HomeMy WebLinkAbout2010 CON CDC Constellation Property Group - Amendment #5 DDA CentroAMENDMENT NO. 5
TO
DISPOSITION AND DEVELOPMENT AGREEMENT
This Amendment No. 5 to Disposition and Development Agreement (this
"Amendment") is made and entered into as of December j , 2010 (the "Effective Date"), by
and between the Community Development Commission of the City of National City, a public
body, corporate and politic (the "CDC") and Constellation Property Group (A Avenue) LP a
Delaware limited partnership ("Constellation") and is acknowledged, consented and agreed to
by East West Bank, as Assignee of the FDIC as Receiver of United Commercial Bank, a
California Banking Corporation ("East West")
Recitals
A. The CDC and Constellation entered into that certain Disposition and
Development Agreement dated August 30, 2005 (the "Original DDA") for the Centro Project
("Project").
B. Under the terms of the Original DDA, the CDC transferred the property on which
the Project is constructed (the "Property") to an affiliate of Constellation pursuant to that grant
deed recorded on October 26, 2005, as Document No. 2005-0930606, in the County Recorder's
Office of the County of San Diego, California (the "Original Grant Deed").
C. Under the terms of the Original DDA, in return for the Property, Constellation
was to provide the CDC with the construction of (1) office space in the Project (the "Office
Space") and (2) a trolley transit center and certain street improvements to A Avenue (the "A
Avenue Improvements", together with the Office Space the "DDA Obligations").
D. On October 17, 2006 the DDA was amended, modifying the DDA Obligations
(the "Second Amendment," together with the Original DDA, the "DDA") Under the Second
Amendment, the obligation to provide the Office Space was removed and in its place,
Constellation was obligated to provide a condominium unit and two parking spaces (the
"Condominium Unit").
E. On or about October 16, 2007 Constellation obtained a construction loan
("Loan") from United Commercial Bank ("UCB") and entered into a construction loan
agreement (the "Loan Agreement") with UCB to construct the Project. Pursuant to the Loan
Agreement, Constellation entered into a promissory note ("Promissory Note") with UCB, which
was secured by a deed of trust recorded on December 23, 2007 as Document No. 2007-0789160
in the offices of the recorder of the County of San Diego (the "Deed of Trust".) The Promissory
Note secured by the Deed of Trust is junior to the DDA Obligations.
F. On or about November 6, 2009, UCB ceased to operate and was taken over by the
FDIC. East West Bank ("East West") acquired certain assets of UCB including the Loan from
the FDIC. East West is currently the holder of the Promissory Note.
DDA AMENDMENT NO. 5
1
G. CDC and Constellation now wish to formalize the transfer of the Condominium
Unit on the terms and conditions set forth below.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the CDC, Constellation and East West agree as follows:
1. Nomination of Condominium Unit. The Condominium Unit to be provided to the
CDC shall be Unit No. 401 (the "Condominium Unit").
2. Transfer of the Condominium Unit. Prior to the receipt of the certificate of
Occupancy for the Project, Constellation shall transfer the Condominium Unit to the CDC
pursuant to the grant deed attached hereto as Exhibit A.
3. East West Partial Reconveyance of Deed of Trust. Upon the transfer of the
Condominium Unit to CDC , East West agrees to release the Condominium Unit from the Deed
of Trust by a partial reconveyance of the Deed of Trust as to the Condominium Unit only.
Except as expressly stated in this Paragraph 3, the Deed of Trust shall not be otherwise modified,
impacted or impaired.
4. Completion of Obligations. Upon the transfer of the Condominium Unit, the CDC
acknowledges and agrees that the DDA Obligations shall have been fully and finally completed.
5. Miscellaneous. Except to the extent expressly modified by this Amendment, the
DDA, and all subsequent amendments, remain in full force and effect. Further, this Amendment
shall not impair, affect or modify the agreement terms and the respective rights and obligations
of the parties to this Amendment as set forth in Subordination Agreements including but not
limited to Subordination Agreement dated October 16, 2007. To the extent of any inconsistency
between this Amendment and the DDA, the terms and conditions of this Amendment shall
control. This Amendment may be executed in multiple counterparts, all of which, taken
together, shall constitute one and the same document.
jREMAINDER OF PAGE INTENTIONALLY LEFT BLANK'
DDA AMENDMENT NO. 5
2
IN WITNESS WHEREOF, the CDC and Constellation have executed this Amendment as
of the Effective Date first set forth above.
