HomeMy WebLinkAbout01790 - CANYON DEVELOPMENT STICH SUBDIVISION TM 12848 Cindy Berardi,
From: Craig Ewing
Sent: Wednesday, September 29, 2010 1:27 PM
To: Cindy Berardi
Subject: RE: A2841 Canyon Development
Cindy,
According to a 2003 City Council staff report, "The Canyon Park Resort and Spa
Specific Plan (SP-1) was originally approved on July 19, 1991 ..." This agreement
must have been the work agreement for that plan, which is long completed.
You may close it out.
Craig A. Ewing, AICP
Director of Planning Services
City of Palm Springs Ob /�, ve-
3200 E. Tahquitz Canyon Way [V 1
v�n�vv�
Palm Springs, CA 92262
760-323-8269 WwLX�
50"Go all the way, then come back."
-VO
-- Harley Earl
From: Cindy Berardi
Sent: Wednesday, September 29, 2010 12:24 PM
To: Craig Ewing
Subject: A2841 Canyon Development
Craig, the attached Pre-Development Cooperation Agreement was facilitated by the Planning
Department and I am curious whether it can be closed or not? It's an old one! Thank you.
<<File: A2841 Canyon Development LP.pdf»
cincly Berardi
Deputy City Cleric
Office of the City(_"lent
City of Palm Springs
P. O. Box 2743
Palm Springs, CA 92262
(760)322-8355
Cindy.Berard i@palmspringsca.gov
Please note the office hours for City Hall are Monday-Thursday 8am-6pm, and we are closed on
Fridays.
RECEIVED FOR RECORD
RECORDING REQUESTED BY:
090234 AT8:000'CLOCK
51LVAaT TITLE OF TIE INLAND nTIRE c�MAR
WHEN RECORDED MAIL TO: MAR V L _ - F, 4 1995
City Clerk
City of Palm Springs RwdJNb CMWW RsWr&
P.O. Bo% Z�86z-:. «
Awwder
Palm Springs, CA 92263 7 1
Order No: 120392-11 SPACE ABOVE FOR RECO �d-
A.P. No's: 011-068/512-300-001 thru 026 & 028 thru 030
#512-291-001 thru 00'
#512-272-002 thru 007 and 009-018- '"SUBORDINATION AGREEMENT°
#512-293-001 thru 013
NOTICE: THIS SUBORDINATION AGREEMENT 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. �-
THIS AGREEMENT, made this 17th day of March 19 95
by CANYON DEVELOPMENT, A CALIFORNIA rgNFRAT PARTNERSHIP
owner of the land hereinafter described and hereinafter referred to as "Owner, " 1
and THE CITY OF PALM SPRINGS, A MUNICIPAL CORPORATION
present owner and 'bolder of the deed , of.-trust': and note_ first hereinafter
described and hereinafter referred to as "Beneficiary";
WITNESSETH
THAT WHEREAS, CANYON DEVELOPMENT, L.P. , A CALIFORNIA LIMITED PARTNERSHIP
did execute a deed of trust, dated MARCH 12, 1990 to TICOR TITLE
INSURANCE COMPANY OF CALIFORNIA, A CALIFORNIA CORPORATION
as trustee, covering:
LOTS 2 TO 63, INCLUSIVE, OF TRACT NO. 12848, AS SHOWN BY MAP ON FILE IN
BOOK 124, PAGES 1,2,3 and 4 OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA.
to secure a note in the sum of $ NONE SHOWN dated MARCH 12, 1990
in favor of THE CITY OF PALM SPRINGS, A MUNICIPAL CORPORATION
which deed of trust was recorded MARCH 15, 1990
in book n a page n/a Official Records of said
county; and INSTRUMENT NO. 93625
WHEREAS, Owner has executed, or is about to execute, a deed of trust and
note in the sum of $2,050.000.00 dated MARCH 20, 1995 in
favor of *SEE,,ATTACHED. .E%HIBIT. "A" FOR BENEFICIARIES*
hereinafter referred to as "Lender, " payable with interest and upon the terms and
conditions described therein, which deed of trust is to be recorded concurrently
herewith ;and
90234
WHEREAS, it is a condition precedent to obtaining said loan that said deed
of trust last above mentioned shall unconditionally be and remain at all times
a lien or charge upon the land hereinbefore described, prior and superior to the
lien or charge of the deed of trust first above mentioned; and .
WHEREAS, Lender is willing to make said loan provided the deed of trust
securing the same is a lien or charge upon the above described property prior and
superior to the lien or charge of the deed of trust first above mentioned and
provided that Beneficiary will specifically and unconditionally subordinate the
lien or charge of the deed of trust first above mentioned to the lien or charge
of the deed of trust in favor of Lender and;
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make
such loan to Owner; and Beneficiary is willing that the deed of trust securing
the same shall, when recorded, constitute a lien or charge upon said land which
is unconditionally prior and superior to the lien or charge of the deed of trust
first above mentioned.
NOW, THEREFORE, in consideration of the mutual benefits accruing to the
parties hereto and other valuable consideration, the receipt and sufficiency of
—which consideration is hereby acknowledged, and in order to induce Lender to make
the loan above referred to, it is hereby declared, understood and agreed as
follows:
(1) That said deed of trust securing said note in favor of Lender, any
renewals or extensions thereof, shall unconditionally be and remain at all times
a lien or charge on the property therein described, prior and superior to the
lien or charge of the deed of trust first above mentioned
(2) That Lender would not make its loan above described without this
subordination agreement
(3) That this agreement shall be the whole and only agreement with regard
to the subordination of the lien or charge of the deed of trust first above
mentioned to the lien or charge of the deed of trust in favor of Lender above
referred to and shall supersede and cancel, but only insofar as would affect the
priority between the deeds of trust hereinbefore specifically described, any
prior agreements as to such subordination, including, but not limited to, those
provisions, if any, contained in the deed of trust first above mentioned, which
provide for the subordination of the lien or charge thereof to another deed or
deeds of trust or to another mortgage or mortgages.
Beneficiary declares, agrees and acknowledges that
(a) He consents to and W approves all provisions of the note and deed
of trust in favor of Lender above referred to and (ii) all agreements, including
but not limited to any loan or escrow agreements, between Owner and Lender for
the disbursement of the proceeds of Lenders loan;
(b) Lender in making disbursements pursuant to any such agreement is under
no obligation or duty to, nor has Lender represented that it will, see to the
application of such proceeds by the person or persons to whom Lender disburses
such proceeds and any application or use of such proceeds for purposes other that
those provided for in such agreement or agreements shall not defeat the
subordination herein made in whole or in part;
- ' 90234
(c) He intentionally and unconditionally waives, relinquishes and
subordinates the lien or charge of the deed of trust first above mentioned in
favor of the lien or charge upon said land of the deed of trust in favor of
Lender above referred to and understands that in reliance upon, and in
consideration of, this waiver, relinquishment and subordination specific loans
and advances are being and will be made and, as part and parcel thereof, specific
monetary and other obligations are being and will be entered into which would not
be made or entered into but for said reliance upon this waiver, relinquishment
and subordination; and
(d) An endorsement has been place upon the note secured by the deed of
trust first above mentioned that said deed of trust has by this instrument been
subordinated to the lien or charge of the deed of trust in favor of Lender above
referred to.
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.
CITY OF PALZ SP I S, A CALIF. CORP.
BY: ✓ SEE ATTACHED SIGNATURE PAGES
ROB P S Beneficiary Title: CITY MANAGER Owner
All Signatures must be Acknowledged
State of
County of
On %!//arr,f/ oho /45_before me, /r'y'�7�
ame Title of Officer 4 Notary Public
personally appeared �—� � �rz A,;
Namels) of Signer(s)
personally known to me - OR - 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 canacity(ies) ,
and that by his/her/their signature(s)
on the instrument the person(s) , or the
n"%�^v.a"'' �^� '�• li9 entity upon behalf of which the
person(s) acted, executed the
pu CD�n,.Fjlpk•ctsMap➢6➢aP�L' instrument.
19AY 18, 1998 _ WITNESS my hand and official s al. --
Si r of oaa_ry
911A
MARYBETH D. tO6MBS
MY COMMISSION #1026998 EXPIRES May 18, 1998
90234 .
CANYON DEVELOPMENT, L.P., a
California Limited Partnership
By: ADLER CANYON PROPERTIES, INC.,
A CALIFORNIA CORPORATION
By:
Jo h Solomon, Vice President
90234
ALL-PURPOSE ACKNOWLEDGMENT
�•_e_e_e_e_e_e_e_es.e_e_e_e_e_e_e_e_e�
State of California
•
Count ss. f
y of Y_Al�/ �/
IOn /'/O�c��3 19��� before me,
• (DATE (NOTARY) •
I personally appeared _/� « L �0rii o/> '
SIGNERS)
❑ personally known to me - OR- proved to me on-the basis of satisfactory •
• evidence to be the person(s) whose name(s) I
Iis/are subscribed to the within instrument and f
' acknowledged to me that he/she/they executed i
the same in his/her/their authorized
i capacity(ies), and that by his/her/their I
signature(s) on the instrument the person(s),
or the entity upon behalf of which the
F aEx•.�
person(s) acted, executed the instrument.
"am
ri
de
•
Y ide
x WITNESS my hand and official seal. i
NOTARY'S !
OPTIONAL INFORMATION !
The information below is not required by law. However, it could prevent fraudulent attachment of this ac wl- I
I edgment to an unauthorized document. J •
CAPACITY CLAIMED BY SIGNER (PRINCIPAL) DESCRIPTION OF ATTACHED DOC ENT
e
❑ INDIVIDUAL
❑ CORPORATE OFFICER
•Trrce(s)
TITLE OR TYPE OF OCUMENT I
' ❑ PARTNER(S) '
• ❑ ATTORNEY-IN-FACT •
' ❑ TRUSTEE(S) NUMBER OF PAGES '
• ❑ GUARDIAN/CONSERVATOR •
I ❑ OTHER: e
•
e DATE OF DOCUMENT
• SIGNER IS REfl�Ns)TING: '
NAME OF PERSON(S)OIE i
• OTHER •
L._._. .-•-•-.-•-•-.-•-•-.-•-•-e_._.J
APA 1/94 VALLEY-SIERRA, 800-362-3369
' - EXHIBIT "A" 90234
BENEFICIARIES OF NEW TRUST DEED TO RECORD IN THE AMOUNT OF $2,050,000.00 ARE AS FOLLOWS:
M 8 R INVESTMENTS, A WASHINGTON GENERAL PARTNERSHIP, AS TO AN UNDIVIDED 46.41% INTEREST;
MELVYN HABER REVOCABLE TRUST u/t/d DECEMBER 13, 1983, AS TO AN UNDIVIDED 27.87% INTEREST;
LITWACK ENTERPRISES, INC. RETIREMENT TRUST, AS TO AN UNDIVIDED 2.79% INTEREST;
ROBERT KARGER, M.D., INC., EMPLOYEE PENSION TRUST FUNDS, AS TO AN UNDIVIDED 8.13% INTEREST;
CHARLES GRENADIER, A MARRIED MAN AS HIS SOLE AND SEPARATE PROPERTY AS TO AN UNDIVIDED 5.57%
INTEREST;
JEFFREY E. FROMBERG, A MARRIED MAN AS HIS SOLE AND SEPARATE PROPERTY AS TO AN UNDIVIDED 5.05%
INTEREST;
DREW WINKLER, DBA DW REAL ESTATE INVESTMENT COMPANY, AS TO AN UNDIVIDED 4.18% INTEREST;
ALL AS TENANTS IN COMMON
�q
RECORDING REQUESTED BY: OAR 2 9 ���� W �
THE CITY OF PALM SPRINGS
O rq
AND WHEN RECORDED RETURN TO: ) ; ,q m Q a
THE CITY OF PALM SPRINGS
3200 E. Tahquitz-McCallum Way )
P. O. Box 1786 )
Palm Springs, California 92263 )
SUBSTITUTION OF TRUSTEE
WHEREAS, STICH ASSOCIATES OF CALIFORNIA, INC. was the
Noriginal Trustor, TICOR TITLE INSURANCE COMPANY OF CALIFORNIA
i1 was the original Trustee, and THE CITY OF PALM SPRINGS, a muni-
cipal corporation of the State of California, was the original
1\ Beneficiary under that certain Deed of Trust made the 31st day
of January, 1990, and recorded on the 15th day of February,
1990, as Instrument No. 57658 of Official Records of Riverside
County, California; and
kn
WHEREAS, THE CITY OF PALM SPRINGS desires to substitute
itself as Trustee under said Deed of Trust in the place and
stead of the original Trustee thereunder.
