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Covenant Regarding Real Property 1989-079491 :i' ....{ , . 'f ~ , ''\... -~ ,\ .; ~ :-' . , t ; 8 9~ 07'9'W '\ . ,. f- f{~~CiJRD[O iN ;l , Orf~CJ~L PEC!JRO:-; I (If'..,.., ,";'0.' r..',yr'(. C'' l .)c~,\ ~'I_t__. _',d_h. . -..l RECORDING REQUEST BY: CITY DF POWAY WHEN RECORDED MAIL TO: CITY CLERK CITY OF POWAY P.O. BOX 789 POWAY, CA 92064 ~,030 ) '. ) \ ) ) ) ) ) ) ) ) ) 6' RF. .AR .'. : " ' " . \' " , 89Hll15Ai1 9: 52 , ! , i VCr;,:, L, LYLE I . CC." "'[ 'j' "["oc"u"ER L-.'.. '...1. I', '-' ., --:.....- N~ Transfer Tax Due (This space for Recorder's use) COVENANT REGARDING REAL PROPERTY " VictovD'~9osta VI,. as ,to an undivided one-haH in,terest and TomD'A9osta. and Sheridan Lee D'A9osta husband and wife as joint tenants as to an undivided one-ha If i nteres t ("OWNERS ': herei nafter) are the owners of real property , described in Exhibit A which is attached hereto and made a part hereof and which is commori 1y known as Assessor's Parcel Number 317-021-05 and 317-021-27 ("PROPERTY" hereinafter), In consideration of the approval of Development geview and Conditional Use. Permit 88-02R (Revisiqn) by the City of Poway ("CITY" hereinafter), OWNER hereby covenants and agrees for the benefit of the CITY, to' abide by conditions of the attached resolution (Exhibit B). I This Covenant shall run 'with the land and be binding upon and inure to the benefit of the future owners, encumbrancers" successors, hei rs, personal representatives, transferees and assigns of the respective parties. In the event that Development Review and Conditional Use Permit 88-02R expire or are rescinded by City Council at the request ~f the OWNER, CITY shall expunge this Covenant from the 'record title of the PROPERTY. '. . If either party is required to incur cost.s' to enforce the provisions of this Covenant, the prevail ing party shall be entitled to full reimbursement of all costs, incl uding reasonabl:eattorneys' fees, from the other party. The CITY may assign to persons impacted by the performance of this Covenant the right to enforce this Covenant against OWNER. Dated: I.:{~ / d / - I j.2. ! L6 lft OW (Notari ze) Dated: Dated: /?~/~ Dated: November 29, 1988 CITY OF POWAY By ~'-' tLL-:r~d- - ((JLV,~ft, (No need to No~rlze) .. .. / ~ATE ACKNOWLEDGMENT I f*************** I ,tate of G/;+"rni "'-' I /county of S"'Y/ Diej 0 On ) 55. ) the * * * * *ljJ J J * * * * * * * * * * J/e.cern boer 19~, before me, * * appeared * * * * * * I '--.",,' I ; I * I ~."""".""""""..".'f"'.4'.'''''. h':. _ OffiCIAL S[AL t , I:' ' JOYCE SPEER : ,. ~ II) . : NOTARY PUBlIC.CMIHlRNIA . I t t PRINCIPAL Off ICE rN . " ~. ~AN OIlCO COUNn : ,~~..... M~ Commf~slon E_plres Nov 18 \q,91: ~ r'. .,' . . . · . · . . . , . .......................... !ll '. \ \\"*~ * * * * * * * * * * * * + * +*N~t~rt ~ ~i~n~t~r: , 1[:.' '_'_'_'_UU,,_~_ ...,-_. ...,_."..u. r\ \~ate ofGl{;,r-f1"~ ) , "> \ ) SSe ounty ofSanj);e30 ) 1./ [2 / 1. the year 19 0'l7, before me On this J 0 T:!L day of p-ce.-n be-r , . n . . ...wL . t a Notary Public in and for sa1.d COlm y, ~ CP (5pee-r-, . o 'j ~ , J ,/ D' 14.-., s...La known to me to be the I d ---r +- 011el'Idctl1 _ '-;-LtrO Tt , d kn ersonally appeare IO.n1 ub'b d to the within instrument, an ac ow- ~rsonls) whose namels) ~/are s scr1. e , kdyed that ~/they executed the same. .lgnature ?r~ "~p~ Jy commission expires: Npu. 1;(, Ii'! / jgj [J proved to me be the person(s) * * on the basis of satisfactory evidence to who executed the within instrument as or on behalf of the corporation * therein named, and acknowledged to me that the corporation * executed it. * WITNESS my hand . and official seal. 9~r~ ~O(J~ . . + + + + + + + + + + + + ,L ~. .L . * * * * , . Notary Seal f:.................