Attested:
CDC Secretary
CDC:
Community Development Commission of
the City of National City, a public body,
corporate and politic
By:
Name:
Its:
CONSTELLATION:
Constellation Property Group (A Avenue)
LP, a Delaware limited partnership
By: Constellation Property Management,
Inc., a Delaware corporation
Its: General Partner
By:
AGREED, ACKNOWLEDGED AND ACCEPTED
East West Bank:
DDA AMENDMENT NO. 5
3
IN WITNESS WHEREOF, the CDC and Constellation have executed this Amendment as
of the Effective Date first set forth above.
CDC:
Community Development Commission of
the City of National City, a public body,
corporatpd politic
By:
Name: Ron Morrison
Its:
Chaimmn
CONSTELLATION:
Constellation Property Group (A Avenue)
LP, a Delaware limited partnership
By: Constellation Property Management,
Inc., a Delaware corporation
Its: General Partner
By: C,66-
AGREED,, ACKNOWLEDGED AND ACCEPTED
East West Bank:
By:
Name:
Its:
DDA AMENDMENT NO. 5
3
EXHIBIT A
Grant Deed
RECORDING REQUESTED BY:
STEWART TITLE COMPANY
WHEN RECORDED RETURN TO:
***************************************************************************
GRANT DEED
The undersigned Grantor declares:
(1) The documentary transfer tax is $ , which is computed on full value of the
property conveyed, County of San Diego.
(2) The property is located in the City of National City, County of San Diego.
FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
CONSTELLATION PROPERTY GROUP (A AVENUE) LP, a Delaware limited partnership
("Grantor"), hereby grants to , ("Grantee") the following
described real property in the City of National City, County of San Diego, State of California:
AS PER EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF.
GRANTOR: CONSTELLATION PROPERTY GROUP (A AVENUE) LP,
a Delaware limited partnership
By: Constellation Property Management, Inc.,
a Delaware corporation
Its:
By:
Name:
Its:
DDA AMENDMENT NO. 5
4
EXHIBIT "A"
A Condominium comprised of:
PARCEL 1: An undivided 1/61st fee simple interest as a tenant in common in and to the Lot
, of Map No. , in the City of National City, County of San Diego, State of
California, filed in the Office of the Recorder of San Diego County, 201 .
EXCEPTING THEREFROM, the Association Property and Units through , inclusive, of
said Lot , of Map No. , as shown on that certain Condominium Plan,
recorded on , 201 , as Instrument No. , of
Official Records, in the Office of the County Recorder of San Diego County ("Condominium
Plan").
ALSO EXCEPTING THEREFROM, for the benefit of Grantor, its successors in interest, and
others, together with the right to grant the same to others, such Exclusive Use Association
Property easements as defined, described and shown in said Condominium Plan and the
Declaration of Establishment of Conditions, Covenants and Restrictions for Centro
("Declaration"), recorded on , 201, as Instrument No. , of
the Official Records of San Diego County, California, including any amendments thereto.
PARCEL 2: Unit No. , of said Lot , of Map No. , as shown and described
in said Condominium Plan.
RESERVING FROM SAID PARCELS 1 AND 2 ABOVE, for the benefit of Grantor, its
successors in interest, and others, easements for access, use, enjoyment, repairs, and for other
purposes, all as described in the Declaration.
PARCEL 3: Those certain Exclusive Use Association Property balcony and/or patio shown
and designated in the above -referenced Condominium Plan located adjacent to the Unit,
consisting of exclusive casements for use thereof appurtenant to Parcels 1 and 2 above, as
defined and described in the Declaration and the Condominium Plan.
