1985-0528_OLIVARES, ETHEL CAROLYN_Real Estate Purchase AgreementREAL ESTATE PURCHASE AGREEMENT
This Real Estate Purchase Agreement is executed thiso;2q Yday of
AM11 —, 19j!55r, by and between the SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY, a public corporate politic,
hereinafter referred to as "Buyer", and the ESTATE OF ETHEL
CAROLYN OLIVARES, hereinafter referred to as "Seller".
W I T N E S S E T H:
I. PURCHASE PRICE
Seller agrees to sell and Buyer agrees to buy that certain
real property described as 31782-31786 Camino Capistrano, 31775 E1
Camino Real, 31781 E1 Camino Real (Lot 26, Tract 103 recorded in
Book 11, Pages 29 to 33 inclusive, of Miscellaneous Maps, Records
of Orange County) in the City of San Juan Capistrano, County of
Orange, State of California, for the purchase price of
$370,000.00. The purchase price shall be paid all in cash.
II. MARKETABLE TITLE.
Seller shall furnish to Buyer, at Buyer's expense, a
Standard California Land Title Association policy insuring title
to Buyer subject only to liens, encumbrances, easements,
Irestrictions, rights and conditions of record as set forth above.
If Seller fails to deliver fee title as herein provided, Buyer, at
its option, may terminate this Agreement.
III. PRORATIONS/INSURANCE POLICIES.
Property taxes, premiums on insurance acceptable to
Buyer, rents and interest shall be prorated as of the date of
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recordation of deed • The amount of any bond or assessment which
is a lien shall be paid by Seller. Seller shall pay any cost of
revenue stamps on deed. Seller agrees to cooperate with Buyer in
Buyer's efforts to assume existing liability and fire insurance
policies Seller presently maintains on this property.
IV. POSSESSION.
.Possession shall be delivered to Buyer upon close of
escrow, subject only to existing leasehold interests.
V. ESCROW.
Buyer shall, upon execution of this Agreement and
approval by Probate Court, open an escrow with Safeco Title
Insurance Company (Santa Ana). Escrow instructions signed by
Buyer and Seller shall be delivered to the escrow holder within
five (5) days of Seller's acceptance and approval by Probate
Court, and shall provide for closing within thirty (30) days from
opening of escrow, subject to written extensions by Buyer and
Seller. Unless otherwise designated in the escrow instructions to
Buyer, title shall vest as follows: The San Juan Capistrano
Community Redevelopment Agency. Buyer accepts escrow costs.
VI. CONDITION OF PROPERTY.
Buyer accepts property "As Is". Seller agrees to
provide reasonable access to the property to inspectors
representing Buyer and to representatives of lending institutions
for appraisal purposes.
VII. RISK OF LOSS.
Risk' of loss to the property shall be borne by
Seller until title is conveyed to Buyer. If the improvements on
the property are kdestroyed or materially damaged prior to transfer
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of title, at Buyer's option, all deposits paid by Buyer shall be
returned to Buyer, and this Agreement shall be of no further
effect.
VIII. LOAN DOCUMENTS.
Where, under the above provisions, Buyer intends to
assume or purchase subject to any loans of record, Seller shall,
within seven (7) calendar days of acceptance, provide Buyer with
copies of all notes and trust deeds on the subject property and
within seven (7) calendar days of receipt thereby Buyer shall, in
writing, notify Seller of approval or disapproval of the terms of
the notes and trust deeds. Seller warrants that all loans in the
transaction will be current at the close of escrow and that there
is not recorded notice of default outstanding against the
property. Seller shall pay any prepayment penalty' imposed on
existing loans paid off through escrow.
IX. DEFAULT.
If Buyer fails to complete the purchase as herein
provided by reason of any default by Buyer, Seller shall be
released from his/her obligation to sell the property to Buyer and
may proceed against Buyer upon claim of remedy which he/she may
have in law or equity. In any action on this Agreement involving
a dispute between Buyer and Seller, the prevailing Buyer or Seller
shall be entitled to reasonable attorney's fees and costs.
X. TERMITE WORK.
Buyer agrees to waive rights to a termite inspection
and further agrees to.take the property "as is" with regard to
existing termite damage.
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XI. OFFER.
Buyer's signature herein constitutes an offer to
purchase the real estate described above pursuant to the terms of
this Agreement.
XII. LEASEHOLDS.
Buyer shall take the property subject to existing
leases and rights of parties in possession. Buyer acknowledges
receipt of existing lease agreement between ERIC H. GOODWIN and
RONALD LEVY. Buyer shall further have the right to inspect all
rental units. During the pendency of this transaction, Seller
agrees that he will make no changes in said lease nor shall any
new rental agreements be entered into without prior consent of
Buyer.
XIII. NO BROKER'S COMMISSIONS.
No broker's commissions shall be paid as a part of
this transaction.
XIV. ENTIRE AGREEMENT.
This Agreement contains the entire agreement of the
parties and any agreement or representation reflecting the
property or the duties of the Buyer and Seller in relation thereto
not expressly set forth herein are null and void. Each party
also, in addition to acknowledging receipt of a copy hereof,
acknowledges that they have thoroughly read and understand each of
the provisions contained herein prior to signing this document.
XV. TIME OF ESSENCE.
Time is of the essence of this Agreement.
XVI. All of the above is subject to approval by Probate
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Court.
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Executed at San Juan Capistrano, California.
SAN JUAN CAPISTRANO COMMUNITY
REDEVLOPMENT AGENCY_';�-B�yer
nepnen n.
Executive
ACCEPTANCE
The undersigned Seller accepts the foregoing offer and
agrees to sell the property therein under the terms and conditions
set forth.
Date
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ESTATE OF ETHEL CAROLYN OLIVARES-
Seller
By
Eric H. G o win, Executo