(now Red Mortgage Capital, LLC) (the "Lender") and Santiago Sunrise Village Mobile Home park
Corporation,a California nonprofit corpordtion(the"Borrower"),the Borrower hereby provides notice of
its intention to prepay the Mortgage Loan(as defined in the hereinafter identified Indenture) in whole on
November 20, 2014 (the "Loan Prepayment Date"). In connection with the prepayment of the Mortgage
Loan,the Borrower hereby directs the Trustee to redeem or otlierwise pay the bonds identified in the table
below issued pursuant to the Indenture, dated as of November 1, 2004 (the "A/B Indenture"), by and
between the Issuer and the Trustee. The funding of the redemption is coming from a new loan and the
notice herein is conditioned on the receipt by the Trustee of such funds.
Name of Bonds Amount Outstanding
City of Palm Springs Multifamily Mortgage Revenue Bonds(GNMA
Collateralized — Sunrise Village Mobiiehorne Park Project) Series
2004A, CUSIP Nos. 69667CAAO and 69667CAB8 (Series 2004A
Bonds")
$3,470,000.00
November 4,201.4
Page 2
City of Palm Springs Multifamily Mortgage Revenue Bonds(GNMA
Collateralized — Sunrise Village Mobilehome Park Project) Series
2004B,CUSIP No.69667CAC4("Series 20048 Bonds") $50.000.00
Pursuant to Section 3.06 of the A/B Indenture, and following the delivery of funds to the Trustee
fallowing the Loar, Prepayment Date, the Trustee is requested to give notice of the redemption of the
Series 2004A Bonds as of December 20, 2014 as soon as practicable under the A/B Indenture and to
redetatt the outstanding Series 2004A Bonds in accordance with the A/B Indenture on December 20,
2014.
I
The Series 2014B Bonds will be defeased under the A/B Indenture with funds provided to the
Trustee. The Trustee is further requested deposit the funds received for the Series 2014B Bonds as
required by the Indenture and to pay the principal of and interest on the Series 2004B Bonds in
accordance with the:A/B Indenture on the dates and in the amounts specified in the A/B Indenture.
This notice may be rescinded by written notice by the Borrower to the addressees prior to the
Prepayment Date. This notice may be executed in several counterparts,each of which shall be an original
and all of which shall constitute but one and the same instrument.
Red Mortgage Capital, LLC, by executing the acknowledgment set forth below, hereby
acknowledges that the 30 day advance written notice requirement has been met and waives the
requirement that prepayment occur only an the first day of a month as set fort!, in Section 3.4 of the A/B
Financing Agreement.
Please feel flee to contact Sam S. Balisy of Kutak Rock LLP at sam.balisvr'In kutakrock.com or
(213) 3124009 if you have any questions with respect to this manor.
Very truly yours,
SANTI.AGO SUNRISE VILLAGE MOBILE
HQ ARK CORPORA ' ON
De 's Ksrzariam, Pr idea
Acknowledged and Accepted by:
RED MORTGAGE CAPITAL, INC.
By:_
Authorized Officer (APPROVED BY C:iY COUNCIL
CITY OF PALM SPRINGS 1\ h 1�C M�v�1 Ao3b�4
By:_ Manager 4er
City
ATTEST:
Notions ofResorption �tyCierk
a82o.Ot�t28,i
November 4,2414
Page 2
City of Palm Springs Muldfamily Mortgage Revenue Bonds(GNMA
Collateralized — Sunrise Village Mobilehome Park Project) Series
2004B,CUSIP No.69667CA04("Series 2004E Bonds") $50,000.00
Pursuant to Section 3.06 of the A/B Indenture,and following the delivery of funds to the Trustee
following the Loan Prepayment Date, the Trustee is requested to give notice of the redemption of the
Series 2004A Bonds as of December 20, 2014 as soon as practicable under the A/B Indenture and to
redeem the outstanding Series 2004A Bonds in accordancb with the A/B Indenture on December 20,
2014.
The Series 2014B Bonds will be defoesed under the A/B Indenture with funds provided to the
Trustee. The Trustee is farther requested deposit the fluids received for the Series 2014B Bonds as
required by the Indenture and to pay the principal of end interest on We Series 2004B Bonds in
accordance with the A/B Indenture on the dates and in the amounts specified in the AB Indenture.
This notice may be rescinded by written notice by the Borrower to the addressees prior to the
Prepayment Date. This notice may be executed in several counterparts,each of which shall be an eriglnal
and all of which shall constitute but one and the same instrument,
Red Mortgage Capital, LL.C, by executing the acknowledgment set forth below, hereby
acknowledges that the 30 day advance written notice requirement has been met and waivm the
requirement that prepayment occur only on the first day of a month as set ford%in Section 3A of the A/B
FlnanclugAgmement.
Please feel free to eontact Sam S. Belisy of Kutak Rock LLP at sam.balisvliflkutakroclLW or
(213)312-4009 ifyou have any questions with respect to this matter.
Very truly yours,
SANTL4GO SUNRISE VLLT,AGE MOBILE
HQMSt,ARK CORPORA N
41)e
Acknowledged and Accepted by:
RED MORTGAGE CAPITAL,INC,
By:_
Authorized Officer APPROVED BY
CIT(COUNCIL
CTry OF PALM SPRINGS 1`'� '1 "^� 1., A03bD C.
By:
City Manager
ATTEST:
Nroaarnrite*Mpta, City clerk
aszo-0tsa-atxe,t
November 4,2014
Page 3
Santiago Sunrise Village Mobile Home Park Corporation
c% Santiago Corporation
P.O. Box 11927
Santa Ana,California 92711
November 4, 2014
Via CertiSed Mail
ISSUER:
CITY OF PALM SPRINGS
3200 E.Tahquitz Canyon Way
Patin Springs,CA 92262
Attn! City Manager
TRUSTEE:
MFUG UNION BANK,N.A.
120 South San Pedro Street, Suite 400
Los Angeles,CA 90012
Attn: Corporate Trust Department(Timothy Miller)
The City of Palm Springs
Multifamily Mortgage Revenue Bonds
(GNMA Collateralized—Sunrise Village Molidehome Park Project)
$800,000 Series 2004C
Ladies and Gentlemen:
Pursuant to Sections 3.4(b) of the Financing Agreement, dated as of November 1, 2004 (the
"Financing Agreement"), by and among the City of Palm Springs (the "Issuer"), Union Bank of
California,N.A.(menu known as MFUG Union Bank,N,A.) (the"Trustee"),and Santiago Sunrise Village
Mobile Home Park Corporation, a California nonprofit corporation (the "Borrower"), the Borrower
hereby provides notice of its intention-to prepay the Promissory Note made to Union Bank of California,
N.A., dated November 4, 20004 in whole on or before December 20,2014 (the "Prepayment Date"). in
connfiction with the prepayment of the Promissory Note, the Borrower hereby directs the Trustee to
redeem or otherwise pay the bonds identified in the table below issued pursuant to the Indenture, dated as
of Novertber 1, 2004 (the "Indenture"), by and between the Issuer and the Trustee. The Borrower will
be depositing funds from the proceeds of a new loan and hereby instructs Trustee to give proper notice
under the Indenture once such funds are received.
Name of Bonds Amount Outstanding
$800,000 City of Palm Springs Multifamily Mortgage Revenue
Bonds (GNMA Collateralized — Sunrise Village Mobilehome Park
Project) Series 2004C, CUS1P No. 69667CAE2 (Series 2004C
Bonds")
$71 Q,000.OU
6876.6000Wnancinal
Optional Redempuo.Notice:
Doc 613666 2
4820-W644128.1
November 4,2014
Page 4
The Trustee is requested to give notice of the redemption of the Series 2004C Bonds as soon as
practicable under the Indenture and to redeem the outstanding Series 2004C Bonds in accordance with the
indenture on the Prepayment Date.
This notice may be rescinded by written notice by the Borrower to the addressees prior to the
Prepayment Date. This notice may be executed in several counterparts, each of which shall be an original
and all of which shall constitute but one and the same instrument.
Please feet free to contact Sam S. Balisy of Kutak Rock LLP at sam.balis kutakrockcom or
(213)312.4009 ifyou have any questions with respect to this matter.
Very truly yours,
SANTIAGO SUNRISE VILLAGE MOBILE
HOME PARK CORPORATION
By Ylv'J
Dennis Kazarian, Pr siden
Acknowledged and Accepted by:
CITY OF PALM SPRINGS
By.
City Manager '��—._
A3bt-� IAo3��
ATTEST:
"- k —
1ty Clerk
6876.M70Omticu;gt
Optimal Rednnplim Nod"
Doc 613666 2
4820-0e64.4128.1
RECORDATION REQUESTED BY:
The Bank of Hemet,a California corporation
3715 Sunnyside Drive
Riverside, CA 92506
WHEN RECORDED MAIL TO:
The Bank of Hemet a California corporation
3715 Sunnyside Drive
Riverside,CA 92506
FOR RECORDER'S USE ONLY
NOTICE: THIS SUBORDINATION OF DEED OF TRUST RESULTS IN YOUR SECURITY INTEREST IN THE
PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER
SECURITY INSTRUMENT.
