2017-086029 ~ Burnham and Ash Street Washington County,Oregon 2017-086029
0-OR
Stn=0 M LOPEZ 10/31/2017 11:02:34 AM
$25.00 S11.00$500$20.00$20.00 $81.00
I,Richard Hobernicht,Director of Assessment end Taxation and En-
Oificio County Wen(for Washington County,Oregon,do hereby
certify that the within Instrument of writing was received and
recorded in the book of records of said county.
Richard Hobernicht,Director of
Assessment and Taxation,Ex-Officio
After recording, return to:
Brix Law LLP
75 SE Yamhill St Ste 202
Portland, OR 97214
Attn: Bradley S. Miller
TERMINATION OF REPURCHASE OPTION
This Termination of Repurchase Option (the "Termination") is executed as of this✓2�
day of October, 2017 by City Center Development Agency of the City of Tigard, Oregon
("CCDA").
Recitals:
v\ A, Reference is made to that certain Development and Disposition Agreement
with an effective date of April 16, 2015 by and between CCDA and DIG Tigard LLC, an
Oregon limited liability company ("Diamond") and Capstone- Green Light LLC, an Oregon
limited liability company ("Capstone"), as amended by that certain First Amendment to
Development and Disposition Agreement dated September 1, 2015 ("DDA First
U Amendment") and that certain Second Amendment to Development and Disposition
q Agreement dated November 10, 2015 ("DDA Second Amendment"), and as assigned by
t.2 Diamond and Capstone to Premium Property - Tigard LLC, an Oregon limited liability
company ("Developer") by Assignment of Development Agreement and Disposition
'S- Agreement dated October 27, 2015 (the"DDA"). The DDA provides for the sale of the real
- property (the"Property") legally described on the Exhibit A attached hereto. All capitalized
terms not otherwise defined herein shall have the meanings set forth in the DDA.
r—
T B, Under the DDA, the CCDA has the right to repurchase the Property if the
Developer does not achieve Substantial Completion of the Improvements within three (3)
years after commencement of construction (the"Repurchase Right"). Pursuant to the terms
_ of the DDA Second Amendment, CCDA was given the option to purchase the construction
i— loan in lieu of the Repurchase Right if foreclosure is commenced prior to Substantial
0 Completion ("Option to Purchase Loan"). The Repurchase Right and Option to Purchase
Loan are collectively referred to as the"Repurchase Option".
V C. The CCDA conveyed the Property to Developer subject to those portions of
t DDA that survive closing, including but not limited to, the Repurchase Option, as referenced
t.? in that certain Statutory Warranty Deed recorded November 12, 2015 in the Official Records
of Washington County, Oregon, as Document No. 2015-094581.
D. The CCDA subordinated its Repurchase Option to that certain Commercial
Deed of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filing
encumbering the Property recorded November 12, 2015 In the Official Records of
Washington County, Oregon, as Document No. 2015-094584 ("Deed of Trust") pursuant to
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the terms of that certain Subordination Agreement by and between the CCDA and U.S. Bank
National Association, a national banking association ("Lender"), dated and recorded
November 12, 2015 in the Official Records of Washington County, Oregon, as Document No.
2015-094600 (the "Subordination Agreement"). The Subordination Agreement also
evidences the Option to Purchase Loan.
E. Developer has achieved Substantial Completion. CCDA desires to clear title
and terminate the Repurchase Option in the public record.
Agreements:
NOW, THEREFORE:
1. Recitals Incorporated. The recitals set forth above are hereby incorporated
herein by reference.
2. Termination of Repurchase Option. The Repurchase Option is hereby
terminated and of no further force or effect.
3. Recording of Termination. This Termination shall be recorded in the Official
Records of Washington County, Oregon, in order to provide record notice of the matters set
forth herein.
[SIGNATURE ON FOLLOWING PAGE]
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IN WITNESS WHEREOF, this Termination has been executed as of the day and year
first written above.
CCDA: CITY CENTER DEVELOPMENT AGENCY OF THE CITY
OF TIGARD
Wlr&
Name: Niq� it L-�
Title: Crfv! MAhHy.rrex ecwc Dirk
STATE OF OREGON )
) ss.
