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HomeMy WebLinkAboutCivic Center Partners - 1993-12-201 I r � A REQUEST FOR REDEVELOPMENT AGEivCY ACTION ED 93-52 Date: December 20, 1993 Submitted to: Honorable Chairman and Redevelopment Agency Members Submitted by: -Ray Silver; Y t:,:`=, Executive DirectorA oF-i Prepared by: Barbara A. Kaiser, Deputy City Administrator/Economic Development Subject: PURCHASE AGREEMENT--YORKTOWN-LAKE SITE APPROVED BY CITY Ciili Consistent with Council Policy? [ ] Yes [ ] New Policy or Exception 1921 Statement of Issue, Recommendation, Analysis, Funding Sourt*, Alternative c`r1y(:LIRK STATEMENT OF ISSUE: The Redevelopment Agency directed staff to proceed with negotiations and the preparation of an agreement to acquire five single family lots within the Yorktown -Lake Redevelopment Project area. Negotiations have been completed and a Purchase Sale Agreement has been prepared for consideration by the Agency. RECOMMENDED AGENCY ACTION: 1. Approve Resolution No. o SQ approving the Purchase Sale Agreement between the Agency and Civic Center Partners to acquire Lots 1-5 of Tract No. 13920 (located at Yorktown and Lake) and authorizing Agency officials to execute documents as required. 2. Authorize the appropriation of $885,000 to purchase the property as indicated above for the development of affordable senior citizen housing. ANALYSIS: For approximately one year staff has been negotiating for acquisition of the subject property for use as a senior citizen housing site. At its meeting of Monday, December 6, 1993, the Agency members directed staff to conclude negotiations on the terms presented and return with a Purchase Sale Agreement at the Agency's meeting of December 20, 1993. Such agreement is attached and the business points are summarized bei'ow. • The Agreement is between the Redevelopment Agency and Civic Center Partners. • The Agency will purchase five single family lots at the southeast corner of Yorktown and Lake. ♦ The price is $885,000 for the 32,683 Sq. Ft. site. / RCA ED 93-52 December 20, 1993 Page two • The property will be used for construction of up to 25 senior housing units (13 minimum required) subject to the normal entitlement process of the city. • The sale is for property in an "as is" condition. Seller has provided soils/hazardous material studies to the Agency and the Fire Department has determined that the site is "clean" (see attached letter). ♦ The Agency's responsible for meeting remaining Conditional Use Permit conditions on the project (such as alley construction and installation of a bronze plaque). • An $88,500 deposit will be placed into escrow upon opening of escrow and will also be used as Liquidated Damages if the Agency fails to perform. ♦ The Agency is required to secure seller review of the senior housing design at the appropriate time. • The Agency will reimburse the seller for park and recreation fees already paid. • Approval of entitlements are the sole responsibility of the Agency. The Agency's interest in acquisition of this parcel is to comply with the California Health and Safety Code requirements which stipulate that the Redevelopment Agency is responsible for assuring that fifteen percent of all privately developed units and thirty percent of all Agency developed units within the project area are affordable. The minimum number of units necessary to be developed to meet the requirements of the Code for the Yorktown -Lake Project area is thirteen. The Agency does receive affordable housing credits for any units developed above thirteen. The benefits of the Agency acquisition of the site include the following: 1. The project is consistent with the adopted Agency Housing Policy; 2. The residential units will be affordable to very low and low income senior citizen households; 3. The site is available now on a willing seller basis and no displacement of current occupants will occur; 4. The development would meet Agency obligations for affordable units in the Yorktown -Lake Project area; 5. The development of this site avoids the 2 to 1 requirements for units developed outside a project area; RCA ED 93-52 December 20, 1993 Page three 6. The price per unit to acquire the property is relatively low ($35,000 Q 25 units); and 7. The project may be eligible for future federal programs that could include partial reimbursement for land. Attached is a Summary of Production Housing Obligations for the five project areas and a sample of per unit subsidy for various housing types. FUNDING SOURCE: Redevelopment Housing Set Aside Funds ALTERNATIVE ACTIONS: Do not approve the attached agreement. This will require that the Agency pursue other alternatives to meet the housing obligations created in the Yorktown -Lake Project area. ATTACHMENTS: 1. Summary of Redevelopment Housing Obligations 2. Subsidy by Housing Type 3. Purchase Sale Agreement 4. Fiscal Impact Statement 5. Fire Department Memo MTUIBAKISVK:jar 869j 0 FIRST AMERICAN TITLE INSURANCE COMPANY 114 EAST FIFTH STREET SANTA ANA, CALIFORNIA 92701 (714) 558-3211 (FAX 714-647-2149) October 11, 1995 City of HB Redevelopment Agency of The City of HB 2000 Main street Huntington Beach, California 92648 Attn: Linda Suraci Gentlemen Re: Escrow No. 1594182R Seller: Civic Center Partners Yorktown Avenue & Lake Street In reference to the above numbered escrow, please find enclosed a certified copy of the Purchase Agreement as requested. Please be advised that we also certified the License Agreement attached as Exhibit "B" to the Purchase and Sale Agreement since we currently have the original in our file. If you have any questions regarding the above, please do not hesitate to contact the undersigned. �- �A C�-.M-T Toni Rice Senior Escrow Officer National Accounts TR:It enc. RECEIVED 70 DEPARTMENT QE ECONOMIC DEVELOPMENT • �'�f' I G i NR � r: - PURCHASE SALE AGREEMENT -' _TjJ1!e, Escrow No. 15 J `i } � ("Escrow") Title Insurance Company Escrow Officer; ► 0.1- Lc_ ("Escrow Holder") Opening of Escrow_L_ tA-.`L�� date THIS PURCHASE SALE AGREEMENT ("Agreement") is made this -�c3_ day of P��r-.,�..! _, 1993, by and between CIVIC CENTER PARTNERS, a California general partnership ("Seller"), and the REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, a public, corporate instrumentality of the State of California ("Buyer" or "Agency"). R E C I T A L S Q. A. Seller is the owner of that certain real property located in the City of Huntington Beach, County of Orange, State of California commonly known as the corner of Yorktown Avenue and Lake Street, more particularly described in Exhibit "A", attached hereto and incorporated herein by this reference (the "Land"), together with the improvements located on the Land (the "Improvements"). The Land, together with the Improvements, are hereinafter collectively referred to as the "Property" or "Conveyance Parcel". B. Buyer desires to purchase, and Seller desires to sell, the Property subject to the terms and provisions contained herein. WE HEREBY CERTIFY THIS TO BE A TRITE AND CORRECT COPY Rm Ama TI1w WM 9793SCLjn 1 BY. C. The purchase of the property will be of benefit to the Yorktown -Lake Redevelopment Project Area by providing land sufficient for the future development of affordable housing units to meet state law requirements for the same. NOW, THEREFORE, in consideration of the foregoing recitals and the covenants and conditions contained herein and in the other documents referred to herein relating to the purchase and sale of the Property, and other valuable consideration, the receipt of which are hereby acknowledged, Buyer and Seller agree to the following: 1. PARTIES TO THE AGREEMENT A. Buyer/Agency The Agency is a public body, corporate and politic, exercising governmental functions and powers and organized and existing under Chapter 1 of the Community Redevelopment Law of the State of California. The principal office of the Agency is located at the Civic Center, 2000 Main Street, Huntington Beach, CA 92648 B. Seller/Partnership The Partnership is CIVIC CENTER PARTNERS, a California general partnership. The address of the partnership is 1941 Lake Street, Huntington Beach, CA 92648. 2. REPRESENTATIONS AND WARRANTIES OF THE PARTIES A. The Seller represents and warrants to the Agency as follows: 9793SCLjn 2 (a) The Seller has duly authorized, executed and delivered this Agreement and any and all other agreements and documents required to be executed and delivered by Seller in order to carry out, give effect to, and consummate the transactions contemplated by this Agreement. (b) Except for those obligations approved in writing by the Agency, Seller does not have any material contingent obligations or any material contractual agreements which could materially adversely affect the ability of the Seller to carry out its obligations hereunder. (c) There are no known material pending or, so far as is known to the Seller, threatened, legal proceedings to which the Seller is or may be made a party to or which any of its property is or may become subject, which has not been fully disclosed in the material submitted to the Agency.which could materially adversely affect the ability of the Seller to carry out its obligations hereunder. (d) There is no action or proceeding pending or, to the Seller's best knowledge, threatened, looking toward the dissolution or liquidation of the partnership and there is no action or proceeding pending or, to the Seller's best knowledge, threatened by or against the Seller which could affect the validity and enforceability of the terms of this Agreement, or materially and adversely affect the ability of the Seller to carry out its obligations hereunder. 9793SCLjn 3 (e) The Seller has performed all of its obligations to be performed at or prior to the date of Seller's execution of the Agreement in accordance with this Agreement and is not in default hereunder. Each of the foregoing items (a) to (e), inclusive shall be deemed to be an ongoing representation and warranty. Seller shall advise the Agency in writing if there is any change pertaining to any matters set forth or referenced in the foregoing items. H. The Agency warrants and represents to the Seller as follows: (a) The Agency has duly authorized, executed and delivered this Agreement and any and all other agreements and documents required to be executed and delivered by the Agency in order to carry out, give effect to, and consummate the transactions contemplated by this Agreement. (b) The Agency does not have any known material contingent obligations or any known material contractual agreements which could materially adversely affect the ability of the Agency to carry out its obligations hereunder. (c) There are no known material pending or threatened, legal proceedings to which the Agency is or may be made a party or to which any of its property is or may become subject, which has not been fully disclosed in the 9793SCtjn 4 material submitted to the Buyer which could materially adversely affect the ability of the Agency to carry out is obligations hereunder. (d) There is no action or proceeding pending or, to the Agency's best knowledge, threatened, looking toward the dissolution or liquidation of the Agency and there is no action or proceeding pending or, to the Agency's best knowledge, threatened by or against the Agency which could affect the validity and enforceability of the terms of this Agreement, or materially and adversely affect the ability of the Agency to carry out its obligations hereunder. (e) The Agency has performed all of its obligations to be performed at or prior to the date of Agency's execution of the Agreement in accordance with this Agreement and is not in default hereunder. Each of the foregoing items (a) to (e), inclusive shall be deemed to be an ongoing representation and warranty. The Agency shall advise the Seller in writing if there is any change pertaining to any matters set forth or referenced in the foregoing items. 3. PURCHASE AND SALE Subject to the terms and conditions of this agreement, CIVIC CENTER PARTNERS hereby agrees to sell the property to the Agency and the Agency shall purchase the property from CIVIC CENTER PARTNERS. 9793SCLjn 5 4. PURCHASE PRICE The purchase price (the "Purchase Price") for the Property shall be Eight Hundred Eighty -Five Thousand Dollars ($885,000). Seller and Buyer intend and agree that the Purchase Price to be paid by Buyer to Seller hereunder includes compensation for the Land and Improvements, and all other interests of whatever kind and nature which exist or may arise out of the Buyer's acquisition of the Property for redevelopment or any other purpose; provided that Seller shall have the right to remove, prior to close of escrow, any personal property, furnishings, fixtures and equipment which may be on the property with the exception of one sign and other property which is the subject of a license agreement between the parties hereto and is hereby incorporated and attached as Exhibit "B". 5. PAYMENT OF PURCHASE PRICE The Purchase Price shall be paid as follows: A. Buyer shall deliver to Escrow Holder, upon the opening of Escrow, in immediately available funds in the form of cash or a certified check, the sum of Eighty -Eight Thousand Five -Hundred Dollars ($88,500) ("Buyer's Deposit"). B. Buyer shall deliver to Escrow Holder, five working days prior to the close of Escrow, in immediately available funds in the form of cash or a certified check, the sum of Seven Hundred Ninety -Six Thousand Five Hundred Dollars ($796,500). 6. ESCROW References in this Agreement to the "Opening of Escrow" shall mean the date upon which a copy of this Agreement, signed 9793SCLjn 6 C J • by both parties, is deposited with Escrow Holder. The Opening of Escrow shall occur within fifteen (15) days of Agency approval of this Agreement, provided that Buyer and Seller may mutually agree to extend the time period for Opening of Escrow. Escrow Holder will notify both parties when Escrow has opened. By such deposit, Escrow Holder is hereby authorized and instructed to act in accordance with the provisions of this Agreement. Buyer and Seller shall each deposit such other instruments acz are reasonably necessary to close Escrow and complete the sale and purchase of the Property in accordance with the terms of this Agreement. The rights and obligations of each party set forth in this Agreement and agreed to be undertaken by each party are made in and under the terms of this Agreement independent of Escrow. If any requirements relating to the duty of the Escrow Holder under this Agreement are not reasonably acceptable to the Escrow Holder, or if Escrow Holder determines that it requires additional instructions in order to perform its duties hereunder, the parties agree to make such deletions, substitutions and additions to these escrow instructions as may be mutually agreed upon by the parties provided such deletions, substitutions and additions do not substantially change the Agreement or its intent. 7. CLOSE OF ESCROW Escrow shall close within thirty days from the opening date, provided that Buyer and Seller may mutually agree to extend the time period for the Close of Escrow. 9793SCLjn 7 For purpose of this Agreement, the "Close of Escrow" shall mean the date Seller's Grant Deed, as defined herein, is filed for recordation with the Recorder of Orange County, California. If Escrow should fail to close because of the failure of Buyer to comply with its obligations under this Agreement, the costs of Escrow to the date Escrow is terminated shall be paid by Buyer. If Escrow should fail to close because of the failure of Seller to comply with its obligations under this Agreement, the costs of Escrow to the date Escrow is terminated shall be paid by Seller. If Escrow should fail to close for any other reason, the costs of Escrow and of terminating the Escrow shall be paid equally by both parties. $. QQSTS__ANP PRORATIONS A. Prorptigns. Escrow Holder shall prorate the real property taxes affecting the Property between Seller and Buyer as of the Close of Escrow based upon the latest available tax bill. The parties agree that if such prorations are inaccurate due to the fact that the latest available tax bill does not represent the taxes actually assessed, the parties will, as soon as tax bills actually covering the period during which the Close of Escrow takes place are available, make such further adjustments outside of Escrow as may be appropriate. B. Al1oGation_of £Scrow Fg s,_Closing Cost and _Recordinc� Fees, The costs associated with the closing and escrow fees shall be apportioned as follows: (a) Es�Lr ow Qarges. Buyer shall pay one-half of the escrow fee and all of Escrow Holder's customary 9793SCLjn 8 0 -i charges to buyers for document drafting, recording and miscellaneous charges. Seller shall pay one-half of the escrow fee, all of Escrow Holder's customary charges to sellers for document drafting and charges incurred by Escrow Holder on Seller's behalf. (b) Titlg Insura gQ premiums. Seller shall pay the cost of a CLTA Owner's Title Insurance policy. If Buyer elects to obtain an extended coverage ALTA Owner's Title Insurance policy, Buyer shall pay the additional title charges to obtain the extended coverage. Buyer shall be responsible for obtaining and paying the cost of any ALTA survey required to obtain extended coverage. (c) Transfer Taxgs. Seller shall pay all city and county transfer taxes and Buyer shall pay all sales taxes due against any portion of the Property subject to sales tax. (d) Other Closing C sts.. All other closing costs shall be allocated between the parties in accordance with custom and usage in Orange County. 9. BUYER'S CONDITIONS PRECEDENT TO CLOSING The obligation of Buyer to complete the purchase and sale of.the Property is subject to satisfaction of the conditions set forth below at or prior to the Closing Date: A. Seller shall deliver through escrow (i) an executed and recordable grant deed in the form of Exhibit "C" attached hereto and incorporated herein by this reference, sufficient: to 9793SCLjn 9 0 i convey title to Buyer (the "Grant Deed"), subject only to the matters described in Section (c), below, and all other documents referenced in this Agreement. B. Seller is not in default in any of its obligations under the terms of this Agreement, and all of Seller's representations and warranties contained herein shall be true and correct in all respects. C. Escrow Holder has committed to deliver to Buyer an extended coverage CLTA Owner's Policy of Title Insurance dated as of the Close of Escrow, insuring Buyer in an amount equal to the Purchase Price, and showing title to the Land vested in Buyer subject only to: (a) Current real property taxes and all unpaid general and special bonds or assessments; (b) The printed exceptions contained in said title insurance policy; (c) All exceptions shown in the preliminary title report prepared by Escrow Holder and delivered to Buyer, unless Buyer reasonably objects to any such exception(s) within ten (10) days of delivery of such report to Buyer, in which case Seller shall either remove such exception(s) prior to the close of escrow or terminate this escrow upon ten (10) days written notice to Buyer; and (d) Any matter suffered, approved or created by Buyer. 9793SCLj n 10 0 0 10. SELLER'S ONDIT N PRECEDENT TO CLOSING The obligation of Seller to complete the purchase and sale of the Property is subject to the satisfaction of the conditions set forth below at or prior to Close of Escrow. A. Buyer is not in default in any of its obligations under the terms of this Agreement, and all Buyer's representations and warranties contained herein shall be true and correct in all respects. B. Buyer shall have deposited with Escrow Holder immediately available funds in an amount sufficient to cover Buyer's Deposit, the Purchase Price, and Buyer's share of prorations and costs described herein. C. This Agreement and each of the documents required to be prepared pursuant to this Agreement shall have been executed by Buyer and delivered to Escrow Holder. 11. CONDIT10N OF THE SITE Except as otherwise provided in this Agreement, Seller makes no representations or warranties as to the physical condition of the Property or in connection with any matter relating to its condition, value, fitness, use or zoning which Buyer has relied upon directly or indirectly. Further, except as otherwise provided in this Agreement, Seller makes no representation or warranty as to any operative or proposed governmental laws and regulations (including but not limited to zoning, environmental and land use laws and regulations) to 9793SCLjn 11 i -* which the Property may be subject. Buyer acknowledges that the purchase of the Property will be on the basis of Buyer's independent review of environmental assessment materials provided by Seller, physical investigations made by Buyer, if any, and the operative or proposed governmental laws and regulations, (including but not limited to zoning, environmental and land use laws and regulations) affecting or applicable to the Property. Buyer understands and acknowledges that the Property has been used for many years as an oil production field and automotive repair shops. Oil and other hydrocarbon products of a possibly hazardous nature may be present, and Buyer understands that Seller does not currently have the requisite information to determine the exact nature or condition of the Property nor the effect any such use has had on the physical condition of the Property. The Property also may contain buried pipelines, oil production facilities and equipment, the locations of which cannot now be determined. Seller shall disclose to Buyer all material findings of which it is currently aware or becomes aware prior to the Closing Date, with respect to the physical condition of the Property. As used herein, "material" shall mean all substantive findings that would influence or tend to influence Buyer's decision to acquire the Property. Except for matters arising from or attributable to a material finding known to Seller and not 9793 SCT,j n 12 disclosed to Buyer, Buyer will acquire the property in an "AS IS" condition. Buyer assumes the risk that the applicability and effect of such governmental laws and regulations may not have been revealed by Buyer's investigation. Nothing herein shall preclude Buyer from taking any legal action necessary to effect site remediation in the future, should the presence of hazardous material be discovered. "Hazardous material" shall mean any substance of any form, the existence of which shall preclude development on account of any local, state or federal environmental law, regulation or requirement. 12. ESQRQW MOLDER'S INSIRQCTIONS At such time as (i) the conditions precedent to Close of Escrow have been satisfied or waived, (ii) Escrow Holder is prepared to issue the title policy described in Section 9(c) above, and (iii) Escrow Holder has received the documents and funds specified in Sections 4 and 5 above, Escrow Holder shall: a) record the grant deed in the Office of the County Recorder of Orange County, California; (b) deliver to Seller funds in an amount which represents the balance of the purchase price of Eight Hundred Eighty -Five Thousand Dollars ($885,000) less proration of taxes and any existing encumbrances. 13. $ JURVI"BILITY All covenants of Buyer and Seller which are expressly intended hereunder to be performed in whole or in part after the Close of Escrow, and all representations, warranties and indemnities by either party to the other, shall survive the 9793SCLjn 13 Close of Escrow and be binding upon and inure to the benefit of the respective parties hereto and their respective heirs, successors and permitted assigns. Any agreements, understandings, warranties or representations not expressly contained herein shall in no way bind either Seller or Buyer. Seller and Buyer each expressly waives any right of rescission and all claims for damages by reason of any statement, representation, warranty, promise and/or agreement, if any, not contained in or attached to this Agreement. 14. BROKER'S C MMIS I N Neither the Seller nor the Buyer shall be liable for any real estate commissions or brokerage fees which may arise herefrom. The Seller and the Buyer each represents that it has not engaged any broker, agent or finder in connection with this transaction, and each agrees to defend, indemnify and hold harmless the other parties from and against any claim with respect to such commissions based upon the acts of such party. 15. WAIVER, CONSENT AND REMEDIES Each provision of this Agreement to be performed by Buyer and Seller shall be deemed both a covenant and a condition and shall be a material consideration for Seller's and Buyer's performance hereunder, as appropriate, and any breach thereof by Buyer or Seller shall be deemed a material default hereunder. Each party may specifically and expressly waive in writing any portion of this Agreement or any breach thereof, but no such waiver shall constitute a further or continuing waiver of a preceding or succeeding breach of the same or any other provision. A waiving party may at any time thereafter 9793SCLjn 14 • require further compliance by the other party with any breach or provision so waived. The consent by one party to any act by the other for which such consent was required shall not be deemed to imply consent or waiver of the necessity of obtaining such consent for the same or any similar acts in the future. No waiver or consent shall be implied from silence or any failure of a party to act, except as otherwise specified in this Agreement. All rights, remedies, undertakings, obligations, options, covenants, conditions and agreements contained in this Agreement shall be cumulative and no one of them shall be exclusive of any other. Except as otherwise specified herein, either party hereto may pursue any one or more of its rights, options or remedies hereunder of may seek damages or specific performance in the event of the other party's breach hereunder, or may pursue any other remedy at law or equity, whether or not stated in this Agreement. 16. NQTICE Any notice, request, demand, consent, approval or other communication required or permitted hereunder or by law shall be validly given or made only if in writing and delivered in person to an officer or duly authorized representative of the other party or deposited in the United States mail, duly certified or registered (return receipt requested), postage prepaid, and addressed to the party for whom intended, as follows: 9793SCL3n 15 If to Buyer: Redevelopment Agency of the City of Huntington Beach Michael T. Uberuaga, Executive Director 2000 Main Street Huntington Beach, CA 92648 If to Seller: Civic Center Partners 1941 Lake Street Huntington Beach, CA 92648 Attn: Mr. J. M. Martin with a copy to: Pacific Coast Homes 23 Corporate Plaza, Suite 250 Newport Beach, CA 92660-7912 Attn: Legal Department Any party may from time to time, by written notice to the other, designate a different address which shall be substituted for that specified above. If any notice or other document is sent by mail as aforesaid, the same shall be deemed fully delivered and received forty --eight (48) hours after mailing as provided above. 17. CENDER_AND NUMBER In this Agreement (unless the context requires otherwise), the masculine, feminine and neuter genders and the singular and the plural shall be deemed to include one another, as appropriate. 18. NONDISCRIMINATION A. The Buyer covenants by and for itself and any successors -in -interest that there shall be no discrimination against or segregation of any person or group of persons on 9793SCLjn 16 i 0 account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer or use, occupancy, tenure or enjoyment of the property, nor shall the Buyer itself or any person claiming under or through it establish or permit any such practice or practices of discrimination or segregation with reference to the section, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the property. The foregoing covenants shall run with the land. B. The Buyer shall refrain from restricting the rental, sale or lease of the property on the basis of race, color, creed, religion, sex, marital status, national origin or ancestry of any person. All such deeds, leases or contracts shall contain or be subject to substantially the following nondiscrimination or nonsegregation clauses: (a) In deeds: "The grantee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the grantee himself or herself or any person claiming under or through him or her, 9793SCLjn 17 0 i establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants shall run with the land." (b) In leases: "The lessee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through him or her, and this lease is made and accepted upon and subject to the following conditions: "There shall be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, marital status, ancestry or national origin in the leasing, subleasing, transferring, use, occupancy, tenure or enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, sublessees, subtenants, or vendees in the premises herein leased." 9793SCLjn 1.8 (c) In contracts: "There shall be no discrimination against or segregation of, any person, or group of persons on account of race, color, creed, religion, sex, marital status, ancestry or national origin, in the sale, lease, sublease, use, occupancy, tenure or enjoyment of the premises, nor shall the transferee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the premises." (d) The covenants established in this Agreement and the deeds of conveyance for the property shall, without regard to technical classification and designation, be binding upon the Agency, its successors and assigns, the City and any successor -in -interest to the property, together with any property acquired by the Agency pursuant to this Agreement, or any part thereof. The covenants against discrimination shall remain in effect in perpetuity. 19. ENTI RE_ AGREEMENT This Agreement and its exhibits constitute the entire agreement between the parties hereto pertaining to the subject matter hereof, and the final, complete and exclusive expression of the terms and conditions thereof. All prior agreements, representations, negotiations and understanding of the parties 9793SCLjn 19 !9 • hereto, oral or written, express or implied, are hereby superseded and merged herein. 20. CAPTIONS The captions used herein are for convenience only and are not a part of this Agreement and do not in any way limit or amplify the terms and provisions hereof. 21. GOVERNING LAW This Agreement and the exhibits attached hereto have been negotiated and executed in the State of California and shall be governed by and construed under the laws of the State of California. 22. CON_ FLICJS OF INTEREST No member, official or employee of the Agency shall have any personal interest, direct or indirect, in this Agreement, nor shall any member, official or employee participate in any decision relating to the Agreement which affects his personal interests or the interests of any corporation, partnership or association in which he is directly or indirectly interested. The Buyer warrants that it has not paid nor given, and will not pay nor give, any third party any money or other consideration for obtaining this Agreement. Conflicts of interest relating to this Agreement are strictly prohibited. Except as otherwise expressly provided herein, neither Buyer nor any director, employee or agent of Buyer shall give to or receive from any director, employee or 9793SCLjn 20 i • agent of Seller any gift, entertainment or other favor of significant value, or any commission, fee or rebate. Likewise, neither Buyer nor any director, employee or agent of Buyer shall enter into any business relationship with any director, employee or agent of Seller (or of any affiliate of Seller), unless such person is acting for or on behalf of Seller, without prior written notification thereof to Seller. 23. INVALIDITY OF PROVISION If any provision of this Agreement is applied to either party or to any circumstance shall be adjudged by a court of competent jurisdiction to be void or unenforceable for any reason, the same shall in no way affect (to the maximum extent permissible by law) any other provision of this Agreement, the application of any such provision under circumstances different from those adjudicated by the court, or the validity of enforceability of this Agreement as a whole. 24. AMENDMENTS No addition to or modification of any provision contained in this Agreement shall be effective unless fully set forth in writing and executed by both Buyer and Seller. 25. COUNTERPAR-'S This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 9793SCLjn 21 26. GENERAL PROVISIONS APPLICABLE TQ ESCROW (a) All disbursements shall be made by check of the Escrow Agent. All funds received in this escrow shall be deposited in one or more general escrow accounts with any bank doing business in the State of California and may be transferred to any other general escrow account or accounts. Recordation of any instruments delivered through this escrow, if necessary or proper in the issuance of the Buyer's Title Policy is hereby authorized. (b) The parties to this escrow jointly and severally agree to pay all costs, damages, judgments and expenses, including reasonable attorneys' fees, suffered or incurred by the Escrow Agent in connection with, or arising out of this Escrow, including, but without limiting the generality of the foregoing, a suit in interpleader brought by the Escrow Agent. In the event Escrow Agent files a suit in interpleader, it shall be fully released and discharged from all obligations imposed in this Escrow. (C) All prorations and/or adjustments called for in this Escrow are to be made on the basis of a thirty (30) day month unless otherwise instructed in writing. 9793SCLjn 22 27. ENFORCED DELAY; EXTENSION OF TIMES OF_PERFORMANCE In addition to specific provisions of this Agreement, performance by either party hereunder shall not be deemed to be in default, and all performance and other dates specified in this Agreement shall be extended, where delays or defaults are due to: war; insurrection; strikes; lockouts; riots; floods; earthquakes; fires; casualties; acts of the public enemy; epidemics; quarantine restrictions; freight embargoes; lack of transportation; governmental restrictions or priority; litigation; unusually severe weather; inability to secure necessary labor; materials or tools; delays of any contractor, subcontractor or supplier; acts or omissions of the other party, acts or failures to act of the City of Huntington Beach or any other public or governmental agency or entity (other than the acts or failures to act of the Agency or the City of Huntington Beach, other than in respect to the zoning of the Property to allow development) or any other causes beyond the control or without the fault of the party claiming an extension of time to perform. Notwithstanding anything to the contrary in this Agreement, an extension of time for any such cause shall be for the period of the enforced delay and shall commence to run from the time of the commencement of the cause, it notice by the party claiming such extension is sent to the other party within thirty (30) days of the commencement of the cause. Any requests for extension shall be in writing. Times 9793SCLjn 23 of performance under this Agreement may also be extended in writing by the mutual agreement of Agency and Buyer. Notwithstanding the foregoing Buyer is not entitled to an extension of time to perform because of the past, present, or future difficulty in obtaining suitable temporary or permanent financing. 28. DEFAULTS - GENERAL. Subject to the extensions of time set forth in paragraph 27 above, failure or delay by either party to perform any term or provision of this Agreement constitutes a default under this Agreement. The party who so fails or delays must immediately commence to cure, correct, or remedy such failure or delay, and shall complete such cure, correction or remedy with diligence. The injured party shall give written notice of default to the party in default, specifying the default complained of by the injured party. Except as required to protect against further damages, the injured party may not institute proceedings for damages or specific performance against the party in default until fifteen (15) days after giving such notice or, provided that the party is proceeding with diligence to cure, such greater time as may be necessary to cure given the nature of the default. Failure or delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time of default. 9793SCLjn 24 29. ASSIGNMENT OF CONDITIONS OF APPROVAL. Seller shall assign and Buyer shall accept an assignment of those Conditions of Approval ("Conditions"), in the form of Exhibit "D" attached hereto and incorporated herein by this reference, imposed by the City of Huntington Beach affecting Tract Map Nos. 13569 and 13920, as such conditions relate to the Property. Buyer shall be responsible for fulfilling said Conditions. The conditions assumed by Buyer include the obligation to construct one-half of the alley off Lake Street and the entire alley from Yorktown to the Lake Street alley. In the event that Seller elects to construct said alleys, or is required to install these alleys in order to secure permits for the development of its adjacent project, then Seller shall have the right to construct either or both of said alleys. In such event, Buyer shall compensate Seller the amount not to exceed Twenty Four Thousand, Three -Hundred Seventy -Eight Dollars ($24,378.00) for the construction of the alley off Lake Street and an amount not to exceed Twenty Four Thousand, Twenty Eight Dollars ($24,028.00) for the construction of the alley off Yorktown. Further, Buyer shall cooperate by allowing Seller to enter the subject property for the construction of the alley(s). A specific cost estimate and site map depicting the alley ways is attached hereto as Exhibit E. 9793SCLjn 25 i _0 30. LIQUIDATED DAMAGES TO SELLER. IF BUYER DEFAULTS IN THE PERFORMANCE OF ITS OBLIGATIONS UNDER THIS AGREEMENT, THE ENTIRE DEPOSIT OF EIGHTY-EIGHT THOUSAND FIVE HUNDRED DOLLARS ($88,500), PLUS ALL INTEREST ACCRUED THEREON, IF ANY, SHALL BE RETAINED BY SELLER AS DAMAGES FOR BUYER'S DEFAULT. BUYER AND SELLER ACKNOWLEDGE THAT THEY HAVE MADE GOOD FAITH REASONABLE EFFORTS TO DETERMINE WHAT SELLER'S DAMAGES WOULD BE IN THE EVENT OF A DEFAULT BY BUYER AND THEY HAVE BEEN UNABLE TO ARRIVE AT ANY MEANINGFUL FORMULA OR MEASURE OF DAMAGES FOR BUYER'S DEFAULT. BUYER AND SELLER THEREFORE AGREE THAT SUCH DAMAGES WOULD BE EXTREMELY DIFFICULT AND IMPRACTICAL TO DETERMINE IN THE EVENT OF BUYER'S DEFAULT. THE DEPOSIT, PLUS ALL INTEREST ACCRUED THEREON, SHALL SERVE AS LIQUIDATED DAMAGES AND SHALL BE SELLER'S SOLE RIGHT TO DAMAGES AND SELLER WAIVES ALL RIGHT TO SPECIFIC PERFORMANCE. BY INITIALING OR SIGNING WHERE INDICATED BELOW, THE PARTIES SPECIFICALLY APPROVE THIS LIQUIDATED DAMAGES PROVISION. Buyer's fnitials S ller's Initials 31. THE PROJECT -- STANDARDS AND RESTRICTIONS Buyer shall develop the Property solely as an "age restricted" project (occupancy based on age i.e., minimum age of 55 years to rent or own) with a maximum of 25 units. The architecture of said Project shall be compatible with the adjacent development known as "The Huntington Classics" {shown on Tract Map Nos. 13569 and 13920. Prior to processing with the City of Huntington Beach, Buyer shall submit to the 9793SCLjn 26 0 -/0 Architectural Committee of the Huntington Classic (the "Committee") for review and comment all plans for development of the Property. The Committee shall respond with its comments to the plans within thirty days of submittal. The provisions of this paragraph shall survive for fifteen (15) years following the close of escrow. 32. PARK_ AND RECREATION FEES Seller has already paid to the City of Huntington Beach the Parks and Recreation fees due for the development of the Property. Buyer agrees to assist Seller obtain a reimbursement of said fees from the City of Huntington Beach. 33. BRONZE PLAQUE Historical monumentation, consisting of a bronze plaque, with sketch drawing of the previously existing historical buildings on the site and written description thereof, as required by Environmental Impact Report 89-3, shall be provided by Seller to Buyer prior to the close of escrow. 9793SCLjn 27 -i IN WITNESS WHEREOF, Seller and Buyer have signed this Agreement on the respective dates set forth below. BUYER: REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH Chairman Date APPROVED AS TO FORM: Agency Special Counsel Date TESTS Agency Cleric Date REVIEWED AND APPROVED: Exec ive D* a or Date r. / 2 -27 SELLER: CIVIC CENTER PARTNERS, a California general partnership By PACIFIC COAST HOMES, a California corporation By: (name)--D-L014-- Its: \A(- PSI %'0-*rs- Date: kt't` 97z, APPROVED AS A�S, TO FORM: Ag cy Co nse pate.? INITIATED AND APPROVED: Director of Date Economic Development By J. M. MARTIN DEVELOPMENT CORPORATION, a California Corporation By: _Lname) _ Date `i -�� L-,Lk 9793SCLjn 28 IN WITNESS WHEREOF, Seller and Buyer have signed this Agreement on the respective dates set forth below. BUYER: REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH Chairman Date APPROVED AS TO FORM: Agency Special Counsel Date TEST; Agency Clerk Date REVIEWED AND APPROVED: E ec ive i for Date 12 -23-y,? SELLER: CIVIC CENTER PARTNERS, a California general partnership By PACIFIC COAST HOMES, a California corporation By: (name) Its: Date: PROVED AS TO FORM: �n,Aq�a� u 9te INITIATED AND APPROVED: Director of Date Economic Development By J. M. MARTIN DEVELOPMENT CORPORATION, a California Corp ation i ILI By Date: 9793SCLjn 28 EXHIBIT A LEGAL DESCRIPTION Lots 1 through 5 of Tract 13920 as shown on a map filed in Book 673, pages 14 to 16 inclusive of Miscellaneous Maps, official records of Orange County, California • EXHIBIT B LICENSE AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AND CIVIC CENTER PARTNERS FOR USE OF AGENCY -OWNED PROPERTY n� This License Agreement is made and entered into this '� 3 day of 1993, by and between the Redevelopment Agency of the City of Huntington Beach, a public body corporate and politic ("Licensor") and Civic Center Partners, a California general partnership ("Licensee") WHEREAS, LICENSEE wishes to use certain real property more particularly described in Exhibit "A" hereto (the "Property"), owned by Licensor, for the purpose of maintaining advertising signage and landscaping for the adjacent "Huntington Classics" development, and Licensor desires to allow such use, NOW, THEREFORE, in consideration of the foregoing and for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 6► Permission is hereby given by Licensor to Licensee, its authorized employees, agents, and contractors, to enter upon and use the Property at no cost to Licensee, as legally described in Exhibit "A" attached hereto and incorporated by this reference as fully set forth herein, for the purposes of 1) maintaining advertising signage and landscaping for Licensee's housing development, 2) temporary storage of construction materials, equipment and a construction trailer for use in connection with adjacent construction. we HEREsy CERTIFY -TH1$ i4 BE A 1FIUE AND CORRECY COPY pit rk» BY Vag reekivcnlh ;81793 • 0 The right of entry on said real property is subject to the following terms and conditions: Licensee shall use the Property exclusively for purposes stated above. Such use shall include, but not be limited to, installation, maintenance repair and removal of signage and landscaping, construction related storage and operations, including construction of the alley on the premises, if alley construction is required by the City of Huntington Beach. Licensee hereby agrees to protect, defend, indemnify and hold and save harmless Licensor, its officers and employees, against any and all liability, claims, judgments, costs and demands, however caused, including those resulting from death or injury to Licensee's employees and damage to Licensee's property, arising directly or indirectly out of the License herein granted by Licensor, including those arising from the passive concurrent negligence of Licensor, but save and except those which arise out of the active concurrent negligence, sole negligence, or the sole willful misconduct of Licensor. Licensee will conduct all defense at its sole cost and expense. Licensor shall be reimbursed by Licensee for all costs or attorney's fees incurred by Licensor in enforcing this obligation. *: •► 'ff IKIII, I,•► Pursuant to the California Labor Code Section 1861, Licensee acknowledges awareness of Section 3700 et seq. of said code, which requires every employer to be insured against liability for workers' compensation; Licensee covenants that it will comply with all such laws and provisions prior to commencing performance of the work hereunder. 2 slag rce5cpv[nthX87 793 0 Licensee shall maintain such Workers' Compensation Insurance in an amount of not less than One Hundred Thousand Dollars ($100,000) bodily injury by accident, each occurrence, One Hundred Thousand Dollars ($100,000) bodily injury by disease, each employee, and Two Hundred Fifty Thousand Dollars ($250,000) bodily injury by disease, policy limit, at all times incident hereto, in forms and underwritten by insurance companies satisfactory to Licensor. Licensee shall require all subcontractors to provide such Workers' Compensation Insurance for all of the subcontractor's employees. Licensee shall furnish to Licensor a certificate of waiver of subrogation under the terms of the Workers' Compensation Insurance and Licensor shall similarly require all subcontractors to waive subrogation. Licensee shall carry at all times incident hereto, on all operations to be performed hereunder, general liability insurance, including coverage for bodily injury, property damage, and blanket contractual liability. Said insurance shall also include automotive bodily injury and property damage liability insurance. All insurance shall be underwritten by insurance companies in forms satisfactory to Licensor for all operations, subcontract work, contractual obligations, and all owned vehicles and non -owned vehicles_ Said insurance shall name the Licensor, its officers, agents and employees and all public agencies as determined by the Licensor as Additional Insureds. Licensee shall subscribe for and maintain said insurance policies in full force and effect during the life of this Agreement, in an amount of not less than One Million Dollars ($1,000,000) combined single limit coverage. If coverage is provided under a form which includes a designated general aggregate limit, such limit shall be no less than One Million Dollars ($1,000,000). In the event of aggregate coverage, 3 s1'ogre0civCnt,OWM 0 Licensee shall immediately notify Licensor of any known depletion of limits. Licensee shall require its insurer to waive its subrogation rights against Licensor and agrees to provide certificates evidencing the same. Prior to commencing performance of any work upon the property as Licensed hereunder, Licensee shall furnish to Licensor certificates of insurance subject to approval of the City Attorney evidencing the foregoing insurance coverages as required by this Agreement, said certificates shall provide the name and policy number of each carrier and policy, and shall state that the policy is currently in force and shall promise to provide that such policies will not be cancelled without thirty (30) days prior written notice to Licensor. Licensee shall maintain the foregoing insurance coverages in force until the License granted under this Agreement is terminated. The requirement for carrying the foregoing insurance shall not derogate from the provisions for indemnification of Licensor by Licensee under this Agreement. Licensor or its representative shall at all times have the right to demand the original or a copy of all said policies of insurance. Licensee shall pay, in a prompt and timely manner, the premiums on all insurance hereinabove required. A separate copy of the additional insured endorsement to each of Licensee's insurance policies, naming the Licensor, its officers and employees as Additional Insureds shall be provided to the City Attorney for approval prior to any payment hereunder- F. Licensee hereby releases and forever discharges Licensor of and from any and all claims, demands, actions or causes of action whatsoever which Licensee may have, or may hereafter have, against the Licensor 4 sIW9'ee'-uvu+tIM2793 specifically arising out of the matter of the entry of Licensee pursuant onto the Property pursuant to this Agreement. This is a complete and final release and shall be binding upon the undersigned and the heirs, executors, administrators, successors and assigns of Licensee and covers claims arising out of or connected with Licensee's use of the Property. Licensee hereby expressly waives any right under or benefit of any law of any jurisdiction whatsoever providing to the contrary. Neither the acceptance of this release nor any payment made hereunder shall constitute any admission of any liability of Licensor. G. Licensee shall not alter, damage or commit any kind of waste upon the Property or any improvement, equipment or personal property thereon and shall not interfere in any manner with the operations or activities of Licensor. H. Licensee shall keep any equipment used or brought onto the Property under its absolute and complete control at all times and said equipment shall be used on the Property at the sole risk of Licensee. Licensee shall bring no animals onto the Property. I. Licensee agrees to furnish all labor, tools, equipment and material for the performance of the work done by it in connection with such use and to pay all taxes assessed on wages for said labor and to make any and all reports required in connection therewith. J_ Licensee agrees that all work done or undertaken by it on the Property shall be for its sole account and not as an agent, servant or contractor for Licensor and to indemnify and hold Licensor and the Property harmless from and against all claims or liens of workmen and materialmen, including but not limited to, the payment of attorney's fees. 5 Vogreelc vcnPA62%rya 0 0 K. Licensee agrees that the permission herein extended shall be personal to it and that it shall not assign or permit any third party to avail itself of any of the privileges granted hereunder. L. No interest of any kind is hereby given and Licensee shall never assert any claim or title to the Property except as reflected in Section M below. M. Licensee acknowledges that the License granted hereunder shall terminate upon the first to occur of: (1) the sale of the final unit of Licensee's adjacent Huntington Classics project or (2) the physical commencement of structural construction on the premises by Licensor. N. Licensee acknowledges that it is Licensee's intention to enter into a purchase agreement to acquire the Property from Licensor. O. All notices given hereunder shall be effective when personally delivered or if mailed, within 48 hours of the deposit of such notice in the U.S. Mail, prepaid, and certified with return receipt requested and addressed to any representative or employee of Licensee or to Licensor's Project Manager at the respective addresses shown below. 3. NOTICE Licensor shall give Licensee thirty (30) days written notice prior to commencing construction. If to Licensee: Civic Center Partners 1941 Lake Street Huntington Beach, CA 92648 Attention: Mr. J. M. Martin If to Licensor. Redevelopment Agency of the City of Huntington Beach 2000 Main Street Huntington Beach. CA 92648 Attention: Ms Barbara Kaiser 6 sFOgraC'.C,vCntLLB? r 93 In witness whereof, the parties hereto have executed this Agreeent by and through their authorized officers on the date first above written. LICENSEE: LICENSOR: CIVIC CENTER PARTNERS, REDEVELOPMENT AGENCY OF a California general partnership THE CITY OF HUNTINGTON BEACH �v�By: 1A L�1___ By: Print Name: d!!j! ,' Print Name: V r_gA T. ul.Q„cAL c, Its: Fr �11 �,,.�-., Its: J ATTEST: APPROVED AS TO FORM: By:ZL12E Connie Brockway, Agenc Clerk ail tto gencV Counsel � J REVIEWED AND APPROVED: INITIATED AND APPROVED: By: By: (!:� M'(,h42Ff Uberuaga Barbara Kaiser Executive Director Director of Economic Development 7 sAagfeOavrn9:v:92793 • Exhibit D Conditions of Approval Tentative Tract Map No-13920 Depict minimum 22 foot building setback restriction from westerly boundary of 20 foot wide alleyway. Depict a landscape easement (minimum 50 square feet) at the Lake and Yorktown corner for historical monumentation. Twenty-four (24) inch box eucalyptus ficifolia shall be planted in the Lake Street parkway as required by the Landscape Division. Landscaping within public right-of-way shall be maintaincd by the homeowners. The 5-foot wide sideyard landscaping in public right-of-way shall be properly irrigated and planted per Public Works Department requirements. All streets and alleys within the project site shall be fully improved as indicated on the tentative tract map. Vehicular access rights on Lake Street and Yorktown Avenue shall be dedicated to the City except at approved alley intersections. Historical monumentation consisting of a bronze plaque (with sketch drawing of the buildings and written description) on a base shall be prepared at the developer's expense, reviewed by the Historical Resources Board and Design Review Board, and installed prior to final inspection of the first completed dwelling unit or within 12 months, whichever occurs first. Prior to issuance of building permits, the applicant shall complete the following: a. A detailed landscape and irrigation plan to the Department of Community Development and Public Works for review and compliance shall be submitted. Said plan shall include the specie of each 36-inch box tree required for each lot. Any existing mature trees on site shall be retained and incorporated into the site plan to the maximum extent feasible, except those in the public right-of-way or in locations identified for construction. Any existing mature tree that must be removed shall be replaced at a 2.1 ratio with 36-inch box tree, plus additional 24-inch box eucalyptus being provided along Lake Street which shall be incorporated into the project's landscape plan. The applicant shall provide additional trees per Public Works standards to meet the 2:1 ratio required. A 36-inch box tree shall be planted in the front yard of each lot and in the exterior side yard of each corner lot. b. Details for construction of a seven (7) foot high sound wall and landscaping along the side of Lot 1 abutting Yorktown shall be submitted to the Community Development Department for review and approval. C. Special glazing shall be provided on Lot 1 rate STC = 29 and noted on plans. d. Air conditioning shall be provided for all dwellings and noted on plans. e. The applicant shall submit plans for construction of a block wall and landscaping on the City parking lot along Lake Street at a height which will deflect vehicle headlight glare. Such wall and landscaping shall be installed prior to occupancy. f. Provide an outdoor overhead light system on each garage to illuminate the alley to promote safe access from garage to residence. All lighting included on private property or in the public right-of-way shall use energy efficient lamps (e.g. high pressure sodium vapor, metal halide) and all outside lighting shall be directed to prevent "spillage" onto adjacent properties. The Fire Department requires that fire hydrants shall be installed within 300 feet of travel of all buildings and one fire hydrant shall be installed on Lake Street at Lot 1 at terminus of radius. i ,4D. 8/20/93 EXHIBIT E Huntington Classics Cost Estimate Tract 13920 ALLEY "A" 1. Alley Improvements..............................$18,867.00 2. Civil Engineering.............. ................. 780.00 3. Inspection & Testing ...........................•500.00 SUB TOTAL $20,147.00 4. Contingency ..................................... 2,015.00 5. Management Fee ................................. 2,216.00 TOTAL $24,378.00 Not Included; 1. Electrical Power Lines 2. Public Sidewalk 3. Cable TV 4_ Monument 5. Right of Way Landscaping & Irrigation 6. Any Additional Block Walls 7. Retaining Wall 8. Street Lights Included: 1. Water Service to Each Lot 2. Existing 8" Sewer Line Alley "B" i Huntington Classics Cost Estimate Tract 13920 1. Alley Improvements..............................$18,108.00 2. Civil Engineering ............................... 1,000.00 3. Inspection & Testing ............................750.00 SUB TOTAL $19,858.00 4. Contingency ..................................... 1,986.00 5. Management Fee ................................. 2,184.00 TOTAL $24,028.00 Not Included; 1. Electrical Power Lines 2. Public Sidewalk 3. Cable TV 4. Monument 5. Right of Way Landscaping & Irrigation 6. Any Additional Block Walls 7. Retaining Wall 8. Street Lights 1. Water Service to Each Lot 2. Existing 8" Sewer Line Alley "B" IV jell i [IE HUKSSMGTON Cizsstcs PAM STRW 0 1 Lake Succi JumInG:on nodi California 92618 MODELS ol Ywrfh......— ! YpRKTp►NN aooa wy TRACT 13920A�ENUE a 3 a y � o� OBE � • l Ek/ST 7 IfS J UNU R@ n 7 KALL �JJ R-B5000 6\ /494FL O 49 (. is N�-i _� SEE SWEET ;1N ZIN 494rL f 3F4 LANO7NG ZI•� =I �N� ' /EX7E/.O f7C.l �A5 R-la 0 J• n 5/ 4FG C7 YP) - So 2FG L WATER \ �3u 4fG ` PROOF 1 �So 4FG \r AD•504 / 5UG I FF•5190 �a n 35r /R GP•5o2 �' j sr u 50 00 Gf � 's' off• �� D `5 G4f FO+ !F 23 r • 1� � ua � FF=j090 n � N L-iY. �� ( si9 I sD -49 rFL/522 5F0G2 50/FL 3?3FL 'NA -3O OFL /49 BF��t+ / yr� y, I -=. \STD /i•N/A �41/ G ��j1Z-413FL Z�•'�' 41 �Ft-� `^rt-r 477FL ` 479 FL FNP y Ij 4.0 t D 477� _ F J 478,G . 409FG L r 1 EI'7 NOL /'4'�9 �N I I D lY DF`i AS -1 FL 1A 'IW 9�^h_G Y9 1 J�I c TT 1.1 R�o� 93 C , �2� .].i(AMD/.rG_ 1. n� L;� tl .7 N r•0 _• L '� 4/jOGF 1 Yu M/N47j16 1� Ar551 BVC •50 tt(no� U A5 R_a0 L34nF•QB GP•477 I YC lz\ 6 ; I .�V. CF 4B /'� 9 FG 47736E �L r/ 479F6 ' I 3 - J' I 47e 3�% Q4@ ^ I RS 41 iFu� 479 FG • - - I _413FG FG` _ /y MIN _` 414FL 47 BFL 1NP -4r LFL 47314-1 479/5 _-Ii. RtC \_4L71.. I M/N—C 47OFL'NF ♦ �n�x 47076F 0711, \a - D J 4L 9ou/' I - � 4b� P•4L7 W FG FF•47 I (� G IN 2% FE• \ m v /9% 4.59 F467 4&816 _ f F 4L JFL'NF/ 7 `j P _ /Y• M/N 45 3FL u 4S�_FL 45 •JFt Lb OFG M/w 433FL~ q7C 447 fG --��'450FL R3\R� Ff 4b BO A'= h'E- L 4� 07Y TO , 'F-15 W 4F•4183 - l P• 4L / I y F30, 4R J t 5 3 MIN 3.+LlNU/r1GJ I j W ;,J4 B I , 4G 47 A • OVC � �iN _ J � /3% �• ,• • ♦/ F 4L z FG 4_L 3 FG /Y•M/N -4.4-.Fc 43Irt y4 4G /F.. '/4c OF�_4�/FL447�FtrNP /%mw g 3, ` _- — -. _-- 5 FL 46 N•7 y ♦ B` I -50 i 45 :F 4.&275r 4L M/N F• /rig _ F � RS 45 3 1 46016 F'• �1439Fr• iJry ` O cwn 6 v � ALLEY N0 �� 5 R Ol N o4z, - - -- us•,, o 1 6 A s 10// CITY OF HUNTINGTON BEAC I INTER -DEPARTMENT COMMUNICATION Economic Development Department/ / TO: Connie Brockway, City Clerk k FROM: Linda S. Suraci, Administrative Assistan-- DATE: October 6, 1995 SUBJECT: Purchase Sale Agreement - Civic Center Partners Connie, I have attached the research done on your request to Ray Silver regarding Civic Center Partners missing agreements. Please review my memo to Ray, and Stephen O Kohler's request of me to ask you which of the alternatives you'd like to pursue regarding �� r the Purchase Sale Agreement? Stephen believes the License Agreement is academic now since they're off the site. Please advise. /Is Attachment RECEIV��� OCT 11 1995 ECONOMIC pMENT OE EVELOPUEt ? 7�0: J, *4 wktoa , dA�, - c�u, (L) z,�a4 j�hle o � 14't4 c /7t�. 0 � CITY OF HUNTINGTON BEACH - INTER -DEPARTMENT COMMUNICATION "�- Economic Development Department TO: Ray Silver, Assistant City Administrator/Acting Director of Economic Development w� FROM- Linda Suraci, Administrative Assistant DATE: September 19, 1995 ' SUBJECT: Purchase Sale Agreement & License Agreement - Civic Center Partners Today I finally was able to make contact with Toni Rice's office, the escrow officer with First American Title Company who handled the Civic Center Partners escrow_ Toni's supervisor, Betty Hollenbeck, Senior Escrow Administrator and Vice President, gave me the following information: She does have the original Purchase Sale Agreement, however, her office is legally required to keep the original on file_ She gave me two alternatives to address our concerns: (1) She will give me a certified copy for our files, or (2) the city must provide her with releases from everyone who signed the document that she may give the original to our city clerk's office. In terms of the License Agreement, I spoke with Patti this morning, and she does not recall the Agreement ever been given to her for forwarding to the clerk's office. (I'm sorry the news isn't better, if I can help you further, please advise). /Is i • J• I4f City of Huntington Beach P O BOk 19O CALWORNI. 92648 FROM THE DESK OF RAY SILVER �-IJ Pa — Assistant City Administrator /1 7 C;�;� I w . i • CITY OF HUNTINGTON BEACH .; INTER -DEPARTMENT COMMUNICATION HUNTINGTCM RACK TO: Ray Silver, Assistant City Administrator FROM' Connie Brockway, City Clerk SUBJECT: Purchase Sale Agreement and License Agreement - Civic Center Partners DATE: August 11, 1995 The City Clerk's Office has the original deed and a copy of the Purchase Sale Agreement between Civic Center Partners and the Redevelopment Agency to acquire lots within the Yorktown -Lake Redevelopment Project Area. We released the original Purchase Sale Agreement to Barbara Kaiser because she wanted to take it to the escrow company. As the original agreement has not been returned to the City Clerk's office, could you assist us in locating the original agreement? Also, Barbara Kaiser had the License Agreement executed by the City Administrator, however, the fully executed copy has not been returned to this office_ Any assistance you can render in this matter will be greatly appreciated_ Attachments: Copy of Purchase Sale Agreement Copy of License Agreement gA95 mem\95-126cc RESOLUTION NO. 250 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH APPROVING THE CONVEYANCE OF REAL PROPERTY BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AND CIVIC CENTER PARTNERS WHEREAS, the Redevelopment Agency of the City of Huntington Beach (the "Agency") is authorized to conduct redevelopment activities within the Yorktown -Lake Project Area (the "Project Area"), which activities include the acquisition of real property; and The acquisition of the Civic Center Partnership property by the Agency will facilitate redevelopment efforts within the Project Area. NOW, THEREFORE, the Redevelopment Agency of the City of Huntington Beach does hereby resolve as follows: Sp,ctign 1. The Agency hereby approves the conveyance of property as identified as follows from Civic Center Parnters to the Agency. - Lots 1 through 5 of Tract 13920 as shown on a map filed in Book 673 Pages 14 to 16 inclusive of Miscellaneous Maps, official records of Orange County, California, located generally at Yorktown and Lake Streets in the City of Huntington Beach, from the Civic Center Partners to the Agency. Section 2. The Redevelopment Agency finds and determines that the consideration for the real property to be transferred to the Agency by Deed constitutes the fair -market value thereof determined by the highest use permitted under the Redevelopment Plan for the Project Area and based upon the covenants and restrictions previously established. The Redevelopment Agency 7/ccpprop/ 12/ 14/93 • 0 further finds that the acquisition is necessary to effectuate the purpose of the Redevelopment Plan applicable to the Project Area. Section Pursuant to Section 15326 of the Guidelines to the California Environmental Quality Act, the transfer is categorically exempt under CEQA. Section 4, The Agency hereby authorizes the Chairman or the Executive Director to execute all documents necessary to effectuate the transfer. PASSED AND ADOPTED THIS lath day of December 1993 . Chairman ATTEST: APPROVED AS TO FORM: 1 v-T-1- Agency Clerk Agency Couns I��I� , REVIEWED AND APPROVED: INITIATED AND APPROVED: r� Exec ve Director Redevelopment Director 7/ccpprop/12/14/93 2 Res. No. 250 STATE OF CALIF RNIA ) COUNTY OF ORANGE ) CITY OF HUN TINGT N BEACH) 1, CQNliE BAY, Clerk of the Redevelopment Agency of the City of Huntington Beach, California, DO IMY CERTIFY that the foregoing resolution was duly adapted by the Redevelopment Agency of the City of Huntington Beads at a meeting of said Redevelopment Agency held on the 20th day of December , 19 93, and that it was so adopted by the following vote: Silva, Bauer, Robi tai l le, Moulton -Patterson, Winched , Lei pi z , Sullivan NOES: Members: None— ABSENT: teubers: None &ft'� q�� - Clerk of the Redevelgxnent A4dicy of the City of Huntingtm Beach, Ca. 0 0 ATTACHMENT 1 Status of Production Housing Requirements (Fifteen percent of all units in project areas must be affordable and 40% of these affordable to very low income households.) Units Proposed & Existing Low & Low/Mod Required Low & Low/Mod Produced Deficit or Surplus Units in-Pier 1,853 278 145 -133 kview [Huntington 69 10 0 -10 bert-Beach 403 85 123 104 ktown-Lake 86 13 0 -13 nter 0 0 0 0 Net Replacement Housing Requirements (Any unit occupied by low income household that is destroyed must be replaced and can be anywhere in the city.) Units Low Very Low Main -Pier -102 -38 -13 Qakview 10 7 6 Huntington Center -1 0 -1 Talbert -Beach 87 49 41 AFFORWIX HOUSIN -x ' " OST PEW, NIT Project/ Total Very Total Assistance L,olation Units Modrrgg L F&r Unit FOR SALE: Third Block West 68 33 -- --- $825,000 $25,000 300 Main M-P Phse H 80 7 -- 5 Unknown Off -site Blk 1041105 500 Lake St. 10 2 --- -- - $ 50,000 $25,000 In lieu fee Seaview Village 80 25 --- --- $750,000 $30,000 (38 in DDA) FOR RENT: Yorktown/ 25 --- 15 10 $1, 000,000, $40, 000 Lake (Seniors) minimum 17171 Elm 13 -- 13 --- $353,000 $27,154 (proposed) (rehab) OUTSIDE PROJECT AREA. Project/ Total Very Total Assistance Location Uni Mo ezd t � MR Assistance Per nit FOR SALE: Brisas del Mar 44 --- 14 --- $378,000 $27,000 (proposed) Habitat for 2-4 2 2 $182,0001 $45,000- Humanity (family units) 91,000 (Proposed) FOR RENT: Five Points 164 --- 16 32 $250,000/loan $15, 625 Senior Villas %500-(=/9rant Utica Apts. 36 18 18 $600,000 $16,700 (proposed) (rehab) 1 Includes contribution of land only. May also require payment of development fees, architectural services and construction subsidies • 0 ATTACHMFNT '2 TABLE 1 INCOME RANGES AT VARYING HOUSEHOLD SIZES 1993 INCOME STANDARDS CITY OF HUNTINGTON BEACH REDEVELOPMENT PROGRAMS INCOME LEVEL VERY LOW INCOME LOW INCOME MODERATE INCOME 0% TO 50% OF MEDIAN 500/b TO 80% OF MEDIAN 80% TO 120% OF MEDIAN HOUSEHOLD SIZE 1 PERSON $0 $19.780 $19,780 $31.640 $31,640 $47.460 2 PERSON 0 22.600 22,600 36.160 36,160 54.240 3 PERSON 0 25.430 25,430 40,680 40,680 61,020 4 PERSON 0 28.250 28,250 45,200 45.200 67,800 5 PERSON 0 30,500 30,500 48,800 48.800 73,200 FEDERAL PROGRAMS INCOME LEVEL VERY LOW INCOME LOW INCOME (1) 0% TO 50% OF MEDIAN 50% TO 70% OF MEDIAN HOUSEHOLD SIZE 1 PERSON $0 $19.780 $19.780 $27.690 1.5 PERSON 0 21.190 21,190 29.660 3 PERSON 0 25.430 25,430 35.600 4.5 PERSON 0 29,380 29,380 41,130 6 PERSON 0 32.780 32,780 45,890 (1) MAXIMUM INCOME SET AT MINIMUM OF NATIONAL MEDIAN OR 80% OF AREA MEDIAN SOURCE- KEYSER MARSTON ASSOCIATES, INC. FILE NAME: INCSUM; MAY, 1993 : . t LA-110 CITY OF HUNTINGTON BEACH Vel" INTER -DEPARTMENT COMMUNICATION Hk^71W.T0N BEACH TO: MICHAEL T. UBERUAGA, City Administrator FROM: ROBERT J. FRANZ, Deputy City Administrator ATTACHMENT 4 SUBJECT: REQUESTED FUNDING TO ACCOMMODATE PURCHASE AGREEMENT YORKTOWN/LAKE SITE, FIS 94-17 DATE: DECEMBER 14, 1993 As required by Resolution 4832, a Fiscal Impact Statement has been prepared for the proposed appropriation of $885,000 to accommodate the request for __ -monies in making the purchase of the Yorktown/Lake site. Upon approval of the City Council, the balance of the unaudited, undesignated Housing Set -Aside Fund will be reduced to $106,000. ROBERT J. FRANZ Deputy City Administrator y RJF:AR:skd ATTACHMENT S IOLA, me HUNTINCION MACH CITY OF HUNTINGTON BEACH INTER -DEPARTMENT COMMUNICATION To: Barbara A_ Kaiser, Deputy City Administrator From: Richard Grunbaum, Deputy Fire Marshal Date: December 9, 1993 Subject: APPROVED SOIL CLEANUP OF BLOCK 1900, YORKTOWN AND LAKE I have reviewed the report submitted by Radian Corporation referencing field observations and analytical test results conducted at the above referenced site. These confirmation samples were requested through .1_M_ Martin Development prior to the City's purchase of the property After reviewing the test data, the report indicates that all samples collected from the site, meet the criteria levels required by the Fire Departments Soil Cleanup Standard 431-92. The Fire Department will accept the report and the test data as submitted. When requested we will release any building permits necessary for the development of the property Should you have any questions regarding this matter, please feel free to contact me. .I. �E4c' CITY OF HUNTINGTON BEACIL COUNCIL - ADMINISTRATOR COMMUNICATIt)N HUNTINGTON BEACH TO: HONORABLE MAYOR/CHAIRMAN LINDA MOULTON-PATTERSON AND MEMBERS OF THE CITY COUNCIUREDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH FROM: MICHAEL UBERUAGA, City Administrator and Executive Director of the�,_ Redevelopment Agency of the City of Huntington Beach DATE: December 20, 1993 SUBJECT: Property Ownership Within the Yorktown -Lake Redevelopment Project Area a STATEMENT OF ISSUE: = o rrl Disclosure of property ownership by Michael Uberuaga, City Administrator, within the Yorktownz o Lake Redevelopment Project Area. ,,, -n wM RECOMMENDED ACTION: o C_.) No action need be taken; this is solely a disclosure. C', r ANALYSIS: • m Section 33130.5 of the California Health & Safety Code ("the Code") allows an employee of the agency or city to acquire property within a redevelopment project area for personal residential use. Section 33130 of the Code prohibits any officer, employee or agent from acquiring property not used as a personal residence within any redevelopment project area in the city and requires formal disclosure to both the agency and city of any existing ownership interest which is not for residential purposes. Such disclosure must appear on the minutes of the hearing at which it was made. I have owned property within the Yorktown -Lake Redevelopment Project Area (1902 Park Street) for approximately four years and have used it for personal residential purposes. I declared a conflict of interest upon acquiring the property and, therefore, have never participated and will not participate in any work or decision making on any matter which has concerned or which will concern the Yorktown -Lake Project Area. While disclosure of this property interest is not mandated by law, this disclosure is being made in the interest of making known the possible conflict and informing all concerned that I will refrain from participation in any action or discussion of the Yorktown -Lake Project Area. This memo shall constitute disclosure of Michael Uberuaga's interest in property within the Yorktown -Lake Project Area. MTU/rjl Attachment: Health & Safety Code Section 33130.5 c: Connie Brockway, City Clerk rqi rn i2 cJ ! 7^ § 33130.5 COMMUNITY REDEVELOPMENT LAW Div. 24 § 33130.5 Property within project area purchased or leased by employee of agency or community; vi►ritten dis- closure Notwithstanding any other provisions of law, an officer, em- ployee, consultant, or agent of the agency or community, for personal residential use, may purchase or lease property within a project area after the agency has certified that the improvements to be construct- ed or the work to be done on the property to be purchased or leased have been completed, or has certified that no improvements need to be constructed or that no work needs to be done on the property. Any such officer or employee who purchases or leases such property shall immediately make a written disclosure to the agency and the legislative body, which disclosure shall be entered on the minutes of the agency. Any such officer or employee shall thereafter be dis- qualified from voting on any matters directly affecting such a pur- chase, lease, or residency. Failure to so disclose constitutes miscon- duct in office. (Added by Stats.1967, c. 1242. p. 3013, § 2.5.) Library References Municipal Corporations C-231(11. C.J.S. Municipal Corporations § 988 et seq. § 33131. Plans; dissemination of information; applications for federal programs and grants An agency may: (a) From time to time prepare and carry out plans for the im- provement, rehabilitation, and redevelopment of blighted areas. (b) Disseminate redevelopment information. (c) Prepare applications for various federal programs and grants relating to housing and community development and plan and carry out such programs within authority otherwise granted by this part, at the request of the legislative body. (Added by Stats.1963, c. 1812. p. 3685, § 3. Amended by Stats.1969, c. 1561, p. 3167, § 1.) Historical Note The 1969 amendment added subd. (cl. Stats.1943, c. 132C. p. 2497, § 44, Derivation: Former section 33�_ . add- amended as § 1M. Stau.1949. c. 1573. p. ed by Stats.1931, c. 710. p. I=. § 1. 2b13. 9 Stats.1950. 1st Ex.Sess., c. ;3. I). 503, § 4. 124 0 Foei i2- r-y3 PUBLIC HEARING NOTICE Yorktown -Lake Redevelopment Project Area NOTICE IS HEREBY GIVEN that the City Council of the City of Huntington Beach will conduct a public hearing on a proposed agreement between the City and the Redevelopment Agency of the City of Huntington Beach to consider certain improvements to the Civic Center and a plan for financing such improvements. The public hearing will occur: Monday, December 20, 1993 7:00 P.M. (or as soon as possible thereafter) City Council Chambers Civic Center, 240U Main Street Huntington Beach, CA 92648 Connie Brockway City CIerk Published December 2 & 9, 1993 �4 U t— pit I fit HUMINGTO Clucks I 1%] Lake Succl Ilunlinglon Dcach Callfornli 92648 IbAAK STACFLT -i r• 4 t yonx I -, .. - . ; A J\ ,4 YORK7- WN a�oa AVNRACT 920 UE13o� N 3 x 47y fx/sr r'SouNu ( n B�3 �J/ /494F( O R-BSO OO kA(_ /may"'• - L • //5 O i 1 % M/ A ���i✓ 49 g FL FN I_• �� SHEET 1 ; N 2IN 49�F^ _� 494rL 7EN0 F7C.I tl n 3x4SEE LANDI TYP)2 21•• ro i I 1 %ASEX REQO -5/C 4FG 5. 2FG 1 Z 1 WATER IT' R9 �SO4FG ` PROOF /-504FG . N FF•50 90 , 5v 4 '•• � c - I FF*5/90 n p0.50 4 / FG yl r 3 5'i. �R GP•5o2 � s p0' I • % B 50 04 cF r 0 \ 50 4l 50 4 SO 23 _ V•'� 4c !+F •� uy � FF=5090 n FLa {•'t Fg /� �----•/ C` SO/FG Ry I 497111522 - G2 50/FL 3?3FL •^n -50o t+IIn 9> �-- --6-- % - / N J S S 473FLZ Fl 4' 47L. 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B I f�'e�f � GF47 4b ,� r f _ I � O F.. 4o zFG /'/•M/N �-454y 45IJC � /4 -G Nr 46 /F♦. ���%O��_qe,/FL_`44 ��L fNP II / •/. M/N T �- 44 9 FL Y 45 5 FL 45 4 Fes. .N 4!e 27GF I n 4�. /` $ 2'/• n 5 •459 N �_ N/N F•At 40 C q�, "'Cr ` O. 4Te/ X W 4G IiG `' p VI ly v 9 RY W 1. 20% 45 3 4a O FG FG =N U FG ♦ 459F/� =N T\ W > t:• O ALLEY N0. 5 R - /• 4+�� .ass/? TO: FtUI''T1,:G-Ilfi,l , L 91V PURCHASE SALE AGREEMENT Escrow No. Title Insurance Company Escrow Officer: — ("Escrow Holder") Opening of Escrow THIS PURCHASE SALE AGREEMENT ("Agreement") is made ("Escrow") date this day of , 1993, by and between CIVIC CENTER PARTNERS, a California general partnership ("Seller"), and the REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, a public, corporate instrumentality of the State of California ("Buyer" or "Agency"). R E c I I A L 5- A. Seller is the owner of that certain real property located in the City of Huntington Beach, County of Orange, State of California commonly known as the corner of Yorktown Avenue and Lake Street, more particularly described in Exhibit "A", attached hereto and incorporated herein by this reference (the "Land"), together with the improvements located on the Land (the "Improvements"). The Land, together with the Improvements, are hereinafter collectively referred to as the "Property" or "Conveyance Parcel". B. Buyer desires to purchase, and Seller desires to sell, the Property subject to the terms and provisions contained herein. 9793SCLjn 1 0 C. The purchase of the property will be of benefit to the Yorktown -Lake Redevelopment Project Area by providing land sufficient for the future development of affordable housing units to meet state law requirements for the same. NOW, THEREFORE, in consideration of the foregoing recitals and the covenants and conditions contained herein and in the other documents referred to herein relating to the purchase and sale of the Property, and other valuable consideration, the receipt of which are hereby acknowledged, Buyer and Seller agree to the following: 1. PARTIES TO THE AGREEMENT A. BuyerjAgency The Agency is a public body, corporate and politic, exercising governmental functions and powers and organized and existing under Chapter 1 of the Community Redevelopment Law of the State of California. The principal office of the Agency is located at the Civic Center, 2000 Main Street, Huntington Beach, CA 92648 B. �eller/Partners ip The Partnership is CIVIC CENTER PARTNERS, a California general partnership. The address of the partnership is 1941 Lake Street, Huntington Beach, CA 92648. 2. REPRESENTATIONS AND WARRANTIES OF THE PARTIES A. The Seller represents and warrants to the Agency as follows: 9793SCLjn 2 0 • (a) The Seller has duly authorized, executed and delivered this Agreement and any and all other agreements and documents required to be executed and delivered by Seller in order to carry out, give effect to, and consummate the transactions contemplated by this Agreement. (b) Except for those obligations approved in writing by the Agency, Seller does not have any material contingent obligations or any material contractual agreements which could materially adversely affect the ability of the Seller to carry out its obligations hereunder. (c) There are no known material pending or, so far as is known to the Seller, threatened, legal proceedings to which the Seller is or may be made a party to or which any of its property is or may become subject, which has not been fully disclosed in the material submitted to the Agency which could materially adversely affect the ability of the Seller to carry out its obligations hereunder. (d) There is no action or proceeding pending or, to the Seder's best knowledge, threatened, looking toward the dissolution or liquidation of the partnership and there is no action or proceeding pending or, to the Seller's best knowledge, threatened by or against the Seller which could affect the validity and enforceability of the terms of this Agreement, or materially and adversely affect the ability of the Seller to carry out its obligations hereunder. 9793SCLjn 3 • 11 (e) The Seller has performed all of its obligations to be performed at or prior to the date of Seller's execution of the Agreement in accordance with this Agreement and is not in default hereunder. Each of the foregoing items (a) to (e), inclusive shall be deemed to be an ongoing representation and warranty. Seller shall advise the Agency in writing if there is any change pertaining to any matters set forth or referenced in the foregoing items. B. The Agency warrants and represents to the Seller as follows: (a) The Agency has duly authorized, executed and delivered this Agreement and any and all other agreements and documents required to be executed and delivered by the Agency in order to carry out, give effect to, and consummate the transactions contemplated by this Agreement. (b) The Agency does not have any known material contingent obligations or any known material contractual agreements which could materially adversely affect the ability of the Agency to carry out its obligations hereunder. (c) There are no known material pending or threatened, legal proceedings to which the Agency is or may be made a party or to which any of its property is or may become subject, which has not been fully disclosed in the 9793SCLjn 4 0 material submitted to the Buyer which could materially adversely affect the ability of the Agency to carry out is obligations hereunder. (d) There is no action or proceeding pending or, to the Agency's best knowledge, threatened, looking toward the dissolution or liquidation of the Agency and there is no action or proceeding pending or, to the Agency's best knowledge, threatened by or against the Agency which could affect the validity and enforceability of the terms of this Agreement, or materially and adversely affect the ability of the Agency to carry out its obligations hereunder. (e) The Agency has performed all of its obligations to be performed at or prior to the date of Agency's execution of the Agreement in accordance with this Agreement and is not in default hereunder. Each of the foregoing items (a) to (e), inclusive shall be deemed to be an ongoing representation and warranty. The Agency shall advise the Seller in writing if there is any change pertaining to any matters set forth or referenced in the foregoing items. 3. PURCHASE _AND SALE Subject to the terms and conditions of this agreement, CIVIC CENTER PARTNERS hereby agrees to sell the property to the Agency and the Agency shall purchase the property from CIVIC CENTER PARTNERS. 9793SCLjn 5 • 4. PURCHASE PRICE 0 The purchase price (the "Purchase Price") for the Property shall be Eight Hundred Eighty -Five Thousand Dollars ($885,000). Seller and Buyer intend and agree that the Purchase Price to be paid by Buyer to Seller hereunder includes compensation for the Land and Improvements, and all other interests of whatever kind and nature which exist or may arise out of the Buyer's acquisition of the Property for redevelopment or any other purpose; provided that Seller shall have the right to remove, prior to close of escrow, any personal property, furnishings, fixtures and equipment which may be on the property with the exception of one sign and other property which is the subject of a license agreement between the parties hereto and is hereby incorporated and attached as Exhibit "B". 5. PAYMENT OF PURCHASE PRICE The Purchase Price shall be paid as follows: A. Buyer shall deliver to Escrow Holder, upon the opening of 'Escrow, in immediately available funds in the form of cash or a certified check, the sum of Eighty -Eight Thousand Five --Hundred Dollars ($88,500) ("Buyer's Deposit"). B. Buyer shall deliver to Escrow Holder, five working days prior to the close of Escrow, in immediately available funds in the form of cash or a certified check, the sum of Seven Hundred Ninety -Six Thousand Five Hundred Dollars ($796,500). 6. ESCROW References in this Agreement to the "Opening of Escrow" shall mean the date upon which a copy of this Agreement, signed 9793SCLjn 6 i • by both parties, is deposited with Escrow Holder. The Opening of Escrow shall occur within fifteen (15) days of Agency approval of this Agreement, provided that Buyer and Seller may mutually agree to extend the time period for Opening of Escrow. Escrow Holder will notify both parties when Escrow has opened. By such deposit, Escrow Holder is hereby authorized and instructed to act in accordance with the provisions of this Agreement. Buyer and Seller shall each deposit such other instruments as are reasonably necessary to close Escrow and complete the sale and purchase of the Property in accordance with the terms of this Agreement. The rights and obligations of each party set forth in this Agreement and agreed to be undertaken by each party are made in and under the terms of this Agreement independent of Escrow. If any requirements relating to the duty of the Escrow Holder under this Agreement are not reasonably acceptable to the Escrow Holder, or if Escrow Holder determines that it requires additional instructions in order to perform its duties hereunder, the parties agree to make such deletions, substitutions and additions to these escrow instructions as may be mutually agreed upon by the parties provided such deletions, substitutions and additions do not substantially change the Agreement or its intent. 7. CLOSE OF ES R W Escrow shall close within thirty days from the opening date, provided that Buyer and Seller may mutually agree to extend the time period for the Close of Escrow. 9793SCLjn 7 • For purpose of this Agreement, the "Close of Escrow" shall mean the date Seller's Grant Deed, as defined herein, is filed for recordation with the Recorder of Orange County, California. If Escrow should fail to close because of the failure of Buyer to comply with its obligations under this Agreement, the costs of Escrow to the date Escrow is terminated shall be paid by Buyer. If Escrow should fail to close because of the failure of Seller to comply with its obligations under this Agreement, the costs of Escrow to the date Escrow is terminated shall be paid by Seller. If Escrow should fail to close for any other reason, the costs of Escrow and of terminating the Escrow shall be paid equally by both parties. 8. COSTS AND PROBATIONS A. Proration. Escrow Holder shall prorate the real property taxes affecting the Property between Seller and Buyer as of the Close of Escrow based upon the latest available tax bill. The parties agree that if such prorations are inaccurate due to the fact that the latest available tax bill does not represent the taxes actually assessed, the parties will, as soon as tax bills actually covering the period during which the Close of Escrow takes place are available, make such further adjustments outside of Escrow as may be appropriate. B. Allocation of Es -crow Fee-s. Closing Costs and Recording_ Fees. The costs associated with the closing and escrow fees shall be apportioned as follows: (a) Escrow Charges. Buyer shall pay one-half of the escrow fee and all of Escrow Holder's customary 9793SCLjn 8 charges to buyers for document drafting, recording and miscellaneous charges. Seller shall pay one-half of the escrow fee, all of Escrow Holder's customary charges to sellers for document drafting and charges incurred by Escrow Holder on Seller's behalf. (b) Title Insurance Premiums. Seller shall pay the cost of a CLTA Owner's Title Insurance policy. If Buyer elects to obtain an extended coverage ALTA Owner's Title Insurance policy, Buyer shall pay the additional title charges to obtain the extended coverage. Buyer shall be responsible for obtaining and paying the cost of any ALTA survey required to obtain extended coverage. (c) Transfer Taxes. Seller shall pay all city and county transfer taxes and Buyer shall pay all sales taxes due against any portion of the Property subject to sales tax. (d) Other Closing Costs. All other closing costs shall be allocated between the parties in accordance with custom and usage in Orange County. 9. BUYER'S CONDITIONS PRECEDENT TO CLOSING The obligation of Buyer to complete the purchase and sale of the Property is subject to satisfaction of the conditions set forth below at or prior to the Closing Date: A. Seller shall deliver through escrow (i) an executed and recordable grant deed in the form of Exhibit "C" attached hereto and incorporated herein by this reference, sufficient to 9793SCLjn 9 convey title to Buyer (the "Grant Deed"), subject only to the matters described in Section (c), below, and all other documents referenced in this Agreement. B. Seller is not in default in any of its obligations under the terms of this Agreement, and all of Seller's representations and warranties contained herein shall be true and correct in all respects. C. Escrow Holder has committed to deliver to Buyer an extended coverage CLTA owner's Policy of Title Insurance dated as of the Close of Escrow, insuring Buyer in an amount equal to the Purchase Price, and showing title to the Land vested in Buyer subject only to: (a) Current real property taxes and all unpaid general and special bonds or assessments; (b) The printed exceptions contained in said title insurance policy; (c) All exceptions shown in the preliminary title report prepared by Escrow Holder and delivered to Buyer, unless Buyer reasonably objects to any such exception(s) within ten (10) days of delivery of such report to Buyer, in which case Seller shall either remove such exception(s) prior to the close of escrow or terminate this escrow upon ten (10) days written notice to Buyer; and (d) Any matter suffered, approved or created by Buyer. 9793SCLjn 10 • 0- 10. SELLER'S_ CONDITIONS PRECEDENT TO CLQSINQ The obligation of Seller to complete the purchase and sale of the Property is subject to the satisfaction of the conditions set forth below at or prior to Close of Escrow. A. Buyer is not in default in any of its obligations under the terms of this Agreement, and all Buyer's representations and warranties contained herein shall be true and correct in all respects. B. Buyer shall have deposited with Escrow Holder immediately available funds in an amount sufficient to cover Buyer's Deposit, the Purchase Price, and Buyer's share of prorations and costs described herein. C. This Agreement and each of the documents required to be prepared pursuant to this Agreement shall have been executed by Buyer and delivered to Escrow Holder. 11. CONDITION OF THE, SITE Except as otherwise provided in this Agreement, Seller makes no representations or warranties as to the physical condition of the Property or in connection with any matter relating to its condition, value, fitness, use or zoning which Buyer has relied upon directly or indirectly. Further, except as otherwise provided in this Agreement, Seller makes no representation or warranty as to any operative or proposed governmental laws and regulations {including but not limited to zoning, environmental and land use laws and regulations} to 9793SCLjn 11 U �J which the Property may be subject. Buyer acknowledges that the purchase of the Property will be on the basis of Buyer's independent review of environmental assessment materials provided by Seller, physical investigations made by Buyer, if any, and the operative or proposed governmental laws and regulations, (including but not limited to zoning, environmental and land use laws and regulations) affecting or applicable to the Property. Buyer understands and acknowledges that the Property has been used for many years as an oil production field and automotive repair shops. Oil and other hydrocarbon products of a possibly hazardous nature may be present, and Buyer understands that Seller does not currently have the requisite information to determine the exact nature or condition of the Property nor the effect any such use has had on the physical condition of the Property. The Property also may contain buried pipelines, oil production facilities and equipment, the locations of which cannot now be determined. Seller shall disclose to Buyer all material findings of which it is currently aware or becomes aware prior to the Closing Date, with respect to the physical condition of the Property. As used herein, "material" shall mean all substantive findings that would influence or tend to influence Buyer's decision to acquire the Property. Except for matters arising from or attributable to a material finding known to Seller and not 9793SCLjn 12 i 0 disclosed to Buyer, Buyer will acquire the property in an "AS IS" condition. Buyer assumes the risk that the applicability and effect of such governmental laws and regulations may not have been revealed by Buyer's investigation. Nothing herein shall preclude Buyer from taking any legal action necessary to effect site remediation in the future, should the presence of hazardous material be discovered. "Hazardous material" shall mean any substance of any form, the existence of which shall preclude development an account of any local, state or federal environmental law, regulation or requirement. 12. ESCROW HOLDER'S . IN,ETRUCTIONS At such time as (i) the conditions precedent to Close of Escrow have been satisfied or waived, (ii) Escrow Holder is prepared to issue the title policy described in Section 9(c) above, and (iii) Escrow Holder has received the documents and funds specified in Sections 4 and 5 above, Escrow Holder shall: a) record the grant deed in the Office of the County Recorder of Orange County, California; (b) deliver to Seller funds in an amount which represents the balance of the purchase price of Eight Hundred Eighty -Five Thousand Dollars ($885,000) less proration of taxes and any existing encumbrances. 13. SURVIVABILITY All covenants of Buyer and Seller which are expressly intended hereunder to be performed in whole or in part after the Close of Escrow, and all representations, warranties and indemnities by either party to the other, shall survive the 9793SCLjn 13 0 Close of Escrow and be binding upon and inure to the benefit of the respective parties hereto and their respective heirs, successors and permitted assigns. Any agreements, understandings, warranties or representations not expressly contained herein shall in no way bind either Seller or Buyer. Seller and Buyer each expressly waives any right of rescission and all claims for damages by reason of any statement, representation, warranty, promise and/or agreement, if any, not contained in or attached to this Agreement. 14. BROKER'S COMMISSION Neither the Seiler nor the Buyer shall be liable for any real estate commissions or brokerage fees which may arise herefrom. The Seller and the Buyer each represents that it has not engaged any broker, agent or finder in connection with this transaction, and each agrees to defend, indemnify and hold harmless the other parties from and against any claim with respect to such commissions based upon the acts of such party. 15. WAIVER, CQN5ENT AND REMEDIES Each provision of this Agreement to be performed by Buyer and Seller shall be deemed both a covenant and a condition and shall be a material consideration for Seller's and Buyer's performance hereunder, as appropriate, and any breach thereof by Buyer or Seller shall be deemed a material default hereunder. Each party may specifically and expressly waive in writing any portion of this Agreement or any breach thereof, but no such waiver shall constitute a further or continuing waiver of a preceding or succeeding breach of the same or any other provision. A waiving party may at any time thereafter 9793SCL3n 14 require further compliance by the other party with any breach or provision so waived. The consent by one party to any act by the other for which such consent was required shall not be deemed to imply consent or waiver of the necessity of obtaining such consent for the same or any similar acts in the future. No waiver or consent shall be implied from silence or any failure of a party to act, except as otherwise specified in this Agreement. All rights, remedies, undertakings, obligations, options, covenants, conditions and agreements contained in this Agreement shall be cumulative and no one of them shall be exclusive of any other. Except as otherwise specified herein, either party hereto may pursue any one or more of its rights, options or remedies hereunder of may seek damages or specific performance in the event of the other party's breach hereunder, or may pursue any other remedy at law or equity, whether or not stated in this Agreement. 15. NOTICES Any notice, request, demand, consent, approval or other communication required or permitted hereunder or by law shall be validly given or made only if in writing and delivered in person to an officer or duly authorized representative of the other party or deposited in the United States mail, duly certified or registered (return receipt requested), postage prepaid, and addressed to the party for whom intended, as follows: 9793SCLjn 15 If to Buyer: Redevelopment Agency of the City of Huntington Beach Michael T. Uberuaga, Executive Director 2000 Main Street Huntington Beach, CA 92648 If to Seller: Civic Center Partners 1941 Lake Street Huntington Beach, CA 92648 Attn: Mr. J. M. Martin with a copy to: Pacific Coast Homes 23 Corporate Plaza, Suite 250 Newport Beach, CA 92660-7912 Attn: Legal Department Any party may from time to time, by written notice to the other, designate a different address which shall be substituted for that specified above. I£ any notice or other document is sent by mail as aforesaid, the same shall be deemed fully delivered and received forty-eight (48) hours after mailing as provided above. 17. GENDER AND NUMBER In this Agreement (unless the context requires otherwise), the masculine, feminine and neuter genders and the singular and the plural shall be deemed to include one another, as appropriate. 1B. NONDISCCRININATION A. The Buyer covenants by and for itself and any successors -in -interest that there shall be no discrimination against or segregation of any person or group of persons on 9793SCLjn 16 0 account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer or use, occupancy, tenure or enjoyment of the property, nor shall the Buyer itself or any person claiming under or through it establish or permit any such practice or practices of discrimination or segregation with reference to the section, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the property. The foregoing covenants shall run with the land. B. The Buyer shall refrain from restricting the rental, sale or lease of the property on the basis of race, color, creed, religion, sex, marital status, national origin or ancestry of any person. All such deeds, leases or contracts shall contain or be subject to substantially the following nondiscrimination or nonsegregation clauses: (a) In deeds: "The grantee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the grantee himself or herself or any person claiming under or through him or her, 9793SCLjn 17 i establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants shall run with the land." (b) In leases: "The lessee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through him or her, and this lease is made and accepted upon and subject to the following conditions: "There shall be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, marital status, ancestry or national origin in the leasing, subleasing, transferring, use, occupancy, tenure or enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, sublessees, subtenants, or vendees in the premises herein leased." 9793SCLjn 18 s (c) In contracts: "There shall be no discrimination against or segregation of, any person, or group of persons on account of race, color, creed, religion, sex, marital status, ancestry or national origin, in the sale, lease, sublease, use, occupancy, tenure or enjoyment of the premises, nor shall the transferee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the premises." (d) The covenants established in this Agreement and the deeds of conveyance for the property shall, without regard to technical classification and designation, be binding upon the Agency, its successors and assigns, the City and any successor -in -interest to the property, together with any property acquired by the Agency pursuant to this Agreement, or any part thereof. The covenants against discrimination shall remain in effect in perpetuity. 19. ENTIRE_ AGREEMENT This Agreement and its exhibits constitute the entire agreement between the parties hereto pertaining to the subject matter hereof, and the final, complete and exclusive expression of the terms and conditions thereof. All prior agreements, representations, negotiations and understanding of the parties 9793SCLjn 19 i hereto, oral or written, express or implied, are hereby superseded and merged herein. 20. CAPTIONS The captions used herein are for convenience only and are not a part of this Agreement and do not in any way limit or amplify the terms and provisions hereof. 21. GOVUNING LAW This Agreement and the exhibits attached hereto have been negotiated and executed in the State of California and shall be governed by and construed under the laws of the State of California. 22. QQNFLICTS OF_INTEREST No member, official or employee of the Agency shall have any personal interest, direct or indirect, in this Agreement, nor shall any member, official or employee participate in any decision relating to the Agreement which affects his personal interests or the interests of any corporation, partnership or association in which he is directly or indirectly interested. The Buyer warrants that it has not paid nor given, and will not pay nor give, any third party any money or other consideration for obtaining this Agreement. Conflicts of interest relating to this Agreement are strictly prohibited. Except as otherwise expressly provided herein, neither Buyer nor any director, employee or agent of Buyer shall give to or receive from any director, employee or 9793SCLjn 20 • • agent of Seiler any gift, entertainment or other favor of significant value, or any commission, fee or rebate. Likewise, neither Buyer nor any director, employee or agent of Buyer shall enter into any business relationship with any director, employee or agent of Seller (or of any affiliate of Seller), unless such person is acting for or on behalf of Seller, without prior written notification thereof to Seller. 23. INVALIDITY OF PROVISION If any provision of this Agreement is applied to either party or to any circumstance shall be adjudged by a court of competent jurisdiction to be void or unenforceable for any reason, the same shall in no way affect (to the maximum extent permissible by law) any other provision of this Agreement, the application of any such provision under circumstances different from those adjudicated by the court, or the validity of enforceability of this Agreement as a whole. 24. AMENDMENTS No addition to or modification of any provision contained in this Agreement shall be effective unless fully set forth in writing and executed by both Buyer and Seller. 25. COUNTERPARTS This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 9793SCLjn 21 (a) All disbursements shall be made by check of the Escrow Agent. All funds received in this escrow shall be deposited in one or more general escrow accounts with any bank doing business in the State of California and may be transferred to any other general escrow account or accounts. Recordation of any instruments delivered through this escrow, if necessary or proper in the issuance of the Buyer's Title Policy is hereby authorized. (b) The parties to this escrow jointly and severally agree to pay all costs, damages, judgments and expenses, including reasonable attorneys' fees, suffered or incurred by the Escrow Agent in connection with, or arising out of this Escrow, including, but without limiting the generality of the foregoing, a suit in interpleader brought by the Escrow Agent. in the event Escrow Agent files a suit in interpleader, it shall be fully released and discharged from all obligations imposed in this Escrow. (c) All prorations and/or adjustments called for in this Escrow are to be made on the basis of a thirty (30) day month unless otherwise instructed in writing. 9793SCLjn 22 In addition to specific provisions of this Agreement, performance by either party hereunder shall not be deemed to be in default, and all performance and other dates specified in this Agreement shall be extended, where delays or defaults are due to: war; insurrection; strikes; lockouts; riots; floods; earthquakes; fires; casualties; acts of the public enemy; epidemics; quarantine restrictions; freight embargoes; lack of transportation; governmental restrictions or priority; litigation; unusually severe weather; inability to secure necessary labor; materials or tools; delays of any contractor, subcontractor or supplier; acts or omissions of the other party, acts or failures to act of the City of Huntington Beach or any other public or governmental agency or entity (other than the acts or failures to act of the Agency or the City of Huntington Beach, other than in respect to the zoning of the Property to allow development) or any other causes beyond the control or without the fault of the party claiming an extension of time to perform. Notwithstanding anything to the contrary in this Agreement, an extension of time for any such cause shall be for the period of the enforced delay and shall commence to run from the time of the commencement of the cause, if notice by the party claiming such extension is sent to the other party within thirty (30) days of the commencement of the cause. Any requests for extension shall be in writing. Times 9793SCLjn 23 �7 i= of performance under this Agreement may also be extended in writing by the mutual agreement of Agency and Buyer. Notwithstanding the foregoing Buyer is not entitled to an extension of time to perform because of the past, present, or future difficulty in obtaining suitable temporary or permanent financing. 28., DEFA(ILTS - GENERAL. Subject to the extensions of time set forth in paragraph 27 above, failure or delay by either party to perform any term or provision of this Agreement constitutes a default under this Agreement. The party who so fails or delays must immediately commence to cure, correct, or remedy such failure or delay, and shall complete such cure, correction or remedy with diligence. The injured party shall give written notice of default to the party in default, specifying the default complained of by the injured party. Except as required to protect against further damages, the injured party may not institute proceedings for damages or specific performance against the party in default until fifteen (15) days after giving such notice or, provided that the party is proceeding with diligence to cure, such greater time as may be necessary to cure given the nature of the default. Failure or delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time of default. 9793SCLjn 24 0 0 Seller shall assign and Buyer shall accept an assignment of those Conditions of Approval ("Conditions"), in the form of Exhibit "D" attached hereto and incorporated herein by this reference, imposed by the City of Huntington Beach affecting Tract Map Nos. 13569 and 13920, as such conditions relate to the Property. Buyer shall be responsible for fulfilling said Conditions. The conditions assumed by Buyer include the obligation to construct one-half of the alley off Lake Street and the entire alley from Yorktown to the Lake Street alley. In the event that Seller elects to construct said alleys, or is required to install these alleys in order to secure permits for the development of its adjacent project, then Seller shall have the right to construct either or both of said alleys. In such event, Buyer shall compensate Seller the amount not to exceed Twenty Four Thousand, Three -Hundred Seventy -Eight Dollars ($24,375.00) for the construction of the alley off Lake Street and an amount not to exceed Twenty Four Thousand, Twenty Eight Dollars ($24,028.00) for the construction of the alley off Yorktown. Further, Buyer shall cooperate by allowing Seller to enter the subject property for the construction of the alley(s). A specific cost estimate and site map depicting the alley ways is attached hereto as Exhibit E. 9793SCLjn 25 i IF BUYER DEFAULTS IN THE PERFORMANCE OF ITS OBLIGATIONS UNDER THIS AGREEMENT, THE ENTIRE DEPOSIT OF EIGHTY-EIGHT THOUSAND FIVE HUNDRED DOLLARS ($88,500), PLUS ALL INTEREST ACCRUED THEREON, IF ANY, SHALL BE RETAINED BY SELLER AS DAMAGES FOR BUYER'S DEFAULT. BUYER AND SELLER ACKNOWLEDGE THAT THEY HAVE MADE GOOD FAITH REASONABLE EFFORTS TO DETERMINE WHAT SELLER'S DAMAGES WOULD BE IN THE EVENT OF A DEFAULT BY BUYER AND THEY HAVE BEEN UNABLE TO ARRIVE AT ANY MEANINGFUL FORMULA OR MEASURE OF DAMAGES FOR BUYER'S DEFAULT. BUYER AND SELLER THEREFORE AGREE THAT SUCH DAMAGES WOULD BE EXTREMELY DIFFICULT AND IMPRACTICAL TO DETERMINE IN THE EVENT OF BUYER'S DEFAULT. THE DEPOSIT, PLUS ALL INTEREST ACCRUED THEREON, SHALL SERVE AS LIQUIDATED DAMAGES AND SHALL BE SELLER'S SOLE RIGHT TO DAMAGES AND SELLER WAIVES ALL RIGHT TO SPECIFIC PERFORMANCE. BY INITIALING OR SIGNING WHERE INDICATED BELOW, THE PARTIES SPECIFICALLY APPROVE THIS LIQUIDATED DAMAGES PROVISION. Buyer's Initials Seller's Initials 31. THE PROJECT -- STANDARDS AND RESTRICTION$ Buyer shall develop the Property solely as an "age restricted" project (occupancy based on age i.e., minimum age of 55 years to rent or own) with a maximum of 25 units. The architecture of said Project shall be compatible with the adjacent development known as "The Huntington Classics" (shown on Tract Map Nos. 13569 and 13920. Prior to processing with the City of Huntington Beach, Buyer shall submit to the 9793SCLjn 26 0 0 Architectural Committee of the Huntington Classic (the "Committee") for review and comment all plans for development of the Property. The Committee shall respond with its comments to the plans within thirty days of submittal. The provisions of this paragraph shall survive for fifteen (15) years following the close of escrow. 32. PARK AND RECREATION FEES Seller has already paid to the City of Huntington Beach the Parks and Recreation fees due for the development of the Property. Buyer agrees to assist Seller obtain a reimbursement of said fees from the City of Huntington Beach. 33. BRONZE PLAQUE Historical monumentation, consisting of a bronze plaque, with sketch drawing of the previously existing historical buildings on the site and written description thereof, as required by Environmental Impact Report 89-3, shall be provided by Seller to Buyer prior to the close of escrow. 9793SCLjn 27 0 IN WITNESS WHEREOF, Seller and Buyer have signed this Agreement on the respective dates set forth below. BUYER: REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH Chairman Date APPROVED AS TO FORM: Agency Special Counsel Date TEST! Agency Clerk Date REVIEWED AND APPROVED: Exec6T'3.ve D' a or Date SELLER: CIVIC CENTER PARTNERS, a California general partnership By PACIFIC COAST HOMES, a California corporation By: _ I t s :.��L►y PrLr�5+�7 r^ Date. U • N-`i 3 APPROVED AS TO FORM: C AP' u' Ag�cy Co nse% -� --� -D2ate-) 'Z�n INITIATED AND APPROVED: Director of Date Economic - Development By J. M. MARTIN DEVELOPMENT CORPORATION, a California Corporation By: (name) --- - ---- Its: C a y L- lv�r4p' we 9793SCLjn 28 0 IN WITNESS WHEREOF, Seller and Buyer have signed this Agreement on the respective dates set forth below. BUYER: REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH ILI Chairman Date APPROVED AS TO FORM: Agency Special Counsel Date TEST; 6;4& " 4 �� � - Agency Clerk Date REVIEWED AND APPROVED: E ecive i for Date 12 -�3 -y-? SELLER: CIVIC CENTER PARTNERS, a California general partnership By PACIFIC COAST HOMES, a California corporation By: (name) Its: D Pt,PPROVED AS TO FORM: Fla Hv—nt'� 4 cy_ u 2 �p e INITIATED AND APPROVED: 6 toN3 Director of Date Economic Development By J. M. MARTIN DEVELOPMENT CORPORATION, a California CorpgLa_tion B y • %-tip K vL, [/ v I t s :� S dC C.�.�� Da 4�,IIZZI , / 91 G'l%3 9793SCL1n 28 i LEGAL DESCRIPTION EXHIBIT A Lots 1 through S of Tract 13920 as shown on a map filed in Book 673, pages 14 to 16 inclusive of Miscellaneous Maps, official records of Orange County, California S EXHIBIT B • LICENSE AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AND CIVIC CENTER PARTNERS FOR USE OF AGENCY -OWNED PROPERTY This License Agreement is made and entered into this day of , 1993, by and between the Redevelopment Agency of the City of Huntington Beach, a public body corporate and politic ("Licensor") and Civic Center Partners, a California general partnership ("Licensee") WHEREAS, LICENSEE wishes to Use certain real property more particularly described in Exhibit "A" hereto (the "Property"), owned by Licensor, for the purpose of maintaining advertising signage and landscaping for the adjacent "Huntington Classics" development, and Licensor desires to allow such use, NOW, THEREFORE, in consideration of the foregoing and for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: Permission is hereby given by Licensor to Licensee, its authorized employees, agents, and contractors, to enter upon and use the Property at no cost to Licensee, as legally described in Exhibit "A" attached hereto and incorporated by this reference as fully set forth herein, for the purposes of 1) maintaining advertising signage and landscaping for Licensee's housing development, 2) temporary storage of construction materials, equipment and a construction trailer for use in connection with adjacent construction. sRagreetCiyCntf&W793 • The right of entry on said real property is subject to the following terms and conditions: Licensee shall use the Property exclusively for purposes stated above. Such use shall include, but not be limited to, installation, maintenance repair and removal of signage and landscaping, construction related storage and operations, including construction of the alley on the premises, if alley construction is required by the City of Huntington Beach. Licensee hereby agrees to protect, defend, indemnify and hold and save harmless Licensor, its officers and employees, against any and all liability, claims, judgments, costs and demands, however caused, including those resulting from death or injury to Licensee's employees and damage to Licensee's property, arising directly or indirectly out of the License herein granted by Licensor, including those arising from the passive concurrent negligence of Licensor, but save and except those which arise out of the active concurrent negligence, sole negligence, or the sole willful misconduct of Licensor. Licensee will conduct all defense at its sole cost and expense. Licensor shall be reimbursed by Licensee for all costs or attorney's fees incurred by Licensor in enforcing this obligation. Pursuant to the Caiifomia Labor Code Section 1861, Licensee acknowledges awareness of Section 3700 et seq. of said code, which requires every employer to be insured against liability for workers' compensation; Licensee covenants that it will comply with all such laws and provisions prior to commencing performance of the work hereunder. 2 snayree�avrnU�B2793 0 • Licensee shall maintain such Workers' Compensation Insurance in an amount of not less than One Hundred Thousand Dollars ($100,000) bodily injury by accident, each occurrence, One Hundred Thousand Dollars ($100,000) bodily injury by disease, each employee, and Two Hundred Fifty Thousand Dollars ($250,000) bodily injury by disease, policy limit, at all times incident hereto, in forms and underwritten by insurance companies satisfactory to Licensor. Licensee shall require all subcontractors to provide such Workers' Compensation Insurance for all of the subcontractor's employees. Licensee shall furnish to Licensor a certificate of waiver of subrogation under the terms of the Workers' Compensation Insurance and Licensor shall similarly require all subcontractors to waive subrogation. Licensee shall carry at all times incident hereto, on all operations to be performed hereunder, general liability insurance, including coverage for bodily injury, property damage, and blanket contractual liability. Said insurance shall also include automotive bodily injury and property damage liability insurance. All insurance shall be underwritten by insurance companies in forms satisfactory to Licensor for all operations, subcontract worts, contractual obligations, and all owned vehicles and non -owned vehicles. Said insurance shall name the Licensor, its officers, agents and employees and all public agencies as determined by the Licensor as Additional Insureds. Licensee shall subscribe for and maintain said insurance policies in full force and effect during the life of this Agreement, in an amount of not less than One Million Dollars ($1,000,000) combined single limit coverage. If coverage is provided under a form which includes a designated general aggregate limit, such limit shall be no less than One Million Dollars ($1,000,000). In the event of aggregate coverage, 3 sAagrft%o vcn U r1827 B3 0 i Licensee shall immediately notify Licensor of any known depletion of limits. Licensee shall require its insurer to waive its subrogation rights against Licensor and agrees to provide certificates evidencing the same. �ka M Il Mill i_ i Prior to commencing performance of any work upon the property as Licensed hereunder, Licensee shall furnish to Licensor certificates of insurance subject to approval of the City Attorney evidencing the foregoing insurance coverages as required by this Agreement; said certificates shall provide the name and policy number of each carrier and policy, and shall state that the policy is currently in force and shall promise to provide that such policies will not be cancelled without thirty (30) days prior written notice to Licensor. Licensee shall maintain the foregoing insurance coverages in force until the License granted under this Agreement is terminated. The requirement for carrying the foregoing insurance shall not derogate from the provisions for indemnification of Licensor by Licensee under this Agreement. Licensor or its representative shall at all times have the right to demand the original or a copy of all said policies of insurance. Licensee shall pay, in a prompt and timely manner, the premiums on all insurance hereinabove required. A separate copy of the additional insured endorsement to each of Licensee's insurance policies, naming the Licensor, its officers and employees as Additional Insureds shall be provided to the City Attorney for approval prior to any payment hereunder. F. Licensee hereby releases and forever discharges Licensor of and from any and all claims, demands, actions or causes of action whatsoever which Licensee may have, or may hereafter have, against the Licensor a sAagreeV:zv"th%827e3 1 LJ specifically arising out of the matter of the entry of Licensee pursuant onto the Property pursuant to this Agreement. This is a complete and final release and shall be binding upon the undersigned and the heirs, executors, administrators, successors and assigns of Licensee and covers claims arising out of or connected with Licensee's use of the Property. Licensee hereby expressly waives any right under or benefit of any law of any jurisdiction whatsoever providing to the contrary. Neither the acceptance of this release nor any payment made hereunder shall constitute any admission of any liability of Licensor. G. Licensee shall not after, damage or commit any kind of waste upon the Property or any improvement, equipment or personal property thereon and shall not interfere in any manner with the operations or activities of Licensor. H. Licensee shall keep any equipment used or brought onto the Property under its absolute and complete control at all times and said equipment shall be used on the Property at the sole risk of Licensee. Licensee shall bring no animals onto the Property. Licensee agrees to furnish all labor, tools, equipment and material for the performance of the work done by it in connection with such use and to pay all taxes assessed on wages for said labor and to make any and all reports required in connection therewith. J. Licensee agrees that all work done or undertaken by it on the Property shall be for its sole account and not as an agent, servant or contractor for Licensor and to indemnify and hold Licensor and the Property harmless from and against all claims or liens of workmen and materialmen, including but not limited to, the payment of attorney's fees. 5 sRagree)ovcnrhA82793 0 K. Licensee agrees that the permission herein extended shall be personal to it and that it shall not assign or permit any third party to avail itself of any of the privileges granted hereunder. L. No interest of any kind is hereby given and Licensee shall never assert any claim or title to the Property except as reflected in Section M below. M. Licensee acknowledges that the License granted hereunder shall terminate upon the first to occur of: (1) the sale of the final unit of Licensee's adjacent Huntington Classics project or (2) the physical commencement of structural construction on the premises by Licensor. N. Licensee acknowledges that it is Licensee's intention to enter into a purchase agreement to acquire the Property from Licensor. O. All notices given hereunder shall be effective when personally delivered or if mailed, within 48 hours of the deposit of such notice in the U.S. Mail, prepaid, and certified with return receipt requested and addressed to any representative or employee of Licensee or to Licensor's Project Manager at the respective addresses shown below. 3. NOII!QE Licensor shall give Licensee thirty (30) days written notice prior to commencing construction. If to Licensee: Civic Center Partners 1941 Lake Street Huntington Beach, CA 92648 Attention: Mr. J. M. Martin If to Licensor: Redevelopment Agency of the City of Huntington Beach 2000 Main Street Huntington Beach, CA 92648 Attention: Ms. Barbara Kaiser 6 sllagreelc,vcnVA52793 In witness whereof, the parties hereto have executed this Agreeent by and through their authorized officers on the date first above written. LICENSEE: CIVIC CENTER PARTNERS, a California general partnership By: Print Name: Its: ATTEST: By: /"" � Connie Brockway,&-- Agenc Clerk REVIEWED AND APPROVED: By: MichA T. Uberuaga Executive Director LICENSOR: REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH By: Print Name: 1 z-yv.s� Its: Er rcc.,. -.f APPROVED AS TO FORM: ail tto gency Counsel dlq3. 11Z1 INITIATED AND APPROVED: By:_t.5..w Barbara Kaiser Director of Economic Development IA sNggree%vvcnUAB27 93 n LJ EXHIBIT C 0 WHEN RECORDED MA[L T'O: City of Huntington Beach 2000 Main Street Huntington Beach, CA 92648 Attn: City Clerk A. P. N.: FOR GOOD AND VALUABLE CONSIDERATION, RECEIPT OF WHICH IS HEREBY ACKNOWLE.DGED, CIVIC CENTER PARTNERS, a California general partnership, ("Grantor"), hereby grants to the Redevelopment Agency of the CITY Of HUNTINGTON BEACH, a public body, corporate and politic, ("Grantee"), that certain real property located in the City of Huntington Beach, County of Orange, State of California (the "Property"), described as follows: Lots 1 through S of Tract 13920 as shown on a map filed in Book 673 Pages 14 to 16 inclusive of Miscellaneous Maps, official records of Orange County, California The Property is conveyed in accordance with and subject to the Redevelopment Plan which was approved and adopted by Resolution ##45 of the City Council of the City of Huntington Beach on September 7, 1982, a copy of which is on file with the Grantee at its offices as a public record and which is incorporated herein by reference. EXCEPTING THEREFROM all oil, gas and other hydrocarbons, geothermal resources, and all other minerals, whether similar to those herein specified or not, within or that may be produced from said Property. FURTHER EXCEPTING AND RESERVING THEREFROM any and all water rights or interests therein, together with the right to grant and transfer all or a portion of the same, no matter how acquired by Grantor, owned or used by Grantor in connection with or with respect to the Property, together w-Ith the right and po"ver to explore, drill, redrill, remove and store the same from the Property or to divert or otherwise utilize such water rights or interests on any other property, whether such water rights or interests shall be riparian, overlying, appropriative, littoral, percolating, prescriptive. adjudicated, statutory or contractual; but without, however, any right to enter upon the surface of the Property in the exercise of such rights or upon the upper thirty (30) feet of the subsurface of the Property, and also without any right to enter upon the subsurface of the Property in such manner as to materially impair the support or stability of any structures or improvements from time to time located on the Property. I=UR-CHER EXCEPTING AND RESERVING THEREFROINt the sole and exclusive right from time to time to drill and maintain wells or other works into or 7dctpdeed+12114/93 through said Property and the adjoining streets, roads and highways below a depth of 500 feet and to produce, inject, store and remove from and through such wells or works oil, gas, water and other substances of whatever nature, including the right to perform below said depth any and all operations deemed necessary or convenient for the exercise of such rights. "The rights herein above excepted and reserved do not include and do not except or reserve any right to use the surface of the Property or the first 500 feet below the surface of the Property or to conduct any operations thereon or therein. Unless hereinafter specifically excepted and reserved, all rights and interests in the surface of the Property are hereby conveyed to Grantee. Without limiting the foregoing the Property is hereby conveyed to Grantee in its "AS IS" condition, without any representations or warranties by Grantor, subject to: (a) All general and special real property taxes and assessments, not delinquent; (b) All easements, liens, charges, covenants, conditions, restrictions, reservations, encumbrances, rights and rights -of -way shown of record and all other matters of record; and (c) All matters that can be ascertained by a reasonable inspection and/or survey of the Property. The Grantee agrees for itself and any successor in interest not to discriminate upon the basis of race, color, creed or national origin in the sale, lease, or rental or in the use or occupancy of the Property hereby conveyed or any part thereof. Grantee covenants by and for itself, its successors, and assigns, and all persons claiming under or through them that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of the Property, nor shall the Grantee itself or any person claiming under or through it, establish or permit any such practice or practices of discrimination or segregation with references to the selection, location, number, use or occupancy of tenants, lessees, sub -tenants, sublessees, or vendees in the Property. -The foregoing covenants shall run with the land. This grant is made on the condition that the Property is to be used for age - restricted housing (occupancy limited to persons of fifty-five years of age or older) with a maximum of twenty-five (25) units to be constructed. If the Properly is used for other than age -restricted housing or more than twenty-five units are to be constructed or are constructed on the Property, then Grantor or its heirs, assigns and successors, without paying any compensation for any buildings or other improvements on the above premises and without making any compensation or incurring any liability for damages of losses of any kind, shall have the power to terminate all right, title and interest in the property 2 7nocpdee1Y121t al93 0 0 granted by this deed to Grantee and its heirs, successors and assigns, in the manner provided by law for the exercise of this power of termination. Immediately on such a termination, Grantee or its heirs, successors or assigns shall forfeit all rights or title to the Property and improvements, and the Property shall revert to Grantor or Grantor's heirs, assigns or successors. Prior to the commencement of the development application process regarding the Property, Grantee shall submit all plans for the development of the Property (the "Development Plans") to the Architectural Review Committed for the Huntington Classics (the "Committee") for their review and comment. The Committee shall have thirty (30) days to provide comments after the development plans are submitted to it. Grantee shall timely inform said Committee of all substantial changes to the development plans niade through the development approval process so that the Committee may participate in the approval process. IN WITNESS WHEREOF, Grantor has executed this Corporation Grant Deed this day of CITY OF I IUNTINGTON BEACH Mayor 1993. GRANTOR: CIVIC CENTER PARTNERS a California general partnership By: Pacific Coast Homes Its: General Partner By: I). L. O'Conner,Vice President By: J. J. Lopez, Assistant Secretary TEST; APPROVE• D AS TO FORM:tT , City Clerk City Atto Icy RE WED AND APPROVED:3_93 'ity Administr for 3 7/TGCpdeed112114/93 ALL-PURPOSE ACKNOWLEDGMENT Slate of County of 149,66c, On before me, �'`� A' ���5`'� '—I jLme, title of officer), personaii pear .laa- A10Z� L'f ? - a ZTCrSdll 1?-1'(4CI,y7, e "&Zf E �C� 1{ 'personally known to me — — the -basis oLsatisfartogceyAi e=e to be the persoqg whose nam s rye subscribed to the within instrument and acknowl- edged to�thahe ecuted the same in#ti91e hel authorized Capaci lei), and that bygnatureosson the instrument the persokj( )or the entity upon behalf of �- OFFiCL4L NOTARY SEAL :.< LAURA A. NELSON Notwry PuNic-- Calibmia ` ORANGE COUNTY W COmm ExPir" JUL OB.,905 which the perso rs acted, executed the instrument. WITNESS my hand and official seal. Signature CAPACITY CLAIMED BY SIGNER ❑ whowa,so.cw�ac9wme�+es ODWOUn O'RCl4f7 MUM 00~ [] rume�m ►mow. ❑ ..s.n .i.,c+wA rJ tea, (ymr.rts, �.�ase.rrq O WCPiAL NOVOY ASSODAT10N - EM PAo mi - Ir! • P O Ba Y W - Cwom Tok G 913D4 UM Exhibit D Conditions of Approval Tentative Tract Map No. 13920 Depict minimum 22 foot building setback restriction from westerly boundary of 20 foot wide alleyway. Depict a landscape easement (minimum 50 square feet) at the Lake and Yorktown corner for historical monumentation. Twenty-four (24) inch box eucalyptus fieifolia shall be planted in the Lake Street parkway as required by the Landscape Division. Landscaping within public right-of-way shall be maintained by the homeowners. The 5-foot wide sideyard landscaping in public right-of-way shall be properly irrigated and planted per Public Works Department requirements. All streets and alleys within the project site shall be fully improved as indicated on the tentative tract map. Vehicular access rights on Lake Street and Yorktown Avenue shall be dedicated to the City except at approved alley intersections. Historical monumentation consisting of a bronze plaque (with sketch drawing of the buildings and written description) on a base shall be prepared at the developer's expense, reviewed by the Historical Resources Board and Design Review Board, and installed prior to final inspection of the first completed dwelling unit or within 12 months, whichever occurs first. Prior to issuance of building permits, the applicant shall complete the following: a. A detailed landscape and irrigation plan to the Department of Community Development and Public Works for review and compliance shall be submitted. Said plan shall include the specie of each 36-inch box tree required for each lot. Any existing mature trees on site shall be retained and incorporated into the site plan to the maximum extent feasible, except those in the public right--of-way or in locations identified for construction. Any existing mature tree that must be removed shall be replaced at a 2:1 ratio with 36-inch box tree, plus additional 24-inch box eucalyptus being provided along Lake Street which shall be incorporated into the project's landscape plan. The applicant shall provide additional trees per Public Works standards to meet the 2:1 ratio required. A 36-inch box tree shall be planted in the front yard of each lot and in the exterior side yard of each corner lot. b. Details for construction of a seven (7) foot high sound wall and landscaping along the side of Lot 1 abutting Yorktown shall be submitted to the Community Development Department for review and approval. C. Special glazing shall be provided on Lot 1 rate STC = 29 and noted on plans. d. Air conditioning shall be provided for all dwellings and noted on plans. e. The applicant shall submit plans for construction of a block wall and landscaping on the City parking lot along Lake Street at a height which will deflect vehicle headlight glare. Such wall and landscaping shall be installed prior to occupancy. f. Provide an outdoor overhead light system on each garage to illuminate the alley to promote safe access from garage to residence. All lighting included on private property or in the public right-of-way shall use energy efficient lamps (e.g. high pressure sodium vapor, metal halide) and all outside lighting shall be directed to prevent "spillage" onto adjacent propertics. The Fire Department requires that fire hydrants shall be installed within 300 feet of travel of all buildings and one fire hydrant shall be installed on Lake Street at Lot 1 at terminus of radius. 8/20/93 EXHIBIT E Huntington Classics Cost Estimate Tract 13920 1. Alley Improvements..............................$18,867.00 2. Civil Engineering ............................... 780.00 3. Inspection & Testing ............................500.00 SUB TOTAL $20,147.00 4. Contingency ..................................... 2,015.00 5. Management Fee ................................. 2,216.00 TOTAL $24,378.00 Not Included; I. Electrical Power Lines 2. Public Sidewalk 3. Cable TV 4. Monument 5. Right of Way Landscaping & Irrigation 6. Any Additional Block Walls 7. Retaining Wall S. Street Lights Included: 1. Water Service to Each Lot 2. Existing 8" Sewer Line Alley "B" • 8/20/93 Huntington Classics Cost Estimate Tract 13920 ALLEY "B" 1. Alley Improvements..............................$18,108.00 2. Civil Engineering ............................... 1,000.00 3. Inspection & Testing ............................750.00 SUB TOTAL $19,858.00 4. Contingency ..................................... 1,986.00 5. Management Fee .................................... 2,184.00 TOTAL $24,028.00 Not Included; 1. Electrical Power Lines 2. Public Sidewalk 3. Cable TV 4. Monument 5. Right of Way Landscaping & Irrigation 6. Any Additional Block Walls 7. Retaining Wall 8. Street Lights Included: 1. Water Service to Each Lot 2. Existing 8" Sewer Line Alley "S" . � IJ is — -.. — "z.1 S, 1 1 LJ 1 , .� . I-1 - J-r .— /\ r . . < 0 Y -11, HE RUINIING'] M Cl:usl cs 0 IN Lake Street iiuMnvorl nc:Ch C-Arornla 926�8 ►AM STMIr �i •,1' �•1 .' �•.-. "k' F ..: f"ir- rill �-! - ;�.'.!r r .fir •,, - �-�'rr � 0 w� 0" AV£NrF ic- ro r D .m 5o YC c qDiD In IN frNo s YORKTC)WN coos IN, TRACT AVENUE l3— 3 k ti o� e,sJ x In _ �•Sou,,/u KA 6�9 �% /494Ft O R�B5o 00 GC . 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P 447 FG FF•47 ` p` �` 0.4L9 Gy I• 2r7LJ�C t �'• N � \�\ I P 9% 44eFG p �_-Fc l43 9FL -4 44 OIL _ /Y• M/N 4-5 3 FL u - 7- 45 I� NIN 4-13FL~ q7C---467 F6- 45CFL r4.. iFG . ]fL'NF�\ � 453 a F. Fr7EN o� - - D7Y• % 1 V �\� I FT5 AS h'C: L Afr F•4L e0 hf•4, ao i / SO I c. -1`-' 4G 1 4-301, 2Y u31 a 4R �� 4G 47Jf M/N 473 FG - I i I 17.1 DVG Nr 3 .4L1y0/NG1 GP RJ•JN \ It /I M/_N -4: 4� 45 wL ' {� c N-'k•/F_'I 4i c�i_4(L/FL-`4L JFL IMP /x Nly _ t 45 5F4. 4 44 9 FG N j M✓ 45 •F. ' 4L. 275E OD% �.p\G 7 3 n 5 e •459 N zY r 4+F /oaF � •44/ y (J 4- I B 99 a4 / 45 '! 