Quitclaim Deed and Memorandum Regarding termination of Site Lease, Lease Agreement and Assignment Agreement 2010-0351254rJCs- 36 �6�
D O C # 2010-0351254
ing Requested By:
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FIRST AMERICAN 1 I 1 LE
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Recorded, requested by and
JUL 14, 2010 8:00 AM -
when recorded return to./
Mall r(ti� d�A> S
OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
DAVID
.
L. BUTLER, COUNTY RECORDER
City of Poway
FEES: 0.00 WAYS: 4
OC: AFNF
c/o Richards, Watson & Gershon,
PAGES: 10
A Professional Corporation
355 South Grand Avenue, 4011' Floor
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Los Angeles, California 90071
Attention: Debbie Cho, Esq. 1
D
5117 Ir d°I
Exempt from Recording Fees Pursuant to Gov. C. § 6103
Exempt from DTT pursuant to Rev.
& T.C. § 11922
1614
QUITCLAIM DEED AND
MEMORANDUM REGARDING TERMINATION OF
SITE LEASE, LEASE AGREEMENT AND ASSIGNMENT AGREEMENT
11 4
. This QUITCLAIM . DEED AND MEMORANDUM REGARDING
TERMINATION OF SITE LEASE, LEASE AGREEMENT AND ASSIGNMENT
AGREEMENT, dated July I, 2010 (this "Quitclaim and Memorandum Regarding
Termination "), is executed by the CITY OF POWAY, a municipal corporation, duly organized
and existing under the laws of the State of California (the "City "), the POWAY
REDEVELOPMENT AGENCY, a public body corporate and politic, duly organized and
existing under the laws of the State of California (the "Agency "), and U.S. 13ANK NATIONAL
ASSOCIATION, a national banking association duty organized and existing under and by virtue
of the laws of the United States of America ( "U.S. Bank "), as successor trustee under the
hereinafter mentioned 1995 Trust Agreement (in such capacity, the "Trustee").
RECITALS
A. The 1995 Refunding Certificates of Participation (City of Poway 1991
Capital Improvement Project — Poway Royal Mobilehomc Park) (the "1995 COPS ") were
executed and delivered pursuant to the Trust Agreement, dated as of September 1, 1995 (the
"1995 Trust Agreement "), by and among the City, the Agency and Bank of America National
Trust and Savings Association, as trustee, as succeeded by U.S. Bank Trust National
Association, as succeeded by U.S. Bank National Association, as Trustee.
B. In connection with the execution and delivery of the 1995 COPS, the City
and the Agency entered into'the following with respect to certain real property (including
improvements thereon, the "Site "): (i) the Site Lease, dated as of September I, 1995 (the "1995
Site Lease "), by and between the City, as the lessor, and the Agency, as the lessee, and (ii) the
Lease Agreement, dated as of September I, 1995 (the "1995 Lease Agreement "), by and between
the Agency, as the sublessor, and the City, as the sublessee.
1 1261.0008V1238258
C. A description of the Site is attached to the 1995 Site Lease and the 1995
Lease Agreement and is attached hereto as Exhibit A.
D. The 1995 CODs represent the undivided proportionate interest of the
owners thereof in the lease payments made by the City under the 1995 Lease Agreement with
respect to the Site.
E. Pursuant to the Assignment Agreement, dated as of September 1, 1995
(the "1995 Assignment Agreement "), the Agency assigned its rights to receive Lease Payments
and certain other rights and interest of the Agency in the 1995 Site Lease and the 1995 Lease
Agreement to the Trustee.
F. The 1995 Site Lease, the 1995 Lease Agreement and the 1995 Assignment
Agreement were recorded at the San Diego County Recorder's Office as Instrument No. 1995-
0420704, Instrument No. 1995- 0420705 and Instrument No. 1995 - 0420706 of the Official
Records, respectively.
G. Pursuant to Section 4.2 of the 1995 Lease Agreement, the 1995 Lease
Agreement terminates on the date that the 1995 COPS are no longer deemed outstanding (i.e.,
defeased) under the Trust Agreement, and pursuant to Section 901 of the Trust Agreement, such
a defeasance may be effected by a deposit of moneys with the Trustee in an amount which,
together with the other moneys in the funds and accounts held by the Trustee under the 1995
Trust Agreement, are sufficient to pay the principal and interest components of the 1995 COPS
and redeem all of the remaining 1995 COPS on the next redemption date.
