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2023 (05) Build To Stay Polo Villas - Agrmt Re Insubstantial Modifications to DA DOC # 2023-0084850; 7-Lot TR 33085RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City of La Quinta Attn: City Clerk Lct Quints City Hall 78-495 Calle Tampico La Quinta. CA 92253 DOC # 2023-0084850 03/2412023 10:26 AM Fees: $0.00 Page I of 19 Recorded in Official Records County of Riverside Pete( Aldana Assessor -County Clerk -Recorder "The .clocurnent was electronically subrnated to ttie County of Riverside for recording" Receipted by: JACO UELINE #2386 Space Above This Line For Recorder's Use (Exempt from Recording Fee per Government Code Sections 6103 and 27383) AGREEMENT REGARDING INSUBSTANTIAL MODIFICATIONS TO DEVELOPMENT AGREEMENT This Agreement Regarding [nsubstantial Modifications to Development Agreement (this _`Agreement") is made and entered into as of MARCH 23 . 2023 by and between the CITY OF LA QII1NTA. a California municipal corporation (the "City") and BUILD TO STAY — POLO VILLAS, LLC, a Delaware limited liability company ("BTS-PV"). City and BTS-PV are periodically referred to herein individually as a "Party" and collectively as the "Parties" RECITALS This Agreement is made and entered into with regard to the IFoI€owing facts, each of which is acknowledged as true and correct by the City and Developer: A. The City and CTGF, 1.1,C, a Delaware limited liability company ("GTGF"), as the original developer, entered into a development agreement on or about March 15, 2022 (the .,Development Agreement"). The Development Agreement was recorded in the Official Records of Riverside County, California on April 18, 2022, as [nstrument No, 2022-01 2466, The Development Agreement runts with the land and touches and concerns that certain real property in the City of La Quinta, more particularly described in Exhibit A attached to this Agreement (the "Property„). Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Development Agreement. B. GTGF, LLC assigned its interest in the Development Agreement to Saluda Grade Short Term Rental Inc., a Maryland corporation (" SGSTR") pursuant to that certain Assignment and Assumption of Development Agreement dated March 16, 2022 recorded in the Official Records of Riverside County, California on March 25, 2022, as [nstrument No. 2022-14& 80. C. SCiSTR partially assigned its interest in the Development Agreement to BTS—PV ACTIVE/ I?08799a1 DOC #2023-0084850 Page 2 of 19 pursuant to that certain Partial Assignment and Assumption of Development Agreement and Termination of Prior Assignments dated February 7, 2023, and recorded in the Official Records of Riverside County, California on February 8, 2023, as Instrument No. 2023-0037091, with respect to the portion of the Property acquired by BTS-PV. which is more particularly described in Exhibit B to this Modification (the "RTS-PV Property"), D. As a result of the foregoing, as of the dale hereof, SGSTR and BTS-PV are each a "Developer- under the Development Agreement with respect to the portion of the Property owned by such party. E. Pursuant to Section 1.6(a) of the Development Agreement, BTS-PV has proposed to the City certain modifications to the Development Agreement as to the BTS-PV Property. which are set forth in detail in this Agreement. Based on the representations and warranties from f3TS- PV, which the City materially relies upon, the certain modifications set forth in this Agreement c€rnsfiltite Insubstantial Modifications that are consistent with the Applicable Rules, as defined in the Development Agreemnert€, and shall promote the goals of the Development Agreement. AGREEMENT NOW, THEREFORE. in consideration of the mutual promises and covenarnts herein contained and other valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties hereto agree as follows: 1. The foregoing recitals are hereby incorporated into this Agreement by reference. ?. The terms of this Agreement run with the BTS-PV Property and are binding; on the City. BTS-PV and its permitted successors and assigns. 