22-0222_LENNAR HOMES OF CALIFORNIA, LLC_Partial Assignment & Assumption of Development AgreementRECORDING REQUESTED BY:
Lennar Title, Inc.
WHEN RECORDED MAIL TO AND MAIL TAX
STATEMENTS TO:
Lennar Homes of California, LLC, a California
limited liability company
2000 FivePoint, Ste 365
Irvine, CA 92618
Attn: JR Jones
File No.: 195004-002783-2
APN: 121-182-17, 121-182-62 and 121-182-63
Recorded in Official Records, Orange County
Hugh Nguyen, Clerk -Recorder
II I I II II I III I I I I I I II I I I I II 25.00
*$ R 0 0 1 3 5 5 1 0 8 8$
20220000708691:51 pm 02122122
363 SC5A A30 7
0.00 0.00 0.00 0.00 18.00 0.00 0.000.000.00 0.00
FOR RECORDER'S USE ONLY
PARTIAL ASSIGNMENT AND ASSUMPTION OF
DEVELOPMENT AGREEMENT
Title of Document
Pursuant to Senate Bill 2 - Building Homes and Jobs Act (GC Code Section 27388.1), effective January 1, 2018, a
fee of seventy-five dollars ($75.00) shall be paid at the time of recording of every real estate instrument, paper, or
notice required or permitted by law to be recorded, except those expressly exempted from payment of recording
fees, per each single transaction per parcel of real property. The fee imposed by this section shall not exceed
two hundred twenty-five dollars ($225.00).
0 Exempt from fee per GC 27388.1 (a) (2); recorded concurrently "in connection with" a transfer subject to the
imposition of documentary transfer tax (DTT).
❑ Exempt from fee per GC 27388.1 (a) (2); recorded concurrently "in connection with" a transfer of real property
that is a residential dwelling to an owner -occupier.
❑ Exempt from fee per GC 27388.1 (a) (1); fee cap of $225.00 reached.
❑ Exempt from the fee per GC 27388.1 (a) (1); not related to real property.
THIS COVER SHEET ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION
($3.00 Additional Recording Fee Applies)
RECORDING REQUESTED BY:
Lennar Title, Inc./Simplifile
Order/File No.: 195004-002783-2
WHEN RECORDED, RETURN TO:
Lennar Homes of California, LLC
2000 FivePoint, Suite 365
Irvine, CA 92618
Attn: JR Jones
PARTIAL ASSIGNMENT AND ASSUMPTION
OF DEVELOPMENT AGREEMENT
THIS PARTIAL ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT AGREEMENT
(the "Assignment") is made as of February 22, 2022 (the "Assignment Effective Date"), by and
between AG Essential Housing CA 1, L.P., a Delaware limited partnership ("Assignor"), and
Lennar Homes of California, LLC, a California limited liability company ("Assignee"), with
reference to the following facts:
A. The City of San Juan Capistrano, a California municipal corporation ("City") and
Virginia A. Germann, as Successor Trustee of the C. and I. Vermeulen Revocable Trust dated May
14, 1990, and Vermeulen Ranch Center, LLC, a California limited liability company, are parties
to that certain Development Agreement No. 18-001 dated July 12, 2018, recorded in the Official
Records of Orange County on July 19, 2018, as Instrument No. 2018000264165 (the
"Development Agreement") pertaining to the real property more particularly described therein
(the "Project").
B. Assignor and Assignee, as successor -in -interest by conversion to Lennar Homes of
California, Inc., a California corporation, are parties to that certain unrecorded Option Agreement
dated October 23, 2020 (the "Option Agreement"), pursuant to which Assignee has elected to
acquire the portion of the Project more particularly described on Exhibit "A" attached hereto (the
"Property").
