HomeMy WebLinkAboutCarlsbad Redevelopment Agency; 2009-07-08;EXHIBIT 3
AGREEMENT FOR PURCHASE AND SALE OF
REAL PROPERTY BETWEEN THE CITY OF CARLSBAD AND THE
CARLSBAD REDEVELOPMENT AGENCY
THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY
AND ESCROW INSTRUCTIONS (the "Agreement") is made this ff^- day of
t^X^uJL*^ 2009, by and between the City of Carlsbad, a municipal corporation of
the S^ate ofJCalifornia ("Seller"), and the Carlsbad Redevelopment Agency, a body
corporate and politic ("Buyer").
RECITALS
WHEREAS, Seller is the owner of certain real properties in the City of Carlsbad,
State of California, ("the Properties"). The Properties are located in the Village
Redevelopment Area at 2829 - 2833 State Street, APN: 203-294-02 through 203-294-06;
and 405 Oak Avenue, APN: 204-010-05 and 06; and
WHEREAS, Buyer desires to purchase the Properties owned by the City for use
in removing blight and/or blighting influences and/or for economic development activity
in the redevelopment of the Village area; and
WHEREAS, Seller desires to sell the Properties to Buyer for that purpose.
NOW, THEREFORE, the parties hereto agree as follows:
TERMS AND CONDITIONS
1. SALE. For good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, Seller agrees to sell and Buyer agrees to
purchase from Seller the Properties, together with all improvements thereon, upon the
terms and conditions contained in this Agreement.
2. PURCHASE PRICE. The purchase price for the Properties shall
be One Million Two Hundred Sixty Thousand Dollars ($1,260,000) for the State Street
properties and Three Million One Hundred Thousand Dollars ($3,100,000) for the Oak
Avenue property for a total acquisition cost of Four Million Three Hundred Sixty
Thousand Dollars ($4,360,000) for said properties.
3. PURCHASE TERMS. The Purchase Price shall be paid by Buyer to
Seller in full prior to July 21, 2009. Upon transfer of the purchase price to the City's
account, Buyer shall receive grant deeds from Seller for the Properties.
4. CONDITIONS OF PURCHASE. The purchase of the Properties shall
be subject to the following conditions:
A. The purchase of the property located at 2833 State Street, APN:
203-294-06 shall be subject to the existing lease expiring April 15,
2010, between the City of Carlsbad as Lessor and Rosa H.
Hernandez d/b/a the Village Grille as Lessee.
B. The purchase of the property located at 405 Oak Avenue, APN:
204-010-05 and 06 shall be subject to the current occupancy of the
City of Carlsbad's Public Works Maintenance and Operations
Department for its administrative offices and service yard. The
City of Carlsbad shall be allowed to continue to occupy the
property until such time as Buyer gives notice that it requires that
the property be vacated to further its redevelopment purposes.
C. Seller will file the grant deeds for the Properties with the County
Recorder's Office upon their execution and payment of the
purchase price.
5. REPRESENTATIONS AND WARRANTIES.
A. Property Purchased "As-Is". Buyer acknowledges that it has inspected the
Properties and investigated their physical characteristics and conditions, and hereby
waives any and all objections to the physical characteristics and conditions of the
Properties which would be disclosed by such inspection. Buyer acknowledges that
neither Seller nor any of its officials, employees, agents, or representatives has made any
representations, warranties or agreements to or with Buyer on behalf of Seller as to any
matters concerning the Properties, the present use thereof, or the suitability of Buyer's
intended use of the Properties.
6. POSSESSION. Possession of the Properties not currently occupied
shall be delivered to Buyer upon close of Escrow.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement of Purchase and Sale
of Real Property as of the date set forth above.
CITY OF CARLSBAD, a Municipal
Corpor
Date:
DATE:. Q.
bO(jy corp
REDEVELOPMENT AGENCY, a
,te and politic
^>^
APPROVED AS TO FORM:
RONALD R^BALL, General Counsel
Assistant GeneraTCounsel