3. The Parties agree that the following is added to the end of Section l .8.1 t,ai: „The City acknowledges that as of the date of this Agreement Regarding insubstantial Modifications to Development Agreement, as a result ol'the assignments of the Development Agreement prior to the date hereof, there are two '`Developers" under the Development Agreement. with SGSTR as the "Developer" for the portion of the Property that is not the BTS- PV Property, and BTS-PV the "Developer" for the BTS-PV Property. The City agrees that: 0) each Developer; ,shall only be responsible for its own per onnance render the Development Agreement with respect to the portion of the Property in which it has an interest. and (ii ) a default, breach or any other action or inaction by one Developer shall have no impact on the rights and/or obligations of any other Developer under the Development Agreement: provided, however, the foregoing shall not Iimit the City's rights and remedies against the other Developer with respect to breaches or defaults committed by the other Developer. Notwithstanding the foregoing sentences, nothing in this Section 1.8. [ (a) or Development Agreement shall prevent or preclude the C ily from noticing a default or breach of the Development Agreement cause by more than one Developer i[, based on the allegations and facts known to the City, more than one Developer is in default or breach of the Development Agreement." ALi'IVEJ1?(7g94I A DOC #2023-0084850 Page 3 of 19 4. The Parties agree that the following is added to the end of Section 6.3 ; "Notwithstanding anything to the contrary herein. the City agrees that it shall not commence the exercise of its remedies hereunder at any time while any holder ofa mortgage or deed of trust has an unexpired right, pursuant to Section 7.4. to cure or remedy or to commence a cure or remedy of any uncured Developer default" 5. The Parties agree that the following is added to the end of Section 7.3: "Any Mortgagee that takes possession of or acquires title to the BTS--PV Property and/or any purchaser at a foreclosure sale or recipient of a deed -in -lieu of foreclosure shall have the right, at such party's election to develop and operate the B'FS-PV Property pursuant to the Development Agreement. provided that such Mortgagee, purchaser or recipient: (i) within tel: (10) business days after taking possession of or acquiring title to the BTS-PV Property provides written notice to the City that it has taken possession ofor acquired title to the BTS-PV Property and includes in such notice its contact information for notices to be delivered pursuant to the Development Agreement. and (ii) assumes in writing the obligations of Developer tinder the Development Agreement with respect to the BTS-PV Property arising from and after the date of possession or acquisition of title, as applicable, pursuant to an assumption agreement in die form of Exhibit C attached to this Agreement, or otherwise in form and content reasonably acceptable the City. Furthermore, if any Mortgagee that takes possession of or acquires title to the BTS-PV Property does not elect in writing to assume the obligations of Developer under the Development Agreement. such Mortgagee shall have no rights under the Development Agreement, but the City acknowledges and agrees that such Mortgagee shall have the right to develop and/or operate the BTS-PV Property pursuant to the Applicable Rules then in effect, if such Mortgagee does not eject to assume the obligations of Developer under the Development Agreement as described in the preceding sentence. Developer shall remain subject to the obligations of Developer gander the Development Agreement, unless and until terminated, and the City shall retain its enforcement rights and remedies against Developer under the Development Agreement with respect to breaches or defaults by such Developer during its period of ownership or the Property.