2024 La Quinta AL Propco, LP - Option Termination - Centre Pointe INCORRECTRECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
Successor Agency to the
La Quinta Redevelopment Agency
78- 495 Calle Tampico
La Quinta, CA 92253
Attn: Agency Secretary
DOC # 2024-0218779
07/23/2024 04:22 PM Fees: $20.00
Page 1 of 7
Recorded in Official Records
County of Riverside
Peter Aldana
Assessor -County Clerk -Recorder
**This document was electronically submitted
to the County of Riverside ifor recording**
Receipted by: ELENA #448
Space above this line for Recorder's use
Exempt from recording, fee per Gov. Code Section 27383
APN: 604-630-056
ADDRESS: 45160 Seeley Dr., La Quinta, CA 92253
OPTION TERMINATION AGREEMENT
This Option Termination Agreement ("Agreement") is made by and between the Successor
Agency to the La Quinta Redevelopment Agency, a public body, corporate and politic pursuant to
Health and Safety Code section 34173 ("Agency") and the successor in interest by operation of
law to the former La Quinta Redevelopment Agency ("RDA"), and La Quinta AL Propco, LP, a
Washington limited partnership ("Ovvner"), and is effective as of June 10, 2024 (the "Effective
Date"). Agency and Owner are collectively referred to herein as the "Parties."
RECITALS
A. On or about December 18, 2003, the RDA and CP' Development La Quinta, LLC, a
California limited liability company ("Developer") entered into that certain
Disposition and Development Agreement, which was recorded on January 5, 2004, as
Document No. 2004-0005255 (as amended, the "DDA"), and that certain Development
.Agreement, which was recorded on January 5, 2005, as Document No. 2004-0005256,
and amended by those certain Amendments Nos. 1, 2, 3, and 4, recorded on November
8, 2004 as Document No. 2004-0885063, December 19, 2005 as Document No. 2005-
1045418, June 4, 2008 as Document No. 2008-0303530, and November 21, 2012 as
Document No. 2012-0564810, respectively (collectively, the "Development
.Agreement'), pursuant to which the RDA sold to Developer certain real property
located southeast of the Miles Avenue and Washington Street intersection, in the City
of La Quinta, County of Riverside, State of California (the "Site"), and Developer
agreed to construct and operate thereon certain commercial development projects.
B. :Pursuant to the DDA, RDA and Developer entered into that certain Option Agreement
on December 7, 2004, which was recorded on December 9, 2004, as Document No.
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DOC #2024-0218779 Page 2 of 7
2004- 0979138, in the Official Records of the County of Riverside (the "Initiall Option
.Agreement"). RDA and Developer replaced the Initial Option Agreement with that
certain Amended and Restated Option Agreement, which was entered into as of
October 20, 2006 and recorded on October 24, 2006, as Document No. 2006- 0780202
(the "Amended and Restated Option Agreement") in the Official Records of the
County of Riverside, and amended by that certain Amendment No. 1 to Amended and
Restated Option Agreement, dated October 28, 2008, and recorded on October 30,
2008, as Document No. 2008-. 0577490 ("Amendment No. 1" ). The Amended and
Restated Option Agreement, as amended by Amendment No. 1, is referred to herein as
the "Option Agreement."
C. With the California Supreme Court' s decision in California Redevelopment
.Association v. Matosantos (2011) 53 Cal. 4th 231, all redevelopment agencies in
California were dissolved on February 1, 2012. In June 2012, the California Legislature
]passed Assembly Bill 1484 ("AB 1484"), and in September 2015, passed Senate Bill
107 ("SB 107"), both which substantively and technically amended Assembly Bill 26
:from the 2011- 12 First Extraordinary Session of the California Legislature ("AB 26"),
the original bill enacting redevelopment dissolution. AB 26, AB 1484, SB 107, and any
and all other provisions enacted to Parts 1.8 and 1.85 of Division 24 of the California
]Health and Safety Code are referred to herein as the "Dissolution Law." Pursuant to
the Dissolution Law, the Agency is the successor in interest to the RDA by operation
of law.