NOW, THEREFORE, THE CITY OF PALM SPRINGS, whose address
is 3200 East Tahquitz-McCallum Way, Palm Springs, California
92262, substitutes THE CITY OF PALM SPRINGS as Trustee under
said Deed of Trust.
Dated this 1/09,' day of March, 1990.
THE CITY OF PALM SPRINGS, a
California municipal corporation
BY l .;
Norm King,' City Manager
� ;
t'
93G21
STATE OF CALIFORNIA )
ss .
COUNTY OF RIVERSIDE )
On ��7 � c /Z r �y , 1990, before me, the undersigned,
a Notary Public in and for said State, personally appeared NORM
KING, personally known to me or proved to me on the basis of
satisfactory evidence to be the City Manager of The City of
Palm Springs, who executed the within instrument on behalf of
The City of Palm Springs, the municipal corporation that executed
the within instrument, and acknowledged to me that such corpora-
tion executed the within instrument pursuant to the rules and
regulations of the City of Palm Springs .
WITNESS my hand and official seal.
' ;� EPl➢9�!��. cOrs u �,,r� � � �
q t.�?.,;�1 �m'eesiueccum�r
Al,'_"1^� e�1'1131o�� 2s 1990 1I ' NOTARY PUBLIC 7
D-10/12
-2-
SCHLECHT, SHEVLIN & SHOENBERGER
JAMES M.SCHLECHT A LAW CORPORATION
TELEPHONE 16J21 320-1161
JOHN C.SHEVLIN LAWYERS TELECORIER 10101 323-II56
JOH A.SHOENBERGER
JOEL S. MILIBAND POST OFFICE 90% 1906
DANIEL T.JOHNSON 801 EAST TAHOUITZ WAY, SUITE 100 IN REFLY REFER TO
JOS
GIBBS
EPHA.ERRIER
ALLEN O.PERKIE PALM SPRINGS, CALIFORNIA 92263-1906 7103
ALL
BONNIE GARLAND GU55
WALTER J.R.TRAVER
CRAIG W. MGARTHUR
March 8, 1990
!,71�-7r�� �I
M
AP, 12 799� D
Mr. John Mangione Co
Director of Community Development MMBMTyp
City of Palm Springs fVf(�aMEpi
P. 0. Box 1786
Palm Springs, California 92263
RE: TRACT NO. 12848 -- STICH ASSOCIATES OF
CALIFORNIA, INC. (LETTER OF CREDIT)
Dear John:
Enclosed is a Release, in favor of the Hartford National
Bank, which hopefully will resolve any issues relating to the
Letter of Credit and Amendment to the Letter of Credit provided
by the Hartford National Bank on the obligation of Stich Asso-
ciates of California on Tract No. 12848.
Please have the document signed by Norm King and return
it to me at your earliest convenience.
Very truly yours,
SCHLECHT, SHEVLIN & SHOENBERGER
A Law Corporation
Z�a or
r����
ALLEN O. PERRIER
AOP:dlr
Enclosure
cc: Peter Stich (w/enclosure)
James M. Schlecht, Esq. (w/enclosure )
C-1/46
R E L E A S E
THIS RELEASE is entered into by THE CITY OF PALM SPRINGS
this _ day of March, 1990, in view of the following Recitals:
RECITALS
A. Stich Associates of California caused the Hartford
National Bank of Hartford, Connecticut, to issue to The City
of Palm Springs a Letter of Credit in the sum of $1,277, 000. 00,
pursuant to that certain Letter of Credit No. 82-SB-2839 (SAC) ,
a copy of which is attached to this Release, marked Exhibit "A. "
B. Stich Associates of California caused the Hartford
National Bank of Hartford, Connecticut, to issue to The City
of Palm Springs an Amendment to the aforementioned Letter of
Credit, dated December 23, 1985, to extend the expiration date
to February 3, 1990, and to increase the total value of the
Letter of Credit to $1, 396,800. 00. A copy of said Amendment
is attached, marked Exhibit "B. "
C. Prior to February 3, 1990, Stich Associates of Cali-
fornia provided alternative security to The City of Palm Springs,
and by virtue thereof became entitled to the surrender of such
Letter of Credit, as amended.
D. The City of Palm Springs has been unable to locate
the original of either the Letter of Credit or the Amendment
to the Letter of Credit, copies of which are attached, marked
Exhibits "A" and "B, " respectively.
NOW, THEREFORE, for valuable consideration:
1. The City of Palm Springs represents and warrants
that it has not assigned the Letter of Credit, as amended, and
that the originals of both documents are lost.
2. The City of Palm Springs hereby releases Hartford
National Bank from any and all claims and demands against the
Hartford National Bank arising out of or in any manner related
to the Letter of Credit, as amended.
Executed this _ day of March, 1990, at Palm Springs,
California.
THE CITY OF PALM SPRINGS
BY n,.�.✓
City Manager
D-10/4
-2-
V Ci r..dlIL"
"MARTAANK" HAATIItLX.HFD)
. ISWIFT AND,HFD)
SWIFT ADDRESS:
/KJ[1m/•i�, HNBTUS B7
INTERNATIONAI DIVISION January 27, 1982 cb
NARTFORD,CONNECTIOIJT OSI IS U,S.A. DATE ____
Advised BY AIRMAIL/MAIL
O Advised BY CABLE- This mail confirmation must be attached I the able notification of this credit and is available only for such amount
as has not already been availed of under such cable notification.
ALL COMMUNICATIONS SHOULD HART FORD N AT IONAL BANK g2-SB-2839(SAC) ADVISING BANK
REFER TO THE FOLLOWING LETTEn OFCREDIT HO. ADVICE OF CREDIT NO
BENEFICIARY ADVISING BANK
City of Palm Springs
City Manager
City Hall
Palm Springs, California
DEARSIRS; We hereby establish in your favor our urtonditional and irrevocable standby
letter of credit number 82-SB-2839(SAC) for the account of Stich Associates of
California, 3353 Andreas Hill Road, Palm Springs, California 92262 for U.S.
Dollars One Million Two Hundred Seventy-Seven Thousand and 00/100 (US$1,277,000.00)
which is available for negotiations of your drafts at sight, drawn on Hartford
National Bank & Trust Company, International Division, 777 Main Street, Hartford,
Connecticut, bearing the clause "Drawn under Hartford Nadonal Bank Letter of
Credit number 82-SB-2839(SAC)," and accompanied by a statement dated no earlier
than October 1, 1982, purportedly signed by the city manager of the City of
Palm Springs, California, on behalf of the beneficiary certifying as follows:
"Stich Associates of Cllifornis, 3353 Andreas Hill Road, Palm Springs,
California 92262, has defaulted in its improvement obligation, beyond
applicable notice and grace periods, under that certain subdivision
improvement agreement for tract number 12848 between the City of Palm
Springs, OTlifornia and Stich Associates of California, 3353Andreas Hill.
Road, Palm Springs, California 922620 and that the sum of US$1,277,000.00
is required by the beneficiary of such lesser sum as determined in the sole
discretion of the beneficiary, in order to perform such improvement default
obligations."
This letter of credit will expire at our office in Hartford, CT on April 1, 1986.
We hereby engage with drawers and/or bonafide holders that drafts drawn in
conformity with the terms of this letter of credit will be duly honored on pre-
sentation to the undersigned bank.
(Officer �Sr. VP & gr.
(Of i'cer) AVP
DRAWINGS HEREUNDER MUST BE ACCOMPANIED BY ORIGINAL OF THIS CREDIT AND AMENDMENTS THERETO.
UNLESS OTHERWISE EXPRESSLY STATED. THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICES FOR COMMERCIAL DOCUMENTARY CREDITS FIXED
BY THE INTERNATIONAL CHAMBER OF COMMERCE, (1974 REVISION) IOC PUBLICATION NO. 290, AND IS GOVERNED BY THE UNIFORM COMMERCIAL CODE OF CON.
NECTICUt, AS FROM TIME TO TIME AMENDED.
THE FOLLOWING INSTRUCTIONS APPLY IF MARKED WITH AN "X";
❑DOCUMENTS MUST BE PRESENTED TO THE NEGOTIATING BANK NOT LATER THAN DAYS AFTER ISSUANCE DATE OF SHIPPING DOCUMENTS, BUT
WITHIN CREDIT VALIDITY.
❑WHEN PRESENTING DOCUMENTS UNDER THIS CREDIT, PLEASE INCLUDE AN ADDITIONAL COPY OF YOUR INVOICE(S) FOR OUR FILES. TO CONFORM WITH THE
INTERNATIONAL CHAMBER OF COMMERCE RULES COMMERCIAL INVOICES MUST DESCRIBE MERCHANDISE EXACTLY AS STATED IN THE LETTER OF CREDIT,
INSTRUCTIONS FOR ADVISING BANK
PLEASE FORWARD THE ATTACHED LETTER OF CREDITIAMENOMENT TO THE BENEFICIARY UNLESS OTHERWISE INSTRUCTED, RETAINING THIS COPY
FOR YOUR FILES,
❑THE ORIGINAL LETTER OF CREDIT HAS BEEN FORWARDED TO THE BENEFICIARY AND NO ACTION ON YOUR PART IB NECESSARY.
THIS REFERS TO OUR CABLE OF TODAY.
ACKNOWLEDGMENT ONLY. VERYTRULYYOUIT
❑ TO BE DELIVEREDTHROUGH
ogic 180
t SSS REV
AUTHORIZED SIGNATVRE
I` veD EXHIBIT "A"
1
A// / /
Aink
XI Head Office: International Div.. MSN 219. 777 Main St.. Hartford.Connecticut 06115. USA Telex Nbr. 9.9339 (CTNB HFDI: SWIFT Address: CTNB US 33
❑Bridgeport Office: International Div.. MSN 5154. 888 Main St.. Bridgeport. Connectiticul 06602. USA Telex Nbr: 9-64361 (CT NATBANK BGT)
12-23-85cks
Dale
All communications should ConneClicul Nalienal Bank Lefler Creoa No. Advising Bank Advice Na
Refer To The Following. 82-SB-2839(SAC)
=lBank
Account"
Stich Associates of California
3353 Andreas Hill Road
Palm Springs, California 92262
Beneficiary
City of Palm Springs ❑ This confirms our telex of today
City Manager Advised by telex.
City Hall
Palm Springs, California This amendment is to be considered as part of the
above credit and must be attached thereto.
Dear Sirs:
The above mentioned credit is amended as follows-
Amendment G 2:
1) . The expiration date has been extended to February 3, 1990.
2)_ This LC has been increased from One Million Two Hundred and Seventy Seven Thousand
Dollars (USDL 1,277,000.00) to a total value of One Million Three Hundred Ninety Six
Thousand Eight Hundred Dollars (USDL 1,396,800.00) .
Subject increase is intended to comply with the provisions of the sub-division improvement
agreement as amended on October 17, 1985 for Tract no. 12848 between the City of Palm
Springs California and Stich Associates of California.
remain ;ncnar;gec
ot-l5.. _.�re5511 Slated MIS Cted' S - . .
S.:J1EU IO the iln iO.r.
by
^y' Cnamce dl commerce :,..i •• - -..- � .
• hl�.agi .'gr.a 9evscr.l :CC P..:i
a: Ccn'n•icc: :.. Line to tine amended . . . •. ••� ^:r e ;,,�r—
To be dePvered through -
very , yo✓5
JUDtTH . -ANG SROBINSON
r I (/ IN. RNATIONAL O?..RATIONS OFFICER
EXHIBIT 'B' \oRfGiNAI--�
CABLE
SWIFT
TADDRESS Hart�rd National B&k (HARTBANK,HFD)
SWIFT ADDRESS
HNBx US 33 INTERNATIONAL DIVISION, 219
HARTFORD, CONNECTICUT 06115 U.S.A. February 1, 1982 cb
OAiE
ALL COMMUNICATIONS SHOULD HARTFORD NATIONAL BANK LEITER c.EOu No nomswc BANK ADVICE NO
REFER TO THE FOLLOWING. 82-SB-2839(SAC)
ADVISING BANK ACCOUNTEE
BENEFICIARY
City of Palm Springs ❑ This confirms our telex of today.
City Manager ❑ Advised be telex.
