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HomeMy WebLinkAboutContract 1697 n f g pie4,„ Hc# c2a4--p 1 PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS BETWEEN THE CITY OF CATHEDRAL CITY, a municipal corporation,as HOUSING SUCCESSOR to THE REDEVELOPMENT AGENCY OF THE CITY OF CATHEDRAL CITY, a public body corporate and politic • ("SELLER") AND TRI-MILLENNIUM CATHEDRAL CITY, LLC, a California limited liability company ("BUYER") C1002-004-1345137 1 TABLE OF CONTENTS 1. Purchase and Sale 1 2. Purchase Price 1 3. Escrow 2 4. Due Diligence Period 2 5. Title Review 3 6. Survey 3 7. Title Policy and Deed 4 8. Existing Tenant 4 9. Inspection 4 10. Buyer's Default 5 11. Seller's Default 5 12. Brokers 5 13. AS IS Condition 6 14. Release 6 15. Seller's Representations and Warranties 7 16. Buyer's Representations and Warranties 7 17. Bill of Sale and Assignment of Contracts. 7 18. Notices 8 19. Conditions of Closing 8 20. Closing 8 21. Closing Costs 9 22. Prorations 9 23. Time of Essence 9 24. Assignment 9 25. Attorneys' Fees 9 26. Cooperation 9 27. Interpretation/Forum/Venue 9 28. Successors and Assigns 9 29. Severability 10 30. Counterparts 10 31. Survival 10 AWL , C1002-004-13451 MI I 32. Withholding Requirements 10 33. Dates of Performance 10 34. Integration 10 35. Effective Date 10 TABLE OF EXHIBITS Legal Description of the Land Exhibit"A" Grant Deed Exhibit`B" Form of Bill of Sale Exhibit"C" 2 �'C11C ii 01002-004-13451$7i PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS This Purchase and Sale Agreement and Joint Escrow Instructions("Agreement")is dated as of this 10th day of April,2014("Effective Date")by and between The City of Cathedral City, a municipal corporation, as Housing Successor to The Redevelopment Agency of the City of Cathedral City, a public body, corporate and politic ("Seller"), and Tri-Millennium Cathedral City, LLC, a California limited liability company ("Buyer"). Hereafter, Buyer and Seller are sometimes individually referred to as a"Party,"and collectively as the"Parties." RECITALS WHEREAS, Seller owns an approximately 21,868 square foot parcel of real property, located in the City of Cathedral City, County of Riverside, State of California, as more particularly described in Exhibit"A", attached hereto and incorporated herein by this reference ("Land"); WHEREAS, the Land is improved with an approximately 3,339 square foot building, which building, together with the Land and those certain intangibles and other property rights described in the Bill of Sale (as defined in Section 17, below), will collectively be referred to hereafter as the"Property"; WHEREAS,Buyer desires to purchase the Property from Seller and Seller desires to sell the Property to Buyer,on the terms and conditions contained in this Agreement;and WHEREAS,the Parties desire to enter into this Agreement to memorialize the terms and conditions upon which Seller will sell,and Buyer will purchase,the Property. OPERATIVE PROVISIONS NOW, THEREFORE, in consideration of the foregoing Recitals, which Recitals are incorporated herein by this reference, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the mutual covenants contained herein,the Parties agree as follows: 1. Purchase and Sale. Buyer will purchase the Property from Seller and Seller will sell the Property to Buyer, subject to the terms, conditions and covenants contained in this Agreement. 2. Purchase Price. The purchase price for the Property will be the fixed sum of Fifty-Eight Thousand Dollars($58,000)("Purchase Price"),which is not adjustable if the actual land size is more or less than that set out in the Recitals. The Purchase Price will be payable as follows: (a) Five Thousand Dollars ($5,000) ("Deposit") will be delivered to Escrow Holder (as defined in Section 3, below) within five (5) business days after the Effective 1 ci �� . 01111117 Date of this Agreement, to be held in an interest-bearing escrow account with interest accruing to Buyer (or to Seller in the event Buyer fails to complete the acquisition of the Property as a result of Buyer's default and the Deposit is released to Seller as liquidated damages pursuant to Section 10,below);and (b) The balance of the Purchase Price, plus Buyer's share of all escrow costs and any other costs required to be paid by Buyer hereunder,will be deposited with Escrow Holder at least one (1) day prior to the Closing Date (as defined in Section 3, below) by cash, certified check or federal wire transfer of immediately available federal funds. 3. Escrow. Within two (2) days after this Agreement is executed by both Parties, Seller will open an escrow("Escrow")with First American Title Insurance Company,Attention: Peggy Sue Lane, 74-770 Highway 111, Suite 101, Indian Wells, California 92210 ("Escrow Holder" and "Title Company"), by delivering a fully-executed copy of this Agreement to Escrow Holder. This Agreement will constitute escrow instructions. If required by Escrow Holder, Seller and Buyer will execute any standard escrow instructions required by Escrow Holder, provided that, in the event of any inconsistency between such escrow instructions and this Agreement,this Agreement will control, notwithstanding the fact that either Party may have intentionally or inadvertently executed such inconsistent instructions. Escrow fees will be subject to the review and commercially reasonable approval of Buyer and Seller and shared in the manner provided herein. The "Close of Escrow", "Closing Date" or the "Closing"will be the date the Deed(as defined in Section 7,below)is recorded. 4. Due Diligence Period. For the first sixty(60)following the Effective Date("Due Diligence Period"), Buyer will have the right to review and approve or disapprove the matters set forth below,and Buyer's obligations hereunder will be conditioned upon Buyer's approval of such matters, in its sole and absolute discretion. If Buyer approves of such matters, Buyer will provide written notice of such approval to Seller and Escrow Holder ("Approval Notice"). If Buyer disapproves of such matters, Buyer will provide written notice of such disapproval to Seller and Escrow Holder ("Disapproval Notice"), in which event the Deposit and all accrued interest will be refunded to Buyer,this Agreement will terminate,and neither Party will have any further rights or obligations hereunder (except for those obligations which expressly survive the termination of this Agreement). In the event that Buyer fails to provide a Disapproval Notice or otherwise terminate this Agreement on or before the expiration of the Due Diligence Period, Buyer will be deemed to have provided an Approval Notice as set forth hereinabove, in which event this Agreement will continue in full force and effect, and the Deposit (together with all accrued interest)will immediately become nonrefundable,but applicable to the Purchase Price. The matters subject to Buyer's approval during the Due Diligence Period include, without limitation: (a) A review of the condition of title to the Property; (b) The physical condition of the Property disclosed by Buyer's own non-invasive inspections of the Property;and I �� 2 C1002-004-1345167.1 (c) The economic viability and suitability of the Property for Buyer's intended use thereof;and (d) A review of copies of documents and materials pertaining to the Property (to the extent the same are in Seller's(or its agents')reasonable possession or control). 