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2023 (10) ABTS Polo Villas Eleven, LLC - Agr re Insubstantial Modific to DA 11 lots DOC # 2023-0183201; 2023-06-27Recording Requested By: First Integrity Title Company ARECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City of La Quinta Attn: 'City Clerk La Quinta City Hall 78-495 Calle Tampico La Quinta, CA 92253 DOC # 2023-0183201 06/27/2023 11:31 AM Fees: $0.00 Page 1 of 18 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: LISA #580 Space Above This Line For Recorder's Use (Exempt from Recording Fee per Government Code Sections 6103 and 27383) Exempt from fee GC 27388.1 (a)(2); Recorded concurrently in connection with a transfer subject to the imposition AGREEMENT of documentary transfer tax REGARDING INSUBSTANTIAL MODIFICATIONS TO DEVELOPMENT: AGREEMENT 1v1 couA{eirpow l' This Agreement Regarding Insubstantial Modifications, to Development Agreement .(this "Agreement") is made' and entered into as;of ,June 20th ,.2023 by and between the CITY OF LA QU1NTA,,.a California. municipal,_ corporation ;(the "City") and AB1 S POLO VILLAS ELEVEN, LLC, a Delaware limited liability comp ("ARTS ELEVEN"). City and. ABTS ELEVEN 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 thefollowing facts, each of which is acknowledged as true and correct by the City and Developer: A. The City and GTGF, LLC`, 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 Instrument No. 2022-0182466. The. Development Agreement runs with the land and touches and concernsthat 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 Instrument No. 2022-146080. C. SGSTR previously assigned a portion of its rights and obligations under the Development Agreement to Build To Stay — Polo Villas, LLC, pursuant to that certain Partial Assignment and Assumption of Development Agreement and Termination of Prior Assignments -I- DOC #2023-0183201 Page 2 of 18 recorded in the Official Records of Riverside County, • California on February 8, 2023, as Instrument No. 2023-0037091. D. SGSTR has assigned its remaining interest in the Development Agreement to ABTS ELEVEN pursuant to that certain Partial Assignment and Assumption .of Development Agreement dated concurrently herewith and recorded in the Official Records of Riverside County, California immediately preceding the recordation of this Agreement in the Official Records of said Riverside County, with respect to the portion of the Property acquired by ABTS ELEVEN, which is more particularly described in Exhibit B to this Agreement (the "ABTS ELEVEN Property"). E. As a result of the foregoing, as of the date this Agreement is recorded in the Official Records of Riverside County, California, ABTS ELEVEN is the "Developer" under the Development Agreement with respect to the ABTS ELEVEN Property. F. Pursuant to Section 1.6(a) of the Development Agreement, has proposed to the City certain modifications to the Development Agreement as to the ABTS ELEVEN Property, which are set forth in detail in this Agreement. Based on the representations and warranties from ABTS ELEVEN, which the City materially relies upon, the certain modifications set forth in this Agreement constitute Insubstantial Modifications that are consistent with the Applicable Rules, as defined in the Development Agreement, and shall promote the goals of the Development Agreement. AGREEMENT NOW, THEREFORE, in consideration of the mutual promises and covenants 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. 2. The terms of this Agreement run with the ABTS ELEVEN Property and are binding on the City, ARTS ELEVEN and its permitted successors and assigns. 3. The Parties agree that the following is added to the end of Section 1.8.1(a): "The City acknowledges that as of the date of this Agreement Regarding Insubstantial Modifications to Development Agreement, as a result of the assignments of the Development Agreement prior to the date hereof, there are two "Developers" under the Development Agreement, with ABTS POLO VILLAS, LLC, a Delaware limited liability company as the "Developer" for the portion of the Property that is not the ABTS ELEVEN Property, and ABTS ELEVEN the "Developer" for the ABTS ELEVEN Property. The City agrees that: (i) each Developer shall only be responsible for its own performance under 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 -2- DOC #2023-0183201 Page 3 of 18 not limit 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 1.8.1(a) or Development Agreement shall prevent or preclude the City from noticing a default or breach of the Development Agreement caused by more than one Developer if, based on the allegations and facts known to the City, more than one Developer is in default or breach of the Development Agreement." 