2008 09 16 RDA&# 4 4 adja
Redevelopment Agency agendas are
available on the City' web page
@ www.la-quinta.org
REDEVELOPMENT AGENCY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, SEPTEMBER 16, 2008
3:00 P.M. Closed Session / 4:00 P.M. Open Session
Beginning Resolution No. RA 2008-006
CALL TO ORDER
Roll Call:
Agency Board Members: Adolph, Henderson, Osborne, Sniff, and Chairman Kirk
PUBLIC COMMENT
At this time, members of the public may address the Redevelopment Agency on any
matter not listed on the agenda. Please complete a "request to speak" form and limit your
comments to three minutes.
CLOSED SESSION
NOTE: Time permitting the Redevelopment Agency Board may conduct Closed Session
discussions during the dinner recess. In addition, persons identified as negotiating parties
are not invited into the Closed Session meeting when acquisition of real property is
considered.
1. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS
R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8
x/ CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION
AND/OR DISPOSITION OF REAL PROPERTY LOCATED AT THE SOUTHEAST
CORNER OF MILES AVENUE AND WASHINGTON STREET. PROPERTY
OWNERS/NEGOTIATORS: CP DEVELOPMENT LA QUINTA, LLC, RICHARD
OLIPHANT, AND DOLPHIN LA QUINTA, LLC, KEVIN PITTS.
"""' 001
Redevelopment Agency Agenda 1 September 16, 2008
2. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS
R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8
CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION
AND/OR DISPOSITION OF A PORTION OF 525± ACRES LOCATED AT THE
SOUTHWEST CORNER OF AVENUE 52 AND JEFFERSON STREET.
PROPERTY OWNER/NEGOTIATOR: LOD SILVERROCK, LLC., THEODORE R.
LENNON. JR.
3. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS
R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8
CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION
AND/OR DISPOSITION OF REAL PROPERTY IDENTIFIED AS APN: 770-124-
009. PROPERTY OWNER/NEGOTIATOR: NISPERO PROPERTIES, MICHAEL
C. MEADE.
RECESS TO CLOSED SESSION
RECONVENE AT 4:00 P.M.
4:00 P.M.
PUBLIC COMMENT
At this time members of the public may address the Redevelopment Agency on any matter
not listed on the agenda. Please complete a "request to speak" form and limit your
comments to three minutes.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF AUGUST 5, 2008.
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. APPROVAL OF DEMAND REGISTERS DATED AUGUST 19, SEPTEMBER 2,
AND SEPTEMBER 16, 2008.
002
Redevelopment Agency Agenda 2 September 16, 2008
2. RECEIVE AND FILE TREASURER'S REPORTS DATED JUNE 30 AND JULY
31, 2008.
3. RECEIVE AND FILE REVENUE & EXPENDITURES REPORTS DATED JUNE 30
AND JULY 31, 2008.
4. CONSENT TO AN ASSIGNMENT AND ASSUMPTION AGREEMENT BY AND
BETWEEN CP DEVELOPMENT LA QUINTA, LLC, AND DOLPHIN LA QUINTA,
LLC, FOR PROPERTY LOCATED AT THE SOUTHEAST CORNER OF
WASHINGTON STREET AND MILES AVENUE.
5. APPROVAL OF A RESIDENTIAL PURCHASE AGREEMENT AND JOINT
ESCROW INSTRUCTIONS BETWEEN THE LA QUINTA REDEVELOPMENT
AGENCY AND RICARDO A. AND LISA H. MARTINEZ.
6. APPROVAL TO REJECT ALL BIDS FOR PROJECT NO. 2008-07, PM-10
CONTROL AND TEMPORARY PARKING LOT AT SILVERROCK RESORT, AND
AUTHORIZATION TO RE -ADVERTISE FOR BID.
BUSINESS SESSION
1. CONSIDERATION TO APPROVE A PARKING LICENSE AGREEMENT WITH
THE LA QUINTA ARTS FOUNDATION.
A. MINUTE ORDER ACTION
STUDY SESSION - NONE
CHAIR AND BOARD MEMBERS' ITEMS - NONE
PUBLIC HEARINGS - NONE
�. 003
Redevelopment Agency Agenda 3 September 16, 2008
ADJOURNMENT
The next regular meeting of the Redevelopment Agency will be held on October 7,
2008, commencing with closed session at 3:00 p.m. and open session at 4:00
p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Redevelopment Agency meeting of
September 16, 2008, was posted on the outside entry to the Council Chamber at
78-495 Calle Tampico and on the bulletin boards at 51-321 Avenida Bermudas and
78-630 Highway 111, on September 12, 2008.
DATED-- September 12 2008
VERONICA J. ONTECINO, City Clerk
City of La Quinta, California
Public Notice
Any writings or documents provided to a majority of the Redevelopment Agency regarding
any item on this agenda will be made available for public inspection at the City Clerk
counter at City Hall located at 78-495 Calls Tampico, La Quinta, California, 92253, during
normal business hours.
»- 004
Redevelopment Agency Agenda 4 September 16, 2008
AGENDA CATEGORY:
COUNCILIRDA MEETING DATE: August 19, 2008 BUSINESS SESSION
ITEM TITLE: Demand Register Dated CONSENT CALENDAR
August 19, 2008
STUDY SESSION
PUBLIC HEARING
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
August 19, 2008 of which $474,541.02
represents Redevelopment Agency Expenditures
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
0.05
r
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: September 2, 2008 BUSINESS SESSION
ITEM TITLE: Demand Register Dated CONSENT CALENDAR
September 2, 2008
STUDY SESSION
[OW " NJ I I WA "I larl
i
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
September 2, 2008 of which $387,144.85
represents Redevelopment Agency Expenditures
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
N• 006
O� O
w
cFMOF T19
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: September 16, 2008 BUSINESS SESSION
ITEM TITLE: Demand Register Dated CONSENT CALENDAR
September 16, 2008
STUDY SESSION
PUBLIC HEARING
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
September 16, 2008 of which $11,303,568.52
represents Redevelopment Agency Expenditures
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
�.. 007
�¢ Xrouau"cu
V
F
cFM OF'CKF'�
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: September 16, 2008 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of Treasurer's CONSENT CALENDAR:
Reports as of June 30, 2008 and July 31, 2008
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and file.
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
•• 008
4 maw
4��CFM OF'CKQ'�
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: September 16, 2008 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of Revenue CONSENT CALENDAR: �J
and Expenditure Report dated June 30, 2008 and July
31 , 2008 STUDY SESSION:
PUBLIC HEARING:
Receive and File
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Receive and File Transmittal of the June 30, 2008 and July 31, 2008 Statements of
Revenue and Expenditures for the La Quinta Redevelopment Agency.
Respectfully submitted,
John M. Falconer, Finance Director
Approved for submission b
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures Report for June 30, 2008
2. Revenue and Expenditures Report for July 31, 2008
'.• 009
LA OUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 1:
0710112007 - 0613012008 REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
ATTACHMENT 7
LOWIMODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOWIMOD BOND
LOWIMODERATE TAX FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Miscellaneous revenue
Non Allocated Interest
LORP-Rent Revenue
Home Sales Proceeds
Sale of Land
Sewer Subsidy Reimbursements
Rehabilitation Loan Repayments
2nd Trust Deed Repayment
Transfer In
TOTAL LOWIMOD TAX
DEBT SERVICE FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Interest - County Loan
Interest Advance Proceeds
Transfers In
TOTAL DEBT SERVICE
0.00
000
0.00
0000%
0.00
0.00
0.00
0.000%
000
000
ODD
0000%
0.00
0.00
0.00
0.000%
000
0.00
000
0,000%
11,166,237.D0
10,869,077.94
297,159.06
97.340%
404,800.00
(20,68897)
425,48897
5.110%
0.00
1,448.89
(1,448,89)
0.000%
125,OD0.00
125,000.00
0.00
100.OD0%
0.00
D.00
0.00
0ODD%
252,000 DO
275,66515
(23,665.15)
109390%
150,00000
158.06085
(8,060.85)
105370%
0.00
0.00
0.00
0 000%
4,00000
6,580.59
(2,580.59)
164,510%
000
(0.35)
0.35
0000%.
350,000.00
340,230.48
9,769.52
97.210%
313,15600
313,15600
0.00
100,000%
12,765,193.00
12,068,530.58
696,662.42
94.540%
44,664,94900
43,476,31187
1,188,63713
97340%
596.10000
698,24804
(102,14804)
117140%
0.00
000
000
0.000%
0.00
000
000
0000%
0.00
000
0.00
0.000%
4,557,990.00
4,557,989.74
0.26
100.000%
49,819,039.00
48,732,549.65
1,086,489.35
97820%
CAPITAL IMPROVEMENT FUND - NON-TAXABLE
Pooled Cash Allocated Interest
337,900.00'
770,586.95
(432,686.95)
228.050%
Non Allocated Interest
750,000 00
641,112 98
108,887 02
B5.480%
Developer Agreement Funding
0.00
201,379.00
(201,37900)
0.000%
Sale of Lend Proceeds
000
000
000
0 D00%
Rental Income
000
0 DO
000
0 000 %
Transfers In
25,180,355.D0
25,180,355.00
000
100.000%
TOTAL CAPITAL IMPROVEMENT
26,268,255.00
26,793,433.93
(525,17693)
102 ODD%
CAPITAL IMPROVEMENT FUND -TAXABLE
Pooled Cash Allocated Interest
coo
0.00
0.00
0 000%
Non Allocated Interest
000
0.00
0.00
0 DOD%
Litigation Settlement Revenue
0.00
0.00
0.00
0.000%
Bond proceeds
000
0.00
0.00
0,000%
Rental Income
000
000
000
0000%
Transfers In
0.00
000
000
0000%
TOTAL CAPITAL IMPROVEMENT
0 DO
000
000
0 000%
„. 010
2
LA OUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO. 1:
LOW/MODERATE BOND FUND
LOW/MODERATE TAX FUND:
07/01/2007 - 06/30/2008 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
PERSONNEL
000
000
0.00
000
SERVICES
000
000
000
000
REIMBURSEMENT TO GEN FUND
000
000
000
000
HOUSING PROJECTS
0.00
000
000
0.00
TRANSFERS OUT
0.00
000
0.00
0.00
TOTAL LOW/MOD BONG
PERSONNEL
1,100.D0
805.15
000
294.65
SERVICES
396.09900
341,606.15
000
54,490.85
BUILDING HORIZONS
000
0.00
000
0.00
LQ RENTAL PROGRAM
229.00000
209,30959
0,00
19,69041
2nd TRUST DEED PROGRAM
225,000.00
191,05000
000
33,95000
LAND ACQUISITION
10,276,12700
5,904,673.83
0.00
4,371,453.17
LOW MOD HOUSING PROJECTS
000
18,13480
0.00
(18.13480)
FORECLOSURE
425,000.00
86,95281
000
338,D47.19
REIMBURSEMENT TO GEN FUND
652,471 00
652,469.76
0 00
1.24
TRANSFERS OUT
4,557990.00
4,557,98974
0.00
0.26
TOTAL LOW/MOD TAX
DEBT SERVICE FUND:
SERVICES
457,30000
386,073.09
000
71,226.91
BOND PRINCIPAL
3,514.57900
2,795,000.00
000
719,57900
BONDINTEREST
7,500,55300
7,500,553.26
000
(0.26)
INTEREST CITY ADVANCE
1,020,00000
1,027,72877
000
(7,72877)
PASS THROUGH PAYMENTS
23,952,641.00
24,264,84945
000
(312,20845)
ERAF SHIFT
000
0.00
000
000
TRANSFERS OUT
2897096000,U83
28,970.960 20
0.00
0 20( )
TOTAL DEBT SERVICE
0SSiS,00
BT,9AS,T83li^
DD)d70U5296
CAPITAL IMPROVEMENT FUND:
PERSONNEL
1,10000
B0515
000
294.85
SERVICES
1,015,979.00
674,590.87
000
341,388.13
LAND ACQUISITION
0.00
000
0.00
0.00
ASSESSMENT DISTRICT
0.00
0.00
0.00
0.00
ADVERTISING -ECONOMIC DEV
0.00
000
0.00
0.00
ECONOMIC DEVELOPMENT
0.00
000
0.00
000
BOND ISSUANCE COSTS
000
000
0.00
000
CAPITAL -BUILDING
10,00000
0.00
000
10,000.00
REIMBURSEMENT TO GEN FUND
311,033.00
311,031 84
0.00
1 16
TRANSFERS OUT
63171,46800
3823183.90
000
595482941
TOTAL CAPITAL IMPROVEMENT0
Do
CAPITAL IMPROVEMENT FUNDRAXABLE BOND
BOND ISSUANCE COSTS 0.00 0.00 0.00 0.00
TRANSFERS OUT 0.00 000 0.00 000
TOTAL CAPITAL IMPROVEMENT
011
LA OUINTA REDEVELOPMENT AGENCY
0710112007 - 0613012008
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO.2:
LOWIMODERATE BOND FUND:
Allocated Interest
000
000
0.00
0000%
Non Allocated Interest
000
000
000
0000%
Bond proceeds (net)
0.00
000
000
0.000%
Transfer In
0.00
ODD
000
0.000%
TOTAL LOWIMOD BOND
0.00
0.00
0.00
0.000%
LOWIMODERATE TAX FUND:
Tax Increment
5,701,660.00
5,771,93750
(70,277.50)
101,230%
Allocated Interest
400,00000
501,137.22
(101,137.22)
125280-A
Non Allocated Interest
000
000
0.00
0000%
Developer funding
0.00
0.00
000
0000%
Vista Dunes MHP Rental Rev
000
000
0.00
0000%
2nd Trost Deed Repayment
75,000 00
59,219 00
15,781 00
78,960%
ERAF Shift - Interest
0.00
0.00
000
0.D00%
Sale of Land
352,687.00
352,687.00
0.00
100.000%
Wrallores Note Repayment
52,200.00
56.198.00
(3,998 DO)
107.660%
Transfer In
9,378,966.00
9,378,96600
000
100,000%
TOTAL LOWIMOD TAX
15,960,51300
16,120,14472
(159,631,72)
101,000%
2004 LOWIMODERATE BOND FUND:
Allocated Interest
0.00
000
000
0.000%
Home Sale Proceeds
0.00
0.00
000
0.0D0%
Non Allocated Interest
2,000,00000
1,602,16867
397,831.33
80.110%
Transferin
0.00
0.00
0.00
0000%
TOTAL LOWIMOD BOND
2,000,000.00
1,602,16867
397.831.33
80,110%
DEBT SERVICE FUND:
Tax Increment
22,806,64000
23,087,749.99
(281,10999)
101230%
Allocated Interest
300,00000
477,357.04
(177,357.04)
159A20%
Non Allocated Interest
0.00
000
0.00
0.000%
Interest Advance Proceeds
0.00
000
0.00
0.000%
Transfer In
1,955,846.00
1,955,846.05
(005)
100.000%
TOTAL DEBT SERVICE
25,062,486.00
25.520,95308
(458,467.08)
101,830%
CAPITAL IMPROVEMENT FUND:
Allocated Interest
80,00000
105,90728
(25,907,28)
132.380%
Non Allocated Interest
000
000
0.00
0.000%
Developer Agreement
000
000
0.00
0,000%
Transfers In
312,000 00
312 000.00
000
100 000%
TOTAL CAPITAL IMPROVEMENT
392,00000
417,907.26
(25,90728)
106.610%
012
4
LA OUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO. 2:
07/01/2007 - 06/3012008 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
LOWIMODERATE BOND FUND
LOWIMODERATE TAX FUND:
2n0 TRUST DEEDS
0.00
0.00
0.00
000
LAND
0.00
000
0.00
000
BOND ISSUANCE COSTS
0.00
000
0.00
000
TRANSFERS OUT
000
0.00
0.00
0.00
TOTAL LOWIMOD BONG
PERSONNEL
700.00
48724
0.00
212.76
SERVICES
664,082.00
394,79759
0.00
269,284.41
2ND TRUST DEEDS
000
0.00
000
0.00
LOW MOD HOUSING PROJECTS
12,012.00
12,012.00
0.00
0.00
FORECLOSURE ACQUISITION
100,00000
0.00
000
100,000.00
WATERCOLOR COURT HOMES
4,500.000.00
4.500.00000
0.00
000
LANDACQUISITION
333,55500
38,79800
000
294,757.00
REIMBURSEMENT TO GEN FUND
356,505 00
356,503.92
0.00
1 08
TRANSFERS OUT
6,865,94400
4,360,827.67
000
2485116.33
TOTAL LOWIMOD TAX49
2004 LOW/MODERATE BOND FUND
HOUSING PROGRAMS 3.200,00000 147,200.00 000 3.052.80000
LAND 0.00 0.00 0.00 000
TRANSFERS OUT 33,684,23600 21,294,03C08 000 12,390,201.92
TOTAL LOWIMOD BONG
DEBT SERVICE FUND:
CAPITAL IMPROVEMENT FUND:
SERVICES
176,10000
202,08140
0.00
(25,981.40)
BOND PRINCIPAL
260,000.00
260,00000
000
0.00
BONDINTEREST
310,135.00
310,135.00
0.00
000
INTEREST CITY ADVANCE
1,350,00000
1,375,91501
0.00
(25,91501)
PASS THROUGH PAYMENTS
18,538,40600
19,403,597.85
000
(865,191.85;
TRANSFERS OUT
11 .334.812 00
11.334.812.05
000
f0051
PERSONNEL
700.00
486.96
0.00
213.04
SERVICES
242,094.00
131,46180
000
110,632.20
ADVERTISING -ECONOMIC DEV
000
000
000
0.00
ECONOMIC DEVELOPMENT ACTIVITY
000
0.00
000
0.00
REIMBURSEMENT TO GEN FUND
25,291.00
25,290.48
0.00
052
TRANSFERS OUT
g73,004.00
324,79176
0.00
148212.24
TOTAL CAPITAL IMPROVEMENT
_
_
013
:7
ATTAGHMENIZ
LA OUINTA REDEVELOPMENT AGENCY
REVENUE SUMMARY
PROJECT AREA NO. 1:
LOWIMODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOWIMOD BOND
LOWIMODERATE TAX FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Miscellaneous revenue
Non Allocated Interest
LORP-Rem Revenue
Home Sales Proceeds
Sale of Land
Sevier Subsidy Reimbursements
Rehabilitation Loan Repayments
2nd Trust Deed Repayment
Transfer In
TOTAL LOW/MOD TAX
DEBT SERVICE FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
[Merest - County Loan
Interest Advance Proceeds
Transfers In
TOTAL DEBT SERVICE
07101/2008 - 0713112008 REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
0.00
0.00
000
0 000%
0.00
000
000
0000%
0.00
0.00
000
0 000 %
0.00
000
000
0.000%
0.00
0.00
000
0.000%
11,501,20000
1,248.47
11,499,95153
0.010%
53,000 00
000
53,000 00
0.000%
000
7429
(74 29)
0.000%
000
O.Oo
000
0.000%
000
000
0.00
0.000 %
225,00000
21,496.00
203,504.00
9.550%
150,000 00
0.00
150,000 00
0.000%
0 DO
0.00
0.00
0 000 %
0.00
2,72565
(2,72565)
0.000%
0.00
0.00
000
0 000 %
0.00
0.00
000
0.000%
000
0.00
000
0.000%
11,929,20000
25,544.41
11,903.65559
0210%
46,004,900.00
4,99386
45,999,90614
0010%
173,600.00
0.00
173,600 00
0 000%
000
0.00
0.00
0 000%
000
000
0.00
0.000%
000
000
0.00
0.000%
4,444,47900
000
4,444,479.00
0.000%
50,622,979 00
4,99366
50,617,985.14
0.010%
CAPITAL IMPROVEMENT FUND - NON-TAXABLE
Pooled Cash Allocated Interest
000
0DO
0.00
0.000%
Non Allocated Interest
300,000.00
9,449.22
290,55078
3150%
Developer Agreement Funding
)AO
0.00
000
0ODD%
Sale of Land Proceeds
3,894,600.00
000
3,894,600.00
0.OD0%
Rental Income
0.00
0.00
000
0 000%
Transfers In
15 000 000.00
000
15,000,000.00
0 000%
TOTAL CAPITAL IMPROVEMENT
19,194,600.00
9,449.22
19,185,15078
0050%
CAPITAL IMPROVEMENT FUND - TAXABLE
Pooled Cash Allocated Interest
0.00
0.00
000
0 000%
Non Allocated Interest
000
0 00
000
0.000%
Litigation Settlement Revenue
000
0.00
000
0.000%
Bond proceeds
000
000
000
0.000%
Rental Income
000
000
0.00
0.000%
Transfers In
000
000
0.00
0.000 %
TOTAL CAPITAL IMPROVEMENT
000
000
0.00
0.000%
014
0
LA QUINTA REDEVELOPMENT AGENCY 07/0112008 - 07/3112008 REMAINING
EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET
PROJECT AREA NO. 1:
LOWIMODERATE BOND FUND
PERSONNEL
000
000
0.00
0.00
SERVICES
0.00
000
0.00
0.00
REIMBURSEMENT TO GEN FUND
000
000
000
0.00
HOUSING PROJECTS
0.00
0.00
0.00
000
TRANSFERS OUT
0.00
0.00
000
000
TOTAL LOWIMOD BOND
LOW/MODERATE TAX FUND:
PERSONNEL
1,10000
0.00
000
1,10000
SERVICES
308,760.00
10,02553
0.00
298,73447
BUILDING HORIZONS
000
000
000
000
LQ RENTAL PROGRAM
275,00000
0.00
000
275,000.00
SLIDING HORIZONS
250,000.00
0.00
0.00
250,000.00
LAND ACQUISITION
14,040.00
0.00
(14,040.00)
LOW MOD HOUSING PROJECTS
0.00
0.00
0.00
0.00
FORECLOSURE
150,000.00
000
0.00
150,000.00
REIMBURSEMENT TO GEN FUND
706,27100
58,85609
0.00
647,414.91
TRANSFERS OUT
4,444.479 00
000
000
4,444,479.00
TOTAL LOWIMOD TAX
DEBT SERVICE FUND:
SERVICES
403,200.00
1.53000
0.00
401,67000
BOND PRINCIPAL
2,960,00000
000
000
2,960,000.00
BONDINTEREST
7,330,169.00
0.00
000
7,330,18900
INTEREST CITY ADVANCE
1,020,000.00
85,00000
000
935,000.00
PASS THROUGH PAYMENTS
25,404,68000
391,24173
000
25,013,438.27
ERAF SHIFT
000
0.00
000
000
TRANSFERS OUT
18,966,396.00
0.00
0.00
18,966 396.00
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
_27
PERSONNEL
1,10000
000
0.00
1,100.00
SERVICES
902.86500
13,499.14
000
889,385.86
LAND ACQUISITION
000
0.00
000
000
ASSESSMENT DISTRICT
0.00
0.00
0.00
000
ADVERTISING -ECONOMIC DEV
0.00
0.00
0.00
0.00
ECONOMIC DEVELOPMENT
0.00
0.00
000
000
BOND ISSUANCE COSTS
0.00
000
0.00
0.00
CAPITAL -BUILDING
9,00000
0.00
000
9,00000
REIMBURSEMENT TO GEN FUND
294,883.00
24,57367
0.00
270,30933
TRANSFERS OUT
59,521,81500
59,49724
000
59,462,317.76
TOTAL CAPITAL IMPROVEMENT
CAPITAL IMPROVEMENT FUND/TAXABLE BOND
BOND ISSUANCE COSTS
0.00
000
000
0.00
TRANSFERS OUT
000
0.00
0.00
000
TOTAL CAPITAL IMPROVEMENT
015
LA OUINTA REDEVELOPMENT AGENCY
0710112008. 07/31/2008
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO.2:
LOWIMODERATE BOND FUND:
Allocated Interest
000
0.00
0.00
0,000%
Non Allocated Interest
0.00
0 DO
0.00
0 000%
Band proceeds (net)
0.00
000
0.00
0000%
Transfer In
000
0.00
000
0.000%
TOTAL LOWMOD BOND
000
0.00
0.00
0.000%
LOWIMODERATE TAX FUND:
Tax Increment
5,872,70000
1,23105
5,871,46895
0020%
Allocated Interest
380,500 00
0.00
380,500 00
0.000%
Non Allocated Interest
0.00
000
O.00
0.000 %
Developerfunding
000
O.OD
0.00
0,000%
Vista Dunes MHP Ramat Rev
0.00
000
0.00
0 000 %
2nd Trust Deed Repayment
000
coo
000
0 000 %
ERAF Shift - Interest
000
0.00
000
0.000%
Sale of Land
0.00
0.00
0 OD
0.000%
Mirallores Note Repayment
0.00
0.00
0.00
0000%
Transfer In
000
000
0.00
0000%
TOTAL LOWMOD TAX
6,253,20000
1,23105
6,251,968.95
0020%
20D4 LOW/MODERATE BOND FUND:
Allocated Interest
0.00
000
0.00
0000%
Home Sale Proceeds
000
0.00
000
0.000%
Non Allocated Interest
102,00000
51.40739
50,592.61
50A00%
Transfer In
0.00
0.00
coo
0.000%
TOTAL LOW/MOD BOND
102,00000
51,407.39
50.59261
50400%
DEBT SERVICE FUND:
Tax Increment
23,490.800.00
4,924.21
23,485,87579
0.020%
Allocated Interest
0.00
000
0.00
0000%
Non Allocated Interest
0.00
coo
000
0.000%
Interest Advance Proceeds
0.00
0 00
0.00
0.000%
Transfer In
1,953,59800
0.00
195359800
0000%
TOTAL DEBT SERVICE
25,444,398.D0
4,924.21
25,439,473.79
0020%
CAPITAL IMPROVEMENT FUND:
Allocated Interest
84,00000
000
84,000.00
O.D00%
Non Allocated Interest
000
0.00
0.00
0 000 %
Developer Agreement
0 00
0 OD
0.00
0 000 %
Transfers In
0.00
0.00
000
0000%.
