2024-08-05 LQ Memo to Cypress re 2024-08-06 Trustee Notice of Sale - SilverRock-Talus— [;EM oft,• DESERT
COVER MEMO
TO: Bill Trzos, Managing General Partner, Cypress Ascendant Holdings, LLC
David Bark, Foreclosure Trustee/Underwriting Counsel, First American Title
FROM: Jon McMillen, City Manager
DATE: August 5, 2024
SUBJECT: Trustee Notice of Sale — Trustee Number 1197779
Attached please find the statement regarding the August 6, 2024 Trustee Notice of Sale for
SilverRock Development Company vacant land in Riverside County.
Should you have any questions, please feel free to contact me.
■
August 5, 2024
ATTENTION TO ALL POTENTIAL BUYERS OF VACANT LAND
This is a statement by the City of La Quinta:
CALIFORNIA
Be advised that the property which is for sale at this proceeding is subject to numerous obligations and
restrictions, of which the City of La Quinta, a California municipal corporation and charter city, has an
interest and is the beneficiary. Specifically, the property is subject to the following agreements, among
others, all of which control and/or limit the ability to develop and use the property:
1. Purchase, Sale, and Development Agreement, by and between the City of La Quinta and
SilverRock Development Company, LLC, dated November 19, 2014 ("Original PSDA"), as
amended by that certain Amendment No. 1 to PSDA dated on or about October 29, 2015, that
certain Amendment No. 2 dated on or about April 18, 2017, that certain Amendment No. 3 dated
on or about November 28, 2018, that certain Amendment No. 4 dated on or about October 12,
2021, and that certain Amendment No. 5 dated on or about November 16, 2023 (collectively
referred to as the "PSDA"); and
2. Development Agreement 2014-1001, by and between the City of La Quinta and SilverRock
Development Company, LLC, dated November 19, 2014 (Riverside County Recorder's Office
Document No. 2014-0484106); and
3. Option Agreement Phase 1A Property & Phase 1B Property (Excluding Planning Areas 7, 8 and
9) and Termination of Prior Phase 1A Option Agreement, between SilverRock Phase I, LLC and
the City of La Quinta, recorded on November 28, 2018 (Riverside County Recorder's Office
Document No. 2018-0464676); and
4. Grant Deed (Phase 1A Property— PSDA Amendment No. 2), between the City of La Quinta and
SilverRock Development Company, LLC, recorded on November 6, 2017 (Riverside County
Recorder No. 2017-0463950), as amended by that certain Amendment To Grant Deed (Phase
1A Property — PSDA Amendment No. 2) between the City of La Quinta and SilverRock
Development Company, LLC, recorded on November 28, 2018 (Riverside County Recorder's
Office Document No. 2018-0464670), containing use and approval requirements for the benefit
of the City; and
5. Grant Deed (Phase — 1B), between the City of La Quinta and SilverRock Phase I, LLC, recorded
on November 28, 2018 (Riverside County Recorder's Office, Document No. 2018-0464674),
containing use and approval requirements for the benefit of the City.
Be advised that the City maintains that each of these agreements will continue to apply to and bind the
future development and use of the property, and any new property owner. Additionally, the property is
subject to numerous other agreements, which will remain operative and on record title after the
foreclosure sale. In making this disclosure, the City makes no representations as to the existence or
non-existence of any other lien, agreement, encumbrance, entitlement or recorded instruments that may
otherwise impact the property.
***
78495 Calle Tampico I La Quints, California 92253 1160.717.7000 I www.laquintaca.gov
TRUSTEE NOTICE OF SALE
Trustee Number: 1197779
Borrower Information Lender Information
Name
SilverRock Development Company
Property Address
Vacant Land Riverside CA (Riverside County)
Mailing Address
343 Fourth Avenue
San Diego
CA, 92101
Trustee Progression
Lender
Cypress Point Holdings, LLC
c/o Michelman & Robinson
10880 Wilshire Blvd, 19th Floor
Los Angeles, CA 90024
Lender Contact
Edward D. Vaisbort
(310) 299-5500
Deed Of Trust Recorded On
November 30, 2022
As Document No.
2022-0486431
Notice Of Default Recorded On Notice Of Sale Recorded On
December 7, 2023 April 17, 2024
As Document No. As Document No.
2023-0363986 2024-0111080
Amount Amount
$37,413,260.00 S45,550,467.00
Sale Information
Sale Date
August 6, 2024
Opening Bid
Stage
Active
Notes
stet 1 - • • .
adiflai
- CALIFORNIA
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78495 Calle Tampico I La Quinta, California 92253 1760.717.7000 I www.laquintaca,gov