- 6. The Parties agree that the Following is added to the end ol'Section 7.4: "The City agrees that each holder of a mortgage or deed of trust encumbering the I:3TS-PV Property that has rights under this Section 7.4 shall be entitled to exercise such rights without the requirement of obtaining the written consent of the City. Furthermore. if requested in writing by the holder of any mortgage or deed of trust encumbering the BTS-PV Property, then whenever the City delivers a notice of default or breach and/or demand for performance in accordance with the Developer under the Development Agreement, the City shall at the same time deliver a copy of such notice or demand to each holder of record or any mortgage or deed oftrtlst encumbering the BTS-PV Property that has previously requested such notice in writing." 7. The Parties agree that Section 8.3 is revised in its entirety to read as follows: 3 tC'iiVEll :[ s'J V4I. DOC #2023-0084850 Page 4 of 19 "Except as provided in Section 7.3. this Agreement. and all of the terms and conditions hereoll shall he binding upon and inure to the benefit of the Parties, any subsequent owner of till or any portion of the Project or the Site, and their respective assigns, heirs or successors in interest. whether or not any reference to this Agreement is contained in the instrument by which such person acquired an interest in the Project or the Site." 8. The Parties agree that a new Section 8.24 is added to the Agreement as follows: " 8 24 Management During the term of this Agreement. Developer agrees that Developer shall not designate more than two (2) third party management companies for purposes of managing the day-to-day operations of the L1'TS-PV Property and ensuring compliance with the terms of this Agreement. For the avoidance of doubt, the immediately foregoing sentence shall not restrict Developer From self-manag ng (or designating an affiliated property management company to manage) one or more of the BTS-P V Properties." 9. The Parties agree that the text of Exhibit D is deleted in its entirety as to the BTS-PV Property and that the Performance Schedule attached hereto as Schedule 1 is substituted to be Exhibit Din effect as of the date hereof as to the B`l'S-PV Property. 10, The persons executing this Agreement on behalf of each Party each warrant and represent that he or she has the authority to execute this Agreement on behalf of that Party, as applicable. The laws of the State of California snail govern this Agreement and all matters relaying to it, without regard to conflict of law principles. and the venue of any action brought relating to this Agreement shall be in a state court in the County or Riverside, California, 12. The "Effective Datefor this Agreement shall be the date of recording in the Official Records of Riverside County, California. after being fully executed and notarized by the respective Parties hereto. 13. "This Agreement may be executed in several counterparts. each efwhich shall constitute one and the same instrument and shall be binding upon the Parties. (Signatures on next page) 4 AIM VE)120874441 q DOC #2023-0084850 Page 5 of 19 WITNESS WHEREOF, BTS-PV and the City have executed this Agreement as of the date first above written. Mo;lika Radeva. City Clerk APPROVED AS TO FORM RtJI 1'AN & TUCKER, LLP William H. I lh rke. City Attorney -5_ BUILD TO STAY — POLO VILLAS, LLC, aDµ�µ'''yyelelaware limited liability company ( "B L S-lRyV") SIGNED UN COUNTERPART By: Its: CITY OF LA QUINTA, a California municipal corporation ("City") By: McMillen, 'ity Manager AC' rivt ti 1g7t$ 4 L'J DOC #2023-0084850 Page 5 cif 19 WITNESS WHEREOF, BTS-PV aid the City have executed this A reeincnt as olthe date first above written, A TTES'l SIGNED IN COUNTERPART Monaca Radeva, City Clerk APPROVED AS TO FORM RUTTAN & TUCKER. LLP SIGNED IN COUNTERPART William H. Fluke, City Attorney -S- AcrFVIVI2E1 J9 tI 9 BUILD CO STAY - POLO VfLLAS, LLC. a Delaware limited liability corrtpatyr ("BTS-PLC" ) By: Its! -- 1i .lALE,L4NEstir CITY OF LA QUINTAL, a California municipal corporation ("City") SIGNED IN COUNTERPART I3v; Jun McMillen, City Manager- DOC #2023.0O84850 Page 7 of 19 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 docu ment. State of California County of Riverside } } } On March 23. 