TOTAL CAPITAL IMPROVEMENT
84,000.00
0.00
84,000 00
0,000%
016
93
LA QUINTA REDEVELOPMENT AGENCY 07/01/2008 - 07/3112008
REMAINING
EXPENDITURE SUMMARY
PROJECT AREA NO. 2:
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
LOWIMODERATE BOND FUND
2nd TRUST DEEDS
0.00
000
000
000
LAND
000
000
000
000
BOND ISSUANCE COSTS
000
000
0.00
0.00
TRANSFERS OUT
000
0.00
000
0.00
TOTAL LOW/MOD BOND
LOWIMODERATE TAX FUND:
PERSONNEL
700.00
000
000
70000
SERVICES
367.54000
3,57221
0.00
363,96779
2ND TRUST DEEDS
0.00
000
0.00
0.00
LOW MOD HOUSING PROJECTS
0.00
000
0.00
000
FORECLOSURE ACQUISITION
100,00000
000
000
100,000.00
VISTA DUNES PARK
60,000.00
000
0.00
50,00000
LAND ACQUISITION
0.00
0.00
0.00
0.00
REIMBURSEMENT TO GEN FUND
360,604.00
30.050 41
0.00
330,553 59
TRANSFERS OUT
4,46871400
-o,3453640�37'
(227740)
000
447099140
TOTAL LOW/MOD TAX
S'3Tg3T2
2004 LOWIMODERATE BOND FUND
HOUSING PROGRAMS
000
280,000 00
0.00
(280,000 00)
LAND
0.00
0.00
0.00
0.00
TRANSFERS OUT
12,390,202 00
0.00
12,390 202.00
TOTAL LOWIMOD BONDOu
010001
DEBT SERVICE FUND:
SERVICES
209,30000
000
000
209.30000
BOND PRINCIPAL
115,000.00
000
0.00
115,00000
BOND INTEREST
305,184.00
0.00
0.00
305,184.00
INTEREST CITY ADVANCE
1,656,528.00
138,044.00
000
1,518,484.00
PASS THROUGH PAYMENTS
19.248,787.00
2,01146
0.00
19,246.775 54
TRANSFERS OUT
1,953.59800
000
000
1953,598.00
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
PERSONNEL
70000
000
000
SERVICES
179.64500
11,162.47
0.00
CAPITAL
9,000.00
0.00
000
ECONOMIC DEVELOPMENT ACTIVITY
000
0.00
000
REIMBURSEMENT TO GEN FUND
60,74100
5,061.83
000
TRANSFERS OUT
74,896.00
1583
000
TOTAL CAPITAL IMPROVEMENT
_
o11
NJ
Tit(f 44Q
COUNCIL/RDA MEETING DATE: September 16, 2008
ITEMTITLE: Consent to an Assignment and Assumption
Agreement by and Between CP Development La Quinta,
LLC, and Dolphin La Quinta, LLC for Property Located at
the Southeast Corner of Washington Street and Miles
Avenue
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION: _
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Consent to an Assignment and Assumption Agreement by and Between CP
Development La Quinta, LLC, and Dolphin La Quinta, LLC for property located at the
southeast corner of Washington Street and Miles Avenue, and authorize the City
Manager to execute a consent to the agreement.
FISCAL IMPLICATIONS:
None for this action.
BACKGROUND AND OVERVIEW:
On December 18, 2003, the La Quinta Redevelopment Agency entered into a
Disposition and Development Agreement ("DDA") with CP Development La Quinta,
LLC for the sale and development of approximately 50 acres located at the southeast
corner of Washington Street and Miles Avenue. The approved Specific Plan includes a
multi -use commercial and residential project consisting of the following: a medical
office/surgical facility; two sit-down restaurants; a mid -price suites hotel; sanctuary
villas; resort -style condominium/casitas development; and two single-family residential
developments• with forty (40) homes restricted for sale to eligible buyers at an
affordable housing cost. To date, the Homewood Suites Hotel has opened; 44 casitas
units have been constructed by Lennar; Eisenhower Medical Center is under
construction on its first medical office building; Applebee's Restaurant has opened; and
018
Hibachi Restaurant has purchased the other restaurant parcel for its second Coachella
Valley location.
In May 2008, Dolphin La Quinta, LLC ("Dolphin") purchased Lennar's holdings within
the Centre Pointe development. This transaction included the completed 44-unit
casitas development (40 units east of the Homewood Suites, and four units northwest
of the Homewood Suites), and another vacant parcel along Miles Avenue.
Dolphin is conducting a "land swap" transaction with CP Development wherein CP
Development would obtain a portion of the Lennar site that is approved for 16 units
and developed with a four -unit single story condominium hotel building ("Parcel A"
shown on Attachment 1) and transfer to Dolphin the 2.18 acre residential parcel
located southwest of the Miles Avenue and Seeley drive intersection ("Parcel 3"
shown on Attachment 1). This transaction is scheduled to close on or about
September 30, 2008.
This transaction requires an Assignment and Assumption Agreement (Attachment 2),
wherein the City and Agency consent to assign all current DDA and DA rights and
obligations specific to these parcels to Dolphin.
Dolphin is working with staff on a development program for its holdings within Centre
Pointe, which may require Disposition and Development Agreement, Development
Agreement, and Specific Plan amendments if the new development program differs
from the program within the existing DDA and DA. The parcels are zoned Tourist
Commercial, and the Specific Plan calls for resort casitas. Dolphin's proposed
development program and possible amendments will come before the City Council and
Agency Board at a later date.
CP Development has indicated that it plans to market Parcel A for restaurant or retail
uses once the "land swap" is complete. In order to do this, the DDA, DA, and Specific
Plan will need to be amended. The General Plan and Zoning designation for Parcel A is
Tourist Commercial. This designation allows for uses such as small retail outlets (less
than 10,000 square feet); general services (e.g., salons, travel agencies, etc.);
restaurants and small food outlets (e.g., yogurt shops, coffee houses, pastry shops,
etc.); galleries, including schools that teach fine arts; dance studios; theaters (live and
movie); as well as hotel/motel, and resort residential. The Specific Plan also
designates resort casitas for this parcel; a change in use will require a Specific Plan
amendment.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
019
1. Consent to an Assignment and Assumption Agreement by and Between the City
of La Quinta, the La Quinta Redevelopment Agency, CP Development La Quinta,
LLC, and Dolphin La Quinta, LLC for property located at the southeast corner of
Washington Street and Miles Avenue, and authorize the City Manager to
execute a consent to the agreement; or
2. Do not consent to an Assignment and Assumption Agreement by and Between
the City of La Quinta, the La Quinta Redevelopment Agency, CP Development
La Quinta, LLC, and Dolphin La Quinta, LLC for Property Located at the
Southeast Corner of Washington Street and Miles Avenue; or
3. Provide staff with alternative direction.
Respectfully submitted,
�cs-
Douglas R. Evans
Assistant City Manager — Development ervices
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. Parcel Map
2. Assignment and Assumption Agreement
N 020
ATTACHMENT 1
I1•
m
OAMW
CL
N
I I
� TM .07•,BZ.� N) ' J d N � �
J N
.SS
I.SS
a
J y 4�\��j
a�
U�
R
6
R
,y
882/015610-0107 -
94503204e09/05108 -16- '°°„ 021
ATTACHMENT 2
REQUESTED BY
AND WHEN RECORDED MAIL TO:
La Quinta Redevelopment Agency
78-495 Calle Tampico
La Quinta, CA 92253
Attn: City Manager
Recording Fee Pursuant to Govemment Code § 27383
ASSIGNMENT AND ASSUMPTION AGREEMENT
This Assignment and Assumption Agreement ( "Assignment") is entered into this
day of September, 2008 by and between CP DEVELOPMENT LA QUINTA, LLC,
a California limited liability company ("CP") and DOLPHIN LA QUINTA, LLC, a
California limited liability company ("Dolphin") with reference to the following:
A. WHEREAS, Dolphin is the owner in fee simple of certain real property
located at the southeast corner of Miles Avenue and Washington Street in the City of La
Quinta, California, as more particularly described on Exhibit "A" attached hereto and
incorporated herein by this reference (the "Dolphin Property').
B. WHEREAS, CP is the owner in fee simple of certain real property located
adjacent to the Dolphin Property, as more particularly described on Exhibit "B" attached
hereto and incorporated herein by this reference (the "CP Property'). For reference
purposes, a diagram from Parcel Map Number 31116 referred to in Exhibits A and B
which delineates the boundaries of the Dolphin Property and the CP Property is attached
hereto and incorporated herein as Exhibit "C" (identified thereon as Parcel "2" and Parcel
"3" respectively).
C. WHEREAS, CP acquired the CP Property, the Dolphin Property
(presently owned by Dolphin), and certain other adjacent real property from the La
Quinta Redevelopment Agency, a public body, corporate and politic ("A en ") pursuant
to the terms of that certain Disposition and Development Agreement dated on or about
December 18, 2003, and as further amended over time through a series of six
amendments on or about the following dates: October 28, 2004; December 7, 2004;
November 2, 2005; October 20, 2006; August 23, 2007; March 19, 2008 (hereinafter
collectively referred to as the "DDA").
D. WHEREAS, on December 18, 2003, the City of La Quinta ("C") and
CP entered into that certain Development Agreement which was recorded in the Official
Records of the County Recorder for the County of Riverside on January 5, 2004 as
Instrument No. 2004-0005256, and amended by that certain Amendment No. 1 to
Development Agreement executed on or about October 28, 2004 and recorded in the
Official Records of the County Recorder for the County of Riverside on November 8,
2004 as Instrument No. 2004-0885063, by that certain Amendment No. 2 tc
182/015610-0107
945032 04 a09/05/08 -1-
022
Development Agreement executed on or about November 17, 2005 and recorded in the
Official Records of the County Recorder for the County of Riverside on December 19,
2005 as Instrument No. 2005-1045418, and by that certain Amendment No. 3 to
Development Agreement executed on or about May 6, 2008 and recorded in the Official
Records of the County Recorder for the County of Riverside on June 4, 2008 as
Instrument No. 2008-0303530 (hereinafter collectively referred to as the "DA").
E. WHEREAS, subsequent to CP's purchase from the Agency of the Dolphin
Property, CP sold the Dolphin Property to Lennar Homes of California ("Lennar")
pursuant to an assignment and assumption agreement consented to by the Agency and the
City. Pursuant to the DDA, the DA, and the entitlements previously issued by the City, a
total of one hundred thirty-two (132) condom in ium/casitas units are required to be
developed on the Dolphin Property (the "Dolphin Property Casitas Development"). As
of the Effective Date, on the Dolphin Property forty (40) condominium/casitas units have
been constructed by Lennar and have received certificates of occupancy by the City, and
another four (4) condominium/casitas units have been partially constructed by Lennar.
F. WHEREAS, subsequent to Lennar's purchase from CP of the Dolphin
Property, Lennar sold the Dolphin Property to Dolphin and transferred all of Lennar's
rights and obligations with respect to the Dolphin Property and the Dolphin Property
Casitas Development to Dolphin pursuant to an assignment and assumption agreement
consented to by the Agency and the City. In connection with Dolphin's acquisition of the
Dolphin Property from Lennar, Dolphin deposited Four Hundred Thousand Dollars
($400,000.00) ("Performance Deposit") into an escrow pursuant to an Agreement for
Deposit of Funds dated May 22, 2008, by and among the Agency, the City, Lennar, and
Dolphin (the "Deposit Agreement"). Under the Deposit Agreement at paragraph I.a.ii,
the Performance Deposit shall be disbursed to Dolphin if prior to September 30, 2008, CP
and Dolphin close an escrow providing for the conveyance to CP of the "Transfer Parcel"
(as defined in Recital H below) and CP conveying to Dolphin the CP Property.
G. WHEREAS, pursuant to the DDA, and DA, and the entitlements
previously issued by the City, a total of thirty-two (32) condominium/casitas units are
required to be developed on the CP Property (the "CP Property Casitas Development").
As of the Effective Date, no condominium/casitas units have been developed on the CP
Property.
H. WHEREAS, Dolphin and CP have entered into mutual exchange
agreements both originally dated as of June 23, 2008, and both subsequently amended on
July 28, 2008, and August 7, 2008 (collectively the "Exchange Agreement") pursuant to
which Dolphin would transfer to CP a portion of the Dolphin Property (the "Transfer
Parcel"), and CP would transfer to Dolphin the entire CP Property. As a closing
condition to the Exchange Agreement, Dolphin is processing through the City, Lot Line
Adjustment No. 2008-495 (the "Lot Line Adjustment") the boundaries of which are
more fully detailed on the proposed certificate for the Lot Line Adjustment attached
hereto and incorporated herein as Exhibit "D". The Lot Line Adjustment would have the
effect of combining all portions of the Dolphin Property (other than the Transfer Parcel)
882/015610-0107
945032 04 a09/05/08 -2-
- 023
with the CP Property as a single parcel (identified on Exhibit D as Parcel "B") and
establishing the Transfer Parcel as a new parcel (identified on Exhibit D as Parcel "A").
Following the City's approval of the Lot Line Adjustment, legal descriptions for the
Transfer Parcel (i.e., Parcel "A" on Exhibit D) and the combined Dolphin Property
(excepting the Transfer Parcel) with the CP Property (i.e., Parcel `B" on Exhibit D) shall
be substantially in the form reflected on attached and incorporated Exhibit "E",
respectively.
I. WHEREAS, the portion of the Dolphin Property Casitas Development
required to be constructed on the Transfer Parcel (the "Transfer Parcel Casitas
Development") includes the required construction of: (i) sixteen (16)
condominium/casitas units, (ii) parking, and (iii) associated amenities. As of the
Effective Date, on the Transfer Parcel four (4) condominium/casitas units have been
almost completely constructed by Lennar but none of such units have been issued
certificates of occupancy, and construction of the required parking and associated
amenities has not yet commenced.
J. WHEREAS, upon the closing under the Exchange Agreement (i) Dolphin
desires to transfer and assign to CP the Transfer Parcel, and concurrently therewith, to
transfer and assign to CP all of Dolphin's rights and responsibilities under the DDA and
the DA with respect to the Transfer Parcel and the Transfer Parcel Casitas Development;
and (ii) CP desires to transfer and assign to Dolphin the CP Property, and concurrently
therewith, to transfer and assign to Dolphin all of CP's rights and responsibilities under
the DDA and the DA with respect to the CP Property and the CP Property Casitas
Development.
K. WHEREAS, the Agency and the City require Dolphin and CP execute this
Assignment to memorialize acknowledgement of the rights and development obligations
of the Dolphin Property and the CP Property as further detailed in the DDA and DA and
to provide for the assumption of such obligations.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:
1. Dolphin Transfer to CP.
a. Dolphin hereby assigns to CP all of Dolphin's rights and responsibilities
under the terms of the DDA and the DA with respect to the Transfer
Parcel and the Transfer Parcel Casitas Development from and after the
"Effective Date" (as that term is defined in Section 4 below) of this
Assignment.
b. CP hereby accepts the foregoing assignment and agrees to be bound by the
terms of the DDA and the DA with respect to the Transfer Parcel and the
Transfer Parcel Casitas Development from and after the Effective Date.
882/015610-0I07
945032 04 a09/05/08 -3-
u' 024
c. The parties hereto acknowledge and agree that CP shall not be responsible
for any of the obligations of the DDA or the DA which arise from
ownership of the Transfer Parcel existing prior to the Effective Date
hereof. As such, a default by Dolphin under either the DDA or the DA
with respect to the Transfer Parcel prior to the Effective Date hereof shall
not be deemed a default by CP, and Dolphin shall indemnify, defend and
hold harmless CP from any and all losses, claims or liability, including
without limitation reasonable attorneys' fees and costs, arising from any
such default by Dolphin. A default by CP under either the DDA or the
DA with respect to the Transfer Parcel after the Effective Date hereof shall
not be deemed a default by Dolphin, and CP shall indemnify, defend and
hold harmless Dolphin from any and all losses, claims or liability,
including without limitation reasonable attorneys' fees and costs, arising
from any such default by CP.
2. CP Transfer to Dolphin.
a. CP hereby assigns to Dolphin all of CP's rights and responsibilities under
the terms of the DDA and the DA with respect to the CP Property and the
CP Property Casitas Development from and after the Effective Date of this
Assignment.
b. Dolphin hereby accepts the foregoing assignment and agrees to be bound
by the terms of the DDA and the DA with respect to the CP Property and
the CP Property Casitas Development from and after the Effective Date.
c. The parties hereto acknowledge and agree that Dolphin shall not be
responsible for any of the obligations of the DDA or the DA which arise
from ownership of the CP Property existing prior to the Effective Date
hereof. As such, a default by CP under either the DDA or the DA with
respect to the CP Property prior to the Effective Date hereof shall not be
deemed a default by Dolphin, and CP shall indemnify, defend and hold
harmless Dolphin from any and all losses, claims or liability, including
without limitation reasonable attorneys' fees and costs, arising from any
such default by CP. A default by Dolphin under either the DDA or the
DA with respect to the CP Property after the Effective Date hereof shall
not be deemed a default by CP, and Dolphin shall indemnify, defend and
hold harmless CP from any and all losses, claims or liability, including
without limitation reasonable attorneys' fees and costs, arising from any
such default by Dolphin.
3. Requirement for Amendments to DDA DA and Center Point Specific Plan. CP
acknowledges and agrees that prior to CP commencing any development on the
Transfer Parcel CP shall be required to process through the City amendments to
the DDA, DA, and Center Point Specific Plan (SP2001-055) that permit the
development contemplated on the Transfer Parcel by CP. Dolphin acknowledges
882/00610-0107.
945032 04 a09/05/08 -4-
«... 025
and agrees that prior to Dolphin commencing any development on the CP
Property Dolphin shall be required to process through the City amendments to the
DDA, DA, and Center Point Specific Plan (SP2001-055) that permit the
development contemplated on the CP Property by Dolphin.
4. Effective Date. This Assignment shall be deemed effective (the "Effective
Date") upon the last of the following events to occur: (a) the written consent to
this Assignment by the City with respect to the assigned rights and obligations
arising under the DA, (b) the written consent to this Assignment by the Agency
with respect to the assigned rights and obligations arising under the DDA, (c)
conveyance of the CP Property to Dolphin and the Transfer Parcel to CP at the
closing under the Exchange Agreement, as evidenced by the recording of the
grant deeds therefor in the Official Records of the County Recorder for the
County of Riverside, California and (d) the recordation of the Lot Line
Adjustment in the Official Records of the County of Riverside.
5. Recording of Documents. This Assignment and four (4) other documents are to
be recorded in the Official Records of the County Recorder for the County of
Riverside, California at the closing as further detailed in the Exchange
Agreement. The order and description of documents to be recorded pursuant to
the Exchange Agreement are: (a) first, a grant deed from CP to Dolphin
conveying the CP Property; (b) second, the Lot Line Adjustment; (c) third, a grant
deed (e.g., `perfecting' deed) from Dolphin to Dolphin for the entire property
covered by the Lot Line Adjustment (inserting the new lot boundaries into the
chain of title); (d) fourth, a grant deed from Dolphin to CP conveying the Transfer
Parcel; and (e) fifth, this Assignment. Upon completion of steps one through four
[(a)-(d)] herein, escrow will be in a position to disburse the Performance Deposit
to Dolphin. Notwithstanding the foregoing, in the event that the fully executed
and notarized deeds described herein (collectively "Deeds") are tendered to
escrow prior to September 30, 2008, to be held in trust for recording pursuant to
the Exchange Agreement, but escrow is not in a position to close prior to
September 30, 2008 due to either (i) a cause that is not the fault of Dolphin and is
beyond Dolphin's control (such as a backlog or other conditions experienced by
escrow or the County Recorder, but not including Dolphin's or CP's inability or
unwillingness to proceed with the closing), or (ii) the City has delayed the
finalization of the Lot Line Adjustment due to no fault of Dolphin, then escrow
shall be permitted to disburse the Performance Deposit to Dolphin following
recording of the Deeds.
6. Corporate Authority. Except as otherwise described in paragraph 3 above, the
parties hereto each warrant and represent that they have taken all necessary
corporate action to authorize the execution and performance of this Assignment
and that the individuals executing this document on behalf of the parties are
authorized to do so, and by doing so, create binding obligations as described
herein of the party represented.
882/015610-0107
945032 04 a09/05108 -5-
026
Governing Law. This Assignment shall be governed by the internal laws of the
State of California, without regard to conflict of law principles.
8. Counterparts. This Assignment may be executed in counterparts, and counterpart
signature pages may be combined into one or more fully executed original for
recording purposes.
[Signature pages follow]
892/015610-0107
945032 04 a09/05/08 -6-
021
WHEREFOR, the parties hereto have executed this Assignment on the date first written
above.
«CP„
CP DEVELOPMENT LA QUINTA, LLC
a California limited liability company
By: Oliphant Family Trust
Its: Member
By:
Richard R. Oliphant
Its: Trustee
By: Oliphant Enterprises, Inc.
Its: Manager
By:
Richard R. Oliphant
Its: President
"Dolphin"
DOLPHIN LA QUINTA, LC
a California limited lia ilit con
By: Dolphin Parti InQ!, a
corporation
Its: Manager
By:
Kevin S. 5tts
Its: Presi t
882/015610-0107
945032.04 a09/05108 '7-
028
State of California )
County of )
On before me,
Public,
Notary
(here insert name and title of the officer)
personally appeared
who proved to me on the basis of satisfactory evidence to be the person(s) whose names)
is/are subscribed to the within instrument, and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature
(seal)
State of California )
County of i ' cA )
On P4 5 % k i , before me, Notary
Public,
personally appeared
who proved to me on the basis of satisfa
(here insert name and title of the officer)
evidence to be the personW whose
Mire subscribed to the within instrument, and acknowledged to the that he/sheAhey
executed the same in his/her/their authorized capacity(ies),- and that by his/her/their
signature(sl 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. P ®® t7ptj
61041 lttr Ptao - Cowardo
' � pMM40 t0ec2%20/1
Signature L�l' i� �.E_ Jam' i��
(seal)
882/013610-0107
945032 04 a09/05108 -8- q- 029
CONSENT
By execution below, the Agency and City hereby (i) consent to the foregoing
Assignment; (ii) release CP from any further obligations under the DA or DDA with
respect to the CP Property and the CP Casitas Development; and (iii) release Dolphin
from any further obligations under the DA or DDA with respect to the Transfer Parcel
and the Transfer Parcel Casitas Development. Further, upon recordation in the
Official Records of the County of Orange of (a) the Deeds, and (b) the Lot Line
Adjustment, the City and Agency hereby authorize the disbursement of the
Performance Deposit to Dolphin. Notwithstanding the foregoing, in the event that the
fully executed and notarized Deeds are tendered to escrow prior to September 30,
2008, to be held in trust for recording pursuant to the Exchange Agreement, but
escrow is not in a position to close prior to September 30, 2008 due to either (1) a
cause that is not the fault of Dolphin and is beyond Dolphin's control (such as a
backlog or other conditions experienced by escrow or the County Recorder, but not
including Dolphin's or CP's inability or unwillingness to proceed with the closing),
or (2) the City has delayed the finalization of the Lot Line Adjustment due to no fault
of Dolphin, then escrow shall be permitted to disburse the Performance Deposit to
Dolphin following recording of the Deeds, even if such recording takes place on or
after September 30, 2008. Agency and City agree to provide any additional
authorizations or instructions that may be necessary to facilitate such disbursement.
