HomeMy WebLinkAboutCoastal Development Group, Inc - William D. Chilcutt - 1988-10-03o
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exchange Parcel C for Parcelt, A and B, and
The parties tecognize and acknowledge that the AGENCY has
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noticed d public hearing in conntiction with the consideration rr
of a resolution of necessity which if adopted following public
hearing would authorize the condemnation of Parcel 1i, (Clark
Hotel), and t,=�,�.w'
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The parties therefore acknowledge that this Exchange
Agreement ip�7ntered into because of the threat of eminent
domain not because COASTAL and CHILCUTT are willing sei.lersj and t 'Wi;
CHILCUTT and COASTAL Agree and acknowledge that thia
ent satisfies the AGENCi Agreem l's obligations to each of the i with respect to the AGENCY's obligations under Health and
Safety Code Section's 33380 and 33381.
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NOW THEREFORE, in consideration of the foregoin.1 recitals
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and the covenants and -conditions containe4 herein, the par agree as follows:
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11 EXw CHAI�G. Sub*ect to the AGENCY's ability to close
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escrow with respect to Partl,'el C# COASTAL and CHILCUTT hereby
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agree that they will convey Parcel A to AGENCY and COASTAL
agrees that it will convey Parcel B to AGENCY on the terms and
V-;N conditions and on the Conveyanc6 Date as set forth herein. The Yt-3, AGENCY agrees that in exchange for such Parcels A and B it Will
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zonvey its interest in Parcel C to CCASTAL and CHILCUTT on the 'Vonve 'a%'ce Date on the terms and conditions set forth 'herein.
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CONDITION OF TITLE; ADDITIONAL CONSIDERATION.
1, . Title kxcepti'on's. The parties agree to accept rX
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conveyance subject to the fol.101.4ing listed exceptions as tet
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T forth in the respective preliminitry title reports:
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