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2023/10/04 Agreement Confirmation of Termination of Development Agreement Regarding Certain Parcels (Parcels 1, 2, 6, and 7, Parcel Map No. 37873)10/4/23, 2:10 PM Batch 16426466 Confirmation RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: Charles Park and Karen Park, Trustees of the Park Family Trust Dated February 22, 2001 c/o Lee Anav Chung White Kim Ruger &Richter LLC Attn: Richard Ruger, Esq. The Biltmore Court Building 520 S. Grand Avenue, Suite 1070 Los Angeles, CA 90071 DOC # 2023-0293292 10/04/2023 11:23 AM Fees: $0.00 Page 1 of 6 Recorded in Official Records County of Riverside Peter Aldana Assessor -County Clerk -Recorder "This document was electronically submitted to the County of Riverside for recording— Receipted by: CRISTINA#7700 (space above this line for Recorder's use only) CONFIRMATION OF TERMINATION OF DEVELOPMENT AGREEMENT REGARDING CERTAIN PARCELS (Parcels 1, 2, 6 and 7, Parcel Map No. 37873) This Confirmation of Termination of Development Agreement Regarding Certain Parcels ("Confirmation") is made and entered into as of July 11, 2023, by and between the City of Menifee, a municipal corporation of the State of California ("City"), and Charles Park, aka Chul Young Park, and Karen Park, aka Kyung Yang Park, Trustees of the Park Family Trust Dated February 22, 2001 ("Owner"). RECITALS A. City and Stark Menifee Land LLC, a Wisconsin limited liability company ("Stark"), in its capacity as the developer, entered into a Development Agreement effective June 13, 2011 (Recorder's Document No. 2011-0272260) (as amended, the "Development Agreement") to facilitate the development of that certain real property located in the City and legally described as Exhibit A to the Development Agreement. B. City, Stark (as assignor), and Center Pointe LLC, a Delaware limited liability company (as assignee) ("Center Pointe"), entered into a Partial Assignment and Assumption Agreement dated as of July 19, 2010 (Recorder's Document No. 2019-0293316) ("Partial Assignment"), whereby Stark assigned, transferred and granted to Center Pointe and its successors and assigns all of Stark's rights, title and interest and obligations, duties, responsibilities, conditions and restrictions under the Development Agreement that are directly applicable or relate to, or directly serve or benefit, the Assigned Property except for those rights and obligations not assigned to Center Pointe under Section 1 of the Partial Assignment. The term "Assigned Property," as used in the Partial Assignment, referred to approximately 9.10 acre of property owned by Stark and covered by the Development Agreement, as described in Exhibit 1 to the Partial Assignment. hftps:Hgs.secure-erds.com/Batch/Confirmation/16426466 1/2 10/4/23, 2:10 PM Batch 16426466 Confirmation DOC #2023-0293292 Page 2 of 6 C. On or about January 12, 2023, Owner purchased from Center Pointe a portion of the Assigned Property commonly known as Center Pointe Shopping Center and constituting the real property legally described in Exhibit A to this Confirmation(the "Property") which Exhibit A is incorporated herein by reference. A grant deed for the conveyance of the Property by Center Pointe to Owner was recorded on January 12, 2023, Recorder Document No. 2023-0009944. Owner is currently the sole legal owner of the Property. D. Section 7.8 of the Development Agreement provides that the provisions of the Development Agreement shall terminate with respect to any individual lot and such lot shall be released from and shall no longer be subject to this Agreement (without the execution or recordation of any further document or the taking of any further action) upon the satisfaction of all of the conditions stated in paragraphs (a) and (b) of Section 7.8 of the Development Agreement. E. Owner desire that City execute this Confirmation in recordable form to confirm that (i) all of the conditions stated in paragraphs (a) and (b) of Section 7.8 of the Development Agreement have been satisfied with respect to each of the parcels and lots within the Property, and (ii) the Development Agreement has terminated with respect to each of the parcels and lots within the Property, and such parcels and lots shall be released from and shall no longer be subject to the Development Agreement. AGREEMENT NOW, THEREFORE, City and Owner agree as follows: 1. Termination of the Development Agreement Reaardiny, Parcels and Lots Within the Property. City agrees and confirms that (i) all of the conditions stated in paragraphs (a) and (b) of Section 7.8 of the Development Agreement have been satisfied with respect to each of the parcels and lots within the Property, and (ii) the Development Agreement has terminated with respect to each of the parcels and lots within the Property, and such parcels and lots has been released from and shall no longer be subject to the Development Agreement. City agrees and confirms that such termination of and release from the Development Agreement shall be effective without the execution or recordation of any further document (including this Confirmation) or the taking of any further action, as stated in Section 7.8 of the Development Agreement. 