C. In connection with Assignee's acquisition of the Property pursuant to the Option
Agreement, Assignor has agreed to assign and delegate to Assignee its rights, duties and
obligations under the Development Agreement to the extent the same relate to the Property, and
Assignee has agreed to accept such assignment and expressly and unconditionally assumes all of
the duties, obligations, agreements, covenants and waivers of Assignor under the Development
Agreement, including without limitation, the covenants not to sue and waivers contained in
Sections 7.2 and 8.4 of the Development Agreement.
NOW THEREFORE, in consideration of the foregoing facts and the mutual covenants and
conditions herein below set forth, it is agreed:
Page 1
1. Assignor hereby assigns, conveys and transfers to Assignee all of Assignor's
right, title and interest in and to, and hereby delegates to Assignee, Assignor's duties and
obligations under (as described in paragraph 2 below), the Development Agreement solely with
respect to the Property.
2. Assignee hereby accepts this Assignment with respect to the Property and
expressly and unconditionally assumes all of the duties, obligations, agreements, covenants and
waivers of Assignor under the Development Agreement solely to the extent relating to the
Property, including without limitation, the covenants not to sue and waivers contained in Sections
7.2 and 8.4 of the Development Agreement.
3. This Assignment may be executed in counterparts which taken together shall
constitute one and the same instrument.
4. The provisions of this instrument shall be binding upon and inure to the benefit
of Assignor and Assignee and their respective successors and assigns.
5. Assignor and Assignee each hereby covenants that it will, at any time and from
time to time, execute any documents and take such additional actions as the other, or its respective
successors or assigns, shall reasonable require in order to more completely or perfectly carry out
the transfers intended to be accomplished by this Assignment.
6 This Assignment shall be construed and interpreted in accordance with the laws
of the State of California.
[SIGNATURE PAGES TO FOLLOW]
Page 2
IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment as of
the date first set forth above.
ASSIGNOR:
AG ESSENTIAL HOUSING CA 1, L.P.,
a Delaware limited partnership
By: AGWIP Asset Management, LLC,
an Arizona limited liability company,
its Authorized Agent
By: S:�S".-
Steven S. Benson, its Manager
STATE OF ARIZONA
COUNTY OF MARICOPA
The foregoing instrument was acknowledged before me this L'Ptay o 2, by
Steven S. Benson, the manager of AGWIP Asset Management, LLC, an Arizona limited liability
company, the Authorized Agent of AG ESSENTIAL HOUSING CA 1, L.P., a Delaware limited
partnership, for and on behalf thereof.
Notary Public
(SEAL)
tMtrr�,
a
ANGELA STATEN
Notary Public • Arizona
Maricopa County
Commission # 592706
' �i'
My Comm. Expires Oct 10, 2024
ASSIGNEE:
LENNAR HOMES OF CALIFORNIA, LLC,
a California limited liability company
By:
Name: (L No
Title:
A notary public or other officer completing this certificate verifies only the identity of the individual who
signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of
that document.
STATE OF CALIFORNIA
COUNTY OF JOVPe
On February/S_, 2022, before me, /i tVe-��p` j� , Notary Public, personally appeared
`J Dill , who proved to me on the basis of satisfactory evidence to be the person(s)
whose ame(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 m hand and official seal. `� n`'� M. SUE is - Ca f
y - � Notary Public - Ca;ifornia Z
_'•i' .= O,ange County
Commission 4 2341516
Comm. Expires Feb 9, 2025
Notary Public (Seal)
Exhibit A
Legal Description of Property
Real Property in the City of San Juan Capistrano, County of Orange, State of California, described
as follows:
LOT(S) 82 THROUGH 87,108 THROUGH 110, 115 AND 116, INCLUSIVE, OF TRACT NO.
19063, IN THE CITY OF SAN JUAN CAPISTRANO, COUNTY OF ORANGE, STATE OF
CALIFORNIA, AS PER MAP RECORDED IN BOOK 996, PAGES 1 THROUGH 11,
INCLUSIVE, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID
COUNTY.
APN: 121-182-17, 121-182-62 and 121-182-63