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HomeMy WebLinkAboutKelly Land Company; 2002-01-14;This Purchase Agreement (this “Agreement”), dated as of JAN 14, 20102 (the “Execution Date”), between Kelly Land Company, a Delaware corporation (“Buyer”), and City of Carlsbad, a municipal corporation (“Seller”), is entered into with reference to the recitals set forth below. Seller and Buyer are sometimes referred to herein collectively as the “Parties”, and individually as a “Party.” RECITALS A. Seller is the owner of approximately six tenths (0.6) of an acre of certain real property located in the City of Carlsbad, State of California, which property is more particularly described and shown on Exhibit “A” attached hereto (the “Property”). B. Pursuant to Condition 8 1 of Carlsbad Tentative Map [No. CT97-16A] (Planning Commission Resolution No. 4963) (“Tentative Map”), Buyer is required to negotiate for acquisition of the Property in order to construct thereon a portion of a mandated roadway commonly known and referred to herein as “Whitman Way”. C. Buyer and Seller have negotiated Buyer’s acquisition of the Property in conformance with the above referenced condition, and accordingly Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, the Property, on the terms and conditions set forth herein. AGREEMENT NOW, THEREFORE, in connection with the recitals set forth herein above, and for good and valuable consideration the receipt of which is hereby acknowledged by each of the parties, the parties hereby agree as follows: 1. Sale and Conveyance. Seller shall sell to Buyer, and Buyer shall purchase from Seller, the Property, upon the terms and conditions set forth in this Agreement. 2. Tit&. Title to the Property shall be conveyed to Buyer subject only to (a) real property taxes not then delinquent, if applicable, and (b) the matters shown on the Commitment (as defined in Section 4 below) and accepted by Buyer. 3. Purchase Price. The purchase price for the Property (the “Purchase Price”) shall be (a) the sum of Two Hundred Forty Thousand Dollars ($240,000), which price has been calculated as the product of (i) the approximate size of the Property times (ii) Seller’s currently designated park-in-lieu fee of Four Hundred Thousand Dollars ($400,000) per acre, less (b) the cost of the Title Policy. The Purchase Price, plus or minus any prorations and adjustments as provided for herein, shall be paid by Buyer to Seller by federal funds wire transfer or cashiers SD:Dh4lV\GRKRB\Sl208066.4 092501 -l- check or other immediately available funds upon the closing ofthe transaction contemplated herein pursuant to Section 5 below (the “Closing”). 4. Condition of Title. Within seven (7) days after the Execution Date, Seller shall deliver to Buyer, at Seller’s expense and for Buyer’s review and approval, two copies of a preliminary title report (“Commitment”) and all documents reflected as exceptions in the Commitment, if any (the “Title Documents”), from First American Title Insurance Company (“Title Insurer”), for a CLTA title policy, on the standard form issued in California (the “Title Policy”). Buyer shall be entitled to object, by written notice (“Buyer’s Notice”) delivered to Seller within fourteen (14) days after Buyer’s receipt of the Commitment and Title Documents, to any matters shown on the Commitment which would preclude or hinder the Property’s use as a portion of Whitman Way as mandated by the Tentative Map (including, without limitation, any liens on the Property). Seller hereby covenants that, prior to Closing, Seller shall cause, at Seller’s sole expense, all matters listed in Buyer’s Notice to be removed from the Commitment. 5. The Closing shall take place no later than the recordation of the Closing. Final Map contemplated by the Tentative Map, provided that all conditions precedent to the Closing have been fulfilled. 6. Conditions to Buver’s Oblipation to Close. Buyer shall not be obligated to proceed with the Closing unless and until each of the following conditions has been fulfilled: a. Citv Council Anuroval of Final Man. The City Council for the City of Carlsbad shall have given its final approval of the Final Map contemplated by the Tentative Map. b. No Uncured Breaches. There shall have been no uncured material breach of any representation, warranty or covenant given by Seller herein. C. to issue the Title Policy. Title Insurance. Title Insurer shall be unconditionally committed d. Closing Deliveries. Title Insurer or Seller shall be prepared to deliver to Buyer all instruments and documents to be delivered to Buyer at the Closing pursuant to any provision of this Agreement. 