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2020-07-17 DP Mobile Home Park Escrow Packageummu R • f o u r s e a s o n s e s c r o w, i n c. 78070 Calle Cadiz, La Quinta, CA 92253 Phone (760) 564-4044 Fax (760) 771-2999 DATE: July 17, 2020 FIRST SUPPLEMENT - RESIDENTIAL Escrow Officer: Leeta Slama Title Officer: Kathy Crawford Escrow Associate: Veronica Rodriguez Title Order No.: 578442 Escrow No.: FS3245 Title Company: Stewart Title Company Property Address: 46400 Dune Palms Road, La Quinta, CA 92253 Commonly know as "Dune Palms Mobile Estates" FOUR SEASONS ESCROW, INC. IS LICENSED BY THE STATE OF CALIFORNIA, DEPARTMENT OF BUSINESS OVERSIGHT LICENSE NO. 9632224. First Supplement to Settlement Agreement and Escrow Instructions dated June 15, 2020 by and between City of La Quinta, a California municipal corporation, as Buyer, and Chin Family Properties Limited Partnership, a California limited partnership, as Seller. Confirmation of Purchase Terms: MEMO: r CASH DOWN PAYMENT: $ 6,125,000.00 (of which the sum of $618,000.00 has been verified as deposited, into the State Treasury in connection with the Eminent Domain Action) y� TOTAL PURCHASE PRICE: $ 6,125,000.00 ,/ onfirmation of Acce tance Date: The undersigned Buyer and Seller hereby confirm the acceptance date of the above referenced agreement as June 15, 2020. enin of Escrow: The opening of escrow is July 14, 2020 Close of Escrow: Pursuant to the terms of the above referenced agreement, the close of escrow shall occur upon the date the Final Order of Condemnation is filed for record in the Official Records of Riverside County, California Escrow Holder Acknowledgement: Buyer and Seller herein acknowledge that Escrow Holder shall act in accordance with the ,T Settlement Agreement and Escrow Instructions, specifically Articles 1, 2, 3, 4, 5 and 8 Buyer and Seller herein acknowledge and all parties are in agreement that RECITALS to include Exhibits "A" thru "M' as listed on page iii of Settlement Agreement. Escrow Holder shall work with the parties to adhere to the timelines and dates as outlined in the Settlement Agreement In the event of a conflict between terms of any such additional escrow instructions, and the provisions of the Agreement, the Settlement Agreement shall supersede and be controlling. Due diligence period to expire on October 30, 2020 ee Title. Fee title to the subject property of this escrow is vested in: Chin Family Properties Limited Partnership, a California limited partnership — the undersigned Seller(s) amend the Residential Purchase Agreement and Joint Escrow Instructions (and Receipt for Deposit) to provide for the above referenced vested party(ies)/entity as the Sellers. Buyer Vesting; City of La Quinta, a California municipal corporation Buyer's vesting to be handed to Escrow Holder with signed escrow instructions. Said vesting shall be inserted on the grant deed even though said deed has been prepared, signed' and notarized by and on behalf of the Seller named herein. The manner in which title is taken may have significant legal and tax consequences. Please contact your attorney or CPA for questions directly related to vesting options. Escrow No.: FS3245 Initials Page- 1 PLEASE INITIAL Le al Description of Subiect Pro e f I he legal description will be validated and the property address verified by the Title Company Said legal description is hereby approved by the undersigned principals Reports, Inspections, Documents and Warranty Plans: Escrow Holder shall receive the following report(s), inspection(s), document(s) and warranty plan(s). • Preliminary Report and Policy(ies) of Title Insurance from: Stewart Title Company Real Estate Withholding Certificate: Escrow Holder is authorized and instructed to provide the Buyer with a copy of the Seller's completed and signed California Form 593, at the close of escrow. General Provisions: The undersigned Buyer(s) and Seller(s) hereby acknowledge receipt of Escrow Holder's General Provisions and acknowledge that said General Provisions are incorporated into these instructions Delivery of Documents and Funds: Escrow Holder is instructed to forward all documents and funds to the Buyer(s) and Seller(s) at the applicable addresses as instructed All documents and funds requiring delivery after close of escrow shall be forwarded to the addresses set forth on the "Disbursement of Refund/Proceeds Instruction", or as subsequently instructed by Buyer(s), Seller(s) and their respective agents. All other terms and conditions remain in FULL force and effect. Buyer(s) Seller(s) City of La Quinta, a California municipal corporation Chin Family Properties Limited Partnership, a California limited partnership By: Jon McMillen, City Manager PLEASE SIGN AND RETURN Escrow No.: FS3245 Page- 2 By: Dune Palms Mobile Estates, LLC, its General Partner The Chin Family Survivor's Trust Under Agreement Dated June 7, 1974, Sole Manager of the General Partner By: By: Pamela G. Chin, Co -Trustee Randal R. Chin, Co -Trustee Initials PLEASE INITIAL FOUR SEASONS ESCROW GENERAL PROVISIONS (Revised 