~.......... t : t. - OffiCIAL SEAL f JOYCE SPEER. NOlARY PU81ItCAIlHIIl~IA f PIlINCIP'1 Of fit! It< . \AN MCO f.OUlITY . . .~..~ My COmml>~lon E.p,,~ tow..- 18 1tt91; ........ ......... ................... I I I J ....""nvw, ",~vt.:>, Ut fU!:lTAMf.RICAH TI1:tnn Order.'No" ~. r:scroW~. l.?_an 'No; 952767"8 1'4163-8"7 ) . WV.VV . \ , B8,~ '3C l.:>L\ '1 ,...,8 H 3n J~9 !.: ~..:t:,:~; :.~ 1'i ~~ [n ~J .:F r"l;'/~;."Ih~:;,r'l!{p~~ ,'. . " "... J "." f';' ,'., ~ II ~l . 'f r' . .. . .. .. .' .. ..,. ,.'\ . o !-&-H WHEN RECOI1DED MAIL TO: "'lctor/D'Agotita. VI, a J()lnt Venture 244Z'Vineyard Avenue Escondido, CA 9Z025 1 032 1!l88:JUN 2LIPH 3: 59 'I 'I!J,.:,.... 1..'1'..1. J' ~Oll~'iT ~ P~'C!I,!i{I:~!.~."., ./ MAIL TAX STATEMENTS TO: CJ'TV OF POWA.Y SP'AC~ AElOV." THISL:fNt 'OA ~'COROef'll'S U$l!! DOCUMENTARY TRANSFER TAX $.._..?JJi.,.9S!..._.._........P...-:p.f-ft. Compu1jd:vn the (;on.IOI"tlo" Dr ....tu. 0' prClp.rty c:on"IVld: OR ~X CO ,0" thl contld',r.tlor'l or v_lut 11K1111n. or .ncurTlbr.nc:" It " . gtt"~S" ..J . -. .b:: <;/LI-+1'l CtJ -..- 91111nlt ,tof o~, &~.~~ O,'A,."t a,"'i:t'rn'l(j.iin, t.lIl-= FI,';"-"'.ml ~. " APN 317-021-27 GRANT DEED FOR A VALUABLE CONSIDERATION, receipt of wiliel' is hereby .cknowledgod. ERNI:ST JOHN COLONNA, an unmarried man ** 'her.tiy GRANT ISl to VI.CI:Q/.l., D 'r:m~l\ YLM,.'IY;I ,[IN" Ul':J.l)~p 1(2JNI'ERES'r A,'mTg-1 OO:}\(psTA,AND ' )~~~~~~~~~::~~~~~~iW~~~. ~~perty in the City of County of SAN DIEGO ' State of California, dt>cribed 8. Pflrcel J as shuwn 011 a Parcel Hap filed in Book of Porc:d 'Hape;, on Pas" 30/.6. in t.he Office of thn CDunty Recorder of San DicHO County, onScpt~mber 19, 1974, being a 'portion. of Lot 26 in Tract "F" of PO\,hY. in the County of San Diego, Stace of .Caiifornia, acc~~dlIl8 to ~ap thereof No. ~16, filed in the Office'of the County }{"CClrder 'of San Diego County, Hay 7; 1888. "EXHIBIT A" .> r [ ~ . . 1033 RESOLUTION NO.. P-88':121 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA APPROVING CONDITIONAL USE PERMIT 88-02R AND DEVELOPMENT REVIEW 88-02R ASSESSOR'S PARCEL NUMBER 317-021-05, 27 WHEREAS, Conditional Use Permit 88-02R and Development Review 88-02Rj sub- mi tted by Chase Assoc iates., AlA, App I i cant, D' Agosta, Owner, requests approval to modify the previously approved plans for an auto center on property located at 13SUd PomeraaocRoaa in the CG (Commercial General) zone; and WHEREAS, on November 29, 1988, the City Counc i I he ld a heari ng on the above- referencea item. NOW, THEREFORE, the City Council does hereby resolve as follows: Section 1: Environmental Findings: The City Counci I finds that the prOject w.ill not have a significant adverse impact on the environment and hereby ,issues a Negative Declaration. Section 2: Findings: Conditional Use Permit 1. That the location, size, design, and operating characteristics of the proposed use will be compatible with adjacent uses, in that the pro- posed auto center adjoins other commercial uses on two sides and where it adjoins residential uses, the conditions of approval require construction of an eight foot block wall and 25 foot wide landscape buffer to separate, the two uses. A noise analysis prepared for the project concluded 'that it would not raise ambient noise levels more than five decibels which is permitted by current standards. 2. That the harmony in scale, bulk, coverage, and density is consistent with aajacent uses~ because the proposed structures are not signifi- cantly larger than existing buildings on adjacent lots and architec- tural techniques whiCh will reduc~ the ~pparent size of the structures have been incorporated in the bu i ldi ng plans. 