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' <br />Paladin <br />Asset Preservation & Management, Inc. <br />15707 Rockfield Blvd., Suite 115 / Irvine, California 92618 / T: 949.716.3400 / F: 949.716.3404 / www.PaladinAPM.com <br />RECEIN!1-7,7' <br />June 11, 2009 <br />JUN 1 8 2009 <br />city, of <br />.-t nA <br />Ms. Colleen J. Nicol, MMC, City Clerk <br />City of Riverside <br />3900 Main Street <br />Riverside, CA 92522 <br />BY CERTIFIED MAIL AND ELECTRONIC MAIL <br />Re: Notification of Receivership <br />Imperial Capital Bank v. Riverwalk Vista Village Two, LLC. <br />Case No: RIC524099 <br />Dear Ms. Nicol: <br />Please accept this notification that I have been appointed receiver, by the stipulation of the <br />Parties, over the Riverwalk Vista Village Two Project located in the City of Riverside, CA. This <br />project is currently being processed and constructed with Permits through the City of Riverside <br />and is identified as Tract 32772-2. Pursuant to Court's Order (attached) we are required to: <br />• Immediately take possession of the Property... including fees on deposit with the City of <br />Riverside (Paragraph 3) <br />• Consider completion or improvement of the Property (Paragraph 6 (d) and (e)); <br />• Notify all authorities of the changed possession of the Property (Paragraph 6(s)) <br />Accordingly, we would like to arrange to meet with the City and obtain all documents and <br />other items (e.g., permits, entitlements, conditions of approval, trust accounts and plans) that <br />reasonably relate to the property and its management. Additionally, we would like to discuss <br />the status of the existing entitlements, development agreements, payment of fees and other <br />issues related to the development of this property. <br />It would be greatly appreciated if you would forward this letter to those City employees, <br />including the City Attorney, who will be involved in the transfer of the possession of this <br />Project. I will also be in contact with City staff to formally introduce ourselves and arrange for a <br />meeting in order to bring my team up to speed and so we can address any immediate issues. <br />Our goal is to handle this matter as efficiently and professionally as possible without <br />unnecessarily involving the Court. <br />cc: City Manager / / g G1igf 0 J <br />Assistant City Manager V <br />City Attorney ✓ <br />Community Development Directors/ <br />