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 of a 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 ABTS ELEVEN 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 ABTS ELEVEN Property pursuant to the Development Agreement, provided that such Mortgagee, purchaser or recipient: (i) within ten (10) business days after taking possession of or acquiring title to the ABTS ELEVEN Property provides written notice to the City that it has taken possession of or acquired title to the ABTS ELEVEN 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 under the Development Agreement with respect to the ABTS ELEVEN Property arising from and after the date of possession or acquisition of title, as applicable, pursuant to an assumption agreement in the 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 ABTS ELEVEN 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 ABTS ELEVEN Property pursuant to the Applicable Rules then in effect. If such Mortgagee does not elect 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 under 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 of the Property." 6. The Parties agree that the following is added to the end of Section 7.4: "The City agrees that each holder of a mortgage or deed of trust encumbering the ABTS ELEVEN 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 ABTS ELEVEN Property, then whenever the City delivers a notice of default or breach and/or demand for performance in -3- DOC #2023-0183201 Page 4 of 18 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 of trust encumbering the ABTS ELEVEN 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: "Except as provided in Section 7.3, this Agreement, and all of the terms and conditions hereof, shall be binding upon and inure to the benefit of the Parties, any subsequent owner of all 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 ABTS ELEVEN 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 -managing (or designating an affiliated property management company to manage) one or more of the ABTS ELEVEN Properties." 9. 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. 10. The laws of the State of California shall govern this Agreement and all matters relating 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 of Riverside, California. 11. This Agreement shall become and be effective for all purposes subject to and upon the date of recording in the Official Records of Riverside County, California, after being fully executed and notarized by the respective Parties hereto. 12. This Agreement may be executed in several counterparts, each of which shall constitute one and the same instrument and shall be binding upon the Parties. (Signatures on next page) 4 DOC #2023-0183201 Page 5 of 18 WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written. ABTS POLO VILLAS 'ELEVEN, LLC, a Delaware limited liability company ("ABTS ELEVEN") By: ATLANTIC BTSTAY JV HOLDINGS LLC, a Delaware limited liability company Its: Sole Member By: ATLANTIC BTSTAY HOLDINGS, LLC, a Delaware limited liability company Its: Manager By: BTS Promote — Atlantic 1, LLC, a Delaware limited liability company Its: Manager By: Build To Stay, LLC, an Arizona limited liability company Its: Mana By: Nam - : Andy Warren Title: President CITY OF LA QUINTA, a California municipal corporation ("City") By: S I9 ngd l 1CDUK AY-�' Jon McMillen, City Manager ATTEST: Monika Radeva, City Clerk APPROVED AS TO FORM RUTTAN & TUCKER, LLP William H. Ihrke, City Attorney - 5 - DOC #2023-0183201 Page 6 of 18 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 Ole /00 NtI ) COUNTY OF AIR leae4- ) On 6 Ai/M.1 , before me, /1)"6-Y ' y E/9.4� � , Notary N Public, personally appeared 44i Y 1e)SaeR Nj �',�FS,AFNT , who proved to me on the basis of satisfactory 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 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. .,, oft. -.riot- NANCY KAYE EAGLEY. NOTARY PUBLIC - ARIZONA MARICaPA COUNTY COMMISSION # 593798 MY COMMISSION EXPIRES JANUARY 12 2028 (Seal) ' • WITNESS my hand and official seal. eve gs,pat, Signature -6- DOC #2023-0183201 Page 7 of 18 WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written. ATTEST: Monika Radeva, City Clerk APPROVED AS TO FORM RUTTAN & TUCKER, LLP ABTS POLO VILLAS ELEVEN, LLC, a Delaware limited liability company ("ABTS ELEVEN") By: ATLANTIC BTSTAY JV HOLDINGS LLC, a Delaware limited liability company Its: Sole Member By: ATLANTIC BTSTAY HOLDINGS, LLC, a Delaware limited liability company Its: Manager By: BTS Promote — Atlantic 1, LLC, a Delaware limited liability company Its: Manager By: Build To Stay, LLC, an Arizona limited IiabiIity company Its: Manager By: SIGNED IN COUNTERPART Name: Jerry Coleman Title: CEO CITY OF LA QUINTA, a Ca By: nicipal corporation ("City") Jon Mc = -, ity Manager 0,7 William H. Ihrke, City A torney 5 DOC #2023-0183201 Page 8 of 18 