P011P
March 27, 1970
9.
Equitable Savings and Loan Association
328 Long Beach Boulevard
Long Beach, California 90812
Gentlemen:
350 Main Street
El Segundo, California 90245
DEPARTMENT OF PLANNING
ERNEST B. REID, DIRECTOR
322 -4670
At its regular meeting of March 23, 1970, the City Council
approved a covenant between Equitable Savings and Loan Association,
U.S.I.F. Center, Inc. and the City of El Segundo.
We find that there is considerable difference in the legal
descriptions of the original covenant and the one recently adopted.
In a telephone conversation with the law office of Richard D.
Aldrich on March 25, 1970, Mr. Aldrich informed me that the intent
of said covenant as submitted and approved is to assure the City
that the Equitable Savings and Loan building located at 888 North
Sepulveda Boulevard in El Segundo will provide parking as required
by City regulations, However, in reviewing the legal description,
and because of the way in which the description is written, it
could be misinterpreted as a legal division of land.
For this reason I wish to notify all concerned that the approved
covenant does not constitute a division of land and describes the
property for parking requirements only.
Equitable Savings and Loan Association will be required in the
future when it wishes to develop this property for the purpose
of sale or change of ownership, to apply for a division of lands
under Title 19 of the Plats and Subdivision Chapter of the
"E1 Segundo Municipal Code."
Very truly you s,
Ernest B. Reid, Director
cc: Richard D. Aldrich
505 1
L hL
ARTHUR E. JONES
CITY MANAGER
Honorable City Council
El Segundo, California
Gentlemen:
350 Main Street
El Segundo, California 90245
(2 13) 322.4670
February 19, 1970
CONFIDENTIAL
Attached is a letter from Mr. Richard D. Aldrich, Attorney for
Equitable Savings and Loan commenting on the Council's request made
at the January 26 meeting with regard to the proposed covenant for seg-
regation of the parking structure from the office building at 888 North
Sepulveda Boulevard.
In reviewing this matter we have determined that the City Code as
written does not require that parking facilities be kept under the same
ownership as a principle use. Thus Equitable Savings and Loan could
legally sell the parking structure without providing any parking facilities
for 888 North Sepulveda Boulevard. They have offerred in the covenant
a guarantee of a minimum of 488 parking spaces to be provided for the
office building. We could not force them to make this provision; however,
Equitable has shown an unusually cooperative attitude toward the City's need
to require off street parking. Since we are at a legal disadvantage, we recom-
mend that the covenant be accepted as proposed.
The Planning Department has prepared in draft form an ordinance that
will correct this weakness in the City Code. It will be presented to the
Planning Commission in the near future.
Respectfully submitted,
&M. 6.QA
Ernest B. Reid, Planning Director
Arthur E. Jones, City anger
AEJ:lk
RlCjNRD D. ALDRICH
PETER F. M,,NDKEW5
City Council
City of El Segundo
State of California
Attention._ Unice U.
Re:
LAW OFFICES OF
RICHARD D. ALD RICH
1509 NORTH CRESCENT HEIGH A
"1S BOULEVRD
LO5 ANGELES, CALIFOBN iA 90046
(2131 656 -0871
February 16, 1970
�EE1s1970
86GUFIDE
W_
Creason, City Clerk
688 No Sepulveda, El Segundo, California -
ApplicaSep of E9u -table Savings and Loan Association
for segregation of parking structure.
the City Council meeting of Monday,
Gentlemen: lied
undersigned appeard and app
In reconstructing the
the referenced parking
1970, at which tim among certain
to they un permission to segregate areas of concern
to the Council for perm seem to be the
structure, the following to the
of the Council members: a arty
would like to see the City made p structure
1• They land upon which the parking
proposed covenant to run with the
is now situated. of the owner of the park-
is about the feasibility r Parking' 2 is of the building
ing structure charging the tenants drafted the
above, I have re` ene-
Cit of El Segundo as a b and it
With referencericludenthe Y our approval,
as to specifically ,,-draft will meet with y the present
covenant e I believe this d Loan Association, similar
ficiary thereof. Equitable Savings an patterned after a City
accepted by Fri It has been p gills, when Y
has been accep structure. City of Beverly
owner of the parking
faced with fi identical situation.
