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HomeMy WebLinkAboutWYCLIFFE ASSOCIATES, INC - 1979-01-30• 7 v A-JYO''1M 'rAf DENS PR( Pk RTY AUQUTSITI N AG'1 .E EN This WycUlTe Gardens Property Acq-uisition Agreement (t. e vA) /Z f "Agreement") made as of the day of by the Cityof Hunti-ngton Beach, a vinicipal corporat",n (the "City"; £.nd Wycliffe Associate:,;. Inc-, a Califori.la Corporation _., ('"Wyeliffe") j VITrrES5E H: a' WHB-P8r"fi, the City is now purchasing certain re?l property (hereinafter called "Propertry") , a description of wfd.4kY. is attached hereto' as Exhibit "A"';; and VAIERLPAS,- Wycliffe desirea to puvch*�: th(x pr�,perty fvo.,x th�: City, and the City dosIPe;x to sell the property ttr ? OW, T�YF.filrFORS, for ' and in consideration of the prmilses and agroei erts herein contained ard" for otl�e>_; ��oo.�, val.uaVl.e and adequate considera.tl.o:,, "he parties herti;ci as follows: �. Section 1. Aareament or _Purchase and Sale. '^ f - Uprtrz the,terms and condA4.tionS herein, :et forth, 4i 'lle r-. agrees to bey from City and City agr£:zs on the data cff-11i;fs1n,, N (tior�:ln defined) to sell, cofivey, as,sl.i;n, trwi.ofter ani tliol�Ves} . to *all fre' the property ., .[}rypp r/yy{ p shy �] ) $. y ja�yy Represent se tioxi i2 ♦.14p went a, ion GYne 9�4yL4�iry'ant b, 9J wS.�fl yY' • j•e - l.5 Tbc;. Cj IMy i'S+ if fui7 I , ��+;+S L' tMlliY Y] and4` 4 tw Y ±rw r. On the date 0,T closing, City will have is aooit `rnd ry marketable title to 'the a'r�� feziy set forth n Exhibit A, `suo- ject to matters or exceptions, if" any, set forth therein, and � on tree date of closing hereinaft-er referred to, City will ' fer tic Wycliffe 'guod and mar} --able title by grant deed to such property, free and clear of ail 1Xens, charges, mortgages, ern=. F, cumbrances, claims or er*uIties of and kind 0,[�"iatsoever, exc4aGu Kx,- �. as stated In said Exhibit A. Section 3. Particular Agreemer.,ti of City` As and when from time to time requested by Wy;Lif e, but not Later than one year after the date of closing,and r.; tsaout further consideration, City at its expense, will exec vutt and deliver such instruments of conveyance and transfer and take rr such other action as may be ne .esaary in o.- de..n mo.. e effoo ti, : ely to convey and transfor title to any of the proper11.y and ass4ts comprising the roped ty. Sectign 4 Title to be Conte edY It ('-1.property shale be con4,,yed by City to Wyal.if"fe b,1 Grant Seed, in she Pore,* and ezeeution satisfactory to tot -rise! .wary Wyol4,ffo and the City Attorney of the City of *'untln tc.. California (herein as "Cite Attorney"). ,r SecSec:!&.:.. 11rlAe or Transfer and C1.25f,nt*,• s'h�t t. sne of t•Nansfer„ shad i be .at s tf.h :it��r Arid on suz„: date (ns t iatex� thin Septczn%e 3C, 5-979 i �s ` 3'p�"{' _ •� , �y 4'{y �j7 UJ �Y 4.7. L nv 0. NYY Pkn .L ,i d tiiznate in writing upon not less then ten (10) nonce such date, and time being in this, Arre:er erkt so's etImes r,*otaioirod J ,.w..... _ _. .v... -�f1 .�,..,.a.,..,..,,,.»:s,.rrwrt�t,�,iwadv�:.:'sw•w swi.;inn�.,...� r F fix , r„ .. 4o ; _ tfhe "Dito of ClosiYYg") At the '.1ate o clo.'rJ.ti.n Pit w l F convey title to all property and assets to be transferred to 4a Wycliffe hereunderi. Simu;> tar, ously with t1hu oompl.etiot, of the e transfer, or as soon as reasonably pract4cable thereafter, City grill put Wycliffe into full possession and enjoyment of ail of the property transferred hereunder. <<'` U. a: Section 6. Conditions Prec:ec.enty to City" s Obl iga4ions anJ Terms of Purchase ---- Purchase Price. �# Jrytie o�-Iyligations of the 0-4,; hereunder are siib jec t try �ti Mill- M; ment, 'pri.or" to or on the date of clo,%in!40 of the conclition of tender of payment of 4het entir- purchase prime which �s Three Hundred Ninetytnr.ee Thousand Bc ]llars M93,0001 k f Section 7. Conditions Prece(lent to Wycl ffe's (dal. 4,�. r 'xhe oWIgat,ions of iyclx'«e hereunder are subject to f0>.wl�r Mont , prior to or on the date of closfn ,, o; each of the f"o-"'Ow3 nz Cond�„�;�t13i3.w Ca fte�sentatr';�.ons and t�rranti� Trr�e at ts3 A 1 represtl tations and warranties key City wnfch are contained in . th `s A6reementf shall be: true and core^ett or, and as of thy: "cute yr o ts,,i i .;"x thou h ic"L d re resentations and w�z �rrM�rrt.io:; tle;rCy � at .end. as of auf time r (t PC 'is 'Ma cc. r Ity sza l ta�ie erftxt�t 41 tend 'Yti=�- piled troth ;all agreements or e ol-id .4t�,ons re uIred bey UO , Ai; r"U.ttont Rio 'be �.pe roriAkf+M ..:apj� 4!,oMpl ed w,ith y i�i prior .yf{ Ci ha �Y.1+ +1f �� ';;)I '4�4Ite of C�t9v�.Y1"r � (c) Receipt by Wycliffe of funds following initial ' closing of the F.H.A. Insured loan for construction of the, contem< plated senior citizens housing project on the property'. Seo;tion a. Use of Best Efforts to Satisfy Conditions. City and Wyeliffe, in good faith„ each use; their zest of fort. µ. to the end tba , each of :aid conditions set .forth In this 5ree-- w f , menu shall be satisfied. 