Grant Deed 2003-1304225ter "�
22 3 3 9 DOC �' '003- 1304225
OPT 24, 2003 4:33 1='M
R&6MingRequested by' ) OFFICIAL RECORDS
Chicago Title.Company ) SAN DIEGO COUNTY',RECORDER'S OFFICE
Mail Tax Statements toAnd ) GREGORY J. SMITH,- COUNTY RECORDER'
When:Recorded; Iyfail .to:
FEES" 0.00
Eoway Redevelopment Agency,'a public ) OC; OC
body; - corporate and politic -
Attn: Tina White )' I I��II� II�II ��III ��I�� IIII II���I III�� VIII ��III �I�I� II�I� II��I III III
Revenue & Business Activity. Manager ) _ 2003 - 1304225
.13325 Civic Center Drive
Poway, CA 92674 )
Title ;Order # 13071,336 U52 )
Escrow No: 13071336 MM
AP-N 30' 232— 3°)l 1/1 `/Z Space Above for Recorder's Use Only
zy 36�.yv GRANT DEED
City of Poway iS exempts
The undersigned,dedares that the documentary transfer•tax.is,$ t!tand'is computed on.the full.value of
the tntecest;or :property "conveye&or is computed on the full value less the value of liens,or;encumbrances
+fenuih ing'therebn at the time-of sale.
'FORA VALUABLE '.,CONSIDERATION;,receiptof which is hereby, acknowledged,
Aida Shihadeh, a married woman
hereby GRANT(S) to
Poway Redevelopment, Agency,,a,pubhrbody;icorpo -rate and politic
the following described real property in'the County of San Diego;; State of.Califomia:
That .portion of the Northwest Quarter of;the Southwest Quarter of Section 23,
:To,wnship;14; South,Range:2 West; San Bern ardino'Meridian, in,the, City of Poway,
County'of San;Diego, State of, California; according,to'Uriifed States; Government
Survey approve&September'11, 1879; as more described in Exhibit "A "'attached
hereto -and by this reference. made; a part hereof:
izev T—x. rl)(?
/ /`1ZZ.
Dated: April 19, 2003,
State of
County of 11rtir1� e ,ryw
F; ; tea_.: �>
* 22t140
On A(2r: •1 IF 2003, before me, the undersigned, a Notary Public'in and for
said State, personally appeared A •i c1..c.. IS;,'. 'ho- d e h
rsonally known. to, me,or proven to me :on the, basis, of satisfactory evidence to be:•t)1e
person(s)-whose:nune(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(§) acted, executed the instrument..
WITNESS rn hand.andqofficial seal.
/ KARL R. FR AN
Notary PublWashtenaw Co., T
My:Gomm. EZpires>June 9, 2003. _
State of_
County of
On 2003, before me, the undersigned; a Notary Public in and for
said State; .personally appeared
rsonally known to me or proven 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 §ignature(§) 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..
t. 22341
Tage DESCRTON
6rde 1
PARCEL,.A:� (APN :817 232' - =22, 36, 4 "0)
THAT' PORTION OF� THE :NORTHWEST.'QUARTER OF THE SOUTHWEST, QUARTER. OF SECTION 23,,
TOWNSHIP 14, SOUTH,'RANGE12 WEST,,, SAN BERNARDINO MERIDIAN, IN:.THE CITY OF POWAY,.