covenant executed for the benefit of the
even this matter
National Bank was above, I have g
With reference to item 2 voiced as to the own parking
e
The main objection for p
of thought. tenants of the office building there -
a great deal in the
parking structure charging this position, I have caused a
,attic, may cause the tenting not to use the strut u ,
was that this p he city streets. In analy
by congesting
City Council
February 16, 1970
Page 2
survey to be taken on all office buildings in the general vicinity of 888 North
Sepulveda, El Segundo, California. As a result of this survey, I find that
all office buildings are charging for tenant parking. This charge is either a
monthly rate per space or an amortized yearly rate which is added to the
gross amount of the lease. To cite examples, I direct your attention to
999 No. Sepulveda, El Segundo (Imperial Towers - Kilroy Properties) wherein
the monthly rental to tenants is $13. 00 per space. According to Mr. Luick,
the manager of the property, office space is rented without parking and tenants
rent parking space to whatever extent they wish with the understanding that
rates will be competitive with other properties, such as Tishman Airport
Center on Century Boulevard. The Tishman buildings on Century Boule-
vard, comprising three structures with more planned, charge a monthly
rate of $15. 00 per space. TRW, who occupies one or more of those buildings
and who is also the major tenant of 888 North Sepulveda Boulevard, pays for
all employee parking in the Tishman building. There are also certain occu-
pants of the 888 No. Sepulveda Boulevard building who presently pay a monthly
rental of $10.00 per space in the parking facility for surface parking facilities
on the parcel immediately adjacent to the office building. The parking lot is
run by A. P. C. O. A. and the charge is $10.00 per month.
From the above, it appears that this parking charge has not
had the effect of turning tenants out into the city streets in the past.
There is also a drafting problem in attempting to bind the
owner of the office building to include a specific number of parking spaces in
future leases. The parties to such an agreement I assume would be Equitable
Savings and Loan Association and the owner of the office building. However,
I question what right Equitable would have to enforce such a contract once the
building is sold. Should the City be made a party to such a contract it is also
questionable in my mind from a legal standpoint what standing, if any, the City
would have to enforce such an agreement. It further comes to mind that
policing such an agreement would be extremely costly and time consuming,
if not impractical and impossible. As a practical matter, all of the leases at
the present time provide for a monthly charge for parking to commence
in approximately a year and a half. The tenants of the building were aware
of this at the time they entered into leases and I am certain that they
fully intend on paying for their employees' parking The fact that they are
to receive free parking for the first segment of their leases and then were to
pay thereafter was also a negotiated factor which I am informed figured heavily
in the negotiation of the lease price charged to the tenants.
I believe when all of these factors are considered, in view
of the practicalities of the situation, the Council will agree that this segre-
gation will pose no threat to the occupancy and use of the building. I,
To:
From:
Subject:
Art:
CITY OF EL SEGUNDO
INTER- DEPARTMENTAL CORRESPONDENCE
Date January 21, 1970
Arthur E. Jones, City Manager
Ernest B. Reid, Director of Planning
Equitable Savings and Loan Association
Parking Covenant - 888 North Sepulveda Boulevard
Chapter 20.54 of the Zoning Regulations states, "No use, building
or structure shall hereafter be established, erected, enlarged or
structurally altered unless there be provided improved, located
and thereafter maintained in connection therewith usable off- street
automobile parking facilities in accordance with the requirements
provided in this title."
In reviewing the conditional use permit approved by the Planning
Commission on June 10, 1964, I see no conflict between the
proposed covenant as submitted and Resolution No. 588, and
Section 20.54 of the Zoning Regulations.
I would suggest that Equitable Savings and Loan be required to
provide the City with a map depicting the parcels described in
the attached legal descriptions, and the map be attached to the
City's copy of the covenant.
I think perhaps the covenant between Equitable and U.S.I.F. Center
Company should spell out the minimum number of parking spaces that
would be provided for the office building by the owners of the
parking garage.
RespeLctfully
il L 4 -
Ernest B. Reid
Director of Planning
EBR:cc
Recommend Approval:
Arthur E. Jones, Uty Manager
P.S. For your information, I am attaching a copy of Resolution
No. 588.
City Council
February 16, 1970
Page 3
therefore, respectfully request the permission of thi s
Equitable Savings and Loan Association's application
structure.
Council to grant
to segregate this
RDA /k
ccs: Mark C. Allen, Jr., Esq., Arthur
E. Jones, City Manager
h EQUITABLE SAVINGS 0 LOM MORU MMUM
8150 SUNSET BOULEVARD • LOS ANGELES, CALIFORNIA 90046 U TELEPHONE 654 -5551
Mr. Arthur E. Jones
City Manager
350 Main Street
El Segundo, California
Re: Equitable
Highrise
888 South
Dear Mr. Jones:
January 16, 1970
Savings and Loan Association - El Segundo
Office Building and Parking Structure -
Sepulveda Boulevard, El Segundo, California
In accordance with our meeting on January 14, 1970, wherein
we discussed the El Segundo highrise office building and parking structure
owned by Equitable Savings and Loan Association, I herewith submit
this letter in order to outline the relevant facts concerning 'Equitable's
present position with regard to this property with the request that the City
of El Segundo grant permission to sell the highrise office building separate
and apart from the adjacent seven -story parking structure subject to the
terms and conditions contained herein. In the interest of time, I am sending
a copy of this letter to Mr. Mark C. Allen, Jr., the City Attorney for the
City of El Segundo.