11/2016) Privacy Policy (15 U.S. C. 6801 and 16 CFR Part 313) We collect nonpublic personal information about you from information you provide on forms and documents and from other people such as your lender, real estate agent, attorney, Title Company, etc We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. We restrict access to nonpublic personal information about you to those employees who need to know that information in order to provide products or services to you We maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your nonpublic personal information. Role of Escrow Holder Seller and Buyer agree that Four Seasons Escrow, Inc is acting solely as Escrow Holder in connection with this transaction and is not acting as a Trustee or in any other fiduciary capacity. Duty of escrow officer does not commence nor shall escrow be deemed open until Escrow Holder receives mutual escrow instructions signed by all parties. Until receipt of mutually signed escrow instructions, either party has the right to revoke these instructions by written request and may withdraw any funds, instruments or documents previously provided to Escrow Holder. Escrow Holder's duties shall be limited to the proper handling of deposited funds and the proper safekeeping of all instruments and/or documents received for this transaction; including the disposition of same in accordance with the written instructions received and accepted by Escrow Holder. Escrow Holder will make no physical inspection of the real property or personal property described in this escrow nor will Escrow Holder be liable for the condition of same. 1. Legal Advice All parties acknowledge and understand that Escrow Holder is not authorized to practice law nor give legal advice. Escrow Holder will make no representations about the legal sufficiency, legal consequences, and financial effect or tax consequences of the enclosed escrow instructions. All parties are hereby advised to seek legal and financial counsel for advice regarding the effect of these escrow instructions. 2 Sufficiency, Validity, Authority of Documents Escrow Holder shall not be responsible or have any liability with respect to the sufficiency or correctness as to form, manner of execution or validity of any document deposited in this escrow; nor as to the identity, authority or rights of any person executing same, Escrow Holder will not be liable or responsible for forgeries or false impersonations in connection with the instruments or documents submitted in this escrow. 3 Contingency Periods Escrow Holder shall not be responsible for monitoring contingency time period between the parties. The parties shall execute such documents as may be requested by Escrow Holder to confirm the status of any such period Execution and Delivery of Escrow Instructions These instructions may be executed in counterparts and said counterparts, regardless of date of execution and delivery will be deemed an original and together will constitute one and the same instrument Escrow Holder shall not be concerned with nor have any liability for any items designated as memoranda in these instructions or with any other agreement or contract made between the parties outside of the escrow. Any document may be sent via e-mail All documents, whether they are mailed or electronically mailed, will be deemed delivered after 48 hours unless otherwise stated herein 1. Written Instruction Escrow Holder is authorized to accept oral instructions from the principals' real estate agent(s), lenders and/or attorneys concerning the preparation of escrow instructions, amendments or supplements, however, no change of instruction, amendments or supplements will be effective until executed copies of same by all principals are delivered to Escrow Holder. Any document received by Escrow Holder that have been altered from its original form will be considered null and void and shall be of NO effect to this escrow. 2. Electronic Transmissions All parties acknowledge that documents and/or other correspondence may be transmitted electronically via facsimile (FAX), e-mail, or text In the event the parties choose to utilize fax, e-mail, or text transmissions, said parties instruct Escrow Holder to act upon such instructions as if they were originals "Instructions for release of funds will require original signatures prior to releasing of funds ""All documents necessary for recording are required to have original signatures. 