City Hall
Palm Springs, California This amendment is to be considered as part odthe
above credit and must be attached thereto
Dear Sirs:
The above mentioned credit is amended as follows:
DELETE: "Stich Associates of (aifornia, 3353 Andreas Hill Road, Palm Springs, California
92262, has defaulted in its improvement obligation, beyond applicable notice and
grace periods, under that certain subdivision improvement agreement for tract
number 12848 between the City of Palm Springs, California and Stich Associates
of California, 3353 Andreas Hill Road, Palm Springs, California 92262, and that
the sum of US$1,277,000.00 is required by the beneficiary of such lesser sum as
determined in the sole discretion of the beneficiary, in order to perform such
improvement default obligations."
ADD: "Stich Associates of California, 3353 Andreas Hill Road, Palm Springs, California
92262, has defaulted in its improvement obligation, beyond applicable notice and
grace periods, under that certain subdivision improvement agreement for tract
number 12848 between the City of Palm Springs, California and Stich Associates
of Californd§ 3353 Andreas Hill Road, Palm Springs, Cdifornia 92262, and that
the sum ,�1,277,000.00 is required by the beneficiary or such lesser sum as
determi e1-,"I" "the sole discretion of the beneficiary, in order to perform such
improve en,t efau-It obligatiopa."
j
/
r 77" it to AVP Mrs. Alice L. Brennan AV
All other MIS and cdPSdit)ons remain unchanged. -
Unless otherwise expressly stated, this credit is subject to the uniform customs and practices for commercial
documentary credits fixed by the International Chamber of Commerce, (1974 Revision) ICC Publication No. 290, and
is governed by the Uniform Commercial Code of Connecticut, as from time to time amended
❑ Please forward the attached amendmentto the Beneficiary, unless otherwise instructed, reta)ningthis copy for your files.
❑ The original amendment has been forwarded to the Beneficiary and no action on your part is necessary.
❑ This refers to our cable of today.
❑ Acknowledgment only.
❑ TO BE DELIVERED THROUGH Very truly yours,
2"t 852 REV /80
�. (A,11.r
ORIGINAL ed SignaW re)""��-
. . __
CABLE ADDRESS W
TBAN -9339-9339 TELEX 9
"HARTBANK" (HAR
SWIFT ADDRESS
HNRTUS 33
INTERNATIONA!r DIVISION January 27, 1982 Cb
HARTFORD,CONNECTI6V'T06115 U.S A. DATE
r
0 Advised BY AIRMAIL/MAIL
❑ Advised BY CABLE- This mail confirmation must be attached to the cable notification of this credit and is available only for such amount
as has not already been availed of under such cable notification.
ALL COMMUNICATIONS SHOULD HARTFORD NATIONAL BANK 82-SB-2839(SAC) ADVISINGBANK
REFERTOTHEFOLLOWING LETTEROFCREDIT NO. ADVICE OF CREDIT NO
BENEFICIARY ADVISING BANK
City of Palm Springs
City Manager
City Hall
Palm Springs, California
DEARSIRS. We hereby establish in your favor our urk'Onditional and irrevocable standby
letter of credit number 82-SB-2839(SAC) for the account of Stich Associates of
California, 3353 Andreas Hill Road, Palm Springs, California 92262 for U.S.
Dollars One Million Two Hundred Seventy-Seven Thousand and 00/100 (US$1,277,000.00)
which is available for negotiations of your drafts at sight, drawn on Hartford
National Bank & Trust Company, international Division, 777 Main Street, Hartford,
Connecticut, bearing the clause "Drawn under Hartford National Bank Letter of
Credit number 82-SB-2839(SAC) ," and accompanied by a statement dated no earlier
than October 1, 1982, purportedly signed by the city manager of the City of
Palm Springs, California, on behalf of the beneficiary certifying as follows:
"Stich Associates of Claifornia, 3353 Andreas Hill Road, Palm Springs,
California 92262, has defaulted in its improvement obligation, beyond
applicable notice and grace periods, under that certain subdivision
improvement agreement for tract number 12848 between the City of Palm
Springs, Qlifornia and Stich Associates of California, 3353Andreas Hill
Road, Palm Springs, California 92262, and that the sum of US$1,277,000.00
is required by the beneficiary of such lesser sum as determined in the sole
discretion of the beneficiary, in order to perform such improvement default
obligations."
This letter of credit will expire at our office in Hartford, CT on April 1, 1986.
We hereby engage with drawers and/or bonafide holders that drafts drawn in
conformity with the terms of this letter of credit will be duly honored on pre-
sentation to the undersigned bank.
(Officer) Sr. VP
(Officer) AVP
DRAWINGS HEREUNDER MUST BE ACCOMPANIED BY ORIGINAL OF THIS CREDIT AND AMENDMENTS THERETO
UNLESS OTHERWISE EXPRESSLY STATED, THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICES FOR COMMERCIAL DOCUMENTARY CREDITS FIXED
BY THE INTERNATIONAL CHAMBER OF COMMERCE, (1974 REVISION) ICC PUBLICATION NO. 290, AND IS GOVERNED BY THE UNIFORM COMMERCIAL CODE OF CON-
NECTICUT, AS FROM TIME TO TIME AMENDED.
THE FOLLOWING INSTRUCTIONS APPLY IF MARKED WITH AN "X"
❑DOCUMENTS MUST BE PRESENTED TO THE NEGOTIATING BANK NOT LATER THAN DAYS AFTER ISSUANCE DATE OF SHIPPING DOCUMENTS, BUT
WITHIN CREDIT VALIDITY.
WHEN PRESENTING DOCUMENTS UNDER THIS CREDIT, PLEASE INCLUDE AN ADDITIONAL COPY OF YOUR INVOICE(S) FOR OUR FILES. TO CONFORM WITH THE
INTERNATIONAL CHAMBER OF COMMERCE RULES COMMERCIAL INVOICES MUST DESCRIBE MERCHANDISE EXACTLY AS STATED IN THE LETTER OF CREDIT
INSTRUCTIONS FOR ADVISING BANK
0 PLEASE FORWARD THE ATTACHED LETTER OF CREDITIAMENOMENT TO THE BENEFICIARY UNLESS OTHERWISE INSTRUCTED, RETAINING THIS COPY
FOR YOUR FILES
❑THE ORIGINAL LETTER OF CREDIT HAS BEEN FORWARDED TO THE BENEFICIARY AND NO ACTION ON YOUR PART IS NECESSARY.
❑THIS REFERS TO OUR CABLE OF TODAY.
VERY TRULY YOUR§,
(]ACKNOWLEDGMENT ONLY.
� ^�
TOBEDELIVEREDTHROUGH
C•RIIJI"L AU HORIZED SIGNATUBE
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RECORDING REQUESTED BY: ) Y
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( THE CITY OF PALM SPRINGS ) LL Up �C Pi o(3 c�i
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AND WHEN RECORDED RETURN TO: ; >� a , M
C'J THE CITY OF PALM SPRINGS ) E i
3200 E. Tahquitz-McCallum Way )
cc
P. O. Box 1786
Palm Springs, California 92263 )
FULL RECONVEYANCE
THE CITY OF PALM SPRINGS, a California municipal corpora-
tion, as the duly appointed Trustee under the Deed of Trust
hereinafter referred to, having heretofore released STICH ASSO-
CIATES OF CALIFORNIA, INC. from all obligations under that certain
Subdivision Improvement Agreement between STICH ASSOCIATES OF
CALIFORNIA, INC. and THE CITY OF PALM SPRINGS dated January 22,
1982, does hereby reconvey, without warranty, to the person
or persons legally entitled thereto, the estate now held by
e it thereunder. Said Deed of Trust was executed by STICH ASSO-
CIATES OF CALIFORNIA, INC. as Trustor, on January 31, 1990,
and recorded in the Official Records of Riverside County, Califor-
nia, on February 15, 1990, as Instrument No. 57658.
IN WITNESS WHEREOF, THE CITY OF PALM SPRINGS, a California
municipal corporation, has caused this Full Reconveyance to
be entered by its City Manager this /`��Aday of March, 1990,
at Palm Springs, California.
THE CITY OF PALM SPRINGS, a
California municipal corporation
BY
Norm King; City Manager
93f2�
STATE OF CALIFORNIA )
ss.
COUNTY OF RIVERSIDE )
On /��, 1990, before me, the undersigned,
a Notary Public in and for said State, personally appeared NORM
KING, personally known to me or proved to me on the basis of
satisfactory evidence to be the City Manager of The City of
Palm Springs, who executed the within instrument on behalf of
The City of Palm Springs, the municipal corporation that executed
the within instrument, and acknowledged to me that such corpora-
tion executed the within instrument pursuant to the rules and
regulations of the City of Palm Springs.
WITNESS my hand and official seal.
Yl FICLAL�l✓h6,
cF�of eau a _
RIVE v�l,�k araeasloe coumw ''� NOTA Y,'1�UBLIC
L ipims Doc 25 1990
D-10/13
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RECORDING REQUESTED BY
4 0
THE CITY OF PALM SPRINGS it v �
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2 0 e
44 i 0Cam
4 a
Q. O U
T 99
� F I* 0� �.
171 AND WHEN RECORDED MAIL TO 8 W r_1 S�
s
N FCITY CLERK —I ame U 1yu
Street CITY OF PALM SPRINGS W o
AddressP. 0. Box 1786 cc
city& Palm Springs, California 92263
State L 1
SPACE ABOVE THIS LINE FOR RECORDER'S USE
SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS
THIS DEED OF TRUST made this /2_g1 dayof March, 1990 between
a CANYON DEVELOPMENT, L.P. , a California limited partnership
,herein called TRUSTOR,
whose address is 2250 Slmmitridge Drive Beverl . Hills, CA 90210
(nu�Sberandstreet) (Xty) (state) (Zip)
TICOR TITLE INSURANCE COMPANY OF CALIFORNIA,a California corporation,herein called TRUSTEE,and
THE CITY OF PAIM SPRINGS, a mmicipal corporation
herein called Beneficiary
WITNESSETH: That Truster IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN TRUST, WITH POWER OF
SALE,that property in the City of Palm Springs, Riverside County,California,described as:
Legal description as set forth on attached exhibit.
*-,'The faithful performance by Trustor and the payment of the cost of the labor and
materials for inprovements required to be constructed by Trustor under that certain
Subdivision Ilrprovement Agreement between Trustor and the City of Palm Springs dated
January 22, 1982, as amended by three amendments.
TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the right, power and authority given to and conferred upon
Beneficiary by paragraph(10)of the provisions incorporated herein by reference to collect and apply such rents,issues and profits.
FOR THE PURPOSE OF SECURING. 1. Performance of each agreement of Truslor incorporated by reference or contained harem`2 ent 5',
prnp,a .,ti ,pfte may hn .,rrnm Rpnpf'r aq,jAjh irjenrecl hy„noothar ontp(or tes!s)c.prr..w�,csns cured,
r� TO PROTECT THE SECURITY OF THIS DEED OF TRUST TRUSTOR AGREES: By the execution and delivery of this Deed of Trust and the note
secured hereby,that provisions(1)to(14),inclusive,of the fictitious deed of trust recorded in Santa Barbara County and Sonoma County October 18,
1961,and in all other counties October 23, 1961,in the book and at the page of Official Records in the office of the county recorder of the county
where said property is located,noted below opposite the name of such county,viz..
g7� COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE
Alameda 435 684 Kings 792 833 Placer 895 301 Sierra 29 335
IP'O Alpine 1 250 Lake 362 39 Plumas 151 5 Siskiyou 468 181
Amador 104 348 Lassen 171 471 Riverside 3005 523 Solano 1105 182
Butte 1145 1 Los Angeles T2055 899 Sacramento 4331 62 Sonoma 1851 689
Calaveras 145 152 Madera 810 170 San Benito 271 383 Stanislaus 1715 456
Colusa 296 617 Marin 1508 339 San Bernardino 5567 61 Sutter 572 297
Contra Costa 3978 47 Mariposa 77 292 San Francisco A332 905 Tehama 401 289
Del Norte 78 414 Mendocino 579 530 San Joaquin 2470 311 Trinity 93 366
El Dorado 568 456 Merced 1547 538 San Luis Obispo 1151 12 Tulare 2294 275
Fresno 4626 572 Modoc 184 851 San Mateo 4078 420 Tuolumne 135 47
Glenn 422 194 Mono 52 429 Santa Barbara 1878 860 Ventura 2062 386
Humboldt 657 527 Monterey 2194 538 Santa Clara 5336 341 yolo 653 245
Imperial 1091 501 Napa 639 86 Santa Cruz 1431 494 Yuba 334 486
Inyo 147 598 Nevada 305 320 Shasta 6B4 528
Kern 3427 60 Orange 5889 611 San Diego Series 2 Book 1961,Page 183887
(which provisions,identical in all counties,are printed on the reverse hereof)hereby are adopted and incorporated herein and made a part hereof as
fully as though set forth herein at length, that he will observe and perform said provisions, and that the references to property,obligations,and
parties in said provisions shall be construed to refer to the property,obligations,and parties set forth in this Deed of Trust.