LA QUINTA REDEVELOPMENT
AGENCY, a public body, corporate and
politic
By:
Its: Executive Director
ATTEST:
Agency Secretary
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
Agency Counsel
882/01561M10'/
945032 04 a09/05/08 -9-
030
CITY OF LA QUINTA, a California
municipal corporation and charter city
organized and existing under the laws of
the State of California
By:
Its: City Manager
ATTEST:
City Clerk
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
City Attorney
882/015610-0107
W5032 04 .09/05/08 - t Q-
03I
State of California )
County of )
On before me, , Notary Public,
(here insert name and title of the officer)
personally appeared
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.
Signature
(seal)
032
882/.
0 0 e,2/17,07
EXHIBIT "A"
LEGAL DESCRIPTION OF THE DOLPHIN PROPERTY
THE LAND SITUATED IN THE STATE OF CALIFORNIA, COUNTY
OF RIVERSIDE, DESCRIBED AS FOLLOWS:
PARCEL 2 OF PARCEL MAP NO. 31116, IN THE CITY OF LA
QUINTA, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS
SHOWN ON THE PARCEL MAP FILED ON APRIL 4, 2005, IN BOOK
212 OF PARCEL MAPS, AT PAGES 60-66, AS INSTRUMENT NO.
2005-0262238, IN THE OFFICE OF THE COUNTY RECORDER OF
RIVERSIDE COUNTY.
882/015610 l07
945032 04 a09/05108
033
EXHIBIT `B"
LEGAL DESCRIPTION OF CP PROPERTY
THE LAND SITUATED IN THE STATE OF CALIFORNIA, COUNTY
OF RIVERSIDE, DESCRIBED AS FOLLOWS:
PARCEL 3 OF PARCEL MAP NO. 31116, IN THE CITY OF LA
QUINTA, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS
SHOWN ON THE PARCEL MAP FILED ON APRIL 4, 2005, IN BOOK
212 OF PARCEL MAPS, AT PAGES 60-66, AS INSTRUMENT NO.
2005-0262238, IN THE OFFICE OF THE COUNTY RECORDER OF
RIVERSIDE COUNTY.
882/015610-0107 -12-
945032 04 a09/05/08
" 034
882/015610-0109
945032 04 ¢09/05108
EXHIBIT "C"
BOUNDARY DIAGRAM FROM PARCEL MAP NO. 31116
(PAGE 63 OF PARCEL MAP. NO. 31116)
[See following page]
13-
035
4-
:-
882/0 3 G Q®
I�
■
■
h!
y g
`|�\\
,
§
\
\ �•
|§§�\ •
�!
* 036
EXHIBIT "D"
EXHIBIT `B'- CERTIFICATE OF LOT LINE ADJUSTMENT NO. 2008-495
CITY OF LA QUINTA, COUNTY OF RIVERSIDE, CALIFORNIA
[See following pages]
882/015610-0107 -15-
945032 04 a09/05108
" C37
p4 Oto r
0
� N
I �
Z8Ll -vNi ti
zz
I.. <
!Wc
O V/rp p C
LL .S9
O JO m w gr0� 9
LU
4 Z -(AA..04,9ZA0) n
In
to
zz
J v ZQ C
N6Z Z
a a Uu00ia 11 # %�ZS
1° Q rn a $ 11
J IW �L n
lu
z
J � �
• w
�tz� m
,951.59 J Vdi a
12
nn
Zti
> �o
(v / 9 pK QF yw N
/ LS
i �'yoaa 0 S
"2/015510-0109
945032 04 •09/05/08
16-
�'•' - 038
la
§OD
2
§
o!
|#
`
2$
W
§
�
m44#
990-7R
�
\
2
§
_
§- �,
�
|
/
)
j
Q
ILo
;
§
k
},n);
\
)
§@
b»
§
---------------
(
\,\q\\an,,a\\\\,
k
_mom m �� �039
EXHIBIT "E"
LEGAL DESCRIPTIONS FOR NEW PARCELS "A" AND "B"
(EXHIBIT `A' - LOT LINE ADJUSTMENT NO. 2008-495)
CITY OF LA QUINTA, COUNTY OF RIVERSIDE, CALIFORNIA
[See following pages]
882/015610-0102 -18-
945032.04 a09/05/08 040
40 hr.. .
EXHIBIT "A"
LOT LINE ADJUSTMENT
NO. 2008 - 495
PARCEL "A";
IN THE CITY OF LA QUINTA, COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA, THAT PORTION OF PARCEL 2 OF PARCEL MAP NO. 31116, AS
SHOWN BY MAP ON FILE IN BOOK 212, AT PAGES 60 THROUGH 66,
INCLUSIVE, OF PARCEL MAPS, OFFICIAL RECORDS OF SAID RIVERSIDE
COUNTY, ALSO BEING IN THE SOUTH HALF OF SECTION 19, TOWNSHIP 5
SOUTH, RANGE 7 EAST, S.B.M., MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID PARCEL 2;
THENCE ALONG THE NORTHERLY LINE OF SAID PARCEL 2 THE
FOLLOWING THREE (3) COURSES:
(1) THENCE NORTH 88-08*53" EAST A DISTANCE OF 203.25 FEET;
(2) THENCE NORTH 89"31'23" EAST A DISTANCE OF 124.81 FEET;
(3) THENCE NORTH 89"3T22" EAST A DISTANCE OF 220.92 FEET;
THENCE LEAVING SAID NORTHERLY LINE SOUTH 19"25'33" EAST A
DISTANCE OF 64.30 FEET;
THENCE SOUTH 14033'39" WEST A DISTANCE OF 67.86 FEET;
THENCE NORTH 75026'21" WEST A DISTANCE OF 24,01 FEET;
THENCE SOUTH 14033'39" WEST A DISTANCE OF 42.63 FEET TO AN ANGLE
POINT ON THE WESTERLY LINE OF SAID PARCEL 2, ALSO BEING THE
NORTHEAST CORNER OF PARCEL 4 OF SAID PARCEL MAP NO, 31116;
THENCE ALONG SAID WESTERLY LINE OF PARCEL 2 THE FOLLOWING
SIX (6) COURSES:
(1) THENCE NORTH 78"26'24" WEST A DISTANCE OF 179.86 FEET;
(2) THENCE SOUTH 71 "26'37" WEST A DISTANCE OF 51.11 FEET;
(3) THENCE SOUTH 57"38'20" WEST A DISTANCE OF 203.09 FEET;
(4) THENCE SOUTH 53"12'25" WEST A DISTANCE OF 88.76 FEET TO THE
BEGINNING OF A NON -TANGENT CURVE, CONCAVE SOUTHWESTERLY,
HAVING A RADIUS OF 2,114.98 FEET, A RADIAL LINE PASSING THROUGH
SAID POINT BEARS NORTH 53044'23" EAST;
PAGE 1 OF 5
182/015610-0107 - 19-
945032 04 "09/05/08
041
EXHIBIT "A"
LOT UNE ADJUSTMENT
NO. 2008 - 495
(5) THENCE ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL
ANGLE OF 02014'19", AN ARC DISTANCE OF 82.64 FEET;
(6) THENCE NON -TANGENT TO SAID CURVE NORTH 00°26'38" WEST A
DISTANCE OF 228.66 FEET TO THE POINT OF BEGINNING.
SUBJECT TO EXISTING EASEMENTS, COVENANTS, RIGHTS AND RIGHTS -
OF -WAY OF RECORD.
CONTAINING 102,510 SQUARE FEET
OR 2.353 ACRES, MORE OR LESS.
PAGE 2 OF 5
882/015610-0109
945032 04 A09/05108 -20-
6PONp,L LANp'
dig BONY D. MHO L
IL
4T8
E:NN /30/DB 1
n
0,42
EXHIBIT "A"
LOT LINE ADJUSTMENT
NO. 2008 - 495
PARCEL "B":
IN THE CITY OF LA QUINTA, COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA, THAT PORTION OF PARCEL 2 TOGETHER WITH PARCEL 3 OF
PARCEL MAP NO. 31116, AS SHOWN BY MAP ON FILE IN BOOK 212, AT
PAGES 60 THROUGH 66, INCLUSIVE, OF PARCEL MAPS, OFFICIAL
RECORDS OF SAID RIVERSIDE COUNTY, ALSO BEING IN THE SOUTH HALF
OF SECTION 19, TOWNSHIP 5 SOUTH, RANGE 7 EAST, S.B.M., MORE
PARTICULARLY DESCRIBED AS A WHOLE AS FOLLOWS:
COMMENCING AT THE NORTHWEST CORNER OF SAID PARCEL 2;
THENCE ALONG THE NORTHERLY LINE OF SAID PARCEL 2 THE
FOLLOWING THREE (3) COURSES:
(1) THENCE NORTH 88"08-53" EAST A DISTANCE OF 203.25 FEET;
(2) THENCE NORTH 89"31-23" EAST A DISTANCE OF 124.81 FEET;
(3)THENCE NORTH 89"33-22- EAST A DISTANCE OF 220.92 FEET TO THE
TRUE POINT OF BEGINNING;
THENCE LEAVING SAID NORTHERLY LINE SOUTH 19"25'33" EAST A
DISTANCE OF 64.30 FEET;
THENCE SOUTH 14033'39" WEST A DISTANCE OF 67.86 FEET;
THENCE NORTH 75"26'21" WEST A DISTANCE OF 24.01 FEET;
THENCE SOUTH 14"33'39' WEST A DISTANCE OF 42.63 FEET TO AN ANGLE
POINT ON THE WESTERLY LINE OF SAID PARCEL 2, ALSO BEING THE
NORTHEAST CORNER OF PARCEL 4 OF SAID PARCEL MAP NO. 31116;
THENCE ALONG SAID WESTERLY LINE OF PARCEL 2 THE FOLLOWING SIX
(6) COURSES:
(1) THENCE SOUTH 11'3V36" WEST A DISTANCE OF 149.37 FEET TO THE
BEGINNING OF A NON -TANGENT CURVE, CONCAVE SOUTHEASTERLY,
HAVING A RADIUS OF 139.50 FEET, A RADIAL LINE PASSING THROUGH
SAID POINT BEARS NORTH 20"15'25' WEST;
(2) THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE,
THROUGH A CENTRAL ANGLE OF 64"48'59", AN ARC DISTANCE OF 157.81
FEET;
PAGE 3 OF 5
882/015610-0107
945032 04 a09/05/08 -21-
043
EXHIBIT "A"
LOT LINE ADJUSTMENT
NO. 2008.495
(3) THENCE SOUTH 27"44'50" WEST A DISTANCE OF 60.73 FEET;
(4) THENCE SOUTH 62"15'10" EAST A DISTANCE OF 167.46 FEET;
(5) THENCE NORTH 60°31'08" EAST A DISTANCE OF 43.98 FEET;
(6) THENCE SOUTH 29040'27" EAST A DISTANCE OF 36.75 FEET TO THE
SOUTHERLY LINE OF SAID PARCEL 2 AND THE BEGINNING OF A NON -
TANGENT CURVE, CONCAVE SOUTHERLY, HAVING A RADIUS OF 890,00
FEET, A RADIAL LINE PASSING THROUGH SAID POINT BEARS NORTH
26"35'27" WEST;
THENCE LEAVING SAID WESTERLY LINE AND ALONG THE SOUTHERLY
AND SOUTHEASTERLY LINES OF SAID PARCELS 2 AND 3 THE FOLLOWING
FOUR (4) COURSES:
(1) THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A
CENTRAL ANGLE OF 19°00'25% AN ARC DISTANCE OF 295.24 FEET TO THE
BEGINNING OF A REVERSE CURVE, CONCAVE NORTHERLY, HAVING A
RADIUS OF 760.00 FEET, A RADIAL LINE PASSING THROUGH SAID POINT
BEARS SOUTH 07035'02" EAST;
(2) THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A
CENTRAL ANGLE OF 17936'50", AN ARC DISTANCE OF 233.64 FEET TO THE
BEGINNING OF A COMPOUND CURVE, CONCAVE NORTHWESTERLY,
HAVING A RADIUS OF 360.00 FEET, A RADIAL LINE PASSING THROUGH
SAID POINT BEARS SOUTH 25'11'52" EAST;
(3) THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE,
THROUGH A CENTRAL ANGLE OF 65-14'46", AN ARC DISTANCE OF 409.95
FEET;
(4) THENCE NORTH 00°26'38" WEST A DISTANCE OF 90.92 FEET TO A
POINT IN THE NORTHERLY LINE OF SAID PARCEL 3;
THENCE LEAVING SAID SOUTHEASTERLY LINE NORTH 45026'38" WEST
ALONG SAID NORTHERLY LINE A DISTANCE OF 4.24 FEET;
THENCE CONTINUING ALONG SAID NORTHERLY LINES OF PARCEL 3 AND
PARCEL 2 SOUTH 89033'22" WEST A DISTANCE OF 733.35 FEET TO THE
TRUE POINT OF BEGINNING.
PAGE 4 OF 5
$82/015610-0107
945032 04 "09/05/08 -22-
044
EXHIBIT 64A"
LOT LINE ADJUSTMENT
NO. 2008 - 495
SUBJECT TO EXISTING EASEMENTS, COVENANTS, RIGHTS AND RIGHTS -
OF -WAY OF RECORD.
CONTAINING 367,958 SQUARE FEET o�ptLE
OR 8.447 ACRES, MORE OR LESS.
c ^Ny u.
R
CF CN-¢!f/#+'
PAGE 5 OF 5
882/01561 M107 -23-
945032 04.09/05/08
045
Titf 4 4 a"
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: September 16, 2008
ITEM TITLE: Approval Of a Residential Purchase BUSINESS SESSION:5
Agreement and Joint Escrow Instructions Between the CONSENT CALENDAR:
La Quinta Redevelopment Agency and Ricardo A. and
Lisa H. Martinez STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Approve the Residential Purchase Agreement and Joint Escrow Instructions, and
authorize the Executive Director to execute the required documents.
FISCAL IMPACT:
This action will result in the expenditure of $165,000 of Low -and Moderate -Income
Housing Fund monies. These funds are budgeted in the current budget.
BACKGROUND AND OVERVIEW:
In December, 2005, the Ricardo A. Martinez and Lisa H. Martinez purchased this single
family home with a La Quinta Redevelopment Agency's Second Trust Deed Loan. Mr.
Martinez subsequently has relocated to secure employment elsewhere. After initially
working to sell the home, Mr. and Mrs. Martinez inquired as to whether or not the
Agency desired to purchase this property in order to secure its moderate -income
affordability covenant. The recommended action approves the Residential Purchase
Agreement and Joint Escrow Instructions (Attachment 1), and facilitates the sale to
the Agency.
The purchase price is $190,000, which reflects the current market value for this
dwelling (confirmed by reviewing single family home sales comparables). Since the
Agency has a Second Trust Deed Loan of $25,000 on this property, the net purchase
cost to the Agency is $165,000.
When acquired, staff recommends that the dwelling be sold to a low- or moderate -
income household, and that the Agency provide a second trust deed loan to facilitate
046
the sale. If current market conditions do not support selling the dwelling, it will be
then rented to a low-income household until a sale can be consummated.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency Board include:
1. Approve the Residential Purchase Agreement and Joint Escrow Instructions and
authorize the Executive Director to execute the required documents; or
2. Do not Approve the Residential Purchase Agreement and Joint Escrow
Instructions; or
3. Provide staff with alternative direction.
Respectfully submitted,
A�X4r
Douglas R. Evans
Assistant City Manager - Development Services
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachment: 1. Residential Purchase Agreement and Joint Escrow
Instructions
047
ATTACHMENT
�- CAL 1 F O R N I A CALIFORNIA
® A S S O C I A T I O N RESIDENTIAL PURCHASE AGREEMENT
AND JOINT ESCROW INSTRUCTIONS
®w OF RE A LT O RS a For Use With Single Family Residential Property —Attached or Detached
if (CA.R. Forrn RPACA, Revised 11107)
Date Aumast 1x. 2008 ,at La Quints
1. OFFER:
A. THIS IS AN OFFER FROM La r>.•+ata Redevelopment Ameacv
B. THE REAL PROPERTY TO BE ACQUIRED is described as 51395 Ca11e H411ma, La Quints CA
, California.
_("Buyer').
, Assessors Parcel No. 770-166-019 , snumeo In
Let Ouinta , County of Riverside , California, ("Property").
C. THE PURCHASE PRICE offered is One Hundred Ninety Thousand -
Dollare $ 190 000. 00
D. CLOSE OF ESCROW shall occur on September 15 2008 (date) (or ❑ Days After Acceptance).
2. FINANCE TERMS: Obtaining the loans below is a contingency of this Agreement unless: (1) either 2K or 2L is checked below; or (11) otherwise
agreed in writing. Buyer shall ad diligently and in good faith to obtain the designated loans. Obtaining deposit, down payment and dosing costs is not
a contingency. Buyer represents that funds will be good when deposited with Escrow Holder.
A. INITIAL DEPOSIT: Buyer has given a deposit in the amount of ........................... .............. $
to the agent submitting the offer (or to ❑ ), by personal Check
(or ❑ , ), made payable to
which shall be held uncashed until Acceptance and then deposited within 3 business days after Acceptance
(or ❑ ), with
Escrow Holder, (or[] into Brokers bust account).
B. INCREASED DEPOSIT: Buyer shall deposit with Escrow Holder an increased deposit in the amount of ..... $
within Days After Acceptance, or C]
C. FIRST LOAN IN THE AMOUNT OF ......................................................$
(1) NEW First Deed of Trust in favor of lender, encumbering the Property, securing a note payable at maximum
interest of %fixed rate, or % initial adjustable rate with a maximum interest rate
Of %, balance due in years, amortized over years. Buyer shall
pay loan fees/points not to exceed . (These terms apply whether the designated loan
is conventional, FHA or VA)
(2) ❑ FHA ❑ VA: (The following terms only apply to the FHA or VA loan that is checked.)
Seller shall pay % discount points. Seller shall pay other fees not allowed to be paid by Buyer,
❑ not to exceed $ . Seller shall pay the cost of lender required Repairs (including
those for wood destroying pest) not otherwise provided for in this Agreement, ❑ not to exceed
$ . (Actual loan amount may increase 8 mortgage insurance premiums, funding
fees or closing costs are financed.)
D. ADDITIONAL FINANCING TERMS: ❑Seller financing (C.A.R. Form SFA),, ❑ secondary financing, ........... $
(CAR Form PAA paragraph 4A)• ❑ assun a financng (G.A.R. Form PAA paragrap 4B)
E. BALANCE OF PURCHASE PRICE (not Including Costs of obtaining loans and other dosing costs) in the amount of .. $ 190, 000. 00
to be deposited with Escrow Holder within sufficient time to dose escrow.
F. PURCHASE PRICE (TOTAL): ....... ............. ...................... ...................... $ 190, 000. 00
G. LOAN APPLICATIONS: Within 7 (or ❑ ) Days After Acceptance, Buyer shall provide Seller a letter from lender or mortgage loan
broker stating that, based on a review of Buyers written application and credit report, Buyer is prequalified or preapproved for the NEW loan
specified in 2C above.
H. VERIFICATION OF DOWN PAYMENT AND CLOSING COSTS: Buyer (or Buyers lender or loan broker pursuant to 2G) shall, within
7 (or ❑ ) Days After Acceptance, provide Seller written verification of Buyers down payment and closing costs.
I. LOAN CONTINGENCY REMOVAL: (1) Within 17 (or ❑ ) Days After Acceptance, Buyer shall, as specified in paragraph 14, remove
the loan contingency or cancel this Agreement; OR (11) (if checked) ❑ the loan contingency shall remain in effect until the designated loans are
funded.
J. APPRAISAL CONTINGENCY AND REMOVAL: This Agreement is (OR, H checked, ❑ is NOT) contingent upon the Property appraising at no
less than the specified purchase price. If there is a loan contingency, at the time the loan contingency is removed (or, if Checked, ❑ within 17 (or
) Days After Acceptance), Buyer shall, as specified in paragraph 14B(3), remove the appraisal contingency or cancel this Agreement.
If there is no loan contingency, Buyer shall, as specified in paragraph 14B(3), remove the appraisal contingency within 17 (or ) Days
After Acceptance.
K. ® NO LOAN CONTINGENCY (If checked): Obtaining any ban In paragraphs 2C, 2D or elsewhere in this Agreement is NOT a contingency of this
Agreement. If Buyer does not obtain the loan and as a result Buyer does not purchase the Property, Seller may be entitled to Buyers deposit or
other legal remedies.
L. ® ALL CASH OFFER (If checked): No loan is needed to purchase the Property. Buyer shall, within 7 (or ❑ I Days After Acceptance,
provide Seller written verification of sufficient funds to dose this transaction.
3. CLOSING AND OCCUPANCY:
A. Buyer intends (or ❑ does not intend) to occupy the Property as Buyers primary residence.
B. Seller-occupled or vacant property: Occupancy shall be delivered to Buyer at a: 00 ❑ AM M PM, ❑ on the date of Close Of Escrow;
❑ on ; or ❑ no, later than Days After Close Of Escrow. (CA.R. Form PAA, paragraph 2.) If transfer of title and
occupancy do not occur at the some time, Buyer and Seller are advised to: (1) enter into a written occupancy ement and (It) consu8 with their
insurance and legal advisors. Buyers Initials ( )
The capydgit mwe w 9e United Stems (nnle 17 U.S. Cade) forbid tha wa illut d
repodu�m of mm corm, or cry padbn diaegf, by puotcm msa m «any wear Sellers Initials ( ( )
maw, ncYdFg mcsimile a compNyized fameta Cq*W 0 1911 CALIFORNIA ASSOCIATION OF REALTORSe, INC. ALL RIGHTS RESERVED. R9VleWed by arre*aM�
RPA-CA REVISED 11707 (PAGE 1 OF S) CAI 1Fr1RMIA RESIDENTIAL PURCHASE AGREEMENT (RPACA PAGE 1 OF 81
lM
Palms Real Estate Co 61-001 Eisenhower Drive _ Le Quints - CA 92263
51395 Caller Kalima
Property Address: La Quints CA 92253 Dade: August 13, 2008
C. Tenantoccupled property: (1) Property shall be vacant at least 5 (or ❑ ) Days Prior to Close Of Escrow, unless otherwise agreed
in writing. Note to Seller: If you are unable to deliver Property vacant In accordance with rent control and other applicable Law, you may
be In breach of this Agreement.
OR (11) (if checked) ❑ Tenant to remain in possession. The attached addendum is incorporated into this Agreement (C.A.R. Form PAA,
paragraph 3.);
OR (Ili) (if checked) ❑ This Agreement is contingent upon Buyer and Seller entering into a written agreement regarding occupancy of the Property
within the time specified in paragraph 148(1). If no written agreement is reached within this time, either Buyer or Seller may cancel this Agreement
in writing.
D. At Close Of Escrow, Seller assigns to Buyer any assignable warranty rights for Items included in the sale and shall provide any available Copies
of such warranties. Brokers cannot and will not determine the assignability of any warranties.
E. At Close Of Escrow, unless otherwise agreed in writing, Seller shall provide keys and/or means to operate all locks, mailboxes, security systems,
alarms and garage door openers. If Property is a condominium or located in a common interest subdivision, Buyer may be required to pay a
deposit to the Homeowners' Association ("HOA") to obtain keys to accessible HOA facilities.
4. ALLOCATION OF COSTS (If checked): Unless otherwise specified here, this paragraph only determines who Is to pay for the report, inspection, test
or service mentioned. if not specified here or elsewhere in this Agreement, the determination of who is to pay for any work recommended or identified
by any such report, inspection, test or service shall be by the method specified in paragraph 14B(2).
A. WOOD DESTROYING PEST INSPECTION:
(1) ❑ Buyer ❑ Seller shall pay for an inspection and report for wood destroying pests and organisms ("Report") which shall be prepared
by , a registered structural pest
control company. The Report shall cover the accessible areas of the main building and attached structures and, if checked: ❑ detached
garages and carports, ❑ detached decks, ❑ the following other structures or areas
. The Report shall not include roof coverings. If Property is a condominium
or located in a common interest subdivision, the Report shall include only the separate interest and any exclusive -use areas being transferred
and shall not include common areas, unless otherwise agreed. Water tests of shower pans on upper level units may not be performed without
consent of the owners of property below the shower.
