Agenda - City of Santa Monica

EXHIBIT “I”
ASSIGNMENT AND ASSUMPTION AGREEMENT
Recording Requested By and
When Recorded Mail To:
Armbruster Goldsmith & Delvac LLP
11611 San Vicente Blvd., Suite 900
Los Angeles, CA 90049
Attn:
________________________________________________________________________
ASSIGNMENT AND ASSUMPTION AGREEMENT
This ASSIGNMENT AND ASSUMPTION AGREEMENT (“Agreement”) is
made and entered into by and between ___________________________, a California
limited liability company (“Assignor”), and ________________________, a
__________________ (“Assignee”).
R E C I T A L S
A. The City of Santa Monica (“City”) and Assignor entered into that certain
Development Agreement dated _______________, 2013 (the “Development
Agreement”), with respect to the real property located in the City of Santa Monica, State
of California more particularly described in Exhibit “A” attached hereto (the “Project
Site”).
B. Assignor has obtained from the City certain development approvals and
permits with respect to the development of the Project Site, including without limitation,
approval of the Development Agreement and a vesting parcel map for the Project Site
(collectively, the “Project Approvals”).
C. Assignor intends to sell, and Assignee intends to purchase, the Project
Site.
D. In connection with such purchase and sale, Assignor desires to transfer all
of the Assignor’s right, title, and interest in and to the Development Agreement and the
Project Approvals with respect to the Project Site. Assignee desires to accept such
assignment from Assignor and assume the obligations of Assignor under the
Development Agreement and the Project Approvals with respect to the Project Site.
THEREFORE, the parties agree as follows:
1. Assignment. Assignor hereby assigns and transfers to Assignee all of
Assignor’s right, title, and interest in and to the Development Agreement and the Project
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