The URL can be used to link to this page

Home My WebLink AboutRecorded Doc 2022-040 2t " R) 2022-0222231 RECORDING REQUESTED BY: 05/12/2022 11:47 AM Fee: $ 111.00 EIM Capital, LLC Page 1 of 5 Recorded in Official Records (Owner) County of Riverside AND WHEN RECORDED MAIL TO: Peter Aldana Assessor-County Clerk-Recorder CITY OF CATHEDRAL CITY-CITY 1111 N;i571E11,kritt21111111 ENGINEER 68700 AVENIDA LALO GUERERRO CATHEDRAL CITY, CA 92234 #116 COVENANT FOR STREET LIGHT MAINTENANCE Owner: EIM Capital, LLC A California limited liability company Property Address: 36400 Bankside Drive, Cathedral City CA 92234 APN: 687-312-006 WHEREAS, EIM Capital, LLC, ("OWNER") owns real property ("PROPERTY") in the City of Cathedral City, County of Riverside, State of California, more specifically described as: Lot 12 of Tract No. 6066, in the City of Cathedral City, County of Riverside, State of California, as shown by map on file in Book 103, at Pages 4 through 7, inclusive, of Maps, in the office of the County Recorder of Riverside County, California; And as depicted in the sketch marked Exhibit "A", which is attached hereto and incorporated herein by this reference; and WHEREAS, at the time of initial approval of development project known as "Cali Bloom", under City of Cathedral City Conditional Use Permit No. 20-009, approved by the City of Cathedral City Planning Commission on October 20, 2021, within and upon the PROPERTY described herein, the City of Cathedral City ("CITY") required the project to install one or more CITY and Southern California Edison ("SCE") approved light emitting diode (LED) luminaires and street lights of a specified lumen, together with poles, support arms, control facilities, conduits, external/internal wiring, pull boxes, meters, and all related appurtenances of a specified design to make the LED street lights and poles complete and functional hereinafter referred to as "STREET LIGHT"; and WHEREAS, the OWNER is required to install STREET LIGHT on the Property frontage as shown on the Street Improvement Plans, on file with the CITY, hereinafter referred to as "PLANS";or as described in the Conditions of Approval of said Conditional Use Permit; and WHEREAS, said STREET LIGHT, installed within the public right-of-way, is part of an OWNER coordinated and funded facility with SCE, or any other electrical power successor or assign; and WHEREAS, the OWNER is required to coordinate and enter into an "ALL NIGHT — LS-1" service agreement with SCE, or any other electrical power successor or assign; and WHEREAS, the OWNER is aware that the "ALL NIGHT — LS-1" service agreement with SCE, or any successor power purveyor, requires funding in perpetuity to ensure that STREET LIGHT shown on the PLANS is maintained and energy costs paid for; and that, therefore, such costs are the sole responsibility of the OWNER in accordance with the terms of this Covenant. NOW THEREFORE, OWNER covenants, promises and agrees as follows: 1. OWNER shall pay all SCE fees and invoices for the installation and ongoing maintenance and energy charges of STREET LIGHT in a timely manner assuring operational performance at all times. As may be requested from time to time by the CITY, the OWNER shall provide the CITY with documentation identifying that the SCE invoice(s) is paid. 2. In the event OWNER or OWNER'S successors or assigns, fails to pay the SCE invoices for the STREET LIGHT operational costs contemplated by this Covenant, within five (5) days of being given written notice by the CITY, the CITY is hereby authorized to cause any payment necessary for the STREET LIGHT's continuous operation and charge the entire cost and expense to the OWNER, or its successors or assigns, including administrative costs, attorney fees and interest thereon at the maximum rate authorized by the Civil Code from the date of the notice of expense until paid in full. 3. The CITY may require the OWNER to post security in form and for a time period satisfactory to the CITY to guarantee the performance of the obligations stated herein. Should the OWNER fail to perform the obligations under this Covenant, the CITY may, in the case of cash bond, act for the OWNER using the proceeds from it, or in the case of a surety bond, require the sureties to perform obligations of the Covenant. As an additional remedy, the CITY may withdraw any previous approvals with respect to the PROPERTY for which the STREET LIGHT had been installed for until such time as OWNER repays the CITY its reasonable costs incurred in accordance with paragraph 2 above. 