4 SectiOnn 9. Termination. u1 ` Any party r`,s.y on the da' e of closing forthwith t,xmin4,:�a this Agreement, without 11a'aili:ty to any other, if any coed--' ion prece,4,ent to Such party's' obligation hereunder shall now na:e been satisfied at the date of alosi,nf„ or if, at said tine, auch party is unable to proceed with said closing, be::au e of lit -'ga— Noon or the threat thereof. Any' party may Five notice to any otter party it the hereinafter provided on or at any time prior wo One da.t,4 of ling of its Intention to t erryinate this Arreemaeni: because of default made b; such other party in the observant e or itt du,,s and timely porlo.rmarice or any .of" i.t4 covena.nta and meots ber,! eft oont�ined, Said notice ;fib , i Stato the nature of - tno desalt and give the other pasty a tits, but no case beyond the dato Of closing, ng, to cure 4taiu duraalt,. „ f sa d default is nOU oura4d wlLhltr said time said party artt;,k further notice given in, the manner herei.nattor pr�vicYe,i t�yrt ir.°x�e this Agreement.. I A r r Section 16, Manner of G�' ding ,lo ice. y Notice shall be deemed sufficiently given if irk ;;rl tln,; ar;d i if either served personally upon the G'.ty 01err; at the City Hall, y or upon Wycliffe, or mailed by registered mail to' the City Clark at the City Hall, or to Wycliffe, at 202 S. Prospect, Orange, California 92669." or such other address as any party shall advise the oth�!-.s I:. -; lrriting.. Copies of any such notices given prior to t1no daLu of 4 closing, shall also be mailed to K r1 Escrow 1535 B. 17th St.,' Ste,. E . Santa Ana, CA 92701 attenV onz Escrow Department, Escrow No. Section 11- Counterparts, xhis Agreement spay be executed In a number of counterparts all of i;ihiah shall together cons'tltlita one Agreement. Section 12, Continuation 40 Goyer�a_nts. All covenants, e reements representationrs and warrant.,! s made herein shall survive the ex(kct,tlo�i a� thts A reemolt, -,;d ax....e"tion and delivery of all decumevts. yt..he Seat,io'i 13,; JMI'ldlelii� f+ an'i Ho3.l'i Ifarm tss, % rzeiClep.t. Wy6liffe has heootofQre entered into an user}ov a roeTi en v for th,e purchase rf the, property tr,om l�elr�la Cep^�,car�t�un. ����:�� �L�: M� u 4 Ere":.F that as are ad at na considerationfor v e t,- Cif in thy.q 7Ngreement that it agrees to �,afondt, save hold .hArmlo+ass 6redmd't�,'Ythe,' 0.4tty4y its i�goatpi and yorriioera f. 1A'014 at4y and rt.+^a.� l rLYd44.4.3w ity� WhAts0e 0X— f�.# psinj; o f or K1nIt act«Lons n M� r� or failures to act of any said cox"ficer, agent or employee in regard to the escrow or the unaerlying transaction, and agr es �mm in addition to indemnify City, :its officers, agents, employees and assigns from any and all costs and Mosses, expenses of suit, ,judgments orotherwise, arising out of the escro;i, the .3ancella-- transtttti.on in t:ion of the escrow, or from t3-Ae underlying �:�� ` manner whatsoever. Y{ Section 14. Off Site Img.royezrents. off -site improvements required by Cite, as described, in Exhibit B attached hereto are expressly included within the p;irchase price ,hereof and City agrees to secure construction of such, improve- ments and ,pay the cost thereof, in a timely manner concurrent with construction of the facilities. Section 1.5. Modification by Vita Cc�. By :mutual consent the City and Wyel.i ffe tiay amend, waive or modify any provisions of this. Agreement. After any such con-: sent, ` evi.denaed by writink;, any act pur .cant to ;:tale a-onaz;;,nt, vrai ver or modifioa.t: on shall not be deemed an it Fringe! ;entv c r' any of the `provisions of this Agreement, whw6 ver the cbarao:uer of such act may be, and may be done and ,performccj as, fully and, - freely as if oxpress y permitted by the terms of thloi Agvoenent and neither Wycli re 11or City, shall have any right cr Interest to object to such action. or in any Manner to qu".tiori the ;rop.- riet;y thereon or to enjoin or rQs,rain any (iff.loor of �)It;y a'rom taking �,Ay acti.on pursi,ant thereto. N'�.l Ls�,.a.J{� �V♦ �*i11��41 Zw r Rr"/114 J,F�. , The provis1ogs, of this Agreement eonatit«ute a i�:olluzv(*k 4 e't�teen WyOliff-0 "4nd :.city;, anca the proYisions thereof shales b i 4 n , Onforceablt by mandamus, acoou tting, yn?ndator r ` any other suit, action or proceeding at , lavr or in e�ui y that is now or may hereafter be authorized under the ,Ta,is of the "Mate � w or Ga farnia in any court ofeompt.4tent � 4risc�iot,,jon. Salo oon- tract is made updar and is to * sti Ih accordance it th R.-Aaiis of the tate of Calls i v Ito remedy conlerred upon the partiee3 is intended to be exclusiveo any obhe xemecy, but each s>�ch remedy is cumulative and in ad"ditior, co every othez� remedy And May he exercised -without exhausting and without regard to any other remedy conferred by M° any lase of the S-tate of California. No waiver of any default or breach off' dutyo contract by t:he partiez shall affect any 3ubsegoer�t default or bxc--aoh of •" or contract or shall impaa r any xights or'remc.,�ies on sa."d suttsequent defy (� o kizeaoh. Na delay`or ;, .. O%-L siOa of the partiea to exero.se any right or powLn aocru ng 'upon any, defaults shall j,mpair Any snob right or power shall b4 , corbstrije .