COUNTY. OF SAN DIEGO., STATE[OF CALIFORNIA, ACCORDING.TO UNITED STATES GOVERNMENT
SURVEY�APPROVED- SEPTEMBER 11; 1879, DESCRIBED.AS FOLLOWS:
COMMENCING AT A POINT ON THE EASTERLY LINEOF 'MISSION ROAD 1-A OPPOSITE OF
ENGI_NEER'S STATION 339 +i 87.04 ACCORDING, TO 'THE MAP OF SAID MISSION ROAD 1 -.A,
SAN DIEGO COUNTY.. HIGHWAY' COMMISSION, ON FILE IN' THE OFFICE OF THE COUNTY
SURVEYOR OF SAZD COUNTY.; THENCE NORTHERLY ALONG SAID EASTERLY LINE WHICH IS
20.00 - FEET 'EASTERLY OF AND PARALLEL. WITH;THE CENTERLINE OF.SAID MISSION ROAD
'NORTH, =10 °,08'11'!. EAST; ;(RECORD NORTH 9'45''00'! EAST),38.24 FEET TO THE
SOUTHWEST CORNER' OF THAT LAND DESCRIBED' INDEED TO R. J. ENTERPRISES LLC, 'A
CALIFORNIA LIMITED LIABILITY COMPANY, RECORDED OCTOBER 1, 1997 AS DOCUMENT
NUMBER 1997- 0489004 ' OF OFFICIAL RECORDS, SAID CORNER : BEING. .THE TRUE POINT OF
BEGINNING; .THENCE CONTINUING ALONG SAID EASTERLY LINE NORTH.,10008.'11 "! EAST, 115.92
FEET. TO BEGINNING OF -A- '.TANGENT 720.'.00 FOOT.RADIUS,CURVE CONCAVE WESTERLY AND
CONCENTRIC WITH'THE HEREIN BEFOR& MENTIONED CENTERLINE OF MISSION ROAD I -A;
THENCE'NORTHERLY:,ALONG THE ARC OF SAID: CURVE THROUGH A CENTRAL ANGLE: OF 119,023'00"
A DISTANCE`,OF 243..58 FEET: ' 'ITO THE:NORTHWESTERLY "CORNER OFTHAT,LAND DESCRIBED IN
A.:DEED TO A.Z. DEAN', -RECORDED DECEMBER 5, 1925 IN BOOK 1149, PAGE 227 OF'tDEEDS;
THENCE ALONG',THE NORTHERLY;LINE THEREOF SOUTH 820.11'36" EAST (RECORD'.SOUTH
.82 °3;4 47; "EAST) , 158.00 .FEET TO :THE; NORTHEAST CORNER':OF THAT :PARCEL OF, LAND
DESCRIBED; _,IN, - L
PARCE "'A" OF A DEED' TO POMERADO CLUB-, INC., -A. CALIFORNIA'
CORPORATION, RECORDED' APRIL 30,,, 1990 AS FILE NO'. 90- 233672 OF OFFICIAL RECORDS;
THENCE SOUTH 04 °52'22!':EAST '(RECORD�'SOUTH 51 °15'33!',EAST), ALONG THE EASTERLY LINE
OF•;SAID PARCEL "A!' TO AND ALONG_. THE, EASTERLY' LINE OF PARCEL "B ALSO OF THE LAST
MENTIONED, DEED, 458..17 'FEET TO THE 'SOUTHEASTERLY CORNER; OF' SAID PARCEL "B ",SAID
CORNER ALSO BEING THE SOUTHEASTERLY CORNER OF $AID.,LAND• DESCRIBED IN DEED TO
R.J. ENTERPRISES LLC.; THENCE NORTH 6401'0''20" WEST. 94.48 :FEET; THENCE _SOUTH
.82 °44 -'41" WEST 18,. 57'.FEET; THENCE,' NORTH 560176 "38" WEST 116.08' FEET,THENCE NORTH
13 °17'47" EAST; 7.. -19 FEET TO THE 'SOUTHWESTERLY LINE OF SAID LAND DESCRIBED IN A
DEED TO X.J. ENTERPRISES LLC.,,; THENCE .ALONG SAID' SOUTHWESTERLY LINE!NORTH
60050''SS" WEST 22.41 FEET TO THE TRUE POINT OF BEGINNING.