D. Owner is a successor in interest to Developer with respect to an underlying parcel of
the Site, specifically that certain real property, commonly known as 45160 Seeley
]Drive, in the City of La Quinta, County of Riverside, State of California, as more
particularly described on Exhibit A attached hereto (the "Property").
E. The Option Agreement granted Agency, as successor in interest to the RDA, the right
to repurchase all or a portion of the Site, including the Property, under certain
circumstances until construction was completed (the "Option"), all as more fully set
iforth in the Option Agreement. The Option Agreement provided that a termination
agreement terminating such option rights would be executed and recorded in the public
records after construction was completed on an underlying parcel of the Site.
F. ,Agency and Owner agree that construction on the Property as described in the Option
Agreement has been completed, and Agency and Owner agree that the Option is no
longer necessary with respect to the Property. The parties desire to enter :into this
Agreement to memorialize the termination of the Option with respect to the Property,
and to record this Agreement to ensure that the public records accurately reflect such
termination.
In consideration of the foregoing recitals and for other good and valuable consideration,
the receipt and sufficiency of which is acknowledged, the parties agree as follows:
AGREEMENT
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DOC #2024-0218779 Page 3 of 7
1. Recitals Incorporated. The foregoing recitals are incorporated into this
Agreement by reference.
2. Option Termination. The Option with regard to the Property is hereby terminated
and of no further force and effect.
3. Severability. If any provisions in this Agreement is deemed invalid, then the
remaining provisions thereof will continue in full force and effect and will be construed as if the
invalid provision had not been part of this Agreement
4. Ambiguity. This Agreement will not be construed for or against either party by
reason of authorship or alleged authorship of any provision of this Agreement.
5. Counterparts. This Agreement may be executed in counterparts. Such
counterparts taken together shall constitute one and the same Agreement.
[Signature pages follow]
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DOC #2024-0218779 Page 4 of 7
IN[ WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective
Date.
AGENCY:
SUCCESSOF: AGENCY TO THE LA
QUINTA REDEVELOPMENT AGENCY, a
public body, corporate and politic
By: _ r -
Name: Jon34cftllen, City Manager
ATTESI 7:
Monika.r;
APPROVED AS TO FORM:
Ely:
William H. Ihrke, City Attorney
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,
accurac , or validity of that document.
State of California
County of Riverside
On �WCJ� 16 ' �A before me, �� "('WkLw I t/1 p0moeq ice,
(insert name and titl of the officer) _
personally appeared Jon McMillen 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.
WITNES'S my hand and of ii ial seal.
JA A 11
Signature _ (Seal)
168049124.1
MONIKA RADINA
'
RiversideCounty
i
Commission #2:134260
My Comm. Expires Oct 22, 2024
DOC #2024-0218779 Page 5 of 7
OWNER:
LA QUINTA AL OPCO, LP,
a Washington limited partnership
By: Hawthorn AL Opco GP, LLC
a Washington limited liability company,
its general ;partner
0<
B
L�
Na e: Alan Spragins
Title: Chief Operating Officer
STATE OF WASHINGTON )
ss.
COUNTY OF KING )
On , JUI_Q M—., 2024, before me, VaMie OYltVo , a Notary
Public, personally appeared Alan Spragins, who proved to me on the basis of satisfactory evidence
to be the person whose name is subscribed to the within instrument and acknowledged to me that
he executed the same in his authori2:ed capacity, and that by his signature on the instrument the
person, or the entity upon behalf of which the person acted, executed the instrument.
DANAEORLOB
Notary Public
State of Washington
Commission # 22006458
My Comm. Expires Mar 19, 2026
168049124.1
WITNESS my hand and official seal.
Pdga4-4X.A- DO
Notary Public in and for said State (Seal)
DOC #2024-0218779 Page 6 of 7
EXHIBIT A
LEGAL DESCRIPTION OF THE 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:
PARCEL A:
PARCEL 1 OF PARCEL MAP NO. 36405, IN THE CITY OF LA QUINTA, COUNTY OF
RIVERSIDE, STATE OF CALIFORNIA, ON FILE IN BOOK 235 OF PARCEL MAPS, PAGES
58 THROUGH 61, INCLUSIVE, IN THE OFFICIAL RECORDS OF RIVERSIDE COUNTY,
CALIFORNIA.
