2016 CP Development, LLC - Partial Termination of Option Agmta]
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
PFPV La Quinta Real Estate Holdings, LLC
4380 La Jolla Village Drive, Suite 250
San Diego, CA 92122
Attention: Brent Rivard
DOC # 2016-0539985
12/05/2016 12:15 PM Fees: $0.00
Page 1 of 4
Recorded in Official Records
County of Riverside
Peter Adana
Assessor -County Clerk -Recorder
"This document was electronically submitted
to the County of Riverside for recording—
Receipted by: MARIA #309
[SPACE ABOVE THIS LINE FOR RECORDER'S USE]
[EXEMPT FROM RECORDING FEE PER GOVERNMENT CODE SECTION 27383]
PARTIAL TERMINATION OF OPTION AGREEMENT
THIS TERMINATION OF OPTION AGREEMENT is made this 30tf'day of November,
2016 (the "Effective Date') by the CITY OF LA QUINTA ACTING AS SUCCESSOR AGENCY
TO THE LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic
("Successor Agency").
RECITALS:
A. CP DEVELOPMENT LA QUINTA, LLC, a California limited liability company
("Developer") and the former La Quinta Redevelopment Agency ("Agency") entered into that
certain Amended and Restated Option Agreement dated October 20, 2006, recorded October 24,
2006 as Document No. 2006-0780202, records of Riverside County, California (the "Option").
B. PFPV LA QUINTA REAL ESTATE HOLDINGS, LLC is the successor in interest
to Developer in and to that certain real property, the legal 'description of which is attached hereto
as Exhibit "A" and by this reference incorporated herein (the "Hotel Parcel").
C. The Hotel Parcel has been fully developed.
D. On or about February 14, 2008, the Agency and Developer executed that certain
Release of Construction Covenants recorded February 29, 2008 as Document No. 2008-0101701,
records of Riverside County, California.
E. Pursuant to Health and Safety Code section 34173 and City Council Resolution No.
2012-002, adopted by the La Quinta City Council on January 2, 2012, the City of La Quinta is the
successor agency to the Agency.
F. Neither the Agency nor the Successor Agency has exercised Repurchase Option II
or Repurchase Option III as described in the Option and a final and permanent certificate of
occupancy for the Hotel Parcel has been issued by the City of La Quinta, California.
NOW, THEREFORE, Successor Agency, pursuant to paragraph 6(e) of the Option hereby
terminates any and all of its rights pursuant to the Option in and to the Hotel Parcel.
The purpose of this Partial Termination of Option Agreement is to remove from the public
record any right of Successor Agency to purchase the Hotel Parcel and to remove the Amended
and Restated Option Agreement from the public records with respect to the Hotel Parcel.
DATED this -3t::' day of November, 2016.
CITY OF LA QUINTA ACTING AS
SUCCESSOR AGENCY TO THE LA
QUINTA REDEVELOPMTdpo
NT AGENCY,
a public od orate litic
y:
n J. ne cek. Executive Director
ATTEST:
i -11;�A� khot�
Susan Maysels, Secretary
City of La Quinta Acting as Successor Agency
to the La Quinta Redevelopment Agency
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
William H. Ihrke, Counsel
City of La Quinta Acting as Successor Agency
to the La Quinta Redevelopment Agency
Page 2 — TERMINATION OF OPTION AGREEMENT
9907\000\0 Termination of Option Agreement — La Quinta
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 .lOU@ ker 30 .2016 before me, TERESA THOMPSON, Notary Public, personally
appeared FRANK J. SPEVACEK 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 authorized capacity, and that by
his signature on the instrument the person, or the entity upon behalf of which the
person 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 seat. TERESA THOMPSON
`Commission # 2030796
z
Notary Public - California z
i ' �•a a : Riverside County D
Signature My Comm. Expires Jun 24, 2017
(seal)
DOCUMENT:
PARTIAL TERMINATION OF OPTION AGREEMENT by City of La Quinta acting as
Successor Agency to the La Quinta Redevelopment Agency for CP Development
La Quinta, LLC and PFPV La Quinta Real Estate Holdings, LLC re: hotel parcel
EXHIBIT "A"
Legal Description
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF LA QUINTA, IN THE COUNTY
OF RIVERSIDE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:
PARCEL A:
PARCEL 4 OF PARCEL MAP NO. 31116, IN THE CITY OF LA QUINTA, COUNTY OF RIVERSIDE, STATE
OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 212, PAGES 60 TO 66 INCLUSIVE OF PARCEL
MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA.
EXCEPTING THEREFROM OIL, GAS, HYDROCARBON SUBSTANCES AND MINERALS OF EVERY KIND
AND CHARACTER LYING MORE THAN 500 FEET BELOW THE SURFACE, TOGETHER WITH THE RIGHT
TO DRILL INTO, THROUGH AND TO USE AND OCCUPY ALL PARTS OF THE PROPERTY LYING MORE
THAN 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 WITHER
THE SURFACE OF THE PROPERTY OR ANY PORTION THEREOF WITHIN 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 9, 2004 AS
INSTRUMENT NO.2004-979137 OFFICIAL RECORDS.
PARCEL B:
A NON-EXCLUSIVE EASEMENT FOR PARKING, MOTOR VEHICLE AND PEDESTRIAN INGRESS AND
EGRESS AND FOR INSTALLATION, USE AND MAINTENANCE OF UNDERGROUND PUBLIC UTILITIES
OVER ALL THOSE PORTIONS OF PARCELS 1, 2 AND 5 OF PARCEL MAP NO. 31116, IN THE CITY OF LA
QUINTA, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA AS SHOWN BY MAP ON FILE IN BOOK 212
PAGES 60 TO 66 INCLUSIVE OF PARCEL MAPS, RECORDS OF RIVERSIDE COUNTY, AND PARCELS A
AND B OF LOT LINE ADJUSTMENT NO, 2006-452, RECORDED ON APRIL 1,9, 2006 AS INSTRUMENT NO.
2006-0280726 OFFICIAL RECORDS, RIVERSIDE COUNTY AS SHOWN AND DELINEATED AS PAVED
MOTOR VEHICLE DRIVEWAYS, PEDESTRIAN ACCESS AREAS AND PARKING . AREAS ON SAID
PARCEL MAP 31116.
Exhibit "A" — TERMINATION OF OPTION AGREEMENT
9907\000\0 Termination of Option Agreement — La Quinta