# as ,a �z t� z y rttz h r e au .t Q o «� tc sc ktC e th ;ein. Wt zy subs - t%vd right anti e'veiy r*m .dy conferred upon the parties may be enfbreed Ana exercised as ol'`t.en as may be 4eemcxd expedient.; i er "ti oa r Partlai at icy byQ. -�� n :Tt,�e oAlw or the f,,ropej�t3'` t°� ktciifl-Is ex.Pressly for the p45".4pi aWtl6 0 `=P`Lovidih,+ .... il4 th� . Con* r44etlon 1✓� the rje-n .Wor altIMiens . I' oaneed by -an, an MA loan arir ,a,n exnant and "'ile PtArehaz'e "w r the provor'tyor 93,000 has no�;o.10 betwoon Wyly ffo and', $'ty anll ,t.#i a 240 a,a Olart, �ra 'Le Mtnkot va k.46 3 t 1 R 1, v for the property. The di<f'f'erenee between :.ne price bein- vald by Wyc litf e herein and the price paid by City to N-Irna Corpora ti..on is $56,1.35, eXoiusive of off-sito improvealent costs�ln the event that Wycliffe, its successors or assigns, dizrll,ng the p4r.iod in which the property is security for the aforement.iot,wad PHA i nsure-d �* loan, convex t the property y rom its a Ptended use as senior citizens r housln , then W cJ iffe will refund the su:m of $56;1. 5 to city.' $cati.on 18., 0ptJ1.on to Purahase -- Delma CoEporet on. Q „� l't is 0Xpress1Y agreed and understood by the parties hereto that for a separate consideration, Del.ma Corporation, ttas tionall.y agreed with City that it wi1.1. pttrchasa from Wy li; e or ... City the property in the event that the United States tiover..c ;-ant ; r�epartmentz of liousi.ngi and Urban Development lail.s to ooli. ;i�:e itself thrr u� the Federal; Houssl,ng Adr,,il ri: trati.on to tiie loan for the Wyesif f a Car lens project and It the firm cotnm.i.t"ment of` the l,oian arra gerrentz so leisured dogs not occur within days on or after Deuomber 27, lrg7 ? of" in tt4e OVI�nt, that: ov%l— such Project oo Met'��:e c¢�n o..� before Scw*�:�-. o'�lyyi �sy�ty�ruot�y. �{or Y-.doat.z./yhot tier .JY:3 wl.,9 , at 5:00, Pia : i7iy Y.li rL e may 4.11�%hiizn its s{ri tortis"n M yin 3�Js,:• this A reonent ,provided oril,� that the w5signoe aaroes to b bound by all the terms hereof and only w1lth titer exprew'; ,rN or written cU»aent of 'the C11 y" :ar_.. .ice+ ii st:x3 of C1+ 'U, i .i oes to boar any oott: or ;3uk:ir ,a.t k; r �'art,a title it�su� ��;� .> >�e� z��taltt f'�=e�� ' f` devda And rat' 1 P ta,ry and tiranzreri feaa and Wto entif*tc az, i°owr f`evrj it' azr :1 �f is utR lia4ed -ror the ol.osit3 . �N 'v fir T'rA I.n 0, - it n, 1; t yt o. n Cm in INI) V01 ""LIC101,41 �4 - awl C'a 1 WO: ut ol 11' allcl t'Ito j Trn,oj; alid, the (-r 14TIO o♦ r in } rz ` Jai) ,Zl't�� 3 Atfi'111 1! tt})ti C} . f � .1.. r."C: •165S5Y �[111.11t11 r. }1 � * F 14, T 1rr 2�tt Linet At�tt�GtLrrtr.r>t Lei � w- " "����? �att.,�i�r't, t�tx,r2` S.rztT�'c�►� T,�c�>k�t, t•�.* `"�' Si {(y aps , �rr1, f1 } L� rtt li. Y w , • x h i � i P G ,1 " ! 1 i4' '� Ki�%�ti�.Plx'>M`t»�-Let�dT�'lt��''ttt�t��)lt;s'�i r���t; �l;T'�'•G�'�z'4S, (tC�! ��Jmd rT PACIIc >rei"" w but, vall ae, and �11G krt m Gild 1 y. S A.J, l aQ�T bra AC iGti�i Ck3C.iGti Pt, AC n4 +t ii�l 1.t T err A Ai�T4�"c*'tl+(r'l•C!:# ..:m _ xtlh �t� y+ t�' � Y p# * # s � 1 �� �1 �r#"••�i.rl' Vot '�`"ap rt,� �i'r4!rU 1�t Y � �♦ e t t � 4 �i*�� t � a ^ �',10 r 9 tr., .. .1 4r, �� *J4i',rt *� �..� AW ft�llmr:# y iyi r y ;r h j ♦ sa t,i �� *�i� � �y�M ?y��0.5 4T�ir�i�•���ki Rm'4 fA � �*� i � �vb t'* A ��`1v 4 a M f�M � f "��'� g���ralit f�A *t J n r 41140 all E ' �,�.. �trkl a + �'+�t �.� �' t { �, ti t� Id `• � � ' t'rc�t� 2 L0 "1t>C1�_ 5i { . YSL")i YCf 3g �«ltti•z d,t„ 77 ��• t 4 5 �,1 �1 r" i 39 {} St�,F`,`, A R,k{x7,Q �r S 1 ,942rUa ` a v i Ci- 0 �' � to P}SOP 4,155.20 L ,dCi J ac z" 1't�.�rt�: t,lJ4krt�d'vd« Art, 5: G�i,Lrl 1,�2�.ao �'_"`"'�'�.....- a� 7t7�k% F;?I?F;C)V.C�rTtx��5r $SS, G37, 2p Nr : PIdrJl+,t,�rx1' 7{r1d7 GZ` {t'�Old 01 i «wn �1?d #t1, ao rtC('�� a`C� i 1������*: •it�lf '{:� 4'bit�ru{flNwt o ,itt,Z , .ryt.«t.�ti�,w fI R �r State of California)` ss; County of Orange t. y' 7o. personall On this 26th day of January in the year 19.;,T �_ y appeared_Roger B. ' Tompkins, Chairman and Acting President, and Robert Seng, 'Secretary, of the corporation that executed the within instrument known to me to Le the -{; persons who executed the within instrument on behalf of the corporation therein named, and acknowledged to me that such corporation executed the P ' same. yy a • N .. (.1 ♦ - N C-.ctAL$EAL G 'irrnie al-y H. rites y1 IVot ry ` Mil Fvb 17 M79 j ,j�,a ss MAIN 01TRE'ET �ROPI�h'�Y vient. (the This Main Street Property Aoquis ition Agreev day f J979 "Ag-eemel.'t") made asof the oanuary, 1, by the City of Huntington Beach, a municigal cOrVOratiOn "City") and J)EV,4A COAPORATION, a Cali-fornia oorporat!;�ril 41 (hereinafter referred to as "Seller") W I T ij L; T tj-HEREAS, the Seilur 4ow has the richt to Zell z ertain I r o Pe r t *y ty In Rttntingn Beach (hereaft-er �alled proper "o (a description which is attached herk.,t-o as Exhib;�t 0 e �:j-y desire$ to purohazQ pr��perty the $eller, and the Seller Jes irez to zwll the to t1w City; and WHEREAS; the Pr or)erty I,& to bf-:, awed only r 4; r mqnt of iiUD pro,ject 140. 