SUBORDINATION OF DEED OF TRUST
THIS SUBORDINATION OF DEED OF TRUST dated November 1, 2014, is made and executed among The City
of Palm Springs as Successor Agency to The Community Redevelopment Agency of the City of Palm Springs, a
public body, corporate and politic ("Beneficiary"); Santiago Sunrise Village Mobile Home Park Corporation,
a California nonprofit corporation ("Borrower"); and The Bank of Hemet, a California corporation ("Lender").
SUBORDINATED INDEBTEDNESS. Beneficiary has extended the following described financial accommodations, secured by the Real
Property(the 'Subordinated Indebtedness"):
Promissory Note in the original principal amount of$392,040.00 dated November 1, 2004.
SUBORDINATED DEED OF TRUST. The Subordinated Indebtedness is or will be secured by the Real Property and evidenced by a deed of
trust dated November 1, 2004 from Santiago Sunrise Village Mobile Home Park Corporation, a California nonprofit corporation ("Trustor")
to Orange Coast Titie Company ("Trustee') in favor of The City of Palm Springs as Successor Agency to The Community Redevelopment
Agency of the City of Palm Springs, a public body, corporate and politic ("Beneficiary") (the "Subordinated Deed of Trust") and recorded in
Riverside County, State of California as follows:
recorded November 5,2004 as Instrument Number 2004-0882779.
REAL PROPERTY DESCRIPTION. The Subordinated Deed of Trust covers the following described real property (the "Real Property')
located in Riverside County, State of California:
Lot 1 of Tract No. 17642-1 in the City of Palm Springs, County of Riverside, State of California, as per Map on file in Book 122 Pages
88, 89 and 90 of Maps, in the Office of the recorder of said County,together with Parcel 2 as shwn described in document recorded
April 25, 1996 as Instrument No. 148930, records of said County.
Except the Northerly 731.00 feet of said Lot 1 an except the Northerly 731 feet of said Parcel 2 of instrument No. 148930
The Real Property or its address is commonly known as 1600 E. San Rafael Drive, Palm Springs, CA 92262. The Assessor's Parcel
Number for the Real Property is 669-500-028-8.
SUPERIOR INDEBTEDNESS. Lender has extended or has agreed to extend the following described financial accommodations to Borrower,
secured by the Real Property (the "Superior Indebtedness"):
Promissory Note in the amount of Four Million .Fight Hundred Seventy Five Thousand and null OO($4,875,000.001 secured by a Dead
of Trust.
LENDER'S LIEN. The Superior Indebtedness is or will be secured by the Real Property and evidenced by a mortgage,deed of trust,or other
lien instrument, dated , from Borrower to Lender (the 'Lender's Lien") and recorded in Riverside County, State
of California as follows:
to be recorded concurrently.
As a condition to the granting of the requested financial accommodations, Lender has required that the Lender's Lien be and remain
superior to the Subordinated Deed of Trust.
REQUESTED FINANCIAL ACCOMMODATIONS. Trustor, who may or may not be the some person or entity as Borrower, and Beneficiary
each want Lender to provide financial accommodations to Borrower in the form of the Superior Indebtedness. Trustor and Beneficiary each
represent and acknowledge to Lender that Beneficiary will benefit as a result of these financial accommodations from Lender to Borrower,
and Beneficiary acknowledges receipt of valuable consideration for entering Into this Subordination.
NOW THEREFORE THE PARTIES TO THIS SUBORDINATION HEREBY AGREE AS FOLLOWS:
SUBORDINATION. The Subordinated Deed of Trust and the Subordinated Indebtedness secured by the Subordinated Deed of Trust is and
shall be subordinated in all respects to Lender's Lien and the Superior Indebtedness, and it is agreed that Lender's Lien shall be and remain,
at all times, prior and superior to the lien of the Subordinated Deed of Trust. Beneficiary also subordinates to Lender's Lien all other
SUBORDINATION OF DEED OF TRUST
(Continued) Page 2
Security Interests in the Real Property held by Beneficiary, whether now existing or hereafter acquired. The words "Security Interest" j
mean and include without limitation any type of collateral security, whether in the form of a lien, charge, mortgage, deed of trust,
assignment, pledge, chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust receipt, lien or title retention
contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether created by law,
contract, or otherwise.
BENEFICIARY'S REPRESENTATIONS AND WARRANTIES. Beneficiary represents and warrants to Lender that: (A) no representations or
agreements of any kind have been made to Beneficiary which would limit or qualify in any way the terms of this Subordination; (B) this
Subordination is executed at Borrower's request and not at the request of Lender; (C) Lender has made no representation to Beneficiary as
to the creditworthiness of Borrower; and (D) Beneficiary has established adequate means of obtaining from Borrower on a continuing basis
information regarding Borrower's financial condition. Beneficiary agrees to keep adequately informed from such means of any facts,
events, or circumstances which might in any way affect Beneficiary's risks under this Subordination, and Beneficiary further agrees that
Lender shall have no obligation to disclose to Beneficiary information or material acquired by Lender in the course of its relationship with
Beneficiary.
BENEFICIARY WAIVERS. Beneficiary waives any right to require Lender: (A) to make, extend, renew, or modify any loan to Borrower or
to grant any other financial accommodations to Borrower whatsoever; (B) to make any presentment, protest, demand, or notice of any
kind, including notice of any nonpayment of any Superior Indebtedness secured by Lender's Lien, or notice of any action or nonaction on
the part of Borrower, Lender, any surety,endorser, or other guarantor in connection with the Superior Indebtedness, or in connection with
the creation of new or additional indebtedness; (C) to resort for payment or to proceed directly or at once against any person, including
Borrower; (Df to proceed directly against or exhaust any collateral held by Lender from Borrower, any other guarantor, or any other
person; (Ef to pursue any other remedy within Lender's power; or (F) to commit any act or omission of any kind, at any time, with
respect to any matter whatsoever.
LENDER'S RIGHTS. Lender may take or omit any and all actions with respect to Lender's Lien without affecting whatsoever any of
Lender's rights under this Subordination. In particular, without limitation, Lender may, without notice of any kind to Beneficiary, (A) make
one or more additional secured or unsecured loans to Borrower; (B) repeatedly alter, compromise,renew, extend, accelerate, or otherwise
change the time for payment or other terms of the Superior Indebtedness or any part of it, including increases and decreases of the rate of
interest on the Superior Indebtedness; extensions may be repeated and may be for longer than the original loan term; (C) take end hold
collateral for the payment of the Superior Indebtedness, and exchange, enforce,waive, and release any such collateral, with or without the
substitution of new collateral; ID) release,substitute, agree not to sue, or deal with any one or more of Borrower's sureties, endorsers,or
guarantors on any terms or manner Lender chooses; (E) determine how, when and what application of payments and credits, shall be
made on the Superior Indebtedness; (F) apply such security and direct the order or manner of sale of the security, as Lender in its
discretion may determine; and (G) transfer this Subordination to another party.
DEFAULT BY BORROWER. If Borrower becomes insolvent or bankrupt,this Subordination shall remain in full force and effect.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Subordination:
Amendments. This Subordination constitutes the entire understanding and agreement of the parties as to the matters set forth in this
Subordination. No alteration of or amendment to this Subordination shall be effective unless given in writing and signed by the party
or parties sought to be charged or bound by the alteration or amendment.
Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Subordination, Lender shall be
entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any
court action is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are
necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable
on demand and shall bear interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph
include, without limitation, however subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses,
whether or not there is a lawsuit, including attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or
vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching
records, obtaining title reports lincluding foreclosure reports), surveyors' reports, and appraisal fees, title insurance, and fees for the
Trustee, to the extent permitted by applicable law. Beneficiary also will pay any court costs, in addition to all other sums provided by
law.
Authority. The person who signs this Subordination as or on behalf of Beneficiary represents and warrants that he or she has
authority to execute this Subordination and to subordinate the Subordinated Indebtedness and the Beneficiary's security interests in
Beneficiary's property, if any.
Caption Headings. Caption headings in this Subordination are for convenience purposes only and are not to be used to interpret or
define the provisions of this Subordination.
Governing Law. This Subordination will be governed by federal law applicable to Lender and,to the extent not preempted by federal
law, the laws of the State of California without regard to its conflicts of low provisions. This Subordination has been accepted by
Lender in the State of Cafdomia.
Choice of Vanue. If there is a lawsuit, Beneficiary agrees upon Lender's request to submit to the jurisdiction of the courts of Riverside
County, State of California.
Successors. This Subordination shall extend to and bind the respective heirs, personal representatives, successors and assigns of the
Parties to this Subordination,and the covenants of Beneficiary herein in favor of Lender shall extend to, include, and be enforceable by
any transferee or endorsee to whom Lender may transfer any or all of the Superior Indebtedness.
No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Subordination unless such waiver is given in
writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such
right or any other right. A waiver by Lender of a provision of this Subordination shall not prejudice or constitute a waiver of Lender's
right otherwise to demand strict compliance with that provision or any other provision of this Subordination. No prior waiver by
SUBORDINATION OF DEED OF TRUST
(Continued) Page 3
Lender, nor any course of dealing between Lender and Beneficiary, shall constitute a waiver of any of Lender's rights or of any of
Beneficiary's obligations as to any future transactions. Whenever the consent of Lender is required under this Subordination, the
granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such
consent is required and in all cases such consem may be granted or withheld in the sole discretion of Lender.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON
OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN, A PORTION OF WHICH MAY BE
EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND.