:- PARCEL B: (APN: 317- 232 =41, 42)
THAT PORTION OF THE':NORTHWEST'QUARTER OF THE SOUTHWEST QUARTER OF SECTION 23,-
TOWNSHIP',.14 ",SOUTH,, RANGE 2 WEST, .'SAN BERNARDINO ;MERIDIAN, -IN THE CITY OF POWAY,
COUNTY OF SAN DIEGO, STATE'OF'CALIFORN$A, ACCORDING TO,UN_ITED STATES GOVERNMENT
SURVEY APPROVED SEPTEMBER 11, 1879, DESCRIBED AS: FOLLOWS:
BEGINNING AT A POINT ON THE EASTERLY LINE`OF MISSION ROAD I -A OPPOSITE OF
ENGINEER'S STATION��33.9 + 87.94, ACCORDING-TO THE MAP OF-SAID MISSION ROAD 1 =A,
SAN DIEGO .COUNTY HIGHWAY COMMISSION; ON'FILE,IN THE OFFICE OF THE COUNTY
SURVEYOR OR SAID' CO SAID POINT. BEINGG THE:•TRUE POINT OF BEGINNING; THENCE
NORTHERLY ALONG SAID= RL
,EASTEY LINE WHICH!IS1. '.20. 00 FEET EASTERLY OF AND PARALLEL
WITH THE CENTERLINE OF, SAID'MISSION ROAD '1 -A, NORTH 10 008'11° EAST (RECORD NORTH
9045"00" EAST ) 3'8'..24 FEET TO THE SOUTHWEST ,CORNER, OF THAT LAND DESCRIBED IN 'A,i
`DEED TO -R'.J. ENTERPRISES LLC., A:CALIFORNIA LIMITED LIABILITY COMPANY, -. RECORDED
OCTOBER,I, 1997 AS DOCUMENT' NO. 1997 - 0489004.; 'THENCE SOUTHEASTERLY ALONG THE
:SOUTHWESTERLY LINE "OF SAID'LAND SOUTH 60 0,50'53 " EAST 22,..41,FEET; THENCE LEAVING
22342
Page; ' _ 2 DESCRIPT70N
Order No. 130713 - 36
SAID LINE SOUTH -13- 17'4.7" WEST 7.19 FEET; THENCE SOUTH 56-06'3811 EAST' 116.08
'FEET; THENCE NORTH-82044!41" FAST 18.57 FEET; THENCE SOUTH 64`010' -20" EAST .94,..48
FEET•TO'THE SOUTHEAST CORNER. :OF SAID LAND',DESCRIBED IN DEED TO`.R.J. ENTERPRISES
LLC'., SAID CORNER ALSO BEING THE SOUTHEAST:.CORNER OFTHAT PARCEL 'OF LAND'
DESCRIBED IN PARCEL "B ".OF'A:DEED TO POMERADO CLU&, INC.., A CALIFORNIA.
.CORPORATSON, RECORDED APRIL, 30,, 1990 AS FILE -NO. 90- 233672 OF OFFICIAL. RECORDS,
SAIDISOUTHEAST. CORNER BEING.,:A 'POINT ON THE NORTHERLY LINE OF THAT PARCEL OF LAND
DESCRIBED IN PARCEL "C" IN-SAID DEED; THENCE ALONG THE B_OUNDARY:OP SAID PARCEL
"C ", 'SOUTH 82 °11'36" EAST (RECORD SOUTH 82°34` "47 ".FAST, 180.00 FEET), 179.98
FEET; 'THENCE SOUTH 20-0_V09" FAST, (RECORD ,SOUTH 20031'20H EAST) , 153..95 FEET TO
A POINT IN -THE - SOUTHERLY LINE OF THE LAND. '.DESCRIBED,SN.A.DEED TO EARL W. HOWELL,
ET'.UX, RECORDED,JUNE 25, 1952 IN BOOK 450,6, PAGE '535 OF OFFICIAL aRECORDS,
DISTANT THEREON SOUTH 82-11'3'6-' EAST; (RECORD SOUTH $2 034''47" EAST) 469.00 FEET
FROM THE SOUTHWESTERLY CORNER OF SAID HOWELL''$ LAND; THENCE ALONG SAID SOUTHERLY
LINE'NORTH,'82 °;11'36" WEST',242_,72 FEET;' THENCE LEAVING SAID SOUTHERLY LINE AND
BOUNDARY OF' PARCEL; "C ", NORTH- 7, °46'20 " 'EAST '61. -84 FEET;' THENCE',NORTH ?70 °.07.'52 ".
WEST 247.82 FEET TO A POINT OF INTERSECTION ON THE HEREIN ABOVE MENTIONED
EASTERLY LINE'OF +MISSION:ROAD 1 -A, SAID EASTERLY LINE BEING A '730,.00 FOOT RADIUS
CURVE CONCAVE NORTHEASTERLY, WHI.0
H "RAID CURVE IS 20:.00 FEET NORTHEASTERLY OF AND
CONCENTRIC WITH THE CENTERLINE OF SAID MISSION 'ROAD I =A- RADIAL' -:LINE THROUGH SAID
POINT,'BEARS NORTH 85 °44; 47 "'WEST„ THENCE NORTHERLY, ALONG, THE ARC OF SAID 730.00
FOOT.'RADIUS, CURVE THROUGH A'CENTRAL ANGLE OF 05 °52= '58' "' A DISTANCE OF 74-95 FEET
TO THE TRUE POINT OF BEGINNING.