7. Conditions to Seller’s Obligation to Close. Seller shall not be obligated to proceed with the Closing unless and until each of the following conditions has been fulfilled: a. Citv Council Aonroval of Final Man. The City Council for the City of Carlsbad shall have given its final approval of the Final Map contemplated by the Tentative Map. b. Closine Deliveries. Title Insurer or Buyer shall be prepared to deliver to Seller all funds, instruments and documents to be delivered to Seller at the Closing pursuant to any provision of this Agreement. SD:DMI\AGR\CRBL51208066.4 092501 -2- 7 8. Deliveries Uuon Closinq. a. Seller’s Closinp Deliveries. At or prior to Closing, Seller shall deliver or cause to be delivered to Buyer through the Title Insurer or otherwise, each of the following instruments and documents: i. A grant deed (on Title Insurer’s standard grant deed form) executed and acknowledged by Seller; executed by Seller; ii. The Easement Agreement described in Section 12 below, . . . ill. A settlement statement, if applicable, reflecting any prorations and credits herein provided for and approved by Buyer, executed by Seller; and iv. Such other documents and instruments as may be required by any provision of this Agreement or as may be reasonably required by Title Insurer or otherwise to carry out the terms and intent of this Agreement. b. Buver’s Closing Deliveries. At or prior to Closing, Buyer shall deliver or cause to be delivered to Seller through the Title Insurer or otherwise, each of the following instruments and documents: i. The Purchase Price; executed by Buyer; ii. The Easement Agreement described in Section 12 below, . . . ill. A settlement statement, if applicable, reflecting any prorations and credits herein provided for and approved by Seller, executed by Buyer; and iv. Such other documents and instruments as may be required by any provision of this Agreement or as may be reasonably required by Title Insurer or otherwise to carry out the terms and intent of this Agreement. 9. Closing Expenses: Prorations. a. Fees Paid bv Seller. All recording fees, conveyance fees, fees for releasing liens and encumbrances, and one-half (l/2) of the escrow fee, if any, shall be paid by Seller. b. Fees Paid bv Buyer. The cost of the Title Policy, and one-half (l/2) of the escrow fee, if any, shall be paid by Buyer. C. Prorations. All real property taxes and assessments attributed to the Property, if any, shall be prorated as of the date of the Closing. Seller shall be responsible for real property taxes and assessments, if any, for the period prior to the date of the Closing, and SD:DMI\AGR\CRBU1208066.4 092501 -3- Buyer shall be responsible for real property taxes and assessments, if any, from and after the date of the Closing, regardless of when such amounts are billed, due or payable. 10. Warranties of Seller. Seller hereby warrants to Buyer on the date of this Agreement and as of the Closing Date: a. Seller has the legal power, right and authority to enter into this Agreement and to consummate the transactions contemplated by this Agreement; b. All requisite action has been taken by Seller in connection with entering into this Agreement and the consummation of the transactions contemplated by this Agreement; C. There are no actions, suits, claims, legal proceedings or any other proceedings affecting the Property or any portion of the Property, at law or in equity, before any court or governmental agency, domestic or foreign; and d. No notices of violation of any federal, state, county or municipal or other governmental agency law, ordinance, regulation, order, rule or requirement relating to the Property, or any portion of the Property, have been issued or entered or received by Seller, and Seller has no reason to believe that any such notice may or will be, issued, entered or received. 11. Warranties of Buyer. Buyer warrants to Seller that on the date of this Agreement and as of the Close of Escrow: a. Buyer has the legal power, right and authority to enter into this Agreement and to consummate the transactions contemplated by this Agreement; b. All requisite action (corporate, partnership, trust or otherwise) has been taken by Buyer in connection with entering into this Agreement and the consummation of the transactions contemplated by this Agreement; and C. The individual executing this Agreement on behalf of Buyer has the legal power, right, and actual authority to bind Buyer to the terms and conditions of this Agreement. 12. Easement Ameements. The Parties hereby acknowledge and agree that in order to construct Whitman Way, it will be necessary for Buyer to use certain real property adjoining the Property, which real property is owned by Seller, and more particularly described in Exhibit “B” attached hereto (the “Slope Easement Property”) for purposes of construction grading and staging, and as more particularly described in Exhibit “C” (the “Landscape Easement Property”) for purposes of landscaping. Accordingly, Buyer and Seller shall enter into one or more temporaq easement agreement(s) (the “Easement Agreement(s)“) wherein Seller shall grant to Buyer a temporary easement to use the Slope Easement Property and the Landscape Easement Property for such purposes, on terms and conditions to be mutually agreed upon by the Parties. 