The undersigned Truster requests that a copy of any Notice of Default and of any Notice of Sale hereunder be mailed to him at his address
herembefore set forth.
STATE OF CAUFOF"a,". - 1
COUNTYOF SS.
Signature of Truster
On See Attached Signature Page
before me, the undersigned, a Notary Public in and for said State,
personally appeared (acoiporalim)
personally known to me or proved to me on the basis of satisfactory By
Re Me t)
evidence to be the person who executed the within instrument as
the President, By
and (9ecrelary)
personally known to me or proved to me on the basis of satisfactory
evidence to be the person who executed the within instrument as
the Secretary
of the Corporation that executed the within instrument and acknowl-
edged to me that such corporation executed the within instrument pur-
suant to its by-laws or a resolution of its board of directors.
WITNESS my hand and official seal. -
Signature
(This area for official notarial seal)
Title Order No. Escrow or Loan No
-DO NOT RECORD ,
The following is a copy of rdvu at
lons(1)to(14),inclusive,of the fictitious deed must,recorded in each county in California,life ifora, listed in the foregoing Deed of True and
incorporated by raf trance it snSDeed of Trust as being a part thereof..if wfwth atlength therein.
TO PROTECTTHE SECURITY OF THIS DEED OF TRUST,TRUSTOR AGREES:
It) To keep said property In good condition and repair;not to remove or demolish any building thereon;to complete or restore promptly and in goad and workmanlike manner
any building which may be constructed,damaged or destroyed thereon and to pay when due.11 claims for labor performed and materials furnished therefor;to comply withal)laws
alocting said property at regmrfng any alterations or improvements to be made thereon;not to commit or permit waste the radii not to commit,suffer or permit any act upon said
property in violation of law;;to cultivate,his— tio,f n ilba,fumigate,prune and do all other acts which from the character of use of said property may be reasonably necessary,the
specific enumeration.herein not excluding Is egeneral„I
(2) To provide,maintain anddeliver to Beneficiary firalnsurancesatlsfettoryto ondwith lompayable to Beneficiary.The amountcollected underanyfire or other insurance policy
may be applied by Beneficiary upon any indebtedness sera red hereby and in such orders Beneficiary may determine,or at option of Beneficiary the entire amount no collected or any
paditereofmayberelowedto roger Such eppl lesion or release shall not coo re or waive any default or notice of default hereunder orInvalidate any act done pursuant to such notice,
(31 To appear in and defend any action or Proceeding purporting to afraid the security hereof or the rights or powers of Bsnefici.ry or7rustee;and to pay ail coats and expemes,
including cost of evidence of title and epornays fees in.reasonable sum,in any such action or proceeding in which Beneficiary or rum"may appear,and in any suit brought by
Benehciarylofdrecicimthis Deed. -.
(4) To pay:at least ten days before definquency elf taxes and.sussments affecting said property,including assessments on appurtenant water stock;when out,ail broom.
brances,charges and liens,with interest,on mid property or any partthareof,which appmrto be prior or superior hereto;all=.is,fees and expenses of this Trust
Should Trustor fail to make any payment or to do any act as herein provided,then Beneficiary or Trustee,but without obligation so to do and without notice to or demand upon
Trustor and without releasing Trustor from any obligation hereof,may:make ordo the some in such manner and to such extent as either may deem necessary to protect the security
hereof,Beneficiary or Tru ruse being authorized to enter upon said property for such purpose;appear in and defend any action or proceeding purporting to stied the saw riy hereof or
the rights or powers of Beneficiary or Trustee;pay,purchase,contest or compromise any incumbrance,charge or lien which on the judgment of either appears to be prior or superior
hereto;and,in exercising any such powers,pay necessary expenses,employ double)and pay his reasonable two.
(5) To pay immediately and without demand all sums so expended by Beneficiary or Trust",with interest from date of expenditure at the amount allowed by lawin effect at the
date hereof,and to pay for any statement provided for by law in effect at the date hereof regarding the obligation secured hereby any amount demanded by the Banefciary not to
exceed the maximum allowed bylaw atthetime when said statement is demanded.
(6) That any award of damages in connection with any condemnation for public use of or injury to$aid property or any pan thereof is hereby maigned and shall be paid to
Beneficiary who may apply or relate such moneys received by him in the same manner and with a some
affect as above provided for disposition of proceeds of fire or other
insurance.
(T) That by aecepti ng payment of any sum secured hereby after I%due date,Beneficiary does not waive his right either to require prompt payment when due of all other sums so
sew,edortodeclaredefau forfailuresotopsy
(8) That at anytime or from time to time,without liability therefor and without notice,upon written request of Beneficiary and presentation of this Dwtl and said note for
endor ernait,e:�d v:i:hcu oficain_!ha parson el liability of any person for payment of the indebtedness secured hereby,Trustee may:reconvey any part of said property;consent to
the making of any map or plat thereat;join m granting any easement thereon;or loin in any extension agr"marot or any agreement subordinating the lien or charge hereof.
Jul That upon written request of Beneficiary stating the ell sums secured hereby have been paid,and upon surrender of this Deed and mid note to Trustee for cancellation and
retention and upon payment of its fees,Trustee shall reconvey,without warranty,the property then held hereunder.The recitals in such reconveyance of any matters or facts shall he
conclusive proof of the truthfulness thereof The grantee in such reconveyance may be described as"the person or persons legally entitled thereto!'Five years after issuance of such
full reconveyance,Trustee may destroy said note and this Deed(union directed in such request to retain them).
(10) That es additional security,Trustor hereby gives to and confers upon Benefieiarryythe right,power and authority,during the continuance of these Trusts,to collect the rents,
issues and profits of said property,reserving unto Trustor the right,prior to any default by Trustor in payment of any indebtedness secured hereby or In perform once of any agreement
hereunder,to collect and retain such rents,issues and profits as they become due and payable,Upon nywch default,Beneficiary may atany dome without notice,either in Person,by
agent,or by a receiver to be appointed by a court,and without regard to the adequacy of any smu dry for the indebtedness hereby secured enter upon and take possession of said
property or any part thereof,m his own name sue for or otherwise collect such rents.issues and profits,including those pest due and unpaid,and apply the some,lean costs and
expenses of operation and collection,including reasonable attorney's fees,upon any fndebtednemseweed hereby,and in such order s Beneficiary may determine.The entering upon
and taking possession of said property,the collection of such rents,issues and profits and the application thereof m aforesaid,shall not cure or waive any default or notice of default
hereunder or invalidate any act done pursuant to such notice.
(11) That upon default by Trustor in payment of any indebtedness secured hereby or in parformanee of any agreement hereunder,Beneficiary may declare all sums secured
hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for sale and of written notice of default and of election to does to be sold said
Rropartp which notice Trustee shall cause to be filed for record.Beneficiary also shell deposit with Trustee this Dad,said note and all documents evidencing expenditures secured
areby.
After the lapse of such time as may then be required by law following the recordation of saitl miles of default,and notice of ale having been given as then required by law,Trustee,
w'dhwt demand on Trusma shall sell said property at the time and place fixed by itin said notice of role,either as a whole or in separate parcels,and in such order as it may determine,at
public auction to the highest bidder for cash in lawful money of the United States,payable at time of sate.Trustee may postpone sale of all or any portion of said property by public
announcement at such time and place of sale,and from time to time thereafter may postpone such sale by public announcement attire time fixed by the preceding postponement.
Trustee shall deliver to such purchaser its dead conveying the properyl so sold,but without any covenant or warranty express or implied.The recitals in such deed o anymattersor
facts shall be conclusive proof of the truthful new thereof Any person,including Trustor,Trustee,or Seneficiaryas herainafter defined,may purchase at such sale.
After deducting Bit costs,fees and expenses of Trustee and of this Trust,including cost of evidence of title in connection with sale,Trustee shall apply the proceeds of sale to
payment of:all sums expended under the terms hereof,not than repaid,with accrued interest at the amount allowed by law in effect at the data hereof;all other sums than soured
hereby;and the remainder,if any,to the person or persons legally entitled thereto.
(12) B.r icie ry,or any successor in ownership of any indebtedness seta red hereby,msyfrom time to time,by insbu ment in wribngp substitute a successor or successors to any
Trustee named herein or acting hereunder,which instrument,executed by the Beneficiary an tl duly acknowled ed and recorded in the office of the recorder of the county or counties
where said property is situated shall be conclusive proof of proper substitution ofauch auroolmar Trustee or Trustee,,who shall,without conveyance from the Trustee predecessor,
succeed to all its title,estate,rights,powers and duties.said instrument must contain the name of tha original Trustor,Trustee and Beneficiary hereunder,the book and page where this
Dead is recorded and the name and address of the new Trust".
(13) That this Deed applies to,inures to the benefit of.and binds all parties hereto,their harts,legatees,devises,administrators,executors,successors and assigns.The term
Beneficiary shall mean the owner and holder,including pledges,of Me note secured hereby,whether or not named as Beneficiary herein.In this Deed,whenever the context so
regar",the masculine gender includes the feminine and for neuter,and the singular number includes the plum].
(14) That Trustee accepts this Trust when this Deed,duly executed and acknowledged,is made a public record as provided bylaw.Trustee is not obligated to notify any party
hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Trustor,Beneficiary or Trustee shall be a parry unless brought by Trustee.
I
DO NOT RECORD
REQUEST FOR FULL RECONVEYANCE
To be used only when note has been paid.
TO TICOR TITLE INSURANCE COMPANY Trustee: Dated
The undersigned is the legal owner and holder of all indebtedness secured by the within Deed of Trust.All sums secured by
said Deed of Trust have been fully paid and satisfied; and you are hereby requested and directed,on payment to you of any sums
owing to you under the terms of said Deed of Trust, to cancel all evidences of indebtedness, secured by said Deed of Trust,
delivered to you herewith together with said Deed of Trust, and to reconvey,without warranty,to the parties designated by the
terms of said Deed of Trust,the estate now held by you under the same.
MAIL RECONVEYANCETO:
Do not lose or destroy this Deed of Trust OR THE NOTE which it secures. Both must be
delivered to the Trustee for cancellation before reconveyance will be made.
W U w
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93625
CANYON DEVELOPMENT, L.P. , a
California Limited Partnership
By: ADLER CANYON PROPERTIES, INC. ,
a California corporation
Its general partner
By:
,Brian Adler , President
By: VGS CANYON PROPERTIES, INC. , a
California corporation
Its general partner
By: 4plh"—SO—L�n, �President
s
s3czs
STATE OF CALIFORNIA )
ss .
COUNTY OF LOS ANGELES )
On March 12, 1990 , before me, the undersigned, a Notary
Public in and for said State, personally appeared Brian Adler ,
personally known to me (^r preved to m n the i.__< _ of
satisEaGtGry e . a ) to be the person who executed the within
instrument as President , on behalf of ADLER CANYON PROPERTIES,
INC. , a California corporation, the corporation therein named,
and acknowledged to me that said corporation executed the within
instrument pursuant to its by-laws or a resolution of its board
of directors, said corporation being known to me to be a General
Partner of CANYON DEVELOPMENT, L.P. , a California limited
partnership, the limited partnership that executed the within
instrument, and acknowledged to me that such corporation executed
the same as such partner and that such partnership executed the
same.
WITNESS my hand and official seal .
OFFICIAL SEAL ��
RUiH E. HULSE
Notary Pubpc•Callfornla Notary P blic
LOS ANGELES COUNTY
M, MV Commlaion Expires
September 17, 1993
STATE OF CALIFORNIA )
ss .
COUNTY OF LOS ANGELES )
On March 12, 1990, before me, the undersigned, a Notary
Public in and for said State, personally appeared Joseph M.
Solomon, personally known to me
sa-t-i-s t--Gr --e<>-!4e*ee_) to be the person who executed the within
instrument as President, on behalf of VGS CANYON PROPERTIES,
INC. , a California corporation, the corporation therein named,
and acknowledged to me that said corporation executed the within
instrument pursuant to its by-laws or a resolution of its board
of directors, said corporation being known to me to be a General
Partner of CANYON DEVELOPMENT, L.P. , a California limited
partnership, the limited partnership that executed the within
instrument, and acknowledged to me that such corporation executed
the same as such partner and that such partnership executed the
same.
