HomeMy WebLinkAbout1997-11-18; Housing & Redevelopment Commission; 292; Acquisition of Property 2787 State StreetiB# a?& TITLE- --
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HOUSING i:D REDEVELOPMENT COMMISSION -A
JITG. 1 l/18/97
IEPT. H/RED
I ACQUISITION OF PROPERTY
2787 STATE STREET
DEPT. HD.
CITYATTY.@.
CINMGR. s
RECOMMENDED ACTION:
ADOPT Housing and Redevelopment Commission Resolution No. , authorizing
the City Clerk to execute the Certificate of Acceptance of the Deed for the purchase of property at 2787
State Street by the Carlsbad Redevelopment Agency for the purposes of property redevelopment, area
revitalization and blight elimination.
ITEM EXPLANATION:
The property at 2787 State Street was offered to the Carlsbad Redevelopment Agency for purchase by
the current owners. After a comprehensive review of the benefits related to Agency ownership of the
subject property, staff recommended acquisition of the property and the Commission previously
authorized negotiations to purchase the site. City staff and representatives of the land owner prepared
and executed the attached escrow instructions, and are now prepared to close the transaction through
final recordation of the Deed. With approval of a finding by the Housing and Redevelopment
Commission that the acquisition is consistent with the goals and objectives of the Village Master Plan
and Design Manual, Village Redevelopment Plan and the General Plan, and will ultimately result in the
elimination of blight or a blighting influence within the Village, the Agency will be able to complete the
purchase transaction and assume ownership of the subject property.
Staff is recommending that the Housing and Redevelopment Commission make the appropriate
findings and authorize the City Clerk to execute the Certification for Acceptance of the Deed and to
place the property into the Redevelopment Agency inventory.
Consistency with the Goals and Objectives of the Wane Master Plan and Des&n Manual.
The Village Master Plan and Design Manual indicates that “catalyst” projects are very important to
effect significant change within an area identified for redevelopment or revitalization. North State
Street, and more specifically the area around the Village Commuter Rail Station, is considered to be an
area which needs focused attention by both the private and public sector. The subject site represents a
key location in the assemblage of property for a transit-oriented retail center to be developed at some
later date, or for other revitalization activities.
The Carlsbad Redevelopment Agency’s 79952000 implementation Strafegy includes a goal to
purchase property to use as an incentive for a developer to construct desired housing and/or
commercial projects within the Village. Funding for these property acquisitions has been provided
through the refinancing of the tax increment bonds.
Consistencv with Villaqe Redevelopment Plan:
The primary goal for the Redevelopment Project Area is to “create a pleasant, attractive, accessible
environment for living, shopping, recreation, civic, cultural and service functions through the elimination
of blighting influences and through restoration and new, private/public development which preserve
and enhance the existing character of the Village Area and surrounding community. “ The main
objective of any Redevelopment Project Area is to eliminate blight and blighting influences that
presently exist in the project area.
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The purchase of the subject property will assist the Redevelopment Agency to meet the Project Area
Goal noted above as well as meet the primary redevelopment objective of eliminating blight. The
Agency intends to ultimately lease or sell the subject property to a private developer for construction of
a new commercial/retail development, or other development project which will revitalize the area.
The subject site does not meet current standards for new development. There are inadequate
setbacks, no landscaping/open space and no on-site parking. This condition of blight can be resolved
through new development, which combines this property with other properties within the area, and
results in the construction of additional parking. The design of the existing building is also not
consistent with the current design guidelines which have been developed to create a more visually
appealing Village area with a pedestrian-oriented atmosphere. New development will also resolve this
condition of blight.
General Plan Consistency:
The City’s General Plan includes a Goal for the Village Redevelopment Area which states that the City
“encourages new economic development in the Village and near transportation corridors to attract
additional tourist-oriented uses and to also retain and increase resident-serving uses.” The objective for
the Village as set forth in the General Plan is “to implement the Redevelopment Plan by developing a
comprehensive plan to address the unique residential and commercial needs of this segment of the
community.”
Purchase of the subject property is consistent with the General Plan because the long range plan for
the property will result in new economic development near the existing Commuter Rail Station. Also,
the proposed development is consistent with the goals and objectives (comprehensive plan) for the
Village Area as outlined in the Village Master Plan and Design Manual.
Environmental Review:
The action to acquire the subject property is exempt from environmental review under CEQA. Initially,
the acquisition will result in a continuation of an existing facility involving no expansion of use and is
therefore exempt from environmental review pursuant to Section 15301 of the State CEQA Guidelines.
However, any new (construction) development proposed for the site, or any change in use, will require
separate environmental review under CEQA at a later date.
FISCAL IMPACT:
The negotiated price for the property is $497,500. With taxes, escrow fees and recording fee, the total
cost of the acquisition is $498,943.60 The property is being purchased under no threat of
condemnation. Funding is available from Tax Increment Bond Proceeds received in 1993. As a result
of the bond refinancing action which occurred in 1993, the Redevelopment Agency received
approximately $2.5 million in additional bond proceeds to expend on eligible housing and
redevelopment projects. A total of $1.4 million of these proceeds was allocated for activities related to
the development of two new commercial projects within the Village. There is adequate funding within
the Bond Proceeds account to allow for the purchase of the subject property at the above noted cost.
The subject funds have been placed into escrow and will be released to the seller upon execution of
the Certificate of Acceptance for the Deed by the City Clerk.
Upon close of escrow, the Redevelopment Agency will take action to immediately mitigate an existing
asbestos hazard within the ceiling of the building. Based on contract bids, the cost to completely
remove the asbestos within the ceiling is $8400. Funding is available within the bond proceeds account
to cover the cost of the asbestos removal.
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Any new development on the site will result in additional sales tax and property tax revenue for the City
of Carlsbad and the Redevelopment Agency. Also, it is anticipated that new commercial development
will result in increased jobs and the stimulation of other economic activity, and blight elimination, within
the area.
EXHIBITS:
1.
2.
Housing and Redevelopment Commission Resolution No. LLi3&2-, approving purchase of the
subject property with the appropriate findings, and authorizing the City Clerk to execute the
Certification of Acceptance of the Deed.
Escrow Documents and Purchase Agreement (on file in the City Clerk’s Office).
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HOUSING AND REDEVELOPMENT COMMISSION RESOLUTION NO. 289
A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION
OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING ACQUISITION OF
PROPERTY AT 2787 STATE STREET WITHIN THE VILLAGE
REDEVELOPMENT AREA, FOR THE PURPOSE OF REDEVELOPMENT AND
REVITALIZATION THROUGH THE ELIMINATION OF BLIGHT AND/OR
BLIGHTING INFLUENCES.
WHEREAS, the Carlsbad Redevelopment Agency has completed negotiations
with the current property owners to acquire the property at 2787 State Street, within the
Village Redevelopment Area, under no threat of condemnation and at a fair market value;
and
WHEREAS, based on the facts presented to the Commission, the Commission
has determined that the acquisition of the subject property is consistent with the goals and
objectives set forth within the Carlsbad Village Redevelopment Plan, the Village Master
Plan and Design Manual, the 19952000 Village Redevelopment Area Implementation
Plan and the City of Carlsbad’s General Plan; and
WHEREAS, the acquisition of the subject property and subsequent redevelopment
of the site shall result in the elimination of a blighting influence through new commercial
development on the subject site and is therefore consistent with the Community
Redevelopment Law as related to expenditure of Redevelopment Tax Increment Funds for
activities which eliminate blight; and
WHEREAS, the acquisition of the property is exempt from the provisions of the
California Environmental Quality Act.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Housing and
Redevelopment Commission of the City of Carlsbad, California as follows:
1. The above recitations are true and correct.
2. The Housing and Redevelopment Commission previously authorized staff to enter into
negotiations and to purchase property located at 2787 State Street within the Village
Redevelopment Area for the purposes of redevelopment and revitalization, through the
elimination of blight and/or a blighting influence within the area.
3. The Housing and Redevelopment Commission hereby ACCEPTS AND
APPROVES the escrow instructions and purchase agreement for the property at 2787
State Street.
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4. The Housing and Redevelopment Commission of the City of Carlsbad hereby accepts
the grant deed for the subject property, and authorizes the City Clerk to execute the
Certificate of Acceptance and to place the property into the Redevelopment Agency
inventory.
6 PASSED, APPROVED AND ADOPTED at a regular meeting of the Housing
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HRC Resolution No. 289
Page 2
and Redevelopment Commission of the City of Carlsbad, California held on the
18th day of November > 1997, by the following vote to wit:
AYES: Commissioners Lewis, Finnila, Nygaard and Kulchin
NOES: Commissioner Hall
ABSENT: None
ABSTAIN: None
(SEAL)
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First American Title Insurance Company
411 IVY STREET l SAN DIEGO, CALIFORNIA 92101 l (619) 238-l 776
AMENDED ESCROW INSTRUCTIONS NO.2
THIS AMENDED ESCROW INSTRUCTION CANCELS AND SUPERCEDES THAT AMENDED ESCROW
INSTRUCTION NO. 1 DATED AUGUST 26. 1997 IN ITS ENTIRETY.
Escrow No: 97-3991AS Date: October 23, 1997
Re: 2787 State Street Escrow Officer:
Carlsbad, CA ANGELIQUE R. SIZEMORE
TO: FIRST AMERICAN TJITLE INSURANCE COMPANY
My previous instructions in the above numbered escrow are hereby amended and/or supplemented in the following
particulars only:
IT IS UNDERSTOOD AND APPROVED BY AND BETWEEN THE UNDERSIGNED:
A. All terms and conditions of this escrow have been satisfied or waived by the respective principals and, providing all
necessary documentation and funds have been deposited into escrow, Escrow Holder is instructed to proceed with the
closing of this escrow.
B. The original purchase price of $500,000.00 is hereby reduced to $497.500.00 for subject property.
Otherwise, the original escrow instructions and amendments thereto, as amended herein, are to remain in full force
and effect.
SELLER(S):
DOROTHY ANN ROSS
RICHARD BAUER
BUYER(S):
EVELOPMENT AGENCY
‘By:
First American Title Insurance Company
411 IW STREET l SAN DIEGO, CALIFORNIA 92101 l (619) 238-l 776
ASSIGNMENT OF SELLER INTEREST INSTRUCTIONS
THIS ASSIGNMENT OF SELLER’S INTEREST INSTRUCTION CANCELS AND SUPERCEDES THAT
ASSIGNMENT OF SELLER’S INTEREST INSTRUCTION DATED OCTOBER 1, 1997 IN ITS ENTIRETY.
Escrow No:97-3991AS
RE: 2787 State Street
Carlsbad, CA
Date: October 23, 1997
I/We DOROTHY ANN ROSS and RICHARD BAUER and WELLS FARGO BANE formerly known as Cracker
National Bank, Co-Trustees under Trust Agreement dated October 27, 1976, the undersigned Seller(s) do hereby
assign to DOROTHY ANN ROSS, a married woman as her sole and separate property as to an undivided 50%
interest and RICHARD BAUER, a married man, as his sole and separate property as to an undivided 50% interest
1. All interest in and to, and all right to convey title to the property which is the subject of this escrow.
2. All funds now on deposit to the account of the undersigned Seller in this escrow.
No consideration is to be paid to the undersigned Seller through this escrow for or on account of this assignment.
SELLER(S):
WELLS FARGO BANK formally known as THE
CROWER NATIONAL BANK, Co-trustee
under Trust Agreement dated October
27, 1976
DOROTHY ANN ROSS and RICHARD BAUER,
Co-Trustees under Trust Agreement dated
October 27, 1976
Dorothy Ann Ross, Co-Trustee
Richard Bauer, Co-Trustee
I/we the undersigned Assignee(s), hereby accept this Assignment as noted above and acknowledge to Escrow Holder that we
have received, read and understand the original Escrow Instructions dated August 5, 1997, and any Amendments thereto,
and agree to comply with all the terms and conditions set forth herein.
ASSIGNEE(S):
Richard Bauer
Dorothy Arm Ross
ASSIGNMENT OF SELLER INTEREST INSTRUCTION (continued) COPY -
The undersigned Buyer(s) hereby acknowledge the above assignment and new Seller.