3 Authorization to Furnish information Escrow Holder is authorized to furnish information, copies of escrow instructions, personal contact information of each party, amendments, supplements, preliminary reports, notice of cancellation and closing statements in this escrow to the respective real estate broker(s), lenders and/or attorneys representing principals to this escrow. Any other third party requesting documentation will need to provide written authorization by represented principal of the escrow prior to the release of documentation 4 Close of Escrow The term "close of escrow (COE)" as used in this escrow, shall mean the date on which all instruments/documents deposited into escrow are recorded. In the event escrow is not in a position to close on Escrow No.: FS3245 Initials Page- 3 PLEASE INITIAL the date specified in these instructions, then Escrow Holder shall, unless otherwise instructed in writing from the principals herein, close escrow when all conditions set forth herein have been satisfied 5 No Duty to Notify as to Other Transactions Escrow Holder has no duty or responsibility to notify any party to this escrow of any sale, resale, loan, exchange or other transaction involving the subject property of this escrow or any profit realized by any person or entity in connection therewith unless the Escrow Holder is acting as escrow holder for the such transaction(s). titials _ _! PLEASE INITIAL 6 Usury Escrow Holder is not to be concerned with any question of usury in any loan or encumbrance involved in the processing of this escrow and is hereby released of any liability therefore. Deposit of Funds All funds received in this escrow will be deposited with other escrow funds in one or more non-interest-bearing escrow accounts at a financial institution selected by Escrow Holder. Escrow Holder shall not be responsible and shall have no liability for any delay in closing this escrow if the funds deposited in escrow are not available for immediate withdrawal as a matter of right following deposit in such financial institution. Escrow Holder may receive certain direct and indirect financial benefits from the financial institution as a result of maintaining the general escrow account. Escrow Holder shall have no obligation to account to the parties to this escrow the value of such direct and indirect financial benefits Any such benefits shall be deemed additional compensation of Escrow Holder for its services rendered in connection with this escrow For security purposes, Escrow Holder will not accent cash for any escrow deposit, any check submitted that is dishonored upon presentment for payment, Escrow Holder is authorized to notify all parties and/or their respective agents of such nonpayment 1 Interest bearing accounts Any party depositing funds into escrow has the right to earn interest on such funds through a deposit account arrangement that Escrow Holder has established with one of its financial institutions. Depositing party must request in writing to have such an account setup on their behalf Depositing party will be charged a $175 set up fee as well as a $25 bank fee by Escrow Holder to compensate Escrow Holder for the costs associated with establishing and maintaining such an account It is important that depositing party consider the set up cost associated with establishing and maintaining such an account as it may exceed the actual amount of interest earned. The interest rates on such accounts vary by financial institution and fluctuate periodically based on market conditions and other compensating factors. Interest rate is subject to change prior to or during the time parties funds are on deposit 2 Good Funds Law (California Insurance Code Section 12413.1) All parties are aware and understand that California Insurance Code Section 12413.1 mandates that funds deposited into an escrow must be collected and available for withdrawal prior to disbursement. The determination and availability of funds is set forth as follows: (A) Cash and Electronic Transfers (wired funds) are available for same day disbursement (B) Cashier's Checks and Certified Checks drawn on a California bank are available for disbursement the next business day after the date of deposit. If funds are received by any other means, recording and/or disbursements may be delayed. 3 Disbursement of Funds Escrow holder reserves the right to have 1 full business day from confirmation of recording to disburse total proceeds. Disbursements will be made by check and issued jointly to the parties designated as payees, unless instructed otherwise in writing. Any written instruction for a bank wire will require reasonable time or notice for Escrow Holder's compliance with said instruction In the event there is insufficient time to place a wire within the Federal Reserve System, parties agree to provide written instruction for an alternative method of disbursement Without an alternative disbursement instruction, funds will be held in the general escrow trust account until the next opportunity for wire placement Escrow Holder will not be held responsible for lost interest due to wire delays caused by any bank, chosen Title Company, or the Federal Reserve System. **Any release of funds requires original signatures. 