WITNESS my hand and official seal .
.,�..�, -- -OFFICIAL SEAL - - -
RUTH E. HULSE otary Public
Notary Public-Callfomia
LOS ANGELES COUNTY
My Commission Expires
September 17, T993
.'
y
. . . .
,,.
��..
93625
EXHIBIT 1
LEGAL DESCRIPTION
Lots 2 through 63 , inclusive, of Tract 12848 ,
as shown by Map on file in Book 124, pages 1 ,
2, 3 and 4 of Maps, Records of Riverside County,
California.
RECEIVED
MAR l 9 19199
C.:9"EN CLERK
Stich Assoc of Cal Inc
Amendment 3 Sub Imp TM 12848
AGREEMENT #1790
CM signed 1-31-90
THIRD AMENDMENT TO SUBDIVISION IMPROVEMENT_A
AND AGREEMENT TO DEFER SUBDIVISION IMPROVEMENTS
WITH THE CITY OF PALM SPRINGS
THIS AGREEMENT is made and entered into this
3 !
day of January, 1990, by and between STICH ASSOCIATES OF
CALIFORNIA, INC. , a California corporation, hereinafter re-
ferred to as the "Subdivider, " and the CITY OF PALM SPRINGS,
a municipal corporation of the State of California, hereinafter
referred to as the "City, " and is made with reference to
the following recitals :
A. City and Subdivider entered into a Subdivision
Improvement Agreement dated January 22, 1982, affecting Tract
No. 12848 in the City of Palm Springs , along with an Agreement
to Defer Subdivision Improvements dated January 22, 1982,
affecting the same tract.
B. By a First Amendment to Subdivision Improvement
Agreement and Agreement to Defer Subdivision Improvements
with the City of Palm Springs, and subject to conditions
contained in the documents, as amended, the Subdivider has
until February 3 , 1990 , in which to install all of the off-site
public improvements described in said Subdivision Improvement
Agreement.
C. By a Second Amendment to Subdivision Improvement
Agreement and Agreement to Defer Subdivision Improvements
With the City of Palm Springs, and subject to conditions
contained in the documents , as amended, the Subdivider ( 1 )
has until February 3, 1993, in which to install all of the
offsite public improvements described in said Subdivision
Improvement Agreement, and ( 2 ) the right to provide an irrevoc-
able letter of credit in the sum of Nine Hundred Fifty-Six
Thousand, Two Hundred Forty and No/100 Dollars ( $956, 240. 00 )
to assure faithful performance of the provisions of said
Subdivision Improvement Agreement and to assure payment of
the costs of labor and materials for the improvements required
to be constructed or installed hereby.
D. The Subdivider requests and the City concurs
that the Subdivider may substitute a First Deed of Trust
to the City on Tract No. 12848 as security for the Subdivider' s
obligations under said Subdivision Improvement Agreement
to assure the faithful performance of the provisions of said
Agreement and to assure payment of the cost of the labor
and materials for the improvements required to be constructed
or installed thereby.
E. The City will also grant the Subdivider the
right to obtain the reconveyance of the First Deed of Trust
if the Subdivider reinstates the letter of credit, subject
to the terms of the Subdivision Improvement Agreement, as
amended.
NOW, THEREFORE, it is agreed by and between the
parties hereto as follows :
1. The Subdivider may substitute a First Deed
of Trust against Tract No. 12848 in favor of the City in
the form attached hereto marked Exhibit "A, " in lieu of the
obligations of the Developer to provide security for the
Subdivider ' s obligations under this Subdivision Improvement
Agreement through letters of credit currently provided for.
2. Upon the recordation of the aforementioned
Deed of Trust, the City shall surrender to the Subdivider
all letters of credit held by the City under this Subdivision
Improvement Agreement and all obligations of the Developer
to provide security for its obligations under this Subdivision
Improvement Agreement through letters of credit are discharged.
3 . The Subdivider may, at its option, obtain
the release and reconveyance of such Deed of Trust from the
City provided the Subdivider delivers to the City a letter
of credit which complies with the terms and conditions stated
in paragraphs 2, 3 and 4 of the Second Amendment to Subdivision
Improvement Agreement and Agreement to Defer Subdivision
Improvements With the City of Palm Springs.
IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written.
SUBDIVIDER:
STICH ASSOCIATES OF CALIFORNIA, INC.
By
PETER STICH, Pre ident
4 Main Street
Farmington, Connecticut 06032
CITY OF PALM SPRINGS, CALIFORNIA
BY ! ,y,. a . f61
CITY MANAGER
ATTEST:
By
DEPUTY CITY CLERK
REVIEWED AND APPROVED:
/ r
By
CITY ATTORNEY
453i54- 0
-2-
i
STATE OF CONNECTICUT )
) as.
COUNTY OF HARTFORD )
f
On LG�,, .a 3 , 1944, before me, the under-
signed, a Notax,k Pub "c in and for said State, personally
appeared PETER'' STICH, personally known to me (or proved to
me on the basis of satisfactory evidence ) to be the person
who executed the within instrument as the President of STICH
ASSOCIATES OF CALIFORNIA, INC. , the corporation that executed
the within instrument and acknowledged that such corporation
executed the same.
WITNESS my hand and official seal.
--ello
Notary Public
D-3/1
-3-
RECORDING REQUESTED BY q
KJ y � C4N
ull
V � �V
cr)
AND WHEN RECO, DED MAIL TO p r-i /
" - RErUR W
N TO: -I Li.
Name t� Q
Street CITV �' r'fA7� .J •` 74
Address �
City& CITY 07 Fi.'-14 S1(i M5
State 04r"i �1✓5 /'
L. F1441 S1'131%132, CA. 92263 J 1
SPACE ABOVE THIS LINE FOR RECORDER'S USE
SHORT FORM DEED OFTRIJST AND ASSIGNMENT OF RENTS A.P.N.
THIS DEED OF TRUST made this . J �day of JANUARY, 1990 between
� z
STICH ASSOCIATES OF CALIFORNIA, INC.
Q a
a corporation organized under the laws of the State of California ,herein called TRUSTOR,
whoseaddressis 4 Main Street, Farmington, Connecticut 06032
(number and street) (city) (state) (zip)
TICOR TITLE INSURANCE COMPANY OF CALIFORNIA,a California corporation,herein called TRUSTEE,and
THE CITY OF PALM SPRINGS, a municipal corporation, herein called Beneficiary,
WITNESSETH: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN TRUST, WITH POWER OF
SALE, that property in the City of Palm Springs, Riverside County,California,described as:
LEGAL DESCRIPTION AS SET FORTH ON ATTACHED EXHIBIT "In
**The faithful performance by Truster and the payment of the cost
of the labor and materials for improvements required to be
constructed by Truster under that certain Subdivision Improvement
Agreement between Truster and the City of Palm Springs dated
January 22 , 1982 , as amended by three amendments .
TOGETHER WITH the rents, Issues and profits thereof, SUBJECT, HOWEVER, to the right, power and authority given to and conferred upon
Beneficiary by paragraph(10)of the provisions incorporated herein by reference to collect and apply such rents,issues and profits. continued **
FOR THE PURPOSE OF S ECU RING^-I.Performenceoi-eaehegrovrr -ot-Truster-incorporated byreferenc&oucontaiaed,hereir/x2xz aYx;,�_
t1kixi3'�IAt4£JAE}@ C 3C72r;�7�YC4lnRR xlx'"DtRq c YMk*kA 47f�9CRXaA*xif t TII�R� Alx� Rk`R§kkXXA kxt 2E1R4lYtXXr A - —
Scxnx=r��v.��xx�xxfrazTR� f�rseR9+� sr�a�srshek�¢� �rt�x�aNaa#rs:xa��#s6��n4cad�#
per�accrzkecaa Edo:a>ziaaa¢w[5caa�a2eaef¢rru4�naaeatlol�acceekb¢�mon6�xaetlamaoaos4¢ea�tlla�pnxasxseoc6eat
TO PROTECT THE SECURITY OF THIS DEED OF TRUST TRUSTOR AGREES: By the execution and delivery of this Deed of Trust and the note
secured hereby,that provisions(1)to(14),Inclusive,of the fictitious deed of trust recorded in Santa Barbara County and Sonoma County October 18,
1961,and In all other counties October 23,1961, In the book and at the page of Official Records in the office of the county recorder of the county
where said property is located,noted below opposite the name of such county,viz.:
COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE
Alameda 435 684 Kings 792 833 Placer 895 307 Sierra 29 335
Alpine 1 250 Lake 362 39 Plumes 151 "5 Siskiyou 468 181
Amador 104 348 Lassen 171 471 Riverside 3005 523 Solana 1105 182
Butte 1145 1 Los Angeles T2066 899 Sacramento 4331 62 Sonoma 1851 689
Calaveras 146 152 Madera 810 170 San Benito 271 383 Stanislaus 1715 456
Colusa 296 617 Mahn 1508 339 San Bernardino 5567 61 Sutter 572 297
Contra Costa 3978 47 Mariposa 77 292 San Francisco A332 905 Tehama 401 289
Del None 78 414 Mendocino 579 530 San Joaquin 2470 311 Trinity 93 366
El Dorado 568 456 Merced 1547 538 San Luis Obispo 1151 12 Tulare 2294 275
Fresno 4626 572 Modoc 184 851 San Mateo 4078 420 Tuolumne 135 47
Glenn 422 184 Mono 52 429 Santa Barbara 1876 860 Ventura 2062 386
Humboldt 657 527 Monterey 2194 538 Santa Clara 5336 341 Yolo 653 245
Imperial 1091 501 Napa 639 86 Santa Cruz 1431 494 Yuba 334 486
Inyo 147 598 Nevada 306 320 Shasta 684 528
Kern 3427 60 Orange 5889 611 San Diego Series 2 Book 1961,Page 783867
(which provisions,identical in all counties,are printed on the reverse hereof)herebyare adopted and incorporated herein and made a part hereof as
fully as though set forth herein at length; that he will observe and perform said provisions; and that the references to property,obligations,and
parties in said provisions shall be construed to refer to the property,obligations,and parties set forth in this Deed of Trust.
The undersigned Trustor requests that a copy of any Notice of Default and of any Notice of Sale hereunder be mailed to him at his address
hereinbefore set forth
CONNECTICUT
STATE OF GfPXG1aLMk,
COUNTY OF HARTFORD
Signature of Truster
On January 3/ , 1990 STICH A
before me, the undersigned a Notar Public in and for sgid State, OF CALIFORNIA INC.
personal) a eared_ YE`.fIER S`yi'I L,H, Pre Sldent ( rorpara on)
Qrs S 1p�H ASSOCIATES OF CA INC e
personally known to me or proved to me on the basis of satisfactory y
Pfe1 e t St ' h
evidence to be the person who executed the within instrument as / L�'C -� f o
the President, By
and (i9pcc'aryl era lne t1Ch
personally known to me or proved to me on the basis of satisfactory
evidence to be
Secretary of the Corporation that executed the within instrument and
acknowledged to me that such corporation executed the within instru-
ment pursuant to its by-laws or a resolution of its board of directors. '
v-s-n
WITNESSKhEndcXffi)Y
elsSignature //� ,Ld'hUP15510A F It'e5 /✓IARC'N" 3/ l96// (This area for MiFtfarriotanal seal)
TIIIe,.Order No.__ _ Escrow or Loan No.
In 2068 CA ft 931 I01`1714 ENFJI r.......�.,.�,.
r DO NOT RECORD---,
The fallowing is a copy of provisions(1)to(141,Inclusive,of the fictitious deed of trust,recorded in each county in California,as staled in the foregoing Dead of Trust and
incorporated by reference an said Deed of Trust as being a part thereof as if set f orth al length therein.
TO PROTECT THE SECURITY OF THIS DEED OF TRUST,TRUSTOR AGREES:
11) To keep said property in goad condition and repair;not to remove or damolish any buildlnp thereon;to complete or restore promptly and in good and workmanlike manner
any but Id rig which may be constructed,damaged or destroyed thereon and to anywhere due all claims for labor performed and materials famished there(or;to comply with all laws
enco encoding
said property.1 requiring any eltrralions or improvements to be made thereon;not to commit or permit waste thereof;not to commit,suffer or permit any act upon said
Property In violation of law;to cultivate,irrl ate,fenflize,fumigate,prune and do all other acts which from the character or use of said property may be reasonably necessary,the
specific enumerations herein not excluding tRnumeral.