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: BVYER(S):
CARLSBAD REDEVELOPMENT AGENCY
B
Community Dev. Director
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Escrow No. 97-3991AS I Estimated Close Date: October 29, 1997
Reference: 2787 State Street Report Print Date: October 23, 1997
Carlsbad, CA Page 1
Bu er ESTIMATED Cl?OSING STATEMENT
BUYER:
CARLSBAD REDEVELOPMENT AGENCY
2965 Roosevelt Street, Ste B
Carlsbad, CA
Consideration:
Total Consideration
Prorations:
County Taxes
at $ 206.13 per 6 months
From 10/29/97 to 01/01/98
County Taxes
at $ 493.85 per 6 months
From 10/29/97 to 01/01/98
Title Charges:
Record Grant Deed
Record Quitclaim Deed
Escrow Fees:
Escrow Fee8
MISC/PAD/REFUND
- - DEBITS - - - - CREDITS - -
497,500.oo
71.00
170.10
Balance Due Eacrow 498,943.60
Totals $ 498,943.60 $ 498,943.60
This estimated closing statement is subject to changes, corrections or additions
at closing. CASHIERS CHECKS MUST be payable to First American Title. WIRE INFO:
UNION BANE OF CALIF., 530 B St., San Diego,Ca. Acct#4000-135-084/ABA#l22000496
AUG-26-97 10:25 FROM:FIRST AMERICAN TITLE ID:6192314696 PAGE 2/3
First American Title Insurance Company
411 IVY STREET l SAN DIEGO, CALIFORNIA 92101 l (619) 238-l 776
AMENDED ESCROW INSTRUCTIONS NO.1
Escrow No: 97-3991AS Date: August 26, 1997
Re: 2787 State Street Escrow Officer:
Carlsbad, CA ANGELIQUE R. SIZEMORE
TO: FIRST AMERICAN TITLE mSURANCE COMPANY
My previous instructions in the above numbered escrow are hereby amended and/or supplemented in the following
particulars only: .
A. Buyer and Seller acknowledge and approve that Paragraph 1C of the original Escrow Instructions dated August 5, 1997
is hereby amended to read as follows:
Buyer is to review and approve all inspections, investigations (including the geological inspections), engineering, buiiding
code inspections, zoning land use and feasibility for intended use, and all applicable documents and/or applicable
information effecting subject property on or before August 29, 1997. Unless Escrow Holder has received written
disapproval from Buyer on or before said date, Escrow Holder is authorized and instructed to deem this contingency as
satisfied by the Buyer.
B. With respect to Paragraph 1B of the original Escrow Instructions dated August 5 1997, Buyer has DISAPPROVED of
the Environmental Survey for subject property. Escrow Holder will be handed further written instructions regarding the
disposition of this escrow.
Otherwise, the original escroiv instructions and amendments thereto, as amended herein, are to remain in full force
and effect.
Continued on Page 2
AUG-26-97 10:26 FROM:FIRST AMERICAN TITLE ID:6192314696 PAGE 3/3
First ‘American Title Insurance Co. Date : August 26,1997
Escrow No. : 97-3991AS
SELLER(S) : BUYER(S):
DOROTHY ANN ROSS and RICHARD BAUER,
Co-trustees under Trust Agreement
dated October 27, 1976
By: Richard Bauer, Co-trustee
By: CoItUnUnity Development Director
By:
Dorothy AN Ross, Co-trustee
WELLS FARGO BANK formally known as THE
CROCKER NATIONAL BANK, Co-trustee
under Trust Agreement dated October
27, 1976
By:
*I *
RICHARD BAUER
DOROTHY ANN ROSS
Page 2
ST AMEn, ,+ c *
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First American Title Insurance Company
411 IVY STREET + SAN DIEGO, CALIFORNIA 92101 + (619) 238-1776
FIRST AMERICAN TITLE INSURANCE COMPANY CONDUCTS ESCROW BUSINESS UNDER CERTIFICATE
OF AUTHORITY NO. 2787 ISSUED BY THE STATE OF CALIFORNIA DEPARTMENT OF INSURANCE.
SALE ESCROW INSTRUCTIONS
Subject Property: Date: August 5, 1997
2787. State Street Escrow Officer: ANGELIQUE R. SIZEMORE
Carlsbad, CA Escrow Number: 97-3991AS
TO: FIRST AMERICAN TITLE INSURANCE CO., hereinafter kndwn as “Escrow Holder”
located at: 411 Ivy Street, San Diego, CA 92101
Terms of Transaction
To effect the purchase of property hereinafter described, Buyer will pay total consideration as follows:
Buyer will deposit into escrow prior to closing $ 500,000.00
TO COMPLETE THE TOTAL CONSIDERATION OF $ 500,000.00
all of which you may use when you hold for me a Grant Deed executed by
DOROTHY ANN ROSS, RICHARD BAUER and THE CROCKER NATIONAL BANK, Co-trustees under Trust
Agreement dated October 27, 1976, as to an undivided 3/4 interest; RICHARD BAUER, a married man as his sole
and separate property as to an undivided l/S interest; DOROTHY ANN ROSS, a married woman as her sole and
separate property as to an undivided l/8 interest
and Buyer will deliver to you any instruments and funds required from Buyer to comply with these instructions, all of which
you are authorized to use or deliver on or before September 29, 1997 (“Close of Escrow’!) provided instruments have been
filed for record enabling you td obtain an ALTA/WRE (&th Western Regional Exceptions) policy of title insurance with
title company’s exceptions, having a liability of at least the amount of the total consideration, covering the property in the
County of San Diego, State of California, described as follows:
LOTS 1 THROUGH 4 INCLUSIVE, BLOCK “K” OF CARLSBAD, IN THE CITY OF CARLSBAD, COUNTY OF
SAN DIEGO, $TATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 535 FILED IN THE OFFfCE OF
TH-E COUNTY RECORDER OF SAN DIEGO COUNTY, MAY 2,1888.
SHOWING THE FEE TITLE IN SAID LAND VESTED IN:
CARLSBAD REDEVELOI’MENT AGENCY
FREE FROM ENCUMBRANCES EXCEPT ONLY THE ITEMS NUMBERED BELOW:
(1) Any general and special taxes, including any special levies, payments for which are included therein and collected
therewith, for the current fiscal year, not delinquent, and taxes for the ensuing year, if any, a lien but not yet payable.
(2) Bond-assessment: NONE-EXCEPT AS PAID THROUGH THE PROPERTY TAXES OR AS SPECIFICALLY
APPROVED BY THE BUYER.
(3) All taxes, bonds and assessments levied or assessed subsequent to date of closing, including any supplemental
assessments.
(4) Covenants, conditions, restrictions, rights of way, easements and reservations, as described in that certain Preliminary
Title Report, issued, or to be issued herein.
ADDITIONAL INSTRUCTIONS ATTACIIED HERETO AND MADE A PART IIEREOF
My initials below represent my agretnc t and acknowltdgnrerrt of fhe jortgoing.
Seller Initials: ------ & Buyer Initials*
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Fir’& American Title Insurance Co. Date : August 5, 1997
Escrow No. : 97-3991AS
THE FOLLOWING PRORATIONS AND/OR ADJUSTMENTS ARE TO BE MADE, BASED ON A 30-DAY MONTH,
AS OF: “CLOSE OF ESCROW” ,
X Prorate taxes based on the amount of the last tax statement of the Tax Collector issued prior to the close of escrow. (If
the amount of the new tax bill issued by the Tax Collector after the close of escrow is more or less than the amount used
for proration purposes, the difference, if any, will be adjusted by the parties herein outside of escrow). Sellers are to
forward to Buyers any present or future tax bills on the property herein.
1. TI3.E CLOSE OF TIIIS ESCROW IS CONTINGENT UPON TIIE FOLLOWING:
1A. Escrow Holder is instructed to order a Preliminary Title Report and copies, if any, of covenants, conditions, and
restrictions. Upon receipt, Escrow Holder will f&ward same to Buyer who will then have 10 days from receipt in which to
disapprove in writing. Absence of written notification by Buyer(s) of disapproval within specified time shall be deemed
Buyer’s approval of the Preliminary Report thereby satisfying this contingency in its entirety.
IB. Buyer is to approve the Environmental Survey within 10 days from B’uyer’s receipt of same. Buyer and Seller are to
notify Escrow Holder in writing of the date Buyer received the Environmktal Survey. Unless Escrow Holder has received
written disapproval from Buyer within the specified time period, Escrow Holder is authorized and instructed to deem this
contingency as satisfied by the Buyer.
1C. Buyer is to review and approve all inspections, investigations (including the geological inspection) and all applicable
documents and/or applicable information effecting subject property on or before August 29, 1997. Unless Escrow Holder
has received written disapproval from the Buyer on or before said date, Escrow Holder is instructed to deem this
contingency as satisfied by the Buyer.
ID. Prior to close of escrow Seller is to remove all hazardous waste from subject property. Unless Escrow Holder has
received written disapproval from Buyer prior to close of escrow, Escrow Holder is instructed to deem this contingency as
satisfied by Buyer.
2. TERMS AND ADDITIONAL INSTRUCTIONS
2A. For clarification purposes only with respect to thk Commercial Real Estate Purchase Contract, Receipt for Deposit and
Escrow Instructions, Buyer and Seller acknowledge and approve that the “Effective Date” is defined as August 1, 1997.
2B. Seller herein reserves the right to exchange out of the subject property under the provisions of Internal Revenue Code
Section 1031, and shall have the right, as expressly reserved herein, to elect a 1031 Tax Deferred Exchange at any time
prior to the close of escrow, however, parties agree that this transaction is not predicated or conditioned on an exchange,
nor shall the close of escrow be delayed therefor, except by mutual agreement of the parties. If Seller elects to effect a 1031
Tax Deferred Exc’hange, Buyer agrees to execute additional instructions, documents, agreements or instruments required
therefor, provided however, that Buyer shall incur no additional costs or expenses as a result of, or in connection with, the
exchange.
Parties, by signature herein, acknowledge that they have consulted their respective counsel and that their decisions and
instructions to Escrow Holder are being made and given solely in reliance upon the counsel of their respective legal and/or
tax consultant(s). No representation is made by First American Title Insurance Company or Escrow Holder as lo the
legality. sufficiency or tax consequences of exchange transactions, and, parties agree to hold First American Title Insurance
Company and Escrow Holder harmless from any loss which may be sustained in the event their exchange is audited by the
Internal Revenue Service and disallowed as a 103 1 Tax Deferred Exchange.
2C. These Escrow Instructions do not cancel or supersede any provision contained in the Commercial Real Estate Purchase
Contract and Receipt for Deposit and/or any addendum(s) thereto that the parties have executed outside of escrow. Escrow
Holder’s only concerti and responsibility will be to comply with the specific instructions contained in these Escrow
Instructions, regardless of any agreement between the parties outside of escrow.
2D. At the request of the Buyer, Escrow Holder is authorized and instructed to forward to Seller for completion and
execution the FTB 590 and the FIRPTA forms. In the event it is determined that Seller is not-exempt from withholding in
accordance with FIRPTA {and CAL FIRPTA, Escrow Holder will be handed further written instructions from the
ADDITIONAL INSTRUCTIONS ATTACHED IIERETO AND MADE A PART IIEREOF
My initials below represent my agreeme and acknowledgnrenl of the foregoing.
Seller Initials: ------ & Buyer Initial *
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Fiist American Title Insurance Co. Date : August 5, 1997
Escrow No. : 97-3991AS
undersigned. t
ESCROW HOLDER GENERAL PROVISIONS
DEPOSIT OF FUNDS AND DISBURSEMENTS
Escrow Holder shall deposit all funds received in this- escrow in any financial institution insured by a federal agency of the United States Governmenr,
including financial institufions affiliated with Escrow Holder’s company, in one or more general escrow demand accounts. Unless Escrow Holder is
handed a W-9 form and specific investmenr instmclions from the Buyer, and Seller, all funds delivered lo Escrow Holder pursuant to these insrructions
will be deposited in a non-interest bearing fiduciary account. All disbursements shall be made hy Escrow Holder’s check unless otherwise inStNCtCd in
writing. Escrow Holder is authorized not to close escrow or disburse until collected funds have been confirmed in escrow.
GOOD FUNDS LAW
The parties understand that ALL funds to close escrow and/or to be released early must be deposited into escrow prior to the date of closing/early release
to allow sufficient time for clearance of the funds prior to disbursement. In the event such funds are not in the form of a cashier’s, certified or teller
check drawn on a financial institution, sufficient time must be allowed for clearance to comply with any “good funds” law which is in effect. (For
escrows conducted in California, the good funds law is Section 12413.1 of the California Iysurance Code.) Funds may be wired directly into Escrow
Holder’s depository bank account to avoid waiting for clearance.
PRORATIONS AND ADJUSTMENTS
The expression “close of escrow” used in this escrow means the date on which documents referred to herein are recorded and relates only to prorations
and/or adjustments unless otherwise specified.
All prorations and/or adjustments are to be made on the basis of a 30-day month unless otherwise instructed in writing.
