HomeMy WebLinkAboutRobert Collins Terry - 1988-03-07 ,
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AGHELMENT FOR SALE OF REAL PROPERTY
BETWEEN ROBERT COLLINS TERRY ANL 1jr
THE 'REDEVELOPMENT AGENCY OF TrB
t h +
✓ ' YJ,Jy! �r CITY OF HUNTINGTON BEACH
This Hgreement made 'this day of March, l9ed by :i rTayr ire }�
_�- �� �fli� JI'�i iJclr rJ f wl�^ }, •Jib
.,
and between the REDEVELOPMENT AGENCY OF THE CITY Or HU14TINGTON
41 1
!t J '•�^✓'r i 1"�\+'t"F.�.it, r ry :�r ✓I 1 f ;f C,}- N:�j G'.
BEACH, California, a public agency (herein as BUYER) , and ROBERT
CC',LINS TERRY, a married man (herein as SELLER) , of his separate
.,, , r s , a 4 tt•
property, for the purchase by BUYER of certain real property
r s J `�i,.t 1 .:r•�+ 4{ ire � 1<�+
t% k r ,1' f situated in said city.
WLer•eas, SELLER 'lrs the owner, in fee, of certain real property ,
t J r°t "•+ 'lrt lI„ located i ' the City of Huntington Beach, California more fury �
r
♦ 'T
, `; 4.y�� -`fret{r descr ibee as:
Lots 14 and 16 in Block 204 of the Huntington ,Beach :,Tract of
l.N „+FT ' ";�` the City of Huntington Beach, as showy, on a map recorded in
(�/ fTftt T
11 • Jv ii #La�77:"y yiL
XI f book 3 , page 36 of Miscellaneous Maps, recorded in the Count
of Orange. Property is commonly known ?.a 214 5th Street.
1
BUYER desires tv purchase said property for cash and the
ass
el of an existing encumbrance, and SELLER desires to sell
property to the Redevelopment Agency; BUYER' determines the fair
market value to be the purchase price set forty, herein;
?�` $, ,� �`�'+•'X , NOW THEREFORE, the parties agree as follows:
1 . PURCHASE PRICE . The purchase price for the real property :..
is Three Hundred Fifteen Thouaand and no/100 Dollar� s ($315,000.00)
less the amount of encumbrances mately $200,000 .00) to be
assumed by the BUYER,
r 2 . ESCROW. BUYER and SELLER agree to execute all escrow
l.. instruction and amendments and do all things necessary to complete
said escrow in conformance herewith.
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!�/ kff F r, 4 �'.: 3. CC'iDITIONS O6 CLOSING . The close of escrow is ' r
rl,
��1 ' �. rr . :E 13, t.
r,� �� -,� ► y t,t�a 1 •tiYrY r
.r �, "}A7�►' ;♦� • �E�,': :�_ .1] conditioned upon:
�� t •' +�'"?�r 'r!i'.E t` �•T�, 1'^�` i(. � �� t• tF, '; •t fir'
s
•�,, l ,!1 S 11C+tom Ski!'.`t �' ''
r►'� �' ! , at, Conveyance to the Agency of g3oa and }marketable1.4
+
title subject to the approval of the Agency ALkorney . �,y.�'� �►r' ��,� „
If'fr r lilt �' � ,L,s,,l�''� � r:;�} 1 r ►„k_� .,'� �.
< , tk }`! •�' �'�'' b Delivery of Ca�.ifor iation (CLTA)
via Land Title Assoc
t +• r y i1
title insurance policy i1t the amount of the full purchase ::ice ♦ ';�r ''' �' '`
10
f t� ,r ► t , subject only to such liens, encumbrances, clouds or ccadit..ons as ( _
may be approved in writing by the Agency Attorneyt
r t:• `r`!`c ♦� , ,1 c. Delivery of possPBcior of said property to BUYER or
} x., t r ; F -,,fir t'�u
� t
N 4yt` ,. "'' '?F, `>,# 3 his nominee, immediate?y . on close of escrow , free and clear of G11 '
.;., uses and occupancies except as BUYER may agree to in wvicit,g and
S r 47 r t� �''i•'sii�Ali
Y •� +ice {� �;• ._� ,
except as neaded by SELLER to conduct his body shop busina'rs or
•'; , t ', r ,n. sublease to a i:enanL for etch purpoee . BUYEkr' is aware that the
f SELLER has , a tenant who is p' resrr,tly in possession of the property,
at SELLER'S sole option and is coadu/'ling an automobile body shop
+' :;r Y;1f , ,• business now as TERRY BUICK BODY SHOP.
w •^
' r 4 . FAItORE OF CONDITIONS. Sho%ld any of the conditions
specified in Paragraph 3 of this Agreement fail to occur or escrow �
fails to close within thirty (30 ) days after the date hereof,
BUYER or SELLER shall have the power, exercisable by BUYER or
SELLER to give written notice to the escrow holder and to SELLER
4,
or to BUYER as the case may be, to cancel such escrow, terminate
this Agreement and recover any amounts paid to escrow holder on
account of the purchase price of said property. The escrow holder
t•r•
shall he, and is hereby, irrevocably inst*:ucted BY SELLER or BUYER
..• f•-L r+•.
,i a xF on any such failure of conditions And receipt of such notice from
' '��"� rfi�f+K• BUYER and SELLER to immediately refund to BUYER all loonies and
..2-
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r�'I' ^•`:" t' '- rf.: ,,..�4f}�•aC 7. f,"�,C_+r - v^"j '!, :.�'r 1 rr° •+: �• ''C-''.,,v r11i -i ° ..Mi
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AT
Mill
�tk .
instruments depoW ted by him in escrow pursuant to this Agreement.
5 . LEASE HOLDER. BUYER understands that the SELLER'S � �� `''
r jcj�• tint { .� r ! tenant, "Terry Buick Body Shop" has a management agreement and/or
•� ; f Cl (�1..
'-i/'- •11 L s sN
r• S '�
k
lease which may be terminated by SELLER at ' any time. SELLER {•ltk ';f`, r r �� ,�"'
t .a 1 It ca' , �+ rr+x ,Fs •
warrants thrit there is no ot:al or written lease Exceeding a
. t'
month-to-month an any cr all of the propert• and SELLER Further 1 �
f fir : S� f r � 11 •}'>z �r'! 7` `a•,
T•, Fi :J` agrees to tiold BUYER harmless. and reimburse BUYER for any arty nr�i'
4 u
�„_` c t lkr ; t ►, costs and expenses nc'asioned by the assertion or esrabliet:ment n} 'Al :
> �, is �F
� r ` - f� �;,r3 1`r t J 1 � > � I tK}y!!� r4' {"\ •J
the tenant th&t his or its occupancy rights exceed a period of one
month.
It is a conCition of this Agreement "Terry
that tenant
a,' ta4 t cr�i�'K Itr�+ _
Buick 'Body Sho " and all other tenani:s shall execate a QuS tcl '
� '� �• p :r. aYm ,
r ;.:f 4�ljtt i' ' -
01 a deed to any and all interests in the property prior to the close ,
rk
of escrow.
'r: �' ,�,' r'r� •i 6 . ROB
C. TERRY TEnANCY. After close of escrow, Robert a.
, �; 4�rM�z , x ,rz, rr1tl C. Terry ahall have the option to become the month-to-mon"_h tenant
of BUYER and shall have the option to sublease to Terry Buick Body
`=j "" `' ,» �t`• '� '�{ - Shop. Said tenancy shall be month-to-month, and Robert C. Terr °
and Terry Buick Body Stop shall be required to enter into a
►:t;� r`t written month-to-month tenancy agreer.�nt with the City of
y ,� I x
Huntington Beach -for such hiring. Said lease shall be for Robert s
{ Terry use only and shall not be assignable. Said sublease shall
be for Terry Buick Body Shop only and ,shall not be assignable.
Lr ?� tit 7. PRURATIONS. Incur7nc2, insurance premiums, possessory s•'
interest tax. There shall. be prorated bei:Ween SELL K EF and BUYER' an
the basis of thirty (30) day months as of 12 :00 midnight Pacific
M i
Standard Time on the date of the close of escrow + �`-
pursuant Co this
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:_ �• �. i �rr.;r
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t:� �IriY rj �tf.y♦ a7 S + `�
.4 ''I w Ji ti, 4t3��
yi �"m, `�' �,, contract the following • �.a, ;� �'
f. »� • q
a. Real property taxes levied or assessed against said
't. �i�t 'Nfle^x1(�`r�r>,- 4 { t' ,: ` � 4 M •'i
sip
property (including any water tcax or water rate 1 -.vied against
rFr4( 5 'C' i1
bald property for the furnishing of )
t,':atpr thrrsto as shown on the
,�rt � , ,�^,tY _ y��� , r,`!•�yt�:. 71 iry;T
1ateSt ''nvailable tax bills . Tho Count of Orange b law will
i� Y 9 Y
�.'.j �,ry Sy tt-ti�' Lf• �5{� ^x �'� z;/ 1,4���.� W!' . t
r •r
i)Yf ''fn^ s :,•' refund all tax paid by S'ILLER covering periods subsequent to title
1 1 l
1 y'+ �t
.resting in BUYER.
b. Premiums on insurance policies accer• able to BUYER y
��•• t fib
1 ,Ft r� 9 -.s :,. ;�`• insuring thy: i.nprovements and buildings on said property against
damage or destruction by fire, theft, or the elements.
ce h ri'�T e American Merchant Bank and Merabank Notes and
r
Deeds of Trust current principal and Interest. 1 r
+trt,��� p''C�•,#li F�,i ;'(_t�ti� ',.j�tf �. ... .
Provided, hc.wever, that if SELLER Robert C• Terry or
his tefiant "Teri Pu-.cli Body Shop" is in ,,iossession after close of
7;,1 i �`•iL Yt � rM t�t�,`;1
escrow, then any possessory interest tax and insurance premiums '
•'ar. i' 3 �` +w )r5-�`4'a. will be the responsibility of TERRY for the entire period of the
tenancy so created and ;.n accordance with the terns of the lease
,
,. !I �� !fir ••1t I I i
agreement to be entered into for such letting and tenincy.
•�Y 4,1 y`'tt�4"��+ 8. 80NUS AND ASSESSMENTS . Anu bonds or improvement �!
assessments Aich are a lien on said property shall, on close of
o,. Ii:z escrow, be paid by SELLER, except those liens imposed by the City
!x•,�, } � �r��,,,,;�.� of. Huntington Reach or the Redevelopment Agency of the City ^f, .•, � '�
Huntington Beach. 4
9. BROKER'S COMHISSI O14S `' ATZORNEY 'S FEES. Any and all
finders fees or complissions due to real estate or other brokers r'
and all aticrney=s fees as a result of this sale of said property
•' ";' (`,jL]� shall be paid by SELLER. ,
--4- Y
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, � �, 1♦�T �� ♦ ,�,�'t fryJ .,�ti,, 10 . EXPENSES OF ESCROW. Tile following expenses of the esc,•ow
ley} described in this Article rihall be paid by BUYER:
i , 5 t ;,`' tl r ,' ;;�5`� 1�. <1 'J1,f ra. The full cost of securiaS the titlb insurance policy
-fir,�t4 .x.,• ...
described in this Agreement .
b. The cost of preparing, executing, and acknowledgi7r
any deeds or other instruments required to convey title to BUYER firP5�
` or hire nominees ;n the manner described in this Agreement. �`}�t� r �"` 3 ,
Idt44
•ri c. The cost of recording a grant deed required to
convey title to said property to BUYER or his nominees as
t:rkx r � described in this Agreement.
�i,
` d Any escrow fee charged by the escrow holder in
il.t;i
w fA '�• ` addition to the cost of the title insurance policy.
7
i
�� �,� `.�'t��`��rl'1 �>1r1,`'} .�•' 11 . OWNER 'S REPRESENTATIONS, COVENANTS AND WARRANTIES. As an
1
express condition precedent t i the C1oCe of Escrow for BUYERS
benefit, and in addition to any other representations, covenants 1
�1Y� tl. ,`ri�� and warranties contained in this Agreement, SELLER makes the t
r tf� �tis •
�T�y"`-"�i� i;`'"u tt' ` '?'' • following representations and warranties, each oT�. which im true in t
all respects an of the date of this Agreement, and sha::1 be true rr
in all respects as of the closing date (as defined in the Escrow
1 Instructions) :
.,4' k t�rti];''f 1�1,►hi{,�t'4,Yn,F yC�• '
;. , { { {'r4►ri5)t{•j�" • a. Authority to Sign. This Agreement and the
n, r+�s., r.•:r:, Y
documents executed by the SELLER that are to be delivered to the
BUYER at closing are, and at the closing will be, duly authorized,
* executed and delivered by the SELLER; are, and at the clnsiny will
be, to the best of the SELLER'S knowledge, sufficient to convey
title it they purport to do so; and do not, and at the closing d
► {' will not, to the best of SELLER'S knowledge, violate any ,
tit �,t'• + �����`t ��'
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pLovisiol is of any agreement to which the SELLER is b party or to
a �'rl.�i;•; •� ct including without limitations, any Prior
whicn it is subje , f:.L y►
:� r°»a •mil +•, r..-!JS °f�r.l�.tf r!,r °•ii
yti a � a , lrfiiz, , ,�1,;1�� c tiors purchase agreements and/or escrow instructions .
' P �
there will be
' 701 b. Existilty„Cont,� racts. At theclogs g.n
� �J'� � ai 1 ru'�`'r.\,`l� 't t RS. .'i L..�••* 5�� ,�Y,�K�-�r1" {r-.
no outstanding contracts made by the SELLER far any improvements
y,
71-s� l z ► -0 to the property that have not been fully paid, and the GELLER
}} ,
L 7 ,1 +taf t , H r.',1":.1i S••{�i r a\
CSti a �
��I ` -�'"`r��+�,` 1 elt, Ly �' 1}�'•{,,, r.,r , S`. a r�r �'1
shah cause to by discharged ( in such a manner that the Title r�yra
' � ', •;L►��,�. '� . ,�}rl � itr,' '" ��f� Company will. not show the lien(s) as an exception(s) to title
under the Title policy) , all meehaTiics' or materialmen' s liens
�f`; F • �1 ,� j tr,r , u
arising from any labor or materials furnished to the property
,� �� r rt• r r
gyp'`', psioc to the closing. .
�!x
{its. C. Title. SELLSR has, and will convey to BUYER, good r
. f f
+f. d marketable Fee simple title to the property free and clear of
t '• t ,l �i$r , i' all liens, en:umbrancesr claims, rights, remands, easements,
4t �*, Yy �• a �r�i, leases, licenses, agreements, covenants, conditions, and
{ 'bash
r�X AStiara �S7r�'^.� 'ri`t
•�: ,, r restrictions of any kind or character (including, without limiting
.A� `u ;�• t► ,ia ''' z'7 the generality of the foregoing, liens or claims for taxes,
�`•C�Cyir• ' '(µ4�1,..�r••' `':"j1�-•.r...r1 ` mortgages, »onditional sales contractor ether title n
aft` ' .:1•;ry'! ter` ;,' ;.
agreements, deeds of trust, security agreements and pledges)
r �a fi' t r,��1•� except for those exception's to title shown An the preliminary
report and except for the a8sumption by BUYER of the Two Hundred
Thousand Dollars ($200,000 .00 ) note secured by a ^.trst Deed of
` •�r t Yi
Trust to AmErican Merchant Hank. SELLER sh�.il not encumber,
modify or diminish title 'co all, or any portion of or intere$t in,
the property without-, BUYER'S written consent.
•rr or does
in n
d. Litigation. SELLER is nat involved ,
SELLEP. have knowledge of, any claim, proceeding or threatened
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3 1
411
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IliA��t'��F, ,t � • ' t' �1.: '
It , 7XX ..` 1 t • Jt
}f 1 "s-40 litigation, administrative or governmental proceeding or
,. Tj
7F YST y\4SV•11 ` �t t 4�+
r,'vestigation, relating to or otherwise affecting the property or
i
#rs r .;L' # �''��' the ability of SELLER to deliver good and marketable feu simple
r f j9 r Y r F+ �.• Y
�aiT title to the property to BUYER.
15 r`:� r }. i to +
IT\•1,��'�? u2'•i'�� +( I i-hf.' iI i�t .�1}a, �t 'yti}fr , �,
e. Tenants_. There are no tenants on the property
! t
except as described herein.
y r _ 12•. ATTORNEY 'S FEES. In the event of any controversy, claim
to this Agreement or therrlt , -ja•r t . ��� ��.'
or dispute arising out of or relating g
escrow or any breach of either, the prevailing part) shall be
eniitled to attorneyt s fees.
13. THREAT OF CONDEMNATION. The parties agree that the
property being cciveyed is under threat of condemnation by the
BUYER. BUYER agrees to supply SELLER with a letter evidencing its
intention to condemn.
' titi't �rilrtl ,
�`f"a y e� 5if ��. 'RELOCATION OF AUTO BODY SHOP Upon relocation of the r
automobile body shop within the city limits of S'1YER, BUYER Will b
( y
reimbt,r .' to SELLER an additional sum` not to exceed Fift Thousand
and nU; lOQ Dollars (*50,000.00) of the SELLER'S actual cost of
•-�.7+...., SELLER actually
at
Ii1 �. ��s ,;�. � •'`-�+ 4Tt"t��; removal of any personal property, fixtures that y
;rtti��y';-'"1: relocates to a new automobile body shop site within the City of
�,► f,` '� tri`�� Huntington .,each only. Reimbursement will be made by BUYER to '
I.WR
SELLER by check pursuant to Agency relocation guidelines and upon
receipt of satisfactory evilence of an actual expenditure by
SELfjF.R. BUYER reserves the right to audit all such expenditures
prior to reimbursement. Except as herein mentioned SELLER waives rt
any and all rights to relocation benefits . SELLER agrees to hold t .
harmless and defend BUYER against any and all claims and rights of t= '
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) J� his sub-tenants for relocation benefits. ,
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15. NOTICES . Any and all notices or oche: communications v, ,z11�
r, r 1 I,•} '�.IQ tt•,'L �Z� �/- �-r }') y j A '�� 7{�t•`,t t �',
required or permitted by this Contract or by law to be served on ,��aa � y
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or given to either party hereto, BUYER or SELLER, ray the other
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wt � party hereto, or by the escrow holder shall be in writing and ,1
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shall be deemed duly served and given when personally delivered to 4« 77,' :•s
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any of the parties, BUYER or SELLER, tc whom it is directed, or in
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:� �'ir ! it tl' v. t �• States
lieu of such personal service when deposited in the United
k rij ,_ + ; +� mail, first-class postage prepaid, addressed to the parties at they
�. ��fi»�y`fir:F''�, •r�, ,4�}
address shown below. SETTLER may change his address for the
" 11
purposes of this section by diving written notice of such change
to the other party in the manner provided in this section .
' " '�. � '� '' ' Address: (SELLER) Address: (BUYER)
Robert Collins Terry Redevelopment Agency of the
, 6901 Warner Ave ue City of Huntin ton beach
Huntington Bead, Ca. 92647 c/o Office of he city Attorney
of the City of Hunti::gton Beach/
t j rr ,f•1 : r�, `
Agency Counsel „
,, P.O. Box 2740 .
YY,r#;.� Huntington Beach, CA. 92647 '
++
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REST OF PACE NOT USED
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►1J t.,.f�F 1�'r�x, }_. - r, - 16. ENTIRE AGREEMENT. This instrument contains the entire
- L '
agreement between BUYER and SELLER respecting said property,- and "� � aaw;�,� ,•;� 7 ;
''),�1;��� • TI}{�, i �� any Agreement or representation respecting said property or the
•-, � ,,,�. �,, duties of either BUYER or SELLER in relation thereto not expressly �• r '� �. , � :�
,a t �'
1 set forth in this instrument is null and 'Ifoid. i, � {` ►' %''
BXECUTED on 1988, at Orange County,
California.
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{ '- A! f �, '•1� SELLER: BUYER: '
,�����-1 T) ► Robert Collins Terry, a REDEVELOPMENT AGES;CY 0: THE CITX
' r ��}•r iz C:k t T�°''�''off
married man as to his sole OF HUNTINGTON BEACH a #
r�•1,.'�� ! Pu�11Ci
and separate property agency of the State of
tt}` �'� `�'`•� Ca"lifo: is iy'
; Robert Collins Terry
Chairman
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s
�i 2i '`{•'ti. � �i�:,�';'fit. �
ATTEST: ALICIA M. WENTWORTH, CLEM ►.
` i{` � +��ty�L ,i Agency Cler
•.BBPROVED AS TO'
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v' I IMF AE L A U h TIAT AND A
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Executive Director •• Administrator/ � •t =,,;
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Redevelopment Agency Dire or of Community Development
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S am the spouse of SELLER '}'
and consent to thin sale and `
Agreement.
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