2007 The Centre at LQ - Estoppel Certificate - Stamko DevelopmentESTOPPEL CERTFICATE
Via Federal Express and Telecopier
JC Penney
c/o Christine F. Clarke
Stamko Development Co.
2025 Poinsettia
Manhattan Beach, CA 90266
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 JC Penney has requested the City issue an Estoppel Certificate
regarding the, status of the above -referenced Development Agreement. 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 28 day of November, 2007.
CITY OF LA QUINTA, ajCharter City of La Quinta
By:
Thomas P. Genovese, City Manager