HomeMy WebLinkAboutAviara Land Associates/RDC Devco II; 1989-06-30;I . DRC:de 06/29/8C DRC2257.0001.0.0
ORIGINAL
ASSUMPTION AGREEMENT
[Republic - P.A. 41
THIS ASSUMPTION AGREEMENT (the "Agreement") is entered into as of June 30, 1989 by and among AVIARA LAND ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited
partnership ("Developer"), RDC DEVCO I1 LIMITED PARTNERSHIP, a Delaware limited partnership ("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 acknowledaed.
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 4 and identified in the map attached hereto as Exhibit "A" and incorporated herein by this reference. ,-
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DRC:dlk 06/28/89 JRC2257.0002.0.0
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 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.
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IN WITNESS WHEREOF, executed this Agreement as of the parties hereto have 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
o y:
"Buyer
RDC DEVCO I1 LIMITED PARTNERSHIP,
a Delaware limited partnership
By: Republic Development Company, a galifornia corporation,
CITY OF CARLSBAD, a Municipal
BY City Attorney
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