HomeMy WebLinkAboutSupplemental Information - Development Agreement 96-1 Amendment 2AGREEMENT
NOW, THEREFORE, in consideration of the above recitals and of the mutual
covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties agree as follows:
1. The original DA specified a term of fifteen (15) years. That original term
was extended for an additional four (4) years by the First Amendment. The parties now
acknowledge that, through no fault of either party, the economic conditions in recent
years have resulted in a much slower rate of development than was originally
anticipated. Therefore, to assure full development of the Starwood Property as
anticipated by both parties, the parties agree that the term of the DA shall hereby be
extended for an additional ten (10) years beyond the term specified in the First
Amendment, making the new expiration date for the DA February 27, 2026.
2. The DDA provides that the PAF is to be paid to the owner of the Resort
Golf Course. As the owner of the Resort Golf Course, the City hereby waives the right
to collect the PAF on un-built Units. The PAF shall be paid to the City for all Units that
are built by Starwood Property. When a new Unit is constructed, the first annual
payment of PAF for such Unit(s) shall be as provided by the DDA, with the full annual Formatted: Font: lz pt
payment prorated based on the actual date of the Certificate of Occupancy for the
building in which that Unit is located, and shall be due on the last day of the Payment
Period during which that Unit's Certificate of Occupancy is issued. The PAF for
previously built Units shall continue be due annually as set forth in the DDA.
3. Except as specifically amended by the First Amendment and this Second
Amendment, the DA shall remain in full force and effect in accordance with its original
terms and conditions, which are hereby restated and incorporated herein by reference.
4. Miscellaneous.
4.1 Binding Effect. This Second Amendment shall bind and benefit the
heirs, successors, and assigns of Starwood and the City, respectively.
4.2 No Waiver. None of the terms or provisions of this Second
Amendment may be waived, altered, modified, limited, or amended except by an
agreement expressly referring hereto and to which the parties to be bound consent in
writing.
4.3 Governino Law. This Second Amendment shall be governed by the
laws of the State of California.
4.4 Reliance on Counsel/Entire Agreement. In executing this Second
Amendment, no Party has relied on any inducements, promises, or representations by
any other Party or its attorney, other than those set out in this Second Amendment.
This instrument constitutes the entire, integrated understanding of the Parties with
respect to the subject matter contained herein, and there are no other prior or