2023 before me, MQNIKA RADEVA, Notary Public, personally appeared JON McMILLEN as City Manager for the City of La Quints) who proved to me on the basis of satisfactory evidence to be the person{- whose name(s) isles subscribed to the within instrument, and acknowledged to me that he'd-id/they executed the same in hislher4their authorized capacity(ie - and that by his/her oir signaturc(s) on the instrument the persons or the entity upon behalf of which the persons) 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. SSignature:. DOCUMENT: M NI! 8 Pk Notary Public Cadarala Riverside County Coro mh i ri..alg2 Nly Comm, Expires Ott 27, 2O24 (notary seal) Polo Villas — Agreement Regarding lnsubstant#al Modifications to Development Agreement dated March 23, 2023, between City of La Quinta and BUILD TO STAY — POLO VILLAS, LLC, DOC #2023-0084850 Page 8 of 19 A Notary Public or other officer completing this certificate verities only the identity ot-the individual who signed the document, to which this certificate is attached, and not the truthfulness, accuracy, rrr validity of that document NOTARY ACKNOWLEDGMENT STATE OF A ir /..70,em COUNTY OF On{ before me. I- rf 'S , Notary Public, personally appeared N 0 t 1i+ , SJLJ1T - 'h4� proved to me on the basis ofsatis rctory 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 [he same in his/her/their authorized capacity(ica), and that by hisfherltheir signatures) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. i certify under PENAL i'Y of PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. DIANE R. WEST Iry Ntic- Sue d ArEativ MtAtkic w COtiT1V Carrirretson 11142847 (Se:JAI/w w ,13 2fl7r A CTI YEi 12E Ws79941,9 DOC #2023-0084850 Page 9 of 19 EXHIBIT A Legal Description of Property 1Jitder Development Agreement the l.arid referred to herein bek,.. i . situated in the ('in of 1 a (,)u,+1-Ra,kercidlc, Silty of CaIift+rnja, and is described as fi‘11644c. LOTS I TItRC U AI L I (1)F TRACT klA['NI; 3t 79, FN 1-111 (.11 ctt" LA Q1'IN1.: ( 1)12\lI OF RIVERSIDE, STATE(*(`, 1.11•r)R\1A. NS R !.•1AP HI L<L); x ° tVT 27. ZOI 5 IN BOOK 445 Of 14L'11'S. PAC►LS 62 .tSID (11_ IN .1 FiL UI 1 t( [. t}F Fill L (It \ I RECORDER t.kF. SAID COUNTY For cum, cy ncunj purposes c»ls : APN +77-500-01 1 (Affects Lot I 1 777-51 -t}(12 (Alfecis Lot 2 777_50O-01:0 (Affects Lim 3 777, ti#)0. 00•9 (Affects Lni .1 } 777-500•005 (Affects Lot 5) 777-500•€06 (Affects Lot hi 777•5f)0.607 (Affects I,ot 7) 777-500- 0i8 (Affects Lot 81 777.5.000 (Affects Lot 'F ' 7. 044)10 (Affects Lot Li)y and 1_0 [ S 1 C[IR()L (ill 7 AND LETTE:RF D L 0I' S R I [IiROttd I E. CA TR.AC-Y MAP NO, .+1,185. IN THE CITY OE [_A QI11NTA, CO( T'4' OF RIVIF.Ft51[71., 1 .vn OF CALIFORNIA_ AS PER .,41AP RECORDED IN 140tlk - 60, P. (ICS 23 AND 26. t )1 MAPS. IN THE OFFICE OF TI IL Ct)L:N IY ItL:C'ORDF;R OF SAID O)11 II Y FL.l coai tyti ing, purposes oiiR ; APN 7 . "-v.fFI - l h (AII'ro!': Lot I) APR ' 7-51)t}-4)17 CAllccts: 1.cot 2II APN. 777-50-0-018 (Affect Loil 31 APN 77"-3GO-019 (,A11eci5 Lot .1) APN4 777-500-ti tt i Af1'id : Lot r .-'IP\ ??. - 1 11-021 (Affec . Liii 6), .