3. That there are available public facilities, services, and utilities, in tnat sewer and water service is availaDle for the project. 4. There will be no harmful effect upon desirable neighborhood charac- teristics as the project's activities will be buffered. from adj~cent businesses and residences, by walls and landscaping. '. "EXHIBIT B" " . 10;34; . r Re-soluti on No,. p- 88-121 P:a'ge, 2 5.Tllat tlH~ gener.ation of traffic wi 11 not adversely impact the surrounding streets and/or the City's Circulation Element;' in that the Circulation Element :assume<.1 Commercial'Gen'eral use o'n "this' si,te '1md' 'the level's of traffic generatea by tnispr.ojectwill not exceed \eve'is n()r~ ma llj expectea of commerci a 1 deve 1 opnlent. 6. Tnat tne site, 1's sui tab 1 e for the ty,pe a~d intensi ty ofus_e ordevel op- ment wn'icnisproposea, in that the s.ize ancl.topograph.y of the site wi 11 aGcommodate the proposed developmen.t w.i thout the need for excessive grading ahd the l,ot coverage is well below the maximum whiCh would be .permitted by 'zone standards'. 7. That there will not be significant .har:mful effects upon environmental qual ity and ,natural resQurGes in that the site does not conta,in signi- fkant na~ural features or resources d~,e toprev,i ous di,st;urbance ,and to the fact that it is surr.ounded by ex.istingc'ommercial, 'industri'al, and resi denha i development on all sides,. . 8. That there are ,no other relevant nega,tfve impacts of the pfop,oseduse that cilnnotbe;rni tigated because theconditi.on.s of approvalinGl ude mi ti gation me,asures which address an poten'ti.al adverse impacts. [ g. That the impaCts, as described aliove, and the 1 bcati on of th,e proposed use will not adverse.ly ,affect the City of P6wayGeneralPJan for fu,ture as well as pr;esent development; in that t,he General Plan, des'i gnates the site for commercia)' use and adjacent land has already been fullydeye- loped. Development ReView. 1. That the proposea aeVelopment is in Gonfgrmance wfth thePoway General Plan in tnat. tne auto center is a commerd'alu.se and the General Plan designates the property for commercial developmen,t. 2.. Tha.t the proposed development will not ~av,e:an a,dverse ae,stnetic, health" safety, Of archi tecturaJ'lyre)ated impact upon adjoining pro- perties, iry"that the lJuilding desig~ :us.es materials WhiGh, are com- pattb)e w.ith ad'jacen,'t dev,eJopment;i,nc'o(porates 'variation fn building setback ,co 1 ors, and teitures,andpr;ov;;'des ample 1 ahdscapi ng such 'that it meets the Cbmmerc ial Design standai'dsbfthe Genera lPl an.. The s i'te plan is sensitive to the adjacent mu'ltf"-famTly use in that the building od entation, prop,osed walls"~ angl;anascapeareas are des igned to mi ni- mize noise impacts on the exis{ing'.apartmen'tbuilding. :3. That .the prop'osed deve lopmenti sin,coirip Hance with the Zoning Ordihancei'n that the project meets or exceeds the applicable standards of the CGzone. I' i, . 1.03 5 . ., f ResoluttoD No. P- 88-121 Page 3 4. That tne proposed development encourages the orderly ana narmonious appearance of structures and property within the City; because it will blend with adj~cent commercial structure~ ~nd is located in an area planned for commerc,ial development.. Section 3: City Council Decision: Conditional Use Pefmit 88-D2R and Development Review 88-D2R. for whtch plans are on file in the Planning Services Department, are hereby approved subject to the following conditions.: 1. Within 30 days of approval: (1) The appl icant shall submit in writing that all con'dittons of approval have been read and understood; and (2) the property owner shall execute a Covenant on Real Property. 