EACH PARTY TO THIS SUBORDINATION ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS SUBORDINATION,AND EACH
PARTY AGREES TO ITS TERMS. THIS SUBORDINATION IS DATED NOVEMBER 1,2014.
COUNTERPARTS: THIS SUBORDINATION MAY BE EXECUTED IN COUNTERPARTS,EACH OF WHICH SHALL BE DEEMED TO BE AN
ORIGINAL,BUT ALL OF WHICH,TAKEN TOGETHER,SHALL CONSTITUTE ONE AND THE SAME AGREEMENT.
I
BORROWER:
SANTIAGO SUNRISE VILLAGE MOBILE HOME PARK CORPORATION,A CALIFORNIA
NONPROFIT CORPORATION
By:
Garry Edmundson,Director/Chief Operating Officer of Santiago Sunrise Village
Mobile Home Park Corporation,a California nonprofit corporation
BENEFICIARY:
THE CITY OF PALM SPRINGS AS SUCCESSOR AGENCY TO THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS,A PUBLIC BODY,
CORPORATE AND POLITIC
r
By: Attested
1
LENDER:
APPROVED BY CM f v0i!Nr'!L
THE BANK OF HEMET,A CALIFORNIA CORPORATION � .
By:
- p,3bi� F�o3bb4
Frank Larreta,Vice President
ACKNOWLEDGMENT OF INSTRUMENT
(Cal. Civil Code Section 1181)
State of California )
County of Riverside ) ss.
City of Palm Springs )
On November 17, 2014, before me, JAMES THOMPSON, CITY CLERK, CITY
OF PALM SPRINGS, CALIFORNIA, personally appeared DAVID H. READY, who I
personally know is the CITY MANAGER of the CITY OF PALM SPRINGS whose name
is subscribed to the within instrument and acknowledged to me that he executed the
same in his official and authorized capacity on behalf of the City of Palm Springs, a
California Charter City.
I certify under PENALTY OF PERJURY under the laws of the State of California
that the foregoing paragraph is true and correct.
Witness my hand and the official seal of the City of Palm Springs, California, this
17th day of November, 2014.
p A L M S.6
iZ
V N
• a
VI
Signature: C- ,44IPoflNN
1ES T OMPSO , CITY CLERK
ity of Pa I m Springs, California
Title or Type of Document
SUBORDINATION OF DEED OF TRUST
Santiago Sunrise Village Mobile Home Park Corporation
Bank of Hemet
SUBORDINATION OF DEED OF TRUST
(Continued) Page 4
CERTIFICATE OF ACKNOWLEDGMENT
STATE OF )
COUNTY OF 1
On , 20 before me,
(here insert name and title of the officer) !�
personally appeared Garry Edmundson, who proved to me on the basis of satisfactory evidence to be the personls) whose names) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies),
and that by his/her/their signaturels) on the instrument the personls), or the entity upon behalf of which the personls) acted, executed the
instrument. !
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal
Signature '
(Seal)
CERTIFICATE OF ACKNOWLEDGMENT
STATE OF )
)SS
COUNTY OF )
On , 20 before me,
(here insert name and title of the officer)
personally appeared
who proved to me on the basis of satisfactory evidence to be the parsons) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in hialher/their authorized capacity(ies), and that by his/her/their signature(s) on
the instrument the person(s), or the entity upon behalf of which the persons) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hard and official seal
Signature (Seal)
- ----------------,- -------
SUBORDINATION OF DEED OF TRUST
(Continued) Page 5
i
CERTIFICATE OF ACKNOWLEDGMENT
STATE OF 1
)SS
COUNTY OF )
i
On 120 before me,
(hare insert name and title of the officer)
personally appeared Frank Lameta. who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies),
and that by his/her/their signaturefs) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct-
WITNESS my hand and official seal.
Signature (Seal)
LaserPro, Ver. 14.4.10.012 Copr. D+H USA Corporation 1997, 2014. All Rights Reserved. - CA L:1CF1\LPUG212.FC TR-2724
PR-4O
1st Amend - Sec 35-Land Sale
Purchase-Assign of Leases
• �� (Santiago A2443)
AGREEMENT #3617 (CRA360C)
R18805, 4-3-96
FIRST AMENDMENT TO PURCHASE AND SALE
AND ASSIGNMENT OF LEASE AGREEMENT
THIS FIRST AMENDMENT TO PURCHASE AND SALE AND ASSIGNMENT OF
LEASE AGREEMENT ( "Amendment" ) is entered into this 3r&- day of
C-�- 199G by and between the CITY OF PALM
SPRINGS, a municipal corporation ( "City") , and the COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, CALIFORNIA, a
public body, corporate and politic ( "Agency" )
R E C I T A L S
A. Agency and City entered into that certain Purchase and
Sale and Assignment of Lease Agreement dated November 15, 1995
( "Original Agreement") , pursuant to which City was to convey to the
Agency a thirty-nine and 73/100 (39 . 73) acre parcel of real
property.
B. The legal description for said real property attached as
Exhibit No. 1 to the Original Agreement inaccurately described only
a portion of the real property that was to be conveyed. Said legal
description only constituted thirty-eight and 05/100 (38 . 05) acres
of the property to be conveyed, which is the legal description of
the property subject to the Lease (as defined in the Original
Agreement) .
C. The City previously executed, acknowledged that certain
Grant Deed dated December 1, 1995 and recorded December 14, 1995 as
Instrument No. 414164 in the Official Records of the Riverside
County Recorder conveying said 38 . 05 acre parcel to Agency
( "Original Grant Deed" ) .
D. The parties desire to amend the Original Agreement to
correct the legal description of the property to be conveyed.
E. The Original Agreement, as amended by this Amendment,
shall hereinafter be referred to as the "Agreement" . Any
capitalized terms not defined herein shall have the meanings
ascribed to them in the Original Agreement .
NOW, THEREFORE, the parties hereto agree as follows :
1 . Legal Description. The legal description of the Property
attached as Exhibit No. 1 to the Original Agreement is deleted in
its entirety and replaced with the legal description attached
hereto as Exhibit No. 1 and incorporated herein by reference.
2 . Grant Deed. Concurrently with the execution of this
Amendment, City and Agency shall execute, acknowledge and cause to
be recorded the Grant Deed attached hereto as Exhibit No. 2 and
incorporated herein by reference conveying to the Agency the
portion of the Property not described in the Original Grant Deed.
FS2\383\014084-0012\2189952.1 .03/26/96
0 41
3 . Full Force and Effect . Except as modified by the terms
of this Amendment, the Original Agreement shall remain unmodified
and in full force and effect .
IN WITNESS WHEREOF, this First Amendment to Purchase and Sale
and Assignment of Lease Agreement was entered into as of the date
first above written.
ATTEST: CITY 0 SPRI a municipal
cor ration
fit Cl erk City Ma ager
APPROVED AS TO FORM:
GIB
City A t rney
"City"
ATTEST: COMMUNITY REDEVELOPMENT AGENCY OF
THE C TGS, CALORNIA,
a pu lic body, corpo and pIFolitic
l By:
A sisCant Secrere ar Executiyre DirectAr
APPROVED AS TO FORM:
1c,1�
AgencyCbtnsel
"Agency"
APPROVED BY HE CITY COUNCIL
BY M. NO. 16,P)Q
P 3(�
FS213831014084-001212189952.1 a03/26/96 -2-
EXHIBIT NO. 1
LEGAL DESCRIPTION OF THE PROPERTY
The real property located in the City of Palm Springs, County
of Riverside, State of California described as follows:
PARCEL 1:
All of Lot 1 of that Map entitled "Thet No. 17644 -1 being a subdivision of a portion of
the southeast quarter of Section 35,Township 3 South, Range 4 East, San Bernardino Meridian,
also shown on Record of Survey Map Book 65 at page 33, official records of Riverside County,
State of California" filed on the 18th day of November 1981 in Map Book 122 at Pages 88
through 90, official Records of Riverside County, California, containing 38.05 acres more or
less.
(APN 669-500-part of 001)
PARCBL 2:
Being a part of Lot C of that Map entitled "Tract No. 17642-1 being a subdivision of a
portion of the southeast quarter of Section 35, Township 3 South, Range 4 Fast, San Bernardino
Meridian, also shown on Record of Survey Map Book 65 at page 33, official records of
Riverside County, State of California" filed on the 18th day of November 1981 in Map Book
122 at Pages 88 through 90, official Records of Riverside County, California and more
particularly described as follows:
Beginning at the southwest corner of Lot C; Thence northerly along the west line
of said Lot C N 00° 15' 14" E 1,467.00 feet; Thence S 89° 46' 281, E 50 feet
to the northwest corner of Lot 1 of said Tract No. 17642-1; Thence southerly
along the line between said Lot C and Lot 1 of Tract No. 17642-1, S 00' 15' 14"
W 1,467.00 feet to the southwest comer of said Lot 1, said corner being also the
southeast comer of said UL C; Thence westerly along the south line of said Lot
C N 890 46' 28" W 50 feet to the point of beginning, containing 1.68 acres more
or less.