4. Insurance of Funds All parties are hereby notified that all funds deposited in connection with this escrow are insured only to the limit provided by the Federal Deposit Insurance Corporation 5 Lender Funds Funds deposited by a lender are ordinarily deposited one or two days prior to closing. All parties are hereby notified that lenders may begin charging interest from the day of funds deposited into Escrow Holder's escrow trust account 6. Stale dated checks/stop payments All checks issued by Escrow Holder are valid for 90 days. A payee of checks issued from this escrow that remain uncashed or unnegotiated for a period of 91 days or longer from original issuance of said check will receive a notification via certified mail to the last known address of payee 10 days prior to cancellation of stale Escrow No.: FS3245 Initials / Page- 4 ID PLEASE INITIAL_. dated check. All parties acknowledge that payee will incur a Reissuance Fee of $100 to absorb the expense incurred by Escrow Holder for tracking uncashed checks, canceling and reissuing checks, and maintaining bank and accounting records of such checks, which are considered to be additional services provided to payee. If the original amount of the uncashed check is less than the $100 Reissuance Fee, Escrow Holder is authorized to charge and pay itself the entire amount of the check as canceled. Escrow Holder has sole discretion and authority to determine when to waive Reissuance Fee 7 Unjust Enrichment In the event any party to this escrow receives funds or is credited with funds to which they are not entitled, effected party agrees upon written demand to return said funds immediately to the escrow for correct disbursement Proration's All proration's and/or adjustments called for in this escrow shall be made on the basis of a thirty (30) day month or 360 day year, unless otherwise instructed by all parties in writing All proration's and/or adjustments will be based on last available tax statement, rental statement as provided by Seller Property Taxes/Supplemental Taxes Escrow Holder shall not be held liable for any personal property tax, which may be assessed against any former owner of the subject property to this escrow, nor for the corporation or license tax of any corporation as a former owner. Buyer is hereby advised that the County Tax Assessor will revalue property that changes ownership or contains new construction, which may result in a supplemental tax bill The supplemental taxes will be assessed as of the date of change of ownership or completion of construction Escrow Holder is not responsible for lost or non - receipt of property tax bills. All parties are hereby advised to contact the local County Assessor and/or Tax Collector for additional copies of outstanding property tax bills or supplemental bills and make payment arrangements accordingly PCOR: The parties are to familiarize themselves with Proposition 13, which is a reassessment of real property upon change of ownership. Cancellation Any principal instructing Escrow Holder to cancel this escrow shall file notice of cancellation in writing and state the reason for cancellation. Upon receipt of same, Escrow Holder is instructed to prepare cancellation instructions and forward to principals and their representing agents for signature. Upon receipt of mutually agreed, executed cancellation instructions Escrow Holder is authorized to deduct cancellation fee and cancel escrow 1 Conflicting Instructions/Interpleader No notice, demand or change of instructions shall be of any effect in this escrow unless given in writing by all parties affected thereby In the event of conflicting demands, Escrow Holder shall have the right to either take no further action until receipt of mutually concurring instructions from all parties OR file an action in interpleader requiring the principals to answer and litigate their several claims and rights amongst themselves. Upon such filing, Escrow Holder is authorized to deposit with the Clerk of the Court all documents and funds held in this escrow. Escrow Holder is thereupon released of any further liability or obligations with respect to this escrow. All parties agree to pay all costs, damages, judgments and attorney's fees incurred by Escrow Holder in connection with any suit filed with interpleader 2. No Activity If there is no written activity by a principal to this escrow for a period of 90 days, Escrow Holder shall notify the parties of its intention to cancel escrow Written notification of same will be sent via certified mail to last known address of principals If no written objection is received within fifteen (15) days of mailing said notice, Escrow Holder shall cancel this escrow and all documents, monies or other items held by Escrow Holder, at escrow holder's sole discretion, will be returned to the respective parties, less fees and charges �herein provided. pInitials / JJ PLEASE INITIAL Retention of Records Escrow Holder is hereby authorized to destroy or dispose of any and all documents, papers, instructions, correspondence and other materials pertaining to this escrow any time after the expiration of five (5) years from COE or cancellation thereof, without liability or further notice to the parties of said transaction Fees Paid in Advance Escrow Holder is hereby instructed to use Buyer's deposited funds to pay any fees required prior to close of escrow to entities such as, but not limited to, homeowner's association management companies for ordering documents and