5. Title Review. Within ten (10) days of the Effective Date, Escrow Holder will cause a title commitment for a CLTA Standard Owner's Title Commitment ("Commitment") with respect to the Property to be issued by the Title Company, together with copies of all instruments, if any, referred to in the Commitment as exceptions to title (collectively, "Underlying Documents"). The Commitment will also contain the Title Company's commitment to issue such California Land Title Association endorsements (collectively,"CLTA Endorsements") to the Policy (as defined in Section 7, below) as Buyer or its lender will require. If Buyer objects to any matters disclosed in the Commitment (and any survey Buyer elects to obtain pursuant to Section 6, below), Buyer will notify Seller, in writing, of such disapproved matters and Buyer's required cure therefor within thirty(30)days following Buyer's receipt of both the Commitment and the Underlying Documents ("Title Objection Notice"). Seller will then have the option, in Seller's sole and absolute discretion, to elect to either: (a) cure some or all of Buyer's disapproved matters as required by Buyer's Title Objection Notice, or(b)not to cure such disapproved matters,by providing written notice of such election to Buyer within ten (10) business days following receipt of the Title Objection Notice ("Response Period"). Seller's failure to respond to the Title Objection Notice prior to the expiration of the Response Period will be deemed Seller's election not to cure such disapproved matters. If Seller elects (or is deemed to have elected) not to cure the disapproved matters, then Buyer will have the option, exercisable by written notice to Seller received no later than ten (10) business days following the Response Period, to either accept the status of title subject to such disapproved matters and proceed with this Agreement, or to provide Seller and Escrow Holder with written notice of termination, in which event the Deposit will be returned to Buyer, and neither Party will have any further rights or obligations hereunder. Buyer's failure to give written notice of its election within the foregoing time period will be deemed Buyer's election to accept the status of title and proceed with this Agreement. 6. Survey. Buyer, at its sole cost and expense and at its discretion, may obtain a survey of the Land, prepared by a registered surveyor licensed in the State of California, which survey will delineate and monument the exact boundary lines of the Land ("Survey"). The Survey will (a) depict the location of all easements and rights-of-way, buildings and other improvements, encroachments and other matters; and (b) reflect the exact square footage of the Land, together with a metes and bounds description of the Land. To the extent said metes and bounds description differs from that reflected on Exhibit "A" hereto, such metes and bounds description will be substituted in place of the legal description currently set forth in Exhibit"A" and thereafter, will (x) become a part of this Agreement without the necessity of any further action by any party hereto,and(y)be used as the legal description for the Land in the"Deed"(as defined in Section 7, below). In the event Buyer elects not to obtain a Survey, then the legal description of the Land set forth in Exhibit"A" will be confirmed by the Escrow Holder during Escrow. 3 �, �I C1002.004-1345187.1 7. Title Policy and Deed. At the Closing, Seller will convey to Buyer good and marketable title to the Property by grant deed in substantially the form of Exhibit "B" attached hereto and incorporated herein by this reference ("Deed"), which Deed reflects the same nondiscrimination and affordable housing covenants (collectively, "Deed Restrictions") which were contained in the deed from Seller to Buyer when Buyer purchased the 12.75-acre parcel adjacent to the Property from Seller in 2012 ("Adjacent Property"). Seller's conveyance of the Property to Buyer at the Closing will be free and clear of all encumbrances, tenants, and other occupants, with the exception of the "Permitted Exceptions," which, for purposes of this Agreement, "Permitted Exceptions" will include: (a) the standard exceptions to coverage contained in the Policy (defined hereinbelow) not endorsed-over; (b) taxes not yet due and payable; (c) all exceptions shown on the Commitment or any supplemental report, other than those exceptions, if any, which Seller has eliminated or cured in accordance with Section 5, above; (d) any exceptions resulting from Buyer's entry upon the Property or otherwise created at the direction of Buyer; (e) all other exceptions approved (or deemed approved) by Buyer during the Due Diligence Period or otherwise approved in writing by Buyer prior to the Close of Escrow; (f) the Deed Restrictions; and (g) the existing Tenant (as defined in Section 8, below). At the Closing, Buyer(at its election), will also be able to obtain an ALTA Extended Coverage Title Insurance Policy("Policy") issued by the Title Company, insuring marketable title to Buyer and containing no exceptions or conditions other than the Permitted Exceptions, and containing the CLTA Endorsements which Buyer or its lender will require. Seller will pay the cost of the CLTA standard coverage portion of the Policy, and Buyer will pay the difference in the cost of a CLTA standard coverage policy and an ALTA extended coverage policy, plus the cost of any CLTA Endorsements which Buyer elects to obtain. 