35t.)45 NP fox1r,-1QVlY PM;J ect CA 16-0039-005. NTHE VORE for and 4n corjaj�jeratijn of the MlItLia` OV. RE1 r promises and aereemej-1ts herein %=tainf.,J, arother �,j 4'o 4io-o-,1 va I luable and adeqaate consideration tluartiez hereto is v e C', as D011OVS4 r i �d* a �Ofpu� Upon the ter-13a and ar�,raea tO, buy f VOM the and the SeI3,iUr -a6re es on, thel date or closlrir, (heroinafter to oe-11, �4onvey) and. doliVer to theCity tabu property" t r , S �. v h11 SAC.. C AL S�:c:t�.t�ri ��. ttet�rc:set;t;atl�;}r;� at��a ',I:t�.•r;.�tatia.•;; ��t L�:r. a.:l.�.�.�c `�� ;; The Seller repres,ttts, warrants and agrees r Via) Authority to Exeout:e At;rooment. No further avtion by or Filing Stith any governmental authority Is neoessary for the � valid execution or delivery of this Agreement by the Seller or ►�� �' ter: for the transfer to the City of the ;properiY y. !'T (b) Title to Property. � '« (l) The Seller has good and marketably title to the property set forth th on Exhibit A, oub„eet to alai tern or ex0ep- t ions,; if any, contained in 4 titie report p:'"e7jouolly examined by theCityY SJ, rel.ie Xi {.4 l..r i ..7 .... r onLis'`... '+.�rwu '. o,'* eloo`Irq,7 #=.rein"'..... 4rte2y re ' :rred to, the Seller will hav t 4 wl rans fr 11 City good Marketable title by grants deea t,,o and Llea.r or all .liens, charges, r,iovtgagez' or equities of any kind whatsoever, except ao zt'at<ed .1r, zald Exhibit A, There i wt no r.3'4A.u. 4f 1 t.t orA..: or le6tA.3+ administrative, arbour t ion or Ott, ;,ay"Ct6't eJlr i t,'eilditlf , :x' it the knowledge q ` the Seller, threatened l;alnr' t the Seller, whioh affects said property or the, Sale thereof herf +urillvrY "In the overit any new proceedings ,shall be oot�xf�e�xee� �+r, ti o tt�c; �eJ.i. r � s kriow ;edge, threatened with rospect to the Sexlt:r or, any part, of the property, the Seller shall pro aptly up n rr000lp"t of snot i. thavef)f 4 p, q ter ip the y� x y pv p+ city 01411 4it:r t*Li{: ��, b to the ir.l. ti', 'it the �+': arc-;;r::.� # lzr%�'.�.M1.��w �. ,Yr�4+L: `+fix ii 'ror tf h Se�z�. - Particlur A rreements �a� K he Seller, ooveziaats and agrees to and %f; h the Cit . that rVy f'SL 1HiWe�YLu`.uR`ww�u:.ilWuW4ie¢',tit5i' .�5i64R ... ,., x_ ., <r .. _:s., a..�,eAAW lwiiwnkGi.c...v.. .;L1164�...rehM.w. y , r V_. � X'QM and artOr ty10 4a, "e ht?X'i".of 411a 1tt.�tj j (a) conduct of Busi.n :ass ',!Ile a�%* v1j 7l Y,', out the prior written Don:,-ent of the City, entOP into any r:,4terial } transaction relative to the property • (b) 5ala or Tranyfen cs ' Pros ert ;, �... NO part oA 5-he , .� Pr Petty used Cher eitj or useful thereto and no water r,:Ghto or ea$Oments, if any, will be voluntarill eneu,mbepeo by the Seller ;,,zitbov- the z rlor wrx ttterli�rlt o ' the City, r .� ` `l jnter�anee T3 1' i i�''.:a, I'Pr + , a _-�,.,, ors �r1a� a���r t•�1#r Nate hereof and until the dote of :10 1nF , az hex ,'',Ura.i'tQr dew. x fined, the Seller Will maintain and,pz^e::erve the ;>ropLrty in . i.• {{{i'''yl�{r '�+.y� �+�y i1++IMc j' y /n,y�y / }+ y y, {+,yy q. y i y ,{y and KW +7w lF#V 4t le�K4Mt�4CV S:a . +L`�ASW 41# 4�i� Gi �. 1�+'w: Jr l:l ii i.,i y:�.. i i4�Ar`G'o GPI d until the date of olozlne"$ the yeller a4ar1%�rliat t�> �,aztry ex..�i++rreti.nC in uranee whlob may be elanQelled :az t.sw° �jjje �3ate .any MJ: e�i�47�iii. All ad valorem taxes txrttr, �°� #���a,:� o the property* whether prepaid or whether � t'iLxtR,�t,�kt�1l� 4� l�rw against the Seller sbal)- be pror;tt fxd. az A , M i de oh»iI'7. It 10ti."a e�'s .Li,F1: ,',r 4`»ka Lila tiIle r.,✓ .a11sri'.+1. not} assume and shall not in any Wanner be rc' zponsi��� e for any abiyy�i t Or dk�li�;at,10ns 'or tho 3e"A,I r f0l' arly,I't--decal, rt;cax,i� or .i.4tRial 4axoa 04 04 argie' N an o mvac*'uir, ol y a•'�dt+��'A=��.: �., UN o �!4 ikMA:.:M P4r SM-,r� i�4G* 'v"'I� r i�� i w.'ky .R }.S K. 4�4a feY �y NSar any `sX �.ii bM?F' .µlS * or rot, 'F4f w. +t der taywr, or UphaFtgez- lavl d or iiY4pc a kh+'4 ri by any moor l $ ztate or luaal 60vernj*r.4.rjt jrjf*u��r�d �„� tt. S' k, r k date ,)f closing, evc,epL as herein ex:prr azly prw� iduu M Further Assuraw-, . As and when .'rozi time ;e time requested by the City (taut not later than one year aft; r the date of closing) and v thout furthor consideration, the Seller, at his expense, t,i,ll execute and deliver such in tra- � >.F . ments of conveyance and transfer and ta��a such other acti.or{ as may be neaessary in order more effectively to c:on ay :end i trana*'er title to any ul the propemy and assets, conpris"ni'r i the property, A t KSf S L 'I"s, The 4el./Y.er wdnal,l order m an prior to the date of CIoslng shall furrzistt City Tyr tb tit -le reports i szed by atewart Title Company of Qrana,� �"'%;u sty on the t'i.tle to the parcels of reap. property :3ot fo. th in za-µ q , sl ji d te}oLis .olGj"beat- Iw SLXI J,. e t% The o ost of said reportsL I expense. ?, Seatioln 4. Title to be Cony i All property shall be conveyed by the, Seller to the', Cltl by grant doed, In the form, and exe: ution zati',fact,L%"y for the Seller and the City* Attorney of the City h; Rt; ntinclton Beach, Cali rornia. (here -In as "City Atto.mey")t sc:ct.iarr 5. Time 'of Transfer and Tire time of trans . . all be at such t�,.me a...d not later than, anua y; ' , 1:���% .fit t��e date � t' �i%orti���, t�t�d alr�+:': �. t:t b �: ${C, ellAc:r* VIl,II aor��ey title jjxry�ipitlr%t.y' t vGa}csinall. ` y�g:�} �7. rrea to 01a �r�',�i. f yy 1�,�.