1. The City, the Agency and the Trustee further agree that the 1995 Site
Lease shall terminate concurrently with the 1995 Lease Agreement.
Fl. Upon the termination of the 1995 Site Lease and the 1995 Lease
Agreement, the effect of the 1995 Assignment Agreement concurrently expires.
J. On the date hereof', the City has provided for the defeasance of all of the
remaining outstanding 1995 COPS, by causing a deposit of certain funds with the Trustee,
pursuant to the Escrow Agreement, dated as of July I, 2010 (the "1995 COPs Escrow
Agreement "), by and among the City, the Agency and U.S. Bank, in its capacity as Trustee and
Escrow Agent.
K. In connection with the provision for the defeasance of the remaining
outstanding 1995 COPS, the parties wish to record this Quitclaim and Memorandum Regarding
Termination.
NOW, THEREFORE, THE PARTIES HERETO ACKNOWLEDGE AND
AGREE AS FOLLOWS:
1. Concurrently with the deposit of moneys into the fund designated the
"Escrow Fund" established under the 1995 COPS Escrow Agreement on the date hereof. each of
the 1995 Site Lease, the 1995 Lease Agreement and the 1995 Assignment Agreement has been
terminated.
1 126L0008\1238258 2
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2. To the extent that the Agency and U.S. Bank, as Trustee, have any
remaining right, title and interest in the Site arising from the 1995 Trust Agreement, the 1995
Site Lease, the 1995 Lease Agreement, and the 1995 Assignment Agreement, each of the
Agency and U.S. Bank releases and quitclaims such rights, titles and interests to the City.
3. This Quitclaim and Memorandum Regarding Termination shall be
governed and construed by the laws of the State of California.
4. This Quitclaim and Memorandum Regarding Termination may be
executed in counterparts, and all such executed counterparts shall constitute the same instrument.
It shall be necessary to account for only one set of such counterparts in proving this Quitclaim
and Memorandum Regarding Termination.
[This Space Intentionally Left Blank, Signatures on the Next Page]
1126 1.0008\ 1238258 3
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IN WITNESS WHEREOF, the parties hereto have entered into this Quitclaim and
Memorandum Regarding Termination by their authorized signatories as of the date first written
above.
CITY OF POWAY
By
Don Higginson, ayor
ATTEST:
B
A' ye
POWAY REDEVELOPMENT AGENCY
By
Chairperson
APPROVED AS TO FORM:
By:
Print Name: Bruce Galloway
Richards, Watson & Gershon, City Special Counsel
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
By
1 1261.0008\1239258
Authorized Officer
1618
IN WITNESS WHEREOF, the parties hereto have entered into this Quitclaim and
Memorandum Regarding Termination by their authorized signatories as of the date first written
above.
ATTEST:
1Z
City Clerk
CITY OF POWAY
Al
Don Higginson, Mayor
POWAY REDEVELOPMENT AGENCY
M
Chairperson
APPROVED AS TO FORM:
By:
Print Name: Bruce Galloway
Richards, Watson & Gershon, City Special Counsel
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
Bylc
Authorized Officer
1 1261.0008V1238258 4
1619
STATE OF CA I ORNIA }ss.
COUNTY OF }
On before me, (hY►�Lleu C���ir�S
a notary pu ic, personally appeared 12CM
who proved to me on the basis of satisfactory evidence to be the person(a) whose name(s)(9 /mc
subscribed to the within instrument and acknowledged to me that(? /skeAhey executed the same in
its erA ra- authorized capacity(jcs4, and that by ii ' signaturck) on the instrument the
person( or the entity upon behalf of which the persons- 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
Y`
1 1261.0008V 1238258
1620
STATE OF CA IFQ IA }ss.