13. Notices. Unless otherwise specifically provided herein, all notices, demands or other communications (“Notices”) given hereunder shall be in writing and shall be deemed to have been delivered SD:DMl\AGR\CRBi5I208066.4 092501 -4 4 upon receipt. All Notices shall be given either by (i) personal delivery Buyer or Seller, respectively addressed as set forth below, (ii) facsimile transmission to Buyer or Seller, respectively addressed as set forth below, or (iii) certified mail, return receipt requested, postage prepaid, addressed as follows: If to Seller, to: The City of Carlsbad 1200 Carlsbad Village Drive Carlsbad, California 92008-1989 Attention: Lloyd Hubbs Fax: (760) 434-8367 Telephone: (760) 434-289 1 If to Buyer, to: Kelly Land Company 20 11 Palomar Airport Road, Suite 112 Carlsbad, California 92009 Attention: Scott Medansky Fax: (760) 93 l-7950 Telephone: (760) 931-1190 With copy to: Sheppard, Mullin, Richter & Hampton LLP 50 1 West Broadway, Suite 1900 San Diego, California 92 10 1 Attention: Christopher B. Neils, Esquire Fax: (619) 234-3815 Telephone: (619) 338-6500 If to Title Insurer, to: First American Title Insurance Company 411 Ivy Street San Diego, CA 92101 Escrow No. OO-2224-AS 1 (Title Order No. 1271195-15) Attention: Angelique Sizemore, Escrow Officer Fax: 619-238-1934 Telephone: 619-238-1776 14. Buver’s Right to Assign Agreement. The Parties acknowledge that Buyer is under contract to sell in bulk most of the land which is subject to the Tentative Map and adjoins the future location of Whitman Way to Shea Homes Limited Partnership, a California limited partnership (“Shea”). Buyer shall have the right to assign this Agreement to Shea, on condition that Buyer shall give written notice thereof to City within ten (10) days after such assignment, SD:DMI\AGR\CRB\S1208066.4 092501 -5- 15. Miscellaneous. a. Section Headings. Section headings in this Agreement are inserted for convenience of reference only and do not define, describe or limit the scope or the intent ofthis Agreement or any of terms hereof. b. Exhibits. All exhibits referred to in this Agreement and attached to this Agreement, are a part of, and incorporated in, this Agreement. C. Entire Agreement. This Agreement contains the entire agreement between the parties relating to the transactions contemplated by this Agreement and all prior or contemporaneous agreements, understandings, representations and statements, oral or written, are merged in this Agreement. d. Amendments. No modification, waiver, amendment, discharge or change of this Agreement shall be valid unless the same is in writing and signed by the party against which the enforcement of such modification, waiver, amendment, discharge or change is or may be sought. e. Successors and Assigns. All terms ofthis Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties and their respective legal representatives, successors and assigns. f. Anolicable Law. This Agreement shall be construed and enforced in accordance with the laws of the State of California, and venue shall reside in San Diego County, California. g* Counternarts. This Agreement may be signed in multiple counterparts, each of which shall be deemed an original, but such counterparts shall together constitute one and the same agreement. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] SD:DMI\AGR\CRB\S 1208066.4 092501 -6- \\ IN WITNESS WHEREOF, this Agreement has been executed as ofthe day and year first above written. “Buyer” KELLY LAND COMPANY, a Delaware corporation By: “Seller” APPROVED TO FORM: ATTEST: Claude A! Lewys, Mayor l&int Name and Title] Carlsbad City Attorney SD:DMI\AGR\CRB\S1208066.4 092501 -7- STATE OF CALIFORNIA) ersonally appeared > personally known person(s) whose name(s) lrrfare subscribed to the within instrument and acknowledged to me that l&&&hey executed the same in h&%&their authorized capacity (ies), and that by hi&i&their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand ad official seal. 7 Comminion# 123X371 I 1 ~~aryhblll-cc M&n& f sm D&t0 County >-.WWCipZ3,2& (SEAL) c-z-z EXHIBIT 'A' LEGAL DESCRIPTION FOR PORTION OF WHITMAN WAY RIGHT-OF-WAY BEING A PORTION OF LOT ‘F" OF RANCH0 AGUA HEDIONDA, ACCORDING TO MAP THEREOF NO. 823, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, DESCRIBED IN A DEED RECORDED IN BOOK 3942, PAGE 32, DATED NOVEMBER 16, 1896, OF OFFICIAL RECORDS 0F COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: PARCEL ‘A’ COMMENCING AT POINT 6 OF LOT ‘F' OF SAID RANCH0 AGUA HEDIONDA; THENCE EAST- ERLY ALONG THE NORTHERLY BOUNDARY OF SAID LOT ‘F' BEING A COMMON BOUNDARY WITH LOT 'I' OF SAID RANCH0 AGUA HEDIONDA SOUTH 86O50'44" EAST 2568.96 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING ALONG SAID BOUNDARY 1. SOUTH 86O50'44" EAST 446.45 FEET 2. WESTERLY 157.82 FEET 3. NORTH 86O50'44" WEST 155.02 FEET 4. WESTERLY 192.72 FEET 5. SOUTH 52O15'27" WEST 16.13 FEET 6. SOUTHEASTERLY 32.43 FEET T:Temp_WP\1224-WHITSTDED.DOC (11/Z/01) /k;d TO THE BEGINNING OF A NON-TANGENT 410.00 FOOT RADIUS CURVE CONCAVE TO THE NORTH, A RADIAL LINE TO SAID BEGINNING BEARS SOUTH 18O53'59" EAST; THENCE LEAVING SAID BOUNDARY AND ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 22OO3'15"; THENCE TO THE BEGINNING OF A TANGENT 270.00 FOOT RADIUS CURVE CONCAVE TO THE SOUTH; THENCE ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 40O53'49"; THENCE TO THE BEGINNING OF A TANGENT 20.00 FOOT RADIUS CURVE CONCAVE TO THE EAST; THENCE ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 92O53'35" TO THE INTERSECTION WITH THE PROPOSED EASTERLY RIGHT- OF-WAY OF FARADAY