2020 Seeley Dr LQ, LLC - Option Termination Agrmt - Applebee's 45305 Seeley Dr.�, OLD REPUBLIC TITLE COMPANY
RECORDING REQUESTED BY'FAND
WHEN RECORDED MAIL TO:
Successor Agency to the
La Quinta Redevelopment Agency
78-495 Calle Tampico
La Quinta, CA 92253
Attn: Agency Secretary
DOC # 2020-0062656
02/10/2020 02:02 PM Fees: $0.00
Page 1 of 6
Recorded in Official Records
County of Riverside
Peter Aldana
Assessor -County Clerk -Recorder
**This document was electronically submitted
to the County of Riverside for recording—
Receipted by: ALYCIA #778
Space above this line for Recorder's use
Exempt from recording fee per Gov. Code Section 27383
Exempt from The per GC 27388.1 (a) (2);
APN: 604-630-015, 016 recorded concurrently "in connection with"
ADDRESS: 45305 Seeley Dr., La Quinta, CA 92253 a transfer subject to the imposition
of documentary transfer tax (DM.
OPTION TERMINATION AGREEMENT
This Option Termination Agreement ("Agreement") is made by and between the
Successor Agency to the La Quinta Redevelopment Agency, a public body, corporate and politic
pursuant to Health and Safety Code section 34173 ("Agency" and the successor in interest by
operation of law to the former La Quinta Redevelopment Agency ("RDA")), and Seeley Drive, La
Quinta, LLC, a California limited liability company ( "Owner"), and is effective as of January �,
2020 (the "Effective Date"). Agency and Owner are collectively referred to herein as the
"Parties."
RECITALS
A. On or about December 18, 2003, the RDA and CP Development La Quinta, LLC, a
California limited Iiability company ("Developer") entered into that certain Disposition
and Development Agreement (as amended, the "DDA"), pursuant to which the RDA sold
to Developer certain real property located southeast of the Miles Avenue and Washington
Street intersection, in the City of La Quinta, County of Riverside, State of California (the
"Site"), and Developer agreed to construct and operate thereon certain commercial
development projects.
B. Pursuant to the DDA, RDA and Developer entered into that certain Option Agreement on
December 7, 2004, which was recorded on December 9, 2004, as Instrument No. 2004-
0979138, in the Official Records of the County of Riverside (the "Initial Option
Agreement"). RDA and Developer replaced the Initial Option Agreement with that
certain Amended and Restated Option Agreement, which was entered into as of October
20, 2006 and recorded on October 24, 2006, as Instrument No. 2006-0780202 (the
2U-7(001W-1Ci (l)
DOC #2020-0062656 Page 2 of 6
"Amended and Restated Option Agreement") in the Official Records of the County of
Riverside, and amended by that certain Amendment No. 1 to Amended and Restated
Option Agreement, dated October 28, 2008, and recorded on October 30, 2008, as
Instrument Number 2008-0577490 ("Amendment No. I"), The Amended and Restated
Option Agreement, as amended by Amendment No. 1, is referred to herein as the
"Option Agreement."
C. With the California Supreme Court's decision in California Redevelopment Association
v. Matosantos (2011) 53 CaI.41231, all redevelopment agencies in California were
dissolved on February 1, 2012. In June 2012, the California Legislature passed Assembly
Bill 1484 ("AB 1484"), and in September 2015, passed Senate Bill 107 ("SB 107"), both
which substantively and technically amended Assembly Bill 26 from the 2011-12 First
Extraordinary Session of the California Legislature ("AB 26"), the original bill enacting
redevelopment dissolution. AB 26, AB 1484, SB 107, and any and all other provisions
enacted to Parts 1.8 and 1.85 of Division 24 of the California Health and Safety Code are
referred to herein as the "Dissolution Law." Pursuant to the Dissolution Law, the Agency
is the successor in interest to the RDA by operation of law.
D. Owner is a successor in interest to Developer with respect to an underlying parcel of the
Site, specifically that certain real property consisting of 48,787 square feet of land,
improved by a 6,600 gross square foot restaurant building, commonly known as 45305
Seeley Drive, in the City of La Quinta, County of Riverside, State of California, as more
particularly described on Exhibit A attached hereto (the "Property").
E. The Option Agreement granted Agency, as successor in interest to the RDA, the right to
repurchase all or a portion of the Site, including the Property, under certain circumstances
until construction was completed (the "Option"), all as more fully set forth in the Option
Agreement. The Option Agreement provided that a termination agreement terminating '
such option rights be executed and recorded in the public records after construction was
completed on an underlying parcel of the Site.
F. Agency and Owner agree that construction on the Property as described in the Option
Agreement has been completed, and Agency and Owner agree that the Option is no
longer necessary with respect to the Property. The parties desire to enter into this
Agreement to memorialize the termination of the Option with respect to the Property, and
to record this Agreement to ensure that the public records accurately reflect such
termination.
In consideration of the foregoing recitals and for other good and valuable consideration, the
receipt and sufficiency of which is acknowledged, the parties agree as follows:
AGREEMENT
1. ' Recitals Incorporated. The foregoing recitals are incorporated into this Agreement by
reference.
DOC #2020-0062656 Page 3 of 6
2. Option Termination. The Option with regard to the Property is hereby terminated and of
no further force and effect.