121 top""ne,malnloin Bob deliver to Beneficiary fire insurance satlslactory to and with loss payable to Beneficiary.The amount collected under any fire or other insurance policy
may be applied by Benuherary upon any indebtedness secured hereby and in such order as Beneficiary may determine,or at option of Beneficiary the entire amount so collected or any
pan thereof maybe released to rustor.Such application or release shall not core or waive any default or rotonef default hereunder or invalidate any act done pursuant to such notice
B) To appear In and defend any action orproceeding purpomng to affect the security hereof or the rights or powers of BenefbleVry orus Trtee;and to pay all costs and expenses,
including cost of evidence of tide and attorney s fees in a reasonable sum,in any such action or proceeding in which Beneficiary or Truslee may appear,and in any suit brought by
Beneficiary to nereclose this Deed.
(4) To pay-at least ten days before delinquency all taxes and assessments affecting said property,including assessments on appurtenant water stack,when due,all houmbr
areas,charges and liens,with interest,on said property or any pan thereof,which appear to be prior or superior herelo;all costs,fees and expenses of this Trust.
Should Trustor fail to make any payment or to de any act as herein provided,then Beneficiary or Trustee,but without obligation se to do and without notice to or demand upon
Truster and without releasing Truster from any obligation hereof,may:make or do the same in such manner and to such extent as either may deem necessary to protect the secmity
hereof,Beneficiary or Trustee being authorized to enter upon said property(or such purpose; pear in and defend any action or pproceeding purpening to affect security hereof r
the rights or Powers of Beneficiary or Trustee;pay,purchase,contest or compromise any incumap brance,charge or lien which in the judgment of either appears to be prior or superior
hereto,and,in exercising any such powers,pay necessary expenses,employ counsel and pay his reasonable fees.
(5) To pay immediately and without demand all sums so expanded by Beneficiary or Trustee,with interest from date of expenditure at amount allowed bylaw in effect anhe
date hereof,and to pay for any statement provided for by law in effect at the date hereof regarding the obligation secured hereby any amount demanded by the Beneficiary not to
exceed the maximum allowed by law at the time when said statement is demanded.
(61 That any award of damages in connection with any condemnation for public use of or Injury to said property or any pan thereof is hereby assr ned and shall be paid to
Beneficiary who may apply or release such moneys received by him in the same manner and with the same effact as above provided for harm altion of proceeds of lire or other
Insurance.
o9 Thal by accepting payment of any sum secured hereby after its due date,Beneficiary does not waive his right either to require prompt payment when due of all other sums so
secured or to declare default forfeiture so to pay.
(e) That at any time or from time to time,without liability therefor and without notice,upon written request of Beneficiary and presentation of this Deed and said note for
endorsement,and without affecting the personal liability of any person for payment of the indebtedness secured hereby,Trustee may:reconvey any part often property;consent to
the making of any map or plat thereof;join in granting any easement thereon;or lain in any extension agreement or any agreement subon m ool,the lien or charge hereof.
(9) That upon.note.request of Beneficiary stating that all sums secured hereby have been paid,and upon surrender of this Deed and said note to Trustee for cancellation and
retention antl upon payment of its fees,Trustee shall reconvey,without warranty,the property then held hereuntler.The recitals in such reconveyance of any matters orients shall be
conclusive proof of the truthfulness thereof.The grantee in such reconveyance may be described es"the person or persons legally entitled thereto"Five years after issuance or such
full reconveyance,Trustee may destroy said note and this Deed(unless directed in such request to retain them).
(10) That as additional security,Truster hereby gives to and confers upon Beneficiarlyythe right,power and authority,during the continuance of these Trusts,to collectthe rents,
issues and profits of said property,reserving unto Truster the right,prior to any default by Tustor in payment of any indebtedness secured hereby or in performance of any agreement
hereunder to collect and retain such rents,issues and profits as they become due and payable Upon anyy,such default,Beneficiary may at an time without notice,either in person,by
or by a ager receiver to be appointed by a court,and without regard to the adequacy of any security for the indebtedness hereby secured,enter upon and take possession of said
property or any part thereof,in his own name sue her or otherwise collect such rents,Issues and profits,including those past due and unpaid,antl apply the same,less costs and
expenses of operation and collection,including reasonable attorney'sfees,upon an indebtedness secured hereby,and in such order as Beneficiary may determine.The entering upon
and taking possession of said property,the collection of such rents,Issues and profits and the application thereof as aforesaid,shall rat wre or waive any deiauR or notice of tletault
hereunder or invalidate any act done pursuant to such notice.
(to) That upon default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder,Beneficiary may declare all sums secured
hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for sale and of wrlden notice of default no at election to cause to be sold said
property,which sense Trustee shalt cause le be filed for record.Beneficiary also shall deposit with Trustee this Deed,said note and all documents evidencing expenditures secured
ereby
After the lapse of such urns as may then be required by law following the recordation of said notice of default,and notice of sale having been given as then required bylaw,Trustee,
without demand on Trustor shall sell said property at the time and place fi xed by it in saitl notice of sale,either as a whole or in separate parcels,and in such order as it may determine,at
public auction to the highest bidder for cash in lawful money of the United States,payable at time of sale.Trustee may postpone sale of all or any portion of said property by publ'e
announcement at such time and place of sale,and from time to time thereafter may postpone such sale by public announcement at the time fixed by the precteingp sbamement.
Trustee shall deliver to such purchaser Its deed conveying the property so sold,but without any covenant or warranty express or implied.The recitals in such deed of any matters or
facts shall be conclusive proof of the truthfulness thereof.Any person,including Truster,Trustee,or Beneficiary as hereinafter battered,may purchase at such sale.
After deducting ell costs,fees and expenses of Trustee and of this Trust,including cost of evidence of title in connection with sale,Trustee shall apply the proceeds of sale to
Mary,
oh all sums expended under the terms hereof,not then repaid,with accrued interest at the amount allowed by law in effect at the date hereof;all other sums there secured
hereby,and the remain an if any,tothe person orpersons legally entitled thereto.
112) Beneficiary,or any successor in ownership of any indebtedness secured hereby,may from time to time,by instrument in wrido substitute a successor or successors to any
Trustee named herein startle hereunder,which instrument,executed by the Beneficiary and duly acknowledged and recorded in the office of the recorder of the county or counties
wheresaidproparty is situate shall be cond roof usivep ofproper subsmation of such sac.asporTrustee or Trustees,who shall,without conveyance from the Trustee predecessor,
succeed to all its li tle,estate,rights,powers and duties,Said instrument must contain the name of the original Truster,Trustee and Beneficiary hereuntler,the book and page where this
Deed is recorded and the name and address of the new Trustee.
(13) Thatthis Deed applies to,inures to the benefit of,and binds all parties hereto,their heirs,legatees,devisees,admmistralors,executors,successors and assigns The term
Beneficiary shall mean the owner and holder,including pledgers,of the note secured hereby,whether or not named as Beneficiary herein.In this Deed,whenever the context so
requires,the masculine gentler includes the feminine and/or neuter,and the singular number includes the plural.
(t41 That Trustee accepts this Trust when this Deed,duly executed and acknowledged,is made a public record as provided by law.Trustee is not cohered to notify any parry
hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Trustor,Beneficiary or Trustee shall boa party unless brought by Trustee.
DO NOT RECORD
REQUEST FOR FULL RECONVEYANCE
To be used only when note has been paid.
TO TICOR TITLE INSURANCE COMPANY,Trustee: Dated
The undersigned is the legal owner and holder of all indebtedness secured by the within Deed of Trust.All sums secured by
said Deed of Trust have been fully paid and satisfied; and you are hereby requested and directed,on payment to you of any sums
owing to you under the terms of said Deed of Trust, to cancel all evidences of indebtedness, secured by said Deed of Trust,
delivered to you herewith together with said Deed of Trust, and to reconvey, without warranty, to the parties designated by the
terms of said Deed of Trust,the estate now held by you under the same.
MAIL RECONVEYANCE TO: 1�
Do not lose or destroy this Deed of Trust OR THE NO%Vhi t Both must be
delivered to the Trustee for cancellation before reconveyance will be made.
LU w
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CAT 400737
TO c1945 C...I1-33) J TICOR TITLE INORANCE
(Corporation)
STATE OF CALIFORNIA
COUNTY Or RIVERSIDE } '
On FEBRUARY 2, 1990 before me, the undersigned, a Notary Public in and for
said State, personally appeared GERALDINE STICH
personally known to me or proved to me on the basis
of satisfactory evidence to be the person who executed
the within instrument as the
TPresident, a! d
�Jparsiana45, k1hown me 0 ,�/, OFFICIAL SEAL
i I VRLMA ERTEL
ri ,=cam MOfiUiY PUBLIC-CWFOW
Secretary of the Corporation RIVERSIDE COMM
that executed the within instrument and acknowledged �i My Comm.Expires Feb.26,1990
to me that such corporation executed the within instru-
ment pursuant to its by-laws or a resolution of its
board of directors.
WITNESS my hand annd,official seal
Signature [-1�-�/� /t� �` =� (This area for official notarial soil)
5'7C SS
EXHIBIT "1"
RL171�1F? -E'J:
LEGAL DESCRIPTION
Lots 1 to 63, inclusive, of Tract 12848 , as
showm by Map on file in Book 124, pages 1 , 2, 3
and 4 of Maps , Records of Riverside County,
California
A-LIJ
tis;6l Z NVW
ASSIGNMENT AND ACCEPTANCE OF SUBDIVISION
IMPROVEMENT AGREEMENT
THIS ASSIGNMENT AND ACCEPTANCE OF SUB/DIVISION IMPROVEMENT
AGREEMENT ( "Assignment" ) is made on Marchf� 1990 by and between
Stich Associates of California, Inc. , a California corporation
( "Assignor" ) , and CANYON DEVELOPMENT, L.P. , a California limited
partnership ( "Assignee" ) , and is made with respect to the
following:
A. WHEREAS, Assignor and the City of Palm Springs
previously entered into that certain Subdivision Improvement
Agreement dated January 22, 1982, as modified by those certain
amendments dated October 17, 1985 , September 6 , 1989 and January
31, 1990 (as so modified, the "Subdivision Improvement
Agreement" ) ; and
B. WHEREAS, concurrently herewith Assignor is conveying to
Assignee the fee title to the property covered by the Subdivision
Improvement Agreement; and
C. WHEREAS, Assignor wishes to assign to Assignee all of
its rights and obligations under the Subdivision Improvement
Agreement and Assignee wishes to assume all of same.
NOW, THEREFORE, for good and valuable consideration, the
parties hereto agree as follows :
1 . Assignor hereby assigns and sets over to Assignee all
of Assignor ' s right, title and interest in and to the Subdivision
Improvement Agreement as well as all of Assignor ' s obligations
thereunder .
2 . Assignee hereby accepts such assignment of the
Subdivision Improvement Agreement and agrees to undertake and
perform all of Assignor ' s obligations thereunder .
3 . This Assignment shall be binding upon and inure to the
benefit of the heirs, successors, assigns and personal
representatives of both the Assignor and Assignee.
4. This Assignment may be relied upon and is also for the
benefit of the City of Palm Springs, a municipal corporation, as
party to the Subdivision Improvement Agreement .
STICH ASSOCIATES OF CALIFORNIA, INC.
� � e
Go i
J0449 _ 1 _
CANYON DEVELOPMENT, L.P. ,
a California limited partnership
By: ADLER CANYON PROPERTIES, INC. , a
California corporation
l
B"rfan Adler , Presid nt
By: VGS CANYON PROPERTIES, INC. ,
a California corporation
By: I,--,
�
Josq�h Solomon, President
J0449 - 2 -
0 •
CONSENT TO ASSIGNMENT AND RELEASE
THE CITY OF PALM SPRINGS, a municipal corporation of
the State of California, a party to the above-referenced
Subdivision Improvement Agreement, hereby consents to the
Assignment to and Acceptance by Canyon Development, L.P. , a
California limited partnership, of such Subdivision Improvement
Agreement and releases Stich Associates of California, Inc.
from all obligations under such Subdivision Improvement Agreement.
Dated this �L� day of March, 1990 .
