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2017 SR Dev Co - Grant Deed, Phase 1A Property 2017-11-06 DOC # 2017-0463950
Recording Requested by: FNTG Builder Services RECORDING REQUESTED BY, MAIL TAX STATEMENTS TO AND WHEN RECORDED MAIL TO: DOC # 2017-0463950 11 /06/2017 02:08 PM Fees: $39.00 Page 1 of 9 Recorded in Official Records County of Riverside Peter Aldana Assessor -County Clerk -Recorder "This document was electronically submitted to the County of Riverside for recording" Receipted by: MARY #420 SilverRock Development Company, LLC C/o The Robert Green Company 3551 Fortuna Ranch Rd. Encinitas, California 92024 This document is exempt from payment of a ,KZ� recording fee pursuant to Government Code ¢�� � � � , Section 27383 -NO °/u�; ok) r%/ GRANT DEED (Phase 1A Property — PSDA Amendment No. 2) For valuable consideration, receipt of which is hereby acknowledged, The CITY OF LA QUINTA, a California municipal corporation and charter city (the "City"), hereby grants to SILVERROCK DEVELOPMENT COMPANY, LLC, a Delaware limited liability company ("Developer"), the real property hereinafter referred to as the "Phase 1A Property," described in Exhibit A attached hereto and incorporated herein, subject to the existing easements, restrictions and covenants of record described there. 1. .Reservation of Mineral Rights. City excepts and reserves from the conveyance herein described all interest of City in -oil, gas, hydrocarbon substances and minerals of every kind- and character lying more than five hundred (500) feet below the surface, together with the right to drill into, through, and to use and occupy all parts of the Phase 1A Property lying more than five hundred (500) feet below the surface thereof for any and all purposes incidental to the exploration for and production of oil, gas, hydrocarbon substances or minerals from said Phase 1A Property or other lands, but without, however, any right to use either the surface of the Phase 1A Property or any portion thereof within- five hundred (500) feet of the surface for any purpose or purposes whatsoever, or to use the Phase 1A Property in such a manner as to create a disturbance to the use or enjoyment of the Phase 1A Property. 2. Property Conveyance in Accordance With Redevelopment Plan, Purchase, Sale, and Development Agreement. The Phase 1A Property is conveyed in accordance with and subject to the Redevelopment Plan for the La. Quinta Redevelopment Project Area ,No. 1 ("Redevelopment Plan") which was approved and adopted by Ordinance No. 43, on November 29, 1983, of the City Council of the City of La Quinta, and a Purchase, Sale, and Development Agreement entered into between City and Developer dated November 19, 2014 ("Original PSDA"), as amended by Amendment No. 1 to Purchase, Sale, and Development Agreement dated October 29, 2015 ("Amendment No. 1") and by Amendment No. 2 to Purchase, Sale, and Development Agreement dated on or about April 18, 2017 _("Amendment No. 2") (collectively, the "PSDA"). Copies of all documents are on file with City at its offices as a public record and which is incorporated herein by reference. The PSDA generally requires Developer to construct and operate on the Phase 1A Property, as defined in Amendment 698/015610-0065 10881992.2 a05/04/17 DOC #2017-0463950 Page 2 of 9 No. 2, Project Components that include the "Golf Course Realignment," "Temporary Golf Clubhouse," "Temporary Driving Range," . "Luxury Hotel," and "Luxury Branded Residential" components, as defined in the PSDA and Amendment No. 2 (collectively, the "Phase 1A Project'), and other requirements as set forth in the PSDA. Except as otherwise defined herein, all terms used herein shall have the same meaning as those used in the PSDA. This Grant Deed is conveys rights, title, and interest in the Phase 1A Property pursuant to Section 205.1(b) of the Original PSDA (and form grant deed attached thereto) and, for Parcels 3 and 4 of the Phase 1A Property, pursuant to Section 7.3 of Amendment No. 2 and Section 2.3 of the "Golf Course Covenant' (defined in Paragraph 10 below). 3. Permitted Uses. Developer covenants and agrees for itself, its successors, its assigns, and every successor in interest to the Phase 1A Property or any part thereof, that upon the date of this Grant Deed ("Grant Deed") and during construction through completion of development and thereafter, Developer shall devote the Phase 1 A Property to the uses specified in the Redevelopment Plan for the periods of time specified therein. All uses conducted on the Phase 1A Property, including, without limitation, all activities undertaken by Developer pursuant to the PSDA, shall conform to the PSDA, the Redevelopment Plan, and all applicable provisions of the La Quinta Municipal Code. The foregoing covenants shall run with the land. 4. Restrictions on Transfer. )Developer further agrees that, except as permitted or approved by City pursuant to Section 603 of the Original PSDA, (i) No voluntary or involuntary successor in interest of Developer shall acquire any rights or powers under the PSDA or this Grant Deed, nor shall Developer make any total or partial. sale, transfer, conveyance, assignment, subdivision, refinancing or lease of the whole or any part of the Phase 1A Property or the Phase 1A Project thereon, and (ii) Developer shall retain full managerial and operational control of the Phase 1A Project. The restrictions set forth in this Section 4 shall automatically, terminate as to any individual residential dwelling unit that has been sold and transferred to a buyer pursuant to the terms of the PSDA. 5. Binding on Successors. All of the terms, covenants and conditions of this Grant Deed shall be binding upon Developer and the permitted successors -and assigns of Developer. Whenever the term "Developer' is used in this Grant Deed, such term shall include any other successors and assigns as herein provided and permitted. 