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'kJ1I : FIDELITY <br /> 6,,,,,,mmimmonnummimil <br /> ie <br /> � � �rr. <br /> .fl 1;III 1 <br /> • • • . <br /> 99. <br /> t'7'72525 <br /> WHEN RECORDED MAIL TO: <br /> RANCHO PALOS VERDES <br /> REDEVELOPMENT AGENCY <br /> 30940 Hawthorne Boulevard <br /> Rancho Palos Verdes,California 90275 <br /> Attn.:Cl<y Clerk <br /> Exempt from recording fees pursuant to Dov.Cod.Sec.6103 <br /> • 51-l4 <br /> ASSIGNMENT,ASSUMPTION AND CONSENT TO ASSIGNMENT OF CONSTRUCTION <br /> LOAN AGREEMENT,PROMISSORY NOTE,DEED OF TRUST,SECURITY AGREEMENT, <br /> CONTRACTS AND PLANS AND SPECIFICATIONS,AND OTHER AGREEMENTS <br /> &citalb <br /> A. RANCHO PALOS VERDES REDEVELOPMENT AGENCY,a <br /> Poblit body,corporate <br /> - and politic("Assignee")and the PORTUGUESE BEND CLUB HOMEOWNERS <br /> ASSOCIATION,a California corporation("Borrower"),are parties to an Owner <br /> Participation Agreement(the"OPA")dated as of March 18,1999,pursuant to which <br /> Assignee agreed to assist Borrower in the development of a sewer system on an easement <br /> on certain real property(the"Property")described in Exhibit A attached hereto and <br /> incorporated herein by this reference. <br /> • <br /> II/ B. As part of a restructuring of the transaction described in the OPA,concurrently herewith, <br /> BAY CITIES NATIONAL BANK,a national association("Assignor")and Borrower are • <br /> entering into a Construction Loan Agreement,providing for a loan of$750,000 to the <br /> Borrower to construct a sewer system on the Property. <br /> C. Assignee and Borrower desire to terminate the OPA and,in lieu thereof Assignor desires <br /> • <br /> to assign to Assignee,and Assignee desires to assume,Assignor's obligations and rights <br /> under the Construction Loan Agreement and all documents executed pursuant thereto. <br /> NOW,THEREFORE,the parties hereto agree as follows: <br /> 1. Assignee and Borrower hereby terminate the OPA. The OPA,and all documents to be <br /> executed and delivered pursuant to the OPA,arc void and of no further force or effect. <br /> 2. For value received,the Assignor hereby grants,assigns and transfers to Assignee the <br /> following: <br /> (a) All right,title and Interest under that certain Construction Loan Agreement of • <br /> even date herewith between Borrower and Assignor, . 1 <br /> concerning the improvement of a sewer system on <br /> the Property. <br />