2008-02-14 Release of Construction Covenants - CP Development LQ - NOT RecordedRECORDING REQUESTED BY,
AND WHEN.RECORDED MAIL TO:
CP DEW',LOPMENT 1,A QLJINTA, Ll.-,C
77-900 Avenue of the States
Palm Desert, CA 92211
Attn: Richard Oliphant
This doemment is exetnpt, Fron) the paynient of a recording
fee pursuant to Government Code 5ection 27383
RELEASE OF CONSTRUCTION COVENANTS
THIS RELEASE OF CONSTRUCTION COVENANTS (the "Release') is made by
the LA QUINTA REDEVELOPMENT AGENCY. a public body. corporate and politic (tile
"Agency"), in favor of CP DEVELOPMENTLA QUINTA, LLC. a California limited liability
company (the "'Developer"), as of February#., 2008.
RWITALS
A. The Agency and the Developer have entered into that certain Disposition and
Development Agreement (the "DDA'") dated December 18. 2003 concerning the redevelopment
of certain real property situated in the City of La Quinta, California, a portion of which is more
fully described in Exhibit "A" attached hereto and made a part hereof (the "Hotel Property"),
W
B. As referenced in Section 310 of the DDA. the Agency is required to furnish the
Developer or its successors with a Release of Construction Covenants upon Developer's
completion of construction of the Suites Hotel (defined it) Section 100 of the DDA), which
Release is required to be in such form as to permit it to be recorded in the Recorder's office of
Riverside County. This Release is conclusive determination of satisfactory completion of the
construction, and development of the Suites Hotel as required by the DDA,
C. The Agency has conclusively determined that construction and development of
the Suites Hotel has been satisfactorily completed.
NOW, THEREFORE, the Agency hereby certifies as follows:
1. The Suites Hotel to be constructed by the Developer has been -fully and
satisfactorily completed in confiormance with the DDA. Any party then owning or thereafter
purchasing, leasing or otherwise acquiring any interest in the Hotel Property for which this
Release of Construction Covenants has been issued shall not (because of ownership, purchase.,
lease or acquisition) incur any obligation or liability under the DDA except for those continuing
covenants as described in Article 500 of the DDA.
2. This Release of Construction Covenants does not constitute evidence of
compliance with or satisfaction of any obligation of the Developer to any holder of a mortgage or
any insurer of a mortgage security money loaned to finance the work of construction if
improvements and development of the Hotel Property. or any part hereof.
I This Reicase of Construction Covenants does not denote completion of any work
required to be conipleied, other than on the Hotel Property.
4. This Release ale Construction Covenants is not a notice of completion as refierred
to in Section 3091 of the California Civil Code.
5. Nothing contained in this instrument shall niodi-y in any other %A.'ay any other
provisions of the DDA,
[ Fnd — Signature page follows)
-2-
IN WITNESS WHEREOF. the Agency has executed this Release as of the date set
forth above,
A S,
Agency See
M
LA QUINT A REDEVE1,0PNIENT
ACEY, a ptiblic body, corporate and
politic
By:
CON.Sf1'N.].—.FO RECORDATION
Developer, owner of the tee interest in the real
property legally described in Exhibit "A"
hereto, hereby consents to the recordation of
the foregoing Release against said real
property,
CP DEVIELOPMENTLA QUINTAI
LLC, a California limited liability
company
By: Oliphant Family Trust
Its: Member
By: _&�
Richard R. (Aiphaiit
Its: Trustee
By: Oliphant Enterprises, Inc.
Its: Manag
By: pw
Richard
Its: President
"nufam"MRA Ila tuolm4l a la 1#101 MVI��
[TO BEAl-FACHED]
m
State ofCa1!k*fbrn1a
County Of
On T-V-1yU&-4k before me, tOvYti Notary Public,
ere insert name and ti-de- of lire officer)
personally appeared anDA er, CA 10 hw+
who proved to me on the, basis of satisfactory evidence to be the person (a4 whose nanne*) is/awo-
subscribed to the within instrument, and acknowledged to me that he/Ww4—hkw executed the same
in his/her4hoir authorized capacity (iw4, and that by his/hefAheir signaturef*4 on the ins-arument the
person (s),car the entity upon behalf of which the person(-s-) acted. executed the instrument.
I cenify tinder PENALT'Y Of,' PI p Jj_.TRY urlder the laws or the State of California that the
forcgoing paragraph is true and correct.
WITNESS my hand and official seat. CANDICE R. E
Commission # 1893376
Notory Public- - Ccafforroa
Riverside County
Signature MY COMM. EXPIM Jun 29,2009
(seal)
State, cif Cal' bntia
County ky�
on"V(L'" N AK�J, before me, Notary Public,
ere insert naniq and tide offt officer)
personally appeared,
who proved to me on the basis of satistac tory eVidenCe to be the person(s) whose narne(s) is
subscribed to the within instrument, and acknowledged to me that heh4wAht)y executed the wane
in his/hGr4hotr authorized capacity(ios), and that by his/hw4hair signature(s4 on the instrument the
person(4), or the entity upon behalf of which the persorr�) acted, executed the instrument.
I certiA., under PENALTY OF PFRJURY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature 11rc.e�
IRE
CANDICE R. BORCENA
Commission # 1593376
NOTOry Public - California
Riverside county
MY COMM. Expires Jun 29.2
(seal)