2. Prior to issuance of permits, the applicants shall submit a revised site plan and landscape plan. The revised plan shall sho~/ the reloca- tion of the trash enclosures and V1idening of landscape fing,ers as illustrated by Attacnment 8 of the staff report dated November 2~, 1988. The actual landscape finger width and trash enclosure, if this is deemed necessary for a I/orkable site p.lan, may be modified by the Director of Planning Services. [ 3. The applicant shall comply with all of the conditions of approval con- tainea in tne .attacne.d City Council Resa,lution P-titi-68 Ivi.,th the excep- tion of Conaitions 1, 2, and 3 in tIle 'Safety Services Section (page 5). 4. A new on-site fire nydrant shall be inst'alled app'roximately 150 feet from the publ ic street in a location to be determined by the City Fire Marsha 1 . 5. An automatic fire spr.inkler system is r.equired i.n Building "A" and Building "B" and may be required in Building "c" based on occupancy. 6. A post indicator valve and Fire Department connection for the fire s~rink)er system serving each building to be located as required by the City Fire Marshal. 7. This conditional use permit and development review revIsIon shall expfre on November 29, 1989 unless building permits have been issueq or a request for a time extension is submitted within 60 days of the expiration date, r [ ,'. , 1036 . ;~esol~tion No.. P- 88-121 :Page 4 ApPROVED ,and ADOPTWby the City Council of ' the City of Poway,State of Cal.iforn i a , this 29th day6f November, 1988. ATTEST: STATE OF CALIFORN1A ) ). 'ss. COUNTY OF SAN DIEGO ) I, Marjorie K.Wahl;sten,. City CJerk of the C;ity of Povlay,do iier;eby certify, under .the penalty of perjury;. 1;hat. the foregoing Resolution, No. P-88-121, was dUly adopted by the City oCounc.il at a meeting of sa.id City CounciJ held on the 29th day of November , 1988, and that .it was .so adopted by the folloWing vote: AYES: BRANNON, HIGGINSON, KRUSE., TARlY, EMERY NONE NONE NONE NOES: ABSTAIN: ABSENT,: k R/R-1l-29.1-4 ~ . , . !.'. h": .., h, !,'l I '''f " ., .'. I':.'",,~.'''''''.'':.'''''.~ '",.\, ,.'-....... ....--'_.,-'....._"..".~.J::..:.A;,;....., o;,,~;;........J~,~"'. ~...<......:~.liI.!-~:.:.D.~....~.... _~.... '~"J". ."!.. -,.....,...:..;....~;.;..I.'\ ":':'--'';:=';'.;~.~::".,.;:~.:.-,:. ~.::.. ! . j-- -,~. . . ~" (,~/ ~~"-. "'11~;~'~~f:J~'. ~;. .. ~. ,,(\ -, _~~,Jit? . '~ ) ..;\, .. m~,II:', . Y. 1 ~ /. , 1037 '/' i';'::::;;~.1"'u..;~ :Yo 'J) . 1'''- r:' l;, State of CaUtornia OFFICE OF THE SECRETARY OF SYATl ....,'<,'" 1, MARCH FONG ED, Secretary of State of the State of California, hereby certify: That the annexed transcript has been compared with the record on file in this office, of which it purports. to be a copy, and that same is full, true and correct. IN WITNESS WHEREOF, I execute this certificate and affix the Great Seal of the State of California this MAR 2 2 1985 ,<,.....,....~OF"'''.. "'" ..~" \.. -,..--" "'/y '. ':~0 'r:.~.......ll.......lt"._'.:... ~'\:'..' ~ .. -.: --0,. , It..~ . "- ,/. . ;,..,.,1- ~UREKA' ..."....". \.; ... ..,.;" '.' J' .,.,...\,. 'I,. .. 'L /."" \ \, '..., I<,'~' _:;'",./ I"~"-.'> !';\\S"i:, ,: ~.~;.. ..t~ ,\1 ,.'-.. A~, ,:4; /",. _ ~.-;'"\: ,:G;.,t~: 0~/x:\ \; "Cl:" .'. _''''''''f C'\~I'%"""Y\ i . t~~.-::"J ';'<.'';;!'~%:?/\\'~~r!s.'.'.' ir""i:'\:/'i:',..-I,; ~;k~;:'~iill:1~~i :~(.~;~~~T~i):} ,'.' tt _ h.,-j /~';;'" ."( -;--,.;" , ".., "10<. r ',1""" ~;;~".......".. '. ':/",i,t,~\',', ~ .