KSL/RDA Exercise of Option to Purchase - 2002P.O. Box 1504
78 -495 CALLS TAMPICO
LA QUINTA, CALIFORNIA 92253
May 22, 2002
KSL Land Holdings, Inc.
50 -905 Avenida Bermudas
La Quinta, California 92253
Attention: Mr. Chevis Hosea
and Legal Department
(760)777 -7000
FAX (760) 777 -7101
Re: BUYER'S EXERCISE NOTICE: Option Agreement dated April 29, 2002 (the
"Option Agreement "), by and between KSL Land Holdings, Inc., a Delaware
corporation ( "Seller ") and the La Quinta Redevelopment Agency, a public body
and corporate politic ('Buyer ") regarding real property commonly referred to as
"The Ranch" (the "Property ")
Dear Mr. Hosea:
Pursuant to Section 5 of the Option Agreement, Buyer hereby exercises its option to
purchase the Property. All capitalized terms not defined herein shall have the meaning set forth
in the Option Agreement.
Pursuant to Section 5 of the Option Agreement, I have enclosed three (3) duplicate
original counterparts of that certain Agreement of Purchase and Sale and Joint Escrow
Instructions dated of even date herewith (the "Purchase Agreement "), executed by Buyer.
Additionally, pursuant to Section 5 of the Option Agreement, Buyer has deposited the Additional
Deposit with Escrow Holder.
Please cause the enclosed three (3) duplicate original counterparts of the Purchase
Agreement to be executed by Seller within three (3) business days of the date hereof and deposit
one (1) fully executed counterpart of the Purchase Agreement with Escrow Holder and deliver
one (1) fully executed counterpart of the Purchase Agreement to Buyer at the following address:
La Quinta Redevelopment Agency
78 -495 Calle Tampico
P.O. Box 1504
La Quinta, California 92253
Attention: Mr. Mark Weiss
615/015610 -0048
286441.01 PM02
W
Copy to: Rutan & Tucker, LLP
611 Anton Boulevard, Suite 1400
Costa Mesa, California 92626
Attention: M. Kathleen Jenson, Esq.
Very truly yours,
LA QUINTA REDEVELOPMENT
AGENCY, a public body, corporate and politic
By:�
Name:
cc: Ms. Lisa Conlin (via fax: (909) 637 -1935) "Buyer"
Richard Deihl, Esq. (via fax:
M. Katherine Jenson, Esq.
Dan Slater, Esq,
Bill Marticorena, Esq.
Deja Hemingway, Esq.
615/015610 -0048
286441.01 PM02 -2-