RECORDATION OF DOCUMENTS
Escrow Holder is authorized to record any documents delivered through this escrow, the recording of which is necessary or proper in the issuance of the
requesred policy of title insurance.
AUTHORIZATION TO FURNISH COPIES
Escrow Holder is to furnish a copy of these instructions, amendments thereto, closing statements and/or any other documents deposited in this escrow to
the lender(s), the real estate broker(s), the attorney(s) and/or the accountant(s) involved in this transaction upon request of,the lenders, brokers, attorneys
or accountants.
PERSONAL PROPERTY TAXES
No examination, UCC Search’or insurance as to personal property and/or the amount or payment of personal propeq taxes is required unless otherwise
instructed in writing.
RIGHT OF CANCELLATION
Any party instructing Escrow Holder to cancel this escrow shall file not&e of cancellation in Escrow Holder’s office, in writing. Within a reasonable
time, Escrow Holder shall mail, by certified and regular mail, one copy of the notice to each of the other parties at the addresses stated in this escrow.
Unless a written objection to cancellation is filed in Escrow Holder’s office by a party within ten (10) days after date of mailing, Escrow Holder is
authorized at its option to comply with the notice and demand payment of Escrow Holder’s cancellation charges as provided in this agreement. If a
written objection is filed, Escrow Holder is authorized at Escrow Holder’s option to hold all the money and documents contained in this escrow and take
no further action until otherwise directed, either by the part&’ mutual written instructions, or final order of a court of competent jurisdiction.
ACTION IN INTERPLEADER
The parties hereto expressly agree that-Escrow Holder has the absolute right at Escrow Holder’s election to file an action in interpleader requiring the
parties to answer and litigate their several claims and rights between themselves and Escrow Holder is authorized to deposit all documents and funds held
in this escrow with the clerk of the court. In the event such an action is filed, the parties jointly and severally agree to pay Escrow Holder’s cancellation
charges and costs, expenses and reasonable attorneys’ fees which Escrow Holder is required to expend or incur in the interpleader action, the amount
thereof to be fixed and judgement therefor to be rendered by the court. Upon the filing of the action, Escrow Holder shall thereupon be fully released
and discharged from all obligations to further perform any duties or obligations otherwise imposed by the terms of this escrow.
TERMINATION OF AGENCY OBLIGATIONS
If there is no action taken on this escrow within six (6) months after the “time limit date” as set forth in the escrow instructions or written extension
thereof, Escrow Holder’s agency obligation shall terminate at Escrow Holder’s option and all documents, monies or other items held by Escrow Holder
shall be returned to the parties depositing the same.
In the event of termination of this escrow, whether at the request of any of the parties or otherwise, all fees and charges due in connection with this
escrow including expenditures incurred and/or authorized shall be paid by the parties hereto.
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ADDITIONAL INSTRUCTIONS A’ITACIIED IIERETO AND MADE A PART IIEREOF
My initials below represent my agree atrd acknowledgment o/fl~e/oregoit~g.
Seller Initials: ------ Buyer Initials: &
Pagk 3 >
First AmeriCan Title Insurance Co. Date : August 5, 1997
Escrow No. : 97-3991AS
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CONFLICTING IN!?TRUCTIONS
Should Escrow Holder before or after close of escrow receive or become aware of any conhicting demands or claims with respect to this escrow or the
rights of any of the parties hereto, or any money or property deposited herein or affected hereby, Escrow Holder shall have the right to discontinue any
or all further acts on Escrow Holder’s part until the conflict is resolved to Escrow Iiolder’s satisldction, and Escrow Holder shall have the further right to
commence or defend any action or proceedings for the determination of the conflict as provided in the “Right of Cancellation” and ‘Action in
Interpleader” paragraphs of these General Provisions.
USURY:
Escrow Holder is not to be concerned with any question of usury in any loans or encumbrances involved in the processing of this escrow and Escrow
Holder is hereby released of any responsibility or liability therefor.
INDEMNITY FOR A’ITORNEYS FEES AND COSTS
In the event suit is brought by any party to this escrow, including the Escrow Holder or any other party, against each other, or others, including the
Escrow Holder, claiming any right they may have against each other or against the title con)pany. then in that event, with the exception of gross
negligence by the title company, the parties hereto agree to indemnify and hold the title company harmless against any attorney’s fees and costs incurred
by it.
AMENDMENTS TO ESCROW INSTRUCTIONS:
Any amendment or supplement to these escrow instructions must be in writing. These escrow instructions and any written amendments, supplements or
exhibits attached hereto constitute the entire escrow agreement between the Escrow Holder and the parties hereto with respect to the subject matter hereof
and supersedes all prior understandings, with respect thereto.
PROPERTY TAXES SUBSEQUENT TO CLOSE OF ESCROW
Buyer and Seller herein acknowledge that there may be supplemental and/or additional taxes which may be assessed by reason of a change in ownership
or completion of construction. This will be reflected in the policy of title insurance issued at the close of escrow, Escrow Holder shall not be concerned
with any adjustment(s) of supplemental taxes between the parties for bills received by the parties after the close of escrow. In the event Seller has
received Supplemental Tax Bill(s) prior to close of escrow, Seller will provide them to Escrow Holder with an explanation of time periods covered by the
tali bill(s) for proration purposes. (In California the applicable provisions are found in California Revenue and Taxation Code Sections 75 and following,)
In the event Buyer or Seller have applied, or apply for a reduced assessment, and a refund of taxes is received by Escrow IIolder as Agent, Escrow
Holder is to retain the funds in one or more of Escrow Holder’s general escrow demand accounts until Escrow Holder has received mutual wriften
instructions from the parties directing Escrow Holder as to the proper disposition of the tax refund.
CIlANGE OF OWNERSIIII’ FORMS
Buyer will furnish Escrow Holder with a completed Preliminary Change of Ownership Report which Escrow Holder is instructed to submit at time of
recordation pursuant to Section 480.3 of the California Revenue and Taxation Code. In the event this escrow is otherwise ready to close and Buyer has
not provided the above report, Escrow Holder is instructed to close this escrow and collect from Buyer for the County Recorder any additional fee
required for recordation when a Preliminaty Change of Ownership Report does not accompany the documents being recorded. Buyer is aware that if the
above report is not submitted at time of recordation 4s required, a Change of Ownership Statement must be filed by the Buyer with the County Assessor
not later than 45 days after recordation and failure to do so will result in’additional penalties. Buyer acknowledges that Escrow Holder shall have no
responsibility and/or liability for the Cbunty Recorder’s acceptance or rejection of the Preliminary Change of Ownership Report. For escrows involving
property in States other than California parties will provide Escrow Holder with applicable documents as may be required by the county recorder or
taxing authority to close this transaction.
INSURANCE POLICIES OTHER TIIAN TITLE INSURANCE
When dealing with real property and/or improvements located thereon it is advisable to obtain fire, hazard or liability insurance coverage. In all acts in
this escrow relating to insurance, including adjustments, if any, Escrow Holder may assume that each policy is in force and that the necessary premium
has been paid. Escrow Holder shall not be responsible for obtaining fire, hazard or liability insurance, unless Escrow Holder has received written
instruction prior to close of escrow from the parties or their respective lenders.
FACSIMILE INSTRUCTIONS
In the event the parties utilize “facsimile’ transmitted signed documents, Buyer and Seller hereby agree to accept and instruct the Escrow Holder to rely
upon such documents as if they bore original signatures. Buyer and Seller hereby acknowledge and agree to provide to Escrow Holder, within 72 hours
of transmission, such documents bearing the original signatures. Buyer and Seller further acknowledge and agree that documents necessary for recording
with other than original signatures (i.e., facsimiles) will not be accepted for recording by the County Recorder thereby delaying the close of escrow.
EXECUTE IN COUNTERPART
These escrow instructions and any subsequent amendments may be executed in one or more counterpafls, each of which independently shall have the
same effect as if it were the original, and all of which taken together shall constitute one and the same instruction.
IF THE TRANSACTION WHICH IS THE SUBJECT OF THIS ESCROW IS A SALE, THE PARTIES TO THIS TRANSACTION MAY HAVE
CERTAIN TAX REPORTING AND WITHHOLDING OBLIGATIONS PURSUANT TO STATE LAW OR FEDERAL LAW REFERRED TO
BELOW. I
REPORTING TO TIIE INTERNAL REVENUE SERVICE
The Tax Reform Act of 1986 provides that Escrow Holder must report certain information regarding all real estate transactions to the Internal Revenue
ADDITIONAL INSTRUCTIONS A’ITACIIED HERETO AND MADE A PART IIEREOF My inidrrls below represcnf my agree and acknowledgment of fhc foregoing.
Seller Initials: ------ Buyer Initials:
Page 4
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Pirst American Title Insurance Co. Date : Aegust 5, 1997
Escrow No. : 973991AS
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Service. This information includes, among other things, the Seller’s social security number and/or tax identification number and forwarding address, and
the gross sales price of the transaction. This is not a requirement generated by Escrow Holder, but rather a means of complying with the new tax law.
This information must be provided to Escrow Holder upon the opening of escrow and neither can escrow be closed, nor can a deed or any other
documents be recorded until the information is provided and the Seller certifies the accuracy of the infomlation in writing. By execution of these escrow
instmctions. the parties acknowledge receipt of this notice.
TAX REPORTING AND WITIIHOLDING OBLIGATIONS OF THE PARTIES
CALIFORNIA LAW: In accordance wirh Section 18662 and 18668 of the California Revenue and Taxation Code. a Buyer may be required to withhold
an amount equal to three and one-third (3-113) percent of the sales price, in the case of a disposition of California real property interest by either: (I) A
Seller who is an individual with a last known street address outside of California or when the disbursement instructions authorize the proceeds to be sent
to a financial intermediary of the Seller; OR (2) A corporate Seller which has no permanent place of business in California. For failure to withhold, the
Buyer may become subject to a penalty in an amount equal to the greater of IO percent of the amount required to be withheld or five hundred dollars
($500.00). However, notwithstanding any other provision included in the California statutes referenced herein, no Buyer will be required to withhold any
amount or be subject to penalty for failure to withhold if: (a) The sales price of the Califor,nia real property conveyed does not exceed one hundred
thousand dollars ($lOO,OOO.OO); OR (b) The Seller executes a written certificate. under the penalty of perjury, certifying that the Seller is a resident of
California. or if a corporation, has a permanent place of business in California; OR (c) The Seller, who is an individual, executes a written certificate,
under the penalty of perjury, that the California real property being conveyed is the Seller’s principal residence (as defined in Section 1034 of the Internal
Revenue Code). The Seller is subject to penalty for knowingly filing a fraudulent cenificatd for the purpose of avoiding the withholding requirement,
The California statutes referenced herein include provisions which authorize the Franchise Tax Board to grant reduced withholding and waivers from
withholding on a case-by-case basis.
The Seller may request a reduction in withholding or waiver and the Buyer and Seller may obtain additional information by contacting the Franchise Tax
Board, Withhold at Source Unit, P.O. Box 651. Sacramento, CA. 95812-0651 (916-845-4900).
LAW OF STATES OTHER TIIAN CALIFORNIA
If the parties are required to withhold by the law of a state other than California, the parties understand that the withholding obligation is the exclusive
obligation of the parties to this transaction and that Escrow Holder is not obligated to withhold or notify the parties of any withholding obligation they
may have.
FEDERAL LAW
Internal Revenue Code Section 144.5 places special requirements for tax reporting and withholding on the parties to a real estate transaction where the
Seller (Transferor) is a non-resident alien, a non-domestic corporation or partnership, a domestic corporation or partnership controlled by non-residents or
non-r&ident corporations or partnerships.
With respect to both the Srate Law an&Federal Law referred to above, the parties to this transaction should seek an attorney’s, accountant’s, or other tax
specialist’s opinion concerning the effect of these laws on this transaction. The parties to this transaction should NOT act on or rely on any statements
made or omitted by the Escrow Officer, Title Officer, or other Closing Officer with respect to tax reporting or withholding requirements. By execution of
these escrow instructions, the parties acknowledge receipt of this notice.
DISCLOSURE OF TAXPAYER IDENTIFICATION NUMBERS
Internal Revenue Code Section 6109(h) imposes requirements for fumisiing, disclosing and including taxpayer identification numbers in tax reNmS on
the parties to a residential real estate transaction involving seller-provided financing. The parties understand that the disclosure reporting requirements are
exclusive obligations between the parties to this transaction and that Escrow Holder is not obligated to transmit the taxpayer identification numbers to the
Internal Revenue Service or to the parties. Escrow Holder is not rendering an opinion concerning the effect of this law on this transaction, and the parties
are not acting on any statements made or omitted by the Escrow or Closing Officer. By execution of these escrow instructions, the parties acknowledge
receipt of this notice.
