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HomeMy WebLinkAboutReso 3-1987 RESOLUTION 3-87 CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION AUTHORIZING THE PURCHASE OF REAL ESTATE - CYPRESS AND MILLER AVENUES AND FOURTH LANE (APN 012-315-076) WHEREAS, Penna Realty, Inc., representing J. D. Debenetti, Jr., et al. has offered for sale the real property located at Cypress and Miller Avenues and Fourth Lane (APN 012-315-076) for $250,000; and WHEREAS, the Parking Place Commission recommends that the City Council purchase the property to meet future parking requirements in the downtown area; and WHEREAS, funds are available from the Parking District for the purchase; NOW, THEREFORE, BE IT RESOLVED by the City Countil of the City of South San Francisco that it approves of the Offer to Purchase, attached and incorp- orated as Exhibit "A" and authorizes the City Manager to execute all necessary documents to complete the purchase of the real estate on behalf of the City. BE IT FURTHER RESOLVED that upon completion of the transaction and the transfer of the deed, the City Clerk is directed to cause recordation of the deed in the manner provided by Civil Code Section 1169 et seq. I hereby certify that the foregoing Resolution was regularly introduced and adopted by the City Council of the City of South San Francisco at aregular meeting held on the 14th day of January , 19 87 by the following vote: AYES: Councilmembers John "Jack" Drago, Richard A. Haffey, Gus Nicolopulos, Roberta Cerri Teglia, and Mark N. Addiego NOES: None ABSENT: None ~ATTEST:~y Cler? ~ [~[] ~"vER'$ [] BORROWER'S First American Title Insurance Com ny MAIN OFFICE: 555 MARSHALL ST. (P.O. BOX 549) * REDWOOD CITY, CA 94064 {415) 367-9050 I/We hand you herewith 1. Read and approved copy of preliminary title report. ' 2. A CASHIER'S CHECK drawn on a California Bahk in the 3. Certificate of Deed Acceptance to be attached to ori; ~/ which you are authorized to deliver and/or record when you have received for m ~, 1. Grant Deed to subject property. and when you can issue your standard coverage form policy of title insurance wit on the property described as per legal description attached. Ass showing title vested in City of South San Francisco Subject to: A LIEN OF SUPPLEMENTAL TAXES WHICH MAY BE ASSESSED AS A RESULT OF REVISED ASSESSED VALUES. 1. Printed exceptions and conditions in said policy. 2. ill all [] 2nd half General and special taxes for fiscal year 19 87 19 88, a lien not yet due or payable. 3. Assessments and/or bonds not delinquent. 4. l~,,~-eptions numbered I through 4 as shown in your preliminary title report dated April 29 ,19 87 i ed in connection with the above order number. Upon consummation of this escrow, you are authorized to disburse in accordance with the following statement. Prorate as of June 3, , 1987' on the basis of a 30 day month. Taxes based on the latest available tax figures. * or upon close of escrow Debits Credits Sales Price 275,000 00 Paid outside of Escrow to Deposit by Encumbrance of Record Loan Trust Fund Assumption Fee New Loan Deed of Trust [] 1st I-'l 2nd l--I 3rd Loan Charges: Loan Fee $ Tax Res. Appsl. Fee $ Ins. Res. Cred. Rept. $ FHA Prem. Int. Est. ~ % Fr To $ ~ Pay Fire Ins. Pram. ._~ ~y Tax Service ~ ~y Taxes [-~ rersonal Property Tax I-'l Pay Assessmenls or Bonds Total E--'I Prorate Taxes Fr. 06-03-87 To07-01-87 on $ 423.22/installment [] Prorate Fire Ins. Fr. To on $ [] Prorate Int. @ % Fr. To on $ f'q Prorate Rent Fr. To on $ 65 80 Draw Doc. $ Not~..'y Fee $ Title Pram. Std. $ 992.50 ALTA $ , 992 50 Escrow $ 485.00 485 O0 Recording $ lO.O0 10 O0 ~..7~, Balance Due [] To Close [] The Undersigned 276,5S3 Totals 276,553 30 276,553 30 These instructions are effective until June 15 , 19 87 and thereafter unl/~s re~,,ke~y w~iften deTand and authoriza- tion satisfactory to you. Incorporated herein and made a part hereof by referenge/'/6re tJa~"~erai/rovisions' and any additional instr,ctions appearing on the ieverse side of this page. CITY OF/S/)UT~SA~ FRA~ISCO Received: .19 /~'/~~~X First American Title Company by: Address By Phone No. ~ 'i I1 I' I Resolution No. 3-87 No C,,r~o,i~a,,a COMMERCIAL PURCHASE AGREEMENT AND DEPOSIT RECEIPT RECEIVED FROM Cit~ of South San Francisco ' evi ed by Cash ~, Personal Check ~, Certified Check ~, Cashier's Check ~, Other ~: ...W.~.~.~.~.~.~. .................. to be deposited in trust upon acceptance of this offer, for the real property situated in the City of South San Francisco . County of San MateD State of Cai i fornia ......................... ~.~....~....~.~.~.~. ........................................................................................................................................................ upon the following TERMS and CONDITIONS: 40% down pa~ent $100,000. Balance of $150,000 to be financed at 8% for ten years. Note: If I.R.S. imputed interest rate remains at 9% in 1987, the City's offer shall be at that rate. City is purchasing under threat of Eminent Domain. City will consider that by Seller selling to the City for parking, it may satisfy some or all parking requirements for Seller's other property located at 200-202 Grand Avenue, already in the Parking District, subject to approval by Parking Commission. *Seller to notify tenant to vacate the property and the City to take possession free of any tenancy. A! NDUM. The following addendum of same date, signed and attached hereto is included in this agreement: Addendum No ...... ..-..-....-_ ......... Addendum No....-...-...-...-.. ......... o~ ........ None..: ........................................................................................ : .................................................................................................................................................................... ENCUMERANCES. In addition to any encumbrances referred to above, Purchaser shall take title to the property subject to: 1) Real Estate Taxes not yet due and 2) Covenants, conditions, restrictions, rights of way and easements of record, if any, which do not materially affect the value or intended use of the property. ]'he amount of any bond or assessment which is a lien shall be [] paid, ~ assumed by ...... C.:~.t.~...~..f.~..S.~.u.~.t.~.h~..S.~.a...n.~.~.F.r..Q~.~l.~C.~i.~S.~.C.~`~.. ........................................................ EXAMINATION OF TITLE. 15 (fifteen) days from date of acceptance hereof are allowed the Purchaser to examine the title to the property and to report in writing any valid objections thereto. Any exceptions to the title which would be disclosed by examination of the records shah be deemed to have been accepted unless reported in writing within said 15 days. If Purchaser objects to any exceptions to the title, Seller shall use due diligence to remove such exceptions at his own expense before Close of Escrow. But if such exceptions cannot be removed before Close of Escrow, all rigi~ts and obligations hereunder may, at the election of the Purchaser, terminate and end, and the deposit shall be returned to Purchaser, unless he elects to purchase the property subject to such exceptions. EVIDENCE OF TITLE in the form of [] a policy of title insurance, L-1 other ..................................... to be paid for by.~C.~.t.y.~...~....f..~...S~...U..t~.h~....S..a..Q.~.F.~?...c]~.~]~.C...i~S.~.C.Q ...... CLOSING. Within ..... 6_0.. days from acceptance both parties shall deposit with an authorized escrow holder all funds and instruments necessary to complete the sale in accordance with the terms hereof. Thereafter, any party, including Agent, may disclose the terms of sale. DEPOSIT INCREASE. The deposit shall be increased to $1.0.,000 ........................ within ....1.5 .......... days from acceptance, in the form of ....... ..W.o..r...r.~..l:)..t. ..................... POSSESSION. Possession shall be delivered to Purchaser: ~ Upon recordation of the deed. [] After recordation, but not later than midnight of ..................................... RISK OF LOSS. Any risk of loss to the property shall be borne by the Seller until tille has been conveyed to the Purchaser. PRORATIONS. Rents, taxes, premiums on insurance acceptable to Purchaser, interest and other expenses of the property to be prorated as of recordation of deed. Security deposits, advance rentals or considerations involving future lease credits shall be credited to Purchaser. NOTICES. By acceptance hereof, Seller warrants that he has no notice of violations relating to the property, from City, County or State agencies. DEPAULT, In the event that Purchaser fails to pay the balance of the purchase price, or to complete the purchase as herein provided, Seller may, subject to any rights of the Agent herein, retain all amounts paid hereunder as damages for the breach of this agreement by Purchaser; provided, however, that Seller may take such action as he deems appropriate to collect such additional damages as may have been actually sustained, and that Purchaser shall have the right to take such action as he deems appropriate to recover such portion of the amounts paid hereunder as may be allowed by law. In the event that Purchaser shall so default, Purchaser agrees to pay to the brokers entitled thereto such commissions as would be payable by Seller in the absence of such default. Purchaser's obligation to said brokers shall be in addition to any rights which said brokers [nay have against Sailer in the event of default. In the event legal action is instituted by any party to this agreement to enforce the terms of this agreement, or arising out of the execution of this a~reement or the sale, the prevailin~ party shall be entitled to receive from the other party a reasonable attorney fee to be determined by the court in which such action is brought. P~"'".VlSIONS ON THE REVERSE SIDE. The provisions prin[ed on the reverse side hereof which are initialed below by Purchaser are included in this agreement: 1, INCOME AND EXPENSE STATEMENT ..... 3. CHANGES DURING TRANSACTION ....... 5. OPERATING PERMIT 2, EXISTING LEASES part as condit:i.OI:!4, PERSONAL PROPERTY IF FURNISHED INCOME UNITS ....... 6. PERMIT OF OCCUPANCY ........ 7. CONTINGENCY RELEASE CLAUSE. Subject to sale of Purchaser's real property commonly known as ............................................................................................... EXPIRATION. This offer shall expire unless a copy hereof with Seller's written acceptance is delivered to Purchaser or his Agent within ..... ].0. ............. days from date. TIME. Time is of the essence of this agreement. The undersigned Purchaser hereby acknowledges receipt of a copy hereof and acknowledges further that he has not received or relied upon any statements or representations by the undersigned Agent. which are not herein expressed, including any statements or representations regarding the effect of this transaction upon purchaser's fax liability. ....................................................................................................................................... Agent DATED: ................................................................ TIME: ........................................ By ..................................................................................................................................................................................................... : ................................................................. Purchaser ...................................................................................................................................... Broker ........................................................................................................................... Purchaser ACCEPTANCE The undersigned Seller accepts the foregoin~ offer and agrees to sell the herein described property for the price and on the terms and conditions herein specified includ- in~ the provisions on the reverse side init/aled above by Purchaser, COMMISSION. Seller hereby agrees to pay to ........................................................................................................ the A.~ent in this transaction ................. % of the sale price for services rendered. In the event that Purchaser defaults and fails to complete the sale, the A~ent shall be entitled ~o receive one*half of Purchaser's deposit, bu~ not more than the commission earned, without preiudice to Agent's rights to recover ~he balance of ~he commission from Purchaser. The mutual rescission of this agreement by Purchaser and Seller shall no~ relieve said parties of their obligations to Agent hereunder. In the event legal action is instituted to collect this commission, or any portion thereo[ Seller agrees to pay the Agent such additional sum as the court may adjudge reasonable for attorney fees. This agreement shall not limit the rights of Agent provided for in any listing or other agreement which may be in effect between Seller and Agent, excep~ that the amount of the commission shall be as specified herein. T~e undersigned Seller hereby acknowledges receipt of a copy hereof, DATED: ................................................................ TI~E: ........................................ .................. :,-~. ......................................................................................... Agent ......................................................................................................................................................... Seller ~ ................................................................................................................................................................................................................................... Seller ~ffiO FORM 101 -C (S-2;.79) ~ COPYRIGIIT, 1~74. 1978 BY PROFESSIONAL PUBLISHING CORP.. 122 PAUL DRIVE. SAN RAFAEL. CALIFORNIA 94B03 ~ ~0~ I WHEN WRITING ON THIS SIDE OF THE SHEET CARBON PAPER MUST RE USED TO MARE COPIES 1. INCOME AND EXPENSE STATEMENT. Seller shall furnish Purchaser with a true and complete statement of rental income and expenses within five (5) days of acceptance hereof. Purchaser shall be deemed to have approved said statement unless notice to the contrary is delivered to Seller or Seller's agent within five (5) days of receipt by Purchaser. 2. ~rXISTING LEASES. Purchaser to take title st:bject to the existing lease (leases) to be delivered to Purchaser within five (5) days of acceptance hereof. Purchaser shall be deemed to have approved said lease (leases) unless notice to the contrary is delivered to Seller or Seller's agent within five (5) days of receipt by Purchaser. 3. CHANGES DURING TRANSACTION. During the pendency of this transaction the Seller agrees that no changes in the existing leases shall be made, nor new leases entered into, nor shall any substantial alterations or repairs be made or undertaken without the written consent of the Purchaser. 4. PERSONAL PROPERTT IN FURNISHED INCOME UNITS. The sales price includes all furniture and furnishings and any other personal property owned by seller and used in the operation of said ~eal property per attached sipped inventory. This inventory has been made an integral part of this agreement prior to its execution by both parties. Said persona] property to be transferred by Warranty Bill of Sale in favor of purchaser at close of escrow. 5. OPERATING PERMIT. Seller werrants that aa Operating Permit for ~e property is in 6. PERMIT OF OCCUPANCT. Seller wa.lilts ~hat a Permit of Occupancy for the property is in effed. 7. ,NTINGENCY-RELEASE CLAUSE. Subject to the sale and conveyance of Purchaser's real property described herein within the lime specified for closing of Sc s property. Seller shall have the ri~t to continue to offer the herein property for sale and to accept offers subject to the ri~ts of Purchaser. Should Seller accept su....m offer, then Purchaser shall be given written notice of such acceptance. In the event Pmchaser will not waive the within condition in writing within three (3) calendar days of receipt of such notice, then this agreement shall be terminated and all deposits be returned to Purchaser. Said notice may be personally delivered or mailed by certified mail and addressed to Purchaser, in care of his agent identified berm. In the event of mailing, such notice shall be deemed to have been given on the date following the date of mailin~ evidenced by Ihe postmark on the envelope containing such notice. The undersigned Purchaser hereby acknowledges receipt of a copy of the accepted agreement on the reverse side. Date ............................................................................. Time .................................................................................. ......................................................................................................................... Purchaser ........................................................................................................................... Purchaser Purch;].~er':~ address ................................................................................................................................ City ................................................ Zip ......................... Phone ...........................