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 June 21, 2023 before me, MONIKA RADEVA, Notary Public, personally appeared JON McMILLEN (as City Manager for the City of La Quinta) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) islaro subscribed to the within instrument, and acknowledged to me that he/clic/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signaturc(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. Signature: DOCUMENT: MONIKA RADEVA Notary Public - California Riverside County Commission # 2334260 My Comm. Expires Oct 22, 2024 (notary seal) Polo Villas — Agreement Regarding Insubstantial Modifications to development Agreement by and between the City of La. Quinta and ABTS Polo Villas Eleven, LLC, a Delaware limited liability company ; Lots 1 through 11 of Tract Map No. 36279 DOC #2023-0183201 Page 9 of 18 EXHIBIT A Legal Description of Property Under Development Agreement The Land referred to herein below is situated in the City of La Quints, County of Riverside, State of California, and is described as follows: LOTS 1 THROUGH 11 OF TRACT MAP NO. 36279, IN THE CITY OF LA QUINTA, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP FILED ON MAY 27, 2015 IN BOOK 445 OF MAPS, PAGES 62 AND 63, IN THE OFFICE OF THE COUNTY RECORDER O1 SAID COUNTY. For conveyancing purposes only: APNs 777-500-001 (Affects Lot 1) 777-500-002 (Affects Lot 2) 777-500-003 (Affects Lot 3) 777-500-004 (Affects Lot 4) 777-500-005 (Affects Lot 5) 777-500-006 (Affects Lot 6) 777-500-007 (Affects Lot 7) 777-500-008 (Affects Lot 8) 777-500-009 (Affects Lot 9) 777-500-010 (Affects Lot 10) and LOTS I THROUGH 7 AND LETTERED LOTS I3 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. For conveyancing purposes only: APN 777-500-016 (Affects: Lot 1) APN 777-500-017 (Affects: Lot 2) APN 777-500-018 (Affects: Lot 3) APN 777-500-019 (Affects: Lot 4) APN 777-500-020 (Affects: Lot 5) APN 777-500-021 (Affects: Lot 6) APN 777-500-022 (Affects: Lot 7) APN 777- 500-023 (Affects: Lot 13) APN 777-500-024 (Affects: Lots C and D) APN 777-500-025 (Affects: Lot E) DOC #2023-0183201 Page 10 of 18 EXHIBIT B Legal Description of ABTS ELEVEN Property Real property in the City of La Quinta, County of Riverside, State of California, described as follows: LOTS 1 THROUGH 11 OF TRACT MAP NO. 36279, IN THE CITY OF LA QUINTA, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP FILED ON MAY 27, 2015 IN BOOK 445 OF MAPS, PAGES 62 AND 63, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. APNs 777-500-001 (Affects Lot 1) 777-500-002 (Affects Lot 2) 777-500-003 (Affects Lot 3) 777-500-004 (Affects Lot 4) 777-500-005 (Affects Lot 5) 777-500-006 (Affects Lot 6) 777-500-007 (Affects Lot 7) 777-500-008 (Affects Lot 8) 777-500-009 (Affects Lot 9) 777-500-010 (Affects Lot 10) 777-500-011 (Affects Lot 11) DOC #2023-0183201 Page 11 of 18 EXHIBIT C Form of Assignment and Assumption Agreement (see attached) RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City of La Quinta Attn: City Clerk La Quinta City Hall 78-495 Calle Tampico La Quinta, CA 92253 No Recording Fee (Government Code Sections 6103 and 27383) DOC #2023-0183201 Page 12 of 18 PARTIAL ASSUMPTION OF DEVELOPMENT AGREEMENT (Lots 1 through 11 of Tract Map No. 36279) This Partial Assumption of Development Agreement (this "Assumption") is made and entered into as of , 20_ :by the [ ], a [ ] (the "Assuming Party"). The Assuming Party and the CITY OF LA QUINTA, 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 Party: A. The City and GTGF, LLC, a Delaware limited liability company ("GTGF"), entered into a development agreement on or about March 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 (the "DA Property"). The Original Agreement is incorporated herein by this reference. B. All rights and obligations of the "Developer" under the Original Agreement 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- 146080. Subsequently, all rights and obligations of the "Developer" under the Original Agreement with respect to the portion of the Property acquired by ABTS POLO VILLAS ELEVEN, LLC, a Delaware limited liability comp ("ABTS ELEVEN "), which is more particularly described in Exhibit B to this Assumption (the "Property") were assigned by Saluda to ABTS ELEVEN pursuant to that certain Partial Assignment and Assumption of Development between SGSTR and ABTS ELEVEN dated , and recorded in the Official Records of DOC #2023-0183201 Page 13 of 18 Riverside County, California on , as Instrument No. C. The Original Agreement, solely with respect to the Property, was amended by the City and ABTS ELEVEN pursuant to - that certain Agreement Regarding Insubstantial Modifications to Development Agreement dated [ ], 2023 and recorded in the Official Records of Riverside County, California on [ ], 2023 as Instrument No. 2023- r ] (the "DA Insubstantial Modification"). The