To facilitate compliance with this law, the parties to this escrow hereby authorize Escrow Holder to release any party’s taxpayer identification numbers to
any requesting party who is a parry to this transaction. The requesting party shall deliver a written request to escrow. The parties hereto waive all rights
of confidentiality regarding their respective taxpayer identification numbers and agree to hold Escrow Holder harmless against any fees. costs, or
judgements incurred and/or awarded in connection with the release of taxpayer identification numbers.
TIME IS OF TIIE ESSENCE OF TIIESE INSI’RUCTIONS
If this escrow is not in condition to close by the closing date referred to in the body of these instructions, and demand for cancellation is received by you
from any party IO this escrow after said date, you will act in accordance with die cancellation instructions contained in these general provisions. If no
demand for cancellation is made, you will proceed to close this escrow when the principals have complied with the escrow instructions.
FUNDS’HELD FJ3E AGREEMENT: IF J?UNDS REMAIN IN ESCROW ON THE DATE WHICH IS NINETY (90)
DAYS Al?I’ER THE CLOSE OF ESCROW (OR IN THE EVENT ESCROW HAS NOT CLOSED, NINETY (90)
DAYS AI;TER THE ESTIMATED CLOSING DATE SET FORTH IN THESE INSTRUCTIONS), THEN A
MONTHLY FUNDS HELD FEE OF $25.00 SHALL ACCRUE FOR EACH MONT11 OR FRACTION OF A
MONTH THEREAFTER THAT THE FUNDS, OR ANY PORTION THEREOF, REMAIN IN ESCROW.
ESCROW IS AUTHORIZED TO DEDUCT THE MONTHLY FUNDS HELD FEE DIRECTLY FROM THE FUNDS
HELD ON A MONT&Y, OR OTHER PERIODIC BASIS (IE: QUARTERLY, SEMI-ANNUALLY, ETC.). BY
INITIALLING BELOW, THE PARTIES ACKNOWLEDGE AND AGREE TO PAY THESE SUMS TO
COMPENSATE YOU FOR YOUR ADMINTSTRATION, MONITORING, ACCOUNTING, REMINDERS AND
OTHER NOTIFICATIONS AND PROCESSING OF THE FUNDS SO HELD IN ACCORDANCE WITH THIS
IIERETO AND MADE A PART IIEREOF attd ackttowIedgtttettl o/the joregoittg.
Seller Initials: ------
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First American Title Insurance Co. Date : August 5, 1997
Escrow No. : 97-3991AS
FUNDS HELD AGREEMENT.
INITIALS: INITIALJ . $j ’
WE, JOINTLY AND SEVERALLY, ACKNOWLEDGE RECEIPT OF A COMPLETE COPY OF THE WITHIN
ESCROW INSTRUCTIONS AND BY OUR SIGNATURES SET FORTH BELOW, ACKNOWLEDGE THAT WE
HAVE READ, UNDERSTAND AND AGREE TO BE BOUND BY THE TERMS AND CONDITIONS CONTAINED
THEREIN, IN THEIR ENTIRETY.
The undersigned Buyer will pay, on demand, the Buyer’s customary charges (including, by way of example, but not limited
to, one-half escrow fee, charges for preparing and recording documents, premium for new or additional hazard insurance,
lender’s charges, lender’s impounds and prepaid’interest demand, if any, and applicable title company charges) necessary to
complete this transaction.
I HAVE RECEIVED A COPY OF THESE INSTRUCTIONS. ,
Buyer’s Signature:
t
CARLSBAD RED LOPMENT AGENCY
By: MARTIN ORENYAK, COMMUNITY DEVELOPMENT DIRECTOR .
By:
.
Address: Attn: Debbie Fountain, 2965 Roosevelt Street, Ste B, Carlsbad, CA
The undersigned Seller(s) approve of the foregoing instructions and agree to sell and will deliver to you papers, instruments
and/or funds required from me (within the “close of escrow date” specified herein), which you are authorized to deliver
when you can issue your policy of title insurance as set forth above. I agree to pay any personal property taxes properly
chargeable to me. You are instructed to use the money and record the instruments, to comply with said instructions and to
pay all encumbrances of record necessary without further approval including prepayment penalties to show title as herein
provided. I agree to pay one-half of the escrow fee, drawing.of documents and such other charges which are advanced for
my account regardless of the consummation of this escrow. I also agree to pay the policy of title insurance premium and
recording fees which are properly chargeable to me and documentary transfer tax which you are instructed to enter on the
deed and affix your signature thereto, if required. In the dvent this amount is incorrect you are instructed to enter the
correct amount on the deed and deduct the additional therefore from funds accruing to my account. In the event an incorrect
amount is entered on the deed and said deed is recorded, I hereby hold you harmless and agree to reimburse you for any loss
you may sustain by said amount being incorrect. You are further instructed to pay commission, if any, as set forth on
separate commission instructions made a part hereof.
A’ I
ADDITIONAL M!.XRUCTIONS ATTACHED HERETO AND MADE A PART HEREOF My initials below represent my agreement and acknowledgmcnl of lllc foregoing.
Seller Initials: ------ Buyer Initials:
Page. 6
,I I Fikst American Title Insurance Co.
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* August 5,1997 : .
Escrow No. : 97-3991AS
I HAVE RECEIVED A COPY OF THESE INSTRUCTIONS.
Seller Signature(s):
DOROTHY ANN ROSS and RICHARD BAUER,
Co-trustees under Trust Agreement
dated October 27, 1976
By:
Richard Bauer, Co-trustee
RICHARD BAUER
DOROTHY ANN ROSS
Dorothy Ann Ross, Co-trustee
THE CROCKER NATIONAL BANK, Co-trustee
under Trust Agreement dated October
27,1976
By:
*, -
Bv:
Address: c/o Don Adkinson, Esq.
- - END OF INSTRUCTIONS - -
Page 7
f2 * ? :g. 4 qj _ * “i 4 * * A ,
;TAl!WlED BY CALIFORNIA ASSOCIATION OF RL JRS
COMMERCIAL REAL ESTATE PURCHASE CONTRACT,
RECEIPT FOR DEPOSIT, AND ESCROW INSTRUCTIONS (NON-RESIDENTIAL)
THIS IS MORE THAN A RECEIPT FOR MONEY. ,T IS INTENDED TO BE A LEGALLY BINDING CONTRACT READ IT CAREFULLY. CALlFoRNlA ~socJATION OF REALTORS” (C.A.R.) STANDARD FORM
DATE. AT _, Calm.
- ‘. (“Buyer”)
n aher --
THE SUM OF lo be applied toward the
-CE of t* --- )
FOR PURCHASE 0~ PROPERTY SITUATED IN Carlsbad , COUNTY OF , Calrfornia,
DESCRIBED AS 2737 State Street ASSESSOR’S PARCEL NO.: 203-295-01-01 (“Property”)
1. ASE PRICE CONSISTS OF: 203-295-01-02
OSIT, to be deposited u with Escrow Holder, 0 into Broker’s trust account, or q
0 Personal check, 0 Cashier’s check, 0 Cash, or 0
DEPOSIT. within ___ days following acceptance of the offer, to be deposited
of Buyer shall be deposited as immediately collectible funds in any manner acceptable screw Holder.
OBTAINING OF D IT AND DOWN PAYMENT by the Buyer is NOT a contingency, unless otherwise
D. FINANCING: THE 0 G OF THE LOAN(S) BELOW IS A CONTINGENCY OF THIS AGREEMENT. shall act diligently
and in good faith to o II applicable financing.
(1) Buyer to apply, quali
at a
0 fixed interest rate no -o/o per year, or q adjustable interest rate n % per year at origination, with a maxi nterest rate over life of loan not to
exceed -O/O. Initial month1 s not to exceed 5 e amortized over a period of not
less than t less than - years. Loan fees not
Additional terms and conditions:
\
(2) Buyer q to assume, n to take title “subj
in favor of
including interest at __
Loan fees not to exceed
Additional terms.
/
N with an approximate balance of $ _
payable monthly at .$
/
/
\, ,/
at a
0 fixed interest rate not to exceed
0 adjustable interest rate not to exceed
not to exceed
of not less than -
Additional terms and conditions:
rest rate over life of loan
Loan to be amortized over a period
(4) Buyer 0 to assum
in favor of
including interest at
Loan fees not to exceed
Additional terms:
/ \
\
including interest at -O/o all due
days after receipt of those documents.
(6) &her: Buyer to p~cashdehe~M-iaor to closincr.
E. TOTALPURCHASEPRICE Five.Hundred.Thousand. and.no/l.OO-.~----r---- $5oO_,QQ 10
Buyer and Seller acknowledge receipt of copy of this page. which conslitutes Page 1 of a-- Pages
Buyer’s Initials ( 1 (. ) Seller’s lnrtials (--.J (----)
THIS STANDARDIZED DOCUMENT HAS BEEN APPROVED BY THECAUFORNU ASSOCIATK)NCIFREALTORS” (CAR.) INFORMONLY. NOREPRESENTATK)NISYADEASTOTHE APPRDvA
OF THE FORM OF ANY SUPPLEMENTS NOT CURRENTLY PUBLISHED BY CAR. ORTHE LEt.3ALVAllDllY OR ADEOUACY Of ANY PROVISION IN ANY SPECIFIC TRANSACTiON. IT %OUl NOT BE USED WITH EXTENSIVE RIDERS OR ADDITIONS.
. . ._, ., <.h ,I ,^. . . - 14
Subfect Properly Address -2.7X7 State Street I -Car Wed ~.
7. PRORATIONS:
A. Real properly taxes and assessments. Interest. rents. Assocralron regular dues and regular assessments, premrums on Insurance assumed by Buyer
payments on bonds and assessments assumed by Buyer, and &IIY.. othr?~_ch?rg’?$ -t-O the..proEZrtY_ shall be parrl . current and proraled between Buyer and Seller, unless otherwrse shown In paragraph 78 or 7C. as of iF date of recordahon of Ihe deed
xadiix - -. - -~ ~. .~
B Any Specral Assessment Drstnct bonds and assessments whrch are now a ken shall be: _~- LX pard current by Seller as of the date shown m paragraph 7A (payments that are not yet due shall be assumed by Buyer without credrt toward the
purchase pnce); &f& --_ ~-__-. --___.-.---- ____ ~_
-____- -___
D. County transfer lax or transfer fee shall be paid by e-.‘City transfer tax or transfer fee shall
be paid by ZkLLer xwa6xxxzk3sa~~x~~~ ____
E. THE PROPERTY WILL BE REASSESSED UPON CHANGE OF OWNERSHIP THIS WILL AFFECT THE TAXES TO BE PAID. Any supplemental tax brfls
shall be paid as follows: (1) for periods after close of escrow, by Buyer (or by fmal acquiring party, if part of an exchange); and (2) for periods pnor to
close of escrow, by Seller. TAX BILLS ISSUED AFTER CLOSE OF ESCROW SHALL BE HANDLED DIRECTLY BETWEEN BUYER AND SELLER
8. BUYER’S INVESTIGATION OF PROPERTY CONDITION: Buyer shall have the right to conduct Inspections, investigations, tests, surveys, and other
studres (“lnspectrons”) at Buyer’s expense. Buyer shall, wrthin the time specified in paragraph 348(2) and (3), complete these lnspectrons and shall notify
Seller m wnting of any item(s) disapproved. Buyer IS strongly advrsed to exerctse this right and to make Buyer’s own selection of professronats wrth appropriate
qualifications lo conduct lnspectrons of the entire Property. If Buyer does not exercise this right to conduct Inspections, Buyer IS actmg against the advrce
of Broker(s). In any event, Buyer IS relying upon Inspections made or obtained by Buyer. BUYER AND SELLER ARE AWARE THAT THE BROKER(S) IJO
NOT GUARANTEE, AND IN NO WAY ASSUME(S) RESPONSIBILITY FOR, THE CONDITION AND/OR SUITABILITY OF THE PROPERTY.
Seller shall make the Property available for all Inspections. Buyer shall keep the Property free and clear of liens; shall indemnify and hold Seller harmless
from all Irabrlrty. claims, demands, damages, and costs; and shall repair.all damages arising from the Inspections.