(APN 669-500-part of 001)
EXHIBIT NO. 1
TO FIRST AMENDMENT
FS2\3831014084-0012\2189952.1 a03122l96
• �r
EXHIBIT NO. 2
RECORDED AT THE REQUEST OF
AND WHEN RECORDED RETURN TO:
Community Redevelopment Agency
of the City of Palm Springs
P.O. Box 2743
3200 E. Tahquitz Canyon Way
Palm Springs, California 922G3
Attn: Executive Director
[SPACE ABOVE THIS LINE FOR RECORDER'S USE]
[THIS DOCUMENT EXEMPT FROM PAYMENT OF A
RECORDING FEE PURSUANT TO GOV. C. 561031
(UNDERSIGNED GRANTOR DECLARES:
THIS TRANSACTION IS EXEMPT FROM
PAYMENT OF DOCUMENTARY TRANSFER TA:K
PURSUANT TO REV. & TAX. C. 5119221
GRANT DEED
FOR A VALUABLE CONSIDERATION, the receipt and sufficiency of
which is hereby acknowledged:
THE CITY OF PALM SPRINGS, a municipal corporation ( "Grantor") ,
hereby grants to the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
PALM SPRINGS, CALIFORNIA, a public body, corporate and politic
( "Grantee") , the real property described in Exhibit "A" attached
hereto and incorporated herein, subject to the existing easements,
restrictions, and covenants of record described there.
[END - SIGNATURE PAGE FOLLOWS]
EXHIBIT NO. 2
TO FIRST AMENDMENT
PAGE 1 OF 3 PAGES
F52\383\014084-0012\2189952.1 a03/22/96
"GR,8=OR"
CITY OF PALM SPRINGS, a municipal
corporation
By:
City Manager
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Atc r� iey
"GRANTEE"
COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF PALM SPRINGS, CALIFORNIA, a
public body, corporate and politic
By:
Chairman
ATTEST:
Agency Secretary
APPROVED AS TO FORM:
Agency Qounsel
EXHIBIT NO. 2
TO FIRST AMENDMENT
PAGE 2 OF 3 PAGES
FS21383W14084-001212189952.1 a03/22/96
STATE OF CALIFORNIA )
ss.
COUNTY OF RIVERSIDE )
On before me,
personally appeared
personally known to me (or proved to me on the basis of satisfac-
tory evidence) to be the persons) whose name (s) is/are subscribed
to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies) , and
that by his/her/their signatures) on the instrument the person(s)
or the entity upon behalf of which the person(s) acted, executed
the instrument.
Witness my hand and official seal.
[SEAL] Notary Public
STATE OF CALIFORNIA )
ss.
COUNTY OF RIVERSIDE )
On before me,
personally appeared
personally known to me (or proved to- me on the basis of satisfac-
tory evidence) to be the person(s) whose name (s) is/are subscribed
to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies) , and
that by his/her/their signature (s) on the instrument the person(s)
or the entity upon behalf of which the person (s) acted, executed
the instrument.
Witness my hand and official seal.
[SEAL] Notary Public
EXHIBIT NO. 2
TO FIRST AMENDMENT
PAGE 3 OF 3 PAGES
FS2\383\014084-0012\2189952.1 a03/22196
EXHIBIT "A"
LEGAL DESCRIPTION OF PROPERTY
PARCEL 2;
Being a part of Lot C of that Map entitled "Tract No. 17642-1 being a subdivision of a
portion of the southeast quarter of Section 35, Township 3 South, Range 4 East, San Bernardino
Meridian, also shown on Record of Survey Map Book 65 at page 33, official records of
Riverside County, State of California" filed on the 18th day of November 1981 in Map Book
122 at Pages 88 through 90, official Records of Riverside County, Califomia and more
particularly described as follows:
Beginning at the southwest corner of Lot C; Thence northerly along the west line
of said Lot C N 00° 15' 14" E 1,467.00 feet; Thence S 89° 46' 28" E 50 feet
to the northwest corner of Lot 1 of said Tract No. 17642-1; Thence southerly
along the line between said Lot C and Lot 1 of Tract No. 17642-1, S 00° 15' 140
W 1,467.00 feet to the southwest comer of said Lot 1, said corner being also the
southeast corner of said Lot C; Thence westerly along the south line of said Lot
C N 890 46' 28" W 50 feet to the point of beginning, containing 1.68 acres more
or less.
(APN 669-500-part of 001)
EXHIBIT "A"
TO GRANT DEED
FS2W711014084-00M2188294A .03113196
Sec 35-Land Salek
�
Assign of Leases�Purchase,
Sale & Assign (Santiago (A244?
AGREEMENT #3617 (A 360C)
R990, 11-15-95 /
PURCHASE AND SALE AND ASSIGNMENT OF LEASE -
THIS PURCHASE AND SALE AND ASSIGNMENT OF LEASE AGREEMENT
( "Agreement" ) is entered into this day of
—? ' 1995 ( "Effective Date") , by and between the CITY
OF PALM SPRINGS, a municipal corporation ( "Seller") , and COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, a public body,
corporate and politic ( "Buyer" ) . All exhibits and attachments are
incorporated herein by this reference.
R E C I T A L S
A. Seller is the owner in fee of certain real property
commonly known as the Sunrise Mobile Home Park, consisting of
approximately 39 . 73 acres, which real property is more particularly
described in the legal description attached hereto as Exhibit No.
1 and as shown on the site map attached hereto as Exhibit No. 2
(the "Property") .
B. The Property is subject to a ground lease between Seller
and Santiago Corporation ( "Lessee") for the operation of a mobile
home park by Lessee.
C. The Lease requires that occupancy be restricted to
persons and families of low and moderate income.
D. Buyer, pursuant to Health and Safety Code Section
33334 .2 , is authorized to expend funds in its Low and Moderate
Income Housing Fund ( "Housing I?unds" ) for purchase of real property
for affordable housing provided that such property is restricted
for use by persons and families of low and moderate income for the
longest feasible time in accordance with the provisions of Health
and Safety Code Section 33334 .3 .
E. The fair market value of the Property, as undeveloped
land, has been determined by appraisal to be One Million Five
Hundred Ten Thousand Dollars ($1, 510, 000) .
F. Seller and Buyer desire to enter into this Agreement to
provide the Buyer' s acquisition of the Property from Seller, using
Housing Funds, for a purchase price of One Million Five Hundred Ten
Thousand Dollars ($1, 510, 000) , and assignment by Seller to Buyer of
the existing lease between Seller and Santiago Corporation.
A G R E E M E N T
NOW, THEREFORE, in consideration of the foregoing Recitals and
for good and valuable consideration, the sufficiency and receipt of
which are hereby acknowledged, the parties hereto agree as follows :
F52\394\014094-0012\2169681.1 all/16/95
1. Purchase and Sale: Purchase Price: Grant Deed. Seller
agrees to sell to Buyer, and Buyer agrees to buy from Seller, the
Property on the terms and conditions set forth herein. Buyer
hereby agrees to buy the Property from Seller for the Purchase
Price of One Million Five Hundred Ten Thousand Dollars
($1, 510, 000) . Conveyance of the Property from Seller to Buyer
shall be by Grant Deed in the form attached hereto as Exhibit No.
3 .
2 . Condition of Title. Buyer, at is option, shall have the
right to obtain, at its cost, a preliminary title report for the
Property and to approve all tittle exceptions prior to conveyance of
the Property. If any title exceptions are unacceptable to Buyer. ,
Buyer shall have the right to terminate this Agreement without
liability.
3 _ Title Insurance. Buyer, at its option and at its cost,
may obtain title insurance showing title to the Property vested in
Buyer.
4 . Property Condition. Seller is selling the Property to
Buyer, and Buyer is buying the Property from Seller, in "AS IS"
condition with no representation or warranty with respect to the
physical or environmental condition of the Property, including
without limitation, with respect to geologic, seismic, soils, or
toxic matters .
5 . Assignment of Leases . Seller hereby represents and
warrants that the only existing lease on the Property is with
Santiago Corporation (Agreement No. 2443 , dated June 29 , 1987) for
the operation of a mobile home park on the Property. As a
condition to Buyer' s acquisition, Seller shall assign said lease to
Buyer by An Assignment of Leases, duly executed by Seller, in the
form attached hereto as Exhibit No. 4, by which Assignment Seller
assigned to Buyer all of Seller' s right, title, and interest in and
to said lease.
6 . Nonforeign 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 nonforeign
status if necessary.
7. Costs of Sale. All costs of sale shall be borne by Buyer.
8 . 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.
9 . Severability. Each provision of this Agreement shall be
severable from the whole. If any provision of this Agreement shall
FS21394\014084-0012\2169681.1 all/16/95 -2-
be found contrary to law, the remainder of this Agreement shall
remain in full force and effect.
10 . Entire Agreement . This Agreement shall constitute the
entire agreement of the parties hereto. This Agreement may be
amended or modified by an agreement in writing signed by the
authorized representatives of the parties, after any and all
required actions by the parties' respective governing boards .
11. Authorization. By official action of the City Council of
the City of Palm Springs and the board of the Community
Redevelopment Agency of the City of Palm Springs, Seller and Buyer,
respectively, has authorized the entering into this Agreements by
such party and the signing of this Agreement by the City Manager- on
behalf of Seller, and by the Agency Executive Director on behalf of
Buyer.