AVENUE AND A CUSP OF A TANGENT CURVE WITH A PAGE 1 OF 4 \ . I 7. NORTHWESTERLY 842.00 FOOT RADIUS CURVE CONCAVE TO THE SOUTHWEST, A RADIAL LINE TO SAID BEGINNING BEARS NORTH 49O21'52" EAST; THENCE ALONG SAID PROPOSED EASTERLY RIGHT-OF-WAY AND THE ARC OF SAID CURVE 98.32 FEET THROUGH A CENTRAL ANGLE OF 6O41'25" TO THE BEGINNING OF A CUSP OF A TANGENT CURVE WITH A 20.00 FOOT RADIUS CURVE CONCAVE NORTHEASTERLY, A RADIAL LINE TO SAID BEGINNING BEARS SOUTH 42O40'27" WEST; THENCE LEAVING SAID PROPOSED EASTERLY RIGHT-OF- WAY AND ALONG THE ARC OF SAID CURVE 8. NORTHEASTERLY 28.07 FEET THROUGH A CENTRAL ANGLE OF 80°25'OO"; THENCE 9. NORTH 52O15'27" EAST 27.06 FEET TO THE BEGINNING OF A TANGENT 330.00 FOOT RADIUS CURVE CONCAVE TO THE SOUTHEAST; THENCE ALONG THE ARC OF SAID CURVE 10. NORTHEASTERLY 93.75 FEET THROUGH A CENTRAL ANGLE OF 16O16'37" TO THE TRUE POINT OF BEGINNING. CONTAINS 0.468 ACRE, MORE OR LESS. PARCEL 'B' COMMENCING AT POINT 6 OF SAID LOT 'F' OF SAID RANCH0 AGUA HEDIONDA; THENCE EASTERLY ALONG THE NORTHERLY BOUNDARY LINE OF SAID LOT ‘F' BEING A COMMON BOUNDARY WITH LOT 'I' OF SAID RANCH0 AGUA HEDIONDA SOUTH 86O50'44" EAST 3015.41 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING ALONG SAID BOUNDARY 1. SOUTH 86O50'44" EAST 46.21 FEET; THENCE LEAVING SAID BOUNDARY 2. SOUTH 63O20'44" WEST 46.08 FEET; THENCE 3. SOUTH 68O50'29" WEST 63.93 FEET; THENCE 4. SOUTH 76O26'50" WEST 70.54 FEET; THENCE 5. NORTH 88O54'53" WEST 72.72 FEET; THENCE T:Temp_WP\1224-WHITSTDD.DOC (11/2/01) PAGE 2 OF 4 6. 7. 8. 9. NORTH 73O25'51" WEST 106.70 FEET; SOUTH 79O55'09" WEST 79.46 FEET; SOUTH 63OO5'17" WEST 68.82 FEET; SOUTH 53O34'49" WEST 72.68 FEET 10. NORTHWESTERLY 15.00 FEET 11. 12. 13. 14. 15. EASTERLY 157.82 FEET NORTHEASTERLY 32.43 FEET NORTH 52O15'27" EAST 16.13 FEET NORTHEASTERLY 192.72 FEET SOUTH 86O50'44" EAST 155.02 FEET THENCE THENCE THENCE TO THE INTERSECTION WITH THE PROPOSED EASTERLY RIGHT-OF-WAY OF FARADAY AVENUE AND THE BEGINNING OF A NON-TANGENT 842.00 FOOT RADIUS CURVE CONCAVE TO THE SOUTHWEST, A RADIAL LINE TO SAID BEGINNING BEARS NORTH 5OO23'07" EAST; THENCE ALONG SAID PROPOSED EASTERLY RIGHT-OF-WAY AND THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 1001'15" TO THE BEGINNING OF A 20.00 FOOT RADIUS REVERSE CURVE CONCAVE TO THE EAST, A RADIAL LINE TO SAID BEGINNING BEARS SOUTH 49021'52" WEST; THENCE LEAVING SAID EASTERLY RIGHT-OF- WAY AND ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 92O53'35"; THENCE TO THE BEGINNING OF A TANGENT 270.00 FOOT RADIUS CURVE CONCAVE SOUTHEASTERLY; THENCE ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 40O53'49"; THENCE TO THE BEGINNING OF A TANGENT 410.00 FOOT RADIUS CURVE CONCAVE TO THE NORTH; THENCE ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 22OO3'15" TO THE TRUE POINT OF BEGINNING. CONTAINS 0.403ACRE, MORE OR LESS. T:Tanp_WP\1224-WHITSTDED.~ (11/2/01) PAGE 3 OF 4 PARCEL 'C' COMMENCING AT POINT 6 OF SAID LOT ‘F' OF SAID RANCH0 AGUA HEDIONDA; THENCE EASTERLY ALONG THE NORTHERLY BOUNDARY LINE OF SAID LOT ‘F' BEING A COMMON BOUNDARY WITH LOT 'I' OF SAID RANCH0 AGUA HEDIONDA SOUTH 86O50'44" EAST 2347.96 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING ALONG SAID BOUNDARY 1. SOUTH 86O50'44" EAST 221.00 FEET 2. SOUTHWESTERLY 93.75 FEET 3. SOUTH 52O15'27" WEST 27.06 FEET; 4. NORTHWESTERLY 5. NORTHWESTERLY CONTAINS 0.183 ACRE, 28.07 FEET 118.20 FEET TO THE BEGINNING OF A NON-TANGENT 330.00 FOOT RADIUS CURVE CONCAVE TO THE SOUTHEAST, A RADIAL LINE TO SAID BEGINNING BEARS NORTH 21O27'56" WEST; THENCE LEAVING SAID BOUNDARY AND ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 16O16'37"; THENCE TO THE BEGINNING OF A TANGENT 20.00 FOOT RADIUS CURVE CONCAVE TO THE NORTH, A RADIAL LINE TO SAID BEGINNING BEARS SOUTH 37O44'33" EAST; THENCE ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 80°25'OO" TO THE INTERSECTION WITH THE PROPOSED EASTERLY RIGHT- OF-WAY OF FARADAY AVENUE AND THE BEGINNING OF A 842.00 FOOT RADIUS REVERSE CURVE CONCAVE TO THE SOUTHWEST, A RADIAL LINE TO SAID BEGINNING BEARS NORTH 42O40'27" EAST; THENCE ALONG SAID PROPOSED EASTERLY RIGHT-OF-WAY AND THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 8OO2'36" TO THE TRUE POINT OF BEGINNING. r REX S. PLUMMER DATE LS 6641 EXPIRATION DATE 12/31/03 OF 4 i LEGML DExRlP77tMk THIS IS A PoRnON Of LOT ?’ OF RANCH0 AWA iifOloNoA MAP NO. 823 iN THE CITY w CARLSBAD, IN THE COUNTY OF SAN D/EGO, IN 77% STA TE Of CALiF@?NiA ASESQVS PUNXZ NO.3 212-010-05, 212-OlO- 11 OUUER CITY w cARLs8AD 1635 FARADAY A KNUE w CARLSBAD, CALtFtBHA 9m THE 8ASiS of EEARINGS FOR TUiS DRAWtNGdS A PORT/@/ of THE NmTHERiY LINE OF LOT “F’ m RANCH0 AGUA titBdoE#IA MAP NO. 823 I.E. NORTH 86m’44” KST PRO.EClDES7GW CWSIJL TANTS 701 6 SlREET SAN LXGO, CALKlHWA 92101 PHM: (619) 235-64171 ~::::::::::::11 IMLKATES PARCEL 3; STREET DEolCATlON OF WHlTMAN WAY . . . . . . . . . . . . TOTAL AREA =0.46% ACIKS jmj MICA TES PARaL ‘8; SLm EASELIENT TOTAL AREA =0.403 ACRES \\\\1 B#ICA TES PAML ‘C; LANDSCAPE EASEMENT TOTAL AREA =0.183 ACRES INolCATES POiNT OF COMMENCEMENT TRtJF POlNT OF RFtZtNNINT: 7 REX S. PLUiU#ER, L.S. 6641 RzL;ysnwmi mmfs 12/31/2oA3 I SlREET DEtwcAm - Iw LOT r MAP NO. 823 I PPLICANT . ELLY LAIjO CtwPAuY mAl?Eo BE AppIpom BYi 91, PA/ mm =T /Q. mcm= m TANTS N/’ - eR =‘fi “$f E 7010SIREE7; SlJIEt%I rr AD. CA. 92009 SAN DIECO, CA 92101 ~~ml*/31/os mlE . P \M~~g\1224.sO\pLATs\122l~itStDed\1224~itStDed-O1.d*g Nov 06, 2001 A.P.N. 212-010-05 & iw-CM-11 GRAPHIC SCALE lal 0 sl ub 200 1 1 1 I L4 N86’so’44”W 46.21’ 15 M6320’44?Z 46.08’ rs 1, iv&w29”E $393’ L? J #B%‘soT 2 7054’ L8 N8834’53*W 72.72’ L9 N73’25’51 “W 106.70’ 79.46’ 1 (m-1 1 iada = II30 ft. 1 C61330.’ 