&fft% Buyer shall provide to Seller, at no cost, complete copies of all Inspection reports obtained by Buyer concerning the Property,
BUYER IS STRONGLY ADVISED TO INVESTIGATE THE CONDITION AND SUITABILITY OF ALL ASPECTS OF THE PROPERTY AND ALL MATTERS
AFFECTING THE VALUE OR DESIRABILITY OF THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING:
A. Structural, foundation, roof, plumbing. heating, ventilating and air conditionmg, electrical, mechanical, security, appliances, and any personal property
included in the sale.
8. Square footage, room dimensrons. lot size, and age of Property improvements. (Any numerical statements regarding these items are APPROXIMATIONS
ONLY and should be verified by Buyer.)
C. Property knes and boundaries. (Fences, hedges, walls, and other natural or constructed barners or markers do not necessarily rdentrfy true Property
boundarres. Property lines may be verified by survey.)
D. Sewer, septrc. and well systems and components. (Property may not be connected to sewer, and applicable fees may not have been pard. Septic tank
may need to be pumped and leach field may need to be Inspected )
E. Lrmitattons. restrictrons, and requirements regarding Property use, future development, zoning, building. size, governmental permtts, and mspectrons
F. Water and utility availabrlrty and use restrictions.
G. Potentral envrronmental hazards Including asbestos, formaldehyde, radon gas, lead-based pamt, other lead contaminatron, fuel or chemical storage tanks,
contaminated so11 or water, hazardous waste, electromagnetic fields, nuclear sources, and other substances, materials, products, or condrtrons.
H. Geologic/seismrc conditions. so11 and terram stability, suilabilrty. and drainage.
I. Netghborhood condittons. proximity to schools, proxrmity and adequacy of law enforcement, proximity to other commerctal, industrial. restdenttat. or
agncultural actrvrties. crime statistics, fire protection. other governmental services, existing and proposed transportation, constructron and development.
arrport noise. noise or odor from any source, or other nuisances, hazards or circumstances. and any condrtrons or influences of srgnrfrcance to certarn
cultures and/or religrons.
J. Buyer IS advised to make further inquiries and to consult government agencies, lenders, insurance advrsors. architects, and other appropriate persons
and entrtres concernmg the use of the Property under applicable building. zoning. fire. health, and-safety codes, and for evaluahon of potentral hazards
K. Wood Destroying Pests and Organrsms Inspection Report.
Lxamx---- ____ __.__ __---- -~-.--.--
9. FIXTURES: Excluding trade fixtures. all permanently installed fixtures and fittings that are attached to the Property, or for whrch special openings have
been made, are INCLUDED IN THE PURCHASE PRICE (unless excluded below) and are to be transferred free of liens. These include. but are not Iimrted
to. heating. ventrlatmg and air conditioning systems. air coolers, electrical and other power systems. lighting and plumbrng fixtures. solar systems. applrances,
exrstmg screens, awnmgs. shulters. window coverings, attached floor coverings. antennaslsatellrte dashes and related equipment. private Integrated felephone
. systems and other telecommumcatrons systems, securtty systems/alarms (if owned by Seller), door openers/controls, marlbox, existing m-ground landscaping
Including lrees/shrubs.)BPUK_- _-_ ___- ---.~ ~ -- ---- --~-.- -- ~_ -- .--.
ITEMS EXCLUDED: -_bTOIl% __---.-.- ___. ____ -. --._.
11. TAX WITHHOLDING:
A. Under the Forergn Investment m Real Property Tax Act (FIRPTA), IRC 51445. every Buyer must, unless an exemptton applies. deduct and whthhold tO”o
of the gross sales price from Seller’s proceeds and send it to the Internal Revenue Service. 11 the Seller IS a “foreign person” under that statute
8. In addmon. under Calrforma Revenue and Taxation Code $16662. every Buyer must. unless an exemption applies. deduct 3’ 3% of the gross sales prce
from Seller’s proceeds and send II to the Franchise Tax Board if the Seller has a last known address outside of Calrfornra or 11 the Seller’s proceeds
will be pard to a linanctal intermediary of the Seller.
C. Penalties may be imposed on a responstble party for non-compk8nce witn the requirements of these statutes and related regulations Seller and Buyer
agree to execute and deliver any instrument. affrdavrt. statement, or instruction reasonably necessary to carry out these requirements, and to withholdmg
of tax under those statutes rf required. (SELLER’S AFFIDAVIT OF NON-FOREIGN STATUS AND/OR CALlFOANtA RESIDENCY (CA A Form AS-14).
OR BUYER’S AFFIDAVIT (C A R. Form AB-11). IF APPLICABLE, SHALL SATISFY THESE REQUIREMENTS )
Buyer and Seller acknowledge receipt of copy of this page, which constilutes Page 3 Of _- _ Pages
Buyer’s tnrtrals (- _.__ -) (- ___.) Seller’s rnitials (_._.__ --.) (--- _-_ )
r------- OFFICE USE ONLY ~-1
1 o,,, -,,,.a* “,^~>r.,.n-‘..c.--
SutqJc1 PrOpeny Address: _ 2787 St- ~2 x%t-+2(arl;sBa&E--- - __- - ___--_ , 19 __
er shall be allowed I_ days following acceptance to give wntten notice to Seller of submisslon of loan application(s) to lende
be allowed __ days following acceptance to give written notice to Seller that Buyer has or has no1 obtained fin
time set forth in paragraph lF(2). Buyer gives notice that financing has been obtained, then the financing contingen
time set forth in paragraph lF(2). Buyer gives notice that financmg has not been obtained, then Buyer must c
r cancel this Agreement in writing.
ice(s) as set forth in paragraph lF(1) or lF(2), then Seller may cancel lhis Agreement wllh days after explratlon
of the time set f aragraph lF(1) or lF(2).
(5) If Buyer or Seller gtv f any, less any applicable fees
or costs, shall be retu
G. ASSUMPTION OR *‘SUBJ e event Buyer assumes or takes title “subject to” an existing I er shall promptly request and, upon
receipt. provide Buyer with copies of able notes and Deeds of Trust, loan balances, and current st rates. A note may contain a number of
features, including such provisions as int hanges. monthly payment changes, balloon p d acceleration provisions. Buyer may provide
Seller written notice of disapproval withm not be unreasonably withheld. Difference in
existing loan balances shall be adjusted in
H. ADDITIONAL SELLER FINANCING TERMS: Seller
not be limited to, the following additional terms:
(1) REQUEST FOR NOTICE OF OEFAULT on senior loan
(2) Buyer shall execute and pay for a REQUEST FOR NOTI in escrow and at any future time if requested by Seller.
(3) Acceleration clause making the loan due, at Seller’s opti nsfer of the Property or any interest in it, or upon default of any
payment under the note, when permitted by law.
(4) A late charge of -% of the installment due, or __ days of the date it IS due.
(5) Title insurance coverage in the form of a joint pro uring Seller’s deed of trust interest in the Property.
(6) Tax Service shall be obtained and paid by Buye
(7) Buyer shall provide fire and extended covera nce during the period of Seller in an amount sufficient lo replace all improvements
on the Property, or the total encumbranc the Property, whichever is le payable endorsement in favor of Seller.
(6) The addition, deletion, or substitution of rson or entities under this Agreemen
consent. Seller may grant or withhold nt in Seller’s sole discretion. Any additional or s person or entity shall, if requested by Seller,
submit to Seller the same docu as required for the original named Buyer. Seller or Brok btain a credit report on any such person
or entity.
(9) If the Property is mixed-u erty, which includes l-4 dwelling units, Buyer and Seller shall execute r Financing Disclosure Statement
(C.A.R. Form SFD-1 de @29X-2967), if applicable, as provided by arranger of credit, as soon as pr prior to execution of security
documents.
ADDITIONAL FINA
/ \ /
2. SUPPLEMENTS: The AlTACHED supplements are incorporated herein: I-
n Exchange Supplement (ES-14) q :
3. ESCROW: This Agreement shall constitute mutual instructions by Buyer and Seller to Escrow Holder not to prepare any document restating, rephrasing,
or amending this Agreement unless receiving further written instructions from both parties. Escrow Holder shall conform its conduct in accordance with
the terms of this Agreement. Buyer and Seller are advised that Escrow Holder may require them to sign additional instructions for matters not covered by
this Agreement, but which do not alter the terms of this Agreement. Escrow instructions shall be signed by Buyer and Seller and delivered to
-. the designated Escrow Holder, within a 5 days following acceptance (or 0 at least ___ days
before close of escrow). Buyer and Seller hereby jointly instruct Escrow Holder and Broker(s) that Buyer’s deposit(s) placed into escrow or into Broker’s trust
account will be held as a good faith deposit toward the completion of this transaction. Release of Buyer’s funds will require mutual, signed instructions from
both Buyer and Seller, judicial decision, or arbitration award. Escrow shall close 0 on 19-, or a within 60 days following
acceptance, Escrow fee to be paid as follows: one-half by Seller and one-haif by Buver.
4. POSSESSION AND KEYS: Possession and occupancy, subject to the rights of tenants under existing leases, shall be delivered to Buyer B on close
of escrow, rXfiW=wl XfX#K~etWWXWWKIQ
Seller shall, at close of escrow, -provide Buyer with any keys or other means to operate all property locks and$armsBuyer to B
ay for AL'
5. TITLE AND VESTING: Buyer shall be provided a current preliminary (title) report at Sellers urvey and ex endescovc expense. wer af
shall, within the time specified in paragraph 348(U). provide written notice to Seller of any items reasonably disapproved. (A preliminary report IS only an
offer by Ihe title insurer to issue a policy of title insurance and may not contain every item affecting title.) At close of escrow: (a) Title shall be transferred
by grant deed; (b) title shall be free of liens, except as provided in this Agreement; (c) title shall be free of other encumbrances, easements, restrictions,
rights, and conditions of record or known to Seller, except for (1) all matters shown in the preliminary (title) report which are not disapproved in writing by
Buyer as above, Z&X@ ; (d) Buyer shall receive a&&&%f;EPTitle Association &TA) policy issued
by Company at Sellers
(An ALTA policy may provide greater protection for Buyer. The designated title company’c%pr&%?if%m$8~~%%ye?~
expense.
t, about availabilIty and
desirability of other types of title insurance.) For Seller financing, paragraph lH(5) provides for a joint protection policy. Title shall vest as designated in Buyer’s
escrow instructions. (THE MANNER OF TAKING TITLE MAY HAVE SIGNIFICANT LEGAL AND TAX CONSEQUENCES; THEREFORE, BUYER SHOULD
GIVE THIS MATTER SERIOUS CONSIDERATION.)
6. ASSIGNMENT: Buyer shall not assign all or any part of its interests in this Agreement without first having obtained the written consent of Seller; such
consent shall not be unreasonably withheld. However, if Seller is financing all or part of the purchase price, Seller consent shall be deteimined by paragraph
lH(6). Any total or partial assignment shall not relieve Buyer of its obligations pursuant to this Agreement.
Buyer and Seller acknowledge receipt of copy of this page, which constitutes Page 2 of ___ Pages
Buyer’s Initials (.
POLIIII-“PI A I ml- L,
1 ( ) Seller’s lnltials ( ) (
Aevlewed by Broker or Designee _. _-. .-
-3t?OKER’S COPY l-m-v * T#- n, ,nr, I n f-r me. I-I-“. c-r r-ns .,n*crY-I~ca\
SubJf?Ct Property Address: 7787 State Street, Carlsbad
12. RISK OF LOSS: Except as otherwise provrded in this paragraph, all risk of loss to the Property which occurs after the offer is accepted and before erther
htle has been transferred or possession has been given to Buyer, whichever occurs first, shall be borne by Seller. Any damage to the land and Improvements
totalling 1 (one) % or less of the purchase price shall: (a) be repaired by Seller until Buyer takes possession of the Property, or (b) be the responslblkty
of Buyer once Buyer takes possession of the Property. If the land or improvements to the Property are destroyed or matertally damaged pnor to transfer
of title in an amount exceeding 1 (one) % of the purchase price, then whether or not Buyer has possession, Buyer shall have the right only lo either: (a)
termmate thus Agreement and recover the full deposit, or (b) purchase the Property in Its then present condition. If this Agreement is terminated pursuant
to this paragraph, any expenses paid by Buyer or Seller for credit reports, appraisals, title examination, or inspections of any kind shall remain that party’s
responsibility. Whether the loss exceeds, equals, or is less than 1 (one) % of the purchase price, if Buyer purchases the Property, Seller shall assign to
Buyer all rights to any insurance claims or insurance proceeds covering, or recovered for, the loss. If transfer of title and possession do not occur at the
same time, BUYER AND SELLER ARE ADVISED TO SEEK ADVICE OF THEIR INSURANCE ADVISORS as to the insurance consequence thereof.
