1985-0917_MITCHELL, IRWIN, SPEIRS , BEALL_Real Estate Purchase AgreementREAL ESTATE PURCHASE AGREEMENT
This Real Estate Purchase Agreement is executed this
day of Sep7,-7n132/.' , 19L -;by and between the San Juan
Capistrano Community Redevelopment Agency, a public corporate
politic, hereinafter referred to as "BUYER", and Natalie T. Mitchell,
Florence I. Irwin, Donald K. Speirs &
Edwin G. Beall , hereinafter referred to as "SELLER".
WITNESSETH:
I. PURCHASE PRICE.
Seller agrees to sell and Buyer agrees to buy that certain
real property described as Not applicable
Assessor's Parcel No. 124-160-016, in the City of San Juan '
Capistrano, County of Orange, State of California, for the
purchase price of $453,000.00. The purchase price shall
be paid all in cash or financed. Buyer shall have the
right to assume existing financing on Seller's property,
providing that said financing is assumable. Buyer agrees
to place in an appropriate escrow account Mrs. Robert Y. Irwin's
prorata share of funds which shall be paid to Mrs. Robert Y. Irwin
on or after January 2, 1986.
II. MARKETABLE TITLE.
Title is to be free of liens, encumbrances, easements,
restrictions, rights and conditions of record known to Seller
other than the following:
None
Seller shall furnish to Buyer, at Buyer's expense, a standard
California Land Title Association policy insuring title to Buyer
EXHIBIT A
REAL ESTATE PURCHASE AGREEMENT -2-
subject only to liens, encumbrances, easements, restrictions,
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.
Property taxes, premimums on insurance acceptable to Buyer,
rents and interest 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 any cost
of revenue stamps on deed.
IV. POSSESSION.
Possession shall be delivered to Buyer upon close
of escrow.
V. ESCROW.
Escrow instructions signed by Buyer and Seller shall be
delivered to the escrow holder within five (5) days of Seller's
acceptance hereof 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.
VI. CONDITION OF PROPERTY.
The purchase price includes all existing tack -down or
otherwise affixed or permanent carpeting, draperies and other
window coverings including custom shades, louvres, and all
window and door screens, all built-in and attached appliances,
television antennaes, garage door openers, burglary, fire and
smoke alarms, flash detectors, light fixtures, all unmoveable
REAL ESTATE PURCHASE AGREEMENT -3-
shrubs and trees, and
located upon the property as of the time of acceptance of
this contract. The purchase price specifically excludes
Seller represents to the best of his/her knowledge and
belief that (1) the property improvements (if any) thereon
shall be in the same general condition as of date of possession
by Buyer as upon acceptance of this contract, and (2) that
all appliances and mechanical apparatus are in working order
and will be in such condition as of the date of possession
by Buyer. Seller agrees to provide reasonable access to the
property to inspectors representing Buyer and to representatives
of lending institutions for financing purposes.
VII. RISK OF LOSS.
Risk of loss to the property shall be borne by Seller
until title is conveyed to Buyer. This Agreement may be
renegotiated if the improvements on the property are destroyed
or materially damaged prior to transfer of title, at Buyer's
option.
VII7.LOAN DOCUMENTS
Where, under the above provisions, Buyer intends to
assume or purchase subject to any loans of record, Seller shall
within 15 calendar days of acceptance, provide Buyer
REAL ESTATE PURCHASE AGREEMENT
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P
with copies of all notes and trust deeds on the subject
property and within 15 calendar days of acceptance, provide
Buyer with copies of all notes and trust deeds on the subject
property and within 15 days calendar days of receipt thereby
Buyer shall, in writing, notify Seller of approval or dis-
approval 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 no recorded notice of
default outstanding against the property. Seller shall pay
any prepayment penalty imposed on any 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. OFFER
Buyer's signature herein constitutes an offer to
purchase
the
real estate described
above pursuant
to the
terms of
the
Option Agreement dated
9/17 ,
1985
Seller shall execute the acceptance of this purchase when
Optionee/Buyer elects to exercise the option.
REAL ESTATE PURCHASE AGREEMENT -5-
IX. LEASEHOLDS.
Buyer shall take the property subject to existing
leases and rights of parties in possession. Seller shall
deliver copies of existing leases and rental agreements
(including any outstanding notices sent to tenant) plus
income and expense statements to Buyer within five (5)
calendar days of acceptance of this offer. Buyer shall have
seven (7) calendar days upon receipt of said documents to
inspect and approve all such documents. Buyer shall
further have the right to inspect all rental units within
five (5) calendar days of acceptance. During the pendency
of this transaction, Seller agrees that no changes in said
leases and tenancies shall be made nor any new rental
agreements entered into without prior consent of Buyer.
Seller shall transfer to Buyer, at the close of escrow, all
tenants' deposits.
XII. 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 is 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.
REAL ESTATE PURCHASE AGREEMENT -6-
XIII. TIME OF ESSENCE.
Time is of the essence of this Agreement.
Executed at San Juan Capistrano, California.
SAN JUAN CAPISTRANO COMMUN
REDEV9LOPMFNT AGENCY
L. Hausdorfer,
ACCEPTANCE
The undersigned Seller accepts the foregoing offer and
agrees to sell the property therein under the terms and
conditions set forth.
Dated:
ATTEST: ATTEST:
Seller
ry Ann anover
Agency S cretary
Approved as to form:
(:�-�LP4A4AAr�
J n R. Shaw, Agency Counsel