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25N - PURCHASE AGMT 605 S BRISTOL
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25N - PURCHASE AGMT 605 S BRISTOL
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1/3/2012 4:30:52 PM
Creation date
5/28/2008 11:51:24 AM
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City Clerk
Doc Type
Agenda Packet
Item #
25N
Date
6/2/2008
Destruction Year
2013
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encumbrances (whether monetary or non-monetary, general or specific, and including any and <br />all leasehold interests), liens, clouds or defects in title, excepting such specific ones as city may <br />hereinafter expressly agree to take subject to. Acceptance by City of any such policy of <br />insurance, whether such insurance complies with the requirements of this paragraph or not, <br />shall not constitute a waiver by City of its right to such insurance as is herein required of Se}ler, <br />nor a waiver by the City of any rights of action for damages or any other rights which may <br />accrue to City by reason of the failure of Seller to convey title or to provide title insurance as <br />required in this PSA. <br />4. Escrow. City agrees to open an escrow at the office of First American Title Insurance <br />Company, 2 First American Way, Santa Ana, Califomia, (hereinafter "Escrow Agent") within five <br />(5) days from and after the date on which the City has approved this PSA. This PSA <br />constitutes the joint escrow instructions of the City and the Seller and a duplicate original of this <br />PSA shall be delivered to the Escrow Agent upon the opening of the escrow. Escrow is to close <br />within 120 days after Owner's execution of this PSA, but in any event, not later than September <br />30, 2008. <br />Escrow Agent is empowered to act under this PSA and upon indicating its acceptance of this <br />Section 4 and of the General Provisions described in Exhibit "B" attached hereto and <br />incorporated herein by this reference, in writing, delivered to the City and to the Seller within five <br />(5) days after delivery of this PSA shall carry out its duties as Escrow Agent hereunder. <br />City agrees to bear, and Escrow Agent is hereby authorized to charge to the City, the cost of <br />any transfer taxes, recording fees, cost of title insurance, reconveyance fees, document <br />preparation fees, escrow fees and any other closing costs incidental to the conveying of Said <br />Real Property to City. Penalties for prepayment of bona fide obligations secured by any <br />existing deed of trust or mortgage shall be waived pursuant to Civil Code Procedures Section <br />1265.240. <br />The liability of Escrow Agent under this PSA is limited to performance of the obligations <br />imposed upon it under Section 4, Section 6, Section 11 and Exhibit "B" of the General <br />Provisions of this PSA. <br />5. Property Taxes. Such real property taxes, if any, on Said Real Property for the fiscal <br />year within which Said Real Property is conveyed to City as are unpaid at the time of said <br />conveyance shall be cleared and paid in accordance with the provisions of Section 4986 of the <br />Revenue and Taxation Code of the State of California. Seller shall be eligible for a refund <br />under Section 5096.7 of the Revenue and Taxation Code of the State of California for that <br />portion of property taxes on Said Real Property for said fiscal year which have been paid prior <br />to the date the deed conveying Said Real Property to City is recorded which is allocable to that <br />portion of the fiscal year which begins on the date the deed conveying Said Real Property to <br />City is recorded and made uncollectible if unpaid by reason of Section 4986 of the Revenue <br />and Taxation Code of the State of California. All unpaid taxes on Said Real Property for any <br />and all years prior to the fiscal year within which said conveyance is made shall be paid by <br />Seller before conveyance of Said Real Property to City. <br />6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept <br />from City, as and for the full purchase price for Said Real Property, including fixtures & <br />equipment (improvements pertaining to the realty), goodwill (if any), severance damages (if any), <br />and bonus value (if any), the total cash sum of ONE HUNDRED THIRTY ONE THOUSAND <br />Page 2 of 9 <br />Seller's Initials <br />25N-6 <br />
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