EXCEPTING THEREFROM ALL INTEREST IN OIL, GAS, HYDROCARBON
SUBSTANCES AND MINERALS OF EVERY KIND ANI) CHARACTER LYING MORE
THAN FIVE HUNDRED (500) FEET BELOW THE SURFACE, TOGETHER WI. -H THE
RIGHT T0, DRILL INTO; THROUGH, AND TO USE AND OCCUPY ALL PARTS OF THE
PROPERTY LYING MORE THAN FIVE HUNDRED (500) FEET BELOW THE SURFACE
THEREOF FOR ANY AND ALL PURPOSES INCIDENTAL TO THE EXPLORATION FOR
AND PRODUCTION OF OIL, GAS, HYDROCARBON SUBSTANCES OR MINERALS
FROM SAID PROPERTY OR OTHER LANDS, BUT WITHOUT, HOWEVER, ANY RIGHT
TO USE EITHER THE SURFACE; OF THE PROPERTY OR ANY PORTION THEREOF
WITHIN FIVE HUNDRED (500) FEET OF THE SURFACE FOR ANY PURPOSE OR
PURPOSES WHATSOEVER, OR TO USE THE PROPERTY IN SUCH A MANNER, AS TO
CREATE A DISTURBANCE TO THE USE OR ENJOYMENT OF THE PROPERTY, AS
RESERVED IN THE DEED FROM LA QUINTA REDEVELOPMENT AGENCY, RECORDED
DECEMBER 09, 2004 AS INSTRUMENT NO. 04-979137 OF OFFICIAL RECORDS.
AN EASEMENT FOR ACCESS TO LOT A (SEELEY DRIVE) AS SHOWN ON PARCEL MAP
NO. 36405, RECORDED IN BOOK 235 OF PARCEL MAPS, PAGES 58 THROUGH 61,
INCLUSIVE, IN THE OFFICIAL RECORDS OF RIVERSIDE COUNTY RECORDER,
CALIFORNIA OVER AND ACROSS PARCEL 2 OF PARCEL MAP, MAP NO. 36405,
RECORDED IN BOOK 235 OF PARCEL MAPS, PAGES 58 THROUGH 61, INCLUSIVE, IN
THE OFFICIAL RECORDS OF RIVERSIDE COUNTY, CALIFORNIA, AS AFFECTED BY
PARKING., ACCESS AND SIGN EASEMENT AGREEMENT RECORDED APRIL 11, 2016
AS DOCUMENT NO. 2016-0141398.
PARCEL C:
A NON-EXCLUSIVE RECIPROCAL EASEMENT FOR INGRESS, EGRESS AND PARKING
OVER AND ACROSS PARCEL 2 OF PARCEL MAP, MAP NO. 36405, RECORDED I14 BOOK
235 OF PARCEL MAP, PAGES 58 THROUGH 61, INCLUSIVE, IN THE OFFICIAL
RECORDS OF RIVERSIDE COUNTY, CALIFORNIA, AS AFFECTED BY PARKING,
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DOC #2024-0218779 Page 7 of 7
ACCESS AND SIGN EASEMENT AGREEMENT RECORDED APRIL 11, 2016 AS
DOCUMENT NO. 2016-0141398.
PARCEL D:
NON-EXCLUSIVE EASEMENT FOR THE BENEFIT OF PARCEL 1 FOR STORM DRAIN
AS CONTAINED IN THAT CERTAIN EASEMENT AGREEMENT RECORDED JANUARY
09, 2013 AS INSTRUMENT NO. 2013- 0013811 OF OFFICIAL RECORDS.
PARCEL E:
A NON-EXCLUSIVE SIGN EASEMENT ON PARCEL 2 OF PARCEL MAP NO. 36405,
RECORDED IN BOOK 235 OF PARCEL MAP, PAGES 58 'THROUGH 61, INCLUSIVE, IN
THE OFFICIAL RECORDS OF RIVERSIDE COUNTY, CALIFORNIA.
APN: 604-630-056
042681\00001\17255959v4
168049124.1