6. Covenants Regarding Nondiscrimination. Developer covenants by and for itself and any successors in interest that there shall be no discrimination against or segregation of any person, or group of persons on any basis listed in subdivision (a) or (d) of Section 12955 of the Government Code, as those bases are -defined in Sections 12926, 12926.1, subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and Section 12955.2 of the Government Code, in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of the Phase 1A Property, or any part thereof, nor shall Developer, or any person claiming under or through him or her, establish or permit any such practice or practices -of discrimination or segregation with reference to the selection, location, number, use, or occupancy of tenants, lessees, subtenants; sublessees or 698/015610-0065 10881992.2 a05/04/17 -2- DOC #2017-0463950 Page 3 of 9 vendees of the Phase 1A Property, or any part thereof. The foregoing covenants shall run with the -land. Developer agrees for itself and any successor in interest that Developer shall refrain from restricting the rental, sale, or lease of any portion of the Phase 1A Property; or contraets relating to the Phase 1A Property, on the basis of race, color, creed, religion, sex, marital status, ancestry, or national origin of any person. All such deeds, leases, or contracts shall contain or be subject to substantially the following nondiscrimination or nonsegregation clauses: A. In deeds: "The grantee herein. covenants by and -for himself or herself, his or her.heirs, executors, administrators, and assigns, and all persons claiming under or through them, that there shall be -no discrimination against or segregation of, any person or group of persons on account of any basis listed in subdivision (a) or (d) of Section 12955 of the Government Code, as those bases are defined in Sections 12926, 12926.1, subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and Section 12955.2 of. the Government Code, in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of the premises herein conveyed, nor shall the grantee or any person claiming under or through him or her, establish or permit any practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy of tenants, lessees, subtenants, -sublessees, or vendees in the premises herein conveyed. The foregoing covenants shall run with the land." B. In leases: "The lessee herein covenants by and for himself or herself, his or her heirs, executors, administrators, and assigns, and all persons claiming under or through him or her, and this lease is made and accepted upon and subject to the following conditions: "That there shall be no discrimination against or segregation of any person or group of persons, on account of any basis listed in subdivision (a) or (d) of Section 12955 of the Government Code, as those bases are defined in Sections 12926, 12926.1, subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and Section 12955.2 of the Government Code, in the leasing, subleasing, transferring, use, occupancy, tenure, or enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy, of tenants, lessees, sublessees, subtenants, or vendees in the premises herein leased." C. In contracts: "There shall be no discrimination against or segregation of, any person or group of persons on account of any basis listed in subdivision (a) or (d) of Section 12955 of the Government Code, as those bases are defined in Sections 12926, 12926.1, subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and Section 12055.2 of the Government Code, in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of the premises which are the subject of this agreement, nor shall the grantee or any person claiming under or through him or her, establish or permit any practice or practices of, discrimination or segregation with reference to the selection, location, number, use, or occupancy of tenants, lessees, subtenants, 698/015610-0065 10881992.2 a05/04/17 -3- DOC #2017-0463950 Page 4 of 9 with reference to the selection, location, number, use, or occupancy of tenants, lessees, subtenants, sublessees, or vendees in the premises herein conveyed. The foregoing covenants shall run with the land." The foregoing covenants against discrimination shall remain in effect in perpetuity. 7. Violations Do Not Impair Liens. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Grant Deed shall defeat or render invalid or in any way impair the lien or charge of any mortgage or deed of trust or security interest permitted by Section 603 of the Original PSDA. 8. Covenants Run With Land. All covenants contained in this Grant Deed shall be covenants running with the land. All of Developer's obligations hereunder, except as otherwise provided hereunder, shall terminate and shall become null and void upon the expiration of the effectiveness of the Redevelopment Plan. Every covenant contained in this Grant Deed against discrimination contained in Paragraph 6 of this Grant Deed shall remain in effect in perpetuity. 