8. Existing Tenant. The Property is currently subject to a month-to-month lease ("Lease"), which Lease Seller will terminate prior to the Closing. Seller will also use commercially reasonable efforts to cause the existing tenant under the Lease ("Tenant") to vacate the Property on or before the Closing Date. In the event that Seller is unable to cause the Tenant to vacate the Property on or before the Closing Date,then, concurrent with the Close of Escrow, Seller will assign its rights under the Lease to Buyer, and Buyer will take the Property subject to the Lease. In that regard, Buyer acknowledges and agrees that, until the Close of Escrow,any and all rental income paid by the Tenant pursuant to the Lease will belong to Seller. 9. Inspection. During the Due Diligence Period, and following Seller's prior written but reasonable consent, Buyer(at Buyer's sole cost)will have the right to enter upon the Property for the purpose of conducting certain non-invasive inspections and tests as would normally be expected to be performed by a prudent prospective Buyer. Prior to entry upon the Property, Buyer and its consultants will provide Seller with copies of certificates of insurance evidencing comprehensive general liability insurance policies (naming Seller as an additional insured)with limits not less than One Million and No/100 Dollars($1,000,000.00),and issued by insurance companies authorized to issue insurance in the State of California which carry an AM Best rating of A-VII or better. Buyer will at all times conduct its inspections in a manner so as to not cause liability, damage, lien, loss, cost or expense to Seller or the Property. Buyer will indemnify and hold Seller harmless from and against any and all liabilities, damages, losses, costs,expenses,claims and liens arising out of any act or failure to act of Buyer or its authorized agents as a result of their respective activities on the Property. Buyer will in all events promptly return the Property to, as near as possible, its condition and repair prior to the inspections. Seller 4 `�'�Stgl C100i-0W-1743 . / will have the right, at its option, to cause a representative of Seller to be present at all inspections, reviews and examinations conducted hereunder. In the event of Buyer's default under this Agreement, and in addition to Seller's rights under Section 10 of this Agreement, Buyer will provide Seller(at no cost to Seller) with copies of any written reports relating to the Property prepared for or on behalf of Buyer by any third party, without representation or warranty as to accuracy or completeness. In the event of any termination of this Agreement, Buyer will return all documents and other materials furnished by Seller hereunder (and destroy any copies thereof made by Buyer or its agents or representatives). 10. Buyer's Default. IF BUYER DEFAULTS UNDER THIS AGREEMENT, PROVIDED SELLER IS NOT ITSELF IN DEFAULT, SELLER WILL BE RELEASED FROM ANY OBLIGATION TO SELL THE PROPERTY TO BUYER, BUT SELLER, BY INITIALING THIS SECTION, WILL HAVE RELEASED BUYER FROM ANY CLAIMS OR CAUSES OF ACTION ARISING OUT OF SUCH DEFAULT, AND BUYER WILL HAVE AGREED THAT SELLER WILL RETAIN THE DEPOSIT AS LIQUIDATED DAMAGES, AND THAT SUCH RETENTION WILL BE SELLER'S SOLE REMEDY AGAINST BUYER IN REGARD TO SUCH DEFAULT. THE PARTIES HERETO HAVE CONSIDERED THE AMOUNT OF DAMAGES WHICH SELLER IS LIKELY TO INCUR IN THE EVENT OF A DEFAULT OR BREACH HEREUNDER BY BUYER, AND THE PARTIES HERETO HAVE AGREED THAT THE DEPOSIT IS A REASONABLE APPROXIMATION AND LIQUIDATION OF SELLER'S POTENTIAL DAMAGES, CONSIDERING ALL OF THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT,INCLUDING THE RELATIONSHIP OF THE SUM TO THE RANGE OF HARM TO SELLER THAT REASONABLY COULD BE ANTICIPATED AND THE ANTICIPATION THAT PROOF OF ACTUAL DAMAGES WOULD BE COSTLY OR INCONVENIENT. THE RECEIPT AND RETENTION OF SUCH AMOUNT BY SELLER IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER PURSUANT TO THE CALIFORNIA CIVIL CODE, AND WILL NOT BE DEEMED TO CONSTITUTE A FORFEITURE OR PENALTY WITHIN THE MEANING OF THE CALIFORNIA CIVIL CODE, OR ANY SIMILAR PROVISION. SAID AMOUNT OF LIQUIDATED DAMAGES WILL BE IN LIEU OF ANY OTHER REMEDIES, DAMAGES, OR SUMS DUE OR PAYABLE TO SELLER. IN PLACING THEIR INITIALS AT THE PLACES PROVIDED BELOW, EACH PARTY HEREBY EXPRESSLY CONFIRMS THE ACCURACY OF ATEMENTS MADE ABOVE. BUYER SELL R 11. Seller's Default. If the transaction c, templated hereunder fails to close as the result of Seller's default under this Agreement, then,provided Buyer is not itself in default,then Buyer's sole and exclusive remedy will be to pursue an action against Seller for specific performance. 12. Brokers. Buyer and Seller each represent to the other that they have not employed or contracted with any broker, agent, or finder on their behalf in connection with this transaction. It is agreed that any claims for brokerage or agency, commissions or finder's fees made against Seller or Buyer in connection with the transaction contemplated by this Agreement will be paid by the Party whose actions or alleged commitments form the basis of such claims got, 5 am-ooe- •. s». and that such Party will indemnify and hold harmless the other Party from and against any and all such claims and demands(including costs and attorneys' fees). 13. AS-IS Condition. In the event that Buyer closes Escrow, such Closing will evidence Buyer's acceptance of the Property in its AS IS, WHERE IS, SUBJECT TO ALL FAULTS CONDITION, WITHOUT WARRANTY AS TO QUALITY, CHARACTER, PERFORMANCE OR CONDITION, except as specifically set forth herein. Accordingly, upon the Closing, Buyer is acquiring the Property with such knowledge as Buyer deems acceptable of the physical condition of the Property, the nature of the Seller's interest in, and use of the Property, all zoning, other land use laws, and other governmental requirements affecting the Property, and of the conditions, restrictions encumbrances and all matters of record relating to the Property. The Closing will constitute Buyer's acknowledgement that Buyer has acquired its knowledge of the Property and its condition by means independent of Seller or any agent of Seller. The Property is being acquired by Buyer as a result of Buyer's own knowledge, inspection, and investigation and not as a result of any representations made by Seller or any employee, official, consultant or agent of Seller relating to the condition of the Property, unless such statement or representation is expressly and specifically set forth in this Agreement. Except to the extent expressly and specifically set forth in this Agreement, Seller hereby expressly and specifically disclaims any express or implied warranties regarding the Property. Without limiting the foregoing in any manner, Buyer acknowledges and agrees that Buyer will be solely responsible for any and all construction and/or other modifications to the Property which may be necessitated or desired in connection with the development of the Project (as defined in Section 19,below). 