13. PROPERTY DISCLOSURES: When applicable to the Property and required by law, Seller shall, within the time specified in paragraph 348(7), provide
to Buyer, at Seller’s expense, the following disclosures and information. Buyer shall then, within the time specified in paragraph 348(4), investigate the disclosures
and information and provide written notice to Seller of any item(s) disapproved pursuant to the applicable paragraphs below.
A. GEOLOGIC/SEISMIC HAZARD ZONES DISCLOSURE: If the Property is located in a Special Studies Zone (SSZ) (Public Resources Code $52621-2625)
Seismic Hazard Zone (SHZ) (Public Resources Code @2690-2699.6), or in a locally designated geological, seismic or other hazard zone(s) or area(s)
where disclosure is required by law, Seller shall. within the time specified in paragraph 348(7), disclose in writing to Buyer this fact(s) and any other
information required by law. (GEOLOGIC, SEISMIC AND FLOOD HAZARD DISCLOSURE (C.A.R. Form GFD-14) SHALL SATISFY THIS REQUIREMENT.)
Construction or development of any structure may be restricted. Disclosure of SSZs and SHZs is required only where the maps, or information contarned
in the maps, are “reasonably available” as defined in Public Resources Code §§2621.9(c)(l) and 2694(c)(l).
B. SPECIAL FLOOD HAZARD AREAS: If the Property is located in a Special Flood Hazard Area designated by the Federal Emergency Management Agency
(FEMA). Seller, within the time specified in paragraph 348(7), shall disclose this fact in writing to Buyer. (GEOLOGIC, SEISMIC AND FLOOD HAZARD
DISCLOSURE (C.A.R. Form GFD-14) SHALL SATISFY THIS REQUIREMENT) Government regulations may impose building restrictions and requirements
which may substantially impact and limit construction and remodeling of improvements. Flood insurance may be required by lender.
C. STATE FIRE RESPONSIBILITY AREAS: If the Property is located in a State Fire Responsibility Area, Seller, within the time specified in paragraph 348(7).
shall disclose this fact in writing to Buyer (Public Resources Code $4136). Government regulations may impose building restrictions and requirements
which may substantially impact and limit construction and remodeling of improvements. Disclosure of these areas is required only if the Seller has actual
knowledge that the Property is located in such an area or if maps of such areas have been provided to the county assessor’s office.
0. EARTHQUAKE SAFETY:
(1) PRE-1975 PROPERTIES: If the Property was built prior to 1975, and contains RESIDENTIAL, COMMERCIAL. OR OTHER STRUCTURES constructed
of masonry, or precast concrete, with wood frame floors or roofs, Seller shall, unless exempt, provide to Buyer a copy of “The Commercial Property
Owner’s Guide to Earthquake Safety” (Government Code !j§8893-8893.5).
(2) PRE-1960 PROPERTIES: If the Property was built prior to 1960, and is a mixed-use Property which includes 1-4 DWELLING UNITS of conventional
light frame construction, Seller shall, unless exempt, within the time specified in paragraph 346(7), provide to Buyer (a) a copy of the “Homeowner’s
Guide to Earthquake Safety,” and (b) written disclosure of known seismic deficiencies (Government Code §§8897-8897.5).
(3) ALL PROPERTIES: If the booklets described in paragraphs 130(l) and 13D(2) are not required, Buyer is advised that they are available and contain
important information that may be useful for ALL TYPES OF PROPERTY (Civil Code §§2079.8 and 2079.9).
E. ENVIRONMENTAL HAZARDS BOOKLET: The booklet, “Environmental Hazards: Guide for Homeowners and Buyers,” is published by the California
Department of Real Estate, and contains information that may be useful for ALL TYPES OF PROPERTY (Civil Code 52079.7).
F. OTHER:
13 I r-l,,,,,.,,
15. RETROFIT: Compliance with any minimum mandatory government retrofit standards, including but not limited to energy and utility efficrency requirements
and proof of compliance, shall be paid for by @ Buyer, 0 Seller.
16. ENVIRONMENTAL SURVEY: (If initialled by afl parties.) Buyer’s Inilials Seller’s Iniliah
--!----L-- Within 2 days following acceptance, Buyer shall be provided with a phase one environmental survey report paid
for and obtained by 0 Buyer, @ Seller. Buyer, within the time specified in paragraph 348(5), shall provide Seller with written notice of any Item drsapproved.
17. ENVIRONMENTAL HAZARD CONSULTATION: Buyer and Seller acknowledge: (1) Federal, state and local legislation impose liabrlrty upon exrsting
and former owners and users of real property, in applicable situations, for certain legislatively defined, environmentally hazardous substances-
e (4) Buyer and Seller are each advised to consult wrth , I
technical and legal experts concerning the existence. testing, discovery, location and evaluation of/for, and risks posed by, environmentally hazardous substances,
If any, located on or potentially affecting the Property.
18. AMERICANS WITH DISABILITIES ACT: On July 26, 1990 the Americans With Disabilities Act of 1990 (ADA) was signed into law. This federal CIVII rights
legrslahon prohibits discrimination against individuals with disabilities. The ADA affects almost all commercial facilities and public accommodatrons. Resrdentral
properties are not typically covered by the ADA, but may be governed by Its provisions if used for certain purposes. The ADA can require, among other
things, buildings to be made readily accessible to the disabled. Different requirements apply to new construction, alterations to existing burldmgs, and removal
of barriers in existing buildings. Compliance with the ADA may require significant costs. Monetary and injunctive remedies may be incurred If the Property
“&)a&& “45 \S”&! Se\\cJ? l-cl% no ob\K&m .-~ I <. ., . [:e>i: - I,
brmq prop er4-q 1i7-b compIl~‘~e mi-kh /US.
Buyer and Seller acknowledge receipt of copy of this page, which constitutes Page 4 of _~ Pages.
Buyer’s Initials ( ) ( .) Seller’s In&s ( ) L-- 1
,- OFFICE USE ONLY
nn,,-.,?“. a,-t3--Fv--- -~
Sucqect i'!openy Address:
lg. CONDITION OF PROPERTY: Initial ONLY “A” or “8,” below. (Do not initial both):
m substantially the same condition as on the
paragraphs 8 and 34.
ectlon do NOT eliminate Seller’s obligations under this warranty, un
Buyer’s Initials Seller’s Initials
----L-L 6. ‘AS-IS” CONDITION: (If 6 is initialled, do NOT initial A.) Property is sold “AS IS” in Its present condition. WIthout
warranty. Seller shall not be responsible for making corrections or repairs of any nature except: - removal of hazardous waste.
Buyer retains the right to disapprove the condition of the Property based upon items discovered in Buyer’s Inspections under paragraph 8. SELLER REMAlNS
OBLIGATED TO DISCLOSE ADVERSE MATERIAL FACTS WHICH ARE KNOWN TO SELLER AND TO MAKE OTHER DISCLOSURES REQUIRED my LAW.
20. SELLER REPRESENTATION: Seller warrants that Setter has no knowledge: (a) of any current pending lawsuit(s), investigation(s). inquiry(les), actions
or other proceeding(s) affecting the Property or the right to use and occupy it; (b) of any unsatisfied mechanic or materialman lien(s) affectmg the Property;
and (c) that any tenant of the Property is the subject of a bankruptcy. If Seller receives any such notice prior to close of escrow, Seller shall Immediately
notify Buyer. Buyer, within the time specified in paragraph 348(4), shall provide to Seller written notice of disapprovat.
of all personal property of Seller currently used i
pecified in paragraph 348(7). Buyer, within the
warranty of condition,
22. PERMITS: If in Seller’s possession, Seller, within the time specified in paragraph 3480, shall deliver to Buyer copies of all permits and approvals conceining
the Property obtained from any governmental entity, including but not limited to. Certificates of Occupancy, Conditional Use Permits, Development Plans,
and licenses and permits pertaining to the operation of the Property.
23. STRUCTURAL MODIFICATIONS: Seller, within the time specified in paragraph 348(7), shall disclose to Buyer in writing any known structural additions
or alterations, or the installation, alteration. repair, or replacement of significant COmpOnentS of the structures upon the Property. Buyer, within the time specified
in paragraph 348(4), may notify Seller in writing of disapproval.
24. GOVERNMENTAL COMPLIANCE: (a) Within th8 time specified in paragraph 348(T). Seller shall disclose to Buyer any improvements. additions, alterations,
or repairs (“Improvements”) made by Seller or known to Seller to have b88n made without required governmental permits, final inspections, and approvals.
(b) In addition, Seller represents that Seller has no knowledge of any notice of violations of City, Cdunty. State, or Federal building, zoning, fire, or health
laws. codes, statutes. ordinances, regulations. or rules filed or issued against the Property. If Seller receives notice or is made aware of any of the above
violations prior to close of escrow, Seller shall immediately notify Buyer in writing. (c) Buyer shall. within the time specified in paragraph 348(4), provide
to Seller written notice of any items disclosed in (a) or (b) which Buyer disapproves.
25. SURVEY, PLANS AND ENGINEERING DOCUMENTS: Seller. within the time Specified in paragraph 346(i)), shall, at no cost to Buyer. deliver to Buyer
copies of surveys, plans, specifications and engineering documents, if any, prepar8d on Seller’s behalf or in Seller’s possession. Buyer, withm the time spectfied
notify Seller in writing of disapproval.
‘26.
r
or (4) change the status of t
of such proposed changes. Buyer, within the time specified
27. eller. within the time specified in paragraph 3480. shall make available to Buyer for inspection and review: (1)
all current leases, rental agreements, service contracts and other agreements pertaining to the operation of the Property; (2) a rental statement including
names of tenants, rental rates, period of rental. date of iast rent increase, security deposits, rental concessions, rebates or other benefits, if any, and a list
of d8finqu8nt rents and their duration. Seller represents that no tenant is entitled to any rebate, concession, or other benefit except as Set forth in the documents.
Seller represents that the documents to be furnished are those maintained in the ordinary and normal course of business. Buyer. within the time specified
ified in paragraph 348(g), s
Buyei and Seller acknowledge receipt of copy of this page, which constitutes Page 5 of ~ Pages.
Buyer’s Initials ( 1 L-.--- ) Seller’s Initials ( I( 1
3F4OKER'SCOPY
COMMERCIAL REAL ESTATE PURCHASF C:T)NW?A~T fc-n# l * - * pr r m’ -’
UUMMf?Hf:l”’ CII -
278e- 2Z’ ~.-~S_L-CARL~BM-- ~- _ Subject Properly Address. - -- -~ -~.-_ _.- -.. -..I9 -
D DAMAGES: (If initialled by all parties.)
B. Seller shall retain, as liquidated da mixed-use primarily
consisting of a dwelling with no mor residence, then (1) the
amount retained shall be no more EIPT FOR INCREASED
DEPOSIT/LIQUIDATED DAMAGES (C.
er and Seller, judicial decision, or arbitration award.
31. MEDIATION OF DISPUTES: BUYER AND SELLER AGREETOMEDIATEANY DISPUTE OR CLAIM BETWEEN THEM ARISING OUT OF THIS CONTRACT
OR ANY RESULTING TRANSACTION BEFORE RESORTING TO ARBITRATION OR COURT ACTION. Mediation IS a process,in whrch partres attempt to resolve
a dtspute by submitting it lo an impartral, neutral mediator who is aulhorized lo facrlilate the resoluhon of the dispute but who IS not empowered to impose a settlement
on the parties. Medration fee, 11 any, shall be divided equally among the parties involved. Before the mediation begins, the parties agree lo srgn a document lrmrhng
the admrssibilily in arbitration or any civil action of anything said, any admission made, and any documents prepared, in the course of the medrahon. consrstent
wrth Evrdence Code §1152.‘5. In addition. if paragraph 33 is initialled by Broker(s), Buyer and Seller agree to mediate drspules or claims involving an mrlrallrng
Broker. as defined by that paragraph, consistent with this provisron. The election by Broker(s) to initial or not initial paragraph 33 shall not affect the applrcabrlity
of thus mediation provision between Buyer and Seller and shall not result in the Broker(s) being deemed parties lo the purchase and sale agreement. IF ANY
PARTY COMMENCES AN ARBITRATION OR COURT ACTION BASED ON A DISPUTE OR CLAIM TO WHICH THIS PARAGRAPH APPLIES WITHOUT FIRST
ATTEMPTING TO RESOLVE THE MATTER THROUGH MEDIATION, THEN IN THE DISCRETION OF THE ARBITRATOR(S) OR JUDGE, THAT PARTY SHALL
NOT BE ENTITLED TO RECOVER ATTORNEY’S FEES EVEN IF THEY WOULD OTHERWISE BE AVAILABLE TO THAT PARTY IN ANY SUCH ARBITRATION
OR COURT ACTION. However, the filing of a judicial action lo enable the recording of a notice of pending action, for order of attachment, receivership, injunction.
or other provisional remedies, shall not in itself constitute a loss of the right lo recover attorney’s fees under this provision. The following matters are excluded
from the requirement of mediation hereunder: (a) a judicial or non-judicial foreclosure or other action or proceeding lo enforce adeed of trust. mortgage. or installment
land sale contract as defined in Civil Code 52985, (b) an unlawful detainer action, (c) the filing or enforcement of a mechanic’s lien, and(d) any matter which is
within the jurisdiction of a probate court.
