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25K - 1019 S BRISTOL
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Last modified
1/3/2012 4:33:08 PM
Creation date
2/27/2008 1:33:54 PM
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City Clerk
Doc Type
Agenda Packet
Item #
25K
Date
3/3/2008
Destruction Year
2013
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year which begins on the date the deed conveying Said Real Property to City is recorded and <br />made uncollectible if unpaid by reason of Section 4986 of the Revenue and Taxation Code of the <br />State of California. All unpaid taxes on Said Real Property for any and all years prior to the <br />fiscal year within which said conveyance is made shall be paid by Sellers before conveyance of <br />Said Real Property to City. <br />6. Payment of Purchase Price. City agrees to pay to Sellers, and Sellers agree to accept <br />from City, as and for the full purchase price for Said Real Property, including severance damages <br />(if any) to which Sellers may be entitled, the total sum of EIGHT HUNDRED SIXTEEN <br />THOUSAND SEVEN HUNDRED NINETY FIVE AND NO/100 DOLLARS ($816,795.00). <br />City agrees to deposit said purchase price in escrow with the Escrow Agent within THIRTY (30) <br />days from and after the date on which the City has approved this PSA, and the Escrow Agent is <br />hereby authorized to pay the same to Sellers upon and after: <br />(a) Conveyance of Said Real Property by Sellers to City as hereinabove provided; <br />(b) Acceptance by City of a Grant Deed conveying Said Real Property to City; <br />(c) Delivery to City of the policy of title insurance as hereinabove provided; <br />(d) Recordation of the Deed conveying Said Real Property to City. <br />Sellers acknowledge and hereby agree that execution of this PSA shall constitute an assignment <br />to Keng Tong Taing and Sing Lor Taing, individuals, and Star Bagel, Inc., a California <br />corporation, dba Star Wok Express ("Tenants") of any and all right, title. and/or interest they may <br />now have, or in the future be entitled to, individually or collectively, as compensation for <br />furniture, fixtures and equipment, bonus value (if any), improvements pertaining to the realty, <br />and/or bonus value or business goodwill (if any) pertaining to the purchase of Said Real Property by <br />City. <br />7. Possession. Sellers agree to deliver to City, on the date the Deed conveying Said Real <br />Property to City is recorded, quiet and peaceful possession of Said Real Property, in accordance <br />with the terms and conditions of the ASA executed by the Parties, attached hereto as Exhibit <br />«C» <br />8. Rental and Occunancy by Sellers. Sellers agree to execute a complete, current and <br />correct statement of rentals (Sellers Estoppel) on a form furnished to Sellers by Buyer and to <br />deliver same to Buyer within fifteen (15) days thereof with copies of any written leases or rental <br />agreements attached. All rents will be prorated as of the close of escrow on the basis of a 30-day <br />month / 360-day year consistent with that statement, subject to approval of Buyer. Sellers hereby <br />agree not to rent any units on the premises which are now vacant, or which may be vacated by the <br />present occupants prior to close of escrow. Sellers agree that any and all tenant security deposits <br />pertaining to the subject property collected by or that are in the possession of Sellers prior to the <br />close of escrow shall be transferred to and become the property of Buyer during escrow. <br />Page 3 of 10 <br />Sellers's Initials <br />25K-6 <br />
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