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Assignment, Delegation, and Assumption of the Development Agreement as Amended 1996-0594395! ,. ASSIGNMENT, DELEGATION, AND ASSUMPTION OF THE DEVELOPMENT AGREEMENT AS AMENDED BY AND BETWEEN THE CITY OF POWAY, AND TRIDENT HOMES OF CALIFORNIA, INC. CITY, DEVELOPER. THIS ASSIGNMENT, DELEGATION AND ASSUMPTION OF THE DEVELOPMENT AGREEMENT AS AMENDED BY AND BETWEEN THE CITY OF POWAY, A MUNICIPAL CORPORATION, CITY, AND TRIDENT HOMES OF CALIFORNIA, INC., DEVELOPER, ( "Assignment, Delegation and Assumption "), is made as of October 22, 1996, by and among Trident Homes of California, Inc., a California corporation, Shea Homes Limited Partnership, a California limited partnership, and the City of Poway who agree as follows: 1. RECITALS: This Assignment, Delegation and Assumption is made with reference to and in contemplation of the following facts and circumstances: a. Trident Homes of California, Inc., and the City of Poway ( "City ") are parties to the Development Agreement by and between the City of Poway, City, and McMillin Equity Partners II, Developer, dated as of June 13, 1991, and recorded with the San Diego County Recorder on June 13, 1991, as Document No. 1991- 0282464, as amended by the First Amendment to Development Agreement on March 9, 1993, and recorded with the San Diego County Recorder on March 30, 1993, as Document No. 1993- 0193225, and as amended by the Second Amendment to Development Agreement on October 12, 1993, and recorded with the San Diego County Recorder on October 26, 1993, as Document No. 1993 - 0714757 ( "Development Agreement "). Ln b 001 09CL ' d t +� F s. t C '. I �IIN.I4 ' f OUKIA R Rn: RECORDING REQUESTED BY: SAN DIEGO COUNTY RECORDER'' S OFFICE Cott GREGORY SMTTN, COUNTY RECORDER City of Poway RFe 14.00 FEES: i527 AF: 1.00 Mr. '_.00 and WHEN RECORDED MAIL TO: City Clerk City of Poway P.O. Box 789 Poway, California 92074 No Transfer Tax Due Above Space For Recorder's Use Only ASSIGNMENT, DELEGATION, AND ASSUMPTION OF THE DEVELOPMENT AGREEMENT AS AMENDED BY AND BETWEEN THE CITY OF POWAY, AND TRIDENT HOMES OF CALIFORNIA, INC. CITY, DEVELOPER. THIS ASSIGNMENT, DELEGATION AND ASSUMPTION OF THE DEVELOPMENT AGREEMENT AS AMENDED BY AND BETWEEN THE CITY OF POWAY, A MUNICIPAL CORPORATION, CITY, AND TRIDENT HOMES OF CALIFORNIA, INC., DEVELOPER, ( "Assignment, Delegation and Assumption "), is made as of October 22, 1996, by and among Trident Homes of California, Inc., a California corporation, Shea Homes Limited Partnership, a California limited partnership, and the City of Poway who agree as follows: 1. RECITALS: This Assignment, Delegation and Assumption is made with reference to and in contemplation of the following facts and circumstances: a. Trident Homes of California, Inc., and the City of Poway ( "City ") are parties to the Development Agreement by and between the City of Poway, City, and McMillin Equity Partners II, Developer, dated as of June 13, 1991, and recorded with the San Diego County Recorder on June 13, 1991, as Document No. 1991- 0282464, as amended by the First Amendment to Development Agreement on March 9, 1993, and recorded with the San Diego County Recorder on March 30, 1993, as Document No. 1993- 0193225, and as amended by the Second Amendment to Development Agreement on October 12, 1993, and recorded with the San Diego County Recorder on October 26, 1993, as Document No. 1993 - 0714757 ( "Development Agreement "). Ln b 001 :1528 b. Shea Homes Limited Partnership holds all legal interest in a portion of the property governed by the Development Agreement as of October 18, 1996. The property owned by Shea Homes Limited Partnership is more particularly described in Exhibit "A" attached hereto (the "Property ") and incorporated herein by reference, which is the subject of this Assignment, Delegation and Assumption. 2. ASSIGNMENT AND DELEGATION: For valuable consideration, the receipt of which is hereby acknowledged, Trident Homes of California, Inc., hereby assigns its rights and delegates its obligations under the Development Agreement only with respect to the Property to Shea Homes Limited Partnership, 3. ASSUMPTION: For valuable consideration, the receipt of which is hereby acknowledged, Shea Homes Limited Partnership hereby accepts the rights and assumes the obligations of Trident Homes of California, Inc.. under the Development Agreement only with respect to the Property. 