32. ARBITRATION OF DISPUTES: Any dispute or claim in law ore ui between Bu er and Seller arising out of this contract or any resulting transaction
which is not settled through mediation shall be d pg&&&#&* r;Td;hg * d k)i%tion and not by court action, except as provided by California
law for judicial review of arbitration proceedings. In addition, if paragraph 33 is initialled by Broker(s), Buyer and Seller agree to arbitrate disputes
or claims involving an initialling Broker, as defined by that paragraph, consistent with this provision. The election by Broker(s) to initial or not
initial paragraph 33,shall not affect the applicability of the arbitration provision between Buyer and Seller, and shall not result in the Broker(s)
being deemed parties to the purchase and sale agreement.
The arbitration shall be conducted in accordance with the rules of either the American Arbitration Association (AAA) or Judicial Arbitration
and Mediation Services, Inc. (JAMS). The selection between AAA and JAMS rules shall be made by the claimant first filing for the arbitration.
The parties to an arbitration may agree in writing to use different rules andlor arbitrator(s). In all other respects, the arbitration shall be conducted
in accordance with Part Ill, Title 9 of the California Code of Civil Procedure. Judgment upon the award rendered by the arbitrator(s) may be entered
in any court having jurisdiction thereof. The parties shall have the right to discovery in accordance with Code of Civil Procedure 51283.05. The
following matters are excluded from arbitration hereunder: (a) a judicial or non-judicial foreclosure or other action or proceeding to enforce a
deed of trust, mortgage, or installment land sale contract as defined in Civil Code 52985, (b) an unlawful detainer action, (c)the filing or enforcement
of a mechanic’s lien, (d) any matter which is within the jurisdiction of a probate or small claims court, and (e) an action for bodily injury or wrongful
death, or for latent or patent defects to which Code of Civil Procedure $337.1 or $337.15 applies. The filing of a judicial action to enable the recording
of a notice of pending action, for order of attachment, receivership, injunction, or other provisional remedies, shall not constitute a waiver of
the right to arbitrate under this provision.
“NOTICE: BY INITIALLING IN THE SPACE BELOW YOU ARE AGREEING TO HAVE ANY DISPUTE ARISING OUT OF THE MATTERS INCLUDED IN
THE ‘ARBITRATION OF DISPUTES’ PROVISION DECIDED BY NEUTRAL ARBITRATION AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING
UP ANY RIGHTS YOU MIGHT POSSESS TO HAVE THE DISPUTE LITIGATED IN A COURT OR JURY TRIAL. BY INITIALLING IN THE SPACE BELOW
YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS THOSE RIGHTS ARE SPECIFICALLY INCLUDED IN THE
‘ARBITRATION OF DISPUTES’ PROVISION. IF YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE
COMPELLED TO ARBITRATE UNDER THE AUTHORITY OF THE CALIFORNIA CODE OF CIVIL PROCEDURE. YOUR AGREEMENT TO THIS ARBITRATION
PROVISION IS VOLUNTARY.”
“WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT OF THE MATTERS INCLUDED IN THE
‘ARBITRATION OF DISPUTES’ PROVISION TO NEUTRAL ARBITRATION.”
Buyer’s lmtials Seller’s Initials
---AL-- --l!--
13. ed.) Any Broker who initials below
tract or any resulting transaction,
arising out of this contract or any
kerage firm and any licensed persons affiliated with that
(InItIala) (Imtialr)
Buyer and Seller acknowledge receipt of copy of this page, which constitutes Page 6 of ___ Pages
Buyer’s Initials ( i ( ) Seller’s lnrtials ( IL-----)
BROKER’S COPY
4
hlllc!cl Plopc'lly ~cldlcvx 2787 Sta'- Str ?, Carlsbad , 19
14. CONTINGENCIES/COVENANTS: METHODS OF SATISFACTION/REMOVAL, TIME FRAMES, DISAPPROVAL/APPROVAL:
A. METHOD OF SATISFYING/REMOVING CONTINGENCIES: Contingencies are to be satisfied or removed by one of the following methods:
(1) PASSIVE METHOD: IF BUYER FAILS TO GIVE WRITTEN NOTICE OF DISAPPROVAL OF ITEMS OR OF CANCELLATION OF THIS AGREEMENT
WITHIN THE STRICT TIME PERIODS SPECIFIED IN THIS AGREEMENT, THEN BUYER SHALL CONCLUSIVELY BE DEEMED TO HAVE COMPLETED
ALL INSPECTIONS AND REVIEW OF APPLICABLE DOCUMENTS AND DISCLOSURES AND TO HAVE MADE AN ELECTION TO PROCEED WITH
THE TRANSACTION WITHOUT CORRECTION OF ANY ITEMS WHICH THE SELLER HAS NOT OTHERWISE AGREED TO CORRECT, OR
ER AND SELLER INITIAL THIS PARAGRAPH, THEN PARAGRAPH 34A(l) SHALL NOT APPLY
TEMS OR REMOVAL
T TO PROCEED
ENT BY GIVIrIG
B. ler agree to be bound by the following lime periods:
BUYER HAS the following number of days lo take the action specified, BEGINNING ON 7HE DATE FOLLOWING ACCEPTANCE OF THE OFFER
(1) 3o
(2) 30.
Days Buyer Inspections of Properly (complete Inspections. except GEOLOGIC, and give notice of disapproval) (paragraph 8).
Days Buyer Inspections of Property (complete GEOLOGIC INSPECTIONS and give notice of disapproval) (paragraph 8).
(3) ~- Days .._ ~~- .~ -..-- ------.---- ____.__ ._____. _________ __.__ ___-.----.
BUYER HAS the following nurnber 01 days to DISAPPROVE the items listed below, BEGINNING ON THE DATE OF BUYER’S RECEIPT OF EACH ITEM.
(4) Days Existing Loan Documents (ijaragraph IG), Preliminary (Title) Report (paragraph 5), Geologic/Seismic/Flood/Slate Fire Zones/Areas
(paragraph 13A,B.C). Earlhrruake Guides (paragraph 13D), Seller Representation (paragraph 20), Personal Property (paragraph 21),
Structural Modrlications (pari,graph 23). Governmental Compliance (paragraph 24), Survey, Plans (paragraph 25), Changes During Escrow
(paragraph 26). Rental Agre::ments (paragrap: 27). Income/Expense Statements (paragraph 28). Estoppel Certificates (paragraph 29).
(5) l O. Days Environmental Survey (pamgraph 16). Engineering,
(6) ?!- Days __-_---.._~-._
building code inspections, zoning land use and feasibilityor intended use. -___ __- .__
SELLER HAS the following number of days to “ROVIDE to Buyer, as applicable, the information listed below, BEGINNING ON THE DATE FOLLOWltJG
ACCEPTANCE OF THE OFFER:
(7) 3 0 IJay!; ~oologic:/Sc?isr~~ic:IT)ootllSlslo rim Zor,os/Aroas Disclosures, it npplicahtn (paragraph 13A.B.C). Commercial Property Owner’s Goitln
to Enrtlrcfuakc Safely and/or Ilorncow~~or’s GUI& lo Enrtlrquokc Salcty (paragrapl~ 130). Porsot~al Proparty (paragraph 21). Pcrmrts
(paragraph 22), Struclural Modifications (paragraph 23). Governmental Compliance (paragraph 24), Survey, Plans (paragraph 25),
Rental Agreements (paragraph 27). Income/Expense Statements (paragraph 28). Estoppel Certificates (paragraph 29).
(a) 3-O Days &?hase-Qn.% Environmental surv_ey__-re_p_ark, __-. _. .__.
The items listed below, as applicable, shall promptly be requested and upon receipt provided to Buyer:
,(9) ~%%#$~%%&~~f%%@@%~~. Preliminary (Title) Report (paragraph 5)d~~~~~~&$&
(‘0) --.__ -- ~.-.__--~----- __--..--__-~.- __-.----
C. DISAPPROVAL/APPROVAL OF ITEMS:
If. within the lime specified, Buyer provides written reasonable disapproval lo Seller of any ilem for which Buyer has a disapproval right, Seller shall respond
in writing within . . ..I(! days alter receipt 01 Buyer’s notice. If Seller is unwilling or unable to correct the items disapproved by Buyer, then (a) Buyer
may cancel this Agreement by giving written notice of cancellation to Seller within -5 days (after receipt of Seller’s response, or after expiration of the
time for Seller’s response, whichever occurs first), 6, or(b) if paragraph 34A(2) is initialled, then Buyer
shall provide Seller with a writlen notice of eilher cancellation or election to proceed. If Buyer elects lo proceed with the transaclion without Seller’s
correction of items. Buyer shall assume all liability, responsibility, and expense foi repairs or corrections, including the expense of compliance with
governmental agency requirements. This does not, however, relieve the Seller of any contractual obligations to repair or correct items otherwise agreed upon
D. FOR ALL TIME PERIODS:
Buyer and Seller understand lhat time periods can be changed only by mulual written agreement.
is the agent of (CHECK ONE ONLY):
I11 the Seller exctusiv
Selling Agenl- gent 01 (CHECK ONE ONLY):
Real Estate Agency Rela
36. BROKERAGE: Neilhcr es 01. or for any olher reason tale broker (individual
or corporate). ngc?irl roperty, including, but
Irons. cor~s~rltnlionr.. nrltl negotiations tondirlg lo Ihir, Agrcolrrcnl. Buynr alItI Sellor l?iICtl ngr
spccifictl herein, ni~d tl.+:ir agents. lrorn nntl ngniiist afly cost’;. r:xf)cnsc!;. or li;lhilily for cornf)aci-,ntiorl
d representation in this paragraph:
37. AUTHORITY: Any person or persons signing thi$ Agreement represents that such person has full power and authority to bind lhat person(s) principal arrd
that the designated Seller and Buyer have the full authorily to enler into and perform this Agreement. Entering into this Agreement and the completion of
the obligations pursuant to this conlract doe- not violate any Articles of Incorporation. Bylaws, Partnership Agreement, or other document governing the
activity of either Seller or Buyer.
38. SUCCESSORS AND ASSIGNS: This Agreement shall be binding upon and inure to the benefit of Seller and Buyer and their respective successors
and assigns, except as otherwise provided herein.
39. PROFESSIONAL CONSULTATION: BUYER AND SELLER ACKNOWLEDGE THAT THEY ARE ADVISED TO CONSULT APPROPRIATE PROFESStONALS
CONCERNING ANY AND ALL EXISTING OR POTENTIAL LEGAL, TAX. AND ENVIRONMENTAL RESPONSIBILITIES, IMPLICATIONS. AND IMPACTS TO
THEM RESULTING FROM THIS AGREEMENT. g.
10. COPIES: Seller and Buyer each represent that copies of all reports, documents, certificates, approvals, and other documents which are furnished to the
other are true. correct, and unaltered copies of the original documents II the originals are in the possession of the party furnishing same
Buyer and Seller acknowledge receipl of copy of this page, which constitutes Page’7 of Pages
Buyer’s Initials ( ) ( ) Seller’s Initials ( ) ( 1
--~-. OFFICE USE ONLY --
Reviewed by Rrokr?r or Dosi9rlet?
Oat.5 L__.-..---.-_- -. - - -~- ~-_ i *( lr :l,f I! ‘,,I I MmFER 97
cp . . . . . . . ...? . . . . . ..- “. -CT I. . -.,r ,-.,I ..- ,...v..--. _ .
sut,,?ci’ F,op;‘rty Address: _ ~-18~~._st+ e-M %ree&Xar&&Bd ____-----.- - -__--_ -- * 19 _._-
42. GOVERNING LAW: This Agreement shall be governed by the laws of the state of California.
43.mSYSTEM: If Broker is a Participant of a Property Data SystemBroker is authorized to report, upon the close of escrow. the &&p&e+
terms, and financing for publication, dissemination, mto~+pDateSystem, 11s parent entity, authorized members, participants,
L given contrary written instructions by Buyer or Seller.