PARCEL 4: Those certain Exclusive Use Association Property parking spaces shown and
designated in the above -referenced Condominium Plan with the designation " ",
consisting of exclusive easements for use thereof appurtenant to Parcels 1 and 2 above, as
defined and described in the Declaration and the Condominium Plan.
PARCEL 5: Nonexclusive easements for access, ingress, egress, use, enjoyment, drainage,
encroachment, support, maintenance, repairs, and for other purposes, all as described in the
Declaration.
DDA AMENDMENT NO. 5
6
SUBJECT TO:
1. Taxes for the fiscal year.
2. Covenants, Conditions, Restrictions, reservations, rights, rights of way, easements
of record, if any.
3. The "Notice of Seller's Election for Handling of Construction Claims Pursuant to
California Civil Code Section 895, et seq.", recorded on
201 , as Instrument No. , in the Office of the County
Recorder of said County.
4. All other covenants, conditions, restrictions, reservations, rights, rights -of -way
and easements of record as well as any of such matters that are apparent.
BY ACCEPTANCE AND RECORDATION OF THIS DEED, AND BY ITS
EXECUTION OF THIS DEED, GRANTEE HEREBY (A) ACCEPTS AND APPROVES ALL
OF THE FOREGOING IN THIS DEED, (B) GRANTS TO GRANTOR AND A AVENUE
LIVING, INC. SUCH POWERS AND RIGHTS AS ARE SET FORTH IN THE
DECLARATION, AND (C) ACCEPTS, APPROVES, ADOPTS, RATIFIES AND AGREES
TO BE BOUND BY, AND TO ASSUME PERFORMANCE OF, ALL OF THE APPLICABLE
REQUIREMENTS, COVENANTS, CONDITIONS, RESERVATIONS, RESTRICTIONS,
EASEMENTS AND OTHER MATTERS SET FORTH IN THE DECLARATION, AND ALL
AMENDMENTS THERETO, ALL OF WHICH PROVISIONS ARE INCORPORATED
HEREIN BY REFERENCE THERETO WITH THE SAME FORCE AND EFFECT AS
THOUGH FULLY SET FORTH HEREIN AT LENGTH, AND AGREES TO PAY
PROMPTLY WHEN DUE, ANY AND ALL ASSESSMENTS AS REQUIRED UNDER SAID
DECLARATION.
GRANTEE:
DDA AMENDMENT NO. 5
7
ACKNOWLEDGMENT
STATE OF CALIFORNIA )
) ss.
COUNTY OF
On , 201_, before me, , a Notary Public for
the State of California, personally appeared
and
, 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/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, 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
DDA Amendment No. 5 Page 8
STATE OF CALIFORNIA
COUNTY OF
ACKNOWLEDGMENT
) ss.
On , 201 , before me, , a Notary Public for the
State of California, personally appeared
who proved to me on the basis of satisfactory evidence to be the person whose name is
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, or the
entity upon behalf of which the person 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 (Seal)
DDA AMENDMENT NO. 5
5
AND WHEN RECORDED MAIL TO:
CDC
City of National City
1243 National City Blvd
National City, CA 91950-4301
Title Order No.: 7034-A.3592
DOC # 2011-0307437
11111111111111111111111111111111111111111111111111111111111111111111
JUN 16, 2011 3:12 PM
OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
Ernest J. Dronenburg, Jr.. COUNTY RECORDER
FEES: 19.00
OC: NA
8575
PAGES 9
IIIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIH IIIII Hill IIIII IIIII IIIII IIII �111
` ir.' , ` ,' C ✓
[THIS SPACE FOR RECORDER ONLY]
Grantor declares Documentary Transfer Tax: $0.00. Conveyance to a Governmental Agency per R&R 11922
GRANT DEED
THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION
(ADDITIONAL RECORDING FEE APPLIES)
MAIL TAX STATEMENT TO
SETUP! ADDRESS ABOVE
8576
GRANT DEED
The undersigned Grantor declares:044.,e.
(1) The documentary transfer tax is $, which is computed on full value of the
property conveyed, County of San Diego.
(2) The property is located in the City of National City, County of San Diego.
FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
CONSTELLATION PROPERTY GROUP (A AVENUE) LP, a Delaware limited partnership
("Grantor"), hereby grants to the Community Development Commission of the City of National
City, a public body, corporate and politic, ("Grantee") the following described real property in
the City of National City, County of San Diego, State of California:
AS PER EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF.
GRANTOR: CONSTELLATION PROPERTY GROUP (A AVENUE) LP,
a Delaware limited partnership
By: Constellation Property Management, Inc.,
a Delaware,SOrporation, its General Partner
By:
Name:
Its:
ACKNOWLEDGMENT
STATE OF CALIFORNIA
) ss.
COUNTY OF SAN DIEGO
On June 15, 2011, before me, Virginia Miller, a Notary Public for the State of California,
personally appeared ,qry-Att .LI Zirif n i, , who proved to me
on the basis of satisfactory evidence to be the person whose name is subscribed to the within
instrument, and acknowledged to me that he executed the same in his authorized capacity, and
that by his signature on the instrument the person, or the entity upon behalf of which the person
acted, executed the instrument.
1 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.
(Seal)
"THIS DOCUMENT WAS FILED FOR RECORDING BY
STEWART TITLE AS AN ACCOMMODATION ONLY. IT
HAS NOT BEEN EXAMINED AS TO ITS EXECUTION OR
AS TO ITS EFFECT UPON THE TITLE, OR ITS
RECORDABILITY."
VIRGINIA MILLER
Commission # 1874998
Notary Public - California
San Diego County
Comm. Expires Dec 26. 2013
EXHIBIT "A"
A Condominium comprised of:
8577
PARCEL 1: An undivided 1/61st fee simple interest as a tenant in common in and to Lot 1, of
Map No. 15807, in the City of National City, County of San Diego, State of California, filed in
the Office of the Recorder of San Diego County, on December 30, 2010 as File No. 2010-
0729372.
EXCEPTING THEREFROM, the Association Property and Units 101 through 419, inclusive, of
said Lot 1, of Map No. 15807, as shown on that certain Condominium Plan, recorded on April
19, 2011, as Instrument No. 2011-02027639, of Official Records, in the Office of the County
Recorder of San Diego County ("Condominium Plan"). **Units 101-104 inclusive; 201-219
inclusive; 301-319 inclusive; 401-419 inclusive.
ALSO EXCEPTING THEREFROM, for the benefit of Grantor, its successors in interest, and
others, together with the right to grant the same to others, such Exclusive Use Association
Property easements as defined, described and shown in said Condominium Plan and the
Declaration of Establishment of Conditions, Covenants and Restrictions for Centro
("Declaration"), recorded on April 19, 2011, as Instrument No. 2011-0202640, of the Official
Records of San Diego County, California, including any amendments thereto.
PARCEL 2: Unit No. 401, of said Lot 1, of Map No. 15807, as shown and described in said
Condominium Plan.
RESERVING FROM SAID PARCELS 1 AND 2 ABOVE, for the benefit of Grantor, its
successors in interest, and others, easements for access, use, enjoyment, repairs, and for other
purposes, all as described in the Declaration.
PARCEL 3: Those certain Exclusive Use Association Property balcony and/or patio shown
and designated in the above -referenced Condominium Plan located adjacent to the Unit,
consisting of exclusive easements for use thereof appurtenant to Parcels 1 and 2 above, as
defined and described in the Declaration and the Condominium Plan.
PARCEL 4: Those certain Exclusive Use Association Property parking spaces shown and
designated in the above -referenced Condominium Plan with the designation "49&50", consisting
of exclusive easements for use thereof appurtenant to Parcels 1 and 2 above, as defined and
described in the Declaration and the Condominium Plan.
PARCEL 5: Nonexclusive easements for access, ingress, egress, use, enjoyment, drainage,
encroachment, support, maintenance, repairs, and for other purposes, all as described in the
Declaration.
ACKNOWLEDGMENT
STATE OF CALIFORNIA
) ss.