COUNTY OF }
On before me,
a notary public, personally appeared
who proved to me on the basis of satisfactory evidence to be the person whose name ispak
subscribed to the within instrument and acknowledged to me that *she /therX executed the same in
*her/Xr authorized capacity, and that by K/her /Xr signaturcj�Q on the instrument the
person(K or the entity upon behalf of which the person 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. LESLIE BICI OW&
- -
Q COFFIffnission «1797509
Notary Public - Cel#omia
Loa Angeles County
Signature Comm. Eg=y 5, 2011
11261.0008 \1238258
1621 A
EXHIBIT A
Description of the Site
Poway Royal Mobilehome Park with a total of 399 spaces, recreational and community
buildings, parking and storage lots, and landscaping located on the property described below:
THE LAND REFERRED TO HEREIN IS SITUATED IN THE STATE OF
CALIFORNIA, COUNTY OF SAN DIEGO, AND IS DESCRIBED AS FOLLOWS:
PARCEL 1:
ALL OF THE SOUTH HALF OF THE SOUTHWEST QUARTER OF SECTION 13,
TOWNSHIP 14 SOUTH, RANGE 2 WEST, SAN BERNARDINO MERIDIAN, IN THE
COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO THE OFFICIAL
PLAT THEREOF (INCLUDING THAT PORTION OF THE SOUTHWEST QUARTER OF
THE SOUTHWEST QUARTER OF SAID SECTION 13 KNOWN AS PARCEL "A" OF THE
MAP OF REVERSION TO ACREAGE OF A PORTION OF RUSS ESTATES UNIT NO. 2,
ACCORDING TO MAP THEREOF NO. 5027, FILED IN THE OFFICE OF THE COUNTY
RECORDER OF SAN DIEGO COUNTY, AUGUST 30, 1962.
EXCEPTING THEREFROM THAT PORTION OF THE SOUTHEAST QUARTER OF
THE SOUTHWEST QUARTER OF SECTION Li, LYING NORTHERLY AND
NORTHWESTERLY OF THE FOLLOWING DESCRIBED LINE:
COMMENCING AT THE SOUTHEAST CORNER OF THE SOUTHEAST QUARTER
OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 13;
THENCE ALONG THE EASTERLY LINE OF SAID SOUTHWEST QUARTER, NORTH
01 °54'40" EAST. 366.45 FEET TO THE CENTER LINE OF THE POWAY CREEK
CHANNEL AS LOCATED IN MARCH 1971; THENCE ALONG SAID CENTER LINE AS
FOLLOWS:
SOUTH 89 052'00" WEST. 115.28 FEET TO THE BEGINNING OF A TANGENT
115.28 FOOT RADIUS CURVE, CONCAVE SOUTHEASTERLY; SOUTHWESTERLY
ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 44 038'02" A
DISTANCE 01' 155.80 FEET AND TANGENT TO SAID CURVE SOUTH 45013'58" WEST.
213.31 FEET TO THE WESTERLY LINE OF TIE EASTERLY 400.00 FEET OF SAID
SOUTHEAST QUARTER OF THE NORTI - LEAS "T QUAR "TER OF THE SOUTHWEST
QUARTER AND BEING THE TRUE POINT OF BEGINNING; "TFIENCE CONTINUING
ALONG SAID CENTER LINE AS FOLLOWS:
SOUTH 45 013'58" WEST. 466.38 FEE "I TO TI -IE BEGINNING OF A TANGENT
250.00 FOOT RADIUS CURVE, CONCAVE NORTHWESTERLY: SOUTHWESTERLY
ALONG THE ARC OF SAID CURVE THROUGH I A CENTRAL ANGLE OF 44 038'02 ". A
DISTANCE OF 194.75 FEE "I' AND TANGENT TO SAID CURVE SOUTFI 89 052'00" WEST
443.00 FEET TO THE WESTERLY LINE OF THE SOUTHEAST QUARTER OF THE
SOUTHWEST QUARTER OF SECTION 13.
1 1261.0008V 1238258
ALSO EXCEPTING THEREFROM THAT PORTION OF THE SOUTHEAST
QUARTER OF THE SOUTHWEST QUARTER OF SECTION 13, TOWNSHIP 14 SOUTH,
RANGE 2 WEST, SAN BERNARDINO MERIDIAN, IN THE COUNTY OF SAN DIEGO,
STATE OF CALIFORNIA, ACCORDING TO THE OFFICIAL PLAT THEREOF LYING
SOUTHEASTERLY OF THE CENTER LINE OF ROAD SURVEY NO. 1587 -3 AS
DESCRIBED IN DEED TO COUNTY OF SAN DIEGO, RECORDED AUGUST 24, 1971 AS
FILE NO. 189667 OF OFFICIAL RECORDS.