statements, lenders for ordering payoff statements and cities which require city reports In the event escrow is cancelled and buyer is entitled to a refund of deposited funds, any fees, which have been paid, will show as a deduction from funds returned to Buyer Buyer agrees to return any documentation provided to buyer that is associated with fees advanced by Escrow Holder Seller hereby agrees to deposit into escrow the amount of fees Escrow No.: FS3245 Initials Page- 5 PLEASE INITIAL advanced for which Seller is responsible. Escrow Holder shall not be liable for fees deducted from Buyer's deposit in the event Seller fails to deposit the amount of such fees into escrow • Payoffs (HOA demands, Institutional Demands, Private Beneficiary Demands, Liens, Judgments) Escrow Holder is not responsible for the contents or accuracy of any statements or demands provided by the existing lienholder Escrow Holder's sole responsibility is to act upon any statements or demands as provided by lienholder or his agent Escrow Holder is not required to submit any statement or demand to the parties for approval prior to close of escrow, unless instructed to do so in writing. All parties acknowledge that such payoff statements may include a prepayment penalty and other charges above and beyond principal and interest Any necessary adjustments due to a discrepancy between the information provided by lienholder and the amount disbursed through the escrow, which may be later determined to be incorrect, shall be settled between the parties directly outside of this escrow. 1 Consumer Debt Any party requesting or required by lender to pay consumer debt through escrow must provide Escrow Holder with a current statement for such account(s). Escrow Holder's sole responsibility is to make the payoff at COE based on remaining balance shown on statement provided by said party Escrow Holder is not liable for any fees or balances remaining after date of payoff at COE • Internal Revenue Service (IRS) and Franchise Tax Board (FTB) Reporting Requirements All parties acknowledge that Escrow Holder may be required to report this transaction, or aspects thereof, to the Internal Revenue Service (in accordance with Sections 121, 1031, 1033 and 1445 of the Internal Revenue Code) and/or the Franchise Tax Board (in accordance with Section 18662 of the Revenue and Taxation Code), and/or Escrow Holder may be required to withhold and submit funds to same Parties authorize Escrow Holder to make such reporting/withholding, as it deems necessary and hold Escrow Holder harmless for such reporting/withholding Parties hereby agree to provide all necessary documentation and information as requested by Escrow Holder to comply with reporting/withholding requirements. 1 Seller is subject to penalty for knowingly filing a fraudulent certificate for the purpose of avoiding the withholding requirement(s). 2 Buyer understands that Escrow Holder will NOT assist in obtaining a waiver from withholding from the Franchise Tax Board 3 Four Seasons Escrow, Inc. reserves the right to review and approve for correctness any forms associated with the 8288B foreign seller process, ITIN, or TIN applications Initials / PLEASE INITIAL • Change of Ownership (California Revenue and Taxation Code Section 480.3) All parties are aware that a "Preliminary Change of Ownership" form (PCOR) is to be filed with the County Assessor's Office upon recordation of all transfer documents involving property As an accommodation only, Escrow Holder will provide the necessary forms to the Buyer and upon return of the completed form to Escrow Holder prior to close of escrow, Escrow Holder shall deliver said form to the County Assessor's Office concurrently with recordation of documents being recorded in this escrow Escrow Holder will not delay close of escrow or recording of documents deposited in escrow for non -receipt of PCOR Escrow Holder shall not be liable for any fees or penalties, which may result from recordation of documents without required PCOR All fees and penalties incurred are the sole responsibility of the grantee. • Severability If any provision or any part of any provision of this Agreement is for any reason held to be invalid, unenforceable or contrary to any public policy law, statute and/or ordinance, then the remainder of the Agreement shall not be affected thereby and shall remain in full force and effect • Choice of Law/Construction This Agreement and all transactions relating to or arising out of this Agreement shall be interpreted in accordance with and governed in all respects by the laws of the State of California The proper venue for any disputes concerning, relating to, or arising out of this Agreement shall be the Riverside County Superior Court, Indio Branch • Statute of Limitations Any and all causes of action, lawsuits, or similar claims against Escrow Holder, whether arising in contract, tort, or equity shall be brought within six (6) months of the time the cause of action, lawsuit, or similar claim arises Failure to bring any cause of action, lawsuit, or similar claim