&PN 777-500-02 t'lflccts. Lot ''j APB 50-02t.tAllect,: Lot LAM APN r 7.7-SO0-ly4 t.Alfects: Lots t anti1)1 APN 0 -0 5 (Ailects_ Lot F. ) ACT IV EMI.208717A.1 1.1 DOC #2023-0084850 Page 10 of t0 EXHIBIT H Legal Description of BTS-PV Property Real property in the City of La Quinta. County of Riverside. State orCalii"brnia. described as follows: LOTS I TI IROUGH 7 AND LETTERED LOTS B THROUGH E OF TRACT MAP NO. 33085. IN THE CITY OF LA QUINTA, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 460. PAGES 25 AND 26, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, APN: 777-500-016 (AFFECT'S: LOT I ); 777-500-017 (AFFECTS: LOT 2), 777-500-018 (AFFECTS: LOT 3): 777-500-019 (AFFECTS: LOT 4): 777-500-020 (AFFECTS: LOT 5); 777- 500-021 (AFFECTS; LOT 6); 777-500-022 (AFFECTS: LOT 7): 777-500-023 (AFFECTS: LOT B): 777-500-024 (AFFECTS: LOTS C AND D); 777-500-025 (AFFECTS: LOT Ey ALTIVL•12 41N41 DOC #2023-0084850 Page 11 of 19 EXHIBIT Form of Assi rnrent and Assumption Agreement (see eruf rched) AC TI V I / I 2at174941.9 DOC #2023-0084850 Page 12 of 19 RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City of La Quinta Attn: City Clerk La Quinta City Hall 78-495 Cade Tampico La Wm. CA 92253 Nc Recording Fee (Government Code Sections 6 [03 and 27383) PARTIAL ASSUMPTION OF DEVELOPMENT AGREEMENT T (Lots 1 through 7 and Lettered Lots 1.3 through E of Tract Map No. 33085) This Partial Assumption of Development Agreement (this "Assumption") is made and entered into as of , 20 by the [ 1' $ f 1 (the "Assuming Party")1. The Assuming Party and the CITY OF LA QUIN-VA, a California municipal corporation (the "City") are individually referred to herein as a "Party" and collectively referred to as the "Parties.' RECITALS This Assumption is made and entered into with regard to the following facts. each of which is acknowledged as true and correct by the Assuming Patty: A. The City and GTGF, LLC, a Delaware lirnitecl liability company ("GTGF"). entered into a development agreement on or about Marcia 15, 2022 (the "Original Agreement `}. The Original Agreement was recorded in the Official Records of Riverside County. California on April 18. 2022. as Instrument No. 2022-0I 82466. The Original Agreement runs with the land and touches and concerns that certain real property in the City of La Quinta, more particularly described in Exhibit A attached to this Assumption and incorporated herein by this reference {ttte "DA Property'"}. The Original Agreement is incorporated herein by this reference. 13. All rights and obligations of the "Developer" under the Original Agrccrncnt were assigned by GTGF to Saluda Grade Short Term Rental Inc.. a Maryland corporation (-SGSTR°') pursuant to that certain Assignment and Assumption of Development Agreement recorded in the Official Records of Riverside County. California on March 25, 2022. as Instrument No. 2022- 46080. Subsequently, all rights and obligations of the "Developer" under the Original Agreement with respect to the portion of the Property acquired by BTS-ITV, which is more particularly described in Exhibit B to this Modification (the "BTS-PV Property'') were assigned by Saluda to ' NTD7 partieslapplictahte defined term to be updated in the event that the party that was granted the mortgagefdeed of tntst is not the party that takes possession a#' or acquires title to the BTS-P V Property ( whether pursuant to foreclosure sale or as recipient ofa deed -in -lieu of foreclosure, or otherwise). Au TI VC-11 2i}k79,,1.41 DOC #2C23-0084850 Page 13 of 19 Budd to Stay - Polo Villas, LL,C, a Delaware limited liability company °`BTS-PV"} pursuant to that certain Partial Assignment and Assumption or Development Agreement and Termination of Prior Assignments dated February 7, 2023, and recorded in the Official Records of Riverside County, California on February 8. 