4. This covenant shall be recorded in the Office of the Recorder of Riverside County, California, at the expense of the OWNER and shall constitute notice to all successors and assigns of the title to said PROPERTY of the obligations herein set forth, and also a lien in such amount as will fully reimburse the CITY, including interest as herein above set forth, subject to foreclosure in event of default in payment. 5. In event of legal action occasioned by any default or action of the OWNER, or its successors or assigns, then the OWNER and its successors or assigns agree to pay all costs incurred by the CITY in enforcing the terms of this Covenant, including reasonable attorney's fees and costs, and that the same shall become a part of the lien against said PROPERTY. 6. It is the OWNER's desire that the burdens and benefits herein undertaken shall constitute covenants that run with said PROPERTY and constitute a lien there against. 7. The obligations herein undertaken shall run with and burden the PROPERTY and shall be binding upon the heirs, successors, executors, administrators and assigns of the OWNER. The term "Owner" shall include not only the present OWNER, but also its heirs, successors, executors, administrators, and assigns. OWNER shall notify any successor to title of all or part of the PROPERTY about the existence of this Covenant. OWNER shall provide such notice prior to such successor obtaining an interest in all or part of the PROPERTY. OWNER shall provide a copy of such notice to the CITY at the same time such notice is provided to the successor. 8. Time is of the essence in performance of this Covenant. 9. Any notice to a party required or called for in the Covenant shall be served in person, or by deposit in the U.S. Mail, first class postage prepaid, to the address set forth below. Notices(s) shall be deemed effective upon receipt, or seventy-two (72) hours after deposit in the U.S. Mail, whichever is earlier. A party may change a notice address only by providing written notice thereof to the other party. IF TO CITY: IF TO OWNER: City of Cathedral City EIM Capital, LLC Attn: City Manager 915 E. Colorado Street 68-700 Avenida Lalo Guerrero Glendale CA 91205 Cathedral City, CA 92234 Attn: Iren Meguerian, Manager 10. This Covenant may be enforced by the CITY. The City Manager or his/her designee is authorized to act and administer this Covenant on behalf of the CITY. 11. This Covenant may be amended or revoked only with the express written approval of the City of Cathedral City, with said approval affixed to the instrument of amendment or revocation. IN WITNESS HEREOF, the OWNER has affixed its signature as of this fr'LA' day of 4k6" . 2022.. OWNER: EIM CAPITAL, LLC A California limited liability company i" Iren eguerian, Manager EXHIBIT "A" VICINITY SKETCH CONDITIONAL USE PERMIT CUP NO. 20-009 LOCATION 36400 Bankside Drive Assessor's Parcel No. 687-312-006 R If 1 E/ , \ Q ` N r i I . / N.,,, ,_____„. / F ..,;"( / 0, ,4 PROJEC SnE 1ri / PAF i ,, (,,,1-1/ f —R IN'Nt)// ," ..L___ , '.cO '� f 0,... II 1, „,, i_____ k-,....i; i r- y4 -------- * v AVE LA10 G ERO NOTARY ACKNOWLEDGEMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of L-e)S A-r/ccE S ) On as- 6Ct-oda , before me AM 'c ,1 A A7.4 , a Notary Public, personally appeared //PA/ /—Ir6,(J /.'/' ,V , who proved to me on the basis of satisfactory evidence to be the person(,$) whose name(*) is/ape subscribed to the within instrument and acknowledged to me that p/she/th.y executed the same in Vs/her/their authorized capacity(i s), and that by hi /her/their signature(*) on the instrument the person(S), or the entity upon behalf if which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. 1 /\ 0_tic-i 4J =t- r Av tk------ ` (SEAL) Signature L ,,, `Ty, NAUSHABA AZAM E COMM.#2324996 �_ ?� a NOTARY PUBLIC-CALIFORNIA U1 `'gwse�� MY COMM,EXP EA RO 15,2024 1