PARCEL C.: (APN:317- 232 -39)
=. THAT. PORTION OF THE:'NORTHWEST QUARTEROF -THE SOUTHWEST QUARTER OF- SECTION -23y - -- --
TOWNSHIP 14,. SOUTH, RANGE 2 WEST', SAN BERNARDINO MERIDIAN, IN THE CITY OF POWAY,
COUNTY OF SAN DIEGO; STATE OF CALIFORNIA,. ACCORDING TO UNITED STATES GOVERNMENT
'.SURVEY APPROVED SEPTEMBER 11, 1879;, DESCRIBED AS•FOLLOWS:
COMMENCING AT A POINT ON THE EASTERLY. LINE OF MISSION' ROAD I -A OPPOSITE
ENGINEER'S. STATION 339 + 87.04 ACCORDING TO THE MAP OF SAID MISSION, ROAD 1 -A,
SAN DIEGO COUNTY HIGHWAY COMMISSION, ON FILE IN THE OFFICE OF THE -COUNTY
SURVEYOR 'OF SAID COUNTY; SAID - POINT,BEING- THE'SOUTHERLY TERMINUS OF A.PORTION.: OF
SAID EASTERLY LINE BEARING NORTH' 10-08'11" EAST (RECORD'NORTH 9045'00" EAST) FROM
SAID POINT, :WHICH :POINT IS.ALSO THE NORTHERLY TERMINUS OF A 730.00 FOOT .RADIUS., 1.
CURVE CONCAVE NORTHEASTERLY AND 20,00. FEET NORTHEASTERLY iOF IAND CONCENTRIC WITH
'THE :CENTERLINE OF'SAID'MISS'ION'ROAD' 1.-A;: THENCE,'SOUTHERLY ALONG THE 'ARC.0F SAID
730.00 FOOT'RADIUSI CURVE THROUGH A CENTRAL ANGLE OF 05P.52,"581!,rA DISTANCE OF 74..95
'FEET TO..THE TRUE POINT OF BEGINNING -, A RADIAL LINE THROUGH SAID POINT. BEARS
NORTH 85 044'47" WEST; THENCE CONTINUING SOUTHERLY.ALONG THE'ARC OF SAID 730.00
FOOT RADIUS CURVE :THROUGH A,CENTRAL ANGLE OF 09 °01''00 ' A DISTANCE OF 114.88 FEET
TO THE SOUTHWESTERLY., .CORNER OF' THAT . ,PARCEL OF LAND DESCRIBED IN A, DEED TO EARL
W. B:.. HOWELL,. ET :UX', ,RECORDED, JUNE :25,, 1952 IN BOOK 4506, PAGE 535 OF OFFICIAL
'RECORDS; THENCE ALONG THE SOUTHERLY -. ;LINE OFISAID HOWELL'S LAND SOUTH 82 °11136"
EAST (RECORD SOUTH. 82 °34` "47" EASTJ, 226. 26 FEET;' THENCE LEAVING SAID SOUTHERLY
LINE 14ORTH07 04'8'!20' 11 , EAST'61.84 FEET; THENCE'NORTH .7 0007'52 " - WEST 247.82 FEET TO
THE TRUE POINT OF BEGINNING.
22343
CERTIFICATE OF ACCEPTANCE
I, Lori Anne Peoples, as Secretary and agent for Poway Redevelopment Agency
make the following certification on its behalf:
This is to certify that the interest in real property conveyed by the Grant Deed
-dated April°':1'8, 2003 from Aida Shihadeh, Grantor, to the Poway
Redevelopment. Agency, Grantee,, a political corporation and /or governmental agency,
is hereby accepted by the undersigned officer or agent on behalf of the Board of
Directors pursuant to authority conferred by Resolution No. R -87 -18 adopted on, July 21,
1987, and the grantee consents to recordation thereof by its duly authorized officer or
agent.
Dated: April 18, 2003
POWAY REDEVELOPMENT AGENCY
C :OATMescrow- purchase \Big Stone \certificate of acceptance- shihadeh.doc
REAL PROPERTY
REMEDIATION AGREEMENT
This Real. Property Remediation Agreement ( "Agreement') is made this 0 -hay of
October, 2003, by and.between the Poway Redevelopment Agency, a public body corporate and
politic ("Buyer") and Aida Shihadeh ("Seller"). The parties agree as follows:
RECITALS
A. Seller will convey title to Buyer of that certain property located at 12237 Old
Pomerado Road (. "the; Property") on or, before October 23, 2003 via Escrow No.