4. RELEASE OF OBLIGATION: The City of Poway hereby releases Trident Homes of California, Inc., from the obligations of the Development Agreement only with respect to the Property. IN WITNESS WHEREOF, Trident Homes of California, Inc., Shea Homes Limited Partnership and the City of Poway have executed and delivered this Assignment, Delegation and Assumption as of the date written above. ATTEST: CITY OF POWAY By: ayor City Clerk [Signatures continued on following page] HA ... \SheaHomesftway135\Dev_Agmt.Asn - 2 - [Signatures continued from preceding page] 1 5 2 9 APPROVED AS TO FORM AND SUBSTANCE: 1 (City' S ph M. Eckis Attorney TRIDENT HOMES OF CALIFORNIA, INC., a California corporation By: i%g�--- Its VALE PIZ 51DEA) SHEA HOMES LIMITED PARTNERSHIP, a California limited partnership BY: J. F. SHEA CO., INC., a Nevada corporation, General Partner am HA ... \SheaHomesToway135\Dev_Agmt.Asn -3 - , Vice President Its Gary Okonowsky, Assistant Secretary • STATE OF CALIFORNIA ) ) ss. COUNTY OF SAN DIEGO ) 1530 On November 1, 1996 , before me, Susan L. Trimingham , Notary Public, personally appeared Mark Brock and Gary Okonowsky , known to me ( to be the person(s) whose name(s) �/are subscribed to the within instrument and acknowledged to me that he /sh the xecuted the same in his /h the' authorized capacity(ies), and that by his /he their ignature(s) on the instrument, the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. Signature STATE OF CALIFORNIA ) ) ss. COUNTY OF ORANGE ) SUSAN L TRIMINGHAM • COMM. #987034 g SAN DIES�p N C? My Commissirn �+ (Seal) MARCH 26.1 7 On NOVEMBER 7, 1996 , before me, JOSEPHINE C. CHIEN Notary Public, personally appeared DANIEL ZAU , known to me to be the person(6) whose name(s) is /aa subscribed to the within instrument and acknowledged to me that he/AldlWy executed the same in his /l *i@k authorized capacity( W, and that by his /kwiftk signature(sro on the instrument, the person(s), or the entity upon behalf of which the person(x) acted, executed the instrument. WITNESS my hand and official seal. Signature H:\...\ SheaHomes\Poway135 \Dev_Agmt.Asn - 4 - JOSEPHINE C CHIEN ' COMM. # 1015051 Z (Seal) z `� o Notary Public — Colifomia ORANGE COUNTY My Comm. Expires JAN 20,1998 LEGAL DESCRIPTION - EXHIBIT "A" TOTAL 1 53 1 PARCEL 1: THE NORTHWEST QUARTER OF SECTION 26, TOWNSHIP 14 SOUTH, RANGE 2 WEST, SAN BERNARDINO MERIDIAN, IN THE CITY OF POWAY, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO THE OFFICIAL PLAT THEREOF. EXCEPTING THAT PORTION OF THE EAST HALF OF SAID NORTHWEST QUARTER LYING NORTHEASTERLY OF THE CENTER LINE OF THAT 60 FOOT EASEMENT FOR ROAD PURPOSES DESCRIBED IN DEED TO THE COUNTY OF SAN DIEGO, RECORDED APRIL 4, 1924 IN BOOK 751, PAGE 369 OF DEEDS. ALSO EXCEPTING THAT PORTION OF THE NORTH HALF OF SAID NORTHWEST QUARTER DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID SECTION 26; THENCE SOUTH 00' 19' 53" WEST, ALONG THE WESTERLY LINE THEREOF, 437.00 FEET; THENCE SOUTH 86' 51' 34" EAST, 283.36 FEET; THENCE SOUTH 85' 53' 30" EAST, 261.05 FEET; THENCE SOUTH 89° 50' 57" EAST, 360.53 FEET THENCE NORTH 520 31' 37" EAST, 148.35 FEET; THENCE NORTH 600 40' 53" EAST, 146.18 FEET; THENCE NORTH 130 21' 20" WEST, 85.55 FEET TO A POINT ON A NON - TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 6000.00 FEET, A RADIAL TO SAID POINT BEARS NORTH 020 43' 01" WEST; THENCE EASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 000 14' 26" A DISTANCE OF 25.19 FEET; THENCE NORTH 870 31' 25" EAST, 178.29 FEET TO A POINT ON A TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 1971.00 FEET; THENCE EASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 060 47' 10" A DISTANCE OF 233.45 FEET TO A POINT ON THE WESTERLY RIGHT -OF -WAY OF OLD POMERADO ROAD AS DESCRIBED IN DEED TO THE COUNTY OF SAN DIEGO RECORDED APRIL 4, 1924 IN BOOK 751 AT PAGE 369 OF DEEDS IN THE OFFICE OF THE RECORDER OF SAID SAN DIEGO COUNTY, SAID POINT BEING ON A CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 1030.00 FEET, A RADIAL TO SAID POINT BEARS SOUTH 430 26' 29" WEST; THENCE NORTHWESTERLY ALONG THE ARC OF SAID CURVE, BEING ALSO THE WESTERLY RIGHT -OF -WAY OF SAID OLD POMERADO ROAD, THROUGH A CENTRAL ANGLE OF 050 40' 35" A DISTANCE OF 102.04 FEET; THENCE NORTH 400 48' 32" WEST CONTINUING ALONG SAID WESTERLY RIGHT -OF -WAY 123.08 FEET; THENCE LEAVING SAID WESTERLY RIGHT -OF -WAY NORTH 370 26' 30" EAST, 30.64 FEET TO THE INTERSECTION OF THE NORTH LINE OF SAID SECTION 26 AND THE CENTERLINE OF SAID POMERADO ROAD; THENCE NORTH 890 52' 20" WEST ALONG SAID NORTH LINE OF SAID SECTION 26, 1429.79 FEET, MORE OR LESS, TO THE POINT OF BEGINNING. ALSO EXCEPTING THEREFROM CITY OF POWAY TRACT NO. 88 -04R, IN THE CITY OF POWAY, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 13364, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON OCTOBER 17, 1996. PARCEL 2: LOTS 1 THRU 64 INCLUSIVE, OF CITY OF POWAY TRACT NO. 88 -04R, IN THE CITY OF POWAY, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 13364, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON OCTOBER 17, 1996.