} ", .11 ".('--:..-ii '/f) 'i'j!f~~j_l'.A\ ' -I J \. ~,1 oi\.~ ...'~ . .r..f~' ,,' .:.--., ','. ....<. .' /' .. .... \Y'''_'~''''~'' !i"~, f \~\, ....;fr~<~\ " ),. ;.- :,; ./' " "I~t;' ! ....;.,1. "~ ~.;--" h... .? .' "', C,,' . ,,_,",:;p,.,'" \ r /" ,,":-'t"FO'R~:./ ,.., "''''-o..",~_ ,....-"-..,..>~;;~,...'O>'" , ."14", lJtuM~ ~ ~ Secretar!/ of S'tllte ,. ~"-;". ,~.'t2:'" .> '".;;' .''''','''~ . ~."", . ".. "'_...,",~' -;. -... ,.~ ~', SEe/STATE FOf(M CE-I07 I, H . ' 1J , f'\ I . !ll . r! I. " , . ? l' .L , ','I' , ~~ ,/ 06.QSP . :...:-..~.,. ... '--;",' . 1038 ~34709 ARTICLES OF INCORPORATION ENDORseD .. F.ILED In the offlCe'ofth. ~cretary of,State of tfle. StQfe of CalilomMJ OF MAR 2 1, 1985 PINEROCK DEVELOPMENT MARCH FOND [U, Secretall ,f St,te Sharon K. Ha.wkins Deputy I The name of this Corporation is PINEROCK DEVELOPMENT. II The purpose of this Corporation is to engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of California other than the banking business, the trust company business or the .practice of a profession permitted to be incorporated by the California Corporations Code. III The name of this Corporation's initial agent in the State of California for service of process is: RONALD A. MATSUISHI 2311 Stratford Drive Lomita, California 90717 IV This Corporation is authorized to issue only one -1- . (;~, ..,.;\:;~'". ," ~'. ,.~. '" . 1039 . clas's cif shares, of stock. The total number .of shares which this Ccirporationis authorized to issue is 100,000. 'IN WITNESS WHEREOF, the undersigned incorporator hasexe,cuted these Articles this 2.Q:J.iLday of MA-f2l:/-1 , 1985. ~~)\~ 0, ffi;fu)1II Jk. RONALD A. M}\TSUISHI, Incorporator The undersigned, hereby declares that he is the. person who executed. the .foregoing Articles of Incorporation and that said instrument is his act and deed. R~la r& CL W1 ~lt.Jk.. RONALDA.MATSUIS I -2- it I , , .... \.. ,. . 1040 . JOINT VEN:ruRE ,AGREEMENT" Tlds agreement llIa~e thls,..!b. -day of Julv 19,BB,by ..andbetween Pine rock Development tompilny JheretnafterPinerock. ) and Tom 0' Agosta (hereinafter D'.Agosta) . , IT IS. AGREED 1. FORMATION .O~JOINT ~ENTURE 1.1 Formation The parties hereby voluntarily enter into and form a Joint Venture: [the "Join~ 'lenture") .for tho limited purposes aild scopeaet forth herein. 1.2 Plac8 of. B4siness The principal phceof business. ,.shaUbe EscondIda, California. 1.3 ,purposes ahd Scope of Joint Venture Fa) Subsequen~ to the executlon6f thl.s agremnent the Joint Venture ha,s, or will, acquirethilt real pro!lerty described as As"se:ss6r Parcel No.. 3'17-021-05 Lot 26P and Panel No. 317-02'1-2T Lot 26P, Tract # 5.36 San D1ego County, P6way, California, morepart1cularly,described. in' Exhibit "A" .attached hereto and. made a part hereof, which. real estate property .is refer.red toh~relndter as t.he"Subject Property". (b) The joint Venture shall be limited strIctly tp the acqui'sition .and development and resale of the 8ubject property, and the operation And management of iillpro';olionts to be coil8truc~8dt.llereon. for theproduct1on of income and 1 .~. profi t.. . It shan not be 1041 t d d. b . 