14. Release. Conditioned on the Closing, Buyer hereby releases Seller and all of Seller's representatives, principals, officers, agents, attorneys, employees, contractors, and consultants (collectively, the "Seller Related Parties") from any and all liability in connection with any and all claims, rights, demands, actions, causes of action, liabilities, promises, agreements, costs, losses, debts, attorneys' fees, of any kind or nature whatsoever which Buyer now has or in the future may have, for, on account of, resulting directly or indirectly from, or arising out of: (a)this Agreement, (b)the condition of the Property, or any portion thereof including, without limitation, the existence of hazardous substances or Hazardous Materials (as defined hereinbelow) on, or environmental conditions relating to, the Property or any portion thereof, or any matters arising under Environmental Laws (as defined hereinbelow) which are related to the Property, or (c)any acts, occurrences, or matters (including, without limitation, entitlements and other governmental approvals either benefiting or not benefiting the Property) of whatever kind or nature in any way related to the Property or any portion thereof; provided, however, that nothing in this Section 14 will constitute a release of Seller of: (x) its express obligations under this Agreement; (y) Seller's express representations and warranties contained in Section 15, below, or (z) any actions, liabilities, costs or expenses arising from claims for personal injury or property damage occurring on the Property prior to the Closing Date. This release includes claims of which Buyer is at present unaware or which Buyer does not at present suspect to exist which, if known by Buyer, would materially affect Buyer's release of Seller and the Seller-Related Parties. Buyer specifically waives the provision of California Civil Code Section 1542,which provides as follows: `ANT Lek 1144 6 �� '01002-004-1345117.1 "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN TO HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR." The provisions of this Section 14 will survive the Closing and any earlier termination of this Agreement. Buyer has set forth its initials below to indicate its awareness and acceptance of each and every provision of this Section 14. BOYER'S INITIALS As used herein, "Environmental Law" will mean any law, statute, ordinance or regulation pertaining to health, industrial hygiene or the environment including, without limitation, CERCLA (Comprehensive Environmental Response, Compensation and Liability Act of 1980) and RCRA (Resources Conservation and Recovery Act of 1976). For purposes of this Agreement, "Hazardous Material" means any substance, material or waste which is or becomes designated,classified or regulated as being"toxic"or"hazardous"or a"pollutant"or which is or becomes similarly designated, classified or regulated, under any Environmental Law, including, without limitation,asbestos,petroleum and petroleum products. 15. Seller's Representations and Warranties. Seller represents and warrants to Buyer that, to the present actual knowledge of Seller, as of the date this Agreement is executed and as of the Closing Date: (a) The person(s) executing this Agreement have the authority to act on behalf of Seller and to enter into this Agreement;and (b) Seller is in lawful possession of the Property, and, with the exception of the Tenant and any exceptions reflected in the Commitment, no other interest or claim against the Property exists. For purposes of this Section 15, to "the present actual knowledge of Seller" or words of similar import mean the present knowledge of Tami E. Scott, on behalf of the City of Cathedral City, without the duty of investigation or due diligence. 16. Buyer's Representations and Warranties. Buyer represents and warrants to Seller that, as of the date this Agreement is executed and as of the Closing Date, the person(s) executing this Agreement have the authority to act on behalf of Buyer and to enter into this Agreement. 17. Bill of Sale and Assignment of Contracts. At least five (5)business days prior to the Close of Escrow, each of Buyer and Seller will execute three (3) counterpart originals of the Bill of Sale and Assignment of Contracts in the form of Exhibit"C"attached hereto ("Bill of Sale"). At the Closing, Escrow Holder will collate and distribute two (2) fully-executed originals of the Bill of Sale to Seller,and one(1)fully-executed original to Buyer. . 1144�►� 'I . 7 C1002-004-134h . 18. Notices. All notices and requests under this Agreement will be in writing and will be in writing and will be sent by: (a) certified or registered mail, postage prepaid, return receipt requested, (b)personal delivery, or(c) a recognized overnight carrier that provides proof of delivery,and will be addressed as follows: To Seller: To Buyer: City of Cathedral City Tri-Millennium Cathedral City,LLC 68-700 Avenida Lalo Guerrero 8730 Wilshire Blvd.,Ste.202 Cathedral City,CA 92234 Beverly Hills,CA 90211 Attn: Tami E. Scott, Attn: Nasser Mehdizadeh Administrative Services Director With a Corn,to: Gresham Savage Nolan&Tilden 550 E.Hospitality Lane,Suite 300 San Bernardino,CA 92408 Attn: Kevin K.Randolph,Esq. Title Company&Escrow Holder: First American Title Insurance Company 74-770 Highway 111,Suite 101 Indian Wells,CA 92210 Attn:Peggy Sue Lane All notices will be effective upon receipt or rejection. 19. Conditions of Closing. Seller acknowledges that Buyer intends to develop the Property in conjunction with the Adjacent Property as a planned residential development ("Project"), which development will be constructed in phases (each, a "Phase"), with the development of the Property occurring during the final Phase(s) of the Project. In that regard, and in addition to any other conditions provided in this Agreement for the benefit of Buyer and/or Seller,the obligation of Seller to sell the Property to Buyer,and the obligation of Buyer to purchase the Property from Seller will be contingent upon Buyer's acquisition at its sole cost and expense of(a) all final and non-appealable discretionary approvals and entitlements required by Buyer for Buyer's intended development and use of the Project as a planned residential development,and(b)all permits and other approvals required by the City and all other cognizant governmental authorities for Buyer's demolition of existing structures, grading of the Project, and vertical construction of the residential units to be located in the first Phase of the Project. 