11676’37’1 93.75’1 IfZ71842.00’ b802’3d 1ls.20~ 1 Cl31 842.00 1 OlIIl’l5’ 1 15.00’) SIKET lADCAlM - iN LOT r MAP NO. 823 - twFwEv BE IELLY LAhb CaMNY loll PAL&AI? MP@?T @. H?tXCJlE’ CCMUTANrS 701 B SJREET, SLUIE 8&I sRLSiwI. CA. 92009 SAN omo, CA 92101 EXHBIT t3’ wzc?w2 A.P.N. 212-010-05 & 212-OlO- 11 \0 PURCHASE AGREEMENT This Purchase Agreement (this "Agreement"), dated as of February 3 2002 (the "Execution Date"), between Kelly Land Company, a Delaware corporation ("Buyer"), and City of Carlsbad, a municipal corporation ("Seller"), is entered into with reference to the recitals set forth below. Seller and Buyer are sometimes referred to herein collectively =+he "Parties", and individually as a "Party." RECITALS A. Seller is the owner of approximately six tenths (0.6) of an acre of certain real property located in the City of Carlsbad, State of California, which property is more particularly described and shown as parcels A and C on Exhibits "A" and "B" attached hereto (the "Property"). Exhibit "A" is the narrative description of parcels A, B and C, and Exhibit "B" is a plat which shows the relative position of those parcels and is attached for clarity. B. Pursuant to Condition 81 of Carlsbad Tentative Map [No. CT97-16Al (planning Commission Resolution No. 4963) ("Tentative Map"), Buyer is required to negotiate for acquisition of the Property in order to construct thereon a portion of a mandated roadway commonly known and referred to herein as "Whitman Way". C. Buyer and Seller have negotiated Buyer's acquisition of the Property in conformance with the above referenced condition, and accordingly Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, the Property, on the terms and conditions set forth herein. AGREEMENT NOW, THEREFORE, in connection with the recitals set forth herein above, and for good and valuable consideration the receipt ofwhich is hereby acknowledged by each ofthe parties, the parties hereby agree as follows: 1. Sale and Conveyance. Seller shall sell to Buyer, and Buyer shall purchase from Seller, the Property, upon the terms and conditions set forth in this Agreement. 2. m. Title to the Property shall be conveyed to Buyer subject only to (a) real property taxes not then delinquent, if applicable, and (b) the matters shown on the Commitment (as defined in Section 4 below) and accepted by Buyer. 3. Purchase Price. The purchase price for the Property (the "Purchase Price") shall be (a) the sum ofTwo Hundred Forty Thousand Dollars ($240,000), which price has been calculated as the product of (i) the approximate size of the Property times (ii) Seller's currently designated park-in-lieu fee ofFour Hundred Thousand Dollars ($400,000) per acre, less (b) the cost ofthe Title Policy. The Purchase Price, plus or minus any prorations and adjustments SDDMI\AGR\CRB\51208V66.6 020702 -1- as provided for herein, shall be paid by Buyer to Seller by federal funds wire transfer or cashiers check or other immediately available funds upon the closing ofthe transaction contemplated herein pursuant to Section 5 below (the "Closing"). 4. Condition ofTitle. Seller has delivered to Buyer, and Buyer acknowledges receipt of a preliminary title report order number 1271 195-15 dated October 2, 2001 ("PTR) and all documents reflected as exceptions in the PTR, if any (the "Title Documents"), from First American Title Insurance Company ("Title Insurer"), as a preliminary for a CLTA title policy, on the standard form issued in California (the "Title Policy"). Buyer hereby approves the matters shown in the PTR and Title Documents. 5. w. The Closing shall take place no later than five (5) days after approval by Council of this Agreement, on condition that the recordation of the Final Map contemplated by the Tentative Map has already occurred, and provided that all conditions precedent to the Closing have been fulfilled. 6. Conditions to Buver's Oblination to Close. Buyer shall not be obligated to proceed with the Closing unless and until each of the following conditions has been fdfilled: a. Citv Council Auuroval ofFinal Map. The City Council for the City of Carlsbad shall have given its final approval of the Final Map contemplated by the Tentative Map. b. No Uncured Breaches. There shall have been no uncured material breach of any representation, warranty or covenant given by Seller herein. c. Title Insurance. Title Insurer shall be unconditionally committed to issue the Title Policy. d. Closing Deliveries. Title Insurer or Seller shall be prepared to deliver to Buyer all instruments and documents to be delivered to Buyer at the Closing pursuant to any provision of this Agreement. 