[end - signature page follows]
P82\3941014084-0012%2169681.1 al1/16/95 -3-
IN WITNESS WHEREOF the parties hereto have entered into this
Agreement as of the Effective Date.
"SELLER"
CI OF PALM SPR
By:
C' y Manag
ATTEST:
I-CIty Clerk
APPROVED AS TO FORM:
City Attorney
"BUYER"
COMM=ive
AGENCY
OF TS RINGS
By:
for
ATTEST:
APP VEER By
Secretar
-Age Y At3:r1�Y 3Y R��. t7.
APPROVED AS TO FORM:
Agenc C unsel COUNCIL
BY
3��7
FS21394\014084-0012\2169681.1 all/16/95 -4-
40
EXHIBIT NO. 1
LEGAL DESCRIPTION OF PROPERTY
All of Lot 1 of that Map entitled "Tract No. 17642-1 being a
subdivision of a portion of the Southeast Quarter of Section 35,
Township 3 South, Range 4 East, San Bernardino Meridian, also shown
on Record of Survey Map Book 65 at page 33 , official records of
Riverside County, State of California" filed on the 18th day of
November 1981 in Map Book 122 at Pages 88 through 90, official
Records of Riverside County, California.
[APN 669-500-0011
Fs2\394\014084-0012\2169681.1 all/16/95 [EXHIBIT NO. 1 - PAGE 1 OF 11
40
EXHIBIT NO. 3
GRANT DEED
RECORDED AT THE REQUEST OF
AND WHEN RECORDED RETURN TO:
Community Redevelopment Agency
of the City of Palm Springs
P.O. Box 2743
3200 E. Tahquitz Canyon Way
Palm Springs, California 9226-3
Attn: Executive Director
[SPACE ABOVE THIS LINE FOR RECORDER'S USE]
[THIS DOCUMENT EXEMPT FROM PAYMENT OF A
RECORDING FEE PURSUANT TO GOV. C. 961031
[UNDERSIGNED GRANTOR DECLARES:
THIS TRANSACTION IS EXEMPT FROM
PAYMENT OF DOCUMENTARY TRANSFER TAX
PURSUANT TO REV. & TAX. C. §119221
GRANT DEED
FOR A VALUABLE CONSIDERATION, the receipt and sufficiency of
which is hereby acknowledged:
THE CITY OF PALM SPRINGS, a municipal corporation ( "Grantor") ,
hereby grants to THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
PALM SPRINGS, a public body, corporate and politic ( "Grantee") , the
real property described in Exhibit "A" attached hereto and
incorporated herein, subject to the existing easements,
restrictions, and covenants of record described there.
[END - SIGNATURE PAGE FOLLOWS]
FS21394\014084-001212169681.1 a11/16/95 [EXHIBIT NO. 3 - GRANT DEED - PAGE 1 OF 41
10
"GRANTOR"
CITY OF PALM SPRINGS
By:
Its :
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Attorney
"GRANTEE"
COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF PALM SPRINGS
By:
Its:
ATTEST:
Agency Secretary
APPROVED AS TO FORM:
Agency Counsel
F52\394\014084-0012\2169681.1 all/16/95 [EXHIBIT NO. 3 - GRANT DEED - PAGE 2 OF 41
+/
STATE OF CALIFORNIA )
ss .
COUNTY OF RIVERSIDE )
On before me,
personally appeared
personally known to me (or proved to me on the basis of satisfac-
tory evidence) to be the person(s) whose names) is/are subscribed
to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies) , and
that by his/her/their signature (s) on the instrument the persbn (;3)
or the entity upon behalf of which the person (s) acted, executed
the instrument .
Witness my hand and official seal .
Notary Public
(SEAL]
STATE OF CALIFORNIA )
ss .
COUNTY OF RIVERSIDE )
On before me,
personally appeared
personally known to me (or proved to me on the basis of satisfac-
tory evidence) to be the person (s) whose name (s) is/are subscribed
to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies) , and
that by his/her/their signatures) on the instrument the persons)
or the entity upon behalf of which the person(s) acted, executed
the instrument.
Witness my hand and official seal .
Notary Public
(SEAL]
F52\394\014084-0012\2169681.1 n11/16/95 [EXHIBIT NO. 3 - GRANT DEED - PAGE 3 OF 41
EXHIBIT "A"
DESCRIPTION OF PROPERTY
All of Lot 1 of that Map entitled "Tract No. 17642-1 beirg a
subdivision of a portion of the Southeast Quarter of Section 37,
Township 3 South, Range 4 East, San Bernardino Meridian, also shaxon
on Record of Survey Map Book 65 at page 33 , official records of
Riverside County, State of California" filed on the 18th day of
November 1981 in Map Book 122 at Pages 88 through 90, official
Records of Riverside County, California.
[APN 669-500-0011
P52\394\014094-0012\2169681.1 all/16/95 [EXHIBIT NO. 3 - GRANT DEED - PAGE 4 OF 41
4/
EXHIBIT NO. 4
ASSIGNMENT OF LEASES
This assignment is made this day of
1995, from CITY OF PALM SPRINGS ( "Assignor") to COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS ( "Assignee") .
1. Assignor, as Lessor, has executed a lease entitled "Lease
Agreement" with Santiago Corporation (Agreement #2443 , dated June
29 , 1987) (the "Lease" ) , for the real property described Exhibit
No. 1 to that certain Purchase and Sale and Assignment of Lease
Agreement ( "Agreement" ) by and between Assignor and Assignee, dated
the day of , 1995 .
2 . Assignor, as a condition of the conveyance described in
said Agreement, has agreed to assign the Lease to Assignee.
3 . For value received, Assignor hereby assigns and transfers
to Assignee all of Assignor' s right, title, and interest in and to
the Lease; provided, however, that if Assignor and Assignee fail to
complete the sale of the Property as set forth in the Agreement,
Assignor shall remain liable and responsible for all of Assignor' s
rights, title, and interest in and to the Lease.
4 . Assignor states that no other assignment by Assignor
exists in connection with the Lease.
5 . Assignor states is unaware of any other leases, licenses,
or occupancies to which it is a party with respect to the Property.
[END - SIGNATURE PAGE FOLLOWS]
PS2\394\014084-0012\2169681.1 a11/16/95 [EXHIBIT NO. 4 - ASSIGNMENT OF LEASES - PAGE 1 OF 21
• !r
"ASSIGNOR"
CITY OF PALM SPRINGS
By:
Its:
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Attorney
ACCEPTED:
"ASSIGNEE"
COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF PALM SPRINGS
By:
Its:
ATTEST:
Agency Secretary
APPROVED AS TO FORM:
Agency Counsel
FS2\394\014094-0012\21696ai.1 atin6195 [EXHIBIT NO. 4 - ASSIGNMENT OF LEASES - PAGE 2 OF 21
Sec. 35-Assignment of Leases
Santiago Corp (A2443)
AGREEMENT #360C
Res 99D, 11-15-95
ASSIGNMENT OF LEASES
7 /
This assignment is made this day of C,
1995, from CITY OF PALM SPRINGS ( "Assignor") to COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS ( "Assignee") .
1. Assignor, as Lessor, has executed a lease entitled
"Lease Agreement" with Santiago Corporation (Agreement #2443 ,
dated June 29, 1987) (the "Lease11) , for the real property
described in Exhibit No. 1 to that certain Purchase and Sale and
Assignment of Lease Agreement ("Agreement") by and between
Assignor and Assignee, dated the i� day of % n • ,,.Lr,��
1995 .
2 . Assignor, as a condition of the conveyance described in
said Agreement, has agreed to assign the Lease to Assignee.
3 . For value received, Assignor hereby assigns and
transfers to Assignee all of Assignor' s right, title, and
interest in and to the Lease; provided, however, that if Assignor
and Assignee fail to complete the sale of the Property as set
forth in the Agreement, Assignor shall remain liable and
responsible for all of Assignor' s rights, title, and interest in
and to the Lease.
4 . Assignor states that: no other assignment by Assignor
exists in connection with the Lease.
5 . Assignor states is unaware of any other leases,
licenses, or occupancies to which it is a party with respect to
the Property.
