2003 The Centre at LQ - Estoppel Certificate - Stamko DevelopmentESTOPPEL CERTIFICATE
Valley Independent Bank
74-199 El Paseo, Suite 102
Palm Desert, California 92260
Re: Development Agreement dated July 15, 1997, between City of La Quinta (the
"City"), Stamko Development Co. ("Developer") and Juvonen Living Trust, as
amended by that certain First Amendment to Development Agreement dated
December 1, 1998, between the City, the Developer and The Trustee of the Juvonen
Living Trust, and by that certain Second Amendment to Development Agreement
dated July 5, 2000, between the City and 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 loan proceeds under a loan being
made to the Developer. It is our further understanding that as a condition precedent to the making of
the loan 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 undersigned.
2. Except for the amendments referred to above, the Development Agreement has not
been amended or modified.
3. To the best knowledge of the undersigned, no default in the performance of the
Developer's obligations under the Development Agreement exists as of the date hereof.
Executed at La Quinta, California on the _th day of October, 2003.
CITY F L QUINTA, a ch er i
r r
By; ��--L
Name: THOMA.S P. GENOVESE
Title: CITY MANAGER
GALEE ROBERTSCLARK&STAMMESTOPPEL CERTIFICATE -LA QUINTA.DOC