OR (2) ❑ (If checked) The attached addendum (C.A.R. Form WPA) regarding wood destroying pest Inspection and allocation of cost is incorporated
into this Agreement.
B. OTHER INSPECTIONS AND REPORTS:
(1) ❑ Buyer ❑ Seller shall pay to have septic or private sewage disposal systems Inspected
(2) ❑ Buyer ❑ Seller shall pay to have domestic wells tested for water potability and productivity
(3) ® Buyer ❑ Seller shall pay for a natural hazard zone disclosure report prepared by Buiva+•s Choice
(4) ❑ Buyer ❑ Seller shall pay for the following inspection or report
(5) ❑ Buyer ❑ Seller shall pay for the following inspection or report
C. GOVERNMENT REQUIREMENTS AND RETROFIT:
(1) ❑ Buyer ® Seller shall pay for smoke detector installation and/or water heater bracing, 5 required by Law. Prior to Close Of Escrow, Seller
shall provide Buyer a written statement of compliance in accordance with state and local Law, unless exempt.
(2) ❑ Buyer ❑ Seller shall pay the cost of compliance with any other minimum mandatory government retrofit standards, inspections and
reports If required as a condition of dosing escrow under any taw.
D. ESCROW AND TITLE:
(1) ® Buyer ® Seller shall pay escrow fee Sach their own
Escrow Holder shall be Fideli tv Escrow. Cathy Boyd
(2) ❑ Buyer ® Seller shall pay for owners title Insurance policy specified in paragraph 12E
Owners title policy to be issued by Fidelity National Title
(Buyer shall pay for any title insurance policy insuring Buyers lender, unless otherwise agreed in writing.)
E. OTHER COSTS:
(1) ❑ Buyer ® Seller shall pay County transfer tax or transfer fee
(2) ❑ Buyer ❑ Seller shall pay City transfer tax or transfer fee
(3) ❑ Buyer ❑ Seller shall pay HOA transfer fee
(4) ❑ Buyer ❑ Seller shall pay HOA document preparation fees
(5) ❑ Buyer ❑ Seller shall pay the cost, not to exceed $ , of a one-year home warranty plan,
issued by
with the following optional coverage:
(6) ❑ Buyer ❑ Seller shall pay for
(7) ❑ Buyer ❑ Seller shall pay for
5. STATUTORY DISCLOSURES (INCLUDING LEAD -BASED PAINT HAZARD DISCLOSURES) AND CANCELLATION RIGHTS:
A. (1) Seller shall, within the time specified in paragraph 14A, deliver to Buyer, if required by Law: (1) Federal Lead -Based Paint Disclosures and
pamphlet ('Lead Disclosures'); and (11) disclosures or notices required by sections 1102 at. seq. and 1103 at. seq. of the California Civil Code
("Statutory Disclosures"). Statutory Disclosures include, but are not limited to, a Real Estate Transfer Disclosure Statement ('TDSjNatural
Hazard Disclosure Statement ('NHD"), notice or actual knowledge of release of illegal controlled substance, notice of special tax and/or
assessments (or, If allowed, substantially equivalent notice regarding the Mello -Roos Community Facilities Act and Improvement Bond Ad of
1915) and, if Seller has actual knowledge, an Industrial use and military ordinance location disclosure (C.A.R. Form SSD).
(2) Buyer shall, within the time specified in paragraph 1413(1), return Signed Copies of the Statutory and Lead Disclosures to Seller.
(3) In the event Seller, prior to Close Of Escrow, becomes aware of adverse conditions materially affecting the Property, or any material
inaccuracy in disclosures, information or representations previously provided to Buyer of which Buyer is otherwise unaware, Seller shall
promptly provide a subsequent or amended disclosure or notice, in writing, covering those items. However, a subsequent or amended
disclosure shall not be required for conditions and material inaccuracies disclosed In reports o red and paid for try or.
Buyers Initials ( )
Sellers Initials ( T(
Copyright SO
®1991-2007, CALIFORNIAASCUITION OF REALTORM, INC.
RPA-CA REVISED 11107 (PAGE 2 OF 8) Reviewed by a avoxi
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 2 OF 6) Agency-manO 4 9
51395 calla Xaliara
Property Address: La Quints CA 92253 Date: Aumzst 13, 2008
(4) If any disclosure or notice specified in 5A(t), or subsequent or amended disclosure or notice is delivered to Buyer after the offer is Signed,
Buyer shall have the right to cancel this Agreement within 3 Days After delivery in person, or 5 Days After delivery by deposit in the mail, by
giving written notice of cancellation to Seller or Sellers agent. (Lead Disclosures sent by mail must be sent certified mail or batter.)
(5) Note to Buyer and Seller: Waiver of Statutory and Lead Disclosures Is prohibited by Law.
B. NATURAL AND ENVIRONMENTAL HAZARDS: Within the time specified in paragraph 14A, Seller shall, if required by Law: (1) deliver to Buyer
earthquake guides (and questionnaire) and environmental hazards booklet; (II) even If exempt from the obligation to provide a NHD, disclose if the
Property is located in a Special Flood Hazard Area; Potential Flooding (Inundation) Area; Very High Fire Hazard Zone; State Fire Responsibility
Area; Earthquake Fault Zone; Seismic Hazard Zone; and (III) disclose any other zone as required by Law and provide any other information
required for those zones.
C. MEGAN'S LAW DATABASE DISCLOSURE: Notice: Pursuant to Section 290.46 of the Penal Code, information about specified registered sex
offenders is made available to the public via an Internet Web site maintained by the Department of Justice at www.meganslaw.ce.gov. Depending
on an offenders criminal history, this information will include either the address at which the offender resides or the community of residence and
ZIP Code in which he or she resides, (Neither Seller nor Brokers are required to check this webshe. If Buyer wants further information, Broker
recommends that Buyer obtain information from this website during Buyers Inspection contingency period. Brokers do not have expertise in this
area.)
6. CONDOMINIUMIPLANNED UNIT DEVELOPMENT DISCLOSURES:
A. SELLER HAS: 7 (or ❑ ) Days After Acceptance to disclose to Buyer whether the Property is a condominium, or is located in a
planned unit development or other common Interest subdivision (CA.R. Form SSD).
B. If the Property is a condominium or is located in a planned unit development or other common interest subdivision, Seller has 3 (or ❑ )
Days After Acceptance to request from the HOA (CA.R. Form HOA): (1) Copies of any documents required by Law; (icy disclosure of any pending
or anticipated claim or litigation by or against the HOA; (III) a statement containing the location and number of designated parking and storage
spaces; (iv) Copies of the most recent 12 months of HOA minutes for regular and special meetings; and (v) the names and contact information of
all HOAs governing the Property (collectively, 'Cl Disclosures). Seller shall itemize and deliver to Buyer all Cl Disclosures received from the HOA
and any Cl Disclosures in Sellers possession. Buyers approval of Cl Disclosures is a contingency of this Agreement as specified in paragraph
14B(3).
7. CONDITIONS AFFECTING PROPERTY:
A. Unless otherwise agreed: (1) the Property Is sold (a) in he PRESENT physical condition as of the date of Acceptance and (b) subject to
Buyer's Investigation rights; (it) the Property, including pool, spa, landscaping and grounds, is to be maintained in substantially the same
condition as on the date of Acceptance; and (ill) all debris and personal property not included in the sale shall be removed by Close Of Escrow.
B. SELLER SHALL, within the time specified in paragraph 14A, DISCLOSE KNOWN MATERIAL FACTS AND DEFECTS affecting the
Property, Including known Insurance claims within the past five years, AND MAKE OTHER DISCLOSURES REQUIRED BY LAW (CA.R.
Form SSD).
C. NOTE TO BUYER: You are strongly advised to conduct investigations of the entire Properly in order to determine its present condition
since Seller may not be aware of all defects affecting the Property or other factors that you consider Important. Property Improvements
may not be bulk according to code, in compliance with current Law, or have had permits Issued.
D. NOTE TO SELLER: Buyer has the right to Inspect the Property and, as specified In paragraph 14B, based upon Information discovered In
those Inspections: (1) cancel this Agreement; or (11) request that you make Repairs or take other action.
S. ITEMS INCLUDED AND EXCLUDED:
A. NOTE TO BUYER AND SELLER: Items listed as included or excluded In the MLS, flyers or marketing materials are not included in the purchase
price or excluded from the sale unless specified in 8B or C.
B. ITEMS INCLUDED IN SALE:
(1) All EXISTING fixtures and fittings that are attached to the Property;
(2) Existing electrical, mechanical, lighting, plumbing and heating fixtures, ceiling fans, fireplace inserts, gas logs and grates, solar systems,
built-in appliances, window and door screens, awnings, shutters, window coverings, attached floor coverings, television antennas, satellite
dishes, private integrated telephone systems, air coolerskonditioners, pooyapa equipment garage floor openerstremote controls, mailbox,
in -ground landscaping, tmeslshrubs, water softeners, water purifiers, security systemslalamms; and
(3) The following items:
(4) Seller represents that all items included in the purchase price, unless otherwise specified, are owned by Seller.
(5) All hems included shall be transferred free of liens and without Seller warranty.
C. ITEMS EXCLUDED FROM SALE:
9. BUYER'S INVESTIGATION OF PROPERTY AND MATTERS AFFECTING PROPERTY:
A. Buyers acceptance of the condition of, and any other matter affecting the Property, is a contingency of this Agreement as speed in this
paragraph and paragraph 14B. Within the time speed in paragraph 14B(1), Buyer shall have the right at Buyers expense unless otherwise
agreed, to conduct inspections, investigations, tests, surveys and other studies ('Buyer Investigations), including, but not limited to, the right to: (I)
inspect for lead -based paint and other lead -based paint hazards; (11) inspect for wood destroying pests and organisms; (M) review the registered
sex offender database; (iv) confirm the insurability of Buyer and the Properly, and (v) satisfy Buyer as to any matter specified in the attached
Buyers Inspection Advisory (C.A.R. Form BIA). Without Sellers prior written consent, Buyer shall neither make nor cause to be made: (1) invasive
or destructive Buyer Investigations; or (II) inspections by any governmental building or zoning inspector or government employee, unless required
by Law.
B. Buyer shall complete Buyer Investigations and, as specified in paragraph 14B, remove the contingency or cancel this Agreement Buyer shall give
Seller, at no cost, complete Copies of all Buyer Investigation reports obtained by Buyer. Seller shall make the Property available for all Buyer
Investigations. Seller shall have water, gas, electricity and all operable pilot lights on for Buyer's Investig R
ons and through the da possession is
made available to Buyer. Buyers Initials ( )
Sellers Iniials ( >101
Copyright 01991-2007, CALIFORNIA ASSOCIATION OF REALTORSO, INC.
RPA-CA REVISED 11107 (PAGE 3 OF 8) Reviewed by ate era*
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT(RPA-CA PAGE 30F8) Agentj- Marti 050
51395 Calle Xallnus
Property Address: La Quints CA 92253 Dale: Auguat 13, 2008
10. REPAIRS:Repairs shall be completed prior to final verification of condition unless otherwise agreed in writing. Repairs to be performed at Seller's
expense may be performed by Seller or through others, provided that the work complies with applicable Law, including governmental permit, inspection
and approval requirements. Repairs shall be performed in a good, skillful manner with materials of quality and appearance comparable to existing
materials. it is understood that exact restoration of appearance or cosmetic items following all Repairs may not be possible. Seller shall: (I) obtain
receipts for Repairs performed by others; (II) prepare a written statement indicating the Repairs performed by Seller and the date of such Repairs; and
(111) provide Copies of receipts and statements to Buyer prior to final verification of condition.
11. BUYER INDEMNITY AND SELLER PROTECTION FOR ENTRY UPON PROPERTY: Buyer shall: (1) keep the Property free and dear of liens; (II)
Repair all damage arising from Buyer Investigations; and (ill) indemnity and hold Seller harmless from all resulting liability, claims, demands, damages
and costs. Buyer shall carry, or Buyer shall require anyone acting on Buyer's behalf to tarry, policies of liability, workers' compensation and other
applicable insurance, defending and protecting Seller from liability for any Injuries to persons or property occurring during any Buyer Investigations or
work done on the Property at Buyers direction prior to Close Of Escrow. Seller is advised that certain protections may be afforded Seller by recording a
"Notice of Non -responsibility (CAR. Form NNR) for Buyer Investigations and work done on the Property at Buyers direction. Buyer's obligations
under this paragraph shall survive the termination of this Agreement
12. TITLE AND VESTING:
A. Within the time specified in paragraph 14. Buyer shall be provided a current preliminary (title) report, which tt only an offer by the title insurer to
Issue a policy of title Insurance and may not contain every item affecting title. Buyers review of the preliminary report and any other matters which
may affect title are a contingency of this Agreement as specified in paragraph 14B.
B. Title is taken in its present condition subject to all encumbrances, easements, covenants, conditions, restrictions, rights and other matters, whether
of record or not, as of the date of Acceptance except: (1) monetary liens of record unless Buyer is assuming those obligations or taking the Property
subject to those obligations; and (11) those matters which Seller has agreed to remove In writing.
C. Within the time specified in paragraph 14A, Seller has a duty to disclose to Buyer all matters known to Seller affecting title, whether of record or not
D. At Close Of Escrow, Buyer shall receive a grant deed conveying title (or, for stock cooperative or long-term lease, an assignment of stock
certificate or of Sellers leasehold interest), including oil, mineral and water rights If currently owned by Seller. Title shall vest as designated In
Buyers supplemental escrow Instructions. THE MANNER OF TAKING TITLE MAY HAVE SIGNIF)CANr LEGAL AND TAX CONSEQUENCES.
CONSULT AN APPROPRIATE PROFESSIONAL.
E. Buyer shall receive a CLTA/ALTA Homeowners Policy of Title Insurance. A tide company, at Buyers request, can provide information about the
availability, desirability, coverage, and cost of various title insurance coverages and endorsements. If Buyer desires title coverage other than that
required by this paragraph. Buyer shall instruct Escrow Holder in writing and pay any Increase in cost.
13. SALE OF BUYER'S PROPERTY:
A. This Agreement is NOT contingent upon the sale of any property owned by Buyer.
OR B. ❑ (If checked): The attached addendum (CAR. Form COP) regarding the contingency for the sale of property owned by Buyer is incorporated
into this Agreement.
14. TIME PERIODS; REMOVAL OF CONTINGENCIES; CANCELLATION RIGHTS: The following time periods may only be extended, altered,
modified or changed by mutual written agreement. Any removal of contingencies or cancellation under this paragraph must be in writing
(CAP- Form CR).
A. SELLER HAS: 7 (or ❑ ) Days After Acceptance to deliver to Buyer all reports, disclosures and information for which Seller is
responsible under paragraphs 4, 5A and B, 6A, 7B and 12.
B. (1) BUYER HAS: 17 (or ❑ ) Days After Acceptance, unless otherwise agreed in writing, to:
(1) complete all Buyer Investigations; approve all disclosures, reports and other applicable information, which Buyer receives from Salley, and
approve all matters affecting the Property (including lead -based paint and lead -based paint hazards as well as other information specified In
paragraph 5 and insurability of Buyer and the Property); and
(I1) return to Seller Signed Copies of Statutory and Lead Disclosures delivered by Seller in accordance with paragraph 5A.
(2) Within the time specified in 14B(1), Buyer may request that Seller make repairs or take any other action regarding the Property (CA.R. Form
RR). Seller has no obligation to agree to or respond to Buyers requests.
(3) By the end of the time specified in 14B(t) (or 21 for loan contingency or 2J for appraisal contingency), Buyer shall, in writing, remove the
applicable contingency (CAR. Form CR) or cancel this Agreement. However, if (1) government -mandated inspections/ reports required as a
condition of closing; or (11) Common Interest Disclosures pursuant to paragraph 6B are not made within the time specified In 14A, then Buyer
has 5 (or ❑ ) Days After receipt of any such items, or the time specified in 14B(1), whichever Is later, to remove the
applicable contingency or Cancel this Agreement in writing.
C. CONTINUATION OF CONTINGENCY OR CONTRACTUAL OBLIGATION; SELLER RIGHT TO CANCEL:
(1) Seller right to Cancel; Buyer Contingencies: Seller, after first giving Buyer a Notice to Buyer to Perform (as specified below), may Cancel
this Agreement in writing and authorize return of Buyers deposit if, by the time specified in this Agreement, Buyer does not remove in writing
the applicable contingency or cancel this Agreement Once all contingencies have been removed, failure of either Buyer or Seller to close
escrow on time may be a breach of this Agreement.
(2) Continuation of Contingency: Even after the expiration of the time specified in 14B, Buyer retains the right to make requests to Seller,
remove in writing the applicable contingency or cancel this Agreement until Seller cancels pursuant to 14C(i). Once Seller receives Buyers
written removal of all contingencies, Seller may not Cancel this Agreement pursuant to 14C(1).
(3) Seller right to Cancel; Buyer Contract Obligations: Seller, after first giving Buyer a Notice to Buyer to Perform (as specified below), may
cancel this Agreement in writing and authorize return of Buyers deposit for any of the following reasons: (I) if Buyer fails to deposit funds as
required by 2A or 2B; (ii) 6 the funds deposited pursuant to 2A or 2B are not good when deposited; (Ill) B Buyer fails to provide a letter as
required by 2G; (iv) if Buyer fails to provide verification as required by 2H or 2L; (v) if Seller reasonably disapproves of the verification provided
by 2H or 2L; (vi) If Buyer fails to return Statutory and Lead Disclosures as required by paragraph 5A(2); or (vii) if Buyer fails to sign or initial a
separate liquidated damage form for an increased deposit as required by paragraph 16. Seller Is not required to give Buyer a Notice to
Perform regarding Close of Escrow.
(4) Notice To Buyer To Perform: The Notice to Buyer to Perform (CAR. Form NBP) shall: (1) be in writing; (11) be signed by Seller; and (Ili) give
Buyer at least 24 (or ❑ ) hours (or until the time specified in the applicable paragraph, whi ever occurs last) to take the applicable
action. A Notice to Buyer to Perform may not be given any saner than 2 Days Prior to the expiration f he applicable time for Buyer to remove
a contingency or cancel this Agreement or meet a 14C(3) obligation. Buyers Initials ( ) ( )
Sellers Initials ( ) ( )
Copyright 01891-2007, CALIFORNIA ASSOCIATION OF REALTORS9. INC. Revlavetl by to
RPA-CA REVISED 11107 (PAGE 4 OF 8)
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 4 OF BY Ageety. Marti 051
31395 Calls Kali=
Property Address: La Quints CA 92253 Date: August 13, 2008
D. EFFECT OF BUYER'S REMOVAL OF CONTINGENCIES: If Buyer removes, in writing, any contingency or cancellation rights, unless otherwise
specified in a separate written agreement between Buyer and Seller, Buyer shall conclusively be deemed to have: (1) completed all Buyer
Investigations, and review of reports and other applicable information and disclosures pertaining to that contingency or cancellation right; (If) elected
to proceed with the transaction; and (Ili) assumed all liability, responsibility and expense for Repairs or corrections pertaining to that contingency or
cancellation right, or for Inability to obtain financing.
E. EFFECT OF CANCELLATION ON DEPOSITS: If Buyer or Seller gives written notice of cancellation pursuant to rights duly exercised under the
terms of this Agreement, Buyer and Seller agree to Sign mutual instructions to cancel the sale and escrow and release deposits to the party entitled
to the funds, less fees and costs incurred by that party. Fees and mats may be payable to service providers and vendors for services and products
provided during escrow. Release of funds will require mutual Signed release instructions from Buyer and Seller, judicial decision or
arbitration award. A party may be subject to a civil penalty of up to $1,000 for refusal to sign such Instnrctione if no good faith dispute
exists as to who is entitled to the deposited funds (Civil Coda §1067.3).
15. FINAL VERIFICATION OF CONDITION: Buyer shall have the right to make a final inspection of the Property within 5 (or ) Days Prior
to Close Of Escrow, NOT AS A CONTINGENCY OF THE SALE, but solely to confirm: (1) the Property Is maintained pursuant to paragraph 7A; (it)
Repairs have been completed as agreed; and (III) Seller has complied with Seller's other obligations under this Agreement.
16. LIQUIDATED DAMAGES: If Buyer falls to complete this purchase because of Buyer's default, Seller shall retain,
as liquidated damages, the deposit actually paid. If the Property )a a dwelling with no more than four units, one
of which Buyer Intends to occupy, then the amount retained shall be no more than 3% of the purchase price.
Any excess shall be returned to Buyer. Release of funds will require mutual, Signed release instructions from
both Buyer and Seller, judicial decision or arbitration award. �
BUYER AND SELLER SHALL SIGN A SEPARATE LIQUIDATED DAMAGES PROVISION FORT'p 1y I�ZEASEE
DEPOSIT, (C.A.R. FORM RID)
Buyer's Initials f sellers Initials I V1 I AM I
17. DISPUTE RESOLUTION: v r
A. MEDIATION: Buyer and Seller agree to mediate any dispute or claim arising between them out of this Agreement, or any reulting transaction,
before resorting to arbitration or court action. Paragraphs 17B(2) and (3) below apply to mediation whether or not the Arbrbation provision is
Initialed. Mediation fees, if any, shall be divided equally among the parties involved. If, for any dispute or claim to which this paragraph applies, any
party commences an action without first attempting to resolve the matter through mediation, or refuses to mediate after a request has been made,
then that party shall not be entitled to recover attorney fees, even if they would otherwise be available to that party in any such action, THIS
MEDIATION PROVISION APPLIES WHETHER OR NOT THE ARBITRATION PROVISION IS INITIALED.
B. ARBITRATION OF DISPUTES: (1) Buyer and Seller agree that any dispute or claim in Law or equity arising
between them out of this Agreement or any resulting transaction, which Is not settled through mediation,
shall be decided by neutral, binding arbitration, including and subject to paragraphs 178(2) and (3) below.
The arbitrator shall be a retired judge or justice, or an attorney with at least 5 years of residential real estate
Law experience, unless the parties mutually agree to a different arbitrator, who shall render an award in
accordance with substantive Citljfornla Law. The parties shall have the right to discovery In accordance with
California Code of Civil Procedure §1283.05. In all other respects, the arbitration shall be conducted in
accordance with Title 9 of Part III of the California Code of Civil Procedure. Judgment upon the award of the
arbitrators) may be entered into any court having jurisdiction. Interpretation of this agreement to arbitrate
shall be governed by the Federal Arbitration Act.
(2) EXCLUSIONS FROM MEDIATION AND ARBITRATION: The following matters are excluded from mediation and arbitration: (1) a judicial
or nonquelklal foreclosure or other action or proceeding to enforce a deed of trust, mortgage or installment land sale contract as defined
In Califomla CMI Code §2985; (ii) an unlawful Aetalner action; (III) the filing or enforcement of a mechanic's Ilan; and (Iv) any matter that
is within the jurisdiction of a probate, small claims or bankruptcy court The filing of a court action to enable the recording of a notice of
pending action, for order of attachment, receivership, Injunction, or other provisional remedies, shall not constitute a waiver of the
mediation and arbitration provisions.
(3) BROKERS: Buyer and Seller agree to mediate and arbitrate disputes or claims involving either or both Brokers, consistent with 17A
and B, provided either or both Brokers shall have agreed to such mediation or arbitration prior to, or within a reasonable time after, the
dispute or claim Is presented to Brokers. Any election by either or bath Brokers to participate In mediation or arbitration shall not result
In Brokers being deemed parties to the Agreement.
"NOTICE: BY INITIALING IN THE SPACE BELOW YOU ARE AGREEING TO HAVE ANY DISPUTE
ARISING OUT OF THE MATTERS INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION DECIDED BY
NEUTRAL ARBITRATION AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING UP ANY RIGHTS YOU
MIGHT POSSESS TO HAVE THE DISPUTE LITIGATED IN A COURT OR JURY TRIAL. BY INITIALING IN THE
SPACE BELOW YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS
THOSE RIGHTS ARE SPECIFICALLY INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION. IF YOU
REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE COMPELLED
TO ARBITRATE UNDER THE AUTHORITY OF THE CALIFORNIA CODE OF CIVIL PROCEDURE. YOUR
AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY."
"WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT UTES ARISI G
OUT OF THE MATTERS INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVIS TO E L
ARBITRATION." Buyers initials sefilites Initials lef
Buyer's Initials ( ) ( )
Sellers Initials ( ) ( )
Copyright 01991-2007, CALIFORNIA ASSOCIATION OF REALTORSS, INC.
RPA-CA REVISED 11A07 (PAGE 5 OF 8) Reviewed by OP°rew TMYT
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT(RPA-CA PAGE 50F Agency - Marti
1.