COUNTY OF SAN DIEGO
8578
On June 15, 2011, before me, Virginia Miller, a Notary Public for the State of California,
personally appeared Brad Raulston, who proved to me on the basis of satisfactory evidence to be
the person whose name is subscribed to the within instrument, and acknowledged to me that he
executed the same in his authorized capacity, and that by his signature on the instrument the
person, or the entity upon behalf of which the person 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 {.trt.gCt
16,
VIRGINIA MILLER
Commission * 1874998
Notary Public - California
San Diapo County
Ea Oac $` I J
(Seal)
SUBJECT TO:
1. Taxes for the fiscal year.
5579
2. Covenants, Conditions, Restrictions, reservations, rights, rights of way, easements
of record, if any.
3. The "Notice of Seller's Election for Handling of Construction Claims Pursuant to
California Civil Code Section 895, et seq.", recorded on April 20, 2011, as
Instrument No. 0205035, in the Office of the County Recorder of said County.
4. All other covenants, conditions, restrictions, reservations, rights, rights -of -way
and easements of record as well as any of such matters that are apparent.
BY ACCEPTANCE AND RECORDATION OF THIS DEED, AND BY ITS
EXECUTION OF THIS DEED, GRANTEE HEREBY (A) ACCEPTS AND APPROVES ALL
OF THE FOREGOING IN THIS DEED, (B) GRANTS TO GRANTOR AND A AVENUE
LIVING, INC. SUCH POWERS AND RIGHTS AS ARE SET FORTH IN THE
DECLARATION, AND (C) ACCEPTS, APPROVES, ADOPTS, RATIFIES AND AGREES
TO BE BOUND BY, AND TO ASSUME PERFORMANCE OF, ALL OF THE APPLICABLE
REQUIREMENTS, COVENANTS, CONDITIONS, RESERVATIONS, RESTRICTIONS,
EASEMENTS AND OTHER MATTERS SET FORTH IN THE DECLARATION, AND ALL
AMENDMENTS THERETO, ALL OF WHICH PROVISIONS ARE INCORPORATED
HEREIN BY REFERENCE THERETO WITH THE SAME FORCE AND EFFECT AS
THOUGH FULLY SET FORTH HEREIN AT LENGTH, AND AGREES TO PAY
PROMPTLY WHEN DUE, ANY AND ALL ASSESSMENTS AS REQUIRED UNDER SAID
DECLARATION.
GRANTEE: Community Development Commission of the City of National City, a public
body, corporate and politic
By:
Br. aulston
Executive Director
8580
CERTIFICATE OF ACCEPTANCE
This is to certify that the interest in real property conveyed by Grant Deed dated June 15,
2011, by Constellation Property Group (A Avenue), LP to the Community Development
Commission of the City of National City is hereby accepted by order of the Community
Development Commission of the City of National City per Resolution No. 2010-267, dated
November 23, 2010, and the Grantee consents to the recordation thereof by its duly authorized
officer.
Dated: June 16, 2011
8581
RESOLUTION NO. 2010 — 267
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY AUTHORIZING
THE CHAIRMAN TO EXECUTE AMENDMENT NO. 5 TO
THE DISPOSITION AND DEVELOPMENT AGREEMENT BY AND
BETWEEN THE COMMUNITY DEVELOPMENT COMMISSION
AND CONSTELLATION PROPERTY GROUP (A AVENUE) LP,
AND ACCEPTING THE CONVEYANCE AND RELEASE OF
REAL PROPERTY PURSUANT TO SAID AMENDMENT
WHEREAS, on August 30, 2005, the Community Development Commission of
the City of National City ("CDC") entered into a Disposition and Development Agreement
("DDA") with Constellation Property Group (A Avenue), LP ("Constellation") for the
redevelopment of approximately 1.2 acres between National City Boulevard, B Avenue, 11th
Street, and 12th Street (the "Site"); and
WHEREAS, as part of the redevelopment project, Constellation was to construct
on the Site approximately 40 condominium units known as "Centro". Pursuant to the DDA, as
amended, Constellation was obligated to convey to the CDC for $10 a residential condominium
unit and two parking spaces; and
WHEREAS, Constellation will be in a position to convey the residential
condominium unit to the CDC upon approval of the final subdivision map for Centro.
