09 Memo of Option Agmt DOC # 2025-0382834Recording requested by
Stewart Title of California, Inc.
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO
City of La Quinta
78-495 Calle Tampico
La Quinta, CA 92253
Attn: City Clerk
Order No. 2664882
12/09/2025 03:47 PM Fee: $ 0.00
Page 1 of 13
Recorded in Official Records
County of Riverside
Peter Aldana
Assessor -County Clerk -Recorder
114,11'R
Space Above This Line for Recorder's Use
(Exempt from Recording Fee per Gov't Code §6103
and §27383)
MEMORANDUM OF OPTION AGREEMENT
This MEMORANDUM OF OPTION AGREEMENT ("Memorandum") is entered
into this S-� day of , 2025, by and between the CITY OF LA QUINTA,
a California municipal corporation and charter city ("City"), and TBE RE Acquisition Co II
LLC, a Delaware limited liability company, an affiliate of Turnbridge Equities ("Optionee"
and "Developer"),
This Memorandum is made with reference to the following:
1. On or about beeemlt , ' g , 2025, City and Optionee entered into that
certain OPTION TO PURCHASE REAL PROPERTY (the "Option Agreement") pursuant
to which Optionee, upon satisfaction of terms and conditions therein, has an "Option" (as
defined in the Option Agreement) to purchase from City the Option Property (as defined
in the Option Agreement and herein below). The Option Property is a portion of that
certain real property owned by the City, comprised of approximately 193+/- acres,
identified as APN(s): 777-490-047, 777-490-048, 777-490-049, portion of 776-150-030,
777-060-074, and 777-060-079, and more specifically described in Attachment No. 1
hereto and incorporated herein by this reference (the "Phase 2 Property"). The Phase
2 Property that is subject to Optionee's right to purchase pursuant to the Option
Agreement expressly excludes the approximately 24+/- acre SilverRock Park and
adjacent Flood ControIANater Retention Basin (collectively, the "Park And Retention
Basin Property"), also owned by City, which Park And Retention Basin Property is
adjacent to the Option Property and located in the SilverRock Resort Area (as defined in
the Option Agreement). The Phase 2 Property, excluding the Park and Retention Basin
Property, is referred to and defined in the Option Agreement as the "Option Property."
The Option Property and Park And Retention Basin Property are depicted in the Site
Maps attached to this Memorandum as Attachment No A-2 and incorporated herein by
this reference (the "Site Maps").
2. The Option Property is in close proximity to certain real property owned by
Optionee (referred to in the Option Agreement as the "Developer -Owned Property") that
is subject to that certain Reinstated and Amended Development Agreement by and
Recorded concurrently and in connection
/015610-0207 with a transfer subject to the Imposition of
23085922.1 al 1/23i25 Documentary Transfer Tax - GC 27388.1(a)(2)
between the City and Optionee (as Developer), adopted by City Council Ordinance
No. 626 on October 7, 2025, and recorded as Document No, recorded concurrently herewith (the
"Reinstated Development Agreement") on or about even date as this Memorandum in
the Official Records of the Office of the County Recorder of Riverside, California (the
"Recorder's Office"). The Reinstated Development Agreement provides, among other
terms and conditions, for the development of the Developer -Owned Property as provided
therein (referred to in the Option Agreement as the "Developer's Project"). As more
specifically set forth in the Reinstated Development Agreement and Option Agreement,
the Developer's Project includes the possible acquisition and development of the Option
Property in addition to the Developer -Owned Property. The Option Agreement and
Reinstated Development Agreement are public records and available for inspection
during regular business hours in the Clerk's Office at City Hall for the City of La Quinta,
at the address: 78-495 Calle Tampico, La Qulnta, CA 92253, and may be accessed at
the City's Internet web site: www.laquintaca.gov.
3. The Option Agreement provides for City and Optionee to enter into this
Memorandum and to record the same in the Recorder's Office to provide notice to all
persons of the existence of said Option Agreement and to cause the Option Agreement
to run with the Option Property and be binding on Optionee and Optionee's successors -
in -interest as more particularly permitted and set forth in the Option Agreement.
4. This Memorandum may be executed in several counterparts, and all sc
executed shall constitute one agreement binding on both parties hereto, notwithstanding
that both parties are not signatories to the original or the same counterpart.
[ signatures on next page j
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IN WITNESS WHEREOF, Optionee and City have executed this Agreement
as of the recording date hereof.
Date: KM , 2025
Date: 2- 1 , 2025
ATTEST:
i
Monika Rade a, Cit Clerk
APPROVED AS TO FORM
RUTAN & TUCKER, LLP
William H. Ihrke, City Attorney
"DEVELOPER"
TBE RE Acquisition Co II LLC, a Delaware
limited liability company, an affiliate of
Turnbridge Equities
0
SIGNED IN COUNTERPART
Name: Andrew Joblon
Title: Authorized Signatory
"CITY"
CITY OF LA QUINTA, a California municipal
corpor ion and charter city
By:
Jon a illen, City Manager
I015610-0207
23085922.1 a11/23/25 -3-
GOVERNMENT CODE 27361.7
I CERTIFY UNDER PENALTY OF PERJURY THAT THE ILLEGIBLE PORTIONS OF THIS
DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED, READS AS FOLLOWS:
JOHN MCMILLEN
Dated: December 5, 2025
Sandy Staley, Title Officer, Stewart Title
Place of Execution: RIVERSIDE, CA
IN WITNESS WHEREOF, Optionee and City have executed this Agreement
as of the recording date hereof.