7. Conditions to Seller's Obligation to Close. Seller shall not be obligated to proceed with the Closing unless and until each of the following conditions has been fulfilled: a. Citv Council Amroval of Final Mau. The City Council for the City of Carlsbad shall have given its final approval of the Final Map contemplated by the Tentative Map. b. Closing Deliveries. Title Insurer or Buyer shall be prepared to deliver to Seller all funds, instruments and documents to be delivered to Seller at the Closing pursuant to any provision of this Agreement. SDDMIIAGR\CRB!S1208066.6 020702 -2- 8. Deliveries UDon Closing. a. Seller's Closing Deliveries. At or prior to Closing, Seller shall deliver or cause to be delivered to Buyer through the Title Insurer or otherwise, each of the following instruments and documents: 1. A grant deed on Title Insurer's standard grant deed form executed and acknowledged by Seller, as to parcels A and C as depicted on-Exhibits A and B; 11. The Easement Agreement described in Section 12 below, .. executed by Seller; 111. A settlement statement, if applicable, reflecting any ... prorations and credits herein provided for and approved by Buyer, executed by Seller; and iv. Such other documents and instruments as may be required by any provision of this Agreement or as may be reasonably required by Title Insurer or otherwise to carry out the terms and intent of this Agreement. b. Buver's Closing Deliveries. At or prior to Closing, Buyer shall deliver or cause to be delivered to Seller through the Title Insurer or otherwise, each of the following instruments and documents: 1. The Purchase Price; .. 11. The Easement Agreement described in Section 12 below, executed by Buyer; ... 111. A settlement statement, if applicable, reflecting any prorations and credits herein provided for and approved by Seller, executed by Buyer; and iv. Such other documents and instruments as may be required by any provision of this Agreement or as may be reasonably required by Title Insurer or otherwise to cany out the terms and intent of this Agreement. 9. Closing Expenses: Prorations. a. Fees Paid bv Seller. All recording fees, conveyance fees, fees for releasing liens and encumbrances, and one-half (1/2) of the escrow fee, if any, shall be paid by Seller. b. Fees Paid bv Buver. The cost of the Title Policy, and one-half (1/2) of the escrow fee, if any, shall be paid by Buyer. c. Prorations. All real property taxes and assessments attributed to the Property, if any, shall be prorated as ofthe date of the Closing. Seller shall be responsible for real property taxes and assessments, if any, for the period prior to the date of the Closing, and SDDMlV\GR\CRBU1208066.6 020702 -3- Buyer shall be responsible for real property taxes and assessments, if any, from and after the date of the Closing, regardless of when such amounts are billed, due or payable. 10. Warranties of Seller. Seller hereby warrants to Buyer on the date of this Agreement and as of the Closing Date: a. Seller has the legal power, right and authority to enter into this Agreement and to consummate the transactions contemplated by this Agreement; ." b. All requisite action has been taken by Seller in connection with entering into this Agreement and the consummation of the transactions contemplated by this Agreement; C. There are no actions, suits, claims, legal proceedings or any other proceedings affecting the Property or any portion of the Property, at law or in equity, before any court or governmental agency, domestic or foreign; and d. No notices of violation of any federal, state; county or municipal or other governmental agency law, ordinance, regulation, order, rule or requirement relating to the Property, or any portion of the Property, have been issued or entered or received by Seller, and Seller has no reason to believe that any such notice may or will be, issued, entered or received. 11. Warranties of Buver. Buyer warrants to Seller that on the date of this Agreement and as of the Close of Escrow: a. Buyer has the legal power, right and authority to enter into this Agreement and to consummate the transactions contemplated by this Agreement; b. All requisite action (corporate, partnership, trust or otherwise) has been taken by Buyer in connection with entering into this Agreement and the consummation ofthe transactions contemplated by this Agreement; and c. The individual executing this Agreement on behalf ofBuyer has the legal power, right, and actual authority to bind Buyer to the terms and conditions of this Agreement. 12. Easement Agreement. The Parties hereby achowledge and agree that in order to construct Whitman Way, it will be necessaty for Buyer to use certain real property adjoining the Property, which real property is owned by Seller, and more particularly described as parcel B in Exhibits "A" and "B" attached hereto (the "Slope Easement Property") for purposes of construction grading and staging. Accordingly, Seller shall grant to Buyer a temporary easement agreement (the "Temporary Slope and Construction Easement") to use the Slope Easement Property for such purposes. 