Constellation and East West Bank, the construction lender and holder of a first deed of trust on
the Site, desire to memorialize the transaction pursuant to which the residential condominium
unit will be conveyed to the CDC; and
WHEREAS, in order to memorialize the transaction, Constellation and East West
Bank have proposed Amendment No. 5 to the Disposition and Development Agreement by and
between the CDC and Constellation (the "Amendment"). The Amendment will be entered into
between the CDC, Constellation, and East West Bank, and provides that prior to receipt of a
Certificate of Occupancy for Centro by Constellation, Constellation will convey the residential
condominium unit to the CDC, and that upon such conveyance, East West Bank will release
that portion of its deed of trust relating to the condominium unit.
NOW, THEREFORE, BE IT RESOLVED that the Community Development
Commission of the City of National City hereby authorizes the Chairman to execute Amendment
No. 5 to the Disposition and Development Agreement by and between the Community
Development Commission of the City of National City and Constellation Property Group (A
Avenue), LLP.
BE IT FURTHER RESOLVED that the Community Development Commission of
the City of National City hereby accepts a Grant Deed from Constellation Property Group (A
Avenue), LLP, for the conveyance of one residential condominium unit in the Centro
condominium project, together with all related exclusive rights and nonexclusive easements in
said project, and directs that the City Clerk record the same.
BE IT FURTHER RESOLVED that the Community Development Commission of
the City of National City hereby accepts the release of the residential condominium unit from
East West Bank, and directs that the City Clerk record the same.
--- Signature Page to Follow---
8582
Resolution No. 2010 — 267
Page 2
PASSED and ADOPTED this 23rd day of November, 2010.
Ron Morrison, Chairman
ROVED AS TO FORM:
. Si
General Co . CDC
8583
Passed and adopted by the Community Development Commission of the City of
National City, California, on November 23, 2010 by the following vote, to -wit:
Ayes: Commissioners Morrison, Sotelo-Solis, Zarate.
Nays: Commissioner Van Deventer.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman, Community Development Commission
BRAD RAULSTON
Secretary, Community Development Commission
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2010-267 of the Community Development Commission of the City
of National City, California, passed and adopted on November 23, 2010.
Secret
ity Development Commission
By:
Deputy
Recordation requested by:
East West Bank
When Recorded Mail To:
Constellation Property Group
241 14'h St
San Diego, CA 92101
Loan No.87814609, unit #401
ICC
D 0 C # 2011-030743G
I IIII III III I111 IIIII IIII IIIII IIIII 1 III IIIII IIIII IIIII 1111 III
JUN 16, 2011 3:12 PM
OFFICIAL RECORDS
SAN DIEGO COUNTY RECORDER'S OFFICE
ErnestJ. Dronenburg, Jr., COUNTY RECORDER
FEES: 26.00
DA: 1
PAGES: 2
III
1 IIIII IIIII IIIII IIIII IIIII IIIII IIII 1111111111IIII! IIIII IBII IIIII IIIII IIIII IIII IIII
PARTIAL RECONVEYANCE
EAST WEST INVESTMENT, INC. as Trustee, or Substituted Trustee, under Deed of Trust dated
October 16, 2007 made by Constellation Property Group (A Avenue), LP, a Delaware
limited partnership as Trustor, and recorded as Instrument No. 2007-0789160 on Dec 24,
2007 of Official Records in the office of the county recorder of San Diego County, California having
received from the Beneficiary thereunder, a written request to reconvey, in accordance with the terms of
said Deed of 'Trust, all estate now held by said Trustee under said Deed of Trust and to the hereinafter
described property, said Beneficiary having presented said Deed of Trust and note secured thereby for
endorsement.
NOW, THEREFORE, in accordance with said request and the provisions of said Deed of Trust,
*}� —-W :CT JI U as trustee, does hereby RECONVEY, without warranty, to the person or persons
legally entitled thereto, all estate now held by it thereunder in and to that property. situated in the County
of San Diego, State of California, described as follows:
a EAST- W F51- r'i E)/ i -TN) C
SEE EXHIBIT "A" ATTACHED
The remaining property described in said Deed of Trust shall continue to be held by said 'Trustee under
the terms thereof. As provided in said Deed of Trust, this Partial Reconveyance is made Without affecting
the personal liability if any person for payment of indebtedness secured by said Deed of Trust.