052
51395 Calle Kalima
Property Address: La Quints CA 92253 Date: August 13, 2008
18. PRORATIONS OF PROPERTY TAXES AND OTHER ITEMS: Unless otherwise agreed in writing, the following items shall be PAID
CURRENT and prorated between Buyer and Seller as of Close Of Escrow: real property taxes and assessments, interest, rents,
HOA regular, special, and emergency dues and assessments imposed prior to Close Of Escrow, premiums on insurance assumed
by Buyer, payments on bonds and assessments assumed by Buyer, and payments on Mello -Roos and other Special Assessment
District bonds and assessments that are now a lien. The following items shall be assumed by Buyer WITHOUT CREDIT toward the
purchase price: prorated payments on Mello -Roos and other Special Assessment District bonds and assessments and HOA special
assessments that are now a lien but not yet due. Property will be reassessed upon change of ownership. Any supplemental tax bills
shall be paid as follows: (1) for periods after Close Of Escrow, by Buyer; and (11) for periods prior to Close Of Escrow, by Seller. TAX
BILLS ISSUED AFTER CLOSE OF ESCROW SHALL BE HANDLED DIRECTLY BETWEEN BUYER AND SELLER. Proration shall
be made based on a 30-day month.
19. WITHHOLDING TAXES: Seller and Buyer agree to execute any instrument, affidavit, statement or instruction reasonably necessary
to comply with federal (FIRPTA) and California withholding Law, if required (C.A.R. Forms AS and AB).
20. MULTIPLE LISTING SERVICE ("MLS"): Brokers are authorized to report to the MLS a pending sale and, upon Close Of Escrow, the
terms of this transaction to be published and disseminated to persons and entities authorized to use the information on terms
approved by the MLS.
21. EQUAL HOUSING OPPORTUNITY: The Property is sold In compliance with federal, state and local anti -discrimination Laws.
22. ATTORNEY FEES: In any action, proceeding, or arbitration between Buyer and Seller arising out of this Agreement, the prevailing
Buyer or Seller shall be entitled to reasonable attorney fees and costs from the non -prevailing Buyer or Seller, except as provided in
paragraph 17A.
23. SELECTION OF SERVICE PROVIDERS: If Brokers refer Buyer or Seller to persons, vendors, or service or product providers
CProvidersl, Brokers do not guarantee the performance of any Providers. Buyer and Seller may select ANY Providers of their own
choosing.
24. TIME OF ESSENCE; ENTIRE CONTRACT; CHANGES: Time is of the essence. All understandings between the parties are
incorporated in this Agreement. Its terms are intended by the parties as a final, complete and exclusive expression of their
Agreement with respect to its subject matter, and may not be contradicted by evidence of any prior agreement or contemporaneous
oral agreement. If any provision of this Agreement is held to be ineffective or invalid, the remaining provisions will nevertheless be
given full force and effect. Neither this Agreement nor any provision in it may be extended, amended, modified, altered or
changed, except In writing Signed by Buyer and Seller.
26. OTHER TERMS AND CONDITIONS, including attached supplements:
A. 0 Bu er's Ins ection Advisory C.A.R. Form BIA
e, Q Purchase Agreement Addendum CAR Form PAA paragraph numbers: )
C. ❑ Statewide Buyer and Seller Advisory (CARForm SSSA)
D. ❑ Seller shall Provide Buyer with a comolsted Seller Proi)erly Questionnaire (C.A.R. form SPO) within the time specified In paragraph 14A
E.
26. DEFINITIONS: As used in this Agreement:
A. "Acceptance" means the time the offer or final counter offer is accepted in writing by a party and is delivered to and personally
received by the other party or that party's authorized agent in accordance with the terms of this offer or a final counter offer.
B. "Agreement' means the terms and conditions of this accepted California Residential Purchase Agreement and any accepted
counter offers and addenda.
C. "C.A.R, Form" means the specific forth referenced or another comparable form agreed to by the parties.
D. "Close Of Escrow" means the date the grant deed, or other evidence of transfer of titre, is recorded. If the scheduled dose of
escrow falls on a Saturday. Sunday or legal holiday, then close of escrow shall be the next business day after the scheduled
dose of escrow date.
E. "Copy" means copy by any means including photocopy, NCR, facsimile and electronic.
F. "Days" means calendar days, unless otherwise required by Law.
G. "Days After" means the specified number of calendar days after the occurrence of the event specified, not counting the calendar
date on which the specified event occurs, and ending at 11:59PM on the final day.
H. "Days Prior" means the specified number of calendar days before the occurrence of the event speed, not counting the
calendar date on which the specified event is scheduled to occur.
I. "Electronic Copy" or "Electronic Signature" means, as applicable, an electronic copy or signature complying with California
Law, Buyer and Seller agree that electronic means will not be used by either party to modify or alter the content or integrity of this
Agreement without the knowledge and consent of the other.
J. "Law" means any taw, code, statute, ordinance, regulation, rule or order, which is adopted by a controlling city, county, state or
federal legislative, judicial or executive body or agency.
K. "Notice to Buyer to Perform" means a document (C.A.R. Form NBP), which shall be in writing and Signed by Seller and shall
give Buyer at least 24 hours (or as otherwise specked In paragraph 14C(4)) to remove a contingency or perform as
applicable.
L "Repairs" means any repairs (including pest control), alterations, replacements, modifications or retrofitting of the Property
provided for under this Agreement.
M. "Signed" means either a handwritten or electronic signature on an original document, Copy or any counterpart.
N. Singular and Plural terms each include the other, when appropriate,
Buyers Initials ( )
Sellers Initials
Copyright a 1991-2007, CALIFORNIA ASSOCKTION OF REALTORS@, INC. to
RReviewed by PA -CA REVISED 11107 (PAGE 6 OF 8) � 7
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 6 OF 8 Agmcy - Marti
r... 053
51395 Ca21e Ka2ima
Property Address: La Quints, CA 92253 Date: August 13, 2008
27. AGENCY:
A. DISCLOSURE: Buyer and Seller each acknowledge prior receipt of C.A.R. Form AD "Disclosure Regarding Real Estate Agency
Relationships."
B. POTENTIALLY COMPETING BUYERS AND SELLERS: Buyer and Seller each acknowledge receipt of a disclosure of the
possibility of multiple representation by the Broker representing that principal. This disclosure may be part of a listing agreement,
buyer -broker agreement or separate document (C.A.R. Form DA). Buyer understands that Broker representing Buyer may also
represent other potential buyers, who may consider, make offers on or ultimately acquire the Property. Seiler understands that
Broker representing Seller may also represent other sellers with competing properties of interest to this Buyer.
C. CONFIRMATION: The following agency relationships are hereby confirmed for this transaction:
Listing Agent La Quints Balms Realty (Print Firm Name) is the agent
of (check one): ❑ the Seller exclusively; or ® both the Buyer and Seller.
Selling Agent (Print Firm Name) (d not same
as Listing Agent) is the agent of (check one): ❑ the Buyer exclusively; or ❑ the Seller exclusively; or ❑ both the Buyer and
Seller. Real Estate Brokers are not parties to the Agreement between Buyer and Seller.
28. JOINT ESCROW INSTRUCTIONS TO ESCROW HOLDER:
A. The following paragraphs, or applicable portions thereof, of this Agreement constitute the joint escrow instructions of
Buyer and Seller to Escrow Holder, which Escrow Holder is to use along with any related counter offers and addenda, and any
additional mutual instructions to case the escrow: 1, 2, 4, 12, 13B, 14E, 18, 19, 24, 25B and 25D, 26, 28, 29, 32A, 33 and
paragraph D of the section titled Real Estate Brokers on page S. If a Copy of the separate compensation agreement(s) provided
for in paragraph 29 or 32A, or paragraph D of the section titled Real Estate Brokers on page 8 is deposited with Escrow Holder
by Broker, Escrow Holder shall accept such agreement(s) and pay out from Buyer's or Seller's funds, or both, as applicable, the
Broker's compensation provided for in such agreement(s). The terms and conditions of this Agreement not set forth in the
specified paragraphs are additional matters for the information of Escrow Holder, but about which Escrow Holder need not be
concerned. Buyer and Seller will receive Escrow Holder's general provisions directly from Escrow Holder and will execute such
provisions upon Escrow Holder's request. To the extent the general provisions are inconsistent or conflict with this Agreement,
the general provisions will control as to the duties and obligations of Escrow Holder only. Buyer and Seller will execute additional
instructions, documents and forms provided by Escrow Holder that are reasonably necessary to close the escrow.
B. A Copy of this Agreement shall be delivered to Escrow Holder within 3 business days after Acceptance
(or ❑ ). Buyer and Seller authorize Escrow
Holder to accept and rely on Copies and Signatures as defined in this Agreement as originals, to open escrow and for other
purposes of escrow. The validity of this Agreement as between Buyer and Seller is not affected by whether or when Escrow
Holder Signs this Agreement.
C. Brokers are a party to the escrow for the sole purpose of compensation pursuant to paragraphs 29, 32A and paragraph D of the
section titled Real Estate Brokers on page 8. Buyer and Seller irrevocably assign to Brokers compensation specified in
paragraphs 29 and 32A, respectively, and irrevocably instruct Escrow Holder to disburse those funds to Brokers at Close Of
Escrow or pursuant to any other mutually executed cancellation agreement. Compensation Instructions can be amended or
revoked only with the written consent of Brokers. Escrow Holder shall immediately notify Brokers: (1) if Buyer's initial or any
additional deposit is not made pursuant to this Agreement, or is not good at time of deposit with Escrow Holder, or (11) if Buyer
and Seller instruct Escrow Holder to cancel escrow.
D. A Copy of any amendment that affects any paragraph of this Agreement for which Escrow Holder is responsible shall be
delivered to Escrow Holder within 2 business days after mutual execution of the amendment.
29. BROKER COMPENSATION FROM BUYER: If applicable, upon Close Of Escrow, Buyer agrees to pay compensation to Broker as
specified in a separate written agreement between Buyer and Broker.
30. TERMS AND CONDITIONS OF OFFER:
This is an offer to purchase the Property on the above terms and conditions. All paragraphs with spaces for initials by Buyer and
Seller are incorporated in this Agreement only if initialed by all parties. If at least one but not all parties initial, a counter offer is
required until agreement is reached. Seller has the right to continue to offer the Property for sale and to accept any other offer at any
time prior to notification of Acceptance. Buyer has read and acknowledges receipt of a Copy of the offer and agrees to the above
confirmation of agency relationships. If this offer is accepted and Buyer subsequently defaults, Buyer may be responsible for
payment of Brokers' compensation. This Agreement and any supplement, addendum or modification, including any Copy, may be
Signed in two or more counterparts, all of which shall constitute one and the same writing.
Buyer's Initials ( ( )
Seller's Initials
Copyright®1991-2007, CALIFORNIA ASSOCIATION OF REALTORS9, INC.
RPA-CA REVISED 11107 (PAGE 7 OF 8) Reviewed by to w omwiry
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 7 OF 8) ABmcy - Marti
054
C A L I F O A N I A REAL ESTATE TRANSFER DISCLOSURE STATEMENT
ASSOCIATION
OF AEALTOASO (CALIFORNIA CIVIL CODE §1102, ET SEQ)
(CA.R. Form TOS, Revised 10103)
THIS DISCLOSURE STATEMENT CONCERNS THE REAL PROPERTY SITUATED IN THE CITY OF
Is Quinta , COUNTY OF Riverside , STATE OF CALIFORNIA,
DESCRIBED AS 51395 Calle Ralitna La Ouinta CA 92253 _
THIS STATEMENT IS A DISCLOSURE OF THE CONDITION OF THE ABOVE DESCRIBED PROPERTY IN
COMPLIANCE WITH SECTION 1102 OF THE CIVIL CODE AS OF (date) . IT IS NOT A
WARRANTY OF ANY KIND BY THE SELLER(S) OR ANY AGENT(S) REPRESENTING ANY PRINCIPAL(S) IN THIS
TRANSACTION, AND IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR WARRANTIES THE PRINCIPAL(S) MAY
WISH TO OBTAIN.
1. COORDINATION WITH OTHER DISCLOSURE FORMS
This Real Estate Transfer Disclosure Statement is made pursuant to Section 1102 of the Civil Code. Other statutes require disclosures,
depending upon the details of the particular real estate transaction (for example: special study zone and purchase -money liens on
residential property).
Substituted Disclosures: The following disclosures and other disclosures required by law, including the Natural Hazard Disclosure
ReportlStatement that may include airport annoyances, earthquake, fire, flood, or special assessment information, have or will be made
in connection with this real estate transfer, and are intended to satisfy the disclosure obligations on this form, where the subject matter is
the same:
❑ Inspection reports completed pursuant to the contract of sale or receipt for deposit.
❑ Additional inspection reports or disclosures:
IL SELLER'S INFORMATION
The Seller discloses the following Information with the knowledge that even though this is not a warranty, prospective Buyers may rely on this information
in deciding whether and on what terms to purchase the subject property. Seller hereby authorizes any agent(s) representing any prindpal(s) in this
transaction to provide a copy of this statement to any person or entity in connection with any actual or anticipated sale of the property.
THE FOLLOWING ARE REPRESENTATIONS MADE BY THE SELLER(S) AND ARE NOT THE REPRESENTATIONS OF THE
AGENT(S), IF ANY. THIS INFORMATION IS A DISCLOSURE AND IS NOT INTENDED TO BE PART OF ANY CONTRACT BETWEEN
THEVsblect
AND SELLER
Selleis not occupying the property.
A. Tproperty has the items checked below (read across)
tinge en k:roweve
rshwesher ❑ Trash Compactor arbage Disposal
asherlDryer Hookups ❑ sin Gutters
urglar Alarms moke Detectors) ,Wire Alarm
❑ T.V. Antenna 8ffiellite Dish ❑ Intercem
$Central Heating Cemral Air Conditioning ❑ Evaporator Coolers)
❑ WalWilindow, Air Conditioning ❑ Sprinklers -*&Fublic Sewer System
❑ Septic Tank ❑ Sump Pump ❑ Water Softener
❑ Patio0eeking ❑ Built-in Barbecue ❑ Gazebo
❑ Sauna
❑ Hot Tub ❑ Locking Safety Cover" ❑ P 1 ❑ Child Resistant Barrier" ❑ Spa ❑ Locking Safety Cover!
❑ Security, gate(s)�tomatic Garage Door Openegs)• ❑ Number Remote Controls
Garage%%%Attached ❑ Not Attached ❑ Carport
Pool/Spa Heater. ❑ Gas 0 Splar ❑ Electric
Water Heater''k1Co �GGas ater Heater Anchored, Braced, or Strapped'
Water SupplY:2Rpty ❑ Well ❑ Private Utility oG
Gas Supply: ❑ Utility ❑ Bottled
>;:*indow Screens ❑ Window Security Bars ❑ Quick Release ehanism n Bedroom Windows•
Exhaust Fans) in 220 Volt Wirin$ In �T Fireptace(s) in o0(v\
❑ Gas Starter ❑ Roogs): Type: i i 4 e: _.ci pprox.)
❑ Other.
Are there, to the best of your (Seller's) knowledge, any of the above that are not in operating condition? ❑ Yes Wo. If yes, then describe. (Attach
additional sheets if necessary):
rase footnote on page 2)
The copyright Laws of the United States (Trtle 17 U.S. Code) forbid the Buyers Initials ( f( )
unauthorized reproduction of this form, or any potion thereof, by photocopy sellers Initiels ( ) ( )
machine or any other means, including facsimile or computerized formats.
Copyright O 1091-2003, CALIFORNIA ASSOCIATION OF REALTORSO, Rev bit by Date
INC. ALL RIGHTS RESERVED. 12,
TDS REVISED 10/03 (PAGE 1 OF 3) owor»m
REAL ESTATE TRANSFER DISCLOSURE STATEMENT (TDS PAGE 1 OF 3)
La Quinta Palms Real Estate Co 51.001 Eisenhower Drive , La Quints CA 92253
99
51395 Calle Ralima
Property Address: La Ouinta CA 92253 Date: August 13, 200S
31. EXPIRATION OF OFFER: This offer shall be deemed revoked and the deposit shall be returned unless the offer Is Signed by Seller and a Copy of the
Signed offer Is personalty received by Buyer, or by , who Is
authorized to receive it by 5:00 PM on the third Day after this offer is signed by Buyer (or, If checked, ❑ by
(date), at ❑ AM ❑ PM).
Date _
BUYER
Date _
BUYER
La Cuinta Reda"lormaat Aaenw
OR name) (Print name)
(Address)
32. BROKER COMPENSATION FROM SELLER:
A. Upon Close Of Escrow, Seller agrees to pay compensation to Broker as specified in a separate written agreement between Seller and Broker.
B. If escrow does not dose, compensation is payable as specified in that separate written agreement.
33. ACCEPTANCE OF OFFER: Seller warrants that Seller is the owner of the Property, or has the authority to execute this Agreement. Seller accepts the
above offer, agrees to sell the Property on a above terms and conditions, and agrees to the above confirmation of agency relationships. Seller has
read and acknowledges receipt of a Copy ff NIS A8g,, sment, and authorizes Broker to deliver a Signed Copy to Buyer.
❑ (If checked) SUBJECT TO ATi9CHVUNTI R O ER, DATED
Date ' 7�7 ' Date OPS
SELLER SELLER
Ricazdo A Martinez Lisa B Martinez
(Print name) (Print name)
k���,o•ar CONFIRMATION OF ACCEPTANCE: A Copy of Signed Acceptance was personally received by Buyer or Buyers authorized
( / ) agent on (date) at ❑ AM ❑ PM. A binding Agreement Is created when
(initiaTsj— a Copy of Signed Acceptance is personally received by Buyer or Buyer's authorized agent whether or not confirmed in
this document Completion of this confirmation is not legally required In order to create a binding Agreement; It is solely
Intended to evidence the date that Confirmation of Acceptance has occurred.
REAL ESTATE BROKERS:
A. Real Estate Brokers are not parties to the Agreement between Buyer and Seller.
B. Agency relationships are confirmed as stated In paragraph 27.
C. If specified in paragraph 2A, Agent who submitted the offer for Buyer acknowledges receipt of deposit
D. COOPERATING BROKER COMPENSATION: Listing Broker agrees to pay Cooperating Broker (Selling Firm) and Cooperating Broker agrees to
accept, out of Listing Brokers proceeds in escrow, (1) the amount specified in the MLS, provided Cooperating Broker Is a Participant of the MILS in
which the Property is offered for sale or a reciprocal MLS; or (11) ❑ Cif checked) the amount specified in a separate written agreement (CAR. Form
CBC) between Listing Broker and Cooperating Broker.
Real Estate Broker (Selling Firm) ORE Lic. #
By ORE LID. # Date
Address City State Zip
Telephone Fax E-mail
Real Estate Broker (Listing Firm) La tat Raa1 License # 00915271
By lf7akg2W Jim Cathcart License # 00833400 Date Auoust 13, 2008
Address 51-001 Eisenhorrer Dr. City La Ouinta State CA ZIP 92253
Telephone f7601564-4104 Fax (564)564-0344 E-mail%gal ty, cm
ESCROW HOLDER ACKNOWLEDGMENT:
Escrow Holder acknowledges receipt of a Copy of this Agreement, (If checked, ❑ a deposit in the amount of $ ),
counter offer numbers and
, and agrees to act as Escrow Holder subject to paragraph 28 of this Agreement, any
supplemental escrow instructions and the terms of Escrow Holders general provisions.
Escrow Holder Is advised that the date of Confirmation of Acceptance of the Agreement as between Buyer and Seller is
Escrow Holder Fidelity EacroTr Cathy Boyd Escrow#
By Date
Address
Phone/Fax/E-mail
Escrow Holder is licensed by the California Department of ❑ Corporations,❑ Insurance,❑ Real Estate. License #
(—/_ I REJECTION OF OFFER: No counter offer is being made. This offer was reviewed and rejected by Seller on
(Sellers Initials) (Date)
THIS FORM HAS SEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORSO (CAR) NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR ADEQUACY OF ANY
PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE,
CONSULT AN APPROPRIATE PROFESSIONAL
This faze is available far M by me enee reel mists WUSI Y n W fiat IIrlalaed to kiantay Its user as a REALTOM REALTOM Is a mosteed wlla @ members p mark of may be uw0 only by
memk.. a an NATIONAL ASSOCIATION OF REALTORS9.how ilx to fro Co &Edina.
Published and Distributed by:
e REAL ESTATE BUSINESS SERVICES, INC.
a a subsidiary of the Ca0lomia Assodatbn ofREALTORS® 121
• 525 South Virgil Avenue, Los Angeles, California 90o20 Reviewed by Datean'w'r'Y
RPA-CA REVISED 11107 (PAGE 8 OF 8)
CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 8 OF 8) Agency - Marti 056
Property Address: --Date:.
B. Are you (Seller) aware of any significant defects/malfunctions in any 0f the following? ❑ Yes lo. If yes, check appropriate
specials) below.
❑ Interior Walls ❑ Ceilings ❑ Floors ❑ Exterior Walls ❑ Insulation ❑ Roof(s) ❑ Windows ❑ Doors ❑ Foundation ❑ Slab(s)
❑ Driveways ❑ Sidewalks ❑ Walls/Fences ❑ Electrical Systems ❑ Piumbing/SeweralSeptics ❑ Other Structural Components
(Describe:
If any of the above is checked, explain. (Attach additional sheets if necessary):
'This garage door opener or child resistant pool barrier may not be in compliance with the safety standards relating to automatic
reversing devices as set forth in Chapter 12.5 (commencing with Section 19890) of Part 3 of Division 13 of, or with the pool safety
standards of Article 2.5 (commencing with Section 115920) of Chapter 5 of Pert 10 of Division 104 of, the Health and Safety Code. The
water heater may not be anchored, braced, or strapped in accordance with Sekfion 19211 of the Health and Safety Code. Window
security bars may not have quick release mechanisms in compliance with the 1995 Edition of the California Building Standards Code.
C. Are you (Seller) aware of any the following:
1. Substances, materials, or products which may be an environmental hazard such as, but not limited to, asbestos,
formaldehyde, radon gas, lead -based paint, mold, fuel or chemical storage tanks, and contaminated soil or water
on the subject property ..........................................................
[]Yes DOD
2. Features of the property shared in common with adjoining landowners, such as walls, fences, and driveways,
whose use or responsibility for maintenance may have an effect on the subject property .................
❑ Yes o
3. Any encroachments, easements or similar matters that may affect your Interest in the subject property .........
4. Room additions, structural modifications, or other alterations or repairs made without necessary permits.......
5. Room additions, structural modifications, or other alterations or repairs not In compliance with building codes....
❑ Yes o
❑ Yes )KNo
❑ Yes,<No
6. Fill (compacted or otherwise) on the property or any portion thereof ....................................
❑ Yes VO
7. Any settling from any cause, or slippage, sliding. or other soil problems .................................
8. Flooding, drainage or grading problems.........................................................
9. Major damage to the property or any of the structures from fire, earthquake, floods, or landslides .............
❑ YesmNo
❑ Yes X�No
[I Yes XNO
10. Any zoning violations, nonconforming uses, violations of "setback' requirements .........................
❑ Yes Z'No
11. Neighborhood noise problems or other nuisances ...........................................
12. CC&R's or other deed restrictions or obligations ............................................
❑ Yes Poo
❑ Yes 1910
13. Homeowners' Association which has any authority over the subject property ............................
❑ Yes MNNo
14. Any "common area" (facilities such as pools, tennis courts, walkways, or other areas crowned in undivided
interest with others)................................................................
15. Any notices of abatement or citations against the property ...........................................
❑ YesliIIJ�o
❑ Yes''RJ�No
16. Any lawsuits by or against the seller threatening to or affecting this real property, Including any lawsuits alleging a
defect or deficiency In this real property or "common areas" (facilities such as pools, tennis courts, walkways, or
other areas, co -owned in undivided interest with others) ............................................
❑ Yes)No
If the answer to any of these is yes, explain. (Attach additional sheets if necessary):
Seller certifies that the information herein Is a an,cofnld to the hest of the Settees knowledge as of the d e sig d Seller.
T
Seller Date Jr UO
ALcardo A Men
Seller Date
Zdsa a s
Buyers Initials ( ) ( )
CoWightO 1991-2003, CALIFORNIA ASSOCIATION OF REALTORSS, INC. Reviesed by Date aimrvwry
TDS REVISED 10103 (PAGE 2 OF 3) n
REAL ESTATE TRANSFER DISCLOSURE STATEMENT (TDS PAGE 2 OF 3) 057
Property Address: 51395 Calls RalimisLa Qcinta Ca 92253 Date:
III. AGENT'S INSPECTION DISCLOSURE
(To be completed only if the Seller is represented by an agent in this transaction.)
THE UNDERSIGNED, BASED ON THE ABOVE INQUIRY OF THE SELLER(S) AS TO THE CONDITION OF THE
PROPERTY AND BASED ON A REASONABLY COMPETENT AND DILIGENT VISUAL INSPECTION OF THE
ACCESSIBLE AREAS OF THE PROPERTY IN CONJUNCTION WITH THAT INQUIRY, STATES THE FOLLOWING:
❑ Agent notes no Items for disclosure.
❑ Agent notes the following items: _
Agent (Broker Representing Seller) La Quintet Palma Realty By Date
(Please Print) (Associate Licensee or Broker Signature)
Jim Cathcart
IV. AGENTS INSPECTION DISCLOSURE
(To be completed only if the agent who has obtained the offer is other than the agent above.)
THE UNDERSIGNED, BASED ON A REASONABLY COMPETENT AND DILIGENT VISUAL INSPECTION OF THE
ACCESSIBLE AREAS OF THE PROPERTY, STATES THE FOLLOWING:
❑ Agent notes no items for disclosure.
❑ Agent notes the following Items:
Agent (Broker Obtaining the Offer) By Date
(Please Print) (Associate Licensee or Broker Signature)
V. BUYER(S) AND SELLER(S) MAY WISH TO OBTAIN PROFESSIONAL ADVICE AND/OR INSPECTIONS OF THE
PROPERTY AND TO PROVIDE FOR APPROPRIATE PROVISIONS IN A CONTRACT BETWEEN BUYER AND
SELLER(S) WIT/ RESPECT TO ANY ADVICE/INSPECTIONS/DEFECTS.
I/WE ACKN DG RECEIPT OF A COPY OF THIS SWEMENT.
Seller / Date �)1 Buyer Date
Ricardo A D nn La guinta Redevelopment Agency
SellerSW
Date fJ—�� Buyer Date
Agent (Broker Representing Seller) Lis Qalnt Palma Realty By Date
(Please Print) (Associate Licensee or Broker Signature)
Jim Cathcart
Agent (Broker Obtaining the Offer) By Date
(Please Print) (Associate Licensee or Broker Signature)
SECTION 1102.3 OF THE CIVIL CODE PROVIDES A BUYER WITH THE RIGHT TO RESCIND A PURCHASE
CONTRACT FOR AT LEAST THREE DAYS AFTER THE DELIVERY OF THIS DISCLOSURE IF DELIVERY OCCURS
AFTER THE SIGNING OF AN OFFER TO PURCHASE. IF YOU WISH TO RESCIND THE CONTRACT, YOU MUST ACT
WITHIN THE PRESCRIBED PERIOD.
A REAL ESTATE BROKER IS QUALIFIED TO ADVISE ON REAL ESTATE. IF YOU DESIRE LEGAL ADVICE,
CONSULT YOUR ATTORNEY.
THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORS& (CAR.). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR ADEQUACY OF ANY
PROVISION IN ANY SPECIFIC TRANSACTION A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE,
CONSULT AN APPROPRIATE PROFESSIONAL
The berm a watiebls far use by the entire met "teas IrdAty. B is nat mterd d to IEnRIry the user as a REALTORA REALTOR® Is a regiueretl W NCUw mamWMh1P Me k wN& mey bet used oNy by
members of the NATIONAL ASSOCIATION OF REALTORSe who a =]I,s m M Code of Eth x
AL
Published by the 12,
Ties 110 rBuaars• California Association of REALTORS@ Reviewed by Date WFUHUMITY
TDS REVISED 10103 (PAGE 3 OF 3)
REAL ESTATE TRANSFER DISCLOSURE STATEMENT (TDS PAGE 3 OF 3) Agency - Marti
058
! CAT-IF 0 -NIA SUPPLEMENTALSTATUTORY
ATIO® OF REACTORS AND CONTRACTUAL DISCLOSURES
� OF REA �
(CA.R. Form SSO, Revised 4106)
1. Seller makes the following disclosures with regard to the real property or manufactured home described as
51395 Calls Xalima , Assessor's Parcel No. 770-166-019
situated in La Quints County of Riverside , California, ("Property").
2. THE FOLLOWING ARE REPRESENTATIONS MADE BY THE SELLER AND ARE NOT THE REPRESENTATIONS OF
THE AGENT(S), IF ANY. THIS DISCLOSURE STATEMENT IS NOT A WARRANTY OF ANY KIND BY THE SELLER
OR ANY AGENT(S) AND IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR WARRANTIES THE PRINCIPAL(S)
MAY WISH TO OBTAIN. A REAL ESTATE BROKER IS QUALIFIED TO ADVISE ON REAL ESTATE
TRANSACTIONS. IF SELLER OR BUYER DESIRE LEGAL ADVICE, CONSULT AN ATTORNEY.
3. Are you (Seller) aware of any of the following? (Explain any "yes" answers below.)
A. Within the last 3 years, the death of an occupant of the Property upon the Property .............. ❑ Yes �o
B. An Order from a government health official identifying the Property as being contaminated
by methamphetamine (if yes attach a copy of the Order) .................................. ❑ Yes o
C. Whether the Property is located in or adjacent to an "industrial use" zone ............... ❑ Yes No
(In general, a zone or district allowing manufacturing, commercial or airport uses.)
D. Whether the Property is affected by a nuisance created by an "industrial use" zone ........ ❑ YesW.No
E. Whether the Property is located within 1 mile of a former federal or state ordnance location .. ❑ Yet�'No
(In general, an area once used for military training purposes that may contain potentially explosive munitions.)
F. Whether the Property is a condominium or located in a planned unit development or other /
common interest subdivision ................................................. ❑ Yes ffi No
G. Insurance claims affecting the Property within the past 5 years ....................... ❑ YesJR.. No
H. Matters affecting title of the Property ...........................................
❑ Yes 0
I. Material facts or defects affecting the Property not otherwise disclosed to Buyer ................ ❑ Yes o
Explanation, or ❑ (if checked) see attached:
4. Seller represents that the information h re is true and correct to the best of Seller's knowledge as of the date signed by
Seller. Seller hereby authorizes any a en s) presenting any principal(s) in this transaction to provide a Copy of this
statement to any person or entity in co tin any actual or anticipated sale of the Property.
Seller Ricardo A Martinez Date
Seller Lisa H Martinez Date
5. By signing below, Buyer ac owledges uyer has read, understands and received a copy of this Supplemental
Statutory and Contractual Disclosures.
Buyer La Ouinta Redevelopment Acenev Date
Buyer Date
Agent (Broker Representing Seller) La Quints palms Realty
By Jim Cathcart Date
(Associate -Licensee or Broker Signature)
Agent (Broker Obtaining the Offer)
By Date
(Associate -Licensee or Broker Signature)
The copyright laws of the United States Mile 17 U.S. Code) forbid the unauthorized reproduction of this form, or any portion thereof, by photocopy machine or any other means,
including facatmile or compuledzed formats. Copyright 02002-2008, CALIFORNIA ASSOCIATION OF REALTORSO, INC. ALL RIGHTS RESERVED.
THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORSO (CAR.). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR
ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE
TRANSACTIONS IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULTAN APPROPRIATE PROFESSIONAL.
This form is available for use by the entire real estate industry. It b not Intended to identify the user as a REALTORO. REALTORO is a registered collechve membership mark
which may be used only by members of the NATIONAL ASSOCIATION OF REALTORS& who subscribe to its Code of Ethics.
Published and Distributed by:
.. REAL ESTATE BUSINESS SERVICES, INC.
a subsidiary of the Califomia Association ofREAL TORSO 121
r Nose 525 South Virgil Avenue, Los Angeles, California 90020 1 Reviewed by Date wpa iu'�
SSD REVISED 4108 (PAGE 1 OF 1)
Agent. La QuiMa Palms Realty Phone: (760) 664.41104 Fax: (760) 664-03" Prepared using WINForms® software
Broker: La Quints Palms Real Estate Co 61.001 Eisenhower Drive La Quints CA 92263
M
CAL I F O P N I A WATER HEATER AND SMOKE DETECTOR
ASSOCIATION STATEMENT OF COMPLIANCE
®� OF FLE A L T O ELS® (C.A.R. Form WHSD, Revised 11107)
PropertyAddress: 51395 Calls Kalima La Quints CA 92253
NOTE:A seller who is not required to provide one of the following statements of compliance is not necessarily exempt from the
obligation to provide the other statement of compliance.
WATER HEATER STATEMENT OF COMPLIANCE
1. STATE LAW: California Law requires that all new and replacement water heaters and existing residential water heaters be braced,
anchored or strapped to resist falling or horizontal displacement due to earthquake motion. "Water heater" means any standard
water heater with a capacity of no more than 120 gallons for which a pre-engineered strapping kit is readily available. (Health and
Safety Code §19211d). Although not specifically stated, the statue requiring a statement of compliance does not appear to apply to a
properly Installed and bolted tankless water heater for the following reasons: There is no tank that can overturn; Pre-engineered
strapping kits for such devices are not readily available; and Bolting already exists that would help avoid displacement or breakage in
the event of an earthquake.
2. LOCAL REQUIREMENTS: Some local ordinances impose more stringent water heater bracing, anchoring or strapping requirements
then does California Law. Therefore, it is important to check with local city or county building and safety departments regarding the
applicable water heater bracing, anchoring or strapping requirements for your property.
3. TRANSFEROR'S WRITTEN STATEM : California Health and Safety Code §19211 requires the seller of any real property
containing a water heater to certify, in.
that the seller is in compliance with California State Law.
4. CERTIFICATION: Seller represents th t th Prop as of the Close Of Escrow, will be in compliance with Health and Safety Code
§19211 by having the water heaters) ra an o or strapped in place, in accordance with those requirements. �i /✓��
Seller Ricardo A Martinez Date O �r
(IgnaWre) %(Print Name) 'cZ 13��
Seller Lisa X Martinez Date
The undersigned hereby acknowledges receipt of a copy of this document.
Buyer La Quints Redeyelolpment A4eacy Date
(Signature) (Print Name)
Buyer Date
(Signature) (Print Name)
SMOKE DETECTOR STATEMENT OF COMPLIANCE
1. STATE LAW: California Law requires that every single-family dwelling and factory built housing unit sold on or after January 1,1986,
must have an operable smoke detector, approved and listed by the State Fire Marshal, installed in accordance with the State Fire
Marshal's regulations. (Health and Safety Code §13113.8).
2. LOCAL REQUIREMENTS: Some local ordinances impose more stringent smoke detector requirements than does California Law.
Therefore, it is important to check with local city or county building and safety departments regarding the applicable smoke detector
requirements for your property.
3. TRANSFEROR'S WRITTEN STATEMENT: California Health and Safety Code §13113.8(b) requires every transferor of any real
property containing a single-famil( dwelling, whether the transfer is made by sale, exchange, or real property sales contract
(installment sales contract), to deliver to the transferee a written statement indicating that the transferor Is in compliance with
Callfomia State Law concerning smoke detectors.
4. EXCEPTIONS: Generally, a written statement of smoke detector compliance is not required for transactions for which the Seller is
exempt from providing a transfer disclosure statement.
5. CERTIFICATION: Seller represents tha a Property, as of the Close Of Escrow, will be in compliance with Health and Safety Code
§13113.8 by having operable smoked a r(s) ppraved and listed by the State Fire Marshal installed in accordance with the State
Fire Marshals regulations and in acco wl applicable local ordinance(s). ? �
Seller Ricardo A Martinez Date UX
(Signature) (Pant Name) 5-13--CJ�
Seller Lisa X Martinez Date
Signature) (Print Name)
The undersigned hereby acknowledge(s) receipt of a copy of this document
Buyer La Quiata Redevelopment Agency Date
(Signature) (Print Naaw)
Buyer Data
(Signature) (Print Name)
The copyright laws or the United States (Title 17 U.S. Code) forbid the unauthorized repproduction of this form, or arty portion thereof, by pnoltocc machine or any other neans,
inducting facelmlle or computerized femlats. Copynght 0 1991 .2007 CALIFORNIA ASSOCIATION OF REALTORS®, INC. ALL RIGHTS RESERVED.
THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORSO (CAR). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR
ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE, BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE
TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL.
This form is available for use try the entire real estate industry. It is not Intended to identify the user as a REALTOR& RFALTORM is a registered collective membership mark
which may be used only by members of the NATIONAL ASSOCIATION OF REALTORSO who subscribe to Its Code of Ethics.
Pubrshe0 and Dis916uted by.
REAL ESTATEBUSINESS SERVICES, INC E. asubsidierydWCAUFORNIAASSOCIATIONOFREALTORSe
525 South Vrgr Avenue, Lee Angeles, CabWMReviewed illy Data
a 90020 _,
WHSD REVISED 11107 (PAGE 1 OF 1)
tgent• La Quints Palms Realty Phone: (700) 684d104 Fax: (760) 6S"3" Prepared using WINFomts® software
...0 i s n,n.wn Rnlma Rml Fefate C. 91-001 Flannhewer Drive . La Ouinta CA 92259
060
0 Fidelity National Title Company
73733 Fred Wring or Suite 210 a Palm Desert, CA 92260
(760) 776-5770 • FAx (760) 779-0394
PURCHASE AGREEMENT AND JOINT ESCROW INSTRUCTIONS
ARE HEREBY AMENDED AND/OR SUPPLEMENTED
IN THE FOLLOWING PARTICULARS ONLY:
To: Fidelity National Title Company
Date: August 19, 2008
Escrow No: 415305-CB
Property Address: 51395 Calla Kalima, La Quints, CA 92253
The instructions in this escrow are hereby modified, amended and/or supplemented in the following
particulars only:
Acknowledgement: All parties (Sellers and Buyer) have acknowledged receipt of Escrow
Holder's executed Acceptance and that all agreements, counter offers and any addendum have
been deposited with Escrow Holder and that there are no other outstanding agreements,
counter offers and/or addendums which effect the closing of this transaction. Fidelity National
Title Company is relieved of any and all responsibility/liability and will be held harmless as it
relates to said documents not deposited to escrow.
1. Approval of Legal Description for Subject PrODerty:
Seller(s) signature(s) on the conveying Grant Deed, and Buyer(s) approval of the Preliminary
Report, shall be deemed as each party's approval of the legal description contained therein as
the exact description for the subject property of this escrow and Escrow Holder may rely upon
such approval in processing this transaction.
2. An ALTA Homeowners Policy of Title Insurance will be issued by Fidelity National Title
Insurance Company at the close of escrow.
3. The undersigned Buyer hands you herewith Preliminary Change of Ownership Report as
provided for In Section 480.34 of the Revenue and Taxation Code, State of California which
you are to cause to be filed concurrently with the Deed in our favor. If form is rejected by the
County, a surcharge may be imposed by said County and is to be paid by buyer herein.
4. Purchase Price: The purchase price for the subject property is $190,000.00.
5. Close of Escrow: Close of escrow to be on or before September 15. 2008, or thereafter, unless
revoked by written demand on you by the undersigned.
6. Acceptance Date: Parties agree that the acceptance date is deemed to be August 13, 2008.
7. Legal Description: Lot 7, Block 2 of Desert Club Tract Unit #2, as per map recorded in Book
20. Page 6 of Maps, in the Office of the County Recorder of said County.
GENERAL INSTRUCTIONS:
1. Seller is aware that interest on the existing loan(s) does not stop accruing at close of escrow,
but continues until the actual day of receipt of the payoff by Lender.
Seller is aware that interest will accrue through weekends or holidays.
Seller is aware he/she/they are responsible for payment of all of such interest and will indemnify
and hold Escrow Holder harmless in connection with the payment of such interest.
2. In accordance with Section 18662 of the Revenue and Taxation Code, a buyer may be required
to withhold an amount equal to 31I3 percent of the sale price or an alternative withholding
amount certified by the seller in the case of a disposition of California real property interest by
either:
1. A seller who is an individual, trust, estate, or when the disbursement instructions
authorize the proceeds to be sent to a financial intermediary of the seller, OR
2. A corporate seller that has no permanent place of business in California Immediately
after the transfer of title to the California property.
The buyer may become subject to penalty for failure to withhold an amount equal to the greater
of 10 percent of the amount required to be withheld or five hundred dollars 0500).
...- e6l
Date: August 19, 2008
Escrow No: 415305-CB
Page 2
However, notwithstanding any other provision Included in the California statutes referenced
above, no buyer will be required to withhold any amount or be subject to penalty for failure to
withhold if any of the following apply:
1. The sale price of the California real property conveyed does not exceed one hundred
thousand dollars 14100,000).
2. The seller executes a written certificate, under the penalty of perjury, certifying that the
seller is a corporation with a permanent place of business In California.
3. The seller, who is an individual, trust, estate or a corporation without a permanent place
of business in California, executes a written certificate, under the penalty of perjury, of
any of the following:
A. The California real property being conveyed is the seller's or decedent's
principal residence (within the meaning of Section 121 of the Internal Revenue
Code).
B. The last use of the property being conveyed was use by the transferor as the
transferor's principal residence within the meaning of Section 121 of the
Internal Revenue Code.
C. The California real property being conveyed is or will be exchanged for property
of like kind (within the meaning of Section 1031 of the Internal Revenue Code),
but only to the extent of the amount of gain not required to be recognized for
California income tax purposes under Section 1031 of the Internal Revenue
Code.
D. The California real property has been compulsorily or Involuntarily converted
Iwithin the meaning of Section 1033 of the Internal Revenue Code) and that the
seller intends to acquire property similar or related In service or use so as to be
eligible for non recognition of gain for California income tax purposes under
Section 1033 of the Internal Revenue Code.
E. The California real property transaction will result in a loss or net gain not
required to be recognized for California income tax purposes.
The seller is subject to penalty for knowingly filing a fraudulent certificate for the purpose of
avoiding the withholding requirement.
THE PARTIES TO THIS TRANSACTION SHOULD SEEK THE PROFESSIONAL ADVICE AND COUNSEL OF AN
ATTORNEY, ACCOUNTANT OR OTHER TAX SPECIALIST'S OPINION CONCERNING THE EFFECT OF THIS LAW
ON THIS TRANSACTION AND SHOULD NOT ACT ON ANY STATEMENTS MADE OR OMITTED BY THE ESCROW
OR CLOSING OFFICER.
3. Checks to be issued at Close of Escrow: I1We the undersigned Buyer/Borrower/Seller hereby
acknowledge that we are aware the Fidelity National Title Company will issue a check payable
to the undersigned in payment of Seller's proceedsBorrower's proceeds or Buyer's excess
deposit refund. I/We further acknowledge and agree that said check will be presented to the
bank for deposit as soon Be possible after receipt, and collection and payment of the funds will
only be done through the regular banking channels.
In addition, in the event there are liens to be paid on the undersigned's behalf, we hereby also
acknowledge that 1/we will not use the Day -by -phone electronic system to pay/collect the funds
as Fidelity National Title Company will not honor such payments. The parties herein agree to
be responsible for any stop payment and reissue charges and/or losses that may be Incurred
in connection with any and all electronic debits to Fidelity National Title Company's Trust
Accounts.
4. Facsimile Signature: Escrow Holder is hereby authorized and instructed that, in the event any
parry utilizes 'facsimile' transmitted signed documents or instructions to Escrow Holder, you
are to rely on the same for all escrow instruction purposes and the closing of escrow as if they
bore original signatures. Each party shall make every effort to provide to the other party and
to Escrow Holder, within 72 hours after transmission, duplicate original documents or
instructions bearing the original signatures. Each party further acknowledges and agrees that
documents with non -original signatures may not be accepted for recording by the County
Recorder, therefore no closing or recording may take place without the submission of the
original documents.
S. Buyer acknowledges deposit of balance of funds to close escrow to be in the form of wire
transfer, certified check cashier's check or teller's check payable to Fidelity National Title
Company pursuant to the "Deposit of Funds', Paragraph 1 contained in the General Provisions
attached hereto and made a part hereof.
6. The undersigned hereby authorize and instruct Escrow Holder to charge each party to the
escrow for their respective Federal Express and/or special mail handling/courier fees. Unless
specified In writing by the undersigned, Escmw Holder is authorized to select special
mail/delivery or courier service to be used.
062
Date: August 19, 2008 Page 3
Escrow No: 415305-CB _
GENERAL PROVISIONS
1. DEPOSIT OF FUNDS
S. PREPARATION AND RECORDATION OF INSTRUMENTS
The law dealing with the disbursement of funds requaee
Escrow Holder is authorized to prepare, obtain, record and
that all funds he available for withdrawal as a matter of right by the
deliver the necessary Instruments to carry out the terms and
this entity's escrow and/or sub escrow amount prior to disbursement
of any funds. Only cash or Wks tranvfarrad fund. can be given
conditions of this escrow, and to order the policy of title insurance to
be Issued" close of escrow as called for in these Instructions. Close
Immediate availability upon deposit. Cashier'. cheeks, lellw's checks
of escrow shall mean the data Instruments we recorded.
and Certified checks may be available one business clay after deposit.
6. AUTHORIZATION TO FURNISH COPIES
All other funds such " personal, corporate or partnership checks and
You we authorized to furnish copies of Masse Instructions,
draft we subject to mandatory holding periods which may cause
materiel delays In disbursement of funds in this escrow. In order to
supplements, amendments, notleas of cancellation and closing
statements, to the Real Estate Brokers) and Lsnderu) named in this
avoid delays, all fundings should be wire transfer. Outgoing wire
escrow.
transfers will not be authorized until confrmatom of the respective
incoming Wks transfer or of avalablity of deposited checks.
7. RIGHT OF CANCELLATION
Any principal Instructing you to cancel this escrow shall fie
Deposit of funds Into general escrow account unless
notloe of cancellation In your office in writing. You shag, within two
Instructed Otherwise. You may instruct Escrow Hoarier to deposit
(2) waking day. thereafter, deliver, one copy of such notice to each
your funds Into an Interest bearing account by signing and recurring
the *Notice of Opportunity to Opan Interest Bearing AOomnt",which
of the other principals at the add, .... I stated In this escrow.
UNLESS WRITTEN OBJECTION TO CANCELLATION IS FILED IN
has been provided W you. It you do not so how at us, then all funds
received in this escrow shall be deposited with other sawow funds
YOUR OFFICE BYA PRINCIPAL WITHIN TEN 110) DAYS AFTER DATE
OF SUCH MAILING, YOU ARE AUTHORIZED TO COMPLY WITH
In one or more general ..raw most ..... me, which Include both
SUCH NOTICE AND DEMAND PAYMENT OF YOUR CANCELLATION
non -Interest bearing demand amounts and other depository accounts
CHARGES. If wrktn objection Is tiled, you we authorized to hold all
of Escrow Holder, In any state or national bank or savings and loan
money and Instruments In this escrow and take no further action until
association In .... d by the Federal Deposit Insurance Corporation(the
otherwise directed, either by the principals' mutual written
instructions, or by final Order of a court of competent jurisdiction.
"daposiory InstkNbne1 and may be transferred to other much
escrow bust accounts of Escrow Holder or one of Its affhistes, either
8. PERSONAL PROPERTY
within or outside the State of Celtornle. A general escrow trust
=wont is restricted and protected against claims by third partles and
No examination or Insurance me to the amount or payment
of personal property to.. Is required unless specificallyrequested.
creditors of Escrow Holder and its affiliates.
