HomeMy WebLinkAbout; ; 1994-0645095; Lease Related Agreement~o~n D AT THE REQUEST, Q!5
CHICAGO TIT~ cp_.
JdiCGltb:UICI ltDQUB8'fB9 BY
..Am>-WHD RBCORDBD KAIL TO:
Polly V. Marshall
Goldfarb & Lipman
One Montgomery Street
Telesis Tower, 23rd Floor
San Francisc~ CA 94104
:J_ ($"-!f;i..O -rS
7~ ;;)tJhO -,r
829
~UL I 1994-0645095
04-HOV-1994 08=28 AM
OFFICIAL RECORDS
SAN DIEGO CDUHTY RECORDER'S OFFICE
GREGORY SMITH, COUHTY RECORDER RF: 14. 00 F£E5: 26. 00 Af: 10.00
MF: 2.00
ASSIGNMEN'l' AND ASSUMPTION AGREEMENT
This Assignment and Assumption Agreement (the "AssigJ;UQent
and Assumption Agreement") is entered into as of the 2,IJ'f'4 day of
October, 1994, by and among BRIDGE Housing Corporation, a
California nonprofit profit public benefit corporation
("Assignor"), La Terraza Associates, a California Limited
Partnership (the "Assignee") and the city of Carlsbad, a
municipal corporation (the "City") with reference to the
following facts:
A. Assignor was granted an Option To Lease that certain
real property located in the City of Carlsbad, California (the
"Property") dated as of April 13, 1994, (the "Option"). The
Option is evidenced by a Memorandum of Option recorded May 17,
1994, as File No. 1994-0324707 in the Official Records of San
Diego County.
•a. Assignee will lease the Property from the City upon
which the Assignee will develop, construct, own and operate a
344-unit residential housing development affordable to low and
very low income persons (the "Development").
C. Assignor desires to assign to Assignee and the Assignee
desires to accept the assignment of all of Assignor's obligations
under the Option.
o. The City desires to consent to the assignment and to
release Assignor from all obligations in connection with this
assignment.
NOW, THEREFORE, in consideration of the foregoing, of the
mutual promises of the parties and for other good and valuable
1442KJ.PSO -1-
Order: TOF: 0015 SD 1994-645095 Page: 1 of 5
830
consideration the receipt and sufficiency of which are
acknowledge, the parties mutually agree as follows:
1. Assignment by Assignors. Assignor hereby assigns to
Assignee all of Assignor's right, title and interest in the
Option.
2 .. Acceptance of Assignment. Assignee accepts the
assignment of the Option and agrees to assume all of Assignor's
duties and obligations under the Option. Assignor is relieved of
all further obligations under the Opti on.
3. c9nsent of city and Release of Assignor.
hereby consents to the assignment of the Option by
Assignee and releases and relieves Assignor of all
obligations under the option.
The City
Assignor to
further
4. Representations. Assignor represents and warrants that
Assignor has not previously assigned, pledged, hypothecated or
otherwise transferred any of its rights or obligations under the
Option.
5. counterparts. This Assignment and Assumption Agreement
may be executed by different parties hereto in counterparts, each
of which shall be deemed an original but all of which together
shall constitute one and the same agreement.
6. Payment of Obligations. All amounts due from Assignor
pursuant to the Option shall be paid directly by Assignee and all
obligations under the Option shall be performed by Assignee.
7. Effective Date. This Assignment and Assumption
Agreement shall be effective upon the date set forth above.
1442)(.J.PS0 -2-
Order: TOF: 0015 SO 1994-645095 Page: 2 of 5
IN WITNESS WHEREOF, the parties have executed this
Assignment and Assumption Agreement as of the date first above
written.
CITYs
City ot Carlsbad, a
municipal corporation
Approved as to form:
[SIGNATURES TO BE NOTARIZED]
144:l.KJ.PS0
ASSIGNOR:
ASSIG
-3-
Order: TOF: 0015 SD 1994-645095 Page: 3 of 5
831
,,
/(·-·
STATE OF CALIFORNIA )
)ss
COUNTY OF SAN FRANCISCO)
832
On October 28, 1994, before me, Sarah c. Whitney, personally appeared
I. Donald Terner, personally known to me (or 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/±.hey .executed :the same .in his/her /t:heir -.aut.h.orJ.zed
-capacity(i-es), -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.
WITNESS my hand and official seal.
~
STATE OF CALIFORNIA )
) ss
COUNTY OF SAN FRANCISCO)
on October 28, 1994, before me, Sarah c. Whitney, personally appeared
I. Donald Terner, personally known to me (or 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
instrwnent the person(s) or the entity upon behalf of which the
person(s) acted, executed the instrument.·
WITNESS my hand and official seal.
Order: TOF: 0015 SD 1994-645095 Page: 4 of 5
STATE OF CALIFORNIA )
)ss
COUNTY OF SAN FRANCISCO)
833
O~October 28h 1994, before me, Sarah c. Whitney, personally appeared ~~ R,PI\ ~,e;#--, personally known to me (or proved to me on
the ss 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.
WITNESS my hand and official seal.
Order: TOF: 0015 SO 1994-645095 Page: 5 of 5