1 . :. h' . . ex en e y ll]lplc.atloll Qr ot erwl.se ,I except .by the wr:itten agreement of t!l~p4lt,ieli~, The" term -dev!,l'lopment ,of: the, land- shall mean and 1ncl:ude acquisition of the subject property 1 payment. of an ad valorem taxes, assessments, and other impositions relating to the subject .propertYI preparatiorl of detailed plans for th'e developm~nt of the subjectproper.tYJ construction of residential structures place on the .subject proper.tYl and all other activities ordil}uUy included within the scope of the acquisition and deV810pme~t. of land for production of incoae and prof! t . (c) Nothing in'thia agreement shall be ,deemed to restrict in an~W:ay the freedom of any party hereto to conduct any business or activity whatsoever (including the acquisition; deve'lopme'ilt, and exploitation of real property) unless otherwi,se approved by both partiJeshereto), without any accountabiiity to 'the Joint Venture of any party hereto, even if sucih busineaa or: activity competes wi,th the business of the Joint Venture, 1.4 NaDle of Joint Venture The business and .affairs of the J()int Venture shall be conducted solely under thenlUlie .of VICTOR/D'AGOSTA VI ' and such. naDIe shall be used at all times in connection with the Joint Venturebu'sin'ess and affairs. 1.5 PICTITIOUSNAME STATEMENT The; venturers shall execute _11 assumed or: 2 ~~ . fic'bltious name certificates 1042 required by ia~o 'be filed in 'connectio!!witl1 the formation of the Jolnt venture,', to ,cause .such certHH:at~lts to' be filed intheappUcab.ie bicor.:.ds of the County and st;~t'e ,in which the. subject property is located. 1.6 SCOPE OF VENTURERS AUTHORITY Venture. 2. PROPORTION AND 'NATURE OF INTEREST. 2.1 Dls,tiJbutionof pron ts and I:osses, The 'partles shall share. all profits and losses equally. 2.2 Title to Real propertY. Thetltle'to real property; whether taken in the name of the Joint venture, in the respect;ive namosoftha joint venturers, or in the name of one venturer alone, shall be deemed held bY the parties as tenants in cOllllllon and in the prop,ortionsdefined above. 3. CAPITA'L 'CONTRIBUTIONS 3.1 Initial Capital Each party hereto ...111 dep9sit into escrow, in equal. amo,unts(SO\!SO,) suff lcient funds to' cover the purchase of aforem,entioned property. Subsequent to close of 3 'vY;~. ~. J ~~_...__:-__-:-._"__._o:--_-~- .. . 1043 . .. .~, ~ ,-' . -. .. ," .t .' .;, es~t"Ow of said pt'opett.y the pat' ti:e li 'heJ::9tosh;il'l j,oin~ly execute a notei:nan amount suff.ici~ntt.O cover development costs of said l.otsw'i!th a:mutually agreed upon lendet'and terms. 3.2 Additional capital It 1s undet'Stood and agt'eed that if any additional investments of capital are requir:ed, each party shall contt'ibute f1fty(Sll') percent of the saJlleto the j01nt ilenture. In the event, eithet' Pat'tyfaHs to pay any such additional capita'l aSIi'essllu:int within 30 days, then the non-defaliltin9 party may elect.y to have the capital account of the defaulting pat'ty determined ~nd established, as oftl\e date the assessment was due. In such case, t.he interest of, the defaulting party shall be adjusted to the same proportions as thet'espective capital contr~butions of the . parties. 4., SALARIES 4.1 construction Management D"Agosta shall t'eceivefr.om the Joint ventut'e for constxuction mAnageme'nt and development' of the subject prol?erty,an amount equal. to ten ( 10.') percent ,of the construct~qn cost. under no circUDllitanCes will thistllSK be delegated t:oanot:her 'indivIdual orpartles. 4.2 cos~ of Management partiits agree that ,.as par.t. of the joint venturers' cost' they w'~ll pay D'Agosta the SuDl of $11.00 per hour for 4 ~'. ,'/\94 " . 1044 . . . work pei:'fotlned' by his bookkeeperori 'this pf,oj'ect. iJli'thout except1on,D.' Agosta wi'll pay all ofllis office, clerical, and adm'inistrativeoverheadout ~of hfa, salary; 4.3 Method of Payme~t 0' Agosta will be paid on a monthly basis a figure equal to ten (l0\) perc@nt of the expenditl,lresfQr that month. approved by Pi nr:ock Thereafter,D'Ag9sta sha:l1have day to day control and shall 'b4t responsible for .supervision of construction act1Vlti~s. Management and, control of tbe property sball be shand equally by tbe parties:. 