2002 The Centre at LQ - Estoppel Certificate - Stamko Development11i2112002 10:97 FAX .760 325 0860 SLOVAK BARON f EMPEY
N
ESTOPPEL CERTIFICATE
Valley : ndependent Bank
397001Wb Hope Drive, Suite 100
Rancho Mirage, California 92270
f e: Development Agreement dated July 15, 1997, between City of La Qttinta (the
"City"), Stamko Development Co. ("Developer") imd Juvonen Living Trust, as
amended by that certain First Amendment to Dawelopment Agreement dated.
December 1, 1995, between the City, the Developer nd The Trustee of the Juvonen
Living Trust, and by that certain Second Amendrtieit to Development Agreement
dated July 5, 2000, between the City axed the :developer (the Development
Agreement, as amended by the first and second amendments thereto, is referred to
herein as the "Development Agreement").
Ladies, Gentlemen:
It is our understanding that you are intending to disburse lo,Un proceeds under a loan being
made to the Developer. It is our furtber rmderstanding that as a cond ,tion precedent to the making of
the loa» you require the following certifications by the undersigned. Accordingly, the undersigned,
hereby certifies to you, your successors and assigns as follows,
1. The Development Agreement is in full force and effect and is a binding obligation on
the unc lersigned.
2, Except for the amendments referred to above, the D. ,,velopmQut Agreement has not
been a nended or modified.
3. To the best lcuiowledge of the undersigned, no default in the performance of the
Developer's obligations under the Development Agreement exists as of the date hereof.
ExecLtted at La Quinta, Cali.fomia on the th day of November, 2002.
CITY of A QLTINTA, a c -1 arter ity
Y/
Name: THOMAS P . GE110VESE
Title: City Manager
GAVIB\5,'AMK0 CONS USTOML CERTQiCATE DOC