2023, as Instrument No. 2023-0037091. C. The Original Agreement. solely with respect to the l3TS-PV Property, was amended by the City and R FS-PV pursuant to that certain Agreement Regarding Insubstantial Modifications to Development Agreement dated [ ], 2023 and recorded in the Official Records of Riverside County, Califbrniia on [ 1, 2023 as Instrument No. 2023- [ I (the "DA insubstantial Modification''). The Original Agreement as amended by the DA Insubstantial Modification is hereinafter referred to as the "Development Agreement". D. {insert 4rrt,3 crdditwnal assignment rri/irrma1ian.] E. In accordance with Section 7.1 of the Development Agreement. [ 1 encumbered the BTS-I'V Property pursuant to that certain [Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing naming [ 1. as Trustor, ]. as Trustee, and the Assuming Party, as Beneficiary] dated [ ], 20_ and recorded in the Official Records of Riverside County, California on [ ], 20 as Instrument No. 20 -[ ]].� F. Pursuant to Section 7.3 of the Development Agreement. "[a]ny Mortgagee that takes possession of or acquires title to the BTS-PV Property and/or any purchaser at a foreclosure sale or recipient of a deed -in -lieu of foreclosure shall have the right, at such party's election to develop and operate the BTS-PV Property pursuant to the Development Agreement. provided that such Mortgagee, purchaser or recipient- complies with the provisions set forth thet•ein. Cr. The Assuming Party provided written notice to the City that it had taken possession of or acquired title to the UTS-PV Property on r ], 20_ (the "Possession Date"), Such written notice was dated within ten (10) business days of the Possession Date and included the Assuming Patty's contact information for notices to be delivered pursuant to the Development Agreement (the "Possession Notice"), which notice information is also set forth herein. H. The Assuming Party desires to assume in writing the obligations of "Developer" under the Development Agreement with respect 10 the BTS-PV Property arising from and after the Possession Date pursuant to this Assumpticin, which the Assuming Party certifies is in the form of Exhibit C attached to the DA insubstantial Modification. 1. Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Development Agreement. '.NTH: reviselcomplete description of security instrument. ACTIV E112S794l 19 DOC #2023-0084850 Page 14 of 19 AGREEMENT NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained and outer valuable consideration. the receipt and adequacy of which is hereby acknowledged. the Assuming Party agrees as follows: 1. The foregoing recitals are hereby incorporated into this Assumption by this reference. The notice address of the Assuming Party is: Effective as of the Possessions Date, the Assuming Party hereby assumes all rights, interests and obligations of the Developer arising from and related to. the Development Agreement with respect to the BTS-PV Property from and after the Possession Date. and a�grces to render perforrnance of all Developer duties and obligations with respect to the RTS-PV Property in accordance with the Development Agreement. 4. The person executing this Assumption an behalf of the Assuming Party warrants and represents that he or she has the authority to execute this Assumption on behalf of the Assuming Party. 5. The laws of the State ofCal ifornia shall govern this Assumption and all matters relating to it, without regard to conflict of law principles. and the venue of any action brought relating to this Assumption shall be in a state court in the County of Riverside, California. 6. In time event any Party brings an action or proceeding to enforce or interpret this Assumption. the prevailing party or parties shall be entitled to an award of reasonahlc attorneys' fees and costs. 