County of Washington )
This instrument was acknowledged before me on Octob r 30, 2017, by
1&-v—Hl �L tAJ Lr� , as 6.4-1.-/ �Y1&na1P_r t44Yf&of the City Center
Development Agency of the City of Tigard, Oregon. rectur
OFFICIAL STAMP No ary Pu�c for Oregon
Expires: OR// a/
,,- KELLY E BURGOYNE Mycommission
; NOTARY PUBLIC - OREGON
%$$ COMMISSION NO.958991
MY COMMISSION EXPIRES FEBRUARY 12,2021
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EXHIBIT A
LEGAL DESCRIPTION
The Property is located in Washington County, Oregon, and is legally described as follows:
A tract of land being a portion of Lot 5 of the plat of "Burnham Tract" located in the
Northeast One-Quarter of Section 2, Township 2 South, Range 1 West, Willamette Meridian,
City of Tigard, Washington County, Oregon and being more particularly described as
follows:
Beginning at the Southeast corner of Lot 5 of the plat of "Burnham Tractil being a 3 / 4
inch iron pipe; thence North 43°16111" West 71.49 feet to a point; thence North 39°44130"
West 39.15 feet to a point; thence North 45°2113611 West 6.34 feet to a point; thence
North 12°5313511 West 42.34 feet to a point; thence North 34°5815911 East 43.75 feet to
a point; thence North 44°38124" East 27.78 feet to a point; thence North 45°2113611 West
9.10 feet to a point; thence North 37°10133" East 20.73 feet to a point; thence North
44°38124" East 50.97 feet to a point; thence North 06°3812411 East 26.98 feet to a point;
thence North 28°161.23" West 126.55 feet to a point on the southeasterly right-of-way of
SW Ash Avenue (20 feet from centerline); thence along said right-of-way North 44°3012911
East 192.20 feet to a point; thence South 45°29139" East 17.50 feet to a 5/8 inch diameter
iron rod with yellow plastic cap inscribed "AKS ENGR." And being on said right-of-way (37.5
feet from centerline); thence along said right-of-way North 44°30129" East 55.37 feet to a
point; thence along a curve to the right with a radius of 237.50 feet, delta of 17°13120",
length of 71.39 feet, and chord of North 53°0710911 East 71.12 feet to a point; thence
North 61 04314911 East 138.76 feet to a point; thence along a curve to the right with a
radius of 21.50 feet, delta of 75°00100", length of 28.14 feet, and chord of South
80°4611111 East 26.18 feet to a point along the southwesterly right-of-way of SW Burnham
Street (37.5 feet from centerline); thence along said right-of-way South 43°161 1111 East
9.39 feet to a point; thence leaving said right-of-way South 44°3113611 West 232.50 feet
to the southwesterly corner of document number 2010-103509; thence South 43°16111"
East 69.42 feet to the southeasterly corner of said document number; thence South
44°301.13" West 17.00 feet to a 5/8 inch iron rod with yellow plastic cap inscribed "WEDDLE
LS 874" at the southwesterly corner of document number 2003-194237; thence South
43°16111" East 140.48 feet to a 5/8 inch iron rod with yellow plastic cap inscribed
"WEDDLE LS 874" on the northwesterly line of Lot 6 of the plat of "Burnham Tract"; thence
South 44°3812411 West 438.30 feet to the point of beginning.
EXCEPTING THEREFROM All that certain real property situated in the City of Tigard, County
of Washington, State of Oregon, being described as follows:
A Portion of the Northeast One-Quarter of Section 2, Township 2 South, Range 1 West,
Willamette Meridian, being a portion of that land described in Document No. 2015-068950,
Washington County Deed Records, and being more particularly described as follows:
Commencing at the most Northerly corner of that land described in Document No. 2015-
068951, being a 5/8" iron rod with a yellow plastic cap marked "AKS ENGR" set by SN
32564, Washington County Survey Records; thence along the Northwesterly line of
Document No. 2015-068950, Washington County Deed Records, North 44°3012911 East
192.20 feet; thence continuing along said Northwesterly line, South 45°2913911 East 17.50
feet to a 5 /811 iron rod with a yellow plastic cap marked 11AKS ENGR11 per SN 32208,
being the True Point of Beginning of this description; thence continuing along said
Northwesterly line North 44 °3012911 East 43.68 feet to a 5/811 iron rod with a yellow
plastic cap marked 11AKS ENGR11 per SN 32208, on the Northwesterly extension of the
Southwesterly line of Document No. 2010-103509; thence along the said Northwesterly
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extension and the said Southwesterly line of Document No. 2010-103509, South
43°1611111 East 151.89 feet to a 5/811 iron rod with a yellow plastic cap marked 11AKS
ENGR11 per SN 32564, on the Northwesterly line of Document No 2003-194237; thence
along said Northwesterly line South 44°3011311 West 17.00 feet to a 5/811 iron rod with a
yellow plastic cap marked 1111WEDDLE LS 87411 Per SN 25063, being the most Westerly
corner of said document; thence along the Southwesterly line of said document South
43°1611111 East 140.48 feet to a 5/811 iron rod with a yellow plastic cap marked
11WEDDLE LS 87411 per SN 25063, at the South corner of said document, also being the
most Southerly Southeast corner of Document No. 2015-068950; thence South 44°3812411
West 37.04 feet along the Southeasterly line of said document; thence leaving said
Southeasterly line North 43°1611111 West 280.23 feet to a point of curve left; thence
Northwesterly around a curve left (radius of 14.00 feet, central angle of 57°27100", long
chord bearing North 71 05914111 East 13.46 feet) 14.04 feet to a point from which the
True Point of Beginning bears North 44°3012911 East; thence North 44°3012911 East
16.84 feet to the True Point of Beginning of this description. Containing 13,423 square feet
more or less.
AND FURTHER EXCEPTING THEREFROM All that certain real property situated in the City of
Tigard, County of Washington, State of Oregon, being described as follows:
A Portion of the Northeast One-Quarter of Section 2, Township 2 South, Range 1 West,
Willamette Meridian, being a portion of that land described in Document No. 2015-068950,
Washington County Deed Records, and being more particularly described as follows:
Beginning at the most Northerly corner of that land described in Document No. 2015-
068951, being a 5/811 iron rod with a yellow plastic cap marked 11AKS ENGR11 set by SN
32564, Washington County Survey Records; thence from said Point of Beginning along the
Northwesterly line of Document No. 2015-068950 Washington County Deed Records, North
44°3012911 East 192.20 feet; thence continuing along said Northwesterly line, South
45°2913911 East 17.50 feet to a 5/811 iron rod with a yellow plastic cap marked 11AKS
ENGR11 per SN 32208; thence leaving said Northwesterly line South 44°3012911 West
197.62 feet to a point on the Northeasterly line of said Document No. 2015-068951; thence
along said Northeasterly line North 28°1612711 West 18.32 feet to the Point of Beginning of
this description. Containing 3,411 square feet more or less.
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