This property was originally acquired by Equitable through fore-
closure proceedings. At the time of the foreclosure and sale to Equitable,
there was a highrise twelve -story office building located thereon with
surface parking on an adjacent parcel. Equitable was informed immediately
after acquiring this structure that the parking was inadequate for the office
building according to the city ordinances of El Segundo. Equitable there-
after expended approximately $1, 000, 000 in the construction of a seven -
story highrise parking structure presently located on the property. After
completion of the structure, however, it was found that the dollars Equitable
had invested in the office building and the adjacent parking structure had
priced the package out of the market. Although the property has been for
sale for over a year, no one has been even interested in purchasing it since
the income from the building would not be sufficient to carry the debt
service on an asking price of approximately $6, 500, 000. It was therefore
decided that the only economical way of selling either of these structures
was to separate the parking structure from the office building and sell the
building as a separate unit. This would allow a purchaser to buy the building
for approximately $5, 500, 000 and a later purchaser could purchase the park-
ing structure for approximately $1, 000, 000. In this way, Equitable could at
rA ),
MAIN OFFICE
ry
Mr. Arthur E. Jones
January 16, 1970
Page 2
least salvage the money which it has invested in the property.
Quite obviously from the City's point of view, the segregation
of the building from the parking structure might have the effect of stripping
the building from its parking facility. The building would, therefore, be
in violation of city ordinances of the City of El Segundo. In order to cure
this deficiency plans were formulated to establish on the parking structure
a covenant to run with the land thereunder in favor of the owner of the office
building. The covenant would provide, in essence, that the owner of the park-
ing structure would always provide sufficient parking for the adjacent office
building so that the building would be in conformity with all applicable
governmental laws and regulations when the building was fully occupied.
This would have the effect of allowing the owner of the office building to
always be in a position to force the owner of the parking structure to supply
him with adequate parking sufficient to meet all applicable laws and regu-
lations. Quite obviously the owner of this building would always want to
enforce this covenant since failure to do so would result first, in the building
having inadequate parking to meet the laws referred to above and, second,
it would have the effect of allowing the City to force the owner of the building
to vacate enough of said building so that the building would meet the city
ordinance. We also must consider the fact that the only way such a covenant
could be removed from the property would be with the consent of the owner
of the building (a very unlikely occurrence) and with the acquiesence of the
planning commissioner of the City of El Segundo.
In order to further protect the owner of the building I have proposed
to Equitable that Equitable, as the owner of the parking structure, enter into
a ninety -nine year lease with the owner of the building wherein Equitable would
be bound contractually with the owner to provide a minimum of seven hundred
and thirty four parking spaces for the building. The total capacity for the
parking structure at the present time is eight hundred spaces and it is my
opinion that seven hundred and thirty four spaces would be more than adequate
parking for the building and would bring the building well within the require-
ments of applicable law.
On December 29, 1969, an escrow was opened at Equitable Savings
and Loan between U. S. I. F. Center Corporation (hereinafter "Center ") and
Equitable for the sale of the highrise office building. Paragraph two of the
agreement provides in part as follows:
"Escrow shall close within ten (10) days after Seller has
deposited in escrow the required permission of the City of
El Segundo as hereinafter described,
Paragraph four of the agreement provides in part as follows:
"4. Seller informs Buyer that it is necessary to obtain
the permission and approval of the planning commission
and /or city council of the City of El Segundo, California,
to sever and sell as a separate unit the office building
here being sold separate and apart from the parking
Mr. Arthur E. Jones
January 16, 1970
Page 3
structure which was constructed on the adjacent parcel."
Paragraph five (a) provides in part as follows:
. . at all times the Seller will make available the
spaces required for the structure being bought and
sold as may be required by any governmental agency.
Subparagraph five (a) further provides:
1. . . The Seller shall provide to the tenants of the
building all services connected with the parking structure
that it is now providing to its tenants. However, Seller
shall have the right to provide such spaces in another
building no further from the demised premises, with
same or similar access and quality. The continuing
obligation on the part of the Seller shall be for a period
of 99 years following the close of escrow. "
Contemporaneous with the execution of the agreement for the purchase and
sale of the highrise office building and escrow instructions, there was
executed by Equitable as owner of the parking structure a covenant to run
with the land, a copy of which is attached hereto for your examination.
You will note that the covenant is all- inclusive and was patterned after a
covenant used by City National Bank in obtaining permission from the City
of Beverly Hills to build its home office building on Sunset Boulevard. It
was realized that prior to the construction of that building that there would
be inadequate parking facilities for the tenants of the bank's building. An
agreement, therefore, was reached with a parking structure located across
the street and a covenant to run with the land of the parking structure was
recorded. This was accepted by the City of Beverly Hills.
