La Quinta, CA: In a recent update, the City of La Quinta provided information regarding the Notice of Default issued to Robert Green Company and SilverRock Development Company. The statement, released on April 25, 2024, highlighted key developments in the ongoing situation.
According to the announcement, "Robert Green and the SilverRock Development Co. LLC (collectively SDC) have failed to complete the cure on a Notice of Default on the Talus development issued by the City of La Quinta on April 17, 2024, within the required seven-day window that ended at midnight April 24, 2024."
One of the specific issues mentioned in the update was that "Among the items that SDC failed to complete under the Notice of Default are (a) payment of all obligations owed to Cypress Point Holdings (Cypress), a corporate investment firm for Talus, or (b) the execution of forbearance agreement(s) with Cypress."
The City of La Quinta emphasized its commitment to addressing the situation in collaboration with all parties involved. This includes working with Cypress, which had recorded a Notice of Trustee's Sale against SDC on April 17, 2024. The City also stated that it is prepared, if necessary, to take legal action to protect its interests. "The City is working collaboratively with all parties involved, including Cypress, and is prepared, if necessary, to initiate litigation to protect the City’s interests."
The City of La Quinta's proactive approach in dealing with the default notice reflects its dedication to upholding agreements and ensuring the best outcomes for all parties involved.