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Statement regarding the
completion of the Indian Land Lease Extension (PSL-500) including the developer
settlement and lease gap purchase
May 11, 2021 -
Parc Andreas Home Owners Association Board of Directors has communicated to all
home owners (aka members of the HOA) the completion of the land lease
negotiations and settlement with Dunphy Industries, the master lessee for the
current master land lease (PSL-227).
Previously, owners were informed that land owner, Marlene Rice
Chapparrosa, executed a new master land lease extension (PSL-500) with Parc
Andreas Home Owners Association, granting owner’s rights to lease the land on
which their homes are located through December 22, 2081.
The Honorable, Judge Kira Klatchko, presiding in the Super Court of
the County of Riverside, California has signed a judgment that binds both
parties (Parc Andreas HOA and Dunphy Industries) to a Settlement
Agreement.
Home owners and new buyers interested in financing are now able to secure 30 year mortgages. Home owners will have an opportunity to purchase the multi-day “gap" between the end of the current (PSL-227) sublease which ends
two or three days before the end of master lease and the start of the future
(PSL-500) sublease. Buying the gap grants owners “continuous rights” to lease
the land on which their Parc Andreas property is located through December 22,
2081.
A copy of the Settlement Agreement and Judgment have been
provided to all current owners or their trustees as well as a letter that
explains the sublease gap purchase process and timeline.
Parc Andreas, Home Owners Association, Board of Directors
Tom Ray – President
Brian O’Connor – Vice President and Secretary
Sam Thayer –Treasurer and Director
Denise
Hoffman-White, Director
