2018-11-28 (08) SRR Memo PSDA Phase 1B (PSDA Amend 3) Recorded-3bu)240--:4 '
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
DOC # 2018-0464675
11 /28/2018 03:02 PM Fees: $0.00
Page 1 of 7
Recorded in Official Records
County of Riverside
Peter Aldana
Assessor -County Clerk -Recorder
City of La Quinta **This document was electronically submitted
78-495 Calle Tampico to the County of Riverside for recording**
La Quinta, CA 92253 Receipted by: TERESA #134
Attn: City Manager
ytr G c; )_h.3� ? ! (Space Above For Recorder's Use)
Fzz oc r ox l is /Zco
This Memorandum of Purchase, Sale, and Development
Agreement Is recorded at the request and for the benefit
of the City of La Quinta and is exempt from the payment
of a recording fee pursuant to Government Code § 27383.
MEMORANDUM OF PURCHASE, SALE, AND DEVELOPMENT AGREEMENT
(Phase 1 B Property — PSDA Amendment No. 3)
This MEMORANDUM OF PURCHASE, SALE, AND DEVELOPMENT AGREEMENT
("Memorandum") is entered into this Zkday of NQ34716. ' —, 2018, by and between the CITY
OF LA QUINTA, a California municipal corporation and charter city ("City"), and SILVERROCK
PHASE I, LLC, a Delaware limited liability company ("Developer").
This Memorandum is made with reference to the following:
1. City and Developer entered into that certain Purchase, Sale, and Development
Agreement dated November 19, 2014 ("Original PSDA"), as amended by Amendment No. 1 to
Purchase, Sale, and Development Agreement dated October 29, 2015 ("Amendment No. 1")
and by Amendment No. 2 to Purchase, Sale, and Development Agreement dated on or about
April 18, 2017 ("Amendment No. 2") and by Amendment No. 3 to Purchase, Sale, and
Development Agreement dated on or about 1Ywexj Z, 2018 ("Amendment No. 3")
(collectively, and as may be further amended, the "PSDA"), which provides for (i) City to sell to
Developer that certain real property located in the City of La Quinta, County of Riverside, State of
California, more particularly described in the legal description attached hereto as Exhibit "A" and
incorporated herein by this reference (the "Phase 1 B Property" as defined in Amendment No.
2), and (ii) Developer to develop and operate on the Phase 1 B Property a commercial
development with one lifestyle hotel with associated lifestyle branded residential units, a resort
residential village, a mixed -use village, and related amenities, as more particularly described in
the PSDA. The definitions of all terms contained in the Agreement shall apply to this
Memorandum.
2. On or about the date of this Memorandum, SilverRock Phase I, LLC, a subsidiary
of Developer, acquired from City fee title to a portion of the Phase 1 B Property.
3. The Agreement provides for City and Developer to enter into this Memorandum
and to record the same in the Official Records of the County of Riverside to provide notice to all
persons of the existence of said Agreement and to cause the Agreement to run with the Phase
1 B Property and be binding on Developer and Developer's successors -in -interest as to the Phase
1 B Property.
4. Notwithstanding anything to the contrary contained in the PSDA, with respect to
any portion of the Phase 1 B Property as to which the City has recorded a Release of Construction
4826-6443-3013.3
DOC #2018-0464675 Page 2 of 7
Covenant, the Memorandum shall automatically terminate as to the released property only and
there shall be no requirement to amend or modify the Memorandum. However, at the request of
Developer, City shall record a quitclaim or termination document sufficient to remove the
Memorandum from the released property.
5. This Memorandum may be executed in several counterparts, and all so executed
shall constitute one agreement binding on both parties hereto, notwithstanding that both parties
are not signatories to the original or the same counterpart.
[signatures on next page]
-2-
4826-6443-3013.3
DOC #2018-0464675 Page 3 of 7
IN WITNESS WHEREOF, City and Developer have entered into this Memorandum as of
the date first set forth above.
"CITY"
CITY OF LA QUINTA, a California municipal
corporation and charter city
rp;#Av- 3, 5Pew'o,
ATTEST:
City Clerk
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
City Attorney
[Signature page continues next page]
-3-
4826-6443-3013.3
DOC #2018-0464675 Page 4 of 7
"DEVELOPER"
SILVERROCK PHASE I, LLC, a Delaware limited
liability company
By: The Robert Green Company,
a California corporation
Its: Manager
Date: /'V of KI , 2018
By:
Name: Robert . Green, Jr.
Its: President and Chief
Executive Officer
-4-
4826-6443-3013.3
DOC #2018-0464675 Page 5 of 7
A notary public or other officer completing this certificate verifies only the identity of the individual
who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or
validity of that document.
STATE OF CALIFORNIA
COUNTY O,F1 RIVERSIDE
On N�n�°� �$ before me,�V�1`��` 1 W(U�tCi
(Insert name and title of the off r)
personally appeared k4 AAk • "D , who proved to me on the
basis of satisfactory evidence to be the pers n whose name is subscribed to the within instrument
and acknowledged to me that he/fie executed the same in his/#ef authorized capacity, and that
by his/her signature on the instrument the person, or the entity upon behalf of which the person
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 an�ffici8l eal. MONIKA RADEVA
Notary Public - California
Z . Riverside County i
Z ' Commission # 2168979 D
Signature My Comm. Expires Oct 22, 2020
(Seal)
A notary public or other officer completing this certificate verifies only the identity of the individual
who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or
validity of that document.
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
On , before me,
(Insert name and title of the officer)
personally appeared , who proved to me on the
basis of satisfactory evidence to be the person whose name is subscribed to the within instrument
and acknowledged to me that he/she executed the same in his/her authorized capacity, and that
by his/her signature on the instrument the person, or the entity upon behalf of which the person
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)
-5-
4826-6443-3013.3
DOC #2018-0464675 Page 6 of 7
A notary public or other officer completing this certificate verifies only the identity of the individual
who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or
validity of that document.
STATE OF CALIFORNIA
COUNTY OF 5Anl D11560
On _t3oVem leer' 5. 2013, before me, h t /i. -A PU.j!ILL'j
(Insert naMb anb title of tW officer)
personally appeared gob2r4 S . Green, J-f , who proved to me on the
basis of satisfactory evidence to be the person whose name is subscribed to the within instrument
and acknowledged to me that he/she executed the same in his/her authorized capacity, and that
by his/her signature on the instrument the person, or the entity upon behalf of which the person
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.
b(
Signature
Ib
a DIANA L. LYTLE
Notary Public California
San Diego County >
S Commission # 2160643
My Comm. Expires Aug 19, 2020
�+ (Seal)
A notary public or other officer completing this certificate verifies only the identity of the individual
who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or
validitv of that document.
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
On , before me,
(Insert name and title of the officer)
personally appeared , who proved to me on the
basis of satisfactory evidence to be the person whose name is subscribed to the within instrument
and acknowledged to me that he/she executed the same in his/her authorized capacity, and that
by his/her signature on the instrument the person, or the entity upon behalf of which the person
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)
-5-
4826-6443-3013.3
DOC #2018-0464675 Page 7 of 7
EXHIBIT "A"
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF LA QUINTA IN
THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS. -
Phase 1 B Property:
PARCELS 7, 8, 9, 10, 11, 12, D, E, F, & G OF PARCEL MAP NO. 37207, IN THE CITY OF LA
QUINTA, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, FILED IN BOOK 242, PAGES
72 THROUGH 87 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF
SAID COUNTY.
EXHIBIT "A"
-1-
4826-6443-3013.3