�a�4}}«�B�U.tin 3�" M 4�t.G T/Fwh.i» tt i.G�A �..`a}�A�.LY Yf.4 it.ii Wino of th6 transrow or as oowi iz t,,at a ,ti lab ly vtracti#ilaa ale # hei,Q- Atter the Mellor will %Atw the O ty into V-411 aria I 4, �If jai fl �, Fri r ' IF etijoyt{tt:nt of all of 'trite property II ilt.G:t�.�,t'� Conditions P%'Y:..4..ctQnt to the Ni.l.lt,.l' ,x YJbliCat':iola:3 and Terms of Purchase -- Purchase PrIee. ,F The obligations of the Sealer hereunder are subject to ful- r r t tillment, prior ,to or can the date of cldo gag, of the condition of � j tender of payment of t, .e entire purchase price �,;-filch Az our (� 14 Hundred Sixteen Thousands One Hun6 ed Thirty-five Doll ari .:= (dv.416,135,) by check drawn on the City's ban.%inC acodunt ,section 7. Conditions Precedent `a tivp Gitylz Cb111;a=.i=z. The obll,lations of the City hereunder are ouub�ect to ful-- 1~i3lmenw, prior to or on the date of clo!An , or each of tile ,ft�l7 owi ncttditior� (a) nepresenta.tlonz and Warr- t'tt1tw,z Tru au Ll3.oaInc All, representations and warranties by the SI�--Iler* wn�aft aru con- tained in this A ref ;gent, shall be true and cor.reMt on and a* of the date of clozin aw though said reprezentat;1, an z and vtarrartt les were made at and as time - yo+{�f ysuch ( y� y j 3 4+'rf &c1+:41y� 4n A f�..� H+� i{V Y�i. .. Sri w�';.I JF ��4" C.{. '•FR.L Seller yQ yy have complied with all at reerYet. ondl,t=lon:D required by t,h :. gree— ment to be per4orwed and wl:tn by it 1). 1or to or on the �. date 6f closing: Vic) Title .Insur-anc , The Seller, at Ito expt nrQ, e'hall have furnJohed the City at the rate 0'4" clozIn"„ a roll,:y fix~ p tlicie: �a title In,3urance,, isixed, by Stewart Title Co. cif a Y ge County, in the California Land Title Aoaoc lotion for,ia, ooverin the pareelo of real property zut forth In Exhibit A, to Ys sold 'h'�"e'ltnder a,{' oho' Ina title ther'M ��,� vetted ill the a , City '�ut+c�t 4�: �r iLCj iC#iksy C,'�7L1" t, lAUi'trF�« (..i, t'. 1 ai(i 1ra,rluf1, i alaims or Qqulttos, except au01 "as are sit forth s:sr) .,4a'd zxtii- bit A or permuted by this Agreement. 'd) Lossg. Destruction of PMPO3 . ,. The pront�rty and,assets to be sold hereunder shall not have z,-ffared any ` material and substantial danage (whether or not the lazo ,saQre- t 1� a From shall have been insurted; by fine, flood, aoa4i;dent or other w calamity. � t Yy eation, Use of Best Et'for.6 to Satle,;ry jj..y��1y per, L yy andy+} u)� t � si jai �y }.. Will, {{SF }.}i44Y j'�4.115.{4 �%GN ty },.,4. w+� Wt#i fYf 4t"�M '.Ly M+uiefi,� Jhi4ii FGik Sinl�i +/. J.' best offorts to the end that e:aoh of aalia c�onditlon,, z,-,t earth in this A5reoment tihail be sa.tx ;fied. Any party may on the t$ate of ajosinuy,���Y�3i}tt�tt� �oz�,mlrl�te thls Agreement, Without liability to any: ot,lw , iV any aoN Mtton precedent to ouch pa,rfty l a Obligation horounaer a4lL been ga.tis, ied at -be date of ajosjT'c4;, or j.f, at 4Iaij tirjae, auah party is unable to pro+.,eed with �-iaxd olooln , bcoau-r%� (,,r i t i ca,,- tIon or the threat thareoP, Any party may Sive notioe to any other* piarty in tsar: wa=' t r hereinafter provided on or at; any tl ae pr"l r to data or elosIng or its intention to, terminate 1,111a Aareo entt baaauje of default zade 4y other party In t h-� In 'r'�t i" t11,1 ,1. (-',�t� 1*fir)X M- Unae 7' arty `o ».# tz �'t.+R��}nia��1, z e�rtsd 4�:�ji,��r'�t+"''... 1J, e+i 4 fir: { +({4tkiillo M�.MoiA:} M1M'M'1�� 3dI�ik:eti, �jjd noti a �3jju' +. 4zltaty the }. atz" rtt oe the dot`4u t `Wd &VO the other party a rr aaor,ablo timu, but „aa `l } g > r F y�yy� >'^i y� yk} .,Q #� �,a y�y date �q �h yy �rq yq ( �ry� cure t J,1�+1 L`ati +»yY5FA4 �SthAa ate 'V/i. 9r1i zinc �} if'iM 4'� �F�L. Audi i.�4� .�y 4AM� #.k �� r a i . � ,'`� it ?.;5 not cured w3,t'.hzp ss"2iLt tiit'tt? a"ait3a party uy by said dc-fau ;3 "umber notion given in the winner hor e1nafter provided tier- - miriate t;hia Agreement. ection 10, Planner of GivinLj, Notice, �< V .: y v. s. Notice shall 4e ;Xeemed sul'f'iciert,ly given if in trrlt ing and *Y�" r ` i It etk�er served persor ally upon the City Olork � :, the C4 �y mall, r,d tw 'kt4ithe Seller, 1r Y�t'tG rt'"C z+4to 1uhCrty Q1$k at the City Hall, or to the Seller at 134,E Tlortb rSand Aven;4e, Santa Ana.., Callforltla, At.t ention t Jay T, Wall, Attorney at Law, p a �> r Kz o, L .. `� ? S f v r* }'.� � n L8�` ,5L2t:'�;( �.?t%�'lex' �',t<d�_ �,.a.� 'c�,.a s'�Ft,%' party :3�k;�l.i ad�ai�., ..::i. S„�ti�:t f° 4� t writing. coplez or any su:h n tlizes t:lve,n prlor w the date, of � ..., c?sitg i,'Iall also be rt filed to Stewart Title 'ompary of Oramie 101ounty, 900 North Broadway), Santa Az3is, Callf,:Yrnla. At; cr`4tlon Ezarow Department, Escrow, No., 3151,411,4,. w+r.Won 11. rrwwH�r.s- g+u.+...+i.++wSG..wr: Thiz Agreement may be u se; utad In a ntzmb6r of c�unteri azp .