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.
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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.
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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.
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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
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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)
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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)