It is felt that in allowing this segregation both the building and the
parking structure can be sold as separate units and each will produce
sufficient revenue so as to make both investments good, sound business
transactions. The reason that the parking structure is an unsound business
investment at the present time is that the major tenant of the building, TRW,
has included in their lease the right to use the parking structure free of
charge. The first segment of their lease expires in approximately one year
and following that time the owner of the parking structure will be able to
charge for this parking. Equitable is willing to carry the burden of the parking
structure for this one -year period until such time as the TRW lease does
expire and a charge can be made for the parking spaces. It is felt that
based upon the parking rates for comparable parking facilities in the area
a person buying the parking structure at the end of that one -year period would
have a good business investment.
Mr. Arthur E. Jones
January 16, 1970
Page 4
Since the escrow on the building cannot close until we have a
decision from the City of El Segundo, your early attention to this matter
will be greatly appreciated.
Sincerely,
EQUITABLE SA AN ASSO.C. ION
RICHARD D. AID
General Counsel
RDA /k
Enc.
cc: Mark C. Allen, Jr. , Esq. and
Mr. George Edwards
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i COVENANT
i
I
THIS AGREEMENT, made and entered into this 23rd day of
December, 1959, by and between EQUITABLE SAVINGS AND LOAN ASSOCIATION
(hereinafter "Equitable ") and U.S.I.F. CENTER, INCORPORATED, a Delaware
corporation to be formed (hereinafter "Center ")
WITNESSETH:
WHEREAS, Equitable and Center have executed a document
entitled "Agreement of Purchase and Sale and`Escrow Instructions"
under the terms of which Equitable has agreed to sell and Center
has agreed to purchase that real property described in Exhibit "A"
attached hereto and incorporated herein by reference as though set
forth in length; and
WHEREAS, there exists a seven story parking structure
situated on that real property described in Exhibit "B ";-attached
hereto and incorporated herein by reference as though set forth in
length; and
WHEREAS, Equitable and Center are cognizant of the fact
that certain parking spaces are required under city, county or
governmental ordinances, regulations and laws to service the office
building described in Exhibit "A" to that Agreement of Purchase and
Sale and Escrow Instructions; and
WHEREAS, prior to the execution of the documents referred
to herein, the parking structure has been used to provide parking
for the adjacent office building is the subject of the aforesaid
"Agreement of Purchase and Sale and Escrow Instructions "; and
WHEREAS, a material consideration for the execution of
that document entitled "Agreement of Purchase and Sale and Escrow
Instructions" is the covenant by Equitable herein that the parking
i
structure described herein shall provide sufficient parking for said
office building so as to conform to all governmental regulations, codes
and laws;
NOW,'THEREFORE, in consideration of the mutual covenants,
promises, and conditions herein and for other valuable consideration
receipt of which is hereby acknowledged, the parties do hereby agree
as follows:
I
Equitable covenants as the owner of the parking structure
referred to in the recitals herein to provide. sufficient parking spaces
for the office building described in Exhibit "A" so that the office
building will have the use of sufficient parking spaces so as to comply
with all applicable codes, regulations, laws of any governmental agency.
I I
Equitable shall have the right to designate from time to time
the exact location of said spaces to be furnished to Center in said
parking structure.
I I I
That Equitable shall have the right to construct additional
parking facilities on property adjacent with and contiguous to that
property described in Exhibit "A" attached hereto, which parking facilitie:
shall be equal to the parking facilities herein in type, quality and
utility and upon the completion of said parking facilities Equitable shall
have the right to substitute said facilities for the covenant herein.
I V
This covenant shall rug with the land described in Exhibit "B"
attached hereto and incorporated herein.
Executed on the day and date' set out first above.
EQUITABLE SAVINGS & LOAN ASSN. U.S.I.F. CENTER, INCORID RATED,
A Delaware Corporation to be forme
By
BKM340c806
minimum of 488 parking spaces;
NOW, THEREFORE, in consideration of the mutual covenants,
promises, and conditions herein and for other valuable consideration, receipt
of which is hereby acknowledged, the parties do agree as follows:
I
Equitable covenants as the owner of the parking structure referred to
in the recitals he: cin to provide a minimum of 488 parking spaces, or a
sufficient number of parking spaces for the office building described in Exhibit
"A' , whichever number is greater, so that the office building will have the use
of sufficient parking space:: so as to comply with all applicable codes, regu-
lations, laws of any governmental agency.
IT
Equitable shall have the right to designate from time to time the exact
location of said spaces to be furnished to Center in said parking structure.
III
That Equitable shall have the right to construct additional parking
facilities on property .id,jacent with and contiguous to that property described
in Exhibit "A" attached hereto, which parking facilities shall be equal to the
parking, facilities herein in typr, -,.nacty and utility and upon the completion of
said parking facilities Equitable shall have the right to substitute said
facilities for the c,venant herein.
IV
This covenant shall run with the land described in Exhibit "B"
attached hereto and incorporated herein and shall be binding upon all
successive owners of the land described in Exhibit "B".
V
This covenant is made expressly for the benefit of the parties hereto,
including the City of El Segundo.