1• 440FG 20'/• y S' Fr• FG = N -• 21 ` 459Fr 6 ALLEY NC . ° 5 R <i' c I J AME�j C' First American Title Insurance Company 7 POLICY OF TITLE INSURANCE made by the insured in any transfer or conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from the insured of either (i,) an estate or interest in the land, or (ii) an indebtedness secured by a purchase money mortgage given to the insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 4(a) below, (ii) in case knowledge shall come to an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest, as insured, and which might cause loss or damage for which the Company may bo liable by virtue of this policy, or (iii) if title to the estate or interest, as insured, is rejected as unmarketable. If prompt notice shall not be given to the Company, then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice. 4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED CLAIMANT TO COOPERATE. (a) Upon written request by the insured and subject to the options contained in Section 6 of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which any third party asserts a claim adverse to the title or interest as insured, but only as to those stated causes of action alleging a defect, lien or en- cumbrance or other matter insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs or expenses incurred by the insured in the defense of those causes of action which allege matters not insured against by this policy. (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest, as insured, or to prevent or reduce loss or damage to the insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise its rights under this paragraph, it shall do so diligently. (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any litigation to final determination by a court of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (d) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of the insured forthis purpose. Whenever requested by the Company, the insured, at the Company's expense, shall give the Company all reasonable aid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest as insured. If the Company is prejudiced by the failure of the insured to furnish the required cooperation, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. PROOF OF LOSS OR DAMAGE. In addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to by the insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against Company for cancellation. (b) To Pay or Otherwise Settle With Parties Other than Insured or With the Insured Claimant. (i) to pay or otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (ii) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in paragraphs (b)(i) or (ii), the Com- pany's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE. This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A; or (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b) In the event the Amount of Insurance stated in Schedule A at the Date of Policy is less than 80 percent of the value of the insured estate or interest or the full consideration paid for the land, whichever is less, or if subsequent to the Date of Policy an improvement is erected on the land which increases the value of the insured estate or interest by at least 20 percent over the Amount of Insurance stated in Schedule A, then this Policy is subject to the following: (i) where no subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that the Amount of Insurance at Date of Policy bears to the total value of the insured estate or interest at Date of Policy; or (ii) where a subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that 120 percent of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of Insurance stated in Schedule A and the amount expended for the improvement. The provisions of this paragraph shall not apply to costs, attorneys' fees and expenses for which the Company is liable under this policy, and shall only apply to that portion of any loss which exceeds, in the aggregate, 10 percent of the Amount of Insurance stated in Schedule A. (c) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. B. APPORTIONMENT. If the land described in Schedule (A)(C) consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of the parcels but not all, the loss shall be computed and settled on a pro rata basis as if the Amount of Insurance under this policy was divided pro rats as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made sub- sequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. LIMITATION OF LIABILITY. (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and the comple- tion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable had this policy not been issued. If requested by the Company, the insured claimant shall transfer to the Company all rights d remedies against any person or property necessary in Jer:to perfect this right of subrogation. The insured claimant shall permit the Company to sue, compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated to these rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impairment by the insured claimant of the Company's right of subrogation. (b) The Company's Rights Against non -Insured Obligors. The Company's right of subrogation against non- insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy. 14. ARBITRATION. Unless prohibited by applicable law, either the Com- pany or the insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, any service of the Company in connection with its issuance or the breach of a policy provision or other obligation. All arbitrable matters when the Amount of Insurance is $1,000,000 or less shall be arbitrated at the option of either the Company or the insured. All arbitrable matters when the Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the insured. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which the land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT. (a) This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. In interpret- ing any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate or interest covered hereby or by any action asserting such claim, shall be restricted to this policy. (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 16. SEVERABILITY. In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 17. NOTICES, WHERE SENT. All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to the Company at 114 East Fifth Street, Santa Ana, California 92701, or to the office which issued this policy. ALTA OWNERS POLICY SCHEDULE A TOTAL FEE. FOR TITLE, EXAMINATION AND TITLE INSURANCE S2,380-50 AMOUNT OF INSURANCE $885,000.00 DATE 01- POLICY: FEBRUARY 17, 1994 AT 8-00 A. M. OR-9360198 I- NAME OF INSURED REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, A PUBLIC BODY, CORPORATE AND POLITIC. 2- 111E FSTATF OR INTEREST IN THE LAND WHICH IS COVERED BY THIS POLICY IS: A FEE. 3 TITLE TO THE ES7ATE OR 1N'TTRPS'T IN T}1F I -AND 1S VESTED IN REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, A PUBLIC BODY, CORPORATE AND POLITIC. a THE LAND REFERRED TO IN THIS POLICY IS DESCRIBED AS FOLLOWS: (SEE EXHIBIT "A" ATTACHED HERETO.) PAGI; 2 ALTA OWNERS POLICY SCHEDULE B EXCEPTIONS FROM COVERAGE OR-9360198 I HIS POLICY DOES NOT INSURE AGAINST LOSS OR DAMAGE (AND THE COMPANY WILL NOT PAY COSTS. ATTORNEYS' FEES OR LXPLNSI:S) WHICH ARISE BY REASON OF- 1. THE LIEN OF SUPPLEMENTAL TAXES ASSESSED PURSUANT TO CHAPTER 3.5 COMMENCING WITH SECTION 75 OF THE CALIFORNIA REVENUE AND TAXATION CODE. 2. THE RIGHT TO USE ALL STREETS, ALLEYS AND AVENUES DEDICATED TO PUBLIC USE WITHIN TRACT NO 12, FOR WATER MAINS, PIPE LINES AND INCIDENTAL PURPOSES, AS CONVEYED TO HUNTINGTON BEACH WATER COMPANY, A CORPORATION, BY INSTRUMENT RECORDED JANUARY 30, 1923 IN BOOK 451, PAGE 325 OF DEEDS. 3. AN EASEMENT AS SET FORTH IN AN INSTRUMENT RECORDED APRIL 4, 1990 AS INSTRUMENT NO. 90-176640 OF OFFICIAL RECORDS, IN FAVOR OF: GTE CALIFORNIA INCORPORATED, A CORPORATION. FOR: TRANSMISSION OF ELECTRIC ENERGY FOR COMMUNICATION AND INCIDENTAL PURPOSES. OVER: A PORTION OF THE LAND. 4. THE DEDICATION TO THE CITY OF HUNTINGTON BEACH OF THE DOMESTIC WATER SYSTEM AND APPURTENANCES AND THE SANITARY SEWER SYSTEM AND APPURTENANCES AS SHOWN ON THE IMPROVEMENT PLANS OF TRACT NO. 13569, AS RECITED ON THE MAP OF SAID TRACT. 5. ALL VEHICULAR ACCESS RIGHT TO YORKTOWN AVENUE AND LAKE STREET, EXCEPT AT APPROVED ALLEY INTERSECTIONS HAVE BEEN RELEASED AND RELINQUISHED TO THE CITY OF HUNTINGTON BEACH ON THE MAP OF SAID TRACT. 6- AN EASEMENT FOR LANDSCAPE PURPOSES AS SHOWN ON THE MAP OF SAID TRACT OVER A PORTION OF LOT I. 7. AN INSTRUMENT ENTITLED "CERTIFICATE OF CORRECTION" RECORDED OCTOBER 16. 1992 AS INSTRUMENT NO. 92-702428 OF OFFICIAL RECORDS; REFERENCE BEING MADE TO THE RECORD THEREOF FOR FULL PARTICULARS. 8. EASEMENTS, COVENANTS AND CONDITIONS CONTAINED IN THE DEED FROM CIVIC CENTER PARTNERS, A CALIFORNIA GENERAL PARTNERSHIP, AS GRANTOR, TO REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, A PUBLIC BODY, CORPORATE AND POLITIC, AS GRANTEE, RECORDED FEBRUARY 17, 1994 AS INSTRUMENT NO. 94-0119882 OF OFFICIAL RECORDS. REFERENCE BEING MADE TO SAID DOCUMENT FOR FULL PARTICULARS. PAGE 3 ALTA OWNERS POLICY EXHIBIT "A" OR-9360198 ALL THAT CERTAIN LAND SITUATED IN THE STATE OF CALIFORNIA, COUNTY OF ORANGE, CITY OF HUNTINGTON BEACH, AND IS DESCRIBED AS FOLLOWS - LOTS 1 TO 5 INCLUSIVE OF TRACT NO. 13920, AS SHOWN ON A MAP FILED IN BOOK 673, PAGES 14 TO 16 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, CALIFORNIA. EXCEPTING THEREFROM ALL OIL, GAS, ASPHALTUM AND OTHER HYDROCARBONS AND ALL OTHER MINERALS WHETHER SIMILAR OR DISSIMILAR TO THOSE HEREIN SPECIFIED AND INCLUDING ALL FISSIONABLE MATERIALS WITHIN OR THAT MAY BE PRODUCED OR EXTRACTED OR TAKEN FROM SAID LAND BELOW A DEPTH OF 500 FEET, WITHOUT THE RIGHT OF SURFACE ENTRY, AS RESERVED BY TI4E HUNTINGTON BEACH COMPANY 1N A DEED RECORDED NOVEMBER 4, 1988 AS INSTRUMENT NO. 88-569347 OF OFFICIAL RECORDS. ALSO EXCEPTING ALL WATER RIGHTS AS RESERVED BY THE HUNTINGTON BEACH COMPANY IN DEED RECORDED NOVEMBER 4, 1988 AS INSTRUMENT NO 88-569347 OF OFFICIAL RECORDS. NOTE 1. BY A QUITCLAIM DEED RECORDED AUGUST 29, 1957 IN BOOK 4021, PAGE 372 OF OFFICIAL RECORDS, THE HUNTINGTON BEACH COMPANY QUITCLAIMED ALL ITS RIGHT TO DRILL SLANTED WELLS FROM LANDS ADJACENT TO SAID LAND, INTO AND THROUGH THE TOP FIVE HUNDRED (500) FEET, MEASURED VERTICALLY IN DEPTH BELOW THE SURFACE OF SAID LAND NOTE2: EXCEPT AS HEREINAFTER SPECIFICALLY PROVIDED, GRANTEE AGREES THAT. WITHOUT TIME CONSENT OF GRANTOR IN WRITING BEING FIRST OBTAINED, IT WILL NOT USE THE SURFACE OF THF.' LANDS DESCRIBED ABOVE OR THAT PORTION OF SAID LANDS FROM THE SURFACE TO FIVE HUNDRED (500) FEET BELOW THE SURFACE FOR ANY PURPOSE WHATSOEVER, INCLUDING, BUT NOT LIMITED TO DRILLING ANY WELL OR WELLS OR ANY OTHER ACTIVITY IN CONNECTION WITH DEVELOPING. PRODUCING OR OPERATING THE MINERAL INTERESTS (NOTHING HEREIN IS INTENDED TO PREVENT GRANTOR FROM USING CITY STREETS AND OTHER PUBLIC WAYS). IT IS UNDERSTOOD AND AGREED, HOWEVER, THAT BELOW A DEPTH OF FIVE HUNDRED (500) FEET BENEATH THE SURFACE (HEREINAFTER CALLED THE "SUB-500 PORTION-) GRANTEE MAY SLANT DRILL UNDER SUCH LANDS, AND/OR DRILL WELL OR WELLS ON LANDS POOLED THEREWITH, AND OTHERWISE CONDUCT OPERATIONS WHICH DO NOT INVOLVE THE USE OF THE SURFACE (OR THAT PORTION OF THE SUBSURFACE OTHER THAN THE SUB-500 PORTION) OF SUCH LANDS, IN ORDER TO REACH AND PRODUCE THE. OIL, GAS AND OTHER MINERALS IN AND UNDER SUCH SUB-500 PORTION OF SUCH LANDS. IT 1S RECOGNIZED THAT THE CERTAIN WELLS KNOWN AS THE ELLIOTT NO. 1 WELL IS LOCATED ON THE ABOVE DESCRIBED LANDS AND IS PRODUCING OIL AND GAS ATTRIBUTABLE TO THE MINERAL INTERESTS; GRANTEE AGREES TO PLUG AND ABANDON SUCH WELLS ON OR BEFORE JANUARY 1, 1989, AND GRANTOR AGREES "CHAT, NOTWITHSTANDING THE PRECEDING PORTION OF THIS PARAGRAPH, GRANTEE MAY USE THE SURFACE OF THE ABOVE DESCRIBED LANDS TO OPERATE SUCH WELLS PRIOR TO SUCH JANUARY 1, 1989, AND TO CONDUCT SUCH OPERATIONS AS MAY BE REQUIRED TO PLUG AND ABANDON SUCH WELLS, AS GRANTED TO ANGUS PETROLEUM CORPORATION IN A DEED RECORDED JULY 5, 1988 AS INSTRUMENT NO. 88-319698 OF OFFICIAL RECORDS. PAGE 4 ALTA OWNERS POLICY OR-9360198 WARNING "THE NIAP ATTACHED HERETO MAY OR MAY NOT BE A SURVEY OF THE LAND DEPICTED THEREON. YOU SHOULD NOT RELY UPON IT FOR ANY PURPOSE OTHER TITAN ORIENTATION TO THE GENERAL LOCATION OF THE PARCEL OR PARCELS DEPICTED. FIRST AMERICAN EXPRESSLY DISCLAIMS ANY LIABILITY FOR ALLEGED LOSS OR DAMAGE WHICH MAY RESULT FROM RELIANCE UPON THIS MAP." PAGE: 5 aa: X :Ch-•K TRACT N0.13920 M.M.673/14-16 BCM �ti.S `. ••:.h ^f •IC. W INs[^ _> '-f-!•rth•L _• 'J [ Swr 9[•t k'•"• Yy'•:S• I..S• ar• "Au �•.I - ':•+i ar 61:' S+- ]S.L_�•:S ]f 71..WA (:,.IN DerAl4 'A 1C.a!-go I X +a • W = S'•..lC;: ' - '+4� !L Sr •• vl ?M•QM) E S >.. ^ •[ .• '•G S'•wY!' ' i•CY :+ e• V •[ .•5�[• S�wP[D _C 'ia_T 3L�Sr •1 • - =•'EM S-•[[' - --C•: +[ r�s•S[C-C-S S ..� Ya r�i• nUr't• = -_w-v ;., • nw i0 1'S -r- �iLa"u{L v rwr+[.f•Z •CU'iS •C'.0 .4n..[•7 •S •.Cru Y V I � QtkIOO �t �+r�Yfl LYI l��• b �I �J Y• �•.- lJ�t Vsb + iH d rlr ` •+ arJ•ri M N l 1 i ~ ~; �\iiff^V.rr).w� �I�. qp-s..Jsw•. � As v M+e •r- t 2 � 4 U U..: 4 ' 3 Vij • 4 • � 3� /� V •�-" •i V I• I.• .L c ScErir • � • � o.�e/I,Lc . �,�rREEr �. i • ro r J.r... .. Jffl_ 4* rikr .r ,J)s t wry .fr.os w. • I . rf }I V � .•I4rrr �. UT/CA AVENUE n• nw 1raJ +�•Jr/rrn� ar .:• ...�f �/.•+r.c /l �rvw. r .Jf of •1.v. h r I a. N ti F1 r� 'I First American Title Insurance Company THIS ht" M SCR INpon"TION ONLY AND IS NOT A PART OP THtS THTU WVINNC9 Form No IA0292 _—_— Yokfru.— 4hL ALTA OwnCr 5 Policy ♦ w l� S� �. p� POLICY OF TITLE INSURANCE n iti;r�u ri}. First American Title Insurance Company SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A. against loss or damage. not exceeding the Amount of Insurance stated in Schedule A. sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein-, 2- Any defect in or lien or encumbrance on the title. 3. Unmarketabiliry of the title; 4. Lack of a right of access to and from the land_ The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulat)ons. First American Title Insurance Company 212770 A�4 4z SE'CREEAR}• MT NSER 24 ieea r EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the Insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: (i) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or (ii) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure: (a) to timely record the instrument of transfer; or (b) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. CONDITIONS AND STIPULATIONS DEFINITION OF TERMS. The following terms when used in this policy mean: (a) "insured": the insured named in Schedule A, and, subject to any rights or defenses the Company would have had against the named insured, those who succeed to the interest of the named insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, personal representa- tives, next of kin, or corporate or fiduciary successors. (b) "insured claimant': an insured claiming loss or damage. (c) "knowledge" or "known": actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of the public records as defined in this policy or any other records which impart constructive notice of matters affecting the land. (d) "land": the land described or referred to in Schedule (A), and improvements affixed thereto which by law constitute real property. The term "land" does not include any property beyond the lines of the area described or referred to in Schedule (A), nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing herein shall modify or limit the extent to which a right of access to and from the land is insured by this policy. (e) "mortgage": mortgage, deed of trust, trust deed, or other security instrument. (f) "public records": records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. With respect to Section 1(a)(iv) of the Exclusions From Coverage, "public records" shall also incude environmental protection liens filed in the records of the clerk of the United States district court for the district in which the land is located. (g) "unmarketability of the title": an alleged or apparent matter affecting the title to the land, not excluded or excepted from coverage, which would entitle a purchaser of the estate or interest described in Schedule A to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of marketable title. 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE. The coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a ourchaser from the insured,,.or only so long as the by this policy which constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the Company is prejudiced by the failure of the insured claimant to provide the required proof of loss or damage, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage. In addition, the insured claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of Policy, which reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the insured claimant shall grant its permission, in writing, for any authorized rep- resentative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspondence and mem- oranda in the custody or control of a third party, which reasonably pertain to the loss or damage. All information designated as confidential by the insured claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the insured claimant to submit for examination under oath, produce other reasonably requested information or grant permission to secure reasonably necessary informa- tion from third parties as required in this paragraph, unless prohibited by law or governmental regulation, shall terminate any liability of the Company under this policy as to that claim. 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY. In case of a claim under this policy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the amount of insurance under this policy together with any costs, attomeys' fees and expenses incurred by the insured claimant, which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay. Upon the exercise by the Company of this option, all "''f11ity and obligations to the insured under this policy, other ion to make the payment required, shall terminate, including any liability or obligation to defend, prosecute, or continue for any loss or damage caused thereby. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the titte as insured. (c) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY. All payments underthis policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. LIABILITY NONCUMULATIVE. It is expressly understood that the Amount of In- surance underthis policy shall be reduced by any amountthe Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. 12. PAYMENT OF LOSS. (a) No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. (b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT. (a) The Company's Right of Subrogation. Whenever the Company shall have settled and paid a m:'under this -policy, all right of subrogation shall vest in e Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have �e wcn �� x4 CITY OF HUNTINGTON 8H • INTER -DEPARTMENT COMM CA 10N r !.L M11-111KCTON BEACH NIR 8 10 01 fill '94 TO: Connie Brockway, City Clerk 4-a-yeo - FROM: Barbara A. Kaiser, Deputy City Administrator/Economic Dement SUBJECT: Policy of 7111e Insurance - Yorktown Lake Housing Property DATE: March 7, 1994 I have attached the Title Policy for the Yorktown Lake Property Acquisition to be added to your Yorktown Lake file, accompanying the Deed of Trust you already have. If you have any questions, please contact me at extension 5582. BAK:ls Attachment: Title Policy 858