IN WITNESS WHEREOF, EAST WEST INVESTMENT, INC., as Trustee, has caused its
corporate name to be hereto affixed by it Secretary, thereunto duly authorized.
Dated: June 15, 2011
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
EAST WEST INVESTMENT, INC.
By:, -'-�
Linda Lam, Senior Vice -President
On June 16, 2011 before me, Jennifer Wing Lam Ho, a Notary Public, Personally appeared Linda
Lam, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed
to the within instrument and acknowledge to me that she executed the same in her authorized capacity and
that by her signature on the instrument the person, or the entity upon behalf of which the person 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
JENNIFER WING LAM NO
.. Commission # 1806505
�.i Notery Public - California J
tW,Fi Los Angeles County.
�`°'" M Comm. Ex nes Ju115, 2012
EXHIBIT "A"
A Condominium comprised of:
PARCEL 1: An undivided 1/61st fee simple interest as a tenant in common in and to Lot 1, .of
Map No. 15807, in the City of National City, County of San Diego, State of California, filed in
the Office of the Recorder of San Diego County, on December 30, 2010 as File No. 2010-
0729372.
EXCEPTING THEREFROM, the Association Property and Units 101 through 419, ineiusive, of
said Lot 1, of' Map No. 15807, as shown on that certain Condominium Plan, recorded on April
19, 2011, as Instrument No. 2011-02027639, of Official Records, in the Office of the County
Recorder of San Diego County ("Condominium Plan"). **Units 101-104 inclusive; 201-219
inclusive; 301-319 inclusive; 401-419 inclusive.
ALSO EXCEPTING THEREFROM, for the benefit of Grantor, its successors in interest, and
others, together with the right to grant the same to others, such Exclusive Use Association
Property easements as defined, described and shown in said Condominium Plan and the
Declaration of Establishment of Conditions, Covenants and Restrictions for Centro
("Declaration"), recorded on April 19, 2011, as Instrument No. 2011-0202640, of the Official
Records of San Diego County, California, including any amendments thereto.
PARCEL 2: Unit No. 401, of said Lot 1, of Map No. 15807, as shown and described in said
Condominium Plan.
RESERVING FROM SAID PARCELS 1 AND 2 ABOVE, for the benefit of Grantor, its
successors in interest, and others, easements for access, use, enjoyment, repairs, and for other
purposes, all as described in the Declaration.
PARCEL 3: Those certain Exclusive Use Association Property balcony and/or patio shown
and designated in the above -referenced Condominium Plan located adjacent to the Unit,
consisting of exclusive easements for use thereof appurtenant to Parcels 1 and 2 above, as
defined and described in the Declaration and the Condominium Plan..
PARCEL 4: Those certain Exclusive Use Association Property parking spaces shown and
designated in the above -referenced Condominium Plan with the designation "49&50", consisting
of exclusive easements for use thereof appurtenant to Parcels 1 and 2 above, as defined and
described in the Declaration and the Condominium. Plan.
PARCEL 5: Nonexclusive easements for access, ingress, egress, use, enj oyment, drainage,
encroachment, support, maintenance, repairs, and for other purposes, all as described in the
Declaration.
RESOLUTION NO. 2010 — 267
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY AUTHORIZING
THE CHAIRMAN TO EXECUTE AMENDMENT NO. 5 TO
THE DISPOSITION AND DEVELOPMENT AGREEMENT BY AND
BETWEEN THE COMMUNITY DEVELOPMENT COMMISSION
AND CONSTELLATION PROPERTY GROUP (A AVENUE) LP,
AND ACCEPTING THE CONVEYANCE AND RELEASE OF
REAL PROPERTY PURSUANT TO SAID AMENDMENT
WHEREAS, on August 30, 2005, the Community Development Commission of
the City of National City ("CDC") entered into a Disposition and Development Agreement
("DDA") with Constellation Property Group (A Avenue), LP ("Constellation") for the
redevelopment of approximately 1.2 acres between National City Boulevard, B Avenue, 11th
Street, and 12th Street (the "Site"); and
WHEREAS, as part of the redevelopment project, Constellation was to construct
on the Site approximately 40 condominium units known as "Centro". Pursuant to the DDA, as
amended, Constellation was obligated to convey to the CDC for $10 a residential condominium
unit and two parking spaces; and
WHEREAS, Constellation will be in a position to convey the residential
condominium unit to the CDC upon approval of the final subdivision map for Centro.
