Bay Cities National Bank and City of RPV and RPV Redevelopment Agency (OPA) 'kJ1I : FIDELITY
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WHEN RECORDED MAIL TO:
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
30940 Hawthorne Boulevard
Rancho Palos Verdes,California 90275
Attn.:Cl<y Clerk
Exempt from recording fees pursuant to Dov.Cod.Sec.6103
• 51-l4
ASSIGNMENT,ASSUMPTION AND CONSENT TO ASSIGNMENT OF CONSTRUCTION
LOAN AGREEMENT,PROMISSORY NOTE,DEED OF TRUST,SECURITY AGREEMENT,
CONTRACTS AND PLANS AND SPECIFICATIONS,AND OTHER AGREEMENTS
&citalb
A. RANCHO PALOS VERDES REDEVELOPMENT AGENCY,a
Poblit body,corporate
- and politic("Assignee")and the PORTUGUESE BEND CLUB HOMEOWNERS
ASSOCIATION,a California corporation("Borrower"),are parties to an Owner
Participation Agreement(the"OPA")dated as of March 18,1999,pursuant to which
Assignee agreed to assist Borrower in the development of a sewer system on an easement
on certain real property(the"Property")described in Exhibit A attached hereto and
incorporated herein by this reference.
•
II/ B. As part of a restructuring of the transaction described in the OPA,concurrently herewith,
BAY CITIES NATIONAL BANK,a national association("Assignor")and Borrower are •
entering into a Construction Loan Agreement,providing for a loan of$750,000 to the
Borrower to construct a sewer system on the Property.
C. Assignee and Borrower desire to terminate the OPA and,in lieu thereof Assignor desires
•
to assign to Assignee,and Assignee desires to assume,Assignor's obligations and rights
under the Construction Loan Agreement and all documents executed pursuant thereto.
NOW,THEREFORE,the parties hereto agree as follows:
1. Assignee and Borrower hereby terminate the OPA. The OPA,and all documents to be
executed and delivered pursuant to the OPA,arc void and of no further force or effect.
2. For value received,the Assignor hereby grants,assigns and transfers to Assignee the
following:
(a) All right,title and Interest under that certain Construction Loan Agreement of •
even date herewith between Borrower and Assignor, . 1
concerning the improvement of a sewer system on
the Property.
1111
WHEN RECORDED MAIL TO:
1111/ RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
30940 Hawthorne Boulevard
Rancho Palos Verdes, California 90275
Attn.: City Clerk
Exempt from recording fees pursuant to Gov. Cod. Sec. 6103
ASSIGNMENT,ASSUMPTION AND CONSENT TO ASSIGNMENT OF CONSTRUCTION
LOAN AGREEMENT, PROMISSORY NOTE, DEED OF TRUST, SECURITY AGREEMENT,
CONTRACTS AND PLANS AND SPECIFICATIONS,AND OTHER AGREEMENTS
Recitals
A. RANCHO PALOS VERDES REDEVELOPMENT AGENCY, a public body, corporate
and politic ("Assignee")and the PORTUGUESE BEND CLUB HOMEOWNERS
ASSOCIATION, a California corporation("Borrower"), are parties to an Owner
Participation Agreement(the "OPA") dated as of March 18, 1999, pursuant to which
Assignee agreed to assist Borrower in the development of a sewer system on an easement
on certain real property(the "Property") described in Exhibit A attached hereto and
411111 incorporated herein by this reference.
B. As part of a restructuring of the transaction described in the OPA, concurrently herewith,
BAY CITIES NATIONAL BANK, a national association("Assignor") and Borrower are
entering into a Construction Loan Agreement, providing for a loan of$750,000 to the
Borrower to construct a sewer system on the Property.
C. Assignee and Borrower desire to terminate the OPA and, in lieu thereof, Assignor desires
to assign to Assignee,and Assignee desires to assume, Assignor's obligations and rights
under the Construction Loan Agreement and all documents executed pursuant thereto.
NOW, THEREFORE,the parties hereto agree as follows:
1. Assignee and Borrower hereby terminate the OPA. The OPA, and all documents to be
executed and delivered pursuant to the OPA, are void and of no further force or effect.
2. For value received,the Assignor hereby grants, assigns and transfers to Assignee the
following:
(a) All right, title and interest under that certain Construction Loan Agreement of
even date herewith between Borrower and Assignor,concerning the improvement of a sewer system on
the Property.
