1985-0123_HERRERA , RALPH / AILEEN_Purchase Agreemente
PURCHASE AGREEMENT
FOR REAL PROPERTY
This Purchase Agreement is made by and between the Community
Redevelopment Agency of the City of San Juan Capistrano, hereinafter referred
to as "Buyer", and Ralph E. Herrera and Aileen E. Herrera, 1979 Living Trust,
hereinafter referred to as "Seller", at San Juan Capistrano, California.
WITNESSETH:
Seller owns certain parcels of real property, more particularly
described as Assessor's Parcel Numbers 668-112-04 and 668-112-05 located
within the City of San Juan Capistrano immediately adjacent to Camino
Capistrano; and
Buyer desires to purchase said parcels for redevelopment purposes
under the threat of eminent domain.
NOW THEREFORE BE IT MUTUALLY AGREED between Seller and Buyer as
follows:
1. Description of Property to be Sold.
Seller agrees to sell and buyer agrees to buy those certain parcels
of real property described as Assessor's Parcel Numbers 668-112-04 and 668-112-05
on file in the Assessor's Office, County of Orange, State of California. Said
parcels are located within the city limits of the City of San Juan Capistrano,
adjacent to Camino Capistrano.
2. Purchase Price.
Sn
Buyer shall pay to Seller the total sum of $ o`Z�O,000 ,
for both parcels described in Paragraph 1 above, all in cash.
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3. Escrow Account and Time for Performance.
Upon execution of this agreement, Buyer shall forthwith open an
escrow account with a title company of Buyer's choice. Possession of both
parcels of property shall be delivered to Buyer on close of escrow, but not
later than 30 calendar days following execution of this agreement by both
parties.
4. Condition of Title to Property.
Seller shall deliver both parcels in fee title and to be free of
liens, encumbrances, easements, restrictions, rights and conditions of record
or known to Seller. Seller shall furnish to Buyer at Buyer's expense a
standard California Land Title Association policy insuring title in Buyer.
If Seller fails to deliver title as herein provided, Buyer at its option
may terminate this agreement.
5. Prorations.
Property taxes, premiums on insurance acceptable to Buyer, rents,
and interest, if any, shall be prorated as of the date of recordation of
deed. The amount of any bond or assessment which is a lien shall be paid
by Seller. Seller shall pay the cost of revenue stamps on deed.
6. Escrow Instructions / Costs.
Escrow instructions shall be prepared by Buyer in cooperation
with the chosen title company. The escrow instructions shall be signed by
Seller and Buyer within 7 working days following execution of this agreement.
Buyer shall pay for incidental title costs arising out of escrow.
7. Vesting of Title.
Fee title to the parcels shall vest as follows:
Community Redevelopment Agency of
the City of San Juan Capistrano
8. Buyer Default.
If Buyer fails to complete said purchase by reason of default of
Buyer, Seller shall be released from his obligation to sell the property to
Buyer, without any other remedy against Seller.
9. Buyer as Offeror.
Buyer's signature hereon constitutes an offer to Seller to purchase
the parcels described above. Unless acceptance hereof is signed by Seller
and the signed copy delivered to Buyer, either in person or by first class
mail, within 3 days, this offer shall be deemed revoked.
10. Physical Condition of Property.
Prior to close of escrow, Seller shall have the parcels cleared
of all rubbish and debris that may now be on the parcels.
11. Time of Essence.
Time is of the essence of this contract.
12. Notarization.
Seller shall provide a notarized signature to this agreement.
The undersigned Buyer offers and agrees to buy the above described
parcels of real property on the terms and conditions above stated and acknowledges
receipt of a copy hereof.
Dated:
APPROVED AS TO FORM:
6L�, sj4�
T-g—enct Counsel
BUYER -REDEVELOPMENT AGENCY
By "
Agency Cha' man
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ACCEPTANCE
The undersigned Seller accepts the foregoing offer and agrees to
sell the parcels described herein on the terms and conditions therein set
forth.
Dated: January 24, 1985
(INDIVIDUAL)
SELLER -RALPH E. HERRERA AND AILEEN E. HERRERA,
1979 LIVING TRUST
By (5
Aileen E. Herrera
NOTARIZATION
STATE OF CALIFORNIA i
Orange I ss
COUNTY OF
on January 24, 1985 before me, the under-
signed, a Not ublic in nd f r Said County and State, personally appeared
wryT een Ea. f�errera
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—_ personally
known to me (or proved to me on the basis of satisfactory evidence) to be the
person – – whose name 1 S subscribed
to the within rostrum mandacknowledged that he/she/they executed the same.
WITNESS my d arta official seal. /l
Silvia Torres
FORM SS Name (Typed or Printed)
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FOR NOTARY SEAL OR STAMP
OFFICIAL SEAL
#.L
SILVIA TORRES
RY PUBLIC • CALIFORNIA
ORANGE COUNTYomm. expires MAY 24, 1989
100 North Harbor Boulevard, Anaheim, CA 92805