Partial Release and Termination of Agency Documents 2010-0524562Recording requested by:
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; bH1c TITLE COM r DO C # 201 0 - 0524562
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WHEN RECORDED MAIL TO: S 30 2010 3:59 PM
Redevel Ag ency OFFICIAL RECORDS
Poway P g Y
SAN DIEGO COUNTY RECORDER'S OFFICE
13325 Civic Center Drive DAVID L. BUTLER. COUNTY RECORDER
Poway, CA 92064 FEES: 45.00 WAYS: 2
Attn: Executive Director 2 4 9 PAGES: 6
N fee document pursuant to III�IIIIflI11111 Hill IIIII11111111111l111111 pill Pill 111111111II111II11111 oil IN
Government Code Section 27383
1 V 100 D 62 A
(SPACE ABOvE THIS LINE FOR RECORDERS USE)
PARTIAL RELEASE AND TERMINATION
OF
AGENCY DOCUMENTS
This Partial Release and Termination of Agency Documents (the "Release ") is entered
into as of Septembe 2010, by and between the Poway Redevelopment Agency, a public
body, corporate and politic (the "Agency"), and Pinnacle Realty of California, LLC, a California
limited liability corporation (the "Owner "), with reference to the following facts:
RECITALS
A. The Owner is purchasing certain real property located in the City of Poway,
County of San Diego, State of California, as more particularly described in Exhibit A (the
"Property")
B. The Agency and the Owner's predecessor -in- interest entered into that certain
unrecorded Disposition and Development Agreement dated as of November 4, 1997, as amended
by that certain First Amendment to Disposition and Development Agreement, Grant Deed and
Maintenance Agreement which was recorded against the Property in the Official Records of the
County of San Diego (the "Official Records ") on January 11, 2001, as Instrument No. 2001 -
0017566 (collectively the "Disposition Agreement").
C. The Agency executed that certain Grant Deed which was recorded against the
Property in the Official Records as Instrument No. 1998-0084 895 (the Grant Deed" ).\
D. The Disposition Agreement and the Grant Deed contain certain provisions that are
no longer applicable or are in conflict with the proposed redevelopment of the Property as
detailed in that certain Disposition an(poevelopment Agreement dated as of August 17, 2010 by
and between the Owner and the Agency (the "DDA" ).
E. In connection with the Owner's acquisition of the Property and redevelopment of
the Property by the Owner pursuant to the terms and restrictions of the DDA, the Agency and
Owner wish to terminate the Disposition Agreement and partially terminate specified provisions
1
1552 \10\867221.1
24099
of the Grant Deed, and to release the encumbrance of the Disposition Agreement and the
specified provisions of the Grant Deed from the Property.
NOW, THEREFORE, it is hereby declared and understood as follows:
1. The Agency and Owner hereby terminate the Disposition Agreement as
such document relates to the Property.
2. The Agency hereby terminates the following specified sections of the
Grant Deed as such sections relate to the Property:
a. "Section 3 Permitted Uses" is hereby terminated;
b. "Section 4 Restrictions on Transfer" is hereby terminated;
C. "Section 6 Failure to Complete Developer Improvements" is
hereby terminated;
d. "Section 7 Right of Agency to Cure Mortgage or Deed of Trust
Default" is hereby terminated;
e. "Section 8 Agency Option to Reacquire Site" is hereby terminated;
f. "Section 9 Power of Termination" is hereby terminated
(collectively the "Terminated Sections").
3. The encumbrance of the Disposition Agreement is hereby released from
the Property. The Terminated Sections of the Grant Deed are hereby released from the Property.
4. To the extent applicable, the Disposition Agreement and the Grant Deed
shall continue in full force against any other property subject thereto.
5. This Release may be signed in multiple counterparts, which, when signed
by both parties, shall constitute a binding agreement.
[Signature Page Follows]
2
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24100
IN WITNESS WHEREOF, the Agency and Owner have executed this Release as of the
date written above.