� ^ ., t'h {r`Yi 3 et hor ectl n 12. GontInut. io ak erg . All 4ovenanto, reeve zatatf. rk:-, and warrant ieo made her4ein ah ll s�xr�vIve the �Y�:eoutln z� t���.z ���wr��i��r�ent, and the e acutlon and dellvery of all duc tr {�r d >l z rare ur u nt thereto. af�c t mitt l ln1"lrLQY and Upid '> h'i Seller en t rec into all rol. ,the Dale of the , property. yeller a revu tc� tlw "ity, wilatzoever UrAgInaout or the Ozorow, r. :,itaauK.'on 14,, Of by (a) Sellt:r unconditlonally agrteez tnai, It 4111 vupijr- chase from City and City lnuor diurnally agreez to resell to Seller the p y >:pro ext if In the event that the.. City has not con- y -e j p veyed the property to Wycliffe ;associates, in accordance with ` the conditions contained in this aection 14. T.he red u'ral-ase } i t{t price is to be the orJ.ginal purchase price, pus are ar.,oun: equal *w'; to interest on the oriGinal puvichaue price ; 4laula.ted at slx par- s con,t ) per nn�iti3 from t:7 date of v"" ti�isir,6 v:7 �;; �.i=%; e of L'�� .purchase. (b) City aGree to resell tba property t , 11yeliffr Associates only and Seller w4M. repurch,,,;;,w tA<e property fro:z, subsequent pyurciaase+Trs at ox�l�"�..a' purc,ht�zt price the Cltyy. or+, ytt�e . y plus interest as aVor�esaid �,n the event "bat: ... (1) Wycliffe Associatez or their a,:-=41 s Pill to file with. the Department of rlou;�'In and'Urban ,DevQlo�.�,Ont Eel` ; he United dates Government (herein. a:z "HUD11) an applic Lion Or a rairm commitment for the c oi:ipletion of a .BUD approved Jc.�vuloPrs e .t on the property within ten (10) days from „7, 47 ;Syr, t (:4) HUD fa;:i..Ls t�1" +i.. suo the a oa.*ea3a.t.d f,wrn �wzu'r�1.,lllt,,,' m t4y�tpp r said pr joi4� within sixty (oC) Llayz ft Decoomber 2t or g p$ p �i ]4U0y, el A' i't-yai+,ylfre 001ato1 P1114113 *,) 001ntzt1_11 Lau i.:t*:""' � st'ruotion or thw 3UD project on or beforrc d0 15.moc:rtutbtnr 30r �` o) The 01tylo, conveyanee to 'kly llfftt Ao:::;�cl,tte3 or their : saie" shall state tbat the Property ;)hail be roqulrva t ;. �. .. i t b(- re F'ild to F3el.ler ttereitt � �' Yati �1 � i�;�tlta 1 ti (+ 1 y { i') ''«,f�1 � � �1 ' tti4� tt are not met. 4 r sea :ion. lea. Modification by x,utual Oonount, By mutual consent the City and, the seller may amend, waive, � +r or Modify any prov;Lsiona of this Agreement f Aftrer any sucb con- F �..: sent=, evidenaed by writInt , any act pursuant to zaid aa::an .6r.t) u, trtalver or modLfidation e:ia.11 nct be deemed an infri.ngtNair=t: of" a� IA any of the provizions of this AGree enr , .whatever the (,,bar.i-'° er of such act may be, and may be done and 'i;; fully and ,t freely ar.i 1P exprFe wS.�l..y pbr#ilitl;k. d by tJ t#f.+ U4.1 tu4ziR .G thi.: AG�V4.f tAifw;n i.F and neither the seller nor the City ,,tall have any rij ht or introrest to object to sash action or its a-ny mar,n x, to:l%xez-_4 n the propriety thereof or to enjoin or rvvtrain any offl,:er o o. the City from. to*Jnj any aut ion p4reu ,;nt thereto. �u,C.�7;`Xqy lb E: Tttt 2�t{;f �q7 yt: wyq::�rif04 y py } Via provis..4'«r, .- of tbio A44rew�:�iken �R Vl.�wk4 �..'4>~L�V� a -ok .ntr.#a ,M t ""w- tueenthe City and the seller and r+~V1.1,ionz t hcroOr ; `ial l be enforceable by #,manc3�Lma>, aocountln , ;:� ril,4at'ory lnjun.,U ,l or any otter cult, action or rocee int; D t law oxy i n Qqllt T that 13 ,tow or may horeafter be autbo4rize:t unJer .,he �l�i� z a+ us e+ �.74.i lane l", tent,�i f�•�4+�4f o i�EF4lr5'.f4.f+4 F#pia in any aolxi. �t f. M A^f' 3ufy.Ty � i�U1��t5.#�w'1✓1X.{4f" 1 . }V..i'I.d41+�+.��w'r� piA �}���ii+* ,o ..e µ� �!�4ac iJ is ti„ de under an 1 o be s.tonztltG'N.iid .in *0(, 4�N#�X-1 '�7�4+�i the laws or the State, of California, go ro.*nody , nferroo upon thi« Oe,l.lcr i,3 lnti.�,naea to be ey, oluaive of any Mt'tAFe.r .real e y , biit �a' ,,h ia%uoh ri {4:1{ody 1z and in addition to ever; other xl medy and t►�y bC" :. t{�.. �g y�,,��y,, re�t yy+.. „„yy �Y f� a, gg r� {�.r ggyy ,,77 ��yy vi t Air 4' 'iR+kt:�#.h t, it a 6� �it�Ai S�o�9k �`i �, rb+t � ariy u�i e� ���t�t!,��yY� �t �%�"o�n r�*tA A' r i �f by arry law of Lbo State of Cai,4rurnia. 140 viaiv�,•r Of arty fits°*atilt or breech of duty or contracts by the Seller sihal.l af'i'vc t any sub` � sequent default or breach of duty or contract or shall impair any, nights or remedies on said sub,3etiuent default or breach. No � ry delay or omission of the Seller to exercise any right or power fib` f accruing upon any default shal.l impair any such right or power 1 rA< or shall be construed as a waiver of any such default or aequies- ©ense therein. Every substantive right and every remedy conferred ' upon the Seller may be enforced and e7:erbised as often as may be deemed expedient. Section 17. Assignment;. The Sellermay not moll, assign, convey, pledge, mart- o, or otherwise transfer any or all o:C the ri hts or ,nterosts :treated by this agreoment, and any attempt by the Seller to cell., assign, f.R convey, ,pledge, mortgage ov otbeniise transf.r any or all of : s=h rights or iantevests xer'ders Lhe Agreement voidable, av the option of the City. Section 18. Threat of Condemnation __ ALp al -,,al. This acquisition is made' by City from Sull.e r under* threat oj. ooridemnation. Just oorrpenoatlon for said acqu,fsi( :Ion naz burr established by an,, independent f*ee appraiser* A ourumar,y of the appraisal is attached hereto as Bxhtbi� B and incorporated herein by reference. The difference between the appraizo amount "nd t h,., purchase price constitutes G#`tin of s=xcis aztourr to City by Seller. aao,:.u., . .,.. ., ..,•z,.a._nw.rztY'dM'svwd11t3v+.YYu''a�swx.: _ _ ...., _„_u..:ma.rrrCasf4ks�w�ri✓n...rak,meaae.cnl¢h�vidwM.,iied.