2. Construction of Private Improvements. The City and Owner acknowledge that there are outstanding on -site private improvements that are not able to be built due to the pause in development of the neighboring parcel (parcel 2 of PM36299-1) for reasons beyond Owner's control for which a shared access and landscaping will need to be completed at a later date when the development of parcel 2 resumes. A bond has been secured by Owner in the amount of $56,192 for the construction of the on -site private improvements. In the event that the on -site private improvements are completed, property owner shall record such release or completion. 3. Recording of this Confirmation. Owner may, at its expense, record this Confirmation with the Recorder for the County of Riverside, State of California. City will cooperate with Owner, at no cost to City, with respect to such recording. 2 https://gs.secure-erds.com/Batch/Confirmation/16426466 2/2 4. 1=ccs to City. Owner shall promptly pay City the expenses reasonably incurred by City in connection with the preparation, review and execution of this Confirmation in recordable form, upon receipt by Owner of an itemized invoice from the City regarding such expenses. 5. Successors and Assigns. All of the terms, covenants, conditions and provisions of this Confirmation shall be binding upon, and shall inure to the benefit of the parties hereto and their respective heirs, successors and assigns. 6. California Law/Venue. This Confirmation shall be construed and enforced in accordance with the laws of the State of California, without reference to choice of law provisions. Any action or other proceeding under this Confirmation shall be brought only in the Superior Court in Riverside County, State of California. 7. Amendment. This Confirmation shall not be amended except aby an agreement in writing signed by the parties hereto or their respective successors -in -interest. 8. Counterparts. This Agreement may be executed in one or more counterparts, by original, facsimile or electronic (PDF) signature, and may be delivered electronically, each of which counterpart will be deemed to be an original copy of this Agreement and all of which counterparts , when taken together, will be deemed to constitute one and the same agreement. [remainder of page intentionally left blank] 3 IN WITNESS WHEREOF, City and Owner have executed this Confirmation as of the date first written above. ATTEST: lerk APPROVED AS TO FORM: "City" CITY OF MENIFEE, A municipal corporation BY 1 _ Name: �G. VICLA Title: CITY MANAGER "Owner" Charles Park, aka Chul Young Park, and Karen Park, aka Kyung Yang ark, Trustees of the Park Family Trust Dated euary 22, 2001 By: Iv Charles Park, Ka Chul YoUg Park, Trustee By: Karen Park, aka Kyun Yang Park, Trustee 4 EXHIBIT A LEGAL DESCRIPTION OF SUBJECT PROPERTY The land referred to herein is situated in the City of Menifee, County of Riverside, State of California, and is described as follows: PARCEL A: PARCELS 1, 2, 6 AND 7, PARCEL MAP NO. 37873, AS PER MAP FILED IN BOOK 250, PAGES 72 THROUGH 76, RECORDED ON FEBRUARY 25, 2021 IN THE OFFICE OF THE RECORDER OF RIVERSIDE COUNTY, STATE OF CALIFORNIA. PARCEL B: AN EASEMENT FOR RECIPROCAL ACCESS, PRIVATE UTILITIES AND PARKING AS SET FORTH IN THAT CERTAIN PARCEL MAP NO. 37873, FILED IN BOOK 250, PAGES 72 THROUGH 76, RECORDED ON FEBRUARY 25, 2021 IN THE OFFICE OF THE RECORDER OF RIVERSIDE COUNTY, STATE OF CALIFORNIA. PARCEL C: EASEMENTS CONTAINED IN THAT CERTAIN MASTER DECLARATION OF COVENANTS, CONDITIONS AND .RESTRICTIONS OF MENIFEE TOWN CENTER RECORDED SEPTEMBER 24, 2015 AS INSTRUMENT NO. 2015-0423856, AS MODIFIED IN INSTRUMENT NO. 20150426079, IN INSTRUMENT 20160397300, INSTRUMENT NO. 20170481527, INSTRUMENT NO. 2019-0363505 AND INSTRUMENT NO. 2021-0308538, ALL OF OFFICIAL RECORDS. For conveyancing purposes only: APN 360-860-056 (Affects Parcel 1) 360-860-057 (Affects Parcel 2) 360-860-061 (Affects Parcel 6) 360-860-062 (Affects Parcel 7) 5 ACKNOWLEDGMENT 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 %s /�' n c1,e (P.s ) On Sep eM ber,- 01, 2�j before me, JNA- N . 1,0M , NO�a4 Z Pu�i lL (insert name and title of the officer) personally appeared wren pckyk cxvid ChCW(eS pav-k who 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 instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. .. ................. ,y JANG N. KIM WITNESS my hand and official seal. COMM # 2454625 z •" a T Los Angeles County 0 i * California Notary Publicr- gOFO Comm Exp July 23. 2027 Signature (Seal)