Release of Covenants 2002-0108908
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'DOC ~ 2002-0108908'
RECORDING REQUESTED BY:
RECORDING REQUESTED BY
FIRST AMERICAN TITLE
C&I DEPARTMENT
AND WHEN RECORDED MAIL TO:
FEB
PM
013831
07. 2002 4:05
lfFICIAL RECORDS
!Wl DIEW ClJOOV RECORDER'S OFFICE'
GIimJRY J.' SMITH. COUNTY RECORDER
FEES: 13.00
CITY OF POWAY
P.O. BOX 789
POWAY, CALIFORNIA 92074
ATTN: TINA WHITE
111111111111 11111 11111111111111111111111111111111111111111111111111111
2002-0108908'
(THIS SPACE FORRECUKUtK' '" U~U)
NO TRANSFER TAX DUE
RELEASE OF COVENANTS
THIS RELEASE (hereafter, this'''Release''), dated for reference purposes this 31st day of January,
2002, is executed by the City of Po way, a municipal corporation organized and existing under the laws of the
State of California, with reference to the following facts:
A. The prop~rty that is the subject of this Release (hereafter, the "Property") is that certain real
property located in the City of Poway, California, described in Exhibit A attached hereto. The
property is currently owned by Lloyd H. Wells, Trustee of the Lloyd Wells Gift Trust dated
November 24, 1987 ("Seller"). The Seller has contracted to sell the Property to the Poway
Redevelopment Agency, a public l?ody corporate and politic (the "Agency"), for development (the
"Project"). As a condition of the sale the Agency desires the'releas'e of certain covenants and
encumbrances from the Property in order to obtain clear title tothe Property. The City of Po way
desires to facilitate the development of the Project for the benefit of the community.
B. Prior to the acquisition of the Property by the Seller, predecessors in interest obtained various land
use approvals from the City of Po way (the "City")for dev~lopm,ent of the Property, by the terms
of which various conditions of approval, indemnifications, Development Agreement covenants,
and other covenants regarding real property (itemized hereinbelow and hereafter collectively; the
"Covenants") were granted and given by the predecessors in interest to or for the benefit of the,
City. The City of Po way now wishes to release the Covenants as the same encumber the Property
so that the Property may be conveyed, leased, transferred, further encumbered, and held free and
clear of the Covenants.
C. The Covenants have either been fully performed as to the Property, have expired, or were
contingent upon the development of the Property in accordance with the land use approvals
obtained by the Agency's predecessors in interest, a contingencywhich never occurred. In any
case, it is appropriate that the encunibrance ofthe Covenants be released from the Property upon
its transfer to the Agency. .
NOW, THEREFORE, in consideration of the foregoing,,the City of Po way, as to the Property only,
does hereby unconditionally're'lease any and all obligations owed to the City and any encumbrance in favor
of the City referenced in,or resulting from each of the following documents (the Covenants) recorded against
the Property, and any amendments thereto:
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013832
L AN AGREEMENT REGARDING PROVIDING FOR EXEMPTION OF LANBFROM
WATER STANDBY CHARc;ES'recotdedMay 26; i994 as File No. 1994-0346592 in the
Office ofthe Recorder of the County of SanDiego.
2. ASSIGNMENT AND ASSlJMPTIONAfiREEMENTrecordedJariuary 12,2000 as File
No. 2000-0018425 in the Office of the Recorder of the County of San Diego.
3. MEMORANDUM OF AGREEMENT recorded February 29,2000 as File No. 2000-
0101244 in the Office of the Recorder of the County, of San Diego.
4. DEVELOPMENT AGREEMENT REGARDING TECH BUSINESS C;ENTERrecorded
December 26, 1990 as FileNo. 1990-0681091 in the Office of the Recorder of the County of
San Diego.
5: MEMORANDuM OF UNDERSTANDING recorded March 14, 1994 as fikNo. 1994-
0163888 in the Office. of the Recorder of the County of San Diego.
6. COVENANT REGARDING REAL PROPERTY recorded January 24, 1989 as FileNo. 89-
039105 in the Offi~~ '{)fthe Recorder of the County 'ofSan Diego.
This Release shall be binding upon all of the successors in interest, transferees, lessees, and assigns of
the undersigned.
IN WITNESS WHEREOF, the ,undersigned City M,anager ofthe City of Po way,. being first duly and
fully authorized'to'execute the same, has caused this Release to be executedas ofthe date first written above.
CITY OF POWA Y, amunicipal corporation
By: