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1985-0917_MITCHELL / IRWIN / SPEIRS / BEALL_Memorandum of Option Agr0 ss_otisz:�� EXEMPT. C l; RECORDING REQUESTED BY: San Juan Capistrano Community Redevelopment Agency nccUHVED IN OF ORAmr,= . •gyp 15 AM JAN 22'86 COUNTY AFConoea AFTER RECORDING RETURN TO: RECORDING FEES EXEMPT DUE TO GOV�NMENT�SECTIO 103 Stephen B. Julian, Executive Director 32400 Paseo Adelanto RARY ANN ANOVER, CI Y CLERK San Juan Capistrano, CA 92675 San Jua Capistrano, California 92675 MEMORANDUM OF OPTION AGREEMENT By Memorandum of Option Agreement made 9/17 1 19 851 concurrently with an Option Agreement between the same parties covering the same real property, the San Juan Capistrano Community Redevelopment Agency, Optionee, and Natalie T. Mitchell, Florence I. Irwin, Donald K. Speirs & Edwin G. Beall, Optionor, hereby agree: 1. Optionor grants to Optionee the right, on the terms and conditions stated in that Agreement, to purchase the property described as Not applicable Assessor's parcel No. 124_160-016, provided the option is exercised before 9/17 , 1986 2. The purchase price shall be in the amount —2.6 Optioner: at Ed Flo e A Mary Agenc E I retary A of d s to for L Jo V R. Shaw, Agency Counsel Optionor: SAN JUAN AGENCY L. Hausdorfer, C airman 86--02823 STATE OF CALIFORNIA COUNTY OF IAS ANGELES On this the 2nd day of Novenber, 1985, before me, Susan J. Shaver, the undersigned Notary Public, personally appeared Florence I. Irwin, proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument, and acknowledged that she executed it. Susan J.Shaver— ary Pll is OFFICIAL SEAL i SUSAN J. SHAVER Notary Public - California PRINCIPAL OFFICE IN LOS ANGELES COUNTY MV COMMISSION EXPIRES NOVEMBER 16, 1986 STATE OF CALIFORNIA, COUNTY OF LOS ANGELES LLOFFTCTJxT. S I N C CINNAMON PUBLIC - CALIFORNIAS ANGFI�S COUNTYm. exl+ires AUG 15, 1966 Ar..RNOWLEDGMENT—General—Wolcotts Form 232—Rev. 364 State of 1 .O/7 IV 77Y74. SS. County of Ori OFFICIAL SEAL MARY A CARLSON NOTARY PUBLIC - CALIFORNIA ORANGE COUNTY My comm. expires JAN 5, 1988 t SS. �,` L (� ON l�U'f P 1�A before me, the undersigned, a Notary Public in and for said State, personally appeared known to me to be the person— whose name subscribed to the within Instrument, and acknowledged to me that he— executed the same. WITNESS my hand and official seal. L��,�A��p000t�p� TJ Notary Public In and for Bald State. An7_o Onthisthe�dayof OG4obei 191-�before me Marc/ A Carlsora the undersigned Notary Public, personally appeared /✓9 to /) e I Mi &A c /) personally known to me proved to me on the basis of satisfactory evidence to be the person(s) whose name IS subscribed to the within instrument, and acknowledged that Sh C. executed it. WITNESS my hand and offi;41 seal ure GENERAL ACKNOWLEDGMENT FORM 7110052 NATIONAL NOTARY ASSOCIATION• 23012 Ventura Bald.- Woodland Hius, OA 91364 STATE OF CALIFORNIA COUNTY OF Los Angeles SS. p„ Jan. 10,1986 before me, wthe undersigned, a Notary Public in and for said County and State, personally appeared Ed C. Beall m a'c at at scat scat stat a'ek at at at is at at at 'm tt at aF at it at at at at * at at aF atat a * * * at at at is at Yc * a4 at Ycic* aYkat o ,known to me 6 to be the person—whose name is ubseribed to the within instrument and acknowledged that he executed the same. V rri -iS g ' i CORPORATE ACKNOWLEDGMENT State of California 1 SS. County of Orange 1{ OFFICIAL SEAL MARY ANN HANOVER NOTARY PUBLIC • CALIFORNIA ORIWGE COUkIY My comm. expires APR 20, 1988 State of California SS. County of Orange OFFICIAL SEAL CHEP,YL A JOHNSON 4---�40 NOTARY PUBLIC - CALIFORNIA ORANGS WIVITY My mmtn. exj'es NOV 11, 19189 86--028237 B SAMCO FOR NOTARY SEAL OR STAMP wor.� 4 OFFICIAL SEAL JEAN E. FOSTER NOTARY PUBLIC - CALIFORNIA mo PRINCIPAL OFFICE IN -p •, LOS ANGELES COUNTY My Commission Exp. Aug. 1, 1986 NO, 202 On this the 17th day of September 19—K5, before me, Mary Ann Hanover the undersigned Notary Public, personally appeared L. Hausdorfer il personally known to me ❑ proved to me on the basis of satisfactory evidence to be the person(a) who executed the within instrument as. Chairman or on behalf pf the/ctorporal�onherein named, and acknowledged to me that theRrpars�' aIxecuted it. WITNESS my hand and official seal. , NO. 202 On this the 17th day of January 1916—, before me, A. Johnson the undersigned Notary Public, personally appeared Mary Ann Hanover ® personally known tome ❑ proved to me on the basis of satisfactory evidence to be the personjtwho executed the within instrument as. Agency Secretary ( p lc,ga or on bemunicthea r ora I n erein named, and acknowledged to me that the,6orporatign executed it. WITLESS my hand and official seal. Y 40 OPTION AGREEMENT This Option Agreement is made this 17th day of Septem- Natalie T. Mitcnell, F orence I. Irwin, ber, 1985, by and between Donald K. Speirs & Edwin G. Beall hereinafter referred to as OPTIONOR, and the San Juan Capistrano Community Redevelopment Agency, a public corporate politic, hereinafter referred to as OPTIONEE. Natalie T. Mitchell, Florence I. Irwin, WHEREAS, Donald K. Speirs & Edwin G. Beall , Optionor, is the owner of certain real property located in the City of San Juan Capistrano, County of Orange, State of California, commonly referred to as Not applicable , more particularly described as Assessor's Parcel No. 124-160-016, County of Orange; and WHEREAS, the Redevelopment Agency has adopted the Central Redevelopment Project and the Historic Town Center Master Plan which provides for the redevelopment and placement of public improvements on or about a number of parcels of real property within the project area; and WHEREAS, Optionor desires to cooperate with the Redevelop- ment Agency in the sale of Optionor's land for the purpose of accomplishing the redevelopment objectives identified in the Central Redevelopment Project and the Historic Town Center Master Plan; and WHEREAS, Optionor and Optionee intend that during the option term, Optionee shall exercise its best efforts to solicit • 0 Option Agreement -2- a bonafide buyer for Optionor's property for the purchase price stated in this Agreement; and WHEREAS, Optionee, as an alternative to securing a bonafide purchaser of Optionor's property, may elect to exercise its option right to purchase the title from Optionor; NOW, THEREFORE, BE IT MUTUALLY RESOLVED between the Optionor and Optionee as follows: I. GRANT AND TERM OF OPTION. Optionor grants to Optionee the right to purchase the property described as Assessor's Parcel(s) No.124-160-016 located within the City of San Juan Capistrano for a period of one year from date of execution of this Agreement. Optionee shall have the unqualified right to assign this Agreement and its rights under it. option consideration shall be $10.00. II. EXERCISE OF OPTION. At any time prior to the termination of the option term, Optionee may exercise this option by tendering to Optionor the Purchase Agreement in the form attached as Exhibit A, properly executed by Optionee. Optionor shall then properly execute the Option Agreement and deliver it to the escrow holder selected by Optionee. In the event the option is exercised prior to January 1, 1986, Optionee shall withhold payment of Mrs. Robert Y. Irwin's prorata share of funds until January 2, 1986. III. PURCHASE PRICE OF PROPERTY The purchase price of the above stated property shall be in the amount of $453,000.00. Option Agreement -3- IV. EVIDENCE OF TITLE. As further consideration for this option, Optionee shall obtain at its expense a preliminary title report of SAFECO Title Insurance , furnish a copy to Optionor and give Optionor notice on or before 9/17_ , 1985 of any exception that Optionor is required to remove under Paragraph II of Exhibit A. Failure to give the notice shall con- stitute approval of the condition of the title as set out in the title report. V. AUTOMATIC TERMINATION. If Optionee fails to exercise this option, the option shall automatically terminate without notice to either party and all rights of Optionee arising out of this option shall immediately cease. VI. RECORDING OF OPTION. Both parties agree that an executed Memorandum of Option Agreement in the form attached as Exhibit B shall be recorded within 30 days of execution of this agreement in the County Recorder's office. VII. REMOVAL OF OPTION AS CLOUD ON TITLE. Optionee agrees to execute, acknowledge and deliver to Optionor, within 15 days after request, a quit claim deed or other document required by any title company to remove the cloud of this option from the property if Optionee has failed to exercise the option contained in this Agreement or defaults after the exercise of the option. Option Agreement -4- VIII. EXCLUSIVE AGENT. Optionor appoints Optionee as exclusive agent to market the property. No sales commission shall be paid to Optionee for this service. IX. EXISTING LEASES. Seller shall deliver to Buyer for Buyer's approval the following: (a) Copies of all leases and amendments within 15 days after execution of this Agreement. (b) Seller warrants to provide upon request original or true copies of all books and records covering the prior years' business income occuring during the life of the existing leases within 15 days of execution of this Agreement. Seller warrants and represents that said records will truly reflect the result of Seller's operation of the property and the current or delinquent status of each tenant. Executed at San Jua 4a,45� ATTEST: Mary Ann a over Agency cretary Approved astoform: Jo R. Shaw, Agency Counsel SAN JUAN CAPISTRANO COMMUNI/TY BED4�� Pi��AGENCY .t.tJ/ PP IONEE 2. y L. Hausdorfer, C airman 0 0 San Juan Capistrano Community Redevelopment Agency November 12, 1985 Mr. Donald Speirs 2517 Via la Selva Palos Verdes Estates, California 90274 Re: Dear Mr. Speirs: Enclosed is the Memorandum of Option Agreement between you and the San Juan Capistrano Community Redevelopment Agency for Assessor's Parcel No. 124-160-016. In order for this document to be recorded, the signatures must be notarized. Please re-sign the document in the presence of a notary public and return it to this office in the enclosed self-addressed, stamped envelope at your earliest convenience. Thank you for your cooperation. Very truly yours, G�/ // MARY ANN ANOVER, CMC Agency Secretary MAH/mac Enclosure 32400 Paseo Adelanto San Juan Capistrano California 92675 714-493-1171 *• 0 San Juan Capistrano Community Redevelopment Agency October 23, 1985 Florence Irwin 32724 Coastsite Drive, #100 Palos Verdes, California 90274 Re: Memorandum of Option Dear Mrs. Irwin: 0 t, Assessor's Parcel No. Enclosed is the Memorandum of Option Agreement between you and the San Juan Capistrano Community Redevelopment Agency for Assessor's Parcel No. 124-160-016. In order for this document to be recorded, the signatures must be notarized. Please re-sign the document in the presence of a notary public and return it to this office in the enclosed self-addressed, stamped envelope at your earliest convenience. Thank you for your cooperation. Very truly yours, MARY ANN OVER, CMC Agency Secretary MAH/mac Enclosure 92400 Paseo Adelanto San Juan Capistrano California 92675 714-499-1171