3. Severability. If any provision in this Agreement is deemed invalid, then the remaining
provisions thereof will continue in full force and effect and will be construed as if the invalid
provision had not been a part of this Agreement.
4. Ambiguity. This Agreement will not be construed for or against either party by reason of
the authorship or alleged authorship of any provision of this Agreement.
5. Counterparts. This Agreement may be executed in counterparts. Such counterparts taken
together shall constitute one and the same agreement.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective
Date.
APPROVED AS TO FORM: AGENCY:
LA QUINTA REDEVELOPMENT AGENCY, LAQUINTAREDEVEIAPMENTAGENCY,
a public body, corporate and politic a public body, corporate and politic
By: William H. Ihrke By: Jon McMillen
Its: Agency Counsel Its: Executive Director
OWNER:
SEELEY DRIVE, LA QUINTA, LLC,
a Ca�a limited lia ' it mpany
146-
By:
G
By: Maia Mavian
Its: Managing Member
- Z 14AI
By:A
/ 0'
By: Harry Ma ian
Its: Managing Member
DOC #2020-0062656 Page 4 of 6
NOTARY ACKNOWLEDGMENT
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 January 30, 2020 before me, MONIKA RADEVA, Notary Public,
personally appeared JON McMILLEN who proved to me on the basis of
satisfactory evidence to be the person{-} whose name{ -s-} is/afe
subscribed to the within instrument, and acknowledged to me that
he/she/they executed the same in his/h#eir authorized
capacity{+es�,- and that by his/her/-thei signatureW on the instrument
the person{}; or the entity upon behalf of which the personko 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: 404
EE
rRADE�VA
Notlifornia =
c ':+ nty D
i Co168979
My ct 22, 2020
(notary seal)
DOCUMENT:
La Quinta Option Termination Agreement
45305 Seeley Drive; APNs: 604-630-015, -016 - Applebee's
DOC #2020-0062656 Page 5 of 6
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'0xS)
On fib 112-0 W , before me, s- lux( VJf'-t
(he nsert name and title of the officer)
personally appeared qI MGy(c.}Y1 -t- i2(rA- MUyi'Qn
, Notary Public,
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.
Signatur
(seal)
dam 1ba
�., STACY K. WEI ■
NotaryPublic- California lz
z - Los Angeles County n
Commission # 2186382
My Comm. Expires Mar 12, 2021
698/015610-0002
14660634.2 a01/27/20 -6-
. G
DOC #2020-0062656 Page 6 of 6
EXHIBIT A
LEGAL DESCRIPTION OF THE PROPERTY
PARCEL 5 OF PARCEL MAP NO. 31116, IN THE CITY OF LA QUINTA, COUNTY OF
RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 212 OF
PARCEL MAPS, PAGES 60 TO 66, INCLUSIVE, RECORDS OF SAID COUNTY.
EXCEPTING THEREFROM ALL OIL, GAS HYDROCARBON SUBSTANCES AND
MINERALS OF EVERY KIND AND CHARACTER LYING MORE THAN FIVE HUNDRED
(500) FEET BELOW THE SURFACE, TOGETHER WITH THE RIGHT TO DRILL INTO,
THROUGH, AND TO USE AND OCCUPY ALL PARTS OF THE PROPERTY LYING
MORE THAN FIVE HUNDRED (500) FEET BELOW THE SURFACE THEREOF FOR ANY
AND ALL PURPOSES INCIDENTAL TO THE EXPLORATION FOR AND PRODUCTION
OF OIL, GAS HYDROCARBON SUBSTANCES OR MINERALS FROM SAID PROPERTY
OR OTHER LANDS, BUT WITHOUT, HOWEVER, ANY RIGHT TO USE EITHER THE
SURFACE OF THE PROPERTY OR ANY PORTION THEREOF WITHIN FIVE HUNDRED
(500) FEET OF THE SURFACE FOR ANY PURPOSE OR PURPOSES WHATSOEVER, OR
TO USE THE PROPERTY IN SUCH A MANNER AS TO CREATE A DISTURBANCE TO
THE USE OR EMPLOYMENT OF THE PROPERTY, AS RESERVED IN THE DEED FROM
LA QUINTA REDEVELOPMENT AGENCY, RECORDED DECEMBER 9, 2004 AS
INSTRUMENT NO. 04-979137, OF OFFICIAL RECORDS.
APN: 604-630-015,016
ta Qw�frcu
CAI IPORNIA
January 30, 2020
Old Republic Title IOld Republic Insurance Group
Stacy Kim -Wei
Commercial Officerl Commercial & Major Projects Division
101 North Brand Blvd.
14th Floor
Glendale, California 91203
RE: LA QUINTA OPTION TERMINATION AGREEMENT
45305 SEELEY DRIVE - APPLEBEE'S
Escrow 2676016679-48
Dear Ms. Kim -Wei,
As requested by Mr. Greg Findley, enclosed is the La Quinta Option Termination
Agreement related to the property located at 45305 Seeley Drive - Applebee's,
signed by the City of La Quinta.
Once the agreement is fully executed and recorded, please email me a copy of the
recorded document.
Thank you.
Regards,
Monika Radeva
City Clerk
Tel: (760) 777 - 7035
Email: MRadeva@LaQuintaCA.gov