<m,..,.e.:.�... ...i._ ;. _un....:.,k�.� 4 Y vs t 5 h i l Y � s'L l w A fee ZiMPie estate described ao ; „LOt 5 in Block G of Tract No. 7, in t1j f%t: of Ffuntington Bea 1), Count o1' Ornzjj�,e, Srais4 of ial! - r 3UZOellanpou" iTaps vi7?Qord.- of -mid Or.%pta�rat;California, O3aEY#tag' the ze -Ind6.iiL1.81 of kPManr3 anti natural �+ Water, LPany, ,. naturally upon,, f lo-wr ni- acrort ,, int.) or 1#;, .:•.zi t 'S'riay r , and the rigjit- of. -way ft'-f r "in,"i to c'ct t irri ;inn OV dralnapr; -':mltrk toss.�'j.rr//igate n t.1je y:jdJ a'*f'-)sr lant1, ". r in yy'M�ryydra o or %~i J t .w Y r fw IV- �' 1'fs5a rn,wa tirdu N$ 4�Qt}LCvnrtG �. YC2.BANQriG lzral G`�h-2CrFt '�' DECE imn 27, 1978 CITY Or` HUNTINGTON BEACH CITY HAr~r=;. Ht1NTIN0,TON BEACH, CALiFPRNEA 92648 /AYT+N; Mn. C14ARLF-S DAVIS REAL, PROPERTY ^GENT GSNTLl;;hTRN . u ..`spGGIFEC REFCi ENCE IS MAOC TO OUR APPRAISAE„ REPORT 0ATci3 JuNE 23 1977 cov,CI?= PROPERTY KNOWN AS "LOT 5 r BLOCK 0, TRACT NO, 7 1N TOC CITY OF HUa T(UG"rOf4 8CACH, COUNTY OP ORANOIZ, STATE: or` CALIEabRNEA AS MR t.'tAP RECE:inoco IN 000x 9, PAGEt 8, OF MISCELLANEOUS MAPS', ORANGE CouNTY Reconus ". T}!C PROPERTY IS A- VACANT LAW AARCEr'T WITH AD:IACZNT STREET' TMPRCV:.?0C HAVINGiItEN IiCraGNTLY GCihiPE LIEE). TIi1 or3openTY is L oc.Arru ott TaE wEST Stat of F-LORIOA STREET OCCINNOiG 421.1 ET SOUT+I of Ttic SOitYEr 1.18E OF MATH STREET, THE PROPERTY ES REPORTEDLY OWNF,0 13Y DCL,tiA COP PORA'T' E ON. tt4 Cat•TPt LANCE WITH YOUR AUTei4FItzA-rioN i I•IAvr R-rVlr-Wry MY Appn ISAf. Of jurm 1977 ANO t irA'VC COfmU>»rfzo AN InvesTiGA'F ION EEC TO NIC CURRENT FAIR TririnKL{ T VAt UL: OP 'E'4ti: 'w41IJ.TECY Pnor-vtrY, to cf3hiactyrON wilm This STu17Y t HAVE 1NTrRtrIC#ti'i~d MR.` ROnMT Z1NGI"IAtJG Or OCI- AA CO"POnATIO0, MR. JACX WALLACE or HUNTINrMN 09ACH COMPANY On,, C. G;. YUPPA) ANEW OTHERS, h`y INVr STMATION RA,S REVCM,Cb THATLAND , SIMILAR TO TtIE $U131CCT IPR(iPCt rY, E5 fii4W 5CL LrNG AT A uctiT I RiCC o� .t Ezar�s f �70f ra a. ? �i i iEv �,Ar�cr;ri. PARi:CL S. S MAL.L., "roWN LOT" PARCCLS AfzC 9RIV40ING A POICI: tV 'N WO. -UM TTEAN;55 74/iI# Ir SIMILARLY ZwIt:0.' MY ENVr sTicA'T ioa t-c4op Mti'TO `T`iil; CONC41,1 =1off THAT 'rut rAitt mAniitT vALuc or. rift' '$tjajr,6,r PitaPC rrv, AS OP TUIC OAI*c GE"E1riS Y-ti-Cott, is it) Tilt' War Amourtr Car ron TEIi, Tiff: Wiluo::5LrLi:i>*a I`' tt7mnli y, AS 4P"TIlt PA5"J,, 00 J'MS 0:1" "4RI Is `I'MM,;F+ont; frOU'R HUNE7F'� tJ ti%>wi�t1PY-7 kitC� 'f irI{3 Aht1) { 4172,000. i C Li A , At,.L, Or MI: IlO'T'tNVIT DATA CCNOTAWCO IN My ZA R1,M i APPnAisAt RCPORT IS APP°L.JCAtALr. Iro IrIflO LCtloa op-oArmo E' kso VALtWttOH,. Tits MAPPING ANO PHOTOORA01.15 tONTAMW 1 X.2^""' �.,e.,..,... ., "".,�•',:.d: h=�bY»tiaogG,:kn.+uxra«fw.r�'a'''.....":..._.�..,",..�.r,..,,.,....r.,,r,,.+,,,`�r�" k �' xti,` yi ttr# 1Ri RECORDING 1?B01r .ti"L1 $Y +�^.1 `t?,..z�eti��gyt$t r t 7 a", XNp WHEN Axdoknto NXILTO ry a r The City. of Huntington Beach F? 9 :c wrr P.O, Box 19t3 // Huntington Beach, Ca. 92648 1 cm d L t h ` •aruru ure a[atar,ry7s ro ;{PAGE ABOVE THIS WNE FOR REGORPr-WS USE - �� � flpruntr Mary trantrcr ion $ 4�$ 7Q *'�•a [� Computed on full value rat propert} tatna}cf. at l no+ne Same as above 0 tompaled on (till vntur le" Ircnx & t:ntuntbrnnre4 tetra nrting thereon At tame or salt MM € $goo4m of drettram or agent 41tlembomr. tax Cumo', e Q un(nrorpot4ted area City of wftr�.roy X?i b�°aLCFt r ' v, � Cor por�ation Gyr aill Deed Asm (,R.& S. ......:.......w X1Prtarnlr�rnirh«JbVSbwrrxr1eccototsnorounty v ; F6l A VALt.'ABLZ CONSIf}Clt01O , rereipt of which is fi- v riskrcm tcd ri : y " DELMA CORPORATION . carCrprabnn prauitcd under iha taws of the Stab al >;e i.i fornia ix a hereby GRANT(S) to THE CITY 0 HUNTMTON BEACH, a Municipal Corporation llle fo�irswirt de rihrd reol'ftrol"my nxi hr city of Huntingtalt Bear* t putkty p( Orange a"a1r ar Kath(prnia. , Lot 5 in Block G of Tract Na, 7, as per Mp regarded in book N, page H of MismIlane3ut Maps, in, the offtce of the county recorder of said counts Seller has tho rigght to repurchase subJect property at the present sales price herd pplus 6% interest if one of the following occurs: Wycliffe Atsociates do of file application for firm comcmittmtant for cmpletion oft HUD approved developelv4lit an property vdthin 10 days from December 27, 1978, 2? HUD fails to issue A f1m coa ttment within CO dais from Decenber 27, 1978, S Construction dots not commence on the property on or before September 30, 1979 at $OO P.M. p2LMA CORPORATION a California Corporation Ilatc+J Jaftuary 10, 1979 STOP t)Vt'A(1mIINI1i fin , I Iiot nit, the p aft at tf, s Neutrt N' U an wed fit w,tf (63A4'( tot0A&%t 10114 txl`f r.rx kn ►t1ESaJe� .... e.: b.. u , kta* to 4* to l a�tte— ti ,. „, . Nc ±denfe +trt+... ,,: FOR NOTARY SOL pR STAMP � - „ $AO*rt ,t4.:'tit 44 Its i >.