ORDINANCE NO. 470U-Exhibit A ORDINANCE NO. 470U-Exhibit A ORDINANCE NO. 470U-Exhibit A ORDINANCE NO

Ordinance No. 470U - Exhibit “A”
Amendment No. 4 to Trump National Development Agreement
___________________________________________________________________________

AMENDMENT NO. 4 TO TRUMP NATIONAL DEVELOPMENT AGREEMENT
(Pursuant to California Government Code Section 65868)

                        THIS AMENDMENT NO. 4 TO TRUMP NATIONAL DEVELOPMENT AGREEMENT (“Fourth Amendment”) is entered into this 4th day of March 2008 by and between VH Property Corp., a Delaware corporation (“Developer”), and the City of Rancho Palos Verdes, a municipal corporation organized under the laws of the State of California (the “City”).

RECITALS

A. Palos Verdes Land Holdings Company, L.P., a California limited partnership, and the Zuckerman Entities (as defined in the Agreement), as predecessors in interest to Developer, and City entered into that certain Development Agreement (the “Original Agreement”) dated as of November 20, 1997, and recorded on December 8, 1997, as Instrument No. 97-1929840 in the Official Records of Los Angeles County, California, as amended by that certain Amendment to Ocean Trails Development Agreement (the “First Amendment”), dated as of September 18, 2001, and recorded on December 3, 2001 as Instrument No. 01-2301342 in the Official Records of Los Angeles County, California, and as further amended by that certain Amendment No. 2 to Ocean Trails Development Agreement (the “Second Amendment”), dated as of March 4, 2003, and recorded as Instrument No. 03-1139102 in the Official Records of Los Angeles County, California, and as further amended by that certain Amendment No. 3 to the Ocean Trails Development Agreement (the “Third Amendment”), approved on November 20, 2007 (referred to collectively with the Original Agreement, as the “Agreement”), pursuant to which Developer has certain vested rights to develop that certain real property described and/or depicted on Exhibit A attached hereto (the “Property”).  Except as expressly stated to the contrary, all capitalized terms set forth herein shall have the same meaning as set forth in the Agreement.

 

B. City previously approved Tentative Tract Map No. 50666 and Tentative Tract Map No. 50667 regarding the Property and subsequently approved certain amendments thereto.

C. Final Tract Map No. 50667 was previously recorded as Instrument No. 99-1934089 in the Office of the County Recorder of Los Angeles County, California, on October 12, 1999.

D . Both parties wish to extend the Development Agreement to July 18, 2008.

E. On March 4, 2008, the City Council of City adopted Urgency Ordinance No. 470U, approving this Fourth Amendment. Developer and City desire to amend the Agreement to reflect the foregoing.

 

AGREEMENT

                        NOW, THEREFORE, in consideration of the foregoing recitals, and the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows:

                        1.         Section 7 of the Agreement, entitled Term, is hereby amended by adding new paragraph 7.2 to the end of that Section 7 to read as follows:

            “7.2     Extension of Development Agreement.  This Development Agreement is hereby extended from March 9, 2007 through July 18, 2008.  Vesting Tentative Tract Map No. 50666 is hereby extended along with the term of this Development Agreement.”
                        2.         Full Force.  Except as specifically set forth herein, the Agreement shall remain in full force and effect.
                        3.         Counterparts.  This Fourth Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.  A facsimile signature shall be deemed an original signature.
                        4.         Authority.  The persons executing this Fourth Amendment on behalf of Developer and City represent and warrant that they are duly authorized so as to fully and legally bind Developer and City, respectively.


IN WITNESS WHEREOF, this Fourth Amendment is executed as of the date first written above.

 

“DEVELOPER”:

VH PROPERTY CORP.,
a Delaware corporation

 

By:                                                     
Name:                                                           
Title:                                                   

 

By:                                                     
Name:                                                           
Title:                                                   

 

THE “CITY”:

CITY OF RANCHO PALOS VERDES

By:                                                                 
                              Mayor

ATTEST:
_________________________________
                           City Clerk

 

 

 


 





STATE OF CALIFORNIA

 

 

 

 

 

 

COUNTY OF __________

 

 

 

 

 

On                                before me,                                                                                        , a Notary Public, personally appeared                                                                                                personally known to me (or 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.

WITNESS my hand and official seal.

 

Signature                                                                                                                              (Seal)

 

 





STATE OF CALIFORNIA

 

 

 

 

 

 

COUNTY OF __________

 

 

 

 

 

On                                before me,                                                                                        , a Notary Public, personally appeared                                                                                                personally known to me (or 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.

WITNESS my hand and official seal.

 

Signature                                                                                                                              (Seal)


 





STATE OF CALIFORNIA

 

 

 

 

 

 

COUNTY OF __________

 

 

 

 

 

On                                before me,                                                                                        , a Notary Public, personally appeared                                                                                                personally known to me (or 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.

WITNESS my hand and official seal.

 

Signature                                                                                                                              (Seal)