5.2 Bank Accounts The Joint. Venture shall open, a bank account or other interest-beAring 'account in the name of both parties, on which eitber part~er may sign, and into which shall be deposited the pt:ocee'da ftOlll the constructicinloan heretofore mentioned. 5.3' Books of Account 'Tbe'Joint ventureliball liet up and maintain apprciprlate books of account in wbicb tbe receipts, disbursements, and financial con.dition of the Joint venture . sha'U be reflected'. Such books of accou!lt shllll be maintained by O'AgOstA and shall be opened at arl;reasonable 5 '~'., "~' ~;...;,. ."i.: ,o..:' ~,;.I ,-'-' " . 1045 . ( \) its attorney, accountant, or other agent. 6. TERM AND .TERMINATION 6.1 ourati1'on, The Joint VentureshaU be. tn effect for .. term beginning on the date :hereof and shall continue until voluntary liquidation, side of the subject property, partition or order of :CQurt. 6.2 Waiver of Right to Partition The partiestiereby agree to waive any statutory right to pattitioll they may .have for a period of six months following the filing of ,a, Notice of Completion wih the County of San Diego for. thesubjeci:prperty. Notw~hstanqiilg anything contained herein, nei't::her party shall have thei-ight to voluntarily withdraw from this Joint venture, wl:thout 'both parties' express written approval, until a Noti'ce .of completion for the contemplated improvellleni:s of i:hesubject' real property hail been filed with the County of San DIego. 6.3 Arbitration In the event any disagreement ,bet~een the parties as to any term 'of this agreement, the 'parties agree that Terry singleton shall be the Arbitrator of isaid di:sputeand that his decfsion willbeHnal and binding. The ,parti:es further agr~e that', H necessary, any such decision by Terry slngletoll maybe reduced to judgment in a' court of competent jurisdict~oil. 6 ~ ~~ '. .;' ..~' ;';. . .. " ,,~~ . 1046 . ... '::'\ " ", '. 6.4 . Assigriment ., No party mC:iY sell, transfer, Cissign, ,orotherwlse trahsfer or mortgag~, hYP9thecatE(, ofo'therwi'se enclilllber or permit or suffer ilnyeilcumbrance of all or any part of its or his interest in this Joint Venture unless approved by the 'other party in wrHing. Any attempt to so transfer .or .encumberany such interest shall be voi4. 6.5 Attorneys Fees In the event. litigation or ar.bi'tr?tion 1s initiated to enforce any.provision in this agreement, then the prevail1ngparty;shall be enUtled. to attorneys fees and costs. 6.6 Severability variatlons,.mOdif.1cations, or changes herein or hereof shall be binding: upon ,any party hen.tounless set for.th in writing and executed by iirid ion ~ehalf of 'such party. 7 . ,~~ /.... ,. '. , ,", ;,-: . i, .. , . ;6.8 indemnification 1041' . - . . . .i ~. Each party agrees to hold harmless arid inde~nify the other from any andanda.mages, losses, or injury. whatsoever resulting from his own negligence or from his breach of any provi'sions of this agreement. Each party further agrees to '1ndeum1fy alld hold the other harmless from and against any and all claims arising ~rOlDanyDre_a9hor default in the performance of any obligat'ion on that party' s part to be performed 'under this agreement., or arising out of the negligence of 1\1s agents, contractors, or employees, and . from and against aU costs, attorneys ,fees, expenses and . . liabilities incurred lnthe defense of' any such act'ioll or proceeding brought thereon. , . 7 J'f .~ , DATED: .TOM 7;/ 11")'~~ DATED: _R.~ .~. ~DUI~ .~.. PINEROCK By Ron Matsuisl\i 8 ~~. ~. ~ '