[END - SIGNATURE PAGE FOLLOWS]
FS2\394\0140840012\2172020.1 a11/16/95 [ASSIGNMENT OF LEASES - PAGE 1 OF 21
61
"ASSIGNOR"
CITY OF PALM SPRIN S
By:
Its : / Cityf&mw
ATTEST:
City Clerk
APPROVED AS TO FORM:
City 'Attoniey
ACCEPTED:
"ASSIGNEE"
COMMUNI DEVELOP NT ENCY OF
THE C Y OF PALM S IN S
By:
Its : Executivx Gimc TT
ATTEST: /f
Age cy Secretary
APPROVED AS TO FORM:
Agency nsel
BY RES. NO. 990
f/ 36 / 7
FS2\394\014094-0012\2172020.1 all/16/95 [ASSIGNMENT OF LEASES - PAGE 2 OF 21
OOC 1 999-533762
• 12#999 08:00A Fee:NC
Page 1 of 9
Recorded in Official Records
County of Riverside
Gary L. Orso
Assessor, County Clerk 8 Recorder
RECORDING REQUESTED BY: IIIIII IIII I IIII IIIIII I I IIII I IIII II IIII III III
CITY OF PALM SPRINGS
AND WHEN RECORDED MAIL TO:
M 5 U PAGE SIZE OA POOR NOCOR SMF MISS
City of Palm Springs
3200 E. Tahquitz Canyon Way
Palm Springs, CA 92263
Attn: City Clerk �
A R L COPY LONG REFUND NCHG XAM
SPACE ABOVE FOR RECORDER ONLY
M
YS
First Amendment to Imse A UPPment H61 rrnnrl Amendment to 0360C
Title of Document
THISS AREA F/O U'R
U� `1 0 1L
THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION
G\RECORDER\RECORD REQ
Santiago Sunrise Village
• ,� 1st Amend to Lease - Sec 35
Agr 2443
AGREEMENT #3617 (A360C)
FIRST AMENDMENT TO LEASE AGREEMENT 1,M06538, 11-23-99
THIS FIRST AMENDMENT TO LEASE AGREEMENT NO.-2443("Amendment") is
entered into this �,/tday of Ej�Qi��''n 1999 ("Effective Date") by and between the
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS,
CALIFORNIA, a public body, corporate and politic ("Lessor"), and SANTIAGO SUNRISE
VILLAGE, a California limited partnership ("Lessee").
RECITALS
A. The City of Palm Springs, a municipal corporation ("City"), and Santiago
Corporation, a California corporation ("Santiago"), entered into that certain Lease Agreement
No. 2443 dated June 29, 1987 and recorded on June 30, 1987 as Instrument No. 185905 in the
Official Records of the Riverside County Recorder ("Original Lease") pursuant to which City
leased to Santiago certain real property more particularly described therein upon the terms and
conditions set forth therein.
B. Subsequent to the execution of the Original Lease, (i) City transferred the real
property subject to the Lease and assigned the Lease to Lessor; and (ii) Santiago assigned its
interest under the Original Lease to Lessee and Lessee assumed all of Santiago's duties and
obligations under the Original Lease.
C. Lessor and Lessee wish to amend the terms of the Original Lease as more
particularly set forth herein. The Original Lease, as amended by this Amendment, shall
hereinafter be referred to as the "Lease"
D. Lessor and Lessee wish to clarify, pursuant to the terms of this Amendment, the
parties' rights with respect to a certain portion of Lessor's real property referred to as Parcel
2 herein, which Lessee has used in connection with its operations upon the Premises, although
such Parcel 2 was not included as part of the Premises under the Original Lease.
E. Lessor and Lessee wish to settle Lessee's obligation to pay certain development
fees under the Original Lease, pursuant to the terms of this Amendment.
F. Any capitalized terms not defined herein shall have the meanings ascribed to them
in the Original Lease.
NOW, THEREFORE, the parties hereto agree as follows:
1. Parcel 2. The parties acknowledge and agree to the following terms regarding
an approximate one and sixty-eight hundredths (1.68) acre parcel of real property, located
immediately adjacent to the Premises, and specifically described as "Parcel 2" on Exhibit "A"
attached hereto and incorporated herein by reference and depicted on Exhibit "B" ("Parcel 2").
The parties acknowledge that before the date of this Amendment, Lessee paid certain taxes upon
Parcel 2 while Lessee used such Parcel 2 in conjunction with its operations upon the Premises.
FSl\383\014084-0003\33335 3 all/19/99
Lessor and Lessee acknowledge that Lessee's use of Parcel 2 was pursuant to specific consent
from Lessor for the limited time while Lessee paid property taxes thereon. From and after the
date of this Amendment, Lessee shall no longer be entitled to use any portion of Parcel 2,
without the specific written consent of Lessor. Lessor agrees to waive any right to rental
payments in connection with Lessee's prior use of Parcel 2, and Lessee agrees to waive any
right to reimbursement or compensation for payment of any taxes upon Parcel 2 during Lessee's
prior use of Parcel 2, as more specifically set forth under Section 3 of this Amendment.
2. Payment of Past Due Fees. Pursuant to Section 28 of the Original Lease, Lessee
agreed to pay the City for certain deferred development fees plus interest. Lessor and Lessee
hereby acknowledge that Lessee owes the City the sum of SIXTY-FOUR THOUSAND SIX
HUNDRED SEVEN AND 00/100 DOLLARS ($64,607.72) ("Fees") plus accrued interest
("Accrued Interest"). Concurrently with the execution of this Amendment, Lessee shall pay the
City in funds satisfactory to the City, the :Fees. Provided Lessee complies with the terms of this
Amendment, Lessee shall not be required to pay to City or Lessor any portion of the Accrued
Interest.
3. Release of Claims. Prior to the execution of this Amendment, Lessee has made
certain claims against Lessor for the costs expended by Lessee to maintain certain real property,
which, prior to the date of this Amendment, the parties had contemplated to be added to the
Premises and alleged damages suffered to the fence and certain trees on the Premises by Lessor
or its agents (collectively, "Claims"). In consideration for the City waiving its right to collect
the Accrued Interest pursuant to Section 2 above, Lessee hereby waives, releases, remises,
acquits and forever discharges Lessor, City and their respective officers, employees, and agents
of and from any and all actions, suits, legal or administrative orders or proceedings, demands,
actual damages, punitive damages, losses, costs, liabilities and expenses, which concern or in
any way relate to any of the Claims.
Lessee further waives, releases, remises, acquits and forever discharges Lessor, City and
their respective officers, employees, and agents of and from any and all actions, suits, legal or
administrative orders or proceedings, demands, actual damages, punitive damages, losses, costs,
liabilities and expenses, which concern or in any way relate to any payment by Lessee of taxes
of any kind upon the real property referred to as "Parcel No. 2" as specifically described on
Exhibit "A" and depicted on Exhibit "B" before the Effective Date of this Amendment.
4. Interest on Late Payments; Late Charge. The following shall be added as
subsections 3(g) and (h) of the Lease:
"(h) Any sum to be paid pursuant to the terms of this Lease not paid within thirty
(30) days of the date due shall bear interest from and after the due date until paid at a
rate equal to three percent (3%) over the reference rate being charged by Bank of
America, N.A. from time to time during such period so long as the rate does not exceed
the maximum non-usurious rate permitted by law in which case interest shall be at the
maximum non-usurious rate allowed by law at the time the sum became due.
"(i) Lessee hereby acknowledges that late payment by Lessee to Lessor of rental
or other sums due hereunder will cause Lessor to incur costs not contemplated by this
383/014084-0003/33335 5 -2-
Lease, the exact amount of which is extremely difficult to ascertain. Such costs include,
but are not limited to, processing and accounting charges. Accordingly, any payment of
any sum to be paid by Lessee not paid within ten (10) days of its due date shall be
subject to a five percent (5%) late charge. Lessor and Lessee agree that this late charge
represents a reasonable estimate of such costs and expenses and is fair compensation to
Lessor for its loss suffered by such late payment by Lessee."
5. Assignment and Subletting. Subsection 22(a) of the Lease shall be deleted in its
entirety and replaced by the following:
"(a) The privileges contained herein are exclusive. Lessee agrees that it will
not assign this Lease or sublet the Premises or any portion thereof (except to space
tenants in the mobilehome park) without the express prior written consent of Lessor,
which consent shall not be unreasonably withheld. Any purported assigirment or
subletting without the consent of Lessor shall be void. Lessor shall be the sole judge as
to the reliability, capability, character and desirability of prospective lessees or
sublessees."
6. Full Force and Effect. Except as set forth herein, the terms and provisions of the
Original Lease shall remain in full force and effect.
383/014084-0003/33335.5 -3-
IN WITNESS WHEREOF, this ;First Amendment to Laase Agreement was executed as
of the date first wrivan above.
COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF PALM SPRINGS, a public body,
corporare and politic
ATTEST:
y: 1",5e�
Assistant Secretary Executive Director
REVIEWED AND APPROVED a [ ;;3io��'Gli� �( 1! 7Ea LCvyv�NllfvpU fr,C;L`fC'a
RUTAN & TUCKER
Hy: a /T'S("ej
AQeacy ounsel
SANTIAGO SUNRISE VILLAGE, a
California limited partnership,
by S to Man ant Co., Inc., General
Par[ er
y'
r
u
Rica Shnonian, Pr •idrnt
Af
36 7�
Shonwile Simta,ian, Secretary
(Corporations require mo sigrarares, orw from each of the followmg: 1, Churwan of Hoard, Prcsidcm,any
Vice President;AND 2 Secrccary, Assuan:Sccreary, Treasurer. Assis[ent•heasurar,or Clue1 Finaactal Officer.)
[END OF SIGNATURES]
3t8/Ula03a•OW3i33335 5 -4-
CALIFORNIA ALL-PURPA ACKNOWLEDGMENT "
State of
County of `Q((,2 -aLLU
On al before me, aI'Lli, Q -CP 4drfu
Date n ° — Name and T71Ie of Officer "Jane Ooe,Notary Public')
personally appeared QN&r(o,IG�J A 0(?�f (AtS rnl I�Q 7 Fnel7;0 ,
��� Names)of Signer(s)
El personally known to me—OR p proved to me on the basis of satisfactory evidence to be the person(s)
whose name(s) is/are subscribed to the within instrument
and acknowledged to me that he/she/they executed the
same in his/her/their authorized capacity(ies),and that by
his/her/their signature(s)on the instrument the person(s),
s e u__ or the entity upon behalf of which the person(s) acted,
II.1'U ItE 3 L .i
executed the instrument.
7 CRIME rfuv WITNESS my hand and official seal.
°.. tvud C"wal.Crla me Ir,
&kl/j
3 Sign lture of Notary Public
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent
fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document:
Document Date: Number of Pages:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer's Name: Signer's Name:
❑ Individual ❑ Individual
❑ Corporate Officer ❑ Corporate Officer `
Title(s): Title(s):
❑ Partner—❑ Limited ❑ General ❑ Partner—❑ Limited ❑ General
❑ Attorney-in-Fact ❑ Attorney-in-Fact
❑ Trustee ❑ Trustee
❑ Guardian or Conservator ❑ Guardian or Conservator
❑ Other: Top of thumb here ❑ Other. Top of thumb here
Signer Is Representing: Signer Is Representing:
08
0 1994 Natenal Notary Association"8236 Remmet Ave.,P.O Box 7164•Canoga Park,CA 91309-7184 Prod.No.5907 Reorder Call Tali-Free 1-800-876-6827
State of CALIFORNIA
County of ORANGE
On December 1, 1999, before me, Laurie R. Helm, Notary Public, personally
appeared Richard Simonian and Shontele Simonian, personally known to me or
provided to me on the basis of satisfactory evidence to be the person(s) whose
name(s) are subscribed to the within instrument and acknowledged to me that
they executed same in their capacity(ies), and that by their signature(s) on the
instrument the person(s) or the entity upon behalf of which the person(s) acted,
executed this instrument.
WITNESS my hand and official seal.
LIB t�f ��
3 t>t6°r1M .:
LJZT,1 � MPUGhr�uL13r
IT I
File No. R-92-034
EXHIBIT "A"
LEGAL DESCRIPTION OF THE PREMISES
PARCEL 1:
All of Lot 1 of that Map entitled "Tract No. 17642-1 being a subdivision of a portion of
the southeast quarter of Section 35, Township 3 South, Range 4 East, San Bernardino Meridian,
also shown on Record of Survey Map Book 65 at page 33, official records of Riverside County,
State of California" filed on the 18th day of November 1981 in Map Book 122 at Pages 88
through 90, official Records of Riverside County, California.
(APN 669-500-part of 001)
PARCEL 2:
Being a part of Lot C of that Map entitled "Tract No. 17642-1 being a subdivision of a
portion of the southeast quarter of Section 35, Township 3 South, Range 4 East, San Bernardino
Meridian, also shown on Record of Survey Map Book 65 at page 33, official records of
Riverside County, State of California" filed on the 18th day of November 1981 in Map Book
122 at Pages 88 through 90, official Records of Riverside County, California and more
particularly described as follows:
Beginning at the southwest corner of Lot C; Thence northerly along the west line
of said Lot C N 00° 15' 14" E 1,467.00 feet; Thence S 89' 46' 28" E 50 feet
to the northwest corner of Lot 1 of said Tract No. 17642-1; Thence southerly
along the line between said Lot C and Lot 1 of Tract No. 17642-1, S 000 15' 14"
W 1,467.00 feet to the southwest corner of said Lot 1, said corner being also the
southeast corner of said Lot C; Thence westerly along the south line of said Lot
C N 890 46' 28" W 50 feet to the point of beginning.
(APN 669-500-part of 001)
EXHIBIT "A"
TO FIRST AMENDMENT
• EXHIBIT "B"
DEPICTION OF THE PREMISE
669-33
6 69 —50 ,POR.S.E. 114 SEC 35, T.3 S. R. 4 E.
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a ie•/e
n ir,is
' "-rr BK
M.B.l2ZrBB-90 Tract No. /7642--/
MB. 235,/84-85 7rcc1 No. 26943-/
EXHIBIT "B"
TO FIl2ST AMENDMENT
LANDLORD'S CONSENT TO MODIFICATION AND EXTENSION AGREEMENT,
ESTOPPEL CERTIFICATE AND NONDISTURBANCE AGREEMENT
This Landlord's Consent to Modification a"n_d E txtx ension Agreement.Estoppel Certificate and Nondisturbance Agreement 4 a
(the"Agreement")is entered into as of the t�day ofNovombcr, 1999.by the Community Redevelopment Agency of the
City of Palm Springs, a public body, corporate and politic ("Landlord"), in favor of California Federal Bank, a Federal
Savin6s Bank("Lender"),in connection with aModification and Extension Agreemerttolating too certain loan(the"Loan")
held by Lender. Lender's borrower is the Tenant(defined below).
RECITALS
A. By a lease as described with mote partiiculazity in paragraph 3.1 below(the"Lease"),Landlord's predecesscr in
interest,The City of Palm Springs,California,a municipal corporation,leased the preraiiees described in the Lease
to Tenant's predecessor-in-interest. The Tenant under the Lease is presently Santiago Sunrise village,a California
limited parmership.
B. The real property which is the location of die premismdesoribedinthcLcascis located at1500E.San RafaelRoad,
Palm Springs, State of Calilorma and is described with more parliculanty m Exhibit A anachod hereto (the -'
,.propem,,) �!iu
C. The representations and agreements herein are made by and among the parties hereto as further consideration for
Leader's enreringinto a terrain Modificarion and FxtcnsionAgn:==t(tire"Modification")with Tenant reladve
to that certain Loan(the"Loan")which is securod by a deed of trust,deed to secure debt,or mortgage("Security
Instrument") covering Tenant's Ieaseltold estate tmdcr the Lease. Landlord agrees that Lender's agreement to
modify and extend the Loan to Tenant constitutes adequate consideration for its agreements and representations
hereunder.
I. CONSENT TO MODIFICATION
1.1 Landlord bereby consents to the Modification(which includes, among Other things,the advance by Lender of
additional funds in the approximate amount of$533,000.00 to Tenant),and to the encumbrance of the Tenant's
leasehold estate by the Security histrument securing die Loan as modified by the Modification.
II, NOTICE/IUGRT TO CURE(NE'W LEASE UPON TERMINATION
11 In the event that Tenant defaults under the Lease giving Landlord the right to terminate the Leas-(including without
limitation any default by reason of bankruptcy or i❑s❑lvcncy of Tenant or the Tenant"s rejection of the Lease in any
ban1cuptcy or insolvency proceeding), Landlord shall give Lender written notice of default and of Landlord's
intention to termnate the Leasc. Before terminating the Lease,Landlord shall grant Lender the right to cure or
undertalro the elimination of such default within 60 days after Lender's receipt of such notice. If the default is non-
Q:U.ega11A5P\LoanMod\vantiago?.con Page I of 6
monetary(including without limitation arty default caused byTcnant's failufe to discharge nr cause to be dLcharged
any lien,charge ar encumbrancejunior in priorily to the Security Instrument)such default shall be deemed cured
and the Landlord shall not temrinato the Lease if(1)Lender shall,within 60 days after receipt of notice of such
defaultcommence and diligently prosecute such actions as may be necessary to cause the foreclosure of its Security
Instrument(including without limitation staking relief from the automatic stay provisions of Section 362 of the
13aulruptcy Code or any successor statute in any bankruptcy proceeding affecting such foreclosure;(2)all rents
shall be brought current within such 60-day period and shall be kept current throughout such foreclosure
proceedings;and(3)Lender shall undertake in writing to perform all other covenants of Tenant reasonably capable
of performance by Lender throughout such foreclosure pr❑ceedinga.
2.2 In the event of the commencement of a bankruptcy proceeding concerning the Tenant, the Landlord agrees and
acknowledges that the actual er deemed rejection of the Lease(or any"New Lease"entered into pursuant to the
terms of this Agreement)under any provision of the U.S.Bankruptcy Code or any successor law having similar
effect,shall not effect a termination of the Lease or affect or impair the Lender's lien thereon orrights with respect
thereon.
If it appears necessary to the Lender,in order to give legal or practical effect to the preceding sentence, or if
a court of competentji risdiction deternmes that the Least has been terminated by operation of law,The Landlord
agrees thatpromptly upon the wnttcn request of the Lender,the Landlord will enter into a now Rase("New Lease")
of the demised premises to the Lender or its designee(the"New Tenant")upon the same terms and conditions as
the Lease and having a term expiring on the same date as the Leese(including all options to renew but excluding
requirements which are,not applicable or which have already been fulfrlled). Notwithstanding anything to the
contrary in the Lease or any other document,the New Least shall be prior to any mortgage,deed of trust or other
lien,charge or encumbrance on the fee interest of Landlord,and the New Tenant shall have the same right,title and
interest in and to the demised promises and the buildings and improvements thereon as the Tenant had under the
Lease. The effectiveness of any provisions of the Now Lease entercd into with Lender pursuant to This paragraph
2.2 which arc incapable of performance by Lender due to the laws,rules,and regulation pertaining to Ltndcr as
a financial institution shall be suspended while the Lender is the lessee under the New Lease, The New Tenant
may,without the consent of Landlord,assign its interestunder the New Lease by a written assignment pursuant to
which the issigntc would assume and agree to perform all covenants of tenant thereunder provided that Landlord
is delivered a copy of the wl'lrren assignment promptly fbtlowing its execution.