9. Covenants For Benefit of City. All covenants without regard.to technical classification or designation shall be binding for the benefit of City, and such covenants shall run in favor of City for the entire period during which such covenants shall be in force and effect, without regard to whether City is or remains an owner of any land or interest therein to which such covenants relate. City, in the event of any breach of any such covenants, shall have the right to exercise all the rights and remedies and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach.. The covenants contained in this Grant Deed, without regard to technical classification, shall not benefit or be enforceable by any owner of any other real property, or any person or entity having any interest in any other such realty. 10. Covenants Applicable to Parcels 3 and 4 of Phase 1A Property Until Completion of Golf Course Realignment. Pursuant to Amendment No. 2, Parcels 3 and 4 of the Phase 1A Property are defined as the "Luxury Hotel Parcels," which shall be subject to that certain Covenant Affecting Real Property (Golf Course Use), dated May 3, 2017, and recorded on May 11, 2017, as Instrument No. 2017-0189004 (the "Golf Course Covenant") in the Recorder's Office. Pursuant to 2.3 of the Golf Course Covenant, the Parcels 3 and 4 of the Phase 1A Property shall be'subject to the Golf Course Covenant, and all of those terms, conditions, and covenants are incorporated herein by this reference to this Grant Deed. Upon the completion of the Golf Course Realignment as provided in Section 2.3 of the Golf Course Covenant, Parcels 3 and 4 of the Phase 1A Property shall be released from the Golf Course Covenant and this Paragraph10 of this Grant Deed, but all other reservations and covenants in this Grant Deed, shall remain in full force and effect. [signatures on next page] 698/015610-0065 f 10881992.2 a05/11/17 -4- DOC #2017-0463950 Page 5 of 9 IN WITNESS WHEREOF, City hereby grants to Developer the Phase 1A.Property subject to the reservations and covenants set forth herein. CITY: CITY OF LA QUINTA, a California municipal Date: A6, B� ATTEST: City Clerk, Susan Mayse APPROVED AS TO FORM: RUTAN & TUCKER, LLP /'a 9 '// //7T—> /% / William H. Ihrke- City Attorney [signatures continue on next page] 698/015610-0065 10881992.2 a05/03/17 —5— DOC #2017-0463950 Page 6 of 9 Date: .2017 Date: r5 ' ,5 12017 "DEVELOPER" SILVERROCK DEVELOPMENT COMPANY, LLC, a Delaware limited liability company By: RGC La Quinta II, LLC, a Delaware limited liability company Its: Co -Manager By: The Robert Green Company, a California corporation Its: Manager By: r Name: Robert S. Green, Jr. Its: President and Chief Executive Officer By: RGC La Quinta, LLC, a Delaware limited liability company Its: Co -Manager By: The Robert Green Company, a California corporation Its: M rZ:� By: Name: Robert S. dreen, Jr. Its: President and Chief Executive Officer 698/015610-0065 10881992.2 a05/04/17 -6- DOC #2017-0463950 Page 7 of 9 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA COUNTY OF On 1 ' -)-0 !1 7 , before me, Teresa. -fhoMpsorn �, Notary Public, personally appeared . F-Mn k. a-. SD"a cz , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to,the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify UNDER PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. TERESA THOMPSON Commission # 2030796 Notary Public - California z z �`�� : Riversidc County D My Comm. Expires Jun 24, 2017 Name: Notary Public 698/015610-0065 10881992.2 a05/03/17 DOC #2017-0463950 Page 8 of 9 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA COUNTY OF �ffi DkAo N On �VUJI� �0 �� before me, ADM► k�tfti , es �, Notary Public, personally appeared VIM62 , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/a-re subscribed to the within instrument and acknowledged to me that he/sha-they executed the same in his/bel*hefr authorized capacity(), and that by his/hed#b.eir signature(s) on the instrument the person(a), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify UNDER PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. �. hLLY.Y:.LYhY.Y.Y.LY.Y.Y.•Nrh•1hL•hLLWhY ' Naomi Benavides Ramos - N " COMM. #2085787 NOTARY PUBLIC • CALIFORNIA 1 z _".':. SAN DIEGO COUNTY N Name: 'MIbs Commission Expires Nov 8, 2018 :'.L•h:•h:•.Y.':::.LLL•h•:.V::.:..::.W.::L•aLV.L•lhL: Notary Public 698/015610-0065 10881992.2 a05/04/17 DOC #2017-0463950 Page 9 of 9 PRELIMINARY REPORT Fidelity National Title Company Your Reference: Order No.: 005-25006562-C-SG4 EXHIBIT A LEGAL DESCRIPTION THE LAND REFERRED TO' HEREIN BELOW IS SITUATED IN THE CITY OF LA QUINTA, IN THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: PARCELS 1, 3, 4, 5 and 6 OF PARCEL MAP IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. APN(S): PORTION OF 770-200-026, 776450-021, 776-150-023, 777-490-007. 777-490-032, 777-490-033, 777-490-034, 777-490-013, 777-490-003, 777-490-004, 777-490-005 AND 777-490-006 L2JIll fcTUtL�E IF RE Ze A: s;2 Ml7 I U 87' ACCESS (S E Mi .9Lfd-I. i4TA ON 0. 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