13071336 ( "Escrow ")'with Chicago Title ( "Escrow Holder ").
B. Buyer and Seller acknowledge that an underground gasoline storage tank was
identified on the Property and removed prior to close of escrow.
C. Buyer and Seller have:agreed that it is Seller's obligation to complete at its sole cost
and expense the environmental remediation of the Property by contract with
Environmental Business Solutions ( "EBS "), including the removal of the excavated
soil currently stockpiled on'the Property (the "Stockpile ") and in accordance with the
work plan approved.bythe County of San Diego: (the "Work Plan").
D. Buyer and Seller have.furtheragreed that, by copy of this Agreement or by separate
escrow instruction, whichever is acceptable to Escrow Holder, the sum of One
Hundred Twenty Five Thousand Dollars ($125,000) shall be withheld ( "Withheld
Funds ") from the proceeds of escrow otherwise due Seller at close of escrow, and that
the Withheld Funds shall:be delivered to Buyer by Escrow Holder at close of escrow
for deposit into a revolving fund and disbursement in accordance with this
Agreement.
AGREEMENT
1. Seller shall commence environmental remediation of the Property no, later than ten
(10) days after close of escrow, shall diligently pursue such remediation, and shall
complete on or beforeApril'23, 2004, the environmental remediation, of the Property
in accordance.with the Work Plan, all at Seller's'sole cost.and expense. Said deadline
shall be extended only if the Work Plan so dictates. Seller shall indemnify Buyer
from and against any and. all of the costs, liabilities, claims and causes of action that
may arise or be incurred in connection with the duty, to fully remediate the Property in
accordance with the Work Plan. Notwithstanding the intent of the parties that Seller
apply for reimbursement of some or all of such costs from the California
Underground Storage Tank Cleanup Fund (the "Cleariup Fund "), Seller shall bear the
entire cost of such remediation, whether or not Seller is, in fact, reimbursed. Buyer
will hold,, on behalf of Seller and in• an, interest bearing account with interest accruing
to Seller, the Withheld Funds. No part of the Withheld Funds shall be disbursed to
pay the claims of Ace Excavating for tank- removal: work performed prior to close of
escrow, which claims shall be paid by Seller from escrow proceeds at close of
escrow.
ReaI.Property RemediationPgreement •
Paget
2. Not later than three (3) working days.prior:to October 23; 2003; Seller shall contract
with EBS or other qualified firm approved in writing by Buyer for: the completion of
all necessary environmental remediation, including groundwater monitoring if
necessary, in accordance with the Work Plan, and shall provide Buyer's Assistant
Executive Director with a copy thereof Said contract with EBS or other qualified
firm shall provide for, the removal and lawful disposition of the Stockpile not later
than ten (10) days afterAhe close of escrow; the cost of which hall be paid from the
Withheld Funds: S h eller,shall deliver all information and documents to EBS required
by EBS to prepare'.a complete application to the' Cleanup Fund not later than three (3)
workingdays prior to 'October 23, 2003. Seller' shall , sign the application and cause
the same, to be filed . with the administrator of the Cleanup Fund within 48 of notice
from EBS'that the application is ready for signature..
3. Escrow Holder shall disburse the Withheld Funds to Buyer at close of escrow.
Escrow Holder shall ,have no liability or responsibility for the holding or
disbursement of the Withheld Funds by .Buyer; and .both parties unconditionally
release Escrow Holder from any liability in connection therewith.
4. Buyer shall hold „on behalf of,Seller and in an interest bearing account at ordinary
passbook ,savings rate with interest accruing to Seller, the Withheld Funds. The
Withheld Funds shall be the first monies applied to the cost of remediation of the
Property after close of escrow.