20. Closing. The Closing will take place at a place and time mutually agreed upon by the Parties, within ninety (90) days following the satisfaction or waiver of the conditions of Closing set forth in Section 19, above. In no event, however, will the Closing occur later than eighteen (18)months following the Effective Date of the Agreement("Outside Closing Date"), unless otherwise agreed to in writing by the Parties. In the event that the Outside Closing Date occurs prior to the satisfaction or written waiver of the conditions to Closing, and the Partie e 8 ` C1002.004-1345► have not otherwise agreed to extend the Outside Closing Date, then either Party will have the right to terminate this Agreement, in which event neither Party will have any further rights or obligations hereunder(except for those obligations which expressly survive the Closing or earlier termination of this Agreement). 21. Closing Costs. (a) Seller will pay: (i)one-half(1/2) of Escrow Holder's fee; (ii)documentary transfer taxes, if any; (iii) the cost of recording the Grant Deed; and (iv) the cost of a CLTA Standard Owner's Title Insurance Policy for the Property in the amount of the Purchase Price. (b) Buyer will pay: (i)one-half (%a) of Escrow Holder's fee; (ii)title insurance premium for the difference in an ALTA Extended Coverage Title Insurance Policy and a CLTA Standard Policy, if so elected by Buyer; and (iii) any CLTA Endorsements that Buyer elects to purchase. 22. Prorations. All real and personal property taxes and assessments (if applicable) and utilities will be prorated and adjusted on the basis of the actual days in the calendar year. Buyer will pay for the date of Closing. 23. Time of Essence. Time is expressly declared to be of the essence of this Agreement. 24. Assignment. Neither Buyer nor Seller will assign its rights or delegate its obligations under this Agreement without obtaining the prior written consent of the other Party, which consent will not be unreasonably withheld or delayed. 25. Attorneys' Fees. If any action, proceeding, or arbitration is brought to interpret or enforce the terms of this Agreement, the prevailing party will be entitled to recover from the other Party, in addition to all other damages,all costs and expenses of such action,proceeding,or arbitration, including but not limited to actual attorneys' fees, witness fees', and court costs. The phrase "prevailing party" as used in this Section will include a party who receives substantially the relief desired whether by dismissal,summary judgment,or otherwise. 26. Cooperation. Each Party will fully cooperate with the other in connection with the requirements imposed by this Agreement upon the other,to the end that neither Party will act in any manner to impede the other in performing its obligations under this Agreement. 27. Interpretation/Forum/Venue. This Agreement will be construed and enforced in accordance with the laws of the State of California as applicable to contracts entered into in California among parties doing business therein. The Parties agree that any litigation or dispute concerning this Agreement or the transaction contemplated hereby will be resolved in the Superior Court of the State of California, County of Riverside only. 28. Successors and Assigns. Subject to the limitations on assignment contained in Section 24, above, this Agreement will be binding upon and inure to the benefits of the heirs, successors,and assigns of the Parties to this Agreement. 4'‘Tbgl 11(6 1r 9 c1002004-13131e7. - a1 29. Severability. If any provision of this Agreement is found by any court of competent jurisdiction to be invalid, illegal, or unenforceable,then such portion will be deemed severed from this Agreement and the Parties will negotiate in good faith to modify this Agreement to fulfill as closely as possible the original intent and purpose of this Agreement. 30. Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original,but all of which,together, will constitute one and the same instrument. 31. Survival. All representations, warranties, covenants and agreements of the Parties will survive the Closing and the delivery and recordation of all deeds delivered and recorded under this Agreement. 32. Withholding Requirements. Buyer and Seller agree to comply with any withholding requirements of Federal or State law. 33. Dates of Performance. In the event that any date for performance by either Party of any obligation hereunder required to be performed by such Party falls on a Saturday, Sunday or nationally established holiday, the time for performance of such obligation will be deemed extended until the next business day following such date. 34. Integration. This Agreement,together with all the agreements referenced herein, constitutes the entire agreement between the Parties pertaining to the subject matter contained in it and supersedes all prior and contemporaneous discussions, agreements, representations, and understandings of the Parties. No supplement, modification, or amendment of this Agreement will be binding unless executed in writing by all the Parties. No waiver of any of the provisions of this Agreement will be considered, or will constitute, a waiver of any other provision, and no waiver will constitute a continuing waiver. No waiver will be binding unless executed in writing by the Party making the waiver. 35. Effective Date. The Effective Date of this Agreement will be the last date on which both Parties have executed this Agreement. [SIGNATURES TO FOLLOW] 4`.1L r r 10 C1002-004-1345117.1 IN WITNESS WHEREOF,the Parties have executed this Agreement as of the date first set forth above. "BUYER" "SELLER" TRI-MILLENNIUM CATHEDRAL THE CITY OF CATHEDRAL CITY,a CITY,LLC,a California limited liability municipal corporation,as HOUSING company SUCCESSOR to THE REDEVELOPMENT AGENCY OF THE CITY OF CATHEDRAL BY CITY,a� .. publi• .dy co , : d politic j Title: �� — 2��y By: FE./ /-1/ J-- 1 . Scott,Admin. Services Dir. APPROVED • 0 FORM:4 • 1 I. �_:`� •r:"ems' 11 C1002-004-1345187.1 EXHIBIT"A" LEGAL DESCRIPTION OF THE LAND All that certain real property located in the City of Cathedral City, County of Riverside, State of California,more particularly described as follows: PARCEL A OF LOT LINE ADJUSTMENT NO. 2011-462, AS DESCRIBED IN THE CERTIFICATE OF COMPLIANCE, RECORDED OCTOBER 20, 2011, AS INSTRUMENT NO. 2011-0462944, AS AMENDED BY THAT CERTAIN CORRECTED CERTIFICATE OF