HomeMy WebLinkAboutAviara Land Associates/Bramalea California; 1989-12-21;.
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ASSUMPTION AGREEMENT
THIS ASSUMPTION AGREEMENT (the "Agreement") is entered into as of DICL~~LI ai , 19=, by and among AVIARA LAND ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership
("Developer") , BRAMALEA CALIFORNIA, INC. , a California
corporation ("Buyer"), and THE CITY OF CARLSBAD, a municipal
corporation of the State of California ("City") , with
reference to the following facts:
A. On December 8, 1987, the Carlsbad City Council adopted Ordinance No. 9839, approving Master Plan No. MP-177 (the "Master Plan") concerning certain real property owned by Developer and proposed for development as a master planned community.
B. On December 8, 1987, the Carlsbad City Council adopted Resolution No. 9322, approving that certain Tentative Subdivision Map no. CT 85-35 (the "Map").
C. As expressly provided by the terms of condition no. 94 of the Map, prior to the sale of any Planning Area contained within the Map, the purchaser of any such Planning Area shall enter into an agreement with Developer and City whereby said purchaser assumes and agrees to abide by the terms, provisions and obligations of the Master Plan.
D. This Agreement is executed in order to so
evidence Buyer's agreement to abide by the terms and provisions of the Master Plan and Buyer's assumption of the obligations of the Master Plan and any approved amendments thereto with regard to certain real property being purchased by Buyer from Developer.
NOW, THEREFORE, the parties hereto agree as
follows:
1. Assumption of Master Plan. For valuable consideration, the receipt of which is hereby acknowledged, Buyer hereby assumes the obligations of and agrees to abide by the terms and provisions of the Master Plan and any approved amendments thereto, specifically including without
limitation those provisions of the Master Plan affecting that certain real property (the "Property") known as Planning
Area 16 and identified in the map attached hereto as
Exhibit "A" and incorporated herein by this reference.
2. Indemnification of Developer. Buyer hereby
agrees to indemnify, defend and hold Developer harmless from
and against any failure by Buyer to observe and abide by the
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terms, provisions and obligations of the Master Plan and any approved amendments thereto in connection with Buyer's use and development of the Property.
3. Necessary Acts. Each party to this Agreement agrees to perform any further acts and execute and deliver
any further documents that may be reasonably necessary to
carry out the provisions of this Agreement.
IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first set forth above.
"Developer"
AVIARA LAND ASSOCIATES LIMITED
PARTNERSHIP, a Delaware limited partnership
By: Aviara Land Company, a Delaware corporation, general
partner
By: 94c.- Its: 1/j' - F:nae<c
By: Republic Development Company, a California corporation,
general partner
"Buyer 'I
BRAMALEA CALIFORNIA, INC., a California corporation
BY Its
'IC i ty I'
CITY OF CARLSBAD, a Municipal Corporation of the State of
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