(b) All beneficial interest under that certain Deed of Trust of even date herewith
executed by Borrower, as Trustor, Fidelity National Title Company, as Trustee, in favor of Assignor, as
Beneficiary, and recorded concurrently herewith, affecting the Property,together with the promissory
note therein described or referred to,the money due and to become due thereon with interest,the
Security Agreement executed pursuant to such Construction Loan Agreement, and all rights accrued or
to accrue under said Deed of Trust, said promissory note, and said Security Agreement.
(c) All rights under the Assignment of Contracts and Plans and Specifications of even
date herewith between Borrower and Assignor.
3. Assignee hereby assumes and agrees to perform all obligations of Assignor arising under
such notes, instruments, and agreements, and agrees to indemnify, defend and hold Assignor harmless
from any costs, claims, losses or liabilities arising from Assignee's failure to perform such obligations.
4. By its execution hereof, Borrower consents to the above assignments and assumptions
and hereby releases Bay Cities National Bank(Assignor herein) from the obligations of the above
described notes, instruments, and agreements, and agrees to attorn to and recognize the Rancho Palos
Verdes Redevelopment Agency (Assignee herein) as having succeeded to all right, title and interest of
Bay Cities National Bank in and to such notes, instruments and agreements.
5. In exercising and enforcing its rights under the Construction Loan Agreement, the
Rancho Palos Verdes Redevelopment Agency(Assignee herein)hereby designates its Executive
Director to act on its behalf, including the right to make such modifications to the Construction Loan
Agreement and instruments to delivered thereunder as are reasonably required to implement its material
terms.
6. For purposes of paragraph 20 of the Construction Loan Agreement, Assignee's address
for notices shall be:
RANCHO PALOS VERDES REDEVELOPMENT AGENCY
30940 Hawthorne Boulevard
Rancho Palos Verdes, California 90275
Attn.: Executive Director
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•
• IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as of the
AugustZ�, 1999
Assignor: Assignee:
BAY CITIES NATIONAL BANK,a national RANCHO PALOS VERDES
association REDEVELOPMENT AGENCY, a public body,
corporate and politic
By: ettX4(1
Cathy Allen, :ft& I___1lLiIv4l
President, CEO and Secretary Cha' person
Attest:
, /
Secretary
Borrower:
• PORTUGUESE BEND CLUB HOMEOWNERS
ASSOCIATION, a California corporation
By. 11‘"
110-04r—al
President
By: Al /5
Secretary
110
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110 SANITARY SEWER EASEMENT
(LOT 81-LA)
THAT PORTION OF LOT 81-LA AS PROVIDED IN THE CERTIFICATE OF COMPLIANCE RECORDED
DECEMBER 12, 1986 AS INSTRUMENT NO. 86-1728234 IN THE OFFICIAL RECORDS OF TIE OFFICE OF
THE COUNTY RECORDER OF THE COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, DESCRIBED
AS FOLLOWS:
THE SOUTHWESTERLY 5.00 FEET OF SAID LOT 81-LA.
DV-08/10/99
JN: 26.11
5
cat
Litti
14
SANITARY SEWER EASEMENT
(LOT 100)
A 5.00 FOOT STRIP OF LAND BEING THAT PORTION OF LOT 100 OF L.A.C.A. MAP#64, IN THE CITY
OF RANCHO PALOS VERDES, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP
FILED IN BOOK 1, PAGES 12 THROUGH 16, INCLUSIVE OF ASSESSOR'S MAPS, IN THE OFFICE OF
THE COUNTY RECORDER OF SAID COUNTY, THE SIDELINE OF SAID STRIP LYING 5.00 FEET
SOUTHEASTERLY MEASURED AT RIGHT ANGLES FROM THE FOLLOWING DESCRIBED LINE:
BEGINNING AT THE WESTERLY CORNER OF SAID LOT 100;THENCE NORTHEASTERLY ALONG THE
NORTHWESTERLY LINE OF SAID LOT 100,NORTH 65° 14'55"EAST A DISTANCE OF 65.00 FEET,SAID
SIDELINE TO BE FORESHORTENED SO AS TO TER :NATE AT THE WEST LINE OF SAID LOT 100.