COMPLIANCE LOT LINE ADJUSTMENT NO. 2011-462,RECORDED APRIL 26, 2012, AS INSTRUMENT NO. 2012-0188795, OF OFFICIAL RECORDS, IN THE COUNTY OF RIVERSIDE,BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: THOSE PORTIONS OF THE EASTERLY 197.86 FEET OF THE WEST HALF OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 17,TOWNSHIP 4 SOUTH,RANGE 5 EAST, SAN BERNARDINO MERIDIAN, AND OF THE WESTERLY 65.94 FEET OF THE EAST HALF OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 17,TOWNSHIP 4 SOUTH,RANGE 5 EAST, SAN BERNARDINO MERIDIAN, BEING PORTIONS OF LOTS 65 AND 66,AS SHOWN ON ASSESSOR'S MAP NO. 45, ON FILE IN BOOK 2, PAGE 2, OF ASSESSOR'S MAPS, RECORDS OF RIVERSIDE COUNTY,DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF SAID WEST HALF OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 17, SAID POINT ALSO BEING THE SOUTHEAST CORNER OF SAID LOT NO. 65; THENCE, NORTH 00° 05' 10" EAST ALONG THE WEST LINE OF SAID LOT 66 A DISTANCE OF 30.00 FEET; THENCE, NORTH 89° 43' 53" EAST, ALONG A PARALLEL WITH AND DISTANT 30.00 FEET NORTHERLY, MEASURED AT RIGHT ANGLES, FROM THE SOUTH LINE OF THE SAID WEST HALF OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 17, A DISTANCE OF 65.94 FEET TO THE EAST LINE OF SAID LOT 66; THENCE, ALONG SAID EAST LINE,NORTH 00° 02' 46" EAST A DISTANCE OF 258.33 FEET TO THE TRUE POINT OF BEGINNING; THENCE, CONTINUING ALONG SAID EAST LINE OF LOT 66, NORTH 00° 02' 46" EAST, 160.00 FEET; THENCE, SOUTH 89°43' 53"WEST, PARALLEL WITH THE SAID SOUTH LINE OF THE WEST HALF,A DISTANCE OF 123.00 FEET; *a' Exhibit"A"—Page 1 THENCE, SOUTH 00° 02' 46"WEST, PARALLEL WITH THE SAID EAST LINE OF SAID LOT 66, A DISTANCE OF 160.00 FEET TO A POINT ON A SOUTH LINE OF PARCEL 2, AS DESCRIBED IN THE CERTIFICATE OF COMPLIANCE FOR LOT LINE ADJUSTMENT NO. 98-269,RECORDED ON NOVEMBER 25, 1998 AS INSTRUMENT NO. 512704, IN OFFICIAL RECORDS OF RIVERSIDE COUNTY, SAID SOUTH LINE IS DESCRIBED IN THE DESCRIPTION OF SAID PARCEL 2 IN SAID CERTIFICATE OF COMPLIANCE AS "NORTH 89°43' 53"EAST, 126.50 FEET'; THENCE, NORTH 89° 43' 53" EAST ALONG SAID SOUTH LINE, 123.00 FEET TO THE TRUE POINT OF BEGINNING. APN 677-510-061 Exhibit"A"—Page 2 C1002-004-1343107.1 EXHIBIT`B" GRANT DEED Recording Requested by: ) ) . ) CITY OF CATHEDRAL CITY ) ) After Recordation,Mail to: ) Tri-Millennium Cathedral City,LLC ) 8730 Wilshire Blvd.,Suite 202 ) Beverly Hills,CA 90211 ) Attn:Nasser Mehdizadeh ) ) Mail Tax Statements to: ) Tri-Millennium Cathedral City,LLC ) 8730 Wilshire Blvd.,Suite 202 ) Beverly Hills,CA 90211 ) Attn:Nasser Mehdizadeh ) GRANT DEED For valuable consideration,the receipt of which is hereby acknowledged, The City of Cathedral City, a municipal corporation, as Housing Successor to the Redevelopment Agency of the City of Cathedral City pursuant to Section 34176 of the California Health and Safety Code ("Grantor"), hereby grants to Tri-Millennium Cathedral City, LLC, a California limited liability company ("Grantee"), the real property (the "Property") legally described in Exhibit"A",attached hereto and incorporated herein by this reference,subject to the following: A. Nondiscrimination Covenants 1. The Grantee covenants by and for itself, its heirs, executors, administrators and assigns, and all persons claiming under or through them,that there will be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, age, marital status, national origin, ancestry,sexual orientation or domestic partnership arrangement in the sale,lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Property, or through it, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location,number,use or occupancy of tenants,lessees,subtenants,sublessees or vendees in the Property. Exhibit`B"—Page 1 cl.,1110.1 • 2. All deeds, leases or contracts made relative to the Property, will contain the following nondiscrimination clauses: (a) In deeds: "The grantee herein covenants by and for himself, his heirs, executors, administrators and assigns, and all persons claiming under or through them, that there will be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, age, marital status, national origin, ancestry, sexual orientation or domestic partnership arrangement in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor will the grantee, himself, or any person claiming under or through him, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants will run with the land." (b) In leases: "The lessee herein covenants by and for himself, his heirs, executors, administrators and assigns, and all persons claiming under or through him, and this lease is made and accepted upon and subject to the condition that there will be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, age, marital status, national origin, ancestry, sexual orientation or domestic partnership arrangement in the leasing, subleasing, transferring, use, occupancy,tenure or enjoyment of the land herein leased,nor will the lessee himself, or any person claiming under or through him, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy, of tenants, lessees, subtenants, sublessees or vendees in the land herein leased." (c) In contracts: "There will be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, age, marital status, national origin, ancestry, sexual orientation or domestic partnership arrangement in the sale, lease, sublease, transfer, use, occupancy,tenure or enjoyment of the land, nor will the transferee himself, or any person claiming under or through him, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location,number,use or occupancy of tenants, lessees,subtenants, sublessees or vendees of the land." 3. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Grant Deed will defeat or render invalid or in any way impair the lien or charge of any mortgage, deed of trust or other financing or security instrument; provided, however, that any successor of Grantee to the Property will be bound by such remaining covenants, conditions, restrictions, limitations and provisions, whether such successor's title was acquired by foreclosure,deed in lieu of foreclosure,trustee's sale or otherwise. Exhibit`B"—Page 2 / CI 134 It 4. The covenants contained in this Grant Deed will be binding for the benefit of the Grantor and its successors and assigns,and such covenants will run in favor of the Grantor in perpetuity, without regard to whether the Grantor is or remains an owner of any land or interest herein to which such covenants relate. The Grantor, in the event of any breach of any such covenants, will have the right to exercise all any and all remedies, and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach as are available in law. The covenants contained in this Grant Deed will be for the benefit of and will be enforceable only by the Grantor and its successors. B. Housing Covenant The Grantee, on behalf of itself and its successors, covenants that twenty percent (20%) of the residential units constructed on the Property will be made available to persons or families of low or moderate income, as that term is defined by California Health and Safety Code section 50093. In the case of rental, the units will be made available at affordable rent, as that term is defined by California Health and Safety Code section 50053. In the case of ownership, the units will be made available at affordable housing cost, as that term is defined by California Health and Safety Code section 50052.5. If the residential units are made available for individual ownership, this covenant will remain in place for fifty five (55) years. If ownership of residential units is held or intended to be held under one or more owners with the intention of renting said units then this covenant will remain in place for a period of sixty five (65)years. END OF THIS PAGE tie �, Exhibit`B"—Page 3 C1002.004-1305187.1 IN WITNESS WHEREOF, the Grantor and Grantee have caused this instrument to be executed on their behalf by their respective officers thereunto duly authorized,this day of ,2014. Grantor: CITY OF CATHEDRAL CITY, a California municipal corporation, as Housing Successor to the Redevelopment Agency of the City of Cathedral City, pursuant to Section 34176 of the California Health and Safety Code By: Name: Its: APPROVED AS TO FORM: By: Counsel for Grantor The provisions of this Grant Deed are hereby approved and accepted.Grantee: TRI-MILLENNIUM CATHEDRAL CITY,LLC, a California limited liability company By: Title: State of California ) Exhibit"B"—Page 4 VirepC1002404-1315167.1 )ss County of ) On , 2014, before me, , notary public, personally appeared who 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 executed the same in his/her authorized capacity(ies), and that by his/her signature on the instrument the person(s), or the entity(ies)upon behalf of which the person(s)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 of Notary Public(Seal) State of California ) )ss County of ) On , 2014, before me, , notary public, personally appeared who 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 executed the same in his/her authorized capacity(ies), and that by his/her signature on the instrument the person(s), or the entity(ies)upon behalf of which the person(s)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 of Notary Public(Seal) State of California ) / ,i• Exhibit`B"—Page 5 C1802-004-1315187.1 )ss County of ) On , 2014, before me, , notary public, personally appeared who 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 executed the same in his/her authorized capacity(ies), and that by his/her signature on the instrument the person(s), or the entity(ies)upon behalf of which the person(s)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 of Notary Public(Seal) / -1 Exhibit`B"—Page 6 C1002-004-1345187.1 • EDIT"A" LEGAL DESCRIPTION OF THE LAND All that certain real property located in the City of Cathedral City, County of Riverside, State of California,more particularly described as follows: PARCEL A OF LOT LINE ADJUSTMENT NO. 2011-462, AS DESCRIBED IN THE CERTIFICATE OF COMPLIANCE, RECORDED OCTOBER 20, 2011, AS INSTRUMENT NO. 2011-0462944, AS AMENDED BY THAT CERTAIN CORRECTED CERTIFICATE OF COMPLIANCE LOT LINE ADJUSTMENT NO. 2011-462, RECORDED APRIL 26,2012,AS INSTRUMENT NO. 2012-0188795, OF OFFICIAL RECORDS, IN THE COUNTY OF RIVERSIDE,BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: THOSE PORTIONS OF THE EASTERLY 197.86 FEET OF THE WEST HALF OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 17,TOWNSHIP 4 SOUTH,RANGE 5 EAST, SAN BERNARDINO MERIDIAN, AND OF THE WESTERLY 65.94 FEET OF THE EAST HALF OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 17,TOWNSHIP 4 SOUTH,RANGE 5 EAST, SAN BERNARDINO MERIDIAN, BEING PORTIONS OF LOTS 65 AND 66,AS SHOWN ON ASSESSOR'S MAP NO. 45, ON FILE IN BOOK 2, PAGE 2, OF ASSESSOR'S MAPS, RECORDS OF RIVERSIDE COUNTY,DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF SAID WEST HALF OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 17, SAID POINT ALSO BEING THE SOUTHEAST CORNER OF SAID LOT NO. 65; THENCE, NORTH 00° 05' 10" EAST ALONG THE WEST LINE OF SAID LOT 66 A DISTANCE OF 30.00 FEET; THENCE, NORTH 89° 43' 53" EAST, ALONG A PARALLEL WITH AND DISTANT 30.00 FEET NORTHERLY, MEASURED AT RIGHT ANGLES, FROM THE SOUTH LINE OF THE SAID WEST HALF OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 17, A DISTANCE OF 65.94 FEET TO THE EAST LINE OF SAID LOT 66; THENCE, ALONG SAID EAST LINE, NORTH 00° 02' 46" EAST A DISTANCE OF 258.33 FEET TO THE TRUE POINT OF BEGINNING; THENCE, CONTINUING ALONG SAID EAST LINE OF LOT 66, NORTH 00° 02' 46" EAST, 160.00 FEET; THENCE, SOUTH 89°43' 53"WEST,PARALLEL WITH THE SAID SOUTH LINE OF THE WEST HALF,A DISTANCE OF 123.00 FEET; Exhibit"B"—Page 7 ' '�1• C1001-004-13 17.1 THENCE, SOUTH 00° 02' 46" WEST, PARALLEL WITH THE SAID EAST LINE OF SAID LOT 66, A DISTANCE OF 160.00 FEET TO A POINT ON A SOUTH LINE OF PARCEL 2, AS DESCRIBED IN THE CERTIFICATE OF COMPLIANCE FOR LOT LINE ADJUSTMENT NO.98-269,RECORDED ON NOVEMBER 25, 1998 AS INSTRUMENT NO. 512704, IN OFFICIAL RECORDS OF RIVERSIDE COUNTY, SAID SOUTH LINE IS DESCRIBED IN THE DESCRIPTION OF SAID PARCEL 2 IN SAID CERTIFICATE OF COMPLIANCE AS"NORTH 89°43' 53"EAST, 126.50 FEET'; THENCE, NORTH 89° 43' 53" EAST ALONG SAID SOUTH LINE, 123.00 FEET TO THE TRUE POINT OF.BEGINNING. APN 677-510-061 Exhibit`B"—Page 8 II PI stool-004 W EXHIBIT "C" FORM OF BILL OF SALE Exhibit"C" C1002-004-1345187.1 BILL OF SALE AND ASSIGNMENT OF CONTRACTS THIS BILL OF SALE AND ASSIGNMENT OF CONTRACTS ("Bill of Sale") is dated this 10th day of April, 2014, and is executed and delivered pursuant to that certain Purchase Agreement ("Purchase Agreement") between the City of Cathedral City as Housing Successor to the former Redevelopment Agency("Seller"), and Tri Millennium Cathedral City, LLC ("Buyer"). Seller and Buyer are sometimes hereinafter referred to, individually, as a "Party," and collectively as the"Parties." This Bill of Sale will not become effective until the"Closing," as defined in the Purchase Agreement. RECITALS A. Pursuant to the Purchase Agreement, Seller is conveying to Buyer certain real property located in the City of Cathedral City, Riverside County, State