within the above time frame shall be considered a waiver of the parties right to bring said cause of action, lawsuit, or similar claim against the Escrow Holder. • Integration This Agreement constitutes the entire understanding of the parties with regard to the matters set forth within There are no representations, warranties, agreements, arrangements, undertakings, oral or written, between or among the parties hereto relating to the subject matter of this Agreement, which are not fully expressed herein This Agreement shall be construed according to its own terms, as defined in this agreement or otherwise according to their ordinary meaning, without any parole evidence This Agreement is fully integrated and supersedes any prior or Escrow No.: FS3245Initials / Page- 6 _ `=�' PLEASE INITIAL L % contemporaneous oral or written Agreement between the Parties. The terms and provisions of this Agreement can be modified only in writing, executed by all Parties. Binding Affect This Agreement shall be binding on and inure to the benefit of the parties and their respective successors and assigns. • Liquidated Damages ESCROW HOLDER IS NOT AN INSURER It is understood and agreed by and between the parties hereto that Escrow Holder is not an Insurer. Insurance, if any, will be obtained by the Buyer and Seller Charges are based solely upon the value of the services provided for, and are unrelated to the value of the Buyer(s) or Seller(s) property or the property of others. The amounts payable by the Buyer or Seller are not sufficient to warrant Escrow Holder assuming any risk of consequential or other damages to the Buyer or Seller due to Escrow Holder's negligence or failure to perform. The Buyer and Seller do not desire this Agreement to provide for the liability of Escrow Holder and Buyer and Seller agree that Escrow Holder shall not be liable for loss or damage due directly or indirectly to any occurrence or consequences there -from. From the nature of the services to be performed, it is impractical and extremely difficult to fix the actual damages, if any, which may proximately result from the failure on the part of Escrow Holder to perform any of its obligations hereunder, or the failure of the system to properly operate with the resulting loss to the Subscriber If Escrow Holder should be found liable for loss or damage due to a failure on the part of Escrow Holder, in any respect, its liability shall be limited to the refund to Buyer and/or Seller of an amount equal to the sum of Two Hundred Fifty ($250 00) Dollars, as liquidated damages and not as a penalty, and this liability shall be exclusive. The provisions of the this paragraph shall apply in the event loss or damage, irrespective of cause or origin, results directly or indirectly to person or property from the performance or non-performance of the obligations set forth by the terms of this contract, or from negligence, active or otherwise, of Escrow Holder, its agents, officers, shareholders or employees ACKNOWLEDGEMENT OF GENERAL PROVISIONS I/We, the undersigned, hereby acknowledge receipt of the General Provisions as set forth by Four Seasons Escrow, Inc My/Our signature hereto constitutes instruction to Escrow Holder of all terms and conditions contained in the General Provisions and further signifies that I/we have read and understand and agree to the same in their entirety INVe further acknowledge that I/we have been made aware that the escrow instructions may affect my/our legal rights and/or obligations and any questions relating hereto should be directed to an attorney, accountant or other legal advisor FOUR SEASONS ESCROW, INC. IS LICENSED BY THE STATE OF CALIFORNIA, DEPARTMENT OF CORPORATIONS LICENSE NO. 9632224. Buyer(s) Seller(s) City of La Quinta, a California municipal corporation Chin Family Properties Limited Partnership, a California limited partnership By: Jon McMillen, City Manager By: Dune Palms Mobile Estates, LLC, its General Partner The Chin Family Survivor's Trust Under Agreement Dated June 7, 1974, Sole Manager of the General Partner By: By. Pamela G. Chin, Co -Trustee Randal R. Chin, Co -Trustee Escrow No.: FS3245(� Initials / Page- 7 i4p PLEASE INITIAL PLEASE SIGN AND RETURN Escrow No.: FS3245r nitials 1 Page- 8 PLEASE INITIAL THIRD PARTY AUTHORIZATION Escrow No: FS3245 Property Address: 46400 Dune Palms Road The undersigned authorizes escrow holder, Four Seasons Escrow, Inc, Co releasing any and all information pertinent to the above referenced transaction in both written and verbal form, as it is requested or required by this/these additional, authorized parties without further instruction to release. Company Name. Contact Person: Address: Phone:( ) Relationship to Party of Escrow: Company Name: Contact Person: Address: Phone: hip to Party of Escrow: Fax: Fax: (_) A facsimile copy of this document may be accepted as an original. Date SELLERS: BUYERS: Chin Family Properties Limited Partnership, a California City of La Quinta, a California municipal limited partnership corporation By: Dune Palms Mobile Estates, LLC, its