OTHERTERMSANDCONDITIONS: Buyer aqrees to cooperate in a 1031 exchanqe - 44. at Seller's election.
45.
46.
--_- ~- -.-. -.- - -. -____ __- -- -___- -.___ ---- - -.-- _____ _.__ ---.- -- -
TIME OF ESSENCE; ENTIRE CONTRACT: Time is of the essence. No extension of time or waiver for performance of any act or obligation shall be
deemed an extension of time or waiver for any other act or obligation. All prior agreements between the parties are incorporated in this Agreement which
constitutes the entire contract. Its terms are intended by the parties as a final, complete and exclusive expression of their agreement with respect to its subject
matter and may not be contradicted by evidence of any prior agreement or contemporaneous oral agreement. The captions i’n this Agreement are for convenience
of reference only and are not intended as part of this Agreement. This Agreement may not be extended, amended, modified, altered, or changed in any
respect whatsoever except by a further agreement in writing executed by Buyer and Seller.
NOTICES: Whenever any Party shall give notice pursuant to this Agreement, each such notice shall be in writing and shall be delivered personally or by
facsimile or by mail. posta e prepaid, addressed as set forth below. ToSELCER:RlcharJ Bauer, Dorothy & Barney TO BUYER:
Name RoSSr c/o Don Adkinson, Esq. Carlsbad Redevelopment Agency
Addressl~~~~~(J-~~~~r~~~~~.ISte~--~- Name P-.c/l~artin Oren@-------..--. ~
Irvine;- %A--.-.92-6TZ--- ~.--.- . ..----- - Address ---~-20~5-.Las-Pa~aS~--~-- --_--~~~_- -. _-
Fax-- _ ~~~~~~~~~~~~~~~~~~~ ____._ _ _~__. _ _ _.
-~--LarlsbadFLIA42D_O~--~
Fax .___ ____ _ -(-7 6 0 )_a __
If either notice address above has been left blank. notice shall be delivered to the address set fortfi below the ‘s signature of acceptance. Either
pnrfy mny change its notice nddrcss by providirlg notice tfrcreof lo the other party.
DEFINITIONS -___- The following terms, whenever used in this Agr ?ement, shall have the meaning as set forth below:
Acceptance: The date on which the offer, or last counter offer, is signed and communicated to the offeror consistent with the offer or counter offer.
Agreement: Tffe terms of this offer plus those of any counter offer, supplement, exhibit and/or addendum.
Broker: Any broker or brokorngc firm nnmcd in Illis Agreemnnf and any licensee acting tfirougfi sucfi broker or brokerage firms.
Days: Calendar days.
Properly: The property to be acquired by the Buyer as a result of this Agreement.
OFFER
This is an offer to purchase the Property. All paragraphs with spaces for inftials by Buyer and Seller are incorporated in this Agreement only if initialled
by both parties. If only one initial& a counter offer is required until agreement is reached. Unless acceptance is signed by Seller and a signed copy delivered
in person, by mail. or facsimile, and personally received by Buyer, or by Martin Orenvak, COrnme Dev. Director, who is authorized
to receive it. by __JI.I&‘- #;; 3 f _ _~, 1991 at 5 -XHXPM, this offer shall be deemed revoked and the deposit shall be returned. Buyer has read
and acknowledges receipt of a copy of this’ ofler and agrees to the above confirmation of agency relationships, If this offer is accepted and Buyer subsequenlly
defaults, Buyer may be responsible for payment of a commission. This Agreement and any supplement, addendum, or modificalion, including any pf~ntocopy
or fncsinlilc, may be cxcculcd in Iwo or rnnre countrrpnrls. all of which sfialf constitute one alid tfm snrnc wriling.
deposit is acknowledged:
Name Prinlcd
~_ Telephone
BUYER _ _. _.._ ~.. _ _ ._ _ ~~ __ _ p-.- ~_.~_
Name Printed
Title ~..
Address _. _ _ ._..___ __.. ___ _.
Telephone
By ___ -. ~_- .- -- ~--- -_~ _ --._-_-- - -----~~_- -~. -
Name Printed _. -~ ._~
____I_- -__-..~~
---____
The undersigned Seller accepts the above and agr ell the Property on the above terms and c s and agrees lo the above confirmation of agency
to pay compensation for se
_~_ _ , Broker, and
payable: (a) on recordation of the deed or other evidence of title: or (h) i revenled by default of Seller, upon Seller’s default; or (c) if completion
of sale is prevented by defnull of Ruycr. only if and wfen Scllcr collnc by suit or oll~nrwir,c!. nrlrl Ihr~ri rn a11 arrruunl equal to OrW frnlf of
ItIc dnrrlnges rccovc~ctf. foul not lo cxccccl ff~e nfiovo c.Jrrlficris;lliclrl. al c arid escrow exf~crises and tfro expenses of collection, if any. Seller
hereby irrevocably asstgns to Broker(s) sucf~ corripen::ation from In any action. proceeding, or arbitration relating lo the payment
of sucfl cornpcnsntion. the prcvalling party shall be enlii as provided in paragraph 31. Tfle undersigned Seller(s)
has read, acknowledges receipt of a copy of this Agre ed copy to Buyer.
Real Estate Broker y .-.-.--- - -~ --.- - -.-. me Printed ___ ~___~_ _~__ ~_- _ .~ ~- -
.~._ Telephone ~_ .._ Fax. __ .~_ _ ___ .~ __
SELLER
3y .-
Vame Printed
4ddress ___
SELLER
By _ _;- _ ~.~ _
Name Printed
Address ___ ___-__.-~-..-~ - - - .- - .~- .-
Telephone ____-__
r(s) confirm(s) agency relationship(s) above. (Real Estate Brokers are not parties to the purchase and sale agreement between BU
-_ - _ - - -.. _~ -_-.--_- .-~. _.____ _ By- _~._ _. _ .._~_ _~ - .-- -. - - - - - ~. Dale
.~.. .-. _- ~...- _ .- - .._-.._ By . - ~- - ._ - .._ -.._ : -~ -- - - -- - .._ Dale \
Page 8 of Pages
111 ~f~~f~l~-i f r,; (;I !I ‘\’
~- OFFICE USE ONLY - --
rl4?vloWRd by Rrokf?r nr rJos1ywr
COMMERCIAL REAL ESTATE PURCHASE CONTRACT (CDL-14’PAGE 8 OF !I, “V ,.I,. IL. ,“,r\L a ,LmL I-0 1 H I L 8- “I,b, ,r\dL .e..ll” I rant, I ,,L I,.. -, ‘, r”,,.,r n I r*.
h4nrrrn II
FAX PIO. 7607202037
NO. of pages transmitkd
PHONE #:
FAX #:
PHONE #: (760) 434-2810 --
FA,X#: (760) 720-2037
I -ihnka .
. ---I
This written message is for the exclusive use ol the addressee and may contain confidential, privileged, and nor!.-disclosable information. If the recipient ul hia IIWSW~C Is not rhe addressee, or a person responsibIe for dcliver!ng the message to the addressee, then the recipient is prohibited from reading or
using this message iti any way. If you have received this message by mistake, please! call US immediately and destroy the telecopy mossagc.
Housing & Redsvslopment Department l 2965 Roosevelt Street, Suite E? l CarIsbad, California 92008
NOT-13-97 WED 8~55 XM HOUSING & I;liD, 1. Nov-19-97 09:20A ‘-TCO-ESCROW
FAP NO. ;7E;O7,202i.;j7 -
kEXORDfN(;: itlwmmmru ‘-
FIRST AMERICAN TI’fLE INS. CO. AHDwFR!mRRcoltaEDhiAtLm
CARUBAD REDEVELDPMENT AOENCY Alto: Uebbic Fountala
2965 Roosevelr Strtw,StcB
Ciulrbad. CA
?. 2
P.02
A,P,N.: 203*29541 and 203-295-02 I Space Abave~ilhirL~Lr Re~otder’r UscOaly , Orde;Nd.i-116168230 Esmow No. : 97.399lAS
THE UNC%RSfON~DGR&ITCJR(~) DECLARE(s) l%AT DOCUMENTARY WSFER TAX 1% COk?ttl’T &jw
cmptedon ful~vnluelc~~vnnc!ofIren~nr~~cumbraoctsr~ogatdmc ofrale, caxnpurcd on tuil value of party cqpveyed, or
itbcorporticdarea; [ ] CiIy of CWM.. rpd
FOR A VALUABLB CONSIDERATION, Receipt 61 WMCI is hereby acknawledged,
RICHARD BAIJEX, a married man as his sole aad scpPrate property 8s to no undivfded 50% interest; DOROIRY ANN KCW5, a mrrrrkd woman as her MJIG wd sspuatc property lu to an undhidcd 50% idwest
ha&y ORANT@) to CARWBAD It.EDEVELOPMENT AGENCY
.
LCYIS 1 THROUGH 4 INCUUSIYE, DLOCK ‘W OF CARLSEAD, IN TEfE Cm OF Cb.kLGlBAb, COUHTY OF
SAN ZNEGO, STATE OF CALIFDRNIA, ACCORDING TO MAP THEREOF NO+ 535 FJIXD M l’l3.E OFFICE OF
7’EE COWbTY RECORDER OF SAN DIEGO COWNKY, WY 2,188s.
DOROTHY ANN ROSS
Mail Tax S~IUOCOIS LO: SAME AS ABOVE or Addrea Noltd Below
- ----
N?V-N-97 WED 8:55 AM HOUSING & RED,
- Nov-19-97 09:ZlA cTCO-ESCROW
FAX N3. 76072i32ci37 P, 3
P.03
This M for offkii lItmuLl su!,
NOTAAY PUWC
STATE OF ARIZ~A
P ----.* DAWN AEEO f
-
-r
CP
fjov-]g-gT WED 8156 AM HOUSINCI h RED,
- N-v-IQ-97 C1$:21A ‘-TCO-ESCROW
Fki 110. ?6072i12c;37
REcoRDIN l5.mJmm BY FIRSThMERlCANTITLE~i%t.Xk
ANDwmNREc~mM&nTo!
ChRtSBADWDSWCLOFMENTAClPNCY Ana: Debbie Pouritaib 2965 RoomwIt Strut, Str B
Culsb6d, CA ~~~~NtoA~~t~‘UIIL~~IrI~~Y*,
A.P,N+; 263-295-01 and 20349542 Order No.: 1161682-20 Eixo~ No.: 97-399x@
GRANT. DEED
P, 4
P-04
THE UND6XSlONED QUNTOR(c) D&SAR.EO) 7HAT DOCU’MENTARY TRANSFER TAX IS: (IOUNTY $ I 1 cQmouttd on full valut of llrbDPItY c@nYcYcd. or iI c0~c.d on full v&e Id vht-mf l&m-or Mlcumbmces remaining at time of ask, uaincorpratcd aa; [ 1 City of .C!arhbad , aml
FOR A VALUABLE CONSlDEElAnON, Receipt OF which ic hereby rch~wlcdgcd,
MCHARb BAW, ~memicd mol as his sde aad 6eparde prop&y as to PII uhdivldcd 50% istuost; mm ANN ROSS, a married fRoman 8~ her rah and separate property w to an mdtvldcd 50% Interest
hereby Wt.ANT(S) to c-m RlcDmLo~ AGENCY
the khwhg described property in the City of Chrhd, Co~ty of San l.litgo SW of califotia;
LOTS I TEXROUGR 4 INCLUSIVE, BLOCK “K” OF CARLSBAD , lN TEE CITY OFCARLSBAD, COUNTY QF SAN lU&W, S’KA’L’E Ok tAUM’~~lA, AUXUWNIi WJ b%%h’ UWAWX” NO. 535 IlLXD Ih’ m OmC!E OF TIP, COUNTY RECORDER OF SAN DIEGO COWI’Y, MAY 2,1#&
RICHARD BhUER_
DOROTHY ANN RDF
Mail Tax Statemcm 10: SAME AS ABOVE br Address Nucd Below
NOT-19-97 WED 8:56 AM HOUSINI; & RE3.
1 Nov-19-97 09:21A -TCO-ESCROW -
. . , 1
w -.
CERTIFICATION FOR ACCEPTANCE OF DEED
This is to certify that the interest in real property conveyed by the grant deed dated
October 23, 1997, from Richard Batter to the Carlsbad Redevelopment Agency, is hereby
accepted by the Housing and Redevelopment Commission of the City of Car&bad,
California, pursuant to Resolution No. 289, adopted on November 19, 1997, and the grantee
consents to the recordation thereof by its duly authorized officer.
,
DATED: November 19,1997
(SEAL)