HomeMy WebLinkAboutC-5387(G) - Estoppel CertificateESTOPPEL CERTIFICATE
April 22, 2021
RMWC Parkhouse LLC,
750 Lexington Avenue, Suite 2302
New York, New York 10022
Re: Development Agreement, dated as of March 12, 2012, by and among the City of Newport Beach
("City"), Uptown Newport Jamboree, LLC, TSG — Parcel 1, LLC ("TSG") and TPG/TSG Venture I
Acquisition, LLC, recorded in the Official Records of Orange County as Instrument 2013000180939 (as
the same has been amended, "Agreement"), which covers real property including that certain real property
to be improved by a condominium development to be known as Parkhouse Residences ("Property")
Ladies and Gentlemen:
All capitalized terms not otherwise defined herein shall have the meanings set forth in the
Agreement. The undersigned understands that RMWC Parkhouse LLC (the "Lender") is making a
construction loan to Parkhouse Residences, LLC ("Parkhouse Residences") which purchased the Property
from TSG; all rights of TSG under the Agreement were assigned to Parkhouse Residences pursuant to that
certain Amended and Restated Partial Assignment and Assumption of Development Agreement recorded
on February 10, 2021, in the Official Records of Orange County as Instrument 2021000095344. In response
to your request for certain information from us before consummating such transaction, the undersigned
hereby certifies to the best of its knowledge:
1. The Agreement, as of the date of this notice, is in full force and effect and has not been
further modified, amended or assigned. As of the date of this Certificate, both the City and Parkhouse
Residences are not in default in the performance of their obligations under the Agreement, and no event
has occurred which, with the giving of notice or passage of time, or both, would constitute a default under
the Agreement.
2. The person executing this estoppel certificate is duly authorized to sign, acknowledge and
deliver this estoppel certificate on behalf of the undersigned.
3. The undersigned agrees that the certifications made herein by the undersigned may be
relied upon and shall inure to Lender and its successors and/or assigns.
[SIGNATURES ON FOLLOWING PAGE]
IN WITNESS WHEREOF, the City of Newport Beach has caused this estoppel certificate to be
executed on the day and year written below.
APPROVED AS TO FORM:
CITY ATTORNEY'S OFFICE
Date: 9.'41.12i
By:k-.1/
Aaron�'--". Harp
City ettorney
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ATTEST: �• Pc. �� I
Date:
By:
Leilani I. Brown
City Clerk
(M OL1I21j PI
CITY OF NEWPORT BEACH,
a California unicipal corporation
Date: yZ�2,,2/
By:
Seimone Jurjis
Community Development Director