General Partner �K, Sy: Jon McMillen, City Manager The Chin Family Survivor's Trust Under Agreement Dated June 7, 1974, Sole Manager of the General Partner BV: Pamela G. Chin, Co -Trustee By: Randal R. Chin, Co -Trustee TO: Four Seasons Escrow, Inc. RE: 46400 Dune Palms Road, La Quinta, CA 92253 ESCROW NO: FS3245 PROCEEDS / REFUND INSTRUCTIONS UPON THE CLOSE OF THE ABOVE REFERENCED ESCROW, YOU ARE INSTRUCTED TO DISBURSE ANY FUNDS DUE THE UNDERSIGNED AS FOLLOWS: Select One: ( Check for refund will be picked up at your office. l ', Contact me at the following number when funds are ready: () Mail check to: (Your bank may impose a holding period for check clearance) () Overnight delivery to: (Charge my account for the cost of overnight delivery) () Wire transfer funds to the account of the undersigned: Bank Name: Address: Phone No. Account No.. ABA (routing) No.: (Please Note: Your Bank's Wiring ABA number may be different from the routing number on your checks) Credit to the Account of: (Enter name exactly as it appears on your checks) () Other instructions (ie: split funds equally between each seller/buyer)- My/our address at close of escrow: ❑ same as subject property [other: 78495 Calle Tampico, La Quinta CA 92253 ❑ Temporary/Vacation address currently on file Date City of La Quinta, a California municipal corporation Chin Family Properties Limited Partnership, a California limited partnership By: Jon McMillen, City Manager By: Dune Palms Mobile Estates, LLC, its General Partner The Chin Family Survivor's Trust Under Agreement Dated June 7, 1974, Sole Manager of the General Partner By Pamela G. Chin, Co -Trustee By: Randal R. Chin, Co -Trustee UMMU a ■ f o u r s e a s o, n s e s c r o w E n t, 78070 Calle Cadiz, La Quinta, CA 92253 Phone (760) 564-4044 Fax (760) 771-2999 July 24, 2020 JON MCMILLEN, CITY MANAGER, ATTN: CITY MANAGER LA QUINTA, CA 92253 RECEIPT FOR PRELIMINARY REPORT TO: Escrow Officer: Leeta Slama Re: Escrow No.: FS3245 The undersigned Buyer(s) hereby acknowledge(s) receipt of the Preliminary Report issued by Stewart Title Company, dated July 9, 2020. Buyer(s) understand(s) that if Escrow Holder does not receive in writing, disapproval of said Preliminary Report within 5 Calendar days of receipt of same, Escrow Holder shall consider the Preliminary Report approved in its entirety and the contingency to the escrow shall be automatically eliminated. 1 1 The City would like the following items deleted from the Schedule B: A-E, 6, and 9 Date: City of La Quinta, a California municipal corporation By: Jon McMillen, City Manager BOE -502-A (P1) REV. 13 (06-17) PRELIMINARY CHANGE OF OWNERSHIP REPORT PETER ALDANA, COUNTY OF RIVERSIDE ASSESSOR -COUNTY CLERK -RECORDER To be completed by the transferee (buyer) prior to a transfer of subject PO BOX 751, RIVERSIDE, CA 92502-0751 property, in accordance with section 480.3 of the Revenue and Taxation (951) 955-0400 www riversideacr com Code 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. FOR ASSESSOR'S USE ONLY ASSESSOR'S PARCEL NUMBER 600-030-010 TRA: 020-026 SELLER/TRANSFEROR Chin Family Properties Limited Partnership BUYER'S DAYTIME TELEPHONE NUMBER 760 ) 777-7000 L J BUYER'S EMAILADDRESS STREET ADDRESS OR PHYSICAL LOCATION OF REAL PROPERTY 46400 Dune Palms Road, La Quinta, CA �❑ YES NO This property is intended as my principal residence. If YES, please indicate the date of occupancy or intended occupancy ❑ YES NO Are you a disabled veteran or a unmarried surviving spouse of a disabled veteran who was compensated al 100% by the Department of Veterans Affairs? MAIL PROPERTY TAX INFORMATION TO (NAME) City of La Quinta MAIL PROPERTY TAX INFORMATION TO (ADDRESS) CITY 78495 Calle Tampico La Quinta PART 1. TRANSFER INFORMATION Please complete all statements. This section contains possible exclusions from reassessment for certain types of transfers YES NO MO DAY YEAR STATE 1 ZIP CODE CA 92253 ❑ ❑✓ A. This transfer is solely between spouses (addition or removal of a spouse, death of a spouse, divorce settlement, etc). ❑ B This transfer is solely between domestic partners currently registered with the California Secretary of State (addition orremoval of a partner, death of a partner, termination settlement, etc) ❑ ❑✓ * C. This is a transfer: ❑ between parent(s) and child(ren) ❑ from grandparent(s) to grandchild(ren) ❑ ✓❑ * D. This transfer is the result of a cotenant's death. Date of death ❑ * E. This transaction is to replace a principal residence owned by a person 55 years of age or older Within the same county? ❑ YES I NO ❑ * F. This transaction is to replace a principal residence by a person who is severely disabled as defined by Revenue and Taxation Code section 69.5. Within the same county? []YES ❑ NO ❑ F This transaction is only a correction of the name(s) of the person(s) holding title to the property (e.g., a name change upon marriage). If YES, please explain. ❑ 0 H The recorded document creates, terminates, or reconveys a lender's interest in the property. ❑ I. This transaction is recorded only as a requirement for financing purposes or