OWNER:
PINNACLE REALTY OF California, LLC, a
California invited liabil' company
By: (�2
Name: Troy Duhon
Its: p a w%'/
AGENCY:
POWAY REDEVELOPMENT AGENCY, a public
body co ate and politic
By:
= Di Its: t e
APPROVED AS TO FORM:
AGENCY GENERAL COUNSEL
Lisa Foster
APPROVED AS TO FORM:
GOLDFARB & LIPMAN LLP
Agency Special Counsel
By: ate[
1552 \10 \867221.1
Mar
SIGNATURES MUST BE NOTARIZED
3
E 24101
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F.ort .� 1 A n/ >a'
STATE OF )
- PQ1f'i' 15 Ze F��er sa �✓ )
OF S *N17EGO )
On 3 4 14,41,, 4-.7016 before me, t L G -e* 5 L� Notary
Public, personally appeared „/ who proved to me
on the basis of satisfactory evidence o be the persons) whose names) 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(s) acted, executed the instrument. LA
I certify UNDER PENALTY OF PERJURY under the laws of the State of Gsh€emin that
the foregoing paragraph is true and correct.
WITNESS my hand and official
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO
--casey
Commission
On Z 7, Z 0 // 0 me, -f/%L 1. S ,�ff //!��/ , Notary
Public, personally appeared yg /-- E')/ , who proved to me
on the basis of satisfactory evidence to be the personM whose name(i6 is/ab_ subscribed to the
within instrument and acknowledged to me that Ik/she /t> executed the same in *her /d*
authorized capacity(i *, and that by A�Vher /th)4 signature on the instrument the person o, 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.
PHYIUS SHINN E
Commission #t 1778898
Notary Public • California
Son Diego County
C0rrM kesNov9 2011 t No lic
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24102 .
LEGAL DESCRIPTION
A -1
1552XIo\867221.1
EXHIBIT "A"
Legal Description
Order No.: 73710000762
24103
For APN /Parcel ID(s): 317- 190-43 and 317- 190-44
PARCEL A:
THE NORTH 1.35 OACRES OF THE WEST 4 ACRES OF THE NORTHEAST QUARTER OF THE
SOUTHEAST QUARTER OF SECTION 13, 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.
EXCEPT THE NORTH 50 FEET.
ALSO EXCEPTING THAT PORTION CONVEYED TO THE CITY OF POWAY BY DEED RECORDED
OCTOBER 1, 1987, FILE NO. 87- 555826 OF OFFICIAL RECORDS.
PARCEL B:
PARCEL 1 OF PARCEL MAP NO. 15255 IN THE CITY OF POWAY, COUNTY OF SAN DIEGO,
STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF AS FILED IN THE OFFICE OF THE
COUNTY RECORDER OF SAN DIEGO COUNTY, JUNE 6, 1988.
EXCEPTING OIL, GAS, HYDROCARBON SUBSTANCES AND MINERALS OF EVERY KIND AND
CHARACTER LYING MORE THAN 500 FEET BELOW THE SURFACE, TOGETHER WITH THE
RIGHT
TO DRILL INTO, THROUGH, AND TO USE AND OCCUPY ALL PARTS OF THE SITE LYING MORE
THAN 500 FEET BELOW THE SURFACE THEREOF FOR ANY AND ALL PURPOSES INCIDENTAL
TO
THE EXPLORATION FOR AND PRODUCTION OF OIL, GAS, HYDROCARBON SUBSTANCES OR
MINERAL FROM SAID SITE OR OTHER LANDS, BUT WITHOUT, HOWEVER, ANY RIGHT TO USE
EITHER THE SURFACE OF THE SITE OR ANY PORTION THEREOF WITHIN 500 FEET OF THE
SURFACE FOR ANY PURPOSES OR PURPOSES WHATSOEVER, OR TO USE THE SITE IN SUCH
A
MANNER AS TO CREATE A DISTURBANCE TO THE USE OR ENJOYMENT OF THE SITE.
PARCEL B -I:
AN EASEMENT FOR INGRESS AND EGRESS, OVER, ALONG AND ACROSS THAT PORTION OF
PARCEL 2 OF SAID PARCEL MAP NO. 15255, IN THE CITY OF POWAY, COUNTY OF SAN
DIEGO, STATE OF CALIFORNIA, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN
DIEGO COUNTY, JUNE 6, 1988, DELINEATED AS "MUTUAL INGRESS AND EGRESS EASEMENT
RESERVED HEREON."
Exhibit Page - Commitment Legal
SSCORPD0286.doc /Updated: 06.08.10
Printed: 09.30.10 Q 07:26AM
CA -CT- 7737- 5821 - 73710000782