- � zdraxrarx dui t6a rarL�trat 44 "t kwoteA t4rb wiutto kprlmpoak tit*W# 16 tt,r to U ttw wh;t *014 4 I)w ti.tth lk 1000im; a" 1,4411 of 41ro Cc pwolwt 1440% 00mtd„ lad im"utsrM irrtryuxrt to, A* til*# rtr reolsua a( at l4od e1 �f�rata�trt_ � 1 ai 4 hn+>, m*t ,NS..Hn:�Pdet*,' Y+i bp.1F iwK dt.>�ox. �u�.• w++Np r. lVa ►flkW I 1,tstetrli ' ^- ,., U 1rtle A Atlrtv t�tr ea.:R{o-x •xi .m�ar�+^te.art" . w.uic,vwn+--einz'�# I\4{[-•. ai..Ay r. ,_o-m..r.tprt .0 xu ar x � w fi City of Huntington Beach .r r " P.a. Box 190 CALIFORNIA SZM DEED CERTIFICATION 15, #= . This is to certify that the interest in real property conveyed by the deed dated January 18, 1979 from pelma Corporation' to the City of Huntington Beach a mutt,icipal carporati.on is hereby accept ad by the undersigned affIcer or agent on hehals ok thecity Counct,l -af the CITY OF HUNrINGTON BEACH, pursuant to the authority E conferred by Resolution Na,3537 of the City Council of the city of � .Huntington Beach adopted on August 7 1972, and the grantee consents i? to the recordationthereof by its duly Authorized oRficer. 3 Dated January 30, 1979 CITY OF HMINGTON BEACH AULM r+t. 41atNtWORTt{ ,I y `-------city- er a State of California County of Orange, On January 25t 1979', otfore ma. the undersigned, a Notary Pub1;t in and for said Cot�-,ty and .State, personally appeared Mary Ann tioack, personally known to W, to be the person Otiose .name is subscribed to she within instrument, a,, a w►tposs thereto, who being 'by the duly Sworn, drposed and said that she resides in Orange County and that she was present and saw Ratept J. 7inngrabe, known to herto be the President and Jay J. Nall known toherto be the Vice President Of the Corporation that executed: the within iTvWuttwnt on behalf' of the Corporation .x named therein and acknowledged to her that such corporation executed the within instrosttent pursuant to its bylaws or, a resolution of its board of directors, and .that she,the said afii,anto thereupon at their request, subscribed her name as a 5Itness th-retro. SIitness my hand and official seal. .. «..... OFFICIAL SEAL KAREN K� YUNT t:a , not r!�et E .... . flI.Mv 1fA' b1Y C I+lt19OPANGC COUNTY S1ON ;FARM + F" r. CITY OF H U TinG Ton BE.A(H 'ENVIRONMENTAL DEPARTMENT Of PLANNING AND RESOURCES o P. 0, BOX 190, HUNTINGTON BEACH, CALIFORNIA 92648 {794) 636.6277 I^ 4. F r} T4: Floy4, G, Belsito, City Administrator FROM. Stephen V. Kohler, Senior Community Developmen�' ` ` E. Specialist DATE:, January 29, 1979 M1< SUBJECT': WYCLIFFE GARDENS PROJECT: CONVEYANCE OF LAND TO WYCLIFFE ASSOCIATES. Attached for the Council's review is an agreement to accomplish the conveyance of the parcel for the Wycliffe Gardens projecL, from the , City to Wycliffe Associates. We regret the late presentation of this ,agreement to Council but the agreement was not executed until Friday, January 26, 1979 and was not delivered to the City until 12:00 noon,, Monday, January 29 1979. However, Wycliffe Associates moat commit the ±1nancing for the project within the next few days, I. and HUD is ;roady to: issue "Firm Commitment" on the FHA Mortgage Xnsurance. For ,these reasons, the situation is urgent and warrants the Coun.cil's immediate consideration. The agreement basically stipulates the following; 1. Wycliffe is to take tithe to the property at the time that t4UD processing is complete and ''financing 'is made- available; and 2-4 The purchase prise is $393, 000. This includes $360, 000 for land and the, $33, 000 for off -site improvements already pledged to the City by Wycliffe; RECOMMENDATION;' pnr +Je and order the Clerk to execute the attached agreement for con_ veyanre of the Wycliffe Garden. site to Wycliffe Associates from the City of 8Unti.ngton '0each. e CITY OF ih UNTINGTON BEACH ?' INTER -DEPARTMENT COMMUNICATION ' MENnNGTON HEKH To Floyd G. Belsito From Stephen V. Kohler, SenxV.' City Administrator Community Develofinent Special,V911.4 Subject WYCLIFFE GARDENS SENIOR Date January 18, 1979 HOUSING PROJECT ,At the January 15, 1979 City Council meeting, the Council directed f staff to prepare an update on the status of the Wycliffe }project. On January 8, 1979, an agreement between t,ae parties of Delma 'Corporation, Wycliffe and Doty and Associates was signed providing for the transfer of the subject property to the City and the management aspects of the Wycliffe Gardens project. Mr. Wall, the attorney representing Delma Corporation, was directed at that, time to execute a land sales agree- TM'' ment for the property. Mr. Wall has indicated the City will receive the completed agreement with escrow instructions by 5:00 PNI Friday, aanuary 19, 1979. Tn -regards to the 10 day period provided by the City Council for reach-- ing;an agreement regarding the disposition of the De1ma property, it appears that all parties involved have respected that stipulation. The project developer, Doty and. Associates, has filed for firm commitment on the FHA insured mortgage for the project within the 10 day period. A draft of .the land sales agreement was presented to the Delma Corporation attorney, and the management agreement which was signed on January °8th were both accomplished within the 1.0 day time frame. SVKrja ,i j f,