EQUITABLE SAVINGS & LOAN ASSN. F,ICENTF.R, INCORPORATED
A Del are Cor oration
A
CITY OF El, SEGUNDO ATTEST: !+
Mayor -1 City . er
(SEAL)
-2-
i
BKM340c806
minimum of 488 parking spaces;
NOW, THEREFORE, in consideration of the mutual covenants,
promises, and conditions herein and for other valuable consideration, receipt
of which is hereby acknowledged, the parties do agree as follows:
I
Equitable covenants as the owner of the parking structure referred to
in the recitals he: cin to provide a minimum of 488 parking spaces, or a
sufficient number of parking spaces for the office building described in Exhibit
"A' , whichever number is greater, so that the office building will have the use
of sufficient parking space:: so as to comply with all applicable codes, regu-
lations, laws of any governmental agency.
IT
Equitable shall have the right to designate from time to time the exact
location of said spaces to be furnished to Center in said parking structure.
III
That Equitable shall have the right to construct additional parking
facilities on property .id,jacent with and contiguous to that property described
in Exhibit "A" attached hereto, which parking facilities shall be equal to the
parking, facilities herein in typr, -,.nacty and utility and upon the completion of
said parking facilities Equitable shall have the right to substitute said
facilities for the c,venant herein.
IV
This covenant shall run with the land described in Exhibit "B"
attached hereto and incorporated herein and shall be binding upon all
successive owners of the land described in Exhibit "B".
V
This covenant is made expressly for the benefit of the parties hereto,
including the City of El Segundo.
EQUITABLE SAVINGS & LOAN ASSN. F,ICENTF.R, INCORPORATED
A Del are Cor oration
A
CITY OF El, SEGUNDO ATTEST: !+
Mayor -1 City . er
(SEAL)
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A pjjy-ce]. of land r.ituittorl iyl the City O;_ ju 5Cqt1ndo, in U,( •oonzy
of Los Angeles, Stiltc Oj' tl,=It c(*C_,,.;„
2().OS7 acre Pax•o). No. 5, as on Vccor01 of SurvCY Mz;p, of ;,
portion of the North bi-Af. Of t"CCL:lO'l 7, 1iv..mf1jjp 3 Sovi;" I.,
vlcr;t, ill the Rullcho skia"O. Rcdonclo, x7h.'t.C11 MnJ, is f0c,"7 in Ix,d. 66,
pi;cjc: 50 Record of SurvcY.", in the oFf.1"ce of the Comity of
raid Cuunty and being mo,:v Vs
)joCjnni)jq at the southwv:lt Coxllvr of said lliweL.1 No. 5; tlwncc. 34,i: )h
0nC0120" V%t 202.50 rcc:L along il,� lino of :r.`Ia No.
5 to tile h7urOjerly lino of ill(' SmlLhcr-ly 20 %.50 fcc"L o" sZlicl )' arca I
NC. 5; th(MCO NO)-01 Sgo';9'20" J;W;i )60.00 ic•ct il'o'lel Pr, c!, I:'1y
line: to Et Iill- iti)cl I'a.-,Lci3y K0.00 fc:, f.I c,.:,
that Cox-1 Z1171 courbo in tho Wc n Lc,rly lilv-- of said No. 5
on raid Ylc,.jj as bilvil-ig D lIz,ar;*tnCj vncl 3ong".11 D., 0oU' ) 1 2 3 c
12 34. 11 feet t),o), co Son U1 0000' 20" S %.29 f
j1v3:zJ)o1. I..".no to the Northerly line of the v(ml-L))C I'J; 150.'2 fo.. C)"
raid ml parcel No. S*, thence llortll 11"C.,
)wA mend Oncc7 Nortil-rly )-iric to 11 3 inu imul OisLi-,
riwterly 242.00 foc-t fx-oill that ccaln;c- 51, t)l,-. 1 ef�:(..Oy lit,,
of said Tai cC.l No, 5 C1C; cc; ,jbCCl; South Clo00,20"
),Uf;j, 150,>1 fCCL VIMg SZL.i(I )jf;i: mci,Honc-d Line to LlIc
s"lli-lim-ly line Of rule] 11cCt:CII lit). 5; So\ltb $ %:o.ni
,M2.00 Fool, along the Sooillw-)y Of ;o. 5 to Cho
Point of
illore"yo:11 !m viu;c1110,11" Fo;
the soutbcr1y 30.00 feet or th,(, )),uro."LlAIC:For(m c7oscril,ed Laid,
EX1111311, "A"
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STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
On this 19th day of March, 1970, before me, HARRY H. WEBER,
a Notary Public in and for the said County and State, residing therein, duly
commissioned and sworn, personally appeared FLOYD CARR, JR., known
to me to be the Mayor, and EUNICE U. CREASON, known to me to be the
City Clerk of the City of El Segundo, California, the municipal corporation
that executed the within instrument on behalf of the municipal corporation
therein named, and acknowledged to me that such corporation executed the
same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my official seal the day and year in this certificate first above written.