to create, terminate, or reconvey a security interest (e g, cosigner). If YES, please explain ❑ J. The recorded document substitutes a trustee of a trust, mortgage, or other similar document. K. This is a transfer of property: ❑ n 1 to/from a revocable trust that may be revoked by the transferor and is for the benefit of ❑ the transferor, and/or ❑ the transferor's spouse ❑ registered domestic partner. F1 F-12 to/from an irrevocable trust for the benefit of the LJ ❑ creator/grantor/trustor and/or ❑ grantor's/trustor's spouse ❑ grantor's/trustor's registered domestic partner, ❑ 0 L. This property is subject to a lease with a remaining lease term of 35 years or more including written options. n n M This is a transfer between parties in which proportional interests of the transferor(s) and transferee(s) in each and every parcel being transferred remain exactly the same after the transfer ❑ N This is a transfer subject to subsidized low-income housing requirements with governmentally imposed restrictions, or restrictions imposed by specified nonprofit corporations. ❑ * O This transfer is to the first purchaser of a new building containing an active solar energy system. u P Other. This transfer is to acquisition by governmental entity _ * Please refer to the instructions for Part 1. Please provide any other information that will help the Assessor understand the nature of the transfer. THIS DOCUMENT IS NOT SUBJECT TO PUBLIC INSPECTION BOE -502-A (P2) REV_ 13 (06-17) PART 2. OTHER TRANSFER INFORMATION Check and complete as applicable. A Date of transfer, if other than recording date: B. Type of transfer: Purchase ❑Foreclosure ❑Gift ❑Trade or exchange ❑Merger, stock, or partnership acquisition (Form BOE -1 00-B) Contract of sale. Date of contract: Inheritance. Date of death: Sale/leaseback ❑ Creation of a lease ❑ Assignment of a lease ❑ Termination of a lease. Date lease began: Original term in years (including written options): Remaining term in years (including written options): ❑ Other. Please explain: C. Only a partial interest in the property was transferred. ❑YES ❑ NO If YES, indicate the percentage transferred % PART 3. PURCHASE PRICE AND TERMS OF SALE A. Total purchase price Check and complete as applicable. $ 6,125, 00.04 B Cash down payment or value of trade or exchange excluding closing costs Amount $ C. First deed of trust @ N/A % interest for years. Monthly payment $ Amount $ ❑ FHA (_Discount Points) ❑ Cal -Vet ❑ VA (_Discount Points) ❑ Fixed rate ❑ Variable rate ❑ Bank/Savings & Loan/Credit Union ❑ Loan carried by seller ❑ Balloon payment $ Due date: D. Second deed of trust @ N/A % interest for years. Monthly payment $ Amount $ ❑ Fixed rate ❑ Variable rate ❑ Bank/Savings & Loan/Credit Union ❑ Loan carried by seller ❑ Balloon payments Due date: E. Was an Improvement Bond or other public financing assumed by the buyer? F]YES 0 NO Outstanding balance $ F. Amount, if any, of real estate commission fees paid by the buyer which are not included in the purchase price $ N/A G. The property was purchased: []Through real estate broker. Broker name: Phone number: ( ) Direct from seller ❑ From a family member -Relationship ❑ Other. Please explain: H. Please explain any special terms, seller concessions, broker/agent fees waived, financing, and any other information (e.g., buyer assumed the existing loan balance) that would assist the Assessor in the valuation of your property N/A PART 4. PROPERTY INFORMATION Check and complete as applicable. A. Type of property transferred ❑ Single-family residence ❑ Co-op/Own-your-own Manufactured home ❑ Multiple -family residence. Number of units: Condominium ❑ Unimproved lot Other. Description: (i.e., timber, mineral, water rights, etc.) ❑ Timeshare ❑ Commercial/Industrial Land improved with a mobile home park 8. ❑YES NO Personal/business property, or incentives, provided by seller to buyer are included in the purchase price. Examples of personal property are furniture, farm equipment, machinery, etc, Examples of incentives are club memberships, etc. Attach list if available, If YES, enter the value of the personal/business property: $ Incentives $ C.❑YES F,11' NO A manufactured home is included in the purchase price. If YES, enter the value attributed to the manufactured home: $ []YES r] NO The manufactured home is subject to local property tax. If NO, enter decal number: D. YES [—]NO The property produces rental or other income. If YES, the income is from: © Lease/rent ❑ Contract ❑ Mineral rights ❑ Other: E. The condition of the property at the time of sale was: F1 Good Please describe: [—]Average ZFair 11Poor CERTIFICATION 1 certify (or declare) that the foregoing and all information hereon, including any accompanying statements or documents, is true and correct to the best of my knowledge and belief. GNATURE OF OFF DATE 4AME OF BUYER/TRANSFEREE/PERSONAL REPRESENTATIVE/CORPORATE OFFICER (PLEASE PRINT) TITLE Jon McMillen City Manager The Assessor's office may contact you for additional information regarding this transaction TELEPHONE ( 760 ) 777-7000 EMAIL ADDRESS