The
By signing theme General Provisions, the parties to the
hereby acknowledge that they are indemnifying the Escrow
Receipt of benefits by Escrow Holder and affiliates.
parties to this escrow acknowledge that the maintenance of much
escrow
Holder against any and all matters relating to any "Bulk Sale."
general escrow trust accounts with some depository Institutions may
requkements, and Instruct Escrow Agent to proceed with the closing
result In Escrow Holder or its athletes being provided with an array
of escrow without any consideration of matter of any nature
regarding 'Bulk Sales' being handled through ascrow.
of bank services,accommodations or other benefits by the depository
whatsoever
Institution. Some or cog of thus bansfhs may be considered hrtereat
due you under California Insurance Code Section 12413.5. Escrow
9. RIGHT OF RESIGNATION
Escrow Hold" has the right to resign upon ten (10) days
Holder or Its affliatn also may elect to enter Into other business
written notice delivered to the principals herein. If much right Is
all fundsand rimumanLshall be r.wInedto the party who
transaction. with or obtain loan. far Investment a other purposes
from the depository In"hutlon. All much service., acc.mmodetims,
exercised,
deposited them and Escrow Holder shall have no liability hereunder.
other benefits shall accrue to Escrow Holder or its affiliates and
10. AUTHORIZATION TO EXECUTE ASSIGNMENT OF HAZARD
Eentl
Escrow Holder shall hove no obligation to account to the penis. to
this .earow for the value of such services, accommodation., interest
INSURANCE POLICIES
Either Sell" and/or Lander may had you the
or that benefits.
insurance agent's name and Insurance policy Information, and you are
behalf of the principals hereto, form assignments of
Said fund. will not .ern Interest unless the Instructions
to execute, on
Interest In any Insurance policy lother than title Insurance) oalled for
Otherwise specifically suite that funds shall be deposited in an
ntarest,bearing=count. All disbursements Mall be made by cheek
in this escrow, forward assignment and policy to the insurance agent,
of Fidelity National Tide Company. The principals to this escrow are
requesting that the intoner commit to much transfer wdfar ati a
and/or such other endorsements as may be
hereby notified that the funds deposited herein we insured Only to the
limit provided by the Federal Deposit Insurance Corporation. Any
loss payable clause
required, and formed such policy(.) to the principals andtled thereto.
instruction for bank wire will provide reasonable time or notice for
It Is not your responsibility to verify the informatim handed you or
the of sold Insurance. Your sole duty Is to forward sold
Escrow Holder's compliance with such Instruction. Escrow Holder's
sole duty and responsibility shall be to place said who transfer
assignability
request to Insurance agent in close of escrow.
instruiona with its wiring bank upon confirmation of U) satisf=tion
c
Further, there shall be no responsibility upon the pert of
Escrow Holder to renew hazard inaulence Polioy(s) upon expk"lon or
of conditlona precedent or (2) document recordation at close of
Escrow Holder will NOT be held responsible for lost Interest
otherwise keep it in force either during or subsequent to the close of
escrow,
due to wits delays caused by any bank or the Federal Reserve
escrow. Cwoell"bn of any existing hazard Insurance policies Is to
be handled directly by the Principal., and outside of escrow.
System, and recommends that all parties make themselves aware of
who regard to placement of whoa.
11. ACTION IN INTERPLEADER
banking regulations
In the event there Is Insufficient time to place o wke upon
The principal. hereto expressly agree that you, e. E+orow
Holder, have the absolute right st your election to fie an action In
any such confirmation or the wire. have closed for the day, the
intupleader requiring the principal, to answer and litigate their
partisan We. to provide written Instructions for an alternative method
WITHOUT AN ALTERNATIVE DISBURSEMENT
several olakns end rights among themselves and you we author¢ad
of disbursement.
INSTRUCTION, FUNDS WILL BE HELD IN TRUST IN A NON -INTEREST
to deposit with the clerk of the own all documents and funds held
In this escrow. In the event such action is filed, the principals jointly
BEARING ACCOUNT UNTIL THE NEXT OPPORTUNITY FOR WIRE
and severally agree to pay your cancellation charges and costs,
PLACEMENT.
2. PRORATIO14S AND ADJUSTMENTS
expenses and reasonable attomsy'e tees which you we required t,
hour in much Interplgader action, the amont thereof to be
All Flotations and/or adjustments called for in this escrow
"a to be made on the basis of a thkty (30) day month unless
expand or
fixed and Judgment therefor to be rondared by the court. Won the
shell thereupon be fully released and
otherwise instructed in writing. You .. to use information omtolnet
on last available tax "Haman, rate] muitement as provided by the
filing of such action, you
discharged from all obligations, imposed by the terms of the escrow
Seger, bansficiary's statement and fire insurance policy delivered Into
or the iee.
12. TERMINATION OF AGENCY OBLIGATION
me orta for the proration* provided for heroin.
a
If there Is no action taken on this escrow within six 161
SUPPLEMENTAL TAXES
3.The within described property may be subject to
months after the "tine limit date" a. set forth in the escrow
thermal, your agency obligation hall
supplemental reel property texas due to the change of owners
Any supplemental reel property
instruction. or mitt..9snslon
termites at your mean and all dosuments, monies Orr other Items
taking place through this escrow.
taxes arising as a result of the transfer of the property to Buyer shall
held by you well be returned to the parties depositing same. In the
cancellation of this escrow, whether it be "the request of
be the sole responsibility of Buyer and any supplemental red property
aunt of
the or otherwise, the isea and charges due Fidelity
taxes wising Prior to the closing data shelf be the sole responsibility
Seller. TAX BILLS ISSUED AFTER CLOSE OF ESCROW SHALL
any of principals
NationalThlCompany, Including ditto.sIncurred
of the
BE HANDLED DIRECTLY BETWEEN BUYER AND SELLER.
shall equally by thepartiea heeo lwilloe
be homeicelyl.
4. UITLITIES/POSSESSION
Transfer of utl Iles and possession of the pramiaes are to
otherwise agreed
13. CONFLICTING INSTRUCTIONS you are to take
of any cmfllctng instructions, Y
be settled by the parties directly and outside escrow.
Upon receipt
in connection with this escrow until non-cunflictng
no action
Instruotlone are received from all of the principals to this escrow
(subject to sections 7, 9, 11 and 12 above).
Continued on following page
Initial.• 1-' 6 3
Date: August 19, 2008
Escrow No: 415305-CB
Page 4
14. REIMBURSEMENT ATTORNEY FEESIESCROW HOLDER
In the event that a wit is brought by any party or parties to
these escow Instructions to which the Escrow Holder I. named ae a
Ferry which results in a judgment In favor of the Escrow Holder and
against a principal or principals heron, the principals or principal$'
agent agree to pay said Escrow Holder all cosh, expanses and
reeeoneble attorney'. fees which it may emend or In.ur in said suit,
the amount thereof to be fixed andjudgment therefore to be rendered
by the court in said suit.
15. DEUVERYIRECEIPT
Delivery to principals as used In these instructions unless
otherwise sated herein to to be by regular mail, and receipt to
determined to be 72 hours otter such maili g. All documents,
balance. and statements due to the undersigned are to be mailed to
the address shown herein.
16. STATEIFEDERAL CODE NOTIFICATIONS
Attesting to Federal Law, the Seller, when applicable, will
be required to complete a gales activity report that will be utilized to
generate a 1099 statement to the Internal Revenue Service.
Pursuant to State Lew, prior to the close of escrow, Buyer
will provide Escrow Holder with a Preliminary Change of Ownership
Report. In the event said report is not handed to Escrow Holder for
submission to the County in which subjeot property is located, upon
recording of the Grant Deed, Buyers acknowledge that the applicable
fee will be..."sod by said County and Escrow Holder shall debit the
account of Buyer for same at close of escrow.
Buyer and Seller herein represent and warrant thatihey will
seek and obtain Independent legal advice and counsel relative to their
obligations under the "Foreign Investors In Red Property Act", and
any other applicable federal end/or auto laws rseceding same, and
will take all steps necessary In order to comply with such
reclukaments and hereby hold you harmless relative to they
compll... a therewith.
17. ENCUMBRANCES
Escrow Holder ihi to act upon any statements furnished by
e penholder or his agent without liability m responsibility for the
acourt" of such statements. Any adjustment$ necessary because
of a discrepancy between the information furnished Escrow Holder
and any amount later determined to be correct shall be settled
between the parties direct and outside of escrow.
You are authmm,cl, without the need for further approval,
to debh my account for any fees and charges that I have agreed to
pay In connection with this escrow, and for any mounts that I am
obligated to pay to the holder of any Ilan or encumbrance to establish
the title a. Insured by the policy of tilde insurance called for In these
nsauotiona. R for any reason my account Is not debited for such
amounts at the time of dosing, I agree to pay them immediately upon
demand, or to rebnbmee any other person or entity who has paid
them.
18. ENVIRONMENTAL ISSUES
Fidelity National Time Company has made no investigation
...coming sold property as to anvkonmentalhexic waste issues.
Any due diligence required or needed to determine environmental
Impact as to forms of toxRication, If applicable, will be time directly
and by Principals outside of escrow. Fidelity National Title Company
Is released of any responsibility and/or liability in connection
therewith.
1B. USURY
Escrow Holder Is not to be concerned with any questions
of usury In any loan or encumbrance Involved In the processing of
this escrow and o hereby released of any responsibility or liability
therefore.
20. DISCLOSURE
Escrow Holder's knowledge of matters affecting the
property, provided such fact. do not prevent compliance with Nose
in.truotlons, doe. not create any IlabaM or duty in or dhian to these
instuctons.
21. FACSIMILE SIGNATURE
Escrow Holder Is hereby authorized and Instructed that, In
the event any Perry utilizes wfacsimile' transmitted signed documents
or Instructions to Escrow Holder, you are to rely on the acme for all
escrow Instruction purpose. and the closing of escrow es if they bore
original signatures.
22. CLARIFICATION OF DUTIES
Fidelity National Title Company serves ONLY m an Escrow
Holder In connection with these instructions and cannot give legal
advke to any party hereto.
Escrow Holder is not to be held accountable or liable for the
sufficiency or correctness as to form, manner of execution, or vdli ity
of any Instrument deposited In this escrow, nor as to the Identity,
authority or rights of any person executing the some. Escrow
Holder's duties hereunder shag be limited to the Proper handling of
such money and the Proper safekeeping of such instruments, or other
documents received by Escrow Holder, and for the disposition of
some In accordance with the written instruction. accepted by Escrow
Holder.
The agency and duties of Escrow Holder commence only
upon receipt of copies of these Escrow Instructions executed by all
panto..
23. FUNDS HELD IN ESCROW
When the compeer, heat fund. remaining h escrow over 90
days $her close of ..mow or estimated close of escrow, the
Company shall impose a monthly holding fee of 626.00 that Is to be
charged against the funds held by the Company.
THIS AGREEMENT IN ALL PARTS APPLIES TO, INURES TO THE BENEFIT OF, AND BINDS ALL PARTIES HERETO,
THEIR HEIRS, LEGATEES, DEVISEES, ADMINISTRATORS, EXECUTORS, SUCCESSORS AND ASSIGNS, AND
WHENEVER THE CONTEXT SO REQUIRES THE MASCULINE GENDER INCLUDES THE FEMININE AND NEUTER, AND
THE SINGULAR NUMBER INCLUDES THE PLURAL, THESE INSTRUCTIONS AND ANY OTHER AMENDMENTS MAY
BE EXECUTED IN ANY NUMBER OF COUNTERPARTS, EACH OF WHICH SHALL BE CONSIDERED AS AN ORIGINAL
AND BE EFFECTIVE AS SUCH.
MY SIGNATURE HERETO CONSTITUTES INSTRUCTION TO ESCROW HOLDER OF ALL TERMS AND CONDITIONS
CONTAINED IN THIS AND ALL PRECEDING PAGES AND FURTHER SIGNIFIES THAT I HAVE READ AND UNDERSTAND
THESE GENERAL PROVISIONS.
FIDELITY NATIONAL TITLE COMPANY CONDUCTS ESCROW BUSINESS UNDER CERTIFICATE OF AUTHORITY NO.
2597.3 ISSUED BY THE CALIFORNIA DEPARTMENT OF INSURANCE.
All other terms and conditions remain the same.
La Qylnts Redevelopment Agency, a public body Corporate and Politic
By*
Ricardo A. Martinez
Lisa H. Martinez
r64
Effective Date: 5/1/2008
Fidelity National Financial, Inc.
Privacy Statement
Fidelity National Financial, Inc. and its subsidiaries ("FNF") respect the privacy and security of your non-
public personal information ("Personal Information") and protecting your Personal Information is one
of our top priorities. This Privacy Statement explains FNF's privacy practices, including how we use the
Personal Information we receive from you and from other specified sources, and to whom it may be
disclosed. FNF follows the privacy practices described in this Privacy Statement and, depending on the
business performed, FNF companies may share information as described herein.
Personal Information Collected
We may collect Personal Information about you from the following sources:
• Information we receive from you on applications or other forms, such as your name, address, social
security number, tax identification number, asset information, and income information;
• Information we receive from you through our Internet websites, such as your name, address, email
address, Internet Protocol address, the website links you used to get to our websites, and your
activity while using or reviewing our websites;
• Information about your transactions with or services performed by us, our affiliates, or others, such
as information concerning your policy, premiums, payment history, information about your home
or other real property, information from lenders and other third parties involved in such transaction,
account balances, and credit card information; and
• Information we receive from consumer or other reporting agencies and publicly recorded
documents.
Disclosure of Personal Information
We may provide your Personal Information (excluding information we receive from consumer or other
credit reporting agencies) to various individuals and companies, as permitted by law, without obtaining
your prior authorization. Such laws do not allow consumers to restrict these disclosures. Disclosures
may include, without limitation, the following:
• To insurance agents, brokers, representatives, support organizations, or others to provide you with
services you have requested, and to enable us to detect or prevent criminal activity, fraud, material
misrepresentation, or nondisclosure in connection with an insurance transaction;
• To third -party contractors or service providers for the purpose of determining your eligibility for an
insurance benefit or payment and/or providing you with services you have requested;
• To an insurance regulatory authority, or a law enforcement or other governmental authority, in a
civil action, in connection with a subpoena or a governmental investigation;
• To companies that perform marketing services on our behalf or to other financial institutions with
which we have joint marketing agreements and/or
• To lenders, lien holders, judgment creditors, or other parties claiming an encumbrance or an interest
in title whose claim or interest must be determined, settled, paid or released prior to a title or
escrow closing.
We may also disclose your Personal Information to others when we believe, in good faith, that such
disclosure is reasonably necessary to comply with the law or to protect the safety of our customers,
employees, or property and/or to comply with a judicial proceeding, court order or legal process.
Page 1 of 2
r65
Effective Date: 5/1/2008
Disclosure to Affiliated Companies - We are permitted by law to share your name, address and facts
about your transaction with other FNF companies, such as insurance companies, agents, and other real
estate service providers to provide you with services you have requested, for marketing or product
development research, or to market products or services to you. We do not, however, disclose
information we collect from consumer or credit reporting agencies with our affiliates or others without
your consent, in conformity with applicable law, unless such disclosure is otherwise permitted by law.
Disclosure to Nonaffiliated Third Parties - We do not disclose Personal Information about our customers
or former customers to nonaffiliated third parties, except as outlined herein or as otherwise permitted
by law.
Confidentiality and Security of Personal Information
We restrict access to Personal Information about you to those employees who need to know that
information to provide products or services to you. We maintain physical, electronic, and procedural
safeguards that comply with federal regulations to guard Personal Information.
Access To Personal Information/
Requests for Correction, Amendment, or Deletion of Personal Information
As required by applicable law, we will afford you the right to access your Personal Information, under
certain circumstances to find out to whom your Personal Information has been disclosed, and request
correction or deletion of your Personal Information. However, FNF's current policy is to maintain
customers' Personal Information for no less than Your state's required record retention requirements
for the purpose of handling future coverage claims.
For your protection, all requests made under this section must be in writing and must include your
notarized signature to establish Your identity. Where permitted by law, we may charge a reasonable fee
to cover the costs incurred in responding to such requests. Please send requests to:
Chief Privacy Officer
Fidelity National Financial, Inc.
601 Riverside Avenue
Jacksonville, FL 32204
Changes to this Privacy Statement
This Privacy Statement may be amended from time to time consistent with applicable privacy laws.
When we amend this Privacy Statement, we will post a notice of such changes on our website. The
effective date of this Privacy Statement, as stated above, indicates the last time this Privacy Statement
was revised or materially changed.
Page 2 of 2
....; 066
SOE-502-A REV. 800-05)
PRELIMINARY CHANGE OF OWNERSHIP REPORT
[To be completed by transferee (buyer) prior to transfer of subject property in accordance with section
480.3 of the Revenue and Taxation Code.l A Preliminary Change of Ownership Report must be filed with
each conveyance in the County Recorder's office for the county where the property Is located; this
particular form may be used in all 58 counties of California.
THIS REPORT IS NOT A PUBLIC DOCUMENT
ESCROW #: 415305-CB ORDER #:
SELLERlrRANSFEROR: Ricardo A. Martinez and Lisa H. Martinez
BUYERITRANSFEREE: La Quinta Redevelopment Agency, a public body Corporate
and and Politic
ASSESSOR'S PARCEL NUMBERjS): 770-166-019-6
PROPERTY ADDRESS OR LOCATION:
51395 Calle Kalima, La Quints, CA 92253
MAIL TAX INFORMATION TO:
Ms. Becky Caha
309 W. 4th Street
Santa Ana, CA 92701
Phone Number IS a.m. - 5 p.m.) ( )
FOR RECORDER'S USE ONLY
nvr n.c: m lien Tor property saxes applies To your property on January I or seen year Tor me taxes owing in the ?oil owing tiscal year, July T through
June 30. One-half of these taxes is due November 1, and one-half Is due February 1. The first installment becomes delinquent on December 10,
and the second installment becomes delinquent on April 10. One tax bill is mailed before November 1 to the owner of record. You may be
responsible for the current or upcoming property taxes even If you do not receive the tax bill.
The property which you acquired may be subject to a supplement assessment in an amount to be determined by the Riverside County Assessor.
For further information on your supplemental roll obligation, please call the Riverside County Assessor's Office.
PART I: TRANSFER INFORMATION /please answer all questions)
A. Is this transfer solely between husband and wife (addition of a spouse, death of a spouse, divorce settlement,
etc.)?
_464 B. Is this transaction only a correction of the name(s) of the person(s) holding title to the property (for example,
a name change upon marriage)? Please explain
_yam C. is this document recorded to create, terminate, or reconvey a lender's Interest in t property
D. Is this transaction recorded only as a requirement for financing purposes or to create, terminate, or reconvey
a security interest (e.g., cosigner)? Please explain
E. Is this document recorded to substitute a trustee under a deed of trust, mortgage, or of er similar ocument.
F. Did this transfer result in the creation of a joint tenancy in which the seller (transferor) remains as one of the
joint tenants?
_�L G. Does this transfer return property to the person who created the joint tenancy (original transferor)?
H. Is this transfer of property:
1. to a revocable trust that may be revoked by the transferor and is for the benefit of the transferor
transferor's spouse?
.2. to a trust that may be revoked by the Creator/Grantor who is also a joint tenant, and which names the
other joint tenant(s) as beneficiaries when the Creator/Grantor dies?
3. to an Irrevocable trust for the benefit of the Creator/Grantor and/or Grantor's spouse?
4. to an Irrevocable trust from which the property reverts to the Creator/Grantor within 12 years?
I. If this property is subject to a lease, is the remaining lease term 35 years or more including written options?
—1L ` J. Is this transfer between parent(s) and child(ren)? _ or from grandparent(s) to grandchild(ren)?
�� • K. Is this transaction to reprce a principal residence by a person 55 years of age or older?
Within the same county? Yes No
1 • L. Is this transaction to replace a principal residence person who is severely disabled as defined by Revenue
and Taxation Code section 69.5? Within the same county? Yes No
M. Is this transfer solely between domestic partners currently register with the Cali oT cola Secretary of State?
VIFyou c eo ed yes to J, K or L, you may quality for a property tax reassessment exclusion, which may result in lower taxes on your property.
If you do not file a claim, your property will be reassessed.
Please provide any other information that will help the Assessor to understand the nature of the transfer.
If the conveying document constitutes an exclusion from a change in ownership as defined in section 62 of the Revenue and Taxation Code for any
reason other than those listed above, Set forth the specific exclusions claimed:
B. Ty of transfer (please check appropriate box :
Purchase Foreclosure Gift _ Trade or Exchange _ Merger, Stock, or Partnership Acquisition
— Contract of -Sale - Date of ontract
Inheritance - Date of Death ter (p ease explain):
— Creation of Lease _Assignment of a ease _ Termination of a Lease a e ease ac
Date lease began
Original term in years (including written options
Remaining term in years (including written options
Monthly Payment He a n ng Term
C. Was only a partial interest in the property trans errs es No
If Yea. indicate the percentage transferred
(PCORSB.WPF)(02-06) a., , , 067
SOE-502-A REV. 8110-05)
Please answer, to the best of your knowtedge, all applicable questions, sign and data. If a question doss not apply, indicate with 'N/A.'
PART III: PURCHASE PRICE AND TERMS OF SALE
A. CASH DOWN PAYMENT OR value of trade or exchange (excluding closing costs) Amount 8
B. FIRST DEED OF TRUST @ % Interest for `years. Pymts./Mo.=B (Prin. & Int. only) Amount 8
_ FHA �_ Discount Points) _ Fixed rate _ New loan
_ Conventional _ Variable rate _ Assumed existing loan balance
_ VA 1 Discount Points) _ All Inclusive D.T. (8 Wrapped) _ Bank or savings & loan
_ Cal -Vet _ Loan carried by seller _ Finance company
Balloon payment _Yes _ No Due Date Amount 8
C. SECOND DEED OF TRUST @ _% interest for _ years. Pymts./Mo.= 9 (Prin. & Int. only) Amount 8
_ Bank or savings & loan _ Fixed rate _ New loan
_ Loan carried by seller _ Variable rate _ Assumed existing loan balance
Balloon payment Yes _No Due Date Amount 8
D. OTHER FINANCING: Is other financing involved not covered in (b) or (c) above? _ Yes _ No Amount 8
Type @ _% interest for _ years. Pymts./Mo.=9 (Prin. & Int. only)
_ Bank or savings & loan _ Fixed rate _ New loan
_ Loan carried by seller _ Variable rate _ Assumed existing loan balance
Balloon payment _ Yes _ No Due Date Amount 8
E. WAS AN IMPROVEMENT BOND ASSUMED BY THE BUYER? _ Yes _ No Outstanding Balance: Amount 8
F. TOTAL PURCHASE PRICE for acquisition price, if traded or exchanged, include real estate commission if paid/
TOTAL ITEMS A THROUGH E 8 /�%��, (-Zy)
G. PROPERTY PURCHASED _ Through a broker _ Direct from seller _ From a family member _ Other fplesse explain) >
If purchased through a broker, provide broker's name and phone number:
Please explain any special terms, seller concessions, or financing and any other Information that would help the Assessor understand the purchase
price and terms of sale:
Y� Single-family residence _ Agricultural _ Timeshare
_ Multiple -family residence (no. of units: 1 _ Co-op/Own-your-own _ Manufactured home
_ Commercial/Industrial _ Condominium _ Unimproved lot
_ Other (Description: i.e., timber, mineral, water rights, etc. )
IS THIS PROPERTY INTENDED AS YOUR PRINCIPAL RESIDENCE? _ Yes No
If yes, enter date of occupancy /,20 or intended occupancy / ,20
/monthl fdsyl tyear) fmonml (day) fyearl
C IS PERSONAL PROPERTY INCLUDED IN THE PURCHASE PRICE (i.e., furniture, farm equipment, machinery, etc.)
(other than a manufactured home subject to local property tax)? _Yes _V No
If yes, enter the value of the personal property included in the purchase price 8 fAttach itemized list ofpersonal property.)
qs IS A MANUFACTURED HOME INCLUDED IN PURCHASE PRICE? Yes No
_
If yes, how much of the purchase price is allocated to the manufactured home? 8
Is the manufactured home subject to local property tax? _ Yea _ No What Is the decal number?
E. DES THE PROPERTY PRODUCE INCOME? _ Yes X- No If yes, is the income from:
Lease/Rent _ Contract _ Mineral rights _ Other !please expleinl:
F. HAT WAS TJ1E CONDITION OF THE PROPERTY AT THE TIME OF SALE?
—Good _X_ Average _ Fair _ Poor
r'Please explain the physical condition of the property and provide any other Information (such as restrictions, etc.) that would assist the Assessor
in determining the value of the property:
CERTIFICATION
OWNERSHIP TYPE W)
';-P P&r rsMp —
l certify that the foregoing is true, correct and complete to the best of my know/edge and belief.
P.nx .H
corp.ne.n —
This dec/aradon Is b/nding on each and every co-owner and/or partner.
other yr.
NAPUF NEW OWNEfl/CORPOMTE OFFICER
TITLE
SIG"TURE OF NEW OW E CO
TE OFFICLK
P or
✓LtIN V '
T' 1 I
UM
7 ADO s Mpd
L
,`eo ,A ou (V • cA q2rMAIL
ADDREaS (6KIONAL)DA
(NOTE: The Assessor may contact you for additional Information.)
If a document evidencing a change of ownership is presented to the recorder for recordation without the conourrem filing of a preliminary
change of ownership report, the recorder may charge an additional recording fee of twenty dollars (820).