X
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(SEAL)
_
W- Y F!.
-,� ACury n,iru[ rL. roeNiA
•`� LOS AN,,[-'FS C IJHTY
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2�..n 2i.. Rom' ;, a Sepndo. C6t~90 %d5 '.
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NotarS rumic in and for said oun y
and State.
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r A'I't, OF CALIFORNIA
Vs,
)I V "I'Y OF. __
A)n Ma IC}I 191 1970 Irrhm me, the noJ i¢nrd mry Public in end fnr mid
st.r..
L..•w � n. IM d,r SF..__.. .__�IGE—rr'.id'nt, end _ YIRG.L�2IA_ I�GLESly _.
A5SIST. _ 5,..rturr of ti,, rnrlmrm inn that rx,n,d rM wilhi' rnommenr,
th,.t+ ....... whu rvl thr within
Ic•u u,n.nt tam h'helf of tln, r..... nrmf'n•i11r1 n.un.d, and
i "dpi mix Ldn.d t„ u• Thal .u,h r „nwrel inn' •,w.d th. w'nhin
it. 6, 1"., L d Y,. �- 1•,75ff. ". ^. ^ �.PXrr.NLYNd�
R'I'I\FSb p 1, ml a J ffi 1 .1. J. Ci0929
y} /' jj �i NO., " F'; GLIyORNIA
i Vyn 1 1 ��• "/ _ L• ' ^e— ! OS AN ffice w LOS AN COV,:r
,
OOROIHY J. NOSIE, MY 4etnmiwOn Eapi'm Mwxb JO. two
Nome (Typed m i'rimed)
1TJ..•r wr .M'.1 .... wn
ro .uc
' (COrpnrelinn)
t STATE OF CALIFORNIA
COUNTY OF._____7A9 Angeles
On __ _ March 1911970 _ Iwlnre me, the endera{
Sid. a NMer/ F eblk L sad la eeid
titer', p"ry nelly aTomu'J _ IW GHT R. HELSFj,_.
to me to be the VICE 11..idmc, and PHILIP .Cf %Q71 I1FF
ASSISTANT
w known lu me to 1< 4<relery ul the norpoM{oe that eeem ed the within InMrumsnt.
Ln, n b. me to le• th,• iwr.... whu ex'cmed thm within
w In•trun...v m, h'hnlf ul the mnpornt..,n therein nemrd, end
a,knoxi'dR.•d m nn ILeI .uch 'oq. =pion eueumJ the within
mmwa pur.uenl m il. LYlaw.. ur a resolution of il. h„erJ
1 r
WITNESS DOROTHY J. AUPOI
t{ ITNF.yS my hayl and ofhe.el .eJ, t' "T"e % ✓. NOTARY NStIC • GIIMRI/1A
PRINCIPAL OPPICR W
LOS ANGELES COUNTY
S,Ennlute�Y�L
t� OOROIHy J. HONL. My Co. IIY ma" A IWO
` Nome (Typed or Pr{nHd)
lrM. ww r.nrW ..e.W rt
101
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0 LI.ND CO1:S-UL7AN75 AND CIVIL LNG1NELUS
. 17 {30 SO Ur I; V 1 :.lr 1 e -_ /.VL 1:uc • 7oRrLr :C L. C/. 1.1 f0 . —
F. Ii 1/. F3:n ul[v: O -L EFG
lleceml?er 22, 1969
Lanco Job No. 5083
` P3:F.LIDiINAP.Y .
` LEGAL DESCRIPTIOi� OF PARCEL ONE
ns
A parcel of land situated in the City of El Segundo, County of
Los Angeles, State of Caliornia.
Being a portion of that certain 20.057 acres Parcel No, 5
as'shown on- Record of Survey DIap of a portion of the North half
of Section 7; Township 3 South, Range 14 West, in the Rancho
Sausal Redondo, which map is' filed, in Book 6,6 Page 5 of Record of
Survey, County of Los Angeles'anct described as follows;
1
Beginning at the Southwesterly corner of said Parcel 5
the true- point of beginning; thence North 0° 00' 20" West 202.50
•
feet; thence North 89° 59' 20" East 160.00 feet; thence South
00 00'.20" East 52.29 feet; thence North 890 59' 20" East 82.00
feet, thence South 0° 00' 20" East 150.21 feet; thence South 89° 59' 20"
..•
West 242,00 feet to the true point of beginning.