2.3 Nn rejection or termination of the Lease shall operate to extinguish or impair permitted subleases of the subject
premises,nor any security interest in or assignment of rents as to those subleases that are in favor of the Lender.
Nothing is this Section H shall be deemed to prevent Landlord from pursuing any legal or equitable relief Landlord
may have againot Tenant. Nothing contained in this Agreement shall require Lender to cue any default by T❑nant
under the Lease or enter into a new Lease with Landlord.
2.4 Notices hereunder shall be deemed given two days after mailing by registered or enTtified mail, return receipt
requested,to Lender at the address set forth below or to Landlord at the address set forth below,as such addresses
may be changed from time to time by notice provided in accordance wish the provisions of This paragraph 2.4.
If to Landlord: The Community Redevelopment Agency
of the City of Palm Springs
3200 E.TahgW=Canyon Way
Palm springs,CA 92263
Attn: City Clerk
If to Lender: California Federal Banit
201 W.Lexington Drive,2" Floor
Glendale,CA 90203
Ann: Jill Faris,Vice President
Commercial Real Estate
Q:V..epslVtSPlLoaaMadVantiugo2.con Page 2 of
M. ESTOPPEL CERTIFICATE.
Landlord hereby Tepresencs to Lender;
3.1 7lial-ease,including without limitation all amendments(including withoutlimitaticirithai:cenain"FirstArriendmont
to Lease Agreement No.2443"dated as of November , 1999),consists of the following:
Lease Agreement dated Tune 29, 1987 between City of Palm Springs, California, as Landlord, and Santiago
Corporation,as Tenant. Pursuant to aninstrument entitled"Assignment ofLease by Lessor'(Sic)effective January
8, 1990 entered into by and between Santiago Corporation,a California corporation, as Assignor, and Santiago
Sunrise Village,a California limited partnership,consented to by Landlord,the lessee's interest in said Lease has
been assigned to Tenant
3.2 That all rents under the Lease have been paid through_ , 1999,except as follows:
ITEM AMOUNT
3.3 That tht Lease is in full force and effect and has not been modified or amended,other than as set forth above;that
all rants and other charges due thereunder have been paid and that there exist no claims for damages or oilier
liabilities of which the Landlord is aware arising out of the Lease or the performance of any terms, covenants or
conditions of the Least,
3 A That there are no existing uncured defaults by any party to the Lease nor is Landlord aware of any facts which,with
notice or the passage of time,would constitute a defatilt by any parry to the Lease,except as noted in 3.2 above.
3.5 Thatthere art no existing defenses or offsets which Landlord has against the enforcement of the Least by Tenant.
3.6 That Landlord has assumed,and agreed to Iceep,perform and fulfill, all of the obligations of tho lessor under the
Lease arising on or after the date of its acquisition of titla To rbe Property.
IV. NONDI5TURBANCE AND OTHER AGREEMENTS
4.1 In the event Lender should foreclose its Security Instrument(as modified by the Modification)by foreclosure,
trustee's sale or otherwise,or by acceptance of a deed-in-lieu of foreclosure, the Lease shall remain in full force
and effect as modified hereby. Landlord agrees that the purchaser at such sale or the party accepting such died-in-
lieu of foreclosure or the transfer thereof shall be entitled to all of The rights,privileges and benefits of Tenant
provided under the Lease,including but not limited to application of any advance tents or deposits held by Landlord
to Obligations under the Lease,and such purchaser or party shall be subject to all the obligations of tenant under
The Lease.
4.2. Landlord shall not permit the cancellation,surrender, amandintat or modification of tie Lease without the prior
written consent of Lender, Landlord agrees that there shall be no merger oftbe leasehold estate and fee estate in
the event that both estates are held directly or indirectly by the same person or entity, so long as the Security
Instrument is not released of record.
4.3 This Agreement is governed by and in accordance with the laws ofthe jurisdiction in which the Property is located,
except to the extant such law is contrary or inconsistent with the laws,rules or regulations of the United states now
in effeet or hereafter promulgated or to the extent such law restricts activities otherwise permitted to federally
chartered savings banks, in which ❑vent The laws, rules and regulations of the United States and the rules and
regulations relating to the activities of federally chartered savings banks shall apply.
Q:tLees1\ASP\LoanModU ontiago2.cnq Page 3 of6
1v
4.4 ThisAgretment shall be binding Upon and inUre to the bonefit of tbt Landlord,the Tenant and the Lander,and their
respective heirs,personal representatives,successors and assigns,
4.5 lf=Y term of this Agreement,or the application thereof to aperson or c rewnstance,shall to any cxtarube declared
invalid Or Unenforceable, the remainder of this Armament or the application of such temi, to parsons Or
circumstances other Than those to which it is invalid or Unenforceable shallnot be affected thereby and each term
of this Agreement shall remain valid and enforceable to the fullest extent permitted by low.
4.6 It is agreed that Landlord subordinates to all liens securing the Not$Until payment in full of the indebtedness
evidencedby the Note,every lion of Lanzllmd on,and every right of Landlord to institute proceedings to establish
any lien or claim against any or all of the property hypothecated as collates]for dm Note.
TN WITNESS MMMOF.this Agreement is entered in favor of the Lander as of the date fast above written.
LANDLORD:
THE COMMLJNTTY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS,
a public body,corporate and politic qs
2
By! Xz'
Page 4 of 6
ACHY OWLEDGEMENTS
STATE OF CALIFORNIA )
COUNTY OF`PImrs(CL 55:
On this I day of Q00i-nVy. 1999 before me, LQ 1. rJ , 1 flelin a
Notary Public In and for said State, personally appeared 7 a 1 S r(Co Cj F' personally known to
me(or proved to me on the basis of satisfactory evidence)to be the person whose name Is subscribed to the
within instrument and acknowledged to me that he executed The same in his capacity and that by his signature
on the Instrument the person or entity upon which the person acted, executed the Instrument.
WITNESS my hand and official seal, C 10�
Notary P'ubllo
My Commission expires:W1 26"I46D
r CON
,
v My e3rflm r"p,Puor,
STATE OF CALIFORNIA )
) ss:
COUNTY OF )
On this day of 1999 before me, a
Notary Public in and for said State, personally appeared , personally known to
me(or proved to me an the basis of satisfactory, evidence)to be the person whose name Is subscribed to the
within instrument and acknowledged to me that he executed the eame in his capacity and that by his signature
on the Instrument the person or entity upon which the person acted,executed the instrument.
WITNESS my hand and official seal.
Notary Public
My Commission expires:
Q:�L¢pIlIV.SY1LaanModlsanGugo2.con Page 5 of 6
File No. R-92-034
EXHIBIT "A"
LEGAL DESCRIPTION OF THE PREMISES
The Property as defined in the Estopple Certificate to which this
is attached encompasses Parcel "l" as described below.
PARCEL I:
All of Lot 1 of that Map entitled "Tract No. 17642-1 being a subdivision of a portion of
the southeast quarter of Section 35, Township 3 South, Range 4 East, San Bernardino Meridian,
also shown on Record of Survey Map Book 65 at page 33, official records of Riverside County,
State of California" filed on the 18th day of November 1981 in Map Book 122 at Pages 88
through 90, official Records of Riverside County, California.
(APN 669-500-part of 001)
PARCEL 2:
Being a part of Lot C of that Map entitled "Tract No. 17642-1 being a subdivision of a
portion of the southeast quarter of Section 35, Township 3 South, Range 4 East, San Bernardino
Meridian, also shown on Record of Survey Map Book 65 at page 33, official records of
Riverside County, State of California" filed on the 18th day of November 1981 in Map Book
122 at Pages 88 through 90, official Records of Riverside County, California and more
particularly described as follows:
Beginning at the southwest corner of Lot C; Thence northerly along the west line
of said Lot C N 00' 15' 14" E 1,467.00 feet; Thence S 89' 46' 28" E 50 feet
to the northwest comer of Lot 1 of said Tract No. 17642-1; Thence southerly
along the line between said Lot C and Lot 1 of Tract No. 17642-1, S 00' 15' 14"
W 1,467.00 feet to the southwest corner of said Lot 1, said comer being also the
southeast comer of said Lot C; Thence westerly along the south line of said Lot
C N 890 46' 28" W 50 feet to the point of beginning.
(APN 669-500-part of 001)
EXHIBIT "B"
DEPICTION OF THE PRFMiI�
669- 33
6 6.9 —JrO FOR-S.E: 114 SEC.35, 7 S. R. 4 E.
The Property as defined in the Estopple Certificate to which this
is attached encompasses Parcel "l" as depicted below.
Nd'I�lG old' lad
6 5
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33 /9
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0.64 k O. �y
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~ V O
PARCEL 11111
POR.T EX ••
V OEX
2.6/dc_ o.JTxnr \0
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acre LD no ne io .� ;L•�wtG O.J4 Ij Mr.
-
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Pe J/
SAN RAFAEL ORI VE
• re /J,/!
` n rr 50/
M.B.122168-90 Tract NO. /7642-/
US. ZU/94-85 Trocl No. 26943-/
EXHIBIT "B"
TO FIRST AMENDMENT