5. Buyer shall disburse to Seller the Withheld Funds for costs of remediation as incurred
and upon receipt by Buyer of proper invoice, including, if not previously paid, the
claims of EBS for 'its ^services in connection with tank removal and other remediation
work performed prior,to close of escrow. Within three (3) business days of receipt of
disbursed funds from Buyer, Seller shall pay such invoice(s) in the full amount of
disbursement for that, invoice (the "Payment Obligation "). Buyer shall apply for
reimbursement, on behalf of Buyer and Seller; to the Cleanup Fund for
reimbursement of all sums disbursed for remediation of the Property, except as
indicated in, Section 'I above. In the event that sums are reimbursed to Seller, such
sums shall be. redeposited by Seller to .the Withheld Funds within three (3) business
days of receipt by Seller (the "Redeposit Obligation ") until remediation is complete in
accordance with the Work Plan, including commencement of the groundwater
monitoring phase of remediation, if required. Buyer does not represent; or guaranty to
Seller that any 'reimbursement shall actually be approved by the Cleanup Fund.
Seller- shall not represent or guarantyr to any provider of.remediation services that
payment for such services is. either the obligation of or is guaranteed by Buyer.
6. The purpose of the Redeposit Obligation of Seller is to maintain the Withheld Funds
as a revolving fund with a' balance of as close toS125,000 as possible at all times. In
the event that reimbursement proceeds from the Cleanup Fund are not redeposited by
Seller in strict compliance with the Redeposit Obligation, or that Seller does not
strictly comply with the Payment Obligation, or in the event of any other material
0 0
breach hereof by Seller, Buyer.shall be uder no further obligation to forward checks
to:Seller for the payment of remediation work. Instead, Buyer may pay any invoices
for remediation work:directly out of the; Withheld Funds withoutahe.consent of Seller
and. without the obligation;to seek reimbursement from the Cleanup Fund, may make
demand(s), for payment of the Security, to pay for remediation work, may pursue any
other remedies against Seller as provided at, law or in equity, and shall. be entitled to
liquidated damages 9f3251'000 to defrayits�cost:of administering the work after such
default: The paitie§ understand that the direct payment by the Buyer may adversely
affect Seller's ability-to obtain reimbursement; from the Cleanup Fund. In order to
assure that direct payment is not mistakenly made based on a perceived default,
Buyer shall give written notice to Seller; and 'Seller's attorney or designated
representative, of any perceived default, and allow Buyer three (3) business days to
cure such,default.
7. In the. event that the icosts of remediation of the Property exceed the Withheld Funds
and any and all reimbursement(s) thereto, Seller shall be liable for the payment from
its own separate funds of all costs and claims' for completion of all environmental
remediation in accordance with the Work'Plan:, Buyer shall give written notice to
Seller of those,payments which need to be made directly and Seller shall pay those
amounts within thirty (30) days. If Seller fails to-pay those amounts within said 30
days, Buyer may make such payments and recover the amounts paid from the Seller.
S. In the event the Withheld Funds and reimbursements thereof exceed the cost of
remediation upon conclusion of remediation in accordance with the Work Plan and
full payment of all costs of remediation, Buyer shall disburse the balance of Withheld
Funds on hand to Seller. In the event that at any time: during the remediation work
the estimated cost of aft. necessary remaining environmental remediation work
required by the Work Plan is less than the Withheld Funds; Buyer shall disburse to
Seller the difference between the Withheld Funds and One Hundred -Fifty Percent
(1'50 %) of the estimated costs of completion.
9. In the event of any default by Seller, Buyer shall give written notice to Seller and
Seller's attorney or designated agent, and give Seller 5 business days to cure such
default.
10. Seller shall secure the performance.of all of iis,duties and obligations.hereunder with
a cash deposit; surety'bond, or letter of credit; deposited or issued prior to October.23,
2003, in favor of and.naming,Buyer as beneficiary of such security, in a form.and
issued or on deposit with. a bank, or surety approved in advance by Buyer (the
,security")., Said Security shall only be "released to Seller; if, and when, Seller has
completed all,environmental remediation in accordance with the Work Plan. In the
event of any breach of Seller's duties and obligations hereunder, Buyer shall have the
right to draw upon said Security, in whole or in part, without the consent of Seller,
and without.regard to any other remedy atlaw or in equity pursued by Buyer.
Real ;Property 'RemediationOgreement •
Page,4'
,IN,wITNESS WHEREOF, this Agreement has been executed by the parties effective as of the
date indicated above.
SIGNATURE SECTION ONLY
SELLER BUYER
ILN rFev.nSl,:l,j>?.�
04-0-A � OWnk_j
Poway Redevelopment Agency, a public
body, corporate and politic
By:
James''L. Bd rsox,
Executive Director
(Penny Riley, Deputy Exec. Director
for James L. Bowersox)