ALSO EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE
COUNTY OF SAN DIEGO BY DEED RECORDED APRIL 13, 1976 AS FILE NO. 76- 108156
OF OFFICIAL RECORDS, DESCRIBED AS FOLLOWS:
BEGINNING AT A 3/4 INCH IRON PIPE MARKING THE NORTI-]EAST CORNER
OF SAID SOUTHWEST QUARTER OF THE SOUTHWEST' QUARTER OF SECTION 13,
ACCORDING TO RECORD OF SURVEY MAP NO. 4195; THENCE ALONG TI-IE
NORTHERLY LINE OF SAID SOUTHWEST QUARTER OF THE SOUTHWEST
QUARTER, NORTH 89 °09'25" WEST, 1,33834 FEET TO THE NORTHWEST CORNER OF
SAID SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER; THENCE SOUTH
00 °49'00" WEST, 868.18 FEET ALONG THE WESTERLY LINE OF SAID SECTION 13;
THENCE LEAVING SAID WESTERLY LINE, NORTH 77 °40'53" EAST, 17.97 FEET TO
'['HE BEGINNING OF A TANGENT 227.00 FOOT RADIUS CURVE, CONCAVE
NORTHWESTERLY; THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE,
THROUGH A CENTRAL ANGLE OF 41010-53)'% A DISTANCE OF 163.16 FEET; THENCE
TANGENT'FO SAID CURVE, NORTH 36 030'00" EAST, 20.31 FEET TO THE BEGINNING
OF A TANGENT 73.00 FOOT RADIUS CURVE, CONCAVE SOUTHEASTERLY; THENCE
NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL
ANGLE OF 30 004'00 ", A DISTANCE OF 38.31 FEET; THENCE TANGENT TO SAID
CURVE, NORTH 66 °34'00" EAST, 871.70 FEET "1.0 THE BEGINNING OF A TANGENT
373.00 FOOT RADIUS CURVE, CONCAVE SOUTHEASTERLY; THENCE
NORTHEASTERLY ALONG THE ARC OF SAID CURVE. THROUGH A CENTRAL
ANGLE OF 23 018'00" A DISTANCE OF 151.68 FEET; THENCE TANGENT TO SAID
CURVE, NORTH 89 °52'00" EAST, 201.86 FEET TO A POINT ON THE EASTERLY LINE
OF SAID SOUTHWEST QUARTER 01, THE SOUTHWEST QUARTER OF SECTION 13;
THENCE NORTH 01 021'50" EAST, ALONG SAID EASTERLY LINE. 340.14 FEET. MORE
OR LESS, "FO THE POINT 01, BEGINNING.
PARCEL 2:
AN EASEMENT AND RIGHT OF WAY FOR PUBLIC ROAD PURPOSES OVER
AND ACROSS THE WESTERLY 40.00 FEET OF TI -IE NORTHWEST QUARTER OF THE,
SOUTHEAST QUARTER AND THE WESTERLY 40.00 FEET OF "I Fll NORTHWEST
QUARTER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF
SECTION 13, TOWNSHIP 14 SOUTH. RANGE-) WEST, SAN BERNARDINO MERIDIAN,
IN THE COUNTY OF SAN DIEGO, STATE OF CALIFORNIA. ACCORDING TO
OFFICIAL PLAT THEREOF.
11261.0008 \1238258 2
1622
CERTIFICATE OF ACCEPTANCE
(California Government Code Section 2728 1)
This is to certify that interests in real property conveyed to or created in favor of the City
of Poway by that certain Quitclaim Deed and Memorandum Regarding Termination of Site
Lease, Lease .Agreement and Assignment Agreement dated July 12, 2010, executed by the City
of Poway, the Poway Redevelopment Agency, and U.S. Bank National Association, is hereby
accepted by the undersigned officer on behalf of the City of Poway pursuant to the authority
conferred by Resolution No. 10 -018 of the City Council of the City of Poway, adopted on May 4,
2010, and the grantee consents to recordation thereof by its duly authorized officer.
Dated: July 13, 2010
CITY OF POWAY
By
Pri
Tit
STATE OF CALIFORNIA )ss.
COUNTY OF }
On �j 1.00 before me, Pmww hhkoS
a notary pub ic, personally appeared �e(�() �� "Cu
who proved to me on the basis of satisfactory evidence to be the person(s� whose name(sl01 =
subscribed to the within instrument and acknowledged tome that her"sOlwy executed the same in
Tiis er ' authorized capacity(jes), and that by his/10heir-signatureKon the instrument the
person(o or the entity upon behalf of which the personKaeted, 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
1 - V*LL V COIUNS
CommRAon f 1787479
Signature
NO �c - �t�
U a ems DNpo Counly
Bepls0ee2A=
11261- 0008 \1245950v1.doc