THE CITY OF PALM SPRINGS,
a California municipal corporation
BY
City Manager
D-10/9
Stich Assoc of Cal Inc
Amendment 2 Sub Imp TM 12848
AGREEMENT #1790
R16905 9-6-89
SECOND AMENDMENT TO SfUBDIVISION IMPROVEMENT AGREEMENT
AND AGREEMENT TO DEFER SSUBDIVISION IMPROVEMENTS
WITH THE CITY OF PALM SPRINGS
THIS AGREEMENT is made and entered into this -"
day of September, 1989 , by and between STICH ASSOCIATES OF
CALIFORNIA, INC. , a California corporation, hereinafter re-
ferred to as the "Subdivider, " and the CITY OF PALM SPRINGS,
a municipal corporation of the State of California, hereinafter
referred to as the "City, " and is made with reference to
the following recitals:
A. City and Subdivider entered into a Subdivision
Improvement Agreement dated January 22 , 1982 , affecting Tract
No . 12848 in the City of Palm Springs , along with an Agreement
to Defer Subdivision Improvements dated Janaury . 22 , 1982 ,
affecting the same tract .
B. By a First Amendment to Subdivision Improvement
Agreement and Agreement to Defer Subdivision Improvements
with the City of Palm Springs , and subject to conditions
contained in the documents , as amended, the Subdivider has
until February 3 , 1990 , in which to install all of the off-site
public improvements described in said Subdivision Improvement
Agreement .
C. The Subdivider requests and the City concurs
that a further extension of time in which to install the
subdivision off-site improvements should be granted .
D. A restudy of the estimated costs to install
such improvements has been made by the developer' s engineer
and concurred in by the City Engineer with such costs now
to be approximately Nine Hundred Fifty-Six Thousand, Two
Hundred Forty and No/100 Dollars ( $956 , 240 . 00 ) .
NOW, THEREFORE, it is agreed by and between the
parties hereto as follows :
1 . The above-referred to Agreements are hereby
extended so that the construction of the street, drainage ,
domestic water, sanitary sewer and other improvements pursuant
to the "Improvement Plans for Tract 12848" shall be deferred
for a period of three ( 3 ) additional years through February 3 ,
1993 , subject to all of the terms and conditions of said
Improvement Agreement and said Agreement to Defer Subdivision
Improvements .
2 . Subdivider shall furnish to the City an irrevoc-
able letter of credit on a form approved by the City in the
sum of Nine Hundred Fifty-Six Thousand , Two Hundred Forty
and No/100 Dollars ( $956 , 240 . 00 ) to assure the faithful perfor-
mance of the provisions of this Agreement and to assure payment
of the cost of the labor and materials for the improvements
r •
required to be constructed or installed hereby. This Agreement
is contingent upon the Subdivider supplying said letter of
credit to the City of Palm Springs on or before January 3,
1990 .
3 . Paragraph 6 of the Agreement to Defer Sub-
division Improvements shall be amended to provide that if
the off-site improvements are not installed on or before
February 3, 1992 , then the City shall have the right to give
notice to the Subdivider for the Subdivider to provide addi-
tional security in the form of irrevocable letters of credit
or other good and sufficient bonds executed by a corporation
authorized to transact surety business in the State of Califor-
nia on forms approved by the City in amounts to be determined
by the City Engineer with his taking into consideration addi-
tional costs which may occur between the date of this Amendment
and February 3 , 1992 .
4 . All other provisions of the Subdivision Improve-
ment Agreement and the Agreement to Defer Subdivision Improve-
ments shall remain in full force and effect specifically
including paragraph 4 which gives the City the right to give
the Subdivider a six ( 6 ) month notice requiring the Subdivider
to commence construction of those portions of the public
improvements to be located on South Palm Canyon Drive and
Acanto Drive of Tract No . 12848 .
IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written .
SUBDIVIDER:
STICH AqS.QCIATES OF CALIFORNIA, INC.
By
PE , President
4 Main Street
Farmington, Connecticut 06032
CITY OF PALM SPRINGS, CALIFORNIA
BY `-rx:�;,� /`rs
CITY MANAGER
ATTEST:
6/ !y
BYD-EMI T--Y C'k'I`Y� CLERK , IL,
?(-
REVIEWED AND APPROVED:
BY .o� •
'^, ITY TORNEY
/ 515 F
D-3/26
• M
STATE OF CONNECTICUT )
��! ) ss .
COUNTY OF 'v' �;�c�i' ) o✓"�`'�1-- �
On _nll_ -Lt-o , / p , 1989 , before me, the
undersigned, a Notary Public in and for said State, personally
appeared PETER STICH, personally known to me or proved to me
on the basis of satisfactory evidence to be the person who
executed the within instrument as the President of Stich
Associates of California, Inc. , the corporation that executed
the within instrument, and acknowledged to me that such
corporation executed the same .
WITNESS my hand and official seal.
Notrtry Public
_ J. BRADbfJFRY — -
j7 TARY PUBLIC
MY COMoMISSION EXPIRES MARCH 31, 1991
Stich Assoc. of Cal. - Subdiv
Impr Agr for Tract 12848
Amendment #1
AGREEMENT #1790
R15667, 10-16-85
FIRST AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENT
AND AGREEMENT TO DEFER SUBDIVISION IMPROVEMENTS
WITH THE CITY OF PALM SPRINGS
THIS AGREEMENT is made and entered into this ( 7 L4 day
of October, 1985 by and between STICH ASSOCIATES OF
CALIFORNIA, INC. , a California Corporation, hereinafter
referred to as the "Subdivider" and THE CITY OF PALM SPRINGS,
a Municipal Corporation of the State of California,
hereinafter referred to as the "City, " and is made with
reference to the following recitals :
A. City and Subdivider entered into a Subdivision
Improvement Agreement dated January 22 , 1982 affecting Tract
No. 12848 in the City of Palm Springs along with an Agreement
to Defer Subdivision Improvements dated January 22, 1982
affecting the same tract.
B. Subject to certain conditions contained therein,
the Subdivider had until February 3 , 1986 in which to install
all of the off-site public improvements described in said
Subdivision Improvement Agreement.
C. As the result of the current depressed state of the
real estate market in the desert area and as a result of the
Subdivider ' s desire to restudy the most probable method of
developing the property, the Subdivider requests and the City
concurs that a further extension of time in which to install
the subdivision off-site improvements should be granted.
D. A restudy of the estimated costs to install such
improvements has been made by the developer ' s engineer and
concurred in by the City engineer with such costs now to be
approximately $1, 396 , 800 . 00 ;
Page 1
shall remain in full force and effect specifically including
paragraph 4 which gives the City the right to give the
Subdivider a six ( 6 ) month notice requiring the Subdivider to
commence construction of those portions of the public
improvements to be located on South Palm Canyon Drive and
Acanto Drive of Tract No. 12848 .
IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written.
SUBDIVIDER:
STICHi"kSSOCIATESiiOF CALIFORNIA, INC .
By
IRVING R.`- TICH`, President
c/o I . R. STICH ASSOCIATES, INC .
819 Farmington Avenue
Farmington, Connecticut 06032
CITY OF P"LM SPRINGS , CALIFORNIA
BY
�in.,✓y,,nl I1 �y, ,.-,
CITY MANAGER ✓
ATTEST:
By
D91F*W-Y C3 Y CLERK
REVIEW D & APPROVED : ( . 5" N 0
✓) ——
CITY ATE RNEY /
ASSi s[,A
Page 3
a�
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XI Head Office. International Div., MSN 219, 777 Main SL, Hartford, Connecticut 06115, USA Telex Nbr 9-9339 (CTNB HFD), SWIFT Address: CTNB US 33
❑ Bridgeport Office: International Div, MSN 504, 888 Main St., Bridgeport, Connecticut 05602, USA Telex Nbr: 9-64361 (CT NATBANK BGT)
12-23-85eks
Date
All communications should Connecticut National Bank Letter Credit No Advising Bank Advice No.
Refer To The Following. 82—SB-2839(SAC)
Advising Bank Accountee
Stich Associates of California
3353 Andreas Fill Road
Palm Springs, California 92262
Beneficiary
❑ This confirms our telex of today
City of Palm Springs
❑ Advised by telex
City Manager
City hall
Palm Springs, California This amendment is to be considered part of the
above credo and must be attached thereto.
Dear Sirs
The above mentioned credit is amended as follows.
AnendmenL 1Y 2:
1) . The expiration date has been extended to February 3, 1990.
2) , This LC has been increased from One Million Two Fundred and Seventy Seven Thousand
Dollars (USDL 1,277,000.00) to a total value of One Million Three Hundred Ninety Six
Thousand Light Hundred Dollars (USDL 1,396,800.00) .
Subject increase is intended to comply with the provisions of the sub-division improvement
agreement as amended on October 17, 1.985 for Tract no. 12848 between the City of Palm
Springs California and Stich Associates of California.
All other terms and conditions remain unchanged
Unless otherwise expressly stated, this Credit is subject to the Uniform Customs and Practices for Commercial Documentary Credits fixed
by the Intemahonal Chamber of Commerce, (1974 Revision) ICC Publication No 290, and is governed by the Uniform Commercial Cade
of Connecticut, as from time to time amended.
❑ To be delivered through
/f rflYC)S7EC)S
.'t,;iiiGidS OFFICEF
\f r yj.i[ihl`.1`�i�ilVCi'i•�"�i. (:r ^
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5 n�v
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` . Wich Assoc. of Calif - Subdiv
CITY OF PALM SPRINGS Impr Agr For Tract 12848 (incl
agr to defer subdiv impr)
SUBDIVISION IMPROVEMENT AGREEMENT AGREEMENT #1790 (Orig 1-22-82)
signed by CM
THIS AGREEMENT, made and entered into this �:M day of� U i , 19�?Z ,
by and between Sti ch Associates of California
hereinafter collectively referred to as ',Subdivider, .and CITY OF PALM SPRINGS, a
municipal corporation of the State of California, hereinafter referred to as "CITY" ;
WITNESSETH:
WHEREAS, Subdivider has prepared and filed a final subdivision map of Tract
No. 128 in the City of Palm Springs, County of Riverside, for approval
by City; and
WHEREAS, as a condition precedent to the approval of said map by City, Sub-
divider is required to offer for dedication those parcels of land intended for
streets , highways and other public use, and also to construct and install or agree
to construct and install certain improvements ; and
WHEREAS, Subdivider, by said map, has offered for dedication to City for public
use the streets and easements shown on said map; and
WHEREAS, City desires to accept the streets and easements shown on said map for
public use, and certain other such improvements; and
WHEREAS, as a condition precedent to the acceptance of the dedication of such
streets and easements by City, Subdivider is required to enter into an agreement
with the City to construct certain improvements; and
WHEREAS, the total cost of such improvements has been estimated by the City
Engineer to be approximately $ 277 000 00
NOW, THEREFORE, IT IS AGREED by and between the parties hereto as follows:
1 . Subdivider, at his sole cost and expense, shall construct and install the
street, drainage, domestic water, sanitary sewer and other improvements required to
be constructed or agreed to be constructed as a condition precedent to the approval
of said final map and acceptance of such streets and easements, as shown on the
"Improvement Plans for Tact 12848 " , a copy of which is now on file in the
office of the City Engineer of the City and which is referred to and incorporated
herein as though set forth in full .
2. Subdivider shall furnish to City good and sufficient bonds executed by a
corporation authorized to transact surety business in the State of California on
forms approved by City, one bond in the sum of $ 1 ,277,000.00 to assure the
faithful performance of this Agreement, and one bond in the sum of 638 500.00
to assure payment of the cost of the labor and materials for the improvements
required to be' constructed or installed hereby.
Both of said bonds shall be deemed exonerated upon acceptance by the City of
the improvements, and the furnishing of a maintenance bond at the time of the
acceptance in the amount of $ 191 ,550.00 . Said maintenance bond shall
remain in effect for a period of one year from date of acceptance of the improve-
ments.
3. Before final approval of street improvements, the subdivider will place
survey monuments in accordance with the provisions of the State Subdivision Map
Act and the Subdivision Ordinance of the City of P41m Springs as shown on the Tract
Map.
The Subdivider, after setting the monuments, shall furnish the City Engineer
of the City of Palm Springs, written notice of the setting said monuments and
written proof of having paid the engineer or surveyor for the setting of said
monuments, or as provided for in the Subdivision Map Act.
r
1
r
Subdivision Improvement Agreement
Page 2
4. In accordance with the terms of said subdivision regulation aforesaid,
the subdivider does hereby agree to furnish a good and sufficient bond in the
amount of $ 13.500.00 to guarantee payment of the cost of setting monuments
as stated in Item No. 2 of this agreement.