Original Agreement as amended by the DA Insubstantial Modification is hereinafter referred to as the "Development Agreement". D. [Insert any additional assignment information.] E. In accordance with Section 7.1 of the Development Agreement, [ 1 encumbered the Property pursuant to that certain [Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing naming r 1, as Trustor, [ 1, as Trustee, and the Assuming Party, as Beneficiary] dated [ 1, 20_ and recorded in the Official Records of Riverside County, California on [ 1, 20 as Instrument No. 20 -[ 1]• F. Pursuant to Section 7.3 of the Development Agreement, "[a]ny Mortgagee that takes possession of' or acquires title to the 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 Property pursuant to the Development Agreement, provided that such Mortgagee, purchaser or recipient" complies with the provisions set forth therein. G. The Assuming Party provided written notice to the City that it had taken possession of or acquired title to the Property on [ ], 20_ (the "Possession Date"). Such written notice was dated within ten (10) business days of the Possession Date and included the Assuming Party'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 to the Property arising from and after the Possession Date pursuant to this Assumption, 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. DOC #2023-0183201 Page 14 of 18 AGREEMENT NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained and other 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. 2. The notice address of the Assuming Party is: [ 1 [ 1 [ 1 [ ] 3. Effective as of the Possession Date, the Assuming Party hereby assumes ail rights, interests and obligations of the Developer arising from and related to the Development Agreement with respect to the Property from and after the Possession Date, and agrees to render performance of all Developer duties and obligations with respect to the Property in accordance with the Development Agreement. 4. The person executing this Assumption on 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 of California 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 the 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 reasonable attorneys' fees and costs. 7. The "Effective Date" 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) DOC #2023-0183201 Page 15 of 18 IN WITNESS WHEREOF, the Assuming Party has executed this Assumption as of the date first above written. I ,a 1 By: Its: 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 DOC #2023-0183201 Page 16 of 18 On , before me, , Notary Public, personally appeared , who proved to me on the basis of satisfactory 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 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. Signature (Seal) DOC #2023-0183201 Page 17 of 18 Exhibit A Land Description LEGAL DESCRIPTION OF REAL PROPERTY The Land referred to herein below is situated in the City of La Quinta, County of Riverside, State of California, and is described as follows: LOTS 1 THROUGH 11 OF TRACT MAP NO. 36279, IN THIS CITY OF LA QUINTA. COUN'T'Y Of' RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP FILED ON MAY 27, 2015 IN BOOK 445 OF MAPS, PAGES 62 AND 63, IN THE OFFICE OF THE COUNTY RECORDER•OF SAID COUNTY. For conveyancing purposes only: APNs 777-500-001 (Affects Lot 1) 777-500-002 (Affects Lot 2) 777-500-003 (Affects Lot 3) 777-500-004 (Affects Lot 4) 777-500-005 (Affects Lot 5) 777-500-006 (Affects Lot 6) 777-500-007 (Affects Lot 7) 777-500-008 (Affects Lot 8) 777-500-009 (Affects Lot 9) 777-500-010 (Affects Lot 10) and LOTS I 'THROUGH 7 AND LETTERED LOTS 13 THROUGI1 E OF TRACT MAP NO. 33085, IN TIIE 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. For conveyancing purposes only: APN 777-500-016 (Affects: Lot 1) APN 777-500-017 (ATIbcts: 1.ot 2) APN 777-500-018 (Affects: Lot 3) APN 777-500-019 (Affects: Lot 4) APN 777-500-020 (Affects: Lot 5) APN 777-500-021 (Affects: Lot 6) APN 777-500-022 (Affects: Lut 7) APN 777- 500-023 (Affects: Lot 13) APN 777-500-024 (Affects: Lots C and 1)) APN 777-500-025 (Affects: Lot E) DOC #2023-0183201 Page 18 of 18 EXHIBIT B LEGAL DESCRIPTION OF THE PROPERTY Real property in the City of La Quinta, County of Riverside, State of California, described as follows: LOTS 1 THROUGH 11 OF TRACT MAP NO. 36279, IN THE CITY OF LA QUINTA, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP FILED ON MAY 27, 2015 IN BOOK 445 OF MAPS, PAGES 62 AND 63, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. APNs 777-500-001 (Affects Lot 1) 777-500-002 (Affects Lot 2) 777-500-003 (Affects Lot 3) 777-500-004 (Affects Lot 4) 777-500-005 (Affects Lot 5) 777-500-006 (Affects Lot 6) 777-500-007 (Affects Lot 7) 777-500-008 (Affects Lot 8) 777-500-009 (Affects Lot 9) 777-500-010 (Affects Lot 10) 777-500-011 (Affects Lot 11)