13. m. Unless otherwise specifically provided herein, all notices, demands or other communications ("Notices") given hereunder shall be in writing and shall be deemed to have been delivered upon receipt. All Notices shall be given either by (i) personal delively Buyer or Seller, respectively addressed as set forth below, (ii) facsimile transmission to Buyer or Seller, respectively addressed as set forth below, or (iii) certified mail, return receipt requested, postage prepaid, addressed as follows: SDDMlW3R\CRB\51208066.6 020102 -4- If to Seller, to: The City of Carlsbad 1200 Carlsbad Village Drive Carlsbad, California 92008-1989 Attention: Lloyd Hubbs Telephone: (760) 434-2891 Fa: (760) 434-8367 If to Buyer, to: Kelly Land Company 201 1 Palomar Airport Road, Suite 1 12 Carlsbad, California 92009 Attention: Scott Medansky Fax: (760) 93 1-7950 Telephone: (760) 931-1 190 With copy to: Sheppard, Mullin, Richter & Hampton LLP 501 West Broadway, Suite 1900 San Diego, California 92101 Attention: Christopher B. Neils, Esquire Telephone: (619) 338-6500 Fax: (619) 234-3815 If to Title Insurer, to: First American Title Insurance Company 41 1 Ivy Street San Diego, CA 92101 Escrow No. 00-2224-AS 1 (Title Order No. 1271 195-15) Attention: Angelique Sizemore, Escrow Officer Fax: 619-238-1934 Telephone: 619-238-1776 14. Buyer’s Right to Assign Agreement. The Parties acknowledge that Buyer is under contract to sell in bulk much of the land which is subject to the Tentative Map and adjoins the future location of Whitman Way to Archstone-Smith Operating Trust, a Maryland real estate investment trust (“Archstone”). Buyer shall have the right to assign this Agreement to Archstone, on condition that Buyer shall give written notice thereof to City within ten (10) days after such assignment. SD:DMl\AGR\CRB\5I208066.6 020702 -5- 15. Miscellaneous a. Section Headings, Section headings in this Agreement are inserted for convenience of reference only and do not define, describe or limit the scope or the intent ofthis Agreement or any of terms hereof. b. Exhibits. All exhibits referred to in this Agreement and attached to this Agreement, are a part of, and incorporated in, this Agreement. c. Entire Agreement. This Agreement contains the entire agreement between the parties relating to the transactions contemplated by this Agreement and all prior or contemporaneous agreements, understandings, representations and statements, oral or written, are merged in this Agreement. d. Amendments. No modification, waiver, amendment, discharge or change ofthis Agreement shall be valid unless the same is in writing and signed by the party against which the enforcement of such modification, waiver, amendment, discharge or change is or may be sought. e. Successors and Assigns. All terms ofthis Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties and their respective legal representatives, successors and assigns f Applicable Law. This Agreement shall be construed and enforced in accordance with the laws of the State of California, and venue shall reside in San Diego County, California. g. Counterparts. This Agreement may be signed in multiple counterparts, each of which shall be deemed an original, but such Counterparts shall together constitute one and the same agreement. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] SDDMI~GR\CRB\SI2OSO66.6 020702 -6- INWITNESSWHEREOF,thisAgreementhasbeenexecutedasofthedayandyear first above written. "Buyer" "Seller" APPROVED TO FORM KELLY LAND COMPANY, a Delaware corporation CITY OF CARLSBAD. [&I Nms md Title] ATTEST: Carlsbad City Clerk . BY SD.DMI\AGR\CRB\51208066.6 020702 -7- SDDMlWOR\CRB\1I208066.6 020702 EXHIBIT “A“ The Property [attached] A- 1 EXBIBIT 'A' LEGAL DESCRIPTION FOR PORTIOM OF IQBITWLN WAY RIGHT-OF-WAP BEING A PORTION OF LOT 'F' OF RANCHO AGUA HEDIONDA, ACCORDING TO MAP THEREOF NO. 823, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, DESCRIBED IN A DEED RECORDED IN BOOK 3942, PAGE 32, DATED NOVEMBER 16, 1896, OF OFFICIAL RECORDS OF COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: PARCEL A C-CING AT POINT 6 OF LOT 'F' OF SAID RANCHO AGUA HEDIONDA; THENCE EAST- ERLY ALONG THE NORTHERLY BOUNDARY OF SAID LOT 'F' BEING A COMMON BOUNDARY WITH LOT 'I' OF SAID RANCHO AGUA HEDIONDA SOUTH 86'50'44'' EAST 2568.96 FEET TO THE TRUE !?OINT OF BEGINNING; THENCE CONTINUING ALONG SAID BOUNDARY 1. 2. 3. 4. 5. SOUTH 86O50'44" EAST WESTERLY NORTH 86"50'44" WEST WESTERLY SOUTH 52°15'27" WEST 446.45 FEET TO THE BEGINNING OF A NON-TANGENT TO THE NORTH, A RADIAL LINE TO 410.00 FOOT RADIUS CURVE CONCAVE SAID BEGINNING BEARS SOUTH 18"53'59" EAST; THENCE LEAVING OF SAID CURVE SAID BOUNDARY AND ALONG THE ARC 157.82 FEET THROUGH A CENTRAL ANGLE OF 22"03'15"; THENCE 155.02 FEET TO THE BEGINNING OF A TANGENT 2 70.00 FOOT RADIUS CURVE CONCAVE TO THE SOUTH; THENCE ALONG THE ARC OF SAID CURVE 192.72 FEET THROUGH A CENTRAL ANGLE OF 40O53'49"; THENCE 16.13 FEET TO THE BEGINNING OF A TANGENT 20.00 FOOT RADIUS CURVE CONCAVE OF SAID CURVE TO THE EAST; THENCE ALONG THE ARC PAGE 1 OF 5 .. 6. 7. 8. 9. 