16-0204_SACRA_26755 Verdugo LLC_Release of Const. Covenantsr
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO
AND SEND TAX STATEMENTS TO:
Successor Agency to the
San Juan Capistrano Community
Redevelopment Agency
32400 Paseo Adelanto
San Juan Capistrano, CA 92675
Attention: Executive Director
Recorded in Official Records, Orange County
Hugh Nguyen, Clerk-Recorder
"NO FEE
*$R0008242088$*
2016000122149 3:34 pm 03/23/16
175 411 R08 7 '
0.00 0.00 0.00 0.00 18.00 0.00 0.00 0.00
RECEIVED
APR - 4 2015
CITY MANAGER S Ot-'FICE
Space Above This Line for Recorder's Use
This document is exempt from the payment of a recording
fee pursuant to Government Code Section 27383.
\
RELEASE OF CONSTRUCTION COVENANTS
This RELEASE OF CONSTRUCTION COVENANTS (the "Release") is made as of
February 4, 2016, by the between the SUCCESSOR AGENCY TO THE SAN JUAN
CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY, a public body corporate and
politic, as successor to the former SAN JUAN CAPISTRANO COMMUNITY
REDEVELOPMENT AGENCY pursuant to Health and Safety Code Section 34173 (hereinafter
referred to as "Agency") and 26755 VERDUGO LLC, a California limited liability company
(hereinafter referred to as the "Participant").
RECITALS
A. The former San Juan Capistrano Community Redevelopment Agency and the
Participant have entered into that certain Owner Participation Agreement (the "CPA") dated
February 17, 2009, as amended on March 15, 2011, concerning the redevelopment of certain real
property situated in the City of San Juan Capistrano, California as more fully described in Exhibit A
attached hereto and made a part hereof. A short form memorandum of the CPA was recorded in the
Official Records of Orange County, California as Instrument No. 2009000111323 on March 10,
2009. All capitalized terms not defined herein shah have the meaning set forth in the CPA.
B. As referenced in Section 411 of the CPA, the Agency is required to furnish the
Participant or its successors with a Release of Covenants upon completion of construction of the
Improvements (as defined in Section 403 of the OP A), which Release is required to be in such form
as to permit it to be recorded in the Recorder's office of Orange County. This Release is conclusive
determination of satisfactory completion of the construction and development of the Improvements
required by the OP A.
C. The Agency has conclusively determined that such construction of the Improvements
on the Site has been satisfactorily completed.
1
NOW THEREFORE:
1. As provided in the OP A, the Agency does hereby certify that the construction of the
Improvements on the Site has been satisfactorily performed and completed, and that such
construction complies with the OPA.
2. This Release of Covenants does not constitute evidence of compliance with or
satisfaction of any obligation of the Participant to any holder of a mortgage or any insurer of a
mortgage security money loaned to finance the work of construction of Improvements, or any part
thereof. This Release of Covenants is not a notice of completion as referred to in Section 3093 of the
California Civil Code. The Release of Covenants does not constitute a completion and release of the
covenants under the OPA except the obligation to construct the Improvements.
[Signatures begin on following page]
DOCSOC/1738202v2/200401-0002
2
IN WITNESS WHEREOF, the Agency has executed this Release as of the date set forth
above.
AGENCY:
SUCCESSOR AGENCY TO THE
SAN JUAN CAPISTRANO COMMUNITY
REDEVELOPMENT AGENCY, a public body
Stradling Yocca Carlson & Rautb,
Agency Special Counsel
PARTICIPANT:
26755 VERDUGO LLC, a California limited liability
company
By: .
Its:
DOCSOC/1738202v2/200401 -0002
3
IN WITNESS WHEREOF, the Agency has executed this Release as of the date set forth
above.
ATTEST:
Agency Secretary
APPROVED AS TO FORM:
Stradling Yocca Carlson & Rauth,
Agency Special Counsel
AGENCY:
SUCCESSOR AGENCY TO THE
SAN JUAN CAPISTRANO COMMUNITY
REDEVELOPMENT AGENCY, a public body
cqrpc/rate and politic
74 htXKccM', Ch^irnnan ( \J, U \
PARTICIPANT:
26755 VERDUGO LLC, a California limited liability
company
DOCSOC/l 73 8202v2/200401 -0002
3
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 ^^^^e
)
) ss.
)
personally appeared
, before me, CUht'lM /^^X^^ , Notary Public,
(Print Name of Notary Public)
who proved to me on the basis of satisfactory evidence to be the person^sy whose name(^s/are^ubscribed to the
within instrument and acknowledged to me that he/she/thcynxecuted the same in his/her/their authorized
capacityffes), and that by his/hee4heir signature(s)-on the instrument the person(eJ, or the entity upon behalf of
which the person(s)^cted, 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.
CHRISTI/VNV.MAYERsS,
COMM...2127466 S
NOTARY PUBLIC-CALIFORNIA H
ORANGE COUNTY CO My Tsfin ^''P- ^epL 2flL aoioj
WITNESS my hand and official seal.
Signature of Notary Public
OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent
fraudulent reattachment of this form.
CAPACITY CLAIMED BY SIGNER
Individual
• Corporate Officer
DESCRIPTION OF ATTACHED DOCUMENT
• Partner(s)
• Attorney-in-Fact
• Trustee(s)
• Guardian/Conservator
• Other:
Titles)
• Limited • General
Title Or Type Of Document
3
Number Of Pages
Signer is representing:
Name Of Person(s) Or Entity(ies) Date Of Documents
Signer(s) Other Than Named Above
EXHIBIT A
LEGAL DESCRIPTION
Lot 4, of Tract 134, in the Cily of San Juan Capistrano, Coui% of Orange, Statb of -
California, as per map -recorded in Book 11, Page'23 of.Miseellaneous Mapn,*;y:
Records or Orange County, California
DOeSOC/17^8202v2/200401-0002
V
PUBLIC AGENCY FORM OF ACKNOWLEDGEMENT
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.
City of San Juan Capistrano )
(Gov't Code 40814 & Civil Code 1181)
On February 22, 2016, before me, Maria Morris, Agency Secretary, personally appeared
Kerry K. Ferguson, Chairman and Vanessa Locklin , Agency Special Counsel, who proved to
me on the basis of satisfactory evidence to the be person(s) whose name(s) is/are subscribed to the
within instrument and acknowledged to me that be/sbe/tbey executed the same in bis/ber/tbeir
authorized capacity (ies), and that by bis/ber/tbere signature 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.
State of California
County of Orange
)
) ss.
(SEAL)
OPTIONAL
Capacity Claimed by Signers Description of Attached Document
Title or Type of Document
Chairman
Agency Special Counsel Release of Construction Covenants - 26755 Verdugo
LLC
Title
Signer is Representing
San Juan Capistrano Community
Redevelopment Agency