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12-0717 SJ Lot 217 LLC - Settlement Agreement

12-0717 SJ Lot 217 LLC - Settlement Agreement

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Published by: CapoDispatch on Jul 26, 2012
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07/26/2012

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SETI'LEMENTAGREEMENTThisSETTLEMENTAGREEMENT(the"Agreement")isdatedforreferencepurposesasofthe_dayofJune2012(the"AgreementDate"),andismadeandenteredintobyandbetweenSJLot217,LLC("Developer")andtheCityofSanJuanCapistrano,amunicipalcorporationCity").DeveloperandCityaresometimeshereinafterreferredtocollectivelyasthe"Parties"andindividuallyasa"Party."RECITALSA.CityownscertainrealpropertyknownasLot217ofTract12954,Assessor'sParcelNumber650-592-02intheCityofSanJuanCapistrano.California(the"Property").B.OnoraboutAugustI,2006,CityandCentra'RealtyCorporation
(r'Cemra")
enteredintoawrittenpurchaseagreement(the"PurchaseAgreement")providingthatCitywouldsell.andCentrawouldbuy.pursuanttothetermsandconditionsofthePurchaseAgreement,theProperty.C.AfterenteringintothePurchaseAgreementinorabout2008,alawsuitwasfiledagainstCitybyMarbellaDevelopmentCompanyassertingithadimposedcertainvalidandenforceablerestrictionsontheuseofthePropertyatthetimeofconveyancetotheCity.TheMarbellalitigationwasultimatelyresolvedaftertheCity'sappealbywayofasettlementapprovedbytheCourtofAppealthat.amongotherthingsnotrelevanthere,providedthatMarbellawouldparticipatetotheextentoftwenty-fivepercentofproceedsof'unysaleofthePropertybytheCity(the"MarbellaParticipation"),andtheuscrestrictionwasaccordinglyterminated.
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D.Developerrepresents
it
isthesuccessor-in-interesttoallofCentra'srightsunderthePurchaseAgreementandtotheProperty,andhasbeenassignedbyCentraallclaimsarisingtherefrom.E.OnDecember14,201I,Developer
filed
anactionintheSuperiorCourtoftheCountyofOrangeentitled
SlLot2/i,LLC".CityofSanJuanCapistrano,
OrangeCountySuperiorCourtCaseNo.30-2011-00529921(the"Action").TheActionallegedanumberofcausesofactionarisingfromorrelatingtothePropertyandthePurchaseAgreement.F.Withoutadmittinganyliabilitywhatsoever,thePartieshavedeterminedthatitisdesirable,andintheirmutualbestinterests,tosettlethedisputethatisthesubjectoftheActiononthetermsandconditionssetforthherein.
TERMSOFAGREEMENT
BasedontheforegoingRecitals,whichareincorporatedintothisAgreementbythisreference,andforgoodandvaluableconsideration,thereceiptandsufficiencyof.whichisacknowledgedbybothParties,DeveloperandCityagreeasfollows:1..RefundEscrowDeposit.
City
andDeveloperherebyagreetoreleasetoDevelopertheOne-Hundred-Fifty-ThousandDollars($150.000.00)intheEscrowAccountfortheProperty,includinganyinterestactuallyearnedthereon.ThePartiesshallexecuteajointinstructiontoEscrowdirectingthereleaseofthefundsnolaterthanfive(5)businessdaysafterreceivingaconformedcopyofthefiledrequestfordismissaloftheAction.2.CityShallListthePropertyforSale.Withintwenty(20)businessdaysafterexecutionofthisAgreement.Cityshallenterintoalistingagreementforthesaleof
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thePropertywithareputablelicensedrealestatebrokerofitschoiceontermsacceptabletoCityinthesoleandabsolutediscretionofCity.Citymayfromtimetotimeselectadifferentbrokeras
it
deemsappropriate.CityshallretainsolediscretiontodeterminethelistingandsalespriceoftheProperty,andwhethertoaccept,reject,orcounteranyandallpurchaseoffersmadeontheProperty.3.DeveloperParticipationinSaleProceeds.IftheCityreceivesproceedsfromasaleoftheProperty,DevelopershallbeentitledtoparticipateintheNetSalesProceeds,assetforthmorefullyherein.The"NetSalesProceeds"shallhedefinedasthegrosssalespriceforthePropertylesstheMarbellaParticipation,brokeragefees.customaryescrow,closingandtitleinsurancefees.Developershallheentitledtofifteen.percent(15%)oftheNetSalesProceeds.Intheeventthegrosssalespriceofthe
Property
isbelowThreeMillion-One-Hundred-Twenty-FiveThousanddollars($3.125,000.00),thePartiesagreethatDeveloper'sparticipationamountshallbecalculatedasifthegrosssalespricewasThreeMillionOneHundredTwenty-FiveThousanddollars($3,125,000.00).IntheeventthatthegrosssalespriceofthePropertyexceedsFourMilliondollars($4,000,000.00).thePartiesagreethatDeveloper'sparticipationamountshallbecalculatedasifthegrosssalespriceisFourMilliondollars($4.000.000.00).Notwithstandingtheabove,forpurposesofdeterminingtheNetSaleProceedstotheDeveloper.thedeductionfor
any
paymentsfortheMarbellaParticipationshallbebasedupontheactualamountpaidtoMarbellaDevelopmentCompany.CityshallremitDeveloper'sparticipationamountwithintcn(10)businessdaysofCity'sreceiptofthesalesproceeds.
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