10. SOUTHEASTERLY NORTHWESTERLY NORTHEASTERLY NORTH 52°15'27" EAST NORTHEASTERLY 32.43 FEET THROUGH A CENTRAL ANGLE OF 92'53'35" TO THE INTERSECTION WITH THE PROPOSED EASTERLY RIGHT- OF-WAY OF FARADAY AVENUE, AND THE BEGINNING OF A TANGENT 842.00 SOUTHWEST, A RADIAL LINE TO SAID FOOT RADIUS CURVE CONCAVE TO THE BEGINNING BEARS NORTH 49"21'52" EAST; THENCE ALONG SAID RIGHT-OF- WAY AND THE ARC OF SAID CURVE 98.32 FEET THROUGH A CENTRAL ANGLE OF 06"41'25" TO THE BEGINNING OF A TANGENT 20.00 FOOT RADIUS CURVE CONCAVE TO THE NORTH, A RADIAL LINE TO SAID BEGINNING BEARS LEAVING SAID RIGHT-OF-WAY AND SOUTH 42'40'27'' WEST; THENCE ALONG THE ARC OF SAID CURVE 28 -07 FEET THROUGH A CENTRAL ANGLE OF 80"25'00"; THENCE 27.06 FEET TO THE BEGINNING OF A TANGENT TO THE SOUTHEAST; THENCE ALONG 330.00 FOOT RADIUS CURVE CONCAVE THE ARC OF SAID CURVE 93.75 FEET THROUGH A CENTRAL ANGLE OF 16"16'37" TO THE TRUE POINT OF BEGINNING. CONTAINS 0.468 ACRES, MORE OR LESS. PARCEL B CObQ4ENCING AT POINT 6 OF SAID LOT 'F' OF SAID RANCH AGUA HEDIONDA; THENCE EASTERLY ALONG THE NORTHERLY BOUNDARY LINE OF SAID LOT 'F' BEING A COMMON BOUNDARY WITH LOT 'I' OF SAID RANCHO AGUA HEDIONDA SOUTH 86'50'44'' EAST 3015.41 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING ALONG SAID BOUNDARY 1. SOUTH 86°50'44" EAST 46.21 FEET; THENCE LEAVING SAID BOUNDARY 2- SOUTH 63'20'44'' WEST 46.08 FEET; THENCE 3. SOUTH 68'50'29'' WEST 63.93 FEET; THENCE 4. SOUTH 76'26'50'' WEST 5. NORTH 88"54'53" WEST 6- NORTH 13°25'51" WEST 7. SOUTH 79°55'09" WEST 8- SOUTH 63O05'17" WEST 9- SOUTH 53O34'49" WEST 10. NORTHWESTERLY 11. NORTHWESTERLY 12. NORTH 52O15'27" EAST 13. NORTHEASTERLY 14. SOUTH 86'50'44'' EAST 70.54 FEET; 72.12 FEET; 106.70 FEET; 79.46 FEET; 68.82 FEET; 72.68 FEET 15.00 FEET 32.43 FEET 16.13 FEET 192.72 FEET 155.02 FEET THENCE THENCE THENCE THENCE THENCE TO THE INTERSECTION WITH THE PROPOSED EASTERLY RIGHT-OF-WAY OF FARADAY AVENUE AND THE BEGIN- NING OF A NON-TANGENT 842.00 FOOT RADIUS CURVE CONCAVE TO THE SOUTHWEST, A RADIAL LINE TO SAID EAST; THENCE ALONG SAID PROPOSED BEGINNING BEARS NORTH 50'23' 07" ARC OF SAID CURVE EASTERLY RIGHT-OF-WAY AND THE THROUGH A CENTRAL ANGLE OF 0lo01'15" TO THE BEGINNING OF A 20.00 FOOT RADIUS REVERSE CURVE CONCAVE TO THE EAST, A RADIAL LINE TO SAID BEGINNING BEARS SOUTH 49°21'52" WEST; THENCE WAY AND ALONG THE ARC OF SAID LEAVING SAID EASTERLY RIGHT-OF- CURVE THROUGH A CENTRAL ANGLE OF 92'53' 35"; THENCE TO THE BEGINNING OF A TANGENT TO THE SOUTH: THENCE ALONG THE 270.00 FOOT RADIUS CURVE CONCAVE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 40°53' 49"; THENCE TO THE BEGINNING OF A TANGENT TO THE NORTH; THENCE ALONG THE 410.00 FOOT RADIUS CURVE CONCAVE ARC OF SAID CURVE PAGE 3 OF 5 15. EASTERLY 157.82 FEET THROUGH A CENTRAL ANGLE OF 22°03'15" TO THE TRUE POINT OF BEGINNING. CONTAINS 0.403 ACRES, MORE OR LESS. PARCEL c COMdENCING AT POINT 6 OF SAID LOT 'F' OF SAID RANCHO AGUA HEDIONDA; THENCE EASTERLY ALONG THE NORTHERLY BOUNDARY LINE OF SAID LOT 'F' BEING A COMMON BOUNDARY WITH LOT 'I' OF SAID RANCHO AGUA HEDIONDA SOUTH 86'50'44'' EAST 2347.96 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING ALONG SAID BOUNDARY 1. SOUTH 86'50'44'' EAST 221.00 FEET TO THE BEGINNING OF A NON- TANGENT 330.00 FOOT RADIUS CURVE CONCAVE TO THE SOUTHEAST, A RADIAL LINE TO SAID BEGINNING BEARS NORTH 21O27'56" WEST; THENCE LEAVING SAID BOUNDARY AND ALONG THE ARC OF SAID CURVE 2. WESTERLY 93.75 FEET THROUGH A CENTRAL ANGLE OF 16'16'37''; THENCE 3- SOUTH 52°15'27" WEST 27.06 FEET; TO THE BEGINNING OF A NON- TANGENT 20.00 FOOT RADIUS CURVE CONCAVE TO THE NORTH, A RADIAL LINE TO SAID BEGINNING BEARS SOUTH 37'44'33'' EAST; THENCE ALONG THE ARC OF SAID CURVE 4. SOUTHWESTERLY 28.07 FEET TO THE INTERSECTION WITH THE PROPOSED EASTERLY RIGHT-OF-WAY OF FARADAY AVENUE AND THE BEGIN- NING OF A 842.00 FOOT RADIUS REVERSE CURVE CONCAVE TO THE SOUTHWEST, A RADIAL LINE TO SAID BEGINNING BEARS NORTH 42O40'27" EAST; THENCE ALONG SAID PROPOSED EASTERLY RIGHT-OF-WAY AND THE ARC OF SAID CURVE PAGE 4 OF 5 . .. 5. NORTHWESTERLY 118.20 FEET THR LOU GH A CENTRAL ANGLE OF 08°02‘26” TO THE TRUB POINT OF BEGINNING. CONTAINS 0.183 ACRES, MORE OR LESS 0 No. 884( LS EXPIRATION 6641 DATE 12/31/03 DATE * ~xp. dete 12-31-03 * OF CAi-19 PAGE 5 OF 5 SD:DMI\AGR\CRBULZ08066.6 020702 EXHIBIT "B" The Prooerty [attached] B- 1 LEGAL DESGRIPTICM: RllS IS A PORTTON OF LOT *F' OF RANCHO AGUA HEDIONDA MAP NO. 823 IN WE CITY OF CARLSBAD. IN THE COUNTY OF SAN DIEGO, IN THE STATE OF CALIFORNIA ASESiXS PARCEL NO. 'S 212-010-05$ 212-010-11 OWER LYTY ff CARLSBAD CARLSAD, WORMA 92008 1635 fARADAY AW BASS LF BEARING3 THE BASS W BEARINGS FOR THIS DRAwlNG IS A PORTION W RK NdRlTiERLY LINE OF LOT 'F' ON RANCHO AWA HEDlONDA MAP NO. 823 I.€ NORW 86?iO'44' KST "LUw NO SCALE ENG!NE€R LF MXK: 701 e STREET FfUl€C7DEsl(rv CWSULTANTS SAN MGO, CAUFWNIA 92101 PM: (619) 235-64171 LEGEND .........,,. INOICAES PARCEL 'A', SRfET DEDlCAllON OF WITMAN WAY TOTAL AREA =0.468 ACRES INDICATES PARCEL '8: SLOPE EASEMENT RFRRl TOTAL AREA 90.103 ACRES INOICATES PARCU IC', FEE PARCEL - TOTAL AREA 4.183 ACRES poC INDICATES PCYNT OF COMMENCEMENT TpoB INDICATES TRUE POlNT OF BEGINNING 1 A. P. N. I 212-010-05 6. 212-010-11 -z- SCALE l==Iw' GRAPHIC SCALF: (m=) 1 Inch - 100 it "" POINT NO. 6 LOT MAP NO. 823 wEET2lF2 STREET DEDIcAnav - IN LOT r MAP NO. a23 $??%% COMPANY -. - yRmAD. a. 92009 UN DIzao. CA 92101 PROIARELJ 8P A.P.N. PROEClDE9GV ~SULTANTS 701 E SlREEZ SUlE 800 212-010-05 & 2l2-010-11