75D - PH - ACQUISITION 1922 AND 2002 W 5TH ST

Home Browse Search

ORANGE COUNTY TRANSPORTATION AUTHORITY CONFIDENTIAL RIGHT OF WAY CONTRACT information, document contains personal information, and pursuant to Civil Code section 1798.21, it shall be kept confidential in order to protect against unauthorized disclosure. encumbrances, assessments, easements and leases (recorded and/or unrecorded), and taxes. This amount is based on the overall value of the Property Interests in the sum of Two Million Nine Hundred Twenty -Three Thousand Six Hundred Seventy Four Dollars and Zero Cents ($2,923,674.00) less environmental mitigation costs of Six Hundred Eighty -Four Thousand Two Hundred Sixty -Eight Dollars and Zero Cents ($684,268.00) for a rounded fair market value of Two Million Two Hundred Thirty -Nine Thousand Dollars and Zero Cents ($2,239,000.00). (B) OCTA will pay all usual escrow and recording fees incurred in this transaction, and if title insurance is desired by OCTA, the premium charged therefore. Due to OCTA's status as a public entity, no recording fees will be payable (pursuant to Government Code Section 27383) and no documentary transfer tax will be payable (pursuant to Revenue & Taxation Code Section 11922). (C) OCTA shall have the authority to deduct and pay from the amount shown on Clause 2(A) above, any amount necessary to satisfy any bond demands and delinquent taxes due in any year except the year in which this escrow closes, together with penalties and interest thereon, and/or delinquent and unpaid non -delinquent assessments which have become a lien against the Property at the close of escrow. (D) It is agreed and confirmed by the parties hereto that notwithstanding other provisions in this contract, the right of possession and use of the subject property by OCTA, including the right to remove and dispose of improvements, shall commence on the close of escrow controlling this transaction, and that the amount shown in Clause 2 (A) herein includes, but is not limited to, full payment for such possession and use, including damages, if any, from said date. (E) Grantor agrees that the payment described in Clause 2 (A) above shall constitute full and fair compensation for any and all claims that Grantor, and its successors and assigns, may have against OCTA for the acquisition of the Property Interests. (F) It is understood and agreed by and between the parties hereto that payment in Clause 2 (A) above includes, but is not limited to, payment for a fee acquisition of 82,565 SF of land area and all appurtenances on-site, which are being acquired by OCTA in this transaction. (G) It is understood and agreed that payment in Clause 2 (A) above excludes payment for certain Improvements Pertaining to the Realty, which are considered owned by the Grantor and/or the Grantor's lessee, SA Recycling LLC, a Delaware limited liability company ("SA Recycling'), and other unnamed lessees as may later be identified. See attached list of Improvements Pertaining to the Realty, attached hereto and made a part hereof. OCTA proposes to acquire the Improvements Pertaining to Realty for the sum of Four Hundred Twenty -Three Eight Hundred Fifty Dollars and Zero Cents ($423,850.00) upon the execution of an offset statement by Grantor and/or SA Recycling depending on the determination of the true owner of said improvements. (H) Grantor shall retain possession of the property conveyed up to and including the date of recording of the deed conveying title to OCTA upon compliance by the Grantor with the conditions of this contract. All rents and all security money collected by Grantor applicable to any period thereafter shall be paid to OCTA. Either party hereto collecting