EXCEPT an easement with right of ingress and egress to and from said
easement, said easement being described as the Southerly 35.00 feet
of the previously described Parcel
C.. I.1. LEONARD --
R.C.E. 13167
Approved Title Co. - - -'-
Easterly 161.60 feet (measured on the north line) of
the NorthcYly 232.01 fect'(mcahrea at right angles to the north line)
of the combined land described as follav7s:
PARCEL Iz
AN IRREGULAR SHAPED PARCEL OP LAND SITUATED IN THE CITY
OF EL SEGUMDOr IN THE CCRKYY OF LOS ANIELES7 STATE 00 CALIFOW&
BEING A PORTION OF THAT CERTAIN 20.057 i.CRF %P;*,.RCEL Q. 5 -
AS SHO15! ON RECOAD OF SUATEY NAP OF A PORTION OF THE NORTH
HALF OF SECTION 7D TOSMSMIP I SOWYn, RAYGE it UES& IN THE
RANCHO SAUSAL REDONDOr 101CM MW IS FILED IH 0001 66 PIGE
5; RECORD OF-SUIVEYS OF SAID COUNTY AND nEIVG MORE PARTICULARLY
DESCRBED AS FOLLOYS-
BETINNING AT THE SOUTHWEST CORNER OE SAID PAWL NO- 5;
64EI�.'CE MOaTH,Ow 001 20u VEST hLUNG WE UESTERLY LINE OF
SAID PAACEL NO. 59 WYANCE 05 106.50 FEET; THENCE NORTH
890 591 20" EAST PARALLEL UIYH THP SOUTHERLY LINE OF SAID
PARCEL ED., 5: 200•00 FEET; THENGE SOUTH 00 001 20" EAST
.52.25 FEET; THENCE PORYH 813 591 20" EAST 153.87 FEET; TO
A POINT ON THE UESTWLY LINE OF TW CEVTAIU-WBS57 ACREE
PARCEL DESCRIBED IN PARCEL A Cl- WHO Ti THE ATCHINS00. TOPER
AND SANTA FE RATLUAY COKPANY FR OA S•WK FE LhAD 3WAUVENEN-1-
COEPANYf nECOaDEV FEURUAIY 15v 1957 IN E; 1. 51662 PI GE 1272
OFFICIAL nECUnDSv 1U THE OFFICE OF THE COUNTY RECORDER OF
SAID COUaYYv SAID POINT UEIXG Oa A CURV& CWCOVE NORTHEASTERLY
AN'D A RADIUS OF 23037 FFFTv, "A RADIAL LINE OF SAID
CURVE THROUGH SAID POINT BEARS SOUTH 610 40" 25N UEST; THENCESOUTWASTERLY ALONG SATD CURVE WROGUN A CENTRAL ANSLE OF
4NO 541 45% A DISTARGE OF 210VO FEE n MWE OR LESS, TO
A POIRT IN THE SOUTHERLY LIVE OF SAID PARCEL N& 5; THENCE
.LEAVING SAID OFSTERLY LIKE WSAID PARCFL A SOUTH •90 591
20" HEST hLONG THE SOUWVQ�V LINE OF SAID PAWL NO� 5v
SAID SOUTHERLY LXNE BEING ALSO THE HORYNERLY LINE 07 THAT
CERTAIN 1.6593 ACRE PARCEL DESCRILED IN DEED FROM SANTA
FE LAUD IMPROKAGNT COAPARY TO AMERICAN SEKYWS COWNYo
RECOWD AUGUST 16, 1,955 W DOO! 4SC65 P"m 20s, OFACm-
nECOaDSv IN YPE OFFICE OF TEE COMPTY RECORDW OP SAID COUP Y.
A DISTANTE OF 527X57 FEET TO THE POINT OF 0 EGINNIH0
EXCEPT ALL NATURAL GAS CWTAIPED,ate. 01 UNDER OR THAT MAY
BE PROWCED FnON Skin LAND2 YOGETHEn UITX-YHH EXCLUSIVE
RIGHT TO DRILL -Oa END PAWKE SUCH NAVURAL GAS FRO• SAID
LAND BY WHIPSTLTAXEG 02 UHRECY16YAL URILLINS 02 OTHER SUBSURFACE
OPERATIOKS CUPOWTED FROM SUAFKE LOGATTONS CN OTHER LAND
AND THE EXCLUSYVE WNY.T0 USE TXE SUQUAFACE OF SAID LAND
FOR W PUnPOSE OF lKWECTINGUAYWL GAS THRAWN FDA STORAGE
AMO 01 WASS•ZING YES FOR•IYWIS UV0EWVQG KID LAXD
BUT FITHOUT THE Wal yo,suppaw Em", _fM F02
THE PURPUSE OF DISCOVERENS W F27RAWYEG SUGN NA•RAL GAS
Page 1 of 4
n
7
'x,574
of " IA! G R ne P,E ^D'II8
, OF LO 6 ::ILitf
COVENANT 30"' II Aht
VAR 216 1970
°.... RAY E. LSE, ��c .Raxrdvr
THIS AGREEMENT, made and entered into this L3rd day of
December, 1989, by and between EQUITABLE SAVINGS AND LOAN
ASSOCIATION (hereinafter "Equitable "), U.S.I.F. CENTER, INCORPORATED,
a Delaware corporation (hereinafter "Center "). and the CITY OF EL
SEGUNDO, (hereinafter' City ").