5. The City Engineer or his duly authorized representative, upon written
request of Subdivider, shall inspect the improvements herein agreed to be con-
structed and installed by Subdivider, and, if determined to be in accordance
with the applicable City standards, shall recommend the acceptance of such
improvements by the City.
6. Subdivider shall complete such improvement plans including any correc-
tions and revisions thereto necessary to comply with the applicable City
standards as determined by the City Engineer, within thirty (30) days after
approval of the final map.
7. Subdivider shall perform any changes or alterations in the construc-
tion and installation of such improvements required by City, provided that all
such changes or alterations do not exceed 10 percent of the original total
estimated cost of such improvements.
8. Subdivider shall guarantee such improvements for a period of one
year following the completion by Subdivider, and acceptance by City, against
any defective work or labor done, or defective materials furnished, in the
performance of this Subdivision Improvement Agreement by Subdivider and shall
repair or replace any such defective work or materials discovered during said
one year period.
9. Subdivider shall commence the construction and installation of such
improvements within thirty (30) days from the approval of such "Improvement
Plans for Tr a t 12848 " by the City Engineer, and shall complete
such construaM on and installations within nine (9) months from such date of
commencement.
10. In the event that Subdivider fails to perform any obligation hereunder,
Subdivider authorizes City to perform such obligation twenty (20) days after
mailing written Notice of Default to Subdivider at the address given below,
and agrees to pay the entire cost of such performance by City.
11 . In the event that Subdivider fails to perform any obligation hereunder,
Subdivider agrees to pay all costs and expenses incurred by City in securing
performance of such obligations, including costs of suit and reasonable attorney' s
fees.
12. Subdivider hereby binds itself, its executors, administrators and
assigns, and agrees to indemnify, defend, and hold the City harmless from any
losses, claims, demands, actions or causes of action of any nature whatsoever,
arising out of or in any way connected with the improvements agreed to be
constructed and installed hereunder by the Subdivider, including costs of suit
and reasonable attorney's fees.
13. This Agreement is supplemented and amended by an Agreement
to Defer Subdivision Improvements dated January 22 , 1982, a copy of
which Agreement is attached hereto.
0
Subdivision Improvement Agreement
Page 3
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written.
SUBDIV R:
By:
9
By:
}Address
City
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
eputy City Clerk City Manager
REVIEWED & APPROVED
ENG. EF 5
8/76
TO 1945 GF Ia-7,1)
(Corporation) TITLE INSURANCE
ANUTRUST
STATE OF CALIFORNIA l SS. ATICOR COMPANY
COUNTY OF RTVF gT1lF I
oo�FebrUary 2, 1982 before me, the undersigned, a Notary Public in and for said
State,personally appeared Irvinnc _Stich
r
known to me to be the President, Ai➢$ �C ./Fv GfA drPec-?i�' �`f,y1`
Ld &�'oYullYo�Xcir1�X xex�Tgl}¢ .,
= of the corporation that executed the within Instrument,
al known to me to be the persons who executed the within
J
i Instrument on behalf of the corporation therein named, and .:,,; La,
m acknowledged to me that such corporation executed the �ti . OM MIL MUlt
within instrument pursuant to its by-laws or a resolution of rt a i {lj°olV ) Iti II'I f 7 id 6,�
its board of directors. ;Itt ��+:
WITNESS my hand and official seal. I, �., ; r_ rl r t
Signat i c2. /� �C-i.✓�y
(Phis area for official notarial seal)
12/4/81,REV: 12/7/81
12/21/81: 1/4/82
1/19/82- 1/21/82
1/22/82
CITY OF PALM SPRINGS
AGREEMENT TO DEFER SUBDIVISION IMPROVEMENTS
//�� THqII/S�� //////AGREEMENT, made and entered into this �L-. day of
_ /� (/f-t1, 198A , by and between STICH ASSOCIATES OF
CALIFORNIA, 1C. , a California Corporation, hereinafter
collectively referred to as "Subdivider" , and CITY OF PALM
SPRINGS, a Municipal Corporation of the State of California,
hereinafter referred to as "CITY" ;
WITNESSETH:
WHEREAS , Subdivider has prepared and filed a final sub-
division map of Tract No. 12848 in the City of Palm Springs ,
County of Riverside, for approval by CITY; and
WHEREAS, as a condition precedent to the approval of
said map by CITY, Subdivider is required to offer for dedica-
tion those parcels of land intended for streets, highways
and other public use, and also to construct and install or
agree to construct and install certain improvements; and
WHEREAS, Subdivider, by said map, has offered for
dedication to CITY for public use the streets and easements
shown on said map; and
WHEREAS, CITY desires to accept the streets and ease-
ments shown on said map for public use, and certain other
such improvements; and
WHEREAS, as a condition precedent to the acceptance of
the dedication of such streets and easements by CITY, Sub-
divider is required to enter into an agreement with the CITY
to construct certain improvements; and
WHEREAS, the total cost of such improvements has been
estimated by the City Engineer to be approximately $1, 277, 000;
NOW, THEREFORE, IT IS AGREED by and between the parties
hereto as follows:
1. Subdivider, at its sole cost and expense, shall
construct and install the street, drainage, domestic water,
sanitary sewer and other improvements required to be con-
structed or agreed to be constructed as a condition precedent
to the approval of said final map and acceptance of such
streets and easements, as shown on the "Improvement Plans
for Tract 12848" , a copy of which is now on file in the
office of the City Engineer of the CITY and which is referred to
and incorporated herein as though set forth in full.
2 . The construction of the street, drainage, domestic
water, sanitary sewer and other improvements pursuant to the
"Improvement Plans for Tract 12848" , as required under paragraph
1 of this Agreement, shall be deferred for a period of four (4)
years , subject to the following terms and conditions.
3 . Subdivider shall furnish to the CITY an irrevocable
letter of credit on a form approved by CITY, in the sum of
$1, 277, 000. 00 to assure the faithful performance of the pro-
visions of this agreement and to assure payment of the cost
of the labor and materials for the improvements required to
be constructed or installed hereby.
4 . CITY shall have the right to give Subdivider a six-
month notice requiring Subdivider to commence construction of
all or any portion of the required public improvements on the
periphery streets of South Palm Canyon Drive and Acanto Drive of
Tract No. 12848 .
That portion of the irrevocable letter of credit as is
allocable to the improvements constructed pursuant to this
paragraph shall be deemed exonerated upon acceptance by the
CITY of said improvements, and the furnishing of a maintenance
bond at the time of the acceptance, in an amount to be de-
termined by the CITY so as to correspond to the CITY' S esti-
mated cost for the completed improvements . Said maintenance bond
shall remain in effect for a period of one year from date of
acceptance of the improvements.
Notwithstanding the deferral of the installation or con-
struction of some of the public improvements for Tract 12848 as
is described in paragraph 2 above, the one-year maintenance
period for the improvements constructed pursuant to the pro-
visions of this paragraph, as requested in the six-month notice
from the CITY, will commence to run as of the date of acceptance
of such improvements by the CITY.
5. CITY shall have the right to give Subdivider a six-
month notice requiring Subdivider to commence construction of the
balance of such public improvements.
The irrevocable letter of credit shall be deemed exonerated
upon acceptance by the CITY of the improvements, and the fur-
nishing of a maintenance bond at the time of the acceptance, in
an amount to be determined by the CITY, so as to correspond with
2 .
the CITY'S estimate for the cost of completion of the balance
of the required public improvements . Said maintenance bond
shall remain in effect for a period of one year from date of
acceptance of the improvements .
6 . In the event that all improvements required to be
constructed pursuant to paragraphs 4 and 5 of this Agreement
are not installed within two (2) years of the recording of
the Final Subdivision Map for Tract 12848 , then Subdivider
will furnish to the CITY additional security, in the form of
irrevocable letters of credit or good and sufficient bonds
executed by a corporation authorized to transact surety
business in the State of California on forms approved by
CITY, in amounts corresponding to 250 of the CITY'S calcu-
lated cost of putting in the balance of all required public
improvements, to assure the faithful performance of this
Agreement and to assure payment of the cost of the labor and
materials for the improvements required to be installed or
constructed hereby.
The irrevocable letter of credit or both of said bonds
shall be deemed exonerated upon acceptance by the CITY of
the improvements , and the furnishing of a maintenance bond
at the time of the acceptance, in an amount to be determined
by the CITY, so as to correspond with the CITY 'S estimate
for the cost of completion of the balance of the required
public improvements . Said maintenance bond shall remain in
effect for a period of one year from the date of acceptance
of the improvements .
7 . Before final approval of street improvements, the
Subdivider will place survey monuments in accordance with
the provisions of the State Subdivision Map Act and the
Subdivision Ordinance of the City of Palm Springs as shown
on the Tract Map.
The Subdivider, after setting the monuments, shall
furnish the City Engineer of the City of Palm Springs,
written notice of the setting of said monuments and written
proof of having paid the engineer or surveyor for the
setting of said monuments, or as provided for in the Sub-
division Map Act.
8 . In accordance with the terms of said subdivision
regulation aforesaid, the Subdivider does hereby agree that
the irrevocable letter of credit described in paragraph 3 ,
above, shall also guarantee payment of the cost of setting
monuments as stated in Item No . 7 of this Agreement.
3.
9 . The City Engineer or his duly authorized repre-
sentative, upon written request of Subdivider, shall inspect
the improvements herein agreed to be constructed and installed
by Subdivider, and, if determined to be in accordance with
the applicable CITY standards , shall recommend the acceptance
of such improvements by the CITY.
10. Subdivider shall complete such improvement plans,
including any corrections and revisions thereto necessary to
comply with the applicable CITY standards as determined by
the City Engineer, within thirty (30) days after approval of
the final map.
11. Subdivider shall perform any changes or alterations
in the construction and installation of such improvements
required by CITY, provided that all such changes or altera-
tions do not exceed 10 percent of the original total estimated
cost of such improvements .
12 . Subdivider shall guarantee such improvements for a
period of one year following the completion by Subdivider,
and acceptance by CITY, against any defective work or labor
done, or defective materials furnished, in the performance
of this Agreement to Defer Subdivision Improvements by
Subdivider and shall repair or replace any such defective
work or materials discovered during said one-year period.
13 . Subdivider shall commence the construction and in-
stallation of such improvements within four years from the
approval of such "Improvement Plans for Tract 12848" by the
City Engineer, or at such earlier time as may be required
pursuant to the terms of this Agreement as are hereinabove
set forth, and shall complete such construction and installa-
tions within nine (9) months from such date of commencement.
14 . In the event that Subdivider fails to perform any
obligation hereunder, Subdivider authorizes CITY to perform
such obligation twenty (20) days after mailing written
Notice of Default to Subdivider at the address given below,
and agrees to pay the entire cost of such performance by
CITY.
15. In the event that Subdivider fails to perform any
obligation hereunder, Subdivider agrees to pay all costs and
expenses incurred by CITY in securing performance of such
obligations, including costs of suit and reasonable attorney' s
fees.
4.
16 . Subdivider hereby binds itself, its executors, ad-
ministrators and assigns , and agrees to indemnify, defend,
and hold the CITY harmless from any losses , claims, demands ,
actions or causes of action of any nature whatsoever, arising
out of or in any way connected with the improvements agreed
to be constructed and installed hereunder by the Subdivider,
including costs of suit and reasonable attorney' s fees .
IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written.
t
SUBDIVIDER:
STICII ���.SSOCIATES CALIFORNIA_, INC.
By
L/�
By
Address
r
CITY OF PALM SPRINGS, CALIFORNIA
By
1
City Manager
TO 1945 CA I8-041
(Corporation) �`.■ANDTRUST
TITLE INSURANCE
STATE OF CALIFORNIA l
f
COUNTY OF RIVERSIDE SS ATICOR COMPANY
on February 2 , 1982 _before me, the undersigned, a Notary Public in and for said
TState,personally appeared IPVi� Stich
known tome to be the president,
rc .A�sSi�GrRt%3{iXtb�7S. ,X � l) C/,
= of the corporation that executed the within Instrument,
m known to me to be the persons who executed the within _
a Instrument on behalf of the corporation therein named, and '"� - ° �)
acknowledged to me that such corporation executed the {.1 F rl I_ 1 np
( 1 s r itk �,1
within instrument pursuant to its by-laws or a resolution of aryl � I �-'• r s
its board of directors.
•' ° 6I41 IUcol
WITNESS my hand and official seal I t 1'
f�, 't R _ 1�
9l fvtfl_:-
ll
Signatur _r „ C. / �l f lenzJ
(This area for official notarial seal)