"DEVELOPER"
TBE RE Acquisition Co II LLC, a Delaware
limited liability company, an affiliate of
Turnbridge Equities
Date: &UeMb4"2(00' 2025 By: GT,)
Name: And* Joblon
Title: Authorized Signatory
"CITY"
CITY OF LA QUINTA, a California municipal
�I corporation and charter city
Date: 2025 By:
SIGNED IN COUNTERPART
,
Jon McMillen, City Manager
ATTEST:
SIGNED IN COUNTERPART
Monika Radeva, City Clerk
APPROVED AS TO FORM
RUTAN & TUCKER, LLP
SIGNED IN COUNTERPART
William H. Ihrke, City Attorney
[Signature Page - La Quinta - Memorandum of Option Agreement]
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 Los Angeles
On 1r&6 f Z S before me, �1� ��u' 4�''�b
insert name and title of the officer)
Notary Public, personally appeared h- WIA .tip A'iV2",l t-
who proved to me on the basis of satisfactory evidence to be the person(s) whose
name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) 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.
MAIN FITZGERALD
Notary Public - California
WITNESS my hand and official seal. Los Angeles County
Commission 0 2424724
*.y Comm. Expires Nov 1, 2026
Signature/ ;J ���( (Seal)
[Notary Page - La Quinta - Memorandum of Option Agreement]
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 - �2� before me. W t "j"
insert name and title of the officer)
Notary Public, personally appeared pig CP ,�'�M ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose
name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) 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. a+oNlluit.oEv�
Notary Public - CdlifOTia
ounty
WITNESS my hand nd official seal. nmissii n, N 2500
Cammissian M 250066a
I / a.y Comm. Empires Oct 22, 2021
Signature
(Seal)
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
before me,
(insert name and title of the officer)
Notary Public, personally appeared
who proved to me on the basis of satisfactory evidence to be the person(s) whose
name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) 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 seal.
Signature
/015610-0207
23085922.1 al V23/25 -4-
(Seal)
ATTACHMENT NO. 1
TO MEMORANDUM OF OPTION AGREEMENT
DESCRIPTION OF THE PROPERTY
All that certain property located in the City of La Quinta, County of Riverside, State of
California, described as follows:
7_1T�T41111111I
Parcels 13, 14, and 15 of Parcel Map No. 37207, in the City of La Quinta, County of
Riverside, State of California, as shown by a Map filed for Record May 3, 2017 in Book
242, Pages 72 through 87, inclusive of Parcel Maps, in the Office of the County
Recorder of said County.
PARCEL 2:
Parcel 16 of Parcel Map No. 37207, in the City of La Quinta, County of Riverside, State
of California, as shown by a Map filed for Record May 3, 2017 in Book 242, Pages 72
through 87, inclusive of Parcel Maps, in the Office of the County Recorder of said
County.
[end of legal description]
NOTE: NOTWITHSTANDING THE ABOVE -REFERENCED LEGAL DESCRIPTION
FOR PARCEL 16 ABOVE, THE PHASE 2 PROPERTY DOES NOT INCLUDE
SILVERROCK PARK AND RETENTION BASIN, AS SET FORTH IN THIS OPTION
AGREEMENT AND THE REINSTATED DEVELOPMENT AGREEMENT, RECITAL D
AND DEFINITIONS OF "PHASE 2 PROPERTY" / "CITY OWNED OPTION
PROPERTY"
/015610-0207
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ATTACHMENT NO.2
TO MEMORANDUM OF OPTION AGREEMENT
SITE MAPS DEPICTING THE PHASE 2 PROPERTY
AND PARK AND RETENTION BASIN PROPERTY
[ attached ]
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Recorder
PETER ALDANA P.O. sox 751
COUNTY OF RIVERSIDE Riverside, CA 92502-0751
ASSESSOR -COUNTY CLERK -RECORDER (951) 486-7000
www.rivcoacr.org
CERTIFICATION
Pursuant to the provisions of Government Code 27361.7, 1 certify under the penalty of perjury
that the following is a true copy of illegible wording found in the attached document:
(Print or tviJe the page number(s) and wording below):
S � vJQC
Date:
Signature:
Print Name.
ACR 601 (Rev. 09/2005) Available in Alternate Formats
PA1 -Golf Course
(existing)
PA2 - Luxury Brand
(29 lots)
PA3-Luxury Hotel
(154 guest rooms, li
restaurants. retail,
BOH, etc. totaling 2
SITE MAP BY PLANNING AREAS (PAs)
(2025 SilverRock Master Plan)
[Site Maps Continue on Next Page]
/015610-0207
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Golf Clubhouse
Hotel Banquet 6
se Functions
i,000sf)
1sf)
Branded Condominiums
rbhouse 6 Fecilnies
Branded Residences
Golf, ResitlPntinl.
rein)
'ate golf course, 253
inns. and 41,001,1
SITE MAP OF PHASE 2 PROPERTY
(2025 SilverRock Master Plan)
Orange area is Phase 2 Property (i.e., City -Owned Option Property) appx. 193+/- acres
,>,�• .�%� °off ■
[Site Maps Continue on Next Page]
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SITE MAP OF EXISTING SILVERROCK PARK AND RETENTION BASIN PROPERTY
(Not Included in the Phase 2 Property)
SilverRock Park and Retention Basin, appx. 24+/- acres
` to
y A
[End of Attachment No. 2 - Site Maps]
/015610-0207
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