(PCORSB.WPF)(02-06)
r 6 8
0 Fidelity National Title Company
73733 Red Warng Dr Suhe 210 • Pelm Deeert, CA 32260
(7601 776-5770 • FAx 1760) 779-0394
BUYER'S ESCROW INFORMATION SHEET
Escrow No.: 415305-CS
PLEASE FILL OUT THIS FORM COMPLETELY AND RETURN TO OUR OFFICE AS SOON AS POSSIBLE
AS IT WILL ASSIST U, S IN THE ADMINISTRATION OF YOUR TRANSACTION.
LA �.
Buyer(s): niAinta %e eU2lD0mkj FF �'t
pd Work Phone Number: 1711eN "I'I"7 -`lOOO
? Buyerlsl Current Mailing Address: %S�i�4Q.S l'nllG 'iIl1MI7LP Ai
I11 owifiA cFF A2253
2. Buyer(s) Mailing Address After Close Of Escrow:
y ag n u as 2{arr-`_
3. Buyer(s) Vesting To Be Placed On Grant Deed, Please Print Your Name Exactly As You Wish
q It To Appear Of Record:
LA Gllttvl+A Redep-lo�wLt-pf It Puhltr loud
� .up2 afc, Arvi 1?!1 c
Please mark appropriate box:
Husband and Wife Unmarried Man
A Single Man (Never Married) Unmarried Woman
_ A Single Woman (Never Married) A Widower
A Widow Registered Domestic Partners
Other
As:
Community Property
Community Property with Rights of Survivorship
Joint Tenants
Tenants In Common (Please Give Interest Amounts)
-�_ Sole and Separate Property (If Married or Domestic Partnership. an Intempousal Grant
1 Deed, A Quitclaim Deed, Statement Of Information and Appropriate Instructions Will
Need To Be Submitted.)
Partnership (Limited Or General)
F N Corporation (California Or Other State
_ Other '2
4. Social Security Number: 06 Ilk YJ
5. New Loanls) Buyer(s) Are Applying For;
` Name Of Lender:
Address:
Agent's Name umber: ( I
Name Of Lender:
Address:
Agents Name Ph umber: ( I
6. New Insurance:
Agent's Name Phone Number: ( I
Agent's Address:
Insurance Company:
Please place any additional information that you feel we may require on the reverse side of this form.
La Quinta Redevelopment Agency, a public body Corporate and Politic
0*kSE,,QQ IPLETE.SDME, SIGN,ANP tE1—U
Fidallty Nation/ Insurance Services can provide a free; no obligation homeowner
insurance quote that meets all your mortgage requirements. Call today at toll free
I8881 333-2120 to avoid any delays in your property's closing.
Information Sheet- 9uyar lboYinfo.wp0101.061 V V V
Twyl 4 aCP Q9&Z
COUNCIL/RDA MEETING DATE: September 16, 2008
ITEM TITLE: Approval to Reject All Bids for Project
No. 2008-07, PM-10 Control and Temporary Parking
Lot at SilverRock Resort and Authorization to Re -
Advertise for Bids
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION: _
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Approval to reject all bids for Project No. 2008-07, PM-10 Control and Temporary
Parking Lot at SilverRock Resort and authorization to re -advertise for bids.
FISCAL IMPLICATIONS:
The Fiscal Year 2008/2009 Operating Budget (Account No. 405-9001-702.32-15)
includes $400,000 for the PM10 Maintenance at SilverRock Resort. A portion of
this budget is used for ongoing PM10 stabilization by Environmental Products &
Applications who are responsible for daily water truck operations as well as 6-
month chemical stabilization for the hotel pads and perimeter slopes.
BACKGROUND AND OVERVIEW:
The SilverRock Resort consists of 525 acres. Approximately 290 acres of the
property remain undeveloped. From the beginning of construction, PM10 measures
have been in place for dust control and Air Quality Management District (AQMD)
compliance by the Agency and various contractors working on the project. Since
golf course construction was completed in 2005, the Agency has been responsible
for overall dust control at SilverRock.
On September 6, 2005, City Council approved the SilverRock Resort Soil
Stabilization, Project No. 2002-07M to include a combination of vegetative
stabilization, water truck service, and chemical stabilization. This option gave the
greatest flexibility for future development of SilverRock Resort while providing cost
effective dust control to the site.
70
On March 29, 2006, a Notice to Proceed was issued to Precision Landleveling for
the planting of vegetative stabilization (barley and Sudan grass). The original
contract amount was $185,000. Three Contract Change Order's were approved
for additional work including: clearing additional weeds and debris on the property
along Jefferson Street (CCO #1), plowing costs and additional Sudan grass seed
(CCO #2), and removing the tamarisk trees from around the village lakes and
mowing the property along the west side of Jefferson Street (CCO #3). The final
revised contract amount with Contract Change Order Nos. 1 through 3 is
$225,292. The Agency accepted the completion of Project 202-07M on
September 19, 2006.
On October 12, 2007, a contract (Project No. 2007-14) was awarded for the
vegetative stabilization of approximately 40 acres located at the northwest corner
of SilverRock. It was also utilized as a Temporary Parking Lot, as per the June 6,
2007 Amended Use Agreement between Desert Classic Charities, The Bob Hope
Chrysler Classic, and the City of La Quinta. The City Council also adopted a
Resolution Making Certain Findings Pursuant to Health and Safety Code Section
33445(a) on -October 16, 2007.
In December 2007, over 130,000 tons of top soil was imported onto the
SilverRock property from the Vista Dunes project. The imported material will be
needed for the future development of the SilverRock site. The imported soil was
stabilized with a six- month chemical stabilization, but the material caused an
infestation of tumble weeds.
Planting vegetative stabilization provides long term effectiveness and cost savings
over chemical stabilization. Additionally, vegetative stabilization helps reduce the
infestation of unwanted weeds such as tumble weeds. Even with vegetative
stabilization, chemical stabilization will need to continue for the engineered building
pads and perimeter slopes.
Project No.2008-07 will remove tumble weeds throughout the property, replant the
Temporary Parking Lot at SilverRock Resort (40 acres of rye grass) for the Bob
Hope Chrysler Classic, and plant barley over the 130,000 tons of imported soil (50
acres). Add Alternate Item No. 1 will be considered to plant 73 acres of barley on
the property between SilverRock Way and the driving range.
On August 5, 2008, the Agency approved the Plans and Specifications and
authorized staff to advertise for bids the PM10 Control and Temporary Parking Lot
at SilverRock Resort, Project No. 2008-07.
On September 8, 2008, seven bids were received for Project No. 2008-07. The
Bid Comparison Summary (Attachment 1) shows the Base Bid and Add Alternate
No. 1 item prices from each bidder. The lowest bid is from Natures Image with a
bid amount of $228,296.83.
1
Staff contacted Natures Image and found their bid was based on watering the
temporary parking lot and barley area with water trucks. This gave Natures Image a
substancially lower bid over the other six bidders who based their bids on the use
of temporary irrigation lines. Furthermore, Natures Image did not understand the
planting of the Temporary Parking Lot was to be used for parking in January. The
project specifications indicate that the work shall include providing temporary
irrigation. Water trucks will damage the temporary parking lot during grow -in and
they do not qualify as temporary irrigation and are more a function of dust control.
Natures Images believes they bid accordingly to the specification and refuse to
withdraw their bid.
Staff is requesting to reject all bids and authorization to re -advertise for bids with
the specifications requiring the use of temporary irrigation pipe.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency include:
1. Approval to reject all bids for Project No. 2008-07, PM-10 Control and
Temporary Parking Lot at SilverRock Resort and authorization to re -advertise
for bids; or
2. Do not approval to reject all bids for Project No. 2008-07, PM-10 Control
and Temporary Parking Lot at SilverRock Resort and authorization to re -
advertise for bids; or
3. Provide staff with alternative direction.
Respectfully submitted,
Edie'Hylldn
Community Services Director
Approved for submission by:
Ar-l-pa-e& -4r
Thomas P. Genovese, Executive Director
Attachment: 1. Bid Comparison Summary
ATTACHMENT
G
§
§ggq)J
4
z
°
§
§M_�
m
�f;t
N&a-=�
E;:
LU
0
mW
`sEEm
0
>
z
(,,,,_
(
§
`
r
!
p
a
§)�§
§
m
k'E
N
cl
Wci
mW
`2EE
;;;��
z
/,,,,o
(
�
W
-i
Lq
073
T4ht 4 4 Q"
COUNCIL/RDA MEETING DATE: September 16, 2008
ITEM TITLE: Consideration to Approve of a Parking
License Agreement with the La Quinta Arts Foundation
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION: /
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Approve the Parking License Agreement with the La Quinta Arts Foundation
(Foundation) for the SilverRock Resort temporary parking lot.
FISCAL IMPLICATIONS:
There is currently not a fee schedule established for the rental of this temporary
parking lot. The Foundation is requesting use of the temporary parking lot for a
one-year agreement to reduce traffic in the Village neighborhood during the Festival.
CHARTER CITY IMPLICATIONS:
1► alm
BACKGROUND AND OVERVIEW:
The Foundation has requested the use of the temporary parking lot at the
SilverRock Resort property located near Avenue 52 and Jefferson Street. This
property is used by the Bob Hope Chrysler Classic for parking during the event.
The Foundation is requesting the use of this property to reduce the parking in the
Village associated with the Festival (Attachment 1). Each year City staff and the
Foundation are challenged to manage the parking problems in the adjacent
neighborhoods.
Attachment 2 is a proposed Agreement in which the Foundation would be granted
use of the temporary parking lot for the festival. The Foundation will be responsible
for clean-up and will make all necessary repairs and replacements, if any, to the
parking lot.
074
FINDINGS AND ALTERNATIVES:
The alternatives available to the Agency include:
1. Approve the Parking License Agreement with the La Quinta Arts Foundation
for the SilverRock Resort temporary parking lot; or
2. Approve the Parking License Agreement with the La Quinta Arts Foundation
with modifications for the use of the SilverRock Resort temporary parking lot;
or
3. Do not approve the Parking License Agreement with the La Quinta Arts
Foundation for the SilverRock Resort temporary parking lot; or
4. Provide staff with alternative direction.
Respectfully submitted,
XM�6
Edie Hyltp
Community Services Director
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. June 6, 2008 Letter
2. Parking License Agreement
975
F)
ATTACHMENT
r c
aim
o
June 6, 2008 ,p o
�
The Honorable Don Adolph and 3
La Quinta City Council Members W A R T S U°
Lee Osborne, Tom I(irk, Stanley Sniff, Terry Henderson
City of La Quinta
P. O. Box 1504
La Quinta, CA 92253
Honorable Mayor and Council,
Further to LQAF's previous communications dated April 16, 2008, this
correspondence attempts to further detail LQAF's request for FY 2008-09. In
conjunction with June 19f" City budget hearings we are asking Council's
consideration of the following:
1.) Contract Services Agreement for $100,000 for production and
promotion of the 27"h annual La Quinta Arts Festival, March 12-15,
2009 with City of La Quinta as Premier Sponsor
2.) Renewal of Facilities Use Agreement for 5 years. Waiver of
// associated rental fees for term of contract_
✓3.) Consideration to park at SilverRock Resort, La Quinta Arts Festival,
March 12-15, 2009 without imposed fees. Parking at SilverRock would
be advertised as free to the public with a free shuttle service. The cost
of the shuttle service will be borne by LQAF and LQAF will be
responsible to manage the parking with a professional service.
4.) Possible use of Civic Center Campus for 2n° annual Blues, Brews &
BBQ (see b. below)
5.) Contract Services Agreement for $25,000 for Blues, Brews & BBQ.
We would like to make the Council aware of collaborative activities planned for
the benefit of La Quinta residents and visitors during FY08/09 that are in addition
to La Quinta Arts Festival, LQAF's docent program in the elementary schools and
the Visual Arts Scholarship program.
a. Art Culture Nighd ife at Old Town La Quinta — Three days
(one weekend) each month, July, August, and September 2008.
b. Blues, Brews & BBQ — November 1, 2008. We continue
negotiations with CVRPD for possible use of La Quinta
Community Park for this event. While use of the park was
granted, the conditions imposed of not allowing vehicles or
trailers on the ball field incapacitate the event as designed. We
continue to work with the staff and board hopefully toward a
mutual agreement If the request is granted by CVRPD, LQAF
will retract request number 4. above.
076
c. La Quinfa community Services Excursions
• 9-20-08 Georgia O'Keeffe Exhibit, San Diego Museum
of Art
• 10-1-08 Terra Cotta Warriors Exhibit at Bowers
Museum
• TBD Jazz at Thornton Winery, Temecula
• TBD Musicals at Pantages Theatre
d. La Quinta Museum Exhibits
• 12-11-08 thru 2-1-09 Desert Plein Air - a collaboration
between LQAF, City of Palm Desert Community Gallery
and LQ Museum.
• 1-10-09 thru 3-8 M Teapots — Ceramic Exhibition
with potential fundraising activities for LQ Historical
Society, Friends of LQ Museum, and LOAF
• 5-15-09 thru 7-15-09 LQAF Scholarship Exhibit
e. Art Under the Un irellas at Old Town
• Six Saturdays from October 2008 through April 2009
featuring art, demonstrations, live music and additional
amenities, free to the public.
Attached find draft budgets and supporting collateral for the listed activities.
Thank you for your continued consideration.
Christi Salarnone
Executive Director
c. Tom Genovese, City Manager
Edie Hylton, Community Services Director
077
ATTACHMENT 2
PARKING LICENSE AGREEMENT
THIS PARKING LICENSE AGREEMENT (the "Agreement") is made effective
this day of September 2008, by and between the La Quinta Redevelopment
Agency ("Agency") and La Quinta Arts Foundation ("Contractor").
RECITALS
WHEREAS, Agency is the owner of certain real property located in the City
of La Quinta, California, as depicted on Exhibit "A" attached hereto (the "License
Property"); and
WHEREAS, Contractor is producing the La Quinta Arts Festival which is open
to the public March 12 through 15, 2009 at the Civic Center Campus in the City of
La Quinta (the "Festival") in close proximity to the License Property; and
WHEREAS, in order for Contractor to better manage the Festival parking,
Contractor desires to use a portion of the License Property as a parking and staging
area for shuttle service to the Festival for use by the public, artists, vendors, and
volunteers; and
WHEREAS, subject to the terms, covenants and conditions of this
Agreement, Agency is willing to grant Contractor permission of access for ingress
and egress over the License Property owned by Agency, and permission to use the
License Property for the limited purpose of a public parking area for vehicles and as
a shuttle stop for transportation services to the Festival (the "Parking Service") in
consideration of certain undertakings with respect to the License Property by
Contractor.
NOW THEREFORE, in consideration of the Recitals, the mutual promises and
obligations contained herein, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. GRANT; LIMITATION OF RIGHTS. Agency hereby grants to Contractor a
non-exclusive, revocable license for access, ingress and egress over the License
Property during the term. Contractor hereby warrants and represents to Agency
that Contractor shall return the License Property to substantially the same condition
as existed on the date that this Agreement is executed, which condition is subject
to the approval of the Agency.
2. TERM. The "Term" of this Agreement shall begin on March 10, 2009 at
12:00 a.m. and shall terminate on March 16, 2009 at 11:59 p.m. Contractor's
obligations shall continue beyond the term of this Agreement until fully performed.
O18
Page 1 of 7
3. USE OF THE LICENSE PROPERTY. The parties acknowledge and agree
that Contractor may access the License Property in conjunction with the Parking
Services for Festival. In this regard, during the license period only, Contractor shall
have a temporary revocable license to enter upon the License Property for the
purposes of furthering the Parking Services for Festival including setting up and
taking down any necessary equipment. In addition, Contractor agrees not to
conduct or cause to be conducted on the License Property any repair, maintenance
and/or refueling of any vehicles or equipment. Contractor agrees that it will
coordinate its use of the License Property with Agency's designated representative,
Steve Howlett, at (760) 777-7026, and will not disturb, damage, or contaminate
the License Property or interfere in any manner with other activities on the License
Property or at SilverRock Resort.
4. CONTRACTOR'S DUTIES/PERMITTED ACTIVITIES.
(a) Contractor agrees to be fully responsible for any damage or injury
to the License Property and/or to any person or property which may arise in
connection with this Agreement and/or the Festival.
(b) Contractor shall thoroughly clean and make all necessary repairs
and replacements, if any, to the License Property, including, but not limited
to, turf, landscaping, irrigation equipment, and soil stabilization measures and
generally surrender the License Property to Agency at the expiration of the
Agreement in such condition as Agency or its representatives deem to be
acceptable.
(c) Contractor agrees to be responsible for the clean-up of any
environmental contamination, which occurs as a result of, or arises in
connection with, any activities conducted by Contractor, its employees,
agents, subcontractors or representatives, under this Agreement and to
indemnify and hold Agency and the City of La Quinta harmless from and
against any and all claims, losses, damages and injuries of any nature
whatsoever resulting from or arising out of Contractor's activities under this
Agreement, except to the extent resulting form the gross negligence or
willful misconduct of Agency, its employees, agents, contractors or
representatives. Contractor's obligation to observe and perform this
covenant shall survive the expiration or other termination of this Agreement.
If any toxic or chemical Hazardous Materials attributable to Contractor, its
agents, employees, on -site subcontractors, or invitees, or the activities of
any of them, are found in the soil, air, surface or ground water on, under or
about the License Property, Contractor, at its sole expense, shall promptly
take any and all actions necessary to return the License Property to the
condition existing prior to the introduction of such Hazardous Materials to
070
Page 2 of 7
the License Property in accordance with applicable laws and the
requirements of all governmental agencies with jurisdiction, provided that
Agency's approval of such actions shall first be obtained, which approval
shall not be unreasonably withheld. If Contractor causes or permits a
significant release of Hazardous Materials or is in material noncompliance
with any applicable law or requirement of this Section, Agency may make a
reasonable demand for action upon Contractor. If Contractor does not
respond within thirty (30) days (unless there is an emergency, in which case
Contractor shall be required to respond as soon as practicable), Agency may,
at its option, take reasonable actions to remedy the release or
noncompliance at Contractor's sole expense, which sums shall be
immediately due and payable to Agency as additional compensation. At any
time during the term of this Agreement, Contractor shall, if required by any
governmental agency, promptly take whatever steps are necessary to
investigate and remedy any contamination by Hazardous Materials caused by
Contractor, its agents, employees, on -site subcontractors or invitees.
(d) Contractor shall be responsible for obtaining all permits and
approvals from all applicable governmental authorities necessary in
connection with the Parking Service on the License Property.
(e) Contractor agrees that any and all costs incurred with regard to the
Parking Service and/or use of the License Property or any claims of third
parties for liens, personal injury or property damage with respect to the use
of the License Property shall be borne by Contractor at Contractor's sole
cost and expense.
(f) In the event that Contractor, or its subcontractors, breach any of
the foregoing covenants regarding the License Property and/or any facilities
or systems located on the License Property, Contractor agrees to be
responsible for all damages caused by such breach, including but not limited
to compensatory, consequential and incidental damages and attorney's fees
and court costs associated therewith. Contractor acknowledges and agrees
that consequential damages shall include any damages actually caused by
Contractor's breach, regardless of whether such damages were foreseeable
at the time that this Agreement was executed. By way of example only, and
not by limitation, consequential damages include damages resulting from
environmental contamination and economic losses resulting from damage to
irrigation systems.
5. INSURANCE and LICENSES. At all times during the Term of this
Agreement, Contractor, its successors or assigns, shall carry and maintain, in full
force and effect, at their sole cost and expense, the following insurance policies
with insurance companies satisfactory to Agency. Such policies shall include a
Page 3 of 7
provision requiring a minimum of thirty (30) days notice to Agency of any change
or cancellation. The Agency and the City of La Quinta, their officers, employees
and agents, shall be named as additional insureds on the policies listed in
Subsections 5(a) and (b) as their interests may appear.
(a) Comprehensive general liability insurance in an occurrence format
in an amount of one million dollars ($1,000,000.00) per occurrence,
including the following coverages: personal injury, broad form property
damage, and environmental contamination or accidental discharge..
(b) Business auto coverage form insurance on all vehicles used in
connection with this License and/or on the License Property in an amount of
five million dollars ($5,000,000.00) combined single limits for bodily injury
and property damage per occurrence.
(c) Workers' Compensation insurance in accordance with the
provisions of the Workers' Compensation Act of the State of California for all
employees, subcontractors and any subcontractor's employees engaged in
connection with this Agreement.
(d) Contractor agrees to provide Agency with certificates of insurance
and endorsements evidencing the policies listed above upon execution of this
License as a condition to commencing any of the activities contemplated by
this Agreement.
6. INDEMNITY.
(a) The Contractor shall defend, indemnify and hold harmless the
Agency and the City of La Quinta, their officers, officials, employees,
representatives and agents ("Indemnified Parties"), from and against any and
all actions, suits, proceedings, claims, demands, losses, costs, and
expenses, including legal costs and attorneys' fees, for injury to or death of
person(s), for damage to property (including property owned by the Agency
or City) and for errors and omissions committed by Contractor, its officers,
anyone directly or indirectly employed by Contractor, any subcontractor, and
agents or anyone for whose acts any of them may be liable, arising directly
or indirectly out of or related to Contractor's performance under this
Agreement, except to the extent of such loss as may be caused by Agency's
or City's own active negligence, sole negligence or willful misconduct, or
that of its officers or employees. In the event the Agency or City
Indemnified Parties are made a party to any action, lawsuit, or other
adversarial proceedings in any way involving such Claims, Contractor shall
provide a defense to the Agency or City Indemnified Parties, or at the
Agency's or City's option, reimburse the Agency or City Indemnified Parties
081
Page 4 of 7
their costs of defense, including reasonable attorney's fees, incurred in
defense of such claim. In addition contractor shall be obligated to promptly
pay any final judgment or portion thereof rendered against the Agency or
City Indemnified Parties.
(b) In the event any portion of the activities is performed by a
subcontractor, Contractor warrants that all such subcontractors shall abide
by all the terms and conditions of this Agreement, including, without
limitation, furnishing the insurance coverages as provided for in Section 6.
(c) The provisions of this section shall not be read to limit in any
respect whatsoever Contractor's obligations as provided in Section 4 above.
7. TERMINATION. Either party shall have the right to terminate this
Agreement at any time with or without cause by giving the other party twenty-four
(24) hours written notice.
8. NOTICES. Any notice to be given to Agency or Contractor shall be in
writing and shall be deemed to have been properly delivered when directed to such
addressee as follows:
To Agency: La Quinta Redevelopment Agency
78-495 Calle Tampico
La Quinta, CA 92253
Attn: Steve Howlett
Facsimile: (760) 777-1231
To Contractor: La Quinta Arts Foundation
78-150 Calle Tampico, Suite 215
La Quinta, CA 92253
Attn: Christi Salamone
Facsimile: (760) 564-6884
Any party may change the address to which such communications are to be
directed to it by giving a written notice to the other party in the manner provided in
this paragraph. Any notice given pursuant to this paragraph shall be deemed to be
delivered when addressed to the addressee as set forth therein, (i) at the time a
written notice by mail is deposited in the United States mail, postage prepaid, or (ii)
the time any other written notice, including facsimile, telegram or other electronic
mail message, is personally delivered to the recipient or is delivered to a common
carrier for transmission or actually transmitted by the person giving the notice by
electronic means, to the recipient.
082
Page 5 of 7
9. ASSIGNMENT. This Agreement shall not be assignable by Contractor.
10. MISCELLANEOUS.
(a) Except as herein otherwise provided, no amendment, alteration,
modification of or addition to this Agreement shall be valid or binding unless
expressed in writing and signed by the party or parties to be bound thereby.
(b) The covenants, conditions and agreements contained in this
Agreement shall bind and inure to the benefit of Agency and Contractor and
their respective heirs, executors, administrators, successors and assigns.
(c) This Agreement shall be governed by and interpreted in accordance
with the laws of the State of California.
(d) This Agreement contains the entire agreement and understanding
between the parties and there are no terms, covenants or conditions which
exist other than those contained herein.
(e) If any party hereto shall bring any suit or action against another for
relief, declaratory or otherwise, arising out of this Agreement, the prevailing
party shall have and record against the other party, in addition to all court
costs and disbursements, such sum as the court may adjudge to be
reasonable attorney's fees.
[SIGNATURES ON FOLLOWING PAGE]
Page 6 of 7 083
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the
dates stated below.
Dated:
ATTEST:
Veronica J. Montecino, City Clerk
APPROVED AS TO FORM:
M. Katherine Jenson, City Attorney
Dated:
CITY OF LA QUINTA:
THOMAS P. GENOVESE, City Manager
LA QUINTA ARTS FOUNDATION:
0
Name:
Title:
084
Page 7 of 7