DV-08/10/99
IN: 26.11
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SANITARY SEWER EASEMENT
(LOT 122-LA)
THAT PORTION OF LOT 122-LA AS PROVIDED IN THE CERTIFICATE OF COMPLIANCE RECORDED
JANUARY 13, 1987 AS INSTRUMENT NO. 87-48066 IN THE OFFICIAL RECORDS OF THE OFFICE OF
THE COUNTY RECORDER OF THE COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, DESCRIBED
AS FOLLOWS:
THE MOST NORTHWESTERLY 8.00 FEET OF SAID LOT 122-LA.
E
DV-08/10/99
110 JN: 26.11
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E.012)
SANITARY SEWER EASEMENT
(LOT 202)
A STRIP OF LAND 5.00 FEET WIDE LYING WITHIN LOT 202 OF L.A.C.A. MAP #64, IN THE CITY OF
RANCHO PALOS VERDES, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP FILED
IN BOOK 1, PAGES 12 THROUGH 16 INCLUSIVE, OF ASSESSOR'S MAP, IN THE OFFICE OF THE
COUNTY RECORDER OF SAID COUNTY, THE SIDELINES OF SAID STRIP BEING 2.50 FEET,
MEASURED AT RIGHT ANGLES FROM THE FOLLOWING DESCRIBED CENTERLINE:
BEGINNING AT THE SOUTHERLY CORNER OF LOT 83 OF SAID MAP, SAID CORNER BEING IN THE
WESTERLY LINE OF SPINDRIFT ROAD (PRIVATE STREET) AS SHOWN ON SAID MAP ON A CURVE
CONCAVE EASTERLY HAVING A RADIUS OF 40.00 FEET, A RADIAL LINE TO SAID CORNER
BEARING NORTH 84° 41' 27" WEST; THENCE SOUTHERLY ALONG SAID CURVE THROUGH A
CENTRAL ANGLE OF 36° 10' 01" FOR AN ARC DISTANCE OF 25.25 FEET TO THE TRUE POINT OF
BEGINNING; THENCE SOUTH 23° 51' 02" WEST A DISTANCE OF 30.57 FEET TO THE SOUTHERLY
LINE OF SAID LOT 202, SAID SOUTHERLY LINE ALSO BEING THE NORTHERLY LINE OF SEASCAPE
ROAD (PRIVATE STREET), 20.00 FEET WIDE, AS SHOWN ON SAID MAP, THE SIDELINES OF SAID
STRIP SHALL BE PROLONGATED OR FORESHORTENED SO AS TO TERMINATE AT THE LINES OF
SAID LOT 202.
DV-08/10/99
JN: 26.11
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, personally own to me (or proved to me on the basis of
satisfactory evidence)to be the person(s)whose name(s)&are subscribed to the within instrument and
acknowledged to me that they executed the same in their authorized capacity(ies), and that
by hishherkheir signature(s) on the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
,, IRIS F LISSOM
WITNESS my hand and official seal. ,+ commissionto�a8�
M-�1 �,..'ti,-�� Notary Pubic—
N.---5,2 ,, os Angeles County
11 0 My Coma.Expires Feb 4,2000
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State of California }
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On g , 19 99, before meg/Mai/007 D'eE4-!iglotary Public,
ersonall appeare_f_d 7
p Y pp LL64) -."
, personally known to me (oryrovedtome on the bas s.a
satisfactory evidence)to be the person( 'whose name subscribed to the within instrument and
acknow -dged to me that itetOthArexecuted the same in Nsialitheir authorized capacity(*); and that
by ..0).Ise signature(grOn the instrument the person(rror the entity upon behalf of which the
person acted, executed the instrument.
WITNESS my hand and official seal.
...-:,,, CARO!YN J.DRENON
/
;-c *.Z_ Commission# 1191887
Signature
_: 7: Notary Public-California I
. -uyj Los Angeles County
My Comm.Expires AugI,2002
(seal)
111
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State of California }
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On 3 , 19�'9', before me, 54v4 f ?.DiwAr , a Notary Public,
personally appeared o,& / 1.o 1/'n sro o 1r`L.�--.1%._,.
, se .: a y own to m- 'e r proved to me on the basis of
satisfactory evidence)to be the personkej-whose name I.re subscribed to the within instrument and
acknowledged to me that/she/thep-executed the same i 0-- /their authorized capacity(ies), and that
by i /her/their signature(isron the instrument the person(;or the entity upon behalf of which the
person(s)acted, executed the instrument.
WITNESS my hand and official seal.
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Signature a e./
(seal)
1 "` SARA FERDMAN
.- y' ' T.= : Commission#1144412 z
a _ ;1 NotaryPublic—California
4110 los Angeles County
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