Third Amendment to Development Agreement 1996-0367948C ` 4
ti
• 1
# 1996-0367948
23—JUL-1996 09:20 t i
RECORDING REQUESTED BY:
City of Poway
WHEN RECORDED, MAIL TO
City Clerk
City of Poway
P.O. Box 789
Poway, CA 92074
818
OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
GREGORY SMITH, COUNIY RECORDER
RF'. 7.00 FEES= 13.00
AF: 5.00
"1F = 1.00
No Transfer Tax Due (This space for Recorder's use)
THIRD AMENDMENT TO DEVELOPMENT AGREEMENT
AMENDING RECORDED DOCUMENT 095- 0303548 - RECORDED 7 -18 -95
This Third Amendment to Development Agreement ( "Third
Amendment ") is made and entered into as of June H, 1996, by and between the CITY OF
POWAY, a municipal corporation organized and existing under the laws of the State of
California ( "City "), and ENVIRONMENTAL DEVELOPMENT, LTD., a California limited
partnership ( "Developer ") with reference to the following facts:
A. Development Agreement. The City and the Developer entered into a
Development Agreement ( "Development Agreement ") dated November 27, 1990, which
provided for the development of certain property in the City known as the Old Coach Golf
Estates ( "Old Coach project "). On August 25, 1992, the City and the Developer entered into
a First Amendment to Development Agreement ( "First Amendment "). On July 11, 1995, the
City and the Developer entered into a Second Amendment to Development Agreement
( "Second Amendment ").
B. Purpose of Amendment. The City and the Developer desire to amend
certain paragraphs in the Development Agreement and First Amendment which require
Developer to pay a $254,870.00 mitigation payment, .plus accrued interest on the principal at
the rate of eight percent (8%) per year commencing on August 25, 1992, upon the receipt of
a grading permit for the Old Coach project.
NOW, THEREFORE, with reference to the foregoing recitals and in
consideration of the mutual promises, obligations, and covenants herein contained, the City
and the Developer agree as follows:
1. Paragraph 3.7 of the Development Agreement and Paragraph 1 of the
First Amendment are hereby amended to read as follows:
The Developer and its successors in interest agree that
Developer will pay the sum of $167,365.00 to the City on or
SD 175 \envdev \third3. amd
819 6
before July 25, 1996, which represents one half of the required
$254,870.00 payment plus accrued interest as described in
Recital B of this Third Amendment. On the earlier of July 25,
1997, or the receipt of a grading permit for Parcel 3 or Parcel 4
of the Old Coach project, the Developer and its successors in
interest agree that Developer will pay the sum of $127,435.00,
plus accrued interest on that amount at the rate of eight percent
(8%) per year commencing on August 25, 1992.
2. Except as amended hereby, all terms and conditions of the Development
Agreement, as amended by the First Amendment and Second Amendment, shall remain in
full force and effect.
IN WITNESS WHEREOF, the undersigned have executed. this Second
Amendment as of the day and year first above written.
"City" CITY OF POWAY
By.
Don L. Higgi s M or of
the City of Poway
ATTEST:
Marjorie K. Wahlsten,
City Clerk
APPROVED AS TO FORM:
Stephen M. Eckis.
City Attorney
"Developer" ENVIRONMENTAL DEVELOPMENT,
LTD., a California limited
partnership
By: Planned Real Estate
Investments, Inc. a
California Corporation,
general partner -1
By: Bruce E. E. Tabb,
President
SD175 \envdev \third3.amd 2
CALIFORNIA ALL- PURPOACKNOWLEDGMENT 820
State of r7�
County of
On before me, �O r111 9*43AEVI
Date Name and Title of Officer (e.g., "Jane Doe, Notary P blic ")
�/
personally appeared ��u �' '- b
Name(s) of Signer(s)
❑ personally known to me — OR — ❑ proved 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 signature(s) on the instrument the person(s),
or the entity upon behalf of which the person(s) acted,
j "MWWPUBW -CSI POFINA
– le executed the instrument.
My Commission Exp, Oct. 21, 1997
WITNESS my hand and official seal.
Sign ure of Notary Public
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent
fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document:
Document Date:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer's Name:
i
Individual
Corporate Officer
Title(s):
Partner — ❑ Limited ❑ General
Attorney -in -Fact
Trustee
Guardian or Conservator
Other:
Signer Is Representing
RIGHT THUMBPRINT
OF SIGNER
••
Signer's Name:
1
Number of Pages:
Individual
Corporate Officer
Title(s):
Partner — ❑ Limited ❑ General
Attorney -in -Fact
Trustee
Guardian or Conservator
Other:
Signer Is Representing-
RIGHT THUMBPRINT
OF SIGNER
of
0 1994 National Notary Association • 8236 Remmet Ave., P.O. Box 7184 • Canoga Park, CA 91309 -7184 Prod. No. 5907 Reorder: Call Toll -Free 1- 800 - 876 -6827