between a California municipal corporation a Delaware limited liability company

Transcription

1 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: Recording Requested by and When Recorded Mail To: City of San Juan Capistrano Attention: City Clerk Paseo Adelanto San Juan Capistrano, CA APN(s) : ' ' SPACE ABOVE THIS LINE FOR RECORDER'S USE EXEMPT FROM RECORDING FEES PURSUANT TO GOV. CODE AMENDMENT NO. 1 FINAL TRACT NO between THE CITY OF SAN JUAN CAPISTRANO a California municipal corporation AND DEVELOPMENT SOLUTIONS, OAK, LLC a Delaware limited liability company ATIACHMENT7

2 1. Parties and Date. AMENDMENT NO. FINAL TRACT NO This Amendment No. 1 to Subdivision Improvement Agreement Final Tract No ("Amendment") is made and entered is as of this 18th day of January, 2016, by and between the City of San Juan Capistrano, a municipal organization organized under the laws of the State of California, with its principal place of business at Paseo Adelanto, San Juan Capistrano, CA ("City") and Development Solutions Oak, LLC, a Delaware limited liability company, with its principal place of business at 1302 Camino Del Mar, Del Mar, CA ("Subdivider"). City and Subdivider are sometimes individually referred to as "Party" and collectively as "Parties". 2. Recitals. 2.1 Agreement. The City has conditioned the approval of the final map for Tract No , real property located within the City, a legal description of which is attached hereto as Exhibit "A" and incorporated herein by reference (the "Property"), on the timely construction of completion of public improvements as set forth in the Subdivision Improvement Agreement Final Tract No dated February 3, 2015, by and between City and Subdivider ("Agreement"). 2.2 Amendment Purpose. The City and Subdivider desire to amend the Agreement in order to remove certain improvement obligations of the Subdivider and provide for the payment by the Subdivider to the City of a cash deposit in order to allow the City to provide such improvements, should the City determine to do so. 3. Terms. 3.1 New Section 1.1. A new Section 1.1 of the Agreement is hereby added to read as follows: "1.1 Removal of Trail and Bikeway Obligations/Deposit In Lieu. A. The term "Works of Improvement" is hereby amended to remove those Trail and Bikeway improvements that are listed as Condition No (Trail and Bikeway Dedications) in the Conditions of Approval for Tentative Tract Map Subdivider shall be under no legal obligation to install and/or construct such Trail and Bikeway improvements. B. Concurrently with Subdivider's execution of this Amendment, Subdivider shall deposit with the City a cash deposit in the amount of One Hundred Forty Thousand Dollars ($140,000.00) ("In Lieu Amount"), which the Parties estimate to be the reasonably estimated cost of constructing and installing the Trail and Bikeway improvements. This Amendment shall not be effective until that date (the "Effective Date") that Subdivider pays 2

3 such In Lieu Amount to the City. Upon payment of said In Lieu Amount, the City Engineer shall take any and all steps necessary to reduce the Faithful Performance Bond and Labor and Materials Bond by Seventy Thousand Three Hundred Fifty Seven Dollars ($70,357.00). C. City shall hold the In Lieu Amount for a period of ten (1 0) years following the Effective Date of this Amendment. City may, but is not obligated to, use the In Lieu Amount for Trail and Bikeway improvements; provided that the City may not use the In Lieu Amount for anything other than trail improvements at the location previously required by Condition Nothing contained in this Amendment shall be construed as obligating the City to construct any or all of the Trail and Bikeway improvements. D. Other than the In Lieu Amount, Subdivider shall not be obligated to pay for or contribute to the cost of any Trail and Bikeway improvements constructed by the City, even if those costs exceed the In Lieu Amount, it being the intention of the City and Subdivider that the In Lieu Amount shall satisfy any and all obligations of Subdivider with respect to any such improvements. E. If and to the extent that the City has not, before the end of the ten (1 0) year period referenced above, used the In Lieu Amount (or any unused portion thereof), the City shall remit the In Lieu Amount (or any unused portion) to Subdivider. Prior to any change in its corporate organization (including, ceasing to exist), Subdivider shall notify City, in writing, of the appropriate successor in interest to Subdivider's rights under this section (D)." 3.2 Continuing Effect of Agreement. Except as amended by this Amendment, all other provisions of the aforementioned Agreement remain in full force and effect. From and after the date of this Amendment, whenever the term "Agreement" appears in the Agreement, it shall mean the Agreement as amended by this Amendment. 3.3 Adequate Consideration. The Parties hereto irrevocably stipulate and agree that they have each received adequate and independent consideration for the performance of the obligations they have undertaken pursuant this Amendment. 3.4 Counterparts. This Amendment may be executed in counterpart originals, which taken together, shall constitute one and the same instrument. [SIGNATURES ON FOLLOWING PAGE] 3

4 SIGNATURE PAGE TO AMENDMENT N0.1 FINAL TRACTS NO CITY OF SAN JUAN CAPISTRANO, a DEVELOPMENT SOLUTIONS, OAK, LLC, California municipal corporation a Delaware Limited Liability Company Pam Patterson, Mayor Judd Gilats, Vice President ATTEST: Maria Morris, City Clerk Dated : Kevin J. Hiniker, Vice President APPROVED AS TO LEGAL FORM : Jeffrey S. Ballinger, City Attorney 4

5 EXHIBIT "A" LEGAL DESCRIPTION OF PROPERTY TRACTS NO Real Property in the City of San Juan Capistrano, County of Orange, State of California described as follows: [INSERT L~GAL DESCRIPTION] APN(s)... 5