7. The "Effective Cate" for this Assumption shall be the date of recording in the in the Official Records of Riverside County. California. after being fully executed and notarized by the Assuming Party. (Signatures on next page) AU F IV L1121117'N41.9 DOC #2023-0084850 Page 15 of 19 EN WITNESS WHEREOF, the Assuming Party has executed this Assumption as of the date first above written. [ -a By: its: NTD: insert signature block for the Assuming Party. AlTIV E) 20S70,41 I. DOC #2023-0084850 Page 16 of 19 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. NOTARY ACKNOWLEDGMENT STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) On , before me. , Notary Public, personally appeared • who proved to me on the basis of satisfactory evidence to be the persons) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/theirautlhorized capacity(ies). and that by his/her/theirsignaturets) an the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. l certify under PENALTY of PERJURY tinder the laws of the State of California that the foregoing paragraph is true and correct. (Seal) WITNESS my hand and official seal, Signature Ac" rIVkr1 n 7 ;41 DOC #2023-0084850 Page 17 of 19 Eirhi�irA Land Description I.EG..L DESCKIPI11)N 01 RI•At- ?ROPE RI)." The i.and referred to herein below* is situated in rho City «fi a Quint.- C'.7urtr} (lc Rivtayide. Srat of Cal >urd is d e ribrd as Iiillnus: LOTS I T1llt0Ut;H 1101' 1 RAL'T MAP NO-36?74. IN 1-1i1- CLTY {7f- 1.:k QI.INTA, C01'VI~r OF RIVERSIDE. STATE ()ECM IFORNIA-.4S PER MAP FILED ON MAY'7- 2u1SINBOIOK44501: MAPS. PACES8'AND 63,IN 1'F[FOFFICE. O 1HF,(1)1•NTY IlEC11ER]}FR c31- SAID COUNTY, Fsrr ct'iweynne.iug ptunoses enlw! APTis 777_54440i (Affiila Lax 11 777- 5f4O-bl)? lAFfecis 1..0.1 2j 777-500-Oi13 (Atl:ccas Lod. 3) 777.5{10-01.1 (Affects I nt-1 777-54{1-+105 (Allecrs L.c 5) 777-5(10-OO6 (Affects Lot 4) 717.500-11I)7 (Affetrs I.ni 7) 777-500-008tAtl:'ccr Lots) 777-5110.404 (Affects Lot 4; 777-SO 110 (AtFacts Lot 10) and LOTS 1 rl-IROLA-iH 7 AND LE•r rtRE;i) 1.1Y1: [3 11[R(,11 ;[I E -MAC' FMA NO, 31(015. 1•N TIE CITY OF Lr\ QUINTA, COUNTY I)F kl�'I_EiSIlll.a 5' I k FE C3F CAL[FC)RNIA, MAP L' IRE.0 t)RDI:17 1 HOOK 160, PAGE~ :5 AND 34. OF. tk1,1Y4e far THE CFFI.CE OF T11E C•OI.IN fY RI - 'ORDER OF SAID COUNTY_ For cuii-Yzyantingi purposes nl3 APN 777-$11{)-)1h lAk e la; Lot 11 APN 777-5010-11I1I,A[th t : I.ur 2)APN 777-5 1J-018IAUl4c15:I- 3) APN 777-500-0I9.1Affccta' Lot4] A PN 777-'}00-01.0 {.A1Tuets. Lc�a >1 Al H 777-tb0-.02 I (Affects: LA 6) APN 777-5051-022 (Af11 cts: I.-Srt 7)1 APN 777- 500-023 {AkraNkti Lai I1I AP^l 777-700-I124 (Affects: I.nli C and DI. AP, i 777- .00- I_'S 1Afli 1s: Lot 1.11 AC1IVE/12087494]:9 DOC #2023-0084850 Page 18 of 19 EXHIBIT B LEGAL DESCRIPTION of PROPERTY Real property in the City of La Quirlta, County of Riverside, State of California, described as follows: LOTS 1 THROUGH 7 AND LETTERED LOTS B THROUGH E OF TRACT MAP NO. 33085, IN THE CIIY OF kA QUINTA, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, A5 PER MAP RECORDED IN BOOK 460, PAGES 25 AND 25, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. APN; 777-500-016 (AFFECTS: LOT 1); 777-500-017 (AFFECTS: LOT 2); 777-500-018 (AFFECTS: LOT 3); 777.500-C19 (AFFECTS: LOT 4); 777-500-020 (AFFECTS: LOT Sj; 777-500-021 (AFFECTS: LOT 6); 777-500-022 (AFFECTS: LOT 7); 777-500-023 (AFFECTS: LOT 0); 777-500-D21 (AFFEC I s; LOTS C AND D); 777-500-025 (AFFECTS: LOT E) [end of legal description j ACTIVE/ 12os7 i14 DOC #2023-0084850 Page 19 of 19 SCHEDULE 1 SUBSTITUTE EXHIBIT D. AS TO BTS-PV PROPERTY PERFORMANCE SCHEDULE FOR BTS-f V PROPERTY itcni of Pcrfomiancc Start -noun! mon TR 361079 (Improved Lots) On -Site and off -site tnlprovins 1 RA Complete T R 33085 (Vacant I..otsl Permitting Grading and Fngineering Permits Janitaryr 2023 Within 60 days Building Permits January 2023 Within 60 day-s Construction of Project Components Constrict off --site € ipr0verncnts NIA Complete Constrict all on-5fte impmven1Pnts (rough grade.. walls- Street_ storm dram. water, sewer. dry utilities- and la d&capmg) Mardi 2023 Septernbes 2023 Place monuments October 2023 November 1023 Begin comtructicn of 7 residential !:Omits May 2023 May 2023 Completion of construction of 7 residential moats February 2024 February ,07.E Ohtani Certificate of Occupancy for 7-residential units February 2024 Marty 202-11 A J 11r' F:f 12I)7 *i-a 1 `?