It ( N
WITNESSETH:
WHEREAS, Equitable and Center have executed a document entitled
"Agreement of Purchase and Sale and Escrow Instructions" under the terms
of whici! Eq uitahle has agreed to sell and Center has agreed to purchase that
rea, property lescribed in Exhibit "A" attached hereto and incorporated herein
by reference as though fully set forth in length. and
WHERF.A °, there exists a seven story parking structure situated on
that real property described in Exhibit 'R attached hereto and incorporated
herein by reference as though set forth in length; anu
WHEREAS. Equitable and Center are cognizant of the fact that certain
parking spaces are required under �itv. a n,y or governm,�ntal ordinances,
regulations and laws to service the office building described in L.xhibit "A'
to that "Agreement of Purchase. and Sale and Escrow Instructions "; and
WHEREAS, prior to the execution of the documents referred to herein,
the parking structure has been used to provide parking for the adjacent office
ouilding which is the subject of the aforesaid "Agreement of Purchase and Sale
and Escrow Instructions "; and
WHEREAS, a material consideration for the execution of that document
entitled "Agreement of Purchase and Sale and Escrow Instructions" is the covenant
by Equitable herein that the parking structure described herein shall provide
sufficient parking for said office building so as to conform to all governmental
regulations, codes and laws; and
WHEREAS, pursuant to applicable laws of the City, in order for the
real property described in Exhibit "A" to be maintained at full occupancy, it is
required that there be available for tenants of said high rise office building a
a
iW
FtF
2V
�Y
COVENANT
THIS AGREEMENT, made and entered into this 23rd day of December,
1969, by and between EQUITABLE SAVINGS AND LOAN ASSOCIATION
(hereinafter "Equitable "), U. S. I. F. CENTER, INCORPORATED, a Delaware
corporation to be formed (hereinafter "Center "), and the CITY OF EL
SEGUNDO, (hereinafter "City ").
WITNESSETH:
WHEREAS, Equitable and Center have executed a document entitled
"Agreement of Purchase and Sale and Escrow Instructions" under the terms
of which Equitable has agreed to sell and Center has agreed to purchase that
real property described in Exhibit "A" attached hereto and incorporated herein
by reference as though fully set forth in length; and
WHEREAS, there exists a seven story parking structure situated on
that real property described in Exhibit "B ", attached hereto and incorporated
herein by reference as though set forth in length; and
WHEREAS, Equitable and Center are cognizant of the fact that certain
parking spaces are required under city, county or governmental ordinances,
regulations and laws to service the office building described in Exhibit "A"
to that "Agreement of Purchase and Sale and Escrow Instructions "; and
WHEREAS, prior to the execution of the documents referred to herein,
the parking structure has been used to provide parking for the adjacent office
building which is the subject of the aforesaid "Agreement of Purchase and Sale
and Escrow Instructions"; and
WHEREAS, a material consideration for the execution of that document
entitled "Agreement of Purchase and Sale and Escrow Instructions" is the covenant
by Equitable herein that the parking structure described herein shall provide
sufficient parking for said office building so as to conform to all governmental
regulations, codes and laws; and
WHEREAS, pursuant to applicable laws of the City, in order for the
real property described in Exhibit "A" to be maintained at full occupancy, it is
required that there be available for tenants of said high rise office building a
minimum of 488 parking spaces;
NOW, THEREFORE, in consideration of the mutual covenants,
promises, and conditions herein and for other valuable consideration, receipt
of which is hereby acknowledged, the parties to agree as follows:
I
Equitable covenants as the owner of the parking structure referred to
in the recitals herein to provide a minimum of 488 parking spaces, or a
sufficient number of parking spaces for the office building described in Exhibit
"A ", whichever number is greater, so that the office building will have the use
of sufficient parking spaces so as to comply with all applicable codes, regu-
lations, laws of any governmental agency.
II
Equitable shall have the right to designate from time to time the exact
location of said spaces to be furnished to Center in said parking structure-
III
That Equitable shall have the right to construct additional parking
facilities on property adjacent with and contiguous to that property described
in Exhibit "A" attached hereto, which parking facilities shall be equal to the
parking facilities herein in type, quality and utility and upon the completion of
said parking facilities Equitable shall have the right to substitute said
facilities for the covenant herein
IV
This covenant shall run with the land described in Exhibit "B" attached
hereto and incorporated herein.
V
This covenant is made expressly for the benefit of the parties hereto,
including the City of El Segundo.
EQUITABLE SAVINGS & LOAN ASSN
M
CITY OF EL SEGUNDO
IM
U. S. I. F. CENTER, INCORPORATED,
A Delaware Corporation to be formed.
0
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