Constellation and East West Bank, the construction lender and holder of a first deed of trust on
the Site, desire to memorialize the transaction pursuant to which the residential condominium
unit will be conveyed to the CDC; and
WHEREAS, in order to memorialize the transaction, Constellation and East West
Bank have proposed Amendment No. 5 to the Disposition and Development Agreement by and
between the CDC and Constellation (the "Amendment"). The Amendment will be entered into
between the CDC, Constellation, and East West Bank, and provides that prior to receipt of a
Certificate of Occupancy for Centro by Constellation, Constellation will convey the residential
condominium unit to the CDC, and that upon such conveyance, East West Bank will release
that portion of its deed of trust relating to the condominium unit.
NOW, THEREFORE, BE IT RESOLVED that the Community Development
Commission of the City of National City hereby authorizes the Chairman to execute Amendment
No. 5 to the Disposition and Development Agreement by and between the Community
Development Commission of the City of National City and Constellation Property Group (A
Avenue), LLP.
BE IT FURTHER RESOLVED that the Community Development Commission of
the City of National City hereby accepts a Grant Deed from Constellation Property Group (A
Avenue), LLP, for the conveyance of one residential condominium unit in the Centro
condominium project, together with all related exclusive rights and nonexclusive easements in
said project, and directs that the City Clerk record the same.
BE IT FURTHER RESOLVED that the Community Development Commission of
the City of National City hereby accepts the release of the residential condominium unit from
East West Bank, and directs that the City Clerk record the same.
--- Signature Page to Follow---
Resolution No. 2010 — 267
Page 2
PASSED and ADOPTED this 23rd day of November, 2010.
Ron Morrison, Chairman
ROVED AS TO FORM:
dia " Si v
General Co n ' . CDC
Passed and adopted by the Community Development Commission of the City of
National City, California, on November 23, 2010, by the following vote, to -wit:
Ayes: Commissioners Morrison, Sotelo-Solis, Zarate.
Nays: Commissioner Van Deventer.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman, Community Development Commission
ity Development Commission
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2010-267 of the Community Development Commission of the City
of National City, California, passed and adopted on November 23, 2010.
Secretary, Community Development Commission
By:
Deputy
CITY OF NATIONAL CITY, CALIFORNIA c a o o G - 59
COMMUNITY DEVELOPMENT COMMISSION AGENDA STATEMENT
'ETING DATE: November 23, 2010
AGENDA ITEM NO.52
ITEM TITLE:
Resolution of the Community Development Commission of the City of National City Authorizing the
Chairman to Execute Amendment No. 5 to the Disposition and Development Agreement by and
between the CDC and Constellation Property Group (A Avenue) LP, and accepting the Conveyance
and Release of Real Property Pursuant to said Amendment
PREPARED BY: George H. Eiser, III pi,/
PHONE: Ext. 4221
EXPLANATION:
Please see attached memorandum.
DEPARTMENT: City Attorney
APPROVED BY:
FINANCIAL STATEMENT: APPROVED:
ACCOUNT NO. APPROVED: MIS
N/A
ENVIRONMENTAL REVIEW:
N/A
ORDINANCE: INTRODUCTION: FINAL ADOPTION:
Finance
STAFF RECOMMENDATION:
N/A
BOARD / COMMISSION RECOMMENDATION:
N/A
" TTACHMENTS:
, , emorandum
Amendment No. 5 to the Disposition and Development Agreement
Proposed resolution
c�ovvt�ovs *-10. r"ao'O - ^tG