of California, more particularly described on the attached "Exhibit A" ("Land"), together with all improvements, located thereon, if any(collectively, "Improvements"). B. Seller desires to assign to Buyer, and Buyer desires to accept from Seller, certain rights and interests relating to the Land and Improvements. OPERATIVE PROVISIONS NOW,THEREFORE, in consideration of the mutual covenants contained herein,and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,the parties agree as follows: 1. Intangibles. Seller grants, sells, sets over, assigns, transfers, conveys and delivers to Buyer,to the extent assignable,all of Seller's right,title and interest in and to any and all guarantees,warranties and indemnities relating to the Land and the Improvements,any and all development rights, entitlements, franchises and other intangible property pertaining to or inuring to the benefit of Seller or the Land or the Improvements,including,without limitation,all consents, authorizations, variances or waivers, licenses, registrations, certificates, warranties, permits and approvals from any governmental or quasi-governmental agency,department,board, commission, bureau or other entity or instrumentality in respect of the Land or the Improvements, or any part thereof,and required for the occupancy,maintenance,or operation of the Land or the Improvements, including certificates of occupancy. 2. Goodwill. Seller grants, sells, sets over, assigns, transfers, conveys and delivers to Buyer all of Seller's right, title and interest, if any, in and to any and all names commonly used in the operation of the Land and Improvements, together with the goodwill, if any, appurtenant to those names. 3. Documents. Seller grants, sells, sets over, assigns, transfers, conveys and delivers to Buyer all of Seller's right, title and interest, if any, in and to any and all plans, drawings, renderings, maps and engineering studies used in connection with, or related to the Land or the Improvements. Eist I Exhibit"C"—Page 1 CI002-004-I305II7.I 4. Acceptance. Buyer, for itself and its successors and assigns, accepts the foregoing assignments. 5. AS IS; No Representations or Warranties. The setting over, assignment, transfer, conveyance and delivery by Seller to Buyer of the matters and items that are the subject of this Bill of Sale is on an"as is" "where is"basis and "with all faults." Seller does not make and hereby disclaims any representations or warranties concerning the items and matters that are the subject of this Bill of Sale, whether express or implied, including without limitation, warranty of merchantability, fitness for a particular purpose, their existence, validity, and/or enforceability. 6. Severability. If any provision of this Bill of Sale is found by any court of competent jurisdiction to be invalid, illegal, or unenforceable, then such portion will be deemed severed from this Bill of Sale and the parties will negotiate in good faith to modify this Bill of Sale to fulfill as closely as possible the original intent and purpose of this Bill of Sale. 7. Counterparts. This Bill of Sale may be executed in duplicate counterparts,each of which will be deemed an original, but both of which, together, will constitute one and the same instrument. 8. Governing Law. This Bill of Sale will be governed by and construed in accordance with the laws of the State of California, without regard to its conflicts of laws principles. [SIGNATURES TO FOLLOW] �K� 4\‘114(4\‘114(.'� ��. :W Exhibit"C"—Page 2 01002.004-13451!71 IN WITNESS WHEREOF,the parties have executed this Bill of Sale as of the day and year first above written. "SELLER" THE CITY OF CATHEDRAL CITY,a municipal corporation,as HOUSING SUCCESSOR to THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF CATHEDRAL CITY,a public body corporate and politic By: Name: Its: Date: "BUYER" TRI-MILLENNIUM CATHEDRAL CITY,LLC, a California limited liability company By: Name: Its: Date: Exhibit"C"—Page 3 C1002-004-1345107.1 EXHIBIT"A" LEGAL DESCRIPTION OF THE LAND All that certain real property located in the City of Cathedral City, County of Riverside, State of California,more particularly described as follows: PARCEL A OF LOT LINE ADJUSTMENT NO. 2011-462, AS DESCRIBED IN THE CERTIFICATE OF COMPLIANCE, RECORDED OCTOBER 20, 2011, AS INSTRUMENT NO. 2011-0462944, AS AMENDED BY THAT CERTAIN CORRECTED CERTIFICATE OF COMPLIANCE LOT LINE ADJUSTMENT NO. 2011-462, RECORDED APRIL 26, 2012, AS INSTRUMENT NO. 2012-0188795, OF OFFICIAL RECORDS, IN THE COUNTY OF RIVERSIDE,BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: THOSE PORTIONS OF THE EASTERLY 197.86 FEET OF THE WEST HALF OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 17,TOWNSHIP 4 SOUTH,RANGE 5 EAST, SAN BERNARDINO MERIDIAN, AND OF THE WESTERLY 65.94 FEET OF THE EAST HALF OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 17,TOWNSHIP 4 SOUTH, RANGE 5 EAST, SAN BERNARDINO MERIDIAN, BEING PORTIONS OF LOTS 65 AND 66,AS SHOWN ON ASSESSOR'S MAP NO. 45, ON FILE IN BOOK 2, PAGE 2, OF ASSESSOR'S MAPS, RECORDS OF RIVERSIDE COUNTY,DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF SAID WEST HALF OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 17, SAID POINT ALSO BEING THE SOUTHEAST CORNER OF SAID LOT NO.65; THENCE, NORTH 00° 05' 10" EAST ALONG THE WEST LINE OF SAID LOT 66 A DISTANCE OF 30.00 FEET; THENCE, NORTH 89° 43' 53" EAST, ALONG A PARALLEL WITH AND DISTANT 30.00 FEET NORTHERLY, MEASURED AT RIGHT ANGLES, FROM THE SOUTH LINE OF THE SAID WEST HALF OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 17, A DISTANCE OF 65.94 FEET TO THE EAST LINE OF SAID LOT 66; THENCE, ALONG SAID EAST LINE, NORTH 00° 02' 46" EAST A DISTANCE OF 258.33 FEET TO THE TRUE POINT OF BEGINNING; THENCE, CONTINUING ALONG SAID EAST LINE OF LOT 66, NORTH 00° 02' 46" EAST, 160.00 FEET; THENCE, SOUTH 89°43' 53"WEST, PARALLEL WITH THE SAID SOUTH LINE OF THE WEST HALF,A DISTANCE OF 123.00 FEET; Exhibit"C" Page 4 34$117.1 Ng f THENCE, SOUTH 00° 02' 46" WEST, PARALLEL WITH THE SAID EAST LINE OF SAID LOT 66, A DISTANCE OF 160.00 FEET TO A POINT ON A SOUTH LINE OF PARCEL 2, AS DESCRIBED IN THE CERTIFICATE OF COMPLIANCE FOR LOT LINE ADJUSTMENT NO. 98-269,RECORDED ON NOVEMBER 25, 1998 AS INSTRUMENT NO. 512704, IN OFFICIAL RECORDS OF RIVERSIDE COUNTY, SAID SOUTH LINE IS DESCRIBED IN THE DESCRIPTION OF SAID PARCEL 2 IN SAID CERTIFICATE OF COMPLIANCE AS "NORTH 89°43' 53"EAST, 126.50 FEET"; THENCE, NORTH 89° 43' 53" EAST ALONG SAID SOUTH LINE, 123.00 FEET TO THE TRUE POINT OF BEGINNING. APN 677-510-061 M, `a\T11( It Exhibit"C"—Page 5 C1002-004-1345187.1